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The
financial
rtintde
INCLUDING
Railway& Industrial Compendium
Public Utility'Compendium
State & Municipal Compendium
Railway Earnings Section
VOL. 125.
SATURDAY, JULY 16 1927.
Bank and Quotation Section
Bankers' Convention Section
NO. 3238.
stance that the time loans do not reflect the presence of syndicate borrowing, or at least appear to be
PUBLISHED WEEKLY
moving independently of such borrowing, is decidTerms of Subscription—Payable in Advance
significant on the point under consideration.
edly
Including Postage—
12 Mos. 6 Mos.
Within Continental United States except Alaska
$10.00
$6.00 And this conclusion finds further
support when we
In Dominion of Canada
11.50
6.75
Other foreign countries. TJ. S. Possessions and territories-._ 13.50
7.75
NOTICE.—On account of the fluctuations in the rates of exchange compare present figures with those of a year ago.
remittances for European subscriptions and advertisements must be made As
already stated, the present grand total of the
in New York funds.
Subscription includes following Supplements—
loans to brokers and dealers stands at $3,059,279,COMPICNDIIIKS—
SECTIONS—
PUBLIC UTILITY (semi-annually)
DANK AND QUOTATION (monthly) 000; a year ago the amount was only $2,601,257,000.
RAILWAY SE INDUSTRIAL (semi-annually) RAILWAY EARNINGS (monthly)
STATE AND MUNICIPAL (semi-annually)
BANKERS'CONVENTION (yearly)
But when the totals are segregated so as to show the
Terms of Advertising
time loans and the demand loans separately, it is
Transient display matter per agate line
45 cents
Contract and Card rates
On request found that the increase in the time loans has been
Camino Orsini—In charge of Fred. H. Gray. Western Representative.
208.South La Salle Street. Telephone State 0113.
only from $676,292,000 to $759,772,000, whereas the
LONDON OP/ICI—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
demand loans have risen from $1,924,965,000 to $2,WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York
299,507,000.
Such comparisons would seem to
Published every Saturday morning by WILLIAM B. DANA COMPANY show incontrovertibly that the rise in these brokers'
President and Editor, Jacob Seibert; Business Manager, William D. Riggs
Treas., William Dana Seibert: Sec.. Herbert D.Seibert. Addresses of all. Office of Co loans is due entirely to the growth of Stock Exchange speculation. And it is for that reason that
The Financial Situation.
so much concern is felt over the matter.
Brokers' loans in the statement of the Federal
These figures of brokers'loans have to do with the
Reserve Board issued the present week show a reduc- member banks of the Federal Reserve System. As
tion from the figures of a week ago, but hardly to to this week's returns of the Reserve banks themthe extent expected or in the way looked for. In selves, they show diminished borrowing by the memthe attempt to explain away the magnitude of these ber banks, as would be expected in view of the fact
loans and their rise to unprecedented figures, it has that these member banks have less of their funds out
been urged over and over that these loans are not in brokers' loans. The discounts held by the Reserve
really to be attributed to Stock Exchange specula- banks have fallen off during the week from $506,tion. We have been told that there also enters into 768,000 to $426,202,000 and the acceptance holdings
them borrowing by Stock Exchange members to from $199,043,000 to $193,207,000, while holdings
carry new security issues which it has been found of Government securities have increased only from
impossible to market. But during the last two or $374,468,000 to $377,803,000. In other words, the
three weeks most of the syndicates, burdened with grand total of bill and security holdings (representlarge unsold new issues, have been dissolved and ing the extent to which Reserve credit is being emtheir holdings, to a considerable extent, liquidated ployed) now is down to $998,512,000, as against
by sales on the Stock Exchange. It has been esti- $1,081,579,000 a week ago. With less Reserve credit
mated that some $200,000,000 to $300,000,000 of un- being employed,the amount of Federal Reserve notes
sold new issues carried in loans have been in this in actual circulation has been reduced from $1,751,manner disposed of to actual investors and taken 050,000 to 1,703,289,000. Deposits rose during the
out of the market.
week from $2,340,900,000 to $2,361,240,000 and the
The present week's statistics concerning these total of gold reserves has increased from $2,988,109,loans to brokers and dealers secured by stocks and 000 to $3,012,678,000. The ratio of reserves to debonds show a reduction only of $67,048,000, and, posit and Federal Reserve note liabilitiies combined
most important of all, the portion of these loans is now 78.0%, against 76.8% last week. The item of
represented by time accommodation, as distin- gold held abroad has been further reduced during
guished from borrowing on demand loans, actually the week from $13,566,000 to $2,682,000,
while at
increased from $748,550,000 to $759,772,000, while the same time the amount due
from foreign banks
the whole of the decrease, and more, too, is found in has further increased from $38,049,000
to $48,716,the demand loans. As has been previously pointed 000. This is simply repeating
the performances of
out by us, supposing these loans represented exten- previous weeks,during which the Reserve banks
have
sive borrowing on behalf of syndicates, it is the been disposing of the gold acquired abroad with sudtime loans (or loans made for fixed dates) that den precipitancy in May and have allowed
the for.
would show the fact, since such syndicates could eign banks to which the gold has been
turned over
not *risk carrying their new issues in demand loans to remain indebted for the same. It is to be hoped
subject to call at any moment. Hence the circum- that this whole episode of doubtful merit will soon
T,ht ThumTat
286
TUE CHRONICLE
[VoL. 125.
to pay heed, with the
be definitely closed and no attempt made to renew finally forced the managers
the figures showit The Federal Reserve banks should not under- result that they undertook to give
banks at the end of
take to regulate financial affairs in the rest of the ing the actual condition of the
of averages.
statement
world and no warrant for so doing can be found in the week in addition to the
are well
change
the
of
The importance and utility
the Federal Reserve Act.
Acreturn.
Saturday's
last
of
Last Saturday's statement of the New York Clear- illustrated in the case
got
week,
last
banks,
the
averages,
ing House banks and trust companies showed a cording to the
kept rebreak for the first time in six weeks in the long se- into a state of impairment, after having
immethe
of
all
in
requirements
legal
to
up
serves
ries of deficits in legal reserve requirements. The
the
on
figures,
actual
The
weeks.
preceding
diately
Clearing
improvement, too, in the condition of these
the
was
reverse
exact
the
that
show
hand,
other
against
As
House institutions was very substantial.
below relarger or smaller deficits in each of the five preced- case, that after having shown reserves
preceding
five
the
of
each
of
end
the
at
quirements
its
in
reserves
impaired
ing Saturdays—the state of
July 9, passed
continuance for so long a period having no parallel weeks they had now on Saturday,
legal requireexceeded
since 1907, when the country passed through a finan- into a state where reserves
As a matter
$25,000,000.
over
of
cial crisis—the Clearing House institutions in their ments in amount
as reworthless
always
are
averages
the
return for last Saturday showed an excess above the of fact,
case
the
in
banks
the
of
condition
true
the
reflecting
required legal reserves in amount of no less than
returns.
the
into
entering
items
the
of
one
every
of
$25,004,990. The improvement was brought about
and nothing more than
not through any addition to the reserves kept with They are simply averages
us what the amount of
tell
not
do
They
averages.
showthe Federal Reserve Bank (that item indeed
amount
ing an actual decrease of $6,700,000), but through the loans is, what the deposits are, nor the
one
Every
hand.
a reduction of the deposit liabilities, which reduc- of the reserves, nor the cash in
the
below
away
or
tion served to diminish correspondingly the amount of the items may be away above
report.
the
of
appearance
of reserve required. Loans, discounts, investments, averages at the date of the
etc., fell off no less than $141,332,000, and this had
its effect in cutting down the deposits, which
The July crop report, issued by the Department
showed a contraction in the huge sum of $253,435,- of Agriculture at Washington on Monday of this
000 in the case of the net demand deposits and a week while not altogether satisfactory, is on the
further shrinkage of $7,045,000 in the case of the whole better than had been expected. Wheat has
time deposits. The reserve required against demand improved during the past month and I he yield promdeposits is 13%, and that against the time deposits ises to be very good. The prospects for spring
5%. Through this contraction in the deposits, re- wheat are as good as they were in the years of heavy
serve requirements were reduced accordingly, and production, 1922, 1924 and 1925. Winter wheat has
this led to the transformation already referred to, also improved and a crop larger than was indicated
namely, from a deficit in reserves of $2,588,920 on at this time last year for the crop harvested in 1926
July 2, to an excess reserve of $25,004,990. The is now expected. In some sections the harvest is
Clearing House institutions also added $5,354,000 now under way and the wheat crop is practically
during the week to the amount of cash held in own made. Corn is the least satisfactory of all grains,
vaults, but there was no advantage in this from the owing to exceptional weather conditions, rains,
reserve standpoint since only the reserve on deposit floods, etc., over a widespread territory. The yield
with the Federal Reserve Bank counts as reserve.
of oats, rye and other grains promises to be good,
Singularly enough, while the impairment of con- and the acreage for potatoes exceeds that of last year
ditions found correction in the figures showing the by more than 10%.
The improvement in winter wheat is particularly
actual conditions of the institutions at the end of
the week,the statement of averages which had shown noteworthy. The condition as of July 1, according
no deficiency in any of the weeks immediately pre- to the report, is 75% of normal, which compares
ceding, actually did show a deficiency for the week with 72.2% of normal on June 1 this year. The
under review, the deficit being $2,714,450. A deficit winter wheat crop harvested last year had a condiin the averages is, of course, a much more serious tion of 77.4% of normal on July 1 1926. The winmatter than a deficit at the end of the week, since ter wheat yield for this year is now placed at 579,it indicates continued impairment day after day, 416,000 bushels, whereas a month ago the estimate
and the fact that there is now a deficit in the aver- was 537,001,000 bushels, an increase of 42,415,000
ages while the actual condition indicates excess re- bushels. The estimate for last year's crop on the
serve of over $25,000,000 indicates that the impair- condition indicated July 1 1926 was 567,762,000
ment was not removed till towards the very close of bushels, but the actual harvest of winter wheat in
the week. It has recently been urged that the aver- 1926 was 626,929,000 bushels, an increase of 59,167,ages alone should be considered and little attention 000 bushels over the earlier estimate. Some gain
paid to the actual figures, which latter show the true in the yield following the July 1 condition report
condition of the banks. The past week's experience is not unusual, although the increase shown last
illustrates in a striking way the fallacy imbedded year was exceptionally large. The condition of the
in such a notion: Moreover, those who advocate spring wheat crop as shown in the latest report as
abandoning the actual figures and using only the of July 1 is placed at 89.7% of normal. This comaverages are ignoring altogether the teachings of pares with 86.8% the condition on June 1 of this
history. It was formerly the practice of the Clear- year. A year ago spring wheat deteriorated mateing House to give out only the averages, but these rially during June, the condition showing a decline
averages were so utterly misleading, often making of nearly 14 points during that month, when it was
it appear that the reserves were intact, when they only 64.8% of normal on July 1 1926, the lowest
were actually impaired, and vice versa, that criti- point recorded in many years. A yield of 274,218,cism became unrelenting and public sentiment 000 bushels for the current year's crop of spring
JULY 16 1927.]
THE CHRONICLE
wheat is now indicated. Last year at this time
only 199,595,000 bushels were indicated, but in 1925,
when the July 1 condition was 88.1% of normal,
slightly lower than this year, a crop of 276,000,000
bushels was promised. The deterioration in the
spring wheat crop of 1926 continued right up to the
close of the season. In nearly every year the condition of spring wheat is lower at the end of the season than is shown for July 1. The actual harvest of
spring wheat for the crop of 1925 was 270,879,000
bushels and for 1924 272,995,000 bushels. The July
report gives wheat remaining on farms July 1 this
year as 27,339,000 bushels, or 3.28% of the 1926
crop of wheat, as against 20,973,000 bushels, estimated as on the farms July 1 1926 and a five-year
average of 29,913,000 bushels held at that date.
At its best, the prospects for the corn crop this
year are not very promising. The July 1 condition
this year is put at 69.9% of normal, which is very
low indeed. The nearest approach to this is the
condition July 1 1924, which was 72% of normal.
In that year the crop was practically a failure, for
production was not only reduced, but the quality
was also very poor. This year the indicated yield,
based on the present condition, is only 2,274,424,000
bushels. In 1924 the crop amounted to 2,309,414,000
bushels. But this year's yield may grade high, which
was not the case in 1924, as already noted. A normal corn crop in these days is expected to be in excess of 3,000,000,000 bushels. In the past ten years
that has been the case in three years, while the yield
has closely approached that figure in four other
years. Last year's production of corn at 2,645,031,000 bushels was somewhat below the average. The
condition, too, has been high, for with the exception
of this year, and last, when the July 1 condition
was 77.9% of normal, and 1924, the July 1 condition
back to 1917 has ranged between 84.6% of normal,
the latter in 1920, to 91.1% the succeeding year.
The area planted to corn this year, 97,638,000 acres,
is only 1.9% less than that for the previous year. It
may be that there will be exceptional growing and
harvesting conditions this year, in which case a
marked improvement as to the yield is to be expected. So far the crop is late.
Rye made some improvement the past month, the
yield now being estimated at 61,820,000 bushels,
comparing with an estimate of only 48,635,000 bushels a month earlier, and a harvest of only 40,024,000 bushels last year. The indicated yield for oats
this year is 1,349,026,000 bushels; barley, 242,730,000 bushels; white potatoes, 392,943,000 bushels,
and sweet potatoes, 86,212,000 bushels. Estimates
are included for other crops, among them tobacco
at 1,099,114,000 pounds, but as to many of these,
tobacco and white potatoes among the number, much
depends on conditions during the rest of the season. It is satisfactory, however, to know they have
started well.
Not much is said about cotton by the Department
of Agriculture in its July report. An estimate of
acreage this year is given and nothing more. There
is not a word about the condition of the crop—
whether it has made any progress.forward or backward. It is explained ;that this is in conformity
with changes made by Congress at the last session,
which "forbid" comments of any kind. It was Congress, also, which three years ago directed the foolish semi-monthly report •on.the growing cotton crop
287
to be issued in July and succeeding months, but
which has now been wholly abandoned. Now the
Department is obliged to go to the other extreme,
which is equally defenceless. Fortunately, the
shoulders of Congress are of great breadth, so that
criticism is easiy borne. Furthermore, Congress is
not readily held accountable for any of its shortcomings.
All that is available about the cotton crop now is
that this year's planting amounts to 42,683,000
acres. This relates to the situation on July 1. As
was known before, there has been a marked reduction from last year, and the year before, but the
area planted this year is in excess of any year prior
thereto. The above figures for this year compare
with 48,730,000 acres planted in 1926 and 47,643,000
acres planted the preceding year. The decline from
last year is 12.4%. Compared with ten years ago,
this year's area planted to cotton shows an increase
of 17.4% and the acreage at that time in 1918 was
close to the top for all earlier years. It is probable
that the Department of Agriculture will add some
additional area for this year's cotton acreage during
the season as it advances. Reviewing conditions in
the States where cotton planting is the largest, the
most unsatisfactory showing is in the Southwest.
Compared with the acreage of 1926 there are losses
this year of 18% in Oklahoma and Louisiana and
15% in Arkansas. Texas is credited this year with
17,035,000 acres, as against 19,140,000 in 1926, a decline this year of 11%. There are losses of 10% in
North Carolina, Georgia and Alabama; 11% in Mississippi and 5% in South Carolina. These nine
leading cotton States account for 40,870,000 acres
this year, out of the total of 42,683,000 acres, or
95.8% of the total. Tennessee shows a reduction in
area planted to cotton this year of 19%, Missouri of
35% and Fonda likewise. These are States of small
production. There are considerable reductions also
in Virginia, New Mexico, Arizona and California,
while for "all other" States, including Kentucky,
southern Illinois and Kansas, the decline is 45%.
The foreign trade statement of the United States,
issued by the Department of Commerce at Washington on Thursday of this week, shows merchandise
exports for the fiscal year ending with that month
considerably in excess of any preceding year back to
1921. Merchandise imports were also close to record figures for the period of seven years. Imports
for the fiscal year ending with June were larger
than in any preceding years back to 1920, with the
single exception of the fiscal year ending June 30
1926, when certain unusual movements in two or
three commodities, of which our purchases abroad
are very heavy, caused quite an increase in values
for that year. Merchandise exports and imports
last month were both valued at $359,000,000, exports
showing a loss of $35,000,000 from May and imports
a gain of $13,000,000 over that month. Exports in
June last year were valued at $338,033,000 and imports $336,251,000, both exports and imports in
June this year showing a gain of $21,000,000 and
$23,000,000, respectively, over a year ago. There
was, however, a small excess of exports in June a
year ago amounting to $1,782,000, while this year
the figures show no balance on either side of the
account. In the earlier months of 1926, in which
the unusual conditions prevailed, affecting merchandise imports in that period (to which refer-
288
T1TF CHRONICLE
ence is made above), merchandise imports exceeded
exports by $95,186,000, whereas for the first six
months of 1927 exports have exceeded imports by
$240,712,000
For the fiscal year ending with June the value of
merchandise exports from the United States was
$4,971,046,000 and of the imports $4,256,246,000, an
excess of exports of $714,800,000. In the preceding
fiscal year exports were valued at $4,753,550,000
and imports at $4,466,090,000, an excess of exports
of only $287,460,000. The latter amount was small
as compared with most other years. For the fiscal
year ending June 30 1926 merchandise imports exceeded by a considerable amount all earlier years,
excepting only the year ending June 30 1920, when
imports were valued at $5,238,352,000. Making allowance for the decline in prices that has marked
the course of all commodities since 1920, there is little doubt but that imports of merchandise in the
past two years have exceeded in quantity all preceding records, and it is believed that notwithstanding the higher value for the fiscal year ending June
30 1926, imports for the year just closed were larger
than for any preceding year. For the fiscal year
ending June 30 1925 merchandise imports were valued at $3,824,128,000, which next to 1919-20, noted
above, were record figures up to that time. Prior
to the late war the highest record of merchandise
imports in any year was $1,818,013,000 for the fiscal
year 1911-12.
As to merchandise exports, the figures for the
year just closed are higher than for any peace-time
period. The value for the latest fiscal year is larger
than for any year back to 1921. Comparisons with
earlier years back to 1915 or 1916, are so far out of
line that they cannot fairly be considered. The higheta pre-war record was for 1913, when the value of
merchandise exports was $2,484,018,000. The increase of $20,967,000 in June exports this year over
last year is only in small part due to the larger
value of cotton exports last month,the latter amounting to only $4,242,000, or 12.5%. As to quantity,
however, cotton exports last month of 481,943 bales,
show a gain of 39% over June 1926. Cotton exports
throughout the year have been exceptionally heavy,
especially in the six months of 1927 to date. The
latter amounted to 5,221,360 bales this year, an increase of 68% over the corresponding figures of 1926.
In value, however, cotton exports for the first half
of 1927 exceed those of a year ago by only 16%.
Petroleum products, which next to cotton, figures
the highest in our export trade, show a small loss in
value of exports for the first five months of 1927,
the latest period for which figures are now available,
yet in quantity there is a small gain this year. Exports of grain are also very much larger this year
than last, both in value and quantity, while for automobiles, of which exports are heavy, the latest figures show an increase in value of 20%. These four
classes of exports enumerated herein—cotton, petroleum, grain and automobiles—contribute fully 45%
in value to the total exports from the United States,
and the above figures as to these four classes testify
as to the extent of the increase in our export trade
the present year.
In ten months out of the past twelve months, exports showed an increase in value over the corresponding months of the preceding year. The two
months in which there was a decline were October
and December 1926, the high value of cotton exports
FoL. 125.
in those two months in 1925 causing a marked reduction in value for the two months of the past year.
The total increase in the value of exports during
the past fiscal year over the preceding year was
$217,496,000. On the other hand, imports for the
fiscal year just closed show a decline of $109,844,000
from the preceding fiscal year, and this decline appeared in eight of the twelve months of 1926-27. Most
of the decline occurred in the four months of January to April 1927, inclusive, and was contributed to
largely by the falling off in the value of imports of
rubber, coffee and silk during that period, all leading commodities in our import trade. For those
four months this year the decline in the value of
rubber imports was $125,200,000, or 49.2%, while
in quantity there was a small gain. Coffee shows a
decline of $28,000,000 in the value of imports for
the same period, or 12A%, and a loss of 11.5% in
quantity. Silk shows a loss of about $10,000,000 in
value, or 6.7%, but a gain of 8% in quantity. These
three products contribute from 25 to 30% to the
total value of all imports into the United States,
and in large part explain the decline in imports
shown for the past year.
Exports and imports of gold during June continued moderate in amount. Exports were $1,841,000 and imports $14,611,000. For the fiscal year
ending with June gold exports amounted to $102,843,000 and imports to $251,756,000, an excess of
of imports of $148,913,000. For the corresponding
period in the preceding year, with gold exports
slightly higher than for the year just closed and imports somewhat lower, the excess of imports was
$97,268,000. Silver exports last month were $5,444,000 and imports $4,790,000.
The problem of cruiser limitation again occupied
the three-Power Naval Conference at Geneva during
the past week. The Conference was called by President Coolidge and began its deliberations June 20,
and soon came to a deadlock on the divergent views
concerning cruisers. Some abatement from the
original British demand for 600,000 tons in this
class was indicated last week by W. C. Bridgeman,
First Lord of the Admiralty and head of the British delegation. But the differences persist, with
the United States and Japan insisting on much
lower totals and larger individual units. Moving
from defense to attack in explaining the British position, Mr. Bridgeman used the words "offensive"
and "aggressive" on July 8 in describing the 10,000ton cruisers which Hugh S. Gibson, head of the
American delegation, has been insisting on the right
to maintain as best suited to the national needs of
the United States. Mr. Bridgeman, according to an
Associated Press dispatch,"painted a Great Britain
which sought only to protect her security by possessing a certain desirable number of small-sized 'defensive' warships, while, alluding to the United States,
he declared that it was impossible to reduce the total
tonnages in the various categories of warships if the
maximum tonnage of individual warships were to be
pushed up until they became aggressive types. The
First Lord's declaration caused a reaction in American circles which is characterized as 'unfavorable'
at the least, because it has created the impression
generally in Geneva that to the British way of
thinking the United States is seeking large-sized individual war craft, because such warships are offensive and even aggressive."
JULY 16 1927.]
THE CHRONICLE
In reply to Mr. Bridgeman's statement, it was
pointed out in Geneva that Great Britain possesses
seventeen 10,000-ton cruisers, while America has
only two. Moreover, it wa sat British insistence
that the limitation of 10,000 tons for these craft was
incorporated in the Washington Agreement of 1922.
A meeting of the Executive Committee of the Conference was held July 9 but "accomplished nothing
beyond its printed communique,in which the United
States, backed by Japan, once more kicked the subject of capital ships or revision of the Washington
Naval Treaty out of the Conference unless a final
agreement were reached regarding auxiliary craft."
Mr. Gibson, however, caused a shock ,during the
cruiser discussion at the meeting when he decided,
"as a basis of argument," to raise the American demands for big cruisers from eighteen to twenty-five,
thus using up 250,000 tons of the 400,000 tons suggested in his compromise proposal of July 7. Mr:
Bridgeman, a dispatch to the New York "Times"
said, declared without mincing words that if such
were the case Great Britain naturally would be
forced to build ship for ship. Experts attached to
the American delegation, meanwhile, made a comparison of the cost to American taxpayers of the
British and American proposals for cruiser limitation. Of the 300,000 tons originally proposed by
the United States, 66,000 tons already are built.
The 234,000 tons still to be constructed would cost
approximately $1,620 per ton, or a total of $378,000,000. Two keels are already laid down and about
A8,000,000 expended, bringing this total down to
70,000,000, to be spread over the period of five
years necessary to complete. building. The British
total of 600,000 tons would require the building of
534,000 tons in new American cruisers, which at
$1,620 per ton would cost $865,000,000, again minus
the $8,000,000 already expended on keels laid down.
The total cost would thus be nearly a half billion
dollars more than is involved in the first American
suggestion. On the compromise proposal of 400,000
tons suggested July 7 by Mr. Gibson, the American
program would cost the United States $561,000,000,
which is still $300,000,000 short of the outlay which
acceptance of the British proposal would require.
A further plenary session of the Naval Limitation
Conference at Geneva was called to meet July 11 at
the request of the British delegation. At this session, it was expected, the differences on cruiser limitation would finally be aired and an agreement
reached or the Conference suspended. Late last
Sunday, however, Mr. Gibson as Chairman of the
Conference, received a suggestion for a postpone
ment from Mr. Bridgeman. To this Mr. Gibson replied, a dispatch to the New York "Times" said, that
such postponement was entirely up to the British,
as they had made the original demand. The session
was finally postponed out of respect to the memory
pf Keven O'Higgins, Vice-President of the Irish
Free State, who was assassinated in Dublin Sunday. The atmosphere of the Conference, however,
became less oppressive with some indication that the
British demands would be scaled down: The better
feeling was attributed in some quarter's to pressure
from the home Governments at Washington and
London. British opinion in particular, it was said,
had awakened overnight to the belief that the British delegation at Geneva was following a path dangerous to Anglo-American friendship and under-
289
standing. But even with British demands on total
tonnage scaled down, it was pointed out that three
great difficulties would remain in the way of an
agreement. First, Great Britain wants 6-inch guns
on all cruisers of less than 10,000 tons. The American Navy representatives stand firm for 8-inch guns,
so as not to permit Great Britain to arm her huge
merchant marine. The second difficulty is that the
Americans assert that ten to thirteen cruisers of
10,000 tons would not be sufficient for their needs
and insist on a program of at least twenty-two ships
of this category. American Admirals contend that
in case of trouble in the Far East the United States
would be unable to protect convoys across the Pacific with a lesser number. The third great obstacle
is that Japan still stands firm for an even greater
reduction in total cruiser tonnage, figuring as the
maximum for both Great Britain and the United
States not more than 250,000 tons. The more conciliatory spirit of Great Britain was made apparent in London also, Sir Austen Chamberlain, Minister for Foreign Affairs, declaring in the House of
Commons Monday that it was inconceivable that
Great Britain should enter into a naval armament
race with the United States. "War between this
country and the United States," the Minister continued,"is already outlawed in the heart and soul of
every citizen of this country. I hope it is equally so
in the great Republic of the United States of
America!'
With British and American views on cruisers converging on approximately 400,000 tons, the Japanese delegation began to play a more prominent part
in the Geneva deliberations Tuesdny. Viscount
Ishii and Admiral Saito have persistently supported all proposals for reduction and limitation
and upheld vigorously the lower figure of from 250,000 to 300,000 tons first suggested by the United
States delegates. The possibility of Anglo-American accord on a basis of 400,000 tons brought no
change in the Japanese attitude, Admiral Saito insisting that 250,000 tons each for Britain and America should be the absolute maximum. This low figure, it was said, while most acceptable to the American delegation, was considered quite impossible by
the British. A way out of the difficulties, first
suggested informally by Japan, was considered possible in the grouping of both cruiser and destroyer
tonnage into a limited "globular" tonnage. A London dispatch of July 13 to the New York "Times,"
reported that a compromise proposal on this basis,
envisaging a 12-12-8 ratio of heavy cruisers, was
under consideration by Great Britain. This proposal, it was said, would imply a total tonnage of
cruisers and destroyers of 550,000 for Britain and
America and 320,000 for Japan. Within these totals the United States and Great Britain would have
350,000 tons each of cruisers and 200,000 of destroyers, while Japan would have 210,000 tons of cruisers
and 110,000 tons of destroyers. The proposal would
also limit the number of 10,000-ton cruisers to twelve
each for Britain and America and eight for Japan.
A further plenary session of the Conference was
held Thursday, but despite the British "feeler"
outlined above, the deadlock continued. The three
divergent viewpoints were again presented by the
heads of the respective delegations, practically without change from the original proposal
s put forth
three weeks ago, when the Conference began. Mr.
Gibson, it was said, ranged himself more toward the
290
THE CHRONICLE
side of Japan and placed responsibility for finding
an agreement on both Japan and England. Mr.
Bridgeman charged that the "conference atmosphere
is being vitiated by•gross misrepresentation of the
British case." The First Lord admitted that in the
Conference differences had been expressed in "blunt,
plain language," but he contended, not once but
thrice, during his speech that "every atom of partial
information has been dragged from its context in
order to create friction and ill-will." Mr. Bridgeman's argument was basically the same as he made
on the opening day and has repeated many times
since, namely, that while admitting parity with the
United States, Great Britain insists on fixing
cruiser units before taking global tonnage into consideration. Admiral Jellicoe, Commander-in-Chief
of the Grand Fleet at Jutland, also took • up the
cudgels for Britain at Thursday's meeting and
sought to show that his country needed at least
seventy cruisers: At the outbreak of the World
War, the Admiral said, Great Britain had 114 cruisers, which number proved inadequate to cope with
commerce raiders. To this Mr. Gibson replied in
part: "We have listened with interest to the views
of the British delegation as to their special needs
for numbers of light cruisers. We have heard the
striking statement of Admiral Jellicoe as to the
strength of forces needed to hunt commerce raiders,
I confess, however, that the American delegation entertains serious misgivings in regard to efforts to
prepare in time of peace for all possible contingencies of this character in time of war. It seems clear
to us that this same duty of hunting commerce raiders may fall upon any one of our navies in time of
war, but that if in time of peace we are building up
forces to perform this duty, it effectively shuts the
door to any real limitation of naval strength." Viscount Ishii again declared for Japan that he had
come to Geneva to get real limitation of armaments
on the basis of the status quo with a ratio slightly
above 5-5-3.
A wave of indignation and horror swept over the
Irish Free State last Sunday when Kevin O'Higgins,
Vice-President and Minister of Justice and External
Affairs, was assassinated in Dublin. Mr. O'Higgins
was shot a number of times by unknown assailants
while on his way to church and died shortly after
the attack. He was regarded as the "strong man"
of the Cosgrave Cabinet and was known to have
many enemies among the Republican extremists,
having been largely responsible for the execution of
seventy-seven irregulars in 1922 and 1923. A meeting of the Free State Cabinet was held the same day
for the purpose of taking action in what was considered a serious situation. Later a statement was
issued by President Cosgrave briefly describing the
crime and reassuring the Irish people of the strength
and stability of the Government. The Irish Republicans repudiated the act and Eamon de Valera, their
leader, branded it as "murder and inexcusable from
any standpoint." Dublin police arrested nine members of an irregular and illegal organization as possibly concerned in the plot. President Cosgrave declared in the Irish Parliament that the crime was
political. The immediate effect of the slaying, it
was said, was a strong revulsion of popular feeling
against the opponents of the Free State Government.
The country remained calm and the fear of reprisals,
entertained at first, quickly passed away.
[vol.. 125.
The civil strife between the Southern Nationalists
and the Northern War Lords in China is proceeding
in true native fashion. There are three contestants
for supremacy in the land and each is watching the
others with the utmost caution while here and there
minor generals shift their allegiance overnight as
fancy or advantage may dictate. The recapture of
a small section in Shantung Province was reported
by the Northerners early in the week, but otherwise
nothing developed in the Southern advance on Peking. Each side is apparently waiting to tire the
other out, perhaps in accord wih the Chinese dictum that he is the best general who wins with the
least fighting. Between the two Southern Nationalist factions, serious differences have again developed and each threatened early in the week to settle
with the other before proceeding with the advance
on Peking. That, perhaps, is the real reason for the
halt in the Southern operations, for expert foreign
observers have frequently declared the fall of the capital to be inevitable. Nationalist sentiment is strong
throughout the North as well as the South of China,
and this, of course, facilitates the northward sweep
of the Nationalist armies as nothing else can. The
advance of the Southerners from the Yangtze Valley
to that of the bang-Ho was accomplished through
obvious co-operation of the two Southern factions
and the present falling out will doubtless delay further that unification of the country under one rule
for which all well-wishers of China are hoping.
The Hankow Nationalists, influenced by Russian
Communist counsels, have displayed remarkable vitality in the face of several serious defections and
hundreds of predictions of its early demise. According to a Hankow dispatch of July 8,to the New York
"Times," this radical faction now intends to war
on the moderate Government of Chiang Kai-shek at
Nanking. The assertion was made in an interview
by Eugene Chen, Foreign Minister of the Hankow
regime. "We shall take Nanking within forty days
without question," he declared. "Chiang Kai-shek's
men are ready to come to Hankow as soon as we
move in that direction. His officers are not loyal
to him. He is hindering Shanghai's merchants and,
ass revolutionary,is finished." Chiang Kai-shek, for
his own part, has adopted a similar minatory attitude toward Hankow, declaring in publishhed statements that he will defeat the Communists before continuing his majpr drive on Peking. A Shanghai dispatch of July 14 to the New York "Evening Post"
reported the actual march toward Nanking of three
Hankow armies. Among these is the Cantonese
"Iron Army," which bore the brunt of the advance
from Canton northward. Hankow, the dispatch
said, "expects to attack Nanking's two provinces,
Kiangsu and Anhui, anticipating Chiang Kai-shek,
who will be simultaneously facing the Northern offensive. The Chinese call this 'nutcracker strategy,'
with Chiang Kai-shek taking the part of the nut."
Chiang, moreover, was said to be withdrawing his
crack Seventh Army from the Northern front to
meet the Hankow onslaught. The Communists also
are reported at their customary propaganda activities in Shanghai, which is Chiang Kai-shek's stronghold. They hope through these tactics, again to influence Chinese laborers and students with a patriotice issue. Chiang Kai-shek, as it happens, appears
to have been playing into their hands. He has
raised taxes unmercifully in the great Chinese trading port and brought clown a storm of native and
JULY 16 1927.]
THE CHRONICLE
foreign criticism on his head. The taxes, it was said,
are so excessive that they are likely to force the closing of tobacco factories and cotton mills. The Communists, according to the "Post" dispatch, are ready
to use unemployment dissatisfaction to stir up mass
animosity against the Nanking Government. Nanking, accordingly, "may modify the financial program." Moscow, apparently, is not satisfied with
the course of the Chinese struggle. A dispatch of
Thursday from the Russian capital to the New York
"Times" said that the Comintern, or Executive Committee on Chinese Affairs, had issued a scathing denunciation of the "Red" Government of Hankow.
"Hankow already ranks as a counter-revolutionary
force," according to the Russian Bureau, indicating
a marked swing away from extremist counsels by
the Government of Eugene Chen and Borodin. The
Chinese Communists are adjured, however, "to remain in the Kuomintang (Nationalist) Party and
to bore from within among its rank and file against
its leaders, aiming at a new congress of the Kuomintang Party to remove its present directors."
Japan, meanwhile, has again shown her determination to maintain commercial supremacy in
Shantung Province. Japanese troops were dispatched inland from Tsing-tao July 9, on the railway to Tsinan-fu, small detachments being dropped
on the way. The troops were sent, it was said, to
protect the 20,000 Japanese nationals scattered
throughout Shantung. The Peking Government
promptly protested against this action and demanded the immediate withdrawal of all Japanese
forces. In Shanghai, also, great indignation was
manifested over the Japanese action. Demonstrations were staged and the boycott of Japanese goods
was made more rigid.
Hundred of people were killed and thousands
made homeless by an earthquake in Palestine last
Monday. The "quake," said to be the severest experienced in Palestine in a hundred years, was general over Transjordania and was also felt in Egypt.
Unlike previous earthquakes in that region, the
tremors spread eastward from Transjordania, instead of toward the northwest. Apparently earthslippage occurred along the great geologic fault that
parallels the River Jordan. Parts of the city of Jerusalem were badly damaged by the upheaval, the
loss suffered by public and private buildings there
being tentatively estimated a $1,250,000. The loss
of life is put at 670. No irreparable damage
was caused to historic buildings, according to
early reports, though expert examination is still to
be made. The earthquake will have a profound effect on the economic situation in Palestine, according to a dispatch to the London "Daily Express," reprinted by the New York "Times." Affairs in the
Zionist colony were already nearing a crisis, the dispatch said, with business enterprise at a standstill
and unemployment widespread. The correspondent
asserts that all sorts of Communist and Socialist
schemes have been forced on the Zionist organization, draining the treasury of its funds and adding
to the general distress.
The convulsive fury of the elements, visited on
the twin valleys of the Gottleuba and Mueglitz rivers in the German State of Saxony, caused much loss
of life and property damage on July 8. Two massive walls of water, created almost instantaneously
291
by a terrific cloudburst following on long hours of
heavy rainstorms, thundered through the valleys
with destructive force and left them strewn with
debris. Whole villages literally were wiped out by
the floods, according to the Berlin correspondent
of the New York "Times." The deaths were said to
number appoximately 200 and the damage was
placed at more than 70,000,000 marks. The area
affected is the centre of the Saxon watch industry
and many of the establishments are reported destroyed. The storm extended later along the Alps
and the Appenines and caused some damage in north
and central Italy also.
Opposition within the Russian Communist Party
continues to be a matter of great concern to the Soviet leaders. A showdown will come the first week
in August,according to Walter Duranty,correspondent at Moscow for the New York "Times." A joint
plenary session of the Central Committee of the
Communist Party and the Central Control Committee has been convened for that week to decide
whether the opposition leaders, Trotzky and Zinovieff, should be expelled from the Central Committee. The Opposition, Mr. Duranty said in a special
cable of July 13, starts from the premise that the
Administration by overleniency to the bourgeois
elements, in villages particularly, but also in towns,
is gradually allowing Russia to become a petit bourgeois State which, sooner or later, will be dominated
by a non-Communist Agrarian majority. "Accordingly, its first plank is for pressure upon the richer
peasantry, extended if necessary to a redivision of
the land now held by them through rental and other
devices. The second plank concerns industry, which
would be 'rationalized' and co-ordinated on a more
practical and less expensive basis. In particular,
the authority of the labor unions would be extended
and in each Soviet factory the workers would be
made responsible for the success of their enterprise.
On broad lines, the Opposition program may be described as a 'renaissance' of the revolutionary spirit
of the proletariat, led and inspired by the spirit of
100% pure Communism. In this sense, at least, the
program 'swings to the Left,' a reversion in theory
and, to some extent, in practice to the period of
militant Communism from 1918 to 1921."
A definite pledge to maintain the exchange value
of the lira at its present. level was given July 9 by
Premier Mussolini of Italy. Receiving representatives of Italian industries, the Premier declared:
"Exchange will be firmly maintained at 90 to the
pound sterling. On this point the Government admits neither discussion nor doubt. The producers
to-day have stability of currency as a sure basis for
their forecasts and their work." This pronouncement was received with much relief by the Italian
industrialists who have been struggling with grave
difficulties occasioned by the revalorization policy.
The statements previously made by Count Volpi,
indicating that revaluation of the lira will not be
resumed for a long time, are thus confirmed and
strengthened. The Premier also promiFed to aid
the industrialists by cutting down taxation. The
cuts, he said, will be-"noteworthy," and will be followed by lower freight rates on land and sea. These
further efforts of the Italian Government to help the
industrialists are regarded as an illuminating commentary on the upsetting effects of the rapid rise in
292
THE CHRONICLE
the lira. Practical stabilization has been in effect
for more than two months, but the troubles persist.
They were again stated July 8 in Rome by Signor
Benni, President of the Fascist Confederation of
Italian Industries. Signor Benni urged his hearers
to adjust their production to the present level of the
lira. He said he recognized that this would spell
ruin for some peak industries and losses for others,
but he added that the situation was not desperate
and must be overcome, first, by scientific organization, and then by applying all other measures to reduce costs. Wages, he continued, had not fallen in
proportion to the increased value of the lira, nor was
this to be expected, as the cost of living had remained
relatively high and it was not fair to expect the
workers to bear this sacrifice. Agreements in industries producing the same class of goods also
were urged by Signor Benni. Such agreements, he
said, would have the full support and encouragement of the Government. The problem of reducing
overhead expenses could be solved, he added, by a
better scientific organization of industry.
[VOL. 125.
Europe after the victory of the Allies, one cannot
resist being disturbed." There is a tendency in
some quaters to look upon the agitation of the question at this time as an attempt to influence Czechoslovakia in the matter of a tariff agreement between
that country and Austria. French influence in
Prague is weighty and is being thrown, according to
this view, on the side of the tariff agreement, precisely in order to prevent what it declares to be imminent.
A complete rupture between British and Soviet
labor unions is likely to follow the breaking of relations between the English and Russian Governments. Hitherto, friendly relations between the labor organizations have prevailed, Labor M. P.s even
giving the departing Communist officials a farewell party when asked to leave by the British Government. Last week, however, Mr. J. H. Thomas,
M. P., delivered at the annual conference of the National Union of Railwaymen a scathing condemnation of M. Tomsky and the Russian labor leaders for
interfering in the domestic affairs of the British
trade union movement. "If it is wrong for us to interfere with affairs in Russia," he said, "surely it is
inconsistent not to apply the same principle to Russia and our affairs. These people whose cause we
are championing are subsidizing people to interfere
with us. I hope that Russia will immediately abandon the absurd idea that she can engineer a revolution with this country. It is a. foolish, absurd and
insane blunder." The commitee of the British General Council then proceeded to consider the whole
question of Anglo-Russian trade union relations.
The general expectation, it was said, was that they
will report in favor of terminating the Anglo-Russian Committee and breaking with the Russian trade
unions.
Political union between Germany and Austria,
long thought probable by experienced observers, was
again declared imminent in Paris the past week.
The assertions this time were unusually definite,
according to the correspondent of the New York
"Times." Opinion in Paris diverged, apparently,
only as to the means by which "Anschluss" is to be
accomplished. The "Times" correspondent cabled
under date of July 9: "No future political development in Europe can be predicted with any greater
degree of certainty than a political union between
Germany and Austria. It may not come for a few
years; it may come in a few months; but it seems
sure to come some time. Anschluss between the two
German-speaking countries would be fraught with
great significance for all Europe, for certainly its
Socialist mobs,"actuated by indescribable fury and
success would be taken by Berlin as a long step to- frenzy," went on a rampage in Vienna
yesterday beward the establishment of a Mittel-Europa, plans fore the Government buildings and,
after sacking
for which call for the inclusion, economically, of and burning the Ministry of Justice,
were brought
Hungary in the combination to be put on foot by the under control by the grim rattle
of machine guns.
inclusion, politically, of little Austria within the The Socialist leaders, who were
staging a demonGermanic cadre." Such union, it is pointed out, stration, lost control of their followers
, and these,
would be contrary to the Treaty of St. Germain and sweeping aside police resistance,
vented their ungovwould call for authorization beforehand by the ernable rage on the Palace
of Justice, meanwhile
Council of the League of Nations. This, it is de- shouting "Revolution" and calling
on Chancellor
clared in Paris, would not prove a real barrier. M. Seipel to resign. The
demonstration had been
Jules Sauerwein, Foreign Editor of "Le Matin," in planned as a protest against the
acquittal of a numa special dispatch of July .10 to the "Times" said: ber of Nationalists, or Austrian
Fascisti, who had
"Most competent observers of European politics de- slain a Socialist and his small
child in Schattendorf,
clare that this movement is about to take place. It Austria, last January. The
disorders started Thurscan take place in two ways. First, by regular pro- day and were renewed yesterday
, when all workers
cedure, that is to say, by Austria demanding from struck and marched toward the centre of
the city
the League of Nations, in conformity with the shouting "Down with the Fascists! Bill
them! ReTreaty of St. Germain, permission to renounce its venge!" Women and girls joined the men
in sacking
independence. The second way is to achieve incor- the Ministry of Justice and the mob then
turned on
poration without using that word and without com- the offices of the Pan-German
newspaper, "Wiener
mitting any official act, that is to say, by erecting Neueste Nachricht
en," in a nearby street. Here the
Austria in every way as if it were a province of the presses were demolishe
d and the furniture thrown
Reich." The later method is already under way, into the street. The
police opened machine-gun fire
adds M. Sauerwein, who points to the unification of to save their comrades in the burning
Palace of JusGerman and Austrian laws and military regulations tice. The number
of fatalities was small, but the
as ample evidence thereof. The "Temps" of Paris, injured, it was said, would reach
600. A general
usually inspired, said July 9: "When one reflects strike was called
yesterday afternoon and was exon the possible consequences for all Europe in the pected to intensify the trouble.
success of such a campaign; when one considers that
peace may be at stake in this movement to break an
No change occurred this week in official discount
equilibrium so laboriously established in Central rates at leading
European centres, which remain at
JULY 161927.] .
UTE CHRONICLE
293
BANK OF FRANCE'S COMPARATIVE STATEMENT.
7% in Italy;6% in Berlin and Austria;5% in Paris,
Changes
Status as of
Belgium, Denmark and Madrid; 4/
1
2% in London
for Week.
July 13 1927. July 14 1926. July 16 1925.
Gold
Holdings—
Francs.
Francs.
and Norway; 4% in Sweden, and 3/
Francs.
Francs.
1
2% in Holland In France
Inc.
66,000 3,682,573,441 3,684,319,432 3.682.477,410
and Switzerland. In London open market discounts Abroad—Available Unchanged
462,771,4781 1,864,320,907 1,864,320.907
Unchanged
1,401,549,4251
closed yesterday at 4 5-16@4%% for short bills, Non-available
Inc.
66,000 5,546,894,343 5,548,640,339 5,546,798.317
against 41/
4@4 5-16% on Friday of last week, and Total
Silver
Dec.
13,000
344.531,015
337.753,353
311,941,326
at 4 5-16@4%% for three months' bills, the same Bills discounted._ _Inc. 186,745,000 1,616,650,464
5,225,851,645 3,166,934,487
Trade advances_ _ _Dec. 17,801,000 1,652,891.498 2,304,799,101 3,012,114,194,
as last week. Money on call in London was up to Note circu1ation Dec. 460,231,000 53,490,318,780
54,917,994,425 44,532 375 170
334% the early part of the week, but was quoted Treasury deposits_Inc. 28,286,000 173,731,129 12,893,001 32,380,157
General deposits Ine. 627,129.000 12,523,365.380 3.225,581.712 2,498,911,340
yesterday at 31/
4%, the same as on Friday of last Advances to State_Dec. 100,000,000 26,550,000,000 37,800,000,000 27,850,000.000
week. At Paris open market discount rates continue at 21/
4%, but in Switzerland there has been a
The statement of the Bank of Germany for the
reduction from 3/
1
2% to 3 7-16%.
week ended July 7 showed a reduction of 138,662,000 marks in note circulation, offsetting to that exThe Bank of England in its statement as of July tent last week's increase. Notes in circulation,
13 reported a reduction of £6,019 in gold holdings,the therefore, now stand at 3,676,547,000 marks, assum of which now is £151,068,427. At the same time against 2,892,749,000 marks in 1926 and 2,442,639,last year gold holdings stood at £151,335,081 and in 000 marks the previous year. Other liabilities in1925 at £161,567,002. A gain of £667,000 was shown creased 9,998,000 marks, but other daily maturing
in reserve of gold and notes in banking department, obligations decreased 81,629,000 marks. On the
notes in circulation having decreased £673,000. Pro- asset side of the account there are both increases
portion of the bank's reserve to liabilities rose to and decreases. Gold and bullion declined 446,000
30.18% from 26.34% reported last week. Two weeks marks, bills of exchange and checks 177,015,000
ago the percentage was 26.71. Loans on Govern- marks, silver 2,884,000 marks, and advances 74,740,ment securities increased £1,370,000, but loans on 000 marks. On the other hand, reserves in foreign
other securities decreased £15,126,000. Public de- currencies increased 6,550,000 marks, notes on other
posits declined £9,172,000, and other deposits £3,952,- German banks 8,188,000 marks, investments 128,000
000. Total notes in circulation stands at £137,585,- marks and other assets 29,926,000 marks, while de000, compared with £141,468,970 in 1926 and £143,- posits abroad remained unchanged. Total gold
148,580 the previous year. The Bank's official dis- holdings are now 1,802,123,000 marks, against
count rate remains unchanged at 4/
1
2%. Below we 1,492,269,000 marks a year ago and 1,065,601,000
furnish comparisons of various items in the Bank of marks in 1925. Below we give a detailed comparafive statement of the Reichsbank returns for a peEngland return for a period of five years:
riod of three years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1927.
1926.
1925.
1924.
1923.
July 13.
July 14.
July 15.
July 16.
July 18.
REICHSBANK'S COMPARATIVE STATEMENT.
Changesfor
Week.
July 13 1927. July 14 1926. July 15 1925Assets—
Roichsmarks.
Reichsniarks. Reichsmarks. Reichsmarks.
Circulation
b137,585,000 141,468,970 143,148,580 126,202,600 125,786,350 Gold & bullion
Dec.
446,000 1,802,123,000 1,492,269,000 1,065,601,000
Public deposits
10,033,000 9,352,400 12,594,780 11,739,127 11,094,361 Of which depos. abr'd_
Unchanged
57,876,000 260,435,000
90,654,000
Other deposits
100,425,000 114,011,892 115,229,033 107,447,023 111,639,476 Res've in torn curr_ _ _Inc. 6,550,000
73,542,000 344,415,000 355,200,000'
Governm't securities 48.917,000 38,925.328 36,006,733 45,187,467 47.528,731 BilLs of exch.& checks.Dec. 177,015,000 2,317,629,000 1,273,111,000 1,579,680,000
Other securities_ _ _ 46,363,600 72,876,165 71,684,455 70,180,590
91,966,000 105,748,000
66,930,000'
71,582,498 Silver & other coin_ _ _Dec. 2,884,000
Reserve notes di coin 33,333,000 29,616,114 38.168,422 21,818,511 21,600,727 Notes on 0th. Ger. bksInc. 8,188,000
16,838,000
15,538,000
18.936,000"
Coin and bullion_ _a151,068,427 151,335,084 161.567,002 128,271,111 127,637,077 Advances
Dec. 74,740,000
71,853,000
7,672,000
15,611,000'
Proportion of reserve
Investments
Inc.
128,000
93,051,000
89,494,000 201,344,000'
to liabilities
30.18%
Other assets
24%
2914%
Inc. 29,926,000 491,689,000 620,285,000 685,708.000
181(%
17"
Bank rate
414%
5%
LfablIttles—
5%
4%
4%
Notes in circulation_ _Dec. 138,662,000 3,676,547,000 2,892,749,000 2,442,639,000'
a Includes, beginning with April 29 1925, £27,000,000 gold coin and
bullion Oth.dally matur.oblig.Dec. 81.629,000 587,889,000 579,477.000 573,984,000
previously held as security for currency note issues and which was
Inc. 9,998,000 328,074,000 116,433.000 661.650,000'
transferred to Other liabilities
the Bank of England on the British Government's decision to return to gold
standard
b Beginning with the statement for April 1925, includes £27.000,000 of Bank
of England notes issued in return for the same amount of gold coin and bullion
held up to that time in redemption account of currency note issue.
The Bank of France in its return for the week
ended July 13 reported a decrease of 460,231,000
francs in note circulation. Total notes now in circulation stand at 53,490,318,780 francs, in comparison with 54,917,994,425 francs a year ago and 44,532,375,170 francs in 1925. The State reduced its
obligations to the Bank by 100,000,000 francs. It
now owes the Bank 26,550,000,000 francs, against
37,800,000,000 francs in 1926 and 27,850,000,000
francs the previous year. Gold holdings at home
were increased 66,000 francs, while the gold abroad
available and abroad non-available remained unchanged. The grand total of the gold holdings of all
kinds now is 5,546,894,343 francs, as against 5,548,640,339 francs a year ago and 5,546,798,317 francs
two years ago. Bills discounted increased 186,745,000 francs, Treasury deposits 28,286,000 francs, and
general deposits 627,129,000 francs. Silver decreased 13,000 francs, and trade advances 17,801,000
francs. Comparisons of the various items in the
Bank of France statement are as follows:
Easy conditions prevailed in the New York
money market throughout the past week and were
reflected by an undeviating rate of 4% for demand
loans on the Stock Exchange. There was an overflow of funds into the outside market each day,
where trades were reported at 33
/
4% with equal
regularity. Loans of about $15,000,000 were called
by the banks Monday, almost entirely for out-oftown correspondents. There was little occasion for
the calling of loans by the Clearing House banks
on their own account as the series of reserve deficitsshown in preceding weeks was converted into a substantial excess on Saturday last. Calling of upward of $10,000,000 loans yesterday was construed'
as being done with a view to strengthening their positions for to-day's Clearing House condition re.
port. Fixed date funds also were easier and in good
supply. Sixty-day loans were made in fair volume'
Monday at 4%70, this rate prevailing thereafter.
Ninety days was done at 4/
1
2%, while six months''
loans continued at 43
/8%. A substantial decreasein brokers' loans against stock and bond collateral'
was reported in Thursday's statement of the Federal Reserve Bank for New York reporting member-
294
THE CHRONICLE
[VOL. 125.
flurry of offerings of sixty- and ninety-day cotton
bills, as well as seven-day sight grain bills. The
present week, however, these bills have been conspicuously absent. It is seasonal that they should be
absent until around the middle of August. The
' Dealing specifically with the call loan rates from transactions of the week have been very largely
day to day, it is only necessary to repeat what has of a routine commercial and financial character.
already been said above, namely that as far as busi- the grain and cotton bills, as stated, being less in
ness on the Stock Exchange is concerned, renewals evidence. While the Continental exchanges have been
on each and every day have been at 4% and so have dull transactions of all kinds, German marks, Italian
all other loans. In the time loan branch of the mar- lire, and French francs, taken together, accounted
ket, while funds have been in good supply for the for fully 75% of the business done in foreign exshorter maturities no important changes in rates change, leaving the volume of sterling operations far
4%, below normal. One reason for the extreme dulness
have occurred. The 30-day rate remains at 41/
at has been virtual elimination of speculative interest
rate
90-day
the
%,
2
4%@4y
the 60-day rate at
41/2%, and the quotation for four to six months re- owing to the practical pegging of the important
2@4%%. Commercial paper for four European currencies, with no news of a political
1
mained at 4/
to six months' names of choice character continues or business character on the horizon which might
4%, with the inside figure available only in be construed to encourage operations for either an
at 4@41/
the case of exceedingly choice paper. For names advance or a decline. London advices have stated
2%, which is that the opinion is generally held that the French
1
4@4/
less well known the range is 41/
conversion of sterling holdings into dollars continued
also the quotation for New England mill paper.
to have a depressing effect on sterling. But New
York bankers say that British lending abroad and
bankers'
acceptances
and
The market for banks'
lightening of sterling accounts on the part of
in
the
rates.
change
any
without
has continued quiet
For call loans against bankers' acceptances the American banks in preparation for heavier offerings
posted rate of the American Acceptance Council of commodity sterling bills have been the more
still remains at 334%. The Acceptance Council now important factors. The total amount of new money
makes the discount rate on prime bankers' accept- raised in the London market in the first half of this
ances eligible for purchase by the Federal Reserve year exceeds £160,000,000. This is more than in
0 bid and any six months since the first half of 1922, when
banks the same as a week ago, namely 3%7
4% bid and the aggregase was approximatly £170,000,000. The
3Y2% asked for bills running 30 days;33
78% London "Times" a few • days ago expressed the
8% asked for 60 days and also for 90 days; 3/
/
35
334%
asked for 120 days, and 4% bid and opinion that these foreign loans were an unfavorable
bid and
78% asked for 150 and 180 days. Open market influence, but from all indications no steps will be
3/
taken to curtail the lending, as there is a considerable
quotations also remain unchanged, as follows:
body of industrial opinion in favor of the foreign
SPOT DELIVERY.
—180
Bid. Da
Bid. Da
D2sked.
Asked. loans, holding that they open markets for British
lsked
lsked.
3%
4
37.4
Prime eligible bine-- 4
334
334
goods and will in the long run offset other factors
—90 Days— —80 Days— —30 Days—
Bid.
Asked.
Asked.
Bid.
Bid.
Asked. which might be adverse to sterling exchange.
Prime eligible Ms—
334
%
334
3%
33.4
3%
Foreign exchange circles are still concerned over
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
334 bid the claims upon London gold which Paris is able to
Eligible non-member banks
334 bid
exercise at will. The Bank of England is taking
There have been no changes this week in Federal none of the open-market gold. The weekly stateReserve Bank rates. The following is the schedule ment of the Bank on Thursday showed a decrease
of rates now in effect for the various classes of paper of bullion holdings of only £6,019 during the week.
Other changes were so favorable that the proportion
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL of the Bank's reserve to liability rose to 30.18%,
CLASSES AND MATURITIES OF ELIGIBLE PAPER.
whereas a week earlier it was 26.34%. On Monday
Date
Rate in
Previous the Bank of England sold £5,000 in gold bars,
Rate.
Established.
Effect on
Federal Reserve Bank.
July 15.
destination not stated. On Wednesday the Bank
10
Nov.
1925
34
4
Boston
exported £6,000 in sovereigns to India. On Thursday
Aug. 13 1928
334
4
New York
Nov.20 1925
34 the Bank exported £10,000 to Egypt. On Thursday
4
Philadelphia
Nov. 17 1925
37.4
4
Cleveland
June 14 1924
47.4 the Bank released £500,000 in sovereigns to be set
4
Richmond
June
18 1924
44
4
Atlanta
June 14 1924
434 aside for the account of South Africa and yesterday
4
Chicago
June 19 1924
4
St. Louis
Oct. 15 1924
3
44
4
Minneapolis
Africa. At the Port
July 1 1924
44 it set aside £250,000 for South
4
Kansas City
July 18 1924
44
Dallas
4
for the week ended
movement
of
New
York
gold
the
34
Nov. 23 1925
San Francisco
4
July 13 consisted of imports of $57,000 in numerous
Sterling exchange and the entire foreign exchange small shipments from various countries, but most of it
market, has been marked by extreme dulness the from South and Central America. Exports totgled
present week. Traders say the market has been $587,000, chiefly to Mexico and the Far East.
about as dull as it has been at any time since the There was no Canadian movement of gold either to
war. There has not been enough business trans- or from the United States. The New York Federal
acted to keep half the phones and desks employed. Reserve Bank in its statement for the week ended
Sterling fluctuations have been within the narrow July 13 showed a further reduction of $10,900,000
range of %. During the greater part of the time in gold held abroad and earmarked with the Bank of
the quotations were purely nominal. London cables England. This reduces its original earmarked gold
indicated a similar state of affairs there, particularly purchased from the Bank of France to $2,680,000.
with regard to transactions with New York. A Canadian exchange continued at a discount, fluctuatweek ago, it will be recalled there was a considerable ing from 5-32 to H, of 1% discount.
banks. The decrease amounted to $67,048,000. The
total of loans outstanding is still extremely high.
The gold movement of the week through the Port
of New York was relatively small..
JULY 16 1927.]
THE CHRONICLE
Referring to day-to-day rates, sterling exchange on
Saturday last was steady in a quiet market. Demand bills were 4.85/
1 8@4.85 3-16. Cable transfers
were 4.853/2@4.85 9-16, with only routine transactions taking place. On Monday sterling opened firm,
but eased off to previous close on a slightly lower
tone in British money rates. Demand was 4.85 3-16
and cable transfers were 4.85 9-16. On Tuesday
sterling was steady throughout the day, with demand
again at 4.85 3-16 and cable transfers at 4.85/.
On Wednesday and Thursday the market was nominal and dull, at the same figure. On Friday the
range for demand was 4.85 3-16@4.8514, but cable
transfers sold at 4.859-16. Closing quotations
yesterday were 4.853 for demand and 4.85 9-16 for
cable transfers. Commercial sight bills finieled at
4.853/g, sixty-day bills at 4.81 5-16, ninety-day bills
at 4.79%, documents for payment (sixty days) at
/s. Cot4.81 3-16, and seven-day grain bills at 4.843
/g.
ton and grain for payment closed at 4.851
In the Continental exchanges the feature of the
week, and the surprise of the year, was the sharp rise
in the German mark. Mark checks on Saturday of
last week closed at 23.69 and cable transfers at
23.70. On Tuesday and Wednesday a touch of
novelty was imparted to the market, marks selling
on the latter day as high as 23.74 for checks, with
substantial buying both here and abroad. This buying was based to all appearances on the favorable
reception of the Rentenbank loan offered in New
York and in Europe on Monday. Until this event
German exchange had been showing a weaker tendency for several months, despite the rather steady
quotations. The Reichsbank's foreign exchange
holdings had been declining steadily and the weekly
statements had begun to show a loss of gold. Another factor which strengthened the mark was the
recent decision of the Government to rescind the 10%
tax on interest on approved foreign loans. Since
this decision and the success of the Rentenbank loan,
there has been a flood of applications for loans both
in New York and in the London market. The sharp
response in mark exchange gives encouragement to
operators on this side, and the market expects that
with successful,borrowing on a large scale the mark
will show an upward trend. New York will doubtless
prove the chief market for German long-term loans.
There is, nevertheless, no disposition in London to
curtail these loans. However, not all the factors
favor a bullish position in marks. The Reichsbank
statement shows a loss of 405,000,000 marks of foreign
exchange holdings during the past twelve months.
Practically all these holdings have been lost since
Jan. 1 in an endeavor to maintain exchange. TLe
Reichsbank's stock of gold and dollars in New York,
it is believed, has been entirely spent. The Berlin
money market continues strained; day-to-day loans
continue dear at 7@8%, while monthly loans at
8@9% are almost unobtainable. Private discount
rate ranges from 5 8% to 6%. These high rates for
short-term accommodation are of course very attractive to both New York and London funds and may
yet result in bringing such credits to Berlin as to
favor mark exchange. French exchange presented
no striking features and the underlying conditions
and prospects are in all respects unchanged from the
past few weeks. There is world-wide confidence in
the ability of the French to stabilize the franc at
present or at whatsoever level is ultimately thought
29
advisable. This, of course, gives an optimistic note
to all transactions in the franc. Italian lire were
steady throughout the week, but there were no
spectacular features. Speculative interests have
seemed to learn that it is dangerous to run up the
lire to a higher figure than the Government desires,
that is, around 5.45 to 5.50. Perhaps the characteristic note in Italian exchange at present is one
of optimistic tranquillity. Premier Mussolini has
virtually guaranteed the continuance of a stabilized
value. It is well understood that Austrian exchange
continues pretty well stabilized and there is some
mystery in the way in which Austria and Hungary
are steadily taking gold from the London open market.
All reports show that there is an important recovery
in business in Austria. Finished manufactures in
the first quarter of 1927 totalled approximately
321,700,000 schillings, against 293,400,000 last year,
while imports are lower in volume and practically
unchanged.
The London check rate on Paris closed at 124.02 on
Friday of this week, against 124.02 on Friday of last
week. In New York sight bills on the French centre
finished at 3.911
/
2 (unchanged from a week ago);
cable transfers at 3.914 (unchanged), and commer% a week ago.
cial sight bills at 3.91, against 3.911
Antwerp francs finished at 13.90 for checks and at
13.91 for cable transfers, as against 13.90 and 13.91.
Final quotations for Berlin marks were 23.733A for
checks and 23.743' for cable transfers, in comparison
with 23.69 and 23.70 a week earlier. Italian lire
closed at 5.44 for bankers' sight bills and at 5.443/i
for cable transfers, against 5.443' and 5.45 last week.
Austrian schillings have not been changed from 1434:
Exchange on Czechoslovakia finished at 2.963,
against 2.963-i; on Bucharest at 0.61%, against 0.63;
on Poland at 11.50, against 11.35, and on Finland at
2.52 (unchanged). Greek exchange closed at 1.33
for checks and at 1.333, for cable transfers, against
1.323/
2 and 1.329 a week ago.
On the exchanges of the countries neutral during
the war the feature of the week has been activity in
Spanish pesetas. New York institutions have been
strong buyers whenever pesetas were offered. London
was also a strong buyer. However, many of the
transactions were of a speculative character. On
Saturday a week ago Spanish exchange showed an
improvement of 5 points, from 17.04 to 17.09 for
checks in a short session. This was followed on
Monday by a further rise of 8 points, to 17.17.
Since then, there has been some reaction. In some
quarters it is believed that the large offerings of
pesetas in New York and London come from South
American centers, where bankers are desirous of
establishing dollar and sterling credits. The Scandinavian exchanges have been quiet and even dull,
all transactions being of routine banking nature. The
same comment applies to the other neutral exchanges.
Holland guilder transactions formed the greater part
of the business.
Bankers' sight on Amsterdam finished on Friday
at 40.04, against 40.043 on Friday of last week;
cable transfers at 40.06, against 40.063, and commercial sight bills at 40.02, against 40.02. Swiss
francs closed at 19.243 for bankers' sight bills and
at 19.25 for cable transfers, in comparison with
19.243/ and 19.25 a week earlier. Copenhagen
checks finished at 26.74 and cable transfers at 26.75,
against 26.72 and 26.73. Checks on Sweden closed
296
THE CHRONICLE
at26.78 and cable transfers at 26.79, against 26.77
and 26.78, while checks on Norway finished at 25.83,
and cable transfers at 25.84, against 25.89 and 25.90.
Spanish pesetas closed at 17.11 for checks and 17.12
for cable transfers, which compares with 17.06 and
17.07 a week earlier.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL
RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
JULY 9 1927 TO JULY 15 1927, INCLUSIVE.
country and
Unit.
Noon Buying Rate for Cable Transfers to New York.
Value in United Statea Money.
July 9. fJuly 11. I July 12. July 13. July 14. July 15.
EUROPE$
Austria, sehilling
.14085
Belgium, belga
.1390
Bulgaria, lev
.007223
Czechoslovakia, kron .029621
Denmark, krone
.2672
England, pound sterling
4 8551
Finland. markka
.025203
France. franc
0391
Germany. reicbsmark. .2370
Greece, drachma
.013286
Holland, guilder
.4006
Hungary, pengo
.1744
Italy, lira
.0545
Norway. krone
2585
Poland, zloty
.1122
Portugal. escudo
.0503
Rumania,leu
.006268
Spain, peseta
.1707
Sweden,krona
.2677
Switzerland. franc
.1925
Yugoslavia, dinar
.017584
ASIAChinaChefoo, tadl
.6463
Hazikow, tael
.6406
Shanghai. tadl
.6200
Tientsin, tadl
6529
Hong Kong, dollar_ .4881
Mexican dollar.. __ _ .4519
Tientsin or Pelyang
dollar
.4383
Yuan, dollar
.4350
India, rupee
.3611
Japan, yen
.4724
Singapore(S.S.).do
.5596
NORTH AMER.
Canada, dollar
.998304
Cuba, peso
.999094
Mexico, peso
.463333
Newfoundland. dollar. .995844
SOUTH AMER.Argentina, peso (gold) .9652
Brazil, mllrels
.1179
Chile, DCSO
1203
Uruguay. peso
.9875
.14064
.1390
.007241
.029624
.2672
.14061
.1390
.007221
.029621
.2672
.14082
.14066
.1390
.1390
.007254 .007246
.029627 .029625
.2672
.2672
$
.14081
.1390
.007258
.029624
.2673
4.8550
.025192
.0391
.2370
.013278
.4006
,1744
.0543
.2585
.1127
.0499
.006244
.1715
.2677
.1925
.017584
4.8549
.025197
.0391
.2373
.013233
.4006
.1744
.0543
.2583
.1126
.0501
.006118
.1712
.2676
.1925
.017587
4.8548
4.8549
.025200 .025200
.0391
.0391
.2373
.2374
.013211 .013238
.4006
.4006
.1744
.1744
.0543
.0544
.2583
.2582
.1130
.1127
.0503
.0501
.006095 .006120
.1710
.1712
.2677
.2677
.1925
.1925
.017583 .017581
4.8.550
.025200
.0391
.2374
.013278
.4006
.1744
.0544
.2582
.1127
.0500
.006148
.1711
.2677
.1925
.017583
.6473
.6417
.6213
.8540
.4896
.4448
.6479
.6428
.6229
.6550
.4901
.4456
.6479
.6425
.6221
.6542
.4897
.4449
.6469
.6417
.6215
.6535
.4894
.4446
.6477
.6420
.6218
.6544
.4893
.4449
.4388
.4354
.3610
.4715
.5596
.4394
.4360
.3611
.4714
.5596
.4390
.4356
.3612
.4713
.5596
.4385
.4352
.3611
.4714
.5596
.4394
.4360
.3610
.4713
.5596
.998410
.999094
.462833
.996000
.998640 .998516 .998562 .998563
.999094 .999094 .999031 .999094
.463167 .463667 .462917 .463583
.996125 .996375 .996031 .996219
.9654
.1180
.1203
.9884
.9655
.1181
.1203
.9900
.9657
.1179
.1201
.9872
.9657
.1179
,1203
.9874
.9656
.1180
.1203
.9874
The South American exchanges continued inactive.
Argentine paper pesos closed at 42.42 for checks, as
compared with 42.45 last week, and at 42.47 for
cable transfers, against 42.50. Brazilian milreis
finished at 11.82 for checks and at 11.83 for cable
transfers, against 11.80 and 11.81. Chilean exchange
closed at 12.00, against 12.00, and Peru at 3.76,
against 3.76 last week.
In the Far Eastern exchanges there were no devel
opments of importance. The underlying conditions
continue essentially unchanged from those of the past
several months, the Japanese yen, of course, occupying the centre of the stage. Most of the Far Eastern
foreign exchange transactions during the week were
in yen. Although the Tokio position is delicate, as
should be expected in view of the severe banking
crisis in April, there is nevertheless a rapid recovery,
as may be seen from the fact that May month-end
funds at call were borrowed at 4.38%, whereas last
year the month-end rates were 7.3%. The larger
banks of Japan have been gaining depositors since the
crisis. As a matter of fact cash seems to be flowing
into the coffers of the larger institutions faster than
they can find investment opportunities for it, and this
is largely responsible for the lower money rates.
Under these circumstances the underlying basis of
yen exchange must be considered good. The decline
in yen from 48.87 before the April panic to around 47,
and for a while even lower, had a stimulating effect
upon Japanese export trade, especially in cotton and
flour. This advantage was of course only temporary.
The consensus of opinion in New York seems to point
to firmer yen.
Closing quotations for yen checks were 47.15©
473j, against 47.22@,473A on Friday of last week.
Hong Kong closed at 493s@493',against 493s@,493-
[VOL. 125.
16; Shanghai at 62@6 29-16,against62@,62%;Manila
at 4932, against 493/2; Singapore at 563/8@56%
(unchanged); Bombay at 363.1, against 363I, and
Calcutta 363, against 3631
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $5,441,658 net in cash as a result of the
currency movements for the week ended July H.
Their receipts from the interior have aggregated
$6,351,758, while the shipments have reached $910,100, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK
BANKING
INSTITUTIONS.
Week Ended July 14.
Banks' interior movement
Into
Banta.
Out of
Banks.
06.351.758
Gain Or LOU
to Banks.
$910,100 Gain 85,441,658
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday,
July 9.
July 11.
Tuezdall, Wednesd'y, Thursday, Friday,
July 12. July 13. July 14. July 15.
Aggregate
for Week.
106,000000 101,000 000 82,000,000 98,000,000 100,000 000 93.000,000 Cr. 580,000.000
Note-The foregoing heavy credits reflect the huge mass of checks which con- a
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a prt of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
July 14 1927.
July 15 1926.
Banks of
Gold.
England __ 151,088,427
France a__ 147,302,938
Germany b 87,212.350
Spain ___. 103,896,000
Italy
40.011.
Netherl'da 33,487,000
Nat. Belg- 18.404,000
Switzeri'd_ 18,191,000
Sweden ..._ 12,303,000
Denmark _ 10,700,000
Norway __ 8,180,000
Total.
Gold.
Silver
Total.
151,068,427151.335,084
151.335,084
13,760,000 161,062,938 147,372,777 13,480.000160,852,777
c994,600 88,206,950 61,595,000 c994,600 62,589,600
27,454,000 131,350,000101,811,000 268,360,000370.171,000
3,835,000 50,446,000
39.163,000
2,347,000 35,834,000 35,511,000 2,263,000 37.774,000
1,168,000 19,572,00 10,955,000 3,561,000 14,516,000
2,774,000 20,965,000 16,775,000 3,534.000 20,309,000
12,303,000 12,689,000
12,689,000
719,000 11,419,000 11,619,000
854,000 12,473,000
8,180.000 8,180,000
8,180.000
Total week637,355,71
Prey. week637,473,36
53,051,600690,407,315593,580.861 296,471,600890,052,461
53,438,600690,911,964 592,382.132 55.119.000047.501,732
a Gold holdings of the Bank of France are exc uslve of gold held abroad,amounting
the present year to £74,572,836. b Gold holdings of the Bank of Germany are
exclusive of gold held abroad, the amount of which the present year is £2,893,800.
C As of Oct. 7 1924.
Manoeuvrindfor Position at Geneva-The
Questions of Parity and Limitation.
The conference of what have been sarcastically
called the "high conflicting Powers" at Geneva has
been going on for nearly four weeks in a fashion
which, to the outside world, may well have seemed
at times almost farcical. In place of laying the
foundations for an agreement which should restrict
and regulate naval armaments, the only purpose for
which the Conference was summoned, the representatives of the three Powers have been unable thus
far to come to any conclusion regarding either principles or details. It was evident from the outset
that the absence of France and Italy, save as those
Powers were represented by official observers, constituted a heavy handicap, but when it could be
seriously suggested, as apparently it has been, that,
instead of a three-Power agreement, the United
States and Great Britain should conclude an arrangement adjusting their own differences, and
leave Japan to settle with either or both of those
Powers as best it might, a further prolongation of
JULY 16 1927.]
THE CHRONICLE
the sessions seemed futile. Again and again the
Conference has been reported at the point of breaking up, the British and American press have given
diametrically opposite versions of what was being
contended for or planned, and a maze of outgivings
about parity, ratios, superiority, global tonnage, and
technical matters of various kinds has left the average reader of the newspaper dispatches wondering
whether the members of the Conference were really
considering any common plan or working toward
any definite end.
For the low estate into which the proceedings of
the Conference have fallen, the British representatives must apparently bear the larger share of responsibility. The original American proposals, submitted by Ambassador Gibson at the opening Eession, on June 20, contemplated the division of socalled auxiliary naval vessels into the three classes
of cruisers, destroyers and submarines, and the restriction of the global tonnage of vessels of the
cruiser class to 250,000 to 300,000 tons each for
Great Britain and the United States, and 150,000 to
180,000 tons for Japan. This was an application
to cruisers of the 5-5-3 ratio which the Washington
Conference had agreed upon for capital ships. As
the cruiser tonnage of the United States, built, building or authorized, was only about 155,000 tons,
against 387,000 tons for Great Britain and 247,000
tons for Japan, the proposal, if it had been accepted,
would have permitted the United States to build up
to the limit of 250,000 or 300,000 tons if it desired to
do so, while Great Britain would have been obliged
to scrap, on the basis of the maximum figures, some
87,000 tons and Japan some 67,000 tons. By so
much, in other words, are Great Britain and Japan
to-day superior to the United States in cruiser
strength. Nothing was said in the American proposals about the size of cruisers, presumably because the Washington Conference had decided that
the limit of cruiser size should not exceed 10,000
tons.
The British proposals, also submitted at the opening session of the Conference, showed no disposition
to agree with the American proposal either in principle or in practice. Instead of accepting the principles of a maximum global tonnage and a 5-5-3
ratio applicable to the three classes of auxiliary vessels, the British delegation proposed to apply the
5-5-3 ratio only to cruisers of 10,000 tons, the number of such cruisers to be left for later agreement, to
fix the maximum tonnage of other cruisers at 7,500
tons, and to leave each of the Powers free to build
as many cruisers of the 7,500-ton class as it saw fit.
This was the British interpretation of "parity in
cruiser strength," "limitation of naval armament,"
and "abolition of competitive naval construction."
The argument in support of the British proposals
was that the special conditions of the British Empire, with its widely scattered Dominions and colonies and extended trade routes, required a large
number of small cruisers. The American objection
to the proposals was that the number of large cruisers, with wide cruising range, was naturally of
much less importance to Great Britain, with its numerous naval or coaling stations, than it was to the
United States, whose overseas possessions are widely
separated; and that since Great Britain was already
far ahead of the United States in the number and
tonnage of cruisers of the smaller class, the acceptance of the British proposals would require the
297
United States either to inaugurate a huge building
program, or else to acquiesce in hopeless inferiority
to Great Britain in cruiser strength. An agreement
which left Great Britain the mistress of the seas,
with the right to add to its present superior force
at its discretion, did not appeal to the American
delegation as parity, and an unrestricted right to
build small cruisers did not look like limitation.
Here the Conference stuck. The only important
progress, if indeed it be progress, that has been
made since the opening day is the announcement to
the press by W. C. Bridgeman, First Lord of the
Admiralty and head of the British delegation, on
June 29, that the British proposals did not
dispute "the American claim for parity—as
established by the Washington treaty," nor deny
"the right of the United States to build up to an
equal figure" with Great Britain "in any type of
warship, if she.thought necessary," and subsequent
intimations that Great Britain, if it were to accept
any limitation of global tonnage for all classes of
cruisers, would ask for 600,000 tons, or 500,000 tons,
or 465,000 tons, or some other figure largely in excess of the original American proposal. The implication was that the United States might have actual
as well as theoretical parity if it chose to pay for it,
and might also secure limitation if it would raise its
original maximum of global tonnage. A disposition
to raise the American figure was indicated in reports that Ambassador Gibson was willing to consider, in the interest of compromise, a figure of
400,000 instead of 300,000 tons, but agreement on
such a basis appears to have been suddenly disturbed by the insistence of the Japanese that the
Conference was called to effect a limitation of
armament, not to increase it, and that they stood,
in substance, for the American minimum rather
than for the maximum.
This aimless debate has made it clear that two
theories of naval armament restriction, between
which the Conference has thus far been unable to
choose, are in conflict at Geneva. One, represented
by the American proposal, assumes that limitation
of armament, together with the abolition of competitive construction, can best be brought about by
fixing a ratio of global tonnage for naval Powers of
the first rank, and by establishing, in accordance
with the agreed ratio, a maximum global tonnage
for various classes of vessels. To this theory Great
Britain would appear to have assented to the extent
of accepting, at Washington, the principle of the
ratio for capital ships. The British theory as a
whole, on the other hand, as now brought forward,
rests upon the contention that any international
agreement for the restriction of naval armament must
take account of the special needs of the signatory
Powers, and that any limitation of maximum global
tonnage, at least in the case of cruisers, is impracticable unless, of course, the figure is placed very
high, and unless the Powers are also to
agree how many cruisers of a particular class
they shall severally have. The two theories may
not be wholly irreconcilable, and the Conference
may -yet find a way of harmonizing them, but it is
obvious that if the British theory is to prevail, all
hope of putting a stop to competitive naval, building and lightening the burden of armament will be
at an end, and we shall be back where we were before the World War. Great Britain, with its great
superiority in small cruisers, and with a huge mer-
298
TRE CHRONICLE
chant fleet susceptible of speedy conversion into
fighting craft, would still be able to follow its historical policy of striking at enemy commerce and
restaining the commerce of neutrals in time of war,
,and the United States, unless it were willing to
spend half a billion dollars or so more than it is
already planning to spend for new construction,
would find itself outclassed, by international agreement, in every type of fighting vessel except battleships.
At the moment, it would seem, Japan holds the
balance of influence at Geneva,and its stand in favor
of some such restriction of cruiser tonnage as the
American minimum proposal contemplates reflects
high credit upon its political wisdom and its international spirit. Liberal opinion in England, which
has been severely critical of Mr. Bridgeman and his
associates, may also, perhaps, be effective in temperpig somewhat the British demands. On the other
hand, the speech of Sir Austen Chamberlain, the
British Foreign Secretary, in the House of Commons on Monday, although widely heralded for its
declaration that Great Britain could not conceivably enter into a naval armament race with the
United States, turns out to have been composed
chiefly of generalities, and gave no indication that
Mr. Bridgeman, in maintaining the British contentions, was acting without full Government support.
It is still to be hoped that the Conference, now that
the plenary session on Thursday, although empty of
results as far as arriving at any agreement is concerned, evinced a more friendly tone, may reach com111011 ground and achieve the purpose which President Coolidge had in mind in calling it. An adjournment to a later date, in order to give the delegates a chance to consult further with their Governments, would be equivalent to a failure, and a breakdown. of the Conference would be a calami
/
The Mississippi River Improvement—
A Wonder Work for Good.
Senator Borah, in a recent address to Advertising
Clubs, at Denver, advocated a return to our own
affairs; and an abandonment of our varied monetary adventures in Europe. He cited the reductions
made in the war debts due us at the time of refunding; the credits extended to foreign Governments
since the armistice, and the vast sums loaned in the
interest of commerce and industry. He said we have
interests of our own which are urgent and demand
the use of large sums of money. He mentioned especially the Mississippi and Colorado projects—as permanent improvements. We must soon consider in
wisdom and thrift. We have no doubt that many
millions of our citizens have read, in the "Saturday
Evening Post" of July 2, an article by Richard Washburn Child entitled "After the Flood is Over," in
which he describes the pathos and tragedy of the
four hundred thousand refugees who must return
to their broken homes and waste lands as the waters
recede. To Mr. Child, this home-coming is a more
poignant and pathetic trial than the sudden, overwhelming sorrow of seeing the onrush of the flood
which drove them from their homes and farms.
None of the excitement which, in the first instance,
buoys up the spirit, and nerves the soul, to resistance and relief, attends this return to desolation,
again to take up the burden of life with nearly all
that was valuable and dear in life washed away or
[VOL. 125.
ruined. Taking these two presentations together
may we not as lovers of our kind and as common
sense business men say, in unison, in devout paraphrase of the cry at Verdun: "It shall not occur
again"?
The Mississippi River flood inundated thirty
thousand square miles of the richest agricultural
territory in the United States. The losses cannot
now be aggregated into a cold money statement.
About fifteen millions, placed by the generosity of
the American people in the hands of the Red Cross
for instant relief and partial rehabilitation, is but
the prologue of the hundreds of millions that in some
form must be added to complete the work of again
putting these sufferers in the way of rebuilding their
lives and fortunes. By States, Intermediate banks,
and new loan corporations in process of formation,
this work is under way. The work of the railroads
and express companies given freely without cost
adds a splendid note to the picture. And the quick
and sure aid offered by the Government through the
War and Navy and Commerce Departments must
not be forgotten. But when all this is said, and
when, with courage and help, the worst of the losses
are repaired, we must consider the fact that within
another decade another "unparalleled disaster" may
follow this one and the number of sufferers be increased and the destruction be greater. There is but
one duty ahead of the people as a whole and that
duty is plain. Some plan, some comprehensive and
wise plan, must be formulated by Congress, to prevent a recurrency of a like calamity and ample appropriations made to carry it out. No estimates are
now at hand that even approximate the cost. Whatever the amount, let it be set aside, distributed over
the necessary years, carefully guarded in the expenditure, and paid out when and as the work is done,
so that, as Mr. Hoover declares it, the "greatest
calamity" that has ever visited us shall never come
again.
As our readers well know, we are not in favor of
our Government entering into the conduct, or the
immediate and intimate control, of business. We
hope, and we trust, that never again will the people
and the Government be called on to expend tens of
billions in war. But if we could do this without actual and sudden impoverishment of our citizens, we
can undertake this task of internal improvement
without a doubt of our ability to see it through—a
work of construction, of conservation, that in the
years to come will return tenfold the cost. This
great internal system of waterways is our own. It
is property that can be made to work for us. It is a
gift of God. The vast valley between the Rockies
and Alleghanies would be a barren waste without it.
These rivers do not belong to the States but to the
nation. They water the richest region on the globe.
They are a major part of our Governmental plant.
Guided, controlled, they are a blessing. We too
little consider the benefit they are to our agriculture. They make possible the production of an annual wealth that forever makes us an independent
and a rich people. To let them run wild when we
can conserve and use them for our own good is a
mark of shiftlessness. We have been, in a makeshift way, building levees along their banks for a
hundred years. Let us now do the work as it should
be done, once and for all time. We do no know what
the proper plan may be, it may be dikes, sluiceways,
reservoirs, or all of them together. But it can be
JULY 16 1927.]
PH Ill CHRONICLE
299
done. It is an insult to our engineering genius to section above another! But are we really one peoharbor doubt. This flood loss, in an economic sense, ple under one Government? If corn, cotton and
is a loss of all the people. On an impulse we built wheat never left the places of their origin, would
the Panama Canal; we are beginning now to talk they benefit us all? Are thirty thousand square
of another. Compare the benefits of river control miles of fertile territory worth saving? Are half a
with the benefits of this far-away canal. Can. it billion losses not worth preventing? And by no
irrigate our lands; can it furnish us water power means least, are not four hundred thousands of our
that is usable; can it reclaim a foot of soil for our citizens worth protecting with our good will?
As one of the writers quoted has said, the tragedy
intensive farming?
We believe in, and always plead for, economy in is now at hand, the time has come for love and unity
government. But conservation and thrift are econ- to do their work. And once more we say we are conomy. Out where the prairies roll to the far horizon, fronted as a people owning an unrivalled business
where the great farms are, the very contour of the plant with the duty of preserving it and making it
land creates what farmers call "washes." They soon more effective and safe. It is not, it is true, a matbecome gullies unless they are stopped. They eat ter of sentimentalism. But true sentiment is part
up good acres and carry them down to the creeks. of that feeling which makes each of us our brother's
But small dams, built sometimes of brush, and other keeper. One in purpose we advance to wealth and
methods of draining and filling, stop this loss before culture. Our energies are incalculable. Our indusis becomes destructive. A farmer who allows his tries are universal in their effects. Individuals,
good acres to waste away does not rank high among with boundess opportunities, we unite in service that
his fellows. In a way, river improvement is like spreads from one to all and from all to each! Let
this to the people of the United States. We have us prove our faith in a common democracy.
long been talking of a Lakes to the Gulf waterway
Civilizing Business.
for ocean-going vessels. It is ready made by the
Mississippi route, when the great "Father of WaWe were all ready to believe that the war threatters" is properly conserved.
ened civilization. Now we are told that another war
In a small way already rivers and creeks are being would destroy it. Western civilization is said to be
straightened to prevent overflow. All these matters at stake in the disturbance in the Orient; and in
may be combined in one. We have read an indi- turn we are destroying Oriental civilizations in our
vidual suggestion that, north and south canals west attempts to superimpose ours upon them.
of the Mississippi might be made to carry off the
All this shows that civilization means the progexcessive rainfall and overflow of rivers and dis- ress of man. Man was never so clearly recognized
tribute it over the arid regions of the Southwest, re- as one with the world about him as he is to-day.
deeming millions of acres. It is an audacious propo- Whatever his origin, whatever his distinctive gifts
sition, but is it not worth consideration, if only to or faculties, whatever may be his ultimate goal, his
open up the possibilities in this great work? While life for the time is here. Progress, or change, for
in countless ways we are laying debts on future better or worse is the rule for everything about him
generations, may we not also leave them a "going and he is no exception. As a race, and equally as an
concern" that will help them to live?
individual, he has had a history; he shares in a
We do not believe in spending the taxes of the great movement, he is in a setting which in large
people merely to gratify pride in progress. We do part he has shaped for himself. This is peculiarly
not believe in spending taxes merely to'"make work" his characteristic and privilege quite beyond that
ror the unemployed. We do not believe in the Gov- of any other creature, his life at any one moment in
ernment actually doing the work that can be done its external form and in himself marks his stage of
by safeguarded private contracts. But when the existence and his progress.
work is helpful and necessary then the benefits to
This is what civilization means, the visible form
industry that accrue are a legitimate prize. Here is of the progress of man, as that can be discerned in
a chance to spend a big sum for "the famers" that national, racial or continental groups. It furnishes
will help them for all time to come. Here is an op- a standard and to a certain extent a test by which
portunity to distribute manufacture, through the everything he does may be tried. Is it in the line of
generation of eectrical power, that will go far to civilization; is it an outgrowth of that; is it consisharmonize our industrial development. It is easily tent with it; does it contribute to it, promoting so
the greatest project that can legitimately be under- far the general progress and well-being? If this is
taken. It is for the people, it may be by the people. the conception of civilization, we may well use the
Let not sectionalism enter into its consideration. term and ask of any "business," is it civilized, or
Let there be no shadow of politics over it. But let civilizing, and be confident that the inquiry, howit be a "cold" business proposition. Let the whole ever unusual, is worth while?.
people pay and all will receive the benefit. And let
The business man must have regard to finance and
it be begun now. Temporary reconstruction of economics and politics, and to-day we are told also
broken levees may be politic and necessary. But let to mental science; but must be sure that his busiit be understood that they are temporary, and no ness, as he conducts it, is civilized or civilizing. If
part of the permanent scheme. And then provide it is systematized and modernized and capitalized,
that no dollar spent shall be lost, because it will is not that enough? The answer will be interesting.
again be washed away by floods certain to come
No man can consider himself civilized in the true
again.
sense, or his business civilizing, unless he keeps himOf course, the cynic will say—what a magnificent self open-minded'; that is free from prejudice and
opportunity for graft! The sectionalist will say— with broad views. One cannot understand the preswhy should five or six Southern States be thus bene- ent unless he knows the past, and without underfited at the expense of the rest? The politician will standing the present the future is not to be read.
say, beware of this material power that will set one Outsiders have been saying many things of late to
300
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[VOL. 125.
the universities. Now these are giving strenuous their well-being, their play, their leisure, their homes,
advice to us and to the world; and it is more than not the same as his, but the same in relation to them,
Aristotle's "nothing too much." One Commence- so that they are glad to be joined with him, to help
ment speaker warns against the present disposition and be helped, and to have a part in passing someto be captivated by new ideas. Literature, music, thing on to help others? In a word, does it enable
art, the magazines and papers are full of them. them to civilize, as well as to be civilized themselves?
Back of all this is the essential fact of conscience,
Youth is everywhere in evidence and crowds to the
front. It is well to let the young man rejoice in his the controlling power of a man's own conviction as
youth, as was long ago said; but men who are not to what is right and what he ought to do. To-day
young should not disregard wisdom. Over against emphasis is thrown upon the fact that a man's busithis another Commencement speaker protests against ness is largely what he is. His spirit, his temper,
conservatism, holding fast to custom and tradition his self-control, his habits of life, his point of view,
when it counts for little in a world which seeks nov- his personality, all enter into what he does. Back
of all lies not education or capital or force, but
elty and is not content otherwise.
It is true that many a business has been held fast character, and that means conscience. G. Bernard
in old ways too long; tinkering and remodeling will Shaw, the British critic, has said that no virtue exnot answer; it has to be recreated or it will die. We ists apart from conscience, and conscience cannot
have seen great mills full of fine machinery emptied survive without religion. Be that as it may, civilifrom top to bottom and re-equipped throughout with zation pertains to man alone. It is the product of
latest devices for producing the old article in bet- what is best in him, that is the product of that which
ter quality and larger quantity, and commercial lies closest in line with his progress. Of this it is inhouses recast, and wealthy corporations turned to dicative. As this appears he advances, for he has
entirely new enterprises because the older were out- put himself into his work.
lived. Truly, wisdom is profitable to direct. But it
His character is his power; carries his conscience
is not the only. requisite. Our prejudices are deep into effect. Truth and honor are its accompaniset. We inherit both opinions and feelings. To the ments and fix its methods. Courage in the face of
Greek the same word was used for a stranger as for difficulty that sustains even in failure, is its unfailan enemy, as to the Israelite the outsider was a Gen- ing trait; friendliness and breadth of vision and of
tile and a heathen. He was the man from over the interest are its assets. This does not mean that
sea or beyond the mountain, that is beyond inter- those associated with him, his employees, his workcourse, little known. "Barbarian," our word as people, do not have simply to keep within "the rules
well, was the man whose speech was a jumble of un- of the bank" or the shop,"to play politics," or not to
intelligible sounds. So we almost irresistibly think idle on the job, but they all share in a common opporof men of other color, or costume, or.speech, as alien, tunity and are engaged in a worthy and useful effort
however close may be the neighborhood or intimate to make life easier and brighter for many.
the common interests or even the personal relations,
If this means, as Professor Peabody of Harvard
we have prejudices which may easily in the aggre- has said, that "The Kingdom of God is not an extergate take the form of antipathy, or even of hate. Far nal growth but a spiritual revolution to be created
short of this it may raise the question how far we are not by machinery, but by better men," what is it but
open-minded, or our business conducted under that recognition of the fact that man is a spiritual being,
limitation, civilizing?
that he has a soul and does not know himself until
But quite beyond this, civilization involves some- he knows God.and finds himself in doing His will?
thing that gets into our business only so far as it
The ultimate test of civilization is the kind of men
exists in ourselves. We are quite ready to admit and women it produces. This will be discerned in
that our happiness in life, the satisfaction we have their business no less than in their homes and in
in success, the pride in our prosperity, our surround- their churches.
ings, our attainments, the joy in our children and
Christianity which has produced a Christian civiliour homes, the pleasure in our friends, in social in- zation is set to hold up before the world a noble but
tercourse, in the play and leisure of vacations, in perfectly practicable ideal of belief and conduct in
travel, in contact with nature and its quiet delights, contrast with selfishness, greed, worldliness, frivolin enjoying oneself and being a "good fellow" with ity and folly which make failures of the lives of so
others, that all this is part of our civilization. We many. It is a salt and a leaven, purifying and transare grateful for it. Only a very dull and stupid forming life. It makes the individual a new man
man thinks that all this he has made for himself. and for society it is a "transmutation of all values,"
Certainly others, even the community about him in so that even his business shall bear witness to what
.innumerable ways has helped him even to share it, he is when he gives his account to God.
going far to make him the man he is.
We venture to think that this line of thought canNow the question arises, how far does his business not fail to appeal even to those business men who by
express this? He may regard himself civilized, but force of circumstances feel compelled to say with the
is his business civilizing? Does it express and is it ancient philosopher to his hearers: "Do what I
automatically transmitting to others what is best in say, not what I do!" for he honors the truth.
him; what, indeed, he has received and holds as a
trust, for no man lives to himself? Is he careful Italy, Albania and Jugoslavia—The Balkans for
that the world shall be helped forward by at least so
the Balkan Peoples.
much civilization as he has himself attained? To
We make room for the following article from the
begin with those about him in his business, do they pen of Captain Gordon Gordon-Smith, attached to
have the immediate benefit, do they share in direct the Legation of the Kingdom of the Serbs, Croats
and appreciable measure the blessings that mean so and Slovenes, at Washington, D. C., on the relations
much to him, does it come to them in their daily of Jugoslavia, Italy and Albania. It is an interestwork, their award, their contentment and pleasure, ing presentation of the situation from the viewpoint
JULY 16 1927.]
THE CHRONICLE
301
of Jugoslavia. Captain Gordon Gordon-Smith is an over the whole Peninsula. Each, therefore, thought itself
earnest advocate of the principle of "The Balkans justified in aspiring to hegemony. It was, in consequence,
easy for outside Powers to envenom these jealousies and
for the Balkan Peoples," and he expresses the opin- keep the Balkan peoples apart.
ion that this principle is jeopardized by the Treaty
Then came the World War and the whole situation in
of Tirana entered into on Nov. 27 last between Italy the Balkans, politically and territorially, underwent a sudand Albania. He says the danger of the situation den and dramatic change. The Austrian Empire, as the
lies in the' irreconcilability of the policies of Italy result of its military defeat, broke up into its component
parts. The Serbo-Croat provinces rallied to Serbia and
and Jugoslavia regarding Albania. In a letter ac-. Montenegro and the Kingdom of the
Serbs, Croats and
companying the article he declares that the policy Slovenes (popularly known as Jugoslavia), a powerful State
of Italy is frankly an expansionist one. He points of nearly thirteen million inhabitants, came into being
out that the section of Fascism which dreams of re- Austrian influence in the Balkans was, therefore, dead
storing the old Roman Empire remembers that this forever.
Russian influence at the same time, as the result of the
was in possession of Albania and that the modern
Bolshevist revolution, underwent an eclipse and no man
town of Durazzo was the Durachium of the Roman can foretell how long it will be until the former Empire of
Empire, the coast terminus of the famous Via Igna- the Tsars is again a living force in the councils of Europe.
Thus for the first time in a century the peoples of the
tia, the great Roman road, running via Monastirt
Salonica and Seres to Constantinople, which linked Balkans had a chance to work out their destinies without
States. Their ambitions in this
Rome and Byzantium. As he sees it, the annexation the interference of foreign
direction found its outward expression in the slogan "the
of Albania would be the first step towards realiza- Balkans for the Balkan peoples." Having got rid of outtion of this dream of empire, a dream which in his side interference in their national lives and policies, all
estimation menaces the existence of every State in their interest was concentrated in maintaining and reinthe Balkans. On the other hand, the policy of Jugo- forcing their new-found freedom and independence.
There was, in addition, no longer any doubt as to the
slavia is diametricaly opposed to this. It proclaims leadership among the Balkan peoples. Jugoslavia had,
as the magna charta of the Pensinsula the principle with its 13,000,000 in habitants, already held that position
of "the Balkans for the Balkan peoples" and opposes vis-a-vis Bulgaria, with its population of barely 5,000,000,
any attempt of any non-Balkan Power to obtain a Greece with about the same number and Albania with less
footing in the Peninsula. This principle he terms than a million.
The task of the Balkan statesmen was, therefore, to enthe "Monroe Doctrine" of Jugoslavia and he feels courage
mutual friendship and good-will, to form a strong
that it should count on the sympathy of every free- confederation for the maintenance of their freedom and
dom-loving country. His article follows:
independence and for the realization of their watchword,
ITALY, ALBANIA AND JUGOSLAVIA.
By Captain GORDON GORDON-SMITH, Attached to the Legation of the
Kingdom of the Serbs, Croats and Slovenes.
The situation in the Balkan Peninsula created by the
concluding, on Nov. 27 last, of the treaty between the Governments of Italy and Albania, has, for months past, aroused
the deepest anxiety in Europe. This treaty, since its signing, has been regarded as a serious menace to the public
peace Of Europe.
This is due to the new factors which this treaty has imported into the political situation in the Balkans, by the
intervention in the internal affairs of that Peninsula by a
non-Balkan Power.
Outside interference in the internal affairs of the Balkan
nations has always been, politically, the curse of that section of Europe. People have, for half a century past, spoken
of a "Balkan question." But there never was, and there is
not to-day, any "Balkan question." By that I mean to say
that no question existed or exists, which the Balkan peoples,
if left to themselves, could not have settled, either by diplomacy or by force of arms. All the troubles and complications in the Peninsula have been due to outside influences.
The interference of outside Powers was the result of
their political ambitions in the Near East. Austria's ambition envisaged the extension of her rule to the Aegean and
the seizing of the port of Salonica, the famous Drang each
Osten about which in past years so much was written.
Russia's ambition was the seizure of Constantinople and
the possession of the Dardanelles, so as to assure the free
communication of her Black Sea territories with the outside world.
The realization of either of these conflicting ambitions
pre-supposed the subjugation of the Balkan States. It was,
therefore, not in the interest of either of these Powers that
the peoples of the Balkan Peninsula should become strong
and prosperous. The creation of a strong Balkan Confederation would have been fatal to the political designs of
both Austria and Russia. As a consequence, they did nothing to encourage the union of the Balkan peoples, but, on
the contrary, did everything In their power to keep them
apart, by encouraging and fomenting racial and national
jealousies and animosities. Austria (and later her ally,
Germany) took Bulgaria under her wing, while Russia
acted as the protector of Serbia. Greece, the third Balkan
nation, looked to France and England for support.
These three Balkan nations were, as regards population
and extent of territory, practically on an equal footing.
Each had, in its past history, at one time or another, ruled
"the Balkans for the Balkan peoples." That progress is
being made in this direction is notorious. There has, of
late months, been a distinct and steady improvement in
the relations of Bulgaria and Jugoslavia. It is, of course,
hardly to be expected that jealousies and animosities, which
existed for decades, should immediately disappear, but it is
well known that the statesmen, on both sides of the frontier,
believe that the ultimate union of Bulgaria with Jugoslavia
is the final solution of their problems.
When this union will come about no one can say. Nothing, it is certain, will be done by Jugoslavia to coerce her
neighbor in any way. Bulgaria must enter the union of the
Southern Slays of her own free will. There are, however,
no factors of race, language or religion which offer insuperable obstacles to this union. A committee of university
professors could very soon eliminate the few linguistic difficulties, while the religious differences would be even
easier of solution.
With Greece, Jugoslavia has no cause for quarrel. The
only question of importance between them is that of the
Free Port for Jugoslavia in Salonica. Considerable progress has been made towards the settlement of this and an
ultimate satisfactory solution is confidently looked forward
to. There is, therefore, no reason why Jugoslavia, Bulgaria and Greece should not be united by the strongest
bonds of friendship and economic union.
The remaining Balkan people is the Albanian one, in;
habiting the strip of territory along the Adriatic, lying between Jugoslavia and Greece. The total superficies of the
country is about 11,000 square miles, while the number of
the inhabitants is about 800,000, less than the population
of the city of Baltimore.
This people has nothing in common, either in language or
customs, with their Slav and Greek neighbors. They are a
mountain people, living in tribes under their local chiefs and
are essentially primitive and backward in their political
and economic development. They are in addition extremely
ignorant, 90% of them being unable either to read or write.
Their political organization is very primitive and they have
a rooted objection to paying taxes in any shape or form.
They have, at the same time, certain qualities. They are
physically a very fine race, not unintelligent, and with a
high respect for their plighted word.
At the same time they are turbulent and difficult to govern. Trade and commerce in Albania is practically nonexistent. The country has a certain amount of natural
wealth in its minerals and forests, but this remains unexploited.
THE CHRONICLE
302
It has often been alleged that Jugoslavia desires to occupy
and annex Albania. There could be no greater error. Jugoslavia does not desire one inch of 'Albanian territory and
has no desire to add 800,000 people, alien in race, customs
and mentality, to her dominion. All that the people of
Jugoslavia demand Is that their watchword, "the Balkans
for the Balkan peoples," shall be respected and that the
Albanian nation shall be allowed to work out its own salvation in peace and complete independence. None of the
Balkan peoples can, under penalty of their liberty and independence, permit any non-Balkan Power to establish a
political footing anywhere on the territory of the Peninsula.
This is why the treaty concluded in November last between the Governments of Rome and Tirana has aroused
the opposition it has done. It does not, as the Italian press
has attempted to maintain, constitute a guarantee of Albanian independence. Article I of the treaty provides:
"Italy and Albania recognize and accept in principle that
any action directed against the political, juridical and territorial status of Albania is contrary to their reciprocal
political interests."
The political status of Albania is to-day the Government
of Achmed Zogu. There Is, however, no proof that this
Government, at present or in the future, does or will enjoy
the support and approval of a majority of the Albanian
nation. On the contrary, there is much reason for believing that the present head of the State is far from receiving
the unanimous support of the people. It is on this point
that the Italo-Albanian treaty constitutes a menace to the
political independence of the Balkan peoples and to the
public peace.
If 90% of the inhabitants of the Albanian Republic should
desire to change their President this would be, by the
[VoL. 125.
terms of the Treaty of Tirana, opposed by the Italian Government and Achmed Zogu would be maintained in power
by Italy against the will of the Albanian population, if
necessary by force of arms. In other words, an Italian
Protectorate has been created in Albania and a foreign
Government has obtained a footing in the Peninsula, constituting a potential menace to the independence of all the
Balkan States. The principle of "the Balkans for the Balkan peoples," the greatest and the only guarantee of peace
in the Peninsula, has been swept away and the door opened
to every adventure.
The treaty of Tirana was completely superfluous. Albania is a member of the League of Nations, her independence has been recognized by all the Powers (including
Italy) forming that association and any attempt by any
country or Government to interfere with it, would at once
call for diplomatic action by every country represented at
Geneva.
It is on this that the Belgrade Government to-day takes
Its stand. It has given solemn assurance that it does not
desire to occupy one inch of Albanian territory. It invokes
the principle of "the Balkans for the Balkan peoples" under
which it demands that Albania be allowed to work out her
own salvation. The Belgrade Government desires no domination of Albania, but protests most energetically against
the domination of that country by any other Power. It is
certain that any attempt to land an armed force made by
Italy would be a most serious menace to the peace. But
even if the Italian Government does not, for the time being,
proceed to this extremity, the pretension that under the
Treaty of Tirana it has the right, under certain circumstances, to do so, cannot but create a situation big with
danger and which will, as long as It exists, be a standing
menace to the peace.
Gross and Net Earnings of United States Railroads
for the Month of May
Ascompared with the corresponding period a year
ago, the May earnings of United States railroads,
taken as a whole, show very little change either in
their gross results from operation or in their net.
In the case of the gross there is a relatively slight
increase, namely $1,088,017 (a mere fraction of 1%),
while in the case of the net, there is an equally slight
decrease, that is to say, $1,063,507, which also is
equal to less than 1%. But behind these comparatively insignificant changes in the grand totals for
the whole body of roads there lie some quite important changes, in the shape either of gains or losses,
with respect to many different roads and systems
in one part of the country or another. To say this
is the same as saying that there is considerable irregularity in the results as between different goups
and different sections of the country. This in turn
reflects the irregularity in conditions in some leading lines of trade and industry, some of which have
been unable to maintain their records of last year,
and others of which have managed to improve somewhat upon their operations in 1926. The following
are the comparative totals for the two years:
Month of Mao (181 roads)—
1926.
Inc.(+) or Des.(—)
1927.
Miles of road
237,275
+750 0.43%
238,025
Gross earnings
$517,543,015 $516,454,998 +$1,088,017 0.21%
+2,151,524 0.55%
Operating expenses
390,785,137 388,633,613
75.25
Ratio.of_expenses to earnings_ 75.51
Net earnings
$126,757,878 $127,821,385 —$1,063,507 0.83%
As to the general influences and conditions prevailing during the month, the season the present
year nearly everywhere was backward, retarding
farm work and interfering seriously with retail
trade in certain lines, more especially business in
wearing apparel, which in the spring is always more
or less dependent upon temperatures, an early spring
stimulating retail sales and a late spring holding
them in check or spoiling them altogether. The
present year temperatures were low for the season
nearly everywhere, but the same was the case in
1926 (though not in 1925, when the season was far
in advance of the ordinary). However, there was
at least one advantage the present year whic4 did
not exist in 1926. While the spring of 1927 was
backward, it followed an unusually mild winter,
and, as a consequence, navigation on the Great
Lakes opened very early, whereas last year it was
exceptionally late. This has made a big difference
in the earnings of some of the roads connecting with
these large internal seas. All these roads suffered
large losses a year ago because of the late opening
of the water route and all report equally heavy gains
the present year owing to the earlier availability of
that route. As illustrations, the Duluth Missabe
& Northern has added $252,932 to its gross the present year and $266,126 to its net, and the Duluth &
Iron Range $52,833 to gross and $1,890 to net. It
also unquestionably is responsible mainly for the
$265,918 increase in gross and $281,215 increase in
net reported by the Great Northern, the showing in
this latter instance being quite at variance with the
showing made by the Northern Pacific, which is
without any such ore traffic, and hence is obliged to
report $294,506 decrease in gross and $297,923 decrease in net. On the other hand, the roads running
to the Southern lake ports were not advantaged in
the same way, or at least were not in position to
avail of the advantage owing to the coal strike in
the union controlled soft coal mines, which cut off
shipments of coal from these lower lake ports—not
in all instances, but in quite a few cases. Hence, we
are prepared to find that the Bessemer & Lake Erie
shows a decrease of $201,597 in gross and $190,759
in net.
While the coal strike referred to was an important
drawback in not a few cases it was an advantage to
JULY 16 1927.]
THE CHRONICLE
the roads connecting with the non-union mines and
particularly the big railroad systems- draining the
Pocahontas region, the same as it was in the month
preceding. Accordingly, we find the Chesapeake &
Ohio reporting $651,632 increase in gross and $194,188 increase in net; the Norfolk & Western $282,909
increase in gross, though having $146,823 decrease
in net, and the Virginian $107,464 increase in gross
and $58,748 increase in net. The advantage from
the larger shipments of non-union soft coal also extended to the connecting lines of the same systems,
one illustration of this being found in the case of the
Hocking Valley, which is able to report $116,418
gain in gross and $102,485 gain in net. However,
the showing is very irregular as between different
roads, even in the same section, some being favored
with considerable gains and others having suffered
larger or smaller losses, dependent upon whether
one set of influences was uppermost or the other.
Coal mining in Ohio,Indiana and Illinois was pretty
generally suspended and the roads traversing those
States suffered from larger or smaller losses as a
result. The Chicago & Eastern Illinois has fallen
$102,251 behind in gross, though reporting $110,929 increase in net, owing to a large reduction in
expenses, and the Elgin Joliet & Eastern has $137,572 decrease in gross and $182,059 decrease in net.
Mr. Ford's Detroit Toledo & Ironton probably suffered at the same time from the slackening of the
automobile trade, and especially Mr. Ford's end of
that trade, and hence has $262,252 loss in gross and
$105,774 loss in net. Many other instances of the
same kind might be mentioned in the case of roads
in the Middle Western States.
But the anthracite coal roads also, most of them,
sustained heavy reductions of their earnings, either
of gross alone or of gross and net combined. Here,
however, the explanation is found in a different circumstance, namely the fact that in 1926 mining of
anthracite was conducted on a scale much beyond
the ordinary for the season of the year in order to
make good to some extent the great shortage of coal
occasioned by the prolonged strike which had lasted
from Sept. 1 1925 to Feb. 18 1926. The present year
mining in the anthracite regions proceeded in the
ordinary normal way, with the result that the anthracite tonnage over the roads was on a greatly reduced scale as compared with the swollen tonnage
of May 1926. The Lehigh Valley falls $269,720 behind in gross and $535,251 in net, and the Del. &
Hudson 241,171 in gross and $231,848 in net; the
results, however, are by no means uniform even
among the anthracite carriers, and the Lackawanna
has $80,863 increase in gross and $250,426 increase
in net; the Central of New Jersey $7,890 increase in
gross, though with $121,999 loss in net, while the
Reading has 430,459 decrease in gross with $60,691
increase in net. The Erie, which is both a big
carrier of anthracite and of bituminous, has enlarged
its gross by no less than $521,899 and its net by
$722,900. Among the other large East and West
trunk lines, the Baltimore & Ohio is also distinguished for the extent of its improvement, having
added $827,100 to gross and 551,481 to net. The
Pennsylvania Railroad, on all lines directly operated both east and west of Pittsburgh, shows a small
falling off in gross, namely $243,835, but has heavily reduced expenses and is hence able to show $899,560 increase in net. The New York Central reports
$769,213 gain in gross with $268,937 loss in net.
303
This is for the New York Central proper. Including the various auxiliary and controlled roads, the
result is an increase of $529,261 in gross with $763,232 decrease in net.
In the South and the Southwest many roads suffered from the effects of the overflow of the Mississippi River and its tributaries. The Missouri
Pacific System suffered perhaps worse than any
other. At all events it has sustained a loss of $704,311 in gross and of $989,135 in net. Some of the
other roads in the Missouri Pacific System had a
similar experience, the New Orleans Texas & Mexico,.
for instance, reporting $119,972 loss in gross and
$162,056 loss in net, though on the other hand, the
Texas & Pacific running through northern Texas,
where the cotton crop was of huge dimensions last
season, is able to show $393,091 gain in gross and
$137,171 gain in net. Southwestern roads not affected by the floods, or affected only in a small way,
give a very good account of themselves. Thus the
Missouri-Kansas-Texas shows $330,122 addition to
gross and $142,647 addition to net. The Atchison
Topeka & Santa Fe outdistances all other roads for
the extent of its improvement, at least in the gross,
which has been enlarged in amount of $1,574,088;
in the net, however, this system reports a loss of
$117,560 because of the great increase in expenses.
The Chicago Rock Island & Pacific ranks equally
high, with $1,211,950 gain in gross and $828,701 gain
in net. The Southern Pacific also has done well,
with $837,296 increase in gross and $571,884 increase in net. The Chicago Burlington & Quincy,
however, has $649,169 decrease in gross, though this
was converted into $570,107 increase in net and the
Union Pacific $618,782 loss in gross and $571,447
loss in net. Among Northwestern systems the Chicago .& North Western shows $560,751 loss in gross
with $2,838 gain in net, and the Milwaukee & St.
Paul $251,634 increase in gross, with $119,978 decrease in net, there being the same irregularity in
results here as elsewhere.
Southern roads as a whole still show reduced earnings as compared with a year ago, but there are
prominent exceptions to the rule, one instance being the Louisville & Nashville, which has enlarged
its gross by no less than $753,973 and its net in
amount of $82,945. No doubt the enlarged production of coal at the non-union mines in Kentucky has
been a distinct advantage to this system. The Illinois Central and Yazoo & Mississippi Valley are also
able to show improvement, notwithstanding the handicap imposed by the Mississippi River floods. The
Illinois Central has $153,064 increase in gross and
$76,504 increase in net and the Yazoo & Mississippi
Valley $177,729 increase in gross and $29,980 increase in net. However, decreases still predominate
among Southern roads and some of these are of
huge magnitude, the Atlantic Coast Line having
suffered a contraction of $857,728 in gross and of
$507,682 in net; the Florida East Coast of $630,731
in gross and of $139,959 in net; the Central of Georgia of $282,771 in gross and $34,281 in net. The
Southern Railway has a relatively moderate loss,
namely $186,357 in gross and $3,890 in net. This
is the result for the Southern Railway proper. Including the Alabama Great Southern, the Cin. New
Orleans & Tex. Pac., the George Southern & Florida,
the New Orleans & Northeastern and the Northern
Alabama, the result for the Southern Railway System is a decrease of $316,386 in gross and $134,331 in
304
THE CHRONICLE
[VoL. 125.
words, operating efficiency has brought the net up
to the point, where it is larger than before, which
is at once the striking feature and the encouraging
feature in the course of railway net income
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH at the present time.
OF MAY 1927.
With reference to the big losses in earnings susDecrease.
Increase.
Fe
Top
&
S
(3)_-$630,731
Atch
$1,574,088 Florida East Coast
Chic R I & Pac (2)
618,783 tained in 1924, of which only a portion, at least in
1,211,950 Union Pacific (4)
Southern Pacific (2)._ _ _
560.751
Chicago & North Western
Baltimore & Ohio
350,674 the gross, has since been recovered, it seems proper
827.100 Michigan Central
New York Central
297,919
a769,213 Chicago & Alton
Louisville & Nashville_ _ _
294,506 to recall that these losses in turn followed pro753.973 Northern Pacific
Chesapeake & Ohio
282,771
651,632 Central of Georgia
Erie (3)
269,720 digious gains in the year preceding-that is in May
521.899 Lehigh Valley
Texas & Pacific
267,685
393,091 Buffalo Roch & Pittsb
262,252 1923, when the totals, as already stated, were of
Mo-Kan-Texas (2)
330,122 Detroit Toledo & Ironton
251.350
Norfolk St Western
282,909 Minn St Paul & S S M_ _
243,835 exceptional size. In May of that year the roads
Great Northern
265,918 Pennsylvania
241,177
Duluth Missabe & Nor_ _
252,932 Delaware & Hudson_ _ _ _
238.174 were in enjoyment of an unexampled volume of
Chic Milw & St Paul_
251,634 Wabash
traf226,030
IS0 Mex & Orient of Tex
247,171 Wheeling & Lake Erie
214,898 fic, and our compilations
Pere Marquette
178,705 St Louis-San Fran (2).....
showed
an
addition
to
the
204.655
'Yazoo & Mississippi Val_
177,729 New Orl Tex & Mex (3)_
201,597
Illinois Central
153,064 Bessemer & Lake Erie_ _
b186,357 gross (as compared with the preceding year) of no
126,382 Southern Ry
Pittsburgh & Lake Brie_ _
166,952
Hocking Valley
116,418 Union RR
159.242 less than $97,510,054, or 21.77%, and an addition to
virginian
107,464 Boston & Maine
154,204
K C Mexico & Orient_ _ _
104,381 Denver & Rio Grande_ _ _
146,427 the net in the sum of $32,573,715, or nearly 35%.
Georgia Sou & Florida_ _
137,572
Total (29 roads)
$10,135.171 Elgin Joliet & Eastern
137.414 But admitting the existence of exceptional prosWest Jersey & Seashore_
113,476
Decrease. Pittsburgh & West Va
Illinois
102,251 perity at that time, it is equally plain that in 1924
&
East
Atlantic Coast Line
$857,728 Chicago
704,311
Missouri Pacific Co
$9,172,611 the roads once more passed to the other extreme, and
Total (36 roads)
Chic Burl & Quincy
649,169
a These figures merely cover the operations of the New York Central
Itself. Including the various auxiliary and controlled roads,like theMichi- had to sacrifice practically all they had then gained.
gan Central, the "Big Four," &c., the result is an increase of $529,261.
bThis is the result for the Southern Railway proper, including the Ala- Of the $97,510,054 increase in gross in May 1923,
bama Great Southern, the Cincinnati New Orleans & Texas Pacific, the
Georgia Southern & Florida. the New Orleans & Northeastern and the $70,476,133 was lost in May 1924, and of the $32,Northern Alabama, the whole going to form the Southern Railway System
573,715 improvement in net no less than $30,448,the result is a decrease of $316.386.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH 063 was lost. Of the loss in the gross, only $40,717,OF MAY 1927.
Decrease. 899 has now been recovered in 1925, 1926 and 1927,
Increase.
$281,943
$899,560 000&St Louis
Pennsylvania
273,788 but in the net somewhat more than the whole of the
828.701 New On Tex & Mex (3)
Ohicago R I & Pac (2)._
722,900 New York Central
a268,937
Erie (3)
571,884 Los Angeles & Salt Lake
1924 loss has been made good.
,1
Bouthern Pacific (2)
231,848
570,107 Delaware & Hudson
Chicago Burl & Quincy
551,481 Denver & Rio Gr Western 229,375
Baltimore & Ohio
In the net earnings, therefore, these rail carriers
281,215 Buffalo Roch & Pittsburgh 215,345
Great Northern
Duluth Missabe & Nor__ - 266,126 Michigan Central
191.435 in 1927 are back to their 1923 record
figures, speakDel Lack & Western
250,426 Bessemer & Lake Erie_ _ _ _
190.759
N Y N H & Hartford
228,120 Elgin Joliet & Eastern__
182,059 ing of them
collectively. This gives renewed emSeaboard Air Line
217,278 Union RR
173,313
Chesapeake & Ohio
194,188 Chicago & Alton
156,915 phasis
to what we have said on previous occasions,
Mo-Kansas-Texas (2).___
142,647 Norfolk & Western
146,823
Chic St P Minn & Omaha- 140,700 Minn St P & S S Marie
144,342
Nashville Chat & St Louis 139.764 Georgia Sou & Florida
141,629 that through control of their expense accounts,
Texas & Pacific
137,171 Florida East Coast
139,959
Chicago & Eastern Illinois 110,929 Colorado & Southern (2)_
136,188 which was destroyed during the period of Govern102,485 Wabash
134,380
Rocking Valley
Chicago & Illinois Midland 130,369 ment operation, the carriers have vastly improved
$6,355,682 Wheeling & Lake Erie.._ _ _
126.745
Total(23 roads)
Western Pacific
123,526 their position since 1920, when they were still sufDecrease. Central of New Jersey_ _ _ _
121,999
$989,135 Chicago Milw & St Paul_.. 119,978 fering so seriously from the demoralization produced
Missouri Pacific
571,447 Atch Top & Santa Fe (3)_
117.560
Union Pacific (4)
535.251 Detroit Toledo & Ironton_
105.774 by Government control of their affairs. It should
Lehigh Valley
507,682
Atlantic Coast Line
Total (38 roads)
297.923
$7,223,734 be remembered, too, that the 1923 gains in net were
Northern Pacific
a These figures merely cover the operations of the New York Central simply the topmost of a series of
itself. Including the
increases that be43airgiTgura,14xinca.r,ythri'lsZtraolggraraostdosi$761,2312.3
Michigan Central.
Note.-The Southern Railway proper shows a decrease of $3,890. In- gan long before 1923. Thus in May 1922, when busicluding the Alabama Great Southern, the Cincinnati New Orleans & Texas
Pacific, the Georgia Southern & Florida, the New Orleans & Northeastern, ness revival had already begun, but when the carand the Northern Alabama, the whole going to form the Southern Railway
System, the result is a decrease of $134,331.
riers suffered a very notable reduction of their coal
We have already stated that for the roads as a tonnage by reason of the strike at the unionized coal
whole the changes as compared with last year are mines then prevailing throughout the country (coal
.comparatively small, there being $1,088,017 gain in loadings then having fallen off 47.4% as compared
gross and $1,063,507 loss in net. These compara- with May of the year before) there was only a very
tively insignificant changes for the United States small improvement in the gross earnings-only
railway system as a whole are, however, as we have $4,069,751, or less than 1%-but there was at the
just seen, the result of widely varying changes on same time a contraction in expenses of $23,995,177,
different roads. A further point of importance is and this brought about an augmentation in the net
that they follow quite substantial improvement in amount of $28,064,928, or roughly 43%. There
(again for the roads as a whole) in May 1926 over was improvement also in the net in the year preMay 1925, when our compilation showed $28,515,- ceding (1921), though gross at that time was de298 gain in gross, or 5.85%, and $15,677,492 gain in clining, owing to the collapse in trade. The decrease
net, or 13.89%. Moreover, these gains in 1926 suc- in the gross then was $13,214,331, but it was accomceeded substantial improvement in 1925 over 1924, panied by a reduction in expenses of $58,054,141,
our tabulations for May 1925 having recorded $11,- thus leaving a gain of $44,839,810 in the net earn114,584 increase in gross and $16,805,030 increase ings. The loss in the gross at that time was only
in net. On the other hand, it is important to bear in 2.89%, which, of course, failed to reflect either the
mind that these increases for 1926 and 1925 came great falling off in traffic or the extent and magni.after tremendous decreases in 1924, and to that ex- tude of the depression in trade under which the
tent constitute merely recovery of what was then country was then laboring, the reason being that
lost. Our statement for May 1924 showed no less railroad rates, both passenger and freight, had been
than $70,476,133 falling off in the gross and $30,- advanced and the added revenue from the higher
448,063 falling off in the net. The gain in gross in rates served to that extent to offset the loss in earnthe three years since then has been but little more ings resulting from the shrinkage in the volume of
than half this large loss in 1924, but in the net the traffic. Contrariwise, the saving in expenses then
increases of 1926 and 1925 combined somewhat ex- achieved was effected in face of higher wage scales,
ceeded the falling off in net at that time. In other the Railroad Labor Board having the previous sumnet. In the following we show all changes for the
separate roads for amounts in excess of $100,000,
whether increases or decreases, and in both gross
and net:
THE CHRONICLE
JULY 16 1927.]
305
In 1913, 239,445; in 1914, 246,070; in 1915, 247,747;'n 1916, 248,006; in 1917'
mer awarded a 20% increase to the employees, at 410;
248,312; in 1918, 230,355; in 1919, 233.931; in 1920, 213,206; in 1921, 235,333; in
1922, 234,931; In 1923, 235,186; in 1924, 235,894; In 1925, 236,663; In 1926, 236.833:
the same time that the Inter-State Commerce Com- In 1927, 238,025.
mission granted the carriers authority to put into
When the roads are arranged in groups or geoeffect higher rate schedules for passengers and graphical divisions, according to their location, the
freight. Had business and traffic remained normal, great irregularity in the comparisons with a year
the higher rate schedules would, according to the ago for the different sections is again the distinccomputations made at the time, have added $125,- tive feature of the exhibit. Some of the districts or
000,000 a month to the gross revenues, and the regions show losses, others show gains, and this is
higher wage schedules would have added $50,000,000 true of gross and net alike. Moreover, the ratio of
a month to the payroll of the carriers, as was pointed change for the different regions is relatively small,
• in no instance reaching 5% in the gross and in no
out by us at the time.
On the other hand,in any attempt to appraise cor- instance 3% in the net. Our summary by groups is
rectly the big reduction in expenses effected in 1922 as follows: As previously explained, we now group
and 1921, and the steady improvement in operating the roads to conform with the classification of the
efficiency since then, the fact should not be over- Inter-State Commerce Commission. The boundaries
looked that, as a result of the antecedent prodigious of the different groups and regions are indicated in
increases in the expenses, net earnings in 1920 had the footnote to the table:
been reduced to very low levels. High operating
SUMMARY BY DISTRICTS AND REGIONS.
costs had been a feature of the returns for many
Gross Earning
District and Region.
1926.
MayInc.(+)er Dec.(-)
1927.
years preceding,and it so happened that in May 1920 Eastern
District$
22,319,401
22,602,702 -283,301 1.26
England Region (9 roads)
the so-called "outlaw" strike, which had served so New
97,265,402 +183,584 0.19
97,448,986
Great Lakes Region (34 roads)
seriously to interfere with railroad operations the Central Eastern Region (31 roads)._ __122,222,292 122,811,252 -588,960 4.60
(74 roads)
241,990,679 242,679,356 -688,677 0.29
previous month, continued with greatly aggravated Total
Southern District70,144,909 -851,984 1.22
69,292,925
Southern Region (30 roads)
consequences. In these circumstances, it was no Pocahontas Region (4 roads)
23,244,188
24,202,876
+958.688 4.12
93,495,801
93,389,097 +106,704 0.11
surprise to find that although gross earnings in- Total(34 roads)
Western District58,241,190 -360,698 0.62
57,880,492
Region (18 roads)
creased $38,629,073 over the amount for May of the Northwestern
77,979,658 +1,382,244 1.77
Central Western Region (22 roads)____ 79,361,902
44,814,141
44,165,697 +648,444 1.47
previous year, the augmentation in expenses reached Southwestern Region (33 roads)
182,056.535 180,386,545 +1,669,990 0.93
no less than $61,001,464, leaving a loss in net of Total(73 roads)
Total
all
517,543,015
districts
(181
516,454,998 +1,088,017 0.21
roads)
$22,372,391.
Na Earnings
But, as already stated, the 1920 decrease in net
-Mileage-1926.
1927.
Inc.(+)or Dec.(-)
Eastern District- 1927.
1926.
3
%
was merely one of a series of losses in net that had New Engl'd Region_ 7,288 7,477 5,559,717 5,482,043 +77,674 1.40
Great Lakes Region 24,954 24,975
26,035,148
26,618,299 -583,151 2.19
been continuing through successive years. As indi- Central East.Region 26,808 26,844 31.779,969 31,541,587 +238,382 0.72
59,050 59,296
63,374,834 63,641,929 -267,095 0.42
cating how expenses had been mounting up,it is only Total
Southern District39,631 39,028
Southern Region_
16,631,059
16,801,679 -170,620 1.02
necessary to note that in May 1919, though gross Pocahontas
5,554
Region_ 5,556
8,558,440
8.548,728
+9.712 0.12
earnings increased as compared with 1918 in amount Total
45,187 44,582
25,189,499
25,350,407 -160.908 0.64
Western Districtof $35,132,305, the augmentation in expenses Northwestern
11,283,417
Reg'n 48,492 48,645
11,284,904
-1,487 0.02
Central
West. Reg'n 51,205 50.876
17,958,758
17,546,324 +412,434 2.35
reached $69,091,093, leaving a diminution in the net Southwestern
Reg'n 34,091 33,876
9,997,821 -1,046,451 0.46
8.951,370
of $33,958,788. Similarly for May 1918 our com- Total
133,788 133,397
38,193.545
38,829,049 -635,504 1.64
pilations registered $31,773,655 increase in gross, but Total all districts_ _238,025 237,275 126.757,878 127.821,385 -1,063,507 0.83
NOTE.-We have changed our grouping of the roads to conform to the classifi$14,459,024 decrease in net, owing to an increase of cation
of the Inter-State Commerce Commission, and the following indicates the
$46,232,679 in expenses. For the three years com- confines of the different groups and regions:
EASTERN DISTRICT.
bined, therefore, the loss in net for this single month
New England Region.-Thie region comprises the New England State*.
was $70,790,203, in face of an increase in gross earn- Great Lakes Region.-This region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago, and
of a line from Chicago via Pittsburgh to New York.
ings of $105,535,033. Expenses in the three years north
Central Eastern Region.-This region comprises the section south of the Great
Region, east of a line from Chicago through Peoria to St. Louis and the
for this month increased $176,325,236. Even prior Lakes
Mississippi River to the mouth of the Ohio River. and north of the Ohio River to
W. Va., and a line thence to the southwestern corner of Maryland
to 1918 rising expenses were a feature of the re- Parkersburg,
and by the Potomac River to its mouth.
turns, though not, of course, to anywhere near the
SOUTHERN DISTRICT.
extent which subsequently developed. In the fol- Pocahontas Region.-Thla region comprises the section north of the southern
boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg.
lowing we show the May comparisons for each year W.Va.,and south of a line from Parkersburg to the southwestern corner of Maryland
thence by the Potomac River to its mouth.
back to 1907. We give the results just as registered andSouthern
Region.-This region comprises the section east of the Mississippi River
and south of the Ohio River to a point near Kenova. W. Va., and a line thence
by our own tables each year, though in 1908 and following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
prior years a portion of the railroad mileage of the
WESTERN DISTRICT
Northwestern Region -This region comprises the section adjoining Canada lying
country was unrepesented in the totals, owing to the west
of the Great Lakes region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific
refusal at that time of some of the roads to fur- Central Western Region -This region comprises the section south of the Northwestern region, west of a line from Chicago to Peoria and thence to St. Louis, and
north of a line from St. Louis to Kansas City and thence to El Paso and by the
nish monthly figures for publication.
Mexican boundary to the Pacific.
Gross Earning*.
Net Earnings,
Year.
Year
Year
Increase or I
Year
Year
Increase or
May.
$
$
1907 ___ 144,267.760 121.074,984 +23.192.779 43,765,836 37,319.290 +6.446.548
1908 __ _ 133,680,555 172.218,497-38.537.942 38.076,927 40,922,678-12,845,75l
1909 _-- 196,826,686 170.600,041 +26.226.6451 64690921 49.789,800 +14,901.120
1910 ___230.033,384 198,049,990 +31.993,394 70.084.171 64.857,343 +5.226.827
4.624.078i 69,173,574 70,868,645 -1.695,071
1911 ___ 226.442,818231,066,896
1912 - 232.229,364226,184,666 +6,044,698 66.035.597 68.488.263 -2.452.666
1913 _ _ 263,496,033232,879,970 +30,616,063, 73,672.313 66.499,916 +7.172.397
1914 --- 239,427.102265,435,022-26,007,920 57.628,765 73.385.635-15.7541.870
1915 _ 244,692.738243,367,953 +l,324,785 71,958,563 57.339,166 +14,619,397
1916 _
08,029,096244.580,685 +63,448,411 105.598,255 71,791.320 +33,806.935
1917
353.825.032 308.132,969 +45.692,063 109,307.435 105.782,717 +3.524.718
1918
374.237.097 342,463,442 +31.173,655 91,995,194 l06,454,218_14,459,024
1919 _,..413.100,468 378.058,163 +35,132.305 58,293,249 92.262,037-33,958,798
1920 - - 387,330,487348,701.414 +38.629,073 28.694,058 51,056,449 -22.372,391
1921 __ 444,028,885 457,243,216-13,214,3311 64,882,813 20.043.003 +44.839.810
1922 -__ 447.299,150 443,229,399 +4.069,751 92,931,565 64.866,637 +28,064.928
1923 - _545.503.898447,993,844 +91.510.054 126,173,540 93.599.825 +32.573.715
1924 - 476,458.749 546,934,882-70.476.133 96,048,087 126.496.150-30,448.063
+11,I14.584 112,859,524 96,054,494 + 16,805 030
487,635 980I12
1926
516,467.480487,952.182 +28,515,298 128.581.566 112,904,074 +15,677.492
1927 - 517,543,015 516,454,998 + 1.088,017 126.757.878127.821.385 -1.063.507
Note.-Includes for May 92 roads in 1907; In 1908 the returns were based on 153,310 miles of road; In 1909, 220,514; In 1910, 229.345; in'1911, 236,230. In 1912, 235.-
Southwestern Region.-This region comprises the section lying between the Mississippi River south of St. Louis and a line from St. Louis to Kansas City and thence
to El Paso and by the Rio Grande to the Gulf of Mexico
Western roads, considered as a whole, had a
slightly heavier grain traffic and also a somewhat
larger livestock tonnage. The increase in the grain
movement was entirely in the receipts of wheat and
rye. In the receipts of corn, oats and barley there
was a falling off. For the five cereals combinedwheat, corn, oats, barley and rye-the receipts at the
Western primary markets for the four weeks ending
May 28 were 44,569,000 bushels, as against 42,066,000 bushels in the corresponding four weeks of last
year. The details of the Western grain movement in
our usual form are shown in the table we now introduce:
[VOL. 125.
THE CHRONICLE
306
Oats.
Flour.
Corn.
Barley.
Wheat.
Rye.
WESTERN FLOUR & GRAIN RECEIPTS.
bbls.
bush,
bush.
bush.
bush.
bush.
Four Weeks
Barley.
Rye. MinneapolisWheat.
Oats.
Flour.
Corn.
Ended May 28. (bbls.)
(bush.)
bush.)
(bush.)
(bush.)
(bush.)
1927
23.718,000 4,345,000 4,289,000 3.406,000 1,172,000
Chicago1926
32,278,000 4.397,000 9,352,000 6,501,000 1,883,000
.103,000
441,000
1927
885,000 2.117,000 2,940,000 4,250,000
Kansas City55,000
629,000
866,000 1,871,000 2,906,000 2,723,000
1926
1927
19,290,000 5,373,000 1.262,000
Milwaukee1926
11,426,000 9,430,000 1,938,000
71,000
196,000
502,000
1927
372,000
104,000 1,479,000
Omaha db Indianapolis35,000
179,000
811,000
1926
380,000
624,000
152,000
1927
5.556,000 17,049,000 5,922,010
,Si Louis1926
4,401,000 15,355,000 5,622,000
1927
15,000
473,000 1,103,000 1,357,000 1,677,000
30,000
355,000 1,334,000 1,687,000 2,314,000
1926
7,000 Sious City4,000
2,000
468,000
1927
389,000 1,019.000
Toledo1926
911,000 1,046,000 1,224,000
2.000
15.000
1927
18,000
2,000
739,000
892,000
288,000
1926
23,000 St. Joseph3,000
535,090
205,000
489,000
Detroit1927
518,000
3,116,000 3,556.000
1926
1927
2,106,000 4,950,000
868,000
59.000
54,000
35,000
157,000
1920
12,000 Wichita40,000
43,000
85,000
Peoria1927
282,000
5,970,000
240.000
1927
130,000
677,000
190,000
52,000 1,465,000
1926
2,857,000 1,182,000
237,000
4,000
1926
160,000
652,000
4,000
75,000 1,548.000
200,000
Total
of
All
Duluth-,
9,588,000 92,102,000 87,717,000 52,783.000 11,285,000 9,223,000
1927
402,000 2,742,000
28,000
1927
40,000
2,802,000
8,990,000 85,491,000103,844,000 65,334,000 14,321,000 6,102,000
1926
157,000 744,000
1926
6,000 2,430,000
3,266,000
Minneapolis665,000
457,000 208,000
1927
357,000
3,961,000
1926
937,000 306,000
290,000 1,219,000
4,141,000
Kansas City181,000
555,000
1927
3,335,000
191,000
1926
1,764,000 1,245,000
Omaha st Indianapolis1927
812,000 2,525.000 1,101,000
858,000
831,000 1,780,000
1926
Hour City54,000
348,000
96,000
1927
140,000
102,000
186,000
1926
1,000
,St. Joseph106,000
701,000
677,000
1927
86,000
391,000 1,034,000
1926
Wichita32,000
65,000
1,170,000
1927
6,000
198,000
351,000
1926
Total of all1927
1926
Jan. 1 to
May 28
Chicago1927
1926
Milwaukee1927
1926
M. Louis1927
1926
Toledo1927
1926
Detroit1927
1928
Peoria1927
1926
Duluth1927
1926
1,744,000 17,413,000 10,780,000 11,106,000 1.964,000 3,216,000
1,600,000 15,038,000_11,231,000 11,909,000 2,701,000 1,187,000
Flour.
(Ms.)
Wheat.
(bush.)
Corn.
4baish.)
Oats.
(bush.)
Barley.
(bush.)
Rye.
(bush.)
4,959,000 7,252,000 31,823,000 18.574.000 2,731,000
5,044,000 6,138,000_38,964,000 15,494,000 2,960,000
695,000
461.000
744.000
916,000 4,393,000 4,555,000 3,470.000
716,000 1,321,000 4,855,000 3,804,000 3,479,000
593,000
418,000
2516.000 7,774,000 7,463,000 8,485,000
2 133,000 9,104.000 10.215,000 13,780,000
181,000
286,000
422.000
217,000
4,728.000 1,746,000 4.242,000
2,571.000 2,232,000 1,968.000
10,000
8,000
97,000
88,000
899,000
297,000
1.369.000
1,097.000
680,000
338,000
384,000
436,000
3,000
271,000
94,000
334.000 9.799.000 3.864.000
500.000 10,836,000 3,835,000
603.000
681,000
21,000
22.000
12,150,000
11,581,000
189,000
200.000
46,000 6.776,000
882,000 3,952,000
404,000 2,916.000
In regard to the Western livestock movement, the
receipts at Chicago comprised 20,747 carloads in
May 1927, as compared with 19,307 in May 1926; at
Kansas City 9,072 cars, as against 8,237, and at
Omaha, 7,807 cars, against 7,841 cars.
As to the cotton movement in the South during
May, the shipments overland were 75,379 bales, as
compared with 63,513 bales in May 1926; 29,004
bales in 1925; 40,534 bales in May 1924; 65,395 bales
in 1923; 139,348 bales in May 1922; 224,354 bales in
May 1921; 184,436 bales in May 1920; 211,617 bales
in May 1919, and 285,394 bales in May 1918. The
receipts at the Southern outports in May aggregated
345,312 bales, against 337,563 bales in May last year,
and only 188,024 bales in May 1925. Complete details of the receipts of the staple at the Southern
ports are shown in the table we now subjoin:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN MAY AND FROM
JAN. 1 TO MAY 31 1927, 1926 AND 1925.
May.
GalvestonTexas City, &.o
New Orleans
Mobile
Pensacola, &O
Savannah
Charleston
Wilmington
Norfolk_
Total
Since Jan. 1.
1927.
1926.
1925.
1927.
59,416
65.723
75,433
19,327
100
61,422
29,103
18,925
15,863
55,790
84,585
79.760
9.988
1,830
70.536
16.835
3,463
14,776
52,528
63,302
38,146
1,579
600
6,901
12,385
517
13,066
904,394 694,616
978,688 575,502
874.64O 670,895
99,339
57,891
2,623
3,503
365,382 267,218
188,819 121,469
75,318
33,132
131,205 104,235
1926.'
1925.
909,663
763,010
593.345
44,951
2,831
179,569
115,186
47,149
136,074
345,312 337,563 188.024 3,620,417 2,528,461 2,792,128
The New Capital Flotations in June and for the Half Year
Ended with June.
The most striking feature of the new security offerings
brought out during June is again their magnitude, and thus
the closing month of the half year is distinguished in the
same way as the other months of that period. It has been
a time of large totals throughout. June is the fourth month
of 1927 in which the grand aggregate of these issues has
been above $900,000,000.
Our tabulations, as always, include the stock, bond and
note issues by corporations and by States and municipalities, foreign and domestic, and also Farm Loan emissions.
The grand total of the offerings of new securities under
these various heads during June reached $922,061,932. In
May the aggregate was $946,769,379, or the very largest
monthly figure on record, the June offerings thus falling
little below the record. In April the total was $910,512,572.
In March, the new offerings, while by no means small, totaled only $672,026,121, but in February the new financing
for the month amounted to $938,363,993, breaking all previous monthly records up to that time, but a record which
was to be surpassed by the month of May. In January,
also, the aggregate of new issues coming upon the market
was of large magnitude, falling only a little under the 900million mark, being in exact figures $877,075,418. If comparison is made with the monthly totals for the latter part
of 1926, it quickly appears that the capital emissions now
are on a distinctly higher level. For December 1926 the
total was $621,764,765, for November $697,961,617, for October $579,018,819, for September $541,128,633, for August
(a dull summer month), $351,822,154, and for July $581,471,484.
At $922,061,932 for June 1927 comparison is with only
$728,025,439 in June of last year. The bulk of the increase
Is again found in the new security offerings by corporations,
which in June, as in some previous months, aggregated over
700 million dollars, having been in precise figures $707,548,067. A year ago in June the corporate offerings totaled only $472,401,650. A qualifying circumstance should
here be taken into account, namely the fact that at that time
only $93,362,700 of the new issues were for refunding purposes, that is to take up old securities outstanding, while
in June of the present year no less than $169,252,700 went
to retire old securities. Still, even after allowing for the
refunding portions, $538,295,367 remains as representing
the strictly new capital demands for June 1927, as against
only $379,038,950 in June 1926. State and municipal offerings fell far below the exceptional total of $208,173,409 recorded in May and yet reached $154,928,865, which compares with $140,731,789 in June 1926.
JULY 16 1927.]
THE CHRONICLE
InAgirial offerings during June totaled $348,319,130,
and for the fourth consecutive month led in volume among
the corporate issues. The amount shows an increase of
some 21 millions over the previous month's total. Railroad
financing during June aggregated $204,222,687, ranking
the month as the second largest on record, April 1921 with
307
Industrial issues worthy of special mention comprised
the following: $35,000,000 The Hudson Coal Co. 1st mtge.
5s, "A," 1962, Issued at 98/
1
2, yielding 5.09%; $30,000,000
Marland Oil Co. 5s, 1929-32, sold at prices to yield 5.30% to
5.50%; $25,000,000 Koppers Gas & Coke Co..deb. 5s, 1017,
priced Ett 96, to yield 5.30%; $15,000,000 International Paper
a total of $235,680,000 having been the largest. In May of Co. 7% cum. pref., sold at 99, to yield 7.07%; $15,000,000
this year railroad issues totaled only $129,225,000. Public International Securities Corp. of America deb. 5s, 1947, ofutility issues in June amounted to only $155,006,250, as fered at 95%, yielding 5.40%; $15,000,000 P. Lorillard Co.
against $255,614,060 during May-a decrease of fully 100 deb. 5%s, 1937, issued at 971/2, to yield 5.80%; $12,000,000
million dollars.
Eastern Ambassador Hotels 1st & ref. (c) mtge. 5/
1
2s, 1947,
Total corporate offerings In June were, as already stated, issued at par, and $11,000,000 Procter & Gamble Co. deb.
$707,548,067, and of this amount long-term issues accounted 4Y,s, 1947, sold at 98%, to yield 4.60%.
for no less than $513,489,000, short-term Issues totaled only
Public utility financing was featured by the following:
$38,192,500, while stock issues amounted to $155,866,567. As $35,000,000 International Tel. & Tel. Co. deb. 4/
1
2s, 1952,
has been the case for so many months, a large proportion of sold at 92, yielding 5.05%; $12,900,000 Iowa Public Service
the corporate issues was raised for refunding purposes, the Co. 1st mtge. 5s, 1957, offered at 971/2, to yield 5.16%; $10,amount for this purpose in June reaching $169,252,700, or 000,000 Federal Water Service Corp. cony. deb. 5/
1
2s, 1957,
nearly 24% of the total. In May $265,789,450, or over 37% issued at 96%, yielding 5.75%, and 75,000 shares of $6 div.
of the total was for refunding. The amount for May estab- cum. pref. stock of Cities Service Pr. & Light Co., offered at
lished a new high monthly total In that respect, just barely 92%, yielding 6.47% and involving $6,956,250.
exceeding the previous high total of $264,542,925 recorded
Seven separate foreign Government loans were offered
In November 1926. In April $131,581,150, or more than 25%, here during June for an aggregate of $54,400,000. The Iswas for refunding. In March the amount was $101,947,000, sues offered were as follows: $20,000,000 Free State of
or slightly over 20%; in February $245,061,060, or in excess Bavaria 1-year Treasury notes due June 10 1928, offered on
of 31%, and in January $102,531,800, or not quite 17%. In a 5%% basis; $15,000,000 City of Copenhagen (Denmark)
June of last year, as already stated, $93,362,700, or a little 5s, 1952, issued at 97%, yielding 5.20%; $5,900,000 City of
less than 20% of the total, was for refunding purposes.
Sao Paulo (Brazil) 61/,s, 1957, offered at 98, to yield 6.65%;
The more prominent issues brought out in June the pres- $5,000,000 Province of Upper Austria 6/
1
2s, 1957, sold at
eat year entirely or partly for refunding were: $63,242,500 93%, to yield 7%; $4,000,000 Republic of Estonia banking
par value common stock of Baltimore & Ohio RR., which and currency reform 7s, 1967, brought out at 941/
2, yielding
provided $35,000,000 for refunding; $65,000,000 Canadian 7.40%; $4,000,000 State of Rio Grande Do Sul (Brazil)
National Rys. Co. 4%s, 1957, of which $20,000,00 was for consolidated municipal loan 7s, 1967, offered at 97, to yield
refunding; $20,000,000 Southern Pacific Co.-Oregon Lines 7.20%, and $500,000 City of Panama sec. 6/
1
2s, 1952, issued
1st mtge. 4%s, "A," 1977, of which $15,294,000 went for re- at par.
Farm loan financing during June was confined to two
funding; $20,000,000 Cuba Northern Rys. Co. 1st mtge. 5/
1
2s,
1942, of which $12,510,000 was for refunding; $12,000,000 small offerings aggregating $1,750,000, the yields of which
Eastern Ambassador Hotels 1st & ref. (c) mtge. 51/
25, 1947, were from 4.56% to 4.62%.
issued exclusively for refunding, and $11,000,000 Procter &
Offerings of various securities made during the month
Gamble Co. deb. 41/2s, 1947, also issued exclusively for re- which did not represent new financing by the companies
funding purposes,
whose securities were offered, and which, therefore, are
The total of $169,252,700 used for refunding in June of not included in our totals, embraced the following: 80,000
this year comprised $81,623,100 new long-term to refund shares class "A" stock and 40,009 shares of class "B" stock
existing long-term; $30,822,800 new long-term to refund ex- of Waitt & Bond, Inc., offered in units of 1 share of class
2 share of class "B" for $33 per unit, involving
'sting short-term; $11,000,000 new long-term to replace ex- "A" and 1/
isting 'stock; $1,195,000 new short-term to refund existing $2,640,000; $2,500,000 Sanitary Grocery Co., Inc. (Del.)
long-term; $41,461,800 new stock to replace existing long_ cony. 61/2% cum. pref., offered at par ($100); $1,000,000
term bonds; $800,000 new stock to replace existing short- Sangamo Electric Co. (Ill.) 7% cum. pref., offered at 101,
term obligations, and $2,350,000 new stock to replace exist- yielding 6.93%, and 42,000 shares of corn. stock of the same
ing stock.
company offered at $281/2 per share, involving $1,197,000;
Foreign corporate Issues sold in this country during June $1,000,000 Virginian Ry. corn, stock (par $100), offered at
reached $88,840,000, as compared with only $31,209,375 in $165 per share; 19,000 shares of preference stock and 9,500
the previous month. The June offerings were: Canadian: shares of corn, stock of Allen Industries, Inc., offered in
$65,006,000 Canadian National Rys. Co. 4/
1
2s, 1957, offered units of 1 share of preference and /
1
2 share of corn. at $36
1
2, to yield 4.60%. Other foreign issues were: $20,- per unit, involving $684,000; 20,000 shares of corn. stock
at 98/
000,000 Cuba Northern Rys. Co. 1st mtge. 51/
2s, 1942, offered of American Encaustic Tiling Co., Ltd., offered at $36 per
at 98/
1
2, to yield 5.65%; $3,000,000 Hungarian Central Mu- share, involving $720,000 and $300,000 International Rys.
tual Credit Institute land mortgage 7s, "A," 1937, sold at of Central America-Central Division purchase money 1st
981/2, to yield 7.48%; $500,000 National Central Savings mtge. 5s, 1972, sold at 80, a yield of 6.35%.
Bank of Hungary sec. 7/
1
2s, 1962, issued at par, and 10,000
THE RESULTS FOR THE HALF YEAR.
American shares representing capital stock of Hungarian " For the half year, as already indicated, the new security
Discount & Exchange Bank, offered at $34 per share, in- issues in the United States have been of unparalleled
magvolving $340,000.
nitude, far surpassing any previous total for the half year.
The largest of the domestic corporate offerings was. that As noted at the beginning of this article, in four of
the
of $63,242,500 par value common stock of Baltimore & Ohio months the new offerings ran in excess of $900,000,000 each,
1
2 per share, involving $67,985,687. and in one other month they came very close to that amount.
RR., offered at $107/
Additional railroad issues of importance were: $20,000,000 For the half year the grand total of new
flotations reaches
Southern Pacific Co.-Oregon Lines 1st mtge. 4/
1
2s, "A," 1977, considerably over five billion dollars, being $5,294,638,638.
1
2, yielding 4.48%; $12,000,000 Western Mary- In the first half of 1926 the total went slightly above four
offered at 100/
land Ry. Co. 1st & ref. mtge. 5/
1
2s, "A," 1977, sold at 99/
1
2, billions, being $4,052,531,232, and that greatly exceeded
yielding 5.53%, and $8,515,000 Chicago Rock Island & Pa- the highest previous total and was at the time looked upon
eific Ry. equip. trust 4%s, "0," 1930-42, offered at prices as being of huge extent. In the first half of 1925 the total
to yield 4.50% to 4.55%.
was $3,700,794,312; in the first half of 1924 $3,201,621,564;
308
THE CHRONICLE
in the first half of 1923 $2,969,887,436; in the first half of
1922 $3,190,713,787; in the first half of 1921 $2,062,691,018;
in the first half of 1920 $2,317,901,386, and In the first half
of 1919 (which was immediately after the armistice),
$1,774,982,102.
At $5,294,638,638 for the first half of 1927, the new offerings, it will be seen, are at the rate of over $10,500,000,000
a year. One fact, however, should not be overlooked,
namely that an increasing proportion of new flotations is
for refunding purposes, that is to take up and retire old
Issues of securities. Of the new issues put out in the first
six months of 1927, no less than $1,186,229,960 was to take
up old issues; the corresponding amount in the first half of
1926 was only $469,004,592, a difference of over $717,000,000, and this shows the importance of segregating the refunding portions from the rest, as is always done in our
compilations. Still, even on the basis of the applications
for strictly new capital, the total keeps steadily expanding,
though the pace is not quite so fast. In the first half of
1927 the strictly new capital demands reached the striking
figure of $4,108,408,678, which compares with $3,583,526,640 in the first half of 1926, with $3,189,379,680 in 1925,
with $2,843,504,056 in 1924 and with only $2,477,529,367 in
1923.
As is invariably the case, the preponderating proportion
of the whole of the new flotations is contributed by corporations, domestic and foreign. As it happens, too, it is in the
case of the corporations that the refunding issues cut the
biggest figure. The total of the new flotations on behalf of
corporations in the six months of 1927 was $3,830,961,937,
against $2,877,993,096 in the first half of 1926, being an increase of almost a billion dollars, but the portion used for
refunding was $1,016,163,160 in 1927, against only $355,639,045 in 1926, which reduces the strictly new capital demands
in 1927 to $2,814,798,777, against $2,522,354,051 in 1926.
The foreign Government issues (including Canadian)
were also larger, having been $477,757,800 for the six
months of 1927, against $302,764,000 in the first half of
1926, $315,811,000 in the first half of 1025 and $353,407,562
In the first half of 1924. The foreign corporate offerings,
however, are also an important item. These reached $308,605,625 in the six months of 1927, against $313,694,040 in
the first half of 1926, $254,695,000 in the first half of 1925
and but $31,330,000 In the first half of 1924. The aggregate
borrowing therefore in the United States on behalf of foreign nations, Government and corporate, reached the huge
sum of $786,363,425 in the first six months of 1927, against
$616,458,040 in 1926, $570,506,000 in 1925, $384,737,562 in
1924 and $193,646,279 in 1923. The aggregate for 1927 is by
far the largest on record, as will appear from the following,
carrying the comparisons back to 1919:
GRAND SUMMARY OF FOREIGN ISSUES PLACED IN UNITED STATES.
(Including Canada, Its Provinces and Municipalities.)
Half Year to June 30 1927—
New Capital.
Refunding.
Total.
Canada,its Provinces & Municipalities-- $38.760,000
$28,719,000
$67,479,000
Other foreign government
380,778,800
29,500,000
410,278,800
Total foreign government
Canadian corporate issues
Other foreign corporate Issues
Grand total
First half of
do
do
do
do
do
do
do
do
do
do
do
do
do
do
1926
1925
1924
1923
1922
1921
1920
1919
$419,538,800
$112,675,000
163,420,625
$58,219,000 $477,757,800
$20,000,000 $132,675,000
12,510,000
175,930,625
$695,634,425
590,729,000 $786,363,425
$524,707,740
460,234,000
230,087,562
172,704,600
507,576,650
213,224,000
214,860,000
69,535,300
$91,750,300 $616,458,040
110,272,000
570,506,000
154,650,000
384,737,562
20.941,679
193,646,279
119,500,000
627,076,650
50,000,000
263,224,000
8,498,000
223,358,000
34,979,000
104,514,300
It is always interesting to analyze the foreign issues and
therefore we bring them together below. It will be observed
that in the case of the foreign Government offerings, South
American issues have been very prominent, they having contributed $169,888,800 to the grand total of $410,278,800 for
the six months. The most prominent borrower among tile
South American countries during this period was the Argentine Republic, with a total of $73,605,500, consisting of two
Government loans totaling $48,200,000 and five municipal
borrowings aggregating $25,405,500. Italy contributed $60,000,000, represented by loans of $30,000,000 each to the
cities of Rome and Milan, while Australia accounted for
$57,500,000, the total comprising two $25,000,000 loans for
the State of New South Wales and one of $7,500,000 for the
city of Brisbane. In the case of the foreign corporate issues,
Canadian financing heads the list as usual, but a wide
range of other countries is represented.
In the following we furnish full details of the foreign Government and foreign corporate issues brought out in the
United States during the six months ending June 30:
[VOL. 125.
CANADIAN GOVERNMENT, PROVINCIAL AND MUNICIPAL ISSUES
PLACED IN UNITED STATES IN HALF-YEAR ENDED JUNE 30 1927.
January—
Price. Yield %.
$24,000,000 Ontario (Province of) 414s, 1928-1957
97.233
4.78
6,000,000 British Columbia (Province of) 414s, 1929
99.56
4.73
94.521
5,700,000 Montreal, Quebec, 4148, 1966
4.81
1,500,000 Winnipeg, Man., 5s, 1928-1931
98.45
4.85
1,300,000 Winnipeg, Man.,414s, 1940
98.45
4.85
1,300,000 Alberta (Province of) 4415, 1957
94.158
4.87
1,250,000 Alberta (Province of) 414s, 1942
96.818
4.89
2,500,000 Montreal, Quebec, 4448, 1947
4.81
96.05
April—
$8,800,000 Toronto, Ont., 4145, 1947-1957
98.349
4.67
4,000,000 Quebec (Province of) 4148, 1952-1957 d
99.031
4.55
3,875,000 Alberta (Province of) 4148, 1967
-3,850,000 British Columbia (Province of) 410,1929
2,169,000 Manitoba (Province of) 414s, 1957
96.80
May—
$1,235,000 Saskatchewan, Sask., 4145, 1957
98.11
4.62
1:75
$67,479,000 Grand total (comprising $38,760,000 new capital and 528,719,000
refunding).
,
d Subject to call in and during the earlier years and to mature lathe later year.
OTHER FOREIGN GOVERNMENT SECURITIES SOLD IN THE UNITED
STATES DURING FIRST HALF OF 1927—GOVERNMENT AND
MUNICIPAL.
To Yield
About
January—
Price. Per Cent.
127,000,000 Argentine Sanitary Works 65, 1961
6.10
9834
556,600 Chile, Mapocho River Canalization 85, to be amor- $121 per
8.00
tized within 5 yrs. from Jan. 1 1927 (4,600,000 pesos)- 1,000 pesos
326,700 Chile Talcahuano Naval Station 88, to be amortized $121 per
8.00
before 1949 (2,700,000 pesos)
1,000 pesos
5,000,000 Dominican Republic Customs Adm. 510, 1940
100
5.50
3,000,000 Municipality of Medellin (Colombia)7s, 1951
9314
7.60
6,500,000 Province of Mendoza (Argentina) 714s, 1951
7.60
9844
10,000,000 State of Rio Grande do Sul (Brazil) 78, 1966
98
7.15
February—
$2,500,000 Dept. of Antioquia (Colombia) 75"C," 1945
9614
7.35
14,000,000 Bolivia 78, 1958
9814
7.12
27,500,000 Chile 68, 1961
9314
6.50
4,669,500 City of Cordoba (Argentina) 78, 1957
9814
7.10
25,000,000 State of New South Wales (Australia) 58, 1957
9614
5.25
1,000,000 City of Santiago (Chile) 6s, Jan. 1 1928
5.50
March—
$7.500,000 City of Brisbane (Queensland, Australia) 58, 1957
96
5.26
5,000,000 Colombia External Notes, due Aug. 1 1927
5.00
6,000,000 State of Pernambuco (Brazil) 75, 1947
7.20
9744
15,000,000 Peru Secured 7s, 1959
9614
7.48
30,000,000 City of Rome(Italy) 614s, 1952
91
7.25
20,640,000 City of Tokio (Japan) 534s, 1911
8914
6.25
April21,200,000 Argentine 6% Loan of 1927, due 1961
99
6.05
10,613,500 Prov. of Buenos Aires (Argentine) Cons. 78, 1958.-- 95
7.40
30,000,000 City of Milan (Italy) 614s, 1952
92
7.19
25,000,000 State of New South Wales (Australia) 55, 1958
5.25
9614
2,122,500 City of Santa Fe (Argentine) 7s, 1945
9414
7.55
2,750,000 City of Trondhjem (Norway) 5145, 1957
9714
5.65
30,000,000 Kingdom of the Serbs, Croats & Slovenes 78"B,"1962 9214
7.60
May20,000,000 City of Budapest (Hungary) 6s, 1962
6.60
92
1,500,000 Province of Callao (Peru) 7348, 1944
99
7.60
1,500,000 Province of Santa Fe (Argentine) Treas. 6s, May 1
0.00
1928
100
June20,000,000 Free State of Bavaria Treas. Notes, June 10 1928
5.375
---15,000,000 City of Copenhagen (Denmark) 58, 1952
5.20
9714
4,000,000 Republic of Estonia 7s, 1967
9414
7.40
500,000 City of Panama Sec. 6145, 1952
6.50
100
4,000,000 State of Rio Grande do Sul (Brazil) 75, 1967
97
7.20
5,900,000 City of Sao Paulo (Brazil) 610, 1957
98
6.65
5,000,000 Province of Upper Austria Sec. 6148, 1957
7.00
9334
2410,278,800 Grand total (of which $380,778,800 new capital and $29,500,000
for refunding.)
CANADIAN CORPORATE ISSUES.
January—
Price.
Yield.
$1,225,000 Campbell River Timber Co.. Ltd., 6s, 1932-41
100
6.00
1,000,000 Rountree Co., Ltd., 68, 1937
100
6.00
February2,000,000 Abitibi Fibre Co., Ltd., 6s "A," 1947
99
6.09
March2,000,000 Abitibi Power & Paper Co., Ltd., Os, 1931
100
6.00
2,500,000 Canadian Dept. Stores, Ltd., 614s, 1947
9911
6.55
3,000,000 International Power Co., Ltd., 6148, 1957
100
6.50
650,000 (Joseph F.) Langer(Orpheum Theatre) 614s, 1929-41 _--- 5.95-6.38
April15,000,000 Canadian Nat, Rys. Equip. Tr. 4148 "J," 1928-42_ ____ 4.50-4.70
400,000 Nova Scotia Wood Pulp az Paper Co., Ltd.. Os "A.1952
100
1
6.00
5,300,000 Provincial Paper Co., Ltd. 543s, 1947
953.4
5.90
13,000,000 Spruce Falls Pr.& Paper Co., Ltd., 5148, 1930-43-100
5.50
May10,000,000 The Bell Telephone Co. of Canada 58 "B," 1057.— _10214
4.85
4,000,000 Investment Bond & Share Corp. 58 "A," 1947
100
5.00
4,000,000 Montreal Coke & Mfg. Co. 510 A, 1947
100
5.50
3,600,000 United Securities, Ltd., 5110 "A," 1952
100
5.50
June65,000,000 Canadian National Rya. 434e, 1957
4.60
9834
$132,675,000 Grand total (of which 1112,675,000 new capital and $20,000,000
for refunding).
OTHER FOREIGN CORPORATE ISSUES.
January—
Price.
Yield %
$25,000,000 Batavian Petroleum Co. 414s, 1042
9614
4.86
587,500 Carib Syndicate. Ltd., sub-shares (25,000)
23;4
1,100,000 Danish Export Credit Committee 414s, 1929-34_ _100-95.68 4.50-5.ii
-10,000,000 International Pr. Securities Corp 78 "E," 1957
7.30
9634
6,000,000 International Pr. Securities Corp. 78 "F," 1952---- 9515
7.40
6,000,000 Lombard Electric Co.(Italy) 7s,"A," 1952
94
7.60
10,000,0001"Montecatini" Societe Generale per L'Industria
9614
7.50
1Mineraria ed Agricola (Italy) 78, 1937
6,000,000 United Electric Co."Unes" (Italy) 75,"A," 1956--- 9544
7.62
February63,000,000 Agricultural Mtge. Bank (Colombia) 78, 1947
9731
7.20
700,000 Bolivian Petroleum Co. capital stock (200,000 she.). 314
1,500,000 First Bohemian Glass Works, Ltd., 7s, 1957
9714
7.20
7,500,000 International Rye.of Central America 614s, 1947
92
7.25
March—
$7,000,000 Dank of East Prussian Landowners Ass'n 6s, 1930
9944
6.25
1,000,000 Hungarian-Italian Bank 7145, 1932
7.35
10034
3,000,000 Mortgage Bank of Colombia 75, 1947
7.23
9714
4,500,000 Italian Credit Consortium for Pub. Wks.7m,"A,"'37_ 9634
7.50
7,500,000 Italian Credit Consortium for Pub. Wks.78,"13,"'47. 9534
7.40
Aprt/—
$5,000,000 Adriatic Electric Co.(Italy) 78, 1952
7.35
96
2,000,000 Bank of Colombia 78, 1947
9614
7.30
10,750,000 Meridional° Electric Co.(Italy) 7s,"A," 1957
7.35
9541
3,000,000 Mortgage Bank of Bogota (Colombia) 75, 1947
7.45
9514
4,000,000 Pirelli Co.of Italy 75, 1952
7.15
98
1,000,000 Saarbruecken Mortgage Bank 65 "A," 1947
6.20
9734
1,343,750 Selfridge Provincial Stores, Ltd., Amer.Dep.Receipts
for ordinary shares (250,000)
534
- -12,000,000 State Mortgage Bank of Jugoslavia 78, 1957
7.69
92
3,000,000 Tyrol Hydro-Electric Pr. Co."Twins" 7e, 1952
9714
7.20
May—
$1,000,000 National Bank of Panama 6145,"B," 1947
6.30
10134
1,500,000 Nat. Central Says. Bk. of Hungary 740,"A," 1962.100
7.50
5,000,000 Isarco Hydro-Electric Co.(Italy) 78, 1952
7.80
9334
2,109,375 Wiener Bank-Verein (Vienna, Austria) American
trust Ws, representing capital stock (22,500).— 9331
JULY 16 1927.]
THE CHRONICLE
JunePrice. Yield %
520,000,000 Cuba Northern Rys. Co. 534s, 1942
9834
5.65
3,000,000 Hungarian Central Mutual Cred. Inst. 7s,"A," 1937. 9834
7.48
340,000 Hungarian Discount & Exchange Bank, American
shares representing capital stock (10,000)
34
500,000 National Central Savings Bk.of Hungary 734s, 1962A00
1.55
$175,930,825
Grand total (of which $163,420,825 new capital
and $12,510,000 for refunding)•
309
1st mtge. & coll. trust 5%s, 1942, offered at 96, yielding
5.90%; $26,835,000 Union Pacific RR. Co. 4%s, 1967, offered at 97%, yielding 4.65%; $25,000,000 Cities Service
Gas Co. 1st mtge. pipeline 5%s, 1942, sold at 96%, yielding
5.87%; $25,000,000 Remington-Rand, Inc., deb. 5%s, "A,'r
1947, priced at par, and $18,000,000 Empire Gas & Fuel Co.
FARM LOAN ISSUES.
(Del.) 5s, 1928-30, offered at prices ranging from 100% to'
Farm Loan issues for the six months' period were $142,- 99%, yielding from 4%% to 5%%.
550,000, against $114,500,000 in the six months of 1926. The
THE CHIEF REFUNDING ISSUES.
$100,000,000 issue of Federal Land Bank 4%, 1937-57, ofThe most conspicuous issues brought out during the first
fered in April at 101%, to yield 4.10%, and a similar offer- six months which were used
wholly or partly for refunding
ing of $20,000,000 of 4%s,1937-57, made in January at 100%, comprised the following: $22,725,000 out of
the $25,000,000'
yielding 4.15%, accounted for over 80% of the Farm Loan San Joaquin Light & Pr. Corp. unit & ref. mtge. 5s,
"D,"
1957, offered in January; $69,331,260 out of $95,000,000 Mo.Issues brought out in the first half of the present year.
Pacific RR. 1st & ref. 5s, "IP," 1977, offered in February;;
LARGE DOMESTIC CORPORATE ISSUES DURING THE HALF YEAR.
$24,000,000 Standard Pr. & Lt. Corp. deb. 6s, 1957, offered
Domestic corporate offerings of exceptional size during in'February;
$23,000,000 out of the $60,000,000 Aluminum
the half year in addition to those for June, already men- Co. of America deb. 5s, 1952, offered in February
; $25,000,tioned, were as follows:
000 out of the $45,000,000 Georgia Pr. Co. 1st & ref. mtge.
January.-$50,000,000 General Motors Acceptance Corp. 5s, 1967, offered in March; $41,718,500 out of the $55,000,deb. Os, 1937, issued at par; $35,000,000 Gulf 011 Corp. of Pa. 000 Duquesne Light Co. 1st mtge. 4%s, 1967, offered in
April; the issues in May, totaling $73,000,000 in conneedeb. 5s, 1947, sold at par; $30,000,000 Indianapolis Pr. &
tion with the segregation of oil and gas holdings of Empire
Light Co. 1st mtge. 5s, "A," 1957, offered at 98, yielding Gas
& Fuel Co., which included $64,000,000 for refunding.
5.13%; $27,500,000 The Narragansett Co. coll. trust 5s, "A," The issues were: $30,000,000 Empire
Oil & Ref. Co. 5%s,
1957, sold at 99, yielding 5.06%; $25,000,000 San Joaquin 1942; $25,000,000 Cities Service Gas Co. 5%s, 1942, and
$18,Light & Pr. Corp. unif. & ref. mtge. 5s,"D," 1957, offered at 000,000 Empire Gas & Fuel Co. 5s, 1928-30. f)ther large re98%, yielding 5.10%; $25,000,000 North American Edison funding issues were: $60,000,000 The Goodyear Tire & RubCo. deb. 5s, "A," 1957, brought out at 98, yielding 5%%; ber Co. 1st mtge. & coll. trust 5s, 1957, offered in May; $34,942,000 out of the $40,000,000 Columbia Gas & Electric Co.
375,000 shares of Columbia Gas & Electric Co. corn. stock,
deb. 5s, 1952, offered in May, and $35,000,000 out a the
offered at $60 per share, involving $22,500,000; $15,000,000 $63,242,500 par value com. stock
of Baltimore & Ohio RR.
Electric Bond & Share Co. 6% cum. pref. stock, sold at offered in June.
107%, yielding 5.58%; $15,000,000 Solvay American InvestFINAL SUMMARY.
ment Corp. sec. 58, "A," 1942, sold at 99%, yielding 5.02%,
The following is a complete summary of the new
finanCand $15,000,000 Southern California Edison Co. ref. mtge.
Ing-corporate, State and city, foreign Government, as well.
5s, 1951, issued at 98%, to yield 5.10%.
Farm
as
Loan issues-for June and for the six months endFebruary.-1,200,000 shares of $5 cum. pref. stock of Coning with June. It should be noted that in the case of
the
solidated Gas Co. of N Y., offered at $91 per share, yielding
corporate offerings we subdivide the figures so as to
show
5.49%, and 720,000 shares of com, stock a the same comthe long-term and the short-term issues separately, and we
pany, offered at $75 per share, the two issues involving a
total of $163,200,000; $95,000,000 Missouri Pacific RR. Co. also separate common stock from preferred stock, and likewise show by themselves the Canadian corporate issues, as
1st & ref. mtge. 5s, "F," 1977, issued at par;
$60,000,000 well as the other foreign corporat
e flotations.
Aluminum Co. of America deb. 5s, 1952, sold at par;
$40,000,- SUMMARY OF CORPORATE, FOREIGN GOVERNMENT,
FARM Loa(
000 Associated Gas & Electric Co. cony. deb.
AND
MUNICIPA
FINANCIN
L
G.
5%s, 1977,
brought out at 95%, yielding 5.75%; $25,000,000
General
Motors Corp. 7% pref. stock, sold at $120 per share,
1927.
yielding
NewCapind. Refunding,
Total.
5.80%; $24,000,000 Standard Pr. & Light Corp. deb.
Os, 1957,
MONTH OF JUNE$
S
$
issued at 99%, yielding 6.03%; $20,572,000 Chicago &
OrporateNorth
Domestic-Long term bonds and notes 334,053,100
90,935;900 424,989,000'
Western Ry. Co. 1st & ref. mtge. 4%s, 2037, offered
Short
term
38,997,500
1,195,000
at 95,
38,192,500
Preferred stocks
51,350,550
yielding 4.74%, and $20,000,000 Interstate Pr. Co. (Del.)
3,174,000
54,524.850
Common stocks
1st
59,564,217
41,437,800 101,002,017
Canadian-L
mtge. 5s, 1957, priced at 97%, to yield 5.16%.
ong term bonds and notes
45,000,000
20,000,000
65,000,000"
Short term
March.-$50,000,000 Pacific Tel. & Tel. Co. coin, stock, ofPreferred stocks
Common stocks
fered at par ($1OO); $45,000,000 Georgia Pr. Co. 1st
Other For'n-Long term bonds & notes
& ref.
10,990,000
12,510,000
23,500,006,
Short term
mtge. 5s, 1967, sold at 97, yielding 5.18%; $30,000,0
00 ChiPreferred stocks
cago Burlington & Quincy RR. 1st & ref. mtge.
Common stocks
340,000
340,000
4%s, "B,"
1977, offered at 97, to yield 4.65%; $22,000,000
corporate
538,295,367 169,252,700 707,548,067
The Penn- breignTotal
Government
54,400.000
sylvannia Ohio & Detroit RR. Co. 1st & ref. mtge.
54,400,000
4%s,"A," 'arm Loan issues
1,750,000
1,750,000
Var Finance
1977, sold at 95, yielding 4.76%; $19,800,000
Public Service itulicipal Corporation
152,104,585
2,824.300 154,928,885
Electric & Gas Co. 1st & ref. mtge. 55, 1965,
Canadian
sold at 99,
United States Possessions
3,435,000
yielding 5.06%; $16,000,000 Texas & Pacific Ry.
3,435.000
gen. & ref.
Grand total
mtge. 5s, "B," 1977, bronght out at 99%, yielding
749,984,932 172,077,000 922.061,932
5.03%;
$15,000,000 Commonwealth Edison Co. 1st mtge.
SIX MONTHS ENDED JUNE 30coll. 4%s, 30rPorate"D," 1957, issued at 96, to yield 4.75%, and
Domestic-Long term bonds and notes 1,657,877,190 851,431,810 2,509,109,0
$15,000,000
00
Short term
105,587,500
27,011,000 132,598,500
Skelly Oil Co. deb. 5%s, 1939, sold at 98%, yielding 5.67%.
Preferred stocks
412,449,825
38,559,250 449,009,075
Common stocks
April.-$55,000,000 Duquesne Light Co. 1st mtge.
362,988,637
68,651,100 431,839,787
Canadian-Long term bonds and notes 110,675,000
4%s,
20,000,000 130.675.000
1967, priced at 95, to yield 4.78%; $50,000,000 Shell
Short term
2,000,000
2,000,000
Union
Preferred stocks
011 Corp. deb. 5s, 1947, sold at 99%, yielding 5.04%;
Common stocks
$25,Other For'n-Long term bonds & notes 150,340,000
000,000 Humble Oil & Refining Co. deb. 5s, 1937,
12,510,000 162,850,000
Short term
issued at
8,000,000
8,000,000
Preferred stocks
par; $20,000,000 United Cigar Stores Co. of
America 6%
Common stocks
5,080,625
5,080,625
cum. pref. sold at 109, to yield 5.50%; $17,350,0
00 Illinois
Total corporate
2,814,798,777 1,016,163,160 3,830,961,937
Central RR. Co. and Chicago St. Louis & New
oreign
Government
Orleans RR. ;arm Loan
380,778,800
29,500,000 410.278,800
issues
Co. joint 1st & ref. mtge. 4%s, "0," 1963, issued at
49,750,000
92,800,000 142.550.000
97%, Var Finance Corporation
h
,
lunicipal
to yield 4.64%, and $15,096,200 St. Louis-San
820,381,101
19,047,800 839,408,901
Francisco Ry.
Canadian
38,780,000
28,719,000
67,479,000
com, stock, offered at par ($100).
United States Possessions
3,960,000
3,960,000
Mq1/---$60,000,000 The Goodyear Tire & Rubber Co. 1st
Grand total
4 108,408,678 1,186,229,960 5,294,838,838
mtge. & coll. trust 5s, 1957, sold at 97, to yield
5.20%; $50,In the elaborate and comprehensive tables on the succeed000,000 Erie RR. Co. ref. & imp. 5s, 1967, priced at
94%, to ing pages, we compare the foregoin
g figures for 1927 with
yield 5.30%; $48,000,000 The Chesapeake Corp.
cony. coll. the corresponding figures for the
four years preceding, thus
trust 5s, 1947, offered at 94, to yield 5.50%;
$40,000,000 affording a five-year comparison.
We also furnish a dePhillips Petroleum Co. deb. 514s, 1939, sold at
99%, to yield tailed analysis for the five years
of the corporate offerings,
5,33%; $40,000,000 Columbia Gas & Electric
Corp. deb. 5s, showing separately the amounts for
all the different classes
1952, offered at par; $30,000,000 Empire Oil &
Refining Co. of corporations.
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF JUNE FOR FIVE YEARS.
1925.
1924.
1926.
1927.
Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
MONTH OF JUNE.
Long Term Bonds and Notes—
58.626.800
77,610.200
Railroads
22.346,100
104.750,400
Public utilities
4.780,000
43,720,000
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
12,115,000
57,485.000
Other industrial and manufacturing
Oil
16,185,000
52.370.500
Land, buildings, &c
Rubber
Shipping
9.393.000
54.107,000
Miscellaneous
390,043,100 123,445,900
Total
Term
Notes—
Short
Bonds and
Railroads
1.195,000
3.430,000
Public utilities
Iron. steel, coal. copper. &c
Equipment manufacturers
1,400.000
Motors and accessories
Other industrial and manufacturing
30,000.000
Oil
1.842,500
Land. buildings, &c
Rubber
Shipping
325.000
Miscellaneous
1,195.000
36,997,500
Total
Stocks—
35.000.000
32,985.687
Railroads
1,250,000
22.034.750
Public utilities
4,420,000
Iron, steel, coal, copper, dm
Equipment manufacturers
2,018,790
Motors and accessories
2,840,800
30,987,000
Other industrial and manufacturing
Oil
4.321,750
Land, buildings, &c
Rubber
Shipping
5.521,000
14,486.790
Miscellaneous
44,611.800
111,254,767
Total
Total—
93,626,800
110.595,887
Railroads
24.791.100
130.215,150
Public utilities
4,780,000
48.140,000
Iron, steel, coal, copper, dm
Equipment manufacturers
3,418,790
Motors and accessories
14.955,800
88,472.000
Other industrial and manufacturing
30,000,000
Oil
16.185,000
58.534.750
Land, buildings, &c
Rubber
Shipping
14.914.000
68.918.790
Miscellaneous
538.295.367 169.252.700
Total
136,237,000
127,096,500
48.500,000
36,476,000
122,085,100
30.500,000
600,000
2,400,000
69.970,400
10,200.000
38176,000
192.055.500
40,700.000
600.000
69.600.000
21,785,000
800,000
81,685.000
250,000
2,815.000
1,300,000
24,600.000
800,000
82.985,000
250,000
63.500,000
513.489,000
13.472,000
307,653,100
1,258.000
87,943.400
4,625,000
1.500.000
7,200.000
68.555,500
1,400,000
4,559,000
325.000
38.192,500
300.000
17.609,000
67,985,687
23.284,750
4,420,000
13,200,700
85.841,900
62,032,200
2.000,000
43,892,300
85.141.900
105.924,500
2,000,000
14,045,000
44,934.771
11,100.000
800,000
42.422,429
2.000.000
288,355.425
27,000,000
61.700,000
161,711,897
3,155,000
541.922.322
Total.
14,045,000
87,357,200
11,100.000
800,000
26:4-61.666
29,500
11,130,000
3.425.000
3.425.000
i,1-36,000
108.195,000
15,945.000
15,945.000
15.865.000
37,000.000
22,825,000
25,000,000
1,250,000
62.000,000
24,075,000
2,475,000
26.775.000
213,198,900
2.-2-00;000
47.548,100
2,475,000
28.975,000
260.747.000
13.675.000
182.919.100
13.675.000
226,811,400
1,643,000
16.625.000
164.837.771
107,000
14,730.000
395,596.500
73.379.429
1,750,000
16.625.000
238.217.200
1,500,000
7,200.000
4,100,000
2,400.000
6,500,000
20,500.000
16,671.000
1,000,000
13,000,000
4,129,000
33.500,000
20.800.000
1.000,000
487.500
8.700.000
8,850.000
200,000
200.000
400,000
6,050,000
43,892,300
24.561.000
18,782.750
1,194.160
14.349.100
1.650.000
6,200,000
6,200,000
4,703,125
125,000
4.828,125
300,000
300.000
4.406,800
30,883.710
4,500.000
25,202,225
100,000
225,000
4,600,000
25.427.225
13,000.000
50.021.300
119,341.900
145,507,250
4,194,160
200,000
10.025,000
16,375,000
14,532,500
67,983,871
21,600,000
800,000
450,000
20.568,125
41.993.000
23.905.500
20,631,800
316.075.110
1,643,000
21,125.000
214.600.996
500,000
12.350,000
2.550.000
41,051,000
62.203.625
1.870,000
64.073,625
16.782.750
1,194,160
468.750
4,325.000
1,250.000
7.200,000
9.729,600
1,840,000
2,716,500
150.000
14.519.395
9.879,600
16.359.395
2.716.500
27.332.400
57.196,150
11,892,500
88.382.225
1.250,000
17,789,395
13.142.500
106.171,620
4,406.800
28,883,710
19,619.000
111,124,025
2.350,000
16.908,000
30,294,600
250,000
36.527,000
141,418,625
2.600,000
106,341,900
95,485,950
4,194.160
20.830.100
1.840.000
114,125,500
179.500
14.519,395
2.136,000
21,009.600
16,359,395
116.261.500
9,825,000
16,375,000
3.450,000
67,737,495
2,475.000
42,617,500
379.268.620
20,631,800
252,853.810
300,000
19.609,000
500.000
9.950.000
3.419.300
16,620,000
20,007.790
155,866,567
27,332,400
53.776.850
204.222,687
155,006,250
52.920,000
37,976,000
142,485,800
30,500.000
600.000
468,750
30,160.000
2,050.000
93,444.000
250,000
40.376.000
2,400,000
73.389,700 215.875.500
40,700,000
10,200,000
600,000
468,750
34.975,000
4.815,000
2,050,000
94,744.000
1.300.000
250.000
41,104.400
379.038,950
42,362.400
1.258.000
93.362,700 472.401,650
2,475.000
39.167,500
311.531.125
600,000
4.993.000
1.080,500
2.550.000
58,380.000
2,400.000
2,000,000
150,000
130,000
130.000
5450.000
487.500
8,700,000
8.850,000
4,993.000
1,080,500
5,350.000
4.559,000
3,419,300
4."6-00;000
4,200,000
11,100,500
4.321.750
83.832.790
707.548.067
36.527,000
70.845.000
2,600,000
1123.
itejunuing
5,300,000
106.059,000
468,750
4,325.000
1.250.000
7,200,000
3.418.790
103.427,800
30,000,000
74,719,750
16,908,000
26,024,600
250,000
450.000
4,050,000
30,000,000
1,842.500
2,018,790
33,827.800
19119,000
44.820,400
2,350.000
New uapitat.
Co*
Total.
$
228,717,200
24,711.000
14,292,500
11,134,725
17.329,000
2,000.000
2.000,000
63.221.300
150.000
24,711.000
14.349.100
1,650,000
150.000
4.725.000
25,000.000
1.250,000
14.532,500
110,406,300
21,600,000
800,000
600,000
25.293,125
66,993,000
25,155,500
107,000
100.000
73.754,429
1.750,000
21.225.000
288.355.425
42,422,429
arlDINOZIHO HMI
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL ,FINANCING FOR THE MONTH OF JUNE FOR FIVE YEARS.
1923.
1924.
1925.
1926.
1927.
MONTH OF JUNE.
New Capital. Refunding.
New Capital., Refunding.
Total.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Corporate—
$
$
S
$
$
$
$
$
$
$
Domestic—
73,379,429
43,892.300 224,311,400 155337
189.398,900
,,771
47,548,100 236,947,000 180,419.100
, ,
85143.490 321.720,500
90.935,900 424989000
235,877,100
Long term bonds and notes_ 334,053,100
57,380.000
150,000
17,329,000
9.950.000
12,350,000
40,051,000
19.609.000
2,400.000
24.561.000
2.000.000
17,609,000
500
192,
38,
1.195.000
36.997,500
Short term 1
17.797.800
225,000
15.797,800
37,900.000
14,067.500
39.700,000
2,000.000
1.800,000
30,563,750
30.563,750
54,524,550
3,174.000
51,350.550
Preferred stocks
13,085,910
50.482.225
13,085,910
15,989,395
11,134,725
66,471,620
22,672,400
22,672,400
41,437,800 101,002,017
59,564,217
Common stocks
Canadian—
1.000,000
1,000,000
5.300,000
15,500,000
2,100,1100
13,400,000
20,000,000
65.000,000
45,000,000
Long term bonds and notes..
1,000,000
1,000,000
ahort termstocks
Freferred
Common stocks
Other Foreign—
23.800.000
1,500,000
4,200.000
23.800,000
1,500,000
58,376.000
58.376,000
12,510,000
23,500,000
10,990,000
Long term bonds and notes..
•
Short term
Preferred stocks
3,960.000
3.419.300
540.700
340,000
340,000
Common stocks
73,754,429
63.221.300 316,075,110 214,600,996
311.531,125
67,737,495 379,268.620 252,853,810
93.362,700 472,401.650
379,038,950
538,295,367 169,252.700 707,548.067
Total corporate
15,700,000
27,000.000
100.188,000
15,700,000
40.000,000 140,188.000
27,600,000
27.600,000
54,400,000
54.400,000
Foreign Government
61,700.000
43.600,000
2,200,000
43.600,000
2,200.000
70,000,000
40,000,000
30.000,000
1,750,000
1.750,000
Farin-L.oan Issues
War Finance Corporation
3,110,300
139.260,065
1,518,500 242,451,538 158.601.597
1,309,000 140.569,065 240,933,038
5.230.000 140,731,789
135,501,789
2,824,300 154,928,865
152,104,565
Municipal
3,155,000
11.850,000
1.705,000
1,705,000
282,000
12,132,000
16,292,000
6,000,000
10,292,000
Canadian
.
1.000.000
1:000.000
3.435,000
3.435,000
United States Possessions
76,864.729
565,029.190 109.328,495 674.357,685 554,791.848
64.739.800 619.531.648 465.057.591
583.432.739 144.592.700 728.025,439
Grand Total
749.984,932 172.077.000 922,061.932
1923.
Refunding.
Total.
314138,643 1,316,732.200
18,616,800 133,406.000
67,609,839 259,244.386
3,266.760 188,151.648
22,796.600
['Lg6I 91 I'Illf
ENDED JUNE 30 FOR FIVE YEARS.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE SIX MONTHS
1924.
1926.
1926.
1927.
6 MONTHS ENDED JUNE 30.
New Capital.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
New Capital. Refunding.
Corporate—
1,001.793,557
Domestic—
1.514,232,200 1,032271,223 156,125,377 1,189.096,600
114.789,200
Long term bonds and notes. 1,657,677.190 851,431.810 2.509.109.000 1.363.364,830 290,993,170 1,654.358.000 1.240298,675 273133,525
25,270.000 189.666,000
68.670.000 188,878,750 164.396.000
118,208.750
22,559,000 190.225.695
167.666,695
27,011,000 132.598.500
191.634,547
105,587.500
Short term
10,037.223 128,125.050
331.171.88.5 118,087.827
5,489,500
325,682,385
337.436,392
6,100.000
331.336.392
449,009.075
36,559,250
184,884,888
412.449,825
Preferred stocks
385.916,379
4.900.000
381,016.379
235,494,328
27,401.910
208,092,418
5.109,575 382.278,969
377,169,394
68.651.100 431.639,737
362,988,637
Common stocks
22.796.600
Canadian—
3,000,000
3.000,000
60,920.000
10.050.000
50,870,000
81,500,000
27.458.000
54.042,000
20,000,000 130,675,000
Long term bonds and notes_ 110.675,000
9,150,000
8,000,6615
1.150,000
2.500,000 20,500,000
18,000.000
1,250,000
1,250,000
2,000.000
2,000,000
Short term
3,600,000
2.600,000
1,000,000
4,000,000
4.000.000
Preferred stocks
2,600,000
2.600.000
990.000
990.000
Common stocks
24,100,000
Other Foreign—
19,180,000
10.000,000
9,180,000
147,400,000
147.400,000
182,124,000
182,124,000
notes.
and
12,510,000 162.850.000
150.340.000
Long term bonds
14,000,000
14,000,000
4,000,000
4,000,000
8,000,000
8,000.000
Short term
2.750,000
2.750,000
10,000,000
10.000,000
Preferred stocks
2,925.000
2,925,000
29,830.040
3.,-4-19-,500
26,410.740
5.080.625
5.080.625
Common stocks
1,709,801,429 214.332.600 1,924,134,029 1.539,998,792
2,522,472,163
392.644.935
2,129,827,228
2,877.993,096
355.639.045
2,522,354,051
100,500,000
2.814.798,777 1,016,163.160 3,830.961.937
Total corporate
68.000,000 252,631.000 190,940.000 130,000,000 320.940.000
184.631,000
14.873,000 202,972,000
188,099.000
380.778,800
29,500,000 410.278.800
Foreign Government
129,500.000 238.418.000
8.527,900 111.125,000 129.500.000
102.597.100
40,200,000 114.500.000
74,300,000
92.800.000 142,550.000
49,750.000
Farm Loan Issues
War Finance Corporation
7,134,908 788,744,973 572,848,575
17,719.797 747.336.149 781,610.065
729,616,352
12,-2-9-2,547 748,986,136
736.693,589
25,308,000
19,047,800 839,408,901
820.361,101
Municipal
32,467,562
6.650,000
25,817,562
63,180,000
24,522,000
38,658,000
99,792,000
46,000.000
53.792,000
67,479,000
456,000
28,719,000
38,760.000
Canadian
5,835,000
5.835,000
4.050.000
000
4.050
8.288.000
ions_ ___
8.288.000
3.960,000
3.960,000
United States P
2.477.529,367
3.201.621.564
358,117,508
2,843.504,056
312
511.414.6323,700.794.
3.189.379.680
4.052,531.232
4.108.408,678 1.186,229,960 5.294.638,638 3,583,526,640 469.004.592
Grand Total
ENDED JUNE 30 FOR FIVE YEARS.
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE SIX MONTHS
• •
1924.
1925.
1926.
1927.
New Capital.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
6 MONTHS ENDED JUNE 30
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
$
$
$
$
$
$
—
f
------$
$
226,919,500
,
$
$
$
$
Long Term Bonds and Notes—
45,038,900 377,520,200
332,481,300
218,413,500 103,194,000 321,607,500
36,055,000 209,336,000
173,281,000
287.552,071
279,962,490 259,167,510 539,130,000
458,513,500
Railroads
86,705,577
371.807,923
501,578.900 116.417,600 :617,994,500
192.518,139
634,804,330 203.828,170 838,632.500
.569,543.600 389,685,900 959,229,500
74,310,000
Public utilities
5,369,000
68,941,000
31.996.000
2,646,000
29,350,000
21,069,000 115,250,000
8,100,000
94,181,000
60,200.000
9,883,000
50,317,000
5,000,000
iron. steel, coal, copper, Scc
5,000,000
6.900,000
6.900,000
2,030,000
11,962,000
2.030,000
5.195,000
5,195,000
12.775,000
Equipment manufacturers
8,315,000
4,460.000
76,500.000
350.000
76,160,000
56,000,000
---_-___
102,386,447
50.000,000
56,000,000
50.000,000
102.258.900
Motors and accessories
18,642,900
83,616.000
136.543,500
700
119,207.80017;335,
38.500,000
36,756.000 168,508,000
131.752,000
67,673,000 318,122.000
4,210,000
)ther industrial and manufacturing 250.449,000
14,000
4,196.000
68,900,000
51.950,000 • 55,400,000 • 13,500,000
7.935,000
87,830.000
44,015,000
46,683,400 246,400,000
199,716,600
790,000 118,846,600
311
118,056,500
14,698,000 332,925.700
318,227.700
1,335,000
10,142,000 320.585.500
310.443,500
289,846,000
28.271,000 318,117,000
Land, buildings. &c
32.500,000
32,500,000
1,600,000
2,568.000
1,600,000
60.000.000
60,000,003
3,000,000
Rubber
3,000.000
7.475,000
4.3-15,25
3.159.775
6,900.000
—____ _
6,900.000
89.019.000
2,360,000
2,360,000
54,842.500
3hipping
1.250.000
53,592,500
89,210,000
10,927,000
78,283.000
145,132.000
2,058,000 147,190.000
22,578,000 243,880,500
221,302,500
Vliscellaneous
1.722,552,200 1,045,151,223 166,125,377 1,211,276,600 1.048,690,157
1.918,692.190 883,941,810 2,802,634,000 1,600,138,830 317,843,170 1,917,982,000 1,439,168,675 283,383,525
Total
9,087,500
48,050.000
Short Term Bonds and Notes—
19.000.000
29,050,000
24.900.000
400,000
24,500.000
12,500,000
6,000,000
26,702.200
6,500,000
92.316,000
Railroads
13,420,000
78,896.000
72,400,000
18.070.000
54,330,000
44.585,000
9,850,000
10.825,000
33,760.000
51,025,000
20,895,000
2,325,000
30,130.000
?nblic utilities
650,000
1,675,000
21.915.000
2,500,000
19415,000
6.000.000
830.000
6.000.000
2,306,000
1.000,000
2,300.000
!roll, steel. coal. copper. &c
1.000,000
1,150.000
15,496.000
1,200,0001,150,000
1,200,000
9,000,000
Equipment manufacturers
9,000,000
13,-410:666
200.000
3,000.000
13.210.000
4.400.000
2,110,000
4,400,000
dotors and accessories
200,(565
1,910,000
14,318,750
-_-___
14,318.750
47,200,000
4.500,000
44.693,000
42.700.000
13,600,000
4,450,000
9.150,000
35,500,000
)ther industrial and manufacturing
35,500.000
57.200,000
50,200,066
7,000,000
14,000,000
1,080,500
1,034,000
12,966.000
30,200,000
2,715,000
30,200.000
311
2.715,000
17,770.000
17.770,000
10,386,500
10,386,500
21,513,500
1.-6136,011411
19.847,500
.,and, buildings. &c
32,250.000
1,000,000
32,250,000
Rubber
5.000.000
-2,.--5,000.000
500,000
3.050.000
. 500.000
125,000
•
125,000
5,800,000
3hipping
5.800.000
6.725,000
'
6.725.000
14.644,195
14,644.195
18.235.000
18.235,000
discellaneous
114,789,200
33,270,000 198,816,000
165,546,000
71,170,000 221,378.750
150,208.750
22,559,000 195,475,695
172.916,695
115,587,500
Total
27,011.000 142.598,500
300.000
26,823.737
Stocks—
26.823.737
'
117,502.136
83.081.887
35.000,000
48.081,887
lallroada
7.292,223 340,640,700
333,348.477
270.965,380
4,433.500
266,531.880
25.679,710
317.744,702
13,034.160
5,424.300
439,298.555
utilities
312.320.402
469,168.555
29.870,000
'ublic
13,034,160
12,890,000
12,890.000
36,675,000
36.675.000
5,143,750
5,143,750
ron, steel, coal, copper, &c
5,628,500
19,155,325
5.628.500
3,427.000
200,000
ilquipment manufacturers
3,227,000
92,769,000
.
1,110,000
91,659,000
27.220,650
109,234,183
27,018,790
-----27,220.650
65,535,600
accessories
27.018,790
7.445,000
dotors and
58.090,600
75.459.885
7.778,000
67,681,68
44,638,573
6,204,575 109.752,967
103.548,392
43,401.930
16,737,100 122,281,485
)ther industrial and manufacturing 105.544,385
43.401,930
37,013.198
22,504.910
14,508.288
2,590,000
2,800,000 104,587,140
101,787.140
4,643,357
10,787.500
10,787.500
4.643,357
20.726.500
)11120000
20,606.500
23,933.700
350,000
23,933.700
21.546.750
21.446.750
100,000
1.600.000
and. buildings. Sze
1.600,000
750.000
750.000 •
1.464,537
1,464,537
2.701.675
2,701.675
tubber
2,250,000
2,250.00'
57.069.508
g'
14.934.945
in
hipp
14.934,945
65,717.450
.145,000
i-63,572.450
808,003 137.528,205
136,720,205
23,503,250 143,999.M
120,495.795
discellaneous
376,519,435
14.937,223 514,041,429
499,104,206
38,091,410 578,541,213
540,449,803
780,519.087 105,210.350 885,729.437
15,236,875 764.535,401
749.298.526
Total
236,307.000
452,393.937
64.038.900
388.355.037
-242.913,500 103.594.000 348.507,500
.
431,756,407
42,055,000 221,836,000
294,187,510 622,211,887 l—
179,781,000
328,044,377
107,417,800 891.470,200
ta
iallroads
To
980,884,732 220,077,470 1,200.962.202 :822.438.780 138,921,100 961.359.880 . 784,052.400
228,047,849
89.669.160
1,038,972.155 440,450.900 1,479.4/3,055
6,019,000
'ublic utilities
83,650.160
68,801,000
5,146:000
61,655,000
67.643,750
8.930.000
9,883,000
21,069.000 1:57.925.000
136,858.000
57,760,750
6,000,000
ron, steel, coal. copper. &c
6,000,000
8,050.000
. 7,858.500 .. 8,050,000
46,613,325
7,658.500
6,395,000
6.395,000
25,202.000
8,515.000
(quipment manufacturers
16.687.000
169,289,000
1,460,000
167,809,000
96,830,650
214.620,630
200,060
96,430,650
81,418,790
169,904.500
81,418,790
26.287.900
&atom and accessories
143.616.600
226.321.935
201.208.235 ,25,113100
127,831.573
88,880,100 454,003.485
278,000,392 .47,460,575 325,480.967
83,111,930
14.000
)ther industrial and manufacturing 365,143,385
83.097,930
86.204.910 163,113.198
76,908.288
91,500.500
158,768,140 .11.769,000 170,537,140
240,704,100
46.683,400 287,387,500
790.000 126,204,857
)11
125,414.857
14,818.000 • 371,422,200
356,604.200
1,685,000
10.142,000 354,905.700
344.763.700
30,037,000 361,177,250
1.600,000
331,140,250
,and, buildings, &c
1.600,000
33.250,000 •
__
33.250.000
35,314.537
•
35.314,537
3,568,000
62,701,675
60.000,000
2,701,675
3,000,000
tubber
3,000.000
14.725,000
i18
„
4.815
•
10,409,775
7,400.090
2.485,000
,.-^ -_... _ ,
149,138,508
7,408,000
2.485,000
'75,577,445
0,666
Ihipping
5
1;2
74.327.445
'
161.652.450
13.072,000'
148.580.450
2,8-66.000 299.362.400
46,081.250 408,114,545
296,496,400
360,033.295
discellaneous
1.709,801,429 214,332,600 1,924,134.029 1,539,998,792
2.814.798.777 1.016.163.160 3.830.961.937 2.522.354.051 355.839.045 2.877.993.098 2.129.827.228 392.644.930.2.522.472.163
Total
24,100,000
404,432,042 1.944,430.834
6,000,000 106.500.000
55,032,000 293.450,000
584,800,923
40,249,679
456.000
492.358.069 2.969.887,436
11.952.348
14.941,679
1923.
Refunding.
$
26,073,000
151,865,729
46.806,861
Total.
$
252,992,500
439.417,800
239,325,000
8.100,000
16.250,000
4.288,000
23,957,053 126.343,500
63,500.000
25,000,000
89,080.000
1.250,000
2.000.000
665,000
2,675,000
107.000
34.926.000 123,945.000
314.938,643 1,363,628,800
6:6-0-4;666
9,087,500
33.915.000
9.850,000
830,000
25.100,000
4.800.000
44,693,000
1,080.500
-18,616,800
1:000.000
3.050.000
133,406,000
11,076,000
4,896.760
300.000
128,578,136
30,576470
7,212,800
1.800,000
.
1.335,000
16.959.149
984,690
20;490,325
126,193,332
45,623.263
2,590.000
350,000
35.625,000
92.694.508
70,876,599 447,396,034
28.073,000 262,380,000
170,154,529 601,910.936
51.703,621 279,751.470
8.930.000
61,840,325
15,227,000
42,716,202 257,336,832
25.984.690 153,816.263
92.750,500
1,250,000
665.000
2.350,000
107,000
3.675,000
• 70,551,000 219,689,508
404.432X/42 1.944.430.834
0.1
4
312
THE CHRONICLE
[VOL. 125.
DETAILS OF NEW CAPITAL FLOTATIONS DURING JUNE 1927.
LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
650,000
20,000,000
750,000
5,786,000
20,000,000
12,000,000
136.237,000
4.70 Buffalo Rochester & Pittsburgh Ry. Cons. M. 4115, 1957. Offered by Brown Bros. & Co..
Marshall Field, Clore. Ward & Co., Ingraham & Du Bosque and Biddle & Henry.
4.60 Canadian National Rye. Co. 4115, 1957. Offered by Blair & Co., Inc., The Equitable Trust Co. of
N. Y., The First National Corp. of Boston, E. H. Rollins & Sons, the Shawmut Corp., the
Atlantic-Merrill Oldham Corp., Boston; the Marine Trust Co., Buffalo; Continental & Commercial
Co., Illinois Merchants Trust Co.. First Trust & Savings Bank, Chicago; the Cleveland Trust
Co., Mitchell Hutchins & Co.. Guardian Detroit Co„ Minnesota Loan & Trust Co.,
Minneapolis;
Wells-Dickey Co., Minneapolis Trust Co., Mississippi Valley Trust Co., First Wisconsin
CO..
Fletcher American Co., Bank of Italy National Trust & Savings Association, American National
Co., San Francisco, Citizens National Co., Los Angeles, R. A. Daly & Co., the Canadian Bank
of Commerce, Hanson Bros., McLeod, Young, Weir & Co., Ltd., Balik of Nova Scotia, Matthews
& Co., Ltd., Greenshields & Co., Banque Canadienne Nationale Royal Securities Corp., Ltd.,
Imperial Bank of Canada and the Dominion Bank,
General corporate purposes
103
4.85 Chicago Indianapolis & Louisville Ry. let di Gen. M. 55, "A," 1966. Offered by Harris, Forbes
& Co., and Potter & Co.
New equipment
100-99.46 4.50-4.55 Chicago Rock Island & Pacific Ry. Eq. Tr. Ohs,"0," 1930-42. Offered by Bankers Trust Co.,
Union Trust Co. of Pittsburgh, Brown Bros. & Co., Kissel, Kinnicutt & Co.. Evans, Stilirban
& Co. and Harrison, Smith & Co.
Refunding; add'is,
&c_ _
5.65 Cuba Northern Rys. Co. 1st M. 51s5, 1942. Offered by National City Co., Lee. HiggInson & Co.
9835
and Cavan & Co.
General corporate purposes
103
4.80 Lehigh & New England RR. Gen. M. 55, "B," 1954. Offered by Drexel & Co.
New equipment
4.50 Southern Pacific Co. Eq. Tr. 4118, "1," 1932-42. Offered by Mellon National Bank of Pittsburgh
100
and Salomon Bros. & Hutzler, New York.
Refunding; capital expenditures_
4.48 Southern Pacific Co. Oregon Lines let M. 411s, "A," 1977. Offered by Kuhn, Loeb & Co.
1003.4
Refunding: other corp. purposes
5.53 Western Maryland Ry. Co. let & Ref. M.5348,"A," 1977. Offered by Kuhn. Loeb & Co., Speyer
9911
& Co.and National City Co.
9834
Public Utilities340.000 Acquisitions; other corp. purposes_
100
600,000 Additions, extensions. impts„ &c_ _
98
6.00 Arkansas Missouri Power Co. 1st M. 6s, 1953. Offered by Beverly, Bogert dt Co., It. E. Wilsey
di Co„ Inc., and A. E. Fitkin & Co.
5.13 City Water Co. of Chattanooga. Tenn., let M. 55, "C," 1957. Offered by W. C. Langley & Co.
and Halsey, Stuart & Co., Inc.
4.87 Eastern Massachusetts Electric Co. let M. 13s, 1933. Offered by F. S. Moseley & Co., Boston.
6.25 Electric Public Utilities Co. Secured 6s, 1942. Offered by Stanley & Bissell, Inc., and A. L.
Chambers & Co., Inc.
5.45 Federal Light & Traction Co. Stamped let Lien 55, 1942. Offered by White. Weld & Co.. Lee;
Higginson & Co., Bedell & Co., West & Co. and James B. Colgate & Co.
5.75 Federal Water Service Corp. Cony. Deb. 5118, 1957. Offered by G. L. Ohrstrom & Co., Inc.
5.20 Hackensack Water Co. Gen. & Ref. M. 55, "A," 1977. Offered by White, Weld dc Co. and Kean,
Taylor & Co.
5.02 Houston Lighting & Power Co. let Lien & Ref. M. 5s, "A," 1953. Offered by Ilalsey, Stuart ds
Co., Inc., and W. C. Langley & Co.
5.00 Idaho Power Co. let M. 58, 1947. Offered by Harris Trust & Savings Bank, Chicago, and Coffin
& Burr, Inc.
5.20 Illinois Power & Light Corp. let & Ref. M. 55, "C," 1956. Offered by Harris. Forbes &
Halsey, Stuart & Co., Inc.. Marshall Field, Clore, Ward & Co. and Spencer Trask & Co. CO.:
5.05 International Telephone & Telegraph Co. Deb, 411s, 1952. Offered by J. P. Morgan &
Co.,
National City Co., First National Bank, New York; Bankers Trust Co., Guaranty Co. of New
York, Edward B. Smith & Co. and Dominick & Dominick.
5.16 Iowa Public Service Co. 1st M. Is, 1957. Offered by Halsey, Stuart & Co., Inc., and
Stroud
. & Co.. Inc.
6.20 Jacksonville (Fla.) Gas Co. Deb. 68. "A," 1952. Offered by O. E. Barrett dr Co., Inc., and
Frederick Peirce & Co.
5.15 Kansas Power & Light Co. let M.5s,"B," 1957. Offered by Harris, Forbes & Co., Halsey. Stuart
& Co., Inc.. Marshall Field, Clore, Ward & Co. and Spencer Trask & Co.
5.65 Lake Ontario Power Co. 1st M. 5118, 1957. Offered by J. A. W. Igiehart & Co., Baltimore.
5.32 Michigan Public Service Co. 1st M. 59, "A," 1947. Offered by Howe, Snow & Bolles, Inc.,
Spencer Trask & Co., Central Trust Co. of Illinois, Chicago. and A. E. Fitkin & Co.
5.20 Midland Counties Public Service Corp. 1st M. 55, "A." 1957. Offered by Peirce, Fair &
Co.
and Blyth, Witter & Co.
6.02 Minnesota Power & Light Co. 1st & Ref. M. Ss. 1955. Offered by Harris, Forbes &
Co., Tucker.
Anthony & Co., Bonbright & Co.. Inc., and Coffin & Burr, Inc.
6.00 Minot Gas Co. 1st M. 6s, 1937. Offered by Drake-Jones Co.. Minneapolis.
5-633 Mississippi Valley Utilities Corp. let M. 6118, "A," 1928-37. Offered by Geo. H.
Burr & Co.
and Liberty Central Trust Co., St. Louis.
5.10 New York Steam Corp. let M. 6s. 1951. Offered by National City Co. and Cassatt
&
Co.
5.97 Northern Ohio Power & Light Co. Gen. & Ref. M. 510, 1951. Offered by
National City Co.
5.25 Ohio Electric Power Co. let M. 58, 1957. Offered by A. C. Allyn & Co., Inc.
6.50 Oklahoma Northern Gas Co. let (closed) Lien 611s, 1934. Offered by Battles
& Co. and Brooke;
Stokes & Co.
5.37 Oregon Washington Water Service Co. let M.Is,"A," 1957. Offered by G. L. Ohrstrom
& Co.;
Inc., and Janney & Co.
5.50 Sweetwater Water Corp. let M. 511s, "A," 1952. Offered by First Securities Co. and Freeman,
Smith & Camp Co., Los Angeles.
6.00 Utilities Power & Light Corp. Deb. 5115, 1947. Offered by West & Co. Pynchon & Co., H. M.
Byliesby & Co:, Inc., Federal Securities Corp., John Nickerson & Co. and W.S. Hammons & Co.
5.10 Virginia Electric & Power Co. 1st & Ref. hf. 58, "A," 1955. Offered by Stone & Webster
and
Blodget. Inc., Blair & Co., Inc., and Brown Bros. & Co.
6.63 West Virginia Gas Corp. lot M.6118, 1937. Offered by P. W. Chapman & Co., Inc.
5.06 Wisconsin Michigan Power Co. 1st & Ref. M. 5s, 1957. Offered by Harris, Forbes & Co, First
Wisconsin Co. and Spencer Trask & Co.
90,000 General corporate purposes
105.86
4,000,000 Acquisitions; other corp. purposes. 9711
930,500 Capital expenditures. &c
9534
10.000.000 Refunding; acquisitions, &c
4,000,000 Refunding; additions, &c
9644
963.4
2,000,000 Additions, extensions, &c
9931
500.000 Additions; other corp. purposes.
100
4,000,000 General corporate purposes
97
35.000,000 Acquisitions, additions, &c
92
12,000,000 Refunding; impts. & extensions--
9744
1,500,000 Refunding; retire bank loans, &c__
9711
3,286,000 Acquisitions, additions, Ac
9711
1,000,000 Refunding; additions. Ac
2,000,000 Acquisitions; other corp. purposes_
98
96
2,500.000 Refunding; adding, impts„
9644
1.500,000 General corporate purposes
9934
200,000 New plant and equipment
300,000 Acquisitions; betterments
1,500,000
1,900,000
2,100,000
1,250,000
Company and Issue, and by Whom Offered.
97
65.000.000 Refunding; capital & other expend_
8.515,000
To Yield
About.
Price.
Railroads3.536,000 Additions, betterments, &c
100
Additions, extensions, &c
9811
General corporate purposes
94
Refunding; acquisitions
96
Acquisitions; addns. extensions.&c 100
2,300,000 Acquisitions; other corp. PurPOses.
1,000,000 Refunding; acquisitions
9411
100
20,000,000 Acquisitions; reduce current debt_ _
9434
3,000,000 Capital expenditures
9831'
3,00,000 Acquisitions; other corP. purposes.
5M00,000 Acquisitions
99
99
127,096,500
Iron, Steel. Coal, Copper, &c.
7,500,000 Refunding, ado'cus & betterments_
9934
1,200.000 Plant additions, working capital..
4,000,000 Acquisitions, development
35,000,000 Acquisition of properties
9934
9831
9835
5.54 Columbia Steel Corp. 1st M. 511s "A," 1947. Offered by American National
Co., National City
Co., Anglo London Paris Co., Blyth, Witter & Co. and Peirce, Fair & Co .
6.05 Continental Steel Corp. 65, 1937. Offered by Continental & Commercial
Co.
5.62 Gulf States Steel Co. Deb. &Ks, 1942. Offered by Hallgarten &
Co.
5.09 The Hudson Coal Co. 1st M. 55 "A," 1962. Offered by Kuhn,
Loeb & Co. and First National
Bank, New York.
5.50 Michigan Smelting & Refining Co. Deb, 511s, 1934. Offered
by First National bank of Detro.t.
Inc., Merrill, Lynch & Co., the Detroit Co., Inc., and Otis & Co.
800,000 Acquisitions, capital expenditures. 100
48.500,000
Other Industrial & Mfg.200,000 Expansion, working capital
1,300,000 Refunding, working capital
100
98
7.00 Boss Bolt 8c Nut Co.(Chicago) 1st M.78, 1928-42. Offered
by Frank D.Bush & Co., Columbus,O.
6.20 Driver-Harris Co. (Harrison, N. J.) 1st M. 68. 1942.
Offered by Hambleton & Co. and John
Nickerson & Co.
5-53.; Kieckhefer Container Co. (Delair, N. J.) 1st M. 5118, "A," 1928-37. Offered by Second
Ward
Securities Co. and Folds. Buck & Co., Chicago.
5.30 Koppers Gas & Coke Co. Deb. 5s, 1947. Offered
by the Union Trust Co. of Pittsburgh, Guaranty
Co. of N. Y., Bankers Trust Co., Mellon National Bank, Lee, HiggInson & Co., Donbright &
Co., Inc., Otis & Co. and lialsey, Stuart &
6.00 Lewis Foundry & Machine Co. (Pittsburgh) Co., Inc.
let (C.) M. 68, 1937-42. Offered by Marshall &
Co. and Kay, Richards & Co.. Pittsburgh.
5.80 P. Lorillard Co. Deb. 5115, 1937. Offered by Guaranty Co.
of N. Y.. National City Co.. Bankers
Trust Co. and New York Trust Co.
6.00 National Bearing Metals Corp. 1st M.68, 1947. Offered by G. It. Walker & Co., St.
Louis, and
W. A. Harriman & Co., Inc.. New York.
5.50 Pittsburgh Screw & Bolt Corp. Deb. 5154, 1947. Blair & Co., Inc., and the Dank of Pittsburgh,
N. A.
6.50 Port Huron Sulphite & Paper Co. 1st (c.) M. 6115, 1937. Offered by Livingstone
& Co. and
Detroit Trust Co.
4.60 Procter & Gamble Co. Deb. 4118, 1947. Offered by First National Bank, Cincinnati.
6.71 Roseman Corp.(N.'5.) Deb. 611e, 1942. Offered by Dillon. Read & Co.
6.04 Southern Advance Bag & Paper Co., Inc., 1st (e.) M. 68. 1947. Offered by
Peabody, Boughteling & Co., Inc., 13oenning & Co. and Timberlake, Estes & Co.
6.04 United Wail Paper Factories, Inc., let M. 6s, 1947. Offered by Spencer Trask &
Co.
7.00 West Boylston MM.Co. of Alabama 1st M. 7s, 1930 42. Offered by Ward, Sterne & Co.,
Birmingham, First National Bank, Montgomery, and Marx & Co.. Birmingham.
6.25 (The) Wheland Co., Inc. (Chattanooga, Tenn.) 1st
1928-42. Offered by Hamilton
(c.)
M.
6e,
Trust & Savings Bank, Chattanooga.
2,000,000 Acquire Eddy Paper Corp
25,000,000 Pay curr. debt, addl Investments
750,000 General corporate purposes
15,000.000 Addns to plant and equipment
96
100
9734
1,000,000 Acquire constituent companies.-- - 100
5,000.000 Acquire constituent companies.- - 100
300,000 Add'ns, other corporate
Purposes- 11,000,000 Refunding
2,000,000 Acquisitions, additions,etc
3,000,000 Acquisitions, improvements
2.250,000 ACn. curr. assets of predeces.,
500.000 Erect mill, new construction
100
9334
98
9934
9934
100
300,000 Working capital
69.600,000
Land, Buildings. &c..
1.210,000 Real estate mortgage
85,000 Refunding
170,000 Finance constr. of hospital bldg
500,000 Provide funds for loan purpoees
100
195,000 Finance construction of apt
805 500 Finance construction of hotel
100
20,000 Real estate mortgage
5-511 (The) Adams (2 E. 86th St., N. Y. City) Guar, 535% Ctfs., 1927-34. Offered by The Prudence
Co., Inc., New York.
6-634 Alabama Baptist State Convention 65. 1928-34, Ward. Sterne & Co., Birmingham.
6.00 All Saints Hospital (Fort Worth, Tex.) 1st M.68, 1929-36. Offered by Federal Commerce Trust
Co., St. Louis.
5.50 Arundel Mortgage Co. 1st M. 5118 "C," 1932-37. Offered by Townsend (Scott & Son, J. Harmenus Fisher & Sons, Nelson. Cook & Co. and Century Trust Co., Baltimore.
6.50 Avenelda Apts. (Chicago) 1st M. 6115, 1928-34. Offered by Lackner, Butz & Co., Chicago.
5.45-6.00 Beekman Hotel Corp. (N. Y. City) let M. 68, 1929-41. Offered by M. W.
Itraderman CO..
Inc., New York.
6.25 Bernhardt Bldgs. (Monroe, La.) let M. 611s, 1930-42. Offered by Whitney-Central Banks.
Mortgage & Securities Co.. Inc., and Interstate Trust & Banking Co., New Orleans.
100-98.60
100
100
1
THE CHRONICLE
Juror 161927.]
Amount.
Purpose of Issue.
Price.
ToYield
About.
313
Company and Issue, and by Whom Offered.
$
Land, Buildings, &c.. (C6mci.)
2,750,000 Refunding
1,350,000 Refunding
150,000 Finance construction of hotel
585,000 Finance construction of apt
1,000,000 Finance construction of apt
115,000 Real estate mortgage
500,000 Provide funds for loan purposes_
155,000 Finance construction of apt
750,000 Real estate mortgage
2,000,000 Finance constr. residential dweilrgir
1,875,000 Real estate mortgage
12,000,000 Refunding
1,450,000 Finance construction of building
3,500,000 Finance construction of building-500,000 Finance construction of building
900,000 Finance construction of building
100,000 Finance constr, of church bidg
200,000 improvements to property
360,000 Improvements to Property
6,400,000 Finance constr, of theatre bldg.__
95,000 Finance construction of apt
160,000 Retire exist, debt, oth. corp. purp.
750,000 Finance construction of building_
100,000 Improvements to property
50,000 Real estate mortgage
600,000 Finance construction of apt
115,000 Finance construction of apt
425,000 Finance construction of building
550,000 Finance constructien of apartment
750,000 Finance construction of building
1,630,000 Finance construction of building
110,000 Finance construction of apartment
500,000 Real estate mortgage
170,000 Finance construction of building
100,000 Finance construction of building
100,000 Real estate mortgage
1,000,000 Finance construction of building
80,000 Improvements to property
400.000 Finance sale of property
100,000 Provide funds for loan purposes_
55.000 Real estate mortgage
1,000.000 Finance construction of building..
1,250,000 Finance construction of hotel
140,000 Finance lease of property
1,000,000 Provide funds for loan purpose___.
300,000 Finance constr. of garage, bldg...
600,000 Impt. and equipment Of property_
100,000 Improvements to property
1,100,000 Real estate mortgage
1,575,000 Finance construction of hotel
475,000 Improvements to property
450,000 Finance constr.& equip.field house
385,000 Finance constr. of apt
1,000,000 Provide funds for loan purposes..
1.000,000 Finance sale of property
6,250.000 Finance construction of building_.
390,000 Finance construction of bulding1,200,000 Real estate mortgage
400,000 Improvements to property
130,000 Finance construction of stadium..
350,000 Finance construction of apartment
875,000 Improvements to property
200,000 Finance construction of apartment
200,000 Real estate mortgage
280.000 Finance constr. of garage, bidg
68,555,500
5.20 Boston Metropolitan Bides., Inc., 1st (c.) M. 58, 1942. Offered by Hayden, Stone & Co., E. H.
Rollins dc Sons, Spencer Trask & Co. and Coffin & Burr, Inc.
6.05 Boston Metropolitan Bides.. Inc. Sec. (c.) 65, 1942. Offered by Hayden, Stone dr Co., E. H.
Rollins & Sons, Spencer Trask & Co. and Coffin & Burr, Inc.
100
6.50 Breckenridge Hotel Co. (Breckenridge, Tex.) 1st M. 630, 1929-38. Offered by Mortgage &
Securities Co., Inc., New Orleans.
100
6.00 Broadway Terrace Court (N. Y. City) 1st M. 65, 1928-37. Offered by Empire Bond & Mortgage Corp., New York.
6.50(The) Bryn Mawr (Chicago) 1st M.634s, 1937. Offered by Amer ran Bond & Mortgage Co.. Inc.
100
7.00(The) Hugh Cairns Realty Co. 1st M. 7s, 1928-37. Offered by G. Bradshears dr Co., Los Angeles.
100
100'
6.00 Carolina mortgage Co. 6s. 1932-37. Offered by Mackubin, Goodrirth & Co., Baltimore,
6.00 Chenley Hall (Detroit) 1st M. 68, 1929-37. Offered by Graranty Trust Co. of Detroit.
100
100
5.50 Cincinnati Music Hall Assn. 1st M. 5348, "A," 1957. Ofilrei by the Central Trust Co.. the
Fifth-Third Union Co., the Herrick Co. and the Well, Roth & Irving Co.. Cincinnati.
100
6.00 City Housing Corp. (N. Y. City) Coll. Tr. 6s, 1942. Offered byrCity Housing Corp., N. Y.
100
6.00 Detroit Alden Park Manor 1st M.(Ss. 1929-39. Offered by American Bond & Mortgage Co.. Inc.
100
5.50 Eastern Ambassador Hotels 1st & Ref. (c.) M. 534s, 1947. Offered by S. W. Straus & Co., Inc.
6.13-6.50 The Empire Bldg.(Milwaukee) 1st M. Bldg. & Leasehold 1330, 1930-42. Offered by Greenebaum
Sons Investment Co.
100
6.00 The Engineering Bldg. (Chicago) 1st M. 68. "A," 1939. Offered by American Bond & MortoefCo.,FIn
D
100
Hills
ills Inc. (Los Angeles) 1st M. Os, 1930-42. Offered by Frick. Martin de Co.
ag
6.00 Estate
and Stevens, Page & Sterling, Los Angeles.
6.10-6.25 Fashion Trades Bldg. (Chicago) 1st M. Leasehold (33is, 1931-42. Offered by S. W. Straus &
Co., Inc.
6.25 First Baptist Church of Dothan, Ala., 1st M.63(s, 1931-47. Offered by Marx & Co., Birming100
ham, Ala.
5.50-6.00 First Presbyterian Church of Phoenix. Ariz., 1st M. 68, 1929-38. Offered by Freeman, Smith
dr Camp Co., San Francisco.
6.00-6.50 Flelschman-Kroetz Co.(Ohio) 1st M.(Fee) 6.M8, 1929-39. Offered by Snyder. Wilson & Co. and
C. B. Nickels & Co., Toledo.
6.25 Fox Detroit Theatre Bldg. 1st M. Fee & Leasehold 6s, 1942. Offered by Halsey, Stuart & Co.,
974
Inc., Graham, Parsons & Co. and E. H. Rollins & Sons.
6.50 The Glenview Apts. (Chicago) 1st M. 1330, 1928-34. Offered by Lelght & Co.. Chicago.
100
160
6.50 Glover Watson Organization, Inc.. 1st M.6s,1935. Offered by Benjamin Dansard & Co., Det.
.5-53,2 Greater Pythian Temple Association of N. Y. 1st M. 5s. 1928-37. Offered by Mississippi
Valley Trust Co. and Lafayette South Side Bank, St. Louis.
7.00 Grey Castle, Inc. (Pass Christian, Miss.) 1st (closed) M. 7s, 1929-37. Offered by MississipP1
100
Mortgage & Bond Co.
6-614 (C. H.) Harrison Co.(Detroit) 1st M.Fee 630. 1929-37.0ffered by Backus, Fordyn & Co., Detroit.
100
6.00 Hillcrest Apts.(Wichita, Kans.) 1st Mtge. Os, 1928-45. Offered by Wheeler,Kelly Heaney Trust
Co., Wichita, Kan.
100
6.00 Humber Apts. (Highland Park, Mich.) 1st Mtge. 6s, 1929-37. Offered by Guaranty Trust Co.
of Detroit.
I
10014-1005.18-5.50 Iowa State College Memorial Union (Ames, la) 1st (closed) Mtge. 530, 1929-39. Offered by
I
Harry H.Polk & Co., Inc., Des Moines, Ia., and Taussig, Day, Fairbanks & Co., Inc., St. Louis.
6.00 Jeffery-Cyril Apts.(Chicago) 1st Mtge. 6s, 1929-37. Offered by Gamrd Trust Co.. Chicago.
100
6.25 Keith-Albee Chester Theatre (N. Y. City) 1st Mtge. 614s, 1929-37. Offered by American Bond
I
Mortgage Co.. Inc.
100
6.00 Keystone Athletic Club Building (Pittsburgh) 1st M.6s, 1942. Offered by A. B. Leach & Co..
Inc., and Brooke. Stokes dr Co.
100
6.00 Kimbark Avenue Apts. (Chicago) 1st Mtge 6s, 1929-34. Offered by Gerard Trust Co., Chicago,
100
6.50 La Cumbre Estate Corp. 1st (closed) Mtge.6 Ms, 1938. Offered by Carstens & Earies, Inc., M. H.
I
Lewis & Co. and Bayly Bros., Inc., Los Angeles.
6.10-6.30 The L rdd Bldg,(Chicago) 1st (closed) Mtge. 6148, 1929-37. Offered by H.0.Stone & Co., Chic.
6.00-6.30 The Leemore Co. (Cleveland) 1st Mtge. Leasehold 6s, "A", 1928-39. Offered by R. B. Keeler
o., Cleveland.
5.50-6.00 (Julien) Levy (Amarillo, Tex.) 1st Mtge. 6s, 1928-37. Offered by Federal Commerce Tr. Co.. S. L.
6.00 Lincoln Theatre Bldg. (Trenton, N. J.) 1st Mtge 68, 1936-37. Offered by American Bond de
100
Mortgage Co., Inc.
100
6.50 Lorraine Land Co. Inc. 1st Mtge. 614s, 1930-37. Offered by Munford & Jones and State-Planters
Bank & Trust Co., Richmond. Va.
100
6.50 Magnolia Park (Burbank. Cal.) 1st Mtge.(iMs, 1937. Offered by Wm. R. Stoats Co., San Fran.
5.25-6.00 Marine Mortgage Co., Inc. (New Orleans) 1st Mtge. Coll. Tr. (is, "D", 1928-37. Offered by
Marine Bank & Trust Co., New Orleans.
100
7.00 Marwood Apt,. (Seattle) 1st Mtge. 78, 1929-37. Offered by W. D. Comer & Co., Seattle.
450-5.25 May Bldg. Co. of Cal. 1st (closed) Mtge. 5148, 1928-37. Offered by Ames, Emerich & Co. Inc.
6.00(Walter G.) McCarty Corp. (Beverly Hills, Cal.) 1st (closed) Mtge. 68. 1942. Offered by Bank
.io
of Italy National Trust & Savings Assn.. San Francisco.
100.74-100 6-614 McRae Realty Co. 1st Mtge. 6145, 1929-37. Offered by Keane, Higble & Co., Inc., Detroit,
100
5.50 Mortgage Security Corp.of America 1st Lien 530. 1932-37. Offered by Stein Bros.& Boyce, Balk.
6-63-f Newbury Street Service Garage (Boston), 1st Mtge. 6)45, 1929-37. Offered by American Bond &
Mortgage Co., Inc.
99
6.60 New Havens Arena Co.(New Haven, Conn.) 1st (closed) Mtge. 634s, 1942. Offered by R W..
Ilaisey & Co., Inc. N. Y.
100
6.00 Oklahoma Press Publishing Co. 1st Mtge. 6s, 1928-38. Offered by American National Co..
Oklahoma City, Okla.
5-6 Perrine Bldg. (Oklahoma City) 1st Mtge. 6s, 1928-36. Offered by First National Co., St. Louts.
101-100 5.88-6.25 (The) St. Clair (Chicago) 1st Mtge, 63
-i's 1930-39. Offered by Greenebaum Sons Securities Corp.
100
7.00 San Bernardino Business Properties, inc. 1st Mtge, 7s, 1929-33. Offered by California Co.,
Los Angeles.
100
4.50 Senate Committee on Intercollegiate Athletics of the University of Minnesota Field House
410, 1943. Offered by Merchants Trust Co., St. Paul.
100
6.00 609 Stratford Apts, 1st Mtge. 6s. 1930-37. Offered by Gerard Trust Co., Chicago.
100
6.00 Sun Mortgage Co.(Baltimore) Deb. 6s. 1952. Offered by company.
100
6.00(B. E) Taylor Realty Co. (Detroit) 1st Mtge. 6s, 1937. Offered by Livingstone & Co., Detroit.
101-100 5.63-6.00 333 North Michigan Ave. Bldg. Corp.(Chicago) 1st Mtge. 6s, 1930-42. Offered by Greenebaum.
Sons Securities Corp.
100
6.00 227-229 West 29th St. Bldg. (N. Y. City) 1st Mtge. 6s, 1929-39. Offered by American Bond &
Mortgage Co., Inc.
100
6.00 2600 Lake View Bldg. (Chicago) 1st mtge. Os, 1929-39, Offered by American Bond & Mortgage
Co., Inc.
100
5.00 University of Detroit 1st Mtge. 5s "B", 1931-39. Offered by Fidelity Trust Co., Watling, Lemhen
& Hayes and Edward Dillon, Detroit.
100
5.00 University of Utah Stadium Trust 1st Mtge. 5s, 1928-46. Offered by Ross, Benson & Co., Salt
I.ake City. Utah.
100
6.00 Washington-Pine Apts, 1st Mtge. es, 1939-37. Offered by Gerard Trust Co., Chicago,
100
6.00 Washington Square Bldgs. (Royal Oak, Mich.) 1st Mtge. Fee 6s, 1929-42. Offered by Backus,
Fordon & Co., Detroit Trust Co.. Harris, Small & Co., Watling Lerchen & Hayes and GriswoldFirst State Co., Detroit.
100
6.50 (The) Wayne Manor (Chicago) 1st Mtge. 6145. 1929-37. Offered by Leight & Co., Chicago.
100
5.50 Western Union Telegraph Co., Bldg. (Atlanta, Ga.) 1st Mtge. 53.48, 1943. Offered by Love.
Van Riper & Bryan, St. Louis,
100
6.50 West Park Street Corp. (Portland, Ore.) 1st Mtge. & Leasehold 631/8, 1942. Offered by Blyth,
Witter & Co.
98
99%
I
Miscellaneous1,750,000 Finance construction of bridge-- 700,000 Finance construction of bridge_
350,000 Acq. constit, cos.; other corp. purp.
900,000 Acquisit ons, addit ons
2,500,000 Refunding; working capital
1,650,000 Acquisitions, improvements, &e..
2,100.000 Finance construction of bridge, &c1,100,000 Acquire constitutent companies...
1,250,000 Retire existing debt, wkg. cap'., &c
1,000,000 Acquitions, additions. da
3,000.000 Acquisitions; working capital
6,000,000 Refunding: acquisitions
3,000,000 Provide funds for loan purposes
15,000,000 Provide funds for investment purp_
700,000 Acquisitions; working capital, &c.500,000 Provide funds for loan purposes...400,000 Retire mtge. debt; working capital.
100
7.00 Alton-St. Louis Bridge Co. lot Mtge. 7s, 1947. Offered by Wm. R. Compton Co., Reilly, Brock
dr Co., Oliver J. Anderson & Co. and Bitting & Co.
7.00 Alton-St. Louis Bridge Co. Deb, 78, 1942. Offered
by Oliver J. Anderson & Co. and Wm. R.
Compton Co.
99
6.60 Associated Laundries of Iii., Inc. let (closed) Mtge. 630, 1942. Offered by J. H. Brooks & Co..
Scranton and Stone ,Seymour & Co., Syracuse.
100
6.00 Birmingham (Ala.) News Co. 1st Mtge. 68, "A" 1933-42. Offered by First National Bank, Birmingham, Ala.
100
5.00 Boston Store of Chicago. Inc. Secured Is. 1938. Offered by Ames, Emeriti & Co., Inc., A. 13.
Becker & Co. and Guardian Detroit Co., Inc.
6.57 Brush-Moore Newspapers, Inc. Coll. Trust 6)4s. 1937. Offered by Peabody, Houghteling & Co..
993-s
Inc., R. T. Mitchell & Co. and Otis & Co.
974
6.75 Cairo-Bridge & Terminal Co. 1st Mtge. 634s. 1947. Offered by H. M. Byllesby & Co., Inc. and
Federal Securities Corp., Chicago.
973.5
6.25 Carolina-Georgia Service Co. 1St Mtge. es "A", 1942. Offered by Henry D. Lindsley & Co.,
Inc., Gorrell & Co., Inc. and E. R. Diggs &
Inc.
5.50-6.00 Clover Valley Lumber Co. (Loyalton, Cal.) 1st
Co..
(closed) Mtge. 68, 1928-40. Offered by Lacey
Securities Corp. and Stone & Webster and Blodget. Inc.
5.75-6.00 Consumers Sanitary Coffee and Butter Stores Cony.68 "A", 1929-39. Offered by Chicago Trust
Co. and Peabody, Houghteling & Co., Inc.
99)4
6.57 Detroit City Service Co. 1st M.6)4s"A", 1937. Offered by Hoagland, Alum & Co., Inc., Halsey.
Stuart & Co., Inc., and West & Co.
99)4
5.54(W. F.) Hall Printing Co. 1st M. & Coll. Tr. 53-fs, "A", 1947. Offered by Lee, Higginson & Co.
and Folds. Buck & Co.
9814
7.48 Hungarian Central Mutual Credit Institute Land Mortgage 7s "A" 1937. Offered by Marshall
Field, Clore, Ward & Co. and Baker, Kellogg & Co. Inc.
5.40 International Securities Corp. of America Deb. 58, '
95)4
1947. Offered by Harris. Forbes & Co.
101-100 6.06-6.50 Midwest Ice Co.(Chicago) 1st Mtge. OMs, 1929-42. Offered by Harris, Small & Co.
100
7.50 National Central Savings Bank of Hungary Secured 730, 1962. Offered by F. J. Lisman &
Co. and First Federal Foreign Investment Trust, New York.
100
8.50 New York & Westchester Ice Service 1st M. 634s, 1928-42. Offered by P. W. Brooks & Co.
Inc., New York.
100
314
[VOL. 125.
THE CHRONICLE
Purpose of Issue.
Amount.
Price.
Miscellaneous (Concluded)600,000 Acquire predecessor company
To Yield
About.
6.48 Ohio River Sand & Gravel Co. (Wheeling, W. Va.) lot (closed) M.6s, 1939. Offered by Townsend, Scott & Son and Stein Bros. & Boyce, Baltimore.
7.00 Pathe Exchange, Inc.. Deb. 75, 1937. Offered by Blair & Co., Inc.
6.04 Pennsylvania Glass Sand Corp. 1st (closed) M.6s, 1952. Offered by Brown Bros. & Co.; Edward
B. Smith & Co., and Cassatt & Co.
6.00(W. R.) Roach & Co.(Grand Rapids, Mich.) 1st M.6s, 1937. Offered by Chicago Trust Co.
6.41 Shubert Theatre Corp. Deb, 68, 1942. Offered by J. & W. Seligman & Co.; the Equitable Trust
Co. of New York; Stevenson. Perry, Stacy As Co., Inc., and Kissel, Kinnicutt & Co.
6.70 Trade Publications, Inc., 634s, 1937. Offered by Shields & Co., Inc., New York, and Frank'
Rosenburg & Co., Balitmore.
6.50 West Virginia-Ohio River Bridge Co. lot M. 634s, 1952. Offered by McLaughlin, MacAfee dr
Co., Pittsburgh, and Mackubin, Goodrich & Co., 13alltmore.
7.00 White and Black Rivers Bridge Co. (Arkansas) jut kclosed) M. 7s, 1942. Offered by Lawrence
Mills & Co., Chicago.
96
6.000,000 Refunding, acquisitions, &c
100
5,000.000 Acquisitions; wkg. capital. &c___. 995S
800,000 Retire bank loans; other corp. pur_ 100
7,500,000 Refunding; working capital, &c__. 96
600,000 Acquire constituent properties___.
9834
700,000 Finance construction of bridge._
100
400,000 Finance construction of bridge
100
Company and Issue, and by Whom Offered.
63,500,000
SHORT TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Public Utilities8
600,000 Acquisitions, additions, extensions
1,750,000 Refunding; other corporate purp__
To Yield
About.
99
9934
225,000 General corporate purposes
99
500,000 Refunding; additions
650,000 Acquisitions, additions, &c
100
99
900,000 Acquisitions, extensions, &c
99
Company and Issue and by Whom Offered,
5;
6.05 East Coast Utilities Co. 1-Year Is, April 1 1928. Offered by P. W. Chapman & Co., Inc., N. Y.
6.00 General Power & Light Co. 6 mos. Sec. Is. Jan. 1 1928. Offered by True, Webber & Co.; R. E.
Wilsey & Co., Inc., and Hayden, Van Alter & Co.
6.05 Harrison & Jefferson Telephone Co. 1-Year Is, May 1 1928. Offered by P. W. Chapman &
Co., Inc., New York.
6.00 Lake Ontario Power Corp. 1-Year 6s, July 11928. Offered by J. A. W.Iglehart & Co., Baltimore.
6.05 Mid-Continent Telephone Co. 1-Year Is. June 1 1928. Offered by E. H. Ottman & Co., Inc..
Chicago, and Keane,'liable & Co., Detroit.
6.05 Texas-Gulf Power Co. 1-Year Is, June 1 1928. Offered by R. E. Wilsey & Co., Inc.. and Troy
& Co., Chicago.
4,625,000
Motors & Accessories1,200,000 Acquire plant; working capital
100
6.00 Bend's Corp. (Chicago) 5-Year sec. 6s, June 11032. Offered by Paul H.Davis & Co.; Union Trust
Co.,and Continental & Commercial Co., Chicago.
6-616 Mercantile Acceptance Corp. of Calif. Coll. Trust 6343 "I," 1927-30. Offered by Bradford,
Kimball & Co., and Joseph C. Tyler & Co., San Francisco.
200,000 Fund bank debt; expansion
1,400,000
Oil30,000,000 Liquidate bank loans; wkg. capital
5.30-5.50 Marland Oil Co. 58, 1929-32. Offered by J. P. Morgan dr Co.; Guaranty Co. of New York; First
National Bank; National City Co., and F. S. Smithers & Co.
Land. Buildings, &c.400,000 Improvements, working capital, &e 100
100
150,000 Real estate mortgage
500,000 Finance lease of property
100
100,000 Provide funds for loan purposes_
67,500 Finance construction of hotel
125,000 Finance construction of building
100
100
100;4-100
500,000 Provide funds for loan purposes_.. 100
1,842,500
Miscellaneous325,000 Working capital
100
7.00 Beach Extension Co. let M.& Coll. Tr. 78, May 1 1932. Offered by Frick, Martin & Co., L. A.
6.00 (James Burgess) Book Jr. 2-Yr. Coll. Tr. 6s, June 11929. Offered by Backus, Fordon & Co., Oct.
5.50 Dept. of Labor Bldg.(Washington, D. C.) 1st M.534s, June 11932. Offered by Love, Van Riper
& Bryan, St. Louis.
6.00 Federal Corp. lot Coll. Tr. Os, "AA," 1928-32. Offered by Union Bank & Federal Trust Co.;
Richmond Va.
6.00 Hotel Oxford (Oxford, No. Caro.) 1st M.6s, 1930-32. Offered by Old Dominion Mortgage Corp.:
Richmond, Va.
53.4-6 Massell Realty Co. (Atlanta, Ga.) 1st M.68, 1928-32. Offered by Hibernia Securities Co., Ina.:
New Orleans.
6.00 Security Bond & Mortgage Co. 1st M. Coll. 6s, "H," 1928-32. Offered by .1. A. W. Iglehart
& Co., Baltimore.
6.50 Waukesha (Wis.) Mineral Water Co. Cony. 6145, April 1 1932. Offered by Hambleton & Co.:
Baltimore, and Grossman, Lewis & Co., Milwaukee.
STOCKS.
Par or No.
of Shares.
Purpose of Issue.
(a)Amount Price
To Yield
Involved. per Share. About.
Railroads63,242,500 Refunding; add'ns, betterm'ts, &c_ 67,985,687 10734
Public Utilities55,000 shs Acquisitions; other corp. purposes_
200,000 Acquisitions; other corp. purposes_
470,000
200,000
575,000 ohs :Provide for advances to subsids.,1
1 acquisitions. wkg. capital, &c.1
6,956,250
3,580,000 Additions, extensions, &c
1,500,000 Acquisitions, extensions, &e
94
98
92;1
3,669,500 102)4
1,500,000 100b
*20,000 shs Acquisitions; other corp. purposes_
1,930,000
9634
1,935,000 Refunding; other corp. purposes_
1,935,000
9934
480,000
2,000,000
96
9134
55,000 shs General corporate purposes
2,000,000 Capital expenditures
500,000 Acquisitions; additions, &e
*7,000 ohs Acquisitions; other corp. purposes_
3,000,000 Acquisitions; reduce cur. debt, &c_
500,000
95
644,000
92
3,000,000
98
23,284,750
Iron, Steel, Coal, Copper, &c.
1,500,000 Acquire constituent companies_
540,000 shs Development; improvements, &c
1,500,000
2,920.000
25c.
73
Company and Issue and by Whom Offered.
Baltimore & Ohio RR. common. Offered by company to stockholders; underwritten.
6.38 Alabama Water Service Co. 86 Cum. Pref. Offered by G. L. Ohrstrom & Co., Inc.
7.14 Arkansas Missouri Power Co. 7% Cum. Pref. Offered by Beverly Bogert & Co.:
R. E. Wilsey & Co., Inc., and A. E. Fitkin & Co.
6.47 Cities Service Power & Light Co. $6 Dividend Cum. Pref. Offered by Federal Securities Corp., A. B. Leach & Co., Inc., II. M. Ityllesby & Co., Inc., Pearsons-Taft
Co. and Henry L. Doherty & Co.
The Cleveland Ry. Co. capital stock. Offered by Hayden, Miller & Co., Otis & Co.;
Union Trust Co., Cleveland Trust Co. and Guardian Trust Co., Cleveland.
7.00 Dixie Gas & Utilities Co. 7% Cum.Pref. Offered by Goddard & Co., Inc., and Moore,
Leonard & Lynch, N. Y., and Hutchinson & Co., Providence, It. I.
7.25 Electric Public Utilities Co. 87 Dividend Prof. Offered by Stanley & Bissell, Inc.;
and A. L. Chambers & Co.. Inc.
6.03 Greenwich (Conn.) Water & Gas Co. 6% Pref. Offered by Putnam & Storer, Inc.,
Hartford.
6.24 Memphis (Tenn.) Pr. St Lt. Co. $0 Cum. Pref. Offered by company to customers.
6.55 Midland Utilities Co. 6% Cum. Class "A" Prof. Offered by Utility Securities Co.;
Chicago, and Central Sates Securities Corp., N. Y.
6.32 New York Water Service Corp. 6% Cum. Pref. Offered by G. L. Ohrstrom & Co.;
Inc., and Janney & Co.
6.52 Oregon-Washington Water Service Co. 86 Cum. Prof. Offered by G. L. Ohrstrom
& Co., Inc., and Janney At Co.
7.14 Utilities Power & Light Corp. 7% Cum. Pref. Offered by Pynchon & Co., West &
Co., Federal Securities Corp., II. M. Byllesby & Co., Inc., John Nickerson &Co.
and W.S. Harnmons & Co.
7.00 Bahia Corp.(Md.)7% Cum. Pref. Offered by J. It. Brldgeford & Co., New York.
(A. M.) Byers Co., Common. Offered by company to stockholders.
4,420,000
Motors and Accessories800,000 Addition& capital
549,149 shs Working capital; other corp. purp_
327,300 Working capital; other corp. purP-
1,200,000 150
491,490 10
327,300 100
Pacific Finance Corp. Common. Offered by company to stockholders.
Paige-Detroit Motor Car Co. Common. Offered by company to stockholders.
7.00 Paige-Detroit Motor Car Co. 7% Cum. 2d Prof. Offered by company to stockholders.
2,018,790
Other Industrial & Mfg.525,000 shs Working capital
1,100,000
*28,000 shs Refunding; acquis'ns; wkg. capital.
1,596,000
470,000 Acquire predecessor company
*30,000 shs Refunding; retire cur. debt, &c_
470,000
1,470,000
*35,000 shs Acquire constituent companies_ _ _
15,000,000 Acquisitions
700,000
15,000,000
3,375,000
44
____ Buckeye Incubator Co. (Springfield, 0.) Common. Offered by company to stockholders; underwritten.
7.02 Cook Paint & Varnish Co. (Del.) 84 Cum. Pref. Offered by Prescott, Wright, Snider
Co., Kansas City, NI0.
100
7.00 (.1. Frank) Darling Co.(Del.)7% Cum.1st Pref. By Mackie, Bentz& Co.,Philadelphia.
49
8.16 Durham Duplex Razor Co. $4 Cum. Prior Preference. stock. Offered by Hemphill,
Noyes & Co., New York.
20General Laundry Machinery Corp. Common. By Bonner,Brooks & Co., New York.
99
-7:oi International Paper Co.7% Cum,Prof. Offered by Hayden,Stone & Co., Old Colony
Corp., Paine, Webber & Co., Estabrook & Co., Baker, Young & Co., Chas. D.
Barney & Co., Bodell & Co. and Parkinson & Burr.
____ Lambert Co. Common. Offered by company to stockholders: underwritten.
6734
57
550,000 shs !Acquire additional interest ml
1 Lambert Pharmacal Co
3.000,000 Refunding; other corp. purposes__
3,000,000 10114
•125,000sh
3,500,000
Refunding; other corp. purposes.-
3,000,000 General corporate purposes
54,000 ohs Additions; working capital
512,920 ohs Refunding
28
3,000,000 100
100,000
25
516,800
40
6.40 Pillsbury Flour Mills. Inc., 634% Cum. Cony. Pref. Offered by Goldman, Sachs &
Co. and Lane, l'iper & Jaffrey, Inc.
Pillsbury Flour Mills, Inc., Common stock. Offered by Goldman, Sachs & Co. and
Lane, Piper & Jaffrey, Inc.
6.50 Thomaston (Ga.) Cotton Mills 614% Cum. lot Pref. Offered by Citizens & Southern
Co., Savannah, Ga.
The White Flushing Valve Mfg. Co. (Col.) Class "A" Common. Offered by J. U.
Schultze & Co., Inc., Denver.
Wilson-Jones Co. (Chicago) capital stock. Offered by Jackson SZ Curtis.
33,827,800
Land, Buildings, &c.
1,850 ctf Finance lease of property
1,000,000 Acquisitions; improvements
1,859,250 1005
1,000,000 100
600,000 Finance construe. of building
600,000 100
300,000 Improv't & equip't of property...537,500 sh
Additions and improvements
300,000 100(c)
562,500
4,321,750
15
5.22 Cleveland Athletic Club Bldg. Site Land Trust Ctts. Offered by Geo. W. York & Co.
6.00 First Holding Corp. (Pasadena, Cal.) 6% Cum. Prof. Offered by Blyth, Witter &
Co. and Wm. It. Stunts & Co., San Francisco.
7.00 Fountain Square Bldg., Inc. (Cincinnati) 7% Cum. Pref.
Offered by Stanley.
Ashbrook & Co., Cincinnati.
7.00 New Haven Arena Co. 7% Cum. 1st Prof. Offered by De Bidder, Mason & Minton,
New York.
(J. R.) Whipple Corp. (Boston) Common. Offered by company to stockholders.
JULY 16 1927.]
Par or
.ofShares
THE CHRONICLE
To Yield.
a Amount Price
'molted. Per Share. About.
Purpose of Issue.
Miscellaneous—
216,000 Capital expenditures
90,000 Acquire predecessor company
100,000 Wkg. capital; other corp. purposes
*20,000 shs Acquire constituent companies_ _
1.000,000 Refunding; acquisitions, &c
10,000 ohs. Acquired from abroad
150,000 Working capital
*300 shs. Working capital
500,000 Working capital
3,500,000 Provide funds for investment purp_
•10,000shs. Acquis.; retire subsid. interests_ *80,000shs. Acqui9.; retire subsid. Interests
.50,000 shs. Retire floating debt; expansion__ _ _
•184,893sh. Refunding; improvements
Company and Issue' and by Whom Offered.
%
10134
7.50 Alexander Hamilton Institute (N. Y. City) 8% Cum. Pref. Offered by Davis.
Longstaff & Co., Chicago.
__ Almar Stores (Philadelphia) Common. Offered by company to stockholders.
Capper & Capper, Inc. (Chicago) 7% cum. pref. Offered by Lewis-Dewes & Co.:
Inc., Chicago.
780,000
For
3 shs. com. $130 Capper & Capper, Inc. (Chicago). Common stock. Offered by Lewis-Dewes &
Co., Inc., Chicago.
100,000 100
8.00 Colson Stores Co.. Inc., 8% turn. pref. Offered by F.. J. Flowensteln, Cleveland.
__ Federated Business Publications, Inc., 1st Pref. Cum. $21i per share. Offered by
600,000 30
Parker, Robinson & Co., Inc., New York.
___ (W. F.) Hall Printing Co.(Chicago) capital stock. Offered by company to stockholders;
1,500,000 15
underwr.tten.
___ Hungarian Discount & Exchange Bank American shares representing capital stock.
340.000 34
Offered by Bauer, Pond & Vivian, New York.
Lee-Chattaway-Jacobs Co. (Pa.) 7% cum. pref. Offered by J. A. Lynch and Joseph
15 shs. pref.
165,000
For
T. Aland, Pittsburgh.
11 sh. COM. S550 Lee-Chattaway-Jacobs Co. (Pa.) Common stock. Offered by J. A. Lynch and
Joseph. Alantl,Pittsburgh.
500,000 99
7.07 New Process Co.(Warren, Pa.) 7% cum. pref. Offered by Merrid. Lynch de Co.
3,500,000 1002
6.00 Pacific Investing Corp. (Del.) 6% Cum. lot Pref. Offered by Blyth, Witter & Co.
980,000 98
6.63 Roos Bros, Inc. $61.5 Cum. Cony. Pref. Offered by Schwabacher & Co., Dean, Witter
& Co.; Mitchum, Tully & Co.; Anglo London Paris Co., and Wm. Cavalier & Co.
Roos Bros., Inc.. Common stock. Offered by Schwabacher & Co.; Dean, Witter &
2,480,000 31
Co.; Mitchum, Tully Jr Co.; Anglo London Paris Co., and Wm. Cavalier & Co.
(Frank G.) Shattuck Co. capital stock. Offered by company to stockholders; under3,000,000 60
written.
South Porto Rico Sugar Co. Common. Offered by company to stockholders.
5,546,790 30
216,000
*20,000 ohs. Additional capital
600,000 Acquire predecessor company
315
300,000
15
II oh. pref.
20,007.790
FARM LOAN ISSUES.
Amount.
Issue and Purpose.
Price.
500,000 Potomac Joint Stock Land Bank 5s. 1937-57
(provide funds for loan purposes)
10335
1,250,000 Texas Joint Stock Land Bank (Houston,
Texas) 5s, 1937-67 (provide funds for loan
103
purposes)
1,750,000
To Yield
About.
Offered by.
4.56 C. F. Childs & Co., New York.
4.62 C. F. Childs Jr Co., New York.
FOREIGN GOVERNMENT I OANS.
Amount.
Issue and Purpose.
Price.
To Yield
About.
Offered by.
20,000,000 Free State of Bavaria 1-Year Ext. Treasury
Notes, June 10 1928 (retire floating debt;
534 The Equitable Trust Co. of New York and Harris, Forbes & Co.
working capital)
15,000,000 City of Copenhagen (Denmark) 5s, 1952 (retire Internal loan; additions and betterments
5.20 Kuhn, Loeb & Co. and International Acceptance Bank, Inc.
to public works and buildings)
9751
4,000.000 Republic of Estonia (Banking and Currency
Reform) 7s 1967 (acquisition of assets; esta7.40 Haligarten Jr Co.
94;i
blish new mortgage institution)
500,000 City of Panama Ellis 1952 (retire bank loans;
consolidate floating debt; improvements)_ _ _ 100
6.50 Redmond & Co.
4,000,000 State of Rio Grande do Sul (Brazil) 7s, 1967
(acquisitions and construction revenue-pro7.20 J. G. White & Co., Inc.; Otis Jr Co., and the Equitable Trust Co. of New York.
97
ducing properties)
5,900,000 City of Sao Paulo (Brazil) 654s, 1957 (con6.65 The First National Corp.; Harris, Forbes & Co., and Stone & Webster and Dlodget, Inc.
98
solidate floating debt; improvements)
5.000.000 Province of Upper Austria 6355, 1957 (provide funds for loan purposes; retire floating
7.00 Myth, Witter & Co.
03(
debt)
54,400,000
• Shares of no par value.
a Preferred stocks of a stated par value arc taken at par, while preferred stocks of no par value and all classes of common stocks are computed at their offering prices.
h Bonus of 2 shares of common stock given with share of preferred.
c Bonus of 1 share of common stock given with each share of preferred.
d Bonus of 1 share of common stock given with each 2 shares of preferred.
P.
New Capital Issues in Great Britain During the First
Half of 1927.
The following statistics regarding new capital issues in
the United Kingdom have been compiled by the Midland
Bank Limited of London. The figures exclude all direct
borrowings by the British Government for national purposes,
shares issued to vendors, allotments arising from the capitalization of reserve funds and undivided profits, issues for
conversion or redemption of securities previously held in the
United Kingdom, short-dated bills sold in anticipation of
long-term borrowings, and loans by municipal and county
authorities except in cases where there is a specified limit to
the total subscription. They do not include issues of capital
by private companies except where particulars are publicly
announced. In all cases the figures are based upon the
prices of issue.
SUMMARY TABLE OF NEW CAPITAL ISSUES* IN THE
UNITED KINGDOM.
(Compiled by the Midland Bank Limited]
Month of
6 Months to
Year to
June.
June 30.
June 30.
1920
£27,560,000
£241,232,000
£398,474,000
1921
33,910,000
124,221,000
267,199,009
1922
21,990,000
168,147.000
259,722,000
1923
34,763,000
123,525,000
191,046,000
1924
19,322,000
106,215,000
186,451,000
1925
23.652,000
124.354,000
241,685,000
1926
29,222,000
131,636,000
227,178,000
1927
19,965,000
159.694,000
281,325,000
• Excluding British Government loans raised directly for national purposes.
NEW CAPITAL ISSUES. IN THE UNITED KINGDOM BY MONTHS.
(Compiled by the Midland Bank Limited.)
1925.
1924.
1926.
1927.
January
£20,093,859
.C11,540,267
£28,367,583
£26,331,980
February
15,567,790
22.388,347
25.758,587
21,898.747
March
21,737,104
13,324,119
23,901,911
34,714,108
April
9,555.423
4,804,810
13,497,682
22,267,849
May
34,836,124
33.748,426
10,887,531
34,516,005
Juno
23,651,580
19,321,742
29,222,434
19,965,221
6 months
July
August
September
October
November
December
£106,215,409 £124,354,182 £131,635.728 £159,693,910
£21,352,241
3,648.962
7.902,393
36,958.810
21,401,369
26,066,748
£16,536,272
1,564,436
2,533,777
21,081,195
29,424,783
24,401,985
£26,728,861
1,479,507
15,925,930
29,221,949
28,111,190
20,163,249
Year
£223,545,932 £219,896,630 £253,266.414
• Excluding British Government loans raised directally for nation purposes.
Increase of $1,754,842,000 in Market Value of 100 Stocks
During First Six Months of This Year Reported
by Frazier Jelke & Co.
One and three-quarter billion dollars were added to the
market value of 100 listed stocks in the first six months of
this year, according to the semi-annual review of Frazier
Jelke & Co. In presenting its compilation July 9 the firm says:
The total value of these 100 stocks, based upon closing prices on June 30,
was $18,737,744,000, compared with $16,982,902,000 on Dec. 31 1926.
Comparison of the market values by groups for the period follows:
Difference.
Dec. 31 1926.
June 30 1927.
$385,870,000 increase
30 Rails
55,007.098,000
$4,621,228,000
432,022,000 Increase
13 Motors
2,127,469,000
2,559,491,000
81,45,000 decrease
12 Oils
1,856,389,000
1,937,846,000
45 Industrials
9,314,766,000 1,018,407,000 Increase
8,296.359.000
Totals
$16,982,902,000 $18,737,744,000 $1,754,842,000 net increase
The gain in market value during the first quarter amounted to $1,212,971,000, while the second quarter showed an additional advance of $541,871,000.
During the six months, approximately 10,000,000 additional outstanding
shares were added to the capitalization of these 100 stockcs.
General Motors, Chrysler and Hudson were the only motor shares to show
net price advances. Starting the year at 153%, General Motors sustained
the motor group by closing at the mid-year point at 195, increasing in
market value on this rise from $1,239,338,000 to $1,696,500,000. Both
Yellow Truck and Mack Trucks held their same market value at the beginning and end of the period. The remaining eight motor stocks declined
$73,330;000 in market value.
With the exception of Houston Oil, which showed an advance in market
value of $22,748,000, Standard Oil of New Jersey which increased in
value $62,076,000 and Pan American Class B which gained $13,885,000 in
value, stocks in the oil group declined 3180,166,000 in market value.
Capitalization of Standard Oil of New Jersey was increased 3,450,000
shares and Pan American Class B, 595,000 shares.
The most general advance during the half-year was made by the rail
group. Decline in market value of Nickel Plate shares $20,188,000, which
was due to distribution to stockholders of Chesapeake Corporation stock,
was more than offset by the advance of $27,505,000 in Chesapeake & Ohio,
together with advances of $16,932,000 and $8,100,000 in Erie and Pere
Marquette, respectively, reflecting the status of the proposed merger. Discussion of consolidation continues to buoy values of the low-priced rail
shares, while favorable earning reports have contributed increased values to
the larger and stronger units in the rail group.
The group of 45 industrials during the half year made a net gain in
aggregate value of $1,018,407,000. General Electric led with a net gain
of $172,864,000 in market value. Du Pont increased
$149,016,000 and
A. T. Jr T. advanced $144,948,000 during the half-year
period. United
States Steel showed an advance in market value of $37,359,000
between
Dec. 31 and June 30.
316
THE CHRONICLE
[VOL. 125.
Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, July 15 1927.
There has been a fair business in some lines, owing to more
seasonable weather, with high temperatures in the East and
also in some parts of the West. Here in the East there has
been a hot wave of some days duration. That has probably
interfered to some extent with retail business, but in the
main seasonable conditions naturally tend to promote trade
in the long run. The grain markets have declined owing to
better weather and improved crop prospects. The wheat
crop is going to be larger than was at one time supposed.
The warmer weather has benefitted the corn crop, not to
mention other grains. Moreover the export demand for
wheat and rye has been disappointing. At one time Europe
bought both more freely, but it was only a brief spurt.
The crop prospects in Europe have improved somewhat.
Russia however will not be an important exporter this year
judging from present appearances, and the wheat crop in
Argentina and Australia appear to be smaller than that
of last year. The Southwestern movement of spring wheat
in this country has been smaller than expected. Still
prices are some 6 to 7 cents lower for the week with general
liquidation and fewer reports of black rust. Some decline in
corn also reacted unfavorably on prices for wheat. Corn
declined 13/i to 4c. on a better outlook of late. It is believed
that the crop prospects are better than those indicated in
the latest government report which points to 2,274,000,000
bushels, the smallest in about 25 years. For feeding purposes the big crops of hay and feed grains may make up for
a lack of corn, in such States as Illinois, Iowa, Missouri,
Illinois, Indiana and Ohio. The troubles is that much of the
corn area east of the Missouri river was planted after June
1st. It will take very favorable weather to raise a good
corn crop something better than fodder in that section.
But with high temperatures of late the indications, is already stated, are somewhat more promising. The oats crop
will be perhaps 10,000,000 bushels larger than that of last
year and in common with other grain prices oats declined.
Rye has dropped 7 to 8 cents this week partly owing to a disappointing export demand and partly for the reason that the
crop promises to be about 22,000,000 bushels larger than the
last one. All the grain markets were down to-day, corn
falling 3 to 4M cents at one time on heavy liquidation.
Provisions have shown little change during the week.
Hogs have been up to $10.65. It looks as though there
will be a considerable increase in the stocks of lard and
this with the declining prices for corn has dominated the
market. Cotton has advanced some $5 a bale owing largely
to very heavy rains in the Southwest and also in Georgia
as well as persistent reports of the spread of the boll weevil.
There are growing fears that the pest may do considerable
damage, although dry hot weather later on could deal it a
heavy blow as it did last year. The consumption, however
is on an enormous scale. That for June was the largest
ever known for that month and next to the largest of any
month on record; that is 662,630 bales with the high record
touched in March of the present year when it got very close to
700,000 bales. The world's consumption of lint cotton this
season it is surmised, will exceed 16,500,000 gales, something
unapproached in the annals of the cotton business. A
notable incident of the week has been an excited and rapidly
advancing cotton market in Alexandria, Egypt, traceable to
to unfavorable Egyptian crop prospects and to the unfavorable crop accounts in this country and the fear that the
yield of long staple cotton in the Mississippi Valley, with
which Egyptian cotton competes, will be much smaller than
the last one. Liverpool has been very active in the actual
cotton trade and Manchester's business shows signs of
improving with the Far East. Worth Street in this city has
been more active at firmer quotations. A larger business
developed in unfinished cotton goods; in fact the largest
for some time past. The rapid rise in the price of raw material has given the cotton goods market greater confidence,
and the tone to-day was firm at some recent advance in
prices. Finished cottons have also sold more readily and
prices in some cases have advanced Mc. New lines of tropical worsteds were opened for 1928 and prices of the American
Woolen Co. were unchanged to 2% higher with an encouraging business. Broad silks have met with a moderate
demand. In rayon and silk mixtures and all rayon sheer
fabrics the demand has been better. Raw silk was higher,
though trade here was slow. Wool has been steadier, with
firm or higher prices paid at the London sales. It is true
that receipts of domestic wool at Boston have been large
and there is no real activity in this country.
Wholesale trade in general has shown a more hopeful tone,
though actual business has not greatly increased. Iron and
steel have been quiet with an evident downward tendency of
prices. The trade in coal and lumber has been as a rule less
active. The sales, moreover, of furniture and shoes have
been smaller. Less demand has prevailed for automobiles
for the time being. It is a sign of the times that unemployment is rather larger than is usually the case even in midsummer. But at Detroit for an exception the indications
are more encouraging. Employment increased 12,400 over
last week, although it is true there is a decrease compared
with last year of 35,340. In June retail business showed an
improvement over that of May. In July some are hopeful
enough to believe there may be some further increase. The
sales are larger at this time than a year ago in carpets, hardware, machine tools, leaf tobacco, glass ware and groceries,
both wholesale and jobbing. They are holding their own in
many other lines. In leather there is a fair business and
hides are higher. Buying capacity in the agricultural sections has been increased by recent higher prices for grain and
cotton. It is believed that the decrease in the corn crop will
be largely offset by an increase in the average price for the
season. No. 2 yellow corn is selling at 26 cents a bushel
more than a year ago. And cotton, after being very much
lower for many months than at the corresponding date of
1926, is now M to 1 cent higher than a year ago.
Coffee has advanced not only in this country but also in
Brazil and Europe, regardless of the oft-repeated predictions
of lower prices on the eve of a big Brazilian crop. The truth
seems to be that the consumers of this country have been
sailing a little too close to the wind and that operators in the
market have oversold the position, even though the speculation was admittedly small. Sugar has declined somewhat
and one incident of the week was a cutting of prices of refined
sugar in a sharp competition for trade, in a season which has
thus far been rather disappointing. Rubber has been irregular, but, on the whole, shows little rallying power,indicating
that supplies are large enough and that buyers are playing a
waiting game.
Stocks have been irregular but to-day again became active
at rising prices with the loan situation better and General
Motors in the van on a very favorable exhibit for the half
year. The railroad stocks also renewed their popularity
with Atchison up to a new high level and Erie common also
up to an unprecedented peak of 583's. Call money was 4%
and plentiful. The tendency of foreign exchange rates was
upward. Bonds continue to rise, notably the railroad issues
and the general tendency seems to be upward. London was
taking industrial issues on a large scale and the general tone
there was better. In Paris the market was firm. In fact
very generally the world'sfinancial markets are in good shape.
New Bedford, Mass., cotton workers are receiving more
wages in the aggregate than for several years at this season.
The weekly average for the six weeks ended July 2 was
$634,265, against $562,886 for the same period last year
and $618,460 in the same period in 1925. The Connecticut
Mills have about 13,000 spindles in operation at its Alabama
plant and will have the full complement of its 33,000 spindles
in operation by fall. The company may dispose of its Fall
River plant which at the moment is closed
It was 86 deg. here and humid on the 12th inst., 88 at
Chicago, 94 at Cincinnati, 92 at Cleveland and Kansas
City, 80 at Detroit and Pittsburgh, 80 at Minneapolis ,and
84 at Montreal.
It was 91 degrees here on the 13th and hot generally in the
East. It was 96 degrees in Boston, 94 in Baltimore, 90 in
Portland, Me., and 92 in Pittsburgh and Philadelphia.
There were many prostrations. It was 90 in Chicago, 94 in
Cincinnati and Cleveland, 84 in Milwaukee, 76 in Minneapolis and Kansas City, and 68 in Seattle. It continued hot
here on the 14th and again the mercury mounted to 91.
There was only brief relief late on the 14th, followed to-day
by continued hot weather. It was 89 degrees, a drop of only
JULY 16 1927.]
T H ii CHRONICLE
317
2 degrees. Showers were predicted, but with continued
warm weather. It was 94 in Boston yesterday, 80 in Cleveland, 76 in Chicago, 88 in Cineninati, 84 in Kansas City,
70 in Detroit, 72 in Milwaukee, and 82 in St. Paul.
ment factories and in both sheet metal and hardware, and structural and
architectural iron work remained even. There were some reductions in
the iron and steel plants.
Most of the wood products factories were operating at a slightly lower
rate than in May, but the stone, clay and glass group reported no change.
Chicago Tribune Survey Finds Present Period Characterized by Big Business and Modern Profits.
The present period is characterized as one of big business
and moderate profits in the July number of the Chicago
Tribune "Survey" which has just been issued. Although
the unit margins are smaller in most cases, there is said
to be compensation in the large volume of transactions. The
analysis, which, it is stated, is based upon a large number of
barometers, shows underlying conditions to be strong,
particularly in Chicago and the middle west. In making
known the results of the analysis, the statement issued in
the matter adds:
Commerce embraces three general processes-goods are rroduced, they
Increase in Volume of Industrial Productive Activity
Based on Consumption of Electrical Energy.
The last month of the first half of the year found American industry as a whole in an unusually healthy condition.
Based on the consumption of electrical energy by some
2,500 manufacturing plants, using a combined total of approximately 14,000,000,000 kilowatt-hours of energy per annum, the volume of production during June was 8.4% higher
than in June of last year, "Electrical World" says. Activity in June was 3.5% under May, after corrections for the
number of working days are taken into account. The reduced rate of activity as compared with the preceding
month was largely seasonal in character.
The usual seasonal drop in production in industry as a
whole appears to have been greatly minimized in comparison with past years. Some industries, such as the textiles
and lumber industries, which in the past two or three years
have experienced heavy reductions in productive activities
from March to July, are operating close to and even above
the March rate. June production of general industry for
the country as a whole was only 4.4% under March, which
is a comparatively low rate of seasonal decrease when it is
recalled that in 1926 this curtailment of production during
the same period amounted to 13.3% and in 1925 it was fully
7.7%. There seems to be every indication that general production for the summer period will hold up better than in
any similar period since the war.
The two branches of the metal industry during June recorded different tendencies. Rolling mills and iron and
steel mills operated at a rate of 3.1% above that recorded
during June 1926, while the metal fabricating plants, which,
Included both ferrous and non-ferrous metals, operated aV
5.8% under last year, based on consumption of electricity.
Both of these branches of the metal industry, however, decreased their operations during June as compared with May.
The textile plants of the country continued to produce at a
high rate, June activity being 1.5% under May, but still
about 29% over June of last year. Production in the automobile industry during June was about 20.5% under that
of May and 17.2% under June of last year. June production activity in many plants was devoted largely to the
manufacture of parts, it being doubtful whether the actual
production of automobiles was in excess of 80% of the production reported for June of last year.
Industrial activity in June, based on consumption of electrical energy, adjusted to 25% working days (monthly average 1923-25 equals 100), with a comparison, follows:
are moved to where the consumers are, and if all is well they are bought
and paid for by the customers. Continued active business is a question of
thr three keeping in step.
If all three are large, the period is one of rosperity. If reduction is
large, and the others small, there Is over- roduction. If cash exchanges are
large and the others small, it is most likely a period of forced liquidation.
If all three are small, i roverty revalls.
1111
Measured by these objective tests, the times are good, 1926 was a peak
year and yet:
1. Production was higher in May than It was in recent months, and it
has continued steadily above last year.
2. Carloadings by the railroads have been larger in the first half of the
year than ever before, although recent weeks have fallen behind 1926.
3. The amount of checks cleared through the banks evidencing payments
has been steadily ahead of a year ago, the recent months showing the most
gain.
Steel operations have been dropping in recent weeks, and the close of
June found the rate of output for the industry less than the year ago.
However, while the mills in the Pittsburg were turning out only about 65%
of their capacity, the Chicago mills output averaged nearly 80%.
Building the country over is in larger volume than ever, showing a gain
for the first five months of 5%. In the five middle western States the gain
in construction contracts was 22% over a year ago, in Chicago about 18%.
In trade the cream of the business of the early part of the year has been
taken and the period of clearance sales is at hand. Spring business was
uneven, being exceptionally good in March and April, poor with the inclement weather of May, and good again in June. The season of relaxation
is just ahead. Hot weather, vacations, inventory taking, and overhauling
of factories for the fall, will reduce production and trade generally, just as
it always does, but without causing the slightest alarm. With stocks of
merchandise only moderate, and the hand-to-mouth buying policy continuing, there is nothing t present visible that will prevent the coming fall
from being a eriod of very active trade. Business last fall was abnormally
high in the early months, but dropped off recivitately in October and did
not revie till early s ring. We are unlikely to experience either of these
extraordinary fluctuations in the closing half of this year. The present is
not a year of abnormalities. There is no reason for expecting either the
breathless ascent or the consequent toboggan. The prospect is that the
business volume in early fall will be below the same period a year ago, and
in the late fall and winter substantially above last winter.
New York State Food Industries Take On More Workers
With Opening of Canning Season.
The opening of the canning season in June brought a very
good increase in employment in the food industries of New
York State. Reports from 119 food products factories
showed a net increase of 6% from May to June, according
to Industrial Commissioner James A. Hamilton. In summarizing conditions under date of July 12, the Commissioner says:
In the canning industry itself gains were even larger, with several
factories reporting forces more than four times as large RS in May. Other
food industries also reported increased employment. In the bakery
group
the largest gains were among concerns specializing in crackers or
cake.
The general bakeries, especially the smaller shops manufacturing for
local
trade, reported employment even with or only slightly greater than
last.
month. There was also a very considerable increase in employment in
forms making beverages, candy and ice cream. Sugar refineries in and near
New York City were increasing operations.
Employment Generally Even With May.
Considering all the manufacturing industries of the State, said Commissioner Hamilton, there was very little net change in employment during the 30 days from May 15 to June 15. The total number of workers employed by more than 1,600 firms which report regularly to the State Department of Labor was almost as large as in May.
The outstanding decrease for the month was in the manufacture of
paper, where employment continued downward after a drop of 4% from
April to May.
Men's Clothing Factories Busier.
Most of the clothing and textile trades were still reducing their forces.
Manufacturers of men's clothing, however, have begun work on fall orders
and employment in this group of factories advanced enough to offset, numerically, the losses in the other garment and needle trades. There was
also a moderate increase in employment for shoe workers.
Irregularity in the Metals.
The tendency in the metal industries was slightly downward, although
several industries reported gains. Most of the manufacturers of automobiles and automobile parts were reducing operations, a fact which indicates
the close of the season rather than a slump in business. In the machinery
group there was a good deal of irregularity, but, in general, the production of manufacturing machinery was reduced while that of electrical
apparatus and equipment was increased. The heating apparatus group
which reported a slight reduction in employment from April to May
showed even greater losses in June. Railroad equipment and repair shops,
on the other hand, were busier this month. Employment in the instru-
All industrial groups
Metals group
Steel plants and rolling mills
Metal fabricating plants
Leather and its products
Textiles
Lumber
Automotive
Stone, clay and glass
Paper and pulp
Rubber and its products
Chemicals and allied products
Food and kindred products
Shipbuilding
June, 1927.
113.4
105.3
110.0
100.5
85.2
121.4
131.6
98.5
113.3
128.0
108.4
94.6
122.4
131.2
May,1927.
117.8
111.3
117.8
104.8
92.7
123.4
131.4
126.5
125.2
120.0
115.7
107.4
110.4
129.3
June,1926.
104.5
106.8
106.7
106.8
84.9
94.5
106.4
119.2
124.8
99.9
105.0
108.8
96.8
126.2
Bank of Montreal's Crop Report.
In its crop report dated July 14, the Bank of Montreal
thus summarizes the telegraphic reports received at its
head office from its branches;
Ideal growing weather has prevailed in practically every part of the
Dominion during the past week, and crops generally are making excellent
progress. This is particularly the case in the Prairie Provinces, where with
ample moisture available, all grain crops are making rapid growth. The
only untoward features have been some scattered losses from hail in Alberta
and damage from the same cause in several fairly extensive belts of territory in Saskatchewan. In Quebec the outlook for all crops is now favorable,
while in Ontario heavy grain crops are ripening fast, and the gathering of
a large hay crop is in full swing. In the Maritime Provinces all crops are
doing well. In British Columbia continued wet weather has retarded
haying operations and berry picking, but crops are making satisfactory
growth.
A. H. Swayne of General Motors Corporation on the
Business Outlook-Automobile Produclion.
Alfred H. Swayne, Vice-President of General Motors,
sailed July 8 on the S. S. "Olympic" for a business trip to
England, France, Germany, Belgium, Norway, Sweden and
318
THE CHRONICLE
[VOL. 125.
of prosperity from any with which the present generation has been familiar.
We have had no periods of prosperity during which absolutely every business and every individual was doing well; but during these periods in the
past the vast majority has directly felt the impulse and has found it
relatively easy to be prosperous. One can hardly doubt that the present
great volume of activity offers more opportunities than would be present
if the volume were reduced, and in that sense it benefits all. But conditions are manifestly very different, for example, than those of 1916 and
1919, when nearly every one was automatically carried along on the wave
of prosperity. Conditions then were not particularly selective-now they
are decidedly selective.
Although we had a very backward spring, with unfavorable weather in
Causes of Change.
many sections of the country, trade has been in good volume, and most
The primary cause of the change, as we see it, is due to the fact that we
industries have been operating at a pretty satisfactory rate. We have now
were then in a period of rising prices, whereas we are now in a period of
entered the summer period of seasonal quiet, and not much change in the
falling prices. Meantime a vast and rapidly growing volume of capital
level of general business is likely to occur during the next month or two.
presses for an outlet; credit is easy and abundant. These two factors have
The outlook for the latter part of the year will, of course, be affected to
produced an intensity of competition heretofore unknown, and this is
an important degree by the crops and by autumn developments in the buildaggravated by numerous other economic changes which are wiping out old
ing situation, and it is too early to make predictions regarding either of
lines of business, creating new ones, modifying methods of production and
these. For the immediate future, however, no radical change in the gendistribution, and making it necessary that every enterprise adapt itself to
eral business trend seems to be in prospect.
present conditions if it is to continue in business.
Construction activity in the aggregate promises to continue at a high
Manifeslty the man whose business experience was accumulated prior to
level during the summer, at least; labor is pretty fully employed, at high 1920 must now unlearn many of the ideas he then acquired. Methods and
wages; commodity prices, although still somewhat unsettled, have been
practices which "got by" in an era of constantly rising prices will not
showing a lessened tendency to decline; and money continues to be easy.
meet the needs of a period of falling or stationary prices, or abundant
Moreover, inventories have in general been well controlled and appear at
credit
and of fierce competition.
present to be rather low; a condition which has been made possible to a
large extent by the extremely efficient transportation service the railroads
Remits.
are furnishing to industry.
Hence it is that the situation to-day is characterized by an exceptional
On the whole, business is in a sound and fairly well stabilized condition amount of spottiness and cross currents. The advantage is with those conand has been so for a considerable period; and unless the agricultural and cerns which can best adapt themselves to conditions, and for the most
building situations should prove to be distinctly disappointing, there seems part this means those whose capital and skill are sufficient to provide the
to be good reason for expecting the usual seasonal expansion of activity in means of large production or large distribution at low costs. As a result,
the autumn.
in given lines of industry some concerns are doing well, while others are
Automobile production in the United States and Canada by the industry struggling or are dropping out of the race. Meantime the whims of fashion
less
as a whole during the first six months of this year totaled about 10%
or of changing customs are bringing new lines of business to the fore and
than during the corresponding period of 1926, which, however, was the are narrowing the field of old lines for which present-day life involves less
record year in the industry's history. The past six months' output was demand. It is a selective process, unfortunate for many, but apparently
approximately the same as that of the first six months of 1925, totaling inevitable; with adaptation to new conditions as the only apparent remedy.
about 2,000,000 vehicles. General Motors business, in spite of the smaller
volume of the industry, has consistently run much ahead of last year. So
In General,
far as can be judged from present indications, the outlook for the autoWhile there are admittedly some adverse factors in the situation, they
motive industry, and for General Motors, is very favorable.
are outweighed by the favorable tendencies. Credit supply continues ample, inventories in general are apparently within reason, buying power
Cleveland Federal Reserve Bank's Review of Business remains large. We are in the midst of the usual summer slackness, with
no visible evidence of any definite trend which would prevent a normal
Conditions -Seasonal Slowing Up.
revival of activity in the fall.
Denmark. Upon arrival overseas he will be joined by a
group of General Motors executives who will make a study
of business conditions and a survey of the General Motors
export operations in those countries. Subsequently the General Motors party will sail from England to study conditions in South America and look into General Motors operations in those countries. When interviewed on the outlook
for business in this country, Mr. Swayne said in part:
The Federal Reserve Bank of Cleveland reports that "genferal business canditions in the Fourth District have underDecline in Employment and Wages in Pennsylvania
gone the normal early summer slowing-up during the past
and Delaware in May.
month, this condition being a little more marked than usual
The
completion
of the June survey of industrial plants
In some lines. On the whole, business Is still 'good,' although not quite up to last year's levels," says the Bank, in Pennsylvania, made by the Federal Reserve Bank of
Philadelphia, showed a reduction since May of 1.6% in
which in its July 1 "Review" adds:
Mill operations remain high in iron and steel, but have declined rather the number of men employed and a falling off of over 2%
more than seasonally in June. The industry has lately been subjected to in total wage payments. The Bank, under date of July 15,
price weakness. The coal market continues in a state of lethargy, the strike
having had little, if any, effect as yet. Tire manufacturers have reduced
prices on certain classes of small tires; factories are still doing a good
volume of business, but the tendency appears to be slightly downward.
Pronounced weakness in crude rubber prices has recently been manifested.
Building in May was about on a par with last year, and an improvement
Is reported in the lumber trade. Paint manufacturers are doing well.
The clothing industry is quiet; retail trade fell behind May of 1926, and
all reporting wholesale lines showed a decline in sales from last year.
Miscellaneous lines of manufacture in general are experiencing a decline
slightly greater than seasonal.
The crop situation, as in other parts of the United States, is not very
favorable. The contrary weather-an unusually mild season in February
and March, followed by a cold April, excessive rains in May, and persistently
cool weather in June-resulted in frost damage to the early crops, such
as fruit, and in delay in the later plantings, particularly corn. Hay and
pastures, on the other hand, compare very favorably with a year ago.
Clay Herrick of Guardian Trust Co. of Cleveland Finds
Business Volume Large-Seasonal Slackening
Normal-Comparison of Present Conditions With Those of 1916-1919
goes on to say:
Metal manufactures, textile products and chemicals and allied products
were the groups which reported the largest decreases. Food industries
and the construction and contracting group showed considerable gains
over May. Among the industries reporting the largest declines were
automobiles and automobile bodies and parts, car construction and repair.
and petroleum refining. Although there was a general slowing down,some
Industries showed marked gains over May, among these being electrical
machinery and apparatus, and iron and steel forgings.
The special report on the number of man-hours worked showed a decrease
of 3.1% over the previous month. Figures for this compilation, however.
were furnished by only about half of the total number of reporting firms.
Delaware as a whole also showed a decrease in both employment and
wage payments owing chiefly to heavy declines In foundries and other
metal plants, for food industries, chemicals, drugs and paints, and leather
tanned and products showed gains.
City areas followed the downward trend, with only a few showing increases. The Philadelphia area showed decreases of 1.9% in employment
and 4.4% in wage payments.
The compilations follow:
EMPLOYMENT AND WAGES IN CITY AREAS.
(Complied by Department of Statistics and Research of the Federal Reserve Bank
of Philadelphia.)
Writing under date of June 30, Clay Herrick, Vice-PresiIncrease or Decrease
Number
June 1927 over May 1927
of
dent of the Guardian Trust Co. of Cleveland, comments as
Average
Total
EmployPlant:
Wages.
Wages.
Areasmeal.
Reporting.
follows on general business conditions:
+3.2%
+3.3%
-0.2%
79
The current volume of business, as indicated by returns for May and for Allentown-Bethlehem-Easton
-1.4
+1.3
Altoona
+2.8
14
the first three weeks of June, continues large. It shows the seasonal Erie
+0.7
+2.2
+1.5
14
+4.0
+0.1
36
slackening which is normal for the time of year, and in a few lines perhaps Harrisburg
+2.2
+1.6
21
a little more than normal, but as a whole indicates no trend different from Hazleton Pottsville
+2.2
4.0.4
13
-1.8
Johnstown
that of a month ago. Continued cross currents give occasion for satisfac- Lancaster
-0.2
-0.0
31
+0.4
-1.8
-1.0
tion in some quarters and for disappointment in others. The railroads are blew Castle
+0.8
10
-4.4
-2.5
-1.9
263
prosperous, building construction continues in surprisingly large amount, Philadelphia
-0.3
+0.3
Pittsburgh
100
-0.3
equipment,
tobacco
electrical
the outlook is reported good in chemicals,
96
-3.1
-7.8
-4.9
Reading-Lebanon
products, light and power companies and several other lines. Retail trade, Scranton
-0.3
+3.4
36
-11.0
-1.8
while spotty, is reported good for the country as a whole. The apparel Sunbury
-9.3
27
-1.5
-1.9
-0.4
21
trades, leather and shoes, machinery, coal, fertilizers and others report less Wilkes-Barre
-1.1
+1.2
-2.3
22
hopeful outlooks. The automobile business is running well under last year Williamsport
-4.9
+2.1
Wilmington
-2.9
31
and just at present is awaiting announcements of new models. Petroleum York
+2.0
-0.6
+1.4
46
industries still suffer from overproduction. Industrial employment is estimated at about 21,1% less than at this time last year. Aggregate purEMPLOYMENT AND WAGES IN DELAWARE.
chasing power continues large.
(Compiled by Federal Reserve Bank of Philadelphia.)
-Increase or DecreaseNumber
Prosperity-New Kind.
June 1927 over May 1927
of
Average
Total
Plants EmployWhile general measures of business like bank debits, railway traffic,
IndustryWages.
Wages.
Reporting. men,.
electric power consumption, iron and steel production, building construc-1.4%
-4.0%
-2.6%
30
tion, etc., indicate a total volume which is interpreted as showing pros- All industries
-1.8
Foundries and machinery products
5
-5.5
-7.2
perity for the country as a whole, there are numerous enterprises and Other metal manufactures
-1.5
5
-5.3
-6.7
-0.8
+7.0
Individuals who find conditions unsatisfactory and wonder where their Food Industries
+6.0
3
+1.7
+1.2
3
Chemicals,
+3.0
drugs
and
paints
share of prosperity may be. Among them the question is again raised as
-0.9
3
+1.4
Leather tanned and products
+0.5
to what constitutes prosperity, and it is suggested that a revised defini- Printing and publishing
-3.3
-2.8
4
+0.5
-0.6
tion may be called for. At any rate what we now have is a different kind Miscellaneous industries
7
-2.0
-2.6
JULY
16 1927.]
UTE CHRONICLE
MAN-HOURS AND AVERAGE HOURLY WAGES IN PENNSYLVANIA'
Compiled by the Federal Reserve Bank of Philadelphia and the Department 01
Labor and Industry, Commonwealth of Pennsylvania].
Increase or Decrease
June 1927 over May 1927.
No.
Average
of
Total
Hourly
Plants
ManRates.
Reporting
Hours.
Group and Industry-3.1%
-0.5%
465
All industries (41)
-0.3
203
-3.3
Metal manufactures
-25.7
15
Automobiles, bodies and parts
-2.8
+1.5
12
Car construction and repair
+2.3
+17.4
14
Electrical machinery and apparatus
+0.2
-0.9
31
Engines, machines and machine tools
+0.8
-1.8
43
Foundries and machine shops
+0.5
-0.1
6
Heating appliances and apparatus
9
+0.1
Iron and steel blast furnaces
+10.5
+40.4
6
Iron and steel forgings
-3.3
23
-0.3
Steel works and rolling mills
11
0.0
+4.2
Structural iron works
-1.6
+1.9
17
Miscellaneous iron and steel products
+1.1
3
Shipbuilding
+1.5
-3.7
6
Hardware
7
0.0
+3.2
Non-ferrous metals
72
Textile products
-1.6
6
-5.5
Carpets and rugs
-2.9
-4.1
8
Clothing
-0.4
11
+0.4
Cotton goods
-11.2
22
+2.8
Silk goods
--1.1
-6.6
8
Woolens and worsteds
--9.5
-5.1
12
Knit goods and hosiery
5
--6.8
+2.2
Dyeing and finishing textiles
46
-2.2
+8.3
Foods and tobacco
-1.3
+3.4
18
Bakeries
12
+16.8
Confectionery and ice cream
-2.9
9
+2.8
Slaughtering and meat packing
7
-2.1
+6.0
Cigars and tobacco
35
+0.5
-1.6
Building materials
+1.8
15
-1.6
Brick, tile and terra cotta products
7
+0.9
+4.9
Cement
13
+0:5
-8.7
Glass
+5.2
+12.9
31
Construction and contracting
+0.5
+5.5
17
Buildings
+5.3
+14.2
4
Street and highway
10
+12.7
+16.7
General
+4.2
17
-0.6
Chemicals and allied products
11
1.2
+4.0
Chemicals and drugs
0.0
6
+4.4
Paints and varnishes
+1.9
-2.3
92
Miscellaneous industries
18
+4.4
+2.6
Lumber and planing mill products
16
+3.0
+10.8
Furniture
9
-0.7
+0.1
Leather tanning
-0.0
4
+2.0
Leather products
-25.3
9
-0.3
Boots and shoes
-2.7
11
+1.9
Paper and pulp products
-1.7
+1.4
22
Printing and publishing
-2.9
3
+2.3
Rubber tires and goods
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
Compiled by the Federal Reserve Bank of Philadelphia and the Department of
Labor and Industry, Commonwealth of Pennsylvania.]
Increase or Decrease.
No.
June 1927 over May 1927.
Plants EmployTotal
Average
Reporting.
?runt.
Wages.
Group and IndustryWages.
-1.6%
-2.3%
855
-0.7%
All industries (46)
-2.5
-3.7
-1.3
282
Metal manufactures:
-24.3
19 --16.2
-9.7
Automobiles, bodies and parts
-10.0
-4.9
Car construction and repair
18
-5.3
+18.2
+24.6
Electrical machinery and apparatus__- 19
+0.2
-0.4
Engines, machines and machine tools.__ 39
-0.6
-1.1
-1.7
Foundries and machine shops
54
-0.6
+0.2
Heating appliances and apparatus
15
-0.4
-0.6
Iron and steel blast furnaces
-8.4
-8.6
-0.3
11
Iron and steel forgings
10
+17.9
+3.9
+13.5
Steel works and rolling mills
-2.9
-1.0
35
-1.8
Structural iron works
+4.8
-1.1
17
+6.0
Miscellaneous iron and steel products.-- 25
+3.1
+4.7
Shipbuilding
3
-4.1
-8.0
+4.2
Hardware
s -0.3
-1.3
-1.7
Non-ferrous metals
9
+2.0
+2.5
+0.5
Textile products:
-2.7
172
-3.8
-1.2
Carpets and rugs
10
-4.8
-7.9
-3.3
32
Clothing
+2.8
+5.6
+2.8
Hats, felt and other
6
-1.7
+8.8
+10.7
15
Cotton goods
-1.2
-0.7
+0.3
Silk goods
42
-5.6
-7.3
-1.7
14
Woolens and worsteds
-0.3
-0.8
-0.6
.Knit goods and hosiery
43
-2.3
-7.4
-5.2
Dyeing and finishing textiles
10
-2.0
-4.3
-2.3
Foods and tobacco:
107
+2.9
+1.4
+4.4
Bakeries
31
+2.1
+2.1
+0.0
Confectionery and ice cream
23
+2.3
+7.1
+4.6
Slaughtering and meat packing
14
+3.3
+0.5
-2.7
Cigars and tobacco
39
+3.4
+5.7
+2.2
Building materials:
68
-0.7
+0.3
+1.0
Brick, tile and terra cotta products
27
+0.7
+2.0
+1.3
Cement
14
+0.7
+5.5
+4.8
Pottery
24
-3.4
-6.7
-3.4
Glass
3
+6.3
+4.5
-1.7
Construction and contracting:
36
+15.0
+18.9
+3.4
Buildings
19
+6.7
+8.3
-0.3
Street and highway
4
+21.1
+20.1
-0.8
General
13
+16.2
+28.7
+11.6
Chemicals and allied products:
39
-9.7
-6.2
+4.0
Chemicals and drugs
22
-0.3
-0.5
-0.2
Explosives
3
-2.4
+6.5
+0.2
Paints and varnishes
9 -3.2
+3.5
+6.9
Petroleum refining
5 -13.4
-9.6
+4.4
Miscellaneous industries:
151
+0.3
-0.1
-0.5
planing
mill
products
Lumber and
25
+3.3
+4.5
+1.2
21
Furniture
+8.6
+8.7
+0.2
Leather tanning
17
+0.2
+0.6
+0.4
7
Leather products
-8.7
-4.6
+4.4
Boots and shoes
22
-6.5
-10.1
-3.9
Paper and pulp products
18
0.0
-1.6
-1.6
Printing and publishing
35
+2.4
+0.6
-1.8
Rubber tires and goods
a -0.3
-0.7
-0.4
Novelties and jewelry
+0.1
3
+0.7
+0.6
Loading of Railroad Revenue Freight Still Above One
Million Cars Per Week, But a Little
Below a Year Ago.
For the twelfth week this year, loading of revenue freight
exceeded the million mark for the week ended on July 2,
according to reports filed on July 12 by the carriers with the
Car Service Division of the American Railway Association.
The total for the week was 1,021,262 cars, which was an
increase of 3,056 cars over the preceding week, increases
being reported in the loading of all commodities except coal,
live stock and coke. Compared with the corresponding
week last year, the total for the week of July 2 was a decrease
of 44,379 cars, but was an increase of 155,063 cars over the
-319-
corresponding week in 1925, which included a holiday.
Further particulars follow:
Miscellaneous freight loading for the week of July 2 totaled 401,455 cars,
an increase of 2,417 cars over the corresponding week last year and 76,196
cars over the same week in 1925.
Loading of merchandise and less than carload lot freight for the week
totaled 260,579 cars, a decrease of 1,279 cars under the same week last
year but 35,559 cars above the corresponding week two years ago.
Coal loading amounted to 145,000 cars. This was a decrease of 27.385
cars under the same week last year, but an increase of 9,645 cars compared
with the same period two years ago.
Grain and grain products loading totaled 44,133 cars, a decrease of 6,681
cars under the same week in 1926 but 10,179 cars above the same period
in 1925. In the western districts alone, grain and grain products loading
totaled 31.211 cars a decrease of 5,537 cars below the same week last year.
Live stock loading amounted to 26,260 cars, a decrease of 70 cars under
the same week last year but 2,046 cars above the same week in 1926. In
the western districts alone,live stock loading totaled 19,815 cars,a decrease
of 287 cars under the same week last year.
Forest products loading totaled 67,642 cars, 3,054 cars below the same
week last year but 8,880 cars above the same week in 1925.
Ore loading totaled 66,197 cars, 6,707 cars below the same week in 1926
but 11,070 cars above the corresponding period two years ago.
Coke loading amounted to 9,996 cars, a decrease of 1,620 cars under the
same week in 1926 but 1,488 cars above the same period in 1925.
All districts reported decreases in the total loading of all commodities
compared with the corresponding period in 1926 except the Southern, but
all reported increases compared with the corresponding period in 1925.
Loading of revenue freight this year compared with the two previous
years follows:
1926.
1927.
1925.
4.428,256
4,524,749
4,456,949
Five weeks in Samuel"'
3.677,332
3,823.931
3,623.047
Four weeks in February
3,877.397
4.016,395
3.702,413
Four weeks in March
4,791,006
4,890,749
4,710.902
Five weeks in April
4.096,742
4,145,820
3.869,30
Four weeks in May
3.974,160
4,089,340
3.965.872
Four weeks in June
1.065,641
866,199
1,021,262
Week of July 2nd
Total
26.347,988 26,074.792 25,194,689
Volume of Business in Minneapolis Federal
Reserve District About Same as Year Ago.
The preliminary summary of agricultural and financial
conditions issued by the Federal Reserve Bank of Minneapolis on July 15 says:
The June volume of business in this district was about the same as the
June
June volume a year ago. Debits to individual accounts at 17 reporting
cities were 2% smaller than last year, although this year's volume was
larger at Billings, Duluth,Fargo, La Crosse, Minot, Red Wing and Winona.
Total carloadings in the northwestern district for the four weeks ending
June 25 were prctically the same as in the corresponding weeks last
year. Carloadings of ore, forest products and livestock were smaller
in the four week period this year than last, while the movement o; merchandise, grains, and coal was larger. Shipments of flour in June were
smaller than in the corresponding month last year, but shipments of
linseed products were larger.
As compared with May, the volume of business in June was 2% larger.
Shipments of flour and linseed products and receipts of livestock and grain
from our territory all increased. Building permits at 15 reporting cities
were 17% smaller in June than in the same month last year and were
slightly smaller than in May of this year.
Business conditions in the rural portions of this district continued to
be mixed, Debits to individual accounts in thew heat belt cities and
Sioux Falls during Juno were smaller than in June a year ago, but the
Mississippi Valley cities reported the largest volume of check transactions
which has occurred in any June since our records began in 1923. The
cash value of June marketings of wheat, rye, barley and potatoes was
9% smaller than the value of marketings in June last year. Farm product
prices showed about as many Increases as decreases. Bread wheat, Hal,
hogs, lambs, hens and eggs sold at lower prices during June than a year
ago, while durum wheat, rye, oats, barley, potatoes, butcher steers,
butter and milk sold at higher prices. The price of butcher steers was.
the highest since 1920, and the price of hogs was the lowest since 1924.
Lumber Orders Equal to Those of One Year Ago.
While reports received by the National Lumber Manufacturers Association from 336 softwood, and 131 hardwood,
lumber mills show the lumber industry in characteristie
seasonal letdown, there is encouragement in the fact that
new business taken last week is equal to that of the eorrAZ
sponding week in 1926. Almost invariably the order file,
week for week, has been less in 1927 than in 1926. It is
true that the actual reports show a considerable decrease;
but when weighted for mills that are discontinuing reporting,
the conclusion is reached that the order file is as large as a
year ago. Similarly, shipments were about the same, while
there is a slight decrease in production.
Taking hardwood mills by themselves, however, it appears
that that branch of the lumber industry has experienced
considerable curtailment, as compared with a year ago,
in all three factors. Orders and shipments, and especially
production, were ahead of the preceding week, adds the
Association's report, from which we quote as follows:
Unfilled Orders Increase.
The unfilled orders of 203 Southern Pine and West Coast mills at the
end
of last week amounted to 550,562.769 feet, as against
527,198,305 feet
for 191 mills the previous week. The 108 identical
Southern Pine mill
in the group showed unfilled orders of 230,376,912 feet
last week, as against
233.987,512 feet for the week before. For the 95 West Coast mills the
unfilled orders were 320,185,857 feet, as against
293,210,793 feet for
83 mills a week earlier.
Altogether the 320 comparably reporting softwood mills had
shipments
100%, and orders 109% of actual pro,,,,clion. For the Southern
Pine
320
THE CHRONICLE
mills these percentages were respectively 92 and 85; and for the West Coast
mIlls 121 and 147.
Of the reporting mills, the 295 with an established normal production
for the week of 205,065,370 feet, gave actual production 71%, shipments,
71%, and orders, 78% thereof.
The following table compares the lumber movement, as reflected by
the reporting mills of seven softwood, and two hardwood, regional associations, for the three weeks indicated; 000's omitted:
Past Week
Corresponding
Week 1926
Preceding Week
1927 (Revised)
Softwood Hardwood Softwood Hardwood Softwood Hardwood
*Mills
320
156,370
156,594
169,825
131
14,772
13,873
11,727
86
142
347
290
11,101
183,211
19,658 180.889
11,624
18,311 186,686
180,781,
Orders
10,948
194,085
20,200 180,894
•Fewer West Coast mills are reporting this year; to make allowance for this
add 17,000,000 to production, 21,000,000 to shipments and 25,000,000 to orders
in comparing softwood with last year.
Production
Shipments
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY BY
MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS' ASSOCIATION FOR MAY 1927 AND MAY 1926.
May 1927.
Association.
The Northern Pine Manufacturers' Association of Minneapolts, Mimi.,
with one.more mill reporting, shows production about the same, a slight
decrease in shipments and a heavy decrease in orders.
The Northern Hemlock and Hardwood Manufacturers' Association of
Oshkosh, Wis. (in its softwood production), with six more mills reporting,
shows some increase in production and substantial increases in shipments
and new business.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers' Association of
Oshkosh. Wis., reported from fifteen mills (six more than reported for the
week earlier) production and shipments about the same and new business
somewhat in advance of that reported for the previous week.
The Hardwood Manufacturers' Institute of Memphis, Tenn., reported
from 116 mills (39 more mills than reported for the week before) marked
increases in production and shipments and new business about the same as
that reported for the preceding week. The normal production of these units
is 19,488,000.
West Coast Lumbermen's Association Weekly Report.
Eighty-three mills reporting to the West Coast Lumbermen's Association for the week ended July 2 manufactured 70,432,990 feet, sold 71,428,962 feet and shipped 78.058,166 feet. New business was 995,972 feet more than production and shipments 7,625,176 feet more than production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
June 18.
Week EndedJune 11.
June 25.
July 2.
72
72
70
Number of mills reporting
83
76,2(9,005
Production (feet)
76,043,487
72,578,949
70,432,990
71,515,998
New business (feet)
78,434.732
78,864,499
71,428,962
78,678,919
Shipments (feet)
87,213,374
80,774,947
78,058,166
Unshipped balances:
Rail (feet)
97,831,276
99,134,548
105,395,315 101,260,416
Domestic cargo (feet)-. 102,123,192
98,645,948 107,168,212 121,815,943
79,351,238
Exports (feet)
72,821,862
74.981,242
85,692,286
Total (feet)
293,210,793 274,887,606 284,350,726 293.772,353
First 26 Weeks of1924.
1925.
1926.
1927.
Average number of mills_
118
126
105
78
Production ((eet)
1,899,309,280 2,713,668,350 2,639.933,560 2.505,432,885
New business(feet)
2.001,971,449 2,842,947,400 2,714,947,667 2,391,008,877
Shipments (feet)
1,980,367,172 2,803,895,797 2,742,949,155 2,607,984,295
Production and Shipments of Lumber During Month
of May.
The "National Lumber Bulletin," published monthly by
the National Lumber Mannfacturers Association of Washington, D. 0., and Chicago, Ill., on July 7 1927 released the
following data on the production and shipments of lumber
during the month of May 1927 as compared with May 1926:
Shipments.
Production.
Mills.
Softwds.
Hardwds. Softwds. Hardwds
California Redwood
16
California White dc Sugar Pine Mfrs_
19
Florida Dense Long Leaf Pine Mfrs_
6
North Carolina Pine
47
North. Hemlock & Hardwd. Mfrs
37
Northern Pine Mfrs
8
Southern Cypress Mfrs
5
Southern Pine
132
West Coast Lumbermen's
72
Western Pine Mfrs
37
Lower Michigan Manufacturers_
13
Individual reports
25
Total
Because of considerably smaller number of West Coast mills making
statistical reports this year, cumulative figures comparing production,
shipments and orders for 1927 and 1926 are discontinued.
The mills of the California White and Sugar Pine Association make
weekly reports, but not being comparable, are not included in the fore
Association.
going tables. Sixteen of these mills, representing 48% of the cut of th
California pine region, gave their production for the week as 18,298,000
shipments 13.675,000 and new business 12,553.000.
California Redwood
California White & Sugar Pine Mfrs_
West Coast Movement.
Florida Dense Long Leaf Pine Mfrs_
The West Coast Lumbermen's Association wires from Seattle that new North Carolina Pine
business for the 95 mills reporting for the week ended July 9 was 47% above North. Hemlock & Hardwd. Mfrs
production, and shipments 21%'above production. Of all new business Northern Pine Mfrs
Southern
Mfrs
taken during the week, 51% was for future water delivery, amounting to Southern Cypress
Pine
38,762,400 feet. of which 27,162.893 feet was for domestic cargo delivery West Coast Lumbermen's
and 11,599,507 feet expert. New business by rail amounted to 33,718.673 Western Pine Mfrs
Lower Michigan Manufacturers__ _
feet, or 44% of the week's new business. Fifty-five per cent of the week's Individual
reports
shipments moved by sqater, amounting to 34,411,733 feet, of which 28,340,Total
099 feet moved coastAirse and intercoastal, and 6,071,634 feet export. Rail
shipments totaled 24,840,988 feet. cr 39% of the week's shipments, and
* Includes softwoods.
local deliveries 3.553.964 feet. Unshipped domestic cargo orders totaled
Weeks ending May 29 1926.
107.949,456 feet, foreign 94,209,485 feet and rail trade 117,936,916 feet.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 108
mills reporting, shipments were 8.15% below production and orders were
14.54% below production and 6.96% below shipments. New business taken
during the week amounted to 48,278.880 feet (previous week 56,180,936);
shipments. 51,889,480 feet (previous week 56,180.936), and production,
56,492,146 feet (previous week 58,779,406). The normal production of
these mills is 73,367,404 feet. Of the 107 mills reporting running time.
19 operated full time, 13 of the latter overtime. Five mills were shut down.
and the rest operated from three to five and one-half days.
The Western Pine Manufacturers' Association of Portland, Ore., with
six more mills reporting, shows production about the same and shipments
and new business considerably less than that reported for the week earlier.
The California Redwood Association of San Francisco, Calif., reports a
heavy decrease in production, a 50% decrease in shipments and a material
decrease in orders. (There was no production reported from seven mills.)
The North Carolina Pine Association of Norfolk, Va., with eight more
mills reporting,shows a notable increase in production,shipments about the
same and a good gain in new business.
[VOL. 125.
417
M ft.
MP.
37,094
108,637
9,768
29,149
16.931
34,818
6,786
309,335
299,804
140,985
28,691
350
*9,906
10,652
38,455
M ft.
MIS.
25,844
46,917
101,833
8,491
29,581
23,084
36,172
7,155
323,875
308,767
128,276
2,312
*10,656
14,757
49.599 1.031,760
38,302
53,369 1,052,453
May 1926.
Production.
Shipments.
Mills.
Hardwds
Softwds. Hardwds. SoftwriZ
M ft.
M ft.
15
19
4
51
43
10
8
161
95
42
13
29
490
41,499
1,243
8.491
13,938
M ft.
40,353
117,174
2,701
56,814
17.712
35,246
7,864
364,218
5536,864
155,859
1,878
27,899
65,171 1,364.577
25,863
1,437
7,143
15,509
ff.
39,168
101,943
2,474
47,648
21,892
39,166
7,261
379,110
z574,053
127,122
2,858
30,511
49.952 1,373,206
Total production May 1927, 1,081,359 M ft.
Total production May 1926, 1,429,748 M ft.
Total shipments May 1927, 1,105,822 M ft.
Total shipments May 1926, 1,423.158 M ft.
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY STATES
BY MEMBER ASSOCIATIONS.
Mills.
Alabama
Arkansas
California
Florida
Georgia
Idaho
Louisiana
Michigan
Minnesota
Mississippi
Montana
North Carolina
Oklahoma
Oregon
South Carolina
Texas
Virginia
Washington
Wisconsin
Others •
Total
May 1927
Production, Shipments.
MIS.
M ft.
13
16
29
11
6
14
36
21
4
31
25,196
34,989
123,361
25,178
2,910
50,021
66,056
21,147
21,317
93,996
6
24,003
13
3
38
12
34
15
56
30
29
_
417
4,548
7,870
169,747
4,785
73,787
16,070
215,912
34,463
66,003
22,752
4,163
46,768
72,356
22,582
25,872
102,027
22,805
5,348
7,296
162,124
5,620
75,069
13,830
225,516
37,789
65,804
1,081,359
1,105,822
26,821
36,131
125,549
* Includes mostly individual reports, not distributed.
Registration of Automobile Bills of Sale in OhioData Compiled by Bureau of Business Research.
The Bureau of Business Research of the Ohio State University presents in its June "Bulletin" data which it has
collected on the sales of automobiles in Ohio, as indicated
by the registrations of new automobile bills of sale. The
Bureau finds that the bill of sale registrations data are
much more reliable and much more complete than the registrations of licenses. An Ohio law requires the registration
or filing of the bill of sale before a license can be granted.
The Bureau makes available the 1926 and 1927 record of bill
of sale registrations In four of the most populous counties
of Ohio, representing over one-third of the population of
the State and it also makes available a 1927 record for a
fifth county. These five counties bring the percentage representation to something over 40. We reproduce from the
"Bulletin" the following:
The reports from fifty-five clerks of courts of Ohio counties covering
registrations of new automobile bills of sale in May show registrations of
19,974 passenger car bills and 1,674 commercial car bills. This represents
a decrease of 7.2% from April in passenger car bills and a decline of
6.1% in commercial car bills. This is about the normal seasonal change,
April as a rule being the peak month in automobile sales.
The index of new passenger automobile sales in Ohio, based on registration of bills of sales in four large Ohio counties, shows a decrease from
April of 3.7%. The May-to-May decrease amounts to 13.7%.
It has been found through experience with automobile dealers that while
they have a certain interest in the sales by makes according to competi.
tive groups, their chief interest is in the data showing sales of particular
makes. The dealer who is handling a particular car is interested in corn.
paring his own sales with the total sales of his make and with the totid
sales of other makes which are in his competitive field. Consequently, in
co-operation with the Ohio Council of the National Automobile Dealers
Association, it has been decided to show in the "Bulletin" each month the
total registrations of new passenger car bills of sale for the tour large
counties of Ohio, for which camparable data are available.
eh.TEY
THE CHRONICLE
16 1927.]
OF SALE IN THE
TABLE IV-REGISTRATION OF AUTOMOBILE BILLS
FIVE LARGEST COUNTIES OF OHIO.
Association
Dealers'
Automobile
National
Council,
Ohio
with
In Co-operation
County.
Cuyahoga-Group I
II
III
IV
Total
Group I
Lucas
II
III
IV
Total
Hamilton Group I
II
III
IV
Total
Group I
Summit
II
III
IV
Total
Four Counties-Group I
II
III
IV
Total
Group 1
Franklin
II
III
IV
Total
Five Counties-Group I
II
III
IV
meal
May
1927.
1,731
876
1,869
273
4,549
740
145
349
59
1,292
715
312
536
79
1.842
716
214
381
51
1.382
3,902
1.347
3,135
462
8,846
670
'221
309
57
1,257
4,572
1,568
3,444
519
Changefern
Changefein
Jan.-May Jan.-May
May
1926.
1927.
1926.
-28.1%
-22.7
+2.0
-5.9
-14.8
+10.4
-25.3
-26.9
-4.8
-8.0
-24.6
-3.4
+3.7
-7.1
-12.3
-20.3
-13.7
-13.2
8,331
2,654
6,145
928
16,058
2,328
581
1,481
231
4,619
3,541
1,181
1,814
316
6,852
2,608
779
1,272
146
4,805
14,806
5,195
10,712
1,821
32,334
2,595
1,002
1,185
224
5,006
17,401
6,197
11,897
1,845
37.340
-25.2%
-4.4
-.9
+5.6
-12.3
-3.4
-12.6
-9.8
+7.9
-8.3
-6.3
+2.3
-9.4
-3.1
-5.6
-13.6
+8.6
-3.1
+1.4
-7.4
-16.1
-2.5
-4.5
+3.4
-9.8
-40.9
-31.6
321
in bringing about the extension of the co-operative marketing
system in the interest of cattle raisers. The Rapid City
correspondent of the New York "Herald Tribune" says:
The visitors had no specific plan to offer, but indicated that assistance
in organizing the cattlemen into a comprehensive co-operative association
strong enough to meet the packers on an even footing" would be acceptable.
It was the second group of the kind to come to the summer capital and lay
its problems before the President with a request for help. The other was a
delegation of North Dakota farmers who visited him yesterday, expressing
disapproval of the McNary-IIaugen farm relief plan and naming cheaper
transportation as their primary need and to that end urging the Great Lakes-St. Lawrence canal project.
•-.14
;ZabilIbb:•102,:0,,Ii.J;A0t4b02C0
President Questions Callers.
In the delegation to-day were Paul E. Martin, president, and three
directors of the Western Stock Marketing Association, including E. W.
Martin, a former Representative in Congress from South Dakota. They
were with the President more than a half hour. He listened attentively
to their complaints and asked many questions.
Seventy-five per cent, of the stock-men in the grass country, taking in
part of Nebraska, South Dakota, Wyoming, Montana, Colorado, Utah and
-16.8
Idaho, have "gone bankrupt" since the war, Mr. Martin said, and cattle
-19.7
were gradually disappearing from the ranges.
-17.9
The stockmen hereabouts ship their cattle at their own expense to Omaha
-4.0
-5.5
packers and, with the feed bill mounting fast enough to "eat up the cost of
-13.7
the cattle in a week," the stockmen have the choice, Mr. Coolidge was told,
-27.6
of taking what they are offered for their stock or incurring the additional
-42.9
again.
expense and injury to the cattle of shipping them back home
"I used to be able to get $63.50, dressed weight, from the local butcher
office.
executive
the
leaving
on a cow," Mr. Martin explained as he was
to
"Now I get $30 for a cow at Omaha and I pay the freight, which comes
D. costa the
about $7. A hide that we get a dollar for in Hot Springs, S.
tanneries controlled
local harnessmaker $28 when it comes hack from the
in cattle buying
10.103
by the packers. The trouble is that there is no competition
are at the mercy of the packers."
stockmen
and
PASSENGER
OF
MAKES
corin
TABLE V1-SALES RANKING OF LEADING
To the extent that Eastern capital is "heavily interested" packing
S IN FOUR OHIO
CARS BASED ON BILL OF SALE REGISTRATIONAND
of
SUMMIT).
porations, the stockmen consider that their interests conflict with those
COUNTIES (CUYAHOGA, HAMILTON, LUCAS
the East.
some
was
President
the
told
What the stockmen wanted, the delegation
Percentage of Total Bills of Sale Registration.
to come to them instead of their going to the
Make of Car.
Jan.-May thing to force the packers
May
April
by collective barMay
packers. This they thought could be accomplished only
1927.
1926.
1927.
1927.
them get organized,
gaining. They felt that the government ought to help
but left it
ranches;
their
restock
14.9
22.7
24.3
owing to their crippled condition, and help
Chevrolet
29.2
11.3
12.5
Ford
the President to work out the procedure. They were not strong for the
to
6.3
7.2
6.5
Buick
McNary-Haugen plan of relief--stockmen were left out of that bill at their
2.5
5.1
6.4
Whippet
3.2
6.1
own request-but Mr. Martin did not see why the government could not
6.1
Chrysler
to
5.0
6.7
5.2
help stockmen sell cattle surpluses abroad. The nearest they came
Essex
1.6
4.4
4.7
Pontiac
specific was in asking whether the government could establish a bubeing
4.1
5.7
4.6
Nash
reau to handle the problem of organization.
3.1
3.2
3.4
WIllys-Knight
7.3
2.1
2.9
Forced liquidation of cattlemen's debts after the post-war deflation was
Dodge
2.5
3.0
2.7
blamed for much of their troubles. They felt that "governmental influence
Studebaker
2.2
2.3
2.2
Hudson
through the Federal Reserve System" was an instrument in this liquidation
1.4
2.1
1.8
in
Chandler
2.1
which compelled the stockmen they said, to sell at a loss and resulted
2.2
1.8
Oldsmobile
1.2
1.5
1.6
an extra profit to packers of $1,000,000 a day.
'Womb'le
Find Situation Clearing Up.
ranchers
The situation begins to show signs of clearing up,they said, but
Sales of Standard Cotton Textiles in First Half of 1927
government
are too weak financially to organize their forces. In that the
1926
of
Period
Same
in
to
than
contributed
Greater
through the Federal Reserve System, in their opinion, had
obligation to help
June Figures.
their light, they considered that the government had an
them out of it.
to know
Sales of standard cotton textiles during the first six
They were favorably impressed with the President. "He seemed
months of 1927 were 40.8% greater in volume than during fully as much as we do about the situation," Mr. Martin said. "I'm sure
six months of 1926, according to yardage reports he'll try to do something to help us."
the first
compiled by the Association of Cotton Textile Merchants
of New York Vote to
of New York. Under date of July 10 the association says: Members of Rubber Exchange
in Trading.
-Increase
larger
163.4%
40%
s
was
year
Commission
this
30
June
Reduce
on
orders
The volume of unfilled
than a year ago and 48.1% greater than at the beginning of the year.
y 40% was
approximatel
of
commissions
in
reduction
A
Stocks on hand on June 30 this year were 39.6% lower than they were on
Exchange
Rubber
the
of
members
by
12
approved on July
the same date last year and 24.1% lower than on Jan. 1 1927.
Mill reports for June show that it was the first month this year during of New York, who voted to amend the by-laws at a special
which sales failed to equal production. Production during the month was
meeting held after the Exchange closed. The new rates of
23.7% larger than in June 1926, while sales increased 4%. Sales during
commission, which will mean a saving of hundreds of thouthe month represented 64.1% of production.
That cotton goods are moving steadily into channels of consumption is sands of dollars annually to rubber manufacturers who
indicated by reports that during June shipments were 96.5% of producthrough the Exchange, went into
tion. It is pointed out in this connection that the summer months have hedge their purchases
and
almost without exception been periods of slack business, but this summer effect immediately. The meeting was largely attended,
the industry is entering this season with the largest unfilled yardage at the suggestion of President F. R. Henderson the proshown for many years; the cotton to fill these orders has been purchased;
by members before a vote
mills are only buying for new orders, and as their equipment is employed posed new rates were discussed
purchasing
ahead,
of
is
weeks
this
of members who opposed
crop
seven
some
number
for
average
a
were
on the
was taken. There
likely to be rather light.
Mr. Henderson said
time.
this
at
made
being
th
reductions
Sales of standard cotton cloth during the first half of 1927 amounted to
lowered commisthe
felt
that
Managers
of
the
Board
that
1,703,401,000 yards, or 114.5% of production, which was 1,487,387,000
yards. During the first half of 1926 sales aggregated 1,209,891,000 yards, sions would make the opportunities for trading more ator 91.6% of production.
tractive to the public and particularly to rubber manufacUnfilled orders on June 30 were 481,346,000 yards. On the same date
who could use the market
a year ago they were 182,708,000 yards, and on Jan. 1 1927 they were turers here and producers abroad
324,943,000 yards. During the first six months of last year orders de- more freely for hedging operations. The amendment makes
creased more than 30%.
the following changes In rates of commission for the forShipments this year amounted to 1,546,998,000 yards. This represents
and one-half long tons:
104% of production and is 20.7% larger than shipments were during the ward turn on each contract of two
first six months of 1926.
Stocks on hand June 30 this year were 187,623,000 yards. A year ago
they amounted to 310,825,000 yards, and on Jan. 1 1927 they were 247,234,000 yards. Stocks last year increased, while this year there has been
a substantial decrease in the first six months.
The reports compiled by the association are based on yardage statistics
on the production and sale of more than 200 classifications of standard
cotton cloths and represent a large part of the volume of these goods manufactured in the United States,
a member of the
For a resident of the United States or Canada, not
Exchange, $15 instead of $25.
For a non-member residing outside of the United States or Canada, $20
instead of $30.
For members of the Exchange in the United States or Canada, $7.50
instead of $12.50.
For foreign mernbers of the Exchange, 812.50 instead of $17.50.
For each contract bought or sold by one member of the Exchange for
another giving up his principal on the day of the transaction, $1 instead of
$1.25.
According to a statement issued by the Exchange on July
Western Cattle Raisers Petition President Coolidge
13,
the inauguration of lowered commission rates on trading
Co
Organizing
For Government Aid In
-Operative
in crude rubber futures was followed by a marked increase
Marketing Organizations.
business. The statement continues:
A delegation of Western live stock raisers called on Presi- In the volume of was 877 lots, equivalent to 2,1921
2 long tons, which
/
The day's turnover
in
offices
Rapid
at
the
Executive
Coolidge
City,
D.
S.
dent
compared with 401 lots, or 1,002% long tons on Tuesday, the last trading
approximately 40%
of
rates
are
commission
new
The
on July 12 with a view to securing Government assistance under the old rates.
322
TFrE CHRONICLE
[Vol.,. 125.
lower than the old, and will result in a large saving in commissions to
rubber manufacturers who hedge their puichases on the Exchange.
There were no developments in the trade here or news from the producing centres to justify any material increase in trading over the previous
day, so there was a disposition on the part of many of the brokers to give
credit for the larger business to the reduction in commission rates.
Seven months were traded in, with December the most active. Prices
closed unchanged to 10 points up.
Census Report on Cotton Consumed in June.
Under date of July 14 1927 the Census Bureau issued its
report showing cotton consumed, cotton on hand, active cotton spindles and imports and exports of cotton for the month
of June 1927 and 1926. Cotton consumed amounted to
662,630 bales of lint and 70,041 bales of linters, compared
American Woolen Co. Raises Prices on Tropical Wors- with 518,607 bales of lint and 70,313 bales of linters in June
1926 and 633,024 bales of lint and 72,766 bales linters in
steds-Summer Weight Suitings for 1928 Advanced
May 1927. It will be seen that there is an increase over
Average 1 to 2% a Yard.
The American Woolen Co. opened on July 12 their 1928 June 1926 in the total lint and linters combined of 143,751
line of staple and fancy tropical worsteds in three depart- bales, or 24.4%. The following is the statement complete:
consumed, cotton on band, active cotton spindles and imports and exports
ments at a price advance of 1 to 1M% on piece dyes and of Cotton
cotton for the Month of June 1927 and 1926, with statistics of cotton
consumed,
and exported for the eleven months ending June 30.
mixtures and up to 2% on twists and other fancies as com- Imported
(The statistics of cotton in this report are given in running bales, counting
round
pared with the 1927 price list fixed a year ago. The New as half bales, except foreign cotton,
which Is In equivalent 500-pound bales.)
York "Journal of Commerce," from which the foregoing COTTON CONSUMED AND ON HAND IN SPINNING
MILLS AND IN
OTHER ESTABLISHMENTS. AND ACTIVE COTTON SPINDLES.
is taken, also states:
The mark-up averaged 23c. a yard on staples and from 234 to Sc on
fancies, though the EE (Champlain Mills) key cloth in Department ..
remains unchanged at $1.6734 base, and the Ayer Mills' No. 2312, mixtur e.
the cheapest cloth in the line, Is up 234c. to $1.57A •
The advance, which was generally anticipated in the trade in view pf
rising costs, was considered extremely moderate; nevertheless, it caus )d
some satisfaction among independents who have been arguinetor so 10
time that the mills are entitled to better prices because of profitless oper,
lions for several years. It is still doubtfull whether the tropical advan 1.m
forecasts mark-ups on spring goods to be opened within the fortnight.
(Linters not included.)
Colton Consumed
During (bates).
Locality.
Year
June.
Cotton on Hand June 30.
Cotton
In consumingln public stor- spindles
11 Mos.
establishage and at active durending
rnents.
compresses. ing June.
June 30.
(bales)
(bales)
(number)
United States! 1927 .662,630 .6,633.474
1 1926 518,607 5,994,109
.1,607,676
*2,164,108 32,753.428
1,268,707
2,410,261 31,755,874
Cotton-grow- 1927 474,577 4.778,882
1.036,747
1,828,821 17,666,610
Rise in Styling Costs.
lag
1926 365,782 4,165,809
746,190
2,171,512 17,001,180
States_- 1927 159,797 1,557,786
It was emphasized that the slight rise on tropicals does not reflect a, New England
483.226
112.185 13,605,770
States
1926 128,219 1,523,352
445,258
material change in raw wool and yarn prices, which would be reasonab ,.'
174,389 13,254,284
Le All other
1927 28,256
296.806
87,703
223,102
1,481,048
to suppose on a rising raw material market, but that higher costs axo
States
1926 24,606
304.948
77,259
64,360
1,500,410
attributed primarily to the greater use of silk decorations and styling
.Includes 26 069 Hg., 9.655 other for, and 1,299 Am-Eg. consumed; 57,726
endeavor.
18,418 other for. and 4,842 Am-Eg. In consuming establishments, and 14,721 EY,
Hg.,
It is credited that one of the handicaps to a command of higher cloth
6,332 other for. and 2,213 Am-Eg.In public storage. 11 months consumption, 218,prices has been the unfavorable trend of business in secondary channe
314 Kg., 73,894 other for. and 19,751 Am-Eg.
clothing manufacturing and retailing, which creates psychologically tixe
Linters not included above were 70,041 bales consumed during June in
and
sentiment in buyer ranks that goods kiust be bought as cheaply as possib e 70,313 bales in 1926; 217,285 bales on hand in consuming establishments on1027
June 30
1927 and 153,380 bales in 1926; and 58,784 bales in public storage and at cornIf wider distribution is to be developed. If there results a good buyin
presses
in
1927
and
62,869 bales in 1926. Linters consumed during eleven months
movement of fabrics, however, it is forecast that prices may be expect
d ending June 30 amounted to 733,091 bales in 1927 and 736,984 bales In 1926.
to go stlll higher.
Department 2 kFancies)IMPORTS AND EXPORTS OF COTTON AND LINTERS.
National, 8016 (3-ply)
$2.55
$2.52 5
Imports of Foreign Cotton (500-Pound Bales).
Shaivsheen,8083
2.173.4
2 12 i
Champlain, 8115, 8116
1.6734
1.67 i
Manton, 8190
1.8734
1.85
June.
11 Months ending June 30.
Manton, 8191
2.10
.
Country of Production.
* This cloth was previously made in the Riverside Mill at about th a
1927.
1926.
1927.
1926.
same price basis.
Department 7 (Fancies)
Total
36,055
22,137
368,813
313,421
Puritan, 8873
$2.45
$2.40
Egypt
27,826
14,803
208,639
Low to High Levels.
229,801
Peru
1,176
1,216
18.699
The following is the low to high price range for the individual mills:
15,878
China
4,019
761
29.132
22,337
Department 1Mexico
53
266
93,099
23,553
-Piece Dyes-Mixtures--' British India
2,875
5,047
16,692
19,908
Low to High.
Low to High.
All other
106
44
2,552
Wood
1,944
$1.70
$2.35
$1.60
$2.25
Ayer
1.60
2.2234
1.5734
1.97 i
Washington
Exports of Domestic Cotton and Linters. Running Bales See Note for Linters).
1.85
2.00
Department 2
Low to High.
June.
11 Months ending June 30.
Champlain
$16734 $1.87
Country to which exported
Manton
1.8734
2.25
1927.
1926.
Shawsheen
1927.
1926.
2.1734
2.35
National
2.55
2.70
Total
481,943
346,533
Department 7
10,794,580
7,788,848
Low to High.
United Kingdom
79.533
84.265
Puritan
2,536,734
2.218,220
$2.45
$2.80
France
34,624
33,027
Chase
1,000,876
890,668
2.1234
2.40
Italy
45,984
43,056
749,604
690,362
Germany
47,112
103.496
Still 10% Under 1925.
2,809,571
1,605,281
Other Europe
116,175
66.716
1,332,562
940,967
It should be noted that when 1927 toprical goods prices were named
Japan
58.143
42,696
1,556.767
1,074,901
they were from 934 to 12% below the 1926 basis, embracing the sharp All other
43.988
29.661
808,466
368,449
decline in wool costs between July 1924 and July 1925. as well as the 10%
Note.-Figures include 13,462 bales of linters exported during
reduction In mill wages, while the 1926 price list was about 234% under 8,030 bales In 1926, and 239.879 bales for the 11 months ending June in 1927 and
June 30 in 1927 and
the previous year's (1925) levels, so that present price schedules on troyicals 93,034 bales In 1926. The distribution for June 1927 follows: United Kingdom,
1,039; Netherlands, 302; France, 2,318: Germany, 7,313; Belgium, 244; Spain, 649;
are still 10% or more below values prevalent three years ago.
Canada, 1,581; Mexico, 5; Cuba. 10; Columbia. 1.
It is futile to expect that clothiers would rush in for merchandise merely
because prices show a slight stiffening tendency, mill agents admit, for
WORLD STATISTICS,
the market has settled to a point of caution where goods are bought only
The estimated world's production of commercial cotton exclusive of linters, grown
when needed. It appears likely, therefore, that the present trend of In 1925, as compiled from information secured through the doJestio and foreign staff
values is toward more stable conditions rather than any material change. of the Department of Commerce, is 26,618,000 bales of 478 pounds lint, while the
consumption of cotton (exclusive of linters in the United States) for the year ending
Just as price reductions no longer engender greater consumption, advances July 31 1926 WAS
approximately 23,940,000 bales of 478 pounds lint. The total
are not likely to change the buyer's conservative point of view, authorities number of spinning cotton spindles, both active and Idle, Is about
164,000,000.
point out.
No Woolens Shown.
The tropical goods opened by the American average 8 to 9 ounces in
Cottonseed Oil Production During June.
weight, with some fancies slightly heavier. They do not include crashes
On July 13 the Bureau of the Census issued the following
and other summery woolens previously shown in Department 3, which
may be included in regular spring lines to be opened at a later date. The statement showing cottonseed received, crushed and on
hand
present line comprises about 15 or 18 numbers in Department 1 stgles,
and cottonseed products manufactured,shipped out,on hand
of which 11 are repeat fabrics, and about 8 styles in Department 2 and 7.
No. 2312 micture of the Ayer Mill, which was marked up 234c. ayard and exports during the month of June 1927 and 1926:
SC) $1-5734. Is still the cheapest cloth in the line, while the National's No.
COTTONSEED RECEIVED, CRUSHED, AND ON HAND (TONS).
8016 three-ply tropical, one of the current season's favorites, is also up
2346. to $2.55 a yard, terms 10%-30 days. The popular RE two-color
Crushed
Received at Mills*
On Hand at Mills
twists, known as NOIL 8115 and 8116, show a steady base of $1.6734,
Aug. 1 to June 30. Aug. 1 to June 30
June 30.
thOugh it counld not be ascertained whether the $l.7734 styles in this
State.
range have been advanced.
1926.
1927.
1926.
1927.
1926.
1927.
Some Price Comparisons.
The following is a list of some of the best known tropical worsteds in
the three departments:
Department 1 (Staples)-Base Prices
Mill and Style1928.
1927.
Washington109 mixture----------------------------------------$1.9234 $1.90
13351 mixture--------- 1.85
1.8234
----------------------------Wood9154 piece dye_ ------------------------------------- 2.35
2.3234
1946 mixture ____________________________ 1.60
1.5734
Ayer6047 piece dye______________________________________ 2.0234
2.00
2273 mixture
1.75
1.7234
2311 mixture
1.60
1.6234
I
2312 mixture
1.55
1.5734
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other
360.708 350.626 359.942 350.615
52.091
55,471
56,501
52,217
462,428 444,988 461.449 443,407
82,135
89,254
89.570
85.017
667,617 519.278 663,806 515,224
240,532 238.657 229.911 230,954
711,899 745.000 697,005 729,899
441,931 375.683 438.963 375.413
603,907 539,620 582,694 542.315
306.941 261,837
306,360 261.34
365.444 381,779
364,218 385,55
1,903,081 1,388,016 1,875.588 1,398,410
121.234 142,340 121,101 142,599
United States
6.321.349 5,538.8386,236.070 5.518.623
969
171
1.549
2,882
5,233
9,904
21,071
3,389
21,593
1,231
595
32,685
149
101,391
297
40
592
68
4,035
2.123
16,251
535
599
875
4.226
10,699
27
40,357
•Includes seed destroyed at mills but not 23,249 tons and 32,276 tons on hand
Aug.1 nor 96,087tons and 153,843ton5 reshipped for 1927 and 1926, respectively.
JULY 16 1927.]
THE CHRONICLE
323
On July 13 the Atlantic Refining Co. advanced gasoline in
Philadelphia 1 cent a gallon, making tank wagon price 14
Shipped Out
Produced
cents and service station price 17 cents per gallon.
On Hand
Aug. 1 to
Aug. 1 to
Season. On Hand
Item.
The strike at Chicago of gasoline filling station operators,
June 3(..
June 30.
June 30.
Aug. 1.
last week on page 161, was brought to a close on
mentioned
1926-27 *8,280,561 1.864.773,403 1856,138,514 *32,014,452
Crude oil
4,847,333 1.604,915,441 1603,530,783 15,141,985 July 9 by an agreement granting the strikers half their
1925-26
(Founds)
z461,059,179
1926-27 1145,670,884 x1624,689,256
Refined oil
192,004,299 demands. Wages will be increased $5 a month, against a
1925-26 173,549,345 1,346,428,367
(Pounds)
102,695
2,841,334
2,801,085
142,844
Cake and meal__ 1926-27
229,855 demand of $10, for the filling station men. Tank wagon
2,369,823
2,580,702
18,976
1925-26
(Tons)
188,138
1,738,512
1,834,317
92,333
will be increased $7.50 a month, against their
1926-27
Dulls
124,602 drivers' wages
1,450,730
1,535,829
39,503
1925-26
(Tons)
80,743 demand for a $15 increase.
1,012,678
1,027,668
65,753
1926-27
Linters(Running
106,864
950,358
1,038,663
18,547
1925-26
bales)
Wholesale prices in the Chicago markets stood as follows
21,929
94,294
98,888
17,335
1926-27
Hull fiber
14,143
93,334
103,669
4,008
1925-26
bales).....
(500-1b.
July 15: United States motor grade gasoline, 7©73.c.;
on
4,00e
42,124
39.367
6,763
Grabbots.motes,&e. 1926-27
10.811i kerosene, 41 to 43 water white, 4c.; fuel oil, 24 to 26 gravity,
33.331
42.440
L788
mac-OR
(RAftAh hAlwan
* Includes 3.532.157 and 12,072,978 pounds held by refining and manufacturing 92)i ©97%c.
and 2,972,229 and 9,530,410 pounds in transit to refiners and con-
ON
COTTONSEED PRODUCTS MANUFACTURED. SHIPPED OUT, AND
HAND.
establishments
sumers Aug. 1 1926 and June 30 1927 respectively.
x Includes 2,376,183 and 10,158,876 pounds held by refiners, brokers, agents,
and warehousemen at places other than refineries and manufacturing establishments
and 2,702,114 and 8,227,362 pounds in transit to manufacturers of lard substitutes,
oleomargarine, soap. &c., Aug. 1 1926 and June 30 1927 respectively.
z Produced from 1,788,772,369 pounds crude oil.
Crude Oil Production Falls Off a Trifle.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the* United
EXPORTS OF COTTONSEED PRODUCTS FOR TEN MONTHS ENDED States for She week ended July 9 was 2,534,950 barrels, as
MAY 31.
compared with 2,535,550 barrels for the preceding week, a
1926.
1927.
decrease of 600 barrels. However, production still exceeds
Item.
36,070,799
previous records. The daily average production east of
33,477,148
pounds
011, crude
20,388,770
pounds 17,631.347
Refined
California was 1,909,950 barrels, as compared with 1,908,150
326,113
459.799
tons
Cake and meal
85,004
226,417
running bales
barrels, an increase of 1,800 barrels. The following are esLinters
timates of daily average gross production by districts for
June Figures of Raw Silk Imports,Sto.ks,Deliveries,&c. the weeks Indicated:
DAILY AVERAGE PRODUCTION.
Approximate deliveries to American mills during June of
July 9 1927. July 2 1927. June 25 1927. July 10 1926.
(/n Barrels)453,200
774,900
802,600
812,200
Association
Oklahoma
Silk
the
by
reported
41,312 bales of raw silk are
109,500
111,900
110,550
108,700
Kansas
54,500
125,500
121.050
120,550
Texas
of America, Inc., these figures comparing with deliveries Panhandle
85,750
88.300
8,7,200
86.850
Texas
North
conin
decrease
58.050
73,800
a
representing
73,150
71,150
and
May,
in
of 45,486 bales
West Central Texas
34,050
118.250
134,600
133,700
Texas
West
consumption
52,400
35,650
sumption of 4,174 bales. The June figures of
34,800
34,050
But Central Texas
39.700
32,600
31,750
31,300
Texas
are the lowest for the current year. The June imports were Southwest
57,550
49,900
50,200
55,100
North Louisiana
162.450
113,100
46,and
111,950
May
in
111,250
bales
Arkansas
42,809 bales, as compared with 49,264
97,800
138.600
135,050
133,650
Texas
Coastal
14,300
15,800
15,850
15,650
486 bales in April. The amount of raw silk in storage at Coastal Louisiana
104,500
111,000
111,500
111,500
Eastern
bales
35,527
against
bales,
37,024
at
54.150
the end of June stood
60,650
62.300
57,600
Wyoming
28,250
15,400
15,400
15,350
Montana
at the end of May and 31,749 at the end of April. The fol- Colorado
10,000
7.250
7.200
8.250
4.700
3,050
3,000
3,100
lowing are the statistics made public by the association New Mexico
611,800
635,100
627,400
625,000
California
July 7:
2,032,650
2,510,750
2,535.550
2,534,950
The estimated daily average gross production of the Mid-Continent field,
including Oklahoma, Kansas, Panhandle, north, west central, west Texas,
east central and southwest Texas, north Louisiana and Arkansas, for the
week ended July 9 was 1,564,850 barrels, as compared with 1,557,850.
78,336
8,448
69,039
849
Total amount available during June_
an increase of 7,000 barrels. The Mid-Continent
37,024 for the preceding week,
5,193
31,066
765
Stock July 1 1927 a
production, excluding Smackover, Ark., heavy oil, was 1,477,500 barrels,
as compared with 1,469,850 barrels, an increase of 7,650 barrels.
Approximate deliveries to American
41,312
3,255
37,973
84
mi1Is during June b
The production figures of certain pools in the various districts for the
current week compared with the previous week follow:
SUMMARY.
(Figures in barrels of 42 Gallons.)
Storage at End of Month.a
July 9. July 45
Imports During the Month.•
North LouisianaJuly 9. July 2.
Oklahoma7,550
7.750
3.950 Haynesville
3,350
North Braman
1925.
1926.
1927.
1925.
8,850
1926.
1927.
9,000
3,300 Urania
3,250
South Braman
15,800 10,400
Caddo,light
21,850
21,100
Tonkawa58,732
47,326
52,627
37,084
43.650
48,456
Arkansas
January
13,500
12,850
Garber
60,249
43,418
43,758
39,046
38,568
33,991
11,000 11,050
February
40,800 42,100 Smackover, light
Burbank
46.663
35,948
33,118
31,571
31,930
38,600
87,350 88,000
March
26,250 26,300 Smackover, heavy
Bristow Slick
39.271
30.122
31,749
32,648
31,450
46,488
Coastal TexasApril
13,350
12.960
Cromwell
42,517
31,143
35,527
41.512
35.120
9,000
49,264
9,200
May
18,800 West Columbia
19,550
Wewoka
29.111
37,024
44,016
41.074
35,612
3,500
42.809
3,900
June
330,200 323,950 Blue Ridge
Seminole
35,598
27.528
35.595
37,842
7,000
6,800
Pierce Junction
July
98,900
105,600
Earlsboro
32,017
28,006
40,486
46.421
16,550 16.950
Hull
August
Panhandle Texas42,708
34,459
52.375
50,415
60,250 61,250
September
Hutchinson County_ 97,350 97,500 SpIndletoP
39,423
35,094
43.530
48,403
4,900
4,950
October
Orange County
11,450
10,950
Carson
County
46.813
47,130
49.238
59,670
November
WyomingGray
9,600 10,000
49,824
45,495
52,478
45,119
39,850 43,800
December
1,950 Salt Creek
2,500
Wheeler
MontanaWest Central Texas259,608 604.200 489.634
Total
13,000 13.000
26,950 27,950 Sunburst
Drown County
44.819
38,967
36.81.4
40.803
42,017
Average monthly__ 43.268
California9,850
Shackelford County___ 8,050
41,000
41,000
Springs
Fe
Santa
West Texas90,000 92,000
Approximate Amount in Transit Reagan County
25,900 26,000 Long Beach
between Japan and New York
Approximate Deliveries
9,000 13,850 Huntington Beach_- 72,500 73,500
Pecos County
23.500 23,500
-End of Month.
to American Mills
Crane and Upton Cos_ 86.750 82,350 Torrance
16,000 15,500
Dominguez
East Central Texas9,000
9,500
1925.
1925.
1927.
Rosecrans
1926.
1926.
1927.
16.500
18,000
Corsicana Powell
35,000 34,000
3,550 Inglewood
3.400
Nigger Creek
39.885
89,500 89.500
18,900
17,700
48.148
14,800
Midway-Sunset
48.307
January
Southwest Texas37.529
37,000 37,4C0
12,400
14,400
19,000
42.478
42,860
15,300 15.600 Ventura Avenue
February
Luling
21,700
45.157
12.705
39.400
60.000 61,000
18,400
49,242
12,250 12,400 Seal Beach
Laredo District
March
40.040
16.989
25.000
37,276
18,700
47,853
April
22,900
38,266
19.100
34,099
18,000
45,488
May
39,575
15.000
26,600
18.300
37,644
41,312
June
44,013
19,500
23.000
89,425
Decrease in Stocks of Refined Copper in JuneJuly
44,047
27,600
24.000
45,943
August
19,162
41,684
23,900
43,982
Shipments Higher and Above Six Months' Average
September
46,815
27,800
32,400
47.768
October
-Total Copper at Refineries Larger.
41,848
23,500
19,700
47,634
November
29.100
42,484
26,500
39,771
December
Stocks of refined copper in hands of North and South
275.080 501.546 501.348
Total
American producers and refiners July 1 came to 96,360
22:561
41.779
20,145
21:1714315
41,796
45,843
Average monthly
short
tons, according to American Bureau of Metal Sta* Imports at New York during current month and at Pac fie ports previous to
the time allowed in transit across the Continent covered by manifests Nos. 90 tistics compared with 108,079 tons June 1, decrease of 11,a
Includes
77
railroad
re-exports.
at
bales
held
to 107 inclusive). S Includes
719 tons or 23,438,000 pounds. This is largest reduction
tertnlnals at end of month (part of manifests 106 and 107).
RAW SILK IN STORAGE JULY 1 1927.
In
(As reported by the principal warehouses in New York City. Figures
All Other.
Japan.
European.
6,095
28,642
790
Stocks June 1 1927
2,353
40,397
59
Imports month of June 1927 •
Total
bales.)
Total.
35,527
42,809
in refined stocks in many months, and brings stocks on
Crude Oil Prices Remain Stable-Gasoline Shows a hand July 1 to lowest point since Jan. 1 1927, when they were
85,501 tons, it is noted in the "Wall Street Journal" of
Few Advances ih Certain Localities.
says:
While crude oil prices remained unchanged throughout July 13, which, continuing,
in refined stocks was due partly to greater amount of
While
reduction
in
upward
Retwo
cities.
moved
prices
the week, gasoline
copper in process and transit, and decrease in refinery output the reduction
ports from Troy, N. Y., on July 12 indicated that a price was due largely to increase in shipments which were above the average for
and materially above average for 1926.
-war was under way in that city, brought about by the Troy the first six months of theis year
that blister production of North and South
feature also
automobile club. Angered at the prevailing price of 21cents Encouraging
mine
output of United States is practically
and
decreasing
America is
a gallon which it maintained was too high, the club under- unchanged on daily average, while of course due to shorter month June
totals are in both instances below May.
took to sell gasoline at 15 cents a gallon to members.
324
THE CHRONICLE
[VOL. 125.
Blister copper in stocks and in process
at North and South American report
one refinery made a large correction in respect
plants July 1 came to 257,623 tons against
of what it had prev242,074 tons June 1, increase iously
reported as "in process' at the end of May.
of 15,549 tons. Including refined stocks total
copper to blister stage and
"The statistical effect of this has produce
beyond at North and South American plants
d some confusion, wherefore
July 1 came to 353.983 tons this
explanation. Our report under date of June 13
against 350,153 tons, increase of 3,830 tons.
showed an increase of
9,744 tons in the total stock. Correcti
Blister production of South American smelters
on
of
the error in respect of May
came to 23,032 tons in showed that the
June against 23,840 in May and for North
total stock actually increased during May by only
American plants 84,528 tons 1,000 tons.
about
Total stock at the end of June was 353,983
against 89,401 tons in May.
tons, increase of
3,830 tons from end of May.
Total shipments in June came to
124,952 tons compared with 116.758
"Total stock of 353,983 tons July 1 correlat
up 8,194 tons. Shipments in April came
es with present American
to 129,612 tons, high of the year, monthly
production ofabout 120,000 tons and major part
while low was 111,254 tons shipped
of the stock (about
in February. Monthly average for 60) is
in transit from smelters to refiners and in
the fint six months was 122,751 tons against
process of refining, and conmonthly average of 119,003 sequently
for whole of 1926.
a part of the capital account of the industry
.
"Total stock of copper in and at smelteri
Domestic shipments in June came to
es and refineries in North and
63,465 tons, low of the year, com- South
America and In transit between them, includin
pared with 69.779 in May, 73,976
what was in process
in April and 79.537 in March, high of of
g
refining, was 358,636 tons at beginnin
the year. Monthly average for
g of January, 1927, and 353,936
first half-year was 71,803 tons against tons
at end of June, decrease of 4,653
average of 75.181 tons for all 1926.
tons. At the same time the stocks
in
Great
Britain were 38,792 and 24,676 tons,
Foreign shipments of copper in June
decrease of 14.116 tons,some
came to 61,487 tons, high of the of the
British accumulation of crude copper
year, against 46,479 tons in May,
having been brought to the
55,636 in April and 43,690 in February. United
States for refining.
low of the year. Monthly average
for first half-year was 50,948 tons
against 43,821 tons a month for full year 1926.
Refined output for June was 113,233 tons, low for
the year, against Increase in United States
Zinc Stocks During June.
125.581 In May. 125,796 in April and 133,110 tons in January
, high of the
year. Monthly .average for first half-year was 124,561
The American Zinc Co. reports zinc stocks
tons, compared
on hand in
with 120,036 tons for full year 1926.
the United States on June 30 of 43,858
Mine output of the United States in June came to 69,539
tons, as compared
tons
of
coPPer
with
42,046
and daily average to 2,318 tons compared
tons June 1, an increase of 1,812 tons. The
with 71,613 and 2,310 tons
respectively in May. Monthly average for first
half-year was 71,165 tons following are the details for June, as made public
by the
and daily everage 2,329 tons against
72,709 and 2,390 tons respectively for Institute July 9:
full year 1926, and 70.176 and 2,307 for full
year 1925.
ZINC,
ALL COMPANIES. JUNE 1-30 1927-(TONS
Following table gives output of United States mines
, 2,000 LBS.).
in short tons for Stock June 1
the last four months with totals for first* five months
of 1927 by types of Produced
42,046
mines:
49.718
March
April
May Jan.-May. June
1927.
Shipped
91,764
1927.
1927.
1927.
1927.
Prophyry mines
29.412
47,906
29,667
28,482
150,02
28.471 Stock June 30
Lake mines
5,916
43,858
8,266
8,937
37,712
7,860 Shipped from plant for export
Vein mines
30,124
Metal sold, not yet delivered, at end of period
29,103 30.467 150,949
4,784
29,508
Custom ores
(based on 82.4% of total
3,862
June retort production)
4.086
3,727
18,286
3,700
14,953
Total retort capacity at end of period
Total crude output_ _ -69,314
138,444
71,122 71,613 357.449
69,539 Number of idle retorts available within 60 days
45,109
Average number of retorts operating during period
From the "Wall Street News" of July 13 we take the Number
80,373
of retorts operating at end of period
80,047
following regarding the figures
Metal Statistics:
of the American Bureau of
Increase in Unfilled Tonnage of United
The following table gives the comparison of stocks at the
States Steel
end of the
last six months in North and South America.figures in
Corporation During June.
tons of 2,000 pounds
each:
The United States Steel Corporation in its monthl
Blister
y stateBlister
Including
ment issued July 11 1927, reported unfilled tonnag
Including
e
in Proces.Refined. Total.
on
books
In
Process Refined, Total.
January
of subsidiary corporations as of June 30. 1927
278.316 93,982 370,298 Aprli
249,834 99,258 349,090
at 3,053,246
February._ -.272,757 105,401 378,158 :\
lay
242,074
108,079
350,153 tons. This Is an increase of 2,305 tons
March
263,793 103,072 366,863 Juno
over the orders on May
257,623 96,360 353,983
31 and a decrease of 746,931 tons below the Jan.
Segregated figures show that stocks on July
1 last were divided as follows:
31 figures.
blister at smelteries, 15,102 tons; blister
in transit, 60.946 tons; blister at On June 30 last year orders on hand stood
at 3,478,642 tons
refineries, 26,901 tons; in process at refineries (includi
ng mineral at Lake and at the same
time in 1925 at 3,710,458 tons. In the folplants). 154.673 tons; refined, 96.360 tons; total, 353,983
tons.
On June 1 the surplus was distributed as follows:
blister at smelteries, lowing we show the amounts back to 1922. Figures for ear15.707 tons; blister in transit. 56.829 tons; blister at refineri
es, 18,544 tons: lier dates may be found in our issue of
in process (including "mineral" at Lake plants) at
April 14 1923, p.
refineries, 150,994 tons; 1617:
refined, 108,079 tons; total, 350,153 tons.
The production of refined copper in North and South America
End
of
1926.
1925.
during January Month 1927.
1924.
1923,
1922,
the month amounted to 113,233 tons or 226,466
3,800,177 4.882,739 5,037,323 4.798.429
,000 pounds, compared February
3,597,119 4,616,822 5,284,771 4,912,901 6,910,776 4,241,678
with 125.581 tons. or 251.162,000 pounds in May. The
7,283,98
9 4,141,069
total production March
3453,140 4,379,935 4,863,584 4,782,807
for the six months ended June 30 amounted to 747,368
3.458.132 3,867,976 4.446,568 4,208,44 7.403.332 4,494,148
tons, or a daily April
rate of 4.129 tons. The average daily rate in June
3,050.941 3,649,250 4,049,800 3,628,0897 7,288,509 5,096,917
was 3,744 tons,compared May
June
with 4,051 tons in May.
3,053,246 3,478,642 3,710,458 3,262,505 6,981,851 5,254,228
6.386,261 5,635,531
July
3.602,522 3,539,467 3,187,072 5,910,78
In the following table is given a comparison of the
3 5,776,161
production of refined August
3,542,335 3,512,80
copper, figures in tons of 2,000 pounds each:
September._3,593,509 3,717,2973 3,289,577 5,414,663 5,950,105
3,473,730 5,035,750 6,691,607
October
3.883,661 4,109,183 3425,270 4,672,82
Primary. Scrap,
Total.
Primary, Scrap.
Total.
November.
January
3,807,447 4,581,780 4,031,969 4.368,58 5 6,902,287
128,736
4,374 133,1101April
121,610
4,186 125,796 December....
February_ _119,528
3,980,969 5,033.364 4.816.676 4.445.3394 6,840.242
3,145 122,673 May
121,889
6.745,703
3,692
125,581
March
123,833
3,090 126,9751June
108,911
4,322 113,233
Production of blister copper in North America during
Junilmounted to
Steel Buying Declines-Pig Iron Price Falls.
84,528 tons, compared with 89.041 tons in May and 87.822
tons in April.
There was an increase of 16.408,000 pounds in the
One fact developed by this week's surveys of the
shipments of copper
steel
during the month, the total being 249.904,000 lbs., compare
d with 232,- trade is a marked reduction in the volume of
contract buying
516.000 in May. Deliveries for the six months ended
June 30 amounted according to
observations made by the "Iron Age" in its
to 1,473,018,000 lbs.
In the following table are given the shipments, with compari
sons, figure market review of July 14. In the face of consumer striving
In short tons:
for zero inventories and, now, an accenting
on minimum
Domestic. Export. Total,
Domestic. Export. Total.
January
76,499 48,130 124,629 I April
73,976 55,636 129.612 purchase obligations, there is nevertheless continued resistFebruary.... 67,564 43,690 111,254 May
69.779 46,979 116,758 ance to price conces
sions, and buyers are finding an inMarch_
79,537 49,767 129,304 June
63,465 61,487 124,952
creasing confidence on the part of producers
that a certain
flow
of orders must ensue and price is a secondary
Copper Consumption Exceeds Output World Demand
matter,
declares the "Age" adding:
to Increase in Output Statement by W. R.
Cheerful views are general as to a sustaine
d demand at fully the present
level for some weeks, and signs are observe
Ingalls.
d already of the usual overadjustment of supply to demand by
a swing downward of production below
The following is from the "Wall Street Journal" of July 15 the
going rate of sales. The industry is operatin
W.R.Ingalls, director of American Bureau of Metal Statistics and
g at the moment at about
leading 65% of capacity, or 10 points below
the 74h % which is averaged in June.
world authority on copper statistically,in explainng a recent error In copper
Some measure
figures due a mistake in inventory at one of the refineries,states that world's
copper consumption in first half of 1927 was slightly greater than production
and that while world production in the first half of 1927 increased
about
3.75% consumption increased at somewhat higher rate. World increase
In 1926 compared with 1925 consumption was approximately 3%
he states.
Mr. Ingalls points out that production of refined copper in
North and
South America in the first six months of 1927 was 747,368 tons.
World
production of refined copper for this period is not known
as yet, but in 1925
the refiners in North and South America accounted for 8.7%
of the total,
and in 1926 for 85%, and in all probability their ratio in first
half of 1927
was about the same.
Average production by North and South American refiners
in first half
of 1927 was 124,561 tons a month compared with about $20,000 tons
in the
12 months of 1926. Average of world's production in 1926 was 141,262
,
and in all probability average for the first six months of 1927 was
about
146.500.
Computation on this basis, he adds
takes into account to a large extent
movement and position of seconda
ry copper, a large part of which passes
through hands of primary refiners.
In regard to the error in May figures Mr. Ingalls states:"A
revision of
our report of copper stocks at smelteries and refineries in North and
South
America at the end of May.1927, became necessar
y whrn in making its June
of the rapid shaping of production to needs is
gained by
the sharp reduction in the June output of steel ingots and
by the slight increase, 2305 tons, in the Steel Corporation's unfilled
orders for the month.
With an indicated total of 134,000 tons per day,
last month showed a drop
of 13.7% from the May rate of ingot output.
A year ago the recession
was not 5%. The Steel Corporation's situation
as to orders suggests a close
adjustment of shipments to the present
scale of close-range buying.
Comparisons point to a larallellism of 1927 with
1925. Then July was
the low month in operations, which were some 26%
off from the high point
of March, that year. June showed a falling off of
23;i% from the high.
and this year June is 20% under last March. A
point to be emphasized
is that the production of steel ingots for the six months
of this year is only
% under the record made in the first half of
1926. The half year of
1925 was 735% smaller than this record.
Railroads and the building industry contributed
prominently to the
week's buying. The Pennsylvania and the Great
Northern closed on
80.000 tons of heavy section rails, of which 15.000
tons, however, may go
into 1928 deliveries. In the railroad car field, if early
purchases are made,
It 11 expected some of these will also be for next
year's account and contracted for only on the score of securing low prices.
The Chesapeake &
Ohio is inquiring for 30 locomotives.
Structural steel bookings reached a high total for
midsummer-51,500
of which 16,000 tons was for the new Chanin Building
in New York and
JULY 16 1927.]
THE CHRONICLE
325
it cannot be held back
10.000 tons for a General Motors truck plant at Pontiac, Mich. Among be already under way. Probably
new projects under negotiation are two of outstanding size, 7,500 tons for a until August is over. Once the blowing out of furnaces
Pittsburgh.
in
addition
bridge at Portland, Ore., and 5,000 tons for a hotel
starts this firm says it usually happens that the output is
Concrete reinforcing steel awards amounted to 11,000 tons, of which
St.
Louis;
1,500
in
construction
waterworkd
cut below the rate of consumption, especially as to steel
municipal
for
was
tons
2,150
tons for a canal project in Washington State and 1,500 tons for a warehouse making irons, and it looks as though the present would be
for
tons
2,000
in Cleveland. New projects totaling 8,000 tons include
no exception.
sewerage work at Stickney, Ill.
Alabama pig iron has declined 75c. a ton in response to pressure by large
Southern consumers and a desire to meet competition in border line territory Bituminous Coal Demand Active in a Few Markets—
along the Ohio River. New York State furnaces are more aggressive in
Anthracite Trading Irregular.
soliciting business in New England and eastern Pennsylvania, In some cases
of the bituminous coal markets of the United
most
differentials.
While
silicon
waiving
The coal strike is approaching a crisis in southern Ohio. The operators, States were quiet, here and there industrial consumers
wages
pay
to
and
following the rejection of an offer to recognize the union
uneasiness over the future, "the "Coal Age
comparable with the November, 1917, scale, are planning to reopen their showed signs of
mines without a union agreement, July 16. In the Pittsburgh district the News" reports on July 14 in summarizing conditions in the
Jones & Laughlin Steel Corp. has successfully opened a mine on an open markets. New York experienced the best volume of business
shop basis without bringing in outside help. Coke prices are unchanged,
in a month. In Chicago interest has measurably quickened,
and coal supplies are more than ample to meet present demands.
Divergent tendencies are to be observed in the scrap market. At Phil- while Boston was distinctly of the opinion that a broader
adelphia heavy melting steel has dropped 50c. a ton, and various grades
movement was close at hand. In the Far West weather was
have been reduced at Boston and Buffalo. On the other hand, advances of
At Cincinnati
25c. a ton have been made in heavy melting steel at Pittsburgh. Detroit against an active demand for domestic sizes.
Birmingham watchful waiting
and St. Louis.
and
Pittsburgh
Philadelphia,
Agricultural machinery manufacturers find encouragement in the crop
was the rule. Suspension of mines in central Pennsylvania
outlook and are preparing for a late summer and fall trade.
The cotton tie pieces for the opening of the season were announced July had little effect upon the situation, declared the "News',
11. They are substantially the same as last year, $1.20 a bundle of 45 lb. adding:
at Gulf ports and $1.21 at Atlantic Coast points.
ot price levels worked lower last week. "Coal Age News" index of
The decline in cold finished steel bars was not ended by announcing a spot bituminous prices on July 12 was 149,and the corresponding weighted
base of 2.30c. has lately become common and is no longer confined to the average price was $1..80. Compared with the figures of the preceding week
Detroit district.
this was a decline of 2 points and 3 cents.
Competition in nickel-chrome and other alloy steels used in considerable
No. 1 buckwheat holds the center of the stage in the anthracite market.
tonnages has brought out some deviations from ruling quotations.
The combination of reduced production and the placement of orders by
Ocean freight rates on steel from Atlantic to Pacific Coast points will be large consumers has created a tight situation. Cheap coal has disappeared
advanced $3 a ton.on Aug. 1, but whether Eastern mills will absorb any from the market and one of the largest retail distributors in New York
of the extra charge is not yet known.
On the domestic side
tin City has withdrawn all quotations on this size.
After selling as high as 72.50c, per lb. on Nov. 23 1926, spot Straits
of the market there is little cheerful to be said. Many chimers are putting
has touched 63.25c., the lowest since July 22 1926.
prices.
shading
coal into storage and some are quietly
The "Iron Age" pig iron comi osite rice has fallen to $18.59. corn ared
with $18.71 last week and the week before. Both figures are the lowest
The outstanding feature in its effect on the market was
since early April of 1922 and the latest level is only 57c. above the lowest the closing of the central Pennsylvania mines for an unreached since 1926. The usual composite price tables stand as follows:
Pig Iron.
certain period, declares the "Coal and Coal Trade Journal"
Finished Steel.
July 12 1927, 518.71 per Gross Ton.
July 12 1927, 2.367 Cents per Pound.
ssa
its weekly review of the markets. In view of this, a lesin
ago
week
One
2.3670.
One week ago
18.96
2.3670. One month ago
One month ago
19.59 sened tonnage by several hundred thousand tons is looked for,
2.4310. One year ago
One Year ago
15.72
1 6890. 10-year pre-war average
10-year pre-war average
but the actual figures are awaited with great interest and
Based on average of basic Iron at Valley
Based on steel bars, beams,tank plates,
Chicago, there is much speculation as to how much of the loss will
plain wire, open-hearth rails, black pipe furnace and foundry irons at and
Birand black sheets, constituting 87% of the Philadelphia, Buffalo, Valley
be made up by increased production effort in open-shor
mingham.
United States output.
Low.
High.
Low.
High.
mines, observes, the "Journal," from which we add th
12
July
$18.59,
1927_2.453o., Jan. 4 2.3390., Apr. 26 1927_519.71, Jan. 4
1926..2.453o., Jan, 5 2.4030., May 18 1926_ 21.54, Jan. 5 19.46, July 13 following:
7
1925_2.5600., Jan. 6 2.396c., Aug. 18 1925_ 22.50. Jan. 13 18.96. July
3
Even a moderate drop in the total tonnage, anything under eight mill
1924_2.789e., Jan. 15 2.4600., Oct. 14 1924... 22.88, Feb. 26 19.21. Nov. 20
pries.,
Nov.
20.77,
20
Mar.
30.86.
1923-2
Jan.
tons weekly, will strengthen and make effective modest advances in
1923-2.824o., Apr. 24 2.446o.,
during the past week. One railroad is reported as having
In contrast with the opinion of the "Iron Age" as reviewed announced
taken.
tonnage
total
traded an increase in tonnage for a lower price on the
above, the "Iron Trade Review" on July 14 stated that the This is remindful of the "two-at-the-price-of-one sale" in the drug stores.
sale, and they have to furnish the cars;
iron and steel markets have rebounded encouragingly from But why worry? It is a railroad
railroad coal sales are regarded as close to charity by the average
the interruption early in the month and for some factors and
Operator and should be deducted from the income tax.
bookings in the first half of July will exceed those of the
The Pittsburgh section makes a surprisingly good showing on an openand increase in tonnage.
first half of June. Production and consumption are scraping shop basis as to men working
The continued influx of eastern Kentucky and West Virginia coal into
believed,
generally
the bottom of the summer low level, it is
the Ohio and Western market is being regarded with increased apprebut a month may elapse before the industry hits its ac- hension as to how much of their market will be recovered if they do not
an immediate effort to start their mines.
customed Fall stride, says the "Review" in its summary of make
"Emperor" Jones, it is reported, has announced trouble at British
conditions affecting the industry, from which we add:
mines in September, which may mean that all will be running smoothly.
Pig iron is more active in the important market centers but the prices There are already mr marks of improvement with probable modifications
are
pressure,
still
to
while
subject
steel,
on
continue weak. Quotations
of French restriction. Germany is reported as having increased her
holding. Demand for plates, shapes and bats Is not so active as that for French tonnage in spite of the restrictions.
sheets, strip and other light products. Delay in bringing out the new
Ford car is causing many prospective buyers of low-vriced cars to hesitate
and automotive specifications for steel have not developed the expected
Production Declines in Bituminous Coal, Anthracite
improvement. The building outlook, as reflected in structural steel and
and Coke.
reinforceing bar business, has taken on a brighter hue for the Fall.
Production of pig iron thus far in July is at the June level and a slight
Production of bituminous coal and anthracite fell off durincrease in the rate in the latter half of the month is probable. Steel ingot
505,000 net tons of the
output is more likely to register a gentle decline due to further curtailment ing the week ended July 2 by around
at Chicago. June output of ingots was 3.466,168 gross tons, compared former and 306,000 net tons of the latter, reports the United
with 4,015.192 tons in May and 3.734.153 tons last June.
of Mines. In both instances, the decreases
The Pennsylvania and Great Northern railroads have placed a total of States Bureau
of
track
of
which
22,000
tons
to
fastenings,
and
20,000
rails
of
tons
to the approach of Independence Day, July 4.
were
attributed
80,000
40% will be rolled by Western mills. Western mills still have 55,000 tons Coke output also declined, falling from 131,000 to 104,000
of secondary rails on inquiry.
tons. The following data we apAn important merchant blast furnace interest at Birmingham is taking net tons, a loss of 27,000
third quarter business in foundry bon at 17.25, base Birmingham. a reduc- pend from the weekly statistics issued by the Bureau of
tion of 75 cents.
Mines:
With the expiration of some first half-year contracts that have not been
The total production of bituminous coal in the week ended July 2, inrenewed, production of beehive coke shows a slight surplus and a weaker
cluding
lignite and coal coked at the mines, is estimated at 7,974,000 net
on
coke.
do
to
spot
$2.85
furnace
easier
is
It
resulted.
spot market has
the output in the preceding week, this shows a
Shipments of tin plate in the first half of the year were 2.4% heavier than tons. Compared with
or 6%. As indicated by the car loadings, the
In the first half of 1926. It is probable that shipments in the year ended decrease of 505,000 tons,
and Saturday, and was apparently due to the
June 30 will set an annual record. The present prospect is that shipments loss was confined to Friday
Day, July 4.
in the last half of 1927 will not fall more than 10% under the first half. approach of Independence
Tin plate now is quoted at $5.35 to $5.50.
Estimated United States Production of Bituminous Coal (Net Tons), Ind. Coal Coked.
The "Iron Trade Review's" composite price on 14 leading iron and steel
1926
and
compares
Cal. Year
with $36.19 last week
Cal. Year
products this week Is $36.38. This
Date.
to
Week.
to Date.s
Week.
$36.50 the previous week.
8,284,000 262,148,000
9,503,000 250,711,000
June
18
1,381,000
1.829,000
The market report furnished by Rogers Brown & Crocker
1,750,000
1,584,000
Daily average
8,479.000 270.627,000
9.846,000 260,557.000
25 b
Bros., Inc., says that the attractive prices for pig iron that June
1.814,000
1,413,000
1,746.000
1,641,000
Daily average
7,974,000 278,601.000
9,490,000 270,047,000
2c
are now ruling have brought into the market a few more large July
1,329.000
1,739,000
1,794,000
1,582,000
Daily average
consumers. With numerous small buyers, the total of sales
for the week is well maintained for this season of the year.
Price of Alabama iron has been reduced 500.-75o, and now
the iron market as a whole is on a lower basis than for several
years past. If it were not for the holiday season with so
many company officials away on vacations, an active buying
movement for the balance of the year would undoubtedly
a Minus one day's production first week in January to equalize number of days in
the two years. b Revised since last report. c Subject to revision.
The total quantity of soft coal produced during the calendar year 1927 to
July 2 (approximately 155 working days) amounts to 278,601,000 net
tons. Figures for corresponding periods in other recent years are given
below:
232,848,000 net tons
270,047.000 net tons11924
1926
281,307.000 net tans
233,797,000 net tonsI1923
1825
326
THE CHRONICLE
WEEKLY PRODUCTION OF SOFT COAL BY STATES .
The production of soft coal during the week ended June 25,
as already
Indicated above, amounted to 8,479,000 net tons, again of 195,000
tons, or
2.4% over the output in the preceding week. The following
table apportions the tonnage by States, and gives comparable figures
for other recent
years:
Estimated Weekly Production of Soft Coal by States (Net Tons).
Total Production for Week Ended
June
June 25
June 18
June 26
June 27
Average
State1927,
1927,
1926,
1925.a
1923.1,
Alabama
310,000
303,000
375,000
341.000
388.000
Ark., Kan., Mo.& Okla
111,000
107,000
158,000
156,000
199,000
Colorado
143,000
147,000
133,000
137,000
176,000
Illinois
84.000
75,000
977,000
885,000 1,247,000
Indiana
199,000
174,000
325,000
317,000
417,000
Iowa
6,000
7,000
74,000
76,000
89,000
Kentucky-East
1,010,000
955,000
908,000
825,000
664,000
West
lial
471,000
438,000
254,000
175,000
183,000
Maryland
54,000
53,000
55,000
44.000
47,000
Michigan
12.000
12,000
4,000
7,000
12,000
Montana
39,000
40,000
36,000
36,000
38,000
New Mexico
52,000
45,000
49,000
43,000
51,000
North Dakota
9,000
10,000
13,000
16,000
14,000
Ohio
134,000
132,000
433,000
444,000
891,000
Pennsylvania
2,238,000 2,200,000 2,534,000 2,254,000 3,625,000
Tennessee
84,000
92,000
94,000
92,000
114,000
Texas c
20,000
18,000
18,000
20,000
21,000
Utah
65,000
68,000
87,000
64,000
89,000
Virginia
262,000
270,000
259,000
243,000
240,000
Washington
33,000
34,000
36,000
40,000
45,000
West Virginia
3,053,000 3,013,000 2.939,000 2,322,000 2,243,000
Wyoming
88.000
89,000
81,000
73,000
105,000
Others d
2,000
2,000
4,000
4.000
5.000
8,479,000 8,284,000 9,846.000 8,614,000 10.903,000
a Revised. b Weekly rate maintained during the entire month.
Revised beginning W. C. It. No. 517. d This group is not strictly comparable c
in the several
years.
ANTHRACITE.
The total production of anthracite during the week ended July 2 is estimated at 1,279,000 net tons, a decrease of 306,000 tons, or 19.3%, from
the output in the week of June 25. Daily reports from the principal railroads, courteously furnished by the American Railway Association, indicate that shipments on Friday and Saturday were about 48%
lower than
in the preceding week. The decline was apparently associated with
the
approach of Independence Day, July 4.
Estimated United States Production of Anthracite (Net
Tons).
1927
1926
Cal. Year
Cal. Year
Week EndedWeek.
to Date.
Week.,
to Dates
June 18
1,668,000
40,118,000
2,032,000 33,088,000
June 25 b
1,585,000
41,703,000
2,087,000
35,175,000
July 2c
1,279,000
42,982.000
1,970,000
37,145,000
a Minus one day's production first week in January
to equalize number of days in
the two years. b Revised since last report. c Subject
to revision.
BEEHIVE COKE.
The production of beehive coke declined
sharply in the week ended
July 2. The total output for the country
is estimated at 104,000 net tons,
as against 131,000 tons in the
preceding week-a decrease of 27,000 tons,
or 20.6%.
[VOL. 125.
The National Coal Association estimates the quantity of
bituminous coal produced in the United States during the
week ended July 9 at 6,400,000 net tons. Bitumino
us
mining was almost entirely suspended on Monday, July
4,
and a considerable loss in output also appeared on the
following day. Slight decreases in loading totals on
Wednesday
and Thursday were probably accounted for by
curtailed
operation in central Pennsylvania. By Friday, however,
that loss in car loadings totals was entirely made up.
Production of Bituminous Coal During Month of May.
Below are shown the estimates of the production of
bituminous coal, by States, for the month of May, as compiled
by the United States Bureau of Mines. The distribut
ion of
the tonnage is based in part, except for certain States
which
themselves supply authentic data, on figures of loadings
by
railroad divisions, furnished by the American Railway
Association and by officials of certain roads, and reports on
waterways shipments made by the United States Engineer
Office.
There were approximately the same number of working
days in May as in April. The total output for the month of
May shows a gain of 2% over that in April, but is
less by
10% than that in May 1926, reports the Bureau of Mines,
adding the following table:
ESTIMATED PRODUCTION OF SOFT COAL BY STATES
(NET TONS) a.
'
Slate-
Alabama
Arkansas
Colorado
Illinois
Indiana
Iowa
Kansas
Kentucky:
East
West
Maryland
Michigan
Missouri
Montana
New Mexico
North Dakota
Ohio
Oklahoma
Pennsylvania
Tennessee
Texas
Utah
Virginia
Washington
West Virginia
Wyoming
3ther States_c
May
1927.
1,372,000
96,000
581,000
234,000
522,000
45,000
72,000
April
1927.
1,518,000
71,000
616,000
233,000
194,000
54,000
49,000
May
1926.
1,554,000
84,000
620,000
3,852,000
1,356,000
334,000
260,000
4,269,000 4,240,000 3,688,000
1,727,000 1,794,000
875,000
209,000
222,000
225,000
45,000
49.000
28,000
75,000
49,000
143,000
208,000
248,000
152,000
235,000
214,000
203,000
55,000
73,000
56,000
474,000
501,000 1,793,000
b184.000
b181,000
148,000
9,415,000 9,540,000 10,258,000
390,000
448,000
405,000
b91,000
b82,000
67,000
269,000
343,000
308,000
1,163,000 1,166,000
964,000
172,000
175,000
155,000
13,159,000 12,250,000 11.135,000
325,000
356,000
381,000
8,000
8,000
15,000
May
May
1925. a
1923. a
1,406,000
68,000
605,000
3,966,000
1,349,000
293,000
278,000
1,747,000
86,000
736,000
5,666,000
1,725,000
391,000
330,000
3,345,000 2,974,000
663,000
803,000
167,000
207,000
34,000
52,000
160,000
247,000
156,000
187,000
184,000
253,000
65,000
64,000
1,903,000 3,770,000
144,000
200,000
9,280,000 15,685,000
373,000
529,000
69,000
94,000
257,000
323,000
958,000 1,097,000
170,000
193,000
9,017,000 9,826,000
352,000
483,000
14,000
22,000
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1927
1926
July 2 June 25 July 3
to
to
1927.1, 1927.c
1926.
Date.
Date.a
Pennsylvania and Ohio
77,000 100,000 130,000 3,521,000 5,414.000
West Virginia
12,000
15.000
11,000
413,000
391,000
Ala., Kentucky, Tenn.& Georgia 2,000
4,000
10,000
141,000
409,000
Virginia
6,000
6,000
5,000
181,000
201,000
Colorado and New Mexico
4,000
3,000
4,000
101,000
145,000
Washington and Utah
3,000
3,000
3,000
95,000
93,000
United States total
104,000 131,000 163,000 4,452,000 6,653,000
252051,n
QA A'Annn Qnnxnnnn qx 070 nnn A., ann nnn
Daily average
17,000
22,000
27,000
28,000
42,000
a Minus one day's production first week in January
to equalize number of days in
a Figures for 1925 and 1923 only are final. b Revised. c This
the two years. b Subject to revalon. c Revised since
group is not
last report,
strictly comparable in the several years.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on July 13, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Federal Reserve banks combined, shows decreases
for the week of 3,100,000 in bills and securities, of $47,800,000 in Federal Reserve note circulation, and of $10,900,000 in gold held abroad, and increases of $29,900,000 in
cash reserves, $14,300,000 in non-reserve cash, $17,600,000
in member bank reserve deposits, and $10,700,000 in
amounts due from foreign banks. Holdings of discounted
bills declined $80,600,000 and of acceptances purchased in
open market $5,800,000, while holdings of Government
securities increased $3,300,000. After noting these facts,
the Federal Reserve Board proceeds as follows:
All of the Federal Reserve banks report smaller holdings of discounted
bills except Atlanta. which shows an increase of $2,600,000. The
principal
reductions for the week were: Chicago $31,300,000. New York and
St. Louis $10.300,000 each.
Francisco $9,300,000. Boston $6,200.000,
and Cleveland $5,900,000. San
Holdings of bills bought in the open market
declined $5,800,000. of Treasury
$6,600,000 and of Treasury,certificates $2,300.000. while holdings notes
of U. S. bonds increased $12,200,000.
Federal Reserve note circulation
declined
at all of the Federal Reserve
banks except Cleveland, the
principal decreases being $21,200,000 reported
by the New York bank,
San
Francisco, $5,000,000 by
$9,900,000
by
Boston, and $3,600,000 by Ckicago.
Increases (4-)orDecreases(-)
During
Week.
Year.
Total reserves
+$29,900,000 +$179,600,000
Gold reserves
+24,600,0
+167,100,0
00
00
Total bills and securities
-83.100,000 -148,100,000
Bills discounted, total
-88,700,0
-80,600.0
00
00
Secured by U. S. Govt.
-56,900,000
-9,900,000
Other bills discounted obligations_ _ _ _ -23,700,0
-78,800,000
00
Bills bought in open market
-41,000,0
-5,800,00
00
0
U. S. Government securities, total
+3.300,000
-13,300,000
Bonds
+97,600,0
+12,200,0
00
00
Treasury notes
-6,600.000 -174,500,000
Certificates of indebtedness
-2,300,000
+63,600,000
Federal Reserve notes in circulation
-47,800.0
-3,900,000
00
Total deposits
+20,300,000
+74.600,000
Members' reserve deposits
+17,600,0
+72,800,0
00
00
Government deposits
+6.200,000
-8,200,000
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 358 and 359. A
summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
July 13 1927 is as follows:
Return of Member Banks for New York and Chicago
Federal Reserve Districts.
Beginning with the returns for June 29 the Federal Reserve
Board also began to give out the figures of the member
banks in the New York Federal Reserve Distret, as well as
those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks themselves,
and for the same week, instead of waiting until the following
Monday, before which time the statistics covering the entire
body of reporting member banks-now 663-cannot be got
ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
in advance of the full statement of the member banks, which
will not be available until the coming Monday. The New
York statement, of course, also includes the brokers' loans
of the reporting member banks, which for the latest week
show- a decline from those of the preceding week, the grand
aggregate of these loans for July 13 being $3,059,279,000
against $3,126,327,000 on July 6:
IN CENTRAL
CONDITION OF WEEKLY REPORTING MEMBER BANKS
RESERVE CITIES.
New York-53 Banks.
July 13 1927. July 6 1927. July 14 1926.
6 572,455,000 6.746.714,000 6.217,385.000
4.672,548,000 4,843.061.000 4,395,478.000
Loans and Investments—total
Loans and discounts—total
45,900,000
33.693,000
32,216,000
Secured by U. S. Govt. obligations_ 099.607.000
2,225.814.000 2,060,408.000
2
Secured by stocks and bonds
2 540,725,960 2,583,554.000 2.289,170,000
All other loans and discounts
1 899,907,000 1.903,653,000 1,821,907,000
Investments—total
895,894,000
896,104,000
U.S.Govt.securities
Other bonds, stocks and securities...1,003,803,000 1,007.759,000
715,975.000
745,781,000
Reserve balances with F. R.Bank__
60,964,000
58,755,000
Cash In vault
Net demand deposits
Time deposits
Government deposits
5,254,891.000 5,347.713,000
975,060,000 1,006,139,000
14,632,000
11,904,000
Due from banks
Due to banks
110,371,000
90,295,000
1,174,929,000 1,234,100.000
Borrowings from F. R. Bank—total
Secured by U S. Govt. obligations_
All other
77,124,000
85,492,000
63,050.000
14,074,000
81,450,000
4,042,000
district
districts partly offset an increase of $45,000,000 in the New York
and smaller increases in other districts.
A summary of the principal assets and liabilities of the
663 reporting member banks, together with changes during
the week and the year ending July 6 1927 follows:
July 6 1927.
On demand
On time
Loans and Investments—total
Loans and discounts—total
Loans & investments—tota1.20,728,326.000 —39,882,000 +1.017,536,000
+624,591.000
903,804,000
918,103,000
Secured by U. S. Govern118,141.000
ment obligations
Secured by stocks & bonds 5,917,575.000
0
All other loans & discounts 8,646,955,000
6,045.655.00
Investments—total
5,018,296.000
U.S. Govt. securities_ __.. 2,548.266.000
851.050,000
Other bds.,stocks & secur 3,497,389,000
25,090,000
Res. balances with F.R.bks 1,692,258,000
277,469,000
in vault
Cash
112,167,000
13,364,101,000
1,083,184,000 Net demand deposits
6,200,894.000
Time deposits
132.256,000
103,946,000 Government deposits
1,186,382,000
Due from banks
0
3.450,389.00
banks
to
Due
76,450,000
27,496,000 Borrowings from Federal Re- 344,534.000
serve banks—total
695,788,000
67,065,000
3,059,279,000 3,126,327,000 2,601,257,000
2,299,507.000 2,377,777,000 1,924,965.000
676,292.000
748,550,000
759,772,000
Chicago-45 Banks.
1,780,174,000 1,797,882,000 1,723.367.000
1 386,447,000 1,389,100,000 1,353,916,000
14,016,000
13,295.000
632,523.000
696,429.000
707.377,000
679,376,000
Secured by U. S. Govt. obligations_ 13,026,000
704,585,000
Secured by stocks and bonds
668,836,000
All other loans and discounts
393,727,000
408,782,000
369,451,000
170,278,000
13.8. Govt.securities
Other bonds, stocks and securities._ 223,449,000
Reserve balances with F. R. Bank.... 161,450,000
20,163,000
Cash in vault
177,636,000
231,146,000
165,665,000
203,786,000
174,790,000
21,759,000
169.405.000
23,167,000
nvestments—total
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Secured by U. S. Government obligations
All other
6,162,000
26,149,000
10,731,000
Set ured by U.S. Govt. obligations_
'ti other
4,150,000
2,012,000
23.125,000
3,024,000
7.074.000
3,657,000
Complete Return of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statement for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics
covering the entire body of reporting member banks, now
643, cannot be got ready.
In the following will be found the comments of the Fedeta' Reserve Board respecting the returns of the entire
body of reporting member banks of the Federal Reserve
System for the week ending with the close of business
July 6.
The Federal Reserve Board's condition statement of 663
reporting member banks in leading cities as of July 6 shows
declines for the week of $40,000,000 in loans and investments, $17,000,000 in net demand deposits, $11,000,000 in
time deposits and an increase of $36,000,000 in borrowings
from the Federal Reserve banks.
Loans on stocks and bonds, including United States Government obligations, were $5,000,000 below the previous
week's total, reductions of $19,000,000 in the Chicago district and $11,000,000 in the Cleveland district being largely
offset by increases of $7,000,000 each in the Boston and
New York districts and $6,000,000 in the Philadelphia district. "All other" loans and discounts declined $30,000,000,
of which $22,000,000 was reported by banks in the San Francisco district. The statement goes on to say:
Holdings of United States Government obligations declined $21,000,000
during the week, of which $12,000,000 was reported by banks in the Chicago district. Other bonds, stocks and securities were $16,000,000 above
the June 29 figure at all reporting banks and $17,000,000 above at reporting members in the New York district.
Net demand deposits were $17,000,000 less than on June 29, the principal
changes including reductions of $67,000,00 in the New York district, $15,000,000 in the Chicago district and $10,000,000 in the San Francisco district, and increases of $22,000,000, $19,000,000 and $14,000,000 in the
Boston, Philadelphia and Cleveland districts, respectively. Time deposits
declined $11,000,000, declines of $16,000,000 and $6,000,000 in the San
Francisco and New York districtcs, respectively, being partly offset by
Increases of $9,000,000 and $5,000,000 in the Boston and Chicago districts,
respectively.
Borrowings from the Federal Reserve banks increased $36,000,000, reductions of $17,000,000 and $9,000,000 in the Boston and Philadelphia
237,521.000
107.013,000
—697,000
—4,699,000
—29,958,000
—4.528.000
—26,998,000
+407,235,000
+244,354,000
+392,945.000
—20,715,000
+16,187,000
—59.001,000
+7,157,000
—17,285,000
—11.205.000
—29,765,000
+100,085.000
+253,025,000
+53,662,000
+339.283,000
+23,386,000
—20.112,000
+352,462,000
+546,382,000
—21,714,000
+35,969,000
—44,241.000
+34.227,000
+1.742.000
+6.362.000
—50.603,000
g
Summary of Conditions in World's Markets Accordin
the
to
Reports
Other
and
ms
to Cablegra
Department of Commerce.
releases
The Department of Commerce at Washington
of
for publication to-day (July 16) the following summary
other
and
cable
by
advic,es
on
conditions abroad, based
means of communication:
1,207.103,000 1,208,324,000 1,184,487.000
520,230,000
547,958,000
544,417,000
5,469,000
9,847,000
7.907,000
160,757,000
142,319,000
153,258,000
377,410,000
379,985,000
369.996.000
Borrowings from F. R. Bank—total_ _
Increase (-I-) or Decrease(—)
.During
Year.
Week.
Loans & discounts—total —14.682.671,000 —35,354.000
Loans to brokers and dealers (secured
by stocks and bonds):
932,813,000
991,498,000 1,105,949,000
For own account
1,016,148,000
For account of out-of-town banks_ _1,204,315,000 1,155,799,000
652.296,000
864,579,000
863,466,000
For account of others
Total
327
THE CHRONICLE
JULY 16 1927.]
AUSTRIA.
that has developed in
The improved situation in trade and industry
that it will continue
recent months is holding on well with good prospects
mills are reported
spinning
throughout the summer. Most of the cotton
other branches
well booked up for the summer months and the situation in
The
of the textile industry is favorable from an operating standpoint.
better
metallurgical and electro-technical industries are in a considerably
works.
cable
condition than six months ago, as also are the shoe factories,
particularly
clothing and specialty lines. Import trade has been active,
which are now
In view of the prospective increases in the Austrian tariffs
trade has been slow
before Parliament. The improvement in the export
of trade is at least
but steady for several months. The combined volume
nt is proceeding
10% above last year. The seasonal decline in unemployme
doles was 152,499
satisfactorily; the total number of unemployed receiving
on Feb. 28.
on June 15 contrasted with 158,332 on May 31 and 244,257
BELGIUM.
unemployment
Although Belgian industry is only relatively prosperous,
diamond industry have
Is slight and is descreasing. Conditions in the
cutters now plan to
been increasingly difficult. The Bleigan and Dutch
stocks. Imports
shut down their plants temporarily in order to reduce
2.443,000,000 francs
during May totaled 3,158,000 metric tons valued at
and 2.009.000.000
and the figures for exports were 2.102,000 metric tons
francs.
CANADA.
but retail business
Wholesale trude in Canada in most lines is normal,
lines in Western
has been uneven on account of variable weather. Active
building supplies
Canada include agricultural implements, poultry netting,
of hides. Industrial
and paints. Tanners report unusually low stocks
of galvanized and
and construction activity in Ontario has stimulated sales
number of wholesale
index
The
annealed sheets and other metal products.
recorded for grains.
prices rose 1.6 during June. Higher quotations were
quotations for raw
flour, hides, leather, cotton, lead and silver and lower
gasoline, white
sugar, livestock, pork products, mutton butter, copper,
in price on
reduced
were
twine
lead and glycerine. All grades of binder
at the end
July 1 by three-fourths of a cent per pound. Crop conditions
favoring good yields
of June are reported by the Dominion Government as
the
although
westward,
of wheat and coarse grains from central Ohtario
considerably and
wheat acreage in the Red River Valley has been reduced
about ten days later
the harvest in Saskatchewan and Manitoba will be
present than in the
than last year. The outlook in Alberta is better at
to have a large
other Prairie Provinces. Prince Edward Island is expected
encouraging. The
potato crop, but prospects in New Brunswick are less
country. The
fruit situation is rather uncertain in most parts of the
spent
Dominion Government estimates that American automobile tourists
0 in 1925.
$203.000,000 in Canada last year. as compared with $188,500.00 States.
and that Canadian motor tourists spent $60,000,000 in the United
CZECHOSLOVAKIA.
iron and steel.
Substantial improvement in textile, building material,
and machinery industries IS reported, but it is chiefly quantitative with
toy industries conearnings still at a low level. The glass, porcelain and
tinue slack with no prospects of an immediate change.
FINLAND.
and the total volume was
Finland's trade during May was very active
somewhat above normal. Both imports and exports were noticeably
higher than during previous comparative periods. The export of butter
reached record totals. The increase in trade volume reflects the continued
spring revival in commercial activities. The industries are increasingly
active and shipments showed the usual seasonal increases. The lumber
market continues very quiet, with practically no activity in sales. Attention has been attracted by a few sales for 1928, which indicate that importers anticipate higher prices. Industry in general shows a slow seasonal
revival. The spring has generally been very late and cold, with the resultant delay in spring sowing. Unrest in labor conditions continues, with
numerous threats of strikes and lockouts. No serious stoppages of work
have occurred thus far, the Government intermediaries having succeeded
In many cases in effecting agreements between the workmen and the employers. The lockout in the metal working industries continues and there
Is a danger of an extensive labor dispute. Demands for credit which increased during April continued during May and resulted in a slight tightening of the money market. These requirements have been somewhat offset
by the accumulation of fresh capital, but during the month demands became more pronounced.
328
THE CHRONICLE
[VOL. 125.
FRANCE.
JAPAN.
There has been a further decline in the
volume of business in France
At the special Cabinet meeting held
due partly to the season, but especially to
on July 6 it was decided to hold in
the high value of the franc which abeyance the
plans for aid to the Kawasaki Dockyard Co. pending
has brought restrictions in domestic buying
settleand keen competition in foreign ment of the
claim of Ikura & Co. against the dockyard company
sales. The Bourse is inactive, short term money
. This
is plentiful and there is claim arose from a
court award of 2,800,000 yen in favor of Okura & Co.
a continued tendency on the part of companie
s to take advantage of the against the Kawasak
i Dockyard Co. Reorganization of the Fifteenth
easy money market to increase their
capital stock. Proposals for the 1928 Bank has also been
budget have been presented and have made
indefinitely postponed due to the infusion of political
a favorable impression, espe- Issues into the question
cially as they do not include additional taxation
. All markets are reported dull with no expectation
. Bank clearings continue of revival before
low. Unemployment is again lower and
September. The present high prices for raw silk prove
living costs are declining. De- unprofitable to
spite import restrictions, the French
filatures. Heavy rains are greatly improving prospect
mines are still stocking coal and sales for a large
s
rice crop.
are low. Both the domestic and foreign
markets for iron and steel are
sluggish and a curtailment of producti
NETHERLANDS EAST INDIES.
on is probable. German and British
competition is active in the foreign
General business of Netherlands India
markets. Sales of textile manufactures
continues good. The Peintee
are poorly sustained and condition
s in general may be described as spotty. market, which has been abnormally
high and speculative, is now declining.
Crop prospects are on the whole
Exports of rubber from the Netherla
good, but sunny weather is badly needed.
nds East Indies in May are now
Car loadings are falling.
reported as totaling 25,057 long tons,
of which 5,430 tons were shipped from
Java and Madura, 5.528 from the
GERMANY.
Sumatra East Coast and 14,099 tons
June was marked by continued improvement
from
the remaining rubber districts of the Outer
in German industries with
Possessions.
conditions in the iron and steel, machinery, electrical
, textile and paper
SOUTH AFRICA.
branches especially satisfactory. The improve
ment, however, is confined
Wholesale and retail trade in June was slightly
to the home market, as there were no
better than In May,
gains of importance in export sales. apparently
due to the stimulating effect of the encourag
Practically all industries are complaining of
ing outlook in
an inability to meet foreign export
crops. The citrus season is now under way, with
competition abroad with profit at
an excellent outthe current prices. June industrial look, and
the latest official forecast places the corn crop
reports are perhaps the most satisfact
at 19.510,000 bags.
ory since the stabilization period. Industria
l activity is about normal, although depressio continue
The number of unemployed receiving
n
Government assistance decreased lines.
s in a few
The leather, shoe and clothing industries are well
to 600,000 on June 15, representing a decrease
employed, and
of 68% since Jan. 15 1927. construction
is being maintained at a record figure. A steady demand
Pressure for wage increases Is becoming increasin
gly marked following the mining and
in
machinery materials continues,sales for the half year
recent advances in the chemical, metal,
just closed
building and coal industries. Gov- being
estimated at above the 1926 figure. The automobi
ernment taxation receipts for the first
le trade is fairly
two months of the current fiscal good, with
prospects for improvement.
year, April 1 to March 31, are 6% above
the estimates, with a notable
It is announced that a special session of
increase from indirect taxes pledged
Parliament will be called for
to reparations payments. May Oct. 10
to consider the Precious Stones Bill, the Iron and Steel
foreign trade figures show an adverse trade balance
Bill and
for the first five months Other measures
of the year amounting to 1,500,000.000
which failed of passage in the Senate during the legislati
marks, foreshadowing a total for session
ve
adjourned on June 29.
the year of 3,600.000,000 marks, which is equal
to the record adverse balTotal mineral production in May is valued
ance of 1925.
at £5,182,000. The gold
output for the month amounted to 860,000 rine ounces,
ITALY.
valued at £3,653,000, as compared with 824,000 ounces in April, valued
The official announcement to the effect that
at £3,502,000.
the lira is to be held indefi- Diamond output declined
slightly to 406,000 carats, valued at £1,033,000.
nitely at about 90 to the pound sterling and that
work is now proceeding
on the promised tax reductions is reported to have somewha
t restored the
waning confidence in the Italian business
situation. Widespread wage Conclu
sion of Conferences of Officers of Banks of
reductions approximating 10% which had been
effected are not expected
to alter materially production costs. Governm
England, France and Germany With Governor
ent revenues continue their
favorable showing and the statement of the
Bank of Italy on May 31 shows
Strong of New York Federal Reserve Bank—
a decrease in circulation of 136,000,
000 lire which now stands at 17,443,000,000 lire. Banks continue their
Expected Results—Return to Europe of
conservative policy in credit matters,
although interest rates are falling.
Credit relief is to be offered farmers
Dr. Schacht, Charles Rist and M.
because of the decline in grain prices.
Many Italian industries. especially
the cotton, mechanical and silk
Ricard.
branches, are suffering from continued
stagnation. New building in many
The discussions of the conferences which had been encentres has practically ceased. The
artificial silk, road building machine,
and hydrt-electrical equipment gaged in between officers
Industries are reported active. The
of the Bank of England, the Bank
raw cotton industry was quiet in June.
Tourist business has fallen off greatly
because of present high lira exchange. of France, the German Reichsbank and Governor Strong
May imports stood at 1,828,000,000
lire and exports at 1,285,000,000 lire. of the Federal Reserve Bank of New York have been conThe corresponding amounts for May
last year were 2.473.000,000 lire and cluded some of
the visiting bankers having returned to
1.346,000,000 lire, respectively.
Europe. Dr. Hjalmar Schacht, President of the German
POLAND.
Final figures for foreign trade for May,
published by the Central Sta- Reichsbank sailed for Berlin on July 13 on the steamer
tistical Bureau, show further expansion of imports
—to 168.814.000 zlotys New York of the Hamburg-American
Line. Charles Rist,
(all foreign trade figures in gold zlotys: 1 zloty
equals $0.193), as compared Deputy
with 148,238,000 zlotys in April. Exports
Governor of the Bank of France, and M. Ricazd,
for the month showed a slight
decline—to 114,177,000 zlotys from 119,431,
000 zlotys in April. Polish also of the Bank of France, sailed a week ago July 9. The
foreign trade for the first five months of
1927 shows a marked expansion, other European bankers
who participated in the conferences
as compared with the same period of
1926. Imports in 1927 totaled 659,955.000 zlotys, against 288,416,000 zlotys
in 1926, an increase of 130%, was Montagu C. Norman, Governor of the Bank of England.
while exports increased from 471.650,
000 zlotys to 594.518,000 zlotys, The statement of Governor Strong, issued on July
8, rerespectively, or 25%. The much larger
expansion of imports than of ex- garding the discuss
ions, appeared in these columns July
ports naturally resulted in an adverse turn
in the trade balance—from a
favorable balance of 183,234.000 zlotys
for the first five months of 1926 9, page 168. With regard to the results which are expected
to a deficit of 65,347,000 zlotys for the same
period of the current year. to follow from the conversations, the "Wall Street Journal
'j
Imports which consist chiefly of raw materials
and some machinery and of July 14 had
equipment for productive use in manufact
the following to say in advices from its Washuring industries and agriculture,
Is a sound reflection of the general improvement
in the economic condition ington bureau:
of the country and the consequent higher purchasi
Far reaching developments in the fields of international trade
ng power of the popuand finance
lation.
are expected in official quarters here to result from the series of conferen
ces
State revenues for May totaled 209,956,
000 (paper) zlotys (1 zloty equals just concluded in this country by the chiefs of the central banks of England
,
$0.113), against 189,804,000 zlotys of expenditures,
thus leaving a surplus France and Germany with the heads of the Federal Reserve System. Someof 20.152,000 zlotys. Revenues for the first five months
exceed budgetary thing akin to an "Economic League of Nations" appears to be in the making.
estimates by 188,042,000 zlotys, resulting in a
Despite the speculative reports which were in circulati
surplus over expenditures
on during the
for the period of 218,759,000 zlotys (revenues
1,117,435.000 zlotys and series of conferences it may be said with authority that no specific program
expenditures 898,676,000 zlotys). This compares with a
total of revenues for future activities was adopted. At the same time it develops that a
of 644,613,000 zlotys, expenditures of 704,558,
000 zlotys and a resulting very definite understanding was reached for a community of purpose among
deficit of 59,935,000 zlotys for the same period of 1926.
the financial heads of the leading nations of the world
in attempting the
solution of broad problems confronting all countries through
UNITED KINGDOM.
their business
relations to one another.
The combination of three large British cement
manufacturers, involving
$12.500,000 capital, was announced on July 7. The coal
Hint
Is
Given.
strike is quiet.
Governor Strong, of the Federal Reserve Bank of New York,
Prices are at marginal levels and there
is in consequence a tendency to
is believed
to have given a clear hint of what is contemplated in his formal
close pits rather than further to reduce quotations.
statement
Active competition
at the close of the meetings. After outlying the general nature of the
attended the opening of the July 5 series of London wool
topics
sales. The numdiscussed such as the international relationship of discount rates and
ber of persons registered for employment was 1.004,60
the
0 on June 27: this
operation of the gold exchange standard, he said:
represents an increase over the figure reported for the previous
week, but
"Methods for dealing with these subjects are not capable of exact
a decrease from that for June 13.
definition, but the friendliness and better understanding from these
exchanges of
AUSTRALIA.
views can not fail to be helpful."
The wheat outlook was slightly improve last week
d
by
In
a
other
moderate
words
rainthe
basis
co-opera
among
of
tion
the
nations in attacking
fall. Money continues tight,
due in part to the number of private and their common difficulties has been reached.
It has been ascertained that
governmental loans offered in recent weeks.
A 5% Commonwealth loan the money powers of the most important commercial countries
of E7,000.000 is being underwri
see the postten in London and will be offered at £98. sibility of greater progress by working together than entirely
as individuals.
General business is reported
as steady to quiet, with country purchasers
For
instance,
the
Federal
Reserve System is concerned with the conbuying cautiously. The
Australian Wool Council announces the allocation tinued flow of gold into the United States. The policies
of foreign central
of 1,220.000 bales of wool for
disposal before Christmas; 670,000 bales to banks in keeping part of their reserves in this country
is one of the factors
be offered at Sydney and
Brisbane, and 550,000 bales at southern centres. responsible for the movement. Co-operation among
the heads of the cenOpening sales will be held on
Aug. 29 at Sydney and at Adelaide, South tral banks may lead to a more equitable distribution
of the world's gold
Australia, on Sept. 9.
supply.
INDIA.
Continuance Is Expected.
The official India preliminary
jute forecast Places acreage for the year
Although the recent conferences were given something
1927-28 at 3,382.000 as compare
of an air of mystery
d with 3,600,000 acres for the preceding by the consistent
policy of silence followed until Governor Strong's stateyear This forecast is not expected
to affect the market. A 10.000.000 ment,the view in official
ba,e crop is anticipated in Indian
quarters here is that the meeting would have been
trade circles as compared with the Sep- of no value if accompan
ied by publicity. The conferences both in New York
tember 1926 forecast of 10.888,6
00 bales. The actual yield of the 1926-27 and in Washington
are likened to the meetings of a board of directors of a
Top was over 12,000.000 bales. A
cable received from Calcutta on July 3 business concern which
announce its actions but does not report its proeported that shellac had advanced 23
points during the preceding 10 days ceedings.
an excited market. Practically all
sales were being made for August
Continua
nce
of
these
conferences from time to time is expected in official
wry with the United States purchasing
heavily.
circles here. Through them a different method of handling
world ecenomic
1
JULY
16 1927.]
329
TH l CHRONICLE
That more real good has been accomplished in this matter of fact way
procedure of governproblems is looked for in place of the halting and Jealous
business than could ever have been possible in the publicity offormal plenary sessions
ments trying to get together. What is hoped for is international
is generally admitted.
in the hands of business men rather than governments.
Limits to what can be accomplished by the central banking systems of the
development
Some observers here see in the recent meetings the logical
unprescribed.
World War. It leading nationals of the world working together are almost
the
before
heads
financial
European
among
accord
of the
governments is
of the financial Co-operation among the nations as represented by their
is recalled that more than a decade ago it was the custom
some watering always restricted by treaties, subject to debate in Congress or parliaments
leaders of the European nations to meet at intervals at
banking
reached had wide- and usually swamped by politics. Co-operation of the central
place or resort and talk things over. Understanding
systems can accomplish as practical business matters things governments
conditions.
business
European
upon
spread effects
would not touch.
Benefits To AU.
the Bank
The World War broke up these meetings. But after the war
Stock of Money in the Country.
began to strengthen
of England and the Federal Reserve Bank of New York
Department at Washington has issued its
benefits
the
to
Treasury
policies
The
harmonious
produced
frequently
has
which
a contact
this contact a step further
customary monthly statement showing the stock of money
of both England and the United States. Carry
the
appears
there
and
Reichsbank
by including the Bank of France and the
in the country and the amount in circulation after deducting
ground work for international co-operation similar to the European meeting
position in world the moneys held in the United States Treasury and by Fedthe
occupying
States
United
the
with
days
pre-war
of
economic affairs which it can no longer be denied.
agents. The figures this time are
looking eral Reserve banks and
In the economic discussions that took place soon after the war,
the money in circulation at that
that
show
They
July
seriously
1.
for
was
proposal
the
etc.,
finances
world
to restoration of disordered
put forward to hold formal, periodical meetings of central bank representa- date (including, of course, what is held in bank vaults of
tives to consider international financial questions. But such meetings member banks of the Federal Reserve System) was $4,745,get
have never been called. Instead, there have been these informal,
8 June 1 1927 and $4,834,together, friendly conferences of governors Strong. Norman, Schacht and 971,488, as against $4,785,971,48
others at various times,over here and in Europe,at which current monetary 652,117 July 1 1926, and comparing with $5,628,427,732 on
questions, affecting various countries individually and the world in general
Nov. 1 1920. Just before the outbreak of the European
were discussed. These discussions; notwithstanding that they involved
$3,402,015,at times issues of far reaching importance, have taken place for the most War, that is, on July 1 1914, the total was only
part, over private dining room tables, on golf courses, or in club rooms, 427. The following is the statement:
maybe.
CIRCULATION STATEMENT OF UNITED STATES MONEY—JUNE 1 1927
MONEY OUTSIDE OF THE TREASURY.
MONEY HELD IN THE TREASURY.
KIND OF
MONEY
Stock of
Money. a
Amt. Held is get've Against
Trust Against United States
Notes
Gold & Silver
Total.
. Certificates(dt (and Treasury
Notes
Treateg Note*
of 1890).
af 189W•
$
$
5
Gold coin and
54,565,070,147 3,650,974,055 1,625,285,099
bullion
Gold certificates c(1,625.285,099)
475,681,351 470,918,705
537,948,084
Stand.ally.dol.
Silver certifs.. c(469,591,901)
Treasury notes
c(1,326,804)
of 1890
5,437,024
295,818,732
Subsidy silver.
3,235,483
346,681,016
U.S. notes....
979,355
F. R. notes.... 2,077,473.195
192,906
4,854,238
F.R.bank notes
19,029,816
704,146,267
Nat.bank notes
Held for
Federal
Reserve
Banks
and
Agents.
AU
Other
Money.
$
$
155,420,721 1,712,002,936
Total.
Population
of
Continental
United
States
Per
Capita.(Estimated).
In Circulation.
AntounS.
8
s
$
914,096,09t 527,635,307 386,460.785
1,007,081.189
1,625,285,099 618,203.910
49,145,184
13,121,549
62,266,733
4,762,646
93,801,659 375,790,242
469,591,901
$
158,265,299
1,326,804
5,347,024 290,471,708
3,235,483 343,445,533
979,355 2,076,493,840
4,661,332
192,906
19,029,816 685,116,451
.
Held by
Federal
Reserve
Banks
and
Agents.f
1,326,804
14,738.650 275,733,058
51,245,380 292.200,153
373,670,198 1,702,823,642
4,605,575
55,757
35,060,515 650,055,936
$
5
3.31
8.61
.42
3.21
.01
2.36
2.50
14.56
.04
5.56
Total July 1 '27
8,531,991,679 d4,155,439.990 2.096,203,804
155,420,721 1,712,002,936 e191,812,529 6.472,755,493 1.727,532,925 4,745.222.568
40.58 116,943,000
Comparative
totals:
June 1 1927.
July 1 1926*
Nev. 1 1920.
A ril 1 1917_
July 1 1914_
Jan. 1 1879.
8,546,745,712 44,157,958,128 2,082,395,385
8,373,660,229 44,207,918,206 2,139,770,428
8,326,338,267 42,406,801,772 696.584,226
5,312,109,272 42,942,998,527 2,684,800,085
3,738,288,871 41,843,452.323 1.507.178,879
21,602,640
1,007,084,483 4212,420.402
155,420,721 1,722,946,574
154,188,886 1,717,348.235
152.979,026 1,208.341.990
152,979,026 ----.------150,000,000
100,000,000
•
197,195,448 6,471,182,969 1,685,211,481 4,785,971,488
196.610,657 6,305,512,451 1,470,860,334 4,834,652.117
350.626,5306.616.390.721 987,962,989 5,628,427.732
105,219,416 5,053,901,830 953.320,126 4,100,590,704
3,402.015,427
186,273,444 3,402,015,427
816.266.721
90.817,762 816,266,721
40.97 116,824,000
41.85 115,523,000
52.36 107,491,000
39.54 103,716,000
34.35 99,027,000
16.92 48,231,000
... . and I and France. At the time of Ambassador Herrick's departure
.countries
_
. _ In foreign
.. in_ circulation
_ . paper currency
... .States
. United
_. a Includes
unt Dejayeuan
steamer
Treasury, from France on June 22 on the new French line
the
of
vaults
outside
of
coin
foreign
Does not Include gold bullion or
reported that he was bringing the
Federal Reserve banks, and Federal Reserve agents.
"Ide
de
was
it
France,"
These amounts are not included in the total since the money held in trust
Following the conference on
against gold and sliver certificates and Treasury notes of 1890 is included under proposed treaty with him.
gold coin and bullion and standard silver dollars, respectively.
and Kellogg, it was
Herrick
July
7,
Messrs.
between
d The amount of money held In trust against gold and silver certificates and
"Times"
Treasury notes of 1890 should be deducted from this total before combining it with indicated, according to a dispatch to the New York
total money outside of the Treasury to arrive at the stock of money in the United that no
with
in
connection
contemplated
was
step
immediate
States.
e This total Includes $15,443,670 of notes In process of redemption, $149,228,633 the Briand proposal. The dispatch also said:
of gold deposited for redemption of Federal Reserve notes, $13,182,500 deposited for
It is understood the French proposal, while simple in itself, involves
redemption of national bank notes, $2,830 deposited for retirement of additional
circulation (Act of May 30 1908), and $6,424,200 deposited as a reserve against
Postal Savings deposits.
Includes money bald by the Cuban agency of the Federal Reserve Bank of
Atlanta.
Note.—Gold certificates are secured dollar for dollar by gold held in the Treasury
dollar by standard
for their redemption; silver certificates are secured dollar
silver dollars held•in the Treasury for their redemption; United States notes are
held in the Treasury. This reserve
secured by a gold reserve of $155,420,721 of
Treasury notes of 1890, which are
fund may also be used for the redemption dollars
held in the Treasury. Federal
also secured dollar for dollar by standard silver
States
and a first lien on all the assets
United
the
of
obligations
are
Reserve notes
Reserve notes are secured by the
of the issuing Federal Reserve bank. Federal
of a like amount of gold or of gold and such
deposit with Federal Reserve agentseligible
under the terms of the Federal Reserve
discounted or purchased paper as is
a gold reserve of at least 40%, inAct. Federal Reserve batiks must maintain
be deposited with the United States
must
which
fund
redemption
gold
the
cluding
actual circulation. Lawful money
In
notes
Reserve
Treasurer, against Federal
has been deposited with the Treasurer of the United States for retirement of all
bank notes are secured by
National
notes.
bank
Reserve
outstanding Federal
been deposited with the Treasurer
United States bonds except where lawful money hasfund
is also maintained In lawful
5%
A
retirement.
their
for
States
United
of themoney with the Treasurer of the United States for the redemption of national bank
notes secured by Government bonds.
Ambassador Herrick's Visit to United States—Proposal
of Foreign Minister Briand for Treaty to Outlaw
War Between This Country and France—
Premier Poincare on Colonel Lindberghs Flight to Paris.
many questions of policy, particularly in relation to its possible reprecussion
on other countries, and that careful study must be made of it before anything approaching a dofinition of the American reaction to it can be made.
Ambassador Herrick may visit President Coolidge in the Black Hills.
but no invitation for such a call have been received. It was intimated to-day
that because of the time State Department experts will require for examining the Briand proposal it will not be necessary for him to see the President
on the subject for some time.
A month ago (June 11) the State Department issued the
following announcement regarding the willingness of the
United States to enter into conversations on the subject of
the treaty:
In response to an informal inquiry made on June 2 by M.Briand, Foreign
the
Minister of France, through Mr. Herrick. the American Ambassador,
latter has been authorized to say to M. Briand that the United States will
the
subject of a possible
be pleased to engage in diplomatic conversations on
agreement along the lines indicated by M. Briand's statement to the press
on April 6,last.
At the time of the issuance of the above, the New York
"Herald-Tribune" in Washington advices stated:
Two Treaties Already Exist.
This government already has two treaties with France the purpose of
which is to substitute arbitration for war. In view of this, as viewed here,
CO great difficulty stands in the way of the conclusion of a treaty which
will remove the likelihood of war between the two nations still further
than it is at present.
State Department officials to-day had nothing to forecast as to the
probable turn which such a treaty might take. They pointed to the existing
treaties as indicating the peaceful disposition of this government in its
relations with France.
Myron T. Herrick, United States Ambassador to France,
who recently returned for a visit to the United States, conferred at Washington, on July 7 with Secretary of State
The following Paris advices (copyright) bearing on the
Kellogg at which, it is understood, discussions were had
relative to the proposal of Foreign Minister Briand of proposed treaty were contained in a cablegram, June 23 to
France for a treaty to outlaw war between the United States the New York "Times"
330
TEE CHRONICLE
Foreign Minister Briand's draft propos
al for peace between the United
States and France which Ambassador
Herrick is bringing with him to
Washington, is understood to be one
of the simplest diplomatic docume
nts
ever written. It states merely that
the two countries herewith agree to
abstain from war or threat of war
against each other.
It is a compact between two countr
ies only, and while its form may be
adapted to an agreement between
any two other countries or between
either of the contracting parties
and a third country, it, in itself, is not
capable of extension. It will not be
enlarged to include any third party.
The text of the proposal, which
is intended as a first basis for discussion,
was drafted by M. Briand himsel
f. In one respect it is unique. It does
not invoke any principles. All
high-sounding sentiment and all generalities
have been omitted. It simply
outlaw
This document, which Mr. Herric s war.
k is carrying with him, will be submitted as a memorandum to
President Coolidge by the Ambassador himsel
f.
Thereafter all conversations and
exchanges of notes and opinions will, it
is affirmed, be conducted with
the utmost secrecy. This Is not only Washington's wish but also the desire
of M. Briand.
As a preliminary to the peace
compact between France and the United
States a compact of silence has
been decided on between the State Department and the Quai d'Orsa about
y
all future negotiations. For the most
part these conversations will take
place in Washington, M. Briand leaving
to Ambassador Claudel the task of develo
ping his idea in accord with Mr.
Kellogg.
The Foreign Departments of both
countries have agreed that nothing
whatever is to be divulged as to
the character of the proposals or the progress made in reaching an agreem
ent until the moment comes when the
definite text can be announced
and Parliament and Congress asked to ratify
it.
The same paper in announcing Premier Poinc
are's approval
of the plan had the following to say in an
account from
Edwin L. Jones at Paris June 25 (copyright
:
[VOL. 125.
French Bank Rate on Reduced Leve
l—Former Rate
Was Long Embarrassment to Bank of
France
and Treasury.
The "Wall Street Journal" of July 8
reports the following from its Paris office:The financial world continues to suffer or benefit
, according to the nature of its operations, by a plethor
a of money. The private discount rate
has been as low as 254,%. The
rate of interest on the only existing Government short-term bonds subscri
bable daily by the public—the one-year
National Defense bonds—has
recently been reduced to 3%. The banks
have reduced their interest rate
on deposits to around 2% and the Treasury is paying 1.60% net on funds
placed on current account with it by the
private banks. The carry-over
rate on the Bourse has fallen below 2%—
which was rare even before the war.
Call money runs between
34% and
3342%.
Naturally the banks are having a thin
time of it. Their deposits and
cash are increasing by leaps and
bounds, and they are hard put to
it to
find employment for the money.
There is a limit of discountable
commercial paper, and capital issues are
scarce by reason of the public's hesitation to invest on long term and of
the high rates of interest which
bonds
have to pay—the average has fallen
from
April, but by waiting, far better terms 9.2% in January to 8.05% in
may come. The large funds entrusted to them may be withdrawn
and therefore the risks of placing them
in long bonds are considerable. It is
not altogether certain that they have
resisted the temptation, but it is unlikel
y that they have yielded to it
largely on account of their traditi
onal prudence and conservatism. They
would like to see the prohibition on
the export of capital abolished so that
they might send their funds abroad
. But that idea does not please the
Government,
The Government is the gainer by the
plethora of money and its increasing cheapness. The bulk of the idle
funds represent inflow of capital from
abroad, French or foreign-owned.
Nothing proves that better than the
astounding growth of the Bank of
France's holdings of foreign currencies.
Of the 18,000,000,000 francs total of
its "sundry assets" on May 19, all but
2,000,000,000 stood for sterling, dollars
and so forth bought in the open
market, and by far the greater portion
has been bought within the past
few months. A year ago the total
was 3,543,000,000 francs, at the end
of
December 5,010,000,000, at the beginn
ing of March 8,887,000,000. The
Bank certainly possesses more than
$500,000,000 in its sundry assets, besides the $90,000,000-odd representing
the sale of the gold recently surrendered by the Bank of England, some
$5,000,000 representing the gold
coins bought from the public and also
sold later for dollars, and some $10,000,000 figuring in the item of liquid
assets abroad. With the exchange
which the Treasury bought in the
last half of 1926, it is reckoned that
the total reserves of foreign currencies
now amount to at least $800,000,000
.
All this means backing for the franc.
But it means more than that, for
the exchange thus purchased is not
kept idle. It has been contributing
notably to the ease with which contine
ntal speculators have been obtaining
credits in sterling in London in order
to buy francs in Paris and invest
them in French Bente% or banking,
electrical, mining and railroad shares.
The rise of the prices of these bonds
and shares has been so great as to
induce French holders to sell, but
the selling has not checked the rise
of
prices. Owing to the higher quotat
ions of Routes, moreover, the State's
credit has improved slowly but steadil
y, and
abundance of money, has induced it to set this fact, together with the
out resolutely on the path of
consolidation of its floating and short-t
erm debt.
Premier Poincare to-day gave his approv
al to the project of a permanent
peace pledge by France and the United States
. In an address before the
American Club in Paris the head of the
French Government indicated that
he had told Ambassador Herrick, just before
the latter sailed for America
this week, that Paris was "ready to enter
into negotiations with Washington."
M. Poincare held up the flight of Colone
l
which had created new moral bonds betwee Lindbergh as a great event
n the two peoples. He called
the aviator an "angel of love and fidelit
y."
One gathered that the Premier regard
ed the proposed pact as a gesture
which would put a seal on the friend
ship already existent between the
two
republics.
"I do not need to express my sentim
ents toward you," he said, "in order
that you may know them. My
sentiments toward America are those
of all
Frenchmen. I will not let pass
this opportunity to give you a new testimonial.
"The other day I had the great
pleasure to dine with my good friend
Myron T. FIerrick and with Nichol
as Murray Butler, who plans as does
my
eminent colleague M. Briand, to
concentrate the inalterable friend
ship of
our two countries by a pledge of
eternal peace.
"We would all rejoice to see such
a compact signed between us. But
in
any case it exists already before it
has been put upon parchment. From
the War of Independence up to the
morrow of the great European war
we
have for over a century and a half gather
ed common memories which nothing
can efface.
"No one better than you know how to
maintain them. You are all
lieutenants of your Ambassador and you
work of fraternity which he carries on collaborate magnificently in the
with so much tact and devotion
for the great benefit of our two countries.
"—Franca Burns 19,000,000
Francs
Lauds Americans in Paris.
"You are our interpreters in Americ
a and you are our interpr
eters of
America here. You watch over our
intimity and you protect It agains
t
accidental friction. You maintain in
the souls of our peoples our
sacred
tradition.
"When there comes an occasion for
them to manifest their mutua
l sympathies the demonstration immediately
takes an wonderful proportions.
And so it happens that the splendid exploit
of Lindbergh will remain in
the
history of the two peoples as an episod
e of revelation.
"This messenger descending from the
sky with marvelous precision
and punctuality upon an enthusiastic crowd
—was he not an angel of love
and fidelity. And was he not the personi
fication of valiant America full
of youth and of spirit and of physical and
moral vigor and knowing how
to add to the attentive observation of realiti
es the cult of ideal and sublim
e
inspirations.
"And those arms which stretched out toward
Lindberg, those cries of
joy, those acclamations—was not that spirit
developed by centuries, but
always rejuvenated by its new generations and
always as generous, as
disinterested and as prompt in acts of faith.
in Her Bonds,
Voluntarily Surrendered to Aid the
Franc.
From the New York "Times" we take the
following Paris
advices :July 11 (copyright):
Nineteen million francs in securities
to-day went up in smoke on the altar
of the recovering franc.
Solemn ceremonies accompanied the
burning of these obligations, which
took place in the great bleat furnace in
the Government mint, officials of
the State in formal dress officiating.
The securities thus destroyed were
those turned over to the Government
by the holders as a voluntary contribution to aid the recovery of the
franc which opened a year ago when the
financial crisis was at its worst.
Many people brought to the Government
bonds and State securities
they owned, voluntarily surrendering
the benefits of these holdings to aid
the franc on the exchange market
. These obligations have been duly
canceled from those subscribing
to the international debt and it remain
ed
only to destroy the documents.
Characteristically, the French Gover
nment
officia
ls made this into a
ceremony and the cremating of
these papers was conducted with the greates
solemnity.
t
At the Mint were Senator Le
Brun, head of the National Sinking Fund:
Major Deamazes, th, repres
entative of Marshal Joffre, who was the chief
Finds Lindbergh Symbol of Future.
sponsor of the voluntary contri
butions; M. Daily, the Director of the Mint,
and many bankers, Government
"This great aerial bridge which your heroic
aviator
and financial officials. In high hats and
our two continents is a symbol of the future to which has thrown between Prince Albert coats, they
watched the flames quickly consume the certifithe continued progress
of science invitee us. As distances disappear
and as means of communi- cates, whose total value was just over 19,000,000 francs.
cation between men multiply, how can nations
avoid coming closer together.
French Gold 8% on Our Market May Be
"Especially those nations which have always loved
each other will feel
Converted.
themselves more neighborly and more united.
How much more shall
The following Paris cablegram July 10 is
they mingle their thoughts, their interes and
from the New
ts
their actions. How could
York "Times":
it be otherwise than that
they will work together for the happiness and
prosperity of future humani
Through a recent law passed by
ty."
the French Legislature the Government
Premier Poincare then offered
was authorized to effect all financial operat
ions requisite to convert into
a toast for the realization of these hopes
and for the friendship of
anothe
r loan the French Republic gold 8 per cents issued
France and America.
in 1920 in America,
and maturing in 1945. It is impossible at presen
t to say whether or when
At the City Hall in New York, where
he was escorted on the Ministry will make use of the option thus given to it by
Parliament.
June 28, following the arrival of the Frenc
It is believed in banking circles here, however,
that the price at which the
h steamer on loan is quoted
makes such an operation feasible. If effecte
which he was a passenger, our Ambassad
d,the conversion
or Herrick, in would be greatly to the advantage of the French Treasu
ry, which makes posresponse to an address of welcome
by Mayor Walker, said sible further consideration of the question.
(we quote from the "Journal of Commerce"):
I have been trying to make
the French people understand how America
feels toward France,and!have
been doing that for years. Some would have
us believethere is not the same
love,friendship and sympathy there used to
be between us. It only takes
one or two occasions, such as recently happened, to erase the impression
The arrival at this port of the Ile
de France means more than the docking
of a steamer. It is symbolic of the
return of the Spirit of St. Louis, which
brought to France that very fine
young man, Colonel Lindbergh at the very
moment he was needed by France and
the United States.
French Republic External Gold Bonds
Dated Sept. 8
1920 Drawn for Redemption.
J. P. Morgan & Co., as sinking fund trustees, issue
d July
14 a statement to holders of Government of
the French
Republic 25-year external gold loan 8% sinking
fund bonds,
issued under loan contract dated Sept. 8 1920, annou
ncing
that $2,000,000 face amount of the bonds of this
issue have
JULY 16 1927.]
THE CHRONICLE
331
representatives of the
been drawn for redemption at 110 on Sept. 15 1927 out of federation of Italian Industries, to 143
what he had to
moneys in the sinking fund. Bonds bearing the serial num- confederated organizations. In indicating
said:
(copyright)
account
"Times"
York
New
say
the
after
and
on
paid
and
redeemed
bers drawn by lot will be
decided to maintain the Italian curhad
said,
he
Government,
The
Sept. 15 at the office of J. P. Morgan & Co. on the presenta- rency "stably and indefinitely" at present quotations, and it was the
tion of such drawn bonds. Interest will cease on all drawn duty of the industrialists to adjust their production costa to that level.
He said he recognized that this would spell ruin for some peak indusbonds after Sept. 15. Notice is also drawn to the fact that
tries and losses for others, but he added that the situation was not desperan unusually large amount, $484,000, of the bonds of this ate and must be overcome, first, by scientific organization, and then by
issue called for redemption previously are still outstanding. applying all other measures to reduce costs.
The costs of raw materials, he said, which were mostly purchased abroad,
The holders of these bonds having failed to present them for had
been automatically lowered by the rapid revaluation of the lira. This,
redemption are therefore losing interest on this amount.
of course, does not apply to purchases made when exchange was higher.
Redemption of Interim Certificates Representing Bonds
of Credit Consortium for Public Works of Italy.
J. P. Morgan & Co., as fiscal agents, issued on July 14 to
holders of interim certificates in respect to Credit Consortium for Public Works, of Italy, external loan sinking fund
7% secured bonds, series A, due March 1 1937, and series B
bonds, due March 1 1947, that interim certificates representing $159,000 principal amount of series A bonds and $88,000 principal amount of series B bonds have been drawn by
lot for redemption at 100 on Sept. 1 1927, out of moneys in
the sinking fund. The interim certificates bearing the serial
numbers drawn by lot will be paid on and after Sept. 1 upon
presentation at the office of J. P. Morgan & Co. After
Sept. 1 no interest will accrue upon the bonds represented by
such certificates nor will any holder of any such certificate be
entitled to any rights thereunder except to receive payment.
Premier Mussolini Sets Lira at 90 to the Pound—Tells
Italian Industrialists Exchange Will
Stay at That Rate.
From the New York "Times" we take the following from
Rome, July 9 (copyright):
A definite pledge that exchange value of the lira will be kept at its present
level was given to-day by Premier Mussolini, who, on receiving representatives of the Italian industries, said: "Eexchange will be firmly maintained
at 90 to the pound sterling. On this point the Government admits neither
discussion nor doubt. The producers to-day have stability of currency as
a sure basis for their forecasts and their work."
In past weeks the Finance Minister, Count Volpi, had strongly hinted
that the process of revaluation of the lira would not be resumed, at least
for a very long time. This is the first time that a definite announcement
has been made in official form that the revaluation policy has been abandoned for good and all. The decision, naturally, has been received with
much relief by the Italian industrialists, who have been sorely tried by the
rapid rise of the lira.
Continuing his address to the industrialists, Premier Mussolini declared
that he was fully aware of the difficulties in which many of them find
themselves. But it is a good thing, he said, if it will lead to a process of
selection, leaving in existence only those concerns which are best equipped
to combat foreign competition. Such a process of selection was necessary
after a tumultuous war and post-war period, he declared.
The reduction of production costs is at present the most pressing problem,
continued the Premier, and the Government intends to contribute toward
reducing them by cutting down taxation. These cuts, he said, will be
"noteworthy," and in addition the Government intends to lower freight
rates on land and sea.
But, he concluded, the industrialists also must contribute by reducing
their production costs to the utmost possible limit. The Fascist! Governwent and regime expected all industrialists to do their duty in this respect
and the Premier said doubtless they will not refuse to support the Government's efforts.
Official Italy's Aims as to Lira Clarified—Trade Movement Forced the Last Declaration—Rise in
Lira Possible Later.
In Rome advices July 10 the New York "Times" (copyright) said:
He added:
"It is necessary to have courage to reduce their value to the present level
of the lira, thus liquidating once and for all the past situation, even if 19 involves heavy losses."
Praises Co-operation of Workers.
Wages, he continued, had not fallen in proportion to the increased value
of the lira, nor was this to be expected, as the cost of living had remained
relatively high and it was not fair to expect the workers to bear this sacrifice. He paid tribute, however, to the spirit of co-operation displayed by
the Fascist labor organizations. Of these he said:
"Though sometimes displaying resistance, understandable and justifiable by their need to defend the interests of the workers, they have given
good proof of the efficacy of the educative action of Fascismo."
Other obstacles to the reduction of costs, said Signor Beim!, were taxation, railroad freight rates and the money rate, which still remained higher
than they were in 1923, when exchange was roughly at the present level.
The Government, he added, however, had announced its intentions of reducing taxation and had given reason to believe that freight rates would be
reduced. The money rate also probably could be reduced soon.
Finally, Signor Benxi said, there was the problem of reducing overhead
expenses. This could be achieved by a better scientific organization of
industry.
Seeks to Eliminate Waste.
in
Italy, he said, had not yet reached the perfection of other nations
eliminating all sources of waste, both of materials and human energy.
industries
for
necessary
This must be done without delay. It was also
reduce
producing the same class of goods to come to an understanding to
unnecessary effort. Such agreements, he said, would have the full support
and encouragement of the Government. Signor Benni concluded:
who has
"Above all, we must have faith in 11 Duce. who leads us and
give a trial
chosen the ground on which Italian productive ability mustand
political
of strength to ensure to our country its economic health
we fight has
future. We must obey, knowing that the field on which
of the annihilabeen chosen by him who saved our nation from the dangermonetary
value,
of
tion of the lira, who has given to us a new measure
and who, at the same time, has given to us an assurance of its solidity
and firmness.
its appella"We must now act to prove that this confederation merits
the Italian industion of Fascist confederation of integrity, and that
and
trialists are doing everything possible with the greatest tenacity
energy to attain a victory in the economic battle."
Writing from Rome July 9 to the "Times," Arnaldo
Cortesi, in copyright advices furnished the following information:
is faced
industry
The full measure of difficulties with which Italian
bluntly stated by Stegano
as a result of the rapid revaluation of the iira were
of Italian Industries,
Antonio Senn!. President of the Fascist Confederation
leading industrialists,
this week. Signor Benni, himself one of Italy's
of industry, said
in speaking to representatives of almost every branch
this year, but
quite frankly that nobody must expect to make any profits
every effort
that the most that can be expected is to break even, while
next
Is being made to so reorganize Italian industry as to enter into the
year with a certainty of being able to beat foreign competition.
Governthe
that
point
Signor Bermi's speech brought out the important
be mainment has given a pledge that the present level of exchange will
has, as a
tained "firmly and indefinitely." Assurances to this effect
Volpi, in
matter of fact, been given by the Minister of Finance, Count
be,
recent public utterances, but never in such explicit form. It may
policy
therefore, definitely assumed that the Government's revaluation
has been thrown overboard, at least for a very long time to come.
between
The battle which for several months past has been raging
now
the supporters of revaluation and the supporters of stabilization has
Governended in victory for the latter. But it is not a final victory. The
ment has not yet been definitely won over to the policy of stabilization.
will
All official utterances on the subject state merely that every effort
time."
be made to maintain exchange at its prevent level "for a very long
question
but this reserves to the Government the right to reopen the
when the time is ripe.
ripe
The general impression, however, is that the time never will be
for a resumption of revaluation. Public sentiment is swinging more and
exchange
that
believed
more in favor of stabilization. It is generally
will remain at the present level till the proper moment comes, not to force
the lira up again, but to effect a conversion and peg it at about 18 or 20
To Italian bankers It was evident that the purpose of Count Volpi's
latest declaration regarding the lira was to give the markets greater tranquility, through positively 'guaranteeing the virtual continuance of a
stabilized value for the currency at the present level. The denial of a
plan for continuous appreciation was not necessitated by an unfavorable to the dollar permanently.
movement of the commodity markets, of employment, of money rates, or
of railway traffic. These indications of trade, as well as the situation of the
Party in Italy Totals OverMillion
principal industries and of agriculture, had not developed any abnormal or Membership of Fascist
More than a million persons are enrolled in the Fascist
unforeseen turn of events except those which were considered fully warranted
by the existing currency revaluation.
Party, the official organ, "Foglio Ordini," stated on July 7,
At one moment, however, the effects of the rise in the lira had become
cablegrams from Rome, which
more emphatic than was liked, but this was checked in time The Finance according to Associated Press
Minister's statement, moreover, corrects the erroneous interpretation reports that the membership consists of 960,590 men and
placed by many people on his previous declaration. The inference had been
70,081 women. A message to the New York "Times" from
drawn in some quarters that the process of upward revaluation would be
resumed within a few months. This idea naturally caused a waiting period Rome (copyright) on the same date—July 7—says:
in business affairs, of stagnation in general trade, and of excited speculation
Membership would probably be very much larger if the Fascist Party had
not slammed the door in the face of late-comers by prohibiting any new
in the lira on foreign markets.
not
is
it
assumed in the best admissions. It is now impossible to become a Fascist except by graduatEven with regard to Volpi's latest speech,
quarters that it means renunciation of the policy of ultimate further re- ing from one of the juvenile organizations. This regulation, which went
valuation. It is considered that the Government's actual policy is to wait into force just when Fascism° regained all the popularity which it had lost
for fthe country's economic situation to become fully readjusted to the after the difficulties in which it found itself after the Matteotti affair,
present status before deciding whether it Is advisable to proceed to further kept scores of thousands out of the movement.
deflation and revaluation, and, if so, how and when this should be done.
The region of Italy giving the largest contingent to Fascism° is Lom2% of the
1
bardy, with 133,000 members. This corresponds to about 2/
population. Second comes Tuscany, with 108,000. This region, however,
to
Summons
Industry
Federation
of
Italian
Head
has the highest proportion of Fascisti, in relation to its total population,
Support Lira.
nearly 4%.
2% of the
1
The smallest contingent is in Trento, with under 10,000, or 1/
The difficulties which confront the Italian industrialists population.
as a result of the rapid revaluation of the lira were stated
The "Foglio d'Ordini" also publishes a long list of members expelled
on July 8 by Signor Benni, President of the Fascist Con- for refusing to pay their dues to the party. These dues are not fixed,
332
T1TTI CHRONICLE
but are assessed by Fascist authorities according to what they presume
are the financial possibilities of each individual. Though the list is a long
one, it is small when compared to the total membership of the party. Expulsions, in fact, amount only to about one per 1,000 members.
For.. 125.
for which purpose, he added, the same amount will have to be borrowed
In the domestic market.
The 10% tax on the interest paid on German foreign loans was lifted
last month after it became evident that no credits could be obtained in
America as long as it was maintained.
Reichstag Passes Bill Embargoing War Goods—Germans Comply with Demand of Allied Control
Reichstag's Gold Policy—Officials Say They Are
Commission.
Preparing to Sell More, If Need Be.
The following Associated Press advices from Berlin July 7
Noting that the Reichsbank has sold over 600,000,000
appeared in the New York "Times":
marks to maintain exchange since the beginning of the year,
The Reichstag by a vote of 309 to 44 to-day adopted a War Materials bill
which forbids the export of certain categories of geode which might be used and its stock of gold and dollars in New York has been spent
as instruments of war, a problem which has long been a thorny one in Ger- entirely. The London bureau of the "Wall Street Journal"
many's negotiations concerning the Allied control of her armaments.
in advices to that paper July 13 says:
Under the bill searchlights, special binoculars and other
goods which
might be used as instruments of war are forbidden exportation.
Various speakers before the Reichstag declared that inasmuch as the
bill was imposed upon Germany by the Allied Powers, it was a violation
of Germ an sovereignty but admitted that It was a political necessity. By
its adoption, they contended. Germany has fulfilled all her disarmament
obligations and there was now no further excuse for the continued occupancy
of German soil.
The Reichsbank still has about 817.300.000 to its credit in banks of issue
abroad, mainly at the Bank of England. The recent position of the Reichs
bank. In marks, 00.000 omitted shows:
Holdings of
Gold res.foreign exchange
May 21 1927
1,816,5
92.3
May 14 1927
1,849,1
106,2
End 1926
1,831,4
519,2
End 1925
1.208,1
402,5
In 1926 the Reichsbank increased its stock of gold and foreign exchange
German Tariff Bill Passed—Higher Duty on Foodstuffs
by 740,000,000 marks. Reasons for the outflow of 600,000,000 marks are
Enacted Before Reichstag Adjourns.
the unfavorable exchange position, a passive trade balance of 1,177,000.000
Under date of July 9 advices to the New York "Times' marks the first four months of this year. cessation of foreign security purchases in Germany, heavy German purchases of foreign securities, nad the
from Berlin (copyright) said:
Rushing through the tariff bill according to the schedule of the Govern- Agent General's transfer of 115,000,000 marks on reparations account.
German banks would not undertake gold sales for a slight margin of
ment parties, the Reichstag adjourned this afternoon for the summer.
The House will be called in an extra session on Sept. 26 to consider the profit in that they fear provoking the disapproval of the Reichsbank, and
the possibility of having the bank put obstacles to discounting their bills.
proposed new school law and other measures.
The last session was stormy from beginning to end because the Socialists, Reichsbank officials tell Dow. Jones & Co. that their stock of gold became
Communists and Democrats attacked the increase in the duties on potatoes, needlessly large, and that they are prepared to sell further gold if need be.
" sugar and pork, and insisted that a member of the Cabinet appear on the In the meantime raising the bank rate to 6% again is attracting foreign
money to Germany and relieving the tension.
platform to defend "the bread usury."
Food Minister Schiele, who was thrown into the breach by his colleagues,
made a speech promising the reductions advocated by the Geneva ConCommercial Treaty Signed With Austria.—America
ference two years hence and defending the higher duty on foodstuffs as a
Gives and Receives Favored Nation Treatment
necessity for the improvement of the condition of the agricultural classes.
The Communists ridiculed the assertion that the higher duties were
for Period of Eight Years.
of benefit to small farmers and agricultural laborers.
For the next eight years American goods shipped to
The final vote on the bill was 278 for and 134 against.
The same paper in a cablegram from Berlin July 7 (also Austria and Austrian goods shipped to America will receive
copyright) had the following to say regarding the tariff most-favored-nation treatment in matter of tariffs under
proposals:
the terms of a new commercial treaty signed in Vienna
The German Government Is determined to force through a tariff
bill yesterday by the authorized representatives of the two counmaintaining the present walls for two years more and also raising the duty
on potatoes 100%. on pork 50% and on sugar 150% before the Reichstag tries. Advices to this effect were contained in a wireless
message July 10 to the New York "Times" from Vienna,
adjourns on Saturday.
The measure passed the committee to-day by sixteen to ten votes, mem- which went on to say:
bers of the Centre Party voting yea. It will come up for the second readTae treaty provides that each State until 1935 impose on the imports
ing to-morrow ard will be finally passed on Saturday.
from the other State the minimum duty permitted by its customs laws.
The only concession made to .g opponents was a 60% reduction of the The duration of the treaty is the second longest yet negotaited
by Austria
internal revenue tax on sugar.
with any nation—that with Great Britain Is ten years, the others only
Votes against the bill were cast by Democrats, Socialists and Communists. five or less.
The Centrists, who had threatened to balk, swung into line and will stay
From the American standpoint it is one of the most important concluded
there until the final ballot, unless all signs fall.
with an European country. Despite her small size Austria is the strategic
centre
of American goods. Not only is her own purchasing power inOn July 8,in the face of bitter criticism from the Opposition
creasing steadily as conditions become more normal, but Vienna remains,
parties, whose speakers stigmatized its provisions as a cynical as
she has been for centuries, the ideal transit point for the distribution of
contradiction to the decisions of the World Economic Confer- American goods destined for consumption by the other States of the pre-war
ence, the Government tariff bill was rushed through the Hapsburg Empire.
own exports to America are probably the least to be feared
Reichstag on the second reading. The Berlin advices of byAustria's
American labor. Primarily they are finely finished goods such as
that date to the "Times" (copyright) went on to say:
neither American manufacturers nor workmen have the patience even if
Save for the formal report of the committee delegate the Government they have the ability, to produce. Most are luxury articles, in which
parties did not participate in the debate nor did any Cabinet officer. Austrian workmen possibly lead the world both in finish and technique.
The treaty is the natural out-growth of the trade between the two counSpokesmen for the Socialist and Democratic parties denounced the measure
as a Nationalist sop to the big agrarian interests and prophesied an increased tries. For several years the exports of each to the other has shown a
steady rise. This is especially noticeable in American automobiles and
tariff on industrial products as a result.
"The tariff screw will be used freely now," the antagonists of the bill motorcycles, and in Austria leather goods and porcelain ware.
predicted.
It was also argued that the doubling of the duty on potatoes, which is
Harriman Russian Manganese Concession.
ostensibly directed against the Polish growers, will cause bad blood between
In a statement July 8W.A. Harriman,of W.A. Harriman
Germany and Holland and Belgium, which supply Western German markets.
Instead of taxing food imports afresh, the Opposition declared the & Co., confirmed
the fact that terms of the concession
Government ought to help German agriculture by removing the protective
acquired by his firm to operate Russian manganese deposits
duties on fodder.
The Communists, whose orators loudly condemned the Government as had been revised. Mr. Harriman stated:
"bread usurers," several times tried to break up the debate amid violent
"We signed a concession agreement in June, 1925, and control of the
tumult, but were controlled by the presiding officer.
production of the mines was taken over on July 25, 1925. Soon after we
found that competition from Nikopol, situated in one of the republics beto the Soviet union was operating against the success of our busiWill Refund German Tax on Foreign Loans—Reichstag longing
ness, as well as certain other unforseen conditions.
• Committee Moves to Repay Levy.
"We took up with the Soviet Government the question of revising the contract to make it workable and of mutual benefit. In December last, I went
Contrary to the express wish of the German Government, to
Russia and the Soviet Government gave me every assurance
the Taxation Committee of the Reichstag on July 8 passed were much interested in attracting foreign capital to Russia and thatthey
therefor
a resolution through which investors in German foreign would do their best to reach a mutual understanding. When 1 left Russia
in January, notwithstanding my statement to the press that I was satisfied
loans floated between last December and June 2 may have with the result og the
negotiations with the Soviet Government,
the tax of 10% collected on interest payments during that press reports appeared, containing statements contrary to the divergent
facts," h
period refunded to them. A message to the New York continued:
'I am now in position to state that our differences with the Soviet Govern"Times" from Berlin (copyright) in stating this, added:
ment have been cleared up and the revised contract was signed in Moscow
A representative of the Finance Ministry protested against this action by my associate,
Mr. R. H. M. Robinson, and the Concession Committee
on the ground that in the future the imposition of a levy on German securi- of the Soviet Government
have ratified it. This confirms predictions made
ties marketed abroad would not be taken seriously. To this the com- by me that an agreement
would be reached and I may add that the Soviet
mittee replied by deciding that the tax admittedly had been an error which Government has
met us in a fair spirit."
ought to be rectified.
The Advisory Bureau created by the Reichsbank for passing on the merits
of foreign loans came in for severe criticism by committeemen. It was Offering of $30,000,000 6% Bonds of Central Bank for
defended by Councillor Norden on behalf of the Government. While the
Agriculture, Germany—Books Closed—
Marx Cabinet, he said, was convinced that German trade still requires an
Issue Oversubscribed.
Influx of capital from abroad, it was felt that with the total foreign debt
more than five billion marks, future loan projects should be carefully
The National City Co., Harris, Forbes & Co. and Lee,
scrutinized by experts and only those of productive character approved.
Higginson & Co. offered on July 11 at 95 and interest to
The loan of 100.000.000 marks, which it has just been decided to float in
New York, he characterized as essential for building workmen's houses, yield over 6.36%, $30,000,000 Central Bank for Agriculture,
JULY 161927.]
THE CHRONICLE
Germany (Deutsche Rentenbank-Breditanstalt Landwirtschaftliche Zentralbank) farm loan secured 6% gold sinking
Of
fund bonds dated July 15 1927 and due July 15 1960.
the $30,000,000, over $11,000,000 principal amount was reserved for sale in various European markets, including
$3,000,000 to be publicly offered in the Netherlands by the
Amsterdamsche Bank; De Twentsche Bank; Lippman, Rosenthal & Co.; R. Mees & Zoonen and Internationale Bank,
and $1,750,000 in Sweden by the Stockholms Enskilda Bank.
The American syndicate of bankers announced the closing
of the books here on the day the offering was made, the
portion floated, it is stated, having been largely oversubscribed. The purpose of the issue is to provide funds designed to increase the productivity of German agriculture.
This, it is said, is expected to exert a favorable influence
on German national economy and on the potential balance
of payments available to creditor nations. The bonds, in
coupon form in denominations of $1,000 and $500, will be
registerable as to principal only. A sinking fund will be
set up sufficient to pay or redeem the entire issue by maturity. The issue is redeemable in whole or in part, on any
interest date prior to maturity, on 30 days' notice, at 100%
of the principal thereof. Principal, interest (Jan. 15 and
July 15) and sinking fund will be payable in New York City
in gold coin of the United States of America of or equal to
the present standard of weight and fineness,without deduction for any present or future taxes or duties levied by or
within the German Reich, at the head office of the National
City Bank of New York,trustee. Such principal and interest shall also be collectible, at the option of the holders,
either at the City Office of the National City Bank of New
York, in London, Eng., in pounds sterling, or at Amsterdamsche Bank, Amsterdam, The Netherlands, in guilders,
or at the Stockholms Enskilda Bank, Stockholm, Sweden,
in Swedish kronor, in each case at the then current buying rate of the respective banks for sight exchange on New
York City. The Reichsbank, Berlin, is Germany supervisory trustee. It is announced that the trust indenture will
provide for a cumulative sinking fund requiring semiannual payments to the trustee, commencing Dec. 6, 1927.
Payments may be made either in bonds of this issue or in
cash, and any cash so paid will be applied to the redemption of bonds. Information supplied by Lipp and Szagun„
Managing Directors of the Deutsche Rentenbank-Kreditanstalt, is summarized as follows:
333
bank at 98 and interest, to yield 6.65%. The closing of the
books was announced early in that day. The proceeds of
the 6% notes, it is stated, are to be used by the Institute
solely for the purpose of granting to farmers loans secured
by first mortgages on improved agricultural properties.
The offering was in the form of participation certificates of
the Chase National Bank of New York. The notes will be
dated July 15 1927 and will mature Jan. 15 1931. They will
be redeemable as a whole, or in lots of $250,000 or multiples
theredf, on any interest date on and after July 15 1928 on
not less than 45 days' notice at 102 if redeemed on July 15
1928, the premium decreasing 1h% for each six months
elapsed thereafter to and including Jan. 15 1930, and at 100
on July 15 1930, together with accrued interest in each case.
The notes will be in denominations of $1,000 and $500.
Principal and semi-annual interest payable Jan. 15 and
July 15 in United Sattes gold coin at the principal office
either of the Chase National Bank of the City of New York
or of Blair & Co., fiscal agents, in New York City, without
deduction for any taxes or imposts or other Governmental
charges, past, present or future, of the German Republic or
of any taxing authority thereof or therein. The Chase National Bank of the City of New York is American trustee
for notes; the Deutsche Bank, Berlin, is German trustee
Director of
for notes. Dr. Wolfgang Dreschler, Managing
ann
Landeshauptm
Campe,
von
Martin
Dr.
the Institute, and
bankers state:
of the Province of Hanover, in advices to the
The Central Bank for Agriculture (Deutsche •Rentenbank-Kredltanstalt)
was organized in 1925 to net as the central bank for the existing German
agricultural credit organizations, some of which have been in operation
more than one hundred years, and through such existing organizations to
use its own resources and loam obtained at home or abroad in making
loans or granting credits for the promotion of agricultural production in
all its branches. The need of such an Institution which should supply
German agriculture with the credits urgently needed to remedy its deficiency of working capital was pointed out by the organization committee appointed under the Dawes Plan to recommend detailed provisions in
regard to the new German bank of issue (the Relchsbank).
The paid-up capital of the Central Bank for Agriculture amounts to
$73,809,524, which may gradually be increased until the capital and surplus reaches the total authorized amount of $119,047,619. Such increase
is to be effected through payments to the credit of capital account made
by the Rentenbank by transfer of its assets during the period of liquidation, and from other sources.
Bond issues are authorized up to six times the paid-up capital, but may
be increased to eight times with the consent of the upper house of the
German Parliament.
The business operations and policies of the Central Bank for Agriculture are under the supervision of the German Government. The Governing Board includes eleven members appointed by the German Reichsrat
and two appointed by the Government.
The bonds of this issue will be secured by an equivalent amount of
mortgages (or cash in lieu thereof), constituting direct liens on German
agricultural, forestal and horticultural lands to an amount which together with all existing prior liens (as defined in the trust indenture)
shall not exceed in the aggregate 40% of their assessed value. Temporary security of equivalent nature is provided for a limited period.
The Central Bank for Agriculture covenants that it will not issue any
other bonds or contract any indebtedness in any manner sharing in the
specific security provided for the bonds of this issue.
The Reichsbank will act as supervisory trustee in Germany and will exercise general supervision over bonded agents appointed by it in conjunction with the German Government to examine and pass upon the security
provided for the bonds and to have the custody of the deposited securities.
in 1840 as the Bank of
The Hanover State Credit Institute was founded
law of Dec. 25 1869 the
the Kingdom of Hanover. Under the Prussian
supervision of the Province of
Institute became a public bank under the
not operated for profit.
Hanover. The Institute has no share capital and is
fund, management fund and
As of April 30 1927 the accumulated reserve
$800,000.
approximately
the real estate owned (free of lien) aggregated
by the grantIts primary purpose is to further agricultural development
productive agricultural propering of loans secured by first mortgages on
such
ties not in excess of 40% of the conservatively appraised value of
the equivaproperties. As of April 30 1927 the Institute had outstanding
$7,464,352
and
bonds
lent of approximately $11,000,000 land mortgage
other obligations, all secured by individual first mortgages. Short-term
of
credit obligations against agricultural bills amounted to the equivalent
approximately $2,127,000. All interest and other payments due to the
same
the
Institute under the individual first mortgages are enforceable in
any
manner as taxes are collected by the Government without appeal to
with the
court, and the Institute's claims rank prior to all other claims
exception of taxes.
will
Security.—The $4,000,000 first mortgage 6% collateral gold notes
and will
constitute the direct and unconditional obligation of the Institute
first
agricultural
be secured by pledge with the trustees of 6% gold mark
at the
mortgage bonds of the Institute, equivalent in principal amount,
this issue
rate of 4.20 gold marks to the dollar, to the principal amount of
Province of
of dollar notes. By the terms of the Institute's charter the
•
Hanover is unconditionally liable for the obligations of the Institute.
will
The 6% gold mark agricultural first mortgage bonds of the Institute
proon
be secured by an equivalent amount of individual first mortgages
ductive agricultural properties, to the extent of not exceeding 40% of the
conservatively appraised value of such properties which have buildings,
equipment and livestock. These last three items, however, are not included
in the appraised value which is based on appraisals made by the taxing
authorities of the State of Prussia for the assessment of the capital tax.
Mortgages are granted only on revenue producing property. Such bonds
of the Institute constitute legal investments in Germany for trustees'
funds. Pending the deposit with the German trustee of said 6% gold
mark agricultural first mortgage bonds, the net proceeds of the sale of the
notes will be deposited with the American trustee as security for the
notes. to be withdrawn pro rata as the said 6% gold mark agricultural
first mortgage bonds are deposited in definitive form.
Gruen/I.—The Province of Hannover, the second largest in the State of
Prus-m, embraces an area of approximately 15,000 square miles and has
a population of about 3,215,000. The Province is mainly agricultural, the
principal crops including rye, flax and potatoes. The industrial development within the Province includes coal and ore mines, iron and steel
works, chemical plants and railroad equipment works.
Delivery was expected to be made about July 15, 1927, in
the form, of interim receipts or temporary or definitive
participating certificates.
Offering of $4,000,000 Bonds of Department of
Antioquia (Republic of Colombia)—
Issue Placed.
A group headed by the Guaranty Company of New York
and the International Acceptance Bank, Inc., formally
offered on July 15 $4,000,000,000 Department of Antioquia
(Republic of Colombia) 7% thirty-and-one-half-year external secured sinking fund gold bonds, first series, to be
Application will be made to list the bonds on the New dated April 1 1927 and due Oct. 1 1957, at 93 and interYork Stock Exchange. Delivery in temporary form is ex- est, to yield about 7.60%. While public offering was made
pected about July 27.
July 15, it is stated that the bonds were sold July 14. The
bonds are part of a total authorized issue of $12,350,000
to
be used for general highway construction and for other
Offering of $4,000,000 Notes of Hanover State Credit
The offering circular says:
purposes.
Institute Books Closed.
Blair & Co., Inc., and Chase Securities Corporation offered on July 11 $4,000,000 Hanover State Credit Institute
(Hannoversche Landeskreditanstalt, Hanover, Germany)
8Y2-year first mortgage 6% collateral gold notes of the
The proceeds of the first series are to be used in part for the retirement
of internal debt and for road construction, chiefly the first section of a
highway to the sea. This highway will be a modern motor road, about 400
kilometers in total length, running from Medellin almost due north to the
Gulf of Mraba on the Caribbean Sea. The Colombian Government has
agreed to pay a subsidy for this highway approximating one-third of its
334
THE CHRONICLE
[vol.. 125.
cost. The contract for the first 200 killmeters,from Medellin to Dabeiba,
was awarded to R. W. Hebard & Co., Inc., New York, and work was
started in September 1926.
Guerrero, President of the Municipal Council of Cali, in a
summary of his letter to the bankers as of June 30 1927,
The bonds will be in coupon form in denomination of hays in part:
Purpose.
$1,000. Principal and semi-annual interest, due April 1 and
The proceeds of this issue will be used to retire all outstanding indebtedOctober 1, will be payable in New York City at the principal ness of the municipality (amounting to less than $675,000),for enlarging and
office of International Acceptance Securities & Trust Co. or improving the municipality's water supply, and for other productive purGuaranty Trust Co. of New York in United States gold coin poses.
Security.
of or equal to the standard of weight and fineness existing on
These bonds will be the direct obligations of the Municipality of Cali
April 1 1927, without deduction for any taxes, present or and will be specifically secured:
1. By a first lien and mortgage on the water works and on the principal
future, levied or imposed by the Republic of Colombia; or by items
of improved real and personal property owned by the municipality.
any taxing authority therein or thereof.
This lien and mortgage will also include all improvements and additions to
these
municipal properties and all other property of a similar character
-A cumulative sinking fund of 1% per annum,commencing
which may be acquired or constructed, whether out of the proceeds of this
Oct. 1 1927, is calculated to retire the entire first series of loan
or out of other funds.
bonds by maturity through purchase in the open market at
2. By a first lien and charge on all present and future revenues and taxes
of
the
municipality except only (a) the municipality's participation in the
not over 100% and accrued interest or call by lot at 100%
Departmental revenues; (b) certain revenues allocated by existing laws to
and accrued interest. The bonds will be redeemable (other- public
instruction and charitable purposes.
wise than through the sinking fund) as a whole only, on three
Pledged Revenues and Mortgaged Properties.
months prior notice, at 102% and accrued interest on April 1
The properties mortgaged to secure this loan, including new construction
1937, or on any interest date thereafter up to and including and extensions to be paid for out of the proceeds of this loan, will have
Oct. 1 1946, and at 100% and accrued interest on any interest an estimated value of over $2,500,000. Revenues specifically pledged
as security for this loan in 1926 yielded $427,000, or 2.3 times the service
date thereafter. The International Acceptance Securities & requirements,
and for the first six months of 1927 yielded $306,000, or at
Trust Co. is fiscal agent of the loan. The following informa- the annual rate of 3.2 times the service requirements of this loan. Pledged
tion obtained from General Pedro Justo Berrio, Governor revenues for the last three and one-half years have shown a substantial
yearly increase: 1924. $228.170; 1925, $247,484; 1926, $427,481; 1927
of the Department of Antioquia, and other official sources, is (first half).
$306.341.
In each of these years the municipality has balanced its budget with a
supplied by the banking group offering the bonds:
Security.
These bonds will be the direct obligation of the Department of Antioquia,
and will be specifically secured by a first lien on 75% of the gross revenues
from the Department liquor monopoly.
The average annual revenues pledged as securitY for these bonds for the
four fiscal years 1923-1926 were equal to four times the annual interest and
sinking fund requirements on the 84.000,000 principal amount to be presently outstanding. For the same period, the average net revenues were
equal to 3.3 times such requirements. For the first ten months of the fiscal
Year ended June 30 1927. the pledged revenues were equal to 5.1 times, and
the net revenues equal to four times, such total annual requirements.
The subsequent series of these bonds up to the total of $12,350.000
authorized will share equally with the present issue in the above-named
security, but the Department has covenanted that it will not issue any such
subsequent series unless and until for two consecutive years immediately
preceding any issue, 75% of the net revenues from the departmental liquor
monopoly and or other revenues satisfactory to the bankers, hereafter
pledged, shall have aggregated each year an amount equal to at least twice
the annual interest and sinking fund charges
all the bonds outstanding
and then to be issued.
Financr...
Since its creation in 1886 the Department of Antioquia has never defaulted
in the payment of principal, interest or sinking fund on any of its debt
The Department agrees to incorporate each year in the departmental
budget the amount necessary for the complete service of the loan.
The budget for the fiscal year ending June 30 1928 estimates receipts at
$7.053,174 and expenditures at $7,051.967.
The total debt of the Department, including this issue. is approximately
$23,740,620; the value of property owned by the Department Including its
railways, is estimated at $33,500.000. Within the last two years Antioquia
has borrowed in the American market $14,500.000 for railway construction.
Idoperates its own railways, the net earnings of which for 1926 were sufficient for the service of the railway loans.
The Colombian peso is equal to $.9733 United States currency at gold
parity. Banco de la Republica has the sole right to issue bank notes and
had on Feb. 28 1927 a gold reserve of 87% against notes outstanding and
demand liabilities.
surplus and its present indebtedness has been incurred chiefly for productive
improvements. A portion of the proceeds of the present issue will be used
to retire all this outstanding indebtedness. The municipality of Call has
never defaulted on any of its obligations.
The municipality by the terms of the trust agreement may only issue
part or all of the remaining authorized bonds when the pledged revenues
for the fiscal year immediately preceding the proposed Issue shall have
equalled at least twice the amount of the annual interest and sinking fund
charges of the outstanding bonds and the bonds proposed to be issued and
when total ordinary revenues shall have equalled at least three times the
amount of interest and sinking fund charges on the entire debt of the city.
All conversions to U. S. dollars have been made at par of exchange.
$.9733 per Colombian dollar Present quotation, Colombian dollar
$.9780. It is expected that temporary bonds or interim certificates will be
delivered in the first instance.
Offering of $3,000,000 Saarbruecken 6% Bonds
Scheduled for Next Week.
Saarbruecken, capital and leading city of the Saar Basin,
has sold a new loan of $3,000,000 to Ames, Emerich & Co.,
Inc., and Strupp & Co. Public offering is expected next
week in the form of 6% external sinking fund gold bonds.
The Saar Basin is administered by the League of Nations as
trustee and consequently the maintenance of its credit
rating imposes a degree of moral responsibility upon many
nations. It has no reparations to pay, no war debt, and
enjoys unusually low tax rates, it is stated. The city
was the first of any of the former or present municipalities
of Germany to obtain an American loan after the adoption of the Dawes Plan. Ames, Emerich & Co., Inc.
and Strupp & Co. hale handled all of its issues and also
those of the Saar Basin which lies in the famous coal and
It is expected that interim or trust receipts of Guaranty
iron district of what was formerly Southwestern Germany.
Trust Co. of New York will be ready for delivery about Loans brought out to date for the Saar and its municipalities
July 27.
total $11,000,000 with the present issue.
Offering of $2,000,000 7% Bonds of Municipality ot Cali
(Republic of Colombia)—Books Closed.
Priced at 93 and accrued interest to yield about 7.70%
offering was made on July 14 of a new issue of $2,000,000
Municipality of Cali (Republic of Colombia) 20-year 7%
secured sinking fund gold bonds by Marshall Field, Glore,
Ward & Co. and Baker, Kellogg & Co., Inc. This is part
of an authorized issue of $5,000,000. A cumulative sinking
fund commencing Nov. 1 1927 and operating semi-annually
is calculated to retire this issue by maturity through purchases in the open market below par.or drawings at par.
The issue will be redeemable (other than for the sinking
fund), as a whole or in part on any interest payment date
upon thirty days' previous notice at 105 on or before May 14
1932, thereafter the premium decreasing 1% per annum
to and including May 1 1936 and thereafter at par, in each
case with accrued interest. The placing of the bonds was
announced on the day the offering was made, at which time
the books were closed. The bonds, dated May 11927, and
due May 1 1947, will be in coupon form in denominations of
$1,000 and $500, registerable as to principal only. Principal
and interest(May 1 and Nov. 1) payable in New York City
at the principal office of the Bank of America, trustee, in
gold coin of the United States of America of the present
standard of weight and fineness, without deduction for any
taxes, present or future, levied by the Republic of Colombia
or by any taxing authority therein or thereof. Dr. F. M.
Offering of $600,030 Bonds of Greensboro Joint Stock
Land Bank.
Harris, Forbes & Co. and the bond department of the
Harris Trust & Savings Bank, offered on July 8 at 103Y4
and interest, to yield about 4.59% to the optional date
(1937) and 5% thereafter to redemption or maturity, $600,000 5% bonds of the Greensboro (N. C.) Joint Stock Land
Bank. The bonds will be dated June 1 1927 and will become due June 1 1957. They will be redeemable at par and
interest on any interest date on and after June 1 1937. The
issue will be in the form of coupon bonds fully registerable
and interchangeable in denomination of $1,000. Principal
and Interest (June 1 and Dec. 1) will be payable at the
Greensboro Joint Stock Land Bank, Greensboro, N. C., or
through the bank's fiscal agency in New York City. The
Greensboro Joint Stock Land Bank, which was chartered
by the Federal Farm Loan Board on Aug. 16 1922, reports
a paid-in capital of $250,000 and surplus, reserves and
undivided profits of $158,099. Approximately 90% of the
capital stock of the bank is owned by the Atlantic Bank &
Trust Co. and the Jefferson Standard Life Insurance Co.,
both of Greensboro, N. C. As of May 31 1927 the bank reports net mortgage loans amounting to $4,475,793 against
property conservatively appraised at $12,902,084 and average loans per acre of $20, or about 38% of the appraised
value of the property. According to official information,
JULY
16 1927.]
THE CHRONICLE
335
made is expected to
Sale of the farms upon which the foreclosure is being
drop in land values.
practically cover the amounts of the loans, despite the
about 4M %,
Most of the joint stock land bank bonds continue to yield
Several issues have
at which point they have been for some time past.
the passing
of
occasion
declined during the last few days. however, on the
banks. These are
of the dividend upon the capital stock of the issuing
Stock Land Bank
the Chicago Joint Stock Land Bank, the Freemont Joint
of Charleston.
235,517
of Lincoln. Neb., and the Virginian Joint Stock Land Bank
having loans of
Acres of real estate security loaned
$4,919,600
W. Va. The Chicago bank is the largest in the system,
its dividend
Total amount loaned
$12,902,084
$57.000.000. The Dallas Joint Stock Land Bank has cut
Appraised value of real estate security
$54
10 to 8%•
from
acre
per
points.
Average appraised value
$20
The bonds of these banks have generally declined about 2 to 4
Average amount loaned per acre
38%
security
Stocks Hurt Most.
Percentage of loans to appraised value of
generally
The prices for the stocks of the Joint stock land banks have
been hurt
suffered far more severely. The two banks which failed have
Farm
beginthe
Present
at
Senators Norbeck and McMaster
the most. The Kansas City Joint Stock Land Bank quoted
Bankers
ning of the year at 76, has a present quotation of 15@22. The
Situation to President Coolidge.
one of the most prosJoint Stock Land Bank of Milwaukee was considered
quote
The farm situation in South Dakota was brought to Presi- perous a few years ago,and its stock sold as high as 150. The present
it was thought necessary to give the holders assurance
dent Coolidge's attention yesterday (July 15) by Senators is 2(5t6, and recently
adeappear
reserves
because
for
that no assessment might well be called
Norbeck and McMaster, Republicans, South Dakota. quate to meet the hank's Indebtedness.
which
several of these banks
They are both advocates of the McNary-Haugen bill
Until June 1 of this year, when the difficulties of
ed began to draw general attention. 338.800.000 of new issues of these bonds
Mr. Coolidge vetoed. The "Sun" of last night announc
be
attempted for some
will
which were sold. Bankers expect no new offerings
within a very
this in United Press advices from Rapid City, S. D.,
time, but believe the market will resume its former pace
little
•
added:
short time.
solution of the
People here expect that Mr. Coolidge will find some
be pressed for ado question—a subs(itute for the bill he vetoed—which will
Farm Company Passes Dividend—Missouri-Kansas
relief to this
ted
tion at the next session of Congress and bring long-expec
Farms Co. Omits Quarterly Dividend of $1.50.
disturbed district.
. The
d
intentions
his
of
intimation
no
given
has
however,
Mr. Coolidge.
The Boston News Bureau in its issue of July 9 containe
surrounding territory
United Preis has learned that several bankers from the
y
g:
confidentl
followin
the
here
bankers
have quietly ben called in for conferences, and
of eastern capital's
Boston—Another unpleasant event in the history
expectations are father to
the
expect some early action. Whether or not their
the mid-western land bank field comes with
into
advent
e
unfortunat
seen.
be
shares of
their desires remains to
a gigantic passing of the July 1 quarterly dividend of $1.50 on the 9,000
creating
of
bill
augen
the
McNary-H
in
involved
-Kansas Farms
The plan
farmers' surplus Class "A" no-par value cumulative stock of the Missouri
Government-fostered corporation for the purchase of
a method of farm Co. of Massachusetts.
organized late
products clashes with Mr. Coolidge's stand that such
was
that
"
companies
This is one of the so-called "farms
advocates of the McNaryjoint stock
relief is pure price fixing. On the other hand,
more and In 1925 to "supplement the efforts of country bankers and certain
creathag
of
plan
sanctioned
Coolidge's
Mr.
that
insist
Haugen bill
This particular comland banks in the secondary financing of farmers."
.
unfeasible
is
marketing
ve
co-operati
Stock
Joint
better
Kansas City
pany was organized to operate in the territory of the
of that institution.
Land Bank and its officers numbered some of the officers
. Walter Cravens who was recently indicted in connection with the mismanage
Secretary Jardine Confers with Agricultural Leaders meat
Missouriof the Kansas City Joint Stock Land Bank is president of the
their
at
Secretary of Agriculture Jardine met on June 25,
Kansas Farms Co.
of 8.6
shares
9,000
is
Capitalization of Missouri-Kansas Farms Co.
request, the representatives of a number of farm organiza
e
class "A" common stock and 3,000 shares of $6 cumulativ
e
cumulativ
produral
agricult
sold at $100
tions and organizations using different
class "B" common stock. The class "A" stock was publicly
his
and
was purchased by Walter Cravens
ucts to listen to their presentations of the need for funda- a share and the class "B" stock
class 'A'
the associates at "the same price as the corporation will rceive for its
$90
mental research work in agriculture for the benefit of
seems fair to assume that the corporation netted about
It
stock."
tions
the price at which the
Industries they represent. The following organiza
a share for its class "A" stock and this was probably
class "B" stock was sold to Cravens.
were represented:
condition of the company
ive.
No statements have been issued showing the
National Grange, Fred Brenckman, Washington representat
has transacted. Five quarterly dividends of $1.50
it
represenbusiness
n
what
Washingto
and
Grey,
Chester
,
Federation
American Farm Bureau
in 1925.
each have been paid since organization late
tative.
Company
The formation of the Missouri-Kansas Farms
National Canners Association, C. G. Woodbury, Director of Production
over 16% per
the net earnings of the bank are at the rate of
of 8% per
basis
the
on
annum and dividends are paid
ro Joint
Greensbo
the
of
t
statemen
g
followin
The
annum.
is
1927)
31
May
reported
y
officiall
Stock Land Bank (as
taken from the offering circular:
Division.
National Fertilizer Association, C. J. Brand, Secretary.
Tanners Council of America, E. A. Brand, Secretary.
American Dairy Federation, A. M. Loomis, Secretary.
National Lumber Manufacturers Association, T. M. Knappen, representing
Wilson Compton, Secretary.
National Association of Commission Merchants, Edward L. Roberts,
Assistant Secretary.
National Automobile Chamber of Commerce, Pyke Johnson, Washington
representative.
Better Understanding Between Industry and Agriculture, Henry H. Lewis,
Managing Director.
American Cane Sugar League, Miss Mary Bromberg, Washington representative.
American Beet Sugar Manufacturers Association, Harry A. Austin, Washington representative.
Halt Offerings of Joint Stock Land Bank Issues Here
—Milwaukee and Kansas City Institutions Hit
Hardest by Local Action—Revival of
Confidence Seen by Bankers.
According to the New York "Journal of Commerce" of
July 12, recent events have resulted in a practical cessation
of flotation of new bond issues by member banks of the
Joint Stock Land Bank System. The item goes on to say:
The only such issue made since June 1 is one of $1,250,000 for the Texas
Joint Stock Land Bank of Houston, made at the end of last month.
After several years of profitable operation the land banks in the Middle
West have met considerable difficulty of late owing to the deflation in land
values in many areas. As a result of this deflation, appraisals were conservative a short time ago amount to only one-fourth of recent sales
prices in some districts.
Two Fail.
The two banks which have been hardest hit are the Bankers Joint Stock
Land Bank of Milwaukee and the Kansas City Joint Stock Land Bank.
Both these institutions have gone into receivership, and their bonds have
declined rapidly in recent weeks. Brokers yesterday reported no firm
offers for either issue, but asked 85 for the bonds they had to sell. Sales
at around this level are reported to have taken place during the last few
days.
Outside of these two banks in actual receivership, bond quotations have
stood up remarkably well in view of the bad news printed about these
banks and the state of the market for farm lands in many parts of the
Middle West. In fact, as investors realize the inherent strength of the
farm loan system, according to bankers interested in this business, there
will be a rapid revival of confidence in these issues.
are
The total amount of bonds sold by the joint stock land banks, which
of
operated under the supervision of the Federal Farm Loan Board, as
May 31 of this year was $590,440,300.
of
The joint stock land banks held $617,220,000 of mortgages and out
00 of mortgages.
the total foreclosure was necessary on about 311,000.0
was noted in our issue of December 5 1925,
page2702.
gatingMethods
New York State Attorney-General Investi
Officials to
Trust
Call
Will
Trusts—
ent
of Investm
nce.
Confere
Round Table
Commerce"
It is learned from the New York "Journal of
of current
ation
investig
ensive
of July 13 that a compreh
made by
practices in the field of investment trusts is being
with
State,
York
New
of
-General
the office of the Attorney
The aca view to establishing high standards in the field.
count in the paper says:
Bureau of
Securities
The investigation, begun about a month ago by the
of Keyes Winter,
the Attorney-General's office, is under the supervision
of the Martin
provisions
the
Deputy Attorney-General, and is based upon
Act.
-General will be ready
It is expected that the report of the Attorney
representatives of the
within the next month or six weeks, after which
and the complaints of the
conference
into
called
be
will
trusts
investment
If this round table disState concerning their methods presented. Only
be carried further, and
cussion fails to produce results will the matter
same manner of approach
judicial and legislative action initiated. The
investigation of the
will be tried here as was adopted with success in the
cleared up in this
first mortgage real estate bond situation, which was
manner a month ago.
Aims of Probe.
main points
The Attorney-General's office is interested in finding out two
assurance
In connection with investment trusts. In the first place, it wants
operate is being
that the deeds of trust under which these organizations
affairs.
their
of
literally followed out by the trustees of others in charge
themselves leave
Secondly, it wishes to get assurance that the deeds of trust
no room for doubtful or fraudulent practices.
ts
The investment trust has been one of the most remarkable developmen
in American finance during the past six years. More than thirty such
addition
in
trusts have been formed in imitation of the British models, and
numerous organizations of the bankers' shares types have been floated,
designed to sell to the small investor securities representing fractional
equities in a diversified list of securities.
In carrying out this investigation, a study is being made of investment
trust practice in England and Scotland, where methods of organization and
operation have had the test of a century of experience. The effort will
be made to apply the same high standards here. Although no power resides
in the Attorney-General to prevent the carrying out of speculative policies
by investment trusts if the power to do such is contained in the agreement, an effort will be made to discourage the sale of securities on any
false representations of conservative investment policies in cases where
speculation is the primary purpose.
Specific Charges.
Among the specific charges which have been made from time to time
against certain investment trusts, and which will be covered in whole or
part in the report of the Attorney-General, are these:
336
THE CHRONICLE
[VoL. 125.
1. That the investment trust may be run in such a manner as to permit trustees
and other officials to make an undue personal profit by sellingsecurities to the trust proxies, which, as stated in our issue of July 9 (page 172),
at a higher price than they themselves paid.
2. That several investment trusts, selling securities which they claim are of grew out of suggestions made by Mr. Untermyer, as speciAl
investment grade, are really blind pools, getting in and out of securities and even counsel to the State Transit Commission. Mr.
Untermyer's
commodities for a speculative profit.
3. That officials are not following out literally the terms of the trust agreement. suggestions were contained in a letter to Mr. Simmons
4. That officials and trustees may be speculating personally on the credit of the
given in these columns June 4, page 3292, and the three reinvestment trust.
These lines of investigation and others are, of course, being followed forms he proposed were also urged upon Mr. Simmons, when
out without any implications against individual trusts.
the latter was called upon to testify on the use of proxies
The aim of this investigation is primarily constructive. It is not aimed
at a hearing before the Transit Commission on June 29.
against the principle of the investment trust, but seeks to direct the movement and weed out unsound practices to protect both the better type of The hearing was referred to by us last week, page 173. In
insitution and the investor.
his latest communication to President Simmons Mr. UnterThe scope of the investigation is very broad. The companies already
myer argues that without the regulation sought with regard
investigated include a number of the largest and most representative trusts,
as well as a long list of small ones. Not only has a great deal of informa- to the registration of stock transferred "stockholders 'ire
tion been gathered concerning these companies from outside sources, but virtually disfranchised, and In the particula
r case now under
questionnaires have been sent out to several of those concerning which
doubt exists, which have been filled out and returned to the office of the consideration, the efforts of the City to deal with owners
are almost paralyzed." In asking that the Exchange
Attorney-Genera].
reSpokesmen for a leading investment trust, when apprised of the fact that consider its action with a view to
adopting measures for
they were one of those concerning which information had been gathered in
this investigation, said yesterday that they would welcome such an inves- the relief sought, Mr. Untermyer states that in the event
tigation as the best means of ridding the field of a number of small and that such action is not ,taken "an appeal will have
to be
doubtful concerns which have entered it during the last few years. They made to the Legislatu
re to remedy the virtual wholesale
felt that their own methods were so far beyond reproach that the efforts of
the Attorney-General would be sure to react favorably upon the field as a disfranchisement of stockholders brought about by this
situation." Mr. Untermyer in still another note to Presiwhole and their busienss in particular.
dent Simmons under date of June 9 asks him to take
Better Business Bureau.
into
The Better Business Bureau of 280 Broadway has also carried on general account in the matter of the reconsideration of the subject
Investigations into the field of investment trusts. Upon inquiry at this of requiring transfers
the fact that payment of the United
office, it was stated yesterday that the investment trust is a bad thing
when it gets into bad hands, and that even the sound trusts constitute, in States Government tax on transfers can be better entheir opinion, "an unwarranted barrier between the investor and his invest- forced by requiring the stock to be transferred on the
books
ment' The investment trust in most cases involves an overhead cost which of the company;
he furthermore contends dividends now
is too great under present systems of operation, it was further stated.
The Better Business Bureau particularly warns against the entrance into paid to registered owners of stock who have parted with
the investment trust field of unscrupulous dealers who foist upon the public their interest would be paid to the true owners.
The folin this way securities which they would not buy otherwise.
lowing are Mr. Untermyer's two letters of July 9:
A spokesman for the Bureau further said that, as a result of their investigation, they believe that the small investor can get supervision over
July 9 1927.
E. H. H. Simmons, Esq., President New York Stock Exchange.
his investments more cheaply in other ways than by buying securities
of
Dear
Sir:
I
duly
received
your letter advising me of the action of the
an investment trust.
Governors of the Exchange upon the three demands made
by me on behalf
of the Transit Commission upon the Exchange in connection
with the
Economic Soundness of Instalment Selling Defended pending investigation, for the enactment
by the Exchange of regulations
safeguarding the voting upon shares of stock of corporation
By 0. F. Meredith of Bank of America.
s registered in
the names of your members and requiring that stock
transferred to a member
Declaring his belief in the economic soundness of instal- shall be promptly
registered in the name of the
I cannot agree
ment selling, 0. F. Meredith, Assistant Vice-President of with your view that the law permits the voting transferee.
of stock by your members
The Bank of America, New York, urged members of the or by any other persons who have parted with the possession of all interest
in the stock, merely
of the fact that the registry of the stock
American Institute of Banking, attending the credits con- continues in the namebyofreason
such member or person. Inasmuch as the Exference in Detroit on July 13 not to condemn instalment change has, however, removed that objection by the rule
now promulgated
selling as a whole, but to think of it from the standpoint by you, which seems to meet that situation, the question discussed by you
has become purely academic and requires no further
comment.
of its beneficial effect on business in general. Mr. Meredith
The second rule, requiring your members to designate
upon every proxy
the number of shares with respect to which the proxy
said:
is issued would have
been more satisfactory if it had been made more
"It Is a fact that 1926 was not a good year for some companies from
comprehensive by
an
earning standpoint, but the banks share in the responsibility, for making the proviso that the number of shares with respect to which the adding
proxy is
issued shall be limited to the stock then in the
it too easy for finance companies to secure bank credit irrespectiv
possession of the member
e of the or in
management. So many companies were organized that the business
which
be- by reading he retains an interest. Perhaps that may, however, be implied
came somewhat overextended, solely because of the need for
the two rules together and I accordingly make
volume.
no point of that
This resulted in questionable practice, such as too low cash payments, apparent omission.
My objection to the action or non-action of the
too many months to pay the balance, too much dependence on dealers'
Exchange in refusing to
endorsements, and too quick service to enable the proper investigati
comply with the third demand that would require your
on
members to register
of the buyer. Perhaps there have been too many finance companies, in their names the shares of stock transferred to them
within a reasonable
which for a time found it easy to grow by making their own terms. Within time after such transfer is fundamental, and I am greatly
disappointed and
the past year, however, conditions have changed. You have heard of few embarrassed by the attitude of the Exchange.
Without such a regulation
new companies being formed, but you have heard of consolidations,
stockholders are virtually disfranchised and in the
sales
particular case now
and liquidations, so to-day the situation is materially better and continuing under consideration the efforts of the City
to deal directly with the owners
to Improve.
are aim* paralyzed, as you will note from what
I shall later have to
say. The reason given by you that such a regulation
Mr. Meredith pointed out that many of the 1926 losses in
would hamper dealings
the stock because it may change hands frequently
seems to me inadewere on 1925 purchases and he called attention to the fact quate and unsound and as solely
in the interests of "room traders" and
that but few finance companies have become financially em- other stock speculators at the expense of the rights and security
of the
investing stockholders. A rule that required
barrassed and they have liquidated to better advantage than bona-fide
your members to
register stock in their names that has been
transferred
to
and
held
by
the average commercial account in like difficulties. This them for five or ten days after it comes into
their possession would obviate
year will show better results, he thinks, "unless we encounter the objection urged by you in favor of the mere speculator, and
still assure
to the
a period of substantial business recession, and even then the associateinvestors the opportunity to identify and communicate with their
stockholders, which is now denied them by
permitting
your
creditors of good companies should not suffer. In a depres- members to retain indefinitely the
undisclosed possession of
in the
sion new business would be scarce so that excess collections names of members who have parted with all their interest. stock
In that way
the Exchange
would reduce debts, and only a portion of those out of em- stockholders to permits its members to obstruct and defeat the right of
communicate with one another.
ployment would be owing for merchandise bought on time.
The problem that the Commission
has now under consideration offers
Conditions should automatically adjust themselves, assum- concrete illustration of the oppressiveness and injustice of the present sit-a
uation which we are seeking to have
you remedy in the interest of the City
ing, of course, that the finance companies would reduce of New York in this
particular instance and generally in the interest of
all stockholders, and which you
overhead in line with reduced merchandise."
have refused to remedy for no reason apparent to Me except that it
might be inconvenient with respect to stock
that is frequently changing hands, which
means that the transactions in it
Samuel Untermyer in Further Communication to are purely speculative.
The Commission is acting under
President Simmons of New York Stock Exchange
a mandate of the Legislature requiring
it to formulate a plan for the unification
Regarding Use of Proxies Regrets Failure of
of the traction lines of the City
of New York. The two existing companies
mainly concerned are the
Exchange to Require Registry of Stock
Inierborongh Rapid Transit Co. and the Brooklyn
-Manhattan Co. The
securities of both of these companies are
Transferred—May Seek Legislisted on your Exchange. It appears that about 90% of the stock
first
the
of
named
lative Measures'.
company and almost
if not quite as lave a proportion
of the other are registered in the names
Disappointment is expressed by Samuel Untermyer at of members of your Exchange
and that a large part of the stock so registhe failure of the New York Stock Exchange to require tered has long since passed out of the possession of the persons in whose
names it has been registered and has. presumably
been
members to register ix their names the shares of stock hanlis among
your members without change of registry, frequently changing
although one of the
transferred to them within a reasonable time, in a letter companies pays dividends. Owing
to the absence of a regulation requiring
which he has addressed to E. H. H. Simmons, President of your members who hold the poisession of the stock to transfer it into their
names, the identity of the holders cannot be
traced. In one of the comthe Exchange, under date of July 9. The letter takes cog. panies the officers
and members of the board of directors together
hold
nizance of the action taken by the Exchange on July 7 in only a nominal or negligible interest in the ccenpany
and they frankly admit
amending in two particulars its rules governing the use vf that they do not know and have no means of identifying the real owners of
the company. In a qualified sense this is true also
of the other.
1
JULY 16 1927.]
THE CHRONICLE
337
ies
ge Extends Time for Deliver
and probably will, at least as to one New York Stock Exchan
The Commission and the City may,
ers
stockhold
the
with
of Expected Congestion in
View
directly
in
18
deal
to
July
on
of the companies, find it necessary
to require disclosure by compelling
t Incident to Reception to
Distric
al
Financi
If it can locate them. Your failure
stock
the
hold
who actually
transfer into the names of your members
Commander Byrd.
stockholders who are disrenders this impossible. It likewise prevents
communicating with their
from
Exchange announces the adoption
Stock
York
New
The
satisfied with an existing arrangement
change of management and thus
associates with a view of bringing about a
at a special meeting of the Govon
resoluti
ng
management. It tends to paralyze of the followi
tends to perpetuate bad or dishonest
ng concerted action for erning Committee of the Exchange on July 14:
obstructi
by
ers
stockhold
the
of
power
the voting
that
In view of the difficulty in making prompt deliveries of securities
their protection.
possibly inconvenience the
the congestion in the financial district on Monday July 18
And why? Because, as you say, it might
applies may result from
which
hand
to
hand
the
from
er
Byrd.
to
stock
be
Command
tendered
to
the
of
reception
1927, owing to the
free and frequent transfer
Your implications that the stock trans- Governing Committee deems it to the public interest that the time for
only to speculative transactions.
preelection
an
ly closed preceding
deliveries of securities deliverable under Exchange contracts on Monday
fer books of corporations are occasional
way of defense or excuse for the July 18 1927 shall be, and such time hereby is, extended to 3 o'clock p. m.
sents no shadow of an argument by
question
the
on
bearing
slightest
the
has
it
upon such date.
action of the Exchange or that
would agree that the five or
can hardly be seriously advanced, as everyone
the real owner should exof
name
the
into
transfer
for
n
limitatio
ten-day
closed. In order to dispose of Appellate Division of Supreme Court Confirms City's
clude the time when the transfer books are
It is to be hoped that
this tenuous argument, the rule might so provide.
$9,800,000 Valuation of New York Stock Exthat for denying the
the Exchange will find a snore plausible excuse than
change Building and Site Deduction
relief sought.
Refused.
action. If not an appeal
its
reconsider
will
Exchange
your
that
trust
I
virtual wholesale
will have to be made to the Legislature to remedy the
of the Supreme Court ruled on June
n
Divisio
te
Appella
since
The
situation,
this
by
about
disfranchisement of stockholders brought
yet
site of the New York Stock Exas
has
and
body
g
tal
buildin
governmen
or
the
ative
that
administr
24
neither the courts nor any
over your Exchange
000 more than the Exchange
$3,600,
worth
been able to secure supervision or regulatory power
were
change
illuscould better
either from Congress or the State Legislature. Nothing
the assessment of$9,800,000
upheld
value;
their
was
and
d
ion
admitte
complicat
trate the necessity for such regulation than the present
of Taxes and AssessBoard
City
York
New
made by the
your refusal to remove it.
Very truly yours,
reduction to $6,200,000. The New
a
refused
and
ments
SAMUEL UNTERMYER.
York "Times" from which we are quoting, reports further
• July 9 1927.
conclusions:
.
Exchange
Stock
York
as follows regarding the court'sthe
New
President
Esq.,
11.
Simmons,
H.
E.
Tax Board and the Stock Exare two furThe court heard appeals from both
Dear Sir: Supplementing my to-day's letter to you, there
in con- change because the lower court had reduced the assessment to $8,900,000.
ther factors I would like to have the Exchange take into account
of requiring The assessment was for 1921. the Case having been pending six years.
nection with my request for the reconsideration of the subject
0 to 36.850.Government
States
The reduction ordered by the lower court was from 37.750.00
United
the
of
the
payment
that
fact
The
transfers: (1)
such tax min- 000 as the value of the land on which the Exchange building is situated.
of
evasion
the
and
enforced
better
be
can
transfers
on
tax
t
the com- The Stock Exchange asserted that the building, although of somewha
imized by requiring the stock to be transferred on the books of
d
owners of ornate character and of fairly recent construction, having been complete
pany, and (2) the dividends that are now paid to registered
conIt
ed.
as
land
unimprov
the
never reach the in 1903, added nothing to the value of
stock who have parted with their interest, which at times
would then tended that the total assessment should be only $6.200,000, or its valuation
persons entitled to them, would be paid to the true owners who
dividends of the land unimproved.
unclaimed
of
the
accounts
way
that
In
owners.
the
registered
be
covers 31.473 square feet,
The opinion of Justice Funch says that the land
which they have
that are now carried by many of your members, and to
of Wall, with an eightsubstantial running from Broad to New Street in the south side
no shadow of right, and that in some cases amount to very
was being erected on the
addition
An
part.
on the southerly
building
necesstory
made
is
now
which
practice,
The
with.
stuns, would be dispensed
but this was not assessed because
, is vicious and north side to form offices for the members,
sary by the failure to require transfers to be registered
was assessed
t was in course of building. The Exchange building itself
the witness stand
should and would be discontinued. Your statement on
stocks is incorrect. originally at 32,050.000.
nothing to
added
that it does not exist with respect to dividend-paying
building
the
that
n
contentio
In seeking to prove it.
ing instance of its
wn
The case of the Brooklyn Transit stocks is an illuminat
of the land,the Stock Exchange asserted that it was a "tear-do
value
the
others.
are
Motors
General
and
Co.
Steel
nce which diminishes the
existence. The United States
proposition" and that it constituted "an encumbra
the
by
more.
is
increased
such value
There are many
value of the land to a greater extent than
Yours very truly.
a purchaser of the property
construction cost of the building," because
SAMUEL UNTERMYER.
and confor
purposes
general
useless
as
building
the
would be forced to raze
real estate experts testified
struct one of an entirely different type. Two
its
placed
00 and another
the Exchange that the land was worth 36,000,0
suitable only as the home
Short Bond Sales Arouse Criticism—Methods to Guard for
at 36.144,199. All said that the building,
value
the land. The city's experts
New Issues from Short Sellers Proposed in Financial
of the Stock Exchange, added nothing to
0 to $8,360,000.
valued the land unimproved at from 38.100,00
Circles—London System Advocated.
t to 38,900,000. found
The trial court which had reduced the assessmen
ng
ed, between 1900 and 1903, it cost
The rapid decline in price of recent issues of bonds followi
that when the building was construct
that the value on
0, and that there was evidence, not combated,
the dissolution of the syndicates that offered them caused $3,250.00
$4,816.000. The trial court also found that the building
was
1920.
1,
Oct.
in
ns
discussion and suggestions for meeting such situatio
added $2.050,000. as fixed by the assessors.
were right in valuing
The Appellate Division ruled that the assessors
financial circles on July 14, it was stated in the New York
had admitted it to be worth
the land at 37,750.000, since the Exchange
"Times" of yesterday (July 15), which went on to say:
reduction. In holda
on
for
its original applicati
of sharp $7,500.000 in making
Some commentators called for restrictions to curb the activitiesbefore the ing that the building increased the value of the land in the amount for
a few days
the opinion said:
shooters who make short dales against these issues
g the market which it was assessed,
in the best
expiration of the offering syndicate with a view to depressin
ly adapted to the purposes of its use, and is
"It is p
held
Others
prices.
bargain
at
up
them
picking
financial district."
value of the bonds and
the
in
on
si
possible
off if they followed London's
that the members of syndicates would be better
ng the number
method of promptly terminating syndicates and announci
of bonds unsold.
ticism of Federal Reserve System by Senator Brookin bond
While the adoption of the London method might cause an easing
woul
hart—Characterizes it as Money Trust—Declares
prices in the case of issues selling indifferently. It was held,the method
—
o
bring prices to correct levels and aid to minimize the efforts ofsharpsho
It Inadequate to Meet Agricultures Needs
Since
Loans
tive
Instead of prolonging a syndicate, its members could accept any lo
Specula
in
e
Increas
for the
devote their capital to new undertakings. Another argument
better
Enactment of Reserve Law.
London method is that it would encourage caution and make for a
addressing on
distribution of bonds.
Senator Smith W. Brookhart of Iowa,
One method suggested to make their present tactics difficult for the
unty celebration,
inter-co
an
,
Kansas
the
on
Steck
Beloit,
bonds
for
of
ry
at
sellers
4,
compulso
it
July
make
sharpshooters would
President's
buyer the
Exchange to designate on comparison slips delivered to the
ed the Federal Reserve System and the
labor, but it criticis
the people
upon
called
and
numbers of the bonds delivered. This would entail clerical
n bill
before veto of the McNary-Hauge
would hamper the efforts of the sharpshooter. Ile would hesitate
m and
progra
n
commo
a
in
unite
syndicate
"to
a
by
of
an
issue
protected
bonds
South
d
arnd
of the West
contracting to deliver designate
" The
l
parties.
e
individua
to
y
locate
both
impossibl
es
practicall
be
dominat
would
it
that
agreement, since
end the financial rule
"is acting
bonds on completion of the contract.
asserted that the Federal Reserve system
Senator
to speculaas a money trust that lowers the rate of interest
s
Prompt
that
Member
Warns
ge
and raises
Exchan
credit,
of
Stock
New York
tors by furnishing them a vast supply
Senator
."
country
the
Settlement Must be Made for Differences Between
of
rest
the
to
the rate of interest
of
volume
the
Contract and Market Price.
in
e
increas
Brookhart also referred to the
The following notice to members was issued under date of brokers' loans and said that "it appears that the Federal
July 1 by E. V. D. Cox, Secretary of the New York Stock Reserve law and its Administration, by refusing to pay for
driven
Exchange:
the re-deposit business.of its member banks, has
New York, July 1 1927.
into
country
the
of
credit
banking
surplus
nearly all the
To the lembers of the Exchange,
his speech relative
of
part
that
In
tion.
specula
certain
been
that
informed
having
Street
ents
Wall
Arrangem
The Committee of
-Haugen bill
firms have been lax in complying with requests for marking to the market, to the Federal Reserve Act and the McNary
of Sections 2 and 3
the attention of members Is directed to the provisions
Senator, said:
laws of
which provide that all demands for mutual cash. the
of Chapter V of the Rules
price
deposits or for differences between the contract price and the market
ess
shall be made daring the hours for which the Exchange is open for,busin
differfor
and that demands for deposits to secure contract* and demands
Failure
ely.
with
°emptied
immediat
be
onces pursuant to said Chapter must
the offender liable to the imposition
to comply with the foregoing will make
of a fine of not to exceed $250.
E. V. D. COX, Secretary
credit. The
The last subject I will mention to-day is the cost of
of the deposit
the States and of the United States have given a monopoly
a law of Congress
and
business of our country to the present banking system,
red by a Governhas created the Federal Reserve system, which is administe
that I desire to discuss
mental board. It is this Federal Reserve system
deflation policy of
somewhat in detail, Many times I have presented the
1920. I call this
this system as outlined in its secret meeting of May 18
338
T ELM CHRONICLE
[VOL. 125.
meeting secret because its vital policies were sealed
up in secrecy, although
From this review it is evident that transport
other matters were given publicity. There are
ation, industry, credit
still those who say there was public utilities of
every kind have had the assistance and protection and
no secrecy about this meeting, but they are
primarily the ones who are to law. It is therefore
of the
only common justice that agriculture should
blame and are trying to defend themselves against
their own shortcomings. equal considera
receive
tion. So long have these advantages been
To-day I want to present the merits of the Federal
given by the
Reserve system in its law that legislative
enactment is now necessary to restore agricultur
broadest sense.
e to its
rightful position, and this is demanded by
What is a Reserve bank system? What are
the platform of all the great
its functions; 1. To the political parties.
Following out this idea the farm organizati
member banks, and 2. To the public.
ons
and
the
business organizations assisting them formulate
A Reserve bank has two functions to perform
d the Mc-Nary-Haugen
for its member banks. Bill. They trimmed
it down to a minimum of their demands in
These banks at times will have a surplus of
funds which they like to re- ask as little as
order to
possible from the Congress. Then when it
deposit in their Reserve bank for temporary investmen
was passed it was
t and earning. This vetoed because it
was said to be inadequate. A single suggestio
is probably the biggest item of Reserve
bank business. At other times President for
n from the
strengthening it would have made it adequate
these member banks are short of funds. They
in every point
have a legitimate demand he has criticized.
He says it omitted part of the agricultural
for loans which they cannot meet with their own
funds. They would like suggestion from
products. A
him would have put them all in. He
to rediscount their paper in their Reserve
objected to it because
bank, or to borrow money on a it is a price-fixi
ng bill, but the tariff is also a price-fixi
secured loan to meet and carry this legitimate business.
ng
law:
and about the
This is the re- same day he vetoed
this bill, he raised the tariff on pig iron by
discount function of the Reserve bank for its member
banks, and is the to assist the steel
about 50%
trust in its price-fixing. He also objected
other big purpose for which a Reserve bank is establishe
to this bill as a
d. So far as the tax collecting agency
public is concerned a Reserve bank should provide an
that
is
unconstitu
tional.
Even if this were true,
elastic currency to there was an
appropriation of 250 million dollars that
meet the public demands. It should also supply
was not unconstitufunds to care for the tional and would
have started the operations. In one
transaction of business too big for the member banks,and it should
paragraph he sugmobilize gests that the bill
would injure the farmers by causing overthe supply of credit and reduce the interest rate to the public
production
generally. and a reduction of prices.
In another paragraph he says it
I now wish to inquire ifthe Federal Reserve Bank has metthese requireme
would violate
nts. the anti-trust laws because
it would advance prices. He says
In the first place the Federal Reserve law does not authorize the
it would
Reserve put the Government in
business, but he has never objected to
banks to pay anything to member banks for the use of
putting the
re-deposits. It Government into business
requires the member banks to re-deposit their reserves with
for the railroads and taking 529 million dollars
the Federal from the Treasury
to pay their operating expenses and wax-t
Reserve, but no compensation is paid. If the banks have a surplus
ime return
over during the first six months
after they were back nor did he object
and above their reserve, which they all do at various times,
to lending
they have the them 350 million
dollars more since that date. He has not
right to deposit it with the Federal Reserve but without any compensat
objected
to
ion. putting Government into
This enables the New York banks to put on a re-deposit rate
the banking business by establishing a Governand take this ment Federal Reserve
Board, and on the same day he vetoed the
biggest item of reserve business away from the Federal Reserve
bill for
banks and the farmers, he signed
another to .give the Federal Reserve system
divert most of this surplus credit to the field of speculation. When
an
the indeterminate charter and
to give national banks the right to establish
author of the Federal Reserve law presented his bill to the lower House
of branches where permitted by state
laws. The veto message also claimed
Congress, he said the great cancer in our banking system was the accumula
- that 250 million dollars was not
enough to handle the surplus of cotton
tion of surplus credit in New York for speculative purposes, and this
cancer alone. If this be true, the
President could have had the amount raised
must be cutout. The operation was to be performed by denying speculati
to
ve 1,500 million dollars by a mere
suggestion. When we think of what
loans the re-discount privilege. I looked up the record to see how much
was
taken from the Treasury for the railroads. 1,500
the cancer had been reduced. In November 1912 these speculativ
million dollars is only
e loans about one-third as much in
proportion for agriculture.
to the Stock Exchange amounted to 766 million dollars. On Jan.
5 1927
Therefore,the veto ofthe McNary-Haugen Bill is a
I found these loans had increased 2 billion 818 million 561 thousand
veto of the Republican
dollars platform, a veto of the right of
the farmer to economic equality, a
by member banks only. A more recent report of the Federal Reserve
veto
of
West
the
and
the
South
with an underwriting of Wall Street speculatio
Board shows these loans by member banks had increased to 3
n.
billion 118
It was the West and the South that united
million and the loan of outside banks would probably raise
to pass this bill. For the
the total to first time since the Civil
War these two sections found their economic
3 billion 400 million. Therefore instead of cutting out the cancer,
it has baterests to be the same In reference
been multiplied more than fourfold. The average was
to their greatest problem. This imover 3 billion pelled them to override
their party leaders in both houses of Congress
dollars during 1926,and reached 4 billion dollars at one time in
1925. There- and pass the McNary-H
augen
fore, it appears that the Federal Reserve law and its
Bill by a substanatial majority. Their interadministration, by ests are also identical
upon all kindred problems, upon transportation,
refusing to pay for the re-deposit business of its member
banks, has driven credit, tariff, patent
nearly all of the surplus banking credit of the
laws, taxes, waterways, hydro-electric power,
clean
country into Wall Street government
and law enforcement. These two great sections of
speculation. This accounts largely for the great
the country
booms in railroad and can unite in
a common program and end the financial rule
other stocks since the last election. In
that now domiaddition to the multiplication of nates
both party machines. A concrete and effective way
this evil many-fold, this Federal Reserve law
to begin would
is acting as a money trust be to organize
both the House and the Senate in the next session
that lowers the rate of interest to speculato
rs by furnishing them such a vast purpose
for the
of considering this program of economic freedom.
supply of credit, and raises the interest rate to the
rest of the country. I
presented this question to the author of the law, and
he denied such was
In his remarks leading up to the above Senator Brookthe fact. He said the fault was with the member
banks, that they would
hart had the following to say:
re-discount their paper in the Federal Reserve at
3 % and then lend it to
the farmers or other people at 7, 8 or sometimes 10 and
About one-third of the American people are farmers.
12%. They were
profiteers upon their privileges in the Federal Reserve System.
These farmers own about one-fifth of the property of the
I was not
United States.
satisfied with this answer, and secured from the Federal Reserve
They get about one-tenth of the national income.
Board its
official book of "Questions and Answers on the Federal Reserve
Since the deflation of agriculture in 1920 there are about
System."
60 billions of
On pages 135 and 136 this book explains why interest is
not paid on reserve capital investment and about 12 million workers. This capital and
these
deposits, in the following language:
workers produce a gross value of about 12 billion dollars.
"170. Why is interest not paid on the reserve balance carried
Less than one-third as much capital is invested in the
with the
railroads, and only
Federal Reserve BankE
about one-seventh as many workers, but they produce over
six billion dollars
"Because it is wrong in principle and
defeat one ef the m st im- of gross revenue.
portant objects for which the Federal would
System was established,
National City Bank "Bulletin" of New York shows
The
namely,'to afford means of rediscountingReserve
al paper.' If a Federal
that in 1925
Reserve bank were compelled to use at commerci
times a large percentage of its national banks earned 8.34% upon capital, surplus and undivided profits.
resources to purchase paper in the open all
market for the purpose of earning The National Industrial Conference Board shows that from
interest to be paid to member banks on their
1920 to 1925
reserve deposits, it is manifest agriculture earned only 1.7% upon its capital
that this would absorb funds to such a degree as
investment, and then no
to leave it without adequate adequate allowance
resources to meet the needs of its member banks
was made for either labor or depreciation.
in
case
of
sudden
emergency or for heavy seasonal requirements.
The latest figures show about 40 billion dollars of capital
is invested
'Moreover, even if this were not the case, member banks would
proba- in manufacturing, or only about two-thirds as much as in agricultur
bly lose far more than they would gain if Federal Reserve
e, and
banks
should
pay
there
are less than three-fourths as many workers. After
them interest on their reserve deposits. The reserve deposits
making
due
Federal Reserve banks amount to approximately $2,200,00 held by all adjustment of raw material costs for comparison with
0.000.
agricultur
The
e,
this
payment of interest at 2% on this amount would require the
smaller
amount
of
capital
and
smaller
Federal
number of workers, produces 44
Reserve banks to keep invested at all times at least $1,100,000,000
this purpose. If this sum were invested by the Federal Reserve at 4% for billion dollars a year in value in comparison with about 12 billions for
ment securities, it would not only dissipate the reserve as abovein Govern- agriculture.
specified,
but would have the effect of increasing the supply of dredit to such
The public utilities of the country as a whole are
an exearning more than
tent as to force down interest rates. It the amount were used
in the open 7% upon their actual investment, while agriculture earns about
market in the purchase of bankers' acceptances and bills of exchange,
1.7%,
it and that without adequate allowance for labor or depreciati
would come in direct competition with member banks and by increasing
on.
According to the "Manufacturers' Record," the
the supply of credit would likewise tend to force down interest rates under
deflation
policy fo the
ordinary conditions, and the loss to member banks on all their loans would Federal Reserve Bank in 1920 reduced agricultur
al values by 32 billion
doubtless far exceed the income they would derive from the 2% interest
on dollars, and other business only 18 billions, which means
reserve deposits."
that
agriculture
was deflated about six times as much in proportio
n as other business.
The first reason given for paying nothing for the use of deposits by memFrom 1920 to 1925 New York had 9.83% of the
population of the United
bers in the Federal Reserve banks is that it would require investment of States. It produced
9.81% of the wealth increase in the United States, but
the funds to earn the necessary money, and therefore tie up these deposits it got 14.79% of the
national Income. At the same time Iowa had 2.27%
so that they could not be used in a sudden emergency or heavy seasonal re- of the population,
produced 3.48% of the wealth increase, and got only
quirement. The right to issue Federal Reserve notes is the complete 1.99% of the national
income. Therefore, although the people of Iowa
answer to this suggestion.
were about 50% more efficient in wealth production
than the people of
From the language of the second paragraph quoted, it clearly appears New York, still their
percentage of the income was only about one-half as
that the Federal Reserve bank describes itself as a money trust for the pur- much. Iowa is only
typical of the agricultural States. They all suffered
pose of maintaining higher interest rates upon the public generally while a like discrimination.
diverting this vast sum of re-deposits into New York at a low rate of interest
According to the census of 1920 as compared with that of
1925. Iowa
for speculation. A more sinister or evil device could not be arranged for land declined from
$227 an acre to $149 per acre, or over 23 billion dollars.
using the people's savings to their own injury and the destruction of their At the same time
railroad stocks advanced more than that amount upon
property values. Therefore I conclude that the Federal Reserve System the New York
Stock Exchange. Again Iowa is only typical of the
agriupon its merits is against agriculture and against every legitimate business. cultural States,
and railroad stocks are only typical of stocks in general.
It has been said that it prevented a panic, but it handed the farmers the
Farm lands have declined about 20 billion dollars in the
United
Statee.
greatest panic in the history of agriculture, and I have already given the while real
estate in industrial cities has advanced more than that
amount,
figures of that deflation. It has saved the big banks of New York, but
it with a like advance for both stec s and bonds.
has sent the little banks of Iowa into receiverships.
Since 1910 farm bankruptices have increased by more than
a thousand
Besides all of these things, it is admitted in the law to be inadequate for per cent,
while commercial bankruptcies remain about the same.
agriculture, and there was establishe another reserve bank for agricultur
The
d
e, statement of these facts disclose the most serious problem of our
country
commonly called the Intermediate Credit bank. All the business of this since the
abolition of slavery. Shall agriculture in the United
States be
bank is reserve bank business. It does no direct banking business for the driven back to
peasantry?
farmers. However, it is a dehorned and denatured bank, and is wholly
It is the highest duty of the statesmanship of this time
to determine
inadequate to meet agricultural needs.
demand
accuratel
my
that
y the causes of this great discrimination against agricultur
It has been and is
e
as a remedy for this credit situation, this Intermediate Credit bank be en- and to prescribe
an efficient remedy. As we scan the laws that protect
larged into a complete co-operative reserve bank with all the powers of the and develop
other interests, we are led to the inevitable coclusion that
Federal Reserve bank, including the
right to issue notes, and including the the causes of this agricultural depression are not transitory. They
are
right to transact the re-deposit business for the farmers and laborers of the permanent as
the laws themselves. This discrimination against agriculcountry, and with permission for the labor
and country banks to become ture will therefore continue until these laws are modified and until agriculmembers of it instead of the Federal Reserve.
ture receives an equal protection from the law.
Ly 16 1927.]
TM; CHRONICLE
339
tribunal charged with the control of the finances of the country through
these banks.
The salary of a member of the Board should be at least sufficient to
enable him to maintain the manner of living to which he had been used
before joining the Board. I have previously proposed, when I was a member of the House, in House Bill 254, 69th Congress, 1st Session, that the
members of the Board shall receive a salary of $25,000 each.
I am studying this and other details before final formulation of the proposed amendment to the Federal Reserve Act and its amendments.
3. To so safeguard the selection of the membership of the Board that its
personnel may be beyond criticism.
The members of the Board should be men who have had experience not
only in banking but in other outstanding American activities. The membership should be representative of banking, transportation and other industrial fields, labor, agriculture and of the average business man of to-day.
The members should be of the very highest calibre of successful and
outstanding Americans, of broad vision, ability and fairness. This is a
matter vital to the economic future of this country.
The Federal Reserve Beard, it must be remembered, exercises a broad
supervision ovef the affairs and conduct of the twelve Federal Reserve
banks established in different parts of the country, and is invested with
authority to discount paper for the member banks, issue Federal Reserve
notes to member banks, and to perform various banking functions set out
in the Federal Reserve Act.
It is authorized to suspend reserve requirements, to regulate the issue
and retirement of Federal Reserve notes, to suspend Federal Reserve banks,
to supervise the liquidation of banks and has other very wide discretionary
powers.
Let it order that $100,000,000 be taken out of circulation, and every
storekeeper, every salaried person, every individual taxpayer, feels, directly
or indirectly in some way, the effect of the decision of the Board. Its
actions affect the man on the street, the farmer in the production of raw
material, by the inflation or deflation that may result from the mandate of
the Board.
When the Board has such an all-powerful influence on the happiness and
prosperity of every American citizen, safeguard should be provided to
make it a great, fair, representative tribunal.
When the law gives an industry a special protection, it has the right
to determine and to regulate its profits. Many of our laws have been
passed without reference to this idea. Congress has scarcely considered
the question of a reasonable return, and I want to present my theory of
it to you as a basis of my argument. According to Secretary Hoover's
bulletin, the Amercian peoples with all their capital, all their labor, all
unearned increment and all depreciation of the dollar, are producing only
5;4% a year in new wealth. This is all there is in the American pool
after the expenses of operation and of living. It will scarcely be claimed
by anyone that capital is entitled to all this wealth increase as its rate
of return. Labor is entitled to some Just portion; but I will not stop
to dicuss that division to-day. In order to be more than Just. I shall
assume that capital is entitled to two-thirds of the wealth increase of the
country as its rate of return, and then I claim that agricultural capital
is entitled to an average return equal to the average of other capital.
Under the Transportation Act, there was set up machinery to determine
the value of the railroads and it was fixed at over 7 billion dollars more
than their market value at the time. The Inter-State Commerce Commission was then by law commanded to levy rates upon the people of
the United States to finally pay a return of 5%% upon all this value,
water and all. This means over 9% upon the railroad,values as measured
in terms of farm values. This Is more than twice as much as they are
entitled to earn under the rule I have Just stated, and more than five
times as much as the farms have actually earned since the law was passed.
Other items of capitalized unearned increment, excess profits of subsidiary companies on supplies furnished to the railroads, waste of compitition and excess return allowed on bonded capital above the rates of the
bonds, all rroduce an enormous discrimination under this law in favor
of the railroads and against the farms.
The tariff laws are another example of special power given to individuals
to fix the price of their protected products at their factories, while the
farmers' price is fixed by his surplus sold in the competitive market of
the world. The return earned by most of these industries is far above
the power of the American people to produce wealth.
The patent laws are another example of special protection. They
also yield a monopoly return.
All the public utilities of the United States have a guarantee of the
law for a reasonable and adequate return upon their prudent investment.
They have a right to charge rates to the public that will yield this return
and the public is compelled to pay. Under the present holdings of the
courts, this return Is never fixed at less than 7%, which we have seen Business Organizations Asked to Co-Operate With
Is far above the ability of the American people
produce.
Congressional Tax Committee in Perfecting
Bill Proposed by Senator Thomasi to Give Federal
Reserve Board Same Standing as Supreme Court—
Longer Tenure of Office and Greater Compensation Sought for Members.
Declaring that the Federal Reserve Board "is the most
Important Government establishment in the world," Senator Thomas (Democrat), of Oklahoma, announced his intention July 4 to introduce a bill at the next session of
Congress to amend the Federal Reserve Act so as to provide for a longer tenure of office and larger compensation
for members of the Board. Under Senator Thomas's plans,
members of the Board whose salary now is $12,000 a year,
would receive $25,000 yearly. The statement of Senator
Thomas appeared as follows in the "United States Daily"
of July 5:
Importance of Function.
In the scheme of the American Government the Federal Reserve
Board
Is more important to the individual American than all the other functions
of the three divisions of Government—the legislative, executive and
judicial. I believe the Board is the most important Government
establishment
In the world.
It can effect the issue or restriction of money in circulation,
and the
prices reflected on the purchasing activities ofthe American
public go up
or down accordingly. It has power to help or to injure
anyone or any
group of American business any time.
Its members should be the best financiers in America.
I shall introduce, at the coming session of Congress,
a bill for the purpose of recognizing the great importance of this
tribunal, which so few
people in this country realize. The purpose of the
legislation which I
shall propose may be stated to be three-fold:
1. To give the Federal Reserve Board an added standing
so as to make
it comparable to the Supreme Court of the United
States. People do not
realize that the Federal Reserve Board is the most
powerful Government
body anywhere in the world.
Stepping Stone to Bank Service.
Comparatively few seem to know much about it, although,
in fact, every
time a man or woman in this country spends a dollar
the Board's influence is left. As it is now, the Board seems to be a
stepping
stone for
those who aspire ultimately, as a result of such service,
to the more lucrative positions in the great banks of the Eastern cities.
To say that that should not be is too trite. To use
the affiliation with
the Board as a stepping stone to connection with the
great banks would
be on the same principle as to have men aspire to
the Supreme Court so
that afterward they might secure a more lucrative
connection with great
law firms. That is not the American spirit.
An appointment to the Federal Reserve Board
should be coveted by the
greatest of American financiers, and until there is
recognized the great
importance of such a tribunal, such as is recognized
with the Supreme
Court, it will be impossible to get the best financial
minds of the country
on the Board. I would therefore hope to convince
Congress that it should
legislate with a view to increasing the standing and
public estimation of
the Board.
Federal Tax System.
An appeal to business organizations in the United States
to co-operate with the Congressional Joint Tax Committee
in the involved task of overhauling and perfecting the Federal tax system was made on July 8 by the Chamber of Commerce of the United States in a communication sent to its
1,500 member organizations. Business, the National Chamber asserts, has a direct interest in the systematic revision
of the Federal revenue system. It adds:
The existing system is essentially a war product and the revisions since
the close of hostilities have been made in a more or less haphazard manner
as existing circumstances might determine, and little provision has heretofore been made for securing the opinion of the most vitally interested
section of the public—the taxpayers. The present situation, however, is
quite different. The Congressional Joint Tax Committee is a continuing
body and is very anxious to secure criticisms, comments and constructive
suggestions from the taxpayers.
The Chamber points out that the work of the Joint Committee has nothing to do with immediate tax reduction nor
primarily with rates, but that it will deal rather with questions of administration and simplification, such as interest
provisions, statutory time limits, installment sales, capital
gains and losses, earned income credit. It points out that
the program of immediate tax reduction will be taken up by
the Ways and Means Committee and reiterates its demands
for a reduction of the corporation tax to not more than 10%,
repeal of the Federal estate tax and elimination of the remaining war excise taxes. The announcement is also made
that the Committee on Taxation of the Chamber will prepare and make public some proposed reforms which should
be considered, but stress is laid upon the complexity of the
task. Continuing, the Chamber says:
It is to be remembered that the formulation of a satisfactory internal
revenue law is a difficult matter and can only be accomplished by means
of a thorough study, necessarily extending over a considerable period of
time. All business organizations, corporations and individuals are strongly
urged to point out the defects which they have found in the present internal revenue system in as specific a manner as possible and to submit wellconsidered suggestions to improvement
Regarding the corporation income tax, the Chamber asserts that the reduction of this should not be'made contingent upon the available surplus. "The Chamber's Committee on Taxation," the statement concludes, "has reached
a tentative decision that the reduction
of the corporate income rate should not be wholly dependent upon
available
surplus, but as a matter of equity and justice
there should
be a reduction to at least 10% when the
revenue statute is
revised in the next session of Congress."
Longer Tenure, Higher Pay.
2. My bill will propose a longer tenure of
office and larger compensa- Federal
Income and Miscellaneous Tax Collections in
tion to the members of the Board. They now
receive $1,000 a month,
$12,000 a year.
Fiscal Year 1927 Reach $2,865,695,510--Gain
of
Presidents of regional banks who take orders and
$29,695,618 Over 1926 Figures.
directions from the
Federal Reserve Board receive salaries far in excess
of those of the Board,
these regional bank salaries ranging from $18,000 to
The yield from Federal income and miscellaneou
$50,000 a year. It is
s taxes
ridiculous that men who are under the orders and
control of the Board for the fiscal year 1927 amounted to $2,865,695,510, accordshould receive salaries so far in excess of
that paid to members of the ing to a statement made
public July 11 by the
Bureau of
THE CHRONICLE
340
[VOL. 125.
SUMMARY.
Internal Revenue at Washington, the figures being based
Miscell. Taxes. Total (All Sources).
on collectors' telegraphic reports of June 30. The collecTat.
Income
Ended—
Quarter
tions from the income tax in the fiscal year 1927 aggregated Sept.30 1926
$693,702,427.41
$532,583,856.38 $161,118,571.03
682,366,373.54
172,277,316.35
510.089,057.19
$2,219,831,014 and compared with $1,974,104,141 in the fis- Dec. 31 1926
147,405,082.05
751,989,063.80
604,583,981.75
1927
31
Mar.
737,637.645.11
cal year 1926, the 1927 figures representing an increase of June 30 1927
165,063,526.02
572,574,119.09
$245,726,873 over those for 1926. In the case of the miscelTotal Fiscal Year 1927 $2,219,831.014.41 $645,864,495.45 82,865,695,509.88
laneous taxes the receipts in 1927 at $645,864,495 were lower Total Fiscal Year 1928._ 1,974,104,141.33 861,895,750.86 2,835,999,892.19
4-190 ROA 017 07
4-2945790517205-70111 W21 Oct 41
by $216,031,255 than those for 1926, when the amount deParalnrsa 1097
rived therefrom was $861,895,761. The combined income
Increase; — decrease.
Note.—There is an apparent discrepancy between the figures submitted
and miscellaneous taxes in the latest fiscal year of $2,865,I n this report and the daily Treasury statement for June 30, due to the
695,510 compared with $2,835,999,892 in 1926—a gain in fact that the above statement is based on telegraphic reports from thd
several Collections of Internal Revenue and are subject to some changes.
1927 of $29,695,618. New York State leads with total pay- An
additional difference is due to the fact that some time it is necessary
$649,273,which
of
ments in 1927 of $755,003,151,
for the Federal Reserve banks to collect on checks deposited by the Colof Internal Revenue.
lectors
564 was paid in income tax and $105,729,587 in miscelReferring to the discrepancy noted in the foregoing, the
laneous taxes. The Federal income tax in 1926 derived
from New York State was $569,505,487. Pennsylvania Washington correspondent of the New York "Journal of
was second in the list of taxpayers in 1927, contributing Commerce" said:
$258,763,863, of which $222,909,647 was paid in income
An additional difference is due to the fact that some time is necessary
banks to collect on cheeks deposited by the coltaxes and $35,854,216 in the miscellaneous taxes. Illinois for the Federal Reserve
lectors of internal revenue.
was third, paying $217,386,545, of which $194,955,546 was
Discrepancies noted occur in the total amount of income tax receipts,
statement of June 30 reports as $2,224.992,800,
income taxes and $22,430,909 was paid in miscellaneous which the daily Treasury fiscal
year 1927 based on collectors' telegraphic
while the figures for the
the
by
issued
statement
the
is
following
The
taxes.
reports cite the item as $2,219,831,014, and the latter statement gives
taxes compared with the June 30
miscellaneous
as
total
the
645,864,495
Bureau:
According to the daily statement, thereINTERNAL REVENUE RECEIPTS FOR THE FISCAL YEAR 197.1
(BASED ON COLLECTORS TELEGRAPHIC REPORTS OF JUNE
30) TOGETHER WITH A STATEMENT OF INCOME) TAX
COLLECTED IN THE FISCAL YEAR 1926.
Districts and
States.
Income
Tax.
Income Tax
Total
Miscellaneous
Fiscal Year 1927. Fiscal Year 1926.
Taxes.
statement figures, $644,421,541.
fore, the total internal revenue receipts aggregate $2,880,414,341 for the
fiscal year 1927.
Opening of San Antonio Branch of Federal Reserve
Bank of Dallas.
A San Antonio Associated Press dispatch, July 5, was
published as follows in the Dallas "News":
$
8,276,196.51
10,984,888.88
524,787.26
10,460,101.62
Alabama
1,737.072.13
1,573,910.74
63,871.44
1,673,200.69
Arizona
4,391,724.91
5,258,433.27
204,839.87
5,053,593.40
Arkansas
53,262,327.84
77,158,689.60
56,439,473.07 20,719,216.53
The San Antonio branch Federal Reserve Bank was formally opened
1st California_ _
48,450,391.18 here Tuesday with forty-five employees after the bank had been inspected
62.358.366.40
55,838,581.71 6,521,784.69
6th California_ _
Total State of
board of directors of the parent bank at Dallas. The
California _ 112,276,054.78 27,241.001.22 139.517.056.00 101,712,719.02 by members of the
11,975,701.55 board met here Tuesday and authorized the opening.
13.473,975.35
817,876.24
12,656,099.11
Colorado
36,096,193.32
29.001,346.93
33,799,750.07 2,296,443.25
Connecticut._ _
The new bank will serve banks in fifty-three counties. In this territory
9,539,634.48
15,375,653.23
14,319,246.36 1,056,406.87
Delaware
101 of which are members of the Federal Reserve
44,484.162.89
33,989,492.86 there are 215 banks,
35,590,885.43 8,893,277.46
Florida
12,436,864.89 System.
14,277.094.29
578,325.53
13,698,768.76
Georgia
6,060,722.10
5,330,995.97
187,486.50
5,143.509.47
The territory served by the San Antonio branch was formerly cared for
Hawaii
1,128,838.03 by the Dallas, El Paso and Houston banks.
1,477.778.92
49,349.25
1,428,429.67
Idaho
186,760,955.00 19,483,612.00 206,244,567.00 169.073,734.00
1st Illinois
7,787,514.76
11,141,978.22
8,194,591.43 2,947,386.79
8th Illinois_ _ _ _
The Dallas Reserve Bank operates branches at El Paso
Total State of
a branch at
194,955,546.43 22,430,998.79 217,386,545.22 176.861,248.76 ahd Houston. The proposed establishment of
Illinols.__
24.922,712.59
36,114,729.02
28,405,740.09 7.708,988.93
Indiana
March 5,
columns
these
in
to
referred
was
Antonio
San
12,666,691.03
11,111,594.99
940,718.72
11,725,972.31
Iowa
20,213,654.52
15,562.805.63 page 1298.
587,041.99
19,626,612.53
Kansas
27,602,768.81
14,638,764.32
16,270,345.37 11,422,423.44
Kentucky
17.479,589.33
12,582,610.45
15,397,012.34 2,082,576.99
Louisiana
10,466,033.07
8.591,328.97
8,564.062.93 1.901.970.14
Maine
Maryland, incl.
Slowly Receding from Louisiana Parishes
50,709,186.42
40,837,080.12 Flood Waters
45,642,231.76 5,066,954.66
Dist. of Col_
Massachusetts. 105,271,605.77 9,479,874.17 114,751,479.94 100,017,316:88
—Farmers in Bad Plight and Local Banks Unable
1st Michigan (S tate
to Do More—Many Look to Washington for Aid.
after Jan. 31) 136,523,658.27 55,629,669.40 192,153,327.67 111,919,298.61
5,840,164.80
10,578,816.90
725,149.92
5,115,014.88
4th Michigan..
The flood waters of the Mississippi have just begun to
Total State of
Michigan_ _ 141,638,673.15 56,354,819.32 197,993,492.47 122,570,115.51
from the fertile parishes of Louisiana, leaving in most
move
28,441,784.81
28,384,381.31
2,222,414.11
26,219,370.70
Minnesota
3.460,321.97
3.526,683.24
135,177.94
3,325,144.03
Mississippi_ _ _ _
chance for a crop in the present year. Hence,
55,430,348.70
36,681,632.37 cases little
42,175,610.45 13,254,738.25
1st lissouri__ _
14,871,344.73
12,921,814.51 the Acadian farmers, though a thrifty and sturdy folk, are
13,733,627.96 1,137,716.77
6th .Missouri__ _
Total State of
70,301,693.43 49,603,446.88 destitute and bread lines are reported in many formerly
55,909,238.41 14,392,455.02
Missouri_ _
4,331,433.20
1,967,948.61
2,374,955.02 1,956,478.18
Montana
With credit gone and taxes due,
6,174,774.12
368,419.94
6,172,516.77 wealthy communities.
5,806,354.18
Nebraska
583,989.50
82,855.09
450,979.00
501,134.41
Nevada
at present on the Red Cross
dependent
are
farmers
these
3,503,974.55
3,012,765.76
496,488.95
3,007,485.60
New Hampshire
19,015,312.57
15,632,167.25 for their very subsistence. The Federal Government is
16,911,861.59 2,103,450.98
1st New Jersey.
94,947.471.05
56,569,771.28
64,365.749.66 30,531,721.39
5th New Jersey
looked to, by many of them, for rehabilitation. Such, in
Total State of
72,251,938.53
81,277.611.25 32,685,172.37 113,962,783.62
New Jersey
presented by a
679.923.41
635,119.85 short, is the picture of the flooded parishes
21,854.48
658,068.93
New Mexico_ _ _
38,264.284.51
68,453,396.76
"Times," who, writing
42,778,382.73 25,675,014.03
York
let New York._
New
the
of
correspondent
staff
387.886,703.32
306.471,857.66
2d New York.. 351,269,082.29 36,617,621.03
3d New York_ _ 162,675,227.75 32.534,099.08 195,209,326.83 140,282,508.28 from Melville, La., July 10, added:
38,900.772.11
46,281,978.59
39,992,280.63 6.289,697.96
14th New York
16,881,592.16
13,608,002.08
No matter to whom one talks the story he hears is always the same.
15,299,727.63 1,581,864.53
21st New York.
40,290,153.35
31,978,082.46 Everybody, they say, is ruined. There is not a farmer in miles but is
3,031,290.54
37,258,862.81
28th New York
Total State of
facing destitution. There will be no crops in the Melville zone this year
New York. 649,273,563,84 105,729.587.17 755,003,151.01 569,505,487.10 and unless the Government wakes up and takes steps to close the break
17,677,936.94
19.204.590.72 186,443,511.77 205,648,102.49
North Carolina
778,088.68 in the Western Atchalafayan levee, they say, there probably will not be
798,560.87
58,343.32
740,217.55
North Dakota_
43.029,733.09
29,202,636.52 any next year either.
29,428,956.96 13,600,776.13
1st Ohio
13,840,163.69
25,013,479.82
16.660,300.11 8,353,179.71
10th Ohio
Not in years, one is told, were such splendid harvests in sight as was the
8,858,804.01
10,052,730.46
807,754.66
9,244,975.80
11th Ohio
57,169,310.08 ease when "crevasse day" dawned.
69,332,853.77
18th Ohio
62,305,139.93 7,027,713.84
And one knows they are telling the truth, for the crops on the hills in
Total State of
117,639.372.80 29.789,424.34 147,428,797.14 109,070,914.30 Poyinte Coupee and St. Landry are wonderful to look upon. Nothing so
Ohio
15,788,615.86
23,624,449.89
362,886.58
23.261,563.31
Oklahoma
6,399,178.86 emphasizes the fearfulness of the disaster in the lowlands as to vision the
6,711,766.76
514,006.98
6,197.759.78
Oregon
110,250,169.48 crops in the high places, which the flood waters did not reach.
1st Pennsylvania 123,526,115.28 26,168,574.52 149,694,689.80
16,785,252.73
20,193,526.18
17,046,785.27 3,146,740.91
12th Pennsylva
68,360,410.41
38,875,646.99
82,336,746.13 60538.900.86
23d Pennsylvan
The local banks, it appears, are already extbnded to the
Total State of
258,763,862.97 195,395,932.62 utmost and can do little to help the stricken farmers. One
35,854.216.29
222,909.646.68
Pennsylvania
14,460,565.33
13,707,887.67
803,239.08
12,904,648.59
Rhode Island..
4,075,361.26
4,176,144.47 bank official in Marksville, La., told 'the "Times" corre249,625.99
3,825,735.27
South Carolina_
822,963.42
858,476.91
85,635.77
737,327.65
South Dakota
spondent:
17,811,883.70
11,398,292.06
13,723,171.21 4,088,712.49
Tennessee
25,090,523.84
20,932,227.06
869,746.05
The banks would like to help, but they cannot, for they are already
1st Texas
24,220,777.79
15,946,500.71
19,868,806.86
1,129,029.46
2d Texas
18,739,777.40
drained to the limit. They are all loaded down with farm paper and
Total State of
44,959,330.70
36,878,727.77 In a situation like this you can imagine what that means. It is a fearful
42,960,555.19 1,998,775.51
3,462,747.60 predicament for these unhappy 'people. They have their taxes coming due
3,923,101.70
154,322.28
Utah
3,768,779.42
2,681,312.19
2,820,457.64
164,331.23
Vermont
2,658,126.41
this fall and unless some kind of provision is made they will have a default.
17,827,023.66
79,160,084.85
20,778,470.08 58.381.614.77
Virginia
It is physically impossible for them to Pay, as' they have no money, and
Washington,
12,387,536.82 It is physically impossible for the banks to advance the money. In the
14,002,438.19
694,556.81
incl. Alaska.
13,307,881.38
11,653,718.64 end it may be that the State will assume the burden.
18,357,391.64
15,750,898.43 2,606,493.21
West Virginia
28.650,351.23
40,839,728.95
something to
Wisconsin
35,683,793.72 5,155,934.23
Personally, think it is the duty of the Government to do
1,364,591.60
1,884,709.48
54,601.67
1,830107.81
Wyoming
help these unfortunate people in the lower Mississippi Valley. The Gov*354,084.00
354,084.00
Philippine Isl._
ernment permitted this thing to happen and now it should do somethingito
Sale of doe'tary
8,4 stamps 'by
put the victims back on their feet. These people are not trash. They are
*35,417.38
35,417.38
postmasters _
the best type of American farmers and they are worth saving to agriculInternalrovenue
ture and that means to the citizenship of our country. Don't you think it
receipts thro
*33,825.46
33,885.46
Cust. Offices
rather childish, to put it mildly, to expect the Red Cross with a fund of
the damage bill alone of which will ex2 219,831.014.41 645,864,495.45 2,865.695,509.86 1,974,104,141.33 $15,000,000 to handle a problem,
Total
ceed $500,000,900 when the final audit is made?
•Eleven months' collections only,
I
JULY 161927.]
THE CHRONICLE
Madison Parish presents the same picture of desolation,
according to the correspondent. Writing from Tallulah,
La., last Tuesday, he said:
341
The purpose and necessary effect of such distribution policy is to lessen
competition and to tend to create a monopoly in the motion picture industry, tending to exclude from the market and the industry small independent producers and distributers of films and denying to exhibitors freedom
of choice in leasing films.
The flood torrents of the Mississippi are still surging through the giant
crevasse at Cabinet Teele, north of Tallulah, and the river still has seven
A report must be filed within 60 days by the respondents,
to eight feet to drop before the rush of waters will be halted. That may
be weeks from now.
of the manner in which they have complied with the terms
Of the tenant-farmer sufferers, and they are estimated as being 98%
of the order.
of all, those who are in a position to speak with authority are agr5ed that
The complete text of the order to cease and desist is as
at least 95% are absolutely penniless, with nothing in the world but a
waterlogged cabin, which belongs to somebody else; the clothes on their follows:
backs, and such supplies as Mr. Hoover and the Red Cross have been able
Docket No. 835.—Order.to Cease and Desist.
to provide. A bad feature is that nearly every tenant is the head of a
This proceeding having been heard by the Federal Trade Commission
family, and small families are the exception.
ccmplaint of the Commission, the amended answers of reAs for the desoluation between Delta Point and Tallulah, it is a picture upon the amended
documentary evidence offered and received
not easily overdrawn. The ruin extends on'both sides of the Illinois Cen- spondents, the testimony and
arguments
and
of counsel for the respective parties herein, and the
the
tral tracks, and the roofs of homes, barns and other buildings are everywhere. In places the water is so deep that it is lapping at the lower Commission having made its findings as to the facts and its conclusion that
branches of giant trees and is within two or three feet of the wire supports the respondents have violated the provisions of an Act of Congress approved
Sept. 26 1914, entitled "An Act to Create a Federal Trade Commission,
of telegraph and telephone poles.
to define its powers and duties, and for other purposes, therefore,
Property damage to the Illinois Central Railway, occaIt is Now Ordered, That respondents, Adolph Zukor, Jesse L. Lasky and
sioned by the floods, is estimated at $2,000,000 by J. L. Famous Players-Lanky Corp., and each and all of said respondents, their
officers, directors, agents, representatives and employees, cease and desist:
Blevin, Vice-President of the road. Of present conditions
L From continuing in force, recognizing, complying with, carrying into
effect or enforcing, or attempting to comply with, carry into effect or enIn the zone through which his road runs, Mr. Sevin said:
the conspiracy heretofore made or entered into by and among the
force
Conditions in the flood area have Improved materially and the water is
steadily receding. Of course, it is difficult to say what effect the floods respondents or any of them, or by and among the respondents or any of
will have on general conditions in our territory. Early indications are that there and any other person or persons, for the purpose of lessening and rethe cotton crop will be slightly less than it was last year on account of the straining competition, and restraining trade or commerce among the several States, or with foreign nations, in the business of producing, disreduced acreage which resulted from the floods.
tributing and exhibiting motion picture films for profit or the business of
producing and distributing such films, and from making or entering into
Federal Trade Commission Orders Film Companies to any like conspiracy among themselves or any of them, or among themselves or any of them and any other person or persons, for any of the purStopYUnfair Tactics—Adolph Zukor, Jesse L. Lasky
poses above set forth and enumerated in this paragraph of this order.
and Famous Players-Lasky Corporation
2. From leasing or offering to lease for exhibition in a theatre or theatres
motion picture films in a block or group of two or more films at a
Accused of Restraining Trade.
designated lump sum price for the entire block or group only and requiring
The Federal Trade Commission, all Commissioners par- the exhibitor to lease all such films or be permitted to lease none; and
ticipating, July 9 issued an order against Adolph Zukor and from leasing or offering to lease for exhibition such motion picture films in
a block or group of two or more at a designated lump sum price for the
Jesse L. Lasky as individuals, and against the Famous entire
block or group and at separate and several prices for separate and
Players-Lasky Corp., which order requires the discontinu- several films, or for a number or numbers thereof less than the total
ance of certain unfair methods of competition in the mo- number, which total or lump sum price and separate and several prices shall
bear to each other such relation as to operate as an unreasonable restraint
tion picture industry, which the Commission claims to have upon
the freedom of an exhibitor to select and lease for use and exhibition
been practiced by these parties.
only such film or films of such block or group as he may desire and prefer
Briefly stated, the order prohibits the corporation and to procure for exhibition; or shall bear such relation to each other as to
tend to require an exhibitors to lease such entire block or group or forego
Messrs. Zukor and Lasky (1) from continuing a conspiracy the lease
of any portion or portions thereof; or shall bear such relation
among themselves or with other persosn to lessen competi- to each other that the effect of such proposed contract for the lease of
tion and restrain trade in Inter-State and foreign commerce such films may be substantially to lessen competition or tend to create a
monopoly
any part of the certain line of commerce among the several
in the production, distribution and exhibition of motion States, or in
with foreign nations, involved in said proposed sale, to wit: the
picture films; (2) from the practice of block-booking, I. e., business of the production, distribution and exhibition of motion picture
leasing films in a block or group and compelling the picture films to the public, or the business or production and distribution or of
production or distribution of moving picture films for public exhibition.
house which shows the films to take all pictures in the
3. From building, buying, leasing or otherwise acquiring, or threatening
group or block, or none at all, without regard to the charac- so to do, any theatre building or buildings or theatre or theatres, for the
ter of the pictures or the wishes of the picture house; (3) purpose and with the intent or with the effect of intimidating or coercing
an exhibitor or exhibitors of motion picture films to lease or book and
from acquiring or threatening to acquire theatres for the exhibit
motion picture films produced or offered for lease or leased by repurpose of intimidating or coercing an exhibitor of films to spondent Famous Players-Lasky Corporation.
It is Further Ordered, That the said respondents, within sixty days from
book and exhibit films of the Famous Players-Lasky Corp.
and after the date of the service upon them of this order, shall file with
The complaint has been dismissed as to the respondents the Commission a report
or reports in writing setting forth in detail the
Realart Pictures Corp., The Stanley Co. of America, Stanley manner and form in which they are complying and have complied with the
order
to
cease
and
desist
hereinabove
set forth.
Booking Corp., Black New England Theatres, Inc., South/t is Further Ordered, That the charges in the complaint herein as
ern Enterprises, Inc., Saenger Amusement Co., Jules Mast- against the respondents, Realart
Pictures Corp., The Stanley Co. of America, Stanley Booking Corp., Black New England Theatres, Inc., Southern
baum, Alfred S. Black, Stephen A. Lynch and Ernest
V. Enterprises,
Inc.,
Saenger
Amusement Co., Jules liastbaum, Alfred S.
Richards Jr.
Black, Stephen A. Lynch and Ernest V. Richards Jr., be, and the same are,
It is averred that findings of facts have been made
from hereby dismissed.
It is Further Ordered, That so much of the charges in the complaint
documentary evidence and testimony of witnesses and
that herein as
against the respondents, Adolph Zukor, Lease L. Lasky and
It is upon these findings that the order rests. The
findings Famous Players-Lasky Corp. as are not embraced in the findings of fact
recite the history and present position of the Famous
Play- heretofore made by the Commission in this cause, or in the above and
ers-Lasky Corp. In the industry and give details of
foregoing order to cease and desist, be, and the same are, hereby dismissed.
the orBy the Commission; Commissioner Nugent concurring as to paragraphs
ganization and development of the corporation and the
part 1, 2, 3, and 4 hereof and dissenting as to paragraphs 6 and 6 hereof.
played
by Messrs. Zukor and Lasky.
With respect to the conspiracy prohibited by the order,
the findings state:
Howard Elliott and Hale Holden Visit President
The respondents, Aldolph Zukor, Jesse L. Lasky and Famous Players-La
Coolidge in Black Hills, S. D.—Railroad
sky
Corp., have conspired and confederated together and from time to
time
Consolidation and Crop Conditions.
with other persons unduly to hinder competition in the
production, distribution and exhibition of motion picture films in inter-State and
The view that good crops are now in prospect was exforeign
commerce and to control, dominate, monopolize or attempt to
monopolize, pressed by Howard Elliott, Chairman of the Board of the
the motion picture industry.
The findings also set forth the acquisition and ownership Northern Pacific RR., following a visit with President
of theatre interests of the corporation and state that "on Coolidge at the Summer White House in the Black Hills,
S. D., en July 9. Mr. Elliott was accompanied by Hale
June 30 1926 the interest of Famous Players-Lasky
Corp. Holden,
Palesident of the Chicago Burlington & Quincy, and
In 368 theatres were as follows: In 128 theatres,
100%; Charles E.
Perkins, a director in both the Northern Pacific
In 13 theatres, more than 50% and less than 100%; in
128 and C. B. & Q.
In addition to commenting in their talk
theatres, exactly 50%, and in 99 theatres, less.than
50%.
Further it Is found that in the following cities the cor- with the President on the farmers' prospects, Mr. Elliott
and Mr. Holden are understood to have alluded incidentally
poration directly or through subsidiaries has from
time to to the subject of
railroad consolidation. Mr. Elliott, in a
time acquired and enjoyed the control of all or nearly all
of
the first-class moving picture theatres, including the first- statement relative to his observations on crop conditions,
run theatres: Jacksonville, Miami, Tampa, Dallas and given out after his visit with the President, commented on
the application made to the Inter-State Commerce CommisPhiladelphia.
sion
to consolidate the Great Northern and Northern Pacific
Block-booking is treated in detail in the findings, and the
systems, and mentioning the benefits which would accrue
system of the corporation in that respect explained, and the
therefrom, said a consolidation would,in his opinion, make it
findings conclude with the statement:
possible to postpone advancing rates. Mr. Elliott's state-
342
THE CHRONICLE
[Vol.. 125.
Is believed a misunderstanding occurred in connection with a survey of the
rate schedule affecting clerks which the road is making.
No wage increase has been granted to the clerical forces of the Erie, it
was emphasized, and the study, which is being directed to the condi(ions
surrounding each type of clerical work, probably will not be ended until the
country to observe the crop conditions. I iound things rather
corn in middle of August. At that time some announcement is expected concerning
east of the Mississippi. The rains had retarded the growth of
flourishing,
very
such increases as may be made.
Illinois. West of the Mississippi all the crops seemed
best
especially in Iowa and Nebraska. The latter State will have the
bumper
have
will
West
entire
the
I
and
think
in
years,
corn
crops
and
wheat
Mediation Sought in Wage Dispute on Fifty Railroads—
crops if the frosts do not appear too early.
is
Things have been pretty dull in the West in the last few years. It
Employees in West Demand 15% Advance
crops
apparent among the bankers and from our own returns that good
in Basic Scales.
will
that
t
improvemen
an
of
hopeful
feels
one
every
and
are now in prospect,
had seven
the New York "Evening Post" of
is
from
following
The
be lasting and lift the West out of its economic distress. We have
are on the
bad years in the West. We are now going upward again and
July 12:
eve of seven good years.
Officers of the Brotherhood of Railway Firemen and Enginemen and a
this
We made application to the Inter-State Commerce Commission
assistance
Pacific systems. committee representing fifty Western railroads have invoked the
Northern
and
Northern
Great
the
consolidate
to
week
of the ship- of the United States Board of Mediation for settlement of the dispute arising
Such a consolidation, in my opinion, would be for the interests
of pay.
scales
tate Commerce from the demands of the men for a raise 01 15% in the basic
pers and the people of the West. We have asked the Inter-S
the same time it was announced in Chicago that employees of the
At
.
consolidation
Commission to sanction such a
Chicago elevated and
such a consolidation, Chicago Aurora & Elgin RR. had joined those of thl
If It is not a good thing for the country to effect
is the question for surface lines in asking increases of 15 cents an hour.
It is not good for any one and we do not want it. That
Arbitrators have begun hearings in the case of 13.000 maintenance of way
absolutely necessary
the Commission to decide. Railroad consolidtaion is
employees of the Chicago & North Western Ry. on demands which would
and
is
demanded
service
Better
country.
for this and other sections of the
involve an addition of $1,750,000 to the yearly payroll of the railroad, and
greater returns.
this service cannot be given unless the railroads receive
the Illinois Central
the railroads in the case of the 9,700 clerks and station employees on
A consolidation, in my opinion, will make it possible for
in their annual wages.
present rates and RR., whose requests call for $3,066,000 more
to postpone advancing rates. They cannot live at the
reduce their operatAccording to the "Wall Street Journal" of July 14, the
give adequate service unless by some system they can
of the Chicago Surface Lines and union represents,
officials
ing costs.
railare needed; more
As the country grows, greater railroad facilities
solution in wage controversy in which conducseeking
tives,
road lines, more cars and quicker transportation.
ment, as given in a Rapid City (S. D.) dispatch to the New
York "Times, "follows:
the
I left New York on July 4 and have made a daylight trip across
backward
No New Capital Required.
No new capital
There is no danger in the consolidation we now propose.
capital stock of each road
will be required and no new bonds issued. The
of the proposed consoliIs approximately $250,000,000. The capital stock
would be given a share
dation would be $500,000,000 and the stockholders
share of stock they hold at
of stock in the consolidated corporation for each
facilities and enable
credit
present. The consolidation would give us better
better service means more
us to give better service than at present. This
and in order to
lines, more cars, more equipment. That means money,
increase our
get money we must have credit and the consolidation would
credit.
conditions.
farm
of
betterment
the
The railroads are greatly interested in
We are not
Naturally, what benefits the farmers, benefits the railroads.
upon. It is
supporting or opposing any legislation the farmers may agree
lower his
clear, however, that the farmer must increase his production and
costs.
better cost
In my opinion, improved farm conditions, diversification,
the farm
accounting systems and co-operative action will do more to solve
farmer can
problem than any form of legislation. It is clear that when one
35, the
only
raise fifty bushels of corn to the acre, while his neighbor raises
better feedfirst man will gain and the other will not. Better bred stock, a
everything that
ing system, utilizing of dairy possibilities and anything and
the farmer with cerwill reduce costs and increase production will benefit
tainty, while any legislation would be problematic.
In the same account Mr. Holden was quoted as saying:
a year ago.
Business on the Burlington system has been under that of
and the late spring
This has been due partly to the coal strike in April
shining the last
which is reflected in our business. The sun has been
the farmers west
few days and this has produced a better outlook among
are backward but all are
of the Missouri. Some of the crops, of course,
production if the fall
in good condition and give promise of an abnormal
weather is favorable.
in the last
Crops, as I observed them, are much beyond the average
three years in Iowa. Illinois and Nebraska.
legislation
in
getting
farmers
the
The railroads are willing to support
something that is sound.
that will help them, provided they agree upon
that the
It is more to the interest of railroads than any other industry
farmers should enjoy prosperity.
seem
not
does
there
and
complex
The farm problem is naturally very
question.
to be any agreement as to the best solution of the
matters, but
The railroads are not taking part in these controversial
be enacted for the improveare hopeful that sound economic laws will
is the
agriculture
in
prosperity
ment of the farmers' condition. The
unless the farmer is prosperous
foundation of national prosperity, and
continue its prosperity.
the country cannot hope much longer to
as in other industries. The
Improvements have been made in farming
reduced and I think the farmers
greatly
been
have
production
of
costs
line. The combines which reap
are making great advances along this
and bring it to the railroads for
and harvest the crops in one operation
farming in the Southwest.
shipment have greatly reduced the cost of
are rapidly replacing their
These combines cost 32.000, and farmers
the operating cost greatly and
other machinery with them. The reduce
the railroads. The result
they shorten the time in getting the wheat to
their cost of production but
has been that these farmers not only reduce
This means that they do
get their product in shipment much earlier.
not have to wait long for their money.
. It was going on
development
Railroad consolidation is a natural
in 1890 and it grew up through
steadily until the Sherman Act was enacted
the public has come to realize
a natural course until it was stopped. Now
improvement in service possible.
that consolidation reduces cost and makes
necessary to reduce the costs
With great hauls and great distances it Is
done is by reducing the overof operation, and the only way this can be
generally believe this
head through consolidations. Railroad men now
bring about better
can be accomplished under a national law that will
to accomstandards of service and lower costs. We are now attempting
Congress.
by
legislation
plish this, but cannot do it fully without
of monopoly
The railroads are thoroughly regulated. There is no danger
cannot be brought
resulting from consolidations. Effective consolidation
are deficient
about except by national legislation. The present laws
laws defining
in that State laws still are effective and Congress should pass
protection
how consolidations should be brought about and for the added
these minority
of minority stockholders, but thoroughly safeguarded so
stockholders cannot obstruct and prevent consolidation.
Erie RR. Not to Raise Wages—Report from Hornell of
Increase for 5,000 Clerks Declared Erroneous.
In its issue of July 15 the New York „Times" said:
Reports from Hornell, N. Y., on Wednesday that the Erie RR. had
clerical
granted wage increases ranging from 7 to 17% to about 5,000
yesterday. It
employees were erroneous, it was stated at the Erie offices
tors and motormen are seeking a 15-cent an hour increase,
have decided to submit their difficulties to arbitration.
Inter-State Commerce Commission Denies Petition of
New England Roads for Rate Advance—
Exception for New Haven.
The following Associated Press advices from Washington,
July 11, appeared in the New York "Evening Post":
subThe Inter-State Commerce Commission refused to-day to increase
stantially the proportionate amount of joint rates going to New England
railroads on traffic handled in conjunction with railroads in other parts
of the country.
them
New England lines sought an increase which would have given
to
about $5,000,000 a year in additional earnings. No increase in rates
shippers was sought.
New England Favored.
The Commission authorized some changes, but declared that "the trend
In New England railroad earnings since 1922 has been more favorable than
for
in the remainder of the Eastern groups and the record affords no basis
giving greater weight to the financial needs of the New England lines."
At the same time some slight changes in the joint rate division on merchandise traffic was allowed, and the New England roads were given an
additional proposition of the rates on athracite.
In the joint rates on bituminous coal, the decision said that the Boston
& Maine. Maine Central and Central Vermont should not receive any
additional portion of the Joint rates.
New Haven Gains.
The New Haven road, however, was given a slight increase in its division
of Joint bituminous coal rates except for such coal business as it handled in
conjunction with the New York Central, upon which no increase was
authorized.
The railroads were instructed to make the detailed changes effective
Sept. 1.
Inter-Coastal Rates Up—Higher Westbound Freight
Tariff is Announced at Seattle.
The following Seattle advices July 8 are from the New York
"Times":
A substantial increase in westbound freight rates in the inter-coastal
trade to Seattle and other ports on the Pacific Coast from ports on the
Atlantic seaboard, effective Aug. 1. were announced here to-day by H. B.
Rhoda, district freight agent of the Luckenbach Steamship Co.
Mr. Rhoda made the announcement as Secretary of the Sub-Committee
of the Pacific Coast Committee of the Intercoastal Conference.
In the new tariff, the inter-coastal linos are divided into two classes,
known as the A lines and the B lines. The American Ilawaian Steamship Co.. Luckenbach Steamship Co.. Dollar Steamship Line (passenger
ships) and Panama Pacific Line comprise the A class of services in the
Inter-coastal trade.
The Arrow Line, California & Eastern Steamship Co., Dollar Steamship
Line (freight ships). Munson McCormick Line, Ocean Transport Co.,
Quaker Line, Transmarine Corp. and Williams Steamship Co. comprise
the B class lines.
Major-General Crowder to Retire as Ambassador to
Cuba Sept. 1—Completes Fifty Years Service to
Government.
Major-General Enoch H. Crowder, retired, has tendered
his resignation, effective Sept. 1, as Ambassador to Cuba.
In a letter under date of June 17, made public July 8,
President Coolidge accepts with regret Ambassador Crowder's resignation, which, says the President, means the
Ambassador's retirement from active service of the United
States after fifty years of distinguished service to his
country. The following is the President's letter:
June 17 1927.
My dear Mr. Ambassador: With great regret and reluctance I accept
your resignation as Ambassador of the United States to Cuba, effective
Sept. 1 1927. The acceptance of your resignation means your retirement
from active service of the United States after fifty years of distinguished
service to your country. You first had a splendid military record extending over forty-five years. You entered the service as a cadet to the United
States Military Academy and you retired from military service as a Major.
JULY 16 1927.]
343
THE CHRONICLE
General. Throughout this time you showed great ability in executing all
the tasks assigned to you. Your work in the Philippines and in Cuba was
of an outstanding character, and as Provost Marshal and Judge Advocate
General your great experience, knowledge and character resulted in your
able handling of the draft law, one of the most difficult tasks that it would
have been possible to have assigned to y3u.
You followed up this distinguished career in the military service by
more years of active service, representing at first the President of the
United States in Cuba and then the United States Government as first
Ambassador to that republic. As a result of your endeavors our relations
with the Cuban Government and people have never been more intimate or
friendly.
After such a distinguished career you have well earned the right to
retire into private life, where by best wishes follow you.
I am, my dear General Crowder, with high esteem,
Very sincerely yours,
CALVIN COOLIDGE.
The Honorable Enoch H. Crowder, American Ambassador, Havana.
Council Approves Report.
Upon receipt of the requests from the Greek Finance Minister and the
report of the Finance Committee, the Council of the League adopted
resolutions as follows.
the Fourteenth Quarterly Report of the Refugee
The Council, takes not_
Settlement Commission;
Approves and adopts the revert of the Financial Committee, and, on the conditions therein stated, agrees in principle with the proposals of the Greek Government; as requested, it authorizes the Financial Committee to continue to collaborate
with the Greek Government on the lines recommended In the Committee's report.
with a view to the Council's being able to approve at its next session a detailed
scheme permitting the Issue of .. comprehensive loan under the auspices of the
League of Nations.
The fulrtext of the report of the Finance Committee on the refugee,
currency and budgetary situation in Greece, with suggestions concerning
the combine loan scheme, follows:
The Financial Committee has examined the Fourteenth Report of the
Refugee Settlement Commission, with the advantage of the presence of
Mr.'Eddy and Sir John Simpson, attended by M. Earamanos, the Director.
General of the Colonization in Macedonia.
In particular, the Committee considered the question of the additional
sum necessary for the completion of the work of settlement.
Major-General Crowder was appointed Ambassador Feb
Funds Needed for Refugees
10 1923. He is at present in the United States on a leave
The Committee came to the conclusion that, while the sum of Z5,000,000 (about $25,000,000) mentioned in the report of the Commission of
of absence.
May 25 is, in view of the considerable number of additional refugees who
Period from July 18 to Aug. 6 Proclaimed as Public
Safety Period by Governor Smith of New York—
Free Inspection of Automobile Brakes,Steering
Mechanism, &c., Arranged.
In proclaiming the three weeks from July 18 to Aug. 6 as
"Public Safety Period," Governor Smith of New York announced that under an arrangement made by the State
Motor Vehicle Commissioner, Ctharles A. Hartnett, all
garages and service stations are to make free inspections
of automobile breaks, steering mechanism, etc. The following is the proclamation:
have come into Greece since the original scheme was drawn up, a reasonable estimate for the completion of the work of settling all the refugees,
both agricultural and urban, under satisfactory conditions, such a sum is
not essential for the urgent work of establishment which It is important
to carry through in the next two years. The Committee considers, however, that for this purpose a sum of £3,000,000 (in addition to what remains of the original loan) is necessary, and that without this sum the
work of the Commission must cease before its task is completed.
The Committee considers that this problem must reach some solution in
the course of this year as the present finances of the Commission do not
enable it to undertake any new work.
It is obvious that, as indicated in the Committee's last report, the
possibilities of raising a new loan for this purpose under satisfactory
conditions depend very largely indeed upon the general financial position in
Greece—upon the prospects of the stability of the currency and the
equilibrium of the budget.
The Committee is therefore glad to learn that the Greek Government
has asked the Council of the League for its assistance in connection with
a comprehensive scheme designed to secure financial stabilization and
reform as well as to meet the needs of the refugee work.
Information Supplied an Budget
The Committee has had the advantage of detailed Information upon the
State of New York, Executive Chamber, Albany, July 15.
Whereas, Experience has demonstrated that a considerable portion of the
accidents involving motor vehicles is directly chargeable to defective mechanism or equipment; and
Whereas, These accidents leave in their wake untold suffering and loss of
human life and limb, entirely aside from wanton waste of and damage to
property; and
Whereas, It is believed that careful and frequent inspection of this mechanism and equipment will eliminate, if not all, accidents chargeable to
such defects; and
Whereas, The Honorable Charles A. Hartnett, Commissioner of Motor
Vehicles of the State of New York, in conjunction with and ably aided by
the automobile industry and all garages and service stations, has arranged
for such inspection, free of charge, to include examination of brakes,
horns, lights, steering mechanism and mirrors during the period July 18
to Aug. 6 1927;
Now, therefore, I, Alfred E. Smith, Governor of the State of New York
do proclaim the three weeks beginning July 18 1927 as
present banking and budget position collected by members of the Secretariat, the Greek government providing all the necessary facilities in the
course of a visit to Athens. The Committee also appreciated further information given to it in the course of its present discussions by representsfives of the Greek Government, in particular by M. Caphandaris, the
PUBLIC SAFETY PERIOD.
And I earnestly urge that all owners of motor vehicles avail themselves
of this opportunity of free inspection of such vehicles and the elimination
of all defects.
I respectfully commend to the teachers in our schools the importance of
stressing the significance of this safety movement, and I further recommend the subject of public safety as an appropriate theme for clergymen
and public speakers during the public safety period, to the end that greater
success will attend the effort to reduce our accident hazard.
ALFRED E. SMITH.
The Committee has learnt also with equal satisfaction the intentions of the government and the National Bank to stalzilze the drachma on a gold exchange basis.
It has studied the monetary position, and considers that it is such as (in conjunction
with the budget program) to make the present a suitable time to proceed to, this
stabilization.
A National Bank necessarily assumes a heavy responsibility in relation to the
establishment and maintenance of monetary stability, and the Committee is glad
to note that the necessity of revising the functions of the National Bank of Greece,
so as to bring it into closer conformity with those of other Central Banks, is fully
recognized.
The Committee. confines itself to recalling in general terms the main principles
which have been found valuable to secure the satisfactory operations of a Central
Bank of Issue, on which the responsibility for maintaining a stable value of the
currency falls. These include: (a) The independence of the bank, (b) the sole
right to note issue, (c) the limitation of the bank's operations to loan and discount
transactions of a short-term and self-liquidating character, (d) the reduction of the
State debt to the bank and the well-defined limitation of new advances to the State,
(e) the centralization of the money transactions of the State and of State enterprises
in the National Bank, (0 the provision of adequate and appropriate cover for a
unified note issue.
The Committee, on present Information, is disposed to thing that a provision of
£3,000,000 would strengthen the bank sufficiently for its enhanced responsibilities.
this sum to be devoted to the reduction of the Government debt to the bank.
Subject to satisfactory measures being taken on the points mentioned above and
to the exchange of views which has taken place between the Committee and the
representatives of the Government and the bank, the Committee thinks that the
definite equilibrium of the budget and stabilization of the currency of Greece should
be practicable In conjunction with a loan of some £9,000,000 (effective), of which
£3,000,000 would be available for refugees, £3,000,000 for budget arrears and
£3,000,000 for strengthening the bank. If the Council, at the request of the Greek
Government, so authorizes it, the Committee would be glad to continue its collaboration with a view—after settlement of the outstanding points with regard to the
banking and monetary reform—to the definite association of the League with the
loan scheme described above, to be agreed in its full details at the next Session In
September.
$45,000,000 for Greece for Stabilization, Refugee Work,
&c., Sought Through League of Nations.
Minister of Finance, as to the program prepared by the equilibrium in
the budget, and by Si. Tsouderos, the Sub-Governor of the National Bank
of Greece, as to the bank.
The Committee has studied the proposals and estimates with regard to
both receipts and expenditure in the light of the above information. The
budgets of recent years have left deficits, and the arrears now due
amount to about £3,000,000. But the provisions for the current year appear to the Committee to have been made on a prudent and careful basis
and to give is prospect of securing an equilibrium this year at a level not
exceeding the capacity of Greece, provided that steps could be taken to
liquidate the arrears of the past. Subject to the final consolidation of
past debts, the Greek Government further contemplates a budget equilibrium In the next two years at a slightly lower figure. The Committee
is impressed by the substantial improvement In the budget situation during the term of office of the present Finance Minister, M. Caphandaris.
and expresses its congratulations to the government on the important
progress which this position represents.
Gold Standard Proposed
A report which proposes a loan of approximately $45,000,000 for Greece through the assistance of the League of Nations has been approved by the Council of the League. In
the report, which was drafted by the Financial Committee
on the Refugee, Currency and Budgetary Situation in
Greece, the committee states that it thinks "that the definite
equilibrium of the budget and the stabilization of the currency of Greece should be practicable in conjunction with
a loan of some £9,000,000, of which £3,000,000 would be available for refugees, £3,000,000 for budget arrears and £3,000,- Address of J. A. Bacigalupi of 'Yank of Italy National
Trust Co. Association Before Convention of Ameri000 for strengthening the bank (National Bank of Greece).
can Institute of Banking—Essentials in
Documents in the matter were received by the State DepartBuilding of Successful Career.
ment at Washington on July 11, according to the "United
"Building
a career" was the subject of an address by
States Daily," from which we take the following:
President of the Bank of Italy NaJames
A.
Bacigalupi,
The full text of the request for the loan, made to the Secretary-General
of the League by the Minister of Finance of Greece, M. G. Caphandaris, is tional Trust & Savings Association, San Francisco, before
as follows:
the annual convention of the American Institute of Banking
"The Greek Government Is desirous of bringing to a conclusion the work of ref- at Detroit on July 12. "As I view it," said Mr. Bacigalupi,
ugee settlement which was undertaken under the auspices of the League of Nations,
whose assistance has had such fruitful and happy results, and is firmly resolved to "the essentials in the building of a successful banking
reform the financial situation as soon as possible; it would be glad to obtain the
assistance and support of the League of Nations in this task. It would be impossible career are very much the same as those involved in the atto continue the refugee settlement work with any hope of rapid and successful tainment of success in any other walk of life." In part he
completion without concluding a supplementary loan abroad, and thus make it
possible to adopt a far-reaching plan of systematic reform.
added:
Financial reform necessitates currency stabilization, and also settlement of budget
I say this not alone because American banking to-day touches every field
deficits from previous years. Again, these two objects could not be obtained without
of human activity, requiring more than a passing familiarity and prothe conclusion of an external loan of a sufficient amount.
would
be
It
possible to meet this three-fold requirement by a single loan intended ficiency on the part of the successful banker in problems agricultural, horto finish the settlement work, stabilize the currency and liquidate the deficits.
ticultural, industrial, commercial and even legal, which he is called upon
The Financial Committee has at its disposal all the necessary information, which
has been obtained on the spot through competent members of the General Secretariat almost daily to help solve; but also because I believe that a successful
of the League of Nations, and in the course of the discussions which have taken statesman, lawyer, doctor, engineer, farmer, business man or executive
place at Geneva between the Committee and the members of the Greek delegation. would have been equally as successful in any other line had he elected to
The Greek Government would be glad if the Council would approve in principle
pursue it.
a loan amounting to an effective sum of nine million pounds sterling (about 845,This leads us to a brief reflection upon the common foundation necessary
000,000) and authorize the Financial Committee to give its assistance to Greece
with a view to drawing up a complete plan of monetary and banking reorganization. to the proper and adequate support of a successful superstructure.
344
'ITE CHRONICLE
The broad base upon which every successful career must rest, in my
humble opinion, is a comprehensive and unprejudiced view of our status
and of our obligations as members of human society.
Success in any average career does not depend alone upon orien
internal preparation and individual attainments, but very largely
degree in which he or she is successful in inviting and commanding the
approbation, the confidence and the co-operation of his or her fellows in
his or her efforts to forge to the top. In other words, I do not believe
that any average man or woman has ever attained the pinnacle of success
without the pleasure and assistance of his or her associate& or whose
frame of mind has been: "What can I get," to the exclusioN of "What
can I give." . . .
Upon this broad foundation—according to my old-fashioned philosophy—
must be superimposed several essential qualities, if the man or woman of
average intelligence, imagination and health would build a truly successful career.
The necessary qualifications in my opinion, are character, education,
work, common sense, balance and an abiding sense of humor.
As to the necessity of work in the march toward success, little, if any,
proof should be required. History is replete with the romance of achievement under difficulties of obscure beginnings and triumphant ends; with
narratives of how great men started, their struggles, their long waitings,
amid want and woe, the obstacles overcome, the final triumphs; with examples, which explode excuses, of men who have seized common situations and have made them great; with a myriad of citations of those of
only average capacity who, with heads determined, hands of steel and
hearts of gold, have succeeded by use of ordinary means, by dint of
Indomitable will, inflexible purpose and unflagging toil.
Nothing in life that is really worth while is cheap or easily acquired.
If we would win, we must work and work and work unto the very end.
Our late lamented industrial leader, Edward H. Harriman, once said:
"To achieve what the world calls success a man must attend strictly to
business and keep a little in advance of the times. The man who reaches
the top is the one who is not content with doing just what is required of
him. He does more."
Anyone, then, who prudently cultivates the work habit, has already won
half the battle of success. . . .
In my rough recital of the qualities essential to a successful career, I have
cited "balance" and "an abiding sense of humor" at the very end of the
list. I have done so deliberately; not because I believe them or either of
them more or lees important than the others named, but because I wish to
emphasize them. In my brief experience with men of good character, fair
education, industry and common sense, who have not attained the heights
which they otherwise would have richly merited, I have invariably found
them lacking in "balance" and "an abiding sense of humor." Perhaps
"balance" implies and includes a proper "sense of humor," but here, again,
It is my desire to emphasize by separately naming it.
As I see it, the man or woman, no matter how potentially predisposed
he or she may be to success by virtue of the possession of all other admirable qualities, cannot attain final victory unless these qualities are properly and evenly balanced. If one work or play too much or too little; if
one over-specialize; if one be too strong on theory and too weak on practice; if one be too forward or too timid; if one be short in patience or
perseverence ; in fine, if one be too long or too short in any of the essentials, he or she must inevitably grow one-sided and lack the finishing punch
that is necessary to floor the many remaining obstacles that still beset the
path which leads to true and complete success. . . .
Every organization—particularly the larger ones—in our country to-day
need all the good and competent men and women they can develop or find;
so that it may be safely set down as a general rule that if any officer or
employee think that proper recognition or advancement is not being accorded him or her, it is very likely to be his or her own fault. . .
In no other land on earth is the contest more important, more open or
fairer to the worthy and able aspirant for distinction in the pivotal profession of banking; in no other country are the sons of the poor and the
humble more welcome to fairly and squarely match their character and
their ability with the scions of the rich and the influential for supremacy
in the fertile field of finance; and nowhere else are the banks closer and
more helpful to the rank and the file of the nation, than here in our own
great and glorious republic.
Ours is indeed a great opportunity and we should seriously endeavor to
be duly appreciative and make the most of it.
In the nature of things It may not be given to all, who are qualified
and who labor, to achieve position, wealth or fame, but, fortunately,
worldly honors, riches and the empty plaudits of the fickle multitudes are
not the measures of true and lasting success.
Let us do our work intelligently and conscientiously, and to the best of
our ability; let us be constant; let us make liberal use of our common
sense; let us be brave and not shun responsibilities when they confront us;
let us think and plan for to-morrow while the other fellow is playing,
Idling or asleep; let us preserve our sense of humor; let us continue to
co-operate in further taking the "high hat" out of American banking,
and let us so live as to radiate a little sunshine and bestow a little kindliness and helpfulness during each day of our pilgrimage through this
vale of tears, and then rest fully and serenely confident that whatever may
betide, our lives and our careers shall have been enduringly blessed and
successful, for we shall have merited the highest prizes within the gift of
the world: our own self-respect and the priceless esteem of our fellowmen.
.i,,wr•ue
1
[Vol.. 125.
capitalization of the International Germanic Trust Co.
will consist of 30,000 shares and provide a capital of $3,000,000 and a surplus of $2,000,000. Mr. Aron said that
plans for the trust company had been discussed informally
with important interests in this country and abroad with
a most favorable reception from all quarters. He adds:
There appears to be a real need for an institution of sufficient size and
backing to• take the place of those institutions which existed before the
war and were primarily concerned in financing commercial intercourse between America and the Central European business world. Through its incorporators the trust company will have and develop relations both with
Americans of German descent throughout this country and with business
and banking institutions in Germany. It is the intention of the company
1 to stress particularly the development of its foreign and trust departments, and to provide an effective fiscal agency in the expected liquidation of German properties and trusts still in Government custody.
The company will, from the outset, be assured the support of important
organizations and societies in this country, and the small depositor both
in and outside of New York City will be welcome. It will aim to distribute its shares widely and in comparatively small amounts. There
will be no voting trust nor individual or group control.
Many months of surveys and consultations have been devoted to the
working out of the plans for the new institution, and the organizers believe that the formation of the International Germanic Trust Co. will
accomplish much in uniting effectively American and German capital resources in the development of financial and commercial relations between
the two countries.
.
The organizers, who have been approved by the Banking Department, include:
C. E. Albright, of Milwaukee, director Allis-Chalmers Manufacturing
Co. and First Wisconsin National Bank.
Harold G. Aron, President National American Securities Co. and Chairman of the Finance Committee of the National American Co.
Marcus Daly, director Montana Power Co.
Oscar Dressler, President Continental Textile Co., Ltd.
J. Taylor Foster, Vice-President and director Marshall Field, Glore,
Ward & Co.
E. Roland Harriman, of W. A. Harriman & Co., Inc., international
bankers.
William 0. C. Menet.
Theodore H. Lampreat.
Jeremiah D. Maguire, director Maguire Rubber Co. and Garfield National Bank.
Kenneth O'Brien, director of Postal Telegraph Co. and Commercial
Cable Co.
Rudolph Pagenstecher, director of International Paper Co. and Central
Paper Co.
Franklin D. Roosevelt, Vice-President Fidelity & Deposit Co. of Maryland.
Woolsey A. Shepard, attorney.
Max W. Sstoehr, President Botany Consolidated Mills,
William L. Wirbelauer, President Royal Piece Dye Works, Inc.
The organizers have been represented in their application
to the Banking Department by Senator Robert F. Wagner
and Ferris, Shepard, Joyce & McCoy, as counsel.
Trust Company Responsibility—Officials of Guaranty
Trust Company and Bankers Trust Company on
Measuresfor Safeguarding Investment of Trust
Funds.
Under the head "Trust Company Responsibility" the
"Wall Street Journal" printed the following editorial in its
issue of July 13 with reference to a previous discussion in
its columns relative to the handling of trust funds:
More than one trust company officer has criticized adversely an editoria
discussion on the position of a banking and trust company as executor
under a will, which appeared in the "Wall Street Journal" recently under
the caption of "In and Out." These officers correctly point out that the
company as trustee does not benefit by commissions on changes of invest,ment. They also quote the strict laws which govern such trustees, and
the high character banking and trust companies have always shown in
their compliance with the law.
While the editorial discussion was not designed to be of general application
or to refer to more than a necessarily and obviously limited few, it is as
well to explain what was intended. In fact, it is fairly clear that two different things are being discussed—one of them the editorial's comments on
an executorship under a strictly limited will, and the other the broad
trusteeship with all its limitations and safeguards. The remarks of the
"Wall Street Journal" applied to the former class and not to the latter.
A continuing organization, like a trust company or a bank which undertakes that kind of business in one of its departments, is, for any business
man desiring to protect his family, far bettor, safer, more equitable and
more uniformly intelligent than the best possible trustee he could name,
however excellent that individual's qualifications might be. The private
trustee may die, or his powers of discrimination may deteriorate. His
financial position may, in a short space of time, be widely different from
what it was when he was nominated in the will.
Indeed, the better he is personally qualified the more certain it is that
he will have so much business of his own to attend to that his service may
become, if not perfunctory at least spasmodic, especially as a great part of
the trustee's responsibility IS in minor matters of detail for which the bank
or trust company has every possible trained facility.
Since more than one trust company officer, most properly desiring to
avoid even the appearance of evil, misinterpreted the comment here on a
specific and limited class of cases, this explanation is only fair. Elsewhere
Kingsley Kunhardt, of the Guaranty Trust Co., Interestingly sets forth the
broad duties of a trust officer acting under the law and, what is even more
important, the stringent limitation/ any well conducted trust company
imposes upon itself.
Misunderstanding will have worked usefully and to the public advantage
if these facts become more generally appreciated.
Organization of International Germanic Trust Co.
Under Laws of New York State.
Prompted, it is stated, by the need and desire for an institution whose facilities would be of special interest and
value in the financial and commercial relationships of Central Europe and America, a group of American financiers
and business men has undertaken the organization of the
International Germanic Trust Co. The scope and purpose,
as well as some of the details of the project, are made
known through the publication on July 11 of the notice of
intention to organize as required by the Banking Laws of
the State of New York. According to Harold G. Aron,
Chairman of the Executive Committee of the Organization
Committee, who will go abroad this month to arrange for
The following comment on the editorial, "In and Out,"
the representation of the trust company in Berlin, the insti- from Kingsley Kunhardt, the Investment Trust Officer of
tution will have its main office at 26 Broadway, on the the Guaranty Trust Co. of New York also appeared in the
ground floor of the Standard Oil Building. The authorized "Wall Street Journal" of the same issue:
JULY 16 1927.]
THE CHRONICLE
The editorial"In and Out" which appeared July 8th in the evening edition
of the "Wall Street Journal" seems to evidence ignorance of our laws and
the practice of trustees as a whole and corporate trustees in particular.
for I am sure you are not intentionally accusing the New York trust companies and national banks of breaking the law, acting unethically and betraying their trusts. Your newspaper, which depends for its success upon
the publication of accurate information. has in this editorial created an
entirely false impression.
One of the larger trust companies advertises that "both law and ethics
forbid our purchasing securities for trust funds from ourselves or any affiliated company." To anyone at all familiar with the laws governing trustees
and executors, a statement of this nature should be superfluous, for should
a trustee profit directly or indirectly due to the purchase or sale of securities
for any trust or estate which is under his care, he would be acting contrary
to law, and if damage should result he would be liable to the trust.
No bond house could exist if it wre required to guarantee against market
fluctuations every bond issue it initiated and. Just so, no trust company or
national bank acting as trustee could afford to make itself liable for the
market fluctuations of securities purchased for its trust accounts. This,
In effect, it would do if a commission were taken or a profit made when the
securities were purchased. It is true that when a bond or stock is sold or
bought for a trust account a commission is generally paid, but this commission is not paid to the trustee. It goes to the broker whoexecutes the
transactions on the New York Stock Exchange or elsewhere, and is exactly
the same commission as any private investor pays when purchasing or
selling securities.
I know of no rule more strictly enforced by corporate executors and
trustees than that no profit shall be mado directly or indirectly because
of any purchase or sale of securities for its trusts or estates. It is often
true that corporate trustees initiate more changes in their trust investments than do individual trustees. Neither profit thereby, in fact, and
they are an item of expense, requiring bookkeeping entires and physical
handling of the securities themselves. Amlost all corporate trustees
having large trust departments have a special division which follows the
investments in their trusts and estates. It is natural that this division,
having under its are many hundreds and in some cases thousands of
Individual. Also, a change in one account, either initiated by the trust
company or suggested by some one else, is often the advantage of many
other trusts, and so it is that transactions, which might never occur to
an individual or might not be considered worth while, are made or suggested by the corporate trustee.
In your editorial you criticise a trust company for having recommended
the sale of a stock which subsequently advanced in price. The mere fact
that the stock advanced does not prove that the trustee was incorrect in
recommending its sale, for if this were true, during the pat few years
the more speculative common stocks would have been more suitable investments for trust funds than well-secured bonds or investment stocks.
If everyone had as much foresight as hindsight there would be no need'
of trustees.
A trustee's duty is to maintain the principal of his trust and to provide
as large an income as possible ucompatibie with safety. Under certain
circumstanced it may be that common stocks are suitable investments for
trust funds, but the question has never to my knowledge been Judicially
settled, and is of a nature that does not lend itself to newspaper discussion.
'I am not familiar with the case you cite, nor do I know to what trust
company you refer, but it appears quite possible that a rather large proportion of the total estate was in one common stock. This certainly would
not be recognized as prudent, so that if such were the case the trustee unquestionably should have recommended selling this stock or at least a
part of it almost regardless as to market. The testator probably realized
that the trust company would take some such action, and therefore provided under his will that no changes were to be made without the approval
of his wife. This is a very wise provision under certain circumstances,
as it permits actions contrary to the usual rule of prudent investment. but
Justified because of information or special knowledge of the individual
having power of approval. The fact that the trust company has more
than once recommended the sale of this stock indicates that it carefully
follows investments in it .trust accounts and frequently brings them to
the attention of those interested. The security which has been held
probably contrary to ordinary prudent procedure having advanced in
price, the widow will receive a large income and the trust company, whose
fees are based on the principal and income, will receive larger commissions,
so that everyone should be pleased.
The example you cite is merely another one of those cited by the trust
companies themselves when they point out the advantages o their service,
but the advisability, when conditions Cut of the ordinary exist. of appointing
an individual co-trustee, or granting to some interested party the power to
approve purchases and sales.
No corporate trustee claims to be more efficient or more satisfactory than
the ideal individual trustee, but the ideal individual trustee is difficult to
find. He must be familiar with investments; experienced in legal procedure: must live as long as the trust exists; and must continue to give careful
attention to the trust each year of Its existence. There have been such
individual trustees, but who is to choose one? What friend that you might
have selected ten years ago as your executor or trustee do you still consider
as suited for this responsibility? Whom do you know to-day with sufficient
experience to handle your estate and trusts, will live long enough to administer the trusts until their termination, which may be upwards of fifty years.
You may know individuals who comply with some of these requirements
who would be ideal to act with a trust company as co-trustee or co-executor,
and thus you would obtain the opinion of the individual as to any investments or situations that are out of the ordinary, and the advantage of the
experience and responsibility of the corporate trustee, which will continue
to exist as long as your trusts.
345
Special Travel Plans, Hotel Arrangements, &c., for
American Bankers Association Convention
at Houston, Texas.
Details as to reduced railroad fares, hotel reservations
and other arrangements for the American Bankers Association convention to be held at Houston, Texas, Oct. 24 to 27,
were announced by W. G. Fltzwilson, Secretary of the association, as follows on July 11:
Round trip tickets on the identification certificate plan will be sold at
one and one-half fare to delegates to American Bankers Association convention and immediate members of their families. Tickets will be good only
via the same route in both directions. Stop-over privileges will be allowed
going and returning or both. The name of the person to whom the certificate is issued, also the names of the dependent members of immediate
family, if more than one ticket is purchased, should be filled in before the
identification certificate is presented and surrendered to the ticket agent.
This is a requirement and it is important to comply; also by so doing, congestion at the ticket offices before train time will be avoided.
Non-members of the association will not be entitled to the privilege of
these reduced fares. Reduced fares will not be granted unless members
present their identification certificate to ticket agent when purchasing
their tickets. Round trip tickets require validation by ticket agents of
the terminal lines at Houston on any date to and including final return
limit, but passengers must arrive back at original starting point prior to
midnight of the final limit. An identification certificate will be sent to
each member of the American Bankers Association in full time and if more
than one person will attend from a member bank, additional certificates
will be required and will be furnished upon application to W. G. Fitzwilson,
Secretary, American Bankers Association, 110 East 42d Street, New York
City.
The passenger assocaitions granting reduced fares and the dates of sale
of tickets are as follows:
Chicago and East Thereof.—From the territories of the Trunk Line Association, the New England Passenger Association, the Canadian Passenger
Association, eastern lines, tickets will be sold from Oct. 19 to Oct. 25 for
going trip with final return limit to original starting point not later than
midnight of Nov. 2. From the Central Passenger Association, tickets will
be sold for going trip from Oct. 19 to Oct. 25, except in the State of
Illinois, where the dates are Oct. 20 to Oct. 26; in both cases the final
return limit is midnight, Nov. 2. From the Southeastern Passenger Association, the tickets will be sold Oct. 20 to Oct. 28 for going trip, to return
to original starting point prior to Nov. 2.
West of Chicago.—From the territories of the Trans-Continental Passenger Association and the Western Passenger Association, the following applies: Colorado, Arizona, Illinois, Kansas, Missouri, New Mexico and
Utah—dates of sale, Oct. 20 to Oct. 28; return limit midnight Nov. 2.
Iowa, Idaho (Oregon Short Line), Minnesota, Montana, Nebraska, northern
Michigan, North Dakota, South Dakota, Wisconsin and Wyoming---dates of
sale Oct. 19 to Oct. 25; return limit Nov. 3. British Columbia, California,
Idaho (except Oregon Short Line), Nevada, Oregon and Washington—dates
of sale, Oct. 17 to Oct. 22; return limit Nov. 7. For those attending from
the territories of the Trans-Continental Passenger Association and the
Western Passenger Association the same routes must be used in both directions, except that from stations in Arizona, California, Nevada, Oregon,
Washington and British Columbia the usual diverse routes west of Chicago,
St. Louis, Memphis, Vicksburg and New Orleans will apply.
Southwestern Passenger Association,—Dates of sale, Oct. 20 to Oct. 26;
return limit Nov. 2. The following Southwestern lines are not parties to
the reduced fares: Arkansas & Louisiana Missouri Ry.; Ft. Smith & Western RR., Graysonia Nashville & Ashdown RR., Kansas Oklahoma & Gulf
RR., Mississippi River & Bonne Terre RR., Louisiana & Arkansas Ry., and
National Railways of Mexico.
Members of the American Bankers Association will receive from the
Hotel Committee at Houston full information regarding hotels, their rates
as well as registration form. To facilitate the work of the Hotel Committee, delegates and guests contemplating attending the convention are urged
to make early application for accommodations. Assurances have been given
that there will be no increases in hotel rates at Houston. The Chairman
of the Hotel Committee is A. D. Simpson, care of National Bank of Commerce, Houston, Texas.
As heretofore, it is contemplated that special trains will be arranged by
railroads from various sections or the country, and when details are received announcement will be made.
It has been decided that on Thursday afternoon, Oct. 27, after the adjournment of the convention at Houston, a boat ride down the ship channel
will be takes. A large ocean-going vessel will be provided. Those going
on this trip will leave Houston not later than 2 o'clock by automobiles and
will be aboard the ship by 3 o'clock, returning to Houston in time for
dinner. Members will also be given a choice of two side trips, each leaving
Houston midnight Thursday, returning early Sunday morning. The first
trip includes Dallas, Fort Worth, San Antonio and Austin; the second
trip includes Rio Grande Valley points and Old Mexico.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Two New York Stock Exchange memberships were reported posted for transfer this week, that of Gayer G.
Dominick to William Burt Beekers, consideration stated at
Incidentally it may be noted that the "Investment of $218,000; and that of Harold Tobey to Arthur J. Vogel for
Trust Funds—Principles and Methods of Destribution" was $210,000. The last prceeding sale was at $210,000.
the subject of an address by H.F.Wilson,Jr., Vice-President
The New York Cotton Exchange membership of Sidney
of the Bankers' Trust Co. of this city, at the Mid-Winter
Trust Conference of the American Bankers Association in W. Harris was reported sold this week to Edward K. Cone,
New York on Feb. 17 1926. The following pertinent para- for another, for $29,000. The last preceding sale was for
graph is taken from Mr. Wilson's remarks on that occasion. $28,500.
Polity of Not Dealing With Itself.
I would also like to read the following from our office rules and regulations:
"Under no circumstances shall the policy which is as old as the hank
itself be deviated from: namely, securities in which we are interested shall
not be sold to our trust funds, but must be purchased in the open market
and under no circumstances shall any commission be charged."
In other words, we believe in the principle that a trustee shall not deal
with itself, himself or hereself, and should not make a personal profit in the
purchase or sale of trust investments at the expense of the trust estate.
John W. Platten, President, stated yesterday (July 15)
that rumors concerning a merger of the United States
Mortgage & Trust Co. of this city are entirely without
foundation in fact.
Robert W.Daniel,President of the Liberty National Bank
in New York, announces the appointment of H. M. Olney
346
THE CHRONICLE
as Trust Officer. Mr. Olney, for a number of years past,
has been associated with the Empire Trust Co.
Announcement was made by the American Exchange
Irving Trust Co on July 14 that on August 1 the Lincoln
office of that company will be transferred from 60 East
Forty-second street to larger quarters in the Pershing Square
Building at Forty-second Street and Park Avenue. The
change will mark a milestone in the history of banking in
the Grand Central Zone, since the office—originally the
Lincoln National Bank—has occupied its present home since
the summer of 1884, forty-three years ago. It also will
make possible the expansion of the Company's activities
in the Grand Central Zone. The Lincoln was opened
January 12 1882, less than eleven years after the completion
of the first Grand Central Station. At that time Fortysecond Street was in a modest residential section. There
were a few large buildings in the neighborhood and no firstclass hotels nearer than Twenty-third Street. In making
the change, the business of the Lincoln Office will be combined with that of the Company's Office which is already
established in the Pershing Square Building. The new
Lincoln Office will be opposite the principal entrance of the
Grand Central Terminal, only half a block east of its present
location. In its new surroundings it will have more than
twice its present space, and will be one of the largest and
most completely equipped banking establishments in the
Grand Central Zone. The official staff of the Lincoln
Office includes: Charles Elliot Warren and Claude V. Allnutt,
Vice-Presidents; Carl A. Miller, Assistant Vice-President;
Edward L. Bishop, Allen R. Cobb and Henry E. Stubing,
Assistant Secretaries. The officers enjoy the counsel of
an Advisory Board composed of Lewis E.Pierson, Chairman
of the Board of Directors; Harry E. Ward,President; Walter
H. Bennett, Vice-Chairman; 0. H. Cheney and Charles
Elliott Warren, Vice-Presidents—all of the American Exchange Irving organization—Pierre C. Cartier, of Cartier,
Inc.; James S. Cobb, Vice-President of Abercombie & Fitch
Company; Henry Fletcher, Vice-President of Shreve &
Adams, Inc.; William S. Gray, President of William S.
Gray & Co.; Eben E. Olcott, President of the Hudson River
Day Line Company; Stanley Resor, President of the J.
Walter Thompson Company; William R. Rose, of Rose &
Paskus; William Skinner, President of William Skinner &
Sons; William H. Vanderbilt, 3. H. Walbridge, and Daniel
W.Whitmore,First Vice-President of the East River Savings
Bank.
[Vol.. 125.
The National City Bank of this city on July 12 purchased
a plot of land 78 by 185 feet at 85 to 89 Main St., Flushing,
L. I., where it will erect a building and establish its first
Queens branch office. The land is valued at $400,000.
The Commercial Exchange Bank of New York, located at
63 Wall Street and operating one branch in Manhattan and
three in Brooklyn, reports total assets as of June 30 1927 of
$24,751,871 compared with a total of $19,002,219 as of
March 23 last, an increase of more than $5,000,000. Deposits aggregated $21,382,646 on June 30 as compared with deposits of $15,691,238 on March 23.
Suggestions for the conserva- tion and disposition of estates
are offered in a pamphlet issued by the Central Union Trust
Co. of New York. The nature of information required by a
lawyer in drawing up a will is specifically indicated, the
topics treated including personal effects, cash bequests, real
estate, life insurance, business interests, investments, the
creation of trusts, contingent bequests, inheritance taxes,
charitable bequests and the duties of an executor and trustee.
At a meeting of the Execut- ive Committee of the Empire
Trust Co. of New York on July 12 Philip Scheuerman was
appointed an Assistant Secretary.
The proposed consolidation of the Merchants' National
Bank of Worcester, Mass., and the Fitchburg Bank & Trust
Co. of Fitchburg, Mass.—noted in the "Chronicle" of May
28, page 3165—was effected on June 27. The resulting Institution, which is known as the Worcester County National Bank of Worcester, is capitalized at $1,875,000. It
has one branch located in Fitchburg. Walter Tufts, former President of the Merchants' National Bank, heads the
new organization.
Eugene T. Ragan was mad-e an Assistant Secretary of the
American Trust Co. at a meeting of the board of directors
on July 12. Mr. Ragan has been with the company for a
number of years, and has recently been Loan Teller at the
Broadway and Cedar Street office. He will be connected
with the new Bronx office of the American Trust Co., which
is to open this fall at 373 East 149th Street.
of the board of directors of the
At the monthly meeting
Liberty Bank of Buffalo, Buffalo, N. Y., on July 8, George
G. Kleindinst, formerly Executive Vice-President of the institution, was elected President to fill the vacancy caused
by the recent death of John A. Kloepfer. Nine other promotions made necessary by the advancement of Mr. Kleindinst, were also announced by Oliver G. Cabana Jr., Chairman of the board of directors. These were: Bert H. White,
heretofore Comptroller, and Edward D. Reed, Frederick A.
Heron, Allen L. Schnitter, Harvey C. Halliday, Frank C.
Diem and Mims Katherine A. McInerney, formerly Assistant
Cashiers, we
made Assistant Vice-Presidents; Albert J.
Winkler, heretofore Auditor, was made Cashier, while L.
Robert Arthur, former head of the bookkeeping department,
was elected an Assistant Cashier. The post of Executive
Vice-President was not filled. In announcing the election
of Mr. Kleindinst as President, Mr. Cabana was reported in
the Buffalo "Courier" as saying:
Charles J. Caggiano, form- erly with the National City
Bank of New York, has become associated with the American
Trust Co., of New York City. He will manage the new
branch office of this company, which is affiliated with the
New York Title & Mortgage Co. Mr. Caggiano, whose
experience has been extensive in organization and new business work, will be located at the main office of the American
Trust Co. (Broadway and Cedar Street) until the establishment of the new branch office in the Bronx at 373 East
149th Street.
The election of Mr. Kleindinst as President is, first of all, a just reward
for the admirable manner in which he has served the bank over a long
period of years in various executive capacities, and is a recognition of his
ability and unfailing energy in carrying on the bank's affairs. The board
of directors recognize in him just the man to head the institution. He is
a banker of long experience with character above reproach; is thoroughly
familiar with every phase of the business and is of sound judgment and
tempered with the proper degree of conservatism. Having occupied the
position of Executive Vice-President under our late President, John A.
Kloepfer, Mr. Kleindinst is entirely familiar with the policies of the bank,
policies that have largely been responsible for its remarkable growth, and
his election as President is also an expression of the confidence of the
board in his ability to carry out these policies and further the growth of
•the bank through his administration.
The personnel of the Liberty Bank of Buffalo is now as
At the meeting of the execu- tive committee of the board of follows: Oliver Cabana Jr., Chairman of the Board; George
directors, this week, A.Suehsdorf, Jr., was elected an Assist- G. Kleindinst, President; Henry C. Zeller, Jacob G. Lang,
ant Secretary of the International Acceptance Bank, Inc.
Charles C. Theobald, George J. Kloepfer, John M. Kinney
Joseph S. Marcus, President and director of the Bank of and Morris G. Perlstein, Vice-Presidents; Bert H. White,
United States of this city, died on July 3. Mr. Marcus was Edward D. Reed, Frederick A. Heron, Allen L. Schnitter,
65 years of age. He founded the Public Bank of New York Harvey C. Halliday, Frank C. Deim and Miss Katherine A.
in 1906 and was its first President, and in 192 he withdrew McInerney, Vice-Presidents; Albert J. Winkler, Cashier;
from the Public Bank and in July of that year founded the James H. Ives, John J. Copsey, Carl A. Westhauser, Henry
Bank of United States.
B. Ernsberger and L. Robert Arthur, Assistant Cashiers,
The National Park Bank of this city leased on July 11 the
ground floor of the new office building which the New
York Life Insurance Co. is erecting on the site of the old
Madison Square Garden. The lease is for a term of 21 years
and will become effective Jan. 1 1929.
George W. Simmons resigned on July 13 as Second VicePresident of The Chase National Bank of this city to accept
the Presidency of the Plee-Zing Brand Corp. Mr. Simmons
will assume his new duties about Aug. 1.
and S. Grove McClellan, Trust Officer.
Several important changes were made in the executive
personnel of the Industrial Trust, Title & Savings Co. of
Philadelphia on July 7, according to Philadelphia newspapers of July 8. John S. Bowker, formerly President of the
institution, was elected Chairman of the board of directors,
and was succeeded in the presidency by J. Edward Schneider, heretofore Vice-President and Treasurer; James P.
Pinkerton, formerly Title Officer, was given the additional
JULY 16 1927.]
T-FrE CHRONICLE
title of Vice-President; Harry Marshall, formerly an Assistant Secretary and an Assistant Treasurer, was elected Secretary and an Assistant Treasurer; Carl A. Hoyer, heretofore an Assistant Treasurer and an Assistant Secretary,
was chosen Treasurer and an Assistant Secretary, while
Harold W. Frame was advanced from Paying Teller to an
Assistant Secretary and Assistant Treasurer. These promotions, the officials of the bank were reported as saying,
were in line with the company's policy of filling all of the
higher positions with men trained in the organization.
At the same meeting the directors declared the regular
semi-annual dividend of 10% and an extra dividend of 5%,
both payable July 15, and added to surplus the sum of
$50,000, making that fund $1,700,000. The capital of the
institution is $500,000 and undivided profits stand at
$351,848.
347
an amount not in excess of $200,000,the new stock to be allotted to Wabash
National stockholders.
The resignation of Edward R. Naar, as a Vice-President of
the Guardian Trust Co. of Detroit, was reported in a special
dispatch from that city on July 8 to the "Wall Street Journal"
which said in part:
Coming to the Guardian Trust Co. as head of its industrial department,
at the insistence of William Robert Wilson, shortly after the company was
appointed receiver for the Murray Body Corp., Mr. Naar won recognition
for his handling of the Murray Body receivership.
For several years Mr. Naar was an official of the National City Bank
of
New York. Prior to that he actively engaged in manufacturing and merchandising, and later, as a partner in the firm of S. D. Leidesdorf &
Co..
certified public accountants, he successfully established that company.
Chicago office. Mr. Naar will maintain offices in Chicago and Detroit.
On July 9 the new bank and office building of the Second
North Western State Bank of Chicago, at Milwaukee
Avenue And Central Park, that city, was formally opened.
The stockholders of the Provident Trust Co. of Phila- John F. Smulski is Chairman of the Board
of Directors and
delphia, Pa., at a special meeting on July 6 ratified the F. E. Laekowski President of the institution.
plans to increase the capital of the institution from $2,000,000
Richard Wagner was elected Second Vice-President of the
to $3,200,000 and at the same time approved the agreement
for the purchase of the Commonwealth Title Insurance & Continental & Commercial National Bank of Chicago at a
Trust Co. of Philadelphia by the Provident Trust Co. meeting of the board of directors on July 5. Mr. Wagner
These plans have heretofore been referred to in these columns has been in the bank since 1910 and since 1915 has been
secrectary to Arthur Reynolds. Thurman S. Robinson and
April 16, page 2235, and June 25, page 3728.
John T. Gallagher were elected Assistant Cashiers.
Advices by the Associated Press from Fayette City, Pa.,
From the State Bank of Chicago this week comes the
on July 7, appearing in the Philadelphia "Ledger" of the
following day, stated that the Fayette City National Bank, following in regard to a proposed increase in the capital of
with deposits of $1,600,000 and assets of $2,000,000, had been the institution from $2,500,000 to $5,000,000:
Directors of the State Bank of Chicago adopted a resolution recommending
closed on that day (July 7) by its directors and placed in
an increase in the capital stock of the bank for $2,500,000, its present
the hands of the National Bank Examiner. The directors capital, to $5,000,000. A meeting of all the shareholders
will be held On
decided to close the bank, it was said, because of heavy August 16 to vote upon this proposition. It will be suggested that the
increase of $2,500,000 be offered the stockholders at par ($100).
withdrawals of deposits during the last several months.
This proposed action has really been under consideration for some time
The dispatch furthermore stated that the directors ex- but has been held in abeyance until the building program was
well under
pressed the belief that no one would lose because of the way. Early in the coming year the bank expects to be in its new quarters
the building now being erected at La Salle and Monroe Streets. Anticipatclosing and announced they were considering plans for in
ing as the directors do an expansion in business, it seems advisable to inreorganizing. Andrew Brown was President of the insti- crease the capital sufficiently to meet the requirements of its customers.
From its organization the bank has shown good earnings in excess of the
tution.
John H. Evans, of Pittsburgh, was recently elected a Vice-
President of the McDowell National Bank of Sharon, Pa.,
and assumed his new duties on July 15, according to the
Sharon "Herald" of July 7. Mr. Evans is a graduate of
Duquesne University Law School and for the past fourteen
years has been identified with the Union Trust Co. of Pittsburgh in the administration of trust properties and estates.
The rapid increase and diversification of the trust business
of the McDowell National Bank made it necessary to increase the personnel of its trust department, hence the election of Mr. Evans as Vice-President. George H. Allen will
continue as Trust Officer of the institution. The McDowell
National Bank is capitalized at $300,000 with surplus of like
amount, and has total resources of approximately $7,800,000.
dividends paid, until now it has accumulated a comparatively large surplus
and undivided profits account, all earned, which it is believed fully warrants
this increase in capital and on such terms as will mean favorable rights to
the stockholders.
Under the proposed plan the bank will have a capital stock of $5,000,000
and surplus and undivided profits of over $8,000,000. besides valuable
equity in its bank premises.
It is hoped to maintain on the increased capital the usual dividend of
4% quarterly or 16% per annum.
As of July 1 the title and location of the First National
Bank of Willisville, Ill., was changed to the First National
Bank of Ava, III.
A new financial institution, the Fordson State Bank,
opened for business at Michigan and Neckel avenues, Fordson, Mich., on July 6. The bank has been organized with
a capital of $200,000 and a surplus of $40,000. The officers
of the bank are Clarence H. Booth, President; C. H. HaberThe Baltimore "Sun" of July 7 reported that Rufus K. korn Jr., and Frank E. Quisenberry, Vice-Presidents;
Goodenow Jr. was on July 6 elected President of the
Old Emanuel C. Lindman, Cashier, and Walter H. Bell Jr., AsTown National Bank of that city, following his election
the sistant Cashier. The following are the directors of the
previous week as a member of the directorate of the insti- bank:
tution.
George R. Andrews, Vice-President Highlands Park State Bank; ClarThe Sheridan National Bank, Sheridan, Ind., on July
2
changed its name to the Farmers' & Merchants' National
Bank of Sheridan.
According to advices by the United Press on July 7
from Terre Haute, Ind., appearing in the Indianapolis
"News" of the same date, it is proposed to amalgamate the
United States Trust Co. of Terre Haute and the Terre
Haute Bank to form a new institution with resources of
$12,000,000 under the title of the Terre Haute National
Bank & Trust Co. The new bank is expected to open about
October 1, next, with Wilson Naylor Cox, now head of the
Terre Haute National Bank, as President.
A special dispatch from Wabash, Ind., on July 7 to the
"Indianapolis News" stated that Charles S. Haas, former
President of the Farmers' & Merchants' National Bank of
Wabash, had been chosen to head a new institution—the
Farmers' & Wabash National Bank—formed by the union
of the first named institution and the Wabash National Bank.
Continuing the dispatch said:
The board of directors of the Farmers and Merchants National elected to
the new board four members of the Wabash National, including Wilbur A.
McNamee, former president of the Wabash National.
The capital stock of the combined bank was increased from $150.000
to
ence H. Booth, Chairman of Board Motor Bankers Corporation, director
Highland Park State Bank; H. C. Bulkley, attorney (Campbell, Bulkley &
Ledyard); A. L. Cottzens, Vice-President Highland Park State Bank; L. .1.
Craig, Vice-President Parker, Webb & Co.; G. Ogden Ellis, publisher
"The American Boy"; NV. A. Fisher
Fisher, President Fisher Body Corporation:
C. H. Fiaberkorn Jr., Chairman of
Bank of Detroit; George B. Judson, President Bank of Detroit; Frank J. Maurice, Vice-President Highd Park State Bank; A. J. Peoples, Treasurer Detroit Copper & Brass
Rolling Mills; F. B. Quisenberry, Vice-President Highland Park State
Bank; James T. Whitehead, President Whitehead & Bales Iron Works;
Clarence E. Wilcox, attorney (Anderson, Wilcox, Lacy & Lawson).
A neiv institution—the Minnehaha National Bank—was
formed in Minneapolis on June 30 as the result of a merger
of the Minnehaha State Bank at 27th Avenue S. and 25th
Street, and the Lake Street State Bank, according to the
Minneapolis"Journal" of that date. The new national bank,
which will conduct business in the former quarters of the
Lake Street State Bank at Lake Street and 27th Avenue S.,
is affiliated with the First National group of banks in Minneapolis. The former Minnehaha State Bank was organized in 1910 and became affiliated with the First National
group in 1922. The new institution is capitalized at $100,000, with surplus of $20,000. J. G. Byam, a Vice-President
of the First National Bank,has been made President, while
Guy W.La Lone,heretofore managing officer of the Minnehaha State Bank,has been made one of the Vice-Presidents.
Other officers of the institution are: Alexander Cardle
348
THE CHRONICLE
(former President of the Lake Street State Bank), VicePresident; A. H. Elmquist, Cashier, and Arvid A. Lund and
T. E. Lewis, Assistant Cashiers. In announcing the consolidation of the institutions, L. E. Wakefield, President
of the First National Bank, was quoted by the Minneapolis
paper as saying that the merger was necessary because the
Minnehaha State Bank had outgrown its quarters, and it
was desirable to establish a national bank to serve the
growing needs of the south side.The Comptroller of the Currency on July 1 granted a
charter to the West Side National Bank of Denver, Col., a
conversion of the West Side State Bank of that city. The
new bank is capitalized at $100,000. Emile Desserich heads
the institution and Charles A. Land is Cashier.
[VOL. 125.
were consolidated under the name of the American-Traders'
National Bank of Birmingham. The new organization has
combined capital, surplus and undivided profits of $4,900,000, and total resources of approximately $25,000,000. It
Is located in the enlarged quarters of the American Trust
& Savings Bank in their building at First Avenue and 20th
Street. W. W. Crawford, heretofore Chairman of the Board
and President of the American Trust & Savings Bank, is
active Chairman of the Board and President of the consolidated institution, while J. C. Persons, former President
of the Traders' National.Bank, is Executive Vice-President.
The directorate includes the former directors of both institutions. Reference to the proposed amalgamation of these
banks appeared in our issues of June 11 and June 25, pages
3456 and 3730, respectively.
Effective June 21 the Chickasaw National Bank of PurThe board of directors of the Hibernia Securities Co., Inc.,
cell, Okla., with capital of $100,000, went into voluntary
of New Orleans, at their meeting on July 6 appointed John
over
by
the McClain
liquidation, the institution being taken
A. MacLaren Manager of the Atlanta office of the company
County National Bank of Purcell.
and Miss W. M. Ivey as Assistant Manager. The board
The Deposit Guaranty State Bank of Ponca City, Okla., also appointed E. Cavanaugh Assistant Manager of the
was closed on July 8 and placed in the hands of the State Chicago office. Mr. MacLaren is a native of Wisconsin.
Banking Department, according to a special dispatch from During the war he served in the United States Navy as an
that city on that day (July 8) to the "Oklahoman." The Ensign. After the war he entered the University of Wisbank, whose closing, it was said, was due to "frozen paper." consin, graduating from the School of Commerce of that
was capitalized at $35,000 and had deposits of $303,951 at the nniversity in 1921. He entered the employ of the Hibernia
close of business June 30. The dispatch,furthermore,stated Bank & Trust Co. the same year and was later transferred
that representatives of other banks in the city held a con- lo the Hibernia Securities Co., Inc. Miss Ivey has been asference late on the day of the closing to discuss means sociated with the Atlanta office of the Hibernia Securities
whereby the institution could be reopened. But no an- Co., Inc., for several years.
nouncement as to an agreement was made.
On July 8, L. W. Hughes, head of the L. W. Hughes &
Co. insurance agency of Memphis and well known in that
city, was elected active Vice-President of the Liberty
Savings Bank & Trust Co. of Memphis, as reported in the
Memphis "Appeal" of July 9. Officials of the institution
were quoted as saying that the increasing volume of business
necessitated the addition of Mr. Hughes to the bank's roster.
Mr. Hughes was formerly a vice-president of the National
City Bank of Memphis. J. P. Norfleet is Chairman of the
board of the Liberty Savings Bank & Trust Co. and J. R.
Buchignani is President. Reference was made to the affairs
of the institution in our issue of July 9, page 204.
On July 2 the First Nationa- l Bank of Mayfield, Ky., with
capital of $150,000, and the City National Bank of Mayfield
were merged to form the First National Bank of Mayfield,
with capital of $500,000.
Organization of the new T- hird National Bank of Nashville, to which reference was made in these columns in the
"Chronicle" of May 21 and subsequent issues, has now been
completed, according to the Nashville "Banner" of July 3.
The stock of the new bank, which is capitalized at $600,000,
with surplus of $120,000, has already been oversubscribed,
there being more than 450 stockholders who "represent the
widest possible distribution of business and industrial interests." The first floor of the Independent Life Building'
at the corner of Church Street and Fourth Avenue has been
renovated and remodeled as a home for the new bank and
the officers expect to formally open the institution between
July 10 and July 15. The personnel of the Third National
Bank is as follows: C. A. Craig (President of the National
Life & Accident Insurance Co., Chairman of the Board;
Watkins Crockett (former President of the Central National Bank of Nashville), President; N. A. Crockett, Honorary Vice-President (Agent for the Prudential Insurance
Co. of America); F. M. Farris (former Cashier of the
American National Bank of Nashville), Executive VicePresident; S. S. McConnell (former State Superintendent
of Banks for Tennessee), Vice-President and Cashier, and
W. J. Diehl, Assistant Cashier.
Burton Wilkerson, President of the Nashville Pure Milk
Co., was elected a director of the Fourth & First National
Bank of Nashville and its affiliated institution, the Nashville
Trust Co., at a meeting of the respective boards of these
banks on July 8, according to the Nashville "Banner" of
July 9. The election of Mr. Wilkerson, who is one of the
successful younger business men of Nashville, fills the
vacancy in the directorates of the institutions caused by the
recent death of Percy Warner.
A consolidation was consummated on June 30 of the First
National Bank of Orange, Cal. (capital $150,000) and the
National Bank of Orange of that place (capital $150,000)
under the charter and corporate title of the First National
EWA of Orange, with capital of $300,000.
Sale of the stock of the Lumbermen's Trust Co. Bank of
Portland, Ore., formerly entirely owned by the Lumbermen's Trust Co., an affiliated institution, was announced on
July 6 by Robert E. Smith, President of both institutions,
according to the Portland "Oregonian" of the following day.
The stock was acquired by a group of local capitalists, including some of the stockholders of the Lumbermen's Trust Co.
and persons not heretofore identified with the institution.
The name of the bank, it was stated, will be changed to the
American Exchange Bank, and together with the Lumbermen's Trust Co. it will shortly occupy the quarters formerly
used by the Northwestern National Bank at 6th and Morrison
streets, a 20-year lease having been procured of this location.
Availability of the excellent banking facilities in the heart
of the city abandoned by the Northwestern National Bank,
coupled with the desire for expansion of the institution, which
is rapidly outgrowing its present quarters at Broadway and
Oak St., led to the move. The chang in the name of the
bank, the stockholders stated, is to accentuate the individuality of the institution. At present the combined
capital, surplus and undivided profits of the bank stand at
$292,372 and it will be increased from time to time, Mr.
Smith was reported as saying. In its report of June 30
the institution had deposits amounting to $2,863,180 and
total resources of $3,174,572. Mr. Smith will continue as
President, while Joseph P. Jaeger, a retired capitalist, will
be Chairman of the Executive Committee. Both Mr
Smith and Mr. Jaeger are included among the purchasers of
the capital stock.
A later issue of the "Oregonian" (July 10) stated that the
American Exchange Bank and the Lumbermen's Trust Co.
would open for business in the Northwestern National Bank
Building on Monday (July 11) and that in addition to Mr.
Smith and Mr. Jaeger the following officers had been chosen
for the American Exchange Bank on July 9: C. F. Wright,
Carl Detering, Frank 0. Bates and Henry A. Freemen (who
will also serve as Cashier), Vice-Presidents, and V. 0. Steenrod, Assistant Cashier. Chriss A. Bell, a member of the
purchasing group, it was said, will be general counsel for the
bank. It was furthermore stated that the Lumbermen's
Trust Co. will retain its close affiliation with the American
Exchange Bank.
The directors of Lloyds Bank Ltd. of London, announce
that W. G. Johns, D.S.O., hitherto an Assistant General
On July 11 the American Trust & Savings Bank of Bir- Manager, has been appointed General Manager (Adminismingham, Ala., and the Traders' National Bank of that city, tration).
JULY 16 1927.]
THE CHRONICLE
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has been fairly buoyant the present week,
and many stocks among the railroad issues, industrial shares
and specialties have reached new high levels for the year
and in all time. During the half-day session on Saturday
the market was again unsettled, some of the leading stocks
showing losses at the end of the day, while other issues not
previously prominent in the trading moved confidently forward to higher levels. Commercial Solvents "B" moved
up 18 points to 372in anticipation o fa special stock dividend
and Houston Oil made a further advance of 2 points to a new
top at 17434, though this gain turned into a loss before the
closing hour. Air Reduction also bounded forward to a new
high at 1943
%,as compared with the previous close at 190.
Mathieson Alkali was particularly active and moved forward
about 9 points, followed by Union Carbide & Carbon, which
made a net gain of 3% points. On Monday stock prices
generally moved upward. The improved tone was due in
part to the report of the United States Steel Corp.indicating
a trifling increase in unfilled orders and to highly optimistic
statements relative to the crop situation in the Northwest
by Chairman Elliott of the Northern Pacific and President
Holden of the Burlington. United States Steel corn, opened
at 12234 and moved up over a point, and the independent
steels, including Bethlehem, Crucible and Colorado Fuel &
Iron, were in strong demand at advancing prices. Railroad
stocks were strong, Atlantic Coast Line having a spectacular
run up of 734 points to 19834, and gains ranging from 1 to 3
points were made by Northern Pacific, Great Northern pref.
and Chicago & North Western. Kansas City Southern.
reached its highest price in all time and Missouri-KansasTexas and St. Louis Southwestern moved to higher levels.
Industrial stocks were in active demand all day, Baldwin
Locomotive rising to its highest in all time at 241, followed
by American Can with a new top for 1927 and such issues
as Air Reduction, General Electric, Otis Elevator, Union
Carbide & Carbon and United Drug with advances of 1 to 2
points. Oil shares displayed a stronger tone, Atlantic Refining advancing 334 points and Houston Oil bounding forward nearly 5 points.
The market held its upward trend during the greater part
of the day on Tuesday and numerous new tops for 1927 were
scored among the more active stocks. Allied Chemical &
Dye was especially prominent in the industrial group and
advanced to its highest top since 1920. Among the railroad
stocks Atlantic Coast Line shot upward 4 points and Norfolk
& Western did equally well. Many of the speculative favorites had particularly wide movements, such as a gain of 6
points in Timken Roller Bearing. Commercial Solvents
"B" made another new high record at 384, but reacted 3
points in the closing hour. On Wednesday interest centered
largely in the railroad stocks, Atlantic Coast Line making
a further advance of 4 points to 203, while Atchison, Balt.
& Ohio, Ches.& Ohio and New York Central moved briskly
forward to higher levels. Low-priced railroad stocks also
shared in the improvement, Western Maryland gaining 4
points, Great Western 3 points, Bangor & Aroostook 3
points, hie Wabash crossed 75. One of the notable features
in the upswing was Colorado Fuel & Iron, which advanced
to 95, the peak since 1902. Baldwin Locomotive moved
into new high ground at 244, Westinghouse Electric sold at
its top since 1925 and Timken Roller Bearing moved to its
highest peak since it was listed on the New York Stock Exchange. In the specialties group Commercial Solvents "B,"
American Can and Union Carbide & Carbon were all at their
highest for the year.
The upward movement was less pronounced on Thursday,
though most of the high-priced dividend-paying stocks and
many of the more important issues in the general list closed
the day with substantial gains. United States Steel corn.
moved into new high ground above 126, though part of he
advance was lost late in the day. Railroad stocks were
again in demand, Wabash shooting forward to a new top
/, though the stock closed with a'fractional
in all time at 753
loss. Other active issues included Collins & Aikman, General Railway Signal, Du Pont, Union Carbide & Carbon and
American Smelting. Speculative activity centered around
the motor stocks during the greater part of the session on
Friday. General Motors led the upswing with a new top
at 20534, the spirited buying of this stock stimulating the
entire list and carrying many prominent stocks into new
high ground. Baldwin Locomotive was another spectacular
feature as it shot upward more than 7 points to a new top
at 24734. Railroad shares moved up with the market
349
leaders, Atchison corn. reaching new high ground at 188.
Erie corn. also reached a new peak at 583
4. Other stocks
noteworthy for unusual strength included Texas Gulf Sulphur, Brooklyn Union Gas, American Smelting & Refining,
Amer. Tel. & Tel., Lehigh Valley, General Railway Signal
and Postum Cereal. The final tone was good.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended July 15.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Tntal
Sales a
New York Stock
Exchange.
Railroad,
etc..
Bonds.
'
Mate,
Musticipaland
Foreign Bonds
627,660
1.545,330
1,708,290
1,605,270
1,611,320
1,785.300
$3,487,000
6.657.000
6.568,000
6,421,000
7,441,000
5.282,000
31,235.500
2,115.000
2,630.000
2,644,000
1,767,000
1.195,000
3.503,750
804,000
988,300
1.307,300
136,400
269,000
8 MA 170
835.858.000
311.586.500
33.988.750
Milted
States
Botsdt.
Jan. 114 Tidy 15.
Week Ended July 15.
Stocks-No,of shares_
Bonds.
Government bonds_ _ _
State & foreign bonds_
Railroad & misc. bonds
Total bonds
Stocks.
Monier of
Shares.
1127.
1926.
8,883,170
8,490.658
288.987,915
237.542,265
$3,988,750
11.586,500
35,856,000
$4,518,900
12,394,900
38,001,500
$186,074.200
471,754.900
1,242.384,050
2165,239,800
358,104,450
1,199,803,200
1927.
1926.
251,431,250 $54,915,300 51,900.213.150 $1.723,147,450
DAILY 'TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES. ,
Boston.
Week Ended
Jody 15 1927.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Pram conk rpvtatxt
Philadelphia.
Baltimore.
Shares. annalist. Shares. don Wes. Shares. BoniII Bales.
*8,654
*18,309
*23,734
*22,380
*28,943
11,339
23,650
14,050
1,750
14.900
9,200
7,000
5,992
14,738
8,315
12,225
10,825
7,388
317,200
30,900
58,200
55,500
13,000
19.000
613
1,236
2,206
a1,525
01,289
2,956
$11,400
45,600
26,000
12.200
10,000
8.000
113.359
$50,550
59,483
$193,800
9,725
$113,200
83 881
8100600
54.355
3128.350
6.558
887.500
• In addition, sa es of rights were: Saturday, 265: Monday, 554: Tuesday, 772:
Wednesday, 984: Thursday, 2,027.
a In addition, sales of rights were: Wednesday, 338: Thursday, 664.
COURSE OF BANK CLEARINGS.
Bank clearings this week will show a decrease compared
with a year ago. Preliminary figures compiled by us,
based upon telegraphic advices from the chief cities of the
country, indicate that for the week ending to-day (Saturday,
July 16), bank exchanges for all the cities of the United
States from which it is possible to obtain weekly returns
will be 4.4% smaller than those for the corresponding week
last year. The total stands at $9,671,165,927, against
$10,119,355,358 for the same week in 1926. At this centre
there is a loss for the five days of 2.8%. Our comparative
summary for the week is as follows:
Clearings-Returns by Telegraph.
Week Ended July 18.
1927.
1926.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh_ ,
Detroit
Cleveland
Baltimore
New Orleans
34,439,000,000
600,280,042
442,000,000
406.000,000
139,480,383
125,700,000
154,175,000
163.714,000
151,908.795
153,961,898
116.462,248
87,749,987
58,894,668
$4,566,000,000
590,408,474
476,000,000
409,000,000
142,812,741
134,700,000
175,892,000
158,779,000
157,492,443
156.574.457
117,379,585
101,000,000
54.712.703
-2.8
+1.7
-.71
-0.7
-2.3
-6.7
-12.3
+31.
-3.5
-1.7
-0.8
-13.1
+7.6
Total 13 cities, 5 days •
Other cities, 5 days
$7,039,327,021
1,021,672,345
$7,240,751,403
1,167,205,305
-2.8
-12.5
Total all cities, 5 days
All cities, 1 day
58,060,999,366
1,610,166,561
58,417,956,708
1,701,398,650
-4.2
-5.4
39.671.165.927 $10,119,355.358
-4.4
Total all eltlom for wpok
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all eases had to. be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended July 9. For
that week there is an increase of 10.2%, the 1927 aggregate
of clearings being $9,052,106,185, and the 1926 aggregate
$8,213,853,126. Outside of New York City the increase is
only 4.2%, the bank exchanges at this centre having increased 15.2%. We group the cities now according to the
Federal Reserve districts in which they are located, and
from that it appears that in the Boston Reserve District
there is an improvement of 22.2%,in the New York Reserve
District (including this city) of 15.2% and in the Cleveland
Reserve District of 8.1%. The Richmond Reserve District
shows a gain of 19.5%, but the Philadelphia Reserve District
has a loss of 4.2% and the Atlanta Reserve District of 6.6%,
the latter due largely to the falling off at the Florida points,
Miami showing a decrease of 60.5..70 and Jacksonville of
29.7%. In the Chicago Reserve District the totals are
larger by 4.9%, in the St. Louis Reserve District by 2.9%,
and in the Dallas Reserve District by 7.2%. In the Minneapolis Reserve District there is a decrease of 4.0%, in the
Kansas City Reserve District of 10.9% and in the San
Francisco Reserve District of 0.1%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended July 9 1927.
1926.
1927.
Inc.or
Dec.
1925.
1924.
$
$
$
$
Federal Reserve Dists.
%
452,927,948 +22.2
502,456,428
424,093,976
553,579,335
1st Boston ____12 cities
5,268,843,723 4,574,453,348 +15.2 5,722,146,519 4,740,243,028
2nd New York_11 "
622,289,507
522,145,612
512,276,036
534,530,821 -4.2
3rd Philadelphial0 ••
349,673,112 +8.1
421,918,558
351,839,300
377,993,926
4th Cleveland. 18 "
225,375,422
171,262,736 +19.5
209,195,122
204,741,649
5th Richmond _16 "
249,843,482
188,665,457 -6.6
126,639,221
176,222,263
6th Atlanta. __13 •
884,879,573
856,995,051
817,173,097 +4.9 1,066,192,208
7th Chicago ___20 "
190,431,493 +2.9
196,449,158
206,533,886
196,093,541
8th St.LOU15---18 ••
114,404,850 -4.0
139,015,244
114,915,924
109,873,745
9th Minneapolls17 "
233,272,453
261,788,101 -10.9
271,999,768
237,824,504
10th Kansas City12 "
65,703,178
63,912,629
59,638,240 +7.2
59,081,428
11th Dallas
15 "
498.301,834
544,121,323
498,903,923 -0.1
475,799,276
12th San Fran_ _17 "
9,052,106,185 8,213,853,126 +10.2 10,027,510,795 8,403,391.351
3,914,427,106 3,755.396.804 +4.2 4,433,580,676 3,766,015,633
Grand total
Outside N. Y. City
Msrtn el es
[VOL. 125.
THE CHRONICLE
350
21 ,I*I
1e7 Ran 17x
Arlo anq aln -0 0
1,1 aon 110
51A len erne
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ending July 9
Clearings as
1927.
1926.
inc. Or
Dec.
1925.
3
$
$
%
First Federal Reserve Dist rIct-Boston816.929 +8.7
Maine-Bangor.
887.780
867,637
Portland
4,370,694
4,125,480 +5.9
4,151,539
Mass.-Boston _
502,000,000 401.000,000 +25.2 443,000,000
Fall River
1,799,672
1,679,524 +7.2
2,254,651
Holyoke
a
a
a
a
Lowell
1,127,004
1,006,747 +12.0
1,308,045
Lynn
a
a
a
a
New Bedford_
1,096,057
1,065,869 +2.8
1,551,801
Springfield_ _
5,282,646
7,023,362 -24.8
6,063.134
Worcester _ _
3,766,775
3,378.498 +11.5
410$4.440
13,288,299
13,058,331 +1.8
16,306.404
Conn.-HartfordNew Haven_ _
7,682,733
7,204,505 +6.6
8,028,975
R.I.-Providence
11,305,600
11,858,600 -4.6
13,290,700
N. H.-Manche'
972,075
969,102
710,103 +36.9
Total(12 cities)
553,579,335
452,927,948 +22.2
Second Feder al Reserve D IstrIct-New
7,161,573
6,325,778
N. Y.-Albany _ _
1,204,800
1,477,000
Binghamton52,156,355
47,584,640
Buffalo
1,028,787
949,125
Elmira
1,583.586
1,689.417
Jamestown_ _
New York_ _ _ _ 5,137,679.079 4,458,456,322
14,686.115
12,672,131
Rochester
9,555,260
7,700,935
Syracuse
Conn.-Stamford
3,914.723
3,549,675
N. J.-Montclal
928,068
570,961
Northern N. J..
33,749,564
38,673,177
502,456,428
1924.
$
917,993
3,234,931
374,000,000
2.055,668
a
1,086,069
a
1,356,912
6.790,943
3,609,120
12,910,292
7,621,422
9,661,500
849,126
424,093,976
York.
-00.0
7,588,399
6,222,681
+22.6
1,396,399
1,232,353
+9.6
50,901.443
37,735.796
+8.4
1,027,485
908,960
-5.3
1.660,312
1,242,954
+15.2 5,593.930,119 4,637.375.718
+15.9
14,651,935
11,966.677
+24.1
8,262,702
6,126,561
+10.3
3,309,321
3,062,325
+62.5
635,725
566,058
+14.6
38,782,679
33,802.946
Total(11 cities) 5,288,843,7234,574,453,348 +15.2 5,722,146.519 4,740,243,029
Third Federal Reserve Dist rIct-Philad elphia.
1,595,872 +2.2
1,631,118
Pa.-Altoona _ _ _
Bethlehem _ _
4,085.767 +0.3
4,097,355
1,186,693 +43.8
Chester
1,706,004
2,025,361 -1.3
Lancaster
1,999,018
Philadelphia
478,000,000 505,000,000 -5.3
4,217,889 -1.4
Reading
4,160,781
5,767,657
5,492,734 +5.0
Scranton
3.801,710 +12.3
Wilkes-Barre_ _
d4.270,922
1,908,365
1,759.577 +8.5
York
5,365,324 +62.8
N.J.-Trenton..
8,734,816
a
a
Del.-Wilming'n _
a
1,828,337
4,883,319
2,262,998
2,899,132
4,348,857
6,754,287
4,151,691
2,276,897
9,883.989
a
1,421,396
3,592,273
1,443,534
2,916.000
493,000,000
3,856,597
5,958,451
3,220,342
1,732,342
5,004,677
a
622,289,507
522,145,612
Fourth Feder al Reserve D strict-Clev eland5,681,000 +15.8
5.861,000
d6,579,000
4,607,287
Canton
4,263,187
3,933,731•
65.913,879 +10.3
78.654.174
Cincinnati _
72,729.634
Cleveland
114,660.436 102,491,426 +11.9 128,956,795
17,689,700
15,944,300 +1.0
Columbus
_
16,106.700
a
a
a
Dayton
a
a
a
a
Lima
a
1,780,151 +17.0
1,905,270
Mansfield
d2,082,990
a
a
a
Springfield_ _
a
a
a
a
Toledo
a
6.617.737
5,978,876 +10.7
5,408,885
Youngstown _ _
a
a
a
Pa.-Erie
154,;54,242 147,952,249 +4.7 178,835,447
Pittsburgh_ -
6,168,000
5,300,807
67,249,405
103,067,958
16,415.300
a
a
1,508,090
a
a
4,573,604
a
147,556.136
Total(10 cities)
512,276,036
534,530,827
-4.2
+8.1
558,000,000
421.918,558
351,839,300
Fifth Federal Reserve Dist rict-Richm ond1,724,495
W. Va.-Hunt'n_
1,514,725 -9.3
1,374,220
7,743,435
Va.-Norfolk_
8,267,726 -21.1
6.522,670
52,806.000
Richmond
39,981,000 -2.5
38,972,000
S. C.-Charlest'n
2,281,437
3,142,845 -4.5
*3.000.000
Md.-Baltimore_ 131,039.119
93,184,258 +40.6 131,008,555
D. C.-Waahlon
25,172,182 -5.3 . 29,811,500
23,833,640
2,234,942
6,593,670
62,459,000
2,039,850
114,706,660
21,161,000
Tont 1(8 cities)-
Total(6 cities)_
377,993,926
349,673.112
171,262,736 +19.5
225,375,422
209,195,122
Slash Federal Reserve Dist rIct-Atlant 5Tenn -nhatt'ga.
16,671,809
7.139,161 -2.3
Kno V 10.
*3,500,000
.3,600,000 -2.8
Nash, le
20,159,263
19,476,918 +3.5
Ga.-Atlanta. _
46,545,873
44,561,073 +4.5
Augusta
1 720,036
1,658,057 +3.7
Macon2 102.561
1.884,620 +11.6
Savannah
a
a
Fla.-Jacks•nvIlle
15 763 363
22,417,770 -29.7
Miami
3 968 000
0,050,578 -60.5
Ala.-Birm'gh'm, 21.562 230, ....0,1,8.3 -2.1
Mobile
1 671 354,
1.884.327 -11.3
Miss.-Jackson.
1,999,0081
1,635,000 +22.3
Vicksburg
419,102
-2.3
428,987
La.-New Orrns.
50.539.6641 .5,.914,i13 - 7
6,043,118
*3,500,000
22,220,488
61,997,204
1,773,317
1,941,180
a
39,262,356
23,027,644
26,870,841
2,016.394
1,485,359
497,441
59,208,142
5,223,653
*2,900,000
18,544,178
58.506,285
1,500,000
1,429,371
a
13,694,783
3,322,526
24.917,834
1,761,224
1,472,634
418,233
43,149,000
249.843.482
176.839.721
Total(13 cities
204,741,649
176.222.263
188_668.457
-6.6
Week Ending July 9
Clearings 0t
1927.
1926.
Inc. or
Dec.
1925.
1924.
Seventh Feder al Reserve D strict-Chic ago240,138
247,325
Mich.-Adrian __
209,548 +20.1
251,596
1,039,138
818,954
Ann Arbor_ _ _
932,649 +4.3
973,121
Detroit
136,532,632 140,431,662 -2.8 171,061,866 140,721.550
7,059,533
9,926,258
Grand Rapids_
6,667,408 +12.3
7,487,833
5,556,127
Lansing
2,843,000
2,231.000 +29.7
2,192,530
2,659,931
4,526,309
Ind.-Ft. Wayne
3,496,461 -14.4
2,992,278
25,435,000
23,558,000
Indianapolis_
25,856,000 -5.0
24,554,000
2,806,800
South Bend _ _
3,648,000
3,233,900
2,885,500 +12.1
5,867,870
Terre Haute...
5,571,859
5,489,657 -3.5
5,295,355
39,548,015
Wis.-Milwaukee
44,062,552
39,416,679 +11.7
44,015,350
2,670,913
3.032,840
Iowa-Ced. Rap_
3,180,801
2,543,682 +25.1
10,909,858
Des Moines_ _ _
11,705,203
10,165,239
9,797,137 +3.8
6,631,232
Sioux city.._
7,505,884
6,127,091 -9.6
5,538.670
1,584,044
Waterloo
1,468,000
1,314,701
1,313,093 +0.1
1,564,731
111.-Bloomington
1,378,945 +4.6
1,704,440
1,442,574
Chicago
595,223,198 556,696,363 +6.9 760,421,960 619,606,063
a
a
a
a
Danville
a
1,521,610
1,676,126
Decatur
1,212,739
1,208,593 +0.4
4,770,379 +0.1
5,309,605
Peoria
4,778,559
4,568.975
3,358,265 +3.9
3,269,602
2,584,562
Rockford
3,487,679
2,362,985 +2.5
3.621,428
2,516,480
Springfield_
2,422,296
Total(20 cities) 856,995.051 817,173,097 +4.9 1,066,192,208
Eighth Feder al Reserve D istrict-St. Louis
7,347.248
7,211,408 -23.6
Ind.-Evansville.
5,512,679
Mo.-St. Louis.. 127,100,000 118,200,000 +7.5 116,900,000
33,694,427 -1.2
38,788,547
Ky.-Louisville
33,299,096
350,203 -9.0
463,454
Owensboro_ _
318,539
16,834.002 -3.4
18,548,800
Tenn.-Memphis
16,255,587
12,144,404 -4.4
12,049,466
Ark.-LittleRock
11,605,455
432,106 +4.2
509,988
III.-Jacksonville
450,053
1,564,943 -0.8
1,841.655
Quincy
1,552,132
884,879,573
Total(8 cities). 196,093,541 190,431.493 +2.9
Ninth Federal Reserve DIs trIct-Minn eapolis
7,350,576 +8.3
Minn.-Duluth_ _
d7,969,627
72,424,971 -4.5
69,198.329
Minneapolis
28,251,171 -6.2
26,502,582
St. Paul
1,703,661 -3.5
1,644,405
No. Dak.-Fargo
1,353,850 -9.8
1,221,368
S.23.-Aberdeen.
574,150 +6.3
610,434
Mont.-Billings _
2,746,471 -0.3
2,737,000
Helena
196,449.158
206,533.886
10,194,528
86,103,004
35.355.856
1,787,367
1.615.897
637,123
3,321,469
6,014,665
72,577,464
30,030,350
1,633,995
1,307,353
581.727
2,770,370
Total(7 cities). 169.873,745 114,404,850 -4.0
Tenth Federal Reserve DIs Wet-Kens as City
d450.424
729,805 -38.3
Neb.-Fremont..
475,100
Hastings
431,987
5,283,493
4,717,800 +12.0
Lincoln
34,512,836 +1.3
34,969,624
Omaha
4,845,745 -16.8
Ran -Topeka...
d4,030,718
d10,821,191
12,433,152 -13.0
Wichita
Mo.-Kan. City. 124,988,002 146,451,589 -14.7
6,950,995 -12.8
d6,060,980
St. Joseph...
a
a
a
Okla.-Muskogee
31,059,331 -17.3
Oklahoma City d25,693,304
a
a
a
Tulsa
1,267,832
1,251,106 +1.3
Colo.-Col. Spgs.
17,077,785 +5.2
Denver
17.956,516
1,282,857 -2.8
Pueblo
e1,318,332
139,015,244
114,915,924
500.516
541,973
5,392,991
44,953,634
4,597,271
9,441,739
149,185,431
6,907,905
a
24,274,294
a
1,373,005
23,635,949
1,195,060
479,256
567,659
4,423,580
39,483,749
3,531,904
8,067,203
131,435,217
5,668,182
271,999,768
237,824,504
2,126,675
42,104,084
9,999,252
6,542,000
a
4,931,167
1,237,779
36,661,040
10,075,566
6,519,617
a
4,587,426
65,703,178
+7.2
Franc'sco+3.5
44,562,530
+4.9
13,000,000
a
a
-14.7
1,362,290
44,141,214
-1.5
18,055,459
+10.9
a
a
a
a
3,475,293
-7.5
7,582,116
-6.6
+1.6 165,218,000
22,071,300
-0.1
6,643,683
-5.2
9,874,443
-1.3
6,186,958
-6.5
-1.9 191,493,000
-24.1
3,391,465
1,241,098
+17.2
2,479,774
+2.2
-7.9
3,342,700
45,627.934
13,605 000
a
1,221 771
37,380,991
14,848 072
a
a
3,347,961
7,276.020
137,655,060
16,645,028
5,449.404
7,640,947
5,434,161
170,400,0(0
3,087,335
1,380,273
2,346.179
A453.000
Total(12 cities) 233,272,453 261,788,101 -10.9
Eleventh Fede ral Reserve District-Da Ilas1,198,635 +5.1
1,259,352
Texas-Austin
35,365,932 +9.5
38,736.733
Dallas
13,308,063 -3.5
d12,848.665
Fort Worth_
6,410,000 -4.1
6,144,000
Galveston
a
a
a
Houston
4,923,879
3.355.610 +46.7
La.-Shreveport.
59,638,240
63,912,629
Total(5 cities).
Twelfth Feder al Reserve D Istrict-San
39,871,233
38,514.966
Wash.-Seattle_ _
11,492,000
12,057,000
Spokane
a
Tacoma
54,002
1,1
'
Yakima
1,240,267
34,184,821
33,657,240
Ore -Portland._
16,733,721
Utah-S. L. City
15,083,991
Nev.-Reno
a
a
a
Ariz.-Phoenix _
a
Calif.-Fresno_
3,688,850
3,413,222
Long Beach..
7,930,165
7,403,411
Los Angeles.. 160,195,000 157,558.000
Oakland
19,219.326
19,216,739
Pasadena
7,456,690
7,066,422
Sacramento_ - _
8,774.268
d8,662,544
San Diego_ _ _
5,907,746
5,523,795
San Francisco. 173,188,000 176,589,000
San Jose
4,173.694
3,165,838
Santa Barbara_
1,344,034
1,574,593
Santa Monica_
2,386,709
2,335,970
Stockton
3,196,400
c2,946,100
5,532,021
138,600,000
32,181,310
471,549
16,674,310
11,299,719
359,275
1,415,702
19,;32,018
a
1,005,354
22,268,429
1,161,953
59,081,428
Total(17 cities) 498,301,834 498,903.923 -0.1 544,121,323 4R791 276
Grand total (129
cities)
9,052,106,185 8,213,853,126 +10.2 10.027,510,795 8,403.391,351
Outside New York 3.914.427,1063,755.396.804
Clearings alCanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
Londpn
Edm6nton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William _ _ _ _
New Westminster
Medicine Hat_ _ _
Peterborough._ _
Sherbrooke
Kitchener
Windsor
Prince Albert_ __ _
Moncton
Kingston
Chatham
Sarnia
1927.
$
145,483,211
104,336,222
59,862,732
17,010,475
6,483,182
7,000,394
3,308,981
'6,458,455
5,920,160
2,777.304
2,269,381
3,675,886
8,207,077
4,891,785
569,057
480.933
2,169,908
1.448,117
1,540,795
945,542
899,395
427,280
1,170,645
991,220
1,100,030
4,356,308
421,993
940,137
1,157,742
916,334
661,694
+4.24,433,580.676 3,766,015 633
Week Ended July 7.
Inc. or
1924
Dec.
1925.
1926.
$
131,054,197
121,008,246
56,268,638
20,677,938
8,230,881
9,021,226
5,158,699
6,453,688
7,951,394
3,347,204
2.868,850
3,722,418
6,119,890
5,555,816
833,771
653,427
2,162.107
1,628,742
1,696,491
1,126,434
1,003,874
503,706
1,325,763
1,205733
1,118,791
4,839,794
476,811
1,122,065
1,272,130
796.207
702,899
%
+11.0
-13.8
+6.4
-17.7
-21.2
-22.4
-35.9
+0.1
-25.5
-17.0
-20.9
-1.2
+34.1
-12.0
-31.7
-26.4
+0.4
-11.1
-9.2
-16.0
-10.4
-15.2
-11.7
-17.8
-1.7
-10.0
-11.5
-16.2
-9.0
+15.1
-5.9
$
107,993,606
106,458,464
52,117,839
18,061,140
7,990,674
6,926,623
4,039,480
6,607,879
7,352,527
3.156,723
2,536,486
3.680,263
5,205,914
4,056,455
816,901
668,492
1,725,068
1,397,381
1,837,130
813,535
847,020
445,295
1,082,728
830,842
1,055,246
4,087,127
373,623
978,697
1,051,981
S
105,230.. 37
106,196,434
55,968.069
15,863,210
6,745,462
6,391,261
3,454,760
6,176,825
5,602,505
3,019,309
2,558,118
3,427,490
4,401,882
3,703.261
674,846
512,183
1,650,654
1,217,176
1,395,570
933.104
705.21
327,671
956,779
882.367
1,244,319
3,548,884
313,404
952,798
1,106,047
Tntril (21 nitlag% 707 022 270 sae 007 820 -00 750 1100 120 245 162 015
• •
•
.a No longer report clearings. b Do not respond to requests for figures. c Week
ended July 6. d Week ended July 7. e Week ended July 8. * Estimated.
JULY 16 19271
TH Ii CHRONICLE
351
continual rise provokes speculative selling, hence
prices for some time past
THE CURB MARKET.
have kept within somewhat narrow limits. As supplies are fairly
plentiful
forward silver moved yesterday to a premium for the first time
since
Wide fluctuations in prices in numerousinstancesfeatured Dec. 20 last.
Curb Market trading this week,a generally strong undertone
The following were the United Kingdom imports and exports
of silver
prevailing. Many sharp advances were made in the in- registered during the week ended the 22d inst.:
ImportsExportsdustrial list. Alabama Great Southern ordinary stock rose Java
£7.660 Germany
£4.750
from 132 to 142. the preferred gaining 5% points to 1413'• United States of America.... 33.699 Egypt
3,800
Chile
2,548 British India
36,555
The final transactions were at 142 and 140, respectively. Other countries
344 Other countries
5,691
Amer. Arch. dropped from 905
% to 84 and closed to-day at
£44,251
£50.796
84%. Amer. Road Machinery gained six points to 20,
INDIAN CURRENCY RETURNS.
then reacted to 13k,the close to-day being at 143
4. Amer. (/n fats of rupees.)
June 7. June 15. June 22.
Notes
in
circulation
Rolling Mill, corn., advanced from 533i to 62 and ends the
17135
16968
17094
Silver coin and bullion in India
10403
10446
10572
week at 60. Celanese Co. corn. moved up from 713' to Silver coin and bullion out of India
803
4 and reacted finally to 763.. Cuneo Press was con- Gold coin and bullion in India
2976
2976
2976
spicuous for an davance from 483/ to 56%, the close to-day Gold coin and bullion out of India
Securities (Indian Government)
3546
3546
3546
being 5532. Deere & Co. corn. gained six points to 162. Securities (British Government)
210
Ford Motor of Canada sold up from 494 to 556 and at 540
The silver coinage during the week ended the 22d inst. amounted to 4 lacs.
finally. Adolph Gobel, Inc., corn. sold up from 46% to
The stock in Shanghai on the 25th inst. consisted of about
72,000,000
52% and finished to-day at 51. Johns-Manville Corp. corn. ounces in sycee, 71,800,000 dollars and 2,840 silver bars 94 compared with
about 73,700,000 ounces in sycee, 70.600,000 dollars and 3,380 silver bars
improved from 79% to 84%,reacting finally to 825/s. Uni- on the 18th inst.
-Bar Silver, Per Oz. Std.versal Leaf Tobacco rose from 47% to 52,i with the final
Bar Gold,
Quotations During WeekCash.
2 Mos.
Per Oz. Fins.
figure to-day at 52. Utilities were quiet with changes June 23
25 15-16d.
25 15-16d.
84s.
1131z1.
June 24
26 1-16d.
26 1-16d.
84s. 1134d.
narrow. Commonwealth Edison advanced from 151 to 154 June 25
26 1-16d.
26 1-16d.
84s.
1134d.
27
263-16d.
263-16d.
84s. 1134d.
and sold finally at 53. Among oils, Humble Oil & Refining June
June 28
26d
26 1-16d.
84s. lid.
29
26 Sid.
rose from 573 to 59% and finished to-day at 593.. Stan- June
263-16d.
84s. 1134d.
Average
26.062d.
26.083d.
84s. 11.3d.
dard Oil of Kentucky ran up from 1125
/
8 to 11634, but fell
The silver quotations to-day for cash and two months delivery, respecback to-day to 1173
4, the close being at 1223. Carib tively, are 1-16d. and ;id. above those fixed a week ago.
Syndicate broke from 26 to 173
4 with a final recovery to
203
%. There were some wide changes in bonds. Brunner
ENGLISH FINANCIAL MARKETS-PER CABLE.
Turbine 734s dropped from 46% to 37 with the final transThe daily closing quotations for securities, &c., at London,
action at 403
%. Electric Refrigeration 6s sold down from
677/g to 563/i and at 6534 finally. Servel Corp. 6s broke as reported by cable, have been as follows the past week:
London,
from 41 to 20, the close to-day being at 25.
Sat.,
Mon.,
Toes.,
Wed.,
Thurs.,
Fri.,
Week end. July 9. July 9. July 11. July 12. July 13. July 14. July 15.
A complete record of Curb Market transactions for the Silver,
per oz.d. 2534
25 15-16 26
2534
2534
2534
week will be found on page 376.
Gold, fine oz_ _848.11}id. 843.1134d. 843.1044d. 848.113.Id. 84s 11%d.
84s.11)4d.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Weak Endni July 15.
STOCKS(No. Shares).
Ind & Misc
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Oil.
55,410
99,975
121,675
120,795
133,010
127,785
29,310
66,950
49,710
51,100
47,310
61.600
658,650
305,980
Mining.
17,100
48,410
40,400
53,800
52,300
48,000
BONDS (Par Value).
Domestic. Foreign Oort.
3988,000
1,993,000
1,910,000
1.937,000
1,876,000
1,674,000
$143,000
381,000
329,000
390,000
371,000
537,000
260,010 $10,378,000
82.151,000
Consols,234%. ____
British 5% _ _
__
British 4%% _ _
French Rents.
(In Paris) fr_
French War L'n
(in Paris) fr. ____
5434
101
9534
54 7-16
101
9534
5414
101
9534
5434
101
953-1
5434
10134
9534
56.20
55.60
56.20
Holiday
57.30
74.75
74.90
75.75
Holiday
77.20
The price of silver in New York on the same day has been:
Sliver in N.Y., per oz.(cts.):
5634
Foreign
5034
5634
founnercial andMisc
5634
5634
5634
4.eras
ellantons
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Breadstuffs figures brought from page 412.-Al
Samuel Montagu & Co. of London, written under date of the statements below regarding
the movement of grain June 29 1927:
receipts, exports, visible supply, &c., are prepared by us
GOLD.
The Bank of England gold reserve against notes amounted to £150,405,625 from figures collected by the New York Produce Exchange.
on the 22d inst., as compared with £150.502.475 on the previous Wednesday. First we give the receipts at Western lake
and river ports
About £370,000 bar gold was available in the open market this week.
for the week ending last Saturday and since Aug. 1 for
Of this amount £330,000 was secured for "unknown destinations," reported
to be France, Austria and Hungary. The balance was divided between each of the last three years.
India and the English and Continental trades.
The following movements of gold to and from the Bank of
England
have been announced since our last letter:
June 23. June 24. June 25. June 27. June 28. June 29.
Received
Withdrawn
£17,000
£9,000
The £9,000 sovereigns withdrawn were destined for India.
During the
week under review £26,000 has been withdrawn, increasing the
net efflux
this year to £286,000, and since the resumption of an effective gold
standard
to £5,610,000, as set out in the daily bulletins at the Bank.
The following figures (in lace of rupees) relate to India's foreign
trade
during the month of May 1927:
Imports of merchandise on private account
2032
Exports, including re-exports, of merchandise on private account_ _ 2500
Net imports of gold
136
Net imports of silver
179
Net imports of currency notes
1
Total visible balance of trade-in favor of India
176
Net balance on remittance of funds-against India
185
It was announced on the 23d inst. that the Imperial Bank of India
had
reduced its rate of discount from 6% to 5%.
The following were the United Kingdom imports and
exports of gold
registered during the week ended the 22d inst.:
ImportsExportsGermany
£9,157 Germany
£14,170
France
3,035 Netherlands
410,000
Java
3,170 France
74,540
British West Africa
32,168 Switzerland
34,175
British South Africa
574,290 Austria
15.500
Other countries
2,082 Egypt
15,600
Uruguay
100,000
British India
148,205
Other countries
2,399
£623,902
1814.589
SILVER.
The market continues to follow the movements of the yen exchange.
The effect has been to keep prices fairly steady, but the general condition
of affairs, and the apparent specific cause of the present steadiness, does
not
generate confidence. Some bear covering occurs at each setback, and
any
Receipts al-
Flour.
Wheat.
Corn.
Oats.
Barley. I Rye.
bbls.19815s. bush.60 lbs.bush.56 lbs bush. 32 lbs.bush.4818s.bush.561bs.
Chicago
202,000
779,000 1,553,000
512,000
78,000 283,000
Minneapolis_ 887,000
117,000
118,000 105,000
26,000
Duluth
645.000
2,000
255,000
98,000
Milwaukee_ __
42,000
225,000
240,000
352,000
61,000
5,000
Toledo
188,000
44,000
14,000
1,000
3,000
Detroit
33,000
6,000
14,000
4,000
Indianapolis23,000
187,000
82,000
St. Louis_ _ -81,000
552,000
349,000
310,000
4,000
Peoria
50,000
39,000
459,000
185,000
24,000
Kansas City._
2,988,000
112,000
24,000
Omaha
103,000
209,000
22,000
St. Joseph_
115,000
150,000
Wichita
1,950,000
6,000
6,000
Sioux City__ _
15,000
81,000
6,000
Tot. wk.'27 375,000 8,542,000 3,515,000 1,645,000 528,000
419,000
Same week '26 399,000 13,794,000
1,942,000 411,000 180,000
Same week '25 451,000 7,589,000 2,603,000
1,665,000 2,948,000 731,000 121.000
Since Aug.11926
22,657,000 335,399,000221,551,000 139,985,00022,095,00030,561,000
1925
21,162,000340,123,000,226,356,000 213,881.00070.011,000
1924 _ _ _ _ _ 29 119n Ann4o9 ROI nna229 7,1•1 non 9RR 174 00A 02 RA2 MA 23,019,000
AR nA9 nnn
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, July 9, follow:
Receipts at-
I
Flour. I Wheat.
Corn.
Oars.
Barley.
Rye.
I Barrels.
Bushels.
Bushels.
Bushels. Bushels. Bushels.
New York....-I 150,000
22.000
611,000
44,000 129,000
26,000
Philadelphia„,
39,000
4.000
7,000
38,000
Baltimore_._ _1
26,000
3,000
169,000
24,000
2,000
2,000
New Orleans*
42,000
48,000
54,000
3,000
Galveston..._ _
1,592.000
Montreal_ .
_.
70,000 1,233,000
8,000
95,000 187,000 452,000
Boston
17,000
16,000
1,000
Tot. wk.'27 344.000 3,660,000
91,000',
220,000
Since Jan. 1'27 11,351,000 131,824,000 5,680,000, 14,748,000 318,000 481,000
20,967,000 20,294,000
Week i926...J 514,000 8,238.000
309,000
Since Jan. 1'26 12,473,000104,800,000 9,660,000 1,705,000 851,000 596,000
29,203.000 16,497,000 8,027,000
•Receipts do not include grain passing through New
Orleans for foreign ports
on through bills of lading.
I
1
The exports from the several seaboard ports for the week
ending Saturday, July 9 1927, are shown in the annexed
statement:
Corn.
Wheat.
Exports from-
Rye.
Oats.
Flour.
Barley.
Barrels. Bushels. Bushels. Bushels.
14.715 182,274
20,015
42,203
15,000
1,000
12,000
6,000
54,000
50,000
17,000
36,000 121,000 410,000 137,000
Bushels. Bushels.
472,398
New York
Boston
Baltimore
New Orleans
Galveston
Montreal
120,000
10,000
80,000
1,058,000
Total week 1927.- 1,740,398
Same week 1926.... 4.933,550
54,000
159,000
117,203 153,015
220.396 1,218,367
424,715 349,274
356,079 1,570.084
The destination of these exports for the week and since
July 1 1927 is as below:
Since
July 1
1927.
Week
July 9
1927.
Week
July 9
1927.
Bushels.
Barrels. Barrels.
981,919
51,702
United Kingdom_ 51,702
748,479
59,901
59,901
Continent
10,000
1,000
1,000
Amer_
So. dr Cent.
4,000
4.000
West Indies
Brit. No. Am.Col.
600
600
Other countries_ _ _
Total 1927
117.203 1,740.398
220.396 4.933.550
117,203
220.396
Corn.
Wheat.
Flour.
Exports for Week
and Since
Total 1026
Week
July 9
1927.
Since
July 1
1927.
Since
July 1
1927.
Bushels. Bushels. Bushels.
981,919
748,479
6,000
6,000
10,000
48.000
48,000
-
54,000
54,000
159,000 '159.000
1,740,398
4.933.550
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, July 9, were as follows:
GRAIN STOCKS.
Oats.
Corn.
Wheat.
bush,
bush,
bush,
871,000
85,000
360,000
16,000
1,000
3,000
131,000
21,000
84,000
125,000
86,000
220,000
83,000
106.000
378,000
2,396,000
340,000
231,000
2,252,000
1,626,000 3,193,000 2,329,000
25,000
639,000
311,000
1,100,000
87,000
37,000
185,000
1,925,000 15.784,000 4.028,000
786,000
223,000 1,398,000
1,871,000
2,393.000
5,631,000 1,460,000 3,692,000
70,000
569,000
77,000
212,000
611,000 2.117,000
242,000
2,551,000 4.134,000
1,000
1,304,000
904,000
248,000
196.000
136,000
119,000
272,000
57,000
215,000
395,000 3,419,000
128,000
495,000
287,000
120.000
United StatesNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Buffalo
afloat
"
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph. Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
Rye.
bush.
85,000
3.000
4,000
17,000
13,000
73,000
2.000
38,000
10,000
14,000
395,000
22.900
312,000
157,000
8,000
84,000
Barley.
bush.
34,000
4,000
64,000
19,000
95.000
85,000
5,000
5,000
29,000
29,000
381,000
312,000
4,000
19.000
4,000
37,000
85,000
60.000
1.274,000 1,234,000
Total July 9 1927-24,659,000 34,393,000 16,339,000 1.143,000
1,128,000
Total July 2 1927.-22,107.000 34,427,000 17,790.000
Total July 10 1926-14,162.000 28.520.000 36,203,000 9,918,000 2,606,000
Duluth.
bushels;
2,000
New
York,
Oats,
above:
Note.-Bonded grain not included
Barley, New York,
21,000; total, 23,000 bushels, against 459,000 bushels In 1926. total,
bush296.000
163,000;
canal,
18,000;
Duluth,
67,000;
48,000 bushels; Buffalo,
els, against 695,000 bushels in 1926. Wheat, New York. 2,088.000 bushels; Boston,
Buffalo
Buffalo,
2,105,000;
1,139,000;
Baltimore,
963,000;
Philadelphia,
206,000;
afloat, 241.000: Duluth, 85.000; canal, 300.000; total, 7,127,000 bushels, against
6.027,000 bushels In 1926.
Canadian473,000
121,000
1,003,000
3.053.000
Montreal
942,000
831,000
979,000
Ft. William & Pt. Arthur_21,018,000
159,000
1,264,000
3,751,000
Other Canadian
3,246,000
Total July 9 1927____27,822.000
3,382,000
Total July 2 1927___27,276,000
6,310,000
Total July 10 1926____24,368,000
Summary24,659,000 34,393,000 16,339,000
American
3,246,000
27,822,000
Cfmadlan
19,585,000
Total July 9 1927-.52,481,000 34,393,000 21,172,000
Total July 2 1927-__49,383,000 34,427,000 42.513,000
Total July 10 1926.-38,530,000 28,520,000
952,000 1,574,000
943,000 1,564,000
1,438,000 4,301.000
1.274,000 1,234,000
952,000 1,574,000
.2,226,000 2,808,000
2,086,000 2,892,000
11,356,000 6,997,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, July 8, and since July 1 1927 and 1926,
are shown in the following:
Corn.
Wheal.
1927.
Week
July 8.
North Amer_
Black Sea_ _
Argentina___
Australia
India
0th. countr's
1926.
Since
Since
July 1 '27. July 1 '26
Bushels.
Bushels.
4,679,000 4,679,000
96,000
96,000
1,558,000 1,558,000
1,808,000 1,808,000
1,816,000 1,816.000
144,000
144,000
1927.
Bushels,
Bushels.
Bushels.
Bushels.
65.000
225,000
8,187.000 225,000,
893,000
376.000 1,080,0001 1,080.000
4,760,000
9,308.000
1,495,000 9,308,000
1,096,000
936.000
17,000
17,000
5,718,000
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED. Capital.
July
July
9-National Bank of Pico,CalifThomas. Pico, Calif.
$25.000
Correspondent, Charles A.
APPLICATIONS TO CONVERT APPROVED.
$100,000
7-The Central National Bank of Minneapolis, Minn
Conversion of the Central State Bank of Minneapolis.
Minn.
100.000
-The Peoples National Bank of Tyler, Texas
Conversion of the People's State Bank of Tyler. Texas.
7
CHANGE OF TITLE.
Gramatan National Bank of Bronxville,
N. Y., to "The Gramatan National Bank & Trust Co.
of Bronxville."
VOLUNTARY LIQUIDATIONS.
$25,000
July 6-The First National Bank of Hershey, Neb
Effective Juno 24 1927. Liq. Agent, James W.Abbott,
Hershey, Neb. Absorbed by the First National Bank
of North Platte, Neb., No. 3,496.
750,000
-The Citizens' National Bank of Boston, Mass
July
Effective May 20 1927. Liq. Corn., Harry H. Ham,
Waban, Mass.; Frederic R. Sawyer, Malden, Mass.,
and Edward G. Young, Newton, Mass. Absorbed by
the National Shawmut Bank of Boston. No. 5,155.
40.000
-The
First National Bank of Lawrenceville. Va
July
Effective July 5 1927. Liq. Agent, the Brunswick
County State Bank of Lawrenceville, Va. Absorbed by
the Brunswick County State Bank of Lawrenceville,
Va.
BRANCH AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
July 5-First Camden National Bank & Trust Co..Camden,
N. J. Location of Branch, vicinity of Broad way and
Sycamore Streets, Camden,
July
7-8,240-The
8
9
Philadelphia Stock Exchange.-Record of transaction°
at Philadelphia Stock Exchange, July 9 to July 15, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Last Week's Range Sales
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Aimar Stores
10
Alliance Insurance
•
American Stores
Bell Tel Co of Pa pref
50
Cambria Iron
Consol Trac of N J..100
Cramp Ship & Eng
Fairmont Park 'Tr Co__ *
50
Fire Association
Giant Portland Cement_50
Hcrn dr Hardart(NY)corn
Insurance Co of N A___ _10
_50
Keystone Telephone
Keystone Watch Case..•
Lake Superior Corp._ _.100
50
Lehigh Navigation
•
Le Pow Sec Corp
50
Lehigh Valley
10
Lit Brothers
•
Mark Louis
Penn Cent L & P,cum pt.*
50
Pennsylvania RR
Pennsylvania Salt Mfg_50
214
Penn Traffic
50
PhDs, Co pref(5%)
Preferred (cumul6%)_50
Phlla Electric of Penna._25
25
Power receipts
Phlla Insulated Wire..._*
Phila Rapid Transit._ _ _50
50
7% preferred
Philadelphia Traction__ _50
50
Phila. & Western
Reading Traction
3hreve El Dorado Pipe L 25
Ranley Co of America__.•
Tono-Belmont Devel_ _1
1
Tonopah Mining
50
Union Traction
United Gas Improv't 50
•
U S Dairy Prod "B"
Victor Talk Mach new_ __1
•
8% preferred
*
7% preferred
West Jersey & Sea Shore_ 50
York Railways. pref.. _50
1334
6434
11334
4134
56
6234
134
108
18
19
7634
5034
1634
64
5431
5034
56
12
21
6534
3634
10354
Range Since Jan. 1.
Low.
High.
1334 1,045 10 May 1734 Jan
12
Apr
Feb 55
5 48
55
55
1,603 6234 May 7314 Jan
6434 66
207 11234 Jan 115 June
113 11334
Mar
37 4014 Mar 42
4134 4134
15 3534 Jan 6434 May
5034 5014
534 June
334 June
45
334 334
534 Mar 1234 June
155
10
10
Jan
Mar 55
100 51
53
53
Jan
110 4714 June 93
5334 56
20 5034 Apr 5614 June
54
53
6134 6234 1,639 51.34 Jan 6234 July
Jan
5
214 July
100
234 234
Jan 90 May
50 76
85
85
234 Mar
134 Jan
50
134 134
2,112 10534 June 11934 Jan
10534 108
18
1834 4,845 1534 Jan 2034 Apr
Jan 13434 June
51 100
12734 130
Jan
45 23 May 28
2334 2334
2014 1,850 1234 Mar 21 June
18
396 7114 Jan 7614 July
7414 7634
6334 6434 15,200 5634 Jan 6834 Jan
90 7514 Jan 7934 Apr
7554 78
1% Jan
114 Apr
900
134 134
60 4034 Jan 45 May
43
43
47 4934 Jan 5234 May
52
52
Jan
50
6034 5,503 4614 Feb 54
Jan 1634 May
9
426
1634 1634
Jan
Jan 66
15 63
64
64
Apr 5534 June
100 52
5434 5434
736 50 June 5234 June
5014 5134
Mar
Mar 69
490 53
5434 5614
215 1134 Jan 1534 Mar
12
12
July
Mar 25
25
100 23
25
592 20 May 2434 Jan
20
2134
July 9034 Feb
6.993 65
67
65
736
134 I%
234 Mar
134 June
7 Apr
2.4
650
234 Apr
234 234
Jan 3914 Mar
633 38
3634 3634
4,475 89g Feb 10834 May
10334 105
9
Mar 15 June
100
1434 1434
Apr
32H 33
200 3234 July 41
5 8714 Jan 0634 Apr
8834 8834
10 97
Jan 10034 Apr
97
97
Jan 4734 Mar
42
35 40
43
15 3714 Mar 4234 May
4234 4234
Bonds98 10034
(met Gas& Elm 5s. _2007
8534
84
Donsol Trac NJ 1st 5s 1932
56
Elea & Peoples tr ctfs 4s'45 5534 55
5534 5534
Small
1945
9554 9534
Keystone Telep:Ist 5s.1935
Lehigh C & N Consol
9934 9954
4)4s
1954
Lehigh VaU annuity 430_ 9934 9934 9934
Mils,Co cons & coil tr Is
10034 10034
Stmpd sk fd dr red _1951
9034 9014
>hila Eiec (Pa) 1st at 4s'66
10434 10434
1960
5s
10414 10534
1st 5s
1966
10414 10414
Small
1966
10654 107
534s
1953
107 107
65
1941
thila Elea Pow Co 534s '72 10434 10434 10434
9514
95
.hila Sub Co 434e.....1957
10534 10534
leading Term reg 5s
6614
66
Jnited Rys gold tr ctf 48'49 66
OR IX 06W
co 1.4
1057
eork RVR 1st 5s
33,700
17,000
43,100
500
2,000
5.000
1,000
19,000
3,000
2,000
43,000
500
2.500
500
11,500
22,000
3,000
8,000
10.000
95
62
54
55
93
Feb 10134 June
Jan 89 May
Mar
Jan 69
June 5834 Jan
Feb 9614 May
Jan
9834 Mar 100
9914 May 9934 May
9934
87H
103
10334
10414
105
10634
103
95
10434
63
Jan
Feb
Jan
Feb
July
Feb
June
Jan
May
Feb
Jan
0214 Jona
10234
9134
108
106
10434
10714
10834
10534
9534
10534
79
May
June
May
May
July
May
Feb
Feb
May
May
Mar
OR 14 Mar
•No par value.
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange July 9 to July 15, both inclusive, compiled from official sales lists:
1926.
Since
Since
Week
July 8. July 1 '27. July 1 '26.
10,630,000
Total ---- 10,101,000 10,101,000 12,090.00010,630.000
July
(VOL. 125.
T1-1 PI CHRONICLE
352
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. Hi" Shares,
Am Wholesale new stk-100
5
.
Arundel Corp new Block,
Atlas Coast L(Conn).__50
Bait Commercial Bank_100
50
Baltimore Trust Co
Baltimore Tube, pref _100
Black dr Decker Mfg Co_ _*
25
Preferred
Canton Co, corn
•
Central Fire Insurance_ _10
50
Century Trust
Ches&Pot Tel of Bait p1100
Commerce Trust
50
Commercial Credit
•
Preferred
25
Preferred B
25
100
6H% preferred
Consol Gas. E L& Pow...*
634% preferred
100
100
7% preferred
8% preferred
100
Consolidation Coal., 100
100
Continental Trust
East Roll Mill new etock_•
50
Fidelity & Deposit
Finance Co of America_25
10114 101H 101;4
35;4 35,4
250 250
13734 13714
13834 13634
2834 28%
1134 12%
24
24
280 280
3314 34
34
178 17754
11634 116% 11634
58% 5534 5834
1434 15
15
2054 21
21
21
73
73
73
5754 5734 58
112 112
115 115
12834 12934
2974 31
30
267 275
275
2834 2734 2814
21514 210 215X
934 914
10
457
62
10
158
10
20
8
3
226
11
82
200
414
269
130
5
354
23
4
178
354
90
250
202
25
Range Since Jan. 1.
Low.
101 June
3134 Jan
Jan
230
13754 July
1291‘ Feb
25 May
1134 July
24
July
250
Jan
26
Jan
170
Jan
115
Jan
53 May
14H June
1934 June
1834 June
July
73
Jan
51
11034 May
11234 Mar
127 June
29H July
Mar
240
Mar
21
13534 Jan
934 Jan
High.
105
3634
250
13734
144
3654
1234
2534
280
37
198
11754
5734
29
2234
23
82
5914
112%
11514
129%
37%
275
33
230
1034
Mar
May
July
July
Mar
Jan
J1100
Juno
July
Feb
Feb
June
Jan
Feb
Jan
June
Jan
May
Mar
Fob
July
Jan
July
May
June
Feb
JULY 16 1927.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sate
of Prices.
Week.
Stocks (Concluded) Par. Price, Low. High. Shares.
Finance Service, class A.10
17
17
Hendler Creamery pr p1100 100
100 100
Houtson Oil pref v t c....100 98
96
98
Manufacturers' Finance_25 2534 2534 2534
1st preferred
25 2134 2134 2134
2d preferred
25 1814 1834 1834
Trust preferred
25 17
17
17
Maryland Casualty Co-25
11434 116
Md & Penna RR corn...100
24
24
Mercantile Trust Co.....50
- 405 405
Merch & Miners new_
41
'e. 41
4134
Monon Val Tr 7% pref__25 26
2534 26
Morris Plan Bk of Balt...10
• 1334 1334
Mt V-Wdby Mills v t r_100 17
16
17
Preferred v t r
100 89
8614 89
New Amsterd Can Co__10 70
6734 7032
Northern Central
50 8434 8434 8434
Peoria Water & Power_100 54
5234 54
Sharpe & Dohme pref__100
10934 110
Stand Gas Equip pref__100 84
84
84
Un Porto Rico Sug come
3734 38
United Ry & Electric_ _ _50 2111 2134 22
U S Fidelity & Guar_ ___50 30034 29634 302
Wash Bait & Annap_ _50
17
17
Preferred
50
18
18
West Md Dairy Inc conke
50
50
Prior preferred
50
53
53
20
20
180
403
143
289
132
172
5
8
171
52
25
108
145
640
33
1,067
10
24
330
511
375
44
15
2
5
BanksBalt Sparrows P&C 4)0'53 92
92
92
$1,000
Ches & Po Tel of Va
1st 58
1943 10234 102 10234 2,000
Consolidated Gas 56..1939
10434 10434 4,000
General 414s
1954
9934 9934 9,000
Consol G,EL&P 410_1935
1,000
9934 9934
Elkhorn Coal Corp 634832
100 100
1,000
Fair & Clarks Trac 5a_1938
9434 9434 2,000
Fla Cent & Perlin cons 58'43
10134 10134
1,000
Gibson Island 1st 65. 1936
1,000
10434 10434
Houston Oil 6%s
1935
10334 10314 1,000
Md Electric Ry 1st 69_1931
9934 9934 2,000
6148
1952 10134 101
3,000
Monon Valley Trac 55_1942 9334 9314 10134
9334
1,000
North Bait 'Frac 5s..1942
10034 10034
1,000
Santee Timber Corp 634s
97
97
1,000
United E L & P 4)4s_ _1929
9934 9934
1,000
Un Porto Ric Sug 7% '31
101 101 1,000
United Ry & E 48____1949 7334 7334 74
17,000
Income 4s
1949
5434 55
13,000
Funding 5s
1936
8334 84
600
138
1930
1,000
10034 10034
6s, when issued__ _1949 101
10034 101
4,000
Wash Balt & Annan 5s 1941 8534 85
86
36,000
•No par value.
Range mace Jan. 1.
Low.
High.
1634 June
100
Feb
86
Jan
July
25
19
Apr
1634 Apr
17
Apr
98
Jan
24
July
400
Feb
3734 Apr
2334 Mar
1314 July
1534 May
7834 Jan
5234 Jan
81
Jan
4734 June
103
Jan
80
May
3634 May
20
Jan
205
Feb
834 Jan
18
Mar
48
July
50
Feb
1834 Jan
10134 Feb
9934 June
44
Jan
2234 Feb
22
Jan
2134 Feb
116
Mar
3134 Feb
409
Jan
43
Jan
26 June
1334 July
1834 Jan
89
July
73 June
8534 June
54
July
110
May
86
Mar
44
May
24 June
325 June
22
May
2434 Feb
5334 June
5334 June
87
Jan
10134
102
9834
9834
98
93
10134
100
103
97
91
9334
9914
97
9934
10034
7034
51
7534
9934
9934
65
Feb
Mar
Jan
Jan
Jan
Feb
Apr
Jan
Feb
Feb
Jan
July
Jan
July
Jan
Apr
Jan
Jan
Jan
Mar
Mar
Jan
9234 May
10234
10534
100
100
10034
96
10134
10434
104
9934
102
9434
10034
97
9932
10234
7934
60
89
10032
10134
9054
July
Apr
May
Apr
June
Apr
June
July
Feb
May
May
Apr
Apr
July
AM
May
May
Apt
May
May
Jum
May
BANK NOTES-CHANGES IN TOTALS OF,AND IN
DEPOSITED BONDS, &c.-We give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor: .
June 30 1927---_
May 31 1927-April 30 1927....
Mar. 31 1927._
Feb. 28 1927-Jan. 31 1927....
Dec. 31 1926.Nov.30 1920....
Oct. 311926.....
Sept.30 1926_ -_
Aug. 31 1926.__
July 31 l926..._
June 30 l028....._
May 31 1928 _ _ _.
Apr1130 1926._
Mar.31 1925,_ _ _
Feb. 27 1926_ _ _.
Jan. 31 1926....
Dec. 31 1925.....
Nov.30 1925....
Oct. 31 1925-Sept.30 1925-- _
Aug. 311925,...
July 31 1925_ _ _ _
Amount Bonds
on Deposit to
Secure Circulation for National
Bank Notes.
Bonds.
Legal
Tenders.
$
666,991,130
667,095,680
665,724,930
865,641,990
666,138,640
664,503,940
666,211,440
666,278,180
665,492,880
665,830,440
665,889.940
665,941,890
665,616.390
660,465.140
665.686,140
665,568,140
665,235,640
685,363.590
666.273.130
660,087.630
666.185.130
665.542.630
665,810,130
665.227.130
$
661,288.545
663,156,720
662,238,833
661,673,603
660,366,240
657,364,790
681,048,465
662,764,613
661,742.830
660,555.797
659,760.467
661,434.195
660,986,560
660,677.175
661,664,478
661.016,470
661.244.347
661,298,333
658.362,223
662,622,888
662,538.483
661.380.320
662.186,083
060.341.413
$
42,857,722
42,777,217
39,074.404
38,251,364
36,825,184
37,856,759
36,721.464
27,927,974
38.971,702
29,178,467
39.768.777*
40,714,779
41,682,684
42,697,987
42,519,201
44.211.319
45.059,372
45,050.979
46,194,204
48,127,556
51,264,261
56.543,569
61,476,914
68.214.271
National Bank Circulation.
Afloat onTeta
$
704,146,267
705,933,937
701,313,237
699,924,967
697,191,424
695,221,549
697,767,929
700,692,587
700,714.532
699,734,269
699,529,244
702,148,974
702,669,249
703,375,162
704,183,679
705,227,783
706,303,713
706,349,312
704,556.427
710,750,444
713,802.744
717,923,883
723,662,991
7911 %SS AU
54,854,238 Federal Reserve bank notes outstanding July
1 1927, secured by
awful money, against 35.713,148 July 1 1926.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure
Federal
Reserve bank notes and national bank notes on June
30.
Bonds on Deposit
June 30 1927.
2s, U. S. Consols of 1930
2s, U. S. Panama of 1936
28, U. 8. Panama of 1938
Totals
By Adrian H. Muller & Sons, New York:
Shares, Stocks.
3 per sh.
10 Mine Mount Land Co
$21 lot
10 Somerset Hills Impt. Co., par
$50
$18 lot
334 Gibraltar Mines Syndicate,
par $1
$1 lot
24 Central Real Estate Assn.. Inc..
New York
$241 lot
79 Colonial Real Estate Assn., Inc.,
New York
$280 lot
5 Jefferson & Clearfield Coal & Iron
Co.. Inc
le%
4 Jefferson & Clearfield Coal &
Iron Co., Inc.. pref
61
1 Manhattan Real Estate Assn.,
Inc., New York
$90 lot
150 Seaman Paper Co., com_.$10,000 lot
5 Tyson Co., pref
$5 lot
Shares. Stocks.
$ Per eh.
50 Linen Products Corp., class A, 1
no par
50 Hytex Linens, Inc., prof
200 Hytex Linens, Inc., class A,
corn., no par
50 Franklin Square Bldg. & Loan
Assn. stock. This stock is 61
months old, maturity date 10 $
yrs.&9 mos.from date of Issue, .600
lot
monthly payments 850.
arrears
& int. due July 18 1927.5315.40
50 Comma Bldg. & Loan
Assn.
stock. This stock Is 60 M08.
old, maturity date 10 years & 9
mos.from date of Issue, monthly payments $50, arrears &
int.
due July 18 1927. $315.40
By R. L. Day & Co., Boston:
Shares. Stotts.
$ Per. 85. Shares. Sta,11..
8 per sh.
3 National Shawmut Bank
287
15 Heywood Wakefield Co., 1st pf_
84
27 National Shawmut Bank
287
18 Heywood Wakefield Co.. com4014
32 Wamsutta Mills
7 Laclede Gas Light Co., corn
57
240
5 Dartmouth Mfg. Corp., pref8414 4 units First Peoples Trust
58
18 Dartmouth Mfg. Corp., com
10034 5 Ins.& Bank Investors Trust A
4854
1 Troy Cotton de Woolen Manu1 Ins. de Bank Investors Trust B
1254
factory Co., par $500
4034 27 U.S. Envelope Co.. corn
21534
17 Merchants Mfg. Co., Gall River_ 47
8 The Essex Co., par $50
19034
25 Ludlow Mfg. Assoclates____18412185 2 Business Real Estate Trust
3334
14 Hill Mfg. Co
20
10 13. S. Envelope Co.. pref
11534
2 Pepperell Mfg. Co
Ill
1 Lynn G.de E.Co.undep., par 325.162
35 West Boylston Mfg. Co., pref._ 48
100 Gt. Nor. Paper Co., par $25...
5 Darmouth Mfg. Co., pref
85
10 Dedham & Hyde Park Gas & 6234
5 Great Falls Mfg. Co
1134
Elec. Co., V. t. c.. Par $25
25 Brookside Mills
17 Mass. Utilities Investors Trust, 48
86
15 Boston Revere Beach & Lynn
pref., par $50
RR
8314-83% ex-dly. 10 Beverly Gas de Elec. Co., undep., 43
2 Springfield Ry., pref
6134
par $25
8714
2 Worcester Consol. St. Ry., 1st
8 Nor.Bost.Leg.Prop.,com. v.t.e_159
prof., Par 580
1734
Bonds.
Per Cent.
2 Boston Woven Hose & Rubber
$3,000 Middlesex dv Boston St. Ry.
Co., common
8234
1st ref. M.434s, Jan. 1932_51% &
int.
14-100 State Theatre, pref
64
$1.000 Bancroft Realty Co. 1st Si,
58 New Bedford Gas & Edison
Feb. 1933
9931
Light Co., undep., par S25_10032-101 $1,000 Parker Young
CO.. 1st M.
1 Laclede Power & Light Co., corn.
6148. Feb. 1944
9731
v. t C
100
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per sh.
Shares. Stock.
$ per sh.
20 Atlantic Natl. Bk
299-300 14 Edison Elec. Ill. Co. of Brockton
20 Nat. Shawmut Bank
286
undep.. Par $25
50 Nashua Mfg. Co., pref
93
7 special units First Peoples Trust.- 6634
5
100 Hamilton Mfg, Co
330 25 Covert Gear & Mfg. Corp.,cl.
50 Nashua Mfg. Co., pref
93 ex-clev. 15 Covert Gear & Mfg. Corp., cl. At
I3120
10 Saco-Lowell Shops, 2d pref.-- 834 31 Flintkote Co., pref
105 ex-cliv.
10 West Po.nt Mfg. Co
13234 18 New Bedford Gas & Edison Lt.
25 Pepperell Mfg.Co
Co., undep., par 825
11234
32 ex-diy.
5 Arlington Mills
5412 5 No. Boston Ltg. Prop., common
10 Lancaster Mills, pref
3234
v. t. 0
16
25 Brookside Mills ,
85
5 Andrews Real Estate Trust034 ex-div.
90
20 Springfield Ry Co.r4% pref.-- 6134 2 Towle Mfg, Co
13034
4 Stony Brook RR
11034 5 M839. Mg. CO..0%
pref_1145( es-d1v.
6 Ware River RR
13034 10 Greenfield Tap & Die Corp.,
25 Public Electric Light Co., pref._ 9134
preferred
96
50 Eastern Leather Co., pref
8334
5 Boston Insurance Co
Bonds.
65014
Per
cent:
16 Western Real Estate Trust
185
51,000 Investors Mtge. Corp.,651s,
6 Haverhill Gas Lt. Co., par $25- 6434
series A, Sept. 15 1955 carrying
9 Draper Corporation
7254
20 shares corn.stock as bonus-- 80
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh. Shares. Stocks.
t Per M.
15 Integrity Trust Co., par 350_ _550
10 Northeastern Title de Trust Co.,
•
4 Phila. Bourse, corn., par 850.- 2634
Dar $50
7534
8 Phila. Bourse, corn., par $502631 10 Allegheny Title & Trust Co.,
10 Amer.Telegraphone Co., par $10 2
par $50
66
34 Kensington Nat. Bk., par $50__21134 25 Allegheny Title de
Trust Co.,
2 Kensington Nat.Bk., par $50_ _ _ _210
Par $50
6534
229 Penna. Co.for DM.on Lives,da.895
10 Phila. Co.for Guar. Mtges
225
5 Penna. Co.for Ins. on Lives, &o_89454 6 Citizens Passenger Ry
190
131 Penna.Co.for Ins.on Lives,&c_89434 25 Public Serv. Corp. of
N.J.6% isf 9934
100 Northern Liberties Gas Co.,
75 Public Serv. Corp. of N. J., 6%
Par 325
3714
preferred
9934
100 Northern Liberties Gas Co..
15 Phila., Germantown & Norrispar $25
37
town RR
128
100 Northern Liberties Gas Co.,
3 Keystone Telephone Co. of N.J.,
par $25
3614
common
234
3 2d & 3d Sta. Passenger Ry
15214 6 Phila. Bourse, corn., par $50
2634
10 Drovers & Merchants Nat. Bk_21014 20 Haverford Land &
Impt. Assn.,
10 Drovers & Merchants Nat. Bk_210
par $50
66
25 Nat. Bk. of No. Phila., with 10
20 Independence Indemnity Co.. _325
rights to subscribe
320
10 Buck Hill Falls Co
150
5 National Bank of Commerce_ _285
Bonds.
Per cent.
5 Penn National Bank
635
$2,000 Interstate Window Glass
10 Overbrook National Bank
Co. 18t M.8s, April 15 1926, 01.
175
34 Mitten Men & Mgt. Bk. & Tr.
of dep
1
Co., par $50,stamped
121
15,000 Interstate Window Glaa s
5 63d St. Title & Tr. Co.. par $50. 45
Co. 1st M.88, Apr11 15 1926, ctl
10 Bk. of No. Amer. & Tr. Co.... 89
of deP
I
6 Northern Central Tr. Co., par
$50
130
By A. J. Wright & Co., Buffalo:
Shares. Stock.
$ per sh Shares. Stock.
$ Per share.
1 Buff., Niag. & East. Pow., no par 34
1 Buff., Mag.& East. Pow., pref.,
100 New Sutherland Divide, par
par 525
U. S. Bonds Held June 30 1927 to Secure
2614
168
$1 lot 100 March Gold, Inc., par 10c
Sc
500 Chaput Hughes, par $1
7340 1.000 Baldwin Gold Mines, par 51_ lc
On Deposit to On Deposit to
Secure Federal
Secure
Total
Reserve Bank National Bank
DIVIDENDS.
Held
Notes.'
Notes.
593,624,550
48,618,260
25,748.320
592,624,5.50
48,618,260
25,748,320
666,991.130
666,991,130
The following shows the amount of national bank notes
afloat and the amount of legal tender deposits June
1 1927
and July 1 1927, and their increase or decrease during
the
month of June:
National Bank Notes-Total AfloatAmount afloat Juno 1 1927
Net decrease during June
Amount of bank notes afloat July 1
Legal Tender NotesAmount on deposit to redeem national bank notes June 1 1927
Net amount of bank notes issued In June
•
Amount on deposit to redeem national bank notes July 1 1927
$705,933,937
1,787,670
$704,146,267
$42,777,217
80.505
$42.857.722
Auction Sales.-Among other securities, the following
not actually dealt in at the Stock Exchange, were sold at auction,
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
353
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Gulf Mobile & Northern, pref. (guar.).- *114 Oct. 1 *
Holders of rec. Sept. 15
Hudson & Manhattan, preferred
*214 Aug. 15 *Holders of rec. Aug. 2
Mine Hill de Schuylkill Haven
e$1.50 Aug. 1 *Holders of rec. July 14
Nashville Chattanooga & St. Louis
334 Aug. 1 Holders of rec. July 23
Public Utilities.
Amer.Dist. Teleg. of N.J., coca.((in.)._ *75c. July 29
*Holders of rec. July 15
Preferred (guar.)
1,134 July 15 Holders of rec. June 15
Amer. Superpower Corp.. partic. pf.
50c. Aug. 15 Holders of rec. July 30
(Clu)
Associated Gas & Elec..$6 pref.(guar.). 51.50 Sept.
1 Holders of rec. July 30
$6.15 preferred (guar.)
31.6212 Sept. 1 Holders of rec. July 30
Broad River Power. prof.(guar.)
114 Aug. 1 Holders of rec. July 15
Connecticut R.& Leg., corn. & pf.(qu.)
*114 Aug. 15 *Holders of rec. July 30
Eastern States Power Corp., pref.(on.). $1.75
Aug. 1 Holders of rec. July 15
Fall River Gas Works(Quer.)
*75e. Aug. 1 *Holders of rec. July 20
Ft. Worth Power & Light, pref. (guar.).
Aug. 1 Holders of rec. July 15
Indianapolis Pr. & Lt., 1st pf. (guar.)._ *$1.75 Aug.
of rec. July 18
Internat. Utilities Corp.,$7 pref.((AO-- $1.75 Aug. 1 *Holders
1 Holders of rec. July 20a
Name of Company.
[Vol.. 125.
THE CHRONICLE
3.1
Name of Company.
Per
1When
Cent. Payable.
Books Closed.
Days Inclusive,
Public Utilities (Concluded).
35c. Aug. 1 July 21 to Aug. 1
Interstate Railways, corn. (guar.)
Knoxville Power dr Light, $7 pref. (qu.)_ $1.75 Aug. 1 Holders of rec. July 20
$1.50 Aug. 1 Holders of rec. July 20
$6 preferred (guar.)
*51.50 Aug. 15 *Holders of rec. July 30
Middle West Utilities, corn.(quar.)
Mohawk & Hudson Power, pref.(quar.)- 51.75 Aug. 1 Holders of rec. July 20
$1.75 Aug. 1 Holders of rec. July 20
Second preferred (quar.)
North American Edison Co., pref. (qu.)_ $1.50 Sept. 1 Holders of rec. Aug. 15a
North West Utilities, 7% pref. (quar.).... 4,1% Aug. 15 *Holders of rec. July 30
50e. Aug. 3 Holders of rec. July 15
Power & Light Securities Trust
$1 Aug. 1 Holders of rec. July 15
Rhode Island Pub. Serv., class A
50e. Aug. 1 July 16 to July 19
Preferred (guar.)
Southern Calif. Edison,corn.(guar.)- - 50c. Aug. 15 Holders of rec. July 20
Sierra Pacific Electric Co.,corn.(quar.)- '50e. Aug. 1 *Holders of rec. July 15
"1.34 Aug. 1 *Holders of rec. July 15
Preferred (quar.)
Tennessee Eastern Elec. Co.$7 pt.(qu.) 51.75 Sept. 1 Holders of rec. Aug. la
134 Sept. 1 Holders of rec. Aug. la
Six per cent pref. (quar.)
154 Oct. 1 Holders of rec. Sept. 15
Tennessee Elec Power 6% 1st pref (qu.)
Oct. 1 Holders of rec. Sept. 15
Seven per cent let preferred (quar.)-1.80 Oct. 1 Holders of rec. Sept. 15
7.2% 1st pref. (quar.)
Aug. 1 Holders of rec. July 15
50c.
Six per cent 1st pref. (monthly)
50c. Sept. 1 Holders of rec. Aug. 15
Six per cent 1st pref. (monthly)
500. Oct. 1 Holders of rec. Sept. 15
Six per cent let pref. (monthly)
60c. Aug. 1 Holders of rec. July 15
7.2% 1st pref. (monthly)
600. Sept. 1 Holders of rec. Aug. 15
7.2% 1st pref. (monthly)
600. Oct. 1 Holders of rec. Sept. 15
7.2% 1st pref. (monthly)
Banks.
Continental
Corn Exchange (quar.)
Fire Insurance.
City of New York Ins
Home Insurance (War.)
Quarterly
Niagara (quar.)
*4
5
6
5
5
5
Aug. 1 *Holders of rec. Jo', 27
Aug. 1 Holders of rec. Js, y 30
On dem
July 11
Oct. 10
July 18
Holders of rec. June 30
July 1 to July 12
Holders of rec. Sept. 30
Holders of rec. July 80
Miscellaneous.
July 30
American European Securities, pref.(qu.) 51.50 Aug. 15 Holders of rec. Sept.
15
•31.50 Sept. 30 *Holders of rec.
Amer. Railway Express (quar.)
30
American Rolling Mills, corn. (quar.)--. *50e. Oct. 15 *Holders of rec. Sept. 15
Sept.
rec.
of
*Holders
Oct
1
"1.34
Preferred (quar.)
•154 Aug. 2 *Holders of rec. July 15
American Sales Book, pref. (guar.)
*250. July 30 *Holders of ree.'July 18
Arizona Commercial Mining
*750. Oct. 1 *Holders of rec. Sept. 15
Art Loom Corp., corn. (quar.)
Aug. 1 Holders of rec. July 16
3
Belding-Corticelli, Ltd., common
134 Sept. 15 Holders of rec. Aug. 31
Preferred (guar.)
Aug. 3 *Holders of rec. July 28
*10
Big Lake 011
*75e. July 25 *Holders of rec. July 11
Briggs Mfg. Co., corn. (quar.)
1 Holders of rec. July 15
Aug.
134
British Columbia Pulp & Paper, pf.(a.)
50e. July 15 Holders of rec. June 30
Brompton Pulp dr Paper, COM. MILL
Brunswick-Balke-Collender, corn. (qu.)_ "75o. Aug. 15 *Holders of rec. Aug. 5
Sept. 15 *Holders of rec. Aug. 31
*51
California Packing (quar.)
134 Aug. 1 Holders of rec. July 15
Canadian Bronze, Ltd., pref. (quar.) _
134
Aug. 15 Holders of rec. July 30
Canadian Converters. Ltd.(guar.)
Cellulose Products, Inc., cony. pf.(cm.) 6254e. July 15 Holders of rec. July 9
15e. Aug. 15 Holders of rec. Aug. 5
Centrifugal Pipe Corp. (guar.)
Aug. 1 *Holders of rec. July 12
*2
Charlton Mill (quar.)
30c. Aug. 1 Holders of rec. July 10
Christie, Brown dc Co., Ltd., common
1 Holders of rec. July 20
Aug.
134
Preference (quar.)
154 Aug. 15 Hof-tiers of rec. July 15
Consol. Bond & Share Corp., pref.(qu.)
Holders of rec. Aug. 50
15
$1.25
Aug.
Inc.,
common
(quar.)Can.
Continental
51.25 Sept.30 Holders of rec. Sept. 15
Coty,Inc.(quar.)
.1.34 July 23 *Holders of rec. July 12
Crocker-Wheeler Mfg.. pref
Decker (Alfred) & Cohn, Inc., com.(qu.) *50e. Sept.15 *Holders of rec. Sept. 5
*134 Sept. 1 *Holders of rec. Aug. 20
Preferred (quar.)
Eastern Dairiel, Ltd.,common (quar.)-- 50c. Aug. 1 Holders of rec. July 16
51.75 Aug. 1 Holders of rec. July 16
Preferred (guar.)
134 Aug. 1 Holders of rec. July 23
Eisenstadt Manufacturing. pref.(quar.)_
First Federal Foreign Investment Trust. $1.75 Nov. 15 Holders of rec. Nov. 1
"750. July 15 *Holders of rec. July 9
Flintkote Company, common (guar.)
*134 July 15 *Holders of rec. July 9
Preferred (qum.)
*154 Aug. 1 'Holders of rec. July 20
Franklin (H.H.) Mfg., pref. (quar.)__
General Tire & Rubber,common (quar.) *50e. Aug. 1 *Holders of rec. July 20
Sept. 1 *Holders of rec. Aug. 1
Gillette Safety Razor (quar.)
•1254c Sept. 1 *Holders of rec. Aug. 1
Extra
*33 1-3 Aug. 1 *Holders of rec. July 21
Gossard Co., common (monthly)
"33 1-3 Sept. 1 'Holders of rec. Aug. 19
Common (monthly)
*33 1-3 Oct. 1 *Holders of rec. Sept.20
Common (monthly)
*134 Aug. 1 'Holders of rec. July 21
Preferred (quar.)
*25e. Aug. 24 *Holders of rec. Aug. 4
(quar.)
Corporation
Hazeltine
250. July 30 Holders of rec. July 20
Hall(W.F.) Printing (quar.)
Hellman (Richard). Inc.,!Artie. pt.(qu.) 62340. Aug. 1 Holders of rec. July 21
50e. July 25 Holders of rec. July 20
Homestake Mining (monthly)
134 Aug. 1 Holders of rec. July 21
International Nickel, preferred (quar.)
*62340 Sept. 1 *Holders of rev. Aug. 19
Jaeger Machine, common (quar.)
Libbey-Owens Sheet Glass, corn. (quar.) *50e. Sept. 1 *Holders of rec. Aug. 22
"1.34 Sept. 1 *Holders of rec. Aug. 22
Preferred (guar.)
Marks(Louis) Shoes, Inc.,7% pf.(cm.). 134 Aug. 1 Holders of rec. July 15
Aug. 15 Holders of rec. July 30
Mercantile Stores Co., Inc., corn. (au.)- El
134 Aug. 15 Holders of rec. July 30
Preferred (quar.)
"200. July 1 *Holders of rec. June 25
Mexican Crude Rubber
$1 Sept. 1 Holders of rec. July 30
Mohawk Mining (quar.)
•$1.50 Aug. 15 *Holders of rec. July 15
Mulford (H. K.) Co., common
$1 Aug. 1 Holders of rec. July 20
Nash Motors Co., common (Quill%)
50e. Aug. 1 Holders of rec. July 20
Common (extra)
51 Aug. 15 Holders of rec. Aug. 5
National Supply, common (quar.)
•75e. Aug. 1 *Holders of rec. July 18
National Tile (guar.)
July 31 Holders of rec. July 1
54c.
New England Investment Trust
134 Aug. 1 Holders of rec. July 16
New Process Co., pref.(qu.)(No. 1)_
July 30 Holders of rec. July 19
254
Mining
Rosario
N. Y.& Honduras
234 July 30 Holders of rec. July 19
Extra
1 Holders of rec. July 20
North American Cement Corp., pf.(qu.) 134 Aug. 15
Holders of rec. July 29
Aug.
Oppenhelm, Collins dr Co., orn. (quar.) $1
*500. Aug. 15 *Holders of rec. Aug. 1
Overseas Securities Corp.(guar.)
of rec. Sept. 15
*Holders
20
Sept.
"200.
(monthly)
Car
Packard Motor
*20c. Oct. 31 *Holders of rec. Oct. 15
Monthly
"200. Nov.30 *Holders of rec. Nov. 15
Monthly
Holders of rec. July 23
Pick(Albert),Barth&Co., partic.pf.(qu.) 4334c. Aug. 15
*250. Aug. 4 Holders of rev. July 28
Plymouth Oil
of rec. June 22
Holders
1
8754c.
July
(quar-)
Inc.
Powdrell dr Alexander,
4334e. Aug. 15 Holders of rec. Aug. 1
Adjust. div.(change in div. period)--- *50c.
Aug. 31 *Holders of rev. July 30
Prairie Oil de Gas (quar.)
15 *Holders of rec. Aug. 31
Pro-phy-lac-tic Brush, pref. (Quill%) -- *134 Sept.
•150. Aug. 15 *Holders of rec. Aug. 1
Q R S Music (monthly)
15 *Holders of rec. Sept. 1
Sept.
*150.
Monthly
50c. Aug. 1 Holders of rec. July 21
Reed (C. A.) Co.,class A (quar.)
•$1.80 Aug. 1 *Holders of rec. July 22
Royal Dutch (N. Y.shares)
154 Aug. 15 Holders of rec. July 30
Russ Manufacturing (quar.)
rec. July 16
Savannah Sugar Refg., common (quar.). $1.50 Aug. 1 Holders of
50c. Aug. 1 Holders of rec. July 16
Extra
rec. July 15
of
Holders
1
Aug.
154
Preferred (quar.)
4100. Aug. 15 *Holders of rec. Aug. 8
Scotten Dillon Co.(quar.)
Aug. 8
rev.
of
*Holders
15
Aug.
•200.
Extra
Scruggs-Vandevoort-Barney Dry Goods
37340. Aug. 1 Holders of rec. July 22
Common (quar.)
250. Aug. 1 Holders of rec. July 1
Seacrest Laundry, Inc., corn. (quar.)
134 Aug. 1 Holders of rec. July 1
Preferred (guar.)
30
Sherwin-Williams Co., corn. (Quar.)___ - .50c. Aug. 15 *Holders of rec. July
*25c. Aug. 15 *Holders of rec. July 30
Common (extra)
Aug. 15 *Holders of rec. Aug. 1
*2
Sinclair Consol. Oil, pref.((Mar.)
*50e. Sept. 15 *Holders of rec. Aug. 15
Skelly Oil (quar.)
134 Sept. 1 Holders of rec. July 29
Standard Oil (Ohio), pref. (quar.)
154 Aug. 1 Holders of rev. July 15
Stanford's. Ltd., pref. (quar.)
75c. Aug. 1 Holders of rec. July 21
Universal Leaf Tobacco,corn.(guar.)Universal Pipe dr Radiator, corn,(qu.) *50c. Oct. 1 *Holders of rec. Sept. 15
"25c. Oct. 1 *Holders of rec. Sept. 15j
Common (extra)
154 Aug. 1 Holders of rec. July 23
Washburn-Crosby Co.. Pref. (quar.)._
*50e. Aug. 10 *Holders of rec. July 15
Wilcox (H. S.) Oil& Gas (quar.)
154 Aug. 15 Holders of rec. Aug. 5
Wolverine Portland Cement
Woolworth (F. W.) Co.. corn.(guar.)._ •$1.25 Sept. 1 *Holders of rec. Aug. 10
Aug. 1 *Holders of rec. July 15
'Sc.
Ltd
Mines,
Hargreaves
Wright
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
When
Per
Cent. Payable
Books Closed
Days Inclusive.
Railroads (Steam).
Alabama Great Southern, pref
334 Aug. 15 Holders of rec. July 11
Aug. 15 'Holders of rec. July 11
3
Preferred (extra)
Sept. 1 Holders of rec. July 22a
I%
(qu.)._
Atch. Topeka & Santa Fe, corn.
750. Sept. 1 Holders of rec. July 22a
Common (extra)
234 Aug. 1 Holders of rec. June 24a
Preferred
134 Sept. 1 Holders of rec. July 160
Baltimore dr Ohio, corn.(quar.)
Sept. 1 Holders of rec. July 160
1
Preferred (quar.)
154 Aug. 1 Holders of rec. July la
Canada Southern
Aug. 15 Holders of rec. Aug. 56
2
Central RR.of New Jersey (quar.)
July 20 Holders of rec. July 13a
5
Cincinnati Northern
2
July 20 Holders of rec. July la
Cleve. Cin.Chle.& St. Louis, corn
134 July 20 Holders of rec. July la
Preferred (quar.)
3
Aug. 1 Holders of rec. July 15a
Cuba RR., preferred
Febl'28 Holders of rev. Jan. 16a
3
Preferred
•234 Sept.20 *Holders of rec. Aug. 27
Delaware & Hudson Co. (quar.)
Delaware, Lackawanna & West.(quar.). $1.50 July 20 Holders of rec. July 9a
254 Aug. 1 Holders of rec. June 25a
Great Northern, pref. (quar.)
154 Sept. 1 Holders of rec. Aug. 5a
Illinois Central, common (quar.)
Sept. 1 Holders of rec. Aug. 5a
3
Preferred
354 Aug. 10 Holders of rec. July 15a
Louisville & Nashville
Aug. 1 Holders of rec. July 15a
$12.50
(quar.)
corn.
RR..
Coal
Mahoning
July 29 Holders of rec. July la
20
Michigan Central
Missouri-Kansas-Texas, pref. A (guar.). 154 Aug. 1 Holders of rec. July 15a
2
Aug. 1 Holders of rec. July la
New York Central RR.(quar.)
2
Sept. 19 Holders of rec. Aug. 31a
Norfolk dr Western,common (quar.)_
1
Aug. 19 Holders of rec. July 30a
Adjustment preferred (quar.)
134 Aug. 1 Holders of rec. June 25a
Northern Pacific (guar.)
8734c Aug. 31 Holders of rec. Aug. la
Pennsylvania RR.(quar.)
Pere Marquettef20 Oct. 1 Holders of rec. Sept. 7a
yCommon (in common stock)
134 Aug. 1 Holders of rev. July 14a
Prior preference (guar.)
134 Aug. 1 Holders of rec. July 14a
6% preferred (quar.)
Pittsburgh Cincinnati Chicago & St. L. 234 July 20 Holders of rec. July 9a
Aug. 1 Holders of rec. July la
Erie
$2.50
Lake
Pittsburgh&
134 July 30 Holders of rec. July 15a
Pittsburgh dr West Virginia ((Mar.)
Aug. 11 Holders of rec. July 14a
51
Reading Company. corn. (quar,)
50e. Sept. 8 Holders of rec. Aug. 22a
First preferred (quar.)
500. Oct. 13 Holders of rec. Sept.20a
Second preferred (quar.)
134 Aug. 1 Holders of rev. July 16a
Ry
Francisco
pref.
(guar.)
St.Louis-San
134 Nov. 1 Holders of rec. Oct. 15a
Preferred (quar.)
- 134 Aug. 1 Holders of rec. July la
Southern Railway, common (guar.)
Aug. 1 Holders of rec. July 23a
3
Virginian Railway, preferred
134 Aug. 25 Holders of rec. July 23a
Wabash Ry.. preferred A (guar.)
Public Utilities.
Adirondack Pow.& Light, corn. (m'thlY) 100, July 30 Holders of rec. July 2Ia
10c, Aug. 31 Holders of rec. Aug. 20a
Common (monthly)
$1.50 Aug. 1 Holders of rec. July 9
Amer. Gas & Elec.. pref. (quar.)
Aug. I July 16 to Aug. 1
Amer.Light & Traction,common (quar.) 2
134 Aug. 1 July 16 to Aug. 1
Preferred (guar.)
Associated Gas& Elec.. class A (guar.)... Mc. Aug. 1 Holders of see. June 30
Bangor Hydro-Elec. Co..common (qu.)- 134 Aug. 1 Holders of rec. July 11
154 Oct. 15 Holders of rec. Sept. 200
Bell Telep. of Penns.. prof.(quar.)
Bklyn.-Manhattan TransitOct. 15 Holders of rec. Oct. la
$1.50
Preferred, series A (quar.)
$1.50 Jan16'28 Holders of rec. Dec. 316
Preferred, series A (guar.)
51.50 AprI6'28 Holders of rec. Apr 1'280
Preferred, series A (quar.)
Central Power & Lint. pref. (quar.) --- 134 Aug. 1 Holders of rec. July 15a
Cent.& S. W. Utilities $7 pref.(guar.) _ _ 51.75 Aug. 15 Holders of rec. July 30
$1.75 Aug. 15 Holders of rec. July 30
Prior lien preferred (guar.)
Chic. R. T., prior pref. class A (mthly.)- 650. Aug. 1 Holders of rec. July 190
650. Sept. 1 Holders of rec. Aug. 160
Prior preferred, class A (monthly)
600. Aug. 1 Holders of rec. July 19a
Prior preferred. class B (monthly)__
Prior preferred. class B (monthly)..-. 60e. Sept. 1 Holders of rec. Aug. 16a
154 Sept. 1 Holders of rec. Aug. 15a
Cleveland Elec. 111. 6% pref. (quar.)_ _
Columbia Gas dc Elec. Corp.. COM.((PO $1.25 Aug. 15 Holders of rec. July 20a
154 Aug. 15 Holders of rec. July 200
Preferred (guar.)
2 Aug. 1 Holders of rec. July 15
Commonwealth-Edison Co. (quar)..
Commonwealth Power,common (quar.). 62310. Aug. 1 Holders of rec. July 14a
134 Aug. 1 Holders of rec. July 140
Six per cent preferred (guar.)
Community Pow & Lt corn. (No. 1).___ 750. Aug. 1 Holders of rec. July 21
$1.75 Aug. 1 Holders of rec. July 21
First preferred (quar.)
Sept. 1 Holders of rec. Aug. 22
2
Second preferred (quar.)
Consolidated Gas, New York, pref.(qua $1.25 Aug. 1 Holders of rec. June 30a
July 30 *Holders of rec. June 29
Diamond State Telephone, corn. (qar.) *2
*134 Oct. 15 *Holders of rec. Sept. 20
634% preferred (guar.)
Aug. 15 Holders of rec. July 30
3
Eastern Mass. Street Ry., 1st pref
Aug. 15 Holders of rec. July 30
3
Sinking fund stock
Aug. 1 Holders of rec. July 16
3
Preferred B
Aug. 1 Holders of rev. July 15
3
Edison Elec. Ill., Boston (quar.)
1 Holders of rec. July 25a
Aug.
6254c
Edison Elec. Ill.. Brockton (guar.)
154 Aug. 1 Holders of rec. July 12
Electric Bond & Share Co.. pref.(guar.)_
$1.50 Aug. 1 Holders of rec. July 15
Electric Investors $6 Pref. (quar.)
51.75 Aug. 1 Holders of rec. July 15
$7 preferred (quar.)
Empire Gas & Fuel. 7% pref.(mthly.).' 58 1-3c Aug. 1 *Holders of rec. July 15
8% preferred (monthly)
•662-3c Aug. 1 *Holders of rec. July 15
General Pub.Serv. Corp.,cony. pf.(qu.) $1.75 Aug. 1 Holders of rec. July 86
$1.50 Aug. 1 Holders of rec. July 80
$6 °referred (quar.)
134 Sept. 1 Holders of rec. Aug. 10a
Havana Elec. Ry.,6% pref. (quar.)._
Havana Elec. dr Utilities, 1st pref.(Qua - $1.50 Aug. 15 Holders of rec. July 20
$1.25 Aug. 15 Holders of rec. July 20
Cumulative preference lunar.)
Illinois Northern Utilities, pref. (guar.). *134 Aug. 1 *Holders of rec. July 15
63e. Aug. 1 Holders of rec. July 15
Lawrence Gas & Electric (quar.)
Long Island Lighting, common (quar.).. 750. Aug. 1 Holders of rev. July 16
6234c Aug. 1 Holders of rec. July 18a
Lowell Electric Light (guar.)
023-4c.Aug. 1 Holders of rec. June 300
Manila Electric Co.(quar.)
Massachusetts Gas Cos., corn. (quar.).- 134 Aug. 1 Holders of rec. July 150
Milwaukee El. Ry.& Lt..6% pref.(qua 134 Aug. 1 Holders of rec. July 20a
Montreal L.. H. dr P. Consolidated (qu.) 50c. July 30 Holders of rec. June 30
134 July 20 Holders of rec. June 30
Mountain States Power, pref.(guar.)_ _ _
National Electric Power.class A (quar.)- 45e. Aug. 1 Holders of rec. July 20
Nevada-Calif. Elec. Corp., pref. (guar.) 154 Aug. 1 Holders of rec. June 30
July 25 Holders of rec. Juno 300
Northern Ontario Light & Power, pref.- 3
Ncrthern States PowerAug. 1 Holders of rec. June 30
2
Common, class A (qua.)
154 July 20 Holders of rec. June 30
6% preferred (quar.)
154 July 20 Holders of rec. June 30
7% preferred (quar.)
Ohio River Edison, 6% pref. (quar.)._. 154 Sept. 1 Holders of rec. Aug. 15
$1.65 Sept. 1 Holders of rev. Aug 15
6.6% Preferred (Quarterly)
134 Sept. 1 Holders of rim. Aug. 15
7% preferred (Quarterly)
50e. Aug. 1 Holders of rec. July 15
6% preferred (monthly)
500. Sept. 1 Holders of rec. Aug. 15
6% preferred (monthly)
550. Aug. 1 Holders of rec. July 15
6.6% preferred (monthly)
55c, Sept. 1 Holders of rec. Aug. 15
6.6% preferred (monthly)
Penn-Ohio Edison Co., corn.(Quara- - 250. Aug. 1 Holders of rec. July la
134 Sept. 1 Holders of rec. Aug. 20
Prior preferred (quar.)
Penn-Ohio Securities Corp., corn. (qua!') 180. Aug. 2 Holders of rec. July 15
Aug. 2 Holders of rec. July 20
2
Penn.-Ohio Pow.& Lt.,8% p(.(qu.)
154 Aug. 1 Holders of rec. July 20
7% preferred (guar.)
60e. Aug. 1 Holders of rec. July 20
7.2% preferred (monthly)
550. Aug. 1 Holders of rec. July 20
6.6% preferred (monthly)
July 18 Holders of rec. July 50
2
Peoples Gas Light & Coke (quar.)
July 30 Holders of rec. July la
Philadelphia Company, corn. (quar.)_ - - $1
July 30 Holders of rec. July 1
(f)
(1-120
Common
shares of corn,stock)
51.25 Sept. 1 Holders of rec. Aug. 100
5% preferred
Aug. 1 Holders of rec. July 156
Philadelphia Rap.Transit, corn.(quar.). SI
Aug. 1 *Holders of reo. July 15
Pub. Serv. of N.III., corn., no par((PO - 412
Aug. 1 *Holders of rev. July 15
*52
Common ($100 par) (quar.)
•114 Aug. 1 *Holders of reo. July 15
Seven per cent preferred (quar.)
4.13.4 Aug. 1 *Holders of rec. July 15
Six per cent preferred (quar.)
JULY 16 1927.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
Pub.Serv. Corp.of N.J.,6% pt (mthly) 50c. July 30 Holders of rec. July 7a
Radio Corp. of Amer.. pref. A (guar.). _ 87 %c. Oct. I Holders of rec. Sept. I
Railway & Light Securities, corn. (qu.)__ 50e. Aug. 1 Holders of roe. July 15a
Preferred (guar.)
154 Aug. 1 Holders of rec. July 15a
South Pittsburgh Water, corn. (quar.)..
134 July 20 Holders of rec. July Pa
Preferred
235 Aug. 19 Holders of rec. Aug. 50
Southeastern Power & Light, corn. (qu.) 25e. July 20 Holders of rec. June 30
Standard Gas & Electric, corn. (quar.)_ _ 8734c July 25 Holders of rec. June 30a
Prior preference (guar.)
134 July 25 Holders of rec. June 30
Standard Power dr Light, pref. (guar.)
51.75 Aug. 1 Holders of rec. July 16
Tampa Electric Co., corn. (guar.)
50e. Aug. 15 Holders of rec. July 25a
Common (1-50 share common stock)_
(f) Aug. 15 Holders of rec. July 25a
United Light & Pow., corn. A & B (qu.) _ 12c. Aug. I Holders of rec. July 15
Virginia Electric & Power,6% pf.(guar.) 1;5 Sept. 20 Holders of rec. Aug. 3Ia
7% preferred (guar.)
134 Sept. 20 Holders of rec. Aug. 31a
West Penn Elec. Co., 7% Pref. (quar.)-- 1% Aug. 15 Holders of rec. Aug.
la
Six per cent preferred (guar.)
1)4 Aug. 15 Holders of rec. Aug. 1
West Penn Power Co.,7% pref. (guar.). 154 Aug. 1 Holders of rec. July 5a
6% preferred (guar.)
1% Aug. 1 Holders of rec. July 5a
West Penn Hallways,6% pref. (quar.).... 114 Sept. 15 Holders of rec.
Aug. 25
Winnipeg Electric (guar.)
1
Aug. 1 Holders of rec. July 10
Wisconsin River Power, pref. (quar.)._ _ •5t.75 Sept. 15 *Holders of rec.
Aug. 31
York Railways, corn. (guar.)
75c. July 16 July 7 to July 15
Preferred (guar.)
6234c July 31 July 16 to July 24
Fire Insurance.
Northern Insurance
StUyvesant (guar.)
5
July 29 July 21
115 Aug. 1 July 28
to
to
July 29
July 31
Miscellaneous.
Abitibi Power dr Paper,common (guar.) _ $1.25 July 20 Holders of rec.
Abraham & Straus. Inc., pref. (quar.)_. 1% Aug. I Holders of rec. July 9a
July 150
Alliance Realty (quar.)
6214c July 18 Holders of rec. July 90
Allied Chemical & Dye. common (guar.) 51.50 Aug. 1 Holders of rec.
July
110
Allis Chalmers Mfg., corn.(guar.)
$1.50 Aug. 15 Holders of rec. July 230
Aluminum Manufacturers, coin.(guar.). .50c. Sept.30 *Holders of rec. Sept.
15
Common (guar.)
*50c. Dee. 31 *Helder's of rec. Dec. 15
Amalgamated Laundries, pref. (mthly.)_ *58c. Aug. 1 *Hclders of rec. July
15
Preferred (monthly)
*58c. Sept. 1 *Holders of rec. Aug. 1
Preferred (monthly)
*5Sc Oct. 1 *Holders of rec. Sept. 15
Preferred (monthly)
*5Sc. Nov. 1 *Holders of rec. Oct. 15
Preferred (monthly)
*58c. Dec. 1 •HcIders of rec. Nov. 15
Preferred (monthly)
*58e. Jan 228 *Holders of rec. Dec. 16
Preferred (monthly)
*580. Feb 1'28 *Hold. of rec. Jan. 15'28
Preferred (monthly)
*58c. Wrl'28 *Hold. of rec. Feb. 15 28
Preferred (monthly)
*58e. Apr 128 *Hold.elm Mar. 15'28
Preferred (monthly)
*580 rd'yl'28 *Hold. of rec. Apr. 1528
Preferred (monthly)
*5Se. Jun 1.28 *Hold. of rec. May l5'28
Amerada Corporation. corn. (quar.)_ _
500. July 30 Holders of rec. July 150
American Can,common (guar.)
500. Aug. 15 Holders of rec. July 290
American Cigar, corn. (guar.)
2
Aug. 1 Holders of rec. July 15
American Coal (guar.)
$1
Aug. 1 July 12 to
Aug. 1
American Glue, preferred (guar.)
2
Aug. 1 Holders of rec. July 16
American Home Products Corp.(quar.)_ 20c. Aug. 1 Holders of rec. July 140
American Ice, common (guar.)
2
July 25 Holders of rec. July 80
Preferred (guar.)
13.5 July 25 Ilolders of rec. July 80
Amer. Machine & Foundry, corn.(quar.) 50c. Aug.
I Holders of rec. July 20a
Preferred (guar.)
194 Aug. 1 Holders of rec. July 200
American Mfg. Co., corn. (quar.)
134 Oct. 1 Holders of rec. Sept. 160
Common (quar.)
1)4 Dec. 31 Holders of rec. Dec. 160
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 16a
Preferred (guar.)
1% Dec. 31 Holders of rec. Dec. laa
American Metals, corn. (guar.)
750. Sept. 1 Holders of rec. Aug. 200
Preferred (guar.)
1% Sept. 1 Holders of rec. Aug. 220
American Radiator, common (quar.) _ $1.25 Sept.30 Holders
of rec. Sept. 15a
Preferred (guar.)
1)4 Aug. 15 Holders of rec. Aug. la
American Rolling 1\1111Common (payable in common stock). f5
July 30 Holders of rec. July la
American Seating, corn. (Oust.)
25c. Oct. I Holders of rec. Sept. 20a
American Shipbuilding, coin. (quar.)_ _ _
2
Aug. 1 Holders of rec. July 150
Preferred (quar.)
1% Aug. I Holders of rec. July 150
Amer. Smelting & Refining, cum.(guar.) 2
Aug.
Holders of rec. July 8a
Preferred (guar.)
1% Sept.
Holders of rec. Aug. 50
Amer. Vitrified Prod.. corn.(guar.)
*50c. Oct. 15 *Holders of rec. Oct. 5
Preferred (guar.)
134 Aug.
Holders of rec. July 20
Anaconda Copper Mining (guar.)
75c. Aug. 2 Holders of rec. July 16c
Archer-Daniels-Midland Co., corn. (m.) 75e.
Aug.
Holders of rec. July 210
Preferred (guar.)
Holders of rec. July 21a
Associated Dry Goods, corn. (guar.)- - 63c. Aug.
Aug.
'folders of rec. July 9a
First preferred (quar.)
1% Sept.
Holders of rec. Aug. 13
Second preferred (guar.)
1)4 Sept.
Holders of rec. Aug. 13
Atlantic Refining, pref. (guar.)
1)4 Aug. 1 Holders of rec. July 150
Atlas Powder, preferred (guar.)
1
Aug. 1 Holders of rec. July 200
Babcock & Wilcox Co.(guar.)
134 Oct. 1 Holders of rec. Sept. 200
Quarterly
1)4 Jan 128 Holders of rec. Dec. 20a
Quarterly
1% Apr 128 Hold. rec. Mar. 20'25a
Balaban & Katz, common (monthly)._ _ •25c. Aug. 1 *Holders
of rec. July 20
Common (monthly)
*250. Sept. I *Holders of rec. Aug. 20
Common (monthly)
.25c. Oct. I *Holders of rec. Sept. 20
Preferred (guar.)
•1 3.1 Oct.
1 *Holders of rec. Sept. 20
Bomberger (L.) & Co., pref. (quar.)_ _ _ _
1% Sept. 1 Holders of rec. Aug. 130
Preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 123
Bancitaly Corporation (stock dividend). *e40
*Holders of rec. July 29
Bancroft (Joseph) & Sons Co., pf. ((au.).
July 30 Holders of rec. July 15
Bankers Capital Corp., pref. (quar.)_
92
Oct. 15 Holders of rec. Sept. 30
Preferred (guar.)
$2
JanI6'28 Holders of rec. Dec. 31
Barnhart Brothers & SpindlerFirst and second preferred (quar.)__ _ _
134, Aug. 1 Holders of rec. July 23a
Beacon 011 .pref. (guar.)
*134 Aug. 15 *Holders of rec. Aug. 1
Bigelow-Hartford Carpet, corn.& pf.(all) •$1.50 Aug. I
of rec. July 8
Birtman Electric Co., corn.(qu.)(No. 1) 25e. Aug. 1 *Holders
Holders of rec. July 15
Preferred (quar.)(No. 1)
$1.75 Aug. 1 Holders of rec. July 15
Blaw-Knox Co., common (guar.)
75c. Aug. 1 Holders of rec. July 21
First preferred (quar.)
Aug. 1 Holders of rec. July 21
Bloch Bros. Tobacco, coin. (guar.)
3734c. Aug. 15 Holders of rec. Aug. 10
Common (quar.)
37340. Nov. 15 Holders of rec. Nov. 10
Preferred (guar.)
1
Sept. 30 Holders of rec. Sept. 25
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec.
Bloomingdale Brothers, pref. (guar.)._ _
1% Aug. 1 Holders of rec. July 26
20a
Bon And Co., corn. "A" (guar.)
$1
July 30 Holders of rec. July 150
Borden Company, common (attar.)
$1.25 Sept. I Holders of rec. Aug. 15a
Bass Manufacturing, com. (oust.)
234 Aug. 15 Holders of rec. July 30
Common (extra)
Aug. 15 Holders of rec. July
Preferred (quar.)
134 Aug. 15 Holders of rec. July 30
Briggs Manufacturing (guar.)
75e. July 25 Holders of rec. July 30
110
British Columbia Fishing, corn. (quar.)_ $1.25 Sept. 10 Holders
of rec. Aug.
Common (guar.)
$1.25 Dec. 10 Holders of rec. Nov. 31
30
Common (guar.)
$1.25 3-10-28 Holders of rec. Feb.28'28
Preferred (guar.)
1% Sept. 10 Holders of rec. Aug. 31
Preferred (guar.)
134 Dec. 10 Holders of rec. Nov.
30
Preferred (guar.)
194 3-10-28 Holders of rec.
Feb.28'28
Brown Shoe, pref. (guar.)
13.4 Aug. 1 Holders of rec. July 20a
Boole Brothers, pref. (guar.)
*1)4 Aug. I *Holders of rec. July 25
Burns Brothers, prior pro!. (guar.)
13.4 Aug. 1 Holders of rec. July 15a
Byers (A. M.) Co., pref. (guar.)
194 Aug. 1 Holders of rec.
July I
Canada Cement (guar.)
134 July 16 Holders of rec. June 5a
30
Canfield Oil, corn.(guar.)
134 Sept. 30 Sept. 21 to Oct. 4
Common (guar.)
134 Dec. 31 Dec. 21 to Jan. 4
Preferred (mar.)
1 54 Sept. 30 Sept. 21 to
Oct.
Preferred (guar.)
191 Dec. 31 Dec. 21 to Jan. 4
4
Cartier, Inc., preferred (titian)
134 July 30 Holders of rec. July 15a
Casey-Hedges Co., corn. (guar.)
2% Aug. 15 Holders of rec.
1
Celanese Corp. of Amer., pref
*h$7 Sept. 1 *Holders of rec. Aug.
Aug. 13
Century Ribbon Mills, pref. (quar.)- - Sept. I Holders of rec. Aug. 190
Cerro de Pasco Copper (guar.)
$I
Aug. 1 Holders of rec. July 14a
Chicago Pneumatic Tool (guar.)
134 July 2' Holders of rec. July 150
Chic, Wilm. & Franklin Coal, corn
250. Aug. 1 Holders of rec. July 15a
Preferred (guar.)
$1.50 Aug. I Holders of rec. July 15a
134
194
134
134
355
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Chicago Yellow Cab Co. (monthly)_ _ 33 1-3c Aug.
1 Holders of rec. July 20a
Monthly
331-3c Sept. 1 Holders of rec. Aug. 19a
Childs Co.,com.(pay.In nopar corn.stk.). fl
Oct. I Holders of rec. Aug. 26a
Common (payable In no par corn. stk.) ft
Dec.
Christie Brown & Co., Ltd., torn. (qu.)- .30e. Aug. 30 Holders of rec. Nov. 25a
1 *Holders of rec. July 15
Preferred (guar.)
134 Aug. 1 Holders of rec. July 20
Chrysler Corporation, pref. A (guar.). _ _ $2
Sept. 30 Holders of rec. Sept. 15a
Preferred A (guar.)
$2
Jan 328 Holders of rec. Dec. 15a
Cities Service, common (monthly)
3.4 Aug. 1 Holders of rec. July 15
Common (payable in common stock)_
114 Aug. 1 Holders of rec. July 15
Preferred and preferred BB (monthly)
% Aug. 1 Holders of rec. July 15
Preferred 33 (monthly)
5c. Aug. 1 Holders of rec. July
City Ice & Fuel (guar.)
50c. Sept. 1 Holders of rec. Aug. 15
100
City Stores Co.. class A (guar.)
8714c Aug. 1 Holders of rec. July 150
Cleveland-Cliffs Iron. common (quar.)_ _
51 July 25 Holders of rec. July 15
Cleveland Stone (guar.)
50c. Sept. 15 Holders of rec. Sept. 50
Cluett, Peabody dr Co.. Inc., corn. (qu.) 51.25 Aug. 1 Holders
of rec. July 21a
Collins & Alkman Co., corn. (guar.).
It
Aug. 1 Holders of rec. July 12a
Columbian Carbon (quar.)
$1
Aug. 1 Holders of rec. July 18a
Commercial Alcohols, Ltd., corn (No.1) 25c. July 20 Holders of
rec. July 10
Conlon Corporation (guar.)
•134 July 30 *Holders of rec. July 20
Consolidated Royalty Oil (guar.)
25c. July 25 Holders of rec. July 15
Consumers Company, pref
334 Aug. 20 Holders of rec. Aug.d10a
Continental Motors Corp.(quar.)
20c. July 30 Holders of rec. July 15a
Corn Products Refining, corn. (quar.)- 50e. July 20 Holders
of rec. July 20
Common (extra)
25c. July 20 Holders of
Cosgrove-Meehan Coal, pref. (quar.) . 194 Oct. I Holders of rec. July 23
rec. Sept.28a
Preferred (guar.)
1% Dec. 21 Holders of rec. Dec. 190
Crucible Steel, corn. (guar.)
134 July 30 Holders of rec. July 15a
Cuba Company, pref
•3y6 Aug. 1 *Holders of roc.
July 15
Curtiss Aeroplane ea Motor, preferred
334 Sept.15 Holders of rec. Sept. 1
Cushman's Sons, Inc.Common (payable in $S pref. stock)
451.50 Sept. 1 Holders of rec. Aug. I5a
Davega, Inc. (quar.)
25c. Aug. I Holders of rec. July 150
Extra
25e. Aug. 1 Holders of rec. July 153
Diamond Match (quar.)
2
Sept.15 Holders of rec. Aug. 3Ia
Dome Mines. Ltd. (guar.)
250. July 20 Holders of rec. June 30
Dunhill International, corn. (quar.).... $1
Oct. 15 Holders of rec. Oct. la
Common (guar.)
Jan. 15 Holders of rec. Jan.l'28a
$I
Common (guar.)
Apr. 15 Holders of rec. Apr.1'28a
$1
Du Pont(E. I.) de Nemours & Co.-Debenture stock (quar.)
13.4 July 25 Holders of rec. July 9a
Eagle-Picher Lead, corn. (guar.)
40e. Sept. 1 Holders of rec. Aug. 120
Common (guar.)
40e. Dec. 1 Holders of rec. Nov. 15a
Preferred (guar.)
13-4 Oct. 15 Holders of rec. Sept. 30a
Preferred (guar.)
13.4 Jan15 28 Holders of rec. Dec. 31
Early & Daniels, common (guar.)
6234c Oct. 1 Holders of rec. Sept. 20a
Common (extra)
25c. Oct. 1 Holders of rec. Sept. 20a
Common (guar.)
62Sic Jan 128 Holders of rec. Dec. 20a
Common (extra)
25e. Jan i'28 Holders of rec. Dec. 20a
Preferred (guar.)
51.75 Oct. 1 Holders of rec. Sept.20a
Preferred (guar.)
$1.75 Jan 128 Holders
Eastern Bankers Corp., pref. (quar.)_ _ _ 81.75 Aug. 1 Holders of rec. Dec. 20s
of rec. June 30
Preferred (guar.)
51.75 Nov. I Holders of rec. Sept. 30
Preferred (Ouar.)
$1.75 Feb. 1 Holders of rec. Dec. 31
Eastern Theatres. Ltd.(Toronto), pref_.. 334 July 30 Holders
of rec. June 30
Eaton Axle & Spring (guar.)
50c. Aug. 1 Holders of rec. July 153
Elgin National Watch (guar.)
623-ie Aug. 1 IIolders of rec. July 150
Eureka Pipe Line (guar.)
Aug. 1 Holders of rec. July 15
51
Eureka Vacuum CleanerCommon (payable in common stock) _ _ f5
Aug. 1 Holders of rec. July 20a
Quarterly
$1
Aug. 1 Holders of rec. July 20a
Stock dividend
e5
Aug. 1 Holders of rec. July 20a
Exchange Buffet (quar.)
3734e. July 30 Holders of rec. July I5a
Fair (The), common (monthly)
20c. Aug. 1 Holders of rec. July 21a
Preferred (quar.)
154 Aug. 1 Holders of rec. July 210
Fajardo Sugar Co. (guar.)
21,s Aug. 1 Holders of rec. July 19
Fifth Avenue Bus Securities (guar.) _ _ lac. July 16 Holders of rec. July
Firestone Tire & Rubber, corn.(guar.) _ _ 51.50 July 20 Holders of rec. July 2a
10a
Seven per cent preferred (guar.)
154 Aug. 15 Holders of rec. Aug. la
First Federal Foreign Invest. Trust
$1 .75 Aug. 15 Holders of rec.dAug. I
Fisk Rubber, first pref. (guar.)
19.1 Aug, 1 Holders of rec. July 15a
Cony. lot pref. (guar.)134 Aug. 1 Holders of rec. July 15
Second preferred (guar.)
134 Sept. 1 Holders of rec.
Foote Bros. Gear & Mach., com.(ou.)_ _ 30e. Oct. I Sept. 21 to Aug. I5a
Sept. 30
Common (quar.)
30c. Jan 1'2 Dec. 21 to Dec. 30
Preferred (guar.)
134 Oct. 1 Sept.21 to Sept. 30
Preferred (guar.)
154 Jan 1'28 Dec. 21 to Dec. 30
Formica Insulation (guar.)
25c. Oct. 1 Holders of rec. Sept. 15
Extra
10c. Oct. 1 Holders of rec. Sept.15
Quarterly
25e. Jan1'28 Holders of rec. Dec. 15
Extra
10c. Jan 1'28 IIolders of rec. Dec. 15
Freeport Texas Co.(guar.)
$1
Aug. 1 Ifolders of rec. July 15a
Extra
25c. Aug. 1 Holders of rec. July I5a
General Cigar, common (quarterly)_ _ _ $1
Aug. 1 Holders of rec. July 20a
Preferred (quarterly)
I% Sept. 1 Holders of rec. Aug. 24a
Debenture preferred (guar.)
1)4 Oct. 1 Holders of rec. Sept. 24
General Development (guar.)
25e. Aug. 20 Holders of rec. Aug. 10
General Electric (guar.)
July 25 Holders of rec. Jane 176
$1
Extra
$1
July 29 Holders of rec. June 170
Special stock (guar.)
15e. July 29 Holders of rec. June 17a
General Motors Corp. 6% pref. (quar.)
134 Aug. I Holders of rec. July 50
Six per cent debenture stock (quar.)_ _
13.4 Aug. 1 Holders of rec. July 5a
Seven per cent debenture stock (quar.) 134 Aug. 1 Holders of rec July 5a
Gilchrist Co. (guar.)
575c. July 30 *Holders of rec. July 15
Gimbel Brothers Co.. pref. (guar.)
.1)4 Aug. 1 Holders of rec. July I 5a
Gobel (Adolf) Inc., pref. (guax.)
134 Aug. 1 Holders of rec. July 150
Goodall Rubber, common (extra)
Aug. 1 Holders of rec. July 15
$5
Gorham Manufacturing, 1st pref. WO - 1% Sept: 1 Holders of rec. Aug. 15
Gotham Silk Hosiery, pref.(guar.)
134 Aug. 1 Holders.of rec. July 15
Guenther Publishing Co., pref. (guar.)Aug. 20 Holders of rec. Jan. 200
5
Preferred (guar.)
5
Nov. 20 Holders of rec. Jan. 20a
Gulf States Steel, corn.(guar.)
134 Oct. 1 Holders of roe. Sept. 15a
First preferred (guar.)
154 Jan3'28 Holders of rec. Dec. 15a
Halle Bros., pref. (guar.)
134 July 31 July 24 to July 31
Hamilton Bank Note
Sc. Aug. 15 Holders of rec. Aug. 1
Hanunermill Paper, corn. (guar.)
.25c. Aug. 15 Holders of rec. July 30
Happiness Candy StoresCommon (1-40th share corn. stock)_.... (r) Aug. 1 Holders of rec. July 20
Tfarbison-Walker Reim- Prof. (quar.). 154 July 20 Holders of rec. July 9a
Hart. Schaffner & Marx,Inc.. corn.(MO '71.50
15 *Holders of rec. Aug. 16a
14. Aug.31
Hercules Powder .pref. (guar.)
*Holders of rec. Aug. 5
Aug.
Hibbard. Spencer, Bartlett Co.(mthly.)- 3
30e
0c. July 29 Holders of rec. July 22
Monthly
Aug. 26 Holders of rec. Aug. 19
Monthly
Sept.30 Holders of rec. Sept 23
Holly Sugar Corporation. pref. (quar.)_ _ 30c.
134 Aug. I Holders of rec. July 15
Home Service, common (guar.)
2
134 Aug. 20 Holders of rec. Aug. 1
First & second preferred (quar.)
July 20 Holders of rec. June 30
Homestead Mining (monthly)
*50c. July 26 *Holders of rec. July 20
Hood Rubber Co., 754% pref. (quar.)_ _
1% Aug. 1 July 21
to Aug. 1
Hood Rubber Products. pref. (quar.)__ 37
144c Sept.
Aug. 1 Aug. 21 to Sept. 1
Horn & Hardart Co.(N. Y.) (quar.) -Holders of rec. July 110
Extra
1214e Aug. 1 Holders of rec. July Ila
Horn dr Hardart Co. (Phila.) (quar.)___ .3734c Aug. 1 *Holders
of rec. July 11
Extra
595c. Aug. 1 *Holders of rec. July 11
Household Products (guar.)
8754c Sept. 1 Holders of rec. Aug. I50
Houston Oil, preferred
*3
July 27 *Holders of rec. July 20
Hupp Motor Car, common (guar.)
35c. Aug. 1 Holders of rec. July 15a
(w)Illinois Brick (guar.)
600. Oct. 15 Oct. 5 to Oct. 16
Independent Oil & Gas
25e. Aug. 1 Holders of rec. July 180
Indiana Pipe Line
51
Aug. 15 Holders of rec. July 22
Extra
$1
Aug. 15 Holders of rec. July 22
Internat. Business Machines (Ouar.)- -- 51
Oct. 10 Holders of rec. Sept 22a
Internat. Cigar Machinery, corn
a0c. Aug. 1 Holders of rec. July 20
International HarvesterCommon (payable in common stock)._ f2
July 25 Holders of rec. June 25a
International Paper, corn. (quar.)
60c. Aug. 15 Holders of rec. Aug. la
Internat. Shoe, pref.(oust.)
34 Aug. 1 Holders of rec. July 15
Interstate Iron Jr Steel, common (guar.) $1
Oct. IS Holders of rec. Oct. 8
Common (guar.)
$I
Jan16'28 Holders of rec. Jan. 9'28
Name of Company.
356
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
250. Aug. 15 Holders of rec. Aug. la
Intertype Corporation, corn.(quar.)__
25C. Aug. 15 Holders of rec. Aug. la
Common (extra)
52
July 28 Holders of rec. July 20
Kaufmann Dept. Stores, corn. (quar.)
SI
Aug. 1 Holders of rec. July 15a
Kayser (Julius) & Co., corn. (quar.)
Kellogg Switchboard dr Supp., com.(qu.) 3214c July 30 Holders of rec. July 9a
Preferred (guar.)
1114 July 30 Holders of rec. July 9a
Kelsey-Hayes Wheel. pref. (qu.)(No. 1) $1.75 Aug. 1 Holders of rec. July 21a
Kirby Lumber, common (guar.)
1H Sept. 10 Holders of rec. Aug. 31
14 Dec. 10 Holders of rec. Nov. 30
Common (quar.)
Knox Hat common
El
Aug. 1 Holders of rec. July 15
Class A participating
81
Aug. 1 Holders of rec. July 15
Prior pref. (quar.)
51.75 Oct. 1 Holders of rec. Sept. 15
$3.50 Aug. 1 Holders of rec. July 15
Second °referred
Kress (S. H.) & Co. (guar.)
25c. Aug. 1 Holders of rec. July 20a
Landay Bros., Inc., class A (guar.)
75c. Aug. 1 Holders of rec. July 150
*154 Aug. 31 *Holders of rec. Aug. 19
Lanston Monotype Machine (quar.)
Aug. 31 Holders of rec. July 300
Lehigh Coal dr Navigation (quar.)
81
250. Aug. 31 Holders of rec. July 30a
Extra
51.25 Aug. 1 July 10 to July 31
Lehigh Valley Coal Co. (guar.)
50e. July 27 Holders of rec. June 300
Lion 011 Refunding (quar.)
90c. Aug. 1 Holders of rec. July 20a
Liquid Carbonic Co.(guar.)
15c. Aug. 1 Holders of rec. July 160
Loew's Boston Theatres (guar.)
Loose-Wiles BiscuitNew no par common (guar.)(No. I). _ 400. Aug. 1 Holders of rec. July Ila
134 Aug. 1 Holders of rec. July 180
Second preferred (quar.)
Aug. 1 Holders of roe. July 150
Lord dr Taylor, second pref. (quar.)_ _ 2
el% Aug. 15 *Holders of rec. Aug. 1
Louisiana Oil Refining, pref. (quar.)___
$1.25 Aug. 15 Holders of rec. July 290
Macy (R. H.) dr Co.. (guar.)
25e. Oct. 15 Holders of rec. Oct. 5
Madison Square Garden Co. (quar)
1% July 18 Holders of rec. July 3
Maple Leaf Milling. pref. (guar.)
*400. Aug. 1 *Holders of rec. July 20
Matthews Industries, cl. A (guar.)
Sept. 1 Holders of rec. Aug. 15a
May Department Stores, com.(quar.)_ _ 81
500. Aug. 1 Holders of rec. July 20
McCall Corporation (quar.)
200. Sept. 1 Aug. 16 to Aug. 31
McColl Brothers, Ltd., cont.(guar.)
1)4 Sept. 1 Aug. 16 to Aug. 31
Preferred (guar.)
134 Aug. 1 Holders of rec. July 200
McCrory Stores Corp., pref. (quar.)
1)4 Nov. 1 Holders of rec. Oct. 20a
Preferred (guar.)
250.
Oct. 1 Holders of rec. Sept. 20
and
B
(quar.)
corn.
A
McLellan Stores,
250. Jan2'28 Holders of rec. Dec. 20
Common A and B (quar)
July 20 Holders of rec. June 300
Mexican Petroleum Corp., corn. (guar.) 53
July 20 Holders of rec. June 300
Preferred (guar.)
3734e. Aug. 15 Holders of rec. Aug. la
Miami Copper Co. (guar.)
_
750.
(guar.)
Aug. 1 Holders of rec. July la
Petroleum
Mid-Continental
50c. July 25 Holders of rec. July 5a
Miller Rubber, common (guar.)
2 Aug. 1 Holders of rec. July 20
Missouri-Illinois Stores. pref. (quar.)_
Aug. 15 Holders of rec. Aug. 40
Montgomery Ward & CO., COCO.(guar.). $1
51.75 Oct. 1 Holders of rec. Sept. 200
Class A (quar.)
*500.
Aug.
1 *Holders of rec. July 20
(guar.)
common
Products,
Motor
•S1.25 Aug. 1 *Holders of rec. July 20
Preferred (guar.)
2
Aug. 15 Holders of rec. July 30
Motor Wheel Corp.. pref. (guar.)
2
Aug. 1 Holders of rec. July 180
Mullins Body. pref. (guar.)
$1
Aug. 1 Holders of rec. July 15
National American Co. (quar.)
134 Sept. 1 Holders of rec. Aug. 190
National Belles Hess Co.. pref. (guar.)
$1.25 Oct. 15 Holders of roc. Sept. 30a
National Biscuit, corn.(guar.)
154 Aug. 31 Holders of rec. Aug. 170
Preferred (guar.)
2
Aug. 1 Holders of rec. July 20
National Carbon, pref. (guar.)
National Dept. Stores. 1st Pref.(guar.). 154 Aug. 1 Holders of rec. July 180
National Lead el. B corn. (qu.)(No. 1). 154 Aug. 1 Holders of rec. July 80
Aug. 1 Holders of its,. July 16
National Tea, pref. (guar.)
134 Aug. 1 Holders of rec. July 15a
Nelsner Brothers, pref. (guar.)
30c. Oct. 1 Holders of roe. Sept. 4
Nelson (Herman) Corp.(quar.)
el
Oct. 1 Holders of rec. Sept. 19
Stock dividend
750. Aug. 1 Holders of rec. July 7a
New York Air Brake. corn.(guar.)
New York Merchandise, corn. (guar.)._ 4.500. Aug. I *Holders of roe. July 20
*51.75 Aug. 1 *Holders of rec. July 20
Preferred (quar.)
7540.July 20 Holders of rec. June 30a
NIpissIng Mines Co., Ltd.(guar.)
134 Aug. 1 Holders of rec. July 12a
011 Well Supply. prof. (guar.)
16.2o Aug. 1 Holders of rec. July 20a
Orpheum Circuit. corn.(monthly)
154 Oct. 15 Holders of rec. Sept.30a
Otis Elevator. preferred (guar.)
13.4 Jan15'28 Holders of rec. Deo. 310
Preferred (guar.)
$l
Aug. 1 Holders of rec. July 200
Outlet Co.. corn. (guar.)
$1.75 Aug. 1 Holders of rec. July 200
First preferred (guar.)
51.50 Aug. 1 Holders of rec. July 20a
Second preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 24
Overman Cushion Tire. pref. (guar.)._ _
Pacific Coast Co.. first pref. (quar.).... 134 Aug. 1 Holders of rec. July 230
134 Aug. 1 Holders of rec. July 20
Package Machinery, 1st pref. (quar.).
15( Nov. 1 Holders of rec. Oct. 200
First preferred (quar.)
20c. July 30 Holders of roe. July 150
Packard Motor Car, monthly
20c. Aug. 30 Holders of rec. Aug. 15a
Monthly
Pan-American Petroleum & Transport'n
51.50 July 20 Holders of rec. June 30a
Common and common B (guar.)
.120
Aug. 1 Holders of rec. July 1
Paraffine Cos., Inc.. corn. (stock cliv.)
Paramount Famous Lasky Corp.
Sept.20 Holders of rec. July 280
152
Common (extra)
2
Aug. 1 Holders of rec. July 150
Preferred (guar.)
$2
Aug. 1 Holders of rec. July 150
Philadelphia Insulated Wire
Aug. 1 Holders of rec. July lla
Pathe Exchange. Inc.. pref. A (guar.).- SI
31
Aug. 15 Holders of rec. Aug. 5
Penmans, Limited, corn. (guar.)
154 Aug. 1 Holders of rec. July 21
Preferred (quar.)
7540. Aug. 1 Holders of rec. July 15a
Penn Traffic
151 Aug. 1 Holders of rec. July 20a
Phillips-Jones Corp., pref.(guar.)
Aug. 1 Holders of rec. July 20
Pierce, Butler & Pierce,8% pref.(guar.) 2
134 Aug. 1 Holders of roe. July 20
Seven per cent preferred (guar.)
Sept.
1
40c.
(No.
I)
Mills,
corn.
Pillsbury Flour
134 Sept. 1 Holders of rec. Aug. 15a
Pittsburgh Steel, pref. (quar.)
•13,6 July 20 *Holders of rec. July 1
Plymouth Cordage (guar.)
$1.25 Aug. 1 Holders of rec. July 2Ia
Postum Co. (quarterly)
234 July 30 Holders of rec. June 30a
Prairie Pipe Line (guar.)
Aug. 1 Holders of rec. July 20a
51
Pro-play-lac-tic Brush (extra)
2
Aug. 15 Holders of rec. July 30a
Pullman Company (guar.)
154 Aug. 31 Holders of rec. Aug. la
Quaker Oats, preferred (quar.)
Remington Typewriter 1st pref. (quar.)- 134 Oct. 1 Holders of rec. Sept. 15a
2
Oct. 1 Holders of rec. Sept. 150
Second preferred (guar.)
37340. Aug. 1 Holders of rec. July 15
Rice-Stlx Dry Goods, corn. (guar.)
525c. Aug. 1 *Holders of rec. July 6
Richfield Oil, common (guar.)
*4334c Aug. 1 *Holders of rec. July 5
7% preferred (guar.)(No. 1)
•51.75 Aug. 15 *Holders of rec. Aug. I
Rolls-Royce of America, pref. (guar.)
75e. Aug. 1 July 27 to July 31
Rome Wire, class A common (quar.)
250. Aug. 1 July 27 to July 31
Class B common (guar.)
July 18 Holders of rec. July 9
51
Royal Typewriter, corn
51
July 18 Holders of rec. July 9
Common (extra)
33.5 July 18 Holders of rec. July 16
Preferred
154 Aug. 1 Holders of rec. July 150
Russell Motor Car (guar.)
El
July 16 Holders of rec. June 300
Safety Cable (guar.)
500. Sept. 20 Sept. 10 to Sept. 20
St. Joseph Lead (guar.)
250. Sept.20 Sept. 10 to Sept. 20
Extra
50e. Dec. 20 Dec. 10 to Dec. 20
Quarterly
25e. Dec. 20 Dec. 10 to Dec. 20
Extra
*4ruc Aug.
gu. 18 Holders of rec. July 5
St. Louts Cotton Compress
5 *Holders of rec. July 30
St, Regis Paper, corn.(quar.)
75c. Aug. 1 Holders of rec. July 150
Salt Creek Producers Assn. (quar.)
*$1
Aug. 15 *Holders of rec. Aug. 10
Sanford Mills
•l3.4 Aug. 15 *Holders of roe. Aug. I
Savage Arms, 2d pref. (quar.)
Schulte Retail Stores, common (quar.)_ _ 8734e. Sept. 1 Holders of rec. Aug. 15a
8754c. Dec. 1 Holders of rec. Nov. 15a
Common (guar.)
Seagrave Corporation, common (guar.). 1300. July 20 Holders of rec. June 30a
1 54 July 20 Holders of rec. June 300
Preferred (guar.)
623.4c Aug. 1 Holders of rec. July 15a
Bears, Roebuck & Co., corn. (guar.)._
500. Aug. 1 Holders of rec. July 15
Seeman Brothers. Inc., corn.(guar.)._
134 July 25 Holders of rec. June 30
Shaffer Oil& Refining, pref. (quar.)Shell Transport er Trading. Amer. shs_ Si .45 July 22 Holders of rec. July 14
151 Aug. 1 Holders of rec. July 15a
Simmons Company. Pref. (guar.)
Spalding (A. G.) & Bros., pref.(quar.)._
134 Sept. I Holders of rec. Aug. 18a
2
Sept. 1 Holders of rec. Aug. 18
Second preferred (quar.)
*433.4c Aug. 15 *Holders of rec. July 30
Stanley Works. Pref. (guar.)
Steel Co. of Canada, corn. & pref.(qua. 134 Aug. 1 Holders of rec. July 8
$1.25 Aug. 1 Holders of roe. July 14a
Sterling Products(guar.)
•151 Aug. 1 *Holters of rec. July 20
Stover Mfg. & Eng., pre/. (cluar.)
International
Aug. 15 Holders of rec. July 15
60c.
Swift
10c. Aug. 1 July 21 to Aug. 1
Teck-Hughes Gold Mines
154
[VOL. 125.
Per
When
Cent. Payable
Name of Company.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Thompson Products, Cl. A & B (quar.) •30c. Oct. 1 *Holders of roe. Sept. 20
Class A and 13 (extra)
*10c. Oct. 1 Holders of rec. Sept. 20
*134 Sept. I *Holders of rec. Aug. 20
Preferred (quar.)
Thompson (J. R.) Co. (monthly)
30c. Aug. 1 Holders of rec. July 22a
Monthly
300. Sept. 1 Holders of rec. Aug. 236
Tide Water Associated Oil, corn
15e. Aug. 1 Holders of rec. July 12a
Tide-Water 011 non-voting pref.(quar.). 114 Aug. 15 Holders of rec. Aug. 2a
Tobacco Products Corp., cl. A (quar.)._
134 Aug. 15 Holders of rec. July 25a
Tung-Sol Lamp Works, A (guar.)
•45c. Aug. 1 *Holders of rec. July 20
Class B (quarterly)
520c. Aug. 1 *Holders of rec. July 20
Underwood Typewriter, common (qu.)
51
Oct. 1 Holders of rec. Sept. 36
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 30
Union 011 of Calif. (guar.)
•500. Aug. 10 *Holders of rec. July 18
Union Storage (guar.)
62340. Aug. 10 Holders of rec. Aug. la
Quarterly
62340. Nov. 10 Holders of rec. Nov. la
United Cigar Stores,6% pf.(qu.)(No.1) 154 Aug. 1 Holders of rec. July 120
United Drug, 1st preferred (guar.)
13-4 Aug. 1 Holders of rec. July 15a
United Paper Board. pref.(guar.)
134 Oct. 15 Holders of rec. Oct. la
Preferred (quar.)
134 JanI6'213 Holders of rec Jan .2'28a
Preferred (guar.)
134 Apr16'28 Holders of rec .Apr .'28a
United Verde Extension Mining (quar.). 75c. Aug. 1 Holders of rec. July 66
U.S. Cast Iron Pipe & Fdy., corn.(qu.). 23.4 Sept. 15 Holders of rec. Sept. la
Common (guar.)
234 Dec. 15 Holders of rec. Dec. la
Preferred (guar.)
134 Sept. 15 IIolders of rec. Sept. la
Preferred (guar.)
134 Dec. 15 Holders of rec. Dec. la
U. S. Industrial Alcohol, corn. (qUar.)
134 Aug. 1 Holders of rec. July 15a
11.5.Leather, prior pref.(No. 1)
7
Aug. 1 Holders of rec. July 15a
U.S. Realty dr Improvement, corn
El
Sept. 15 Holders of roe. Aug. 25a
U. S. Rubber, 1st preferred (quar.)2
Aug. 15 Holders of rec. July 20a
Universal Pipe & Radiator, pref. (qu.).. 134 Aug. 1 Holders of rec. July 15a
Preferred (duar.)
134 Nov. 1 Holders of rec. Oct. 15a
V. Vivaudou, Inc.. prof. (guar.)
134 Aug. 1 Holders of rec. July 15a
Vick Chemical (guar.)
51
Aug. 1 Holders of rec. July 15a
Victor Talking Machine, prior pref.‘qu
134 Aug. 1 July 6 to July 15
51.50 Aug. 1 July 6 to July 15
$6 Preferred (quar.)
Vulcan Detinning, preferred (guar.)._
134 July 20 Holders of rec. July 90
Preferred (account accumulated diva.) 2
July 20 Holders of rec. July 90
Preferred A (quar.)
134 July 20 Holders of rec. July 96
Warner (Chas.) Co., 1st & 2d pf. (qu.)._
154 July 28 Holders of rec. June 30
Weber er Hellbroner, Prof.(guar.)
154 Sept. 1 Holders of rec. Aug. 17
Westinghouse Air Brake(guar.)
51.75 July 30 Holders of rec. June 300
Westinghouse Elec. & Mtg., cont. (qu.). 51 July 30 Holders of roe. June 300
White Eagle 011 & Refining (quar.)_
500. July 20 Holders of roe. June 306
White Sewing Machine, pref. (quar.)_
51
Aug. 1 Holders of rec. July 190
Wrigley (Wm.) Jr. & Co.(monthlY).250. Aug. 1 Holders of rec. July 20a
Monthly
25c. Sept. 1 Holders of rec. Aug. 20a
Monthly
25e. Oct. 1 Holders of rec. Sept. 200
Monthly
250. Nov. 1 Holders of rec. Oct. 20a
Monthly
25c. Dec. 1 Holders of rec. Nov. 200
Yale & Towne Manufacturing (guar.)._ 51
Oct. 1 Holders of rec. Sept. 9a
'1
•From unofficial sources. 1 The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. 2 The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable In stock.
IPayable In common stock. g Payable in scrip. h On account of accumulated
dividends. m Payable In preferred stock.
Cushman dr Sons common stock dividend is payable in $8 preferred stock on the
valuation of 5100 for preferred stock.
jPayable 300 cash or 254% In stock, at option of stockholder.
k Payable either In cash or class A stock.
I Payable either in cash or class A stock at rate of 4-100 of a share of class A
stock for each share of $6 pref. and 4.33-100 for each share of 5654 pref.
so Payable also on Increased capital.
fi Subject to approval of Inter-State Commerce Commission.
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 July 9. 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 10001 omitted.)
I
New
,Capital
Week Ending
July 9 1927. ;Nat'l,
:State,
(000 omitted.) ITr.Cos
Reserve
Profits Loans,
with
Net
Time Bank
Discount, Cash
De- CircuLegal Demand
Mar.23 Investin
Mar.23 ments, Vault. Deposi Deposits. posits. Mims.
tories.
Mar.23
&c.
Members of Fed. Res Bank. Average. Average Average
Bank of N Y
Trust Co__ _ _ 6,000 12,401
465 7,598
79,220
Bk of Manhat'n 10.700 16,204 177,821 3,314 19,175
Bank of America 6.500 5,412
89,718 1,078 11,662
National City
75,000 66,126 837,795 4,389 74,972
Chemical Nat'l. 5.000 18.919 143,148 1,2671 16,504
NatBk of Comm 25.000 42,881 390,319
388 43.954
ChatPh N B & T 13,500 13,655 224,407 2,583 24,100
Hanover Nat'l.. 5.000 26,811 145,019 1,559 17,286
Corn Exchange. 11,000 16,550 211,832 5,146 27.223
National Park._ 10,000 24,988 166,143
804 17,337
Bowery & H Riv 3,000 3,686' 76,238 2,071 8.102
542 25,776
First National__ 10,000 77,690 296.334
Am Ex Irving Tr 32,000 29,170 436.275 4,317 53,432
966
Continental Bk. 1,000 1,286'
123
8,138
Chase National. 40,000 38.7611 636.833 5,990 76.710
3,404
'Fifth Avenue._
5
30,177
3,215
424 2,747
Garfield Nat'l ... 1,00
16,272
1,887
680 16.226
Seaboard Nat I_ 6,000 11,445 132,550
919 39,236
Bankers Trust _ 20,000 36,945 384,901
797 6,227
13 5 Mtge & Tr_ 3,000 5,053 62,735
Guaranty Trust 30,000 31,854 468,563 1,186 51.149
692 4,959
Fidelity Trust__ 4.000 3,285
43,210
746 18,957
New York Trust 10,000 22,550 180,038
543 14,310
Farmers L dr Tr 10.000 20,260 142,002
Equitable Trust 30.000 23,927 302.728 1.558 32,388
Average. Averag
$
54,987 8,700
138,953 26,637
89,005 4,294
*837,337 155,614
126,143 3,940
333,192 21,868
172,630 44,633
131,655 2,739
177,704 31,066
132,570 6,884
55.384 24,402
195,002 12,821
402,411 35,254
516
5,963
*600,605 41,117
27,105
16,141
123,709 3,099
*327,334 45,787
55,548 5,546
*451,781 60,339
36,878 4,059
139,094 28,623
*106,209 22,761
*337,194 46,495
Avge.
-97
348
8,162
4.884
2,977
6,576
2,484
-565
45
Total of averages 368.200'S54,974 5,682,416 42,358 614,400 *4.602,877 637,50023,373
Totals, actual condition July 95,587,718 42,355624.353 c4,474,003636,689 23.381
Totals, actual co nditIon July 25.726.885 37,001 631,053c4,726.088 643,094 23,310
Totals, actual condition June 25 5,566,191 39,736 595,108 c4,481,373646,387 23,397
State Banks Not Members of Fed.
'Res've Bank.
2,136
1.670
36,269 63,445
27,324 6,176
105,220
33,423
I
138,643
4,539
3,460
7,999
3,806
63,593 69,621
Totals, actual c nclitios July 9I 138,855
Totals, actual co ndition July 21 140,943
Totals, actual co4nditio. Juno2bI 140,667
8,174
7,958
7,961
4,632
3,654
3,941
64,920 69,417
65,2271 70,049
64.9481 69.818
State Bank_ _ _
Colonial Bank.._
5,000
1,400
5.817
3.270
Total of averages
6,40
9,088
JULY 16 1927.]
THE CHRONICLE
New
Net
Reserve
Capital Profits Loans,
Time Bank
Week ending
with
De- CircuDemand
Discount, Cash
in
Legal Deposits. Posits. lation.
July 9 1927. Nat'l Mar.23 InvestState, Mar.23 ments, Vault. Depositories.
MOO omitted.] Tr.Cos.Mar.23 &c.
Average. Average Average Average. Average Awe.
$
$
$
$
Trust Compan let Not Members Fed'I Res've Bank.
42,758 1,881
Title Guar dr T 10,000 20,237 68,629 1,872 4,548
18,600 1,078
Lawyers Trust_ 3,000 3,463 23,601 1,023 1,787
Total of averages 13,000 23.701
92,230
2.895
6,335
61,358
2,959
Totals, actual condition July 9
Totals, actual c. ndltion July 2
Totals, actual condition June 25
91,435
91,512
90,912
2,768
2,620
2,530
6,543
6,766
6,310
60,389
61.432
58,983
2.963
2,971
2,973
Gr'd aggr., avge.387,600 587,7645,913,289 53,252624,541 4,727,828710,08023,373
Comparison with prey. week _ _ +30,661 +1,983-13.839
-450-6.302 +31
Gr'd aggr., sericond'n July 95.818,008 53,297635,528 4,599.312709,06923,381
Comparison with prey. week _ -141,332 +5.718-5,945 --253,435-7,045 +71
Cled
Gr'd
Gr'd
(3rd
Gr'd
aggr., act' cond'n
aggr., act' cond'n
aggr., act' cond'n
aggr., act cond'n
aggr., acVlcond'n
July 25.959.340
1June 255,797,770
June 185.851,7811
June 115.825.422
June 45 887 413
47,579641,473
50,227605,35
50,867 08,281
42,709590,365
54 242
4,852,747716,11423,310
4.605,302719.17823,397
4,685.775714,09023,454
4,643,846 716,948 23,285
4,735,861 713,37323,314
Note.-U. B. deposits deducted from net demand deposits In the general total
above were as follows: Average total July 9, 811,462,000. Actual totals, July 9,
810,126,000; July 2, 312,207,000; June 25, 321,619,000; June 18. 323,763.000
June 11, $11,494,000; June 4, 317.346,000. Bills payable, rediscounts. acceptances
and other liabilities, average for week July 9, $637,191,000; July 2, $609,057,000;
June 25,$616,425,000; June 18, 8604,723,000; June 11, 3631,081,000; June 4. $635,454,000. Actual totals, July 9, 5684,870,000; July 2, $589,836,000; June 25.
$612.974.000: June 18, $599,863,000; June 11, $606,703,000; June 4, $627,598,000.
•Includes deposits in foreign branches not included in total footings, as follows:
National City Banks. $247,326,000; Chase National Bank, $12,489,000; Bankers
Trust Co.. $37,419,000; Guaranty Trust Co., $75,679,000; Farmers' Loan & Trust
Co.. $2,139,000; Equitable Trust Co., $96,605,000. Balances carried in banks In
foreign countries as reserve for such depcisits were: National City Bank, $38,674,000;
Chase National Bank, $1,421,000; Bankers Trust Co.. 81,663,000; Guaranty Trust
Co., $2,894,000; Farmers' Loan & Trust Co., $2,139,000; Equitable Trust Co.,
$10,409,000.
c Deposits In foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Reserve
Cash
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank_
State banks*
Trust companies•
Total
Total
Total
Total
July
July
June
June
9....
2_
25
18
7,999,000
2.895,000
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
614,400,000 614.400,000 617,499,010 -3,099.010
3,806,000 11,805,000 11,446,740
358,260
6.335,000 9,230,000 9,203,700
26,300
10.894,000 624,541,000 635,435,000 638,149,450 -2,714,450
10,512,000 638,380,000 648,892,000 638,416,230 10,475,770
10,641,000 620.222,000 630,863,000626,574,400 4,298,600
10,787,000 634,623.000 645,410,000 637,807,060 7.602.940
357
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined-with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK:
Week EndedMar. 12
Mar. 19
Mar.26
Apr. 2
Apr. 9
Apr. 16
Ape. 23
Apr, 30
May 7
May 14
May 21
May 28
June 4
June 14
June 18
June 25
July 2
July 9
Loans and
Investments.
Demand
Deposits.
Total Cash
in Vaults.
Reserve in
Depositaries.
6,769.161.600
6,932,195.300
6,947,733,100
6,954,724,700
6,981.549,800
6,921,592,500
6,938,221,200
6,997.642.400
7.073,334,000
7.061,639,900
7,081.208,600
7.104,398.300
7,193,666,300
7,194,292.400
7,252.983,200
7.197.444.000
7,267,488,800
7.305.578.900
5,635,476,400
5,793,224,500
5.788,391.100
5,799.657.600
5,757,598,200
5,691,228,400
5.748,649,000
5,795,187,800
5,841,843,700
5.795,647,000
0,849.461.000
5,883,509,200
6,000,106,000
6,008,429,100
6,084.075.000
5,978.960.700
6.082.939.600
6,087,209,400
83,956,400
82.581.000
82,657,800
83.196.200
83,475,800
83,546,900
83.285,000
83.996,400
82,302.800
89,252.700
84,400,900
84,839,100
83.095.800
84.973.500
82.303,900
80.355.400
80,744.400
86,222.100
731,343.200
757,650,300
751.432300
755.811,600
750,173,400
745,625,300
743,109,500
752.031,000
753,215,800
752,785,900
763,161,100
761,432,000
788,409,400
799.427,800
790,267,700
773,532,900
797,870,400
788.623,300
New York City Non-Member Banks and Trust Companies.-The following are the returns to the Clearing
House by clearing non-member insitutions 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,
MsNet
counts,
Profits. Investmetals.
&e.
CLEARING
NON-MEMBERS Capital.
Week Ending
July 9 1927.
Members of
Fed`l Res've Bank
Grace Nat. Bank..
State Bank
Not Member of the
Federal Reserve Ban*
Bank of Wash. Ms_
Trust Company
Not Member of the
Federal Reserve Bank
Mech.Tr., Bayonne
Reserve
Cash
with
Nd
Net
in
Legal Demon
Time
Vault. Demi!, Deposits Deposits,
tortes.
AMMO Average.
$
1,940
1.
69
Average Average.
$
7,761
4.057
S
$
13,972
$
.1
$
1,177
10,94
947
44
7,
19
3.9
3,628
9,341
362
Gr'd aggr., July 9
1,91
Comparison with prey. wee
3,6931 34,258
+8
1,359
+60
1,821 a19,16:
+67
+571
13,693
-12
Gr'd
Gr'd
Gr'd
Gr'd
3,693
3,693
3,693
3.693
1,29'
1,399
1,303
1.37
1,754 218,597
1,796 al8,945
1,816 19,31
1.851 19.81:
13.605
13,504
13,445
13.467
aggr., July 2
aggr., June 25
aggr., Juno 18
aggr.. June 11
1,900
1,900
1.900
1.900
34,17
34,0301
34,4161
35.280
5,908
a United States deposits deducted, nil.
Bills payable. rediscounts, acceptances and other liabilities, $3,702,000. Deficit
In reserve. $102,730 decrease.
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank__ _
State banks*
Trust companies*- _
8,174,000
2,768,000
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
$
624,353,000 624,353,000 600.721,060 23,631,940
4,632,000 12.806,000 11,685,600 1,120,400
6,543,000 9,311,000 9,058,350
252,650
Total July 9Total July 2.._
Total June 25__.._
Total June 18
•Not members of
10,942,000 635.528,000 646,470,000 621,465,010 25,004,990
10.578.000641.473,000 652,051,000 654.639,920 -2,588,920
10,491,000 605,359,000 615,850,000 622,507,830 -6,657,830
10,639,000 608,281,000 618,920,000 632,807,140 -13,887,140
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:
July 9, 819,125.000; July 2, $19,301,670; June 25, $19,371,660; June 18. 519,190,400; June 11, $19,439,100; June 4, $19,171,710.
a This Is the reserve required on net demand deposits in the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank Includes also the amount of reserve required on net time deposits, which was as follows:
July 9, $19,100,670; July 2. $19,292,820; June 25, $19,391,610; June 18, $19.246,320; June 11, $19,334,760; June 4, $19,242,030.
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANES AND TRUST COMPANIES IN GREATER
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
Differences from
July 9.
Previous
$1,392.289.900 Inc. $2,4Le
Loans and Investments
,ik
0
.
0
7,224,000 Inc. 1,899,900
Gold
Currency notes
25,746.100 Inc. 1,594.800
Deposits with Federal Reserve Bank of New York- 113,575,500 Deo. 3,673,600
Total deposits
1,438,705.200 Inc. 5,843,500
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies In N.Y. City, exchange & U.S. deposits-1,359.381.400 Inc. t:0
7418
3
198,053,400 Inc.
on deposits
Resrv
Percentage Of COSMO, 21.9%.
RESERVE.
-State Banks-Trust Companies$39,828,700 17.53%
Cash in vault*
$107,716,900 16.0007
Deposits In banks and trust cos__ 12,358,500 05.44%
38,149,300 05.66%
Total
$52,187,200 22.97%
$145,866,200 21.66%
• Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies Combined on July 9 was $113,575,600,
Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statementfor a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
July 13
1927.
Changes from
Previous Week.
July 6
1927.
June 29
1927.
$
$
$
s
Capital
76,900.000 Unchanged
76.900,000
76,900,000
Surplus and profits_ _
95.584,000 Dec. 470,000
96,054.000
97,893.000
Loans,(Beets & Invest- 1,069,431,000 Dec. 16,398,000 1,085,829,000 1.064.390.000
Individual deposits
683.370,000 Dec. 8.043.000 691,413,000 672,487.000
Due to banks
174,140,000 Dec. 3.567.000 177,707.000 156.740,000
Time deposits
260,519,000 Inc. 3,425,000 257,094,000 249,308.000
United States deposits_
19,958.000
16,626,000 Dec 3,332.000
26.477.000
Exchanges for Cl'g H'se
49,945,000
35,925.000 Dec. 14,020,000
34.232,000
Due from other banks
94,970.000
88,215,000 Dec. 6,755.000
86,367.000
Res've in legal deposles
83,824,000 Inc.
55,000
83.769.000
80.024.000
Cash in bank
914,000
8,930.000
9,844,000 Inc.
9,101,000
Res've excess In F.R.Bk
1.361.000
214.000
Philadelphia Banks.-The Phila e phia Clearing House
return for the week ending July 9, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserverequired
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in v tilts"
Two Ciphers (00)
omitted.
Capital
Surplus and profits
Loans, awls & investm'ts
Exchanges for Clear.11ouse
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Reeve with legal deposIt'y
Reserve with F. R.Bank
Cash In vault.
Total reserve de cash held_ _
Reserve required
Excess res & cash in vault.
Week Ended July 9 1927.
Members,! Trust
F.R.System Companies
850.225,0
156.113.0
952.421.0
33.677,0
100.373,0
143,601,0
618,115,0
154,696.0
916,412.0
69,137,0
9,334,0
78,471,0
68,593,0
9.878,0
1927
Total.
35.000,0 355,225.0
17,044.0 174.157.0
48,765.0 1001.186,0
444.0 34.121,0
19,0 100,392,0
1,038,0 144.639,0
27,899,0 646,014,0
2,470,0 157,166,0
31,407.0 947.819,0
4,010,0
4.010.0
69,137,0
1,392.0 10,726,0
5,402,0 83,873.0
4.394.0 72.987,0
1,008,0 10,886.0
July 2
1927.
Julie 25
1927.
$55,225.0
173,538,0
998,721.0
40.646,0
105,853,0
137,438,0
651,543.0
157,712.0
946,693.0
4,147,0
67,829,0
10,931.0
82,907,0
72.367.0
10.540,0
$55,225,0
172,727,0
988.610,0
33.459,0
94,188,0
133,704,0
630,840,0
157,369,0
921.913,0
3.497,0
67,498,0
11,055.0
82,050,0
70,861,0
11,189,0
•Cash in vault not counted as reserve for Federal Reserve members.
358
THE CHRONICLE
[Voi.. 125.
Weekly Return of the Federal Reserve Board.
The following Is the return issued by the Federal Reserve Board Thursday afternoon, July
13 and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first
we present the results for the system
M a whole in comparison with the figures for the seven preceding weeks and with table
those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve
banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve
notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve
Board's comment upon the returns for the
latest week appears on page 326 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 JULY 13 1927.
July 13 1927. July 6 1927. June 29 1927. June 22 1927. June 15 1927.
June 8 1927 June 1 1927. May 25 1927. July 14 1926.
RESOURCES.
$
$
$
$
3
$
3
Gold with Federal Reserve agents
$
$
1,633,803,000 1,606,704,000 1.591,906,000 1,619,569,000 1,678,233,000
1,634.388,000 1,610,437,000 1,651,246.000 1,441,894,000
Gold redemption fund with U. S. Trees_
40,883,000
47,738,000
42,933,000
43,618.000
49.272,000
46,765,000
51,626,000
47,130.000
53,209,000
Gold held exclusively agst. F. R. notes 1,674,686,000 1,654,442,000 1,634.839,000 1,663,187,000
Gold settlement fund with F.R. Board
585,410,000 598,832,000 610,477,000 191,047,000 1,727,505,000 1,683.153,000 1.665,063,000 1,698,376,000 1,495,103,000
531,377,000 579.600,000 601.472,000 552,216,000 671,516,000
Gold and gold certificates held by banks_ 752,582.000 734.835,000 775,194,000 774,027,000
757,763,000 743.138,000 726,503,000 761,385,000 678,992,000
Total gold reserves
3,012,678,000 2,988,109,000 3,020,510,000 3,028,261,000 3,016,645,000
Reserves other than gold
158,160,000 152,848,000 163,299,000 165,466,000 168,713,000 3,005,891,0002,993,038,000 3.011,977,000 2,845,611,000
161,010,000 160,747,000 165,848,000 145,660,000
Total reserves
3,170,838.000 3,140,957,000 3,183,809,000 3,193,727,000 3,185,358.000
3,169.901,000
3,153,785,000 3,177,825,000 2,991,271,000
Non-reserve cash
64,424,000
50,131,000
56,109.000
59,844,000
60,546,000
61,276,000
53,222,000
Bills discounted:
60,197,000
56,889,000
Secured by U.S. Govt. oblfgations
244,133,000 301,063,000 274,581,000 234,997,000
190.139,000
Other bills discounted
182,069,000 205,705,000 202,730,000 203,687,000 170,803,000 203.461,000 262,819,000 228,715,000 254,041,000
195,822,000 233,688,000 199,905,000 260,889,000
Total bills discounted
426.202,000 506.768,000 477,311,000 438,684,000 360,942,000
399.283,000 496,507,000 428,620,000 514,930,000
Bills bought in open market
193,207,000 199,043,000 216,118,000 183,217,000
182,504,000 221,635,000 228,993,000 236,170.000 234,192,000
U. S. Government securities:
176,725,000 164,481,000 166.119,000 159,944.000 147,534,000
Bonds
143,104.000 116,862,000 105,173.000
79,139,000
76,832,000
Treasury notes
83,482,000
83,985.000
83,186,000 105.857,000
93,978,000 251,350,000
Certificates of indebtedness
124,246,000 126,502,000 126,297,000 126,211,000 293,833,000 139,031.000 120.953,000
155,928,000 124,682,000 122,769,000 - 60,592,000
Total U. S. Government securities
377,803,000 374,468,000 376,401,000 369,341,000 547,224,000
438,063.000 362,497,000 321,920,000 391,081,000
Other securities (see note)
1,300,000
1,300,000
1,300.000
1.300,000
1,300.000
1,800,000
1.800,000
1.800,000
3,200,000
Foreign loans on gold
3,199,000
Total bills and securities (us note)
998.512.000 1,081.579,000 1.071.130,000 992.542,000 1.091,970,000 1,060.781.000 1,089.797,000
988,510,000 1,146,602,000
Gold held abroad
2,682,000
13,566,000
25,734.000
40,333,000
62.233,000
59,548.000
59,548,000
59,548.000
Due from °reign banks (see note)
48,716,000
38,049.000
26,610,000
14.118,000
662,000
661.000
660,000
660.000
656,000
Uncollected Items
753,494,000 696,172,000 623,523,000 683,052,000 839,940,000
653,969,000 702.734,000 639,383,000 790,806,000
Bank premises
59,292,000
59,146,000
59.135.000
59,136,000
59,133,000
99.094,000
58,882,000
58,882,000
59,813.000
All other resources
14,459,000
14.261,000
14,217,000
13.724,000
13,614,000
15,007,000
13.898,000
13,509,000
16,874,000
Total resources
5,112,417,000 5,093,861,000 5,000,267,000 5,056,476,000 5,313,456,000 5,080.237.000
5.132,526,000 4,998.514,000 5,062,911,000
LIABILITIES.
F. R. notes In actual circulation
1,703,289.000 1,751,050,000 1,702,693,000 1,689.347,000 1,698,294,000
1,716,779,000 1,740,432,000 1,705,804,000 1,707,233.000
Deposits—
Member banks—reserve account
2,315,003.000 2,297.397,000 2,341,519.000 2,307,056.000 2,421,163,000
2,331,460,000 2,308,140.000 2,267.762.000 2,242,190,000
Government
13,524.000
7,337,000
26,887,000
26,831,000
5,548,000
27.591,000
25,895,000
24,185,000
Foreign banks (see note)
21,769,000
5,532.000
5,336.000
5,381,000
5,163,000
4,378,000
5.453,000
4,687.000
Other deposits
5,757.000
4,403,000
27.181,000
30,830,000
25,165,000
25,728,000
42,577,000
25,963,000
27.857,000
27.858,000
18,262,000
Total deposits
2,361,240,000 2.340,000.0002,398,952,000 2,364,778,000 2,473,666,000
2,390,467.000
Deferred availability items
677,792.000 631,825.000 584,827,000 629.142,000 768.683.000 600.724,000 2,366,579,000 2,325,562,000 2,286,618,000
653.689,000 595,189,000 709,392,000
Capital paid in
129.414,000 129,426,000 129,424,000 129,375,000 129,365.000
Surplus
228.775.000 228,775,000 228,775,000 228,775,000 228,775.000 129,108,000 129,036.000 129,030,000 122,766,000
228,775,000 228,775.000 228,775,000 220,310,000
LII other liabilities
11,907.000
11,885,000
15,596,000
15,059,000
14,673,000
14,384,000
14,015,000
14,154,000
16,592,000
Total liabilities
5,112,417,000 5,093,861,000 5.060,267,000 5.056,476,000 5,313,456,000
5,080,237,000 5.132.526.000 4,998,514,000 5,062,911,000
Ratio of gold reserves to deposit and
F. R. note Ilabilltle mcombined
74.1%
73.0%
73.6%
74.7%
72.3%
73.2%
72.8%
Ratio of total rese ,-s's to deposit and
71.2%
74.2%
F. R. note liabilities combined
78.0%
76.8%
77.6%
78.8%
76.4%
77.2%
76.8%
Contingent liability on bills purchased
74.9%
78.8%
for foreign correspondents
151,195,000 146.037,000 146,211,000 146,954,000
148.535,000 149,539,000 159.777.000 159,674,000
54,088,000
Distribution by Maturities—
5
$
5
$
$
3
1-16 days bills bought in open market_
$
73,054,000
$
$
75,641,000
91.041,000
64.146.000
84,555,000
122,251,000
129.924.000 132,322,000
1-15 days bills discounted
97.158,000
329,243,000 406,073,000 372,875,000 330.475,000 268,414,000
304.393.000 381,040,000 329,889.000 368,637,000
1-16 days U. S. certif. of Indebtedness_
32,000
33,000
185,032,000
19,991,000
50,186,000
1-15 days municipal warrants
5.524,000
16-30 days bills bought in open market
53,344.000
51,953,000
50,539,000
51,198,000
44,800,000
47,147,000
50,757,000
16-30 days bills discounted
58,539,000
35,544,000
22,914,000
22,398,000
24,913,000
29,280,000
23,793,000
23.463,000
26,053,000
16-30 days U. S. certif. of Indebtedness_
24,429,000
31,822,000
6,810.000
16-30 days municipal warrants
61,584,000
81-60 days bills bought in open market_
45,768,000
45,647,000
46,176,000
45,481,000
37,669,000
38,072,000
34,021,000
31-60 days bills discounted
32,390,000
55,064,000
33,041.000
34,937,000
36,849,000
37,227,000
30,695,000
33,729,000
43,438.000
31-60 days U. S. certif. of Indebtedness_
36.602,000
48,459,000
81-60 days municipal warrants
61-90 days bills bought in open market_
15,194,000
20,233,000
22.064.000
18,628,000
12,261,000
10,046,000
11,379.000
10.016.000
61-90 days Mils discounted
43,035,000
26,328,000
28,262,000
23,502,000
21,951,000
18,299,000
18,484,000
26,563,000
20,797,000
81-90 days U. S. certif. of indebtedness_
39,244,000
31,052,000
31,257,000
31,172.000
31,043,000
61-90 clays municipal warrants
Over 90 days bills bought In open market
4,947,000
5,569.000
6,298,000
3,764,000
3,219.000
4,119,000
2,912,000
Over 9t) days bills discounted
2,903,000
3,391,000
14,676,000
15,098,000
19.172.000
19,751.000
19,741,000
19,214.000
19,413.000
Over 90 days certif. of Indebtedness
16,903,000
26,768,000
93,162,000
95,212,000
95,125,000
95,168,000
108,801,000
67,962,000
67,686,000
Over 90 days municipal warrants
65,661,000
69,592,000
F. R. notes received from Comptroller
F. R. notes held by F. It. Agent
Issued to Federal Reserve Banks
How Secured—
By gold and gold certificates
Gold redemption fund
Gold fund—Federal Reserve Beard
By eligible paper
2,952,237,000 2,945,476,000 2,935,967,000 2,919,476,000
845,660,000 836,615,000 859,585,000 870,600,000 2.954,967,000 2,951.128,000 2,954,669,000 2,953,818,000 2,864,041,000
868,250.000 844,043,000 848,895,000 852,523,000 839,921,000
2,106,577,000 2,108,861,000 2,076,382,000 2,078,876.000
2,086,717,00C 2,107,085,000 2.105,774,000 2.099,295,000 2,024,120,000
391.891,000 392,341.000 392,100,000 392,900,000
390,901,000 390,901,000 390,301,000 390,400,000 304,484,000
107,533,000 100,248,000
99,231,000
99,181,000 105,931,000
99,663,000
99,284,000
98,714,000
1,134,379.000 1.114.115.000 1.100,275,000 1,127.488.000 1,181,401.000 101,422,000
575.874,000 657.099,000 647,180.000 587,586,000 525,947,000 1,142,065,000 1,120.473.000 1.161,562,000 1,038,696,000
607.560.000 703.210,000 631.963,000 I 720,899,000
Total
2.209.677,000 2.263,803,000 2,239,086,000 2,207.154,000 2,204.180.000
2.241.048.000 2.313.647.000 2.293.209.000 2,170.793,000
NOTE.—BeginnIng with the statement of Oct. 7 1926, two new tome were added In order to
show separate y the amount of balances held abroad and amounts due
to foreign correspondents. In addition. the Caption, "All other earn ng 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
The latter item was adopted as a more accurate description of the total of
the discounts, acceptances and securities acquired under the provisions of Sectionssecurities."
13 and 14 of the Federal Reserve Act. which, It was stated, are
the only Reins Included
therein.
wEEKLysTATEMENT OF RESOURCES AND LIABILITIES OF EACH
OF THE 12 FEDERAL RESERVE RANKS AT CLOSE OF BUSINESS JULY
13 1927
Two ciphers (00) omitted.
Federal Reserve Bank of—
Boston. New York. Phila. Cleveland. Richmond Atlanta.
Chicago.
Si.
MInneop.
Kan.
Louis.
City
Dallas.
San
Fran.
_
Total.
RESOURCES.
$
$
S
3
S
S
3
$
$
$
3
Gold with Federal Reserve AgentS 142,409,0 381,593,0 120,135,0 196.368,0 50,067,0 143,137,0
s
s
253,955,0
55,605,0
13,771,0
60,689,0
26.606,0
189,468,0 1,633,803,0
Gold red.°fund with U.S.Treas. 2,270,0
10,061,0 9,414,0 3,607,0 1,371,0 2,392,0
2,791,0 1,634,0
759,0 3,099,0
1,052,0 2,433,0
40,883,0
Gold held excl. agst. F.R. notes 144,679.0 391,654.0 129,549,0 199,975,0 51,438,0 145,529,0
Gold settle't fund with F.R.Board 54,326,0 196,684,0 39,784.0 48,584,0 23,474,0 9,518,0 256,746,0 15.405,0 61.448,0 58,704,0 27,658,0 191,901,0 1,674,686,0
Gold and gold certificates
31,606,0 489,467,0 28,478.0 60,434,0 5,210,0 4,323,0 115,247,0 12,979.0 10,045,0 23,602,0 9,671,0 41.496,0 585,410,0
59.589,0 16,730.0 7,751,0 8,748.0 9,395,0 30,851,0 752,582,0
Total gold reserves
230,611,0 1,077,805,0 197,811,0 308.993,0 80,122.0 159,370,0 4
31.582,0
45,114,0 79,244,0 91,054,0 46,724,0 264,248,0 3,012,678,0
Reserves other than gold
17,103,0
34.263,0 5,677,0 10,373,0 8,294,0 14.557,0
23,918,0 17,719,0 4,247.0 5,783,0 7,917,0 8,309,0 158.160,0
—
Total reserves
247,714.0 1,112,068,0 203,488.0 319,366,0 88,416,0 173,927,0
Non-reserve cash
5,561,0
16,617,0 1,024,0 4,076,0 5.729,0 5,328,0 455,500,0 62,833.0 83,491,0 96,837,0 54,641,0 272,557,0 3,170,838.0
11,233,0 4,187,0 1,457,0 2,937,0 2,761.0 3,514,0
Bills discounted:
64,424,0
Bee. by U. S. Govt. obligations 12,941,0 103,761,0 31,038,0 30,285,0 6,316,0 6,327,0
644,0 1,960.0 1,773,0 13,414,0 244,133,0
Other bills discounted
9,473,0
30,729,0 12,957,0 7,000,0 17.613,0 28,505,0 22,977.0 12,697,0
21,330,0 10.568,0 3,821,0 11,737,0 4,525,0 23,811,0 182,069,0
Total Ws discounted
22,414,0 134,490,0 43,995,0 37,285,0 23,929,0 34,832,0
Bids bought In open market
16,794,0
37,277.0 15,221,0 19,445,0 9,221,0 10,895.0 44,307,0 23,265,0 4,465,0 13,697,0 6,298,0 37,225,0 426,202,0
29,036,0 10,991,0 6,532,0 9,935,0 9,541,0 18,319,0 193,207,0
U. S. Government securities;
Bonds
26,599,0 8,902,0 18,158,0 6,893,0 2,779,0
6.132,0
33,859,0 9,995,0 8,585.0 17,863,0 16,257,0 20,703,0 176,725,0
Treasury notes
2,321,0
11,757,0 5,729,0 17,077,0 2,560,0
938,0 6,583,0
76,832,0
Cert ("tales of indebtedness
5,817,0
25,375,0 12,154,0 9,764,0 6,141,0 5.878,0 14,619,0 9,916,0 5,091,0 4,664,0 4,067,0 6.129,0
9,953,0 4,627,0 9,054,0 7,835,0 13,029,0 124,246,0
Total 17, 8. °c.v.,: secnritiee___ 14.270.0
63.731.0 26.785.0 41.999.0 15.594.0 9.595.0 55.061.0 298(14.0
18.303.0 31.581.0 28.159.0 39.861.0 377.803.0
JULY 16 1927.]
veZ8OURCAS tconenided)Twe ciphers (00) omitted.
Boston.
New York.
Phila.
$
s
$
Cleveland. Richmond Atlanta. Chicago. Si. Louis. Minneap. Kan. City
$
$
s
Total.
Dallas. San Fran.
s
s
$
$
$
1,300,0
6
S
300,0
1,000.0
Other securities
998,512,0
2,682,0
48,716,0
753,494,0
59,292,0
14,459,0
235,498,0 87,001,0 101,729,0 48,744,0 55,622,0 128,404,0 64,120,0 29,300,0 55,213,0 43.998,0 95,405,0
188,0
99,0
94,0
80,0
115,0
110,0
370,0
140,0
284,0
258,0
743,0
13,625,0 4,659,0 5,145,0 2.524,0 1.990,0 6,698.0 2,087,0 1,456,0 1,796,0 1.699,0 3,397,0
190,956,0 64,221,0 75,819,0 58,537,0 29,363,0 93,755,0 34,340,0 14,329,0 44.483,0 27,220,0 45.825,0
1.827,0 3,509,0
16,276,0 1,749.0 7,119,0 2,356.0 2,900,0 8.420,0 3,957.0 2,774,0 4,459,0
720,0
947,0 1,842,0
582,0 1,148,0
303,0 1,580,0 1,530,0
299,0 1,139,0
4,313,0
53,478,0
201,0
3,640,0
74,646,0
3,946,0
56,0
Total bil.n and securities
Cold held abroad
Due from foreign banks
Uncollected Items
Bank premises
AL other resources
359
THE CHRONICLE
389,242,0 1,590,096.0 362,699,0 514,677,0 206,749,0 270,820.0 705,910,0 172,586,0 134,729,0 206,544,0 132,822,0 425,543,0 5.112,417,0
Total resources
LIABILITIES.
Fi R. notes in actual circulation_ 138,096,0 383,985,0 131,308,0 217,758,0 59,695,0 156,964,0 40,967,0 39.320,0 60,605,0 63,953.0 34,634,0 176.004,0 1,703,289,0
Deposits:
Member bank-reserve met 151,245,0 918,980,0 137,321,0 189,890,0 71,715,0 69,633,0 327,698,0 80,655,0 45,454,0 88,545,0 57,851,0 173,016,0 2,315,003,0
13,524,0
917,0 2.276,0
1,056.0
1,696,0 1,202,0 1,105,0
419,0 1,745,0
102,0
486,0
1.781,0
739,0
Government
5.532,0
377,0
188,0
199.0
161,0
231.0
743.0
221.0
280.0
570,0
517,0
1,641,0
404,0
Foreign bank
171,0
27,181,0
360,0 3,906,0
146,0
478,0
972,0
300,0
128,0
99,0 1,053,0
19,441,0
127,0
Other deposits
152,515,0 941,843,0 138,423,0 191,615,0 72.542,0 71,899,0 331,109,0 82,566,0 49,866,0 89,971,0 59,316,0 179,575,0 2,361,240,0
Total deposits
71,497,0 161,221,0 58,395,0 66,461,0 55,469,0 26,611.0 82,296,0 34,437,0 12,765,0 38.695,0 25,045,0 44.000,0 677,792.0
Deferred availability items
38,931,0 13,033,0 13,842,0 6,204,0 5,100,0 17,248,0 5,271.0 3,007,0 4,220,0 4,246,0 9,167.0 129,414.0
9,145,0
Capital paid In
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
17,606,0
'undue
11,907.0
676,0
466,0
676,0
959,0
611.0
273,0 1,255,0
614,0 2,409,0 1,053,0
2,502,0
383,0
ill other liabilities
389,242,0 1,590,096,0 362,699,0 514,677,0 206,749,0 270,820.0 705,910,0 172,536,0 134,729,0 206,544,0 132,822,0 425,543,0 5,112,417,0
Total linbilities
Memoranda.
780
76.7
58.2
62.9
75.6
51.6
76.0
79.6
66.9
78.0
75.4
83.9
85.2
Reserve ratio (per cent)
Contingent liability on bills pur151.195,0
10,235,0
5,117,0
5,410,0
4,386,0
6,287,0
20,177,0
5,995,0
45,585,0 14,036,0 15,498,0 7,603,0
chased for foreign correspondls 10,966,0
R. notes on hand (notes reed
from F. R. Agent less notes In
04,300,0 129,620.0 35.827.0 20,653,0 15,108,0 31,035.0 63,080.0 3,910,0 6,321.0 10.140,0 6,251,0 51.128.0 403,288,0
eIrculatIon)
FEDERAL-SERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS JULY 13 1927
166,396,0
Total,
MI5. Cleveland. Richmond Atlanta. Chicago. St, Louis. Aiinneap. Nan. City Dallas. San Fran.
S
S
S
S
$
$
S
S
S
S
$
S
292.532,0 2,952,237,0
805,6735,0 202,235,0 271,101,0 101,427,0 262.359.0 456.647,0 65.556,0 85,755,0 110,422,0 59,022,0
845.660,0
65,400,0
18,137,0
36.320,0
292,080,0 34,100,0 32,690,0 26.624,0 74,360,0 151,700,0 22,320,0 18,829,0
227,132,0 2.106.577.0
513,605,0 168,135,0 238,411,0 74.803,0 187,999,0 304,947,0 43,236,0 66,926,0 74,102,0 40,885,0
35,300,0
18,109,0
89.000,0
39,208,0
18,408.0
8,500,0 12,267,0
8.780,0 36,468,0 17,018,0
215,150,0
21,443,0 12,458,0 12,588,0 5,599,0 7,319,0 1,955,0 1,271,0 1,422,0 4,745,0 3,198.0
5,000,0
50,860,0
47,000,0
4.000,0
252.000,0
118,800,0
8,000,0
145.000.0 107,677.0 175.000,0
144,955,0 50,574,0 54,977,0 32.273,0 45,154,0 71,471,0 33,689,0 10,556,0 23,147,0 15,420,0
181.617.0
526.546.0 170.709.0 251.345.0 82.340.0 188.291.0 325.426.0 47,460.0 71.245,0 78,752,0 42,026,0 243,918,0 2,209.677.0
Boston. New York.
Federal Reserve Agent at-
S
(Two ciphers (00) mined.)
IFIR.notes rec'd from Comptroller 239,496,0
rat.notes held by F. R. Agent__ 73,100,0
F.R.notes issued to F. R. Bank
Collateral held as security for
F.rt. Judea Issued to F. R. Bk.
Gold and gold certificates___
Gold redemption fund
Gold fund-F.R. Board
Eligible paper
Total collateral
40,000,0 391,891,0
17.426,0 107,533,0
132,042,0 1,134,379,0
54.450,0 575.874,0
Weekly Return for the Member Banks of the Federal Reserve System.
resourc es
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the
week behind
and liabilities of the 663 member banks from which weekly returns are obtained. These figures are always athe
statement
in
those for the Reserve banks themselves. Definitions of the different items in the statement were given
Board upon the figures
of Dec. 12 1917, published in the "Chronicle" of Dec.29 1917, page 2523. The comment of the Reserve
which
for the latest week appears in our department of "Current Events and Discussions," on page 326, immediately following
wo also give the figures of New York reporting member banks for a week later.
EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN
BUSINESS, JULY 6, 1927. (In thousands of dollars).
Federal Reserve District-
36,173
6,828
375,737 2.554,650
639,905 2,933.473
San Fran.
Cleveland. Richmond Atlanta. Chicago, St. L0211.7. Hinneap. Nan. City Dallas.
1,788,002
668,389 610,028 2,993.619 698,807 356,047 623,926 402,708
1,277,559
310,915
806,271 1,377,243 517,347 491,384 2,200,668 499,477 236,356 418,685
5,425
2,935
4,179
2,577
4,573
19,278
5,149
4.199
17.692
9,133
76.061 327,074
77,061 127.577
410,603 582,402 155,092 108,025 923.314 201.979
945,060
231,919
286.929
156,718
292,925
386,535 779,149 358,056 378,210 1,258,076
450,805 2.343,959
388,821
672,935
151,042
118,644
792,951
199,330
119,691
205,241
91,793
510,443
156,683 999,703
294,122 1,344,256
102,926
285,895
279,611
393,324
71,503
79,539
57,573
61,071
311,756
481.195
76,918
122,412
63,280
56,411
97,599
107,642
63,768
28,025
266,946
243,497
776,149
76,151
82,904
15,440
136.740
30,560
44,372
13,977
40,181
11,849
251,775
49,126
48,804
8.186
24,629
5,962
58.006
12,316
29,879
9,655
104,666
24,883
Boston. Note York
Total,
Phila,
Loans and investments-total_ - _ _ 20.728,326 1,473,275 7.868,255 1,195,092 2,050,178
Loans and discounts-total
14.682,671 1,022.470 5.524,296
Secured by U.S. Gov't oblig_ _
118,141
Secured by stocks and bonds_ _ _ 5,917.575
All other loans and discounts.... 8,646,955
Investments-total
6,045,655
U. S. Government securities... 2,548,266
Other bonds, stocks & securities 3,497,369
Reserve balances with F. It. bank 1,692,258
277,469
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Duo to banks
94.153
19,364
13,364,001
6,200,894
132,256
928,040 5,944,461
461,019 1,466,106
18,694
18,448
777,349 1,054,036
263,947 867.617
14,504
17,165
390,166
229,1:14
3,738
330,719 1.801,812
241,396 1,110,585
15.615
10,076
399,604
231,747
2,026
209,338
126,549
1,720
497,597
152,087
1,850
267,753
109,390
7,125
763,226
941,311
21,295
1,186,382
3.450,389
67.105 149.601
177,746 1,303.750
60.978
183,411
104.791
246,176
61,001
120,988
76,285
111.540
229.913
540,337
54,95'
140,089
51.948
87,666
121,730
216.626
60.468
94,346
147,579
227.712
Borrowings from F. It. Elk-total_
344,534
15,851
117,996
20,447
33.595
10,209
16,588
54.757
24,989
5,250
7,940
2,179
34,731
Secured by U. S. Gov't oblig
All other
237,521
107,013
3.600
12,251
107,045
10,951
14,830
5,617
20,439
13.156
4,280
5,929
5,329
11,259
41,763
12,994
13,799
11,190
4,700
550
3,252
4,688
1,938
241
16,544
18,181
603
36
67
48
71
67
34
07
31
24
65
45
51
Number of reporting banks
Condition of the Federal Reserve Bank of New York
The following shows the condition of the Federal Reserve Bank of Now York at the close of business July 13 1927
in comparison with the previous week and the correspondingdate last year:
July 13 1927. July 6 1927. July 14 1926.
ResourcesGold with Federal Reserve Agent
Gold redemp. fund with U.S. Treasury_
Gold held exclusively agst. F.It. notes_
Gold settlement fund with F. it. Board_
Gold and gold certificates held by bank_
381,593.000
10,061,000
381,719,000
11,720,000
342,862,000
12,711,000
391,654,000
196,684,000
489,467,000
363.439,000
189,537,000
485,443,000
355,573,000
199,647,000
417,864,000
1,077,805.000 1,068,419,000
32,927,000
34,263,000
973,084,000
37,022,000
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected Items
Bank premises
All other resources
July 13 1927.
$
743,000
13.025,000
190,956,600
16,276.000
4,313,000
Total resources
Total gold reserves
Reserves other than gold
1112,068,000 1,101,346,000 1,010,106,000
Total reserves
16,617.000
11.319,000
13,873,000
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations.- 103,761,000 121,858,000 104,970,000
30,729,000
22.980,000
40,552,000
Other bills discounted
Total bills discounted
Bills bought in open market
U.S. Government securitiesBonds
Treasury notes
Certificates of Indebtedness
134,490.000
37,277,000
144,838,000
42,092,000
145,522,000
49,162,000
26,599,000
11.757,000
25,375,000
6,418,000
74,740.000
10,211,000
286,930,000
Total U.S. Government securities__
Foreign loans on gold
63,731.000
26,356.000
12,325,000
27,682,000
66.363,000
Total bills and securities (See Note)....
235.498.000
253.293.000
91,369.000
877,000
July1027. July 14 1926.
$
$
1.998.000
656,000
12,355,000
180,838,000 197,077,000
16,728,000
16,276,000
5,520,000
4,449,000
1,590,096.000 1,581.674,000 1,530,890,000
Ferri Reserve notes In actual circulation_
Deposits-Member bank, reserve acct._
Government
Foreign bank (See Note)
Other deposits
383,085.000
918,980,000
1,781.000
1,641,000
19,441.000
405,194,000
895.232.000
1.133,900
1,445,000
23,727,000
397,849,000
860,862,000
3,005,000
1,197,000
8,791,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
941,843.000
161.221.000
38,931.000
61,614,000
2,502.000
921,537,000
151,861,000
38,928,000
61.614.000
2,740,000
873.855,000
160.384,000
35,422,000
59.964.000
3,416,000
Total liabilities
Ratio of total reserves to deposit and
Fedi Res've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence
1,590,096,000 1,581,874,000 1,530,890,000
83.9%
83.0%
79.4%
45,483,000
40,326.000
14,553,000
amounts due to
NOTE.-lleginning with the statement of Oct. 7 1925, two new Items were added In order to show separately the amount of balances held abroad and
changed to "Other
foreign correspondents. In addition, the caption, "All other earning assets," previously made of Federal intermediate credit bank debentures, was the
total of the disof
description
accurate
more
a
as
adopted
was
term
bills
latter
The
securities:.
and
"Total
securities," and the caption "Total earning assets" to
only Items Included therein;
counts. acceptances and securities acquired under the Provisions of Sections 13 and 14 of the Federal Reserve Act, which, it was stated, are the
360
THE CHRONICLE
Vaulters'
Wall Street, Friday Night, July 15 1927.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 349.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
[Vox.. 125.
Quotations for U. S. Trees Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rate.
Bid.
Asked.
Maturity.
Int.
Rate.
Sept. 15 1927-- 314%
Sept.15 1927_ 314% 9951st 1001n Mar.15
Dee.15 1927- 431% 10015n 10015st Mar. 15 1928_ 351%
1930-'32 334%
-- - --ew -York
City - -
Bid.
Asked.
991511 100
ago" 100
9915to 100
_
banks and 'irust Companies
Banks-N.Y. Bid Ask
Banks.
Bid Ask 1 T ust Co.. Bid. Ask
America* _ 345', 355 Harriman_ -x665 700
I New York.
Amer lJnions_
2251 235 Manhattan a.288 292 Am Ex Iry Tr 366
369
BoweryEatit
630 640 Mutual*
650
Bank of N Y
Bronx Boro15- 5101 535 National City 554
557 1 & Trust Co 655 665
Bronx Nat- 530, _ _ New Neth'ds• 440 460
Bankers Trust 830 836
Bryant Park* 2151 230 Park
543 548 Bronx Co Tr_ 320 335
Capitol Nat.
Penn Exch.. 170 180 ,Central Union 1125 1150
STOCKS.
Sales
Bank
Range Since Jan. 1.
Range for Week.
&Tr_
241/ 249 Port Mania_ 375 __ County
335 350
Wed Ended July 15.
CentMeres.13k.
for
Public
595 605 &noire
442 450
ez Trust Co. 313 818 Seaboard ____ 910
Week.
Lowest.
Lowest.
Highest.
Highest.
920
Equitable
Tr.
357 360
Central
152 157 Seventh
180 190 Farm L & Tr_ 630
Par. Shares $ per share. $ per share. if per share $ per share. Chase
481 490 Standard --- 826 ..- Fidelity Trust 328 638
Railroads340
Chath Phenix
State*
580 510 Fulton
505 525
Baltimore & Ohio rts___ 06620 151 July 9 251 July 15 1% July
NatBk &Tr 4331
Trade*
230 242 Guaranty Tr_ 493 496
Bangor & Aroostook rts_ 2,700 2% July 9 4% July 14 231 July 2% June Chelsea Exeh• 29011 445
300 United
4% July
200 210 Interstate... _ 245 252
Buff Roch & Pitts pf_100
50104% July 9108 July 14 10211 Jun 110
Mar Chemical_ __ 925, 935 United Staters 495 505
Trust ___ --Buff & Susquehanna 100 awl 52% July 15 55% July 15 45
Apr 60 May Colonial•____ 1000, ___ Waah'n Hta•_ 750 900 Lawyers
Manufacturer 915 925
Caro Clin & Ohio Std 100
10100% July 11 100% July 11 9831 Feb 102% May Commerce__ 483, 486 Yorktown •_. 140 150 Murray
Hill__
225 235
Cuba RR pref
100
20 84 July 14 84 July 14 79% Apr 85 June Com'nwealth• 790i 810
Brooklyn.
(WestDuluth El S ,k A
100 200 3% July 13 314 July 13 251 Apr
Continental_• 275 ___ Coney Island* 350 .- Mutual
Chester) ___ 265 --Great Nor pref ctfs 100 3,700 8851 July 11 9034 July 15 8514 Mar 514 Jan Corn Exch.. 666
574 Dewey•
9114 May
275 _- N Y Trust___ 658 663
Havana Elec Ry
• 100 22 July14 22 July 14 22 May 30% Jan Cosmop'tan•_ 330, ___ First
400 415 Terminal Tr_ 200 210
Preferred
100 100 893. July 11 7914 July 11 76 June 82% Apr
Fifth Avenue* 2250 2350 Mechanics".. 350 355
Times Square 144 149
Hocking Valley
100
60280 July 15 85 July 9 200
Jan 299 June First
32503300 Municipal •__ 360
__ Title Gu & Tr 722 730
Morris & Essex
50
50 8351 July 11 8314 July 11 80
Feb 85 May Garfield
430, 450 Nassau
375 390 II S Mtg & Tr 530 _ -Nash Chatt & St L__100 1,100 187 July 14 200 July 9 160
Globe
July 200
Exch._ 250, ___ People's
750 ___ United States 2275 2400
July
Nat Rys Mex 2d pf_ _100 700 1% July 9 154 July 9 1% July
330, --214 Feb Grace
Weetchest'rTr 900
N Y & Harlem
50
40 16914 July 12 172 July 13 168
,A Mar 185
Apr Hamilton.... 237, 242
Brooklyn.
N Y Central rights
35,894 4% July 9 5 July 15
12951131C
June
July Hanover
Brooklyn_ _ __ 1040 1100
NY Lack & Western_100 300 35 July 15 37 July 13 3434 Jan 5
50% Mar
Kings Co...._ 2250 2400
NY State Rye
100
AU
prices
100 12 July 14 12 July 14 12
July 22
doll arc ar sitar e.
Feb
M wood_ _ _. 260 275
Preferred
100 300 35 July 15 37 July 13 3434 Jan 5014 Mar
•Banks
Nor Pacific ctfs
100 4,800 87 July 11 88% July 14 84
July 89 June y Ex-rightsmarked(51 are State banks. I New stook. s Ex-dIv. s Ex-steak div
Pacific Coast 2d pref..100
27 July 9 27 July 9 25 June 38% Feb
1
Twin City Rap Tr p1_100
10 10134 July 11 10111 July 14 99
Arp 106% Mar
New York
City Realty and Surety Companies.
Industrial & Misc.AU prices dollars per share.
Albany Per Wr Pa p1_100 110 97 July 13 97 July 13 96 June
Ask.
Bid. ea.
10034 Jan Alliance R'Ity Bid.
Bid. Ask.
Amalg Leather pref_ _100 700 87% July 15 9014 July 9 67
51
58 Mtge Bond_ 148 155 Realty Assoc'
July 108
Feb
Am Encaustic Filing. 2,400 45 July 14 4734 July 14 45% July
July Amer Surety. 240 245 Nat Surety.. 242 246
(Bklyn)aom 247 252
5751
American Ice rights
Bond
&
M
6,600 334 July 9 3% July 12
G.
340
350
N
Y Title &
4% June
list pref...._ 92
95
Am-La Fr F E 7% P1.100
100 75 July 14 75 July 14 6
37
231 June
Mortgage-- 435 440
July 9014 Jan Lawyers Mtge 300 305
2d pref_ _ __ 88
91
American Piano
Lawyers Title
•12,600 3714 July 12 3834 July 9
US Casualty. 325 340 Westchester
un
ae
r
141033i% Jm
Preferred
& Guarantee 302 305
100
40 9751 July 15 9834 July 12
Title
&
Tr_
550
625
Am Shipbuilding_ _ _100 29C 9214 July 13 9391 July 13 "
9
80 '1Jual 95
July
Amer Snuff pref
100
40 99 July
United States Liberty Loan Bonds and Treasury
July 13 190
9S jpul
-la
eyb
"101% June
Amer Type Fdrs pref 100 16S110 July 14100%
9111 July 14
Certificates on the New York Stock Exchange.
113%
May
Am Water Wits ctfs_ _ _20 300 90 July 14 90% July
15
91% June -Below
WifPWp pr ctfs
100 1.300 40 July 13
we furnish a daily record of the transactions in LibJuly 12 25% Apr 43
July
Am WritPaper pr ctis109 1.300 40 July14 14%
13 July10 25% Ap 43
July erty Loan bonds and Treasury certificates on the New York
Best & Co
• 1,300 51 July 14 51% July 14
Blumenthal & Co pref100
Stook Exchange. The transactions in registered bonds are
30 68 July 12 70 July 13 9
44
1
19
Jain
572
"
.M
19a1319
British Emp Steel__ _100 800
94 July 12 1 July 12
36 Apr 114 Feb given in a footnote at the end of the tabulation.
British 2d pref_ _ _100 400 234 July 12 234
July 12 1
Apr 334 Feb
Brown Shoe pref_ __ _100 500 120 July
912051 July 11 109
Feb 120% July Daily Record of U.
Byers & Co rights
S. Bond Prices. July 9. July 11 July12. July13. July14. July15.
48,200 131 July 9 334 July 15
14 June 334 July
Preferred
30 11094 July 14 111 July 14 105% May
Chesapeake Corp
•11,301 66 July 9 6954 July 13 64% June 11151 July First Liberty LoanHigh 101
10051n 10050n 100"ss 100"ss 100"st
7634 June
Chicago Yellow Cab
3%% bonds of 1923-47..{Low 101
* 180 38 July 15 40 July 13 38
10015n 100"a 10010n 100"ss 100"ss
July 45
City Stores class A
(First3416
•15.400 45 July 9 48 July ii 4134 Apr 48% mar
Close 101
100"ss 100'
,al 100"n 10014g 100"fi
June
Conde Nast Pub
Total sales in 51,000 units- _
1
• 1,600 41 July 14 42% July 12 40 June 4395 June
52
15
227
2
7
Converted 4% bonds ofHigh
De Beers Cons Mines_ __
1
100 2651 July 14 2651 July 11 2651 July 3054 June
------------ ------Deere & Co pref
100 350 116 July 911654 July 12 10514 Jac 11814
June
Devoe & Ray 1st pref 100
80 107 July 9107% July 13 101
Jan 108
July
Total sales in $1,000 unitsDunhill Internat'l
•10.300 52 July 14 5354 July 14 52
- - ----- --- -- July 5334 July
------Converted 414% bondrigh 1031n 103
Eastman Kodak pref_100
120124% July 11124% July 15 11951 Jan 124%
103
1025111 102"st 10200n
July
Elk Horn Coal Corp
of 1932-47 (First oto Low. 103
° 200 10 July 11 10 July 11 9
1025012 10330st 10220ss 102"ss 102"n
Jan 1554 May
Emporium Corp
* 300 30 July 15 3134 July 11 30
Close 103
102"ss 103
40250st 10211,1 102"so
July 3734 Mar
Total sales in $1,000 units._.
Equitable Office Blg_•12,700 88 July 11 91%
5
22
8
17
July
3
8731 June
5
June
Second Converted 411% High
Fifth Ave Bus
* 300 1234 July 12 12% July 12 1234 Jan 9234
---------1431
May
------bonds
Franklin-Simon pref_ 100 110113% July 12 113%
---of 1932-47 (First Low.
---------'------July
10934
9
-Jan
11451 Feb
General Baking pref....*
Second 431e
190 12614 July 11 129 July 12 11834 Apr 130
May
Gen Gas & Elec class B_5 30 4214 July 11 4334 July 12
Total sales in $1,000 units_ _. ---- -----3531 Apr 4331 July Second Liberty
---------Glidden Co prior pref 100 230 91 July 11 92 July
Loan
{High
---- 1005ss 100
14 88 May 101
--_
-- -June
4% bonds of 1927-42
Hackensack Water__.15 300 23% July 13 23% July 13
Low.
---- 10051, 100
......
---2211 May 27
---July
(Second
Preferred A
4s)
25
2 27% July 11 28 July 14 2551 Mar
Close
---- 1005st 100
__-_
---...2954 May
Total sales in $1,000 units_..
Indian Motocycle_100
7 9434 July 14 9414 July 14 92
1
-- -Jan 96
Apr
Converted 434% bondarIgh Muss 10010n 100',, 100",, 100',,
Indian Refining pref_100 100102% July 15102% July 15
102
Feb
10001,
112
Mar
of 1927-42 (second
International Salt_100
10 6
Low_ 1000n 10058 1005,1 1005n 1005n 1005st
July 15 60 July 15. 64% Mar 72
Jan
Internat Silver pref_ _100
4515)
330 118 JUIY 11 110 July 11 100
Close 100"ss 10010n 1005n 1000st 1000n 100•st
Mar 121 June
Total sales in 51,000 unite_._
Internat Tel & Tel rights 19,900 434 July 9 4% July 13
325
401
129
741
4
25
July
121
4%
July
Third Liberty Loan
Kress Co new
{High 10025st 100"ss 100"n 100"n 100"st 100"so
• 900 69% July 9 75 July 15 59
Jan 75
July
494% bonds of 1928
Kuppenheimer
Low. 100",,101:151n 100"st 100",, 100"ss
5
40 40 July 9 4034 July 11 34
Jan
49
Mar
Laclede Gas pref.__ _100
431,)
(Close 10055ss 10055ss Muss 100"ss 100"ss 1
6'106 July 13 108 July 13 95
10",(Third 0055n
Jan 130
234 May
Total sales in $1,000 units_
Lambert Co rights
107
18.100 1% July 12 2% July 15
137
95
206
38
20
Fourth Liberty Loan
McCrary Stores, C A__ 5, 660 66% July 15 71 July 15 5594 June
{High 103"ss 103uss 1035en 103H
.103",, 103"st
Mar
75
Jan
414% bonds of 1933-38_ Low_ 103uss 10355,1 103"st 103"n
McCrory Stores pref_100
lii 102% July 15102% July 15I 97
mar 11614 Jan
103541 103"ss
(Fourth
Macy Co
414s)
* 2,100180% July 13184% July 151124
Close 103"ss 10355n 103"ss 103511 103"ss 103"as.
Jan 184% July
Total sales in $1,000 units_ _.
MaRlnaon & Co Dref_100
128
169
1 6814 July 15 66% July 15 66% July 70 May
658
53
28
61
Treasury
Mandel Bros
!High 11310n 113uss 1135n 1135n 113",, 113"ss
• 1,400 4431 July 9 4634 July 12 43
July 46% July
451
,
,
1947-52
Mathieson Alkali pref100
Low_ 113',,113',,1135n 1135ss 11315n 113",
40 111 July 12 112 July 15 103
Jan 112
,
July
Mullins Body pref_ _100
Close 11310ss 113rst 113rst 1135n 11310n 113"tra
80 101 July 9 102 July 11 80
Jan 102
July
Total sales in $1,000 untie....
National Lead pref B 100 90010734 July 11108% July 15 104% June 1091‘
26
11
14
1
1
1
May
National Surety rights__ 3,680 31 July 14 32% July 13 30% June 3834
{High 108rn 108',,1080n 1080ss 10801, 108012
Juno
4s, 1944-1954
NY Steam pref (6)- _ • 3
Low. 1085ss 108',,1085s, 1080ss 1085n 1085ss
97 July 12 98 July 13 9315 Feb 9894 May
Mug Lockp &0Pr pf100
Close 108rn 1085ss 1080n 1080ss 1085st 1080st
10113% July 11 113% July 11 11211 June 116
Apr
Total sales In 81,000 units_
Northwestern Teleg_ _50
1
2 5194 July 14 5134 July 14 4714 Jan 62% Mar
1
1
26
2
11
Oil Well Supply pref_100 280 107% July 1510934 July 9102% Marl110
illigh 1055ss 105,11 1055n 1055st 105"ss 105541
June
3
93
s,
1946-1956
Omnibus pref A
Low. 1051n 105rst 105',,10511n 105•st 105",
10
10 92 July 12 92 July 12 81
,
99%
Jan
May
Outlet Co
Close
1051n
* 1,6
July
105rss
11 6794 July 15 5251 Jan 6711 July
105rn 105512 1055ts 1015ute
5934
Total sales in $1,000 units. _.
Owens Bottle pref_ _ _100
2
40 117% July 9117% July 9 115
1
1
11
1
Jan 120 May Trea
1
su
ry
Pacific Telep & Teleg.100 320 134 July 12 137 July 14 124
n.Rona
(High
__-_
__.- wo
1001142 1001s,
Mar 45 June
3
94
1043-17
Pathe Exchange
(Low_
____
__-- 1005n 100'n 1001131 100",,
• 7uu 8 July 11 9 July 11 8 Junel 12 June
Penick & Ford, pref....100
(Close
__..
---- 100104, 1001511 10011n 100",,
1010331 July 1410331 July 14 10014 Apr 06 May
Total sales in $1,000 ',mtg.__
Phila Rapid Transit_100
__._ ____
102
201 50 July 1 56 July 15 53
102
1
1
Mar 56
July
Phillips Jones Corp.,...' 2001 49 July 12 40 July 11 47
.Itut 56% June
Note.-The above table includes only sales of coupon
Pittali Term Coal_ __100 6001 40 July 15 42 July 15 3031 Apr 55 June
Preferred
101 79 July 11 79 July 11 74
100
Apr 83
Mar bonds. Transactions in registered bonds were:
Porto-Rie Am Tob A.100 1001 74 July 13 74 J I 13 74
1 1st 4145
July 9134 Jan
102,in to 103,482141 3d 414o
100"st to 10010n
Class B
• 3,100 15% July 131 1651 July 11 1531 June
3 2d 4s
100
to 100
38 4th 4145
10311111 to 1.03"ss
Pullman Co certifs., _100 2,900182 July 12188% July 13 175 May 25 May 32 2d 434,
May
193%
1000n to 1005ss
Reid Ice Cream, pref _100 100107 July 11 107 July 11 97 May 107
July
Sherwin(Wm 5), pref100
Foreign Exchange.10 105 July 11 105 July 11 105
July
Jan
Sloes-Shee & I, pref.100 100107 July9 107 July 910431 Mar 110
To-day's (Friday's) actual rates for sterling exchange
108% Apr
4.85 3-1631
So Porto Rico Sug, new..34,300 3851 July 9 4014 July 11
4.8531
for checks and 4.85 9-16 for cables. Commercial were
3531 July 4231 May
on banks,. sight,
Rights
52,550 3 July 9 3% July 11 114 July 434 May 4.8534; sixty days, 4.81 5-16: ninety days. 4.7934; and documents for payThatcher Mfg
• 600 mg July 14 1931 July 15 18% July 1931 July ment, 4.81 3-16. Cotton for payment, 4.8534, and grain for payment,
Cony preferred
•
44 July 15 44% July 14 44
July 44% July 4.8531.
United Cigar Stores w HO 500
To-day's (Friday's) actual rates for Paris bankers'
200 3651 July 15 3651 July 15 3651 June 3794 June
francs were 3.91 X C.
United Dyewood pref100 200
July 12 4631 July 14 3651 July 49
Jan 3.9134 for short. Amsterdam bankers'guilders were 40.04040.06 for short.
U S Distributing Prof 100 900 3651 July
Exchange at Paris on London, 124.02 francs; week's range, 124.02 high
81
12
95
July
9414
9
May
95
July
Si S Leather w
• 1,100 1431 July 11 1451 July 12 1431 July 1451 July and 124.02 low.
Class A w I
The range for foreign exchange for the week follows:
• 9,100 2831 July 11 2931 July 13 27% June 2951 July
Prior pre: w I
Sterling Actual100 3,100 89 July 15 97 July 12 89
July 97
July
Checks.
Cables.
Van Fiaatte
• 300 914 July 9 10 July 12 931 July 1431 Feb High for the week
4.85 YI,
4.859-16
1st preferred
for the week
100
50 4851 July 14 56 July 15 4831 July 64
Feb Low
4.8534
4.8531
Virg Coal & Coke pf_100
Paris Bankers' Francs20 7131 July 14 7131 July 14 7051 JUne 76
Feb
Virg Elec & Pow pf(7)100
10010934 July 12109% July 12 108 May 10931 July High for the week
3.9134
3.9134
Vulcan DetlimIng_100 2,9001
Low for the week
35
July
15
44
July
Jan
11
1631
44
July
3.914
3.0131
Preferred
100
Germany Bankers' Marks60
July 13 11834 July 1390
118% Apr
Warren Foundry & Pipe* 1,800 113%
high
for the week
2114 July 11 2231 July 15 21 Junl 27 June
23.74
23.74X
West Penn Pow 6%pf100 150105
Low for the week
23.69
23.70
Westinghouse El 1 pf_50 100 86 July 12106 July 11 10014 Jan 108 June
Amsterdam Bankers' GuildersJuly 11 86 July 11 82
Marl 90 May
High for the week
•No par value.
40.06
40.06%
Low for the week
40.04
40.06
361
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
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 0.
Tuesday,
July 12.
Monday,
July 11.
Wednesday, Thursday,
July 14.
July 13.
Sales
for
the
Weelc.
Friday
July 15.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1928
Lowest
Highest
ea share
Par
Railroads.
Dee
6
172
Mar
122
Jan
4
15
1613
July
188
Fe__100
Santa
&
Topeka
Atoh
68,300
188
185 18678 186
184 186
180 18012 18012 18178 18038 184
100 9938 Jan 5 103 Apr 25
9418 Mar 102 Dec
900 Preferred
102 102
10238 10238 102 102
10114 10138 102 102
•101 102
Jan
28212
Mar
205
8
18112
Apr
3
Jan
100
174%
RR
Line
Coast
Atlantic
25.200
200
4
2003
2023
20312
8
20314
19214 19812 198 19978 19914
191 191
8312 Mar 10934 Sept
100 10612 Jan 4 12478May 31
11538 11612 11638 11912 11812 120 x11738 11838 76,200 Baltimore & Ohio
11558 116
11512 116
7378 Aug
8712 Jan
100 7314 Jan 3 83 June 7
Preferred
1
1,100
27914
80
80
7914
7938
4
793
4
79
7012
*79
79%
7912 *79
33 Mar 48 Feb
50 44 Jan 8 10312May 27
8512 6,900 Bangor & Aroostook
85
4 86
1
8514 84/
83
85
80
80
81
80
81
97% Feb 103 Dee
100 10112 Jan 10 122 June 22
180 Preferred
115 115
*11315 11334 11312 11312 11334 114 *11312 115 *114 115
20
Jan
70%
Mar 7778 Deo
6
54%
July
53
Par
o_No
t
v
3,300
Traci
59
Bkln-Manh
4
/
581
58%
58%
5818
59,2
5834 58/
4 58% 5812 53% 5812
1
78 Mar 89114 Dec
No par 82 July 9 88 Jan 4
8312 8312 1,100 Preferred v t o
8234 8312 *8312 84
83
82
8212 8258 82% 83
812 Mar 18% Nov
1518 Jan 7
9 July 11
1,900 Brunswick Term & Ry Sec_100
10
*9
914 912
9
934 934 *914 10
934
9%
9
8934 Mar 8734 July
10 Buffalo Rochester & Pitts_100 8014 Jan 8 115 Mar 10
9812 9312 *9012 99
*9012 9812 *9012 98
9812 *91
98
*91
Jan 61 June
58
100 59 Jan 18 62halay 11
Canada Southern
6234
6234 *59
6234 •59
6234 *59
143012 6234 *59
6234 *59
Jan 17014 Dee
14612
28
Feb
19212
_10 165 Jan 6
18338 183341 183 1847 18312 1831 18334 18438 7,200 Canadian Pacific
181 183
180% 181
Jan
300 Central RR of New Jersey-100 285 Jan 4 348 June 1 240 Mar 305
330 330 *329 330 *325 330
325 325
33134 33134 *325 330
1785 Sept
Mar
112
28
May
190
25
Jan
4
1
/
151
100
23,300 Chesapeake & Ohio
17838 18112 18014 18338 18238 18412 18314 185
17714 17714 17712 179
414 Sept 1153 Feb
Jan 8 1058June 21
4
1
/
4
100
7,300
dr
9
9
Chicago
Alton
9
9
9
8
87
912
914
8
87
9%
914 938
1814 Feb
818 May
712 Jan 5 1858July 2
100
1512 1534 1534 1534 9,900 Preferred
1614 1612 16
1678 15
15% 1434 16
30 Dec 37 Feb
10 51 July 11
4813 4912 4912 4958 4815 4938 4818 4834 6,300 Chic & East Illinois RR_ -100 3012 Jan
49
49
51
49
3612 Mar 51% Feb
Jan 8 81 July 11
43
100
Preferred
11,600
7712
77
7718
8
783
80
7814 79
81
76'2 7934
80
79
1218 Sept
734 Star
812 Jan 6 22121May 2
1818 191
4 1814 1878 16,000 Chicago Great Western_ 100
/
17% 17% 1714 1734 17
17% 1734 1914
1614 Mar 3138 Sept
100 2314 Jan 7 447,June 2
4114 39% 4034 3878 4014 48,100 Preferred
39
38
3718 3814 3718 3838 37
24
4 Jan
/
141
Dec
814
8June
177
4
Jan
9
100
6,700
1614
Paul
Chicago Milw & St
1618 16%
16%
16
16
1534 16
1838 16% 16
16
Jan
14
734 Dec
9 Jan 4 1714 Apr 6
100
4,500
Certificated
1512 1538 1538 1518 1518 1538 16
*1514 1534 1512 1512 *15
1418 Mar 24 Aug
Jan 3 3458June 23
18%
100
18,300
8
323
31
Preferred
3114
4
303
3138
3034 3138 3038
3114 3112 3118 32
Apr
14
Aug
23%
23
5June
7
32
3
Jan
8
187
100
2934 2934 3018 5,000 Preferred certlficates
2912 29
*29
30
2918 2912 2918 29,4 29
6514 Mar 83/
4 Sept
1
89% 26,700 Chicago & North Western_100 78% Jan 27 92I2June
88% 8814 8814 89
86
88,4 88
86
8613 8712 87
100 12414 Jan 3 139 May 23 11812 Jan 12612 Apr
Preferred
*13212 13434 *13212 13434 *13212 13434 *13212 13412 •133 13412 *133 13412
Dee
Mar
4012
7114
14
July
116
4
Jan
11412 11514 21,900 Chicago Rock Ii & Pacific_100 6812
113% 114
114 11513 11518 11538 115 11578 11412 116
96 Mar 108 Dee
100 10234 Jan 4 11 II4June 2
10712 10712 10712 10712 1,000 7% preferred
*10712 10814 *10712 10814 10712 10712 10712 108
8314 Mar 98 Nov
2
8June
1037
28
Jan
4
1
/
95
100
*10014 10034 10012 100% 10012 100% 10012 10012 10012 10012 10012 10012 1,400 6% preferred
52 Mar 9614 Oct
100 84 Jan 3 135 June 2
900 Colorado & Southern
126 12812
*120 126
122 122 •120 126 *120 126 .12112 126
Oct
82 Mar 74
100 70 Jan 4 7712June 1
First preferred
*7012 76/
4 *7512 7634 *7512 7634 *7512 76s. *7512 7634 *7512 7634
1
Jan 72 Sept
59
27
May
73
14
Jan
100 63
84
Second preferred
*73
84
*73
84
*73
84
84
*73
*73
84
*73
4 Nov 7212 Dec
1
68/
2June 21 77 May 6
681
_100
pref__
Cuba
of
RR
Consul
1,800
4
703
*7014
4
1
/
70
70%
4
1
/
70
69%
70
*6878 69
6812 6912 *69
100 17118 Jan 28 230 June 6 15014 Mar 18312 Sept
213 218/
4 6,500 Delaware & Hudson
1
21414 216
214 2157s 215 21614 214% 21634 21512 217
Star 15312 JO
2,900 Delaware Lack & Western_ 50 14014 Jan 27 173 Mar 23 129 Stay 47
165 16534 185 166
18214 162,4 16234 16234 *164 168
164 166
JO
3712
2,500 Deny dc Rio Or West pref__100 4118 Jan 5 8734June 9
83
62
6212 631 *6214 63
64
64
6334 64
62% 633
2212 Mar 42 Dec
15
8July
587
3
Jan
3912
100
155,400
Erie
4 5638 55% 5878
1
5538 5638 55/
535 54
5334 553g 55% 561
Dec
5514
Mar
4
333
26
6214May
4
Jan
5238
10
6158 25,700 First preferred
60% 60
59% 6038 80
601
5912 69
5812 531, 69
30 Mar 5014 Dec
100 49 Jan 4 6114May 26
4,300 Second preferred
60
60
*5812 5912 5912 80
5815 69
*57
58
58
59
6812 Mar 8418 Dec
4 927sJune 2
92
9212 9218 9234 9212 9278 11,500 Great Northern preferred_.100 7958 Jan 11 2314 Feb 4
913
91
9018 907
8953 90
18 Dec 2714 Feb
18 July
1818 1812 *1814 1812 1814 1914 7,600 Iron Ore Properties. No pa
181
1818 18% 18
18% 18
4 Sept
/
2518 Apr 411
7612May 26
7478 73/
4 7414 7234 7438 19,600 Gulf Mobile & Northern._100 3518 Jan 6 11214 Apr 27
1
72
73
701z 7038 71
*6912 72
Mar 10912 Sept
95
14
Jan
100 105
1,200 Preferred
110 11033 11034 111
109 10938 110 110
4 11012 *109 110
1
•108/
3458 Jan 4112 Dec
Jan 3 6578May 10
4012
100
7,800
Manhattan
&
57%
Hudson
5512
56
56
g
7
58%
56
.5812 5712
*5514 56
56
57
6734 Mar 80 Dec
100 78 Jan 6 9012MaY 10
100 Preferred
87
8515 8512 *83
*8314 86
86
•83
1132
'
*81
86
88
100 12118 Jan 10 134I2July 15 11312 Mar 131 Sept
129 12918 12918 12978 12934 129% 129% 13312 13218 13312 13234 1341 18,400 Illinois Central
11512 Mar 12912 Sept
9
June
132
12
Jan
8
1207
100
140
100
Preferred
*131
13112
13112
*127 131 .127 131 *127 131 *131 135
4 Jan 77 June
/
711
50 Railroad See Series A __I000 74 Jan 4 8014June 21
*7812 7912 *78
79,2 .7815 7912 7815 7834 7914 7914 *7818 791
Feb
24 Dec 31
600 Int Rys of Cent America..100 23 Apr 20 35 July 14
*3314 3434
*3334 3434 3334 33/
4 *3234 3434 *3314 3434 34% 35
1
Mar 68 June
82
2
June
73
29
Apr
62
1(10
110
Preferred
89
6912 69
6912 *69
*69
70
6912 *6814 6912 .68
*68
Dec
5384
Jan
2412
26
Feb
5218
19
37% 2,800 Interboro Rapid 'Fran v t o_100 33 May
3714 3818 37
3814 3712 3712 3712 38
378 3838 38
3414 Mar 513s Sept
100 4114 Jan 4 6914 July 11
6714 6618 67,4 6613 6738 112,000 Kansas City Southern
65
6814 66
8638 67
69,4 68
6058 Mar 6833 Sept
100 6478 Jan 7 7114June 24
710 Preferred
71
71
71
71
71
71
7112 *8712 6912 70% 71
*70
75,2 Slar 106 Dec
50 9934 Jan 6 13715June 9
68,800 Lehigh Valley
12712 1287s 127 130
129 131
127 13038 128 12912 128 129
100 12838 Jan 14 14914July 14 118 Mar 144 Sept
9,400 Louisville & Nashville
14612 14914 14834 14934 214512 146
14315 14312 143 14512 145 146
84 Mar 9284 Apr
11
Feb
90
50 Manhattan Elevated guar_100 821s July 12
*8212 854 *8212 86
8212 82,2 *8212 82% *8258 8512 *8212 851
38% Jan 6178May
100 44 June 14 54% Feb 28
Modified guaranty
900
4512 4518 4518
445
*45
4512 *4512 46,2 4518 4534 45% 48
41 July
10 Feb
23
,1June
7
6
2
Feb
412
____100
b
Railway
Street
200
Market
512 51
*534 7
7
*5
*4,2 514
514 514 *5
6
1912 Oct40 Fe
100 18 Feb 10 2518June 22
Preferred
28
*17
25
*20
*1718 22
25
*20
*1718 22
25
*18
3918 June 5138 Feb
15
July
56
7
Feb
8
415
100
preferred
Prior
16,100
56
5212
*4514 46
5214 5512
52
51
46
498 508 49
1134 Oct2212 Fe,"
100 1138 Mar 15 1712June 22
Second preferred
17
*14
17
*15
*12
14
16
*14
14
*12
17
*14
1% Dec37 Jar,
8 Feb 3
4,
138 Jan 13
100
37
31
33
3% 338
334 41s 4,400 Minneapolis & St Louls
3%
312 312
3,2 3%
Dec5212 FeL'
2572
453
6
,0111Y
Jan
7
27
100
Marie.
2,400 Minn St Paul & $6
4378 4234 43
*411
43
44
4 43
/
4338 4338 4112 438 42
Dec79 Feb
50
13
100 50 Apr 28 70 July
300 Preferred
70
*68
70
*68
70
•6612 67
*6612 6712 6712 6712 70
Oct 88% Feb
60
2
8June
835
2S
Mar
5814
100
lines
Leased
30
6134 6134 *61,3 6134
*6012 63
*6012 63
6214 6214 *6012 63
Oct 4718 Feb
2912
17
2June
561
5038 5112 5034 5238 5038 5233 511
4 5178 5114 5218 5114 51 13 27,800 Mo-Ran-Texas RR____No par 3112 Jan 6
/
82 Mar 9638 Dee
100 9534 Jan 4 10612July 14
104 10438 10412 10514 105 10534 10512 10578 10534 10612 2105 10538 8,400 Preferred
45 Sent
Mar
27
23
7
Apr
62
4
Jan
37
5
100
5518 26,800 Missouri Pacific
4 54
1
4 55/
/
5418 558 5412 55% 541
5512 557
5438 56
7112 Mar 95 Sept
100 9018 Jan 4 11112 Apr 23
13,100 Preferred
10414 10518 10412 10512 10438 105
104 105
104% 10478 10414 105
Mar 13212 Jan
120
3
159%June
8
Jan
121
100
Mexico
50
&
Texas
On
New
150
150 150 *150 15212 *150 152,2 180 150 *151 15212 150
Sept
100 13714 Jan 27 15638June 1 117 Mar 14712 Sept
15214 1531 41,400 New York Central
15034 15234 15214 153
14914 1497 14938 15038 15014 152
100,6110 June 14 24012Nlay 26 130 Mar 20412 July
0.300 NY Chic & St Louis Co
12678 12834 12714 12838 12712 1291
126% 126% 12634 12734 128 129
106
Mar
93
15
8June
1097
Mar
102
1001
1,400 Preferred
106 106 .10512 107
10638 10634 10634 10718 106 10634 107 107
3053 Mar 4838 July
58% Feb 16
100 415s Jan
543 105,100 N Y N H & Hartford
53
5234 5414 5314 54
5258 53
53
5338 5212 537
4 Mar 28% Feb
1
19/
3638 3858 38
393* 3918 403s 70,200 N Y Ontario & Western_ 100 2314 Jan 15 4038July 15
36% 367
3638 3738 3618 37
Jan 2014 Feb
6
14
Jan
4
3
15
24
May
8
100 N Y Railways pref ctfe_No par
*814 9
4 9
/
*81
.814 9
812 81
.812 9
*838 9
2778 Apr 4438 Sent
6412June 10
4 Jan 1
/
100 371
600 Norfolk Southern
59
583 583
58
5914 5814 5814 *58
58
58
•5612 58
17078 Oct
Star
13914
12
18912July
Jan
156
100
18612 1871 15,100 Norfolk & Western
185 1891 18712 18914 18612 189
18312 18312 184 188
8312 Nov 8538 Aug
8612May 6
101) 83 June 2
100 Preferred
8414 3414 *84
90
88
*84
90
*84
90
*84
90
*84
8834 Mar 8212 Aug
18
Feb
9112
Jan
78
100
90
Northern
22,700
Pacific
8912
90
8
887
89%
4 89
1
8938
8712 8734 8812 89% 88/
Oct 48 Jan
15
100 Pacific Coast
100 1514 Feb 3 2714 Feb 15
1712 1712
*1712 19 P1712 19
•1712 19
•1712 19
*1712 19
5712 Oct
48% Ma
4 Jan 3 65 May 28
1
50 56/
6414 6414 6412 6413 6412 15,800 Pennsylvania
84
6334 64
6312 64
6334 64
15% Oct 2644 Jan
21,600 Peoria & Eastern
100 20 Jan 25 4414July 15
4338 42
41
4414 4214 44
407
38
36
3712 38
36
122 Dec
Ma
67
28
14012May
6
1317
Jan
11415
2,100 Pere Marquette
13112 132
100
13018 131
131
1:32 132
*130 13178 131 132
96 July
79 Ma
97
700 Prior preferred _____ ___100 93 Jan 22 9734alay 28
*94
97
95% 9414 9614
97
*95
*9514 9734 9614 97
9178 July
4 Ma
1
70/
4 Jan 4 96 May 28
1
*9234 94
9434 *9334 9434 *9234 94
Preferred
100 89/
*94
9434 *94
9434 *94
Dec
13514
Ma
85
24
May
174
145 147,2 *14738 149 z147 147
2,500 Pittsburgh & West Va
100 12212 Jan 18
14714 14714 147 14812 14518 148
Dec
10114
Ma
79
60 94 Jan 4 12334June 9
11712 11778 117 11834 11738 11812 11834 11938 211734 11834 118 11914 30,700 Reading
n1
4 Dec 42 Apr
/
18
Feb
4212
411
13
Jan
4012
42
300
42
4115
*4112
4
/
*411
4112
4112
First preferred
50
3
*4112 42 .41% 42
4534 Dec
40 Ma
47
4 4612 *4514 461,
1
.45/
*15
45 • 47
Second preferred
50 4334 Jan 12 60 Feb 18
4612 .
*45
47
*45
6114 Aug
42 Ap
*5712 61
100 43 Jan 7 69 May 27
Rutland RR pref
*5712 8138 *5712 615s *5712 60,2 *5712 6012 *5712 8012
Dec
10312
Ma
85
2
117I4June
6
4 Jan
1
11312 11378 11212 11378 11278 11334 12,900 St Louts-San Francisco
100 100/
11278 11312 11318 114
11212 113
4 Deo
/
971
8312 Ap
200 Preferred A
100 98 Jan 20 104 July 11
104 104 *101 104 *101 10415 *10234 10412 2102 102
*101 104
74 Feb
17
Ma
5712
June
93
8
Jan
89
89%
9014
8918
8918
9012
22,500
81
90%
St Louis Southwestern
100
9012 9138 9012 9234 8912
8014 July
72 Ma
89
*87
200 Preferred
89
*87
89
8812 8812 *87
100 76% Jan 8 1,07sJune 17
88
88
89
*87
61 Dec
2712 Ma
40% 57,300 Seaboard Air Line
4 39
1
3838 40
39
100 2818!Mar 31 4114 Feb 17
3612 36% 3634 3814 3712 3812 37/
4838 Fob
3112
Mar
4
Feb
4
1
/
43
42% 12,900 Preferred
4112 41
41% 41
100 3211 Apr 28
4018 4012 4112 4015 4112 41
40
Dee
11214
Star
961,
100 10614 Jan 28 12014 July 14
117 11778 11712 11878 11838 11914 1193* 120% 11938 12014 119% 12014 43,600 Southern Pacific Co
4 Sept
/
Mar 1311
12834 12912 129 12934 12912 13012 36,000 Southern Railway
100 119 Jan28 13012May 27 10353 Apr 9512 Aug
12712 12812 128 129
127 128
8712
98
*9712 98
98
800 Preferred
08
9818 08
98
100 94 Mar 10 9918June 8
9734 98 .
98
98
4218 Mar 8158 Jan
97
6,800 Texas & Pacific
4 96
/
4 9512 9712 9612 971
1
97/
100 537 Jan 7 10212June 21
96
96% 97
96
90
1312 Jan 43 Apr
*34
:36
100 Third Avenue
38
*3412 3534 *34
100 30 May 19 41 Feb 8
3434 3434 *3413 36
36
*34
4 Mar 1683s Oct
/
6,400 Union Pacific
4 1771x 177 178
1
17534 177,2 177/
100 15912 Jan 27 18114alay 20 1411
174 1741 174% 17434 175 176
Jan 8114 Aug
74x4
81%
821
3,800
*8178
817
8114
4
/
811
201
84121May
Preferred
82
100
Mar
77
.81
817
8178
8178 817
Jan
52
337. Ma
7318 75,4 7414 7538 74% 7638 26,200 Wabash
81 June 9
100 4012 Jan
7234 74
7334 741
7314 731
7854 Jan
88 Ma
1,900 Preferred A
97
9718 97
95% 9718 97
100 76 Jan
9512 96
101 Juno 9
96
*9638 9638 96
Jan
72
Ma
100
91
9334
*93
94
593
*933
57
B
4
Preferred
4
3
93
9
June
1
Jan
65
94
100
98
94
94
*93
93
165s Jan
11 Ma
10(
1384 Jan
87%June 9
55% 57% 5812 8058 5834 6138 5S58 60% 53,600 Western Maryland
58
5653 5714 57
2438 Sept
8,000 Second preferred
60
57
6114
8012
Ma
1682
Jan
9
23
100
6712June
6012
5314
58
56
591
5914
59
59
4334 4434 10,600 Western Pacific new
100 25% Apr 2
4712June 22
2712 Dec 3914 Jan
44
4512 4312 44
4412 45
4212 4512 4434 467
100 55 Apr 2
71
71
71
72 Dec 86114 Sept
4 73
/
71% 13,400 Preferred new
78% Feb 7
711
7112 73
6812 71
7112 743
Jan
32
Wheeling
Lake
At
Ry
Erie
85
35
100
88
*60
18 Ma
Jan
2712
*60
130
*60
8
Feb
85
*60
88
*60
85
*60
100 Preferred
83
100 471
83
4 Jan
/
97 May 13
*80
37 Mar 5012 Jan
8012 8012 *80
83
*80
83
83
*80
*80
per share $ per share $ per share $ per share $ per share
4 9312 9312
1
03/
72
74
*70
4'112
/
*112 1121
16814
168 168
1114 *11
*11
*3212 3412 32
338 33* *3
19034 19434 1915
838
8% 87
1'4
11
11
4 1447 x143
1
143/
9418
7434
11212
16814
12
33
33
19634
834
11
14434
4 94
1
9434 94/
7378 *67
.67
112 11212 *112
168 1613 *160
*11
12
*11
*32
*3112 34
*3
3
3
19012 194% 192
812
85, 838
114 *1
•I
14412 14912 14938
9533 95
7334 *6712
11212..112
16412 164
1114
12
34
333
33* *3
19578 196
8,4
8%
1 18 *1
15112 149
per share
9412
95
7334 73
11212'112
164 .163
1278 1278
37
37
318
338
1977 196
8
838
*1
11
1507 14838
Shares
Industrial & Miscellaneous
9412 2,400 Abitibi Power & Paper_No pa
2,600 Abraham & Straus____No pa
753
100
40 Preferred
11212
700 Adams Express
100
16538
100
1338 5,000 Advance Rumely
100
4 2,600 Advance Rumely pref
/
371
1
1,600 Ahumada Lead
314
pa
Ine____No
Reduction,
Air
19,600
1985,
No pa
814 2,100 Ajax Rubber, Inc
500 Alaska Juneau Gold Min__ 10
138
1511s 148,600 Allied Chemical & Dye_No pa
14 shares of Chesapeake Corp. stock.
• Bid and asked price.. •Ex dividend. a EX-rtghts. It Ex illy. 1,
$ per share
$ per Mare
83 Jan 27
6214 Mar 26
11018 Feb 1
124 Jan 5
912 Jan 3
3014 Jan 26
234June 2
13112 Jan 26
712.1une 15
1 June 18
131 Jan 25
8 Per thare
9734alay 27
8214 Apr 20
11312 Feb 30
1687* July 8
1534 Feb 9
41 Feb 9
513 Mar 5
19818 July 15
1324 Star 25
214 Feb 18
15112July 13
7034 May
43 May
10412 Ma
997s Ma
8 De
2872 De
434 No
10714 Ma
718 Oct
7. Oct
106 Mar
98 Sept
72 Dec
112 Dec
136 Sept
22 Sept
6584 Sept
91g Jan
14634 Dee
16 Feb
2 Jan
1487s Dec
362
New York Stock Record-Continued-Page 2
For sales during the week of stocks
usually inactive, see second page precedi
ng
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Y.KIf 51-1 A HIS
YANK OITA nic
Sales
STOCKS
Range Since Jan, 1 1927
Range for Prestos.
for
NEW YORK STOCK
Monday,
Tuesday, 1Wednesday, Thursday,
On
basis
of 100-share lots
Friday,
Year 1926
the
July 11.
EXCHA
NGE
July 12.
July 13.
July 14.
July 15.
Week.
Lowest
Highest
Lowest
Highest
2 Per share $ per share $ per share $ per
share
$
per
share
$ per share Shares Indus. & MIscel.
___ 12312 1231 2 12314 12314 1234
(Con.) Par $ per share $ per share $
12314 *123 124 *123 124
per
•12278*10314 10613 10712 10814 107
share
400
per share
Allied
$
Chemica
l & Dye pret_100 120 Mar 11 12312July 11
10812 107 107
107 107
107 10712 1,400 Aills-Chalmers Mfg
11834 Mar 12234 Dec
100 88 Jan 25 11134May 31
7814 Mar 9458 Jan
;iiis -1518 -15;
Preferred
8 1533 i1.iig -id - -I514
100 109 Feb 9 11212 Apr 21 105 Apr
-1-5-1-2 -1518 -1-53g
13
138 3,900 Amalgamated Leather
30
11112 Dec
30
30
304 3012 3012 3014 3013
_No par
13 July 15 2418 Feb 11
3018 3018 72934 30
1434 Oct 21 Sept
1118 1112 1134 12
5,100 Amerada Corp
1138 1178 *1158 12
No par 2758 Apr 28 37544 Feb 7
1118 1134
2414 May 3278 Aug
1118 1118 1,400 Amer Agriculture
'3734 38
3834 3912 3914 3912 384 39
1Chem_100
818 Apr 6 1434 Feb 14
38
3878 38
9
38
Oct 3438 Jar
6112 6212 6214 6234 61
2,300 Preferred
100 2814 Apr 6 5134 Jan 10
62
6112 6112 *57
6012 59
3532 Oct 0612 Jan
6012 6012 *59
59
2,500 Amer Bank Note
__ *583
10 41 Jan 6 6314July 8
*5834 60
*5834 59
3458
*5334 60
Mar
*1912 2014 2014 -2014 *19 4 60
46
10
Oct
Preferre
d
60
20
*1918 20
Jan 4 0012July 9
*1918 20
55 Jan 5812 Jull
1914 1924
300 American Beet Sugar__No par 5612
*50
5234 *50
52
*50
52
1818 Apr 28 2334 Mar 14
*50
52
50
2012 Sept 3834 Feb
50
52
1614 1614
*50
200 Preferred
1614 1613 1634 17
100 48 May 4 6018 Jan 3
1738 1818 1734 1812 1812 1912 24,500 Amer
55 Nov 83 Feb
• 3912 3912 3918 3012
Bosch Magneto__No par 13
Jan 20 1912July 15
4012 4034 4012 4114 8,300 Am BrakeShoe
*120 12412 *120 12412 3934 4132 4012 41
16 Slay 344 Jan
& Fnew No par 3512May 2 4314
*120 124 *120 124 *120 12312 *120 124
June 8
11
1214
Preferre
d
11
1234 1138 124 1178 1234 1112 1212
1138 1178 24,800 Amer Brown lovedi El_No 100 11714 Feb 7 128 afar 12 11-014 Mar 12814 Feb
5478 5478 *54
.56
5413
par
5518
103
4Ju1y
*5412
8
3912 Jan 5
6312 *5412 6312 6114 6218
3014 Mar 50 Aug
58
5834 5833 59,8 5814 5914
Preferre
100 5014June 17 98 Feb 1
5738 5858 5738 5838 5712 5814 118,600 American d
8612 Star 9713 Jan
131 131 *13012 131
Can
25 4333 Mar 31 5914July 12
*13012 13112 *13012 131
13012 13012 *130 131
3878 Mar 6312 Aug
9812 99
200 Preferred
99
99
100
126
97
Jan 14 133 June 71 121
09
95
97
97
0812 100
98
Jan 13018
6,800 American Car & Fdy___No par
12712 1271 3 *12413 127 *12412 127
95 July 13 10914May 271 9112 Mar 11478 Dec
Jan
*12413 126
200 Preferred
56
5638 5513 5614 5512 5513 5578 5618 *12418 12612 *12412 126
100
12618Ma
12
y
1343
4June
5512
557
8
8
5513
12013
557
Oct 13014 Dec
2,800 American Chicle
13
1314
1278 1334 13
No par 36 Jan 26 5778July 1
1338 1314 1312 1314 1312 1318 1312 16,500 Amer
31
Oct 61
143 143
Jan
Druggists Syndleate_10
143 14413 14214 14214 141 143
938 Apr 20 1514June 9
143 143
143 143
414 Jan
2,100 American Express
22
1038 Aug
2314 22
2214 22
100 127 Jan 17 14512Ju1y 7 10578 Mar
2214 2158 22
208 2112 2114 2113 4,500Amer & For'n
140
*9914 100
Jan
Power__No par
9914 9914 99
184 Feb 17 2512Mar 29
9914 100 110
100 100
1414 Nov
10012 10012 1,100 Preferred
4238
*934 1038 *10
Jan
No par
1038 10
10
958 958 10
914 914
79
Oct 98 Fell
10'4 1,600 American Hide & Leather_100 8612 Feb 15 102 June 22
*65
6512 6414 6514 6512 6512
73*
Apr
20
6312
1012 Feb 8
6478 6414 6558 65
6613 4,000 Preferred
7 May
1712 Feb
4314 4378 44
4612 45
100 48 Mar 1 6612July 6
4618 4412 47
3313 Slay 6714 Feb
x41312 47
4512 4612 18,000 Amer Home Produc
*121 127 .12114 125
ts_No par 3038 Jan 3 48 July 6
12312 12412 124 124
12312 12312 1231z 124
2358 Oct 3058 DeC
900 American Ice
*91
92
9113 911 *9012 91
2.9034 91
100
11.118
Jan 28 13714May 10 109 Mar 138 June
*9012 91
91
91
400 Preferred
4978 5018 5014 5014
100
4934 51
50
5012 5014 5232 514 52
8112 Oct 8634June
6,900 Amer Internet Corp___No par 84 Jan 7 96 May 7
618 633
61 4 614
558 538
6
638 714
3134 July 4634 Feb
634 7's 11,500 American La France F E__-10 37 Mar 23 5512June 7
301s 3032 3018 3038 3038 3214 3158 614
4 June 4 10 Jan 3
3258 3178 3312 3234 3334 14,400 American Linseed
978 Dec 1578 Jan
6513 6512 65
100 2018 Apr 5 34 June 10
65'2 65
6712 67
67
6612 6713 6712 677
2558 Oct 5278 Jan
4,200 Preferred
106 10612 10534 10614 104 10614 10418 10513
100
Mar19
46's
747
8June 10
105 105
6734 Oct 87
10512 106
5,300 American Locomotive_No par 103
922 124
Jan
12212 12213 *122 124
June 30 116 May 18
122 122 *122 124 *122 123
9014 Mar 11978 Jar
200 Preferred
*87
89
*87
100
89
8834 89
Feb 23 124 Apr 2 116 Aug 12414 Dec
*88
89
*88
89
*88
89
400 Amer Machine & Fdy__No par 11912
14434 14434 *14012 14434 *14013
7314
Jan
3 8912JulY 2
14434 *14012 14434 *14012 14434 *14012 14434
651 Oct 8012 Aug
10 Preferred
*3818 3812 3818 3818 38
100 12518 Jan 6 149 Mar 29 114 4 July
3812 38
38
3812 3834 *3812 30
125 Dec
800 Amer Metal Co Ltd___No par 38 July
•10814 11018 *10814 11018 908
110 *108
12 44 Jan 20
4314 Dec 5738 Feb
Preferred
.62
6212 6113 6214 6118 6134 6012 110 *108 110 *108 110
100
6134 61
6133 61
6112 6,500 Am Power & Light_ _--NO par 108 Jan 6 11212May 17 11312 Apr 120 Feb
12412 12634 126 13013 128 12912
54 Jan 27 67 June 3
12612 12638 12634 12712 127 12712 20,010 America
5034 May
n Radlator
25 11012 Jan 21 131 Ma7 26, 10114 May 7212 Sept
*99 102
*99 102
12232 Aug
*99 102 1*25 10114 *99 101
5978 6012 5718 617 *99 102
Amer
Railway
Express
___100
8
8712
5972 5978 5934 5934 5978 6034 5978
Apr 4 105 June 24
7738 Mar 90 Dec
4422 44,2 4478
6114 8,500 American Itepublics___No par 3518 Jan
4478 444 4512 45
4
647
8July
7
4438
3978
45
443
,
2
4
Nov
*4414
74
45
Jar
1,800 American Safety Ita8or___100 43
4738 481s 4734 484 4718 477
June 27 6112 Mar 28
8 471 4832 48
42 Apr 7034 Aug
4818 4758 48
8,400 Am Seating v t c
*412 478
No par 4378June 28 4012July 6
412 412
438 438
438 438
414 412 *438 434
153 15312 15338 154
900 Amer Ship & Comm
No par
15238 15512 1544 15614 15418 158
Mar
312
23
5
63
4
Jan
7
-3-2 -Lee Ini Ifni
15734 16134 80,200 Amer Smelting & Refining_100
12513 12512 *12534 126
126
13252 Jan 25 16718June 2 10952 Apr
•128 12912 *12812 12913 123 126 *12534 12612 *128 127 *127 128
200 Preferred
100 11914 Mar 16 12678May 4 11278 Mar 152 Aug
12813 *127 12812 *127 12812 *127 128
12238 Dec
300 American Snuff
454 4512 4514 4634 4614 47
100
11938
Jan
4714
17
13078
477g
afar 10 12134 Oct 185 Feb
47
4712 4672 47
911 113 911 113 *111 113 *111
6,800 Amer Steel Foundriee__No par 41 12
Apr 29 4834June 20
113
911
113
40
112
May
*89
112
100 Preferred
8912 90
9038 90
100 11014July 5 115 Jan 13 11014 Sept 47 Aug
9032 8914 9014 8914 8958 89
115 Feb
*11058 III *11033111 *11013
8912 4,200 Amer Sugar Refining
100 79 Jan 25 9514May 26
111 *11012 111
11012 11034 11012 111
6514 Apr
57
1'referte
200
5712 56
.1
51334 5434 5638 5514
100 10772 Mar 3 11612alay 26 100 June 8714 Nov
*5514 5512 56
11013 Noi
-_5814 14,200 Am Sum 'lob v t _
_ *3013 3178 *3012 3178 3014 56
No
par
4112
Jan
3
5838 Apr 16
3024
2914 Aug 44 Dec
_ *3034 3112
16238 1-6-314 16314 16378 16338
200 Amer Telegraph &aCable..100 26 Apr 1
16412 16438 16434 165 1-6-613 16078
34 May 9
2513 July 4118 Feb
16732 15,600 Amer Teiep & Teleg
' . 136
13514 13638 13513 13578 136 13718
100 14914 Jan 3 17232 Apr 8 13958 June 151
13734 13734 13714 13778 3,100 Amerlcan Tobacco
135 135
Dec
13434 1363s 13434 136
com_-_
50
120 Jan 7 13912May 20 11138 Mar 1243
13638 13612 13678 13738 13714 1373
11234 11234 .11214 11234 *11214
50 11914 Jan 5 13834May 20 11018 Mar 124 4 Sept
11234 *11214 11212 11214 11212 11214 11233 3,000 Common Class B
927 12934 *127 129 1927
Sept
4
400 Preferred
100
11018
128
127
Jan
4
1157
128
8 Mar 0 10618 Jan 113 May
127 127 92512 12712
9012 9012 9014 91
500 American Type Founders_100 125 Jan 7
9012 91
146 Feb 18 114
90,8 9012 904 9078 9012 91
Jan 135 Feb
11118 11118 *11114 11112 91114
3,400
11112 111 24 1114 11112 11112 11138 11138 2,000 `m Water Work,& Eleo___20 6214 Jan 3 98 June 6
4354 Apr 74
Jac
1914 19,4
let preferred (7%)
1878 191
100
10412
1878 1872 1918 1918 19
Mar
1 11134June 22 10112 Mar 10814 Jan
194 1834 1914 2,100 A,..lerican Woolen
48
4812 4814 4812 4813 4834 4812 4812
100 1612June 7 3338 Jan 5
19 June 4278 Jac
4858 4838 49
4938 2,180 Preferred
100
467
8June
*1514 16
1
8612
Jan
1.6
7
66
16
Apr 904 Der
1538 1618 1512 1512 1538 1538 153
4 1534 2,300 Am Writing Paper ctfs_No par
*712 8
*714 8
978May 26 1633July 61
*714 8
*74 8
7
714
7
7
600 Amer Zino, Lead & Smelt___25
*41
42
*4013 42
40
612June 27 1014 Feb 17
4018 3934 40
38
39
Stay
Si,
38
38
1218 -Feb
1,100
Preferred
4312 437s 4314 4334 4338 44
25 38 July 14 504 Feb
4314 4458 4332 4514 z4412 4514 16,400 Anacond
20 May 54 Der
*3912 4014 *3912 4012 *3913 4012 *3912
a Copper Mlning_50 4114June 27 4912 Jan 18
4018 *3912 404 40
12
4112 Mar 5178 Aug
4018
•10712 10812 *10712 10812 *10712 10812 •10712 1081.
200 Archer, Dan'Is, MidI'd_No par 38 Mar 12 42
Jan 18
3478 June
*10712 108
10712 108
210 Preferred
*8612 87
87
100 108 Jan 4 109 July 6 100 afar 4454 Jac
87
8658 8632 *8634 88
8612 87
*8612 88
108
Oct
500 Armour & Co (Del) pref
934 934
100 86 Apr 13 0818 Feb 16
934 934
934 972
972 978
904
May 9778 Jar
94
7
8
9
10
97
s
1,400
Armour
618 618
Illinois
of
Clam A__25
614 614 *618 6,4 *64 633
814May 4 1578 Jan 7
1318 May 2512 Feb
64 64 *1318 614
800 Class B
*137
68
*67
68
25
*67
518May
68
5
*67
918
68
Jan 6
*07
534 May 17
68
.6714 69
Jar
*3258 3312 33
Preferred
33
100 f0 Apr 13 8614 Jan 27
3253 33
33
33
3212 3212 3234 33
80 Apr 93 Feb
2,400 Arnold Constable Corp.No par 21 Apr 1
2878 2878 2878 2878 2834 2834 2812
2812 2878 2878 2814 2814
3•t July5
18 Apr 3134 Jan
700
Art
4412 4512 4412 4434 4334 44
Metal
Con*tru
ctlon._
10
.
22
Jan
11
4412 4412 45
32 June 24
1018 Jan 2334 Ocl
45
*45
4512 1.600 Artloom Corp
113 113 *110 11234 *111 11234 .111 112
No par 4334July 12 5434 Jan 5
911 112 *111 112
4634 Sept6313 Jar
10 Preferred
4112 4112 4134 4234 4138 4258 4114
100 11114atay 31 113 Feb 8 108 Star 113
4214 4218
Dm
4214 5,000 Assoc Dry Goods
•102 104
10278 10278 *10212 103 *10212 103 *10212 4218 42
No
par
3912 Feb 9 4178 Apr 11
3714 Slur 5478 Jar
103
100 1st preferred
905 107
10678 10678 *105 108 *106 107 *105 107 *10213 103
100 9713 Mar 3 104 May 22
96 Mar 10212 Jar
905 107
100
2d
preferre
*40
d
45
*40
100
48
105
*40
48
Mar
*40
23 109 June 9 102 May 110 Del
48 .40
48
*40
48
Amoclated 011
*3613 38
*3612 38
25 42 June 14 5014 Feb 19
3812 3934 3812 3858 39
4454 Jan 60 alai
4014 3812 3812 4,100 Atl 0 & W I 5 9 Line_N
*3613 39
3618 3618 374 38
o par 3038 Mar 25 42 Jan 6
*36
20
39
38
Oct6814 Jai
38
*36 . 37
Preferre
500
d
113 114
113 117
100
116 11818 11614
2934 Star 25 4114June 7
3314 Oct 5614 Jai
17,800 Atlantic Refining
91612 118 *1164 118 91612 118 *11612 11734 114 11612 11414 116
100 107 Jan 28 12558June 10
118 *11612 118 *115 117
97 Star 12838 Ma3
Preferred
*65
66
*65
100
66
11512
6512 66
Feb
1
118 Mar 1 1 11518 Oct 120 JUDI
65
65
6434 65
*64
65
600 Atlas Powder
No par 5613 Mar 17 70 June 9
54 Mar 64 NO1
90512 __ 90512
__ 10512 10512 *10412 105 90412 105 *1002 105
00 Preferred
*7,4 10( 98 Jan 6 107 July 2
812
8.12 *7,4 -*714 812 *714 812 *714 812 *714 813
04 Jan 9732 Del
Atlas Tack
458 458
No
458 458 *412 5
pa
Vann°
25
1218
Apr
7
8
*412 5
Oct
412 412
1712 Jet
44 433 1,000 Austin, Nichols&Co vto No pat
•29
37
*27
37
414 Mar 22 1014 Jan 3
*27
37
*27
32
*27
718 Oct 28
32
*27
32
Jet
Preferred
236 233
237 24112 23812 244
1C4C
28 July 6 61 Jan 5
238 241
239 242
54 Nov 93 Jai
24234 24918 193,300 Baldwin LOCOmOt
.122 125 922 12478 *122 125
IVO
Wk11-10
t 1431s Jan 18 249123uly IS
12212 12212 929 124
027
8
122
Mar
122
1673
4
Det
200
Preferre
d
*10878 10913 90872 10912 *10878 10918 10918 1094 10918
10t 116 Jan 14 12414July 7 105 Star 11914
10912 109 109
Not
900 Barnberger (I.) & Co pref_ 100 10634 Mar
*5014 51
.4912 51
4812 4912 *4812 5112 *4912 52
30 11012MaY 10
*49
52
300 Barnett
2538 2574 2538 2512 24
No par 40 Jan 6 5978 Feb 9 ---- ---- ---- ---•
2538 2318 2438 2312 2422 2378 243 79,000 Barns/IanLeather
Corp class A
2414 2414 .2434 26
25 234 Apr 29 3513 Feb 26 -2312 May -3312 Jul
*2314 2378 .2238 2314 *2312 2433 2212 2314
100 Class B
80
80
80
25 22 Apr 30 3212 Fob 28
8178 8112 8214 8178 8178 8134 8333 8312 8438
2213 Oct 3912 Jai
7,900 Bayuk Cigars, Ins
•164 1612 16
No par 4012 Jan 25 8438July 15
1614 16
1612 164 17
39 Mar 5538 Nor
1718
173
8
•1612
173
8 7,000 Beacon 011
No par
*52
53
53
1514May 31
53
5352 5458 5478 5712 57
1814June 7
5718 57
57
3,500 Beech Nut Packing
1712 17'z 1712 1712 1712 1734
20 5014 Apr 29 6078 Feb 15 -5214 Oct -7178 -Fel
1712 174 1712 17'2 1732 174 1,300 Belding 11em'way Co__No par
48
48
4914 5038 5014 5114 5014 5134 5114 517R 4914 5114 53,200
1512July 7 2714 Jan 7
26 Dec 304 Jai
Bethlehem Steel Corp
*10834 10914 .10834 10933 10914
100 4334 Jan 27 5614 Apr 7
374 May 5118 Sep
*10914 10938 10914 10912
109,
10912
*109
4
400
Preferre
d
(7%)
*3434 37
100 10434
*3512 3712 *35
99 June 10572 De
37
*3512 37
*36
37
*36
37
Bloomingdale Bro8.___No par 34 Jan 3 11112June 2
•11112 11212 *11112 11212 11112 11112 *11012 11112
June 1" 4138 Jan 11
28 June 42 De
*11012 112
110 11013
60 Preferred
100 10912 Jan 20 11314 Am 18 1041s June 110 Del
*57
5712 5714 58
5814 584 5832 5812 58
583
58
.5612
4
1,400
Bon
Ami,
class
A
NO par
.738 734
5318
712 712
714 712
Jan
5934Jim
5
e
714
1
5312
Dec 564 De
714
732 712 *712 752 1,200 Booth Fisheries
No par
614 Jan 28
849
53,2 *49
838 Apr 1.1
53
418 Mar
934 Jai
*4912 54
54
549
*4913 54
*49
5312
let preferred
81818 19
100 45 Jan 11 5714alay 27
9818 1834 9818 1834
3411
Oct 5113 Jul
4
1334 1834 1834 1834 1834 1834
500
Botany
CODS Mills class A__50
28
2812 12634 2734 2634 2634 26
18 Stay 4 2812 Jan 5
20 May 4118 Jai
2612 26
264 27
2712 3.000 Briggs Manufacturing_ _No par
26 July 13 3638 Feb 23
24
Oct 3712 Jai
965 168 *16512 168
167 16914
16912 1168 16934 16872 17033 7,100 Brooklyn Edison, Inc
114 114 *11311 115 91312 11412 169 11412
100 14812 FOD 11 178 June 7 133 Mar 163 Sep
114 11578 11534 11934 9,500 Bklyn Union Gm
*113
3914 38
39
No par 8958 Apr 4 11934July 15
3914 3834 3878 38
68
Star
98 De
387g 38
385ii 384 3834 6,200 Brown Shoe Inc
26
No par
26'o 2578 26
2912 June 4838 Jtu
26
2614 2612 2978 2912 3012 30
3018 8,800 Brunsw-Balke-Collan'r_No par 301: Feb 1 39',July 8
88
88
88
2578July 11 3878 Jan 10
2438 Mar 3934 SeD
8838 8838
93
9278 93
2,700 Burns Bros new clAcom No par
1838 1838 183* 181 *1813 8838 8878 8018 91
8512Jun
Jan
20
121
e
17
125
34
Mar 144 Jut
9834 1938 1,200 New class B cotn
19
1812 1812 1814 19
No par
.9012 941 *91
1614 Star 18 3454 Jan 27
941 *91
2012 Nov
44 Fel
92
.91
9412 *9118 941 2
9412 *91
Preferred
*93
100 90 June 20 100 Jan 3
9412 *93
941
94
97 Mar 1034 Jun.
9418 *94
95
•94
95
*9438 9614
300 Burroughs Add alach_No par 290
5872 5872 5812 581
Mar 2 12634 Feb 28
7712 Apr 124 De
5878 6034 6114 6314 6138 6234 6118 6218 35,300 Bush Terminal
now....__No par 2934 Jan 12 6314 July 13
102 102 . 1017
,
102 102
1634 Mar 344 Jut
10114 102
10218 10218 10212 10212
270 Debenture
91012 11214 *11012 1121 *11012 111
100 0114 Jan 5 104 May 31
86 Apr 03 Ato
*11012 111
11034 11034 *11012 11112
10 Bush Term Didgs, Dref
414 414
100 1034 Feb 14 115 Apr 11
418 41
9913 Jan 104 No,
414 414 .414 412
414 438 *414 412 1,100 Butte Copper & Zino
5
53
334 Mar 19
5312 5312 531
54May 2
. 5312 5612 5614 5534 55
4 Dec
6/
1
4 Fe)
5712 5618 5712 8,500 Butterlek Co
100
818 814
8,8 818
17% Mar 71 Seri
824 812 *8
1.200 Butte & Superior Mining_ 10 504June 28 6114 Feb 15
818
814
818
84 8,4
*7912 82 .80
11114
82
734
Jan
Apr
7
4
*7912 80
71s
May
1614 Jai
80
80
78
7878 7878 1,800 By-Products Coke-_ _No par 66
81
5238 8434 84
Jan
9212Juno
8712 857s 8714 8514 87
29
2
53 June 90 Sep
9038 91
9334 73,500 Byer, & Co (A M)- _ _ _No Dar
86
*62
6314 63
42 Jan 3 94 Juice 2
6334 6234 6234
28 Mar 4472 No
6338 63
6314 6334 634 2,700 California Packing_...No par 6014 Apr
2318 2338 2312 2334 2313 2334 6318
1
70 Jan 5
6614 Oct 17012 Fel
2314 2312 2314 2378 2338 2338 7,900 California Petroleum
158
158
25
138
21
158 *152 134 4.13, 134
12 Apr 28 3278 Jan 18
2934 Oct 3818 Fel
18.4
IN
123 158 1,300 Callahan Zino-head
*64
10
66
112 Jan 3
*64
252 Jan 17
11: Mar
66
258 Ja'
*65
6512 65
65
6412 6.512 6512 6534 1,300 Calumet Arizona Mining
*1412 1434 1412 1434 1412 1413 *141
10 61123une 27 70 Apr 21
5512 Mar 7358 Au
2
143
4
1.200
Calumet
143
8
Hecla
&
15
15
15
4914 4978 4918 4912 4834 4912 4878 4913 4918
25 1414July 7 17 Apr 20
133
8
Mar
1812
Au
4912
484
25,000
Canada
403
8
Dry Ginger Ale.No par $36 Jan 5 5038July 7
00.1
99*.3. 992 9711
9914 9771. 9071. 00*
3212 Oct 49 Sot
000 92R
9202.
, 235
7.800 Case Thresh Machine
100 132 Jan 27 238 July 14
6212 Jan 176 Au
'Bid and asked prices; no sales on this
day. x Ex-dividend. a Ex rights. S Ex-dlvldend and et rights.
Saturday,
July 9.
New York Stock Record-Continued -Page 3
363
page Drees
For sales during the week of stocks usually inactive, see third
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 9.
Monday,
July 11.
Tuesday,
July 12.
Wednesday, Thursday,
July 14.
July 13.
Friday,
July 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100-shard lots
Lowest
Highest
PER SHARE
Range for Previews
Year 19213
Lowest
Highest
per share $ per share $ per share $ Per share
per share 3 per share Shares Indus. & Miscall.(Con.) Par
$ Per share $ Per share $ per share $ per share
Jan 11812 Aug
96
100 111 Feb 28 12412May 21
400 Preferred
120 120 *120 12078 120 120 *120 12012
120 120
120 120
2812 Oct 3314 Aug
Steel....No par 24 Apr 1 31 Apr 14
Alloy
Central
2,100
2812
8
283
2712
2814
2712
2712
*27
2712 2712 2712
*2934 27
7 Nov 2012 Jan
8 Jan 3 177sMay 25
83
100
Leather
Central
1,100
15
*1412
1414
1412
*14
1412 1412 1458 *13
*14
1412 14
834 Nov
7 Dec
714 Jan 3 15121May 26
100
1412 144 3,800 Certificates
1378 14,4 14
144 1412 1412 1414 1414 1414 1414
4 Apr 6834 Jan
1
43/
100 54 Jan 14 7712June 1
Preferred
77
*73
77
7612 *7214 7614 *7214 76,4 *73
*75
Dee
7612 *75
5412
15
Nov
July
50
76
3
Jan
54
100
certificates__
Preferred
3,500
76
744 7412 7412 741.2 75
7312 7414 7378 74
*7258 74
1014 Oct 3278 Jan
1612 Mar iS
1012 Jan 26
100 Century Ribbon MIlls__No par
*1134 12
*1134 12
1112 1112 *1134 12
•1112 12
*1112 12
Jan
7814 Dec 90
Jan 24 83 Apr 22
70
100
1
Preferred
30
75
4
75
78
"7514
*7514 78
*7514 78
07514 78
*7514 78
5712 Jan 7312 Aug
27 8312 Feb 24
6034 5912 5912 3,200 Cerro de Pasco Copper_No Par 58 June
5918 5918 259
5834 59
5834 59
*5812 59
3618 May 4912 Jan
Products_No par 42 Jan 25 5534hlay 11
11,400
Certain-Teed
52
4
5112
508
4
513
51
51
5014
4
503
5058 51
5038 51
100 106 Feb I 111 June 25 100 May 10814 Nov
100 let preferred
11358
*10214 11212 *10912 11358 *10912 11358 10912 10912 *111 11358 *111
26 Feb
812 Nov
14 Mar 22
634June 27
7i2 712 8,200 Chandler Cleveland Mot No par
712 772
758 74
634 758
758
7
718
7
2034 Dec 4514 Feb
13 June 27 2514May 6
par
No
1919
11,600
Preferred
1912
4
183
8
203
2012
1912 2078 1734
21
19
1858 1914
12814
Dee
Apr
9412
2
Mar
13714
3
Jan
12012
Tool-100
Pneumatic
6,000 Chicago
13114 13114 xI30 130
13112 133
13112 13312 133 134
131 131
4518 May 663g Jan
No par 4858 Mar 31 6234May 24
5855 5934 5812 5934 5878 5918 5878 5878 584 59,2 2,000 Childs Co
*5814 60
30 Mar 364 Jan
Mar 21
3914
27
3318June
25
Copper
Chile
8,500
35
354
3534
3314 3338 3315 3312 3338 3358 3312 3334 34
16 Mar 26 Nov
5 2218 Jan 7 24 Apr 11
Chino Copper
*2214 25 *2214 25
*2214 25
*2214 25
*2214 25
*2214 25
2912 Oct6344 Jan
Ws No par 344 Jan 6 6578June 16
64
6412 6438 6412 6414 6414 *6314 634 3,100,Christle-13rown tern
64
64
6312 64
1 Mar 5478 Jan
28,
8
4June
513
28
Jan
par
3818
No
Corp
4818 4712 484 73,000IChrysler
4638 4718 4678 4778 464 4734 4612 4712 47
Jan
93 Mar 108
No par 10238 Apr 11 11214July 8
610 Preferred
112 112 *111 112
11214 11214 *111 11178 *111 11178 11134 112
Dec 8812 Jan
60
24
Jan
4
663
400 Cluett Peabody & Co No Par 51 June 17
*5112 52
*5112 52
*5112 53
53
52
63
5312 53
052
May 4 10314 Jan 116 Sept
120
6
Jan
11114
100
110
Preferred
118
118
117 118 *117 11734 *117 11734 *117 1173 *117 118
No pa c9612 Apr 27 19912 Apr 22 128 Mar 17444 Dec
117 11712 13,200 Coca Cola Co
11512 11512 11512 11758 117 1173 11618 117
11512 116
3434 May 8912 Dee
63 Jan 4 1224July 7
No pa
10934 1104 108 11212 111 11312 26,000 Collins & Aikman
11212 118 211034 113
117 119
2738 Mar 49% Oct
100 4258 Jan 4 9638July 12
Iron
&
Fuel
92
9314 9212 9412 944 0638 9458 96,8 9438 9534 9312 9558 104,100 Colorado Carbon v to No pa
Jan 70% Dee
554
18
Mar
8512
3
6678 Jan
800 Columbian
7434 7312 74
*74
*7312 7434 *7334 75
74
74
*7312 74
8538 Nov 91 Deo
9834May 27
11
Feb
82e
pa
new_No
Elec
&
Gas
11,200
Colum
93
9212
9212 9234
101% Nov
9378 9438 9378 9414 9218 93
9334 94
Nov
8
987
16
10712N1ay
24
Jan
9912
10
10578 10578 10534 10578 2,200 Preferred new
10514 10514 105 105
10512 10578 10518 106
4858May 25 5434July II
Power_No pa
5414 5314 5358 2524 5312 524 534 10,300 Commonwealth
2Jan
5234 5414 5334 5434 53
1812 Nov 1i121
Feb
2058
29
June
14
pa
___No
Credit_
800 Commercial
15
15
15
15
1414 15
15
1434 1434 *1412 15
15
2114 Nov 2814 Jan
17 June 10 23 Mar 10
2
330 Preferred
2014 2014 2014 21
*2014 21
*20
2012 2012 2012 *2018 21
20 Nov 271 Jan
Jan 7
23
15
8June
187
2
B
Preferred
10
21
*2018
*284 21
2038 2038 *204 21
*20
21
21
8512 Dec 9912 Feb
*20
100 69 July 8 8515 Jan 12
190 1s1 preferred (64%)
7414 7414
73
73
72
72
Jan
70
70
5412 Dec 72
7012 7012 7058 72
100 Comm Invest Trust___No par 4118May 4 5634 Mar 14
50
4818 *46
Jan
4818 *4618 4818 *46
*4618 49
97 June 104
4618 4618 *46
27
Jan
9812
21
Apr
95
100
preferred
77
10
98
*90
98
*90
98
*90
Jan
100
98
*90
May
95
89
05
*95
98
14
Mar
95
5
100 864Ju1y
100 Preferred (64)
8934
8834 *87
8934 *87
8934 *87
8934 8634 8634 *87
•87
394 July 12 11814 Jan 237 Nov
3
Jan
223
par
No
B
Solvents
Commercial
16,800
377
371 381 12 368
375 383
291s Sept
1212May
36134 37234 370 37634 376 384
4
2238May
213
Jan
174
par
1838 9,400 Congoleum-NaIrn Ino__No
1814 1814 1814 1812 1814 184 18,8 1814 1818 1838 18
40'z May 67 Dec
65's July 7
No par 47 Mar
Cigar
1 Mar
634 6334 6312 6312 6312 6334 3,800 Congress
63
38 Dec
63
64
64
64
64
4 Jan 5
14 Feb I
Conley Tin Foil stpd___No par
4
*14
4
*14
4514 Apr 8714 Dec
7
8634July
*14 38 *14 34 *14 % 834
I
*14
30
Apr
5
757
8414 18,300 Consolidated Clgar____No par
8478 84
8212 8412 8234 84,2
85
91 Mar 1073, July
84
8312 837
22 10212 Feb 2
Mar
99
100
Preferred
900
101
101
*9634 101
*9634 101
*97 106
*97 101
101 101
612 Jan
138 Aug
24 July 15
212 Feb 4
600 Consolidated DIstrib'rs No par
7
72
7
72
34
34
1
1
*1
1
I
87 Ma 115% Aug
1'8
Mar 9 10912 Jan 10
10234 1041 10312 10438 21,001 Consolidated Gas(NY) No par 94 Mar 18 9734June 1
10334
8
1025
10314
4
10212 1033
10315 103'z 10234
93
par
No
7,004
Preferred
8
973
97
97
97
4 -NO;
9678 97
114 May -119678 97
964 97
9634 97
718June 18
318 Mar 14
No pa
9,800 Consolidated Textile
575 6
578 6
578 638
578 61
5012 Oct 93% Aug
54 578
534 578
par 3312 Apr 30 744 Jan 6
4318 43'z 4258 4312 4278 4412 11.300 Continental Baking el ANo par
44
4412 43
4414 4458 43
Oct 1518 Sept
738
5
Jan
1014
19
May
4
No
512 578 15,400 Class B
5,2 54
534 57
54 578
Oct 9612 Aug
534 6
87
534 6
9714 Jan 13
100 72 Apr 1
8712 3,600 Preferred
874 87
8778 87
8712 87
87
87
8712 8734 87
9212 JELD
70 Ma
6,000 Continental Can, Ins_ No par 5854 Apr 9 7312 Jan 3
7078 71
71
7178 71
144% Jan
7038 7058 7012 7112 7118 7134 71
Ma
122
14
18914July
27
Jan
135
25
_
178 18334 184 18914 18534 18734 3,900 Continental Insurance_ _ _ par
17434 178
173 173
1378 Dee
•172 175
9% May
1334 Jan 6
1014June 16
__No
Motors_
11,800
Continental
107
4
103
8
11
1054
11
11
1074
1038
1034 11
51% Dee
1075 11
3558 Ma
14
5412 5512 25,600 Corn Products Iteflnlng.___25 4678 Jan 12 6318May 3 12212 Jan 13114 Dee
5312 5375 5312 5375 5375 55
5374 5373 53138 .54
13214June
11
Jan
128
100
Preferred
_
*131
____ •131
____ *131
•13112 132 *13014 ____ .131
4412 Mar 62 Dec
No par 56 Jan 3 81'4 J,113' 15
804 7914 8414 - -5:615 Coty, Ins
8012 7915 7915 7934 7934 80
8012 *79
*79
64 Apr 6214 Dee
4
5,600 Crucible Steel of America..100 77 Jan 4 984 Mar 31
x8538 87
89
8678 8838 88
8512 8512 8412 87
85
85
96 Mar 104 Dec
11018May
18
100 103 Jan
Preferred
33 June
*105 110 *105 10812 *105 10912 *105 108 *105 10912 *105 10912
2814 0 t
No par 2412 July 6 3414 Jan 8
Co
8% May
11 12 Jan
2534 2534 2534 2638 2618 2612 2618 264 2534 264 2534 264 4,200 Cuba Cane
5
Jan
4
103
2
July
7
No par
Sugar
812 812
8,2 81/ 3,300 Cuba
83g 838
812 858
812 834
812 858
3512 June 50% Dec
5034 Jan 4
341 2June 2
100
5,000
Preferred
8
377
37)4
3812
38
3734 3812
*3734 38
3775 3914 3812 39
2014 Atli- 30% .10
10 214July 5 284 Jan 3
3,700 Cuban-American Sugar_
23
23
23
2318 2358 2314 2312 2312 2312 23
2212 23
9734 Jan 105 Nov
100 102 Jan 31 106 June 28
Preferred
•10312 108 *10312 108 *10312 108 *10312 108 *10312 108 •10312 108
1512 Sept 2014 June
Jan 21
18
l3I2June3O
par
No
new
Bug
Dom'ean
Cuban
200
1512
15,2 •I5
1534 *15
1512 *15
15
1534 *15
153 .15
51 18 Nov 55 Dee
50 4312 Apr 8 524 Feb 23
7712 Mar 108 Dee
4812 481s 4834 4934 4912 4912 4935 4938 4918 4938 4814 4812 3,200 Cudahy Packing new NO par 103 Apr 4 11812May 10
Sons
Cushman's
11812
1.600
11814
4
,
118
118 11838 11818
115 115
*113 116
116 116
Jan
32 Nov 51
June 16
37
28
Apr
30
par
No
Frult
200
Cuyamel
36
36
•3515 36
36
*35
*35
3512 *35
36
*3514 36
2318 Oct 46% Feb
2614 Apr 28 3412May 24
3058 3058 2,700 Davison Chemical v t c_No pa
*3012 31
3114 3134 3112 3134 3114 3155 3035 31
13312 Jan 21 157 June 2 12312 Mar 14112 Dec
100
Edison
Detroit
600
149
149
1
148 148 2
14534 14534 147 147
*145 147 *145 146
Oct 104% Feb
31
700 Devoe & Reynolds A__No par 37 June 20 4238 Feb 2
3912 384 3858 391g 391s
39
40
40
3978 3978 40
*38
100 115 Feb 28 133 May 12
340 Diamond Match
12412 12412 12412 126
124 12514 124 124
*12112 12214 12214 124
5 /114May 4714 Jan
Jan
2712
8
par
July
1614
A___No
Class
Bros
Dodge
39.400
1914
19
1778 184 1878 1934 1812 1912 1858 193g
1758 18
7912 May 90 July
No par 6612July 8 85 Feb 14
35,400 Preferred cert f
7012 7112 7034 7114 7034 72
7035 73
6914 71
6812 70
Oct 20 Mar
8
7 June 30 1114 Jan 4
No par
715 712 1,700 Dome Mines, Ltd
738 712
712 712
712 712
712 75*
738 738
19 Mar 46 Nov
5
July
3
Jan
80
46
par
No
1,500 Douglas Pectin
79
78
78
78
79
79
*7818 79
78
78
78
75
118% Aug
Mar
11112
400 Duquesne Light let pref___100 1144 Mar 2 11634June 1
116 116 *11534 1161
116 116
11514 11514 *11512 116 *115 116
Mar 1384 Dee
6,000 Eastman Kodak Co_ No par 12614 Jan 28 167 June 24 1065s
164 1643
165 165
165 166
163 16412 16412 166
3234 Feb
162 162
Oct
23
20
4June
293
21
Mar
No par 2418
4,200 Eaton Axle )13Spring
2712 2738 2712 271
2734 2774 2714 2734 2735 2738 2712 28
par 168 Jan 25 2534 Apr 22 15434 Nov 18112 Dec
240 24034 24035 24255 241 24178 24012 24434 24518 2467 27,500 E 1 du Pont de Nero new_No 100 10512 Feb 5 11218May 10 10034 Apr 11018 Dec
*239 240
1,000 8% non-vot deb
11014 1101,3 110 110
110 11014 110 11014 110 110
*10912 110
1034 Oct2012 Feb
25 1178 Jan 3 161 2 Feb 15
1,500 Eisenlohr & Bros
13
13
13
134 134 13
14
131 *13
1334 1334 *13
61% Mar 82 Feb
No par 6312 Jan 13 887* July 12
8734 8714 33734 8714 871 15,600 Electric Autolite
8838 8715 8878 87
86
8514 86
4 Mar 16 Dee
21
May
21
2
1312 Mar
No par
1775 1835 16,200 Electric Boat
1812 1712 1814
1718 17
17
1718 173
1612 171
1514 Oct 344 Feb
16 t2 Jan 27 23* July 8
No par
2238 2234 223s 227 30,900 Electric Pow & 1.t
2234 2314 2214 23
231
23
2334 23
Mar 115 Feb
9912
21
May
115
28
Jan
8
1037
200 Allot ars for pref 40% pd_
114 114 *113 11412 *11212 1141
114 114
*11314 ___ •113 115
89,2 Mar 9814 Sept
No par 911 Jan 14 10614June 10
600 Preferred
10312 1031 *103 10338 10338 10338 103 10334 *102 10334 103 10338
333 Dec 7812 June
3
Jan
8
373
13
July
12)4
par
No
RefrIgeration
Electric
80,900
1212 1534 15
1214 13
154
1234 15
1455 16
1538 157
7118 Mar 9418 Aug
700 Else Storage Battery_ _No par 6314May 3 7912 Jan 6
664 671)3
67
6555 6634 *5534 661 *66
*6512 663 *6512 67
4 Dec
1
8/
614 Dec
614July 12 13 Apr 14
400 Emerson-Brant ClassAl,'oj,ar
634
738 *5
7
7
*5
614 7
73
734 *7
*7
6512
Mar 7258 Feb
8June 10
723
28
Jan
4
643
50
_
Corp__
nson
1,000
Endicott-Joh
69
69's
69
69
70
6914 6914
69
69
6918 6938 69
Jan 120 Sept
100 1164 Jan 5 121,2 Mar 28 114
Preferred
_
•1201g
-•12018
•12018
•12018
*12058 ____ *12018
1914 Oct 2412 July
2878Nlay 24
2778 2738 2734 274 27,2 2714 2735 10,200 Engineers Public Serv__No par 2134 Jan 11 1061 2June 2
2634 2634 27
*2634 27
9214 Nov 9612 Aug
8
Jan
934
par
No
200 Preferred
10358 10358 *10212 10358 *10234 10355
*10212 10334 *10212 10278 103 103
2112 Oct 2538 Nov
5 2434 Jan 3 343s July 13
3314 3358 3438 331g 3414 3312 3378 35,500 Erie Steam Shovel
3258 :3314 3212 3314 33
Oct 102 Nov
100 10112 Jan 6 10918July 7 100
100 Preferred
109 109 *106 109 .106 10834 *108 109 •106 109
*106 109
24i July
38
e 16
ny
..a
378 JM
49
9
28
June
178
5
Feb
11814
Equitable Office Bldg pfd_100
*175 185 *170 185 *170 185 *170 185 *170 185 •170 185
7414 9,000 Eureka Vacuum Clean_No par 604 Jan 25 7434June 17
744 74
74,4 73
7314 7412 7334 7412 74
7318 74
17 Apr
July
1434
21
1934Nlay
25
Jan
1518
par
1912
Corp_No
1912 •18
100 Exchange Buffet
*18
1912
•1812 1912 *1818 1858 1818 1815 *18
375 Dec 5934 Feb
No par 3714May 2 4312May 11
1,800 Fairbanks Morse
*38
381_
38
3912 3912 3958 3958 3834 4018 .3834 3912 38
Feb
100 1074 Feb 7 112 Mar 2 10612 Nov 115 2June
Preferred
*106 110 *106 110 *106 111 .106 111 *108 110 •108 110
Jan 1271
10312
24
Feb
11434
1
July
93
9718 9912 99 100
0658 98
52,200 Famous Players-Lasky_No par
0534 98
Dec
0434 93,4 95
12412
94
Mar
115
100 116 Apr 25 1243, Jan 12
200 Preferred (8%)
11734 11714 •115 118
11612 11612 *117 118 *116 118
*117 118
28 Mar 4712 Dee
15 3712 Jan 17 47 May 3
411 43334 43
4312 4212 4314 6,900 Federal Light & Trao
Dee
94
4114 4114 4134 4178 4175 42
June
86
31
Mar
9912
23
No par 9112 Feb
130 Preferred
*98
9934
9812 9812 9814 9814 9834 99
99
99
*9814 99
41 May 11144 Jan
800 Federal Mining & SmelVg_100 60 Feb 9 187 June le
137 142
145 150
Jan
•130 140 *125 135 *120 140 *115 140
61 Mar 105
12
Mar
97
28
Jan
7512
100
9418 *9312 95
94
500 Preftered
94
*93
04
*93
94
94
94
*93
23 Oct343 Aug
2112 2114 2114 1,600 Federal Motor Truck _ No par 2034June 27 304 Jan 10
21 12 2112 2114 2134 2114 2112 2112
2112 22
Jan 8 160 Apr20014 Jan
193
23
Feb
93,2
25
NY.
124
of
Ins
123
Fire
4
2,000
Phen
1273
Fidel
130
127 129
*115 11617 11634 11714 118 120
96 May 107 Feb
4
100 First Nat'l Plc, 1st pre_ 100 9712 Jon 13 103 Mar
*99 101
*99 101
9912 991
*99 101
*99 101
*99 101
28 Nov 493* Feb
194May 11 30 Feb 7
No par
5,600 First Nat'l Stores
2238 2234 *2212 2234 *2212 2234 *2212 2234 2234 24,2 2312 233
1414 May 2614 Jan
20
Apr
20
17
s.tune
147
par
No
1,700 Fisk Rubber
1512 1512 1534 1578 1512 1578 1512 1558 1512 1512 1538 151
2
8June
893
7872 Apr 8414 Mar
5
Jan
200 1st preferred starnoed___100 81
86
86
86
x8314 83,4
*85
86
*85
86
*84
86
*84
June 107 Mar
21
Apr
94
101
5
100 0412July
*93 105
1st preferred cony
*93 105
*93 105
*93 105
*93 105
*93 105
3214 Mar 5812 Feb
59 May 19
4918 Feb 1
5734 5858 574 58l7 5778 5812 56,400 Fleischman Co new.__NO pa
5814 59
5758 58,8 5818 59
Dec 179% Jan
1
Apr
7314
8
885
9
8June
551
No pa
59
*55
2,400 Foundation Co
59
58
58
*57
5812 5834 5818 5834 564 58
Jan
5518 Mar 85
50 June 28 7412 Jan 6
No pa
5814 SD's 5812 5834 20,100 Fox Film Class A
564 5738 574 59
5514 57
5418 55
Jan 36 Dee
9
Apr
7434
4
Jan
3414
1938
pa
__
.No
6955 6914 694 168
6934 23,900 Freeport Texas Co_
6834 8958 6834 6975 6914 6975 69
2538 Nov 42 Feb
2918 Jan 3 5114July 14
Pa
No
A
Snubber
4912
Gabriel
5114
5114
50
4
4
493
97,500
473
8
477
8
473
4818
4738
4814
4712
Jan
04 Jan 27 113, Apr 22
No pa
914 975 1015 1135 16,700 Gardner Motor
94 975
94 034
018 934
9
9
a')
Mar 5953% Jan
5'3 Nov
39
46 Jan 3 5578July 15
5414 53
53
5478 5412 5578 16,100 Gen Amer Tank Car_ No Po
5212 53
6234 5234 *5212 53
9912 June 109 Dee
1063* Mar I 11012June 8
100
*1093
110
110
4
4
*1093
110
•109714
110
Preferred
*108 110 *109 110 *108
9414
Aug
Mar
50
2
27
Mar
4
963
6818June
10
7234 7312 7278 7314 11.900 General Asphalt
734 75
75
73
7278 74
*7214 73
9474 Mar 140% Aug
100 10S12June 27 14478 Mar 2
Preferred
*112 115 *112 116 *112 11412 *112 116 *112 116 *112 116
40 Mar 5912 Feb
52 Jan 28 8978 Feb 24
6714 6714 6734 6734 6914 6914 7012 15,500 General Cigar. Ins new_No Pa
6634 66
6614 *66
66
Jan 118 Dee
109
Jan
134
24
116
5
Feb
100
Preferred (7)
*120 122 *120 122 *120 122 *120 122 *120 122 *120 122
51 Mar 5638 Aug
5812 Feb 9
*5712 5734 5734 5734 58
*5782 58
58
5734 571
4.5784 55
500 Gen Outdoor Adv A.. No par 54% Apr 11
3972 Dec
Mar
37
18
ay
hf
Jan
55
31
2638
pa?
5012 4918 50
10.500 Trust certifleates--No
48% 49
4734 4912 49
5112 523s 475 49
79 June 9512 Aug
Par 81 Jan 27 11812July 11
117 11738 11638 11812 11718 11838 11712 11814 116%11758 11612 11818 43,500 General Electric Now__No
Jan 1144 Dec
21
11
June
11
8
115
5
Jan
speclal____10
Electric
1114
11
1118
General
1114
11
1114 5,400
1118
1118 11
11
11
11
34 Mar 59 Jan
4712 Feb 2
40
3934 40
600 General Gas & Else A __No par 34 Apr I
*3975 4035
4012 4012 40
41
*40
41
*10
95 May 100 Dee
200 Gen Gas & Else VIA (7)No par 100 Jan 3 10934June 9
10712 10717
10712 10712 *10712 108 *10712 108
*10718 108 .10712 108
Apr 113 Sept
10512
I
22
June
?Aar
120
11338
par
No
100 Preferred A (8)
11912 11912 *11512 120 *11512 120 *11512 120
•11712 120 *11712 120
Jan
9214 Apr98
No par 96 Jan 13 105 June 22
Preferred B (7)
•102
____ *102 10514 *102 10514 *102
____ •102
*102
Star 22544 Aug
11314
15
25
July
Jan
207
1454
Par
General
Ne
Motors
CorP
20112
416,400
20012
1993j
207
20414
20412
Dee
1224
19938 20078 20035 20218 20014 20212
Jan
11312
1
11812Mar
9
100
12414June
1,700 7% Preferred
123 123 *123 12318 12318 12318 12314 1231 4 1234 12314
123 123
100% In stork.
*Bid and asked Price : no sales on thls day. 5 Ex-dividend. a Ex-rights. • .x-dIvIdend
364
New
York Stock Record -Continued -Page 4
Fes sales during the week of stocks usually
inactive, see fourth page procaatog
HIGH AND LOW SALE PRICES-PER SHARE,
NOT PER CENT.
Saturday, t Monday,
Tuesday,
July 9.
July II. I July 12.
Wednesday, Thursday,
July 13.
July 14.
Friday,
July 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SEARS
Range Sines Jan. 1 1927
On bash of 100-share lots
PER SHARE
Range for Provious
Year 1926
Lowest
Highest
Lowest
Highest
3 DOT share $ Per share $ NT share $ per share
It per share $ per share Shares Indus. & Miscall.
*105 ____ *107,•107
(Con.) Par
Per share $ per share $ per shirrs $ per glare
*107 _ _ _ _ *107
____
*107
General Nloton•Corp6% pf 100 104 Mar
12012 12118 12114 1231k 122 12312 1224
108
7
June
14
9814 Apr 105 June
123,
12512 12614 12878 64.800 Gen Ry Signal new
69
69% 6918 70141 6912 7012 67% 70 4 12214
_._ _No par 8218 Jan 14 12878July 15
6012 mar 9378 Aug
6818 69
6878 6912 13,600 General Refractories-No par
4212 4212 42
4412 4312 44
38 Jan 14 75 June 1
43
36 May 49
421 s 43
Jan
43
44
9,600 Gimbel Bros
*10512 10612 *10512 10612 *10534 1064 *1053 43
No
par
3712
Mar 24 4934 April
4 10612 10718 10312 •104 110
4114 Nov 784 Jai/
500 Preferred
1534 15% 1534 15788 1512 1534
100 994 Mar 18 10812Ju1y 14 100 Nov 11148 Jan
*1514 1512 1534 1534 1514 1534 2,200 Glidden
5634 5634 5712 58141 5712 58
Co
No
par
1412May
21
Mar
22
10
5614 57% 5612 573
1532 June 25h Jan
5634 5734 12,400 Gold Dust Corp v t a No par
5412 5412 54
5412 5334 54
42 Mar 9 5932gune 2
4112 Mar 5074 Feb
54
54
5312 54
5412 54,2 1,900 Goodrich Co (B F)... No
*9614 9912 *9614 99 1 *97
par 428 Jan 3 5832 Mar 3
99
*9614 99
*98
3912 Nov 7034 Feb
99
*99 994
1141g 11414 11518 11618 114
Preferred
_100
95
Jan
3 10312June 8
9412 Dec 100 Feb
11418 11478 2,800 Goodyear TA Rub pf v
*11018 1104 11034 1103 11014 115,2 114 114 *114 115
t c_100 984 Jan 27 11778klay 16
9612
4 11038 110% 11012 11012 11012 110% 1,400 Prior prererrea__
6434 6638 6612 6834 678 110,
_ . . _ __ 100 105 Jan 7 112 June 6 10414 Dec 10978 Aug
, 674 6818 6718 68
683
Dec 109 Sept
*6712 677 15,300 Gotham Silk Hosiery
6414 66% 6612 6812 68
No
par 574 Jan 12 6834July 11
68,2 67
334 Mar 694 Nov
6712 67
6713 67% 6738 6,200 New
10712 108
No par 58 Ian 12 C 812July 11
1084 109 I 109 1094 109 109
109 109 2108 108
4712 July 6878 Nov
2,400 Preferred new
•74 8
100 104 Jar 26 110 May 18
8
8
41% 812 .7% 8,2 *7% 8,2 *
100 Gould Coupler A-__.
3558 36
No par
35% 36
712June 24
10 May 25
354 36
36
-36
3814 38% 38
Oct 21-4 Jan
337 17,500 Granby Cone M Sm & Pr. 100 3118
11814 11814 11812 1207s 11912 121
Jan 27 45 May 26
119 12014 11934 11934 11812 11812 4,500 Great
1618 Mar 364 Dee
Western Sugar tem 0025 109 Jan 26 12512May
*12014 12082 12012 12034 12014
25
1204 12014 120,4 •12014 12034 *12014 12034
89 Apr 1134 Dee
80
Preferred
4258 43,4 42
100 11612 Feb 26 122 June 3 10813 Mar 11814 July
42
42
42
4318 4534 45
474 477 4934 17,600 Greene Cananea Copper_ _ _100
2914 Jan 27 4934July 15
934 Apr 3434 De
*818 212
9,2 934
9% 938
914 934
938 9%
914 914 1,400 Guantanamo Sugar_ .._ _No
46% 46% 47
par
8 Jan 25 1114May 31
4714 49
5112 50% 50% 50
518 Jan
5012 50
1078 Feb
50
3,400
Gulf
States
Steel
57
100 46 June 30 64 Feb 28
57
57
58
57
57
514
Oct 934 Jan
58
583
58
4
59
5814
58
,
4
250
Hanna 1st Prof Wass A
*2412 25
100 56 Jan 31
2412 2412 25
Jan 19
25
*2414 25
45 June 6012 Dee
*244 25
*2414 25
300 Hartman Corp clasa A _No par 2412June 15 67
*25
26
*2434 2514 2518 267
2714 Mar 29
26
25% 25% 2434 244 2434 244 2,700 Class B
Oct 284 Nov
No par
2312 Feb 4 2932 Apr 18
2418 Dec 30 Sept
;ie. 97 ;96- 93- -15614 9734 *96 9734 *96 974 97 9812 600 Hayes Wheel
No par
1512 Feb 15 2812 Mar 31
1718 Dec 46
Jan
Helme
W)
(0
*39
25 7612 Jan 14 10172 Mar 17
40
3912 40
3834 40
68 Mar 88 Dee
39
39
37% 3812 3834 3834 2,100 Hoe(R) & Co
No par
35% 35% *3414 364 33
174 May 354 Aug
3414 •344 35
3418 35
354 3534 3,600 Hollander & Son (A)___No par 22 Jan 31 4178July 6
*61
6112 61
3114June
3
37 June 22
61
*61
6112 *61
6112 *81
6112 *61
6112
200 Homeatake Mining
100 60 Jan 25 634 Jan 15
*5512 56
5614 57
471 Jan 63
5634 57
57
Oct
57% 5712 59% 58
5812 7,200 Houseb Prod,Ino.tem ottNopar
167 17412 168 17212 168 17112 167 17014 164
40 Mar 4818 /a13
16334 16512 16914 88,600 Houston 011 of Tex tent eth2100 4314 Jan 3 18934 July 14
1135
604
Jan
38
II 17412July 9
3434 35
35
35
5014 Mar 71
35
35
Jan
3512 3734 3612 37% 2,600 Howe Sound
No par 348 July hi 414 Apr 18
8112 8234 8118 8338 8214 83,2 8214 83
27
Jan 45 Sept
82% 83% 834 8412 117,400 Hudson Motor Car__ _.No par
4814 Jae 24 887sMay 11
19% 1934 1912 198 19,4 19% 194 1934 19
4014 Oct 12314 Jan
19% 21878 1918 5,600 Hupp Motor Car Corp.__
19% 1912 1914 1934 19
1912 19
17 Mar 284 Jas
1912 1912 1912 1918 1912 6,700 Independent 011 & Gas_No _10 1838June 28 234 Jan 10
par 174May 20 3234 Feb I
2314 2312 24
24
*2312 2412 24
1938 Mar 34
24
Jan
24
24
25% 2612 3,300 Indian Motoeyele
No par
*814 8,2
13 Mar 30 2712June 29
814 814
1412 Dec 2414 Feb
8
8% 84
8
8
8
84 818 1,100 Indian Refining
10
712May 12 111s Mar 14
734 734 •712 8
8
8
734 Oct 13 Feb
734 734 *7% 8,4
712 8
2,900 Certificates
10
*88
7
14June
90
20
1012
74
Mar
9012 9012 *88
14
Oct 1212 Feb
•88
93
91
*8712 93
*8712 93
100 Ingersoll Rana new----No Par 8814June 30 964
49
49
.49
49
Apr 2
494 50
8014 Mar 104
49
50
49% 521.1 5034 5212 15,500 Inland Steel
Jan
•110,4 -- *110,4
No Par 41 Feb 15 5314June 6
*113 120 •11318 1171 *112
344 May 43h Dee
•112 11718
Preferred
100
111
*13% 14
Jan
3 117 June 8 10834 Mar 115 Feb
*134 14
1312 14
1412 14% 1412 163s 1534 1734 10,900 Inspiration Cons Copper.
„20 1212June 27 254 Jan 12
2014 Mar 2843 Nov
1212 1212 *12
13
*12
13
•12
13
*12
1278 *12
1212
100 Intercont'l Rubber__No par
812 9
8
818 *8
1534 Mar 12
1 11sJune 21
9
*8
12 Des 2114 Feb
rvy g •
9
*712 9
1,000 Internet Agricul
No
par
4012 4012 40
*7013 72
6,2
Apr
23
1072 Feb 23
40
•3912 40
91a Dee 2614 Jan
*3983 40
*3912 40
900 Prior preferred
100 33 Mar 2(
8314 8314 *83
84
6612May 26
827 8414 8412 857k 86
5638 Dec 95 Jan
882g 8818 9112 20,300 hat Business Machines_
No par 531s Jan 13 9112 July 15
58
5812 5814 5812 58
5812 58
3818 Mar 5678 Dee
58
5834 591
58% 59
3,000
Internation
al
Cement_
*10812 109
.No
par
4514 Jan 21 65128Iay 31
109 109 *10812 109 *1084 109
444 Oct 714 Jan
109,4 1094 10914 10934
600 Preferred
454 4614 453a 46
100 1024 Jan 21 11014May 19 10178 Oct 106
4434 4534 45
Jan
454 46,2 4534 4612 24,600 Inter Comb Eng Corp_
*181 181h 1814 18314 18214 18212 18212 457
.No par 4318 Jan 28 84 Mar 1
334 Mar 6412 Jan
18312 18312 18512 184 18538 8,300 International
•12914 130 •12934 130
Harvester__ _ 100 1354 Jan 18 188 May 23 11214 Mar 15812 Dec
12934 12934 *129 1294 *129 130
12912
12912
200 Preferred
100 12634 Jan 12 133 May 18 118
*7,4 74
714 714 *74 7,2
Jan 129 Dee
74 714
612 712
834 7,8 5,700 Int Mercantile Marine..._100
47,4 47% 4634 48
64 Jan 4
4612 474 4538 4734 48
834May 27
6 Sept
1232 Feb
51
47% 49
35,600 Preferred
7114 7114 7038 71
100 374 Jan 6 5532May 31
607 714 704 707
27 Mar 484 Feb
70% 71
70% 7112 3,64)0 International Match pref...35 62 Mar
6112 62
6112 6211 6178 6338 6112 621
2
774June 7
5313 Mar 6612 Feb
6034
6034
62
613
4
31,900
Internation
al
Nickel (The)_25 3814 Jan 3
4634 47
4634 4714 4634 4714 4634 4714 4634
3238 Mar 4614 Jan
4714 47
4714 14,100 International Paper- -.No Par a3912May 18 75 May 31
9712 9712 9712 9712 9712 9712 974
604 Mar 7
444 Apr 6314 Aue
9712 9714 9712 •9714 9712 3.400 Preferred (7%)
•185 18612 18612 190
100 064 Jan 3 1004May 24
190 190 •190 195 *190 195 •191 195
May 100 Dee
89
700
international Shoe_ ---No Par 160 Jan 21 190 July 11
172 174
175 17712 175 17512 175 176
135 May 175
Jan
177 177
174 174
2,700 Internation
138% 139% 139 140
100 13512 Mar 21 177'!July 11
13912 140
13912 14178 14078 14178 14112 14214 21,500 Internal al Sliver
Telep
Wag
&
_ _100 12214 Jan 25 146 June 7 fir 1.1.; iii" Jan
3618 3634 3618 3714 3612 3734 364 3714 37
3612 374 4,100 Intertype Corp
37
,
4
No per 1912 Jan 31
.5812 60
60
3912June 18
60
•59
604 *59
184 July 29 Jan
6034 *5812 8052 *5814 6034
100 Island Creek Coal
4812Mar II 61 May 27
1
6112 6112 62
62
61
62
*6112 62
*61
63
*61
63
1,100 Jewel Tea, Ins
No par 534 Jan 3 6612May 10 Ia.- -.hi; VI;
*112 113 *11212 113
11212 11212 *11112 11314 *111 113 •111 113
100 Preferred
100 11212July 12 12512 Mar 15 11512 Jan 1274 We;
*1194 120
1194 11912 *11934 120 •11938 120 *119/
1
4 120
Nov
1194 11912
20 Jones & Laugh Steel prof 100 117 Feb 2 12234May
21 114
Jan 120 Aug
26
26
26
2738 27% 2734 2734 287
2814 2834 28
2814 3,300 Jones Bros Tea, in,.._No par
1038 Jan 3 3038June 27
1838 19% 1938 21
1914 21
1912 2012 193
9
Dec
1912
, 20
Feb
187
8
203
4
53,400
Jordan Motor Car
No par
•114 11412 11412 11412 •I14 11412 •114 11412 *11414
1238July 6 224 Jan 6
12 Nov 66 Pb
11412 11412 1151
700 Kan City P&L let pf A_No par 112 Feb 11 11512July
5334 5418 54
15 10714 Mar 115 Nov
544 54% 54% 544 5538 5512 561s 25412 5514 10,400 Kayser
Co
(J)
v
t
o
No Par 49 Apr 29 5714 Jan 31
24
2478 2414 2434 234 24,4 2334 244 2334 243
334 May 5114 Dee
23
2418 24,900 Kelly-Springfield TIre
25
94 Jan 27 2818 Apr 21
*68
70
*68
70
*68
7012 70
9 Oct 214 Feb
70
*68
70
*6712 70
100 8% preferred
100 35 Feb 2 7538 Apr 21
*68
71
*68
71
*6812 71
434
69
69
Oct 74h Feb
*6812 7012 *6812 701
100
6% preferred
_100 44 Jan 19 76 Apr
25
2534 27
25
2512 2512 25
45 Dec 7314 Feb
25
*25
26
*25
26
1,500 Kelsey Ha es Wheel_ No par 21 June 28 27 July 21
61
62
6034 6112 614 624 614 624 62,2 6378 6312 64
11
20,000
Kennecott
Copper
No par 60 Feb 9 6632 Apr 22
*14
14
14
14
14
493* Wei i644 Nov
14
14
14
34
38
14 1,800 Keystone Tire & Rubb.No par
*2014 24
*2014 24
14June 30
1 Mar I I
*2014 24
21
11 May
21
*22
218 Jan
29
2214 2234
300 Kinney Co
No par 19114June 28 45 Jan 5
68
67
66
67
66
6712 6712 6812 684 6834 6834 683
39
Nov 8218 Jan
480
Preferred
100 56 June 29 844 Apr 8
5514 56
554 56
5414 56
88
Sept 994 Jan
54
544 57
5712 5634 563
2,400
Kraft
Cheese
25
49
June
54
5
16
54% 54
6278 Feb 25
54% 54
55
6638 Dec 68 Nov
54
5434 5414 564 5512 561 29,500 Kresge (9 8) Co
new
10 4578 Jan 28 5612July 15
*11614
428 Mar 82 Jan
11614 11614 *11634
•11634
- *117
20 Preferred
100 11018 Feb 9 11614July 12 1124 Nov 11434 Feb
*11
13
*1114 1318 *11
13
*1114 1234 *11,4 124 •11
1134
Dept
Kresge
Stores__
No
par
10
June 28 1712 Feb 8
*4712 52
*4712 ____ *4712 52 •4712 52
1518 Mar 334 Jan
*4712 52
*47
52
Preferred
100 46 June 28 80 Jan 4
*231 245
251 25214 *245 250 *245 255 *210 250 *240 245
7014 Mar 934 Feb
400 Laclede Gas L (St Louis).
2834 29
29
2912 2934 31
3034 317
3038 3134 3034 314 47,000 Lego 011 * Transport_No.100 17334 Jan 27 26712June 2 146 Mar 196 Dee
par
204 Jan 13 324 Apr 9
7914 7934 79
1918 May 2412 June
80% 7834 7912 79
7932 7914 7978 7912 81% 36,000 Lambert Co
No par 66 Jan 28 8178July 15
8
•8
394 May 72 Nov
812
8
8
8
8
8', 84 *84 84
800 Lee Rubber
7 Jan 4
932 Mar 14
364 37% 37
373• 3634 37,8 3612 3634 36,2 3612 35% 3638 3,900 Lehn & Fink& Tfre____No par
414 Dec
14
Jan
No par 3234 A pr 27 38 May 27
*2134 22
214 22
303 Mar 414 Jan
*2112 22
2134 2134 *2112 23
22
22
500 Life Savers
No par 21 14 Apr 16 244 Feb 17
1714 May 25 Dec
1174 118
119 11912 *118 119
119 119% •I18 119
1194 11934 1,900 Liggett
Myers Tobacco-25 *8712 Feb 10 123 May 24
118 11834 11834 11914 11812 11912 11912 11934 1184 11834 11834 11912 7,200 Series&
7218 Mar 103 Dee
13
25 *MN Feb 10 12214May 24
•128 129 *127 129 *127 129
71 Mar 7234 Dee
12714 12714 *12714 129 *127 129
100 Preferred
100 12434 Jan 27 131 June 3 119/4 Jan 12934
*64
65
64
64
63
6212 6234 6212 6212 634 6318
May
63
800
Lima
Wks
Lora
No
par
62 Jan 6 7638 Apr 26
534 Mar 6934 Jan
*5114 5112 5114 5114 5112 53
5214 53
52% 5338 53
53
2.600 Liquid Carbonic cantle_ No par 4818
15 5938 Feb 14
4312 Oct 5878 Nov
50% 5118 50
5078 50
51% 5134 527
514 52% 52
52% 20,900 Leew4 Incorporated._.No par 4678 Mar
Jan
1 634 Mar 17
344 Mar 484 Dee
614 64
64 614
6% 64
612 634
638 Ws *64 634 3,500 Loft Incorporated
No par
6 Feb
718 Jan 20
*3412 3612 3412 3412 *3412 36,2 *3412 36
6
Oct 1114 Feb
*3482 35
*3412 36
100 Long Bell Lumber A...No par 3212 Apr 23
26 43 Mar 7
454 4612 444 4512 434 4512 4212 4438 4312 44
418 Dec 5012 Feb
4334 45% 23,200 Loose- Wiles Biscuit new.
.....25 13588 July 1 1812May 14
2d preferred
100 157 Mar 11 171 May 7 1101-4 Mar 175 "EGO
3534 37
-51 18-34
-37T2 3884 -57T2 -3-3.- 82,900 Lorillard
- 31's 3834 -57114
25 2312May 2 3834 July 11
*107 109
2734 Oct 4214 Feb
109 109 •I08 114 *109 114
110 110
110 110
300 Preferred
1112 1112 1112 1134
1138 114 1112 114 1112 102 1112 11% 2,400 Louisiana 011 temp etfs.No 100 107 June 27 1184 Jan 13 11118 Apr 120 Aug
par
1 112June 4 1818 Jan 5
2902
4
12 Mar 1978 Juno
•90
91
*90
91
91
•90
91
*90
91
*9034 91
Preferred
100 90
97 Feb 5
93 Dec 98 Dee
25% 26
26
264 2618 2618 26
2618 2614 26,4 2614 26%
1,800 Louisville 0& El A..._No par 234 Apr
Jan
8
May
10
28
22
84 Mar 2618 Feb
2234 224 23
241. 2-1
2412 2618 2614 27
25
26
27
5,000 Ludlum Steel
No par 2134June 24 3314 Mar 18
224 Oct 584 Feb
*112 115 *112 115 *112 115
11212 11212 •112 113
113 113
200 Mackay Companion
100 105 June 27 12738 Feb 25 122
Oct 138 Feb
*6812 69
*8812 89
69
*6812 71
69
6834 68% *6812 70
400 Preferred
100 6814June 29 72 Jan 27
68 Mar 734 Feb
95% 98
944 9614 9338 94% 9312 9634 974 9882 97
9834 93,800 Mack Trucks. Inc
No par 8814 Jan 24 I iesiMay 23
*110 114 *110 114 *111 114 *111 11412 112 112
8938 Nov 159
Jan
11212 11212
300 let preferred
100 109 Jan 25 11212July 15 10712 Nov 113 June
*105 107
10514 10514 *105 10812 10514 10514 *105 108 *105 108
400 2d preferred
100 102 Jan 18 10712June 9 102 Oct 10834 Sept
*324 3312 •3218 3312 *324 33,2 *33
3312 3312 35
3412 3518 1,500 Magma Copper
No par 2912 Feb 9 3778June 6
34 Apr 4478 Feb
*14
15
1414 1414 *1412 15
14
1334 1334 1234 13
14
900 Mallineon (11 R) & Co.No par
114 Apr 7 18 May 2
1238 Nov 2818 Jan
8912 93
933
90
9012 917
9012 92% 9034 9112 9112 9214 49,000 Manb Elea Supply....No par
11
July
5318
Jan
25
984
44
Oct 873* July
32
3214 32
3234 3112 3218 3118 3278 3214 3312 3278 3312 13.000 Manhattan Shirt
26 244 Jan 18 3312Ju1y 14
*4278 45
2178 Oct 3278 Jan
•427k 45
*4278 45
*4278 45
*4278 45
*42% 45
Manila Electrie Corp...No par 40 Jan 22 46 Mar 10
•13,3 14
2712
Mar
4538 Sept
13
1318 134 1334 1318 1318 *1314 14
*1312 14
600 Maracaibo 011 Expl.....No par
13 June 27 2234 Jan 18
161$ Oct 28 Feb
32
3212 32
3212 32
324 3218 3212 3218 3212 3218 325
, 13,900 Marland Oil
No par 31 June 27 584 Jan 17
4914 Mar 6338 June
4478 45
4518 4512 4512 4811 4834 49% 493 49% 495 523 24,400 Marlin-Roc
kwell
NO par 27 Jan 10 5238July 15
2412 Oct 33 Mar
*17
18
17
17
4117
18
17
1634 164 *1678 17
300 Martin-Parry Corp....No par
17
1838June
2.P Feb 24
17 May 23 June
11138 1184 1174 12214 119 12038 11434 117
11534 11938 119 12214 28,000 Mathleson Alkali Workallo par 82 Jan 29
12214 July 11
6
6212
May 10618 Jan
694 69% 6912 7014 70
7012 70
6,500 May Dept Stores new
70% 70
7014 704 71
25 6634June 28 73123fay 23
2912 2912 2914 2912 294 2912 2914
6912 Dec 70 Des
2914 28% 29
2,200 Maytag Co
29
294
No par 2342 Jan 15 32hMay 10
19
Mar 244 Sept
*65
6912 *6514 89)2 *8514 691.3 *66
74
1,000 McCrory Stores Class B NO par 5612 Mar 4 754 Jan 3
6912 6912 6912 72
72 Mar 121
•253s 2614 12512 261s *2512 2812 *2514 26
Jan
*2538 26
*25% 26
McIntyre Porcupine MInea...5 2412 Mar 14 274 Feb 28
2214
Oct 30 Feb
2538 251 •25% 2512 2512 2512 *2538 2512 *254 2534 *254 2534
700 Metro-Goldwyn Pictures pf _27
4
2614 Feb 21
54 54 *513 54 *5
2214 Jan 2512 Nov
5
518
5
5
518 1,400 Mexican Seaboard 011_.No par 243 Jan 3
5
5
914
Feb
1
18
412July
6 Feb
1334 1334 1378 1374
1334 133
1334 July
1338 14
1414 3,400 Miami Copper
14
14
141s
a 1318June 21 1612 Feb 28 11 Mar 174
29s 2978 2978 297
008
297
, 30,4 29% 30
2978 29% 2912 29% 3,800 Mid-Continent Petro.-K9 Par 29 Apr 29 3938 Jan 21
274 July 37
*100 102 *100 102 *100 102 *100 1013 •100 10112 *100 1011
Jan
Mid-Coot Petrol pref
4
100 97 Apr 28 105 Feb 3
90 Mar 1044 Dee
272 3
273 3
278 278
23
4
9,600
4
4
23
234 23
Middle States 011 Corp____10
234
234
14 Jan
334June 23
178
34 Nov
17
*17
212 Jan
218
2
2
*278 2
1%
178
178
17
1,900
Certificate
s
10
4June
23
Jan
2
118
3
25
Oct
*111 11112 11134 11134 11134 1113, *11112 112
Dee
112 11232 •113 116
400 Midland Steel Prod met -100 106 Apr 11 11912 Fob 17 1074 Mar
1334 Feb
32
3212 327
34
34
34,4 3414 3438 33
3312 3212 33
3,300 Miller Rubber oth.....-No Par 314 Jan 2.
30 May 4414 Feb
3634 Apr 12
9812 100
*9812 100
*98% 9912 9812 99% 98/
1
4 9854 *9874 9912 1,200 Montana Power
100 8112 Jan 28 10414May 20
694 Mar 864 Nov
664 65% 6714 66% 6712 6614 67
66
8612 66% 6624 8782 39,000 M0014 Ward & Co III eorp....10 6018 Feb
70 Apr 22
56 May 82 Jan
•Bid and asked prices; no sales on this day s Ex dividend s Ex-rights
New York Stock Record-Continued-Page
365
b
Fo sales during the week of stocks usually Inactive, see fifth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday, I Monday, I
July 9.
July 11.
Tuesday,
July 12.
Wednesday, Thursday,
July 14.
July 13.
Friday.
July 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Stowe Jaw. 1 1927
On bails of 100-shard lots
LOtatait
Highest
PER SHARE
Range for Prestos.
Year 1928
LOWIla
Highest
INT share
per share $ per share $ per share I per share I per share Sharer Indus.& Miscall.(Co..) Par $ per share $ Per share $ per share $ per share
6 June 23 1212 Jan 5
No par
634 634
712 8
6/
1
4 672
7/
1
4 7/
1
4
74 774 6,000 Moon Motors
61
/
4 8
01,4 Nov 374 Feb
212May 13
44 Jan 3
2/
1
4 234 4,850 Mother Lode Coalition_No par
"252 234
252 2/
1
4
258 234
4 Nov
712 Feb
2/
1
4 234
2/
1
4 254
8 July 8 i658 Mar 18
400 Motion Picture
"8
9
No par
*812 9
812
812 *712 9
1054 Dec 2312 June
9
*8
812
8
/
4 3112 31
31
1,300 Motor Meter A
3013 3034 31
3113 3112 3134 *3112 3112 311
3354 May 634 Feb
No par 3014June 20 3834 Apr 18
1
4 24
2414 2414
*2372 24/
2432 23/
700 Motor Wheel
194 Nov 3578 Feb
1
4 2334 23/
2432 *24
No par 2054 Jan 3 2772 Mar 29
1
4 *24
10 Jan 5 3914July 15
34/
1
4 3612 3612 3914 14,900 Mullins Body Corp
8 Nov
No par
32
3212 31
1954 Feb
33/
1
4 34
3538 3314 35
1
4 Jan 11
3814 3812 3812 3812 3812
900 Munsingwear Inc
3454 Apr 3814 July
No par 3554May 17 39/
*3612 37
37
37/
1
4 3772 38
37
2614 2614 "26
2612 2612 28/
1
4 2734 28/
1
4 2734 2812 2734 2832 8,400 Murray Body new
par 26 June 27 43 Feb 23
62 Wei -f677012 71
7032 7134 113,800 Nash Motors Co
No oar 6014 Apr 25 734 Jan 5
6658 6834 69
2'bee
70
6934 7012 7014 71
*312 a
678May 18
5 Feb 15
*512 6
5 Nov 124 Jan
*514 6
200 National Acme stamped.
10
*512 6
512 512 "514 6
3714 37
37
No par 36 June 10 4414 April
3714 374 374 37
1,600 Nat Bellas Hess
3712 37
374 3714 37
*88
90
89
91
91
9134 9134 9112 9134
700
100 8838July 11 97 Apr 19
8838 8832 89
Preferred
74 Jan ifii" Wee
133 133
13334 13334 13312 1341 133/
13214 134
1
4 13414 133 134
5,400 National Biscuit
25 9434 Jan 27 138 May 9
Jan 1314 Apr
*135 137 *135 137 *135 137 "135 137 *135 137 *135 137
Preferred
100 130 Jan 10 138 June 8 126
454 4242 4212 43
3712 Oct 64
4212 4278 4212 42/
4212 43
1
4 3,700 Nat Cash Register A WI No bar 3972 Jan 3 454 Mar 21
Jan
4258 43
*6334 64
6414 11,100 Nat Dairy Prod
6334 644 6312 6412 6358 64
6312 6438 64
No par 5914May 3 643July 6
*2112 22
2112 2112 *2112 22
22
22
800 Nat Department Stores No par 2014June 27 2738 Mar 1 'lc Oct 4238 Jan
22
2212 2112 22
Jan
8954 Oct 97
let preferred
*90
9018 *90
9018 90
90
*904 92
"90
9018 90
90
200
100 90 Apr 18 9414 Jan 10
124 May 34 Jan
*38
3658 37
1
4 96,900 Nat Distill Prod otfa_ No par
17 Feb 8 513sJune 8
3934 3914 4532 4414 4658 4312 4572 42,8 41/
*5212 5312 *54
56
*5314 5.
8
600 Preferred temp etfNo par 43 Mar 22 6934June 61 3712 Aug 7318 Jan
58
58
59
60
*5812 59
2118 July 4012 Jan
31
31
3132 3134 31/
3058 30/
1
4 2,800 Nat Enam & 8tamping-100 191g Apr 29 3538.1une 6
1
4 3238 *3112 3212 3112 311
76 July 894 Jan
90
90
90
91
*90
91
1,700 Preferred
100 69, Apr 29 9178July 5
9078 9052 9058 9034 9034 *90
Apr 181
10012 10034 101 10434 103/
Dee
100 595 May 31 20234May 16 138
1
4 10712 10534 1071 106 106'4 107 10712 14,400 National Lead
*132 13212 *132 133 *132 133 *132 13214 "132 1321 *132 13214
Preferred A
100 11314une 2 13212Juoe 6
4 WI& 184 Jan
2214 2254 2232 2212 21/
/
4 22
211
/
4 2178 12,100 National Pr & Lt ctfa__No par 1914June 23 234 Mar 24 -16a.1
4 22/
1
4 2112 2178 211
8212 8212 8218 83
800 National Supply
*83
841 *8312 8414
ao 76 May 11 9534 Feb 18 5512 Jan 88 Dee
83
83
*82
84
241 24134 242 243
246 247
580 National Surety
243 247
100 238 Feb 19 269 May 13 208 Mar 237 Dee
24212 2421 24212 243
Jan
*135 138
9,000 National Tea Co
No par 108 Apr 18 159 July 15 11612 Nov 238
13772 14912 149 154
15614 159
15034 15734 148 153
114 June 1814 Nov
13/
1
4 1352 1352 135
12,000 Nevada Consol Copper_No par
1234June 29 15 Jan 3
13/
1
4 14
1312 134 1358 1378 14
l4'o
3812 Jan 464 Sept
*44
No par 404 Jan 8 50 June 9
45
46
47
3,700 N Y Air Brake
4414 4414 4438 45
4458 454 4512 46
204 Nov 8454 Jan
2172 Jan 3
131s Apr 21
N Y Canners
No par
7014 Dec 85 Apr
Preferred
No par 43 Mar 30 71 Jan 13
32
Oct 4572 Feb
12111-4 _4,800 New York Dock
100 34 Jan 14 5134July 1
4 16- -iif4
-Ro69 May 77 Dec
*75
78
79
79
400 Preferred
80
78
78
100 7218 Feb 9 8358June 16
80
80
*75
7932 78
274 Mar 294 Dec
*2814 28,2 2812 2812 "2814 2812 *284 2812 *2814 2812 .2814 2812
100 Niagara Falls Power pf new_25 2734 Jan 31 2952May 2
Jan
42 Mar 87
4814 4834 4712 4812 4718 48
14,700 North American Co
10 4558 Jan 14 52I2June 3
4718 4712 4714 4734 4712 48
524 5214 52
/
4
400 Preferred
ao 50 Jan 10 5214May 28 49 Jan 524 Aug
5134 5134 5158 511
52
*51
5212 51l3 52
9115 Mar 97 Dee
*10072 10114 101 101 *100/
10118 10118
300 No Amer Edison pref __No par 964 Jan 8 10158May 20
1
4 1014 "10072 10132 101 101
41s Oct 151s Jan
532 Feb 10
14Am 18
Norwalk Tire & Rubber
*212 3
*212 3
10
*212 3
*212 3
"212 3
"212 3
124 Dec 1713 Jan
13 Jan 19
10 May 21
*1014 11
100 Nunnally Co(The)----No Par
104 1014
*1014 11
*1014 11
*1014 11
*1014 11
SO July 31332 Oct
25 3114 Jan 28 445sJune 3
3862 3834 3812 3912 3812 3834 37/
8,900 011 Well Supply
1
4 3834 3812 3914 3812 39
Oct 224 Feb
12
11 Mar 25 1718June 11
•13
No Par
131 *13
1314 2,109 Omnibus Corp
1312 1312 1312 1312 1334 13
1312 "13
47 Jan 6352 Sept
2.800 Oppenhelm Collins & CoNo par 5812 Feb 8 874 Feb 28
66
6612 6634 67
*6334 6534 *6418 6518 *6458 6472 6434 66
2712 Mar 334 Nov
3.600 °int:mum Circuit, Ino
1 28 July 15 35 Apr 7
29
2914 28
29/
1
4 29/
1
4 2914 2932 *2912 2934 *2914 2938 29
Jan 106
Apr
Preferred
200
100 1034 Mar 23 10812June 2 101
*10512 ____ *1054
- 10612 10612 .10612 10912 *10612 110 *10612 108
May 136 Dee
12614 1277 128 1293
ao x103 Feb 2 131 .181318 106
127 12812 12814 128,2 3,600 Otis Elevator
-- - 2 12734 129 *12512 127
40
Preferred
*114/
1
4 116
100 108 Feb 16 11814 Mar n 1024 Jan 10912 Aug
11512 11512 11512 117 *116 11814 *116 11814 116 116
984 10
8
1412 Jan
714 Feb 10 12lolune 8
16,000 Otis Steel
9/
1
4 91
1034 1018 1012
932 972
952 1012 10
No par
63 Nov 74 Bent
Prior pref
100 614 Feb 8 7932June 9
1
4 2,200
1
4 73
7334 7378 73/
*72
731
7214 7214 72
7434 7334 73/
79
800 Owens Bottle
6354 M
9054 Dee
Ws Jan 18 844 Mar 14
2
7812
*77
7812
*7634 77
79
*7612 77
7712 7712 *77
1,900 Pacific Gas & Elea new
31 Feb 18 395sJune 1
2
36/
1
4 37
37
37
37
37
37
37
3678 37
3658 37
1 May 25
800 Pacific Oil
No pa
132
- 14
114
114
14
112
*114
11
*114 112 *114
114
31
1-5-4 14
2Jai
r f5111-4 JITU4-16
3334 Apr 28 3712 Mar 14 1
3
1
3434 343
3434 3434 3434 35
34/
1
4 3524 3512 3352 z3512 3558 14,700 Packard Motor Car
9 Nov 2812 Jan
2M
jan
y 7
4
778 Mar 22 141178
1212 1232 1212 1252 1214 1258 1214 12'2 124 121 10,600 Paige Det Motor Car_ _No par
1214 121
664 Mar 764 Jan
500 Pan-Amer Petr & Trani_ _50 53,,July 9 654 Jan 19
*5532 551
55
*54
541 *53
5318 531
5412 5412 54/
1
4 55
Chun B
ao 5312July 1 664 Jan 20 584 Mar 783s Jan
54/
1
4 551 25,300
5434 54
5334 5412 54
557
5412 5558 5434 55
30
Oct 46
Jan
19 Mar 30 3772 Jan 24
700 Pan-Am Weet Petrol B.No pa
1
4
"20
21
"20
21
*204 201
2014 2014 2014 20,4 204 20/
44 Jan 32 June
1,600 Panhandle Prod & Ref _No pa
8 Apr 29 1878 Jan 17
"8
812 "8,8 84
84 83
1
4 *814 834 *84 83
*813 8/
61
Jan 994 June
60
*44
60
*44
Preferred
100 63 May 9 814 Jan 17
60
*44
344
60
*44
60
*44
60
1858 Oct 281s Jan
38
3614 3714 3614 3772 18,600 Park & Milord tern etfs_No par 20 Jan 27 4218June 18
35
3534 3514 3812 3712 3814 37
84 Feb
51/ Sept
8 Mar 4
1
200 Park Utah C M
6 Jan 3
*612 634 *612 634
612 61
*612 634 *612 634 *612 68
8,100 Pathe Exchange A new No Par 3412June 28 4314June 17
3714 36
3634 37
37
3812 40
238
39
3712 38
35
22
211
/
4 224 22
*2112 2134 2114 2114 22
22
22
2218 1,100 Patino Minee & Enterpr pr 25 20 Mar 23 2771 Feb 2
23l Nov 3113 i4O;
.50 20 Apr 29 32 Jan 8
25
2534 3.300 Peerless Motor Car
241s 2412 2414 2434 25
26
24
2412 25
25
1134 Jan 24 Dee
No pal 21 Jan 17 277sMay 9
24
24
2312 24
24
1
4 2334 1,400 Penick & Ford
2414 2332 2334 2334 2334 23/
Oct
27
7 Aug 19
1412 144 *1414 15/
300 Penn Coal & Coke
50 1014 Jan 19 2512May
1
4 1412 1412 1414 151 "1414 1514
1432 1432
D e
38 Dec 41
25 July 8 394 Jan 13
2518 2514 2512 2612 2534 2612 2658 29
8,000 Penn-DI xle Cement_ _.No pa
2834 29
2834 29
99 Nov 10013 Nov
*9512 9718 *9512 974 *9512 971 *9512 9738 9512 9512 9512 9712
Prelerreri
100 9512June 16 100 May 14
100
214 Jan
Oct
Ds Feb 14
14June 25
38
38
/
1
4
32
14
/
1
4
14
38
38
34
38
38 3,600 Penn-Seaboard St'l vto No Par
Jan 131 Dec
•13934 14112 *138 141 "140 141 *140 141
14012 14012 14012 14214 1,400 People's GI L & C (Chlo)....100 128 Jan 14 14554May 20 117
594 Mar 91 Dec
*98 104
104 10434 *102 105
800 Philadelphia Co (Pittab) -50 8514 Jan 18 110 Mar 25
104 1043 "102 104 *102 105
45
Oct 5114 July
5172 5172 *5112 52
100
*5112 52
*5112 52
*5112 52
6% preferred
50 50 Jan 8 53 Feb 11)
*5112 52
3614 Apr 4852 Feb
3814 3814 3832 3872 3812 39
3738June 30 474 Mar 4
3812 3834 3812 3914 39
3918 5.100 Phila & Read C & I_No pa
3654 June 4612 Jac
*37
39
"38
40
Certificates of Int___No par 3714June 30 47 Mar 4
"38
39. "38
3912 *38
40 "38
40
Dee
16
Apr 41
4112 Jan 10
29/
1
4 30
2914 30
29
26 June 3(
2918 28
28/
1
4 *28
30
27/
1
4 2734 1,700 Phillip Morris & Co. Ltd_._1
40 Mar 574 Dee
39
3912 3812 3958 3812 3932 38
38 July 13 6014 Feb 16
38/
1
4 3814 3878 3858 3918 78,400 Phillips Petroleum_ _ __No pa
31 Mar 4814 Nov
46
4852 4514 454 46/
42 Jan 7 61 Mar 17
600 Phoenix Hodery
1
4 4678 *4514 4634 47
47
*45
47
Oct
94 Mar 103
,"107 10878 10612 10612 107 107
160
.107 10734 "107 1087
Preferred
100 103 Jan 5 10734July 9
105 105
19 May 4311 Jan
1312 133
1272 Apr 27 2358 Mar 8
1312 1334 14
1458 1414 1412 144 1412 1414 141
6,300 Pieree-Arrow Mot Car No par
764 Apr 1274 Aug
5614 5614 57
58
5812 60
5812 60
58% 60
Preferred
100 55's July 8 1024 Jan 3
6034 6114 2,700
14 Jan
Patine 22
Is Oct
',Mar 2
25
72
7
34
54
34
/
1
4
34
31
*54
78
34
34 3,300 Mame 011 Corporation
Illa Nov 274 Jan
*20
•20
22
*20
22
*20
23
*20
23
21
24 June 21
2012 201
Preferred
100 1312 Mar 2
100
Jan
7
412 41
214 Aug
512June 20
475 5
412 4/
1
4
412 412
432 4/
1
4
438 432
212 Mar 22
8,600 Pierce Petrorm tern etffiNo par
5213 5012 52
1
4 5234 5412 53
29 June 4212 Jan
•52
50
5112 5114 52/
100 3234 Mar 22 7411June 7
5414 8,400 Pittsburgh Coal of Pa
Jam
70 June 85
*84
85
84
84
8312 8312 *8312 84
*8414 85
8412 8413
Preferred
100 7052 Mar 10 9312June 8
400
9712
94 Mar 1001s Dee
*98
9712 *96
101 Jan 18
98'i 9714 9714 9712 9712 *96
9712 *96
100 9512 or 1
200 Pittsburgh Steel pref
10212 10314 10214 10314 103 10334 10312 10432 10378 104/
7512 Mar 12472 Feb
1
4 104 106/
No par 924 Mar 16 10652July 15
1
4 34,500 Postum Co. Inc
344 May 44 Nov
6014 607s 61
6214 6034 62
59/
1
4 6012 61
61
70 Mar 28
5912 60
100 3812 Feb
3,800 Pressed Steel Car new
*8612 88
87
87
774 Dec 954 Jan
*8612 88
*8614 87
8614 8614 *8614 88
400
Preferred
100 7812 Feb 5 9212May 12
25
2538 24
25
24
11 Mar 2054 Oct
2434 2358 2378 2318 241
/
4 2334 241
6,400 Producers & Refiners Corp_60 1654 Jan 5 334May 18
4034 4132 *4212 43
41
*411
/
4 52
41
*4034 43
3054 May 4154 Oct
Feb
9
"4034 423
50
6
40
2
Jan
Preferred
367
ao
4012 407
3114 Oct334 Nov
4034 41
4012 41
4014 40/
1
4 4018 40/
1
4 404 401 13,900 PubServ Corp of N 3new No pa
32 Jan 6 4514June 1
Oct
*100 1001 "100 10014 "100 10014 *100 10014 100 100 *100 1130t
9612 Apr 101
200
6% preferred
100 9812 Feb 19 1014May 10
•1131g 1133 *11312 11332 *11312 1131 *11312 11384 11314 1133 114 1147
400
7% preferred
100 10815 Jan 6 1154 Mar 23 1034 Jan 110 Nov
13114 1314 '130 1321 *130 1321 "130 1321 "130 132,8
*13134
200
8% preferred
100 125 Jan 10 132 June 20 115 Mar 12454 Nov
10634 10738 107 107
Jan 10418 Sept
107 107
107 107
*10634 107
97
107 107
1,200 Pub Serv Eleo & Gail p161-100 102 Jan 4 10854May 20
184 18913 188 189
183 184
186 186
"182 184
185 186
6,500 Pullman Company
100 17214 Apr 12 19512May 25 1454 Mar 19911 Sept
393 *38
39, *37
39
*37
39/
1
4 3938 3934 4012 39
33 Apr 4914 Dec
39
2,700 Punta Alegre Sugar
3418 Mar 21 464 Jan 3
ao
2534 257
25/
1
4 257
2558 254 2558 25/
Jan
25/
1
4 26
251a Oct31
25/
1
4 26
1
4 11,000 Pure 011 (The)
2558June 27 3312 Mar 4
2
1
4 "112 113 *112 1123 11212 1121 *11211 113
Apr 11254 June
*112 113 *11214 112/
8% preferred
200
100 11132 Jan 11 114 May 25 108
56
56
56/
1
4 66'4 56
Oct 494 Nov
"55
5572 *5512 5572 "5512 56
47
58 May 3
56
500 Purity Bakeries class A ____2
4254 Mar 31
7312 74'2 7332 733
74
7312 73/
4112 Nov 44 Dec
7412 7438 7438 74
74
1
4 2,900
Class 11
4154 Jan 3 754May 19
No pa
5712 59
57
.5834 5734 5932 145,300 Radio Corp of Amer-No pa
32 Mar 614 Nov
5312 5432 5412 5514 557g 58
4118 Apr 13 5938July 15
5212 5213 5212 5212 5212 5214 1,000
Mar 534 Dee
444
52
5214 521
52
Feb
28
53
*5112 52
Preferred
50 49 May 3
3254 Apr 414 Oct
Rand Mines. Ltd
40 Jan 5 464 Apr 25
No pa
*4212 4612 *4232 4612 *4314 461 *4312 461 *4352 4612 *4414 464
1012 Mar 164 Nov
*1414 15
"1434 16
14/
1
4 14/
1
4 1434 143 *1434 15
500 Ray Consolidated CopPer--1
*14/
1
4 15
1512 Mar 1
131s July 1
3712 Nov 5014 Oct
3412 32
35
3532 3134 3412 3258 3312 337s 34's 34
1
3334 10,900 Real Silk Llosiery
2353July 1 49 Apr 20
8614 8614 864 8614
9314 Dec 100 Nov
1
4 *8614 891
*8638 87/
1
4 "864 89/
1
4 8912 89/
Preferred
120
100 80 June 1 99 Mar 2
3934
7
5334 557
54
ul
,
1,
9
July
J
14
5612J
52
50
5154 5112 53
5612 53/
24
51
Jan
1
4 5578 16,200 Reid Ice Cream
No par 384
July
*512 6
6
6/
1
4 "512 6
*512 6,4
*512 6
*512 6
512July 2
400 Reis (Robt) & Co
No pa
4472 4418 4 434 4458 45/
1
4 4412 4518 30.800 Remington-Rand
44
4438 45
4412 45
374 Apr 14 4714June 9
No pa
99
98
98
*98
99
*98
*98
98
*98
99
99
98
300
First preferred
100 98 June 20 10212 Apr 25
*101 104 "101 104 *101 104 "101 104 "101 101 *101 104
Second preferred
100 99 June 3 110 Apr 25
Tticr
'
VA
"111 1161 *111 1161 *111 11612 *111 11612 "111 11612 *111 1461
Renz'tetn Type 7% lit 91_100 110 Feb 18
Fe
pb
r2
1°
5 105 Apr 11514 Aug
11634 11634 *112 11612 "112 11612 "112 1161
12
1612
7 A
*112 117 "112 117
20 8% 24 preferred
100 111 Jan
8
Oct 157s Jan
94 Apr 30 134 Jan 10
No par
Replogle Steel
44 May 6352 Jan
4
;65T2 6384 -ail 14.- 647 6538 6538 69's 66 -1f63164 _ -37766 Republic Iron & Steel
100 5612 Jan 4 7572 Mar 11
1t114 Mar 99 Sept
10312 10312 *10312 104 *1034 104 *10312 104 *10312 104 "10312 104
100
Preferred
100 984 Jan 3 108 May 26
8/
1
4 958
9
912
10'4 July 11
414 Oct 1058 Jan
732 9
912 101
4 Feb 21
No par
94 934
9
94 124,300 Reynolds Spring
1397
1
4 13612 13512 136
gMay
24
90
24
135 136
Mar 1214 Nov
Feb
136 1364 13618 1367 13612 13612 135/
984
5,200 Reynolds (RJ) Tob Class B 25
10514 10538 10314 106
104 10434 4,300 Rossia Insurance Co
7618 Dec 100
Jan
10272 10312 102 1051 10412 107
25 74 Jan 13 10878July 5
1
4 47/
4712 4814 4734 47/
1
4 4778 4772 3,500 Royal Dutch Co(NY shares). 4712July 12 5412 Feb 9
474 Oct 5755 Jan
4834 4772 477
1
4 47/
*48
3772 3772 3712 377g 3714 3734 3734 3734 1,600 St Joseph Lead
364 May 484 Feb
37/
1
4 37/
1
4 3712 371
10 38 May 23 434 Mar 4
7112 7272 711
/
4 7212 7114 7214 17,500 Safety Cable
7214 73
4218 Mar 5.512 Nov
*7012 7112 7034 731
No par 524 Jan 3 7313July 11
53
52
50
50
5112 531 *50
"48
48
8714 Nov 10212 Feb
53
48
*50
2,100 Savage Arms Corporation_100 4758June 24 7212 Mar 5
112 112
11
112 112
114
114
114
212 Dec 1014 Jan
I June 30
114 114
1,4
354 Jan 10
112 5.200 Seneca Copper
No Par
571
57
58
*5712 58
52 Mar 7052 July
5732 *56
5712 *5738 5812 58
•57
300 Shubert Theatre corp_No Par 56 June 15 68 Mar 10
/
4 5234 5134 5218 13,700 Schulte Retail Storee_No par 47 Jan 1
5512June 18
527
52
5232 52/
52
1
4 5238 5234 511
4212 Mar 13818 Jan
52
- *12012 130 *12012 130 "120 130 *120 130
*12012 130
100 11614 Jan 22 120 May 5 11212 Jan 120 Rent
Preferred
niz ;ii 11-11 *11 1114 *11 1112 11 11 *11 1112
1054June 30 134 ran 3
1212 Mar 1454 May
4.11
100 Seagrave Corp
No par
5778 dEdg 58/
1
4 5938 5938 6114 6014 61
601s 6012 35934 60/
6114July 12
4414 Mar 5851 Sent
1
4 117,30( Sears,Roebuck & Co newNofrar 51 Jan 1
564 Jan 17 757sJune 9
711
No par
7134 72
/
4 7278 7278 7312 7214 7214 7234 7412 11,500 Sbatuck (F CB
47 Mar 6952 Jan
'
72
70
1
4 4638 4554 4558 4414 4414 *44
404 July 484 Jan
*4512 4612, *4512 4672 *45/
451a
200 Shell Transport & Trading-0 434 Apr 28 474 Feb 10
26/
1
4 2634 2658 2678 8,400 Shell Union Oil
24 Mar 31 Nov
27,4 2678 2714 2612 27
No par 2532 Apr 29 3154 Feb 7
2672 2672' 27
•HUI and asked prioes; no Wee on thla day
a Ex dividend. d Re-rights. a Ex-dividend eats share of Standard 011 of California LW..
Distributed one-half share common stook and one-half share preferred B stock,
366
New York Stock Record -Continued-Page 6
For sales during the week of stocks usually inactive. see sixth page
preceding
HICH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 9.
Monday,
July 11.
Tuesday, !Wednesday, Thursday,
July 12.
July 14.
July 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On lasts of 100-share lots
PER SHARE
Range for Prestois
Year 1926
Friday,
July 15.
Lowest
Highest
Lowest
MOM
5 per share S Per share
Per share S per share 5 Per share
Per share Shares Indus. & MIscell.
1478 1514 1514 15,4
per share $ per share $ per sitar*
1434 1518 1434 1433 *141? 1434 1412 1434 6,300 SImms Petroleum (Con.) Par g per share
10 1412Ju1y 15 2254 Feb 16
5114 5134 51% 52
151
/
4 Aug 2858 Jan
51
51% 5012 508 5012 51% 51% 5212 20,900 Simmons Co
No par 3312 Jan 6 5212July 15
*111 11134 *11118 11134 *1111 11134 *111 18 11134 *11118 1113 11118
2838 Oct 5412 Jan
4
11118
60 Preferred
100 10714 Jan 4 111 18 July 15 10512 Nov 10911 July
1638 1638 1614 1634 16% 1612 1614 1612 1618 1614
1618 16,4 9,600 Sinclair Cons 011 Corp_No par
16 June 30 221* Jan 20
98
98
16% Oct 247 Feb
*98
9812 *98
9812 9712 98
*98
9812 *98
9812
500 Preferred
*2512 26
100 97 Jan 6 10314 Jan 31
00 Mar 9912 June
2534 26
2614 2634 26
26
26
26% 26
26
2,200 Skelly (911 Co
2418June
27
*117 126 *119 126 *120 126 •120 127
373
8
25
Feb
21
265
8 Mar 3718 June
•122 127 *122 127
Sloss-Sheffield Steel & Iron 100 113 June 29 13414 Apr 6 103 Apr 14212 Aug
13
13
*1212 13,4 *1234 1312 *12% 133 *123 13,4 13
13
200 Snider Packing
No
1158June 22 1418May 23
155 15534 160 161 *155 160 •150 160 8 158 4 158
*150 15712 1,000 South Porto Rico Sugar__ par 140
July 5 19712May 2 Vi- Apr 1-6c91-2 -15e;
.100
*12934 13112 *128 13112 •128 13012 *128 13012 *128 12912 *128
Preferred
100 11312Mar 4 130 May 21 110 Oct 121 Deo
35,4 3514 3514 35% 3514 35% 3518 3512 3532 3512 3518 131
3514 5,500 Southern Calif Edison
313*
1914 1912 1914 1914 1918 1914
25
Jan 3 3678June 3
30 Dec 33 July
1914 1912 1918 19,4 1914 20
2,200 Southern Dairies el A_No par
15 May 20 4558 Jan 13
*812 8%
Oct 5512 July
41
*8%
812 812 *8
812
8,4 9
8% 9
1,300 Class B
No par
7 May 18 20 Jan 7
*12
14
1713 Oct 35% Mar
*12
14
*12
14
4
14
1014 1014 •1014 13%
20 Spear & Co
No
par
83
47lay
13
*74
14
June
22
77
10
Dec
77
1734 Feb
77
*7518 77
*7518 77
*7512 77
7518 7518
60 Preferred
100 73 Feb 24 80 Fob 14
*2434 2512 n448 2512 2512 2612 *2534 26
72 Apr 8212 Jan
2512 26% 25% 25% 1,100 Spicer NIfg Co
NO par 2012 Jan 27 2878May 25
*108 10812 *108 10812 *108 10812 •108 10312 •108 10812
Feb
31%
Apr
183
4
108 108
200 Preferred
100 104 Feb 21 110
60% 6012 60
Jan 1071
/
4 Des
6138 60% 6118 6018 6034 6038 61
603s 60% 9,000 Standard Gas & El Co_No par 54 Jan 25 663 Mar 19 101
4June 16
6238 6238 *604 6212 *6114 6212 62
51 Mar 69 Feb
6212 6212 6212 6212 62,2
900 Preferred
5718 Jan 3 64 May 16
5
6354 Mar 573* Feb'
83% 84
84
84
84
8612 86% 8712 83
8514 8534 854 7,500 Standard Milling
100 7014 Jan 4 89381une 2
*96
6718 Oct 9212 Feb
96% 9638 97
96
9618 96
96
96
96
96
9678
300
Preferred
84
100
Jan
6
80 Mar 90
5312 5312 538 538 5314 537
Feb
53% 5338 5318 5312 5318 5312 6,700 Standard Oil of Cal new No par 50% Apr 28 98 Juno 2
8034 Jan 19
523* May 6358 Sept
36% 3634 365 367
365 36% 36% 3678 36% 367s 3634 3718 28,000 Standard 011 of New Jersey_25
3518 Apr 29 412 Feb 5
3014 30% 3014 3012 3018 303* 3018 3012 30
373 Dec 4638 Jan
30,4 30
3014 10,600 Standard 011 of New York. _25 2934June 27 3418 Jan 18
3212 Dec 3314 Des
312 312 *3
312
33
*3
312 *3
334 *3
200 Stand Plate Cliaes Co__No par
3,2 .3
2 Mar 29
438June
311 Nov
11114 11112 11112 11534 11434 115,
1072 Feb
s 115 118 211738 12238 11734 11934 10,700 Sterling Products
No par 9012 Jan
75 Mar 9614 Nov
60% 6034 6012 61
61
6312 6278 6378 6318 6378 624 63% 13,600 Stewart-Warn Sp Corp_ No par 5114 Mar 4 12238 July 14
15 6814 Apr 20
61 Nov 9278 Jan
*32
3234 *32
3234 321s 3212 3212 3212 *32
...
33
32
1,200 Stromberg Carburetor_No par 2618.1une 1 5412 Mar 1
4734 Dec 7714 Jan
4944 49% 497 50
4934 50
49% 50% 5018 52% 5134 5234 48,700 Studeb'rCorp(The) new
No Par 49 June 23 57 Apr 8
47 May 62 Sept
*118 123 *118 123 *118 123 *118 123 *118 123 *118 123
Preferred
100 118 Feb 10 122 Fob 23 11412 Feb 12212 June
*618 612
618 618
614 7
6
618 612
638 8,800 Submarine Boat
No par
818May 12
238 Feb 28
112 July
334 Feb
*32% 33
*32
33
33
33
33
33
33
33
*3112 33
GOO Sun 011
No par 30 Mar 21
34% Jan 17
301
/
4 Mar 4158 Jan
*414 412
414 414
418 418
414
418 418
4
418 478 7,200 Superior 011
334
Mar
30
No
612
Par
Fob
18
DOD
1
•23
July
514
25
*23
25
23
23
23
*22
25
25
*2414 24
100 Superior Steel
100 1953 Jan 25 28 May 18
1912 Apr 347 Sept
*812 10
*812 10
*812 10
*9
10
934 934 *912 10
100 Sweets Co of America
7 Apr 27 13% Feb 3
60
858
Apr
175
8
Sept
*312 4
*312 4
*312 4
*312 4
*334 4
*334 4
Symington temp ctia__No par
311 Apr 12
6 Jan 14
4 Nov
1412 Jan
*1014 1112 *1014 1112 *1014 1112 10% 10,4 *10
1014 *10
103*
200 Class A temp ctfs___ _No par
812 Mar 1
133s Jan 14
1052 Oct 2078 Feb
*13
1312 *13
1312 *13
1312 1314 1338 *13
13,2 1313 1312
700 Telautograpn Corp____No par
1112
Mar
9
1412
Apr
11
8
Apr
1478
Jan
*838
8% 8%
834 87s
88
838 84 2,900 Tenn Copp & C
8% 838
858 8.4
818June 10 1314 Jan 13
No Par
1058 Dec 16
Feb
47
47
47
4714 47
4714 46% 4718 46% 4738 47
47is 6,000 Texas Corporation
25 45 Apr 19 58 Jan 17
5312
Nov
Dee
577
8
6418 6512 6438 6538 64
65
6412
63%
6334 647s 64
6678 140,300 Texas Gulf Sulphur new No par 49 Jan 3 677sJuly 15
39
Oct 52% Nov
*1434 15
1434 1478 1438 15
1412 1434 1414 1412 14
1414 6,000 Team Pacific Coal & 011
10 12 Apr 29 1878Juno 8
12
Oct 1912 Jan
3014 31
3014 3114 2938 3034 2944 3048 30
3034 30
3078 26,200 Texas Pac Land Trust new__I
1512 Jan 25 40 June 7
3214 3214 32
3214 3238 3238 3212 3234 3212 3212 3278 3312 2,900 The Fair
No pa
2414 Jan 11 3458May 7 -26-5-8 Dec -31 Jaa
54
54
54
*54
54
54
5414 54
5414 54,4 5414 5414
800 Thompson (.1 R) Co
25 47 Jan 26 66 June 21
4214 May 5012 Sept
1614 1614 1614 16,4 21618 1618 1618 1614 1618 1614 1618 1618 5,000
Tidewater Assoc Oil. No pa
1512June 2 1918June 0
*88
89
*8712 89
871, 8712 8712 8712 8712 871, •87
89
300 Preferred
100 8712July 12 9034June 1
*2134 22,4 nO
22
*20
22
*20
22
*20
22
nO
22
Tide
Water
011
100 22 July 7 2918 Jan 13
27 Nov
3014 Jan
*8634 87
*84
88 .84
88
*84
88
88
Preferred
_
100 87 May 6 8934 Apr 25
Jan
8714 Nov 103
104 1043 10514 10638 105% 11014 10812 11038 108% 10912 *84
10812 10912 86,200 Timken Roller Bearing_No pa
4478 Mar 85% Nov
10014 102
10118 10234 10114 102
101 10212 101% 10214 10012 10114 22,200 Tobacco Products Corp_.100 78 Jan 3 11038July 13
9312 Apr 11 11038 Jan 5
9514 Apr 11658 Sent
11212 1147 114% 11638 11534 11534 116 118
11738 11738 11612 117
6,200 Class A
100 108 Apr 16 117 July 13 103 Mar 1183* 5001
8% 87
8,2 834
8% 812
734 8%
712 734 141,500 Transc't'l 011 ternctf newNopet
712 7%
3 Mar
934.1une 18
612 July
334 Apr 30
•1512 17
*16
17
•16
17
17
17
*1512 1734 17
17
200 Trammed, WiMama St'l No pa
10 May 4
Jan
17 July 1:1
15 Aug 27
53% 53% 5334 54
54
5412 5312 54
5312 53% 54
55
1.500 Underwaod Typewriter _ _._25 45 Jan 29 6078 Apr 18
4314 Nov 63% Jan
4912 5°
50141 51
4938 4934 50% 51
51
53
51
53
5,300 Union Dag te Paper Corp 100 3812 Jan 25 7314June I
35 May 7114 Jan
12634 130% 13112 13532 13314 136% 13234 134% 134
137% 13518 137 117,100 Union Carbide & Carb_No pa
9918 Jan 26 13738July 14
7712 Mar 10034 Dec
4214 4214 42
4234 4218 42% 4218 421s 42
42
4134 42
2,500 Union 011 California.
26 3938June 27 5612 Jan 6
3714 Jan 5838 SCSI
*11314 11414 *11212 114 *11214 11414 11418 114% *114 115 •114
115
400 Union Tank Car new
Jan
11512June
94
100
3
0
Dec 9514 Deo
93
90
91
90
90
90
90
90
90
90
90
90
90
10,400 United Cigar Stores
26 82 Apr 4 100 Jan 6
8318 Feb 10934 Aug
105% 106
10538 107 x105 105
105 105
105 105
10434 105
5,201
Preferred
100 10.421 July 15 109 June 21
169 175
174 17734 173 174
17212 17312 172 174
174 175
8,200 United Drug
.100 159 Jan 25 18278 A pr 20 134 Kfai 174 "ileO
60
60
*5934 60
5934 6018 .6018 61
*60% 61. :5812 587
900
1st Preferred
60 5812 Jan 6 6018July 12
5512 Mar 59 July
134 13534 134 13434 13414 13434 134 13434 135 137
13514 136
4,900 United 4 rult
par 11312 Jan 26 137 July 14
No
98 Apr 126 Nov
100 100
99
99
99
99
99
99
99
99
9944 9934
90 Universal Pictures let pf(1.100 98 Jan 14 103% Apr 26
90 Mar 981
/
4 Dec
31
3134 31
32
31
3112 3118 3212 31
3214 3112 313* 11,800 Universal Pipe & Rad No pa
2714June 27 3714 Mar 29
1358 Mar 3412 Deo
9412 .88
92
9334 *88
9312 92% 9314 *92
6312 *92
9312 2,200 Preferred
100 8134 Jan 27 90 May 7
52 Mar 9012 Deo
233 235
23514 23g
23512 2377s 236 239% 238 24178 237 2371, 11,600 US Cast Iron Pipe & Fdy_100
202 Jan 25 240 May 20 150 May 24812 Aug
*115 11612 .11534 1161 *118 11612 *116 11612 11534 11534 *1153
4 11617
300 Preferred
100 112 Mar 14 118 July 1 10014 Mar 118 Dee
2138 21% 2138 213
21
2112 2034 2114 2034 21
2014 2078 9,000 0 El DIstrib Corp new.. No pa
1414 Nlay 5 2234July 7
*5634 58
*57
58
57% 53
5612 5658 5612 5612 50
1,100 US Hoff Mach Corp vteNo par
56
6158 Feb 1
63,18May 19
457 Jan 5938 Feb
7914 7972 78% 803
783g 81% 8118 8231 827g 847s
84,2 62,700 U S Industrial Alcohol
100 69 Mar 30 89 Fob 28
45% Mar 8412 Dec
*113 11478 *113 1147 *113 114% •114 11478 •113 11478 283
*113 11478
Preferred
100 10714 Apr 4 11434June 29
0914 Apr 11478 Nov
61
6212 6212 641
6418 65
6378 6458 64
64% 64,g 64,
8 42,600 135 Realty & Impt new.No pa
54 Apr 6 6658 Feb 7
4818 Mar 717 Jan
41% 4214 42
4218 43,4 4144 43
431
42% 4234 4234 43
14,700 United Staten Rubber
100 3714June 16 6718 Feb 28
5014 May 8814 Jan
9312 93
93
941
9412 963
94
9412 9434 9514 94% 9534 4,500
1st Preferred
100 8534June 16 11138 Apr 8 10112 Mar 109
Jan
35
35
3412 35
*3414 35
3458 35
35
36
351 4 3512 3,900 US Smelting, Ref & Min___50 333* Jan 13 42 Mar 24
Oct 497 Jan
30
49
49
49
49
*4838 491
4838 4833 4814 4814 4838 4838
600 Preferred
Oct 11660170,1
42
60 45% Jan 18 4912June 27
United States Steel Corp_ _100
Apr
Jan 28 176 May 31 117
12034 12112 121% 12218 122 12318 12314 12538 12534
126%
1263* 2-5-3:800 New w 1
Dee
1118* Jan 28 121158July 14 11378 Dec
133 133
133 133
133 133
133% 133% 133 13318 133 133% 4,000 Preferred
100 129 Jan 28 133%July 15 12412 Mar 13054 Dec
8012 81
81
81
8014 *79
80
80
*80
83% *81
8312
500 U S Tobacco
No par 67 Jan 4 8612Juue 16
6612 Jan 67 Dec
•12412 12634 *124 126 *12412 12634 *12412 12634 *12412 12634 •12412
12634
Preferred
100 123 Jan 14 125 Feb 16 112 Mar 123 Dee
*115 116 •115 116
115 115 *115 120 *115 120 *115 120
100 Utah Copper
10 111 Feb 11 11512 Apr 20
93 Apr 116 NoV
30% 3112 31
32
3112 31
31
32
3114 31% 3114 31% 8,800 Utilities Pow & Lt A_ __No par
27 Jan 8 34 May 19
2738 Dec 37 Feb
*4412 45
4512 4512 45% 411
45% 47% 4734 4934 48
4834 4,200 Vanadium Corp
No par 37 Jan 20 5212 Mar 30
29 Mar 43 Aug
5712 57% 5712 57% 5712 5734 57,2 5734 5712 5744 .56%
5612 2,800 Vick Chemical
par
No
Jan
033
48
8June
3
July 62 Milt
4314
6
3334 34
3312 3334 3212 33
33
32
32
3314 32% 32% 8,600 Victor Talk Machine -No Par 32 July 13 41 Apr 12
8912 8912 89
8914 89
89
89
89
89
89
89
89
1,600 6% preferred
par
No
89 July 8 9614 Apr 13
*9714 97% 97
9714 97
97
9714 *97
97
9712 9712 9718
800 7% prior preferred
100 97 Feb 5 10012 Apr 13
*9
878 9
914
9
*834 914
914
*9
9
91
9
1,200 Virg-Caro Chem
No par
11 14June 25 -V - Oct 2511 Feb
712May 23
*3114 3212 *3114 32
*3114 32
31
3114 32
31
*31
32
400 0% preferred
100 2018 Apr 4 3634 Feb 14
31% Oct 69
Jan
'
178% 7912 *7814 7912 *7912 7934 7914 791
7912 7912 7912 793
700 7% preferred
100
83
73
8
June
Oct 93
873
4 Feb 11
828
5/
1
4
% D
ira
J.
eeti
n
*43
50
*43
*43
50
50
*43
50
43
43
*42
50
100 Virginia Iron Coal dc Coke.100 43 Feb 9 51 Jan 4
40 May 6013 Noi
29% 30% 30
3078 30
3038 2914 3014 2812 297s 2878 2934 50,900 Viyaudou (V)
par
No
Mar
3
2
July
6
3
26
20
8
4
1
2
3914June
2838
Dec
ja
105 106
106 106
106 10612 106% 107
106 106 2106 106
1,400 Preferred
100 10334 July 8 11812June 20
9434 Jan 11621093142 Septr.:0:2
*1934 2034 nO
2014 •20
20
2014 20
2014 2014 2014 20,4
400 Waldorf System
No par
17 Jan
1434 July 7 25 Feb 7
*18
19
•18
19
18'2 18
1818 1818 *18
18
1712 17,2
600 Walworth Co ctfs
JuneA
Apr
No
1712July
par
1
2
241
15
*100 105 *100 105 *100 105 *10112 105
105 105 *105 110
100 Ward Baking Class A No par 8912 Apr 13 10512 Mar 17
99 June
2412 2412 2412 25
2412 25
2412 24% 2512 251
2434 2512 4,900 Class 13
Oct
par
No
2114
33%
1712June
18
14
Feb
*83
8614 *8378 86% *8414 8614 *8518 86, *8515 8638 8614 8614
100 Preferred (100)
No par 84 Apr 9 9534 Feb 3
8812 Oct 11012 Jan
2172 22,4 22
23
2314 21
23% 24'z 2318 23% 23
2314 6,000 Warner Bros Pictures A ___ _10 20 July 5 4512 Jan 6
12 June
*2512 26
2512 26
26
26
25% 25% *26
*2534 26
2612 1,200 Warner Quinlan
No par 21 June 6 281251ay 26
*80
84
82
*80
84
*80
82
84
82
*80
*82
84
100 Warren Bros
No par 65 Jan 14 9014 Feb 18
43*
*73
7378 *73
71
72
72
72
74
71
72
71
72
700 Weber & Hellbr, new e_No par 5612 Jun 5 7772June 29
53 Apr 8512 Jan
162 16212 16134 162
162 16612 16612 1664 16634 167 *165 167
3,900 Western Union Telegraph_100 14412 Jan 8 17012June
13412 Mar 1571 Sept
178 17938 177 179
177 1783s 17778 17812 17834 180
176 178
7,500 Westinghouse Air Iirake___50 13312 Jan 4 18012July 8 10514 Mar 146 Dee
7834 79,4 7834 8134 81 14 82% 8114 82's 8118 8178 8138 8278 119,900 Westinghouse Else & MN_
65 May 791
.60 6751 Jan 4 8278July 15
/
4 Feb
•1312 14
*1334 14
*14
14
14
14
1412 •2334 14
14
200 Weston Elea Instrurn't_No par
1838 Feb 16
134 May
1314June 28
1912 July
*30
32
*30
31% 30
32
*30
32
32
32
*30
*31
500 Class A
34%
par
14
Apr
July
No
20
Jan
2714
30
3213
Ott
•10812 10978 109 109
10814 10814 103% 109% *10812 10934 •10812 10934
170 West Penn Eleo ol A VII No par 9778 Jan 4 110 May 4
881
/
4 Jan 9812 Oct
11014 11014 11014 11014 10934 1101? 10934 11134 111 111
110 11012
400 Preferred
11133 July 13
Jan
100
4
102
9512
May 10212 Del
115 115
115 115
115 115
114% 11434
11472 114% 115 115
180 West Penn Power pref
100 111 Jan 15 118 May 27 108 Mar 115 Sept
23
23
*22% 23
400 White Eagle 011 &Itefg_No par 22 Apr 25 2712 Feb 15
*2238 2234 2212 2232 *2212 224 *2212 22%
2518 Apr 2034 Feb
3712 3734 37
37% 36
3712 3612 364 3638 3714 37
37,4 9,500 White Motor
5138 Apr 00 Feb
50 36 July 12 58% Fob 28
3418 3418 34% 34% 3334 34
333 3338 323* 3438 *3314 3312 3,100 White Rock Min Sp etf _No par 26 Jan 26 3612 Apr 2
Oct 3838 Feb
22
4614 4714 46% 47
473
47
47
47
48
4712 46% 47% 8,400 White Sewing NIachine_No par 2112 Mar 24 5012June 20
*55
56
*55
*55
55% *55
500 White Sewing Mach pf.No par
5512 5512
55
5514
55,2 55
17
IS
Jan
Feb
ili
59
46
13
-43
-ei -fiili Oct
.12
8,, 15,100 Wickwire Spencer ctf __No par
812
%
12
12
I..
12
12
12
12
'2
33 Jan
12 Jan 28
112 Feb 14
58 Dec
1732 1712 Was 1734 1738 1734
1718 1712 1714 18,2 17% 18% 48,700 Willys-Overland (The)
6 16 June 30 2434 Mar 3
18 May 34
Jan
8918 8918 *8012 00 .89
400 Preferred
8918 8918 89,4 8914
90
*89
90
Juno
11
Jan
95
87
11
100
8812
Oct
99
Feb
1134 *1112 11,4 •1118 1114 *1112 1114
*11
11
1078 107g
11
200 Wilson & Co. Inc. now_No par
10 May 5 175s Feb 21
6 May
143* De41
*2118 2234 *21% 22 .21% 22
2118
21
22
*2112
1s
4
200
*2118 213
Class A
No par 1614May 5 3278 Feb 23
14 May 30/
1
4 Dee
*6212 66
*6212 66
*63
*6312 65
65
*63
66
*63
66
Preferred
100 58 Apr 7 8434 Feb 23
42 May 81% Dee
14212 14278 143 14438 143 14378 1431g 14434 143% 150
14918 18212 47,600 Woolworth (F W) Co
25 11734 Jan 11 16212July 15 12014 Dec 128 Deo
38% 3814 38
39
38% 3934 3838 39
3812 39% 3834 3934 7,100 Worthington P & M
100 2013 Jan 27 40 June 7
19 Nov 4434 Jan
*54
59
55
55
59
500 Preferred A
54
5912 *54
*52
5214 54
55
100 46 Jan 22 6112June 9
44 Nov 80 Feb
*4812 51
*4812 51
4812 4812 *4812 51
*4812 51
50
50
200 Preferred B
100 40 Feb 2 5412June 7
Nov 66 Feb
3714
38
3834 37
38
3614 37
38,
8 7,400 Wright Aeronautles'...__No par 241 2 Apr 5 4234June 6
371 377
37,2 3734 38
2412 Mar 393 July
55
5634 57
5734 5678 5678 5612 5714 57% 5714 *5312 561s 4,000 Wrigley (Win Jr)
No par 60% Jan 4 5734 July 11
47 Apr 5934 Feb
*79
801g *79
80
*79
80
81
7912 7912 80
800 Yale & Towne
80,8 81
25 7014 Jan 8 81 June 1
(1011 Mar 7212 Aug
2934 3038 30
31% 3014 31
3012 31,4 42,900 Yellow Truck & Coach C111_10 25 Jan 14 3)34.1une 17
303* 3118 303* 31
20 May 393* BOPS
9818 981s 9814 99
9812 9812 *98
9812 *98
9812 9818 9812 33,000 Preferred
99 Jan 3
100 891r Apr 11
0112 Apr 10712 Sept
8312 84
84
84
85
8518 851* 8734 8614 87% 8638 8714 9,900 Youngstown Sheet & T_ No par 81341une 29 9714 Mar 24
69 May 9514 Aug
•131c1 and asked priced: no gala, on tab, day. & Ex-dividend and ex-rlabte. r a:I-dividend. a Ex
Ex-dlyidend,
rights.
367
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
prices are now "ana interest '—except for Leconte awl defaulted 80.41.
Jan. 1 1909 Ike Exceange method of quoting bona, was cllanged an/
BONDS
N.Y.STOCK EXCHANGE
Week Ended July 15.
E
Price
Friday.
July 15.
Week's
Range or
Last Sale
00
em
Ranee
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 15,
Prite
Friday.
July 15.
Week's
Range or
Last Sale
2232
Range
Since
Jan, 1,
High
Biel
Hfga N. Low
Ask Low
High
High N o. Low
Ask Low
Eta
U. S. G00000merit.
9234 9714
9434 446
94
Italy (Kingdom of) ext'l 75..1951 J D
lilt Liberty Loan9238 9674
3
9414 18
304 100,,n101,1n Italian Cred Consortium 78 A1937 M S 241_2Sale 24
.2101
10013
Sale
D
J
002.22
97
814% of 1932-1947
91
1947 M S
93,2 19
Esti sec a f 7s ser Pi
100114, 102
JD 011032
- 1013.22June'27
Cony 4% of 1932-47
9058 101
9412 06
63 102,3321031,n (tells° Public Utility ext 78_1952 J J 9478 Sale 9414
in 1022..2 Sale 1022.221034:
15
Cony 434% of 1932-47
8814 9212
90,8 90
9014
iJ 90
448___1931
loan
L
Clove
Javanese
.4s103
102,
.25une'27
10217
J
D
10211.2
214
26 eon, 434% of 1932-47
4 102
1
101
98/
1954 F A 101 Sale 10012
30-year f 6416
43econd Liberty Loan—
9458 24
9212 98
5 100 101
Oriental Development 68_1953 M S 9458 Sale 94
10042
MN 100
_ _ 00
3 10014 10228
1927-1942
ds
Sale 10012 101
A
F
101
1947
7e
t
(Germany)
1643
1.,
1.eipsig
101
1007.1
1001022
00122
MN 100.22 gale
9812
2
Cony 434% of 1927-1942
9:12 10012
9812 9870 9812
Lower Austria (Prov) 714s-1950 J
NI. 981.
?bird Liberty Loan9812 50
N 98 Sale 974
SI S 10052 Sale 1007%2100"n 603 100"231011,to Lyons (City of) 15-year 65_1934 M
434% of 1928
9812 83
9314 9312
15-yr 66_1934 M N 98 Sale 9734
of)
(City
Marseilles
_
Fourth Liberty Loan30
Mar'26
N
M
1.0 1032232 Sale 032421033.0 998 10313,s104":2 Mexican Irrigation
434% of 1933-1938
3434
3414 35
3518 10 -ail if"
1943
Assenting, f 414s _ _ _
1947-1952 AO 11313.2 Sale 13..1 11313:3 44 1101.114un
50
Treasury 4148
50
Feb'27
50
42 106.8,1090n Mexico (U 5) extl 5,of 1899 E'45 Q J
1944-1954 J D 108..2 Sale 108332 10.8.32
Treasury 4s
3712 50
3712 3814 3838 July'27
1945
17 1033.00613.1
Assenting 58 of 1899
M
742
105'
10532,
1046-10811
Sale
10512.2
42 May'27
a'reasury 314431
394 42
205
large
58
,
Us,
100
,,100
100122:
Assenting
D
J
100142 Sale 1003,1
1943-1947
'Treasury 33i8
_
34 July'26
1954 J D
Gold deb 48 of 1904
State and City Securities.
2638 13
3418
2478 Sale 2478
7 1003s 10114
Assenting 4s of 1904
10118 10118
Y Clty—dqe Corp stock_1960 MS 10118
27
Dee'26
large
1904
of
4s
,
.
Asrenting
1051
10212
1964 MS 10334 1617-8 10418 May'27
- 14
2
4388 Corporate stock
J J 2518 2634 274 Jan'27
4 01 1910
10258
8
1025
Assenting
Mar'27
AG
8
1023
1033
4
1966
stock
Corporate
25
311.
41418
26 July'27
10258 10514
Assenting 48 of 1910 large_________
10458 June'27
1972 1.0 10378
4418 Corporate stock
2238 2714
2312 53
23 6;l-e- 23
10712 10012
Assenting 4sof 1910 small
- 10918 June'27
34
1971 JO 10814 116
4440 Corporate stock
4014 25
40
4818
393, 4012 40
1-3
'33
(large)
assent
'13
of
10912
68
—
1063,
Trees
July'27
J
J
4
1073
8
1077
19
4148 Corporate stock_July1967
3733 48,2
40
392s
1 10914
106,
Small
10914 May'27
1965 • D 1074
9214
440 Corporate stock
9014 88
89
Milan (City, Italy) ext'l 634s '52 A 0 8972 Sale 8938
1963 MS 10712 ---- 10818 June'27 -- 1063g 109
9972 10328
4348 Corporate stock
10214 Sale 10134 10214 53
D
J
74____1952
of)
101%
(City
99
Montevideo
June'27
MN
10012
1959
28 10512 10812
4% Corporate stock
108
10712
Sale
8
1075
S
M
.._1972
prices)
99 10034 Netberlande 68 (flat
10012 June'27
1958 MN 10012
4% Corporate stock
10358 71 10318 10438
1954 A 0 10314 10338 10314
86-year external as
9878 101,4
1967 MN 10714 10814 101 May'27
10212 15 10114 104
4% Corporate stock
1943 F A 10212 Sale 102
lterway 20-year eat! 68
9812 Nov'26
1956 M N 1011g
4% Corporate stock
10278 29 10114 104
10234
Sale
4
1023
A
F
1944
20-year external 63
984 Oct'26 -1955 SI N 10034
4% Corporate stock
1952 A 0 10218 10212 10234 1024 10 100 10374
_ 10558 10858
30-year external fis
65
434% Corporate stock _ _ _1957 MN 10012 1011s 10814 June'27
100
9834 10134
9912
Sale
100
D
19653
2
108
10534 10834
40-year s f 54413
17
644% Corporate stock _ _1957 MN 10714 1071 108
103
9972 1031.
1955 M N 10214 Sale 102
8978 93
Oslo (City) 30-year,f 68
_ 93 May'27
844% Corporate stk _May 1954 SI N 92
97 100
9814 98
9832 19
9812
A
F
1946
9114
894
Mar'27
Sinking
fund
5459
N
93
9114
92
7
103
100
1023
844% Corporate stk_Nov 1964 NI
4
1023
Sale
4
1023
D
3
1953
Panama (Rep) esti 54413
--- 89 Apr'26
1956 MN
19
102
107
344. Corporate stock
105
Peru (Rep of) esti 8s (of '24)A944 A 0 10478 Sale 104 4 July'27
10212 Oct'26
103 105
New York State Canal Im 48.1961 J J ---1033
104
10212
0
A
1944
1022,
1926)
01
1-.(5i,713
Esti 8s (ser
10258 Mar'27
1960
35
103
4
993
4s Canal
102
8
1005
Sale
102
1940 4.1 N
Exit sink fd 7444
102 Apr'26
48
1964 J
9834 10118
4 y4 s Canal Inapt
9934 1001
11212 1121;
Esti 8 1 see 7448 (of 1926).1956 M S 10018 Sale I 80
11212 June'27
20
764
85
Highway improv't 4 34e....1963 MS
81
804
8012
0
A
1940
Poland (Rep of) gold 68
Foreign Gov't and Municipal'.
9314 994
96% 95
9612 Sale I 9614
1950 J
42
9312 9712
EMI sink Mg 88
95
Antioquia (Dept) Col 78 A 1945 ii 9312 Sale 9312
10478 11 10314 106
10412
Sale
10412
D
J
1981
88
of)
42
(City
9712
934
95
Porto Alegre
1945 J J 934 Sale 9334
6
9912 101
External a I 7s sor B
1966 J J 10012 101 10012 101
4 100
1
97/
Extl guar sink Id 73.4*
9912 101
4 111 114
114
Argentine Govt Pub Wks 68_1960 1.0 99i8 Sale 9858
Queensland (State) eat'a 17s 1941 A 0 114 11414 114
6 104 10614
Argentine Nation (Goat of)—
10512
10512
10512
8
1047
A
F
1947
9784 100
25-year external 6s
9912 114
6 103/
4 1064
1
Sink fund 63 of June 1926_1959 in 99 Sale 984
106
9734 100
Rio Grande do Sul esti a I 88_1946 A 0 105 Sale 105
994 69
5 10218 1011*
1959 1.0 99 Sale 9838
Esti ri 1 88 of Oct 1925
10618
1946 A. 0 106 Sale 10518
9713 101
98
101
Rio de Janeiro 25-yr le f 88
1957 MS 100 Sale 9934
21
10514
Sink fund as Series A__
10214
10412
4
1033
Sale
10414
1947 A 0
8
8 100,
07,
9912 42
25-yr exti 8s
8918 9234
External 6s series B__Dee 1958 JO 99 Sale 99
9014 84
1952 A 0 9018 Sale 9912
WM 100
Rome (City) eat'634s
9914 31
J960 MN 9834 Sale 9812
2 10358 106
Esti f es of May 1926
105
8
1047
Sale
105
MN
964
98 100
984 GO
Rotterdam (City) extl
26
113
Ext1 6s Sanitary Works _1981 FA 9834 Sale 9812
9914 Sao Paulo (City) f 8s__Mar 1952 M N 11178 113 11112 112 4 11 10712
98
9834 73
Esti 6s Pub wks(May '27)261 MN 9834 Sale 9838
1061
10412 107
10614 Sale 106
9234 San Paulo (State) mil s I 80_1936 J
89
9134 151
2
Argentine Treasury 5s E_1946 MS 9112 Sale 9112
108
4
107
1043
10512
Sale
10512
1950 J J
9714 98,2
External sec ef8s
98,a 21
Anstralla 30-yr Ed__ _July 15 1955 J J 98 Sale 98
9814 10013
99,4 15
148 1004 10512
104
External s f 78 Water L'n_1956 M S 9834 99,4 9812
1943 in 10314 Sale 10314
Austrian (Govt) a f 78
9414 27
934
964
4
933
Sale
94
S
M
7s1942
Rep)
9
9818
10014 Santa Fe (Prey, Arg
984
Bavaria (Free State) 014s__ _1945 FA 9858 Sale 9812
26
103
9753 1934
11334 15 111 114
Seine, Dept of (France)extl 78'42 J J 10178 Sale 10134
Belgium 25-yr ext 81 7148 g_1945 in 11334 Sale 113
9878 62
9714 10214
9878 Sale 9734
N
M
88_1962
Slovenes
11014
&
55
108
Croats
FA
Sale
Serbs,
10812
4
10812
109,
1941
20-year s 1 fis
4
9114 97
96
96 Sale 954
1936 M
9634 10212 Soissons (City of) ext16a
10178 67
1949 MS 10134 Sale 10118
25-year external 63.4.
8 10318 105
105
1939 J D 105 Sale 10418
154
9258 98
98
Sweden 20-year 68
1956 • J 9734 Sale 9712
External S IC,
18 10258 10518
105
Sale
10412
4
1043
N
M
1954
4
180
1053
10212
5418
10534
D
loan
J
10518
External
10514 Sale
External 30-year f 75_1955
1133, 18 11114 1134
193 1011
4 10418 Swiss Conted'n 20-yr. f 88 1940 3 .1 113 11314 113
/
1951; M N 10378 Sale 10334 104
Stabilization loan 78
104'2 13 10222 106
Switzerland Govt eat 5401_1946 A 0 10412 Sale 1034
1945 MN 11312 Sale 11312 11334 26 1124 114
'Bergen (Norway) a f 80
4
1
79/
75
9
Sale
7534
7512
7514
Si
S
1952
1912
of
102
loan
7
9914
Tokyo City 58
1949 AO 100 10078 9912 100
25-year sinking fund 68
8712 97
9012
86
87
Sale
8
873
1961 A 0
0678 10034
9958 83
Exti at 5449 guar
9914 Sale 994
1950 A
Berlin (Germany) 61.4e
2
9978
9912 10134
Sale 9978
8
997
J
6448_1944
esti
1
13
8
1023
1047
4
AO
(City)
Trondhjem
Sale
10312 104 4
10334
• Bogota (City) ext'l at 8s_ _ _1945
99
9828 52
94
12 102 10512 Upper Austria (Prov) 78_ —1945 1 D 9814 Sale 98
1947 MN 10334 Sale 10358 104
14 10858 112
Bolivia (Republic of) 8s
112
112 Sale 11114
98
92
90
95
Uruguay (RepublIc) ext185_1946 F A 9534 Sale
1958 ii 944 Sale 9458
Esti sec 28 tern
101
9412 961.
9614
4
,
95
N
M
1960
4 98,2
1
93/
9812 68
External f 6s
Bordeaux (City of) 15-yr 68_1934 MN 9814 Sale 98
9214 971.
9334 66
J D 9314 Sale 934
'Brazil(U of) external 88_ 1941 JD 10578 Sale 10572 10612 27 104 10812 Yokohama (City) eat! 69_1961
99
Railroad
89
9134 168
External 81 634s of 1928_1957 A0 9112,ii
8 10434
1023
June'27
4
1043
4
1033
1043
8
i-17912 Ala 01 Sou 151 cons A 5a____1943 JO
D 96 Sale 9512
74 (Central Railway)
1952
10014 101
June'27
_ 10234 107
Ala Mid 1st guar gold 511----1928 MN 1004 10034 10014
2448(coffee occur) E (flat)J952 A 0 106 Sale 10534 June'27
87/8
June'27
8934
8918
___
89'o
AG
27 102 105
103
Alb de Suet' 1st guar 340 _1946
1935 SI $ 10212 Sale 10212
Bremen (State of) ext'l 78
8472 85
85 Mar'27
92
87
Alleg & West 1s1 g gu 4a___1998 A0 8638 ____
8812 137
Budapest(City) extl s f Ils_ _1962 .JD 88 Sale 88
97
_
9514
June'27
9618
9718
4
953
M
1942
45
g
9914 10214 Alleg Val gen guar
10034 Sale 10014
10078 14
13aenos Aires (City) esti 64011955 J
I
8158
7912 82
8158 Sale 8158
July 1905 Q
94,4 Ann Arbor lst g 4,
89
J 9014 9012 9014
9012 27
Bulgaria (Kingdom) a f 74._1967
9254 9714
9614 76
Sale 9534
96
AO
4s-1995
g
J
4
983
•
4
Fe--Gen
Sale
18
8
963
&
9718
4
963
Top
Atch
Cildas Dept of(Colombla)7458'46
973,
96
92
94 June'27
A0
10134 21 10014 102
Registered
Canada (Dominion of) 53.....1931 1.0 10138 Sale 101
11
874 9114
8914
Adjustment gold 48...July 1995 Nov 894 Sale 8914
1929 FA 10134 Sale 1014
10134 13 101311 1027te
10-year 1234e
6
91
4
1
/
87
8914
8914
90
8914
MN
July 1995
Stamped
10534 50 104 108,2
fie
1962 MN 10534 Sale 105
8818
_
85
873g ____ 85 May'27
M
9938 85
9818 99,,s
Registered
4448
1930 FA 9938 Sale 99
2
GA
4
85
903
9012
____
9012
in
10812
106
.1
4
1955
10538
10514
10312
911909
10514
48
gold
Cony
1954
Carlsbad (City) 8 f 8s
8714 3.012
7
90,2
D 9012 ____ 9012
9912
96
1955
Cony 48 01 1005
Cauca Val (Dept) Colom 744s '46 1.0 9814 Sale 97
9812 68
9012
88
9012 June'27
Cony g 4s issue of 1910___1960 ID 87
Calle (Republic) ext'l 81 8s 1941 FA 1084 Sale 10754 10838 11 10614 10938
9914 100
9012 -69-4
3 9934 July'27
101
18, 9912 10114
East Okla Div 1st g 4s____1928
1942 MN 10034 Sale 10038
20-year external s I 7s_
9214
4
8812
9114
9114
9114 9112
2 1064 109
Rocky altn Div let 4s...,.,,,1965.8
1946 MN 10734 Sale 10734 10814
25-year external 8 f 88
904 9212
J 9214 9212 92 July'27 ____
90
89
84
9312
Trans-Con Short L lot 46_1958
External sink1ng fund Os....1600 1.0 8958 Sale 8912
____
9214
9712
July'27
9914
8
99,1
90
8918
, Cal-Aria lst & ref 4148 A__1982 M S
933
204
89
1961 FA 8958 90
Externaistis
4
1
1073, June'27 -- 10914 107/
D 94 Sale 9378
D 10578
9438 38
93
9612 All Knox,& Nor 1st g 54__1948
Calle Mtge Bk 6148 June 30 1952
98 100
9812 983, 984 June'27
9658 29
90
9814 All & Charl AL 1,1 ,0. 4448_1944 J
S f 6345 of 1928_June 30 1961 in 96 Sale 96
5 103/
105
4 106
1
2712 16
24
3014
1951 in 2638 2718 27
Chinese (Ilukuang Ry)5s
1st 30-year 58 'aeries 13____1944 J J 104 10414 105 June'27
89
89
89
90
101
101
1
9934 10212 Atlantic City 1st eons 48____1951 J J 87
Christiania (Oslo) 30-yr sr 681954 M
9678 11
0334 9712
9834 35
06 101
Cologne (City) Germany61413195( MS 9812 Sale 98
All Cozad Line 1st eons 4s July '52 M S 9612 Sale 9612
984 49
9834 100
9912 10138
1964 J D 9834 Sale 9712
Colombia (Republic)6548
1927 AO 10038 101 10018 July'27
General unified 434,
9234 38
9112 931e
J 10014 Sale 10018
10034 32
9914 10112
Copenhagen 25-year of 5148_1944
L N colt gold 48____Oet 1952 MN 923, Sale 9214
28
787
81
, 8154
99I4
4
1948 J J 8034 Sale 8012
9712 9912 Atl& Danv lat g 4s
Cordoba (Prey) Argentina 761942 ii 9812 9914 99
3
71 1s 7634
7112
71 18 Sale 7118
2 100 10112
10012
1944 MS 9978 101 10018
Cuba 58 of 1904
2d 4s
2
86
4
843
8218
4
843
84
8514
FA
100
10134
10114
June'27
3
10014 102
9A 0
External 5e 01 1914 sec A _1949
4"
94
Yad let g guar 46._ 18
Atl
10214 10618
05
9518
9338 96
1941 .1 .1 10134 104 10214 June'27
External loan 444s aer C1949 FA 9518 97
Austln & N W 1st gu g 5s
9434 46
9:)12 974
1953 ii 10312 Sale 1014 10334 38 10114 10334 Balt & Ohio 1st g 48____July 1948 A 0 94 Sale 9378
Sinking fund 5448
_
9478
92
93 June'27
9212 95
1
9334
9212 06
Cundinamarea (Dept-Col) 7s '46 JO 9334 Sale 9334
July 1948 Q
Registered
9938
9834 130
97
9834 Sale 9812
10778 18 105 110
Ciechoelovakia(Rep of) 84..1951 AO 10738 Sale 10719
20-year cony 614s
9818
Apr'27
98,8
9818
AO
Sale
1074
107
11
10712
109
4
B
1952
1043
Sinking gund 88 ser
Registered
i5iia gale 10214 10258 44 10034 104,8
10558 43 10434 10814
External f 714s series A 1945 1.0 10538 Sale 10514
935
JM
3NI
Refund & gen 50 series A 199
48
10712
8
1083
4
1043
4
1063
Sale
10738
112
15 109/
D
O
4 112
1
A
J
5
8
Web Cons Municip is A 1946 FA 11178 Sale 11114
4
9
9
9
1
g
1st 58
11112 16 10914 11134
103 Sale 10272 10318 59 10034 10514
1946 FA 11118 1114 111
19293
Series II f 8s
10-year as
10438 105 10334 10414
110 Sale 1095, 11012 81 10738 111
1942 1
4 1057s
1
103/
Denmark 20-year 811
Ref & gen fis series C
9538 44
9232 96
99
1
9812 1004
N 9532 Sale 941g
Dominican Rep Cust AS v10 '42 MS 0873 991 99
PLE&W Ya Sys ref 4s...1941
19 10138 10334
1033g
98 4 98
9912 34
1940 AO 98
98 100
1024 10314 103
let sec 544e of 1926
Southw Div 1st 58
10
6838
8414
82
102
16 10011 1044
Dresden (City) external 7s 1945 MN 102 Sale 1014
50
859
3 84 Sale 8334
.1
19
Tol & Cin Div let ref 48 A_1
10212 75 10038 104
J 1044 10412 104
1942
1044 29 10214 10474
Dutch East Indies eat!68
Ref & gen .5s series D2000 M S 10212 Sale 10218
104 Sale 104
_ _ 102,8 103
10478 32 10214 1044 Bangor dr Aroostook 53
103 July'27
1962 M
1.0-year fie ex tercel
1943 J J 10214 _ _
8612 24
87
84
10278 25 19.938j1024
1953 MS 10278 Sale 1024
8614 Sale 8534
80-year external 541s
Con ref 4s
68
6534 June'27
64
10278 24 100,
5 103
80-year external 534a1953 MN 10258 103 10214
1S
859
3 654 68
198
I 12
Battle Crk & Slur 1st gu 36_1
9612
2
95
95
95
9 10614 10912 Beech Creek 1st gu g 4s
10812
1948 J J 10814 10812 10814
El Salvador (Remit)) 88
1938 I J 9312
9518 20
9412 9511
9412 Mar'27
93
97
J J
Sinland (Republic) eat! 68_ _1945 MS 9518 Sale 9434
Registered
Jan'27
99
99
_ 99
9814 102
10034 15
External sink fund 78_ ,....l950 MS 9978 100 10014
1938 5 J 10012
2.3 guar g is
9712 24
8158 8158
IS12 8158 Mar'27
9538 10074 Beech Crk Ext let g 3344_1951 A 0 _
1956 MS 974 Sale 9558
External f 6SO
4
1
6i.T8 9178 9118 9118 3 91 93/
5
9814
96
994 Big Sandy 181 4,
banish Mun Loan 61.4s A 1954 AO 9814 Sale 9814
8134 10
9814
9714
98
7858 84
7
External 6342 serial B
1954 1.0 97
9578 99,2 Bost & N Y Air Line 1st 48 196
S D 8134 8312 8134
4 FA
845
11078 117 10814 11114 Bruns & W tot gu gold 4s.._1938 J J 9512 97
9614 June'27 _
9534 Ws
Trend] Repub 25-yr ext'l 88_1945 MS 11058 Sale 11018
101 1037*
113
D 11224 Sale 11218
311 105 11371 Buffalo R & P gen gold ba__ _ 19
S 10314 10334 1034 June'27
N1 N
20-year external loan 73.48_1941
37 pa
95
9678 50
9414 9958
10514 95.9
9678 Sale 9612
1949 J O 10514 Sale 105
99 10514
External 7e of 1924
Conaol 434.
95 Mar'27
96
95
95
758 1054 10912
MN
1949 1.0 1064 Sale 1064 107
German Republic ext'l 78
Registered
101 1024
102
62 10084 10358 Burl C It & Nor 1st be
cent.4 irrto Bank 78_19541 MS 10112 Sale 10034
2 A 0 lair. 102 10134 Mar'27
34
,6
_119
107
107
10612
4
105
June'27
1073
951,
107
95
A
0
1960 J J 9518 Sale 95
Farm loan s 16s
9504
Canada Sou cons gu A be___
99
1
95
9712
10258 17 10111 104
1954 MN 102 Sale 102
Ore.()t.ou.spality) 88
Canadian Nat 4148_Sept 15 1954 M S 974 9712 97,2
10412 212 10312 10634
10014 19
994 10014
Clt Brit & Ire'(UK of) 53.0_1937 FA 10412 Sale 1044
5-year gold 444s__Feb 15 1930 F A 100 Sale 100
11512 35 11434 1164
118
41 11634 11918 Canadian North deb 51 78_1940 J D 11538 Sale 11434
1929 FA 118 11812 118
10-year eon, BAB
004;2: S
Da e 10
4 11914
1
11914 23 117/
4318
,9
8 1
00
,
8 10358 107
1946J J 11812 119 11834
4:
!greater Prague (('ity) 7 As_ _1952 MN 1030
25-year 8 f deb (1148
2
,
98
9
98Ig
97,4 99
9812
97
9712
10
A
F
1935
1984 MN 9614 9634 9614
15
Greek Government 78
9314 99
10-yr gold 4148____Feb
8518 Sale 844
8538 200
8312 8812
46
1952 1.0
flatti (Republic) e f 68
99 10012 Canadian Pee lay 4% deb stock__ J
4
/
9534 981
9778 Sale 974
9838 23
10418 10314
3 103 106
10314
Col
4448
Heidelberg (Germany)ext 714850 Ji
_
9812 May'27
9532 WI
o912 23 9758 1017s Curb &trShaw
M S -_- 99
2M
48
93
18
Hungarian Munle Loan 74411.1945 ii 10412 Sale 9814
let gold 48
8412
83Ig 861g
8614 June'27 _ _
9478 15
9412
91
Sept 1 1948 J J 944 96
99
External a f 7.
Caro Cent let cons g 40
3 10218 10334
10238
S 1023g 113 1024
J D
948 j
10412 90 10014 103
Hungary (KIngd of) 8 f 7148_1949 FA 9912 Sale 10314
Caro Clinch & 0 1st 30-yr 581183
26 10738 109
108
100
11
Ina Bank of Japan 8% note2.1927 FA 100 10018 100
9912 10078
let & con g 60 serlee A1952 J D 108 Sale 10758
:15=i
368
BONDS
I I' STOCK EXCHANGE
Week Ended July 15.
New York Bond Record-Continued-Page
r.
Pries
Friday,
July 15.
Weed's
Range or
Lcut Sale
1
3
COQ
Range
Sines
Jan. 1.
BONDS
N.Y.STOCK EXCHANGE
Week Ended July 15.
Pries
Friar/.
July 15.
Week's
Range or
Last Sale
Ranee
SitiC4
Jan. 16
Bid
Ask Low
High No, Low
High
Cart & Ad lst gu a 4a
19811 D 90
Bid
Ask Low
93 9212 June'27
HIS) Not Low
DON 928. /
MO
1
4Iorado & South let a 46_1929 P A 9913 9912
Cent Branch 1.1 P 1st g 4.3-1948 .1 D 85
99
8512 85 July'27
9914 11
98
83 861
9911
/
4
Refunding & erten 4328_1935 MN 9712 08 974
Central of GS let g 6a.Nov 1946 F A 10614 Sale
1057
52
4
98
May'27
1041
967
/
4
4
1057
99
s
lot&
if
V lat ext g 44
Consol gold 68
1948
1199558 AO 9478 96 9458 May'27
1945 M N 10212 ____ 10414 10614 11 102 10ea
9178 94%
loi & Tol let ext 44
10-year secured 61._June 1529.8 D 10214 Sale
✓
A
9012
94
9012 Mar'27
10214 103
15 1015$ 10314 Onin & Paeaum Riv
904 904
Ref & gen 51
/
4a series B.....1959 A (.1 10614 ____ 10614 1067
let 4.1_1943 *0
8818 May'27
3 20 10412 10034 080301 Rs deb Is
881s 8812
Ref dr gen 5s series C
1930 P A 9458
1959 A 0 10278
82% Dec'28
10233 June'27
102 10312
Non-cony Is
Cbatt Div our money g 48 1951 1 D 9078 10318
JJ
1954
7258
92 92 June'27
72%
3 'in; 18ii
88% 92
Non-cony debenture 42_1955 II 727s -7512 7258
Mao & Nor Dil 1st g 51.1940.8 1 10273 ____
10112 June'27
7513
9
6918 7714
1011
/
4 105
Non-cony debenture 4s...1956 J J 7258 76,8 7412
Mobile Division 52
1948 1 1 10238 ____ 104 Apr'27
77,4 7512 June'27
6912 77
102 104
Cuba
RR
Cent New Eng let gu 4a
let
50
-year
5a
9-.1952Ii 9614 9634 95%
1961 J 1 84
8412
83
/
1
4
13
15
84
9612
944
98
78
/
1
4
86
let
ref 7148 ser A
Central Ohio reorg 434s.....1930 M 5 9914 _
1936 JD 10918
11018 July'27
9912 May'27
107 110%
9914 9974
let lien & ref 65 ser 11
Central RR of Oa cell g 54-1937 MN 99
JO
1936
9912 -9934
- -- 9974
100
9912
9974
9912
99% 1021*
9911 10138 Day & Mich lat cons414s 1931
Central of NJ gen gold 54.1987 J J 11513 11611
11578 July'27
1
9914
112 11878 Del& Hudson let & ref 4s 1943 MN 9834 99,4 9914
98% 99%
Registered
1987 (I .1 115
9312 Sale 9312
_ 115 July'27
9418 50
934 97
11234 116
30-year cony 5a
Gent Par lat ref gu g 48_ _1949 F A
1936 AO 14312 Sale 14214 144% 115 11412
9214 Sale 9214
26
4
927
9114
153
9333
15
-year 5I4s
Registered
1937 MN 105 Sale 10414 105
F A 9114 98 9218 May'27
77 103 106
9038 9218
10-year secured 7s
Mtge guar gold 314e_ _Aug 19291 D 9918 --__
1930 ID 101318 Sale 10558 10613 17 105%
9812 July'27
9714 9834 D RR & Bdge let gu 45 g
107%
Through St L let au 48-1954 A 0 8974 _--- 927
1936 P A 9414__ 9614 Apr'27
4
7
9274
96
895$ 93
9614
Den & R G 1st cone g U. 1936
Guaranteed 558
1960 F A 10373 Sale 10318 10312 82 1011
9114 Sale 91
9112 72 8934 93
/
4 10378
Consol gold 434s
Charleston & Sayn'b lat 7a._1938 1 J 11614 ____ 11873 11878
1936
1 '94,
8 9473 9434
10
1
943
4
11814
94
1183
97
8
Improveme
nt gold 51
Ches & Ohio fund & impt 58_1929 J J 1065$ ____ 101
1928 ID 9978 10018
101
3 10018 10112 Den & R0 West
99/
1
4 209112
100% 34
let C0111501 gold 52
gen 5a_Aug 1955 MN 88 Sale 99%
1939 M N 10678 Sale 10614 1067s 29 10338 108
8634
88
174
73% 8974,
Des M & Ft D let gu 4s
Registered
1935 Ii 34
1939 M N 10314 106 105 May'27
35
35
Apr'27
1021
34
/
4
105
86
Temporary et's of deposit__
General gold 4145
1992 M S 98
3412 30 June'27
9874 9818
9914 61
97% 9934 Dot & Mack let lien g 48_ 1995 5-35 25
IOU
Registered
7474 Sale 74
M 8 9478 97 9458
9478
1
7434
2
945$ 9634
75%
1
4
70
Gold
4s
20-year cony 434s
1995 ID 62 Sale 62
1930 F A 9974 Sale 9974 100 220
62
2 62 654
9918 10112 Detroit River Tunnel 434s,.,,1961
Craig Valley 181 5a
MN 9874 9912 98
19401 J 10118 ____ 10078 Feb'27
9912
6
10034 101
9714 100
Dul
Missabe
&
Potts Creek Branch let 43_1946 J J 88
Nor
59_1941
gen
I
10374 9012 90 June'27
10378 10378
2 10334 10484
8938 92
Dui & Iron Range let 6e
R & A Div let con g 4a_ _ _1989 J J 89 Sale 89
1937 A0 10214 - 103 July'27
89
9 8678 9018 Dui Sou Shore & Atl
10134 103
2d consol gold ts
g 58_ _1937
J 80
1989.8 J
8334 8412 June'27
87
87
1
754 36
8584 8712 East By Minn Nor Div let 46.'48 J
Warm Springs V 1st 55s...1941 M El 10114
AO 9483
- 9418 June'27
Feb'27
997 10012 East T Va & Ga Div
94 94%
Cheeap Corp cony 55 May 15 '47 MN 9678 Sale 10015
g be_ _ 19
95
3
6
0
J
J
fofi2
101
10034
9534
July'27
97
265
100114 1024
95
971
/
4
Cone
let
gold
51/4
.We & Alton RR ref g 3i__ _1949 A 0 71
MN
10775
71
107
71
107
2 106 107%
10
71
7333 Elgin Joliet & East iota 52._1941 MN
Ctf day stpd Apr 1926 let........ 71
10278 10414 10414 2m22.27
73 72 June'27
102 1004
71
7234 El Paso & S W 1st 5a
&Moog find lien 314e._ 1950
AO 105 106 10534 July'27
65 Sale 6434
6514 197
1004 10612
6114 1381
/
4 Erie let consol gold 75 ext_ 196
CUR dap Jan '23 & sub coup6312 6414 6334
9
3
6
0
5
MS 10614 10612 108% 10612
a
63%
52
106
80
67
1074
let
cons g 45 prior
Ilde Burl & Q--Ill Div 3.148_1949.1.3 8734 Sale .8734
J
8438 Sale 84/
84/
1
4 14
1
4
2 865$ 8914
8734
8114 86
Registered
1997 J
Registered
J 1
_
79 June'27
8612 Dec'26
79
79
let
consol
gen
lien
g
Illboole Diyialon Di
Di__ 1996 II 7612 Sale 76
1949.3 J 961
/
4 Sale 96
7312 7912
7634 09
9612 17 -iiis liiRegistered
General 45
1996 II
1958 M S 9512 9638 9512
75/
1
4 May'27
_
96
29
72 764
9312 971
/
4
Penn
coil
trust
gold
4a
let & ref 4148 ser B
1951
P
10014
A
1977 F A 9812 Sale 98
10014 10014
9812 149
5
9874 10034
9734 99/
1
4
50-year cony 48 series A 1953 AO 82% dale
lat & ref 5a series A
8314 82%
1971 F A 10614 Sale 10614 10612
82% 29
9 10512 10718
78% 8512
Series 13
Uhleago dc East 111 let 66_1934 A 0 10638 Sale 108 June'27
1953 A0 8258 Sale 82%
8274 15
79
85%
106 106
Gen cony 4a series D
0 & E Ill By (new co) C011 581951 MN 8758 Sale 87
1953
A0 11712 Sale 10778 11712 2494
844 1178.87% 147
8038 87/
1
4
Ref & ImPt 58
Chic 64 Erie let gold 58
1967 MN 9274 Sale 9212
1982 M N 107 Sale 10534 107
9273 413
914 9482
8 105 1084
Erie & Jersey lets f 6e..._19663 J 11418 11412 11414
Chicago Great West 1st 4s-1959 M S 71 Sale 7014
11414
7 1114 115
7114 197
6914 7414
Genesee River 1st s f 56-1957 J J 11418 11412 11418 11414
Ittle Ind & Loulay-Ref 61.1947.3 - J 11478 11612 11614 May'27
12 111% 116
1137s 11614 Erie & Pitts an a 334e B
Refunding gold for
1940 J J 901s -- 8812 Nov'26
1947.1 J 10314 10418 10314 June'27
_
1034 1035$
Series
C
3148
Refunding la Series C
19403
J 9018 -- 89 Apr'27
19471 J 9012 ---- 9114 May'27
89 89
91
911
/
4 Est RR ext1 2 1 79
General 5a A
1954 M
1966 M N 10178 10214 10112 10112
9978 Sale 9912
99/
1
4 95
9534 1014
5
9973 103 Fla Cent & Penn lst ext g 56_1930 J N
General 68 B
J 9974 10012 997 June'27
May 1968
10858 Sale 10812 10874 15 1085$
99% 101%
10934
Consol gold fe
Ohio Ind dc Sou 50-year 4s.,,.1958.8 J 9213 95 9514 June'27
1943 J J 10158
10112
101,6
101%
10174
92's 96
Florlda East Coast 1st d34e_1959 1 D 98 _ _
Ohio LB & East lat 41
/
42-.1969 J D 9612 _
- 9814 July'27
97 May'27
9734 984
9638 9734
let dc ref 5s series A
0 M & Puget Sd let gu da-1949 J 1 6114 6112 63 June'27
1974 M S 9612 Sale 9612
97
69
944
1014
55
8
8
84
Fonda
Johns dc Gloy 43212...1952 MN
U 8 Tr certifs of demon
6214 Sale 6214
59
13
58 85
4
6214
5534 6418 Fort St U D 001st g 434s.__19411 J 59 _60 _ 59
Ch M & St P gen g 4s Ser A _61989 J J 8618 8612 8613
9512 May'27
948
3
94 954
8612
85 88 Ft W & Den C lat g 53'4e
Registered
1961 J D 107 10812 10634 Mar'27
Q 1
---- 84 June'27
106%
106%
83/
1
4 84
Ft Worth & Rio Or let g 48 1928J J 9878 99
General gold 3345 ler 13._e1989 J J 7478 Sale 7458
9878 July'27
7478
974 99
8
7412 78 Frem Elk & Me Val let6a
Oen 41
/
4s Series C__ _May 1989 1 J 9512 Sale 9512
1933 A 0 10814 10812 10712 July'27
9512 69 9472 98
10612
1084
0 H & 8 A M & P let 52_1931 M N 1005e 10184
Gen & ref ser A 41
/
4
's_ _Jan 2014 A 0
63
10053 July'27
84
1004 101%
4
57 65/
1
4
2d extena 58 guar
Guar Ti' certlfe of deposit_______ 63 6314 6212
1931.3 1
102 10114 July'27
1008.1021*
6312 35
58% 6532 Gall, Howl & Rend let 5a___1933 A 0 10138
Gee ref cony ser B 59.Jan 2014 ir-A 6158 ---- 6158
978 Sale 9712
9758
gips 10114
19
gals
6214
35
6438 Ga & Ala Ry 1st cons 5a_Oct 19451 1
Guar Tr certife of deposit_______ 6112 -_-- 6114
99
9918 9913
1
9918
98 9974
62
7
5534 64% Oa Caro & Nor let gu g 58-1929 J ..$ 10014
1st sea 88
1934
.5 10414 Sale 104
---10014
11
98%
100
/
1
4
10614
1004
25
Iowa
10613
Georgia Midland let 35
Debenture 4)1s
1948 A 0 7453 78 7414 June'27
1932 .1 D 6214 Sale 6212
7212 7574
5
6212
564 6434 Or R & I ext let gu g 415a-1941 J .1 97/
Bankers Tr certifl of deposit
1
4 99 0818 May'27
6314 Sale 62
6278 25
974
9834
56
643
4
Grand
Trunk
of
Can
deb
Debenture (la
76_1940 A 0 11438 Sale 11413 115
-1-13 625$ flitle 6214
1925 .
27 1144
625$ 30
56/
1
4 6458
15-year a f 65
US Mtge & Tr ctla of dep_
1936 M S 10714 10712 lO7ls 10712 19 1067s 116
6212 Sale 6114
6314 61
10834
6812
6512
Grays
Point
Term
let
IS-year debenture 45
5.......-1947
J
D
1934371 6134
9814 _- 9712 June'27
474 47%
6134
6178 11
5612 6414 Great Nor gen 72 Bedew A-1938 .1 J 11414
Farm L & Ti MN of dep.6114 6112 6112
Sale 11414 1148s 104 1134 115
6214 56
5838 64/
1
4
C sic & N'west gen a 3344-1987 iiiii 8078 Sale 8073
.1 J
114 May'27
8078
114 114
7
781
/
4
84
latplrgrise
/
1
4s
l
series
A____1961
Registered
J .1 loofa Sale 10014 10058 21
Q F 80
7412 Jan'27 _
97 100%
74/
1
4 761
/
4
General 511s aeries B
General 45
19621
9 3 1
173
3 10978 Sale 10914 10958 15 108 112
1987 M N 9313 9434 9414
9414
2
90/
1
4 9634
General be series C
Registered
10438 10412 10374 10478 30 1004 105%
CI F 9114 9312 92 May'27 _
92
9214
General
eerleaD
4118
Stpd 45 non-p Fed in tax '87 MN 93% 94
19761 J 9678 Sale 9053
9278 July'27
9678 26
9912 9412 Green Bay & West deb etfa A..-__
944 9914
Gen 434s stpd Fed Inc tax _1987 MN 107 10814 107
Feb
-- 8514
86
107
834 86
3 105 109
Debentures ate B
Gen 5s stpd Fed ine tax_ _1987 M N 11012 111 11058 July'27
Feb 85142418 25
2414
100
243
21
4
2512
108
/
1
4
11414
Greenbrier
By let gu 4a____1940 MN 933
Sinking fund OP
1879-1929 A 0 10314 ___ 10314 June'27
_ _ 9312 June'27
9312 9312
1011
/
4 10333 Gulf Mob & Nor let 6341.,1950 A 0 105
Registered
A 0 10212 ---- 10238 May'27
10512
105 July'27
105 10612
1
1
00
0114
1
1
0
0
2
74
3
4
lot
5s
M
series
C
Sinking fund 55
1950 A 0 10058 10034 10034 July'27
1879-1929 A 0 10112 ___- 10112 10112
10018 10214
Gulf & S I lot ref a. ter ass _51952 .1 6 10712 ____ 10712 July'27
Registered
1879-1929 A 0 10012
101 June'27
107 10712
10018 10214 Hocking Vol 1st cons a 4345.19991 J1 10214
Sinking fund deb bs
1933 M N 10158 102 102 July'27
____ 102
10312
97% 1044
101
102
7
4
Registered
Registered
1999J J
M N
102 June'27
9534 Mar'27
9534 9534
10112 102 Housatonic By cons g 5a
10-year secured 7e g
1937 M N 9834 --_- 9834
1930 J D 10534 106 10614 10814
9834
9812 100
1 10534 107 H&TC 114i/int guar
15-year secured ii ,,a g ___1938 M 8 11212 Sale 11218 112%
1937
1 J 102 ____ 102 June'27
100% 102
10 11153 11312
Waco & NW div let Ile _ _1930 MN
let & ref g 55
May 2037.3 D 106 10634 10834
_ 10214 June'27
10214 10214
s
3 10211 11258 Houston Belt & Term 1st
1st & ref 4 418._ _ May 2037 J D 9878 Sale 9814 1077
51.1937
9958 100 101 June'27
J 103994 1014
983
8
35
9712
9912
Houston
&
W
E
Tel
Chic RI & P &wade .0.e 41_1988 J J 90
let a 58_1933 MN 1005$ ___ 100
100
907s 8978
2 10011 1004
90
3 8734 915s
let guar /
1
4
1 red
Reglstered
i 3 102 10312 8812 May'27
1933 M N 101
_ _ 101 July'27
1004 1014
8612
8812
Hud
&
Manhat
Si
Refunding gold 48
series
4_1957
F A 99 Sale 9812
1934 A 0 9411 Sale 9334
9912 55
98 101
941s 160
92/
1
4 95
Registered
Registered
F A
9358 May'27
June'27
9714 9714
92% 93%
Adjustment Income Ss Feb 1957 A 0 8924
Ch St L & N 0 Mem Di• 4e_1951 J D
9012 May'27
227
8997114s
84
9334
8914
91
Illinois
Central
1st
gold 43-1951 J J
Ch St L & P 1st cone g ba_. _1932 A 0 102 10312 10258 June'27
Sale9514 97 97 July'27
94
97
1011
/
4
10258
Registered
'ale St P M & 0 cons 6s_1930 J 13 10212 10258 10258 1025$
1951 J J 9114 9613 9258 Apr'27
92% 985.
2 10258 104
lit gold 334a
Cons Si reduced to 334s__1931) J D 9578 967s 9614 May'27
1961.8
.1 8718 8914 8714 Jan'27
87 8714
96
9614
Extended let gold 834s 1951 A 0 7918 ____ 8878
Debenture 58
1930 M S 8914 8934 9934 June'27
Apr'27
994 um
8814 8914
let gold 38 sterling
Stamped
1951 M 13
9914 9974 100 May'27
7512 June'27
73
754
99%
10014
Collateral
trust
gold 4s 1952 A 0 9114 9175 9112 June'27
able T H & So East let 5s_ _1060 J D 9812 Sale 98
9834
9012 93
65
9334 9912
Registered
moguls
A 0 85
Dec 1 1980M 13 9234 Sale 9212
90
8012 Mar'27
8912 8912
9234 36
873
4
9534
refunding
let
4s
anic Un Stan 1st gu 4.
1955
MN 9514 Sale 9473
/
1
4s A.1963 J J 100 Sale 9934 100
9578 36
9314 97%
6
974 100
Purchased lines 314s
let 58 series II
19521 J 8514 8612 8878 Apr'27
1963 1 J 9938 100 105
10518
85 88%
8 103/
1
4 106
Collateral trust gold 46-1953 M N
Guaranteed 4 64
1944 J D 10238 10338 10214 10212 11 1Q112 10532
8874 8914 8811
88
6
8874
90/
1
4
Registered
1st 634s series C
MN
1063 1 1 11612 1175$ 11612 117
June'27
8612 8612
5 11614 118%
Refunding Ls
Colo & West led gen g 68_2,1932 Q M 10512 __-- 10534 Mar'27
1955 M N 151 151711 ion::
5 10852 10834
105/
1
4 106
15
-year
secured
634sg
Conaol 50-year 45
1936
J J 113 ---- 11314 11314
1952 J J 88 Sale 88
1 111% 11812
88
47
8853 90
40-year 434s
Aug 1 1966 F A 9878 Bale 9834
151 ref 53-5a tier A
1962 M S 105 Sale 105
96% 9934
10518 37 1031
9914 160
/
4 10512
Cairo Bridge gold 4s
Oboo Okla & Gulf cons 5a__ _1952 M N 10378 __-- 104 June'27
19603 D 938
- 935$ Mar'27
924 934
_ 10314 10438
Litchfield
Div
1st
gold
55.1951 J J 7714 -7173
Oln H & D 2d gold 434s- _1937 J J 9738 ___- 97/
1
4 June'27 _ _ _
.
78
/
1
4
7612
78
/
1
4
7834
9734 9784
Donley Div dr Term g 3M s.1953 J .1 8334 ___. 8412 June'27
0 I St L & C let g 4a___Aug 1936 Q F
9712 June'27 _ _
8212 8412
9514 99
Registered
8
78
%124 A:
Registered
J .1
pr:2
26
7
9614 June'27 _ _
Aug 1938 Q F
9518 9614
Omaha
Div
let gold Se__ _ _1951 F A 53E8 Vit;
Ohl Leb & Nor au 1/
July'27
1942 M N 0114 9414 9114 June'27
1
4g
76 -71
;
1
901.4 9384
St Louis Div & Term a 88_1951 J 1 78
rlin 13 dc Cl cons 1st g 5s
1
4
83/
764 79
1928 J J 100 _-- 100 July'27
100 10038
Gold 314i
3348.1
Clearfield dc Malt lit gu 58-1943 -7 J 10018 ___- 9912 July'27 _ _
195
951 1
5 .
.1
1 8518 8612 8757:23
8512
87
9912 99/
1
4
Springfield Div let g
Cleve Clio Ch at St L gen 42_1993 J D 94
t:227
8518 ---- 9
8un
84
6
epe
115 .7
9478 9318 July'27 ____
89
9633
Western Lir6os let 64_ _1951 F A
Registered
9312 May'27 _ _
lark WI;
92 9312 III Central& Ch1013t g
L& N 0-20-year deb 414a
1931.8 J 15634 9978 9978
9978 24
9838 100
Joint lit ref 55 serlea A.._19683 D 1037s 10412 103/
General 56 Series B
1
4 10378
4 10811 10514
1993.8 D 10714 ---- 113 May'27
10734 113
&
let
ref
434e
ser
C
Ref & impt 68 aeries A
1963.3 D 9674 Sale 9678
9774 63
9614 9784
1929 J J 1025$ 10234 10238 10284 14 10215 10314
Gold 51168 series C
1951 .I/ D 10653_ 10612 Mar'27
1043s 107
1941 .2 J 10512 10614 10514 10514
1 10514 :08
Registered
/
11
4 series D
08
3122 M
12 1:0_7_ 17
18
00
373
Feabr 26
7
10312 1034
19631 J 10374 104 1035$ 10334
3 102% Iowa
Gold
834s
Cairo Div let gold 4s_ _ _ _1939 .1 .1 94
9414 94 June'27
93/
1
4 9514 Ind Bloom & West 1st ext 46_1
CM W & M Div lst g 40._1991 J J 8714 8812 8812
1940
951 1
1
AD
4 May'27
O 9313 ____ 93/
9353 IA;
8E92
4 86 9012 Ind III & Iowa
1st g 45
St L Div let cell tr a g 43_1990 MN 885$ Sale 87
7
1950 3 J 9478 Sale 9478
9478
887s
93% 954
7 87 91
Ind & Louisville let an 4a__ _1956 J .3
Registered
_
8614
June'27
84 87
M N 8614 --- 8714 May'27 _
87/
1
4 8714 Ind Union By gen 5a set A 1965
Spr & Col Div 1st g 411...A940 M S 9474 9714 9714 June'27
10184
8
112710158
J
June'27
1
1011
/
4 10814
917 9714
Gen & ref Se series 13
W W Val Div lat g 4a_ _1940 J .1 9012 ---19061 J 10184 102% 1027s Apr'27
10214 10274
Apr'27
91
9712 Int & Ort Nor let 64 Fier A_1952
OCC&Igenconag 13a____1934.1 1 10611 108 10612 10674
J J 107 10714 10713
19 10531 10714
8 10612 10918
Adjustment Os set A July 1952 Aprl 957 Sale 9412 10712
Ole, Lot & W con let g 5e_ _1933 A 0 10258 103 103 June'27
957e 47
83% 98
1028s 102¼
Stamped
Cleve & Mahon Val g lia_ _1938 J 1 10014
85'z 85 July'27
Ale 85
. 8112 8814
8
10012 Apr'27
10012 10012
let 58 series B
CI & Mar lat gu II Oill
4935 RI N 9918 9934 9934
99
9914 51
9812 10034
993
4
1
98%
9934
let
Cent
By,
Amer let
Cleve & P gen gu 41is aer 13.1942 A 0
Sale- 7818
1
MN
95
72 j
80
17
76 81%
99% Aug'26 -lit coil tr 6% notee 5a-19
Series A 41,20
9334 941 9412
1942 J 1 1001
9234 95%
9434
/
4 103 101 Mar'27
MT
89
0,2 1c
6
2 Iowa Central let gold 5s
Series C 334.
194
MN
938
D 5078 Sale 4978
11
5073
9 49% 5811
1948 MN 8812 8588 8938
893
8
1
Certificates of deposit__________
Series D 3110
53 5114
5114
1950 F A 8712 90% 8914 May'27 _
4912 55
2
8914 89/
1
4
Refunding gold is
Cleve Shot Line let gu 4341-1961 A 0 1011
1512 1612 1512 July'27
1951 r
1512 2112
/
4
10134 July'27
10112 104 James Frank & Clear let 49_1959
Cleve Union Term 5146.-1972 A 0 10818 108/
J D
94 July'27
91% 96
1
4 10818 108/
15
1
4
108
110
3
8
KAA&GRIstgug54
1st 8 f 58 ser B
19381 1 10273__ 103 May'27
103 103
1973 A 0 10412 10458 10412 1045$ 16 10312 1054 Kan
& M lst IN g 4/
Coal River By 1st gu 48_1945 J D 8812 9212 9034 June'27
88
88
8558 88
88% 9034 r RIC Ft 13 & M cons g 613...A999
88
1714 10112 102
D 18
11s 10
A N
928 M
08
3 10114 102
0 Due Feb. ,Due May, p Due Deca
a
New York Bond Record-Continued-Page
BONDS
N. Y STOCK EXCHANGE
Week Ended July 15.
/1.3.
i
Pr4ce
Friday.
July 15.
Week's
Range or
Last Sale
.A
Range
Since
Jan. 1.
BONDS
N.Y.STOCK EXCHANGE
Week Ended July 15.
369
Pries
Friday,
July 15.
Week's
Range or
Last Sale
;el
Roan
MSG
Jan. 1.
High Ni. Lou;
Ask Low
Bid
High
High No. Low
Bid
Ask Low
High
C Ft 13 & M Ry ref g 45..1935 A 0 9314 Sale 9314
9312
8
92
94
NY Central & Hudson RiverKgp & M R & 13 let gu 58_1929 A 0 10012 10214 10038 10214
4
1997 J , 8214 8234 8212
9912 10214
Mortgage 3345
14
83
804 8512
7434 15
Kansas City Sou let gold 38_1950 A 0 7434 Sale 7414
7318 7538
1997 J
Registered
8112 June'27
7838 8312
Ref & Inlet 5e..
9914 101
1934 MN -eis58 8
Debenture gold 48
Apr 1950.1 J 10014 Sale 9912 10012 49
9712 45
.85-e" 9658
9014 9814
Aeneas City Term let 45_ _ -1960
9018 30
I 90 Sale 8914
MN
88
Registered
9112
96 Feb'27 ---.
96
96
nentucky Central gold 46_1987 J J 9014 - - - 9014 July'27 - -- 1942 1 .1 96
8112 9012
30-year debenture 45
5
94/
1
4 48%
97 . 97
97
entucky & Ind Term 430_1961 J 3 861s
_ 8618 June'27 - -- J J
8518 9438
Registered
93 Feb'26
90
1961 1 3 9018
1
Stamped
8812 9012
Lake Shore coil gold 8345.1998 ✓ A -8134 Sale 8038
- 90
-fora
82
take Brie & West let g 5s 1937 J 3 10132 102 10158 10158
1 101 103
1998 ✓ A
Registered
7958 July'27 ---7834 81
1941 J 3 10178 10278 10178
10178
1 1004 10258
2d gold 55
Mich Cent coil gold 334e_ _1998 ✓ A 82
8478 8478
8478
7934 8518
1
Lake Shr & Mich S g 330._1997 .1 D 8378 8512 8334
8334
9
8012 8518
1998 FA
Registered
82 May'27
787s 8214
8314 June'27 --- Registered
1937 A0 95 Sale 9434
80
8314 N Y Chic & St L let g 48
9512 23
94% 96
Debenture gold 45
128
7 i114
-58i8 Sale- 9938
1937 A0
9814 100
Registered
9938 51
94 June'27
94
954
1931 M N 9812 Sale 9812
1931 MN 9912
25-year gold 45
9732 9934
9814 56
26-year debenture 48
_ _ 9914
9914
5
96% 9914
N
1931 M
96 Dec'25 ------------2d Os series A B C
Registered
1931 MN 103 Sale 10278
10314 12 10312 10104
1 1044 106
Len Val Harbor Term 58-A954 F A 10538 106 10512 10512
Refunding 5358 series A 1974 AO 10538 Sale 10538 106
63 10414/ 106,
7
9912 100
Leh Val N Y let gu g 4348_1940 J J 9978 100
7
9812 10014
Refunding 5345 aeries B _ _1975 J J 10538 Sale 10538 10538
8 1044 107
Lehigh Val (Pa) cons g 4s-2003 M N 88 Sale 8734
88
8
8814 9154 NY Connect let gu 4345 A --1953 FA 9512 9734 9712 July'27 ---9438 99
MN
Registered
89 May'27 84
8912
1953 FA 10414 ---- 10438 June'27 --- 10185105
1st guar 59 series B
General eons 43.e
2003 M N 9812 9912 9838
9912 20
97 100
9134 Oct'26 --N Y & Erie let ext gold 48._1947 MN
1W N
Registered
97 June'27 97
97
3d ext gold 4348
11993033 MS 9812 -- 9878 Mar'27
981i 987i
Lehigh Val RR gen 6sseries_2003 M N 10634 Sale 108
A0 10038
10634
8 10312 108
_ _ 10038 Mar'27 ---4th ext gold 58
us. 10W4
Leh V Term Ity let gu g 56...1941 A 0 105 - -_- 105 July'27 ---- 1024 10512
1928 ID 8214 -- -- 99 Nov'26 -5th ext gold 48
_ 10414 10218 Mar'27 ---- 102,8 10212 NY & Greenw L gu g
A 0
Registered
9913 folcsi
MN 9978 __-- 9972 June'27 -Leh & N V 1st guar gold 4a__1945 M S 9034 -- 9018 Feb'27 ---90
9038 N Y & Harlem gold 3%a_
8338 June'27 -2000 MN 8218
8134 853 •
Lex & East Ist 50-yr 5a gu_1965 A 0 11012 Sale 110
11018
7 10934 11384
8212 Mar'27
MN
8252 8212
Registered
Little Miami gen 48 Ser A _ _ 1962 M N 8738 _ _ _ 9134 June'27 ---8658 9184 NY Lack & W let & ref 5a__1973 MN laiig
80 July'25 -Long Dock camel g 65
1935 A 0 10878 110 10878 June'27 ---- 10834 10912
10418 June'27
- 102 1041;
1973 MN 10278
First & ref 4348
long laid 1st con gold 5sJu1y1931 Q
10114
10112 June'27 ---- 10034 10112 N Y L E & W 1st 78 ext.__.1930 MS 10558
106 Feb'27 --- 106 106
£st cousol gold 48_ __July1931 Q
Feb'27 ---98
98
98
10034
1 10014 10184
N Y & Jersey let 58
1932 ✓ A 10012 101 10034
General gold 48
19383 D 9312 Sale 934
9312
90 Dec'26
_
4
9258 9818 N Y & Long Branch gen g 461941 MS 9014
Gold 48
1932 J D 954 -- 9534 May'27 ---9318 9534 N Y & N E Bost Term 49 1939 AO
91
Apr'27
91
91
Unified gold 48
1949 rd S 8834
- 8914 June'27 --- 89
90
N Y N H & H n-o deb 411_ _ _1947 MB 81
93's 81 June'27 -- _ 74
33
Debenture gold 56
1934 J D 9934 10114 9934 100
3
99 10084
Non-cony debenture 3348_1947 ▪ B 7238 ____ 7238 June'27 --72% 76
20-year D m deb 58
9934 99
1937 61 N 99
29
99
1
3348_1954
6912
AO 69 Sale 6838
984 10014
Non-cony debenture
68% 7312
Guar refunding gold 48_ _ _1949 IN S 8878 9014 9078
7812 10
9072
I
8834 91
1955 J 3 7712 7912 78
76
Non-conv debenture 4s
8054
Nor Bb 11 1st con gu 5s_Oct '32 Q 3 9912 10012 10012 June'27
46
79
100 101
Non-cony debenture 411__ _1956 MN 79 Sale 7718
76% 80%
Louisiana & Ark let g 68_1927 M S
100 June'27 - --- 100 10034
697g 24
6858
1958 33 69 70
68% 73/
Cony debenture 334e
1
4
Lou & Jell Mee Co SU cc 4t._1945 141
5038 10
9038 Sale 9014
10934 25 105% 109%
8938 9212
1948 J
10934 Sale 109
Cony debenture 88
Louisville & Nashville 56_1937 MN 106
107
Apr'27
.1
- - 107 June'27 --- - 1084 107
103 107
Registered
9712 16
Unified gold 4!
1940 3 J 9718 9734 97
9534 9812
Sale '10334
1940 AO
Collateral trust 65
1o37 25 102% 105%
33
Registered
9658 May'27 95
96741
1957 MN
Debenture 4s
7114 7218 7134 July'27 ----; 69%
70
1
4 gm,
Collateral trust gold
_1931 M N 102 10212 102 June'27 __-- 1014 10284
Harlem R & Pt Ches 1st 481954 MN 8938 90 I 9012 July'27 -- 1 88/
10-year secured 78
108
19 1034 108
1930 MN 105 10514 10434
99% 100
N Y & Northern let g 59-.1927 AO 100 10014 100 May'27
let refund 51(8 series A2003 A 0 10712 Sale 10712
33
10712
4 105 110
78
N Y 0& W ref 1st g 4s_June 1992 MS 7734 7838 77
73
,
4 7912
1st & ref 58 series B
15 10584 10884
_ 7218 Dec'26
2003 A 0 10712 - - 10734 108
M S
Registered 15.000 only
let & ref 416s series C
2003 A 0 10112 10212 102
9934 10358
1955 3D 7512 Sale 75
7558 31
10238 15
73
General 48
•
J
N 0& M 1st gold 6s
10312 Sale 10312 10312 10 10314 10456 N Y Providence & Boston 48.1942 AO 8814 -- 8612 Dec'26
1930
2d gold 65
9218 May'27 -1930 J .1 10314 10338 10334 May'27 _--- 10358 10334 N Y & Putnam 1st con gu 48 1993 AO 8912 _
12
1
;
Paducah & Mom Div 49._1946 FA
9338 June'27 ---9358 95
N Y & R B let gold 59
1927 MS 9212 -9-i14 9978 May'27
9974 100
8712 9411
St Louis Div 2d gold 38_1980 MS 68
69 June'27 ---6612 69
NY Susq & West let ref 58_1937 J J 9314 Sale 93
9314
7
Mob & Montg lst g 43.48._1945 M S 10014 102 10038 June'27 --- - 10032 10118
7912 June'27 ---1937 ✓ A 7918 84
72/
24 gold 4348
1
4 804
South By joint Monon 48_1952 J J 8812 Sale 8812
76
76
•3
77
8812
7
8712 9012
General gold 58
1940 FA 75
714 80
Atl Knox,& Cin Div 48_1955 MN 95
96
9412 July'27 - --1943 MN 9914 10212 101 June'27 984 101
9314 9714
Terminal let gold 5a
997
Lousy Clii & Lax Div a 51111'31 MN 00%
10038
9
9934 10012 NY W'ches & B let ger I 410'4
82
80
78% 83/
1
4
46
3 J 3 82 Bale 89
Waren Coal RR let 58
1934 J 3 102 10312 10318 Apr'27 --- 10312 10313
N 7012 71
Manila RR (South Lines)48_1939
9712 29
7058
71
20
66
72
Nord By ext'l a f 83411
1950 AO 9712 Sale 97
9314 984
let 48
78
1
1959 MN 7514 84
78
734 84
Norfolk South 1st & ref A /53_1961 ✓ A 9234 Sale 9234
93
17
9084 9384
Manitoba S W Colonisa'n 5s 1934 J 13 100 101 100
100
1 100 101
Norfolk & South let gold 58_1941 MN 10138 10212 10112 June'27
- 1004 10154
Man GB&NW 1st 330_1941 .1 3 87 ---- 8312 Feb'26 -___ ___ _
Norfolk & West gen gold 66_1931 MN 10514 _ _ _ 105
10538
8 104% 10651
Mich Cent flat & Bay City 58281 S M 10112 ---- 10112 10112
1934 FA 109 Bale 109
1 10112 101.4
5
109
Improvement & ext 68
1 10812 110
QM
Registered
101
' ---New River 1st gold 6s___ _1932 AO 106
- 10612 10612
106% 107
Mich Air Line 48
1940 J J 9514 97
9512 July'27 -4 -9-1-8
1996 AO 9638 Sale 9234
9678 36
N itemaered
& W By let eons g 48
7
92% 97
J
J
Registered
92 Nov'28 _.
1996 AC ____ 94
93
1
93
92% 95
J L &Slat gold 3148
87
1951 MI 85
79 Nov'26 ---Div'l let lien & gen g 49.1944 J J 9414 95
9414 July'27 93
95/
1
4
let gold 3349
1952 MN 89 Sale
iii4 -9-0-10-yr cony. 135
1929 56 S
181 July'27 --- 158 185
9'
8
911
20-year debenture 48
9
89%
14 55
2
9838 9972
1929 A 0 Nig 991 8
1941 3D
12
Pocah C & C joint 48
927s 96
434 -941
8 9434
95
Mid of N J let ext 58
1940 A 0 9512 9614 9512 July'27 --___.107
95
107
1 10558 107
984 North Cent gen & ref 58 A 1974 M
107
Milw L S & West imp g 5s..1929 F A 10034 ---- 10012 10034
4 10012 10138
Gen & ref 4345 series A
1975 51 S
99 June'27
97
9984
Mil & Nor let ext434e(1880)1934 J D 9614 98
9512 Dec'26 --__ ---- ---- North Ohio 1st guar g 5e
8734 12
9412 100
1945 AO 97
9738 2812
Cone ext 4
(1884) - __ _1934 J D 954 971 97 July'27 ____
9512 98
North Paclfleprior lien 4s_,.1997 Q
9114 97
9334 Sale 935s
9412 37
Mil Spar & NW let gu 46_ _ _1047 M S 9314 9438 9312
9514
8
9214 951
41997
Registered
9058 9484
Q J 9212 9438 9234
9234
5
Milw & State L let gu 8348_1941 J J 8478 --- 8318 Dec'25
Gen'
. lien gold 3s__ _ _Jan 2047 Q F 6718 Sale 6634
---- ---8584 894
67'l 39
Jan2047 Q F 6412 6612 6612 June'27 -635s 6758
Registered
Mimi & St Louis 1st CODS 55_1934 MN 514 621 5212
5212
2
ai
51/
1
4 57
1003
Ref & impt 4;411 aeries A--2047 J J 100 Sale 9978
96 10114
Temp etts of deposit
MN 5014 53
_ 98 May'27 -5212 33
5214
98
814 55
Registered
33 9514
98
let & refunding gold 48_1949 M
19 July'27 --- 19
20
1712 23
Ref & ImPt6s series B___.2047 33 11332 Sale 11312 11414 259 111 116
Ref & ext 50-yr 58 ser A1962
F 1234 16
54
1234
13
1234 15,
4
Registered
33 11138 -- 11014 Mar'26 -MStP&SSMoong4sintgu'383 J. 8714 Sale 8714
8614 8878
Ref & impt 55 series C ___2047 33 10434 Sale 10412 10538 28 lair* le;
88's 53
l
let cone 5a
1938
9934 June'27 ____
95
3. 9614 97
995
Ref & impt 58 seriee D__-2047 J J 10418 105 105
105
2 10314 10714
let cons Mau as to Int
9638 97
1938
9712 24
9658
984 9816 Nor Pac Term Co 1st g 69_ _1933 .1
10934 ---- 10978 May'27 --- 1094 10974
10-year coil trust 634e
1931 M a 9934 Sale 9912
9934 32
9712 102
Nor By of Calif guar g 59 __1938 A0
106 June'27 -- 10518 10814
let & ref 68 scrim A
9914 Sale 9812
5031.
1946 3
9934 23
9814 102
North Wisconsin let 65
1930
10318 Mar'27 ---- 10278 1031s
115-year 5345
19491W
8312 Sale 83
8334
7
8214 89
Og & L Cham 1st gu 45 g1948
8313 844 84 July'27 -81/
1
4 8884
9814
lat Chicago Term 8 f 4a
1941 M
9814 June'27
951
_ 9458 Mar'27
9738 9814 Ohio Connecting By let 48_ _1943 56
9451 944
Mississippi Central let 5a _ _ _1949 3
9618 -- 96
96
954 9712 Ohio River RR let g fai
19
937
36 J D 1024
41.1 18 10318 June'27 --- 102 10414
Mo Kan & Tex let gold 48 _ _1990 J D 8734 Sale 8734
88
8
8614 8978
General gold 58
A 0 10134 -- 103 May'27 -- 1014 103
11.16-K-T RR pr lien Is ser A_1962
10278 Bale 10258 10314 13 101 10414 Oregon RR & Nay eon g 45_1946 J D 9312 94
9312
9312
3•885s 9412
40-year 48 series B
8878 Bale 88
1962 3
8878 61
8512 8875 Ore Short Line let cons g 56_1948
10812 15 10554 10914
106 10812 10718
10-year 68 series C
10314 Bale 10314
1932 J
10312 34 1025a 104
10818
Guar cons tat
108 10914 108
8 107% 110
1946
Cum adjust 55 ser A Jan-1967,A 0 10534 Sale 10418
10578 290
96 106
9914 120
Guar refunding 4s
99 Sale 99
1929
9814 99%
Missouri Pacific
1
8912 8978 891z
gars 91%
Oregon-Wash lot & ref 48_ _ _1961
8978 30
let & refunding 56 ser A_ _1985 F A 9912 Sale 9912
9912 22
9784 101
89
89
7
90
Pacific Coast Co 1st g 5s_ __ _1946 J D 89
88
93
let & refunding 135 ser D 1949 F A 170577388
e 10738
10738 11 10614 109
9334 Sale 9334
1
Pac RR of Mo 1st eat g 45 _ _1938
A
9334
93
84 95
General 48
Sale 7512
1975 al S
76
86
7412 794
1 102 10212
102 Sale 102
102
2d extended gold 55
1938
B 9832 Bale 9838
let & ref 58 ser F
1977
9834 352
9734 1004 Paducah & Ills 1st a f 4 30_1955
9938 Sale 994
9958 20
98
995s
Mo Pac 3d 78 ext at 4% July 1938 MN 9412
9312 May'27 _.__
927i 95 Paris-Lyons-Med RR 13s_ _ _1958
9358 281
A 0328 Sale 93
8712 904
Mob & Bir prior lien it 192_1945 J
10018
9734 June'27 -___
9734 99
Sinking fund external 7e 1958 3,3
10038 Sale 10012 10078 49
984 1024
33
1st m gold 45
877
2
121
.
1945
8814 June'27.
9914 Sale 99
10058 25
96/
1
4 10114
864 8814 Paris-Orleans RR 5 f 78
1954
Small
1945 J J 8258
825s June'27
82
10214 13 10112 10312
8253 Paulista By 1st & ref 8 f 78_ _1942
102 Sale 102
Mobile & Ohio new gold 63_1927• D 10012
10034
101
10 10014 10238 Pennsylvania RIt cons g4a_ _1943 341
98 June'27 ---9512 98
let extended gold 65__July1927 Q
OOi
C 10018 May'27 ____
9934 10012
9678
97
2
97
Consul gold 4s
1948
9414 98
Sale 9412
General gold 45
1938 M S
9412
2
93
9612
2
95 -95795%
s 9638
lia sterl stpd dollar_May 1 1948
9454 97%
Montgomery Div let g 56_1947 ✓ A 10012 10238 10238 July'27 ____ 10038 10238
10314
6 101% 10512
A 10314 10334 10314
Consolidated 4345
1980
3D
St Louis Division 55
100 _ _ 9978 June'27 __
1927
994 10014
10118 Bale 10012 10114 106
General 434s series A
9914 1024
1985
Mob & Mar let gu gold 46_1991 MS 9134
_ 9212 June'27 ____
9114 9712
10838 Sale 10838 10912 28 1084 111
General 511 scrim B
1988
Mort C let gu a 6e
1937 J J 11018 112 - 113 July'27 __-_ 11112 11312
Sale 10578
10638 35 10584 10714
106
A
10
-year
secured
78
1930
• J
Registered
11112 Mar'27
11112 1114
11278 36 11144 11314
A 11218 Bale 112
15-year secured 6348
1936
I-812 104
let guar gold 56
1937 ▪ J
104
10318 104
A 11118 _- 11134 June'27 -- 11112 1114
Registered
Morris & Essex let gu 3348 2000 3D 8118 8314 84 June'27
804 85
10414 Bale 10312 10414 60 102 10412
40
-year
secured
_1964
gold
58_
_
Nash, Chatt & St L 15t 5s_1928 AO 10014 10112 10012 10012
7 10014 10112 Pa Co gu 334s colt ti A reg_ _1937
__
8718 -- 89 Mar'27
89
89
1937 FA 10212
10312 Apr'27
NFla&Slatgug58
10258 1034
87
89
4
88
A 8678 -89
Guar 334s coil trust ser B_1941
8912
.• 11
30 Sept'24
Nat Ry of Mex pr lien 434,1_ .1957
8512 - - 8612 June'27
Guar 335s trust °Us C____1942
86
864
12 Bale 1234
Assent cash war rot No 4 on
13
10'
iii4 16
854
- 8538 June'27 ---8434 864
Guar 8345 trust Ws D___ _1944
Guar 70-years f 48
8712 Aug'25 ____
1977
9812 Sale 9814
98's 11
Guar 15 25-year gold 48_ _ _1931 A
974 994
1712 -1138 18 July'27 __._
Assent cash war rct No 5 on
8814 9018 8912
89'2 10
Guar 4s series E
88
9038
1952
24 Sept'25 ____ ---- -- Pa Ohio et Del 1st & ref 434s A'77 A
Nat RR Mex pr I 4%a Oct _1926 33
97 Sale 9638
97
53
9534 9834
33
_
20
July 1914 coupon on
20 ____
8912 Sale 89
8938
9
te Peoria & Eas rn let cons 48_1940 A
854 9114
20 Sale 20
Assent cash war rot No 4 on.
2078 _.
2 -2
-5- 1112
48
4714-49
67
Income 4s
April 1990 At
4134 49
28 Apr'213
let consul 48
1951
---- ---- Peoria & Pekin Un lot 5348_1974
34 10434 10554
A 10378 105 .
2 104 1064
AO -_ __
1812 June'26 ____
April 1914 coupon on
__ - Teri10424 42 10358 105
10438 Sale 10438
-12
2 Pere Marquette let ser A 59_1956
1134 -121-2 12
Assent cash war rat No 4 on_
12
2
10438 105
89
89
1
1st 48 series B
1956
89
921a
10138 June'27 __
NewEngland cons 55
1945 33 1003s
994 10138 Phila Bait & Wash let g 48_1943
96 100
96
96
2
953s 9812
Consol guar 45
1945 3, 8918 9012 8712 July'27 __
111 112 111 July'27
874 89
General 58 series B
1974
- 11012 1124
FA
____
8512
8434
Jan'27 _.__
NJ June RR guar let 46._1986
41
4214 4114
8612 8512 Philippine By let 30-yr a f els 1937
421
12
4114 4312
'
3 9714
9714
NO&NE let rentimp 4%a A'52
9714
1
Ms 9734 Plne Creek registered 1st 68_1932
10634
- 10634 June'27
- 10612 11634
New Orleans Term let 45__ -1953 33 8734 '9i6" 8758 July'27
8718 8914 PCC&EitLgu 435a A
1940 A 0 1.0078 -.- 10078 July'27 -.995
8 10112
10038
10038
NO Term & Mex n-o Inc 58_1935 A0 100
1 100 101
194994422
Belles B 4345 guar
5 A 0 10034 Sale 10034 10032
1004 10112
8 10012 10058
let be series B
4 100 10112
1954 AO 10012 100710034 10114 10034 June'27 -- 10034 10114
Series C 4%8 guar
FA
Sale
10318
10338
1st 55 series C
10018
19 103 10458
1956
9714 9778 9612 June'27 -Series D 45 guar
96
9714
10512 20 10434 105114
let 534e series A
1954 AO 10514 10538 10514
A
1949
Series E 334s guar gold
98
98
1
9638 98
N & 0 Beige gen guar 4341_1945 3, 9638 -__ 97 June'27 ____
97
9834
Series F 4s guar gold
9714
- _ 9714 Apr'27
1963
9714
100
3s
101
1 10054 102
NYB&MBIsteong 58_1935 A0 101 102 101
Series 0 48 guar
9714
97 July'27 __
9611s 97
108
11 106% 1087a
N Y Cent RR cony deb 611_1935 MN 10712 Sale 10714
9712
A
Series 11 con guar 4s
11996507
10012 Jan'27
_ _ 10012 1004
11614
_
Registered
Mar'28
MN
____
A
Beriee I eons guar 4ge__ _ _1963
-_
102 J ' ---9958 10314
8312 20
Consul 45 series A
1998 ✓ A 9314 81;fe" 8254
102 103 10234 June'27 -Series J cons guar 4h a_ _ _ _1964 M
100 10312
Ref & impt 4118 series A.2018 A0 9978 Sale 9978 10034 60
9778 10178
General M 58 series A__ 1970 J 13 10812 10978 10814
1097
8
6
108
34 11084
Ref & impt 58 Bartell0
10634 69 10514 108
2013 AC 10614 Sale 10618
109 Sale 10852 10912 25 10884
Gen mtge guar 5s series B_1975 A
111
AU
Registered
1051. mist,
Vis;
"gig
IF -21-
"io- WI;
370
BONDS
N. Y STOCK EXCHANGE
Week Ended July 15.
New York Bond Record—Continued—Page 4
4- k
Price
Friday.
July 15.
Week's
Range or
Last Sale
4.1
Bed
Mob No.
Ask Low
10018 ____ 10012 July'27
10418 10612 106 May'27
104
____ 10134 Nov'26
102
101 July'27
10012 ____ 10012 Apr'27
9334
9114 May'25
9978 100 10014 Dec 26 - 9238
94 Mar'27
10458 107 106 July'27
7012
6958 72
7012
8418 June'27
9312 94
9318
9313 10
9958 9934 9913 100
1
7073 81
7978
7978
10153 103 10258 Apr'27
9928 10012 101 May'27
74 Dec'26 --- 514 ____
_
6 May'25
9213 11
9218 9258 9218
4
864
8612 8612 8618
45
96
9578 Sale 954
844 June'27
80/
1
4 84
9314 0512 9413 July'27
Range
Since
Jan. 1.
BONDS
N. Y.STOCK EXCHANGE
Week Ended July 15.
Price
Friday,
July 15.
Wee*'.
Range or
Last Sale
AlQ
Manra
ginci
Jan. 1.
Low
High
BO
Moe No. Low
MO
Ask toss
99 10073 Virginia Mid Is series F____1931 MS 101
10034 May'27
1001
/
4 10034
10578 106
General 55
1938 MN 10238 -- 1021
/
4 June'27
1024 1027e
Va & Southw'n let HU 513_2003
J 1011
102 102/
/
4 - - -- 10258 June'27
1
4
ini" 162;
1
let eons 50-year 55
4
94/
1
4 98
97
1958 A0 97 Sale 9512
10012 1001 2 Virginian Sty let 58 series A.1062 MN 10558 Sale 10538
107 10212 10713
106
Wabash let gold be
19 103 10412
104
1939 MN 10334 Sale 10334
211 gold 55
5 1001
102
1939 FA 10178 102/
/
4 103/
1
4 102
1
4
0234 04
Ref s f 550 series A
10434 30 10318 105/
1975 MS 10414 10434 104
1
4
10453 107
Ref & gen 51 series 11
0918 10172
1076 FA 10012 Sale 10013
10012 125
70
75
Debenture 1305 registered_1039 J
8314 Feb'25
8118 8418
let lieu 50-yr g term 4s_ __1954
J
-8614 1181,
874 June'27
92 100
Del & Chi ext let g 5e__ _1941 J J 10333 :- 10334 July'27
10312 105
Des Moines Div let g 491_1939'3 8834 -- 92/
98 10012
8812 934
1
4 June'27 7912 82%
Om Div let g 3 tee
1
8518
1941 AO 8412 -- 8518
8334 87
102 103
Tol & Chic Dly g 45
91
1941 MS 9118 __-- 9013 Feb'27
90
10053 10114 Warren let ref gu g 3See_
8
2000 FA 82 Sale 82
80
82
8314
Wash Cent let gold 4.0
1948 QM 89
1
4 June'27
8714 8852
8912 88/
Wash Term let an 3558
3
85% 8714
1945 FA 86% 8812 874
871
/
4
-oor3 9314
let 40-veer guar 4s_ ___
:3
87% 9212
9218
1945 FA 92
93
8812
84
8758 W Mb n W & N W 1st en 56_1930 LA 9878 9912 08/
0814 9/02
1
4 Jun'e27
04/
1
4 9712 West Maryland let g 4s_
11
1952 A0 83 Sale 811
/
4
761
/
4 8414
83
8212 85/
1
4 West N Y & Pa lst g bs_ _1937 .1 J 1011
1 10112 10212
/
4 102 10134
10134
9118 951.
Gen gold 4s
3
1943 AO 9012 Sale 9018
9018
88
001
/
4
Income g Is
Apr 1 1943 Nov 40
____ 45 Feb'25
St Jos & Grand 1st let g 413.._1947
1 8634 8914 Western
3 8813 8814 88%
88%
Pac let ser A 50_1948 MS 9912 Sale 9812
9912 28
98'x
106114
St Lawr & Adlr sat g Is
10018 May'27 -- 100 10018
1998 3, 100
let gold 88 series 13
7 10214 10412
1946 MS 10212 Sale 10212 10234
26 gold Os
10518 10714 West Shore let 4s guar
10534 Mar'27
1998 AO 106
7
2381'3 88 Sale 8712
88
Ms 01
St L & Cairo guar g es
1
97
1931'3 97
961
/
4 9712
9758 97
Registered
12
J 861
2361
/
4 8732 8634
86
89
863
4
0 10014 10112 Wheeling & Lake Erie
et L Ir t & B gen con g 5s__1931 A0 101 Sale 101
10114
Stamped guar be
10038 Sept'26 - - - 1931 AO
Wheeling Div let gold 58_1928 J
100
100
100
9914 101
5
9
4
7
4
983
4
41
973
Unified de ref gold 45
1926 J
16
9858 Sale
Ext'n & !met gold 55
1930 FA 100
_
9912 10014
_- 10014 June'27
61
Riv & Div lst g 4s.„ _1933 MN
9118 95
94 Sale
Refunding 4548 series A 1966 itt S 0113 93
904 04
9112
1
9112
St L M Bridge Ter gm g 5e___1930 AO 10034 10134 10114 July
2
100 10114
9
'
4217
Refunding 55series B
1066 NI S 10014 1011 1 10012 Apr'27 -- 10012 10012
8612 153
St L & Ban Fran (reorg co)481950 3, 8612 Sale_ 8634
so, 8812 1111 let consol 45
1
4 9014 90
874 9014
9014
1949 MS 89/
9
Registered
87
87
87 May'27
3,
764
Wilk & East let gu g 58.___1942 3D 7512 77/
1
724 80,4
1
4 7612
Prior lien series B 58
10012 g.;ie 100
9934 102
10012 135
1950 j
Will & S F 1st gold 58
D 103
101 10458
1938
_- 10433 Mar'27
Prior lien series C lie
1928 3, 10134 102 10134 10134 39 100 102". Winston-Salem el 13 let 4s__ _1960 J
90
8858 90
8014 9012 90
2
Prior lien 55es series D _1942
102/
1
4 46 10112 10312 Wle Cent 50-yr let gen 4s.....1949 ii 81 Sale 80
J 10258 103 102
32
80
81
8412
Cum adjust ser A (19_ _July 1055 AO 101 Sale 80014
73
09 102
101
1
9014
Sup & Dul div & term 1st 48'36 MN
9012 9112 9014
88/
1
4 92
98i4 284
Income series A 6s. _July 19E10 Oct. 971
9514 991
/
4 Sale 9714
/
4 Wor & Con East let 4'e a_ __1943 3 3
Jan'27
89
89
89
St Louis & Ban Fr Ry gen 613_1931 3" 10438 105 10434 June'27 -- 10434 1057s
INDUSTRIALS
General gold 59
3 10012 1011
10114
1931 3' 10114
10114
/
4 Adams Express roll tr g 4e1948 M
94
89
93 Sale 93
9314 13
St L Peor & N W let gu 55_1948 3 .1 10534 10712 1064 July'27 ---- , 10412 10618 Ajax Rubber let 15-yr s f 88_1938 JD 10714 10778 10712 10778
5 1057s 10932
St Leslie Sou 1st gu g 4e._193I MS 9714 99
064 9813 Alaska Gold NI deb 65 A____1925 MS
9812 Apr'27 -- -412 6
312 Feb'27
3
84
St L S W 1st g 4s bond ctfe_1989
8838 14
8812 83
N 88
8612 89
Cony deb 6s series B
318 312
412 5
312 Apr'27 -1928 MS
2d g 48 Inc bond ette_Nov I9S9 J J 8234
81
- - 8312 May'27
8312 Alpine-Montan Steel lot 78_1955 M
9114 9712
93 Sale 92/
1
4
9312 51
964 34
Coneol gold 4s
1932 3D 96 Sale 96
9418 9012 Am Agrie Chem 1st ref s f 755s '41 FA 101 Sale 101
9718 10414
10234 121
let terminal & unifying 58_1952 3
95
9812 Sale 9734
9858 73
9934 Amer Beet Sue cony deb 613_1935 FA
93'2
2
92/
9312 Sale 9312
1
4 98
St Paul & K C Sh List 4558_1941 FA 04 Sale 9314
41
94
9212 96
American Chain deb 51 0_1933 A0 10212 Sale 10212
103
10 101 10312
St Paul & Duluth let 55
101% 102
1931 FA 10134 10212 10158 July'27
Am Cot 011 debenture 55___193I MN
9712 Sale 9712
95
9712
9814
5
let consul gold 4s
1988
91
93
9134 June'27
D 92
93
Am Dock & Impt gu 613
1936 33 10534 1061.1 10534 June'27 -- 10512 1004
EN Paul E Gr Trunk 4555
98
1947 33 9533
08
Am Mach & Fdy 5 68
1939 AO 10312 104 10313 10312
9 10312 10412
St Paul Minn & Man con 48_1933 J J 98 Sale
9714 9812 Am Republic Corp deb 69_1937 AO 9913 100
9912 100
99 100
14
991
84 ja
let consol g Os
ln
1933 3' 10718 10812 10
0
9.7
10758 10838 Am Sm & It let 30-yr 58 eer A '47 AO 10138 Sale 10114
8253
7
10134 31 1004 10214
Registered
I' 10612 10812 10714 Apr'27
10714 10714
let M 6e series B
10878
1
4 10912
1091 1
1
4
1947 AO 108/
1 107/
8s reduced to gold 4348_1933 J, 9934 10014 9978
9978
9913 100/
1
4 Amer Sugar Ref I5-yr 88_1937 33 1041
/
4 104/
/
4 Sale 1041
1
4 62 104 10534
Mont ext let gold 48
1937
D 9558 Sale 9'/
1
4
0512 0814 Am Telep & Teleg roll tr 40_1929 J J
9518
5
9918 153
0914 Sale 9914
981
/
4 9912
Registered
D 9113 _
9512 Jan'27..- _
9512 9512
Convertible 48
9314 97
9412
1936 MS 9413 Sale 9412
I
Pacific ext guar 45 (sterling)'40
J 0113
9212 May'27 - _
91
9212
10033
M
20-year
100
cony
455e
10012
984
10012
1933
10012
'
1
St Paul Cu Dep 1st & rolls 1972 31
10433 107 1061
7 10514 10712
/
4 107
30-year coll tr 55
10412 45 102 105
1946 JO 10414 Sale 10358
35-yr s f deb bs
10312 15-1 101 104
1960'3 1031 4 Sale 10318
S A & Ar Pees let gu g 43__1943 J
6
00
9053 8958
8838 9258
89/
1
4
20-year s f 555e
1
4 10714
1943 M N 10714 Sale 10612 107
87 105/
Santa Fe Pres & Phen 58.___1042 M S 102 103 10314 June'27
1024 10314 Am Type Found deb 85
1
4 1084
106
1
4 10578
3 102/
1940 A0 10512 105/
Sac Fla & West let g 68
1934 A 0 10853 110 10912 May'27
10834 10012 Am Wet Wks & El col tr 58_1934 A0 99/
10114
98
99
/
1
4
100
1
4
Sale
33
let gold be
1939 A 0 1(1238
_ 104 May'27
10234 101
Deb g 65 ser A_
103
1975 M N 10238 Sale 1021t
16 l0034 1034
Seloto V & N E 1st RU g 4,1_1989 itS N 93/
91
1
4 ____ 04 June'27
95
83
Am Writ Pap let g 13s
88
87
158
1947'3 8614 Sale 8512
Seaboard Air Line g 4e
1950 A 0
8278 June'27
814 84
1
4 1047s
Anaconda Cop Min 1st 613_1953 FA 10414 Sale 10334 10414
71.1 103/
Gold 48 stamped
4
1960 A 0 8112 Sale 8112
8012 8778
8134
15-year cony deb 75
1075s 63 1064 1094
1938 FA 10714 Sale 10714
Adjustment be
501
Oct 1949 F A 8712 Sale 841
8734
/
4
8318 8812 Andes Cop Min cony deb 713_1943 J
157 1031
104
104 Sale 10314
/
4 10878
Refund1ng 48
1959 A 0 70/
6933 76/
70/
1
4 35
1
4
1
4 Sale 69/
1
4 Anglo-Chilean 76 without war_'45 MN 9514 Sale 9434
9514 129
864 961
/
4
let & cons 6s series A
1945 ". S 95/
219
941
/
4 99311 Antilla(Comp Aim) 7545 __1939"3 9614 Sale 963
1
4 Sale 95/
1
4
96
9312 100
Atl & Birm 30-yr let g 48411933 M S 914 04
1
9112
9213
9034 94
Ark & Mem Bridge & Ter 55_1984 MS 101
10(118
2 July9'62172
_
10014 10214
1—
Seaboard All Fla 1st gu 68 A_1935 F A 95 Sale 9433
35
94
95
9858 Armour & Co let real eel 454e'39 3D 89 Salo 89120 88
934
Series 11
1935 F A
1
9118 Sale 9518
94
9518
9612 Armour & Coot Del 5548___1943 J
104
89
87/
1
4 9544
8912 89
Seaboard & Roan be extd
1931 J J 100 10034 100 June'27
100 10058 Associated 011834 gold notes 1935 MS 10278 103 10278
32 1003,104
1099300
So Car & Oa let ext 5545
1929 M N 101 10114 10038
5 10014 10114 Atlanta Gas L 1st be
10112
1
4 10358
1947 3D 103
10233 May'27 --- 102/
& N Ala cone gu g be
1938 F A 103
____ 10318 July'27
10318 105
1552
Atlantic Fruit 7s ctfe dep___1934 J
1558 June'27 ---15/
1
4 1552
Gen cons guar 50-yr 58_1963 A 0 111 11134 11112 July'27
_ 11014 11214
2118 _
J
Stamped Ws of deposit
18
18
Jan'27 --- 18
Bo Pac coll 48(Cent Pee coil)/49 J D 92 Sale 9134
8814 93
9212 34
All Gulf & WI SS 1. col tr 58_1959'3 7212 Sale
10
72
112 21
704 7678
Registered
J D
88 May'27
86
88
33 10012 10214
Atlantic Refg deb be
J, 10034 Sale 107013144
1937
20-year cony 48
June 1929 M 13 9918 9914 99%
9914 40
9833 0912
lot 434s (Oregon Lines) A_1977 81 S 101 Sale 10012 101
128 10014 101
Baldw Loco Works 1st 5s___1940 MN 107 ____ 107 June'27
106 108
20-year cony be
1934 J D 10212 ____ 10034
3 100 103
100/
1
4
Baragua (Comp As) 7 Sits__ _19373, 106
____ 10711 Jul'27
- 1064 107314
20-year gold 58
19 M N 10058 10114 10058 10114
7 100% 10233 Barnsdall Corp 8s with ware.1940 3D 981
/
4 Sale 9712
9614 10634
9858 67
Ban Fran Terml 1st 4e
1950 A 0 0118 9138 9118
9
9138
9018 1)414
Deb 85 (without warrant).1
8032 9411
903e 47
19
93
4,
0 JO 90 Sale 90
Registered
A 0 87
90
90 June'27
87
03
H
Belding-emingway
94
'3 9512 9612 9112
68
9512 12
984
So Pee of Cal 1st con gu g 58.1937 MN 10534 107 10512 June'27
10412 107
Bell Telep of Pa 5s series B_ _1948'3 1037 Sale 10314
/
4
10378 34 10234 1061
go Pee Coast let gu g 43____1937 J J 9514 ___ 9512 Mar'27
9418 9512
33 10278 10612
let & ref 55 series C
1
4 105
1041
/
4 1041
/
4 104/
So Pee RR let ref 45
95
1955 J J 9412 Sale 9412
73
/
4 Berlin Elee El & Undg 8%5.19
93/
1
4 971
04
9734
°6
56
° A 0 9612 Sale 96%
9014 90
Registered
J J
9414 • 9414 10
941 i 9618 Beth Steel let & ref 55 guar A '42 M N 10312 104 102
8 100 10212
10212
Southern Hy let eons g 5s__1994 J
107 10734 106/
1
4 10712 46 10612 100%
30-yr p m es imp s I be_ _1936 J J 10014 Sale 9912 10014
9838 101
Registered
J .1 104 106 106 June'27
103/
1
4 106
Cons 30-year 68 series A__1948 F A 10312 Sale 103
/
4 10414
10312 47 1011
Devel Ss gen 45 series A___1950 A 0 8718 Sale 8612
86
8714 82
8018
Cons 30 year 5595 series 13_1953 F A 10014 10112 9978
863
2714 1024
10012
Develop & gen 68
1958A 0 11478 Sale 11434 11563 15 11333 11612 Bing & Bing deb 65es
934 94
3
9414
91
92
94
1950 M
Dim)! & gen 6555
1956A 0 121 Sale 12078
12112 66 11914 123
Booth Fleheriee deb if 88___1928 A 0 10214 ____ 10118 Feb'27
10118 10114
Mom Div let g 55
_1998 J
10712 Sale 10712 July'27
10614 108
Botany Cons Mills 638e..__1034 A 0 82 Sale 82
80
92
8212 27
St Louie Div let g 4s
4
1
4 9073 8958
90
1951,1 J 89/
8958 92% Brier 11111 Steel let 5555-1942 A 0 105 Sale 10414
12 10318 10314
10514
East Tenn reorg lien e be_ _1038 M S 101 10113 10018 Nov'26
Wway & 7th Av let c R 55_1943 J D 72 Sale 72:4
7212 14
71
7012
Mob & Ohio coll tr 4s_1938 M 5 9338 Sale 9338
92 -1/i,-8
9338 15
Ctfe of dee stmpd Dec.'26 lot ---- ____ 76
74 May'26
7238 70
Spokane Internet 1st g 5s
2
85
85
1955 J J 84
85
84% 8912 Brooklyn City RR fs
92
03 Sale 9234
93
95
Sunbury & Lewiston 1st 4s_ 1936 J .1 934 ____ 9312 May'27
9212 9312 13klyn Edison Inc gen
10538 Sale 105
105/
1
4
.11
1034 1053g
A 19
°4
49
13
Superior Short Line let 58_81930 M S 034 ____ 10013 Sept'26
General (is series B
103/
1
4 Sale 10378
102% 1054
1930 J
1031
/
4
Bklyn-Man It T sec Gs
97 Sale 9614
393
96 1011
/
4
98
1968 J
Term Aeon of St L let g 43ie_1939 A 0
100 June'27
98% 100
Bklyn Qu Co & Sub con gtd be '41 MN 6033 6012 801g
4
13018 88
6018
let cons gold be
104
1944 F A 10312
2 10238 104
1st 59 stamped
- 104
7612 8013
1911 J .1
6
784 80
Gen refund s f g 4/3
8714 90
19533 J 88
8812 8814 July'27
Brooklyn 11.'Fr let cony g 45_2002 J J
8812 Aug'26
_
Texarkana & Ft S 1st 514e A 1950 F A 10414 Sale 03/
1
4 10414 28 10272 10638
3-yr 7% secured notes__1021 J J
13613 Nov'25
Tex & N 0 con golcl 58
_
100 101 13
99/
1
4 - - - 0014 May'27
19433
Ctfs of deposit stamped......
12812 Nov'25 -Texas & Pee let gold 58
/
4 107
51 10534 10812 Bk1yn Un El let g 4-be
2000 J D 10678 Sale 061
-63-18 9313 9412 0 9'2 98
1950 FA 91
Gen es ref its series 11
9912 81
9812 10038
1977 A 0 9914 Sale 99
Stamped guar 4-5,3
93
11712
94/
1
41 93
934
9
1951) FA 93
10014
La Div II L let g be
3
90 10078 Bklyn Us Gee 1st cons g 58__ 193
19313 J 100 10012 00
/
4 106
- 1021
46
5 MN 106 10612 106 July'27
10.114 10514
Tex Pee-Mo Pee Ter 5558_1984 M $ 105 10614 05 June'27
1st lien & ref Os serles A__1947 MN 11514 11512 115 June'27 -- 11353 1151
/
4
Tel & Ohlo Cent let gu 5s
June'27
11 0 10212
1935 3 J 10112 10213 0112
Cony deb 55513
19912 123 166 19013
'3 19912 Sale 1954
Western Div let g 58
10014 102
1936 A 0 10012
13uff & kluge Iron s f be
02
924
-- 0012 June'27
111999535252 3D 9218 9312 92 June'27 -0018
4
General gold 53
10018
10012
10018
10018
3
D
1935
1911 Bush Terminal 1st 4e
90/
1
4 112
__
A0 9153 934 9158 June'27
Toledo Peoria & West 1st 48_1017 J J
15 May'27
18
_
15
15
15
Consol be
30
9512 994
97
'3 9918 Sale 96
Tol St L & W 50-yr g 4s1950 A 0 8934 9012 90
90
2
895s 91
Bush Term Bides Is gu tax-ex '641 AO 10134 Sale 10034
10134 10
091
/
4 10252
Tol W V & 0 gu 45es A
99
Jan'27
By-Prod Coke 1st 555s A___1945 51 N 10112 -- 10134 July'27 y -- 10112 101%
99
19313 J
99
let guar 455e series B_I9333 J
96/
1
4 Dee'26
Cal0& E Corp unit & ref 58_1937 MN 10114 1011
7 101 18 102%
/
4 10114
10112
let guar 45, series C
1
4 May'27
94
95,8 Cal Petroleum cony deb s f 531939 FA
1942 NI S 9514 --- 95/
03
21
01 12 987s
92% Sale 9213
for Ham & Buff 1st g 4e_
00
911
/
91 12
4
Cony deb 8 f 534s
1946 3 D 9138 Sale 913s
9617 67
95 10214
1038 M N 90 Sale 96
Ulster & Del let cones 5s___1928
18
5612 67
67
Camaguey Sug let s f g 7s
D 6812 7258 66
99% 9914 July'27
011 101
1942 A 0 99
_
let refundIng g4e
393
4
42
45
3
3914 42
Cent Dist Tel let 30-yr 55
1952 A 0 40
10412
1943 J D 103% -- 10412
3 10'214 10412
Union Pacific 1st RR &Id gt 413'47 3 J 9712 Sale 9612
9712 79
94/
1
4 11931 Cent Foundry 1st e 63.Nlay1931 F A
99
99 June'27
961
/
4 99
96
Registered
1
4 June'27
9373 0612 Cent Leather 1st liens f 88__1945 1 3 10338 Sale 10314
9718 9712 95/
J J
10334 54 101 10334
let lien & ref 4s__. __June 2008 M S 0412 Sale 941
/
4
/
4 9612 Central Steel 1st g t 85.___1941 M N 12212 12234 12213 122/
911
9412 40
1
4
7
1183
e 125
Gold 434
9614 9713 Cespedes Sugar Co lets f 755e'39 M S 9912 Sale_ 99
973s 443
10673 J 9714 Sale 97
9912 10
9814 1034
let lien & ref 5s
June 2008 M S
112 11014 July'27
Chic City & Conn Rye 543an1927 A. 0
10853 113
60
60
'
72
53
10-year secured Oa
1011
/
4 61 1014 10238 Ch G L & Coke let ECU 5e__1937 I J 1-0iTs
1928 J J 1011
/
4 Sale 10113
102/
1
4 52 102 103
-- 10218
17 N J RR & Can gen es
9614 May'27
1944 M S
944 9614 Chicago Rye let ess
8212 31
7434 8512
1927 F A 8214 Sale 81
Utab & Nor let ext 4a
19335
98
97
9712 18
Chile Copper Co deb 5s
9714 9712 9712
9338 120
93 Sale 9234
0232 0614
Vandalla cone g 4e series A..-1955 F A 94
924 9714 Clncin Gas & Elec let & ref 58
2
951 1
9712 0514
10214
117
'I e
l 102 10214 10214
5
18A
3 101 10212
Consol 48 series B
1957 NI N
5Ms ear B due
94
9712 9012 Oct'26
104/
1
10434 11 10438 10514
4 105 10434
Jan
1
1961
A
0
Vera Cruz & P let gue 50_1934
Cities Beier Pow & L e f 6e1944 MN 100 Sale 0914
6732 1(14
100
4.
July 1914 coupon on
J J 2012 2212 24
Apr'26
Clearfield Bit Coal let 4s_,..,1940 J
1
8512 Sale 854
8512
81,2 85%
Assenting let 4Sits
1934
22'2 27't C2lo & Co gen s 1 5s____1943 PA 101 Sale 101
2212
2212
101
11
90 101
Indus let & coil 5aigu___1934 F A 96 Sale 9518
9612 39
9315 9612
Columbus Gas let gold 5e1932
98
2
06% 98
98 Sale 98
nomrosrelal Cable Isle 45__2397 t) J 774 79
79
70
82
1
77
V Due May, I Due June. 4 Due Aug,
Pitts &I.Erie 2d g 5s_ _ .Jan 1924 AO
Pitts NIcK & Y let gu 8s____1032 J 3
2nd guar 68
1934 ,1
Pitts Sh & L E let g 58
1940 AO
15t consol gold be
1943
J
Flue Va & Char let 45
1943 MN
Pills Y & Ash let cons 55____1927 MN
15% gen 48 series A
1948 3D
let gen be aeries B
1962 FA
Providence Scour deb 4t._1957
N
Providence Term let 48
1956 MS
Reading CoJersey Cen coil 481951 AG
Gen & ref 45e5 series A
1997 .;
Rich & Meek 1st g413
1948 MN
Richm Term Sty let gu 5e.....1962'3
Rio Grande June let gu 511_1939 3D
Rio Grande Sou 1st gold 48__1940
J
Guaranteed (Jan 1922 coup on) J
Rio Grande West 1st gold 45..1939 J
lot con & coil trust 48 A__1949 AO
RI Ark & Louis let 435e____1934 M
Rut-Canada 1st gu g 48_1949 3
Rutland 1st con g 4345
1941 3,
371
New York Bond Record—Continued—Page b
BONDS
M. YATOCK EXCHANGE
Week Ended July 15.
——
4Z.
Price
Friday,
July 15.
Week's
Range or
Last Sale
0-ZS
CO CO
Range
Since
Jan. 1.
BONDS
N.Y.STOCK EXCHANGE
Week Ended July 15.
i
Pries
Friday,
July 15.
Week's
Range or
Last Sale
45'd
Range
Since
Jan. 1,
High
Ask Low
High Ne. Low
4
93
9155 95
9934
9534
9112 41
9012 9212
Sale 9112
10512 10 104% 10512
Sale 105
6 10414 10612
10512
10512 10518
96% 97
99% 97 June'27
9914 98%
9434 934
9834 — -8
9838 10112
Sale 10058 10112 144
High
Bid
Ask Lew
High No Low
5
Lackawanna Steel let be A __1950 MS 10034 Sale 10038
101
9914 102
12 10013 10214
Lac Gas L of St L ref&ext 55_1934 AG 10032 Sale 10013 10114
Coll & ref 534s series C---1953 FA 10434 Sale 10338
10434 31 103% 108
2
Lehigh C dr Nays I 4528 A1954 33 9812 10014 9812
97% 9978
9812
102 July'27
Lehigh Valley Coal iota 5s....1933 33 10114
101 102
1st 40-yr gu int red to 4% _1933 J J 9514 _ _ _ _ 95% May'27
95% 97
1934 F A 101
1 101 104
101
1st & ref s f 5s
101
4
1944 F A 9934 10012 9934
let & ref s f 5s
100
99% my/
9812
99
15
F
A
1954
1
9934 100% 9934
9718 101
1st & ref be
99%
99
9984 101%
9934
1964 F A ____ 9934 9934 July'27
19
81
76
9958 10111
1st & ref Os
81
805g
83,8
80
1974 F A 9934 101 100 July'27
10612 88 10512 106%
let & ref s f 5s
10612 Sale 10614
99% 101
8118 Lex Ave & P F 1st gu g 5s 1993 NI S
5
37 May'27
75
75
76
75
75
37
37
11 101 14 10214 Liggett & Myers Tobacco 78_1944 A 0 123- g;1-e- 123
10114
12312 25 120 12412
101 102 101
27 102 10334
103
10414 25 10214 108,4
1951 F A 1035s 105 10334
103 Sale 103
Off
9812 10
F A---10114 Feb.27
9872
97% 9814 9734
97
10114 10114
Registered
10578 76 104 112
9912 10114 Liquid Carbonic Corp 65_ __1941 F A 1053'4 Sale 105
____ 100 100 July'27 --__
83 101 105%
103
10318
1 10118 103% Loew's Inc deb 6s with warr_1941 A 0 10214 Sale 102
102 10313 10318
21
9658 Sale 96%
28
07
10112 Sale 10034 102
96
Without stock put warrants_ _ _
93% 10414
99
6 115 1213
11612
1944 A0 11612 11734 116
10038 Sale 100
10034 12
99% 10114 Lorillard (P) Co 78
9518 10012
26
9
9514
,
95
714 3
9434 9512 96
4,
142
04% 9934
9634
5s
"51 ;
1
1
o - ii371 9712 Apr'27 —2_7_ 96% 975
97 Sale
9518 102
Registered
10178
108.... Sale 108
10812 19 107% 10834 Louisville Gas & Elec (Ky) ba 62 al N 101 Sale 101
9
4% 1241
11 :
9634 5
10013 Sale 9912 10012 56
98% 101
Louisville Ry let eons 58____1930 J J 9634 Sale 9634
11 10012 10214 Lower Austrian Hydro Elee Pow—
102
102 Sale 102
5
89
9014
9614 12
95
9513 06
95
1944 F A 90 Sale 8912
1st a I 848
9334 98,2
32
97
98
1
98
9618
99
9618
90
McCrory Stores Corp deb 54s'41 J D 9778 Sale 9714
9618 97
10014
8
7 102% 108
98 10112 Mental Sugar 1st s f 748_ __1942 A 0 10318 Sale 103% 10312
10014 Sale 9934
7212 19
9934
7
6714 73%
9934 Sale 9912
9814 10112 Manhat Ry (N Y)cone g 413_1990 A 0 7218 7212 7112
12
6112 June'27 -- 68
62
5812 63
8718 81
6714 Sale 6718
2d 4s
2013 J D 61
9614
9614
1
93% 98
27 101% 103
98
101% Sale 101% 102
Manila Elec Ry & Lt 5 i bs_ _1953 M S 96
10312
3 10214 103% Mfrs Tr Co ctis of pectic in
103 10312 10312
10514 11 1U5 1051s
102% Sale 10234 103% 21 102% 10438
A 1 Namm & Son 1st 6s_ _1943 J D 105 Sale 105
71
11 10712 10834 Market St Ry 7s ser A Apri11940 Q J 9934 Sale 9914 100
9(314 10018
108
10734 Sale 107%
10812 12 1051a 108%
10212 Sale 10212 10334 72 101% 10334 Metr Ed 1st & ref g 6aser 13_1952 F A 10814 10812 10818
10134
14
Sale
101
100
93%
93%
2
9212 9513
1953 3 J 101
10178
9334 95
lst & ref be series C
90
399
8912 Sale 8734
86
96
Metropolitan Power 1st (is A1963 1 D 10634 107 107 June'27 ---- 10514 107
1
77% July'27 ---76
80
8114
81
89% afar West Side El(Chic) 414_1938 F A 7758 79
8114 Sale 8114
67%
5
48
76
allag Mill Mach 75 with war_1956 J D 102 Sale 99% 102
6712 Sale 6712
14
90
914 1g3
5
J D 92% Sale 92
9
68 June'27 __
4914 75
6712 70
Without warrants
10412
4 10312 10514
9612 97
95
98
Mid-Cont Petrol 1st 652e___1940 M S! 104 10418 104%
97,2
9712
1
10412 19 10312 10513 Midvale Steel &0cony s f 581936 M S' 99 Sale 98%
97,4 99%
99
93
10414 Sale 10414
9
9818 99%
98%
9912
Milw Elec Ry&Lt ref&ext 445'31 1 J 9812 99
9914 1017s
East Cuba Sug 15-yr a I g 7528'37 M S 106 Sale 10578
10612 28 10512 108
1951 J D 100 1001 99% 10014 209
General & ref 5e
9978 14
98 1004
Ed El III Bkn let con g 45
9612
1961 J D 9934 Sale 9934
9612
9478 96%
1st & ref 55 B
5
1939 J 3 9638 97
Ed Else III 1st cons g be__ 1995 3 3 109 ___ 10834 June'27 _-__ 10678 108% Montana Power let ba A___1943 J J 102% Sale 10178 10278 36 10112 10318
14
Elea Pow Corp (Germany)63s'50 M S 9712 Salo 97
98
95
99,2 MontecatIni :Qin & Agric9878 10175
100% 46
Elk Horn Coal 1st An ref 650.1931 J D 9912 10012 99%
98 10014
Deb 7s with warrants____1937 3 J ____ ____ 10018
10014
3
9211
92
2
9312 9212 June'27 ____
Deb 7% notes (with warets'31 J 13 0634 Sale 9634
9634
Without warrants
92
95
9934
_
110
36 10518 11012 Montreal Tram 1st & ref 5a _ .1941 J J 9818 98% 9734 July'27
fa% 111
,
3
:
3
5
Empire Gas & Fuel let 75,28_1937 M N 10978 Sale 10978
10512 46
let & ref 6)4e(with wareta)'41 A 0 105% Sale 105%
98 11212
A__1955
A
0
9818
Sale
Gen & ref a f bs series
97%
9858
7
0
85
7112
2
8
8:112
2
83
Equip Gas Light let con 56_1932 M
99% 101
Morris & Co 1st a f 434s____1939 J J 8512 Sale 9
8934
100 10012 10012 June'27
Federal Light & Tr 1st 6e_1942 M S 96
9614 96
96
95
97
Mortgage-Bond Co 4s set 2_1966 k 0
98,2 81 Dec'26
9
1st lien s f 6s stamped ------342 M S 95
9514 95 July'27 _ - _ _
95
9814
10-25-year be series 3
1932 J J 9712
9614
3
94
10414
1 103 10414 Murray Body let 6528
9812
10414
19343 D 96 Sale 95
let lien 8e stamped
1942 M S 10418
47
8
N
10112
10112
4 10112 102
8
Sale
10014
1003
8
97
1013
Mutual
55_1947
al
10214
10113
80-year deb (laser 13
1003
Fuel
Gas
let
gu
g
1954
9012
6
9013
88% 91
Mut Un Tel gtd Is ext 4% _A941 MN 10114
9014 94
103 June'27
10124 103
Metals a 7a
9912 18
99 Sale 90
9212 10812 Namm (A I) & Son—See Mfrs Tr
Flat Rub
b 75 (with warr)
11 g4g
1
5
5934 13; 59
9238
9112 90
Without stock pureh warrants r7-, 923 Sale 923
Nassau Elec guar gold 4e
1951 3 J 5812 59
59
62%
14 115 11718 National Acme let 51 752s1031 J D 10218 10212 10214
10212 12
116 11814 11512 116
98% 10318
Flak Rubber let a f 8s
1941 M
88
2
10314 35' 100 10314
8914 88
8711 90,4 Nat Dairy Prod 6% notes
1940 MN 103 Sale 1027s
Ft Smith Lt & Tr let g ba_ _1936 M S 87
June'27
____
10312
15
1053
4
10
99
18
%
4 10
004,4
9812
Nat Enam & Stampg let 68_1929 J D 102 104 102
Framed° Ind de Der 20-yr 748'42 3 3 103 Sale 103
1081
15 106 10912 Nat Starch 20-year deb 58_1930 3 3 10018 ____
Francisco Sugar let sf 748_1942 M N 10818 ____ 10818
1(
9
)71142 'TAUT -_:-_ -_
9834 58
94% 10014 National Tube 1st 8 f 5s_ ___1952 MN 10414
French Nat Mall SS Lines 7e 1949 J D 9834 Sale 9814
0514
____ 103 July'27 --_- 10
92
3%
58 193
Gas & El of Berg Co cons g 581949 3 13 103 10334 10215 June'27 _-__ 10215 1(1218 Newark Consol Gas cons 5s_1948 J D 103
10334 76 103 104%
Gen Asphalt cony 65
1939 A 0 106 10634 10618 July'27 ____ 106 11212 New England Tel he Tel 55 A 1952 J D 10312 Sale 10313
973g 36
5
93
9238
93
95% 981i
91
let g 43.4s series B
1981 MN 9718 973 97%
Gen Electric deb g 354e_ _ _1942 F A 92
9215
9514
8
9358 98
Oen Elec(Germany) 78 Jan 15_'45 J 3 10414 Sale 10312 104'2 20 103 105'2 New Orl Pub Serv let 55A 1952 A 0 95 Sale 95
0512 46
1241
10 113 13814
0315 97
SI deb 652e with war
121 12412 124
First dr ref be series B
1956 3 D 9512 Sale 9414
2 10012 10234
8
.1 0 1007e 101 10012 101
Without warets attach49
40 30
99% 102
N Y Alr Brake 1st cony 85_1928 M N 10112 102 10112 10112
'
4 111134
1011 201
8415 8724
Gen Mot Accept deb 6s__1937 F A 10034 Sale 10015
9912 10112 N Y Dock 50-year 1st g 4s_1951 F A 8638 8714 1863
11
22 115 116%
Jen! Petrol let 5 I Os
1007 105 10014 102
NY Edison let & ref 6525 A.1941 A 0 115% Sale 15
1040'
1 A 1008 Sale 10012
10438
2 10238 10412
13 101 12 106
Gen Refr let a f g 6s ser A
1952 F A 10412 105 10412 106
1944 A 0 104 10438 10415
First lien & ref be B
98
4
06
24 10
Good Hope Steel & I sec 7e 1945 A 0 10114 Sale 10012
10114 35
99% 103,2 N Y Gas El Lt & Pow g bs_ _1948 J D 10758 108 107518
2 1(
9/7
4% 1? 19
Goodrich (B F) Co 1st 6).58-1947
93
107 Sale 10631
107% 30 104% 108
Purchase money gold 48_1949 F A 9315 94
Goodyear Tire & Rub 1st 88_1941 MN 120% Sale 12014
10238 92 12014 12212 NYLE&WCARR 548_1942 MN 10318 105
:
i1
,
1 11al
Yy
-_-_-_-_ 1E1.2 1-0-1-78
10
-years I deb g 8s.May 1931 F A 110 Sale 11018
11014 28 11018 11114 N Y LEA W Dock & Imp 681943 J J 101% ____
10012
320
1st M coll tr 5s
91% 9712 NY drQEIL& Pittg 58_1930 F A 102 102141(
1
)2
118 July'27
9278 Sale
(4)
10015 102
D 9834 Sale 9714
6712 Dec'26 ____
Gotham Silk Hosiery deb 68_1
J N
984 44
9714 10014 N Y Rys 1st R E & ref 45__ A942 .1
5M
19
93
76
Gould Coupler lat a I 6s
-82- -6-i.-i - -66- 627
1940 F A 784 Sale 7834
7918 29
77% 87
Certificates of deposit
Granby Cons MS & Peon 68 A'28 M N 101 101% 101 June'27 ____ 101 102
30-year adj Inc 5s____Jan 1942 A 0 __._
5%
512 Mar'27
MDeaer:2267 i:_ :- --- --5
Stamped
M N 101
____ 101 May'27 ____
- 1-2 --5
7
1
101 102
Certificates of deposit ______ _
1142
1 3g 64
Cony deb 78
2314 47
21
307
152 Sale 14214
155
44 127 175
N Y Rya Corp Inc 6s___Jan 1965 Apr- 22 Sale 2158
_ 143 Mar'27 -82
14
81
8514
ItegLstered
143 143
82
Prior lien ila series A
19853 J 8112 82
Gt Cons El Power(Jarnin)70_1944 F A 97 Sale 9612
5 102 106
97
106
53
94% 99% N Y & Richm Gas let 68
1951 M N 10412 10612 1054
56
19
let & gen a f 652s
9134 Sale 9134
92
5334 59,
25
91
5512 Sale 5513
9434 NY State Rys lat cone 445.19621M N
3
1950
___ 104 June'27 --__ 10234 10612
71
82
Great Falls Power let at 5s 1940 M N 104
7158
1
7158 73
7158
let cons 64a series B
1962M N
N Y Steam let 25-yr 6aser A.1947 MN 10634 -- __ 10634 10634
_4 11:141
4 Ig,
34
8612 89
Hackensack Water 1st 4e__ _1962 3 3 8838 ____ 89 July'27 ____
NY Telco 1st & gen a I 43,48_1939 SIN
9914 Sale 9914
99,2 31
95 May'27 -Hartford St Ity 1st 45
11034 10 110 Iiieg
9312 95
1930 M S 95
30-year deben a f as__ _Feb 1949 F A 110 11034 110
9512 98
97 June'27 __
20_year refunding gold 88_1941 A 0 10812 Sale 108
Havana Elec consol g 5s_
1952 F A
10812 52 107% 109
8734 22
Deb 545 aeries of 1926
1951 M S 8734 Sale 8712
9914 63
8712 9015 Nla
Yga
Trraaip.aR
ilo
scp
9614 9978
kolwsetr61588 58_1
,
193
46
2;
1 0
.1
9
234 Sale X%
i sg%
9 1001,1 i
10218
Hershey Choc 1st dr coll 63.4519403 .1 102 Sale 102
103
80 10134 103%
2
lg
1
Hoe(10 & Co lst648 ser A _1034 A 0 10012 Sale 997
101
10 103
14
98 10112
Ref & gen 85
Jan 1932%k 0 104% Sale 104% 106
Holland-Amer Line Os(flall_1947 M N 100 101 100 July'27 --__
10212 11 10014 103
9112 101 12 Niag ',rick & 0 pr let be A_1955 A 0 102 10214 102
Hudson Coal 1st s f 5s eer A 1962 J D 9815 Sale 9812
0834 66
9812 9834 No Amer Cement deb 64a A.1940 Ni S 90 Sale 89
20
89
90
9514
Hudson Co Gas let g 58- - _1940 M N 10318 Sale 10318
10318
2 102 103% No Aul Edison deb 58 set A_1957 M S 9714 Sale 964
0614 98%
974 136
Humble Oil& Refining 5328_1932 J J 102 Sale 101
10214 34 1014 102
42
95, 9913
9712 14
, Nor Ohio Trac & Light 6s___1947 M S 9712 Sale 07
Deb gold 58 team
9812 68
97 10014 Norn States Pow 25-yr 5s A _1941 A 0 101 Sale 10034 10114 21 100 10155
1937 A 0 98 Sale 98
Illinois Bell Telephone 55_ 1956 J D 103% Sale 1037s
10414 65 10215 104%
5 10412 10614
let & ref 25-yr (is series B_1941 A 0 10512 Lai
:
l 1212 10512
Illinois Steel deb 4)-2a
1940 A 0 9878 Sale 9814
9878 32
98 100%
99
4
9634 99% North W T 1st fd g 452s gtd_1934 3 J 99
Reeder Sloe ICorp a I 7e
101
1946 A 0 101 Sale 101
1 100 10234 Ohio Public Service 7520 A__1946 A 0 11478 11558 115
1 114 116
115
Indiana Limestone 1st s f 68_1941 M N 9812 sale 983
99
34
9814 99
2 11334 11618
1st dr ref 78 series B
F A 11412 Sale 11412 11412
1947
99%
2
Intl Nat Gas & 011 513
98
1938 M N 9812 991 9812
991 2 Ohio River Edison let 88_1948 3 J 10614 10613 10614
10614
3 10518 10715
10415 10434 10414
Indiana Steel let 65
10434
9 1031 3 10514 Old Ben Coal let 68
9311
8
90
9214
1944 F A 92 Sale 02
Ingersoll-Rand 181 55 Dee 3119353
1952 M :
l')
1 10018 ___ 10012 May'27 _-__ 10012 10012 Ontario Power N F 1st 5s
1 101 10314
1943 F A 10278 103 10234 10234
10334 15 10118 104,4 Ontario Transmission 521
Inland Steel deb 5528
1945 3/1 N 103 10334 10314
10214
4 10034 10214.
1945 MN 10118 ___ 10214
15
983
4
Sale
9814
45.1931
M
100
Inspiration Con Copper 8
91
9814 101% Otis Steel 1st M 69 ser A _ _ 1041 M S 9478 Sale 9438
95
23
9312 9612
18
11
Apr'25 - _ __ ---- ---- Pacific Gas& El gen & ref 58_1942 J J 100% Sale 10078 1011
Interboro Metrop coil 445 1956 A 0
69
9934 10172
13% 13 Nov'26 -- __
Guaranty Tr Co ctfs dep
Pee l'ow & Lt lst&ret 20-yr 614'30 F A 10014 Sale 10014
1007
11
9915 101,4
7712
Sale
7714
78,4 154 -iLT
Interboro Rap Trail let be_ _1966 3 .1
2 W
1023
15 10114 102%
3.2i. Pacific Tel & Tel let be
7938
79,4
1937 J 3 1023 Sale 10214
J J
7712 Sale 7712
7812 Igo
Stamped
024
1,34
:
1 1031
gf68,144
Ref mtge be aeries A
10
94
27
174 6
1,7
9 13
7
1
1
7915
79
79
4
79
2
10-year (is
2
7812 824 Pan-Amer P dr T cony s f 65_1
92
21
3
e 10
193
54
2M
MN
N 10
021 Sale
9834 42
1932 N!
A 0
5 9734 Sale 97%
10-year cony 7% notes _1
9038 99
let lien cony 10-yr 78
6
214 Lalle
e 1212 10
1930
D
A
19
0
8712 87 June'27 ____
814 90
92 100%
lot Agri(' Corp let 20-yr 5s..1932 MN 85
9214 16
Pan-Am Pet Co(of Cal)conv 68'4(1!
75
7114
Stamped extended to 1942._ _ M N 73
4
5
89
83
99i8 Sale 9314
Paramount-Bwag let 5525._1951 .1
10012 174
Inter Merean Marine a f 68..1941 A 0 10012 Sale 100
9555 102% Park-Lex et leasehold 643_1953 .I
9814
International Paper 5s
Ie
441 27 __s
_l
_ 100
1947 3 3 9814 Sal 9712
151
02,4 10
97
9912 Pat & Pantile Ci & El eons 531.194a '
99
3 Jun
00
3114
4
10
99
3 S_a_l_e_ 10
3,
10212 Bale 10112
102,2 36
Ref a f 8s ser A
i95M
9738 103
Pathe Exch deb 7s with war_1937 34 laI 1212 Lai
:
l 1212
9918 274
Cony deb 8s
1941 A 0 97 Sale 98
9714 10212 Penn-Dixie Cement lis A _ _ _ _1941
9812
Sale
9814
99
Stamped
71
1?'
!
S 4 1C11
98% 99
113% July'27 ____ 1_1
Peop Gee & C 1st cons g 8151943
11312 595 107 118
int Telco & Teleg cony 552e 1945 M S 11258 Sale 111
10212 12 10138 10215
Refunding gold be
'10112 102
A:
t 102%
92
102
Deb g 452s
19523 J 92 Sale 02
92
9914 9914
1947 \1
9918 ____ 9914 Apr'27 ____
0218
Registered
105
89 1023o 11114 Philadelphia Co colt tr 8s A_1944
Jargons Works(la Mai price).1947 J J 10234 Sale 10238
10438 99 1034 10472
A 10418 1047s 104
10414 24 103 10578
Kansas City Pow & Lt 55
1952 Fl S 10414 Sale 104
Sale 102
10214
11 10018 10418
15-year cony deb 552e_ __ _1938
9812
9812
5
let gold 4 3.4s series 11
1957 J
1n112 jull0y1.21 _22
984 9812 Phlla & Reading C & I ref 55_1973 le
£:
)9
1112 2.#4
1
106
Kansas Gas & Electric 88__ _1052 M S 10534 Sale 10534
10
08
6!2
2 Plerce-Arrow Mot Car deb 881943 M
0614
4
_ 10
Kayser (Julius) dr Co 1st a I 7542 F A 10712 10758 10731 July'27 _1_4
10412 July'27 __
9912 10412
Pierce Oil deb a f 8s_ _Dec 15 1931
9534
Sale
95%
96
Cony deb 5558
55
1947 M S
95
105
11 10214 10511
974 Pillsbury Fl Mille 20-yr 6s 1943 :A:
3 igit44 ig 14 105
09
Keith (B F) Coro let 65._ 1946 m S 99 sale 9812
6
9814 100
9655 99% Pleasant Val Com 1st g 8 f 58_1928
9934
99 100
9934
5
elly-Springf Tire 8% notes _1931 M N 10534 Sale 105,2 105% 16
0218 June'27 ____
99 10614 Pocah Con Collieries lets f 561957 J J 92% 94
91,8 9212
1935 J J 9514 9534' 95% July'27 --__
Keyston Telco Co 1st 5a
93
8 10338 10534
93
Port Arthur Can & Dk 65 A.1953 F A 1047s Sale
Kings County El & P g 58_1037 A 0 10412 ____ 1037e Mar'27 --__ 10313 10378
4 Sale 1109443344
4
2 10415 105
1st M 135 series B
94
57
3 F A 1043
11004534
12612
___
12612
Purchase money fie
1097 A 0 12612
6 12414 126% Portland Elec Pow let 65 BA
10014
5 100 102
M N 100 1008 10018
-8218! 8214 June'27 ---Rings County Elev 1st g 45 19411 F A
9978 10018 100
81% 86
100
15
99% 101
Portland Gen Elea let as
1935 J
8115
Stamped guar 4s
7
9412 in
1940 F A 8115 Sale 1 8158
9612
3
81
86
Portland Ry let & ref re_
1930 NI N 9613 Sale 9612
104 -8__ 104
4
5
2 11
Kings County Lighting be__ _1954 .1 1
02
1:
,
1 118
0412 Portland Ry LA P 1st ref-65.1942 F A 958 9634 95%; 9534 12
911
/
4 98%
117
117 -1
118
First & ref 645
19543
1 10018 102
10018
tat lien & ref 65 series 13_1047 M N 10018 1007 1004
101
977 105%
Inney(GR)& Co 752% notes'36 J D 10012 Sale 9778
20
iet 4 rrfund 70-Os aeries A_19413 MN 107 10713 10634
107
9 wail 108
tale 1 51 104 Sale 1037e
1041
30 102 10418 Pressed Steel Car cony g be 1933'3 3 934 9434 94
Xretrzr Fnmurn roll Cr Its
9438 38
94
97% .
_
4'Sales of Goodyear Tire & Rub 53 this week were as follows: regular delivery 92 low-984 high; delayed delivery 92 low-924 high, for cash 934 low-934 high.
Commer2tal Credit s f 6s___1934 M N
Col tr f 652% notes
1935 3
Commonwealth Power 68_1947 M N
Computing-Tab-lice 8I 6s_ _1941 J
Conn Ry dr L 151k ref g 4481951
Stamped guar 4558
1951
Consolidated Cigar a I fle_ _1938 A 0
Consolidated Hydro-Elec Works
Of Upper Wuertemberg 75_1956 J J
Cons Coal of Md 1st & ref 58_1950 J D
Cone)! Gas(N Y)deb 5 48_1945 F A
Coot Pap & I3ag Milla 6558_1944 F A
Consumers Gas of Chic gu be 1936.
1
Consumers Power 1st 5a
1952 M N
1946 J D
Container Corp 1st Os
Copenhagen Telep ext 6s_ _1950 A 0
Corn Prod Refg 1st 25-yr at 58'34 M N
Crown Cork & Seal lat et 88_1942 F A
Crown-Willamette Pap as_ _ _1951
Cuba Cane Sugar cony 7s_ _.1930 3 3
Cony deben stamped 8%.1930
Cuban Am Sugar 1st coll 85_1931 S3
Cuban Dom Sug 1st 7528_ _1944 MN
Cumb T & T lst & gen 58_1937 3
Cuyamel Fruit let sIlls A_ _1940 A 0
Davison Chemical deb 6411_1931 3 3
Den Gas & EL let dr ref g 58'51 MN
M N
Stamped as to Pa tax
Dery Corp(D G) let s I 7s_ _1942 M S
Detroit Edison 1st coil tr 55_1933 J 3
let Je ref Ss series A_July 1940 M S
Gen & ref 513 series A
1949 A 0
1st & ref (le series B__July 1940 M
Gen & ref 58 aer 13
Del United let cons g 452s_
1
Dodge Bros deb 13s
194121 rg 1;41
Dold (Jacob) Pack 1st 6s
94
Dominion Iron & Steel 58 1939 M S
Certificates of deposit
Donner Steel let ref 7s
1942 3 .1
Duke-Price Pow let Os ser A '66 M N
Bid
9112
9113
10512
10518
98,4
98%
10114
2-
AM
-5,34 -i8i;
.87,s2 N gg igL,
iii. ,,,,:
372
TFIF CHRONICLE
New York Bond Record-Concluded-Page 6
[VOL. 125.
Quotations of Sundry Securities
All bond prices Sr."and Interest" except where marked "I"
BONDS
N. Y.STOCK EXCHANGE
Week Ended July 15.
Pries
Friday.
July 15.
Week's
Range or
Lan Bahl
Range
Since
Jan, 1,
Standard 011Stecke Pan l Bid I Ask
Public Utilities
Bid Ask
Anglo-Amer Oilvot stock_ El *1814 19 American Gm & Electric-1 *87 88
Non-voting stock
SI *1818 19
t •10012 10112
6% preferred
Bid
Rt0S Na. Low
Deb Os 2014
Ask Goo
High Atlantic Refining
1001 11412 115
MAN 10434 10514
Prod & Ref 218e (with war' e)'31 J D 111
Preferred
100 x11.7. 1117 Amer Light & Trao oom_100 172 174
_ 111 July'27
III 11312
Without warrants attached__ J D 10934 fif 11012 11034
5 110 11112 Borne Scrymser Co
25 "56 60
100 115 118
Preferred
Pub Herr Corp of N J sec 65_1944 F A 110612 Sale 106
10634 13 10382 10712 Buckeye Pipe Line Co_._ _60 '57 5712 Amer Pow & Light Prof_ _100 10212 104
1956.J .1 10134 Sale 10134 10214 31 10113 103
Sec g 5355
Chembrough Mfg Cone_26 *10512 108
Deb 65 2016
MekS 10414 10434
Pub Serv Elec & Gas let5301969 A 0 10513 Sale 10519 10574
Continental Oil v t o
3 10434 106
10 *1718 1714 Amer Public Util corn _100 57 72
lat & ref 53is
1964 A 0 105% Sale 10538 10534 34 104 10634 CumberiandPipe Line-100 9112 93
7% prior preferred____100 9312 95
Punta Alegre Sugar deb 71_1937 J J 10718 10812 108
8 107 11113 Eureka Pipe Line Co___100 53 5512
10812
100 85 88
Panic preferred
Remington Arms 65
011i01211. Signal Oiloom-_100
4
1937 M N 96 Sale 9513
9613
612 714 Associated Elec 6345'46A&O 99 994
951s 98
aertub I & S 10-30-yr 5351_1940 A 0 10012 101 19012 101
Preferred old
5 1001e 108
100 44 48 Associated Gas & Bin)com t '18 20
Ref & gen Vie aeries A-1953 J J 10018 10038 10012 10134 14
Preferred new
100 37 45
9838 10214
t *51 53
Orli :Ina' preferred
aheinelbe Union is with war 1946 J J 118 Sale 11612 11818 74 11334 12634 Humble OH& Refining___25 *5912 5938
t *92 94
$8 preferred
Without elk purch war'te_1946 J .1 10038 Sale 9912 10038 117
100 14512 14712
9818 10418 Illinois Pipe Line
t *98 10012
$oli preferred
Milne-Main-Danube 7e A_ 1950 M
4 10112 10412 Imperial 011
103
102 10214 103
t "100 104
t *4312 4318
17 preferred
Indiana Pipe Line Co--_60 *694 70 Btaeketone Val G&E com_50 •127 129
itkine-Weetplaalla Elea Pow 7850 M N 10314 Sale 10314 10312 29 10134 105
Man Steel let s f 78
International Petroleum-1' .2834 29 Oom'w'ith Pr Corp pref _100 •9712 9812
8
9534
....1955F A 9512 Sale 9514
9334 98
National Transit Co-12.60 •1534 16 Elea Bond & Share pref-100 z106 10618
Robbins & Myers 1st Cl 7•_1962 I D
55
5712 55 July'27
65
2 111 11214 New York Transit Co--100 3312 35 Elea Bond & Share Scour-t *7434 75
Reckoner Gas& El 75 ear 8_1946 M S 11114 11112 11114 11112
10512 June'27
105 10614 Northern Pipe Line Co...10086 Lehigh Power Securities
mtge 53is eeriee C1948 M S 106
1812
t 18
/tech & Pitts C & I it as 5e_1946 M N 90 -9i12 90 May'27
25 *5914 60 Mississippi Riv Pow pref.100 1011
90
9212 Ohio 011
Rogers-Brown Iron iten&rel 78'442 M N 32
35 28 July'27
25 *2734 28
247g 4912 Penn Max Fuel Co
Finn mine 5e 1961-__J&J 10134 11134
Prairie Oil& Gm new_ ___25 *4818. 4812
M
35 2572 July'27
Stamped
33
24
60
WAN 9512 9612
Deb Si 1947
9634
5
St Joe By Lt & Pr 1st 5e-__1937 M N 9513 964 95%
Ws 9712 Prairie Pipe Line new__100 180 181 National Pow & Light pref _t •106 10634
100 178 180 No
St Joseph MI Yde let 4)45__11230 J J 9734 --- 9734 May'27
9734 9734 Solar Refining
7,
713
272Srtrtes Pow com_7
100
00 7
10
14
7 10
16
712
St L Rock Mt & P 5e atmpd_1955 J J 7812 -80 7813 July'27
7538 8114 Southern Pipe Line Co---50 •1714 1734
1
28 *35 3512 Nor Texas Eleo Co oom_100 20 23
9514
St Paul City Cable cone 55_ _1937 J J 9514
9514
9514 96114 South Penn 011
10712 18 10518 10812 Southwest Pa Pipe Lines.190 '68 70
SaaAnfonioPubSerylstOs.1952 J
10712 Sate 107
100 64 67
Preferred
Standard 011 (California)--t *5314 5312 Ohio Pub Berv, 7% pref-100 10612 10712
22 101 104
flaxen Pub Wke(Germany)is'45 F A 102 1021 10112 102
Gen ref guar 6145
1561 MN 9712 Sale 97
9712 67
9634 9912 Standard 011(Indiana)_25 *688 6812 Pacific Gas & El let pref-25 *264 2634
Standard 011(Hamme)_..26 '1634 17 Power Securities cons
19 9934 103
103
&thole° Co guar 63ie
1946
102 Sale 102
t "27 30
G
e f 6lie Series B_ __ _1948 A 0 101 102 10073 10213 17
98 10212 Standard 011 (Kentucky)-26 12112 12212
t *6
9
Second preferred
Oberon Steel Hoop let 88551 A '41 M S 108 Sale 108
25 •4312 4412
1081e
2 10718 10912 Standard 011(Neb)
Coll trust fis 1949___J&D *93 95
9 107 1083s Standard 011 01 New Jer_ _25 *37 3718
Ohstt•eld Farms let & ref 13,lie '42 A 0 10734 108 108
108
Incomee June 1949F&A 84 88
Shell Union Oils!deb 5a
1947 M N 97 Sale 9638
97 490
9513 9934 Standard Oil of New York.25 .3014 3012 Puget Sound Pow & LL__100 33 3412.
25 *7311 74
3 10138 10314 Standard Oil(01111:)
alemeLe & Mask('s f 7e
10314
1935 J J 102 1031 103
6% Preferred
Preferred
100 119 120
101 [110
f 6128 allot MU 5% pd 1951 MS 1041g Sale 10318 10438 57 10134 106
88 190
10
Swan & Finch
100 1714 18
Sierra & San Fran Power 58.1949 F A 98
9914 65
9834 9812
95 100
7
181apr.
reffei
rrli
ede 1949--J&D 10014 10114
100 114 115 South Cal Edison 8% pf_ _26 *37 39
6
Silesia Eloc Corps 1 8;0_1946 F A 94 Sale 9234
921s 9814 Union Tank Car Co
94
•13138
Vacuum
011
41
Silesian-Am Rip col tr 7s
26
1941 F A 98 Sale 9578
98
1317s Stand G & E 7% or pi_ _100 106 107
9513 10115
Washington 011
1929 M N 98
Simms Petrol 8% notes_
10
9834
9832 98
9712 105
Tem Elea Power let pref 7% 10714 108
9912 32
SInchdr Cons Oil 15-year 75_1937 M S 9914 Sale 99
9734 10234
08
6
oo 110612
Toledo Edison 7% Dref 100
5 11
Other 011 ......
9978
58
ist lii col tr SIC with war_1927 J D 9934 9978 9934
9918 10214
19381 D 943s Sale 9334
150
let lien I is series B
95
t 075o 1 Wee
9214 1023e Atlantic Loboe Oil
l"
Pow Corppref_100 99 101
terir
Preferred
80 *234 3 Chic It Stk 1.41 Bk Bends
Sinclair Crude 0113-yr 65 A-1928 F A 10018 Sale 100
10014 71
99% 1011s
25 "9114 9112 534s Nov 1 1961 opt 1931_ ---- 101
1942 A 0 9212 Sale 9212
Sinclair Pipe Line 5 f 5s
9234 56
9112 9535 Gulf Oil
Mountain Producers
10 *2338 237s fre Nov 1 1951 opt 1931_ ---- 100
1939 M S 9434 Sale 9378
Skelly 011 deb of 5145
9434 62
9372 95
100 *2313 2378 Si May 1 1952 opt 1532- ---- 100
10112 102
12 10112 10234 National Fuel Gm
eolith (A 0)Corp let 834e-1933 MN 10112
-10 *614 612 43i5 Nov 1 1952 opt 1932._ ---- 100
!lentil Porto Rico Sugar 7e_ _1941 J D 108% Sale 10838 109
7. 107 10914 Salt Creek Consol 011
South Bell Tel& Tel 1st e f 5e1941.1 J 10238 10338 10232 103
3 10212 10414 Salt Creek Producers____10 *2834 29 414s Nov 1 1952 opt 1932__ -- -- 98
Southern Colo Power 65 A_ _1947,J J 10212 Sale 10034 103
10 1001s 10412
45ie May 1 1963 opt 1933__ ---- 100
Railroad Equipments
B'west Bell Tel let & ref 5a_ _1954'F A 10378 104 10334 10378 40 10254 10412
% Basic Be Nov 1 1963 Opt 1933__ ---- 100
5.00 4.90 41.4s Nov 1 1964 opt 1934_. ---- 98
11Pring Val Water let g 5&. _1943 MN 9938 Sale 9932
99118
2
9812 10038 Atlantic Coast Line 65
Standard Milling 151 58
4.65 4.60 4I4s Oct 1 1905 opt 1935-- ---- 98
1930,51 N
Equipment634.
10034 101
5 100 103
1945M 8 10234 Sale 10112 10234
let & ref 514e
3 10112 10334 Baltimore & Ohio fle
5.00 4.90 Pac Coast of Portland.OreStand 011 of NJ deb 5a.Dee 16 46 F A 102 Sale 10118 10212 107 10134 1024
Equipment 4345 & be__ -- 4.60 4.50
8e 1955 opt 1935---M&N 10114 103
Stand 011 of N Y deb 4%5_1951 J D 9434 Sale 9412
Buff Roch & Pitts equIp 6,. 4:8
7(1 4.6
70
9434 118
94
58 1954 opt 1934__M&N 10118 10238
96
Stevens Hotel let 60 ser A
CanadianPacific 434.& 6e_ 5.00 4.85
1945 J .1 10038 Sale 10014 101
33
99 102
5
28
uu
tig
au
r Stocks
Sugar Estates (Oriente) 76..1942 M S 99 Sale 99
100
10
60 *1
9812 10018 Central RR of N J Os
3
Caracas
Chesapeake
&
Superior Oil 1st ef7s
Ohio
tie
1929 F A 10134 10213 10134 July'27
5
4:0
7:)
, 4.60
90 Cent
9934 103
Faja28
70
59
5 1
76
06
3
A0
g8
ulurr
arElugar com_i_LO 1
Syracuse Lighting 1st g 58__ _1961 J D 1043s
Equipment6348
10438 10438
10234 1043e
Equipment5e
2
1:00
75 4,
:90 Fed
naerfaeirS
red
ugar Ref com-100 30 40
Tenn Coal Iron & RR gen 58_1951 J .1 10438 ____ 10,514 June'27
2 103 10538 Chicago Burl & Quincy 6e_ _
Tenn Copp & Chem deb Os_ _1941 A 0 987s Sale 987s
0938 24
4:0;
01 4.6
90 God
9814 10114 Chicago & North West 65_ _ 5
pre
eh7e
arr
uxedSugare.Ine
Equipment630
Tennessee Elea Powlet 13e- 19473 D 10638 Sale l003s 10634 18 1051e 10712
1
1.07
0 ;
52 6
13
9
5
Chic R I & Pao 434s &
Third Ave let ref 4s
4.80 4.65 Holly Sugar Corp oom----t *32 36
1960 3J 6912 Sale 6912
70
78
63 71
Equipment65
tau Ina 6s tax-ex N Y Jan 1960 A 0 6112 Sale 5978
5818 132111
6134 338
5.05 4.95
Preferred
1011 80 87
Colorado
& Southern 65
N 8
.1 6918 6934 997s
Third Ave Ry let if 56
7
196
32
7J
5.10 5.00 National Sugar Refining_100 140 43
9978 221
97 100
Toko Elect Pow let 7e
5.00 4.90 New Niquero Sugar
9734 Sale 9734
943s 9934 Delaware & Hudson fie
9812 30
100 60
70
6% gold notes _ _July 15 1W29 J J 9634 Sale 9573
5.00 4.75 Santa Cecilia Sur Corp 0100 - - -- - 9518 9914 Erie 430 & 5e
Mt 141
Equ1pment6e
5.25 5.115 Savannah Sugar com
Tokyo Elea Light 6% notes-1928 F A 9834 Sale 9813
9714 100
9834 60
t *137 1-40 1941 M 5 10812 Sale lO83s 10834 29 10734 10834 Great Northern 6a
Toledo Edison let 75
5.00 4.90
Preferred
100 *117 120
Equipment Si
9978 100
9978 100
Toledo Tr L & P 534% nOtes 1930 J
18
9884 10034
4.05 4.55 Sugar Estates Oriente w_lot) 60 70
5.00 4.50 Vertientes Sugar pf
let g 5s___ _1949 M S 103 ____ 023e Apr'27
Trenton &
1023e 1023e Hocking Valley fe
100 65 75
Equipment6e
51.0 4 90
Trumbull Steel let e f ea.__ _1940 MN 10014 10034 10013 10034 11
9712 10114
T
Twenty-third St Ry ref fat.._ _1962 J
6
4:0,
51: 4:9
5512 6014 5518 July'27
40 American
5518 0712 Illinois Central 434s &
77erred
elgar cow__ _ _100 115 120
Equipment 65
Tyrol Hydro-Elec Pow 734e1955 M N 9978 Sale 9914 100
18
98 10214
---Equipment 75&6 Me
011gawa El Pow 5 7e
1945M B 9818 Sale 9734
4.70 4.60 British-Amer Tobao ord-113 •
9 9512 103
9872
212 2518
12
04
9534 9644 96 June'27
Kanawha & Michigan 68... 5.00 4.90
Undated of London 430_1933 J
9534 96
Bearer
41 *2411 2612
Kansas City Southern $34.. 5.10 4.85 Imperial Tob of0B & Irei'd '24 25
Income tle
1948
9734 9912 98 June'27
9878 98
Union Elec Lt & Pr(Mo)68.1932 M S 10238 103 10238 10238
5.00 4.85 Int Cigar Machinery New100 *53 55
1 10114 10212 Louisville & Nashville 6e_
Equipment610
1933 M N 102 103 10134 10213
Ref & ext fe
4.65 4.80 Johnson Tin Foil & Met_100 65 75
7 10114 103
Michigan Central
_ 4.95 4.75 MacAndrewe & Forbee_100 40 42
Un E L&P(III)letg Slierer A1954
3' 10312 Sae 10312 10334 18 10134 105
Union Elev Sty(Chic)58._ 1945 A 0 84
8514 84 June'27
81
100 102 105
Preferred
8538 MinnStP&EISM 43isk 58 5.10 4.85
Equipment 13345 & 75
Union 011 let lien e 1 58
1931 3 J 10138 102 102
102
5.10 4.80 Mengel Co
1 10118 102
100 25 30
Missouri Pacific 65 & 6 lie_ _ 4.90 4.75 Universal Leaf Tob corn ....t *51
10714 Sale 10712 10712
May 1942 F
130-yr 65 series A
2 10714 109
52
let lien 21 58 series C Feb _1935 A 0 9658 9678 Ma
9618
5
4.75 4.60
96
Preferred
100 95 105
991s Mobile & Ohio 5e
United Drug 20-yr 6e_Oct 15 1944 A 0 10678 Sale 10638 10714 13 10612 10812 New York Central 434e & 54 4.50 4.40 Young (.1 fi) Co
100 90 105
Equipment
8e
82
85 8138
United Rye St L 1st g 411- -- - 1934 m
8138
1
4.90 4.75
Preferred
100 100 105
78
8133
Eduktment7e
94 Sale 94
United 88 Co 16-yr 65
9418
9 90 9712
4 70 4.60 Rubb Stk.(Cleved quotas)
Norfolk & Western 434e_
10334 Safe 103
104
129 10218 106
Un Steel Works Corp 6tis A_
4.50 4.40 Falls Rubber corn
t *8 , .
98 Sale 97
Without stock our warrants...
4.70 4.60
9618 9812 Northern Pacific 7e
Preferred
9812 11
26 *8 I -910438 Sale 10438 10438
5 103 1957s Paelfto Fruit Express is
Series C with warrants
4.651 4.60 Firestone Tire& Rub oom 10 13512 137
Pennsylvania
RR
ea
D
51 & Os 5.00 4.50
5
9638 9678 97
981a
Wthout stock pur warrs.. I
97 101
6% preferred
110000 10514
Pittab & Lake Erie 6lie
United Steel Who of Burbach
4.70 4 GO
7% preferred
103 fa5;
Esch-Dudelange s f 7s--_ _1951 A 0 10214 Sale 10114 10214 20 100 10214 Reading Co 4315 & 5e_ _
4.50 4.40 General Tire& Rub oota_25 •140 147
St
Louie & San Francisco 5a. 4.7( 4.55
Preferred
100 10212 11012
United Stores Realty 20-yr 65 '42 A 0 105 Sale 10518 10514 20 1037g 10512 Seaboard
Air Line 6348 & 63 5.15 4.90 Goody'r It & a of Can pf 100 r9912 100
88
Ws
9114 247
U S Rubber let & ref 58 Der A 19471 J 91 Sale 8934
9438 Feb'27 _
1 J
9438 9438 Southern Paelfle Co 434e.
4.50 4.40 India Tire & Rubber new_t .24 25
Registered
Equipment7e
10-yr 7li% secured notee-1930 V A 104 10412 lova
10412 46 103 10634 Southern
4.415 4.60 Mason Tire & Rubber com_t '112 2
Sty 4lie & 5e
4.60 4.50
US Steel Corp(coupon Apr 1983 MN 10734 Sale 16734 10818 71 10618 1081z
Preferred
100 16 20
EquIpment6e
10712
2 10534 108
5.00 4.90 Miller Rubber preferred-100 *99 100
11 10-60-Yr felregist_ A Tr 1963 MN 10712 Sale 107
D 8912 8934 8934
8714 91313 Toledo & Ohio Central 0.... 5.05 4.90 Mohawk Rubber
Universal Pipe & Rad deb 681936
9012 10
100
15
Union
Pacific
7e
40
95
9338 9638
Utah Lt& Tree let & ref 6s. 1944 A 0 95 Sale 9418
4.65 4
Preferred
100
40
48
100
9738 100
1944 F A 9934 Sale 99
Utah Power & Lt 1st 5e
Selberling Tire & Rubber-t *21334 2734
Short Tenn Securities
10438 Sale 10438 10435
3 10218 105
Utica Gas & Elea ref & ext 5e 1957 J
100 100 101
Preferred
Anaconda Cop Mln 6e'29.1&J 102 10238
Water Bends.
ChM RI & Pea 5e 1929..1&J 10014 10034 Arkao Wat let 56'56 44.A&O 9412 95118
27
99 Sale 99
9834 101
Vertientee Sugar 1st ref 78 1942 J
995
6%
notes
1929.
_
.
J
_MRS 10014 10034 Blrm WW let5 lisA*54.A&0 102 10312
63
65 65 June'27 - 5514 66
1953
Victor Fuel let s 51
412% notes 1928_ _ .112t 0 9934 1001a
9312 9534 9338 June'27
V alron Coal & Coke 1st g 55 194,M
let M 58 1954 eer B_ -IRO 100 101
9t
8 19
003
531 Federal Bug Ref 611'33.M&N 85 I 90 Butler
00
10034 13 05
1934 .1 1
Wat Co 51 55'27.J&J
Va Ey Pow let & ref 5e
•
0
613
Slose-Sheff
BA I 6e'29_F&A 10212 10314
16- 89
89
2
51 SePt 2 1931- ---Mal 1 9612 98
Walworth deb 6lie(with war)'35 • 0
b
94
9118 97
citvW(Chatt)5345'54A 7
114D
111 19
07
1 10
98
312
let sink fund6e series A.._1946 .10 9312 Sale 9312
Indus. & Miscellaneous
98I
7
:
I
9
78
11
12
e 10
let M fal 1954
Warner Sugar Ratio let 7e 1941 Jo 1063s Sale 10638 10612 '15
American Hardware_ _ _ _26 "77 1 79 City of New Castle Water
1
90
J 90
9014 90
Warner Sugar Corp let 78. _ _1939
Babcock & Wilcox
Apr27 -__ 10234 103
114 115
S. Dec 2 1941_ _J&D 1 95 96
Wash Water Power e f 55...1939 .1 1 103 ____ 03
Bliss (E W) Co.__ _
23s 104
r
.., '20 ' 21 Clinton WW let 544'39-F&A 9612 9712
10 '
Weetchee Ltg g 55 strand gtd 1950 JO 103 10312 10314 Juir27 --Preferred
1 10112 104
*58 1 62 Com'w'th Wat let 5%BA '47 102 T
West Ky Coal 1st 7e
.
1944 MN 10212 10312 10212 10212
101 102 10284 July'27 __ _. 10018 10234 Borden Company corn
5
5401 .108 111 Connellev W 5a0ctll'39A&01 95
West Penn Power see A fe1946 M
•
1 10014 10312 Celluloid Company.
100 40 47 E St L & lot Wat ffe '42.J&J 9512 9613
1st 56 series E
1963 MS 10138 102 10134 10134
Preferred
5 10412 10538
1st 5;se series F
let M 135 1942
100 91
10512
98
J&J 102 103
1953 A0 105 10512 105
100
Childs
Company pmf_ _100 118 120 Huntington let 6a'64..M&6 102 103
let sec 55 series 0
10238
1956 J O 10214 Sale b0184 10234 29
5
6512 85
Fink (A) & Sons, IncWest Vs C AC 181 es
6712
I 6512 Sale 6512
55 ...
1954 9612 9712
1950
f 11115e May 2'42M&N 9834 9934 Mid States WW 68'36 MAN 101
Western Electric deb Is
101,8 10334
1944 A0 10238 Sale 10212 10234 40let5
9 10138 10514 Hercules Powder
Western Union coil tr cur 58.1938 J J 10312
10313 10334
100 18834 194 MoutnConW let 5us'56AJ&D 94 -95 Preferred
9918 11
Fund 24 real est g 434.._..1950 MN 97
95 100
9818 9710
118 120 Mount Val Wt 514s '50 JJEJ 9913 10012
1 11114 11318 Internal Silver 7% pre:.11101 z118 ,122 Muncie WW 5e0et 2'39 A01 95
112
15-year 6 lie g
1938 P A 11112 112 112
10238 39 1003e 10314 Lehigh Valley Coal Sales-80 90 I 93 EitJoeeph Water fai 1941A&O 9713 9812
25-year gold 5e.
1951 ID 10214 10232 102
R0yai
lmB
Do
akdig
Wee'house E & M 20-yr g 56_1946 M
09
3:: Phel
10212 Sale 10212 10234 77 10
ae
ge
94
1 19
00
0 107 112 Shenango ValWat tot 56A&O 0313 9413
po
orP
w 00E01
Westphalia Un El Pow 6lit:1_1950
9572 313
1:4 957s Sale 95
230 240 So Pitts Wat let 54 1960 J&J 9718 984
Preferred
Wheeling Steel Corp 1st 5lie 1948 ii 9834 Sale 9834 10012 38
9634 1001$
let M be 1955
104 ,
FAA 9712 99
0.784
Singer
13138
White Sew Mach 65(with war)'36 J .1 126 129 126
12812 13
Manufacturing...100
387 Ter H WW 65 '49 A...J&D 102
383
M
35
58
Singer Mfg LW_
Wickwire Spen St'l let 78_1936
36
37
6
37
let 3858 1956 eer B F&A 9512
.1 35
1.f •5 1 6
Wlekwire Op SW Co is Jan 1935 MN 27
2978
7
2738 52
2712 2738
Wichita Wat let tle'49_M&S 102
Willys-Overland .16 141.. _.1933 M 5 10134 Sale 10134 102
52 10114 1031e
let M 5e 1956 ear It .FAA 9512 ---Wilson & Co 1st 25-yr f65 1941 A 0 9938 Salo 991s 9934
35
9734 1027e
9 1041,1004
•Per share 1 No par value. b Beale. d Purchaaer also pays accrued dividend.
Winchester Arms 734s
106
1941 A 0 106 Sale 106
[omen Sheet & T 20-yr 68.19431 J 10412 Sale 104
New stock. 1 Flat price 1 Last sale. n Nominal. z Ex-dividend. y Ex- right&
10434 109 103% 105
1 Canadian quotation. s Sale price.
BOSTON STOCK EXCHANGE-Stock Record S..aarit...
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
July 9.
Monday,
July 11.
Tuesday,
Juiy 12.
Wednesday, Thursday,
July 13. I July 14.
Friday,
July 15.
Saks
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range Sines Jan. 1.
Lowest
Highest
373
PER SHARE
Banosfor Preview
Year 1926
Lamest
Mewl
Shares
Railroads.
73 Boston & Albany
185 185
100 171 Jan 7 188 May 27 159 Jan 17512 Dee
185 185 +183 185
185 185
185 185 *184 185
100 81 May 10 94 Jan 15
8112 8158 8158 82
82
8212 8218 8214 82 824 82 8218 1,043 Boston Elevated
77 May 8512 July
12 Preferred
100 9812 Apr 27 10312Jtme 9
+99 100 "99 100 "9812 100
99 99 '99 100
89 Feb 103 Dee
42 1st preferred
iii" 113
100 109 Mar 30 118 May 23 1124 Dec 122 Jan
*11212
'11212 11312 *11212 113 *11212 11312 113 113
285 20 preferred
105 10512
100 101 Jan 20 10712 Feb 28
10412 105 +10412 105
10412 1041 105 106 10412 105
9812 Jan 112 Jan
60
100 6118 Mar 7 70 July 6
803 Boston & Maine
+59
60
59
60 60
60 60
5918 60
85 Mar 5812 July
100 56 Jan 22 6912July 13
69
161 Preferred
6912 6912 69
+69
_ _ 69 69
32 Apr 6112 Dec
100 7654 Jan 15 87 June 1
W66- 85 '83 85 '83 85 *83 85 "83 85
59 Apr 86 Dee
------ Series A lat pref
100 125 Jan 8 139 May 3
'130 .
84 Apr 130 Dee
"130
_ _ _ "130 ____ +130 __ '130
------ Series B let prof
116 *____ 116
100 104 Feb 15 116 May 26
74 Apr 110 Sept
116 *_ _ _ _ 116 *____ 116
------ Series C let Prat
100 185 Jan 15 165 Apr 21 106 Jan 165 Dee
+160
_ _ _ "160 _-_- "160 ____ *160
'160
------ Scrim D 1st pre!
109 10933
10412May 6 113 May 21
55 Prior preferred
110 110 *108 110 - '108 110
94 Apr 10712 Dee
108 108 '109 110
--_Boston & Providence
100 190 Jan 18 205 Mar 30 Y17512 Mar
'200
_ "201 205 "201 205 *201 205
Dec
'201
*3912 3314 +3012 3314 32
---iio East Mau Street By CO-100 25 Feb 4 324July 8 28 Oct 2074
____
*31
33
32
32
32
Cl
Jan
69
70
90 1s1 preferred
70
70
100 64 Feb 8 72 June 11
72
Ms Apr 71 Jan
0.70
70 70 '69 72
1012July
13
60
Mar
14
80
671
'67
68
56 May 69 Jan
Preferred B
100
67
-- -- -72
67 67 *67 69
*69
47
4714
4778 4778 47
40 Apr 4914 Jan
100 42 Apr 1 4814 Jan 4
260 Adjustment
47)
4 4714
48
'47 48 '47 48 *47
49 Sept 60 Feb
65 65
100 4712 Jan 13 74 Mar 29
55 Maine Central
'6812 69 '6612 6834 6834 6834 67 67
3174 Mar 6/352 Inly
53
5338 571
534 5358 5312 5483 1,647 N Y N II & Hartford
100 414 Jan 6 5834 Feb 16
52
5312 53
5212 53
51 Apr 9812 Dee
- Northern New Hampshire_100 9212 Jan 13 102 June 14
"100 ____ *100 ---- *100 ___ *100 ____ 0'10014 102
10 Norwich & Worcester pref-100 127 Jan 4 142 May 17 129 Apr 132 Dec
"140
140 140 *140
+140
*140 __
137
June
7
111 Jan 125 Sept
iii" 131
100 122 Jan 4
10 Old Colony
▪
136 *132 136 "130 136 *131 136 *132 136
9954 Mar 107 Dee
------ Vermont & Massachumetts_100 107 Jan 6 116 Jan 31
*113
'113 ____ '113
+113
'111
Miscellaneous.
*314
312
2 Nov
314 214 *214 312 '314 312
314 314
4/
1
4 Mar 1
5 Jan
255 Amer Pneumatic Service
214 Jar 3
"312 334
18 Dec 2414 Juae
1812 "18
110 Preferred
18
*18
50 1512 Jan 12 21 Mar 17
1812 1814 1814 18
1812 '18
1834 +18
1
4 Feb
16234 16314 163 16312 16312 16414 16414 16434 16434 16614 16658 16738 1,636 Amer Telephone di Teleg-100 1494 Jan 3 172 Apr 7 12912 June 150/
4812 July 71
5912
Jan
No per 48 Jan 17 70 Mar 14
58
5814 59
791 Amorikeag Mfg
564 58
58 59
5714 5714 *5612 58
Mar
7
7212
Nov
85
78
Feb
Jan
10
Preferred
-----7352
No
Per
'79 82 .079 82 '79 82 '69
"7834 82
364 Jan 25 42 June 3
85 Assoc Gas & Elm class A
4034
*240
4 .0240
4078 4034 4012 *240 11/3---5314June 9 59 Feb 10 -111-2 Apr 633* Jan
- ---- -- ---- Atlas Plywood tr Otis
84 Oct 1714 Jan
713 8
8 Jan 22 12 Apr 7
Na per
- Atha Tack Corp
-;i1
.
2 -11412 May 2012 Jan
1534 Apr 6 2012 Jan 3
---- ;
0164 11;1612 +16
+16
- Beacon Oil Cc corn
1612
296 Bigelow-Hartf Carpet No par 77 Feb 17 8612 Jan 7 76 Nov 9812 Jan
8312 ---83 -8312 83
83 83
8112 83
82 82
5 Jan 3
.50 May 17
110 Coldek Corp.. class AT C .50 .50
.50 .50
.75
.75
67 May If" 15;
350 Dominion Stores, Ltd -N.ira; 67 Jan 26 84 Apr 22
8034 8114 8112 8134
*78
+7912 81
79
7912 79
112 Dec
114June 27
334 Feb
*112 2
3131 •
10
------ East Boston Land
*114 214 •114 214 *112 134 •112 2
-•5114 -1312 Mar
714 Mar 17
752
34 Jan 11
255 Eastern Manufacturing
6
334 4
4
4
4
4
*334 4
'312 4
64 Nov 8812 f
45 Jan 4 7634July 8
445 Eastern SS Lines, Inc
76
75
7578
7512 76 '75
7512 76
76
76
76
76
45
Nov
May
10
84
No par 35 Feb 15 43
5 Preferred
42
42 +241
42
42 "241
42 *241
42 *241
645 15t preferred
--100 874 Feb 17 9812May 9 9014 Oct 9912r
96
96
-511 97
96
96
96
'95 96 '95 96
96
14 Nov 26 P
10 June 1 1434 Jan 18
100 Economy Grocery Stores
14
14 *21312 15
"21212 15 .41234 15 '21278 14
100 217 Feb 18 267 May 23 x207 Jan 250 Fc
740 Edison Electric lUttra
24412 244122242- 242 24212 243 24278 243 243 245 24412 246
27 Apr 26 3378June 20
300 Federal Water Serv corn
3012 31 '30l 3112
31
31
3012 311
*3118 32
14 June lii" "i5e;
25 Galveston-Houston Eleo__100 2212 Apr 20 32 June 16
27
2712 2612 2612 *26
+26
28 •26
*26
28
11 Dec 17 ..411
114 Jan 11 1434June 1
General Pub fiery Corp com
*1314 14 "1338 14
*1314 14
1
4 14
*1314 14 '13/
19 Feb 2 2112 Jan 4
-2111- ---ielo Germ Cred & Inv lot pref
*2012 211 +204 203 *2012 2034 *2012 2034 .02012 2034
34/
1
4 Apr 4053 Jan
No par 3414June 28 38 Mar 15
285 Gilchrist Co
3512 3584 3532 3532 3558 3558 23412 341
3414 341
*3412 35
8812 Mar 11312 Feb
3,205 Ellett° Safety Rasor
No par 8412 Mar 22 9514 Jan 11
8978 8732 881
8714 88
8714 8814 88
8718 871
8714 871
10
May 14 Sept
Mar
2
May
27
1212
-----Greenfield
Tap
&
Die
25
10
*9
93
*9
93
*9
9
3
4
*9
93
93
*9
5 Hathaway Baking corn
12 Jan 17 13 Mar 14
121
121 *12
121 "12
1214 •12
1214 121 *12
45¼ Dec WI; Feb
671 Hood Rubber
No par 3258July 6 47 Jan 3
3312
33
33
3278 3278 33
3278 33
3234 33 *3278 33
65 Kidder,Peab Amep A pref_100 94 Apr 26 9684 July 12 293 Apr 96 July
9534 9534 9514 951 '9514 -95/
1
4 9514 *9514
612 Aug 1034 Deo
812June 29 1012 Jae 6
24 Libby, McNeill& Libby_-10
812 --111-2
*812 834
*812 9
812 81
*812 9
'812 9
6 July 1212 Jan
350
Loew's Theatres
25
6 Jan 3 10 Jan 18
612
63
8
63
s
*614
61
/
4
61
614 6/
1
4
*614 612
80 Apr 9412 Nov
315 Massachusetts Gam Coe_100 84 Mar 25 101 July 6
99
*100 10012 100 10012 100 10012 100 1001 10014 10012 99
65 Jan 7014 Feb
243 Preferred
100 70 Jan 3 76 July 11
7518 754 7514 7538
751
7512 76
75
76
1 *7434 7512 75
107 Mergenthaler Linotype_No par 103 Feb 18 211534June 3 1104 June 8110 May
109 10912 10914 10912
10818 10818 108 10812 109 109
+108 110
89 Apr 96 Jan
Miss Riv Pow etpd pref_100 95 Jan 22 10112June 29
•10012 - --- -2 Aug
214 Mar 24
44 Jan
48a Jaa 20
314
10
---575 National Leather
3
3
3
3
.3
314 *3
3
3
1512 Jan 2912 July
5 2312 Feb 14 3111 Apr 16
450 Nelson (Herman) Corp
*2734 28
2734 2734 274 28
+2734 28
28
28
------ New Eng 011 Ref Co tr etfe_ .20 Feb 1 .25 May 7 .20 Jan .95 Apr
.24
.24'
24*
g Mar 30
3 July 1012 Jan
------ Preferred tr ethi
111111
312 Jan 11
312
•____
312 •__ _ 312
58 New England Pub Serv $7 pref 91 Jan 18 10012July 2
'----97
10012 10012 *____ 97
97
97 + ___ 97
9714 Jan 24 103 Mar 18 II" Sept fir
133 Prior preferred
101 101 °/
1
410112
10034 10034 101 101 *210012101
314 Feb 23 .50 Dec
8 Feb
------ New Eng South M1113--No far .20 June 29
.27
+.27
*.27)
878 Feb 28
2 Dec 28 Jan
2 Apr 1
100
*312 4
Preferred
*34 4
*358 4
*312 4
*314 4
13O' 13012 1,663 New Eng Telep & Teleg-100 11512 Jaa 4 132 June 6 11072 Apr 1183, Feb
12912 130
12934 131
129 130
129 130
•130 130
89 Feb 96 Feb
---- No Amer Util let pf full paid-- 90 Jan 6 95 Feb 29
*90
•90
'90 ____ *90
.090
1454 Dec 27 Feb
40 Jan 6 4612 Feb 23
let prof 50% paid
*4312 44
---*4312 44
*434 44
*4312 44
*4312 44
3812
Mar
23
6312
3512 July 55 Jan
Jan
7
Mills
3713
Pacifio
100
603
3718
37
3718
37
3718 3712 3718 38
3712
*37
3712
Plant (Thoa 0). lit pred-100 15 June 22 4252 Jan 3 40 Mar 6814 Jan
2412 *20
2412
2412 '20
*20
2412 "20
2412 +20
15 Feb 1714 Aug
10 15 Mar 17 1612 Feb 10
-----io Reece Button Hole
16
16
+1534 16
*1534 16
*1534 16
*1534 16
14 Dec
2 Nov
1 Mar 4
152 Jan 11
Reece Folding Machine_ 10
112
*2138 112 *2138 112 *2132 112 .4138 14 '2138
- 361 Owed-Amer Inv part prei_100 10512 Jan 5 119 May 9 98 May 110 Aug
11412 115
*114 115
iii"
11412 11412 *113 .115 .0113 115
24
111
Apr
11814
Dee
120
Feb
100
115
Jan
3
Swift
&
Co
205
117 11714
11654 117 *11634 117
11614 11614 11614 11634 11612 117
54 Mar 72 Sept
6814 68
25 66 Jan 3 72 May 25
102 Torrington co
68
68 6812 "68 6834 68 68 "68
68 68
Mar
3
2
Jan
31
4
9
5
1,330
Tower
512
Manufacturing
6
612
7
612
7
63
8
6
612
*54 6
512
1638July 12 1812 Mar 22
300 Traveller Shoe Co T C
17
1822 1852 1632 1632 *1658 17
17
*1718 18
30j3
an 3
1 3
1,
0
14
r JJualn
y 24
10 June
7 Jan 1512 Feb
430 Union Twist Drill
10
1018 10
.0104 104 1014 1014 1012 1012 10
67 Mar 5312 Aug
United
Shoe
Mach
Corp
25
3,292
58
59
5712
"i 581*
58
5734 5812 5712 59
5712 58
28 Jan 30 June
25 28 Jan 3 30 July 2
167 Preferred
2913 2912
30
29
29
2912 2912 2912 2911 +29
29
29
82 Nov 135 Feb
220 US & Foreign See let pref rod 83 May 3 90 July 7
88
87
88
87
8934 8934 8612 8612 88 88
60 May 90 Apr
74 Apr 30 82 Feb 4
700 let pref 75% paid
7812 7978 -7911 81
7914 7978 27834 7834 7834 7971. 7978 80
y
11 Apr 30
ully
14
0:
17Jju
100 Venezuela Holding Corp
*412 532 *412 532 *412 533 *412 5 . 412 412
'438 41
17 "ii; -E323
4 -6-o1
8
2712
Feb
201
WeldorfSys,Ine,
new
oh
No
par
2014
*220
201
20
2012
153
20
2014 2014 2014
29 Jan 41 Dee
33 Walth Watch 41 B com_No par 404 Jan 21 5412 Apr 21
53
53 '51
53 - "51
53
51
51
*5012 52
4818 Nov 61 Dec
7112 7112
100 61 Jan 3 77 May 12
44 Preferred trust Ws
7112 7112,
72 *27112 _
72
*273
75
100 100'2Juuel4 118 May 20 101 Sept 112 Dec
"27112104
- 263 Prior preferred
102 102
- - 102 102 "102
102 102
+101 102
1254 May 23 Jan
1734 18
19
70 Walworth Company
1734 Jan 18 2.184 Apr I
4.1.8
19 .018
19
18121183 .018
8114 82
82 82
82
422 Warren Bros
8214 8212
*81
ao 6518 Jan 13 91 Feb 13 44 Mar 69 Dec
8114 82
82 . 82
39 AP
46 Dec
let preferred
*4512
*4512 48
44
Jan 5 50 Feb II
*4512 48
"4512 49 *4512 48
60
42 Apr 47 Feb
"46 _
*46
'46 _
50 45 Jan 17 52 Apr 14
------ 2d preferred
.046 -- *46
1034 Aug 1712 Jan
------ Will & Baumer Candle oom__ _
14 Jan 12 1714 Mar 15
*1614 --- •1614
1
4
+164 --- *16/
Mining.
05 Mar .40 July
.2 •
.25
Adventure Consolidated
.25
.2
.2
28 .05 Jan 14 .20 Feb 10
138 Aug
.25 .25 .0.25 .50 •.29 .30
25 Ma
.25 .3
+.25 .50
25 .25 May 5 .89 Jan 15
550 Arcadian Consolidated
*.30 .50
812
814
814
94 May 1254 Jan
512
5
538
534 534 3,630 Arizona Commercial
614
5 July 11 1014 Jan 8
5
53s 552
5
4112 4112 4112 4218 44
41
29 Jun
42
4358 1,475 Bingham Mines
4218 43
5534 Jan
10 30 Jan 3 49 Apr 21
,
1 *43 45
1478 15
1858 Aug
1314 Jun
1,083 Calumet & Elecia
1412 1458 1412 1458 1412 1412 *1414 1434 1412 15
25 1418June 27 17 Apr 20
.15 .15 •.12 .25
.0.12 .50 *.12 .50
10 De
50 Jan
200 Carson Hill Gold
1 .10 Jan 7 .60 Apr 79
•.12 .50 4%12 .5
1218 1214 13
12
121
25 1118111ny 20 1414 Jan 19
1212 1314 1,935 Copper Range Co
1218 12
13 May 20 Jan
1218 1218 12
112 112 *112 2
112 112 •132 112
114June 30
214 Oct
260 East Butte Copper Mining_ 10
4 Feb
234 Jan 4
114 114
11
/
4!i 114
Franklin
14 Jan
25 .05 Feb 1 .80 Mar 17 .25 Nov
4./1.25 .60 .0(1.25 .60 .0.2.25 .50 "(1.25 .70 +.2.26 .50 "11.26 .60
.25
50
1 July 1 .27 Dec
Hancock Consolidated_ - 25 .15 Apr 8
114 July
I ".25 .50 •.25 .50 +.25 .50 •.25 .50 .0.25 .50'
45 Hardy Coal Co
14 Mar 2114 Jan
1512 •153 1812 *1514 1512 *1514 1534 1518 1518
1 14 Apr 26 18 Jan 7
•15
1534 "15
Helvetia
2 Jan
25 .60 Apr 26 .85 Jan 6 .75 Oct
0..55 .85 .0.55 .85 •.55 .85 *.55 .85 ".50 .85 .0.50 .95
6012
594 5912 5914 60
728 Island Creek Coal
60 6012 60
5913 20'2 60 60
1 47 Feb 26 61 Mu 18
9912 Jan 106 July
65 Preferred
*105
- - 105 105 *105- 105 105
1 105 Feb 16 107 Apr 13
*105 ____ "105
9
914
914 1014 10
912 June 14 Alis
785 Isle Royale copper
1053
914 914
25
9 July 13 1158 Jan 19
*9
10
914 914
1I2
*114 112 *114 11
11712 Sep,
278 Feb 4 .50 Jan
Eeweenaw Copper
/
4 112 •114
25
*114
112 '11
/
4 112 *11
112 Jan 6
.90 .90 *.90 11
Pe July
VA Mar 18 .60 Oct
300 Lake Copper Co
+.90 14 .0,90 118 0..90 110 .0.90 112
25 .80 Jan 7
+.70
.80
.80
.80
June
•.70
Apr
22
212 Mat
0
..70
La
.75
.80
.90
Salle
*.70
Mar
28
Copper
".70
.80
25 .50
.0.70 7.75
.90 .90'
154 Jan
211 Sept
.90 1
2 Jan 4
500 Macon Valley Mine
5 .80 July 6
•.80 .90 •.75 .90 .0.80 .90 +.80 .90
.35 .35 '.25 .50
100 Mass Consolidated
25 .15 Apr 8 .85 Jan 3 .15 Dec .75 July
*.25 % .50 +.25 .50 *.25 .50 +.25 .50
Ds Jan
.70 .70 .0.70 .90 •.75 .80
112 Jan 11 .40 Dec
70 Mayflower-Old Colony
25 .25 May 3
.0.70 .90 •.70 .90 •.70 .90
30 Mar 46 Oct
3912 4014
698 Mohawk
3812 3914 *3812 3912 3814 3834 3858 39
25 3458June 22 1114 Apr 20
'38'r30'
*2014
21
Jan
20
24
21
24
1812
21
*20
203
4
1812June
Aug
110
MAY
24
New
Cornell&
6
193
4
193
4
*193
4
203
4
Copper
*20
2034
.05 may 26 .06 Feb 1
05 Jan .20 Jane
------ New Dominion Copper
.0.05 .10 .0.05 .10 .0.05 .15 '.05 .15 .0.05 .15
18 Deo 25 Feb
1912
1912 '18
"fit;
New River Company
1912 '18
1912 +18
100 17 May 14 1978May 12
1912 4.18
+18
65
65 "64
45 Julyl 72 Feb
65
*63 66
25 Preferred
0.63 66
100 58 Apr 14 75 Feb 8
*63 66 *63 66
812 812
6
512 54 "2558
+2534 618 *2534 64
666 Niplssing Mines
a 514June 16 1018 Feb 2 5 Jul71 1012 Dee
'
025/
1
4 6
.90 .99
31e Jan 5
.99 .99 2,595 North Butte Mining
2 AprI
.85 .85
.85 .90
.85 .95
372 Sept
10 .50 June 28
•.90 1
114 Jan 26 .59 J8,9
•.60 1
Nov
0.11bway Mining
25 .75 Apr 7
•,51 .90 +.51 .90 .0.51 .90 •.60 .90 '.60 1
1134 12
12
13 l)eol 20 July
1112 12
25 1014June 29 15 Apr I
1214
*1112 12
750 Old Dominion Co
1112 1134 *1112 12
1514 1514 1512 1612 16
1013 Marl 15 Jan
16
*1514 16
*1514 16
•1514 16
1,740 P'd Cek Pocahontas Co No Par 11 Jan 4 1612July 14
1512 May 25 Jay
25 134 July 13 1918 Apr 22
1
4
1412 14
600 Quincy
•1334 1412 14
1434 1314 1334 1334 1514 1414 14/
2012 2012 20/2
1934 1934 19
25 Deo 8812 Feb
21
20
20
580 St Mary's Mineral Land-. 25 1812June 28 2614 Jan 6
+1914 20 •19
112 .14 112 •118 112 *114 134 •114 134
312 Jan 14
1 July 2
254 DecI
952 Jan
Seneca Mining
*1
112 4,1
10 .15 May 9 .40 Jan 12 .15 DecI. 80 Jan
40
Shannon
•.35 .40 •.35 .40 .0.35 .40 •.35 .40 ".35 .40 .035
.20 .25
.20 .25 ."25 .30
.20 .20 4%15 .25
470 Superior & Boston Copper.- 10 .15 Mar 23 .40 Feb 23 .20 NovI 15i4 Mai
.0.20 .25
418 438
44 414
412 414
414 414
6 418July 14 778 Feb 24 434 OctI 1154 Feb
815 Utah-Apex Mining
414 412
44 412
.95 .96
2 Feb 2 .25 Dec 2% Mar
.99 .99 6,276 Utah Metal & Tunnel
.86 .95
1 .85 June 30
.85 .86
•.86 .00 .0.86 .90
40 Mayl 75 Feb
11,4May 3
25 .50 July 11
.50 .50
.50 .0.50 .76 '.50 .75 ."50 .75
125 Victoria
*.50 .75
25 03 Mar 9 .70 June 3 ..10 Beptl 40 Jul,
.10 .10 *.10 .20 *.10 .20 •.10
235 Winona
+.10 .20
Sept
•Bid and wilted Prices; no sales on this days a Assessment pales b
dividend, Illfew stock •Ex-dividend, iEn rights, a En-dividend and rights.
374
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange, July 9 to July 15, both inclusive:
Bonds-
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
Amer Ag Chem 7%s.1941
East Mass Street RR55 Series B
1948
6s Series C
1948 • 89
Hood Rubber 7s
1937 102
Rarstadt(Rud) 78__ _ _1930
Mass Gas 456s
1931
435s
1929
5%8
1946 104%
PC Pocah Co 7s deb_ _1935 109
Swift & Co 58
1944
Western Tel & Tel 55_ _1932 101
101% 101%
76
76%
89
89
101% 102
102 102
100 100
100 100
104% 104%
108 109
101% 102
101
101
Range Since Jan. I.
Low.
High.
$500 101% July 104
1.800
1,000
2,000
1,000
5,000
2,000
6,000
6,000
7,000
3,000
69
83
101
102
97%
99%
103%
102
101
100
Jan
Apr
Apr
July
Feb
Apr
Mar
Jan
Feb
May
Mar
78%
00%
104
102
100%
10055
104%
112
10255
102%
May
June
Jan
July
June
Jan
July
June
Mar
June
Chicago Stock Exchange.--Record of transactions
at
Chicago Stock Exchange July 9 to July 15, both inclusive,
compiled from official sales lists:
W
. 0.0 4.
..NWONW N.& •..124.0N.4..00.44. NW. M
4.0141.
WW0-400...0000.WWW
4.-40WWW
M00.1W00.4W0.
0
-W.W
101.1000WM.O.
W.
.
.. z
Ia0
10
.4,44>
Adams Royalty Co, com_• 21
21
21
All America Radio class A.5
8% 8%
Am Fur Mart Bldg pref100 9755 97
97%
Amer Multigraph,com_ *
23% 24
Amer Pub Serv, pref___100
98
98%
Amer Pub Ut 1 prior_ __100 93
93
93
AmericanShipbuilding_100
93
9656
Amer States Sec Corp A_ •
3% 3%
Class B
•
3%
3% 334
Warrants
34
54
Armour & Co (Del) pref 100 86
86
8655
Armour & Co.
_100 67% 6734 68
pref-Common class
A v tc 25
955 9%
Associated Investment Co•
34
34%
Auburn Auto Co, com__25 99
97% 103%
Balaban & Katz v t c--25 605,
1 60
604
Bastian-Blessing Co.corn.' 25% 25
26
Bendix Corp class A....10 50% 5055 5155
10 65
Borg & Beck, corn
61
65
•
2235 2155 2234
Brach & Sons(E J), corn _
20 20
Butler Brothers
19% 20
Cent D Pa Corp"A" pref •
25
25
Celotex Co, corn
• 83
81
83
100 87
Preferred
87
89
Central Ill Pub Serv, pf_ -* 9155 90
9155
Cent Ind Power, pref 100
92% 93
Certifs of deposit_ -_100
92
90
Central Pub Serv (De1)_..• 16%
1655 16W
Central S W Util, corn--• 60
59% 60W
Preferred
•
96% 975.1
Chic City & Con Ry pt sh *
1% 1%
Participation preferred •
10% 13%
Chicago Elec Mfg "A"...°
22
23
Chic Fuse Mfg Co, com •
35
35
Chic N S & M pr 1 prel_100 100
99% 100
Preferred
100 6435 64% 66%
Chic Rap Tr pr pfd A 100
102% 103
Chic Rys part ctfsser 2_100
3%
3
335
Chicago Title & Tru.st_ _100
585 585
Club Aluminum
• 33
33
3355
CommonwIth Edison_ _100 151
150% 153
Consumers Co common_ _5
6% 634
100 80
Preferred
77
80
Continental Motors com •
11
11
Crane Co common
25
4755 48
100
Preferred
119 119%
Cuneo Press "A" pref__50
5254 52%
Decker (Alf) & Cohn Inc_•
27
27%
Diamond Match com_100 125
124 125
El Household Util Corp_10 1255
12% 13
Elyria I & 9
51% 51% 52
Empire G & F Co 7% pf100 98
9755 08
8% preferred
100 105% 105 105%
Evans & Co Inc class A__5 4055 3955 40%
Class "B"
5 38
3634 38
Fair Co (The) common_ • 33% 32
3334
Preferred
100 110% 110 110%
Fitz Simons & Connell
Dk Jr Dredge Co com_20 31
28
31%
Foote Bros(0 & M) Co__5
1255 13%
Gill Mfg Co
10
255 255
Gossard Co (II W) com__• 33% 32
3355
Great Lakes D & D___100 175
159% 175
Greif Bros Coop'ge Acorns
37% 38
Hart Shaft & Marx_ _100
122% 123
Hibbard Spencer Bait25
lett & Co com
6035 6056
Illinois Brick Co
25 4335 43
44
Illinois Nor Utilities pf_100
9554 964
2655 27
Ill Wire& Cable Co com_10
Indep Pao= Tool v t c__•
5355 5353
Jaeger Machine Co
•
3035
30
Kellogg Switchb'd com__
corn_13% 14
10 1355
Kentucky Util Jr cum ptso
52
62
Keystone Sri & WI com _100
72
72
Preferred
92
100
92
Kraft Cheese Co corn___25
5635
55
Kup'heimer & Co(B) Inc.5
42
42
La Salle Ext Univ com_10
655
655
•
Libby McNeill & Libby _10
8%
856 8%
Marvel Carburetor (Ind) 10 4235 42% 43
Mer & Mfrs Sec Co pt p1_25
18
16
Middle West
• 111% 111% 112%
10955 110%
Preferred Utillties___100 110
Prior lien preferred 100 120
120 120%
Midland Steel Prod com__* 43% 43
4334
Midland Util 6% pr In_100
9355 94
7% prior lien
100 104% 104 10455
Preferred 6% A
101
101
100 101
101
101
Prof 7% Prior lien 100
Morgan Lithograph corn_* 62
58% 62
Mosser Leather Corp com.•
16
16
Nat Carbon pref
100
136 136
Nat Elec Power A part_ • 24% 2455 2454
7% preferred
160 9655 96% 96%
National Leather com _10
3
355
3
National Standard com__• 34% 3455 3355
North American Car Com • 28% 28% 28%
Nor West Util pr In pref 100 99
99
99
7% preferred
too 9654 95
9655
Novadel Process Co corn__
8
855
Preferred
23
•
22
Omnibus vot tr ctfs
•
14
14
Penn Gas & Elec A com •
19
1956
Pick Barth & Co part pf__•
22%
22
Common v t c
1
13% 14
Pines Winterfront A com_5 52% 52
52%
Pub Serv of Nor Ill com__• 139% 13934 14155
Pub Serv of Nor III com.I00
141
141
6% preferred
100
105 105
7% preferred
100
117 117
8821',88t.'888V81'.88V6q,%"624`ent18-EL
- 1288V,V;1',3=4.8-888888 888288e.
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High, Shares.
Range Since Jan. 1.
Low.
High.
2056 June 32% Feb
5
Apr 1035 Mar
93
Apr 9855 June
19% Mar 24
July
94
Jan 104
May
93
May 96 June
79% Jan 97
July
235 Apr
456 Jan
3
Apr
4% Jan
35 July
1
Jan
86
Apr 96% Feb
59% Apr 8634 Jan
8% May
16
Jan
34 June 38% Feb
68% Jan 11655 May
60
Mar 63
Jan
23 June 26
July
36% Jan 54
Jan
53
Jan 65
July
2055 July 35% Jan
17
Jan 23% Feb
24 June 27% May
6955 Apr 86% June
87
Apr 92 June
88% Jan 95% Apr
85% Jan 93
May
85% Jan 02% June
16% July
18
May
56% Jan 67% Feb
93% Jan 9734 Apr
55 Jan
2% Jan
3% Jan 19% June
21
July 26
Mar
30
Jan 35 June
98% June 101% May
64% July 72
Feb
102
May 104% Feb
35 Feb
6 June
585
July 595
Jan
33
July 3335 July
138
Jan 155
May
5% Apr
8% Apr
69% Feb 80 June
10% June 13% Jan
47
Apr 52
Jan
117
Feb 121
may
4934 Mar 64
May
25
Mar 28% May
116
Jan 133
May
11
Jan 15% May
51% July 52
July
92% Mar 98% June
100% Mar 107
May
38% Jan 41
May
24% Jan 40 June
21% Mar 3491 May
Feb 110% July
105
2655
12
255
31%
140
37
110
Apr 31%
Jan 14%
Apr
5%
May 56
Mar 175
July 41
Jan 123
July
Jan
Feb
Jan
May
June
July
59% Jan 70
Jan
39% June 55% Mar
92
Jan 97
Feb
Mar 27
24
July
Mar 58 June
51
27% Feb 32% May
12% May 19% Mar
50% Apr 52
July
Mar 72
45
July
88% Mar 92
Jan
Feb 63
41
Feb
Jan 42
36
July
5% Mar
9
Jan
8% June 1055 Jan
41
May 43
May
July 31
16
Jan
Apr 117% May
108
105% Jan 113% Feb
11755 Jan 12255 May
Apr 4754 Feb
38
92% May 04
June
9255 May 104% June
9256 May 101
July
98
Jan 106
June
Jan 6834 May
58
Jan 10% mar
11
13035 Feb137% Mar
23% Feb25% Jan
9355 Jan 97% Apr
2% Apr
455 Jan
30% Jan 38% July
Jan
2234 Jan 30
97% Mar 101
Jan
9455 Mar 100
Fels
9
8 June
AM
July 2735 Feb
22
1155 Mar 17 Jun(
Feb
Jan 21
19
1955 Jan 28 Jun(
14% May
1255 Jan
May 53
40
July
May
130% Jan 143
132
Jan 142
May
101% June 1054 API
11235 Apr 117
July
[Vol,. 125.
Friday
Sates
Last Week's Range for
Sale
of Prices.
.
Week.
Stocks (Continued) Par. Price. Low. High. Shares,
Range Since Jan. 1.
Low.
High.
Q-n-s Music Co com _ _ _ _. 40
3955 40
520 3255 Jan 41% July
Quaker Oats Co corn
*
178 18255
125 175 June 190
Mar
Preferred
100 110% 110% 111
30 107
Jan 113
May
Real Silk Hos Mills com 100
35% 3555
150 28 June 4855 Feb
Reo Motor Car Co
10 2134 21
193 1955 Mar 24
2135
May
Sangamo
* 32% 3055 33
9,850 29
July 33
July
Preferred
100
103 105%
460 102% July 105% July
Sears, Roebuck corn
•
59
6134 2,350 52
Jan 61% July
Shaefer Oil& Ref prof..100
87% 87%
100 87% July 89 June
So Cities Utll class A corn •
32
32
50 2535 Jan 33 June
So Colo Pr Elec A com_25
2655 27
185 25% Jan 28
Mar
Sow G & El Co 7% pf__100
9534 96%
90 94% Jan 98
Feb
So West Lt &Pr pref
8955 894 894
10 8934 July 89% July
Stewart-Warner Speedom *
61
64
1,695 54% Mar 6855 Apr
Studebaker Corp new com *
7%
655 734
400
5% June
734 July
Swift & Co
100 117% 11655 118
1,003 11555 May 120% Mar
Swift International
15 2294 2255 23% 4,850 1834 Mar 24% May
Thompson (J R) corn_ _25
5355 54
95 40
Apr 56
June
United Biscuit class A _ _ _ _• 4955 4956 50
1,700 3936 Jan 52 June
United Light & PowerClass A preferred
* 9555 9555 9555
743 87
Jan 97% June
Class B preferred
52
750 50
5234
Jan 53% June
Common class A new..5
13
13
15 1255 Mar 17 June
Common class B new. *
1735 18
120 15
May 18
Apr
United Pap Board com_100
16
16
16 16
Feb 20
Apr
US Gypsum
20 93
9095 94
4,800 90% July 109
Jan
Preferred
100 123
122 123
140 115
Mar 123
July
Veqa Battery Corp com_10
29
30
1,410 27 June 37
Feb
Wahl Co corn
• 1434 13
1535 3,070
835 Jan
173.4 June
Ward(Montgomery)&Col0 67% 6754 6735
100 67
May 6856 May
Class A
•
114% 11555
350 112% Mar 11735 May
Waukesha Motor Co corn •
46
46
120 3455 Mar 46
May
Williams 011-0-Mat corn_• 10% 10% 11
2,350 10% July
1634 Feb
Wolff Mfg Corp corn
*
4%
456 4%
425
4% June
7
Jan
Wolverine Portland Cem 10
735
7
755
430
5
Feb
755 July
Wrigley(Wm Jr) Co corns 56
54% 5755 2,700 51
Jan 5755 July
Yates Machine part pfd_* 1751 16% • 17% 1.820
1595 June 27% Mar
YellowTr& Coach MfgB 10 314 304 314
150 254 Mar 32% June
Yellow Cab Co Inc (Chic) * 3935 3855 40
1,170 38
Mar 55% Jan
BondsCairo Bridge Jr Fer lot M
555% 20-yr s f g b__1947
9834 98% 83,000 9735 June 98% June
Chicago City Ry 5s_ 1927
82
82
1,000 75
Jan 83% June
Chic City Jr Con Rys 5s27 6334 60
634 34,000 .5235 Jan 7391 June
Chicago Railways 5s__1927
81
81
6,000 7435 Jan 8634 May
1st M ctf of dep 5s_ _1927 84% 7991 8435 4,000 74% Jan
8434 July
5s Series A
1927 63% 6355 63% 3,000 58 June 71
May
53 Series B
1927 4434 44
44% 6,000 35
Jan 5135 June
Colwood lot 65
1942
97% 9734 15,000 9755 June 9734 Juno
Commonw Edison 5s_ _1943
103 10455 2,000 102% July 10534 Apr
Hous G Geo sf g 6%31931 104
102% 104
16,000 96
Jan 110% May
Loew's T dr R 1st 6s s f '47
100 100
4,000 100
Mar 100
Mar
Sou United Gas 1st 1 6%
gold bonds "A" __1937
98
98
6,000 98
May 98
May
South United Ice 6s__1937 9755 9755 9756 10,000 97% July 9755 July
Swift Jr Co 1st s f g 58_1944
101% 102% 2,000 10134 Jan 102% May
United Pub Serv Co 15-yr
6% C TO B
_ _1942 97% 9734 9755 11,000 97
July 9756 Apr
United Public Serv,
"A"-Co 2-yr
6% G N
1929
9955 0954 6,000 9934 Apr 9935 Apr
United Pub UM Co F I
6% GB "A"
1947 9955 99
9956 11,000 9855 June 101
May
United Pub Util Co 2-yr
gold notes
1929
9835 9955 14,000 9834 July 9935 May
United Elec (L P) 58
8455 8455 8,000 84% July 8455 July
Western P 11 Jr L 2-yr 6%
enIrl not,.
1029
Inn
ion
10 000 100
July 100
July
* No par value.
San Francisco Stock and Bond Exchange.-Record of
transactions at San Francisco Stock and Bond Exchange
July 9 to July 15, both inclusive, compiled from official
sales lists:
Friday
Sates
Last Week's Range for
Range Since Jan. 1.
Sale
of Prices.
Week.
StocksPar. Price. Low, High, Shares.
Low.
High.
American Trust Co
Anglo Calif Trust Co
Bancitaly Corp
Bank of California, N A_
Bank of Italy
Calamba Sugar corn
Preferred
California Copper
Calif Oregon Power prof_
California Packing Corp__ _
Calif Petroleum corn
Caterpillar Tractor
Coast Co Gas& El 1st pref_
East Bay Water "A" pref
Emporium Corp, The
Ewa Plantation Co
Fageol Motors. pref
Federal Brandeis
Fireman's Fund Insurance_
Foster Jr Klei er, corn_
Great Western Power pref_
Hale Bros Stores
Hawaiian Corn'l Jr Sugar
Hawaiian Pineapple
Home Fire Jr Marine Ins
Honokaa Sugar
Honolulu Cons 011
IlutchinsonSug Plantat'n
Illinois Pacific G0109 "A"
LA Gas Jr Electric pref
Magnavox Co
Magnin I corn
Nor Am Investment prof
North American Oil
Oahu Sugar
Olaa Sugar
Onomea Sugar
Paauhau Sugar Plantation_
Pac Light Corp 6% pref
Pacific Lighting Corp corn _
Pacific Tel Jr Tel common_
Preferred
Paraffin(' Co's Inc corn_ __ _
Phillips Petroleum common
Piggly Wiggly W Statea"A"
Pig'n Whistle preferred____
Pioneer 151111
Richfield Oil
S F Sacramento RR pref
S J Lt Jr Power common__
Prior preferred
"II" 6% preferred
"A" 7% preferred
Schlesinger (B F)"A" corn
Preferred
Shell Union Oil common
Sherman Jr Clay 7% pref- Sierra Pacific Elec pref____
Southern Pacific
Sperry Flour Co common
Prpfprnvl
345 34756
27 300
Jan
208 208
208
10 105
Jan
123% 12255 12455 9,655 8955 Jan
245 245
12 245
May
173
172% 173% 3,010 171
Apr
73% 72% 73%
240 68
Apr
84
20 80
84
Apr
205 205
50
2 June
5 102% Jan
10334 103%
63% 6294 6334
840 61
Apr
2,390 21% Jan
2394 2355 24
2755 27
299-5 19,283 2634 Feb
55 94
9694
9634 96
Jan
9655 9655 9694
133 95% June
950 3055 July
3094 3055
41
41
10 4055 May
6
80
654
1555 15% 16
1,015
9% Feb
9055 9094
470 83
Mar
12% 12% 1234
30
103% 103 10355
80 101
June
33
33
55 30 June
Apr
50 48
5034 5034 5034
5055
50% 50
70 4935 Feb
______
28% 28%
275 2834 Mar
100
394 3%
3555 3555 3555
256 33% Apr
14
530 12% Jan
14
800 31% Apr
34
3234 34
290 98% Feb
10355 101% 10335
1,300 300 June
30c 34c
34c
525 16% Apr
17% 18
18
16 92% Jan
95
______ 95
445 2855 Apr
3534 35% 36
25 35
Jan
36
36
327
11%
8
11
Jan
10 40
Jan
4134 4155
11% 11%
10 1155 Apr
1134
345 97
Feb
10234 102 10335
220 311
Feb
465 475
475
388 123
Mar
138
13614 138
135 102
11455 116
Mar
116
6434 11,341 13355 July
64% 60
110 38% June
3834 3855
23
65 19% Jan
23
20 15% Jan
16
16
16
29%
29
67 2555 Apr
1,325 1455 Mar
1834 1834 1934
185 10
Feb
18
19
66
56
50 49
Jan
56
10755 10955
87 10655 Jan
Jan
102 102
15 97
100 10635
Jan
90 103
Apr
75 20
5 2255
2234 223,
60 39
9255 9255 9255
May
Apr
______ 26% 27% 2,845 26
93
10 02
93
July
90
Jar
15 87
______ 89
11935 11955 119%
195 10655 Jan
Jan
______ 63% 53%
15 44
0711 9795 98
135 9256 Jan
398
232
125%
270
687
75
85
5
105
69%
33
30
97
9855
39
45
Feb
Feb
June
Jan
Apr
June
June
Jan
Mar
Jan
Jan
Feb
May
Feb
Mar
Jan
18
92%
Apr
Jan
10455 Mar
364 Jan
50% June
55% Feb
32% Jan
4255
1455
35%
103%
75c
28%
95
48
39
1355
44
12
103%
475
143
116
13955
59%
23%
1655
29%
2655
19
56
109%
102
t00%
2355
93
3114
9735
92%
119%
54
08
Feb
Slay
May
July
Feb
Jan
May
Feb
Jan
May
Juno
Jan
July
July
Juno
July
Mar
Feb
Jan
Jan
June
Jan
July
July
Feb
July
June
June
June
Feb
Apt
Feb
July
Jun(
Jun(
JULY 16 1927.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Spring Valley Water
40 10134 Jan 101% Mar
10234 10234
Standard 011 of Calif
5334 53
5331 2,326 5034 Apr 6031 Jan
61 2534 Jan 2734 Mar
Telephone Invest Corp_ __ _ ------ 27q 2734
Texas Consolidated Oil__ _ _ ------ 65c 87e
May 95
10,000 40
Feb
Union Oil Associates
40
4034 1,813 3734 Apr 5614 Jan
Union Oil of California_ __ _
4131 4234 1,740 3934 Apr 5631 Jan
42
Mar
4,000 12734 July 200
U S Petroleum
12734 130
270
Yellow & Checker Cab.. _ _ _
87-4 9
9
220 95% Feb 101% May
Zellerbach Paper 6% pref__
9934 9934 9931
Zellerbach Corp
Jan 3434 July
3434 3231 3431 11,145 28
•No par value.
Pittsburgh Stock Exchange.—Record of transactions
at Pittsburgh Stock Exchange, July 9 to July 15, both
inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares
Range Since Jan. 1.
Low.
High.
Amer Vitrified Prod p1.100
June
May 92
10 80
9234 923-4
Am Wind GI Mach corn 100 37
Jan
May 52
385 35
36
39
Jan
Preferred
Mar 80
100
25 70
703-4 7034
Am Wind Glass Co pret_100
Jan
Apr 109
90 101
105 105
Arkansas Nat Gas com10
97-
@FedFRASER