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financial
The
runtrie
INCLUDING
Railway & Industrial Compendium
Public Utility Compendium
State & Municipal Compendium
Railway Earnings Section
VOL. 123.
r,Itt
SATURDAY, JULY 24 1926
Bank and Quotation Section
Bankers' Convention Section
NO. 3187.
Comptroller's letter saying that in casting about to
find new sources of revenue consideration is actually
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viously known only too well. In a very comprehenCHICAGO OFFICE—In charge of Fred. H. Gray, Western Representative
208 South La Salle Street, Telephone Harrison 5616.,
LONDON OFFICE—Edwards & Smith. 1 Drapers' Gardens,
London, E. C. sive article in one of our issues a little over a year
WILLIAM B. DANA COMPANY, Publishers,
ago ("Chronicle" of Aug. 22 1925, pages 881 to 889),
Front, Pine and Depeyster Streets, New York
again in our issue of Oct. 24 1925 (pages 1949 to
and
Published every Saturday morning by WILLIAM D. DANA COMPANY.
President and Editor. Jacob Seibert; Business Manager, William
1953),
we went into a study of the subject at great
D.
Treas. William Dana Seibert: Sec. Herbert D.Seibert. Addresses of all. Office Riggs;
of Co.
length and sought to bring the City electorate to an
The Plight of New York City—Comptroller
appreciation of the gravity of the subject. A muBerry's Impressive Warning.
nicipal election was impending at the time at which
In a subsequent part of this issue (see Vages 385 the head of the City Administration for a term of
and 386) we reproduce a confidential letter which four years was to be elected, and we
sought to inComptroller Charles W. Berry of New York City duce our public-spirited citizens
to prevail upon the
recently addressed to all the members of the City different Mayoralty candidates to
give a pledge not
Board of Estimate and Apportionment with refer- to continue any of the policies which lie at the
botence to the finances of the City. From this letter tom of the trouble that is now so seriously embar—or "memorandum," as perhaps, to be strictly ac- rassing the new City Administration under Mayor
curate, it should be called—it is apparent that the James J. Walker. But it is very difficult to excite
City's finances furnish no little occasion for solici- public interest in such matters, even at the
time of
tude. The memorandum, we are told, was dictated a City election settling party control
for a term of
on June 23, but it did not find publicity until the four years, and accordingly, no
such pledges were
New York "World" obtained a copy of it and spread obtained. Even now very
few persons seem to be
it broadcast on Monday of last week. The letter, or impressed with the
serious import of such a suggesmemorandum, is a very important document, be- tion as a tax on city visitors,
and the newspapers
cause it deals with certain phases of the City's treat the matter very lightly.
Its significance, howfinancial condition of an extremely urgent charac- ever, is such
as should arouse the whole community
ter in a straightforward fashion, without attempt out of its inexcusabl
e apathy. At all events, now
at disguise, and the "World" must be deemed to have that official proclamat
ion has been made of the
rendered a public service in having obtained a copy fact the matter can
no longer be postponed and it
of it and given publicity to it. In some introduc- will have to be dealt with—and
in a manner befittory remarks the "World" says the letter warns ting its importance. Unless
the matter is taken up,
"of a grave situation in the financial affairs of the and handled
as it deserves, it will not be long before
City of New York," and this is a mild characterizathe City will be facing actual financial disaster.
tion of its contents.
In the main, but not entirely, the burdens under
We might go further and say that the finances of
which the new City Administration is laboring are
the City are actually in a desperate state. Rather a
legacy of the eight years' rule of the Hylan Adgrim confirmation of the truth of the assertion is
ministration. The Hylan regime was without doubt
found in the reports that have appeared in several
the most profligate in the history of the City. Exof the daily papers since the publication of the
travagance in every direction was allowed to flour-
Throutcte
366
[VOL. 123.
THE CHRONICLE
ish, expenditures of the most reckless and inexcusable kind were incurred, salary lists extended and
increased, salaries themselves raised to prodigal extremes and no attempt made anywhere to retrench
and economize. If proof were needed of the fact it
would be sufficient to point out, as we did in our
articles a year ago, that whereas the City budget,in
1916 was only $212,956,155 and in 1917 no more than
$211,114,136, and even in 1918, when Mayor Hylan
entered office for the first time, was only $238,123,759 (this latter budget having been the last adopted
by the Mitchel Administration); on the other hand
the budget for the current year of 1926, and the last
adopted by the Hylan Administration was no less
than $437,000,000. In other words, in the eight
years of the Hylan Administration the City budget
-,—the amount of the yearly expenditures—was added
alto in the huge sum of, roughly, $200,000,000, or
entirely
is
ed,
remember
most doubled. This, be it
in
independent of the increase in the same interval
net.
the City's permanent indebtedness, gross and
office,
On Jan. 1 1918, when Mayor Hylan entered
was
debt
t
permanen
the gross funded and other
two
his
of
$1,219,548,477; on Jan. 1 1926, at the end
terms of office, the gross debt had run up to $1,566,013,785. In the same eight years the net funded
debt, after deducting the sinking fund holdings, inNor
creased from $1,025,799,039 to $1,295,119,180.
growth
does this tell the whale story of the menacing
additions
ve
prospecti
in City indebtedness. The
the
are larger than any already incurred. Through
bound
acts of the Hylan Administration the City has
ess
itself fo continuous increases in City indebtedn
construesubway
in order to provide the means for
large permaI ion and other similar work involving
kind the
nent outlays. As a specific instance of the
approval
definite
gave
City in the spring of last year
system of new
to a project for building an extensive
no less
rapid transit lines, involving an outlay of
than $542,915,000.
Now comes Comptroller Berry's letter, or memorandum, making the startling announcement that
be
the 1927 budget, work on which is shortly to
as
estimates
al
provision
such
begun, according to
an
even
involve
will
it is possible to make thus early,
larger budget of expenditures than that of 1926,
which was of such overwhelming magnitude. The
announcement is not merely startling; it is posithe tertively alarming. It was supposed that with
mination of the Hylan regime the end of the period
had also been
of constantly swelling budgets
enough to
sanguine
reached. Some of us were even
total of the
hope that substantial reductions in the
and is so
was
it
since
budgets would- be effected,
and exus
superfluo
plainly apparent that many
off
traneous items of expenditure can be lopped
impairing
without detriment to anyone and without
City is
the
that
functions
in the least the many
the record is again to be broken, and the budget
swollen to even more appalling proportions than before. The Comptroller's figures foreshadow another
addition of nearly $40,000,000, which would bring
the 1927 budget up to $476,000,000. This is larger
than the expenditures of the entire Federal Government in the years immediately preceding the war,
including the Army, the Navy, the pensions, and
everything else. In order that the reader may have
the figures before him in graphic form and in statistical shape, we introduce here the following, showing the budget in each of the eleven years from 1916
to 1926, inclusive, and indicating also how much of
the budget in each year has consisted of the City
payroll, for this last constitutes the most important
item in the story:
YEARLY EXPENDITURES OF NEW YORK CITY.
Year.
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
Total Budget.
8212,956,155 81
211,114,136 82
238,123,759 20
248,025,434 88
273,689,485 13
345,540,039 77
350,601,570 07
353,350,975 67
375,968,000 08
399,618,885 44
437,000,000 00
*476,000,000 00
Of Which Pay Roll.
$97,072,519 32
102,113,260 31
104,567,373 45
111,058,497 85
130,546,894 28
112,289,980 61
174,420,545 46
184,989,373 27
192,206,145 43
204,714,824 86
213,534,186 44
(?)
* Comptroller's estimate.
Before proceeding further with our discussion, it
seems desirable to impress the reader with the magnitude of such a budget as $476,000,000 for the conduct of our civic Government, since in this age of
rapid expansion where projects and undertakings
involving billions upon billions of dollars are of
common occurrence, the general public is likely to
lose its sense of proportion and fail to recognize
what is involved in City expenditures of such truly
vast proportions. A very apt way of bringing the
ordinary person to a realization of the size of such
expenditures, when applied even to a City with such
a large population as New York City, is that which
was employed by us in our second article on the subject of the City's Plight, published in the "Chronicle" for Oct. 24 last, namely to consider the expenditure in relation to population in order to arrive
at the per capita expenditure. The population of
2
the Greater New York may be roughly taken as 61/
in000
millions. Accordingly, a budget of $476,000,
volves a per capita tax for the support of the City
Government of roughly $73. It follows as a consequence that for a family of five persons the cost of
running the City Government is $365 per year. This
in turn means that an average family of five persons
is called upon to bear a tax,in one form or another,
in higher rents and higher living costs of $7 per week
in order to maintain the City Government in its different functions. We may therefore repeat the
query we put in our article of last October and ask,
Is not a tax of $7 per week for this puipose an inordinate and exorbitant burden, and are we not wholly
called upon to perform.
it evidences a record
Instead, the Comptroller confronts us with the within bounds when we say that
of inefficiency, of profligacy and wanton waste
possibility, nay the almost absolute certainty, that
JULY 24 1926.]
THE CHRONICLE
which must be brought to a quick close else disaster
will result. In 1917, the last year of the Mitchel
Administration, the population was about 51/
4 millions and the budget $211,114,136; the per capita
expense was therefore only $40, and the average
charge for a family of five persons no more than
$200 instead of the. present $365 per year, making
the burden per week $4 in contrast with the cost
now of $7 per week.
Comptroller Berry in his letter lays especial stress
on the additional burden which the projected outlays will involve in additions to debt and rapidly
augmenting interest charges and in meeting the
yearly deficit from the operation of the new subways
on the basis of a continuance of the 5-cent fare,
when, according to carefully prepared computations
of the Board of Transportation, as submitted to the
Board of Estimate and Apportionment under date
of May 26 1925, the new subways cannot be made to
pay their way at less than an 8-cent fare. That
certainly constitutes a formidable element in the
problem, but the fundamental cause of the trouble
lies much deeper. It is found in the reckless way
in which expenditures have been enlarged, year by
year, all the way from $5,000,000 a year to over
$70,000,000 a year, as is indicated by the tabular
statement which we have presented above. Except
for this the additional burdens imposed by new
subway construction, heavy though they be, would
not be so difficult to bear, but coming on top of
ordinary budget outlays already exceeding the
bounds of prudence, the burden threatens to become positively crushing. How relief is to be provided, however, from the new burdens will tax the
ingenuity of the wisest men, since the 5-cent fare has
been firmly imbedded in the law and there appears
to be no getting away from it. Besides, during the
Mayoralty campaign of last autumn Mr. Walker also
definitely committed himself in favor of a continuance of the 5-cent fare. There seems, therefore, no
alternative, by which even partial relief from the
new burdens can be obtained, except possibly by
assessing a portion of the cost of the new subways
upon abutting property owners and the feasibility
of such a step may well be questioned. If the attempt were made we are sure it would quickly appear that the harm and damage inflicted in a great
variety of ways would completely outweigh any
possible good to be derived by the City at large.
All this makes it all the more important that the
problem should be attacked at its root and some
means be devised for not only checking the constant
growth of expenses, averaging in all recent years
some $40,000,000 per annum, but for reducing very
substantially the yearly total of the expenditures
with a view of bringing them back to proper, reasonable limits. The Comptroller cites the increase
in interest and sinking fund charges as one of the
factors contributing to the steady rise in expenditures, but that that is only one of the elements in the
problem is made apparent by the table which we
367
have given above and which shows that in the ten
years from 1916 to 1926 the City payroll has been
increased from $97,072,519 to $213,534,186.
This great expansion in the payroll is the twofold result of an increase in the number of the City
employees and an increase in their wages, or compensation, which increases have been made in most
prodigal fashion, as we showed in our article of a
year ago. Yet at this very moment the school teachers are clamoring for a further increase in their
pay which with extra pensions would involve new
outlays per year estimated to run between $15,000,000 and $30,000,000, depending upon the extent to
which the demands for the pay increases were complied with. In forecasting for 1927 a budget aggregating $476,000,000, Comptroller Berry does not appear to have taken these demands of the school
teachers into abcount, and if they were granted to
the full extent the budget would be brought very
close to the half-billion-dollar mark. Whether included or not, the Board of Estimate and Apportionment should resolutely set its face against further pay increases of any kind. That has not been
the policy of the new Board thus far. Only recently
they voted pay increases in the case of a considerable number of City employees out of money expressly provided for the purpose and included as a
special item in the budget of 1926. They might well
have refrained from such a course and left the money
appropriated for the purpose unused in the City
Treasury, seeing the acute stage of the City's financial affairs. Now that the Comptroller has brought
so forcibly to the attention of every member of the
Board the grave financial problem that confronts
the City there will be no excuse for further pay increases of any kind hereafter.
And the City should be frank and straightforward
in rejecting such demands. The refusal should be
put upon the indisputable ground that the City
hasn't the money for the purpose. This, too, should
be the answer to the school teachers' demands. They
should be told merely that the City has no money to
comply with any such demands, no matter from
what source the demands may emanate. In the
light of such circumstances it would be a waste Of
time to give consideration to the merits of their
case. That is entirely beside the mark. The situation in that respect is no different from that of the
ordinary private individual who finds himself finan,
ciallY embarrassed. If he hasn't the money, he
simply can't pay any increases, however much he
would like to do so.
Then drastic steps should be taken to get rid of
unnecessary employees and to eliminate superfluous
and to reduce extravagant items of expenditures.
The room for economy here is almost boundless.
The Comptroller touches quite lightly on this phase
of the matter, but he does mention just a single item
which speaks volumes as to the conditions which
exist in that particular. He makes bold to say that
real economy can be effected in the matter of de-
368
THE CHRONICLE
partmental maintenance and then mentions as an
illustration of the kind that "the City's bill for
automobile service, leaving out the Police, Fire and
Street Cleaning Departments, has increased from
$500,000 in 1917 to nearly $4,000,000 in 1926. Taxi
service costs 50 cents per mile to maintain." To
which he adds the further statement that "this is
only one of the many items known to experienced
budget makers where it is possible to effect savings."
The Comptroller expresses the opinion that "salaries
and wages paid by the City do not give much room
for economy because in many instances City employees are underpaid"; but in this, few competent
observers will agree with him. He tells us, however,
that "economies might be effected by reducing the
number of departments, thus following the example
set by the State." There are a number of places,
he goes on to say,"where the overlapping of departmental functions is obvious; there also are a number
of positions which could be abolished without detriment to the City service."
All this is significant and should be heeded and
enforced. But the inquiry should by no means end
there. The matter of the City's solvency is at stake.
Even a very superficial observer could indicate
numerous other ways for cutting down expenditures.
As one instance, the radio broadcasting station in
the Municipal Building should be turned over to
private agencies and made the source of revenue instead of a constant source of outgo. In a court proceeding last summer one of the affidavits averred
that the City records show that in addition to the
original cost of $55,800 for the station, its maintenance and personal service payroll had grown until
in the 1925 budget these called for $44,088. The
station is not now being abused in the way it was
during the nylon Administration, but broadcasting
is not one of the legitimate functions of a municipal
Government.
Then, steps should be taken to prevent for the future at least, such attempts as those by which the
nylon Administration sought to increase the pension allowance of a large number of City employees,
including Mayor nylon himself. These all resigned a
little before the close of the nylon Administration,
but while it was still in full control of the City Government, so that they might be legally entitled to,
and be given these special favors. Mayor nylon
himself resigned the day before the cl me of his term,
in order that he might come within the provisions of
the law and the City ordinances. He voted himself
a pension of $4,215 a year. In April last the Supreme Court handed down an opinion, from which
an appeal has been taken, holding that all these acts
were invalid. About $500,000 altogether seems to
have been involved in this test case. But whether
the acts are finally found to be valid or invalid,
active steps should be taken to prevent similar occurrences in the future on the part of anyone.
Granting pensions to elective office-holders is an
anomaly anyway in municipal affairs, and should
[VoL. 123.
be made completely impossible for the future—certainly in the case of a municipal officer like Mayor
nylon, who was getting a salary of $25,000 a year.
The mere fact that an office-holder has to resign
before the end of his term to get the benefit of the
pension, shows that the pension was never intended
to apply to such persons.
The whole matter of the City finances and the
City expenditures has now reached a pass where,
for the continued solvency and financial integrity
of the City and the maintenance unimpaired of its
credit and financial standing, it must be dealt with
in a broad and comprehensive manner. Complete
confidence in the ability of the City to shoulder the
growing volume of obligations and burdens being
imposed upon it can be restored in no other way.
Mayor Walker has recently appointed a Committee
on City Planning composed of some of the most eminent men in the city. Everyone has the utmost confidence in the new Mayor's good intentions and in
his sincere desire to bring about efficiency and economy in the conduct of the City Government. Of all
the aspects and details of City Planning, what is
more important than a wise planning for the administration of City finances. Indeed, in view of -the
disclosures in Comptroller Berry's letter, that matter completely overshadows in importance and extreme urgency planning of every other kind.
The personnel of the sub-committees of this Committee on City Planning and Survey has not yet been
decided upon, but the subject expressly assigned to
one of the sub-committees is that of New Sources of
City Revenue. We would suggest, therefore, that
the Mayor request this committee, when appointed,
to make a thoroughgoing investigation into the subject of the City finances and report at an early day.
In selecting the members of this committee the
Mayor should also bear in mind their fitness for the
task thus to be imposed upon them. We notice
among the names on the full committee of 475 Otto
H. Kahn and Mortimer L. Schiff, and these eminent
financiers might well be chosen to head the subcommittee, in view of the fact that the investigation
will involve such intricate and complicated financial questions that only experts in such matters can
be deemed qualified for the work.
At the time of the appointment of the committee
it was stated that every one of the members had
agreed to serve and Mayor Walker in his remarks on
June 21 before the full committee expressed his
gratitude and appreciation at the fact that they had
all come "freely offering your services in an endeavor to help the officials of this City to work out
some scientific method for its improvement and its
government." In these circumstances neither
Mest.rs. Schiff and Kahn, nor the others designated
to serve with them, could well refuse to accept the
commission given them. These men, too, would be
rendering an inestimable service in thus acting. We
are persuaded that they would go into every detail
of the City's finances and its expenditures and reve-
JULY 24 1926.]
THE CHRONICLE
nues, and uncover every defect and every weak spot.
Moreover, by reason of their force and character
their recommendations would find universal acceptance. In this way only can the problem be
solved once and for all, and the path for the future
be so clearly charted that no doubt will ever again
arise as to the ability of the City to preserve its
credit and its integrity for all the long years to
come.
The Financial Situation.
While the stock market has been the subject of
wide fluctuations—early strength with rising prices
being followed by sharp downward reactions as the
result of the financial debacle in France—domestic corporation bonds the past week have ruled at
about the same prices as in the previous week or
. declined fractionally. With the approach of the
autumn crop moving season it is customary to expect some seasonal weakening of prices and it may
be that several other influences are operating. There
is a possibility that the rate of turnover and the
margin of profit in some industries have diminished,
requiring a larger amount of working capital to
carry a given amount of business. The requirements
of industry often result in the withdrawal of funds
from bond investments. And it is not unlikely that
several industries producing semi-luxuries have been
pushing sales aggressively by the extension of longer
credits.
The moderate recession in the quotations for
United States Government bonds has been attributed to the same influences as those operating in the
case of corporation bonds. The Liberty Loan issues
and Treasury securities are undoubtedly very sensitive to money conditions. In addition, the Liberty
Loans have recently lost much of their attractiveness to investors seeking tax exemption. Up to
July 2 of this year one might hold $50,000 in principal amount of the various 4% and 41/
4% Liberty
Loans free of Federal income taxes and surtaxes.
After that date the exemption was reduced to $5,000
principal amount, although the First 3/
1
2s continue
to be exempt from income taxes and surtaxes. They
therefore show a somewhat lower yield than the
others and the distinction would probably be more
marked were it not for the fact that surtaxes vary
with individual incomes and cannot well be expressed in general market quotations.
The spectacular further decline in the French
franc, aggravated by lack of confidence in the shortlived Herriot Ministry, had a curious effect on the
French dollar bonds. Last Saturday the external
8% bonds issued in 1920 were selling at 102%, the
71/
2% bonds issued in 1921 at 95% and the 7% bonds
issued in 1924 at 91. On Monday and Tuesday they
all declined fractionally and by Wednesday quotations had receded to as low as 100, 92% and 867
/
8,
respectively. The low prices occurred on limited
transactions, most of the bonds sold during the day
moving at higher prices. The announcement that
would undertake to form a Cabinet on
Poincare
•
Thursday resulted in an irregular recovery, the 71/2s
at one time selling at 94% and the 7s at 89%. The
recovery in the 8s, which were characterized by the
greatest activity in the group, carried them to 101.
Friday's advices that Poincare had succeeded in
369
forming his Cabinet resulted in little further advance, although the 8s sold at 100% at the close.
The total outstanding amount of the French Government dollar bonds publicly held is considered to
be in the neighborhood of $250,000,000, which should
not prove a great burden in terms of French finance.
The French dollar bonds have often been characterized by market instability. The 8s were offered in
September 1920 by J. P. Morgan & Co. and a syndicate at par. In 1921 they sold down to 96 and up
4 in 1922,90in 1923,
to 1013
/
4;they were-aslow as 931/
and as high as 109 in 1924. They fluctuated between
106 and 983
/
4 in 1925. The 7y2s were brought out
at 95 in May 1921 and sold as low as 84 in 1923. The
7s, priced at 94 in December 1924, registered a low
of 86 in 1925. It is thus evident that the declines in
the French bonds during the week did not reach unusual proportions. In fact, it is conceivable that
the recent crisis in Paris may eventually prove beneficial to the French dollar bonds. The maintenance
of this debt service is of fundamental importance to
French national credit and the proportion of the
total amount to the total French national debt is
very small. The recognition of the currency crisis
and its eventual solution might well provide a more
cheerful background for the dollar issues.
Before the stock market became reactionary, the
Anaconda Copper 7s. due 1938. established a new
/
4 in response to the strength in the comhigh at 1073
mon stock, into which they are convertible at 53. On
several occasions this conversion feature has been
on the verge of becoming attractive. The Brooklyn
Union Gas convertible 51/0 of 1936 were active, ad/
4, comparing with a high for this
vancing to 1513
year of 152. There was considerable activity in the
Bethlehem Steel consolidated mortgage bonds, the
Dodge Bros., Inc., 6s of 1940, the Seaboard Air Line
consolidated 6s of 1945 and the Pan American Petroleum & Transport convertible 6s of 1934.
New financing for the week has been extensive.
On Tuesday a syndicate headed by Dillon, Read &
Co. offered $8,000,000 Seaboard Air Line Ry. consolidated mortgage 6s, due 1945, at 95%. The previous day, Kuhn, Loeb & Co. brought out $4,600,000
New Orleans Texas & Mexico Ry. first 5s, due 1956,
at par. Both these issues represented additional
amounts under existing mortgages and in each instance the company has been making extensive improvements and additions in growing territory. A
somewhat similar motive characterized the offering
of $15,500,000 Wabash Ry. refunding and general
5s, due 1976, at 95%, by Kuhn, Loeb & Co., on Tuesday. A significant issue for a traction company
was that of $5,000,000 first 6s, due 1951, of the
Dallas Railway & Terminal Co. by Tucker, Anthony
& Co. and associates.
Public utility offerings were an outstanding feature of the latter half of the week. On Wednesday
a syndicate headed by W. C. Langley & Co. offered
$18,500,000 West Penn Power Co. first 5s, due 1956,
at 100%. This important subsidiary of the American Water Works & Electric Cq., Inc., has been
growing rapidly in its highly developed industrial
territory. In this case also, the issue was another
series of an old mortgage. The tendency to create
an open financing medium has been more pronounced
in recent years, avoiding the restrictions placed
upon a property which may result in the inability of
370
THE CHRONICLE
the company to finance its requirements. The Chicago Rock Island & Pacific Ry. first and refunding
mortgage is understood to have hindered that road
in making improvements.
On Thursday the Bankers Trust Co. at the head of
a big syndicate advertised $25,000,000 Gatineau
Power Co. first 5s, due 1956. The bonds were priced
at 94 and represented financing on the part of a water power subsidiary of the International Paper Co.,
with a generating capacity to be operative in 1928 of
397,500. horsepower.
The Government cotton crop report as of July 16,
issued yesterday by the United States Department
of Agriculture forecasts a yield for the present season of 15,368,000 bales of 500.pounds gross weight,
exclusive of linters. This is a drop of 267,000 bales
from the Department's June 25 estimate, and compares with a harvest of 16,103,679 bales in 1925, 13,627,936 bales in 1924, 10,139,671 bales in 1923, 9,762,069 bales in 1922 and only 7,953,641 bales in 1921.
The present estimate of 15,368,000 bales is based on
a condition of 70.7% of normal upon the 48,898,000
acres in cultivation on June 25 last and a ten-year
average for abandonment of acreage. The condition
of 70.7% of normal compares with a condition of
70.4% at the same time a year ago, and with 75.4%
on June 25 last. A drop in condition at this time is
a thing that is usual, the condition a year ago having declined in this period 5.5%. In 1925 at this
time the Department estimated that the crop would
be about 13,588,000 bales, with a condition of 70.4%,
and an estimated acreage of 46,448,000 acres, with
a yield per acre of 140 pounds, while the actual
production turned out to be 16,103,679 bales. What
the final outcome will be remains to be seen, but
there are possibilities of getting the largest crop of
cotton ever produced in this country.
Of course, this depends entirely upon the part
played by the various influences that will affect the
crop during the remainder of the season. One of
the main things to be taken into consideration is the
damage and destruction that may be brought about
by insects, such as weevil, fleas and grasshoppers.
According to the Department's computations, if the
developments during the remainder of the season
are as unfavorable to the crop as during 1921, 1922
and 1923, a total production of only 13,476,000 bales
may be expected. On the other hand, if later developments are as favorable to the crop as during 1924
and 1925 a total production of 16,628,000 bales may
be expected. The yield per acre for this year's crop
is now placed at 155.8 pounds, which compares with
158.5 pounds on June 25 this year, and with 167.2
pounds in 1925, 157.6 pounds in 1924, with a fiveyear average of 144.2 pounds and a ten-year average
of 153.7 pounds.
Virginia, North Carolina, Florida and New Mexico are the only States showing an increase in condition between June 25 and July 16; the increase
ranges from 2% to 9%. All of these States, however, with the exception of North Carolina, raise
only a small part of the crop. In North Carolina
the increase in condition was 5%. The condition
for South Carolina, Oklahoma and California remains the same, while all of the other States show
a decline in condition ranging from 1% to 9%.
Texas, the largest cotton producing State, shows a
decline of 7%;Georgia,9%;Arkansas and Alabama,
[voL. 123.
7%, and Mississippi, 8%. The condition in
Louisiana and Arizona declined 2%. In all of the
other States not mentioned the condition has
dropped 1%.
At last France has decided to try a Coalition Cabinet in a seemingly desperate effort to save the
country from the serious financial situation into
which the prolonged quarreling of its political leaders had brought it. The task of forming such a
Cabinet was allotted to Raymond Poincare, "three
times a Premier, and President of the Republic during the World War." President Doumergue selected him after having received a request to do so
signed by 250 members of the Chamber of Deputies.
It took M. Poincare 36 hours to form the new Cabinet, his fourth. The Paris representative of the
Associated Press cabled last evening that "the Cabinet is composed exclusively of political veterans, including, with M. Poincare, no fewer than six former
Premiers. All the others have been Cabinet members before, with the exception of the Labor Minister,
and he is a son of the late President Fallieres."
Continuing, the correspondent said: "After visiting the Elysee Palace to inform President Doumergue of his success, M.Poincare said to the newspaper men: 'We wanted to form a Cabinet of the
largest national union in which all parties would
be represented, without taking account too closely
of the representation of groups. We have tried to
fulfil our task in the most high-minded spirit possible.' M. Poincare added he had found no difficulties in his path, because he insisted upon forming
the Cabinet without regard to personal preferences.
He is holding an informal Cabinet meeting at his
home this afternoon and expects to present the new
Ministers to the President this evening. The Premier announced that, at the same time the new Cabinet faced the Chamber of Deputies, next Tuesday, he
would introduce his financial bill. M.Poincare was
loudly cheered by a crowd outside the Elysee Palace
as he left, after seeing the President."
Besides M. Poincare, the other former Premiers
are Aristide Briand, Minister of Foreign Affairs;
Louis Barthou, Minister of Justice; Albert Sarraut,
Minister of Interior; Edouard Herriot, Minister of
Education, and Georges Leygues, Minister of Marine.
The eleventh Cabinet of Aristide Briand, Premier
of France, went down over the week-end. It happened Saturday night, July 17, and was the result
of the demand of Joseph Caillaux, Finance Minister, that the Chamber "give the Cabinet dictatorial
fiscal powers as the basis of his plan to save the
franc." The vote was 288 to 243.
The situation just before the demand was made
was outlined in part as follows in a special Paris
cablegram to the New York "Times" on July 16:
"Having been told by the American Government
that there is no chance of obtaining at present a
modification of the Mellon-Berenger treaty, the
French Government late to-day decided to stake its
financial program and its existence in a strenuous
effort to force through Parliament the American
debt settlement as it stands. The Finance Minister,
Joseph Caillaux, presented his bill for the delegation to the Government of decree power in the work
of financial reform and announced definitely that
JULY 24 1926.]
THE CHRONICLE
he would ask ratification of the Washington and
London debt accords before the Chamber adjourned,
as their ratification is essential to the whole scheme
of financial reform."
The New York "Herald Tribune" representative
added: "The Chamber begins to-morrow one of the
most critical debates, perhaps, in the history of the
Third Republic upon the Briand-Caillaux Government's finance reform bill and at the moment the
franc is weakening under conditions which might
be described as verging on a panic and the public
is rushing to demand repayment of maturing Treasury and national defense bonds. Joseph Caillaux,
Finance Minister, appearing before the Chamber's
Finance Commission late to-day after the franc had
fallen unprecedentedly to 42.49 to the dollar and
206.40 to the pound, told the Commission that the
Government measure, including the right to decree
fiscal reforms in the next four months, and all depending on the ratification of both the American
and British debt agreements must be passed by the
Chamber before the Bourse re-opens next Monday
morning. 'Otherwise,' said the Finance Minister,
not take any further responsibility.'"
Discussing the question of responsibility for the
overthrow of the Cabinet, the Paris representative
of the New York "Times" said in a cable message
late Saturday night that "the honor or dishonor of
the day goes to Edouard Herriot, President of the
Chamber and leader of the Left, who quit the Presidential chair to lead the fight against the Government and to defend the sanctity of Parliamentary institutions. There is without doubt a connection between M. Herriot's solicitude for the rights of Parliamentary government and his hope that to-morrow
President Doumergue will once again send for him
to form a Government." He further stated that
"when Premier Briand went to the Elysee soon after
8 o'clock to hand the Government's resignation to
President Doumergue, he advised the President of
the Republic to make haste in forming a new Government, saying he thought it essential that this be
done by Monday morning. As the resigned Cabinet
came down the steps of the Presidential Palace,
M. Briand had a tired and worn look. 'Now,' he
am a free man and I am going fishing tosaid,
morrow.' M. Caillaux, on the contrary, was jaunty
and full of pep. He seemed not to be grieving over
his defeat and rather had the air of a man who felt
he had made others afraid of him. He appeared to
have quite a lot of steam left, and circumstances recall the saying that the French politician is dead
only when the undertaker gets him. M. Doumergue
followed the Premier's advice and at 9 o'clock sent
for President de Selves of the Senate and President
Herriot of the Chamber for the customary consultation."
Apparently M. Herriot's political opponents were
on hand, even that evening, as he went to the Elysee Palace in reply to a summons from President
Doumergue. The "Times" correspondent said:
"When M. Herriot arrived at the Elysee Palace tonight to confer with President Doumergue on the
Cabinet crisis a crowd quickly surrounded his automobile and greeted him with boos and catcalls. It
was impossible for the car to get to the gate of the
Elysee. Police reserves were hurriedly called and
made a lane to the courtyard door through which the
371
President of the Chamber was able to pass. At midnight M. Herriot said he had discussed the political
situation at length with the President of the Republic, but that he had not been asked to-night to form
a Cabinet. When the question was put whether he
expected to be asked, M. Herriot replied in the affirmative and said he would accept. He refused to
indicate what sort of combination he contemplated."
Commenting the next day upon the difficulties
encountered by M. Herriot at the outset, the "Times"
representative said: "But now, twelve hours later,
the unhappy Cartel chief finds that the bed he made
for himself when he engineered the defeat of the
Briand-Caillaux Government last night is full of
thorns instead of the petals his roseate imagination
foresaw. The new Herriot Cabinet consists so far
of M. Herriot. None of the other leaders of the
Chamber or Senate show any enthusiasm about linking their political fortunes with him. When M. Herriot awoke this morning a note was handed to him
from M. Briand saying that the ousted Premier had
gone fishing down in Normandy and requested particularly not to be disturbed. Of course M. Briand
knew the note was well directed because he had
'advised' President Doumergue last night to let M.
Herriot see what he could do with his victory. At
the Elysee M. Herriot explained to President Doumergue that he hoped to form a Cabinet of the large
coalition, incliiding if possible Socialists on the Left
and Poincarists headed by M. Mann on the Right.
President Doumergue replied that he thought such
a Cabinet would obtain a large vote in the Chamber.
Full of hope, M. Herriot set about his task. He
wrote a letter to Leon Blum, head of the Socialists,
inviting his party to join the new Government, and
a letter to M. Mann asking him to come and see him
to discuss the formation of the new Government.
The result of his efforts to-night is that the Socialists in a meeting marked by an excellent pugilistic
contest replied to M. Herriot that they would take
part in any Cabinet which pledged itself to a capital
levy. M. Mann has informed M. Herriot that although his group found him very convenient in getting M. Caillaux's scalp yesterday he did not wish
to join a Herriot Government. Of course, M. Herriot
cannot get a capital levy either through the Chamber or Senate, and therefore the Socialists' letter
was a refusal. Questioned to-night, M. Mann said,
with respect to a Herriot Government, that he preferred to remain in opposition. 'It is plain enough
that a Coalition Cabinet is not possible under M.
Herriot,' he said."
The New York "Herald Tribune" correspondent
added in a cablegram to his newspaper the same eveDing that "the impression is that he will fail and
that the task will pass into other hands. His efforts this afternoon to reconstruct the old cartel of
the Left failed when the Socialists decided not to
participate in any Ministry not their own, and not
to support any Government not advocating the capital levy as the main plank in its program for the
nation's financial recovery. On leaving the Elysee
Palace to-night, Herriot made it plain, however, that
if he is successful in assembling a new Government
to-morrow, the keystone of his policy would be to
'bring about the solution of France's problems by
France's own means.' This can only be interpreted
372
THE CHRONICLE
as hostility to the ratification of the debt pacts and
to foreign credits, which the non-partisan committee
of experts already has told the country were its only
hope of avoiding national bankruptcy."
In a special London cable dispatch to the New
York "Herald Tribune," also on Sunday evening, it
was asserted that "dismay reigns in financial circles here over the overthrow of Joseph Caillaux.
Although the financial district frankly was doubtful whether M. Caillaux would last as Finance Minister, the critical moment in the Chamber of Deputies was not expected to develop before Tuesday at
the earliest, and the news of Caillaux's downfall,
which arrived late last night, filled banking men
with the deepest misgivings as to the future of
France. So important was the event deemed that,
late as the hour was, the Resident Secretaries in
Downing Street at once sent the news to Prime Minister Baldwin and Chancellor of the llxchequer
Churchill who were passing the week-end in the
country." It was added that "the political consequences of the downfall of the tenth Briand Cabinet
are being watched here with as much anxiety as the
financial results. The fear is openly expressed that
France has taken another step on the road to a dictatorship, and Edouard Herriot has come in for a
great deal of criticism, especially in Liberal quarters, for the part he played in upsetting Caillaux.
In refusing to give the Finance Minister dictatorial
powers the English Liberals assert that he has inadvertently administered a severe blow to Parliamentary institutions in France and helped win converts in his country to Mussolini's viewpoint that a
liberal democratic regime is powerless to save a nation in a crisis." Continuing, the correspondent
said: "Herriot, however, is not the only scapegoat
being held up in rebuke in England. The others are
Caillaux himself—and the United States. America
is taken to account by 'The Daily Mail,' which editorially blames the debt funding policy of the United
States from the time of the armistice as the cause
for all the troubles which are afflicting France today. 'The Daily Mail,' which has by far the largest
circulation of any newspaper in Britain, evidently
thinks that the indirect attacks on the debt policy
of the American Government by Winston Churchill,
the direct attacks by the anti-Administration newspapers in the United States, the Peabody letter and
the parade of the war cripples in Paris have made
the time opportune for an assault on the Mellon
line."
Edouard Herriot eventually succeeded in forming
a Cabinet. Late Monday night, July 19, the Paris
representative of the New York "Times" cabled that
at 11 o'clock to-night the Elysee announced the formation of a new Government headed by Edouard
Herriot." He claimed that "the Cabinet is mediocre
in composition, and, far from being the coalition
Cabinet the country desires, is almost exclusively of
the Radical Left. Outside MM. Herriot, Painleve
and LoucheuA,the Government contains none of the
country's big leaders. The important post of Minister of Finance goes to Senator Anatole de Monzie."
Continuing to outline the difficulties with which
the new Premier was confronted and to comment on
the personnel of the new Ministry, the "Times" correspondent said in part: "The new Cabinet is not
what the country needs and it is difficult to see how
[VoL. 123.
it can achieve anything. It is overwhelmingly opposed to ratification of the Berenger treaty and one
of its planks will be that France does not need foreign credits, but under the banner of true republican leadership can save its own finances in the same
spirit as it won the Battle of the Marne. But M.
Herriot did not command at the Battle of the Marne.
No one denies that M. Herriot is persistent, and in
financial matters it will probably be revealed that
he is consistent. He is noted as a man who resorted
to concealed inflation and if he remains in office this
time long enough to get hold of the helm there is
every prospect that the first accomplishment of his
Government will be further inflation. There is no
chance whatever of the new Government inspiring
that confidence which will obtain the return to
France of the capital which has fled. The heavy
fall of the franc on the Paris Bourse to-day was
caused by further flights of French capital and the
procedure will certainly continue to-morrow. The
path of the new Herriot Government was paved with
good intentions. M. Herriot tried his best to get
MM. Poincare, Briand, Tardieu and Mann into his
Cabinet to give it better tone. They declined the
honor. To-day he offered the post of Finance Minister to Louis Barthou, President of the Reparations
Commission, who declined without thanks. Therefore M. Herriot has probably done the best he could
with the material left. M. Herriot is in a difficult
position, not having all his own party behind him.
Saturday night, when he hooked his wagon to the
Nationalist attack on M. Caillaux, 75 Radical Socialists voted for the Government, while only 48
voted for M. Herriot. At a meeting of the Radical
Party to-day, M. Herriot's friends introduced a motion criticizing those who voted for M. Briand, This
motion was defeated by a good majority, and thus
M. Herriot's own party turned on him. The whole
Right will fight the new Cabinet and the Communists will be against it. Its only hope lies in the
Socialists, which means that its only hope lies in
espousing the Socialist fiscal panacea." According to expectations at that time, the new Cabinet
will go before Parliament on Thursday, and meanwhile will draft its financial program. It is impossible to say to-night what this program is since
it does not yet exist."
It was pointed out by the New York "Times" correspondent that "the Government which M. Herriot
has brought together is the fourteenth since M. Clemenceau ended his work on Jan. 17 1920, and the
seventh since the general elections of the spring of
1924 unseated the Conservatives and brought in the
present Premier for the first time with his Socialist-Radical Government, supported by the Socialists.
His new Government, with the exception of himself
and M. de Monzie, who has already served as Minister of Finance; M. Painleve, the Premier who succeeded M. Herriot on Oct. 29 1925, and M. Loucheur,
said to be the richest man in France, who has already been Minister of Finance, is principally composed of men of local rather than of national reputations."
The Paris representative of the New York "Herald
Tribune" was still less hopeful of the success of the
new Ministry. He cabled Monday evening "that the
Ministry will fall upon its first demand for a vote
of confidence in the Chamber of Deputies on the policy of a disguised capital levy and other radical
JULY 24 1926.]
TH v.
CHRONICLE
measures as a financial panacea would not be surprising. With the franc falling to about two cents
in value, extra policemen guarded the streets leading to the Bourse and the banks near the boulevards
where the holders of internal bonds were clamoring
to buy foreign currency. The Government has forbidden broadcasting companies to announce financial and commercial quotations, such being confine
d
to Government bulletins when necessary. This
is
construed as the first stage of a censorship, also
suggested by announcement of the postal authori
ties that telegrams will be subject to long
delays
for a few days 'on account of storms.'"
That at last the business situation in France
was
greatly upset by the continued severe declines
in the
franc was set forth in a long Paris dispatc
h from
the Paris representative of the Associated
Press
Tuesday afternoon, July 20. In part he said:
"Members of the Chamber of Deputies were
more engrossed to-day in the fall of the franc
than in
Edouard Herriot's new Cabinet, completed
yesterday. Several told of rising impatience among
their
constituents, especially the business
people; who
seem almost unanimous in calling for a
committee
of public safety, with full powers to save the
currency. The economic pinch is now regarded
as the
most potent factor in the exchange situati
on, because of its influence on the general
confidence.
The Paris Bourse of Commerce to-day took
stringent
measures to prevent speculation in sugar
by deciding no deals will be approved at prices
higher than
last Friday's closing. This action somewh
at calmed
business circles, but the franc again
weakened and
went nearer the 2-cent mark, at 49.33 to the
dollar.
The silk manufacturers of Lyons, of which
M. Herriot is Mayor, created a sensation by an
outspoken
address to the Presidents of the Chamber
and Senate and the Chairmen of the Parliamentary
Finance
Committees. They declare their industr
y is in an
inextricable situation, as it is no longer
possible to
adapt their financial resources to their
needs for
foreign exchange to buy raw materials.
They blame
the frequent Ministerial changes and
procrastination in settling the financial problem." He
added
that "rumors that the new Government would
resort
to further inflation are denied officially.
Finance
Minister de Monzie is credited with a plan
for forced
conversion of the whole interior debt,
including the
national defense bonds, with a view to
relieving the
Treasury of this menace. Evidences of ill
humor on
the part of Parisians is now cropping out
in different ways. While the growing impatience of
the people is causing anxiety in official quarters, it
is hailed
by many followers of the situation as a welcom
e development, since it is regarded as the thing
best calculated to spur Parliament to effective
action."
With the franc continuing to slump day after
day,
"the new Herriot Government decided to-n
ight
[Tuesday] to go before the Chamber for a showdo
wn
to-morrow afternoon at 5 o'clock instead of waiting
until Thursday." The New York "Times" correspondent in the French capital cabled that evening
that "announcement of this set at rest reports that
because of dissensions the new Cabinet had decided
to resign at once. The differences which developed
in the Cabinet meeting, which lasted from 3 o'clock
this afternoon until 10 o'clock, were said to have
li
373
arisen over Finance Minister de Monzie's request
for full powers similar to those asked by M. Caillaux.
Such a program was rejected by Premier Herriot,
who based his successful fight against the Briand
Cabinet on Saturday night on opposition to special
powers for the Government. M. de Monzie issued a
statement late to-night in the form of a blanket denial of the reliability of reports of any financial
plans credited to him."
Realizing the possibility if not probability of the
new Herriot Ministry failing to obtain support from
the Chamber of Deputies, steps were attempted in
advance to still have a Government by giving the
President virtually the powers of a dictator. In a
special Paris dispatch to the New York "Herald
Tribune" Tuesday evening, it was stated that "Deputy Morinaud, of the Radical Left, a party a trifle
to the right of M. Herriot's Radical-Socialists, announced that he had procured the signatures of 250
Deputies to a petition to be presented to President
Doumergue in the event of the fall of the Herriot
Cabinet, demanding that the President himself exercise his constitutional prerogative of forming a
Ministry of national union regardless of politics,
which would deal with the financial situation before
disaster overtook the nation and function as did the
non-partisan Cabinet headed by Georges Clemenceau
at the darkest period of the war." It was made
known also that "another petition of the same character began to be circulated in M. Herriot's own section of the Chamber of Deputies to-day, Henry
Franklin-Bouillon obtaining many signatures to this
document. Thus it would appear that already a
majority of the Chamber as well as of the Senate is
against M. Herriot's cartel Government even before
it appears in the Lower House. To-night's session
of the Cabinet followed a three-hour meeting this
afternoon, when it became known that M. Herriot
and Anatole de Monzie, his Finance Minister, were
in disagreement over the means of meeting the coming State obligations, mainly the rush of bondholders
with demands for redemption. Two alternatives are
open—inflation of the currency or a temporary
cessation of the payment of these bonds. At the
end of the meeting M. Herriot motored to the Elysee
Palace to consult President Doumergue."
The Herriot Cabinet made its declaration to the
Chamber of Deputies at 5 o'clock Wednesday afternoon. The Paris representative of the Associated
Press cabled that "the newly formed Herriot Government, in its Ministerial declaration before the
Chamber of Deputies to-day, set itself on record
as opposed to inflation of French currency and in
favor of payment of all debts." The program of The
new Ministry was further outlined as follows:
"There will be no foreign loans, the Government asserts; the country must save itself. Foreign currency held abroad by Frenchmen must be returned
to France, a special account for that purpose to be
opened by the Bank of France. The strictest economy will be enforced, beginning with the State services. No reference is made in the declaration to a
capital levy, but it mentions 'a special tax on assets
not in the service of the public credit.' The declaration is very short and concludes with a demand for
immediate approval or rejection of the program. It
was received by the Chamber in ominous silence,
_374
THE CHRONICLE
rvoL. 123.
broken only by handclapping from a few scattered $30,000,000 is still left of the $100,000,000 which
was advanced to the Poincare Government in 1921
Socialists."
to defend the franc. This amount will be converted
The stock market at this centre was considerably into francs according to the needs of the Government
disturbed in the late trading on Wednesday by the so as to meet current expenses above the resources
publication of a dispatch sent out from Paris by the of the Treasury when the legal limit of advances
United Press Association in which it was stated which the Bank of France can make has been
that "Minister of Finance de Monzie told the Cham- reached. The urgency of the measure resulted from
ber to-day that he feared the Bank of France would rapid depreciation of the Government credit during
be compelled to suspend payments to-morrow." This the last few days. The second article of the bill
proved to be incorrect, according to an Associated sanctions an increase of circulation above the 38,Press dispatch later the same evening. It stated 500,000,000 already legally authorized by an amount
that "he said that by ordering the sale of the re- equal to the product of conversion of the residue of
maining funds of the Morgan loan he would have the Morgan credits. This ingenious way of provid'prevented the cash windows from closing to-mor- ing new francs and further resources for the State
row.' The Minister plainly referred to the cash was adopted by 275 to 195 in the Lower House after
windows of the Treasury, where national defense protests by the Socialists and others that it was
bonds are reimbursed. His words were erroneously merely disguised inflation. Early this morning the
interpreted in some quarters as meaning that the bill passed the Senate."
cash windows of the Bank of France would close."
Raymond Poincare went promptly to the task of
The Herriot Ministry lasted only two days from forming a virtual Coalition Cabinet. The Associated
the time it was formed and only four hours after it Press correspondent in Paris cabled Thursday afterwent before the Chamber of Deputies Wednesday noon that "the burden of saving the franc was asafternoon. It went down by a vote of 290 to 237. sumed to-day by Raymond Poincare, former PresiThe Paris correspondent of the New York "Herald dent of the Republic. At the request of President
Tribune" cabled that, "foredoomed to failure from Doumergue he began to-day the formation of a 'naits inception, the Herriot-de Monzie Ministry lived tional Ministry." M. Poincare started his task by
four hours in the Chamber of Deputies, beginning calling on former Premiers Briand and Herriot and
late to-day, and was defeated by a vote of 290 to former Foreign Minister de Selves. Returning home,
237 at 9 o'clock to-night." Continuing he said: he received a delegation from the Parliamentary
"Seldom before has France had a Ministry which group which favors a 'national union' Cabinet. M.
met with such a surge of reprobation from the pub- Poincare later had a brief interview with President
lic and press. If it had survived in the Chamber by Doumergue, to report progress. It is understood he
a narrow margin its fall in the Senate to-morrow insisted he must be both Premier and Finance Minhad become absolutely certain. Following presenta- ister to have sufficient authority to effect econotion of the resignations of the members of the Her- mies."
riot Cabinet, President Doumergue lost little time
Illustrative of the lack of real cohesion among the
in beginning preparations for a new Ministry. After consultation With President de Selves of the political leaders, notwithstanding the financial
Senate and the Vice-President of the Chamber he crisis, it might be well to call special attention to a
immediately summoned Raymond Poincare, war- Paris dispatch to "The Sun" Thursday evening. It
time President of the Republic, and formerly Pre- stated that "the Socialists and Communists and
mier, who arrived at the Elysee Palace near mid- part of the Radicals will doubtless remain the opponight. M. Poincare left the Elysee shortly after- sition, hence the 'national union' would be limited
ward, having definitely accepted the offer to form to the Right Centre and the Moderate Left, with
France's new Government along the lines of a Min- the emphasis in the Left Centre. Joseph Caillaux,
istry of Sacred Union. The new Cabinet may be who is a bitter personal adversary of M. Poincare,
-day in the lobbies
Oonstituted as early as to-moirrow night," The is vigorously attacking him to
"Herald Tribune" correspondent went so far as to and still hopes for his own return to power. Several
assert that "Poincare is the one man in France of the Radicals are objecting to M. Poincare as
whose presence at the head of the Government will Premier, saying that President Doumergue should
resurrect the national confidence, figuratively have held to his original idea of making M. Sarraut
speaking, over-night. Whatever his policy, it is Premier, with M. Poincare as Finance Minister. If
expected that the entire nation will accept it with- by some unforeseen contingency M. Poincare fails,
out question, due to his reputation for almost Cool- doubtless this Sarraut-Poincare combination will
immediately be substituted." The New York "Heridgesque honesty."
ald Tribune" correspondent cabled late Thursday
I3oth Houses of the French Parliament acted night that "at a conference of Raymond Poincare,
promptly with respect to the utilization of the bal- Aristide Briand, Albert Sarraut, Louis Barthou and
ance of the so-called Morgan loan to help stem the other principal figures now in the limelight a comrapidly ebbing financial tide. Early Thursday promise was reached on the constitution of the Cabmorning the Paris representative of the New York inet M. Poincare is forming whereby M. Poincare
"Times" cabled that "late last night after the resig- will assume the Premiership and the Ministry of
nation of the Herriot Ministry the Chamber adopted Finance, M. Briand the Foreign' Affairs portfolio,
a bill presented by Finance Minister de Monzie au- M. Sarraut the Ministry of the Interior, in which
thorizing a convention with the Bank of France for he would control the police in the event of elections,
the utilization of the remainder of the Morgan cred- and M. Barthou the Ministry of Justice." He added
its for State purposes. It is understood that about that "this arrangement is subject to the approval to-
JULY 24 1926.]
THE CHRONICLE
morrow of the Radical-Socialists, who are to hold a
caucus before M. Poincare sees President Doumergue„ and who are likely to insist that the Premiership remain in their ranks. In view of the
national emergency, M. Poincare is said to have
agreed in such a case to relinquish the Premiership
to M. Sarraut, but retain the Finance portfolio himself." Announcement was made the same evening
tat "Raoul Perk, former Finance Mininster, was
elected to-day as President of the Chamber of Deputies, which post he held from 1920 to 1924. He succeeds Edouard Herriot, the Radical leader, who quit
the Chamber Presidency to form the Ministry which
fell yesterday." An official announcement in Paris
yesterday showed that the forecast of the personnel
of the new Cabinet was substantially correct. .
A controversy has arisen between Winston Churchill, Chancellor of the British Exchequer, and members of the House of Commons, and the United
States Treasury Department with respect to war
debts. The former were quoted as taking the ground
that our dovernment had displayed a distinctly
commercial spirit with regard to this question.
The London representative of the New York "Herald
Tribune" cabled on July 19 that "grave warning by
Hilton Young that 'minority Americans who make
commercialism their god are imperiling the future
good relations between the United States and Great
Britain'featured a debate on war debts in the House
of Commons this evening." As to the identity of
the speaker the correspondent said that "Parliament
was captured by the brilliant speech on the effect
of the Baldwin debt settlement on Anglo-American
relations by this back-bencher, who is one of his
country's leading financial experts and only to-day
was appointed by Premier Baldwin as a member of
the British delegation to the League of Nations Assembly in September. Though quite recently converted to the Conservative Party from Liberalism,
Mr. Young spoke with the air and authority of a
Minister." The speaker was quoted as saying also
that"we have begun to pay our debt to America, but
our Allies have not yet begun to pay us smaller
amounts. What is amiss is this: We have regarded
that matter as more than merely a commercial debt,
but the United States has not. Either the United
States entered the war because of common motives
and ideals or as mere mercenaries. I believe that
those in America who took the latter view comprise
a small majority misrepresenting the true spirit
of that great nation. But, while the British Minister cannot go cap in hand to America asking for the
remission of the debt, America ought to remember
that it is a matter of deep concern to Anglo-American relations in the future. There was a little rift
in Anglo-American relations, due to this minority
which makes commercialism a god. The tie of common memories of the war is a little loosened, and it
may be necessary to look for another alliance."
Philip Snowden, Chancellor of the Exchequer in
the Labor Cabinet of Ramsay MacDonald, attacked
Winston Churchill, complaining that "the United
States had made a much better bargain with Great
Britain than Britain had with France or Italy." He
charged also that "he [Churchill] crumples up every
time he comes into contact with a representative of
a Continental debtor country." Continuing, Snowden said that "in fifteen years the United States will
375
be taking from Europe, on account of war debts,
£80,000,000 yearly. That means it will take a day's
labor of 320,000,000 workers in Europe to pay this
annual tribute to the United States. America in
fifteen years' time ill be getting far more than Germany will be paying in reparations. This is a situation that cannot continue permanently. It is not to
the interest of America that it should continue.
There is certainly a change of opinion taking place
in the United States regarding those debts."
It was not at all surprising that the Treasury Department at Washington should have made prompt
reply. According to a special Washington dispatch
to the New York "Times" on the evening of July.20,
"a rejoinder was made by the Treasury to-day to
the statement in the House of Commons yesterday
by Winston Churchill, Chancellor of the Exchequer,
in contradiction of Secretary Mellon's assertion that
Great Britain borrowed a large portion of its debt
from us for 'purely commercial as distinguished
from war purposes.'" It was explained that "the
Treasury's response took the form of a statement
of the British account with the United States in
connection with war loans. The essence of the figures was at variance with the British Chancellor's
declaration that of $7,000,000,000 spent by Great
Britain in the United States she had borrowed
$4,000,000,000 and provided the other $3,000,000,000
from her own independent resources." The dispatch
further stated that "the data made public to-day by
Under-Secretary Winston were designed to back
up the declarations of Mr. Mellon in his letter to
Frederick W.Peabody, which drew dissent from Mr.
Churchill. Mr. Mellon is now at sea bound for
Europe. The Treasury statement admits that the
total reported British expenditures in the United
States aggregated $7,219,408,669, but added that
$1,853,612,246 of these were met by reimbursement
from other Allies out of funds loaned to those Allies
by the United States and that this was not provided
for out of England's 'own independent resources.'
This left about $5,366,000,000, of which $1,682,000,000 represented 'exchange and cotton purchases.'
The greater part of the .latter expenditure is declared by the Treasury to have been 'for the maintenance of sterling exchange for purchases in America, but which enabled England to make purchases
at an unprecedented exchange rate.'"
That level-headed Englishmen were coming to
realize the mistake that had been made in attacking
the war debt policy of the United States was indicated in a special London cable dispatch to "The
Sun" Thursday evening. The author said that,
"with evidence rapidly accumulating that Americans at home as well as tourists abroad are resenting the efforts of Mr. Churchill and of Lord Rothermere in particular to give Americans at large a lesson in the meaning of war debts and to make them
accept the idea that they are gouging the world,
there is a demand in many quarters here to-day for
the cessation of this unique educational campaign.
There are members of the British Government who,
while agreeing that Mr. Churchill has made out a
good case, nevertheless question the wisdom of his
eagerness at all times to tweak Uncle Sam's nose on
this issue. Lord Rothermere's campaign is frankly
described in important political and financial guar-
376
THE CHRONICLE
ters as disastrous and calculated to introduce an
element of bitterness into the debts question which
may have the effect of impairing relations. Mr.
Churchill is one of a group of British politicians
who for a long time have been obsessed with the idea
that some profitable clearing of the air might be
done in respect of the debts question by giving the
American public a close-up of the situation through
British spectacles."
It developed later the same day that so far as the
Government was concerned the controversy had not
come to an end. The New York "Herald Tribune"
correspondent in London cabled that "Great Britain recognizes the right of the United States to let
off France, Italy and her other debtors on easier
terms than Britain if she so desires, but Washington must not give as a reason for its discrimination
the excuse that a large part of Britain's borrowings
during the war were used for her own commercial
purposes." He explained that "this is the argument
of a tart and lengthy communique issued by Winston Churchill to-night. In adding another chapter
to his controversy with Secretary of the Treasury
Mellon, the Chancellor of the Exchequer complains
that the American Treasury's allegations that the
money borrowed by Britain from the United States
was not all used for purely war purposes is 'a misconception of the facts to which the necessary corrections' must be made."
Marshal Pilsudski continues to experience not a
little difficulty in the establishment of a real dictatorship in Poland, or even in the carrying out of
any of his ideas with respect to a new Government.
In a special wireless message from Warsaw to the
New York "Evening Post" on July 17 it was claimed
that "Pilsudski's indirect dictatorship will be a limited .one, and he will not be in the same class as
Premier Mussolini and General Primo de Rivera by
the time the measure for constitutional changes gets
through the Polish Diet." The correspondent added
that "constant hammering by the Left parties has
prevented the complete overthrow of the Constitution, which last week seemed imminent. To-day a
compromise has been drafted by the committee
charged with preparing the constitutional reform
measures. It has its first reading in the Diet.
Sweeping Governmental powers, as provided for in
the original bill, are included in the new measure, but
a time limit is set for their existence. The Government will be permitted to issue dictatorial decrees
affecting the organization of administrative offices,
budget matters and finances generally only until October 1927. The new bill eliminates entirely any alterations in the Constitution or electoral law. Such
changes have been bitterly opposed by the Diet,
which, as a whole, regards the new bill as a victory
for Parliament. It is expected that the new bill will
be placed before the Diet for its second reading today and that the third and final reading will be early
next week."
The uncertainty and apprehension existing in the
minds of the people were outlined in another Warsaw dispatch to the "Evening Post" two days later.
It was asserted that "the 'legality' of Marshal Pilsudski's procedure since the May revolution has not
succeeded in averting international complications,
which, as was expected, have arisen from his curious
[VoL. 123.
indirect dictatorship. As it is not clear to any one
inside or outside Poland exactly who is responsible
for the Government, there is a wide opportunity for
the wildest rumors and in the neighboring countries,
which were made most restive by the May coup, these
rumors find ready credence." The correspondent
further said that "Pilsudiki needed only to call a
Council of the War Ministry, which he heads, to
awaken fears among all the small States surrounding Poland and give the Nationalist German press
an opportunity to reveal the Polish war plans and
thus add new fuel to its campaign to keep alive the
German determination to recover the Polish corridor. That Pilsudski's Council actually laid any of
the fantastic imperialistic plans attributed to it is
officially denied and what all the world knows is
emphasized, that Poland is in neither a political nor
a financial position to undertake hostilities."
Developments on Tuesday made the situation look
more encouraging for Pilsudski. The New York
"Times" representative in Warsaw cabled that evening that "the new Government's program of reforms was sent forward to the third reading late
this evening in a form which will undoubtedly meet
with nearly unanimous approval in the final vote on
Friday. While its measures are only a shadow of
what the Government originally demanded, its approval definitely indicates that Premier Bartel has
achieved a political success of great proportions, if
not a genuine victory." He further declared that
"acceptance of the program by the various parties
constitutes a vote of confidence and any such approval of the post-revolutionary Cabinet had heretofore been sternly withheld by the Seim. Moreover,
the accord was reached after the Premier's bold
statement yesterday which constituted a virtual
declaration of independence from Marshal Pilsudski's dictatorship."
The chief features of the program were given in
part as follows in a special Warsaw wireless message under date of July 21: "Parliamentarism has
won a victory over dictatorship in Poland. The
changes adopted in the second reading of the Government's bill in the Polish Parliament do not fundamentally impair the democratic constitution.
They amount, rather, to merely technical reforms.
The most radical reform authorizes the President
to dissolve Parliament and gives Parliament the
right to dissolve itself by a two-thirds vote. This
power is mitigated by a stipulation that a new election shall be held within 90 days after dissolution.
Such power as this is enjoyed by Presidents in a
number of other countries with Parliamentary government; for instance, Germany. Parliament is
further empowered to pass a bill giving the Government the right to issue decrees on certain questions
at certain times, that is to say, to transfer full powers to the Government in case of a crisis. Whether
Parliament will finally piss such a measure is still
to be determined and will be debated only after the
third reading of the Government's bill on Friday."
Very little progress appears to have been made
toward a settlement of the British coal miners'
strike. Prime Minister Baldwin was said to have rejected the plan proposed by English clergy to solve
the problem. On July 17 the London correspondent
of the New York "Times" cabled that "the interven-
JULY 241926.]
THE CHRONICLE
tion of the churches in the coal stoppage is not likely
to bring about a settlement. The proposals made
by the leading Bishops of the Church of England and
the Free Church leaders, and accepted by the miners,
envisaged a further Government subsidy to enable
work to be resumed for four months at the old
wages. Stanley Baldwin, the Prime Minister, in a
letter to the Bishop of Litchfield, stated emphatically that further subsidy is now out of the question."
Apparently the strikers have been able to hold on
largely because of the financial assistance received
from outside sources. In a special cable dispatch
from Paris to the New York "Times" on July 21 it
was stated that "all question as to who were the
chief financial backers of the British coal miners'
strike was set to rest to-night with an announcement from the International Miners' Federation that
the Russian Soviet Government had contributed
$2,100,000 to the British miners' unions with which
to carry on the strike. A total of nearly $3,500,000
has been received from all sources, including foreign countries, for the striking miners. Although
the actual figures for America were not given out,
it is believed that a large share of that part of the
fund described as 'from other sources' came from
America. British mine leaders attending the present session of the Federation urged further and even
larger contributions, so that the strike can be maintained for six months, if necessary. It became increasingly evident that hope of curtailing or entirely
stopping shipments of coal from other nations to
Britain is very slight. The British leaders plan to
concentrate upon financial aid, so that the strike can
be prolonged for several Months."
There has been no change in official bank rates
at leading European centres from 7/
1
2% in Austria;
7% in Belgium and Italy; 6% in Paris and Berlin;
5/
1
2% in Denmark and Norway; 5% in London and
2% in Sweden, and 3/
Madrid; 41/
1
2% in Holland
and Switzerland. In London open market discounts
were still virtually unchanged, at 41/
4@4 5-16% for
/
8% for short bills
short and long bills, as against 43
and .4 5-16@4%% for three months a week ago.
Money on call in London was steady and closed at
1
2% last week. In Paris
31/
4%,in comparison with 3/
the open market discount rate was advanced from
5/
1
2% to 534%, but in Switzerland was quoted at
2%%, unchanged.
The Bank of England in its latest weekly statement reported another addition to gold holdings, this
time of £398,761, thus bringing the total up to £151,733,845, as against £163,234,260 last year and £128,269,723 in 1924 (before the transfer to the Bank of
England of the £27,000,000 gold formerly held by the
Redemption Account of the Currency Note Issue).
Furthermore, circulation again declined—£122,000,
with the result that the reserve of gold and notes in
the banking department increased £521,000, while
the proportion of reserve to liabilities advanced to
24.58%, as compared with 24.01% last week,31.%%
a year ago and 18%% in 1924. Public deposits continue to shrink, a further reduction of £1,741,000
being shown, but "other" deposits increased £960,000. Loans on Government securities increased
£1,615,000 and loans on other securities declined
£2,934,000. Reserve aggregates £30,136,000, which
compares with £39,592,625 a year ago and £21,747,-
377
003 the year before that. Note circulation aggregates £141,348,000, in comparison with £143,391,635
and £126,272,720 one and two years ago, respectively, while loans total £69,942,000, as against £69,761,557 in 1925 and £73,509,754 the year preceding.
The Bank's official discount rate continues at 5%,
unchanged. Clearings through the London banks
for the week totaled £704,972,000, which compares
with £762,852,000 a week ago and £687,880,000 last
year. We append herewith comparisons of the different items of the Bank of England return for a
series of years:
BANK OF ENGLAND'S COMPARATIVEISTATEMENT.
1926.
1925.
1924.
1923.
1922.
July 21.
July 22.
July 23.
July 25.
July 26.
Circulation
M41,348.000
Public deposits
7,611,000
Other deposits
114,971,000
Governm't securities 40,540,000
Other securities
69,942,000
Reserve notes & coln 30,136,000
Coin and bullion a151,733,845
Proportion of reserve
to liabilities
24.58%
Bank rate
5%
143.391,635
15,574.113
110,690,934
34.960,069
69.761.557
39.592,625
163,234,260
126,272.720
11.336,368
105,575,091
39,682,467
73,509,754
21,747,003
128,269,723
125,717,465
10,462,544
109.383,966
45,633,731
70,556,056
21,672,843
127,640,308
124,747.630
14.296,634
107.576,472
46,504.853
72,243,297
21,098,300
127,403,930
3134%
5%
1/33i%
4%
18%
4%
173i%
3%
a Includes beginning with April 29 1925 £27000000 gold coin and bullion pre
slously held as security for currency note Issue and which was transferred to the
Bank of England on the British Government's decision to return to the gold standard.
S Beginning with the statement for April 29 1925 includes £27,000,000 of Bank
of England notes issued In return for the same amount of gold coin and bullion
held up to that time In redemption account of currency note issue.
_ The Bank of France in its statement for week ending July 15 reported an increase of 87,861,000 francs
in note circulation, bringing the total of that item up
to 55,005,855,090 francs, the highest figure ever
reached. This compares with 44,220,912,845 francs
at the corresponding period in 1925 and with 40,081,713,400 francs for the same time in 1924. After the
fall of the new Herriot-de Monzie Ministry on Wednesday (July 21), a law was passed authorizing the
transfer to the Bank of France of the available
balance of the Morgan credit, amounting to about
$25,000,000, and also authorizing the Bank to raise
the limit of the note issue by an equal amount,
approximately 1,300,000,000 francs. Total obligations of the Government to the Bank of France were
increased, by ark additional loan of 550,000,000 francs
during the week,to 38,350,000,000 francs,the largest
figure ever reached. In 1925 at the same date,
advances to the State amounted to 27,400,000,000
francs and in 1924 they totaled 22,700,000,000. In
the gold item a gain of 7,100 francs was reported.
Total gold holdings now aggregate 5,548,647,425
franc swhich compares with the 5,546,831,184 francs
and 5,543,407,548 francs respectively in 1925 and
1924. Changes among the other items in the Bank's
return were: Silver gained 7,000 francs; trade advances were increased by 36,071,000 francs; Treasury deposits rose 25,371,000 francs, and general deposits expanded 621,151,000 francs. In contrast,
bills discounted fell off 7,871,000 francs. Comparison of the various items in this week's return with the
figures of last week and with corresponding dates in
both 1925 and 1924 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
July 21 1926. July 23 1925. July 23 1924
Gold Holdings.
Francs.
Francs.
Francs.
Francs
In France
Inc.
7.100 3,684.326,518 3,682,510,276 3,679.088,840
Abroad
Unchanged
1.864,321,907 1,864,320,907 1,864,320,907
Total
Inc.
7,100
Silver
Inc.
7.000
Bills discounted_ _ _Dec. 7,871,000
Trade advances__ _Inc. 36,071.000
Note circulation Inc. 87,861,000
Treasury deposita_Inc. 25.371,000
General deposits_ _Inc. 621,151,000
Advances to State_Ine. 550,000,000
5.548,647,425
337.759.820
5,217.981,211
2.340,870,201
55,005.855,090
38.264.526
3.846.733.470
38.350.000,000
5.546.831,184
312,021,639
3,044,675,703
2.986.509,070
44,220.912,845
51.461,526
2,278,400,262
27,400,000,000
5,543,407,548
300.063.011
4,698,172.752
2,696,653,433
40,081.713.400
15,305.415
2,174,048.304
22.700.000.060
378
THE CHRONICLE
In its statement for the week ending July 15, the
German Reichsbank showed that further curtailment in note circulation had been achieved—viz.,
154,695,000 marks, while at the same time there was
a reduction in other maturing obligations of 126,146,000 marks. Other liabilities increased 27,377,000 marks. Increases and decreases were about
evenly divided in the matter of assets. Holdings of
bills of exchange and checks were reduced 80,602,000
marks, but advances increased 5,224,000 marks,
while there were increases also in silver and other
coins of 4,523,000 marks; notes on other banks,
5,407,000 marks, and other assets, 73,209,000 marks.
Reserve in foreign currencies fell 8,968,000 marks.
Gold and bullion holdings, however, recorded another addition of 35,000 marks, to 1,492,304 marks.
At this time a year ago the total was 1,068,673,000
marks and in 1924 469,372,000 marks. Outstanding
note circulation equals 2,738,054,000 marks.
Comparatively minor changes in gold holdings
and substantial curtailment in both rediscounting
and open market operations, were the outstanding
features of the weekly Federal Reserve banks' statements, issued at the close of business on Tuesday.
The.report for the entire System revealed a loss in
gold reserve of $3,500,000, while rediscounting of
paper secured by Government obligations fell $24,300,000. In other bills there was an increase of
$4,800,000, so that total bills discounted were reduced $19,500,000. Holdings of bills purchased in
the open market declined $16,700,000. Shrinkage
was shown in all of the following items: Total bills
and securities (earning assets), $44,400,000; Federal Reserve notes in actual circulation, $26,100,000;
member bank- reserve accounts, $33,800,000, and
deposits, $32,500,000. The New York Bank gained
gold in its operations with interior institutions and
reported an increase of $28,600,000. Rediscounts
of Government secured paper were reduced $21,600,000, while other bills increased $2,400,000; the net
result, therefore was a contraction in total bills discounted for the week of $19,200,000. Bill buying in
the open market decreased $18,100,000. Declines in
total bills and securities were $44,500,000 and in
deposits 17,200,000. The output of Federal eserve
notes was brought down $3,100,000, while member
bank reserve accounts dropped $18,300,000. However, the falling off in deposits both locally and nationally served to more than offset all other changes,
and reserve ratios advanced. For the banks as a
group the ratio advanced 1.01%, to 76.0%. At New
York a gain of 3.6%, to 83.0%, was shown.
Last Saturday's statement of the New York Clearing House banks and trust companies showed further decreases in loans as well as in deposits, but a
large decrease in surplus reserve, mainly the result
of the drawing down of more than $20,000,000 in
member bank reserves with the Federal Reserve
Bank. The drop in the loan item amounted to $56,424,000, while net demand deposits were reduced
$14,259,000, to $4,388,468,000. This total is exclusive of Government deposits to the amount of $21,537,000. In time deposits an increase of $961,000
occurred, bringing the total up to $604,858,000.
Other comparatively minor changes included a decline of $538,000 in reserves of State banks and trust
companies in own vaults and an increase of $204,000
[VOL. 123.
in reserves kept by these institutions in other depositories. Cash in own vaults of members of the Federal Reserve Bank fell $5,734,000, to $42,926,000,
which is not counted as reserve. Member banks, as
noted above, drew down their reserves at the Reserve institution $20,696,000, with the result that
surplus reserves, notwithstanding smaller deposits,
fell off $19,222,400, to $11,329,240, which compares
with $30,551,640 last week. The above figures for
surplus are on the basis of 13% legal reserves against
demand deposits for member banks of the Federal
Reserve System, but do not include $42,926,000 cash
in vault held by these members on Saturday last.
Notwithstanding continued activity in the stock
market, call money was extremely easy. It may be
said that 4%, or a little higher, was the going rate
for actual business. The New York Stock Exchange
stated that the supply was ample and the demand
not particularly active. These conditions prevailed,
although for one day early in the week total sales of
stocks on the Exchange exceeded 2,000,000 shares
and rather closely approximated that level the
greater part of the week. The tone of the time
1
2%,
money market was a little firmer, with bids at 4/
imporSpecial
higher,
reported.
even
a
little
or
tance was not attached to this development. In
some circles, however, it was thought that it indicated firmer money later on, because of the increased
demand to move the crops. Brokers' loans for the
week ended July 14, as announced by the Federal
Reserve Board, showed a decrease of $1,531,000
compared with the previous week. This was the
first decrease for some time. The aggregate loans
stood at $2,601,257,000, against the high level for
this year so far of $3,141,125,000 on Jan. 6. The
decrease was so small as not to be important in itself. Unless the volume of trading in stocks falls
materially below recent levels and the reaction is
carried further, it would not be at all logical to look
for big decreased in the loan account. With the
financial situation in France so acute and with most
of the important currencies so severely depressed,
there was no reason to look for the offering of European bonds in this market. Domestic offerings were
on a rather good-sized scale. The steel trade is at
least holding up, and the ingot production of the
United States Steel Corporation has shown a further advance to about 87% of capacity. The Government weather report was not altogether favorable. With present conditions there is not likely to
be especial change in the aggregate demand for
funds in the near future. More money may be
needed temporarily for harvesting and moving the
crops, but the requirements from other sources may
lessen somewhat.
Dealing with specific rates for money, call loans
have ranged between 4 and 43,1%, against 4@43/2%
last week. However, with the exception of Monday,
when renewals were negotiated at 414%, the high
and the low was 4%; there was no range, call funds
ruling on the remaining days of the week—Tuesday,
Wednesday, Thursday and Friday—at 4%, which
was the only rate named during that entire period.
For fixed date maturities the undertone was firmer
and quotations advanced to 43/2% for sixty days,
ninety days and four months, against 4%@43/27o,
and five and ix months to 43/2@4%%, against
JULY 24 1926.]
THE CHRONICLE
432% a week ago. Toward the close the tone of
the market was softer; but this was evidenced more
by freer offerings, than by easing in rates. Trading
continued quiet and featureless.
Commercial paper was likewise firmer and four to
six months' names of choice character are now quoted
at 4%,as against 3%@4% last week. New England
mill paper and the shorter choice names are being
dealt in at 4%, as against 33
4
1% heretofore. Names
not so well known continue to require 43.%. Country
banks were the principal buyers, with trading only
moderately active. Offerings are still restricted.
Banks' and bankers' acceptances remain at the
levels previously current. The demand was reported
as light throughout, with offerings of prime names
rather scarce. The market was in fact a dull affair,
with trading inclined to be listless. For call loans
against bankers' acceptances the posted rate of the
American Acceptance Council has been reduced from
4% to 332%. The Acceptance Council makes the
discount rate on prime bankers' acceptances eligible
for purchase by the Federal Reserve banks WA% bid
and 33/% asked for bills running 30 days, 3%%
0 asked for 60 days, 33/2% bid and
bid and 337
3%% asked for 90 days, 398% bid and 33/% asked
for 120 and 150 days, and 3%% bid and 35A% asked
for 180 days. Open market quotations are as
follows:
SPOT DELIVERY.
90 Days.
00 Days.
Prime eligible bills
334a334
334a.314
FOR DELIVERY WITHIN THIRTY DAYS.
bills
eligible
Prime
Eligible non-member banks
30 Daiti•
;033‘
—..3--.
3% bid
3% bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS
IN EFFECT
JULY 23 1926.
Payer Maturing--
PXDBRAL MERV&
BANK.
Within 90 Days.
After 90 After 6
Days, but
but
Within sWithin IP
Months. Months.
Com'rcial Secured
Aria et by U. S. Bankers' Trade Agirtad.• Arieurt
Livestock GOMM'S AmpAccepand
and
Payer. Obliga- UMW. Ma*,
Livestock Livestock
n.e.s.
tion:.
Paper. Paper.
4
4
Boston
4
4
4
4
New York
33'
334
334
3
334
4
4
Philadelphia
4
4
4
4
Cleveland
4
4
4
4
4
4
Richmond
4
4
4
4
4
4
Atlanta
4
4
4
4
4
4
Chicago
4
4
4
4
4
4
St. Louis
4
4
4
4
4
4
4
Minneapolis
4
4
4
4
Kansas City
4
4
4
4
4
4
Dallas
4
4
4
4
4
4
San Francisco
4
4
4
4
4
4
•Including bankers' acceptances drawn for an agricultural
and
purpose
secured
by warehouse receipts. dco.
Small up,and down movements with no particular
trend in one direction or the other, characterized
trading in sterling exchange this week. Price levels
were fairly steady and despite an utter lack of interest
on the part of large operators, the range was only a
trifle lower than that of the preceding week, with the
extremes 4 86 3-32 and 4 859 for demand bills. The
market was exceptionally dull and entirely devoid
of news feature of any sort. Unfavorable influences
still operative were the unsettled British coal strike,
which is being viewed with growing alarm by leading
financiers and business men throughout the country,
and is certainly throttling Britain's industries, and
the increasingly chaotic state of financial affairs in
France. Although not directly affected by the
latter, sterling showed an inclination to recede with
379
each fresh dip in the value of the fast vanishing franc.
On the other hand, sterling profited to some extent
by an inquiry on the part of those endeavoring to
convert their franc holdings into some more stable
form of currency. Nevertheless, taken as a whole,
the market for sterling exchange can best be described
as a waiting one with speculation reduced to a
minimum, and large dealers maintaining an attitude
of extreme caution in the matter of filling even
routine requirements.
As regards quotations in greater detail, sterling
exchange on Saturday last was dull and narrow, with
the undertone steady and demand unchanged from
4 86 (one rate) and cable transfers at 4 863/2. On
Monday prices were maintained on quiet, featureless
trading; a range of 4 85 15-16@4 86 1-32 prevailed
for demand and 4 86 7-16@4 87 17-32 for cable
transfers. Better buying sent rates up 1-16c. on
Tuesday, and demand sold at 4 86@4 86 3-32 and
cable transfers at 4 863/
2@4 86 19-32; the market,
however, was still inactive. Wednesday a slight
reactionary trend developed and prices moved down
to 4 85%@4 86 for demand and 4 863@4 863/ for
cable transfers; freer offerings were the principal cause
of the decline. Dulness was the chief characteristic
of trading on Thursday, and there was a tendency
to recession; demand sold down to 4 85%@4 85%
and cable transfers to 4 863@4 86%, On Friday
there was very little business transacted although
rates were firmer at 4 85 13-16@4 85 29-32 for demand and 4 86 5-16@4 86 13-32 for cable transfers.
Closing quotations were 4 85 29-32 for demand and
4 86 13-32 for cable transfers. Commercial sight
bills finished at 4 85 25-32, sixty days at 4 82,
ninety days at 4 803, and documents for payment
(sixty days) at 4 823/
8, and seven-day grain bills
at 4 85 21-32. Cotton and grain for payment closed
at 4 85 25-32.
No gold was reported this week either for import
or export to New York. Considerable interest is
being shown in the announcement recently published
that the $53,500,000 in gold that was transferred
from France during the war against British advances
to France, and mentioned in the Franco-British debt
agreement, is at present in the vaults of the United
States Federal Reserve Bank. This gold, according
to the British Chancellor of the Exchequer, was
transferred to the United States during the war and
has never been included with the British gold reserve.
The Bank of England reported exports of £7,000 to
Brazil, £15,000 to Holland, £18,000 to Spain, and
imports of £137,000 in gold bars, also £250,000
in sovereigns from South Africa.
Conditions bordering closely upon demoralization
developed in Continental exchange trading this week,
almost paralleling those witnessed during the war
era, and French francs (which continue to shape
opinion so far as other European currencies are concerned) suffered in all probability the severest slump
in their history, at least to the lowestlevels. The
reason for this collapse was primarily the downfall
of the Briand-Caillaux Cabinet and with it the hopes
of those who had looked to it for a solution of France's
desperate financial problems. News that the Ministry had failed in its first test was immediately followed by a wild orgy of selling—speculative and
otherwise—that swept the franc from 2.443/ (the
opening figure) to 2.123. Formation of a so-called
380
Herriot Ministry evidently found little favor with
French business interests, since instead of a rally, the
new Cabinet was greeted by another wave of weakness
that sent the franc crashing through the 2-cent mark
to 1.94Y4.. By Wednesday, however, recovery set in
and francs moved up about 24 points, to 2.20, in
response to intimations that a coalition Cabinet might
be formed. It is interesting to note that New York
operators took little or no part in the proceedings; the
declines for the most part occurring before the market
had opened, and in fact reflecting the uneasiness and
complete lack of confidence felt abroad in the position
of France's currency. On the upturn moderate
activity commenced,in the form of buying by several
large local banks with French connections, which in
turn led to active covering of short accounts. Still
later in the week francs again firmed up and recovered
nearly all of the spectacular losses recorded in the
early dealings, touching 2.393/2, but no attempt was
made in responsible banking circles to minimize the
extreme gravity of the situation. News that M.Poincare, one of France's most eminent statesmen, had undertaken the difficult and delicate task of forming a
national ministry, alive to the needs of the occasion
and strong enough to bring about real rehabilitation,
naturally exercised a reassuring effect, but could
not shake off pessimism that is felt over the obstacles to be overcome. It is pointed out that the
relief afforded by expenditure of the last of the
Morgan reserve credit can only be temporary, since
it also removes France's last bulwark against speculation by foreign interests, while in the present position
of the French Treasury, it seems almost impossible
to avoid further inflation, regardless of what steps
are taken politically. Apparently, nothing but the
arrangement of large foreign credits can bring about
the needed stability, and there seems little prospect
of anything of the sort at the present time.
Belgian francs moved in sympathy with the
French unit, though at an appreciably higher level.
The range for the week was 2.45 to 2.16 on dull
but irregular and nervous trading. Lire also suffered in unison and after opening at a slight advance, to 3.403/2, slid off to 3.16%; later some of
the loss was regained and the quotation moved back
to 3.26. According to recent cable advices, Italy's
finances are improving. Reports that a budget
surplus had been achieved created a good impression,
but was largely offset by the fact that Italy's trade
position is not favorable. The proportion of increase in imports over exports is larger than a year
ago. Greek exchange, which has been heavy for
some little time, on political and financial uncertainties, sustained a further loss of about 8 points, to
1.133/2. In the minor Central European group no
important changes were noted. Polish zloties touched
a new high point of 12.00, but later receded to 11.00,
the high point established last week. Trading in all
these exchanges was quiet.
The London check rate on Paris closed at 213.75,
against 206.40 last week. In New York sight bills
2,against 2.3634;
on the French centre finished at 2.343/
1, and com/
2.371
against
2.35,
at
cable transfers
,
A
2.351
a week ago.
against
2.10,
at
sight
mercial
were
francs
for checks
Antwerp
2.383/2
on
rates
Closing
which
transfers,
compares
with
cable
for
and 2.393/2
Reichsmarks
earlier.
unwere
week
a
2.36
and
2.35
affected by the vicissitudes of other surrounding currencies and continue (nominally) at 23.79@23.81 for
both checks and cable transfers,unchanged. The same
[VOL. 123.
THE CHRONICLE
is true of Austrian schillings, which remain as heretofore at 141/. Lire closed the week at3.25M for bankers'.
sight bills and at 3.26M for .cable transfers. A week
ago the close was 3.37 and 3.38. Exchange on
Czechoslovakia finished at 2.969/i (unchanged); on
Bucharest at 0.46, against 0.463/2; on Finland at
2 (unchanged), and on Poland at 11.00 (un2.523/
changed). Greek drachmae closed at 1.131A for checks,
and at 1.14 for cable transfers, in comparison with
1.20 and 1.20M the preceding week.
Movements in the former neutral exchanges were
unimportant and the volume of business passing light.
Dutch guilders showed a slight upward drift, presumably on transfers of French funds into Holland,
and the quotation was marked up about 43/ points,
2, although losing most of the advance
to 40.223/
before the close. Swiss francs were firm, but not
changed. As to the Scandinavians, prices were well
maintained, at very close to the levels of a week ago.
Spanish pesetas, on the other hand, turned weak And
declined from 15.80 to 15.51, though without specific
activity.
Bankers' sight on Amsterdam closed at 40.17,
against 40.15; cable transfers at 40.19, against
40.193/2; and commercial sight at 40.13, against
40.133/ a week ago. Swiss francs finished at 19.35
for bankers' sight bills and at 19.36 for cable transfers. This compares with 19.36 and 19.37 last week.
Copenhagen checks closed at 26.46 and cable transfers at 26.50, against 26.47 and 26.51. Checks on
Sweden finished at 26.74 and cable transfers at 26.78,
against 26.75 and 26.79; while checks on Norway
closed at 21.91 and cable transfers at 21.95, against
21.893' and 21.933 the week before. Spanish
pesetas finished at 15.51 for checks and at 15.53 for
cable transfers, as contrasted with 15.77 and 15.79
last week.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
JULY 17 1926 TO JULY 23. 1926, INCLUSIVE.
comp" and Monetary
Unit.
Noon Benda, Rate for Cable Transfers in New York.
Value en Untied Stales Mona.
July 17. July 19. July 20. July 21. July 22. July 23.
EUROPE$
Austria,schilling
1.14069
Belgium, franc
.0244
Bulgaria. ley
007224
Czechoslovakia, km
029613
Denmark, krone
2650
pound
England,
.8845
lug
Finland, markka
.025200
France,franc
.0244
Germany. reichsmark. .2380
Greece, drachma
012067
Holland, guilder
.4019
.1755
Hungary. Pengo
Italy, lira
.0340
Norway. krone
2192
1077
Poland,zloty
Portugal, escudo
0512
Rumania,leu
004628
1579
Spain. peseta
.2680
Sweden.krona
Switzerland, franc... .1937
.017667
yugoslavla, dinar
ASIAChina.7440
Chetoo, teal
.7327
Hankow.tael
.7121
shanghai, tael
.7410
Tientsin, tadl
Hong Kong, dollar_ .5430
.5158
Mexican dollar
Tientsin or Pelyang
.5100
dollar
.5067
Yuan, dollar
.3629
India, rupee
.4710
Japan, yen
.5621
singapore(S.S.),do
NORTH AMER.1.001188
Canada, dollar
.999219
Cuba.Peso
.489000
Mexico, peao
.998594
Newfoundland. do
SOUTH AMER.Argentina. Peso (gold .9245
.1573
Brazil, mllreis
.1204
Chile, peso
1.0096
Uruguay. peso
11
$
$
$
i
1.14083 3.14069 8.14089 3.14012 1.14101
.0238
.0228
.0227
.0221
.0231
.007322 .007250 .007300 .007283 .007281
.029620 .029616 .029614 .029616 .029616
.2650
.2650
.2850
.2650
.2650
4.8624
4.8633
.8643
.8651
.8645
.025212 .025210 .025205 .025221 .025211
.0225
.0234
.0216
.0205
.0219
.2380
.2380
.2380
.2380
.2381
.012035 .011744 .011704 .011645 .011444
.4020
.4022
.4020
.4022
.4019
.1756
.1759
.1760
.1755
.1758
.0328
.0326
.0320
.0325
.0335
.2194
.2194
.2194
.2195
.2193
.1055
.1052
.1042
.1048
.1050
.0512
.0512
.0512
.0512
.0513
.004597 .004568 .004536 .004568 .004428
.1570
.1573
.1572
.1550
.1575
.2678
.2679
.2679
.2878
.2680
.1936
.1937
.1936
.1936
.1937
.017670 .017674 .017661 .017663 .017662
.7417
.7303
.7098
.7413
.5436
.5142
.7373
.7280
.7076
.7385
.5409
.5123'
.7388
.7275
.7079
.7388
.5385
.5133
.7400
.7291
.7093
.7404
.5425
.5142
.7394
.7286
.7076
.7398
.5421
.5144
.5054
.5054
.3631
.4718
.5621
.5042
.5013
.3631
.4721
.5621
.5046
.5017
.3628
.4716
.5621
.5054
.5025
.3630
.4709
.5619
.5058
.5033
.3630
.4718
.5621
1.001219 1.001365 1.001310 1.001406 1.001427
.999219 .999156 .999156 .999156 .999188
.489000 .489000 .487167 .488833 .488833
.998531 .998594 .998563 .998656 .998688
.9237
.1568
.1204
1.0087
.9247
.1544
.1205
1.0108
.9242
.1526
.1205
1.0087
.9238
.1540
.1208
1.0048
.9220
.1538
.1207
1.0021
As to South American exchange mixed movements
occurred and Argentine pesos were firm for a while and
slightly higher; Brazilian milreis lost ground through-
THE CHRONICLE
Jur,y 24 1926.]
out. Closing"quotations,r however, showed drop to
40.50 for Argentine checks and 40.55 for cable transfers, against 40.67 and 40.72 last week, while Brazil
finished sharply lower at 15.34 for checks and 15.39
for cable transfers, as compared with 15.80 and 15.85
a week ago. Chilean exchange ruled firmer, but
chted unchanged at 12.05, while Peru moved up to
3.80 against 3.73 the previous week.
Far Eastern exchange was dull and slightly easier,
so far as the Chinese currencies are concerned, on
lowering in the value of silver metal. Hong Kong
closed at 54.70@54.80, against 55.15@55.30; Shanghai, 713'.@713/2, against 72@72.5-16; Yokohama,
47.20@47.30, against 47@473; Manila, 49@,
49%, against 499049%; Singapore, 563/2@564
7
(unchanged); Bombay, 369/
8(4)36 (unchanged), and
Calcutta, 369/s©36M (unchanged).
The New York Clearing House banks, in their
operations with iliterior banking institutions, have
gained $6,436,375 net in cash as a result of the currency movements for the week ended July 22.
Their receipts from the interior have aggregated
$7,367,475, while the shipments have reached $931,100, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK RANKING
INSTITUTIONS.
Into
Banks.
Week Ended July 23.
Banks Interior movement
Out of
Banks.
*7.367.4751
Gain or Loss
to Banks.
0931.100 Gala 56.436.375
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 17. July 19.
Tuesday, Wednescry, Thursday, Friday,
July 20. July 21. July 22. July 23.
Aggregate
for Week.
—
8
$
$
S
5
$
$
89.000,000 105,000000 72,000 000 79.000.000 80.000,000 78,000.000 Cr.
503.000.000
Note—The foregoing heavy credits reflect the huge mass of checks
which come
to the New York Reserve Bank from all parts of the country In the operation
of
the Federal Reserve System's par collection scheme. These large credit
however, reflect only a part of the Reserve Bank's operations with .the balances,
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
of
New York are not accounted for in arriving at these balances, as such outside
checks do
not pass ,through the Clearing House but are deposited with the Federal
13anicfor collection for the account of the local Clearing House banks. Reserve
The following table indicates the amount of bullion in the principal European banks:
July 22 1926.
July 23. 1925
Banks of—
Gold.
Biker.
I
11E1
Total.
el
Gold.
1
siker. I
Total.
z
England 151,733,845
1151 733,845163,234,260
X
I
2
France a__ 147,373,061 13.480,000 160,853,061,147,300,411 12,480,000 163,234,260
159,780,411
Germany c 61,600,000 4994,600, 62,594,600, 48,554.450
49,549,050
1,2.000,000
b
I b2,000.000 b2,000.000 d994,600
b
Spain __— 101,883.000 26,762,000 128,645,000 101.465,000 26,209,000I b2,000,000
127,674.000
35,743,000 3,425,000 39,168,004 35,589.000
Italy
3,342,000
38,931,000
Netherl'ds.
,
Nat. 13e1g. 10,955,000 3,534,000 14,489.000, 10,891,000 1,871,000 37,835,000
Switzerrd. 16.778,000 3.524.000 20,302.000, 19.989.000 3,293.000 14,184,000
Sweden._ 12,689.000
12.689,000, 13.013,000 3.584.000 23,573,000
Denmark _ 11,619,000
854,000 12,473,000, 11,636,000
1,140,000 101g1000
8,180,000
Norway
8,180,000,
8,180.000I 8,180,000
Total week 595,637,906 75,413,600671,051,506 597,816.1211 52,913,60065
Prey week 595,580,861 296,471,600 892,052,461601,115.199 52.731,0006530 729 721
18461199
a Gold holdings of the Bank of France this year are exclusive of
held abroad. b No recent figures. c Gold holdings of the Bank of £74,572,836
Germany
this
£13,015,000
exclusive
of
held
abroad.
d As of Oct. 7 1924.
year are
The Return of Poincare.
Events have moved swiftly and dramatically, and
at the same time somewhat ironically, in France
during the past week. On Saturday the Briand Government, which on the previous Monday had concluded, through M. Caillaux, a debt agreement with
Great Britain, faced the Chamber of Deputies with
a demand for the fiscal dictatorial powers with
381
whose aid, it was understood, M. Caillaux proposed
to carry out in general the recommendations of the
committee of financial experts. After a heated debate the Chamber, by a vote of 288 to 243, refused
to grant the extraordinary powers asked for, and
the Government at once resigned. On Sunday M.
Edouard Herriot, formerly Premier and for some
time President of the Chamber, who had led the
fight on the Briand-Caillaux program, accepted the
invitation of President Doumergue to form a Ministry, and completed the task the following day, only
to have his Government repudiated by the Chamber
on Wednesday, by an overwhelming vote of 290 to.
237, after forty-eight hours of formal existence.
Thereupon a petition signed by 302 Deputies,somewhat more than half of the membership of the Chamber, was presented to President Doumergue, asking
him to form a national union Cabinet, to which the
signers of the petition pledged their support. Inresponse to this request an invitation was extended]
to M. Poincare to form a Cabinet, and the invitation was accepted. What threatened to develop into
a serious opposition, on the part of various groups
in the Chamber, to M.Poincare's choice of Ministers
presently appeared, and on Thursday a delegation
representing the signers of the petition to President
Doumergue waited upon M. Poincare with the announcement that they did not regard him as the
proper person to head the union Ministry. On Friday, however, M. Poincare was able to report that
he had formed a Cabinet. The Cabinet is a novelty
in that it includes no less than six former Premiers,
M.Poincare himself taking the portfolio of Finance
and the duties of the former Minister of the Devastated Regions, in addition to his responsibilities as
President of the Council.
Neither the fall of the Briand Government nor the
overthrow of the Herriot Ministry was in the least
unexpected. The conclusion of a debt agreement
with Great Britain, while it redounded to the credit
of M. Caillaux, and to some extent, at least, may be
expected to smooth the path of his successor, apparently had no effect in placating opposition in the'
Chamber or in the country to the American debt
agreement. Further, although the committee of experts were unanimous in urging the immediate ratification of the American agreement, it was not clear
that Premier Briand and his Finance Minister were
entirely of one mind in regard either to the necessity
of ratification or the desirability of attempting to
reopen negotiations with Washington with a view
to obtaining better terms. The demand for dictatorial powers in finance, as the debate in the Chamber
on Saturday showed, was resisted less on grounds of
principle than because of personal and political opposition to M. Caillaux. Events, in short, had made
it plain that M. Caillaux, however much his financial abilities might be conceded, was something of a
political liability to the Briand Government, and
that a Chamber which was being forced to the conclusion that it must grant dictatorial powers to somebody was not willing to grant such powers to him.
The repudiation of the Herriot Ministry was even
more clearly a foregone conclusion, even before the
Ministry had shown its hand. M. Herriot undoubtedly had some elements of strength. It was he who
led the assault which, two years ago, drove President Millerand from office and seated M. Donmergue in the Presidency. It was he who led the
382
THE CHRONICLE
[Von. 123.
attack on the Briand Government on Saturday with public earlier, and that even now there should apa vehement insistence that Parliament should not parently be discrepancies in the figures that need to
abnegate its authority by setting up dictatorship, be explained. Convincing as the statements of Secand thereby open the way to further foreign loans, retary Mellon and Mr. Winston appear in general
but that France should save itself by its own efforts. to be, the official rejoinder of the British Treasury
It was the same M. Herriot, however, upon whose made public on Thursday is not lightly to be dishead as Premier, in April 1925, broke the scandal of missed, and in any case the American statements
concealed inflation and the manipulated statements have come too late to affect materially the public
of the Bank of France intended to hide the illegal opinion of Great Britain, France or the United
advances which had been made to the Treasury, and States, or to check the outbursts of popular resentfor that betrayal of trust the Herriot Ministry was ment against the United States and its people which
forced to resign. Back of M. Herriot, moreover, was unhappily continue to show themselves in France.
,the Socialist demand for a capital levy, and a cap- If the French public has been kept in ignorance of
italy levy, at least under that form or name, a ma- the exact state of its war debt obligations to this
jority of the Deputies was apparently determined country, the American public has also been denied
until now important information which it should
not to have.
The composition of the Herriot Ministry, which have had from the first.
That France, in a time of grave national crisis,
was announced late on Monday night, showed few
prothe
while
should
have turned once more to M. Poincare is of
elements of marked personal strength,
Chamthe
in
an
itself
read
event of much significance, but it would be
as
gram of the new Government,
ber on Tuesday, was hardly more than a mixture of idle to ignore the difficulties with which any treatgeneralities and alarms. France, it was announced, ment of the financial problem is still confronted.
would pay its war debts "in a measure and in a form The political antagonisms which have their source in
which will enable her to feel certain that she can M. Poincare's past career as Premier have not disKeep the undertakings subscribed," but "we must appeared, and while in point of sheer intellectual
insist upon the absolute independence of France's ability and 4Iministrative force he admittedly
action in every domain." There was to be no infla- stands head and shoulders above most of his coltion, and the franc was to be stabilized, "but such leagues in Parliament, he enjoys no special repute
effort must not be accomplished only with foreign as a financier, and has never shown any particular
credits"; money deposited abroad must be brought interest in economic subjects. He has been a proback, and "a special tax on all assets which are not nounced opponent of the Mellon-Berenger debt agreedirectly in the service of the public credit morali- ment, as has his political enemy, M. Caillaux, and
ties" would be imposed. There was nothing in this his views on this question have been shared by an
program to allay doubt or awaken confidence, and aggressive group of more than a hundred Deputies
•the statement of M. de Monzie, the new Finance Min- whose support he apparently needs. The pressing
ister, that the margin of advances in the Bank of needs of the Treasury have, indeed, been met by the
France upon which the State might draw had fallen action of the Chambers in making available for gento 60,000,000 francs (the figure was later corrected eral use the balance of the Morgan credit, but the
to show a balance of 150,000,000 francs), and that August payments will more than exhaust the addiit might be necessary for the Bank to suspend fur- tional credit thus created.
As the new Ministry will not appear in Parliather advances, completed the discredit of the Minrapidthe
ment
upon
until Tuesday, however, at which time it is
commentary
istry. It is a striking
in
fall
and
rise
reported
that M. Poincare intends to submit his
animosities
political
which
with
ity
France that M. Herriot, who has twice been dis- financial proposals, there will be time for France
placed as Premier and who on Wednesday was being to think the situation over calmly. It is reasonably
jeered at by crowds in the streets of Paris, should certain that M. Poincare will not be disposed to
appear on Friday as Minister of Education in the dally with the scheme of a capital levy, and that he
will not lack the courage to carry through any rePoincare union Cabinet.
situation
to which he and his associates are committed.
forms
It would have been amusing,if the whole
of the franc to the announcement of
response
declaiming
The
Herriot
M.
had not been so tragic, to hear
obvious
as
of
view
selection
Premier seems to suggest that the
the
his
in
loans,
against further foreign
man
probwould
who
moment,
can lead France out of its difficulstrong
present
the
at
fact that France,
ably be unable to obtain a foreign loan of importance ties may at last have been found.
Anywhere. The American market, and probably the
British market as well, will remain closed to French
The Dictatorship of Congress.
borrowing until the debt agreements are ratified,
On looking over a list of the bills passed by the
and they will hardly be opened even then until sound
and constructive plans for dealing with the finan- last Congress the people must at once be impressed
cial situation have been formulated and put in the by their minor character. Omitting the Tax Reducway.of operation. It is unfortunate, however, in tion measure, not a single important law,in the
view of the importance of the debt question in the large sense, was enacted, with possibly one or two
general program of financial reorganization, that exceptions, such as the one providing for the adjustthe figures which have been brought forward during ment between the railroads and their employees and
the past few days, in the controversial exchanges the World Court, which is not a law in itself in the
at long range between Mr. Churchill, Mr. Winston, proper sense of the word. Citizens are by no means
Secretary Mellon and Frederick W. Peabody, re- disconsolate over the fact. But why and wherefore
garding the composition of the British and French these long months of debate? Interest, of course,
debts to this country and the nature of the conces- centres in the Senate. Do we send men to this augsions made in each case, could not have been made ust body to indulge in the pastime of playing poll-
JULY 24 1926.]
THE CHRONICLE
383
tics? Is it necessary to advocate, constantly, severe instructions feel themselves called upon to save the
innovations on our normal life that others by op- country. There used to be a halcyon phrase
"the
posing them may save us from ourselves? A study dear people." Now it is the "revolt" of classes and
of the laws passed, especially those in the closing sections. How many times have we been told in
hours of the session, shows a majority of them are recent months that unless relief be given to the farmspecial in nature and do not materially affect the ers they will defeat a prominent party at the polls in
masses. Here and there, a new condition or rela? Is this the mandate to "do somethihg •
tion calls forth an incipient bureau or commission, by the people, or even by the class in question?.Far
destined to grow and expand. A tax revision, by no from it.
means perfect, appears. Appropriation bills, of neHow long can a free Government continue to.
cessity, there are. But the people, somehow, breathe shield and guard an energetic and industrious
peo- ,
a sigh of relief when Congress adjourns.
pie when it is made the means of social and ecoWithout doubt the bills that did pass and become nomic reform? What will be left to the initiative
laws could have been considered in one-fourth of the of the individual when the Government lays down
time consumed by the session. Yet all other depart- the rules of private as well as public conduct? Unments of the Government functioned without passion less we can hold in check, by the will of the people,
or prejudice; and the people pursued their activities this abandon of legislation we will find that Govern;'
in the ordinary way. And the question springs.up ment has become too strong a master to ever again
in many minds—What would happen if Congress be reduced to service. An autocracy of
laws may
met only once in ten years? However this does become as intolerable as an autocracy of executive
transpire, the business of the people is in a state of force. Those increasing Federal statutes
are thrustapprehension during all these months of debate ing power on the President. At one time, when we
over propbsals for the most part introduced for the did not consider its source, when Chief Executives
Ostensible object of giving relief to some class or were not too anxious to escape vested authority, we
section. And it is for this reason that Congressional complained of the "power of the Executive." Now,
legislation is becoming a millstone around the necks we discover that Congress is the author of most of
of the people. No industry is safe from interfer- this power.. An Executive who asks little of Conence. Helping one must harm another, until it is gress, who does not seek dominance over the
legisfast coming to be believed that the killing of these lative branch has, by avoidance and silence, taught
restrictions and aids to classes is about the
best us an invaluable lesson. And unless we seek soon
thing Congress does. But why are so many of
these to put a curb on this indiscriminate and widespread
bills introduced? Who really commissions any Con- law-making we will awaken at no distant date to
the
gress to propose them?
fact that we live under a tyranny of laws the ExecuCertainly the citizens are tolerant, indulgent
to tive is sworn to enforce. Outside these minor adtheir representatives, and quiescent in themselve
s. ministrative statutes that grow out of the interWhy should a legislator come to believe that it
is course of an advancing people there are few new
his mission to bring aid to a self-reliant and ener- laws needed.
getic people? There is only one answer to all this
The cure lies with the people. As long as faction,
recurring Congressional hubbub. Represent
atives bloc, section, and party, are allowed to pinion the
are trying to curry favor with their constituents, or Government and ignore the natural rights of the
they are seeking to set up the groundwork for a individual just that long Congress will continue to
party platform and a political triumph. Name, if respond to the illusory idea that it is the chief diviyou can, a great principle burning in the hearts of sion of the Government. Yet this same Government
all the people and crying to be enacted into law! exists and functions in the absence of Congress and,
Administrative measures continue as a matter of in fact, despite its activities. For it is a machine
course. And in an increasing population and ex- made to work in a certain way to protect pre-existpanding business there are always detail rules of ent rights and liberties. Its main functions are limconduct that require expression, though these
are ited. It has the power and duty of protecting and
few,in need, and there should be no controversy
over perpetuating itself by taxation—an immense power
their enactment. For it is the chief virtue of repre- which, unbridled, may also destroy. It is therefore
sentative government that it leaves the people
free necessary that the sovereign voters as a whole deto formulate their own laws of business out of
the mand that there shall be fewer laws—and that no
experiences of contacts and contracts and free from law in the nature of
an aid or subsidy be enacted.
statutory espionage and control. And such
There is nothing in the public eye more important
should
never be written into the fabric of administrative at this time. We are covertly
grafting all sorts of
government until they are already accepted by
all. policies and practices upon an institution that was
It cannot be the conception of well-balanced divi- originally framed to let us
alone. Law-making has
sions of Government that Congress become a legis- become an obsession.
So inveterate has become the
lative mill working all the time. Emphatically it habit of asking aid of Congress
that nothing but the
is not an aid society. Laws it enacts must be en- war of ideas and the conflict of self
sh plans saves us
forced—and every law throws a new burden on the from a situation fast
growing intolerable. "BusiExecutive. It must be tested by the Supreme Court ness" lives in constant fear
and dread. Domestic
as to its constitutionality. Often it embodies, as and foreign commerce are hampered by statute's
we have just remarked, a new bureau or commis- that interfere with natural laws. That Congress
sion, and this either must be supervised by the Ex- should equalize prices, that it should attempt to fix
ecutive division, or allowed to run wild—an inde- the fantastic "purchasing power" of the dollar, that
pendent Government in itself. Yet it has come to it should recognize a West or a South, are all prepass that a Congress never meets without evidence posterous propositions. And the people should
that representatives of the people with no specific speak out in the next election.
384
THE CHRONICLE
The:Social,Control of Business.
Any form of business, individualistic or co-operative, may be advocated, as any form of control,
whether social or official, may be justified, if it be
admitted that "almost everything in it is an unfortunate exception."
Such a statement means that while human society
has made great advance in the past 100 years this
is no proof that the economic or political theories
that have at one time or another prevailed are true,
or that any one of them is to be accepted. There is
the same need of study of the facts, and the same
pertinence as of old in the wise saying of the ancient casuist, "Happy is the man who knows the
causes of things." Felix qui rerum potuit cognoscere camas. The discovery of the Individual who
shaped the politics and economics of the 19th century has only a parental relation to the Individualism which finds expression in the great business
corporations of to-day; and the laissez faire policy
proposed for the State then has but slender connection with the control which the State is to-day exercising over all forms of co-operate action. The control to which 100 years ago the newly projected
rights of the individual were opposed was narrow,
undisputed, and in the main monarchical. Iletat
c'est Moil was the accepted situation. To-day both
terms have expanded; Control exercised by the
community is as diverse in its forms, from the
power of Public Opinion, to the authority of the
State and the King, as Individualism is various in
the common life.
Professor J. Maurice Clark of Chicago University, now called to the Chair of Economics in Columbia, has added to his standard work on "The Economics of Overhead Costs," to which we called attention a year ago, a book on "The Social Control
of Business" (Macmillan). It deals with the intricate problem of adjusting heated claims and harmonizing selfish interests for that common and
mutual service which the division of labor has made
one of the fundamental features of industry. Opposing views and innumerable agencies exist; trusts
of various kinds and public utilities to which control seems appropriate, common and statute law and
codes of economic ethics are complementary parts
of the whole process; and, as he states it, to present
the process in its unity as well as in its diversity is
an end worth striving for.
He holds that business is essentially an affair of
community interest in which Individualism is tolerated only so long as, better than some other system, it serves the common interest. In the last
analysis the individual interest merges in this, and
the various corporate forms of business found necessary to-day have enlarged the theory of individualism correspondingly. A partially free and assertively independent system of buying and selling,
however immediately advantageous, as it never includes the interest of the community, cannot maintain itself as the community enlarges and its interests become apparent and exacting. It must give
place, the author thinks, to such other methods as
the community stands ready to supply in the interest of all.
The first section of the book deals with this situation. It compares alternative systems, with many
[VOL. 123.
illustrations, and then turns to the grounds that
exist for community action. This involves a search
for the underlying principles of the control which
the community must introduce. These are presented
in Chapters on The Legal Framework of Economic
Life; Some Fundamental Legal Institutions; The
Constitution of the State; Standards for Guidance
and Censorship, and Systems of Control. All of
which are thoroughly discussed.
The other half of the book is devoted to the definite problems of pure control and the various.types;
their cost; their background, involving the question
of fair return and extent of service, and finally, the
problem of Public Opinion and of Trusts.
Professor Clark considers that we are living in
the midst of a revolution which is transforming the
character of business, however long established its
methods and purposes may be, and changing the relations and the economic life of the citizen and the
mutual responsibilities of business and the community. In his view it is a revolution rather than
an evolution, beginning as it did with the textile
inventions of 1764-92, which acquired full'headway
with the rapidly following steam engine, steamship
and the railways, and is still advancing. Its latest
phases are to be seen in the application to economic
life of the phenomenal development of the physical
sciences in the last fifty years. It has had many
able men to inspire and guide it, from Galileo and
Newton to Edison, Marconi and Ford.
Most of the changes in methods of business have
taken place, say, since 1873, and are still advancing
in varied form into business of every kind, which
transcends State boundaries and gives rise to national problems. Back of these lie the stabilization
of the dollar, eugenics and national hygiene, and
the existence of great fortunes and the unequal distribution of wealth. Control in some form is inevitable because of the development of large scale
production and the infinite possibilities of applied
science, coupled with a very positive changed attitude toward social institutions. Institutions are
now a recognized means, and not an end. They are
an agency both in business and in social life for
obtaining betterment, evolved to meet specific needs,
called always to justify themselves and subject to
inevitable outside direction.
Common necessities lead to this, which appears in
various forms of union in co-operation, price agreements, labor contracts and the like. Social Control
appears not in acts of the community as a whole, but
primarily in public opinion as that develops, and
then in the exercise of the power entrusted to the
State. The Law ultimately depends on public opinion, for, however emphatic the action of the State,
a law that proves not to have that support becomes
a dead letter. To be effective the State must have
a citizenship which respects the Law, and most of
whom are ready to obey it because they know that
the peace and stability of the community, depend
upon its enforcement. As community life becomes
permanent Social Control gains importance and the
Law seeks larger operation. Systematic control
which the State is led to assume takes on certain
definite forms if it is to secure support. (1) It
seeks to prevent injury rather than to enjoin procedure. (2) It imposes obligations which people of
good will cheerfully undertake. (3) It aims to
maintain rather than to overturn established cus-
JULY 24 1926.]
THE CHRONICLE
385
tom so far as possible. (4) It strives to enforce
particular duties upon those to whom they belong, Financial Crisis Threatens New York City,
According to Comptroller Charles W. Berry.
.as in the case of children, and in general education.
The State thus acting for the community, while it [From the New York "World," Monday, July 12, by Frank L. Hopkins.]
In a confidential letter to all the members
.does as little as it can in the way of coercive control,
of the Board of
Estimat
e and Apportionment, Comptroller Charles W.
has always to do a great deal. A State that had
Berry
has warned them of a grave situation in the
financial afcnly concern to protect property and enforce confairs of the City of New York.
tracts has never, the author asserts, been seen, and
This memorandum, which was dictated June
23, and a
-could not exist.
copy of which since has come into possession of
the "World"
The social fabric depends on the exercise of this was written for the purpose of aiding in preparation of the
function. Without some co-ordinated and recog- next annual budget. It shows that the 1927 budget will be
nized system of Social Control, it is urged, the peo- approximately $476,000,000—an increase of almost $40,000,000 over that for 1926.
ple could not produce or consume or live. The arguCalling attention to the high proportion of this near
half
ment is obviously far-fetched, but let that billion dollars which will be needed for interest and
amortization,
the
Comptroller finds the time has arrived when.
pass. Stages of development are noted. The
primitive clan resorted to the taboo as a pro- unless drastic changes are made in the financial structure.
tective mark on personal property 'which of highly important public improvements may be delayed indefinitely—possibly forced to the point of total
abandonvery necessity was respected; it made com- ment.
_munism in hunting and home-making possibl
Three Big Revenue Sources.
e.
Later there came in turn military and autocratic
In the forefront of the suggestions is a proposa
l to place
control, medieval rural economy, feudal
lords, a greater dependence on the "pay-as-you-go policy" for financing public improvements than has been exercis
church, guilds of trade and craft, and "custo
ed since
m."
Usury laws, price fixing and modern mercantilism, the end of the Mitchell Administration in 1917. But equally
important and extremely significant in connect
ion with
followed at the end of the 18th century by the "Librecent studies of the subway
crty" of '76 and Individualism, and the corporation pressed belief that adoption of problem is the firmly exa policy under which
which characterized the modern epoch but which nue-produc:ng improvements would be made to producerevesuf-did not win general favor till the middle of the 19th ficient funds to cover maintenance, amortization and interest charges, would be of "Inestimable advanta
century, appeared as need arose. In 1776
ge to the
collective city."
bargaining was unknown and trade
unions were in
There are three major groups of revenue produci
ng imthe eyes of the law conspiracies. All
this is, of provements—docks, water supply and subways. Included
•course, mere commonplace, but part of
in the dock problem are the white elephant piers
the author's
on Staten
Island, built by Mayor Hylan and little used since.
-case.
Although the water supply system already is
To-day the whole question has to be
re-stated. the Comptroller nevertheless has recently self-sustaining.
recommended an
Individualism as an indefeasible right
ha3 to justify increase in water rates. But the big thing which would
be
its claim in the presence of a widely
diffused system affected by the adoption of such a policy would be the
of impersonal organization the value of
which the subways.
-citizen knows full well as it is essential
Subway Policy Undetermined.
to 911 he
would do or would gain, but which
The
city
now
is
throwing about $10,000,000 a year into the
is itself
present subway
*constantly paralyzed and rendered
inefficient fare. The latest lines to keep them operating at a 5-cent
report of the Transit Record shows a total
by the contest of selfish interests seeking
to con- deficit of city funds on the Interborough alone
of $60,000,trol it.
•
000. Of this amount $8,000,000 is interest
Individualism and Social Control as they appear deficit and $19,000,000 is the accumul on the cumulative
ated 8.76%, which,
to-day in connection with business are new and but according to the contract, is to go to the city, but never has
little understood. The extent of the controversy been earned.
Although conditions on the Interborough have been imbetween them as it exists in the community can be
proving recently, members of the Board of Transpo
rtation
seen in a relation as far as possible from
business— believe it will be about two years before the public treasury
that is in the universities which stand at the head
of can look for any sort of a return. The policy in respect to
cur educational system. A graphic pictur
the new subways, now building, has not been decided
. It
e of the
undoubtedly will require
controversy as it appears there and of
the harm it whether subway bonds some further study to' determine
can be made self-sustaining without
4does in its least expected form, is given in
"Chimes," an increased fare.
by Robert Herrick, published just now by
But a report made by the Board of Transportation in
Macmilthe
lan.. It is the story of the effort at contro
l by indi- last year of the HyIan Administration indicated there were
viduals representing different groups and
only
interests on two alternatives, an 8-cent fare or heavy assessments
property owners abutting the new lines.
in the country, as it bears upon
the life and
spirit of one of our greatest
Automobile Costs Mount.
educational in•stitutions.
Another important recommendation made by the CompQuite apart from its immediate concern with
edu- troller is for a severe pruning, not of salaries, but of the
maintenance expenses of city departmnets. He finds, for
cation at the top, is its bearing upon the
new situation in the entire life of the people and centring just instance, that since 1917 the bill for automobile service outside the Police, Fire and Street Cleaning Departments,
has
now in the relations of Social Control in its multi- risen from
$500,000 to nearly $4,000,000. It is costing the
form lines of influence upon business. The bank, city 50 cents a mile to maintain
its taxicabs—almost double
the office and the manufactory are far from the what it costs to hire a public cab at the street corner.
There are many other
university, but Social Control is the comprehensiv
e such as an effort to pay suggestions for financial change,
off a little more of the funded debt
for
the
outside interference to which there is
term
each year than the amount of the year's borrowings, a reconstant resort, and of which the power and the duction in the annual
amount of tax notes and special revediversity of its form is little understood. Professor nue bonds, to be brought about by establishment of a greater
Clark undertakes to indicate the limits within which degree of pay-as-you-go, thus reducing the interest charges.
control must be kept to save both business and the There also is proposed a change in the Gerhardt law, to
permit the levying of assessments for public improvements
State.
prior to the completion
improve
of the
ments.
386
THE CHRONICLE
Text of Recommendation.
The text of the Comptroller's memorandum follows:
With the time for preparing the annual budget drawing near, the Department of Finance takes the liberty of submitting herewith for the consideration of the Board of Estimate and Apportionment a few facts and
suggestions in the hope that they may prove helpful. This information
is being offered in the belief that a more carefully considered budget will
be the result if the members of the Board have before them an accurate
picture of the city's financial condition and the extent to which it may
safely commit itself to new expenditures.
When the present Administration took office there were outstanding
authorizations granted by the preceding Administration aggregating many
millions of dollars.
A stupendous, complex transportation problem involving a continuing
program of subway construction and the expenditure of many millions each
year has been passed on to us. Plans now approved, if carried on under the
present system of financing, will not only tax the city's financial resources
to the utmost, but may result in the delaying indefinitely, if not the
abandonment, of many other essential improvements.
$27,888,795 for Amortization.
The foregoing is the most important problem confronting the present
Administration. Additional facts bearing thereon are in course of preparation by the Department of Finance and will be submitted to the Board
at an early date.
In making up next year's budget one fact should be kept clearly in
mind, namely: The rapidly increasing funded debt of the city, with its
accompanying fixed charges for interest and amortization. The amount
provided for this purpose in the 1926 budget is $87,915,981 52, of which
$27,888,795 27 is for redemption and amortization of long-time bonds.
It also carries $3,854,872 79 for interest on short-term debt; $18,500,000
kir redemption of tax notes issued during 1925 to obtain funds wherewith
to finance non-revenue producing improvements, and $17,760,000 for redemption of special revenue bonds issued last year to meet unforeseen
requirements, making in all a total of $128,020,854 31 for debt service.
The budget for 1926, as noted before, contains $27,888,795 for redemption and amortization of our long-term debt, and for a similar purpose
the budget of 1927 will have to provide approximately $30,850,000. In
financing our public improvements, more dependence should be placed on
the "pay-as-you-go" principle and less on the issue of certificates of debt,
because to the latter is added the additional item of interest.
[VOL. 123.
6. Departmental appropriations, the largest item in the budget, is a subject that should receive earnest consideration. Salaries and wages paid
by the city do not give much room for economy because in many instances
city employees are underpaid. Economies might be effected, however, by
reducing the number of departments, thus following the example set by
the State. There are a number of places where the overlapping of departmental functions is obvious; there also are a number of positions
which could be abolished without detriment to the city service.
Real economy can be effected in the matter of departmental maintenance.
The city's bill for automobile service, leaving out the Police, Fire and
Street Cleaning Departments, has increased from $500,000 in 1917 to nearly
$4,000,000 in 1926. Taxi service costs 50 cents per mile to maintain.
This is only one of the many items known to experienced budget makers
where it is possible to effect savings.
7. The work of reducing tax deficiencies is being vigorously pushed by
the Department of Finance, by the prompt sale of tax liens, urgent reminders to property owners of arrears, etc.
Charter Changes Suggested.
8. Assessment charges for improvements. There is no way to pay for
any public improvement other than by assessing or taxing private property.
Even Where in the first instance bonds have been issued to cover the cost,
interest on the loan and the redemption of the principal has to be provided by taxation either in the form of an assessment or an annual tax or
both.
Under the provisions of the Gerhardt law, improvements are paid for
either by assessments upon the property benefited or upon a borough or
boroughs or upon the city as a whole. The entire cost, however, no matter how financed, is ultimately placed in the form of a tax or an assessment upon property privately owned.
The operation of the Gerhardt law would be made more effective from
the standpoint of the city's finances by slight changes in Sections 247 and
946 of the Charter, which sections are related. The proposed amendment
would provide for the Street Improvement Fund being placed in possession
of cash to meet the actual expenditures of contract work and other outlays as the work of the improvement progresses, in the same year the contracts are registered.
This amendment would eliminate the delays and lack of funds that have
marked such great undertakings as the Cross Island of Jamaica Bay improvement, the Coney Island Boardwalk, the Queens Boulevard, etc. Upwards of $8,000,000 has been paid from the Street Improvement Fund for
the foregoing project, but under the present operation of the Gerhardt
law not a dollar may be assessed upon the city or upon benefited property
or any borough or boroughs until the improvements have been completed
and this completion certified thereto by an official legally authorized to
do so.
Burden Put on New Owners.
The suggested amendment to Sections 247 and 946 would result in making the total combined tax and assessment rates of the several boroughs
run more evenly from year to year than heretofore. The assessments would
not pile up and reach a burdensome total to be imposed after a number of
years.
The present procedure often works a great hardship for new owners.
They are required to pay all the costs of improvements made long before
they purchased the property benefited, and this after they have already
paid the increased value due to the improvements which have been made.
The amendments referred to have been presented to the Municipal Assembly for its consideration.
Budget Items Compared.
Municipal improvements which come within the definition of revenue
producing projects, such as water supply, rapid transit and dock construetion, are financed by means of long-term corporate stock on the theory
that sufficient revenue is derived from these improvements to pay all
interest and amortization charges. As a result, these bonds may be exempted, or excluded from the privision of the city's debt limit regulation,
upon presentation of the facts to the Apellate Division of the Supreme
Court. It would seem, therefore, that the adoption by this Board of the
policy that a revenue producing improvement should produce enough funds
to cover maintenance, amortization and interest charges would be of
inestimable advantage to the city.
The method of budget making that has been followed by New York City
for some time makes each year's budget practically a duplicate of the
preceding one except as to amounts. The items for 1926 and 1927 will
compare about as follows:
1927.
1926.
$16,000,000 N. Y. City Needs Additional WaterT Supply—
$17,564,808
State taxes
100,000,000
Redemption and interest on long-term bonds 87,915,961
S370,000,000 Bond Issues in Next:Eight
Redemption of tax notes authorized preceding
24,000,000
18,500,000
year for improvements
Years Necessary to Tap New Sources.
Redemption of special revenue bonds author18,000,000
17,750,000
various
objects
ized preceding year for
Adding still further to the financial plight of the city,
5,000,000
3,854,872
Interest on above
outlined in the confidential memorandum of Comptroller
as
309,612,000
Departmental appropriations, city and county 288,146,333
to the Board of Estimate, published exclusively in the
Berry
3,000,000
2,880,000
Tax deficiency
388,000 "World" yesterday, the city is facing bond issues of $370,388,003
Assessments
Total
$437,000,000
$476,000,000
No Provision for Improvements.
It will be noted that neither of the above budgets makes any definite
provision for new improvements. These budgets do carry, however, $18,500,000 in 1926 for redemption of tax notes and an estimate of $24,000,000
for 1927 for the same purpose, that is to take up the notes totaling the
amount borrowed in the preceding year to finance the construction of
non-revenue producing improvements.
The 476 millions required for 1927 will be reduced by whatever, amount
may be available in the general fund, estimated at about $80,000,000, and
the balance must be raised by taxes. Any hoped for reduction in this
latter total (which would also make a reduction in the tax rate) will require a careful study of each item entering into the budget. We will take
up the items in order:
1. The State tax. There will be a reduction of the State tax this year
of about one and one-half million dollars.
2. Redemption and interest on long-term bonds. This amount is directly
influenced by our borrowings. The best plan, of course, would be to pay
off more of our funded debt each year than the total of our borrowing in
that year, an ideal policy, undoubtedly unattainable under present conditions. Serious thought, however, should be given to plans for improving
the city's financing so that each year we may come nearer to achieving the
aforementioned result. At least we should strive to reduce what has been
the average yearly increase or addition to the city's funded debt.
Can Save on Interest.
3. As stated before, our non-revenue producing improvements are financed
by the issue of tax notes, which are redeemable with interest in the next
year's tax levy. This is a policy which cannot be done away with entirely. The practice, however, could be improved upon by providing a
certain amount within the 2% tax limitation in the budget to be used for
these improvements, issuing tax notes for any balance that might be
required.
4. Special revenue bonds are the medium of financing prescribed in the
Charter to meet unforeseen or undetermined expenditures which have not
been provided for in the budget. Like tax notes, they are redeemable with
interest in the next year's tax levy. This contingency might be provided
used to meet any such
for by placing in each year's budget an amount to be
expenditures which are now provided for by the issue of special revenue
bonds under subdivisions 7 and 8.
Might Reduce Departments.
on these short-term bor5. The item provided in the budget for interest above
the
recommendations.
rowings could be greatly reduced by following
000,000 in the next eight years for increasing its water
supply.
The Board of Water Supply has warned the Board of Estimate that the present Catskill and Croton systems will
be adequate to supply the city's needs only until 1935-1936
at the latest. It already has mapped out two prospective
sources of new supply and has advised the Comptroller that
if there is not to be a water shortage, construction of new
dams and aqueducts should begin next year.
Many have assumed that inasmuch as all water bonds are
exempt from the debt limit, the requirements would have
no effect on the general financial problems of the Administration. Such is not the case, however.
If the same method of financing is followed as in the
building of the Catskill Aqueduct—and the experts of the
Finance Department hold any other would be wasteful—it
will mean an increasing annual tax, starting around $1,000,000 and increasing annually to perhaps $25,000,000 before
the bonds will become self-supporting.
The reason is that while the present water supply system
is self-sustaining, there is no margin above the cost of
operation, interest and amortization. Interest must be
paid and a sinking fund established from the moment the
bonds for the new system are issued. As the amount expended grows, so grow the interest and amortization
charges. The system does not become self-sustaining until
it is completed and the water from it is in use.
Simple calculation shows that unless new sources are
developed speedily there will be a water shortage within
ten years. The present system makes available about 1,000,000,000 gallons a day. Last year the city used 850,000,000
a day, leaving a daily surplus of 250,000,000 gallons. These
JULY 24 1926.]
THE CHRONICLE
figures take account of the new Schoharie watershed, not
yet in full operation.
Experience of the Board of Water Supply shows the daily
consumption has increased steadily at the rate of 25,000,000
gallons a year. Ten years will exhaust the present 250,000,000-gallon surplus. Then there must be more water or
fewer baths and less flushing of streets.
It may be the total cost of the new system will run well
above the $370,000,000 estimate included in a report by the
Comptroller to the Legislature. No accurate figures are
available because even the rough plans and specifications
have not been drawn. The engineers of the Board of Water
Supply don't know yet from which of two available sources
the supply is to come. But they have recommended the
Immediate expenditure of $67,000,000 for a new tunnel from
the Hillview Reservoir in Westchester County to Queens
and Brooklyn.
Tutmel Proving Inadequate.
Population in these boroughs has grown so rapidly that
the,present tunnel from Manhattan is proving inadequate.
It has almost reached a point where there will be a choice
between giving these two boroughs more water or cutting
down the pressure so it will scarcely reach the tops of the
houses. In a report to the Board of Estimate this improvement has been recommended as important. The cost, however, is included in the $370,000,000 which the report to the
Comptroller says will bring to New York 600,000,000 additional daily gallons.
Which of two sources of supply will be taken depends
largely on negotiations between the.gtates of New York,
New Jersey and Pennsylvania for joint development of the
Delaware River. Last year commissions from these States
reached an agreement as to a form of treaty. This was
adopted by the New York Legislature. In the scramble
between a Republican Legislature and a Democratic Governor, New Jersey turned it down, with the result Pennsylvania decided to defer action. The latest development
was the authorization Thursday night by the New Jersey
Legislature of a new commission to continue the negotiations.
Delaware Would Double supply.
If the Delaware is made available, Thaddeus
Merriman,
Chief Engineer of the Board of Water Supply, estimates it
will approximately double the city's water resources. To
build the necessary dams and bring the supply to New York
will be a task fully equal to the development of the Ashokan system, and because of increased cost of labor and materials will involve about twice as great expense.
•
The other source of supply being considered is along the
Hudson—Fishkill,
Upper
Wappinger, Rocliff, Jansen, Claverack and Kinderhook Creeks in Dutchess, Columbia and
Rensselaer Counties, and Catskill and Schoharie Creeks in
the Catskill Mountain district. To get a limited amount of
water from these sources would be less expensive than the
Delaware development, but to get a billion gallons would
seem to be even a greater project than the Catskill.
Draining of Lakes Feared.
Some have suggested the city might go to Lake George or
Lake Champlain. Both lakes are so near sea
level that
their use would involve establishment of highly expensive
pumping systems. Furthermore, their watershed
is so limited the engineers feel the lakes themselves would be destroyed if New York should attempt to use them. The only
other sources the engineers consider
available are Lake
Ontaria or the streams in the Adirondack
Mountains.
In view of the recommendations of the
Board of Water
Supply it is confidently predicted that within the
next year
the Board of Estimate will be forced to begin the authorization of bond issues almost equaling those required for the
new subways.
Death of Charles A. Coffin, Founder of
General Electric Co.
Charles A. Coffin, founder and for 30 years head of the
General Electric Co. as President and Chairman of the
boar dof directors—one of the great figures in the electrical
world—died on July 14 at his home in Locust Valley, Long
Island. Up to within two weeks of his death Mr. Coffin
had been regularly at his office in New York and continued
his active interest in the progress of the electrical industry
and more particularly the General Electric Co., of which he
387
was a director. Leaders of the industries, educators and
heads of charitable institutions were to be found daily in
his office, securing his advice in dealing with the problems
of the organizations whose destinies they directed. During
recent years much of his time was devoted to the charities
he had always liberally but quietly supported. Mr. Coffin
was for 30 years the financial and commercial genius of
the General Electric Co. Prior to the formation of that
company, in 1892, he was a dominant influence in the
Thomson-Houston Electric Co., one of the predecessors of
General Electric. Mr. Coffin was born in December 1844,
In Somerset County, Maine, and graduated from Bloomfield
(Me.) Academy. Until 1883 Mr. Coffin was a prosperous
shoe manufacturer. In that year Silas A. Barton, a Lynn
printer and stationer, interested him in the formation of a
syndicate for the purchase of the American Electric Co. of
New Britain, Conn., a small concern, the head of which
was Professor Elihu Thomson. Associated with him was
Edwin Wilbur Rice Jr. The Lynn Syndicate, as it was
known, purchased control of this little company, whose
annual net profits at that time were less than $20,000, and
moved it to Lynn in the latter part of 1883, where a factory
was leased on Western Avenue. The name was changed to
the Thomson-Houston Electric Co. In honor of Professor
Thomson and his early associate, Professor Edwin J. Houston. Mr. Coffin knew very little about electrical matters,
but he interested himself in the work of Professor Thomson
and Mr. Rice, and as the company developed, he took a dominant part and became its Vice-President and Treasurer.
It was through his leadership that the company developed the central station idea as applied to arc lighting, and
in 1888, he induced the company to enter the electric railway field, manufacturing equipment for electric street car
lines in many parts of the country. A number of other electrical concerns were absorbed, most notable among them
being the Brush Electric Co. of Cleveland. In 1892 occurred the consolidation of the Thomson-Houston Co. and
the Edison General Electric Co. of New York, in which all
the activities and interests of Thomas A. Edison's incandescent lamp development had previously been merged. Mr.
Coffin and the Thomson-Houston Co. were the dominant
influences in this amalgamation. When the consolidation
was consummated, in April 1892, under the name of General Electric Co., Mr. Coffin was elected President.
For the succeeding 21 years he was at the helm of the
new concern, which became the leading electrical company
in the United States. Everything that was progressive and
every innovation that proved practicable received his active
support. He encouraged the scientists and engineers of
the company in all they undertook. He shaped the financial and commercial policy of the company. During the
tremendous electrical development of the late nineties and
early years of the new century, he continued to exercise
strong and inspiring leadership. Soon after 1900, he supported the work of his company's engineers in developing
the Curtis steam turbine,' which revolutionized the primary
power sources in electric light and power stations. He endorsed the movement to establish, in 1901, a laboratory for
electrochemical research which grew to be the research
laboratory of to-day, noted for its contributions to fine
science and electrical development.
These two developments alone placed the General Electric Co. in a peculiarly commanding position, for the Curtis
steam turbine was soon displacing the old-time reciprocating engine in central stations far and wide; while the research laboratory, by such achievements as the drawn-tungsten filament for incandescent lamps, portable and highpower X-ray tubes, modern refinements in vacuum tubes and
other almost equally significant developments, opened new
fields of activity for the company in steady succession. The
enthusiastic support of President Coffin assured the success of these projects even during the period of discouragement in building steam turbines and uncertainty as to the
wisdom of creating a research laboratory. Mr. Coffin retired from the presidency in 1913, but immediately became
Chairman of the board of directors. He thus remained in
active participation in the company's affairs until 1922.
He was succeeded as President by Edwin W. Rice Jr., one
388
THE CHRONICLE
of the electrical developers with Professor Thomson, of the
old American Electric Co.
The growth of the General Electric Co. under Mr. Coffin's
leadership, during the three decades that he was either
President or Chairman of the Board, was little less than
phenomenal. Soon after the panic of 1893 the company's
gross business amounted to about twelve million dollars a
year, or an average of a million a month. In 1920 its gross
business went to over three hundred million dollars a year,
or a million for each day's business.
Leaders of industries, charities, finance and Government
have added their tributes to those of electrical men to Mr.
Coffin. Hundreds of messages expressing admiration and
respect for Mr. Coffin and his contributions to the electric
light and power industry have been received by officers of
[voL. 123.
the General Electric Co. Messages from Vice-President
Charles G. Dawes, John Hays Hammond, Patrick Crowley,
Samuel Insull, Thomas A. Edison, Professor Elihu Thomson, S. Z. Mitchell, Edward N. Hurley, R. F. Pack, President of the National Electric Light Association, C. H. Markham, Charles F. Brooker, Dr. Takuma Dan, Director of the
Mitsui Co., Japan, and others nationally prominent have
been sent to the family and friends of Mr. Coffin. The
offices of the General Electric Co. were closed throughout
the country on Saturday, July 17, the day the funeral services were held at Locust Valley, L. I., with Rev. Dr.
Charles A. Hinton of St. John's Church, Lattington, off!dating. There were no pall bearers, but a special train
from New York bore his personal friends and business associates from all parts of the country.
The New Capital Flotations in June and for the
Half Year Ended with June.
The new capital flotations in June in magnitude bring
to a fitting close an extremely active half year. The total
ranks close to the largest of any month since we have been
compiling the figures, which is since the beginning of 1919.
The placing of an offering of $60,000,000 Federal Land Bank
bonds contributed to swell the total. 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 was $723,549,858. This compares with $660,747,562, in May; with $635,614,548 in April; with $650,595,075
In March; with $612,513,614 in February, which was a short
month; with $731,844,584 in January; with $728,179,163 in
December; with $589,119,381 in November; with $506,180,910 in October; with $492,022,119 in September; with $404,015,397 in August, when the total was the smallest of any
month since March 1924, and with $695,094,335 in July 1925.
The amounts are large under all the different heads except foreign Governments, where the sum of the offerings in
June the present year was only $27,600,000, against $140,188,000 in June 1925. The loss here, however, was more
than made good by the increase in the corporate offerings,
domestic and foreign, and by the large flotations of farm
loan issues, leaving the grand total of the offerings for all
the different groups combined well above that for the same
month last year, namely $723,549,858, against $673,442,392.
The corporate offerings (including foreign) were no less
than $472,401,650, against $379,268,620 in June 1925. The
municipal offerings were $136,256,208, as against $139,653,772 in June 1925. Back in June 1924 the amount of the new
municipal issues aggregated $242,451,538, but this included
$101,021,500 of New York City bonds.
In analyzing the corporate offerings made during June,
It is found that the bulk of the month's financing was very
evenly divided between industrials and public utilities. The
first mentioned group accounted for no less than $216,150,150, showing a big gain over the total of $161,119,040 for
May, while public utility issues at $215,875,500 for June
show a decline from the previous month's total of $274,824,340. Railroad offerings totaled $40,376,000, as compared
,
with only $17,925,000 in May.
Total corporate offerings in June were, as already stated,
$472,401,650, and of this amount $395,596,500 comprised
long-term issues, $19,609,000 were short-term and $57,196,150 consisted of stock issues. The portion devoted to refunding operations was $93,362,700, or almost 20%. In
May only $12,237,000, or less than 3%, was for refunding.
In April the amount was large, being no less than $111,069,770, or slightly over 25%; in March the amount was
$37,168,000, or only about 7%%; in February, $33,095,000,
or slightly over 8%, was for refunding, while in January
$68,706,575, or over 11% of the total, was for this purpose.
In June of last year $67,737,495, or more than 17%, was
for refunding purposes.
The $93,362,700 raised for refunding comprised $87,878,400 new long-term issues to refund existing long-term issues,
$65,000 new long-term to refund existing stock, $2,000,000
new short-term to refund existing short-term, and $3,419,300
new stock to refund existing long-term securities.
Foreign corporate issues sold in this market during June
amounted to $77,836,000 and comprised the following:
Canadian-$12,000,000 Canadian Pacific Ry. equip. tr. 4%s,
"B," 1926-38, offered at prices yielding from 4.00 to 4.55%,
and $3,500,000 Fort William Paper Co., Ltd. (Fort William,
°Ont.), 1st mtge. 6s, "A," 1946, offered at 98%, to yield
about 6.13%. Other foreign comprised: $30,000,000 United
Steel Works Corp. (Germany) 25-year mtge. 6%s, "A,"
1951, offered at 96, yielding about 6.80%; $15,000,000 Saxon
Public Works, Inc. (Germany), gen. & ref. mtge. 6%s, 1951,
offered at 91%, to yield about 7.24%; $3,000,000 Hungarian
Land Mortgage Institute 7%s,"A," 1961, brought out at 95,
yielding about 7.90%; $3,000,000 ("Miag") Mill Machinery
Co. (Germany) 1st mtge. 7s, 1956, placed at 92%, yielding
about 7.65%; $3,000,000 Roman Catholic Church Welfare
Institutions in Germany 20-year sec. 7s, 1946, offered at
98%, yielding about 7.12%; $3,000,000 Stettin Public Utilities Co. (Germany) 1st mtge. 7s, 1946, issued at 94%, yielding 7.55%; $1,376,000 The Cuba RR. Co. 1st lien & ref.
mtge. 6s, "B," 1936, offered at 99%, yielding about 6.06%,
and 120,000 shares of no par value common stock of Manila
Electric Corp. offered at $33 per share and involving the
sum of $3,960,000.
The largest single corporate offering of the month was
$40,000,000 Southern California Edison Co. ref. mtge. 5s,
1951, sold at 98%, yielding about 5.10%. Other important
public utility offerings were: $23,000,000 The Nevada-California Electric Corp. 1st tr. mtge. 5s, 1956, offered at 95%,
yielding about 5.30%; $15,000,000 Detroit Edison Co. gen.
& ref. mtge. 5s, "B," 1955, offered at 101%, yielding about
4.90%; $15,000,000 Public Service Corp. of N. J. sec. 5%s,
1956, sold at 99, yielding about 5.57%; $12,500,000 Southeastern Power & Light Co. deb. Os, "A," 2025, brought out
at 95, to yield about 6.30%; $9,635,000 The Ohio Power Co.
1st & ref. mtge. 4%s, "D," 1956, offered at 93, yielding
about 4.95%, and $9,000,000 Cumberland County Power &
Light Co. 1st mtge. 4%s, 1956, sold at 94%, yielding about
4.85%.
Industrial issues were featured by the following: 191,482
shares of no par value common stock of Famous PlayersLasky Corp., offered at $10749 per share, involving $20,582,400; $15,000,000 The Prudence Co', Inc., guar. coll. tr.
5%s, 1961, issued at par, and $5,000,000 of the same company's 7% cum. pref. stock sold at 102%, yielding 6.83%;
$10,000,000 Bethlehern Steel Corp. sec. 5s, 1929-32, offered
at prices ranging from 100.69 to 98.98, yielding from 4.75%
JULY 24 1926.]
THE CHRONICLE
to 5.20, and $5,750,000 Montgomery Ward Properties 1st
mtge. 5s, "A," 1946, sold at 98%, yielding about 5.12%.
Railroad issues worthy of special mention were $15,000,000 Great Northern Ry. Co. gen. mtge. 4%s, "D," 1976, offered at 94, yielding about 4.80%, and $6,000,000 International-Great Northern RR. Co. 1st mtge. 5s, "B,"
1956,
brought out at 95, yielding about 5.53%.
Two foreign Government loans were offered here during
June totaling $27,600,000. The loans offered were:
$25,000,000 United States of Brazil ext. 6%s, 1957,
brought out
at 90%, yielding about 7.25%, and $2,600,000
Republic of
Panama 35-year 6%s,1961, sold at 103, yielding
about 6.30%.
Eight issues of farm loan bonds, aggregating
$70,000,000,
came on the market during June, the yields on them
ranging
from 4.125% to 4.65%. Included in the month's
business
was an offering of $60,000,000 Federal Land Bank
4Y4s, 193656, at 101, yielding 4.125%.
Offerings of various securities made during the
month,
Which did not represent new financing by
the company
whose securities were offered and which therefore
are not
Included in our totals, consisted of the followin
g: $9,000,000 General Motors Corp. pref. stock, offered at
$118% per
share; $4,000,000 New York.New Haven &
Hartford RR.
sec. 6s, 1930, offered at 102%, yielding about
5.35%; $1,750,000 Joseph Bancroft & Sons Co. 7% cum. pref. stock
offered
at par ($100); $1,000,000 Houston Gulf Gas Co.
7% cum.
pref. stock, series "A," and 20,000 shares of no
par value
common stock, offered in blocks of 1 share of
preferred and
2 shares of common for $100, and $400,000 Rand
Kardex
Bureau, Inc., 5-year 5%s, 1931, offered without
stock purchase warrants at 101%, yielding 5.12%.
THE RESULTS FOR THE HALF
YEAR.
389
while in the case of the corporate appeals to the American
market the German issues overshadowed all others.
In the following we furnish full details of the foreign
Government and foreign corporate issues brought out tn
this country during the six months ending June 30:
CANADIAN GOVERNMENT, PROVINCIAL AND MUNICIPA ISSUES
L
PLACED IN UNITED STATES IN HALF-YEAR ENDED JUNE
30 1926.
January—
Price. Yield %.
$4,000,000 British Columbia (Prov. of) 444s, 1928
99.27
4.89
7.000,000 Montreal, Que., 440. 1946
94.141
4.97
February—
$40,000,000 Canada (Dominion of) 4348, 1936
March85,000,000 Nova Scotia (Prov. of) 4348, 1928
99.423
4.81
May—
$25,000,000 Ontario (Prov. of) 45, 1927-1928
99.1863
4.53
2,500.000 Winnipeg, Manitoba.44$8,20-years
94.3571
June-$6,000,000 British Columbia (Prov. of) 44$8, 1927-1956
95.85
4.92
2,792,000 Ottawa, Ont., 4348, 1936
98.80
4.91
7,500,000 Quebec. Que., 434s, d 1936-1951
97.167
4.88
$99,792,000 grand total (comprising 853,792,000 new capital and $46.000.000
refunding)
d Subject to call in and during the earlier years and to mature in the later year.
,
OTHER FOREIGN GOVERNMENT SECURITIES SOLD IN THE UNITED
STATES DURING FIRST HALF OF 1926.
To Yield
Price.
About.
January—
Per Cent.
$14,472,000 Province of Buenos Aires (Argentina) 744s, 1947_ ___ 99
7.60
4,500,000 Consolidated Municipalities of Baden (Germany) 75,
1951
93
7.63
2.000,000 Province of Lower Austria 73-4a, 1950
984$
7.60
4,000,000 City of Oslo (Norway) 5348, 1946
97
5.75
February—
S3,800,000 Bavarian Palatinate Consolidated Mica (Germany)110034
6.50
External 78, 1927-1945
J 93%
7.65
March88.000,000 Department of Caldaa (Colombia,S. A.)7s,1946_ — 954$
7.95
5,000.000 City of Leipzig (Germany) 78, 1947
9434
7.50
7.500,000 State of San Paulo (Brazil) Water Works is, 1956
9634
7.30
3,000,000 Serbs, Croats& Slovenes 6s, Oct. 1 1926
100
6.00
April—
$20000000 Argentine thii, 1960
98
6.12
10,600,000 Province of Buenos Aires 7s, 1952
7.30
9834
4,200,000 Province of Buenos Aires 78, 1936
99
7.15
6,000,000 Dept. of Antioquia (Colombia,8. A.) 7s"B," 1945 9134
7.87
3,300,000 Dominican Rep,Customs Administratien 53-48. 1942- 98
5.70
5,000,000 State of Hamburg (Germany) 534B, May 1 1927
5.75
-4,000,000 City of Porto Alegre (Brasil) 734s, 1966
96
7.80
30,000,000 Republic of Uruguay 68, 1960
6.25
9634
May—
$35.000,000 United States of Brasil 63-4s, 1957
90
7.30
5,000,000 Province of Styria (Austria) 75, 1946
7.75
9234
2,000.000 Free State of Anhalt(Germany) 78, 1927-1948
____ 6.00-7.60
June—
$25.000.000 United States of Brasil 6)4s, 1957
903$
7.25
2,600,000 Republic of Panama 634e, 1961
103
6.30
For the half year the aggregate of new issues
brought out
surpasses all previous records. Over four
billion dollars of $202,972,000 grand total (of which 8188,099,000 new capital and 814,873.000 for
new securities came upon the market during
refunding.)
the six months,
CANADIAN CORPORATE ISSUES.
being at the rate of eight billion dollars a year!
January_
Price. Yield %.
And all
85.250.000 Northern Ontario Light & Power Co., Ltd., 68, 1946A00
6.00
the securities apparently found ready
4,000,000 Powell River Co., Ltd., 58, 1928-1933
takers. In exact
4W- 534
February—
figures the new flotations for the six months
$10,000,000
Manitoba
Power Co., Ltd., 54$8, 1981
were $4,014,98
5.80
990.000 Dominion Storm Ltd., common (15,000 shares)._ _ 66
--865,241. This compares with $3,705,296,737
Marchin the first six
84.000,000
International Power Co., Ltd., $7 preferred
983$
7.11
months of 1925; with $3,201,621,564 in the
3,500,000 Canadian Rail & Harbor Term., Ltd.,6%s,1951..1O0
first half of 1924;
6.50
April—
with $2,969,887,436 in the six months
of 1923; with S37.000,000 Duke-Price Power Co., Ltd., 68. "A," 1966
100
6.00
4,000,000 Manitoba Paper Co., Ltd.. 6348, 1931-46
8.50-6.80
$3,190,713,787 in the corresponding period of
2.000,000 Canadian Rail & Harbor Term., Ltd.,78.1945
100
7.00
1922, and with
1,250,000 Hamilton By-Products Coke Ovens,Ltd.,611, 1927-315
1927-31- .50-6.00
5.50-6.00
$2,062,691,018, $2,317,901,386 and
250,000 United Towns Elec. Co., Ltd.,68"A," 1945
$1,774,982,102 in 1921,
6.04
May—None.
1920 and 1919, respectively. As in the case
June-of the month 212.000,000
Canadian Pacific Ry.Eq.Tr. 4345"B," 1926-1938_ 4.00-4.55
of June, considered by itself, the amounts
3.500,000 Fort William Paper Co., Ltd.,65 "A," 1946
oi(); ..... 6.11
were large, too,
under all the different heads, though this
$87,740,000
(of which $60,282,000 new capital and $27,458,000 for refunding.)
does not mean
that they were in all cases up to the
OTHER FOREIGN CORPORATE ISSUES.
amounts of the preJanuary_
Price. Yield %.
vious years. As invariably happens, the
$25,000,000 Rheinelbe Union (Germany) 75, 1946
94
7.55
preponderating
10,000,000 German Credit & Inv. Corp. 181 $7 prof. (100,000
proportion of the whole is contributed by
shares)
x100
7.00
corporations, do5.000,000 Saxon Mortgage I ustitution 75, 1945
933.$
743
mestic and foreign. Indeed, these supplied
5,000,000 European Shares, Inc., stock (100,000 shares)
50
about 70% of
3,000,000 Leonhard nets, Inc. (Germany) 73-48, 1946
97
iio
the whole. And it is in this group that
720.000 Falardo Sugar Co.(Porto Rico) common stock
100
the bulk of the inFebruary—
crease over the previous year is found. In
Italian Public Utility Credit Institution 78, 1952-- 93
a word, the cor- $20,000,000
7.61)
15.000,000 German Consolidated Municipal Loan 78, 1947
9434
7.50
porate new issues were $2,877,993,096 in
5.000,000 International Power Securities Corp. 78 "D," 1936- A00
the first six months
7.00
4,000,000 Consolidated Hydro-Elec. Works of Upper Wuertof 1926, against $2,522,472,163 in the first
Lemberg (Germany) 7s, 1956
93
half of 1925, and
7.60
4,000,000 Silesia Elec. Corp.(Germany)640. 1946
8734
7.75
comparing with $1,924,134,029,
3,000,000 Berlin City Electric Co.(Germany) 634s, 1928-29_._ ____
*1,944,430,834 and $1,760,7.00
2,500,000 Good Hope Steel & Iron Works(Germany) 78, 1945._ 92
7.80
725,987, respectively, in the six months
1,000,000 Sachsen-Anhalt Elec. Co. of Halle (Germany) 6348,
of 1924, 1923 and
1926-1928
8.25-7.25
1922.
March810,000,000 United Steel Works of Burbach-Eleh-Dudelange 78.
The foreign Government issues
1951
9234
(including Canadian)
7.67
5,000,000 Roman Catholic Church in Bavaria 6348"A" 1946.. 9334
7.10
were only $302,764,000 in the first six
2,400,000 Lloyd Sabaudo Steamship Line 7s, 1930-41
months of 1926,
2,200,000 First Federal Foreign Invest. Trust capital stock 100-96 7-7.45
against $315,811,000 in the six months of
(20,000 shares)
110
1925 and $353,407,- _...
April562 in the first half of 1924. On the other
Ilseder Steel Corp.(Germany) 75. 1946
94
7.85
hand, however, 87.500,000
5,000,000 European Mtge.& Inv. Corp.744s"B," 1966
96
7.80
foreign corporate offerings appeared on a
1,950,000 Andes Petroleum Corp.common stock (300.000 shs.)644
greatly enlarged
May—
scale, reaching $313,694,040 in the six
Dominican Sugar Corp. common stock
months of 1926, $16,000,040 Cuban
(800,002 shares)
zo
3,500,000 International Rys. of Central Amer.68, 1941
against $254,695,000 in 1925 and but $31,330,0
96
;CZ
00 in 1924.
3.000,000 Mansfield Mining & Smelting Co.(Germany) 78, 1941
9334
7.75
aggregate
3.000,000 Agricultural Mtge Bank (Colombia. S. A.) 75, 1946_ 94
, therefore, on behalf of foreign nations,
The
7.55
Gov848,000 Cresol Cotton Wks.(Italy) 75, 1956 (Lire 21,000,000)100
7.00
JUtt4ernment and corporate, is found to have been
substantially 830,000,000 United Steel Works Corp.(Germany)634s"A," 1951 96
6.80
15,000,000 Saxon Public Works, Inc.(Germany) 63-4s. 1951
larger, being $616,458,040 for the six months of 1926,
9134
7.24
against
3,000,000 Hungarian Land Mtge.Inst. 74$s "A," 1961
95
7.90
3,000,000 (..)diag") Mill Machinery Co.(Germany)75.
$570,506,000 for 1925 and $384,737,562 for 1924. It is
1956
7.65
always
3,000,000 Roman Catholic Church Welfare Inst (Germany) 78, 9234
1946
interesting to analyze the foreign issues and therefore
9834
7.12
3,000,000 Stettin Public Utilities Co.(Germany) 7s, 1946
we
9434
7.55
1,376,000 Cuba RR. Co.68"B," 1936
bring them together below. In addition to the Canadian
993-4
6.06
3,960,000 Manila Elec. Corp. corn. stock (120,000 shares)
33
____
offerings, German and South American issues were espe- $225,954.040 Grand total (of which $222,534,74
0 new capital and $3,419,300 for
refunding)
cially conspicuous among the foreign Government flotations,
a Bonus of 1 share of common stock given with each share of preferred.
390
GRAND SUMMARY OF FOREIGN ISSUES PLACED IN UNITED STATES
(Including Canada, Its Provinces and Municipalities).
Total.
New Capital. Refunding
Half Year to June 30 1926'Canada. Its Provinces and municipalities__ $53,792,000 546.000.000 599,792.000
14,873,000 202.972,000
Other foreign government
188,099,000
Total foreign Government
Canadian corporate Issues
Other foreign corporate issues
Total corporate issues
Grand total
First half of previous year (1925)
Do
do 1924
Do
do 1923
Do
do 1922
Do
do 1921
Do
do 1920
Do
do 1919
, -$241,891.000 $80.873,000 $302,764,000
87,740,000
27,458,000
60,282,000
3,419,300 225,954,040
222,534,740
$282,816,740 $30,877,300 $313,694,040
$524,707.740 $91,750,300 6616.458,040
460,234,000 110,272,000 $70,506,000
230,087,562 154,650,000 384,737.562
20,941.679 193,646,279
172,704,600
507,576,650 119,500,000 627,076,650
50,000,000 263,224,000
213,224,000
8,498,000 223.358,000
214,860.000
34,979,000 104.514,300
69,535,300
Farm loan issues for the six months' period totaled $114,500,000, as against $111,125,000 last year. The $60,000,000
4s, 1936-56, offered in June
Issue of Federal Land Bank 41/
and the $14,000,000 Federal Intermediate Credit Banks
4s, 1926-27, offered in March at prices yielding from
1
4/
3.50% to 3.90%, comprised more than half the six months'
total. Municipal offerings for the six months of 1926 were
$711,320,145, against $751,836,574 in the six months of 1925.
But, as already stated, the corporate offerings overshadowed all others, reaching $2,877,993,096, against $2,522,472,163. The foreign issues among these we have already
enumerated above. In what follows we bring together the
domestic corporate offerings of chief prominence.
LARGE DOMESTIC CORPORATE ISSUES DURING THE HALF YEAR.
Domestic corporate offerings of exceptional size during
the half year in addition to those for June, mentioned above,
were as follows:
January.-$20,000,000 Crown Willamette Paper Co. 1st
mtge. 6s, 1951, offered at 99, yielding 6.05%; 200,000 shares
of no par value 1st $7 cum. pref. stock of the same company at $100 per share, involving $20,000,000; $30,000,000
Florida Power & Light Co. 1st mtge. 5s, 1954, placed at
93%, to yield about 5.45%; $30,000,000 Baltimore & Ohio
RR. Co. ref. & gen. mtge. 5s, "D," 2000, brought out at 951/2,
yielding about 5.24%; $25,000,000 Lehigh Power Securities
Corp. (Del.) deb. Os, "A," 2026, offered at 95, yielding about
6.30%; $25,000,00 Barnsdall Corp. 15-year deb. 6s, 1940, sold
at par; $22,500,000 Western United Gas & Electric Co. 1st
mtge. 5%s, "A," 1955, offered at 99, yielding about 5.55%;
$15,000,000 Commonwealth Edison Co. 1st mtge. & coll.
4%s, "C," 1956, offered at 93, to yield about 4.95%; $15,000,000 The B. F. Goodrich Co. 5s, 1927-29, offered at prices
yielding from 5% to 5%%, and $15,000,000 Financial &
Industrial Securities Corp. 7% cum. pref. sold at par
($100).
February.-$50,000,00 General Motors Acceptance Corp.
serial 5s, 1927-36, offered at prices' yielding from 5% to
5%,%; $35,000,000 Bethlehem Steel Corp. 7% cum. pref.,
offered at par ($100); $17,500,000 Pacific Mills 5-year 5%s,
4%; 153,815 shares of no
1
1931, placed at 96%, yielding 6/
par value common stock of Public Service Corp. of N. J.,
offered at $80 per share, involving $12,305,200, and $12,000,000 The Otis Steel Co. lot mtge. 6s, "A," 1941, brought out
at 98%, yielding 6.15%.
March.-$46,000,000 Tide Water Associated Oil Co. cony.
6% cum. pref., priced at 97%, yielding 6.15%; $36,000,000
Philadelphia Electric Power Co. 1st mtge. 5%s, 1972, placed
at par; $29,250,000 capital stock of Humble Oil & Refining Co., offered at par ($25); $20,000,000 Brown Co. 1st
mtge. 5%s, "A," 1946, sold at 97, yielding about 5.75%;
$20,000,000 Empire Gas & Fuel Co. (Del.) 1st & ref. 6%s,
1941, offered at 97%, to yield about 6.75%; $18,000,000
Carolina Power & Light Co. 1st & ref. mtge. 55, 1956, offered at 97%, yielding 5.15%; $15,000,000 Standard Fruit
& Steamship Corp. 7% pref., placed privately, and $15,000,000 Florida East Coast Ry. Co. 1st & ref. mtge. 5s, "A," 1974,
offered at 98, yielding 5.10%.
Apri/.-$65,000,000 Associated Electric Co. cony. 5%s,
1946, offered at 95%, to yield about 5.90%; $35,000,000
[VOL. 123.
THE CHRONICLE
Appalachian Electric Power Co. 1st & ref. mtge. 5s, 1956,
sold at 97, yielding 5.20%; $18,632,000 Chicago & North
Western Ry. Co. gen. mtge. 4%s, 1987, brought out at 102%,
yielding about 4%%; $17,030,000 Pennsylvania RR. gen.
equip. tr. 4%s, "D," 1929-41, offered on a 4.67% basis;
$15,000,000 Loew's, Inc., deb. 6s, 1941, sold at 99%, yielding 6.05%, and $11,172,000 New York Central Lines equip.
tr. 4%s of 1925, due 1927-40, offered on a 4.65% basis.
May.-$154,000,000 American Tel. & Tel. Co. capital stock,
offered at par ($100); $40,000,000 New England Tel. & Tel.
Co. 1st mtge. 4y2s, "B," 1961, placed at 94%, yielding about
4.80%; $15,000,000 Indiana Limestone Co. 1st mtge. 6s, 1941,
offered at 99, to yield about 6.10%, and $10,000,000 Indianapolis Power & Light Corp. 1st coll. tr. 6s, "A," 1936, placed
at 98, to yield about 6.25%.
The most conspicuous issues brought out during the first
six months to be used wholly or partly for refunding were
as follows: $11,900,000 out of the $30,000,000 Baltimore & Ohio Railroad Company ref. & gen. 58,
"D," 2000, offered in January; $10,000,000 Cities Service
Co. ref. deb. 6s, 1966, offered in January; $35,846,970 out
of the $65,000,000 Associated Electric Co. 5%s, 1946, offered
in April; $21,414,800• out of the $35,000,000 Appalachian
Electric Power Co. 5s, 1956, offered in April; $18,632,000
Chicago & North Western Ry. Co. 4%s, 1987, offered in
April; $12,000,000 out of the $37,000,000 Duke-Price Power
Co., Ltd., Os, "A," 1946, offered in April; $10,000,000 Pitttsburgh Utilities Corp. 5s, 1928, offered in April; $21,209,000
out of the $23,000,000 Nevada-California Elec. Corp. 1st 58,
1956, offered in June; $36,236,400 out of the $40,000,000
Southern California Edison Co. ref. mtge. 5s, 1951, offered
in June, and $10,000,000 Bethlehem Steel Corp. sec. 5s,
1929-32, offered in June.
The following is a complete summary of the new financing-corporate, State and city, foreign Government, as well
as Farm Loan issues-for June and the six months ending
with June. It should be noted that in the case of the corporate offerings we subdivide the figures so as to show the
long-term and the short-term issues separately, and we also
separate common stock from preferred stock, and likewise
show by themselves the Canadian corporate issues, as well
as the other foreign corporate flotations.
siummARY OF CORPORATE. FOREIGN GOVERNMENT. FARM "DAN
AND MUNICIPAL FINANCING.
1926.
MONTH OF JUNECorporateDomestic-Long term bonds & notes.
Short term
Preferred stocks
Common stocks
Canadian-Long term bonds & notes.
Short term
Preferred stocks
Common stocks
Other For'n-Long term bonds & notes
Short term
Preferred stocks
Common stocks
Total corporate
Foreign government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States Possessions
Grand total
New Capital.
Refunding.
$
$
235,877,100
17,609,000
30.583,750
22,672,400
13.400,000
85,843,400
2,000,000
2.100,000
Total.
$
321,720,500
19,609,000
30,563,750
22,672,400
15.500,000
58,376,000
58.376,000
540,700
3,419,300
3,960,000
379.038,950
27.600,000
30,000,000
93,362,700
472,401,650
27,600.000
70,000,000
40.000,000
131,026.208
10,292,000
1,000.000
5,230,000
6.000,000
136.258,208
16,292,000
1,000,000
578.957,158
144,592,700
723,549,858
SIX MONTHS ENDED JUNE 30CorporateDomestic-Long term bonds & notes. 1,363.364,830
167,666,695
Short term
331,336,392
Preferred stocks
377,169,394
Common stocks
54,042,000
Canadian-Long term bonds & notes_
1,250,000
Short term
4,000,000
Preferred stocks
990,000
Common stocks
Other For'n-Long term bonds & notes 182,124,000
4,000,000
Short term
10,000,000
Preferred stocks
26,410,740
Common stocks
290,903,170 1,654,358,000
22,559,000 190,225.695
6,100,000 337,436,392
5,109,575 382,278,969
81,500.000
27,458,000
1,250.000
4,000,000
090,000
182,124,000
4,000,000
10,000,000
29.830,040
3,419,300
2 522,354,051
188,099,000
74,300,000
355,639,045 2,877.993,096
14,873.000 202,072,000
40,200,000 114,600,000
Total corporate
Foreign government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States Possessions
Grand total
699,027,598
53,792.000
8,288.000
3.545.880.849
12,292,547
46,000,000
711,320.145
09,792,000
8,288,000
469.004.592 4,014,885,241
In the elaborate and comprehensive tables which cover the
whole of the two succeeding pages, we compare the foregoing
figures for 1926 with the corresponding figures for the four
years preceding, thus affording a five-year comparison.
We also furnish a detailed analysis for the five years of the
corporate offerings, showing separately the amounts for all
different classes of corporations.
MONTH OF JUNE.
Long Term Bonds and NotesRailroads
Public utilities
Ron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total
Short Term Bonds and NotesRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total
StocksRailroads
Public utilities
Iron, steel, coal, copper, &a
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total
TotalRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total
New Capital.
1926.
Refunding.
Total.
New Capital.
1925.
Refunding.
Total.
New Capital.
1924.
Refunding.
Total.
New Capital.
$
14,045,000
44,934.771
11,100,000
800,000
1923.
Refunding.
$
36,476,000
122,085,100
30,500.000
600,000
2,400,000
69,970,400
10,200,000
38,876,000
192,055,500
40,700,000
600.000
19,619,000
44,820.400
2.350,000
21,785,000
800.000
81,685,000
250,000
2,815,000
24,600.000
800,000
82.985,000
250,000
11,100,500
29.500
11,130,000
3,425.000
3,425,000
1,300,000
106,059.000
2,136.000
108,195.000
15.945.000
15,945,000
15,865,000
37,000,000
22,825,000
4,600.000
25,000,000
1,250,000
13,472.000
307,653,100
1,258,000
87,943.400
14.730.000
395,596,500
2,475.000
26,775.000
213.198.900
2.200,000
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
73,379,429
1,500,000
7,200,000
4,100,000
2,400,000
6,300,000
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
1,500,000
7,200,000
4,050,000
2,000.000
4.559,000
16,908,000
26,024,600
250,000
36.527,000
70,845.000
2,600,000
85.841.900
62,032,200
2,000,000
43,892,300
43,892,300
85,841,900
105.924.500
2,000,000
450,000
6,050,000
4,559,000
5,350,000
5,350,000
130.000
18.782,750
1,194,160
14,349,100
1,650,000
4,703,125
125,000
4,828,125
4.406.800
30,883,710
4.500,000
25,202,225
100,000
225,000
4,600.000
25,427,225
14,532.500
67,983,871
21,600,000
800.000
450,000
20,568,125
41,993,000
23,905,500
________
42,422,429
_
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
1,643.000
21,125.000
214 Ann OAR
107,000
100,000
73 754 420
1.750,000
21,225,000
255 R55 425
2,400,000
500,000
12,350,000
2,550,000
41,051,000
13,200,700
3,419.300
16,620,000
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
6,200,000
6,200.000
300,000
300,000
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
40,376,000
215,875,500
40,700.000
600.000
468.750
34.975.000
2,050,000
94,744,000
250,000
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
13,000,000
50,021,300
119,341,900
145,507,250
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
200,000
10.025,000
16,375,000
16.375,000
3,450.000
67.737.495
2,475,000
42,617,500
379,268.620
20,631.800
252.853,810
20,631.800
316.075,110
3,419.300
37,976.000
142,485.800
30,500,000
600,000
468.750
30,160.000
2,050,000
93,444,000
250,000
2,400.000
73.389,700
10,200.000
41.104.40
379,038,950
1,258.000
93,362.700
4.815,000
1,300,000
42.362.400
472,401,650
2.475.000
39,167,500
311,531,125
2.000,000
63.221.300
3,150,000
1922.
Refunding.
$
750,000
17,459,000
--____8,074,000
15,000,000
8,250,000
200,000
1,500,000
51,233,000
3,150.00C
18,400,00C
15,000.00C
45.752,00(
2,800.00(
1,500,00(
26,280,701
258,573,101
3,000,000
2,000,000
3,000,00(
5,150,00(
4,993,000
1,080,500
400,000
400,000
24,711,000
4,040,000
5,000,000
9,040,00(
14.349.100
1,650,000
39,369,500
5.000.000
643,000
40,012.50(
5,000,00(
400,00(
400,00(
90.000
150,000
Total.
$
65,261.40C
69,969.00C
10,460,000
600,000
24,561,000
500,000
9,950,000
27,332.400
53,776,850
150,000
2.550.000
58,380,000
300.000
19,609.000
468,750
4,325,000
1,250,000
7,200,000
487,500
8,700,000
8,850,000
130.000
2,000,000
2,000,000
107,000
4,993,000
1,080,500
300,000
17,609,000
17,329,000
42,422,429
Total.
New Capital.
$
$
14,045,000
64,511,400
87,357,200
52.510,000
11,100,000
10,460,000
800,000
3,150,000
20,465,000
10,326,000
62,000,000
24,075,000
37,502,000
2,600,000
1.750,000
16,625,000
26,280,700
238,217,200 207,340,100
90.00(
825,000825,00(
11,150.625
4,900,000
16,050,62f
1,000,000
1,000,00(
57,345,125
5,543,000
62,888125
64,511,400
95.029,500
15.460,000
3,750,000
20,102,000
68,261,400
115,131,500
15,460.000
3:975.000
21,476,625
1,400,000
37,902,000
2,600,000
90,000
26,280.700
2fiR 79A 99A
12,974,000
15,000,000
8,250.000
200,000
1,500,000
3,975.000
34,450,628
16,400,000
46,152,000
2,800,000
1,590.000
26,280,700
nnn
Rqfl elll 00V
Ill 770
[*9g6T n Arirlf
arioimourio anI
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING
FOR THE MONTH OF JUNE FOR FIVE YEARS.
1926.
1925.
MONTH OF JUNE.
1924.
1923.
1922.
New Capital. Refunding.
Total.
Neu Capital. Refunding.
CorporateTotal.
New Capital. Refunding.
Total.
New Capital. Refunding.
New Capita/. Refunaing.
Total.
Total.
Domestic2
$
S
2
$
5
$
$
2
2
$
$
$
$
Long term bonds and notes_ 235,877.100
$
85,843,400 321,720,500
47,548,100 236,947,000
189,398,000
180,419,100
43,892,300
155.337,771
224,311,400
73.370.429
228,717,200
191,980,100
51,233,000
Short term
17.609,000
243,213,100
2,000,000
19,609,000
9,950,000
2,400,000
12,350,006
40,051,000
17,329,000
57.380,00(t
24,561,000
150,000
24,71 1,006
4,040,000
Preferred stocks
5,000,000
30.563.750
9.040,000
30,563.750
37.900,000
1,800,000
39,700,000
15,797,800
2,000,000
17,797,806
14,067,500
225,000
14,292,506
43,025000
4,000,000
Common stocks
22,672,400
47,925,000
22,672.400
50,482.225
15,989,395
66,471.620
13,085,910
13,085,910
11,134,725
11,134,725
14,320,125
Canadian643,000
14,963,128
Long term bonds and notes_
13,400,000
2,100.000
15.500,000
1,000,000
1.000.000
5,300,000
5,300.000
4,500,000
Short term
4,500,000
1,000,000
1,000,000
Preferred stocks
Common stocks
Other ForeignLong term bonds and notes_
58,376,000
58.376.000
23,800.000
23,800,000
1,500,000
1,500,000
4,200,000
4.200,000
10,860.000
Short term
10,860,00C
Preferred stocks
Common stocks
540.700
3.419,300
3,960,000
Total corporate
379,038.950
93,362.700 472,401,650
311,531.125
67,737,495 379,268,620
252,853,810
63.221.300 316,075,110
214,600,996
73,754,429 288,355.425
268,725,225
61,776,000 330,501,22z
Foreign Government
27.600.000
27,600,000
100.188,000
40,000,000 140,188,000
15.700,000
15,700,000
27,000,000
27,000,000
91,325,000
5,000.000
Farm Loan Issues
96,325,00C;
30,000.006
40,000.006
70.000.000
2,200,000
2,200,000
43,600,000
43,600.000
61,700,000
61,700,000
4,500,000
War Finance Corporation
4,500,00C
Municipal
131,026.208
5,230,000 136,256.208
138,344,772
1,309,000 139,653,772
240,933,038
1,518,500
242,451,538
158,601,597
3,110,300
161,711.897
117,617,283
1,352,002 118,969,28,!
Canadian
10,292,000
6,000,000
16.292,000
11,850,000
282.000
12,132,000
1,705,006
1,705,000
3,155,000
3,155,000
450,000
United States Possessions_
450.00C
1.000.000
1,000,000
4.700.000
4,700,00C
Grand Total
.778,957.158 144,592.700 723,549,858
564.113,897 109.328.495 673,442,392
554,791,848
64.739.800 619.531.648
465.057,593
76.864.729 541,922,322
487,317,508
68.128,002 555,445.51C
CIIARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF JUNE FOR FIVE YEARS.
MONTHS ENbED JUNE 30 F R
1923.
1922.
New Capital. Refunding,
Total.
New Capital. Refunding,
Total.
$
$
$
$
$
$
1.001,793,557 314,938,643 1,316.732,200 940.154,495 315,176,755 1,255,331,25(
114,789.200
18,616,800 133,406,000
88,377,000
16,950.000 105.327,00(
191,634,547
67,609,839 259,244,386
158,304,500
30,300.000 188,604,50(
184,884,888
3,266,760 188,151,648
89.199,612
98,098,231
8,898,625
22,796,600
22,796.600
17,170,000
17,170,00(
11,000,000
11,000,00(
3.500,000
3,500,00(
24,100,000
572,848.575
25,308,000
456.000
2,477,529.367
80,445,000
404,432.042 1,944,430,834 1,388,150,607
6,000,000 106,500.000 332,605,000
55,032,000 293,450.000 209,240,000
1.250,000
81,695,00(
372,575,380 1,760,725,981
15,000,000 347,605.00C
42,000.000 251,240,00(
11,952,348
14,941,679
584,800,923 648,602,303
6,483,847 655,086,15(
40,249,679
62,856,650 103,250,000 166.106,65(
456.000
9.950,000
9,950.00(
492,358,069 2,969,887,436 2.651,404,560 .539,309,227 3,190,713,781
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE SIX MONTHS ENDED JUNE 30 FOR FIVE YEARS.
1926.
1924.
1925.
1923.
1922.
SIX MONTHS ENDED JUNE SO. New Capital. Refunding.
Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
Total.
$
Long Term Bonds and Notes—
Railroads
218A13.500 103,194,000 321,607,500
173.281.000
36.055,000 209,336,000
45,038,900 377,520,200
332.481.300
26,073,000 252,992,500 369,145,080
226.919.500
74,521,270 443.666,350
Public utilities
634,804,330 203,828,170 838,632,500
501,576,900 116,417.600 617.994.500
86.705,577 458,513,500
371,807,923
287,552,071 151,865,729 439,417.800 274,878,039
97,042.161 371,920,200
Iton, steel, coal, copper, &c
94.181.000
29,350.000
21.069,000 115,250,000
5,369.000
68,941,000
2,646,000
31.996,000
192,518,139
74,310,000
46,806,861 239,325.000
74,610,000
1,750.000
76,360,000
Equipment manufacturers
2,030,000
2,030.000
5.000,000
6,900,000
6,900,000
•
8,100,000
5,000,000
8,100,000
Motors and accessories
76.150.000
56.000.000
56,000.000
8,315.000
4,460,000
350,000
76,500,000
4,288,000
11.962,000
12.775,000
16.250,000
2,500,000
7.150.000
9,650,000
Other industrial and manufacturing 131,752.000
83.616,000
36.7:51.606 168.508.000 119,207.800 17,335.700 136.543,500
102.386.447
18,642,900 102.258,900
23,957,053 126.343,500
86,721,241
42,678,759 129,400,000
Oil
7.935.000
44.015.000
51.950,000
4,196.000
13.500,000
.55.400.000
68.900,000
14,000
4.210.000
25,000,000
38,500,000
63,500,000
.42.429,300
83,220,700 125,650,000
Land, buildings, acc
310.443,500
10.142,000 320,585.500
318,227.700
118,056,500
14.698,000 332.925.700
790,000 118,846,500
1,250,000
87.830,000
89,080,000
78,704,500
8,445,000
87,149,500
Rubber
1,600.000
32,500.000
1 ,600,000
32,500.000
665,000
1.335,000
2,600.000
2,000,000
200,000
2,800,000
Shipping
6,900.000
6,900.000
4,315,225
3,159.775
7,475,000
3.000,000
3.000,000
107,000
2,568,000
1,500,000
17.360,000
2,675,000
18.860,000
145,132,000
Miscellaneous
2,058.000 147,190,000
78.283,000
1.250.000
53.592,500
10,927,000
89.210,000
54,842,500
34,926,000 123,945.000
89,019,000
84,171.335
4.568.865
88,740.200
Total
1,600.138,830 317,843.170 1,917,982,000 1,439.168.675 283.383,525 1,722.552,200 1,045,151,223 166,125,237 1,211,276,600 1,048,690.157 314,938,643 1,363,628,800 1,037,769,495 316,426,75511,354,196,250
Short Term Bonds and Notes—
Railroads
6.500,00
12,500.000
6.000,000
24,500.000
29.050,000
24.900,000
400.000
19,000.000
9,087.500
48,050,000
32,351.800
9,087,500
35,351,800
3,000,000
Public utilities
33,760,00
10,825,000
72,400,000
18.070.000
54.330.000
44.585,000
78.896.000
13,420,000
7,212,800
26,702.200
92,316.000
33.915,000
13,156.000
27,106.000
13,950,000
Iron, steel, coal, copper, &c
6.000.00
6,000,000
21,915,000
19,415.000
1.675.000
2,500.000
9,850,000
650.000
2.325.000
9,850.000
404,200
404,200
Equipment manufacturers
1,150,000
1,000,000
1,150.000
830,000
1.000.000
830,000
Motors and accessories
200,000
13,210,000
13.410,000
9,000.000
15.496.000
9,604,000
9,000,000
25,100,000
16,700,000
16,700.000
Other industrial and manufacturing
42,700.000
47.200.000
4,500,000
14,318,750
14,318.750
1.910.000
200.000
3.000,000
1.800,000
2,110,000
4,800,000
500,000
500,000
011
12.966.000
7.000.000
14,000.000
1,034,000
57,200.000
35.500.000
50,200.000
44,693.000
35.500.000
44,693,000
30,400,000
30,400.000
Land. buildings, •Ssc
10,386,500
10,386.500
17.770.000
17.770.000
2,715.000
1.080,500
2,715,000
2,150,000
1,080.500
2,150.000
Rubber
32,250,000
32.250.000
Shipping
500.000
500,000
5.000.000
5.000,000
1.000.000
215.000
1,000.000
215.000
Miscellaneous
14,644,195
6.725,000
14.644,195
6.725.000
5.800.000
5,800,000
3,050,000
3.500.000
3.050,000
3,500.000
Total
150,208,750
172,916,695
71,170,000 221,378.750
22.559,000 195,475.695
33,270,000 198,816.000
165.546.000
114.789,200
18,616,800 133,406,000
16.950,000 116.327.000
99.377.000
Stocks—
Railroads
26.823.737
300,000
26.823.737
300,000
10.929,600
10,929,600
Public utilities
312.320.402
266,531.880
5.424,300 317.744.702
4.433,500 270.965,380
7,292,223 340,640,700
333.348.477
117.502.136
11,076,000 128.578.136
26,318.625 119.578.275
93.259.650
Iron, steel, coal, copper, drc
36.675,000
36.675.000
12,890.000
12,890.000
13.034.160
25,679,710
4.896,760
13,034.160
30,576.470
26.406.250
26,406.250
Equipment manufacturers
5.628.500
5.628.500
2,500.000
2,500,000
Motors and accessories
91,659,000
27,220,650
27,220.650
1,110.000
3.227,000
92,769.000
1.335.0.0
200.000
3.427,000
20,490.325
19,155,325
11,525.000
11.525,000
Other industrial and manufacturing 103,548.392
67,681.685
6,204.575 109,752.967
7.778.000
75,459.685
109,234,183
7,445,000
65.535.600
58.090,600
16,959.149 126.193,332
40,936,202
36.036.202
4,900,000
Oil
101,787 140
14,508.288
2,800,000 104.587.140
37.013.198
22,504.910
43.401,930
44,638.573
43.401. 30
45,623,263
984,690
47,132.410
39,152.410
7.980,000
Land, buildings, &c
23,933.700
20.606,500
23,933.700
20.726,501
120.000
4.643.357
2.590,000
4.643.357
4,535.000
2,590.000
4.535.000
Rubber
1.464,537
750.000
1,464,537
750,006
1,600,000
1,600.000
350,000
350,000
4.175,000
4,175.000
Shipping
2.250.000
2.250.00(
Miscellaneous
808,000 137.528,205
136.720.205
63,572,450
65.717,450
2.145,000
14.934,945
57,069.508
35,625,000
14,934.945
22.485.000
92.694.508
I 22,485.000
Total
749.298.526
15.236,875 764.535.401
540.449.803
38,091.41C 578,541.213
14,937,223 514,041.429
499,104,206
376.519,435
70,876,599 447,396,034
251,004,112
39,198,6251 290,202.737
Total—
Railroads
42,055,000 221,836.000
179.781,000
242.913.500 103,594,000 346.507.500
64,038.900 452,393.937
388.355.037
236,307,000
26,073,000 262,380,000 412.426.480
77.521,270 489.947,750
Public utilities
980.884.732 220.077.470 1.200.962.202
822,438,780 138.921 .500 961.359,88(
784,052.400 107,417.800 891,470,200
431,756,407 170,154.529 601,910,936 381,293.689 137,310.786 518.604.475
Iron, steel, coal, copper, &c
136.856,000
21,069,000 157,925,000
61 .655.000
5,146.000
66.801,00(
89,669,160
83.650.160
101.420.450
228.047.849
51,703,621 279.751,470
6.019.000
1,750,000 103,170.450
Equipment manufacturers
7.658.500
8,050.000
7.658,500
8,050.001
6,000,000
6,000,000
2,500.000
2,500,000
8,930,0008.930.000
Motors and accessories
96.430.650
167,809.000
200,000
96.630.650
1,460.000 169,269.000
37,875,000
46.613,325
13,-2-27.666 61,840.395 25,375,00
25,202,000
8.515,000
16,687,000
2,500.000
Other industrial and manufacturing 278.000.392
47,460.575 325.460,967
201.208,235
25.113,700 226,321,935
170.836,202
143,616,600
214,620,630
26,287,900 169,904.500
123.257.443
42,716,202
25/
,336,832
47,578.750
Oil
158,768.140
11,769,000 170,537,140
76.908.288
86,201,910 163.113,198
83.111,930
83,097.930
127,831,573
25,984,690 153,816,263 111,981,710
14.000
91,200,700 203,182,410
Land, buildings, &c
344.763.700
10.142,000 354,905,700
356,604.200
93,834,500
14,818,000 371,422,200
85,389,500
91.500.500
1,250,000
92,750,500
125,414.857
8,445.000
790.000 126,204,857
Rubber
35,314,537
35,314.537
6,975,000
33,250,000
6,775,000
1,685.000
665,000
1,600.000
1,600,000
33.250.000
200,000
2.350,000
Shipping
7.400,000
10,409,775
7.400.000
19,075,000
3,568,000
107.000
14.725.000
4,315.225
1,500,000
17,575.000
3,675.000
3,000.000
3,000.000
Miscellaneous
296.496.400
2,866.000 299.362.400
149,138.508
148,580.450
13.072,000 161,652.450
70,551.000 219.689,508 110.156.335
1.250.000, 75.577,445
74.327.445
4.568.865 114,725.200
Total
2.522.354.051 355.639.045 2.877,993.096 2,129,827.228 392,644,935 2.522.472,163 1,709.801.429 214.332.600 1,924,134,029 1.539.998,7921 404,432,042 ,944,430,834 1,388,150,607 372,575,3801,760,725
am
1,539,998.792
100,500,000
238,418,000
24.100,000
arlDIKOUELD
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE SIX
1926.
1925.
1924.
SIX MONTHS ENDED JUNE 30.
New Capital. Refunding.
Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
Total.
Corporate—
Domestic—
$
II
SI
$
S
$
$
$
$
Long term bonds and notes- 1,363.364.830 290.993,170 1,654,358,000 1,240,898,675 273,333,525 1,514,232,200 1,032,971,223 156,125,377 1,189,096.600
Short term
22.559,000 190,225,695
118,208,750
167,666,695
164,396,000
25,270,000 189,666.600
68,670,000 186,878.750
Preferred stocks
6.100,000 337,436,392
10,037,223 128,125,050
5,489,500 331,171,885
325,682,385
331,336,392
118,087,827
Common stocks
5,109.575 382,278,969
208,092,418
377,169,394
381,016.379
27,401,910 235,494,328
4,900,000 385,916,379
Canadian—
Long term bonds and notes_
27,458,000
81,500,000
50.870,000
54,042,000
3.000.000
3.000,000
10,050,000
60,920.000
II Short term
18,000,000
1,250.000
1,250,000
9,150,000
1,150,000
8.000,000
2,500,000
20,500.000
I. Preferred stocks
4,000.000
4.000.000
2.600.000
3,600.000
1,000,000
Common stocks
990,000
990,000
2.600,000
2.600,000
Other Foreign—
182.124,000
Long term bonds and notes- 182,124.000
147,400,000
19,180,000
9,180,000
10,000.000
147.400,000
4,000,000
4.000,000
Short term
14,000,000
14,000.000
10.000,000
10.000.000
Preferred stocks
2,750,000
2,750,000
26.410,740
2.925,000
3,419,300
29,830,040
_ _ __ __
2.925,000
Common stocks
2.522,354.051 355.639.045 2,877,993,096 2,129,827,228 392,644,935 2,522.472,163 1,709,801,429 214.332.600 1,924,134,029
Total corporate
Foreign Government
188,099,000
14,873,000 202.972,000
184,631,000
190,940.000 130,000,000 320,940.000
68.000.000 252,631,000
Farm LoanIssues
74,300.000
40,200,000 114.500,000
102,597,100
8,527,900 111,125.000
129.500,000
129,500,000
War Finance Corporation
12.292,547 711,320.145
699.027.598
733,986.277
781,610,065
Municipal
17.852,297 751,838,574
7.134,908 788,744,973
Canadian
53,792,000
46.000,000
99,792.000
38,658,000
24,522,000
63,180,000
25,817,562
32,467,562
6,650,000
8,288,000
8.288,000
4.050.000
United States Possessions_,.__
4,050,000
5,835.000
5,835,000
Grand Total
3,545,800.649 469,004.592 4,014,865.241 3,193.749,605 511,547,132 3,705,296,737 2,843,504,056 358,117,508 3,201,621,564
JULY 24 1926.]
THE CHRONICLE
393
DETAILS OF NEW CAPITAL FLOTATIONS DURING JUNE 1926.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER
THAN FIVE YEARS).
Amount.
Purpose of Issue.
Railroads12,000,000 New equipment
1,000,000 General corporate purposes
1,376,000 Acquisitions; new equipment
15,000,000 Additions, improvements, &c
6.000,000 Refunding; capital expenditures
1.000,000 Capital expenditures
2,500,000 New equipment
Price.
To Yield.
About.
Company and Issue, and by Whom Offered,
4.00-4.55 Canadian Pacific Ry. Eq. Tr. 4%5 B, 1926-38. Offered by The
Union Tr. Co. of Pittsburgh,
Bankers Tr. Co. of N. Y. and Brown Bros. & Co.
5.12 Chicago,indianapolis & Louisville RR. 1st & Gen. M.5s A, 1966.
Offered by Harris, Forbes &
Co. and Potter At Co.
99%
6.06 The Cuba RR. Co. lot Lien A; Ref. M. Os B, 1936. Offered by National
94
4.80 Great Northern Ry Co. Gen. M.4%s D, 1976. Offered by J. P. Morgan City Co.
& Co., First Nat'l Bank
and National City Co.
95
5.33 International-Great Northern RR. Co. 1st M.5s, 1956. Offered by Kuhn,
Loeb & Co.
96
6.25 Kansas. Oklahoma & Gulf Ry. lot M. 6s, 1976. Offered by Edw. B.
Smith & Co. and W. A.
Newbold's Son & Co.
Placed privately. Western Maryland Ry.Eq.Tr.5s D, 1926-38.
Offered by Kean, Taylor & Co.and Roosevelt & Sons.
98
38,876,000
Public Utilities3;000,000 Improvements, betterments, &c
.r
621,000iActlulsitionS
96
5.35 American Public Service Co. lot Lien 5s C, 1942. Halsey, Stuart
& Co.. Inc. and A. B. Leach &
Co., Inc.
6.18 American Utilities Co.(Del.) lot Lien & Ref. M.65 A, 1945. Offered
by J. G. White & Co., Inc.,
Parsley Bros & Co. and Paul & Co.
750,0001Acquisitions, extensions, &c
96%
6.30 Atlantic Public Utilities, Inc. lot Coll. Lien & Ref. 6s A, 1946.
Offered by Sawyer, Fiske &
Spencer, Inc., Boston. and Da gler, Lanham & Co., Chicago.
348,0001 Refunding
100
5.00 Bristol & Warren Water Works Co. lot M. 5s A, 1946. Offered by
1,230,000 Additions, extensions. &c
06
5.27 Central Illinois Public Service Co. tot M.& Ref. 5s E. 1956. Offered13odell & Co., Providence,
5,000,000 Refunding
93%
6.45 Cities Service Co. Ref. Deb.6s, 1966. Offered by A. B. Leach & Co., by Halsey, Stuart & Co., Inc.
Inc., Federal Securities Corp.,
H. M. Dynes,)y & Co., Inc., Pearsons-Taft Co. and Henry
L.
500,0001Acquisitions
& Co.
98%
6.12 Consumers Water Co. 1st Coll. Tr. 6s A, 1946. Offered by ILDoherty
M. Payson & Co., Portland, Me.
and G. L. Ohrstrom & Co., Inc., N. Y.
9,000,0001 Refunding; capital expenditures
9434
4.85 Cumberland County Pr. & Lt. Co. 1st M.434s. 1956. Offered by
Harris, Forbes & Co. and A. C.
Allyn & Co., Inc.
15,000,000 Extensions & improvements
101%
4.90 Detroit Edison Co. Gen. & Ref. M.5s B, 1955. Offered by Coffin &
Burr, Inc., Spencer, Trask &
•S
Co., Harris, Forbes & Co., Bankers Tr. Co., N. Y. and Security Tr. Co.
and lot Nat'l Co., Detroit.
1.000,000 Acquire public utility securities
98%
5.10 Electrical Securities Corp. Coll. Tr. 53 21st series, 1956. Offered
by Bankers Tr. Co., N. Y.,
Jackson & Curtis and Parkinson At Burr.
100
P 600.000 General corporate purposes
6.00 Indiana-Ohio Public Service Co. 1st M.65 A. 1946. Offered by Ames,
1,100,000,Extensions, betterments. &c
99
6.05 Kentucky Electric Pr. Corp. 1st NI. 63 A, 1951. Offered by HambletonEmerich & Co., N.Y.
& Co., The Baltimore Tr.
Co. and Biddle & Henry, Phila,
1,500,000,Additions. extensions. &c
100
5.00 Long Island Lighting Co. 1st Ref. Os B, 1955. Offered by W. C.
Langley & Co. and Bonbright &
Co., Inc.
450.0001Acquisltions, Improvements
99
6.05 Middle States Utilities Co. 1st Lien Os A, 1951. Offered by Ames. Emerich
& Co.. N. Y.
95%
23,000,000,Refunding; new construction
5.30 The Nevada-California Electric Corp. 1st Trust M. 5s, 1956. Offered
Spencer, Trask & Co.;
Blyth, Witter & Co., International Tr. Co., Boettcher & Co. and United by
States Nat'l Co.. Denver.
572,000 Capital expenditures
104.45
4.50 New Bedford Gas & Edison Lt. Co. 1st M. 5s F. 1938. Offered by
E. it. Rollins & Sons.
9,635,000 Acquisitions; cap'l expenditures, &c 93
4.95 The Ohio Pr. Co. lot & Ref. 4%s D, 1956. Offered by Dillon, Read &
Co., Lee, Higginson & Co.
r.
and Continental & Commercial Tr. & Savings Bank, Chicago.
4,000,0001 Additions
93%
5.50 Ohio River Edison Co. 1st M. 55, 1951. Bonbright & Co.. Inc. and
101%
1,000,000 Additions & extensions
5.40 Peninsular Telephone Corp. (Fla.) 1st M.5%8, 1951. Offered by Eastman, Dillon & Co.
Coggeshall & Hicks and Bedell
& Co.
3,800,000,ACqUire constituent cos.; cap. exp. 98
5.13 Pennsylvania Pr. Co. 1st M. 5s, 1956. Offered by Bonbright &
Co., Inc., Eastman, Dillon & Co.
and Harper & Turner.
3,500,000 Acquisition of constituent cos
94%
6.05 Peoples t. & Pr. Corp. 1st Lien 5345, 1941. Offered by G. L.
1400.000 Refunding
102%
6.25 Peoples Tel. & Tel. Co. 1st M. 634s. 1946. Offered by RutterOhrstrom & Co., Inc., N. Y.
& Co., N. Y.
3,750,000,Acquisitions
97
5.70 Portland Electric Pr. Co. lot Lien & Ref. M. 5%5 C. 1951. Offered
by National City Co. and
Halsey, Stuart & Co.. Inc.
6,000,000,Refunding; acquisitions
99
6.09 Public Service Co. of Colorado Debenture Os, 1946. Offered
by A. B. Leach & Co., Inc., Halsey,
Stuart & Co., Inc., Federal Securities Corp. and Henry L. Doherty
& Co.
15,000,000 Add'nsbett'mts; other corp. Purii• 99
5.57 Public Service Corp. of N. J. Secured 540. 1956. Offered by
Drexel
2,500,000 Capital expenditures
98%
5.10 San Diego Consolidated Gas & Electric Co. (Cal.) lot & Ref. M.& Co. and Bonbright & Co.. Inc.
Os
B,
1947. Offered by Harris,
Forbes & Co., Blyth, Witter & Co. and H. M. Byllesby &
15,000,000 Additions, extensions
91%
7.24 Saxon Public Works. Inc. (Germany) Gen. & Ref. M.634s, Co.. Inc.
1951. Offered by National City Co.
and Lee. iligginson & Co.
150.000,General corporate purposes
Price on application Shenandoah River Pr. Co.
Deb. Os, 1936. Offered by Battles & Co., N. Y.
12,500.000 Acquisitions; other corp. purp
95
6.30 Southeastern Pr. & Lt. Co. Debs. Os A. 2025. Offered by Bonbright
& Co., Inc.
40,000.000,Refunding; add'ns & extensions
98%
5.10 Southern California Edison Co. Ref. M.55, 1951. Offered by Harris,
Forbes & Co., E. H. Rollins
& Sons and Coffin & Burr, Inc.
3,000,000/ Additions
94%
7.55 Stettin Public Utilities Co.(Germany) 1st (closed) M.75, 1946.
Offered
by Harris, Forbes & Co.
and Redmond & Co.
100
149,500 Construction; working capital
7.50 The Swingle 011 & Gas Co. (Zanesville, 0.) 1st M. 734s, 1928-32.
Offered
by Frank D. Bush &
Clumbus,
0.
Co.,
3,500,000 Additions
98
5.13 The Tennessee Electric Pr. Co. 1st & Ref. M. 5% 1956. Offered
by National City Co., BonCo.,
Inc.
bright
and
&
Hodenpyl, Hardy Securities Corp.
2,500.000 Extensions, improvements. &e
97%
5.70 Union Water Service Co. 1st Lien 5345 A. 1951. Offered by G. L. Ohrstrom
1,000,000 Additions, improvements. &c
95
5.33 Wisconsin Pr. & Lt. Co. 1st Lien & Ref. M. 5s E, 1956. Offered by Hill,& Co.. Inc.
Jonler & Co., Halsey.
Co.,
Inc. and Paine, Webber & Co.
Stuart &
100
1,000.000 Refunding; other corp. purp
5.50 Woodhaven Water Supply Co.(N. Y. City) lot M.534s A, 1946.
Offered by Love, Macomber &
Co., N. Y.
192,055,500
Iron, Steel, Coal, Copper, &c.
10,000,000 Refunding
100.60-98.98
Bethlehem Steel Corp. Secured 5s, 1929-32. Offered by Guaranty Co. of N. Y.,
Bankers Tr. Co..
4.75-5.20
N. Y. Nat'l City Co., J. & W. Seligman & Co., Lee. Iligginson & Co. and
Chas. D. Barney & Co.
96
30,000,000 Construction; working capltal___ _
6.80 United'
Steel Works Corp. (Germany) 25-yr. Mtge. 6145 A. 1951.
Dillon.
Reed
& Co., International Acceptance Bank and J. Henry Schroder Banking Corp.
200,000 General corporate purposes
5.75-6.50 Wagner Malleable Iron Co.(Decatur, Ill.) 1st Si. 6%s, 1927-36.
Offered by N. L. Rogers & Co.,
Ill.
Peoria,
Inc.,
100
500,000 Refunding; other corp. purp
6.00 Wolverine Tube Co. Convertible 1st M. 8s A, 1936. Merrell, Lynch
& Co., Det.
40,700,000
Equipment Manufacturers600,000 New equipment
5.30-5.60 Maaor Car Corp. Eq. Coll. Tr. 5%s D, 1928-31. Offered by
Freeman & Co.
Other Industrial & Mfg.99%
4,000,000 ACQ. control Amer. Seating Co
6.03 American Seating Corp. Convertible Os, 1936. Offered by
Bodell & Co.. Prince & Whitely, W. A.
Harriman & Co., Inc. and Continental & Commercial Tr. &
2,000.000 Acquisitions; additions
9834
6.15 Atlantic Gypsum Products Co. 1st M.6s A, 1941. Offered Savings Bank, Chicago,
by Lee. Higginson & Co.
5,000.000 Acquisitions; working capital
99
6.08 Container Corp. of America lot Si. Os, 1946. Offered by Nat'l
City Co. and E. H. Rollins dr Sons.
500,000 Working capital
6-6.50 (F. K.) Cruickshank & Co.(N. Y.)65. 1927-34. Offered by
1,500,000,Refuuding; retire bank loans, &c
100
6.00 Dalton Adding Machine Co.(Cincinnati) Convertible 6s, Mortgage & Securities Co.. New Orleans.
1941.
Offered by The Fifth-Third Nat'l
Bank, W. E. Hutton & Co. and Benj. D. Bartlett & Co.,
3.500,000,Refunding; acquisitions, Arc
Cincinnati.
98%
6.13 Fort William Paper Co.. Ltd. (Fort William. Ont.)
lot
M.
6s,
A, 1946. Offered by Peabody,
Houghteling & Co. and Wood, Gundy & Co.
600.000,11efunding; development of prop
100
6.00 (A. P.) Green Fire Brick Co. Os, 1936. Offered by
Lorenzo E. Anderson & Co., St. Land Stifel:
Nicolaus
& CO.. Inc.. N. Y.
3,000.0001Liquidate bk loans;0th. corp. purp 92%
7.65 ("Mktg") M111 Machinery Co.(Germany) 1st
1,000.000,Add'ns; impts.; retire current debt _
5.50-6.10 Oregon Pulp & Paper Co. (Salem, Ore.) 1st (closed) M. 75, 1956. Offered by F. J. Lisman & Co.
M.6. 1927-41.
Offered by Lumbermen's Trust Co.,
Portland, Ore.. and Minnesota Loan &
1,000.000 Retire existing debt; wkg. capital
99
6.10 Pacific Door & Sash Co. 1st (closed) M.6s, Trust Co., Minneapolis.
1941. Offered by California Securities Co., Los Angeles.
250,000 New plant, machinery & equiprn't._ 100
7.00 Sauquoit Spinning Co. (Gadsden, Ala.) 1st
M. 7s, 1941. Offered by the First National Bank,
Birmingham. Ala.
Ala,
1.250.000 Reduce debt; working capital, &c
5.50-6.50 The
Lumber Co. 1st (closed) M. 634s, 1927-37.
Offered by Cronwall & Co., Inc.,
Chicago, The Detroit Co. and Freeman, Smith
1,000,000 General corporate purposes
5.00-5.50 (L. A.) Young Industries, Inc.. 1st M. 534s, 1936. & Camp Co.
Offered by the Griswold National Co., Union
Trust Co., Harris, Small & Co., Whittlesey, McLean
& Co. and Fidelity Trust Co., Detroit,
24,600,000
011800,000 Acquisitions
6.00-6.50 Seaboard 011 Co. (Jacksonville. Fla.) 1st M.634s,
1027-41.
Bank, Ohio National Bank, Raynard T. Brower. Inc.. the Offered by the Huntington National
Land, Buildings, &c.First Citizens Corp., Lorenz & Co.,
City National Bank and Commercial National Bank,
Columbus, Ohio.
100
1,800.000 Finance construction of hotel
6.25 Albany Metropolitan Hotel(Albany, N. Y.) 1st 50.6345,
1938. Offered by S. W.Straus & Co..Inc.
3,800,000 Finance construction of building
5.60-6.00 American Insurance Union Bldg. (Columbus.
0.) 1st M.60, 1928-41. Offered by S. W. Straus
& Co., Inc.
100
05,000 Improvements to property
6.50 Ann is Land Co.(Detroit) 1st M.634s, 1928-36. Offered by
Fenton, Davis & Boyle, Grand Rankle.
250.000 Finance construction of apartment. 100
6.50 Astra Apts, 1st M. 654s, 1928-36. Offered by Gerard
& Co., Chicago,
700,000 Real estate mortgage
5.00-5.50 Berlin Bldg. (Detroit) lot M. 5140, 1927-36.
Offered by Harris, Small & Co. and Union Trust
Co., Detroit.
120.0001FInance construction of apartment. 100
6.00 Bethune Manor Apt. (Detroit) lot Si, 6s, 1928-36.
99
850,000,Finance construction of hotel
7.03-6.60 Broad View Hotel (East St. Louis, 111.) lot (closed) M.Offered by Guaranty Trust Co. of Detroit.
6545, 1928-41. Offered by Caldwell & CO..
Nashville, Tenn., and Mark C. Steinberg & Co. St.
Louis,
100
400,000,Improvements to property
7.00 Capistrano Beach Co. (Calif.) lot (closed) M. 70, 1936.
'
Offered by the John M. C. Marble Co.;
Los Angeles.
100
5.50 Capitol Bldg. Co. (Detroit) let M. Leasehold 536s.
650,000 Refunding
1926-36. Offered by First National Co. and
Detroit Trust Co.. Detroit.
100
6.50 Cavalier Hotel Corp. 1st (closed) M.6345, 19313. Offered
650,000 Finance construction of hotel
by J. A. W. Iglehart & Co., Baltimore,
and the Trust Co. of Norfolk, Va.
85
6.33 Central Manhattan Properties. Inc.. Secured 50, 1946. Offered
2,100,000,Acquisition of property
J. A. Ritchie & Co.. Inc., McCown & Co., Porter & Co. andby Edmund Seymour & Co., Inc.;
Sawyer Bros. Inc.
5,000,000!FMance construction of building
5.80-6.05 Chicago Builders' Bldg. (Chicago) 1st M. Lessehoid 65,
1930-41. Offered by S. W. Straus &
Co., Inc.
98
THE CHRONICLE
394
Amount.
Purpose of Issue.
Price.
To Yield
About.
[VOL. 123.
Company and Issue; and by Whom Offered.
Land, Buildings, &c.(Con.)475,000 Finance construction of building_ _ 100
165,000 Finance construction of apartment 100
350,000 Finance lease of building
100
6.00 Cinema Bldg. Corp.(N. Y. City) 1st M.6s, 1945. Offered by Curtis, Stephenson & Co., Inc.
6.50 Colonial Apts. let M. 6345, 1928-36. Offered by Garard & Co., Chicago.
6.50 Davidson Bldg. (Sioux City, Iowa) let M. Leasehold 6348. 1946. Offered by Thompson, Ross&
Co., Chicago, and Metcalf, Cowg 11 & Co., Des Moines.
Davis Hotel (Chicago) 1st M. 634s, 1929-41. Offered by Greenebaum Sons Investment Co.
6.15-6.50
2,500,000 Finance construction of hotel
6.50 Drexel Parkview Apts. (Chicago) let M.6345, 1928-36. Offered by Gerard & Co., Chicago.
185,000 Finance construction of building- ioo
6.50 Drexel Plaza Bldg. (Chicago) 1st M.6348, 1928-36. Offered by Lackner, Butz & Co., Chicago.
145,000 Finance construction of apartment 100
6.00-6.25 8829 Fort Hamilton,Parkway (Brooklyn, N. Y.) 1st M.6345, 1928-36. Offered by S. W. Straus
550,000 Finance construction of apartment
dr Co., Inc.
6.00-6.50 (The) Envoy (S. S. & L. P. Corp.), N.Y. City, 1st M.6345, 1928-36. Offered by American Bond
840,000 Finance construction of apartment
& Mortgage Co., Inc., New York.
5.75-6.50 Estate of Philip D. Gordon 1st (closed) M.6345, 1928-36. Offered by Breed, Elliott & Harrison
120,000 Real estate mortgage
and Fletcher American Co.
435,000 Improvements; working capital_
Price on applicat'n Frederick R. Feitshans 1st M. 78, 1929-41. Offered by Cass. Howard & Sanford, Los Angeles.
6.50 Fifth Ave. & Fifty-fifth Street Bldg.(N. Y. City) 1st (closed) M.Leasehold 6345, 1945. Offered
1,800,000 Finance construction of building_ _ 100
by Dillon, Read & Co.
5.50 Fifth Ave. Hotel (N. Y. City) 534% Prudence Certificates, 1929-33. Offered by the Prudence:CO..
2,080,000 Real estate mortgage
100
Inc.
450,000 Finance construction of building_ _ 100
6.00 (The) First Baptist Church (Jacksonville, Fla.) 1st M. 65, 1928-36. Offered by the Hibernia
Securities Co., Inc.
5.00-5.50 First National Bank Bldg. (Denver, Colo.) let (closed) M. Leasehold 530, 1928-40. Offered by
650,000 Refunding
Boettcher Ss Co. and International Trust Co., Denver.
100
6.00 502 Park Ave.(N. Y. City) 1st M.6s, 1941. Offered by S. W. Straus & Co. Inc.
3,800,000 Finance construction of hotel
5.50 515 West End Ave.(N.Y. City) 155 M.534s, 1927-32. Offered by N.Y.Title f;;Mortgage Co., N.Y.
1,050,000 Real estate mortgage
100
6.00 Groover Stewart Investment Corp. (Jacksonville, Fla.) 1st M. 65, 1926-36. Offered by the
400,000 Acquisitions of property; construc'n 100
Whitney Central Banks, New Orleans, and Barnett National Bank, Jacksonville, Fla.
125,000 Finance construction of hotel
8.00 Hotel Northwood (West Palm Beach, Fla.) let M.8s, 1926-35. Offered by Palm Beach Guaranty
100
Co., West Palm Beach, Fla.
5.65-6.00 Lefcourt Empire Bldg. (N.". City) 1st M.534s. 1928-41. Offered by S. W.Straus &
800,000 Finance construction of buildingnc.
3,200,000 Finance construction of building..
5.65-6.00 Lefcourt Manhattan Bldg.(N.".City) 1st M.534s. 1928-41. Offered by S. W.Straus &
Co.,Go., Inc.
700,000 Real estate mortgage
6.50 Lloyd & Caster, Inc. (Los Angeles) 1st (closed) M. 6345, 1927-44. Offered by California Co.,
100
Los Angeles.
540,000 Finance construction of building_ _ 100
6.00 Loew's Chapel-State Theatre Co.(Columbus, Ohio) 1st M. Leasehold 65, 1929-48. Offered by
Huntington National Bank and Raymond T. Brower ,Inc., Columbus, Ohio.
5.47-6.25 Loew's Ohio Theatres, Inc.. 1st & Ref. M. Leasehold 65 "A", 1927-38. Offered by Union Trust
1,500,000 Consol.of properties; construction_
Co., Guardian Trust Co. and Murfey, Blossom, Morris & Co., Cleveland, Federal Securities
Corp., Chicago.
1,350,000 Finance construction of building_ _
6.25-6.50 Lynch Bldg. (Florida Realty Securities Corp.) Jacksonville, Fla., 1st M.634s, 1928-41. Offered
by Adair Realty & Trust Co.
275,000 Finance construction of building
6.50 (The) McDowell Bldg. (Seattle, Wash.) 1st M. Leasehold 6345, 1928-36. Offered by Seattle
100
Title Trust Co., Seattle. Wash.
425,000 General corporate purposes
5.10-5.50 M. L. A. Investment Co. (Milwaukee, Wis.) 1st M. 5345, 1928-36. Offered by the Second Ward
Securities Co., Milwaukee.
5,750.000 Acquisition of properties
5.1 Montgomery Ward Properties lst M.55"A," 1946. Offered by J.P. Morgan & Co.. First National
9814
Bank, National City Co. and Lee, Higginson & Co.
3,000,000 Provide funds for loan purposes
6.00 National Union Mortgage Co. 68, 1946. Offered by Marine Bank & Trust Co., New Orleans.
100
940
Winona
Bldg. (Corp.), Chicago, 1st M. 6345, 1928-36. Offered by Garard & Co., Chicago.
6.5
330,000 Finance construction of apartment_ 100
nc.
6.5 One Fifth Ave. Apt. Hotel(N.Y. City) 1st M.634s, 1928-38. Offered by G. L. Miller &
1,450,000 Finance construction of apartment 100
Co.,:D.C.
600,000 Finance construction of apartment 100
7.00 Overbrook Arms (Phila.) 1st M.7s, 1928-36. Offered by the F. H. Smith Co., Washington
425,000 Finance construction of building_ _ 100-98
6-6.1 Pacific Properties Co. 1st (closed) M.6s, 1929-46. Offered by Peirce, Fair & Co.
Yamhill
Bldg.),
(Broadway
Portland.
Oregon, 1st (closed) M.6s, 1927-46.
500,000 Impts.; other corporate purposes_ _ 100
6.00 (Alexander) Pantages
Offered by the Lumbermen's Trust Co., Portland, and Bond & Goodwin & Tucker, Inc.
300,000 Finance sale of property
6.00 Paterson-Van Dyke Realty Co. (Detroit) 1st M. 68, 1927-33.3,0ffered by the Security Trust
100
Co., Detroit.
315,000 Finance construction of apartment 100
6.5 (The)Pine Crest Apts.(Chicago) 1st M.634s, 1928-36. Offered by Leight, Holzer & Co., Chicago,
125,000 Finance constr. of garage bldg__
5.80-6.00 Produce Market Garage (Chicago) 1st M.(3s, 1927-37. Offered by S. W. Straus & Co.. Inc.
15,000.000 Working capital
5.5 The Prudence Co., Inc., Coll. Tr. 5348, 1961. Offered by Halsey, Stuart & Co., Inc., Manufac100
turers Trust Co., Estabrook & Co., Redmond & Co., Continental & Commercial Trust & Savings
Bank, Chicago; W. A. Harriman & Co., Inc. and Wm. It. Compton Co.
225,000 Finance construction of building
100
6.0 Ranke Bldg. (Seattle, Wash.) 1st (closed) M. Leasehold 65, 1927-37. Offered by Murphey.
Favre & Co., Seattle. Wash,
510,000 Provide funds for loan purposes_ _ _ 100
6.00 Real Estate Mtge. & Guaranty Corp.(Washington, D. C.) 1st M.Coll. tis, 1931-36. Offered by
Robert Garrett & Sons, Baltimore.
370,000 Finance construction of building
6.50 Rochester (N. Y.) Mercantile Properties, Inc., 1st (closed) M. 6345, 1946. Offered by Steele
100
& Stone, Inc., and Sage, Wolcott & Steele, Rochester, N. Y.
3,500,000 Acquisition of properties
6.50 Schulco Co., Inc., Guar. Mtge. 630, 1946. Offered by Lehman Bros. and Redmond & Co.
100
1,950,000 Finance constr. of apartm't hotels 101-100 6.06-6.50 The Senate and Congress (Residential Apt. Hotel Ridge.), St. Louis, 1st M. 6345, 1928-38
Offered by Greenebaum Sons Investment Co.
275,000 Real estate mortgage
6.00 Strand Bldg. (Poughkeepsie, N. Y.) 1st M. 65, 1927-36. Offered by Empire Bond & Mortgage
100
1,000,000 Working capital
3,800,000 Finance construction of hotel
1,200,000 Real estate mortgage
900,000 Finance construction of hotel
100
135,000 Finance construction of apartment 100
Yrourskr.Co. (Detroit) 1st M. 6s, 1927-36. Offered by Otis & Co., Cleveland, and
)oT
ewT
rpit"leN&
5-6 (TheC
Guardian Trust Co. and Watling, Lerchen & Co., Detroit.
6.50 Touraine Hotel (Chicago) 1st M.634s, 1929-41. Offered by Geo. M. Forman & Co., Chicago.
6.20-6.55 25 East Delaware Bldg. Corp.(Chicago) 1st M.6345,1929-38. Offered by H.0.Stone & Co., Chic.
5-6 Westport Hotel Operating Co.(Kansas City, Mo.) 1st M.65, 1926-35. Offered by Federal Como)
.
I:g
uis
tif(c
St
hic
m
weira
AtpCo
cefoT
srsus
1st M.634s, 1928-36. Offered by Lackner, Butz & Co., Chicago.
6.50 The
82,985,000
Rubber250,000 Expansion of business
5M-635 City Ice & Coal Co.(Chicago) 1st(closed) M.6348, 1927-37. Offered by Schultz Bros.& Co.,Cleve.
5-5.90 Federal Compress & Warehouse Co. 1st (closed) M. 68, "B," 1927-40. Offered by Harris,
Forbes & Co.
7.00 Gray Knox Marble Co. 1st (closed) M. 75, 1936. Offered by Rogers, Caldwell & Co., Inc., N. Y.
7.90 Hungarian Land Mortgage Institute S. F. Land Mortgage 734s,"A," 1961. Offered by Guaranty
Co. of New York and W. A. Harrimhn & Co., Inc., N. Y.
6.18 International Salt Co. let & cons. mtge. coll. tr. 5s, 1951. Offered by Marine Trust Co.: Manufacturers & Traders Trust Co.; O'Brian, Potter & Co.; Victor, Common & Co.. Inc., and Schoenkopf, Hutton & Pomeroy, Inc., Buffalo, N. Y.
6.50 Kentucky Rock Asphalt Co. 1st M.6345, 1936. Offered by Caldwell & Co., Nashville, Tenn,
5.75 The Manhattan Refrigerating Co. 1st M. 5345, "A," 1941. Offered by E. H. Rollins &ISMS:
Arthur Perry & Co., and Tucker, Anthony & Co.
6.00 (James) McClatchy Co. (owners of the Sacramento "Bee"and the Fresno "Bee") 1st M. 6s.
1946. Offered by Bank of Italy, San Francisco.
6.00 New Orleans Stock Yards, Inc., 1st M. 68, 1928-37. Offered by Interstate Trust & Banking
Co., New Orleans.
5.25-6.0 People's Monthly Co.(Des Moines, Iowa) 1st (closed) M.65, 1927-36. Offered by Central State
Bank of Des Moines, Iowa,
7.1 Roman Catholic Church Welfare Institutions in Germany 20-Yr. Sec. 7s, 1946. Offered by
Howe, Snow & Bertles, Inc.; A. Iselln & CO.; Mitchell, Hutchins & Co.; Guardian Detroit Co..
Inc., and Liberty Central Trust Co., St. Louis,
6.50 Service Warehouse,Inc., 1st M.Leasehold 634s, 1941. Offered by Fletcher American Co.
5-6 Union Compress 2c Warehouse Co. (Memphis, Tenn.) 1st M. 78, 1927-41. Offered by Union
& Planters Bank & Trust CO., Memphis, Tenn.
10234-101
350,000 New plant; additions
100
3,000,000 Provide funds for loan purposes_ _ _ 95
1,500,000 Capital expenditures; impts
1,500,000 Acq. predecessor cos.; additions
2,000,000 Refunding, acquisitions, &c
534-634 Century Rubber Works (Cicero, Ill.) 1st M. 6345, 1927-32. Offered by Greenebaum Sons Investment Co.
101-100
Miscellaneous375,000 Acquisition of predecessor co
1,300,000 Acquisitions
85
_ 100
9754
500,000 Refunding
100
140,000 Refunding
100
125,000 Wkg. capital; other corp. purposes
3,000,000 Ext.3rsions & (milts. to properties.
190,000 Improvements to properties
750,000 Consolidation of properties
985,5
100
14,730.000
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS.)
Amount.
Purpose of Issue.
Railroads1.500,000 General corporate purposes
Public Utilities2,000,000 Additions, extensions, &a
1,000,000 Acquisitions; other corp. purposes_
250,000 Additions, extenslo-s, &c
1,000,000 Extensions, improvements, &c_
1,000.000 General corporate purposes
250.000 Capital expenditures
1,700,000 Additions
7,200,000
Other Industrial & mfg.
4,000,000 Refunding; working capital
1,000,000 Additions
500.000 Additional capital
550,000 New mill; other corp. purposes
6,050,000
Price,
To Yield
About.
Company and Issue; and by Whom Offered,
9934
4.75 Minneapolis St. Paul & Sault Ste. Marie Ry. 2-Yr. 431s, June 10 1928. Offered by Dillon,
Read & Co. and National Ctiy Co.
99%
5.05 Columbus (Ga.) Elec. & Pr. Co. 3-Yr. 5s, June 1 1929. Offered by Estabrook &
CodSton0:&
Webster, Inc., and Parkinson & Burr.
6.00 Community Water Service Co. 1-Yr. Sec. 68, "A," July 1 1927. Offered by
P. W. Chapman
& Co., Inc.
6.00 East Coast Utilities Co. 1-Yr. Coll. 5s, June 1 1927. Offered by First Illinois Co..
Chicago.
6.00 Federal Water Service Corp. 3-Yr. 55, May 1 1929. Offered by G.L. Ohrstrom & Co.,
Inc., N. Y.
4.75 Greenwich Water Co. 1-Yr. 434s. July 1 1927. Offered by Putnam &
Boston, and
Storer,
Inc.,
E. H. Rollins dc Sons.
5.50 Greenwich Water & Gas Co. Series"B" 53413, Jan. 11928. Offered by Putnam & Storer, Inc., Bos.
5.25 Savannah Electric & Pr. Co. 3-Yr. 5s, June 1 1929. Offered by Stone
& Webster, Inc.; Blair &
Co., Inc. Brown Bros. & Co., and Blodgett & Co.
100
99
9734
99%
100
99%
993'
100
100
5.55 American-La France Fire Engine Co. 5-Yr. 534s, June 1 1931. Offered by
Hemphill, rfoyes &
Co. and Hambleton & Co.
6.00 Celotex Co. 3-Yr. Cony,65, June 1 1929. Offered by Hayden, Van Atter &
Co., Detroit.
4.75-6.00 Knight Soda Fountain Co.(Chicago) Coll. Tr.(18, 1927-31. Offered by the Union
Tr. Co.. Chic.
7.00 St. Andrews Bay Lumber Co. and St. Andrews Bay Foundry & Machine Co. 1st
& Coll. Tr.
7s, 1927-31. Offered by Caldwell-Garber Co., Birmingham, Ala.
Purpose of Issue.
Amount.
395
THE CHRONICLE
JULY 24 19261
Price.
To Yield
About.
Company and Issue, and by Whom Offered.
Land, Buildings, &c.
D. C.) let M.816s, May 1 1929. Offered by Shannon & Luchs
Price on application Capital Garage Co.(Washington,
1.000,000 Finance constr. of garage building_
Inc., Washington, D. C.
Wash.) let M. Leasehold Is. 1928-31. Offered by Seattle
(Seattle,
7.00 The Continental Hotel
100
95,000 Finance construction of hotel
Title & Trust Co.
6s, Juno 1 1929. Offered by Bankers Bond & Mortgage
let
M.
St.
(Phila.)
Market
6.00 1830-1836
100
300,000 Real estate mortgage
Co.. Philadelphia.
Coll. Tr. 78, 1926-30. Offered by Scott & Stringfellow;
Va.,
Richmond,
of
Bank
Industrial
100.39-100
5-7
64,000 Provide funds for loan purposes_
Richmond, Va.
151 (closed) M. 7s, June 1 1931. Offered by Bayley Bros., Inc.; M.H. Lewis
Co.
Kinney
7.00
(Abbot)
100
capital
1,000,000 Retire current debt; wkg.
& Co., and Alvin H. Frank & Co., Los Angeles.
53-45, June 1 1931. Offered by Mackubin, Goodrich & Co.;
100
5.50 National Union Mortgage Co. 5-Yr.
Marine Bank dr Trust Co.. New Orleans.
2,000,000 Provide funds for loan purposes_
Baltimore; J. G. White & Co.. Inc., New York, andVa.)
Coll. Tr. 78, "E," 1926-31. Offered
(Richmond,
Corp.
Mortgage
&
Bond
100.36-100 535-7 United States
100,000 Provide funds for loan purposes
by Stein Bros. & Boyce, Richmond, Va.
4,559,000
Miscellaneous300,000 Additional capital
1927-31. Offered by Each & Co.. Chicago.
101-9934 4.95-6.12 Consumers Wholesale Supply Co. 68,
STOCKS.
Par or
No.ofShares
Purpose of Issue.
Public Utilities3,000,000 Acquisitions; working capital
a Amount
To Yield
Price
Invoiced. per Share About.
Company and Issue, and by Whom Offered.
Co.(Mass.)7% Cum.Pref. Offered by Howe,Snow & Bertles.
7.18 Central Power & Light Co.,
Inc.; Tucker. Anthony & Co. and Hill. Joiner & Co.
Inc.: A. B. Leach &
Co. 1st 6% Pref. Offered by the Union Trust Co. of CleveLt.
&
Pr.
Ry.
Columbus
6.00
1,500,000 Retire fltg. debt; other corp. purp 1,500,000 100
Co. of N. Y.; Hayden. Miller & Co.; R. V. Mitchell &
Guaranty
land; Otis de Co.,
ColumCo., Huntington Nat. Bank, Ohio Nat. Bank and the First Citizens Corp. of
bus, Ohio.
W. S.
and
Co.
&
Co.,
West
&
by
Pynchon
Offered
Div. Pref.
1,425,000 95
7.37 Interstate Pr. Co. $7
*15,000 abs. Acquisitions; additions de Impts__
Hammons & Co.
to
stockholders.
by
company
Offered
Common.
Corp.
Electric
Manila
3,960,000 33
•120,000011. Refunding; other corp. purposes__
Connecticut Power Co. $634 Cum. Pref. Offered by J. W. White Sc Co.;
985,000 9835
-6:66 Northern
*10,000 ohs. Consolidation of properties
Inc. and E. H. Rollins & Sons.
Public Service Co. 6% Cum. Pref. Offered by the Central States
2,500,000 923.4
6.50 Northern Indiana
2,500,000 Consolidation of properties
Securities Corp and Clark, Williams & Co.
7% Cum.Pref. Offered by I3onbright de Co., Inc. and Eastman:
Co.
Edison
River
1,600,000 10034
6.95 Ohio
1,600,000 Additions to plant
Dillon & Co.
Corp. 7% Cum.Pref. Offered by W.B. Foshay Co., Inc.
Power
&
Light
Peoples
800,000 {1 oh. Pref.
400,000 Acquisition of constituent cos.__
Light & Power Corp. Class "A" Common. Offered by W.B. Foshay Co.,Inc.
4 sh cl A
1:1 Peoples
•16,000 abs. Acquisition of constituent cos
Power Co. (Del) 7% Cum. Pref. Offered by R. E. Wilsey Sc Co.;
850.000 95
7.37 Texas-Louisiana
850,000 Extensions, impts.; working cap.'.
Inc. and Frederick Peirce & Co., Philadelphia.
16,620.000
Motors & AccessoriesIndiana Truck Corp. Partic. Preference Class "A" Stock. Offered by Fletcher Ameri468,750 25 (par)
468,750 Working capital
can Co., Indianapolis.
Other Industrial and Mfg.80,000 abs. Acquire control Amer. Seating Co_
.
*50,000 abs. Acquisitions; working capital
3,000,000
973i
3,000,000
3735
1,325,000
2634
Corp. Convertible Pref. Cum., $3 per share. Offered by Prince &
8.00 American Seating
Whitely, Bodell & Co. and W. A. Harriman & Co., Inc.
Corp. Peak. Cum.. $2 per share. Offered by Potter & Co.. N. Y.;
Process
Novadel
7.55
Lane, Piper de Jaffrey, Inc. and Wells-Dickey Co.
4,325,000
Oil50,000 ohs. Acquire add'i gasoline statio:3s____
.
Land. Buildings, 83c.*10,500 abs. Acquisition of properties
1,250,000
25
315,000
30
Corp.(N. Y.) Cony. Pref. Cum., $2 per share. Offered by T. Hall,
8.00 Municipal Serviceand McCown & Co., Philadelphia.
Keyes Sc Co.
425 ctfs. Finance lease of property
*8,000 ohs. General corporate purposes
425,000 1000
760,000 95b
6.00
7.38
200.000 Acquisition of property
5,000.000 Working capital
500 ctfs. Finance lease of property
200.000 99
5,000.000 10234
500,000 1000
7,07
6,83
5.50
7.200,000
Miscellaneous187,500 15
•12,500 abs. Expansion of business
•191,482sh. Acquire control Balaban Sc Katz;
20,582,400 107.49
other corporate purposes
200,000 Additional capital
5,000,000 Acquire investment securities
•37,500shs. Acquire investment securities
650,000 Working capital
*6,500 ohs. Working capital
450,000 Working capital
Central Manhattan Properties,Inc. Class "A" Stock. Offered by Edmund, Seymour
& Co., Inc.; J. A. Ritchie de Co., Inc.; McCown & Co., Porter & Co. and Sawyer
Bros., Inc.
Davidson Bldg. (Sioux City, la.) Land Trust Certificates.
Detroit Hotel Co. Glass "A" Stock Cum., $7 per share. Offered by Manley-Andrew
Co., Inc.
Equitable Bldg. Co. (Denver) 7% Cum. Pref. Offered by Otis & Co.. Denver.
Trust Co., N. Y.
The Prudence Co., Inc. 7% Cum. Pref. Offered by Manufacturers the
Fifth-Third
Queen City Club (Cincinnati) Land Trust Certificates. Offered by
Sc Trust Co.,
Title
Guarantee
The
Co.,
Trust
Central
&
National Bank, The Fourth
W. E. Hutton & Co. and The Herrick Co.
Associated Laundries of America, Inc. Class "A" Partic. Stock. Offered by Stone,
Seymour & Co.. Inc., Syracuse, N. Y.
Famous Players-Lasky Corp. Common. Offered by company to stockholders; underwritten.
Pref. Offered by the Barnett Natl. Bank;
7,00 Grover Stewart Drug Co. 7% Cum. lot
200,000 100
Jacksonville. Fla.
Part. Pt. Offered by Kidder, Peabody & Co.
Cum.
416%
Inc.
Participations,
Kidder
} 5,10
11 'lab. pref.
. Ipor
Inc. Common stock. Offered by Kidder, Peabody & Co.
1 .14 Sh. com.4$102 Vidder Participations, Mueller Stores Co. (Del.) 8% Cum. Cony. Pref. Offered by
Leonard, Fitzpatrick.
Co.
&
Burr
H.
Geo.
812 'nib ,s sh. pref. (For
Stores Co.(Del.) Common stock. Offered by Geo. H.
(lab, corn. 15125 Leonard, Fitzpatrick, Mueller
}
Burr & Co.
Cal.) 7% Cum.Pref. Offered by Bradford, Kimball
(Oakland,
Co.
450,000 98
7.14 Rhodes•Jamieson
& Co., San Francisco,
27,332.400
FARM LOAN ISSUES.
Amount.
Issue.
Price.
3,000,000 Dallas (Tex.) Joint Stock Land Bank 5s,
103
1936-66
101
60,▪000.000 Federal Land Bank 434s, 1936-56
Joint Stock Land Bank of Montgom11'100,000 First
ery, Ala. 55, 1936-66
1,250,000 Lincoln (Neb.) Joint Stock Land Bank 434s,
1936-66
PlIr"
1,000,000 New York Joint Stock Land Bank of N. Y.
City 55, 1936-56
750,000 Pacific Coast Joint Stock Land Bank of
Portland. Ore. 5s, 1936-56
500,000 Pennsylvania Joint Stock Land Bank of
Philadelphia 5s, 1936-66
3,000,000 San Antonio Joint Stock Land Bank 5s,
1936-56
103
101
To Yield
About.
Offered by-
Merchants Trust Co., Chicago.
4.62 Lee. Higginson & Co. and Illinois
Forbes & Co.; Brown Bros. & Co.; Lee, Higginson & Co.;
4.125 Alex Brown & Sons; Harris,Guaranty Co. of New York.
National City Co. and
Trust Co. of Illinois; Shawmut Corp., Boston and First
4.62 Barr Bros. & Co., Inc.; Central
National Bank of Montgomery, Ala.
National Corp., Boston; Old Colony Corp.; First
4.37 Equitable Trust Co. of N. Y.; First Central
Trust Co. of Ill. and Brooke, Stokes & Co.
Trust de Savings Bank, Chicago;
103.95
4.50 Clark, Williams & Co., New York.
10334
4.5
10335
4.53 Martin & Co. and Brooke, Stokes de Co.
102
Stacy & Co. and
4.65 Hayden, Stone & Co.; Halsey, Stuart & Co., Inc.; Stevenson, Perry,
Wm. R. Compton & Co.
White Weld & Co., New York.
70,000,000
FOREIGN GOVERNMENT LOANS.
Amount.
Issue,
25,000,000 United States of Brazil External 635s of 1926,
due_1957
Price.
90;4
tr•
SE in^
2,600.000 Republie_of Panama 35-Yr. 630, 1961
103
To Yield
About.
Offered by-
Co., Inc.;
7.25 Dillon, Read & Co.; the National City Co.; Lee. Illgginson & Co.; Blairdr&
Commercial
White, Weld & Co.; the First National Corp. of Boston; Continental
Trust & Savings Bank of Chicago; Illinois Merchants' Trust Co.; Chicago; the
Kinnicutt & Co.; Ladenburg. Thalmann &
Union Trust Co.. Cleveland; Kissel
Co.; Hemphill, Noyes Sc Co.; Paine, Webber Sc Co.; Cassatt & Co.; Edward B.
Smith Sc Co. and Janney Sc Co.
6.30 Kissel, Kinnicutt & Co. and Bauer, Pond & Vivian, N. Y.
27,600,000 *
computed
stock of a stated par value are taken at par, while pref. stocks of no par value and all classes of common stock are
• Share of no-Par value. a Preferred
of 34 share of class B stock given with each share of class A stock.
Bonus
6
prices.
offering
at their
396
THE CHRONICLE
[VOL. 123.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOM
are 80 cents lower than a year ago and the
E.
trend seems to
Friday Night, July 23 1926.
be toward still lower prices. Attempts to
manipulate the
A great heat wave has hurt business in some
commodities value of the commodity is apt to prove a
boomerang. Steel
and helped it in others. On the whole there is a fair
busi- has been In very fair demand for this time
of the year, sales,
ness for mid-summer. Here the temperature has
been up indeed, being larger than at this time in 1925,
and the outto 97 degrees, the highest for this time of year in
half a put keeps up well. Iron is in moderate
demand and about
century. In the South Atlantic States it has been 107
to steady. The output of automobiles in June
turns out to
108, and in the Southwest 103 to 104. In parts of
the West have been smaller than in the same month
last year. The
Intense heat has been noticed, accompanied by dry weather general
tone of business is cheerful, and advance
s in wholeIn the spring wheat belt and also in the corn section.
In sale lines are slightly more numerous than declines
. There
this part of the country trade in light wear goods at
retail Is no downright activity anywhere. That
is not to be exhas been noticeably larger. There has been more
or less pected at this time of the year. Moreove
r, the dry, hot
re-ordering from jobbers for the same reason. Large
retail- weather in the spring wheat belt and also in parts
of the
ers have been doing an exceptionally good business
in a corn section militates against general trade in
the Northcertain class of goods, but small retailers have done little west.
Failures are smaller than last week, though somebusiness. The best reports come from the Southwest,
espe- what more numerous than in the same week
last year and
cially from Kansas, Oklahoma and Texas. The large
wheat the year before. It is regrettable to notice
that the forest
crop and keen demand for grain in those sections
has fires in the Pacific Northwest are the worst
in 16 years, the
tended to stimulate general trade, in sharp contrast
with effect of prolonged hot, dry weather.
the state of things which existed a year ago. Some
Not unnaturally, the stock market
of the
has been irregular and
New England mills and factories had to close
down for a unsettled during the week, with the franc
down to a new
day or two on account of intense heat. But the weather
has low, or in other words, to a discount approximating
900%,
since moderated. Wholesale trade in cotton goods has
been after which came a rally. The French franc has been
a
more active. It is said 1,000,000 pieces of print
cloths and disturbing factor in London and New York beyond
quessheetings were sold in a space of ten days here. In Fall tion, and
it is still in a critical position, not helped at all
River trade has been better. For a time a better demand by a
fear of further inflation. London of late has been
was reported in Manchester, but within a day or
two trade steady enough. M. Poincare has organized a Cabinet of
there has slackened. Of course, its business is not
helped former Premiers of France and will consult with Secretary
by renewed rioting in Calcutta, which has just broken
out. of the Treasury Mellon, now in Paris. If Premier Poincare
Cotton has made a moderate net advance during the
week Is allowed to take sound measures looking to the rehabili
taowing to unfavorable crop reports. The Government
report tion of the franc so far as it is humanly possible the future
,
to-day put the yield at 15,368,000 bales, as against an
is
more
estihopeful. To-day francs were advanced in Paris to
mate of 15,635,000 on July 2 and a crop last year
of 16,104,- 44.62, in contrast with previous closing
of 44, but later to000 bales. The condition of the crop was given at
70.5%, day it was noticed they dropped there to 43.65. In New
a decline since July 2 of 4.7%, and 5.2% compare
d with York they rallied 10 points, reaching 2.35c. The shortthe condition of a year ago. The crop figures were higher lived Cabinet
of M. Herriot need not be regretted. It aimed
than had been generally expected by about 200,000 bales. at the capital
levy in France. The trouble is that French
But renewal of rains in Texas, rumors of a coming tropical statesmen of
a certain class are ready enough to levy on the
storm in the Gulf and an excellent trade demand neutral- relatively few
rich, but they are exceedingly chary about
ized the effect in the end of the crop estimate and prices
to- Imposing increased taxation on the peasant and the small
day ended slightly higher than yesterday. The weather
is tradesman for fear of being driven from political life.
the thing to watch in the cotton market. The next six
Fall River, Mass., is running at 60% and
gaining on
weeks may bring changes as to the crop outlook which may print cloths but
losing on some others. Mills, factories and
radically alter the trend of prices one way or the other.
offices as well, closed early in Boston on
the 22d inst. and
The wheat market has reacted some 5 cents a bushel, at other New England
points because of the heat. In Lawafter several weeks of rising prices. One drawback is the rence, the Wood,
Washington, Arlington and Pacific mill
lack of a vigorous export demand. Another is the report plants all were
closed at noontime on account of the heat.
that Russia will begin selling grain next week. Reports of Lawrence, Mass., wired
that owing to unsatisfactory trade
needed rains in the Northwest this afternoon had their conditions, the Everett
mills will suspend operations July
effect in causing a net decline for the day. But the ten- 24 to Sept. 10. At Adams,
Mass., the Berkshire Cotton
dency of prices for corn has been upward,owing to dry, hot Manufacturing Co. closed
for four weeks by a strike of
weather in the belt. The feeling is that corn prices are 2,000 workers, reopened on July 21
with only 150 hands
going higher,on the question of demand and supply and not back. The plant will remain open this
week at least and
at all by reason of political wire pulling at Washington or continue if sufficient workers appear. At
Salem, Mass.,
of attempts to fc!st paternalistic measures on the country the Naumkeag cotton mills resumed
operations July 19 on
which in the end would be as futile as the attempt of the full time after a two weeks' vacation
. At New Bedford,
individual to lift himself by his bootstraps, and at the same Mass., the fine goods
situation has not improved much and
time would set a most mischievous precedent. Prices
for loom stoppages are increasing. At Providence, R. I., several
corn at one time this week showed a rise compared with departments in
four mills of the Lonsdale Co. closed on
last Friday of some 4 cents. Wheat advanced 18
cents July 22 not to reopen until after Labor Day.
At Manchesfrom the recent low level and corn 14 cents, while in
rye ter, N. H., the Amoskeag Manufac
turing Co. has closed
the advance was even greater than in any other grain.
The down the Langdon No. 1 mill for an
indefinite period and
tendency of prices for oats was also upward this
week for the Coolidge gingham weaving
mill has also been closed
much the same reasons, namely, a dubious crop
outlook. for the remainder of the week
on account of a lack of
Rye prices have reacted with those for wheat, with
which orders. At Saco, Me., the York
Manufacturing Co. will
they are likely to move in the future. Coffee has advance
d, close down from July 22 until
Sept. 7, owing to dulness in
partly, it appears, on Brazilian buying. The Defense
Com- textiles.
mittee, of course, keeps a sharp watch on the market,
and
Durham, N. C., wired that textile mills in that section
this fact, together with the tendency, perhaps, to overdo
the were all operating only part time. Conditions
are far from
short side here, tends to steady prices, at any rate for
the satisfactory, but there has not been so much complai
nt
time being. Sugar has met with a fair demand at steady
among mill men as in the last few years. At Charlotte,
prices for prompt Cuban sugar, but it is noticeable
that N. C., the mill power load of the Southern Power Co. tndifutures end somewhat lower, with stocks large and refiners
cates that mills in that section continue to curtail about
latterly buying less. They are having a better trade, how20% on Friday and Saturday of each week. Practically all
ever, with the advent of real summer weather. Rubber has
mills using company power operate full time from Monday
been quiet, with supplies increasing. There is a debate through
Thursday.
whether restriction measures will be put in force in the next
Retail food prices declined slightly during the month
quarter. It is none too clear just what will be done. Prices
ended June 15, the Labor Department's index for that
THE CHRONICLE
atiLy 24 1926.]
period registering 159.7, as against 161.1 in May. The figures announced showed decreases in prices of 11 articles,
potatoes leading with 17%. Sixteen articles, mostly meats,
Increased, while 15 showed no change. The average cost
decreased in 39 cities and increased in 10. Middle West
cotton garment manufacturers express the belief that cotton goods prices have practically reached their lowest point.
One manufacturer reports half year's business as showing
increase of 25% over last year. Chicago wired that reports
of covering the Middle West and West indicate a healthy
business situation, with dry goods and general merchandise
moving in good volume.
The weather turned hot here on the 21st inst., reaching
96 degrees at 5 p. m., the hottest July 21 since 1885. It was
hot throughout the country, causing 50 deaths. It was 102
here in the sun. It was 96 in the shade in Chicago and
Cincinnati, Milwaukee, Indianapolis and Cleveland, and
100 at Philadelphia and 74 at Minneapolis. It was 97 here
on the 22d inst., the highest in 55 years on that date. It
was hot all over the East. Many mills and offices in New
England closed on account of the heat on the same day.
Boston and Albany had 102 degrees, Philadelphia 100, Carolinas and Georgia 107 to 108, Texas 104, Chicago 70, Kansas
City 80, Milwaukee 74, Indianapolis 86, Montreal 84 and
St. Paul 82.
Increase in Wholesale Prices in June.
A further slight increase in the general level of wholesale prices from May to June is shown by information gathered in representative markets by the Bureau of Labor.Statistics of the United States Department of Labor. The Bureau's weighted index number, which includes 404 commodities or price series, registered 152.3 for June, compared with
151.7 for May, an increase of four-tenths of 1%. Compared
with June 1925, with an index number of 157.4, there was
a decrease of 314%. The Bureau's advices, made public
July 17, continue:
Continued
Farm products were slightly lower than in May, due to declines in grains,
sheep, poultry, cotton, hay and tobacco. Clothing materials, building materials, house furnishing goods and miscellaneous commodities also averaged
lower than in the month before, while increases were reported for foods,
fuels and chemicals and drugs. Metal products showed practically no
change in average price.
Of the 404 commodities or price series for which comparable information
for May and June was collected, increases were shown in 100 instances and
decreases in 138 instances. In 166 instances no change in price was
reported. The largest increases in the important group of food products
were responsible for the increase in the general price level.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES (191100.00).
Groups and Sub-Groups.
1025,
June.
1926.
May.
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Meats
Butter, cheese and milk
Other foods
Clothing materials
Boots and shoes
Cotton goods
Woolen and worsted goods
Silk, So
Fuels
Anthracite coal
Bituminous coal
Other fuels
Metals and metal products
Iron and steel
Nonferrous metals
Building materials
Lumber
Brick
Structural steel
Other building materials
Chemicals and drugs
Chemicals
Fertilizer materials
Drugs and pharmaceuticals
HouSeturnishing goods
Furniture
Furnishings
Miscellaneous
Cattle feed
Leather
Paper and pulp
Other miscellaneous
All commodities
155.4
175.3
139.7
159.5
155.3
151.3
141.9
162.4
188.2
186.5
178.6
213.5
169.8
172.6
213.9
192.2
152.0
126.1
135.6
105.1
170.7
178.8
206.1
132.4
164.0
132.8
124.8
104.3
179.6
169.9
150.2
234.5
137.8
141.3
143.0
184.6
121.9
157.4
144.2
150.7
138.2
145.3
153.8
156.3
142.6
157.2
176.1
186.0
161.5
194.8
154.2
178.7
223.7
196.1
159.1
125.2
134.2
105.3
171.6
184.4
204.9
129.1
159.3
130.7
117.5
111.9
182.4
162.2
141.5
230.0
124.7
114.4
137.1
175.3
107.6
151.7
Decrease in Retail Food Prices During Month
15-Increase of 3% During Year.
143.7
145.0
143.5
141.6
156.6
163.8
142.6
158.8
175.1
185.8
.158.8
192.6
157.8
179.2
222.9
196.2
160.4
125.1
133.7
106.2
171.2
183.4
204.3
122.5
161.2
131.1
118.7
108.1
184.4
161.7
141.3
228.4
122.5
111.0
136.0
175.3
104.6
152.3
to June
397
5%; onions, 4%; hens and cabbage, 2%; fresh milk, cheese, cornflakes,
canned corn and canned peas, 1%;and oleomargarine less than five-tenths of
1%. Sixteen articles increased: Ham, 7%; leg of lamb and lard, 5%; pork
chops, bacon and strictly fresh eggs, 4%;granulated sugar, 3%;and sirloin
steak, round steak, rib roast, chuck roast, canned red salmon, butter,
vegetable lard substitute, tea and bananas, 1%. The following 15 articles
showed no change in the month: Plate beef, evaporated milk, bread, flour,
cornmeal,rolled oats, wheat cereal, macaroni,rice, navy beans, baked beans.
canned tomatoes, coffee, prunes and raisins.
Changes in Retail Prices of Food by Cities.
During the month from May 15 1926 to June 15 1926 the average cost
of food decreased in 39 cities as follows: Charleston, S. 0., New Orleans.
and New York, 3%; Birmingham, Bridgeport, Fall River. Los Angeles,
Mobile, Newark, New Haven, San Francisco and Savannah, 2%; Baltimore, Boston, Buffalo, Butte, Cincinnati, Columbus, Dallas, Little Rock.
Louisville, Manchester, Memphis. Norfolk, Omaha, Philadelphia, Portland, Me., Richmond, Scranton and Seattle, 1%; and Atlanta, Chicago.
Houston, Indianapolis, Milwaukee, Providence, Rochester, Springfield.
111., and Washington, less than five-tenths of 1%. In the following 10
cities the average cost of food increased: Salt Lake City, 2%; Denver.
Kansas City and Pittsburgh, 1%; and Detroit, Jacksonville, Minneapolis.
Peoria, Portland, Ore., and St. Louis, less than five-tenths of 1%. There
was no change in the month in Cleveland and St. Paul.
For the year period June 1925 to June 1926. 43 of the 51 cities showed
increases: Jacksonville, 8%; Minneapolis and St. Paul, 7%; Atlanta, Buffalo, Fall River and Savannah, 6%; Boston, Indianapolis, Kansas City.
Milwaukee, New York, Norfolk, Providence and St. Louis, 5%; Bridgeport, Chicago, Cleveland, Columbus, Little Rook, Manchester, Newark.
New Haven, Peoria, Portland, Me., Richmond, Rochester. Springfield.
111., and Washington, 4%; Baltimore, Charleston, S. C., Cincinnati, Detroit, Louisville, Memphis, Philadelphia, Pittsburgh and Scranton, 3%;
Birmingham, Denver, Mobile and Omaha, 2%; and New Orleans. 1%•
The following cities decreased: Salt Lake City, 5%; Los Angeles, 3%;
San Francisco. 2%; and Rutte, Houston, Portland, Ore., and Seattle. 1%.
In Dallas there was no change in the year.
As compared with the average cost in the year 1913, food in June 1928
was 72% higher in Chicago, 71% in Detroit, 70% in Richmond, 89% in
Washington, 68% in Baltimore. 67% in Birmingham, 66% in Buffalo and
St. Louis,65% in Atlanta and Scranton,64% in Cleveland and Philadelphia,
63% in Milwaukee and New York, 62% in Cincinnati, Minneapolis and
Pittsburgh, 61% in Charleston, S. 0., 60% in Kansas City, 59% in Jacksonville and Providence, 58% in Boston and Omaha. 57% in Indianapolis.
Louisville and New Haven,56% in Fall River,54% in Dallas. 53% in Manchester, Memphis, Newark and New Orleans. 52% in Little Rock, 51% in
San Francisco, 48% in Seattle, 46% in Denver, 43% in Los Angeles, 40%
in Portland. Ore., and 36% in Salt Lake City. Prices were not obtained
from Bridgeport, Butte, Columbus. Houston, Mobile, Norfolk, Peoria,
Portland, Me., Rochester, St. Pau , Savannah and Springfie d, Ill., in 1913.
hence no comparison for the 13-year period can be given for those cities.
Character of Buying Stable Factor in Real Estate,
According to American Bond & Mortgage Co.
In most of the surveys of real estate and building conditions that have been made in recent months, little has been
said of the nature of the buying that has continued the
most tremendous real estate boom the country has ever
'seen; "yet the point is a vital one," states W. J. Moore,President of the American Bond & Mortgage Co. He goes
on to say:
We recently checked up on this question and found that in nearly 120
cities, located in various sections of the country, local opinion holds that
approximately 80% of the buying of property for the past year or more
has been investment as against only 20% for speculation. This situation
undoubtedly represents the strongest kind of blacklog for the whole real
estate business, where such speculative purchasing would indicate the
existence of an inherent, underlying weakness that would eventually make
itself felt.
As a matter of fact, the past few years have seen a marked change in the
real estate world and in the attitude of the public towards real estate.
There is now more interest in real property and in mortgage bonds than
ever before. For the greater investment in land and buildings several
developments are responsible-one of the principal ones is the increased
liquidity of suah possessions, due to the wider interest held by the moneypossessing public, Ind the notably larger amount of funds available.
Until seven or eight years ago most people were afraid to buy real estate
because they felt they would probably be unable to sell when desired. All
this has been changed, however, and nowadays it is easy to dispodie of
almost any property at a reasonable figure. Another factor has been, of
course, the rapidly increasing population which must have places to work
in as well as living accommodations, and then, too, there is the growing
realization that unimproved areas (in the larger cities where they are
needed) are rapidly becoming scarce and can never be increased to any
appreciable extent.
As far as the sale of one ,and two-family dwellings is concerned,
the
much discussed installment plan of buying has been the moving factor in
bringing about a majority of the sales consummated. Where it formerly
was more advantageous for the family of ordinary means to lease an
apartment and collect rent receipts, the advance in rentals has made it
cheaper to buy and join the ranks of the owners than to be a tenant In,
sizable operations involving large apartments, theatres, hotels, and so on,.
which are financed by such organizations as our own, the regular amortization of the bonds issued against the properties, really amounts to nothing.
more or less than installment buying on an extensive scale, out of earnings.
When it concerns the purchase of real estate-a sound commodity that
usually appreciates in value and seldom declines-the partial payment:
method cannot be criticized. It tends to stabilize population, promotethrift and curtail socialistic tendencies, thus having an economic influence
upon the country's welfare that is highly desirable.
The retail food index issued by the Bureau of Labor Statistics of the United States Department of Labor shows for Volume of Business in Richmond Federal Reserve.
June 15 1926 a decrease of practically 1% since May 15 1926,
District in May of This Year Exceeded That of
an increase of 3% since June 1925, and an increase of 63 1-3%
Year Ago-No Improvement in Outlook
since June 15 1913. The index number (1913=100.0) was
for Future Business.
155.0 in June 1925, 161.1 in May 1926, and 159.7 in June
While indicating that the volume of business in May ex-1926. In stating this July 20, the Bureau added:
ceeded that of the same month last year, the Federal Re-During the month from May 15 1926 to June 15 1926 11 articles on which
serve Bank of Richmond in its June 30 "Monthly Review or
monthly prices were secured decreased as follows: Potatoes. 17%; oranges,
398
THE CHRONICLE
Business and Agricultural Conditions" states that in spite
of the large volume of business, "the outlook for future
business does not improve." We quote what it has to say:
May business was in larger volume than prospects at the end of April led
observers to expect, and on the whole exceeded the volume of business done
In May last year. Debits to individual accounts each business day during
the four weeks ended June 9 slightly exceeded average daily debits during
the preceding period, ended May 12, and were 6% greater than debits during the corresponding period a year ago, ended June 10 1925. Business failures in the Fifth District during May were fewer than in either April 1926
or May 1925, and last month's liabilities were also lower than those of the
preceding month or the same month a year ago. Coal production in the
District, although at a lower rate than in earlier months, was above seasonal average in May. Building permits issued in May exceeded those of
May 1925 in both number and valuation. Retail trade in department stores
was nearly 10% above trade in May 1925, and was 12.5% above average
May trade during the five years 1920.1924, inclusive. Wholesale trade
was also larger than in May a year ago in four of six reporting lines, the
two decreases being less than 1%.
In spite of the large volume of business done in May, however, the outlook for future business did not improve. The textile industry is apparently no nearer a solution of its problem than it was a month ago, and
operating time was reduced further during May. The returns from this
year's agricultural operations will play the leading part in determining
the volume of business during the latter half of the year, and on the whole
present indications are less favorable than in other recent years. Cotton is
late and stands are poor, and in the Carolinas great damage has been done
in some sections by a long draught. The spring has been unusually cool
and dry, and all crops except apples—and in some cases truck and small
grains—have been greatly retarded in development. It should be remembered, however, that crops that appear virtually lost in June can with favorable weather make a considerable recovery before harvest time, and therefore present conditions should not be regarded as conclusive. Much depends upon the weather during the next few weeks, and upon prices next
fall for cotton and tobacco.
Lumber Industry Continues Activity.
The National Lumber Manufacturers Association received
telegraphic reports of the status of the lumber industry
for the week ended July 17, from 389 of the larger softwood,
and 152 of the chief hardwood, mills of the country. The
372 comparably reporting softwood mills show increases
in production, shipments and new business, when compared
with reports from 377 mills the previous week. It is interesting to note that despite the fact that 15 more mills
reported for the same period a year ago, there are gratifying
increases in all three factors this year. The 152 hardwood
operations show substantial increases in all three items
when compared with reports from 142 mills the week before,
declares the association, in its summary, from which we
further quote:
Unfilled Orders.
The unfilled orders of 231 Southern pine and West Coast mills at the
end of last week amounted to 684,309.025 ft., as against 666.508.138 ft.
for 228 mills the previous week. The 123 identical Southern pine mills
in the group showed unfilled orders of 242.108,174 ft. last week, as against
245.033,404 ft. for the week before. For the 108 West Coast mills the
unfilled orders were 442,200,851 ft., as against 421,474,734 ft. for 105
mills a week earlier.
Altogether, the 372 comparably reporting softwood mills had shipments 102% and orders 102% of actual production. For the Southern
pine mills these percentages were respectively 103 and 99: and for the
West Coast mills, 106 and 111.
Of the reporting mills, the 337 with an established normal production
for the week of 228,375,872 ft., gave actual prOduction 99%, shipments
102%, and orders 104% thereof.
The following table compares the national softwood lumber movement,
as reflected by the reporting mills of eight regional associations, for the
three weeks indicated:
Corresponding
Past
Preceding Week
Week 1925.
1926 (Revised).
Week.
Mills
387
372
377
Production
224,731.578
213.231.641
261.022.643
Shipments
211,718,743
266,145,785
205,160,030
O
Orders (new business)
237,024,963
220.494,796
265,056,166
The following revised figures compare the softwood lumber movement
of the same eight regional associations for the first 28 weeks of 1926 with
the same period of 1925:
Shipments. rders.
Production.O
1926
7,412.495.814
7.213,647.063
7,385,941,613
1925
7.089.671,958
7,052.829,649
6,902,221.998
Southern
The
Cypress Manufacturers Association of New Orleans
(omitted from above tables because only recently reporting) for the week
ended July 14, reported from 17 mills a production of 5,617.932 feet.
shipments 4,000,000 and order 4,320,000. In comparison with reports for
the previous week, when one less mill reported, this association showed
considerable increasers in all three items.
West Coast lovement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 108 mills reporting for the week ended July 17, was 11%
above production, and shipments were 6% above production. Of all new
business taken during the week 52% was for future water delivery, amounting in 00,906,815 ft., of which 43,583,545 ft. was for domestic cargo delivery,
and 17,413,270 ft. export. New business by rail amounted to 51,137.766
ft., or 43% of the week's new business. Forty seven per cent, of the week's
shipments moved by water, amounting to 52,840,224 ft. of which 37.948,295
ft. moved coastwise and intercoastal, and 14,891,929 ft. export. Rail
shipments totaled 54,462,700 ft., or 48% of the week's shipments, and
local deliveries 6,191,325 ft. Unshipped domestic cargo orders totaled
162.845,958 ft.. foreign 135,854,981 ft. and rail trade 143,489,412 ft.
Labor.
Midsummer employment conditions prevail in all Pacific Northwest inclustries, according to the Four L Employment Service. Declines have
marked the logging industry with many camps in both fir and pine districts
closed for repairs and because of fire hazards. It is estimated that fir
logging is now at so% of capacity with many camps closed for periods
[Vor.. 123.
varying from 2 to 10 weeks. Pine logging is normal for midsummer.
Following the Fourth of July holldays,sawmills in all districts have gradually
resumed cutting until fully 85% of the major mills are in operation. In
both the fir and pine districts, however, there are fewer night shifts than
at this time a year ago, and the tendency is to adjust production to demand.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 123
mills reporting, shipments were 3.36% above production and orders 1%
below production and 4.22% below shipments. New business taken during
the week amounted to 66,392,634 ft., shipments 69,317,864 ft. and production 67.065,369 ft. The normal production of these mills is 77,455,547
ft. Of the 116 mills reporting running time, 79 operated full time, 22 of
the latter overtime. One mill was shut down, and the rest operated from
1 to 5M days.
The Western Pine Manufacturers Association of Portland. Oregon, with
one less mill reporting, shows some increase in production, considerable
Increase in shipments, and new business slightly below that reported for
the week earlier.
The California White and Sugar Pine Manufacturers' Association of San
Francisco, Calif., reports a substantial increase in production, a nominal
increase in shipments, and a good gain in new business.
The California Redwood Association of San Francisco, Calif., with one
less mill reporting, shows a heavy increase in production, some decrease in
shipments, and new business slightly above that reported for the previous
week.
The North Carolina Pine Association of Norfolk, Va., with two more
mills reporting, shows some increase in production, a substantial gain in
shipments, and a nominal decrease in new business.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
with two more mills reporting, shows considerable increase in production,
a marked increase in shipments, and a notable increase in new business.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis. (in its softwood production) with two more mills reporting,
shows nominal increases in production and shipments, and a big increase
In new business.
Hardwood Reports.
The hardwood mills of the Northern Hemlock and Hardwood Manufacturers Association reported from 23 mills, production as 2,650,000 feet,
shipments, 4,348.000, and orders, 4.815,000.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
from 129 units, production as 22,519,956 feet, shipments, 21,266.241, and
orders, 24.726.336. The normal production of these units is 21,204,000
feet.
For the past 28 weeks all hardwood mills reported to the National Lumber
Manufacturers' Association gave production 817,667,442 feet, shipments
769,041.885, and orders. 794,362,630.
West Coast Lumbermen's Association.
One hundred and five mills reporting to West Coast Lumbermen's Association for the week ending July 10 manufactured 73,152,433 feet of lumber, sold 77,173,405 feet and
shipped 74,876,094. New business was only 4,020,972 feet
more than production. Shipments were 1,723,661 feet more
than production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW
SHIPMENTS AND UNFILLED ORDERS.
Week Ending—
Jidy 10.
July 3.
June 26.
No. of mills reporting_
105
102
102
Production (feet)___73,152.433
97,148.156
114.118,688
New business (feet)._ 77,173,405
109,410.232
124,588,688
Shipments (feet)
74,876,094
104,731,421
117,433,950
Unshipped balances:
Rail (feet)
140,772,093
131,078,815
149,249,648
Domestic cargo (ft.) 150.656,992
151,090,660
149,183.163
Export (feet)
130.045,649
127,894,887
132,992.013
Total (feet)
421.474.734
410,064,362
431,424,824
First 28 1Veeks—
1926.
1925.
1924.
Production (feet)_ _ _ _2,831,945,442 2.784.244,751 2.629.731,718
New business (feet). _2.990.799,075 2,876.340,186 2,543,759,471
Shipments (feet)
2,946,786,882 2,915.126,004 2,755,207,696
BUSINESS,
June 19.
104
109,961,902
114.783.183
101,405,817
150,894,800
138,313.615
123,513,662
412,722,077
1923.
2,736,882,568
2,840,672,867
3,011.602.887
Sales of Standard Cotton Textiles During First Two
Weeks of July Exceeded Production by 33%.
Data compiled by the Association of Cotton Textile Merchants of New York shows that sales of standard cotton
textiles during the first two weeks of July exceeded production for that period by 33%. These figures cover 45
standard cotton cloth constructions and represent a large
percentage of all cotton mill products. Under date of July
19 the association says:
For the first two weeks of July, production by the various mills reporting through 36 mill selling agents totaled 54,901,000 yards, compared with
sales of 72,860,000 yards.
Total stocks of these 45 cottons on July 10 were 101,291,000 yards,
while unfilled orders totaled 121,853,000 yards. Current weekly production
is reported at 24,540,000 yards. Stocks on hand in the primary market
therefore represent four weeks' production at the current rate; while if
stocks on hand are applied against orders, the group of mills covered is
sold ahead.
For the period of 20 weeks ending July 10 total production was 593,779,000 yards, while sales aggregated 516,944,000 yards.
Current production represents a decrease of 20.97c from the average
weekly production during March and April, the last months of full operation preceding the prevailing curtailment.
Better Market for Cotton Textiles Looked for by New
York Trust Company Through Formation of
Cotton Textile Institute.
That a better market for cotton textiles seems likely to be
developed is the opinion of "The Index," published by the
New York Trust Co., which states:
For the first time in the history of the industry the cotton manufacturers,
both North and South, are joining hands in an effort to reorganize methods
of production and marketing along progressive lines. By the formation of
JULY 24 1926.]
399
THE CHRONICLE
a Cotton Textile Institute it is intended to develop new uses and applications for cotton goods which will so widen the market that the fluctuating
price of raw material will not be of dominating importance.
One of the essential factors in this effort is the creation of a style demand which will maintain a fashionable market for cotton textiles without
primary regard for the price. Skilled designers can create and anticipate
styles in wearing apparel, and close co-operation with the retailer will
stimulate this style demand for goods in which cotton textiles can be used.
Pointing out that the per capita consumption of cotton
cloth has increased from 55 and a fraction square yards in
1899 to 66 in 1914 and 72.5 in 1923, "The Index" atates that
the primary reason why this increase is no aro/
under-consumption of cotton for wearing amr.
arel and in
the home. It adds:
spinning Spindles.
Active Spindle Hoursfor June.
State.
Average per
Spindle
in Place.
Active
United States
Cotton-growing States
New England States
All other States
Alabama
Connecticut
Georgia
Maine
Massachusetts
New Hampshire
New Jersey
Undoubtedly those mills which produce the finer counts of cotti.,n textiles
have in past years been suffering from increasing competition ofh....ed by
silk manufacturers. A few ycars ago silk was a luxury known to compara.
tively few; to-day it competes with cotton in the woman's wardrobe. The
changing styles which have called for less material in feminine wearing
apparel each year, in addition to the increased vogue for lustre materials,
have been responsible for what might be called an under-consumption of
cotton textiles for apparel and decoration. Undoubtedly, also, the manufacturers are wholly correct in their belief that concerted efforts can increase consumption of cotton textiles for such purposes, just as the silk
manufacturers have increased the demand for their own product.
North Carolina__
Pennsylvania
Rhode Island
South Carolina
Tennessee
---
In Place
June 30.
During
37.694.680
31,770,900
17,884,844
18,057,480
1,772,356
1,462,796
1,205,100
2,912,880
1,130,120
11,482,618
1,445.558
415,604
918,126
6,074,792
149.822
2,649,276
5,353,976
17,007,458
13,263,032
1,500,410
1,421,812
566,504
239,828
711,314
978.366
TAXAS
Virginia
All other mcatm
Total.
June.
978,946
2,748,224
960,822
8,075.296
1,058.420
405,324
717,076
5,702,550
124,168
2,079.954
6.239,378
518,610
225,324
604,402
826.594
7,606,123,260
4,781,456,006
2,519,438,706
305.228.548
380.894,696
169,012,594
750.134,856
180,316,845
1,526,326,560
231,548,617
68,819.380
153,337,010
1,679,146.379
23.207,871
392,509.318
1,515,037,903
142,332,025
60,079.328
140,124.691
193.295.187
202
268
140
172
260
140
258
160
133
160
166
167
275
155
148
283
251
251
197
198
Cottonseed Oil Production During June.
On July 17 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand
and cottonseed products manufactured, shipped out, on hand
Consumption of the coarser cotton textures for industrial and exports during the month of June 1926 and 1925:
purposes has grown enormously, particularly in such prodCOTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS).
ucts as automobiles and tires. It is believed that the deOn Hand at Mills
Crushed
Received at Mills
mand for cotton textiles of this type will continue to inJune 30.
Aug. 1 to June 30. Aug. I to June 30.
State.
crease with the growth of manufactures, and with concerted
1925.
1926.
1925.
1926.
1925.
1926.
and persistent effort the sales of finer cotton textiles can
27,885
39,240
4,592,105 5,497,536 4,577,915
5,513,037
States
United
similarly be expanded.
00
Alabama
Arizona
Increased Efficiency of Workers in Silk Industry.
The greater efficiency of the worker in the silk industry
to-day and the resulting increased wages, shorter working
hours and increased production power, is told in a chart
published July 21 by the Silk Association of America, Inc.,
In Its bulletin, "The Silkworm." The chart was compiled
by Cheney Brothers from data given in the U. S. Bureau
of the Census. The growing skill and ability of labor, and
also the increase of power machinery application has
brought about this improved condition in the industry, says
the article accompanying the chart. In its advices the association says:
In analyzing the factors of production, the figures indicate that along
with a considerable shortening of working hours, the number of wage
earners per unit of production in 1923 was 30% lower than in 1914. Production per wage earner increased 42%, and at the same time wages increased per unit of output 4.5%. Power installed per wage earner increased 60% during this time, affording an explanation in part of the
higher production ability in spite of the decrease in the number of hours
per week per wage earner, which were 54.6 in 1914 and 48.8 in both 1919
and 1923.
A complete interpretation of the increased production power of wage
earners may also include, the article suggests, the material change in the
quality of goods produced during this period. Fashions to-day, call for
this tends to show a higher value of outhigher grades and qualities and
put per wage earner. Among other observations which may be drawn from
of management per unit of production has
the chart is the fact that the cost
increased 3% over the nine years in the study; while the number of salaried
decreased
2%. The management cost per
unit
per
officers and employees
wage earner per month advanced during this time from $8 09 to $11 84,
while the cost of labor per wage earner per month was $36 29 in 1914 and
$53 87 in 1923. These sums are given in terms of the 1914 dollar. The
study of the silk industry, concludes the article, indicates an even more
satisfactory improvement over these years than does industry as a whole.
383
297
349,311 234,552 349,301 235,458
859
37
46,956
56,601
47,801
55,468
631
513
301,670
448,382
302,251
449,884
Arkansas
939
155
68,946
88.998
67,230
88,779
California
877
4,113
519,062 401,100 514,930 404,139
Georgia
147
2,123
150,517
230,954
150,664
238,025
Louisiana
7,642
16,255
745,089 442,866 729,984 435,976
Mississippi
1
259
535
285,826
372,208
285,733
372,478
North Carolina
599
2,900
537,976 473,679 540,671 470,680
Oklahoma
1,011
897
257,825 223,121 258,292 222,609
South Carolina
2,846
3,116
384,460 288,578 381,791 286,583
Tennessee
0.303
10,573
1,372,212 1,561,089 1,382,732 1,557,398
Texas
288
27
142.468 113.441 142.692 111.157
All other
hand
on
21,711
tons
but
tonsTand
no11132,276
atdmills
• Includes seed dest oyed
Aug. I. nor 153,498 tons and 120,629 tons reshipped fori1926 and 1925, respectIvelY.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT, AND ON
HAND.
ME
Item.
Crude oll
(Pounds)
Refined oil
(Pounds)
Cake and meal__
(Tons)
Hulls
(Tons)
Linters
(500-1b. bales)
(Running bales
Hull fibre
(500-1b. bales)
Grabbots, motes,
, eArlftah he
A,
Season.
On Hand
Aug. 1.
•
Shipped Out
Aug. 1 to
June 30.
On Hand
June 30.
1925-26 *4,847.333 1.597,832,889 1,596.155,616 .15.406,020
4,052.703 1,393,543,052 1,382,803,468 22,363,387
1924-25
al91,741,402
1925-26 a173,549,345 51,346,008,500
265,726.017
1924-25 106,799,632 1,247,480.063
232,238
2,353,908
2,567,170
18,976
1925-26
65,121.
2,086,872
-2,110,373
41,620
1924-25
125,660
1,442,676
39,503
1,528,833
1925-26
72,815
1,281,541
1,320,841
33,51.5
1924-25
114,214
1,007,364
1,102,666
18,912
1925-26
38,883
904,733
890,206
53,410
1924-25
109,213
944.000
1,034,666
18,547
1925-26
14,392
92,798
103,182
4,008
1925-26
4,565
81,707
86,272
1924-25
10,869
34,403
43,514
1,758
1925-26
4 417
33145
12019
41144
109J-9A
estab• Includes 635,825 and 8,944.589 lbs. held by refining and manufacturing
lishments and 1,550,690 and 2,123,340 lbs.in transit to refiners and consumers
respectively.
Aug. 1 1925 and June 30 1926.
a Includes 12,798,458 and 4,836,782 lbs. held by refiners, brokers, agents, and
establishments
warehousemen at places other than refineries and manufacturing
and 6,989,033 and 2.592,789 lbs.in transit to manufacturers of lard substitute.
oleomargarine, soap, ea., Aug. 1 1925 and June 30 1926, respectively.
b Produced from 1,556,655,988 lbs. crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR ELEVEN MONTHS
ENDING JUNE 30.
Item.
Activity in the Cotton Spinning Industry for June 1926.
The Department of Commerce announced on July 20
that according to preliminary figures compiled by the
Bureau of the Census, 37,694,680 cotton spinning spindles
were in place in the United States on June 30 1926, of which
31,770,900 were operated at some time during the month,
compared with 32,267,410 for May, 32,8E3,042 for April,
33,233,382 for March, 33,023,966 for February, 32,803,156
for January, and 32,287,564 for June 1925. The aggregate
number of active spindle hours reported for the month was
7,606,123,260. During June the normal time of operation
was 26 days, compared with 253' for May, 25 2-3 for April,
27 for March, 23 2-3 for February, and 253 for January.
Based on an activity of 8.78 hours per day, the average number of spindles operated during June was 33,319,271, or at
88.4% capacity on a single shift basis. This percentage
compares with 88.9 for May, 98.2 for April, 102.1 for
March, 102.8 for February, 98.7 for January, and 89.2 for
June 1925. The average number of active spindle hours
per spindle in place for the month was 202. The total
number of cotton spinning spindles in place, the number
active, the number of active spindle hours and the average
spindle hours per spindle in place, by States, are shown in
the following statement:
Produced
Aug Al to
June130.
011. crude, pounds
Refined, pounds
Cake and meal, tons
Linters, running bales
1926.
1925.
36,316,499 22.955,966
20,741,108 28,354,608
437,521
338,494
186.608
93,034
New Models of Automobiles.
The Studebaker Corp. is adding to its line four custom
sedans at the following prices: Standard six, $1,385;
Big six 5-passenger sedan, $1,985; Big six 7-passenger sedan,
$2,245, and a special sedan "The President," $2,245.
A new seven-passenger sedan has been introduced by the
Auburn Automobile Co. to sell at $2,495.
It is announced that deliveries are now being made on the
new Jubilee model of the Moon Motor Car Co., a light
six-cylinder ear in the $1,000 dollar class. The new light
six is of an entirely original design built to meet new conditions brought about by the congested traffic in the large
cities and high speed and special braking required on the
new concrete highways.
Automobile Production Well Maintained in June
But Below Maximum.
June production of motor vehicles in the United States,
as reported to the Department of Commerce, was 383,575
of which 339,542 were passenger cars and 44,033 were trucks,
400
THE CHRONICLE
as compared with 420,978 passe
nger cars and trucks in May
and 388,619 in June 1925. For
the half year ended June 30
the output of passenger cars was
2,070,390, against 1,866,131
in the first half of 1925 and
the output of trucks 254,387,
against 229,114.
The table below is based on
figures received from 173
manufacturers for recent months,
65 making passenger cars
and 125 making trucks (17
making both passenger cars and
trucks). Data for earlier mont
hs include 76 additional
manufacturers now out of business,
while June data for
15 small firms, mostly truck
manufacturers, were Tic,"i,
,received in time for inclusion in
this repor'.-- :Figures on
:truck production also include fire
apparatus, street sweepers
;and buses.
AUTOMOBILE PROF UCTION
(NUMBER OF
MACHINES).
------'assenger Cars.
rs.eck.fs.
Total_1 U. S. I Caneedu. Total.
U. S. Canada.
1925.
January
213,451 205,550
8,301 *28,203 *26,638
1,565
February
253.955 243,176
10,779 *34,482 .32,789
1,693
March
334...14 321,200
13,014 *45.180 *43.091
2,089
April
393,262 377,747
15,515 *47,984 *46,408
1,576
May
384,548 366,197
18,351 *45,719 *43,831
June
1,888
366,510 352.261
14,249 *38,151 *36.357
1.794
Total (6 months)._ 1,948,340 1,866,1
31
80,209 239,719 229,114
10,605
July
300,12
4
348,98
4
11.140
41.870
August
40,025
1,845
223,51
7
216,08
7
7,430 •37.850 *36,364
September
1,486
274,227 263,855
10,372 60.482
October
58,002
2,480
408,01
7
394,09
6
13,921
.46,013 *44,323
November
1,690
337,435 328,694
8,741
40,048
December
2,237
37.811
286,141 278,643
7,498 *34,488 .32,757
1,731
Total
3,835,801 3,696,490 139,311 *500,470 *478,3
22,074
96
1926.
January
.284,174 *272,922
11,252 '
132,738 *29.763
February
2,978
.3.35,658 4'319,763
15,895 *40,880 *37,599
March
3,283
.399,389 *381,116
18.273 *48,708 *44,842
April
3,868
*403,850 *383,907
19,943 *53,304 *50,312
May
2,996
*396,1
6s
*373,1
40
*23.02
8 *50,740 *47.838
June
*2,005
339,542
(a)
44,033
(a)
Total (6 months).
9 ovn non
2M.557
•Revised. a Not yet
available.
(Vol,. 123.
Tonkawa, 37,750 barrels, against
40,150 barrels; Garber, 33,300 barrels
against 34,600 barrels; Burbank,
,
44,050 barrels against 44,250 barrel
s;
Davenport, 8,500 barrels, against
8,600 barrel
'
s; Bristow-Slick, 29,650
barrels, against 29,700 barrels;
Cromwell, 16,600 barrels, against 17,300
barrels; Papoose, 10,200 barrels,
against 10,550 barrels, and Wewok
a,
33,350 barrels, against 29,300 barrel
s; Seminole, 4,800 barrels, agains
t
3,350 barrels.
In north Texas, the Panhandle Distric
t
is
report
ed
at
62,000
barrels,
against 54,500 barrels, and Archer
County 32,700 barrels, against 32,600
barrels. In east central Texas, Mexia,
12,800 barrels, against 12,600 barrels; Corsicana-Powell, 29,900 barrels
, against 29,950 barrels; Wortha
in,
7,450 barrels, against 7,500 barrels;
Reagan County, west central Texas,
29,80012
.
71s, against 31,850 barrels, and
in the southwest Texas field,
Drithg, 21,7i0 barrels, against 22,450 barrels; Lytton Springs,
4,400 bareels, against ,600 barrels. In North Louisiana, Haynesville
is reported at
9,750 barrels; against 9,800 barrels; Cotton Valley, 7,850
barrels
, no
12.850 barrels, against 14,700 barrels
change' (Iran
, and in Arkansas,
Smackov r s'ght. 15,60b barrels, against 16,000 barrels; heavy,
125,10
0
e
ogains
t 124,650 barrels, and Lisbon, 10,450
barrels,
barrels, against
0,rrels. In the Gulf Coast field, Hull is
10
report
ed
at
17,950
barrels
,
against 18,250 barrels; West Columbia,
8,750 barrels, against 8,950 barrels; Spindletop, 24,500 barrels, agains
t 26,800 barrels; Orange County,
9,300 barrels, against 9,400 barrels; South
Liberty, 6,250 barrels, against
5,700 barrels, and Boling, 1,700 barrels
, against 2,250 barrels.
In Wyoming, Salt Creek is reported at
50,250 barrels, against 32,200
barrels, and Sunburst, Mont., 20,000 barrels
, against 25,300 barrels.
In California, Santa Fe Springs is report
ed at 50,000 barrels, against
49,500 barrels; Long Beach, 109,50
0 barrels, against 107,500 barrels;
Huntington Beach, 45,000 barrels, agains
t 43,500 barrels; Torrance, 30,000
barrels, against 29,000 barrels; Doming
uez, 22,000 barrels, against 21,000
barrels; Rosecrans, 16,000 barrels
, no change; Inglewood, 47,500 barrels,
no change; Midway Sunset, 94,500
barrels, no change, and Ventura Avenue,
41,400 barrels, against 43,300 barrels
.
Output of Copper Declines in June-Wo
rld Production
129,600 Tons, Against 142,200 in May and
SixMonth Average of 135,766.
The following appeared in the "Wal Stree Journ
l
t
al" of
July 21:
American Bureau of Metal Statist
ics estimates world copper production
for June at 129,600 short
tons, compared with 142,200 in May, 140,700 in
April and 138,500 in March
. This is a reduction of 12,600 tons compared
with May and 6,166 tons
compared with average for first six months, as the
bureau estimates first half
produc
Output of 814.600 tons in first tion for the world at 814,600 tons.
half, or average of 135,766 tons a month.
compares with world produc
tion of 1,586,683 tons, or average of 132,223
tons a month, for full
year 1925.
This estimate is based
Gasoline Prices Readjusted-Cru
on reports from countries that in 1924 and 1925
de Remains
furnished approximatel
y 97% of the world output of copper. Report
Unchanged.
ing
countries produced in
June 125,615 short tons of copper, compared with
The Standard Oil Co. of New
138,184 in May, reduct
ion of 12,569 tons compared with May and 6.172
York on July 19 rearranged tons
compared with average for
the schedule of its service stati
reporting countries for first six months.
ons, chiefly in the vicinity April production of report
ing countries came to 136,736 tons, March to
of Boston, so that all are
now selling gasoline for 23 cents. 134,485 and February to 126,18
5 tons. Production of reporting countries for the first half-year
Previously some stations had quote
was 790,723 tons, monthly average of 131,787.
d 24 cents. There is mmp
192
a4
red
anwi
with
d h13
7
no general price change,
month
0
o1n6hl
ly 1a9
in
v
2
erage
3.
for
full year 1925 of 128,406 tons, 121,623
the company states. The Gulf In
Refining, Jennev Manufacturing
Main reduction in
Co. and Beacon Oil comproduction was in smelter output of the United States,
although Chile and Peruvi
panies announce that retail gasol
an production was lower and that of Europe and
ine price has been reduced aCanada alsod
in
ocr
wn
1 cent a gallon to 23 cents
ease
sem
e what. Australian production alone showed
. No change has been made in
the tank wagon price.
Despite reduction in
June, production for the first six months of this
Year is apparently largest
United States motor grade gasoline
in the history of the industry, as if kept up
on July 22 ranged in for the full year
it would make 1926 world output
1=Oni 113 to 113. cents per
1,629,000 short tons.
gallon, against 113t cents comparing with
tons
in 1925, present record annual production
on July 16, while 41-43 water
of copper
tthhe1;5o86r1d683.
white kerosene rose from
Output of 790.723
tons in first half of 1926 for reporting countries com6% to 6% cents and from 64 to 7 cents per
pares with 765,075
gallon.
tons
775,800 in second half for reporting countries in first half of 1925, and
of 1925. Assuming first-half output for reporting
countries was 97%
of world's output for that period, world production
Increase Reported in Crude Oil Outp
In first half of 1925
ut.
came to 788,730 tons. This would make world production in second
In contrast to the declining crude
half year 797,950 tons-figures that appear to confirm
oil output a week ago, the probability
of first-half production for 1926 being a world record
reports this week showed an incre
ase of 21,750 barrels in Second highest annual production of copper was 1,580, tons produc .
475
ed
the daily average of crude oil produ
in 1917. but no figure
s are
ction. The American first
half and how much in available to show how much was produced in
Petroleum Institute estimates that
second
.
the daily average gross
Following table gives,
in short tons, production of leading coppercrude oil production in the Unite
d States for the week ended producing countries of the world
for last five months and for first half
year,
July 17 was 2,054,400 barrels, as comp
ared with 2,032,650 outputtogether with the Bureau's estimates of world production. This
represents mainly smelte
barrels for the preceding week. The daily
average produc- takes close to three months to r production of blister copper, which
come on the market as electrolytic coPPer
tion east of California was 1,437,500 barre
•
ls, as compared No attempt is made by the Bureau in these statist
ics to apportion the
copper to country of
with 1,420,850 bairels, an increase of 16,65
origin.
0 barrels. The following are estimates of daily avera
Feb.
March. April,
ge gross production by
May.
June. Jan.-June
1926.
1926.
United States
1926.
districts for the weeks ended as indic
1926.
1926.
1926.
75,630 80,719 85,951 86,883
ated
Mexico
78,647
488,406
3,148
3,779
Canada
3.762
3,517
3,796 21,425
DAILY AVERAGE PRODUCTION.
2,854
2,947
Chile and Peru
3,284
3.014
1,788 16,919
(In Barrels)21,934 22,320 19,853 20,716
Japan
July 17 '26. July 10 '26. July 3 '26. July
18,921 128,293
Oklahoma
18 '25. Australia
5.614
977
5:2
100
608
6,321
454,200
6,490
6,085
453,200
36,292
458.450
Kansas
441,25
0 Europe•
109.650
9,,
701
00
7
1:6400
109,500
69
4,924
109,350
North Texas
100,060 Belgian Congo
9,200 10,800 10,500
148,200
140,250
55,600
137,000
East Central Texas
6,828
7,112
7,065
55,150
7,583
7,309
52,400
42,864
West Central Texas
100,950
Total
88,650
92,100
87,650
Southwest Texas
126,185 134,485 136,736 138,184
78.550 Non-reported
39.400
125,615 T
90,7
38.750
-2-3
North Louisiana
3,900
46,500
4,000
4,000
50,100
4,000
4,000 23,900
57.550
60.300
Arkansas
49,250
World
162,40
total
0
162,45
0
163,650
Gulf Coast
130,10
0
253,75
138,50
0
•
0
140,70
0 142,200 129,600 814,600
Incomplete; partly estimat
109,050
112,100
101,050
Eastern
ed.
100,800
104,500
104,500
105,000
Wyoming
103.000
Principal countries of
72.450
54.150
72,800
the world which furnished about
Montana
81,000
world's
97% of the
23,000
28,250
28.050
Colorado
15,500 125.61 total production of copper in 1924 and 1925, produced
9,900
10,000
in June
9.300
5 tons, compared with
New Mexico
2,600
4.850
138,184 tons in May, 136,736 tons in April.
4,700
4,850
California
and
134,48
2,850
5 tons in March. In
616,900
611,800
the
610,400
first
six months this year these countries
655,500 produced 790,72
3 tons, a monthly averag
Total
e of 131,787 tons, compared
2,054,400 2,032,650 2,038,450
2,1 15,150 with monthly average of 128,406 tons for the
full year 1925 and 121,623
The estimated daily average gross production of
t,00.9
average for the full year
the Mid.Continent field,
1924.
Including Oklahoma, Kansas, north, east central,
west central and southwest Texas, north Louisiana and Arkansas, for the week
ended July 17 was
1,113,750 barrels, as compared with 1,107,150
barrels for the preceding Steel Operations Sustain Unus
ual Rate of July Output
week, an increase of 6,600 barrels. Mid-Continen
t production, excluding
Smackover, Ark., heavy oil, was 988,650 barrels, as
-Prices Unchanged.
compared with 982,600
barrels, an increase of 6,150 barrels.
Thus far July production
and demand have not eased off
In Oklahoma, production of South Braman is reported at
8,750 barrels, to the extent looked for by
leaders in the steel trade, observes
og'init 10,300 barrels; Thomas, 2,400 barrels, against 2,550
barrels; the
"Iron Age" in its July 22 revie
w of market cot ditions.
JULY 24 1926.]
THE CHRONICLE
In some products the movement is larger, notahly in pipe
and tin plate, and consumption by the automobile industry
holds up well.
It is noteworthy that in the absence of railroad demand and
with shipments of fabricated steel exceeding the inflow of new
business, there is satisfaction throughout the industry over
the scale of operations and the indications for the remainder
of the quarter, continues the "Age," adding further details
as follows:
Some of the mills are npw getting a larger volume of orders and specifications than in June. With a further gain in production at Youngstown
the rate of ingot output in the Pittsburgh and nearby districts is close to
80%. For all Steel Corporation plants the percentage is 83, as against 85
a week ago.
At Chicago oil tankage programs and the large bar tonnages going to
manufacturing consumers are making up in part for the lack of railroad
orders. Current rail rollings are large, the Gary output for the week being
16.000 tons.
Budgets now being made by a half dozen Western roads indicate large fall
purchases of rails and a substantial number of cars. The Lackawanna road
has placed 20,000 tons of rails with Bethlehem and the Norfolk & Western
has bought 17,000 kegs of spikes at Pittsburgh. Frog and switch makers
have been actively in the market.
A Chicago steel company has ordered a large ore vessel and will ship
6,000 tons of plates and thaws to the Lake Erie shipyard which has the
contract.
Most tin plate mills are keeping up the exceptional rate at which they ran
in the past half-year. Leading producers do not now promise shipment on
new business before late September. The packing crops are all making
large demands on can makers and some of the latter are increasing their
original requisitions for July.
A bridge at Cincinnati on which bids are to be taken calls for 17,000 tons
of steel. A manufacturing plant at Dayton, Ohio, requiring 3,500 tons,
largest of the week's structural Jobs, totaling 23.000 tons. Award of
the
is
8,000 tons of reinforcing bars has been made for a viaduct in Philadelphia.
Steel barrels to the number of 626,812 were manufactured in June, making it the largest month in a record which goes back to 1920.
June sales of sheets by the indeoendent manufacturers were 41% more
than in May. Production was barely 1% above the May output, so that
the indicated accumulation of sheet business is of good proportions.
July has made a good record in sheet sales, but the effort to get higher
prices has not met with success. Seine Ohio mills in naming a valley rather
than a Pittsburgh base are making a concession of $2 a ton.
In the recent foundry pig iron buying movement in the Middle West,
Cleveland interests booked about 700,000 tons for third quarter and last
half. With that large backlog. Cleveland competition for business naturally
tributary to other furnaces has abated.
Not only have coal shipments to England increased in the week, but export sales of coke are now being made These, with the closing at Pittsburgh of a domestic contract for about w000 tons of furnace coke for second
half shipment, have strengthened the coke market, as high as $3 25 having
been paid on export business.
Germany will supply a large part of the coke now being bought on the
Pacific Coast with the stoppage of British shipments.
A stronger fuel situation in the fall is 1( oked for at Pittsburgh, especially
if there is stocking of coal against the termination of the Jacksonville scale
agreement on April 1.
Notable in world markets are contracts for 500.000 tons of rails placed
'by the German railroads with the Stahl erksverband. The French de
Wendel works booked 12,000 tons for Turk.ky against German competition.
The Algoma Steel Corp.'s mill at the Soo tas entered 10.600 tons for the
Canadian Pacific, and 6,000 tons for the W-tbash.
Tin plate in Groat Britain still brings ths equivalent of $6 20 Per base
'box, f.o.b, works, out of stock, but for shipment after the coal strike it has
sold at $4 95.
The "Iron Age" pig iron composite price remains at $19 46 per gross ton,
the low point of the year reached last week. The finished steel composite
price is unchanged for the fifth consecutive week at 2.431c, per lb.. according to the usual price table which is appended:
Finished Steel, July 20 1926, 2.431c, Per Pound.
1
Based on prices of steel bars, beams, tankOne
week ago average_ _2
lc..
3ge
68
1..4
plates, plain wire, open-hearth rails, One month ago
2.431c.
black pipe and black sheets, constitut- One year ago
2 439c.
States
output__
United
10
-year pre-war
ing 88% of the U
Pig Iron, July 20 1926, $19.46 Per Gross Ton.
Based on average of basic and foundry(One week ago
$19.46
Irons, the basic being Valley quotation,
(One month ago
19.79
the foundry an average of Chicago, Phila- I One year ago
18.96
delphia and Birmingham
I10-year pre-war average__ 15.72
Finished Steel
Pig Iron
High.
Low.
High.
Low.
1926-2.453c. Jan, 5 2.403c. May 18 $21.54 Jan. 5 $19.46 July 13
1925-2.560c. Jan, 6 2.396c, Aug. 18
22.50 Jan. 13 18.96 July 7
.1924-2.789c. Jan. 15 2.460c. Oct. 14
22.88 Feb. 26 19.21 Nov. 3
1923...-2.824c. Apr. 24 2.446c. Jan. 2 30.86 Mar,20 20.77 Nov. 20
401
Steel production is showing an upward tendency almost beyond precedent
for this time of the year. The Steel Corporation lifted operations to about
87% of ingot capacity, while independent companies averagings are 78
to 79%, making an average of approximately 82%. In July 1925 a high
record year for total steel output, works were operating at around 65%
capacity.
Tube mills are operating virtually full with good order books ahead which
means, considering the increased capacity now in service, a volume that
is the best ever known.
Reports pending of prospective mergers of steel works and mills are
revived with force, as apparently some of these negotiations are reaching a
final stage. Union of Northern Ohio Alloy steel companies as a possible
beginning of a larger program now appears an early probability. One of
the latest developments in the merger line concerns a pretentious effort to
consolidate various independent sheet manufacturers, comprising a total
of about 150 hot mills. This would represent a larger single unit than the
American Sheet & Tin Plate Co.
Despite extraordinarily heavy sales in pig iron, prices are kept down by
large production and sharp competition. c
British steel production in June. due to the coal strike, sunk to only 32,800
tons or less than 3% of capacity. In Maydt was 70,000 tons April 661.000
tons.
The "Iron Trade Review's" composite Iprices on 14 leading iron and
steel products this week is $37.67. This compares with $37.69 last week
and $37.74 the previous week:
Holiday Causes Decline in liituminous Coal and
Anthracite Production-coke Gains.
The observance of Independence Day on July 5 was the
cause of a decline in production amobnting to 1,200,000 tons
of bituminous coal and 425,000 tonfil of anthracite for the
week ended July 10. The output of coke, on the other hand,
made a gain of 12,000 tons, according to the weekly statist!cs furnished by the United States Bureau of Mines, from
which thp following data are repeated:
Production of bituminous coal during the week ended July 10 was curtailed by the observance of Independence Day. The total output is estimated at 8,290,000 tons, as against 9,490,000 in the preceding full-time
week. There was, however, an increase in the output per working day.
ESTIMATED UNITED STATES PRODUCTION OF BITUMINOUS COAL
(NET TONS).a
1925-1926
Cal.Yr.to Date.
Week.
Week. Cal.Yr.to Date.
(Inquding Coal Coked.)
229,656,000
262,377,000 8.662,000
9 846,000
June 26
1.529.000
1,746.000 1.441.000
1,641.000
Daily average
237.007.000
271,867,000 7,351.000
9400.000
July 3_c
1.527.000
1 740.000 1.470.000
1 582,000
Daily average
245,616.000
230.157.000 8.630.000
8290,000
1,524.000
1.737,000 1.440,000
1 653,000
Daily average
a Original estimates corrected for usual error, which in past has averaged 2%.
b Minus one day's production first week in January to equanze number of days in
the two years. c Revised since last report. d Subject to revision.
The observance of the holiday at the soft coal mines was general, and
leadings indicate that output was low on the following day. In the latter
part of the week, however, activity increased sharply, and the average
daily output for the five-day period-1,658,000 tons-is the highest recorded since the middle of March.
Total production of bituminous coal during the calendar year 1926 to
July 10 (approximately 161 working days) amounts to 280,157,000 net
tons. Figures for corresponding periods in other recent years are as follows:
294.502.000 net ton
1923
275,580,000 net tons
241,623.000 net ton
1924
207,078,000 net tons
245,646,000 net ton
1925
196.204,000 net tons
ANTHRACITE.
Production of Pennsylvania anthracite during the week ended July 10,
curtailed by the observance at all mines of the Independence Day holiday,
is estimated at 1,545,000 net tons. This is a decrease of 425,000 tons from
the output of the preceding week.
ESTIMATED U. S. PRODUCTION OF ANTHRACITE (NET TONS).
I925a
1926-Week. Cal.Yr.to Date.a
Week. Cal.Yr.to Date.
Week Ended43.251,000
35.182,000 1,800.000
2 087,000
June 26
44.728,000
37,152,000 1,477,000
1 970,000
July 3
49.537,000
33,697,000 1.809.000
1 545,000
July 10
of days in
number
equalize
a Minus one day'sProduction first week in January to
the two years.
The weekly rate of anthracite production since February has been generally higher than in 1925. Total output during the present calendar year
to July 10, however, amounts to 88,697,000 tons-approximately 7,800,000
tons less than in 1925. Figures for corresponding periods in recent years
are given below:
46,692,000 net tons
1924
22,369,000 net tons
1922
46.537,000 net tons
195
52.172.000 net tons
1923
COKE.
BEEHIVE
•
No details as to the reason for the gain in the production of coke were
furnished by the Bureau of Mines. The largest gain took place in the
Pennsylvania-Ohio sector, where the increase over the preceding week
amounted to 11,000 tons, according to the tabulated data, which follows:
ESTIMATED PRODUCTION OF BEEHIVE COKE (NET TONS).
1925.
1926.
Week Ended
to Date.a
July 10'26.b July 3'26.c July 4 '25. to Date.
4.125,000
5.5a6.000
90.000
130.000
141.000
Pennsylvania & Ohio
327,000
406,000
9,000
11,000
13,000
West Virginia
539,000
422.000
16,000
10.000
10.000
Ala.. Ky., Ten.,.1, Oa
206,000 ik21:15.000
5.000
5,000
4,000
Virginia
27.000
150,1100
4.000
6.000
4.000
Colorado & New Mexico_
14.000
97,000
3.000
3.000
3.000
Washington & Utah
129.000 6,877.000 5, 37,000
163,000
175.000
United States total
3,000
42,000
22.000
27.000
35.000
Daily average
bJect
a Adjusted to make comparable the nuMber of days in the twa years. b
to revision. c Revised since last report.
1921)
1921
1922
Customary midsummer dulness not only is strikingly
.absent in iron and steel but demand is giA ing every evidence
of further expansion, declares the "Iron Trade Review" on
July 22. Almcst universally, mill specifications in July to
date are reported well ahead of June which developed exceptionally good volume for that month. Shipments also are
heavier than last month and for July 1925. More producers
are finding July business both from the standpoint of shipments and production, the best in their history; others go
back to the war period for parallel. Requirements which
iron and steel producers are being called upon to supply are
.especially well diversified and balanced among leading
consuming channels with the pcssible exception of the railCoke Production During Month of June.
-roads. Auto MC bile production, building construction, oil,
Production of by-product coke in June declined 11
water and gas enterprises and miscellaneous activities all
.appeat to be holdirg up without major deflection, according net tons when compared with May. The decrease was
to the shorter month, and the daily rate of output rose from
•to observations made by the "Review", which then adds:
exceeded only
Indications are that the sluggish condition of the railroads will not 120,079 to 120,321 tons, a level which has been
remain indefinitely so. A number of leading systems are preparing 1927 four times in the history of the by-product coke industry,
budgets of betterments and these are understood to call for heavy tonnages
declares the United States Bureau of Mines on July 1.
.ot steel rails and some large lots of cars.
402
THE CHRONICLE
[Vol.. 123.
The total production for June amounted to 3,610,000 tons, ESTIMATED MONTHLY CONSUMPTION OF COAL IN THE MANUFACTURE OF COKE (NET TONS).
compared with 3,722,000 tons in May. The plants operated
at about 88% of capacity. Of the 81 plants in existence,
Consumed in Consumed in
Total
7 were idle and 74 active.
By-Product
Coal
Beehive
Ovens.
Ovens,
Consumed.
The Bureau, in quoting the "Iron Age," observes that the
1923 monthly average
4.523,000
2,507.000
production of coke pig iron for the 30 days in June was 1924
7,030,000
monthly average
4.060,000
1.272,000
5.332.000
3,235,309 gross tons, or 107,844 tons per day, as compared 1925 monthly average
4,787,000
1,371,000
6,158,000
with 3,481,428 tons, or 112,304 tons per day, for the 31 days March 1926
5,426,000
7,252,000
1,826,000
April 1926
5,176,000
1,547,000
6,723,000
In May.
May 1926
5,348,000
1,394,000
6,742,000
June
1026
5,186.000
Beehive coke production continued to decline during June,
1.279.000
6,465,000
the total being estimated at 811,000 tons, a decrease of 73,Of the total production of by-product coke in June 2,984,000 tons, or 8%, when compared with May.
000 tons, or 82.7%, was made in plants associated with iron
The output of all coke was 4,421,000 tons, the by-product furnaces and 626,000 tons, or 17.3%,
was made at merchant
plants contributing 82% and the beehive plants 18%, con- or other plants.
tinues the Bureau, adding the following tables:
Beehive
Coke.
Total.
1923 monthly average
1924 monthly average
1925 monthly average
3,133.000
2.833.000
3.332,000
1,615.000
806,000
893,000
4.748.000
3,639,000
4,225,000
March 1926
April 1926
May 1926
June 1926
a Excludes screenings and breeze.
3,777,000
3,602,000
3,722,000
1.158,000
981,000
884.000
3 RIO 000
811.000
4.935,000
4,583,000
4,606,000
4.421.000
The total amount of coal consumed in by-product and
beehive coke plants in June was 6,465,000 tons, 5,186,000
tons at by-product plants and 1,279,000 tons at beehive
plants.
1921.
1922.
1923.
FurFurFurMonth nace. Other nace. Other nace Other
January ... 83.1 16.9
17.6 82.8 17.2
February. 82.3 17.7
16.7 82.3 17.7
March-- 81.3 18.7
16.7 82.6 17.4
April
80.3 19.7
16.3 82.6 17.4
May
81.1 18.9
14.5 82.7 17.3
Tune
82.6 17.4
14.3 83.1 16.9
July
81.2 18.8
14.0 83.3 16.7
August__. 83.0 17.0
19.7 82.7 17.3
September 83.8 16.2
17.3 82.2 17.8
October
84.0 16.0
16.7 82.2 17.8
November 84.2 15.8
16.9 82.2 17.8
December. 84.9 15.1
17.1 82.6 17.4
82.7 17.3 83.5 16.4 52 11 174
••!‘lqt-:.1t'•:q..t-O -1c°
Cl CO C000 CO 000CCCl CO CI
000000000000300000
By-Product
Coke.
PER CENT OF TOTAL MONTHLY OUTPUT OF BY-PRODUCT COKE
THAT WAS PRODUCED BY PLANTS ASSOCIATED WITH IRON
FURNACES AND BY OTHER PLANTS, 1921-1926.
1924.
1925.
1926.
FurFurFurnave. Other nom. Other nace. Other
0.04..1000000000,1
MONTHLY OTJTPUT OF BY-PRODUCT AND BEEHIVE COKE IN THE
UNITED STATES (NET TONS).a
84.8
83.7
83.7
83.7
83.2
83.1
82.6
82.1
82.2
82.3
83.0
82.9
15.2
161
16.2
16.8
16.1
16.1
17.4
17.9
17.
17.7
17.0
17.1
52 2 177 53.1
16.9
82.8
83.6
84.0
83.8
80.0
80.8
80.8
79.5
82.0
82.9
83.4
84.6
82.9
81.7
82.6
82.8
82.6
82.7
17.1
18.3
17.4
173
17.4
17.3
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on July 21, made public by the Federal Reserve Board, and which deals with the results for the twelve
Federal Reserve banks combined, shows a further decline of
$44,400,000 in bills and securities, accompanied with reductions of $33,900,000 in member bank reserve deposits,
$26,300,000 in Federal Reserve note circulation, and $2,000,000 in cash reserves. Discount holdings declined $19,500,000, open-market acceptance holdings $16,800,000, and
Government securities
,000,000. After noting these
facts, the Federal Reserve Board proceeds as follows:
The Federal Reserve Bank of New York shows a reduction of $19,100,000
in discounts, Boston a reduction of $8,500,000, Cleveland, $5,400.000. and
Philadelphia, $4,100,000. Discount holdings of the Atlanta bank increased
$5,200,000, of St. Louis $3.800,000, and of Chicago $3.000,000. The
New York Reserve bank also reports a decline of $18,100,000 in open
market acceptance holdings. The system's holdings of Treasury notes
declined $7.200,000 and of United States bonds $1,000,000. while holdings
of Treasury certificates increased $200.000.
Most of the Federal Reserve banks report a smaller volume of Federal
Reserve notes in circulation, the principal decreases being: Philadelphia,
$8,100,000; Cleveland, $7,600,000; New York, $4,100,000, and San Francisco, $3,100,000.
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 429 and 430. A
summary of changes in the principal assets and liabilities of
the Reserve banks during the week and the year ending
July 21 1926 is as follows:
Increase(+)or Decrease(-)
During
Week.
Total reserves
-$2,000,000
Gold reserves
-3,400,000
Total bills and securities
-44,400,000
Bills discounted, total
-19,500,000
Secured by U. S. Government obligations..-24,300,000
Other bills discounted
+4,800,000
Bills bought in open market
-16.800,000
U. S. Government securities, total
-8,000,000
Bonds
-1,000,000
Treasury notes
-7,200,000
Certificates of indebtedness
+200.000
Federal Reserve notes in circulation
-26,300.000
Total deposits
-32.600,000
Members' reserve deposits
-33.900.000
Government deposits
+2,500,000
Year.
+$54,400,000
+51,300.000
+87.500,000
+52.900,000
-300,000
+53,200.000
-7.100,000
+47,800,000
+9,200,000
+12,900,000
+25,700,000
+75.700,000
+54,300,000
+47.600,000
+10,300.000
after the close of business the next day (Thursday). The
statement of the member banks, however, including as it
does over 700 separate institutions, cannot be tabulated
until several days later. Prior to the statement for the
week ending May 19, it was the practice to have them ready
on Thursday of the following week, and to give them out
concurrently with the report of the Reserve banks for the
new week. The Reserve authorities have now succeeded
In expediting the time of the appearance of the figures, and
they are made public the following week on Mondays instead
of on Thursdays. Under this arrangement the report for
the week ending July 14 was given out after the close of
business on Monday of the present week.
The Federal Reserve Board's weekly condition statement
of 699 reporting member banks in leading cities as of July
14 shows a decline of $49,000,000 and $91,000,000, respectively, in loans and discounts and borrowings from the Federal Reserve banks, and increases of $2,000,000 in investments, $41,000,000 in net demand deposits and $31,000,000
In time deposits. Member banks in New York City reported
reductions of $82,000,000 in loans and discounts, $53,000,000
in net demand deposits and $80,000,000 in borrowings from
the Federal Reserve bank. As already noted, the figures
for these member banks are always a week behind those
for the Reserve banks themselves.
Loans on stocks and bonds, including United States Government obligations, were $42,000,000 below the previous
week's total, the principal changes being a reduction of
$62,000,000 in the New York district and an increase of
$15,000,000 in the Chicago district. "All other" loans and
discounts declined $7,000,000 during the week, a reduction
of $17,000,000 in the New York district being partly offset
by small increases in other districts. Total loans to brokers
and dealers, secured by stocks and bonds, made by reporting member banks in New York City were $1,000,000 below
the July 7 total, loans for their own account having declined $86,000,000, while loans for out-of-town banks and
for others increased by $64,000,000 and $21,000,000, respectively. Further comment regarding the changes shown by
these member banks is as follows:
Holdings of United States securities and other bonds, stocks
and securities show little or no change at reporting
banks in any of the reserve disThe Member Banks of the Federal Reserve System-. tricts.
demand
Net
deposits
were $41,000,000 above the July 7 total, the prinReports for Preceding Week-Brokers' Loans
cipal changes including increases of $40,000,000 in the Chicago district,
in New York City.
$22,000,000 in the San Francisco district, $17,000,000
in the Boston disIt is not possible for the Federal Reserve Board to issue trict and $13,000,000 in the Kansas City district, and reductions' of $54.000,000 and $10,000,000 in the New York and Philadelphia districts, rereturns
of
the
member
banks as promptly as the spectively. Time deposits
the weekly
increased $22,000,000 at reporting banks in the
returns of the Federal Reserve banks themselves. Both New York district and $31,000,000 at all reporting banks.
Borrowings
from
the
Federal
ending
Reserve banks declined $91,000,000 for the
with
week
Wednesday's
the
cover
business, and the week,
of which $89,000,000 was reported by banks in the New York
returns of the Federal Reserve banks are always given out district
THE CHRONICLE
JULY 24 1926.]
On a subsequent page-that Is, on page 430-we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following Is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year:
Loans and discounts, total
Secured by U. S. Govt. obligations
Secured by stocks and bonds
All other
Investments, total
U. S. securities
Other bonds, stocks and securities
Reserve balances with F. R.banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Total borrowings from F. R. banks
Increase (±) or Decrease (-)
During
Week.
Year.
-849.000.000 +$723,000,000
-21.000.000
-1,000.000
+405,000,000
-41,000,000
+339.000,000
-7.000.000
+171.000,060
+2,000,000
-63,000.000
+234,000,000
+2,000,000
+21,000,000
-1,000,000
+16,000,000
-4,000,000
+65.000.000
+41.000,000
+522.000,000
+31.000.000
+66,000.000
-12,000.000
+35.000,000
-91,000,000
Gold and Silver Imported Into and Exported Frbm the
United States, by Countries, in June.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report, showing the imports and exports of gold
and silver into and from the United States during the month
of June 1926. It will be noted that the gold exports were
only $3,345,528. The imports were $18,890,086, the bulk
of which, namely $8,661,977, came from Mexico, with $4,865,904 from Australia and $3,480,684 from Chile. Of the
exports of the metal, $1,003,853 went to Colombia and
$523,395 to Mexico.
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO THE
UNITED STATES, BY COUNTRIES.
GOLD.
Total.
Countries.
Exports. Imports.
Dollars. Dollars.
SILVER.
Refined Bullion.
Total (Incl. Coin).
Exports. Imports. Exports. Imports.
Ounces. Ounces. Dollars. Dollars.
403
Any one hawking shares is, in the future, to be punished by fine or imprisonment. This will be a new step in legislation, and it has been warmly
commended by the British press, as all door-to-door canvassers are foreigners.
Mail Selling is Also to Be Stopped.
(2) Prohibition of the selling of stocks and bonds by mail, unless a
true and complete statement is shown to the buyers.
This statement, in the opinion of the committee, should give the name
of the head of the company, the date of the formation of the company,
details of the capital, dividends for the preceding three years, names and
addresses of the directors and whether listed on any Stock Exchange.
This, too, is a new step in the evolution of company law in Great Britain. The idea is to prevent the sale of a "pig in a poke." The buyer has
the right to a certain amount of information, else the sale is to be declared
void and the money refunded.
(3) Minority shareholders are to get more protection against the votes
of majorities. The holders of 15% of the shares are to receive the protecsharetion of the court in case any action endangers their interests. Also,
comholders holding 25% of the shares are to have the right to demand a
plete statement of all remuneration paid to directors.
Free Use of Word "Bank" Must End.
(4) No company is to be allowed to use the words "bank," "banking,"
"royal" or "imperial" in its title without the consent of the Government
(5) The present law as it relates to the responsibility of directors is to
be tightened. A director is to be held responsible for any negligence on
his part, in case of a failure of the company.
(6) An undischarged bankrupt is not to be allowed to sit as a director
of a company. If he does so he is to be punished by fine or imprisonment.
(7) Every company is to be required to keep proper accounts. This suggestion will probably be applied to trades unions as well, as few trades
unions in Britain keep their accounts properly.
(8) Every shareholder is to have the right to a copy of the balance sheet
(9) Underwritilng commissions, which are at present as high as 50%,
are to be limited to 10%.
(10) Voluntary liquidations are to be brought under a closer control to
prevent the appropriation of assets by insiders.
(11) Stamp duties are to be lowered on amalgamations and reorganisations. At present these duties often amount to a double tax.
(12) No company is to be allowed to offer its shares at a discount unless the company is at least five years old.
Little Chance of Defeat of Bill.
bill,
These twelve suggestions are being drawn up into a company law
probwhich will be introduced into Parliament in a week or two. It will
ably be passed with very little debate, as no one has anything to gain politically by opposing it.
The British "Companies Act" has not been amended since 1905. At that
time the existing company law was overhauled and brought up to date by
a competent committee.
is
This is the regular English procedure in such matters. First, a law
passed. This law is not supposed to be complete nor final, and it is
amended and patched from time to time by those who have had experience
1,056
22,477
Belgium
17,336
France
5,066
20
45
317,552
380,524
100
Germany
249,235
15,813
30,309
Spain
5,110 434,608
United Kingdom_
1.100 of its workings.
285,928
84,756
611,585
151,428
Canada
184,386 487,262
each
The English idea is that law grows-that it must be altered to fit
37,414
5,152
Costa Rica
7,982
34,314
200,000
new generation and each new set of conditions. Nothing is regarded as
Guatemala
3,500
7,934
Honduras
151,159
500 99,576 final in England, not even the Constitution.
21,790
Nicaragua
2,843
23
19,372
16
Panama
25
500,035
Salvador
Europe-Secretary of Treasury
523,395 8,661,977
Mexico
2,773,553
78,345 3,0-1-2:iii J. P. Morgan Sails for
Bermuda
786
Goes Abroad.
Also
Mellon
39.500
10,000
Tobago_
a,
Trinidad
2,065
Other Brit. W.Ind_
of the Treasury Andrew W.
Secretary
J. P. Morgan and
3,920
37,519
Cuba
21
Dominican Republic
150 Mellon were passengers on the White Star steamer "Ma__
2,980
51,000
Argentina
560
23,000
Brazil
jestic," which sailed for Europe on Saturday last, July 17.
3,480,684
2-50,343
Chile
one
1,003.853 202,121
63,489 Charles Steele, a partner in Mr. Dilorgan's firm, was also
5,250 97,12i
Colombia
3,491
123,097
5.310
Ecuador
Clarence
likewise
was
as
"Majestic,"
the
on
sailing
262,465
1.498,871 of those
Peru
141,482
88,952
100,000
924 H. Mackay, President of the Postal Telegraph Co. Mr. MorVenezuela
6 45,000
4,518,521
British India
2.954,283
97,245
British Malaya
gan indicated that he was going abroad for a holiday and
155,060
84,724
Dutch East Indies_ 125,000
in Europe until the fall; Secretary Mel6,354,542
China
4.173,233 ------ that he will remain
309.692
Hong Kong
him his son Paul, stated that he, too,
with
takes
who
lon,
208,497
2,325
Philippine Islands_
4,865,904
vacation in Europe, his trip inweeks'
Australia
six
enjoy
8,093
10 plans to
New Zealand
11,108
15,054 cluding a tour of France and. Switzerland and a visit to his
British South Africa
1,894
1,347
Portuguese Africa__
In the "Wall Street Journal" of July 17
Total
3 345.528 18,890.086 11.844.873 3 171
27? ? OT', note a one 180
daughter at Rome.
Mr. Mellon was quoted as saying:
year to hold up well and be as
I expect business in the last half of the
on an official mission and
I am not going over
Proposed Amendment of Company Law in Great good as it was a year ago.
Neither will I
won't see any foreign representatives while I am abroad.
Britain-To Bar Door-to-Door Selling of Securisee General Andrews in England.
ties-Mail Selling Restricted-Other Safeguards for Investing Public,
Resumption of Gold Standard in Canada-Bank of
Herbert N. Casson, writing for the New York "Evening
Commerce Describes Conditions which Existed
Post" from London (the article appears in the July 19 issue
• During and Since the War.
of that paper), gives the following information regarding
The following is from the Montreal "Gazette" of July 13:
standard
proposed legislation to curb the peddling of securities:
The Canadian Government's decision to return to the gold
Statutes relating to company law in England are about to be altered
and several important and far-reaching amendments will be made. Last
January a committee of fourteen members was appointed by the Government to review the whole field of company law and suggest improvements..
This committee has finished its work and submitted its report, which is
an able document. All members of the committee are experts in company
law. They are bankers, lawyers, brokers or accountants. Not one politician was on the committee.
•
Wilfred Greene, an eminent London lawyer, was Chairman. Several of
the members were It. H. Brand of Lazard Brothers, Sir Edward Manville,
R. Hugh Tennant, ex-President of the British Bankers Association, and
Archibald II. Campbell, Chairman of the London Stock Exchange.
Twelve Suggestion., Are Made.
After six months of deliberation, this committee makes the following
twelve suggestions to close up the legal loopholes in English company
laws:
(1) Prohibition of the selling of stocks and bonds by door-to-door canvassers. In the last two years much money has been lost by the British
people by the buying of stock in American oil lands or Canadian gold mines.
This house-to-house canvassing to sell shares is something new in Great
Britain. It is not done by British companies, legitimate or otherwise, and
it is now to be prohibited.
July
of July 1, the Canadian Bank of Commerce of Toronto states in its
bulletin, "may be taken as an expression of confidence in the present
state of business, particularly that connected with exports and imports.
We know, of course, that a sound national currency system is necessary
if domestic trade is to be conducted on its present basis similarly some
and
common standard of value is required for world-wide commerce,
meet
gold is regarded almost universally as the most satisfactory metal to
this need.
Upon the outbreak of war in 1914 Canada joined with other countries
order to
engaged in the conflict in the suspension of gold payments in
clearly
conserve the reserves of this character. The wisdom of this was
States
United
the
illustrated during the war period, when our trade with
normal concreated balances heavily in favor of that country. Under
offsetting our
ditions we could have settled these, in part at least, by
due by Great
credit balances against other countries, especially those
were lacking
trade
international
Britain but the forces normally evident in
the problem
and, as gold was not being released by those in our debt,
premium on American
was solved by other means. First, the rise in the
to the United
funds attracted capital issued and increased our exports
was maintained
products
our
for
demand
States secondly, this greater
the normal course in
following the decline in the premium, and finally,
international financing was resumed and the Canadian dollar was quoted
at par In New York.
404
T H PI CHRONICLE
"In recent years the Government has permitted the export of gold
under license and Canada has practically been on a gold basis since July
1923. Therefore, the Government's announcement will have no appreciable effect on business, but in formally rejoining the gold standard
system we give notice of our willingness to redeem our obligations, if
necessary, in a currency acceptable throughout the world, and our price
level comes into direct relationship with that of any country whose currency has been similarly stabilized."
Denial by Finance Minister de Monzie of Reports
Attributed to Him of Probable Suspension of Bank
of France—Use of Balance of Morgan Credit
Authorized—Increase in Limit of Note
Circulation of Bank of France
Authorized.
In a week fraught with forebodings as to the future of
France, reports gained circulation that the fear had been
expressed by Finance Minister de Monzie that the Bank of
France would be compelled to suspend payment on July 22.
In indicating that M. de Monzie had denied making such
a statement, Associated Press cablegrams carried the
following information from Paris July 21:
[Vol.. 123.
the Bank of France contend that this 5,000.000,000 margin will assuredly
be needed for the economic use of the country in the next three months
owing to increased public needs growing out of the rise in the cost of living.
Furthermore it is quite plain that if redemption of defense bonds at the
rate of the past few weeks continues, further demands will be made on the
Treasury. The only way this difficulty can be averted is by a large return
to France of expatriated capital.
Last night (July 23) the New York "Sun" printed the
following (copyright) from Paris:
One of the most interesting disclosures made by Anatole de Monzie in
his speech before the French Chamber of Deputies which helped bring the
Herriot Cabinet to its sudden end Wednesday night, was that Joseph
Caillaux, Finance Minister in the Briand-Caillaux Government, had
expected large American credits even without ratification of the Washington
debt agreement until July 14.
On that date M.de Monzie told the Chamber, M.Caillaux "was informed
by the French commercial attache in Washington that nothing could be
hoped for until the agreement was actually ratified."
Regarding the Treasury situation, M. de Monzie said in his speech to
the Chamber that he had received that morning (Wednesday) a letter from
the Governor of the Bank of France which read as follows:
"The legally available margin at the Treasury's disposition
morning
is reduced to 60.000,000 francs. It is to be feared this will bethis
completely
absorbed during the day, and our weekly statement, which will he drafted
this evening and published to-morrow, will
advances from
the Bank of France to the State have beenshow that legal
which would oblige
the bank to cease payments for the Treasury'sexceeded,
account throughout France.'
A probable explanation of rumors that the Bank of France might be
This did not mean that the bank would cease payments on its own
forced to suspend payments to-morrow is contained in a misinterpreted account, but
only on the Treasury's account. Moreover, it developed later
statement of M. de Monzie before the Chamber of Deputies, as Finance that not
60,000,000 but 130,000,000 was the margin available.
Minister, to-day.
The Chamber of Deputies parried the danger implied in this letter by
He said that by ordering the sale of the remaining funds of the
Morgan voting a billion and a half francs of new inflation and raising the lega1
loan he would have "prevented the cash windows from closing
to-morrow." circulation limit accordingly. This new inflation is itemized as circulation
The Minister plainly referred to the cash windows of the
Treasury, where increase rather than as a new advance by the bank to the State. This was
national defense bonds are reimbursed. IIis words were
erroneously achieved by a bookkeeping expedient, the Government transferring to the
interpreted in some quarters as meaning that the cash windows
of the bank $33,000,000 remaining from the Morgan credit and the bank placing
Bank of France would close.
at the State's disposal a corresponding sum in francs, namely, a billion
M. de Monzie was greatly shocked at the misconstructio
n placed on and a half.
his words by an American news agency.
He authorized the Associated Press to deny emphatically that
he ever
said the Bank of France would suspend payments. He
thought he had Buying Stampede in France with Depreciation of
made it clear that unless the Bank of France was provided
with funds
Franc—Feeling against Foreigners.
by the sale of the remains of the Morgan loan it would
be obliged to stop
The stampede in buying in France, which has been witpayments in behalf of the Treasury at all its branches in France.
The fall of the Herriot Government came on the same day nessed with the depreciation of the franc, is depicted in the
(July 21) and in referring to the developments of that day following Paris cablegram (copyright) to the Now York
"Sun" July 21:
Associated Press advices from Paris July 22 observed:
Notwithstanding the downfall of the Harriet Government,
Anatole de
Monzie, Ilerriet's Minister of Finance, scored a victory when
he
In haring passed through both Chambers a bill authorizing the succeeded
transfer to
the Bank of France ofthe balance of $25,000.000 of the original
$100,000.000
loan from J. P.Morgan di Co.
The weekly statement of the Bank of France showed half the
remainder
of the Morgan loan, or 550,000.000 francs, already had been
turned over to
the bank by the State Treasury to meet payments on national
defense and
other bonds, under the authorization voted last night. This
indicated how
badly the Treasury needed money to meet the bonds.
The Morgan funds also enabled the Bank to lend
the State more than
500,000,000 francs, while the circulation only increased 87,000,000.
One
Item shows the Bank's net profit for the first six months of
the year amounted
to 17,000,000 francs, against 9.000,000 for the corresponding period
in 1925.
A second article in the bill relating to the Morgan credit
authorizes the Bank of France to raise the limit of the note
issue by an equal amount, approximately 1,200,000,000
francs. A Paris cablegram July 22 to the New York "Times"
(copyright) had the following to say regarding these authorizations:
Late last night after the resignation of the Herriot Ministry the
Chamber
adopted a bill presented by Finance Minister de Monzie,authorizing a convention with the Bank of France for the utilization of the remainder of
the
Morgan credits for State purposes.
It is understood that about $30,000.000 is still left of the
$100.000,000
which was advanced to the Poincare Government in 1924 to defend the
franc.
This amount will be converted into francs according to the needs
of the
Government so as to meet current expenses above the resources of
the
Treasury when the legal limit of advances which the Bank of France
can
make has been reached. The urgency of the measure resulted from
rapid
depreciation of the Government credit during the last few days.
The second article of the bill sanctions an increase of circulation above
the 38.500,000,000 already legally authorized by an amount equal to
the
product of conversion of the residue of the Morgan credits.
This ingenious way of providing new francs and further resources for the
State was adopted by 275 to 195 in the lower House after protests by
the
Socialists and others that it was merely disguised inflation.
Early this morning the bill passed the Senate.
The same paper in a further copyright account from Paris
July 22 said in part:
The political situation is particularly discouraging because of the situation
of the Treasury. To-day's statement of the Bank of France shows that the
advances to the State have reached 38,350.000,000 francs, whereas the
legal
limit is 38,500.000,000. It is true that last night Parliament approved the
purchasing of francs with the $30,000.000 remaining of the Morgan credits,
which francs are to be placed at the disposal of the Treasury. This gives
the Government a margin of 1.500,000,000 francs.
Must Pay Out 4,000,000,000.
However, the Government has commitments of nearly 4.000,000.000
month
of August, including payment of nearly $20,000,000
francs for the
to America and of .C4,000,000 to England. Usually then is no heavy Collection of taxes in August, which is a slack business month. Consequently it
appears almost certain that the Government must resort to limited inflation
next month.
Therefore the new Government must get through Parliament an enabling
Act before the Chambers leave on their vacation or must obtain full powers,
which would include the power to approve such inflation by the Dank of
France. Either alternative seems full of trouble. While it is the case that
the legal limit of circulation now stands after last night's vote at 60,000,000,000 francs, with the present circulation slightly over 55.000,000.000,
this margin cannot. beyond 1.500,000.000, be placed at the disposal of the
State without:knew law, and it is interesting to note that the officials of
All France to-day Is seething with anxiety.
As yet there is no real panic, but the banks are crowded
with depositors
desirous of removing their money, while
holders of short term bonds noS
only are demanding reimbursement instead of renewal when their
bonds
fall due, but also are trying to borrow money immediately
on bonds dun
one to six months hence.
Retail prices are advancing by leaps and
bounds, but still with great
regularity. Many persons are beginning
to buy jewelry, clothing, furniture
—anything rather than hold their depreciating
bank notes.
Foreign tourists seeking bargains also crowd the Paris shops.
Some
merchants are beginning to fix prices definitely
in dollars and pounds, and
the movement is growing.
In the larger cities popular anger is rising against alleged speculators
in
wheat and sugar and against exporters of foodstuffs generally,
for to theseare attributed the rapidly rising cost of bread, moat and vegetables.
Against Foreigners.
The feeling against foreigners, especially Americans, Is becoming
intense.
Foreigners generally are envied beeinuie of the higher purchasing
power of
their currency, and are accused of accentuating the rise of prices because
of their willingness to pay more for everything.
Americans are disliked not only because of their supposed wealth
but
especially because all France believes the debt policy of the United States
is directly responsible by the present catastrophe.
The theory is that America, after persuading France to let Germany off
has forced upon France a cruel and impossible debt agreement which will
keep France nailed to the cross long after Germany has ceased paying
even
modified reparations, and that to make France accept this impossible
agreement the American Government and American bankers are helping
provoke the fall of the franc.
The words "American blackmail" arefrequently hoard. The Washington debt policy has undoubtedly caused American moral prestige to fall to
the lowest point known since the war, not in France alone but in western
Europe generally.
•
What InflaHon Means.
A crowd of American tourists in a sight-seeing car visiting Montmartre
was hooted at the street corners and the visitors perhaps
were saved from.
violence only by the intervention of the police.
Women of Paris have exhibited their feelings against foreigners
at severat
open-air vegetable markets. Unless the situation improves the
xenophobia
is likely to increase.
A real period of inflation would doubtless be accepted much less calmly
by the French than it was by the placid and better disciplined Germans.
The French are perhaps the most thrifty people in the world. Normally
even the most modest wage earners 'save and invest. When the mass of
the people realize fully; as they now are beginning to do, what has really
happened to their lifetime sayings, invested in Government and municipal,
securities, their feelings will be difficult to control.
France Economically Sound Fundamentally, According
to Bank of America—Decline in Franc Due to
Fiscal Factors.
France is economically sound fundamentally and thedecline of the franc is largely due to fiscal factors, according
to a review of French monetary conditions by the Bank of
America. The people have not lost their traditional habit
of thrift, says the Bank of America, and a stabilization of
the national currency will undoubtedly be followed by aa
increase in savings, whidi in turn will relieve many of the
financial difficulties of the Paris money market. In its.
discussion the bank says: .
JULY
24 1926.]
THE CHRONICLE
France since 1914 has been passing through a complete economic transformation. Before the war her interests were predominantly agricultural,
but the acquisition of Alsace-Lorraine with its vast mineral resources has
industrialized the nation, and to-day France is one of the most important
producers of steel and iron. Moreover, the reconstruction of the devastated
areas is now near completion, and also the successful operation of the
Dawes plan gives France a substantial annual income.
For these reasons the franc is not in the same plight as were the Austrian
crown and the German mark. These two countries suffered grievously
from the operation of the Versailles Treaty, which left the Austro-Hungarian Empire disrupted, and in the end led to the invasion of the Ruhr.
France, on the contrary, possessed the fundamental economic prerequisites
for recovery of her finances and currency. Only fiscal reforms are needed
to attain this end.
One of the factors which have affected the internal value of the franc
is that the volume of francs in circtflation has increased steadily in recent
years. This expansion of the currency has been caused chiefly by loans,
or advances which the Government has exacted from the Bank of France.
The Government has been forced into this policy by two fiscal necessities,
namely the ever-maturing floating debt and the continuous budgetary
deficit.
The floating debt was created by the Government during and after the
war when large amounts of "bons de la defense nationale" were issued to
finance the conflict and later to facilitate the work of reconstruction.
These issues have only a short maturity, running from one month to one
year, and therefore must be regularly renewed. Thus the Government is
continually under the necessity of finding buyers for its obligations, and
this task becomes especially difficult when the Government is forced to
increase the volume of such current borrowing.
The second cause of the decline in the internal value of the franc has
been the continuous deficits in the budget Although the deficit has been
reduced, it is still large enough to cause concern. Ministry after Ministry
has sought to attain an equilibrium, but thus far without success. Several
times in recent years the budget has been balanced on paper, but the decline of the franc and the consequent increase in expenditures has rendered
an actual balance impossible. The causes of the deficit have been, of
course, the inability sufficiently to increase revenues and decrease expenditures. The refusal of the Chamber of Deputies to enact fiscal legislation
has been due not to any lack of understanding of taxation principles, but
rather to the bitter factional strife among the various contending parties
which have sought to protect- the interests of its,
constituents.
The fundamental reason for the unwillingness of New York as the world's
leading money market to extend financial aid has been the failure of France
to settle her Governmental debt with the United States. American bankers, in refusing so far to extend credit to France, have been actuated primarily by political considerations, for the State Department has placed
an unofficial, although effective, embargo upon loans to any country which
has not yet come to an arrangement regarding its indebtedness to the
United States.
405
Jeremiah Smith Jr. Returns from Europe, Following
Termination of Control of Hungary by League of
Nations—Says Amount of Reimbursement
Which He Declined to Accept Might
Have Been $60,000.
Jeremiah Smith Jr., who has just returned to Bostoir
following the conclusion of his work as Financial Commissioner for Hungary, describes the stories of the refusal
by him of $100,000 in salary as "exaggerated." The
Associated Press, in Boston advices July 19 reports as
follows what he has to say in the matter:
Jeremiah Smith Jr., returned from restoring the fallen currency of
Hungary, sat back in his chair in his old Boston office this evening, modestly
perturbed at the "exaggerated accounts" of his doings abroad. He attempted to explain how he came to be known as "the man who refused
$100,000."
"As a matter of fact," he said, "I don't know exactly how much I did
refuse, and actually the refusal was made two years ago. The League
of Nations, from which came my appointment as Commissioner-General.
and the Hungarian Government had agreed on $5,000 a month to cover
all the costs, and I was there a little over two years. I stipulated at the
start that I would take no salary, for when you are going to work bluepenciling other people's salaries you can't very well take a big one yourself.
"I did accept my living expenses. That wasn't much, for the Government provided my quarters. When this and the coat of maintaining my
staff was deducted there might have remained $60,000.
"According to the European way of doing things, thus,sent a messenger
to my first assistant, Royall Tyler, who also comes from Boston, and
suggested to him that he suggest to me that I take 10'80,000, or What
ever it was. In fact, they suggested it twice. I ha „Old them I wasn't
going to take anything, and I honestly believe it helped'my work.
"Then they asked me what they should do with it and I told them It
was their money, the first they had to spend, so they might as well do
as they liked. They asked if there was any objection to using it as a
scholarship fund to send students to the "United States. I said there was
not, so they did.
"I don't know how the $100,000 story started. The first I knew of it
was in London, when I bought an American paper. I was caught in a
traffic jam so I opened it and found myself all over the front page. I
was somewhat embarrassed then and even more when I landed from the
Laconia here to-day and found an accumulation of letters from everywhere,
praising me, condemning me, and asking for a piece of the $100,000.
I don't believe there was that much money, and anyway I never saw a
check for it.
"I had a great time over there. I am glad to get back and 'join the
army of employed,' but of course I wouldn't have left if the work wasn't
all done."
Embassy at Washington
The use of the money toward a scholarship fund was noted
in German Paper Marks.
A warning against speculation in German paper mark in our issue of July 3, page 31.
bonds and bank notes has been issued by the German Embassy at Washington, attention being drawn therein "to the Increase in Passenger and Freight Traffic on Austrian
fact that the paper mark currency after having lost its
State Railways Expected to Overcome Operating
Deficit.
value has been abolished and replaced by,a new Reichsmark
currency." The notice adds that "paper mark bank notes,
Vienna advices July 10 to F. J. Lisman & Co. from the
which under the'Verman law had exclusively the character Consolidated Bankers of Vienna state:
In view of the increase in passenger and freight traffic on the Austrian
of substitutes for paper mark currency are therefore now
with the introduction of measures conducive
practically worthless." The notice of the Embassy was State Railways,in conjunction
to greater efficiency and lower costs, it now appears likely that the opermade known as follows on July 15 by the State Department ating deficit expected for the current year will be entirely eliminated.
Negotiations for a commercial treaty with France, aiming at the revision
at Washington:
Warning Issued by German
Against
Speculation
will commence within a few weeks, but it is realized
German Embassy issues warning against speculation in German paper of the existing treaty,
that unless French currency is stabilized by that time, Austrian trade will
mark bonds and bank notes.
full advantage from any concessions to be made.
News from different parts of the United States indicates that there is not be able to derive
Both Austrian and Czechoslovak iron industries plan adhesion to the
still considerable speculation going on in bank notes and bonds of the foriron "Cartel," for the formation of which
mer German paper mark currency. The German Embassy in Washington Franco-German-Luxemburg
negotiations are already under way. This combine would regularize the
wishes to draw the attention of the public to the fact that the paper mark
Iron market position, and the expected development has had a favorable
currency after having lost its value has been abolished and replaced by a
Vienna Bourse, where the tone is markedly friendly.
new Reichsbank currency. Paper mark bank notes, which under the Ger- influence on the
man law had exclusively the character of substitutes for paper mark currency are therefore now practically worthless.
Greek Dictator Bars Strikes by Exiling Labor Agitators.
This opinion has recently been confirmed by a decision of the highest
An Athens Associated Press cablegram July 11 appeared as
German court, the Beichsgericht in Leipzig, which expressly refers to the
Reichsbank notes of 1910, stamped with a red seal, for which, according to follows in the New York "Times":
newspaper reports, prices up to $230 per million marks have been paid
General Theodore Pangalos, the Greek dictator, has adopted a drastic
recently in New York.
way of settling strikes. Instead of attempting to treat with strike leaders
As to paper mark bonds and securities, there has been a revaluation by and labor agitators, he exiles them to an island in the Aegean Sea. Cut off
law in 1925, but only of certain kinds of them and only to a certain lim- from all contact with the laboring masses and living a life of isolation and
ited extent Their value, if they have any, depends entirely upon the rate silence, they have ample opportunity to meditate. When the dictator feels
of revaluation. But they seem to be offered frequently to the investing they have had sufficient "rest cure," he releases them under pledge not to
public under misrepresentations as to their value, creating the wrong im- resume their agitation.
pression that there was some chance of future profits. Persons inclined to
General Pangalos deals in much the same way with troublesome political
consider such offers should be advised to ask their own bank for particulars. opponents. When all other measures fail, he banishes them to the Aegean
The German Embassy, the German Consuls or the Special Commissioner Islands, where the surroundings and scenery are picturesque, but where
for German Government Loans, 42 Broadway, New York City, will also Political parties, newspapers, social life and telegraph communication
be pleased to give information upon request
do not exist.
City of Dusseldorf (Germany) Bonds Ready for Delivery
in Exchange for Interim Receipts.
Ames, Emerich & Co. announces that the city of Dusseldorf, Germany, 7% serial gold bonds are now ready for
delivery in exchange for the outstanding interim receipts at
the U. S. Mortgage & Trust Co., 55 Cedar St., New York.
The offering of this issue was referred to in our issue of
Oct. 31 1925, page 2106.
Kingdom of Italy Bonds Ready for Delivery.
J. P. Morgan & Co. announce that they are prepared to
deliver Kingdom of Italy external loan sinking fund 7%
gold bonds due Dec. 1 1951,in definite form, in exchange for
the temporary bonds now outstanding, upon the surrender
of the latter at their offices. It is suggested that holders
of temporary bonds present them for exchange as promptly
as possible, as the first drawing of the bonds by lot is to be
made in September.
Rothschilds Delay Hungarian Loan.
A special cable from the London Bureau of the "Journal Italy's Finances Shown to Be Flourishing with Budget
of Commerce" July 21 said:
Surplus of 1,400,000,000 Lire.
It is understood here that the Rothschilds have a £2,000,000 Hungarian
A
copyright
wireless message from Rome, July 20, was
Government 7%% loan awaiting issue. The flotation has been postponed.
reported as follows by the New York "Times":
owing to the rapid decline this week in French exchange.
406
THE CHRONICLE
The flourishing condition of the Italian State finances is proved by
official figures relating to the financial year Just ended, published by the
"Official Gazette" to-day.
A budget surplus of 1,400,000,000 lire has been achieved. During the
same period the cash reserves increased from 2,000,000,000 to 4.000,000.000
lire. The large budget surplus, which is very much greater than any obtained before the war even, when depreciation of currency is taken into
account, is all the more remarkable when it is considered that the expenditure of more than 2,500.000,000 above the amount set down in the original
estimates was sanctioned by Parliament. This means that the State's
total revenue was more than 4,000,000,000 lire in excess of the estimates.
During the last twelve months the public debt increased by about
500.000,000 lire, but this was more than offset by the increase of 2,000.000,000 lire in the Treasury's cash reserves. The total fiduciary circulation
decreased slightly during the same period, though remaining almost unaltered.
The excess of importations over exportations during the first five months
of the present calendar year amounted to 4.966,000,000 lire, which is about
200.000,000 in excess of what it was during the same period last year. It
should be noticed also in this connection that last year's trade balance was
considered especially bad, owing to heavy importations of foodstuffs
rendered necessary by poor harvests.
Not counting the figures of Italy's foreign trade, which reflect the economic crisis which Italy is now suffering, the results obtained during the
last financial year indicate a very healthy financial situation. Despite
this, however, Finance Minister County Volpi in his last speech in Parliament held out no hope of tax reductions in the near future. He merely
promised to modify some of the taxes which prove the severest hindrance
to trade and business.
This year's and future surpluses, he said, would be used partly to increase
the State's cash reserves and partly to develop productive public enterprises.
[vol.. 128.
Changes have been made in the Mexican export duties on cotton, effective July 10, according to a cablegram received by the Department of
Commerce, as follows (rate of duty, pesos per gross kilo): Raw cotton,
ginned, old 0.03, new free; raw cotton, unginner, 0.03 old and 0.02 new.
The usual surtax of 12% of the amount of the duty applies on the above
rates.
Mexico Restricts Cottonseed Imports.
The Postal Administration of Mexico has advised the
United States Post Office that in the future cottonseed will
be prohibited importation into that country by mail unless
accompanied by a sanitary certification issued by an official of the Department of Agriculture of the State of origin,
indicating that the seeds have been disinfected. This is
reported in a Washington dispatch to the New York "Journal of Commerce" July 11.
British Indian Jute Crop to Be Bigger.
Production of jute in British India this year is expected
in trade circles to amount to nearly 11,000,000 bales, 2,200,000 bales more than was produced last year and 1,300,000
bales more than the previous record production, according
to a cabled report received at the Department of Commerce
from Trade Commissioner Spofford at Calcutta. A July 12
dispatch from Washington to the New York "Journal of
Finance Minister Volpi Counsels Italy to Save, Work Commerce," which reports this, adds:
The Indian official preliminary jute acreage forecast, Mr. Spofford reand Produce—Debt Settlement with United States
ported, is 3,600,000 acres. This, he says, about agrees with the trade
Advantageous.
opinion in India, and it is upon this report that the large production esti"Save, work and produce," was urged by Count Volpi, mate is based.
the Facist Minister of Finance, at the opening of the Bologna in Jute prices have declined considerably in Calcutta and some reduction
prices of burlaps has been noted. It is said, however, that increases in
Bourse on July 17, which event he declared was just one mill production there are unlikely
at the present time.
more proof that Italy was prospering. The Associated
Press advices from Bologna (Italy) in stating this added:
Brazil Coffee Growers Co-Operating to Defend Market
The Finance Minister pointed out that in 1901 there were only about 845
Against Undue Price Movement.
incorporated firms in Italy with a capital of 2,212,000,000 lire and in 1926
there are 11,825 with a capitalization of 38,822,000.000 lire He declared
it was the Government's duty to intervene, to control needless increase of
capitalization and argued that it should conform with an increase in savingsThese 38 billion lire, he said, were almost double the sum of Italy' bank
note circulation.
Referring to exchange fluctuations, Count Volpi declared they were
common to-day all over the world. He emphasized that even countries
with a gold standard had to meet with fluctuations of their currency.
"Meanwhile Italy will continue to rehabilitate her financial system and
balance her budget," he continued, "the revenue in 1925-26 exceeded
one billion and a half lire against only 417,000,000 lire in the previous year."
With regard to the war debts, he had this to say:
"The debt settlement with the United States was advantageous, just as
was that with Great Britain."
Spain Will Help Home Industries—High Tariffs and
Subsidies to Aid Textiles, Iron and Steel
and Agriculture.
A Sao Paulo Associated Press dispatch July 15 says:
Three Brazilian coffee growing States now are co-operating to defend the
coffee market against undue price movement, and efforts are under way to
bring two other States into the scheme.
State President Carlos de Campos, addressing a new session of the Legislature, emphasized the importance of Sao Paulo's agreement with the States
of Minas Geraes and Rio Janeiro, whereby they are levying a tax on coffee
exports to finance the coffee defense plans, and also regulating shipments
to the seaports, the variations in the daily quota depending upon the approval of the Coffee Defense Institute of Sao Paulo.
He announced that similar agreements were planned with the States of
Espirito Santo and Parana.
"This movement of solidarity among the Brazilian coffee growers of the
country is a legitimate method of controlling the price of our principal
exported product," he added.
Australian Wheat Pool Planned.
To assist in the organization of an all-Australia wheat
Advices from Madrid, by wireless July 8, to the New York
pool on the Canadian model, representatives of the Canadian
"Times" (copyright) state:
.wheat pools will leave Canada July 22 for Australia, says a
The Spanish Government has decided to undertake a campaign to protect
Calgary (Alberta) dispatch in the "Wall Street Journal" of
national industries and free them from foreign competition.
A beginning will be made with the iron and steel industries, which, deJuly 14.
spite the tariff, have been unable to develop, due to imports, especially
from countries with depreciated currency.
The textile industry has also suffered recently, and the Government is
proposing a subsidy.
These measures will be followed by others compatible with the excellent
relations of Spain with other countries.
Agriculture will be protected by the imposition of high duties on foreign
products and the granting of special aids in the extension of cultivated
ground.
It seems to be the Government's theory that a possible increase in the
prices of basic articles is acceptable it it be accompanied by a development
of home industries.
Details of the measures to be put in force include a decree decreasing
the importation for the present of foreign wheat; also increases in the
tariff duties on corn, bran, rye and canary seed.
The textile industries will be governed by a committee of manufacturers
and public officials located in Barcelona. This committee will receive
5 centimos for each kilo of cotton imported and with this money it will
extend grants to manufacturers of textiles that are used in Spain and exported.
The tariff is to be raised on metallurgical products, which will be required to show a certificate of origin. Only those houses holding contracts with the State will be permitted to export manufactured materials.
Decrees covering these plans are not completed as yet, but their early
publication is expected.
Mexico to Tighten Bank Laws—Proposed increase in
Reserves.
A copyright cablegram July 15 from Mexico City to the
New York "Herald Tribune" says:
The newspapers announce that because of the failures of several banks
recently the present banking laws will be amended so that those which are
found by inspectors to be in a precarious position will be required to increase their reserves above 30% of their deposits now required. This
action is considered necessary to protect depositors.
Irish Free State Proposes to Sell Interest in National
Land Bank.
Dublin advices (Associated Press) July 21 state:
Minister of Finance Blythe announced in the Dail Eireann that the Irish
Free State proposed to sell the Government's interest in the National
Land Bank of Ireland for £203,000.
Mr.Johnson and Mr.ii.iiernati, leaders of the Labor and Farmer parties,
moved rejection of the plan. Debate was deferred.
.
Petition in Bankruptcy Against Brazilian Sugar
Dealers.
Associated Press advices from Rio Janeiro, July 22, state:
A petition in bankruptcy was granted to-day to Custodio Mendes & Co.,
sugar dealers, of Rio Janeiro. The liabilities are estimated at $1,000,000,
the assets at about $500,000.
Stockholders of Bank of Portugal Approve Increase of
£3,250,000 in Paper Currency.
From Lisbon the following Associated Press advices were
reported July 20:
At a general meeting of the shareholders of the Bank of Portugal, approval
was given the new agreement made between the hank and the Government
for an increase in the paper currency by new issues amounting to 325,000
contos, or the equivalent of £3,250,000.
Of this amount E1,000,000 will be used for banking transactions, f1,250,000 for facing the crisis in the colonies and the other £1.000,000 for discounts in the money market.
Issuance of 60,000,000 Yen Treasury Bonds by
Japanese Government.
A cablegram to the Japanese Financial Commission from
Mexican Duty on Cotton Exports Cut.
the Government announces the issuance of the following 5%
In a Washington dispatch July 13 the New York "Journal Treasury bonds, subscription books for which opened on
of Commerce" stated:
July 21:
THE CHRONICLE
JULY 24 1926.]
5% TREASURY BONDS.
Series No. 34.
60,000,000 yen.
Conversion of 5% Treasury bonds mark "Mu."
Subscription in cash 91.75 yen.
Subscription in bonds 91.25 yen.
Redemption On or before March 1 1938.
5.99%.
Yield
Name
Amount
Purpose
Issue Price
South
African
Loan
of £4,000,000
London.
Underwritten in
An Associated Press cablegram form London, July 17,
stated:
The South African Government's loan of £4,000,000 at 5% has been
taken with the underwriters to the extent of 74%, the general public
subscribing only one of the four millions.
Nevertheless, the market here is palpably suffering from a surfeit of new
ssues.
Has Surplus—New Auto Taxes Imposed to
Build Roads.
The New York "Times" announced the following Associated Press advices from Melbourne, Australia, July 9:
Australia
407
certificates of the Republic of El Savlador, at a price of
99% to, yield an average of about 6.60%. The receipts will
be dated July 1 1926; they become due $40,000 monthly beginning July 1 1928 to July 1 1929, inclusive. According to
the prospectus, coupon receipts of Chatham Phenix National
Bank & Trust Co., trustee, are secured by deposit of Treasury certificates of like par amount registered in its name;
payable as to principal and interest from principal and
interest, respectively, of deposited Treasury certificates received by trustee. They are callable at par on any interest
date. Interest is payable Jan. 1 and July 1; denomination,
$1,000. Principal and interest is payable at the office of
the trustee in United States gold coin. The Treasury certificates deposited with the trustee were issued under legislative decree and are the direct obligation of the Republic of
El Salvador. They bear 8% interest and are secured by a
specific pledge of 10% of the customs revenues of the Government subject to the loan of 1913, which has a first lien
on the customs revenues and is specifically secured by
pledge of 70% thereof. The offering circular also says:
Treasurer E.C. G.Page introduced a budget in the House of RepresentaThe customs revenues of the Republic of El Salvador are payable in
tives to-day, showing a surplus for last year of £287.000 in addition to
United States gold coin and, by special request of the Republic, are now all
£2,500,000 paid into the trust fund for special services.
by the Chatham Phenix National Bank & Trust Co. as fiscal
Provision is made in the budget for raising a loan of £2,000,000 for trans- collected
agent, through its fiscal representative in El Salvador. Under the loan
ferring the Parliament to Canberra.
contract covering the loan of 1923 (series A, B and C bonds), and also the
The budget imposes increases in taxation of two pence on a gallon of
contract covering this issue of Treasury certificates, the customs revegasoline. 15% on automobile tires and 2%% on motor chassis. The in- loan
nues reserved for these loans are collected monthly by the fiscal representacrease will yield £1,500.000 yearly and will be used for a 10-year £35.000,000
the Chatham Phenix National Bank & Trust Co.
of
tive
road construction program.
Debt Service.
Interest and sinking fund on loan of 1923 (series A, B and C) 41,770,00o
$803,000 Cuban 5% Bonds of 1904 to be Redeemed
144,000
Maximum annual interest charges $1,800,000 Treasury ctfs_ ___
Sept. 1.
Customs revenues collected by fiscal representatives first four
2.600,000
of
months
1926
Speyer & Co. have notified holders of Republic of Cuba
Total Outstanding Debt of El Salvador—External and Internal.
5% Bonds of 1904 that $803,000 principal amount of Bonds Loan of 1923:
$5,103,500
drawn
Series
by lot for redemption on
"A"8s, due 1948 (closed)
of this issue have been
£1,008.340
Series "B" 6.5, sterling bonds, due 1957 (closed)
Sept. 11926. The bonds so drawn will be paid at par on
$9,106,400
*Series "C" 7s, due 1957
office
the
at
of
Speyer
date
&
that
Co., 24 and 26 8% Treasury certificates, this issue, due 1928-32 (closed)
and after
1.800.000
*The series "C" issue is limited to an authorized amount of $10,500,000.
Pine Street, or, at the option of the holders, at the office
which $9,500.000 have been issued ($393,600 retired by sinking fund).
of J. Henry Schroder & Co., London; Lazard Speyer-Ellissen, of
The balance of $1.000,000 can be issued only is the average gross customs
Frankfort-on-Main; Deutsche Bank, Berlin; Credit Lyonnais, revenues
of El Salvador for a period of 36 consecutive months, ending not
less than 60 days prior to the date of issue of any such bonds, shall have
Paris or Banco del Coniercio, Havana.
been at least equal to three times the total sum required for the annual
service of the entire three series of bonds, including the service on the series
Purchase and Sale by Local Bankers of $2,000,000
"C" bonds then issued or to be issued.
Republic of Peru Bonds.
Total customs revenues of El Salvador in 1925 as collected
the fiscal representative aggregated $6,104,935 (United
by
Co.
and
&
Witter
White,
Weld
& Co. announce
Blyth,
that they recently completed the purchase and private sale States gold) and collections of the same revenues in the.
of $2,000,000 Republic of Peru external sinking fund secured first four months of current year totaled $2,600,000,
8% gold bonds, Sanitation Loan, due Oct. 1 1944.
Offering of $1,500,000 4%% Bonds of Lincoln Joint'
Stock Land Bank.
Pending South American Loans—Warning Against
Their Purchase.
A gro.up consisting of the Equitable Trust Co. of New
Moody's foreign department has just been informed by York, The First National Corporation of Boston, Old Colony
its Buenos Aires correspondent that negotiations are under Corporation, First Trust & Savings Bank of Chicago, Cenway for the contraction in this market of a $3,000,000 loan tral Trust Co. of Illinois, Chicago, and Brooke, Stokes &
for the Province of Mendoza; 5,000,000 pesos (gold) or its Co. of Philadelphia offered on July 22 an issue of $1,500,000
equivalent in dollars for the Province of Corrientes, and Lincoln Joint Stock Land Bank of Lincoln, Neb., 4/
2%
1
$7,200,000 for the Brazilian State of Parana. Moody's Farm Loan bonds at 101/
2 and interest, to yield 4.31% to
1
statement in the matter, dated July 22, also says:
the optional date in 1936 and 4%% thereafter.
The Mendoza loan is expected to bear interest at the rate of 7% Per
is made that the issue has been
annum, will mature in 12 years through an annual sinking fund of 7%, Announcement
applied to purchase of bonds at not exceeding 107, and will be secured heavily over-subscribed. The bonds will be dated July 1
by a special charge on the wine tax.
1926 and will become due July 1 1956; they will
The Corrientes loan will also take the form of a 7% issue, to be sold
July 1 1936. In denominato the bankers at not less than 90, and will be secured on the territorial not be callable before
tax, the license and inheritance tax, and the revenues of the Corrientes RY. tions of $1,000, $5,000 and $10,000, they will be in the form
Proceeds from the sale of the Parana loan are to be employed toward
of coupon and fully registered; bonds, interchangeable.
the construction of the port of Paranagua. Further details have not
Principal and interest (Jan. 1 and July 1) will be payable
been made public.
Commenting on the above negotiations, Dr. Max Winkler, Vice-President at the offices of the bank, The Equitable Trust Co. of Newof Moody's Investors Service, made the following statement: "Owing York and Central Trust Co. of Illinois, Chicago. The Linto the present apparent popularity of South American issues, it is not
unlikely that the above loans will be concluded and that our investing coln Joint Stock Land Bank has paid dividends regularly
public will be called upon to take up the bonds. In view of the decidedly since 1919, averaging more than 8% per year, the present
unsatisfactory financial record of the prospective borrowers which are newcomers in the American market, I trust that for the benefit of our investors, rate of 9% having been maintained since October 1922.
the bankers will refrain from offering in this market bonds of the Province The following are the bank's loan statistics as of June 30
of Corrientes which for more than seven years has been in complete defauh 1926:
interest
on its external debt, or of Mendoza which, while paying
current
on Its foreign debt, is in default with respect to several years of interest
Moreover,
wine
the
tax
of
fund.
Mendoza appears to have
and sinking
already been hypothecated as security for the 5% gold loan of 1909, outstanding to the amount of about $4,500,000.
"Parana appears at present to be meeting the service of its debt promptly,
but the state has in the past so frequently disregarded rights and privileges
of its creditors that I feel that bankers ought to think twice before offering
Parana obligations to the still inexperienced American investor who may
be looking for bargains in the foreign field."
3.442'
Number of loans in force
1,025.437
Acres of real estate security
$34,873,740'
Total amount loaned
$78,783.810
Appraised value (land alone)
$90,224,912
Appraised value (land and buildings)
$10,131 82
Average amount of each loan
$34 01
Average amount loaned per acre
$76 83
Average appraised value per acre (land alone)
$87 99
Average appraised value per acre (land and buildings)
44.26%
Percentage of loans to appraised value (land alone)
38.65%
Percentage of loans to appraised value (land and buildings)._
Offering of $520,000 Republic of El Salvador Trustees
The following statistics are also supplied by President
Coupon Receipts.
W. E. Barkley:
Edmund Seymour & Co., Inc., and Cullen & Drew anRecord of Actual Sale Price of Farms Loaned on.
2% Actual sale
1
nounced on July 22 the offering of $520,000 trustees' 6/
of land loaned on as compared with appraised value 1,
Lien
Customs
secured gold Treasury shown by the price
coupon receipts for
following record as of March 31 1926 of sales of land by th
408
THE CHRONICLE
owners, covering all land on which the bank has placed mortgage loans and
which has subsequently been sold:
Acreage sold
140.450
Appraised value of land and buildings
519,352,090
Sale price of land and buildings
519.483,160
Amount loaned on real estate sold
$8,234,683
Percentage of loans to sale price
42.2%
VI)1.. 1'2:1
payable July 1 1926, $10,500. Farm loan bonds outstanding
of $5,250,000 are reported. Frank W. Blair, President
Union Trust Co., Detroit, is President of the bank; 0. P.
Gossard is Vice-President and Manager.
The bank's statement of condition as of June 30 1926 Offering of $500,000 5% Bonds of Pacific Coast Joint
follows:
Stock Land Bank of Salt Lake City.
Assets.
At 103.50 and interest, to yield about 4.56% to the
Mortgage loans
$34,873,740 00 Capital stock paid in
$2,711,400 00
United States Government
Surplus
254,500 00 optional date (1936), and 5% thereafter to redemption or
bonds (cost)
1,061,562 50 Undivided profits
436,819 17
Notes receivable and conFarm loan bonds issued 33,316,500 00 maturity, Harris, Forbes & Co. and the bond department
pi tracts
90,774 07 Payments on principal of
of the Harris Trust & Savings Bank of Chicago offered on
Accounts receivable
45,893 46 loans
871,383 00
Deposits with banks
1,029,088 75 Advance payments on prinJuly
19 an issue of $500,000 5% bonds of the Pacific Coast
Accrued interest on loans
cipal and interest
50,594 30 Joint Stock
•and securities
Land Bank of Salt Lake City. They will bear
641,257 71 Reserved for unpaid bond
Furniture and fixtures
8,355 59 coupons
45,887 50 date July 1 1926, will mature July 1 1956, and will be reReal estate
473.634 67 Accrued interest on farm
loan bonds
409,255 00 deemable at par and accrued interest on any interest date
Accounts payable (due on
incomplete loans, &c.)_
127,967 78 on and after July 1 1936. In denomination of $1,000, they
$38,224,306 75
$38,224,306 75 will be in coupon form, fully registerable and interchangeable. Principal and semi-annual interest (Jan. 1 and July 1)
Offering of $1,000,000 5% Bonds of Greensboro Joint will be payable in New York, Chicago, San Francisco, Los
Angeles or Salt Lake City. These bonds are the obligations
Stock Land Bank.
Harris, Forbes & Co., Halsey, Stuart & Co. and William B. of the Pacific Coast Joint Stock Land Bank of Salt Lake
Compton Co. offered on July 20, at 103 and Interest, to yield City, and are secured by either first mortgages on farm lands
about 4.625% to the optional date (1036) and 5% thereafter or, temporarily, by United States Government bonds or
certificates of indebtedness deposited as collateral. They
to redemption or maturity, an issue of 5% bonds of
Greensboro Joint Stock Land Bank (Gre/:1-!)oro, N. C.) to are issued under the Federal Farm Loan Act. The Pacific
the amount of $1,000,000. Dated Aug. 1 1926 :aid due Aug. 1 Coast Joint Stock Land Bank of Salt Lake City was organ1956, the issue will be redeemable at par and interest on any zed in 1922 and is restricted by its charter to loans in
interest date on or after ten years from the date of issue. Utah and Idaho. Its officers and directors are, for the most
The bonds will be in coupon form, fully registerable and part, officers of the following Pacific Coast banks and trust
interchangeable, in $1,000 denomination. Principal and companies, and the Joint Stock Land Bank is controlled by
interest (Feb. 1 and Aug. 1) will be payable at the Greens- the stockholders of these banks and trust companies, which
boro Joint Stock Land Bank, or through the bank's fiscal have combined resources of more than $500,000,000.
Mercantile Trust Co. of California, San Francisco; Security Trust &
agency in New York City. Issued under the Federal Farm Savings
Bank, Los Angeles; The First National Bank, Los Angeles; PacificSouthwest Trust & Savings Bank, Los Angeles; The First National Bank,
Loan Act, the bonds are exempt from Federal, State, mu- Portland;
Walker Brothers, bankers, Salt Lake City; The National Copper
nicipal and local taxation. They are acceptable as security Bank, Salt Lake City; The Utah State National Bank, Salt Lake City;
Deseret National Bank, Salt Lake City.
for Postal savings and other deposits of Government funds.
The following is the statement of the Pacific Coast Joint
The Greensboro Joint Stock I.and Bank operates in North
Carolina and Tennessee. The bank has a paid-in capital of Stock Land Bank of Salt Lake City as officially reported
May 29 1926:
$250,000. In addition to a paid-in surplus of $50,000, the
Acres of real estate
106,226
--bank has cccumulated a reserve from earnings of $25,000 Total amount loanedsecurity loaned upon
$3,996,300
Appraised value of real estate security
$10,819,500
and has undivided profits of $40,290. Dividends are paid Average appraised value per acre
582 71
Average amount loaned per acre
537 62
on the basis of 8% per annum. Including the present offer- Percentage
of loans to appraised value of security
36.94%
ing, there will be $3,900,000 of bonds outstanding. The Atlantic Bank & Trust Co. and the Jefferson Standard Life
Insurance Co., both of Greensboro, N. C., own approxi- Corn Belt Farmers To Continue Efforts For Legislation
Rejected By Congress—Administration's Policy Conmately 90% of the stock of the bank. The following is the
demned—$1.42 a Bushel Fixed on As Corn Cost—
statement of the Greensboro Joint Stock Land Bank (as
Modification of Tariff Favored.
officially reported Oct. 31 1925):
A program Of farm legislation identical with that reAcres of real estate security loaned upon
168,836
Total amount loaned
$3,319,200 jected by the last Congress was agreed on at a meeting
Appraised value of real estate security
$8,718,046 Of Midwest farm leaders at Des Moines, Iowa, on July 20.
Appraised value per acre
551 16
Average amount loaned per acre
$19 72 Upon this program both the Corn Belt Committee, comPercentage of loans to appraised value of security
38.09% posed of farm and co-operative organization heads, and
the eleven-state Committee ,,of Twenty-Two, including
Offering of $1,000,000 432% Farm Loan Bonds of Union business men and bankers, as well as farm leaders, were
Joint Stock Land Bank of Detroit.
In harmony, says the Des Moines "Register,'? which
An offering of $1,600,000 4lh% farm loan bonds of the states:
Committee of Twenty-Two, under the leadership of George N.
Union Joint Stock Land Bank of Detroit was made on July
of Moline, Ill., head of the original farm movement backing the
20 by C. F. Childs & Co. at 1013. and interest, to yield 4.28% Peek McNary-Haugen
bill, voted to include committeemen from other
first
to the redeemable date (1936) and 4.50% thereafter. The western and southern states which desire representation, and to finance
bonds will be dated July 1 1926 and will run until July 1 its finish battle for congressional adoption of its program by appeal1956. They will be redeemable at par and accrued interest ing to state legislatures for appropriations.
Plan West-South Alliance.
July 1 1936, or any interest date thereafter. The bonds will
Both committees took steps toward the formation of a more solid
be in coupon form in denominations of $1,000 and $10,000,
alliance between the western republican corn
and the southern
and will be fully registerable and interchangeable. Prin- democratic cotton belt to increase congressional belt
support of the surplus
prrh
cipal and interest (Jan. 1 and July 1) will be payable at control
incipl
Beelt
.
T l ce
Committee planned to hold a number of meetings in
the Union Joint Stock Land Bank of Detroit, Mich., or at
the border states during the
and fall, at which farmers from
the Guaranty Trust Co., New York. The Union Joint Stock the north and the south cansummer
frankly discuss their common economic
Land Bank of Detroit operates in the States of Michigan prom.
Tbhl
e two committees reached a common ground wnen the Committee
and Ohio. It is stated that the majority of loans made in
Twenty-Two, awaiting the adoption of the Corn Belt Committee's
Michigan have been made in the southern and eastern half of
resolutions, approved the program contained in them. Both recogof the State. No loans have been made in northern Michi- nized that the administration is opposed to making the tariff effective
gan. Loans made in Ohio have been made in the northern for agriculture because of the belief, expressed in the Mellon letter,
that it wiuld raise the price of foodstuffs above the foreign cost.
and western half of the State. The following analysis of
Condemn Coolidge's Policies.
loans as of June 30 1926 is furnished:
Total loans-1,320
Appraised value of farms mortgaged
Average amount loaned per farm
Average number of acres per farm
Total acres mortgaged
Average appraised value per acre
Average amount loaned per acre
Ratio of total amount loaned to appraised value
$5,800,100 00
_$16,510,972 00
$4,394 02
112
148,036
$111 53
$89 18
35%
The capital of the bank is $350,000; surplus and profits,
$87,32099; reserve (legal), $12,900; reserve for dividends
The attitude toward the administration was expressed in the following resolution of the Corn Belt Committee:
We condemn the shortsighted industrial policy expressed by spokesmen for the national administration including Secretary Mellon, Secretary Hoover and Secretary Jardine which opposes any move to make
tariffs effective for agriculture on'
the ground that to do so would
place American industry at a disadvantage in competition with foreign
competitors in the export markets of the world.
"Such a policy would lead to the industrialization of the nation at
the expense of the farmers, subordinating our agriculture to our industry in order that the latter might compete more favorably abroad.
Certainly such a policy is not favorable to the economic development
of the Middle West or the nation.
THE CHRONICLE
JULY 24 19261
409
in his reGeorge N. Peck expressed almost exactly the same thing
port to the Committee of Twenty-Two.
administration,"
"It is the plain and unmistakable attitude of the
agriculture
Mr. Peek said, "to oppose making the tariff effective for
the
because of the belief it would raise the price of foodstuffs above
the
foreign costs. This, the administration insists, would react to
disadvantage of American industry in the export markets."
value of the land, interest on that value, depreciation and
insurance upon buildings, maintenance, the cost and depreciation of machinery, $1,800 a year wages for the
farmer and $600 a year for an automobile as a business
vehicle, were among the items considered. The figures
were represented as for the average American farm of
Favor Congressional Probe.
Investigations by congressional conunittees of "inter-relations that
self-interest
appear to give to industrial advisers who are not without
not
as dealers and speculators in farm products, the deciding voice
in
only in influencing the enactment of agricultural legislation, but
determining the manner of administration of such laws after enactment" were recommended by the Corn Belt Committee.
interBy these investigations the committee would hope to learn of
relations which it distrusts. Additional lines of invesiigation recommended were:
The activities of Herbert Hoover to dominate and encroach upon
the functions of the department of agriculture, including interference
by Mr. Hoover in the personnel of the department.
The source of the opposition toward effective agricultural legislation described by Senator Norris of Nebraska in his speech in the
Senate June 14.
Hint Market Manipulation.
The speculative manipulations of the grain markets; suppressionof
facts regarding such manipulation and the circumstances surrounding
the restoration of gambling in "puts and calls" by the Chicago Grain
Exchange.
No disadvantage to consumers need result from stabilizing agriculture, the farm committees declared.
"We believe that stability in the agricultural price level and adequate farm production such as in the long run will only be assured
by fair prices," the resolutions declared, "are important in the interests of consumers as well as producers of food.
"Development of nationwide co-operative marketing organizations
will follow the adoption of an effective plan to stabilize agriculture,
provided such a plan does not saddle upon members alone of such cooperative associations the entire expense and inconvenience of controlling the marketing of crop surpluses. These agencies will lower
marketing costs between farmer and consumer. The consumer will
receive much of the savings in all cases and most of it in some."
approximately 160 acres. These advices also state:
The cost finding committee's report set forth that in Illinois the
expense of producing corn, with a fair profit of 6 per cent included, is
$1.43; in Nebraska, $1.40; Minnesota, $1.41, and in North Dakota and
Wisconsin, $1.42.
Other costs of production in Iowa, allowing the same fair margin of
profit, were reported as oats, 79c.; wheat, $2.49; hay, $21.44; hogs,
$16.32; veal, $17.82; wool, 65c.; lambs, $20.45; chickens, 28c.; butterfat, 98c., and eggs, 61c.
An average 160-acre farm was the area upon which the compilation
was based, and it was capitalized at $148 an acre, with an average
interest of 5%, or $1,184. Other expense figures included:
Depreciation on a $2,250 dwelling, $90; depreciation on $3,690 worth
of other buildings, $184; depreciation on fences, $83; depreciation and
interest upon $1,793.96 worth of machinery, $335.56; farmer's salary,
$1,800; hired help, $390; fertilizer, $101.60, and automobile depreciation and interest, $121.50, only 75% of the motor car expense being
charged to the farm.
Income Needed Is $5,601.
Debate Production Costs.
The total income necessary for the 5% fair return as outlined is
$5,601.44, against what was said to be a present income of $2,998.44.
The figures were compiled by E. E. Kennedy, of Pontiac, Ill., secretary of the Illinois Farmers' Union, during nine months of effort.
They were adopted by a unanimous vote.
The Corn belt Committee's resolutions demanded "protection for all,
or protection for none."
"We are in favor of maintaining American standards for all of our
people, and we favor retaining the protecting system that has developed
in this country, but only in case it is made equitable by extending it
to the great surplus crops of agriculture," recited the preamble to the
resolutions.
"We recognize the responsibility of making agricultural readjustments to meet constantly changing economic conditions, but insist that
if the protective system for industry is to be maintained, agriculture
is entitled to the full benefits secured by adjustments in methods and
volume of production and by elimination of waste and improvement of
efficiency in distribution."
As a practical and immediate move for bettering agriculture's condition, legislation which would .permit the farmers to control and manage
excess supplies at their own expense was favored, it being reasserted
that "such legislation must function through and foster co-operative
marketing."
This demand for a larger return to agriculture was voiced in a particular way by Milo Reno, president of the Iowa Farmers Union and
chairman of the Cost of Production Committee which reported yesterday that it had arrived at $1,42 per bushel as the average cost of producing corn in six corn belt states during the last five years.
This high cost of production figure was the subject of considerable
debate. It was defended by the committee and E. E. Kennedy, the
statistician, as accurate. The average farm price of corn in the last
five years was determined at 72 cents.
The Committee further declared:
Admitting that the figure might seem high to many versed in farm
"Ninety per cent, of our commerce is domestic, and of the 10%
costs, Mr. Kennedy declared that if the farmers in Iowa, Illinois, exported most of it is agriculture. If agricultural exports be excepted,
Wisconsin, Minnesota, Nebraska and North Dakota were enabled to probably less than 1% of the commerce of the great Middle West
receive this farm price plus 5% additional, it need not materially in- moves in export. A stable domestic trade, therefore, is essential to the
crease consumer cost. He urged that an increase in the price of commerce of the nation generally, and to the Middle West and South
hogs or wheat is not reflected directly in pork or bread in support of particularly.
his point.
"We favor the removal or modification of unfair and excessive
Committee 0. K.'s Figures.
•
tariff duty that now affords shelter for price-fixing monopolies. It is
The Corn Belt Committee approved the production cost figures sub- idle to refer to manufactured articles on the free list as benefiting the
mitted yesterday. They were essentially the same as those approved farmer when the materials entering into their manufacture are highly
last December and differed only in method of determination.
and excessively protected."
The December report adopted was based on the 1920 land value and
The resolutions were adopted at the conclusion of a
the ten year average yield of train, production of livestock and the
average daily or farm price of products from 1910 to 1920. Yester- meeting extending over two days. It is stated that the
day's figures were based on the 1925 land value and the same averonly business transacted on July 19 was the appointment
ages for the five year period from 1920 to 1925.
The resolutions of the Corn Belt Committee were adopted after long by William Ilirth of Columbia, Mo., chairman of the comdiscussions behind closed doors in which there was a conflict over mittee, of a resolutions committee. Mr. IIirth was at the
going into the subject of production costs. The opposition to arriving
at a figure on producing corn came from leaders who did not wish to same time reported as saying:
"Mr. Mellon took the position that industry and the consumers of
endanger their cause in the slightest by permitting enemies to call .the
the United States could not afford to pay a higher price for food and
figures rediculous.
Supporters of the cost of production figure maintained that it is raw materials than the industries and consumers of Europe pay. A
first necessary to learn what production costs are and then to secure literal interpretation of that would mean industrializing the United
them through a government agency which can compel their payment.
States at the expense of agriculture, and that would mean that under
that sort of system the American farmer would drop in caste to an
Threaten Tariff Action.
equality with peons and peasants."
The Corn Belt Committee last night issued copies of the resolutions
According to the New York "Times" the failure of the
adopted. They read, in part, as follows:
In presenting the recent farm relief bill, we did not ask for a sub- Corn Belt's effort to secure the agricultural relief sought
sidy or for special privileges—we asked only that the dollar the
farmer receives for his toil shall have the same purchasing power as at the last session of Congress resulted in the adoption
the dollar that industry and labor exact of him; or, to be put in an- of a resolution at Des Moines on July 6 by Kossuth
other way, we did not ask that the compensation of industry and labor
County Republicans condemning the "failure" of Presibe brought down to the distressing level of the farmer.
On the .contrary, we asked only that the living standard of the dent Coolidge "to acquaint himself with the true needs"
farmer be raised to the level of that of industry and labor. More of agricultural interests and criticising the President for
than this we do not expect and less than this means the inevitable
collapse of our great farming industry. In these premises we desire his "submission to the leadership of sectional Eastern
to say further that we have no inclination to make war upon the exist- political influences."
ing protective tariff as a system, unless in self-defense we are driven
On June 28 an Associated Press dispatch from Des
to this extremity; for it should be apparent to all thinking men that
the farmer and all other classes of citizens, who have incurred obligasaid:
tions of debt since the close of the world war should desire to Pay off Moines
President Charles E. Hearst of the Iowa Farm Bureau Federation
such obligations with as nearly as possible a dollar of the same paying power as the one which was the measure of value when they were today informed President Coolidge that farmers of the Mid-West
created.
charged the administration "with full responsibility for failure to keep
But if industry is not willing to deal fairly with the farmer in these the promise made to our people" in 1924 when the Republican Party
premises—if it adopts the narrow and astoundingly unfair viewpoint pledged itself to economic equality of agriculture and industry.
of Secretary Mellon, that the farmer shall continue
feed the conIn a telegram sent to the President, and a statement issued here,
sumers of the United States as cheaply as those of to
Europe are fed,
meanwhile distributing the full share to the existing tariff and to the Mr. Hearst described farm relief proposals still pending in Congress
as
makeshifts and proposals "to hand the farmers legislation that will
generous wage scales of labor—such a policy enforced
the American farmer would mean a permanent condition of upon
peasantry, and be inadequate and in no way meet the requirements of the greatest
therefore, we here and now answer the challenge of Secretary
Mellon present-day national problem." He charged defeat of the McNaryand those for whom he speaks by proclaiming the doctrine of—pro- Haugen principle to a group which, he said, was now enjoying the
tection for all, or protection for none.
advantages of the protective system and was unwilling to permit exAccording to Associated Press advices from Des Moines, tension of that system to include agriculture.
Mr. Hearst said his plans already were under way for a renewal of
in arriving at the $1.41 a bushel cost price figure, the
the farm relief fight.
410
THE CHRONICLE
[Vol.. 123.
To secure, tabulate and distribute data covering all phases of industry
Proposed Organization of Cotton Textile Institute.
and commerce affecting cotton textiles; to check and advise entire industry
Definite action was taken this week toward the organiza- and trade; to publish periodically a price
index by construction groups,
tion of the cotton industry on a national scale through the including all yarns; to conduct research relating to the extension of the
use of cotton textiles; to direct group activities in export trade; to direct
formation of a Cotton Textile Institute, steps to which end action in all legislation
affecting cotton textiles; to direct action as to
were taken a month ago (June 10) at a meeting at the Hotel trade customs, settlement of disputes, etc.;
to co-ordinate works of existBiltmore, this city, attended by members of the National ing associations, and to conduct group advertising at home and abroad.
This proposed institute was discussed and action taken to form a comAssociation of Cotton Manufacturers and the American mittee to draft preliminary plans.
Cotton Manufacturers Association. That meeting, it was
The resolutions adopted at the May 19 session were as
stated, was marked by declarations by the speakers that
follows:
"nationalism must replace sectionalism," and shortly beResolved, That the association commends Southern carriers for what they
fore the close of the conference a resolution was adopted to have done in applying rates fairly
adjusted and necessary to growth of
manufacturing
plants in the South and urges extension of the policy to terhave a committee of ten members, five to be appointed by
ritories not now.properly adjusted and not to agree to any change in rates
President W.B. MacColl of the National Association of Cot- that would deprive
Southern manufacturers of present rates.
ton Manufacturers and five to be named by James P. GosResolved, That the association expresses hearty approval of constructive
relief
farm
measures
in Congress and recommends suitable legislation to that
sett, head of the American Cotton Manufacturers' Associaend and that a copy of this resolution be forwarded to President Coolidge
tion. The resolution authorizing the appointment of the and the Secretary
of Agriculture.
Resolved, That members of the association individually cease the practice
inquiry committee reads:
It is resolved, That the President of the American Cotton Manufacturers' of speculative production of stock, which inevitably leads to unemployment,
Association and the President of National Association of Cotton Manufac- and adjust production to meet the demands of distribution in order
to inturers each choose a committee of five manufacturers who need not be sure continuity of employment, and to co-operate with the Association of
members of either association.
Cotton Textile Merchants of New York in its comprehensive plan for the
These ten men shall constitute a committee who shall meet as soon as collection, compilation and orderly distribution of statistics of production,
possible and study the existing successful trade associations and formulate stock and unfilled orders on a wide range of construction.
a definite plan for an organization of cotton manufacturers and decide upon
Resolved, That a vigorous protest be lodged with the proper officials of
the membership thereof.
the Government in Washington against such increasing development of
This organization is aimed to be absolutely national in scope and truly prison-made cotton goods manufacture and to confine
the use of same should
representative of the entire cotton manufacturing industry.
investigation show necessity, to penal institutions only.
Resolved,
To
express
to
President
Coolidge, Secretary Mellon and leadOn June 29 a statement was issued by the Committee of
ers of both parties in
commendation for the substantial decrease
Ten in which it made known its recommendation that the during the past year ofCongress
Federal taxes, and the reduction in the new 1926
tax levy.
organization of the Institute be undertaken.
This statement
said:
After considering the various plans proposed, the committee made the
following tentative recommendations:
That an association be formed called the "Cotton-Textile Institute," to
consist of corporations and unincorporated mills engaged in cotton manufacture; that the object shall be to promote the progress and development
of the cotton industry in the United States, and that there shall be a board
of directors of not less than thirty-six members, that board to select a president and two vice-presidents, who, with twelve other members, are to constitute an executive committee.
The committee discussed in an informal way several suggestions for the
activities of the institute. They considered in considerable detail the
possibility of the benefit to the industry of group associations for the purpose of exchanging information. The question of expanding markets and
promoting the use of cotton goods and cotton products was considered at
length and several plans were presented. There will be another meeting
for formal organization of the institute shortly.
On June 7 the movement incident to the organization of
a textile institution was referred to in Fall River advices to
the New York "Journal of Commerce," from which we take
the following:
There is a great deal of interest manifested among cotton goods manufacturers in this section in the work that is being done to organize a textile
institute by means of conferences of Southern manufacturers and New York
selling agents and with some manufacturers in New England. But it is
not developing toward a desire to give early co-operation in an effort to
bring about the fruition of plans thus far published.
The new movement is called a belated one that would not have become
so conspicuously necessary had the information in the hands of all cotton
manufacturers and merchants several month ago been acted on by Southern manufacturers and by Eastern manufacturers operating Southern properties.
The Department of Commerce figures on cotton goods production have
The report of the Committee of Ten was indorsed at a shown for months past a preponderating
output of goods in Southern mills
to night operations that were advised against by most selling agents
due
meeting of representatives of the American Cotton Manuand many experienced Southern men. Now that the harm has been done
facturers Association held in this city at the Hotel Biltmore there is a strong belief that
limited curtailment will be only a palliative
on July 20-21. Fifty-four mill executives of national promi- and not a remedy.
One
manufacturer
pointed out that the April figures issued by the Govnence, sal s the "Journal of Commerce" were appointed as
ernment showed an
per spindle in place of 221 spindle hours activthe board of directors of the new organization, the aim of ity. In that monthaverage
South Carolina mills ran 321 hours, Alabama mills
hours,
Texas 298 hours, Georgia 281 hours, North Carolina 294 hours,
which is "a reasonable and lawful stabilization in production 293
and prices that will be beneficial both to the consumer and while Massachusetts ran but 143 hours, and all of New England averaged
but 153 hours.
producer." The directors represent every section of the
Blame Southern Mills.
country where cotton goods are manufactured. The same
Manufacturers here contend that the heavy production in Southern mills
not only demoralized markets for the particular cotton goods made there,
paper says:
The date of the annual meeting was set for October 20. This will be the but also ruined the market for the cotton products still made in this secincluding all fine yarns and cloths. With the facts of over-production,
next meeting of the institute. The treasurer was authorized to call subscriptions to the extent of 1% per spindle as soon as 18,000,000 spindles tion before them and having failed to follow the advice of selling agents
and merchants against it, manufacturers here are not hopeful that any
are subscribed.
The personnel of the organization as formed to-day was selected to serve means save the one of unrestrained competition will induce Southern mill
until the first annual meeting of the Institute, which is to be held in October. managers to back up remedial measures now seen to be plainly necessary.
This is a reasonably accurate presentation of the reaction of most mill
According to the articles of association, one-third of the number of directors
will be elected for one year. one-third for two years and one-third for three men who were asked for an opinion on the new movement. But it is clear
years. Thereafter, one-third of the number of directors as determined by that while the first reaction is one of annoyance, that facts in hand should
the Institute, will be elected annually. The president, the vice-presidents, have been so carelessly passed over, there is a powerful latent satisfaction
that the demand for correction of manufacturing policies should have come
a secretary and treasurer will be elected annually by the directors.
Legislative and political questions will be excluded from the activities of from the South. If direct or strong co-operation is not possible at this
the Institute, the work of which, according to the articles of association time it is certain that opposition will not even be thought of, as long as
will be "economic in character and shall include trade research and com- there is the remotest hope that something can be accomplished to arrive
mercial problems and preparation for mobilization of the industry in na- at a more thorough understanding of those things that can be done at once
to place the whole industry in a better position to meet the changed methtional emergencies."
That the matter of the formation of the Institute was ods of buying from mills.
Merchandising Stressed.
brought before the meeting of the American Cotton ManuSuggestions of Government leadership, extraneous assistance other than
facturers' Association in May was made known in the "Jour- that which is ordinarily commanded
from financial channels, or the innal of Commerce" under date of May 18 which had the stallation of skeleton forms of organization that can have little real influas
individual
long
so
ence
manufacturing unite in the industry are so genfollowing to say in part in its adviqes from Atlanta:
The afternoon session of the American Cotton Manufacturers' Association eral, and beyond firm organization control, are not taken very seriously by
file
of
and
rank
manufacturers.
the
It is contended that men within the
executive.
Reporters,
though admitted, were admonished to hold all
was
Industry are plentiful and strong enough to devise and apply remedies if
news of discussion and speeches not authorized from the press.
a
whole
as
has
trade
finally reached the place where they are really
The representative of the "Journal of Commerce," however, was able to the
get authorization for the release, in part, of remarks and speeches of desired and will bq accepted.
prominent cotton men of New York, in addition to a proposition brought
to the notice of the convention.
George S. Harris, President of the Exposition Cotton Mills, of Atlanta, New York Produce Exchange to Inaugurate Grain
in the leading address, starting the forum meeting, stated that the time
Futures Plan Aug. 2.
had now arrived for the association to have a central organization.
In reporting the plans of the New York Produce Exchange
Proposes Textile Institute.
He proposed the forming of a cotton textile institute, its organization to to put into operation its grain futures market on Aug. 2,
be as follows: A board of directors, a director-general, a chief statistician the New York "Journal of Commerce" of yesterday (July 23)
and technical exports as required, a representative of the Converters' A880- said:
elation to head a converters' department, a representative of the Wholesale
Trading in grain futures, upon receipt of advices from Washington that
Dry Goods Association to head the wholesalers' department, a representa- Secretary of Agriculture
Jardine had approved of the application of the
tive of the Retail Dry Goods Department to head the retailers' department New York Produce Exchange
for a license as grain futures market, will
and a legal director.
week
from
begin a
Monday, Aug. 2, according to an announcement made
Program for Institute.
last night by B. II. Wunder, President of the Exchange. The wheat
The functions of the proposed Cotton Textile Institute are to be as pit is now being constructed on the floor of the Exchange and will be
follows:
completed before the middle of next week.
•
JULY 24 1926.]
THE CHRONICLE
The committee on arrangements for the opening of trading in grain
futures, of which T. Harry Story is Chairman, held a lengthy meeting
yesterday afternoon and mapped out plans for the initial day of trading.
A luncheon to a number of distinguished guests, the heads of the other
exchanges, railroads presidents and bank officials will take place in the
luncheon club of the Exchange. The floor, the biggest trading floor
in New York City, which also houses the cottonseed and other commodity
markets, will be decorated on the occasion of the oiling exercises.
The New York contract, either buying or selling, will be based on a
delivery at Buffalo, where 30,000,000 bushels of warehouse space is available. Buffalo, it is pointed out, is the gateway to the eastern consuming
area and the export trade, as well as being one of the largest milling centres
in the country at the present time. The grades of grain deliverable on
the New York futures contracts include the standard grades of all domestic
wheats, red winter wheat, hard winter wheat and spring wheat—all objectionable milling and export grades being eliminated.
411
Bank Suspensions in
Georgia and Florida—Investigation
Into Affairs of Bankers Trust Co. of Atlanta—
Statement of Jacksonville Clearing House.
While several additional banks were reported to have
closed this week in Florida, two of the Georgie banks
which were among the 80 banks in the two states which
closed last week, following the bankruptcy proceedings
against the Bankers Trust Company of Atlanta, were reopened this webk, according to an announcement by the
Georgia State Banking Department on July 22. The two
reopened banks, which it is stated had closed as a precautionary
measure, are the Farmers' and Merchants'
item
regarding
An
the plan appeared in our issue of a
Bank of Gordon, Ga., members, it is said, of the Bankers
week ago, page 277.
Trust Company chain, and the Lakewood Bank, an
Atlanta suburban institution, not a member of the
Bankers Trust chain.
George E. Roberts on Conditions in Europe.
The closing of more than 80 banks was noted in our
George E. Roberts, Vice-President or:the National City
Bank of New York, who returned this week from a stay of issue of a week ago, page 285. Advices in the New York
several months abroad, issued the following statement to-day "Times" July 21 reporting the closing of additional banks
disaussing conditions on the other side as he saw them:
said:
Europe is suffering a reaction from the revival which followed the inauguFive additional Florida banks were closed on Monday and now
ration of the Dawes Plan. It is simply a stage in the process of
recovery.
The establishment of a'new monetary system in Germany gave a
new basis
for credit and this with the borrowings abroad started up industry
last
year at a faster pace than could be maintained. The loss of capital in
Germany has not been made good, unemployment is serious, and the purchasing
power of the populations of Central and Eastern Europe is low.
Germany
however, is surely building up capital and improving her industries.
The
industrial disorganization resulting from the war is causing
greater losses
than the war itself, and there is so much ignorance of economic relations
that the necessary readjustments are very slow. In their anxiety
to keep
competition out of their home markets the countries are preventing
trade
which would be mutually beneficial. They cannot buy each other's
products
unless they can sell their own.
The appreciating and depreciating currencies have been another disturbing factor. The British currency was brought up to par last year
and the
Danish and Norwegian currencies have been rising toward their
old pars.
On the other hand the Belgian, French, Italian and Polish
currencies have
been declining. These changes affect wages, prices and trade
relations not
only between countries but between different industries within
the same
country. The lines most closely related to foreign trade are
affected more
directly than others. In England the coal industry is seriously
affected
because 25% of the production is sold for export. The
currency having
Increased in purchasing power, the price of coal naturally
must be lower
to be on the same competitive basis, but the margin of profits in
the industry
Is too small to permit the reduction without a lowering of costs.
The rise
of the currency enables England to buy all imported raw
materials and
foodstuffs at low prices, so that on the whole the change would
be beneficial
to the country's industries, and if all wages and prices were promptly
affected
alike nobody would suffer. Unfortunately this is not the
case, hence the
coal strike which is gradually closing down all the industries
and presents a
very serious problem.
The French currency situation has been going from bad to
worse ever
since the war. There has been ample warning and of course
French bankers
and economists have known the danger, but bankers and
economists are
not very influential with governments anywhere. The
French parliamentary body has that serious defect common to European
bodies, a multiplicity of political parties, in an aggravated parliamentary
degree. It has
about fifteen blocs. The result is incapacity to deal with
an intricate
question like the currency, and particularly with a critical
situation requiring prompt action. Eight finance ministers have come and
gone since the
beginning of 1925, none able to obtain the co-operatipn of
parliament. The
public has been losing faith that the government would
deal
situation effectively. It is not outside influence, but internal with the
conditions,
which have depressed the franc.
The remedy has been obvious enough. The chief requisite
has been
revenue sufficient to cover expenditures. A small part of the
losses inflicted
by the declining franc, if collected in revenues, would have
brought order
out of what is now chaos. It is a deplorable situation, for the
French people
are industrious, frugal and patriotic. They have given their
savings
to the
government to carry on the war and to do the reconstruction
work, and are
in danger of losing all through the mismanagement of their
public finances.
Of course, four-fifths of the value of the franc was gone
two years ago.
There has been no possibility of its recovering the old value.
It is only the
remnant that is in danger now, and while the situation
is temporarily
critical it must not be thought this final loss if it must be
endured will mean
the ruin of France. Perhaps the simplest course now is to
create a new
monetary system, and later on provide such relief for the
old bondholders
as may seem to be practicable. The wealth of France
in land, buildings,
railways, factories, thrifty population and productive
property of all kinds
will still be there. The foreign debts, payable in terms of
sound currencies,
are not affected.
Daily Statement of New York Stock Exchange
on Call Money Market.
The following are the daily statements issued this week
by
the New York Stock Exchange regarding the call money
market:
•
CALL LOANS ON THE NEW YORK STOCK
EXCHANGE.
July 19—Renewal, 43j; high, 4f; low, 4; last, 4. Heavy offerings early
in the day caused lowering of rate to 4% at noon.
Volume
moderate with an ample supply at the close.
July 20--Renewal, 4; high, 4; low, 4; last, 4. Large supply of money
all day. Very light demand.
July 21—Renewal,4; high, 4;low, 4; last, 4. New borrowings very small.
Offerings ample during day and at the close.
July 22—Renewal, 4; high, 4; low, 4; last, 4. Money offered freely with
a somewhat better demand. Good amount on hand at the close.
July 23—Renewal, 4; high, 4; low, 4; last, 4. Larger turnover than for a
week past with the supply more abundant than usual.
are
in the hands of the State Controller, according to information received
received in Wall Street yesterday. This brings the total to thirty
since May 31. The banks and their capitals were as follows: Bank
of Jennings, $15,000; Bank of Lake Butler, $15,000; Bank of Monticello, $25,000; Bank of Moore Haven, $25,000, and Peoples Bank of
Marianna, $35,000. The first four mentioned were members of the
Witham chain.
From Lakeland, Fla., an Associated Press dispatch,
July 21, appearing in the New York "Evening Post,"
said:
The Polk County Trust Company failed to open its doors 'here
today. A statement was issued saying the concern is solvent and
that no depositor or creditor will lose money, but that persistent
withdrawals in the last forty days made the closing imperative.
The bank is capitalized at $300,000. A statement July 9, showed
total deposits as $2,166,923.40. A. H. Devine is president.
In all five institutions were reported as having closed
on July 21, one in Georgia and four in Florida, making
the total number of suspensions in Georgia 85, according
to the Associated Press accounts which, in addition to the
Polk County Trust Co., state that the Florida banks
closed that day were the Bank of Sebastian, at Sebastian;
State Exchange Bank, Lake City, and the East Florida
Bank at Palatka. From the "Times" it is learned that
the Georgia bank which closed on July 21 was the Bank
of Mendo, a member of the Bankers Trust chain. This
concern turned its affairs over to the State Banking
Department.
A statement by the Jacksonville Clearing House regarding conditions in Florida appeared as follows in the New
York "Journal of Commerce""of July 21:
The closing of twenty-five banks in Florida since May 31 has not
been due to local conditions, nor has it any connection with the real
estate situation of the State. The condition is due solely to the withdrawal of the funds of these banks by interests connected with
a
chain system, identified with the Bankers Trust Company of Atlanta.
The Witham chain of banks was organized many years ago by W.
S. Witham, of Georgia, and it is reported that in this chain there are
about 125 banks in Georgia and sixty in Florida, all of which
are
interior banks with small capital.
When the deposits in these Witham banks in the State
of Florida
had reached the peak during the fall of last year, these banks had to
find an outlet for their money. The Bankers Trust Company of
Atlanta placed on deposit, subject to call, with the Witham chain in
Georgia about $4,000,000, and in addition thereto placed several
millions on time loans through their affiliations. The inability
to return this money resulted in the failures. The combined capital of
the banks in Florida which closed up for reasons above mentioned
amounts to 'only about $1,000,000. Many of them had
only
established a short time and nearly all belonged to the Atlanta been
bank
chain.
The Bankers Trust Company of Atlanta, Ga., went
into the hands
of receivers on Wednesday. The receivership was brought
about 139
the Bank of Umatilla, Fla., which charges that the
Bankers Trust
Company obtained from them 491,500 to be placed on
call and for
investment. On June 14, 1926, the Bankers Trust Company
paid to
the Florida •bank $50,000 on account, leaving a balance
of indebtedness of $441,500 which they were unable to obtain.
The petition further charges that the Bankers Trust Company
is
insolvent, due to fraudulent misappropriation and misuse of
the funds
of the bank and other institutions and the diversion of these
funds
from their trust purposes to personal gain and benefit of officials
of
the Bankers Trust Company of Atlanta. Serious charges against one
of the officers, charging misappropriation of funds, is also part of the
complaint.
Close investigation has shown that the Florida condition has never
been healthier than at the present time. The farmers have marketed
larger crops than ever before in the history of the State and at better
prices. The larger and independent banks are in a healthy condition
and fully able to take care of the situation.
The bankers of Florida have the greatest confidence in the future
of the State and fail to show the slightest uneasiness on account
of a condition which is due to causes originating outside of Florida.
In the Atlanta "Constitution" of July 16 we find the
Statements of previous weeks appeared in -our issues of following statement by T. R.
Bennett, Superintendent of
July 10, page 155, and July 17, page 279.
Banks in Georgia:
412
THE CHRONICLE
The atmosphere is clearing. While several additional banks closed
their doors Thursday, the number is very much less than was antiOne bank which
cipated. There are several encouraging signs.
closed yesterday wired this morning to disregard the notice, as it
reported
found that it was able to carry on its business.
with a neivhAnother,
as closed, advised that it had effected a consolidation
bor bank. Several others which advised the department that they
would not be able to continue have assured us today that they would
be able to do so.
Receivers Appointed.
The appointment by Judge Sibley, of the United court, of former
Governor Hugh M. Dorsey and J. K. Ottley, of the Fourth National
bank, Atlanta, as receivers of the Bankers' Trust Company has added
confidence to the situation. The appointment of these receivers assures a careful and business-like investigation of affairs of the
Bankers' Trust Company and the preservation and proper application
of its assets.
Practically all of the banks which have suspended in the last few
days were connected with the Bankers' Trust Company, and the failure
of the trust company occasioned their suspension. When it is known
that the Trust Company's affairs are being properly administered, the
banks and their customers will have a new feeling of security.
I repeat what I said yeste,day that there is nothing wrong with
Georgia or her financial institutions. The present flurry is due entirely to causes orgiinating outside the state and does not indicate
any weakness on the part of Georgia banks. But for the difficulties
of the Bankers' Trust Company, brought about by conditions in
Florida, not a bank in Georgia would have closed. When it was announced that the trust company was no longer in position to finance
the banks for whom it had acted as financial agent, these banks were
immediately thrown on their own resources. Before they could adjust
thefselves and make new connections, all sorts of wild rumors were
started, and at quite a number Of places runs on the banks were
begun. To prevent the depletion of their assets pending the forming
of new connections, it seemed to many banks necessary to suspend
active business. As soon as they can readjust themselves, it is confidently believed that a large proportion will reopen, as the reports
show that most of the banks which have suspended are solvent and
many of them in excellent condition.
In a number of cases there was no necessity for the closing of the
bank, even temporary. The directors simply lost their heads and
turned over the banks to the department. In a few days when the
present wave of hysteria has passed they will realize that they acted
hastily and without proper consideration.
The trouble with the present situation is not with the banks, it is
with the people. Calmness, a sense of proportion, and a realization
of the fact that the banks are all right, and that the present trouble
was not occasioned by local conditions and all will be well again.
Let
Agitators and hysterical people are doing incalculable harm.
Georgia's sober common sense resume its sway and the flurry will
soon be over, and many of the banks will begin again to serve their
communities.
A further statement by Mr. Bennett was transmitted
to G. L. Miller & Co., who maintain offices in Atlanta,
Ga., says the New York "Times" of July 20, which added:
Mr. Bennett held that the present situation should adjust itself
speedily without undue reflection upon the great body of Georgia's
financial instittuions.
The State of Georgia is probably in better shape, from a business
and financial standpoint, than it has been for the past five years,
Superintendent Bennett said.
In order to secure a fair idea of the present situation the following points should be emphasized: First, almost all the agected banks
were members of a chain depending upon the Bankers' Trust Company of Atlanta as their fiscal agent. When this trust company failed
its
without warning, due to operations largely outside of Georgia,
demanded
correspondents were confronted with an emergency which
time to clear.
Second,. these banks, on the whole, were situated in the smaller
agricultural communities, many of which had other banking facilities. The number of institutions involved is large, but both their
combined capital and combined liabilities are small.
Third, in many instances the closure of the banks was a temporary
measure to prevent the depletion of their assets until they could form
In all probability those banks which are
new scal connections.
essential to their communities will be able to reopen and continue
business.
The investigation of the closing of the Bankers Trust
Company was begun at Atlanta on July 20 by a Fulton
County Grand Jury. In charging the jury Judge G. H.
Howard said that if the law had been violated it should
return indictments, and added:
If the officers of the Bankers' Trust Company of Atlanta and other
banks have observed the law they are entitled to the investigation
officers
and to be exonerated; if such a thing can happen when the
of the copany and the bankers of Georgia are obeying and observing
the
the law, there is urgent need for drastic laws to be applied to
future.
trust companies as well as the banks to prevent such havoc in
of
The belief is general throughout Georgia that whatever the causeand
the present distressing situation, the cause should be discovered
repetition
a remedy applied that will mean something and prevent a
of what now confronts us.
According to Associated Press advices from Atlanta,
Solicitor GenJuly 21, John W. Boykin, Fulton County
evidence of "fictitious
that
day
that
announced
eral,
for bucket shop
transactions" and use of bank funds
the investigation his
speculation are being disclosed by
Bankers Trust Comoffice is making into the books of the
pany. These advices also state:
that many fictiThe investigation up to this period hai disclosed
to hide funds
tious transactions have been resorted to in an effort
one of the favorite
which were unlawfully used and this seems to be
the
systems whereby large sums have been diverted to the benefit of said
Bankers' Trust Company and certain of its officials, Mr. Boykin
in discussing the investigation in his department.
[VOL. 123.
Everything indicates that bank funds involving large amounts have
been squandered by certain individuals in Atlanta in bucket shop
speculations, he said.
In addition to the investigation being conducted by the Solicitor
General's office, a separate inquiry into the affairs of the Bankers'
Trust Company was being conducted by a Fulton County grand jury
instructed by Judge G. H. Howard to ascertain the cause of the
bankruptcy proceedings and the suspension of so many Georgia banks.
Solicitor General Boykin said his force was giving all of its time
to the investigation of the Bankers' Trust Company affairs.
Other developments of the day included the appointment of an
additional receiver for the Bankers' Trust Company, and the designation in Federal Court of Receivers for W. D. Manley, president of
the Bankers' Trust Company.
Oscar Dooley, formerly vice president of the Mechanics and Metals
National Bank of New York, was appointed a receiver for the
Bankers' Trust Company, to serve with John K. Ottley, president of
the Fourth National aBrik of Atlanta, and former Gov. Hugh Id.
Dorsey.
Judge Sibley also authorized the receivers to employ auditors to
make a thorough survey of the records of the company.
Richard Courts, Jr.'and Harold Hirsch were designated receivers
of W. D. Manley by'
judge Sibley, in reply to a petition of creditors
who filed involuntary bankruptcy proceedings and asked that receivers
be named.
Mr. Manley denied insolvency, but agreed to the appointment of
receivers.
In the petition Mr. Manley's assets were designated as stocks,
bonds and real estate estimated to aggregate $200,000. The petitioners alleged that he had preferred creditors while insolvent and
named the payment of $1,000 to the Bankers' Trust Company.
The petitioners also urged that his affairs be taken over by receivers because, they alleged, certain stocks owned by him should be
sold at their present high value, and that certain real estate needed
protection.
Secretary Mellon in Answer to F. W. Peabody's
Argument for Cancellation of Foreign Debts
Says We Must Collect Through Taxation
from People If Debtors Do Not Pay—
Great Britain's Borrowings for
Commercial Purposes.
Just before the departure for Europe on July 17 of Secretary of the Treasury Mellon a letter addressed by him to
Frederick W. Peabody, a lawyer, of Ashburnham, Mass., in
answer to the arguments of the latter for the cancellation
of the war debts to the Allies was made public. Secretary
Mellon, summing up Mr. Peabody's proposals, indicates that
he advocates cancellation first as a legal proposition, on the
ground that the United States made a gift and not a loan,
and neither party expected payment; second, as an equitable
proposition on the ground that the loans represent part of
the cost to us of the war, and third, that as a charitable
proposition we should cancel the debts in the interest of
humanity. Secretary Mellon in answer says "It is clear that
when the advances were made to our Allies they knew and
we knew they were loans, not gifts." "The only question
for discussion in each settlement," he says, "has been the
extent of the capacity of the debtor to make payment of an
acknowledged liability." Secretary Mellon adds:
None could pay its signed obligations as called for by their terms. Accordingly, payment of the principal had to be extended and the period of
62 years set in the British agreement has been followed in all other agreements. If the debtor nation paid the United States a rate of interest on
the postponed installments equivalent to the cost of money to us, we would
receive in present value payment of the full debt. Since, however, such
an interest rate is beyond the capacity of any of our debtors to pay, the
United States has, of necessity, accepted less than the full value of the
debt to the extent the interest to be received under the settlement is
below the cost of money to the United States, now about 414%.
Secretary Mellon further says:
It must be remembered that England borrowed a large proportion of its
debt to us for purely commercial as distinguished from war purposes—to
meet its commercial obligations maturing in America, to furnish India with
silver, to buy food to be resold to its civilian population, and to maintain
exchange. Our loans to England were not so much to provide war supplies
as to furnish sterling for home and foreign needs and to save England from
borrowing from its own people.
He also points out that the settlements in the case of
France, Belgium and Italy are sufficient only to cover postwar indebtedness, and that "the reparations receivable from
Germany by Belgium, France and Italy are more than the
payments these nations have agreed to make on their indebtedness to both the United States and England." "When
cancellation of debts is viewed from the standpoint of the
United States," says Secretary Mellon, "you fail to recognize that the Debt Commission, the President and the Conto
gress act not in their individual capacities according
represent,
they
whom
those
for
sentiment, but as trustees
the American people. If these foreign debts are canceled
the United States is not released from its obligation to pay
the very bonds which were sold to our citizens to make the
collect
advances to the foreign Governments. We must
pay
not
do
debtors
our
if
people
our
through taxation from
to us what they can." In disagreeing with Mr. Peabody's
destruction,"
statement that "England is on the edge of
-day closer.
to
is
Europe
believe
"I
Secretary Mellon says:
JULY 24 1926.1
THE CHRONICLE
to a permanent, sound solution of its economic troubles than
at any time since the war." Mr. Peabody's arguments are
given in this issue under another head, as are also
the remarks made this week by the British Chancellor of the Exchequer, Winston Churchill, bearing upon Secretary
MelIon's assertions. The following is the latter's letter
to Mr.
Peabody:
413
American Debt Funding Commission has a present value of $1,681,000,00
0.
Belgium's post-armistice borrowings with interest were $258,000,000, and
the present value of the settlement is $192,000,000. In addition, Belgium
has a share of the German reparations sufficient to pay her pre-armistice
debt to America
With Italy the situation is similar. Its post-armistice indebtedness with
interest is $800,000,000, and the present value of its debt settlement
is
$426,000,000.
It is the same as regards Serbia.
In view of these facts, in what respect do you still believe America has
July 14 1926.
been unfair to its Allies?
Dear Sir: By reference from the President I have your
letter of June 30
The statement is made in your letter that the French debt settlement
1926, urging cancellation by the United States of the so-called
war debts. takes annually about 60% of the
Your arguments are confused, but I believe your
German reparations payments which
points can be fairly France is to receive.
I believe you are not correctly informed. France, in
summarized as follows:
addition to reparations already received from Germany, is to be paid under
1. As a legal proposition. Taking into account the
message of Presi- the Dawes plan 52% of a maximum
dent Wilson, the debates in Congress and the First
reached three years from now of 2,500,Liberty Loan. Act 000,000 gold marks ($625,000,000
authorizing advances to our Allies, the United States made
) after certain charges, about $300,000,a gift and not 000 annually. The maximum
a loan and neither party expected repayment.
annual payment required of France under our
settlement is $125,000,000, reached after the sixteenth year.
2. At, an equitable proposition. Advances were
made
I think you will find that the reparations receivable from Germany. by
were fighting our battle for us and before we could put while the Allies
tary force in the field, and, therefore, the loans representan adequate mili- Belgium, France and Italy are more than the payments those nations have
part of the cost agreed to make on their indebtedness
to us of the war and should be canceled.
to both the United States and to
England.
S. As a charitable proposition. America being wealthy
and
prosperous
I come now to your third proposition: That to preserve our self-respect
and the European countries being poor and heavily
taxed, we should, in and retain the
affection of foreign nations for America we must as a
the interest of humanity, cancel the debts.
charity cancel the debts. A creditor is never popular, but a debtor withThe initial authority for the advances to foreign
Governments
OCCUTS
out credit is not in an enviable position. England's prompt and courageous
in the First Liberty Loan Act, passed just after
we declared war. As a
attitude when first of all others it sought a settlement of its debt seems
lawyer, you know that the interpretation of legislation
unambiguous
on
to me to have been rewarded in her present sound financial position, a
its face is determined from its language and not from
bates on the floor of the Congress. But even ignoring expressions in de- rock in the turbulent seas of monetary instability now washing over the
this
rule
of
conAllied nations. Are you so sure that your policy of cancellation will mean
struction, a reading of President Wilson's message
and of the debates
a happier future for a world which will only continue to trust those who
shows no ground for your arguments. The most that
can be said of any keep
expression you quote as a willingness on the part of the
a promise once made?
loans even if our debtors may not be good risks. Thisspeaker to make the
Collection Through Taxation If Debtors Fail to Pay.
is
tention to make a gift of the advances. Let us, however, far from an inWhen cancellation of debts is viewed from the standpoint of the United
consider the Act
Itself.
States you fail to recognize that the Debt Commission, the President and
The law is declared to be "for the purpose of more
effectually providing the Congress are not in their individual capacity according to sentiment,
for the national security and defense and prosecuting the
war
by
establish- but are trustees for those they represent, the American people. If these
ing credits in the United States for foreign Governments.
" A reading of foreign debts are canceled, the United States is not released from its obliSection 2 is convincing that loans and not subsidies were
intended. The gation to pay the very bonds which were sold to our citizens to make the
United States is authorized to purchase at par the
obligations of foreign advances to the foreign Governments. We must collect through taxation
Governments.
from our people if our debtors do not pay to us what they can.
As to rate of interest and other essentials, the foreign
You call this a "specious reason," but nevertheless, again as a lawyer,
ligations are to have the same terms and conditions as Government's obgations (Liberty bonds) issued under the authority of United States obli- you must know the duty of a trustee. Were these trustees as certain as you
the Act. Arrange- seem to be that their cestuiqui trust, the American people, demanded a
ments are to be made for purchasing the foreign
Government obligations cancellation of the debts, it is within the province of popular government
and for the subsequent payment thereof before maturity.
If United States to carry out that mandate. But neither generally from the people, the
bonds are converted into bonds bearing a higher
interest rate, the obliga- press, nor at all from the chosen representatives of the people in Congress,
tions of foreign Governments are likewise to be
converted.
has come this demand.
In Section 8 of the same Act the Secretary of the
I have, as have you and every other good citizen, a profound sympathy
to receive on or before maturity payment of theTreasury is authorized
foreign
Government
for
the countries suffering from the after results of the great war which
obligations; to sell the obligations at not less than the
purchase
price,
we
and
in America have to a large extent escaped. But I feel that a recognito apply the proceeds of any payments made on account
of the obligations tion of their external obligations by the European nations and an underto the retirement of the debt of the United States.
taking bravely to meet them within their capacity as each country has
Advances Loans—Not Gifts.
done is a moral force of great service to permanent prosperity in the world.
It is clear that when the advances were made to our
England Near Solution of Economic Troubles.
Allies
knew
they
aed we knew they were loans, not gifts. From the
time of the original ' I cannot agree with you that England is on the edge of destruction. It is
advances to date no responsible authority in the United
States Government most sound of heart, as its recent solution of a general strike has shown
has suggested cancellation, and each of our debtor
nations, except Russia, to all. Other countries are in monetary difficulties, but the very acuteness
has recognized the debt created by the advances and
has
offered to pay. of the disease has brought a clear understanding of the causes and of the
The only question for discussion in each settlement
has been the extent of proper remedies. Dark as the financial sky now appears, I believe Europe
the capacity of the debtor to make payment of an
liability.
is to-day closer to a permanent, sound solution of its economic troubles than
Your second proposition is that the Allies held acknowledged
the line with men until at any time since the war. The danger is there, but with it the courage
we could deliver an army and, therefore, cash advances
made
during
this
fight. I do not despair of Europe.
to
period by the United States were our contribution to
the general cause of
Very truly yours,
the war and should be canceled.
A. W. MELLON, Secretary of the Treasury.
I shall not dispute with you the exact date when we
became an effective
Frederick W. Peabody, Esq., Counselor at Law, Ashburnham, Mass.
force on the Western front nor as to the time or extent of
our service at
sea. We will assume America, as you infer, contributed
nothing military
or naval to the common cause, but only gave financial support.
Even then Argument of Frederick W. Peabody for Cancellation
you will have to admit that advances made to our Allies
after the armistice, when the war was over, cannot be considered as a
of War Debts.
contribution pending effective entry into battle or as saving American lives.
Elsewhere
issue
this
we are giving the reply of Secrein
We can eliminate at once, therefore, loans made
entirely after the tary of the Treasury Mellon
armistice to Finland, Esthonia, Latvia, Lithuania,
to the arguments advanced by
Poland, Czechoslovakia,
Hungary, Austria, Armenia and Rumania. The Allies
to which we did Frederick W. Peabody for the cancellation of the war debts
make advances while the war was on are England,
France, Italy, Belgium, owed to the United States by the Allies. In its
issue of
Serbia and Russia. As the figures I shall give will
show, if we admit your
argument is sound, England alone is concerned.
July 4 the New York "Times" gives an account of a petition
The debt settlements have been negotiated on the
basis of the capacity to President Coolidge by Mr. Peabody for the cancellation
of the particular debtor to pay. None could pay
its signed obligations as of these
called for by their terms. Accordingly, payment
debts, copies of which it was indicated were also
of the principal had to
be extended and the Period of 62 years set in the British
agreement has been to be sent to Secretary Mellon and others. Dated Washingfollowed in all other agreements. If the debtor
nation paid the United ton, July 3, the "Times account stated:
States a rate of interest on the postponed installments
A remarkable document containing an impassioned plea to President
cost of money to us, we would receive in present value equivalent to the
payment of the full Coolidge for total cancellation of the Allied war indebtedness
debt.
to the United
States Government has been written by Frederick W. Peabody, of AshSince, however, such an interest rate is beyond the
capacity of any of burnham, Mass. Copies of it addressed
to Cabinet officers and Senators
our debtors to pay, the United States has, of necessity,
accepted less than and Representatives have been received in
the full value of the debt to the extent the interest to be
Washington while it was said
received under the at the White House to-day that
settlement is below the cost of money to the United
the original, designated as a petition adStates, now about 414%. dressed
to the President of the United States, would be forwarded to
Looking at the matter from the standpoint of the
debtor nation, the Secretary Mellon,
as Chairman of the World War Debt Commission, for
debtor has received a concession in its debt to the extent
the interest to
be paid by it is below the cost of money to the debtor. The obligations the. Commission's consideration.
In a foreword attached to the petition, addressed "To My Countrymen,"
taken by us from our debtors carry the interest rate of 5%
per annum. Mr. Peabody indicates that the
text of his plea for cancellation is a letter
Since this rate is less than most of the debtor nations now have
to pay for written by him to the New York
money, the rate of 5% is certainly a fair measure of the
"Times" and published April S. Comreal burden put menting on
that letter, he says:
upon them by the settlements.
"From all over the country a great number of ardently sympathetic rePost-Armistice Loans—Commercial Borrowings of England.
sponses were received, many of them urging me to find some way of getting
Let us see what relation the burden of our debt settlements bears to our the issue plainly before the people. I feel that, 'old as I am,' I cannot
loans after the armistice. In this way we can determine accurately our evade the obligation which rests upon one in common with every other
real contribution in money to the joint cause of the war.
real American.
In the case of England, post-armistice advances with interest amounted
"I have, accordingly, as a means of communicating the facts to the
to $660,000,000 and the present value of the entire debt settlement is people sent the following petition to the President It plainly presents
$3,297,000,000. It must be remembered that England borrowed a
large the truth, the whole truth, and nothing but the truth. I ask my fellowproportion of its debt to us for purely commercial as distinguished from Americans to read it, and beg those who may in any way be able to help
war purposes—to meet its commercial obligations maturing in America, to me broadcast it throughout the country. When Americans know the truth
furnish India with silver, to buy food to be resold to its civilian population, they will see to it that America acts as becomes the land of our fathers.
and to maintain exchange. Our loans to England were not so much to Let us not doubt it."
Mr. Peabody is a lawyer, a member of the bar of New York, Massachuprovide war supplies as to furnish sterling for home and foreign needs and
setts and California, who has practiced his profession the greater part of
to save England from borrowing from its own people.
France's after-the-war indebtedness with interest amounts to $1,655,- his life in New York and Boston and now lives a semi-retired life at Ash000,000. The settlement negotiated by Ambassador Berenger with the burnham, where he is both a counsellor-at-law and a gentleman farmer. He
1
414
THE CHRONICLE
[VOL. 123.
an aggressive and unprovoked war our Government intends to take from its
war associates for a part of the cost of keeping their soldiers fit to fight
the enemies of the United States for our security and to die in our defense.
"The German payments cease after 35 years; those of our friends continue for 27 years thereafter, and in the end we shall have exacted more
Bases Plea on Two Grounds.
than the total of German reparations. They, especially France, have begged
In his petition which was sent to the newspapers after it had been re- that we make their payments to us dependent upon their collections from
ceived in Washington, Mr. Peabody bases his plea for the cancellation of Germany. We have refused and insisted upon prompt payment according
to the bond whether Germany pays or not. In the case of France, what an
the Allied war debts to the United States on two grounds.
The first is that the advances were made to the Allies "for the purpose exhibition of America's conception of unalterable gratitude!
"But the Government of the United States is not wholly without applause.
of the more effectually providing for the (our) national security and defense." They were not loans made to be repaid and the United States is Germany applauds. Our late enemy cordially approves our treatment of
our late friends. The heavier the burden we place upon England and •
availing itself of a pure technicality in exacting payment.
In support of this statement, Mr. Peabody quotes President Wilson, Gen- France the more profound will be the satisfaction in Germany, and if the
eral Pershing and several Senators and Representatives. He contrasts some funding agreements shake England to her foundations, if they sink France
of the speeches made by members of Congress in 1917, when the money into hopeless bankruptcy, Germany and Germans wherever they may be
was forwarded to the Allies, with their speeches in the last two or three scattered over the face of the earth will shout aloud and clap their hands
years when they wrangled as to the largest amount which could be ob- for joy.
Calls Action "Morally Indefensible."
tained from a war debtor.
The second ground is that America is actually indebted to the Allies.
"And for all of this America has to thank the Congress of the United
America loaned to them about ten billion dollars. Mr. Peabody quotes an States. Its members well know Its action to be morally indefensible; know
unnamed regular army officer as authority for saying that "the Allies that every dollar of the money advanced to our associates was advanced
saved us twenty-seven and a half billions by doing our fighting for five- for our own benefit and used for our benefit and that it benefited us insixths of the time we were in the war."
calculably. When the measure providing for these advances was being disThis amount, says Mr. Peabody, is nearly three times the amount of our cussed in Congress, leading representatives and Senators loudly proclaimed
credits to the Allies, and even when the eleven billions we are charging as them to be solely for the security and defense of the United States as dethe cost of time to pay is added to the borrowed sum, we would still owe clared in the law itself.
six and a half billions to our late associates.
"You have my grievance, Mr. President, set forth as clearly as my poor
abilities permit; and the redress I ask, nay, demand, is cancellation of
Figures Each Life at $50,000.
every dollar and cent of debt arising out of advances to those Governments
The army officer reaches his conclusion by placing a value of $50,000 engaged in war with the enemies of the United States, for the security and
on the lives of each of the United States 50,000 war dead. He quotes an defense of this nation. I ask, I demand, it on behalf of myself and every
army report as placing the cost of our wounded during this period as just American who loves his country and has in his breast a spark of honor."
over three billion dollars. This gives five and a half million dollars as
the total cost of killed and wounded, disregarding the continuing cost of
the wounded.
Secretary Mellon's Statement on Allied Debts Criticised
"Since the enemy was on the run during the greater part of the period
in British House of Commons by Winston
of our active participation in the fighting," says the officer, "it is fair to
assume that our losses per month were less than they would have been the
Churchill—Criticisms of Hilton Young.
first five-sixths of the time and before the enemy had broken. To be
Answering that part of the letter of Secretary of the
conservative, however, let us assume that they would have been the same.
"Then our losses in men killed would have been 300,000 and in wounded, Treasury Mellon to Frederick W. Peabody dealing with
1,200,000, or, expressed in money, $33,000,000,000. The saving to us, the British war debt to the United States, the British Chandue to our Allies doing our fighting for five-sixths of our war time, is,
cellor of the Exchequer, Winston Churchill, in addressing
therefore, $27,500,000,000."
Mr. Peabody also stresses the "grand hatred" of America which he says the House of Commons on July 19, declared that every cent
is growing up throughout Europe because of our attitude regarding these
borrowed by Great Britain "was spent under the supervision
war debts, and adds:
"We are a friendless people and our destruction would be the salvation of the United States Treasury in what was, according to
of our debtors."
their view, not ours, the furtherance and prosecution of the
Says Honor is Being Bartered.
war, and every cent was spent in the United States and
"Plainly expressed, my grievance is that the honor of my country is
1917 and the end of the war. That is, during the
between
being bartered for $21,000,000,000, and I address this petition to my
Government for a redress of that grievance in the performance of the most period of American intervention over $7,000,000,000 was
solemn duty of American citizenship—the preservation of the nation from spent by Great Britain in the United States." As to Secrehistory's brand of shame," Mr. Peabody says.
"Upon our entrance of the war it was perfectly plain to the Government tary Mellon's assertion that a large proportion of Great
of the United States that, if we were not to be left to face Germany alone, Britain's borrowings had been for commercial purposes,
our associates, Great Britain, France, Belgium and Italy, must be mainMr. Churchill declared that "we spent on commercial matutained by us with all necessary supplies until we could join them in the
field. The security and defense of the United States imperatively de- rities during the same period only $354,000,000 out of the
manded it at whatever cost. The Allies needed it for their own interest, $7,200,000,000, or rather less than one-twentieth of the total
of course; but they needed it before we went into the war and only got it
for which we were responsible." The
when it would be of benefit to the United States, when it became a matter dollar expenditure
of necessity to us, a legitimate, an inevitable war measure. There can be New York "Times" reports as follows in a copyright mesno two opinions about this, for the Government of the United States so sage Mr. Churchill's criticisms:
declared.
He (the Chancellor of the Exchequer] said that on the morrow of the
"In his speech to Congress asking a declaration of war against Germany, Great War and great victory, when President Wilson first came over to
the President definitely pledged 'our lives and our fortunes, everything we Europe and comrade-like sentiments were in all the breasts of the Allied
are and everything we have' to its prosecution. He didn't suggest loans nations there was an opportunity to plead for the principle of equality of
for our defense to be repaid with interest. He committed America to the sacrifice which would take into consideration not only the money spent
contribution of everything we had to the winning of the war, and Congress but the blood that had been shed, and also on the other side of the account
promptly proceeded to carry out his pledge.
the territory which had been obtained. But now that time had gone and
"In little more than a week thereafter Congress voted to make the war Britain had settled her debt with the United States.
supplies that had accumulated in the country available to the Allies, as the
"I do not think," Mr. Churchill continued, "that it is any use for inlaw put it, 'to the Governments engaged in war with the enemies of the dulging in recriminations with the people or with the newspapers of the
United States.' This act of the national Legislature providing for the United States over the agreement which we made, but I must refer to a
establishment of credits in favor of 'the Governments engaged in war with statement which is attributed to Mr. Mellon, Secretary of the Treasury of
the enemies of the United States' opened with words that should be known the United States, in the newspapers this morning, because I think it
to every citizen as well as they are known to you and to me. But for would be a great pity if a misunderstanding should arise on these points.
them, this petition would not be sent to you. These words (would that
How Britain Used Debt.
they might be blazed across the sky!) were: 'For the purpose of more
effectually providing for the national security and defense and for prose"Mr. Mellon is reported to have said, in a statement which I understand
cuting the war.'
was a written statement, 'It must be remembered that England borrowed a
Points to Sell-Defense.
large proportion of her debt for purely commercial as distinguished from
America, to
"How could anything be plainer than that the credits were established war purposes, to meet commercial obligations maturing in population,
civilian
and some nine billions and a half of dollars were advanced to our asso- furnish India with silver, to buy food to resell to the
were not so
England
to
loans
ciates in the war, solely and only the more effectually to provide for the in order to maintain excbange. American
foreign
security and defense of the United States; in other words, to enable the much to provide war supplies as to furnish sterling for home and
own people.'
war-weary Allies to prosecute the war alone against the enemies of the needs, and to have England from borrowing from her
"There really is a complete misapprehension of the facts of the case, and
United States until we could join them, and thus save us from having to
so serious is this misapprehension that it makes me almost doubt the aufight Germany without allies or crawl on our knees at her feet?
We are
"The Government of the United States bases its right to demand repay- thenticity of the passage which I quote. But what are the facts? the war.
came into
ment upon the merest technicality, a naked promise. It would seem that only dealing with the period after the United States
somebody in authority took advantage of the great need of our associates to There were no loans before then between the Governments. money in the
"Britain, like all the other Allies, spent vast sums of
require of them a promise to repay money advanced for our security and
all the loans of the
defense, and that, God knows, was so used. It was a mean and un-American United States on food as well as on shot and shell, but
Congress, specifically limited to
thing under such circumstances, and in any court of morals, before any United States to the Allies were, by Act of
language of the Act of
tribunal of honor, yes, as justice is administered between man and man, in the purpose of prosecuting the war. That was the
required and obtained full justiTreasury
and
Congress,
the
standing
States
United
whatever.
no
have
would
States
United
the
law
of
court
any
Every cent was spent under the
"Let us glance in turn at the case of England, of Belgium, of France, of fication for every cent that was lent.
Treasury in what was—according to their
Italy. We advanced these four Governments engaged in war with the supervision of the United States
prosecution of the war, and every cent
enemies of the United States something less than nine billions and a half view, not ours—a furtherance and
they
the
in
States.
have
spent
United
and
demanded
have
agreed
was
technicality,
pure
a
upon
and,
dollars
eleven billions for
to pay not only the principal sum, but upward of from its late nothing
All Debt and More Spent Here.
war assoStates
of
but time—the total exaction by the United
the end of the war—that is, during the period
"Between
and
1917
dollars—a
of
billions
more
billion
twenty-one
over
being
States,
ciates and friends
America's intervention—we spent over $7,000,000,000 in the United
debt.
national
our
of
amount
provided $3,000,000,than the
German reparations payments and of that sum we borrowed $4,000,000,000 and we
"These four nations have been looking to
from our own and other recosts. Especially has France counted upon 000 additional, spent in the United States,
war
their
of
some
we spent over
recover
borrowed
to
that we
her devastated regions; but our de sources. Against the $4,000,000,000 $2,500,000,000
on cereals and other
them for the expense of rebuilding
German payments if made. $1,500,000,000 on munitions and over
the
of
60%
about
take
annually
we spent a sum which
mands will
Germany hands over to her former essential foodstuffs, so that on these two heads alone
United States.
Much more than half of what a defeated
wrought by German guns in equals the whole sum that we borrowed from the
enemies to indemnify them for destruction
comes of a distinguished family. His father was Enoch Peabody, head of
an old-time shipping firm, while a kinsman was Charles A. Peabody,
President of the Mutual Life Insurance Co. Mr. Peabody was born in
Brooklyn and was graduated from Columbia College, New York.
JULY 24 1926.1
THE CHRONICLE
"As to the special instances cited by the distinguished foreign statesman
whose name I have mentioned, there again, it seems he has been either misreported or misled. We spent on commercial maturities during this same
period $354,000,000 out of a total of $7,200,000,000 which we borrowed
or provided from our own resources, or rather less than one-twentieth of
the total dollar expenditure for which we were responsible.
Sees Much Ill-Feeling.
"As to the silver loan for India which is referred to, that, as every one
knows, was treated quite separately from the war debt and was fully repaid by this country in 1923.
"I hope I shall not be thought to have been wrong in stating these facts,
because, while there is certainly a good deal of ill-feeling and resentment
about all these questions connected with the repayment of the war debts,
It is very important that that resentment should not be increased by any
misunderstanding of what are the actual facts of the situation.
"I speak for myself when I say I think we ought not to be discontented
with the general situation, nor with the general policy which guided this
country in relation to the European debts. It is the old, traditional policy
of Britain, and it is based on a very long view of the future of Europe,
and of our country in relation to Europe. Let us have some trust in time,
and give time a chance to do its work, not only in the Old World but in
the New.
"Let us so act that time will be upon the side of easier and wiser solutions than have yet been reached, and that yet exist in the world in respect of war debt payments, and let us have confidence in the teaching of
facts in the lessons of experience, which over a long period of years are
certain, in my judgment, to produce immense alleviations of the situation
which at the present time presses with iron severity on the war-racked
nations of Europe."
Lloyd George's Reply.
Mr. Lloyd George said he had been induced to take part in the debate
because an attack was made upon him by Mr. Churchill in saying he had it
In his power to bring about a settlement of the debt question when former
President Wilson came to Europe and afterward.
"I did, in fact, approach President Wilson at the time, 'but Mr. Wilson,
did not think he was in a position to enter into the subject, as there was
to be an immediate Presidential election and he had already had more than
he could carry," Mr. Lloyd George said.
He continued that the funding of the debt to America had been a great
mistake, and had been done against the advice of the Prime Minister at the
time, Bonar Law.
A bad bargain had been made with France, said Mr. Lloyd George.
France was paying America 49% of her debt, but would pay Britain only
117%. Italy was paying 24% to America and only 18 to England. France
was materially prosperous, and Italy was doing well. Friends of Premier
Mussolini in this country talked of the prosperity of Italy, but they refrained from pointing it out when it became a question of Italy paying.
England was paying America 76% of her debt. The American debt had
been muddled from the first. All the mischief had arisen from that settlement. At the time of the agreement with America, Britain could have
held out for wiping off all debts and it would have been a great mercy
had it been done.
At the same time criticisms of the United States in the
House of Commons were also indulged in by Edward Hilton
Young, former Liberal Financial Secretary to the Treasury,
whose remarks are given as follows in Associated Press
cablegrams from London, July 19:
He pointed to the need of American credits to restore Europe, and to the
fact that these were withheld while instability continued; hence the necessity of getting all these debt questions settled. He asserted that while
America's payments from England were immediate and sure, England's receipts from her debtor European States were ultimate and hypothetical.
Mr.. Young protested against the idea of dealing with the debts along
purely commercial lines. He did not desire to stir up feeling, but there
was something amiss in the fact that all reparations payments were entering
American pockets. He believed that the treatment of the debts commercially was misrepresenting the spirit of a great nation and doing the
greatest historical wrong to the reasons for America's entry into the war.
There was a small minority in America which made its ledger its Bible
and commercialism its god, said Mr. Young, but he
believed the real
opinion of the American people was otherwise and that in the course of
great
people
that
would
of
heart
express itself.
time the true
F. W. Peabody Questions Secretary Mellon's Figures.
The following is from the New York "Times" of July 22:
Frederick W. Peabody of Ashburnham, Mass., who urged President
.Coolidge by letter three weeks ago to cancel the Allied war debts to the
United States and received a reply from Secretary Mellon, sent a statement
yesterday to the New York "Times" in which he asked Mr. Mellon to
explain his department's latest figures for post-armistice obligations to
our Government. His statement read:
"May I have Just a little space in which to ask the Secretary of the
Treasury, or his financial experts, now that the Secretary has replied to
my letter to the President, to be good enough to furnish a reply to the
Secretary himself?
"Before putting pen to paper in the preparation of my plea for cancellation
of the so-called war debts, I wrote to the Treasury Department for the
figures, and every figure given in my letter was taken from the official
documents furnished by Assistant Secretary Dewey, in charge of the fiscal
offices.
Referring to the documents furnished him by Under-Secretary Dewey,
Mr. Peabody said in his letter:
"From those documents it appears that in arriving at the total of principal
due from France the pre-armistice obligation was computed at $2,933,000,000 (I confine myself to round numbers) and the post-armistice at $407,000,000, for surplus war stock. The sum of these two items is $3.340,000:
000. To arrive at the 84,025,000.000, called the total of France's war
debt as fixed by the funding agreement. $685,000,000 of interest upon the
principal was added. As the total of principal and interest France has
agreed to pay during a period of sixty-two years is $6,847,000,000, and
only $3.340.000,000 Is principal, the balance of $3,507,000,000 is interest.
"It is true that the Government adds to the principal sum the $685,000.000 of interest due upon it to the date of the agreement and thus 'generously'
charges interest upon interest, compounds it, against France.
"Now then, as the Secretary himself in official documents has reported
the pre-armistice indebtedness as within $67,000,000 of $3,000,000,000
and the post-armistice indebtedness as only $407,000.000, will he. or the
department, explain his latest statement that the post-armistice obligation
amounts to $1,655,000,000, which he says is about equivalent to the present
value of the total to be paid by France, thus conveying the impression
that France is charged with no part of the pre-armistice advances?
415
"Whatever the department may say, no financial legerdemain can conjure
away the fact that our Government has demanded and France, through its
representative, has agreed to pay every dollar advanced to enable her to
hold the line for us, as well as for herself, for five-sixths of our period in
the war and upward of $3,500.000,000 interest upon it—a total of nearly
$7,000,000,000.
"I snake no pretension to great financial ability, but the simple arithmetical processes of addition and subtraction exhibit the Government's
great financial experts in a singular light. If they are not trying to deceive
the public, why are they at such pains to discredit their own official records?
"Only one other thing in the Secretary's letter I care to notice. He says:
"'I cannot agree with you that England is on the edge of destruction.'
"If I had said anything of the kind, I should be frank to admit that I do
not agree with it myself. She is in deep trouble, to which the Government
of the United States has largely contributed, but the 'edge of destruction'
Is far distant."
Under Secretary Winston Issues Statement In Support
of Secretary Mellon's Assertion Regarding British
Indebtedness—British Chancellor's Statement
Disputed.
On July 20 the Treasury Department of Washington,
through under Secretary Winston,. made public figures in
support of Secretary of the Treasury Mellon's contention
that Great Britain had negotiated a large proportion of its
loan from the United States "for purely commercial as distinguished from war purposes." Under Secretary Winston's
statement was also in the nature of a reply to Winston
Churchill, British Chancellor of the Exchequer, who, in the
House of Commons on July 19 insisted Great Britain's loans
were used for war purposes also. We give herewith the
statement of Under Secretary Winston:
A statement of the British account with the United States in connection
with war loans shows the following reported expenditures in the Unit"'
States:
Munitions, incl. remounts
$1,330.607,883 09
Munitions for other Governments
205,496,801 10
Exchange and cotton purchases
1,682.419,875 31
Cereals
1,375.379,343 57
Other foods
1,169,153.585 05
Tobacco
99,174,858 34
Other supplies
215,331,787 01
Shipping
48,890,000 00
Reimbursements
19,302.357 55
Interest
387,732,633 50
Maturities
353.501,561 66
Relief
16,000,000 00
Silver
261,643,388 81
Food for Northern Russia
7,029,965 94
Miscellaneous
47,745,029 01
Total reported expenditures
$7,219,408,669 94
These expenditures were met as follows:
Allies
out offunds loaned
By reimbursementfrom the other
to these Allies by the United States
1,853,612,246 37
By dollar payments by the United States Government for
British currencies
449,496,227 55
By proceeds at rupee credits in gold from India
81.352.908 06
By cash from Britain's "own independent resources"___
760,128.929 52
Funded in debt settlement with the United States
4,074,818,358 44
Total
$7.219,408,669 94
From England's total reported expenditures in America from April 6
1917, to Nov. 1 1920, there should be deducted the $1,853.000,000 expenditures for which Great Britain was simply the purchasing agent for the other
Allies and for which Great Britain was paid by the other Allies from money
loaned to them by the United States. This amount was not provided from
England's "own independent resources." This leaves $5,366,000.000. Of
this amount $1,682,000,000 represents "exchange and cotton purchases."
The greater part of this expenditure was for the maintenance of sterling
exchange not necessary for purchase in America, but which enabled England
to make purchases in other countries at an undepreciated exchange rate.
$2,643,000,000 was for food and tobacco.
A part of this item is probably included in the account out of which
England was reimbursed by the other Allies and a part was resold by
England to its own civil population. To the extent of this resale England
avoided the necessity of floating loans in its own country. $507,877,000
was for interest and principal of England's commercial obligations maturing
in America. $261,000.000 was for silver. The total principal advances to
England after the armistice were $581,000,000.
British Treasury in Answer to Secretary Mellon and
Under-Secretary Winston on Use of Money
Borrowed from United States.
In addition to the statement of the British Chancellor of
the Exchequer, Winston Churchill, relative to Secretary
Mellon's assertions to the effect that a large part of the
indebtedness of Great Britain to the United States was used
for "purely commercial as distinguished from war purposes"
the British Treasury on July 22 took occasion to elaborate on
the Chancellor's statement, answering both Secretary Mellon
and Under-Secretary Winston, in which among other things
it says:
The expenditure in question represents largely, if not entirely, bills drawn
on London by American exporters in respect to sales of cotton and other
American commodities to England, and practically the whole amount
represents payments for actual expdrts from America to 'England.
The British Treasury statement is reported as follows in
Associated Press accounts:
"Great Britain provided sterling and neutral currencies to meet all her
own requirements throughout the war, and, in addition, bore the burden of
covering the sterling requirements of her Continental allies.
416
THE CHRONICLE
"But for the fact that the United States did not feel able on entering the
war to relieve her of additional burden, Great Britain would have been able
to meet from the resources she placed at the disposal of her allies her expenditures in America,and in all human probability the British debt to the United
States would never have been incurred.
"The British Treasury feels it necessary to set forth the foregoing facts
because they seem to show that no case for discriminating against Great
Britain can be founded upon her use of money borrowed from the United
States for the prosecution of the war. No complaint has been made by
Great Britain against the adverse discrimination with which she has been
treated.
"It is recognized that the creditor is entitled to discriminate between
debtors and that a debtor Is bound to comply with the demands of the
creditors up to the full limit of the obligations. It is only when reasons are
assigned for such discrimination which clearly arise from a misconception of
the facts that necessary corrections of fact must be made."
The Treasury communique starts with a reference to Secretary Mellon's
statement as referred to by Chancellor Churchill in the House of Commons
on Monday. The Chancellor of the Exchequer quoted the American
Secretary of the Treasury as having said that Britain borrowed a large
proportion of her debt for purely commercial as distinct from war purposes,
to meet commercial obligations maturing in America, to furnish India with
silver, to buy food and to maintain exchange. American loans to Britain,
according to Secretary Mellon, were not so much to provide war supplies
as to furnish sterling for home and foreign needs and to save Britain from
borrowing from her own people.
The communique then proceeds:
"A further statement, reported to have been issued by the United States
Treasury, while largely confirming the facts cited by the Chancellor of
the Exchequer, refers to certain further points of detail, on which comments
appear desirable.
This statement sets out under certain headings the expenditure incurred
by Great Britain in the United States after the latter's entry into the
war."
Then, quoting five headings of this expenditure from the American
Treasury statement, the communique continues:
"It is not understood why the United States Treasury statement appears
to treat dollars derived by the British Treasury from the sale of sterling
and rupees as not constituting part of Great Britains- independent resources
."The United States Government was provided by Great Britain for the
American Army needs in the United Kingdom with sterling, against which
the United States paid dollars. This was in essence a purchase of exchange
for sterling, and clearly must be regarded as an independent resource of
Great Britain. On the United States Treasury's figures, therefore. Items
2, 3, and 4 account for $1,300,000,000 out of the total expenditure of
87.219,000,000.
"As regards the further sum of $1,853.000,000 obtained from the European Allies in the form of reimbursements, it must be remembered that
Great Britain throughout the war furnished the Allies with assistance
in obtaining purchases in the United States.
"For example, Great Britain could have satisfied her cereal requirements
from the British Dominions and Argentina without purchasing wheat in
the United States and without borrowing dollars for that purpose. To
save tonnage and the risk of U-boat attacks, however, it was arranged
that Italy and France should be supplied at Mediterranean ports with
cereals grown in the British Empire, whereas we bought for ourselves
in America and borrowed for the purpose.
"The cost of all these purchases was distributed between the Allies.
and considerable amounts were repaid by them [out of loans they raised
In the United States], but a large proportion remains at the charge of the
British Government and is included in the British debt to America.
"Moreover, the reimbursements received from the other Allies were
more than equaled by further British purchases in America of essential
commodities, and the reimbursements in no way invalidate the fact that
British purchases of American munitions, foodstuffs and other commodities
essential for the prosecution of the war largely exceeded the amount Great
Britain borrowed from the United States.
"The statement of the United States Treasury shows that there is no disagreement upon the actual figures, and that of the total of 87,219,000,000
Great Britain expended in the United States between 1917 and 1920, only
$4.074,000,000 was borrowed from the United States.
"Regarding the expenditure of the funds thus available, the United States
Treasury refers to the 81,682,000,000 spent on exchange and cotton purchases, and states: 'The greater part of this expenditure was for the maintenance of sterling exchange and was not necessary for purchases in America, but which enabled England to make purchases in other countries at
an unprecedented exchange rate.'
"This statement is very difficult to understand. It appears, however, to
mean that the dollars in question were not used for purchases in America,
but for a sale across the exchange. This is by no means the case. The expenditure in question represents largely, if not entirely, bills drawn on London by American exporters in respect to sales of cotton and other American
commodities to England, and practically the whole amount represents payments for actual exports from America to England.
"Arbitrage transactions—that is, sales of dollars for other foreign currencies—were practically non-existent during the war, and British purchases in
neutral countries, such as Scandinavia, Spain and Argentina, were financed
entirely without American help."
The communique quotes from an official report of the United States
Treasury for 1920 regarding the exchange item, and continues:
"It is quite true that a large part of the British borrowing was spent on
the purchase of foodstuffs for the civil population, as well as for the army.
but it was recognized at the time and it is obvious that supplies for the civil
population were an essential of the war requirements. Food for the workman was as important as ammunition for the soldier. Nor could the soldier
be asked to fight if his family at home was not fed.
"The United: States Treasury memorandum lays stress on the fact that
the United States loaned $581,000,000 to Great Britain after the armistice,
and the conclusion Is suggested that this was borrowed for commercial
purposes beneficial to Great Britain; in fact it was an inevitable process in
winding up the immense transactions current when the war was suddenly
stopped."
Rodman Wanamaker Suggests Establishment by United
States of National Reserve Bank of Commerce
to Aid France.
A proposal that America establish a National Reserve
Bank of Commerce to be a commercial clearing house for the
world's business, is made by Rodman Wanamaker in a
cablegram sent on July 22 to Maurice Bunau-Vaxilla, publisher of the "Matin" in Paris, in which Mr. Wanamaker
[Vof, 123.
says that American business men must assist France in her
task of financial rehabilitation. The New York "Times,"
which is authority for this, quotes Mr. Wanamaker as
saying:
France cannot form a solid Ministry in the present crisis unless she cuts
her political fetters and takes the aid of the business men and the working
men and the saving men of that country and of the world. The United
States needs France. Every nation needs France. It is time to stop the
unfair and unworthy recriminations that are flying back and forth between
the countries.
The sacrifices of the World War left France bleeding by the wayside.
Now, with her great heart and strong purpose, she asks in turn America's
helping hand. Nor maudlin promises. Not charity. Not one franc.
Just time to recover, to pay in full what she received from our economical,
work-loving, great country. America wi I respond. We do not forget.
Let us be done with earnings and criticisms. Let ill-informed and uninformed hold their peace while the real working interests of France are rehabilitated. She will pay every penny and hold her honor, which has always been on the highest pinnacle of integrity.
Give the business men, the working men of France a guiding, helping
hand and we shall find they will astonish the world. If America could
establish the National Reserve Bank of Commerce—a commercial clearing
house for the business of the world—and conduct it on proper lines and
foundations, it would help to clear the chaos far better than any League of
Nations, or Versailles, Geneva, Locarno or other kind of treaties.
Inter-State Commerce Commission Denies Petition of
Western Roads for 5% Increase in Freight Rates—
Provision for Upward Revision of Class Rates
in Western Trunk Line Territory Not
Yet Heard.
The 5% general increase in freight rates sought by the
Western railroads has been denied in an opinion of the InterState Commerce Commission made public July 17—the
Commission in its conclusions stating that "it is quite clear
from the evidence that so far as the major portion of the
Western district is concerned, no financial emergency exists."
The Commission at the same time denied the petition of
security holders of Northwestern carriers for an additional
15% horizontal increase in rates in Western trunk line territory. The Commission held that the earnings of the roads
in the West as a whole had not been such as to warrant at
this time a general downward revision of rates on farm
products including livestock. The Commission also held to
be unnecessary the creation of separate rate groups which had
been proposed for the Southwest, taking in Arkansas, Oklahoma and Texas, southern Kansas, Missouri south of the
Missouri River, and that part of Louisiana west of the
Mississippi. A separate group also was suggested, to be
known as the Mountain-Pacific-Southern group, which
would have been created by dividing the present MountainPacific group. Despite the Commission's denial of the 5%
increase sought in freight rates, it developed on July 17 that
the roads may yet increase their revenues substantially by a
new move, said a Washington dispatch in the "Wall Street
News," which went on to say:
The carriers' new hope is seen in a new petition already filed with the
Commission asking an upward revision of the class rates in Western trunk
line territory which if granted would add $11,528,924 to their annual revenues. The Commission in yesterday's decision gave encouragement as it
was admitted class rates in this territory were on a materially lower level
than in any other section of the West and that numerous discrepancies
exist. The carriers have asked for hearings before the Commission on this
petition in the fall and meanwhile they are negotiating with shippers in the
territory for an agreement on a mutually satisfactory basis of rates.
In its conclusions the Commission said:
As to ex parte 87, it is quite clear from the evidence that, so far as the
major portion of the Western district is concerned, no financial emergency
exists. In this portion the carriers appear to be both financially and
physically sound. In the Northwestern region and in Western trunk
line territory the revenues of certain of the important carriers have not
yielded 5.75% upon any rate bases that can reasonably be adopted in
advance of a final determination of present values for rate-making purposes.
The least favorable conditions in the district, so far as carrier revenues
are concerned, appear to exist in Western trunk line territory. It is,
however, to be noted that both in the Northwestern region and in Western
trunk line territory, as well as in the Western district as a whole, conditions have recently shown an improving tendency.
It is clear upon the record that there are many inequalities in the rate
structures existing in portions of the Western district which should be
corrected.
It is the right and the duty of the carriers to take the steps necessary
to correct improper rate relations as they may be found to exist, and to
supply revenue deficiencies by initiating suitable changes in rates. The
first definite proposal of the carriers in this proceeding was presented after
the hearings began and was for a general 5% increase on freight with
certain exceptions. Later they submitted a proposal for an upward
revision of class rates in Western trunk line territory, which has not yet
been heard.
Not only did the carriers fail to present evidence with respect to the
need for changes in individual rates between particular points or on particular classes of traffic, but no State Commission, shipper, security holder
or other representative of the public, or of particular interests who appeared,
offered any feasible suggestions of this character. Even had we desired
to assume the responsibility of prescribing individual rate change with
the object either of improving the earnings of carriers in the Northwest,
or of rectifying internal relations in the rate structures, the present record
would not enable us to do so to any considerable extent.
The record, however, warrants us in concluding that in proposing changes
In existing rate structures either for the purpose of improving earnings of
carriers in Western trunk line territory or for the rectifying of inequalities
-JULY 241926.]
THE CHRONICLE
417
In existing rate structures, carriers should propose no advances in the
rates on products of agriculture, including livestock, except where particular rates on such products may need adjustment to remove inconsistencies, or where it can be shown that the product in question
is not
affected by depression.
The earnings of carriers in the Western district, as a whole, have not
been such as to warrant us on the record as it stands to-day in making
any general downward revision of rates on products of agriculture
or of
other industries subject to depression.
The record does, however, present much information which
bears
directly on the task imposed upon us by the resolution, and it is
our purpose to attempt to obtain further information necessary to
enable us to
• determine what, if any, readjustments should be made as
between commodities or in furtherance of the rectification of the rate
structure as
between particular points and districts.
duty of all security holders of Northwestern railroads to
bring pressure upon the executives so that they on their own
behalf will unite to make a proper request for relief to the
Commission. In the meantime,for our part, we are not going to stop this fight here. We shall consult counsel and take
every means open to us, applying to the Courts if necessary
and if practical, to secure relief for the carriers of the Northwest whose lines lie in Western Trunk Line Territory."
According to Mr. Roosevelt,"the presidents and boards of
directors of the Northwestern railroads have no one to blame
but themselves for the denial Friday by the Inter-State ComThe 5% increase in freight rates—intra-State and inter- merce Committee of the application for a 5% freight rate
State—asked by the railroads would have returned approxi- increase for all carriers whose lines lie west of the Mississippi
mately 0,000,000 in 1924 to the interested carriers, which River." Mr. Roosevelt continued:
It was hardly to be hoped that a satisfactory decision would be handed
contended they failed by $181,306,886 to earn in that year
down in view of the position taken by the executives of the Northwestern
the so-called fair return of 5.75% on valuation. It is pointed railroads.
The decision is not without its crumbs of comfort. The Commission
out in the New York "Times" that.the figures submitted
accepted "the results for the year 1925 as representing the net earning
by the Western carriers showed an increase in rate of return has
power of Western roads for the purposes
-from 2.91% in 1921 to 4.12% in 1925,and this they contende according to the decision, were as follows: of this case." These results.
d
did not represent as rapid a recovery as that experienc
Rate of Return.
ed by Northwestern group
4.02%
Eastern and Southern railroads. Referring further
to the Central group
5.38%
petition of the roads, and the findings of the
n group
Commission, Southwester
6.30%
In the year 1925 the figures showed the Southwestern roads earning
the same account from Washington states:
6.30% (more than a "fair return," according
Hearings were held by the Commission in Chicago,
Denver, San Francisco, St. Paul, Dallas and Kansas City, and a vast
amount of evidence
was taken. The condition of most of the railroads applying
for the increase,
with the possible exception of the Chicago Milwaukee &
St. Paul, and one
or two others, improved, while the investigation was
In progress. This
probably was the reason, as note1 by the Commission
, why the carriers laid
less stress on the claim of a financial emergency which
threatened insolvency
unless the rates were raised as requested.
Counsel for a committee of railroad security holders,
using valuation
figures so far arrived at by the CommLssicn,showed an
aggregate value for
the Western district, as of Dec. 31 1924, of $8,207,000,
000, divided as
follows: Northwestern. $3,029,000,000: Central Western,
and Southwestern, $1,511.000,000. The rate of return $3,667,000,000,
for 1925 on these
values was given as 4.02% for the Northwestern region,
5.38 for the Central
Western, and 6.29% for the Southwestern.
"A representative of the Western State COMMISSIOff
," the Commission's
decision declared, "maintained that the earnings of
1925, taken as a whole,
understated the present earning power because
considerable improvement
had taken place in the second half of the year, after
allowing for the usual
seasonal increase. It may be noted as tending to
substantiate this view,
that the first quarter of 1926 shows some
improvement over the same period
in 1925. However, in view of the uncertainties of the
business situation,
we are inclined to accept the results for the year
1925, as
net earning power of Western roads for the purposes of representing the
this case."
Autos' Influence Seen.
The fact that traffic, and particularly passenger traffic,
had been seriously
affected by the growth in the use of the automobile, was
considered by the
Commission, which stated:
"The growing use of the private automobile and the
auto bus and truck
has injected a disturbing economic influence into the
railroad situation, both
as to freight and passenger business. Although this
relatively more adverse in the case of passenger traffic, influence has been
the loss in passenger
revenue growing out of this new competition has to an
exten tat least been
offset by augmented freight revenues derived from the
carriage of materials
for and products of automobile manufactories and in
the carriage of fuel
and lubricants used in the operation of automobiles."
Dealing with the "condition of agriculture," the
Commission stated that,
as to the prospect for the immediate future, testimony
of witnesses for the
farm interests was that the improved agricultural condition
in 1924-25 was
in considerable part due to the unusual circumstances
that a large wheat
crop in this country was accompanied by a short world
crop.
"It also appears," the Commission added, "that the
prices of sheep and
hogs are not far from the high points in their present
cycles,
cattle price cycle many think that the movement will be although in the
upward for some
years. The net effect of the testimony by individual
farmers and ranch
men is that a decided impvovement has taken place in
the profitableness of
their undertaking, but that they cannot yet be regarded
as generally prosperous if we consider unpaid debts and deferred
maintenance of machinery
and buildings."
The Commission stated that investigation of these
features of the situation
are to be continued in hearings, under the Hoch-Smith
were not closed with the rendering of to-day's decision. resolution, which
"Counsel for the farm interests," the Commission
said, "asked that rates
on agricultural products be reduced to substantially
what they were on
June 24 1918, but no definite plan was presented
according to which this
could be accomplished without threatening the
solvency of some of the
railroads.
"Others directed our attention to the high car mile
earnings on particular
agricultural products, such as wheat, but it has
not yet been made clear, if
reduction in grain rates are made, what other
commodities can be found
that will bear higher rates. Unless this is done, the net
earnings from the
grain probably will be so diminished as to threaten the
maintenance of
adequate transportation service."
to the Inter-State Commerce
Commission definition) on their Inter-State Commerce Commission valuations. The Security Owners Committee, which we organized, disagree
diametrically with the decision of the Commission, that it is not
the duty
of the Commission to readjust such a discriminatory situation as is shown
to exist in the different parts of the West. Nevertheless, we are not
without sympathy for the contention of the Commission that "It is the
right and duty of the carriers to take the steps necessary to correct improper
rate relations as they may be found to exist and to supply revenues deficiencies by initiating suitable changes in rates." The carriers' executives
have utterly failed in their paramount duty to act in this respect. The
counsel for the Western railroads made no mention of the special conditions
prevailing in the Northwest. Every particle of testimony and argument.
with respect to this question, was brought forward by the Committee
which we organized.
In a letter dated July 1 1926 to the bondholders and stockholders of
the Chicago & Great Western, the Chairman of the board, S. M. Felton,
says "an emergency increase of 5% as far as the Northweste roads
rn
are
concerned is not half what is necessary to comply with the terms of
the
Trasportation Act." Testimony to this effect was given by other executives
of other Northwestern roads in the Western Rate Case, yet in spite of
this fact, no adequate application to adjust the handicap under which the
Northwestern roads are operating was filed by the executives of the Northwestern roads. In view of the failure of the Northwestern carriers' executives to make any special plea for their properties, the Commission has
seen fit not to grant them any relief at this time.
Practically every hopeful intimation in the Commission's decision is
based upon testimony and argument placed in the record by the Northwestern Railroads Security holders' Committee, which was organized by
Roosevelt & Son. The Commission says: "In the Northwestern region
and in Western Trunk Line Territory, the revenues of certain of the important carriers have not yielded 5.75% upon any rate bases that can
reasonably be adopted in advance of a final determination of present values
for rate-making purposes. The least favorable conditions in the district,
so far as revenue carriers are concerned, appear to exist in Western Trunk
Line Territory. . . . It is clear upon the record that there are many inequalities in the rate structure existing in portions of the Western District
which should be corrected.. . . The record does, however, present much
information which bears directly on the task imposed upon us and it is our
purpose to attempt to obtain further information necessary to enable us
to determine what, if any, readjustments should be made as between commodities or in furtherance of the rectification of the rate structure as
between particular points and districts."
The decision confirms the two principal contentions of the Security
Holders' Committee which we organized: first, that the rate structure is
inadequate; second, that It is unfair and discriminatory as between carriers
in the Northwestern region and the carriers in the rest of the western district
and further that the Western Trunk Line Territory is in he most serious
condition. I believe that in helping to secure this decision from the Commission our Committee has gained a point of considerable value.
Inter -State Commerce Commission Tells of Rate Needs
of Western Railroads in Light of Testimony
Produced at Late Hearing.
The Inter-State Commerce Commission's ruling, refusing
to grant a 5% increase of freight rates to Western roads,
contains no observation on rates which shows how that
body is approaching the needs of particular carriers, says
the "Wall Street News" in its issue of July 20. The Commission notes that a committee of seventy holders of NorthThe briefs of the roads were referred to in these
columns western roads maintained at hearings that the rate level in
March 27 1926, page 1715, and May 1, page 2449.
"Western trunk line -territory was at least 15% below that
of the rest of the Western district and urged that an addiP. J. Roosevelt Says Northwestern Security Holders' tional increase of approximately 15% be made for the trunk
Committee Will Continue Efforts for Relief of
line region. The Commission said:
CarSome confusion exists with respect to the area properly to be considered
riers—Says Counsel for Roads Failed to Indias Western trunk line territory, as some evidently
Intend . . . While
cate Special Conditions Prevailing in
others have primarily in mind Wisconsin, Illinois, Iowa, Minnesota
and
Northwest in Plea for 5% Rate Increase.
that part of Missouri north of the Missouri River. In our statistics lines
serving the latter area are divided between the Central Western and Northstatement
on
July 17 relative to the action of the western regions. Separate
In a
statistics showing the rate of return earned by
Inter-State Commerce Commission in denying the petition of the carriers in that area are not available, but attention is repeatedly called
record to the fact that a number of the weakest roads in the Western
the Western railroads for a 5% increase in freight rates, of
district have all
a considerable part of their mileage in the area in quesPhilip J. Roosevelt, a member of the firm of Roosevelt & tion, including or
the Chicago Great Western, Minneapolis & St. Louis,
Son, which organized the Northwestern Railroad Security Chicago & Alton, Chicago Peoria & St. Louis, and others, while portions
a number of other roads claimed not to be earning the fair return are
Holders' Committee, declared that "We feel that it is the of
situated in this area. Among these may be mentioned the Chicago Mil-
418
THE CHRONICLE
waukee & St. Paul, Chicago & North Western, and Chicago Rock Island &
Pacific.
Differences of Needs.
The security holders state: "It would be flying in the face of the facts to
grant uniform relief for the entire Western district. To do so the Commission would have to close its eyes to the proved differences in financial needs
and rate structure between the Northwest and the other regions."
On the record we are unable to determine the precise extent to which the
rates in Western trunk line territory, whether considered as a whole or as
comprising only the area east of the Missouri River, are lower than those in
the Southwest or in the remainder of the Western district. It is clear that
rate increases in that territory, particularly the portion east of the Missouri
River, will tend both to produce a more uniform level of rates throughout
the West and to benefit directly many of the weakest carriers in the Western
district. We are required under Section 15a (of the Transportation Act)
only to adjust rates by rate groups to produce as nearly as may be a fair
return for carriers as a whole in such rate groups. But it is evident that
the principal purpose of that section was to afford the public adequate
transportation service. This end would clearly not be as adequately served
by general increases throughout such a large rate group as the Western
district, applying alike to weak and strong lines, as by increases confined
as far as possible to areas where the rates appear to be on the lowest level
and where the weakest roads are located.
Preparatory to its merger with the Bank of the Manhattan
Company, the Greenpoint National Bank of Brooklyn has
changed from a national to a State institution under the name
of Greenpoint Bank. The certificate of authorization has
been issued by the State Banking Department. At a meeting of sthe stockholders of the Bank of the Manhattan Co.
on Aug. 10, final steps to merge the Greenpoint National
Bank with the Bank of the Manhattan Company will be
taken. The Bank of the Manhattan Company plans to
increase its capital from $10,000,000 to $10,700,000. Of the
new stock, $300,000 will be issued to take care of the stookholders of the Greenpoint National Bank. In our issue of
June 19, page 3415, we indicated that the bank contemplated
increasing its capital as a result of its absorption of the Greenpoint National Bank and the Bronx Borough Bank. The
"Wall Street News" of yesterday (July 23)stated:
Vernon Munroe Succeeds Ira H. Patchin as Secretary
of American Section of International Committee
of Bankers on Mexico:
At a meeting of the American Section of the International
Committee of Bankers on Mexico on July 22, Vernon Munroe
was appointed Secretary to take place of the late Ira H.
Patchin, who had been Secretary to the Committee since its
organization in 1919, and whose death was noted in our issue
of July 17, page 287. Mr. Munroe has for several years
been a member of the staff of J. P. Morgan & Co., and has
given special study to matters pertaining to Latin-America.
Exchange of Voting Trust Certificates for Free Stock
in Same Corporation not Held as Gain or Loss for
Income Tax Purposes.
An exchange in voting trust certificates for free stock in
the same corporation is held not to give rise to gain or loss
for income tax purposes, in an important ruling just made
public by the Solicitor of Internal Revenue, according to
M. L. Seidman, tax expert of Seidman & Seidman, Certified
Public Accountants. "This ruling," Mr.Seidman explained,
"is of vital importance to investors in that many voting
trusts have recently been or are about to be dissolved and
it was generally regarded that the stockholders might be
faced with a large income tax in the exchange of stock
certificates. The Solicitor holds, however, that the stockholder is in essentially the same position after the exchange
as before, and that the transaction, therefore, is not a final
disposition until the new stock is sold or in some regular
way disposed of, no gain or loss will be deemed to have
arisen."
Seventh Annual Meeting of Morris Plan Bank Delegates
to Be Held at Asheville, N. C., Oct.-18-20.
Theodore Francis Green, President of The Morris Plan
Bankers Association, announces from association headquarters in Philadelphia that Asheville N. C., had been chosen
as the convention city for the seventh annual meeting of
delegates from Morris Plan banks and companies throughout the United States. The session will extend over three
days—Oct. 18, 19 and 20. S. L. Forbes, Treasurer of the
Asheville company, will serve as Convention Chairman and
Walter D. Brown of Philadelphia, Secretary-Treasurer, In
addition to delegates from 113 cities where this form of industrial banking is in operation, there will be savings and
commercial bankers who are making an intensive study of
this type of finance.
Figures made public by President Green indicate that
Morris Plan banks and companies have loaned more than
$800,000,000 since the inception of the first one in Norfolk,
Va., in 1910. The number of loans exceed 3,845,000, or an
average of $208 per loan. In addition the public now holds
$61,000,000 worth of certificates or deposits in these institutions. The total resources approximate $150,000,000.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
The New York Stock Exchange membership of Charles E.
Harwell was reported posted for transfer this week to James
L. Cooke, the consideration being stated as $152,000, the
same as the last preceding sale. The membership of Alfred
G. Kay was reported posted for transfer to Ralph S. Richards for a nominal consideration.
[VOL. 123.
President Stephen Baker of the Bank of Manhattan Co., in a letter to
the stockholders, announces that the company has secured an option in
connection with the projected acquisition of the Bronx Borough Bank, to
issue 8,000 shares of Manhattan stock in payment for 1,080 shares, representing more than two-thirds of the Bronx institution. Stockholders will
meet in special session to vote upon this question and the acquisition of the
Greenpoint Bank.
Irving Bank-Columbia Trust Company announced this
week the appointment of Francis L. Whitmarsh as a member
of the advisory board of its Sherman office at Fifth Avenue
and 32nd Street. Mr. Whitmarsh is a director of Francis
H. Leggett & Co., 13th Avenue and 27th Street.
The executive committee of the board of directors of the
Farmers' Loan & Trust Co. at a meeting held July 20
appointed J. Warren Andrews as Assistant Secretary, and
Beverly,Keator as Assistant Cashier.
Henry P. Davison was on July 21 elected a member of the
board of trustees of the New York Trust Co., taking the
place of his brother, F. Trubee Davison, who has resigned
to assume his duties in Washington as Assistant Secretary of
War, to which office he was recently appointed, as noted in
our issue of July 10, page 164. The announcement of the
New York Trust Co. is interesting as an indication of the
continuation in the Davison family of a banking relationship
begun more than thirty years ago. It was with the Liberty
National Bank of New York, later merged with the New
York Trust Co., that Mr. Davison's father, the late Henry
P. Davison, first gained notice in the field in which he rose
to be a commanding figure. The late Mr. Davison was
appointed to the office of Assistant Cashier of the Liberty
National Bank in 1894, only three years after its founding.
His rise was rapid and in a short time he was made Cashier
and later Vice-President. In 1901, at the age of 34, he was
elected President of the bank. He later became associated
with the First National Bank of New York and then a partner in J. P. Morgan & Co., remaining a trustee of the New
York Trust Co. throughout his life.
Arthur Wolfsohn, of the Equitable Life Assurance Society,
has been elected a member of the advisory board of the Harriman National Bank of this city. Mr. Wolfsohn has been
one of the largest underwriters for the Equitable Life Assurance Society of the United States for many years in New
York City and various parts of the country.
Wilfred G. Soltau has been appointed Acting Assistant
Secretary of the Havre Office of the Guaranty Trust Company of New York, and Henri Cailleux, Acting Auditor,
Havre Office, during the absence from that office of Horton
P. Kennedy, Assistant Secretary.
At a meeting of the board of directors of the Guaranty
Company of New York on July 20, Harold F. Greene, VicePresident, was appointed a member of the executive committee of that company.
Samuel W. Boocock, second oldest member of the New
York Stock Exchange, died at his home on July 13. Mr.
Boocock, who entered the Exchange in 1869, had still retained his membership, although he retired from active business many years ago. Mr. Boocock was born in Brooklyn,
and was a trustee of the Brooklyn Trust Co. He died at the
age of 85. In his will Mr. Boocock bequeathed his seat in
the New York Stock Exchange to two of his business associates, Henry Bowers of Brooklyn, N. Y., and James Spence
Wilson of Ridgewood, N. J., Mr. Bowers receiving a twothirds interest and Mr. Wilson one-third.
The Comptroller of the Currency has approved the application to organize the Bedford National Bank & Trust Co.
JULY 24 1926.]
THE CHRONICLE
of Brooklyn, N. Y. The new instituion plans to begin
business with a capital of $500,000. Frank H. Tyler, of
Tyler-Warren Co., of Brooklyn (real estate), is interested in
the organization of the bank.
The People's Bank, a newly organized Newark institution,
will open for business at 232 South Orange Ave. on Monday,
July 26. Officers of the new bank are: Meyer Kussy,
President; Ray E. Mayham, Vice-President and Cashier;
Samuel Schechner, Vice-President, and Raymond C. Buck,
Assistant Cashier; while the directors are: Messrs. Kussy,
Mayhem and Schechner, Emanuel Heyman, George A.
Guenther, Tobia Santoro and James P. Smith. In regard
to the officers and directors chosen, the Newark "Evening
News" of July 16 said in part:
Mr. Hussy, who is President of the West Side Trust Co., and the South
Side National Bank & Trust Co. of this city, was the first man to serve as
President of two banking institutions in this city at the same,
time, and his
election to the presidency of the People's National Bank snakes a
third.
Mr. Mayham is Vice-President and director of the West Side
Trust Co.
and the South Side National Bank & Trust Co. Mr. Heyman is a director
of both of these banks, and Mr. Schechner is a director of the West Side
Trust Co. and the South Orange Trust Co. Mr. Buck has
been Chief
Clerk and Auditor of the West Side Trust Co.
Announcement was made following the bank's organization
meeting that the shares of stock in the new bank, which
were offered to residents and business people in the immediate
vicinity of the bank, were largely oversubscribed.
The new building of the Essex County Trust Co. at the
southeast corner of Main St. and South Arlington Ave.,
East Orange, N. J., which has been under construction since
October 1924, was opened for public inspection yesterday,
July 23, and the bank plans to begin business in the new
quarters on Monday, July 26. The following in regard to
the new building appeared in the Newark "News" of July 16:
One of the decorative features of the
new bank, of which Col. Oscar H.
Condit is President, is a painting upon the ceiling which shows
landmarks
familiar to the older residents of the suburban city. The
painting is a
reproduction of a scenic map of the city as it appeared
in 1856.
The bank has a floor space of approximately 6,000 square
feet. The
ceiling is 35 feet above the floor and the exterior walls are
of Napoleon
gray Tennessee marble.
419
The announcement was made public following exclusive publication in
the "Knickerbocker Press" several months ago that the Albany Trust Co.
and the First National Bank were formulating plans to merge into one
banking institution. Mr. Bissikummer will not sever his connection with
the trust company entirely, but for the term of at least a year will act
as an adviser in the consolidation plans and in all other affairs of the
institution.
In the near future, it is understood, the Albany Trust Co.
will begin the erection of a new branch bank building at
253 Washington Avenue near Northern Boulevard.
At a meeting of the directors of the Central National Bank
of Wilmington, Del., on July 12, Howard F. McCall was
elected Cashier to fill the vacancy caused by the death of
George F. Baird. .
The Chicago Title & Trust C- o. announced the appointment
on July 20 1926 of Miss Frieda Tow as Assistant Secretary
of the company.
James A. Latta, a Vice-Pr- esident and a director of the
Northwestern National Bank of Minneapolis, died suddenly
of heart attack on July 18 while on a vacation trip with his
family in New Mexico near Cowles. In addition to his
activities in the Northwestern National Bank, Mr. Latta
at his death was a director of the Minnesota Loan & Trust
Co. and the Northwestern National Life Insurance Co.
For 21 years he had been an active factor in the civic and
social life of Minneapolis. Born in Ionia County, Mich.,
61 years ago, he began his banking career in 1885 as a teller
in the Second National Bank of Ionia, that county, but
eventually moved to Detroit. In 1905 he resigned from a
Detroit bank to accept a Vice-Presidency in the SwedishAmerican National Bank of Minneapolis, and upon the
merger of the latter with the Northwestern National Bank in
1908, became a Vice-President of the enlarged institution,
the position he held at the time of his death.
The National Exchange Bank, St. Paul, Minn., which In
April last was purchased by a new organization under the
title of the National Exchange Bank in St. Paul, went into
The change in the name of the Closter National Bank, voluntary liquidation on June 24. The new institution beCloster, N. J., to the Closter National Bank & Trust Co., is gan business on April 26 1926, as reported in these columns
in our May 22 issue.
announced by the Comptroller of the Currency.
The Guthrie County Natio- nal Bank of Panora, Iowa,
Resignation of Charles H. Bissikummer as President
and
a director of the Albany Trust Co., Albany, N. Y., to take closed its doors on July 12 by order of a Federal examiner,
effect Aug. 1, was announced by the directors on July 11. according to the Des Moines "Register" of July 13. The
institution was founded in 1876 and was capitalized, it is
according to the Albany "Knickerbocker Press" of that
date.
Mr. Bissikummer has been connected with the Albany understood, at $50,000.
Trust Co. since its organization in 1900. He served as
George B. Harrison, until h-is recent resignation a member
Teller and Trust Officer until 1904, when he was made
the Board of the Federal Reserve Bank at Los Angeles,
Assistant Secretary. In 1908 he was elected Secretary and of
and
nationally known banker, on July 15 was elected PresiIn 1910 Vice-President and Secretary. His promotion to
dent and a director of the Denver National Bank, Denver,
institution
the
Presidency
of
the
came the following year, and assumed his new duties at once. Following
his accept1911. He has 'served on the board of directors since 1905. ance of the Presidency of the institution,
Mr. Harrison said:
Mr. Bissikummer is President of the Albany Clearing House
I feel very much honored to be called to be the head of an institution
Association and has served as Vice-President of the Trust like the Denver National Bank. There will be no change in the policy
the bank. It is too well established for that, and for 30 years has been
of
Company Section of the American Bankers Association;
one of the foremost banks of the city, so the
will continue along
first President of the Trust Company Section of the New the same lines as heretofore, and the depositorspolicy
will not even know that
York State Bankers Association; Treasurer of the New any change has been made.
I intend to devote my whole time to the affairs of the bank. The
York State Bankers Association; Chairman of Group V of position
is such a responsible one that I feel that I cannot give
time
the New York State Bankers Association, and President of to any outside interests, and have sent my resignation to-day as amy
member
the Albany Bankers Association. The following resolution of the board of the Federal Reserve Bank at Los Angeles. It is in another
to both positions.
was adopted by the directors of the Albany Trust Co. on district and I cannot give my time
—*--receiving Mr. Bissikummer's resignation:
The following press dispatch from Prescott, Ariz. ,to the
This board has received with great regret the resignation of Mr. Charles Los
Angeles "Times" under date of July 12, reported that
H. Bissikummer, as its President and a director, to take effect Aug. 1
1926. Mr. Bissikummer has been connected with this trust company since two new banks were about to open in that city—a branch
its organization, a period of over twenty-six years. Ile has been active of the Valley Bank and the First National Bank:
departments
during that period of time, and when, in
in all of its
Prescott is to have two new banks. On the 19th inst. ig to be opened
1911,
he became its l'resident, he had already demonstrated that he was a banker a branch of the Valley Bank, which has headquarters in Phoenix and
already has ten branches in southern and central Arizona, its last report
of the first class.
His administration of the office of President has been marked by a series balancing at $13,000,000. C. H. Tinker will be in charge. A few days
of successes in the affairs of the company for which he has been largely later, in the former quarters of the Prescott State Bank, will be started
responsible. He has demonstrated that he was not only well versed in a the First National Bank of Prescott, with capital stock of $100,000 and
knowledge of banking, but peculiarly fitted to maintain the position of the $10,000 surp us. Organization has been under the direction of Marcus
trust company, the only State institution of that kind in the city, on a M.Bright,a Fort Worth banker and cattleman,represented by A. H. Green.
par with that of all other banks in this city.
Mr. Bissikummer has endeared himself to every member of this board
According to the Bulletin issued by the Comptroller of the
by the atmosphere of friendliness and courtesy which he has drawn about Currency,
the National Bank of Arizona at Phoenix, Ariz.,
all of its meetings and deliberations. He has in every crisis shown himself as one possessed of a high sense of honor. In leaving the trust com- has changed its name to the "First National Bank of Aripany in the most prosperous condition of its history, he may well look zona at Phoenix."
back with pride on the work that he has done, as we look with regret on
his official parting.
The Mercantile Trust Co. o- f St. Louis now includes in its
Resolved, That the resignation of Mr. Charles H. Bissikummer, as Presiservice
a new department in which it is "equipped to handle
be
board,
and
the same is, hereby accepted with
dent and director of this
mergers, consolidations, sales and refinancing of business
deepest regret.
The "Knickerbocker Press" also referred to a contemplated merger of the Albany Trust Co. and the First National Bank of Albany, with John A. Becker, President of
the latter institution, as President, saying in this regard:
organizations, in the interest of greater volume of production
with its consequent lower overhead, lower profit per unit,
but higher profit per year." In calling attention to its new
department, Festus J. Wade Jr., Vice-President of the
institution, states that "This is a rather unusual service for
- [VOL. 123.
THE CHRONICLE
420
In calling attention to recent changes among the officers
a trust company to offer, and we believe it is the first time
such service has been offered by advertisement." One of and directors of the American Colonial Bank of Porto Rico,
the advertisements of the company announcing the de- E. A. Thayer, Credit Manager of the bank, says:
F. M. Schall of William Schall & Co., 160 Broadway, New York, is now
parture says:
a Vice-President, C.
formerly with the National City Bank of
W. Kempter,
Because economy has become a national watchword, and because low
New York in Brazil, has been appointed as an Assistant Vice-President,
price to the consumer through lower operating costs has become a business
M.
and
H.
Balzac,
Manager of the American Colonial Bank at
formerly
watchword, and finally, because Government has taken Roosevelt's advice,
Arecibo, Porto Rico, has been appointed Cashier. New directors are
and now penalizes conduct—not size—it therefore becomes a logical step
Eduardo Giorgetti, capitalist. of San Juan, Porto Rico F. M. Schall, and
to merge business organizations for higher efficiency.
E. 8. Paine of William Schall & Co., New York.
With the passing of Col. William H. Palmer Richmond
has lost one of the few survivors of those who fought through
the War between the States; who helped rebuild Virginia
and the South in spite of poverty and every discouragement,
and kept abreast of younger men who were born in a new
and less strenuous era. His record as a soldier and officer
of the Confederate Army was brilliant. General Lee, is is
stated, valued his counsel, and Jackson and Longstreet, and
A. P. Hill, who was his immediate chief, gave favorable
attention to his opinion. Although 91 years of age Color el
Palmer, until recent months, was still active and keerly
intersted in business affairs. He was President of the
Virginia Fire & Marine Insurance Co., Chairman of the
Board of the State-Planters Bank & Trust Co. and of the
Mutual Assurance Society. He was instrumental in starting
and helping forward to success many new enterprises, and
during the financial crises of 1897, 1903 and 1907 he performed noteworthy service for his city and State. He
served as President of the City Bar.k from 1890 until 1910
when the bank was merged with the State Bank of Virginia
to become the National State & City Bank. This new bank
he headed until 1920, when it was reorgarized as the State
& City Bank & Trust Co. When,in March of this year, the
merger with the Planters National Bark took place, he continued as Chairman of the Board of the State-Planters
Bank & Trust Co. Throughout his long life Colonel Palmer's
influence was always exerted for the best interests, bcth
civic and moral, and for the welfare of the community.
At the close of its 27th fiscal year on April 30 1926, the
bank reported capital paid up of $1,500,000; surplus of $1,000,000; undivided profits of $192,067; deposits of $13,141,195, and assets of $16,024,764. These figures compare with
paid in capital of $1,000,000 on Oct. 31 1925; surplus of
$400,000; undivided profits of $315,070; deposits of $8,246,147, and assets of $10,710,644 on Oct. 31 last. In his statement to the stockholders on May 12 1926, President Schaal
said:
The sugar crop of 1924-25 was the largest in the history of the island, but
due to low sugar prices, profits in this industry were small. The sugar
crop this year will be about 600,000 tons, but as prices are lower than last
year, profits will again be small. Steady improvement in increased production through proper selection of seed and better methods of cultivation
give better promise for the future of this industry.
The tobacco crop will be over 35,000.000 pounds. The leaf is of good
quality, bringing excellent prices, and the demand has been heavy. Practically all of the tobacco planters are doing well.
The coffee crop for 1925-26 was small but prices were good, the average
being around 27 cents. Co-operative marketing is proving of considerable
benefit to the coffee farmers.
Coffee growers report very heavy blossom on the trees, which is an indication of a good crop to be picked in October and November.
The fruit growers have enjoyed another prosperous year. After a slump
of two years, the canning of grape fruit is again becoming profitable, the
demand for this product greatly exceeding the supply.
In February 1926 our capital and surplus were increased by $1,000,000,
and it was decided to pay dividends quarterly instead of semi-annually.
During the year just closed a regular dividend of4% and an extra dividend
of 4% were declared and paid on Dec. 11925. and a regular dividend of 2%
and an extra dividend of 2% were declared and paid on Jan. 30 1926, and
a regular dividend of 2% and an extra dividend of 2% were declared and paid
May 1 1926, making a total of 16% for the year.
The bank's main office is at San Juan; it has branches at
Mayaguez, Arecibo, Caguas, Ponce and Santurce.
Andrew M. Bergstrom, formerly a Vice-President of the
COURSE OF BANK CLEARINGS.
Citizens & Southern Bank of Atlanta, Ga., was on July 13
Bank
clearings
the present week will again make a satisNational
&
Lowry
elected a Vice-President of the Atlanta
factory
increase
with a year ago. Preliminary
compared
Bank of that city and also of Its affiliated institution, the
advices from
Georgia Trust Co., according to the Atlanta "Constitution" figures compiled by us, based upon telegraphic
the week
for
chief
that
the
cities
indicate
of
country,
the
of July 14. Continuing, the "Constitution" said:
for all
exchanges
to-day
ending
bank
24)
July
(Saturday,
Mr.'Bergstrom was born in Atlanta and educated in the public schools.
He began his banking career as a boy with the old Third National Bank, the cities of the United States from which it is possible to
and continued with that institution after it became the Citizens & South- obtain weekly returns aggregate 4.5% more than in the
ern Bank. He severed his connection there last fall and went to Florida
at $9,203,for a rest, intending to stay out of the harness for several years. How- corresponding week last year. The total stands
ever, he was induced to return to Atlanta and join the forces of the 660,391, against $8,805,088,651 for the same week in 1925.
Atlanta and Lowry and its sister institution, the Trust Company of At this centre there is a gain for the five days of 1.3%. Our
Georgia.
comparative summary for the week is as follows:
A dispatch to the New York "Times" on July 16 from
Per
Clearings—Returns by Telegraph.
Cent.
1925.
Week Ended July 24.
1926.
Miami, Fla, stated that announcement was made in Miami
+1.3
$4,061.000,000 $4,009,000,000
on that date of the purchase of the controlling interest in New York
+0.9
543,441,065
548,403,723
Chicago
+2.0
456,000,000
the Hollywood Bank & Trust Co.,. Hollywood, Fla. by E. C. Philadelphia
465.000,000
+18.6
338,000,000
396,000.000
Boston
and
Miami
Romfh,President of the First National Bank of
*119,500,000 +16.2
138,869,840
Kansas City
+0.4
120.700,000
121,300,000
St. Louts
other officials of that institution or its subsidiaries. The San
+8.4
149,286,000
161,858.000
Francisco
+26.1
119,428,000
150,578.000
to
further
on
went
dispatch
say:
Los Angeles
+4.7
146,061,969
The bank will be reorganized later as the First National Bank of Hollywood, while the capital stock will be increased immediately to 100,000,
with a surplus of $100,000.
The Hollywood Bank and Trust Company, which recently weathered a
severe run following the closing of the Bank of Dania. is in the City of Hollywood. 18 miles north of here. It was founded and formerly controlled
by J. W. Young. developer of Hollywood, and his associates.
Through to-day's purchase it becomes the fourth in the chain controlled
by the First National Bank of Miami, the others being the First Trust &
Savings Bank of Miami and the First National Bank of Miami Beach.
The First National Bank of Coral Gables, another addition to the system.
Is now In process of organization.
•
Two million dollars, representing 4,454 shares of stock of
-the Bank of Italy, according to the San Francisco "Chronicle"
of July 14, have been acquired by the employees of that institution under the provisions of a plan that contemplates
ultimate control of the $400,000,000 organization by its
employees. Continuing, the "Chronicle" said:
The plan, which was introduced by A. P. Giannini, provides that 40%
of the bank's profits shall be set aside each half year and devoted to the
purchase of stock for the employees. The entire staff of the bank, numbering 2,500 people, is participating in the undertaking.
"We regard the plan as eminently successful," said James A. Bacigalupi,
President. in commenting on its operation. "We feel that it has a tendency
to improve the character of service to our customers and discourages waste
and inefficient methods. The personnel of the bank accepts the plan as a
definite responsibility."
More than $650,000 was set aside for stock purchase during the first
half of the year, of which amount $497,000 was paid out of the bank's
profits and the balance contributed from salary by the employes. This
means that for each dollar saved by the employees the bank added approximately $3 25 out of its earnings The price of $450 at which the stock
was acquired represented a figure nearly $10 below the present market price.
152,897,065
151,238,842
107,443,171
95,333,915
52,589,132
155.345,795
106,045,724
88,697,813
51,975,302
—2.7
+1.2
+7.5
+1.2
Thirteen cities, five days
Other cities, five days
66,602,511,688
1,067,205,305
$46,403,481,668
997,678,920
+3.1
+7.0
Total all cities, five days
All cities, one day
37.669,716,993
1.533,943,398
$7,401,160,588
1,403,928,063
+3.6
+9.2
Total all cities for week
* Estimated.
59.203.680.391
58.805.088.651
+4.5
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Complete and exact details for the week covered by the
foregoing will appear in our issue of next'week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the previous week—the week ended July 17. For
that week there is an increase of 5.7%, the 1926 aggregate of
the clearings being $10,119,355,358 and the 1925 aggregate
$9,579,053,548. Outside of New York City the increase is
only 3.4%, the bank exchanges at this centre having recorded a gain of 7.6%. We group the cities now according
to the Federal Reserve districts in which they are located,
and from this it appears that in the Boston Reserve District
there is an improvement of 12.2% in the New York Res,rve
District (including this city) of 7.5%, and in the Cleveland
Reserve District of 5.3%. The Richmond Reserve District
JULY 24 1926.]
THE CHRONICLE
has suffered a loss of 2.5%, the Atlanta]Reserve District of
8.2% and in the Philadelphia Reserve District of
0.5%.
In the Chicago Reserve District the totals are smalle
r by
0.8%, in the Minneapolis Reserve District by 1.8% and in
the Dallas Reserve • District by 0.6%. The St. Louis
Reserve District has a gain of 5.6%,the Kansas
City Reserve
District of 6.5% and in the San Francisco
Reserve District
of 12.2%.
In the following we furnish a summary by Federa Reserv
e
l
districts:
SUMMARY OF BANK CLEAR
INGS.
Week End. July 17 1926.
Federal Reserve Diets.
1st Boston_ ___12 cities
2nd New York_11 "
3rd Philadelphial0 "
4th Cleveland.8 "
5th Richmond, 6 "
6th Atlanta ___13 "
7th Chicago,_ _20 "
8th St. Louis_ 8 "
9th Minneapolis 7 "
10th KansaaCity12 "
11th Dallas
5 "
12th San Fran_ _17 "
1925.
Inc.or
Dec.
1924.
1923.
$
514,835,050
5,246,852,539
623,226,536
435,167,862
213,473,731
240,181,478
1,040,496,954
232.010,669
136,037,065
277,994,758
79,914,863
538,893,042
%
+12.2
+7.5
-0.5
+5.3
-2.5
-8.2
-0.8
+5.6
-1.1
+6.5
-0.6
+12.2
$
450,587,987
4,715,781,296
512,822,197
376,09,677
189,977,985
177,453,850
906,692,639
208,714,360
115,471,947
2.9,878,210
55,793,099
473,891,075
$
414,444,932
3,774,957,770
520.621,214
387,353,353
175,710,134
161,034,036
817,613,750
66.413,537
123,703,154
2,5,510,330
48,663,471
461,523,720
9,579,053,548 +5.7 8,463,114,307
4,471,968,48. +3.4 3.863,227,339
OR1 1170 1.10 .1.0 g
.2.-,. nn.....
7,227,589,471
3,572,173,073
1926.
$
577,479,150
5,643,475,e22
620,317,125
458,139.3Z
238,214,26.
220,582,625
1,032,296,161
214,947,137
133,598,733
296,136,519
79,457,062
601,711,338
Total
129 cities 10,119,355,368
Outside New York City- 4,625,658,875
Canada-29 e Ries_ _ _ _ _ _
310 1 R..1 MA
..........e ell,
We now add our detailed statement,
showing last week's
figures for each city separately, for the
four years:
Week Ending July 17.
Clearings at
1926.
1925.
Inc. or
Dec.
1924.
1923.
421
Week Ending July 17.
Clearings at1926.
1925.
Inc. or
Dec.
1924.
1923.
$
$
$
%
$
Seventh Feder al Reserve D [strict-Ch Imago
Mich.-Adrian _ _
255,235
276,123 -7.6
260,434
229,830
Ann Arbor_ _ _ _
1.176,595
967,518 +21.6
802,479
671.166
Detroit
188.608.339 192.932,056 -2.3 156.977.891 141,152.
199
Grand Rapids.,
8,868,191
8,386.823
+5.7
7.264.901
6,930.299
Lansing
2.851,193
3.138.263 -9.2
2.564.808
2,374.737
Ind.-Ft. Wayne
3,545,922
3.614,360 -1.9
2,347,919
2,587.706
Indianapolis__ _
28.512.000
20,132.000 +41.6
21,513.000
21.172.000
South Bend_
3.683,300
3.373.000 +9.2
2.207,900
2,620.131
Terre Haute_ _ _
5,860.964
4,372.256 +34.0
4,340,279
5.449.942
Wks.-Milwaukee
51,265,568
43,848,321 +15.9
38.467.312
36.942,839
Iowa.-Ced. Rap
2,917.650
2.855,037 +2.2
2,470,789
2,385,045
Des Moines_ _
10,072,731
11,155.478 -9.7
9,944,049
11.010,018
Sioux City
6.853,014
7.088.934 -3.3
6,958.819
5.802,165
Waterloo
1,241,934
1,300,397 -4.6
1,646,451
1.475.019
III-Bloomingto
1.712,548
1.903,257 -10.0
1.397.678
1.321.199
Chicago
700,516,350 722,131.410 -3.0 637,052.998 594,991.318
Danville
a
a
•
a
a
Decatur
1,482,263
1,667,789 -11.1
1,321,831
1,267,732
Peoria
5,679,049
5.147,522 +10.3
4.167.138
4.426,339
Rockford
3.769,901
2.872,585 +31.2
2,460,914
2,170.563
Springfield_ _ _ _
3,423,414
3,333.825 +2.7
2.525,049
2,543,503
Total(20 cities 1,032,296,161 1.040,496,954 -0.8 906,692,
639 847,613.750
Eighth Feder I Reserve Dis trict-St. Lo
Ind.-Evansville
6.400.864
6.424.753
Mo.-St. Louts_
159,300.000 151.700,000
Ky.-Louisville.
42,063.483
39.461.670
Owensboro.,.,.,
374,020
359,970
Tenn.-Memph
20,098.418
18.589,701
Ark.-Little Roe[
14,643,908
13.210.360
IIL-Jacksonvill
367.894
458.449
Quincy
.
1,698,556
1,805,766
uis-0.4
+5.0
+6.6
+3.9
+8.1
+10.8
-19.7
-6.01
5,055.743
141.000.000
33.073.351
385.939
16.678.795
10,955.138
326.308
1,239,086
Total(8 cities). 244,947,137 232.010.669 +5.6 208.714,360
Ninth Federa1 Reserve DM trict-Minn eapollsMinn.-Duluth_.
8,398,685
9.470.546 -11.3
8,449,718
Minneapolis.,.,.
85.404,524
86.380.414 -1.2
70.824.737
St. Paul
32.136,779
33,587,935 -4.3
29.767.471
N. D.-Fargo- -.
2,020.194
1.578.912 +27.9
1.633,316
8.23.-Aberdeen.
1.609,112
1,408,259 +14.4
1.171,996
Mont.-Billings
634,301
620.412
+2.2
520.793
Helena
.
3.395,138
2.962,587 +14.6
3.103.912
6,131,477
29.364,803
391.601
17.693.752
11.245,811
364,861
1.221.232
66.413,537
7,921.876
68.493.677
40.121,670
2,163,794
1,307.808
468,469
3.205.860
9;
Taal(7 cities). 133,598,733 136.007,065 -1.8 115,471.943 123.703,
First Federal Reserve Dist rIct-Boston
154
Tenth FederaI Reserve Die trict-Kens as CityMaine-Bangor __
821,434
707,417
+9.9
Neb.-Fremont_.
765.433
d408.202
471.589 -13.4
Portland
848,323
517.892
3.868,775
385,473
3.278,03
Hastings
500.532
3,184,846
Mass.-Boston_ _ 515,000,000 454,000. 2 +18.0
626,031
3.376,95
-20.0
447,046
455,123
000 +13.4 400,000,000 365,000. 5
Lincoln
4,807,050
Fall River_ __ 4.663,120 -1.2
000
3.866.443
2,039.139
3,971,804
3.925,843 -48.1
Omaha
40.293.267
1,730,772
44.328.521 -9.1
Holyoke
1,925.742
39,141.483
a
41.041,173
a
Kan
a
.-Tope
a
_
d4,319,4
ka_
43
4.939,726 -12.4
Lowell
a
2,763.852
1,341,211
3.343.868
1.353,849
Wichita
11,826,000
1.507,846
10,082,998 +17.3
Lynn
1,621.164
9,529,94
a
10,547,637
a
a
MO.-13.an. City. 169,572,426 151,157,527 + 12.2 141.034, 2
New Bedford_ _
a
1,605.270
202 133.991.076
1.738,78
2
-7.7
St.
'
d7,595.411
92,189
Joseph--- - _
1.562.432
Springfield,
7.215.651
+5.3
7.298.699
*6,900,000
7,114.346
6,516,948 +5.9
5,633,267
29.481,801 +16.9
Worcester
4,928,244 Okla.-Okla.Cit r d34,456.870
24.257,000
5,268.771
24.412.278
4.271,490 +23.3
1.357,242
3,603,000
Conn.-Hartford
1.379.239 -1.6
3.356,000 Colo.-Col. Spg .
1.148,314
16.798,371
1.114.292
15,928,9
84
+5.4
Denver
19,734.825
12,871,989
22.173,466 -11.0
New Haven_ _
10,668,926
19.0)0.030
7.613,704
18.268.621
8,038.718 -5.3
Pueblo
.1,265,281
7,039,774
15.1.-Providence
1,284.107 -1.5
8,678,924
1,043.307
896,639
15,320,700
14,295,7
00
+7.1
12.135,700
N. H.-Manch'er
11,733,000
901.775
739.282 +22.0
Total(12 cities) 296,136,549 277,994,758 +6.5 249,878,
723,171
745,222
210 245,540,330
Elevent
h
Fen
Reserve
c
Metric
ral
-I).
hasTotal(12 cities) 577,479,150
514,835,050 +12.2 450.587,987 414,444,
1,413,196
1,558.330 -9.3
932 Texas-Austin __
1,110,586
1,168,876
Dallas
45,394,994
54.472,717 -16.7
Second Feder al Reserve D Istrict-New
34.266.156
26.700.000
York.
Fort
Worth_
d16.094.
_
814
12.260,365 +31.3
N. Y.-Albany.
11.862,7
92
10,897.9
21
8,025,376
7.126.080 +12.6
Galveston.,..., _
11,077,000
6.814.500 +62.5
6.105.816
4,939,781
3.997,819
Binghamton___
5.619.986
1.388.600
1,303,361
Houston
+6.5
a
a
1,050,415
1,049.843
a
Buffalo
a
a
d69,602,871
65,333,982 +6.5
La.
-Shreveport
.
5,477,058
4.808.951 +13.9
49.562.955
50,132,962
Elmira
4.555,735
4.281.688
1,127,850
980,522 +15.0
823,936
695.363
Jamestown.,. _ _
c1,887.460
1,864,609 +1.2
Total(Settles)_
79,457,062
79,914.863 -0.6
1,530.869
1.406,018
New York.. _
55,793,088
48.668,4
71
5,493,696,483 5,107.085.064
Twelfth Fed r al Reserve D Istrict-San Franc[ sco+7.6 4.599.886,968 3,655,416,398
Rochester
14,748,116
13,820,790
+6.3
. 50,605,378
44.022.255 +14.9
11,554,554
9,743.557 Wash.-Seattle.
Syracuse
40.087.080
39.546,934
7,443,540
6,416,74
Spokane
8
+16.0
_
14,967,000
12,952.000 +5.5
4.876,711
Conn.-Stamford
4.699,461
11.098.600
11,285.000
c3,811,044
3.954,627 -2.6
Tacoma
a
a
•
3,184,386
N. J.-Montclair
a
3.278,069
a
1,174,919
687,342 -23.0
Yakima
_
1,799,993
1.254,509 +43.5
1.071,592
542,836
Northern N.J_
383,981
1,077.290
40,569.563
38,299,415 +5.9
42,678,506
42.673.635 +0.01
37,842.052
36,662,050
43,212,337 Ore -Portland., _
36,657.960
Utah-S. L. CI y
19.148,339
17,386,737 +10.1
• Total(11 cities) 5,643,475.822
16,055.431
14.920.735
5.246,852,539 +7.5 4.715
a
a
a
:
a
781,296 3,774,957.770 Nevada-Reno_ •
Ariz.-Phoenix.,a
a
•
Third Federal Reserve Dist rIct-Ph
a
•
ilad
Calif
.-Fresn
elphia
4,000.46
3,458.93
_
o
9
_
+15.6
1
2.819,224
Pa.-Altoona _ _
3.794.012
1.7112.013
1.596,761
Long Beach...
+6.4
7,956.888
6,996.128 +13.7
1,550,151
7,331,856
Bethlehem..,_ _
1.639.258
8.466,23
4.888,756
4,766,618 +2.6
I.os Angeles_ _ 190,148,000 160.257.000 +18.6 138.180,000 147,717.0 8
3.505,909
4,509,495
Chester
410
1,462,065
2,040,705
Oakland
28.3
28.223.020
21.635,525 +30.4
_
1.228,161
16,505.075
1,575.01
Lancaster
3
16.430,1
99
2.218,671
2,815.967 -21.2
Pasadena _ _ _ _
6.797,477
6,246,507
+8.8
2.515,695
5.535.191
2,928.182
Philadelphia
4,906,607
585,000,000 586,000.000 -0.5
,
Sacramen
to.,.,
.
d9.292,0
8.757.81
76
9
+6.1
512.000,000 488,000,000
10,118.661
Reading
7.609.525
5,149.457
4.085.204 +26.0
San Dingo.,.,. _
7,252.552
5.936,523 +22.2
3,395,245
4.182,166
3,652.505
Scranton
3.827,762
6,333,826
6,453,016 -1.8
6,026,243
6,177.807 San Francisco_ _ 209.935,000 197,576.000 +6.3 174,200.000 158.200,000
Wilkes-Barre. _
4,772,993
4,509.405 +5.8
San Jose
_
4,090,340
3,025,655 +35.2
4.038.287
3,491.636
York
2,442.536
2.316.11
2,311,755
5
2.104,265 +9.9
Santa Barbars(_
1.709,129
1.295,835 +31.9
2,180,307
N.3.-Trenton..
1,506,662
1,251,177
1,136,913
6.477,599
6,852,595 -5.5
Santa Monte (_
2,815.771
2,190.284 +28.5
6,382,219
Del.-Wilming'n.
7,140,626
2.363.534
a
a
a
Stockton
_
c3,291,400
a
3,226.700 +2.0
2.807.500
a
3,631.500
Total(10 cities) 620.317,135 623,226,
536 -0.5 542,822,197 520,621,
Total(17 citi 93 604,711,338 538.892.043 +12.2 473.891.075 461,523,
214
790
Grand total (1 :9
Fourth Feder al Reserve D strictCie veland cities)
._ 10119,355,358 9,579,053,548 +5.7 8.4'3,114,307 7.227.589,471
Ohio-Akron.,._ _
d7.537.000
7.334.00
0
+2.8
Canton
8.484.000
7.738,000
5,029,058
4,754.175 +5.8
Cincinnati
4.820.848
5.397.267 Outside New Yo 4, a 41944 9449 67444.471.968.484 +3.4 3.863.227.339 3.572.173.073
_
84.873.654
82,062.996 +2.3
74.488,324
Cleveland
73.353,170
141.522,866 137,452,383 +2.9
111,715,539 116,476,133
Columbus
21,906.200
19,015.600 +15.2
Week Ended July 15.
Dayton
14.907.100
15,876,400
a
---... ...,„. ....
a
a
a
Lima
a
a
a
a
boor
a
Mansfield
a
d2,364,620
2.408,187 -1.8
1926.
1925.
Dec.
1924.
1.894.007
Springfield_ _ _ _
1923.
2,007,388
a
a
a
a
Toledo
a
a
a
Canada•
$
$
$
a
%
$
Youngstown...
a
d7,111,963
Montreal
6.196,01
96,721,3
0
99
+14.8
85.881,3
92
+12.6
96,950,285 112.071.914
5.105.767
Pa.-Erie
5.049,426 Toronto
a
•
94.272,414
83.494,776 +12.9
a
111,832,623 100.776.261
Pittsburgh-- - 187,793.962 175,044,509
a
44,841,879
-19
42,748.164
'
-7.3 154.634.092 161,460.569 Winnipeg
+4.9
57,279.933
38,217.142
Vancouver
16.013,334
14,302.869 +1.9
17.832.687
Total (8 cities)- 458,139.323 435.167,
14,653,802
862
6,328,759
+5.3 378.049.677 387.358,353 Ottawa
6,307.967
+0.3
6,419,110
6.551,319
Quebec
6,374,00
3
7,157,74
-10.9
1
5.702,411
Fifth Federal Reserve Dis* rict - Rich
6,926.543
Halifax
mond
2,804,545
2,661,192 +5.4
W.Va.-Hunt'g'n
3,260,53
2,928,92
2
6
1.704.005
1.663.543
Hamilton
4,949,423
+2.4
5.245,514 -5.7
1,620.734
Va.-Norfolk. _ _
6,085,562
6.778.940
2,064.964 Calgary
.18.458,896
7.641,164 +10.7
5,748,438
6,758.681 -15.0
8,865,249
5,365.246
Richmond
7,811.006 It. John
4,581.290
46.637.001
54 376 0410 -14.6
2.520,441
2.609,389 -3.4
55.410,000
S.C.-Charleston
2.980,823
2.792.305
44.966.000 Victoria
.2,500,000
2,089,774 +19.6
2,258.919
2.107,320
1,885,356
Md.-Baltimore. 119,524.220 120.126.
+7.2
1.952.392
1,988,767
2,039,850
513 -0.5
2.538.921
2,504,920
98,797,646
+1.4
D.C.-Washing't
2,047.659
96.065,314 London
3.258.50
8
29,390,142
27.376,737 +7.5
n
4,233,851
4,050,430
23,399,000
+4.5
5.358,395
22,743,000 Edmonto
4.617,123
Regina
3,965.09
0
3.326.035 +19.2
3.019.507
Total(6 cities). 208,214,283 213,473,731
2,917,579
Brandon
-2.5 189,977,985 175,710,134
575.304
547,507
+3.3
511,226
627.005
Lethbridge
528,866
528.636 -0.04
Sixth Federal Reserve Dist rice501,989
528.559
taSaskatoon
1,741,902
1.460.556 • +19.2
1,414,516
Tenn.-Chat Vita
1.376,46
9
A7.071.279
7.191.086 +11 9
M
oose Jaw
6 4110.672
1,123,103
1,063,046
7.171.706
Knoxville
889,877
+3.7
1.046,299
*3,400,000
*3,300,000 +3.0
Brantfor
d
1,050,181
.2,700,0
1.042.72
00
981.775
1
1,091.381
Nashville
+0.7
3,451,795 Fort
22.900,514
22,739,633 +0.7
819,926
19,611.509
746.201
Ga.-Atlanta. _
19.602,441 New William_ _ 974.578
+9.9
933.086
58,069,876
65,050.741 -11.6
Westmituder
50,904,669
813,830
619.007 +31.5
543,773
601,035
47,715,080 Medicine
Augusta
1.995.733
1,906.484
+4.7
flat...
235,317
1.6110.104
227,081
336,016
+3.6
256,130
•1.500,000
Macon
2,139,609
2.008,290
+6.5
756.091
1,878,739
808.647 -6.5
956.779
742.993
1.549,524 Peterborough- -- Savannah
a
ii
Sherbrooke
1.049,497
834,018
863,001 -3.3
866.126
25,575,630
30,413,186 -15.9
Kitchene
r
919,268
14,710,848
969.082
1.057.647 -13.1
1.019.673
12,274,215
Miami
9,328,183
24.815,517
Windsor
4. 194..001
5,181,665
4,414.242
4,083.932 +26.9
3.771,495
Ala.-Birming'm.
26.620,172
24.773.492 +7.4
22.204,098
358,691
286.473 +25.2
286.087
21.394.7,31 Prince Albert.- - 296.758
Mobile
2,204.297
1,953.703 +12.8
Moncton
825,530
1,643,285
842,198
689,802 +19.7
925,378
1,856.750
Miss.-Jackson _
1,896,543
1,533,000 +23.9
1.629.400
827.926
701,834
675,705 +22.5
715,306
810,794 Kingston
363,593
9 Vicksburg
204.166 +39.4
279.717
257.556
La.-NewOrleans
58,091,347
55,674,560 +4.3
Total (29 eitten) 310,193034 233.876.332 +9.3 321.772.118 324.046.
50,630,908
630
43,449,644
Total(13 cities) 220,582.685 240,181.478 -8.2
a No longer report clearings. b Do not respond to requests for fig tres.
177.453,850 161.034.036
c
Week
ended July 14. d Week ended July 15. e Week ended July 16. •
F.atImated.
1,3
[VoL. 123.
THE CHRONICLE
422
THE CURB MARKET.
THE ENGLISH GOLD AND SILVER MARKETS.
somewhat in this week's trading on the
Prices
receded
of
We reprint the following from the weekly circular
Curb Market though not without considerable irregularity.
Samuel Montagu & Co. of London, written under date of
was dull. Oil stocks for a time were under pressure.
Business
July 7 1926:
rymser Co. advanced from 255 to 280. ChoseBorne-Sc
GOLD.
3 to 72%. Cumberland
from 74%
The Bank of England gold reserve against notes on the 30th ult.amounted brough Mfg. weakened
-Signal Oil,
to £148,996,390 as compared with £148,786,065 on the previous Wednesday. Pipe Line sold up from 108% to 1124. Galena
Of
Ref. eased off
&
Oil
About £530,000 bar gold was offered in the open market this week.
Humble
.
%
20
fell
to
183
from
common
India
this about 2350,000 was taken for the Continent and £60.000 for
59.
shown in the from 613
% to 583%,recovered to 593'and closed to-day at
and the trade. The Bank of England secured £112,000, as
the
Bank of Prairie Oil & Gas was off from 523 to 505
% but recovered
figures below. The following movements of gold to and from
England have been announced since our last issue:
to 51%. Prairie Pipe Line sold up over three points to 127
from
July 1. July 2. July 3. July S. July 6. July 7. and closed to-day at 126. South Penn Oil advanced
£250,000 £112,000
Received
to 373%. Standard Oil (Indiana) lost a point to 633%
35
24,000
5,000
£22,000 £38,000 £78,000
Withdrawn
but recovered finally to 643%. Standard Oil of N. Y. fell
sovereigns
of
form
the
3334 to 31% and sold finally at 32. Creole Syndicate
The receipt of £250,000 on the 5th inst. was in
from
following
from South Africa, and the £112,000 bar gold received on the
close to-day being 15.
destinations of the improved about 23/ points to 153% the
day was understood to be of the same origin. The
were given as fol- Industrials were dull the volume of business being small.
above
withdrawals
the
in
included
sovereigns
£167,000
During the
lows: Spain, £143,000; Holland, £17,000, and India, £7,000.
Canada Dry Ginger Ale was active and declined from 483"
the
H.
week under review the Bank received on balance £195,000, increasing
to 443. but recovered and sold finally at 473%. H.
efflux
net
the
decreasing
and
£5,927,000,
to
net influx since Jan. 1 1926
81% to 90. Public
since the resumption of an effective gold standard to £5,668,000. The Franklin Mfg. preferred advanced from
Bureau of the United States Mint, In co-operation with the United States utilities for the most par were only fractionally changed.
the
Bureau of Mines, finally estimates the refinery production of gold in
4to 90, but reAmer. Gas & Elee common dropped from 943
United States during the calendar year 1925 as 2,411,987 ounces valued
the covered to-day to 9432. Commonwealth Power common sold
at $49,860,200. United Kingdom imports and exports of gold during
week ending the 30th ult. were:
down from 393% to 37% and at 38 finally. Lehigh Power
Exports. Imports.
Securities was active and improved from 16% to 183%.
£10,000
247,141 Netherlands
British West Africa
A complete record of Curb Market transactions for the
29,685
689,419 France
British South Africa
Amer.
So.
8:
6,728 Mexico, Cent.
week will be found on page 446.
Other countries
and West Indies
British India
Straits Settlements
Ceylon
Other countries
£743,288
53,000
24,000
69,200
20.000
4,587
MARKET
DAILY TRANSACTIONS AT THE NEW YORK CURB
STOCKS(No. Shares).
Week Ending July 23,
IndAhris.
£210,472
SILVER.
Fluctuations of the price have again kept within very narrow limits.
Speculative interest connected with the yen or otherwise has been almost
absent, and business has consisted mostly of closing contracts and reopening them simultaneously for a new period of two months. Some inquiry, following the improvement in monsoon conditions, has set in from
the Indian Bazaars, but there is little disposition to raise prices, for supplies
are readily available at advancing rates. America has kept more or less
In touch with this market. Without taking any pronounced view, the
imundertone may be described as slightly improved. United Kingdom
ports and exports of silver during the week ending the 30th ult. were:
OIL
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
38,955
148,000
101,845
122,600
116,155
75,540
47.030
109.650
92.670
112.050
113.635
87.940
Total
603,185
562.975
BONDS (Par Value).
Mining. Domestic. Poen Gott.
21,500 $584,000 $277,000
176.000
58,400 1,163,000
220,000
39.200 1,424,000
153,000
38,700 1,373,000
233,000
68,300 1,552.000
583,000
1,370,000
39.635
265.735 87,466.000 31,842,000
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has fluctuated violently the past week.
Exports.
Imports.
powerful bull clique continued at work the early part of
A
£17,450
£12,650 France
Netherlands
high records
32,920 the week, moving selected stocks up to new
44,809 Hungary
U.S.A
6,000 after previous prodigious advances, but finally had to yield
240,930 British India
Mexico
1,548
in the
6.780 Other countries
Other countries
to the depressing influence of the great further tumble
French
two
£57,918
of
tumbling
t
£305,169
French franc and the concurren
speculative
The refinery production of silver during the calendar year 1925 in the Ministries. As a consequence many of the
States
the
United
of
Bureau
the gains
of
whole
the
United States has been finally estimated by the
lost
week
the
of
the
latter part
leaders
Mint as 66,155,424 ounces.
made early in the week. The fall of the Briand Cabinet
on SatINDIAN CURRENCY RETURNS.
with Joseph Caillaux as Finance Minister occurred
June 22. June 30.
by the
June 15.
Monday
following
In Lacs of Rupeesthe
urday and was succeeded
19144
18996
18867
Notes in circulation
had some confidence
world
financial
The
Herriot
Ministry.
9092
8944
8815
Silver coin and bullion in India
the French
-- in Caillaux and none in Herriot. Accordingly
Silver coin and bullion out of India ______ ---below
2232
went
2232
finally
2232
and
in
bullion
India
and
coin
Gold
franc dropped with great rapidity
_Gold coin and bullion out of India
the gold franc. Then
of
value
the
of
one-tenth
only
or
2c.,
5720
5721
5721
Securities (Indian Government)
minds
2100
2099
2099
the seriousness of the situation began to dawn upon the
Securities (British Government)
the market
of even those who were engaged in manipulating
No silver coinage was reported during the week ending the 30th ult.
throw their holdings over in
The stock in Shanghai on the 3d inst. consisted of about 68,600,000 upward. They now began to
with
about
compared
as
bars,
were aided by those operatsilver
8,120
they
and
in
this
in
$62,500,000
sycee,
ounces
quantities and
bars on the 26th ult. great
67,000,000 ounces in sycee,$61.700,000 and 5,900 silver
Some of the bull leaders, howaccount.
the
short
for
ing
Quotations during the week:
-Bar Silver per Oz. std.- Bar Gold
ever, fought valiantly against a downward movement and
per Oz. Fine.
Two Mos.
Cash.
sought to stem the tide by trotting out new leaders, which
84s.
1134d.
3034d.
July 1
1134c1.
848.
305-16d.
previously had not been prominent in the rise, and making
30&-16d.
July 2
84s. 11%d.
305-16d.
305-16d.
July 3
these the basis for speculative movements upward as has so
84s. 113.6d.
303id.
3030.
July 5
y been done in the past, with the effect of giving
frequentl
84s.
3-16d.
1035:1.
30
3034cl.
July 6
84s.
the appearance of strength and even buoy1134d.
market
3034d.
1-16d.
30
the
to
July 7
84s. 11.3d.
30.239d.
-30.218d.
Average
ancy.
The silver quotations to-day for cash and two months' delivery are reLiquidation nevertheless proceeded and bear operators
spectively 34d. and 1-16d. below those fixed a week ago.
acted with increased daring. For a time a contest appeared
to be waging for control of the market by the opposing
forces, and conflicting courses were pursued by different
stocks and different groups. At the end of the week the
ENGLISH FINANCIAL MARKETS-PER CABLE.
advantages in most cases rested with those operating for a
at
&c.,
,
London,
The daily closing quotations for securities
decline. On Saturday last there was a great outburst of
as reported by cable, have been as follows the past week:
buying, with two such market leaders as General Motors
Wed.,
Thurs.,
Fri..
Mon., Tues.,
Sat.,
London,
July
22.
July
23.
21.
20.
July
July
United States Steel common advancing to record levels.
19.
July
17.
and
July
Week Ending July 23.
29 9-16 29 11-16 29 11-16 On Monday the advance still continued and numerous fur2934
cl 29 13-16 2934
Silver, per ox
84.1034 84.1034 84.1034 84.1034 84.1034 84.1034
Gold, per tine ounce
ther high levels were recorded. On Tuesday there was a
5534
5534
5534
5534
5534
Consols. 234 per cents_
severe setback, but with a partial recovery at the close.
101
10134
10134
101
101
British 5 per cents
9534 9534 9534
9534
9534
On Wednesday the French news caused heavy selling and a
British 434 per cents
48
46
44.50
49.25
45.30
French Rentes (in Parls)_fr
big break. On Thursday the whole market became more
50.25 .50.90
46
42.10
44.25
French WarLoan(inParis)Jr.
or less demoralized, and declines occurred all around. On
The price of silver in New York on the same day has been: Friday the market continued more or less under the same
Silver in N. Y., per oz. Mg.):
influences and much nervousness was observable with price
6534
6534
6434
6434
6434
6434
Foreign
movements highly irregular. The course of a few market
leaders will serve to indicate the course of the whole market.
United States Steel common, which closed on Friday July 16
M 143% and on Saturday July 17 sold up to 145, closed
yesterday, July 23, at 138%. General Motors, which closed
4 and touched 17O/
8, on Monday
Friday July 16 at 1643
closed yesterday at 166. Hudson Motors, which was an
active and very strong feature early in the week, closed on
Friday July 16 at 573 and by Wednesday July 21 had been
advanced to 67%; it closed yesterday at 62. In brief, some
stocks show a net advance as a result of the violent movements up and down during the week and others show a larger
or smaller decline.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGS.
DAILY. WEEKLY AND YEARLY.
Week /hotline July 23.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocks,
Shares.
Railroad,
etc.
Bonds.
State,
Municipal &
Foreign Bd.,,
1,033.800
1,704,352
1,976,203
1,690,920
1.841.309
1.210,800
$3,675,000
6,207,500
6.435,000
5,711.500
7,542,000
4.268,000
81,035,000
2,444,000
3,102.500
2,958,000
2.664,500
1,494,000
3390,500
469,050
701.000
1,354,500
742.600
212,000
9,457,384
833,839,000
813,698,000
83,869,650
Unttea
States
Bonds.
Breadatuffs figures brought from page 478.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Stocks-No. of shares_
Bonds.
Government bonds_ _ _
State and foreign bonds
Railroad & 11118C. bonds
Jan. 1 to July 23.
1926.
1925.
9,457,384
7,042,928
246,999,649
229.229,879
$3,869,650
13,698.000
33,839,000
$6,961,900
11,445,000
39.527,000
8169.109.450
371,802.450
1.233.642,200
$225,612,200
411,312,000
2,029,981,075
1926.
1925.
$51,406,650 $57,933,900 $1,774,554,100 32 666 905,275
Total bonds
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ending
July 231926.
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. BondScaes. Shares, Bond Sales.
*19,135
$3,000
9.777
38,000
$6,000
676
*22,312
4,000
17,097
28,500
33,600
2,200
*26,405
31,000
29.319
35.200
24,000
1,333
*26,965
28,000
38,294
21.100
43.200
726
*20.149
16.000
27,917
24.000
20.100
1,359
10,541
3,000
26,344
12,000
20,000
942
------ ------- 125,507
Total
$85.000 148,748 8128,800
7.236 3146,900
Awn, troolrrovlaorl
ins MR
UR nnn
1R31 710
Mal ann
n p.a.,
oAcia 'AA
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
•In addition, sacs of rights were: Saturday, 4,258; Monday, 7.128; Tuesday,
7,648; Wednesday, 5,214: Thursday, 5,914.
Somaercial ait(1134isccllanconsBalm
Cincinnati Stock Exchange.-Record of transactions at
Cincinnati Stock Exchange July 17 to July 23, both inclusive, compiled from official sales lists:
Stocks-
Pal
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
P. ,ce Low
High. Shares.
Industrials- Am Laund Mach com_ _25 1034
Amer Products
Amer Itall Alllicommon.25 4. 8,
,
100 10
Preferred
Amer •4ceding Mach pf _ 100
10'
Baldwin common
Buckeye Incubator_.. _100 32
'00
Cham,Fibre
Churn Ad .orpo.v tion__r
•
City I 9 & 11P1
--100
Coot e Corp
Dalton Add Mach corn -,00
Dow D
o
Er.gle Ache, I.ead corn. ./u :.1
(1. tot 'In_
G ty Art "01111,1011....- * 38
lbooe Were
10034
_ itA)
Gruen Watro o,
IA
100
Johnston Point or
-.100
Kr.ver commor-___ ___1
128
Kahn 1st pref
10(1 102
Paragon Raft'ra torn. _25 ......
Procter & GamOl, corn_ _Pi 153
6% preferred1)n 112
Pure 0116% pret__ .. 100 97
8% ereferrM
Ion
Sorg. rap COL1 rtand_100
U to Can. com
•
Preferred
100
U S Playing Card
20 139%
US Print & Litho. com.100
U 8 Shoe. corn
•
Preferred
100
Whitaker Paper. corn. •
Preferred
100
511
"BanksFifth-Third-Union units100
110% 112%
25% 26
46% 4734
109%
65% 66
02 202
33
34
2334 1C3%
Si
52
289., 23%
65% 66
65
65
277 277
30% 31%
35
35
38
38%
100% 10034
10634 106%
15% 1534
100 100
120 132
WO% 102
734 8
150% 161
112 112%
96% 97
109 109
21
22%
40
40%
100 100
13934 139%
86% 87
8
8
46% 47
49% 49%
99
9934
320
pr Public UtilitiesCincinnati Gas & Elec _100 89
89
C N & C Lt & Tr. com_100 89
89
Preferred
100 6934 69
Ohlo_Bell Tele% Prel--100 110
110
Tractions
IF
.1 Cincinnati Street By _ __50
'RailroadsLittle Miami, guar
•No
50
par value.
33%
320
89%
89%
6934
110%
33% 34
93
93
813
465
3,784
55
10
12
721
44
100
221
100
158
1
1,288
20
359
15
38
20
10
154
15
70
2,943
161
163
4
50
504
19
154
24
100
50
3
34
High.
108
24%
46%
109
65%
200
30
102%
51
23
6534
60
275
2634
33%
36%
95
103%
1434
99
105
100
634
139%
10834
85%
Mar
May
July
May
July
July
Jan
Jan
July
July
July
Mar
June
Mar
Jan
Feb
Jan
Jure
Apr
Jan
Mar
May
Mar
Jan
Apr
Jan
15%
10234
135%
104
9%
164
114%
98
Jan
Mar
Feb
Apr
Mar
Feb
July
Mar
Feb
Jan
Mar
Jan
MaY
Jan
Mar
Feb
Jan
Aur
Jon
Mar
Jan
Apr
Jan
July
Apr
June
21
40
99
137
91%
6
45
43
98
July
July
Mar
Apr
Jan
Mar
May
June
Jan
24
63
104
155
100
8%
47
66
103%
June
Jan
Feb
Jan
Feb
Feb
July
Jan
Apr
10 318
147%
27%
59
111
75
248
34
105%
70
25%
go
7134
300
36
39
40
101
Mar 330
Apr
264 88
43 81%
30 64
105 109
May 95
Jan 93
Apr 70%
Jan 115
Mar
June
June
July
954
32
Mar
35
Mar
91
June
93
July
Oats.
Barley.
Rye.
bbls.19618s.bush.60 lbs.bush.56 lbs.bush.32 lbs.bush.481bs.bush.561bs.
458,111
91,111
994,000
Chicago
237,000 1,659,000
18,000
112,000
1.312,000
104,000
Minneapolis._
69.000
30.000
116,000
509,000
Duluth
30,000
55.000
411,000
79,000
426.000
23,000
Milwaukee
94,000
14.000
49,000
26,000
42.000
Toledo
3.000
4,000
14,000
Detroit
284.000
118,000
72,000
Indianapolis_
428.000
556.000
St. Louis _ .. _.
2.000
801,000
68,000
521,000
193.000
3,000
40,000
Peoria
22,000
13.000
290,000
6.155,000
Kansas City...
156,000
377,000
462,000
Omaha
6.000
222.000
553.000
St. Joseph__
4,111
2,108,000
14,000
Wichita
36,111
89,000
97,000
Sioux City_
Total wk. '26
Same wk. '25
Same wk. '24
368,000 14,251,000
441,000 7.747,000
401.000 8,601,000
3,580,111
1,773.000
3,586.000
2.042.000
2,804,1 s I
2.339.111
308.000
120,000
615,000
67,000
291,000 1,226,000
Since Aug.121,530,000 354.374.000229,936.000215,893.00070,319,000 23,139.000
1925
22.461,000 501,368,000235,536.000260.978,00063,507,000 56.129,000
1924
20.772.000 231,212.000 283.322.000 224,375,000 39.576.000 31.970.000
1923
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, July 17, follow:
Wheat.
Flour.
Bushels.
1,627.000
194.000
447,000
172,000
3,424,000
308.000
139,000
Barrels.
New York_ _ _
195.000
33,000
Philadelphia_
Baltimore......
12.000
57,000
New Orleans•
Galveston._
50,000
Montreal...._
32,000
Boston
379,000 6,311,000
Total wk. '26
Since Jan.1'26 12.852,000 111,111,000
Corn.
Oats.
Bushels.
15, I I
1,001
6.001
39.000
Barley.
Rye.
Bushels.
Bushels. Bushels.
236.001
32.000
175.000
20,000
49,111
1.000
46,011
11,011
2,001
48.111
14,000
1.000
3,000
70,000
13.000
74,011
413.000
116.000
179.000
9,734,001 29,616,00016,013.000 8,206,000
82,001 1,611,000
Week 1925 _ _ _
366,000 2,877.000
825.000 1.029.000
Since Jan.1'25 14.015,000 102,181,000 3.674.000 36.083,11 17.250.00023.700.000
•Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, July 17 1926, are shown in the annexed
statement:
Corn.
Wheat.
Exports irons-
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
1.031,357
98.875 201.489 309.937 251,443
187,000
20,000
21.000
16,000
55.000
2.000
98,000
20,000
12,000
6,000
1.478,000
1.000
3,123,000
90.000 1,603,000 460,000 786,000
New York
Boston
Baltimore
New Orleans
Galveston
Montreal
Total week 1926_ _ 5,886,357
3.148.486
Sarno work 109N
114.000
86.900
231.875 1.810.489 769,937 1,058.443
192.290 1.693.226 1.431.085 719.217
The destinat'on of these exports for the week and since
July 1 1926 is as below:
Flour.
Exports for Week
and Since
July 1 to-
Range Since Jan. 1.
Low,
Corn.
Wheat.
Flour.I
Receipts at-
Receipts atWeek Ending July 23.
Sales at
New York Stock
Exchange.
423
THE CHRONICLE
JULY 24 1926.]
United Kingdom_
Continent
So. & Cent. Amer_
West Indies
Brit.No.Am.Cols_
Other Countries...
Total 1926
Total 1925_ _
Week
Julu 17
1926.
Since
Juiu 1
1923.
Wheat.
Week
Jul, 11
1926.
Bushel..
Barrels. Barrels.
163.469 2.574,533
81.183
231.582 3,299.824
120 472
12,000
17.000
8.1100
30,000
121)0))
10.220
231.875
192.290
Corn.
Week
July 17
1926.
Since
July 1
1926.
Sines
July 1
1926.
Bushels.
Bushels. Bushels.
4 166,068
16,000
16.000
6641,839
12.000
59,000
126,000
39,000
131.000
10,220
452,271 5.886,357 10.819,507'
858.297 3,148.486 10.919,458
114,000
86,900
273.000
304.900
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, July 16, and since July 1 1926 and 1925,
are shown in the following:
Wheat.
Corn.
1926.
Week
July 16.
Since
July 1.
Week
July 16.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 11,343,000 19,530,000 14,905,000
50,000
Black Sea._ _
800,000
424,000
1,105.000
A rgentina.._ _
963.000 2,458,000 4,580,000 2,784,000
400,000 1,496,000 3,392,000
Australia ___
India
256,000 1,192,000 1,104,000
Oth,CountrTotal
13.386,000 25.476,001 23,981.000 3.939.000
Since
July 1.
1925.
Since
July 1.
Bushels.
Bushels.
139.000
115,000
1,998,000 2.639.000
7,544,000 10,460.000
9,657,111 13.238.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, July 17, were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
"
afloat
Toledo
Detroit
Chicago
afloat
GRAIN STOCKS.
Wheat,
Corn,
Oats.
Rye.
bush,
bush,
bush.
bush,
35,000
461.000
50.000
259.000
2.000
16,000
4.000
187.000
93,000
119.000
34,000
58.000
118,000
260,000
9,000
27,000
202,000
250,000
108.000
2,051,000
3.000
379.000
104,000
673.000
7,000
932.000 3,312.000 1,959,000
72.000
318,000
306,000
474.000
41.000
102,000
367,000
35.000
3.000
10,000
105.000
1,161,000 15,783.000 3.290.000 2,239,000
Barley.
bush.
17.000
2,000
4,000
21,000
81,000
1.000
130.000
96.000
Rye.
Oats.
Wheat.
Corn.
Barley.
bush.
bush.
United States (Cenci).
bush,
bush.
bush.
250,000
71,000
Milwaukee
96,000
258,000
820,000
191,000
Duluth
964,000
9.000 9,288.000 2,786,000
Minneapolis
2,431,000
381,000 14,039,000 3,262,000 1,943,000
11,000
Sioux City
7,000
194,000
112,000
48,000
6,000
St. Louis
4,000
274,000 1,323,000
166,000
14,000
Kansas City
49,000
548.000
1,876,000 2,772,000
Wichita
1.000
2,825,000
2,000
St. Joseph, Mo
6,000
4,000
410,000
605,000
Peoria
244,000
300,000
Indianapolis
31,000
632,000
12,000
33,000
4,000
Omaha
359,000
560,000 2,220,000
On Lakes
265,000
511.000
150,000
127,000
34,000
On Canal and River_ _ _ _
17,000
Total July 17 1926...A6.372,000 27,149,000 34,802,000 8,971,000 2,591,000
Total July 10 1926._ .14.162,000 28,570,000 36,203,000 9,918,000 2,696.000
Total July 18 1925_ _ _25.233.000 8,682,000 27,562,000 5,085,000 1.037,000
Note.-Bonded grain not included above: Oats, New York, 25,000 bushels; Buffalo,
68,000; Duluth, 51,000; total, 144,000 bushels, against 359,000 bushels in 1925.
Barley, New York,52,000 bushels; Buffalo. 79,000; Duluth,30.000: Chicago,953,000:
total, 1,114,000 bushels, against 761,000 bushels in 1925. Wheat, New York,
1,356,000 bushels; Philadelphia, 803,000; Baltimore, 573,000; Buffalo, 1,871,000;
Buffalo afloat, 106,000; Duluth, 110.000; Chicago. 585,000; On Canal, 189.000:
total, 5,593,000 bushels, against 3,411.000 bushels in 1925.
Canadian402,000
2,541,000
40.000
Montreal
3,607,000
787,000 2,760,000
Ft. William & Pt. Arthur_ 15,072,000
2.450,000
394.000 1,022,000
1,358,000
Other Canadian
5.395,000
6,349,000
Total July 17 1926_ _ _ _24.074,000
6,310,000
Total July 10 1926 _ _ _ _24,368,000
Total July 18 1925...J9.677.000
263.000 5.172,000
SummaryAmerican
16,372,000 27,149,000 34,802,000
Canadian
6,349.000
24,074,000
1,221,000 4,184,000
1,438,000 4,301,000
1,064,000 1.571,000
8,971,000 2,591,000
1,221,C00 4,184,000
Total July 17 1926. _.45.446.000 27,149,000 41.151,000 10,192,000 6,775,000
Total July 10 1926._ _38,530.000 28,520,000 42,513,000 11,356,000 6,997,000
Total July 18 1925_ _ A4,910,000 8.945,000 32.734.000 6.149.000 2,608.000
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
July 13-The Seward National Bank of New York, N.Y
$1,000,000
Correspondent, W. H. Woodward, care of Clinton
Gilbert, 2 Wall St., New York.
July 15-The Willamette National Bank of Portland. Oregon.- 200,000
Correspondent, B. W.Jones, 1112 Porter Bldg., Portland, Oregon.
July 16-The Tioga National Bank of Philadelphia.Pa
200,000
Correspondent. Wilbur II.Zimmerman,3441 Old York
Road. PhiladelpIlla, Pa.
APPLICATIONS TO ORGANIZE APPROVED.
- July 15-The First National Bank of Fontana, Calif
50,000
Correspondent, A. B. Miller, Fontana, Calif.
July 15-The South Broadway National Bank of Denver. Colo- 200,000
Correspondent, Horace W. Bennett, 1010 16th St.,
Denver, Colo.
•
APPLICATION TO CONVERT APPROVED.
July 16-The First National Bank of Auburndale, Fla
50,000
Conversion of the State Bank of Auburndale, Fla.
CHANGES OF TITLE.
July 14-8,394-The Closter National Bank, Closter, N. J. to
"Closter National Bank and Trust Company."
July 17-3,728-The National Bank of Arizona at Phoenix,
Ariz. to "First National Bank of Arizona at Phoenix."
VOLUNTARY LIQUIDATIONS.
July 12-10,054-The Greenpoint National Bank of Brooklyn,
New York, N.Y
200,000
Effective 12 o'clock noon, July 10 1926. Lig. Comm.:
David E. Freudenberger, 123 Russell St. Brooklyn,
New York,
'
N. Y.; Edward E. Huber, 200-5th Ave.,
N. Y. and Walter Wilmurt,845 Lincoln Place, Brooklyn. N. Y. Succeeded by a State bank.
July 15-6,349-The First National Bank of Pelican Rapids,
25,000
Minn
Effective July 1 1926. Lig. Agent. H. 0. Wagner,
Pelican Rapids, Minn. Succeeded hv Otter Tall
County State Bank, Pelican Rapids, Minn.
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Wise, Hobbs, & Arnold, Boston:
$ per sh.
Shares. Stocks.
328%
2 Old Colony Trust Co
5 Naumkeag Steam Cotton Co____160g
78g
10 Flhat Mills
8 Waterloo Textile Corp., pref._85 & div.
16%
5 Dwight Manufacturing Co
9 Naumkeag Steam Cotton Co_ _ _ _160
54
11 Ipswich Mills. COMMOn
123
16 Great Falls Mfg.Co
100 Gt. Atl. & Pao. Tea Co. of
1633(
Inc., common
Trust
.
7334
10 unitsFirstPeoples
95
3 blocks K. A. Hughes Co
9834
1 Union Twist Drill Co., pref
7334
1 unit First Peoples Trust
4special units First Peoples Trust__ 534
200 New Bedford Gas & Edison
Light, full paid rots., par $25____ 8034
311 The Three Millers Co.,com1$4100
90 The Three Millers Co., pref.__ J lot
125 Cape Cod Packing Co., pref3100 lot
7334
17 units First Peoples Trust
554
5special units First Peoples Trust
5 Amer.Founders Trust, com__32 ex-div.
$ per sh.
Shares. Stocks.
3 units First Peoples Trust
735
2 units First Peoples Trust
733
733i
2 units First Peoples Trust
1 special unit First Peoples Trust..,. _ sti
1 special unit First Peoples Trust_ 5(
73Si
8 units First Peoples Trust
62
40 Graton & Knight Co., pref
20 Brockton G.L. Co., par $25---- 4354
5 Amer. Glue Co., pref__ _ _111 g ex-div.
4 Lawrence G.& El. Co., par $25.- 58
25 Sullivan Machinery Co_ _100% ex-div.
5W.L.Douglas Shoe Co., pref..-- 82
108
50 Amer. Mfg. Co., common
82
10 Amer. Mfg. Co., pref
1034
5 Laconia Car Co., common
156 New Bedford G. dv Edison
Light CO., par $25
80).1-81)4
$ per sh.
Shares. Stocks.
4 Phila. BOUree,corn., par $50 Co., 15
32 Glen Willow Ice Mfg.
10
par $10
15 Market St. Title & Tr., par 850_40034
10 Market St. Title & Tr., par $54L40034
33634
3 Tenth Nat. Bank
560
8 Phila.-Girard Nat. Bank
559
Bank
Nat.
Phila.-Girard
19
558)(
Bank
9 Phfla.-Girard Nat.
275
Nat. Bank of Commerce
543
Bank
Nat.
-Fourth
Franklin
5
Bank_216
8 Drovers & Merchants&Nat.
Trust Co.,
5 Lancaster Ave.Title
97
par $50
340
10 West End Trust Co
1013
Co
Trust
Philadelphia
3
& Trust
8 West Philadelphia Title
24651
Co., par $50
12834
$50
par
Co.,
10 Mutual Trust
Dep. Co 257
26 Guarantee Tr.& Safe
Shares. Stocks.
$ per oh
10 Sixty-Third St. Title & Trust
Co., par $50
5034
10 Peoples Bank Sv Tr., par $50_ _ _ _164
15 Central Tr.& Say. Co., par 250-190
13 United Security Life Ins. & Tr_20934
25 Broad St. Trust Co.. Par $50-- 70
5 Camden Safe Dep.& Tr.. par $25_132
16 Fidelity Title & Tr. Co., Pitteburgh,
400
70 John B.Stetson Co.,corn., no par 91
Pa3
Ry
40 Union Pass.
11034
15 Union Pass. Ry
110
5 Citizens Pass. Ry
19814
119 Autocar Co., common
49
4 Phlla. Bourse. common, Dar $50-- 15
60 Phila. Life Ins. Co., par $10---- 14
2154
55 Reliance Ins. Co., par $10
Per cent.
Bands$1,000 Manufacturers Club of Phila.
95
2d 65, 1940
Bonds.
Per cent.
$1,000 West Indies Fruit Co. cony.
deb. 85, July 1935 ($250 pleces)..$9 lot
82,1100 U. S. Envelope Co. 5s,
9934 & lot.
Dec. 1930
By Barnes & Lofland, Philadelphia:
[VOL. 123.
UTE CHRONICLE
424
By Adrian H. Muller & Sons, New York:
Shares. Stocks.
$ per oh. Shares. Stocks.
$ per oh.
3,500 Cala)Chemical Co., com__ _ 50c. 2 Boston Securities Co., pref
$12 lot
1,600 Van Camp Packing Co., Inc.,
10 Railway & Dock Construe. Co.1$3 lot
corn
7 Federal Voting Mach. Co.,par $1
$4
3.500 Calco Chemical Co., corn..._ 505. 60 Maryland Pressed Steel Co.
1,600 Van Camp Packing Co., Inc,.
corn., par $10
$24 lot
COM
$4
35 Southwest Texas RR. Co
3,500 Calco Chemical Co., com
_50c. 21 Kensico Cemetery
1,600 Van Camp Packing Co., Inc..
25 Forest Lake Cemetery of $300
COM
$4
lot
Prince George's County
3,500 Calco Chemical Co., corn
_50c. 25 Lakeside Cemetery, Buffalo
1,600 Van Camp Packing Co., Inc.,
17 Tabard Inn Book Co., corn..
corn
par 810
$4
3 500 Calco Chemical Co., com___-50c. 16 Tabard Inn Book Co., pref.,
1,600 Van Camp Packing Co.,Inc.
par $10
$22 lot
COM
$4
20 Chester County Agricultural
3,500 Calco Chemical Co., com
Assn., par $5
_50e.
1,600 Van Camp Packing Co., Inc.,
55 Grand View Land Co
corn
or Cent.
$4
Bonds.
5 Automotive Devel. Co., corn,_
82.000 Shur-On Standard Optical
2 Van Exem & Co., Inc., corn., no $5 lot
75
634s, 1940
par
$2,000 Chicago Terre Haute & South
10 Van Exem dc Co., Inc., pref._
East Ky. 1st 5s, 1960
85
130 Quinn Drug Co., Inc
$300 lot $1,000 Lake Shore Electric 5s, 1933 40
790 Victor Coal & Coke Co
100. $2,000 New Orleans Great Northern
500 Amer. Electrice Corp., corn.
lot 58, 1955
78
v. I. c., no par
834 87,000 Eastern Vermont Public Ser500 American Electrice Corp., class
vice Corp. 55, 1946
22
A cony. par $25
$20
$3,000 United Ky.,St. Louis, 1st 4s,
Sundry notes recelvable aggregating
1934
7531
approximately 84.692 05
850 lot $4,000 Norwalk Steel 434s, 1929.... 31
5 Guantanamo & Western RR.,com
$16,000 Va. Tenn. dv Caro. Steel de
5 Guan. & West. RR., 1st pref.__ $230
Iron 5-year coll. trust 6s, 1894,
3 Eastern RR.of Cuba v. t. c., and lot
Jan. 1892 and subsequent cou$130 scrip v. t. c
pons attached
22 lot
1 Clinton Hall Association
$20 lot
By It. L. Day & Co., Boston:
Shares. Stocks.
$ per sh.
20 Old Colony Trust Co
329
3 Beacon Trust Co
26034
20 Fort Hummer Mills, 26 pref
3134
22 Ludlow Mfg, Associates...16734-168
63 Waltham Bleachery & Dye Wks. 25
8 Androscoggin Mills
52
96
7 Brookside Mills
40 New Bedford Gas az Edison Light
Co., par $25
8034
25 Draper Corp
133
13 Turners Falls Pow.& Elec. Co 177
10 Boston Woven Hose & Rubber
Co., preferred
10134
16 Haverhill Electric Co., par 825.- 68
135
10 Plymouth Cordage Co
50 New Bedford Gas& Edison Light
Co. receipts, par $25
79
Shares. Stocks.
per al.
2 Merchants Nat. Bank
36834
2 Collateral Loan Co
131
25 Merrimac Hat Corp., common,
29
Par $25
6 reg. waits First Peoples Trust
7334
10 Hood Rubber Co.,7SI% pf_100,ex-div.
10 Plymouth Cordage Co
135
50 Fall River Elec.Lt. Co., par $25- 4634
31 New Bedford Gas & Edison Lt.
Co., full paid rects., par $25__._ 86)4
Percent.
Bonds.
32,000 Pacific Mills 534% notes,
9134
Feb. 1 1931
83,000 Boston & Maine RR. 434s,
Jan. 1944
8634
$500 Pawtucket Gas Co. 1st mtge.
45, May 1 1932
9334
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Connecticut dr Passumpsic Rivers
Iviassawippl Valley
Peoria & Bureau Valley
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
5
Aug. 1 Holders of rec. July 1
Aug. 1 Holders of rec. July
3
1
*334 Aug. 10 *Holders of rec. July 16
Public Utilities.
Alabama Water. first preferred (quer.).134 July 15 Holders of rec. July 10
*750. July 29 *Holders of rec. July 15
Amer. Dist. Teleg. of N.J.(guar.)
Associated Gas & Elec.,$6 pref.(quar.)_ 151.50 Sept. 1 Holders of rec. July 31a
*13 1.6234 Sept. 1 Holders of rec. July 31a
$634 preferred (guar.)
Connecticut By.& Lt.. CUM.&Pt.(q11.) *134 Aug. 14 *Aug. 1 to Aug. 15
Cumberland Co. Pow.& L., pref. (qu.)_
134 Aug. 2 Holders of rec. July 17
Dallas Power & Light, preferred (guar.)_
134 Aug. 2 Holders of rec. July 21
Forshay(W.B.)Co.,corn.(monthly)_ _ _
2-3 Aug. 10 Holders of rec. July 31
7% preferred (monthly)
7-12 Aug. 10 Holders of rec. July 31
Preferred Series A (monthly)
2-3 Aug. 10 Holders of rec. July 31
Pacific Power & Lirht, preierred (quar
131 tug. 2 Holders of rec. July 17
Peoples Lt.& Pr.Corp.corn.cl.A(mthly) 162-3c Aug. 10 Holders of rec. July 31
7% preferred (monthly)
7-12 Aug. 10 Holders of rec. July 31
Portia.ni Gas & Coke, preferred (quar.)_
13-4 Aug. 2 liuldere of rec. July 17
134 Aug. 2 Holders of rec. July 17
Texas Power & Light. preferred (quar.)Aug. 2 *Holders of rec. July 15
United Street Ry.(New Bedford) (gu.)_ sl.
United Gas Impt.(stock div.)
Nov. 15 *Holders of rec. Oct. 15
725
washinat.at Gas Light (Soar.)
900 Aug. 2 Holders of rec. July 15
Wllmington Gas Co., preferred
Sept. 1 Holders of rec. Attg.:188
3
Banks.
Stapleton (S. I.) National Bank
5
July 15 Holders of rec. July
6s
Miscellaneous.
Abbott's Alderney Dairies, 1st pref.(qu.) *134 Sept. 1 *Holders of rec. Aug. 14
American Brick, common (quar.)
*25c. Aug. 2 *Holders of rec. July 26
*00e. Aug. 2 *Holders of rec. July 26
Preferred (guar.)
Amer. European Securities, pref. (guar.) 41.50 Aug. 16 Holders of rec. July 31
Arnold Bros. Ltd. 1st pref.(quer.)_ _ _ _
134 Aug. 1 Holders'of rec. July 19
Second preferred'(Suer.)
Aug. 1 Hokiers of rec. July 19
2
Bethlehem Steel Corp.,7% pf.
*154 Oct. 1 *Holders of rec. Sept. 1
Brockway Motor Truck
*Holders of rec. July.23
*500.
Stock dividend
*2
*Holders of rec. July -23
Buckeye Pipe Line (quar.)
Sept. 15 *Holders of rec. Aug. 20
*S1
Extra
*50c. Sept. 15 *Holders of rec. Aug. 20
Burns Bros., class A corn. (guar.)
*$2.50 Aug. 16 *Holders of rec. Aug. 2
Class 13 common (quar.)
.50e. Aug. 16 *Holders of rec. Aug. 2
Burroughs Add. Mach. no par stk. (qu.)
75e. Sept.30 Holders of rec. Sept. 15
No par stock (special)
$1
Aug. 31 Holders of rep. Aug. 13
Preferred (quar.)
134 Sept. 30 Holders of rec. Sept. 15
Centrifugal Pipe Corporation (quar.)_ _ _ *25c. Aug. 16 *Holders of rec. Aug. 9
*34 Aug. 1 *Holders of rec. July 15
Cities Service,common (monthly)
Common (payable in corn.stock)
al% Aug. 1 *Holders of rec. July 15
Preferred and preferred B (monthly)_ _ •54 Aug. 1 *Holders of rec. July 15
'1J4 Aug. 2 *Holders of rec. July 22
City Manufacturing (quar.)
Crane Company, corn. (quar.)
154 Sept. 15 Holders of rec. Sept. 1
Dm.(payable In common stock)_ _ _ _ /10
Oct. 15 Holders of rec. Sept. 15
Preferred (quar.)
13-4 Sept. 15 Holders of rec. Sept. 1
Cuba Company,common (quar.)
$1 Sept. 1 Holders of rec. Aug. 160
Davis Mills (guar.)
*114 Sept.25 *Holders of rec. Sept. 11
Dictaphone Corp., common (guar.)._ 250. Sept. 1 Holders of rec. Aug. 20
Preferred (guar.)
2
Sept. 1 Holders of rec. Aug. 20
Dominion Bridge (quar.)
1
Aug. 10 Holders of rec. July 31
Dominion Engineering Works (No. 1)... 3
July 31 Holders of rec. July 20
Dairies,
(quar.)
Eastern
Inc.. corn.
50c. Aug. 1 Holders of rec. July 16
Preferred (Suer.)
134 Aug. 1 Holders of rec. July 16
Federal Purchasing Corp., class A
758. Aug. 1 Holders of rec. July 15
Class B
25c. Aug. 1 Holders of rec. July 15
Fitzsimmons & O'Connell Dredge &
Dock (guar.)
*500. Sept. 1 *Holders of rec. Aug. 21
General Outdoor Advertising, com.(gu.) *31 Aug. 16 *Holders of rec. Aug. 5
Preferred (quar.)
*154 Aug. 16 *Holders of rec. Aug. 5
JULY 24 1926.]
THE CHRONICLE
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
125
Per
When
Books Cloud.
Name of Company.
Cent. Payable.
Days Inclusive.
Public Utilities (Concluded).
Central dr Southwest Utilities, common_ $1
Aug. 2 Holders of rag. July 20
Preferred (guar.)
$1.75 Aug. 16 Holders of rec. July 31
Prior lien stock (guar.)
$1.75 Aug. 16 Holders of rec. July 31
Chicago Rapid'Fran., prior pref.(mthly.) 650. Aug. 1 Holders
of rec. July 200
Prior preferred (inonthle)
65e. Sept. 1 Holders of rec. Aug. 170
Columbia Gas& Electric, corn.(quar.)
51.25 Aug. 16 Holders
Seven per cent preferred, series A (qu.) 134 Aug. 16 Holders of rec. July 31a
of rec. July 310
Commonwealth Edison Co.(guar.)
2
Aug.
of rec. July 15e
Commonwealth Power Corp., com.(gu) 50c. Aug. 2 Holders
2 Holder; of rec. July 14a
Preferred (guar.)
I% Aug. 2 Holders of rec. July 14e
Community Power & Lt., 1st pref.(flu.)
. 51.7.5 Aug. 2 July 23 to Aug. 2
Second preferred (quar.)
2
Sept. 1 Aug. 22 to Sept. 1
Consolidated Gas, N Y prof.(rman)._ 874c.Aug. 2
Holders of rec. June 155
Consumers Power,6% pref.(quar.).. 134 Oct.
1 Holders of rec. Sept.15
6.6% preferred (quar.)
1.65 Oct. 1 Holders of rec. Sept. 15
7% preferred (quar.)
134 Oct. 1 Holders of rec. Sept.15
6% preferred (monthly)
50c. Aug. 2 Holders of rec. July 15
6% preferred (monthly)
50c. Sept. 1 Holders of rec. Aug. 16
6% preferred (monthly)
50c. Oct. 1 Holders of rec. Sept. 15
8.6% preferred (monthly)
55c. Aug. 2 Holders of rec. July 15
6.6% preferred (monthly)
55c. Sept. 1 Holders of rag. Aug. 16
6.6% preferred (monthly)
55c. Oct. 2 Holders of rec. Sept. 15
Eastern Massachusetts Street Ry., pi. B 3
Aug. 1 Holders of rec. July 16
First preferred
3
Aug. 15 Holders of rec. July 31
Sinking fund stock
3
Aug. 15 Holders of rec. July 31
Eastern States Pow.Corp., pf. A (guar.) $1.75 Any. 1 Holders of rec. July
15
Edison Electric Illum., Boston (quar.) 3
Aug. 2 Holders of rec. July 15
Edison Elec. III. of Brockton (quar.)_ _ _ 6214e Aug. 2 Holders if
roe. July 160
Electric Bond dr Share, pref.(quar.)_ _
1% Aug. 2 Holders of rec. July 10
Electric Finance Corporstion. pref
(1) Aug. 2 Holders of roe. July 23
Electric Investors, Inc.,$7 pref.(quar.) $1.75 Aug. 2 Holders of
roe. July 14
$6 preferred (quar.)
$1.50 Aug. 2 Holders
res. July 14
Empire uas& Fuel,8% pf (mthly.)_ • 562-3c Ang. 2 'Holders of
of rec. July 15
7% preferred (monthly)
581-3r Aug. 2 'Holders of rec. July 15
Fall River Gas Works(guar.)
750. Aug. 2 Holden
Ft. Worth Power & Light, pref.(guar.)- 134 Aug. 2 Holders (of ree. July 19s
General Public Service. $6 prof.(quer.). $1.50 Aug. 2 Hosiers of res. July 15
or res. July 9
Convertible preferred (quar.)
$1.75 Aug. 2 Holders of rec. Jule 9
Idaho Power, preferred (guar.)
154 Aug. 2 Holders of ree. July 15
Illinois Northern Utilities. Pref. (guar.)_
134 Any. 2 Hoiden
Illuminating dr Power Secur., corn.(qu.) 450. Aug. 111 Holders oft... July 154
of roe. July 31
Preferred (guar.)
134 Any. 14 Holders
Incllanapolls Power & Light, lot pt.(qu.) '134 Aug. 1 *Holders of roe. July 31
International Utilities, pref. (quar.)...._. $1.75 Any. 1 Holders of rec. July 20
of ree. July 20
Interstate Railways. corn.(guar.)
300. Aug. 2 July 16 to Aug. 2
Knoxville Power & Light, pref.(quar.)
144 Aug. 2 Holders of rec. July 20
Lawrence Gas & Elec. (guar.)
6234c Aug. 2 Holders of res. July 15e
Long Island Lighting, common (guar.).- 50c. Aug. 1 Holders
of roe. July 21
Manila Elec. Corp., common (quar.)--- 50c. Ost 1 Holders of
res. Sept. 150
Common (quar.)
50c. Dec. 31 Holders of rec. Dee. 15a
Massachusetts Gas Cos.. coin. (guar.)- - $1.25 Aug. 2 Holders
of
Middle West Utilities, common (quiz.)_ $1.50 Aug. 16 Holders of rec. July I5a
rec. July 31
Milwaukee Elec. icy. & Lt.6% Pt.(qu.) 154 July 31 Holders
Mohawk-Hudson Power, 1st pref. (:61.)- $1.75 Aug. 2 Holders if rec. July 200
of rec. July 20
Second pref. (acct. accum. divs.)
$1.75 Aug. 2 Holders of rec. July 20
Montreal Lt., Ht.& Power (guar.)
2
Aug. 16 Holders of rec. July 31
Montreal Lt., Ht.& Pow.Consol.(qu.)
2
Aug. 16 Holders of rec. July 31
Montreal Water & Power. corn. (quar.) 6234e Aug. 14 Holders
of rec. July 31
Preferred (guar.)
134 Aug. 14
of rec. July 31
National Electric Power, class A (guar.) 1450. Aug. 2 Holders
Holders of rec. July 10
Nat.Power de Light,common (guar.).- 20e. Sept.,'I Holders of
rec. Aug. 14
Nevada-Csill. 1.1. corp., pref (quer ).iq tug. 2 Holders of rec. June 30
Northern N.Y. Utilities, pref.(guar.)- 131 Aug. 1
Holders of rec. July 15
Below we give the dividends announced
in previous weeks Nortnern Ontario Lt. dr Pow.,corn (qu.) .$1
July 25 "Holders of rec. June 30
Preferred
and not yet paid. This lisp
*3
July 2 'Holders of rec. June 30
not
dividends an- Northern States Power,clam Acorn.(qu.) $2
Aug. 2 Holders of rec. June 30
nounced this week, these being given in
the preceding table. North West Utilities, pref. (guar.)
134 Aug. 16 Holders of rec. July 31
Uhio,Edison Co., b% pref (guar.)
131 Sept. 1 Holders of rec. Aug. 16
6.6V preferred (quar.)
1.65 Sept. 1 Holders of rec. Aug. 16
Per
When
7% preferred (quar./
Books Closed.
134 Sept. 1 Holders of rec. Aug. 16
Name Of Company.
Cent. Payable.
6.6% preferred (monthly)
Data Inclusive.
55e. Aug. 2 Holders of rec. July 15
6.6% preferred (monthly)
550. Sept. 1 Holders of rec. Aug. 16
Railroads (Steam).
Ontario
Light
& Power. corn.(qu.)
*1
Alabama Great Southern, pref.(quar.)__
July 25 *Holders of rec. June 30
Aug. 16 Holders of rec.
Preferred
.3
Preferred (extra)
July 25 'Holders of rec. June 30
Aug. 16 Holders of rec. July 12
Pacific Gas & Elec., preferred (quar.)
Atchison Topeka & Santa Fe, corn.(qIL)
41.50 Aug. 15 "Holders of rec. July 31
Sept. I Holders of rec. July 12
Pacific Lighting, common (quar.)
"4
Preferred
Aug. 16 *Holders of rec. July
Aug. 2 Holders of rec. July 23a
30
Preferred (quar.)
Baltimore & Ohio, corn. (quar.)
'134 Aug. 16 *Holders Of rec. July 30
Sept. 1 Holders of rec. June 250 Penn-Ohio Edison
Co., 7% prior pf.(flu.) 131 Sept. 1 Holders of rec. Aug. 21
Preferred (quar.)
Sept. I Holders of rec. July 17a Philadelphia Company,
co.nmon (quill.) $1
July 170
July 31 Holders of roe. July 10
Canada Southern (quar.)
Aug. 2 Holders
Phila. Rapid Transit, corn.(guar.)
of
$1
Central RR.of New Jersey (extra)
July 31 Holders of rec. July 15
Aug. 16 Holders of rec. June 250 Power & Light
Securities Trust (No. 1). 50e. Aug. 1 Holders of rec. June 25
Cuba RR., preferred
Aug. 2 Holders of rec. Aug. 60 Pub.Serv.Corp.
of N.J., corn.(quar.)._ $1.25 Sept.30 Holders of rec. Sept. 35
rec.
July
150
Preferred
Feb1'27 Hold. cif rec.
Eight per cent preferred (quar.)
2
Sept.30 Holders of rec. Sant. 30
Delaware dr Hudson Co. (qear.)
Sept. 20 Holders of Jan. 15'270
Seven per cent preferred (quar.)
184 Sept.30 Holders of rec Scot.
Great Northern. preferred
Aug. 2 Holders of rec. Aug. 28a
3a
per cent preferred (guar.)
Six
rec.
June
250
Manhattan
134 Sept.30 Holders of rec. Sept. 30
preferred
Hudson &
,
Aug. 16 Holders of
Publio
Service Co. of Nor. IllinoisIllinois Central, COM. (quar.)
Sept. 1 Holders of rec. Aug. 2a
Common (guar.)
rec. Aug. 30
2
Aug. 2 Holders of rec. July 15
Preferred
Sept. 1 Holders of rec.
Seven per cent pref. (guar.)
Aug. 3a
131 Aug. 2 Holders of rec. July 15
Internat. Rys. of Cent. Amer.. ill.(1111.)Aug. 16 Holders of
Six p.r cent pref.(guar.)
rec. July 310
1% Aug. 2 Holders of rec. July
Louisville & Nashville
Aug. 1
15
Holders
Extra
Aug. 10 Holders of rec. July I50 Public Service Elec. Power, prof.(quar.) $1.75 Aug. 2 Holders of rec. July 150
of
Railway & Light Secur., corn.(no par)_ _ $1
Aug. 2 Holders of roe. July 150
Mahonlng Coal RR.,corn.(quar.)
Aug. 2 Holders of rec. July 150
Preferred
rec.
July
15a
3
Michigan Central
Aug.
2
Holders
of
rec. July 15a
July 29 Holders of
Sierra Pacific Electric Co.. cola.(quiz.) 50c. Aug. 2 Holders
Extra
July 20 Holders of rec. June 25a
of rec. July 146
Preferred (quar.)
rec. June 25a
Mine Hill & Schuylkill Haven
134 Aug. 2 Holders of roe. July 14a
Aug. 2 July 16
South Pittsburgh Water 5% preferred._
to
Aug.
Missouri-Kansas-Texas. pref. A (quar.).
1
Aug.
19
234
Holders of roe. Aug. So
Aug. 2 Holders of
rec. July 15a Southern California Edison, corn. (qu.).
Nashville Chattanooga & St. Louis
Any. 15 Holders of roe.
Aug. 2 Holders of rec.
July 242 Southern Colorado Power, corn. A (qu.) 50e. Aug. 25 Holders of ree. July 20a
New York Central Bit. (quar.)
Aug. 2 Holders
July 31
of rec. June 250 Standard Gas & Electric, corn.(quar.)__ 750. July 25 Holders
Norfolk & Western, common (quar.)
Sept.18 Holders of
Common (payable in common stock)- 11-100 July is Holders of res. June 30a
rec. Aug. 3Ia
Adjustment preferred (quar.)
of roe. June 30a
Aug. 19 Holders of rec.
Common
July
(payable
Northern Pacific (guar.)
common
in
31a
11-200
stock).
Oet.
25
Noldsue
Aug. 2 Holders
Common (payable In common stock)-- 11-200 Jae);17 Holders of roe. Sept.30s
of rec. June 300
Pennsylvania RR.(quar.)
of res. Dec. 31a
Aug. 31 Holders of rec.
7% preferred (quay.)
Pere Marquette, prior pref.(quar.)
194 July 21 Holders of roe. June 30
Aug. 2 Holders of rec. Aug. 20 Standard
Preferred (quar.)
July
Power
&
Light,
pref.
(quar.)15a
$1.75
Aug. 2 Bolden of res. July 16
Aug. 2 Holders
of
Pennessee
Pittsburgh & Lake Erie
East.El. Co.$7 prof.(quar.)_ $1.75 .3ept. 1 Holders of rec.
Aug. 2 Holders of rec. July 15a
Aug. 26
6% preferred ((wax.)
Pitts. & West Virginia, corn.(quar.)_
1)4 •;ept. 1 Holders of rec. Aug. 26
July 31 Holders of rec. July 16a
rec. July 150 Tennessee Elm.Pow.,6% first pref.(qu.) 114 Oct. 1
Common (quar.)
Oct. 30 Holders of rec.
Holders
of
roe.
Sept.
15
Seven per cent first pref. (quar.)
Common (quar.)
1% Ost. 1 Holders of rec. Sept.15
Jan. 31 Holdersofrec. Oct. 15a
7.2%,first preferred
Jan.15'27a
Reading Company, corn.(quar.)
1.80 Oct. 1 Holders of rec. Sept.15
(guar.)
Aug. 12 Holders of rec.
Six
per cent first preferred (monthly)- 500. Aug. 2
July I5a
First preferred (quar.)
Sept. 9 Holders of
Six per cent, first preferred (monthly) 500. Sept. 1 Holders of rec. July 15
Second preferred (quar.)
Aug. 230
Oct. 14 Holders of rec.
Six per cent, first preferred (monthly) 50c. Oct. 1 Holders of rec. Aug. 16
roe.
St. Louis-San Fran., prof.(quar.)
Aug. 2 Holders of rec. Sept.21a
Holders of rec. Sept.15
7.2% first preferred (monthly)
Preferred (quar.)
60e. Aug. 2 Holders of rec. July 15
Nov. 1 Holders of rec. July 15a
7.2% first preferred (monthly)
Southern Railway, common (quar.)__
60e. Sept. I Holders of roe. Aug.
Aug. 2 Holders of rec, Oct. 150
16
July 106
7.2% first preferred (monthly)
Virginian Railway, Preferred
60c. Oct. 1 Holders of rec. Sept.15
Aug. 2 Holders
of rec. July 223
Second preferred
Wabash icy., preferred A (guar.)
$1.50 Aug. 2
Aug. 25 Holders of rec.
July 290 United Lt.& Pow.,old cow. A& B (flu.) talc. Aug. 2 Holders of rec. July 9
Holders of roe. July 150
New common A dr B (guar.)
Public Utilities.
12e. Aug. 2 Holders of rec. July 15a
United Rye.& Elec.,
American Electric Power, pref.(guar.)._ $1.7 Aug. 2
50c. Aug. 16 Holders of rec. July 17a
Holders of rec. July 220
Amer. Gas & Elec.. pref.(quar.)
Foreign
Secur., 1st pref.(guar.)_ 051.50 Aug. 1 Holders
$1.50 Aug. 2 Holders of
of rec. July 11
rec. July 10
First pref.(75% paid) (guar.)
American Light & Traction, corn.(quar.) 2
Aug. 2 JULV 17
51.1234 Aug. 1 Holders of rec. July 11
to July 29
United Utilities, preferred
Preferred (quar.)
134 Aug. 2 July 17
'$3.50
Sept.
1
*Holders
of
rec. Aug. 20
West Chester Street Ity.. pref.(quar.)
American Telep. & Teleg. (quar.)
2% Oct. 15 Holders of to July 29
1% Sept. 1 Holder(' of rec. Aug.
Preferred (quiz.)
22
Quarterly
2% an 15'27 Holders of rec. Sept. 200
134 Dec. 1 Holders of rec. Nov.21
rec.
Dec.
West
Quarterly_ Penn
206
Electric Co.,7% Pref.(guar.) 1% Aug. 16 Holders
214A pr 15'27
of rec. Aug. 20
Amer. Water Works & Elmo min. (Q11.) 30c. Aug. 16 Holders of roe. Mar. 15a West Penn Power Co.,7% pref.(guar.). 1% Aug. 2 Holders of
rec. July 1.50
Holders of rec.
Six per cent preferred (quar.)
Common (Payable In common stock)
134 Aug. 2 Holders of rec. July 156
1254 Aug. 17 Holders of rec. Aug. 20
Aug. 20 West Penn Railways,6% pref.(quar.).... 134
Seven per cent first preferred (guar.)
1,‘ Aug. 15
Sept.15 Holders of rec. Sept. 1
Associated Gas ar Elec., Class A (quer.). (o) Aug. 2 Holders of rm. Aug. 2a Winnipeg Electric Co. (quar.)
1
Aug. 1 Holders of rec. July 10
Holders of rec. June 30
Wisconsin Power & Light, pref. (quar.)_
BRUIN Hydro-Elea- Co., corn.(quar.)
134 Aug. 2 Holders of roe.
'$1.75 Sept. 15 *Holders of rec. Aug. 31
Wisconsin River Power. Pref.
Boston Congo'. Gas,631% prof
35,
4 Aug. 2 Holders of rec. July 10
(guar.)
134 Aug. 20 Aug. 1 to Aug. 20
York
July
15
Railways,
04% preferred
pref.
(guar.)
231 Aug. 2 Holders of rec.
6234c. July 30 July 21 to July 29
July 15
Brasilian Tract., L.& Pow. ord.(guar.) 131 Sept. I Holders
of rec.
Banks.
Broad River Power, preferred (quar.)
134 Aug. 1 Holders of rec. July 31
Amer. Colonial Bank of Porto Rico (qu.)
July 15
oklyn-Manhat.Transit, pref. A (flU.) 131 Oct.
2
15 Holders of rec. Oct.
Aug. 1 Holders of rec. July 16
Extra
1
Preferred series A (quar.)
131 Jan15•27 Holders of rec.
2
Aug. 1 Holders of rec. JULY 16
Continental
Preferred series A (quar.)
1%A pr 15'27 Holders of rec. Dec. 31
4
Aug. 2 Holders of rec. July 28a
Apr.
Corn
Exchange
I
(guar.)
California-Oregon Power, pref. (quar.). .01,4 Aug. 2 *Holders
5
Aug. 2 Holders of rec. July 31a
of rec. July 15
Trust Companies.
Cedar Raplds Mfg.& Power (quar.)
34 Aug. 16 Holders of rec. July 31
Farmers'
Loan
dr
Trust (quiz.)
Central Power & Light. pref.
4
Aug. 2 Holders of rec. July 216
131 Aug. 2 Holders of rect. July 150 Kings County
(Brooklyn)(guar.)
•1231 Aug. 2 'Holders of rec. July 24
Name of Company.
Miscellaneous (Concluded).
Globe-Democrat Pub., pref.(quar.)____ 1% Sept. 1 Holders of
rec. Aug. 20
Globe-Wernicke Co., common
$1
Aug. 10 Holders of rec. July 31
Common
$1
Oct. 1 Holders of rec. Sept.20
Common (quar.)
$1.50 Jan I'27 Holders of rec. Dec. 20
Goose Parking Co. Ltd.. peel. (quar.)
1% Aug. 1 Holders of rec. July 10
Hamilton-Brown Shoe, corn. (monthly). 1
Aug. 1 Holders of rec. July 23
Hollander(A.)& Son,Inc., com.(qu.)
6231c Aug. 16 Holders of rec. July 30
Hollinger Consol. Gold Mines
Aug. 12 Holders of rec. July 27
10c
Houston 011, preferred
*3
Aug. 2 'Holders of rec. July 20
Hunt Bros. Packing, clam A (quer.)_ _
50c. Aug. 2 Holders of rec. July 15
Ingersoll-Band Co., corn. (quar.)
"75c. oept. 1
of rec. Aug. 6
Internat. Agri°. Chem., prior pf.(qu.)_. 1% Sept. 1 *Holders
Holders of rec. Aug.
Intertype Corp., corn. (guar.)
25e. Aug. 16 Holders of rec. Aug. 160
2
Common (extra)
25e. Aug. 16 Holders of rec. Aug. 2
Jefferson & Clearfield Coal & Iron, pref. 214 Aug. 16 Holders
of rec. Aug. 9
Kinney (G. R.) Co., corn. (quar.)
11
Oct. 1 Holders of rec. Sept. 21
Preferred (guar.)
2
Sept. 1 Holders of rec. Aug. 21
Luther Manufacturing (quar.)
"2
Aug. 1 'Holders of rec. July 20
Martin-Parry Corp. (quar.)
50e. Sept. 1 Holders of rec. Aug. 160
McIntyre Porcupine Mines, Ltd.(quar.) 5
Sept. 1 Holders of rec. Aug. 2
Mercantile Stores Co., Inc., corn. (qu.)_ $1
Aug. 16 Holders of rec. July 31
Preferred (quar.)
$1.75 Aug. 16 Holders of rec. July 31
Merchants Mfg. (quar.)
•I
Aug. 1 *Holders of rec. July 20
Mirror (The). pref. (quar.)
•1% Aug. 2 *Holders of rec. July
24
Missouri-Illinois Stores, pref. (quar.)
2
Aug. 1 Holders of rec. July
Missouri Portland Cement(quar.)
50c. Aug. 1 Holders of rec. July 20
15
Extra
25c. Aug. 1 Holders of rec.
July 15
Mohawk Mining (quar.)
$1
Sem. 1 H.'dem of rec. July 31
Motor Wheel Corp., pref. (quar.)
*2
Aug. 16 *Holders of rec. July 31
National Supply, com.(quar.)
31
Aug. 16 Holders of rec. Aug.
5
New Cornelia Copper Co. (quar.)
"40c Aug. 23 'Holders of rec. Aug.
011 Well Supply. pref. (quar.)
1% Aug. 2 Holders of rec. July 6
15
Paramount Oshawa Theatres (Canada),
preferred (quar.)
1% Aug. 14 Holders of rec. July
31
Peabody Coal (monthly)
"59c. Aug. 7 'Holders of rec. July
Monthly
4.58c. Sept. 1 *Holders of rm. Aug. 21
21
Monthly
*58c. Oct. 1 'Holders of rec.
Sept.
Pepperell Manufacturing
*4
Aug. 2 'Holders of rec. July 20
22
Pittsburgh Malleable Iron (quar.)
•114 July 28 *Holders of rec.
26
Procter & Gamble, corn. (quar.)
$1.25 Aug. 14 Holders of rec. July
July 240
Common (extra)
52
Aug. 14 Holders of rec. July 240
Pyrene Manufacturing, corn. (quar.)_ _'
231 Aug. 2 *Holders of rec. July
19
Republic Iron & Steel, common
$1
Sept. 1 Holders of rec. Aug. 14
.1.1%
Preferred (quar.)
Oct. 1 'Holders of
Sept. 15
Rockland & Rockport Lime, lot pref _ _
3% Aug. 2 Holders of rec.
rec. July 15
Second preferred
3
Aug. 2
of rec. July 15
St. Lawrence Flour Mills, pre!.(quar.). 1% Aug. 2 Holders
Holders of rec. July 20
Standard Flexible Cable (No. 1)
1234c Aug. 15 Holders of rec.
Aug. I
Stewart-Warner Speedometer (quar.)-- - $1.50 Aug. 16
Holders of rec.
Tung Sol Lamp Works, common
20c Aug. 2 Holders of rec. July 310
Class A
45c Aug. 2 Holders of rm. July 20
July 20
Truscon Steel, common (quar.)
•300. Sept.15 'Holders of
Preferred (quar.)
•154 Sept. 1 *Holders of rec. Sept. 4
rec. Aug.
Union Tank Car, corn.(quar.)
114 Sept. 1 Holders of rec. Aug. 21
10
Preferred (quar.)
1% Sept. 1 Holders of
Vanadium Corporation (guar.)
750. Aug. 16 Holders of rec. Aug. 10
Waltke(Wm.)& Co., coin.(quar.)
60c. Aug. 1 Holders of rec. Aug. 2
rec. July 19
Preferred (aura.)
1% Aug. 1
Will &13aumer Canale, Inc., Cora.(qu.) 25c. Aug. 14 Holders of rec. July 19
Williams 011-0-Matic Heat. (quar.)-- .03714c Aug. 16 Holders of r,c. July 31
'Holders of rec.
Youngstown Sheet & Tube, corn. (quar.) $1
Sept.30 Holders of rec. Aug. 2
Preferred (guar.)
131 Sept.30 Holders of rec. Sept. 15
Sept. 15
does
include
U.S.&
Bait.. corn.(au.)
Name of Company.
[V
THE CHRONICLE
426
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
gggiYggYgg a."2 /YA iMgg
*4.4.40.4.
4.4.
4•4*484.
4°a0'4.4"4'4.4.4&Ct<
Miscellaneous (Continued).
Miscellaneous.
200.
Fair (The) corn. (monthly)
Abraham & Straus. Inc.. pref. (guar.)._ •131 Aug. 1 *Holders of rec. July 15
151
(guar.)
Preferred
150
July
tee.
of
Holders
2
Aug.
$1
Allied Chemical & Dye Corp.. com.(qu.)
231
Fajardo
(guar.)
Sugar
240
$1.50 Aug. 16 Holders of rec. July
Allis-Chalmers Mfg., corn. (guar.)
Famous Players-Lasky Corp.. com.(gU.) $2
Aluminum Manufactures,Inc.,com.(qu.) 50c. Sept. 30 Holders of rec. Sept. 150
Common, payable in common stock--- 152
131 Oct. 1 Holders of rec. Sept. 200
Preferred (guar.)
2
Preferred (guar.)
Aug. 1 Holders of rec. July 176
2
Amalgamated Sugar, 1st pref. (guar.)._
Federal Finance Corp.. class A (guar.)._ 750.
151
July
rec.
of
Holders
30
July
500.
(guar.)
Corp.
Amerada
25c.
B
Class
(guar.)
31a
July
500. Aug. 16 Holders of rec.
American Can. core.(guar.)
52.50
Fisher Body Corporation (guar.)
50e. Sept.30 Sept.21 to Sept.30
American Chain. , lass A (guar.)
Fisk Rubber. lot pf.& cony. pf. (quar.)_
134
Aug. 2 Holders of rec. July 15
2
American Cigar, common (guar.)
Second preferred
134
Aug. I
$1
Aug. 1 July 12 to
American Coal
Aug. 2 Holders of rect. July 170 Foote Bros.Gear &Mach., pref.(guar.). 154
2
American Glue, pref. (guar.)
Preferred (quar.)
131
Oct. 1 Holders of rec. Sept.160
111
American Hardware Corp.(guar.)
Franklin (H. H.) Mfg., pref. (guar.)... 131
Jan 127 Holders of rec. Dec.
51
Quarterly
General Cigar, common (guar.)
$1
15
July
rec.
of
"Holders
2
Aug.
•20e.
(monthly).
Amer. Home Products Corp.
Preferred (guar.)
134
July 26 Holders of rec. July 96
2
American Ice. corn.(guar.)
Debenture preferred (guar.)
134
131 July 26 Holders of rec. July 90
Preferred (quar)
General
250.
20
Development
Holders
rec.
of
16
Aug.
Aug.
250
Amer.La France Fire Eng., corn.(qu.)__
131 Oct. 1 Holders of rec. Sept. ha General Motors Corp. 7 pref. (guar.). 134
American Linseed, pref. (guar.)
Six per cent debenture, pref.(quar.)131
154 Jan 127 Holders of rec. Dec. 170
Preferred (guar.)
Six per cent pref. (guar.)
131
134 Aprl'27 Hold.of rec•Mar.18 '270
Preferred (quar.)
General Tire & Rubber. common (guar.) 500.
Amer. Machine & FdY., pref.(guar.)... 131 Aug. I Holders of roe. July 151 Gilchrist
(guar.)
75c.
Co.
17
Sept.
Holders
rec.
of
I
Oct.
131
(guar.)
American Mfg corn
Gillette Safety Razor (guar.)
75e.
134 Dec. 31 Holders of rec. Dec. 17
Common (guar.)
25c.
Extra
14 Oct. I Holders of rec. Sept.17
Preferred (guar.)
Gimbel
pre'.
Brothers,
134
17
Dec.
Holders
rec.
of
(guar.)
31
Dec.
131
Pref.Tred (guar.)
00._
Sept. 30 Holders of roe. Sept. 150 C. G.Spring & Bumper
American Radiator, common (guar.)... $1
Common (in coin. stk. on each 10 ohs.) /3-10
20
Aug.
rec.
of
Holders
16
Aug.
134
Preferred (quar.)
Common (in corn,stk. on each 10 ohs.) /2-10
$1.50 Sept.30 Holders of rec. Sept.15
American R ilway Express (guar.)
Common (in corn.stk. on each 10 ohs.) 13-10
Amer. Rolling Mill, common (guar.)... •50o. Oct. 15 *Holders of rec. Oct. 1
Globe Autornatic Sprinkler. class A (qu.) 62 tic
15
Sept.
of
roe.
*Holders
1
Oct.
"134
Preferred (guar.)
Gossard(H.W.; Co..corn,(monthly)....• 33 1-3c
134 Aug. 2 Holders of rec. July 150
American Sales Book, pref.(guar.)
Common (monthly)
•33 1-3e
Aug. 2 Holden; of rec. July 150
American Shipbuilding, corn. (guar.)... 2
Preferred (guar.)
150
•131
July
rec.
of
Holders
2
Aug.
154
Preferred
Gotham Silk Hosiery. 1Fit & 2d pref.(qu.) 131
Aug. 1
134 Aug. 2 July 10 to
Amer.Smelt. & Refg., corn.(quar.)____
Grand(F. W.)5-10-25-Cent St., pf.(qu.) 134
Aug. 31
lii Sept. 1 Aria. 7 to
Preferred (guar.)
Great Lakes Dredge & Dock (quar.)---_
2
134 Aug d16 Holders of roe. July 31
American Soda Fountain (guar.)
Group No. I 011 Corp
$750
Oct. 1
50c. Oct. I Sept. 16 to
American Stores Corp.(guar.)
Guenther
20a
Publishing.
preferred
231
July
(guar.).rec.
of
Holders
1
Aug.
154
Amer. Vitrified Products. pref.(guar.)._
Preferred (acct. accumulated ellys.)_. 5231
75o. tug. 23 Holders of rec. July 17
Anaconda Conner Mining (ouar.)
Preferred (guar.)
216
21.4
Archer-Daniels-Mid. Co.. prof. (guar.). 154 Aug. 1 Holders of ree. July
Preferred (acct, accumulated divs.)„. 5231
500. July 30 Holders of reo. July 180 Gulf
Arizona Commercial Mining
States Steel. pref. (guar.)
134
250. July 31 Holders of reo. July 160
Art Metal Construction (ouan)
Preferred (guar.)
154
Associated Dry Goods, corn.(quar.)____ 03e. Aug. 2 Holders of rec. July 10
Hall(W. F.) Print. Co.(Chic.) (guar.) 25o.
131 Sept. 1 Holders of rec. Aug. 14
First preferred (guar.)
Halle
Bros.,
pref. (quar)
I 31
14 Sept,. 1 Holders of rec. Aug. 14
Second preferred (guar.)
131
40e. July 24 Holders of rec. June 300 Harris Bros.. pref.(guar.)
Associated 011 (extra)
Mc.
134 Aug. 2 Holders of roe. July 150 Hatfield-Rellance Coal. coin
Atlantic Refining. prof. (guar.)
131 Aug. 2 Holders of rec. July 200 Hellman (Richard), Inc., partic. pf.(qu.) 62310
Atlas Powder, preferred (guar.)
Hercules Powder, preferred (guar.)
'131
Aug. 2 Holders of rec. July 20a
e5
Auburn Automobile, stock dividend
Nov. 2 Holders of rec. Oct. 200 Hibbard. Spencer, Bartlett&Co.Outhly. 35c.
e5
Stock dividend
Monthly
150
35c.
July
rec.
of
Holders
1
Aug.
(quar.)
pref.
134
Austin Nichols & Co..
Monthly
35c.
134 Oct. 1 Holders of rec. Sept.200
Babcock & Wilcox (guar.)
Extra
20c.
134 Jan2'27 Holders of rec. Dec. 200 Holly
Quarterly
Sugar Corporation, Pref. (guar.)._
270
131
Quarterly
131 A pr 1'27 Hold,of rec. Mar.20.
Homestake Mining (monthly)
50o.
25c. Aug. 2 Holders of rec. July 20
Balaban & Katz, corn. (monthly)
Hood Rubber, pref. (guar.)
51.75
25c. Sept. 1 Holders of rec. Aug. 20
Common (monthly)
Preference stock (guar.)
$1.87
250. Oct. 1 Holders of ree. Sent.20
Common (monthly)
Horn & Hardart of N.Y., corn,(guar.).- '37310
Aug. 1 Julyd21 to July 31
2
Bang Service Stations, pref. (quar.).___
Common (special)
240
'1231°
July
Holders
rec.
of
31
July
pf.(qu.)
131
Ist&zd
dpind..
Bros.&
Barnhart
75c.
Aug. 2 Holders of rec. July 150 Household Prodgetv (guar i
3
Belding-Corticelli, Ltd., common
4
134 Sept. 15 'Holders of rec. Aug. 310 Hunt's Theatres. Inc., preferred
Preferred (guar.)
Hupp Motor Car (guar.)
25e.
22
July
Holders
rec.
30
of
July
'20
Big Lake 011
Illinois Brick (quar.)
2.4
Bigelow-Hartford Carpet, corn.& pf.(qu) $1.50 Aug. 2 Holders of rec. July 15
Independent Packing, common (guar.)._ 3231c.
Aug. 1
Aug. 2 July 23 to
2
Blaw-Knox Co., corn. (guar.)
. Preferred (guar.)
1
Aug.
13-4
to
23
July
2
Aug.
13-4
Preferred (guar.)
Indiana Flooring, common (guar.)
37%c.
151 Aug. 1 Holders of rec. July 200 Indiana Pipe
Bloomingdale Bros., Inc.. 7% Pf• (qu.)
Line (Oust)
.)
$1
Sept. I Holders of rec. Aug. 160
Borden Company,common (guar.)
Extra
$1
160
Aug.
250. Sept. 1 Holders of rec.
Common (extra)
Internat. Business Machines (quar.)____ 75c.
"52.50 Aug. 16 'llolders of rec. Aug. 2
Boss Manufacturing(No. I)
International Cigar Machinery
2
$1
Aug.
*Holders
rec.
of
16
Aug.
'131
Preferred (guar.) (No. 1)
Internat. Harvester, pref. (quar.)
131
75e. July 26 Holders of rec. July 100
Briggs Manufacturing Co.(guar.)
Internat. Nickel. preferred (guar.)
1 Si
134 Aug. 3 Holders of rec. July 302 International
Brill (J. G.) Company, pref.(guar.).Paper,
50c.
31
common
Aug.
rec.
of
Holders
Sept.10
13.4
British Columbia Fish & Packing (guar.)
International Shoe, corn. (guar.)
51.50
114 Dec. 10 Holders of rec. Nov. 30
Quarterly
Preferred (guar.)
H
134 Aug. 2 Holders of rec. July 202 Interstate Iron &
Brown Shoe, preferred (guar.)
Steel, pref.(quar.)___ *1%
1134 Aug. 2 *Holders of rec. July 26
'
Bunte Brothers, preferred (guar.)
Pref. (acct, accurn. dividends)
54
IN Aug. 2 Holders of rec. July
Burns Bros.. prior pref. (guar.)
Ipswich Mills,
154
62 He Aug. 16 Holders of rec. July 310 Iron Products preferred (guar.)
Butler Bros.(guar.)
(quar.)
50c.
150
151 Aug. 2 Holders of rec. July
Byers (A. M.) Co., pref. (guar.)
Jaeger Machine, common (guar.)
62310.
of
Junef300
Holders
rec.
2
Aug.
100
(stock
California Packing
dividend)--•14
310 Jewel Tea, preferred (guar.)
134 Aug. 16 Holders of rec. July
Canada Cement, preferred (guar.)
Preferred (aect..accum. dividends)
'5234
1
Canada Dry Ginger Ale stk div (qu.) __ 01 54 Oct. 15 Holders of rec. Oct. '27
Kaufman Dem. Stores, coin. (guar.)._ 52
1
Jan
rec.
of
Holders
JanI5'27
H
el
Stock dividend (guar.)
Preferred (guar.)
131
31
131 Aug. 16 Holders of rec. July 300
Canadian Converters (float.)
Preferred (guar.)
134
July 31 Holders of rec. June
Explosives, Ltd.. corn,(guar.) 2
750.
(guar.)._
corn.
Co.,
Kayser
&
(Julius)
150
July
rec.
of
Holders
31
July
I
31
Cartier. Inc.. preferred Mar.)
Kellogg Switchboard & Supply.$1.25 Aug. 25 'Holders of rec. Aug. 16
Caterpillar Tractor (guar.)
New common ($10 par)(No. 1)
3231c
Aug. 2 Homers of rec. July 15
Cerro de paQeo Cooper Coro.(guar.)._ at
New preferred (No. 1)
$1.75
Aug. 2'Holders of rec. July 12
*2
Charlton Mills (guar.)
Kelsey
13.4
preferred (guar.)
11.4 July 2. Holders of rec. July 150 Kirby Wheel,(guar.)
Chicago l'UQUIllatle 1001 (guar.)
Lumber
131
150
of
Holders
rec.
July
2
Aug.
Chic. Wilm.& Franklin Coal, Pi.((al.).- 51.50
Quarterly
134
200
July
Chicago Yellow Cab co. Onontrialn___ 33 1-3c Aug. 2 Holders of rec.
33 1-3e Sept. 1 Holders of rec. Aug. 200 Knox Hat Co., Inc., common (guar.)... $1
Monthly
Class A panic. pref. (guar.)
SI
100. Aug. 1 *Holders of rec. July 10
Chief Consolidated Mining
Second preferred (quar.)
15.4
152
Christie-Brown Co.. LW., COM.(guar.). 300. Aug. 1 Holders of rec. July
Kress (S. H.) & Co.. common (guar.)._ $1
20
July
Holders
rec.
of
I
Aug.
134
Preferred (guar.)
Landay
750.
Bros.,
Inc.,
(guar.)
A
class
Sept.
rec.
30
of
Holders
Sept.
$2
Chrysler Corporation, pref. (guar.)._
131
Jan 3'27 Holders of rec. Dec. 150 Lanston Monotype Machine (guar.)._
$2
Preferred (guar.)
Lehigh Coal & Navigation (guar.)
St
ti Aug. 1 Holders of rec. July 15
Cities Service. common (monthly)
Valley
Lehigh
'$1.25
Coal
15
July
Ai Aug. 1 Holders of rec.
Common (payable In common stock)_
'50c.
Lion 011Refinine (guar.)
H Aug. 1 Holders of rec. July 15
Preferred and preferred B (monthly)__
Loew's Boston Theatres, corn. (guar.)-- 15c.
July 26 Holders of rec. July 15
I
Cleveland-Cliffs Iron (guar.)
•131
011
(guar.)._
Loulsiana
pref.
Refining,
151 Aug. 2 Holders of rec. July 261
ClInchfield Coal Corp., pref.(quar.)
134
211 Loose-Wiles Biscuit, 2d pref. (quar.)___
Cluett, Peabody & Co., corn. (guar.)... 81.25 Aug. 2 Holders of rec. July 127 Lord & Taylor, 2d tref. (guar.)
2
July
131 Aug. 2 Holders of rec.
Collins & Alkman, pref. (guar.)
134
Aug. 2 Holders of roe. Aug. 192 Macy (R.11.) Co.. pref.(guar.)
$1
Columbian Carbon (guar.)
May Department Stores, corn. (guar.)._ $1.25
.13-4 July 31 'Holders of rec. July 90
Conlon Corporation, pref. (guar.)
154
(quar.)
Preferred
131 Aug. 2 Holders of rem Julydlga Maytag Co.(guar.)
Connecticut Mills, lot pref. (guar.). _
50c.
Consolidated Cigar Corp.. pref. (q11.)--- $1.75 Sept. 1 Holders of rec. Aug. Itia
50c.
Quarterly
30
20
July
Holders
roe.
of
July
50e.
Consolidated Laundries (guar.)
50e.
McCall Corn. (quar.)
July 30 Holders of rec. July 20
1
Stock dividend
class B (guar.)._ 50o.
McCord Radio &
23.4 July 25 July 16 to July 25
Consolidated Royalty 011 (guar.)
Stores, preferred (guar.)
134
McCrory
50
of
Aug.
Holders
rec.
16
Aug.
51.25
Continental Can, corn. (guar.)
134
Preferred (guar.)
200. July 30 Holders of rec. July 151
Continental Motors (guar.)
50c.
Melville Shoe, common (guar.)
150
of
Holders
31
July
rec.
July
(quar.)
131
Crucible Steel. com.
25c.
(extra)
Common
'33.4 Aug. 2 'Holders of rec. July 15
Cuba Co.. preferred
2
Preferred (guar.)
33.4 Sept. 1 Holders of rec. Aug. 16
Curtiss Aeroplane & Motor, Preferred_
250.
Aug. 1 Holders of ree. July 15s Miami Copper (guar.)
51
Cuyamel Fruit (guar.)
500.
(guar.)
corn.
Rubber.
Miller
134 Sept. 1 Holders of rec. Aug. 20
Decker (Alfred) & Cohn. pref. (guar.)._
75e.
(guar.)
Sept.15 Holders of roe Aug. 310 Moon Motor Car
2
Diamond Match (guar.)
Body Corporation, pref. (guar.) 2
13.4 July 26 Holders of rec. July 100 Mullins
duPont de Nein. dr Co., deb stk (qu.)__
SI
common
Nash Motors,
Eagle-Picher Lead, common (guar.)._ 40c. Sept. 1 Holders of rec. Aug. 15
Si
Extra
40e. Dec. 1 Holders of rec. Nov. 15
Common (guar.)
$1
(guar.)
common
National
Biscuit.
Eastern Theatres, Lte.(Toronto), pref.. 34 July 31 Holders of ref). July 30
134
Preferred (guar.)
Holders
1
of
150
Aug.
00e.
July
rec.
(guar.)
Spring
dr
Eaton Axle
2
pref.
trbon,
C
National
(quar.)
1
ego
20
Aug.
div.)__
July
Holders
rec.
of
Electric Controller & Mfg.(stock
National Department Stores, lit pf.(qu.) 134
.500. Aug. 20 'Holders of rec. Aug. 2
Electric Refrigeration (guar.)
3
NatIOnal Grocer, preferred
'13-4 Aug. 20 *Holders of rec. Aug. 2
Stock dividend
5 1.6231
Oct. 1 Holders of
Sept. 70 National Tea, preferred (guar.)
Elec. Storage Battery. corn. & pf. (qu.)_ $1.25 Aug. 1 Holders of rec.
201 Neptune Meter. corn. A & B (fluar.)-- 50c.
July
reo.
$1
Cleaner
(guar.)
Vacuum
Electric
823-4c Aug. 2 Holders of rec. July 150 New York Air Brake, common (guar.)... 500.
Elgin National Watch (guar.)
N.Y. de Honduras Rosario Mining (qu.) 231
I% Aug. 1 Holders of rec. July 24
Esmond Mills. common (guar.)
23.4
Extra
134 Aug. 1 Holders of rec. July 24
Preferred (guar.)
New York Merchandising, pref. (guar.). 51.75
151
2
Aug.
Holders of rec. July
$I
Eureka Pipe Line (gua)'.)
134
31 Holders of rec. July 170 North American Cement, pref. (guar.)._
July
373-ie.
(guar.)
Buffet
Exchange
51.25
Sept. 30 Holders of me. Sept.lag Ogilvie Flour Mills (quar.)
Fairbanks-Morse dz Co., corn. (guar.)._ 750.
134
750. Dec. 31 Holders of ree. Oct. 150 011 Well Supply, preferred (guar.)
Common (guar.)
50e.
134 Sept. 1 Holders of rec. Aug. 140 Ontario Biscuit, common (guar.)
Preferred (guar.)
2
(guar.)
Preferred
1
Dec.
Holders
of
156
131
ree. Nov.
Preferred (guar.)
160
150
Canadian
150
mfg..
.134147"aciir;i1g47";g4"ii412,71V.A4!
W.;447r4ggiYfAlttt°PggWggStWgggrIWg'q'Y'lgtglt4StiW
.4Ze4<dC&Ed.4.4:2,!.4ZZ04,-b4.4.td.C4.4,5,.4.6.E8.<6<.E.48.441--trn<gl'80P.n.5.4
$1
123.
Books Closed.
Days Inclusive.
Holders of roe. July 204
Holders of rec. July 204
Holders of rec. July 20
Holders of rec. Sept. 156
Holders of me. June 304
Holders of roe. July 150
Holders of rec. July 150
Holders of rec. July 156
Holders of rec. July 200
Holders of rec. July 152
Holders of reo. Aug. 15
Holders of roe. Sept. 20
Holders of rec. Dec. 20
Holders of rec. July 20
Holders of rec. July 206
Holders of roe. Aug. 246
Holders of rec. Sept. 246
Holders of rec. Aug. 10
Holders of rec. July 56
Holders of rec. July 56
Holders of rec. July 50
llolders of rec. July 20
Holders of rec. July 15
Holders of reo. Aug. 2
Holders of rec. Aug. 2
Holders of roe. July 170
Holders of roe. Aug. 7
Holders of roe. Nov. 8
Holders of me. Feb .8'27
Holders of rec. July 21
"Holders of rec. July 21
*Holders of rec. Aug. 21
•Holders of rec. July 21
Holders of rec. July 15
Holders of rec. July 17
Holders of rec. Aug. 6
16
Holders of rec. Oct
Holders of rec. July 16
Holders of rec. July 16
Holders of rec. Oct. 16
Holders of roe. Oct. 16
Holders of rec. Sept. 15a
Holders of rec. Dec. 154
Holders of reo. July 21
July 25 to July 31
Holders of roe. July 10
Holders of rec. July 206
Holders of reo. July 21.
'Holders of ree. Aug. 5
Holders of rec. July 23
Holders of rec. Aug. 20
Holders of rec. Sept. 17
Holders of rec. Sept. 17
Holders of rec. July 15
Holders of rec. July 207
to Aug. 2
July 21
Aug. 2
to
July /21
"Holders of rec. July 12
12
July
rec.
of
'Holders
Holders of rec. Aug. Ifla
Holders of rec. June 30
Holders of rec. July 150
Holders of rec. Oct. 4
Holders of rec. July 21
Holders of rec. July 21
Holders of rec. Aug. 6
Holders of rec. July 166
Holders of rec. July 16a
Holders of rec. Sept. 240
Holders of rec. July 15
Holders of rec. Aug. 101
Holders of rec. July 120
Holders of rm. Aug.
1101,terS of rec. June 150
Holders of rec. July 15
•Holders of rec. Aug. 20
'holders of rec. Aug. 20
Holders of rec. July 22
Holders of rec. July 151
Holders of rec. Aug. 200
'Holders of rec. Sept. 20
'Holders of rec. Sept. 20
Holders of rec. July 20
Holders of rec. Sept.
Holders of rec. Dec. 200
Holders of rec. July 192
46
200
Holders of rec. July 3
Holders of rec. July 3
Holders of rec. July 210
to Sept. 10
sent. 1
to Dec. 10
Dec. 1
Holders of rec. July 15
Holders of rec. July 15
Holders of rec. July 15
Holders of rec. July 302
Holders of rec. July
Holders of rec. Aug. 210
Holders of rec. July 310
'Holders of rec. July 10
"Holders of rec. June 30
Holders of reo. July 17
*Holders of reo. Aug. 2
Holders of rec. July 190
Holders of rec. July
Holders of rec. July
Holders of rec. Aug. 16a
Holders of rec. Sept.
Holders of rec. Aug. 150
Holders of rec. Nov. 15a
Holders of rec. July 200
Holders of rec. July 20
Holders of rec. July 206
Holders of rec. Oat. 206
Hohlere of rec. July 20
Holders of rec. July 20
Holders of rec. July 20
Holders of rec. Aug. 26
Holders of rec. July 3
Holders of tee. July I50
Holders of rec. July
Holders of rec. July 201
Holders of rec. July 201
Holders of rec. Sept. 300
Holders of rec. Aug. 176
Holders of ma. July 206
Holders of rec. July 150
to Dee. 31
Dec. 21
Holders of rec. July 20
Holders of rec. Sept. la
Holders of reo. July 126
Holders of rec. July 20
Holders of rec. July 20
Holders of rec. July 20
Holders of rec. July 200
Holders of rec. June 216
Holders of rec. July 15
Holders of rec. July
Holders of rec. truly 150
150
176
170
150
170
150
THE CHRONICLE
JULY 24 1926.1
Name of Company.
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
427
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
Miscellaneous (Concludmil.
Onyx,Hosiery,Inc., coin.(qu.)(No.11)_ 80c. Aug. 5 Holders of res. Julyd25a
The following shows the condition of the New York City
Preferred (quar.)
12 Sept. 1 Holders of rec. Aug. 203
Oppenhelm Collins & Co., common (au.) 75e. Aug. 15 Holders of rec. July 31a Clearing House members for the week ending July 17. The
Aug. 2 July 27 to July 30
2
Oppenheimer (n.) & Co.. pref
162-30 Aug. 2 Holders of rec. July 207 figures for the separate banks are the averages of the daily
Orpheum Circuit, corn.(monthly)
162-30 Sept. 1 Holders of rec. Aug. 202 results. In the case of the grand totals, we also show the
Common (monthly)
162-3c Oct. 1 Holders of rec. Sept. 20 /
Common (monthly)
2
Oct. 1 Holders of rec. Sept. 15a actual figures of condition at the end of the week.
Preferred (guar.)
Oct. 15 Holders of rec. Sept.306
Otis Elevator. preferred (guar.)
1% Jan15'2 Holders of rec. Dec. 310
Preferred (quar.)
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
75c. Aug. 2 Holders of rec. July 200
Outlet Company,common (quar.)
(staled in thousands of dollars-taxi is. three ctphers (000) omitted.)
$1.75 Aug.
Holders of rec. July 20a
First preferred (quar.)
$1.50 Aug. 2 Holders of rec. July 20a
Second preferred (quar.)
1% Aug. 2 Holders of ree. July 23
Pacific Coast Co.. 1st pref. (quar.)
New
1
Aug.
Second preferred (quar.)
Holders of rec. July 23'
Meserve
capital Profits. Loans,
50e. July 3 Holders of rec. July 150 week Ending
Packard Motor Car, corn. (quar.)
with
Net
Time Ban.,
Discount, Lash
50e. July 3 Holders of rec. July 17,
Extra
De- Circuin
Legal Demand
July 17 1926 Nat'l. June 30 Invest115
Stock dividend
Aug. 3 Holders of rec. Aug. 14
Atate. June 30 ments, Vault Deport Deposits. posits. latioa.
200. Sept.30 Holders of rec. Sept. 157
Monthly
vtr
tortes.
(000 omitted.) rr.Cos Tune 30
20c. Oct. 3 Holders of roe. Oct. 151
Monthly
20c. Nov. 30 Holders of rec. Nov. 15? Members of Fe I. Res. flank. Average A tf,10 items,' Average. Average Awe.
Monthly
Pan Amer. Western Petrol, cl.A&B(qu.) We. July 30 Holders of rec. July 10
$
$
s
$
$
$.
Bank of N Y. A
$
$
Pathe Exchange, Com. A & B (quar.)._ 75e. Aug.
Holders of rec. July 10
55,872 7,520
530 7,507
76,724
Trust Co____ 4,000 12,996
2
Penmans, Limited, corn. (quar.)
Aug. 1 Holders of rec. Aug. 5
130,06 25,620
of 7,lanhat'n 10,000 14,743 164,153 3,296 17,791
13k
1% Aug.
Preferred (quar.)
Holders of rec. July 21
88,541 3,964
78,579 1,872 11,977
Bank of America 6,500 5,136
500. Sept.25 Holders of roe. Sept. 156 National City-. 50,000 63,133 678,433 6,226 72.708 683.726 98,690 ,b, 88
Pennok 011 Corporation (guar.)
3
Penn Traffic Co
Aug. 2 Holders of roe. July 150 Chemical Nut.. 4,500 18,535 142,066 1,268 16,078
119,92
3,745 0 347
Philadelphia Insulated Wire
Aug. 2 Holders of rec. July 150
137,187 10,377 4,949
Am Ex-Pac Nat 7,500 13,095 152,087 2,284 18,281
i4 'lig. 2 Polders of re,. JoiN 21)
Pill!!In-.- ,ones corn., pref. (ouar.)
294,951 16,162
930 38,641
Bk of Corn. 25,000 41.943 342,973
Nat
Pick (Albert)& Co.. common (quar.)
*40e. Aug. 2 *Holders of rec. July 26
158,74 43,623 5,910
Chat Ph NR&T 13,500 12,763 215.221 2,198 23,091
Pick (Albert), Barth & Co.. pref. A (qu.) 43(ic Aug. 16 Jul 27 to
keg, 15
554 14,173
107,05
Hanover Nat ___ 5,000 26,003 122,661
.
Pierce, Butler & Pierce mfg.8% pf.(qu.) 2
Aug. 1 Holders of rec. July 20
176,691 32,168
Exchange. 10,000 14,825 202,189 6,527 24,407
Corn
1% Aug. 1 Holders of rec. July 20
Seven per cent pref. (guar.)
780 16,576
125,43. 7.644 3,495
National Park__ 10,000 24,152 169,517
Plant(Thomas G.) Co., 1st pref.(guar.) 1% July 31 Holders of rec. July 21
55,590 1,728 5,318
Bowery & E.R
3,000 3,224
37.064 16,463 1,417
.500. July 31 *Holders of roe. July 22
Plymouth 011 (monthly)
553 25,160
190,625 12,073 5,882
First National.. 10,000 74,875 318,395
s, 2-, k(,/
Post., • • 'ere. I (ip.ar i
269,529 30,081
Irving Bk-ColTI 17,500 14,444 290,120 2,552 35,933
50e. Aug. 31 Holders of rec. July 31
Prairie Oil dr Gas (guar.)
7,861
120
983
6.077
430 _ -Continental_ _ _ _ 1,000 1,239
2
Prairie Pipe Line (guar.)
July 31 Holders of rec. June 300
Chase National 40,000 36,782 549,750 7,182 66,208 *513,417 33,343 1,541
2
Producers0 1 Corp.. pref. (quar.)
Aug. 15 Aug. 1 to Aug. 15
500 2,798
Avenue B1,
26,201
69: 3,355
25,955
First
2
Aug. 1,, Holders of rec. July 31s Commonwealth
Pullman Company (quar.)
800 1,176
13,957
530 1,428
9,831 4,418
Pyrene Manufacturing (quar.)
24 Aug. 2 July 20 to Aug. 1
467 2,762
214
Nat'l.. 1,000 1,782
17,650
17,849
1% Aug. 31 Holders of rec. Aug. 20 Garfield
Quaker Oats. .ier (quar.)
6,000 10,415 123,749 1,171 15,769
119,269 2,349
47
Seaboard Nat'l
QuIncyMkt.,ColdStor.&W'h'se,p1.(qu.)V 1
,,t1lit 1 *Holders of rec. July 15
911 37,459 *299,608 48,043
BankersTrust__ 20,000 33,043 345,193
, I .. u. Afil Nhaten (interim)
Rand Min°
56,173 5,553
61,819
805 7,645
3,000 4,667
S Mtge & Tr
U
50e.
Aug.
1 Holders of roe. July -21
Reed (C. H.) Co., class A
Guaranty Trust 25,000 23,250 414,380 1,640 45,437 *396,183 56,461
mesr , __, _ 47 •• Afig, I “fil'..•1. fir let. Ifii, i i
I/A(3,-st)-, or, owl- ..0
818 5,124
37,762 4.109 .....,
42,742
$1.739 Aug. 2 Holders of rec. July 221 Fidelity Trust_. 4,000 3,108
Royal Dutch Co., American shares
142,833 18,441
649 19,407
New York Trust 10,000 20,843 172,681
*3
Aug. 2 *Holders of rec. July 16
Russell Motor Car, common
533
14,166
.106,255
21.622
10,000
19,493
142,171
L
&
Tr
Farmers
*1% Aug. 2 *Holders of rec. July 16
Preferred (guar.)
Equitable Trust 30,00C 21.46' 271,832 1,499, 29.905 .290,415 31,348
50e. Sept.20 Sept. 10 to Sept. 20
St. Joseph Lead (guar.)
25e. Sept.20 Sept.10 to Sept.20
Extra
Total of averages327,800519,946 3,198,692 48,321 577,339e4.263,692 534,466 23,674
Quarterly
500. Dec. 20 Dee. 10 to Dec. 20
25e. Dec. 20 Doe. 10 to Dee. 20
Extra
Totals, actual condition July 17 5,172,750 42,926 581,926 e4,269,497 535,556 23,681
Salt Creek Producers Assn. (guar.)
6234c Aug. 2 Holders of rec. July 151 Totals, actual condition July 163.229,054 48,660802,622c4.283,70g 534,151 23,888
Extra
81
Aug. 2 Holders of rec. July 15 t
Totals, actual condition July lt 5,370,568 45,710599,830e4,446,491 .29,024 23.643
Savage Arms, second preferred (quar.)
*11.5 Aug. 16 *Holders of rec. Aug. 2
Savannah Sugar Refining, coin. (quar.)_ $1.50 Aug. 2 Holders of rec. July 15
State Banks Not Me mbers of Fedi Res've Bank.
Preferred (guar.)
1% Aug. 2 Holders of rec. July 15
23,631 2,001 2,013
21,881 2,604
1% Aug. 1 Holders of rec. July 247 Greenwich Bank 1,006 2,572
Scott Paper, preferred (quar.)
38,519 64,129 __State Bank.... 5,00( 5,463 106,833 4,669 2,371
*3
Scotten, Dillon Co.(guar.)
Aug. 14 *Holders of rec. Aug. 5
*3
Extra
Aug. 14 *Holders Of rec. Aug. 5
6,670 4,384
60,400 66,733 __Sears, Roebucx & Co.(quar.)
623(0. Aug. 1 Holders of rec. July 150 Total of averages 6,000 8,036 130,464
Shaffer Oil & Refining, preferred
13t( July 26 Holders of rec. June 30
6,572
Totals,
actual
condition
130,531
4,519
60,694 66,543 -July
17
Shell Transport & Trading, Amer.shares $1.21 July 24 Holders of roe. July 141
60,532 66,941 ___ _
Shell Union Oil, preferred A (quar.)
13( Aug. 16 Holders of rec. July 267 Totals, actual condition July 16 130,398 6,937 4,487
60,235 67,386 _ -Shreveport-El Dorado Pipe Line (quer.)_ 25e. Oct. 1 Holders of roe. Sept.200 Totals, actual condition July 3 131,447 6,585 3,903
Silver (Isaac) & Bro. Co.. pref.(quar.)
*15 Aug. 2 *Holders of rec. July 20
Trust Compa ales N otMent beta of ed'I Re aye Ba nk.
Simmons Company, preferred (quar.)
1% Aug. 2 Holders of rec. July 150
65,246 1,723 4,459
41,025 1,994
Sinclair Consolidated Oil, pref.(quar.)
Aug. 16 Holders of rec. Aug. 22 Title Guar & Tr 10,000 17,449
2
937 1,850
22,120
17,625
805
Skelly Oil (quar.)
50c. Sept.15 Holders of rec. Aug. 167 Lawyers Trust _ 3,000 3,287
Southern Dairies, class A (quar.)
U.
July 31 Holders of roe. July 152
of
averages
87,366
2,660
Total
13,000
20,73e
6,309
58,650
2,799
-Spalding(A.G.)& Bros., 1st pref. (qu.).. 13( Sept. 1 Holders of rec. Aug. 14
Second preferred (quar.)
2
Sept. 1 Holders of roe. Aug. 14
Totals,
actual
condition
S7.030
2,499
6,581
July
17
58,277
2,759
Standard Oil (Ohio), preferred (quar.)
131 Sept. 1 Holders of rec. July 30
58,486 2,805 ___ _
87,2831 2,672 6,409
Steel Co. or Canada 1-0,11. dr oref.(qu.)_
keg. 2 Holden., of rec. Juiv 7a Totals, actual condition July 10
2,896 6,256
Totals, actual condition July 3
86,86
57,949 2,774
Sterling Products (guar.)
$1.25 Aug. 2 Holders of rec. July 150
Stover Mfg.& Engine. pref. (quar.)
.4131 Aug. 2 *Holders of rec. July 20
Gr'd aggr., avge.346,800548,7135,416,522 57,651 558,032 4,382,743603,99823,674
Swift Internacional
60e. Aug. 15 Holders of rec. July 15
Took-Hughes Gold Mines, Ltd
5e. Aug. 2 Holders of roe. July 150 Comparison wit It prey.week.. -89,238--2,151 -6,247 -69.741 +6,336 -7
20
Texon Oil & Land
July 24 Holders of rec. July 107
4,388,4611604,85823,681
Thompson (John R.) (monthly)_.
30e. Aug. 1 Holders of roe. July 236 Gr'd agar., acil cond'n July 175,390.311 51.997593,026
+961 -207
Monthly
300. Sept. 1 Holders of rec. Aug. 230 Comparison with prey week -- -56,424-6,272 -20492 -14,259
Tide Water Associated Oil, corn.(No. 1) 300. Aug. 2 Holders of rec. June 100
Gr'd
aggr.,
act'l
105.446,735
58,269
313,518
4,402,727603,89723,888
cond'n
July
1
X
Tide Water Oil. Prof. (quar.)
Aug. 16 Holders of rec. July 317
Tobacco Products Corp., class A (qu.)
131 Aug. 16 Holders of rec. July 281 Gr'd aggr.. act!cond'n July 35,588,883 55.191 309,989 4,564.675599,18423.643
Gr'd aggr.. eatcond'n June 2e 5,369,391 54,451 505,785 4,411,360584,914 23,633
Troxel Manufacturing, preferred (quar.) 131 Aug. 1 Holders of rec. July 20
Gr'd agrr., act./ cond'n June 19 ,343,472 53,621 598,847 4.376.397575,91523.471
Underwood Computing Mach.. pf. (qu.) 151 Oct. 1 Holders of roe. Sept.15
au 1 cond'n June 12 ,368,651I 55,971 572,136 4,381,783565,43523,456
Underwood Typewriter, corn.(quar.)
$1
Oct. 1 Holders of rec. Sept. 40 Gr'd eau..
Gr'd agrr., act/cond'n June 55.374,280 57,33( 596,676 4,424,189570,27223,231
131 Oct.
Preferred (guar.)
Sept.
*50e. Aug.Aug.
Union Oil Associates kuuar.)
Note.-U. S. deposits deducted from net demand deposits in the genera totals
Union 09 of California (guar.)
50e.
10
0
1 *Holders
oi er
ee 1 0000fffr rec.r ree
eec
e:
. Julyug
Iia above were
JulyAe
as follows: Average total July 17, 821,569,000. Actual totals July 17.
25i Aug.
Union Storage
United Drug, corn. (guar.)
$2
Sept. 1 Holders of roe. Aug. 1116
11 821,537.000; July 10, 521,618,000; July 3, 524,585,000; June 26. 827,867.000; June
First preferred (quar.)
87540 Aug. 2 Holders of rec. July 150 19, 527,868,000. Bills payable, rediscounts. acceptances and other liabilities.
United Verde Extension Mining (quar.). 75c. Aug. 2 Holders of rec. July 60 average for week July 17. $607.719,000; July 10, $652,739,000: July 3, 8581.178.000:
U.S.Coot Iron Pipe & Fdy.,corn.(qu.)_
234 Sept.15 Holders of rec. Sept. la June 26. $567,561,000; June 19, 3575,450,000. Actual totals July 17. $607,719,000;
Common (quar.)
234 Dec. 15 Holders of rec. Dec. la July 10, $8655,853,000; July 3, 5645,765,000; June 26, 5573,363,000; June 19. $593,Preferred (guar.)
131 Sept.15 Holders of roe. Sept. la 749,000.
Preferred (quar.)
* Includes deposits in foreign branches not included in total footings as follows:
151 Dec. 15 Holders of rec. Dec. la
U.S.Rubber, first preferred (quar.)
2
Aug. 14 Holders of roe. July 206 National City Hank, $162,466,000; Chase National Bank, $13,161,000; Bankers
Universal Pipe & Radiator, pref. (qu.)... 151 Aug. 1 Holders
Trust
Co., $23.954,000; Guaranty Trust Co., $59.989,000; Farmers' Loan & Trust
of rec. July 150
Preferred (guar.)
131 Nov. 1 Holders of rec. Oct. 151 Co.. $2,774,000; Equitable Trust Co., $71,005,000. Balances carried in bank in
Vick Chemical (quar.)
foreign Countries as reserve for such deposits were: National City Bank,$23,087,000;
8734c Aug. 1 Holders of rec. July 15
Vivaudou (V.), Inc., pref. (guar.)
Chase National Bank, $2,492,000; Bankers Trust Co., $1,077.000; Guaranty Trust
$1.75 Aug. 2 Holders of rec. July 15
Preferred (quar.)
Co.. $2,905,000: Farmers' Loan & Trust Co., $2,774,000; Equitable Trust Co.,
$1.75 Nov. 1 Holders of rec. Oct. 15
Washburn-Crosby Co., pref. (quar.)___
151 Aug. 1 Holders of rec. July 247 $7,258,000.
Western Grocers, Ltd., pref. (quar.)___
131 July 25 Holders of rec. July 10
C Deposits in foreign branches not Included.
weatingnouse Air Brake (quar.)
$1.50 July 31 Holders of rec. June 304
Extra
The reserve position of the different groups of institutions
250. July 31 Holders of rec. June 306
Westinghouse Elec. Ar Mfg., cum.(guar.) $1
July 31 Holders of rec. June 306 on the
basis of both the averages for the week and the
White Sewing Machine, pref. (quar.) $1 Aug. 1 Holders of rec. July 19
Wilcox (H. F.) 011 & Gas (guar.)
actual condition at the end of the week is shown in the
50c. Aug. 5 Holders of rec. July 15
Williams Tool Corp.. pref. (guar.)
2
Oct. 1 Holders of rec. Sept.206 following two tables:
Woolworth (F. W.)Co..common (quar.) $1
Sept. 1 Holders of roe. Aug. 102
Wrigley(Wm.)Jr. & Co.(monthly)
25e. Aug. 2 Holders of rec. July 20
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
Monthly
250. Sept. 1 Holders of roe. Aug. 20
AND TRUST COMPANIES.
Monthly
250. Oct. 1 Holders of roe. Sept.20
Monthly
25e. Nov. 1 Holders of roe. Oct. 20
Monthly
250. Deo. 1 Holders of roe. Nov. 20
Averages.
Yale & Towne Manufacturing (quar.)
Oct. 1 Holders of rec. Sept 104
Cash
Reserve
•From unofficial sources. t The New York Stock Exchange has ruled that stock
7'otal
Reserve
Sumba
in
Reserve
will not be quo ed ex-dividend on this date and not until further notice. I The
Required.
RUMS.
in Vault. Depositaries
New York Curb Market Association has ruled that stock will not be quo•ed c::
dividend on this date and not until further notice.
Members Federal
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
Reserve Bank_
577,339,000 577,339,000 570.314,070 7.024,930
IPayable in common stock. 0 Payable in scrip. h On account of accumulated State banks *
182.000
6,670.000 4,384,000 11,054.000 10,872.000
dividends. m Payable in preferred stock.
171,500
Trust companies *_ _
2,660,000 6,339,000 8,969,000 8,797.500
(Dividend is 8% per annum on paid-1n amount of no par preferred stock for two
Quarters from Aug. 1 1925 to Feb. 1 1926.
Total July 17_ __ - 9,330,000 588,032,000 597,362,000 589,983,570 7.378,430
Total July l0.. 9,739,000 594,279,000 604.018.000 598.852.850 5.165,150
jDividend Is six and one-quarter shillings sterling per "American share."
Total July 3_
9,465.000 606,547,000 616.012.000 610.268.350 5,743.650
8 Stockholders have option to take either cash or stock at rate of one-fiftieth of a
Total June 26
9,367,000 585,040,000 594.407,000 587.859.950 6.547,050
share of Class A stock.
l Payable in cash or stock at rate of 5.1-100ths of class A stock for each share of
• Not members of Federal Reserve Bank.
and
5.5-100ths
of
class
A
stock
for
each
stock
share
dividend
of
$6
50
div. stock.
$6
b This is the reserve required on net demand deposits in the case of State banks
r Subject to action of stockholders at special meeting on Sept. 23.
members of the Federal Reserve Bank
o payable either in cash or in class A stock at rate of one-fortieth of a share for and trust companies, but in the case of
Includes
also amount of reserve required on net time deposits, which was as follows:
each share held.
July 17,816,033,980; July 10, 515,833,520; July 3.815,785,400; June 26, 515.295,230;
p Declared 2%, payable semi-annually 10 stock, the first payment to be made June 19,
$15,028.290.
July 30.
428
THE CHRONICLE
Boston Clearing House Weekly Returns.—In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank____
State banks *
Trust commies *
Total
Total
Total
Total
a
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
BOSTON CLEARING
6.572,000
2,499.000
July 17
July 10....
July 3
June 26
581.926,000 581.926.000 571.101.290 10,824,710
4,519,000 11,091,000 10.924,920 . 166,080
6.581,000 9,080,000 8,741,550
338,450
July 21
1926,
9.071,000 593.026,000 602.097.000 590,767,760 11.329.240
9.609.000 613.518 ono 623.127.0011 502.575.360 30.551.640
9.481,000 609.989.000 619.470.000 813.449,200 6.020.800
9,186.000 605,785.000 614.971.000 593,075.140 21,895.880
•Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banke
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 17.516,066,680; July 10.516,024,530; July 3,515,870,720; June 26.815,445,050;
June 19, 515,176.100.
State Banks and Trust Companies Not in Clearing
House.—The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK; NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by Stale Banking Department.)
Differences from
July 17.
Previous Week.
Loans and Investments
$1.174,085,300 Dec. 511,084,400
Gold
6.343,500 Inc.
1,347.600
Currency notes
23,448.200 Dec. 1,080,000
Depoeits with Federal Reserve Bank of New York
97,073,300 Dec. 1.282.900
Time deposits
1,230,017,800 Dec. 7,749,100
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y. City, exchange de U.S.deposits 1,155,156,500 Dec. 11,972.600
Reserve on deposits
3.530,700
171,904.800 Inc.
Percentage of reserve, 20.9%.
RESERVE.
—Slate Banks-—Trust Companies—
Cash in vault
•$39.576.100 16.42%
587.288.900 15.05%
Deposits in banks and trust cos____ 11,482,600
4.74%
33.557,200
5.77%
Total
851.058,700 21.16%
5120.846.100 20.82%
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies on July 17 was 897.073,300.
Banks and Trust Companies in New York City.—The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Demand
Depostts.
Total Cash
in Vaults.
Reserve to
Depositaries.
s
A Sun 5117 200
5 527 muu non
83,752.000
82.310.600
79.710.300
87.360.600
85.630.000
83.366.600
83,980.500
84,575,100
87.041.300
84.136.900
84.670.600
83.233.000
85,162.900
81,127.1(0
81 440.400
85.751,100
89,326,100
117 4.19 7.0
$
July
5,624,406,300
5.539.714.200
5,616.040.800
5,532.964.000
5.494.548.600
5,513,745.200
5.576.964.600
5,586.188,700
5,578.175.700
5.589.923.100
5,540.622.800
1.585.988.300
5.560,053.300
5,557.458,800
5.604.256 100
5.701.049.700
5,619,613,100
s
May 8
May 15
May 22
May 29
June 5
June 12
June 19
June 26
July 3
July 10
$
6.559.263.300
8,528,460.200
6.582.817.200
6.551 614,500
6,477.226,100
6.481.079 100
6.593,194.100
6.641,815,800
6,581,019.200
6.582.432.800
6,521,167.600
6,587,304.700
6.523.491.400
6.526,804.700
6.513 234 WM
6,680,126,900
6.690,909,700
Week Iffided—•
Mar.20
Mar.27
Apr. 3
Apr. 10
Apr. 17
Apr. 24
May 1
17
737.864,500
726,143,200
765.192.600
725,290,000
723.652.400
722,786.600
731,028.700
730.815.500
731,342,400
733.073,700
722.498.600
736,347,100
728,322.700
727.750.500
715 419 000
754.610,700
736,547,200
720 It; um
New York City Non-Member Banks and Trust Coinpanies.—The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns"in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Staled in thousands of dollars—that is. three ciphers(0001 omitted.)
CLEARING
NON-MEMBERS Capital.
Week Ending
July17 1926
Members of
Fed'I Res've Bank.
Grace Nat Bank__
Loans,
DisNet
counts.
Profits. Investmilts,
&c.
Reserve
with
Cash
Net
Net
Legal Demand Time
in
Vault. DePost- Deposits. Deposits.
tortes.
Average. Average. Average. Average Average.
3
5
$
5
$
13.096
1,087
52
7,069
3,851
$
1,000
$
1.883
Total
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash. Etta_
Colonial Bank
1.001
1,883
13,096
300
1,200
1,060
2,990
9,543
32,000
Total
Trust Company.
Not Member of the
Federal Reserve Bank.
Mach Tr, Bayonne_
1.5001
4.050
41,54
610
9,49
5001
610
9.49
Grand aggregate.—
3,000
comparison with prey. week
6,545
64,132
+618
4,629
—23
3r'd agar., July 10
3r'd aggr., July 3
)rd agar., June 26
-._,......,... rum. T 0
6,505
6,040
6,040
ft fun
63.514
63,313
62.970
63.308
4,867
4,471
4.526
4.616
2,8
a43.495
3,140 a43,236
2.99: 242,953
3.137 a43.7.6O
17.812
17,848
17,755
11 1712
Total
3.000
2.900
2.9001
9 until
52
1,087
7,069
3,551
72
3,43
392
1.711
6.540
27.252
2,828
5,103
4,163
2,103
33,792
7,931
41
143
3,566
6,042
414
143
3,566
6,042
3.333 a44,427
+449
+932
17,824
+12
a United States deposits deducted. 578.000.
Bills payable, rediscounts. acceptances, and other liabilities. $1,293,000.
Excess reserve $47,080. Increase.
(Vol,. 123.
HOUSE MEMBERS.
Changes from
previous week.
July 14
1926.
July 7
1926.
$
8
$
8
Capital
69,500,000 Unchanged
69,500,000
69.500,000
Surplus and profits
94.079,000 Dec.
8,000
94.087.000
93,605,000
Loans, disets & Invest.. 1,049,962.000 Dec. 16,212,000 1,065,174,000 1,063,699,000
Individual deposits__..- 703,789,000 Inc. 3,189,000 700,600.000 706,685,000
Due to banks
141,081,000 Dec.
835,000 141.966,000 144,206,000
TimedeposIts
231,540.000 Dec. 6,383,000 237.923.000 237,088,000
United States deposits_
22.769.000 Inc.
11.000
22,758,000
25,692.000
Exch's for Mt House._
32,796,000 Inc. 3,190,000
29,606,000
38,352,000
Due from other banks
91,153,000 Inc. 4,476,000
86,677,000
85.958,000
Res've in legal depos
82,232,000 Dec.
740.000
82,972,000
84,246,000
Cash in bank
10.140,000 Dec.
859,000
10.999,000
10,238.000
Ree'veext9.99 In P R Rk
820 000 n,.t.
463000
1 083 ono
1 11.97 nnn
Philadelphia Banks.—The Philadelphia Clearing House
return for the week ending July 17, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not members of the Federal Reserve System the reserve required is
10% on demand deposits and includes "Reserve with legal
depositaries" and "Cash in vaults."
Week Ended July 17 1926.
July 10
1926.
July 3
1926.
555.475,0
173.554.0
982,516.0
37,529,0
113.880.0
145.440,0
671,511.0
147,857.0
964.808.0
3.716,0
70.300.0
11.611,0
85.627.0
74,450,0
11.177,0
549.775.0
150,513,0
912,529,0
36.940,0
110.937,0
145,978,0
630,288,0
133,687.0
909,953,0
4.086.0
65,467,0
11.058.0
80.611,0
70,076,0
10,535.0
$49,775,0
149,622,0
914,404,0
44,733,0
119,199,0
143,170,0
644,806,0
133,560,0
921,536,0
4,892,0
65,203,0
10,943,0
81,038.0
70,919.0
10,119,0
•Cash in vault not counted as reserve for Federal Reserve
members.
Two Ciphers (00)
omitted.
Capital
Surplus and profits
Loans, disc'ts & InvestMts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Res've with legal depos_
Reserve with F.R.Bank...
Cash In vault •
Total reserve dr cash held_ _
Reserve required
Excess res. & cash in vault..
Members eu
Trust
F.R.System Companies
$50,475.0
155.949,0
931,623,0
36.940.0
113,864.0
144.647.0
640.082,0
145.779,0
930,508.0
70,300.0
10.112,0
80.412,0
69.605,0
10,807,0
55.000,0
17,605,0
50,893.0
589,0
16.0
793.0
31,429.0
2,078,0
34,300.0
3,716.0
1,499,0
5,215,0
4,845,0
370.0
1926
Total.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve
Bank of New York at the close of business July 21 1926 in
comparison with the previous reek and the corresponding
date last year:
July 211026. July 14 1926. July 22 1925.
Resources—
Gold with Federal Reserve Agent
362.759,000 342.862.000 355,956,000
Gold redemp. fund with U.S. Treasury- 11.283.000
12,711.000
10,648,000
Gold held exclusively agst.F.It. notes. 374,042.000
Gold eettlement fund with F. It Board. 210,105.000
Gold and gold certificates held by bank.. 417,562.000
355.573,000
199.647,000
417.864.000
366,604,000
235,848,000
340,066,000
Total gold,reserves
Reserves other than gold
1,001,709.000
36,118,000
973.084,000
37.022,000
942,518,000
40,217,000
Total reserves
Non-reserve cash
Bills discounted—
Secured by U. S. Govt. obligations
Other bills discounted
1,037,827,000 1,010,106,000
13,696,000
13,873,000
982,735,000
19,327,000
Total bills discounted
Bills bought in open market
U. S. Government securities—
Bonds
Treasury notes
Certificates of indebtedness
Total U. S. Government securities
83,394,000
42.990.000
104.970,000
40,552,000
89,295,000
31,595,000
126.384.000
31,024.000
145,522,000
49,162.000
130,890,000
33,916,000
6,418,000
67,590,000
10,211.000
6,418.000
74.740,000
10,211,000
4,912,000
54,542,000
6,315,000
84,219,000
822.000
91,369,000
877,000
65,769,000
2,835,000
Total bills and securities (See Note)
242,449.000
286.930,000
223,410.000
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
726,000
172,897,000
16,728,000
5,622.000
656.000
197.077.000
16,728.000
5,520,C00
637,000
148,616,000
16,997,000
5,550,000
Foreign loans on gold
Total resources
1.489,945,000 1,530,890.000 1,397,272,000
Liabilities—
Peal Reserve notes in actual circulation_ 393,791.000
Deposits—Member bank, reserve acc't__ 842,598,000
Government
4,459,000
Foreign bank (See Note)
1,543,000
Other deposits
8,048.000
397,849,000
860,862.000
3,005,000
1,197,000
8,791,000
330,705,000
828,216,000
3,918,000
3,809,000
10,253,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
873,855.000
160.384,000
35,422.000
59,964,000
3,416,000
846,196.000
127.069.000
31,675,000
58,749,000
2,878,000
856,648,000
141,481.000
35,215,000
59,964.000
2,846,000
Total liabilities
1.489,945.000 1,530,890.000 1,397,272,000
Ratio of total reserves to deposit and
Fed'I Res've note liabilities combined_
83.5%
83.0%
79.4%
Contingent liability on bills purchased
for foreign correspondents
8,403,000
16,117,000
14,553,000
NOTE.—Beginning with the statement of Oct. 7 two new items were added In
order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption, "All other earnings assets," now
made up of Federal intermediate credit bank debentures. has been changed to
"Other securities," and the caption, "Total earning assets" to "Total bills and securities." The latter term has been adopted as a more accurate description of the
total of the discounts, acceptances and securities acquired under the provisions of
Sections 13 and 14 of the Federal Reserve Act, which are the only items included
herein
JULY 24 1926.]
429
THE CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, July 22 and showing the condition
of the twelve Reserve banks at the close it business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 402, 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 21, 1926.
July 211926. July 14 1926. July 7 1926. June 30 1926. June 23 1926. June 16 1926. June 9 1926. June 2 1926. July 22 1925.
RESOURCES.
$
$
s
$
s
$
$
$
$
1,457,001,000 1,441,894,000 1,322,168,000 1,462.159,000 1,467.699,000 1,530,551.000 1,472.698.000 1.450,150.000 1,456,802,000
Gold with Federal Reserve agents
52.473,000
49,247.000
56,277.000
45,459,000
52,511.000
44,189.000
56,536.000
Gold redemption fund with U.S. Trees_
53,209,000
54,655.000
Gold held exclusively Furst. F. R.notes 1,506.248.000 1.495.103.000 1,376.821.000 1,518,436.000 1,511,888.000 1,576,010,000 1,529.234.000 1.502.661.000 1,509.275,000
Gold settlement fund with F. R.Board
652,813,000 971.297.000 785.731,000 656.073.000 662.190.000 604.820.000 649.124.000 662.400.000 688,785,000
Gold and gold certificates held by banks_ 683,125,000 678.992,000 644,265,000 660,419,000 672,563,000 655.795,000 654.830.000 632.169.000 592,790,000
Total gold reserves
Reserves other than gold
2,842,186,000 2,845,392,000 2,806,817,000 2,834,928,000 2,846,641,000 2,836,625,000 2.833,188,000 2.797.230.000 2.790,850,000
147,091,000 145.660,000 135,177,000 144,711.000 148,892,000 147,737,000 149.341.000 149.250.000 143,996,000
Total reserves
2,989,277,000 2,991,052.000 2,941,994,000 2,979,639.000 2,995.533,000 2,984,362,000 2,982.529.000 2,946,480,000 2,934,846,000
Non-reserve cash
56,932,000
47.134,000
56,003,000
57.227.000
48,522,000
56,301.000
56,889,000
56,169.000
43,240,000
Bills discounted:
Secured by U.S. Govt. obligations.-- 229,708,000 254.041.000 319,052,000 *252.879.000 225.848,000 179.301,000 213.484.000 284.841.000 230,032,000
Other bills discounted
285.721.000 260.889.000 293,515.000 .262,152,000 253,310.000 214,029,000 234.679.000 240.116.000 212,490,000
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
• Treasury notes
Certificates of Indebtedness
495,429,000
217,439,000
514,930.000
234,192,000
612,567,000
237,569,000
515,031,000
249,394,000
479,158,000
247,236,000
393.330.000
233,159.000
448.163.000
249.821.000
524.957.000
244,143.000
442,522,000
224,525,000
78,149,000
244,187,000
60,761,000
79,139,000
251.350,000
60.592.000
77,001,000
233.678,000
64,640,000
81.893.000
232.195.000
71,191,000
108.620,000
205,401.000
69,077.000
109.183.000
166.945.000
206.107.000
103.049.000
180.147,000
135.112,000
103.106.000
169.846.000
131.200.000
68.905,000
231,290,000
35,109,000
Total U. S. Government sem-Ries
Other securities (see note)
Foreign loans on gold
383,097.000
3,200.000
3,000,000
391,081,000
3,200,000
3,199,000
375,317.000
3,200,000
4,900,000
385,279.000
3,200,000
5,502,000
383,098.000
3,200.000
6,700,000
482.235,000
3.200.000
7,502.000
418,308.000
3,885.000
8,401.000
404.152.000
3,885.000
8,900.000
335,304,000
1,850,000
10,500,000
Total bills and securities (see note).- 1,102,165,000 1,146.602.000 1,233,553,000 1,158,406.000 1,119,392.000 1.119,426,000 1,128,5713.000 1,186.037.000 1,014,701,000
728.000
Due from foreign banks (see note)
637.000
645.000
646,000
645.000
709.000
645.000
691.000
656.000
Uncollected items
699,978,000 791.025.000 701,324,000 641,109,000 654,976,000 882.869.000 654.385.000 693.424.000 644.018,000
59,821,000
Bank premises
60,397,000
59,749.000
59,739,000
59.665.000
59.735.000
59.665.000
59,813,000
59,788,000
16,903,000
20,954,000
All other resources
16.288.000
16,272.000
18.691,000
16,142,000
17.828.000
16,874,000
17.966.000
Total resources
LIABILITIES.
F. It. notes in actual circulation
DepositsMember banks-reserve account
Government
Foreign bank (3ee note)
Other deposits
4,924.873,000 .062.911,000 4.998,511,000 4,904,358,000 4.902.853,000 5.119,348,000 4.901.784.000 4.951.259.000 4.732,485,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
AU other liabilities
2,254.052,000 2,286.618.000 2,279.150,000 2,259.836.000 2,258.224.000 2,290.886.000 2.251.263.000 2.261 190.000 2,199,719,000
630.795.000 709.392.000 623,289.000 589,333,000 600.319.000 779.434.000 596,619.000 625.602.000 582,450,000
122,591,000 122,766,000 122,750,000 122,770.000 122,785,000 122.804.000 122.713.000 122.670.000 115,715,000
220,310,000 220,310,000 220.310.000 220,310.000 220,310.000 220.310.000 220,310.000 220.310.000 217,837,000
18,205,000
14,830,000
17.764.000
18,451.000
11,550,000
16,592,000
15,512,000
17.940.000
17.351.000
1.680,920,000 1.707.233,000 1.737,500,000 1,697.279,000 1,682,769.000 1,688.150,000 1.692.939,000 1.704,136.000 1,605,214,000
2,208,327.000 2,242,190.000 2,239.886,000 2,228,839,000 2,225.306,000 2.260,827,000 2.224.486.000 2,225.270.000 2,160,748,000
24,289.000
10,713,000
6.136.000
11,835.000
13,963,000
4.113.000
21,763,000
15,792.000
12,842,000
4,749,000
4,756.000
5,910.000
6.200.000
5,339,000
4,403,000
6,307.000
4.295,000
5.728.000
16,687,000
15,528,000
17,616.000
19,669,000
15.173.000
16.464,000
18,262.000
20,694,000
15.833.000
Total liabilities
4,924,873,000 5,062,911,000 4,998,511.000 4,904,358,000 4,902,858,000 5,119,348,000 4.901,784,000 4,951.259.000 1,732,485,000
Ratio of gold reserves to deposit and
F. R. note liabilities combined
72.0%
71.6%
72.2%
71.2%
71.8%
71.3%
70.5%
73.3%
69.8%
Ratio of total reserves to deposit and
F. R.. note liabilities combined
76.0%
75.3%
74.9%
76.0%
74.3%
75.6%
77.1%
75.0%
73.2%
Contingent liability on bills purchased
for foregin correspondents
55,652,000
54,459,000
53.583.000 '55,088.000
80.219,000
32,165,000
54.088.000
54,338,000
62.647.000
Dtstributfon by Maturtttes1-15 days bills bought in open market1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
18-30 days bills bought In open market16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market_
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness_
31-60 days municipal warrants
61-90 days bills bought in open market61-90 days bills discounted
61-90 days U. S. certif. of Indebtedness.
61-90 days municipal warrants
Over 90 days bills bough tlIn open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
F. R. notes received from Comptroller
F. R. notes held by F. R. Agent
$
69.220.000
347.220.000
99.000
$
97.158.000
368.637,000
$
103.690.000
466,008,000
$
113,053.000
364,981.000
725,000
3
113.420.000
329,474.000
820.000
$
98.038.000
259.881.000
141,500,000
$
105.399.000
313.665.000
61.345.000
$
100.917.000
389.101.000
57,469,000
$
86,910,000
315,279.000
7.386,000
48.263.000
30.875,000
35,544.000
31,822.000
38,395.000
29,520.000
45,322.000
29.457.000
50.908.000
33.388,000
52,537.000
32.207,000
53.419.000
33.502.000
56,109.000
32,089,000
53,058,000
24,911,000
48.889,000
51,458,000
55.064.000
48,459,000
49,794,000
49,877,000
51.826.000
49,528,000
51,812.000
49.928.000
48.717.000
41.357.000
53.373.000
43.770,000
52,318.000
46.761.000
46,117.000
41,832,000
16,235,000
46.754,000
44,338,000
9.374,000
43,035,000
39.244,010
42.534.000
40,814,000
36.326,000
38,286.000
28,393,000
33,207.000
30,827.000
27.393,000
34.524.000
26.237.000
32.431.000
25.801.000
29.833,000
38,386.000
3,022,000
4.307.000
21,538,000
51.288.000
3.391,000
26,768.000
60.592.000
3,156,000
26,348.000
64.640,000
2.867.000
32.779.000
70,466,000
2.703,000
33,161.000
68.257,000
3.040,000
32.492.000
64.607,000
3.106.000
30,989.000
73,767.000
2.368.000
31.205.000
73.731.000
8,607,000
22,114,000
8,376,000
2,863.623,000 2,864.041.000 2.858.546.000 2.870,295.000 2.860.535.000 2,879,994.000 2.872.284.000 2,850.398.000 2.926,058,000
845,586.000 839,921,000 835,676,000 875.091,000 869.526.000 874.057.000 859.878.000 860.303.000 1.004,116.000
Issued to Federal Reserve Banks._
2,018.037.000 2.024,120,000 2.022.870.000 1.995.204.000 1.991,009,000 2,005,937.000 2,012.406.000 1.990.095.000 1.921,942,000
Haw SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
Total
304,483,000 304,484.000
101.363,000
98,714,000
L051,155,000 1,038.696.000
693.412,000 728.899.000
304.483,000 304,584.000 303.153.000 303.153.000 304.240.000 304.153,000 307,151,000
93.001.000
96.302.000
98.971,000
91.601.000 104.928.000 104.347.000 102 653 000
924,682,000 1,061.273.000 1.065.575.000 1,135.797.000 1.083.530.000 1.041.150.000 1,046:995.000
830,213,000 734.247.000 699.216.000 608.169,000 672.959.000 740.276.000 633,349,000
9 inn At/ nnn 0 170 701 nnn 0 Ito .2,7n nAn 010A Ann nnn 0 IAA ntennnn Igo qnn nnos o IAM Ile, nnnn Inn Ann nen, An.. AAA nnm
NOTE.-Beginning with the statement of Oct. 7 1925 two new Items
were added In order to show separately the amount u balances held aDruad and am mats due
110 foreign correspondents. In addition, the caption,"A I other earning assets",
now made up or Federal Intermediate Credit Bank debentures, has been changed to
l'Ottier securities," and the caption, "Total earning assets" to "Tots 'bills
and securities-" The
Of the discounts, acceptances and securities acquired under the provisions of Sections 13 and 14 ot latter term has been adopted as a more accurate description of the total
the Federal Reserve Aot, which are the only Items Included therein.
•Revlsed figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OE
EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 21 1926
Two ciphers (00) omitted.
Boston.
Now
York. Phila. Cleveland Richmond Atlanta. Chicago, St. Louie. Mtnnsap.
Federal Reserve Bank ofKan. Clar Dallas. San Fran
Total.
RESOURCES.
$
$
$
$
$
$
$
$
$
$
Gold with Federal Reserve Agents• 125.786.0 362.759.0 103,440,0
$
$
$
171,306,0
40,352,0
149.007,0
168.931.0
17,124,0
58,137,0
49.247,0 21.032,0 189,880.0 1.457.001.0
Gold red'n fund with U.S.Treas. 5.279.0
11.283,0 7.565,0 3,962,0 2,515.0 3.690,0 5,179,0
581.0 2.392,0 2.729.0
49.247,0
1,599.0 2,473.0
Gold held excl. agst. P.R. not 131,065,0 374.042,0 111.005,0
175,268,0 42,867,0 152,697,0
Gold settle't fund with F.R.Boa
55,074,0 210.105.0 52,115,0 74.972,0 26,258,0 22.941.0 174,110,0 17,705.0 60.529,0 51.976.0 22,631.0 192.353.0 1.506.248,0
Gold and gold certificates
35,872,0 417.562,0 23.128,0 41,707,0 12,134.0 3.614,0 121.912.0 8.303.0 10.358,0 33,121.0 8,909.0 28,745.0 652,813,0
72.524,0 20,203,0 7,421,0 5.956.0 11.221,0 31.783.0 683,125.0
Total gold reserves
222,011,0 1,001,709,0 186.248,0 291.947,0 81,259.0 179.252.0
368,546.0
46.211.0 78.308,0 91,053,0 42.761,0 252.881,0 2.842.186,0
Reserves other than gold
15,044,0
36,118,0 6,351,0 8,833,0 6,876,0 9.314.0
23,466,0 10,084.0 2,792.0 4.403.0 7.686.0 8.124.0 147.091.0
Total reserves
237.055.0 1,037,827,0 191.599,0 300,780,0 88,135,0 188,566.0
Non-reserve cash
5,174,0
13,696,0 1,309.0 3,597,0 3,643,0 4.518,0 392,012,0 65,295,0 81,100,0 95,456,0 50,447.0 261,005.0 2,989,277,0
11,024.0 4.666.0
56,003,0
926,0 2,241.0 2,000.0 3.209,0
Bills discounted:
Sec. by U.S. Govt. obligati°
10,327,0
83.394.0 26,431,0 24,868,0 10,268.0 2.142,0
Other bills discounted
13.783.0
42,990.0 17,927,0 9.787,0 32,540,0 41.712.0 28,666,0 9.085.0 3.783.0 5,108,0 4.082,0 21,554.0 229,708,0
27,584.0 26.049.0 4.459.0 11.409,0 13,557.0 23.924.0 265,721.0
'Total bills discounted
24.110,0 126,384.0 44,358,0 34.655.0 42.808,0 43.854,0
24,408,0
Bills bought in open market
31,024,0 16,768.0 23,320,0 9,349,0 26.485,0 56.250,0 35,134.0 8,242,0 16,517.0 17,639.0 45,478,0 495.429.0
33,924,0 4.157.0 8,065,0 11,192.0 8,669,0 21,078,0 217,439,0
U.8. Government securities:
Bonds
1.300.0
6,418,0 5.014,0 9.327,0
1,698.0
285.0 23,889,0 6.595,0 8,336,0 9,757,0 2.900.0 2,621,0
78.149.0
Treasury notes
9,894.0
67.590,0 6.383.0 25,489,0 6,519.0
273.0
Certificates of indebtedness_
10.211,0 10,326,0 2.602,0 1,125,0 1.310,0 28.938.0 15,077.0 9,766.0 20.608,0 20,210.0 33.440.0 244,187.0
1,795,0
5,147,0 4,795,0 1,726.0 4,403,0 3,575,0 13,746.0
60,761,0
Total U.S. Govt.securities._ _ 12.998.0
84.219,0 21.723.0 37.418.0 9.342.0 1.868.0 57 074 n 20 457 A 10 coon 24 7500 05500(4 40 Rn7 n 202(4070
430
THE CHRONICLE
RESOURCES (Conduded)Two Ciphers (00) omitted).
Boston.
New York.
$
$
Other securities
Foreign loans on gold
228,0
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources
822,0
Phila.
[VOL. 123.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
$
2,000,0
285.0
i
i
321,0
159,0
$
700,0
120,0
$
$
411,0
129,0
i
500,0
98.0
$
i
$
117,0
105,0
207,0
Total.
8
3,200,0
3,000,0
242,449.0 85,134,0 94,714,0 61.658,0 73,027,0 148,559,0 65,887,0 36,731,0 62,594,0 53,098,0 116,570,0 1,102.165,0
728,0
728,0
172,897,0 62,922,0 70.462,0 58,911,0 31,750.0 85.536,0 32,256,0 14,052,0 44,381.0 24,284,0 41,109,0 699,978,0
18,728,0
1,584,0 7,409,0 2,384,0 2,872,0 7,933,0 4,111,0 2,943,0 4,667,0 1,793,0 3,349,0
59.821,0
303.0
5,622,0
860,0 1.872,0
327,0 1,085.0
16.903,0
644.0 2.442.0
497,0
276,0 2,935,0
81,744,0
83,438,0
4,068,0
60,0
Total resources
371,539,0 1,489.945.0 342,875,0 478.027,0 213.014,0 301,593.0 648,936,0 172,859,0 138,194.0 209,836,0 131,878,0 428,177,0 4,924.873,0
LIABILITIES.
F. R. notes in actual circulation_ 139,105,0 393.791,0 117.726,0 186.922,0 69,975.0 185,986,0 191.677.0 43,332,0 82.159,0
83,413,0 37,637,0 189,197.0 1,680.920.0
Deposits:
Member bank-reserve ace'L.- 142,468,0 842.598,0 131,493.0 185,092.0 68,927,0 69,250,0 328,561,0 80,573,0 50,076,0 91.784,0 54,136,0 163,369,0 2,208,327,0
Government
1,171,0
4,459.0
2,009,0
1,688,0 3,734,0
2,981,0
322.0 1,070.0 1,187.0
24,289,0
1,883,0 1,023,0 s 2,762,0
Foreign bank
234,0
176,0
336,0
1,543,0
420,0
472,0
605,0
4.749,0
190,0
305,0
141.0
172,0
155,0
Other deposits
102,0
86,0
60,0
8,048,0
143,0
810,0
957,0
220.0
18.687,0
182,0
114,0
31,0 5,934,0
Total deposits
144,915,0 856,648,0 133,744,0 190,108,0 70,392,0 72,493,0 330,445,0 82.053.0 51.588,0 93,953.0 55,345,0 172,370,0 2,254.052,0
Deferred availability Items
61,063,0 141.481,0 58,084.0 63.247.0 53,530.0 28.403,0 75.159,0 31,838.0 12,725,0 38,357,0 28.251,0 40,859.0 630,795,0
3apital paid in
8,736,0
35,215.0 12.201,0 13,519,0 6,078,0 4.957,0 16.627.0 5,260,0 3.124,0 4.184,0 4.281.0 8.409,0 122,591,0
iurplus
59,964.0 20,464,0 22.894,0 11,919,0 8.700,0 30,613.0 9,570,0 7,501,0 8,979,0 7,615,0 15,071,0 220.310,0
17,020,0
All other liabilities
2,848,0
700,0
656,0 1,337,0 1,120,0 1.054,0 2,415,0 1.008,0 1,099,0
16,205.0
749,0 2,271,0
950.0
Total liabilities
371,539,0 1,489,945,0 342,875.0 478,027,0 213,014,0 301,593,0 646,936,0 172,859,0 138,194,0 209,836,0 131,878,0 428,177,0 4,924,873,0
Memoranda.
leserve ratio (per cent)
73.0
62.8
83.5
76.2
83.0
79.8
75.1
52.1
76.0
54.3
71.3
72.2
60.7
NnitIngent liability on bills purchased for foreign correspond'ts 4,139.0
16,117,0 5,173,0 5,827,0 2.886.0 2.178,0 73
.
60,0 2,342.0 1,743,0 2,124,0 1,960.0 3.757,0
55.852,0
l'. R. notes on hand (notes rec'd
from F. R. Agent less notes In
_
..
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OP BUSINESS JULY 21 1926
Federal Reserve Agent at-
Boston.
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago, St. Louis. Mitinsay. Kan, City
Dallas. San Fran.
Total.
(Two Ciphers (00) omitted.)
$
F.R.notes rec'd from Comptroller 212,873,0
F.R.notes held by F.R.Agent_ 51,850,0
$
$
s
$
$
$
s
s
5
$
$
$
788,471,0 194.880.0 282.798,0 114.645,0 281,789.0 399,578,0 69,203.0 87,078.0 112,823,0 53,901,0 285.584,0 2.863,823,0
289,000.0 38,440,0 49,570,0 30.960,0 66,455,0 176,217,0 20,620,0 17,237,0 42,800,0 10,837,0 51,600,0 845,588.0
F.R.notes Issued tor.R.Bank 161,023,0
Dollateral held as security for
F.It. notes issued to F. R.Bk.:
Gold and gold certificates_. 35,300,0
Gold redemption fund
11,486,0
Gold fund-F.R.Board._ 79,000,0
Eligible paper
48,518,0
499,471.0 156.440.0 213,228,0 83,885,0 215,334.0 223,361,0 48,583.0 69,841.0 70.023,0 43.064.0 233.984,0 2.018.037,0
Total collateral
8,780,0 25,855,0 14.237,0
171,698,0
7,945,0 13,212,0
17,658,0
25,061,0 11.143,0 12,526.0 3,697,0 5.770,0 3,287,0 1,179,0 1,925,0 3,387,0 2.376,0
166,000,0 92,297,0 150,000,0 11,000,0 129,000,0 165,644,0 8,000,0 43,000.0 45,860,0
1,000,0
147,386,0 53,948,0 55,337,0 51,981,0 70,298,0 90,040,0 39,280,0 16.238,0 27,619,0 28,308,0
10,000,0 304.483,0
19,526,0 101,383,0
160,354,0 1.051355,0
88,479,0 • 693,412,0
510,145.0 157.388.0 228.643.0 92,313.0 219.305.0 258.971.0 56.404,0 74.375.0 76,866,0 47,340.0 256,359,0 2,150,413,
174,304.0
Weekly Return for the Member Banks of the Feberal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the r esource s
and liabilities of the 699 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dee. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 402
1. Data for all reporting member banks in each Federal Reserve District at close of business JULY 14 1926. (Three ciphers (000) omitted.)
Federal Reserve District.
Number of reporting banks
Loans and discounts, gross:
Secured by U.S.(iov't obligations
Secured by stocks and bonds
All other loans and discountsTotal loans and discounts
Investments:
U. EL Government securities
Other bonds, stocks and securities
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louts. minneev. Kan.Cily Dallas, San Fran.
36
Total,
96
51
75
68
8
3
49.921
7,898
342.955 2,349,108
657,021 2,624,664
1,007,8745,023.691
$
11,272
409,952
375.950
3
18,591
550,570
789,737
8
4,403
138,855
369,391
$
8
5,670
19,727
103,976 844,158
387,449 1.270,745
$
8.183
191.094
309.329
3.384
76,886
152,820
3,807
111,391
331,733
3,925
68,941
223,842
797,174 1,358,898
512,649
497.095 2,134,630
508,606
232,870
446,931
296,708 1,192,245 14,009,371
149,712 1,022,840
247,265 1,227,391
82,738
265,636
61,414
115,582
89,056
45,829
104,318
90,715
52,399
22,079
252,311 2,494,386
211,837 3,160,410
396,977 2,250,231
348,374
74,478
464,148 5,654,796
38
Totalinvestments
68,157
284,114
73,037
355,676
839,790 139,194
Total loans and investments__ 1,404.851 7,273,922 1,145,548 1.998,688
Reserve balances with F. It. Bank__ 102,458 757,547
80.735 133,571
Cash in vault
18,941
32,290
82,757
22,000
Net demand deposits
925,515 5,602,183 774,189 1.054,639
Time deposits
422.787 1,290.082 233,906 827.191
Government deposits
17,283
17,212
28,096
22.772
Bills pay. & redisc. with F. R. Bk.:
Secured by U.S. Gov't obligations
5,680
16,278
88,495
8.090
All other
6,952
30,425
6,755
10,164
Total borrowings from F.R.Bank
Bankers' balances of reporting member banks In F. R. Bank cities:
Due to banks
Due from banks
651,843
41,017
14,109
378,285
209.082
5,863
99
40,388
57,455
308.939
447,928
97,843
32
3
24
$
67
a
48
s
699
7,517
144,298
281,135 5,468,999
903.593 8,398.074
756,887
176,976
114,885
195,033
594,938 2,891,497
41.280 253,208
11.725
52,913
343.518 i,11,538
221,883 1,D56,925
6,733
12,708
885,582
46.154
8,720
409,682
212,670
4,779
347,755
21,322
6,156
209,830
118,998
2.860
641,964 ' 371,186 1,656,393 19,664,167
54,048
27,153 109,487 1,667,980
10,562
22,323
12,718
293,214
515,112 259,681 768,628 13,052,760
145,839
99.832 848,009 5,685,213
4,864
4.252
14,6113 1,141,838
2,755
11.590
1,317
14,915
16,497
13,059
1,623
13,735
2,120
160
3,019
4,328
982
4,294
21,282
12,095
168,138
128,472
33,377
296,608
113,920
12,832
23,031
14,345
16,232
29,556
15,358
2,280
7,347
5.278
134,168 1,083.184
40 715 112.167
173.398
59.869
50,622
26.748
31,518
16.393
15,422
13.084
377,410
160,757
82,317
28,434
46,929
27.050
108.452
48,100
25,206
25,622
18,254
5
65
102,805 2,231 429
59,186
618303
2. Data of reporting member banks In New York City. Chicago and for the who e country.
All Reporting Member Banks.
July 14 1928.
July 7 1926.
myergteg Member Banks in N. F. City.
Reporting limber Banks n Chicago
July 15 1925. July 14 1926. July 7 1926. July 15 1925. July 14 1926. July 7 1926. July 15 1925.
Number of reporting banks
58
58
62
*700
899
731
Loans and discounts, gross:
$
$
$
$
$
45.900,000
Secured by U.S. Gov't obligations
44,263,000
145,139,000
50.387,000
1.44,298,000
164,914,000
Secured by stocks and bonds
5,468,999,000 *5,510,340,000 5,063,651,000 2,060,408,000 2,127,238,000 2,000,879,000
All other loans and discounts
8,396,074,000 *8,402.601,000 8,057,357,000 2,289,170.000 2,305,878,000 2,155,965.000
8
46
46
14.018,000
632,523,000
707,377,000
15,970.000
616,032,000
708,468,000
5
5
46
8
21,784,000
605,811,000
874,412,000
Total loans and discounts
14,009,371,000 14,058,080,000 13,285,922,000 4,395,478,000 4,477,377,000 4,207,031,000 1,353,916,000 1.341,370,000 1,302,007,000
Investments.
U.S. Government securities
2,494.386,000 2,494.804,000 2,558,949.000 903,804.000 910.260,000 942,485.000 165,865,000 165,678,000 174,065,000
Other bonds, stocks and securities_ 3,160,410,000 3,158.106,000 2,928,620,000 918,103,000 910,528,000 851,754,000 203.788,000 208,743,000 195,877.000
Totalinvestments
Total loans and Investments
Reserve balances with F. R. Banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Bills payable and rediscounts with
Federal Reserve Banks:
Secured by U.S. Govt. obligations
All other
Total borrowings from F. R. bke
5.654,796,000 5,652,710.000 5,483,569,000 1,821,907,000 1,820,788,000 1,794,239,000
19.664,187,000
1,867,980,000
293,214,000
13,052,780,000
5,685,213,000
141,838,000
• Revised figures.
374,421,000
369,942,000
168,138,000
128,472,000
231,159,000
157,616,000
158,781,000
102,479,000
78,450.000
27,498,000
136,550,000
47.771.000
42,755,000
28,940,000
7,074,000
3,657,000
10,079,000
4,283,000
5,310.000
2.482,000
206,608,000
388,775.000
261,260,000
103,948,000
184,321,000
71,695,000
10.731,000
14,382.000
7,792,000
Loans to brokers and dealers (secured by stocks and bonds) made by 58 reporting
member banks in New York CRT
932,813,000 1.019,298,000
For own account
1,016,148,000 951,852,000
For account of out-of-town banks
652,296,000 631,638,000
For account of others
Total
On demand
On time
369,451,000
19,710,790,000 18,769,491,000 6,217,385,000 6,298,165,000 8.001,270,000 1.723,387,000 1.715,791,000 1,871,949,000
1,688,872,000 1,646,888,000 695,788,000 730,516,000 700,440,000 169,405,000 154,895,000 165,786.000
67,065,000
297,581,000
277,378,001)
89,152,000
61.367,000
24,708,000
23,167,000
24,014,000
13,011,639,000 12,987,280,000 5,018.298,000 5,071,545,000 5,089,508,000 1,184,487,000 1,169,471,000 1,174,808,000
5,654,512,000 5,163,729,000 851,050,000 844,853,000 783,153,000 520,230,000 514,781,000 474,701,000
153,888,000
25.090,000
75,598,000
27.270,000
9,035.000
8,258,000
5,469,000
5,931,000
2,601.257,000 2,602,788,000
1,924,965,000 1,940,069,000
676.292.000 662,719,000
431
THE CHRONICLE
JULY 24 1926.]
New York City Realty and Surety Companies.
azette.
Bankers'
Ali prices dollars per share.
Bid.
153
Ask.
48 Mtge Bond..
192 NatSurety-341 N Y Title &
Mortgage_ _
291
U S Casualty_
300
Bid.
Ask.
158 Realty Assoc
Ask.
Alliance R'Ity 42
Wall Street, Friday Night, July 23 1926.
(BklYMeom 224 330
218 222
Amer Surety.1 188
94
89
1st pref_ _
& M G. 337
Railroad and Miscellaneous Stocks.-The review of the Bond
89
85
2d pref._
492
485
Lawyers Mtge 285
on
page
422.
Westchester
given
this
week
Stock Market is
300 330
Lawyers Title
Tr. 500
&
Title
&
Guarantee
296
Stock
following
are
sales
made
at
the
Exchange
this
The
week of shares not represented in our detailed list on the Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
pages which follow:
Iflt.
STOCKS.
Week Ended July 23.
Sales'
for ,
Week.'
Range for Week.
Lowest,
I
Highest,
I
I
Range Since Jan. 1.
Lowest,
Highest.
Par. Shares,' $ per share. I$ per share. $ per share.$ per share.
Railroads.
Buff Hoch & Pitts pf_100
2341 95 July 19 98 July 21 92
Mar! 98
July
Buff& Susq pref v t c 100
200 4334 July 211 43% July 21 4334 July, 50
Mar
Nat Rys M ex 1st pf _ _10
5
444 Apr 844 Jan
N Y dr Harlem
50
15 175 July 20175 July 20 175
Apr 205
Jan
N Y Lack & Western_100
14105% July 20105% July 20 1023.4 Feb 105% June
NY Rye part etre 2d pf
55 109 July 21 111 July 20 109
July 112
July
Reading rights
1,200, 17 July 22, 17% July 17 16% Mar, 22% Feb
Vicksb Shreve & Pac_100
100; 98 July 22' 98 July 22 90
Jan' 98
July
1
Industrial & Misc.Abraham & Straus
3001 43 July 201 45 July 21 43 May 50
Feb
Preferred
100
10010654 July 22 10634 July 22 10434 Mar 109
May
Albany Pert Wrap Faro.*
400 27 July 20, 27 July 20 27 May 2754 June
Preferred
1
100 98 July 20 98 July 20 98
July1 98
July
Alliance Realty
100 45 July 211 45 July 21 45
July, 50
mar
Am Chicle pr pref Ws_ _*
200 8534 July 191 85% July 19 85
July 90
May
Amerada Corp
•16,000 29% July 19, 30% July 17 2434 May 31% June
Amer Home Products_ _• 1,400 26% July 211 26% July 17 2454 May, 2644 Apr
Amer Mach & Fdry
*
500 7154 July 23; 7234 July 21 71% July, 7734 July
Preferred
1
100116 July 21 116 July 21 114
July 116
July
Amer Pow & LIght
* 29,100 65% July 22; 68% July 23 50% May, 68% July
Am Su Tob opt A ctfs 100 3,80025 July 22 27% July 17 1434 Apr, 28% June
Am Telep & Teleg rights- 46,500 4354 July 221 63.4 July 1
5% May 6% July
Barnet Leather
100 46% July 20, 46% July 20 40
May 5734 Feb
Preferred
100
100 104 July 20104 July 20 102
Apr 104
July
Bloomingdale Bros_._* 2,500 3034 July 211 31% July 20 28 June 314 July
Preferred
io 300 106% July 2310634 July 21 10454 June 107% July
By Products Coke
400 57 July 221 5934 July 19 53 June 60% July
*
Collins 4r Altman
2,900 4554 July 22 4734 July 19 3434 May: 48% July
Preferred
100
800105 July 17106% July 21 98% May106% July
Cora Cred let pf(6%)100
20093 July 21 93% July 21 90 June 99% Feb
Corn Inv Tr pt (63.4)_1
100 91% July 22 91% July 22 89 May 100
Jan
Congress Cigar
1,300 42 July 22 433.4 July19 40% May 4454 June
Continental Can pret.100
500 122 July 17122% July 20 117
Mar 126
Apr
Crown Wmto let pref__*
200 98% Jul 17 98% July 17 98% July. 98% July
Deere & Co pref_ _1
200 10834 July 19108% July 19 104% Mar 109% June
Devoe & Ray let pref 100
100 99 July 23 99 July 23 99
Mar 109
Jan
Eisenlohr & Bros
25 1,700 13 July 23 14 July 19 11% June 20% Feb
Elec Auto
• 800 65 July 23 67 July 17 6134 Mar 82% Feb
Elec Boat
Mar 854 Feb
.700 634 July 19 7 July 19 4
Elea Refrigeration
•12,400 683.( July 23 7334 July 17 62% May 78% June
Elk Horn Coal Corp_ _ _*
100 9 July 22 9 July 2
8% June 12% Feb
Emerson Brant'm etts100 900 834 July 23 8% July 23 8
July 8% July
Equit Off Bldgs pref _100 1,500115 July 20 119 July 17 9934 June 119% July
Pam Players Lasky nil_ 8,350 3% July 20 53.4 July 21 3% July 534 June
First Nat Pic let pref.100
May 107
Feb
200 10336 July 19 103% July 19 96
Fisk Rub lst pf conv.100
200 96 July 2t 9934 July 22 94 June 107
Mar
Franklin Simon pret_100
Jan 109% Mar
300108% July 21 109 July 20 106
General Electric new_ _ _* 7,100 86 July 22 9034 July 19 69 June 90% July
Gotham Silk Hos new_ _* 1,000 4834 July 17 5034 July 20 4734 July1 5034 July
Heime(OW) pref___lu,
Feb
100 11534 July 21 115% July 20 115
May 116
Intercontinental Rub.._• 8,800, 1534 July 21 1734 July 22 13% May 21% Feb
Internat Cement rte.__ 1,700, % July 21
A Juig
31 July 20
44 July
Int Telep & Teleg rts_- 6,300, 634 July 23 834 July 19 6% July 83.4 July
Kinney Co pref
100
500 94 July21 96 July 21 9374 Mar 9934 Jan
Lego 011 & Transport...* 68,6001, 2134 July 20 23 July 17 1934 May 24% June
Lambert Co
'
3 10,400, 5354 July 22 5974 July 17 3934 May 6034 July
Life Savers
july 2
92
7 June
.100 '4i4 July'23 2134 July 19 93m
1734 May
Louisiana 011 pref_ - _100
July
800, 9334 July 20 9534 July 23
McCrory Stores pref.1
Feb
Apr 110
200108 July 21 108 July 21 105
Mack Trucks 3d paid
July
July 118
100 118 July 21 118 July 21 118
Manati Sugar prof._ _100
Feb
100 60 July 22 60 July 22 55 June 82
Manila Electric rights._ 2,400
34 July 134 June
35 July 19
A July 21
Miller Rubber etfs
May 4434 Feb
* 1,000 36 July 11 3634 July 19 30
Montana power pref.
_100
100 117% July 2 11734 July 21 112% Jan1193.1 Jan
Mullins Body pref. _ 100
Jan 943.4 July
100 9434 July 1 9434 July 11 88
N Y Air Brake rights_ _ 10,000 174 July 22 254 July 17 . 134 July 334 July
Apr
N Y Canners pref
• 500 84 July 21 8434 July 21 83 June 85
Feb
Oil Well Supply pref_100
1001053.4 July 20505% July 20 10434 Apr 107
Omnibus Corp
4,500 14% July 23 16% July 23 14% Mar 22% Feb
100 116% July 1911034 July 1 112
Owens Bottle pref__ _100
Mar 117 June
300 78 July 22 80 July 22 51
Panhandle P & R pt._100
Jan 9934 JIM
P E3 of N J
100 9954 July 23 9954 July 23 96% Apr 100% Jan
pref
Southern Calif Edison_25 10,400 3134 July 23 33 July 19 3034 June' 33
July
South Dairies el A
•14,600 5234 July 22 55% July 17 43
Mar 5534 July
. Class B
*28,200 31 July 22 3434 July19 22
Marl 3534 June
Thompson (J R) Co_ _25 1,000 4534 July 23 46% July 17 4234 Mayl 48 June
Union Carbide d: Carb..* 9,600 8334 July 20 85 July 20 7734 Mart 86% Mar
Vick Chemical
* 1,009 4334 July 21 4534 July 23 4354 Julyl 5134 Feb
34 July 17
Va-Carolina "B" etts._• • 100
A July 17
14 June 1% Jan
Va Coal & Coke pref.10
200 70 July 19 7034 July 19 70
Jan
Julyl 76
V Vlvadou pref
100
100 97 July 22 97 July 22 9434 Jao310334 Feb
Wilson & Co pref_ _ _ _100 2,500 57 July 23 6134 July 17 42
Mayl 6134 July
Yellow Trk & Cch rights_ 26.400 1% July 23 3 July 17
July
% July 3
* No par value.
New York City Banks and Trust Companies.
An minis deBarS Per ewe.
Banks-N.Y. Bid. Ask.
Amertca*__-- 300 330
Amer Ex Pao_ 442 447
Amer Union*. 200 215
400 410
BoweryEast
Broadway Cen 345 365
Bronx Boro, 1350 1450
Bronx Nat_ __ 430 460
Bryant Park* 200 225
Butch & Drov 198 204
Capitol Nat__ 215 225
Cent Mercan_ 270 280
418 422
Chase "
Chath Phenix
NstBk &Tr 360 364
Chelsea Exch. 245 250
Chemical._ _ _ 798 804
Colonial*_ _ 600
Commerce_ _ _ 382 516
Com'nwealth• 300 310
Continental_ _ 285 295
587 592
Corn Exch
Cosmop'tan* 22
250
Fifth Avenue* 2200 2400
2550 2565
First
170 190
Franklin
37a 385
Garfield
Globe Exch.* 220 240
350
Grace
Greenwich.. 530 550
Banks.
Bid. Ask.
Hamilton_ ___ 195
205
Hanover
1045 1055
Harriman._ _ _ 585 595
Manhattan* _ 218 222
Mutual*
500
Nat America 185 200
National City 623 626
New Neth*.... 280
Park
490 494
Penn Exch.__ 124 134
225
Port Morris
545 555
Public
665 672
Seaboard
165 172.
Seventh
Standard _ _ 615
States
590 610
Trade*
157 162
United
210 215
United Statue* 310 320
Wash'a lite_ 800 1100
Brooklyn
Coney Island* 375 425
First
400 410
Mechanics'*
300 315
Montauk* _
305
Municipal*
300 310
355 370
Nassau
People's
600 650
Queensboro• _ 200 215
•Banks marked (0) are State banke.
•Ex-nebta,
Trust Cos. Bid.
New York.
American.......
Bank of N Y
& Trust Co 630
Bankers Trust 645
Bronx Co Tr_ 315
Central Union 897
County
270
Empire
340
Equitable Tr_ 278
Farm L Fe Tr_ 544
Fidelity Trust 285
Fulton
410
Guaranty Tr_ 390
Irving Bank
Columbia T 332
Lawyers Tr_ _ _ _ _
Manufacturer 518
Mutual(Wes
cheater)
215
N Y Trust_ _ _ 550
Title Gu .3: Tr 885
U Mtg & Tr 400
United Stitt 1745
Westches Tr_ 550
Brooklyn.
Brooklyn
785
Kings County 2100
Midwood_ _
300
()New stock.
Ask.
635
650
330
905
290
345
282
552
295
430
393
Maturity.
Ins,
Rate.
Bid.
Sept.15 1920._. 434% 1003::
Dec. 15 1926.- 334% 1007n
Maturity.
Asked.
1003::
100'1s
Rate.
Bid.
Asked.
454% 1014% 101"n
Deo. 15 1927
mar. 151927... 454% 100nn 101.7"n
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.-Below
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York Stock
Exchange. The transactions in registered bonds are given in
a footnote at the end of the tabulation.
July 23
Daily Record of U. S. Bond Prices. July 17 July 19 July 20 July 21 July 22
High 101% 101,
:: 1014:: 101.41: 1014n 101425
First Liberty Loan
100"32 100"n 10044n 101
101
334% bonds of 1932-47__ Low_ 101
101432
101
100"n 101
Close 10142n 101
(Finn 3A a)
7
12
187
233
2
114
Total sales in $1,000 units__
1001ost
-----_-_ __ 10013n
____
Converted 4% bonds of{High
---_ 1001.*:
--__
__ __ 1001.::
___ _
1932-47 (First 4s)__ _ Low_
____ 100"u
_-__
--__ 100161:
__ __
Close
1
__ _ _
_ __ _
Total sales in $1,000 units_ _ _
_ ----::
1023
10210:: 1023::
Converted 454% bonds {High 1021on 102",,102n
102
102"s:
102'n
102'n
1027n
Low_
of 1932-47 (First 4548)
---Close 102".31 102's: 102432 1024n 102482
111
25
64
22
Total sales in $1.000 units_ _
10-271::
___
_ ___
_ _ __
____
___ _
Second Converted 43.4% High
10233:
___
____
____
____
____
bonds of 1932-47 (First Low_
Second 4345
1
__-_-__ __
__-____
Total sales in $1,000 units_ _ ____ 100
____
_-_ 1002n lei
{High
Second Liberty Loan
100
1002
::
____
Low_
_
4% bonds of 1927-42 _ _ _
. 100
_ _ _ 1002
Close
(Second 45)
1
____
Total sales in ELM)units__ _
4.100-441 106ii-s, 100"s.
10024
Converted 4%% bonds {High 10044s: 1002732
10013:,
Low_ 10011:: 10023:: 100":: 100".,10077n
of 1927-42 (second
100:,, 100:,,
Close 1001732 1001:3, 1002,, loon,
43(s)
81
182
601
216
44
70
Total sales in $1.000 units__
High 1014n 1014n 1014n 1014n 1017n 1017n
Third Liberty Loan
1014n
1014,2
101.4n
1014n
1011
::
1015
::
454% bonds of 1928_ _ _ - Low_
Close 1011482 1014,2 1014.: 1014,1 101432 1014n
(Third 434s)
51
160
65
67
158
116
Mai sales in $1.000 units_ _.
High 10213:: 102un 10223:: 102"s 10277as 10277s
Fourth Liberty Loan
11
102",
434 '':, bonds of 1933-38._ Low- 102"ss 102"s: 102"s: 102"s 102 ”
: 10213:: 10213:
ChM 102"n 102lon 102":: 10214
(Fourth 43.j5)
31
101
311
131
105
55
Total sales in $1,000 units._ _
:
1977,:: 10777
108
High 1037st 1087s: 108
Treasury
,
10777
107"s1
10777
,
10777s
107ns,
ILow- 1087s:
414s. 1947-52
107":: 1077's
Close 1087s: 107",: 107"... 108
i
7
16
13
10
I
Total saes in 81.000 units__
10377, 103771
High 1047s: 1047s: 1047,1 104
10377,
Low- 1047n 10377n 1047n 10377n 104
48. 1944-1954
10377.
Close 105oo 103,182 104712 103"n 104
1
a
1
51
1
Total sales in $1,000 units_ (High 101"n 101773 10177n 101":1 101772 10177i
Low_ 101":: 10177s 10177s: 101"s: 101", 101771
33.1.1, 1948-1958
Close 10144n 10142n 101,4,2 10177a: 101", 101",
I
1
15
6
Tn1177 on7oe 1, 51 non Unit*
117
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 1st 414's
29 2d 434s
8 3d 434s
10123n to 10123:21 32 4th 4345
10013:: to 100",, 5 Treasury 434s
to 1013n 10 Treasury 4s
101
102",, to 102"ss
107",, to 107"ss
103un to 103"n
Foreign Exchange.-Sterling was dull and nominal,
though with a firm undertone, and rates practically unchanged. Continental exchange was nervous and irregular,
with French francs again spectacularly weak, and Belgian
and Italian exchanges moving in sympathy, though at
higher levels.
'I')-dty's (Frilly's) actual rates for sterling exchange were 4 85 13-1603
4 85 29-32 for checks and 486 5-16 ®4 86 13-32 for cables. Commercial
on banks, sight, 485 11-16 ®4 85 25-32; sixty days, 4 81% ®4 82; ninety
days, 4 80®4 80%. and documents for payment (sixty days), 48203
4 82%;cotton for payment,4 85 11-16034 85 25-32, and grain for payment,
485 11-1603485 25-32.
To-day's (Friday's) actual rates for Paris bankers' francs were 2.310
2.3834 for short. German bankers' marks are not yet quoted for long and
short bills. Amsterdam bankers' guilders were 40.13 for short.
Exchange at Paris on London, 213.75 fr.; week's range. 213.75 fr. high
and 238.50 fr. low.
The range for foreign exchange for the week follows
-Cables.
Sterling Actual
486 19-32
4 86 3-22
High for the week
4 86 5-16
485%
Low for the week
Paris Bankers' Francs2.45%
2.4434
High for the week
1.95%
1.94%
Low for the week
Germany Bankers' Marks23.81
23.81
High for the week
23.79
23.79
Low for the week
Amsterdam Bankers' Guilders40.24%
40.2234
High for the'week
40.19
Low for the week
40.17
Domestic Exchange.-Chicago, par. St. Louis, 15®25c. per $1,000
discount. Boston, par. San Francisco, par. Montreal, 51.775 Per
$1.000 premium. Cincinnati, par.
The Curb Market.-The review of the Curb Market is
given this week on page 422.
A complete record of Curb Market transactions for the
week will be found on page 446.
336
523
230
560
695
410
1775
795
2300
310
(2) Es..4ivideua.
CURRENT
NOTICES.
-Lawyers Trust Co. has been appointed trustee of an issue of 81,650,000
convertible 534% serial gold notes of Peoples Light & Power Corporation.
-Frazier Jr Co. announce that Alfred A. Sevely is now associated with
them in the bond department of their New York office.
-James Talcott, Inc., has been appointed factor for Edward A. Jones
& Ce., Inc., selling agents for a number of large woolen mills.
-Blyth, Witter Jr Co.. Chicago, announce the removal of their offices to
the fifth floor of the Borland Building, 105 South La Salle Street.
--George W. Lewis, formerly with Luke, Banks Jr Weeks, has become
associated with Harvey Fisk Jr Sons.
-Fred G.Pohl has joined the sales force of Bristol & Willett of New York•
432
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SIX PAGES
For sales during the week of stocks usually Inactive, see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE. NOT
PER CENT.
Saturday,
July 17.
Monday,
July 19.
Tuesday,
July 20.
Wedneeday, Thursday,
July 21.
July 22.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jan. 1 1926.
On basis of 100-share lots
PER SHARE
Range for Previous
Year 1925.
Friday,
July 23.
Lowest
Lowest
Highest
Highest
IS per share $ per share $ per share $ per share $ Per
share Shares.
8 no share
per Mass $ Per share $ per 15020
Railroads.
Par
*4412
*4412
*4412
*4412
Ann Arbor
*4412
*69/
100 44 Jan 19 45 Jan 0
1
4 _ _ _ *6912 _
22 Feb 48 Dee
.
8912 *6912
Do pref
100 6412 Jan 21 6934 Jan 27
40 Mar 67 Dec
137 13738 13612 137% 13618 13738 1353s __-- 13518 13622 *695,
z133
Atch
21,300
134
Topeka
136
& Santa Fe.,..100 122 Mar 30 14032May 28 11614 Jan 14012 Dec
%
99
99
99
99
9878 99
99
9914 984 99
*98
1,400 Do pref
99
100 941
/
4 Mar 5 100 June 12
92% Feb 98 Dec
.612
68
12
12
12
sti
68
62
33
ss
900 Atlanta Birm & A tlantio_ 100
12May 28 10 Jan 2
3
Jan
11% Deo
22214 22214 •220 222
219 220
218 218
21172 218
21224 215
3,300 Atlantic Coast Line RR
100 18112May 30 26212 Jan 2 14714 Jan 288 Dec
96% 9634 9632 97
95% 96% 95% 9612 938 9578 9334 9478 43,000 Baltimore & Ohio
8312
100
Mar
98'2Juiy
3
13
Mar 94% Dec
71
*7112 73
7222 72% 7134 71% *7134 7214 7134 7178 7134 7214 1,100 Do pref
6712
100
Jan 6 7314July 13
62% Apr 6734 Nov
4034 4034 4034 41
*4012 41
4038 41
4014 404 *40
1,200 Bangor & Aroostook
41
50 33 Mar 2 46 Feb 1
3514 Mar 561s Nov
*101 102 *101 102
101 102 "101 102
101 102 *101 102
Do prat
100 97% Feb 8 101 July 12
89 June 100
Oct
6434 6434 6412 65
6334 64
63% 6412 6212 64
6312 6512 8,700 Elkin Manh Try t c__ _No par 541s Mar 31 6914 Feb 5
35% Jan 64 Nov
"8412 8512 "8434 86
*8412 85,4 8434 8434 84
8412 84
84
500 Do pref v 1 o
No par 78 Mar 31 86% Jan 29
7272 Jan 8334 Dec
1234 13% 1278 1272 13
13
1278 13
1214 1278 *11
13
2,200 Brunswick Term & Ry See_100
812 Mar 4 143, Mar 18
3 Feb
1712 Nov
*80
8334 *80
8334 8333 873 *8312 85
*80
87
8312 85
452 Buffalo Rochester & PItts_100 6934 Mar 26 8734July 20
48 Apr 9232 May
*60
61
5912 60
5912 5912 *60
61
*60
61
*59
61
490 Canada Southern
100 58 Jan 15 61 June 14
56
Jan 59 May
164 164
164 16434 16214 16378 16178 1628 161 162
16114 162
3,500 Canadian Pacific
100 146% Jan 9 1667g July13 13612 Mar 152% Jan
•290 295 *290 294
290 290 *280 290 *280 290 *280 290
100 Central RR of New Jersey_100 240 Mar 30 305 Jan 11 265 Mar 321
Jan
14234 14312 14214 14314 14112 143
14034 142
13834 141
13814 13918 13,000 Chesapeake & Ohio
100 112 Mar 2 1448July 13
8914 Mar 13012 Dec
*142 145 *140 143 *140 143 *140 14214
•138 14212 "137 14222
Do prel
100 119 Jan 20 144 July 13 10514 Apr 130 Dec
'512 534
524 5*451
512 522
514 524
Chicago
5%
St Alton
5
700
514
414M SY 18 11% Feb 20
100
3% Apr 10% Feb
8% 8%
8
832
734 77
*734 838 *734 81
/
4 *824
1,000 Do prat
61854sy 18 1814 Feb 13
100
518 Apr 1912 Feb
•225 250 *220 240 "220
240 "232 240
232 232 '235 238
100°CC& St Louis
100 17314 Mar 29 233 July 15 140 May 200 Dec
*32
33
32
32
"32
33
33
*32
"32
34
*32
100 Chic & East Illinois RR__ _100 3014May 10 37 Feb 10
3312
2934 Mar 3814 Aug
4112 4112 41% 4112 4112 4112 4112 4112 41
4114 *41
1,000 Do pref
42
100 3612 Mar 31 51% Feb 10
40 Mar 5714 Jan
934 934
2 953
9,2 9%
9,2 922
932 912 '
914 938 1,700 Chicago Great Western_ _ _100
9 Jan 15 Feb
12 Feb 20
734 Mar 31
2414 2433 2414 2422 235* 2414 233g
24
2212 238 2212 228 5.800 Do pref
100 1614 Mar 30 28 Jan 2
1914 Mar 32% Feb
1012 1034 1012 10% 1034 11
1012 11
1014 1012 10
8,300 Chicago Milw & St Paul__ _100
10
314 Apr 1632 Jan
9 Mar 29 1412 Jan 6
1012 1012 1012 1012 1018 1022
9
3
4
1012
*91
/
4
2
1024 *10
10 4 4,100 Certificates
818 Apr 20 14 Jan 8
100
7 Sept 11 Nov
1734 18
1712 1734 171
/
4 1712 1718 1712 17
1718 1634 17
7,600 Do pref
100 1412 Mar 31 2214 Jan 9
7 Apr 2812 Jan
17% 17% 1718 1724 17
1712 17
17
1714 1724 1622 165
, 2,700 Preferred certificates. _ _ _100 14 Apr 20 21% Jan 5
1278 Oct 22 Nov
71
72% 7014 7078 6934 70
69
694 68
60,4 9,000 Chicago & North Western.100 6514 Mar 30 8172 Jan 2
47
Apr 8072 Dec
•125 12522 *125 12512 125 12534 6953 70
"123 12512 *123 12512 *123 12512
200 Do pref
100 11812 Jan 4 12612 Apr 30 101% Apr 120 Dec
5234 5314 52% 528
5218 5572 547 5634 5334 5553 54
Chicago
46,000
Rock Isl & Paciflo_100 4012 Mar 3 6034 Jan 15
5514
4018 Mar 58% Dee
*99
9914 99/
1
4 9912 9912 9912 9914 9912 *99
9934 *991 9984
900 Do 7% preferred
100 96 Mar 4 10114June 9
Jan 100 Dee
92
*8814 8812 8824 8814 •8712 8812 8812 8812
89
891
/
4 8888 8853
800 Do 6% preferred
100 8314 Mar 31 90 Jan 29
82 Mar 8912 Mar
*50
55
*48
55
*45
55 I *45
55
*45
55
Chic
St Paul Minn & Om__100 48 Apr 5 53 Jan 28
*45
55
3312 Apr 5912 Jan
*100 115 "100 115 *100 115 •100 115 *100 115 •100
Do pret
115
7314 Apr 12012 Dec
100 100 Mar 16 114 Jan 9
•61
63 "61
6212 6034 6034 6034 6114 6112 6112 6112 6212 1,000 Colorado & Southern
100 52 Mar 3 65 Jan 13
44/
1
4 Jan . 70,2 Sept
•67
•67
68
68
100 Do let pref
*1381
/
4
Mar 6634 Dee
100
60
6812June
62
Mar
7
2
•64_
.
64 ____ "64
*6432
"13438
*645*
Do 24 pref
100 59 Jan 11 64 July 7
Jan 6212 Aug
54
16314 1-6414 164 164
162 16338 16112 16212 161 16134 161 161
Delaware
3:200
&
-Hudson
100 150,4 Mar 30 17414 Mar 12 13312 Mar 155 Apr
144 14522 143 14612 14422 14822 144 14522 14134 14512
12,400 Delaware Lack & Western. 50 129 Mar 30 15312 Jan 12 125 Mar 147% June
14112 142
*43
4312 43
43
*42
43
43
*42
42
42
*42
43 , 300 Deny & Rio Gr West pref_ 100 3712May 19 47 Jan 2
Jan
34% Oct 60
342 *3
'
3/
1
4, .3
3
3,2 .3
322 *3
312 *3
Duanb Sou Shore & AtI__ _100
312
3 May 20
0512
2% Apr
5/
1
4 Jan 23
515 Dee
*512 6
*512 6
*512 6
*512
6
Preferred
*512
6
532,May 19
100
334 Apr
814 Jan 18
818 Dee
35i2 ' 36
35% 36
3832 3812 35
7 343* 14,600 Erie
35
33
3353
3553
100 2212 Mar 29 40 Jan 2
2634 May 3938 Dee
4534 46
4412 4514 4414 448 441
/
4 448 4312 4412 4334 4432 9.900 Do 1st pre:
100 3334 Mar 30 4772July 8
35 June 4678 Jan
*4212 4234 43
4312 4214 4214 •42
4012 42
43
4078 41
1,800 Do 24 pref
100 30 Mar 30 4512July 8
34 June 4334 Jan
72% 7314 7253 74
7232 73
7232 7253 7134 7212 7134 72
Great
7,500
Northern
prat
100 6812 M ar 30 78% Jan 4
60 Apr 8238 Dec
21
21
2078 21
2012 2034 2014 205* 1912 201
/
4 1953 1934 5,800 Iron Ore Properties. No par 19 June 2 2714 Feb 16
25 Dec 4038 Jan
3514 3514 3514 3512 3434 35% 3412 3412
3332 3412 *333 3312 2.100 Gulf Mobile dr Northern-100 2518 Apr 20 3914June 22
23 Mar 3638 Sept
*104 106 *10412 108 *10412 108 *104 106 *10312
105 *104 106
Do pref
100 95 Mar 29 10712June 22
Mar 10914 Sept
8912
3912 3938 39% 3938 39
39
38% 3832 3812 385
, 3818 3884 3,300 Hudson & Manhattan__ _100 34% Jan 22 40 Apr 8
2134 Mar 3838 Aug
•78
80 .78
80
79
79 .78
80
100 Do pref
*78
80
*78
80
100 67% Mar 31 79 July 20
64% Feb 72 July
*122 124
122 12223 12121 12112 122 122
12083 122
121
Illinois
100 11312 Mar 3 1247sJuly 13 111 Mar 12518 Dec
*12134 125 `121e4 125 *12134 125 *12134 125 *12134 125 *1213 12112 2,900 Do Central
pref
4 125
100 11512 Mar 30 125 July 13 112% Apr 12514 Dec
*74
74% *7412 747 *747 748 741
/
4 7412 *74
747 *74
30 Railroad Sec Series A__1000 7114 Jan 6 77 June 23
7412
6824 Aug 7414 Dee
•27% 28 .
27% 28
*2714 28
2714 274 *2672 28
267 267
200 Int Rya of Cent America_100 2514 Mar 30 31 Feb 13
18
Jan 33% Sept
*6414 66
*644 66
*6414 66
*6414 66
•64% 68
Do pref
100
62
30
Mar
June
66
24
5912 Jan 6612 July
43% 4434 44
4434 43
4312 4272 44
4214 44
44
18,700 Interboro Rap'Fran v t c_100 2412 Jan 15 5214May 25
46
1312 Mar 3412 Feb
2
Iowa Central
114May 12
100
312 Jan 15
3/
1
4 Mat
112 Jan
4334 4424 4314 4334 43
4412 4312 4414 414 4312 4212 4212 6,500 Kansas City Southern
100 3414 Mar 3 49% Jan 13
28% Mar 51 Dee
*6812 67
67
67
*6653 68
67
pref
6734 674 *665* 671
Do
200
*665*
100 60% Mar 31 67%July 22
/
4
Jan 6314 Dee
57
9214 9253 9112 9214 9014 91
89
90
8712 8914 8822 8884 2,900 Lehigh Valley
50 75% Mar 3 9312July 15
69 Mar 8812 Dec
*132 134
133 134
133 133
131 132
132 133
1291
/
4 130
2,600 Louisville & Nashville
100 118 Mar 30 143 Jan 4 106
Jan 148 Deo
*9034 91
*9034 91
*9034 91
9034 9034 *90
91
•90
91
100 Manhattan Elevated guar 100 84 Mar 3 92% Apr 20
64 May 11912 Sept
555* 56
5512 55% 5412 5512 54
53
54
5524 5314 561
/
4 7,300 Do modified guar
100 3818 Jan 26 6172May 28
321s Mar 5114 Feb
*512 7
*534 7
•55, 7
Market Street Ry____ ._ _ _100
*534 6
*55
7
*522
7
6 June 29 10 Feb 9
6 Nov 12 Sept
*25
30
•25
30 "25
30
"25
30
*25
30
Do pref
*25
30
100 2514 Jan 5 40 Feb 9
20
Jan 4614 Sept
*43
44
4314 4314 4314 4314 4314 4334 4334 4334 *41
43
700 Do prior pre!
100 3915June 21 5132 Feb 10
4214 Nov 05'4 Seal
*18
18
*15
18
*14
18
*14
24
14
Do
pref
18
14
200
•14
18
100 1312 112018 2212 Feb 10
15 Dec 3514 Sept
•178 2
*178 2
.17g
2
*I% 2
15*
I%
112 153
700 Minneap & St Louis
100
214 Oct
112July 23
4 Mat
3% Jan 11
*35
37
*3512 37
*35
36
Minn St Paul & S S Marie.,100 34 Apr 21 5212 Feb 3
*35
*34
36
36
*35
36
30% Apr 57 Nov
*56
62 .56
62
*56
62
Do pref
*56
*55
62
*55
63
62
100 55 Mar 20 79 Feb 3
40 Mar 8614 Nov
*65
6818 *65
6632 *65
66% *65
663
100 Leased lines
65
65
*65
6638
100 8212 Jan 4 6678 Feb 24
5712 June 63 Feb
37% 3712 373 3712 365* 3738 36
3678 36
36
2814 Jan 4512 Sept
1
4 Feb 9
3614 5,300 Mo-Kan-Texas RR__ __No par 32 Mar 3 47/
9112 915* 9138 915* 908 91
90
918 9012 91
91
100 82 Mar 2 95 Jan 4
9114 2,300 Do pref
74% Jan 9212 Dec
3912 40% 39
3912 38
3912 38
3918 3612 384 364 3734 28,800 Missouri Pacific
100 27 Mar 3 4014 Jan 14
30ss
Jan 4134 Dee
92/
1
4 933, 9134 923* 90
90% 8814 8914 19,600 Do pref
9133 88
9184 90
100 711
/
4 Mar 3 9334July 16
71 Mar 91% Dec
•168 175 *165 178 ,"165 178
Nasbv Chatt & St Louts___ 100 150 Apr 3 188 Jan 14 143 Apr 192 Dec
165 175 1.165 178 *165 178
*272 3 I
278 2%
234 234'
212 212 *212 21* 1,000 Nat Rys of Me:24 pref.._ _100
2 Mar 18
412 Jan 7
1% June
3% Dec
•120 135 *121 135 *121 139
121 135 *121 139 "121 139
New On Tel & Mexico_ ___100 120 Mar 30 13212 Jan 0 11314 June 137% Dec
131 1317 13012 131
12978 1313, 1293 13034 129 13022 12834 1301
100 117 Mar 30 135% Jan 2 11314 June 137% Dec
/
4 36,400 New York Central
•179 180
17912 17912 179 179
179 180
179 179 •178 180
800 NY Chic & St Louis Co_ _ _100 130 Mar 3 18534July s 118 June 183 Dec
103 103
103 103
103 103
103 103
103 103
103 103
100 93 Mar 11 106 July 8
1,000 Do pref
8812 Jan 9872 Nov
47% 483, 47
4814 4512 47
100 30% Mar 30 48%July 17
455* 468 4453 4612 4412 4532 96,800 N Y N II & Hartford
28 Mar 47 Dec
2414 .2424 2418 2412 2312 24
2312 2312 225* 2334 *2234 23
2.400 N Y Ontario & Western...,.,100 19% Mar 30 2E4 Feb 13
20% Apr 3434 Aug
Railways
_
ctls-No
par
part
NY
296 Jan 4 355 May 8 262 Aug 310
Oct
*98 11
*9I
914 9/
-;6i2 11 1
4
11
8% 10 ---ido Preferred certificates_No par
6 Jan 25 2014 Feb 5
5 Dec 12 June
•20
23
•20
23
"20
23
*20
"20
23
*20
23
New York State Rallways.100 2014July 16 2812 Jan 14
23
21 Dec 36 July
*36
3712 *3622 3712 3612 3612 *36
37% 38
36
3512 3512
100 2772 A pr 15 3712July 15
300 Norfolk Southern
21% Apr 45 Sept
*152 154
154 154
15212 1537 152 15314 15114 15134 151 152
100 13914 Mar 30 1577sJune 28 12312 Mar 151 Dec
2,600 Norfolk & Western
*8424 86
*8414 86
*8414 86
*844 86
*8412 8612 •841z 8612
Do pret
100 84 Jan 7 85 Jan 7
7512 Jan 86 Dec
717 7222 72
7234 7172 7234 7134 7238 7078 72
70% 7124 11,800 Northern Pacific
100 6534 Mar 30 7612 Jan 2
5824 Apr 7814 Dec
*22
*20
28
28 "20
*20
*20
28
Pacific Coast
28
100 2012Juite 26 48 Jan 6
20 Aug 4012 Dec
541s 5434 5424 54% 54
543* 5372 54
535* 541
/
4 5312 53% 19,300 Pennsylvania
50 48% Mar 30 55/
Jan
2
1
4
4212
Apr 5538 Dec
*2112 23
*21
23
*21
23
•21
*21
23
23
•20
Peoria & Eastern
23
100 19 Mar 4 2634 Jan 14
13% Apr 2158 Dee
99
9914 9732 9872I 97
9715 97
98
9512 97
9724 98
6,300 Pere Marquette
100 67 Mar 3 100I2July 8
613
4
8518 Deo
June
•92
94
"91
94
"91
94 *__ _ 93
91
•90
91
93
100 Do prior pref
100 79 Mar 3 96 July 7
78 July 8938 Dec
90
917
90
9172 89
90
85
8812 87
87 •87
8712 5,200 Do pref
100 70% Mar 29 9178July 17
6812 Apr 7958 Dee
•146
_ •146
•146
*146 --- 149 149
Pitts
Wayne
Ft
&
100
ChM 1:41 -100 14222 Jan 2 149 July 14 139
Jan 144 Nov
-- 10734 1073
4 10712 10712'
-10612 10712
10638 10712
107 107 "105 107
1.400 Pittsburgh & West Va._ _ _100 85 Mar 30 1 1933
63 Mar 123 Dec
96% 9634 9622 973*! 9512 9612 9412 9534 9112 9518 92
Jan
9312 21,600 Reading
50 79 Mar 30 100 July 11
9
69% Mar 9114 June
*4034 49 1 *403 41
•4034 42
4034 4034 4012 4012 4024 4014
300 Do 181 pref
60 40 Jan 5 42 Apr 26
35% Mar 41 June
4224 424 4214 4214 *4212 4214 42
4212 *411
/
4 4212 *4114 42
1,000 Do 24 pref
40 40 Mar 30 4472June 21
3614 Mar 4438 June
50
51
53
5234 5112 5112 5218 5234 52
•51
53
53
7,100 Rutland RR pref
100
42
Apr
8 57 Jan 7
42 Apr 6272 Jan
9814 9634 96
9834 955* 9638 9512 9634 9432 9638 95
13,000 St Louis-San Francisco_ _ _100 85 Mar 30 10114 Jan 21
96
*9012 9134 91
Jan 10214 Aug
5712
91
*9012 9112 "9012 9112 *9012 9112 *9012 9112
100 Do pref A
100 8312 Apr 1 9214July 14
Jan 9214 July
76
6812 6812 6832 6832 67/
1
4 6772 •67
68
664 67
*66
6712
900 St Louis Southwestern
100 5712 Mar 19 74 Fen 9
4334 June 69% Dec
*7824 80
•7812 7912 *7812 80
*7812 80
7812 7812 *78
79
200 Do pre/
100 72 Mar 19 7978July 15
7018 June 78% Dec
33
33% 3218 33
34
34
3214 3312 3012 3218 3032 3112 6,300 Seaboard Air Line
100 2712 Mar 31 51 Jan 2
20% Jan 5424 Nov
37
*35
37
37
*3514 36
*35
36
3418 35
*34
35
500 Do Drel
100 3112 Mar 31 483s Feb 18
Mar 5112 Aug
35
106% 107% 10634 1075* 10434 1065* 105 106
1035* 10518 10418 105
50,100 Southern Pacific Co
100 9618 Mar 30 1093 July 12
Oct 108% Jan
96
,11833 11612 11712 1158* 11778 116 11738 9,800 Southern Railway
117 1173s 11634 11722 1165
100 1035* Mar 30 120 July 7
77% Jan 12012 Dec
9212 9212 9212 925* 9212 9212 9212 9212 9212 9212 9212 9234 1,000 Do pref
100
8712
Apr
6
93
Jan
July
83
13
9512 Sept
53)
4
5434 548 55
5534 .5434 5512 54
55
54
5284 53,4 4,800 Teta* & Pacific
100 42% Mar 30 61% Jan 13
53% Jan 69 Dee
36,2 3634 *3634 3714 3634 37
'3653 37
3712 378 37
381
/
4 2,200 Third Avenue
100 1312 Jan 8 43 Apr 23
7
/
1
4
15% Sept
Apr
71 *____ 7053 705* 705* *7012 7112 *70
*70
7112 •70
7112
200 Twin City Rapid Transit_ _100 68 Slay 4 7814 Jan 4
Jan 7814 Dec
58
15034 15314 15114 15178 8.600 Union Pacific
15234 15234 15212 15324 15212 15312 15212 153
100 1412, Mar 30 15612July 6 13314 Apr 15314 Jan
*7918 80
80
79
80
80 '79
*79
"7918 50
Do
7934 7934
prof
100
100 7434 Jan 6 80 May 28
Jan 7714 July
72
"24
30
*24
30 "24
30
•24 - - - *24
*24
30
United Railways Invest_ __100 1934 Mar 3 2711 Apr 7
18 Aug 3312 May
87 •7
•75
87
•75 -87
*75
87
87
*75
•75
87
Do pref
100 65 Mar 2 8634 Apr 6
4812 Mar 83% Dec
4234 4434 43
4618 462 4538 46% 4322 455* 437 45
4334 27,700 W1031311
100 3372 Mar 30 52 Jan 12
1912 Mar 4714 Aug
7538 757
78
78
7518 7534 7518 7512 7518 7514 27414 7434 5.700 Do
pref A
100 68 Mar 30 7834 Jan 13
55% Jan 73% Dec
"59
62
*58
61
61
*58
*59
63
61
.59
61
*62
Do prof B
100 57 Mar 29 72 Jan 29
Jan 6012 Aug
3812
1312
•13/
1
4 14
1312
8
133
121
2
2
133
1312 13
13 8 133,
13
2,300 Western Maryland
100 11 Mar 3 1632 Jan 4
11 Mar 1832 AUg
2234 *2112 2214 2112 2112 2138 2132 2022 2114 *20
21
*22
1,200 Do 2d prof
100 1638 Mar 30 24 Jan 4
16 Mar 2624 Jan
$ per share
36
*2
3l,
•Bid and asked price/
S Et-dividend
New York Stock Record-Continued-Page 2
433
For sales during the week of stocks usually inactive. see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
July 17.
Monday,
July 19.
Tuesday,
July 20.
Wednesday, Thursday,
July 22.
July 21.
Friday,
July 23.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
per share S per share Shares.
$ per share $ per share 8 per share S per share
Railroads (Con.)
351
34% 3518 34
34
3534 3534 '3412 3512 .3412 3512 *34
600 Western Pacific new
85
85
8514 85
85
8514 .85
85
85
8514 *85
8514
1,200 Do pref new
25
2414 247 11,000 Wheeling &Lake Erie Ry
2534 26
258 2512 2412 2512 2538 2534 24
4134 45
4612 4612 4434 45
4412 45
47
*45
4414 4458 1,200 Do prof
PER SHARE
Range Since Jan. 1 1926.
On basis of 100-share lots
Lowest
industdal & kliscellane,us
74
76
74
75
74
7412 *74
*74
*74
7512 "74
75
300 Abitibi Power & Paper_No par 7034May 21
*145 150 •14512 150 *145 150 *145 149 '145 149 *145 149
100 131 Jan 6
All America cables
114 114 •11314 114
113 113
111 112
*114 114% *114 115
100 9978 Mar 18
600 Adams Express
*1312 14
1312 1312 1312 1312 •1212 1312
*1312 1414 •1312 14
100 10 Mar 19
500 Advance Rumely
55
*50
5412 *50% 5412 *4934 55
5212 5212 533 5312 *50
100 4814May 11
400 Do prat
8
8
818
818
8
818
*8
818
818 818 4,100 Ahumada Lead
8
1
8,4
758 Jan 23
117% 123% 11838 12212 33,600 Air Reduction, Inc____No par 1074N1ay 19
114% 11478 11518 11678 11578 11878 11834 122
8% 8%
88 878
85s 834
812 858
834 834 4,100 Ajax Rubber, Inc
*8% 9
712May 11
No par
*114 138 •114
138 *114
lh
138 1% •114
18 *114
1%
114June 28
100 Alaska Juneau Gold Min__ 10
12312 12914 12438 12734 80,000 Allied Chemical & Dye_No Par 106 Mar 30
130 131% 12938 13114 127 12978 12614 129
122 122 .12134 122 •12134 122
122 122 *12134 122
•12118 122
200 Do pref
100 1184 Mar 20
8612 87
88
88,2 8714 88
894 8814 8814 88
z8512 85% 2.900 Allis-Chalmers Nifg
100 7814 Mar 26
*109 110 *109 11014 *110 11014 110 110 *109 110 *109 110
100 Do Prei
IOU 105 Apr 7
*1734 18
19
1718 1734 18
*18
1812 1778 1812 *18
1,100 Amer Agricultural Criem 100 15 May 20
18
62
6312 *52
63
60
*62
6112 5812 61
6314 6314 64
2,500 Do pref
100 51 May 20
4114 4138 4112 4038 4034 4012 4012 *4014 41
*4012 4112 41
10 34% Mar 31
2,100 Amer Bank Note, new
58
5734 5734 5712 5712
*57
53 .57
50 55 Jan 15
200 Preferred
23
2338 *23
2314 2314 2314 *23
-25T2
2314 2314 23,4
100 21 June 2
500 American Beet Sugar
6634 6634 67
*6634 70
*6634 70
07
*6614 70
67
67
300 Do Pre
100 65 May 27
204 19% 20
2034 21
1858 1912 1858 1878 2,800 Amer Bosch Magneto_.No par
20
*2014 201
16 May 19
12212 12338 123 123
123 12358 12212 123
122 122 •122 123
1,200 Am Brake Shoe & F___No par 110 May 19
112 11218 *112 119
•11218 11414 *11218 11414 *11218 114 *11218 113
100 11014 Mar 24
300 Do Prei
41
3912 40% 3914 40
38
4034 4034 40
3918 3734 3912 5,900 Amer Brown BoveriEl_No par 3014 Mar 29
9412 95
*9412 9518 945 9458 9478 94% *9412 95
9418 9418
100 8612 Mar 31
600 Preferred
5612 5834 5712 59% 297,900 American Can w 1
58,4 5914 57% 58% 557 5814 5618 577
25 38% Mar 30
12538 12512 *12512 126 *12512 126
125% 12518 125 125
126 126
100 121 Jan 4
pref
800
Do
9912 9912 99% 10118 100 10112 10034 101
9934 101
99 10014 4,000 American Car & Fdy__No par 9112 Mar 31
•125 12758 *125 12714 •125 12714 *124 127 *125 127 •125 127
100 12312 Apr 7
Do pref
2618 2512 2578 2558 2558 4,200 American Chain, class A_ _ 25 2314 Mar 30
*2514 25% 2514 2512 2534 2614 26
39
*39
40
3912 39
*3838 3912 *38
39
*3912 40
3978
No par 3718 Mar 31
500 American Chicle
*3712
38
40
38
38
40
*38
*3712 38
*38
*3712 38
300 Do certificates _ _..No par 3112 Mar 31
738 712
714 712
7% 712
712 712
7
7
714
414 Jan 5
734 9,300 Amer Druggists Syndicate_ 10
12612 12612 12212 123
125 126
12712 12712 *126 127
12112 123
100 105% Mar 31
1,300 American Express
2114 2138 2114 2134 2114 2112 2114 2112 2114 2112 21
1514Nlay 19
21
5,700 Amer & For'n Pow new _No par
91
904 9034 *90
90
*90
*8912 9014 90
91
*90
91
No par 8812June 22
200 Do pref
108 Mar 30
------ Do 25% paid
*73
4
8%
8
812 •8
8
8
*8% 812
812 *734 812 1,000 American Hide & Leatner_100
7 Slay 10
40
39
39
37
38
3934 3914 39% •37
*39
*38
39
100 3312Slay 7
1,100 Do Wei
125 12514 12434 12434 12414 12514 123 12314 1,900 American Ice
125 126
126 126
100 109 Mar 31
8512 *84
8512 *84
8612
*8334 8512 *8334 8512 *834 851 *84
100 8212 Jan 13
DO Pref
3275l 3234 3314 3234
3278 3338 3134 3212 32
33% 3314 34
11,300 Amer International Corp 100 3134July 19
1318 •13
1314 *13
1314 13
13
1318 13
13% 13
10 1212Nlay 21
13% 2,500 American La France F E
3312 337
3412 3412 3412 3312 341 *3312 34
.34
3378 3378 1,200 American Linseed
106 2814 Apr 21
•764 79
7712 7712 7753 7752 *7734 79
78
7914 78
78
100 75 Mar 31
500 Do Pref
10312
10312
10534
10578 101 10414 10112 10313 17,400 American Locom new __No par 9014 Mar 31
104 10438 10312 10512
•117 11712 *117 11712 11712 11712 *117 11712 11712 11712 117 11712
100 11614July C
500 Do nref
54
5312 5312 5312 54
54
5258 5253 5212 53
54
54
1,900 Amer Metal Co Ltd__ _No par 47 Mar 30
•117 11712'117 118 '117 118 1.3117 118 '117 118 '117 118
Preferred
100 11312 Apr 15
10912 11012 110 11012 109 110
109 10914 10912 110
10914 110
25 10114May 19
2,600 American Radiator
80
*78
80
*78
*78
80
80
*78
*79
80
*78
80
Amer Railway Express__ __100 7738 Mar 31
*5512 60
5512 5512 *55
60
*55
*5512 60
60
*55
60
100 American Republics.. No par 50 June 15
64
62
64
, 63
6434 6012 6234 34,500 American Safety Razor_ _ _100 42 Apr 1
6214 66
60
6012 625
812 858 *858 9
51; Jan
•85a 8%
838 878
838 8,
5
*812 9
Ship & Comm__.No par
136 13658 135 13658 13318 13512 132 13414 13014 13312 1304 13212 1,000 Amer Smelting
& Refining _100 10958 Apr 21
41,300 Amer
119 119
1194 11914 11912 11912
11812 11812 11812 11812 119 119
100 112% Mar 31
900 Do Vet
•125 129 "126 129 '125 127 *122 127
12634 12634
2 127
100 122 June 28
100 American Snuff
4212 4238 4212 424 4214 4234 4238 4234 42h 4234 4218 4212 5,500 Amer Steel Foundries_.No par 40 May 1
11138 11138 •11114 113
*11114 114 '111 114 '111 113
11134 11134
100 111 Apr
4001 Do Prel
6612 67
6838 684 6734 0812 6712 68
6634 6734 67
67
5,1001 American Sugar Refining_ _100 6514 Apr 1
•10134 102 *10112 10212 10134 10134 102 102 *10112 102 *10112 10214
pref
100 100 June 19
Do
200
14
*8
14
*8
*8
14
*8
.8
14
14
*8
818May 1
14
Amer Sumatra Tobacco._ _100
*95 129
*95 130 .95 129
*95 129
*95 129
*95 129
100
Do Pre
30
*27
30
30 .25
*27
30
*25
*27
30
*27
Amer Telegraph & Cable_ _100 2512July 6
30
14158 14178 1418 14178 14034 1411 14,700 Amer Telep d, Teieg
14138 14178 14134 1418 14134 142
100 13958June 18
, 12034 12112 121 121
120 12018 120 1207
11978 12134 12012 1201
50 11138 Mar 31
6,400 American Tobacco
11012 11012 *110 11112 *10912 111 *10912
•110 11014 *109 111
100 10618 Jan 4
1193, 11
:
)
1
Do Pre
11912 11978 11958 1198 11912 12078 11912 12012 11914 12153
50 11018 Mar 31
11,000 Do common class B
119 119
119 120
11912 120
.11858 119
11914 11914 119 119
800 American Type Founders 100 114 Jan 22
62
62
6112 63
6212 6314 6134 63
60
62
60
601
& Elec.. 20 4334 Apr 13
6,200 Am Water Works
•105 107 *105 107 *105 106 *106 107 *106 107 *106 107
100 10112 Mar 3
Do 1st pre (7%)
2318 2253 2234 2278 227
23
238 238 2378 2234 2318 23
100 19 June 9
3,500 American Woolen
72
723* 7118 7118 *7012 72
7112 7112 7112 72
'7058 72
100 66 Apr 30
800 Do pest
'134
178
lh '134
134
134
178 *134
158
134
112July 23
112
138 1,300 Amer Writing Paper pest..100
*1
134
"1
13
4
13
4
*1
'1
'1
114 *I
2
11
Preferred certificates__ __100
1 Jan 4
75
838 812
812 9
758 758 *734 84
518MaY 19
753 *712 8
2,700 Amer Zinc, Lead & Smelt__ 25
3878 3912 38
37
3478 35
3958 34
3412 3412 3414 34i
25 20 May 19
2,500 Do pref
4934 50
382
12 5
3
,
112 *48
4934 5058 491
4912 50
384
1 5
39
0%
12 481
38;
1 3
48
971 153,600 Anaconda Copper Mining_ 50 4112 Mar 30
3912 393 3934
40
40
*39
700 Archer. Dan'Is MielFcl_No par 3478June 11
*10112 105 *102 105 *10214 105 *10034 10434 *10034 10134 *10034 1031
100 100 Mar 4
Do Pre
93i2 932 9358 9
*9358 9438 *938 9438 94% 9414 9358 9353
100 9014May 21
700 Armour & Co (Del) pref
1518 1538 1518 15% 1518 1518 144 15
1438 1478
1434 147
2; 1318N1ay 22
5,700 Armour of Illinois class A
73
734 734
712 75s,
712 738'
25
712
74 753
534Nlay 20
718 71
2,800i Class B
87 I *85
8612 *85
89
86
*86
90
*86
86
8512 861
Preferred100 80 Apr 30
2412 2734 2734 2934 2818 2978 2814 29
27% 2858 27
Corp
tern
Cone
te
ctf
.No
1Prefe
par
18
Apr 12
Am,
2758 18,2
300
Certificates
14 Jan 5
Na par
;H)- /61- -Wig "ici" ;1658 2014, .1934 161-4 ;iii -601-4 ;1678 /61 ______
Art Metal Construction....10 1918 Jan
500
5..04 5412 5412 54
555 555
55
543
54
5534 5412 5458 2,100 Artiomn
48 May 1
No pa
•111 11212 •111 11212 *110 11212 *111 11112 *111 112 *111 112
Do100 108 Mar 18
41
*41
415
4112 4114 42
4012 407
40
3714 Mar 3
41
ef Dry Goods. .100
4012 407
ociatPerd
I
Asso
00
4,900
997 99781 .96 100
.96 100 .96 100
*96 100
*96 100
96 Mar 21
10
100 Do 1st prof
*10212 104 *103 104 *102 104 1.'102 104 *102 104 *102 104
Do 2d Pref
10( 102 May 1,
5318 52
"52
5314 "52
52 '4914 5318 *4914 5318 *49h 5234
100 Associated Oil
25 44% Jan
4434 4534 45
4514 4318 4412 4314 4478 4318 4318 43
33h Mar 31
4314 4,400 At Gulf & W I SS Line_ _ 10
45
4614 43
4412 "44
47 I 4538 4534 45
45
45
1,400
100 354 Apr If
Da Pre
4538
111 112
111 113
108 111 I 108 111h 10738 10912 10712 109
nticolrle
e tfining
100 97 Mar
15,500 Atbao
•11534 118 "11534 118 *11534 11734 *116 118 "11534 118 *11534 118
100 11514 Apr2
"55
57
*55
57
*55
57
"55
56
57
57 '55
No pa
100 Atlas Powder
54 Mar
5538
"96
98
*957 97
*95
9612 .9412 98 .9512 97
Preferred
*9578 97
100 94 Jan
•12
1214 .12
1214 12
12
12
12
.Nickhois,tc
11h 12
tis Tac
.
la.
9 July
1134 1134
No pa
700 Atu
*1312 1378 *1312 1378 1314 1312 "1212 1314 13
13
11 NI aY 22
0 vtc No pa
1212 1212
'7312 7712 *7312 75
*7312 74 1 7338 7314 7212 7212 *--- 7212 1,730000 Do pref100 7212July 22
*12
34
*12
34
Auto Knitter
12
12'
er Hosiery_ _No par
*58
34
58
513
12 Apr 30
*58
34
11618 117
11618 11912 11812 12434 12014 12434 11758 12314 11812 12114 149,100 Baldwin Locomotive Wks_ 100 9278 Mar 31
11014 11014 *11014 112 *111 112
t
11114 111 14 .111 112 *111 112
m000piriec
7,8
200 BoD
100 105 Mar 31
2512 255
2512 2534 2518 25118 25
orp class A_ _ _ 25 2312May 11
2538 25
2512 25
2514
*23
24
*23
24
23
23
*22
23
*2158 23
5 23 July 14
*2212 23
42
4414 4454 464 46
yu
otk y
4634 4412 45
C
ci
'
llia
gtagir,
S2
1.:Ikioti
75aD
ncI
43
00
0 13000
44
5
10
43
4,9
NO par 39 Mar 31
4312
.58
59
*5812 59
5812 5812' 57
57
57
20 531s Apr 13
57
*5712 5812
.31
3112 3112 3178 3112 3112 31% 313
5.500 Berg yr way Co tern ctf.No par 30 Slay 19
3112 3212 32
32
4534 4614 453* 46
4412 4512 4412 4412 4434 47
4412 4578 60,400 Bethlehem Steel Corp
3714Slay 20
Do cum cony 8% pref..11)%
u 114 Mar 8
4,1153 10234 1027, 1-624 1r0238 162-5; 10212 1027; *10212 103 - 10234 10234 _ -1-000 Do
Firigt preff
100 99 June 1
*014 7 *6,2 7
612 678
612 612 •614 64 .614 634
300 Synth Fisheries
418 Mar 24
No par
42
42
*40
46
*40
46 '40
46
"40
46
preferred
4478 4478
200
100 3518 Apr 15
2514 2514 "25
2514 25
25
24
24
*24
25
*24
400 Botany Cons Mills class A. 50 20 Slay 25
25
287s 2878 2812 29
285 30
2958 303
2918 30
2914 2934 14 400 Briggs Nianufacturing_ _No par
25 May 10
*t2 1
.12 1
12
12
12
12
12S1 ay 5
*12
I
*12
100
1
800 British Empire Steel
*934
- - .934 -First preferred
*93 - _
*034
__
100
934June 29
•112 3
.112 278 '112 278 *112 27s •112 278 *112 27
25 Preferred
100
112June
24
•141
14234 14212 14234 14234 1423 14112 14212 •141
14278 1427
900,Brooklyn Edison, Inc
100 133 Mar 31
14212
8612 89
88
8834 8612 88
87
894 8714 8814 87
8714 14,200 liklyn Union Gas
No par 68 Mar 30
314 3114 3034 3114 31
31
31% 3134 31 12 3112 3134 3212 2,700 Brown Shoe Inc w
100 2912J une 1
*10612 ____ *107 110 *10712 110 "108 110
*109 ---_ *10812
Do pref
100 107 June 5
2714 2712 2812 2812 32
•2612 2712 27
4.300 Brunawlek-Itaikr•-calrr No pa. 243
2958 30%, .2812 30
,Mar 36
138
138
13814
13812 138 13834 138 13978! 140 144
13614 13614
22,400 Burns Bros new clAcom No par 121 Mar 31
*3812 3712! *3512 3612 *3512 37
3512 3612 36
365,1 3612 3778 1,700 Do new class 14 coin No par 2971 Mar 31
•10014 102 1'310012 102 3'10014 102 *10014 10212 •100h 102 1'10014 102
100 97 Mar 30
9612 9712 98 10412 10312 105
10212 104
10312 104 1 10312 10312 12,700 BuPrrroefuegrhsredAdd Mach_.No par 7715 Apr 13
•Bid and asked °does; no sales on tills day. z Ex-dividend.
Highest
Par $ Per share 3 per share
100 3314 Mar 30 3914 Jan 2
100 7712 Jan 15 85' July20
100 18 Mar 30 32 Jau 2
100 37 Mar 30 5012 Jan 4
8412 Feb 1
151 July 14
11614 July1
1834 Jan 29
6318 Jan 28
91e Jan 4
12358July 22
16 1. en 10
2 Jan 4
142 Feb 13
12218June 14
9438 Jan 14
11012May 24
34h Jan 14
9613 Jan 14
4378 Jan 8
5812July 10
3834 Feb 5
83 Feb 24
343 Jan 4
180 Feb 2
12814 Feb 18
487s Jan 9
9718 Jan 16
5918July 23
12614May 10
11478 Jan 12
12914June 23
264July 20
51 Jan 4
4714 Jan 7
838June 10
140 Jan 6
423s Jan 2
98 Feb 13
131 Jan 2
1712 Feb 9
6714 Feb 9
136 June 8
8634J une 1
4634 Feb 16
1578 Jan 4
527s Jan 4
87 Jan 4
11978 Jan 4
12014 Feb 11
5738 Feb 16
120 Feb 6
12834 Feb 13
7934July 12
74 Jan 5
66 July 21
1178 Mar 12
1441 Jan 7
119(3 July 23
185 Feb 9
467s Feb 1
115 Feb 23
8234 Feb 5
105 Feb 26
17hJune 14
4118 Feb 10
15(34 Feb 15
1215 July 22
113 May 26
12134July 22
135 Feb 13
74 Jan 4
10814 Jan 27
427s Jan 13
894 Jan 4
55s Jan 13
412 Jan 13
1218 Feb 4
48h Feb 4
51 Feb 9
44h Jan 2
105 Jan 4
977s Jan 13
2512 l'eb 13
17 Jan 4
93 Feb 11
314 Jan 6
1534 Jan 6
2312 Jan 26
6312 Jan 21
11134 Feb 1
547 Jan 9
10212 Jan 6
108 Jan 28
60 Mar 4
6838 Jan 6
5614 Jan 30
12818Slay 24
120 June 22
59 Jan 6
97 Apr 13
1711 Jan 30
28 Jan 29
93 Jan 6
218 Feb 11
13612 Jan 4
114 Feb 6
3312 Jan 2
2912 Jan 2
4918 Jan 4
7178 Feb 4
3934 Jan 4
5014 Jan 7
120 Jan 26
105 Feb 2
95 Jan 11
51h Jan 7
4118 Jan 4
371 Jan 4
3 Jan 18
27 Jan 28
1018 Jan 11
14612 Feb 1
sot, July 21
48,
8 Jan 7
111 Star 10
32 July 21
144 July 23
44 Feb 13
10312June 22
105 July 20
PER SHARE
Range for Previous
Year 1925.
Lowest
Highest
Per share
1934 July
72 July
10h Mar
22
Apr
per share
3912 Dee
81 Dee
32 Dee
537s Dec
62
119
90
13
47
71
8634
93s
1
80
117
7112
10314
Jan
Jan
Apr
Apr
Feb
Oct
Jan
Dec
Jan
Mar
Jan
Jan
Jan
1312 Mar
3612 Mar
3912 Dec
5312 Jan
2958 Oct
78 Dec
2618 Mar
9014 Mar
10712 Jan
4734 Dec
90h Nov
4714 Dec
115
Jan
9712 Apr
12034 Apr
2212 Oct
Jan
37
Jan
37
414 Dec
125
Apr
2714 Apr
87
Jan
11438 Apr
8h Mar
5812 Sept
83 Mar
7412 Mar
3218 Mar
1114 Jan
20 Mar
Jan
53
10412 Jan
115 Aug
458 Mar
111 Mar
8978 Jan
276 Sep
Jan
48
3678 Jan
5h Dec
9038 Ma
10512 Jan
13814 AP
375 Jun
108
Jan
4738 Jan
9114 Jan
6 May
28 AD
3734 Jun
13058 Jan
85 Fe
104I2 Jo
8412 Feb
103 Apr
343 Jan
9714 Aug
34% May
6912 May
112 Dec
12 Dec
7 May
24.8 May
3514 Apr
Jan
26
9012 Jan
901g Mar
20 Mar
16 Dec
90 Dec
8
Jan
27 Dee
16
Jan
39 June
1011 Aug
4612 Aug
94
Jan
101
Jan
32 Mar
Jan
20
31
Jan
9512 Jan
113 Sep
45 June
9012 Oct
918 Feb
22 July
8738 Jan
12 De
107 Ma
107 Au
1834 Au
16 Au
3814 Sep
60 Ma
37 Sep
37 Jun
109 Ma
9314 Jun
418 Ma
25 Jun
4058 Au
Oct
27
lh May
22 July
83$ July
12058 Jan
73h Dec
46 Dec
96 Ma
24 Jun
9212 Feb
17 Ma
91h July
Jan
85
7614 Dec
13334 Oct
11714 Oct
20
Oct
6214 Oct
1258 May
1173s Dec
1578 Jun
212 Oct
11838 Dee
12114 Nov
97h Dee
109 Dee
29% Oct
82% Dec
4438 Dee
5812 Sept
43
Jan
8778 June
5412 Jan
156 Dee
11438 Dec
5378 Oct
98 Dee
49h Dee
12178 Sept
11534 Sent
128 July
27 Feb
62
Apr
5812 Apr
6h Jan
166
Jan
5138 Sept
94 Feb
192 Sent
14% Dee
757s Jan
139 Dee
88 July
4678 Nov
20 Nov
5914 Nov
89
Oct
14478 Mar
124 Feb
573s Oct
119 Nov
12212 Nov
84
Jan
7934 Dee
76114 Nov
1412 Feb
14912 Dee
11514 Oct
154 Nov
471 Dee
1131s Oct
7738 Dec
10414 Nov
241s Fcb
12018 Oct
47 Feb
145 Dee
121h Oct
110 Nov
11912 Oct
135h Nov
7614 Dee
103 Feb
6434 Jan
9618 Jan
71 Jan
4
Jan
1212 Jan
4478 Des
531 Nov
4612 Dec
105
Oct
100
Oct
2712 Oct
20h Oct
9314 Nov
1738 Oct
30 Deo
203 Nov
8034 Dee
110 Des
81h Nov
102
Oct
10814 Feb
4714 Dec
77 Sept
60 Sept
11712 Feb
11734 June
65 Dee
94
Jan
21 Dec
3212 Jan
95 Aug
414 may
146 Feb
11638 Jan
3312 Dec
30 Dee
831, Feb
77h Aug
41% Dee
5312 Jan
11612 Feb
Jan
102
878 Oct
Oct
52
96 July
4412 May
Oct
5
Oct
36
Oct
14
15612 Nov
10014 Nov
4614 Dec
109
Oct
493 Jan
136 Dee
39 Dec
99
Oct
103 Sept
434
New York Stock Record-Continued-Page 3
For sales during the week of stocks usually inactive, see
third page preceding.
PER SHARE
HIGH AND LOW SALE PRICES-PER SHARE, NOT
PER SHARE
PER CENT.
Sales
STOCKS
Range Since Jan. 1 1926
Range for Previous
for
NEW YORK STOCK
On bo,a4s of 100-share lots
Monday,
Year 1925.
Tuesday,
Wednesday, Thursday,
Friday,
the
EXCHAN
GE
July 19.
July 20.
July 21.
July 22.
Wee/c.
July 23.
Lowest
Highest
Lowest
Highest
$ per share
Per share $ per share $ per share I $ per share 3 per share Shores. Indus.
& Miscall.(Con.) par $ per share $ per share $ per
3214 3212 3034 324 3138 32
share
Per share
*3033 3212 *31
3212 3114 3114 1,700 Bush Terminal new__ _No par
1634 Mar 18 3414 July 14
*92
9212 9238 9238 9212 9212 9212 9212 *92
1458 June 20 Dee
93
*9212 9334
400
Do debenture
*10212 --- *10212
100 85 Apr 6 9278J one 4
80 May 8978 June
*10212
*10212 ____ *10212
*10212
Bush
Term Bldgs, pref _-100 9913 Jan 20 103 June 4
54 5,8
964 Jan 103 Dee
538 538 *514 512
5
5
*5
600 Butte Copper & Zinc
538
514 514
3078 31
434May 26
5
614 Feb 10
30
414 Mar
31
31
4 Jan
8,
3114 3118 3112 3118 3118 32
6,300 Butteriek Co
32
1112 1112 1112 1134 1112 1112 11
100 1734 Mar S 32 June 16
17 May 28,
8 Jan
113
8
105
1058
8 114
1058 2,000 Butte & Superior Mining
*3412 3858 37
10
718May 18 1614 Jan 11
64 may 2414 Jan
3758 *34
37
*3414 37
*3414 37
*3414 37
300
Byers
&
Co
(A
M)
_
_
_
_No
*102
par
28
Mar 29 4112June 18
*102 __
23 Oct 444 01
*102
*101
____ *101
*101
7% preferred
100 984 Mar 20 9958 Feb 18
954 Oct 100
Oat
Cada° Cent Oil& Ref__A o par
i55- 139 138 116- 157714 138 157"
14 Jan 2
78 Jan 8
14 Dec
131
232 Jar
13814
4
138
oo
California
Packing_
_
_No par 12114 Mar 30 17912 Feb 4 10013 Jan 3613 Nov
3318 3313 33 '3318 324 3318 3214 3278 3218 3258 3214
27,600
3212
Cailfornia Petroleum
134 134 *158
25 3058 Jan 20 384 Fob 10
23% Jan 3488 Der
134 *158
134
158 134
158
158
158
500 Callahan Sine-Lead
158
258 Jan 15
112 Mar 26
10
684 693s 6878 6978 6814 69
14 Oct
484 Feb
6812 69
68
68
3,400 Calumet Arizona Mining_ 10 5512 Mar 29 70 July 14
68
1538 1534 1538 1534 1512 1534 1512 1512 6612
45 Apr 6118 Der
1538 1534 1512 1558 5,200 Calumet & Recta
25 1338 Mar 31
135 137
1514July 17
134 13512 131 13234 132 13314 130 133
1214 May
1858 Jan
126 130
8,200 Case Thresh Machine
624
Jan
*109 113 *110 112 *110 112
100
4 13874 July13
24 Mar 6813 De
112 112
11218 11218 111 111
300 Do pref
100 98 Jan 5 113 July 14
918 9,8
60 Mar 10712 De
9
9
878 9
878 878
8
84
84 814 2,500,Central Leather
718May 3 2012 Jan 5
100
*5412 58
1434 Mar 2354 Os
*54
5412 54
5434 54
5418 5258 54
5312
2,000I
5312
Do
pref
*1518 16
100 4314 Apr 28 6884 Jan 5
1518 1518 16
4914 Mar 71
Oa,
16
1634 19
1714 1812 16
1612 5,400 Century Ribbon Mills_ _No par 1258June 8 3273 Jan 8
30
44 Sept 474 Mar
*83
86
*83
86
*83
86
*80
85
*80
85
*80
85
Do prer
100
83
May
68
25
90
Jan
6838 6778 6812 67
21
Dec
94
981
4 Jan
68
6612 68
6618 6733 6612 6714 13,300 Cerro de Pasco Copper_No par
Jan 22 694 Feb 11
46$4 4778 47
4318 Mar 6438 N..4
484 4712 4812 47
48
4718 4878 477s 48,4 17,400 Certain-Teed Products_No par 574
3618May 20 494 Jan 5
*101 10434 *101 105 *101 105 *101 105 *101 105 *101
4034 Mar 5834 Sept
1st preferred
105
1054
100
*12
22
1212 12
100
Jan
21
May
8913 Jan 110 Sept
13
1234 1234 *12
1234 1218 1218
1234 *12
700 Chandler Cleveland MotNo par 1134May 18 26 Feb 11
3112 3158 3078 31
30
3012 *2812 30
28
2812 2838 2838 3,100 Preferred
No par 28
•110 115 *11314 11533 114 11478 11412 11478 114 11434 *113
2,500 Chicago Pneumatic Tool_ AS., 9412May 18 4514 Feb 15
1143
4
Apr 8 120 Jan 2 161; KI-a-r fii- -tiee
5212 5212 5234 5138 53
534 5212 5338 52
5212' *52
3,000 Childs Co
53
N. par 4518May 19 6633 Jan 4
3334 3418 3358 3414 34
494 Mar 7478 Oct
3414 3358 3418 334 34 s 3334 34
5,700 Chile Copper
25 30 Mar 3 3638 Jan 6
*21
24
*20
2334 24
3012 Mar 3753 Jan
24
2312 2312 2234 2234 *20
400
Cbino
23
Copper
5 16 Mar 3 24 July 20
46
47
48
4938 47
19 Apr 2838 Feb
474 46
4412
4,800
4514
4612
433
4
44
Cbristie-B
rown certifs_No par 40 Mar 30 6334 Jan 4
37341 3734 3834 374
3538 3614 36
6234 Dec 6412 Dee
3833 3578 3734 35
3634 283,600 Chrysler Corp new _ _ _.No par 2812 Mar 30 5473 Jan 9
10212 103
104 10412 10412 10478 10438 10412 10414 10412 10258 103
5,100 Do pre
No par 93 Mar 30 108 Jan 2 10053 Jul3r
*64
65
65
65
Nov
65
65
*6214 64
*6214 6412 *6214 6412
200 Cluett, Peabody & Co____100
*110 115 *110 115 *110 115 *110 114
6014 Mar 31 6812 Jan 7
584 Mar 714 Jan
*110 115 *110 115
Preferred
159 15918 15834 16112 15818 15914 1594 160
100 1034 Jan 13 115 June 11 10312 Jan 109 Sept
15712 15812 157 158
7,000 Coca Cola Co
No par 128 Mar 24 164 July 13
80
Jan 1774 Nov
Preferred
100 99 Jan 14 10114 Mar 24
4638 475* 4633 475
99
Jan 10112 Mar
4434 4714 -4484 Wi 58,200 Cmorr.do Fuel dr
45'! 4734 458 475
Iron
62
63
100 2733 Mar 3 4734 July 20
*60
62
6012 6012 6038 6012 6018 6038 594 6012 1,900 Columbian Carbon
3214 Apr 4814 Jan
v t c No par 5558 Jan 26 6978 Feb 23
834 84
83
45 Mar 6234 Dec
8414 8312 84
8318 8378 824 84
8278 8312 15,800 Col Gas Re Elec
No par 6312 Mar 29 90 Jan +9
*115 1154 115 11512 115 115 *115
Oct
454 Jan 86
115 115
116
700 Preferred
115 115
100 112 Mar 30 11512July 13 10414 Jan 1144 Dec
2834 284 2834 2834 *2812 2834 28
28
28
28
28
Commercial Credit _ _ N. par 26 May 19
28
*23
24
4713 Jan 14
*23
24
3812 Sept 554 Dee
23
24
*23
*23
24
24
*23
24
Preferred
25 23 Apr 20 2614 Jan 13
2514 Sept 2712 Oct
•24
2513 *__
2512 •____ 2512 *2414 2512 *2414 2512 *2414 2512
Preferred B
25 25 Apr 19 2744 Jan 11
*6118 65
*6118 6212 *62
2614 Sept 2744 Dec
6212 63
63
*6312 6412 6412 65 ---400 Comm Invest Trust,.. No par
55
*94
Apr
9712 9712 98
11
12
72
Jan
Jan 8412 Nov
50
*97 100
*97 100
*97 100
200 7% Preferred
*97 100
100 97 June 7 104 Jan 28 100 Nov 1074 Nov
Commercial Solvents A No par 12033 Jan 4
iiirs 16512 165 16613 i6i2 165 iai"
June
176
29
80
190
Jan
May
11
0
7
3
;56o
Da
foil; 160 fdi4 - B
No par
244 244 2214 2414 21
Jan 4 171 June 29
JEW
76 May 189
2234 22
97,700 Congoleum-Nair Inc__ No par 11814
22
224 2178 23
23
1212May 13 2614July 13
*5,
1578 Nov 4312 Jan
*58
*58
34
34
a
*4
34
Conley
*4
*3
Tin
8
3
4
Foil
34
stpd_ _ _No par
58 Mar
6818 6838 6712 691z 58
1 Mar 12
12 May 17 Feb
6912 673 6834 66
68
6538 6718 24,400 Consolidated Cigar... No par 4514 Apr 18
*101 10312 *102 10311 1034 10312 *101 8 1033
15 41912July 19
2612 Jan 6384 Dec
4 10358 104 •10212 105
800 Do prat
100 91 Mar 31 104 July 22
338 353
14 338
3
4 Jan 06 Deo
793
312
14 34
318 313
3
7,300
Consolidat
3
318
34
ed Distrib•rs NO
10158 10134 10214 10313 10112 10278 101
314 Jan
234 Mar 3
938 Fet
613 Jan 7
10378 10112 10414 10212 10334 77,700 Consolidated Gas(NY) No Far
par 87 Mar 30 10412 Feb 23
134 134
744 Mar 97 Dec
134 134 *134
178
1,500
13
4
13
4
13
4
Consolidat
13
*13
4
4
ed
14
Textile
_ _ _No par
814 8212 8038 8218 804 8012 8018
114May 10
514 Jan
33
4
June
Jan
234
18
10,300
80
81
81
80
Continental Can, Inc_ _No par 70 Mar 311 9213
8012
13114 13114 *13114 132
Ian 2
6012 Mar 9312 Dec
13114 13114 ____ -- 12912 131 *129 131
400 Continental Insurance
1078 11
25 122 Mar 31 14414 Jan 9 103
1034 11
Jan 140 Dec
1034 1078 1058 1078 104 1034 1012 1034 6,100 Cont.] Motors tern
4414 4434 4412 4538 444 4534 4458
ctts_No
978May
17
13
Dar
Jan
5
1513 Oct
814 Jan
434
4378 4514 42,600 Corn Products Refin w
_ _25 3553 Mar 31, 4838June 21
•123 127 *123 127 •12612 130 *12612 4538 *12612 45
324 May 4233 Dec
130
130
Do
*12612
pref
130
*4713 50
100 12213 Jan 6 12918 Apr 28 11818 Jan 127 July
4712 4712 48
48
*47
*47
48
Coty.
200
50
*47
,
Inc
48
No par 4412 Mar 29 6034 Jan 4
•25
35
*25
48 Aug 6013 Dee
35
*25
35
*25
*25
35
35
Crex Carpet
*25
35
100 25 Apr
7412 7434 7412 7512 7514 7514 7334
36 Mar 644 Dec
9,700 Crucible Steel of America...100 64 Apr 9 63 Jan 2
7558 74
7612 73
75
•9912 100
15 814 Jan 4
644
Mar 8458 Nov
9934 9934 *9914 100
100 100
100 100
1,400
Do
10018 1004
prat
100 96 Mar 30 10034 Feb 20
51
5112 51
92 May 102 Dec
5134 Dl
14,700 Cuba Co
4 Dl
D1'8 5012 5158 5178 53
No par 3912 Anr15 5318June 30
*878 9
4414 Dec 5438 Oct
878 878
9
9is .872 94 *vs 918 *878 9
900 Cuba Cane Sugar
No par
858May 22 1113 Jan 29
734 Oct 1458 Feb
*37
38
3718 3718 3814 3812 38
364 3754 .3834 3712 3,300 Do pref
38
1C0 3512June 8
374 Oct 6213 Feb
2478 25
1 Feb 4
*2434 25
2434 25
1,600 Cuban-American Sugar .10 23o July15 493
2412 2412 *2412 2434 2434 2434
3038
•102 104 •102 104
Jan
28
20
Oct 334 Mar
10378 10378 *102 104 *100 102 *100 102
100 Do prat
100 ink Jan 5 104 Feb 5
*1734 1834 1778 1778 1734 1734 *1712
9378 Nov 101 Mat
300 Cuban Dom'can Sue newNo par 1712Ju1y 23
18,2 *1712 1812 1712 1712
2014June 7
Do pre(
-gi1513
100
14lay
21
88
2238 Feb 6
;8612 874 8612 8612 86
16 Dec 44l Jan
87
86'2 86's ---iOn Cudahy Packing
100 76 Apr 21 97 Jan 4
9832 99
9313 Dec 107
99 10012 9934 9934 100 100
Clot
*97 100
1,500 Cushman's Sons
*97 100
No par 771x Mar 1 10012July 19
*46
464 46
62 Mar 104
Oot
46
4512 46
4412 45
4534 4534 4534 4534 1,900 Cuyamel Fruit
No par 4218 Apr 15 51 Jan 14
44 Nov 59 May
Daniel
Boone
Woolen Mills_25
4'May 13
1 Jan 4
-5714 38
114 Dec
778 Jai/
-36i2 38
-59" -37 - 35'2 37
-52114 3514 27,700 Davison Chemical v t e_No par 2718
348 30
Mar 30 464 Feb 17
2778 Apr 4984 Jan
*35
39
*35
39
*3312 39
*33
De Beers Cons MineeNo par 274 Apr 20 3514June
36
*3312 39
*34
3612
25
2014 Mar 29 Dee
•13312 135
13414 135
13412 13412 135 135
1344 13434 13412 13412 -1:66 Detroit Edison
100 12312 Mar 30 1414 Feb 1 110 Jan 15912 Sept
*3912 4013 *3912 4012 39
394 374 3834 374 394 37
3718 1,500 Devoe & Raynolds A__No pa
3378 Apr 15 10418 Feb 10
53
Oct 9014 Dee
3214 3434 34
3512 3434 36
3378 35
32
3412 3258 34 401,500 Dodge Bros Class A __ _No pa
2114May 17 474 Jan 2
2134 June 4834 Nov
8914 8913 8918 8978 8938 90
89
894 8818 8938 8812 894 26,600 Preferred certife _ _No pa
7912May 17 90 July 20
7313 May 0112 Oct
1078 11
1078 11
1073 11
1014 1053 1018 1014 1014 104 5,400 Dome Mines, Ltd
No
pa
1618July
22
Mar
20
13
1234 Apr 184 Nov
*23
24
2413 2412 2412 2412 2434 2434 25
2712 2634 274 6,800 Douglas Pectin
19 Mar 20 2712July 22
No pm
14 Feb 2312 Aug
•115 11512 11514 11514 *115 11512 *115
Duquesne Light 1st pre, _ _100 11112 Mar 3 11612 Apr 27 105
11512 *115 11533 *115 11512
Jan 11314 Dec
114 11438 11358 11418 11312 11358 113 1134
11318 11312 113 113 --2;i6O Eastman Kodak Co._ _ No Pa 10658 Mar 30 11433July 13 10434 July
118
Jan
2914 2958 2878 2914 2812 29
13,400 Eaton Axle & Spring -No Da
2834 2978 2838 2912 2878 29
2378May 19 3234 Feb 17
1013 Feb 304 Dee
26218 26414 25912 264 I 25612 26112 257 2613
17,700 E I du Pont de Nem Co..100 19318 Mar 29 26414July 17 1344 Jan 27114
4 254 259
251 255
Nov
*105 10513 *105 10512 105 105
10512 10512 10512 10558 10512 10512 1,500 Do 6% non-vot deb__ 100 10034 Apr 20 10558July 22
94
Jan 10413 Nov
1912 1978 1912 2012 1912 2012 1934
204 1912 194 1918 1912 14,800 Elec Pow de Lt etre._ _ No pa
1534MaY 19 344 Feb 10
1738 Apr 404 July
*10413 106 *105 106 *10518 106
10518 10518 10578 10578 8,10512 106
9913 Mar 30 115 Feb 11 100 Mar 110 June
200 40% pr pd
*10412 107 *104 107 *10412 107 *105 107
107 107 *105 108
100 Pref full paid
103 Apr 17 11013 Feb 26 10013 Mar 11034 June
9578 954 96
96
96
96
964 9638 9612 97
2,300 Do pref Mrs
97
97
894 Mar 24 974 Feb 11
8978 Aug 9414 Dee
8438 844 8358 8418 8318 84
8234 834 8112 8234 8034 8212 9,300 Elee Storage Battery _ _No par 7118 Mar 3 8638June 25
$014 Mar 80 Dec
•138
lIz .118 2
*118 2
*118 2
*118 3
*118 3 ------ Emerson-Brantingham Co 100
1 May 20
4 Feb 1
14 May
474 913 484 12
588 July
*834 1112 '818 10
Preferred
*8,4 914 *878 10
100
5 May 20 2484 Jan 29
8 may 2634 Aug
*66
6612 86
66
66
66
6534 66
6534 664 6618
1.65 Endicott-Johnson Corp 50 6512 Mar 31 7258 Feb 8 6354
Apr 744 Sept
*1164 11734 *11614 11734 *11614 11734 *11614 11734 *1164 11734 *11614 6618 Do
pref
100
11734
114 Jan 7 118 Feb 2
5514 5534 55
5534 554
5434 54
5378 5314 5358 -11:566 Eureka Vacuum Clean_No par 43 May 19 55 July 15 111 May 11834 Oct
5414 53
4813 Nov 574 Dec
•144 1678 •1478 1678 1434 1514 *1478 16
15
15
*1434 16
500 Exchange Buffet Corp_No par 1434July 20 17 Apr 22
134 July
.8212 338 *258 334 *258 333 *258 34 *258 3
1978 Jan
Fairbanks
Co
*258 3
25
2 Apr 16
312 Feb 25
214 Mar
52
5214 *51
434 Aug
5212 51
51
52
*50
5212 52
*50
No par 46 Mar 29 5934 Feb 10
52 - -3:466 Fairbanks Morse
3214 Jan 5458 Oct
*109 111 *109 111 *109 111 *10834 111 *10834
Preferred
*109 111
111
100 10812 Jan 6 115 Feb 9 1064 June 11018 NOV
11558 1164 11512 117
11518 11658 11534 118
1154 11838 116 1173 8-5;66 Famous Players-Lasky_No par 1034 Jan 19
12712June 11
119 119
9014 Feb 1144
119 120 *119 120 '1197 11978 *11912 11978 *11912 1197s 300 Do pref (8%)
8
100 115 Mar 31 124 Mar 11 10378 Feb 120 July
*31
3134 31
31
July
31
31
304 3034 *30
31
3014 304
700 Federal Light & Trao
15 28 Mar 31 3938 Feb 3
*86
____ *86
26
Oct 374 Dec
_
*85
_
*86
Preferred
_ _ *87
_ _ *864 ____
No par 86 June 18 89 Jan 4
•75
80
*7514 77
8211 Sept 89 Dee
75
75
*73
80
*73
80
Federal Mining & Smelt'g_100 41 May 22 11134
*73
--5615
80
724 7214 *7214 73
Jan 5
154 Mar 954 Dec
7258 73
724 7234 *72
7334 75
1,400 Do pref
74
100 61 Mar 3 105 Jan 6
*180 190 *180 190 *180 190 *180 190 *180 190
4913 Mar 9478 Dec
*180 190
Fidel Phen Fire Ins of N Y _ _25 160 Apr
20014 Jan 23 14712 Jan 179 Dec
•1412 1912 *1412 194 *1413 1912 *1412
Fifth Ave Bus tern etfs_No par 1478 Jan 15
1912 *1412 1912 *1412 194
2 2158 Feb 9
34
3414 *3212 3433 33
12
Jan 1714 July
33
3212 3212 *3212 3312 3212 324 ---700 First Nat'l Stores
No par 30 Mar 3(, 4938 Feb 5
3812 Dec 40 Dec
Fisher Body Corp
25 7814May 15 10738 July 11
604
Feb
125 Nov
1878 19
1834 19
18
1812 18
1812 1712 1814 1758 1734 17,200 Fisk Rubber
No par 1414May 20 2614 Jan 13
*82
8238 82
8214 *80
104 Ma
2834 Oct
8114 *7914 81
*7934 8012 8012 8012
220 Do 1s1 pref stamped..100 764 Apr 19 8414 Mar 16
505* 51
50
51
49
50
4858 494 4812 4912 4812 49
20,300 Fleischman Co new__ _ _No par 3214 Mar 29
102 10212 1024 10233 10038 10134 9958 101
5612 Feb 1
9612
100
Foundation
914
Co
12,900
96
No par 85 May 19 17934 Jan 29
7313 74
7238 74
90
Jan 18384 Nov
7114 7212 72
73
7134 73
7178 73
12,600 Fox Film Class A
No par 5518 Mar 31 85 Jan 2
32
3218 32
3314 3158 33
684 Sept 85 Dee
3112 3273 3058 3233 3078 314 32,500 Freeport Texas Co
No par
*33
3378 33
8 Ma
3338 3218 33
2474 Oct
3218 3214 3238 3234 *3218 3234 1,200 Gabriel Snubber A _ __ No par 1953 Jan 13 3412June 3
29 Mar 25 42 Feb 11
*74 8
7
714
284 Aug 3972 Nov
64 7
612 612 4612 7
612 6,2 1,000 Gardner Motor
No par
54June 9
4414 4434 45
934 Jan 4
46
44 Jan
1614 Mar
4514 4512 4512 46
4534 4614 45
Amer
Gen
6,300
Tank
4512
Car
100 39 Mar 29 5553 Jan 2
*9934 100
*9812 103
4412 Aug 60
*981z 102
Oct
10078 10078 •100 102 *100 102
100 Do prat
100 9912June 24 104 Jan 15
6934 7014 e834 694 6658 6812 67
8 Feb 104 Nov
03,
6938 6518 6758 65
,
8
General
21,200
6712
Asphalt
100 50 Mar 3 74.58 July 7
4212 Ma
*109 112 *10812 1144 107 108 *105 110 *104 10878 *104
70
Dec
Do
700
prat
10733
100 9478 Mar 3 114 July 7
8612 Ma 109 Dec
5212 5212
55134 5212 50
52
4818 50
494
General Cigar. InenewNo par 46 Mar 29
5912 Feb II
*11114 120 *11212 120 *11212 120 *11212 120 *11212 120 *11212 50,4 11,400 Preferred
(7)
100 109 Jan 11 11512 Feb 18 105
*112 11712 *112 1174 *112 11412 *11134 11378 *112 11378 11378 120 --Jan 11114 Mar
ioo Debenture preferred (7).100 10914 Apr 12 11812 Feb 10 104 Jul
11378
116 Dec
356 3604 358 363
355 362
351 35514 344 35512 347 35112 12,900 General Eleetrle
100 285 Apr 15 38612 Feb 19 22714 Fe 3374 Aug
1114 1118 1114 114 1114 1118 1114 11
11
1118 11
15,400 Do apeclal
1118
10 11 Jan 5 1158 Mar 22
1078 Oct 114 July
*3718 3812 3712 3712 *3718 38
*3718 3712 3718 3718 3712 3712
400 General Gas & Else A_ _No par 34 Mar 30 59 Jan 2
5878 Dec 6188 Dee
*974 98
*971 98
*9714 98
*9714 98
*9714 98
*9714 98
Preferred A (7)
Nro par 95 May 11 9914 Jan 4
99 Dec 100 Dee
*107 1074 *107 1074 107 107 *10612 10712 •10612 10712 *10612 10712
100 Preferred A (8)
No par 10512 Apr 8 1104 Jan 15 110 Dec .110 Dee
*9312 944 .9312 9438 *9312 9438 *9334 9438 9414 9414 9414 95
500 Preferred B (7)
No par 9214 Apr 27 96 Jan 4
5212 5212 *5234 5334 53
*5214 54
53
5334 5412 *5334
1,700 Oen Outdoor Adv A...No par 51 Mar 30 5578 Feb 4
45'e Aug bia-4 Sept
*2934 3012 3033 304 304 3012 *3014 3012 304 3078 3078 54
3078 1,300 Trust centric:tree_. .No par 2658 Mar 30 33 Jan 6
251. sus 3414 Dec
•Bid and asked prices; no sales On thIll day a Ex-dividend.
Saturday,
July 17.
New York Stock Record-Continued-Page 4
435
For sales during the week of stocks usually inactive, see fourth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 17.
M071.41/EV,
July 19.
Tuesdav,
July 20.
Wednesday, Thursday,
July 22.
July 21.
Friday,
July 23.
Sales
for
the
Week.
STOOKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Rano Striae Jan. 1 1926
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Prerfoss
Year 1925.
Lowest
11101101
per shire $ per shire $ per airs
ner share $ per share Shares. Indus.& Miscell.(Con.) Par $ per shtre
ner share $ per share $ per share
per share
6458 Jan 14984 Nov
16412 16814 907,500 General Motors Corp....No par 11314 Mar 29 17032JulY 19
4 170
1
16712 1704 164 16814 16438 1704 164/
166 169
Jan 115 Dee
100 11312 Jan 29 120 May 28 102
11734 118
11714 11778 11714 118
3,500 Do 7% pref
*118 11814 118 11814 11712 118
8812 Apr 994 Nov
100 981
4 Apr 13 105 June 22
/
Deb 6% pref
*103 105 *102 105 *102 105 *103 105 •103 105 *103 105
29
42
7012June
5918 Dee
Jan
2
Mar
4912
Petroleum
25
654 64
6414 2,500 General
6612 6612 6612 6612 644 6512 6512 6534 65
68 Nov 8034 Oat
No par 6012 Mar 31 895* July 20
4 8472 86
/
8832 8432 871
46,700 GenRy Signal now..
8478 8614 8534 8914 8712 895s 86
8 Nov
1057
14
July
9012
18
Jun
101
Apr
103
100
104
10412
*104
104
*10312
Prof
Do
*10312
100
10514
*10312
10514
10514
•10312 10514
42
Oct 584 Jan
43
General Refractories__ No par 36 May 27 49 Jan 4
*40
43
43
*40
*40
43
*40
*3914 43
*3914 43
47 Mar 83 Dee
No par 4518 Mar 31' 7878 Jan 4
5038 51
50
4 2,500 Gimbel Bros_
50
1
52/
5012 50
5012 50
50
5012 51
100 10358 Apr 1 11138 Jan 19 1024 Mar 11412 Nov
Do pref.
*10412 107 *10412 107 *104 107 *103 107 *104 107 *104 107
2234 Feb 53 Dec
Ginter Co temp ette.--No Par 40 Jan 2 4434 Jan 4
1212 Mar 2612 Dee
No par • 1538June 3 2534 Jan 7
-1-62; 1612 -111-2 1638 1612 -16.;161; =la-- -1-6-1-2 - 1;7615 Glidden Co
1612
Oct
Mar 51
37
4
Feb
8
567
31
Mar
4112
par
_No
e_
t
v
Corp
504 5378 5012 5312 5112 5334 54312 5312 5012 5134 45,800 Gold Dust
50
48
7434 Nov
3634 Jan
No par 4512May 20 7034 Feb 3
4818 4812 4814 4812 8,600 Goodrich Co (B F).
5012 5114 4834 4912 4818 49
5012 51
Jan 102 Nov
92
100 95 June 25 100 Feb 9
9718 9712 9638 97/
4 9712 971,
1
0812 98', 9718 9812 *9718 98
700 Do pref
864 Jan 11458 Oct
10538 106
10512 10512 1,000 Goodyear T & Rub pf v t 12_100 9812 Mar 3() 10934 Feb 4
•10614 10634 *106 10634 106 10614 106 106
100 10532 Jan 22 10358June 1 103 Apr 109 Dee
100 Do prior pref
•10734 10812 *10734 10812 108 108 *10778 10812 *10734 10812 *10734 1081*
39 Dec 42 Dee
19
4June
543
30
Mar
3314
par
No
_
Hosiery_
Silk
.52
51
5158
*50
4
/
511
50
5014
Gotham
5012 1,000
5138 5138 5112 5112
9912 Dec 1024 Dee
100 98 Apr 6 111 June 22
100 Preferred
10812 10812 '109 111 *109 10912 *109 112 *108 112 *10914 112
1878 Dec 23 Sept
No par 1612 Apr 15 2112 Jan 23
*1738 18
*174 18
*1738 18
*174 18
Gould Coupler A
•1734 1834 *1738 18
13 Mar 2178 Dee
4 2214 2318 2218 2278 7,0001 Granby Cons M Sm & Pr_100 164 Mar 31 24 July 14
1
41 2312 2334 2212 2334 2234 23/
1
234 23/
2
Jan 11318 June
Feb
14
Apr
91
4
/
1061
95
95
95
15 195
4 9472 95
1
19
9514 .19434
*9434 95/
*9412 96
1,000 Great Western Sugar tern ctf25 89
100 10812 Mar 30 11814July 22 107 Apr 11512 Dee
100 Preferred
*11312 11812 *115 119 *115 11812 *115 11812 11814 11814
4 Jan
1
19/
Mar
1184
22
23
July
3
Air
Copper...100
Cananea
19
4
3
4
1
/
1912
19
2012
9
1812
2114
4
173
4
1
22
1738 1712 1714 17/
19,100 Greene
612 Jan
378 Sept
518 Jan 5 1078 Feb 1
Guantanamo Sugar__ _ _No par
*612 7
*612 7
*612 7 I *612 7
*612 7
*634 7
6718 Mar 9534 Nov
100 62 May 15 9338 Jan 4
7512 7418 7458 7,700,Oulf States Steel
76
7414 7712 74
7838 7634 7778 73
76
4212 July 89 Feb
*4712 50
*4712 .50
48
4712 474 *47
*474 50
Hanna 1st pref class A __ 100 45 June 18 57 Feb 26
48
*47
2534 Apr 3712 Jan
27
2612 27
2732 27
2758 2,100 Hartman Corporation_ _No par 2534June 21 35 Jan 6
4 2634 2678 2612 27
1
2614 26/
14
Jan
46
1
30 Mar 4912 Nov
3014July
par
Wheel
No
3314
*3212
3212
3212
3212
33
33
3314
3212
33
Hayes
4
1
/
33
3314
1,300
66 May 7734 Jan
68 Mar 29 80 July 12
7834 7812 7818 7612 7612 1,100 Helme(G W)
7784 7734 7734 7734 *73
78
*75
27 Dec 484 Jan
1712May 27 35 Jan 6
418 5
57
2
74 1,700 Hoe (R)& Co tern ctfs_No Par
25
2738 2712 2712 2734 2732 2734 *2712 2778 2714 2712 .
Jan
Jan 50
43
*5453 5484 5434 55
100 4713 Jan 4 62 Feb 23
*54
*5312 55
54
55
254
500 Homestake Mining
3412 Jan 474 Nov
434 4312 434 4312
4334 4378 *4314 44
*4334 444 *4334 44
500 Houseb Prod,Inc.tem ctfNo par 40 Mar 3 4838 Jan 8
Jan
Apr 85
59
4 Mar 31 71 Jan 5
1
59
5814 58,2 5812 *58
58
61
*58
58
58
61
*58
400 Houston Oil of Tex tern etfs100 50/
3118 Nov
164 Jun
No par 27 Jan 8 391s July 21
3812 3918 38
3812 38
4 3812 39
1
38
4 3834 38/
1
9,900 Howe Sound
3834 38/
3334 Jan 13912 Nov
6312 6718 60,
67
2 6512 6114 6338 565,200 Hudson Motor Car__ No par 49581une 25 12314 Jan 4
6278 64
5634 5712 57
31 Nov
1414 Ma
2314 24
2314 24
2318 2312 22,000 Hupp Motor Car Corp__ __ 10 17 Mar 2 2833 Jan 4
2434 2518 2412 2514 2312 25
1312 Jan 414 June
1958 Mar 30 34 Jan 2
4 2312 23
1
4 2234 2318 16,200 Independent Oil& Gas_No par
1
4 23/
1
22/
4 2234 23/
,
2318 24
2312 24
13 Mar 24 Aug
No par 18 Jan 6 2414 Feb 4
4 2014 *1912 2012 *1912 2012
1
19/
n0l4 21 *2014 21
300 Indian Motocycle
*2014 21
1414 Dec
512 Jan
9 Mar 31 1334 Feb 13
10
1 184 1 112 1174 1034 1 114 *1034 11
10
1012 15,100 Indian Refining
1114 11
10
1258 Dec
6 Sep
8 Apr 13 1212 Feb 13
10
978 10
912 10
94 1012
958 934 10,400 Certificates
4
1
934 10/
10
9
Dee
110
7
Jan
104
Mar
77
14
May
90
94
91
100
*93
91
Preferred
95
*90
4
/
93
*
911
96
9178
8
937
400
*90
77 Nov 1074 De.
*9112 93
9214 9212 9212 9312 9312 *9112 94
400 Ingersoll Rand new__ __No par 8014 Mar 31 104 Jan 5
4 *92
/
9198 911
Feb
50
May
4
383
7
Jan
4312
3412May 11
4112 41
No pa
41
4112 4134 41
414 411
42
3,500 Inland Steel
4058 4034 41
100 10834 Mar 16 115 Feb 9 10412 Apr 112 Sept
112 112 *11112 11212 *11112 11212 *11112 1121
112
200 Do pref
11112 1111
3234
Jan
Apr
2214
10
Feb
264
30
Mar
4
3
20
Cons
2
Copper._
25
2412
4 2414 2438 2,900 Inspiration
1
2414 24/
2534 2534 2534 2572 2518 2532
74 Jan 2418 Nov
1312July 12 2614 Jan 22
No pa
1414 14
14
14
14
•1314 14
1414 1414 •14
14
1,100 Internal Agricul
14
Nov
Apr
27
85
40
Jan
95
19
July
80
10
8334 *82
*82
preferred
83
•8012 81
8012 80
82
Prior
8334 81
80
1,300
49
4718 4878 4734 4734 4734 48
4918 4934 49
494 491
2,700 Int BUS1111388 Macbinea_No pa d384 Mar 38 5012July 12 110 Mar 17614 Nov
8112 Sept
52 Jan
504May 17 7178 Jan 21
5612 5612 56
5612 5514 56
*56
4 68
1
561
5714 5714 56/
1,500.International Cement__No pa
107 Aug
10 102 Mar 17 106 Jan 26 10212 No
106
*105
107
4
*1043
105
10518
105
*105 106
105
105 105
4001 Preferred_
3312 Mar 30 6412 Jan 5
3184 Jan 6912 Dee
4 5412 511
1
4 5312 5538 5278 554 52/
1
4 55's 5414 56/
1
54/
4 54 155,200 Inter Comb Eng Corp_ _No pa
/
9618 Ma 13814 Bent
12614 12814 125 12678 12434 1261 25,300 International Harvester__ _10 11214 Mar 29 1344 Feb I()
128 130'1 127 130
12758 129
10 118 Jan 5 12414July 19 114 Mar 121 Nov
4 12414 *124 12434 12414 12414 *124 12458 *12312 1241
/
*124 12414 1241
200 Do prof
613 July 23 12/
4 Feb 17
1
71- June 1478 Feb
7
653 71
7
*678 7
4 7
1
*6/
7'8 71s
612 61
1,800 lilt Mercantile Marine__..10
27 Aug 5234 Feb
27 Mar 30 4638 Feb 16
10
3314 3018 32
32
3214 3118 32
3014 311 13,600 Do nref
3238 31
31
565., Dec 0078 Dee
4 6434 6512 6512 653
1
4 65/
1
6538 64/
*65
6034 6534 6412 65
2,500 Interns lonal Match pref__35 53'* Mac 3 6638 Feb 23
2414 Mar 4812 Nov
4 Jan 5
1
3034 40's 39
4 384 3912 38
1
39/
4 37
1
38/
4 37
1
38/
377 42,900 Interns tonal Nickel (The)25 3238 Mar 30 48/
Jan 102 Nov
94
*102
100 10118 Jan 29 10414 Apr 21
•10112
____ *102
___ *102
•102
Do pref
Oet
4814 Mar 76
4 Apr 15 6338 Jan 9
1
5412 50
100 44/
International Paper
5012 5134 5034 511
4 50
/
52
50
-_
*1024 5252
1
51/
1,665
71 Mar 88 Dee
*82
100 85 Jan 14 86 Jan 6
-_
*
'82_
Do 6% preferred
86 July 9938 Oct
"9354 1334 9314 -9i1.4 *9312 -941-2 *93 9334 9334 9478 9312 9334 -iiiio Do pref (7)
100 89 May 7 9812 Jan 2
International Shoe_ _ __No par 135 May 6 175 Jan 11 108 Feb 19934 July
•149 155 *149 155 *149 155 *15014 152 *15014 155 *15012 155
874 Apr 144 Aug
4 12384 12114 12212 14,500 Internat Telep & Teleg__ _100 111 Mar 3 133 Jan 25
/
12312 12312 12334 12638 123 12434 123 12414 1211
18 July 2938 Oct
2212 23
2234 23
No par 19 July 23 29 Jan 7
2112 2214 19
*2212 23
*2212 23
21
3,100 Intertype Corp
26% Dee
164 July
100 25 Jan 4 39 July 13
375* 3918 3714 36/
374 3712 3678 3758 37
4 2,500 Jewel Tea, Inc
1
4 36/
1
100 11512 Jan 29 125 Feb 9 10212 Jan 1154 Dee
122 122 *122 124 *122 123
124
122 122
400 Do pre
214 Feb
Dec
4
/
111
5
Feb
194
30
1012June
1112 *11
1112 11
11
11
1112 1112 *11
1112 *11
11
300 Jones Bros Tea, Inc. and _ _100
3538 Aug 65 Nov
No par 21 July 19 66 Feb 19
2234 2218 23
4 2112 2234 22
1
23/
2234 2334 29,600 Jordan Motor Car
2732 21
25
4,
May
112 Inns
8
Jan
4
3
4
Mar
14
10
*14
Gulf
12
*14
12
12
*14
12
.14
Kansas
"14
12
*14
99
Jan 1094 Sept
112 112 •110 112 •110 112
•108 112 *108 11212 *108 112
100 Kan City P&L 1st pf A_No par 10714 Mar 29 11212June 12
Mar
1834
14
Jan
Dee
4218
4
1
/
47
par
t
0
v
2
33'4May
__No
_
a_
Co
3812 39
39
(J)
3934 x3912 4014 3814 3814 39
*39
Kayser
1,300
83 Mar 1034 Dee
No pat 100 May 26 105 Jan 15
*10134 1017s *10134 103 *10134 102 *10134 102 •10134 102 '10184 102
Do 1st pre
2112 Feb 6
1214 Mar 2158 July
13
1234 13
1318 13
1338 1312 13
1278 13
135* 14
2,700 Kelly-Springfield Tire__ _ _25 1214May 19
41 Mar 74 July
100 51 May 20 7434 Feb 5
60
*51
*51
60
60
*51
60
*51
60
*51
Do 8% pref
60
*51
43 Mar 72 July
100 63 June 4 7314 Feb 5
*6212 64
*6212 64
*6212 64
*6212 64
*6212 64
Do 6% Pre
*6214 64
87 Aug 124 Dee
100 86 May 12 126 Feb 4
*95
97
*95
97
97
*95
9612 9634 9634 *96
*92
97
100 Kelsey Wheel. Inc
4612 Mar 5914 Nov
No par 4934 Mar 30 5878 Feb 10
.5658 558 56,2 55
561s 55
4 56
1
4 5614 56/
1
5614 56/
5512 26,400 Kennecott Copper
134 Sept34 July
218 Jan 2
12May 11
58
58
58
5s
58
58
58
800 Keystone Tire & Rubb-No par
58
58
34
*55
58
Oct
75 Mar 100
7
Jan
8218
23
July
54
8
par
61
55
No
4
623
61
Co
621
6218
Kinney
6214
62
54
86
*62
55
2,100
29
Jan
82
30
Mar
10 4234
4 5312 5514 53
1
54
4 5358 55/
1
55/
5214 53
5358 5412 54
16,300 Kresge (S S) Co new
4 Feb 26 110-1-4 Mar fier Oct
/
100 113 Feb 18 1141
Preferred
*110 115 *11214 114 *110 115 *110 115 •1124 114 *110 115
2812 Dec 454 Jan
*224 23
4 2312 *2212 24
/
*221
23
23
23
2212 2212 *22
300 Kresge Dept Stores__ _ No par 154 Mar 25 3338 Jan 14
Jan 9784 June
88
100 7014 Mar 26 9314 Feb 1
*50
85
Preferred
8514 *80
84
*80
82
*80
8514 *80
*80
85
10
2July
Jan 178 Mar
11014
1751
29
Mar
146
L
..100
16512 16512 *168 171
Louis)..
(St
Gas
Laclede
168 168 *165 172 *165 171
169 169
300
4
Jan
Oct
Feb19
1158
14
29
Mar
4
83
878 878
9
9
878 9
9
9
_
700 Lee Rubber & Tire_ _ __ No par
878 878
374 Dec 444 Oot
3912 3714 3812 3712 39
No par 3034 Mar 30 4118 Jan 2
4 4032 37
1
4 38/
1
3858 40/
-3718 39
*932,700 I.ehn & Fink
Dec
92
25
Jan
8
947
31
Mar
57
Mar
724
86
86
86
_25
86
new..
Tob
Myers
86
&
86
8312 8512 8512
•83
8578 8578
500 Liggett
1612 Jan 124 Dee
100 11934 Jan 18 12934May 5
123 124 •12212 12312 12212 12312
•12212 124 *122 12334 *123 124
IN:. pref
5512 Mar 8978 Dee
25 71 Mar 24 94 Feb 1
8534 8458 8434 *S412 851
8312 8412 8112 8614 8538 8614 85
7,800 Do "B" new
60 June 7438 Jan
62
62
No par 534 Mar 31 6934 Jan 4
*6078 62
6078 6078 6038 6038
*6078 62
*6078 62
500 Lima Loo Wks
22 Feb 4434 Nov
3912 3812 3934 3838 3958 3838 39
3814 3812 3853 3914 38
21,300 Loew's Incorporated__.No par 3414 Mar 2 41 Mar 16
912 Apr
Jan
6
10
Feb
1114
28
Jan
7
par
No
Incorporated
4 8
1
7/
8
8
784 784
814
8
Loft
712 758
3,300
71
738
604
14 Mar 43 Sept
Feb
3
23
4212July
Lumber
Bell
44
par
_No
_
46
A_
45
45
4412 444 44
*43
4412
1,400 Long
44
4212 431
77 Feb 14334 Dec
126 126
100 88 Mar 30 14012 Jan 4
122 122 •120 122
•125 130 *126 129
120 120
400 Loose-Wiles Biscuit
13312 43312 •128 138 •128 138
100 12014 Mar 30 14314 Jan 6 104 Feb 148 Dee
*136 140 *13414 141 *13414 141
100 2d preferred
78.000
3014 Jan 394 Sept
25 3234July 21 4214 Feb 3
3814 3338 3838 3858 3658 3858 3234 30,2 33
351
334 337
•11614 117 *11514 117
100 11118 Apr 5 117 Apr 23 10318 Feb 116 Aug
11312 115/
4 11314 11314 11314 11314 *115 117
1
o pref
700
,Oug 2334 Feb
135
21
one
4J
1
/
19
3
Mar
12
par
a011
d
rn
ctfs_No
temp
a
a
li
1658 1634 1618 1678 16
17
ls
l
ri
1612 1612 1.534 1614
1578 1638 11,500 L4u
1.,oD
23 Dec 2638 July
2514 2514 2434 2518 2434 2512 2418 25
*2412 25
2434 25
1,800 Louisville G dr El A. __No par 2234 Mar 31 2618 Feb 10
4 Feb 60 Dec
313
4
Feb
4
1
/
58
30
Mar
Steel
304
No
3712 3712 37
3712 3834 374 3978 38
•132 134
37
Ludlum
2,800
38
r 130 May 1. 138 Feb 9 114 Mar 141 Sept
a0
Mackay Compan
10
oP
*13412 136 *13412 136 *135 136 *13152 136 •13412 136 *13412 136
66 Mar 7834 Feb
100 68 Mar 19 7318 Feb 9
*7112 74
74
•71
*7112 73
72
72
*71
73
*71
0 34..Prot
00
73 209.7
10
Jan 242 Nov
Trucks. Inc
124 12638 12534 1271s 1234 12614 122/
No par 10312 Mar 30 159 Jan 4 117
4 1255* 11938 124
1
120 123
Jan 113 Aug
100 10934 Jan 4 113 June 10 104
•11212 11312 *11112 1131
100 Do 1st pref
4 *11112 11314 *11112 11314 113 113 *11212 113
/
Jan 10658 Aug
99
100 104 Apr 17 107 Mar 13
*105 106
106 106 *106 107 *106 107 *106 107 *106 107
100 Do 2d pref
8612
Oct
Jan 112
694
29
Mar
10
par
Feb
106
•101 103 *101 103 *101 103
400 Macy (I1 II) & CO,Ino_No
10112 102 *10012 103
1005* 101
Preferred
1184 Jan 14 11434 Jan 118 Aug
100 11512 Mar
•11712 - *11712 ---- *11712 ____ *11712 _
•11712 -- *11712 ---Nov
46
Mar
34
8
447
1
Apr
34
10
par
Feb
No
Copper
Magma
4214 -4212
4 424 4034 42
/
411
6,300
40
3934 4034 39,
401
8 40
4May 19 2818 Jan 5
1
2114 Dec 3712 Jan
15/
400 MallInson (H RI & C9_ No par
4 *1712 18
1
1712 1712 •17
*1712 18
4 1778 1753 17/
1
17/
18
32 Mar 59 Mar
56 Jan 4 8734July 19
28,200,Manh Elec Supply._ No par
8412 85
8512 8734 82
84
81
82
80
8314 7934 83
2
Mar 3478 Nov
2212May
4
Jan
324
2014
25
Shirt
anhattan
2314 2334 2334 24
24
2418 *2334 24
2312 2312 2318 23/
4 1,4001M
1
2812 Mar 4913 Apr
4 36
1
*33/
*3338 36
4 33/
1
33/
600 Manila Electric Corp __No par 2712 Mar 20 3912May 17
4 *3312 34
1
3312 3312 *3318 36
2082 Sept3012 Jan
2412 2412 23/
4 2312 2212 2334 2212 23
1
22
2312 2212 2212 3,500 Maracaibo Oil Expl__ ..No par 2034 Mar ' 28 Feb 2
4 Mar 6012 Dee
1
32/
No par 4914 Mar 30 6338June 17
5818 5914 58
5918 5512 .5814 5553 5738 5534 5714 55,
2 5612 100,900 NI arland Oil
4 Oct
1
1038 Mar 32/
No par 27 Mar 29 33 Mar 11
*2912 3014 30
2912 2912 29
600 Marlin-Rockwell
*29
30
2912 *2912 30
29
19 Dec 3712 Jan
23 June 25
17 M ay 2
....No par
2178 2178 2158 2134 2178 2178 2134 213
4 2178 2172
/
2178 211
700 Martin-Parry Corp...
Dee
1074
Jan
51
6212:May
2
Jan
10612
1'
thleson
50
etf
tern
Wks
Alkali
*8112 83
8212 82
81
82
81
82
8 81
*79,
4 1,800 Ma
1
79/
78
13712 Jan 2 101 Mar 13912 Dee
*118 119
11934 12058 11712 11812 118 1181 117 117 *117 118
4,100 May Department Stores__ _50 10678M ay 1
124 June
Mar
11612
11
June
125
2
Feb
8
1223
Preferred
100
*122 123
123 123 *124 125 *124 125 *124 125 •124 125
100
2178 Nov 2638 Oct
No par 19 Mar 3 244 July 17
2378 2418 23/
4 24
1
4 2334 23
1
22/
2212 2268 2212 2258 5,200 maytag Co
231
79 Mar 13934 Oct
83
83
*81
*81
80
83
81
8234 81
8012 *781
700 McCrory Stores Class B No par 72 Mar 30 121 Jan 11
4 81
/
Jan 2234 Oct
16
15
Feb
2
Jan
4
1
/
22
5
Mines__
30
Porcupine
McIntyre
*2578 2612 *2534 2612 *251
3
4 28
/
2534 25 4 *2534 2618 *2534 2578
100
Jan 244 Nov
18
4 Jan 8 241
/
4 Feb 9
/
*2312 23/
2312 24
.
4 *2312 2378 24
1
24
*2312 24
*2312 2378
200 Metro-Goldwyn Pictures pf _27 221
9 Dec 224 Jan
6 Feb 25 • 1334 July 23
4 1232 13
1
4 1314 1212 13/
1
12/
4 1338 1234 13
/
121
1234 1334 31,300 Mexican Seaboard 011 No par
244 Jan
May
8
17
July
1634
3
Mar
11
5
Copper
Miami
4 1412 15
1
15/
1532 1534 15
1412 14/
1412 15
4 *1458 1434 15,600
1
254 Aug 38 Nov
Jan 2
2858 2878 2734 2834 2734 281
8 29
28,
2712 2814 28
281s 31,300 NSW-Continent Petro__ No par 27'!July22 37 May
834 Apr 9414 Oct
19
100 90 Mar 30 100
Preferred
9814 *9712 9958 *9712 9958 *9712 99/
9958 *98
*98
4 *9712 9958
1
Apr
314 June
14 Jan 2
212 Jan 8
132 132
4 114
/
11
138
132
.138 14
4
/
1313
132 11
4 2,900 Middle States Oil Corp.....10
/
11
14 Feb
PI Feb
4 Jan 8
/
11
4 Jan 7
1
/
4
1
/
I
78
478
1
*78
10
4 1
1
*/
4 1
1
*/
500 Certificates
4
1
/
4
1
/
Jan
96
147
23
Feb
13312
30
Aug
Mar
107
114
-100
114
114
Steel
114
Prof-4
1123
11412
Midland
11212
114
Prod
•111
11212 11012 11034 1,400
Apr
64
14
Jan
Aug
9914
834
6938
26
Mar
100
7814 8114 7934 8212 8012 8212 79/
78
317
4 8232 80
1
8034 22,900 Montana Power
41 Mar 844 Nov
4 711
1
4 7272 70/
1
4 7034 7134 68/
/
7232 70/
4 7114 684 7014 51,200 ;doom Ward & Co Ill corp_ _10 56 May 19 82 Jan 2
1
, 71
42
Mar
2234
Dec
1912May
10
Feb
8
373
18
par
No
4 2314 2312 22/
1
4 23/
1
22/
4 23
1
4 23/
1
4 2418 2312 24
1
23/
23181 7,700 Moon Motors
6 May
918 Jan
74 Feb 8
514July 12
618
6
6
6
578 6
5/
6
6
6
4 5/
1
6 1 9,200 Mother Lode Coalition_ No par
4
1
•Bid and asked prices: no sales on this day. x Ex-dividend
436
New York Stock Record-Continued-Page 5
For sales during the week of stocks usually inactive, see fifth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT
PER CENT.
Sales
STOCKS
for
NEW YORK STOCK
Monday,
Tuesday,
IVednesday, Thursday,
the
Friday.
EXCHANGE
July 19.
July 20.
July 21.
July 22.
Week.
July 23.
$ per share 3 per share $ Per share
per share
Per share $ per share Week. Indus. & Miscall. (Con.) Par
.1958 20
•1958 20
1978 194 •1958 20
1912 1958 19314 1958
700 Motion Picture
No par
4212 4413 4378 4434 4358 4478 4353 4414 424
4334 4258 43,8 29,100 Motor Meter A
No par
2338 2334 24
2414 2338 24
2358 2358 2312 2358 234 2314 2,400 Motor Wheel
par
No
•14
14,4 15
15
14
1412 .13
13
15
13
*12
500 Mullins Body Corp
15
No
par
3814 383$ •38
3834 3712 385/3 *37
3734 3713 3712 37
800 Munsingwear Co
37
No par
778 778
8
834
812 918
812 938
878 9
858 853 23,400 Murray Body
.No par
567a 5718 5678 5738 255
5553 55
554 5358 544 30,600 Nash Motors Co
5514 54
No par
Do pref
100
918 913 -6;9 "i3i
9
9
853 - 888 *812 918 '812 984 2,200 National Acme etamped
100
9334 9434 934 94
9212 9314 93
9514 9212 9512 9112 937
, 24,000 National Biscuit
25
812814 130 •12814 130
130 130 •12814 129 •12814 12978 •12814 12978
Do
100
prat
100
4414 4434 4418 4434 44
4458 44
44
4334 4414 4334 44
8,400 Nat Cash Register A w I No par
*2514 2673 .25
2712 .25
25
2714 .
25
2714 .
2534 *2518 27
National Cloak & Suit ...100
73
73
*73
7512 .734 77 .73
77 .73
77 .73
100 Do pref
77
100
8812 6934 6812 6834 6814 8878 68
89
8718 68
Nat
4,500
Dairy Prod tern ctfsNo par
*8713
6514
.
25
26 .25
*2512 26 .
26
2513 26 .
25
26
2512 2512
100 Nat Department Store, No Par
.9014 9412 *9014 9412 *9014 944 .90,4 9412 '9014 9412 •901
Do lat pref
/
4 9412
100
19
1914 •1814 1914 1838 1838 1814 18,4 •1734 181
/
4, •18
700 Nat Distill Prod Ws__ _No par
181
*44
46 .43
*43
45
4514 *4313 45,4 .
4312 4514' .4312 4514
Do prof Lomat:____ No par
*2112 23
*2113 2212 .2114 2214 .2114 22
2114 2114 2114 2114
300 Nat Enam & Stamping__ _100
•74
78
*74
78
.74
78
•74
"74
78
78 .74
Do pre
78
100
182 16234 162 16214 16014 16014 160 160
156 15714 154 155,2 1,400 National Lead
100
*11812 11714 .11612 11734 *11612 11734 .11812 1173 *11682 11714
Do pref
4
'11612 1174
100
2234 2314 2258 2314 2258 2314 2212 2318
22
2278 22
2238 2)800 National Pr & Lt Mfg..No par
8334 64
6334 64 I 6378 64
6312 64
63
6312 8258 6312 4,800 National StmlnlY
50
*11214 115 *11214 115 .11214 115 *11214 115 .114 115
.114 115
Preferred
10(
National Surety
100
*NI 152 152 152 151I 15112 '145 fin;
far *iiti" 116National Tea Co
par
14
1418 14
1418 14
1418 1373 14
1334 1378 1338 1312 10,200 Nevada consol CopperNo
4079 4078 4012 4034' 40
40
394 3912 39
39
3914 391
No par
/
4 3,400 NY Air Brake
Do Class A ------'4v par
4434 44
44
4414 1612 -4314 18145
4353 46
4 4413 45 - 17.400
Y Canners temp ctfs_No par
*34
37
*34
37 '34
37
3418 3418 3212 3212 .32
300 New York Dock
35
100
.
89
72 .69
72
*69
72
*89
.69
72
72
"89
Do prof
72
100
*103 10314 *103
•10314
N Y Steam let pref.-..No par
.103
__
*28
2814 .28
2884 *112g1
/
4 2814 '28
2884 .
2884 2818 284
ioo Niagara Falls Power pi new _25
28
5114 5134 5138 5178 5112 53
5158 5278 5118 5213 5114 5238 50,800 North American Co
10
*5012 5112 51
51
51
51
.50
5114 50,4 51
*5012 51,4
300 Do prat _ _ ____
_ 50
*9533 96
9573 9578 9534 9534 '9512 954 *9542 9578 •9513 954
300 No Amer Edison pret
r
No
par
*8
814
8
8
859 '8
812 "8
814 *8
812 1,200 Norwalk Tire & Rubber_ _. 10
.
144 15
•1413
*1412 15
1412 1412 14511 1452 1412 14,3
400 Nunnally Co (The). _No par
3334 3418 341z 3473 3434 354 3414 3414 3418 35
4.900 011 Well Supply
34
34
25
Saturday,
July 17.
PER SHARE
Ranee Since Jan. 11926.
On Oasts of 100-share lots
Lowest
Highest
PER SHARE
Range for Pretim
Year 1925.
LOIDISI
Highest
$ per share
$ per share $ Da share $ per *her
19 Jan 28 2312June 3
1932 Dee 2012 Des
33343lay 19 534 Feb 10
40 Nov 4412 001
22 May 18 3378 Feb 15
18
Apr 35 June
11 July 7 1934 Feb 1
13 Aug 2112 Feb
3434 Apr 6 3834 July6
3018 Apr 39 Der
3 May 8 1578 Feb 211
514 Dec 4212 Mai
52 Mar 24 66 Feb 23 1934 Jan 488 Oct
10618 Jan 4 10813 Jan 4 10334 Jan 107 July
712July 13 1278 Jan 9
414 Mar
1253 Dee
74 Jan 8 981:June 25
65 Apr 79 Dee
126 Jan 27 1314 Apr 28 12312 Mar 12812 Ma,
38 May 22 54 Jan 5
2012May 21 57 Jan 2 19
.1-1 Dec 847-4 -6-e3
7212June 7 924 Jan 8
873s Dec 104
Jan
5
26
yr 26
3 Apr
14 80
4293 Jan 2
42
Jan 8178 Nov
Jan 7
3812 Jan
95 May
90 Jan 14 97 Jan 19
96
AIR 103
lar
1212May 18 34 Jan 4
2938 Dec 434 Oct
38 May 7 734 Jan 4
5212 Jan
81
Oct
2118July 14 4012 Jan 2
25
Apr 4132 Dee
76 July 13 898 Jan 4
75 June 894 Jan
139 Apr 15 17434 Jan 5 13812 Apr 17434 Noy
116 Jan 16 120 May 20 1144 Sept 119 Sent
1644 Mar 2 3853 Jan 21
5512 Jan 4 6578 Mar 16
-jar
10414 Mar 30 114 May 28 10438 Jan 110
Apr
208 Mar 31 227 Jan 20 206
Jan 222
Oct
119 May 15 238
Tan 4 201 Dec 250 Dec
1158June I
1418July 14
1134 Apr
1638 Jan
3612 Jan 2 4434 Mar 11
3112 Oct 6811 Jan
5514 Jan 6 60hJune 1
50 Sept 67
Jan
32 Apr 12 8434 Jan 29
3114 Mar 8112 Dee
3212 Mar 30 454 Feb 5
18 Mar 454 NOT
69 May 13 74 Feb 5
521a Jan 76 Dec
9914 Apr 13 10384June 30
97
Jan 102 June
2738 Mar 31
285* Jan 22
2758 Oct 29
Jan
42 Mar 30 67 Jan 14
4113 fan
75
Oct
49 Jan 2 511 2June 23
4638 Jan 604 Sept
9112 Mar 31 98381une 29
944 Dec 9613 Dee
734 July 6 1518 Jan 14
124 Sept
1814 Aug
1338 Mar 1
1712 Jan 7
Jan
8
1812 Nov
30 July 2 30 Feb 5
3318 Dee 38 Not
(
OmntyaxriToiaSslilevreyr Mmn new .Vs par 10 Jan 8 1012 Jan 14
613 Jan
11
Om
;iii8 -44'- -i5T2 4n-41
111;1 ;56i,
;4114 43 '387 42'2
No40
par 3114 Feb 2 4512June 29
184 Jan 39
Dee
99
99
9938 100
99
99
*98 1024 '99 10218 .99 10218
500 Preferred
ionr 95 Apr 17 10112July 6
7814 Mar 97 Noy
5534 56
5714 5734 5734 58
58
3,500 Oppenhelm Collins & CoNo par 47 Jan 12 8013 Mar 11
5812 .57
574
5714
5759
414 Sept 53 Der
*2912 30
294 30 '2914 30
30
30 .2912 30
.2912 30
600 Orpheum Circuit. Inc
1
2712 Mar 25 3114June 29
2541 Jan
3278 July
.10378 104 *10378 104 *1034 104
104 104 .10378 104
100 Preferred
lon 101 Jan 13 10.5 Apr21
98
120 1208 12058 12112 120 12038 119 120 '118 120 •10378 104
Jan 107 Sep:
Otis
1,400
11812
11812
Elevator
50 105 May 20 12934 Feb 5
•108 1113 .10534 11134 .10534 11134 '10534 1113 .106 11134
Feb
87
5
8
1404
Aug
4
Preferred
•108
104 10234 Jan 13 10812June 18 101 Feb 112 July
1012 101
1014 1053 '1038 1034 1038 1078 1014 1012 1012 11134 5,000 Otis Steel
1012
No par
812May 10 1412 Jan 19
10312 1031 10312 10312 103 103
8 Mat 1514 Aug
103 103 •102 103
900
102
Do
prof
102
100 85 May 17 10774 Feb 17
7318 747
5014 Mar 9712 Aug
7478 7534 73
74
73
7334 7012 73
7033 7134 8,200 Owens Bottle
25 5314 Mar 29 75.,July19
•48
4234 Mar 6932 Noy
49 .48
49
*4614 49 .4614 49 '45
49
Outlet Co
"45
49
No par 44 May 19 52 Apr 5
*101 104 .101 108 '99
4914 Nov 57 Nov
____ '99 104
.99 104
Preferred
104
100 9712 Apr 1 10114 Jan 16
.130 131
98
Nov 10072 Dee
12913 13012 12914 12914 .128 130 •127 12812 *99
700 Pacific Gas & Electric.
12734 12734
100 118 Mar 31 13214 Jan 29 10212 Jan 13718 Nov
112 112
138
112
138 112
138
lh
138
132
138 9,200 Pacific Oil
114
No par 811 May 13 8318 Feb 13
4178 4238 4158 42
Aug 7412 Dec
513
2
4134 4178 4114 4134 4018 4118 40
4012 20,700 Packard Motor Car
10
4 Mar 31 4514July 7
1512 1556 1518 1558 1518 154 15
Jan
15
4912 Not
154 1434 1518 1434 1434 3,400 Paige T)et Motor Car_.No par 313
134May 14 284 Jan 4
173
69
,May 32
69
Out
69
69
6812 67
6614 6712 66
6812 86
6.100
Pan-Amer
Petr & Trans__ 50 564 Mar 31
68
7612
Jan
2
Sept
5912
6934 7014 6918 7014 85
934
Mar
6919 66
1
68 4 6613 88
8634 67h 103,200 Do Class B
50 564 Mar 31 7838 Jan 4
8018 Aug 8411 Mat
*3812 39
3834 3914 3818 3834 34
3838 38
383s 38
Pan-4m West Petrol B No par 34 Mar I
6,000
38
46 Jan 2
3714 Oct 4934 Dec
2214 2214 2112 2278 2038 2112 2013 2134 18
2012 1838 22
29,200 Panhandle Prod & Ref No par
411 Jan 21 12 June 17
.2034 2118 *2034 214 2034 2118 .2034 2173 2034 21
2/
1
4 Aug
614 Dee
500 Park & Tilford tern etfs_No par
.2034 22
193
67N2y
:10r 114
3 284
Jan 6
12 .Ilt
4
25_ Sept
4512 Jan
63s 638
612 • 652
6513 834 "838 634
6h
634 "812 64
900 Park Utah C M
1
Feb
5712 53
56
5734 56
57
5512 5612 5434 5558 *53
5512 3,700 Pathe Exchange A
par 4518May 17 83 Jan 7
70 Nov
9034 Oct
*2014 2012 2012 2114 21
21
21
21
21
21
*20
1,000 Penick & Ford
21
1678 Jan 29 23 June 16
N
No
17 Dec 29
Apr
712 712 *712 8
*712 8
*71* 8
.712 8
200 Peon Coal & Coke
.712
8
712,1uly 17 17 Feb 8
60
1234 Apr 264 Jan
14 114
118
14 114
118
14
118
118
114
Penn-Se
7,300
118
aboard Sri vte No par
118July 14
214 Jan 4
1
Aug
•121 122
3
Jan
12134 12134 122 12214 *121 122 •I2012 12112 12034 1,4
500 People', G L & C (Chic)_ _100 117 Jan 4 130 Feb 11
12034
112
Jan 123
7112 7112 *7012 72
Oct
*7012 72
*7012 72 .
7012 72 .7012
600 Philadelphia Co (Pittsb) .50 5414 Mar 2 763* Am 8
5112 Mar 6714 Dee
.50
*4912 5083 *4912 5012 *4912 5012 *4912 50,3 .4912 72
51
6% preferred
50 4734 Jan 4 51 14 July 7
5012
454 Jan 49 July
*3834 39
3812 3834 38
3814 38
3814 3734 38
3,400 PhIla & Read C & L __No par 3614 Apr 14 4838 Feb 13
3752 38
37114 May 62,a Jan
.37
*37
40
•37
39
*36
40
40 .36
39 .36
Certificates of int_ _ No par 3634,1une 14 4812 Jan 11
39
38 July 5012 Jan
.47
52 .47
52 .47
52 .47
52 .47
52
Phillips-Jones Corp_ ___ No par 50 Mar 30 5.534 Inn 29
*47
52
51 Nov 9018 Jan
.
23
2334 2378 234 2318 .23
24
2334 23
2312 "2214 23
1,300 Phillip:Morris Jr Co., Ltd _ _ .10 16 Apr 3 2438July 13
124 Mar 2514 Sept
474 4838 4718 481
/
4 4818 474 4534 4678 4559 485$ 454 463s 65.500 Phillips Petroleum
No par 40 Mar 30 49`2June 22
3614 Mar 4718 June
41
42 .38
4112 .40
4134 .40
42
3912 40 .3912 41
500 Phoenix Hosiery
5 31 Mar 30 444 Jan 9
18 Apr 4214 July
.98 100
"98 100 .98 100 .98 100
"98 100 .98 100
Preferred
100
Mar
94
25
9918 Jan 21
84
Apr 99 Dee
2938 2934 2938 3014 2914 30
2812 2932 2878 29
27
2834 33,300 Pierce Arrow Mot Car No Par
19 May 15 4318 Jan 9
107
, Mar 4734 Oct
113 11312 113 11312 11114 113 ,*110 112
108 11112 10914
5,300 Do pref
100 7612 Apr 15 116 July 12
43 Mar 100 Nov
34
34
34
34 *58 78' 58 h •58 34 *4 10912
Pierre
Oil
1,000
Corporation
25
38July 21
34
17, Jan 30
11
/
4 Nov
312 Feb
*1213 15 .124 19
*1312 15 I .14
15
*14
1434 14
100 Do prat
100 14 July 23 2718 Jan 30
14
2014 Dec 40 Feb
'312 358
34 334
312 334
338 3,2 .3h
313 312
314June 29
312 5,000 Pierce Petrol'm tern etfeNo nor
7 Jan 30
412 Dec
814 Feb
*3314 35 •33/
1
4 36 .
33/
1
4 36
"33
36
.32
Pittsburgh
36
Coal
33
200
of
Pa.__ 100 29 June 9 4212 Jan 5
33
374 May 5412 Jan
.73
76 .
73
73
76
73 .73
76 .73
78 .73
Do pref
100
100 70 June 21 85 Jan 6
76
80 May 99
Jan
.98 100
.96 100
*96 100 '96 100
.96 100 '96 100
Pittsburgh Steel pref
94 Mar 29 98 Feb I
94 Mar 1024 Jan
•43
44
43
43 .42
43
43 '41
•41
43
•41
100 Pitts Term Coal
. 10
110
0 3978May 20 634 Jan 9
43
30
Apt 8344 1111
.82
86
88 '83
85
86 I '83
86 .82
86 .82
rehd
24rmebf,eurg
400 piP
100 83 Mar 26 9214 Feb 2
86
79 July 8814 Nov
•14
1912 •14
1912 .14
1912 *14
1912 .17
1912 *17
Utilities pref____10
1412 Mar 3 201431aY 21
1912
1278 Mar
1778 June
•14
•14
20
•14
20
•14
20
•I6
20
20 '14
Do pref certificates
10 15 Mar 20 2014May 26
20
124
Mar 16 June
•14
*14
20
20 .14
20 .14
20 .16
20
*14
Preferred ale new
10 15 Jan 22 2014May 26
20
1234 Nov
1512 July
10232 103
10234 104/
1
4 1004 10334 29958 10112 9814 101
9614 100
30,800 Post'm Cer Co Inc new.No par 7512 Mar 30 12478 Feb 3
6432 Nov 121
Dee
•37
3814 38
38 .37
37 .36
3713 37
38,4 *36
500 Pressed Steel Car new
100 3418May 19 4112 Mar 19
3814
.
84
*84
85
85 .834 85 .83
85 .83
85
84
Do pref
100
84
100 82 Mar 4 954 Jan 7
781;July 921j Jan
124 1258 12
1212 .1134 12
1153 11h '1114 1134 11
1114 1,800 Producers & Refiners Corp_50 11 Mar 29 174 Jan 2
1212 Aug 325s Feb
.33
33
33
344 33
*33
33
33
33
3318 33
Preferred
33
50 3034May 11 3614May 27
27 Sept 474 Feb
8734 8812 8734 884 88
8938 8814 9038 8858 90, 894 9014 52,4
rp of NJ newNo par 72 Mar 2 9218 Jan 19
0 Pu
5°
0°
624 Mar 877
. Aug
*10912 10958 10912 10912 .10814 10912 .108/
1
4 10912 .10814 10918 •10814 10912 1,000 Do 7% pref
100 1034 Jan 12 1094July 9
99 Jan 106 Nov
.1181z 12018 12013 12018 12014 1201
/
4 "11812 12112 .11912 12112 .11912 12112
200 Do 8% pref
100 115 Mar 2 121 July 15 10838 Apr 119
0481
•102 103
102 102 *10218 103
102 102
103 104
103 103
600 Pub Serv Elea & Gas pfd_100 97 Jan 22 104 July 22
99 Jan 106 Nov
*1114
*1111s
•111 11118 .11112
•11112 114 .11112 114
Pub Service Elec Pr prat _100 108 Jan 18 11218 July
If)
92I May 1004 Dee
1764 17914 17634 179
178 1791z 17612 179
17518 17814 17514 17583 8.600 Pullman Company
100
14
.
14
Mar
31
18212J
line 22 129 Mar 87311 Sept
3478 3478 3418 3434 3414 3414 34
3414 3313 3312 3312 3313 1,500 Punta Alegre Sugar
50 33 Apr 14 47 Feb 4
33 July 4714 Jan
274 2714 27
2714 2612 2718 28,2 204 2659 2678 2653 2878 12,000 Pure 011 (The)
25 2538 Apr 13 31 Jan 4
2518 Aug 3384 Feb
110 111
.
110 110 *110 11012 .109 111 *109 11012 *109 11012
100 Do 8% pref
100
106
Apr 14 11234June 25 10212 Jan 1084 Bent
4453 4514 4318 4412 4112 4358 4114 4234 39
4212 40
Radio
Corp of Amer__ No par 32 Mar 30 4932June 22
4112 32,400
394 Nov
7778 .11...n
48
48
484 4818 48
*4734 48
48
48
48
4838 4838
444 Mar 31 4859July 13
45 Dec 54 Feb
Do
Railwayeel
Steel Spring new.,.4411 534 Mar 1 687
8 Mar 10
Preferred
100 115 A pr 9 123 Feb 20 11414- Mt 12-2 Dee
'341 36'8 3413 342 3453
•514 3688 3484
566 Rand Mines, Ltd
No par 3234 Apr 30
1714 July 1
3334 Nov 394 Aug,
1414 1414 1438 1438 1414 143* 1484 1438 134 1414 14
1414 7,800 Ray Consolidated Copper..10 10'2 Mar 3 1412July 14
174 Feb
1138 Apr
4314 4314 4318 4314 4314 4314 43
4314 4314 4314 43
43
1,100 Reid Ice Cream
No par 4178July 9 58 Jan 4
43
Oct 604 Dee
9
834 912
91s
9
9
9
9
834 834 *812 9
Reis(Robt)& Co
4200.
No par
834July 19 1834 Feb 23
10 May 2814 July
1164 11714 116 11634 114 115
11212 115
10712 115
111 111
4 000 Rem! ton Typewriter__ ion 8312 Apr 20 127 Feb 3
4634 Jan 11734 Dee
112 112 *112 115 *11234 115 '112 115 .112 115
•11114 112
100 Do 7% 1st prof
100 106 Apr 21 112 July 19 100
Jan 10912 Oct
*113 115 '113 118 .113 118 "113 118 .113 118 "113 118
Do 8% 20 prat
100 105 Apr 1 11434July 2 103 Sept 11312 Apr
93 1083
94 94 10
1012
10
•10
978 978 1018 1018 4,100 Replogle Steel
No par
878May
20
Jan
154
124
4
June
2314 Jan
56
6014 5712 59,4 5614 58,2 29,700 Repuolic Iron &Steel
5818 5512 5534 5452 554 55
100 44 May 19 635
421, API' 6438 Jan
,Jars 7
96
96
964 .96
*96
9612 9838 9812 98
9612 .9814 9612
700 Do pre(
100 9114 Mar 30 9118July 21
8414July 95
Jan
63
614
9
83
8
614
8
/
1
4
814
5
8
.614 6
.614 638 .61
/
4 638
900 Reynolds Spring
No par
512 Feb 24 1038 Jan 5
8 July
18
Jan
98
98
974 98
973 98
97
9758 97
9738 97
12,300 Reynolds (RI) Tob Class B 25 90 Mar 30 984 Jan 5
97
7214 Mar 9534 Nov
*8812 91
8814 8858 88
91
88
884 88
.88
8818 8818
700 Rossi!' Inaurance Co
25 86 Mar 2 11)0 Jan 20
85 June 974 Feb
1
4 5213 x50
50
*50
5912 4,200 Royal Dutch Co(N Y shares). 50
5314 5314 5318 5319 5234 524 52/
484 Mar 574 Jan
Mar 3 5738 Jan 9
4314 • 4234 424 4113 4178 4112 4182 4,400 St Joseph Lead
4238 4238 4212 4313 43
3534 July 5212 May
10 3652May 11 481a Feb 10
5212 5112 524 51
52
5112 51
5212 52
*52
5013 5012 2,900 Safety Cable
No
5412June
pa
48
22
Dec 5012 Dee
424
31
Mar
*8012 81
7934 80
81
80
80
80
80
80
76
7912 1.800 Savage Arms Corporatl,o
,
on
, _100
p„,
48'2 July 1084 Mar
73 Mar 31 10212 Feb 10
678 678
678 678
614 614 .614 613 1,400 Seneca Copper
814 614
6,2 7,4
NovD
434.1une 2 1014 Jan 4
16
18
1
612 Nov
AugDe
65
.134
"841
88
64
/
4
66
85
6313 64
1,800 Shubert Theatre Corp_No pa
65
5°
118
52 Mar 4 6982.1one 21
4714 467 47
46
3'2 4
4612 4612 6
66
4634 4634 47
4112
2 46
2,900 Schulte Retail Stores__.No pa
48
4212 Mar 30 13812 Jan 23 10134 Sept 13478 Dee
-3-•117 11713
*117 11712 *117 11713.117 11712 .117 1174
Do pref
Jan
100 11212 Jan 6 119 June 4 110
31383 16
153.8 13 4 1312 1313
137s 1378 1378 1378 ;
*1312 14
700 Seagrave Corp
No pa
1314 Nov ...
124 Mar 3 1434 Mar 12
12
.
6.
34.
..11e
20,000 Sears.ltoebuck&Co new No Pa
5334 5434, 5312 5414 535g 5418 5218 5313
54
53
444 Mar 29 5434June 18
64
7
8
63
8.
6312
6514
64
8518 653
6
52
2314
6614
2 6
54
34 5.8001Shattuck (F 0)
1
4 66
63/
No pa
-1474ai
Z
47 Mae 30 9953 Jan 4
•Bid and naked orleea; no sales 00 thla day 5 Ex-dlvidend a x•rights
I
•
•
New York Stock Record-Continued-Page 6
437
For sale. during the week of stocks usually inactive. see sixth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 17.
Monday,
July 19.
Tuesday,
July 20.
Wednesday, Thursday,
July 22.
July 21.
Friday.
July 23.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926.
On basis of 100 share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1925.
Lowest
Highest
vet share $ Per share $ per share $ per share $ per share Shares Indus. & Miscall.(Con.) Par $ Per share $ per share $ per share $ Der share
$ Per share
*4152 4234 *4158 4234 4158 4158 *41
4234 *4012 4052 *4012 4158
3912 Sep, 49 Dec
100 Shell Transport & Tradlicg_i2 4034May 10 485s Jan 4
2818 2812 2772 2812 27% 2814 2758 2812 2734 2814 277 2812 46,700'Shell Union 011
284 De
2152 Aug
No par 24 Mar 3 2872July 8
100 103 Mar 3 114 July 2
10812 10812 *10734 110
•10858 10918 10812 108% *10812 110 *10812 110
9912 Jan loal4 Nov
6001 Do pref
j6l 17
1712 1612 17
1734 17% 1714 1752 17
10 1612July 21 28% Jan 2
1678 1738 15,500,Simms Petroleum
26% Ja1734 Sept
3412
34
36
3638 36
3534 3614
36
36
3578 34
No par 33 July 7 544 Jan 4
3114 Mar 5452 Nor
10,500 Simmons Co
35
*10812 10912 *10812 10912 *1084 10812 *108 109 •10714 10812 10714 10714
/
4 Jan 10612 Dec
100 10714 Jan 29 10912July 2 1001
100 Preferred
20
2078 2018 2034 2014 2012 2014 20,2 30,600 Sinclair Cone 011 Corp_No par
2078 2118 2034 21
247 Feb
1912 Apr 13 247 Feb23
17
Jan
9852 9858 9812 9812 9834 99
*9834 99
*9812 99
100 90 Mar 30 9912June 24
94/
1
4 Feb
7834 Jan
500 Do pref
.98
99
3158 32% 32
33
33% 33
33% 3212 33
21% Mar 32% Nov
25 265g Mar 30 3718June 28
323
317 3218 22,800 Skelly Oil Co
126 12934 125 131
122 127
130 131
130% 131
8014 Mar 14312 Der
123 12612 5,500 Sloss-Sheffield Steel & Iron 100 103 Apr 12 14114June 30
103 109
105 10712 105 105
11014 11014 11014 11012 10934 110
62
Jan 10912 Der
2,100 South Porto Rico Sugar._ _ 100 92 Apr 15 14712 Feb 2
114 114 •11118 114
113 113 *108 11514
114 114
*114 115
100 112 May 4 11718 Feb 8
300 Preferred
998 Jan 11314 Dee
•11
*11
14
*II
*11
14
*11
14
14
1312 Dec 24 May
Spear & Co
No par
14
11 June 2 1714 Feb 19
*11
14
*72
79
*72
79
*71
80
*71
80
*72
7814 Dec 92 May
79
100 72 Apr 20 8212 Jan 13
73
600 Do pref
7312
22
22
23% 2212 2258 22
2312 2258 24
15% Feb 367s Sept
2212 *22
18/
1
4 Apr 19 3138 Feb 6
No par
900 Spicer Mfg Co
2214
*10212 105 *10212 105 *103 105 *103 105 *103 105 .103 105
92 Apr 108 July
Do pref
100 101 Jan 12 105 Mar 11
54% 55
5412 55
5434 55
Oct
5414 5458 5334 543
5434 55
4014 Jan 61
9,600 Standard Gas & El Co_No par 51 Mar 2 69 Feb 8
513% 56% 56% 56% 5634 5634 5633 5658 1,300 Preferred
5812 5612 5634 57
5012 Mar 564 Nov
50 538 Mar 30 5755 Feb 9
*724 7412 *73
*72% 74
73
73
75
72
73
62 May 88 Dec
100 6734May 19 921* Feb 4
*72
500 Standard Milling
7312
89
90
90
*84
90
*84
*84
*84
90
•84
81
Jan 86114 Dee
Do pref
100 80 Mar 2 90 Feb 5
*84
90
5934 5878 5978 5812 591
5912 5934 59
5714 5812 5712 5812 61,800 Standard 011of Calnew _No par 5238May 14 6278Ju1y 8
4334 444 4318 44
43% 437
4358 44
4312 43% 43% 43% 40,200 Standard Oil of New Jersey 25 40% Mar 3 46/
1
4 Jan 2
-14-a-11 474 Feb
11612 11632 11612 11638 11618 11614 116 116% 11614 11614 11618 116% 4,900 Do pref non-voting_ _ _ _ 100 115 July 6 11912May 18 11614 July 119 Feb
614 612
*512 5% *534
16
..i&D
538 Aug
10% Feb 10
612 612 *64 612 2,000 Stand Plate Glass Co_.No par
5% 638
434May 21
*8714 8712 87% 8734 *8714 88
88
88
88% 88
8214 Mar 82 Dee
No par 75 Mar 27 90 July 10
8712 8758
800 Sterling Products
7434 7512 7478 7612 7414 75% 7312 74% 7234 74% 73
55 Mar 9612 Dec
7334 18,400 Stewart-Warn Sp Corp_No par 8832May 17 9272 Jan 2
*6134 63
*6214 63
63
6278 62% 63
*6134 6212 *6134 63
61 Mar 895 Oct
300 Stromberg Carburetor_No par 5978May 19 7714 Jan 4
55
56
554 56
5534 58
54% 5512 53% 5514 5312 54% 42,700 Studeb'rCorp(The) newNo par 47 May 18 613
411
/
4 Jan 6852 Nov
,Feb 23
12114 12114 *118 12234 *118 12278 *118 12278
•118 11978 121 121
100 1144 Feb 23 122'2June 23 112 Mar 125 Sept
200 Do pref
152
134
158 134
158
158
134
134
134
3
Oct 12 Mar
334 Feb I
1% Apr 13
No par
134 *158
1% 3,800 Submarine Boat
*32% 33
33
33
33
33
33
33
*3212 3234 3212 3212
No par 30% Mar 30 4155 Jan 4
3818 Nov 437 Nov
500 Sun 011
172 2
134
134
2
2
1%
61, Feb
134
414 Jan 8
No par
134
2
2 Dec
134
434July 15
134 2,600 Superior 011
24
2412 *23
*23
2312 2312 2312 *23
*2312 24
100 19% Apr 12 27 Apr 29
20 May 4112 Jan
*2313 24
100 Superior Steel
57 Mar
1338 1358 1334 13% 1378 1438 13% 1334
838 Apr 13 1418July 20
1312 1358 13% 1378 6,400 Sweets Co of America
1,512 Oct
50
812 814 *838 834
*818 814
8
8
7i1may 14 1412 Jan 4
101 Jan 2078 Sept
818 838
8
800 Symington temp ctfs._No par
8
1712 1714 1714 17% 1712 1712 1712 1712 1712
*17
1712 *17
16 June 28 2078 Feb 4
1934 Dec 261 Sept
700 Class A temp Ws_ _ _ No par
*1112 1134 *1112 1134 1112 Ins *11
1134 *11
11 Apr 5 147 Jan 19
164 Nov
1134 *11
11 Aug
100 Telautograph Corp_ _ _ No par
1134
1212 12
1214 12
1238 1238 1238 1258 12
16 Feb 5
1078 Mar 31
No par
1218 11% 1218 5,900 Tenn Copp & C
733 Apr 16 Dec
52% 52% 5134 5234 52
5338 5218 53
53
53 .
55 Dee
42/
1
4 Jan
52% 36,800 Texas Company (The)._ _ 25 48 Mar 30 55 June 22
15414 15952 15732 15913 1574 16114 15634 161
15378 155
10 11912 Jan 12 16114 July 21
971k Feb 12178 Dec
15612 15912 74,100 Texas Gulf Sulphur
1358 1378 1312 1414 1338 1312 1338 1312 13% 1312 13% 1338 17,300 Texas Pacific Coal & Oil
,Aug 23/
10 124 Mar 2 1912 Jan 7
1
4 Feb
107
911 926
900 900 *880 920 *880 900
•880 900 *880 920
69 Texas Pacific Land Trust _100 510 Mar 19 1035 may 27 255 Apr 657 Dee
_
,
*2778 2812 2712 2778 *2734 283
.
ve
ear
*2778 29
Fair
394
Oct
324
Sept
34
Jan
14
2712
Mar
31
*284 28% *2818 29
500 The
4
301 Sept 3672 Dee
3158 31% 3112 3112 3118 3114 311 3118 *31
100 304 Apr 12 3914 Jan 25
3112 *3034 3114
700 Tide Water Oil
9212 9134 9134 92
9212 *92
*9112 9212 *91
Oct
99 Nov 101
100 90 Mar 31 103 Jan 25
92l*
92
200 Pre/erred
*92
55
55s 5478 558 5358 5434 54
5412 55% 5518 56
3738 Mar 5938 Oct
448 Mar 3 6812 Feb 10
5478 13,000 Timken Roller Bearing.No pa
, 102 103
10358 10458 10414 10412 10334 10412 103 1035
70
Jan 1018 Nov
1013* 10233 7,800 Tobacco Products Corp_..100 9514 Apr 12 11038 Feb 23
*113 11312 11338 11312 113 113 *11112 113
9312 Jan 11012 Nov
10 103 Mar 3 113I2July 2
11214 11238 *112 11312
800 Do • Class A
43
412 434
57 May
412 434
5
5%
5
514 79,900 TranscTIOiltemctinew No pa
312 Sept
512July 9
3 Mar 4
518
5
514
•19
2112 *1912 2112 *1912 21
Transue & Williams St'l No pa
*1912 2112 *197 2112 *1912 211y
241 Sept 35
19 June 5 27 Jan 28
Jan
5412 5434 *5412 5512 54
54
54
5412 *54
38% Mar 65% Nov
5512 55
900 Underwood Typewriter... 25 5118 Mar 30 632 Jan 7
55
46
46
4612 4512 46
4718 47
Oct
36
Apr 86
4634 4634 47
47
2,000 Union Bag & Paper Corp_.100 36 May 21 7114 Jan 5
47
5634 5234 5534 53,8 55% 5318 5414 5314 54
5638 5712 56
3714 Jan 20 58 July 13
67,000 Union Gil. California ._ _ . 2.
33
Oct 4338 Feb
93
.92
93
9334 93
9312 9212 9212 *9212 93
94 Dec 134 June
100 8414 Mar 31 947sJune 17
93. 93
800 Union Tank Car
•117 11814 *117 118 *117 11814 *117 11814 *117 11814 *117 1181
11314May
Do
pref
1174 May
11314
June
118
July
12
22
100
4
3412 3514 34
3434 35
347
3458 34
No par 2512 Jan 21
24 May 3672 Max
35%July 15
3312 3412 3314 34
7,900 United Alloy Steel.
9634 96% 9658 9634 964 9634 9614 9612 9512 965
1
4 Feb 4 10012June 30
25 83/
60/
1
4 Jan 11512 Nov
9512 9578 5,200 United Cigar Stores
•121 130 *121 130 *121 130 *121 129 •121 129 *121 129
Preferred
100 1145, Mar 4 125 June 30 115 Dec 13314 Dee
158 16034 15512 1584 15518 15612 153 155
15614 158
100 134 Mar 30 167 Feb 4 11078 Feb 16212 Oct
15112 15414 10,400 United Drug
*57% .58
*5714 5734 *5718 58
Jan 5818 Nov
Do 1st pref
52
50 5512 Mar 5 59 July 8
•5712 58
*5718 583 *5712 5812
*412 11
*412 11
*412 11
United Dyewood
*412 11
9 Dec 20 Mar
100 10 Mar 17 12 Jan 11
*414 11
*412 11
114 115
114 114
11234 114
11312 11312 11234 114
No par 98 Apr 15 11612July 8
11214 11212 2,100 United Fruit new '
*2312 2434 2412 2434 2412 2412 *23
1814 Apr 331k Dec
100 22 Slay 4 3812 Mar 2
2412 *23
600 United Paperboard
2412 23
23
97
97
*95
96
*9412 9712 *9412 97
947 Dec 1031 Oct
*9412 97
100 Universal Pictures let pfd.100 90 Mar 8 97I2July 8
*9412 97
2238 23
224 23
2212 2314 21
26
Dec 5078 Feb
28% Jan 5
2212 208 2232 2012 2112 9,500 Universal P10e & Rad_.NOpar 13% Mar 31
*70
7134 *7018 7034 *71
713 *704 7134 *7014 7134 70
65 July 94 Feb
100 52 Mar 30 7813 Jan 5
100 Do pref
70
232 2443 234 24414 237 246
23114 234
13114
Apr 250 Feb
245
May
19
July
21
150
US
Cast
Iron
Pipe
&
Fdy_100
23534 246
78,300
230% 243
*107 10812 *107 109 *107 10812 *105 10812 *105 10812 105 105
91 July 113 Aug
100 10014 Mar 8 109 July 9
200 Do pref
5612 5718 553* 57
5512 5634! 5514 56
3018 Feb 63% Dec
544 5614 54% 5538 7,200 US Distill)Corp tern ctf No Par 39 Mar 30 6112 Feb 13
*18612 250 *18612 250 *18612 250 *18612 250 •18612 250 *18612 250
Do pref
130 Mar 250 Dee
100
49% 4958 *4914 50
*4914 50
*4914 50
23
Jan 4918 0128
484 4914 49
1,000 US Hoff Mach Corp v t c No par 4572 Jan 2 5912 Feb 4
49
5514 5534 5514 5714 5512 568 5514 5533 5318 55
Oct
7014 Dec 98
6,600 U S Industrial Alcohol_ _ _ _ 100 453 Mar 30 751 Jan 13
63
53
*101 10212 *101 10212 10212 10212 104 104 •10212 105 *10314 105
100 9914 Apr 22 10414 Jan 13 102 Dec 115 June
200 Do pref
61
60
9012 5914 6032 5912 60
60
5,500 ITSRealty&Improv't newts() par 484 Mar 29 717 Jan 4
59
5934 5834 591
58
59
5858 59% 584 6014 5814 59
2 Mar 9712 Nov
100 6014may 19 8814 Jan 23 I3-157
5933 5618 577 33,700 United States Rubber
1075 1077s z10512 10612 10534 106 *10512 106 *10534 106
010714 108
9234 Mar 10878 Nov
100 10112 Mar 30 109 Jan 19
700 Do 1st pref
7
41% 4112 404 41
*4134 424 413 4134 411,2 42
30
Feb 51 Dee
49
Jan
2
21
Apr
US
Smelting,
Min
50
3633
Ref
dr
1,300
*4012 42
4912 49
4912 *49
4912 *49
49
*49
44
Apr 494 Dec
1
4 Apr 9 50 Jan 4
50 47/
*4852 49
100 Do pref
*4858 49
14212 1443* 141 14414 14012 1437 13778 14212 138 14012 136,300 United States Steel Corp..100 117 Apr 15 145 July 17 11255 Mar 13914 Nov
1427s 145
12914 1294 129 12914 12834 129
12834 128% 129 129
100 12412Mar 3 13018June 11 12218 May 1265* Jan
12912 12912 2,500 Do pref
6312 *61
6312 *61
6312 *61
6312 *61
11 S Tobacco
*61
5112 Mar 594 Nov
No par 5612 Jan 4 64 July 13
6312 *61
6312
112 112 *112 115 *112 115 *112 115
*112 116 *112 116
100 112 Mar 19 11412 Feb 26 105% Apr 114 Sept
300 Preferred
102 102
103 103 *103 104 *103 104
*97 102
*97 102
82 Mar 111 Nov
10 93 Apr 1 105 Feb 11
200 Utah Copper
2912 2914 2012 29
2918 2912 2918 2918 294 2914 29
33 Aug 38 Aug
2918 1,400 Utilities Pow & Lt A _ _ _No par 2814 Mar 31 37 Feb 16
3678 3512 3614 3512 36
3614 36
3614 3672 36% 3638 36
2555 May 3414 July
No par 29 Mar 3 371 Apr 14
6,000 Vanadium Corp
14
*141
1514
1514 •1414 1514 *1414 1514
1514 *144
*1414 1514 *14
Van Raalte
1514 Aug 26h Nov
1214Apr 20 22 Feb 8
No par
*57
65
*57
65
*58
65
*57
65
Do 1st pref
*57
Apr 80 Nov
100 60 June 10 75 Feb 11
65
60
*57
65
*72 1
*78
78
1
78
*78
1
h Feb 26
1h Jan 15
*%
1
lh Sept814 July
300 Virginia-Caro Chem__ _No par
*72 1
15
1538 1514 1534 1514 1534 15
*14
15
1512 1414 1414 4,200 New
2512 Feb 3
121
/
4July I
1778 Dec 217 Dec
No par
*78
*72 1
.
78
1
*%
1
1
34May 11
5 July
11
/
4 Feb 19
78 Dee
No par
*78
1
Certificates
578
1
*5
*5
*5 ..........Do
*5
812 Jan 234 July
Do pref
100 10 Jan 30 11 Feb 3
*5
*5
*5
Mar 20 Nov
534May 24 1112 Jan 7
ctfs
4
No
par
____
4,72
*78
*72
1
1
47 July
*72 1
*78
1
11 Jan 8
Do "B"
78 Aug
% July 2
*72
1
No par
49
4734 4734 43
4734 484 47
*46
47
5614 Nov 6372 Dee
48
100 43I2July 6 69 Jan 4
47
2,200 6% Bret w t
47
8912 90
9034 9138 9034 908 90
0012 92
9018 90
9214 Nov 9512 Dee
100 85I2July 8 981 Jan 6
2,800 7% pref w 1
90
45
*43
45
45
4314 4314 *43
*45
47
45
30 June 45 Dee
40 Mcv 15 50 June 10
300 Virginia Iron Coal & Coke.
43
43
2934 2934 29
298
2934 2934 2934 30
2838 29
1
4 Dec
2838 2834 4,200 Vivaudou (V) new
7/
1
4 Jan 28/
No Par 26 Mr 30 3233 Feb 10
*194 1958 1912 1934 20
1958 1958 19% 1958 1958 20
141 Aug 197 Jan
17 Jan 12 2078May 28
No par
2012 5,500 Waldorf System
17
17
1612
1612
163
4
*17
1634 1612 1658 •16% 17
1712
1,100 Walworth Co ctfs
/
4 Dee
2114 Dec 241
No par 1214June 2 2314 Jan 27
*97 107
*97 107
*07 107 *--- 107
*97 107
Ward Baking Class A_ _No par 99 June 30 195 Jan 2 116
Apr 198 Dee
107
3334 323* 337
3218 33
3314 3312 33
31% 33
324 3212 7,400 Class B
374 Mar 9512 Oct
No par 24145lay 18 85, Feb 1
7
92
92
9134 92
*91
*9134 92
92
*91% 92
92
9412 Feb 112 Deo
No par 90 Apr 15 1104 Jan 15
400 Preferred (100)
92
15
1434 1478 1434 15
18
1533 157 18
1812 18
278 Oct
1814 9,500 Warner Bros Pictures A... 10 12 June 11
1714 Dec
18I2July 22
4614 *45
4614 *45
4614. *45
*45
464 *45
Warren Bros
464 *45
012 July
43 Jun
5018
Feb
18
437
8
Apr
15
No
no
4814
6212 5833 597
61
6214 80
5812 591
5712 58
1 Dec
6,600 Weber & Hellbr, new.c No pa
568 57
Apr 100,
53 Apr 20 8512 Jan 13
51
146 14618 14534 14534 14512 147 *146 1471 145% 148
2,000 Western Union Telegraph.100 13412 Mar 30 14758July 7 11614 Jan 14472 Sept
1453 1453
1317 13312 131 13212 128 13178 12912
132 134
13012 132
2 28,600 Westinghouse Air Brake__ 5 10514 Mar 31 131 July 19
97 Apr 14.4 Aug
7078 6918 7318 69
7038 7118 70
691
6914 6818 68121 12,200 Westinghouse Elec & Mfg_ 50 65 May 19 7911 Feb 10
68
Jan
6614 Mar 84
161
16
1734 *1634 1712 1614 17
17
16
1614 16
16 1 3,600 Weston Elec Instrument
914 Apr 2012 Aug
1334May 10 19 Feb 16
*30
31% *30
30
3134 *30
31
30
*30
31
100
*30
31
1938 Mar 28% Dec
2714 Jan 4 3238July 7
WC
e3sitass
PenAn Co.
97/
1
4 Sept145 Ma,
No par 118 Mar 2 130 Jan 27
Dec
12212 Jan 13 12414 Jan 5 107
Certificates
Do 7% of tees ctf new_10(1 9578 Mar 3 101 Mar 11
100 July
94 Aprc25's
O
If-9-61-2 -55- -55-7-8 55- 97 ---------577- 97
5:
,
1 mJa
any 16
9
03
7,2,
F
uley
b 15
11
7 7c
866 West Penn Elec ofA ytf No par 8
08
*99
10012
*99
10012
*99
100
loo 100 *99 10012
*97 10012
100 Preferred
100
*10914 ____ *110
*110 114 •110
•108% -- *10914
Jan ITCJuly
West Penn Power pref__ ..101) 108 Mar 25 112 Jan 16 104
2634 26% 2658 2634 264 2658 2612 2612 2612 2612 26' 2614
2512 Aug 3134 Feb
2.300 White Eagle Oil
2512 Apr 20 2934 Feb 10
26l
8
4
61
584 59
6112 59
56% 5914 56% 58% 64,000 white Motor
60% 60
59
571 Mar 104% Aug
51% Apr 15 90 Feb 11
2712 2712 *261z 2712 26
*2712 28
33% Dec 4938 Aug
2612 *26
*2712 28
p5
a
airri 26 Mar 27 3838 Feb 3
500 White Rock Min Sp ctf_No
No p
28
7,
4.78 11,
78
78
78
78
1
5% May
78
2 Dec
78 3,300 Wickwire Spencer Steel Ott...
3% Jan 6
34
1
3,July 22
2812 293* 2712 2918 2714 2812 228,000 Willys-Overland (The)
918 Jan 3478 Nov
3032 3114 2052 3052 2833 30
5 18 Slay 17 34 Jan 4
9518 95
95
7214 Jan 12378 Dec
95
9518 9434 9514 1,400 Do prat
100 9118 Jan 19 09 Feb 4
9534 9534 9512 9558 95
1014
1218 1218 117 124 1134 1134 1012 1114 10
6 May 20 1214July 15
938 934 3,000 Wilson & Co, Ino. new_No par
1934 *18
1912 18,2 1812 18
2012 *18
No par 14 May 21 2134July 16
2112 20
20
1812 1,100 Do Class 4.
4 Jan 220 "Oct
16918 169% 16912 17212 167 17134 1665, 1693* 163 168
25 13514'May 19 222 Jan 4 11-2-11604 16512 61,000 Woolworth Co (F W)
307k 3078 4128
31
35% Aug 7938 Jan
3112 31
700 Wo
Dro
30
thinOgrteo
100 2014 Mar 30 44% Jan 6
fnP
A &M
*28
31
*2914 2934 30
76 Nov 88
70
*67
*67
70
Jab
*66
*67
70
70
100 6714July 14 80 Feb 2
70
*68
70
*67
58 Aug 7634 Feb
5934 *57
*59
597 60
58
58
59
100 53 Mar 29 65 Feb 24
58
*58
500 Do pref B
59%
*57
16 Mar 323 July
3734 38
3612 3734 35
3932 3712 39
13,000 Wright Aeronautical.__No Par 2412 Mar 30 3974 July 16
37
39
3914 38
45% Mar 5714 Oct
53
5334 53
No par 47 Apr 3 598 Feb 11
53
1y
53
Warlieg1,
*53
500
00 Y
5312 1,3
*5212 5312 53% 5312 253
62 Sept 701 July
68
*67
68
68
*67
68
25 6012 Mar 4 69 June 8
*67
68
88
68
68
T(Wowinnejr)
68
2278 Oct 40/
2312 2438 23% 24% 26,300 Yellow Truck & Coach____100 20 May 24 3278 Feb 9
1
4 Oct
24% 2578 24% 2514 237 247
2458 26
90
Oct 100
9934 9934 99% 100
*9912 100
*9938 100
9912 100
Oct
100 9112 Apr 3 100I2June 24
1,100 Preferred
*9938 100
63 Mar 921* Nov
804 13.900 Youngstown Sheet & T No par 69 May 14 597s Jan 4
8114 8258 814 8238 8014 8112 7934 8238 7914 8138 80
-56T2 -625; ;56-
•Bid and asked prices: 110 Saba On that si
a Ex-dIvIdend.
438
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of twang bonds was changed and prices are now "and interest"-except for income and defaulted bonds.
BONDS
N.Y.STOCK EXCHANGE
Week ended July 23.
Price
Friday,
July 23.
t
Zia.
geek's
Range or
Last Sale
4,2
U. S. Government.
High N o
'Bid
Ask Low
1
First Liberty Loan83i% 011932-1047
J D,10110 Sale 10030321013o 545
Cony 4% of 1932-47
J D11001332 Sale 1001542100153,,
2
Cony 414% Of 1932-47
.1 131102411 Sale 102
1021141: 222
24 cony 4/
1
4% of 1932-47
J DI10011132
102542 102542 1
Second Liberty LoanI
4s of 1927-1942
M N,•100
Sale 100
6
100232 I
Cony 414% of 1927-1942
M N'10024
.
Sale 10025411001744 1116
Third Liberty Loan-4/
1
4% of 1928
M S1101432 Sale 101142 101542 I 655
Fourth Liberty Loan1
41
/
4% of 1933-1938
A 0 1021ln Sale 102114210122n 759
Treasury 414a
1947-1952 A 0,1072012 Sale 107271/108542
80
Treasury 48
1944-1954 J D 103390 Sale 10324421045o
68
Treasury 314e
1946-1956 M S 1011322 Sale 101144210113as 25
State and City Securities.
I
N Y City-41
/
48 Corp etock_1960 M S
43.(sCorporate stock
1964 M S
4/
1
48 Corporate stock
1966 A 01
4/
1
4s Corporate stock
1972 A 0,
434s Corporate stock
10713 D
4148 Corporate stock _July 19673 J
41
/
4s Corporate Block
1965 3 D
455e Corporate stock
1963M El
4% Corporate stock
1959 M N'
4% Corporate stock
1958 MN
4% Corporate stock
1957 M N
4% Corporate stock
1956 M N
4% Corporate stock
1955 M N
4% corporate stock
1936 M N
414% Corporate stock.. 1957 M N
04% Corporate stock
1957 M N
3.4% Corporate stk_May 1954 ad N
334% Corporate stk_Nov 1954 M N
3145 corporate stock
1956 111 N
New York State Canal Im_481961 1 J
45
1962
4a Canal
1942 l i
4145 Canal ImPt
1964 1 .1
48 Highway Inapt registerd1958_ ,
Highway Improv't 4145..1963 hi i
Virginia 2-38
1991 I 1•
100%
10012 June'26
10134 10214 10178 June'26
10134 10214 10238 July'26 ____
10178 10214 10134 June'26 _ _ _
10612
__
10588 Apr'26
10614 1-66-1
__
4 10614 June'26
11
10614 10634 10614 10614
lj
10618 106% 10618 106/
1
41
99 I 10
99
98%
- 9838 June'26 __ __I
99 1
3
98% -- 99
9714 Mar'26 _
9734
9914
9714 Apr'26
9814
99 Mar'26
10512
10512 10512
1
10512
__
10518 June'26
1
89121
89%
8912
89%
8834 Mar'26
_
Apr'26
8914
89
10188 Jan'26
102 May'26
10118 Mar'25
__
102 Apr'26
10178 Mar'26
11014 May'26 - 7612 Feb'25
Foreign Govt. & Municipal's
Argentine (Nat Govt of) 78_1927 F A S 100/
1
4 Sale 10034
f 6a of June 1925
1959 1 D 9915 Sale 99
Ertl If (is of Oct 1925
1959 A 0 9914 Bale 0018
Sinking fund 68 See A_
1957 M S 9934 Sale 9934
External 6s Series B_ _Dec 1958 I D 9918 Sale 99
EMI s f 68 of May 26 rcts_1960 N N 9914 Sale 99
Argentine Treasury 68
_1945•
8912 Sale 8918
Australia 30-yr Se.,,. July 15 1951 I J 9814 Sale 9818
Austrian (Govt) a I 7e
1943 / D 10218 Sale 10114
Range
Since
Jan. 1
Lots
9911n 00"44
1001124 101
1001514 0115t2
1011931 Orn
106122 083.38
1023,12, 04",8
100122, 021n
100 101
10011 10214
13
1
100
003
14
2 1002
10512 10558
10478 10638
10488 10634
10418 1062
9784 99
9734 9834
9778 99
9714 9714
9714 9714
98
99
10415 106
10414 10588
8734 8912
8814 8834
88/
1
4 89
/
4
10188 1011
10134 102
161- 1-10i14
10178 10178
11014 11012
10118 80
9934 82
9934 158
10014 86
9934 73
99% 189
8912 57
9834 274
10212 46
10013 10218
96
9978
95/
1
4 100
9614 10014
95/
1
4 9984
9988
N
85
8934
96% 9914
100 103
108
10888 109
18
106
107
8914
9112 99
85
137
83
251
94
9188
11314
11314 116
10118 July'26 _ _ _ _
82
9288 87
103
10334 57
10134 51
10114
156
8338
85
236
104
105
941
/
4
95
62
107
107
1
9812 41
98
9934 10018 20
105 11114
10584 10888
88
95
808 8778
9188 9734
113 115
Canada (Dominion of) 56_1931 •0
10-year 5/
1
46
1929 FA
55
1952 MN
4).4s
1936 FA
Carlsbad (City) 5 1 85
1954 1
Chile (Republic) eat! s I 8a_ _1941 FA
External 5-year a f £/
1
4.._ _1926 AO
20-year eat] 75
1942 MN
25-year e f 8s
1946 MN
Chile Mtge Bk 61411 June 30'1957 3D
Chinese (Hukuang Ry) 58_1951 3D
Christiania(Oslo) 30-yr s f 6s1954 Id S
Colombia(Republic)6
_ _1927 40
Copenhagen 25-year if 5/
1
48_1944 J J
Cordoba (Proy) Argen 7e
J
1942
Cuba 58 of 1904
1944 M
External be of 1914 Ser A_1949 FA
External loan 414s
1949 FA
Slaking fund 694s
1953 J J
Czechoslovak (Repub of) 813_1951 AO
Sink fund Sa SerB
1952 40
Ertl a 7148 Ser A
1941 40
20
10134 Sale 10112 102
10212 66
102% Sale 10218
104% Sale 10412 10472 96
9838 220
98 Sale 98
10418 18
9834 100 10314
10812 10834 10818 10834 23
10114
10114 Bale 10114
10134 57
10112 Sale 10118
10734 Sale 10734 10834 12
9734 167
9714 Sale 9634
4134 36
4014
4014 41
4
10012 10078 100% 10134
10038 10
9112 92 10014
100
6
10014 10034 9014
73
99
99 Sale 99
10012 10112 02 July'26
9
10114
101 10112 0114
1
9112
9112 Sale 9112
102 Sale 0134 10288 67
75
10214 Sale 0214
103
10214 Sale 0134 10212 29
9812 Sale 99%
99% 50
Danish Con Munklp(
/
1
4 A_1946 F A
Series 13 a f 8a
1948 F A
Denmark 20-year 65
1942 J J
Dominican Rep Con Adm if 58'58 F A
Custom Administr 5/
1
4e
1942 M S
Dresden (City) extl 75
1945 MN
Dutch East Indies extl 6a
.1
1947
40-year 65
1962 M El
80-year extl 5/
1
4e
1953 M 8
30-year ext1 51
/
45
1953 M N
El Salvador (Rev) its
1948 J J
Finland (Rep) ext1 618
1946 MS
External S f 78
1950 MS
Finnish Mon Ln 654s A....,.1954 A 0,
External 61
/
4a Series B_ _1954 A 0
French Repub 25-yr extl 88_1945 M S
20-yr external loan 7/
1
40_1941 J D;
External 7s of 1924
1949 J Di
111 11112 11
11114 Sale 1034
10414 Sale 04
10288 - - -- 0214
9714 Sale 9714
9)12 Sale 9612
10534 Sale 10534
10534 Sale 10534
10312 Sale 10312
10312 104 10334
107 Sale 10612
89 Sale 88/
1
4
99 Sale 98%
9112 Sale 9112
9118 9134 9138
101 Sale 100
9412 Sale 9212
8912 Sale 8678
111 ' 1
11114 30
10412 43
1
10235
9818 49
9718 19
111
106
98
106
50
104
10378 39
10814 18
89
36
43
99
9134 32
9134 10
10212 803
9512 359
840
91
108% 11214
10812 112
102 104/
1
4
10112 103
9378 9938
9214 9718
10334 10612
10334 10612
101% 10412
102 10418
103 10814
8434 90
95 99
8914 921t
8914 9212
9812 10334
9212 9934
86% 911
/
4
German Republic extl 75
1949 A 0
German Cent Agrio Bk 75. 1950 M S
Graz (Municipality) 8s
1954 Id NI
1
45_1937 F A
at Brit & Irel(UK of) 5/
10-year conv 514a
1929 F A
Greater Prague (City) 7945_1952 M
Greek Govt 75
1964 M N
1952 AO
Haiti (Republic) a f Os
Heidelberg(Germany)ext 7)58'50 J
Hungarian Muni° Loan 7145 1941 J .1
/
45_1944 F A
Hungary (Kingd of) if 71
Ind Bank of Japan 6% notee1927 F A
1951 J D
Italy (Kingd of) exti 7a
10434 Sale 10434
9988 Sale 9914
98
9812 98
10434 Sale 10434
11818 Sale 11838
10034 Sale 100
8812 Sale
8814
98
99
98
100 Sale 100
9578 Sale 94%
100 100 100
99/
1
4 Sale 99/
1
4
89 Sale 88%
10518
100
98%
10518
11834
10034
88%
9834
10134
97
19011
100
90
280
111
10
166
45
18
18
17
12
575
107
92
531
101h 10518
94 10014
961g 9888
10312 10613
11712 119
927 1017
84
8914
95/
1
4 98/
1
4
9614 10034
8434 97
9312 102
9934 10078
8818 94/
1
4
8912
90
97
97%
92
9214
9512
9612
83%
85
83%
85
30 Mar'26
3412
3512
143
999
107
132
116
94
__ _
14
25=-L.
Vile July. k Due Aug.
3412 37
p Due Nov
*Option sale
Mexico(US)ext15a 011899 E_'45 Q
Assenting 56 01 1899
1945
Assenting 58 15/98
Assenting 58 small
Gold deb 48 of 1904
1954 ID
Assenting 48 01 1904
Assenting 48 01 1904 small___.
Assenting 48 of 1910
33
Assenting 4s of 1910 large
Assenting 4s of 1910 small_
Tress 65 of '31 assent (large)33 33
Small
Montevideo 75
1952 3D
Netherlands 68 (fiat prices)_ _1972 M
30-year external 68(060-1954 A0
Norway 20-year extl 6s
1943 FA
20-year external 68
1944 FA
30-year external 6s
1952 AO
40-year 5 f 51
/
48 temp
1965
D
Oslo (City) 30-year a f 68_ _1955 MN
4,1
Bid
Ask Low
High To.
51
70
55 June'26
4312 Sale 4114
4412 116
_
_ 475 July'26
37% May'25
24
34 July'26
45
30 July'26 =2:
_
2314 Aug'25
28
2914 2588 Oct'25
27%
37
29
2634 Sale 2618
2678 76
4312 457g 4234
431g 11
4214
4314 35
101 10112 10112 102
20
10812 Sale 10812 10834 32
103/
1
4 Sale 10378 104
51
10178 Sale 10114 1017s 81
10078 Sale 10078 10134 28
10112 106
10114 Sale 101
9712 Sale 9712
9734 110
10014 Sale 100
10034 351
Rang.
Since
Jan. 1
Mob
Low
42/
1
4 55
3412 504
38 4834
278434
204 374
23¼ 347
311
/
4
22
4188 5214
40 5311
96 10218
1
4
106% 199/
1
4
10314 104/
9934 10214
100 102%
100 102/
1
4
os
9814
ssiz 10114
103 104 10234
10112 Sale 1002
102 Sale 10134
10512 10518 10535
Sao Paulo (City) sf88
1952 M N
San Paulo (State) ext s 1 8a_ _1936 J .1
External a f £/
1
4 Int recta_1950 J J
External water loan 7s
1956 M S
Seine (France) mai 75
1942 .1 .1
Serbs. Croats & Slovenes 88.1962 M N
Soissons (City) MI 65
1936 M N
Sweden 20-year 68
1939
D
External loan 514s
1954 M N
Swiss Confed'n 20-yr •I 88.-1940
Switzerland Govt ext 510_1946 A 0
Tokyo City 5s loan of 1912 1952 M S
Trondblem (City) °all 6155_1944 3 J
Upper Austria (Prov) 75_1945 D
Uruguay (Republic) ext 88_ _1948 F A
Eternal s f 6s int rein..__l960 M N
10434 ____ 104
10514 Sale 10414
10514 Sale 105
97 Sale 9612
8512 Sale 8512
93 Sale 9212
81 Sale 81
10558 Sale 10412
10334 Sale 10338
114 11412 114
1031 104 10338
7334 74 ; 7334
10114 Sale 101
91 Sale • 91
109 Sale 10834
9688 Sale 9612
7
105%
10514 24
10512 27
97
23
8734 132
78
93
8312 36
105% 21
10418 31
11434 39
10434 52
74
57
10114
6
9114
10934 12
97
180
Cony gold 4s 1909
1955 M N
Cony 48 1905
1955 J D
Cony g 48 Issue of 1910...1960 J D
East Okla Div 1st a 48_ _1928 M S
Rocky Mtn Div 1st 4a_ ._ _1965 J J
Trans-Con Short L let 45.1958.3 J
Cal-Aria let & ref 41
/
45 A.1962 M S
10114 10318 All Knox,& Nor 1st g 5a. _ _1946 J
10112 10338 40 dr Char! L let A 41
/
48_ _1944 J J
IN% 105%
1st 30-year 5.Series B.._ .1944 J J
Atlantic city 1st cons 48. ...195l J J
ite
99
40114 10418 All Coast Line lit cons 48. _81952 M S
10-year secured is
10714 109/
1
4
10014 102/
General unified 4118
1
4
9
196
39
4 .1
MD
N
WO 10212
L. & N roll gold 4e_ _Oct 1952 MN
107 10912 AtI & Danv let g 4a
19483 J
2(145
1948 J J
9434 9812
1949 A 0.
3012
.Ati Yad let g guar 48
99 10222 Auattn & N W lat au g 5a_ _ _1941 J J
9984 10038
I
Salt & Ohio 1st g 4a. _._July 1948 A 0
9814 101
Regt•tered
July 1948 Q J
9534 99
10-year cony 41
98 102
/
4s
1933 M 5
98 10114
Registered
10 S
88/
1
4 9312
Refund & gen 55 Series A_1995 J 0
100/
1
4 1.03
1948 A 0,
1st g 55
1929.3 Jj
99/
1
4 103
10-year 135
99/
1
4 102%
1955.3 D,
Ref &gen 85 See C
J.
41 JM N
9578 100
930
P L E & W Va Sys ref 4519
90%
97/
1
4
9214
96%
87
87
31
40
Week's
Range or
Last Sale
a 10012 103
102
61 10112 105
1037g
100
30; 97 100
6834
10,• 81
67
87
1471 8214 91
982
8
1037
8
10314
8.
11414
9, 110% 11414
105% 121 10418 108
10412 3641 9512 10512
96
97
97
29
ggg8 104
104
27
974 104
10212 14
97 10234
10212 36
105% 29 103 107
81% 87
10012 105
89% 9612
10388 10784
92/
1
4 98%
9714 101 14
83%
9238
85
95
81%
81%
80
2834
Price
Friday.
July 23.
Panama (Rev) extl 5148_1953 J D
Peru (Rep of) external 88-1944 A 0
Egli sink fd 7/
1
48 temp__ _1940 M N
Poland (Rep of) gold 6s__1940 A 0
Extl sink Id g 8e
1950.3 .7
Porto Alegre (City of) 8e._1961 J D
Queensland (State) ext Is 175.1941 A 0
25-year external /
1
4
1
1947 F A
Rhelnelbe Union 7s with war 1946 .1 .1
Without atk purch war'ts_1946 11
Rlo Grande do Sul extl 5 f 88-1946 A 0
Rio de Janeiro 25-yr e I 88_1946 A 0
25-yr esti Se
1947 A 0
Rotterdam (City) exti 68_1964 M N
Railroad
1
Ala Gt Sou let cons A 5a
1943
D
Ala Mid lit guar gold 5a___ _1928 M N
Alb & Susq cony 314e
1946 A 0
Alleg & West 1st g 4s en...1995 A 0
1942 144
Alleg Val gen guar g 4s
Ann Arbor 1st g 45
July 1995 Q J
Atch Top & S Fe-Gene 48_1995 A 0
Registered
A 0
Adjustment gold 48_July 1995 Nov
8
95
9% 199213748
Stamped
0334
96
963
4 102
July 1995 M N
10614 Sale
10612 Sale
8912 Sale
8414 Sale
92 2 Sale
11314 Sale
10112 102
9114 Sale
103 Sale
10114 Sale
8334 Sale
10412 Sale
9434 Sale
10612 10714
98 I Bale
100 Sale
90 Sale
9712 Sale
9214 Sale
9558 Sale
8358 Sale
8332 Sale
▪
r
,11, a;
High
991583 011322
/
42
9911145 0111
1011022 021343
1014t2 021531
Belgium 25-yr eat if 7/
1
45 6_1945 1
20-years 1 86
1941 FA
25-year ext 61
/
4a
1948 MS
Extl s f 6a
1955 .33
Extl 30-yr a 1 7a.._ .....J.955 3D
Bergen (Norway)if Si
1941 MN
25-year sinking fund 68_1949 A0
Berlin (Germany) 61
/
48
1950 AO
Bogota (City) ext'l 5 1 8a
1945 AO
Bolivia (Republic of) 88_ _ _1947 MN
Bordeaux (City of) 15-yr 6E1_1934 MN
Brazil U El, external 8a
1941 J D
75 (Central Ry)
1952 3D
7145(coffee Recur) (1%0_1952 40
Bremen (State of) eat! 78. _1935 Id N
Buenos Aires(City) extl 61
/
481955
.1
1931 .3.7
Japanese Govt £ loan 4e
1954 FA
30-year f 614a
Oriental Development 68.1953 M S,
Leipzig (GermanY) s I 78-......1947 F A'
Lyons (City or) 16-year 66_1934 MN
Marseilles(City of) 15-yr 68_1934 MN
1
45
1943 MN
Mexican Irrigation 4/
1
45
1943 _
Assenting if 4/
BONDS
N. Y STOCK EXCHANGE
Week ended July 23.
vIv
18115t
9sref 4a A _1959 J 3
:
T
S9 111r..rin
Battle Cr & Slur lit gu 39_ _1989 J 0
Beech Creek let gu g 45„....1936 .1 1
J D
Registered
1
4a..__1951 A 0
Beech Cr Eat Isle 3/
Blg Sandy lit 4a
1944 J D
Bost & N Y Alr Line let 49_1955 F A
Brune & W let gU gold 45___19381.11 J
Buffalo R & P gen gold 58_19371 M S
Congo] 43.4s
1957 M N
Registered
1934: A 0
Burl C R & Nor let 58
Canada Sou cons gu A 55_19621 A 0
Canadian Nat 41
/
4e_SePt 15 1954 M S
5-year gold 41
/
46_Feb 15 1930 F A
Canadian North deb a f 78._1940,4 D
20
/
45
1946IJ 3
-years f deb 61
10-yr gold 414e_ __ _Feb 15 19351F A
Canadian Pie Ry 4% deb stock _13 J
Carb & Shaw lit gold 413...._1932 M S
Caro Cent let con g 46
19383 D
Caro Clinch & 0 let 3-yr 1.1_1938 J D
/
1
4 Ser A
let & con g(
'952 3 0
Cart & Ad let gu g 4s
19813 D
Cent Branch U P let g 45
1948 J D
Central of Ga 1st gold 56_0945 F A
Consol gold 58
1945 M N
Registered
MN
10-year wear 68____June 19293 D
Ref & gen 5/
1
48 Fur B
1959A 0
Chatt Div pur money g 48.1951 J D
Mac & Nor Div 1st g 5a...1946 J J
Mobile Division 58
1946.3 J
Cent New Eng 1st gu 45._ _1961 .1 J
Central Ohio Reorg 4/
1
45_1930 M S
Cent RR da Hot Ga coil g 55-1937 61 N
Central of N .1 gen gold be 1987 J J
Registered
1987 Q J
Cent Pie let ref gu g 45_ _1949 F A
Mtge guar gold 3346
31929 3 D
Through St L let gu 4e...1954 A 0
Guaranteed g 5e
1960 F A
102 Sale
10312 Sale
9913 Sale
67 Sale
8534 Sale
10212 10314
____ Sale
.....
114
105/
1
4 Sale
10334 Sale
102
103
9914
6634
8534
10914
19
17
334
10538
10314
1
10318 ___ 10318 May'26
_
1005 102 10038 July'26
8512 8714 8512 June'26
86 Sale 86
86
1
9312 Sale i 9312
9388
3
81
_81
81
2
9212 Sale
-- I 9214
92% 127
_
911
91141
5
-.
8738 Sale 8714
8788: 28
871
87
88
8741
1
83
85
__
8314 Jan'26
893
___ 8912 July'26
89344 901g 8978 Juy1'26
8734 - 8734 June'26 _
99 Sale 99
991
8835 89
8858 July'26
8934 Bale 8984
907
11
95
97
95
95
1
10314
103/
1
4 Apr'26 _
9718 17-78 9812 July'26
102h 10314 10234 July'26 __
86 Sale 8512 July'25 ii
9288 Bale 925s
93/
1
4 31
10534 Sale 10534 10534 17
9734 ____ 9734
9734 26
9112 Sale 9112
9212 27
80 Sale 80
8034 12
747 75
7514
76 1
8
813 8212 8212 July'26
102 Sale 102
102 I
907 _-__ 905
9138 31
9014
9012 June'26 _
9612 Sale 9638
9688 Hi
___ ____ 8834 Apr'26 _
9734 Sale 9758
9812 Hi
10212 Sale 10214
102/
1
4 166
102/
1
4 Sale 102/
1
4 103
45
10634 Sale 10634 10712 72
10900%
e12 999134
14
.3
9_
15
__
4
Sale
114
10
90
80 Sale 80
8034 47
6238 ___ 7214 Feb'26
9512 9612 9512 July'26 ____
9034 Nov'25 __
81
8134 82 May'26 -_-•
8978 9018 91% .July'26 _ _ -1
78
7878 79
79 I
i
9312 95% 9312 Jan'261____•
10212 ____ 102/
1
4 July'26 __
9034 Sale 9034
9114 ii
871 8934 8714 Feb'N
1002 _ _ 1011
/
4 June'26
1
,
1041
10412 10412
3
9434 Sale 9434 95 1 7
9914 9912 19
13
932
14
19
191
312
21 13
1
11538 11584
11734 Sale 1173
1177 1 10
978 Sale 97%
98% 23
8378 Sale
9414 Sale 8
94
3
'
14
2
94
4141. 29
5
8312 8514 8314
8314 114
10188 103 10234 July'26'_ _ _
10814 Sale 108
108141
6
90
8814 May'26 _
8334 .--- 84 May'26
10524 ---- 10518 June'26 _ _
101 102 10212 103 1 12
10112 104 102
112
% Feb'26
1O272
15
102/
1
4 Sale
1041 10434 104
10414, 21
87% 8812 88 May'
10314
10314
1
10134 ____ 10134 Mar'26
74 Sale 74
75 , 20 I
99 ._ _ 9988 May'26 __ I
9934 10114 10134 June'26 __ _ _ 1
11012 Sale 11012 112 1 28 I
1091g Sale 10918
10918
1
91 Sale 9058
9114 36
9714
97
974
5;
____ 8934 8914 July'26
9978 Sale 9934 10012 291
100% 105%
10214 100%
10112 106
9612 9713
9014
84
8715 94
81
85
10312 10534
10118 1051g
11314 11714
10254 106
67 7334
99/
1
4 10114
90 94
107% 111
96% 97
101/
1
4 103%
10038 102
84% 8684
8234 86
92/
1
4 96
757s 8213
89/
1
4 93%
8814 91%
8434 8884
89/
1
4 89
8314 83%
84/
1
4 8934
89% 89/
1
4
83% 8734
9884 100
8612 89%
E6
92
94/
1
4 9915
1
4
10312 103/
9634 9812
102% 10434
;
-1 178
10518 107
93% 98/
1
4
91
9484
76 8215
es
79
7614 83
100% 102
89% 92%
88/
1
4 90%
94 9834
8884 8884
93% 9834
10214 100
102% 103%
104 109
8933 92/
1
4
98 102
7418 8134
81
8214
IN
957s
11
7
'
4 ff
.
89/
1
4 008
7314 79Is
9814 9313
10178 10238
87/
1
4 92
8714 8714
10014 10133
10271 105/
1
4
9314 95%
95% 9915
11434 11714
117 11834
3618 9814
8015 86%
94
9414
8112 83h
10111 103/
1
4
107% 10912
811
/
4 8814
70% 84
103% 105/
1
4
102% 104%
101% 10135
102% 1057s
10178 106%
86% 8814
100 10314
10138 101%
es
7313
9884 99%
98/
1
4 10134
10958 113
10338 11114
9978 9134
9684 C115
87
80
67% 102
439
New York Bond Record-Continued-Page 2
BONDS
N.Y.STOCK EXCHANGE
Week ended July 23.
r.
Price
Friday. I
July 23.
Wises
Range or
Lag Sale
4
.
g
0158
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week ended July 23.
1!!
Price
I
y
2i
F i14
ul1;
.1
I
Week's
9a 31,:e
:
R
E3
4
ROME
1 ed
Since
Jan. I
a,
High
Ask Low
Mak No. Lots
!Bid
Hugs
Ask Low
High N o. Low
Bid
1
4 983s
1
97/
8 une
_nay & Mich let cons 4 He___19311.1 J lU's ____
_ _ 11212 Feb'25
Charleston & Savannah 79._1936,J .1
9038 86
924 23
let & ref M___1943 M N 9112 9238 9112
Hudson
1661&
Del
4
1614
101
4
1003
•
101
117382
4
be_1929'J
1003
J
impt
&
fund
Ohio
Chas de
113 1 116 10818 11614
1935 A0 11118 112 11214
80-year cony be
1939 M N 10412 Sale ;10438 10412 15 10238 1.0553
let coneol gold be
15-year 546
6 1027a 1054
1937 MN 103 Sale 103
105
4
/
2 un;', 1 _55 102 1031
sale 9618
1939 MN
red
1930 3D 107 10712 10714
10712 20 107 110
7e
secured
-year
10
97
92
89518
M
1992
RegIsteGeneral gold 43.45
9414 95
FA
95
_
_
_
____,
1936
Apr'26
9514
_
g
48
gu
1st
Bdge
&
RR
0
_
1992 M S --------9018 July'25
Registered
8538 91
127
90
1930 F A
9834 Sale 9834
Ii775 IA; Den & Ft 0-let COOS g es 1936 J J 90 Sale 1 8914
99 I 79
20-year cony 43.4s
95
89
12
33
944'
9414
1936
4
43.419
943
gold
Como!
944
15014
50
I
142
137
Sale
124
30-year cony secuz A 58.1946 A 0 137
9512
100
9914
D
3
1928
5e
gold
9938
4
/
991
Improvement
99%
38
812
83
8% 14
89
A 0 --------129 Apr'26
12
Registered
7014
62
6914' 367
214 Den & KG West gen 513_ Aug 1955 MN 6838 Sale 6838
88
018 10
03
1949.1 1 10018 ____ 10018
10018
1 18
Craig Valley let g be
474
44
44 July'26 ____
49
Dee M & Ft D ist gu es__ _1935 .1 .1 43
Potts Creek Branch 1st 43_1946 .1 J 87 ____ 87 June'26 __ __
47
39
1
40
40
Sale
40
Temporary ette of deposit.....
1
88 i
lt de A Div 1st con g 4s .1989 J .7 8714 ____ 88
9312 Feb'25
4 ____ 8634
1
1989 J .1 85/
8634
8278 804 Dee Plaines Val let 43.4s_ ...,l947 -14 9378 95
1
2d consul gold es
16 12-7434 71 June'26
Der & Mack-1st lien g es._1995 3D 71
9834 102
"arm springs sr let g 513_1941 m S 9912 ____ 102 June'26
65
65
69 65 May'26
1995 3D 65
Gold es
6912 ---i
7112
65
Chic & Alton RR ref g 3s_ _1949 A 0 6912 Sale 6912
94% 9812
96
2
MN
96
963
1961
96
3
He
4
Tunnel
River
4
8
Detroit
0
65
7
.
_
__
4
693
11%
lot
69
69
564
6
69
Ctt dep etixl Apr 1926
2
10312
1034
Apr'26
.
1031
JJ
_
6e._1941
10414
gen
GuI Mleaabe & Nor
Raikvay first lien 33.4s__ .1950 .1 .1 5734 Sale 56
49
58
1 1014 10312
102141
4 10212 10214
/
Dal & Iron Range let 58 _ _1937 A0 1011
56
5614 56
Ctrs dep Jan '23 de sub-coup_ ___
22
56
9012
85
8
8812
8812
89
84
Dul Sou Shore & Atl g Se...1937 J
8638
868
8334 87
Chia Burl & Q-Ill Div 3y4s_1949 J J 8512 86
I
.1 J __._ 9218 8412 Feb'26
Registered
9112
91
1
9112 June'26.
A 0 9034 93
es_'48
let
Div
Nor
Minn
Ry
Eaet
.1
-4
Sale
1940J
923
4
/
921
9218
4e
Division
10038 10134
Illinois
J 100 Sale 10134 July'26 ---1930
64
96
9
.
s:
3814
415
44,
980
5
10
100 July'26
422 gar T Va & Ga Div g be
114
_ :
Nebraska Extension 4e,. 1027.M N 997
10634
1004
10618
15
N 10518 Sale 10518
1956
Cons let gold 58
9912 Mar'25 --M N
Registered
N 10114 10334 10412 June'26 ---- 10118 1047s
Elgin Joliet & East la. g be 1941
1958 M S 911
92% -§5
4 9238 9134
/
General es
10258 19412
10414 July'26
19115 A 0 10414
Pam)& S W 1st be
9238 Mar'26 _
M S
Registered
2 10718 10812
let consul gold 75 ext 1930 hi S 10713 Sale 10712 10712
4 Sale 10514
1
1971 F A 105/
106
19
02
58 10962'4 Itre
14
let & ref 58
7412 80%
91
8,
ley
797
8
793
Sale
1996
ems
J
g
41
7938
4sprlor
5
6
5
7
314
47
7
Chia City & COOD Rye 5e-.1.9271 A 0 --------47 July'26
J 775 ____ 7112 Dec'25
1997
Registered
_ _1934 A 0 10438 10714 10713 June'26 ---- 10614 1074
Chicago & East III le
723
64
7214 180
7112
Sale
72
1996
es
g
lien
gen
comal
let
763
Sale
4
763
N
M
"i88
1951
785
5e
66gen
co)
(new
C &E Ill Ry
6814
65
6814 Feb'26 -- -1996
• Registered
00
48
1
6/
02 17
4 10514 19 16
/
1982 M N 10518 Sale 1051
Chic de Erie let gold be
9812
96%
A 97/
4 9812 98 July'26 ---1
1951
Penn col; trust geld 4s
Chicago Great West let 4e 1959 M S 6838 Sale 6812
5914 229
6714 77
76 I 127
4 Sale 7412
1
0 75/
It year cony 45 Ser A__ _1053
1
674 77
7614, 161
1953 A 0 75/
4 Sale 7413
1
5' 17
do Swim B
1318
113181
78 150
1:58
Chic Ind & Loulsv-Ref 68_1947 J J 11314 ____ 11318
7318 85
89
833
Geo cony 411 Series D _1953 A 01 8218 Sale 821
1947 J J 10234 _
10212 Jul.'26
101 103%
Refunding gold be
11011
104
12
110
110381
110
1956
6e
f
e
let
&Jersey
Erie
80
19471J J 9014
Jan'26 :
Refunding es Series C
110121 13 10414 11012
11014 Sale 11014
Genesee River let e f 55_1957
1966 M N 9812 Sale 9812
4 - ii
1
98/
General be A
92
86
____
884
J
1990
June'26
89
B
33es
g
gu
Pitts
4
&
Erie
3
:
9
62
8
Sale
108
J
1063
9
0
1966J
155
May
4
9
1
108
4
1
2
53
3
9
0
158
General 6e B
891199
8912 Mar'26
1940
J 8812
Series C 3348
_
Ohio Ind et Sou 50-year ee__1956..1 J 8912 ____ 8312 July'26
815
8112
8414 154
1954 51 N 8212 Sale 8112
Est RR exti s f 7s
4
1
_ 96 June'26 --:
Me LB & East let 4349---1969J I) 95/
5114
C hi et Puget Sd let 811 48..1049 J J 5034 1112 5218 July'26 --: 47
lu0
98
__
3.3
.
'
58..1930
Apr'26
993
10012
5034 52
5214 July'26 --_ - c
I
4 Fla Cent & Penn let ext g
/
4 531
1
45/
Certifi ates of deposit
tle1., 192
101 July'26 ____
1943 3.1 101
Consul gold 58
7
8412 - 86
8:
5032
813
Ch M & St P gen g 4a Ser A.e19894 .1 8312 Sale ; 8313
95% 9812
Florida East Coast let 430.1959 3D 9733 9812 984 July'26 137
__I 7414 July'26 __ 1
Generai gold 3He Sew B__e1989 J .1
4
1
100/
97
1974 MS 9818 Sale 9818
9958 32
let & ref be Series A
9214.- 8
914 924
7414--4
Gen 43.48 Series C-May 1989.1 .1 i 9218
5838 6472
1
62 I
Fonda Johns & Cloy 434e.._1952 M N 61% Sale 6114
9114 Apr'26 _ _ __
Registered
3.1
_
Dec'25
94
9014
9612
53
1:: Fort St U D Co let g 43511-1941 JO
54974
1 54
;
1:
7
8
9713
4
Gen & ret Series A 4He_ ..a2014 A 0 5338 54
54 1 68
107 June'26
- 1-61- 107
1961
10678
Ft W& Den C let g 5148
Certificates of depoolt..,,_., ..._ ,1 5314 Sale 5218
98
98,4 9718 June'26 -- 107
-A1 5238 Sale 5212
53 1 e5
4.% Ft Worth de Rio Or 1st g es 1928 JAO 97
,
4712 5
Gen ref cony Ser B 59___02014 F
108%
10812
July'26 ---108 109
5,3 Frem Elk & Mo Val 1st 6s_ _ _1933
47
4 Sale 52
/
521
52% 75
Certificates of deposit ______ ____
1
4
/
1021
J
Sale
102
J
1935
,
21
'58:
3
52
0
15
,
106
102
4
1
/
let leo(
7
3
24
:2
97% 1014
_
1931 M N 10014 10212 98 June'26
5212
tM :091 be
te
exH
HdecS
2
1932 J D
3
'
53
47
Debenture eles
6333' 81
2 1004 101
100341
1931 J J 10012 10034 1004
Si guar
5212 Sale 1 52
Certiftcatee of deposit..____ ___
4
/
4634 531
53 1 116
934 99
0
1
A
97341
4
973
1933
4
973
Sale
ba
let
531
5212
Rend
Sale
&
4
1
/
52
Hous
Only
D
J
1925
Debenture 48
4 11
96 100
9838 100 100 July'26'...,_.
5214 52% 52
.___ _ __
Certificates of deposit..
4 Ga & Ala By let cons be__ o1945 J J
/
8 55341
57%
46
4
6 100 1004
100
100141
100
go
56-1929
g
3
let
Nor
&
Caro
Ga
1934.1 J 53 Sale
35-year deben tire ea
4
,
_1
63
4712
53%1 46
7212
63
0
A
2
1946
7212
4
/
711
Sale
71%
5212
3e
52
let
Midland
Georgia
Sale
aa'2
47
Cer1ificates of doge-wit___
52%,
4
/
95% 971
977 June'26'
993 June'261 43
98
4 _
/
i228 i i 991
Gr R.& I est let gu g 43.4!_.194l .1 J 94
Chlo & Mo Riv Div be
1144 1164
0
A
115
9
115
997
Sale
115181
76_1940
deb
Can
of
8
Trunk
997
100
Grand
FA
July'26
l
a
Extee-__1886-1926
e&N'weet
ib
RS
2
1967
107
32
107141
10713
8
1077
9934 July'26'
15-year s f 65
1886-1926 F A 9978 100
Registered
.1 11234 Sale 1124
J S
113 I 218 10914 1144
36"
93
19
7638 7714 7658
n 75 Series A- _1
geod
Nolorter
1987 M N
7714 --3
General gold 39419
38 1181 97998999'71 Great e.
41:8
990
_ J J
_ 11314 Apr'26 _- 1124 11318
7212 July'25 _
Q F
Registered
9112 9735
943 243
1961 J J 91% Sale 9112
8678
8612
let & ref 4Hs Series A
87
1987 NI N 86
General es
20
10612' 31' 1024 108 2
1952 1 J 10514 Sale 10514
8614 May'26
General 534e Series B
Q F
Registered
1021
0714
J
J
1973
26
10012'
99%
99%
Sale
56
General Series C
8714 891
4 June'26
/
1987 MN 86
Stamped es
2 9234 9238
19763 J 9238 Sale 9214
923-4 I
General Hs series D
1987 M N 10518 10512 103
35314 109889689
88"56
General 5e stamped
10534 37 1-0
3'1
'
81
78
4
Feb
81
78
81
85
A____
MD
0
1033
____
05
03
1.
1
1
3
3
3
deb
1037
4
2
7
WPM
.
&
Bay
8
Green
0
A
1879-1929
July'26
Sinking fund 68
134 204
Feb
5
19
19 Sale 19
10334 June'26
Debentures etre B
A 0
Reglirtered
883s 91%
9114 July'26 -M N
8
905
1940
0081
go
10114
es
Greenbrier
1st
Ry
1100333,88
1879-19291 A 0 i0138 __
Sinking fund 5e
10112
4
0 105 10512 105
6 1101 106
10512
__ 10038 May'26
1879-1929A 0
Registered
10012 1011% Gulf Mob & Nor let 545_1950 A
031,1073a
10738 20
10112 10278 10038 June'26
Gulf & 13 I let ref t g be--01952 .1 .1 10512 10714 107
1933 M N 10012Sinking fund deb be
10012
10114
____
10114
MN
May'26
Registered
9138 9078
J
J
95%
9
Sale
95%1
4
953
4)0_1999
1 1180
1158
42
137
9
0
1i Hocking Val let cone g
:
:
8
0:5
:
1930 J D 10718 Sale 10718
10738 422 18
10-year secured 79 g
90 90
90 May'26 -1:14 18
Registered
813
14
1936 M 8 11112 1124 11178 11178 14
15-year secured 034e g
0 18
3
N
99%
054
4
1
;
9
37
991
9814
4
/
981
1
9
98141
9
1
.103
103
4
1023
5e
g
cons
Ry
Housatonic
103
May 2037 J D
1st & ref g be
102 1021 10234 June'26 -- 100 102%
H & T C 1st g int guar
8634
Chic R I & P-Railway gen 4311988 J J 8634 Sale 8634
101% 10134
101% ---- 10134 Mar'26
8512 June'26
Waco & N W let 65
IJ J
Registered
9618 100
3
J .1
99 I5
99
7j
937
193
9
%
912
Houston Belt & Term let 53_1
1934 A 0 8958 Sale 80
Refunding gold 45
9
874'
262
101 10112
10112 June'26
N 10018
9333°
IA 0
June'264
Registered
8814 9012 Houston E & W Tex let 5a-119
10112 Mar'26 _- 190 10112
10112
1st guar be red
9218 98
A
96
F N
96
95% Sale 951
4
/
7"
953
Il A 193
5
8712
Hud & Manhat 5s &ea
9:13 SL&NOMem Div es __19511J D 8718 8858 8712
8654 90
97
97
F A
Apr'26
97
,12
.06
1.02
Registered
C St L& P let C0139 18 5a____1932 A 0 101 10212 10114 July'26 __ 1 101124 1
4
1
754 82/
43
0
g
817
81
A
Sale
8114
5e_-__1957
Sale
8
income
1033
8
Adjustment
D
1033
J
10312
-1027
Chic St P M & 0 eons 6a1930
i
__ I 95 June'26
95 "
_
Cons 69 reduced to 334e-1930 .1 D 9412
11
4
1
/
93
9114
.63
9114
8
955
4
933
4s_1951
°VI
gold
4
983
Central
S
993
Illinois
M
let
9912
4
_
1930
July'26
Debenture be
99
93
9118
J
93 Mar'26
1951
100 May'26
9114
4 100
84
98
9
Registered
9834 _
1
Stamped
834
8712 87 July'26
195] 1 3 87
lit gold 33.48
99.
77
Chic T H & So East let 5s1960 J D 8612 8638
11
J
Jan'25
8312
82%
8,4
76%
4
793
4
3
7
7
E1
7
M
Sale7
1960
7
Registered
9
Dee 1
1158) 44
Ino gu be
8354
8713'e
Extended let gold 3He___1951 *0 8514 863 8334 Mar'26
97
944 9734
Chic Un Sta'n let go 43.48 A_I963,J J 9612 Sale I 9612
30
71
71
71
Feb'26
_.19521951 MS 6612
5,84
157
let gold 3e sterling
01527188 10
1983 J J 10438 10514 10413 1054
5
let 58 Series B
92
8818
9184
10012
*0
4
/
911
July'26
9114
1103
4I
D
Sale 10012 10134
1944 J
Collateral trust gold
Guaranteed g be
*0 8834
8034 Nov'25
Registered
19634 J 11712 Sale 11713 11814
lit 63.4e Series C
N
90s -1;:33,-i
9114
9134 31
I1034 10612
refunding ee
10612 Mar'26
Chic & West Ind gen a 8e__p1932 Q M 10514
4
/
81% 951
1
92
8
-8
4 2 82% July'26
6111-1
1952 I
8714
1952.1 J 85 Sale 85
Purchased lines 334e
8512 85
81
Consul 50-year 4/1
J
8412
July'25
1962 M 5 10112 10414 104
10438 62 10013 In
Registered
let ref 534e ser A
5
,
0
-191-4
N
85
7
1
7
79
8
4
1
/
87
20
6;1;
88
____
vz
a
M___1953
103
102%
gold
N
1033
4 July'26 _ _
1952 M
Collateral trust
Choc Okla & Gulf cons 5e
N 8512
_ _ 8234 Dec'25
_ 9714 June'26
9712
97
96
1937 J J
Ctn H & D 26 gold 414e
N 105 10712 10612
I
i
E
10612
1
;
1955
9438 July'26:fun
Refunding
58
e6
22
94
93 ,
C I St L & C 1st g es___Aug 1936Q F 943k _
10312 25 10214 .“-"'
4 Sale 10278
/
1939 1 3 1021
9314 Va.4
9314 July'26 --:
15-year secured 534e
.Aug 1936 Q F 9314
Registered
J 11212 Sale 11212
113
14 11112 113%
193(
9012
g
894
15
634e
secured
4 9012 May'26
/
1942 MN 9012 911
-year
an Leb & Nor gu 4* g
_
9938 92%
D 92
92% 92 June'26
195(
Cairo Bridge gold es
1928 J J 9858 103 100
Cin S & Cl cons let g be
100
14 I99 10112
4
/
781
74
75 July'26
Litchfield Div let gold 38.1951 3J 7414
8034 83
8258 June'26
4
1
85 87/
Loulev Div & Term g 33481953 33 8138
Cleve Cln Ch & St L gen 48.19931J D 8712 Sale 8712
8712 10
4
/
831
8
783
____
July'26
8211
J3
____
4
1
/
80
99%
974
3
9938
19311J J 9918 Sale 994
Registered
20-year deb 43.4e
734 73%
7334 Apr'26
10418 July 26 _ _ _
le gold 3e____1951 FA
s
1993J D 103,4
General be Series B
7438
74
74
33
73%
June'26'____
38.1951
10314
St
103
g
Term
&
e
g;1Div
Louie
19294 J
Ref & leapt 613 Series A
10314 21
4
/
814 871
8714 May'26 ____
J3 8258 85
10738 July'26
i
:
;
183s
194113 .1 10712
5193
9903
:108
!14
182
105
11
68 Series C
OmahaDiv3iS
8212 8213
8212 Feb'26
1 33 8378
951
195
SPrinfifield Div la g 3)4e_1
196313 J 10112 1-02 102
10234 13
le Series I)
4
/
901
4
FA
893
9012
9012
9014
6
9112
Western Linea let g ee____1951
__ 9312 July'26
19391.1 J 92
Cairo Div let gold 4e
84 Aug'25
1951 FA
8512 ---2
Registered
8 8512
8114 1573
CinW&MDiv1stg4&_1991J .1 85 -8570-N
III
&
L
Central
St
Chic
&
86%
4
N
863
89
July'26 ____
St L Div let colltr g g ea_1990- M
994 10312
101% 38
JooM at ref 5a Series A_ 1963 Jo 10078 Sale 100%
4 Feb'26
1
M N 84 ____ 83/
Registered
104
2 10314 10511
5519513D 10338 105 10314
9118 July'26
Spr & Col Div let g 4e____1940 M S 9118
10214
1024
3D
10214
Apr'26
W W Val Div lat g es____1940 J
88'4 I2-1-2 8112 May'26
784 784
3D
7812 Feb'26
ldegr
GoR
ee
Hred
8248,,:83 10
1067
107
89
.1 107 Sale 107
V78119 4
OCC&Igenconag6e____1934
AO
i0234
914
8614
Ind
Aug'25
10112
51
40
9
1
48_1
ext
1st
West
&
10118
Bloom
101%
5
10138
Clay Lor & W con let g 56..1933 A 0
,
4 June'26
/
Ind III & Iowa let g 4e
1950 I, 9014 9112 911
9858 Dec'25
Cleve & Mahon Val g 50_1938 J .1 10014 102
7938 os
Umd
84 June'26
96,
5_1 6 33
r A _ 19
t %U_
9638 Mar'26
1e68
Cl & Mar 1st gu g 4He
80
IA;-a4
1935MN 97,4 99
10053 1°4
33 joir2
10212 June'26
10112 Mar'26
CI & P gen gu 494e Ser A1942 J J 99
ltniimon918117y1lige
1034
10072
J 190'e
Gen & ref 55 Series B
10214 June'26
86 May'26
1965
Series C 3He
1948 1,1 1 N 8534 87
lot & Oct Nor let Be Ser A 1952 J3 10114 102 10514
1
8518
4 18 193 10612
1
105/
Series D 33.4e
1950 F A 8518 Sale 8518
75
66
7512 151
74% Sale 74
9914 9812
9812
Adjustment 13e, Series A 1952 Apr
Cleve Sher Line let go 434..1961 A 0 98
5
6914 75%
4 47
1
75/
7434 Sale 744
Apr
Cleve Union Term 5jee__1972 A 0 107 10714 107
107131 12
Stamped
31
4
/
761
109%
32
MN
Int
8012
10334
79
103
4
let e f 5e Ser B
1033
Sale
__1972
Rye
79
0
1973A
103341 27
Cent Amer let 58.
8634 88% Iowa Central 1st gold 5.3____1938 3D 5812 6012 5812
%
6814 65
8858 June'26
Coal River Ry let gu 4e __.10453 D 8818
584 11
65
58
2
Colorado & South lit g 4s_ 1929 F A 9812 99
99
58
58
Certa of Deposit
60
99 I
58
2
9814 9912
5
1718 234
3
MS 1715 1734 1718
1718
Refunding & eaten 4 Hs_ _1935 M N 94% 9534 95
9 I16
Refunding gold ea
4
/
954 971
9114
els%
8718 8718 James Frank & Clear lat 46_199 59
VOI&HV Ist ext g 413
90 July'26
1948A 0 88% 8912 874 Jan'26
1 3D 8918
90 May'26
Col & Tot 1st ext 4e
1955,F A 8812
4 90
1
87/
101 101
824 Jan'26
Conn & Passum Illy let 48_19431 A 0 8534
Apr'26
101
1938 J3 103
KaA&GR latent/be
83 87
7512 82
82 Mar'26
Coned l Ry deb es
3
A0 8338 87
Kan & M let gu g 4a
87
1930 F 14 92
87
9978 10114
22
;
118 :
85
6
6738 Mar'26
Non-cony 45
19544 J 74
26 20-year 5e
J
J
9
1
10014
100 10034 99/
4
1
9 10918
27
90
10338
79
654 75
Non-cony debenture 4s. 19553 J 74
75 July'26
10
102
K C Ft S &
4._ 1928 MN 10178 102 102
1
/
cone g(
891s 93
79
Non-cony debenture 0.1956 1.1 .1 74
72 June'26 _ _
15
93
KC Ft S& M Sty ref 5 ee
1936 AO 9212 Sale 9212
954
1024
8
953
J
95
J
Sale
Cubs RR let 60-year be g
1952
KC&M R&l3 18t ICU 5a__ _1929 AO 99% 100 10018 June'26
7212 76
le, ref 799e.
1936 J T) 10912 Sale 109
88531 10
6
979
2 Kansas City Sou let gold 38_1950 *0 7212 Sale 7212
62112
7312 38
99
10
6121 39
1 195
9338 9913
1936.3 D 1st lien dr ref(
4 ser 13
1
/
3 97 Sale 97
Ref & kept 55
97% 51
Apr 1950
Cuba Norahern It) let 188
1996.3 J 971
_
4
4 -1;7-1-2 _
/
4 11-8-1--le -4121-
:00
100
10112
81 8
081
1897I
, 181888'8
10
1008,
I
a Dua Jan. bDua Feb. gDu. May. 0 Due Oct.
p Due Dec. s Option 113116.
-9:2
440
New York Bond Record-Continued-Page 3
II ,
BONDS
Prtce
E2
Week's
N.Y f3TOCK EXCHANGE
zt
Friday.
Runes or .
Week ended July 23.
...e. July 23.
Last Bale
re re
Bid
Ask Low
High 140,
Kansas City Term let 48_1960 3 j 8614 Sale 8614
8718 83
Kentucky Central gold 48_1987 j j 8758 8934 91 June'26
Kentucky & Ind Term 430_1961 y j 83
86
91 May'26
Stamped
1961 j j 86
8812 8714 Mar'26
Lake Erie & West 1st g 5s 1937 j j 10238 ____ 100
3
10034
2d gold 5s
1941 j y 9812 100
9914 June'26
Lake Shore gold 330
1997 y D 79is 80 80
80
5
Registered
199
28
7 .1
74 D
02e 9
s 0
79
79
812 June'26
812 880
Debenture gold 4e
9914 38
25-year gold 48
1931 m N 97 Sale 97
9712 44
Registered
1931 m N
96 Dec'25
Leh Val Harbor Term 58_1954 F A 10312 10534 10458 June'26
Leh Val N Y let en g 43.Se_1940 J 3 9714 9814 9758 July'26
Lehigh Val (Pa) cons g 4a 2003 m N 8512 Sale 8512
8812 19
Registered
8012 May'26
1W N
General cons 430
1
4 __-- 965a
2003W N 96/
9714
8
Lehigh Val RR gen 5s Series_2003 m N 102 10312 10312 10312
2
Leh V Term Re 1st gu g 5e_ _1941 A 0 10212 10414 10234 10234
Leh & N Y let guar gold 4a_ _1945 M S 9014 ---- 908 51111'.26
Let & East let 50-yr 55 gu_1965 A 0 10612 108 10714 July'26
Little Miami 4e
1952 m N 8612 88
8512 Apr'26
Long Dock consel g tle
1935 A 0 109 11012 10938 June'26
Long laid let con gold 5e_h1931 Q y 101
____ 10034 June'26
let consol gold 4e
8I931 Q j 9412 9612 9412 Apr'26
General gold 48
1938 .1 D 9158 9234 9158
9184
Id 45
1932 1 D 9214 9512 97 Apr'26
Unified gold 48
1949 m s 87
8914 8914
8914
3
Debenture gold 58
1934 j D 9912 100
9934 June'26
20-year p m deb 5e
1937 m N 9714 9778 9778
98
2
Guar refunding gold 4s
1949 m 5 8734 88 87
88
19
Nor Sh B 1e8 con 11 gu 68_131932 Q .7 100 10014.10014 June'26
Louisiana & Ark 1st g 58_1927 M s 100 10112 100
10014
Lou & Jeff Bdge Co gu g 45.1945 m s 90 Sale 90
3
9014
Louisville & Nashville 5e_ _1937 M N 10314 ____ 10312 1031,
2
Unified gold 48
1940 3 y 9418 9434 94
9434 13
Collateral trust gold 5a
1931 m N 10118 10134 1017a 1017s
1
10-year secured 75
1930 m N 10578 10614 10612 10634
3
let refund 5945 Series A 2003 A 0 10712 109 10714 109
21
lit & ref 58 Series B
2003 A 0 10384 Sale 10314 10334 11
let & ref 43413 Series C 2003 A 0 9778 Sale 977a
5
9778
NO & M 1st gold tie
1930 j J 104 105 105
105
2
211 gold 66
1930 j 3 10312 105 .104 June'26
Paducah & Mom Div 413_1946 F A 92 ----1 92 June'26
St Louis Div 2d gold 38_1980 m 9 6612 6714 6614 July'26
Mob & Montg lat g 4%8_1945 MS 9973 100 I 9918
9918
South Ry joint Monon 43_1952 3 y 8714 8734 8778
877g 10
AU Knoxv & Cin Div 4s_ _1955 m N ____ 9078 9072
9078
1
Lousy Cin az Let Div g 4346'32 MN 9912 100 1 9934 100
2
Mahon Coal RR 1st 58
1934 y y 103
'10134 Mar'26
Manila RR (South Linea) 63_1939 M N 6414 Sale 1 64
6414 10
let 4a
1959 IN N 75
7514
7
77 I 75
Manitoba Colonization 5e_ _1934 .1 D 100 10012
10012 10012
1
Man GB Cc NW let 334s
1941 y y 8158 ____: 85 Apr'26
Mich Cent Dot & Bay City 5e231181 8 102 __..- 102 June'26
Registered
m s ---------101 May'26
Mich Air Line 4s
1940 3 J 951/4
9538 June'26
.1 L & 81st gold 3%e
1951 M S 83/
1
4 _--- 79 Mar'26
Ien gold 3348
1952 MN -___ 8578 84 July'26
20-year debenture 44
1929 A 0 9818 98/
9818
1
4 9818
4
Mid of NJ let ext 5e
1940 *0 9412 95 , 951
/
4 July'26
5611w L S & Wert imp g 58_1929 F A 10112 10112 10012 10012
MO& NOT let ext 431e(blue)1934 .1 D 9514 98 i 9412 Dec'25
Cons ext 434s (brown)....J934 .1 D 9534 9713 9614 July'26
Mil Spar & NW 1st gu 4e
1947 m s 9018 9414 9112 June'26
MIlw & State L 1st gu 3348_1941 j .1 83 ____ 8188 Dec'25
Minn & St Louie let 7e
19273 D
1st consol gold be
1934 M N
Temp °tie of deposit
MN
let & refunding gold 4s_..A949 m s
Ref & ext 50-yr 58 Ser A__1962 Q F
let guar g 78
1927J D
seStP&SSMcong4eintgu'353
let cons 588
19383 J
let eons 5s gu as to int_ _ _1938 J J
40-year coil trust 634e...._ _1931 M S
let & ref 68 Serfee A
1946 J J
25-year 534e
19491W
let Chicago Term sf 4s_ _ _1941 MN
Mississippi Central let 5s_ _ _1949
J
Mo Kan & Tex-lst gold 48.1990 J D
Mo-K-T RR-Pr 1 58 Ser A.1962 J
AO-year 413 Series 11
1982 J J
10-year 65 Series C__ _.1932 J J
Cum adjust Is Sec A Jan.1967A 0
Missouri Pacific (reorg( 0)
let & refunding 5a Ser A 1965 F A
1st & refunding 68 Ser
1949 F A
let & refund /
11
4 Ser E 1st.. 19551W N
General 45
1975 M 13
Slo Pae 3d 78 extat 4%
1938 M N
975e Sale I 9758
981
/
4 78
10434 Sale 10434 105/
1
4 67
10512 10518 10434 106
78
74
73 Sale 7234
291
9214 9212 9212 July'26
Mob & Biz prior lien g 5e_ _ _1945 J J
Mortgage gold 4e
1945 J .1
Small
1945J
Mobile & Ohio new gold 6e 1927 J D
let extended gold 13e
01927 Q J
General gold 4e
1938 M S
Montgomery Div 181K 54.1947 F A
St Louis Division 5e
1927 J D
Mob & Mar let gu gold 4s_1991 MS
Mont C let gu g 6e
19373 J
1st guar gold 58_
11)373 J
Morrie de Essex 1st gu 3tie 2000 J D
Nash, Chatt & St L 1st 5+3_1928 A 0
efFia&Sistgugos
1937 F A
Nat Ry of Mex pr lien 4%8..1957 .1 J
July 1914 coupon on...........
...went cash war rct No 3 on
Guar 70-year s f 4a
1977 A-.0
Assent cash war rct No 3 on..
flat RR Mex prior lien 4940_1926 J J
July 1914 coupon on
J
Assent cash war rct No 3 on
lit consol 48
1951 -0
April 1914 coupon on
A0
Assent cash war rct No 3 on..
_ _ 1 99 Sept'25
10018.
8534 87-12 8733 June'26
82
84 86 June'26
10212 Sale 10212 103k
10012 10118 10034 10078
9213 July'26
9212
10058 10114 10058 10058
100 10038 10018 100/
1
4
8714 8834 9853 July'26
11012 11214 111, July'26
___ 10234 June'26
79
1021478
79 79
10038 10112 10054 101
103
1017a May'26
---- ----I 30 Sept'25
-I 19 Apr'25
1834 1114 1814
IA
8712 June'25
2213
2213 26
2314
3812 July'25
3312 June'26
28 12 3312 June'26
28 Apr'25
1812 June'26
1714 1814 1712
18
New England cons 5e
1945
Consol 48
1945 J J
NJ Jane RR guar let 4s_1986 F A
N 0& N E ler ref&imp 434e A '52 J J
New Orleans Term 1st 4s_ _ _1953 J J
NO Texas& Meg n-c Inc 55_1935 A 0
1954 A 0
151 58 Series B
1954 A 0
151 534e Seem A
N & C Bdge gen guar 43,0_1945 J .1
NYB&MBletcong 5s 1935 A 0
N
Y Cent RR cony deb 68_1935
Registered
111 N
1998 F A
Consol 4s Series A
2013 A 0
Ref & Inapt 4).1e “A"
Ref & impt 5e Series C2013 A 0
A 0
Registered
10018 1051 10018 10018
2
8653 87,g 87 May'26
8538 ____ 8514 Apr'26
9634
9612
9612
9512
2
84311 8612 8512
86
11
9814 9934 9914 10012 30
9914 Sale 9914 100
210
10434 Sale 10458 10518 89
95 Sale 1 95
95
5
10034 ____ 10034 June'26
10834 Sale 10713 10834 40
10612 May'26
8818 89
8812
8914 18
9658 Sale 96
9714 92
10312 Sale 103
10312 136
1031e Apr'26
----
100 102 103 Nov'25
58 Sale 58
58
57 Sale 07
57
1838 1914 19 July'26
1314 June'26
1258 13
_ 100 102 Sept'25
8834 8914 89
89
98
9334 9814
9814
9812 9812
98
98/
1
4
10278 10314 10278 10312
10012 10118 10012 10018
8911 Sale , 8914
89s
9.313
93 Mar'26
5614 Sale 8614
10078 Sale 10034
8534 Sale 8.558
10278 Bale 10234
92 Sale I 9154
a Due Jan. 42 Due April. y Due Dec. 5 Option gale.
5
3
1
42
18
15
7
1
87
29
102
30
8534 18
10312 27
9258 230
10
18
1
2
14
8
6
22
2
Range
Since
Jan. 1
BONDS
N.Y STOCK EXCHANGE
Week ended July 23.
Pries
I
Friday. I
July 23. I
Peek's
Range or
Last Sale
44;
Range
Sines
Jan. I
Low
High
Bid
.4s1 Low
High
High No. Low
86
8834 N V Central & Hudson River86 91
Mortgage 334s
1997 j y 7914 Sale 1 7914
7934 12
78% 811e
91
Registered
81
1997; y -- - _ 7958 7912 June'26
78% 80%
8534 8714
Debenture gold 4a
1934 N N 955g 96 96
9614 115
9414 98%
100 10218
82egietered
M N 9458 ____ 94 8 Jan'26
94% 94%
9838 101
80-year debenture 48
1942 y y 93
9338 9358 July'26
921e 91
7858 82
Registered
03 Feb7'72158
Lake Shore coil gold 330_1998,1i 77 Sale 77
77 80
757k 80
11
98% 9912
Registered
19981F A ---- 79 7734 June'26
78 78
9614 9734
Mich Cent coil gold 330_1998 F A 7758 8212 795s
4
80
77 84
Registered
19981F A 7712 8078 80 Apr'26
78 80
102 104/
1
4 N Y Chic & St L let g 48._ 1937 A 0 9414 96 1 941
/
4 July'26
9234 95
Registered
95 99
1
4 95 9314 Mar'26
1937 A 0 93/
92 945s
IT464 8714
25-year debenture 4s
9312 9734
1931 m N 9514 96 9514
96
61
80 8034
2d(
/
1
4 Series A LI C
1931 Re N 10234 Sale 10234 103
1
4 105
13 102/
92 09
Refunding 534s Berke A...1974 A 0 103 Bale 10318 104
9813 10458
165
100/
1
4 10534
Refunding 534e Ser B
9814 105
1975 J j 10314 Sale 10278 10358 51
1
4 104
102/
N Y Connect let gu 4IM A 1953 F A 96 Sale 96
96
92 98%
1
gs1
/
4 9058
let guar 5a Series B
1953 F A 10012 101 10112 July'26
100/
1
4 104
10512 110
N Y & Erie 1st ext gold 48_1947 m N 91 Sale 91
89/
1
4 91
91
1
84% 8712
Sd ext gold 434e
98 ____ 94 Nov'25
109 10934
ext gold 584th
1001a ____ 10053 Mar'26
1664 lain
.
*
10018 101:34
5th ext gold 48
1928 J D 98/
1
4 ____ 99 Mar'26
9858 99
N Y & Greenw L gU g 58---1946 m N 9
9412 95
78
974.
100_ _ 9
94 98/
78
914
2 JA
1
4
un
pe
r'
.26
9058 93
N Y & Harlem gold 33.48_ _2000 M N
7914 7914
97 97
84/
1
4 8934 NY Lack & W let & ref 5s-1973 MN 100 ___ 80 July'25
9788 9834
18t & ref 4tie
991 102
101 June'26
1973 M N 100
94 100
NYLE&W lst 78 ext_
10618 ___ 10618 June'26
10618 10814
85 90/
1
4
Y & Jersey 1st 58
N 101 10112 101
101
25 100% 101/
1
4
9958 10034 N Y & Long Branch gen g 48_1941 M $ 9012 92 90 Mar'26
9090
N Y N & Hart n-e deb 48-1947 m s 7518 ____ 7712 June'26
99/
1
4 101
70/
1
4 7711
Registered
8858 9012
60 June'25
Non-cony debenture 334e-194711W
102/
1
4 10534
69
78 June'26
628* 76 9314 957a
Non-conv debenture 334e 1954'A 0 6638 -6712 6714 July'26
els, 6714
101 104
Non-cony debenture 4e___1955 .1 J 7312 7434 7438 July'26
68 7514
10514 108
Non-cony debenture 4a__1956 M N 74 Sale 74
47 67/
74
1
4 75
10534 11014
Cony debenture 330
1956
1
4 Sale 6614
61 6714
667s 17
.1 66/
10314 10814
Cony debenture tle
978, 10434
1948 y y 10314 Sale 10283 10314 116
96 10014
Registered
96 100
_ 100 July'26
j J
104 107
Collateral trust (is
9612 101
1
4 Sale 10038 101
1940 A o 100/
123
10358 104
Debenture 48
1957 m N 68
6814 8878
58 70
2
687
8
1
4
Harlem R & Pt Chee 1st 4551954 m K 8812 Sale 8812
/
4 92/
911
2
8812
8454 89
65/
1
4 68
N Y & Northern 1st g 5e_:_1927 A 0 10014 10034 100/
1
4 July'26
100 100/
1
4
9878 99% NY 0& W ref let g 48_June 1992 84 s 7378 Sale 7358
7378 23
8784 76
8514 89
General 48
71
62/
1
4 71
1955 j D 7012 Bale 6913
41
am, 934 NY Providence & Boston
Aap'
yr.2
2g
212 m
714 ______ 86
A 0 88
N y & Putnam 1st con gu 448.1942
9914 100
-1
- WI; 117;
8-1SN
101/
1
4 101% NYRB
az
letgold 58
9934 1-00 100's July'26
100 10034
br Y Stem & West let ref 58_1937
8012 67
7758 89/
1
4
j 88 89 8612
15
8812
6212 761e
2d gold 430
73
64
1937 F A 73
100 101
General gold fie
7218 7
73
534 7
15
63 7413
72
314.7=716
12
1940
F
A
85 85
Terminal 1st gold Is
9753 09
1943 M N 99 102 9758 Apr'26
10078 102
N Y W'ehea & B let See I 4346'48
101
y 77 Sale 7612
78
698s 7834,
101 101
9253 9518 Nord By extl I 11334e
2714 8214
1950 AO 7812 Sale 78
7984 86
79 803s Norfolk South let & ref A 56_1961
8534 Sale 85
8534 31
7784 8685.
83 8512 Norfolk & South 1st gold 56_1941 FA 100 101 10034 1003
ge 101
1
4
MN
9754 9834 Norf & Weld gen gold 13e..
1931 M N 107 10712 107
107
10 106 107
Improvement & ext 621_1934 FA
9012 96
108 10834 10912 May'26
10912 110.
100/
New River 1st gold
1
4 10158
1932 * 0 106/
1
4 10734 107 July'26
107 10'758
N& W fly let cone g 4e.„1996 AO 9218 Sale 9218
9014 9334.
9334 27
938k 938
Registered
as 9212
1996 AO
_
9178 May'26
DWI let lien az gene 445_1944 J J 9354 Sale 9234
89 9112
9334 238 90% 9414,
10-year cony 6s
1929 MS
5112 July'26
118 156/
1
4
Pocah C & Cjoint 4e1941 3D 928s 93 921z
9212
1
91 93•
Nor Cent gen & ref 5e A_1974 ▪ B 104 10412 10412 July'26
100% 1041g
64
57
North Ohio 1st guar g 58__1945
93 95 94
947e 10
88 9714
56 6334 Nor Pacific prior lien 4s,_A997 A0 8812 Bale 8814
8812 68
NI% 91
Q J
18 23
Registered
1997 Q J ---- _- 865e
8652i
2 86 88
1233 1614
General lien gold 3s ____a2047 Q F 6512 Sale 6518
6558 74 8154 66
Registered
a2047 Q F
6312 Apr'26
80 8318
gs7a 9112
Ref & knot 494e sec A....2047 J J -or 9314 93
9314 17 87 9518
9753 9934
Registered
112/
1
4 Apr'25
• J
eve 9934
Ref & knot 68 eer B
/
4 112
2047 J J 11188 Sale 1111
41) 1.
611; 1141*
10214 106
Registered
11014 11014
11014 Mar'26
J J
Ref & inlet 58 ser C
100% 103%
1
4 103 10134 102
2047 J J 101/
IS 9814 104
89 9278
Ref & impt be ser D
2047 ▪ y 10184 Sale 10134 10214 34
9314 10314
Nor Pan Term Co let g 6s 1933 33 10954
93 93
10934 July'26
lose 109%
93 96
No of Cal guar g 58
10434 May'26
1938 AO 103
1014 10514
8458 8734 North Wisconsin 1st 65
1930
1025e 1031*
J 103 1-04 10314 June'26
9614 103
gqii 8612 Og & L Cham let gu 48 g_1948 y
7913 Sale 7912
8058 27 73 82
10212 10414 Ohio Connecting fly lot 48_1943 M S 92 ____ 9034 Dec'25
9013 9554 Ohio River RR
feiji1 112;
J D 9214 ____ 1018s June'26
General gold Se
1011
/
4 10212 102 June'26
101 10212
1stau
8914 100 Ore & Cal 1st guar g 58
5 10014 10114
1927; y 10038 10011 1003a 10088
10134 107 Ore RR & Nav con g 4e
1946j 22 92 Sale 92
9214 14
8914 9212
10154 10714 Ore Short Line-1st eons g 5e11.99' jjj
10514 10614 10512 10534 37 10442 10712
85 741e
Guar eons 5s
10584 10612 108 July'26
1051s 10713
Guar refund 4s
88 93
1
4
9734 Sale 97/
29
98/
1
4 170 9872 9872
Oregon-Wash let & ref 48_1961 3
8514 Sale 8514
8534 61
8354 88
pacific Coast Co let g 58
9218 95 92 July'26
91% 96
194
936
8 .7
3
798k 90 Pan XX of Mo let ert g 4fi1938 F A 927a 9312 93 July'26
9112 93t2
7941 87
2d extended gold 58
10112 102 10112 June'26
100 101114
9614 0914
1007e 10358 Paducah dr Ills Lit a f 430_1955 J J 97/
1
4 ___ 98 July'26
10034 10614 Paris-Lyons-Med
76 207
RR 68„...19
13
955
58 P
73% 78%
m A 74 Sale 7334
s
90 9212
f external 70
83 Sale 8234
8412 135 82 87%
9412 58 $2 87
Parts-Orleans RR 5175
9914 101
1
4 Sale 8244
1954 M S 82/
10214
Ry
103
103
awl: 10012 Paulista
7e
10214
100% 103
94 June'26
87 9858 Pennsylvania RU-cons g 451943 m N
94 947s
9484
10958 11212
Comol gold as
9414 9354
91% 99%
1948 M N 93
10
101% 10278
es sterl stpd dot,__May 1 1948 MN 93 94 9334
9114 95
94
7778 8158
Consol 4Iia
10014 23
97312 10154
1960IF A 10018 Sale 100
General 434e Ser A
10034 101%
3714 94
9414 99%
1985.1 D 97 Sale 9634
1
4 105
00 102% 106%
ur
Seeci
General
rB
78
10154 101%
1988 J D 10478 Sale 104/
1
4 10734 63 1.07 10838
1930 A 0 10738 Sale 107/
se-nyear
15-year secured 694s..1936 F A 11134 Sale 111114 11213 83 111/
1
4 11312
112 June'26
Registered
15 iiti
112 112/
1
4
F A
40-year gold 55
1964 M N 10(7184 Bale 10012 10144 91
98% 1025,
8512-I 8812 Oct'25
175; If Pa Co-Gu 334s coil tr A reg 1937 M S
8618 86
86
Guar 3345 coil trust Ser 8_1941 F A 84
83 86
23 23
D 84 ____1 84 June'26
Guar 33.45 trust ctfs C__1942
84 8418
1
4
8353 June'26
2812 3512
Guar 33Se Duet ctfs D___ _1944 J D 83/
82 83/
1
4
Guar 15-25-year gold 4s....19311 A O 9712 1734 9712 July'26
98% 9712
s
a
8912
887
8
887
887
3
1812 If"
E
Guar 4e Ser
88% 89
13 2058
8412 10
1,
99
40
0 A prO 8358 84381 8438
Peoria & East let cons 481
7942 871a
3912 4112 4012
1
9514 10018 e0
4012
Income
35 42
10314
arek13
2 10014 104
451ln ist 5)46
81
1974 A 0 10314 105 103
87
8412 8514 Pere Marquette let Ser A 5s-19
988j
56 3 .1
3 10118 Sale 110118 10214 16 10112 10412
8512 ____ 8712 July'26
92% 9752
let 49 Ser B
8512 8872
034 ____ 94 July'26
84 8758 Mils Balt & W let g 4e
1
9312 9432
9614 10034
19
94
73M
4F A
N 108 1098g 10754 July'26
10812 11112
1
4
43/
1
4
1
96 10034 Philippine
y lot 30-ye 48 1937 J J 43 4312 43/
Gena8SIetriesB
4012 45
10218 10512 P
ree
skt L
reg
gu
ets
d
necC&
1932 J D 10614___ 10512 Mar'25
pic
9053 July'26
9412 9634
M
a:A
1940A 0 gets 10014
10014
9934 102
Series B 430 guar
9834 20 98% 99/
1942 A 0 9884 -- 9834
1
4
1
4 Apr'26
10432 10872
Series C 4.5.1)3 guar
1942 M N 9814 99 97/
9738 97/
1
4
9418 June'26
10812 10812
Series D 45 guar
_
1945 M N 9518
93/
1
4 941s
941
/
4
June'26
E
334e
Series
95
guar
gold_
_
1949
F A
8531 0014
9214 941
/
4
9214 9712
series F 4e guar gold
N 951s ---- 927a Feb.213
10
98
5711
31J D
9278 93
10118 10534
Series G 48 guar
951s -- 953 July'26
93 953s
10318 1034
113g 1' S
ISE I
1S37 A 0
New York Bond Record-Continued-Page 4
BONDS
N V STOCK EXCHANGE
Week ended July 23.
• ...a.
Price
Friday.
July 23.
Bid
Puts 0in Chic & St L (Concluded)i
aeries H 48
196O,F A
Series I eons guar 43.0.-1963,F A
Series J 430
1964 MN
General M be Series A_1970 J D
1975 A 0
Gen mtge 5a Berle@ B
Pitts & L Erie 2d g 5e
al928 A 0
Pitts NUR & Y 1st gu 6s__1932 ,„T J
Pitts Sh & L E let g M
1940 A 0
let consol gold 58
1943 J J
Pitts Va & Char 1st 4e
1943 M N
Pitts Y & Ash let cons 5s_.1927 MN
l948 .j D
let gen 48 series A
let gen 58 aeries 13
1962 F A
Providence Scour deb 48.„.1957 M N
Providence Term lit 48._ 1916 m s
Week's
Range or
Lan Sale
Ask Low
Range
Since
Jan, 1
High No. Low
9518
9334 Sept'25
9734
9734 July'26
9734
9712 June'26
103% 10334 10312 10318
10318 Sale 103% 104
100/
1
4 100/
1
4 June'26
106 106 •Aug'25
10112 June'26
10168 102 10078 Oct'25
9114 May'25
100 ____ 100 Apr'26
91,2 Mar'26
10414 10438 1043* June'26
6712
67
70 6712
8512 ____ 8318 June'26
Reading Co gen gold 48
1991
J 581e -.-- 99 July'26
Registered
J .1
44% May'25
Jersey Central eoll g 4a.....1951 A 0 94 Sale 94
941
1997 J J 9778 Sale 9714
Gen & ref 434s Ser A
97/
1
4
RJohm & Danv deb Is stpd 1927 A 0 10014 10012 10038 July'26
Rich & Meek let g 4!
1948 MN 78 ____ 78
78
Richm Term By 1st gu 58__ _1952 J I 101% 1031* 10144 Apr'26
Rio Grande June lit go 58 1939 0 10014 10114 10114 July'26
Rio Grande Sou let gold 4a-1940 J j ___7 i 512 Dec'25
Guaranteed (Jan 1922 coup on) I J
----! 6 May'25
Rio Grande West lit gold 40_1939 J J 9184 9134 9134
913
Mtge & coil trust 4s A
1949 A 0 82 Sale 82
833
RI Ark & Louis lit 43.48_1934 M El 93
9312 93
9384
Rut-Canada let gu e 4s
1949
I 8112 Sale 8114
8112
Rutland let con g 4s
1941 J J Wit 921
/
4 92 July'26
St. Jos & Grand Iii let g 4e-1947 J
8414 Sale 8415
841/
1996 I J 9812
St Lawr & Adir 1st g 58
9914June'26
1996 A 0 101
2d gold 65
101 Sept'25
at, L & Cairo guar a 46
1931 J J 94
9538 9614 June'26
L Ir M & gen oon g 58-1931 A 0 10012 Sale 10014 10034
Unified & ref gold 4s
1929 J J 97 Sale 9654
07/
1
4
Registered
J J
93 Sept'25
1933 M N 9214 Sale 92
Riv & G Div let g 48
9212
at L M 13ridge Ter gu g Eas
1930 A 0 100 103 100 June'26
IS L & Ban Fran (reorg co) 4a 1950 J J 82 Sale 8134
8314
Registered
.1 J
8314 June'26
Prior lien Ser 13 55
1950 3 1 9714 Sale 9715
98
Prior lien Sec C 55
1928 J J 102 Sale 10112 1021a
1942 .1 J 1011
/
4 Sale 10114 10214
Pr'or lien 530 Sec D
Cum adjust Ser A 6a____61955 A 0 96 Sale 9534
97%
61960 Oct. 9312 Sale 93
Income Seam A 66
9384
StLouls & San Fran By gen ea '81 .1 J 105 10588 10514 June'26
1931 .1 .1 10034 --__ 10034 July'26
General gold 55
Bt. L Peo as N W 1st gu 58_1948 J J 103% 10412 10338 July'26
Bt. Louis Sou let au g 45._1931 M S 95 ____ 96 July'26
Bt L S W let g 48 bond otte 1989 M N 86 Bale • 86
8612
2d g 4s income bond oUs-P1989 J .1 7712 8112 8034 July'26
1932 J D 93
Consol gold 4s
9335 93
9314
lit terminal & unifying 58_1952 J J 9414 9412 94/
1
4
9514
Si,Paul & K C Sh L let 4342 1941 F A 8912 Sale 89
90
1931 Q F 10114 103 1 9914 Mar'25
St. Paul & Duluth lit 5a
1968 J D 88
let consol gold 48
8934 8814 July'26
St Paul E Gr Trunk 414e-1947 I I
___ • 91
Jan'26
gt Paul Minn & Man con Ia_1933 J D 92149612 97/
1
4 July'26
96
Registered
• 9214 July'25
J D
let consol g 4.
1933 J D 10734 109 108 July'26
Registered
J J---- 107 Mar'26
Sc reduced to gold 434e_ _1933 J J 9914 9912 9912 July'26
Registered
1933 J J-_ 99 Mar'26
Mont ext let gold 45
1937 J D 93/
1
4 -94 94 June'26
Registered
J D
9214 May'26
Pacific ext guar 4s(sterling)'40 J .1 90
901/ 90 July'26
I Paul Union Depot 5s____1972
J 104 105 105
10534
8 A at A Pam let gu g 4a_ _ _ _1943 .1 .1 87 8734 8734
8734
Santa Fe Free & Phen 58_1942 MS 10012
10238 May'26
Say Fla & West lot g tis
_1934 AO 108
110 Jan'26
let g 58
1934*0 102
_
10134 Dec'25
Scioto V & N E lst gu g 4s...1989 MN 8912 -90
891$ July'26
Seaboard Air Line g 45
1950 AO 8015
_ 82
82
Gold 48 stamped
1950 AO 8014 Sale 8014
8073
Adjustment 58
Oct 1949 FA 7918 Sale 79
80/
1
4
Refunding 4e
1959 A0 74 Sale 74
7512
let & cons 65 Series A
1945 MS 9558 Sale 95%
96
Ati & firm 30-yr 1st g 45_41933 M
91
92 91%
9114
Seaboard-All Fla let gu es A.1935PA 94% Sale 9412
95
Seaboard & Roan let 5a
1926 J J 99%
_ 998 June'26
So Car & Ga let ext 5348_1929 MN 101 102 10112 July'26
li&NAlaconague 58
1936 FA
10414 June'26
Oen cons guar 50-yr 5a-1963 A0 106 107 10814 July'26
So Pac Col 4s(Cent Pac col)k1949ID 8738 Sale 87%
88
Registered
88
JD 85
8512 May'26
20-year cony 4s
June 1929 MS 97% Sale 9734
98%
20-year cony 55
1934 3D 10011
/
4 101% 100
10012
20-year g 5a
1944 MN 100 101
90/
1
4 July'26
Ban Fran Terml let 44-1950 AO 8914 Sale 8812
8914
Registered
A0
104 June'26
So Pao of Cal-Go g 55
N ioi 10514 9414 Jan'26
1937
Bo Pee Coast let gu g 4a..
941
/
4 95 9114 Jan'26
1937 I
Bo Pao RR lit ref 48
1955II 90% Sale 9034
9112
Southern-let cons g 55
10634 Sale 10678 10712
1994 J
Registered
10612 June'26
Develop & gen 48 Sec A__1956 A
8338 Sale 83%
84%
Develop & gen (Ss
1958 A
111% Sale 1111
/
4 11134
Develop & gen 630
1956 A
11738 Sale 117% 117%
Mem Div let g 430-5a
105 ____ 10488 July'26
1996 J
St Louie Div let g 45
1951 J
89% Sale 89%
89%
East Tenn reore lion R 511-1938 M
100
July'26
Mob at Ohio coil tr 45_1938 MS 913s Sale 10084
9114
9112
Spokane Internet let g 5s 1955Ii 9212
8414
8414
Superior Short Line let 5s e1930 51 S
9912 May'26
Tenn ABM Of St L bag 4%8_1939 A0 98
981
/
4 June'26
• let cons gold 50
1944 FA 102 ___ 102 July'26
Gen refund e f g 4s
1953'3 8618 Sale 861
/
4
87
Tex acN 0 eon gold 5s
1943 31 100 102 100 June'26
Tema & Pao let gold 5s
2000 ID 10434 Sale 10434 10534
La Div B L let g 5/3
1931
100 1001 100
10018
Teat Pao-Mo Pao Ter 5348_1964 M S 104 Bale 104
10412
Tol & Ohio Cent lit gu 5s-1935 J
101
1011
/
4 July'26
Western Div 1st g 543_1935 AO 10012
1007 Mar'26
General gold 5a
1935 ID 100% icif
101
Toledo Peoria & West 40.....1917 J J -_-- 30 10012
23 June'26
Tol St L & W 50-yr g 4s950 AO 8912 Sale
8912
8934
Tol WV &0 au 4345 A
1931 3' 99
_ 98 Mar'26
Series B 431e
1933I' 99 _
96% Dec'25
Sales C 4s
1942 MS 9218
90 Nov'25
Tor Ham & Buff 1st a 4a_. 1946ID 884 901 90 June'26
Ulster & Del let cone g 56_1028ID 641 66 65
65
let refunding g 46
1952 A0 37% Sale 3718
37,s
Union Pacific let g 4a
1947 J. J 9412 Bale 94
9414
Registered
Ii
9234 May'26
20-year cony 45
1927 I' "9512 gi;Ce 99%
99%
Registered
9912 May'26
1st & refunding 48
02008 MS "85" 6;1"e 89
90
let lien & reit 53
10634 Sale 10714 10814
e2008
10-year perm secured 65_1928 J .11 10212 Sale 10212 10234
a Due Jan
1-1
.3,53
52
High
95% 9734
96
9734
100 10412
9912 10438
100% 101
1-667-3 16314
1
164 16618
91
9112
102/
1
4 10438
63 6834
8.31s 8318
9518 99
10
41
1
4
12
56
13
10
23
111
55
40
68
15
47
119
192
3
61
9
7
3
3
2
24
159
199
190'
8
56
30
257
7
7
180
89
153
41
76
2
17
2
19
7
110
16
16
5
8
2
46
103
84
2
25
BONDS
N.Y.STOCK EXCHANGE
Week ended July 23.
Id - 95
94/
1
4 98%
9434 100%
78 80
101% 10212
9512 10114
CT N I RR & Can gen 48_1944 M
1928
Utah & Nor gold 55
1933• J
lit extended 45
Vandalia cons a 4e Ser A
1955 FA
Cousol 43 Series B
1957 MN
Vera Cruz & P 1st gu 434a-1934 J
July 1914 coupon on
ii
Assenting let 4118
1934
Virginia Mid 5s Series F
1931
1936
General 5e
N
va & Soutlaw'n let gu 5e
2003• J
1958 AO
let COM 50-year 58
•Iirelnian let 58 Series A_ __ _1962 MN
Wabash lit gold 5a
1939 MN
2d gold 56
1939 FA
Ref e 1 5348 ser A
1975
B
Debenture It /
11
4registered_1939 M
let lle,n 50-yr g term 413.__1954
Del & Chi ext 1st g 58...194l J
Dee Moines Div let g 46..1939
'3
1941 AO
Om Div lit g 334a
1941 MS
Tol & Cb Div a 48
Warren lit ref gu g 334s
2000 FA
1948 QM
Wash Cent let gold 4s
1945 FA
Wash Term let gu 3344
1945 FA
let 40-year guar 4e
Price
Friday,
July 23.
Week's
Range or
Last Sale
;
el
ca
Range
Since
Jan, 1
Ask Low
Bid
High
High 1470 Low
94
9512 9212 Dec'25
94% _ _ 10012 Mar'26 -9513 Mar'26
9512 9512
9035 Sale 9038
88 9032
9038
1
8818 June'26
9012
8812 8814
20 Sept'25
24 Apr'26
24 24
6
28 Sale 2712
23 33
28
10012
100 Dec'25 -1021
/
4 Sale 10235 102/
1
4
7 161 16isi
10134 10314 10212 June'26 -9912 10212
1
4 July'26 -- 9034 96
9412 9434 94/
10012 Sale 10012 101% 24
9934 10313.
10278 25 101 104
102% 10234 101
8
9812 1011
/
10012 Sale 100
4
.
100%
9811 105
10314 Bale 1031
/
4 10334 165
93% Feb'25
84 8614,
83i 86 8612 June'26
101 1021
102
/
4.
10218 June'26
84/
1
4 90
88
90
90
5
8111 82 821 July'26 -- -7714 53,
87 90
893s
888 July'26 ---80 81
81 May'26
85
84 Apr'26 -- 84 85/
1
4
83 887s
8418 86
8512 June'213
9118
911
/
4 Apr'26
83 9114
9:
21
.
4 WMInW&NWlitgUSl.l930F A 9814 100 98%
a
g 68
4a
85
1949
93
52
37 0
I
A 0
J 72% Sale 7212
7314 75
947a West
Mar
Yy&
lan
Pda rt
st
10012 101 10112 July'26 ---eet N
8334
,8
goeld845
1
G
meenona
85% 87 87
87
92
Apr 1 1943 Nov
45 Feb'25
85
Western Pac let Ser A 5e..1948 ea
9812 Sale 98
99/
1
4 17
9912
1946 m
10212 103 10212 103
let gold es Serlee B
14
2361 3
West Shore let 4s guar
1 .1
J 86 Sale 85%
86
13
Registered
9530 9612
8512
86 July'26 -10014 101
L E 15t a 5a
1926 A 0 99% 16918 10012 June'26 -- -Wbe
Wheeling Div 1st gold 68..1928 .1 J
9554 978
101. 100
100
1
997 June'26
Ext'n & impt gold 5e
1930 F A Ws
Refunding 434s Berke A-1966 M S 8914 197; 89h
IN- 94
8912
4
99% 10012
1949 M S 87% 89 88
RR lit consol ii
8812
6
77% 84/
1
4 Wilk & East let gu g 58
/
4
19
93
481
2 3 D 73 Bale 711
73 i
8
80 84
10212
1021
WM & 13 F 1st gold 58
/
4 Apr'26 -93 9953 Winston-Salem 1313 lit 46_1960 J J 85% 88 - 8734 July'26 ---10112103
1949 3 J 83 Bale 83
Wis Cent 50-yr lit gen 4a
8312
5
9914 103%
Sup & Dul city de term lit 413'36 M N 8914 Bale 89/
5
8914
1
4
9212 97% Wor & Con East let 454i..1943 J J 8052 ---- 86 June'26
84% 94%
101 105%
INDUSTRIALS
10018 10112 Atilt= EXMOBB coil tr e 48-1948 M
2
85
8814 8834
87 I
10212 104
Ajax Rubber let 15-yr t 86_1936 J D 10314 10312 103
10312 20
94% 97% &Luke Gold NI deb 135 A.,1925 M
4/
1
4 July'26
434 6
84% 88
412 434 412 Feb'26 -Cony deb 65 Series!'
M
Alpine-Montan Steel 7e____1955 M
75 82
9034 Sale 9014
91 I 16,
91% 95
1928 A
103 10314 103
Am Aerie Chem let Se
103 I
3
5012 97/
1
4
1041F
letrefif754eg
10412 Sale 10414
10412 471
86 91% Amer Beet Sug cony deb 68-1935 F
92141 10,
9214 Sale 92
American Chain deb at 6a 1933 A
1011s Sale 101%
101341 18
591k Am Cot 011 debenture 56_1931 m N 9418 94% 948 July'26....I
87
901s 91
1936 J .1 10512
Am Dock & Impt gu es
10512 105121
8
96 9734 Amer Ice deb 7s_ _Ju.y 15 1939
120 135 121 May'26
1939 A--0 10214 Sale 102
4
Am Mach & Fdy f 88
10214
1-i77; 10934 Am Republic Corp deb es_ _1937 A 0 100% Sale 100% 100/
2
1
4
107 . 107
Am Sm & R let 30-yr 58 ser A1947 A 0 100% Sale 10858 10138 68
9012 100
1947 A 0 108 Sale 108
1st M ea Series 13
10812 31
Amer sugar Ref 15-yr 6s1937 J J 10312 Sale 10314
9812 99
10334 34
93 9611 Am Telep & Teleg coil tr 45.19291 J 100 Sale 97%
9814 122
Convertible 48
9214 9212
1936 M 13 9412
8458
95
28
20-year cony 430
8914 60
1933 M
166( 10018 July'26 - 10174 10534
30-year con tr 55
1946 J D itoZie Sale 1023* 102341 78
Registered
J D
103 June'26,--- 84 89
35-yr s f deb Ea
1960 1 J 99% Sale 9934 100121 446
100/
1
4 10234
20-year a f 530
1943 MN 1905758 Sale 102% 105181 146
110 110
Am Type Found deb es
1940 A 0 10434 105 1048i July'26
Sale 97%
1934 A 0
Am Wat Wks & Elec 5e
98
33
87* 90
1939 J J 55 Sale 55
Am Writ Paper a I 7-6s
5814 52
1
4
7814 82
5713 30
TOME)interchangeable Ws
_ _ _ _ 541s 571 55/
7814 82
76 8773 Anaconda Con Min lit 911_1953 F A 103/
1
4 Sale 10314 104
206
6914 76
1938 F A 107 Sale 10634 10788 330
15-year cony deb 7e
91
963s Andel COP Min deb 78 50% pd'43 J
10314 Sale 10218 10412 451
Angio-Cbilean Nitrate 78_1945 M N 9784 Sale 99
8812 94
14
8
73
148 8
99
7
9214 9834 Antal& (ComP -.sue) 734e..19393 J 8712 88
9972 10038 Ark &Mem Bridge & Tex 56_1964 M S 9888 991 991
1
99%
10114 102
Armour & Co 1st real est 434e1939 J D 9034 91
90%
91% 26
10334 10414 Armour & Cool Del 534s
1943 .5 J . 94 Sale 93%
94
78
105% 108% Associated 0116% gold notes 1935 M
10234 Sale 102% 103
29
85% 90% AtiantaG85LlitSs
19473 D 10014 --- 9988 Mar'25 -84% 8512 Atlantis Fruit 7s etfa dep
1934 j D 15 __ 28 Jan'26
9672 98%
Stamped Ws of deposit...
_ _
__ 201a Jan'26 _ _ _
21
100 10234 AUGulf&WISSL 58
70/
1959 JJ
1
4 Sale 7014
-22
71
9934 101% Atlantic Refit deb 55
1937 J J 10014 100% 100% 100% 24
87 91
85 8512 Baldw Loco Works lat 5e.....1940 M N 104 10414 104
1
104
10314 10434 Baragua(Coup Ax) 730_
105 Bale 10412 10412 37
9414 94/
1
4 Barnsdall Corp deb 135
19403 D 9712 Sale 9712
98% 125
90 93 Belding-Heminway 63
____ 9612 9618
1936 J
9613 19
Bell Telephone of Pa 55
1048,1
1028 Bale 10212 103
14
104 108
Ser C
let & ref
1960IA 0 10112 Sale 10288 10314 61
10134 10612 Beth Steel 1st & ref 5s guar A_'42 M N 10014 101 100% 10034
3
8114 8615
30-yr P m & imp 1 Sa
96 Sale 96
1936 J
9712 40
Cum 30-year tie Series A1948 F A 10112 Sale 101
10714 113%
1011 155
Coos 30-year 5345 Scrim B 1953 F A 9518 Sale 9414
112 118%
9552 95
10134 10513 Ring & Bing deb 634s
92
1950M
94
92
921
5
86 9013 Booth Fisheries deb 5 f 88_1928 A 0 97 Sale 96
97
21
99% 100% Botany Cons Mills 61.15.....1934 A 0 8212 Sale 8212
61
83
8712 93 Brier Hill Steel let 554e
1942 A 0 10415 ---- 10334 10415 15
81 8734 Irway & 7th Av lat c g 5a-- _1943 J D 7115 72
7118
1
711
9912 9912
Ctfs of dep stmpd June '25 int
70
74
7134 July'26
05/
1
4 9812 Brooklyn City RR 58
1941
J 9418 95
94%
947
5
101 106 Bklyn Edison Inc gen fie A 1949 31 103 Sale 103
1041
30
General 65 Series B
84% 8712
1930 J
10415 10414 104 July'26
98% 102
Bklyn-Man It Tr Bee 63
1968 II 96/
1
4 Sale 96
963 175
103 10712 Bklyn QU Co & Sub con gtd 55'41 MN 6212 64 84
1
64
lit 58
9954 101
1941 3, 75/
1
4 79 79 June'26
9914 105 Brooklyn It Tr lit cony g 46_2002 31
92 June'2
3-yy
7%
100% 10175
secured notes_
1921 3,
13612 Nov'2
100/
1
4 1011
/
4
CUR of deposit stamped.......
123% Mar'25
97% 10218 Bklyn Un El let g 4-58
- 1; 9512 Sale 9512
1950 17
971
Stamped guar 4-5s
23 4 37%
1950 FA 94
951 9512
3
95%
87% 90% Bklyn Un Gas let cons g 11s.1945 MN 9512 Sale 100% 100%
8
lien
&
ref
07hs 98
62 Series A..1947 MN 11314 -- 113% 113%
1st
1
Cony deb 5348
1936
'
3 14812 1511 148
539
151
Buff & 811SO Iron f 55
1932 ID 92 _
91 June'25
9014
Bush Terminal let 46
873*
1952 * 0 90% 93 9034
90% 13
Como'55
1955 .1
9212 951 9412
11
95
60/
1
4 80
Bush Term Bides 511gU tax ex 1950 AO 98%
9814
28
100
3612 48
9218 9512 Cal G & E Corp unit & ref 511_1937 MN 101 10224 101
10114 10
83% 9334 Cal Petroleum if g ()%e_ _ _1933 A0 10312 Sale 10312 10354
4
9914 100 Camaguey Bug 181 ii g 75_ ...1942 A0 981 Sale 98
98'2 16
99 9912 Canada SS lAnes let eon et Ts '42 MN 10412 Sale 104/
2
1
4 10412
86 90% Cent Dist Tel lat 30-yr 5s___1943 J O 10112 10234 10212
10234
5
10612 a0912 Cent Foundry 1st s 68
1931 FA 941
/
4 97 97 July'26 10214 10334 Cent Leather lit lien s I 65-1945 11 10218 Sale 102
10214 18
74%
89
7151s
87
7818
9712
d Due May. e Due June, 6 Due July; k Due Aug.
p Due Nov. a Option Rale,
441
9864 9854
8874 7576
1007s 1024
837s 88
953* 1003*
10084 1001s
8378 86%
83 88
99/
1
4 10014
100 10212
98% 99%
/
4
80% 891
81
8914
6414 7434
102% 10212
8514 8814
8018 87
8612 91
7614 84312
85 871s
10112 105
411 5
4
418
90 9112
10234 10414
10312 105
9012 10112
9814 102
9312 9714
10512 10652
118 13412
10014 103
98 10053
99 10152
106 10834
102 1054
96% 9834
92 95
9714 10212
10012 10313
10234 103
9752 101
10252 106/
1
4
10314 105
9534 98/
1
4
42 6114
411s 6132
10114 10412
10214 10753
9672 10412
9514 1004
8412 9813
94/
1
4 99%
9038 92%
9218 961s
102 1031s
"IC
28"
2018 201,
70 71
9934 102%
10214 10534
103 10612
97 101
96 10074
10052 1033*
100 10372
9552 10114
93 9814
951a 10112
8712 9614
9012 95
70 97
(
8012 951
101 10452
71
7632
7012 73
9314 9534
103 10534
10353 10613
9214 98
61 6434
72 79
Wit 9722
8812 9553
10053 10434
110 11334
126 152
91 92
8734 92
90 9814
9534 100
10014 102
10.333 10334
- 9972
1011e 1047t
10114 10312
9334 9934
100 10234
442
BONDS
N Y.frrorx EXCHANGE
Week ended July 23.
New York Bond Record-Continued-Page 5
Vi
Price
Friday,
July 23.
Veek'sRange
41
Since
Range or
Jan. 1
Last Sale
Central Steel let g sI 8s___ _1941 NI N
Ch I.& Coke 1st gu g be_ _1937 J J
Chicago Rye let bs
1927 F A
Chile Copper 6s Set A
1932 A 0
Cincin Gas di Elec 113( & ref 65 '56 A 0
5
Ser B due Jan 1.. __ 1961 A 0
Cities Serv Pow & L s f 69 _1943N
Clearfield Bit Coal let 912_1940 J J
Colo F & I Co gen s I 513_1943 F A
Col Indus 1st & coil bs gu. 1934 F A
Columbia G & E 1st be
1927J J
Stamped
1927 .1 .1
Col & 9th Av let gu g 5a___.,191'3 M S
High
Bid
Ask Low
High No Low
120 Sale 120
121
42 115'4 12318
101 103 10258 July'26
10112 103
72 Sale 72
6534 81
82
10634 Sale 10634 108
138 10512 10912
102
____ 10214 July'26 _
102 16312
10914 Sale 10414
10434 128 10212 10512
95 Sale 9434
9434 9534
95141 124
8218
80
82
82 May'26
9412 9514 9412
9014 9534
9412
1
89
9014 8912
8334 91
90
15
10018 10014 10018 10334
5 100 10114
10018 10012 10018 10018
5 100 101
10
_
Oct'25
Columbus Gas let gold 513_1932 .1 J
Commercial Cable let g 45_ _2397 Q .1
Commercial Credit e f 6a
1934 MN
Colts II 534% notes_
1935 I J
Commonwealth Power 65_ _1947 M N
Computing-Tab-Rec s I 65._1941 J
Conn Ry & L 1st & ref g 4As 1951 1 .1
•
Stamped guar 43s
1951 .2 J
Cons Coal of Md lst & ref 5s..1950 J D
Consul Gas(NY)deb 59s.._1945 F A
Cowed Pr & Ltg 1st 6 As1943 M S
Cont Pap & Bag Mills 6 As_ _1994 F A
Consumers Gas of Chic gu 681936 J 1
Consumers Power let 5s._.J952 M N
Copenhagen Telep ext 66_1950 A 0
Corn Prod Refg s f g bas
1931 MN
1st 25- Yeaf 81 88
1934 MN
Crownl ork & Seal 1st s 168_1943 F A
Crown-Willamette Pap 6s
1951 .1 J
Cuba to cony s tss
1935.3 .1
Cuba Cane Sugar cony 712_1930 J J
Cony deben stamped 8%_1930 J J
Cuban Am Sugar let coil 85_1931 M 8
Cuban Dom Slug let 7348._1944 M N
Cumb T & T let & gen as_ _ _1937 J J
Cuyamel Fruit let 65 lot ctis '40 A 0
9914 10014
9912 100
9912
9912
2
75
8134
80
8034 8012
81
27
100..
98
98 Sale 98
98
3
93
9358 July'26
94
9212 9912
10434 Sale 10434 105
53 102% 10512
105 10514 105
105
8 10458 116
9112
9158 9412 93 July'26
90
90
9412
93 Sale 93
0
83
8214 Sale 82
7812 88
35818 49
10518 Sale 105
105% 92 10414 10612
_ 10478 Mar'26
10914 1) 818
73711 82
7518 7712 75
75% --1.7
98% 10234
101
____ 10212 10212
2
9712 103
9934 Sale 9958 10014 45
gg 101
100 101 101
101
1
99
9058 July'25
1013s 103 1027 July'26
10-012 1-S38
8284 9414
9212
92's 9234 92
46
100
9934 Sale 9912 100
90 gg
_ 10234
9218 10318
10234
2
88 96
92 Sale , 9134
9214 57
92 100
95 Sale ' 95
33
957
108 10814 108
10814 16 10612 10912
9114 9914
9634 Sale 964
9714 41
10218 Sale 10218 102% 11 10014 10228
9334 97%
9534
96
9534 96
6
Deny City Tramw 1st con be 1933 A 0
Den Gas dr EL 151& ref s I g 58'51 M N
Stamped
M N
Dery Corp(D G) lst s I 7s_ _1992 M
Detroit Edison 1st coil tr 58_1933 J J
1st & ref be Series A_July 1940 M S
Gen & ref 5s Series A
1949 A 0
12rt & ref 65 Series B_ _July 1940 M 23
Gen & ref 5s ger B
1955
D
Del United 181 cons g 9;42_1932 .1 J
Dodge Broe deb 65
1941 M N
Dold (Jacob) Pack let 65_1942 M N
Dominion Iron & Steel 5a_ _1939 J
Donner Steel let ref 75
1942 J J
Duquesne Lt let & coil 65
1949 1
lst coll trust A Series B_1949 J J
9218 Aug'25
97 -9734 9718
98
29
9714 Sale 9718
98
19
8112 8212 8158 July'26
101 102 10118
10178
10118 Sale 101
10138 18
1013 Sale 10112 102
42
10734 Sale 10712 108
8
10158 Sale 1017
102
52
93
9434 9312
94
9
9534 Sale 9558
97
532
75 Sale 73
75
7
3512 Sale 3512
36
13
9414 95
94%
95
6
106 Sale 10512 10614 63
105 Sale 105
105
1
144
9358
9312 9812
8158 91
10078 103%
1005a 104%
109 104%
106 10812
10018 104
90
9712
9212 9718
6934 83
3512 6224
927s 9712
105 107
1047s 106111
East Cuba Sum 15-yr e g As'37 M
Ed El III Bkn 1st con g 4s_ _ _1939 1 .7
Ed Elm Ill let cons g 5s___.1995 J J
Else Pow Corp (Germany)6148'50 M S
Elk Florn Coal 1st & ref 6 A8.1931
D
Deb 7% notes (with warr'ts '31 J D
Empire Gas & Fuel 7As_ _ _ _1937 M N
1st & ref 6 A s(with warets)'41 A 0
Eqult Gas Light 151 con 55_1932 M S
Federal Light & Tr let 58_ _1942 M S
1st lien (122 stamped
1942 M S
30-year deb 65 Ser B
D
1954
Federated Metals s 1 75
1939 J D
Fisk Rubber let s185
1941 M
Ft Smith Lt & Tr 1st g 68_ _1936 M
Frameric Ind & Dev 20-yr 73'0'42 J .1
Francisco Sugar 1st 51 7345.1942 M N
French Nat Mail SS Lines 751949 J D
10334 Sale
9458 ____
10612 ____
9212 Sale
9812 9912
103
10414 50
9514 July'26
10612 10612 ---6
92
93
37
9812
99
2
9914 May'26
103 Eirile- 10278
10314 -95
-9712 Sale 9712
9734 64
9914 10014 100 June'26
__
95 Sale 95
9518 15
103
103 10312 103
2
9534 9612 9614
9614
1
9014 Sale 0014
9014
1
110
612 3
115 Sale 115
27
86
8538 88
8918 Sale 89
67
5
00
5
10412 Sale 10412 18
7934 Sale 79
103 10852
93
9978
103 10853
8578 9314
9812 100
991, 9914
10112 104
97
98
9912 10034
9212 9778
100 10438
93 97
8412 97
11312 11612
7514 86
as
93
104 10752
79
8214
Qaa&ElofBergCoconsgSelg4gJ D
Gen Asphalt cony (113
1939 A 0
Gen Electric deb g 3As
1942 F A
Gen Elec(Germany)78 Jan 15295 1 J
S / deb 6As with war_ _ _ _1940 J D
Gen]Petrol let s 1 58
1940 F A
Gen Refr 1st f g 65 Ser A_ _1952 F A
Goodrich (B F) Co 1st 830_1947 J J
Goodyear Tire & Rub 1st 88_1941 MN
10-year I deb g 8s
dI931 F A
Gould Coupler late I (93_ _ _1940 F A
Granby Cons M & P con 65 A'28 MN
Stamped
1928 M N
Cony deb 75
1930 M N
Gray & Davis 1st cony f 78_1932 F A
4:14 Cons El Power(Japan)75_1944 F A
Great Falls Power 1st at be_ _1940 M N
1028 ____ 10212 June'26
1047s 107 10613 July'26
91
01
01
15
03
104
10314 Sale 10234
10912 Sale 10412 108
132
997 Sale 9978 100% 136
10234 10314 10314
10314
2
10612 64
10614 Sale 106
12118 Sale 121
121% 35
11012 45
11014 11034 11014
88
88 Sale 88
1
100 101 100 July'26
100 10014 100 June'26
108 Sale 10758 10938 116
10434 10514 105 July'26
__
9458 Sale 94
95
54
1001g
10318 10434 100
7
10058 10212
10413 1004
87
91
95 104
9914 10812
9884 10112
100% 10314
104 107
120 122
109% 112%
874 93%
100 101
100 101
100 110
9614 109
908 961s
100 10412
73
12
4 _8
.
8_ 8812 JAuw3
10
y,3
:72
26
2 2Hackensack Water 1st 45_1952 J J 86
Hartford St Ry 1st 45
1930 M
96 Sale 96
Havana El Ry L & P gen 55 A'54 M
9712 July'26 ____
96
98
Havana Elec consol g 55
1052 F A
Hershey Choc)1st & coll 532s 1940.7 .1 10134 Sale 10112 102
47
98
11012(R) & Co 1st 63S 5 temp.1934 A 0 98 Sale 9634
32
8212 11
8112
82
83
Holland-Amer Line 135 (flat),i947 MN
Hudson Co Gas 1st g 55
1994) MN 10318 10312 10318 July'26 _ _ _ _
HUmble Oil& Refining 5A5_1932 J J 10212 10234 10258 1027
5
86% 88%
-1:4
- 1; 19.9412 10018
99% 102
9112 9913
79 85%
100% 103
10112 103
Illinois Bell Telephone be..-1956 J ID
Illinois Steel deb 434s
1940 A 0
Ind Nat Gee & 01155
1936 MN
Indiana Steel 1st bs
1952 M N
Ingersoll-Rand 1st be
1935 .1 .1
Inland Steel deb 534s
1945 MN
Inspiration Con Copper 6%8.1931 M S
Interboro Metrop coil 4tie 1956 A 0
Guaranty Tr Co ctIs dep
Ctf dep stpd asstd 16% sub.......
Interboro Rap Tran let be_ _1966
Stamped
10-year 65
1932 A 0
10-year cony 7% notes__ _1932 M S
ant Agile Corp 1st 20-yr 56. _1932 M N
Stamped extended to 1942._ _ _ M N
Inter Mercan Marine s 6s_ _1941 A 0
International Paper be
1947 J J
Ref of 6sSer A
1955 M S
Rat Telep de Teleg cony 5399 1945 M
7418 Sale
7378 Sale
76 Sale
9658 Sale
9734 Sale
8658 8914
8812 Sale
04 Sale
100 Sale
10712 Sale
10214 10284 71 10034 10312
9612
9484 98
97% 29
98 June'26
911s 98
10412 105
9
. 10114 105
9934 Dee'25
10034 10158 --a§
Wig
10018
101
14 10018 102
11
Apr'25
13 May'26
13
13
1012 Mar'25'_
7234
7412 121 12-1; -fil
e
62
7578
7234
7334 257
7534
76
7834
64
78
9512
9658 81
85% 9714
82814 9812
943
9434
1
8812
88
934 4
20
37
3
8218 9178
87
4 98
84,
947
9312
91% 96
49
9912
9978. 59
9612 100
107
10858 516 107 11614
JUrgens Works 6a (flat prics)_1947 J J
Kansas City Pow ge Lt 55_ _1952 M S
1952 M S
Kansas Gas dr Electic 13s
Kayser (Julius) & Co 1st s f 75'42 F A
Kolly-Springf Tire8% notes_1932 M N
Keystone Telep Co 1st Ea....11)36J J
11111115 County El & P g bs__ _1937 A 0
1997 A 0
Purchase money 68
107 Sale
10134 Sale
105 Sale
10512 ____
10412 Sale
92 Sale
99
12334 1:24
107
108181 22
10134 10212 27
10434 10514 33
105
10512
1
10418 18
02
512' 3
18
1
92
103% July'26
1237 July'26 ____
C Due May. a Option sale.
10238 Sale
97
96
9734 10014
10412 Sale
100 ____
103 Sale
10034 Sale
197s
12
100
10014
101%
105
102%
90
102
12078
1 10
103%
106
10712
108
9212
104
12378
BONDS
N. Y.STOCK EXCHANGE
Week ended July 23.
513
:•°:
Kings County El let g 4s_ _ _1949 PA
'Stamped guar 4s
1949 PA
Binge County Lighting 58._1954 J J
1st & ref 6145
1954
J
Kinney(OR)&Co7 A % notes'36
11
Lackawanna Steel let Is A.._1950 MS
Lac Gas L 01St L rel&ext 55_1934 AO
Coll & ref 534s Series C.._ _ 1953 PA
Lehigh C & Nay 21 4 345 A _ _1954 .1 .1
Lehigh Valley Coal Ist 1 58.1933
J
1st & ref s 158
1954 PA
Lex Avs& P F 1st gu g 5&.1093 MS
Liggett & Myers Tobacco 75_1994 40
Registered
A0
55
1951 PA
Registered
PA
Lorillard Co(P) 75
1984 A0
Registered
40
50
1951 VA
Registered
PA
Louisville Gas & Electric 55_1952 MN
Loulsv Ry 1st con Ea
1930 J
Lower Austrian Hydro-Elec Co'stet 6349
_1944 PA
Price
Friday.
July 23.
Peek's
Range or
Last Sale
;
Range
Since
Jan. 1
Bed
Mak
4 Low
1074, N05 Low
7714 8218
8112 82 I 8112
2
8112
77% 82
8114 82
8114
81
9852 101
100% 10034 10034 10034'
1
10958 10934 10914 10934
5 106 110
10512 Sale 10512 10534
5 104 107
9614 100
99 Sale 9814
9914 18
101 Sale 10034 101
10 100 10114
10312 Sale 10314
10334 22 10258 105
98 18012
99
1
99
10012 1007 101 July'26
_ 10018 10112
100%
7
9912
9834 99
3
9978,
3978 4012
4012 Feb.26
HiTz Sale- 12234 123 1 6 118 12612
12012 122
117
____ 12012 May'26,
9934 10334
10112 Sale 100
5
101351
9812 __ 100 July'26I __ _ _ 100 100
116 120 12034 July'26..... 11512 121 18
115
11812 June'26 1 ___ _ 11812 11812
0.338 10218
9912 100 100
10012i 12
9414
9614 Oct'25!___ _
Iv; 1-0-0-7O.
100 Sale 997
100381 54
8912 9412
9234 95
9212 June'26
8712
46
8212 88
Menet' Sugar 734s
1942 A 0
Manhat Ry(NY)cons g 15_1990 A0
2d 4s
2013 ID
Manila Electric 75
1942 MN
Manila Elec Ry & Lt 5 1 55..1953 MS
Alarket St Ry 78 Series A.
_1940
J
Ant. Ed 1st & ref g 65 Ser B.1952 FA
Igt & ref 58 Series C
J
1953
Metropolitan Power 13s
D
1953
Met West Side El (Chic) 48.1938 PA
Mid-Cont Petr 1st6;0
1940 MS
midvale Steel& 0cony e 55 1936 NI
Mllw ElecRy&Ltref&ext4345'31
J
General & ref 55 A
1951 JO
1st & ref 5s B
19531
D
1st & ref g 68 Series C___ _1953 MS
Milwaukee Gas Lt 1st 4o_ _ _1927 MN
Montana Power 1st 55 A
1943 J J
Montreal Tram 1st & ref Is..1941
.1
Gen & ref 5 f 58 Ser A
1955 4 0
Morris & Co 1st s f 4;is.
.)
1939
Mortgage-Bond Co 48 Ser 2_1966 k 0
10-25-year 55 Series 3__1932'4
Murray Body let 614s
1934 ID
Mu Fuel Gas 1st gu g bs_ _ _1947 SI N
Met Un gtd bonds eat 4% _1941 MN
99
99
6612
6634
6212 July'26
1147 June'26
97 Sale 97
97
975 Sale 9738
0812
10712 Sale 10712
108
10014 Sale 100
10014
10412 105 10412 105
7312 7434 7334
7334
10434 Sale 10413 1047
97 Sale 9658
97
9818 9812 9818
9818
9934 100
9958
9914
9712
9612 Sale 957
10414 Sale 10414
10412
9912 9952 9912
9958
10158 102 10112
102
9714 Sale 9758
9758
93 June'26
87 Sale 8614
8734
81 May'26
97
9634 dale 964
9438
9212 93 9314
___ 10212 10212 June'26
101(
8. ____ 100 Mar'26
8
12
9314 103
5914 6912
53 63
102 11514
89% 07
97
9912
104 10814
9634 10114
102% 1051s
7112 7458
1014 10472
9224 98
0652 99
ggss 10014
9612 9712
100% 105
99%
99
2972 102
1)0's 9834
0212 93
88
84
80
81
90% 98
83% 9478
984 103
100 1021
.
Naasau Elec guar gold 45..A951 11 .1
National Acme 734s
1931 JD
Nat Dairy Prod 6% notes_1990 MN
Net Enam & Stamm; let 55.1929
D
Nat Starch 20-year deb be_ _1930 J J
National Tube 1st 55
1952 MN
Newark Consul Gas 55
1948 JO
New England Tel & Tel 55._1952 JO
lstg414sSerBwi
1961 M N
N Y Air Brake 1st cony 65_1928 MN
New Orl Pub Sem, let bs A _ _1952 A0
(St & Fells ser B........1951
D
N Y Dock 50-year 1st g 4s_ _1951 F A
NY Edison lst de ref 6148 A.1941 40
1st lien & ref 58B
1944 40
N Y Gas El Lt & Pow g 5E2_1948 JO
Purchase money g 411
1949 FA
NY L E& West C &RR 51481992 MN
N Y LE&W Dock & Imp 58_1943 1 .1
N Y Q El L do P 1st g 5s_ _1930 PA
N Y Rye 1st R E & ref 49.. _ _1942 1 .1
Certificates of deposit
30-year Lull Inc 5e__ _ _Jan 1942 A
Certificates of deposit
N Y Rys Corp Inc 65_ _ _ _Jan 1966
Prior lien 6s Series A
1965
NY & Rich Gas 1st (is
1951 M
NY State Rye let cone 4348_1962 33 N
let eon 634s series 13
1962 MN
Y Steam 1st 25-yr 65 Ser A 1947 MN
N Y Telep lst & gen s f 4 As_1939 NI N
30-year debens f 6s. _ _Feb 1999 FA
20-year refunding gold 65-1941 40
Niagara Fall Power 1st 58-1932 1 3
Jan 1932 A G
Ref & gen 612
Nlag Lock &O pr 1st Is A._1955 AG
No Amer Cement deb 6345 A 1940 MS
1952 M
Nor Amer Edison 65
Secured 51 g Oft Ser B..1949 NI F.
S
Nor Ohio Trac & Light 65_ ._1947
Nor States Pow 25-yr Is 11_1941 AG
A
Registered
1st tic ref 25-yr Os Ser B__ _1941 *0
North W T 1st Id g 4 As gtd_ 1939 1 J
6018 20
60
6038 60
9912 19
9912 9958 99
9714 9712 97
9814 92
101 103 101 June'26
10014 101
9914 June'26
104 10412 104 July'26
1027 ____ 1027
1
10278
102 Bale 102
10212 31
9358 Sale 935
94 14 144
10158 103 103 July'26
95,8 Sale 95
24
96
9412 Sale 9412
9558 13
8414 8534 8414
1
8414
11512 116 11558
116
11
10212 103 10212 1027
16
10512 Sale 10518
10512 31
9118 9158 9158
92
12
101
____ 101 July'26
_ 10234 May'26
HU,fth- 10014 10013 7
54
____ 55
Apr'26
54
_ __ 58 July'26
5
fo 5 July'26
7 Apr'26
32 10
28 Sale 277
2814 127
8212 Sale 8212
83
20
10234 ____ 10234 July'26
533 Sale 5312
5412 11
7334 Sale 7212 July'26
10312 104 10312 104
13
9758 Sale 975
9858 67
110 Sale 1097
11014 14
108 Sale 108
10834 50
10512 Sale 10158
3
10214
10512 106 10512
2
10534
100 Sale 100
101
12
9813 Sale 9712
9812 42
10358 Sale 10338
10414 28,
105 Sale 105
10512 16
9478 Sale 9638
9634 221
10012 Sale 9934 10012 461
9314 Jan'25
10411 1-95 10412
105
5
9712 9814 972 May'25
5818 6434
98 10014
9512 98
10018 103
9914 101
10154 10414
10012 10334
10078 10)12
9352 9434
10078 103
9034 9614
004 9612
8112 80,2
115 118
102 10484
4
104 105,
894 92
101 101
101.2 40234
,
4
10014 108
60
52
6022
46
5
10,4
312 1014
22
37
82 88%
10084 10244
5312 5934
7084 82
1011s 10413
97
9918
10078 11114
107% 109%
10084 103
10434 1064
99 10124
05 100
10114 105
10378 106
9234 99
9764 101
r)hio Public Service 7345 A..1946 A 0
1947 F A
1st & ref 7.1 series B
Ohio River Edison let 65...1948 J J
1944 F A
Old Ben Coal 1st 65
Ontario Power N let bs_ _ _1943 F A
1945 M N
Ontario Transmission 5s
1041 F A
Otis Steel 8s
1st 25-yr s g 7As Ser B 1947 F A
Pacific G & El gen & ref 5s_ _1942 J J
Pao Pow & Lt Ist&ref 20-yr 5530 F A
Pacific Tel & Tel let Is
1937 J J
Ref M 55 series A
1952 M N
Pan-Amer P & T cony s f 65_1934 M N
let 10-year 7s
1930 F A
Paramount-Bdway let 5145_1951 .1 J
Park-Len et leasehold 6 3.5a 1953 J J
Pat** Passaic G & El cons 58 1949 M
Peon Gas & C 1st cons g 621_1943 A 0
Refunding gold be
1947 M S
Philadelphia Co coil tr 64 A.1944 F A
15-year cony deb 53is_ _ _ _1938 M S
Phila dr Reading C & I ref 55_1973
J
11212 11314 11212
113
6
11214 113 11214
11213
5
10312 Sale 10312
10412
9
9112 Sale 90
917
4
10134 10214 10012 10158 21
1001
_ _ 10012 10012
1
1073210f12 10758 July'26
10238 103 10234
10234
3
9934 Sale 9912 100
43
100% 10118 100
10038
8
10138 Sale 10018 102
25
1003 Sale 10034
10134 48
10512 Sale 105
107
79
10558 Sale 105%
107
257
9714 9758 9712
977
18
8934 Sale 8934
9012
6
1025810258 June'26
113 1147
-8
- 113
113
12
10158 Sale 10158 10173 10
10434 Sale 10412 10434 12
10078 Sale 10034
101
34
100 Sale 100
6
101
112 11312
11038 11212
10114 10614
9714
88
9028 10212
9922 101
10514 10824
10014 10328
9712 1001e
9912 101
10038 10258
9" 10212
109 112112
10378 10778
9212 98
8512 96
100 10238
11014 113
9812 10314
103% 10534
9852 10112
9912 10234
Pierce-Arrow Mot Car deb 881943 M S
'lerce 0115 I 8s
Dec 15 1931 .1 D
Pillsbury Fl Mills 20-yr 65._1943 A 0
Pleasant Val Coal 1st g f 55_1928 J J
Pocah Con Collieries 1st s f 581957 .1 .1
Port Arthur Can & Dk 6s A.1953 F A
let M 65 Series B
1053 F A
Portland Elec Pow let 65 11_1947 M N
Portland Gen Elec 1st 55_1935 J J
Portland Ry 1st & ref 58
1930 M N
Portland By Lt & P 1st re!651942 F A
1st I & ref (is Ser B
1947 M N
1st & refund 7345 Ser A I946 M N
Porto Rican Am Tob 85_1931 M N
10714 Sale 10714
10712
7
10512 107 106
106
7
10218 10238 10212 10234
3
9914 Sale 9914
3
9914
9012 9034 9138 June'26
103% 10434 10434 July'26 _ _
10378 10512 10412 July'26 ____
10158 Sale 10112 10158 23
10014 10058 10014
10113 12
95 July'26
_
_
9158 92392% 16
95134 9158
10114 Sale 10114
10158 15
10718 10712 10712 10712
2
105
105
____ 105
6
1
103 10816
10312 10772
10114 10424
9812 100
9018 93
102 10512
10112 10512
99 104
9988 10212
9255 98
8524 9934
gg 103
10534 10858
105 115,11.
87
8712 86%
99 Sale
6634 Sale
58
62
42
7
14
13
1
48
83
38
47
57
45
65
53
10
10
18
12
13
1011-2 10
.
612
9612 98
443
THE CHRONICLE
JULY 24 1926.]
New York Bond Record-Concluded-Page 6
Quotations of Sundry Securities
All bond prices are"and Interest" except where marked'?,"
BONDS
isTOCK EX elf A'ME
Week ended July 23.
-
Price
N
Pride?,
July 23.
••••
W eek'
Range of
Last S..11,
es
&mot
Since
Jan. 1
a
Pressed Steel Car cony g 58_ _1933 J J
Prod & Ref s f 88(s ith warntal'31 3D
Without warrants attached. J D
Pub Serv Corp of NJ sec 68_1044 TA
Pub Serv Elec & Gas let 5%81959 A0
1984 AO
lot & ref 5345
Pub Serv El Pow & Ltg 6s...1948 60
Punta Alegre Sugar deb 75..1937 33
Remington Arnie 65
1937 MN
Repub I &S 10-30 yr 58 of_ 1940 AO
Ref & gen 5345 Ser A._ 1953 .1
Rbine-Westphalia Elec Pow 75'50 MN
1955 FA
Rims Steel 1st 78
1952 3D
Robbins & Myers s f 75
Rochester Gas & El 711 Set B_1946 MS
Gen Mtge 53As Series C _ _1948 MS
Rogers-Brown Iron gen & ref 7s'42 MN
MN
Stamped
rifoh No ton
1114
es ton
H4011
95
9584 9512
957
5
94 9818
11114 Sale 11114
11114
1 11014 11234
11114 _
11118 July'26
10934 11214
10312 Sale 10312 104
122 100 10434
10514 37 10334 10534
10514 Sale 10478
10478 gale 10478 105
32 10374 10612
10514 107 10138 10138 72 10138 108
108 10814 10738 108
10 104 111
8212 87
86
8812 17
9014 9112
9912 21
98
9912 98
9714 10014
9512 Sale 953
9512 27
9212 96
9912 50
9912 Sale 99
95 100
8912
8912 90
90
22
88 9078
5812 6012 5818
2
5812
56 6812
11112 Sale 111
11118
6 111 114
10518 10578 10518
1051s
2 104%106
53
53 July'26
56
5212 7334
52
5412 5018
52
2
501a 6512
St Jos By Lt Ht & Pr 58.......1937 MN
St Joseph Stk Yds 1st 4%8_1931 1 .1
St L Rock Mt & P55 stmpd _1955 J J
St Louis Transit gen imp 58_1924 A 0
St Paul City Cable cons 5s_ _1937 J J
Sake Co 5 7a
1942 FA
Saxon Pub Wks(Germany) 7845 M
San Antonio Pub Serv 1st 65.1952 J J
Sharon Steel Hoop 1st 88 Ber A'41 M
Sheffield Farm, lat & ref 6340242 AO
&errs & San nip Power 58_1949 FA
Sinclair Cons 011 15-year 78..1937 M
lit In col tr 68 C with war? 1927 3D
1938 3D
1st lien 630 Ser B
Sinclair Crude 011 3-yr 6s A.1928 FA
3-yr 6% notes B Feb 15_1926 FA
Sinclair Pipe Line f 5s_ _ _.1942 AO
1927 AO
Skelly 011 (13A % no/es
Smith (A 0) Corp 1st 6345 1933 MN
95
9534 9518
9518
91% 97
5
97 June'26
9538 96
7812
2
. 7715 7834 78%
78
8178
7612 Apr'26
7012 7612
96
__ 97% June'26
9514 98
110 1-1-012
110
10 1071811034
98% Sale 9812
9914 79
9234 9914
105 10538 10538 10512
7 10138 20678
10712 108 10734
10734
6 10738 109
10738 10734 107%
10738
2 106% 10812
97 Sale 97
97% 19
9112 98
97t Sale 97
9314 99%
9834 107
10334 Sale 103
10438 161 103 11334
9234 Sale 9234
93% 103
87 94%
10078 Sale 10034 101
47 10014 101 12
101 Sale 10034 101
39- 10038 10112
9034 Sale 90%
91
9178
87
63
130 Sale 129
13414 56 111%148
100 Sale 100
100%
3 100 10212
--95%
South Porto Rico Sugar 75_1941 3D 10712 Sale 10734
5
South Bell Tel & Tel let 81 581941 33 10212 10278 10238 July'26
_
Southern Colo Power (15___ .1947 3' 10112 Sale 10112 10218 15
10214
10238
10212
FA
103
S'west Bell Tel let ar ref 55_1954
40
9912 Sale 9912
9912
1948 MN
13PrIng Val Water g 58
3
1930 MN 100 Sale 100
10012 12
Standard Milling 1st fa
1945 MS 99% Sale 9912 101
1st dr ref 5348
10
108
Steel & Tube gen s f 7s Ser C 1951 .1 .1 108 Sale 1077
10
Stevens Hotel let 68 ser A__ -1945 33 10034 Sale 100
10034
4
9812 Sale 98
9813
Sugar Estates (Oriente) 78_ 1942
7
95
96
1929 FA-I 95
95
Superior Oil 1st s f 75
2
___
1021
56_1951
3D
July'26
Syracuse Lighting 1st g
5 _
10338 104 10434 July'26
Tenn Coal Iron dr RR gen 58.1951 3, 1024
Tennessee Elea Power let 66_1947 3D 10434 Sale 10438
37
6418 Sale 6418
1960 J
6478 53
Third Ave 1st ref 45
573
Adj Inc 58 tax-ex N Ya1960 AO 5678 Sale 56
96
1937 ii 9612 9814 97
Third Ave By let g 5s
97
1
1955 MS 95 Sale 9478
Toho Elec Pow Mt 75
953
96
9838 Sale 9312
Tokyo Elec Light 6% notes_1928 FA
987 214
1941 MS 10734 Sale 10734 1083
Toledo Edison 1st 75
35
99% 31
Toledo Tr L & P 534% notes 1930 J J 9912 Sale 9838
102
1023 June'26
Trenton G& El 1st g 513... _1949 M
Trumbull Steel 1st f (38_ _ _1940 TA 9614 Sale 9578
98
74
69:8 June'26
Twenty-third St By ref 56_1962'3 6712 70
97 Sale 9634
9712 62
Tyrol Hydro-El Pow 7348_1955 MN
Undergr'd of London 4%8_1933 J J
Income 65
1948 J J
Union Else Lt & Pr let g 55_1932 MS
Ref & ext 58
1933 MN
let g 5345 Series A
1954 .1
Union Elev By (Chic) 58-1945 AO
Union Oil let lien s f 58_1931 -1 1
30-yr 68 Ser A
May 1942 TA
let lien s f 58 Ber C
1935 FA
United Drug 20-yr 6s_Oct 15 1944 A0
United Fuel Gas let s 68_ _1936'3
United Rya St L 1st 48__ _,1934 33
1937 MN
United SS Co 15-yr 68
United Stores Realty 20-yr (15 '42 A0
U El Rubber 1st & ref 5sSer A1947'3
1930 TA
10-yr 73A% sec notes
U 13 Steel Corplcoupon___d1963 MN
1 10-60-yr 55)registered _41963 MN
Utah Lt & Tree lat Je ref 55_1944 AO
Utah Power & Lt let 58...„1944 FA
Utica Eiec L & P 1st 5s. _.1950'3
Utica Gas & Elea ref ext-58 1957 J J
Vertientes Sugar 1st ref 7s_ _1942 3D
Victor Fuel lst sibs
1953 .1
Va-Caro Chem 1st 78
1947 3D
Certificates of deposit
Stpd as to payt 40% of prIn
lit is
_1947
CU of deposit
Ctf of deposit istpci
/%5 with & without war_ _1937 1-1)
Certals of dep without warr_
Certifs of dep with warrants_
Vs Iron Coal & Coke let ti 58 1949 1741
Vs fly Pow let & ref 58
1934 33
Walworth deb 654s(with war)'35 AU
1st sinking fund Cs Set- A 1945 AO
Warner Sugar Refin let 7s__1941
D
Warner Sugar Corp lit 78-_-1939 3J
Wash Wet Power s f 58_ _ .1939 3,
Westches Ltt 55 stroPd g-td 1960 JO
West By Coal 1st 78
1944 MN
West Penn Power See A 58_1946 M
lot 75 Series D
1946 MS
lit ISti Series E
1963 M
1st 5%8 Series F
1953 AO
Weet Va C & C 1st 6I
1060 33
Western Electric deb 5s
1944 AO
J
Western Union coil tr cur 55_1938
Fund & real estate g 4%5.1950 MN
1936 FA
15-year 6348 g
Westinghouse E & M 78. _1931
N
Registered
MN
White Sew Mach 6s(with warn'36 J J
W(ckwire 8Peii Steel 1st 75..1935'3
Certificates of deposit
Certificates of deposit stamped MN
Wtrka ire Sp Steel Co 75 Jan 1935 MN
Willys-Overland f 6 h e_ _ .1833 M S
Wilson & Co 1st 25-yr s I 68.1941 AU
Registered
1925 JO
10-year coca 5 f ea
Certificates of deposit
D1931 FA
I0-yr cony f 7348
Certificates of deposit
1941 AO
Winchester Arms 7345
Young% Sheet & T 20-yr 68_1943 33
9118
96
Apr'26
_
9434 May'26
10114
10114
loois EipTle 1003s 101
10158 10234 10134 102
91%
84
8434 84
8434
10114 102 101% June21
10734 Sale 10734 10778
9834 99
98%
9878
10612 Sale 10612 10678
103 Sale 103
103%
7614 77
7612
7612
8711
8734 90
88
104 10414 104
10414
9378 Sale 93%
94
10612 Sale 10612 107
106 Sale 105% 10614
105 -Sale 10434 105
9112 Sale 91%
9234
97 Bale 96%
97%
1027
_ _ _ 10212 Apr'26
102 8102% 10212 July'26
9812 Sale 9818
98%
54
60
54 July'26
75 109 107 Jhly'26
108% 110 107 June'26
108% Sale 108
108%
108
108%
10712 Jan'26
110 Feb'26
80 Feb'26
107
-51 16 93 Jan'26
9318
99 Sale 9914
101%
91
9112 91
02
9612 Sale 9512
9612
84% Sale 84
8412
62 Sale 62
63
10278 10312 1027s July'26
102%
102% 102%
10112
10112 July'26
10112 1-0212 10112 102%
105 10514 105
10514
101 Sale 101
10114
105 10514 105
105
70 Sale 78
7978
10034 Sale
101 102
98% Sale
111% 112
10534 Sale
_
96% Sale
60
70
7
36
6
6
4
70
46
19
5
12
12
5
163
20
73
4
81
42
19
2
4
5
45
3
25
8
11
1
23
14
44
18
5
10034
10114 41
101
101
1
9812
9812
111%
11212 19
10534 106
63
10534 June'26
9614
9634 51
60 June'26
6014 Mar'26
80
7012 Mar'26
49
5234 4912
50
4
10234 Sale 10214
10234
8
9712 Sale 9712
9812 49
93 Feb'26
4312 May'25 _
41 May'26'____
41 May'26
4218 June'26'
10412 Sale 10414
104841 32
10418 Sale 10418
104121 53
a Due Jan. d Due April. D Due Deo. s Option sale.
_
107 10934
1011s 10312
9712 10278
100
,
2 103
9914 9912
9858 10112
9778 10114
10712 108
100 100,
4
8912 100
95 9712
100 10218
10218 10484
102% 106
5512 6512
4112 6578
9258 9812
9012 96
96 9914
10738 10914
98 9934
100% 10234
9412 98
61
75
9414 97%
94 06
90 95
100% 10214
10018 102%
100% 102%
7712 8512
10015 101%
10038 10814
9518 99
103% 10712
10112 104
74% 79
8712 95
103 105
91% 15
10614 10838
103 10734
10434 10612
8818 94
95 9934
100%10212
100% 102%
90% 9912
531a 6412
105 108
10614196
10434 10538
10412 109%
10678 10812
107 111%
80 113%
107 107
9114 98
9712 101%
89 9512
9114 9612
9014 100
62 88%
101% 10278
102 10338
100 102%
9978 103
105 10834
9934 10314
19438196
78 91
100% 10314
101 103%
9614 98%
111 11718
104 107
10534 10534
0412 96,
4
57
7012
6014 6014
7012 7012
4912 6811
101 4 10314
95,
8 101
(aft
Standard 011 Stocks Par 811
4nglo-Amer 011 vot st __El *173 1738
Non voting stock
*167 17112
100 10712 10912
Atlantic Refining
Preferred
100 11534 118
100 260 275 I
Borne Scrymser Co
Buckeye Pipe Line Co_ _ _ 50 *5012 6l12
Chesebrough Mfg new. 25 *7212 74 I
Continental 011 v t _ 10 *2014 2012
Crescent Pipe Line Co_ 50 *161 17
Cumberland Pipe Line_ _100 110 113
Eureka Pipe Line Co.- _ _100 52
54
Galena Signal 011corn...100 1812 1913
Preferred old
100 70
72 I
Preferred new
100 68
72 1
Humble 011 & Ref
25 *59
5912
Illinois Pipe Line
100 13334 135
I' *35
3538
Indiana lpalPOiel Line Co___ 50 *641 0012
International Petroleum_ t *317t 32
National Transit Co__12.50 *142's 1434
New York Transit Co_ -100 46
48
Northern Pipe Line Co_ _100 •7414 75
25 *57
Ohio 011
57%
25 2012 22
Penn Mel Fuel Co
25 *5138 52
Prairie Oil& Gas new
Prairie Pipe Line new..,.,l00 126 12612
100 188 189
Solar Refilling
Southern Pipe Line Co new- 63 68
m
etnn
p
,
Oil
thwP
25 *3714 3734
uth
8
:30
ou
Pipe LInes.100 50
51
Standard 011 (California) _ _ *5712 58
Standard 011(Indiana)_ 25 *6418 6412
Standard 011 (Kansas)__ 25 2134 2212
Standard Oil(Kentucky) 25 *123 124
Standard(311(Neb) new_ 25 *4434 46
Standard Oil of New Jer. 25 4312 44
Preferred
100 1161 11614
32%
il of New York 25 *32
Stan
Standard 011 (Ohio)..100 295 300
Preferred
100 120 121
100 17
19
wnanAIalnnkeh
T
Car Co_ _100 9212 937
Union
Preferred
100 11712 11814
Vacuum 011 new
25 102 103
10•
Other
Wn OP
S Stocks •'
Washing
Oth
4tlantic Lobos 011
't *112 138
Preferred
50 *318 308
Gull
2 48414 8434
° in Producers
Mountain
10 *2412 2434
6 .612 814
Mexican Eagle 011
National Fuel Gas
100 150 156
10 *878 9
Salt Creek Cons Oil
10 *303a 3012
Salt Creek Producers
Railroad Equipments Per Cf.
5.10
Atlantic Coast Line es
Equipment 6344
4.85
5.10
Baltimore & Ohio es
Equipment 434s & 58
- 4.75
Buff Roch & Pitts equip 6s
5.10
4.85
Canadian Pacific 41,xs A. as
Central RR of N J 68____ . - 5.05
5.10
Chesapeake & Ohio 65
4.95
Equipment 63As
4.75
Equipment 58_
Chicago Burl & Quincy its. _ 5.10
6s_
5.10
Chicago & North West
4.95
Equipment6544
Chic R IA Pat 434s& - 4.85
5.15
Equipment6s
5.15
Colorado & Southern 65
5.05
Delaware& Hudson 65
5.00
Erie 43413 & 58
5.15
Equipment 65
5.10
Great Northern 65
4.85
Equipment 55
4.75
Hocking Valley 5s
5.10
Equipment65
Minas Central 430 & Ss... 4.75
5.05
Equipmentfis
4.85
Equipment 75 & 6(45.5.10
Hanes ha & Michigan Oa
5.00
Equipment 4345
Kansas City Southern 5545. 5.10
Louisville & Nashville 66.... 5.10
485
Equipment6348
4.95
Michigan Central 55 & 65
Minn St P &SS M 43456.55 5.10
Equipment 630 & 78--- 5.20
5.25
Missouri Kansas & Texas 65
MissouriPacific 65 & 6348
5.20
Mobile & Ohlo 43486.55-- 4,90
New York Central 4348 & 68 4.75
Equipment65
5.05
4.85
Equipment 75
Norfolk & Western 4545..._ 4.70
4.95
NorthernPacific 713
4.95
Pacific Fruit Express 75
Pennsylvania RR ea 511 & 68 5.15
5.00
Pitts & Lakv Erie 6345
Equipment65
5.13
4.70
Reading Co 434s ASS
St Louis & San Francisco 5s_ 4.85
65_
5.20
Seaboard Air Line 5;As &
4.70
Southern Pacific Co 4345
54.80
Equipment 7s
4.85
Southern By 4345 AS.
Equipment65
5.10
Toledo & Ohio Central 68.. 5.10
Union Pacific 75•
4.85
BaaSs
4.90
4.70
4.95
4.60
4.90
4.55
4.90
4.95
4.75
4.60
4.95
4.95
4.75
4.70
5.00
6.00
4.90
4.75
5.00
4.95
4.65
4.65
4.95
4.60
4.90
4.70
4.95
4.80
4.85
4.90
4.70
4.75
4.85
4.90
6.05
4.90
4.65
4.60
4.90
4.70
5.55
4.75
4.75
4.65
4.75
5.00
4.55
4.65
4.95
4.60
4.70
4.70
4.95
4.95
4.70
Public Utilities
Tobacco Stocks
Amer Gas & Elec
93
t 891
6% pref new
95
American Cigar common 1.110 120
t *93
25
100 99
t2
2014
&
011.
4
Deb
MAN •99 100
D
eer
02
Preferred
Am
me com_100 215 220
tish
arer
-A mer Tobac ord. El *22
23
Brhe
61 *22
ower100 106 109
23
& Lt pref_,,..100 96
preferredP
Amer
28
9712 Imperial Tob of 0 B & Irel'd *27
.100 95
Deb 65 2016
M&S 98
9912 lot Cigar
00
82
Tin Foil & Met..100 60
939
4 mer Public UM com___100 7
7% prior preferred __100
95
42
edrews & Forbes.
41
MacArn
100 101
4% partic pre!
90
100 87
03
Preferred
100 3512 38
Associated Gas & El pf_t *50
51
Mengel Co
Secured g 634a 1954_ _J&J 510312 104 Porto Rican-Amer Tob_ -100 69
75
Blackstone Val G&E corn 50 *98
99 Universal Leaf Tob com-100 72
74
Cities Service common_ 20 *4114 4138
00
Preferred
100 98
Preferred
100 8614 8612 Young (J 8) Co
26
300 120
.73
8
Preferred B
Preferred
10
08
100 104
100 74 _ _
CiPtiresetSeerredrviceBianB kers Shares *2034 2112 Rubber Stocks (Cleveland)
(t) s7
Com'wath Pow Corp new./ *38% 3834 Falls Rubber corn
9%
25 *15
Preferred
Preferred
100 86
87
19
10is109
on
Share pref_100 108 110 Firestone/ire & Rub oom100
15
El
02%
Elec Bond & Sh Secur
6812 6912 6% preferred
101
100 9712 9812
Lehigh Power Securities_/ *1714 174
7% preferred
Mississippi Riv Pow corn 100 64 __ _ _ General Tire & Rub corn. 25*135
45
1012
m
98
106
Preferred
Prre
Fiefterred
100 95
tge 55 1951
J&J 10114 102%'Goodyeak Tire & R coM_1001 35
37
96
100 r
S F g deb 7s 1935_ _ki&N 102 -- -- Goody'r TAB of Can
Nat Pow & Lt pref
/ *101 102 India Tire & Rubber new (t) *2913 3112
*12 1
Income 7s 1972
.1.6-1 104 105 Mason Tire & Rub cOM-(/)
7
100
North States Pow com_ _100 10112 103
10
Preferred
100 101 103 Miller Rubber preferred-100 10014 01
_ 37
zas Elea Co com_100 18
100
Pr Texas
Mohawk Rubber
No
red
100 45
Preferred
ii 75
Gasr El let pref _100 100 101 Selberling Tire & Rubber (t) *24
cirricer
PaP
2412
9612
100 92
Power Securities corn
10
t *5
Preferred
Second preferred
20
Coil trust 65 1949___J&D
Sugar Stocks
t •
t7
1)29
1
0
5
50 *114 214
Incomes June 1949__F&A *82
86 Caracas Sugar
ru
eneduP
ed
ow A Lt_ _100 28
Pug
6%
et 8:
30 Cent Aguirre Sugar corn. 20 *7712 7912
100 134
85 Fajardo Sugar
37
100 82
7% preferred
50
100 d102 105 Federal Sugar Ref corn._100
100 16- 75
let & ref 534a 1949_ _J&D 9912 10012
Preferred
Republic By & LIght_100 83
86 Godschaux Sugar, Inc AI) *112 3
100
Preferred
17
9
Preferred
100 105 107
Cal
CterredEdison 8% pi 25 833
32
So
34 Holly Sugar Corp nom (t) *27
Standard (16.E1 7% pr p3100 10212 10312
100 75
80
Preferred
Tenn Elec Power 1st pf 7% 102 103 National Sugar Refining _100 11312 1512
96 New Niquero Sugar_ _ _100 60
Western Pow Corp pf 100 93
75
West Missouri Pr 7% pref.. 94
97 Santa Cecilia Bug Corp P1100
Savannah Sugar corn---(t)
150
Short Term Se-urities
100 116 120
Preferred
Anaconda Cop MM 6529 J&I 10211 103 Sugar Estates Oriente p1.100 55
62
Chic R I & P 5s 1929_J&3 100 10038
Federal Slug Ref 611'33.31&N 92
95
Indus. & Miscellaneous
Missouri Pacific 58 '27_J&J 100 10014 American Hardware
25 *83
86
Sloss-Sheri MI 05 '29.F.tet 10212 10234 Babcock & Wilcox
100 118 120
WI. Cent 534s Apr 15 '27_ _ 10014 10038 Bllsa(E W)Co new
(t) *1914 2014
50 *52 60
Preferred
Chicago Joint Stk Land B
Borden Company corn..(t) *9712 99
4343 Nov 1 1951 opt 1931-- 10212 104
21
Celluloid Company
100 19
58 Nov 1 1951 opt 1931_- 10012 10214
100 6812 72
Preferred
58 May 1 1952 opt 1932_ 101 110214 Childs Company Met-100 115 117
4II5 Nov 1 1952 opt 1932 _ _ 10014'10112 Hercules Powder
100 160
434s Nov 1 1952 opt 1932.. 99 110014
Preferred
100 114 fir
4415 May 1 1963 opt 1933__ 10014 10112 International Silver pref.
.100 105
5s Nov 1 1963 opt 1933_ - 10114'10234 Lehigh Valley Coal Sales 50 egg
92
4345 Nov 1 1964 opt 1934_
991210034 Phelps Dodge Corp
100 120 125
4345 Oct 1 1965 opt 1935.. 993110034 Royal Baking Pow com_100 160 166
PSC Coast of Portland, Ore100 99 101
Preferred
58 1965 opt 1935___M&N 10114 10314 Singer M anufacturing _ _.100 357 363
68 1954 opt 1934___M&N 101 103 Binger Mfg Ltd
Al •812 7
"1212 'it
41
72
40 83
41
72
101% 10434
10114 10412
•Per share.
No par value. b Basis. d Purchaser also pays accrued dividend.
a New stock. I Flat price. k Last sale. n Nominal. z Ex-dividend. D EL-rights
t Ex-50% stock dividend. *Sale price
Canadian quotation.
BOSTON STOCK EXCHANGE-Stock Record See BO
444
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 17.
1II°nary
July 19.
Tuesday,
July 20.
Wednesday, Thursday,
July 21.
July 22.
Friday,
July 23.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE.
Range Singe Jan. 11928
Lowest
Highest
Railroads.
+172 173
292 Boston & Albany
17212 17212 1715* 172
1715 172
1715* 172
1715 17138
.100 159 Jan 9 175 Feb 13
847 8478 8414 8434 8334 844 8312 84
481 Boston Elevated
8334 8412 8334 8412
100 77 May 3 8512July 15
101 101
124
24 Do prt
101 102
101 101 *100 ____ *101
10112 10112
loet
100 89 Feb 27 102 Mar 20
*118 120
120 120
118 118
pre(
_ _*108
100 11518 Jan 16 122 Jan 7
*106
145 Do 2d preferred
__ 107 10734 106 107 *106
____ 106 1-66-100 9812 Jan 9 112 Jan 2
g 56
57
5612 564 5513 57
54
55
5414 55
8
. - ii- 2,590 Boston & Maine
100 35 Mar 30 5714June 18
Do pref
*55 _ _ _ _ *56
_ _ _ _ *56
564 _ _ _ _ _ _ _ _ *53
55
100 32 Apr 14 53 June 30
---Lig Do series A 1s1 pref._ _100 59 Apr 15 78 July 17
g 76
78
*77
78
77
77
*75 ___- 7612 7612
25 Do series B 1st pref_100 84 Apr 15 117 July 17
117 117 *117 124 *114 120 *114
*114
*95
20 Do series 0 1st pref___100 74 Apr 15 95 July 21
*117 ____ *100 110
*95 105
94
95
Do series D 1st pref...100 105 Jan 29 145 June 8
*140 148 *135
*135
*135
_
Prior
2
10213 102-1-2 102 102
103 103
102 10212 102 1-02 1-62
94 Apr 16 103 July 20
10112
- --- _55_ Bo
*182
_ *182
Preterea
Providence
*180
*180 ____ *180
100 217512 Mar 19 182 Jan 29
5512 57 *____ 57 - 'Lc if' ---220 East Mass Street Ay Co..100 51 Apr 22 61 Jan 6
30 Do 1s1 pref
*65
6512 65
6512 6513 6512 *65
100 5913 Apr 29 71 Jan 2
6512 *65
6512
64 Do pref B
62
61
GI
61
61
*261
63 *261
63
62
62 *261
100 56 May 6 69 Jan 13
200 Do adjustment
*4212 44
*4212 44
4212 43
*4212 44
*4212 44
*4212 44
. 100 40 Apr 29 4914 Jan 29
76 Maine Central
54
55 *____ 55
524 53
*__
55
*52
55
100 50 Feb 10 60 Feb 3
4 4,313 N Y N H & Hartford
4714 488 4718 4818 4638 4738 45% 464 4514 4638 -iiEs 16.1100 31% Mar 30 4818July 17
10 Northern New Hampshire_100 81 Apr 8 90 June 16
*91
*91
*91
*90
*91
6 Norwich & Worcester prof _100 120 Apr 22 127,2July 17
*125
*127
*125
122 12212
12712 1271313.125
77 Old Colony
121 121-121 122 *120 122 *120 122
.3121 122
100 111 Jan 6 122,2July 10
---- ---- ------ Vermont & Massachusetts _100 9934 Mar 12 10314 Feb 4
____ *102
____ *102
*102
____ *102
n03
Miscellaneous
*314
50 Amer Pneumatic Service...25
*334 4
*334 334 *334 4
*334 4
314 Mar 29
5 Jan 7
140 Do pref
.iii23
*2212 23
1
.
1i41 1_--4-_-1---5;-23
*2212 23
2213 221
23
50
23
50 2112 Mar 3 2514June 3
1,161 Amer Telk.phone & Teleg 100 13912June 24 15034 Feb 15
14112 142
14112 142
14134 14218 14138 142
14112 142
6671Amoskeag Mfg
49
49
*493 50
4812 4812 4912 5012 5012 51
No par 4812July 13 71 Jan 2
53, Do pref
73 ____
73
73
73
34 7234 *7213
73
*721372
7214July 2 78 Feb 23
--Art Metal Construe, Inc...
_ *220
*217 II-- *217
21
220
_ _ _1.3220
N _l
paOr 20 Jan 16 2112 Jan 23
420I Atlas Plywood t 0
WO 60 6660
60
60
59
C0'21 60 "60
59
60
5212 Apr 14 63% Jan 19
400. Atlas Tack Corp
12
*1134 12
12
12
12
12
*12
1212 *12
1214, 12
91:June 19 1714 Jan 2
3251 Ber.eon 011 Co cool T C5ro par
*18
1418May 11 2012 Jan 14
1814 18
18
*1712 1812/ 1734 18
18
18
566,Blgelow-Hartf Carpet_ _No par 8314May 24 9813 Jan 2
8512 *285
8512 8512 85
85
8512 8512 *285
8512 84 15 Boston Cons Gas prat6 l4%100 10512 Jan 25 10912June 21
*2106
_ _ *2106 _ _
*21061210712 *21061210712 *21061210712
---- ---- 70 Dominion Stores, Ltd No par 57 May 8 6812 Feb 1
*60
65
*60
65
*60
65
65
65
*60
65
---- ---- ______
Do pref A
100 104 Jan 5 11218June 9
_ East Boston Land
312 Jan 21
1
5
-.32- -14 -*i- --2-38 -;2- -138 -'
.F
- -2-3;1 -;i- --2
1%May 20
10
550,Eastern Manufacturing
312 312
434July 14
*434 5
334 4
*434 5
412
312 Mar 8
5
412 434 *4
829 Eastern SS Lines, Inc
62
60
62
62
6212 6012 6112 61
6134 61
6212 80
25 57 Apr 15 8812 Jan 22
25 Do pref
*42
43
44
*4212 43
*42
4312 43
43
*43
No par 3834 Apr 15 45 Jan 6
---- ---1st pref
*93
95
95
_--- ______
96
*92
95
*93
*93
96
*93
100 92 June 25 9913 Jan 9
170 Economy Grocery Stores
*1934 2012 *1912 2034 1913 1912 *1912 2012 1912 1934 --__
1912 July 7 26 Feb 5
192 Edison Electric Ilium
230 230
229 230
230 230
10012207 Jan 15 250 Feb 11
228 229
22912 230
.32227 229
4
0
Galveston-Houston
*15
1612 1613 1612 -------*15
17
Elec.-1901 14 June 22 2513 Feb 25
17
17
*15
*15
ctrraisltPeth
8 ___6io an
o Ser Corp corn_
1334 _..8i4 _3_67_
1334 *12
134 *12
1134 Apr 12 17 Jan 22
*1212 1334 *1212 1334 *12
36
37
3612 37
3
No par 3414 Apr 20 402 Jan 12
36
*23614 3634 35
3534 36
1,028
Gidette Safety Razor No par 8812 Mar 30 11312 Feb 6
92
94
9212 93
9412 9312 94
96% 9634 947 9612 94
Greenfield Tap dr Die
12
13
13
*12
13
13
13
25 10 May 6 1338July 17
12
13341 *12
5712 5712 -5:iT2 -ii12
190 Hood Rubber
No par 5712July 7 6834 Feb 4
*5712 58
*5712 58
*5712 58
58
58
lnternat Cement Corp_No par 52 May 17 6814 Feb 9
-5
- -_-_-_-_ -_-_-_-_ ______ International Produeti_No par .10 Jan 2 .25 Mar 24
-37.-10 Ti -37.-10 --.4i -37.10 Tia .7.ib .-4I- -.17.-1-0 --.4
Do pref
.25 ____ ____
100 .30 May 19 .55 Jan 5
25 *____ 25 .3_ _ _ _ 25 *____ 25
Kidder, Peab Accep A pref.100 z93 A Pr 15
*95 --8. _
*95
*95
*95 ____ *95
______
ill L• ibby, McNeill & Libby
1
818 8 4 ___
10
7 Mar 24 99,514 Fell 5
*8
812
818 812
81s 8%
818 84 *814
38
3
516 Loew's Theatres
7
7
25
6 July 8 1218 Jan 18
7
7
7
7
67
7
634 7
355 Massachusetts Gas Cos-- _100 80 Apr 20 8613 Feb 26
8234 83
8234 83 *28234 83
83
83
8314 8314 83
83
6712 6718 6718
100 65 Jan 6 704 Feb 20
*67
68
6712 674 1712 6712 67
12
52
5 M• e
711
Drg
oentphra
efier Linotype_No par 1104 June 2 $110 May 1
57
"10
*106 10712 *105 107 *105 10712 *105 10713 105 10514 *101
433 Mexican Investment, Inc_ 10
734 Apr 22 1438May 26
134 1312 1278 1334 *1212 134 1234 1234 125* 125* ____
_
_
_
Miss
Riv
Pow
stpd Prof._.100 89 Apr 9 96 Jan 4
97
97
*95
97
*95
*95
97
*95
*95
97
2% __ 475 National Leather
278 312 *2% 314
-3-4 --:---2% 2% -2
2% 218
318 315
2814 2812 2814 2812 2,098 Nelson (Herman) Corp_ _ _ 12 10118
.1% 1; 21111
ury lg
21‘
2Jj
*2812 29
29
2914 29
2912 29
29
_ 3_ 00_ New
D0EnogroO
filaR
yeoftgo
) tr c-Us___ .20 Jan 2 .95 Apr 29
*.25 .30
.30 .30 .3.25 .50 .3.25 .50 *35 .50 .._ _ _
9
p0
1
3 July 15 1012 Jan 9
9
*3
____ -ii"priorlO
*3
*3
9
*3
9
'
33
9
99
99
99 ---- __ 349 New England Pub Serv
96 Mar 2 100 Jan 6
99
99
99
99
99
99
99
99
65 New Eng South Mille_No par
8 Feb 18
____ ____
2 May 11
3.2
____
2
2
*2
101 Do pref
100 10 July 6 28 Jan 29
16" io io *____ io s____ 10 *____ 10
veriu
Atnfz
ow
ut
516 Ne
dtT
8elloetpo42
1 fT
olelleg
poid
1
.
00_ 1107 Apr 1 1184 Feb 17
114 11434 114 11412 114 11414 114 11414 11314 114
I Il
:
i
!
3
l_4 :
89 Feb 13 96 Feb 25
____ *91
93
i_ia
9212 *91
91
*91
9212 *91
____
ref 25% paid
___ HO
459
18 Feb 1 27 Feb25
__
1912 *19
197
1978. 198 194 1912 *1912 21
462 Pacific Mills
3612 -36- -3-i36% *236
3612 3612 3618 3618 36% 3618 36
30 Plant (Thos G), 1st pref
2
2
(
0
) 1012.111Yr 25
6 6
58
514 j
Jan 12
49
47
60 3._ _ _ _ 57 *_ _ _ 57 *____ 57 s__-- 57
Reece Button Hole
10 15 Feb 8 17 Jan 12
*1512 ___- *1512 ---- ---- ---*15
16
*15
16
.315
16
--- -_-_-_ R• eece Folding Machine
134 Apr 28
10
112 Jan 19
*112 2
*112 2
*112 2
*113 2
*112 2
582 Swed-Amer Inv par Drat 100 98 Slay 28 107 July 20
106% 107
1068 107
10638 1065 1063s 1065* 10612 107
127 Swift & Co
100 111 Apr 21 117 Feb 20
11213 11212 11214 11212
11213 11314 11212 113 *11214 113
113 113
70 Torrington Co
25 54 Mar 31 70 Jan 4
65
65
6512 6512 8512 8512 .6512 66
*6512 66
*6512 66
100
Union
Twist
Drill
5
7 Jan 5 1513 Feb 11
11
11
*11
1112
1112
3
.11
1112
1113
*11
1134 *1114 1134
552 United Shoe Mach Corp.__ 25 47 Mar 31 5234 Feb 20
4734 4734
4734 48
47% 48
4734 4734 4734 48
4734 48
163 Do pref
28
28
28
28
28
28
*28
284 28
28
28
28
470 U S & Foreign Sec 1st pref I 2
p5
_ 10g Sla
a„0
n
1064 10712 ____
105 107
105 105 *2103 105 *2104 105
3
A pyr 8
20
1 m
17
0 May 30 9
6
85
84% -Si- 1,150 1st pref 75% paid
84
85
84
81
82
81
85
*281
82
2012 5,495 Waldorf Sys,Inc,new sh No par
*1914 193
1912 195* 1913 1978 *19% 1934 1914 1978 20
480
Walth
Feb
2
5
18
40
Watch
cl
Ja
a
n
B
29
com_No
par
40
40
40
40
41
40
40
38
3878 *35
39
39
189 Do pref trust etts
____ ____
100 52 Jan 23 60 July 19
59
*56
60
*57
5714 60
59
59
57
58
165 Do prior pref
100 102 Jan 29 11012 Apr 13
108 108 *107 110
*107 110
108 109 *108 110
---- -----------385
Walworth
Company
20 1234May 28 23 Jan 27
*1614 1714 1614 1612
17
1712 1712 17
1712 17
365 Warren Bros
50 44 Mar 25 501s Feb 18
46
____ .
4512 4512 45
*4534 46
454 46
*4534 46
43 May 24
110 Do 1st pref
____ ____
*408 42
403 403s 403 51
403 408 *4038 42
Do
2d
pref
47 Feb 10
______
0_
____
*43
434
____
4312
4312 *43
*43
4312 *43
43
43
Jan 2
Will dc Baumer Candle com2
.
8
_
____ ____
*1234 13
*12% 13
*1214 13
*1234 13
•1234 13
Mining
1;
1u
ujilnyn
y1
A
m
d
gv
o
e
m
na
0
5532
:4:
J
Mar
15
6_2_0_
t
o
u
re
.
1
4
mi
C
oo
log
nsolidated_
25
.05
_
_
.35 .35 *30 .40
.25 .40
.25 .25 *.35 .50
.35 .35
25 .10 Feb 2 .10 Feb 2
3.10 .25
*.05 .25 '
114July 19
,215
Arcadian
Mar
27
--i-1
-18
2
.25
--ii4
ii
Consolidated_
_
25
I
114
118
14 --1-1-4
1
1,110 Arizona Commercial
*1134 12
1214 1234 12% *21134 12
12% 12
1214 1212 12
n3r
e 2g
11aL
la
200 Bingham Mines
lg 215
*32
33
34
34
33
33
33
3334 33
35
*33
*33
3,962
Calumet & Heels
1512 1512 15% 1534 1512 1534 1512 1534 153s 1534 15% 15%
650 arson
Gold
2g .20 June 1; .50 Jan 2
*33 .25
.
.
.22 .23
.26 .26
.25 .25
•30 .30
oyy 1.0 20 Jan 4
1,245 Copper Range Co
25 1334/11a
1612 17
1612 17
177
17% 164 17
17
2
8
4 Feb 3
925 East Butte Copper Mining_ 10
4 35*
312 35* *33
338 334
35* 338
35* 338
338 34
25 .35 May 21
114 Jan 20
___ -- Franklin
0 175
4 ......Franklin
*a.50 .75 *a.50 .75 3.a.50 .75 3.a.50 .75 *a.50 .75 *10
Feb
25
114July 17
Consolidated_
_
25
.50
Hancock
1
114
1
1
*1
1
114
114 114
1 14 Mar 29 2114 Jan 4
555 Hardy Coal Co
1712 *17
1712
1714 17
1734 1712 174 1714 1712 *17
17
24
7
21 gilt
2 Jan 11
200 Helvetia
1 4 *1
114 *.90
14
114 s,1
114 1*
112 113 *1
29 184 June 8
35 Island Creek Coal
17312 173 *173 1734 173 17313 *172 17312 *172 17312
176 176
10212 Jan 28
Do pref
____ *102 104
_ _ •102 104 *102 104 .3102
_ *102
*102
Copper
25
912June 7 1312July 17
Isle
Royale
695
1218
*1212
13
121s
1234
12%
4
13%
13
1
312
123
1314 -1-31-2
Copper
25
.60
Jan
2
178July 17
900
Keweenaw
114
114 *I
114 *1
118 118
178 *14 114 .31
Ils
25 .75 May 19
138July 14
120 Lake Copper Co
112 *Ds
138 •133 113 *118 112 *114
112
114 114 *13
Copper
25
.80
June
12
La
Salle
213
850
Mar 15
nig
14
*1
112
138 *1
114
14 112 *Ds
114 112
Mason
Valley
Mine
5
15
Jan
26
•111
17
8
23*
Feb20
8
17
*112 178
*112 178 *14 178 *112
*112 17
700 Mass Consolidated
25 .25 Mar 16 .75 July 19
.50 .50
.50 .75 .3.65 .75 .3.65 .75 .3.65 .73
.45 .50
400
Mayflower-Old
Colony
25
.55
Slay
17
14
Jan 6
114
.
330
1
14
1
1
*al
.80
.80
118
114 'al's
1,835 Mohawk
25 30 Mar 30 3934July 14
3813 374 38
38
38
387
3812 3814 3834 3818 39
38
5 1812May 19 2314July 17
2214 2234 1,705 New Cornelia Copper
2314 225* 23
225* 23
2314 23
227 2314 23
300 New Dominion Copper
.05 Jan 30 .20 June 10
.20 .20 *AO .30 *AO .30 *AO .30 ___ ____
.15 .18
New River Company
100 24 Apr 20 25 Feb 4
22 +____ 22 *-___ 22
22
22 *
22
121
Do
pref
100
45 July 13 72 Feb 11
50
*45
50
*48
*46
50
*45
48
50
454
45
45
77 Jan 27
1
5 July 8
514 514 *54 512 *54 58
514 514
54 53*
*2514 512
215No
NlPrits1:1B
nguttiriM
nea
lning
212 1,285
15
2 Apr 13
334 Jan 9
213 234 *2
234 234
234 27
2% 28
234 234
Ojibway
390
Mining
*al
114
1
.3.99
118
25
.50
Jan
4
1 Apr 29
.99
3
..90
114
114
114 .341.99
.3(1.99
235 Old Dominion Co
19
19
20
1812 1812 *1813 19
25 14 May 26 20 July 17
*19
20
20
1918 20
105
Pd
Cek
Pocahontas
113
4
113
4
*1112
1134
CoNo
ear
*1112
117
8
117
8
*Illy
1012
Mar
29
15
Jan 2
113
4
1134
12
4
.3113
755 Quincy
23
2112 2213
25 1512May 24 25 July 16
243* 2313 2413 2212 22% 22
2412 2412 23
96781 Mary's Mineral Land___ :5 2512May 25 3811 Feb 10
3134 31
31
*304 31
324 3112 3212 31
32
3212 33
Seneca Mining
478June 1
9% Jan 4
-.83 -.7:5-0 -:i6 --.-4-0 --;io -----5-4-0- Shannon
Tii
10 .35 May 18 .80 Jan 6
6-5
5" --.*5
.60 .65
400
Superior
dt
Boston
.75
.90
.75
.90
Apr
.95
'
3
.75
'
3.65
Copper_10
.35
21
Pis
.
3.75
Mar 1
.90
.90
.90 .90
73
riapex Mining
5
6 Jan 6 11% Feb 5
734
712 734 *74 734 1,082
s 8 I 73 77 *138
8
8
710 Utah Metal & Tunnel
112
1%
1%
1 .60 Jan 8 2134. Mar 13
114
114
Fos 1,,41
*I% 1% •138 14
Victoria
3.50 .75 *.50 .75
25 .40 M9V 24 75 Feb 23
..350 .75 •30 .75 *30 .65 •.50 .75 '
.0_ Zivnoont:iaot
25 .12 July 8 40 July 20
.35 .40 *.25 .40, •.25 .35 +.20 .25 - 2,3_0
.30 .35
•.22 .30
9' 40 Foh , 45 *A*?"
I
Jai,
- 1-6i- ---
iN iFenteAg
Apr
ii Iv,
ii
I
17% 1778 171z
,,f1,iaaanr
-.68 -75-5
PER SHAMS
Range for Previous
Year 1925.
Lowest
litok$137
Feb
156
7514 Mar
92
Jan
109 Mar
94 Mar
10 Apr
114 Apr
17 Apr
29 Apr
25 Apr
3512 Apr
96 Der
Feb
167
26 Sept
60 July
51 Aug
35 Sept
23 May
28 Mar
70 Feb
Jan
100
Jan
96
87 Feb
16434 Jan
Jan
86
10414 Dec
130 Dec
116 Dee
494 Dec
46 Dec
65 Dec
8712 Dec
7913 Dee
116 Dec
99 Nov
180 May
624 Nov
73 Dec
70 Dec
50 Dee
56 Dec
465* Dec
00 Dec
125
113
101
5
212 Mar
244
1612 Mar
1303* Jan 145
6112 May 87
7014 May 86%
16
Jan
14
4613 Aug 6711
04 Aug 21
974 NOV
103
Jan
2814 Jan
99 June
113 Apr
3 July
42 Mar
Jan
35
Jan
89
18 Aug
Jan
200
Oct
17
Oct
Oct
Dec
Dec
Dee
Dec
Aug
Aug
Aug
Dee
Dec
1-0-9-12 -6-0*1
10814 Aug
Oet
74
100 Dec
63* Sept
64 Jan
897 Dee
464 Oct
100 July
2313 SODI
213 May
Jan
38
-3-214
.-Aug 43 July
5712 Jan 11512 Dee
1512 June
11 May
Oct
72
52 May
Oct
80
5213 Jan
Jan
2
.05 Dec
104 Jan
.10 Dee
98
538
13 Nov
8211:
8
Jan
Apr
114 Aug
1373 Jan
68 Feb 84 Dee
Oct
534 Jan 70
Oct
Jan 197
167
714 Sept 1634 Jan
8712 Jan 964 Nov
Dec
jIn
7 Dee
13
14 Dec 15%
2 June
.10 Dec
534 Apr 12 Sens
27 Dec
20 Dec
99 Apr
90 Sept
20 May
60 Dec
32 Aug
1514 Aug
114 Nov
9914 Dec
1094 Apr
4513 Apr
Oct
3
4034 July
2612 Jan
98 Mar
2411 Jan
144 Aug
5
Jan
174 Jan
65
Jan
1634 June
37
Jan
3738 Jan
404 Jan
11 Mar
11 Feb
Jan
55
12213 Nov
100 May
28 Mar
814 Jan
Oct
75
Apt
18
25* Jan
101 Dec
120 Feb
734 Dee
713 Jan
60 Nov
29
Oet
12412 Dee
73 Nov
1934 Jan
34 Dee
57 Dee
108 Dec
2714 July
5011 July
434 July
48 Dee
217j Dee
.05 Dec
.10 Mar
.50 Dec
94 mar
2814 July
1214 June
.20 May
18 Dec
3 June
.04
Jan
.60 June
1512 July
1 Dec
121 Mar
944 May
97 Apr
.50 June
1 Apr
1 Dec
.95 Sept
.40 May
.50 Nov
2512 June
18 Mar
.10 July
25 Apr
40 June
43 July
.89 June
.15 Nov
1634 Dec
1013 June
19 Apr
2813 Apr
74 Nov
.50 May
.70 May
37 Jan
.40 July
.22 Nov
.10 Dec
11R
4
.25
Jan
.25
Jan
3 Jan
151s Feb
6014 Oat
187 Jan
.90 Aug
33 Jan
614 Jan
138 Jan
1% Feb
23 Jan
312 Feb
165 Dec
10013 Dee
204 Jan
113 June
3
Jan
34 Jan
24 Jan
114 Jan
3 Jan
Jan
41
25
Jan
.85 Feb
31 Aug
63 Aug
65* Jan
37 Nov
14 Jan
Jan
27
1873 Sept
394 Jan
Jan
48
11 Nov
113 Jan
2 Jan
Vag Jan
Jan
.98
114 Jan
Jan
.48
21
Feb
SEx-ertsgek dividend. INew stock. z Bs-dividend. r Ex-rights. a Kg-dividend and right@
•Bid and asked prices: no sales on this day. a Assessment paid.
JULY 24 19261
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange July 17 to July 23, both inclusive:
Bonds-
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High Week.
American Tel & Tel 48.1929
9734 9734
5s
1960
102% 10216
Atl G dr NV ISSL 5s_ 1958
70
70
Central P & L Co 5s_ _1956 96
96
96
Con Publishers Inc 645'36
100 100
Dallas Ry & T 6s
964 9634
East Mass L RR set 13 65'48
84
84
Gatineay Power Co 58_1956
94
94
Hood Rubber 75
1937
10434 10434
Mass Gas 5345
1946
1034 10336
Miss River Power 5s_ _1951 10234 1024 102%
New Engl Tel & Tel 5s.1932
101 101
Swift & Co 5s
1944
10034 101
United Dairy 6s
1935
9434 944
United Steel Works634s'51
96
96
Western Tel fir Tel Os_ 1932 10034 10034 10034
4,000
3,000
3,000
1,000
1.000
5.000
5,000
10.000
12,000
15.000
1,000
1.000
11,000
2.000
5,000
7.000
Range Since Jan. 1.
Low.
974
100
67
96
100
964
74
94
1044
994
99
1004
994
94
96
9834
Jan
Apr
Mar
July
July
July
Apr
July
Jan
Feb
Ma
Feb
Jun
July
Jun
Ma
High.
9834
102%
74
96
100
964
84
94
106
1054
102%
102
101
94%
96
10134
June
July
Feb
July
July
July
July
July
June
Apr
July
May
Mar
July
June
Jan
Philadelphia Stock Exchange.-Record of transactions
atrhiladelphia Stock Exchange, July 17 to July 23, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sates
Last Week's Range for
Sale
ofPrices.
1Veek.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Alabama Co gen 6s_ _1933
Bait Electric stpd 5s..1947
Balt & Harris WE 5s_1938
Bernheimer-Leader 7s_ 1943
Commercial Credit 68_1934
1935
5345
Cons..1 Gas gen 4 34s_ _1954
Cons G. E L & P 410_1935
Preferred Os
1965
6% notes. series A..1949
Danville Trac & P 5s_ _1941
1932
6345
Fla Cent & Pen cons 581943
Ga Caro & Nor 1st 58_1929
Houston Oil 634s
1935
Lexington (Ky) St 58_1949
Mary'd Elm Ry let 58.1931
Penn& NV Sc P 53,
6s. _1953
United Ry & Elec 4s_ _1949
Income 49
1949
Funding 5s
1936
6s. when issued_ _1949
Wash Balt & Annan 5s 1941
W Poulson & Sons64s_ _ _ _
West hid Dairy fis _ _1946
101 101
10234 10234
10134 10134
102 102
984 9834
9334 9334
964 9634
98
98
10134 10134
10714 10736
57
57
99
9934
99
101 101
100 100
1004 10031
92
92
92
0554 31534 9534
10114 10454
6914 6954 6934
4934 50
50
7034 7054
9534 96
63
63
6334
984 9834
1004 1014
81
15234
1836
1814
1834
201
81
153
1834
19
20134
Range Since Jan. 1.
Low.
High.
15 7834 Jan 82 June
70 141
May 171
Jan
100 12
Jan 22
Jan
1,495 17
Jan
1934 Mar
40 187
Mar 21931 Jan
$2.000
9,000
3,000
2,000
1.000
2.000
3,000
4,000
16,000
1,000
1.000
15.000
1,000
1,000
4,000
1,000
2,000
1,000
12,000
17,000
6.400
4,000
13,000
1,000
5.000
101
1014
1014
100
98
9314
9534
9534
10036
1054
55
0856
100
9914
9114
90
9414
10414
69
48
8734
9134
63
98
10034
July
Jan
July
Jan
June
June
Feb
Feb
Jan
Jan
May
June
Feb
Jan
Apr
May
Jan
July
Ma
Ma
Jan
Jan
July
July
July
101
10234
10134
10234
100%
96
9834
0854
10234
10734
6634
100
101
10034
10034
92)4
9734
10434
714
5034
72
96
7334
9834
10114
July
June
July
Feb
Feb
Feb
Apr
Apr
May
July
Jan
Apr
July
June
July
June
Mar
July
Mar
Mar
May
Mar
Feb
July
July
•No par value.
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange July 17 to July 23, both inclusive,
compiled from official sales lists:
Bond3-
Friday
Sales
Last 11Teek's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
Range Since Jan. 1.
High.
3734 Feb
1934 Jan
99
July
42 June
9534 Jan
84 Feb
534 Feb
1
June
98
Mar
9234 Mar
2556 Feb
634 Feb
8834 Apr
3756 Mar
7234 Mar
7634 June
103
Feb
474 Apr
40
Feb
3434 June
37
July
3734 Feb
1834 July
30
July
91
Jan
93
Jan
1534 June
9634 July
100
Feb
2534 July
X Jan
Jan
7
35
Jan
6134 Feb
101
Mar
83
Jan
14 Jan
145 June
416 June
1034 Feb
1334 Jan
60
Jan
11734 Jan
10034 Jan
50
Feb
32 June
10934 Feb
12954 Feb
27 June
25
Jan
3234 Jan
3034 Feb
3334 Jan
107
Feb
26
Jan
9 May
234 May
% May
3134 Mar
122
Mar
36
May
109
July
19
Mar
37
Jan
90 ;May
95
May
92 June
2434 May
9834 July
9134 June
49
Mar
55 May
294 Jan
9
May
734 Mar
134 July
36
May
1534 June
20
Mar
34
May
108
May
97 34 Jan
I 10674 Jan
41
Mar
98
Mar
96
Jan
I 4234 Mar
I 125
Feb
1934 Mar
92
July
234 May
26
May
26
Mar
93
Jan
32 June
1534 Jan
5
Feb
7
Feb
39
Jan
171
Jan
og Feb
125
Jan
284 Jan
524 June
92
Mar
96 June
9534 July
2934 Feb
102 June
9934 July
51
Mar
9034 Jan
354 July
143.4 Jan
10
Feb
334 Feb
42
Jan
1934 Feb
2334 July
3634 May
13434 Jan
11134 Feb
1234 Feb
494 Feb
104 June
9934 June
65
Feb
128
Apr
26
Jan
9654 Feb
44 Jan
30
July
32
Jan
99
Jan
,
Low.
2734 Jan
9
Apr
92
May
38
July
70 Slay
134 May
1
Mar
34 May
90
May
7934 May
13
May
234 May
8234 May
35 June
4034 Mar
64
Mar
98
July
3 June
32
Mar
2534 Mar
28
Jan
274 May
14
Apr
2934 July
87 Stay
85
July
Apr
12
894 Mar
93 June
1036 Jan
34 May
3X July
30 June
37 Stay
9934 Jan
May
74
34 June
13516 July
434 June
54 June
934 May
4934 July
11334 Mar
9734 Mar
4534 July
30 June
106
Feb
116
Mar
18
Apr
1334 May
836 July
25
May
27
May
10434 May
MONGONN
.1.C... CM
.41.0.NCN.NM.N
_
-a
4COMM
.
M
.v. NC*
Cl
N0
..
VC
.4.
NO
Cl
N
40
v..;
Cl
Cl
_
..
__
Cl
..t.
.
0.3.t8roomocoome480.f.olrIvo,o.ono8.1,noso.o.nsoomoOM,*822,02.0 g0.*gog..g.S,-22,T.,-..........7.....,,g..-,
1.4.0.V.
§
-tz
Adams Royalty Co corn.' 2734 2734 2734
1334 14
All America Radio el A..5
American Pub Serv pref 100 96
97
95
American Seating pref_ •
3834
38
American ShipbuildIng.100 79
79
77
Amer States Secur Corp A •
334 34
•
Class B
234 3
Warrants
94
ii
%
Armour dr Co(Del) pref 100 9334 9334 94
Armour & Co pref
86
100 86
85
Common cl;Ay t c__25 144 1434 15
Armour Leather
15
3
234 334
Preferred
86
86
100 86
354
Assoc Investment Co com.• 3534 35
Auburn Auto Co corn_ _25 534 52
57
Baban & Kats v 1 c_ _ _25
724 7234 7214
Preferred
98
99
100 98
Beaver Boardiv:t c:13_ _ _ _•
4
4
Preferred certificates_100
37
36
Bendix Corp;e1 A
10 3234 324 3314
10 3536 3534 37
Borg &Peek:corn
Brackl& Sons(E J) com_ • 3034 3034 31
1834 1834
Bunte Bros
10
Butler Bros
20 294 12934 2934
Central III Pub Serv pref.'. 8834 188
8834
Central Ind Power pref _100 87
.8631 88
15
Cent Pub Say (Del) com_.
1514
Central S.vig% pref._..• 9334 j9334 934
• 95
-. 9434 96
Prior lien pref
Warrants
204 ;:2034 244
Chic City dr Con Ry pt sly•
Preferred
•
334 334
Chicago Fuse Mfg Co____* 31
31
30
47'4834
Chic N S & Milw com_ _100 47
Prior lien pref
9934 100
100
preferred
100 754 7534 7535
Chic Rys part ett ser 2_100
X
%
Commonwealth Edison_100 136
13534 13634
434 44
434
Rights
Consumers Co new
534
5
534 6
Continental Motors
• 1034 1034 1134
4934 55
Crane Co
25 54
Preferred
11634 117
100
9834 984
Crown(Wm)Pap lst pfd_•
Cuneo Press A
50 4534 4534 48
Decker (Alf) & Cohn,Inc _* 3136 3134 3176
10834 10834
Deere dr Co pref
100
Diamond Match
1194 120
100 120
25
25
Eddy Paper Corp (The)__5
1434 15
El Household Util Corp_10
934 11
Elec Research Lab
•
Evans & Co, Inc, ci A_ _ _ _5 26
26
26
• 28
28
29
Fall Co(The)
Preferred
106 106
100 106
Fits Simmons & Connell
31
Dock & Dredge Co
31
Foote Bros(G dr M)Co_ • 1134 1134 114
3
3
Gill Mfg Co
10
Godchaux
234 234
• 34
(H W)
3314 35
' Gossard CoSugar.
Great Lakes D &
_ _100 149
14434 1543.4
Greif Bros Coop'ge
D_Acorn •
39
39
Hart,Schaffner & Marx 100
109 110
Hupp Motor
23
24
10 23
Illinois Brick
25 50
4834 5034
Illinois Nor Utilities pf _100 91
91
91
Indianan Pow & Lt pf _ _ _ _• 9534 954 96
Interstate Power Co pref...
954 9534
Jaeger Machine Co
* 2634 2634 2634
Kellogg Switchboard pf 100
9934 100
Ey Hydro-Elec pref_ _ _100 9914 9434 9934
Kentucky URI Co pref_ _50 51
51
51
Kraft Cheese Co
63
25
61
Kup'heimer & Co(B) Inc_5
35
35
934
9
La Salle Ext Univ (111) _ _ 10
Libby,MeN & Libby,newl0
834
834
8
Lindsay Light
134 134
10
39
McCord Radiator Mfg A.
39
MeQuay-Norris Mfg
• 1534
1554 1534
2334 2331
Maytag Co
•
Mereh & Mfrs Sec Pa pfd25 3634 36
3634
11434 11634
Middle West Utilities__ _• 115
ivy 10734 10634 10734
Preferred
Prior lien preferred 100 11654 116 1164
4334 4434
Midland Steel Products_ s• 44
Midland CBI prior lien_100 102
102 102
99
Preferred A
99
100 99
Morgan Lithograph Co..... 5934 59
6034
126 126
Nat Carbon pref. new_100
2534
24
Nat Elm Power A w I_ _ • 25
Preferred
9431 9434
loco
National Leather
234 3
234
10
National Standard corn..• 294 29
30
North American Car corn •
294 3034
95
94
Nor West Util pr in prof 100
....%
Friday
Sales
Last Week's Range for
Range Since Jan. 1.
Sale
ofPrices.
Week.
StocksPar. Price. Low. High .Shares .
Low.
High.
Atner Wholesale pref _ _100
9934 9934
60 98
June
101
Feb
new
stock_
Corp
_• 3436 34
Arundel
3434 1,440 2854 Mar 36
Jan
Atlan Coast L (Conn)_ 50
230 230
5 190
Mar 2624 Jan
Baltimore Trust Co
50
132 132
115 130
Apr 154
Feb
Ches dr Po Tel of Bait pf100
1134 11314
21 11036 Jan 116
June
Commercial Credit
• 28
28
29
158 26
May 4634 Jan
25
Preferred
2334 2334
190 233.4 June 2634 Jan
25 24
Preferred B
24
2434
194 24
July 2736 Jan
100
64 Preferred,
93
93
120 90 June 99
Feb
Consol Gas, EL & Pow..• 5114 514 52
38 45
Jan 5734 Feb
634% preferred
100 11034 11034 111
39 1084 Mar 1114 June
preferred'
100
11234 11234 11234
7%
18 109
Mar 11334 June
100
8% preferred
127 127
Si 124
Jan 1284 Feb
Consolidation Coal-- -100
363.4 37
320 36
Mar
53
Feb
Continental Trust
100 235
235 235
5 235
July 252
Feb
834
Delion Tire & Rubber_ ___•
834 834
400
534 Apr
84
July
•
stock_
new
Mill
32
33
East Roll
230 30 June 48
Feb
50
122 123
Fidelity dr Deposit
77 11734 Mar 124
Feb
170 170
Ga So & Fla 2d pref.- _100
17 170
Jan
170
Jan
Hare & chase prd1
100 9034 90
91
50 89 June 92
Mar
Manufacturers Finance_25
514 5134
10 51
May 6834 Feb
25
preferred
21
21
2134
1st
115 204 June 23
Jan
25
2131 2234
2d preferred
150 2134 Apr 244 Feb
Maryland Casualty Co_ _25 95
95
96
18 94
May 102
Jan
18234 1824
Mercantile Trust Co_ _50
30 18234 July 402
Apr
4734 48
Merch & Miners, new...'
129 4134 Apr 534 Feb
2154 2234
Monon Vail Trac pref._ _25
165 20
Apr 2334 Apr
1034 104
Alt V-Woodb Mills Y 1 r 100
934 May
10
1636 Jan
100
66
66
Preferred v t r
75 6234 July 83
Apr
se
504
171 49
New Amsterd'm Cas Co..10
Mar 5634 Jan
81
Cl
Baltimore Stock Exchange.-Record of
at
Baltimore Stock Exchange July 17 to Julytransactions
23, both inclusive, compiled from official lists:
Northern Central
50
Penne Water & Power_ 100
Silica Gel Corp
•
United Ry & Electric_ _ _50
U S Fidelity dr Guar_ _ _50
Cl
Low.
High.
Alliance Insurance
10 4674 46
4636
40 36
Jan 59
Jan
American Stores
• 7534 75
77
3,895 60
Mar 9434 Jan
Baldwin Locomotive_ _100
11614 12454
105 994 Apr 12434 July
Bell Tel Co of Penn pref.... 11234 1114 11234
116 10934 Mar 11334 June
Cambria Iron
50
40
4034
65 38
Jan 4036 June
Congoleum Co Inc
•
2136 2416
375 1334 May 26
July
Con.solTraction of N .J...100
35
3534
50 29
Apr 354 Feb
East Shore G & E 8% pf _25
2534 254
40 25
Mar 2636 Feb
Eisenlohr (Otto)
100
13
210 12
133.4
June 204 Feb
Electric Storage Batt'y_100
8134 834
393 73
Jan 854 June
Fire Association New__ _10 5134 50
52
00 50
July 68
Jan
General Asphalt
100
7034 7016
30 58
Mar 74
July
Giant Portland Cement-50 55
42
55
562 31
Ma • 55
July
50 504 4731 504
• Preferred
80 3454 Jan 5034 July
Insurance Co of N A_._ _10 5134 504 5334
633 49
Mar 644 Jac
Keystone Telephone_ _50
534 534
100
5
July
74 Jan
50 1734 1734 1734
. Preferred
31 1734 July 294 Jan
Keystone Watch Case_ *
75
75
238 60
Jan 75
July
234
Lake Superior Corp_ _ _ _100
14 24 3,935
134 July . 44 Jan
Lehigh Navigation
50 11214 11114 115
2,435 9734 Mar 12034 Feb
Lehigh Valley
50
914 9234
127 804 Apr 9336 July
Lit Brothers
10
2734 2734
100 25
Mar 3334 Ja'
North Pennsylvania__ _50
8234 8236
5 81 [May 8236 Feb
Penn Cent L & P cum pfd _• 72
72
72
179 71
Mar 91
Feb
Pennsylvania RR
50
5314 543
4 23,600 484 Mar 5534 Jar
Pennsylvania Salt hifg_ _ 50
7574 80
811 71
Jan 91
Feb
Phila Co(Pitts)pfd (5%)-50
3834 3836
10 37
Mar 3934 Jum
IelPref (cumul 6%)
50
50
5034
135 4834 Apr 504 July
Phlia Electric of Pa
25 47
4634 49
33,370 4134 Apr 674 Jat
Power Rec'ts
25
5
414 534 8,850
314 Apr
54 July
Phila.Imulated Wire
•
65
66
20 50
Jan 68
July
Phlia Rapid Transit_ _ _ _50 5634 564 574 1,630 51
Jan 5774 Pet
Phila & Reading C & I Co_•
38
38
100 3714 May 484 Fel
Philadelphia Traction_ _ _50
61
6134
80 5634 Jan 65
Fel
Phila & Western
124 13
50
135 11
Mar 1634 May
Reading Company
50
9514 9634
32 82
Apr 994 July
Shreveport El Dorado Co__
1331
1334 1331
725 1334 July
1334 Jul)
Stanley Coot America_--• 714 674 7234 12,224 55
May 7234 July
Tono-Belmont Devel__ _1
3
331
855
2,,,,, Apr
434 Jai
Tonopah Mining
6
1
634 4,295
4l1L6 Jan
734 Fel
Union Traction
50 3914 3914 40
968 38
Jan 434 Jai
United Gas Impt
51) 11114 10934 11534 21,282 844 Mar 14434
Jai
Victor Talking Machine_ _1
85
83
281 80
Mar 854 Jun,
West Jersey & Sea Shore _ 50 4736 474 48
360 43
Mar 48
July
Westmoreland Coal new_50
49
49
6 49
Apr 56
Jai
York Rys preferred
50
37
37
75 3634 June 3834 Fel
HoodsAmer Gas & Elec 5s._2007
94
97 $16,200 8934 Feb 1
0114 May
Elec dr Peop tr ctfs 4s.1945 6074 604 6034 23,500 574
Jan 654 Fel
Inter-State Rys coil 4s.1943
514 5135
1.000 50 June 5
636 Fel
Keystone Telep 1st 53_1935 91
92
91
4,000 91
Jan
9334 Fel
8
Lake Superior Corp 5s.1924
8
1,000
7
July 137.4 Jun
9934
Lehigh C & N gen 4481924
994 16,000 9734 Apr
1004 Ma:
Leh Val Transit 1st 53_1935
96
96
1,000 96
July 96
Jul:
Phila Electric 5s
1960
102 102
5,000 102
Jan 10334 A p
1966
1st 58
10334 10434 16.100 102
Mar
1947
10734 1074 4,000 10311 Mar 10434 Jun
5345
1953
10734 10714 4.000 10354 Mar 108 Jun
5348
108 Jun
1941 10714 107 10734 16,000 107
6s
1972 10236 10234 10234 20.000 10034 July 10836 Fe
'545
Apr 103
Ma
Vork Railways 1st 58.1937
96
9614 s non GS lz ..- ....... .
.
* No par value. •
445
Friday
Sates
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Pay Price. Low. High. Shares
A
[VOL. 123.
THE CHRONICLE
Rice-Stix Dry Goods com_*
2nd Preferred
100
Scruggs-V B DG corn_ _100
Sheffield Steel com
*
Skouras Bros "A"
*
Sou Acid & Sulph com
*
Southwest'n Bell Tel pf.100
St L Amusement "A"_ _
St Louis Car pref
10C
&ix Baer & Fuller
Wagner Electric com____*
Preferred
100
Wm Waitke corn
21%
100
23%
27% 26%
51
45
45
115
49
49
94
29%
18
19%
65
65
47% 4734
?Molina S.ocks—
Consol Lead & Zinc Co__ ..5
23
23
76%
8554 85% $1,000
7635 76% 3,000
76% 76% 2,000
Street Railway BondsEast St L dr Sub Co 5s_1932
United Railways, 4s_ .1934
4s, C-D
1934
* No par value.
21%
24
Low.
70 2136
25 99%
130 23%
330 24 •
150 46
100 42%
70 112
75 46
130 90
10 29
110 18
15 65
105 40
586
23
High.
Fe
July
July 11021525:
10234 :
a
ely
Feb
0
July 3(1
May 5299%
Jain
Mar
Feb
June
Apr
an
Jaa
Apr 97
5934 j
May
Mar 35% Jan
July 845334
Jan
July
Apr 4934 Jun
July
83% Feb
Jan
75
Jan
74
28
Mar
85% Jan
78% Apr
7836 Apr
Cincinnati Stock Exchange.—For this week's record of
transactions on the Cincinnati Stock Exchange see page 423.
New York Curb Market.—Below is a record of the
transactions in the New York Curb Market from July 17 to
July 23, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet.
which forms the basis of the compilations below.
Friday
Sales
Last Week's Range for
Sale.
ofPrices.
1Veek.
Par Price. Low. High. Shares.
•
..
cow.
bo..mcomb'comm
below.
123 124
125 125
10
10
134 134
4534 4534
7034 7034
10934 10934
1434 16
89
93
121 121
347.4 3134
594 8936
20
223.4
8
1034
90
9534
93% 95
754 934
217 22434
107 10736
96% 97
1434 1534
46% 4631
109 109
3334 34
3734 3834
25% 26%
27
27%
2534 257.4
93
93
334 3%
34% 3434
3234 33%
154 1%
4536 4534
5434 55
117 117
72% 7334
80
8036
11234113
83
83
1934 1934
14
14
97
98%
680 79c
3554 3734
1654 17
8
8
19% 20
2234 2334
36% 41
754 754
230 236
24% 3134
15% 1534
4434 483.4
140 145
9234 95
23
2334
73
71
2234 23
43% 4434
27% 27%
4134 4134
8634 8634
7% 754
75
75
2034 20%
234 2%
030 CANNgs...2.
Stocks—
m
Week Ended July 23.
Indus. & Miscellaneous.
JulY Aero Supply & Mfg el B—S ee Note
1,000 101
July 101
101
6,000 67
Mar 7934 Jan Ala Great youth, coin__.50
73%
27.000 4634 July 56% Jan
4634 46%
Preferred
50
Jan Allied Pack senior prof_100
36,000 67
Apr 82
72%
Mar 50 June Alpha POrtl Gement _ _ _100
49
2,000 45
Jan
17,000 29
29
29
July 40
New
Feb Aluminum Co corn
11.000 9534 Apr 99
9734
•
Jan
5.000 96
July 97
96
Preferred (6%)
100
1004
10.000 99% Jan 100% Jan Anialgain Leather, coni_.• 16
Preferred
100 93
•No par value.
American Cigar corn _100
Cyanamid,class B.20
Pittsburgh Stock Exchange.—Record of transactions Amer
Preferred
100
at Pittsburgh Stock Exchange July 17 to July 23, both Amer Electric Corp cl A_25 22
Amer
Electrice
Corp
v
t
c_* 10
lists:
sales
compiled
from
officials
inclusive,
An er(as & Elec. com__ _•
9434
Preferred
Sales
Friday
• 94%
Amer Hawaiian BS
Range Since Jan. 1.
Last Week's Range for
10
754
Amer
Lt
&
'Ursa,
Week.
coin_ _100 218
ofPrices.
Sale
High.
Preferred
Low.
Par. Price. Low. High. Shares.
100
Stocks—
Amer Pow & IS pref._ WO 97
100 25
* 1434
July 3334 Jan Amer Rayon Prod
26
26
Amer Vitrified Prod com 50
Apr 0434 Jan Amer Roll Mill, corn_ ._25
35 90
93
100
93
Preferred
Jan
Preferred
145 62
100
July 80
63
63
Amer Wind Glass Mach 100 63
Jan
15 81% May 91%
AmSeatingCo(newcorp)vte 3334
86
100
86
Preferred
Jan
Cony preferred
7
534 Feb
3736
6
634 2,220
Arkansas Natural Gas 10
July Amer Superpow Corp, A_•
Mar 60
125 45
60
25
59
Blaw-Knox Co
Feb
Class B
July 21
110 14
* 27%
14
10
14%
Carnegie Metals
Jan
Prior preferred
25
304 12% Apr 17
10 14% 1434 15
Devonian 011
Feb
First preferred
93
3,190
9
8
534 Apr 10
834
*
Houston Fuel Gas
Jan 117
July American Thread, pref--5
55 114
116% 117
Jones & Gaughlln St] pf 100
•
Apr 5634 Jan Arundel Corp
25 36
3534 36% 7,671 30
Lone Star Gas
Feb
Assoc(las & Elec, class A _• 33
40 11% July 18%
11% 11%
Nat Fireproofing com100
Feb Atlantic Fruit & Sugar__ •
280 3234 May 39
3334
100 3334 33
Preferred
15,512 33
Apr 4334 July Atlas Portland Cement__ •
25 41% 40% 42
Ohio Fuel Corp
Auburn Automobile.com25 5434
28% 1,763 27% July 34
Oklahoma Natural Gas_ _25 28% 28
Feb Babcock & Wilcox Co_ _100
12 370
July 500
370 370
Peoples Say & Tr Co__ _100
Feb Balaban & Katz,cam vte25 7234
Jan 15
200 11
12
12
Pittsburgh Brewing pref_50 12
Jan Bancitaly Coro
25
365 270 June 310
280 282
Pittsburgh Plate Glass_100 280
Jan Bell Tel of Pa 634% pf-100
Mar 225
16 220
220 220
Pittsburgh Trust Co_ _100
Feb Bigelow-Hartf Carpet,com* 83
8
Apr 10
250
8% 8%
834
Salt Creek Consol Oil__ _10
.
390 100 May 118% Jan Bliss(E w)& co
25 100% 100 10034
Stand San Mfg com
10 115% Mar 116% July Bohn Aluminum & Brass'
11636 116%
100
Preferred
Jan Borden Company
50
700
834 July 10
8% 9
10
Tidal Osage 011
July Bradley Fireproof Prod_ _1 70c
70 41
41% 41%
July 41%_
Waverly Oil Wks, cl A •
95 106
131 132%
Ma 132% July Brill Corp (new) class A_ •
West'house Air Brake_ _50
Class B
July
• 1634
25 90
95
95
Jan 95
West Penn Rye pref_ _ _100
BrIllo Mfg common
*
Class A
• No par value.
*
Note.—Sold last week and not reported: 25 Amer. Vitt fled Products, pref. at 94; Brit-Arrier Tob ord bear_ £1
230 Blew-Knox Co. at 5834; 125 Carnegie Metals at 1434; 30 Conley Tank Car, Brockway Mot Trk, corn.*
Rys.,
pref.
at
95.
Penn
Brooklyn City RR
pref. at 100; 10 West
10
Bucyrus Co corn mon_ _ _100 234
St. Louis Stock Exchange.—Record of transactions Buff /snag & E Pr pref__25 31
Burdines Inc common....5
at St. Louis Stock Exchange July 17 to July 23, both Can
Dry Ginger Ale
• 4734
inclusive, compiled from official sales lists:
* 145
Celotex Co nom
Preferred 7%
100
Sales
Friday
Cent States Elec new coin,*
Range Since Jan. 1.
Last Week's Range for
Central Steel Co com-100
Week.
ofPrices.
Sale
Centrifugal Pipe Corp__.• 2254
Low.
High.
Par. Price. Low. High. Shares
Stocks—
Chic Nlpple Mfg CI A_ __50 4434
50 27%
Class B
Bank—
20 41%
158 156
5 153
Jan 160% May Cities Service com
100
Boatmen's Bank
100 8634
Preferred
Feb
4 155
16334 16335
Jan 171
Nat'l Bank of Com ___ _100
734
10
Preferred B
100 75
Preferred B B
Street Railway—
shares
Bankers
16
17
17
189
July
may
20
*
Sent
Pub
St Louis
234
11c
11c
295
7c June 200 Jan Colombian Syndicate
United Railways cora _.100
Com'wealth Power Corp—
* 38
Common
Miscellaneous—
Preferred
100
Mar
• 58
58
58
200 56 May 86
Best Clymer Co
*
Warrants
110 3534 Mar 4434 May
• 4134 4134 4134
Boyd-Welsh Shoe
52
L&P
Balt
com•
Con
Gas,
E
Feb
4434
3134
31%
5
30
Jan
100
Brown Shoe,com
10 85 May 9434 Feb Consol Laundries, w l....
88
88
Certain-teed Pro 2d pf _100 88
7634
Continental
Baking,
comA•
June
115
1
110
115
Apr
_100
116
CoElectric
Century
• 10
Common B
99
99
20 99
100 99
July 101% Mar
E L Bruce pref
8% preferred
100
75 100
Jan 104% Jan
Emerson Electric pref _ _100 10134 101% 101%
110 2834 May 3834 Jan Continental Tobacco....... 1934
Ely & Walker D G com_ _25 29% 29% 29%
Apr Copeland Products Inc—
10 10734 Jan 109
108 108
100 108
1st preferred
Class A with warmnts_ _•
2 80
80
80
July 9934 Feb
pref
100
Works
Fulton Iron
Li
Jan Courtaulds. Ltd
45
45
10 43 May 67
Hamilton-Brown Shoe_ _25
*
Jan Cuban Tobacco v t c_
36
36
60 34
Jan 41
*
Hussman Refr corn
Cuneo
Press
common..
•
Feb
3334
44
*
3334
June
31
25
Huttig S & D corn
84
52 83
July 9734 Jan Curtiss Aeropl & M,corn' 17
83
Hydraulic Press BrIckpf100 83
Ctfs of beneficial int _ _ _ _
152% 15234
25 135 May 17534 June
International Shoe coin *
Preferred
100
Jan
125 28
July 46
* 3434 3434 3434
Johansen Shoe
•
10 84% Mar 90
July De Forest Rad lo Corp_
90
90
Laclede Gas Light pref-100
Dinkier
Hotels
Co—
15
Jan
15
15
14%
*
17%
June
com
Mo-Ills Stores
Class A with purch warr* 20
Jan
243 4834 Mar 67
5734 5934
Mo Portland Cement__ _25 5734 85
•
Feb Doehler Die-Casting
8534
39 70
Apr 92
100
Nat Candy, corn
•
Mar Dominion Stores, Ltd_
5 102
Apr PM
10334 10334
100
2nd Preferred
Jan Dresdner Bank Amer abs..
3354
25 27 May 39
33
•
Pedigo-Weber Shoe
140 3134 May 37% Feb TItthiliew VAnd .5 12arlin •
Polar Wave 1 & F "A".._ _* 33% 3334 33%
Bonds—
CenIaP&LFM6sA.1944
Chicago CitY 11.3,68- -1927
Chic City & Con Rys 5s'27
Chicago Railways 5s_ _1927
1927
5s, Series A
1927
48, Series B
HousGGCosfg 6301931
Iowa So Util 1st s f 514s'50
Shore s, On lot ate 5s_1944
21%
100
23%
27%
52
45%
115
50
94%
29%
20
66
4734
to
Apr
May
Apr
May
Apr
Apr
Apr
Jan
Mar
Mar
Apr
Apr
Mar
Apr
Mar
Mar
Apr
June
May
May
Apr
Feb
Apr
Mar
May
July
Mar
June
Feb
Feb
July
Feb
July
Jan
June
June
July
Mar
July
July
Jan
Jan
Jan
July
Jan
June
Mar
Jan
Feb
Jan
Feb
Mar
Jan
June
Feb
Mar
May
Feb
Mar
julY
Jan
Feb
Mar
Feb
Feb
Jan
Jan
Feb
Feb
July
Feb
.to
q141.4.N.
22
29
93
68%
110
14%
42
7234
38
%
13%
15
81%
4254
22
125
3
734
107%
14%
734
534
49
26
21
%
42%
28
21%
24
73
22%
13
59%
140
140
106
116%
175
108%
5834
25%
16
42
25%
30%
98
93
117
22%
48
8634
5834
334
26
31
92
51
38
169%
7
1434
112%
23%
10%
9%
5534
32
33
234
50%
,1,000.0
000000NOONOONO..
00000000000NN000•40000N.000040N00.00000000 000.
ON000000000000000000000000000000000000000000000000000000000000000000
June
May
Jun:
July
May
July
Mar
Apr
Apr
Jan
Jan
Jan
Feb
June
June
June
Range Since Jan. 1.
Range Since Jan. 1.
Low.
Mar
95
94% Mar
July
10
Jan
115
July
44
5434 Jai•
9854 May
12 May
Jan
74
Feb
110
3436 July
Feb
88
July
20
July
8
Mai
64
9034 Apr
7% July
Mai
195
Mar
105
92
An'
1334 July
4534 July
Jan
106
3234 June
3734 July
1934 Mat
2154 Mar
Mar
23
93 May
334 July
Mar
32
2534 Mar
Jan
89e
4434 June
4134 Mar
Apr
114
64
Mar
787.4 June
11254 July
8234 May
16% May
1334 June
9134 Mar
'50c May
33% May
1434 May
6% Apr
19% July
12164 July
2434 Apr
7 May
179
Jan
24
Feb
1554 July
4034 Jan
117 June
88 June
20
Apr
Mar
60
157.4 May
42
Feb
25% Apr
3734 Feb
8254 Apr
77.4 Feb
74
Mar
19
Jan
2
Mar
High.
180%
129%
10
138
4534
76
10934
16
93
122%
47
96
2434
1134
9954
963.4
1134
264
11534
97
3554
5934
109
3635
4034
3734
39
26%
93%
4
3534
3534
234
5534
73
149
7634
SOH
113
9834
2234
1734
110
134
5734
33
934
21
3156
41
97.4
335
3134
2134
53%
149
95
34%
7434
27
4434
2754
4254
8634
7%
76
2034
334
Feb
July
July
Feb
July
Feb
Slily
July
July
July
Feb
Feb
Feb
Feb
Jan
July
Jan
Jan
Jan
July
Jan
Feb
Apr
July
Juno
Jan
Jan
Feb
May
Jan
Jan
Jan
Feb
Mar
Mar
Jan
Jane
July
July
Jan
June
Jan
Jan
Jan
Jan
Jan
June
Apr
June
July
Feb
Feb
JulY
Jan
June
July
July
Feb
Jan
Jan
July
June
Mat
June
June
Max
June
Jan
377.4
86
5354
52
23%
2334
76
9%
9374
183.4
39%
86%
58
5334
257.4
78%
1034
94
1954
000000.400
000000000
26%
14%
19%
73
19
12%
33%
128%
129%
10034
112
128
105
31%
19%
11%
High.
..0.0N
.0 bow
"to37$.Zol4.
..co'co bm.0.4-m"..10-4p7mmeow.:oo.lom
•
101
74
4634
73%
49
29
9734
96
10014
500
265
981
100
585
1,060
1,790
164
12
118
81
40
30
5,400
200
50
100
75
35
180
4,755
624
2,753
2,790
970
1,050
200
325
80
245
180
1,035
7,675
100
355
270
1,810
675
50
2,025
1,320
1,310
6,757
940
Low.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
29
Mar 42% Jae
82
Mar 8834 July
Feb
3034 Mar 76
Feb
44%, Jan 58
22
Mar 2834 Feb
65
Mar 121% Feb
8% May 3034 Jar
Feb
8634 Mar 102
lig May 20% Jun(
2234
28
50%
31%
17
45
77
154
2334
2954
5034
31%
17%
45
77
2
0000000
o000poeo
Novadel Process pref_
*
26% 27
Omnibus vol tr errs w i a...
15
15
Penn Gas & Elee w I
* 21% 21% 21%
Preferred
100 73
73
73
Pick Barth & Co pref A_ _• 22
21% 22
Voting trust ctfs
13
12% 13
Pines W1nterfront A
5
53% 55
Pub Serv of Nor Ill
132% 133
•
Pub Sery of Nor 111_ _ 100
133 133
104% 105%
Preferred
100
7% preferred
113% 114%
100
Quaker Oats Co
*
175 175
108 108%
100
Preferred
Real Silk Hosiery Mills_10 46% 46% 50
Reo Motor
10
20% 20%
25
11% 1136
Ryan Car Co(The)
38
35
So City Util el A com
•
24% 25
So Colo Pr Elec A com_25
29
30
Sprague-Sells Corp el A30
94% 96
Southw G & El 7% pfd _100
Stewart-Warner Speedom.* 7334 72% 76%
100 11734 112t4 113%
Swift 4: Company
15 1834 1834 1934
Swift International
25
46
46%
Thompson (J R)
Union Carbide .4 Carbon.* 84% 8334 Ng
41% 44
United Biscuit class A__ *
134 1%
United Iron Works v t c _50
16%
16
United Lt & Pr A w 1 new_•
20
20
•
B w 1 new
Preferred CIA WI a___* 85% 85% 87
50% 50g
Preferred cl B WI a.. •
23% 25
United Paper Board__ _100
20 165
159% 167%
US Gypsum
5
5
Unly Theatres Cone Cl A_5
*
9
9
Wahl Co
111 112
Ward (Montg)& Cool A-•
Williams 011 0 Mat com_• 18% 18% 19
*
Wolff Mfg Corp
834
8
6
6
Worverine Portland Corn 10
• 53
53
5335
Wrigley Jr
Yates Machines part pfd..* 27% 27% 27%
Yellow Tr& Coach Mfg B 10 23% 23% 25%
Rights
134
134 2%
4434 4534
Yellow Cab Co Inc (Chic) 5
Range Since Jan. 1
17
28
4934
26
1534
4334
7534
51c
20
1734
63
123
20
1834
63
123
514
00000
00000
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par Price. Low. High. Shares.
1954
1154
57
101
4%
A 44
b. 'o2.E
446
Apr
July
May
Feb
May
Jan
June
June
2754
3534
64
3234
2334
45
8934
1034
Jar
June
Jar
Jar
Jar
July
Feb
Jar
May 2534
May 1851
May 6731
May 124
Anr 11
Jar
July
Jar
July
Jar
447
THE CHRONICLE
JULY 24 1926.]
Sales
Friday
Last Week's Range for
ofPrices.
Week.
Sale
Stocks (Continued) Par Price. Low. High Shares.
Range Since Jan. 1.
Low.
High.
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par Price. Low. High Shares.
Range Sines Jan. 1.
Low.
r:igh.
Jan
arlyr 213
Anp
1H Jm
408
10 12
163 163
2131 22%
200 18 May 2634 Jan Royal Bak Powder.com100
•
Dunhill Internet
Feb
80 1329939m% MayAJ apnr lf 3
100 100% 100% 10134
Preferred
3% Ma) 1374 Jan
16,900
•
5% 7
634
Durant Motors. Inc
June
132
12934
70
12934
129%
Ltg_100
&
Heat
Car
Mitt 21
14
Feb Safety
200 10
1434
Duz Co class A
Jan
90
300
4934
49
•
9% May 22
13% 1434
300
Feb St Regis Paper corn
Class Avt c
900 15% Mar 3034 Jan
2231 22%
*
18% 19
200 1834 July 19
July Serval Corporation A_
Egyptian Port! Cement2,700 21% July 22% July
* 22
22%
22
Mar 37% Jan Serval Corp (Del) corn
34%
200 33
Eitingon-Schild Co, com.• --5414 34
2931 Feb
200
25% 26
50
260 104% Jan 110
July Sharon Steel Hoop
Elea Bond & Share, pt _100 108% 108% 109%
100 45% May 50% June
50
50
•
Jan Shredded Wheat
6811 71% 14,300 5634 Mar 86
Elea Bond & Share Secur_• 69
Mar 28% Jan
200 23
28
28
Elea Invest without warr_• 4154 39% 4234 16,600 30% Mar 7414 Jan Sierra Pac Elec Co,corn 100
400 1134 Mar 22% Jan
18% 1934
•
4% Jan 10
100
5% 534
Jan Silica Gel Corp corn v t e_ _
Elea Ry Securities
Jan
May 385
10 295
May 32
25% 26
40 21
Feb Singer Manufacturing_ .,100 35834 358% 35834
Empire Pow Corp part stk•
May
Jan
9
5
100
6% 6%
634
Ll
•
37
37
100 24% July 39% Jan Singer Mfg Ltd
Emporium Corp
July
9
Jan
16
100
(200
ord
Viscose
lire;
1,100 21% Apr 2934 .lan
Engineers Pub Serv, cont.• 2234 2231 2231
13% June
900
8% 9
Den rata Chase Nat Bank
Apr 96
93% 96
• 96
1,900 86
Preferred 7%
July
2434 June 25 June
600
25
25
B..,25
pref
Edison
Calif
So
10434
105
July
105
pd).*
100
105
July
allot
cUs(80%
Prat
49
Apr
Jan
100 27
39
39
Mar 105% July so.i;hern Cities MIL com25
105% 105%
100 97
Pref allot atter (full lid)
91% June
i%
2 June
25 88224
88
88
100
Preferred
26
26
26
Jan 28
4,600 24
Jan
Estey-Welte Corp class A
Mar
% Feb
SOO
22%
*
22
A.
Class
P
&
0
Southern
3%
_10
351
July
200
10% Jan
334
Fageol Motors Co com_
Mar
32
ay
100
27
27
13534 13534
100
80 124% Apr 169
Feb South'n Ice & lJtil. class A •
Fajardo Sugar
Ma
4631 Jan
Mar 40 June S'eastern Pr & Lt com___* 27% 2634 28% 13,600 21% m
700 32
Federal Motor Truck__ _10 4754 45% 4734
Apr
6614
ar
M
7
9
5
800
66
6534
preferred..•
66
Participating
39% 39%
100 3931 June 3931 June
Feltman&Carme Sh St's A_
1534 Feb
9% 9% 2,300
Warrants to pee corn stk.
634
6
400
334 May
7% Jan
Film Inspection Machine_•
July
111% Jan 116
11434
90
116
100
pref
Tel
Bell
Southwest
98
9834
0.100
100
7%
100
May
Jan
R,
&
T
Firestone
9734
24
Feb
100 1754 MAN
21
21
506 530
190 440
Apr 655
Mar Standard Pow & Lt., cl A.25
Ford Motor Co of Can.100
6% July 1914 June
2.300
654 7
6%
16% 1734 2,300 1334 Mar 20
Jan Stand Publishing class A 25
Forhan Co, class A
Apr 14% Jan
100
831
corn...
654
8%
Car,
Tank
Standard
Foundation Co50 50 June 61% Jan
5234 52% 5234
New preferred
May 55
Jan
Foreign shares class A--• 1634 1634 17% 8,800 15
Apr 45% Feb
200 39
4234
42
24
25
3,400 1914 Mar 3434 Jan Stroock 461) de Co
Fox Theatres. clam A.com•
19)4 Mar 37% Jan
900
2534
•
2534
Car
Motor
2634
Stutz
300 1934 May 33
Franklin(H H)Mfg com.• 2234 2234 23
Jan
Apr 11614 Feb
200 110
11234 112%
100
81% 90
100
225 78% June 90
Preferred
July Swift & Co
18% 19
2,500 1434 May 2214 Jan
10
334 Mar
6% 6%
200
Freed-Eisemann Radio_ _ _•
634
834 Jan Weft International
June
May
67
48
700
Electric
_100
5031
new...
50
50
23
• 23
700 1734 Jan 28% Apr Tampa
2334
Freshman (Chas)Co
511 Jan
134 3,500 76c June
•
1
1
634
2% Feb
6% 634 2,100
Jan Thompson(RE)Rad10v te*
7
Oared Corn
r
y
July
11%
344
3
8
11%
11%
4,600
11%
_10
Axle...
-Detroit
Timken
5734
56% 59% 14.400 4434 Apr 7934 Jan
General Baking, class A._•
4% Jan
May
gyi
•
600
3% 4
Corp. 5
6% 13,500
534 Mar 17% Jan Tobacco Prod Exp
6
Class B
corp.
Jan 40 June
100 29
3734 3734
30
30
200 2214 Mar 33% July Todd Shipyards
General Elea (Germany)._
Jan 1334 Feb
7
200
5
8% 9
--2834 28% 28%
100 2834 July 31% July Tower Mfg Corp
Corn stock receipts
Mar 49
37% 37%
200 28
Jan Trans-Lux Day Pict Screen
Gen Gas& Elect of Del B_ •
Jan
June
14
6%
4,000
8%
834
834
•
common
45
A
Class
•
Corp:
45
45
July
200
General Ice Cream
56% Jan
8% Jan 13% Feb
11% 11%
1,400
100 1234 May
16% Feb Trumbull Steel common_25
Gen Public Serv com _ ___• 1234 1214 12%
Apr 240
Jan
181
700 161
190
104% 104%
•
May 106% Feb Tubize Artif Silk class B • 181
50 PO
7% preferred
June
10
600 1731 May
18% 1831
71% 71%
100 56% Mar 75
Jan Tung Sol Lamp Wks, CIA.'
Georgia L P & Rys corn 100
744 Mar 1014 Jan
831
400
8
•
Common
92% 90% 5.700 89
93
Mar 114
Feb
Gillette Safety Razor_ _ _
1334 13% 14% 3.500 12
May
15% July United Artists Theatre Cure
C G Spring & Bump
June 101
June
100 100
100 100
* 16331 163% 165%
Allot cgs for corn & p1 stk
1,800 13814 Jan 171
May
Glen Alden Coal
9% June 17,4 June
14% 16% 16,300
1431
May 50
7.200 28
Mar United Biscuit class B
Goodyear Tire & R,com100 3634 35% 37
Mar 44% Feb
23
32%
300
31
32%
•
c
t
v
Cos
Coal
Elec
61%
United
62
200 50
Mar 85
Jan
Grand (F W)5-10-25c St..*
Mar 144% Jan
50 11134 10931 115% 14,400 84
234 3%
900
134 Apr
Jan United Gas Imprvt
7
Grimes Red & Cam Rec- •
Feb
16% 35,800 1234 May 28
16
6% 634 1,300
634
July
6
8% Jan United Lt & P corn Anew' 1634
Happiness Candy St,ci A_•
14% Jan
June
9%
200
11
_I
10%
Sharing__
6
Profit
600
5% June
Founders shares
7% Jan United
•
100 40% July 40% Ally
43
43
48
25 48
48
100 45
S Can Co
June 48
July
Hazel Atlas Glass
Mar 166
July
10 125
166 166
20
18
• 18
2111 2.100
8% Apr 21% July U GYPRIm corn
Hazeltine Corp
Mar 25% Apr
16
us Light & Heat. oom_ _10 2131 20% 21% 1,400 29%
Hellman (Richard) CoFeb
July 41
400
•
32
32
100 30
Mar 36% Feb Universal Pictures
Partie pref with warrant*
Apr 102% July
10 99
10234 102%
Utah Pr. et Lt., pref___100
Hires (Chas) E CoApr
Feb
14
18
700
1434 14%
2234 2334
•
600 2278 July 26
Class A, corn
Jan Utilities Power & Lt el B... 14%
7% May 14% Feb
400
914 9%
200 2734 Apr 36% Jan Utility Share Corp
Hollander(H)& Son, corns 2731 27% 28
June
2%
Feb
6
1,30
3
63
51
warrants
53
•
Option
Horn & Hardart
500 41
Mar 62% Jan
Mar
600 20% Apr 38
20% 21%
30% 30%
•
100 3034 July 31
India Tire & Rubber
July Van Came Packing pfd_50
Apr 96% Jan
800 68
85
83
8% 2,500
831
8
Industrial Rayon. class A..
7% July 19% Jan Victor Talking Mach_ _100
June
Jan
14%
8
1,800
13
934
1231
334
2% 3%
200
Apr
Int. Concr Ind Fdrs shs_10
2
834' Jan Warner Bros Pictures....
3034 June
2934 3,200 23% Ma
31%
3134 31
Internat UM, class
300 31
May
Jan warner Quinlan Co w 1_ _ _• 2934 27
39
June
533(
June
4931
100
53
53
WessonOildzSnowdrift.vtc•
150
•
151
50 130
Johns-Manville, Inc
Mar 165
,
Jul)
10 92% June 95% July
• 9534 9534 9534
Preferred
25e 70c 19.700 10c
10
Apr 75c July
Keystone Solether
62
25
64
500 54% May 88% Jan Western Auto Supply Part
Kraft Cheese
Jam
Mar 28
22
200
26
2534
•
124 131
prof with warrants__
Kroger Grocery &Baking 10
60 108
Ay 131
IVO
July 53 June
200 45
45%
45
18% 18%
Kruskal & Kruskal Inc_ _• 1834
1.200 16
May 20% Feb Western Dairy Prod cl A__
Jan
99
Mar
91%
33
94%
94
94
_100
_
_
pref
Power
27
Western
•
100 21
27
Land Co of Florida
Ma
47% Jan
100 26% May 3034 Mar
2734 27%
White Rock Min Spgs new
Landover Holding CorpMa
50% Feb
38
1,260
48
4734
48
934
Sewing
pref-*
Mach
White
300
Class A stamped
034 9 M
Ap
8
9% Apr
July
100 1814 July 21
1831 1831
111% 113%
__50
400 103
Lehigh Coal dz Nay
Mar 12031 Feb Williams 011-o-Matic Ht..•
Mar 17% Apr
9
300
1531 15%
Yellow Taxi Corp, N V_ _• 1531
Lehigh Power Securities1831
•
Corp
18%
Consol
1634
New
144,200 10
Ma
Jan
22
Rights.
90
88
Lehigh Valley Coal Sales.50
250 80
Ma
July
95
3% Jun
3% July
334 334 3,000
4134 4034 41% 5,000 36% Mar 45% June British Amer Tobacco
Lehigh Val Coal etre new__
4% Jut,
434 July
434 4% 2,20
Libby, McNeill & Libby_10
400
_8% 8%
734 Mar
931 Feb Commonwealth Edison...
Libby Owens SheetOlass.25 139
1a9 142
60 133
May 219
Jan
41
Former Standard Oil
MacAndrews Forbes com_*
400 3931 May 46% Feb
4134
Subsidiaries.
5
Marconi Wire! Tot Lon_ 51
200
July
53.4
5
614 Jan
16% May 19% Jan
50
1734 1734
Oil (vot sly) El
22% 22%
Anglo-Amer
McCord Red de Mfg v t c.•
800 17
Jan
May 25%
16% Mar 18% Jan
10
16% 16%
37
37
Non-voting shares_ _51
100 37
50 34
Mengel Co
Apr 52
Jan
Jan 280
July
226
140
255 280
13.4
134
200
Mesabi Iron Co
131 Mar
2% Jan Borne-Scrymser Co_ -100
May 59% Jan
900 49
51
52
50 51
32
32
100 24% Mar 49% Jan Buckeye Pipe Line
Metropol Chain Stores_ *
Jan
July
751(
65
600
74%
72%
Mfg
25
72%
114% 116
000 10734 May 135
Middle West Util, cons_ •
Jan Chesebrough
2534 Jan
12.200 1934 AP
116% 116%,
100
100 98
Priorllen stock
Jan 122% Feb Continental 011 v t a_ _ _ _10 20% 2031 21
1634 July
100 13% Apr
1634 16%
25
107 107
100
100 97
Jan 11114 Feb Crescent Pipe Line
7% Preferred
Jan
137
July
10714
120
10834
11234
44
44
400 41
Midland Steel Products_ _• 44
Mai 48% Feb Cumberland Pipe LIne_100
50 47% Ma) 63% Jan
53
53
100
Line
Pipe
Eureka
22
•
22
100 21% Mat
Moli ale Co
25% Mar
Jan
June
17
3254
375
18%
20
com_100
Oil
100 199
bber. pref._ _100
Miller
50 98 June 103
Feb Galena-Signal
M:y 97)4 Jan
60 70
7331
72
100
25% 26 ' 1,000 2034 Mat 28% Feb
Old preferred
Moho, k& lid Pow xi:an.* 28
Apr
July
68
85
40
68
70
100
preferred
103
New
103
25 101% May 105
First Preferred
Mar
5831 61% 14,200 53% Mar 6814 Apr
i ley co.
•
Mohawk
500 25
3534 36%
J 1
37% Jan Humble Oil & Refining_ _25 59
June 144% Apr
250 131
134 13434
100 134
Montreal L H & Pr Cons •
55% 56
200 55% July 56
July Illinois Pipe Line
35
35% 6,500 32% May 38% Jan
35
•
(Can)
Oil
Imperial
63
Moore Drop Forge class A • 63
64
200 5934 June 68
July
Jan 70
Mar
350 58
6734
60
50 66
Municipal Service Corp_ _• 1234
12% 13
1,300 1234 Mat
13% Mar Indiana Pipe Line
800 1414 June 20% Jan
14% 15
Nationai B
• 1034
1034 11
400 10% July 11
July National Transit_ __12.50
Jan
Feb
8054
7054
350
7534
7531
Nat Elec Power, class A_ _• 25
24% 2531 6,200 15% Mar 26% Jan Northern Pipe Line__ _100
25 57% 55% 5831 2,200 55% July 67% Jan
Nat Power& Light, pref • 101
101 101%
725 97
Mar 10234 Jan Ohio Oil
Mar
24%
15
July
2,000
19
24%
25
Fuel
Mexico
Nat Pub Serv,ci A,corn_ _• 2034 20% 2034
1534 Mar 24
Jan Penn
1.200
Mar 6054 Feb
25 5134 5034 5234 9,100 48
Common,class B
16
• 16
Mar 16% July Prairie Oil & Gas
1634 2,700 10
2,750 122% Mar 127)4 Mar
124% 127
Nat Sugar Refining_ _100
100 126
115 115
125 102
Mar 12914 June Prairie Pipe Line
June
212 June
184%
30
188
190
Nelson(Herman)Co
100 188
5
29
29
500 1934 Mar z2914 June Solar Refining
Jan
37% 4.000 3414 June 50
25 3731 35
Neptune Meter class A _ _
2434 24% 24%
100 23% Jun, 25% Jan South Penn 011
Mar
May
49
56
50
51
51
51
Nevada-Calif Elec corn-100
Lines_100
Pipe
Pa
West
BO
22% 2231
100 1814 Mar 44% Jan
6134 Mar 70% Jan
115% 115%
NewEnglandTelep&Te1100 113
200 109
Mar 118
Feb Standard Oil(Indiana)_25 6434 6331 64% 15,400
July 36% Jan
New Met & Ariz Lend..l
23% 4,700 21
1214 13%
1,600
934 Apr 14% June Standard Oil (Kansas)..25 22% 21
Mar 134% Jan
700 108
•
123 124
//1 Y Merchandising
23
• 25 123
10
23
16% Mat
Feb Standard Oil(I(y)
26
Apr 51% May
200 42
46
46%
Y'Wen.634% pref_100
11334 113%
171 11034 Apr 11534 June Standard 011(Neb) new-25
Northeast Power, corn_ _• 19
31% 3334 60.800 30% Apr 47% Jan
18% 20% 15,800 1734 Mar 3634 Jan Standard Oil of N Y._ _25 32
Jan
140 292% May 362
295 299
1434 15% 23,000 11
Northern Ohlo Power Co • 1434
Mar 2(l t.4 Jan Standard 011(0)corn.. _100 298
6 116% Feb 120% July
120 1203.4
Northern Ont L & P pt100
100 120
84% 84%
31) 78
Preferred
Feb 84% July
Jan
Ma
1534
50
23
Nor States P Corp,com 100 10231 100% 104% 3.200 98% Ma/ 1:41154Jan Swan & Finch
17%
100
17%
9434 Mar 10931 Jan
100
Preferred
101% 104% 6,90
271 9934 Apr 10231 June Vacuum 011
25 102
Ohio Bell Telep 7% pf..100
Ovington Bros murk. prat_ •
Pacific Gas& El8% pf_100
•
Pacific Steel Boller
Pender(David) Grocery A*
•
Class B
Penn Ohio Scour Corp_ •
Penn Water & Power. 100
*
Peoples Drug Stores
Pick (Albert) Barth & GoCommon vot trust ctf _1
Pitts & L ERR. cora _ _50
•
Pratt & Lambert, Inc_
Procter & Gamble, com_20
Puget Sound PAL.enni _100
Purity Bakeries class A 25
•
Class B
100
Preferred
Pyrene Manufacturing_ _10
Rand-Kardex BU,new. w 1*
Realty Associates.com _ _ •
Remington Arms
10
Reo Motor Car
Republic Mot Truck v t c_•
Richmond Radiator corn..'
100
Preferred
•
Rickenbacker Motor
112
10%
10134 101
12%
4634
26
714
150
150
27
113
10%
101%
13
46%
27%
7%
155
29%
140 112
400
9%
250 101
1.500
ii
100 42%
1,200 23
2,400
614
550 130%
800 20
Ally 113% July
June
11
Jun*
July 10114 July
Apt
16% Feb
Apr 50% Jan
Apr 36% Feb
Mal
834 June
Mat 174
Jan
Mar 3434 Mar
13
12% 13
15274 149 152%
57
57
150 161%
29
2834 29%
42
4134 42
3234 32% 33
96% 98
11% 11%
39
38% 39%
225% 230%
230
10
10
20
20
2034
434
434 • 5
16% 1734
39% 39%
3% 4
354
2,60C
10
756 130
100 31
80 142%
2.000 28
400 35
310 24
20 91
100 1031
1.400 34%
160 220
100 10
3,200 1934
1,200
4%
500 15
100 3634
3.000
3
Apr 13
July
Mar 162% Jan
Mar 60% Feb
Jan 163
Jan
June 6034 Jan
Mar 43
July
Mar 3934 Jan
Mar 99 June
Mar 11% July
Apr 48
Jan
June 245 June
July 10
July
Aar 25% Jan
July 111% Jan
Jan 23
Feb
Feb 4134 Mar
May
934 Jan
Other Oil Stocks.
1
Allen Oli
o
Amer Contr Oil Flelds
Amer Maracaibo Co
•
Anglo-Persian Oil Ltd
Arkansas Natural Gas. AO
Atlantic Lobos 011, corn...'
•
Beacon Oil Co corn
Cardinal Petrol Corp-10
Carib Syndicate
Consol Royalties
1
•
Creole Syndicate
Crown Cent Petrol Corp-•
Darby Petroleum
•
Euclid 011
1
Gibson 011Corp
1
Gilliland 011 corn v t c.....
Gulf 011 Corp of Pa
•
International Petroleum..'
Kirby Petroleum
•
Leonard 011 DeveloiPt--25
•
Lion 011 Refining
Livingston Petroleum....
Lone Star Gas
25
Mexican Eagle 011
5
Mexican Investment
Mexican Panne° 011--10
80c
6
23
134
18
560
1434
9%
15
2
2%
let.
4%
8474
32
2%
734
454
15c
80c
6
23
6
1%
1714
52c
1431
9%
1234
2
2
134
4%
1
84
31%
234
7%
21%
65c
36
6%
1334
4
1,000
15C
4,100
1
6% 4,100
100
23
300
614
1%
500
5,000
18
5,100
56c
8,700
15
9%
500
1531 90,400
2% 3,000
400
2%
pi. 4,100
43,400
5
200
1
5.300
8.5%
32% 15,800
200
2%
5.400
75.4
1,700
2234
200
65e
100
36
100
634
100
1334
554 67.500
Sc. May
75e July
Ma
5
Jul
23
5% Jun
1% Apr
14% Mar
43e June
934 Mar
8% Mar
Mar
10
1% Mar
75c. Apr
88c Mar
950 Mar
63c Mar
Apr
82
28% Mar
231 Jan
634 Apr
20
May
65c. July
June
31
5% May
13;4 July
3% Mar
20c.
6,4
1434
23%
6%
334
1944
85(
22%
10)4
15%
74(
244
7%
2
93%
3744
344
1254
2544
1%
sa
634
1314
534
July
Feb
Jan
July
Jan
Mar
Jan
Feb
Feb
Feb
Jan
Jan
July
Feb
May
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
July
July
Feb
448
THE CHRONICLE
Friday
Sates
Last Week, Range for
Other Oil Stocks
Sale
Week.
Of Prices.
(concluded)
Par Price. Low. High. Shares.
Mountain dr Gulf 011
1
Mountain Producers..._10
National Fuel Gas
100
New Bradford 011
5
Northwest Oil
1
Ohio Fuel Corporation__25
Pandem Oil Corp
•
Peer 011 Corp
•
Pennock Oil Corp
Red Bank 011
25
Reiter-Foster 011 Corp _ •
Royal-Can 011 Syndicate..
Ryan Consol Petroleum_ _*
Salt Creek Como]OIL...10
Salt Creek Producers.. _10
Shreveport El Dorado PL25
Tidal Osage voting stock.*
Title Water Assoc 011_ __•
Preferred
100
United 011 of Calif
25
Venezuelan Petroleum...5
Wilcox (ill & Gas new__.•
Woodley Petroleum Corp..
•'*V" Oil & Gas
1
114
4134
734
18%
26%
2234
740
5%
3034
24%
9734
7
33%
25c
134
24%
150
5%
4c
3934
7%
60c
1434
26%
21%
70c
5%
8%
3034
13%
9
24
97%
70
6%
29%
6%
23c
1%
24%
150
5%
4c
42%
8
70c
1874
2634
23
82c
634
8%
3134
1334
9%
2434
97%
71
734
3334
694
28c
900
7.600
70
600
1,000
10,000
1,100
3,000
4,000
100
4,300
23,500
2,200
400
3,800
100
4011
29,000
600
800
8,800
6,700
600
32,000
Range Since Jan. 1.
Low.
g Mar
1% Jan
23
Jan
Apr 28
.31
Apr 159
Feb
(I% Jan
5% July
3c. May
7c. June
33
Mar 43% July
734 July
9% May
500 May
2% Feb
14% July 22% Feb
614 Feb 38
May
1414 Jan 24% Feb
200 Apr 95c June
444 Ay
734 Jan
8
Apr 10
Feb
28% Apr 36
Jan
11
Jan
13% July
7% Apr 10
Jan
Apr 27
21
Mar
974.4 Ma
9944 Mar
66% June 71
July
4% Jai
73.4 Mar
Mar 36% June
22
4% May
7% June
Sc
Jan 35e May
Mining Stocks.
Amer Con M & M
4c
6c 22,000
Arizona Globe Copper...1
8c
Oc
3,000
Beaver Consol
1
2,100
75c 750
Bunker Hill & Sullivan Min
10 75
et Concentrating
75
75
25
Carnegie Metals
10 14
14
14%
700
Consol Copper NI Ines__
3%
3% 33.4 8,500
Consol Nev-Utah Corn_ _ _3
Sc
7c
8,000
Cortez Silver Mines Co1
5c
Sc
1.000
Cresson Con Gold M & M 1
Vie
294
2.300
Engineer Gold kilnes.Ltd 5
934 1134 2,400
Eureka Croesus
1
fic
Sc
5c
12,000
First Thought(told Min _ _1
4c
40
1,000
Forty-nine Mining Co__ _I
11c 1 lc
1,000
Golden Centre M Ines_ _ _ _5
1%
134
1,600
Golden State Mining...10r
4c
4c
4,000
Goldfield Florence
1 10c
8c
10c
7.000
Hawthorne Mines, Inc_ 1
14c
17c 41,000
Heels Mining
25e 18
17% 18
600
Hollinger Como'Gold M_5
1934 19%
700
Jerome Verde Devel_ 50c
58c 65c 1,500
Kay Copper Co
1
1%
1%
27,600
Mason Valley Mines
5
1% 1%
300
New Cornelia Copper- -5
2234 2334
800
New Jersey Zinc
100 192% 192% 195
70
Newmont Mining Corp.10 63% 61% 6444 6,000
Nil:awing Mines
534
534 534
1,100
Norancla Mines Ltd
• 1634
15% 17% 13.200
Ohio Copper
60e 62c
2,200
Parmac-Porcupine M in_.1
30c 32c
4,000
Premier Gold Min, Ltd _ _1
2
1,000
234
South Amer Gold & Plat-1
5%
4% 534
7,200
Spearhead Mining
3c
3c
4c 67,000
1
Teek Hughes
3% 4
2,300
Tonopah Belmont Bevel I
3
334
SOO
Tel-Bullion S & Dew..._100
140 15c
2,000
United Verde Eaten,..50i
29
28% 2934
1,400
U f4 Continental Mines.new
8c
3,000
8c
Utah Apex
5
734 8
1,200
Utah Metal & Tunnel__ _1
I".
100
Wenden Cooper Nt ining__ I
3
334 1,800
West End Consolidated-5
15c
15c
2,000
3c
7c
45e
July
May
Jan
6c July
31c, Feb
Feb
96c
75
July 75
July
14
July 21
Jan
3% May
13.4 Apr
3c May
7c June
5o May
Sc Mar
1% June
244 Jan
9% July 28% Feb
Apr
3c
10c June
Apr
4c June 10e
Apr
Feb 19c
5c
Mar
I
May
3
Jun
2c
Sc June
Sc JulY 113c
Feb
Apt 32c
12c
Feb
1534 Mat
1014 Mar
174( Jan 19% June
50e June
134 Feb
1% June
234 Mar
1% June
2% Feb
18% May 22% July
180
Jan
Mar 210
4634 Jan 04% July
7% Jan
5 June
12% Mar 1814 Feb
47c Mar 75c
Jae
20c Mar 39c JulY
2
July
2% Mar
3% Feb
544 July
2c Feb
6e Mal,
21114 Jan
4
July
234 Api
444 Ian
3e May 15e July
27
Mar 33
Feb
Sc June 10c
Jan
634 Feb 114 Feb
1% Feb
2% Mar
2% Mar
8% Jan
15c July 30e Feb
BondsAllied Pack. deb 88._ _1939
Aluminum Cool Am 751933 10614
Am 0 & El (3s, new._ _2014 101
American Power & Light65.old without warr _2016 09%
its, new
2016 99%
Amer Roll Mill 6s
1938
Amer Seating 64
1936
Amer Thread 68
1928
Amer IV Wks & El 65_1975 95%
Anaronda Cop Min 68_1929
Appalach El Pow 55w I '06 9434
Assoc Gas & Elec fie. _1955 99%
Assoe'd Sim Hardw 6 44.'33 95%
1949 21
Atlantic Fruit Bs
Balt & ul(10 Hit 59_ 2000 96
Beaver Board Co 8s 1933
Bell Tel of Canada 58_1955 10034
Berlin City Elec.6308_1928
614s
1929
Boston & Main RR 681933
Brunner Turh dr Eq 7345'55
Buffalo Gen Elec 58_ ..1956 10234
Burmeister & Wain of
Copenhagen 15-yr 681940 95
Canadian Nat Rye 78_1935 11334
Carolina Pow & Lt 55 195
9834
1087 10234
Chle & N IV 4349
196(
9334
Mlles Service eas
9334
New. when Issued
Cities Serv 7s. Ser D. 196r 106
1966
8s, series E
Cons
L & P 68 A
to744
1952
5345 Series E
Consolidated Textile Sc '41
Container Corp 6*....1946
Cosg-Meeh Coal 6 W-1954
Cuban Telep 734s. _ _1941
Cudahy Pack deb 5%s.1937 91%
1946 95%
58
_I7'4;
tity euee
Del
Detroit Edison 78-.1930
Duke-Price l'ow 1st 69 11101. 10234
East Term Off Bldg 6342'43 101
Eitington-Schlid Co 68 1935
Elec Refrigeration 69_1931 10434
Europ'n Mtg & Inv 714,50
1933 8534
Federal Sugar 65
1941) 9334
Fiat 20-yrs 1 78
1931 98
Fisk Rubber 5345...
Florida Pow & Lt 55. _1954 9434
New
Gat- (Robt) Co 78--1937 10434
Galena-Signal 011 75_1930 90
Gen Ice Cream 6345.-1935 --General Petroleum 65_1928 10134
Goodyear T & R 5s... _1928 97
Goody'rT&Rof Cal5 34a'31
Grand Trunk Ry 6%8.1936 10934
Great Cons Elec 6348 1950 8834
1937
Gulf Oil of Pa 5s
1928
Serial 5345
Hamburg Elec Co 75.-1935 9934
Ilseder Steel Corp 75_1946 95%
Indep 011 & Gas 6348.1931
Indiana Limestone 65.1941 99
Indianapolis P & L 69_1936
Intermit Grt Nor 55 B_I95C 95%
9634
lot Rys of Cent Am 68 '41
79
78
59,000 70% May gg
Jan
10634 106% 18,000 106
July 107% Feb
100% 101
74,000 98% Apr 1013-4 June
99% 90%
9934 9994
103% 103%
9914 99%
102% 102%
95
95%
10244 103
94% 95%
99 100
95% 95%
21
21
96
97%
9634 97
10034 100%
9934 99%
98% 98%
100 100%
8.5% 86
102% 102%
41,000 96
Jan 10034 June
23,000 98
May 10034 June
3,000 101
Jan 103% Jul,"
9,000 99% July 100% July
3,000 102y, July 10.1% Jan
85.000 921
/
2 Ma. 9';44 July
5,000 102% Mar 103% Jan
38,000 94% July
97% 5t
43.000 92% Mar 100
July
12,006 95
pn1,4 P.
_Jan
1,000 19
Mar 3334 Jan
05,000 1143.4 Mm
Apr
99
14,000 9314 Feb 98
Feb
25,000 99% Jan 101% Ju
ne
9,000 98
Mar 100
Ma
,
10,000 97
Mar 98% June
6,006 9434 .lan 101
June
17,000 85
June 101% Feb
9,000 99% Jan 103% May
94
95
28,000
113% 114
11,000
9834 9931 98,000
101% 102% 35,000
93% 93% 174,000
9334 93% 65,000
10534 10634 177,000
11234 112% 20,000
10734 10734
4,000
106% 106%
1,000
80% 8034 2,000
99
99
10,000
9334 94
13,000
109% 11034 14,000
91
91% 33.000
9534 95% 5,000
106% 107
22.000
13134 131%
1,000
10234 102% 261,006
10034 101
10.000
96
96% 6,000
104% 104% 90.000
9834 98% 10,000
85% 8534
2,000
93% 93% 72.006
96% 98 355,000
9434 94% 239,000
95
95
311,000
10434 104%
1,000
90
91% 10,000
11634 11634
5,000
101% 101% 26,000
97
97% 14.000
96% 96% 10,000
109 109% 11,000
87% 88% 90,000
100% 10034 9,000
101 101
1,000
99% 9934 23,000
9534 96% 78,000
9634 96% 7,000
99
99
6,000
97
9734 34,000
95
9534 28,000
96
9634 28.000
Bonds (Concluded)-
fah.
July
94
110
Jan
97% Ma)
101% June
91% Al"
91% Apr
10134 Jan
Jan
109
105% Fell
105
Mar
June
80
80 June
90
Apr
10834 Jan
01
July
9434 Jan
101% Jan
124% Apr
100% Am
100
May
9534 Apr
10034 Mar
92% Jae
May
85
93,44 July
93% Apr
01% Mar
95
July
103 May
84
Mal
116% July
101% June
9644 July
9634 July
10744 May
85
Apr
98% Feb
100% Jan
94
Jan
94 June
95% May
911
May
97
July
95
July
96
July
JulY
95
11414 June
10034 MaY
10244 June
93% Mar
Mar
94
106% July
112% JulY
168
MaY
107 June
Feb
92
July
99
96% Jan
112
Mar
9.5% .lan
96
may
1)1734 JulY
138% Feb
103
July
101
July
9834 Jan
107
Jan
100% June
98% Feb
9334 July
9834 Jan
11044 June
95% JulY
10544 Mar
104
Mar
138
Jan
1023-4 Jan
99% Jan
99
Apr
109% June
88% July
101% June
101% Jan
100
July
9754 July
100% Feb
99
May
9844 May
95% June
9634 May
[VOL. 123.
Friday
Last Week's Range Sales
of Prices.
Sale
for
Price. Low. digit Week.
Range Since Jan. I.
Low.
Kaufman Dept Sts 68_1935
With warrants
9714 97% 5,000 97% July
97'% July
Keith (B F) Corp 6s. _ 1940 9934 9934 9934 11,000 90% July 100%
June
Keystone Telep 540....1965 86
86
86
1,000 83
Apr 89
Apr
14 resge Foundation 68.1036 100% 100% 100% 134,000
May
101%
1003-4
Krupp (Fried), Ltd, 791929 9734 97% 0734 33,000 9044 June
Jan 98 June
Laclede Gas L 5%9...1935
100% 10044 33,000 98
Jan 10044 May
Lebigh Pow Secur(19..2026 9434 94% 94% 133,000 93
Mar 95 14 Feb
Leonard Tietz Ine 714s '46
with stoek nureh warets 98% 98% 99
35,000 934.4 Mar 99
July
Libby, McN & L 7s.._1931
104 104
8.000 103% June 105
Jan
Loews Inc 6s with war 1945 97%
50,000 9744 July PP% Slay
973.4 98
Long Isid 1.11( Co 65_1945 10234 1023.4 10234 8,000 99% Mar
103% July
hiannoba Power 5345_1951
96% 96% 9634 29,000 94% Apr 98
A Pr
Mansfield Mln & Smelting
(Germany)7s
9834 98% 99
31,000 04
June
hii0 191
Mass(his Cos 5141.. _1940
1941 102% 102 10234 33.000 9944 isn 101 )4 June
Mktg Mill Mach 75_ 1956
92% 92%
1,000 92% July 93% July
Missouri Pacific 55___1927
100% 100% 13,000 100
Mar 100% June
Monty Ward & Co 55.1946 97% 9734 98% 25,000 97
July 98% July
Morris & Co 7449___1930
104 104
5,000 10312 June 105% Apr
Nut Dist Prod 634a.. _1945
96
9,000 95 June 99
97
Jan
Nebraska Power 6s_..2022
101
1,000 083-4 June 101
101
July
Nevada-Calif Elec 58_1956 9534 95% 95% 133,000 9544
June 9544 June
Nevada Cons 5s
1941
94
96% 45,000 9144 June 96% July
Nor States Pow 634s-1933
110 11044 31,000 108
Mar 1.31
Jan
6 %sank]notes
1933
103% 103% 9,000 10244 Mar 1043.4 Jan
Ohlo Power 7s
1951 10634 106% 10634 22,000 105%
June
117
may
58, series 13
1952 98% 9734 98% 39,000 94 . Jan 101%
June
4345 series I')
1950
93
13,000 93 June 0314 June
93
Ohio River Edison 59_1951 9434 94% 95% 62,000 9444 June 96 44 June
Otis Steel 5s
1941 98% 98% 9834 75,000 97% Mar P9
June
Pan Amer Petrol 6n...1940 10334 103% 103% 293,000
JulY
993-4 Apr 105
Penn-Ohio Edisenfis _.1950
10144 102
17,000 98
Apr 106
Jan
Penn Pow & Light 55_1952 9934 98% 9934 28,000
May
973.4 Mar 100
fis Series D
9834 9935 14,000 97% June 100% June
NOM Flee Co 5343 _ _ _ _1
105
953 106% 106% 108
5,000 106% Mar 108
July
68
1941 107% 107% 107%
1,000 106
Jan 1083-4 June
Phila Elee Power 5%9_1972 102% 102 102% 108,000
34 Mar 103% May
100
Phila Rapid Transit 691902 100% 100% 100% 11.000 4)734 iris 10134
May
Pub ierv Corp NJ 535s'55 9934 99
99% 192,000 99
99% June
My
Pure OH Co 634s
1933 10334 1033-4 103 44 31,000 10244 Jun 104
July
Raid-F ardex Bur 53-49 '31 Iii
110% 111% 56,000 10144 Mar 115
Jan
Rhine-hlaine-Danube Corr
7. Series "A"
1950
28,000 04
99% 100
June
Jan 100
Salida Falls Co 58
1955
96% 96% 13,000 94
Mar 97
Jelly
Saxon Public Wits 63481951 91% 9114 92
87,000 91% July 92 July
Schuler)Co 6349
100
100 100% 79,000 100
July 100,4 June
94
36
5 96% 9644 97
Schulte R E Co as__ _ _119
28,000 92
t)8 t4 Jan
Apr
Os without corn stk.
88
2,000 83
88
Apr 90
88
July
Seaboard A L Ry 68_1945
953-4 963.4 21,000 9534 July 96% July
1
193
Serve] Corp es
35
1 106
June
106 106% 95,000 9934 Mar 109
Stunwheen Mills 7s
1931
9934 9934 3,000 96
May 1024 Jan
Siemens & Flalske 75__1928 99% 9934 9934 46,000 964.4 Jan 99% June
75.41,000 94
Jar 100% June
99% 9914 100
Sloss-Shelf St & I 65_ _1
193
92
;
102 102% 3,000 102
Jar 103% -111
"
olvay & Clef'
1934
S 101
103% 104
7,000 102
Jul 104% Mal
Southeast P. & L.115 _2025
Without warrants
1
9114 943,
4 943-4 30,000 89
Mar 95% June
6s new
05
95
29,000 94 4
95
1 June 9544 July
Sou Calif Edison Se.. _1944 10034 10034 1003-4 17,000 109,
101% June
7
5,5 444
-inci 98% 9814 98% 128,000
59
09 June
Southern Gas Co 6143_1935 98% 9844 9944 10,000
Mar 10054 June
Stand Oil of N Y 6348_1933 10634 106 10634 211,000
10714
Jan
Stutz Motor of Am 730 37
108% 108% 3,000 10744 NAln
.lan
a 120
Sun Oil 5444
1939
994( 100
70,000 97% Jar 100% June
Swift & Co Rs_ _Oct 15 1932 97% 97% 98
85.000
911%
Apt
is'
Texark & Ft Sim 5145_1950 103
102 10354 83,000
Mar 101,4 k or
Thvaeten (Aug) l&S 78 1930 102
101% 102% 230,000 93
Jar ('234 July
1931
Tidal-Osage 011 7s.
103% 103% 11,000 10334 Jan 105% Mar
Trans-Conti 011 79. _ _ 1930 98
42.000 91
9644 98.
June 99
July
United Elec Westph Power
Corp (Germany)6 sis 50 8844 8834 39% 61,000 84
June
May 91
United Rea Of Tiny 7%a .31,
111% 11114
7.000 10944 Jar) 112
tune
S Rubber 644% notes'27 101
101
10144 6.000 10014 Mar 102% Mar
Serial 03.4% notes_ .1025
101
101% 7,000 101
Jan
July 1112
Serial 634% notes__1929 102
14,000 10144 June 103% Apr
102 102
Serial 644% notes_ _1930
101
10144 32,000 101
July 102 ,‘ Apr
Serial 1.4
notes_ _1911
101% 12,000 lilt
101
liar
ran
Serial 630% notes_ _1932
10114 101% 14,000 101
Mar 10244 Jan
Serial 63-4% notes_ _1933
101
10134 6,000 100% Mar 102% Apr
Serial 634% notes_ _1934
1013-410134 11,000 100% Mar 102% Apr
Serial 6 Si% notes...193n
101
101,4 32,000 100
'Mar 10244 May
Serial 634% notes_ _11138 10154 101 102
28.000 1001.4 Mar 102% May
101% 101% 16,000 100% Mar 1021.4 Apr
Ser1la 6
6131 4
1
1 94
930
9
7° ngtte
102 102% 9,000 100
Jan 102(4 Apr
US Smelt & Ref 5145_19311 1019.4 101% 102
49,000 100
Jan 102
Feb
United Steel WorksBurlaeh1
95
Ig5
Luxemburg 75
89,000 9234 Ma) 91
95
96
June
U S Steel Works A 644s 1951
With stock porch ware.. 963-4 96
9644 333,000 96
July
97% July
Wabash Ry 55
1,000 95% July 95% July
1970
85% 95%
5(14 Mtn' 101
Webster Mills n is_ _ .19:e
951% 95
Jan
953.4 26,000
35,000
West Penn Pow Co 55_1956 1003-4 100% 10014
10915 July 10044 July
1011
Foreign Government
and Municipalities.
Ant loquia (Dept of). Col19411
78 Series A
7s Series T1 WI - _ ___ 194P
9244
Austria (Pro', of Lower)7145
1950 9534
95
Baden (German',) 7s_ _1951
Bavaria(Free State)6 345'45 92%
13nizli (U.S. of) 6%s..1957 9034
9034
New
Buenos Alrex(Prov)7 1484; 99%
99
193.
7'.
1952 96%
7s
9754
Caldas(Dept). Col 7 45'4,
Danhh Cons Munk.6%fru
99%
Denmark (King) 5449_105P
1970 100
68
German Cons Mimic 78 '47 9634
Hungarian Land Mtge Dist
1961
74411 aeries A
Indust Mtge Bin of Finland
1st hi coll s f 7s.. _1944
Italian Pub Util In.it 79 '.52 88
Medellin (Col0m) 8S-1948
Neth'da (stifled) 68 B.1972 108%
1941 96
Oslo (City)614s
Roman Catholic Church ce
1941
Bavaria 63-4*
933-'
Russian Govt 63-4% al'
19
SantaFe(ArgentIne) 7s3942 93%
Saxon Slate Mtge Inv 75'40
Switzerland Govt 5 445 1929 10134
9244 92% 22,000
91% 9244 64,000
90
.lan
91% Apr
20,000
39,000
51,000
323,000
264,000
91,000
119.000
60,000
15,000
3,000
52,000
7,000
137.000
95)4 July
9544
95
92%
00
9034
9944
99
9634
97
973.4
99%
100
96%
96
9531
93%
90%
90%
100
99%
96%
9734
973.4
99%
101
0734
96% 9344 31,000
93
Feb
92%
90
904(
991..
99
96 45
95%
96
99
99%
94)4
July
Mn"
July
Jan
Apr
Ater
July
hi to
Mar
Jan
Mar
95
June
93 June
112% June
98%
96
933-4
91
91
101%
1004.4
97%
9744
99%
I no
101)4
98
June
98% July
98%
88
102
108%
95
9844 26.000 9634 Jan 100
8844 127,000 87
Ma!: 93
102% 6,000 98
Jan 10214
108%
4,000 10644 Mar 10854
963-4 59,000 93
Olar 973-4
93
13
9334
97%
101%
9344
13
94
98%
101%
59,000 9234
22,000 12
54,000 9014
44.000 9214
17,000 101 44
Mar
June
July
June
June
Feb
Apr
May
July.
July
may
Jan
June
Mar
July
July
Niel'
June
June 94
June
Feb
17
Jan 94% Feb
Mar 98% July
Mar 10214 Jan
• No par value. k Correction.
Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. a Option sale. I Ex-righte
and bonus. o Ex-cash and stock dividends. to When issued z Ex-dividend.
Ex-rights z Ex-stock dividend
u Sales of Amer. Light & Tranlon pref. at 96 repnted last waek was an error.
Should have been Amer. P..wer & Light-pref.
Note.-Sold last week a-id [IA reported: 100 Aero Supply & Mfg. class B at 7.
Sturtstment mut vailroaci intelixfonctic,
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the second
week of July. The table covers 15 roads and shows 5.52%
increase over the same week last year:
Second Week of aag.
1926.
$
Buffalo Rochester & Pittsburgh_
353.245
Canadian National
4,952,030
Canadian Pacific
3,525,000
Duluth, South Shore & Atlantic_
117,814
Georgia & Florida
45,600
Great Northern
2,294,000
Mineral Range
4,332
Minneapolis & St Louis
288.136
Mobile & Ohio
348.183
Nevada California & ChaNgtaa
10.360
St Louis-San Francisco
1,748,902
St Louis Southwestern
399.800
Southern Ry System
3,752,299
Texas & Pacific
615,834
Western Maryland
417.972
Total (15 roads)
Net increase(5.52%)
1925.
Increase. Decrease.
$
$
336.015
17,230
4,426,722 525,308
3,314,000 211,000
119,543
'33,000
12,600
2,304,386
12,257
270,500
17,636
326,429
21,754
7.897
2.463
1,793.476
437,655
3,522.189 230,110
598,708
17,126
383.431
34,541
18,873,507 17,886,208 1,089,768
087 900
$
1,729
10.386
7,925
44,574
37,855
102,469
In the following we show the weekly earnings for a number
of weeks past:
Current
Year.
Week.
lst week *pr. (15 roads)____
2d week *pr. (14 roadsl_.._.
3d week Apr. (15 roads)._...
4th week Apr. (15 roads._..
1st week May (15 roads2......
2d week May (15 roads).....
3d week May (14 roads..___
4111 week May (15 roads____
1st week June (15 roads)__
2d week June (15 roads)____
3d week June (15 roads)_ ___
4th week Juno (15 roads)_ let week July (15 roads)._
2d week July (15 roads)._
$
17,678,425
17,043,787
17.401,207
23.063.433
17.468,131
18,443.528
18.124.830
26,040.097
18,874,013
18.802,401
19,039.129
25.593,738
18,862,723
18,873,507
Previous
Year.
Increase or
Decrease.
i
18.549,262
15.953.491
16,231,233
21,891,860
16.994,994
16.581.018
15.950.455
21.984,062
17,192.610
17,094,407
17.158,394
23,231,988
17,481,987
17,888,208
°I
S
+1,135.163 6.88
1-1,090.296 6.83
+1.169,974 7.21
+1.171.573 5.34
+473.137 2.78
1.862.510 7.23
2,174.175 13.63
4.056.035 18.45
1.681,403 9.75
+1.707.994 9.99
1- 1.880,735 10.96
+2,261.750 10.17
+1.380.736 7.90
+087.200 8 As
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), these being very comprehensive.
They include all the Class A roads in the country,with a total
mileage each month as stated in the footnote to the table.
Gross Earnings.
Net Earnings.
Month
1925.
1924.
Increase or
Decrease.
1925.
1924.
Increase or
Decrease.
June,508.002,038 464,774,329 +41,227,707 130.837.324 101,487,318 +29.350,006
July- 521,538,604 480,943,003 +40,595,801 139,606,752 111,786,887 +27,819,865
Aug-- 554.559,318 507,537,554 +47.021,764 166.558,666 134,737.211
Sept-- 564,443,591 540.063.587 +24,381,004 177.242,895 159,216,004 +31,821,455
+18.026,891
Oct __ 590,161,046 571.576,038 +18.585,008 180,695,428 168.640,671 +12.054,757
Nov.- 531,742,071 604,781,775 +26,960,296 148.157,616 131,381.847
Deo-- 523,041.784 504,450.580 +18,691,184 134.445,634 124,090,958 +16,775,769
+10,354,676
1926.
1925.
1926.
1925.
Jan -- 480.062,657 484,022,695 -3,960,038 102.270,877 101,323,883
+946,994
Feb -- 459,227.310 454,198,055 +5,029,255 99,480,650 99,518.658
-38.008
Mar_ _ 528,905,183 485,238,559 +43,668,624 133,842.764 109,081.102 +24,561,652
April _ 498.448.309 472,629.820 +25,818.489 114,685,151 102,920,855 +11,764.296
May.516,467.480 487,952,182 +28,515.298 128,681,566 112,904,074 +15,677,492
Note -Percentage of Increase or decrease In net for above months has been:
1925: June, 18.91% Inc.; July, 24.88% Inc.; Aug., 23.26% Inc.; Sept..
inc..
Oct., 7.14% Inc.; Nov., 12.77% Inc.; Dec.. 3.69% Inc.; 1926, Jan.,11.32%
0.93% Inc.:
Feb., 0.04% dec.; March, 22.50% Inc.; April, 11.43% Inc.; May, 13.89%
Inc.
In June the length of road covered was 236,779 miles in 1925, against 236.357
miles
in 1924: in July, 236.762 miles, against 236.525 miles; in August, 236,750 miles,
against 236.546 miles;in September. 236.752 miles, against 236,587 miles; in October.
236,724 miles, agaInst 236.564 miles; in November, 238.726 miles, against 235,917
miles; in December. 236,959 miles, against 236,057 miles; In January 1926,
miles, against 236,599 miles in 1925; in February, 236,839 miles, against 236,944
miles: in March.236,774 miles. against 236,500 miles; in April, 236,518 miles,236,529
against
236,626 miles; in May,236,833 miles. against 236,858 miles.
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
449
--Gross from Railway- -Net from Railway- -Net after Taxes1925.
1926.
1925.
1926.
1925.
1926.
8
$
S
$
$
$
Southern Pacific System*4,409,251
*5,153,501
7,009,299
25,708,639
7,466.646
25,726,057
June
FromJan 1139,189,664 137396,598 31,850,906 27,096,779•79,345,943*15,150,331
Union Pacific System16,694,891 15,344,421 4,654,401 4,488,560 3.383,775 3,429,422
June
From Jan 1_90,973,685 83.504,417 22,345,675 20,590,709 14,784,148 13,381,560
Western Maryland396,953
499,268
461,953
579.268
1,765,816 1,525.618
June
From Jan 1_10,769,788 9,484,883 3,226,815 2,765,690 2,751,815 2,385,690
rents.
After
•
Charges. Balance.
Income.
$
8
8
236,284
245,954
*482,238
June
'26
Maryland
Western
109,942
251,881
'25 *361,823
From Jan 1 to June 30 '26 *2,803,091 1,487,951 1,115,140
597,737
'25.*2,119,083 1,521.346
* Includes other income.
Electric Railway and Other Public Utility Net
Earnings.-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
--Gross Earnings--Net Earnings-.
Previous
Current
Previous
Currtnt
Year.
Year.
Year.
Year.
$
$
Companies.
$
$
*1,598,905
South'n CalifEdison Co_June 2,497,050 2,194,901 *1,724,011
6 mos ended June 30...12,933,581 11,722,466 *8,350,856 *7,668,277
* After taxes.
Balance,
Fixed
Net after
Gross
Charges.
Surplus.
Taxes.
Earnings.
.
'
$
Companies.
$
32,673 .
27.242
59,915
122,017
June '26
Bangor Hydro
28.709
26,071
54,780
115,746
'25
Elec Co
525,024
325,105
850,129
12 mos end June 30 '26 1.643,949
504.602
815.207
310.605
'25 1.542,327
540.522
643,149
June '26 3,866,929 *1,183.671
B M T Corp &
444,845
648,970
'25 3,761,881 *1.093,815
affil cos
7.777.877 5,762.359
12 mos end June 30 '26 44,840,968*13,540,236
'25 43.312.417*12 902,146 7.814,221 5.087.925
39735'166'089l8292
'
83,597
Cent Maine Pow June '26
74.094
189.341
388,715 c183,435
'25
Co System
12 mos end June 30 '26 4,946,259 c2,171,702 11.038,470 1,133,232
847,725
'25 4,805,996 c1,902.289 11,054,564
•
1,932,070
Cities Service Co June '26 2.245.979
.583.203
'25 1,858,429
18,175,544
21,590.142
mos
end
June 30 '26
12
15.436.500
'25 18,180,205
647.089
639,865
Columbia Gas& El June'26 2,625,582 *1,286.954
585,905
605.553
'25 2.521,798 *1.191,458
Co and subsid
6,818,418
3,815,680
19,885,137+10,834.098
end
June
mos
30
'26
12
'25 16,016,531 *8.101.321 3,359.900 4,741,421
Commonwealth
June 126 3,775,345 1,651,447
'25 3.430,382 1.390,330
Power Corp
end
mos
June
30 '26 46.786,688 21.127.330 11,690.908 9,436.422
12
'25 40.861.004 18,023,170 10.544.519 7,478,651
849,499
Consumers Power June '26 1,858.750
685,867
'25 1,581,686
2.592,312 8.122,540
10.714.852
22,416,015
end
mos
June
30
'26
12
'25 18.929.992 8,864.208 2,591.235 6,272.973
602.118
334.809
936.925
3,285.541
Edison
Co
June
'26
Detroit
398,045
355,161
753,206
'25 2.752,838
6 mos end June 30 '26 20,601,922 7.315.683 1,994.597 5.321,086
'25 17,181,527 6.070,937 2,085,119 3,985.818
46.313
194.107
740,935 *240,420
June '26
Eastern Mass
36,823
205,935
744,723 *242,758
Street Ry
'25
453,038
6 mos end June 30 '26 4,843,390 *1,847,182 1,394,144
377,084
1.396.797
4,785,096
*1,773.881
'25
165.337
335,419
500,755
Hudson & Man- June '26 1,009,289
109.492
335,924
445.416
962,289
hattan
'25
12 mos end June 30 '26 6.155,164 3,061,446 2,015,152 1.046.294
869.597
'25 6,059,837 2.894,660 2,025.063
279,196
102.108
382,114
774,581
Kansas City Pow June '26
277.503
100,706
378,209
764.952
'25
& Light Co
12 mos end June 30 '26 10.504.938 5,472,216 1,246,044 4.226.172
'25 9,777,718 4,965,776 1,113,062 3,852.714
72.445
32,754
105,199
227,305
Manchester Trac, June'26
53,078
25,906
78,984
189,063
L & P Co & sub cos '25
474,618
183.370
657.988
6 mos end June 30 '26 1,428,725
404,710
153,614
558,324
'25 1,257,458
52,916
11,487
c64,403
313,307
Massachusetts
June '26
58,157
Co
10,999
288.670
c67,156
Lighting
'25
355,188
73.211
6 mos end June 30 '26 1,929,713 c428.399
341.473
71.103
'25 1.779.839 c412.576
54,349
056,557
110.906
325,236
New Bedford Gas June'26
66.406
052,247
118.653
Edison
Lt
Co
308,411
'25
&
888.876
12 mos end June 30 '26 4,087,464 1,512,909 0624,033
833.412
793,928 1,452,230 0618.818
'25
67,652
k94,359
303,213 j162.012
New York Dock June '26
66,112
k97,048
5163.160
291,296
'25
Co
289,862
6 mos end June 30 '26 1,629,542 5831.655 k541,793
315.741
'25 1,676,277 5902,300 k586,559
16,687
k15,936
532.823
77,031
Phila & Western June '26
17.398
k15,933
533.331
76,008
'25
175,732
198,551
Portland Electric June '26
374.283
987,929
138,099
206.717
Co
Power
344,816
905,471
'25
12 mos end June 30 '26 11,321.430 4.541.274 2.468.070 2,073.204
'25 10,891,393 4,337,672 2,406.809 1,930,863
zTenn El Pow Co June '26
413,970
933,813
398,759
incl Nashv Ry & L Co '25 962,016
12 mos end June 30 '26 11,808,771 5.205.198 2.223.563 2,981.6.35
'25 10,460.762 4,930,871 2,127,931 2,802.940
Republic Ry &
n42,273
June '26
989,152
Light Co and subs
n33,569
'25
870.155
n1.330,060
12 mos end June 30 '26 11.837,555
n738,321
'25 10,795,614
--Gross from Railway-- -Net from Railway- -Net after
Tares1925.
1928.
1926.
1925.
1926.
1925,
Akron Canton & YoungstownJune
251,212
271,532
72,936
125,346
.53,794
112,008
From Jan 1. 1,572,193 1,487.656
478,283
597,141
364,952
516,970
Central VermontJune
785.995
716,861
77,988
64,498
58,979
45,408
From Jan 1_ 4,319,228 4,057,608
647,941
108.199
533,133
6,911
Chicago & AltonJune
2,640,109 2,424,855
*356,066 *307,314
From Jan 1_14.729,488 14,339,971
*1,360,970 *1,593471
,
Delaware Lackawanna & Western8,081,116 7,730,162
June
*2,114,383
*1,739,892
From Jan 1_41.526.448 43,561,401
*8,002,288 *7,864,526
Gulf Mobile & Northern492,787
June
459,953
*84,526
*82,067
* Includes other income. jBefore taxes. k Includes taxes. z Includes
From Jan 1_ 3,039,945 3.034,873
*641,669 *586,220 dividends on Nashville Ry. & Lt. Co. preferred stock not owned by the
Kansas City Southern (incl. Texarkana & Ft Smith)Tennessee Elec, Power Co.
1,839,167
June
1,724,678
589,896
488,805
464,945
378,736
g Includes depreciation. I Includes guaranteed dividends on stock of
From Jan 1_10,819,375 10,151,347 3.722,827 2,958,703 2,971.850
2.293,986 subsidiary companies. n After preferred dividends of subsidiaries.
Minneapolis St Paul & SS MJune
2,297,481 2,246,283
*393,676 *398,854
From Jan 1_12,156,120 12,038,399
*1,488,122 *1.337,669
Wisconsin Central1,860,249 1,728,672
June
*248,419 *256,119
From Jan 1_ 9,450,290 9,440.915
*516,438 *779,121
Total SystemKraft Cheese Co. (of Illinois) and Subsidiaries.
4,157,730 3.974,855
June
*839,995 *654,973
1_21,606,410
21,479,314
From Jan
*2,004,560 *2,116,790
(Annual Report-Year Ended March 31 1926.)
St
Chicago
&
Louis
York
New
4,345,518 4,208,587
June
*516,710 *733,743
The
remarks of President J. L. Kraft, together with a
From Jan 1_26,974,187 26,497.148
*4,890,648 *4,969,301
comparative consolidated income account for the five years
New York Ontario & Western1,398,097 1,239,635
ended March 31 1922 to March 31 1926, inclusive, and a
June
From Jan 1. 5,927.291 5,942,575
comparative
consolidated balance sheet as of March 31 1924,
Norfolk & Southern1925 and 1926 and Dec. 31 1922, will be found in our adver930,754
721,208
326,060
163,523
June
268,131
119,139
From Jan 1_ 4,956,083 4,467,972 1,508,077 1,113.158 1.209.583
837,192 tising columns on preceding pages of this issue.
FINANCIAL REPORTS.
:121:2T: :M:g11
450
From the remarks of President Kraft we take the following:
Sales, &c.-Our total sales this year are $36,720,077, as compared with
$31,097,386 the previous year, an increase of over 18%. Our net surplus
earnings are $1,6'78,931, including credits from unconsolidated subsidiaries,
as compared to $1,417,330 for last year.
Dividends -During the fiscal year ended March 31 1926 dividends of
6% in cash and 6% in stock were paid on the common stock. $100,248 Was
also paid as preferred dividends prior to redemption of these issues.
The operations of the past year have shown the value of the new dividend
policy adopted by the directors at the beginning of the period. This policy
was designed to permit of the re-investment of the larger part of the earnings
of the business to help finance its growth, while at the same time giving the
stockholders regular stock dividends to represent some portion of these reinvested earnings.
Out of the combined net surplus earnings for the fiscal year of.. _51,678,930
There was paid out for preferred dividends (a charge which was
100.248
eliminated for the future by retirement of these issues)
$1,578,682
439.485
Leaving applicable to common stock
Cash dividends on common required
$1,139,197
Leaving for re-investment in the business
This re-invested amount is accounted for on the books of the company as follows:
439,477
Capitalized by stock dividends
699,275
Added to surplus
$1,138,752
Total re-invested earnings
With future growth of net earning power, the benefit of this policy will
become increasingly apparent. In no other way can balance sheet strength
be so rapidly increased out of earnings, while at the same time giving to
the stockholders a good current return.
Outlook.-The present outlook for the company is favorable. The business recession which affected the company somewhat during the latter part
of 1925 and the first part of 1926, has apparently disappeared. Sales atthe
present time are in excess of the sales of a year ago. Raw material prices
are considerably lower, and while competitive conditions are not as favorable as they were two years ago, the belief of the management is that both
both sales and profits for the fiscal year 1926 will show a substantial increase
over 1925.
CONSOLIDATED OPERATING STATEMENTS YEARS END. MAR.31.
1922.
1926.
1923.
1925.
1924.
Net sales_ _536,720,077 $31,097,386 $23,754,546 $18,290,167 $11,104,480
Cost of sales 31,256,692 25.410,932 19,621,737 14,921,572 9,528,151
Gross profit $5,463,385 55,686.454 $4,132,809 53.368,595 $1,576,329
Total oper.
1,241.556
expense.. 3,760,855 3,512,195
2,807,101
2.244.354
Met operating profit $1,702,530 $2,174,260 $1,325,708 $1,114,241
0th.income
207,853
122,399
72,660
76,964
$334,773
45,502
Total ___ $1,910,383 $2,296,659 $1,398,368 $1.201,205
Other exp__
124,003
150,624
502,304
86,121
Interest _ _ _
171,488
125,789
78,150
80.574
Income tax.
151,355
134,927
181,176
205,536
$380,275
48,334
31.938
41,865
xNet profit
carried to
$258,138
surplus__ $1,500,433 $1,417,331
$997.221
$899,583
x Kraft Cheese Co.'s interest in net darnings of controlled companies not
awned 100% amounted to an additional $178,499 not included in above.
See also V. 122, p. 2937.
Great Northern Railway.
(37th Annual Report-Year Ended Dec. 311925.)
Extracts from the text of the report for the calendar
year 1925, together with preliminary statement of earnings
for the six months ended June 30 1926, will be found under
"Reports and Documents" on a subsequent page of this issue.
STATISTICS FOR CALENDAR YEARS.
1922.
1924.
1923.
1925.
8,260.71
Aver. miles ofroad oper_
8.251.44
8,242.09
8,254.21
Number pass. carried.._,. 3,642,749 3,940,656 4,975,800 5,509,459
Pass.carried 1mile
441,498.635 422,372,425 460,207,562 450,052,946
Rev.per pass. per mile
3.161 cts. 3.240 cts. 3.326 cts. 3.358 cts.
Revenue tons carried_.... 33,494,620 31.669,750 36,385,396 27.450,587
Tons carried 1 retie__ .8,517,913,981 8093136.4448754272.702 6882464,797
1.134 cts.
Rev, per ton per mile_
1.070 cts.
1.058 cts.
1.064 cts.
Net rev, from ry. oper.
$1.088
per train mile
51.578
51.792
51.386
The usual comparative income account was published in
V. 122, p. 2641.
GENERAL BALANCE SHEET DEC. 31.
1924.
1925.
1925.
1924.
$
AssetsLiabilities-$
$
Inv. In road &
Capital stock__ _248,916,550 249,477350
Prem. on capital
equipment:
81,258
Road
368,309,443 362,915,720 stock
81,268
Equipment _ _104,447,675 96,998,217 Grants in aid of
372,189
construction _
Impts. on leased
435,847
ry. property-130,866
133,135 Fd.debt unmat_318,866,515 316,082,815
Sinking funds__
865
563 Non-negot. debt
to attn. cos.. 1,850,165 1,994,614
Dopes. In lieu of
Loans& bills
mtgd. prop.
6.500,000 6,500,000
Traf.
& car-serv.
sold
36,102
50,698
865,342
Mise.phys.prop. 4,466,752 3,773,537
bals. payable_
751,489
Audited accts. &
Inv.In affil. cos.:
wages payable 6,121,305 6,431,762
Stocks
190,349,900 189,946,897
Bonds
766,847
26,818,600 26,818,600 Misc.accts. pay. 1,026,155
Notes
2,641,908 1,664.016 Int. mat'd unpd. 8,062,773 7,982,511
Advances....,_ 17,217,209 14,470,275 Divs. mat.unpd.
33,373
14,851
Other invest'ts:
Fd. debt mat'd
Stocks
unpaid
1,282,774 1,282.024
6,500
285,500
Bonds
2,113,330 2,115,080 Unmat'd interest
Notes
54,000
54,038 accrued
428,732
450,689
Advances_
91,164 Other curr. liaMiscellaneous 1,552,017 1,765,209
bilities
122,100
190,534
Cash
19,063,872 19,146,108 Other def'd liabilities
Demand notes &
13,401,358 12,061,457
35,000
deposits
35,000 Tax liability__ 8,320,944 7,848,118
Ins. & ass. res__ 2,198,032 2,185,829
Time drafts and
5,590,000 6,040,000 Accrued deprec.:
deposits
531,299 7,274,190
Road
Special deposits_
2,624,123 2,370,359
205,884
48,290 Equipment
Loans& bills rec.
28,061,826 29,561,739
Miscel. phys.
Tref.& car-serv.
balances rec.... 1,174,463
property_
983,993
28,132
20,238
Other unadjust.
Net bal. rec. fr.
credits
9,033,557 9,450,435
agts. & cond.. 2,853,987 2,320,867
Misc. accts. Teo_ 10,490,575 12,310,243 Add'ns to prop.
through inc.&
Mat'l & supplies 9,942,816 9,799,070
15,393
59,769 surplus
37,054,381 37,009,556
Int. & &vs. rec_
79,420
71,349 Fund, debt ret.
0th. curr. assets
32,229
32,903 through Inc.&
Work.fund adv.
1,548,473 1,527,231
0th. def'd assets 13,215,457 11,703,619 surplus
Sink, fund res._
13,641
6,970
Rents & insur.
Apprp.surp. not
prams. paid in
68,969 spec. invested 1,965,450 1,864,138
77,359
advance
Profit and loss__ 99,989,627 91,719,559
Met.on funded
4,429,644 4,529,584
debt
0th.unadj.deb_ 10,605,720 10,296,360
797,764,559 786,799,490
Total
-V. 123, p. 322, 204.
{Vol.. 123.
THE CHRONICLE
Total
797,764,559 786,799,490
American Chicle Company.
(Semi-Annual Report-6 Mos. Ended June 30, 1926.)
T_homas H. Blodgett, Chairman and President, July 17,
says in substance:
Profits after providing for all charges except income taxes, totalled
$720,886 for the first 6 months of 1926. In 1925, for the corresponding
period the profits were $642,638. After deducting estimated taxes, the
profits for the first half of 1926 were $620,726. A year ago they were
$579,769. Profits for the second quarter of 1926, after all charges, including reserves for taxes, were $326,826.
Dividends on the Common stock were restored during the Spring months
at the rate of 75 cents a share each quarter. The first payment was made
July 1. In addition, all back dividends on outstanding 6% preferred
stock were paid.
The company owes nothing to banks. The only funded indebtedness is
in the form of $1,498,000 Sen Sen Chiclet bonds.
The major departments of the business have moved forward in a healthy
manner. The outlook for the remainder of the year is favorable.
INCOME ACCOUNT FOR SIX MONTHS ENDED JUNE 30.
1923.
1924.
1926.
1925.
Gross profit from sales
after deducting cost of
mat% labor & mfg.expa$1,673,389 $1,664.196 51,315,160 51.110.377
80,764
Other income
79.324
70,486
74,493
Total income
$1,747,882 51,734,682 51,394.484 $1.191,141
Sell, and adm., 'sap_ --750,820
792.253
981,190
978,074
Profit on operations
before int. charges_
Prov. for Fed. taxes_ __ _
Interest charges
5440.321
5753.492
62,868
110,854
$602,231
150,546
185,330
Balance, surplus_
5620.726
$579,770
Def. at begin'g of period sur627,689 2.377,344
Adi. of sur. through recapitalization
Cr4,250,572
Other surplus adjust s
Cr1,485 deb162.536
Surplus through recapitalization
See x
1,555,586
Dividends (1926)
304,513
5451.685
3,546,144
5254,991
4,153,296
Cr53,288
Cr45,056
$769,808
100.160
48,922
Sur, at end of period_ _ $2,500,973 42.290,461 df$3,041371 df$3.853.249
a Also after depreciation. x Earned surplus, $105,383; surplus through
recapitalization, 52.185,079.
CONSOLIDATED BALANCE SHEET JUNE 30.
1925.
1926.
1926.
1925.
$
$
$
Land, bldgs., &o.,
Prior pref. stock_ _x3,577,375 1,264,500
1,750
after depreen.._ 2,826,988 3,017,731 Prior pref.scrip_
Good-will,pats.,,kc 5,000,000 5,000,000 Preferred stock- 138,100 1,987,000
Cash
158,054
311,680 Common stock-y3,731,900 3,713,900
299,250
Bal.on subscrip,to
5-year notes, 1927..
275,500
capital stock173,425 Det'd debs., 1928_
Accts. & n ,tes rec_ 453.515
1,498,000 1,685,000
428,731 Sen Sen bonds.198,968
Inventories
2,723,759 1,974,558 Accounts payable_ 233,535
400,400
Chicle at foreign
Notes payable..
suppliers
42,880
124,790
42,999
151,445 Accruals
Invests, notes, rec. 282,500
62,868
100,160
296,000 Res, for taxes
Prepayments
213,785
199,517 Sur. thru recapiAdv. Chicle purch. 203,232
1,555,586 2,185,079
416,141
talization
Def, chges. on re105,383
Earned surplus.-- 945,387
capitalization._
253,250
Total
11,904,833 12,222,478
11,904,833 12,222,478
Total
x Stated value $100 per share. y Stated value $20.-V. 122, p. 2655.
Marla nd Oil Co. and Subsidiaries.
(Quarterly Statement-3 Months Ended June 30 1926.)
INCOME ACCOUNT FOR 3 AND 6 MONTHS ENDED JUNE 30.
1926-6 M03.-1925.
1926-3 Mos.-1925.
Gross earnings _
_520.942.898 517,790.520 $37,039,541 533,829,826
Oper.& adm.expenses__ 17,185.993 13.068.176 29,741,881 25,456.711
Net earnings- - $3,756,905 54,722,344 57.297,660 $8,373,115
Other income
3,746,900
2,192,963
1.930,392
4,127.151
Gross income_
55,949.868 56,652.736 511,424,811 $12,120,015
Interest and discount _ _
694,712
11,466
3,784
341,934
Depr. Ss deple. reserve- - 1,503,631
2,389,882
3,059,546
1,308.888
Res.for abandoned leases
502,382
765,050
221.102
353,614
1,290.553
3,806,687
Dividends paid
1.290,553
1,918,982
Balance
52,302.369 53,357,747 34,044,730 $6,979,818
It is estimated that Federal income taxes for the 6 months ended June 30
1926 will amount to approximately 5400,000.
CONSOLIDATED BALANCE SHEET.
June 30'28. Dec. 31'25
June 3026. Dec. 3125.
AssetsLiabilities$
$
$
Fixed assets (less
Cap. stk. & surp.x94,074,267 88,897,186
23,341
depr. & deple.)_66,662,465 57,818,595 Minority Interests
120,306
Invest. & advs_11,602,329 12,439,619 Federal taxes
640,563
875,000
Deferred charges__ 1,271,372 1,432,958 Acets payable__. 5,554,304 2,634,886
Cash
2,583,249 3,999,108 Accrued Items260,713
275,051
U.S.Treas. ctfs
1,000,000
Bills & ace'ts rec... 6,118,205 5,588,623
Crude oil
5,123,591 4,573,818
Refined products_ 4,406,497 3,970,655
Mat'l & supplies 2,677,544 1,764,672
Accrued items
107,941
214,381 Total (ea. side)__100,553,193 92,802,429
x Represented by 1,925,503 14-20 no par shares.-V. 122, p. 2340.
Procter & Gamble Co., Cincinnati, 0.
(Annual Report-Year Ended June 30 1926.)
Pres. Wm. Cooper Procter, Cincinnati, 0., July 14,
wrote in brief:
The total volume of business done by this company and constituent companies for the fiscal year ended June 30 1926 amounted to $189,314,559.
The net earnings for the year, after all reserves and charges for depreciation, losses, advertising and special introductory work, had been deducted.
amounted to $12,241,753. Both earnings and volume of business of the
company during the past year have shown a satisfactory increase.
VOLUME OF BUSINESS & NET EARNINGS YEARS ENDED JUNE 30.
1925-26.
1924-25.
1923-24.
1922-23.
, $
$
Volume of business, incl.
subsidiary companies_189,314,559 156,085,091 121,372,681 109,776,389
Net earns,after prov.for
depr., losses, tax., &c_ 12,241,753 10,375,159 8.629,447 8,532,826
BALANCE SHEET JUNE 30.
1926.
1925.
1925.
1926.
AssetsLiabilities$
$
$
$
Real estate, bidgs.,
Common stock.--25,000,000 24,005,209
machine plant &
Preferred stooks...12,181,100 12,181,100
equipment
42,113,601 38,427,714 Acc'ts payable_ _ _ - 5,771,856 3,245,251
Good-will, patents,
Depreo'n, repairs,
licenses, &c
2,883,055 2,883,055 insurance, &c.,
Mdse. & material_35,626,694 30,626,053
reserve
22,295,118 20,071,533
Debts & notes rec_11,631,405 8,557,728 Surplus and undiv.
Other investments 1,259,643 1,090,277
profits
35,300,788 30,478,641
Loans against sec_ 4,795,067 4,233,059
Cash
2,239,394 3,828,173
Deferred charges
435,672
Total
100,548,860 89,981.733
-V. 122, p. 1182.
Total
100,548,861 89,981,733
JULY
24 1926.]
THE CHRONICLE
Willys-Overland Co., Toledo, 0., & Subsidiary Cos.
(Semi-Annual Report-6 Months Ended June 30 1926.)
451
Abandonment of Belmont Branch Denied.-
Toe I.-S. C. Commission on July 6 denied the Boston & Maine RR.
authority to abandon its Belmont Branch in Belknap County, N. H.
This decision reverses the former finding relating thereto. The ComCONSOLIDATED INCOME ACCOUNT FOR 6 MOS. ENDED JUNE 30. mission
also entered an order revoking the certificate issued Nov. 3 1925
1926.
1925.
(see V. 121. p. 2633). On May 1 1926 representatives of the town of
Gross profit Si other earnings after deducting
Belmont and the State of New Hampshire filed a brief requesting the
materials used,labor, exp., depreciation, &c_ _$13,066,975 $16,521,968 Commission to vacate its certificate of Nov. 3 or to postpone its Effective
Selling, advertising, administrative & general exp_ 3,208,157 4,349,521 date and to permit a reargument of the case. Accordingly, an order
Interest
283,798
302,978 suspending the effective date of the certificate until July 3 1926 Was entered
Bond discount
47.273
53,182 and the request for reargument was granted. By a subsequent order the
Adjustments and other items
665,111
236,315 effective date of the certificate was suspended until Aug.2 1926.-V.123,
Equipment expenses & miscellaneous provisions__
280,686
1.124,390 p. 321.
Net profit for6 mos.end.June 30(bet. Fed.tax.) $8,581,951 $10,455,582
Brookings & Peach Orchard RR.(of Ark.).-Value.
Previous surplus
$25,819,582 $15,972,789
The 1.-S. C. Commission has placed a final valuation of $14,500 on the
Credit land sale
66,424
owned and used property of the company as of June 30 1918.
Credit stock retirement
5,428,679
Total
$39,896,636 $26,428,371
Deductions-Dividends paid on preferred stock- _634,400
771,732
Provision for Federal taxes
1,158563
1,306,948
Preferred back dividends
6,559,726
Additional depreciation prior years
102,948
Balance June 30 1925
$31.440,999 $24,349,691
CONSOLIDATED BALANCE SHEET JUNE 30.
1926.
1925.
1926.
1925.
Assets$
Liabilitie,s$
[ 1,782,294 Preferred stock- --18,125,700 22,049,500
Land
Common stock_ - _12,635,255 11,323,220
Ridge., mach'y4.29,714,622
24,559,384 Common scrip_ ___
&c
866
956
Accts. payable....-11,554,233 9,083,969
Good-will, pat1 Accrued taxes, &c_ 844,930
terns, &c
1
571,691
9,343,539 14,869,125 1st mtge.6 Ms_ _
Cash
7,000,000 8,000,000
Notes & accts. rec. 5,893,452 7,158,079 Stk. purch. contr_ 609,960
770,600
Mdse.inventories_33,556,118 27,154,534 Deterred income_
4.255
Due from MM.cos. 1,737,203 1,067,082 Res.for contingles 1.615,778 1.829,619
Invested in MM.dr
Res.forInv.shrink. 1,208,560 1,208,560
other companies 1,351,088 1,319,702 Res. for Federal
income tax
Misc. notes & ac2,073.881 1,306.948
130,755 Surplus
counts receivable 1,742,164
31,440,999 24,349,691
50,000
Retirement fund
2,458,052
Deterred accounts_ 3,721,975
87,110,162 80,499,009
Total
Total
87,110,162 80,499,009
* After depreciation.
six
months
first
of
1926 were 95,000 cars, practically
Shipments in the
all Willys-Knight and Overland six-cylinder models, as the new European
pe small car, the Whippet, did not get into large production until after
the end of the six months. The company is now producing the Whippet
type car on a schedule of 500 a day and plans are under way for increasing
output to 600 a day in August.-V. 122, p. 3616.
GENERAL INVESTMENT NEWS.
STEAM RAILROADS.
I.-S. C. Commission Rejects Western Roads' Application for 5% General
Rate Increase.-N. Y. "Times" July 16.
Surplus Cars.-Class I railroads on July 8 had 239,167 surplus freight
cars in good repair and immediately available for service, according to
reports filed by the carriers with the Car Service Division of the American
Railway Association. This was a decrease of 15,640 cars compared with
June 30, at which time there were 254,807 cars. Surplus coal cars in good
repair on July 8 totaled 72,265, an increaseof 2,396 within approximtately
a week, while surplus box cars totaled 123.496, a decrease of 16.925 during
the same period. Reports also showed 21,687 surplus stock cars, a decrease of 1,152 cars under the number reported on June 30, while surplus
refrigerator cars totaled 14,107, a decrease of 350 within the same previous
period.
Car Shortage.-Practleally no car shortage Is being reported.
Freight Car Repairs.-Freight cars in need of repair on July 1 totaled 165,588. or 7.2% of the number on line, according to reports filed by the carriers
with the Car Service Division of the American Railway Association. This
was a decrease of 3.139 cars under the number reported on June 15, at which
time there were 168,727, or 7.4%. It was also a decrease of 32,880 cars
compared with the same date last year. Freight cars in need of heavy
repair on July 1 totaled 125,466, or 5.5%, a decrease of 542 cars compared
with June 15. Freight cars in need of light repair totaled 40.122, or 1.7%,
a decrease of 2,597 compared with June 15.
Repair of Locomotives.-The railroads of this country had fewer locomotives in need of repair on July 1 this year than at any time since the compilation of these records began in 1920, according to reports filed by the
carriers with the Car Service Division of the American Railway Association.
The total number of locomotives in need of repair on July 1 was 9.228, or
14.7% of the number on line. This was a reduction of 38 locomotives under
the best previous record, established on June 1 1926, at which time there
were 9,266, or 14.7%. Locomotives in need of repair on July 1 this year
also showed a reduction of 541 compared with the number on June 15, at
which time there were 9.769, or 15.6%. It also was a decrease of 1,689
locomotives, compared with July 1 last year. Of the total number of locomotives in need of repair on July 1 this year, 4,964, or
were in need of
classified repairs, a decrease of 427 compared with June
7.9%,
15, while 4,264, or
6.8%, were in need of running repairs, a decrease of 114 compared with the
Class
I
railroads
on
July 1 had 5,909 serviceable
same previous period.
locomotives in storage, a decrease of 69 compared with the number on June
15.
Matters Covered in "Chronicle" that, 17.-(a) Co-operation brought
about between public and railroads through shippers' regional advisory
boards, p. 259. (b) Increased wages sought by railroad firemen, p. 283,
(c) Samuel E. Winslow, Chairman Railroad Mediation Board: John Merriman, Secretary, p. 283.
Chicago & Illinois Midland Ry.-To Issue Equipment
Trust Certificates.-
The company on July 15 applied to the L-S. C.Commicsion for authority
to issue $489,000 equip. trust certificates to be sold to stockholders.
V. 122, p. 1451.
Chicago Milwaukee 8c St. Paul Ry.-Charge Withdrawn.
A charge made by a minority bondholders against the receivers of the
company that two subsidiary roads in Indiana were being operated at a
loss was formally withdrawn July 19. The roads in question were the
Chicago Terre Haute & Southeastern and the Chicago Milwaukee & Gary
lines. Nathan L. Miller, former Governor of New York, representing the
minority bondholders, stated in court that the figures of his own witnesses
led to the withdrawal of the charges. A charge of fraud had also been made
against the receivers, represented by Ralph Shaw, but this was withdrawn
several months ago.-V. 123, 13• 79.
International Rye. of Central America.-Earnings.-Month of June- -6 Mos. to June 301926.
1925.
1925.
Period1926.
$543,707 $464,403 13,723.940 $3,302,983
Operating revenue
$191.283 $173,239 $1.495,416 $1,483,934
Operating income
With 200 miles of new road under construction, the company will soon
have 800 miles of road serving all of Guatemala and a large part of Salvador,
particularly the coffee and banana growing sections of these countries.V 122, p. 2792.
Kansas City Southern Ry.-Files Application with
I.-S. C. C. to Acquire Control of M. K. T.-The directors
of the Kansas City Southern Ry. Co., at a meeting in this
city yesterday, approved the form of application to be made
to the I.-S. C. C. for authority to acquire control of the
Missouri-Kansas-Texas RR. Co. through purchase or exchange of stock.
It is set forth that the application is being made without a
request for authority to consolidate the two properties.
Announcement is likewise made in the application that
it is expected that concurrently a similar application will be
made by the Missouri-Kansas-Texas RR. Co. to acquire
control of the St. Louis Southwestern Ry. Co. by the same
method. This is the surprising feature of the entire application, as some months ago official announcement was
made that the Kansas City Southern had bought from the
Rock Island its St. Louis Southwestern holdings.
In setting up arguments in favor of its purchase of Missouri-Kansas-Texas stock, special reference is made to the
large systems already in operation in the Southwest, and it is
claimed that the operation of those two properties and the
St. Louis Southwestern as a single system would better
serve the public interest than separately as at present.
It was intended that the application should be filed to-day.
-V. 122, p. 3448.
Laona & Northern Ry.-Final Valuation.-'.
The I.-S. C. Commission has placed a final valuation of $190,000 on
the owned and used property of the company as of June 30 1916.
Lake Superior Terminal & Transfer Ry.-Tentative
Valuation.The I.-S. C. Commission has placed a tentative valuation of $710,000
on the property of the company, as of June 30 1917.
Marion & Eastern RR.-Control Sought by Missouri &
Pacific RR.See Missouri & Pacific RR.below.-V.122, p. 345.
Missouri Pacific RR.-Seeks Control of Marion & Eastern.
The application of the company for authority to acquire control of the
Marion & Eastern RR. by purchase of its capital stock was assigned by the
i.-s. C.Commission July 6 for further hearing to July 30.-V. 122, p.3079.
Mobile & Gulf RR.-Stock Authorized.-
The I.-S. C. Commission on July 10 authorized the company to issue
$300,000 of common stock. par $100, for the purposes stated below.
The report of the Commission says in part:
The company was incorporated in Alabama on July 1 1925 with an authorized capital stock of $5,000, which subsequently was increased to
Atchison Topeka & Santa Fe Ry.-To Acquire Control $300,000. By our certificate issued on Oct. 12 1925, we authorized the
company to acquire and operate in inter-State commerce a line of railroad
of New Mexico Central Ry.extending from a connection with the Southern By. at Fayette, in a general
See that company below.-V. 122, p. 3206.
southerly direction for a distance of approximately 30 miles, and to conan extension of said railroad from the southern terminus to a conBaltimore, Chesapeake & Atlantic Ry.-Pennsylvania struct
nection with the Mobile Si Ohio RR. at Buhl, a distance of approximately
RR. to Discontinue Payment of Interest on B. C. & A. Bonds.- 3.5 Miles, all in Fayette and Tuscaloosa counties, Ala. The original line
of railroad is a logging road owned and operated by W. P. Brown & Sons
See Pennsylvania RR. below.-V. 120, p. 3062.
Lumber Co. The railroad company arranged with the lumber company to
construct the extension which we authorized, and the M.& G. RR. stated
Big Sandy & Cumberland RR.-Final Valuation.the work would be completed about June 15 1926.
The 1.-S. C. Commission has placed a final valuation of $63,785 on the that
The company has agreed to purchase the completed line of railroad from
property of the company, as of ,Tune 30 1917.
the lumber company for $270,000. and also will purchase from the lumber
for $25,000, the following equipment: 3 freight locomotives,
Boston & Maine RR.-To Abandon Kennebunkport company,
1 box car, 2 flat cars, and 1 caboose, issuing in payment for the road and
Branch.equipment $295,000 of common stock. This stock will be delivered either
The 1.-S. C. Commission on July 8 issued a certificate authorizing the to the lumber company direct or to J. Graham Brown, President of the
Boston & Maine RR.to abandon its branch line extending from Kennebunk latter. in consideration of the securing of the conveyance by him of the propstation in a generally southeasterly direction about 4 M miles to Kenne- erty to the M. & G. RR. The remaining $5,000 of the authorized capital
bunkport, all in the town of Kennebunk, York County, Me. Certain stock of $300.000 will be issued and sold at par to the directors as qualifying
portions of track in the vicinity of Kennebunk are intended to be retained shares.-V. 121, p. 2153.
the company's main line.
for use In connection withby
New Mexico Central Ry.-Control Acquired by Atchison
the Kennebunk & Kennebunkport RR., and
The branch was built
operated
under lease until 1919. when it was Topeka & Santa Fe Ry.
was
It
1883.
opened in
The I.-S. C. Commission on June 30 authorized the acquisition by
acquired by the Boston & Maine RR. and its cost entered upon the books
as investment in road. $65,000. The annual loss from Atchison Topeka Si Santa Fe By. of control of the above company (a) by
of that company
13.
&
M.
RR.
at
by
the
$25,000, including $7,900 as purchase of capital stock, and (lm) by lease.
operation is estimated
the proportion of state taxes applicable to its length.
The report of the Commission says in substance:
that the line was built primarily for summer
The company represented
The line of the New Mexiqa Central extends from Santa Fe to Torrance,
business but that most of this travel is now by automobile. The company
substitute
service
by
provide
motor
M., a distance of about 116 miles. At Santa Fe it connects with the
trucks
N.
propose
to
and
busses,
does not
Si Rio Grande Western RR.
contending that such service is not required in view of the availability of the lines of the A. T. & S. F. Ry. and the Denver
At Torrance it connects with the El Paso Si Southwestern system, now
electric railway.
The
line of the New Mexico
CO.
Pacific
representations
Southern
by
hotel
control
of
the
no
or
under
that
stated
resort
owners,
The Commission inference being that these interests are
indifferent to Central is also intersected by lines of the Santa Fe at Kennedy and Willard.
or summer residents,
respectively, from Santa Fe.
22
miles,
line.
distant
and
80
on
the
industries
are
no
There
question.
the
- 452
THE CHRONICLE
[VOL. 123.
The New Mexico Central was incorporated in Delaware in 1918 and
St. Louis Southwestern Ry.—Bonds Authorized.—
is a carrier engaged in the transportation of passengers and property
The 1.-S. C. Commission has authorized the company to procure the
subject to the Act. It has outstanding capital stock amounting to $410,900,
authentication
and delivery of $1,291.000 of 1st terminal and unifying
of which $410,000 is owned by the Metropolitan Co., Inc. The remaining
$900 of stock is held by directors as qualifying shares. The A. T. & S. F. mtge. bonds.—V. 122, p. 2791.
Ry. proposes to pay $700,000 In cash for the stock held by the Metropolitan
Seaboard Air Line Ry.—Bonds Sold.—Dillon, Read
Co., Inc. which is to be turned over to the A. T. & S. F'. Ry. free and
clear of all encumbrance. The NEW Mexico Central has no outstanding & Co., Ladenburg, Thalmann & Co. and Kissel, Kinnicutt
bonds but is indebted to the Metropolitan Co. Inc., in the amount of & Co. have sold at 95
and int., to yield over 6.40%,
about $580.000 on open account or demand notes.
The latter company
has advanced moneys to liquidate the obligations of the New Mexico $8,000,000 additional 1st & consol. mtge. 6% gold bonds,
Central from time to time.
series A, of 1915. Due Sept. 1 1945. (See description in
The proposed lease is for the period of 10 years, and from year to year
thereafter, subject to termination by either party upon 90 days' notice. V. 121, p. 1457.)
StoLeisktirice—haAnplellcation will be made to list these bonds on the New York
Chairman Eastman, dissenting, said:
My reasons for dissenting are, not that I object on its merits to what
is here proposed, but that it seems to me clearly a consolidation of the
two carriers into a single system for ownership and operation which we
are without authority to approve under paragraph (2) of Section 5 of the
Inter-State Commerce Act.—V. 122,.p. 2796.
New Orleans Texas & Mexico Ry.—Bonds Sold.—
Kuhn, Loeb & Co. have sold at 100 and int: $4,600,000
.1st mtge. 5% gold bonds, series "C," dated April 1 1924;
due Aug. 1 1956.
Denom. of $1,000 c* and r*. Int. payable F. & A. Red., all or part,
on any int. date at 105 and int.
Issuance—Subject to the approval of the I.-S. C. Commission.
Security.—These bonds are to be issued under the 1st mtge. of the company, dated April 1 1924, which is a first lien, either directly or through
pledge of all outstanding securities of subsidiary companies, on approximately 1.485 miles of railroad. with its appurtenances, including two ferry
boats and the facilities used in the operation of the ferry over the Mississippi
River at Anchorage, La., on real estate of an estimated value exceeding
$3,000,000 and on equipment having a book value, after depreciation, as
of May 31 1926, of approximately $8.823,374.
Company and its subsidiaries operate over the lines of railroad subject to
the 1st mtge. as aforesaid, together with several short lines over which the
company has trackage rights, a system which extends from the Mississippi
River at Baton Rouge, via Houston,to the Mexican border at Brownsville,
to San Antonio and to the Rio Grande Valley. From Baton Rouge to New
Orleans the business of the company is handled over the lines of Yazoo &
Mississippi Valley RR.and Illinois Central RR. under a contract with those
companies. Company also owns all the capital stock of InternationalGreat Northern RR., which owns 1.159 miles of railroad. New Orleans
Texas & Mexico Ry. and its subsidiaries operate over approximately 2,750
miles of railroad (including mileage operated under trackage and similar
contracts) extending from New Orleans and Baton Rouge to Austin, Fort
Worth, Waco and San Antonio, to the Gulf ports of Freeport, Galveston,
Orange, Beaumont, Houston, Port O'Connor and Corpus Christi and to
connections with the National Rys. of Mexico at Laredo and Brownsville.
Control.—Company is controlled, through the ownership of more than
87% of its stock, by Missouri Pacific RR.
Purpose.—These bonds are being sold to reimburse the treasury of the
Company for capital expenditures made out of income,and to Orovide funds
necessary for the acquisition of additional properties (including a one-third
Interest in Texas City Terminal Ry.)and for betterments and improvements.
Capitalization.—Upon the completion of present financing there will be
outstanding $15,770,000 151 mtge.53i% gold bonds.series"A,"$12,326.400
1st mtge. 5% gold bonds. series "B." $4,600,000 1st mtge. 57 gold bonds,
series "C," and $4,373,600 5% bonds, due in 1935, secured under the 1st
mtge. ratably with the 1st mtge. bonds issued thereunder.
Company has no other funded debt, except $2,374,000 of equipment
trust certificates maturing serially up to 1940, secured on equipment
costing approximately $3,320,000. There is outstanding $15,000,000 of
capital stock on which dividends are now being paid at rate of 7% per ann.
Of the bonds remaining unissued, $4,373.600 are reserved to refund or
retire the outstanding 5% bonds, due in 1935, and the remainder may be
issued only in respect of the acquisition of new properties or securities representative thereof, or for extensions, betterments and improvements chargeable to capital account, or (to the extent of 80% of the cost thereof) for the
acquisition of equipment, or for the refunding of obligations secured by a
lien prior to the lien of the 1st mtge. on after acquired property. A sinking
fund of 5% per annum for 20 years is provided In respect of bonds issued
for equipment expenditures.
Earnings.—The income of the company and its principal subsidiary companies (other than International-Great Northern RR.) for the year ended
Dec. 31 1925, applicable to the payment of interest on 1st mtge. bonds
amounted to $4.383,851, while the total interest on funded and other debt
amounted to only $1.490,831.
Listing.—Outstanding 1st mtge. bonds of series "A" and series "B" are
listed on the New York Stock Exchange. and application will be made to
list these additional bonds.—V. 123, p. 322.
Data From Letter of S. Davies Warfirild, President of Company.
Company.—The Seaboard Air Line By. System directly operates 3,928
miles of railroad (exclusive of 472.77 miles of subsidiary and separately
operated companies), extending from Richmond, Va., through the South
Atlantic States. The territory traversed is one of the most productive
sections of the South, including the great citrus fruit-bearing, vegetable,
cotton and tobacco growing districts and also many important manufacturing sections. The strength of the Seaboard's position is indicated in that
its percentage of miscellaneous freight to total traffic Is greater than that
of any important competing railroad of the South.
The lines of the Seaboard. System reach substantially all the important
cities of the South Atlantic seaboard and extend to Tampa, Fla., on the
Gulf and to other Florida west coast points, to West Palm Beach (Palm
Beach), Fla., on the east coast, to Norfolk and all important South Atlantic
Ports south of Norfolk, and also to Atlanta, Ga. Montgomery, Ala., and
Birmingham, Ala. The Seaboard System readies Washington, D. C.,
over
nterest.Richmond Fredericksburg & Potomac RR., in which it has an
i
The Seaboard, through its subsidiary, Seaboard-All Florida By., has
under construction the extension of its system from West Palm Beach to
Miami and other points on the East Coast, and on the West Coast the
system, through lease and construction, is being extended to Fort Myers
and Naples and, other points. It is expected that the several extensions
will be ready for operation by Dec. 1 1926. These extensions will reach
some of the most rapidly developing sections of Florida. The estimated
cost of the construction on both Florida coasts has been financed.
The Seaboard System enjoys superior competitive advantages as the
short line between Richmond and Florida. By the extension of its main
line to West Palm Beach it became the only railway system operating
through trains over its own rails from Richmond to points on the lower
east coast of Florida. The Seaboard System has the only direct line across
the peninsula of Florida connecting the two coasts.
Security.—A direct obligation of company and secured by direct first
mortgage lien on approximately 442 miles of railroad, including the through
low-grade main line of 258 miles from Hamlet, N. C., to Savannah ,Ga.,
via Charleston, S. C. They are further secured by pledge of certain
securities, including $53,921,000 ref. mtge. bonds out of a total of $73,271.000 issued.
The effect of covenants made by the company is that no additional
bonds (other than 1st & consol. mtge. bonds) secured by any existing mortgage lien on any of the company's property now directly owned may be
issued except additional ref. mtge. bonds, which by the provisions of the
1st & consol. mtge. are required to be pledged thereunder. As such additional ref. mtge. bonds shall be issued and pledged under the 1st & consol.
mtge.,holders of 1st & consol. mtge. bonds will acquire an increased interest
in the security afforded by the refunding mortgage.
Income Applicable to Interest and Other Comparable Figures. —Cal. Years.
1924.
1925.
Railway110
284
29
3,
operating revenues
$62,864,710 $53,384,173 $521
Railway operating expenses
T
riosted
al in
nc
28
to
erm
265
es
etaeh
2:6
ppalric
ga
0:3
34
67
esble to interest__ - 47
490
34 48
45 49
1:9
38
33
7:6
335:5
363
10
6:93
Gross operating revenues for the 6 m6c4i
a1
5 151
(
9
6,0
.4
(
14
310
31926
"
5
ths e
8n5ded6
8
to May 31—June estimated) Were over 16% greater,and net railway operating income was over 14% greater, than for the corresponding period. of 1925.
Purpose.—Proceeds will be used to increase the facilities a the Seaboard
System, made necessary by a heavy increase in traffic; for improvements,
acquisitions, betterments, additions and extensions to the properties of
the company and its subsidiaries; and to reimburse the company's treasury
for expenditures made for such purposes.
aFunded Indebtedness as of June 30 1926 (Adjusted to Give Effect to This
Financing).
Outstanding
In hands
Pledged.
Authorized, of public.
Underlying bonds
b
$32.651,000 c$5,849,000
First mortgage bonds
is12.775,000 g27.000,000
Refunding mortgage bonds
d$125,000,000 19,350.000 53.921,000
First
consol. mtge. bonds
300,000,000 45,747,500 1120,878,500
New York Central RR.—Automatic Train Control System. Notesand
to U.S. Government
16,453.900
The company on July 17, upon Its line and upon the lines of the Boston az Adjustment mortgage bonds
f25,000,000 25,000,000
Albany RR.. the Michigan Central RR.,the Cleveland Cincinnati Chicago
a The company has outstanding certain guaranties and commitments as
& St. Louis IV. and the Pittsburgh & Lake Erie RR., placed in full opera- to funded
indebtedness of subsidiary companies. is No more to be issued.
tion a system of automatic train control, and on more than 1,500 locomo- c Pledged under
1st & ref. mtges. 41 $100,000 additional underlying bonds
tives, both freight and passenger, equipped with the new safety device, are pledged under
a lease agreement. Additional bonds issued must be
operated over nearly 3,000 miles of track also equipped.
pledged under the 1st & consol. mtge. Before completion of this financing
important
The extensive work, which has resulted in equipping the most
this
amount
will
have
been increased. a Pledged under 1st & consol. mtge.
divisions of the lines of the New York Central System, including the entire f Adjustment mtge. bonds
have a junior lien upon the collateral securing
line of the Boston & Albany RR., was begun a little less than a year ago the
ref.
mtge.
bonds.
g Pledged under ref. mtge. is Pledged under notes
when contracts were made for the device which is now in use, and which is to U. S.
Government.—V.
123. p. 322.
of a simple character, permitting the engineer to retain full control of his
engine as long as he obeys the rules in regard to operation, but taking that
RR. Corp.—Charter Dead.—
Southern
New
England
control away from him and operating on the side of safety if he disregards
The charter of the company, which has since 1912 held out to Providence
those rules. The system which has been selected and installed was selected the hope
of direct rail connection with Montreal, expired at midnight.
after a series of experiments and trial installations on which more than $800.- June 30 1926. The railroad was placed in the hands of receivers Roy D.
000 was spent.—V. 122, p. 3602.
Garner and Clayton IC. Fauver on March 29 and, according to attorneys,
affairs will probably be wound up definitely in the near future through the
New York Connecting RR.—Definitive Bonds Ready.— sale
of its properties, either as a whole or in relatively small parcels.
The Guaranty Trust Co. of New York is prepared to deliver definitive
There Is still a legal possibility that the property and roadbed on which
1st mtge. 5% geld bonds, series "B," in exchange for temporary bonds approximately
$7,000.000 was spent previous to the World War, may be
outstanding. (For offering of bonds, see V. 122, p. 211.)—V.122, p. 1759. purchased by one of the railroad companies said to be interested in the lino.
In
case
of
such
a purchase of the property as a whole it would be possible
Pennsylvania RR.—Stops Buying of Baltimore Chesapeake for the new owners
to apply to the next General Assembly for a new charter.
& Atlantic Ry. Coupons.—
See also V. 122, p. 1916.
The company on July 21 notified the management of the Baltimore
Union Freight RR.—Note Extended.—
Chesapeake & Atlantic Ry. that it will not purchase any further coupons
from the 1st mtge. 5% bonds of the latter company. The reason for this
The I.-S. 0. Commission on July 10 granted the company authority to
action, the Pennsylvania RR.said."is the continued unsatisfactory financial extend the maturity date of a mortgage note for $60,000 for a period of
condition and outlook of the railway company and its inability to increase 3 years from June 16 1926, with interest at the rate of 5% per annum.—
its traffic or to improve its net earnings." It is said that unless the B. C.& V. 119, p. 1954.
A. can make arrangements to pay the coupons due in September it is likely
Virginia-Carolina Ry.—Final Valuation.—
that a protective committee will be formed. There are $1,250,000 of the
The 1.-S. C. Commission has placed a final valuation of $1,812,415 on the
bonds outstanding.
In explanation of its action the Pennsylvania RR. announced: "The property of the company as of June 30 1916.—V. 120, p. 3063. '
Pennsylvania RR.has been purchasing these coupons since 1921 in the hope
Wabash Railway Co.—Bonds Sold.—Kuhn, Loeb &
of affording the Baltimore Chesapeake & Atlantic By. an opportunity to
recuperatefrom the war conditions and improve its earnings,and,if possible, Co. have sold at 95M and interest, to yield over
5%%,
avoid a financial reorganization. Due to the activities of private and public
motor cars and trucks, the change in markets for the products of the terri- $15,500,000 refunding and general mortgage 5% gold bonds
tory served by the Baltimore Chesapeake & Atlantic Ry., and the greatly series B.
increased cost of railway operation, that company's condition has failed to
Dated Aug. 1 1926;due Aug. 11976. Denom.$1,000 e* and r*. Inter
Improve, thus making it necessary for the Pennsylvania RR,to reach this est payable F.
& A. Not redeemable before Aug. 1 1936. The entire
decision."
series, but not part thereof, will be redeemable on Aug. 1 1936 or on any
For the 5 months ending May 31 the B. C. & A. reported a deficit, after interest date thereafter at 105 and interest upon not less than 60 days'
rentals. of $169,038. which compared with net operating income of $173,975 previous notice. Both principal and interest of the bonds will be payable
in the first 5 months of 1925. The road is operated as a part of the Penn- in gold coin of the United States of America
without deduction for any tax
sylvania System on June 9 there were sold at auction in New York $3,000 or taxes (except any Federal income tax) which
the railway company or the
of the 1st mtge. bonds at 52 % of par.
trustees
shall
be
required
to
pay
or
retain therefrom under any present or
The B. C. & A. was organized in 1894. It operates about 80 miles of future law of the United States of America,
or
any
State, county or municiCity,
between
Claiborne
and
Ocean
Md.and
Fulton,
track
Salisbury and
pality therein.
Md. Operation of the company's steamship lines between Baltimore and
Issuance.—Subject to the approval of the Inter-State Comm.Commission.
eastern shore points was ordered discontinued by the I.-S. 0. Commission
Listing.—Application will be made in due course to list these bonds on tho
several years ago. The road is capitalized for $2,500,000 and has total New York Stock Exchange.
assets and total liabilities of more than $7,000,000.—V. 123, p. 204.
Data from Letter of Chairman W. H. Williams, July 19 1926.
Security, &c.—These bonds will be issued under the refunding and general
Pittsburgh & Susquehanna RR.—Final Valuation.—
The I.-S. 0. Commission has placed a final valuation of $321,717 on the mortgage dated Jan. 1 1925. and will be secured by a direct mortgage upon
all of the lines of railroad and other property owned by the company at the
property of the company, as of June 30 1917.—V. 113. p. 2615.
X
453
THE CHRONICLE
JULY 24 1926.]
date of the mortgage, including valuable terminal properties in Chicago.
St. Louis and Kansas City, and on equipment (or the.equity of the company
therein) having a net value as of May 31 1926, after depreciation, over
outstanding equipment trust certificates, of not less than $31,269,113.
The lines of railroad covered by the mortgage comprise about 2.032 miles
of first main track, 339 miles of second main track and 962 miles of other
track, on various parts of which the refunding and general mortgage is subject to prior obligations issued and outstanding on Jan. 1 1926. in the aggregate principal amount of $62,244,435, for the retirenitnt of which at or
before maturity refunding and general mortgage bonds are reserved. None
of the prior obligations may be renewed or extended and no further issues
made under the indentures securing them, except that $5,936,311 principal
amount of additional bonds may be issued under the Wabash RR.first lien
terminal gold 4% trust indenture dated Jan. 1 1904, for the acquisition of
additional terminal properties. Refunding and general mortgage bonds are
reserved for the retirement of any such additional terminal bonds which
may be so issued. The entire bonded debt of the company,issued and outstanding as of Jan. 1 1926, together with the present issue, amounts to
$90.244,435, equal to only $44.412 per mile of road.
The lines of railroad covered by the refunding and general mortgage,
traverse the States of Indiana, Ohio, Illinois, Missouri. Iowa and Michigan
and in conjunction with leased lines and trackage rights form a direct
connection between the important cities of Buffalo. N. Y., Detroit, Mich.,
Chicago, Ill., and Toledo, Ohio, St. Louis and Kansas City, Mo., and
Omaha, Neb.
Purpose.-To reimburse the treasury for capital expenditures heretofore
made and to provide additional funds for capital purpcs(s.
Earnings.-For the year ended Dec. 31 1925 gross income applicable to
the payment of fixed charges and rentals amounted to $13,022,622, while
such charges amounted to only $5,076,184.
Capitalization.-Company has outstanding $69,305,850 prefrered A,
$2,516,542 convertible preferred B and $66.670,575 common stock, having
a present market value of approximately $84,000,000.
The total authorized amount of refunding and general mortgage gold
bonds which may at any time be outstanding is limited to an amount which,
together with all prior obligations of the railway company as defined in the
mortgage, shall not exceed 1;4 times the aggregate par value of the then
outstanding capital stock. There are now outstanding in the hands of the
public $12,500,000 series A 534% bonds due March 1 1975. In addition
to the bonds reserved for refunding prior lien bonds, as above stated, bonds
may be issued under the refunding and general mortgage for the acquisition
of new properties or to the extent limited by the mortgage. secuiities representative thereof, or for extensions, betterments and improvements or for
90% of the cost of equipment and to reimburse the treasury for expenditures
heretofore made for such purposes.
A sinking fund of 5% per annum for 20 years is provided in respect of
bonds issued for equipment expenditures.-V. 122, p. 2484.
PUBLIC UTILITIES.
American Water Works & Electric Co.-Power Output.
Hobart Porter announced
President II.
July 20 that the company was
now producing electric energy at a rate 1154% higher than the previous
year.' The increased use of electricity in the territory served by the
West Penn Electric Co., electric subsidiary, reflected not only the increase
in consumers but also the continually growing use of electricity by our
customers. Mr. Porter said:
The net power output for June was 114.317,675 k.w.-hrs. comparing
with 101,662,770 k.w.-hrs. for the corresponding month of 1925, a gain
of 12,654,905 k.w.-hrs. or practically 12 %. For the first half of 1926.
net power output aggregated 718,056,352 k.w.-hrs. against 634.973,035
k.w.-hrs. for the first 6 mos. of 1925, an increase of 83.083.317
k.w.-hrs.
or 1154%."-V. 123, p. 205.
Associated Gas & Electric Co.-Dividends on $6 and
. Stock Payable in Cash or Class A Stock.$6 50 Div. Series Pref.
The directors have declared the regular quarterly dividends of $1 50 per
share on the $6 dividend series pref. stock and $1 6234 per share on the
$6 50 dividend series pref. stock, both payable Sept. 1 to holders of record
July 31.
These dividends were also made payable in class A stock at the
of
5.1-100ths of 1 share of class A stock for each share of $6 dividendrate
pref. stock held and at the rate of 5.5-100ths of 1 share of class A series
stock
for each share of $6 50 dividend series pref. stock held. On the basis
of $32 75 per share for the class A stock, the former dividend is at the
rate of $6 68 per share per annum and the latter dividend at the rate of
$7 20 per share per annum.
The stockholders may purchase sufficient additional scrip to complete
a full share or sell their scrip at the rate of $1 above or below, respectively,
the last sale price of class A stock on the day preceding.-V.123. p. 322.
Augusta-Aiken R.& Electric Corp.-Acquis.,
Carolina Power & Light Co.-Bonds Called.All of the outstanding 1st mtge. 5% gold bonds, due Aug. 1 1938, have
been called for payment Aug. 1 at 105 and int., at the Guaranty TrustCo.,
140 Broadway. N. Y. City.-V. 122, p. 2038.
Central Illinois Public Service Co.-Acquisitions.-The company has purchased the municipal electric properties of Kinmundy. Middletown and Creel Springs, Ill. The company also has acquired
the electric properties in Farina, Mendon, New Liberty, Littleton, Paloma
and Coatsburg. Ill., within the past three weeks.-V. 123, p. 81.
Central Power & Light Co.-Listing.-
•
The Boston Stock Exchange has authorized the listing of $14,500,000
1st mtge. 5% gold bonds, 1956 series, to be dated Aug. 1 1926 and due
Aug. 1 1956.
Denom. c* $1.000, $500 and $100, and r* $1,000 and multiples thereof.
Prin. and int. (F. & A.) will be payable in U. S. gold coin of or equal to the
standard of weight and fineness existing Aug. 1 1926, at the First Trust
Savings Bank, trustee, Chicago. Interest will be payable also at the
Central Union Trust Co. in New York, and will be exempt from the normal
Federal income tax not exceeding 2%. Red. all or part by sinking fund or
otherwise, as follows: If on or prior to July 31 1931, at 105; if thereafter
but on or prior to July 31 1936, at 10434: if thereafter but on or prior to
July 311941. at 104: of thereafter but on or prior to July 31 1946. at 103:
if thereafter but on or prior to July 31 1951, at 102; if thereafter but on or
prior to July 31 1055. at 101.
Purpose.-To reimburse the treasury for additions and extensions, for
refunding existing obligations and for other corporate purposes.
Security.-With the refunding of the obligations referred to, these bonds
will become a first lien on the property of the company. This issue is
limited to $14,500,000 but under the indenture additional bonds may be
issued subject to earnings restrictions equal to 75% of the expenditures for
additions constructed or purchased but not exceeding 75% of value.
Company.-Incorp. in Mass. on Nev. 2 1916. Owns and operates public
utility and ice properties supplies electric light and power service to about
74 communities, ice to 61, water to 16. gas to 4, street railways to 2. Of
the 89 communities served, 87 are in Texas.-V. 123, p. 81.
Central & South West Utilities Co.-Initial Corn. Div.
An initial semi-annual dividend of $1 per share has been declared on the
outstanding common stock, payable Aug. 2 to holders of record July 20.
-V. 122. p. 3080.
Chicago Railways Co.-Default on Payment of Bonds in
1927 Expected-Deposit of Bonds Urged.---The bondholders'
protective committee (Albert W. Harris, Chairman), in a
letter to the holders of the 1st mtge. bonds July 19,says,in
part:
The company's franchise expires and your bonds fall due Feb. 1 1927.
In our opinion the bands will not be paid at maturity.
The physical property constituting the security for the bonds has a recognized value much greater than the face value of the 1st mtge. bonds, but
we are advised by counsel that even if, as we hope, a reorganization plan
can be worked out without undue delay, a foreclosure of the 1st mtge. is the
quickest and probably the only way that the property can be freed from
the present mortgage liens and title to the property acquired by a company
which will serve in the reorganization of the traction companies.
Bondholders will be represented in court by the trustee under the deed of
trust and by the bondholders' committee, as well as by counsel selected by
the trustee and the committee.
Unfortunately, the city has no authority at this time to grant a street
railway franchise for more than 20 years. Legislation enabling the company
to secure operating rights without definite time limitations, and with a reasonable return upon the acknowledged value of the property, must be
secured from the Legislature before an ordinance can be agreed upon which
will restore the company's credit so that the money can be obtained for
Improved transportation service.
There are over 10,000 holders of Chicago Rys. Co. 1st mtge. bonds, and
the standing and authority of this committee of bondholders in these most
important negotiations and its ability to get results beneficial to you depend
In large part upon the number of bonds represented by the committee.
The other security holders interested in the traction properties will be
folly organized. On this account it is all the more important that the 1st
mtge. bondholders should be a unit. Furthermere, foreclosure proceed;igs and reorganization plans can be materially hastened if all of the securityholders will co-operate with their respective committees by promptly depositing their securities.
Depositing bondholders are given the right to disapprove any plan of
final settlement which may be adopted by the committee. The expenses
of the committee and the compensation of its members are limited to 1%
of the principal amount of bonds deposited.
Immediate application will be made for the listing of the certificates of
deposit upon the Chicago Stock .Exchange and for admission to unlisted
trading on the New York "Curb.'
This committee is advised that the Aug. 1 1926 interest will be paid.V. 122, p. 2327.
The stockholders on June 17 approved (a) the acquisition by the GeorgiaCarolina Power Co., a subsidiary, of the common stock of the GeorgiaCarolina Electric Co.: (b) the acquisition by the latter company of the
assets of the Carolina Light & Power Co. (S. C.), various transmission
lines and distribution systems in Georgia, and a portion of the transmission
Cities Service Co.-Dividends.line erected by the Georgia By. & Power Co. connecting with the Stevens
Regular monthly dividends of ;‘ of 1% on common stock and ;4 of 1%
Creek plant of the latter; (e) an issue of $2.000.000 1st mtge. 3-year 6%
gold notes of the Georgia-Carolina Electric Co.(see V. 123. p. 324 and 205), In cash have been declared on the common stock, together with the usual
monthly cash dividends of M of 1% on the preferred and preference B
of which $1,500.000 have since been sold.-V. 121. p. 22'70.
stocks, all payable Sept. 1 to holders of record Aug. 15. Like amounts are
payable Aug. 1.-V. 123, p. 323. 81.
Brooklyn-Manhattan Transit Corp.
Employees-Earnings.
-Stock
Offered
Citizens Gas Co. of Indianapolis.-Tenders.-
By action of the directors on July 19, employees of the B.M. T. System
The Bankers Trust Co., primary trustee, 10 Wall St., N. Y. City will
are to have a second opportunity to purchase preferred stock of the
until Aug. 11 receive bids for the sale to it of 1st & ref. mtge.s. f. gold bonds.
poration at a price considerably lower than the present market value corJuly 1 1912. to art amount sufficient to exhaust $35,696 at a price
dated
and
upon terms that will make the final net cost to the employee approximately
not exceeding 108 and int.-V. 122, p. 2189.
$55 per share.
Time B.-M. T. announced on July 20 the terms of an offer of 12,000 shares
Columbia Gas & Electric Co. 8c Subs.-Consol.Earns.of its outstanding preferred stock, previously acquired for sale
(Company and subs, controlled by practically 100% common stock
its employees. Payments for the stock are to be extended over a periodto
ownership
or lease.]
of
5
years
so that employees may secure the stock by paying only $1 per share per
-6 Mos.End. June 30- -12 Mos. End. June 30month. This second offer of preferred
1925.
1926.
1925.
1926.
the 33.-/A. T. at the suggestion of various stock co its employees is made
committees of employees' repre- Gross earnings
$19,855,137 $16,016,532 $37.322,165 $27,632,954
sentatives elected by the employees to represent them in the settlement of
9,087,327
15,963,837
exp.,
taxes
&
10,919.693
21,510,627
dep_
Oper.
problems of mutual interest to the employees and management. The
T. preferred stock to employees was
original offer of
Net oper. earnings--- $8,935,445 $6,929,205 $15,811,538 $11,669,117
1924. The stock was selling in the market at that time at made in July Other
income
3,256,408
2,378,552
1,698,654
1,172,117
approximately
$70 per share. Fifteen thousand shares were offered to employees
at $65
per ahare, and payments were extended over a period of a year. By creditTotal
$19,067,946
$14,047,669
income
$8,101,321
$10,634,099
with
dividends paid at the rate of $6 per share
ing employees
4,644,744
2,167,717
4,326,848
2,293,307
annum LESSO rentals
during the period of payment and charging interest on deferredper
Int. charges & pref. diva.
at the rate of only 5% per annum, the net cost to employees waspayments
subs
986,415
of
624.177
1,884,411
981,872
approximately $60 50 per share under the original offer.
Interest charges (Col. G.
Under the 1926 offer, the stock may be purchased by employees for $75
& Elec. Co.)
1,286,926
933,986
666,091
442,415
although
the
market
share,
price
at
per
present is $85 per share. By again
crediting employees with dividends as paid during the period of payment
Surplus after deprec.,
and charging only 5% interest per annum on deferred payments, as in the
avail,for dividends_ $6.818,418 $4,741,422 $11,569.762 $7,482,525
first offer, the final cost to employees under the terms of the new offer will
See also V. 123, p. 323, 81.
be reduced to approximately $55 per share. Subscriptions under the new
limited
to
20
shares
for
are
each
offer
employee, with the right reserved to
Commonwealth Power Corp. & Subs.-Earnings.the company to reduce subscriptions and allot shares so every employee may
1926.
1924.
1925.
12 Months Ended June 30subscribe for and receive at least one share. When the first offer
$46,786.688 $40,861.003 $39,120,282
Gross earnings
of
15.000
shares was made, subscriptions wore received from 10,609 employees for a Open exp., incl. taxes & maintenance 25,659,358 22,837,833 22.120,810
total of 20,235 shares.
$21.127,330 $18,023,170 $16.999,471
Gross income
Period End. June 30- 1926-Month-I925.
1926-12 Mos.-1925.
9,249,728
11,690,907 10,544,519
charges (see note)
Total oper. revenues_-- $3,866,929 $3,761,881 $44,840,968 $43,312,417 Fixed
2,160,606
1.980.606
2,209,305
on preferred stock
2,496,293 29,220,840 28,426,391 Dividends
Total roper. expenses_ _ _ 2,563,403
3,009.572
2.802,626
Prov. for retirements & replacements 3.229,488
Net rev. from oper__ $1,303,526 $1,265,589 $15,620.128 $14,886,027
$3,997,629 $2.308.473 $2,966,511
Balance
224,380
266,344
Taxes on oper. propli-es
3,260.385
3,068,462
This statement is prepared on the basis of giving effect for the full twoto the acquisition of the control of the Tennessee Electric
Operating income_ _
$1,079,146
$999,245 $12.359,743 $11,817,565 year period
Co. under plan which became effective in July 1925.
Power
non-oper.
income__
104,524
94.570
Net
1.180,493
1.084,581
Note.-Includes interest and amortization of debt discount, and earnings
on stock of subsidiary companies not owned by Commonwealth
$1,183,671 $1,093,816 $13.540,236 $12,902,146 accruing
Gross income
Power Corp.-V. 123, p. 320, 205.
643,149
648,970
7.777,877
Total income deductions
7,814,221
Net income
-V. 122, p. 3603.
$540,522
$144,845 $5,762,359 $5,087.925
Cleveland Painesville & Eastern RR.-Sub, Co. Bonds
Called.-
454
THE CHRONICLE
[VOL. 123.
All of the outstanding 1st mtge.s. f.6% gold bonds series A,dated Feb.2 that during the summer months it will be impossible to promulgate a
1925, of the United Light & Power Co., Cleveland 0., have been called for satisfactory reorganization plan.
On the application of Central Union Trust Co. of N. Y., as trustee under
payment Aug. 1 at the Cleveland Trust Co., Cleveland, 0. at 105 and int.
the indenture securing these bonds, a Court order has been secured direct-V. 122, p. 609.
ing the trust company, on and after Aug. 2 1926, from funds held by it as
Connecticut Light & Power Co.-Bonds Called.trustee, to pay as of Aug. 1 1926 1834% of the principal of bonds presented
The company has called for payment Aug. 1 at 1073 and int. $56,000 to it for the purpose.
As it is most desirable that in the further negotiations in respect to a
1st & ref. mtge.5.4% s. f. gold bonds series B,dated Feb. 1 1924. Payment
will be made at the Bankers Trust Co., trustee, 16 Wall St., N. Y. City- plan of reorganization this committee should represent all or substantially
all of the holders of the bonds of the issue aforesaid, holders of undeposited
V. 122. p. 3337.
bonds of said issue are urged to deposit the same with the depositary,
Central Union Trust Co. of N. Y., on or before Aug. 14 1926 said date
Consumers Power Co.-To Increase Preferied Stock.to deposit
The stockholders will vote Aug. 3 on increasing the authorized preferred having been fixed by the committee as that on which the right'
bonds under the protective agreement shall expire.-V. 121, p. 2637.
stock (Par $100)from 500.000 shares to 750.000 shares.-V.122, p. 3209.
East Bay Water Co.-Preferred Stock Offered.-Peirce,
Dallas (Tex.) Ry.-Offering of Bonds.-See Dallas Rail- Fair
& Co., Blyth, Witter & Co., and Wm. Cavalier & Co.
way & Terminal Co. below.
are offering at 96, yielding 6.25%, $2,431,200 class A 6%
The stockholders will vote Aug. 2 on changing the name of the company
cumul. pref. stock (non-callable).
to Dallas Railway & Terminal Co.-V. 122. p.2798.
Preferred both as to assets and earnings. Dividends payable Q.-J. Par
value, $100 per share. Exempt from normal Federal income tax and from
Dallas (Tex.) Railway & Terminal Co.(at Present the California
personal property tax. Mercantile Trust Co., San Francisco,
Dallas Railway).-Bonds Offered.-Tucker, Anthony & transfer agent.
Co., Halsey, Stuart & Co., Inc., Old Colony Corporation,
For description of properties, &c., see V. 123, p. 323.
and W. C. Langley & Co. are offering at 96 and interest,
Eastern New York Utilities Corp.-Interest in Corp.
to yield over 6.25%,$5,060,000 first mortgage gold bonds,
to be Acquired by Mohawk-Hudson Power Corp.6% series, due 1951.
Dated July 1 1926; due July 1 1951. Interest payable (J. & J.) without
deduction for the Federal income tax up to but not exceeding 2% per
annum. Penna. 4 mills tax refunded. Principal and Interest payable at
the office or the agency of the company in New York and in Boston. Denom.
$1.000, $500 and $100 c*. Redeemable, all or part, at any time on 30
days' notice before July 1 1931: at 106 and interest, and at a premium
decreasing 1% each four years period thereafter, the bonds being redeemable at 100 on and after July 1 1950.
Data from Letter of Vice-President A. S. Grenier, July 17 1926.
Company.-Incorp.,in Texas in Sept. 1917. Now operates, under a
modern franchise, the entire electric railway service in Dallas, Tex., serving
a population estimated at about 250,000. Company also owns and operates a modern 8-story terminal station and office building situated near
the centre of the business district of the city. The building serves as a
terminal for all interurban lines entering the city and also contains numerous
executive and commercial offices of companies doing business in Dallas.
The owned property of the company includes 83.45 miles of line, single track
equivalent.
In addition to the wholly owned property, the company operates under
lease the electric railway serving that part of Dallas known as Oak Cliff.
This leased property includes 30.19 miles of line, single track equivalent.
This leased property is an integral part of the railway system serving the
city and its environs. Under the provisions of the lease the company has
the option to purchase the property at any time after Jan. 1 1940, and
prior to 1953; in certain circumstances option may be exercised earlier. In
certain newer sections of the city now being developed the company has
installed bus service as feeders to its present lines.
The entire power requirements of the company are purchased from the
Dallas Power & Light Co. under rates approved by the city government.
Dallas Power & Light Co. also supplies the entire electric power and light
requirements of Dallas and is also controlled by the Electric Power & Light
Corporation.
Capitalization (outstanding on Completion of Present Financing)
First mortgage gold bonds, 6% series, due 1951 (this issue)_x_ _$5,000,000
7% cumulative preferred stock (par $100)
1.500.000
Common stock (bar $100)
3,250.000
x The issuance offurther bonds limited by conservative restrictions of the
mortgage.
Control.-More than 92% ofthe above common stock will be owned by the
Electric Power St Light Corporation
Dividends.-Dividends have been paid on the preferred stock since 1921.
During 1925 cash dividends paid on the common stock then outstanding
amounted to $7 24 a share, and cash dividends have been paid each year
since 1921 in at least an equal amount on the common stock.
Purpose.-The proceeds of these bonds, together with the issuance of
$1,000,000 of preferred stock and $1,000,000 of common stock, are being
issued to retire outstanding bonds and notes of the company and for other
corporate purposes.
Security.-Secured by a direct first mortgage on all the company's property and equipment including the terminal building, now owned or hereafter
acquired,subject to prior lien bonds, if any,on hereafter acquired property.
The principal amount of these $5,000,000 bonds to be issued is less than
60% of the value of the company's wholly owned property as of May 31
1926, as established under the franchise for rate-malg purposes This
property has been recently appraised by independent engineers at depredated values largely in excess of the franchise value.
Earnings for the Four Years Ended Dec. 31 1925.
1922.
Calendar Years1924.
1923.
1925.
Gross earnings
$3,429,298 $3,322,215 $3,330,425 $3,270,827
Oper. exp., incl. maint.,
2,532,958
taxes and rentals
2,547.246
2,632,349
2,578,079
$737.869
Net earnings
$774,969
$851,219
$698,076
Franchise.-Under the terms of the company's franchise, approved by
popular vote in 1917, a definite property valuation has been established on
which the Company is entitled to earn a return of 7% after provision for
maintenance, depreciation, accident and surplus reserves. CompauY has
since 1920 been granted such fare rates as have been necessary to permit
the allowed 7% return under the franchise.
Under the provisions of the franchise, the company is required each
month to set aside an amount equal to 18% of the railway gross revenues
for the period for repairs, maintenance and depreciation. The franchise
also provides for supervision by a supervisor of public utilities appointed by
the City Commissioners of the City of Dallas.
The franchise is indeterminate as to time. The city has reserved the
right after April 3 1927 to purchase the property then operated thereunder
at 105% of the then existing property value, or the property may be acquired by a licensee named by the city at 110% of such value.
[The Boston Stock Exchange has authorized the listing of the above issue
of bonds.]
Detroit Edison Co. & Subsidiaries.-Earnings.-
Period-
-Month of June-.-6 Mos. June 30-1926.
1926.
1925.
1925.
Total operating revenues $3,285,541 $2,752,838 $20,601,922 $17,181.527
Non-operating income_ 1,447,231
66,819
54,931
1,717.100
Gross revenue
$3,352,361 $2,807,769 $22,319,022 $18,628,758
Oper. & maint. charges,
reserves and taxes.. - 2,415,436
2,054,563 15,003,339 12,557,821
Interest on funded & unfunded debt_ _
- -- 307,474
319,888
1,830.593 1,870,852
Amortiz & other deduct
27,334
214.267
35,273
164,004
Net income__ __ _ _
-V. 122, p. 3604.
$602,116
$398,045 55,321,086 $3,985,818
Detroit United Ry.-Payment to Bondholders.The Security Trust Co. and W. C. Dunbar, receivers, announce that
pursuant to an order of the U. S. District Court for the Eastern District of
Michigan, Southern Division, entered July 15 1926 there will be payable
on and after Aug. 2 to the persons presenting 1st & coll, trust s. f. 5-year
8% bonds to Central Union Trust Co.. 80 Broadway, N. Y. City, for
appropriate notation thereon, 183i% of the principal amount thereof, which
payment shall be deemed and taken as on account of the principal thereof
as of Aug. 11926, irrespective of the dates of presentation of bonds to the
trust company and the actual payment by the trust company of said
18Y,i % distribution of principal.
The committee for the 1st mtge. & coll. trust sinking fund
5-year 6% bonds (Theodore G. Smith, Chairman) says:
While progress has been made in negotiations with security holders of
subsidiary companies,looking towards a system reorganization, it is evident
See that company below.-V. 122, p. 3338.
Florida Power & Light Co.-Earnings.-
Period to June 301926-12 Mos.-1925.
1926-6 Mos.-1925.
Gross earnings
$7.982.917 $4,743,408 $13.593,602 $7,942,252
Net earnings for June 1926 were $393,824, an increase of 39% over those
for June 1925: for the first 6 mos. of 1926 were $3,041,464, an increase of
51% over those for the first 6 mos. of 1925, and for the 12 mos. ended
June 30 1926 were $5,314,583, an increase of 70% over those for the 12 mos.
ended June 30 1925.
It is announced that rapid progress is being made on the construction of
the company's two new steam electric generating stations, to have initial
aggregate installed capacity of 60,000 kilowatts, and it is expected that these
plants will be in operation before the end of this year. Company is also
building over 500 miles of high-voltage transmission lines to complete the
Interconnection of practically all of its electric properties and distribution
systems in the many communities served. See also V. 123, p. 205.
Gatineau Power Co.-Bonds Sold.-Bankers Trust
Co.; Harris, Forbes & Co.; Lee, Higginson & Co.; Blair &
Co., Inc.; The Union Trust Co. of Pittsburgh; Continental
& Commercial Trust & Savings Bank, Chicago; Halsey,
Stuart & Co., Inc., and Redmond & Co. have sold at 94
and int. to yield over 5.40%, $25,000,000 1st mtge. gold
bonds, 5(7
'0 series, due 1956.
D. in New
Dated June 1 1926: due June 1 1956. Int. payable S. &
York and Boston in U.S.gold coin and in Montreal and Toronto in Canadian
gold coin Without deduction for any U. S. Federal income tax not exceeding
2% which the company may lawfully pay at the source. Penna. 4-mills
tax refunded. Red. on any mt. date on 30 days' published notice at
105 through June 1 1936; thereafter at 104 through June 1 1941; thereafter
at 103 through June 1 1946; thereafter at 102 through June 1 1951, and
thereafter and prior to maturity at 101; accrued int, to be included in all
cases. Denom, cs$1,000 and $500 and rs$1,000, $5,000. $10,000 and
authorized multiples. The Royal Trust Co., Montreal,trustee.
Data from Letter of President A. It. Graustein, July 20.
Company.-A Quebec corporation and a wholly owned subsidiary of
International Paper Co. Will own in fee or hold through long-term
Government leaseholds water power sites in the Province of Quebec,
Canada, with an aggregate potential capacity in excess of 700,000 h.p.
Company is now undertaking a development program calling for the
completion by the fall of 1928 of four hydro-electric plants with an initial
aggregate installed generating capacity of 397,500 h.p., of which 373,500
h.p. is on the Gatineau River. This river, one of the most important
power rivers in Quebec, enters the Ottawa River from the north in the
vicinity of the City of Ottawa. Two of the developments with over
half the initial capacity lie within seven miles of that city. Contracts
for the sale of over 90% of the primary power to be generated by the
initial installations at these four plants have already been executed with
the Hydro-Electric Power Commission of Ontario, the Canadian International Paper Co. and the Canada Cement Co., Ltd., and the balance
is expected to be readily absorbed in the adjacent power markets.
The Kipawa plant at the outlet of Lake Kipawa, Quebec, is almost
completeefup to a capacity of 24,000 h.p. The Chelse and Farmers plants
on the Gatineau River are now under construction and are to be completed up to their initial installed capacities of 131,000 h.p. and 92,500 h.p.,
respectively, early in 1927. Construction work on the fourth development,
the Paugan plant, is to be started in the fall of this year and it is anticipated
that this plant will be in commercial operation with an installed capacity
of 150,000 h.p. by the fall of 1928.
A storage dam is being constructed at Bitobi Rapids, 90 miles above
the Paugan plant, which will create a storage reservoir with a superficial
area of 107 square miles and a capacity of 82.000,000.000 cu. ft. This
reservoir, which will become the property of the Province of Quebec and
will be operated by the Quebec Streams Commission, will equalize the
flow of the Gatineau River and thus make possible the large output Of
primary power from the plants of the company down stream.
Guarantee of Completion.-A deposit sufficient, in accordance with
estimates by independent engineers, to provide funds for the completion
of the present development program up to the initial capacity of 397,500
h.p., will be held in escrow so long as required, subject to withdrawal
as expenditures are made for this purpose. This deposit will be composed largely of cash, and the balance will consist of $12,500,000 (the
remainder of the initial issue) of 1st mtge. bonds. International Paper Co.
agreeing to find purchasers for these bonds as additional cash is required.
International Paper Co. has, furthermore, guaranteed to provide any
additional funds which may be necessary for the completion of this initial
development program.
Capitalization Outstanding (Upon Completion of Present Program).
Common stock (no par value
x500.000 shs
6 cumulative preferred stock
$25,000,000
12,500,000
6% sinking fund gold debentures, due 1941
First mortgage gold bonds, 5% series, due 1956
Y37,500.000
x All owned by International Paper Co., except directors' qualifying
shares. y Includes this offering of $25.000,000 of bonds and $12,500,000
additional to be issued and held in excrow. Further 1st mtge. bonds
may be issued under the conservative restrictions of the trust deed.
Security.-This issue will be secured by a direct first mortgage and
hypothec on all properties presently to be owned by the company. Certain
of the transmission lines may be owned by a subsidiary, all of the securities
of which will be pledged under the trust deed.
Under the terms of the trust deed no funded debt in addition to the
$37,500,000 1st mtge. gold bonds and 812.500,000 67, gold debentures
will be issuable against the present development up to the initial capacity
of 397,500 h.p. of the Paugan, Chelsea, Farmers and Kipawa plants.
Estimates of independent engineers indicate a value for this initial development, when completed, largely in excess of the funded debt to be outstanding.
Sinking Fund.-The trust deed will provide for a minimum annual
sinking fund, payable in cash or bonds, commencing Dec. 1 1927, equal
to %% of the greatest aggregate principal amount of 1st mtge. gold bonds
at any time outstanding. Bonds acquired by the sinking fund will be
cancelled forthwith.
Power Contracts.-A 30-year contract has been executed with the HydroElectric Power Commission of Ontario which provides for the sale of
power to the Commission. Under the terms of this contract the Commission will purchase 80,000 h.p. of electrical energy during the 12 months
beginning Oct. 1 1928, the amount increasing annually thereafter to a
maximum of 260,000 h.p. during hte 12 months beginning Oct. 1 1931,
which rate is continued throughout the life of the contract. It is estimated that starting with Oct. 1 1931 this contract alone will produce annual
net earnings available for interest and reserves amounting to over 1.8
JULY 24 1926.]
455
THE CHRONICLE
times the annual interest charges on the entire initial issue of $37,500,000
1st mtge. gold bonds.
0- In addition, the Canadian International Paper Co. has entered into a
30-year contract for the purchase of a minimum of 74,000 h.p. per annum
to be used at its new Gatineau newsprint mill and its Kipavra pulp mill,
and the Canada Cement Co., Ltd. has contracted to purchase 3,000 h.p.
per annum for an initial period of 15 years from Oct. 1 1930. subject to
renewal.
The trust deed will contain provisions limiting and defining the conditions under which certain changes may be made in these contracts in
order to introduce the reasonable flexibility desirable in long-term contracts.
Estimated Earnings.-Net earnings from the Chelsea. Farmers and
Kipawa plants, available for interest and reserves, even before completion
of the Paugan plant, will, it is estimated, be at the rate of about 1.7 times
the annual interest requirements on the present offering of $25,000,000
1st mtge. gold bonds. Upon completion of all four tower plants and the
delivery_ of the ultimate amount of power under the contract with the
Hydro-Electric Power Commission of Ontario, it is estimated that net
earnings available for interest and reserves will exceed $5,400,000 per
annum, or almost three times the annual interest requirements on the
entire U7,500,000 1st mtge. gold bonds issuable against this initial construction program.
Canadian International Paper Co.-A wholly owned subsidiary of International Paper Co. Owns and operates the Three Rivers newsprint
mill in the Province of Quebec with a capacity of over 600 tons per day,
and now has under construction the new Gatineau newsprint mill, also
of 600 tons daily capacity. It also owns and operates mills producing
sulphite pulp with an aggregate capacity of 385 tons per day. Its holdings
of timberland freeholds and timber limits under Canadian Crown leases
exceed 10,000,000 acres.
International Paper Co., with its subsidiaries, is the largest manufacturer
of paper in the world and one of the largest holders of water powers and
timber limits in North America. The capacity of its paper mills is more
than twice as great as that of any other company on this Continent. Its
timberland freeholds and Canadian Crown timber limit leases cover over
12,000,000 acres or an area substantially larger than the combined areas
of Massachusetts, Connecticut, Rhode Island and Long Island. Upon
completion of the present development program of Gatineau Power Co.,
the International Paper Co. with its wholly owned subsidiaries will have
developed water powers with a total installed capacity of almost 600,000
h.p. (500,000 h.p. hydro-electric and 100,000 h.p. hydraulic), capable
of being increased through further development and through the utilization
of undeveloped sites to be about 1,400 000 h.p.
.[The Boston Stock Exchange has authorized the listing of the above issue
of bonds.]
$12,500,000 Debentures to Be Offered Shot tly.-The issue of
$12,500,000 sinking fund 6% gold debentures due 1941,
which completes the company's present firancing, will be
offered Monday morning (July. 26) by the same banking
syndicate which offered the above issue of bonds.
The debentures will be redeemable up to ard incl. June 15 1931 at 105
and thereafter at 3-1 of 1% less each succeeding year, accrued interest to
be added in each case. A sinking fund will be Drovided cdirneicmng July 1
1927 sufficient to retire well over 40% of the issue tricr to maturity.
Georgia-Carolina Power Co.-Acquisition.-
See Augusta-Aiken Ry. & Elec. Corp. above.-V. 98, p. 1159.
Grand Rapids Holland & Chicago Ry.-Sale.It is announced that the property of the railway, operating between
Grand Rapids, Mich., and Saugatuck, is to be sold at public auction Aug.
19 1926 by order of the Federal Court. Stuart Hanley is receiver.-V. 118,
p. 3077.
Interborough Rapid Transit Co.-Strike Ends.-
The strike which became effective at midnight July 5 virtually came to
an end on July 22, when about 300 strikers agreed to go back to work on
July 23. A statement made on behalf of Frank Hedley, President of the
Interborough during the afternoon of July 22, indicated that all the men
•
would be taken baek if they came as individuals.
Passengers carried on the Interborough Rapid Transit system Thursday
(July 22), the last day of the 17 days strike, totaled 2,458,804, against
2,901,194 last year, a decrease of 15.2%. The intense heat as well as
sub-normal service on the subway, due to the strike, caused the decrease in
traffic. For the 17 days of the strike 8.871,051 fewer passengers were
carried than for the corresponidng period last year, making the loss in
receipts $443,553. Normal service is expected by midnight Monday.
Tenders.The Guaranty Trust Co., trustee, 140 Broadway, New York City, will
until Aug. 13 receive bids for the sale to it of first and refunding mortgage
5% gold bonds, due Jan. 11966. to an amount sufficient to absorb $436,533
at a price not to exceed 110 and interest.-V. 123, p. 83.
Lehigh Power Securities Corp.-Definitive Debs.-
The Guaranty Trust Co.of New York is now prepared to deliver definitive
Series A 0% gold debentures dated Feb. 1 1926, due Feb. 1 20k6 in exchange for the temporary debentures outstanding. (For offering, see
V. 122, p. 611.)-V. 122, p.883.
Mohawk-Hudson Power Corp.-Expansion.-
The New York P. S. Commission has authorized the corporation to
acquire more than 10% of the stock of the Eastern New York Utilities
Corp. which serves municipalities in Rensselaer and Columbia Counties,
N.Y.-V.123, p. 206.
Montana Power Co. & Subs.-Earnings.-Quars. End, June 30- -6 Mos.End. June 301926.
1925.
1926.
1925.
$2,172,226 $2,009,872 $4,455,515 $4,169,829
786,702
740,200
1,570,744
1.472.563
Net earnings
$1,385,524 $1,269,672 $2,884,771 $2,697,266
Int. & bond discount_ _
454,622
463,879
911,005
906,898
Net income
$930,902
$805,793 $1,973,766 $1,790,368
-V. 123, p. 206.
PeriodEarnings
Rips.& Fed. taxes, &c
Mountain Water Service Co.-Trustee.
-
The New York Trust Co. has been appointed trustee of an issue of 1st
mtge. 63.1% gold bonds, series "A."
National Public Service Corp.-Tenders.-
The New York Trust Co., trustee, 100 Broadway, N. Y. Cityr,will until
July 28 receive bids for the sale to it of
5%% sinking fund collateral
trust gold bonds, series "A" due Feb. 30-yr.
1 1955, to an amount sufficient to
exhaust $93,573 at a price not to exceed 105 and int.-V.
122, p. 3340.
New England Telephone & Telegraph Co.-Earnings.
-Quar.Ended
for the 6 months ending June 30 1926. Included in these recent authorizations are appropriations aggregating $2,498,030 to cover the estimated cost
of hundreds of routine additions to plants in all parts of the company's territory during July, Aug. and Sept. The appropriations for metropolitan
Boston aggregate 31,604.725.-V. 122, p. 3083.
Niagara Falls Power Co. & Subs.-Semi-Annual Report.
-Quar.End. June 30- -6 Mos. to June 301925.
1926.
1926.
1925.
Total operating revenue.. $2,664,238 $2,187.716 35.066,178 $4,367,427
924.180
1,233,409
2,273,071
amort.&
tax_
1,844,973
exp.,
Oper.
Net earnings
Other income (net)
31,430,829
29.678
Total net income
Interest, &c
$1,460,507 $1.368,789 32,844,323 $2,727,532
1,319,121
65
@FedFRASER