Full text of Commercial and Financial Chronicle : June 11, 1927, Vol. 124, No. 3233

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

The
ontintrri31

fittantia17

rentde

INCLUDING
Public Utility Compendium
Railway& Industrial Compendium
Railway Earnings Section
Compendium
Municipal
&
State

SATURDAY, JUNE 111927.

VOL. 124.

Tht Thronicit
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
12 Mos. 6 Mos.
Including Postage—
$6.00
$10.00
Within Continental United States except Alaska
11.50
6.75
In Dominion of Canada
13.50
7.75
Other foreign countries. U. S. Possessions and territories
NOTICE.—On account of the fluctuations is the rates of exchange,
remittances for European subscriptions and advertisements must be made
In New York funds.
Subscription includes following Supplements—
HICTIONS—
IUMS
()
R•NX AND QUOTATION (monthly)
PURLIO UTILITY (semi-annually)
RAILWAY & INDUSTRIAL (semi-annually) RAILWAY R•RNINOS (monthly)
RANKERS.CONTIONTION (yearly)
STATS AND MUNICIPAL (semi-annually)
Terms of Advertising
45 cents
Transient display matter per agate line
On request
Contract and Card rates
CHICAGO 011101—In charge ot Fred. H. Gray. Western Representative.
208 South La Salle Street, Telephone State 0613.
LONDON ornen—Edwards & Smith, 1 Drapers' Gardena, London. E. O.
WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York
Published every Saturday morning by WILLIAM B. DANA COMPANY
President and Editor, Jacob Seibert; Bunnees Manager, William D. Riggs
Treas.,William Dana Seibert: Sec., Herbert D.Seibert. Addressee of all. Office of Co

The Financial Situation.
Both sets of figures on brokers' loans were disclosed on Monday and revealed further expansion.
The Federal Reserve Board's figures showed a gain
for the week of $97,241,000, bringing the total up to
$3,061,891,000, or within $80,000,000 of the high of
Jan. 6 1926. The monthly statement of the New
York Stock Exchange on a somewhat more comprehensive basis made the total $3,457,869,029 as of
May 31, an increase during the month of $116,659,182. The total at the end of May, as reported by the
Exchange, was only about $77,000,000 below the
maximum figure reported as of Feb. 27 1926, of
$3,535,590,321.
The very large increase during the last week of
the month was probably accounted for to some extent by the issuance of the 40% stock dividend on
United States Steel Corporation common. This was
generally held to be the case on the theory that actual owners of the stock had to a considerable extent
sold their stock dividend on a "when issued" basis
and that this had been purchased by speculators anticipating a higher level.
Whether or not this was the case and whether or
not there were other special causes for the large
volume of temporary increase in brokers' loans, it
is quite clear that these loans are now approaching
the high point of January 1926, and it is also quite
clear that there is a large amount of speculative activity in the market, with an excited bidding up of
prices. During the week the volume has not been
at maximum figures, but it has been large, daily
trading being not far from 2,500,000 shares. The
volume, however, dropped under 2,000,000 shares on
Friday, with generally declining prices. The aver-




Bank and Quotation Section
Bankers' Convention Section
NO. 3233.

ages have not changed much. During the past week
as in many recent weeks, the stocks that have been
the most active have been rising in price. Evidently
the market situation demands the utmost caution.
The tendency to increase loans secured by bonds and
stocks is not to be view_ed with unconcern.
The news of the week indicates that President
Coolidge may call an extra session of Congress, possibly some time in October. It has been emphasized that the President is not as yet committed to
the calling of an extra session. This refusal to
make a definite commitment unnecessarily early is
in line with the President's wise conservatism, but
the greatest interest in this announcement lies in
the reasons given for the necessity of the session,
namely, the demand for early action upon the deficiency appropriation bill, tax reduction, election
contests, Mississippi flood rehabilitation legislation
and farm relief.
This announcement coming in connection with report by Secretary Mellon that the Government surplus for the year to end June 30 will be approximately $600,000,000 reminds the country that the
Administration still has in mind tax reduction. Few
things are of greater importance to the country,
especially reduction of the now excessive corporation taxes, and the lower range of surtaxes. These
taxes are exerting a depressing and a straining influence on business. The suggestion for Mississippi
flood rehabilitation is highly constructive and will
be particularly so if a program can be worked out
for the necessary measures to prevent a recurrence
of the disaster. The suggestion for farm relief is
not to be feared when it is remembered that the
President is definitely opposed to any legislation
which would undertake to subsidize a small section
of the population through fixing of prices, an enterprise almost certainly to be followed by disastrous
consequences. The President's program of improving selling methods and facilitating co7operation in
selling, combined with an improvement and increase
of available credits for the farmers, is one which if
carried out by Congress is likely to be very helpful.
The fixing of the price at which the United States
Steel common will be offered to employees at 122 is
a matter of considerable interest in connection with
any appraisal of the present market situation. There
has probably been a good deal of selling of United
States Steel by investors at recent levels on the
theory that the advance of the old stock from a level
between 125 and 135 to a recent price of 175 simply
reflected the stock dividend and that the new stock,
now definitely on a $7 basis, even if it should be considered as a full equivalent of the old stock, would

3396

THE CHRONICLE

probably not sell higher than the old stock in its
higher ranges, and that, therefore, the present level
was not far from a probable high. The speculators
who have bought the stock on a "when issued" basis
have evidently reasoned differently, counting upon
a higher level of prices and evidently expecting the
stock in its present form to sell higher than the old
stock did before the stock dividend was discussed.
The fixing of the price for employees at 122 would
seem to indicate that the reasoning of the directors
has been somewhat along this latter line. The stock
has usually been offered at conservative prices so as
to enable employees to buy under the market lev.el.
There have been periods of sharply declining general
market conditions when this has been true, but presumably at present the steel directors consider 122
a safe and conservative figure.
During the week there have been many important
bond issues, some of them exceptionally large. The
offerings have been reasonably well taken, but for
the most part the bond market shows slight indications of a surplus of offerings. This, however, is
regarded as a merely temporary phase and most
bond authorities think still higher bond prices a
probability over a period of time.

[vol„. 124.

production 331,391,000 bushels. A heavy loss also
appears for the South Central States, the June 1
estimate for this year being 61,624,000 bushels, in
comparison with 88,458,000 bushels a month earlier;
119,007,000 bushels, the harvest of last year, and a
five-year average production of 77,646,000 bushels.
In the States above enumerated 75% of last year's
winter wheat crop was harvested. The North Central States, and the South Atlantic, show an increase in the estimate of yield for last month, while
in the far West only a trifling loss is indicated,
amounting to about 1%.
The June 1 report for spring wheat is well up with
the average for the years prior to 1926. A condition,
as to spring wheat, of 86.8% of normal is indicated
for June 1 this year. In contrast with only 78.5%
a year ago, when the spring wheat crop showed a
constant and marked deterioration each month to
the close of the season, the condition being down to
58.4% on Sept. 1, an exceptionally low position.
Prior to 1926, the June 1 condition was well up with
the condition indicated for the present year. In
1925 it was 87.1% of normal, while for the four
years, 1920 to 1923, inclusive, it averaged above
90%; the ten-year average being 88.9%.
The June report of the Department.of Agriculture
It was to be expected that winter wheat would suf- also deals with the condition of the rye crop, oats,
fer during May, with excessive rains in many sec- barley, hay, and incidentally with the outlook for
tions, attended by floods, and in other parts of the corn. Rye shows some improvement as to the prosbelt a lack of moisture. Results disclosed in the pects of yield, although the condition was fractionJune report of the Department of Agriculture issued aly lower on June 1 at 87.6% of normal. A year ago
at Washington on Thursday of this week, indicate the condition was 73.4%, while the ten-year average
a loss of production during the past month of 56,- is 84.9%. The indicated yield this year of 48,635,000
939,000 bushels, the yield now being placed at 537,- bushels, compares with a harvest last year of 40,001,000 bushels, as against 593,940,000 bushels on 024,000 bushels, and a five-year average production
May 1 of this year. On June 1 1926 the production of 63,677,000 bushels. Oats begin the season well,
of winter wheat for that year's harvest was placed with an average condition of 79.9% of normal, in
at 543,300,000 bushels, but 629,929,000 bushels were contrast with 78.8% a year ago, and barley 81.5%,
actually raised, and it is possible, of course, that against 81.0% last year. Hay and pasture are above
there will be some recovery the present year, too. the average as to condition. A special report on
Conditions a year ago, however, were exceptional, a corn, which heretofore has not appeared in the June
marked improvement appearing as to the winter crop summary, sets forth that up to June 5 planting
wheat crop, as harvesting progressed. The June 1 was much behind the intended acreage. With favorcondition of the winter wheat crop this year, on able weather, however, a large part of the proposed
which the latest indication of production is based, area might- still be seeded. Only about one-fourth
of 72.2% of normal, shows an unusually sharp de- of the corn acreage had been planted in the lower
cline from that of May 1, the latter having been Ohio Valley, and one-half in a large area, which in85.6%. The loss in condition during May was 13.4 cludes the southern two-thirds of Illinois and Indipoints. During May of last year there was a de- ana, much of Ohio and Pennsylvania, the northcline in condition of winter wheat of 7.5 points,' western half of Kentucky, eastern Missouri, southwhile in 1925, when the condition of winter wheat eastern Iowa and in some of the overflowed sections
was the lowest for a number of seasons, and the of the lower Mississippi Valley.
This region usually
final yield only 401,734,000 bushels, the lowest since produces a little over 20% of the
corn crop. North
1912, the loss in condition during May was 10.5 and west of this area, much of
the corn has been
points. During May 1924, and again in 1921, the planted later than usual. The
higher price of corn,
decline was 10.9 points, but these were exceptional however, the Department says,
might stimulate
losses. The June 1 condition this year of 72.2% of planting in the South and in
other sections where
normal, compares with 76.5 a year ago, and 66.5 conditions are favorable.
June 1 1925. The ten-year average condition of winter wheat is 78.1% of normal.
An acute strain was suddenly put on relations beThe losses in estimated yield during May are nat- tween Poland and Soviet Russia by the assassinaurally in the important winter wheat States. The tion in Warsaw on Tuesday of Peter Voikoff, Soviet
North Central States, the principal producing re- Minister to Poland. The diplomat was standing on
gion, show an estimated yield this year of 314,826; the platform of the Central Railway station talking
000 bushels, based on the June 1 condition in those to A. P. Rosengolz, former Soviet Charge d'Affaires
States of 73.2% of normal. A month ago the indi- at London, when Boris Korenko, a young Russian
cated production was 345,238,000 bushels, and the Monarchist, drew a revolver and rapidly fired six
condition 86.9%. The 1926 harvest in those States shots. The Soviet representative died shortly afterwas 351,992,000 bushels, and the five-year average ward. As the assassin is a Russian, no trouble was




JUNE 11 1927.]

THE CHRONICLE

3397

at first apprehended. M. Zaleski, the Polish For- Polish subject, is here clearly detected." In London
eign Minister, visited the hospital where M. Voi- such charges were totally ignored as too fantastic
koff was lying and later the Polish Minister at Mos- to be worth disapproval or even denial. The view
cow was instructed to express deepest degrets to the was expressed that they are intended solely for inForeign Minister Zaleski and ternal consumption.
Soviet Republic.
of
Poland also promptly sent
Moscicki
President
Relations between Jugoslavia and Albania again
messages of sympathy and condolence to Soviet officials. Moscow, however, saw fit to act precipitately became acute last Sunday, when the former country
and sent an emphatic and indignant note of protest severed diplomatic relations and withdrew her Legato Warsaw, holding the Polish Government respon- tion staff from Tirana, the Albanian capital. The
sible for the assassination. The Polish Government, occasion of the break was the refusal of Albania to
the note declared, could not repudiate responsibility release the Jugoslavian Dragoman Gjuraskovitch,
in the matter. The note follows in part: "Poland arrested by the Albanian authorities on a charge of
will be held responsible for any assassination. The espionage. M. Gjuraskovitch was an attache of the
Government of the Soviet Union considers this an Jugoslav Legation at Tirana and Belgrade prounprecedented criminal act, bound up with a whole tested his arrest on the ground that he was entitled
series of acts aimed at destroying diplomatic repre- to diplomatic immunity. This the Albanian Govsentation of the Soviet Union abroad and creating a ernment refused to admit, contending that he was
direct menace to peace. The raid on the Peking Em- an Albanian citizen. Besides withdrawing the Lebassy, the blockade of the Consulate at Shanghai, gation staff from Tirana, the Jugoslavian Governthe police attack on the Soviet Trade Delegation in ment also handed the Albanian Minister at BelLondon and the provocatory rupture of diplomatic grade, Gena Beg, his passport, with the request that
relations on the part of Great Britain—all this he depart within 48 hours. M. Alliozotti, Foreign
series of acts has unloosed the activities of terror- Minister of Albania, promptly countered the Jugoistic groups of reactionaries, who, in their blind slavian action by dispatching a note on Monday to
hatred of the working class, are seizing the weapon the League of Nations at Geneva asking the League
of political murder. . . . Consequently, while in- to keep a close watch on developments in order to
dignantly protesting, and holding the view that the act immediately to prevent more serious events. The
Polish Government cannot repudiate responsibility note said that a search of M. Gjuraskovitch revealed
for what has happened, the Soviet Government re- highly incriminating documents subversive of the
serves the right to revert to the question after re- safety of the Albanian State. It characterized Jugoceipt of fuller and more exhaustive details bearing slavia's demand for his release as "a singularly rigon the crime." In addition to this caustic note from orous communication, contrary to international law,
Moscow, it developed that M. Oulianoff, Acting So- brutal and unconciliatory," and informs the League
viet Minister at Warsaw, demanded on his own re- that Albania is continuing efforts for conciliation,
sponsibility that Soviet representatives be allowed the President having sent a personal message to the
to take part in the Polish investigation into the Jugoslav Foreign Minister urging moderation and
assassination. The tension passed quickly, however, compromise.
All European nations viewed with grave concern
when Foreign Minister Zaleski readily acceded to
newest development in the difficulties between
this
Ambassador
Polish
Patek,
M.
when
this demand and
to Moscow agreed with M. Litvinoff, to keep the Jugoslavia and its neighbor, the diminutive mounissue within the limits of a serious judicial inquiry tain republic of Albania. The Government of Alinto the crime of a fanatical student. By this means, bania may be said to be under the tutelage of Italy.
it was suggested, all political issues could be It concluded a treaty with Rome on Nov. 27 1926,
avoided, above all, the using of the crime for hostile whereby the Italian Government agreed to uphold
propaganda on either side. The danger of a Crisis the Albanian regime both in internal and external
faded altogether Thursday when Maxim Litvinoff, disputes. Any conflict between Jugoslavia and AlActing Foreign Commissar in Moscow, addressed a bania is thus viewed in Europe as almost of necesfurther note to M. Zaleski designed to take the sting sity involving Italy. France, it is held, might also
out of the harsh note sent Tuesday. In a calm reply, be drawn into a conflict owing to the understanding
M. Zaleski endeavored to refute the original charges between Belgrade and Paris. To prevent the situamade by Moscow that the Polish Government was tion from becoming more acute, the French Governjoining a large number of other nations in persecut- ment, Paris dispatches of June 6 said, sent counsels
ing the Communistic regime. The note also pointed of moderation. to Belgrade. The French view, the
out that police protection was repeatedly offered to reports add, is that the Jugoslavian Government by
M. Voikoff by Polish authorities, but that he always its action,"has placed itself in a diplomatic position
refused it. The Polish Government nevertheless greatly inferior to that which it held some months
offered to award monetary compensation to the ago. There is disposition here to think that Belgrade, by its precipitancy has fallen into a trap
widow of the murdered official.
Public indignation within Russia over the outrage which was more or less deliberately laid for it, or,
was turned against Great Britain by the Soviet. The at least, that it has been the victim of quicker witted
Moscow Government issued a communique Thurs- Italian diplomats in the situation which offered
day alleging British complicity in terrorist plots itself. The Albanian Government, in a manner
and outrages in .Russia, while the entire Russian which seems far too subtle to be Albanian inspirapress, following the tone of the Government's dec- tion, has immediately presented its case to the
laration, directed verbal batteries against Britain. League of Nations." A Rome dispatch of Tuesday
Referring to the shooting of M. Voikoff at Warsaw, to the New York "Times" said that Italy regards the
the communique said: "The British hand, which, incident as a purely diplomatic one which concerns
while standing aside, directed the shots fired by a only Albania and Jugoslavia as yet. The dispatch




3398

T1TE CHRONICLE

said further: "Italy will be drawn into the affair
only if Jugoslavia should make the discussion at the
League of Nations of its difficulties with Albania a
pretext for introducing the subject of the Treaty of
Tirana. Any such effort would be resisted most
strenuously by Italy. As the Italian Foreign Ministry has repeatedly semi-officially stated, it considers the Tirana Treaty a subject concerning only
Italy and Albania and will not permit any other
country to start an international argument about
it." Both Paris and Rome were said to consider the
incident which caused the break in relations as quite
banal in itself and interesting only as showing the
extreme tension existing between Jugoslavia and
Albania.

[VoL. 124.

nian newspaper, "Universul," as Minister of Justice. M. Popescu made it a condition of acceptance
that the press should have freedom in commenting on
politics and in printing news. Some hint of the
future course of Rumanian politics was looked for
in a speech Wednesday by the former Premier, Jonel
Bratiano. M. Bratiano, however, ignored completely the Government of his brother-in-law, Prince
Barbu Stirbey, in his address and gave no indication
of his campaign plans or whether he would support
a coalition with any other parties. The former Premier's apparent lack of interest in the Stirbey Cabinet means, dispatches said, that the new Government will probably only live to see the elections
through and that then M. Bratiano will resume the
Premiership, if his party is successful at the polls,
The fall of the Rumanian Cabinet headed by Gen- which is almost assured.
eral Alexander Averescu was announced in Bucharest June 3, bringing to an end the rule of the "PeoDeflation of French currency to the extent of ten
ple's Party," one of the smallest in the country. The billion francs is planned by the Government of Pre-overthrow of the Averescue regime was regarded in mier Poincare. Announcement of this proposed opRumania as a consequence of the feud between Gen- eraton, to begin within the next few weeks, was
eral
who is pro-Italian, and the veteran made through the journal, "Le AIatin," Wednesday.
political leader, Jonel Bratiano, who is pro-French The plan is the direct outcome of the work of conand antagonistic to the return of Prince Carol. The solidation which the French Government has so
new Premier, chosen on the following day, is to be successfully accomplished in the past ten months.
Prince Barbu Stirbey, brother-in-law of M. Brati- It is to proceed simultaneously with the enormous
ano and confidante of Queen Marie. Regarding this purchase and recovery of gold which France has reappointment, a special cable of June 1 from Bucha- cently undertaken. French Treasury experts, it is
rest to the New York "Times" said: "Though Prince said, have calculated that 10,000,000,000 francs can
Stirbey has long been connected with the adminis- be withdrawn from circulation without danger to
tration of the royal domains and a persona grata in commercial needs. A dispatch of June 8 from Paris
the family councils of the royal couple, his political to the New York "Times" said: "The new consolielevation created a sensation in all political parties. dation plans, which will absorb this plethora of
It is unanimously intdrpreted as a double victory for money, have been carefully prepared, and when as
M. Bratrano. The Prince is expected to be a mere much as possible of the estimated 10,000,000,000
puppet in his hands, thus assuring the continuation francs has been obtained the Government will invite
of the regency and the exclusion, at least tempora- Parliament to lower the legal limit of advances
rily, of all possibility of former Crown Prince Car- which the State can draw from the Bank of France
ol's return by peaceful means. At the same time it by a like amount. The bank then will have to withindicates the resumption of a pro-French policy and draw from circulation and suppress paper money
the end of the pro-Italian orientation of Rumania." equivalent to that amount. This conversion, it is
The-new Cabinet was formed last Monday, Prince stated, will be completed by the 1st of July. Not
Stirbey himself assuming the portfolio of Interior only fresh money will be absorbed, but the sinking
and Foreign Affairs. Four of the Ministers of the fund, which itself has too much liquid money at its
Cabinet are members of the National Peasants' disposal, will discount national defense bonds." That
Party and the others are Liberals or Social-Inde- this process of deflation may not be so simple as it
pendents. Bucharest cables expressed the opinion appears is indicated in a further report. Premier
that the new Cabinet would be reorganized after the Poincare has been accused in the French Chamber of
general elections, which were ordered by Prince Stir- being a"prisoner of the banks"as the Government has
bey for July 7. The tentative composition of the incurred a heavy liability through the wholesale purMinistry is as follows:
chase of dollars and pounds sterling. An enormous
Premier, Minister of Interior and ad Interim Foreign Minister, PRINCE quantity of these stable currencies, estimated at bilSTIRBEY.
lions of francs, was placed to the current account of
Minister of Finance, MIIIAL POPOVICI.
Minister of Labor, GREGORY JUNIAN.
the Bank of France and the Treasury, instead of beMinister of Public Works, PAN HALIPPA.
Minister of Domains and Industry, M. ARGETOIANU.
ing paid for in francs, printing of more francs being
Minister of Justice, STELIAN POPESCU.
thus avoided. This, it is said, has placed the banks
Minister of Public Instruction and Health, NICHOLAS LUPU.
Minister of Cults, ALEXANDER LAPEDATU.
in
the position of being able at any time to make a
Minister of War, GENERAL PAUL ANGELESCU.
sudden demand on the Treasury for huge cash payMinister of Communications and Public Works, M. DIMITRIU.
Under Secretary of the Ministry of Interior, M. CAPETANENEANU.
ments. It is out of this situation that the Premier
One of the first steps taken by the new Govern- and Finance Minister is trying to find a way. In
ment was the promising one of removing the domes- consequence, M. Poincare's proposal to issue a new
tic and foreign press censorship which was put in loan of 10,000,000,000 francs which will permit the
effect last December when the illness of King Fer- retirement of an equal amount of bank notes has
dinand became dangerous. The decree abolishing caused a conisderable political flutter in the French
the censorship gained for Prince Stirbey the ap- capital.
proval of all political parties and of the press of
every faction. The action was forecast by the apOfficial steps have been taken by the French Gov.pointment of Stelian Popescu, editor of the Ruma- ernment for the negotiation of a treaty with the




JUNE 11 1927.]

THE CHRONICLE

3399

United States looking to the elimination of war and Chang Tso-lin wanted first to make sure that Chiang
the preservation of lasting peace between the two Kai-shek was not a follower of Nikolai Lenin and
nations. Information to this effect was divulged at Communism, the spokesman continued, and then
Washington June 7, it being understood that thus admitted he was anxious to come to terms with real
far conversational inquiry only has been made on followers of the late Dr. Sun Yat-sen, the Chinese
the subject by M. Briand, the French Foreign Min- Republican leader, whose principles Chang Tso-lin
ister. The step, nevertheless, is regarded as impor- declared he had never opposed." The negotiations
tant, and is the outcome of M. Briand's statement of were generally interpreted by observers in Peking
April 6 last, to the effect that France willingly as indicating that military pressure by the Southwould subscribe publicly with the United States to erners necessitated a withdrawal by Chang Tso-lin
the outlawry of war between the two countries. and as further presaging the possible relinquishOpinion in Washington on the subject is divided, ment of Peking and Tientsin to the Southerners and
dispatches said. Though in some quarters such a the complete retirement of Chang Tso-lin to Mantreaty is regarded as eminently desirable, in others churia. Such developments would bring China
it is pointed out that in view of the Franco-Ameri- proper within the control of the Nationalists and
can Arbitration Treaty of 1908 and the so-called might cause that unification of China under one
Bryan Treaty of 1914, no new treaty for the preser- Government toward which Chinese and foreigners
vation of peace is necessary or even desirable. The alike have been looking.
The "movement northward of the seat of war in
Bryan Treaty, it is contended, provides excellently
for overcoming danger of a hostile clash, a "breath- China has left in comparative tranquillity the iming spell" being stipulated, which means that France mense Valley of the Yangtze, where most of the forand the United States agree in the event of threat- eign trade is centred. Naval convoys for river vesened hostilities that there shall be a period when sels have been discontinued, reports said, and firing
neither nation shall resort to arms pending an in- by Chinese on foreign ships has virtually ceased.
vestigation by an international body. Moreover, The tenseness within the foreign settlements of
it is said that the peace which has existed for a cen- Shanghai has faded along with the apprehensions of
tury and a half between France and the United March and April and Shanghai is again assuming
States is the best augury that it will continue.
its customary air of gayety. The city's interest centres largely around the defense force, thousands of
Negotiations have again succeeded military move- troops remaining there. It is generally believed that
ments in China and as parleys are frequently more the foreign troops, or at least a large British force,
decisive than battles in that country, the proceed- will stay in Shanghai for possibly three years or
ings are watched with keen interest in all capitals. more, as most of the leases on billets, etc., run that
By the end of last week the two Southern National- long, anyway. The shopkeepers benefit by the presist factions of Nanking and Hankow had advanced ence of troops. But business as a whole remains at
northward practically to the Yellow River. Each a low ebb and the paramount problem is said to be
faction moved along one of the two North and South the question of how long private concerns will be
railways of the country, the forces of the Northern able to hold out in the face of their staggering losses
War Lord, Chang Tso-lin, withdrawing toward Pe- in the last quarter.
king. The advance was accomplished with marvelous swiftness, hardly more than a week sufficing for
The break in diplomatic relations between the
a movement of 200 miles. Consequently it would Governments of Great Britain and Soviet Russia
not appear that the opposition was particularly de- continues to dominate European political discustermined. The Yellow River became the dividing sion. Moscow affects to see in the British step a
line between the Manchurians and the two Nation- further confirmation of the Soviet shibboleth, that
alist bodies, the troops of the Moderate General, "Britain is preparing for war." This despite the
Chiang Kai-shek, occupying Tsinan-fu on the Shang- repeated statements by Foreign Minister Sir Austen
hai-Tientsin Railway, and those of the Communist Chamberlain that the British Government intended
influenced Hankow regime taking Chengchow on to place no obstacles in the way of genuine peace
the Hangkow-Peking line. All reports now indicate and commerce between the two countries. The atthat the opposing leaders have reverted to the pre- titude of Germany in the present situation, as the
ferred Chinese method of negotiation.
real buffer State between Russia and Western EuA'Peking dispatch of June 6 (Associated Press) rope, is watched with keen interest. A conference
asserted definitely that negotiations for peace be- was held in Baden-Baden Tuesday between G. V.
tween North and South China and the establishment Tchitcherin and Dr. Gustav Stresemann, Foreign
of an alliance of three of the most powerful military Ministers, respectively, of Soviet Russia and Gerleaders, with the definite exclusion of Communism, many. The result of the conference was sunimariz -1
were in progress. A spokesman for Chang Tso-lin, in a dispatch to the New York "Times" as follows:
Manchurian War Lord, was given as authority for "The severance of relations between Britain and the
the statement. The dispatch said further: "He Soviet only strengthens Germanyzs determination
declared that the leaders negotiating this attempted to maintain absolute neutrality and to refrain frow
compromise were Chang Tso-lin, Generalissimo of any action that could possibly be construed as favorthe Northern Alliance; General Chiang Kai-shek, ing one side or the other." M. Tchitcherin's visit, it
Generalissimo of the Nanking or Moderate Nation- was said, had the sole purpose of obtaining informaalists, and General Yen Hsi-shan, Governor of the tion regarding Germany's attitude in view of the
Province of Shansi, which is looked upon as the key new political development. It was understood that
position in the present struggle between the North the Soviet Minister repeatedly assured Dr. Streseand South. It was Chiang Kai-shek who took the mann that Russia's foreign policy was one of peace
initiative in the negotiations, the spokesman said. toward all countries and that no effort would be




3400

!ME CHRONICLE

[You 124.

made to exploit the breach with London in an un- 000. Loans on Government securities increased
friendly manner.
£1,980,000, but loans on "other" securities fell £11,714,000. Public deposits declined £2,174,000 and
Offi401 announcement was made in Paris June 4 "other" deposits £9,013,000. Total notes in circulathat the French Government would be represented tion now stand at £137,335,000, against £140,379,910
by observers at the naval disarmament conference in 1926 and £148,026,195 the previous year. The
at Geneva. This conference, which will open June Bank's official discount rate remains unchanged at
20, was called by President Coolidge to supplement 41/
2%, to which it was reduced on. April 20. Below
the Washington Conference of 1923. Great Britain, we furnish comparisons of the various items of the
Japan and the United States will participate, while Bank of England return back to 1923:
Italy, and now France also, will send observers.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
Count de Clauzel, permanent representative of
1927.
1926.
1925.
1924.
1923.
June 8.
June 9.
June W.
A471611.
June 13.
France at Geneva, will be the chief observer for his
8137,335,000 140,379.910 148,026,195 126,136.000 124,100,105
country and he will be assisted by Captain de Leuze Circulation
Public deposits
12.549,000 9,774.648 8.953.595 10.746,938 11,000,034
of the French Navy. Regarding the French deci- Other deposits
102,339,000 108,214,031 112,428.046 122,255,811 108,794,244
Govt. securities__ 52,885,000 39,455,328 39,876.733 58,917,467 46,338,518
sion to participate in the proceedings, a Paris dis- Other securities__ 45.605,000 68,002,121 70,500,917 70.051,567 68.088,879
patch of June 4 to the New York "Times" said: "It Reserve notes er coin 34.528.000 28,353,257 28,795,000 21,827.083 23,184,361
Coin and bullion_a152,110,691 148,983,167 157,071,195 128,213,083 127.534,456
may be set forth that the French decision, which Proportion of reserve
to liabilities
24.03%
30.04%
234%
16,4%
l94%
was reached at a special meeting of the Cabinet yes- Bank
5%
%
5%
3%
4%
rate
terday, was due to the insistence of Foreign Minis- a Includes beginning with April 29 1925 £27,000,000 gold coin and bullion, previously held as security for currency notes issued and which was transferred to the
ter Briand. It is understood to be M. Briand's in- Bank of England on the British Government's decision to return to gold standard.
Beginning with the statement for April 29 1925, includes £27.000,000 of Bank
tention to clothe his observers with full powers when of bEngland
notes issued in return for the same amount of gold coin and bullion held
the conference has safely passed the issue of limit- up to that time In redemption account of currency note Roue.
ing the total tonnage for auxiliary craft, a limitation in which France does not wish to participate."
The Bank of France in its statement for the week
A further development in connection with the ended June 8 reported another increase in note circoming conference is the decision of every Dominion culation of 457,598,000 francs, increasing the total
in the British Commonwealth to send delegates. amount to 52,785,638,630 francs, against 53,353,490,Official announcement to this effect was made in 740 francs last year and 43,387,358,840 francs the
London June 8. New Zealand took the initiative in previous year. Advances to the State rose 100,000,announcing representation and the other Dominions 000 francs, the total of which now aggregates 27,followed suit. The list of British delegates, given 200,000,000 francs, compared with 36,400,000,000
out in London, is as follows:
francs in 1926 and 25,200,000,000 francs the same
Britain.—W. C. Bridgman, First Lord of the Admiralty; Lord Cecil of time in 1925. Other important changes were: SilChelwood, Chancellor of the Duchy of Lancaster, and Vice-Admiral Sir
ver increased 13,000 francs, while bills discounted
Frederick Field, Deputy Chief of the Naval Staff.
Canada.—E. A. Laponte, Minister of Justice, and W. A. Riddell, Per- fell 864,415,000 francs. Advances to trade increased
manent Canadian Representative at Geneva.
39,173,000 francs, but Treasury deposits declined 25,Australia.—Sir Joseph Cook, High Commissioner in London.
983,000 francs. General deposits increased 1,023,New Zealand.—Sir James Parr, High Conunissioner in London, and
588,000 francs. Purchase of gold and silver coins to
Admiral Earl Jellicoe of Scapa.
South Africa—J. S. Smit, High Commissioner in London, and C. Pienaar, June 8, under the law of Aug. 20 1926, now
total
Trade Commissioner in Europe.
Irish Free State.—Deamond Fitzgerald, Minister for External Affairs, 2,164,800,000 francs, against 2,151,621,546 francs
and John Costello, Attorney-General.
to June 1. Comparisons of the various items in the
India.—W. C. Bridgman.
Bank of France statement back to 1925 are as follows:
The German Reichsbank yesterday advanced its
BANK OF FRANCE'S COMPARATIVE STATEMENT.
discount rate from 5%, the rate in effect since Jan.
Changes
Status as of
for Week.
June 8 1927. June 9 1926. June 10 1925.
12, to 6%. Official discount rates, however, at Gold Holdings—Francs.
Francs.
Francs.
Francs.
other leading European centres remain unchanged In France
Unchanged
3,682,507.441 3,684,214,821 3,682,818.725
Abroad, not avail_ Unchanged
1,401,549,425 1,864,320,907 1,884,320.907
at 7% in. Italy; 6% in Austria; 5/
1
2% in Belgium; Abroad, available. Unchanged
462.776,475
5% in Paris, Denmark and Madrid; 4/
1
2% in Lon- Total
Unchanged
5,546,833,343 5,548,535,728 5,546,639,632
don and Norway; 4% in Sweden, and 3/
Ino,
335,221,193
344,543,717
13,000
314.665,498
1
2% in Hol- Sii•—v
aiiis discounted_ Dec. 864,415,000 1,779,244,451 4,681,642,742 3,770,793,936
land and Switzerland. In London open mar,&et Advances
Ino, 89,173.000 1,669.574.846 2,393.207,655 3,163.798,969
Note circulation—Inc. 457,598.000 52,785,638,630 53,353.490,740 43.387,358.840
discounts closed yesterday at 4 5-16@43
/
8% for Treasury
4.031.058
deposits_Dec. 25,983,000
3.992.498
35,790,890
short bills and 43
/
8% for three months' bills, against General deposits—Ino. 1023588000 11,254,581,808 2,822,181,337 2.024.865,529
/
8% for both on Friday of last week. Advances to State-Inc. 100,000,000 27,200.000,000 36,400,000,000 25,200,000,000
4 5-16@43
Money on call in London yesterday was 31/
8%, the
same as on Friday of last week. At Paris open marThe weekly statement of the German Reichsbank
ket discouht rates continue at 21/
4%, but in Switz- as of June 7 showed a decline of 29,980,000 marks
erland the rate has risen from 31
in note circulation. Other liabilities increased 7,425,/
4 to 3 5-16%.
000 marks, while other daily maturing obligations
The Bank of England in its return for the week decreased 48,933,000 marks. Total notes in circulaended June 8 reported a decrease in gold holdings of tion now stand at 3,689,309,000 marks, against
£464,992. Total gold holdings now stand at £152,- 2,794,919,000 marks the same time last year, and
110,691, compared with £148,983,167 last year and 2,488,085,000 marks in 1925. On the asset side of
£157,071,195 in 1925. The proportion of the Bank's the acount the majority showed decreases. Gold
reserve to liability rose to 30.04%. Last week it was and bullion declined 59,000 marks, but deposits
28.54%, and two weeks ago 30.82%. Notes in cir- abroad remained unchanged. Reserve in foreign
culation expanded £987,000, while reserve of gold currencies expanded 8,341,000 marks, but bills of exand notes in banking department declined £1,452,- change and checks declined 83,144,000 marks. Other




JUNE 11 1927.]

VTR CHRONICLE

assets increased 20,656,000 marks, but investments
decreased 8,000 marks. Silver and other coin fell
off 6,447,000 marks, while notes on other German
banks increased 5,958,000 marks. Advances decreased
16,785,000 marks. Total gold holdings now stand
at 1,815,496,000 marks, compared with 1,491,999,000
marks last year and 1,015,841,000 marks two years
ago. Below we give a detailed comparative statement of the different items of the Bank of Germany
return for a period of three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
Week.
June 7 1927. June 7 1926. June 6 1925.
Reteharnarks.
Retchsnsarks. Reichstnarks. Reithsmarks.
Assets—
Dec.
59,000 1,815,496,000 1,491,999,000 1.015,841,000
Gold and bullion
52,188,000
69,126,000 260,435,000
Of which depos.abroad. Unchanged
86,894,000 355,883,000 338,613,000
Ree've In for'n curr__ Inc. 8,341,000
Bills of exch. & checks_Dec. 83,144.000 2,338,197,000 1,240,326,000 1,522,215,000
99,591,000
65,999,000
91,084,000
Silver and other coln_Dec. 6,447,000
20,533,000
14,526,000
15,426,000
Notes on ot,h. Ger. bke_Inc. 5,958,000
6,250,000
Dec.
16,785,000
54,856,000
4,233,000
Advances
89,022,000 201,016,000
Dec.8,000
92,881,000
Investments
Inci. 20.656,000 464,949,000 616,696,000 1,090,060,000
Other assets
LfablZUfes—
Deo.29,980,000 3.689.309.000 2 794,919,000 2,488,085,000
Notes in circulation
0th. daily matur. oblig.Dec. 48,933,000 650,906,000 641,355,000 678,457,000
Inc. 7.425,000 252,577,000 118.153,000
9,082,000
Other liabilities

The notable feature in the return of the Federal
Reserve •banks for the week ending Wednesday,
June 8, is a further addition to the holdings of Government securities. As was the case the previous
week, additions appear in each of the items, the
holdings of Certificates of Indebtedness having
risen from $124,682,000 to $155,928,000, the holdings
of Treasury notes from $120,953,000 to $139,031,000
and the holdings of United States bonds from $116,862,000'to $143,104,000. Altogether there has been
an increase in these holdings of Government securities from $362,497,000 to $438,063,000. In the week
ending May 11, when the Reserve Board announced
the purchase of $59,548,000 gold abroad, holdings of
Government securities were reduced from $316,279,000 to $253,896,000 and this led to the deduction
that the Reserve banks had sold Government securities in order to pay for the gold. In the three weeks
since then, however, the Reserve banks have again
been steadily enlarging their holdings of Government securities, the addition for these three weeks
having been no less than $184,167,000, and now the
total stands at $438,063,000, as against $316,279,000
on May 4, the week before the gold purchase referred to, while the $59,548,000 of gold acquired
abroad still remains intact.
The latest addition, however, to the Government
securities holdings has been concurrent with reduced borrowing at the Federal Reserve by the
member banks, as appears from a reduction in the
discount holdings of the Reserve banks from $496,507,000 to $399,283,000, and a decrease in the open
market purchases of acceptances from $228,993,000
to $221,635,000. It follows that the total bill and
security holdings of all kinds this week are somewhat smaller than a week ago, being $1,060,781,000
June 8, as against $1,089,797„000 on June 1. But
on May 11 the total was only $930,724,000, showing
an increase for the four weeks of over $130,000,000.
Member bank reserve accounts increased during the
week from $2,308,140,000 June 1 to $2,331,460,000,
and total deposits (including the reserve accounts)
from $2,366,579,000 to $2,390,467,000. The amount
of Federal Reserve notes in actual circulation dedined during the week from $1,740,432,000 to $1,716,779,000, while gold reserves increased from $2,993,038,000 to $3,005,891,000.
•




3401

At the Federal Reserve Bank of New York the
amount of Federal Reserve notes in actual circulation declined from $421,326,000 to $408,274,000, but
deposits increased from $954,933,000 to $961,211,000
and member bank reserves (the preponderating item
in the deposits) from $931,794,000 to $936,807,000.
Holdings of discounted bills decreased from $117,127,000 to $88,213,000 and of acceptances from $75,302,000 to $64,489,000, but holdings of Government
securities rose from $74,773,000 to $89,382,000. Total bill and security holdings fell from $267,202,000
to $242,084,000. Gold reserves at the local bank increased from $1,114,407,000 June 1 to $1,118,276,000,
and the ratio of reserves to liabilities rose from
83.4 to 84.2%. For the twelve banks combined the
ratio rose from 76.8% to 77.2%.
The New York Clearing House banks and trust
companies in their return for last Saturday showed
another of those recurring deficiencies in reserve
requirements, which appear to be due every other
week. The return for the Saturday preceding had
revealed excess reserves in the large sum of $70,404,030; now there came a deficiency in amount of
$3,511,080, a difference of no less than $73,915,110.
The transformation arose mainly out of a decrease
of $60,267,000 in the reserve kept by the member
banks of the Reserve System with the Federal Reserve Bank of New York. This decrease in turn
followed from diminished borrowing at the Federal
Reserve Bank. The loan account increased $51,894,000 and this played its part in causing an expansion in demand deposits of $106,753,000, though time
deposits fell off $3,732,000. The member banks increased their holdings of cash in own vaults slightly,
namely $545,000. The State banks and trust companies not members of the Federal Reserve showed
the usual inconsequential changes, that is $28,000
increase in cash in own vault, with $86,000 decrease
in reserves held in other depositaries.
A gradual lowering of rates in the New York
money market in the past week indicated that an
abundance of funds was available, notwithstanding
the deficiency in reserves shown by the Clearing
House banks in their return last Saturday. Call
loans Monday ruled at 4I/2%,which was the prevailing rate in the previous week. Brokers' requirements were small, while only $15,000,000 of loans
were called by the banks. After opening again on
Tuesday at 4y2% the demand loan rate sagged to
41/
4% on the Stock Exchange and to 4% in outside
or "Street" trades. The banks called only a further
$3,000,000. Renewals Wednesday morning were arranged at CA% and new loans later in the day were
made at 4%, this rate being touched for the first
time in several weeks. The same rates again prevailed Thursday and Friday, the figure rapidly
dropping to 4% on each day after renewals had been
negotiated at 41/
4%. A feature of the market on
both days, however, was the availability of "outside"
money at 33
/
4%. Another heavy increase in brokers'
loans against stock and bond collateral was reported
by the New York Stock Exchange and also in the
Federal Reserve Board statement for the New York
member banks. The Stock Exchange statement, covering the month of May showed an increase of $116,659,000. The Federal Reserve statement reported
an increase for the week of $97,241,000, and for the

3402

THE CHRONICLE

four weeks since May 4 of $141,965,000. Heavy 14ndicate underwritings of newly issued securities were
again pointed to by traders as partly responsible for
the expansion, though obviously Stock Exchange
speculation is mainly the cause.

[Vox. 124.

'
ISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL
CLASSES AND MATURITIES OF ELIGIBLE'PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Raisin
Effect on
June 10.

Date
Established.

4
4
4
4
4
4
4
4
4
4
4
4

Nov. 10 1925
Aug. 13 1926
Nov. 20 1925
Nov. 17 1925
June 14 1924
June 18 1924
June 14 1924
June 19 1924
Oct. 15 1924
July 1 1924
July 16 1924
Nov.23 1925

Previous
Rate.
334
314
3%
3%
4%
434
434
434
4%
4%
434
334

Dealing more specifically with the changes from
day to day, the call loan rate, as indicated in the
above, gradually tapered off as funds were found
available far in excess of current needs. On Monday
the renewal rate was 41/
27
0 and all other loans were
at the same figure. On Tuesday the renewal rate
Sterling exchange has been without special feature
was again 41/
270, but in the case of new loans there during the week, with rates virtually unchanged at
was a drop to 41/
470 later in the day. Wednesday 4.853@4.85 5-16 for demand bills throughout the
the renewal figure was reduced to 41/
47
0, but some week. The tone was perhaps a trifle firmer than last
other loans were negotiated at 470, and the same week with an occasional transaction at 4.85 11-32.
conditions prevailed on Thursday and Friday, that As in previous weeks, there has been much discussion
is the renewal rate was continued unchanged at of the gold withdrawals from London, and particu47
41/
0,but on each day there was a drop to 470 after larly the policy of the Bank of France in adding so
early demands had been satisfied. On Friday, in- enormously to its foreign balances, either directly
deed, there was such a plenitude of funds that out- through the purchase of the metal or indirectly
side the Stock Exchange some call money was found through other means. Takings of gold in London this
available at 31
/
27
0. In the time loan branch of the week have been on a lighter scale with none, apparmarket, too, greater ease developed as the week pro- ently, for French account. The Bank of England
gressed. On Monday there was considerable firm- in its weekly return showed a loss in coin and bullion
ness and the same was true also on Tuesday, the quo- of £464,992, which does not appear large considering
tation remaining at 4%@4/
1
270 for all maturities the constant drain on the Bank. On Tuesday the
from 90 days to six months; for 30 days and 60 days Bank of England set aside £250,000 in sovereigns for
the range was 41/
4@4%%. On Thursday and Friday account of the South African Reserve Bank and exthe range for the shorter dates fell to 4@41/
4%, but ported £10,000 in sovereigns to Holland. On Wednes4%@41/
27
0 still remained the quotation for the other day £100,000 more was exported in sovereigns to
Holland, while £91,000 was taken for India. On
periods, that is for 90 days to six months.
Thursday
(which began a new bank week) £400,000
Rates for mercantile paper may be said to have
remained entirely unchanged, with the demand more in gold sovereigns was exported to Holland and
light. The range for four to six months' names of £500,000 set aside for South Africa, besides which the
choice character has continued at 4@41/
47
0, with the Bank sold £11,000 in gold bars. Yesterday, London
inside figure available in the case of exceedingly cable dispatches reported only a small amount of gold
choice paper. For names less well known the range bars sold, valued at £5,000. At the port of New York
has been 41/
4@4/
1
2%, which has also been the quota- the gold movement for the week ending June 8, action for New England mill paper, as likewise for the cording to the Federal Reserve Bank of New York,
consisted of imports of $3,345,000, of which $3,213,shorter choice names.
000
came from the Netherlands, and of exports of
Banks' and bankers' acceptances have shown very
$194,000
to Venezuela and Mexico. There was no
limited activity. Rates for the longer dates, that is
Canadian
movement of the metal from or to the
for 150 and 180 days, were marked up 1/
8 on WednesUnited
States.
Canadian exchange dropped below
day and ruled at the higher figures for the rest of
the week. On the other hand, the American Accept- par at one time early in the week, being quoted at a
ance Council yesterday reduced the posted rate for discount of 1-16th of 1% on Tuesday, against 1-64th
call loans against bankers' acceptances from 470 to of 1% premium on Monday, the explanation given
33
/
470, thus reflecting the easier conditions in the being that it was due to settlements for commodities
call loan branch of the market. The Acceptance Coun- purchased coming at a time when wheat exports were
cil now makes the discount rate on prime bankers' ac- light. Later in the week the discount fell to 1-64th
ceptances eligible for purchase by the Federal Re- of 1%. There was no pressure of sterling bills on the
serve banks 3%70 bid and 3/
1
27
0 asked for bills run- market at any time, while the easing of money rates
here the latter part of the week was a distinctly favorning 30 days; 33
/
47
0 bid and 3%7
0 asked for 60 days
able
influence, since it served as an inducement to
/87
and 90 days;37
0 bid and 33
/
47
0 asked for 120 days,
keep
American balances in London, because of the
and 4% bid and 3/
787
0 asked for 150 and 180 days,
higher
rates of discount that could be obtained there.
only
change,
the
as compared with Friday of last
As already noted further above, open market disbeing
in
this
week
last case, as already indicated.
counts at London yesterday were 4 5-16@43
/ % and
Open market quotations follow:
for three months bills 4/%, as against 4 5-16®
SPOT DELIVERY.
Days—
15 Days—
Days— 4%% for both long and short of Friday of last week.
—dr
Asked.
Bid.° Asked.
Big°
.
As to the day-to-day5 fluctuations, sterling ex4
Prime eligible bills_-4
3%
3%
3%
—90 Days— —60Days— —30 Days—
change
on Saturday last was unchanged, with sight
Bid.
Asked.
Bid.
Asked.
Asked.
Bid.
prime eligible bills— 311
3%
311
3'%
3%
bills quoted at 4.8514@4.85 5-16, and remained
FOR DELIVERY WITHIN THIRTY DAYS.
The rate
Eligible member banks
3% bid at this range each day during the week
banks
non-member
3% bid
Eligible
for cable transfers yesterday was 4.85 11-16. Closing
There have been no changes this week in Federal quotations were 4.85 5-16 for demand and 4.85 11-16
Reserve Bank rates. The following is the schedule for cable transfers. Commercial sight bills finished
8, sixty days at 4.813
/
8, ninety days at
of rates now in effect for the various classes of paper at 4.853/
4.79
banks:
Reserve
(sixty days)
11-16,
different
documents
for
payment
the
at




JUNE 11 1927.]

3403

THE CHRONICLE

In the South American exchanges the outstanding
at 4.81 5-16 and seven-day grain bills at 4.84 7-16.
development
has been the rise in the Argentine
grain
for
payment
closed
at
4.851
A
.
and
Cotton
peso to above parity and to the highest point since
In the exchanges on the continent of Europe the 1920. Argentine exports have been large and in
chief features were the drop in the Spanish peseta, addition there has been a wonderful improvement
and the fluctuations in the Italian lira. The dip in in Argentine finances. Argentine paper pesos closed
the lira was probably a reflection of the breaking off of at 42.46 for checks, as compared with 42.34 last
relations between Jugoslavia and Albania, in which week and at 42.51 for cables, against 42.39. BraItaly could not fail to become involved in case mat- zilian milreis finished at 11.82 for checks and at
ters should take a serious turn. The foreign markets 11.83 for cables, against 11.84@11.85. Chilean
were closed on Monday, because of the Whitsuntide exchange closed at 11.99, against 11.99, and Peru
holidays, but later weakness developed and the check at 3.74, against 3.77 last week.
rate on Genoa on June 8 got down to 5.4932, as
In the Oriental exchanges, the Japanese yen
against 5.573/ on Monday, June 6. The close yes- recovered somewhat after a further drop early
terday was at 5.503. In the case of the French in the week. The recovery, no doubt, was due to
franc, the Belgium belga and the other leading con- the improved outlook in Japan. Checks on Yokotinental exchanges, the deviations in rates were very hama after rising from 46.12 June 3 to 46.22 June 4,
slight. This is true also of the German mark, not- dropped to 46.17 June 6, but were up to 46.37
withstanding the Bank of Germany yesterday raised June 7 and closed yesterday at 46.32.
Rates on
its rate of discount from 5% to 6%.
Chinese points were sOmewhat lower. Closing
The London check rate on Paris closed at 124.02 quotations for yen were 46.32, against 46.12@46.25
on Friday of this week, against 124.02 on Friday of on Friday of last week. Hong Kong closed at
last week. In New York eight bills on the French 4931@49 9-16, against 49 13-16; Shanghai at 62%@
2, against 3.913/2; cable trans- 63%, against 63%@63%; Manila at 493/2, against
centre finished at 3.913/
3 , against 3.914
fers at 3.914
3 ; and commercial sight 49%@49%; Singapore at 56%@56/
38, against 561A
bills at 3.91%, against 3.913/
8. Antwerp francs @56%; Bombay at 36%, against 36%, and Calfinished at 13.883/ for checks and at 3.893/2 for cable cutta, 36/
38, against 36/.
transfers, as against 13.89 and 13.90 last week.
Final quotations for Berlin marks were 23.683/ for
Pursuant to the requirements of Section 522 of the
checks and 23.69% for cable transfers, in comparison Tariff Act of 1922, the Federal Reserve Bank is now
with 23.69 and 23.70 a week earlier. Italian lire certifying daily to the Secretary of the Treasury the
closed at 5.503 for bankers' sight bills and at 5.503% buying rate for cable transfers in the different counfor cable transfers, against 5.54h and 5.544
3 last tries of the world. We give below a record for the
week. Austrian schillings have not been changed week just past:
8. Exchange on Czechoslovakia finished FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
from 143/
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
at 2.96, as against 2.96; on Bucharest at 0.593,
JUNE 4 1927 TO JUNE 10 1927, INCLUSIVE.
against 0.603/
2@0.61; on Poland at 11.45, against
Noon Buono Rate for Cable Transfer, to New
York.
Value in United %or., Money.
11.50; and on Finland at 2.52, against 2.52. Greek Country and Monetary'
Unit.
I ./Une 4. June 6. June 7. JUne 8. June 9. June 10.
exchange closed at 1.35 for checks and at 1.353 for
$
EUROPE$
$
$
cable transfers, against 1.324
$
3 and 1.33 a week ago. Austria,
$
schilling
14061
.14070
.14059
.14061
.14063
.14054
In the exchanges on the former neutral centres, the
drop in the Spanish peseta attracted chief attention.
As against 17.53c. on June 6, the peseta on checks
abruptly declined to 17.25c. June 17 and to 17.17c.
on June 8. It was stated that banks in Spain had
reduced the rate of interest allowed on the balances of
foreign banks, which had accumulated as a result of
the prolonged speculation in the peseta. The last two
days the peseta recovered some of the loss and checks
on Madrid yesterday were quoted as high as 17.37c.
with the close 17.34c. In rates on Scandinavian
centres a feature was a decline in the Norwegian
crown from 25.96 to 25.84.
Bankers' sight on Amsterdam finished on Friday
at 40.03, against 40.02 last Friday; cable transfers at
40.05, against 40.04, and commercial sight bills at
40.00, against 40.00. Swiss francs closed at 19.23
for bankers' sight bills and at 19.233/i for cable transfers, in comparison with 19.223% and 19.23Y4. a week
earlier. Copenhagen checks finished at 26.72 and
cable transfers at 26.73, against 26.71 and 26.72.
, Checks on Sweden closed at 26.763/ and cable transfers at 26.773/2, against 26.76 and 26.77, while checks
on Norway finished at 25.84 and cable transfers at
25.85, against 25.96 and 25.97. Spanish pesetas
closed at 17.34 for checks and at 17.35 for cable
transfers, which compares with 17.53 and 17.54 a
week earlier.




1389
Belgium, belga
.007218
Bulgaria, lev
Czechoslovakia, krone .029613
.2671
Denmark, krone
England, pound ster4.8559
ling
.025196
Finland, markka
.0391
France,franc
Germany. reichsmark .2369
031209
Greece, drachma
4004
Holland, guilder
1745
Hungary, pengo
0555
Italy, lira
.2596
Norway, krone
.1138
Poland, zloty
Portugal, escudo
.0507
006034
Rumania,len
.1751
Spain, peseta
.2676
Sweden,krona
Switzerland, franc_ .1923
Yugoslavia, dinar
.017576
ASIAChina6604
Chefoo, tad
Hankow, tael
6533
Shanghai, tael
6316
Tientsin, tael
6675
Hong Kong, dollar_ .4925
Mexican dollar_ __ _ .4588
Tientsin or Pelyang
4575
dollar
.4546
Yuan, dollar
.3625
India, rupee
.4623
Japan, yen
Singapore(S.S.),dol
.5600
NORTH AMER.
1 000064
Canada, dollar
.999156
Cuba, peso
464333
Mexico. peso
Newfoundland. dollar. .997500
SOUTH AMER.Argentina, peso (gold) .9628
.1182
Brazil, mllreis
1199
Chile. peso
1.0060
Uruguay. IMO

.1389
.007218
.029614
.2671

.1389
.007245
.029616
.2672

.1389
.007227
.029615
.2672

4.8562 4.8563
4.8560
.025197 .025203 .025199
.0392
.0392
.0392
.2369
.2369
.2369
.013230 .013242 .013253
.4004
.4004
.4005
.1745
.1746
.1745
.0557
.0552
.0550
.2595
.2594
.2590
.1137
.1130
.1142
.0506
.0507
.0506
.006068 .006045 .006034
.1752
.1730
.1715
.2676
.2676
.2676
.1923
.1923
.1923
.017582 .017583 .017589

.1389
.007223
.029616
.2672

.1389
.007214
.029616
.2672

4.8566
4.8565
.0251951 .025191
.0392
.0392
.2369
.2369
.013370 .013425
.4005
.4005
.1745
.1743
.0550
.0552
.2588
.2585
.1134
.1126
.0505
.0505
.005946 .005891
.1726
.1732
.2676
.2676
.1923
.1923
.017582 .017574

.6600
.6521
.6313
.6683
.4925
.4608

.6546
.6442
.6270
.6579
.4905
.4575

.6583
.6500
.6282
.6621
.4908
.4650

.6583
.6508
.6292
.6629
.4918
.4570

.6550
.6509
.6296
.6633
.4919
.4568

.4592
.4563
.3625
.4622
.5600

.4550
.4521
.3626
.4838
.5600

.4525
.4496
.3626
.4642
.5600

.4542
.4504
.3623
.4640
.5600

.4529
.4513
.3622
.4637
.5600

.999605
.999219
.464333
.997063

.999347
.999156
.464417
.997125

.999908
.999219
.464333
.997313

.999795
.999156
.464500
.997438

1.000029
.999219
.464000
.997500
.9631
.1181
.1203
1.0087

.9640
.1182
.1199
1 MIRO

.9644
.1180
.1199
1 0055

.9645
.1181
.1199
1.0040

.9646
.1182
.1203
1.0043

The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $5,719,975 net in cash as a result of the
currency movements for the week ended June 9.
Their receipts from the interior, have aggregated
$6,692,525, while the shipments have reached $972,550, as per the following table:

3404

THE CHRONICLE

[VOL. 124

the Albanian Government, in its statement to the
League, characterized as"a singularly rigorous comInto
Gain or Loss
Out of
munication, contrary to international law, brutal
Week Ended June 9.
Banks.
to Banks.
Banks.
Banks' Interior movement
$672.650 Gain $5,719,975 and unconciliatory," notwithstanding an announceI $6,692.525
As the Sub-Treasury was taken over by the Fed- ment that Albania proposed to examine the matter
eral Reserve Bank on Dec. 6 1920, it is no longer "in a spirit of exceptional deference." The receipt
possible to show the effect of Government opera- of this communication on May 31 was shortly foltions on the Clearing House institutions. The Fed- lowed by the withdrawal of the Jugoslav represeneral Reserve Bank of New York was creditor at the tative at Tirana, and the delivery of a passport visa
to the Albanian Minister at Belgrade.
Clearing House each day as follows:
Whatever the merits of the controversy, the conDAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
duct of the Albanian Government appears to have
AT CLEARING HOUSE.
been characterized by considerable political finesse,
Saturday, Monday, Tuesday, Wednesd'y, Thursday, Friday.
Affregase
June 4.
for Week.
June 9. June 10.
June 7.
June 8.
June 6.
with Italy as the beneficiary. A few months ago,
$
100,000000 88,000,000 85,000,000 88,000,000 86.000,000 108,000 000 Cr. 555,000,000 when Italy and Jugoslavia seemed near to a rupture
Note.—The foregoing heavy credits reflect the huge mass of checks which come over the Treaty of Tirana, which gave Italy a large
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances, measure of influence in Albanian affairs and was
however, reflect only a prt of the Reserve Bank's operations with the Clearing even regarded as bringing Albania under Italian
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside o tutelage, the Jugoslav Government proposed to subNew York are not accounted for in arriiing at these balances, as such ehecke do mit
the controversy to the League. In this proposal,
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
which would have left Italy in the position of a defendant, the Mussolini Government refused to acThe following table indicates the amount of bul- quiesce, and the controversy drifted on with no
lion in the principal European banks:
more substantial result than a vague hope of an impending
diplomatic adjustment. The action of AlJune
10 1926.
June 9 1927.
Batts of
bania in laying before the League its quarrel with
Gold. 1 Silver. I Total.
Gold. 1 Silver. I Total.
Jugoslavia puts the shoe on the other foot. It is
£
I
k
E
I
£
I
£
1
k
1148,983.187
1152,110.691 148,983,1671
England.- 152.110,6911
France a.... 147,300.268 13.760.000181,060.268 147,368,593 13,400,000160,768,593 now the turn of Jugoslavia to appear as defendant,
Germany b 87.321,450 c994,600 88,316.050 16,580,000,
994,600 62,574,600
Spain
103,892,000 28,184,000132,076,000 101,481,000, 26.848,000128.329,000 with Italy a member of the Council before which the
Italy
46.286.000 3.967.00050.253,000 35.710,000 3,424,000 39,134,000
Neth'iands 34,097,000 2.291,000 36.388,000 36,001,000 2,238,000 38.237.000 question will come.
Had Mussolini deliberately
Nat.Belg._ 18,274,000 1,162,000 19,438.000
3,618,000 14.572.000
, ,
Switzland. 18.368.000, 2,840,000 21,208.
16,761,000 3,537,000 20.298.000 planned,to conceal the iron hand of his foreign pol12,722,000
Sweden_
12,323,000 12,722,000
12,323.0001
Denmark _ 10,706,000
762,000 11,468,000 11,620,000
833,000 11:12:803 icy under the velvet glove of peaceful political peneNorway __ 8.180,0001
8,180,000 8,180,000
Total week638,858,409 53,960,6001692,819.009 591,360,760, 54,890,600 646.251,360 tration and scrupulous respect for treaties, a situaPrey. week639,253,951 53,888,600.693,142,551 583,029,6191 54,740,600637,770,219
tion more to his liking could hardly have been dea Gold holdings of the Bank of France are exc usive of gold held abroad, amounting
the present year to £74,773,036. b Gold ho dings of the Dank of Germany are vised. The grave danger of the situation is the posexclusive of gold held abroad, the amount of which the present year is £3,458,300.
sibility of some untoward incident on the frontier,
c As of Oct.7 1924.
for southeastern Europe is a political tinder-box,
The Troubled Face of Eastern Europe.
and a small spark may at any time set the fire going.
The announcement on Monday that Albania had
Back of the assassination of the Russian Ambasdecided to submit to the League of Nations its con- sador at Warsaw is a long record of events and anitroversy with Jugoslavia, followed on Tuesday by mosities, dating from the hostile relations of Poland
news of the assassination of the Russian Ambassa- and Russia during and immediately after the World
dor at Warsaw by a fanatical Russian student, serve War, and continued in prolonged disputes over the
to remind us of the widespread political unrest which. Russo-Polish frontier, strong opposition in Poland
seems never to be long wanting in the States of east- to Communism and the Soviet regime, and repeated
ern Europe. The two incidents referred to have, allegations of Soviet plotting and agitation against
apparently, no connection one with the other, but Poland's peace. The fact that Russia has had little
each is nevertheless the outgrowth of a long-stand- direct part for a number of years in the European
ing condition of national irritation to which racial, political concert, while Poland, a kind of protege
nationalistic and political feeling have contributed. of France, has been included in the protective guarFrom Rumania comes the report of a change of Min- anties of the Locarno pacts, has helped to keep alive
istry, bringing to a head a rivalry for political lead- the differences between the Polish and Russian Govership which has done the country no good; a treaty ernments, notwithstanding that formal diplomatic
between Hungary and Italy, although reported to relations have been maintained. There is ground for
have been received with rejoicing by the adherents much encouragement in the apparent disposition on
of the Bethlen regime, has intensified in other quar- the part of both Governments to prevent the recent
ters the apprehension with which the foreign policy tragedy from becoming a second Serajevo. The Govof Italy is regarded elsewhere in- the Balkans; and ernment at Warsaw has disavowed any responsibilthe old question of a union ,of Austria and Germany ity for the crime, and is exerting itself to discover
has again been raised by no less a person than the Whether it represents a conspiracy or is only the
Austrian Chancellor himself.
act of an irresponsible youth. It has also agreed to
The immediate occasion of the imbroglio between allow a Russian representative to take part in what,
Albania and Jugoslavia was the arrest in Albania it is hoped, may be a judicial and not a political inof an employee of the Jugoslav Legation, whom the quiry. For its coyrse in these respects it has reAlbanian Government declared to be an Albanian ceived the thanks of the Moscow Government. If
subject, and, in consequence, not entitled to diplo- this temper shall continue, a will to peace may be
matic immunity, and upon whom it was alleged were found to prevail in the settlement of a serious issue
found papers indicating that he was a spy. The which inevitably recalls the tragic incidept that
Jugoslav Government demanded his release in what precipitated the World War.
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.




JUNE 111927.]

THE CHRONICLE

Ever since Mussolini, in a speech to the Italian
Chamber of Deputies on May 26, drew a glowing picture of an Italy which, ten or fifteen years hence,
should have a population of 60,000,000 souls, all
imbued with Fascist principles, an army of 5,000,000, a powerful navy, a huge air force, and a position of unquestioned authority in international affairs, every step taken by the Italian Government
has been watched with peculiar interest for the light
which it might throw on this magnificent program.
The ratification by the Hungarian Parliament; on
May 19, of a treaty of friendship with Italy, was the
occasion of a violent demonstration in which the
Socialist Opposition denounced the treaty as a betrayal of Hungarian nationalism and a further step
toward Italian domination of the Balkans. The attitude of the Bethlen Government gave some basis
for the charge. In a speech at a conference of his
party supporters, on May 2, Count Bethlen declared
that "nobody has a greater interest than Hungary
in a strong Italian guard on the Adriatic and the
Mediterranean," while "on the other side Italy has
an interest that a strong Hungary should live in the
valley of the Danube." Hungary, he added, "suffered great humiliations after the Treaty of the
Trianon. A great victorious nation, Italy, has restored the honor of Hungary." The language is
rhetorical and the logic far from clear, but Count
Bethlen's protestation that the treaty was more economic than political failed to allay the suspicion
that the agreement involved a quasi-alliance between
the two countries, which would have to be taken into
the account in the future development of the Balkan States.
In Rumania the Averescu Ministry, never a strong
aggregation, was forced out of office on June 3 as
a result, it is said, of a direct demand from King
Ferdinand, around whose throne has been woven a
maze of political intrigue for which the apparently
fatal illness of the King affords the occasion. The
new Premier, Prince Stirbey, is a brother-in-law of
Bratiano, a politician hailed by his friends as the
savior of Rumania, denounced by his enemies as the
evil genius of the country, and regarded by both as
a kind of perpetual dictator. One of the principal
accusations against Averescu was his negotiation
of a treaty with Italy, which, while it recognized the
rights of Rumania in the former Russian province
of Bessarabia, did not in terms recognize Bessarabia as annexed territory or guarantee the Rumanian
frontiers, and did not assure Rumania of any save
diplomatic and political aid in case of threatened or
actual war. Two bright spots in the situation, on the
other hand, are the reported abolition of the censorship in Bucharest, and the announcement that the
election of a new Parliament, which has been set for
July 7, is to be free from Government interference.
Elsewhere in eastern Europe there are danger
points, of major or minor importance as events may
show. The negotiation of a German-Polish commercial
treaty is reported to have reached an impasse because of the insistence of Poland upon enacting a
law under which any foreign employee of a commercial concern might be expelled from the country if
he was thought to be depriving a Polish citizen of
employment. The question of German-Austrian
union, raised by the Peasants' Party Opposition in
the Austrian Parliament early in May, was taken
up with apparent earnestness by Chancellor Seipel




3405

later in the month, and an intimation given of a purpose to bring the issue before the League of Nations.
The union of Germany and Austria, it will be recalled, was an eventuality which the victorious
Allies sought to prevent by the insertion of a hard
and fast prohibition in the peace treaties. Turkey,
which has also had little to do with the European
concert for several years, is "back in Europe" with
a series of commercial treaties reaching as far north
as Poland, and is reported to be actively engaged
with Jugoslavia in efforts to reform the Balkan political bloc, of which the Berlin-to-Bagdad railway
served, before the World War, as the most striking
symbol.
There is no need to magnify the seriousness of any
of these developments for the future peace of Europe. What they point to is a continuance of unstable equilibrium in southeastern Europe in which
national grievances, rivalries and ambitions play
their disturbing parts. Taken in connection with
the apparent aspirations of Italy, they suggest the
possibility of a new distribution of the political balance of power which may, before long, bring the
"Eastern question" once more squarely before the
Powers of Europe, and in a new and more difficult
form. In the decade before the World War it was
Germany, working directly as well as through Austria-Hungary, that was pointed to as the potential
disturber of European peace. To-day, Germany is
largely outside the political complications of eastern Europe, pursuing its own course of economic and
political recovery, and it is Italy that takes a hand
in the Balkan game. The settlement of the quarrel
between Albania and Jugoslavia will perhaps show
whether, the Mussolini Government is really holding to the principle of a peaceful and helpful extension of influence which it professes, or whether its
Balkan policy means a realignment of politics in
southeastern Europe, of which the other European
Powers will have to take serious notice.
• Local Government the Essence of Freedom.
Speaking in Omaha May 18, Governor Ritchie of
Maryland said: "It is the same with laws. You
cannot do without them, but you can have too many.
And can anyone question that here, too, we are runing to a dangerous excess? With thousands of lawmakers, big and little, turning out their annual grist
and with laws running up into the hundreds of
thousands, and with endless commissions also laying down regulations that have the force of law, one
wonders just where the Goddess of Liberty is to find
an abiding place. . . . So my plea comes to this:
I am for the most effective government you can get;
but I do not want Government to run me or to run
my business. I am strong to leave busimess free to
work out its own ills and problems and destinies.
I am strong to let each local community do the same
and to let each State do the same."
Governor Ritchie, in his present series of addresses, deals in fundamentals. He can be quoted
a month afterward as effectively as on the day of
delivery. In the speech from which we take the
above excerpt he favors turning "prohibition" back
to the States, as an error that can best be corrected
in that way, pending at least a time when the sentiment of the people is so overwhelmingly for the
amendment that it can reasonably be enforced, and
this suggested solution leads us to consider for a

3406

THE CHRONICLE

[VoL. 1:2&

short space some of the features of local government. alarming proportions. These dwarf the police powOf course, States may and in fact are becoming oli- ers of the States and in more than one instance set,d
garchies of laws. It may be said of these political Federal officers with search warrants into the timedivisions that they might presumably force prohibi- honored stronghold of the home. The citizen only
tion on cities so large as to constitute a very large through representation takes part in the creation of
part of the population. But we do not discuss pro- these laws. And as a consequence, though he fear,
hibition. The thought serves us to examine the and through his fear, he is losing respect for a Govcharacter and characteristics of local government.
ernment of reserved powers. He is failing to exerThere is an interest which attaches to local gov- cise his full rights in the local Governments. And
ernment that cannot possibly prevail as to a national looking about him at the disrespect shown to all
—we include States and their subdivisions. The law .he turns upon himself and demands a greater
power and purpose of the individual citizen, in many power be exercised by the Government at Washingways, increases at an inverse ratio to the scope and ton.
territory included in the government. Senator BoOur local Governments, save for the importunity
rah, we believe, has called attention to the republics of selfish aims and interests, ask few laws at the
of Greece wherein, according to the famous saying, hands of the State or nation. We care for our
"every citizen was fit to sit in the councils of State." schools and roads, primarily and in the main, as colYet in these pure democracies there was direct par- lections of citizens divided in or by small territorial
ticipation and not representative. We had the same boundaries. Our direct participation is related
thing in principle in our New England "town meet- closely to finance. We vote the levies for mainteing." And in principle we have it to-day in our nance, especially where they go above the rates
towns, cities and counties. And in so far as we have fixed in statutes framed under constitutional limits.
it, and appreciate it, government works more Of course there are laxities and faults here, for the
smoothly than in our larger autonomies. It is here people have become extravagant and are enamored
that minorities have rights which majorities seem of a fictitious progress. But the original intent of
to respect. It is here that the least government is constitutional convention limitations was to hold
the best government. And even in our congested the people in bounds of frugality without restrictgreat cities, perplexed as they are by problems of ing their rights, leaving them free to govern thempublic order and finance, there is never a thought of selves—a condition now thwarted, as far as taxation
control by arbitrary laws of the scope and method is concerned, by raising the assessed valuation of
of a firm's business. There may be political theory property upon which the levy is laid, and by repreas to "monopolies;" but actually in a metropolitan sentative divisions of State taxes rather than a
city there is no clamor against the mere size of a direct vote. Thus local Governments under both
business. So that we may say of our local govern- State and nation, left to themselves, and guarded by
ments that they are free and independent units general laws that are intended to approximate equalwherein our citizens do not ask for a large degree of ity of endeavor and a common standard of progress,
control of personal rights and of the rights of trade do not clash, but live together in amity and advance
and property. Taxation, affecting these, is vital; according to the general prosperity of the whole
but it is more a financial question of an economical people. There may be more school houses, or better,
and balanced budget than a political one which aims more roads, or better, in one county or township
at the fetish of equality of effort and ownership.
than in another, just as our State Capitols in cost
It is said men few- the Federal Government. Fear vary in different States, but there is the satisfaction
and respect are not allied. Fear of a power far away of a democratic interest and benefit according to
is akin to fear of the King. It is said the Federal ability and desire.. We do not find fault, as a rule,
Government enforces its laws—that it never lets up with our local Governments; we do not desire to
in its pursuit of violators—but perhaps it has met change their forms and purposes. And looking at
a new test in the Volstead Act. On the contrary, the efficiency with which they serve us, we find that
while the police power of the State and subdivision is it is the changing tastes and ambitions of the voters
enforced there is not the fear that is the creature of themselves that engulf us in local debts.
an overawing, unfeeling power that knows no mercy.
We have ourselves forsaken our local GovernAgain, respect is akin to love. Respect born of fear ments. We have listened to the siren pleas of progis alien to love. When we revere the flag as a sym- ress so much that we chafe at our own State constibol of power, it is the power that protects us as citi- tutional limits and restraints. Our Federal Governzens, not the power that circumscribes our rights ment, through Congress, has assumed so often to
and privileges and forces us to support it, though interfere with local government in the interest of
we do not participate save through representation. class and section, to interfere with the reserved
The glory of our national Constitution is that it pro- rights of the individual, that we have come to aptects us in our freedom to participate in local gov- proach it for help and succor in ways it was never
ernment which is more nearly democratic. All pow- intended to grant. We do not look with appropriate
ers not delegated to the greater Government are re- reverence upon our freedom through local Governserved to the States and the people. All our in- ments to rule ourselves. Notwithstanding this, in
alienable rights are reserved. And chief among too much an indifferent manner, we directly take
these are the rights of initiative, enterprise and pri- part in local Governmental affairs. And so doing,
vate ownership.
we ask for no advantages for persons, classes, occuBut unfortunately, through the operation of the pations.
constitutional right to supervise inter-State comIt all goes to show that what we do possess and unmerce, a theory and practice of interference with consciously demand is- protection in our personal
personal rights in business and personal privileges pursuits, in our business occupations, that we may
in conduct have sprung up and are now grown to work out our individual destinies. In our local sub-




JUNE 11 1927.]

THE CHRONICLE

divisional Governments we can confer together. We
can arrive at an opinion. As said, we ask for few
general laws from far off powers. We are satisfied
with our rights and liberties. We ask that no ban
be placed upon banker, merchant, manufacturer or
farmer. And the proof lies in our failure sufficiently to instruct our representatives in Legislatures and Congress. Take the farmer relief question. A few States may instruct. A majority will
not. Sections separated by varying industries and
degrees of wealth do not know how to instruct. Arriving at a consensus of opinion by one hundred and
ten millions of people is a difficult if not impossible
task. So, we really ask for few of these laws. And
if it were not for party preferments and political ambitious we would have few of these laws. AS citizens
we function in local government, in national affairs
we are governed by others. And the whole result is
we live under an oligarchy of laws made for us without instruction.
There must be a return to the constitutional contemplation of the founders of our Federal Government, the brightest star in political free government
the world has ever known, or there will be revolt.
There must be a return to local self-government,
which asks little save protection to individual rights,
or these rights will dissolve into tyrannical rule by
tie larger units of State and nation. But as long
as we bow to the shibboleth of Progress as defined
by reformers and selfish interests we will fail locally and nationally. But we will not fail. Underneath our apathy and selfishness there is a strong
undercurrent that will react. Our fault is that we
are not sufficiently aroused. No other form of government has a chance with us. Perhaps in the exercise of our liberties to be and to do we have allowed
ourselves to swing with the tides. Before the anchor
drags too far and the storm breaks we will clear the
ship.
We are passing through a temporary estrangement. When the thongs of these innumerable laws
begin to cut the flesh, we will throw them off. When
we find we cannot be free individually and locally
because bound by national laws that are interferences we will rend the bonds and assert ourselves in
local self-rule. We believe, that which governs least
governs best. State and Federal laws have reached
the saturation point. When we fully realize they are
not needed, that they conflict so that they cannot
be interpreted, that they are so many and diverse
they cannot be enforced, that they are stealing away
our constitutional liberties, we will repeal them!
What we must do as a consequence will be to learn
that dependence upon self cannot be abrogated with-,
out degrading the citizen and destroying both lo..al
and general Governments.
After Paris, Berlin—The Successful Flight of
Chamberlin and Levine.
A second transatlantic flight by American aviators was completed on Tuesday, when at 5.57 p.
Clarence D. Chamberlin and Charles A. Levine
brought their monoplane "Columbia" to a landing
at Tempelhofer Air Field, near Berlin. The aviators left Roosevelt Field, New York, early Saturday
morning, and traveled a distance of approximately
4,700 miles. Unfortunately for the complete realization of their hopes, the flight was twice interrupted at the extreme end of their journey after they




3407

had reached Germany. Bad weather encountered
as they passed over the Engish Channel drew heavily upon their fuel supply, and early Monday morning they were forced to land at Eisleben, some 110
miles southwest of Berlin. Starting after a few
hours with a replenished stock of gasoline, engine
trouble forced them to alight, this time at Klinge, a
village near Kottbus, in Brandenburg, 70 miles
southeast of the capital. The welcome accorded to
them at Kottbus, and later at Berlin, rivaled in
heartiness, if not in unrestrained exuberance, the
welcome that greeted Captain Lindbergh at Paris.
A luncheon was given by the Municipal Council of
Kottbus, at which the Governor of Brandenburg and
DeWitt C. Poole, of the American Embassy at Berlin, spoke. At Berlin the Americans were welcomed
by Ambassador Schurman and members of the Embassy staff, received on Wednesday by President
von Hindenburg and Chancellor Marx, and followed
during their stay by enthusiastic crowds wherever
they went.
The fact that Chamberlin and Levine met with a
slight mishap at the end of the trip and were compelled to alight when within 110 miles of their goal
in no way detracts from the 'credit or the glory of
their great achievement. On the contrary, it serves
to emphasize the extremely hazardous nature of the
venture and the difficulties attending flying even
when passing over land. In the present state of
aeronautical science, prolonged flights over either
land or sea are still attended with great hazards
and risks. It is too much to hope that the aviator
who sets out for the first time on such an air journey as that from America to Europe should be able
to calculate with exactness the amount of gasoline
that may be required under all conditions of wind
and weather, or even if calculation were possible,
that the plane could carry the weight, or that engines subjected to such a grueling test should work
perfectly from start to finish. As a matter of fact,
Berlin was not the definite destination at the start.
Chamberlin, no doubt, hoped to get there, but he
merely said that he would go as far as his supply of
gasoline would carry him, which he did.
Perhaps it is just as well for the future of aviation that Chamberlin and Levine met with difficulties, and had to break their journey with enforced
landings. The unprecedented popular rejoicing over
the success of a transatlantic passage by airplane
is very likely to lead a good many people to assume
that the problems of air navigation have been solved,
and that what three able and venturesome Americans have done, any other American who thinks himself equally able or venturesome can also do. Such
hasty assumptions are mischievous delusions. We
are still far from the day when airplane voyaging
will be easy or safe, and automobiles will outnumber
airplanes for many years to come. Meantime, aeronautical science will take note of failures as well as
of successes, and profit by both.
On the other hand, it would be hard to overestimate the benefits which these exploits of Messrs.
Lindbergh, Chamberlin and Levine have conferred
upon the cause of friendly relations between the
United States and Europe. These chivalrous Americans have been indeed unofficial ambassadors of
good-will. When the people and Governments of
England, France and Germany vie with each other
in doing honor to an American scientific accom-

3408

THE CHRONICLE

plishment, it is idle to insist that war enmities still
dominate popular thought in those countries, or
that European resentment is so deep-seated and
menacing as to give the United States pause. If the
outpourings of enthusiasm and regard which have
been witnessed in Paris, London and Berlin are not
spontaneous and genuine, then spontaneity and
genuineness are terms that have no meaning. No
better illustration could be asked than these striking episodes afford of the truth that the foundations
of international peace are laid far less in treaties
and covenants than in the friendly feeling of peoples,
in generous recognition of distinguished performance, and in common rejoicing over whatever advances the applications of science and the development of means of communication. For their contributions to this international amity of mind and
heart Messrs. Lindbergh, Chamberlin and Levine
are alike entitled to high and lasting honor.
Arabia and the Inter-Oceanic Canals.
The world is rapidly growing smaller, if we think
of the distance either way not so long ago to "Far
Cathay" as our attention is called now to Suez, now
to Panama. They are the great canals that at a
stroke swept aside the barriers that blocked intercourse with the Orient and have opened the direct
access of modern commerce to the markets of the
world.
The countries adjacent to these canals have gained
a new importance. Nicaragua and the lands bordering the Red Sea have their hands potentially immediately upon the canals. Nicaragua's connection is
well understood here, as America has paid a substantial price for priority rights in the Nicaragua
Canal when the time comes for its construction; our
exports to the Asiatic markets from Atlantic and
Gulf ports through the Panama Canal already constitute 14/
1
2% of the tonnage by that route; and the
increase in our merchant marine tonnage engaged in
export trade since the opening of the canal, reported
as from 1,000,000 tons at that date to 10,000,000 tons
now, is indicative of substantial increase in the immediate future.
Of Arabia, which constitutes the eastern shore of
the Red Sea and the approach to the Suez Canal,
little is known, nothing, in fact, of its commercial
importance. It is quite as blank in our thoughts as
it is on our maps. The Arabs, it is true, have been
a great race. Their culture long antedated ours;
they contributed to our literature, our knowledge
and our intellectual methods initial and permanent;
and they have given to the world a religion which
embraces some 250,000,000 people with controlling
power to-day. In the ebb and flow of the nations of
the past they have never been overrun or lost entire
control of a large part of their original territory,
and have of late driven the Turks out of that part of
their land which they conquered some four centuries
ago. Recent events in the modern world bring them
again into history with important connections.
The commerce of the world developed by the great
canals cannot long be dependent upon them. It will
break through other obstacles and form for itself
additional channels. In the first instances these
will be feeders to the canals. In North and South
America railroads now are reaching toward Panama,
bringing their tribute both by sea and land. The.vwill soon be seen doing the same from both Asia and




[vin. 124.

Africa to Suez. There are vast undeveloped regions
in both continents. A few railways already ha7e
terminals on the east coast of Africa; and the westbound stream of caravans from Persia and Central
Asia, which crosses the Euphrates and winds over
mountains and plains to the Mediterranean, is even
now in part being directed southward to points on
that great river where its freight can be shipped
down the Persian Gulf and around Arabia to reach
Europe via Suez. Arabia will be entirely disregarded, both her ports and her broad interior which
south of the 30th degree of latitude is still "as it
was in the time of Haroun-al-Rashid."
Italy and France are seeking to develop the trade
of their colonies on the west side of the Red Sea, as
Britain is that of her newly-irrigated lands on the
Blue Nile and in the adjacent Sudan. She has c.)mplete control of the lower Euphrates and all the approaches from the East. Her long projected through
line from the Mediterranean to India will run
through this territory and it is her interest which
is directing Persian trade to the mouth of the E uphrates. She has business with the Arabian ports,
and her interests will govern the opening of the
Arabian interior and the lines through it from the
Gulf to the Sea when the time comes. The problem
of Nicaragua approaches settlement, but the conditions of Arabia are very little known.
Lawrence's story* has called attention to it and
created a romantic interest. Where it touches the
life of the people it furnishes exact and graphic details. It bears tribute to their many strong personal traits and their sturdy independence, while it
discloses their division into rival and often hostile
sects and tribes, despite the soldity of their Mohammedan bond and an emotional easily aroused and defiant patriotism. His is a narrative of individual
adventure as remarkable as that of Sir Richard Burton and of Charles Doughty years ago in the same
land; and while differing in its success from that of
Edward Henry Palmer, who in the British Egyptian
War with Arabi Pasha succeeded single-handed in
holding back the Arabs from coming over to help the
rebels, did it at the price of his own life, Lawrence's
task was equally successful and also tragic in the
failure to establish the Arab State on which he had
set his hopes but which was taken out of his hand by
the diplomatists.
England paid the price of her present influence by
the large sums of money she paid the Arabs when
Lawrence opened the way, both to secure their support and to supply them with arms against the
united Turks and Germans there, and in her own extensive operations during the war in Mesopotamia,
Syria and Palestine. As to the personal characteristics and possibilities of the Arabs, Lawrence tells
little beyond their bravery, their individual devotion and a certain native manliness. He does say of
their leader, Prince Feisal, whom he was to make
King in Damascus: "He composed the feuds of
tribal enemies, himself paid for their adjustment,
put together the tiny pieces which make up Arabian
society, combining them in the one design of war
against the Turks. He gained authority with all by
his patiently sifting out right from wrong, by his
tact and his wonderful memory. He was recognized
as a force transcending tribe, superseding blood
chiefs, greater than jealousies. Chief, by right of
"The Revolt in the Desert," by D. H. Lawrence. George H. Doran Co.

JUNE 11 1927.]

TIIE CHRONICLE

application and ability he had properly earned."
We have further details of the general characteristics of the people from a more recent source. Soon
after the close of the war in Europe it was known
that a revolt led by the Wahabis, the fanatical Bedouins of the Red Sea coast had captured Mecca
and driven out the old King Hussein. Much disturbance has followed from the bitter antagonism of different sects. Now a well-informed traveler, the only
one in Arabia since 1917 and who evidently had special privileges, reports through the Berlin papers
that the Sennussi Mohammedans, with whom the
Italians have been fighting in Tripoli, were induced
to mix in the Arabian controversy and that Italy
had countered them on the other side. Meanwhile
a big English oil company had secured important
concessions in Arabia, and while the .British Government refrained from any active participation,
an ample supply of money and munitions from the
oil company had sufficed to defeat other outside interference and to establish British influence
throughout the territory. It is not forgotten that
the Shereef of Mecca received a subsidy of £8,000,000 from England in 1916 and raised the flag against
Turkey; and the puritanical Ibu Saud, who supported Lawrence, now rules in Mecca. In that position he has an influence in the Mohammedan world
that no other Power can exert. The sole purpose of
British diplomacy is to keep any other nation from
gaining this strategic position, since for Britain
Arabia is the bridge to India.
A practically closed world begins at Akaba and
Suez. It knows little of the outside world and cares

3409

less. It regards it as without God and sunk in sinfulness and incredible stupidity. The Raj railway,
built by the Turks, reaches its northern border and
the English are building a short line in from Aden.
In consequence of that contact the South Arabian
is dressed in English cotton, uses European field
glasses and sewing machines, and an occasional
fountain pen and automobile. There are a few coast
towns on the Red Sea where steamers Stop, but the
dark Bedouins of the coast care nothing for what
goes on outside Arabia. Their arts are incredibly
primitive, and they live much as they have for 2,000
years.
The Arabians of the desert are reported as less
fanatical but essentially similar. It is all the same
strange foreign land to Europe that it was in the
past, "the only near-by land where there are hundreds of thousands of square miles of unexplored
country, the only land in the world that has remained unknown for the past 3,000 years and still
remains as mysterious as ever." It contributed to
Lawrence's enterprise first and last some 200,000
fighting men. Its importance to-day, as we have
pointed out, lies in the new significance of its geographic position with relation to the main lines of
communication,economic, social and political, of the
new world. Though Lawrence's personal and sacrificial service in Arabia is over, and he is reported as
having retired to India, it was a contribution to
Britain's dominion in that great region which cannot but be permanent and rises into new importance
in view of the increased strain to-day in Egypt's
relations with Britain.

Gross and Net Earnings of United States Railroads
for the Month of April
United States railroads, treated as a whole, make
a better showing of earnings, gross and net, for the
month of April than might be expected, considering
all the circumstances of the case. Both the totals
of the gross and of the net come quite close to the
large totals of the previous year. This is rather
noteworthy, when one recalls the numerous adverse
features the roads had to, contend with in one part
of the country or another. First of all there were
the floods in the Mississippi Valley, with overflows
of large areas in important sections of the Southwest. These not only interrupted traffic movements
in the afflicted areas, but rendered business wholly
out of the question in many of these areas and thus
did two-fold injury, first in the damage and destruction caused to the roads themselves and secondly in
reducing the volume of business to be done by the
roads in the movement of passengers as well as
freight.
The strike in the union controlled bituminous coal
mines came in as a new unfavorable development.
The strike began the 1st of April and has been in
progress continuously since then. To be sure, as
far as the country as a whole is concerned, the strike
has proved of little consequence, the non-union
mines having heavily increased their output, thereby making up for the stoppage of production in
the unionized fields. Nevertheless„ the roads serving the union mines lost the coal traffic they would
otherwise have got had there been no strike. In
the South business depression as a result of the col-




lapse of real estate speculation, particularly in the
States possessing winter resorts, and also as a result of the great drop last autumn in the price of
cotton (though the situation in this latter respect
has been greatly relieved by the recent recovery in
the price of the staple) has continued to cut deeply
into the earnings of the roads east of the Mississippi
River and south of the Ohio and Potomac rivers. In
the spring wheat regions of the Northwest the roads
are still suffering from the effects of last season's
short spring wheat yield.
Then, also, it must be remembered that the anthracite carriers are comparing with unusual conditions in 1926. In the spring of last year these anthracite roads had their coal tonnage swollen to
exceptional proportions because the great strike in
the anthracite regions had been settled only a few
weeks before and the mines were now working up
to the limit in turning out coal so as to make up in
part for the deficiency created during the strike
period. The present year, on the other hand, the
anthracite mines were operating in the ordinary
normal way, and accordingly the shipments over the
roads were only of the relatively light dimensions
usual to the spring season. It follows that many of
these anthracite roads have sustained heavy losses
in earnings as compared with the big figures of a
year ago.
To offset the falling off in earnings in the various
ways here outlined, the railroads of the country had
one or two advantages, though of minor proportions.

3410

TH III CHRONICLE

Navigation the present year, owing to the open winter experienced in nearly all parts of the country,
began unusually early, whereas in 1926 it was delayed beyond the ordinary. This meant a great deal
to the ore-carrying roads with terminii on the upper
Lake ports. Then, also, the roads serving the nonunion bituminous coal districts had their coal traffic, and consequently their revenues, increased in
carrying to market the enlarged output of these
non-union mines.
All things considered, it must be deemed gratifying that collectively the roads were able so closely
to approach their revenue totals of April last year.
The fact that they have been able to do so would
seem to indicate that the general business of the
country is being remarkably well maintained. Our
compilations show a loss from a year ago of only
$1,464,574, or but 0.29%, in the gross earnings, and
a loss of no more than $774,126, or 0.67% in the
net earnings. In other words, the total of the gross
this year is $497,212,491, as against $498,677,065 in
April last year, and the total of the net $113,643,766, as against $114,417,892, as will be seen from
the following:

[VOL. 124.

the Rock Island has gained no less than $915,266 in
gross and $697,330 in net; the Union Pacific reports
$954,874 loss in gross and $775,695 loss in net; the
Chicago & North Western $678,482 in gross and $99,838 in net; the Milwaukee & St. Paul, $298,515 in
gross and $475,189 in net; the Northern Pacific
$336,210 in gross and $201,772 in net, while the
Great Northern, evidently by reason of its large ore
traffic, comes to the front with $414,678 gain in
gross and $500,708 in net. We have spoken above
of the advantage which the early opening of navigation gave the ore-carrying roads and the effects are
strikingly shown in the case of such distinctive orecarrying roads, as the Duluth Missabe & Northern and the Duluth & Iron Range. The first mentioned made gross of $903,485 in April the present
year, as against only $123,880 in April last year,
giving a gain of $779,605 in gross, which was at the
same time attended by $656,454 improvement in the
net. The Duluth & Iron Range on its part shows
$246,603 increase in gross with $190,679 increase in
net. In the case, however, of the Bessemer & Lake
Erie, which runs to one of the lower lake ports, we
have a decrease of $151,748 in gross and of $150,017
Month of Aprain
net.
(179 Roads)1927.
Inc.(+) or Dee.(-).
1926.
Miles of road
238,183
237,187
+996 0.42%
Southern roads as a rule have lost heavily, but
Gross earnings
8497,212,491 S498,677,065 -31,464,574 0.29%
Operating expenses
383,568,725 384,259,173
-690,448 0.18%
here also there are exceptions, the large cotton moveRatio of expenses to earnings. (77.14%)
(77-06%)
Net earnings
3113,643,766 8114,417,892
-$774,126 0.67% ment evidently furnishing the explanation. Thus
In order to make it apparent what a satisfactory the Yazoo & Mississippi Valley reports $404,150 inexhibit the foregoing table presents, it is only neces- crease in gross, though with $292,078 decrease in
sary to recall that in April last year our tables net and the Illinois Central, with a parallel line
showed $25,818,489 gain in gross and $11,764,296 along the Mississippi River from Cairo to New Orgain in net, as compared with the year preceding, of leans, shows $131,186 increase in gross and $398,which only the small amounts just indicated have 321 increase in net. The Louisville & Nashville also
been lost the present year. This has reference to the stands out conspicuously for its good results, having
results for the railroads as a whole. Many separate enlarged its gross by $724,349 and its net by $492,roads and systems have sustained quite heavy losses 261; it probably got an increased tonnage from the
either in gross or net or in both combined. The Mis- non-union coal mines of Kentucky. The Atlantic
souri Pacific, reflecting the flood situation in the Coast Line has suffered a loss in gross of $941,289
Southwest more than any other large system in that and in net of $177,470; the Seaboard Air Line of
part of the country, is conspicuous in that respect $182,884 in gross, though having $37,141 increase
and reports a loss in gross of no less than $1,923,428 in net, and the Central of Georgia $251,236 in gross
and a loss in net of $1,675,217. As against this, how- and $5,023 in net. The Southern Railway has lost
ever, many other roads in the Southwest lying out- $328,561 in gross and $114,625 in net. This last is
side the flood districts are able to make excellent for the Southern Railway proper. Including the
returns favored by the large cotton crop of last year Alabama Great Southern,. the Cincinnati New Orand also the oil developments in Texas and Okla- leans & Texas Pacific, the Georgia Southern & Florhoma. Thus the Atchison shows no less than $1,982,- ida, the New Orleans & North Eastern and the
184 gain in gross, with $248,209 gain in net, the Mis- Northern Alabama, the result for the Southern Railsouri Kansas & Texas has added $376,736 to gross way System is a decrease of $725,411 in gross and
and $62,904 to net, the St. Louis & San Francisco of $421,310 in net. As for the coal carrying roads
reports $205,675 decrease in gross and $312,319 de- in the Pocahontas 'region; wilth thei:r non-union
crease in net, while the St. Louis Southwestern falls mines, heavy increases have come as a matter of
behind $114,210 in gross and $142,753 in net. Texas course; the Chesapeake & Ohio has added $1,288,224
roads, by reason of last season's large cotton crop to gross and $954,476 to net; the Norfolk & Western
and the oil developments, nearly all show substan- $783,624 to gross and $591,642 to net, and the Virtial gains. Thus the Texas & Pacific reports $5017- ginian Railway $431,336 to gross and $382,673 to
108 gain in gross and $154,586 gain in net and the net.
International & Great Northern $108,336 gain in
The anthracite carriers quite generally report
gross and $52,500 gain in net. On the other hand, losses, and quite heavy ones, too, in most cases, for
the New Orleans Texas & Mexico has suffered a de- the reasons already given. The Reading, as it hapcrease of $241,568 in gross and of $249,770 in net, pens, the largest anthracite carrier of all, shows a
and the Kansas City Southern $40,590 in gross and trifling increase, namely $86,471 in gross and $81,$101,430 in net. The Southern Pacific reports 889 in net, but the Delaware & Hudson reports $554,$1,326,298 increase in gross and $942,674 increase in 829 decrease in gross and $572,977 decrease in net;
net.
the Lehigh Valley $498,262 decrease in gross and
As we go further north we find the same mixed $625,380 decrease in net; the Central Railroad of
results. The Chicago Burlington & Quincy has New Jersey $103,516 decrease in gross and $331,678
$960,806 loss in gross and $415,317 loss in net, but decrease in net; the New York Ontario & Western




JUNE 11 1927.]

THE CHRONICLE

$156,816 decrease in gross and $113,495 decrease in
net, and the Lackawanna $66,748 decrease in gross
with $83,257 increase in net. The Erie has $244,825
decrease in gross and $36,245 decrease in net.
The great East and West trunk lines, apart from
the Erie, quite generally give a good account of themselves, particularly in the matter of the net. The
Pennsylvania Railroad on the lines directly operated east and west of Pittsburgh has suffered a
small decrease in gross ($64,199), but has added no
less than $1,850,805 to its net. The New York Central, however, reports $142,616 decrease in gross
and $139,420 decrease in net. This is for the New
York Central proper. Including the various auxiliary and controlled roads, the result for the whole
New York Central Lines is a decrease of $643,197 in
gross and of $884,235 in net. In the following we
show all changes for the separate roads for amounts
in excess of $100,000, whether increases or decreases,
and in both gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF APRIL 1927.
Increase.
Decrease.
Topeka
&
S
Fe (e)- $1.982.184 Chicago & North Western $678,482
Atch
Southern Pacific (2)---- 1,326,298 Delaware & Hudson.--554,829
,Chesapeake & Ohio
1,288,224 Lehigh Valley
498,262
Chic R I & Pacific (2)- -915,266 Chicago & Alton
389,461
Norfolk & Western
783,624 Detroit Toledo & Ironton
381.795
Duluth Missabe & Nor.._
779,605 Boston & Maine
381,406
Louisville & Nashville__ 7.24,349 Northern Pacific
336.210
Baltimore & Ohio
608.679 Southern Ry
c328,561
Texas & Pacific
501,108 Michigan Central-- _ --328.025
Virginian
431.336 Chicago Milw & St Paul298,515
Great Northern
414,678 N H 1%7 H & Hartford--264,407
Yazoo & Mississippi Val404,150 Central of Georgia
251,236
Missouri-Kan-Tex (2)__ 376,736 Erie (3)
244.825
Hocking Valley
313,878 Wheeling & Lake Erie_ _ _
242.809
K C Mex-Orient of Texas
293,188 New Orl Tex & Max (3)241,568
Duluth & Iron Range_246,603 Union RR
231,513
Grand Trunk Western-196,058 New York Chicago & St L
212,880
Long Island
173.071 C C C & St Louis
' 209,105
Bangor & Aroostook_ 148.097 St Louis-San Fran (2)_-..
205,675
Illinois Central
131,186 George Sou & Florida- _ 194,871
Det Grand Haven & Milw
129,563 Wabash Co
186.776
126637 Seaboard Air Line
Kan City Mexican & 0_ _
182,8.84
Monongahela
121;633 N Y Ontario & Western156,816
Internat Great Northern
108,336 Bessemer & Lake Erie_ _ _
151,748
Galveston Wharf
101,109 New York Central
b 142,616
Evansv Ind & Terre H.
140,286
Total (30 roads)
$12,625,596 St Louis Southwestern (2)
114.210
West Jersey & Seashore_
113.851
Decrease. Minn St P & S Ste Marie
109,207
Missouri Pacific Co
$1,923,428 Minneapolis & St Louis105,997
Chicago Burl & Quincy
960,806 Nashv Chatt & St Louis104,305
Union Pacific (4)
954,874 Central of New Jersey- _
103,516
Atlantic Coast Line
941,289
Florida East Coast
797.555
Total (46 roads)
$13,664.599
a Note.-The Pennsylvania RR. (including the former Pennsylvania
Company, the Pittsburgh Cincinnat Chicago & St. Louis and the Grand
Rapids & Indiana reports a decrease of $64,i99.
I, The New York Central proper shows $142,616 decrease. Including
the various auxiliary and controlled roads, like the Michigan Central. the
"Big Four," &c., the whole going to form the New York Central System,
the result is a decrease of $643.197.
c This is the result for the Southern Ry. proper. Including the Alabama
Great Southern, the Cincinnati New Orleans & Texas
the Georgia
Southern & Florida, the New Orleans & NortheasternPacific,
and the Northern
Alabama, the whole going to form the Southern By. System,
the result
is a decrease of $725,411.
Note.-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the
returns so as to make the results conform as nearly as possible separate
given in the statements furnished by the companies themselves. to those
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF APRIL 1927.
Increase.
Decrease.
Pennsylvania
ail,850,805 Central of New Jersey_ - $331,678
Chesapeake & Ohio
954.476 NYNH& Hartford- _ - _
Southern Pacific (2)_
942,674 St Louis-San Fran (3)_ _ _ - 316,539
Chic R I & Pac(2)
697,330 Yazoo & Mississippi Val-- 312,319
292.078
Duluth Missabe & Nor_ _ _ 656,454 Colorado & Sou (2)
2
Norfolk & Western
591,642 Detroit Toledo & Ironton_ 258.850
Baltimore & Ohio
539,915 Union RE
253,953
Kansas Oklahoma & Gulf_ 516,318 New Orl Tex & Mar (3).. 249,770
Great Northern
500.708 MichiganCentral
231,520
Louisville & Nashville_ __ _
492,261 Boston & Maine
225,477
Illinois Central
398,321 Northern Pacific
Virginian
382,673 Buffalo Rochester & Pittab 201.772
182,618
Valley
Hocking
315,654 Chicago & Alton
179.163
Atch Topeka & S Fe (3)_ _
248,209 Atlantic Coast Line
177.470
Duluth & Iron Range_ _ _
190,679 N y Chicago & St Louis_ _
170,925
Texas & Pacific
154,586 Wabash Co
170,787
Nashv Chatt & St Louis.._
126.871 Bessemer & Lake Erie_ _ _ _
150,017
Chicago & East Illinois_ _
111,903 Florida East Coast
Bangor & Aroostook
109.650 St Louis Southwestern (2) 145,252
142.753
Pere Marquette
109,567 New York Central
Det Grand. Haven & Mil_ _
108,828 Georgia Sou & Florida_ -- b139,420
130,528
Monongahela
100.688 Wheeling:St Lake Erie_ _ _ _
117,985
Maine Central
117,262
Total (26 roads)
$10.100,212 Southern By
Denver & Rio Grande__ - _ c114,625
114,623
Decrease. NY Ontario & Western..
Missouri Pacific
$1,675.217 Chicago & Illinois Midland 113,495
109,281
Union Pacific (4)
775,695 Mobile & Ohio
103,210
Lehigh Valley
625,380 Evansv Ind & Terre H.
Delaware & Hudson
572.977 Kansas City Southern__ - 102.473
101.430
Chic Milw & St Paul---- 475,189
C 0 C & St Louis
465.724
Total (46 roads)
$10,523.319
Chicago Burl & Quincy_ - 415.317
a This is the result for the Pennsylvania RR. (including the
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St.former
Louis
and the Grand Rapids & Indiana.
b These figures merely cover the operations of the New York Central
Including
the
various
auxiliary and controlled roads, like the
ii self.
Michigan Central, the "Big Four," &c.,the result is a decrease of $884.235.
c This is the result for the Southern Ry. proper. Including the Alabama
Great Southern, the Cincinnati New Orleans & Texas Pacific, the Georgia
Sotu horn & Florida, the New Orleans & Northeastern and the Northern
Alabama, the whole going to form the Southern Ry. System, the result
lea decrease of $421. 310.




3411

We have already adverted to the fact that a year
ago our grand totals of the earnings of all the
Class I railroads showed for the month of April
$25,818,489 gain in gross and $11,764,296 gain in
net, of which only a relatively small amount has
been lost the present year. Going back further, we
find that in April 1925 there was then a small loss
in gross, namely $1,696,103, but $5,389,790 gain in
net. On the other hand, in April 1924 there were
very heavy losses in gross and net alike-$48,242,116
in the gross and $21,294,242 in the net. It will be
remembered that 1924 was the year of the Presidential election, when trade and industry slumped with
frightful rapidity after the early months of the year,
and the earnings statements of the railroads reflected the slump in large losses in income. It is
only proper to note, however, that these large losses
in April 1924 came after prodigious gains in April
1923. The year 1923 was one, of great trade prosperity and some of the roads, particularly in the
great manufacturing districts of the East, then handled the largest traffic in their entire history. As a
consequence, our compilation for April of that year
showed an addition to gross in the prodigious sum
of $105,578,442 and a gain in net in the amount of
$38,240,343. However, it must be remembered that
these gains followed, not alone from the activity of
general trade, but were also due, in no inconsiderable measure, to the fact that comparison then was
with the period of the colossal coal strike in 1922.
That strike began on April 1 of that year and in the
anthracite regions involved a complete shut-down,
while in the bituminous regions all over the country
there was complete abstention from work at all the
union mines, though the non-union mines in most
cases continued at work, their output ranging from
4,500,000 tons to 5,000,000 tons a week. Speaking of
the roads as 'a whole, coal traffic in April 1922 may
be said to have been reduced fully 50%. Fortunately, in the net, the loss was offset, and more than
offset, by economies and increased efficiency of operations, with the result that though the gross fell
off $15,866,410 as compared with the year preceding,
the net showed an improvement of $23,040,083.
And this gain in net in April 1922 was the more
impressive because it came after very striking improvement in gross and net alike in the corresponding month of 1921. Our compilation for April 1921
showed $31,075,286 increase in gross, attended by
$24,720,476 decrease in expenses, the two together
producing $55,795,762 gain in the net. The country then was in the midst of intense business depression, but the carriers were in enjoyment of the
higher freight schedules put into effect towards the
close of August the previous year (1920) and which
on a normal volume of traffic would, according to
the estimates, have added $125,000,000 a month to
the aggregate gross revenues of the roads. These
higher rate schedules served to offset the loss in
revenues resulting from the shrinking in the volume
of business. The plight of the carriers was a desperate one and expenses had to be cut in every direction and the task was made increasingly difficult
because of the advance in wages promulgated the
same time that the Commerce Commission authorized the higher rate schedules already referred to.
The wage award added $50,000,000 to the monthly
payrolls of the roads figured on a full volume of
business. On the other hand, the $55,795,762 im-

provement in net in April 1921 was in comparison
with a period in the preceding year (1920), when
the amount of the net, as already noted, had been
completely wiped out. The truth is, expenses had
been steadily rising for several successive years
prior to 1921, while the net had been as steadily diminishing, until in 1920 it reached the vanishing
point. Thus in April 1920 our tables showed $59,709,535 augmentation in expenses and $47,592,111
loss in net, while in April 1919 our compilation registered $17,986,895 increase in gross but accompanied
by no less than $63,080,697 augmentation in expenses, thus cutting net down by $45,093,802 and in
April 1918 our tables, though recording no less than
$50,134,914 gain in gross, yet showed $1,696,280 loss
in net. Even in 1917 an addition of $37,819,634 to
gross revenues yielded only $60,155 gain in net. It
was because of these cumulative losses in net that the
roads in 1920 fell $2,875,447 short of meeting bare
operating expenses (riot to speak of taxes), whereas
in both 1917 and 1916 the total of the net for the
month had run above $93,000,000. In the following
we give the April comparisons back to 1906. The
totals are our own except that for 1911, 1910 and
1909 we use the Inter-State Commerce figures, the
Commission having for these three years included
all the roads in the country, while since then the
smaller roads have been omitted. Prior to 1909 the
figures are also our own, but a portion of the railroad mileage of the country was then always unrepresented in the totals owing to the refusal of some
of the roads in those days to furnish monthly figures
for publication.
Gross Earnings.

Year
Year
Given.

[VOL. 124.

TUE CHRONICLE

3412

Year
Preceding.

Increase or
Decrease.

Net Earning*.
Year
Given.

Year
Preceding.

Increase or
Decrease.

April
1906 _ 109,998,401 104.598.565 +5,399,836 31,548,660 30,137,596 +1,411,064
1907 _ 142,884,383 115,863,354 +27,021,029 42,521,549 33,09,112 +8,882,437
1908 _ 134.513,535 165,058,478 -30,544,943 37,441,989 47,537,110 -10.095,121
1909 _ 196:993,104 175,071,604 +21,921,500 62,380,527 50,787,440 +11.593.087
1910 _ 225,856,174 197,024,777 +28,831,397 66.725,896 62,409,630 +4,316,266
1911 _ 218,488,587 226.002,657 --7,514,070 64,768,090 66,709,729 -1,941,639
1912 - 220,678,465 216,140,214 +4,538,251 57.960,871 63,888,490 -5,927,619
1913 - 245,170,143 220,981,373 +24,188,770 60.122,205 58,082,336 +2,039,869
1914 _ 236,531,680245,048.870 -8,517,270 59.398,711 60.024,235
-625,524
1915 - 237.696,378 241,090,842 -3,394,464 67,515,544 59,266.322 +8,249,222
1916 - 288,453.700 237,512,648 +50,941,052 93,092,395 67,396,538 +25,695,857
1917 - 326,560,287 288,740,653 +37,819,634 93,318,041 93,257,886
+60,155
1918 _ 369,409,895 319,274,981 +50.134,914 89,982.415 91.678.695 -1,696,280
1919 - 388,697.894 370,710,999 +17,986,895 44,850.096 89.943,898 -45,093,802
1920 _ 401,604,695 389,487,271 +12,117,424 df2,875,447 44,716,664 -47,592.111
1921 433,357,199 402,281,913 +31,075,286 57,658.213 1,862,451 +55,795,762
1922 _ 416,240,237 432,106,647 -15,866,410 80,514,943 57,474,860 +23,040,083
1923 _ 521,387,412 415.808,970 +105578442 118,627,158 80.386,815 +38,240,343
1924 - 474.094,758522.336,874 -48,242,116 101,680,719 122,974,961 -21,294,242
1925 _ 472,591,665 474,287,768 -1,696,103 102,861.475 97,471,685 +5,389.70
1926 _ 498,448,309 472,629.820 +24,818,489 114,685,151 102.920,855 +11,764,296
1927 _ 497,212,491 498,677,065 -1,464,574 113,643,766 114,417,892
-774,126

SUMMARY BY DISTRICTS & REGIONS.
District & RegionGross Earnings
Apra1927.
1926.
Inc.(+)or Dec.
Eastern District-'
$
$
3
%
New England Region (19 roads)
-622,088 2.73
22,212,580 22,834,668
Great Lakes Region (33 roads)
92,732,380 94,856,639 -2,124,259 2.25
Central Eastern Region (31 roads)__ _116,641,701 117,026,933
-385.232 0.32

(-)

Total (73 roads)
Southern DistrictSouthern Region (30 roads)
Pocahontas Region (4 roads)
Total(34 roads)
Western DistrictNorthwestern Region (18 roads)
Central Western Region (22 roads)
Southwestern Region (33 roads)
Total (73 roads)
Total all districts (179 roads)
District T4 Region. ,
1 r v•-'. • -1
Apra-Mileage--Eastern District-- 1927. 1926.
New Eng. Region-- 7,288 7,478
Great Lakes Region 24.877 24,944
Cent. East. Region_ 27,155 27,133




1.33

70,609,823 72,277,421 -1,667,598 2.31
23,435,311 20,935,527 +2,499.784 11.98
94.045,134 93,212,948

+832,186

0.89

51,887.312 51,977,853
76,539.234 75.288,442
43,154,150 43,479,582

-90,541
+1,250,792
-325,432

0.18
1.66
0.75

171,580,696 170,745,877
+834,819 0.49
497,212,491 498,677,065 -1,464,574 0.29
Net Earning
1927.
1926.
inc.
or Dec.(-)
$
3
5,554.637 6,284,144
-729,507 11
.
..62
22,531,755 24,521,306 -1,989,551 8.11
27,542,773 26,490,921 +1,051,852 6.02

(+)

1.04

Total
59,320 59,555 55,629,165 57,296,371 -1,667,206 2.81
Southern DistrictSouthern Region_ _ 39,536 38,725 17,905,869 17,844,448
+61,421 0.34
Pocahontas Region_ 5,555 5,554 8,307,914 6,407,643 +1,900,271 29.65
Total
45,091 44,279 26,213,783 24,252,091 +1,961,692 8.09
Western DistrictNorthwesan Region 48.492 48.646 8,104,893 7,598,950
+505,943 6.66
Cent. West. Region 51,210 50,857 16,571,716 16,429,871
+141,845 0.87
Southweet'n Region 34,070 33,850 7,124,209 8,840,609 -1,716,400 19.41
•1
Total
133,772 133.353 31,800,818 32,869,430 -1,068,612 3.25
Total all districts 238,183 237,187 113,643,766 114,417,892
-774,126 0.67
NOTE.-We have changed our grouping of the roads to conform to the classification of the Inter-State Commerce Commission, and the following indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
New England Region.-This region comprises the New England States.
Great Lakes Region.-This region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago, and north of a line from Chicago via Pittsburgh to New York.
Central Eastern Region.-This region comprises the section south of the Great
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
Parkersburg, W. Va., and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
Pocahontas Region.-This region comprises the section north of the southern
boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg,
W.Va.,and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
Southern Region -This region comprises the section east of the Mississippi River
and south of the Ohio River to a point near Kenova, W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
WESTERN DISTRICT.
Northwestern Region.-This region comprises the section adjoining Canada lying
west of the Great Lakes region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific.
Central Western Region -This region comprises the section south of the Northwestern region, west of a line from Chicago to Peoria and thence to St. Louis, and
north of a line from St. Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Region.-This region comprises the section lying between the Mississippi River south of St. Louis and a line from St. Louis to Kansas City and thence
to El Paso and by the Rio Grande to the Gulf of Mexico.

Western roads in April had a smaller grain traffic, and some of them also a somewhat smaller livestock movement. The receipts of wheat and rye
were heavier than in April of last year, but the receipts of corn, oats and barley were on a greatly
diminished scale. For the five cereals combined the
receipts at the Western primary markets for the
five weeks ending April 30 were 43,868,000 bushels,
as against 50,713,000 bushels in the corresponding
five weeks of 1926, but compare with only 41,996,000
bushels in the five weeks of 1925. The details of
the Western grain movement in our usual form are
set out in the table we now subjoin:

Note.-Includes for April 91 roads in 1906, 91 in 1907 in 1908 the returns were
based on 153,007 miles of road; in 1909, 233,829; in 1910, 239,793; in 1911.244.273;
In 1912, 236,722; in 1913, 240,740; in 1914, 243,513; in 1915, 247.701; in 1916, 246;
615; In 1917, 248,723; in 1918, 233,884; in 1919, 232.708; in 1920, 235,121; In 1921,
235,570; in 1922, 234,955; in 1923, 234,970; in 1924, 235,963; in 1925, 236.664;
WESTERN FLOUR
n 1926, 236,518; In 1927. 238,183 miles.
5Weeks End. Flour.
Wheat,
April 30.
(bb18.)
(bush.)
Chicago1927
1.146,000 1,392,000
1926
1,119,000 1,072,000
Milwaukee1927
229,000
101,000
1926
115,000
369,000
M. Louis1927
600,000 1,522,000
1926
461,000 1,655,000
Toledo1927
893.000
1926
531.000
Detroit1927
107,000
1926
49,000
Peoria1927
360,000
39,000
1926
271,000
134,000
Duluth-1927
2,969,000
2,869,900
1926
Minneapolis1927
4,455,000
1926
5,826,000
Kansas City1927
2.745,000
1926
1,891,000
Omaha ,k Indianapolis1927
969,000
1926
792,000
Sioux City1927
161,000
189,000
St. Joseph888,000
1927
1926
171,000

When the roads are arranged in groups or geographical divisions according to their location, irregularity in results as between different groups and
sections, with comparatively slight changes in the
final totals for the different groups except in one or
two instances, finds further confirmation. The ratio of changes for the various groups is small except
that in the case of the net there is a heavy loss for
the Southwestern region and a large gain for the
Pocahontas region, the latter embracing such nonunion coal-carrying roads as the Norfolk & Western
and the Chesapeake & Ohio. Our summary by
groups is as follows. We now group the roads to
conform with the classification of the Inter-State
Commerce Commission. The boundaries of the different groups and the regions are indicated in the
foot note to the table.

231,586,661 234,718,240 -3,131,579

AND GRAIN RECEIPTS.
Oats.
Barley.
Cons.
(bush.)
(bush.)
(bush.)

Rye.
(bush.)

712,000
693,000

79,000
59,000

467,000
664,000

717,000
538,000

55,000
71,000

1,472.000 1,736,000
2.526,000 3,243,000

15,000
67,000

157.000
197,000

294,000 1,321,000
223,000
329,000

3,000
4,000

27.000
9,000

4,084,000 3.486,000
4,605,000 4,632,000
327,000
304,000

58.000
37,000

66,000
108,000

35,000
8,000

2,105,000
948,000
1,871,000 1,026,000

139,000
149,000

2,000

13.000
54,000
22,000 1,033,000

331,000
86,000

861,000
703,000

354,000
633,000
615,000
535,000 2,452,000 1,423,000

163,000
271,000

230,000
309,000

....

2,449,000 1,298,000
2,555,000 1,193,000

......

491,000
1,003,000

226,000
163,000

114,000
279,000

538,000
1.023,000

78,000
167,000

2,000
1,000

.

1,0926

THE CHRONICLE

JUNE 11 1927.1
Flour.
(tab.)

Wichita1927
1926
Total AU-

Wheat.
(bush.)

Corn.
(bush.)

753,000
412,000

57,000
180,000

Oats.
(bush.)

1927
1926

Rye.
(bush.)

64,000
21,000

2,335.000 16,994,000 12,466,000 10,495,000
1927
1,966.000 15,940,000 15,047,000 15.456,000
1926
Jan. 1 to April 30.
Chicago-4,074,000 5,135,000 28,883,000 14,324,000
1927
4,178,000 4,267,000 36,058,000 12,771,000
1926
Milwaukee548.000 544,000 4,289,000 3,076,000
1927
537,000 941,000 4,703,000 3,180,000
1926
St. Louis2,043,000 6,671,000 6,106,000 6,788,000
1927
1926
1,778,000 7.770,000 8,528,000 11,466,000
Toledo3,989,000 1,458,000 3,350.000
1927
2,082,000 2,027,000 1,433,000
1926
Detroit742,000 645,000 330,000
1927
1926
254,000 296,000 351,000
Peoria1,179.000 282,000 8,334,000 2,987,000
1927
897,000 425.000 9,288,000 3,183,000
1926
Duluth9,358,000 149,000 172,000
1927
1926
40,000 4,346,000
8,315,000
Minneapolis19,757,000 3,988,000 3,624,000
1927
28.137,000 4,107,000 8,133,000
1926
Kansas City15,935.000 4,818,000 1,081,000
1927
9.662,000 8.185,000 1,747,000
1926
Omaha & Indianapolis4,744.000 14,524,000 4,821,000
1927
3,570,000 13,575,000 4,764,000
1926
Sioux City293,000 671,000 414,000
1927
809,000 906,000 1,038,000
1926
St. Joseph2,439,000 2,855,000 412.000
1927
1,715,000 3,916,000 782,000
1926
Wichita4,800,000 217,000 208,000
1927
2,506,000 984,000 231,000
1926
Total AU-

Barley.
(bush.)

2,534,000 1,379,000
2,951,000 1.319,000
2,290,000
2,331,000
2,968,000
2,668,000
151,000
262,000
8,000
5.000
3.000
473,000
521,000
480,000
247,000
2,949,000
5,564,000

As regards the Western livestock movement, the
receipts at Chicago comprised but 16,495 carloads
in 1927, as compared with 19,021 cars in April 1926.
At Omaha the receipts aggregated 6,378 cars, against
7,845, but at Kansas City 7,686, against 7,260 cars.
The cotton movement in the South during April
was, of course, much heavier than in the month last
year, due to the huge size.of the last crop. Gross
shipments overland were 81,489 bales, as against
69,720 bales in April 1926; 74,600 bales in 1925 and
62,701 bales in 1924. At the Southern outports the
receipts of the staple aggregated 490,556 bales in
April 1927, as compared with 392,471 bales in 1926;
281,678 bales in 1925 and 261,201 bales in 1924, In
the following table the port movement is shown for
April and since Jan. 1 for the last three years:

592,000
406,000
522,000
384,000
407,000
210,000
79,000
65,000
212,000
82,000
21,000
18,000
3,210,000
2,172,000
964,000
1,577.000 RECEIPTS OF
COT'TON AT SOUTHERN PORTS IN APRIL AND SINCE
JAN. 1 1927-25.
Ports.

2,000
15,000

3413

Galveston
1.000 Texas
City
New Orleans
Mobile
Pensacola
Savannah
Charleston
4,000
Wilmington
Norfolk
7,844,000 74,689,000 76,937,000 41,587,000 9,321,000 6,007.000
Total
7.390,000 70,453,000 92,613,000 53,425.000 11.620,000 4,915,000

April
Since Jan. 1
1927. 1926. 1925. 1927.
1926.
1925.
95,374 82,455 63,941 844,978 638.826 857.135
109.090 99.958 79,838 912,965 490,917 700.708
122,644 95,747 62,495 799,216 591,135 555,199
13,033 13,101 5.674 80,012 47,903 43,372
2,523
805
535-1,673
2,231
83,480 45,696 26;422 303,960 196,682 172,668
43,233 25,475 18,731 159.716 104,634 102.810
18,009 6.919 6,358 56,393 29,669 46,632
24,888 22,585 18,219 115,342 89,459 123,008
490,556 392,471 281,678 3,275.105 2,190,898 2.604,104

Investment Companies-Diversification of Risk and Conservatism in
Distribution of Profits Must Be the Guiding Principles.
By HARTLEY WITHERS, formerly E ditor of "The Economist" of London.
[Copyrighted by the William B. Dana Company for the "Commercial and Financial Chronicle." Exclusive copyright in the United States.]
A feature of recent financial history has been the great built up, which is available for the expansion of the busiIncrease in the number of investment companies and In the ness, and the only danger to be feared is, that trust company
capital of those already in existence, accompanied by a managers may try to be too clever and to make money too
steady rise in income earned and dividends paid by most fast, by preferring brilliance in investment to the dull but
of the well-established companies, this prosperity being solid advantages of soundness. Moreover, at least in the
naturally reflected in the prices of their securities and the British Isles, the public has not so far, shown any lack of
readiness with which the public subscribes to new issues of discrimination in the welcome that it gives to new trust comold and new concerns alike. Originally natives of Great panies. Those which have boards containing men who, from
Britain and being cultivated with special success in the their position and experience, should be well qualified to
bracing air of Scotland, these companies have long been manage them well have been subscribed to eagerly, and as
known on the Continent of Europe and have now taken a long as these conditions are present there is no danger in
firm root in America, where they are growing with the al- encouraging recruits to an army which has done good service
most exuberant vigor that marks all financial developments both to investors and to industry.
In that country of amazing expansion.
It is true that the first few years, before reserves have
Old-fashioned observers, whose memory goes back to the
been built up, are the most dangerous period in a trust combad times that many of the British companies passed pany's life; and that in which the management is most likely
through in the days of their infancy, are inclined to shake
to be tempted to make mistakes; so that there is much to Le
their heads over the recent development and to contend that said, from the point of view of those who
are entering this
the movement is being overdone; that history will repeat field, for investment in the securities of the
old and proved
itself and that the investing public will pay, sooner or companies rather than subscription to those
of newcomers.
later, for the eagerness with which it hands over its savings But the market in the old-established stocks is
often narrow
to the care of any board of directors who will get together and difficult, and the principles which ought to guide the
and form an investment company. On the other hand, there managers of a trust company are now so well known
that
are plenty of enthusiasts who maintain that the investment there ought not to be much danger of their being Ignored
by
company (or trust company, as we call them in Britain)
is the latest arrivals.
only at the beginning of its career and that the
These principles are, diversification of risk in investment
present
movement has come to stay and to play a continually
in- and conservatism in distribution of profits. Even the strictcreasing part as a useful and beneficent wheel in our
finan- est observance of these principles will avail but little, if the
cial machinery.
investment policy is otherwise injudicious-a thousand
As usual, there is a certain amount of truth in both
these bad investments, with dwindling prices and income, are no
contentions, but the favorable view of the trust
company better than one howling failure. But any trust company
development is, I hope and believe, the more correct
diagno- management that is honest and well-intentioned is at least
sis of the position, as long as those who are handling
this more likely to be able to invest well than the average memvery important business are mindful of the serious
respon- ber of the public. Working as they do in the midst of a
sibilities that they assume in the management of
these con- financial centre, or in a remote watch-tower like Edinburgh,
cerns, and of the failures and disasters which lie in
wait where folk have time to think and brains to think with, they
for those who are tempted to forget the doctrines of caution
can certainly select securities for you and me better than
and vigilance which are necessary to their sustained suc- we can do it for ourselves. They have ready access to incess. A great body of experience and tradition has been formation long before it reaches the general public-and the




THE CHRONICLE

3414

sifting of the wheat from the chaff in this information must
be one of the most difficult parts of their task—and from
their extensive practice in scanning the balance-sheets and
other cryptograms issued by public companies, they are evidently less likely to be misled by their mysteries than ordinary humanity.
With this technical skill behind them, trust company
managers have a comparatively simple task in securing
success for their shareholders, if they will only refrain from
being in too much of a hurry to earn big profits and will
stick to the rules of diversification and large allocations to
reserves. By spreading their risks over different countries
and different industries, they are enabled easily to earn a
slightly higher rate than they have to pay on their debentures and preferences or whatever their prior securities may
be, and the little extra produces a comfortable dividend on
the common shares or stock. If something like 25% of the
net income is regularly added to reserve or to carry-forward

[VoL. 124.

and judiciously invested, the income of the company and
the dividend of the common shares expands steadily, while
the security behind the preference and debentures is continually improving. At the same time underwriting and
other side-shows often make a pleasant addition to revenue.
It seems, to those who have never tried the game, as easy
as falling off a wall; but the past history of investment
companies is always there to remind us that error is as possible in this as in any other field of human activity.
To the small capitalist, this form of collective investment
provides an outlet for his savings by which, through a modest holding in a good trust company, he is at once able to
acquire an interest in a list of skillfully selected securities
bringing him an income from all over the world. He passes
to experienced professional hands the task of solving his
investment problem and he is furthering economic progress
in every country to which the capital of his company is
sent.

The New Capital Flotations During the Month of May
and for the Five Months to May 31.
The most striking feature of the new capital issues during May is their magnitude. The monthly totals are fast
approaching the billion-dollar mark. May Is the third
month of the present year that the grand aggregate of these
Issues has run above 900 million dollars, and the amount for
May is the largest of the whole three. It also establishes a
new high monthly total, all previous records in that respect
having been broken.
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 May reached no less than $946,769,379. In April the total was $910,512,572. In March, the
new offerings, while by no means small, totaled only $672,026,121, but in February the new financing for the month
mounted to $938,363,993, breaking all previous monthly records up to that time only to be now surpassed by the month
of May. In January, also, the aggregate of new issues coming upon the market was of large magnitude, falling only a
little under the 900-million mark, being in exact figures
$877,075,418. If comparison is made with the monthly totals
for the latter part of 1926, it quickly appears that the capital emissions now are on a distinctly higher level. For
December 1926 the total was $621,764,765, for November
$697,961,617, for October $579,018,819, for September $541,128,633, for August (a dull summer month) $351,822,154, for
July $581,471,484, and for June $727,146,502.
At $946,769,379 for May 1927 comparison is with only
$671,542,908 for the corresponding month of 1926, showing
an increase of over 40%. The awards by municipalities
were of very exceptional size, running for the first time in
many months as high as 200 million dollars, the exact amount
of these municipal issues for May being $208,173,409, which
compares with only $137,480,159 for May of last year. A
$60,000,000 offering by the City of New York helped to swell
the total. As for the corporate issues, these are of prodigious extent and keep steadily mounting. For the month
of May the present year they aggregate the huge sum of
$711,860,970, as against only $453,868,380 in May last year
and no more than $295,871,945 in May 1925. There is, however, one qualifying consideration to bear in mind. A very
exceptional proportion of the new issues the present. year
was for refunding purposes—that is, to take up outstanding
obligations. The remark applies both to the total of the corporate emissions and the grand total of all the flotations,
refundand that shows the importance of segregating the
tabulations
done
in
our
have
we
as
ing issues from the rest,
offerings,
from the first. Of the $711,860,970 of corporate




no less than $265,789,450 was to take up old issues outstanding, leaving only $446,071,520 for strictly new capital. As
It happens, last year the portion that went for refunding
was unusually small, and at $446,071,520 comparison is with
$441,631,380 for May last year with the refunding portion
eliminated. Of the $946,769,379, the grand total of all new
issues, $267,983,450 was for refunding, leaving $678,785,929
of strictly new capital, on which basis comparison is with
$657,909,908 in May 1926 and with $494,175,401 in May 1925.
Industrial offerings during May totaled $327,021,910 and
for the third successive month led in volume among the
corporate issues. The total for May shows an increase of
more than 60 millions over the April output of $266,934,425.
Public utility issues likewise showed a big gain, May totaling $255,614,060, against $196,731,405 for April. Railroad
offerings in May more than doubled those in April, the figures .being $129,225,000 for May and only $57,830,200 for
April.
Total corporate offerings in May were, as already stated,
$711,860,970, and of this amount long-term issues accounted
for no less than $545,121,500, short-term issues totaled only
$39,275,000, while stock issues amounted to $127,464,470.
As has been the case in other recent months, a large proportion of the corporate Issues was raised for refunding
purposes, the total for this purpose in May reaching no less
than $265,789,450, or over 37% of the total. This amount
constitutes a new high record, just barely exceeding the
previous high total of $264,542,925 recorded in November
1926. In April $131,581,150, or more than 25%, was for re• funding. In March the amount was $101,947,000, or slightly
over 20; in February no less than $245,061,060, or over 31%,
was for refunding, while in January $102,531,800, or nearly
17%, was for this purpose. In May of last year only $12,237,000, or less than 3% of the total, was used for refunding
purposes.
The more prominent issues brought out in May the present year entirely or mainly for refunding were: Three
issues, totaling $73,000,000, in connection with the segregation of oil and gas holdings of Empire Gas & Fuel Co., of
which issues approximately $64,000,000 was used for refunding. The issues were: $30,000,000 Empire 011 & Refining Co. 1st mtge. coll. trust 5Y2s, 1942, $25,000,000. Cities
Service Gas Co. 1st mtge. pipe line 53s, 1942, and $18,000,000 Empire Gas & Fuel Co. serial 5s, 1928-30. Other large
refunding issues comprised: $60,000,000 The Goodyear Tire
& Rubber Co. 1st mtge. & coll. trust 5s, 1957, all.of which
was used for refunding; $40,000,000 Columbia Gas & Electric Co. deb. 5s, 1952, of which $34,942,000 was for refunding; $50,000,000 Erie RR. Co. ref. & Imp. mtge. 5s, 1967, of

JUNE 111927.1

which $30,299,450 was for refunding; $26,835,000 Union
Pacific RR. 4%s, 1967; $15,000,000 Allis-Chalmers Mfg. Co.
deb. 5s, 1937, and $12,500,000 The Montana Powre Co. deb.
5s, "A," 1962, issued exclusively for refunding purposes.
The total of $265,789,450 used for refunding in May of
this year comprised $145,182,300 new long-term issues to
refund existing long-term; $56,433,650 new long-term to refund existing short-term; $46,493,500 new long-term to replace existing stock; $16,000,000 new short-term .to refund
existing long-term; $1,200,000 new short-term to refund existing short-term; $170,000 new stock to replace existing
long-term and $310,000 new stock to replace existing stock.
Foreign corporate issues sold in this country during May
amounted to only $31,209;375, as compared with $75,793,750
in the previous month. The May issues were as follows:
Canadian: $10,000,000 The Bell Telephone Co. of Canada
1st mtge. 5s, "B," 1957, sold at 102%, yielding 4.85%;
$4,000,000 Investment Bond & Share Corp. deb. 5s, "A,"
1947, issued at par; $4,000,000 Montreal Coke & Mfg. Co. 1st
mtge. 51hs, "A," 1947, offered at par, and $3,600,000 United
Securities, Ltd., coll. tr. 5%s, "A," 1952, also offered at par.
Other foreign issues in May were: $5,000,00 Isarco HydroElectric Co. (Italy) 1st mtge. 7s, 1952, sold at 93%, yielding 7.60%; 22,500 American Trust certificates representing
capital stock of Wiener Bank-Verein (Vienna, Austria) offered at $93% per certificate, involving $2,109,375; $1,500,000 National Central Savings Bank of Hungary 7%s, "A,"
1962, brought out at par and $1,000,000 National Bank of
Panama 6%s, "B," 1947, issued at 101%, yielding 6.30%.
The largest of the domestic corporate offerings was that
of $60,000,000 The Goodyear Tire & Rubber Co. 1st mtge.
& coll. trust 5s, 1957, priced at 97, to yield 5.20%. Additional industrial issues of importance were: $40,000,000
Phillips Petroleum Co. deb. 5Y4s, 1939, sold at 9914, yielding 5.33%; $30,000,000 Empire Oil & Refining Co. 1st mtge.
& coll. trust 5%s, 1942, offered at 96, yielding 5.90%; $25,000,000 Remington-Rand, Inc., deb. 5%s, "A," 1947, priced
at par; $15,000,000 Allis-Chalmers Mfg. Co. deb. 5s, 1937,
sold at 99, yielding 5%% and 500,000 shares of no par value
common stock of International Paper Co., offered at $30
per share, involving $15,000,000.
Public utility issues worthy of special mention were as
follows: *40,000,000 Columbia Gas & Electric Corp. deb.
5s, 1952, offered at par; $25,000,000 Cities Service Gas Co.
1st mtge. pipeline 5%s, 1942, sold at 96%, yielding 5.87%;
$18,000,000 Empire Gas & Fuel Co. (Del.) 5s, 1928-30, offered at prices ranging from 100% to 99%, yielding from
4% to 5/
1
4%; $15,000,000 Lone Star Gas Corp. (Del.) deb.
5s, 1942, issued at 98%, yielding 5.10%; $15,000,000 par
value capital stock of Brooklyn Edison Co., offered to stockholders at par ($100); $6,673,400 par value capital stock of
Edison Electric Illuminating Co. of Boston (par $100),
offered to stockholders at $215 per share, involving $14,347,810; 150,000 shares of Middle West Utilities Co. $6 cum.
pref. (no par), offered at $92% per share, yielding 6.46%
and involving $13,912,500; $12,500,000 The Montana Power
Co. deb. 5s, "A," 1962, sold at 97%, yielding 5.15%, and
$10,000,000 Philadelphia Suburban-Counties Gas & Electric
Co. 1st & ref. mtge. 4%s, 1957, offered at 95, yielding 4.82%.
Railroad financing was featured by the following: $50,000,000 Erie RR. Co. ref. & imp. mtge. 5s, 1967, priced at
9414, to yield 5.30%; $48,000,000 The Chesapeake Corp.
cony, coll. trust 5s, 1947, sold at 94, to yield 5.50%, and
$26,835,000 Union Pacific RR. Co.4%s, 1967, offered at 97%,
yielding 4.65%.
Three foreign Government loans came on the market
here in May, but for an aggregate of only $23,000,000, this
amount being well below the April output of $121,686,000.
The issues during May comprised $20,000,000 City of Budapest (Hungary) ext. 6s, 1962, offered at 92, yielding 6.60%;
$1,500,000 Province of Callao (Peru) sec. 7%s, 1944, sold
at 99, yielding 7.60%, and $1,500,000 Province of Santa Fe
(Argentina) 1-year Treasury 6s, May 1 1928, issued at par.




3415

THE CHRONICLE

Only two farm loan issues were offered during May. the
total aggregating but $2,500,000, while the yields ranged
from 4.45% to 4.50%.
Offerings of various securities made during the month
which did not represent new financing by the companies
whose securities were offered, and which, therefore, are
not included in our totals, embraced the following: $10,262,200 Brooklyn-Manhattan Transit Corp. Os, "A," 1968,
offered at 101%, yielding 5.90%; 170,000 shares of no par
value common stock of American Piano Co., offered at
$42% per share, involving $7,267,500; 100,000 shares of no
par value common stock of Best & Co., Inc., sold at $53 per
share, involving $5,300,000; $3,600,000 (H. & S.) Pogue Co.
(Cincinnati) 6% cum, pref., issued at par ($100); 30,000
shares of no par value common stock of Florence Stove Co.
(Boston), offered at $5314 per share, involving $1,597,500,
and $1,000,000 7% cum. cony. pref. of the same company,
offered at par ($100); 100,000 shares of no par value capital stock of May Drug Stores Corp., sold at $20 per share,
involving $2,000,000; $1,500,000 Columbia & Port Deposit
By. 1st mtge. 4s, 1940, offered at 98, yielding 4.20%; 50,000
shares of no par value common stock of Bastian-Blessing
Co. (Chicago), offered at $25 per share, involving $1,250,000; 25,000 shares of no par value common stock of Rich
Ice Cream Co., Inc., offered at $30 per share, involving
$750,000; $565,600 par value capital stock of Marvel Carbureter Co. (par $10), offered at $41 per share, involving
$2,318,960, and $400,000 Eisenstadt Mfg. Co. 7% cum. pref.,
offered at par ,$100).
The following is a complete summary of the new financing-corporate, State and city, foreign Government, as well
as Farm Loan issues-for May and for the five months ending with May. It should be noted that in the case of the
corporate offerings we subdivide the figures so as to show
the long-term and the short-term issues separately, and we
also separate common stock from preferred stock.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
1927.

New Capital.

Refunding,

MONTH OF MAYCorporateDomestic--Long term bonds and notes
Short term
Preferred stocks
Common stocks
Canadian-Long term bond and notes
Short term....
Preferred stocks
Common stocks
Other For'n-Long term bonds dr notes
Short term
Preferred stocks
Common stocks

$

$

Total corporate
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States Possessions
Grand total

267,912,050
22,075,000
66.130,000
58,745,095
21,600,000

Grand total

$

248,109,450
17,200,000
170.000
310,000

7,500,000

516,021,500
39,275,000
66,300,000
59.055,095
21,600,000

7,500,000

2.109,375

2,109,375

446,071,520
23,000,000
2,500,000

265,789.450

711,860,970
23,000,000
2,500,000

205,979,409
1,235,000

2,194,000

208,173,409
1,235,000

678,785,929

267,983,450

946,769,379

FIVE MONTHS ENDED MAY 31CorporateDomestic-Long term bonds and notes 1,323,624.090
Short term
68.590,000
Preferred stocks
361,099,275
Common stocks
303,424,420
Canadian-Long term bonds and notes
65,675,000
Short term
2,000,000
Preferred stocks
Common stocks
For'n-Long
term
Other
bonds dr notes 139,350,000
Short term
8,000,000
Preferred stocks
Common stocks
4,740,625
Total corporate
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States Possessions

Toted.

2,276,503,410
326,378,800
48,000,000
667,422,893
40,621,182
1,910,000
a MIA R.qA 955 1

780.495,910 2,084,120,000
25,816,000
94,406,000
33,385,250 394,484,525
27.213,300 330,637,720
65,675.000
2.000,000
t _. 139,350,000
8,000,000
4,740,625
846,910,460 3,123,413,870
29,500,000 355,878,800
92,800,000 140,800,000
15.313,500
28.969,000

682,736,393
69,590,182
1,910,000

nin .02 ARO 4 R74 220 245

In the elaborate and comprehensive table on the succeeding pages, we compare the foregoing figures for 1927 with
the corresponding figures for the four years preceding, thus
affording a five-year comparison. We also furnish a detailed analysis for the five years of the corporate offerings,
showing separately the amounts for all the different classes
of corporations.

SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF
MAY FOR
MONTH OF MAY.
1927.
1926.
1925.
1924.
New Capital. Refunding.
Total.
New Capital. Refunding.
CorporateTotal.
New Capital. Refunding.
Total.
New Capital. Refunding.
DomesticLong term bonds and notes_
267,912,050 248.109,450 516,021,500 207,632,500
9.912,000 217,544,500
178,344,000
25,257.000 203.601,000
190,323.000
48,301,000
Short term
22,075,000
27,227,500
17,200,000
39,275.000
2,325,000
29.552,500
5,580,000
670,000
6,250,000
8.570,000
Preferred stocks
66,130,000
23,864,300
170,000
66,300,000
23.864,300
31,496,085
300,000
31,796,085
41,300,000
400,000
Common stocks
58,745.095
310,000
59.055,095 156,559,040
156,559,040
34,504,845
8,720,015
43,224,860 206,909,250
CanadianLong term bonds and notes_
21.600.000
21,600.000
6,500,000
6,500,000
Short term
150,000
Preferred stocks
Common stocks
Other ForeignLong term bonds and notes_
7,500.000
7.500.000
10,348.000
10.348,000
Short term
2,000.000
2,000,000
Preferred stocks
2,000,000
2.000.000
Common stocks
2.109.375
2,109.375
16.000,040
16,000.040
500,000
500,000
Total corporate
446.071,520 265,789.450 711,860,970 441,631,380
12,237,000 453.868,380 260.924,930
34,947,015 295,871,945 447,252,250
48,701,000
Foreign Government
23.000,000
23.000,000
42,000,000
42,000,000
5.943.000
5,943,000
9,250,000
Farm Loan Issues
2.500,000
2,500.000
3.500,000
3,500.000
36,172,100
- W7-,666
37,000,000
5,700,000
War Finance Corporation
Municipal
205,979,409
2,194,000 208.173,409
136,084,159
187,635,371
1.396,000 137,480.159
2,950,265 190.585,63
116.848,517
596,500
Canadian
1,235,000
1,235,000
33,154.369
33,154,369
3,500,000
3,500,000
2,600,000
United States Possessions1.540,000
1,540.000
500,000
Grand Total
678,785,929 267,983.450 946,769.379 657.909.908
13,633.000 671,542,908 494.175,401
38.725,180 532.900,581
579,550,767
51.897,500

FIVE YEARS.
Total.
238,624,000
8,570,000
41.700,000
206,909,250
150,000

New Capital.
106,464,000
28,484,000
13.717,800
16,713,825

1923.
Refunding.
32.877,500
2.100,000
150,000

1,200,000

Total.
139,341,500
30.584,000
13,867,800
16,713.825
1.200,000

495,953,250
9,250,000
5,700,000

166,579,625
4,500.000
12.500,000

35.127.500

201,707,125
4,500.000
12,500,000

117,445.017
2,600,000
500.000
631,448.267

94,171,158
1,000,000
135,000
278.885,783

916,888

95,088,046
1,000.000
135,000
314,930,171

36,044,388
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF MAY
FOR FIVE YEARS.
1927.
1926.
1925.
1924.
MONTH OF MAY.
1923.
New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Long Term Bonds and NotesRailroads
67,700,550
61.524,450 129,225.000
17.925,000
48,496.500
17.925.000
48,496,500
70,039,000
42,602,000 112,641,000
36,157,000
Public utilities
2,170,000
38.327.000
85,538,000
76,982.000 162.520.000
98,646.000
6,970,000 105,616,000
52,624,000
21,
9
7
18;666
74,602,000
42,241,000
1.550,000
43.791.000 . 36,053,000
Iron, steel, coal, copper. &c
16,823,000
52,876,000
1,080,000
120,000
4,570,000
280.000
1.200,000
4,850,000
3,750,000
3,750,000
40,726.000
1,549,000
42,275,000
Equipment manufacturers
6,200,000
6,200.000
1,000,000
1,000,000
1,500.000
1,500,000
Motors and accessories
1,000,000
1.000,000
275,000
275,000
Other industrial and manufacturing
2,572,000
2,428,000
5,000,000
29,010,000
20,640,000
49,650,000
19,623,000
1,025,000
20,648,000
26,291,000
2.409.000
28.700,000
5,900,000
2:350
.6615
8,250,000
011
8,407,000
8,256,500
16,663,500
44,360,000
26.240,000
70,600,000
500,000
500,000
1.500,000
1,500,000
Land, buildings, &c
33,902,000
1,618.000
35,520,000
48,116,500
49,753,500
1.637,000
39,702.500
--ff000 39,852,500 24,092,000
250,000
24,342.000
13.125,000
Rubber
13,125,000
60,000,000
60,000,000
250,000
250,000
Shipping
650,000
650,000
1,500,000
1.500,000
Afiscollaneous
350,000
350,000
34.771,500
985,000
26,350.000
35,756,500
26,350,000
10.980,000
720.000
11.700.000
5,550,000
5.550.000
4,800,000
3.-2-01):(566
8.000,000
Total
297.012,050 248.109,450 545,121,500 217,980.500
9,912,000 227,892,500 184.844,000
25,257.000 210,101,000 190.323.000
48.301,000 238.624,000
Short Term Bonds and Notes107,664,000
32,877.500 140,541.500
Railroads
750.000
750,000
Public utilities
8,600,000
8.600,000
5,550,000
17,200.000
22.750,000
3,500,000
2,675.000
825.000
4.280.000
670,000
4,950,000
5,900.000
Iron, steel, coal, copper, &c
5.900,000
12,350,000
-166;1566 12,650.000
1,300,000
1,300.000
Equipment manufacturers
Motors and accessories
830.000
3,000.000
830.000
3,000,000
10,550.000
10.550,000
Other industrial and manufacturing
800,000
6,800,000
800,000
5,300,000
1,500,000
200,000
200,000
620,000
Oil
620,000
3,000,000
1,800,000
4,800,000
3,000,000
3.000,000
Land, buildings, &c
1,204,000
1,204,000
4.865,000
4.865.000
202,500
202.500
600,000
600,000
200,000
200.000
Rubber
Shipping
Miscellaneous
6,560.000
6.560.000
5.500.000
5,500,000
2.500.000
2.500,000
1,250.000
1,250.000
2,500,000
2,500,000
Total
22,075,000
17,200.000
39,275,000
29.552.500
27.227,500
2,325,000
7,580.000
670,000
8.250,000
8.720,000
Stocks8,720,000
28.484,000
2,100,000
30,584,000
Railroads
Public utilities
70,174,060
170,000
70,344.060
165,708,340
165,708,340
43,383,330
43,383,330 228,948.000
Iron, steel, coal, copper, &c
228,948,000
12.708,950
150,000
12,858,950
573.750
573.750
7.250.000
7,250.000
1,000,000
Equipment manufacturers
1,000.000
300.000
300.000
Motors and accessories
300,000
Other industrial and manufacturing
300,000
26,454.160
310.000
26.764,160
6,330,000
6.330.000
7.359.600
1.034,500
8,394,100
2,242,500
400,000
Oil
2,642,500
11,672,675
11.672,675
4.500.000
4,500,000
2,802,000
7,985,515
10,787,515
10,318,750
Land, buildings, &c
10,318,750
1,125,000
1,125,000
525,000
525,000
3.150,000
Rubber
3,150,000
2,500,000
2,500.000
Shipping
Miscellaneous
24,157,500
24.157.500
23.860,040
23,860.040
7,706,000
7,706,000
2,250.000
2,250.000
3.250,000
3,250.000
Total
126.984,470
480.000 127.464,470 196.423,380
196,423,38-0
9,020,015
68,500,930
77.520,945 248,209,250
400,000 248,609,250
Total30.431,625
150,000
30,581,625
Railroads
67,700,550
61,524,450 129,225.000
17,925,000
17.925,000
48.496,500
48.496,500
70,789.000
42,602,000 113,391,000
Public utilities
44.757.000
2.170.000
46,927,000
161.262,060
94,352.000 255.614,060 267,029,340
7,7715;1566 274.824,340 100.287,330 22.618-.666 122,935,330 277,089,000
1,550.000 278,639,000
Iron. steel, coal. copper, &c
61,111,950
17,273,000
78,384.950
2,953.750
120.000
3.073.750
4,570,000
4,850,000
280,000
11.000,000
11,000.000
41,726.000
1,549,000
Equipment manufacturers
43,275.000
6,500.000
6,500,000
1,000,000
1,000.000
1.500,000
1,500.000
Motors and accessories
830.000
830,000
3.000,000
3,000,000
11.550,000
11,550,000
575,000
Other industrial and manufacturing
575,000
2,572.000
2,428,000
5,000,000
56.264.160
20,950,000
77,214.160
31.253,000
33.778,000
2,525,060
33,850.600
3,443,500
37,294,100
8,762,500
i:716,6615
011
11,512,500
23,079,675
10,056,500
33,136,175
48.860,000
26,240.000
75.100,000
3.500,000
3,500.000
4.302.000
7,985,515
12,287.515
10,318,750
Land, buildings, &c
10,318.750
1,204.000
1,204.000
39,892.000
1,618,000
41,510.000
48,844,000
1.637,000
50,481,000
40,302.500
150,000
40,452,500
27.442,000
Rubber
250,000
27,692,000
15.625,000
15,625.000
60,000,000
60.000,000
250,000
250,000
Shipping
650,000
650,000
1.500,000
1,500,000
Miscellaneous
350,000
350,000
65.489,000
985,000
66,474,000
55.710.040
55.710,040
21.186,000
720,000
21.906,000
9,050.000
9,050,000
10,550,000
3:2-60
--.6156 13,750,000
Total corporate securities
446.071.520 265.789.450 711,860.970 441.631,380
12,237,000 453,868,380 260,924,930
34.947,015 295.871,945 447.252.250
48,701.000 495,953,250
166,579,625
35,127,500 201,707,125




SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE FIVE MONTHS ENDED MAY 31 FOR FIVE YEARS.
1923. 1924.
1925.
1926.
1
- 1927.
Total.
New Capital. Refunding. •
Total.
New Capital. Refunding.
Total.
Total.
1 New Capital. Refunding.
iiNew Capital. 1 Refunding.
Total.
New Capital. Refunding.
$ .
$
$
$
$
1
'$
$
$
1.088.015.000
241,559.214
846.455.786
1.323.624.090 760.495.910,2.084.120.0001 1.127.487.7301 205.149.770 1.332.637.500 1.051.499.775 225.785.425 1.277.285.200 852.552.123 112.233,077 964.785.200
18.466,800 108.695.000
90.228.200
132,285.000
7.94-.00
124.345.000
66.270.000 174.528.750
150.057.695' 20.559.000 170.616.6951 108.258.750
25.816.000' 94.406.000
68.590.000
67.384.839 244.951.886
177.567.047
8.037.223 110.327.250
102.290.027
3.689.500 291.471.885
287.782.385
6.100.000 306.872.6-12
33.385.250 394.481.525 300.772.6-12
361.099.275
3,266.760 177,016,923
173.750.163
0/2.830.469
4,900,00
.
11.412.515 169.022.708 367.930,469
157.610.193
5.109.575 359.606,569
303.424.420
27.213.300 330.637.7201 354.496.994

5 MONTHS ENDED MAY 31
CorporateUomesticLong term bonds and notes_
Short term
Preferred stocks
Common stocks
CanadianLong term bonds and notes_
Short term
Preferred stocks
Common stocks
Other ForeignLong term bonds and notes_
Shortterm
Preferred stocks
Common stocks
Total corporate
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
United States Possessions_ _
Grand Total

25.358,000

66.000.000
1.250.000
4.000.000
990.1100

50.870.000
18.000.000
1.000.000

10.050.000
2.500.00
2.600.00
2,600.000

60.920.000
20.500,000
3.600.1100
2.600.000

2,000.000
150.000

2.000.000
8,150.000

17.496,600

17.496.500

8.000.000

10,000.000

17,680,000

19.900,000

19,900.000

151,111.300 1.608,058.919 1.325,397,796
73.500.000
130.000.000 305.240.000
176,718,000
85,900,000

330.677,613 1.656,075,409
79.500.000
6.000.000
55.032.000 231,750,000

65.675.000
2.000.000

65.675.000
2d/00.000

40.642.000
1.250.000
4,000.000
990.000

139.350.000
8,000.000

139.350.000
8.000.000

4.740.625
_
2.276.503.410
326.378.800
48.000.000

4.740.625
816.910.460 3.123.413.870
29.500.000 355.878.800
92.800.000 140.800.000

123.748.000
4.000.000
10.000.000
25.870.040
2.143.3 .5.101
160.499.000
44.300.000

123.600.000
123.748.000
14.000.000
4.000.000
2.750.000
10.000.000
2.925.000
25.870.040
262.276.345 2,405.591.446 1.818.296.103
81.443.000
14.873.000 175.372.000
100,397.100
200.000
44.000.00

7.680.000
123.600.000
14.000.000
2.750.000
2.925.000
324.907,440 2.143.203.543 1,456.947.619
175.240.000
28.000.000 112.443.000
85.900.000
8.527.900 108.925.000

15.313.500 682.136.393 594.718.647
667.422.893
69.590.182
49.154.369
28.969,000
40.621.182
7.288.000
1.910.000
1.910.000
3.360.836.285 1.013.492.960 4,374.329.245 2.999.275.117

608.255.147 595.641.505
23.308.000
89.154.369
4.050.000
7,288.000
330.885,845 3.330 160.962 2.626.135.708

612.184.802 540.677.027
24.112.562
47.548.000
5.835.000
4.050.000
402.218.637 3 028.354,345 2.288,712.208

546.293.435 414.246,978
22,153.000
30.762.562
456.000
5.835.003
2.012,471.774
2,582,089,916
293.377.708

13.536.500
40.000.000

16.543.297
24.240.000

5,616.408
6,650.000

8.842.048
14,941.679

423,0
48
56
9:0
02
00
6
37.094.679

415,493.340 2.427.965,114

CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE FIVE MONTHS ENDED MAY 31 FOR FIVE YEARS.
5 MONTHS ENDED MAY 31.
Neu: Capital.
Long Term Bonds and Notes202.352.290
Railroads
464.793.200
Public utilities
6,597.000
Iron. steel. coal. copper. &c
5.195.000
Equipment manufacturers
50.000.000
Motors and accessories
192.964.000
Other Industrial and manufacturing
199.716.600
Oil
237.475.500
Land. buildings. &c
Rubber
2.360.000
Shipping
167.195.500
Miscellaneous_
1.528.649.090
Total
Short Term Bonds and NotesRailroads
26.700.000
Public utilities
2.300.000
Iron. steel. coal, copper. )1Le
1.200.000
Equipment manufacturers
3,000,000
Motors and accessories
9.150.000
Other industrial and manufacturing
200.000
011
18.005.000
Land. buildings, &c
Rubber
125.000
Shipping
17.910.01)0
Miscellaneous
78.590.000
Total
Stocks15.096.200
Railroads
417.263.805
Public utilities
723.750
Iron. steel, coal, copper. &c
Equipment manufacturers
25.000.000
Motors and accessories
74.557.385
Other industrial and manufacturing
Oil
10.787.51)0
17.125.1)00
Land. buildings. &c
2.701.675
Rubber
Shipping
106.009.005
Miscellaneous
Total
669.264.320
TotalRailroads
217.448,490
Public utilities
908.757.005
Iron, steel, coal. copper. &c
9.620,750
Equipment manufacturers
6.395.000
Motors and accessories
78.000.000
Other industrial and manufacturing 276.671.385
Oil
210.704.100
Land. buildings, &c
272.605.500
Rubber
2.701.675
Shipping
2.485.000
Miscellaneous
291.114, 05
Total corporate securities
2.276.503.410




1927.
Refunding.

Total.

402.893.000
832.133.000
11.700.000
5.195.000
50.1)00.000
55.158.666 248.522.000
46.683.400 246.400.000
12.086.000 249.561.500
60,000.000
60.000.000
2.360.000
13,185.000 180.380.500
760.495.910 2.289.145,000
200.540.710
367.339.800
5.103.000

1,666.000

46.400.0001
2.300.000
1,200.000
3.000,000
13.600.000
200.000
19.671.000

25.816.000

125.00
17 910.000
104.406.000'

19,700.000

4.450.000

28.620.000

13.896.300
100.000
17.982.250
60.598.550

15.096.200
445.883.805
723.750

1921.
1925.
1926.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. 1 Refunding. I
$
I
$
$
45.038.900
86.286.000 285.080,500 246,639.400
198.794.500
33.655,000 170.460.000
136.805,000
42.813.277
90.393.000 547.149.500 309.775.723
512,719.230 133.857.770 646.577.000 456.756.500
5,369.000
66,941.000
29,396.000
2.396.000
27.000,000
74.550.000
10.869.000
63.681.000
5,000,000
6.900.000
6.900.000
1.430.000
1.430.000'
8.315.000
4,460.000
76.500.000
350.000
76.150.000
56.000,000
___ _,... _1
56.000.000
18,642.900
80.191.000
17.306.200 125.413.500
108.107.300
33.941.000. 143.908,000
109.967.000
14,000
4.196,000
68.900.000
13.500.000
55.400.000
51.150.000
7.935.000
43.215.000
790.000
12.562.000 224.730.700 102.111.500
8.842,000 237.600.500 212.168.700
228.758,500
32,500.000
32.500.00(1
1.350.000
1.350.000
3.000.000
5.000.000
681.775
4.315.225
6.900.000
6,900.000_
17:2-6.1566
39,917.500
60.235.000
51.508.000
8,727.000
--E-6:6450 132.460.000
131,660.000
1.292.485.730 229,899.770 1:522.385.500 1.225.969.775 235.835,425 1.461.805,200 862.232.123 122.233.077
5.000.000
26.560.000
6.000.000

6.000.000
10.825.000

11.000.000
37.385.000
6.000.000

13.210.000
38.650.000
12.966.000
5.827.500
32.250.000
500.000
14.344,195
155.307.695

200.000
2,500.000
1.034,000

13.410.000
41.150.000
14.000.000
5.827.500
32.250.000
500.000
14.344.195
175.866,695

20.5507000
2.005.000

25.000.000
88.453.685,
10.787.5001
17.225.0001
2.701.675

299.119.702
36.675.000
5.628.500
26.751.900
99.223.392
100.537.140
16.733.700
1.464.537

123.991.255'
729.862.870

109.387.805
695.521.676

808.000
11.817.575

6.11074:8
2,800.000

301.124.702
36.675.000
5.628.500
26.751.900
105.427.967
103.337.140
16.733,700
1.464.537
110.195.805
707.339.251

24.500.000
50.230.000
19.415.000
1.150.000

400.000
15.670.000
2.500.000

24.900,00)
65.900.000
21.91 ,.000
1.150.000

14.318.750
7.000.000
12.420.000

56:2-66:666

14.318.750
57.200.000
12.420.000

8.550.000
62.225.000
675,000
1.000.000
9.000.000
1.710.000
35.500.000
2,585.000

5.000.000
6.225.000
209.028.750

3.250.000
124.495.000
26,823.737
316.505.727
11,840.000

5.000.000
6.225.000
140,258.750

68,770,000

204.328.25
12.890.000

2,563.500

206.891.755
12.890.000

91.659.000
57.952.085
12.668,288
17.830.000
750.000
2.250.000
51.679.950
452.067.578

1.110.000
7.628,000
7,985.515
120,000

92.769.000
65.580.085
20,653.803
18.010.000
750,000
2.250,000
52.574.950
472,369.593

895.000
20.302.015

3.227.000
51.890.600
43.401.930
4,343.357
1,600.000
10.528.145
470.220,496

86.686.000 309.980.500 282.013.137
39.655.000 181.460.000 223.294.500
200.540,710 417.989.2001 141.805.000
415.659.800 1,324.416.805, 838.398.932 146.687.770 985.086.702 711.314.755 108.626.500 819.941.255 688.566,450
79.456,000
64.201.000
4.896,000
59.305.000
117.225,000
10,869.000
106.356.000
14.723.7501
5.103.000
6.000,000
8.050.000
8.050.000
7.058.500
7.058.500
6.395.0001
fAti.(5156 169.269.000 16.687.000
--20i0.656 96.161.900 167.809.000
95.961.900
78.000.000
133.791.600
205.312.335
24.934.200
180.378.135
290,485.967
42.645.575
247.810.392
73.904.300 350,575.685
83.097.930
71.685.515 146.753.8133
75.068.288
11.769,000 168.487.140
156.718,140
46.683.400 257.387.5110
12.682.000 255.160.700 109.031.857
8.842.000 260.161.700 242.478.700
13.852.000 286.457,500 251.319.700
1,600.000
33.250.000
33.250.000
35.064.537
35.064.537
62.701.675
60.000.000
3,000.000
12.250,000
4.315.225
7.934.775
7.400.000
7.400.000
2.485.000
53.695.645
119,034.950
9,622,000
109,412,950
257.000.000
1.608,000,
s1.1-61.i8o 322.281.755 255.392.000,
816.910.460 3.123,413.870 2.143.315.1011 262,276,345 2.405.591.446 1.818.296,103 324,907.440 2.143.203.543, 1,456.947.619

6.000.000
9.291.000
650.000

Total.
291.678,300
352.583.000
72.310.000
5.000.000
12,775.000
98.833.900
4.210.000
102.901.500
3.000.000
41,167.500
984,465.200
14.550.000
71.516.000
1.325.000
1.000.000
9.000.000
1.710.000
35.500.000
2,585,000

New Capital.
212.874,500
242.617,300
181.418.139
7,300.000
11.962.000
86.521.447
1.500,000
65.005.000
1,333,000
925.000
72.34.000
883.852.386
8.600,000
18.002,200
1.000.000
830.000
15.046,000
3,000,000
39.700.000

1923.
Refunding.

Total.
S.
26.073.000 238.947.500
109.443.300 352.060.600
46.806.861 228,225,000
7,300.000
16.250,000
4.288.000
19,357.053 105.878,500
1.500.000
65.005.000
2.000.000
--015-.666
925.00.)
salfif.656 107.320.000
241,559.214 1.125,411.600
7.212.800
9.454,000
1.800.000

8.600.000
25.215,000
1,000.000
830.000
24.500.000
4.800,000
39.700.000

3.250,000
140.436.000

1,000,000
3.050,000
90.228.200

18,466.800

1.000.000
3.050.000
108.695.000

26.823.737
321.857.950
11.840.000

300.000
103.153.036
24,029.710

11.076.000
4.896.760

' 300,000
114.229.036
28.926.470

3.427,000
59.335.600
43.401.930
4.343,357
1,600.000

19.155.325
104.531.058
44,638.573
2.590.000
350.000

1.335.000
16,834.149
984,690

20.490.325
121.365.207
45.623,263
2.590.000
350.000

10,528.145
483.157.719

52.569.508
351.317,210

35.525,000
70.651.599

88,094,508
421.968,809

333.052.037 221,774.500
745.962,950 363.772.536
85.475.000 206.447.849
8.130.000
6.00 ).000
8,111.4566 25,202.000 46,163.325
26.087.900 159,879.500 194.052.505
85.838,573
14.000
83.111.930
67.595.000
790,000 109,829,857
1,685,000
1.600.000
1.925.000
3,000.000
128,013,508
1,250,000, 54.946.645
151.111.300 1.608.058.919 1.325.397.796

26.073,000
127.732,100
51,703.621
-

15.941.000
6.292.223
200.000
7.445.000

12.937,223
51.038,900
57,396.500
6,019.000

247,847.500
491.504.636
258.151.470
8.130.000
15.077.6150 61.240.325
37,991.202 232.043.707
86.823.263
984,690
67,595.000
_
2,350.000
665.000
1,925,000
76,1511560 198.464.508
330.677,613 1.656.075.409

3418

THE CHRONICLE

[Vox,. 124.

DETAILS OF NEW CAPITAL FLOTATIONS DURING MAY 1927.
LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE
TEARS).

Amotutt.

Purpose of Issue.

Price.

Railroads1,000.000 Refunding

To Yield
About.

Company and Issue and by Whom Offered.

100

48.000,000 Acq. corn. stk. of C. & 0. Ry.;
working capital

4.75 Boston Revere Beach & Lynn RR. let (closed) M.43(5, 1947. Offered by Jackson & Curtis and
Harris, Forbes & Co.. Inc., Boston.

94

50,000,000 Refdg.; addns., betterments, &o..

9474

5.50 (The) Chesapeake Corp. Cony. Coll. Tr. 55, 1947. Offered by .7. P. Morgan & Co.; Guaranty
Co. of New York; First National Bank; National City Co., and Lee. Higginson de Co.
-4
5.30 Erie RR. Co. Ref. ds Impt. M.5s, 1967. Offered by J. P. Morgan dr Co.; First National
Bank, and
National City Co.
4.72 Rock Island-Frisco Terminal Ry. 1st (closed) M.4345, 1957. Offered by Speyer de Co.; J. & W.
Seligman de Co., and Guaranty Co. of New York.
4.65 Union Pacific RR. Co. 430, 1967. Offered by Kuhn, Loeb & Co.

3.390,000 Refunding

9674

26,835,000 Refunding

9771

129,225.000
Public Utilities3.500.000 Refunding: other corp. purposes
1,000,000 Acquisitions

96
96

10,000,000 New construction, &c

102;4

250,000 Refunding; add'ns and extensions_ 100
1.795,000 Additions and improvements

93

25,000,000 Refunding; other corp. purposes

96.71

40,000,000 Refunding; other corp. purposes

100

1.000,000 Acquisitions; additions & impts

9734

1,000,000 General corporate purposes
1,000,000 Additions, extensions, &c

100
97

1.500.000 Acquisitions

95Ii

700,000 Acquisitions
125,000 Acquisitions, add'ns, impts., &c

95,1
100

5,000.000 Construction of plant

9334

3,500,000 Acquisitions; other corp. purposes_

9634

15,000,000 Acquisitions, extensions, &c

98,1

12.500.000 Refunding

9734

3,000,000 Capital expenditures
800.000 General corporate purposes

99
9974

1.750.000 Capital expenditures; working cap.
10,000,000 Refunding; add'ns,!mots.. &c

99
95

5,000,000 Development; acquisitions

100

1.000,000 Acq. prop.of Richmond City W.W.
3.200,000 Refunding; retire other debt
2,250,000 Acquire constituent companies

96
100
98

3,000,000 Acquisitions; other corp. purposes.

9874

2.500,000 Refdg.; acquisitions, impts., &c..._

96

2,000,000 Acquire cap, stock of subsids., &c_ 9734
3,600,000 Fund curr, debt; other corp. purp_ 100
750,000 Acquisitions, additions, &c

95

800,000 Acquisitions.improvements,&c_

100

162,520.000
Iron, Steel, Coal, Copper, &c.
450,000 Refunding; additions. wkg. capital
750,000 Acquire Witherow Steel Co
1,200,000
Other Industrial & mfg.15,000,000 Refunding
1,350,000 Acquire constituent companies
600,000 Acquire Monroe Bridge Paper CO...
600.000 Refunding; new construction
1.000,000 Refunding; other corporate purp
500.000 New const.& equip.; red. ntg. debt
4,000,000 Constr.& equip plant; wkg.capital
600,000 Refunding; reduce current debt-.
25,000,000 Refdg.; acquis.; other corn. nurP
1,000,000 Acquire predecessor company

98

5.27 Alabama Water Service Co. let M.55, "A," 1957. Offered by G. L. Ohrstrom dr Co., Inc.
6.32 American Commonwealths Power Co. Deb.68,"A." 1952. Offered by G.E.Barrett
& Co., Inc..
and Frederick Peirce & Co.
6.85(The) Bell Telephone Co. of Canada 1st M. 55, "B." 1957. Offered by Lee,
Higginson
&:0o.
Bank of Montreal, and Harris, Forbes & Co.
5.50 Central States Electric Co. (Cedar Rapids, Iowa) 1st de Ref. M. 574s, "B," 1952. Offered
by
Arthur Perry & Co.
6.86 Chicago Rapid Transit Co. 156 & Ref. M. 65, "A," 1953. Offered by
National City Co. and
Halsey. Stuart & Co., Inc.
5.87 Cities Service Gas Co. 1st M. Pipeline 5345, 1942. Offered by Halsey. Stuart & Co., Inc.; Hallgarten & Co.; E. H. Rollins & Sons; Spencer Trask & Co.; Cassatt de Co.; A. B.
Inc.; W.C. Langley & Co.;Paine. Webber & Co.; A. G.Becker de Co.; Hill, Joiner &Leach & Co.,
Co.; Federal
Securities Corp., and Henry L. Doherty de Co.
5.00 Columbia Gas & Electric Corp. Deb.58, 1952. Offered by Guaranty Co. of New York; The Union
Trust Co. of Pittsburgh; J. & W. Seligman & Co.; W. E. Hutton & Co.; Coggeahall &
Hicks,
and Marshall Field,(More. Ward & Co.
5.75 Consolidated Telephone Co. of Wisconsin 1st M.5345, "A," 1942. Offered by G. L. Ohrstrom
& Co., Inc.
5.00 Dallas Power & Light Co. 1st M. 5s, "C," 1952. Offered by Harris, Forbes & Co.
5.23 Eastern New Jersey Power Co. 1st M.Is, 1949. Offered by Bonbright & Co.,Inc.; W.C. Langley
& Co., and Hoagland, Allum & Co., Inc.
5.93 Great Lakes Utilities Corp. 1st Lien Coll, Tr. 5I48, 1942. Offered by Battles & Co. and Taylor,
Ewart & Co., Inc.
6.58 Great Lakes Utilities Corp. Deb.68, 1937. Offered by Battles & Co.and Taylor, Ewart
Co.,Inc.
6.00 Imperial Utilities Corp.(Los Angeles) 1st M.68,"A." 1947. Offered by Stevens, Page&
ei Sterling,
Los Angeles.
7.60 Isarco Hydro-Electric Co. (Italy) 1st (closed) M. 78. 1952. Offered by Hallgarten dr
Co. and
Halsey, Stuart & Co., Inc.
5.28(The) Kansas Power Co. 1st M. 55, "A" 1947. Offered by Howe, Snow & Berths, Inc.;
Spencer
Trask & Co.; Stroud & Co., Inc., and E. H. Rollins & Sons.
5.10 Lone Star Gas Corp. (Del.) Deb. 5s, 1942. Offered by the Union Trust Co. of
Pittsburgh and
Guaranty Co. of New York.
5.15(The) Montana Power Co. Deb. 58, "A," 1962. Offered by Lee, Higginson
& Co.; Guaranty Co.
of New York, and J. dr W. Seligman & Co.
5.55 North Penn Gas Co.(Pa.) 1st M.& Lien 5748, 1957. Offered by A.C. Allyn & Co., Inc.
5.04 Otter Tail Power Co. Gen. M.(now 1st) Ss,"E," 1946. Offered by Wells-Dickey Co.;
Minneapolis
Trust Co. and Justus F. Lowe & Co., Inc., Minneapolis.
6.60 Pecos Valley Power & Light Co. la M. 674s, "A," 1937. Offered by Bauer, Pond &
Vivian,
N. Y.; Pearson, Erhard & Co., Boston, and Warren A. Tyson & Co., Inc.,
Philadelphia.
4.82 Philadelphia Suburban-Counties Gas & Electric Co. 1st & Ref. M.
4745, 1957. Offered by
Drexel & Co.: Stroud ds Co., Inc., and Bioren & Co., Philadelphia.
6,60(The) Power Corp. of N. Y. Deb. 5348, 1947. Offered by F. L.
Carlisle & Co.. Inc.; E. H. Rollins
& Sons Hothblower & Weeks; Schoelikopf, Hutton & Pomeroy,
Inc., and Halsey. Stuart &
Co., Inc.
5.25 Richmond (Ind.) Water Works Corp. 1st M.5s,"A," 1957. Offered by W.C.Langley &
Co.and
Halsey, Stuart & Co., Inc.
5.00 San Diego Water Supply Co. let M. Is. 1955. Offered by Guaranty Co. of New York.
6.25 Southern United Gas Co. 1st Lien 68, "A," 1937. Offered by Hambieton & Co. and Thompson,
Ross & Co.
6.70 Southwest Gas Co. 1st (closed) M.634a. 1937. Offered by Edmund Seymour & Co.. Inc.; Faxon,
Gade & Co., Inc.. and Glidden, Morris & Co.
5.80 (The) Suburban Light & Power Co. (of Ohio) 1st M. Coll. 5745, "A," 1952. Offered by Love.
Macomber & Co. and Chas. D. Robbins & Co.. New York.
6.25 United Public Service Co. Coll.'Pr. 68,"A," 1942. Offered by Hambleton & Co. and Thompson,
Ross & Co.
5.50 United Securities, Ltd., Coll. Tr. 534s,"A," 1952. Offered by Aldred & Co., and Minsch, Monell
& Co., Inc., New York,
5.85 United Telephone Co. (Chicago) let M.Coll. 570,"B," 1957. Offered by Wm. L. Ross & Co.,
Chicago; Whitaker & Co., St. Louis, and Paul C. Dodge & Co., Inc., Chicago.
6.00 Warren Ohio Telephone Co. Coll. Tr. Os, "A." 1942. Offered by Hoagland, Allum & Co.,
The.,
and Thompson, Kent & Grace, Inc.
6-671 Insley Mfg. Co. 1st M.68. 1928-35. Offered by Fletcher American Co.. Indianapolis.
and Peabody,
lloughteling & Co., Inc., Chicago.
6.15 Witherow Steel Corp. let M.6s, 1952. Offered by Moore, Leonard & Lynch: Colonial
Troia Co.,
and Union National Bank, Pittsburgh,

5.12 Allis-Chalmers mfg. co. Deb.55, 1937. Offered by Hayden, Stone & Co.
6.40 Continental Clay Products Corp. 1st M. 6s, 1947. Offered by Peabody, Houghteling
& Co.,
Inc., Chicago, and Henry D.lAndsley & Co., Inc.
100
6.50 Deerfield Glassine Co. (Del.) 1st M.634s. 1937. Offered by Wm.L. Ross & Co..
Inc., Chicago,
and Whitaker & Co., Bt. Louis.
100-967f
5-5.48 Fitchburg Paper Co. 1st M. 58, 1928-37. Offered by Estabrook & Co.
9934
5.55 Intertype Corp. Deb. 574s, 1942. Offered by E. A. Pierce & Co., New York.
100
8.00 Limerick Mills(Limerick, Me.) 1st M.6s, 1937. Offered by Maynard S.Bird & Co., Portland, Me.,
and Bond & Goodwin, Inc., Boston.
100
5.50 Montreal Coke & Mfg. Co. hit M. 5345,"A," 1947. Offered by Wood, Gundy de Co., Inc., N. Y.
101
5.63-5.90 (T. J.) Moss Tie Co. (St. Louis) 1st M.65, 1930-42. Offered by First National
Co. and Smith,
Moore & Co., St. Louis.
gm Remington Rand, Inc., Deb. 5345, "A,"
100
1947. Offered by National City Co.;
Dillon
& Co.; Dominick & Dominick; the Marine Trust Co. of Buffalo, and StoneEastman,
& Webster and
Biodget, Inc.
9934
6.56 Yale Electric Corp. Deb. OMs, 1937. Offered by Merrill. Lynch & Co.
99
95)'

49.650.000
Oil600,000 New equipment
30.000,000 Refunding;other corp. purposes._

96

40.000,000 Retire curr. debt;add'ns; w'k's cap

9934

70,600,000

Land, Buildings, &c.
1.350,000 Finance lease of property

750,000
1,200,000
300.000
675,000

Real estate mortgage
General corporate purposes
Finance construction of building_
Finance construction of apartment

100
100
100
100
100

2,400,000 Finance construction of warehouse_ 100
1,300,000 Finance construction of building.... 100
550,000 Improvements to property. &a

100

75,000 Finance construction of buildings
600,000 Real estate mortgage
650,000 Construct & equip warehouse

100
101-100
100

140,000 Finance construction of building
600,000 Finance construction of building

100
100

275,000 Finance construction of apartment 100
1.550.000 Real estate mortgage
100




5-5.50 Chestnut & Smith Corp.-National Steel Car Lines Co. Equip. Trust 5748, Series "I," 1927-33.
Offered by Freeman & Co. New York.
5.90 Empire Oil & Refining Co. let M.& Coll. Tr. 5 Ms, 1942. Offered by Halsey, Stuart & Co.. Inc.,
Hallgarten & Co., E. H. Rollins & Sons, Spencer Trask dr Co. Cassatt & Co., A. B.
Leach &
Co., Inc., W.C. Langley & Co., Paine, Webber & Co., A. G. Becker de Co., Hill, Joiner
& Co.,
Inc. Federal Securities Corp. and Henry L. Doherty & Co.
5.33 Phillips'Petroleum Co. Deb.53fs, 1939. Offered by Harris, Forbes & Co., Bond & Goodwin, Inc.,
the First Nat. Corp. of Boston, Chatham-Phenix Nat. Bank & Trust Co., Hemphill.
Noyes &
Co
,H. M. BYllesby & Co., Inc., and Central Trust Co. of Illinois.
6.50 Alexandria Hotel Realty Corp. (Los Angeles) 1st M. Leasehold 6345, 1947. Offered by
Ilayly
Bros., Inc. M.H.Lewis & Co., Frick, Martin & Co., California Co.and Shingle,
5.50 Amusement CO. of Illinois let M.5745, 1929-37. Offered by Continental & CommlBrown & Co.
Co.,
Chicago,
6.50 Barclay Park Corp. 1st M. Cony. 6745, 1945. Offered by Watson dr White. New
6.50 Burt Bldg.(Dallas,Tex.). 1st M.674s, 1930-39. Offered by Fidelity Bond & Mtge. York.
Co., St.Louis.
6.25 Cambridge Court (Winch Realty Corp.), Flushing, N. Y.. 1st M. Fee (Ms,
1937. Offered
by S. W. Straus & Co. Inc.
6.50 Central Ry. Terminal & Cold Storage Co., Inc.(Albany, N.Y.) 1st (c.) M.634s, 1952.
Offered
by Taylor, Ewart & Co., Inc., Pogue, Willard & Co. and J. A. Ritchie ds
Co., Inc.
6.00 Cincinnati Chamber of Commerce and Merchants Exchange let M.Leasehold
138, 1942. Offered
by First National Bank, Cincinnati.
6.50 Claremont Pines Corp.(Oakland, Calif.) let (c.) M.0340, 1937. Offered by
M.H.Lewis & Co..
San Francisco.
Clark-Hollywood Bldgs. let M.6s, 1928-34. Offered by Sheridan Tr. &
6.00 Clark-Hollywo
Bank, Chicago.
5-6 Cooper-Carlton Hotel Co.(Chicago) 1st M.fis, 1928-42. Offered by Cont'lSay.
& Comml Co.,
6.50 Day & Meyer-Murray & Young, Inc.(N. Y.) 1st M.6348, 1942. Offered by Arthur PerryChic,
& Co.,
Boston.
5.50 Detroit Harper Post Office Corp. tat M.5345, 1928-37. Offered by the Peoples State Bk.,Indianan.
Downtown
6.50
Properties,Inc.(James Oviatt Bldg.) let M.Leasehold 6345, 1942. Offered by Banks.
Huntley & Co., Loa Angeles.
6.50 Edgewater Apts.(Chicago) 1st M.6,1e, 1929-33. Offered by Provident State Scour. Co., Chicago,
5.50 1160 Park Avenue(N.Y. City) let M .574% Ws., 1028-33. Offered by the N.Y.Title de Mtge
Co.

JUNE 11 1927.]
Amount.

Purpose of Issue.

THE CHRONTCLE
Price.

To Yield
About.

3419

Company and Issue, and by Whom Offered.

Land, Buildings, &c.-(Con.)
320,000 Finance construction of apartment

%
5-5.75 1161 Shakespeare Avenue Apt. Bldg.(N. Y. City) 1st M. Fee 5345, 1927-34. Offered by S. W.
Straus & Co., Inc.
6-6.25 FInchley Bldg.(Chicago) 1st M.Leasehold 63.4s, 1929-42. Offered by S. W.Straus & Co., Inc.
750,000 Finance construction of building._
5.41-6.00 First Christian Church (Parkersburg, W. Va.) 1st (c.) M. 6s,•1929-37. Offered by Whitaker
100,000 Improvements to property
& Co., St. Louis.
6.00 Firschkorn Real Estate Co.(Detroit) 1st M. 65, 1937. Offered by Otis & Co., Howe, Snozi&
100
1,200,000 Finance sale of property
Bertie.s, Inc., Guardian Trust Co. and Watling, Lerchen & Hayes, Detroit.
6.50 Garment Capitol Bldg. (Lloyd & Casler, Inc.) 1st (c.) M.636s, 1928-45. Offered by California
100
375.000 Real estate mortgage
Co. and Drake, Riley & Thomas, Los Angeles.
6.50 Grandeur Bldg.(Chicago) 1st M.6365, 1930-39. Offered by Fidelity Bond & Mtge. Co., Chicago.
575,00 Finance construction of building_ _ 100
5.50-6.00 Hildebrandt Bldg.(Jacksonville, Fla.) let M.68, 1028-36. Offered by First Nat. Co., St. Louis.
400,000 Real estate mortgage
6.00 Idaho Memorial Bldg. Assn. (University of Idaho, Moscow, Idaho) 1st M.6s, 1929-47. Offered
100
225,00 New construction
by Murphey, Fevre & Co. and Ferris & Hardgrove, Spokane.
'1
5.00 Illinois Merchants Trust Co., Chicago (Chicago Title & Trust Co. as Trustee) 1st M. Coll. 58.
100
2.000,00 Provide funds for loan purposes_ _
"E," 1942. Offered by Illinois Merchants Trust Co.,C hicago.
6.60 Jeffery Avenue Garage (Chicago) 1st (c.) M. 636s, 1928-34. Offered by the Hanchett Bond
30,00 Finance constr. of garage bldg- - 100
Co., Chicago.
5.50 Jersey Mortgage & Title Guaranty Co. Coll. Tr. 5365, 1932-37. Offered by Stone & Webster and
200,000 Provide funds for loan purposes_ _ _ 100
Blodget. Inc., New York.
6.00 Kahn Bros., Inc.(Oakland, Calif.) let M.Leasehold 6s, 1947. Offered by Bank of Italy National
100
430,000 Finance lease of property
Trust & Savings Association, San Francisco.
99
5.38 Lincoln Mortgage & Title Guaranty Co. 1st M. Coll. 5545, 1937. Offered by Harris, Forbes & Co.
1,000.000 Provide funds for loan purposes_
6.00 Michigan-Lafayette Bldg. Co. 1st M. Leasehold 6s, 1929-42. Offered by Detroit Trust Co.. First
1,800,000 Refunding; other corp. purposes- 100
National Co. of Detroit and Harris, Small & Co., Detroit.
6.00 (Lyford M.) Moore (Detroit) let M.6s, 1937. Offered by Livingstone & Co.. Detroit.
120,000 Real estate mortgage
100
6.00 Mortgage Guarantee Co. of America (Atlanta, Ga.) let Coll. 6s,"A," 1937. Offered by company.
1,000,000 Provide funds for loan purposes_
100
6.15 Mount Baker Bldg. (Bellingham, Wash.) 1st M.6s, 1942. Offered by Dean, Witter & Co. and
200.000 Real estate mortgage
9834
Baillargeon, Winslow & Co.. Seattle.
7.00 Normandie Holding Corp.(Los Angeles) 1st (c.) M.7s, 1931-42. Offered by California Securities
200.000 Acquisition of property
100
Co., Los Angeles.
6.00 Normandie Investment Co. (St. Louis County, Mo.) 1st M. 6s, 1937. Offered by Union Trust
110,000 Retire mtge. debt; bards
100
Co. of East St. Lads, Ill.
6.50 Northern California Mortgage Co. 1st M. Coll. Tr. 6365, "A," 1937. Offered by R. T. Harper
100
250,000 Provide funds for loan purposes_ _
& Co. and Littlepage, Sheehy & Co., San Francisco.
100
6.00 Northwest Corner Thirteenth and Filbert Streets (Phila.) 1st M.6s, 1937. Offered by Reilly,
1,300,000 Real elate mortgage
hiladelphia.
all
Brock & Co., Stroud & Co., Inc., and Bank of North America & Trust
Co.,irust & Savings Bank
100
6.00 Ogden Building (Chicago) lot (c.) M.Os, 1929-34. Offered by the Foreman
600,00 Remodel bldg.; other corp. purp
Securities
Corp.,
Chicago.
Metropolitan
and
6.50 Portland Paramount Property (Portland, Ore.) let M. Leasehold 6365, 1934-43. Offered by
1,100,00 Finance construction of building_ _ 100
S. W. Straus & Co., Inc.
125,00 Finance construction of building_ _ Price on application Portland Paramount Property (Portland, Ore.) Gen. M. 6345, 1930-33. Offered by S. W.
Straus & Co., Inc.
6.00 Professional Bldg. (Mt. Vernon, N. Y.) 1st M.6s, 1930-42. Offered by Mahlstedt-Steen Securi300,000 Finance construction of building-- 100b
ties Corp., New York.
450,000 Finance sale of property
100
6.00 Quarton Lakes Estates tot M. Gs, 1927-34. Offered by Watling. Lerchen & Hayes, Detroit.
200,000 Real estate mortgage
100
6.00 Rockhill Manor Apt. Hotel(K. C., Mo.) 1st M.Os. 1928-37. Offered by Bristol & Co., Chicago.
5.50 St. Mary's College and Academy 1st M. 5365, 1929-34. Offered by First National Co., Detroit.
1,500,000 Finance construction of buildings
100
350,000 Finance construction of apartment 100
6.50 Seventh and Cataline Apts.(Los Angeles) 1st M.636s, 1929-41. Offered by S. W.Straus Az Co.,Inc.
400,000 Finance construction of apartment 100
6.00 Sherman Avenue Apts. (N. Y. City) 1st M. 6s, 1929-39. Offered by Empire Bond & Mortgage
Corp., New York.
634-634 Shore View Bldg.(Chicago) let M.634s. 1929-37. Offered by Geo. M.Forman & Co., Chicago.
375,000 Finance construction of apartment
250,000 Improvements to property
5.00 Sisters of the Holy Family of Nazareth of Western Pennsylvania 1st M. 5s, 1928-41. Offered
by Mercantile Trust Co., St. Louis.
100
250,000 Refunding
6.00 611 Hinman Bldg.(Evanston, III.) 1st M.65, 1928-37. Offered by Geo. M.Forman & Co., Chicago.
60,000 Finance sale of property
100
7.00 The M. M. Smith-Martindaie Co. (Canton. 0.) let M. & Coll. Tr. 7s, 1928-36. Offered by
Frank D. Bush Co., Columbus, Ohio.
160,000 Real estate mortgage
6-634 Stanton Apts. (Chicago) let M. 634s. 1929-37. Offered by the Straus Bros. Co.. Chicago.
100
6.00 (Burt Eddy) Taylor(Detroit) 1st M.61 1937. Offered b ?Union Tr. Co.. Nicol, Ford & Co., Living1.000.000 Finance sale of property
stone & Co., National Bank of Commerce, Benjamin Dansard & Co., J. G. Holland & Co., Joel
Stockard & Co., Detroit and A. E. Kusterer & Co., Grand Rapids
6.50 Textile Center Bldg. (Lloyd & Casler, Inc.), Los Angeles 1st M. (336s 1928-45. Offered by
400,000 Real estate mortgage
100
California Co., Los Angels.
100
6.50 271 Madison Ave. Bldg.(N. Y. City) 1st M. Leasehold 6365 1937. Offered by Otis & Co.
950,000 Real estate mortgage
6.00 Union Mortgage Co. (Charleston, West Va.) Coll 6s "II" 1937-39. Offered by McLaughlin,
500,000 Provide funds for loan purposes._ _ 100
MacAfee & Co., Pittsburgh.
100
5.50 University Investment Co.(Oakland, Cal.) 1st (closed) M. 536s 1947 Offered by Bank of Italy,
625,00 Acquisition of properties
National Trust & savings Assn., San Francisco.
5.50 Watson Realty Co.(Mich.) 1st M.530, 1942. Offered by (lee. Sloane & Co., Inc. and Watling.
250,000 Acquisitions; other corp. purposes. 100
Lerchen & Hayes, Detroit.
0.50(The) Winshire Arms (Chicago) let M.636s, 1929-37. Offered by Leight & Co., Chicago.
675,000 Finance construction of apartment 100

A4

I

150

35,520.000
Rubber60,000,000 Refunding

97

Shipping650.000 Acquire constituent companies... 100

Miscellaneous200,000 Acquire predecessor eo
300,000 Refunding; additions

5.20 The Goodyear Tire & Rubber Co. 1st Mtge. & Coll. Trust 55, 1957. Offered by Dillon, Read &
Co., National City Co., Guaranty Co. of N. Y., Lee, Higginson & Co., Bankers Trust Co.,
lair & Co.,
issel, Kinnicutt & Co., Hemphill, Noyes & Co., HallWhite, Weld &
Inc.,Halsey, Stuart & Co., Inc., Blyth. Witter & Co., Caasatt
Co.,d. Becker & Co.,
garten & Co., A.
& Co., First Trust & Savings Bank, Chicago, the Union Trust Co., Cleveland and Continental
& Commercial Co., Chicago.
6.00 California Transportation Co. 1st M. 6s, 1939. Offered by Anglo-London Paris Co., National
City Co. of California and Schwabacher & Co., San Francisco.

6.70 Allentown Dairy Corp. 636s, 1936. Offered by Civic & Co., New York.
6.50 Associated Wilmington Laundries, Inc. 1st Mtge. 636s, 1942. Offered by Laird, Bissell &
Meads. N. Y.
800,000 Capital expenditures; wkg. capital_
5.10-5.60 Caddo River Lumber Co.(Kansas City, Mo.) 5365, 1928-33. Offered by Fidelity National Co.;
Kansas City, Mo.
1,000,000 Acquire constituent companies__ __ 100
6.50 Central Dairy Products Corp. Convertible 6365, 1937. Offered by Prince & Whitely and Boded
& Co.
500,000 Acquire constituent companies____ 98%
6.70 Consumers Material Corp.(Kansas City, Mo.) 1st Mtge. 6368, 1937. Offered by Wm.It. Compton Co.
350,000 Retire curr. debt; other corp. purp_
5.50-6.20 Eastern Ry. & Lumber Co.(Centralia, Wash.) 1st Mtge. 68, 1928-37. Offered by Lumbermen's
Trust Co., Portland, Ore. and Merchants Trust Co., St. Paul.
450,000 Refunding; working capital. dm__ 100
6.50 Empson Packing Co. (Brighton, Col.) 1st Mtge. 636s, 1937. Offered by Boettcher & Co., BooWorth, Chanute & Loogbridge & Co., International Trust Co., James H. Causey & Co., Sidlo,
Simons, Day & Co. and United States National Co.
9936
331,500 Acquisitions, addlis., bettmts.
6.05 Golden Gate Milk Products Co. 1st Mtge. 65, 1941-43. Offered by Anglo-London Paris Co. and
Citizens National Co., Los Angeles.
800,000 Acquisitions; wkg. capital
100
6.50 Great Lakes Laundries, Inc. 1st Mtge, 636s, 1937. Offered by Edmund Seymour &Co.,Inc., N.
Y. and True, Webber & Co., Chicago.
550,000 Refunding: fund curr. debt, &c..... 10036-100 5.65-6.0 Great Western Laundry Co. let (closed) Mtge. 6s, 1928-38. Offered by Chicago Trust Co. and
Hayden, Van Atter & Co.. Detroit.
1,000.000 Acquire predecessor co
9931
6.5 Hershey Creamery Co. (Del.) 1st Mtge 6148, "A", 1937. Offered by Eastman, Dillon ,Sz Co. and
& Co., Inc.
1,500,000 Refunding; working capital
100
6.5 Home
ome Service Co. (Los Angeles) 1st Mtge. 6365 "A", 1942. Offered by Citizens National Co.
California Securities Co. and Cahn, McCabe & Co., Los Angeles.
4,000,000 Provide funds for investment purl). 100
5.00 Investment Bond & Share Corp. Deb. 55 "A", 1947. Offered by A. Iselin & Co., Wood, Gundy
& Co., Inc. and Lawrence Turnure & Co.
5,000,000 Provide funds for investment purp. 100
5.00 Investors Equity Co., Inc. Deb. 5s "A", 1947. Offered by Charles D. Barney & Co., N. Y.
750,000 Acquisition; construction, &c
5.75-6.00 Keystone Wood Chemical & Lumber Corp. (Olean, N. Y.) 1st Mtge.(is, 1928-35. Offered by
Baker, Fentress & Co., Chicago.
1,475,000 Acquisitions; working capital. &c... 99
6.63(J. A.) Mahlstedt Lumber & Coal Co. (New Rochelle, N. Y.) Deb. 6365, 1937. Offered by
Peabody, Houghteling & Co., Inc. and W. W.Townsend 6c Co., Inc.
2,500,000 Acquisitions; working capital, &c__ 100
6.50 Memphis Commercial Appeal, Inc. Deb.6 368 "A" 1942. Offered by Halsey, Stuart & Co., Inc.
and Rogers, Caldwell & Co.. Inc.
1,000.000 Provide funds for loan purposes... 10134
6.30 National Bank of Panama 6368 "IV, 1947. Offered by Otis & Co.
1,500,000 Provide funds for loan purposes... 100
7.50 National Central Savings Bank of Hungary 734s "A", 1962. Offered by F. J. Littman & Co.
and First Federal Foreign Investment Trust, N. Y.
100
1.500.000 Improvementsto property
6.50 Oregon Terminal Co. let Mtge 636s, "A", 1942. Offered by Peirce, Fair & Co., Portland, Ore,
98
400,000 Retire existing debt; other purp___
6.75 Pacific Dairy Products Co. Deb.636s, 1937. Offered by Howard N. Martin & Co. and Pan American Investment Co., Los Angeles.
450,00 Additional capital
6.50 (J. F.) Prettyman & Sons. 1st M.6s, 1928-37. Offered by Peoples Securities Co., Charleston, S. C.
100
500,00 Acquisitions; other corp. purp
6.00 Rogue River Timber Co.(Portland, Ore.) let Mtge.6s, 1937. Offered by Baker, Fentress & CO..
Chicago.
100
350,000 Finance constr. of toll bridge
7.00 St. Augustine-Green Cove Springs (Fla.) Bridge Co. 181 Mtge. 7s, 1947. Offered by Eldredge
& Co. and Lorenzo E. Anderson & Co.
6.50 Southern Rice Products Co.,Inc. 1st M.6365, 1933. Offered by Geo. M.Forman & Co., Chicago.
800.000 Retire existing debt; wkg. capital_ 100
6.50 Terminals & Transportation Corp. of America let Mtge.& Coll. Trust 6365 "A". 1947. Offered
3,500,000 New construction; retire debt, &C_ 100
by Howe, Snow & Betties. Inc. and Spencer Trask & Co.
7.00 Terminals Transportation Corp. of America Convertible Deb. 72, 1937. Offered by Howe, Snow
1,500,000 New construction; retire debt, &c. 100
& Bertles. Inc. and Spencer Trask & Co.
536-6% Tum-a-Lum Lumber Co. 1st (closed) mtge. 6365, 1927-38. Offered by Lumbermen's Trust Co.,
250.000 General corporate purposes
Portland, Ore.
6.00 Woods Brothers Corp. Coll. Tr,6s, 1937. Offered by Redmond & Co. and Otis & Co.
100
2,500.000 Refunding; working capital
$35 756,500




9836
100

3420

TI-1144 CHRONICLE
SHORT TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING
FIVE

Amount.

Purpose of Issue.

To Yield
About.

Price

Public Utilities18,000,000 Refunding; other corp. purposes_

100 ti
995i

1.200,000 Refunding

150,000 Capital expenditures

99
100

300,000 General corporate purposes

9934

750.000 Acquire constituent companies_ __ _

9034

1,550,000 Acquire constituent cos.; wkg. Cap'

99.4
3

22.750,000
Iron. Steel, Coal, Copper, &c.
1,300,000 Acquisitions; working capital, &c

Other Industrial & Mfg.600,000 Retire current debt; additions, &c_
200,000 General corporate purposes

6.10-6.40 West American Finance Co. Coll. Tr. i1. "C.". 1930-32. Offered by A. C. Allyn & Co., Inc.,
Shingle. Brown & Co., Inc., and Carstens dr Earles. Inc.

100

250,000 Real estate mortgage

100

150,000 Fund existing debt

100

390,000 Improvements to property
610,000 Provide funds(or loan purposes_

100

100,000 Provide funds for loan purposes_

100

825,000 Finance construction of building.._

100

500,000 Provide funds for loan purposes_

100

40,000 Finance construction of apartment
4,865,000

1,000,000 Provide funds for investment pure_
60.000 Additional capital

6.85 Trans-Lux Daylight Picture Screen Corp. 5-year 63.0, May 16 1932. Offered by Kelley, Drayton
& Converse. N. Y.
6.00 Weightograph Corp. Coll. Tr. Os, Jan. 1 1932. Offered by Mark C. Steinberg & Co.. St. Louis.

08.14
100

800,000
Land, Buildings,
2.000,000 Real estate mortgage

Miscellaneous3,000,000 Retire bank loans
2,500,000 Acquisitions, retire mtge. debt, &e.

Company and Issue, and by Whom Offered.

7.20 Missouri Kansas Zinc Corp. Deb. 7s, May 1 1932. Offered by Chas. D. Robbins & Co.. Arnold
& Co. and Ernst & Co.

99c

Motors & Accessories3,000,000 Fund current debt

EARS).

4.87( Empire Gas & Fuel Co. (Del.) Serial 5s, June 1 1928-30. Offered by Halsey. Stuart & Co., Inc.,
Hallgarten & Co., E. H. Rollins dr Sons, Spencer Trask & Co., Cas.satt & Co., A. B.
5.25)
Leach &
Co., Inc., W. C. Langley & Co., Paine, Webber & Co.. Hill, Joiner & Co., Federal
Securities
Corp. and Henry L Doherty & Co.
6.71 Galveston-Houston Electric Co. Secured Os "B", 1931. Offered by Lee, IllggInson & Co., Estabrook & Co., Parkinson & Burr and Stone & Webster and Blodgett. Inc.
6.00 General Telephone Co. (Chicago) 1-Year Coll. Tr. 55. May 15 1928. Offered by Hale,
Waters
& Co. and True, Webber & Co.
5.50 Missouri Electric Power Co. 1-Year 550. Feb. 15 1928. Offered by Priester-Quall & Cundy, Inc.,
Davenport, Is.
5.17 Northeastern Iowa Power Co. 5s, Nov. 1 1928. Offered by Priester-Quall & Cundy, Inc., Davenport, is.
5.90 Southern United Gas Co. 2-Year 550, April 1 1929. Offered by Hambleton & Co.. Thompson &
Co.
C. r • en, Sni 'er & Co.. In..
6.15 Unit:d rubll S este., Co. 2-Year 61, April 1 1929. Offered by Thompson Ross & Co.and Yeager
Youug & Pierson, Inc.

97.41

800,000 Acquisitions; other corp. purposes.

[vol.. 124.

99
9934
100
9934

5.00 (Alexander) Boyd Estate (San Francisco) 1st M.5s, May 11930. Offered by American National
Co., San Francisco.
6.00 Canal-Villere Realty Co. (New Orleans) 1st M. 65, May 1 1930. Offered by Hibernia Securities
Co., Inc.. New Orleans.
7.00 Crescent Realty Corp.. Inc.(New Orleans) lot & Ref. M. 75, Ort. 1 1929. Offered by Interstate
Trust & Banking Co. and Moore, Hyams & Co., Inc , New Orleans
First Baptist Church of Miami, Fla.. lot M. 6s. 1928-30
5.5.1-6
Offered by Stlx & Co., Lorenzo E.
Anderson & Co., Bitting & Co. and Lafayette-South Side Bank, St. Louis.
6.00 Guaranteed Mortgage Corp. of Del. 5-Year let M. Coll. Tr. 6s, April 15 1932. Offered by M. W.
Braderman Co.. New York.
5.50 Interstate Investment Co., Inc., Coll. Tr. 53-4s. 1928-32. Offered by Interstate Trust & Banking
Co.. New Orleans
6.00 Kent Theatre Bldg. (Phila.) let M. Gs, 1932. Offered by Mackie, Rentz & Co., Biddle dr Henry
and Colonial Trust Co., Philadelphia.
5.50 Seaboard Bond & Mortgage Co. (Phila.) 1st M. Coll. 5 As. "A," April I 1032. Offered by Laird,
Bissell & Meeds, Integrity Trust Co. and Bioren & Co., Philadelphia.
6-6.50 Southeast Corner Waukegan & North Ave. (Highwood, Ill.) 1st M. 634e, 1930-32. Offered by
Dovenmuchle, Inc., Chicago.
6.23 Snider Packing Corp. 5-Year Convertible 6s, May 1 1932. Offered by White. Weld & Co.
6.18 Southern Dairies. Inc.. 3-Year Secured 68, May I 1930. Offered by Stroud Ar Co., Inc., Eastman,
Dillon dc Co.. Reilly, Brock & Co. and Bank of North America & Trust Co.
United Bond & Share Corp. 5-Year Cash-Convertil le Secured 4345. 5s.
454-6
5I45 and 65, 1927-28.
Offered by Drumheller. Ehrliclunan dr White, Seattle.
6.12 Washington Co-Operative Egg & Poultry Ass'n 2-Year Go, May 1 1920. Offered
by Marine
National Co., Seattle.

6.500.000
STOCKS.
Par or
No.ofShares

Purpose of Issue.

Public Utilities$
*10.000 shs. Acquisitions

Price
a Amount
to Yield
Invoiced. Per Share. About.

Company and Iscue. and by Whom Offered.

$
950.000

%
7.37 American Commonwealth Pr. Corp. $7 Cum. 1st Pref., "A." Offered by G. E.
95
Barrett & Co.,
and Frederick Peirce & CO.
*30.000 shs. ACQ.addlelee.lIght & power Int's_
6.21 American Superpower
2.895.000 9654
Inc.'Corp. $6 Cum. lot Pref. Offered by Bonbright & Co.. Inc.
15,000,000 Additions &extensions
__Brooklyn Edison Co. Capital Stock. Offered by company to Atorkholders.
15.000.000 100
*35,000 shs. General corporate purposes
7.28 Central & South West Utilities Co. $7 Cum. Div. Pref. Offered by A. B. Leach &
3.360,000 96
Co.. Inc., Old Colony Corp.. Utility Securities Co., Howe. Snow & Berries. Inc.,
Tucker. Anthony & Co., H111-101ner & Co.. Inc.. and Emery. Peek k Rockwood Co.
500,000 Acquisitions; other corp. purposes_
6.50 Continental Telephone Co. (Lincoln. Neb.) 6 )4% Corn. Pref. Offered by Wells500,000 100
Dickey Co.. Minneapolis, and Merchants Trust Co., St. Patti.
___ Edison Electric Illuminating Co. of Boston Capital Stock. Offered by company
6,673,400 Construc'n, extensions,impts.. &e_ 14,347,810 215
to stockholders.
3,500,000 Acquire Ozark Pr.& Water Co., &c
6.32 The Empire District Electric Co. 6% Cum. Prof. Offered by Dillon. Read
3,500,000 95
Federal Securities Corp., A. B. Leach & Co., Inc., and Henry I,. Doherty && Co.,
Co.
International Power Securities Corp. (Del.) $6 Cu.
m Prof ."A." Offered by Aldred
*75,000 shs Acquisition of securities
1
& Co.. Old Colony Corp. and Mitisch. Monett & Co.. Inc.
7,950,000 f 1 sh. Prof. I Fer{
*75,000 ails. Acquisition ofsecuritiesIl sh. Corn.) $106 International power securities Corp. (Del.) Common Stock. Offered
by Aldred dc
f
Co Old Colony Corp. and alinsch. Monet! & Co., Inc.
*150,000shs Acquisitions; other corp. purposes_ 13,912.500 9234
6.46 Middle West Utilities Co. SO Corn. Pref. Offered by Utility Securities
11111,
Jolner dr Co., Inc.. Bonbright & Co., Inc.. II M. Bylleshy & Cm.
Inc..
Co..
Tucker,
Anthony & Co.. A. It. Leach & CO., Inc. Emery. Peck
& Rockwood Co., Kelly,
Drayton & Converse. Paine, Webber & Co., Russell. itrevnter
&Co. and Old
Colony Corp.
2.500.000 General corporate purposes
5.55 Potomac Electric Pr. Co. 534% Pref., Series of 1927
2.500.000 99
Offered by company.
•17,500 shs General corporate purposes
6
70
Southwestern Light & Power Co. SO Cum. Pref. Offered by Utility Securities Co.;
1,566.250 8934
Kelly, Drayton & Converse :Ind Emery. Perk & Rockwood Co.
500,000 Refunding; acquisitions, &c
7.35 The Suburban Lt. & Pr. Co. (of Ohio) 7% Cum. 1st l'ref. Offered by Vought & Co.;
500.000 95
Inc.. New York.
100,000 Capital expenditures
7.00 Union Public Service Co. (Minn.) 7% Cum, let Prof.. "AA". Offered by Harold
100.000 100
E.
Wood & Co.. St. Paul.
•12.0000hs Acquisitions; working capital
7.00 United Public Service Co. $7 Div. Pref. Offered by Thompson, Ross & Co.
1,200.000 100/1
___ United States Electric Lt. & Pr. Shares, Inc.. Trustee Ctrs., Series ''A." Offered
*50,000shs. Acq. electric light & power secur's_
1,462,500 29%;
by Calvin Bullock, New York.
600,000 General corporate purposes
7.14 Washington Gas & Electric Co. 7% Cum. Pref. Offered by A. C. Allyn & Co. and
000.000 98
Howard F. McCandless & Co., New York.
70,344.06(
Iron, Steel. Coal, Copper, &c.
750,000 Acquire Witherow Steel Co
}
573.750 (1 sh. Pref. I 'For Witherow Steel Corp. 5% Cum. 1st Prof. Offered by Moore. Leonard & Lynch.
II all. cooLfs70.4 Witherow Steel Corp. Common Stock. Offered by Moore. Leonard & Lynch.
7,500 shs. Acquire Witherow Steel Co
573,750
Other Industrial Sr Mfg.3.000,000 Additional working capital

____ American Type Founders Co. Common. Offered by company to stockholders: underwritten by Kidder. Peabody & Co.
7.0(1 Mettler Die Casting Co. $7 Cum Preference. Offered by Hamphill. Noyes & Co. and
1.000.000 100
Shields & Co.. Inc.. New York.
__ _ Eddy Paper Co. Capital Stork. Offered by company to stockholders.
Acquire additional property
1,200.000
30
__:_ Elder Mfg. Co. Cum. Prude. Class "A" Stock. Offered by Mark C. Steinberg dr Co.;
General corporate purposes
636.660 60
St. Louis.
1
New plant
500.000 12 she. pref.' For Hayes Candy Co.. Inc., 7% Cum. Prof. Offered by J. II. Schultz & Co.. Inc.. Denver.
New plant
11 sh. cum./$200 Hayes Candy Co., Inc.. Conimon stork. Offered uy .1. H. Schmitt .44 Co.. Inc., Denver.
____ International paper co Common. Offered by company to stockholders: underwritten.
15.000.000
Capital expenditures
30
___. Liquid Carbonic Corp. Common. Offered by Potter &Co.. Spencer Trask &
Acquisitions: other corp purposes_
1,325.000 53
Co. and
Merrill. Lynch & Co.
8.00 (Robert) Morton Organ Co. 8% Corn. Partic. Pref. Offered by O. A Lindstrom &
500.000 100
Working capital
Co.. San Francl.efo
____ Skinner Organ Co. Capital stock.
310.000
31
Refunding
Offered by Minot. Kendall & Co., Inc., and Blake
Bros & Co., llosron.
6.01 Zellerbach Corp. (San Francisco) $6 Cum. Convertible Pref. Offered by Blyth. Wit2.992,500 9934
Additions and improvements
ter & Co. and J. Barth & Co., San Francisco.
26.764.160
0116.00 Sun Oil Co.6% Cum. Pref. Offered by Brown Bros. & Co. and Edw. B. Smith &
4.500,000 100
Additions. Improvements. &e
Co.
3.300.000

lid

*10,000 shs. Expansion of business
.40.000shs
010.611 shs.
500,000
*2.500shs.
•500000shs.
*25.000 shs.
500.000
1'10,000 shs.
*30.000 shs.

4.500.000
100.000
250,000
*2.500shs
750,000
15.000 sin?

Land, Buildings. &c.Provide funds for loan purposes
Provide funds for loan purposes
I
Provide funds for Irian purposes._ _
Additions: other corporate purposes
Additions: other corporate purposes




100
6 50
I .o. pref.1 For
I sh. Cm.
$110
o
750.000 1 sh Prof I For1
2shs.Com .1 $1001
I
1,125.000
100.000
275051

Flatbush Investing Corp.(Brooklyn, N. Y.) 6.4% ('urn. Pref. Offered (my company.
New Jersey United States Bond & Mortgage Corp. 7% Cum Pref. Offered by co.
New lersey United States Bond & Mortgage Corp. Common stuck. Offered by co.
Webster Hall Corp. of America 7% Cunt. Prof. Offered by Rosenbloom & Lowenthal,
Pittsburgh
Webster Hall Corp. of America Common stock. Offered by Roaenblomn & Lnwerithal,
Pittsher.th

JUNE 111927.]
Par or
No.ofShares

T H 11

Purpose of Issue.

Miscellaneous—
*5,000shs. Acquisitions, extensions, &c
*1,000shs. Acquisitions, extensions, &c
250,000 Consolidation of properties
*30,000she. Acquire constituent companies_ _ _ _
*97,500she. ACQ. constituent cos.; work. cap
*24,375shs. Acq. constituent cos.; work. cap
*8,000shs. Provide funds for Invest. purposes_
*1.600shs Provide funds for invest. purposes_
*30.000sbs. Establish additional stores
175.000 Working capital; new equipment_
*20,000she. Provide funds for Invest. purposes_
*10,000she. Provide funds for Invest. purposes_
*30,000shs. Provide funds for Invest. purposes_
5,000,000 Provide funds for Invest. purposes.
*37,500 she

Provide funds for Invest. purposes_

*150000she

Additions to plant; working capital

*5,500shs
*1,100she
•11,000 5115
4.25.000 5115.
*20,000she

Acquisitions; additional capital
Acquisitions; additional capital
Acquisitions: additional capital
Expansion; other corp. purposes__ _
Improvements; other corp. lump

400,000 Acquisitions
500,000 Acquisitions
600,000 Acquire additional stores, &c
*6,000shs. Acquire additional stores, &c
22,500 ctfs Additional capital

3421

CHRONICLE

Amouni
Price
To Yield
Involved. per Share. About.

Company and Issue, and by Whom Offered.

$
sh. Pref..
Amalgamated Laundries. Inc.. $7 Cum. Prof. Offered by Throokmorton & Co. and
465,000 1-5 sh. ), For
E. F. Gillespie & Co., Inc., New York.
Corn. J $93 Amalgamated Laundries, Inc., Common stock. Offered by Throckmorton & Co. and
E. F. Gillespie & Co., Inc., New York.
250,000 99e
7.07 American Dept. Stores Corp.(N. Y.) 7% Cum. 1st Pref. Offered by Schutter & CO.:
Inc., and W. W. Townsend & Co., Inc., New York.
750,000 25
Central Dairy Products Corp. Class "A" Convertible Partlo. Pref. Offered by
Prince & Whiteley, New York.
2,047,500 21
Dairy Dale Co.(San Francisco) Cum. Convertible"A"stock. Offered by .1. Barth &
Co.. Shingle, Brown & Co., Straseburger & Co., George Meige Sc Co. and E. R.
Gundelfiuger, Inc., San Francisco.
268,125 11
Dairy Dale Co. (San Francisco) Cum. Convertible "B" stock. Offered by J. Barth
& Co., Shingle, Brown & Co., Strassburger & Co.. George Meigs & Co. and E. R.
Gundelflusfer, Inc., San Francisco.
200,000 25
Diversified Securities Corp. (Washington) Class "A" Pardo. Preference. Offered
by Murphey, Fevre & Co., Spokane, Wash.
40,000 25
Diversified Securities Corp. (Washington) Common stock. Offered by Murphey'l
Fevre & Co., Spokane, Wash.
1,500,000 50
7.00 Economical Drug Co. (III.) Chute "A" Partic. Pref. Cum. $3.50 Pre share. Offered
by F. A. Brewer Az Co., New York.
175,000 99
7.07 Empson Packing Co. (Brighton, Col.) Class "A" 7% Cum. Prof. Offered by Sidlo;
Simons, Day & Co., James H. Causey & Co.. Bosworth, Chanute. Loughridge &
Co. and Boettcher & Co., Denver.
1,000,000 50f
Insurance & Bank Stock Trust (Mass.) Class "A" Pattie. Preference. Offered by
Hamlin Bros., Boston.
1,000,000 100
6.00 Investors Corporation (R. I.) $6 Convertible Pref. Offered by Soden & Co.
3,300,000 11011
Investors Equity Co., Inc., $6 Div. Cum. Pref. "A." Offered by Chas. D. Barney
& Co. New York.
1 sh. Pref.1
Inc.,"No. 2" 4I4% Cum. Panic. & Cony. Pref. Offered by
• 1 Kidder Participations,
'
5,175,0001
For
Kidder, Peabody & Co.
Iish.Com. $10334 Kidder Participations, Inc., "No. 2" Common stock. Offered by Kidder. Peabody
& Co.
1,200,000
8
Mavis Bottling Co. Common. Offered by Hayden, Stone & Co. and McClure. Jones
& Co.
5 she Pf"A"
Motor Transit Corp.(Del) $7 pref."A." Offered by Lane,Piper &Jaffrey, Inc., Minn.
550,0001 1 811 Pf "B"} For Motor Transit Corp. (Del) Pref. "B." Offered by Lane, Piper de Jaffrey, Inc., Minn.,
10 she Com. $5001 Motor Transit Corp. (Del.) Common. Offered by Lane, Piper & Jaffrey, Inc., Minn.
687,500 2714
(G. C.) Murphy Co. Common. Offered by Geo. H. Burr & Co.
1,860.000 93
77:66 Philadelphia Dairy Products Co. $634 Cum. Prior Pref. Offered by Stroud & Co.
Inc.. and Eastman, Dillon & Co.
400,000 100
7.00 Rocky Mountain Motor Co. 7% Cum. Pref. Offered by Boettcher & Co. and Bosworth, Chanute, Loughridge & Co., Denver.
520.000 26
_ Rocky Mountain Motor Co. Class "A" COM. Offered by Boettcher & Co. and Boaworth, Chanute, Loughridge At Co., Denver.
660.000 11 sh. Pref.1 For Schiff Co.(Columbus,0.)7% CUM. Convertible Pref. Offered by Geo.H.Burr & Co.
11 Rh. Com.,$1101 Schiff Co. (Columbus, 0.) Common. Offered by Geo. H. Burr & Co.
2,109,375 933
,
1
Wiener Bank-verein (Vienna, Austria) American Trust Certificates Representing
Capital stock. Offered by Dillon, Read & Co.
21.157,500

1
1

FARM LOAN ISSUES.

Amount.

Issue and Purpose.

Price.

2,000,000 Lincoln (Neb.) Joint Stock Land
Bank 4 Sis, 1937-67 (provide
funds for loan purposes)
100
500,000 Ohio-Pennsylvania Joint Stock
Land Bank 5s, 1937-57 (provide
funds for loan purposes)
104

•
To Yield
About.

Offered by—

4.50 Equitable Trust Co. of N. Y., First Nat. Corp. of Boston, Old Colony Corp., Boston; First Trust &
Savings Bank and Central Trust Co. of ill.. Chicago, and Brooke, Stokes & Co., Philadelphia.
4.45 Union Trust Co. of Cleveland, R. V. Mitchell Sc Co.; The Herrick Co. and Otis & Co., Cleveland.

2,500,000
FOREIGN GOVERNMENT LOANS.

Amount.

Issue and Purpose.

Price.

20,000,000 City of Budapest (Hungary)
external 6s, 1962 (various public
Improvements)
92
1,500,000 Province of Callao (Peru) secured 7 tie. 1944 (debt retirements; municipal improvements) 99
1,500,000 Province of Santa Fe (Argentina) Treasury 6s, May 1 1928
(general municipal purposes)... 100

To Yield
About.

Offered by—

6.60 Bankers Trust Co.,Brown Bros.Sc Co., Blyth, Witter & Co.and Marshall Field, Glore, Ward & Co.
7.60 J.& W.Seligman & Co., Hunter, Dulin & Co. and Alvin H. Frank dc Co
6.00 Chase Securities Corp. and rlair & Co.. Inc

23.000.000
-• Shares of no par value.
a Preferred stocks of a stated par value are
at par, while Preferred stocks of no par value and all classes of common stocks are computed at their offering pricwa
b Bonus of 1 ownership share ,,tvfn with taken
each $500 bond.
c Bonus of 10 shares of capital stock given with each
$1,000
d Bonus of 1 share of common stock given with each 2 sharesbond.
e Bonus of 114 shares of common stock given with each share of preferred:
of preferred.
f Bonus of 1 share of class "B" stock given with every 5 shares of
class "A" stock.
g Carrying non-detachable warrants entitling holder to receive without cost common stock at rate of 1 share for each share of preferred

Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, June 10, 1927.
With more summerlike weather, trade has naturally revived to a certain extent. It has also been beneficial as a
matter of course to the crops. It caused a big break in
corn prices to-day and the cotton crop in many parts of the
belt is evidently doing better. As regards trade it is best
here in the East and also in the Far West; in the Central
West there is no general improvement. The retail business
has benefited to some extent by the higher temperatures.
The temperatures in the 80's have not yet had a stimulating
effect on the refined sugar business, but it cannot continue
without having its natural influence. It is regrettable that
the corn crop has the latest start in over 20 years, but the
weather over much of the Western belt during the last
two days has been decidedly more favorable. Among the
textiles the cotton mills are doing the best, as they have for
some little time past. Chain store business in the last five
months has gained 14% over the same period last year.
Mail order business has declined in that time % of 1% or
in other words about held its ground. In January and




February there was a decrease in it of 3 to 7%, but there
has been a gradual change for the better since February.
In chain and mail order stores combined in the last five
months there has been a gain over the same period last year
of 7%%. Department stores have gained a little over 1%%.
Wholesale concerns in the first four months of the year
showed decreases anywhere from 2.7 to 3.9%. On the whole
the exhibit of business is encouraging and with more seasonable Iv eather there seems no reason to doubt that it will
become more so. In the bituminous coal trade the nonunion mines easily supply the demand. In anthracite business, however, has increased. Rayon goods are active and
the consumption of silk is on the whole to all appearance of
unprecedented size, with prices cheaper for both raw material•
and finished goods. The output of soft wood for building
purposes shows a decrease of 8 to 10%. The car loadings
for five months are a little over 2% larger than for the same
period last year and the April gross railroad earnings show a
decrease of only 0.4 of 1%.
Wheat advanced 3cents net this week in spite of very heavy
liquidation to-day, for the winter wheat crop threatens from

3422

THE CHRONICLE

[VoL. 124.

present appearances to be nearly 100,000,000 bushels normal peace conditions, bank business is far ahead of last
smaller than the last one and the present outlook for the year. Building, though on a reduced scale, is
still very
spring wheat crop might be far better than it is. The pros- large.
pectsfor the Canadian crop are also described as anything but
In stocks an astonishing activity continues and prices have
flattering. Europe's crop of grain seems likely to be short. advanced much of the time, though to-day the trend
was
Germany continues to forbid grain exports. Russia seems not unnaturally lower, owing to the inevitable profit taking.
to find it difficult to raise enough grain to feed itself, The break in corn prices attracted some attention and
hampered as it is with the nightmare of communism and bonds were lower. Call money has latterly been down to
Soviet meddling with the occupations of the people. The 4%. But as to the condition of general trade, the very large
severe drought in Argentine's wheat region is not forgotten, bank clearing and debits are suggestive, even allowing for
though what country has latterly had beneficial rains. The the vast speculations in stocks and grain.
export demands in this country it is true has been disappointAt Lawrence, Mass., the Pacific Mills are planning to
ing, but it would seem that it cannot continue so very long close down both the worsted and cotton divisions of their
if Europe's crop outlook is to remain as forbidding as it plants from Friday July 1st to Monday July 11th for the
seems to be now. For rye there has been some export annual vacation period instead of the usual shutdown
demand, but the crop is likely to be somewhat larger than the which comes at the end of August. Pittsfield, Mass, said
last one and the foreign buying is certainly not active. that all but two departments of the Renfrew Manufacturing
Still July rye has advanced during the week 7 cents. Europe Co.'s main plant in Adams and the jacquard mill have been
is buying American oats and this has tended to steady prices closed for an indefinite period. The finishing and packing
for this grain, despite a break in corn of 6 to 8 cents due to a departments will be closed as soon as they have finished
sudden change for the better in the weather and despite an work on hand. At New Bedford cotton mill shares have
unfavorable special report by the government. Large recently risen to an average of 87 against 81M early in
speculative interests it is understood liquidated coin to-day. April. At Manchester, N. H., the Gonic Manufacturing
Planting has been generally completed in the Mississippi Co.is adding weavers to the night shift. It has larger orders
Valley and receipts at all markets have been heavy. The for worsted and rayon mixtures. Conditions in the Cocheco
oats crop is supposed to be close to 1,300,000,000 bushels or Valley are said to be better than for several years. At
50,000,000 bushels more than last year.
Ashland, N. H. the Packard Woolen Co. which resumed
Cotton has advanced owing to drought and high tempera- operations several weeks ago after being idle for some time is
tures in western Texas, fears of a June rise of the Mississippi gradually increasing production. At Keane, N. H., things
River and its tributaries, stories of increased weevil infesta- are rather quiet, among woolen mills. At Goffs Falls the
tion and an undoubtedly large and steady movement of plant is running at a low rate asfor the lasttwo years. Some of
cotton into consumption. Stocks at counted interior towns the largest worsted mills in New Hampshire are doing a very
are even smaller than those of a year ago, despite the fact fair business on cotton goods used in the automobile industry.
that the crop is nearly 2,000,000 bales larger than that of the fabrics sought for lining purposes
bing made on wide
last year. On the other hand, from many parts of the worsted looms. Some
of the largest sutomobile companies
belt the crop reports are favorable, especially of late from are taking a considerable yardage
of lining cloths from New
the Atlantic States. Cotton goods are more active than Hampshire. New Hampshire's
only thread mill operated
other textiles, especially on finished goods, though gray by the Russell Mfg. Co., is running a day and a night shift.
cottons have been quiet. Provisions have advanced with Equipment has ben added recently and the outlook is promcorn at times and hogs at others. Coffee has dropped some ising. At West Manchester,
N. H., the large plant of the
25 points as Brazil at last plainly shows an anxiety to sell; United States Bobbin & Shuttle Co.is now operating at 50%
cost and freight offers steadily decline and the spot trade of capacity in the bobbin and shuttle divisions. The comhere has been dull. In sugar it has been largely a "sauve pany's metal division is running at a higher rate.
qui peut" affair with several French failures reported and
The suggestion made several months ago by the Treasurer
heavy selling for French account here and in Paris. The of the Pacific Mills, E. F. Greene, that an industrial expert
London and New York markets have been active and greatly be employed to study municipal finance with a view of reducunsettled by this sudden pressure and futures have collapsed, ing expenditures, is to be considered by the Lawrence, Mass.;
showing a decline of some 22 points for the week. Prompt Industrial Commission at the instance of the City Council.
Cuba raws, which a week ago were quoted at 3 cents, have The Pacific Mills and the American Woolen Company, it is
fallen nearly a quarter of a cent. Rubber has had a violent understood, would be ready to share the expense. This may
decline under selling on a scale beyond anything seen.in turn out to be an important piece of constructive statecraft.
the history, brief it is true, of the exchange here. The price At Lawrence, Mass., the American Woolen Co. announced
had been "pegged" in London, production conspicuously that it will not close the Wood Worsted Mill for the usual sumoverlapped consumption and a speculative clique in London mer vacation period. The mill in recent years has been acfinally unloaded in disgust, pulling down prices there and customed to suspend operations during a part of the month
also in New York and Singapore. Here during whe week of July.
the price dropped 250 points. The policy of Britiih GovernF. W. Woolworth & Co.'s sales for May amounted to
ment rubber restriction is openly criticised as abortive. $20,915,635, an increase of 3.22% over May 1926. The
Countries under no such restriction get the benefit and sales for the first five months of this year were $96,361,032,
restricted countries get the lesson. It would seem that an increase of 9.28% over the corresponding period last year.
Cuban sugar restriction may prove equally futile. Woolen The S. S. Kresge Co.'s sales for May amounted to $9,601,621,
goods have in general been quiet. Wool has been steady an increase of 6.77% over May 1926. The sales for the first
but quiet and 43 to 440. for fine delaine, Ohio and Penn- five months of this year amounted to $45,836,938, an insylvania, are. merely nominal quotations. The tendency of crease of 11.06% over the corresponding period last year.
livestock prices has in general been upward. Pig iron has
The sales and production conditions in the automobile
been dull and seemingly tending downward. The same is industry are so spotty that it is difficult to arrive at an avertrue of steel, partly under the stress of sharper competition. age for the whole business, according to "Automobile IndusRailroad orders for cars are said to be larger.
tries," which adds that while the general level is undoubtedly
Trade is larger in some lines than at this time last year, around 10% under that of a year ago, and while the trend is
1. e., in machine tools, cotton goods,some building materials, seasonably downward, these factors have not prevented a
groceries and the trading of department stores. In many few of the outstanding companies from maintaining output
other lines it is equal to that of last year. One sign is that at or near record high levels.
the industrial consumption of electrical energy is larger than
It has latterly been much warmer here. On the 9th inst.
last year. The sale of electrical goods by manufacturers, it was 81 degrees, and there was one heat prostration; at
wholesalers and retailers are as large as at this time in 1926. Chicago and Cincinnati it was 84; at Cleveland, 82; at DeAfter all, too, the steel and iron business is as good as it was troit, 80; at Minneapolis and Boston, 84; at Omaha,90, and
then; so also that in hardware, furniture, lumber and many at Philadelphia, 78. It has been 100 to 104 degrees in parts
other commodities, raw and unmanufactured. Business in of Texas, and at times 100 to 106 degrees in Georgia. Here
general is fully up to the normal, judging by bank clearings, it was the hottest June 9th since 1922, when the thermometer
railroad car loadings, mill power consumption, and so on. reached 85. To-day it was 84 here at 3 p. m. and 83 at
Railroad traffic regardless of some decrease in coal movement 4 p. m. and three persons were prostrated. The temperatraceable to the strike, is still well ahead of the usual total at ture was 2 degrees below the high record for June 10, which
this time of the year. It is significant too that although was 86. The forecast was for fair and cooler weather toprices are generally on a lower plane as business returns to morrow.




JUNE 11 1927.]

THE CHRONICLE

Nationwide Survey of Indiana Limestone Co. Shows
Good Volume of Summer Building.
Summer building is swinging under way in good volume,
with promise of continued high activity the remainder of
the year, according to a nationwide survey by the Indiana
Limestone Co., made public June 6. For the first five
months of the year the approximate building total is $2,871,000,000, it is declared. This compares with $2,881,500,000 for the same period last year. "Based on preliminary reports from several hundred cities and towns," says
the survey by Thomas J. Vernia, Vice-President, "figures
for May reached the total of $645,000,000. This is an
increase over May of last year." He goes on to say:
There are many reasons for anticipating continued activity. Public
work has taken on larger proportions. A number of large theatre projects
Is contemplated. Moreover,the spreading westward of vast manufacturing
centres promises to keep industrial construction active for some time to
come. The Middle West, for instance, now has 29.5% of the country's
industrial output. This is the largest industrial development since 1900.
The next largest gain is on the Pacific Coast.
Some authorities feel that a "normal level" has been attained by the
building industry, and that with the vast natural expansion of the country
there is little likelihood of ever returning to the building totals of a decade
ago. Pre-war standards of homes, office and public buildings, theatres,
schools and churches, no longer prevail. Taking the country by sections,
the Mid-West still holds leadership in all types of construction. Illinois,
Which is supported by the exceptional strength of Chicago, and Wisconsin,
Indiana and Ohio, show the largest gains in this section. Approximately
83% of the cities in these States can still absorb a large volume of new
construction.
Unsettled labor conditions in the East have materially curtailed construction. A sharp drop in residential building there has been noted.
Large projects are waiting to go forward, however, as soon as controversies
are adjusted. The New England States are at somewhat of a standstill,
while the Southeast, despite the indirect effect of the Mississippi floods, is
holding to an even pace. A large volume of new building is in progress
there and conditions generally are fundamentally sound. The Southwest
is marking time, while San Francisco is making strides to overcome the
time lost in the recent labor strike. In the Northwest section, building
activity is going along at about the same rate as last year. Generally
the outlook is quite favorable.

3423

Almost all of clothing and textile industries reported continued reductions
in May. Men's and women's clothing and women's headwear showed the
greatest decrease in employment but there were fewer workers employed in
the women's underwear factories than in April. The decline in the clothing
industry was felt more keenly in the New York City district where the spot
market responds quickly to fluctuations in demand. The reopening of two
men's furnishings factories in this district, however, brought employment
for this industry above the April figure but up-State factories were reducing
operations. Most of the textile industries reported decreases of from 1
;to 4% but cotton goods remained even. Shoe factories were operating at
about the same rate as in April.
Reduced employment was fairly general in the paper factories and in
plants making paper products. In the printing shops, decreases, although
numerous, were not as great. Some of publishing concerns reported a
seasonal reduction in the amount of advertising.
The food industries were the only group where increases in employment
were general. Here the advance over April ranged from zero to over 6%.
The largest gains were in the tobacco factories where losses were heavy
last month but manufacturers of cereal products reported an increase of
nearly 5%. Sugar refineries, canneries, packing houses and condensed
milk factories were all increasing operations. In the confectionery and
beverage factories the gains were partly seasonal.

by Royal
Bank of Canada—Canadian and
United States Price Levels.
Discussing general conditions in Canada, the Royal Bank
of Canada in its monthly letter for June says:

Business Conditions in Canada as Viewed

delayed from
The seeding of wheat lands in the Canadian West has been
throughout the
three to four weeks, owing to generally inclement weather
this season
wheat
territory, with the result that the acreage devoted to
to the Manitoba
will be somewhat smaller than last year. According
to 25% in Mani"Free Press," the reduction in wheat acreage will amount
Alberta, the farmers
toba, 20% in Saskatchewan and 10% in Alberta. In
in other parts of
have enjoyed better weather than has been experienced
are satisfactory, gerthe Prairie Province. Since moisture conditions
of warm, dry
advent
the
with
rapid
mination and. growth should be
weather.
all lines of
The early opening of lake and river transportation stimulated
freight are well in
trade. Car loadings of merchandise and less than carload
feeling in
better
a
of
indications
advance of those of last year, giving direct
principal manufacturing
the wholesale and retail trade. The fact that the
establishments throughout Canada are operating at or near capacity and
for some months to come
have orders booked that will keep them active
largest yet
explains the employment figures for May, which were the
first published in 1920.
were
figures
recorded for this month since these
instance, is more active than at any time
Prosperity Sustained Despite Adverse Factors, Says The iron and steel industry, for
for the first four months
in the past three years, with pig iron production
Bank of America.
an amount 14% in excess of last
of the year amounting to 250,000 tons,
an increase of 27%. The newsprint
That prosperity is sustained despite adverse factors in year, and with steel tonnage 331,000, 87%
of capacity as compared with
operating at only
although
industry,
of
the
Business
"Chart
in
trade and industry is indicated
12.6%
last year, has expanded to such an extent that production is
97%
Barometers" in the June issue of the "Bank of America Re- in excess of that for January to April 1926.
high levels, the buying
With agricultural prices and wages at relatively
view," made public June 4. Automobile, crude oil and pig
Manufacture
of the general public is likely to remain satisfactory.
.iron production increased in April as compared with March, power
by
so long as it is
this
situation
gain
will
and wholesale and retail trade
while building contracts and unfilled orders of the U. S. Steel possible to reduce costs at a rate equivalent to the fall in prices.
very similar to that in the United
The price situation in Canada is
Corporation showed a decline, the latter continuing a downAccording to the Federal Reserve "Bulletin" for April 1926, the
ward trend begun in January. Increases in the following States.
Labor Bureau fell from 155 in
States
wholesale price index of the United
indices in April as compared with March are reported in February 1926 to 146 in February 1927. Since both countries are on a
country buys a substantial proportion of the
the Bank of America barometers: The total circulation and gold basis and since eachlevels
of both countries are bound to rise or fall
exports, the price
ratio of reserves to deposits of the Federal Reserve System; other's
intimately concerned with methods
together. For this reason Canadians are
total loans to member banks and interest rate on call loans. that are being used in the United States to maintain stability during the
Total earning assets of the Federal Reserve System declined, present period of falling prices.
Canadian Price Indices.
as did total bank debits of member banks. Both sterling
buying power of the Canadian dollar
exchange and francs remained unchanged. The number of
In contrast with the fact that the
unchanged so far as retail prices are concerned, the
commercial failures, as well as the liabilities involved, were has remained almost
prices has increased by
buying power of the dollar in terms of wholesale
Statistics index number
higher in April than in March. Increases were also recorded 9%
during the past year. The Dominion Bureau of
fell
in the indices of bond prices, industrial and railroad stock weighted according to the commercial importance of 236 commodities
1927, as compared with a level of 160.2 in April 1926,
prices, the volume of shares sold and new securities issued. to 148.5 in Aprilliving
as judged by the average change in retail prices
and the cost of
.Merchandise exports and imports also rose.
prices have a tendency to move
only fell from 154 to 151. Since wholesale
average
In addition to other indices, the June issue of the "Bank of more rapidly than retail prices, it is by no means certain that the
later show a decline somewhat more proAmerica Review" contains articles on "The Mississippi price of retail products will not
price leveL
portionate to that which has taken place in the wholesale
been equivalent
Flood" and "Development of Railway Consolidation."
While the drop in the price of vegetable products has
160.8—there has been
to that in the general price level—from 187.7 to
products from
their
and
a slight increase an the average price of animals
Seasonal Decreases in New York Factory Employment 137.2 to 138.1. The recent rise in the price of wheat is likely to have a
in May. Perdecided effect upon the average price of vegetable products
During May..
behaps the outstanding fact in the present situation is the relationship
There
Canada.
Industrial Commissioner James A. Hamilton on June 9 tween agricultural prices and the general price level in
as
receiving
is
farmer
present where the
stated that factory employment in New York State con- are few countries in the world at
In
for his products in terms of goods as he did in 1913.
returns
great
tinued downward in May. The net decrease of between 1 Canada, the relationship between agricultural prices and other prices reand 2% was largely seasonal and no greater than is usual at mains distinctly advantageous to the farmer.
even more
So far as the Canadian laborer is concerned, the situation is
this time of year. The heaviest losses were in the clothing
above
satisfactory. With wages in various industries ranging from 69-95%
trades but paper and printing concerns reported some reduc- the 1913 level, according to the report of the Department of Labor, "Wages
gives labor
tions. Food industries, on the other hand, were generally and Hours of Labor in Canada," the present general price levelShould
retail
buying power than was characteristic in 1913.
busier than in April. This statement is based on monthly much greaterany
in wholeplace
taken
has
which
that
decline comparable to
prices show
reports from a fixed list of manufacturing concerns. The sale prices, it will result in a substantial increase in the real wages of
list is made up of representative firms in various industries labor.

all over the State and covers approximately 20% of all
factory workers. The statement adds:
May returns indicated a high degree of stability in the metals. Half of
the industries in this group reported changes of less than 1% in employment. The downward tendency in the machinery and electrical apparatu
factories and in the railroad equipment and repair shops was less marked
than in April although the reduction in the latter amounted to 2% this
month. There was very little change in instruments and appliances, or in
automobiles, brass, copper and aluminum or sheet metal and hardware.
Iron and steel, and silverware and jewelry both continued downward. The
manufacture of structural and architectural iron showed some improvenrent
as did the operation of saw and planing mills. The biggest advance in
building materials was in the brick industry again this month.




Building Activities Diminishing.
Building activities throughout the United States have
slipped back to levels somewhat below those of 1924, according to official records of building permits issued since the first
of the year in the principal cities of the country and made
public yesterday by S. W.Straus & Co. In 500 cities a total
of $1,662,784,043 building permits were issued since January
1 compared with $1,816,578,409 last year. In 1924, when
only 400 of these cities were making reports to S. W.Straus

3424

THE CHRONICLE

[Vot. 124.

& Co., permits amounted to $1,696,032,124 or $34,000,000
more than 500 places reported this year. The consistency Business Conditions in Cleveland Federal Reserve
District-Moderate Slackening Reported.
with which new building operations in all parts of the United
In
the
Fourth (Cleveland) District, as in the United
States are settling down was also brought out in the May
records of 481 cities amounting to $3352,381,897 compared States, says the Cleveland Federal Reserve Bank in its
with $397,727,640 in May last year, a loss of more than 11 June 1 "Monthly Review," a moderate slackening has appeared in April and May. The latter month, says the Bank,
per cent.
Building permit figures have, with the single exception of, brought a further seasonal decline in iron and steel operaFebruary 1927, been on a steadily descending scale since last tions, but compared favorably with May of last year. RubJune, according to reports made to S. W. Straus & Co. ber concerns have been busy during the past two months.
The loss last July, compared with the same month of the The outlook for crops throughout most of the district has
previous year, was 11%. Since then the monthly losses improved, although heavy rains have interfered with planthave been as follows: August,9%;September,16%;October, ing to some extent, the Bank states, adding:
Profit margins in general have been declining in this district. Of
4%; November, 14%; December, 2%; January, 12%;
34
large manufacturers, 24 report this condition, and it appears
to be espeFebruary 5%(gain); March,5%;April,13% and May,11%. cially true in the
clothing, shoe and lumber industries. Keener competiEven in the special group of 25 cities where the greatest tion, resulting in falling prices, is the cause most frequently mentioned.
volume of building is in progress, May fell 3% below the same
With regard to retail and wholesale trade conditions, the
month last year, 10% below 1925 and showed only a neg- Bank in part says:
ligible gain over 1924. For the five months period, the 25Retail Trade. -city group was 3% behind- the 1926 record, the figures for
Substantial gains in department stores of all reporting cities in
this
the respective periods being $1,044,050,443 this year and district took place in April as compared with a year ago. This difference
was only partly accounted for by the shift in the Easter trade,
as
March
$1,076,834,892 last year.
and April together gained about 5% over the same months in 1926
for the

TWENTY-FIVE CITIES REPORTING LARGEST VOLUME
OF PERMITS
FOR MAY 1927, WITH COMPARISONS.
May 1927.
May 1926.
May 1925.
April 1927.
I. New York P. F
$71,725,970 177,905,083 $70,698,604 589.716,993
2. Chicago
27.806,500
30.709,700
42,051,450
42,484,200
3. Philadelphia
12,506,390
10,410,540
14,434,300
11,056,185
4. Detroit
12,379,435
19,205,834
17,081,757
13,084,877
5. Los Angeles
11,563.303
10,702,844
16,602,502
10.458.622
6. Milwaukee
5,637,049
3,952.456
4,258,428
5,013,607
7. Newark. N. J
5.478,333
3,523.792
3,726,690
3,693.058
8. San Francisco
4,979.792
2,634,875
4,047.811
4,939,212
9. Portland, Ore
4,706.125
3,002.925
3,611,195
4,022,170
10. Pittsburgh
4,691.106
3,834.282
4,600.713
2,452,482
11. Cleveland
4,494,575
6,057,275
4,895,925
4,658.325
12. Cincinnati
3,878,683
3,772,390
4,338,280
3,264.725
13. Yonkers
3,672,365
4,377,269
1,702,870
2,383,523
14. Washington, D. C
3,522,725
5,260,255
6,181,200
4,435,670
15. Boston P. F
3.504,231
3,245,308
5,844,161
3,827,521
16. Rochester
3.381,356
3,569,542
4,975,281
2,185,046
17. Minneapolis
3,287,775
2,678,050
2,864,785
2.140.840
18. Baltimore
3,144,900
4,070.300
3,095,000
3,283,200
19. San Antonio
2,935,470
2,517,289
906.635
886,785
20. St. Louis
2.769.170
4,467,904
4,781,275
2.570,146
21. Buffalo
2,730.190
3,092,061
2,085.285
3,557,
22. Sacramento
309
2,686,388
625,871
491,556
902,391
23. Seattle
2,659,555
2,895,610
2,580,825
3.181,555
24. Indianapolis
2,420,442
1,991,202
2,061,041
1,884,385
25. Flint
2.405.236
835,495
628,124
2,320,410

district as a whole. Youngstown, with 23.2%, made the largest gain
for
April, followed by Columbus with 21.5 and Toledo with 15.7. The
district increase was 10.8%. For the first four months, all cities
except
Pittsburgh have made gains, Columbus and Youngstown leading
with 14.1
and 9.4, respectively.
Thirty-nine out of 52 separate departments of retail stores
in the district
recorded gains in April, an unusually large number.
The increases were
well distributed through the various classes of goods with the
exception
of yard goods, whose sales have been declining for many months.
A remarkable gain of 82.7% took place in ribbons, doubtless
caused by the
growing use of artificial flowers, which are included in the
ribbon department by most stores when conforming to the 52-departmen
t classification.
Another extraordinary gain of 67% was shown by furs,
the explanation
here lying in the increase in sales of fur neckpieces.
Sales of 18 wearing apparel firms in April were 11.2%
ahead of last
year, and the increase for the first four months was
6.3%. Sales of 54
furniture stores increased 4.7% over April 1926.

Wholesale Trade.
This bank's index of the sales of 101 wholesale firms
in the Fourth
District (1919-1923=100) stood at 81 in April, the lowest for
that month
in the past five years. Shoe and hardware sales gained in
April over last
year, but these gains were counteracted by losses in the
other three reporting lines.
Sales of 53 wholesale grocery firms in April were less than
in any of
the preceding four years, the decrease from 1926 being
$208,967,064 $215,338,152 $233,214,878 $227,822,052
6.2%. For the
first four months, there was a loss of 5.3% from last
year. Stocks in
April were 6% under a year ago, open book accounts 5.6% less,
and collections 1.4% less. The ratio of collections in April to outstandin
g acLoading of Railroad Revenue Freight Continues to counts
on March 31 was 76.1%, and the stock turnover rate for April
was
Run Above One Million Cars per Week.
.626, or 6.31 times a year.
Dry goods sales in April were also lower than for any
of the five preLoading of revenue freight for the eighth week so far ceding
years, a loss of 7% being shown by that month and of
9.1% for
this year again exceeded one million cars for the week ended the first four months. Stocks continued to decline,
showing a drop of
on May 28, the Car Service Division of the American Rail- 23.7% from April 1926. Open book accounts were 6.8% less, but collections gained very slightly. The ratio of April collections
to March outway Association announced on June 8. Total loading of rev- standings
were 41.6%, and the stock turnover rate was .317,
or 3.80 times
enue freight for that week amounted to 1,026,397 cars, a de- a year.
Hardware sales in April gained 2.7% over last year,
crease of 54,389 cars under the corresponding week last year,
bat were lower than
in 1923, 1924
1925. The first four months gained
0.6% over last year.
but an increase of 113,310 cars over the corresponding week Stocks fell off and
22.1% from a year ago; open book accounts
rose 2.4%, and
two years ago. The total for the week of May 28 was an collections gained 5.9%.
Drug sales have shown up consistently
increase of 9,594 cars over the preceding week this year,
better than those of other wholesale lines, and although April brought
a loss of 6.5% from last year, it
due principally to increased shipments of coal, miscellaneous was ahead of the
three preceding years. The first four
months showed a
freight, ore, grain and grain products and merchandise and very slight loss of 0.1% from 1926. Open book
accounts were 2.1% more
than a year ago, while collections
less than carload lot freight. Further details follow:
were 4.3% greater.
Shoe sales in April showed a marked
Miscellaneous freight loading for the week of May
increase of 17.8% over last year,
28 totaled 386,477 and a gain of 2.4% was recorded for
the first four months. Stocks were
cars, a decrease of 19,923 cars under the corresponding
week last year but 4.6% less, open book accounts 16.8%
53,448 cars above the same week In 1925.
greater, and collections 16.5%
greater.
Loading of merchandise and less than carload lot
freight for the week
totaled 261.699 cars, a decrease of 4.605 cars under the
same week last
year but 32.616 cars above the corresponding week two
Increase in May in Postal Receipts at Fifty
years ago.
Coal loading amounted to 165.723 cars. This was a
Selected
decrease of 11,875
cars under the same week last year but an increase of
and Industrial Cities.
16,119 cars compared
with the same week two years ago.
Postal receipts for May from 50 selected and 50 industria
Grain and grain products loading totaled 39.604 cars,
l
a decrease of 4,585 cities, made public
by Postmaster-General New June 6,
cars under the same week in 1926 but 2,789 cars over the same week
in
show
1925. In the Western districts alone grain and grain products
an
average increase in the former list of 2.72% and in
loading
totaled 24,126 cars, a decrease of 1,788 cars under the same week last year. the latter
of 3.23%, as compared with revenues for the
Live stock loading amounted to 28,336 cars, a decrease of
304 cars under same month last
year. Total receipts of the cities in the
the same week last year but 3.439 cars above the same week
in 1925. In
the Western districts alone live stock loading totaled 21,068 cars, a decrease selected list for May 1927 were $29,322,
918.04 as compared
of 948 cars below the same week last year.
with $28,546,638.46 for May 1926, an increase of
Forest products loading totaled 71.860 cars, 7,520 cars below
$776,279.58.
the same
Total receipts of the cities in the Industrial list for
'week last year but 1,075 cars above the corresponding week in 1925.
May
• Ore loading totaled 62,201 cars, 4,298 cars below the corresponding week 1927 were $3,081,691.54, as compare
d with $2,985,128.21
In 1926 but 2.511 cars above the same week two years ago.
for May 1926, an increase of $96,563.33.
Coke loading amounted to 10,497 cars, a decrease of 1,279 cars under
In the selected list the greatest increase in
the same week last year but 1.313 cars above the same week In 1925.
percentage
The Pocahontas was the only district to report an increase in the total was reported by Atlanta, Ga., with
17.76% gain over last
loading of all commodities compared with the same week last year, but all year.
Los Angeles, Calif., was second with 14.89%;
districts reported increases compared with the same period in 1925.
Loading of revenue freight this year compared with the two previous Akron, Ohio, third with 14.85; Jersey City, N. J., fourth
years as follows:
with 13.84, and Brooklyn, N. Y., fifth with 12.00%.
1927.
1926.
1925.
In the industrial list the greatest percentage of increase
4,524.749
Five weeks in January
4.428.256
4458949
was recorded in Reno, Nev., with 28.18%; Scranton, Pa.,
3.823,931
Four week in February
3,677.332
3,623,047
4,016,395
Four weeks in March
3.877,397
3,702.413 was second with 23.24%; Charleston, W. Va., third with
4,890,749
4,791.006
Five weeks in April
4,710.903 20.26%; Bridgepo
rt, Conn., fourth with 19.92; Charlotte,
May
4,096.742
weeks
in
4,145,820
Four
3,869.306
Total




21,352.566

20,919,811

20.362,618

N. C., fifth with 19.76, and Lexington, Ky., sixth with
18.49%. Tabulated figures for both lists follow:

JUNE 11 1927.]

THE CHRONICLE

STATEMENT OF POSTAL RECEIPTS AT FIFTY SELECTED OFFICES
FOR THE MONTH OF MAY 1927.
Per Cf. Per Cf. Per Cs.
1927 1926 1925
Over
Over
Over
Increase. 1926. 1925. 1924.
May 1926.
May 1927.
$
Offices$
5.97
1.70
6.16
New York, N.Y__ 5,891,618.54 5.559.804.80 331,813.74
2.79
*.49
4,949,793.29 4,815,508.39 134,284.90
9.12
Chicago, Ill
Philadelphia, Pa
1,591,702.12 1,659.192.35 *67,490.23 *4.07 11.19
4.29
51,531.20
3.95
4.29
1,356,341.44 1,304.810.24
1.59
Boston, Mass
11,444.93
1.13
3.01
1,020.086.33 1,008,641.40
1.20
St. Louis. Mo
*38,534.22
835,191.86
14.61 11.78
796,657.64
6.96
Kansas City. Mo
1,479.16
*.18 10.67 14.70
842,251.83
840,772.67
Detroit, Mich
760.161.51
3,503.56
.46
7.25
Cleveland, Ohio_ 763,665.07
1.99
675,029.61 100,480.30 14.89
3.45
Los Angeles, Calif- 775,509.91
2.92
5,756.37
.89
674,283.15
3.03
San Francisco, Callf 680,039.52
4.56
76,651.63 12.00
638.688.65
3.89
Brooklyn, N. Y
715,340.28
6.53
Pittsburgh,
638,976.23 41,034.63 *8.42 10.64
597,941.60
*.16
5,796.45
.94 8.37 11.80
Cincinnati, Ohlo
614,192.33
619.988.78
Minneapolis, Minn 481,124.42
509,489.78 *28,365.36 *5.57
•.13
.95
4,717.63
.89 15.53
530,045.30
Baltimore, Md
534,762.93
5.72
13,962.47
3.24
430,944.72
Milwaukee, WLs_
444,907.19
3.76
8.80
7,881.33
1.85 10.87
Washington. D. C_ 434.538.27
426,656.94
1.54
927.44
.26 *6.84
Buffalo, N. Y
360,509.14
359.581.70
7.84
7,324.06
2.16
346,232.99
338,908.93
1.49
St. Paul, Minn.__
1.40
378.304.72
*1.427.79
•.38
Indianapolis, Ind
376,876.93
.09
5.45
53,462.34 17.76
301,092.27
Atlanta, Ga
354,554.61
2.98
5.56
21,506.42
315,467.79
6.82 *4.69 19.65
Newark, N. J
336.974.21
3.023.72
290,967.94
1.04
Denver, Colo
293,991.66
6.00
5.17
14,572.34
275,341.31
5.29 11.69
Dallas, Tex
289,913.65
7.60
7,628.61
2.94 8.14
259,424.79
Seattle, Wash
267,053.40
5.42
*8.357.83 *3.35
240,936.58
249,294.41
Omaha, Neb
4.88
.48
Des Moines. Iowa- 251,668.94
269,767.78 *18,098.84 *6.71 21.15 *4.49
3,147.19
248,524.80
245,377.61
1.28
Portland, Oregon
8.06
1.17
11,541.16
238,627.91
227,086.75
5.08
Louisville, Ky
4.29
2.21
13,705.29
241,639.39
227.934.10
6.01
Rochester, N.Y
3.76 '.69
226,708.41
*3,279.60 *1.43
229,988.01
Columbus, Ohio
3.32 6.86
*6.692.73 *3.01
215,940.32
222,633.05
2.36
New Orleans, La
8.58
13,757.84
7.56
181,900.73
Toledo, Ohio
195,658.57
7.51
3.77
1,975.16
1.21 *1.24
164.839.02
162,863.86
Richmond, Va
7.04
16,948.87 11.50 *4.93
164,302.04
147,353.17
Providence. R.I5.61
*6,103.70 *3.64 *2.01 13.39
167,574.00
Memphis. Tenn.-- 161,470.30
178,382.42
8,330.58
4.67 14.53 14.74
Dayton. Ohio
186,713.00
Hartford, Conn.__
176.954.35
4,007.50
2.30 10.58
181,021.85
6.67
134,521.19
1,553.04
1.15, 3.10
Nashville, Tenn.-- 136,074.23
6.98
147,666.92
10,050.72
Houston. Tex
157,717.64
6.81
7.59
2.77
127,232.63
1,510.26
1.19
Syracuse, N. Y..--- 128.742.89
.20
*.73
6.331.15
121,993.88
5.19 *5.57
New Haven Conn_
128,325.03
6.98
6,794.52
Grand Rapids, Mich 142,507.22
135,712.70
5.01
5.74 12.66
Akron, Ohio
115,909.48
17,217.73 14.85
133,127.21
.58 17.65
Fort Worth, Tex
134.217.69
3,345.96
2.49 29.14
137,563.55
2.48
104,394.62
Jersey City. N. J
14,445.56 13.84 *2.69
118,840.18
4.23
Springfield, Mass
96,495.68
3.060.60
3.17
99,556.28
.56
2.34
Salt Lake City, Utah 105,010.91
106,808.00
*1,797.09 *1.68
4.02 12.46
*5,529.61 *5.82 15.01 12.86
Jacksonville, Fla
94,975.69
89,446.08
96,641.30
Worcester, Mass
107,059.10
10,417.80 10.78
4.77
3.62
Total
29,322,918.04 28,546,638.46 776,279.58
2.72
3.98
5.94
•Decrease.
Feb. 1927 over Feb. 1926, 4.31; March 1927 over March 1926,3.39; April 1927
over April 1926, 2.91.
STATEMENT OF POSTAL RECEIPTS AT FIFTY INDUSTRIAL OFFICES
FOR THE MONTH OF MAY 1927.
PerCt. Per Cf. Per Cl•
1927 1926 1925
Over
Over
Over
May 1927. May 1926. Increase. 1926. 1925. 1924.
Offices$
$
$
%
%
Springfield, Ohio
171,082.59 194,437.61 *23,355.02 *12.01
8.02 50.42
Oklahoma. Okla
122,723.08 120.243.68
2,479.40
2.06
8.60 20.05
141,521.93 129,354.55 12,167.38
9.41
Albany, N. Y
5.30
8.00
86,941.21 20,201.27 23.24
Scranton, Pa
107,142.48
5.04 *8.30
117,525.09 121,391.14 *3.866.05 *3.18
Harrisburg, Pa
3.67 27.53
93,340.19
8,955.34
San Antonio, Tex
102,295.53
9.59
9.69 *1.08
Spokane, Wash
83,802.48
81.043.88
2,758.60
3.40
.84
1.02
Oakland. Calif
147,988.44 132,945.66 15,042.78 11.31
5.05 25.65
Birmingham, Ala
136,194.36 122,709.89 13.484.47 10.99 10.93
9.08
Topeka, Kan
90,923.85
79,227.90 11,695.95 14.76 *6.10 *3.22
Peoria, III
*26.87
80,976.86
81,003.73
*.03
.38
8.56
Norfolk, Va
71,158.40
71,000.35
158.05
.22 13.08
1.09
Tampa, Fla
61%209.90
83.503.11 *22,293.21 *26.70 11.57 25.10
Ft. Wayne, Ind
81,688.02
82,599.18
*911.16 *1.10 *1.97
5.94
Lincoln, Nob
72,102.37
67.211.79
4,890.58
7.28 *4.80
4.37
Duluth, Minn
60.252.71
63,108.07 *2,855.36 *4.52 *4.12 10.12
Little Rock, Ark
66.082.97
66,019.59
63.47
.10
*.78
3.06
Sioux City, Iowa
66.707.65
65.768.55
939.10
1.43 *1.86
6.88
Bridgeport, Conn
81,072.27
67,604.53 13,467.74 19.92
.53
2.55
Portland, Me
65,279.12
61,921.71
3,357.41
5.42 *12.18 18.58
St. Joseph, Mo
52,916.19
55,329.69 *2,413.50 *4.36
5.78
5.92
Springfield. III
74,367.43
74,176.36
191.07
.26 36.05
Trenton, N. J
66,691.00
60.037.87
6,653.13 11.08
5.49 10
7.
.3
05
2
Wilmington, Del
59.007.52
60,075.42 *1,067.90 *1.78 10.71
Madison, Wls
66.521.64
64,410.19
2,111.45
3.28 18.32 76
7.
..9
79
2
Bend,
Ind
South
78,468.28
72,281.21
6,187.07
8.56
5.49
Charlotte, N. C
66,095.41
55,191.28 10,904.13 19.76 *4.62
Savannah, Ga
44.176.62
43,940.35
236.27
.54 *1.40 *18
5..2
63
2
Cedar Rapids. Iowa
47.465.30
46,279.43
1,185.87
2.56
.28
6.92
Charleston. W. Va
44,993.20
37.414.08
7,579.12 20.26
*.74 *20.05
Chattanooga, Tenn
56,509.00
60,006.00 *3,497.00 *5.83
Schenectady. N.Y-42,101.89
44,790.42 *2,688.53 *6.00
2.57
34,174.42
Lynn, Mass
39,458.70 *5,284.28 *13.39
85.1i
5.59
Shreveport, La
39,059.79
39,242.49
*182.70
▪ 46
29,224.33
Columbia, S. C
27,939.84
1,284.49
4.60 *1
13
3...3148 1.1i
Fargo, N. D
32,085.39
32.552.56
*467.17 '1.43
27
Sioux Falls, S. D
31,767.49
32,574.78
*807.29
*3.32 12.66
Waterbury. Conn
31,510.85
32,893.05 *1,382.20 •
7.03
•.22
Colo
Pueblo,
26,958.60
25,450.44
1,508.16
5.93 *6.56
8.99
Manchester. N. H
24,421.88
24,369.72
52.16
.21
.34
9.31
Lexington. Ky
36.958.88
31,191.95
5,766.93 18.49
*.62
6.20
Phoenix, Ariz
31,177.07
26,587.84
4,589.23 17.26 10.34
8.53
18,518.72
Butte, Mont
19,669.17
1,15045 8.21 *5.45 *3.41
Jackson, Miss
26,533.71
25,323.21
1,210.50
4.78
4.87 12.77
Boise. Idaho
17,741.00
17,470.00
271.00
1.55 *3.48
4.99
Burlington. Vt
20.048.09
19.784.26
263.83
1.33
7.03
1.30
'Cumberland, Md
14,948.69
12,679.19
2,269.50
56 *6
*..2
62
1
Reno, Nev
16,032.76
12,507.29
3,525.47 2
17
8.9
1(
4
1.
.86
Albuquerque, N. Mex- 14,110.58
12,471.16
1,639.42 13.14
3.19 *4.19
Cheyenne, Wyo
8,225.26
8,804.48
*579.22 *6.52 *17.92 25.64
Total
3.081,691.54 2,985,128.21 96,563.33
3.23
3.89
8.40
•Decrease.
Feb. 1927 over Feb. 1926, 3.54: March 1927 over March 1926, 1.34: April
1927
over April 1926, 3.22.

3425

but has naturally affected employment adversely in lumbering, brick yardsi
cement works, and manufacturers of all kinds of building material. Unfavorable farming conditions the past few seasons have reduced agricultural
returns and made it difficult for farmers to hire labor as extensively as
formerly. On the other hand, textile mills, tobacco factories, non-union
coal mines, shipyards, and other more or less important industries are using
full quotas of workers,and road-building gives employment to large numbers
of common laborers.

As to the business situation in the district the bank says:
Business in the Richmond Federal Reserve District was relatively better
In April than in March, and on the whole compared favorably with the
volume of business transacted in April
Reserve bank credit extended
to member banks increased during April and the first half of May, due to
country bank needs for crop planting, but the increase was moderate.
City banks actually reduced their borrowing at the Reserve bank, and their
loans to customers declined while their deposits and investments increased.
Debits to individual accounts during the four weeks ended May 11 were
slightly lower than during the corresponding period last year, but the
decrease was much less than the decline in the general price level during
the year. Business failures in the fifth district last month were fewer in
number than those of April
although the liabilities were greater.
Employment is somewhat smaller than in May a year ago, particularly in
the construction industry which is less active than in the early months
Textile mills are operating full time, and have more forward
of
orders than for many months. Agricultural prospects in the district are
difficult to estimate so early in the season, but fruit growers appear to
the only real sufferers from recent unfavorable weather. Cold weather and
late frosts in April and early May cut down the prospective yield based on
early spring conditions, and official observers do not expect nearly as large
fruit crops as those gathered in
In practically all other agricultural
lines, however, prospects are better at this time than they were in late May
a year ago, when extreme dryness had prevented planting or germination
of seed, had impaired grass and hay fields, and had withered truck crops.
Retail trade in April was in larger volume than in April
and wholesale
trade, while seasonally below that of March, was about equal to that of
April last year.

1926.

1926,

1926.

1926.

1926,

Business Conditions in Dallas Federal Reserve District.
An increased volume of merchandise distribution at retail
in the larger cities and a general improvement in the whole..
saletrade situation were important developments in the Dallas
Federal Reserve District during April,according to the June 1
issue of the "Monthly Business Review" of the Federal
Reserve Bank of Dallas, which in part also says:
Department store sales reflected a gain of 4% over the previous month
larger than in the corresponding month last year. While
and were
wholesale distribution declined seasonally as compared to the previous
month. the April volume was larger than in the previous year. The
stocks being carried by both retail and wholesale merchants generally
are less than those carried a year ago and there appears to be a well-defined
policy among retailers to keep purchases closely aligned with consumer
demand. Business generally has been well sustained under the existing
circumstances and optimism Is becoming more general. A further indication of the large volume of public spending is shown by the fact that charges
to depositors' accounts at banks in 17 principal centres were 5% larger
than a year ago.
The business mortality rate again turned sharply upward In April and
'indicates that readJustments in business are still taking place. Both
the number of failures and the amount of indebtedness were substantially
greater than in either the previous month or the corresponding month
last year.
The past month has witnessed a material change in the crop situation.
The excessive rains and floods in some sections and dry weather in other
sections have had an adverse effect on growing crops and have hindered
farm work generally. Small grains have deteriorated rapidly and present
prospects point toward less than a normal yield. Planting operations
have progressed slowly and grass and weeds have grown rapidly in the
wetter areas. While the crop outlook . not altogether encouraging, yet
it must be borne in mind that the present handicap can, to a large extent,
be overcome in a short time should favorable weather prevail. The
physical condition of ranges and livestock continues good except in the
dry sections where the grass is short and livestock are beginning to shrink.
Construction activity, as measured by the valuation of permits issued
as compared to March and
at principal cities, reflected a decline of
The decline from a year ago was the
was 33% less than in April
largest recorded since last October. The production, shipments and
new orders for lumber were less than in either March this year or April
last year. On the other hand, the production and shipments of cement
were slightly larger than in the previous month and substantially larger
than In April

6%

1926.

29%

1926.

The bank presents the following table showing the situation
at a glance:
Inc.
Apra.
Bank debits to individual accounts (at 17 cities)------8753,555.000
Department store sales
Reserve Bank loans to member
banks at end of month
$4.080,510
Reserve Bank ratio at end of
month
68.1%
Building permit valuations at
larger centres
88.185,882
Commercial failures(number)
75
Commercialfailures (liabilities)_ $1,685,229
Oil production (barrels)
19,871,810
Lumber orders at pine mills (per
cent of normal production)
82%

March.

881,621,000

o

Dec.(-).

-6.0%
+4.1%

$3,844,584

+6.1%

71.3% -3.2 points
811,547,210
59
81,415.400
20.954.935
87%

-29.1%
+27.1%
+19.1%
-5.2%
•---5.0 Points

Business Conditions in Richmond Federal Reserve
Goodyear Rubber Co. Reduces Small Tire Prices About
District-Labor Conditions.
5%-Other Companies Expected to Meet Mail Order
Federal
Reserve
The
Bank of Richmond has the following
Cuts on Second Grades.
to say regarding labor conditions in its "Monthly Review"
The following is from the New York ",Evening Post" of
issued under date of May 31:
Labor conditions have changed little during the past month. There is June 8:

some unemployment in nearly all sections of the district, but the number
of idle workers is not seriously large at any particular point. No one
development is responsible for the increase in the ranks of the unemployed

during recent months, but a number of industries are somewhat less active
than at this time last year. The chief influence at work in reducing employment is the decline in construction work in comparison with the past two
or three years, and this decline is felt not only among the building trade




A reduction of about 5% in the prices of second grade tires to meet
the cuts recently made by mail order houses was announced to-day by the
Goodyear Tire & Rubber Co. Only four classes of product are affected
and these are principally in the 33.i-inch sizes of the fabric group.
Other leading companies, such as United States Rubber Firestone, Fisk

and Goodrich concerns, are expected to follow the Goodyear cut. While
there is said to be some uncertainty in the trade with regard to the trend

3426

THE CHRONICLE

[var.. 124.

The hardwood mills, with six more mills reporting this
week, show a slight increase in production with shipments
and new business about the same. In comparison with the
corresponding week last year, when six more mills reported,
there was a heavy decrease in production, due to the MisRecord Selling Causes Collapse of Rubber Market- sissippi Valley floods, a slight decrease in shipments and
a notable decrease in new business, declares the report issued
4,167M Long Tons Dumped Drives Price Off 140
by the association, from which we quote further details as
to 170 Points for Year's Low—Crash Here
follows: .
Reflected in London Trading.
Unfilled Orders.
Prices for crude rubber collapsed under a deluge of selling
The unfilled orders of 173 Southern Pine and West Coast mills at the end
orders in this market on June 9,it was noted in the New York of last week amounted to 485,223,693 feet, as against 512,060,297 feet
"Journal of Commerce" of yesterday,from which the follow- for 176 mills the previous week. The 104 identical Southern Pine mills
in the group showed unfilled orders of 197,218,599 feet last week,as against
ing is also taken:
202,628,637 feet for the week before. For the 69 West Coast mills the

of prices for other sizes and grades, the consensus of leading officals was
understood to-day to ho that no further price changes would be made in
thc near future.
The Kelly Springfield Tire Co. to-day advanced the price of truck tires
17 to 21%. No change was made in other lines.

So determined were operators In the commodity to get rid of their con-.
tracts that the total turnover for the day on the Rubber Exchange was
swelled to 4.1673- long tons, a new record, while prices for future deliveries
went down from 140 to 170 points to the lowest levels in a year.
It was the culmination of eight days of uninterrupted selling on the
exchange, followed by bearish operations in the "outside" market—that is
among rubber dealers outside of the organized market in Singapore and in
London. The bearish movement has been gaining momentum on this side
daily for over a week regardless of the trend or the response in those
important rubber centers.

unfilled orders were 288,005,094 feet. as against 309,431,660 feet for 72
mills a week earlier.
Altogether the 292 comparably reporting softwood mills had shipments 95% and orders 79% of actual production. For the Southern
Pine mills these percentages were respectively 100 and 90, and for the
West Coast mills 99 and 83.
Of the reporting mills, the 263 with an established normal production
for the week of 174,936,270 feet, gave actual production 93%, shipments
91% and orders 76% thereof.
The following table compares the lumber movement, as reflected by
the reporting mills of seven softwood, and two hardwood, regional assoications, for the three weeks indicated (000 omitted):

Decline Marked in Landon.
And this development is regarded by many in the industry equally
important as the present decline. London, financial center of the nation
Preceding Week
Corresponding
which controls the major portion of the rubber-growing industry in the
Week 1926.
1927 (Revised).
Past Week.
manner of a monopoly, has been unable to stem the tide of selling in its
Softwood Hardwood Softwood Hardwood Softwood Hardwood
own market. Cables from London yesterday stated that every decline in
the New York cables was followed by fresh selling there, a condition that Mills*
135
295
155
364
147
292
has prevailed on each day of the decline, and placing control of the world Production
14,268
24,090 193,891
17,449 238,598
179,453
20,617
20,372 251,299
Shipments_
21,467 201,003
171,136
rubber situation in the hands of the New York trade.
10275
901 550
OR 9511
210015
10040
149511
(wpm
_
Rubber was pegged for months in London around the 20d. level prior to
* Fewer West Coast mills are reporting this year; to make allowance for this
the present downward movement and the local markets reflected this with
a stabilized market around 41c. a pound, which varied very little over a add 21,000,000 to production, 21,000,000 to shipments and 17,000,000,000 to
orders in comparing softwood with last year.
long period. Factors in the local market pointed out yesterday that the
Because of considerably smaller number of West Coast mills making
decline inaugurated here revealed the thin covering to the London stability;
that the understructure of the entire rubber situation was weak In con- statistical reports this year, cumulative figures comparing production,
sequence of heavy and steadily accumulating supplies, and that the British shipments and orders for 1927 and 1926 are discontinued.
The mills of the California White and Sugar Pine Association make
sellers were maintaining rubber at a price not justified by the available
Weekly reports, but not being comparable, are not included in the foregoing
supplies of the commodity.
The bear drive was started On nothing unfavorable in particular, but tables. Seventeen of these mills, representing 56% of the cut of the Calirather on the combination of several bearish circumstances. Stocks of fornia pine region, gave their production for the week as 24,071,000, shipcrude rubber in the country have increased from 60,870 tons in August ments 19,708,000, and new business 16,103,000. Last week's report from
1926, o 92,757 tons at the end of last April, despite an increased con- 15 mills, representing 43% of the cut, was: Production, 18,796,000 feet;
sumption rate. Exports of rubber, from the Far East during the first four shipments 15,810,000 and new business 13,808,000.
months of the year were heavy, of which the gain in shipments of Dutch or
West Coast Movement.
non-restricted rubber, is a feature. Lastly, the trade has been looking for
The West Coast Lumbermen's Association wires from Seattle that new
reductions in tire prices, a development which has been held in abeyance
business for the 69 mills reporting for the week ended June 4 was 17%
but which many now believe to be close at hand.
below production, and shipments were 1% below production. Of all new
Tire Cut a Factor.
business taken during the week,34% was for future water delivery, amountThe bearish element in the market felt that the reductions announced by ing to 17,795,753 feet, of which 13,257,173 feet was for domestic cargo demanufacturers on the second line, or "mail order" tires, Wednesday last livery and 4,538,580 feet export. New business by rail amounted to
was the forerunner of a general slash in prices. That such action Is con- 31,481,135 feet, or 60% of the week's new business. Thirty-seven per
templated is denied by the manufacturers. Notwithstanding selling cent of the week's shipments moved by water, amounting to 23,191,039 feet,
rubber increased by leaps and bounds on the cut in second line tires. When of which 13,054,646 feet moved coastwise and intercoastal, and 10,136,393
London and Singapore responded to the decline in crude on this side, the feet export. Rail shipments totaled 36,082.039 feet, or 58% of the week's
shipments, and local deliveries 2,935,848 feet. Unshipped domestic cargo
bears practically "threw everything overboard."
July delivery led in the activity on the exchange yesterday. After opening orders totaled 116,119,077 feet. foreign 71,574,541 feet, and rail trade
finally
and
100,311,476 feet.
at 38c., a decline of 90 points, it fell to 37.50c., rallied to 37.70c.
Southern Pine Reports.
closed with a net loss of 130 points. December suffered the heaviest loss,
closing 150 points lower, while September, another active delivery, started
The Southern Pine Association reports from New Orleans that for 104
of 110 points down at 38c. and wound up at 47.70c.for a net loss of 140 mills reporting, shipments were 0.17% below production and orders were
points.
9.66% below production and 9.51% below shipments. New business taken
The outside market also reported the sharpest decline in many months. during the week amounted to 51,498,606 feet (previous week, 51,973,533);
The spot and June deliveries of ribbed smoked sheets dropped 1%.c. a shipments, 56,908,644 feet (previous week, 60,315,729); and production,
Pound at one time to 37%c., at which a fair business was done for factory 57,003,883 feet (previous week. 57,793,818). The normal production of
account. Later, on the: appearance of buying interest at this level. the these mills is 65,652,300 feet. Of the 103 mills reporting running time, 76
price moved u.) to 38%c. offered, a net loss for the day of 74c, a pound.
operated full time, 19 of the latter overtime. Five mills were shut down.
The future deliveries outside weakened to a greater extent and July and and the rest operated from two to five and one-half days.
July-September showed net losses of 1 %c.a pound.while October-December
The Western Pine Manufacturers Association of Portland, Ore., with
settled 13%c. lower for the day. The off grade and lower plantations three fewer mills reporting, shows some decrease in production, a marked
weakened from 13%c. on the ambers to ,34c. on rolled brown crepe. The decrease In shipments, with new business much below that reported for the
lowest price in a year was reported paid for the popular off-grade rubber previous week.
"Harbours 21," which sold to a factory at 37c. and 3731c.
The California Redwood Association of San Francisco, Calif., with one
Para grades were affected by the liquidation in the standards but to a more mill reporting, shows production about the same, a big increase in
lesser extent. Up-river fine declined lc. and the other grades In his group shipments and a heavy decrease in new business.
Mc. a pound. Mexican rubber, Relates and other tropical grades declined.
The North Carolina Pine Association of Norfolk, Va., with two fewer
mills reporting, shows some decrease in production, and material decreases
in shipments and new business.
The Northern Pine Manufacturers Association of Minneapolis. Minn.,
Automobile Price Changes.
with two more mills reporting, shows more than 100% increase in producThe F. B. Stearns Co., manufacturers of Stearns-Knight tion,
shipments about the same, and a notable decrease in new business.
passenger automobiles, has announced advances in prices
The Northern Hemlock and Hardwood Manufacturers Association of
ranging from $100 to $200 per car on the six-cylinder line Oshkosh, Wis. (in its softwood production), with six more mills reporting,
shows production about the same, a slight increase in shipments and
and from $100 to $400 on the eight-cylinder line. -In ad- nearly 50%
reduction in new business.

vising dealers and distributors of the new schedules officials declared that in order to maintain and improve the
quality of the product it has been found necessary to get
somewhat higher prices.
Lumber Industry Less Active—Mississippi Floods Cut
Production Under Last Year's Level.
As reflected by comparable telegraphic reports from 309
of the larger commercial softwood, and 147 of the chief
hardwood, lumber mills of the country, received by the
National Lumber Manufacturers Association for the week
ending June 2, there was a recession in the softwood lumber
movement, both as compared with the preceding week and
with the same period of 1926. The decrease in orders was
more marked than that of production and shipment.




Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., reported from twenty mills (six more than reported for the
week before) notable increases in production and shipments and new business
about the same as that reported for the preceding week.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
from 127 mills (six more mills than reported for the week earlier) a marked
increase in production, a nominal decrease in shipments and new business
practically the same as that reported for the previous week. The normal
production of these units is 21,336,000 feet.

West Coast Lumbermen's Association Weekly Report.
Seventy-two mills reporting to the West Coast Lumbermen's Association for the week ended May 21 manufactured
78,147,237 feet, sold 86,373,977 feet and shipped 82,766,950
feet. New business was 8,226,740 feet more than production and shipments 4,619,713 feet more than production.

JUNE 11 1927.]

VIE

3427

CHRONICLE

COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS.
SHIPMENTS AND UNFILLED ORDERS.
May 28.
May 21.
May 14.
Week EndedMay 7.
72
70
71
72
Number of mills reporting
78,147,237
71,531,242
74,265,525
76,794,228
Production (feet)
86,373,977
81,249,687
86,257,337
58,875,279
New business (feet)
82,766,950
79,441,557
82,600,778
74,147,640
Shipments (feet)
Unshipped balances:
107,858,928 114,605,293 119,697,099 123,578,790
Rail (feet)
127,978,764 112.280,515 110.647,960 105,612,798
Domestic cargo (feet)
73,593,968
70,939,180
70,485,189
67.525,672
Exports (feet)

shoes, 9,145,114 pairs of women's shoes, 3,702,686 pairs of
misses, and children's shoes, 2,239,889 pairs of infants'
shoes, 219,470 pairs of athletic and sporting shoes (leather),
275,066 pairs of shoes with canvas, satin and other fabric
uppers, 236,883 pairs of all-leather slippers for house wear,
1,775,534 pairs of part-leather slippers for house wear, and
839,066 pairs of all other leather or part-leather footwear.

Total (feet)
309,431,660 297,824,988 300,330,248 296,717,260
First 21 Weeks of1927.
1926.
1925.
1924.
119
77
105
Average number of mills_
127
Production (feet)
1,540,884,167 2,167,259,759 2,139,431,649 2,101,642,665
New business (feet)
1,649,514,522 2,272,774,360 2,169,856,265 1,970,170,319
Shipments (feet)
1,593,434.840 2,236,747,249 2,186,754,221 2,159,665,970

PRODUCTION OF BOOTS AND SHOES: APRIL 1927, 1926 AND 1925; AND
COMPARATIVE FIGURES FOR JANUARY-APRIL 1927 AND 1926.

Lumber Production and Shipments During
Month of April.
The "National Lumber Bulletin," published monthly by
the National Lumber Manufacturers Association of Washington, D. C., and Chicago, Ill., on June 7 1927 issued the
following tabulations showing the production and shipments
of lumber during the month of April:
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS ASSOCIATION FOR APRIL 1927.
Production.
Association--

M Ft.
California Redwood
16
California White & Sugar Pine Mfrs 20
Florida Dense Long Leaf Pine Mfrs.
6
North Carolina Pine
53
Northern Hemlock & Hardwood
Mfrs
37
Northern Pine Mfrs
8
Southern CI press Mfrs
8
Southern Pine
135
West Coast Lumbermen's
72
Western Pine Mfrs
37
Lower Michign Mfrs
12
Individual reports
22

Shipments.

Hardwds. Softwds. Hardwds. Softteds.

40,625
2,982

9,713
10,896

M Ft.
28,385
54,016
7,568
38,510
16,159
32,541
9,536
301,346
344,146
127,444
2,005
17,300

M Ft.

M Ft.
36,751
93,613
7.564
37,818

27,838
4,550

7,484
12,619

22,278
33,731
7,622
320,307
402,368
127,137
2,050
23,152

Number of Pairs.
Kind.
I

April
1927.

April
1926.

April
1925.

Jan.-April Jan.-April
1927.
1926.

Boots and shoes, total_ _ 27,678,451 26,637,138 29,476.442 111,239,799
High & low cut (leather),
24,332,432 22,803,505 24,852,648 98,935,905
total
7,269,321 6,515,927 7,189,276 30,803,383
Men's
Boys' and youths'__ _ _ 1,975,422 1,530,261 1,997,900 8.111,348
Women's
9,145,114 8,982,814 9,396,045 36,306,358
Misses' & children's_ _ 3,702,686 3,549,644 3.986.137 14,742,428
Infants'
2,239,889 2,224,859 2,283,290 8,972,388
Athletic and sporting
645,500 1.216,491
(leather)
482,784
219,470
Canvas, satin, and other
275,066
515,316
965,867
986,369
fabric•
Slippers for house wear,
2,012,417 1,872,776 1,901,930 7,127,960
total
281,092
387,157 1,011,106
236,883
All leather
1,775,534 1,591,684 1,514,773 6,116,854
Part leather
All other leather or part962.757 1,110,497 2,973,074
839,066
leather footwear

106,136,767
92,402,780
27,491,416
6,526,289
35,797,619
13,875,070
8,712,386
2,091,072
2.291,489
5,906.845
929,898
4,976,947
3,444.58

*Excludes rubber-soled footwear.

Increase in Sales of Standard Cotton Textiles During
May Over Year Ago-Increase in Stocks on Hand.
Sales of standard cotton textiles during May were nearly
twice as large as they were a year ago, according to statistics
for the month compiled by the Association of Cotton Textile
Merchants of New York and made public June 9. Unfilled
orders established a new high record, according to the Association, which says:

Total
426
64,216 978,956
52,491 1,114,391
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS ASSOCIATION FOR APRIL 1926.

Sales amounted to 328,144,000 yards,or 141.5% of production,which was
231,874,000 yards. The volume of sales was 91.5% larger than during the
corresponding period in 1926. Unfilled orders on June 1 were 572,009,000
yards, or 20% larger than on May 1, and equivalent to nearly ten weeks'
production at the rate of output during May.
Shipments amounted to 230.665,000 yards, or 99.5% of production.
Production.
Shipments,
Stocks on hand aggregated 177,890,000 yards May 31, an increase of 0.7%
AssociationMills. Hardwds. Softwds. Hardwds. Softwds.
during the month.
The reports compiled by the Association are based on yardage statistics
M Ft.
M Ft.
M Fl.
M Ft.
California Redwood
15
33,506
32,682 on the production and sale of more than 200 classifications of standard cotCalifornia White & Sugar Pine Mfrs 20
140,047
104,765 ton cloths during the four weeks of May. They represent a large part of
Florida Dense Long Leaf Pine Mfrs
7
4,868
3,765 the volume of these goods manufactured in the United States.
North Carolina Pine
40
25,711
31,137
Northern Hemlock & Hardwood
A summary showing the.records of May 1926 compared with May 1927
Mfrs
41
47,175
15,785
29,445
20,293 follows:
Northern Pine Mfrs
10
42,478
Change
47,126
Southern Cypress Mfrs
9
2,009
8,349
2,072
10,962
1927.
from 1926.
1926.
Southern Pine
163
361,363
392,191
201,058,000
231,874.000
+15.3%
West Coast Lumbermen's
103
418,243
431,915 Production
Western Pine Mfrs
328,144.000
41
171.304,000
+91.5%
146,379
132,120 Sales
Lower Michigan Mfrs
10
9,794
1,094
5,018
2,349 Shipments
+22.8%
187,796,000
230.665,000
Individual reports
32
16,386
47,647
16,122
46,614
176,681,000
-35.4%
273,658,000
Stocks on hand-May 1
177,890,000
-38.0%
286,920,000
Total
May 31
491
74,364 1,245,470
52,657 1,255,919
474,530,000
234,252.000
+102.6%
Total production April 1927, 1 043,172,000 ft.; April 1926, 1,319,834,000 ft, Unfilled orders-May 1
572,009.000
217,850,000
May 31
Total shipments April 1927, 1,166,882,000 ft.; April 1926. 1,308,576,000 ft.
+162.6%
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY STATES
BY MEMBER ASSOCIATIONS.
April 1927.
Mills.
Alabama
Arkansas
California
Florida
Georgia
Idaho
Louisiana
Michigan
Minnesota
Mississippi
Montana
North Carolina
Oklahoma
Oregon
South Carolina
Texas
Virginia
Washington
Wisconsin
Others•

12
15
30
11
10
12
39
21
4
32
7
15
3
41
16
34
15
55
29
25

Production,
Feet.
22,724,000
29.493,000
67.388,000
24,616,000
5,676,000
51,810,000
69,161,000
25,970,000
20,540,000
94,836,000
17.233,000
7.001,000
7,191,000
178,305,000
10,337,000
69,087,000
19,821,000
239,255,000
42,532,000
40,196,000

Shipments,
Feet.
23,772,000
31,956,000
111,474,000
25,884,000
7,383,000
44,975,000
70,515,000
21,796,000
22,824,000
106,289,000
14,293,090
8,137,000
6,528,000
221,462,000
9,733,000
71,051,000
16,612,000
267.666,000
38,911,000
45,621,000

Total

426 1,043,172.000
1,166,882.000
*Includes mostly individual reports, not distributed.

The Bureau of the Census on Production of Boots
and Shoes for April 1927.
The Department of Commerce, Bureau of the Census,
based on reports received from 1,000 manufacturers, representing 1,151 factories, finds that the total production of
boots and shoes during the month of April 1927 amounted
to 27,678,451 pairs, as compared with 21,276,525 pairs in
March and 27,292,266 pairs in February 1927, 26,637,138
pairs in April 1926, and 29,476,442 pairs in April 1925.
Comparative figures for January-April show 111,239,799
pairs produced in 1927 and 106,136,767 pairs produced for
•
the same period in 1926.
The April production included 7,269,321 pairs of men's
shoes (high and low cut, leather), 1,975,422 pairs of boys'




Cotton Ginned from the Crop of 1926.
The Department of Commerce will shortly distribute the
annual bulletin on cotton production in the United States
from the crop of 1926. The statistics were compiled by
the Bureau of the Census from the individual returns collected from 15,753 active ginneries located in 978 counties
in 19 States. The final figures of cotton ginned are 17,755,070 running bales, counting round as half bales, equivalent
to 17,977,374 bales of 500 pounds each. The crop of 1926
was the largest ever harvested in this country, exceeding
that of 1914, the next largest crop, by 1,842,444 equivalent
500-pound bales, that of 1925, the third largest, by 1,873,695
bales, and that of 1921, the smallest crop in 30 years, by
10,023,733 bales.
The total as shown in the bulletin is 67,463 running bales
in excess of the preliminary figures issued on March 21.
At the March canvass the ginners reported the number of
bales ginned and furnished an estimate of the number, if
any, that they expected to gin thereafter. These estimatos
totaled 234,041 bales, for some counties amounting to as
much as 6,000 bales. In order that the final figures of
cotton ginned might represent the actual condition, the
Bureau had the local agents in sections showing considerable
quantities remaining to be ginned make an additional canvass. While in some instances the ginners fell short of
their expected ginnings, in most cases they reported a larger
number.
Notwithstanding the unusually large total for the United
States, the crop of 1926 was smaller than that of 1925 in
Arkansas, Florida, Illinois, Kansas, Kentucky, Louisiana,
Mississippi, Missouri, Tennessee and Virginia. The increased ginnings for the country were due principally to the
Texas production, which was one and one-half million bales

3428

THE CHRONICLE

larger than for the preceding crop. There were 10,286,155
bales, or 57% of the total, produced west of the Mississippi
River, the quantity exceeding that ginned east by 2,594,936
bales.
The bulletin shows the ginnings by States and by counties.
It also shows the ginnings to specified dates throughout the
season by counties. These detailed figures are of local interest and permit of a closer analysis of the statistics. The
following tabular statement shows the final figures of cotton
ginned by States for the last three crops. The quantities
are given in both running bales, counting round as half bales,
and in equivalent 500-pound bales.
COTTON GINNED (EXCLUSIVE OF LINTERS) CROPS OF 1924, 1925 & 1926
Running Bales (Counting Round
as Half Bales).

Alabama
Arizona
Arkansas
California
Florida
Georgia
Louisiana
Mississippi_
Missouri
New Mexico_
North Carolina
Oklahoma _ _
South Carolina
Tennessee
Texas
Virginia
Allother States]

Equivalent 500-Pound
Bales.

1926.

1925.

1924.

1926.

1925.

1924.

1,470.404
120.089
1,513,382
128.835
33.231
1,498.473
826,179
1,857,525
215,769
70.206
1.246,754
1,760,644
1.025,991
442,052
5.477.788
51,891
15,857

1,356,402
115,359
1,594,389
122,260
40,208
1,192,952
912,246
1,985.524
292.950
64,706
1,147,340
1,680,304
929,040
513,130
4.098,249
54,016
23.441

985.653
109,950
1,086,814
79,938
19,756
1,030.202
498,386
1,116,350
192,981
55,858
860.147
1,506.077
837,815
355,919
4,850,956
40,180
12,417

1.497,821
122,902
1,547,932
131,211
31,954
1,496,105
829,407
1,887,787
217,859
71,000
1,212.819
1,772,784
1,008.068
451,533
5,630.831
51,329
16.032

1,356.719
118.588
1,604,628
121.795
38,182
1,163.885
910.468
1,990,537
294,262
644,444
1,101,799
1,691,000
888.666
517,276
4.165,374
52,535
23,521

985.601
107.606
1,097.985
77.823
18.961
1,003,770
492,654
1,098.634
189.115
55.243
825.324
1,510,570
806.594
356.189
4,951,059
38.746
12.062

.

Transactions in Grain Futures During May on Chicago
Board of Trade and Other Markets.
Revised figures showing the volume of trading in grain
futures on the Board of Trade of the City of Chicago, by
days, during the month of May, together with monthly
totals for all "contract markets," as reported by the Grain
Futures Administration of the United States Department of
Agriculture, were made public June 6 by L. A. Fitz, Grain
Exchange Supervisor, at Chicago. The statement shows
total transactions at all markets during May of 2,201,108,000
bushels, compared with 1,558,178,000 bushels a year ago.
On the Chicago Board of Trade the transactions during May
this year totaled 1,960,130,000 bushels,against 1,379,286,000
bushels in the same month last year. We give below the
details-the figures listed representing sales only, there
being an equal volume of purchases.

May 1927.
1 Sunday
2
3
4
5
6
7
8 Sunday
9
10
11
12
13
14
15 Sunday
United States 17,755,070 18.122,516 13,639.399 17,977.374 16,103.679 13,627,936 16
17
II noludes Illinois. Kansas and Kentucky.
18
19
20
21
22 Sunday
May Figures of Raw Silk Imports, Stocks,
23
24
Deliveries, &c.
25
26
According to the June 4 statement of the Silk Association 27
of America, Inc., the approximate deliveries of raw silk to 28
Sunday
American mills during May amounted to 45,486 bales,as 29
30 Holiday
31
compared with 47,853

bales in April, and representing
a decrease in consumption during May of 2,367 bales. The
May imports were 49,264 bales, as compared with 4,486
bales in April. At the end of May the amount of raw silk
in storage stood at 35,527 bales, against 31,749 at the
end of April. The following are the statistics made public
by the Association:
RAW SILK IN STORAGE JUNE 1 1927-BALES.
(As reported by the principal warehouses in New
York City.
European

Japan.

All Other.

Total.

Stocks May 1 1927
Imports month of May 1927*

835
100

24,706
43,311

6,208
5,853

31.749
49,265

Total amount avail. during May
Stock June 1 1927_a

935
790

68,017
28,642

12.061
6.095

81,013
35,527

Approximate deliveries to American mills during May_b

145
39,375
45.486
5.966
* Imports at New York during current month and at
Pacific ports previous to
the time allowed in transit across the Continent (covered by manifests Nos. 71
to 89 inclusive). b Includes re-exports. a Includes 2,881
bales held at railroad
terminals at end of month (part of manifests 85, 86, 87. 89.).
SUMMARY.
Imports During the Month.'

Storage at End of Month a

1927.

1926.

1925.

1927.

1926.

1925.

48,456
33,991
38.600
46,486
49,264

43,650
38,568
31,930
31,450
35,120
35,612
37,842
46,421
50,415
48.403
59,670
45.119

37,084
39,046
31,571
32,648
41,512
41,074
35,595
40,466
82,375
43,530
49,238
45.495

52,627
43,758
33,116
31,749
35,527

47.326
43.418
35.948
30.122
31,143
29,111
27,528
28,006
34,459
35,094
47.130
52.478

58.732
80.249
46.663
39,271
42.517
44,016
35.598
32.017
42.708
39,423
46.813
49.824

Total
216,797
Average monthly- 43,359

504.200
42,017

489,634
40,803

39.855

36.814

44.819

January
February
March
April
May
June
July
August
September
October
November
December

Approximate Deliveries
to American MULTI,

January

February
March
April
May
June
July
August
September
October
November
December

Approximate Amount in Transit
between Japan and New York
-End of Month.

1927.

1926.

1925.

1927.

1928.

1925.

48.307
42,860
49,242
47,853
45,486

46,148
42.476
39,400
37,276
34.099
37,644
39,425
45,943
43.962
47,768
47,634
39,771

39.885
37.529
45.157
40,040
38.266
39,575
44.013
44,047
41,684
46.815
41,848
42,484

17,700
19,000
21.700
25.000
22,900

14.800
14.400
18,400
18,700
18.000
18.300
23.000
• 24,000
23.900
32.400
19.700
28.500

18.900
12.400
12.705
16,969
19.100
15.000
19,500
27.600
19.162
27,800
23,500
29,100

233,748 501,546 501,343
Total
41.796
Average Monthly_ 46.750
41,779
21.260
21-,6611
20,145
•Imports at New York during current month and at Tac So ports previous to
the time allowed in transit across the Continent (covered by manifests No. 71
to 89 Inclusive). p Includes re-exports. a Includes 2,881 bales held at railroad
terminals at end of toonth (part of manifests 85, 86. 87, 89)•




FoL. 124.

VOLUME OF TRADING.
Expressed in Thousands of Bushels, I. e., 000 Omitted.
Wheat.
Corn.
Oats.
Rye. Barley. Flax.

Total.

49,449
44,097
35,805
43,199
38,638
43,670

29,848
12.778
27.074
25.080
24,607
15,189

6,283
5.586
6.213
5,257
4,917
7,206

2.633
2.780
1,763
2.151
2,298
1,796

88,213
65,511
70.855
75,687
70,460
67,861

41,738
49,831
36,783
32,089
27,424
13,382

18,996
13.473
27,756
21,788
17,174
23,353

4.930
3.932
6,291
7,212
3.755
3,530

1,056
2,243
1,664
1,227
1,012
484

66,720
69,479
72,494
62,318
49.365
40,749

29,600
29,685
51,237
47,777
31,086
35,258

25.600
24,795
35,066
37,630
26.345
21,947

3,936
4,822
4.871
8,114
5,152
2,999

1,154
1,361
1,546
2.822
1,431
875

60,290
60,663
92,720
96,343
64,014
61,079

50,589
77,324
72,902
40.693
75,166
44,874

20,900 3,397
29.979 4,527
31,817 9,076
24,992 4.019
42,579 13,797
35,937 17,962

2,704
5,237
5,225
1.830
3.114
2,614

77,590
117,067
119.020
71,534
134,656
101,387

52,172 35.188 13,391
3,306
____ 104,057
Chicago 13d. of Tr. totaL1,094,468
116.445 54,326 --------1,960,130
Chicago Open Board___ 38.468 649,891
16.726
1.534
____
56,749
Minneapolis C. of C
51,765
---- 13.705 4.254 1,584 1,030
72,338
Kansas City Bd. of Tr__ 44,880 20,214
44
65,138
Duluth Board of Trade_ *8,613
6,289
12 1,768
16,682
St. Louis Mar,Ex
a4,621
1,911
6,532
Milwaukee C. of C
3,163 3,610
1,668
--------9
751
,192
New York Produce Exch 13.018
90
13,108
Seattle Mar. Exch
1,189
1.189
Los Angeles Or. Exch.
ao
San Francisco C. of C_
Baltimore C. of C

Total, all markets.
May 1927
1 260,185 692,352 178,486 65,641 1,646
2,201,108
Total all mkts. year ago _1,221,138 236,948 59.570 37,006 1.969 2,798
1.547 1,558,178
Chic. B. of T. year ago_1,077.789 221,142 50,670 29,685 --------1,37
• Durim wheat with exception of 240. a Hard wheat with exception 9,286
of 870
red wheat
,
OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD
OF TRADE
FOR MAY 1927 (BUSHELS).
("S on"side of contracts only, there being an equal volume open on the
"long" side.)
May 1927
Wheat.
Corn.
Oats.
Rye.
Total.
1 Sunday
2
*64,409,000 68,468,000 a35,103,000 a9,503,000
3
67.037,000 68,165,p00 34,292,000 8.869.000 177.483,000
4
68.386,000 67,806.000 33,712,000 8.625.000 178,363,000
5
67,841.000 68.476,000 32,553,000 8,382,000 178,529,000
6
68,321.000 68.343.000 32,071,000 8,480.000 177,252.000
177,215,000
7
68,227.000 68,263,000 31,835,000 8,073,000 176,398,000
8 Sunday
9
69,329,000 67,705,000 31,468,000 *7,917,000 176,509,000
10
68,354.000 67,922.000 *31,412,000 8,188,000 175,876,000
11
67.234.000 *65,985.000 31,964,000 8,014,0004.173,197,000
12
67.471.000 67.279.000 32.994.000 7.810,000 175,554,000
13
68,862,000 66,327.000 32,778.000 8,044,000 176,011,000
14
68,544,000 66,972,000 32,845,000 8,047,000 176,408,000
15 Sunday
16
67,701,000 67,989,000 32,985,000 7,962,000 176,637,000
17
68,807,000 69,104.000 31,648.000 8,118.000 177,677,000
18
69.037.000 69.861,000 32,136,000 8,313.000 179,347,000
19
69.279.000 69,014,000 32,699,000 8.679,000 179,671,000
20
71.076,000 70,490,000 32.272,000 8,856,000 182,694,000
21
a72,601,000 70,322,000 32,330,000 8,890.000 184,143,000
22 Sunday
23
72.447.000 71,066.000 32.255,000 9,166,000 184,934,000
24
70,406.000 70,785,000 32.311,000 9,005.000 182,507,000
25
70,400.000 72.502.000 32.514,000 8.655,000 184,071,000
26
71,362.000 a73.370,000 32,108.000 8.614,000a185,454,000
27
69.827,000 72,873,000 33,760,000 8.859.000
28
68,727,000 72,262,000 34,875,000 8,780,000 185,319,000
184,644,000
29 Sunday
30 Holiday
31
*68,246,000 71,702,000 35,019,000 8,833.000
183,800,000
AverageMay 1927
68,957,000 69,326.000 32,798.000
May 1926
85,088.000 53.831.000 37,618,000 8,507,000'179,588.000
185,616,000
April 1927
80,193.000 80.418,000 43,551,000 *8,359.000
13,585,000 217,745,000
March 1927
86.896.000 a84.959,000 48,396.000 15,099,000
235,350.000
February 1927
87.976,000 77.933.000 49,714,000 a15,683,000
January 1927
90,024,000 68,526,000 48,960.000 13.468,000 231,306,000
220,978.000
December 1926_ _ 94,547,00060,192,
November 1926,_ _0108,933,000 63,758,000 6.278,000 13,099,000 214,116,000
a50,015,000 15,144,000a237,850,000
October 1926
100,156,000 54,427,000 49,162,000 13.823.000
217,568,000
September 9126
102,235.000 .46.780.000 46.899,000 12,814.000
208.728.000
August 1926
99,118,000 53,544,000 42.730,p00 13.014,000 208,516.000
July 1926
87,023,000 52.196,000 *31,397,000 12,393,000 183,009,000
June 1926
84,845,000 60,624,000 36,631,000 9,751,000 191,851,000
*Low, a High.

Crude Oil Prices Remain at Same Level-Gasoline Prices
Change in a Few Localities.
No changes occurred in the price of crude oil throughout
the week, the schedules remaining at recent low levels.
In the case of gasoline, however, a few changes, affecting

JUNE 11 1927.]

limited areas, were announced, one of the earliest changes
being made by the Standard Oil Co. of New Jersey which
on June 4 advanced export navy gasoline in cases TA cent
a gallon to 24.90 cents per gallon.
On June 6, reports from Minneapolis, Minn., stated that
the price of gasoline was further reduced lc. a gallon to
16c. at filling stations. In Denver on June 7, independents
advanced the prices of gasoline 2c. a gallon, making the
new price 20c. The Continental Oil Co. followed the advance, effective June 8, including Denver, Pueblo, Grand
Junction and Cheyenne. A gasoline price war at Gary,
Ind., has spread to Hammond, East Chicago, Indiana
Harbor and other points. Leading sellers are 3 cents a
gallon below normal, with others as low as 5 cents below
normal.
Wholesale prices at Chicago on June 10 were as follows:
U. S. motor grade gasoline 6%c.; kerosene, 41-43 water
white, 41/
4@41/2 c.; fuel oil, 24-26 gravity 92@95.

RAILROAD LOCOMOTIVES.
Shipments.
Year.
and
ifoath. Total.

Unfilled Orders, End of Month.
Foreign.

126
163
162
151
140

91
101
146
122
105

11
22
11
12
14

22
38
4
1
12

2
2
1
16
9

Total
(5 mos.)

742

565

70

77

30

June_ _ _
July- -Aug_ _ _
Sept__
Oct.._
Nov_ _ _
Dec ___

159
132
124
134
151
128
185

133
82
78
109
124
109
152

11
20
16
13
15
15
17

12
30
23
5
12
3
5

3
___
7
7
___
1
11

Total
(year) 1755

1352

177

167

59
2
1
___
___
4

Total
2,507,300
2,498.300
2,478,000
2,009,450
The estimated daily average gross production of the Mid-Continent field,
Including Oklahoma, Kansas, Panhandle, North. West Central. East Central and Southwest Texas. North Louisiana and Arkansas, for the week
ended June 4 was 1.519,950 barrels, as compared with 1,514,800 barrels for
the preceding week, an increase of 5,150 barrels. The Mid-Continent
production excluding Smackover, Arkansas, heavy oil was 1,431.350 barrels, as compared with 1.425.100 barrels, an increase of 6,250 barrels.
In Oklahoma, production of North Braman is reported at 4,950 barrels,
against 5,650 barrels; South Braman, 3.350 barrels, no change;
Tonkawa.
21,950 barrels, against 22.750 barrels; Garber. 14,300 barrels, against
14.850 barrels; Burbank. 45.550 barrels, against 44,450'barrels; BristowSlick, 27,150 barrels, against 27,100 barrels; Cromwell, 12,610 barrels, no
change; Papoose, 7,100 barrels, against 6.850 barrels; Wewoka, 19,050 bat
,
rele, against 19,100 barrels; Seminole. 296,750 barrels, against 293,650 barrels: and Earlsbero, 63.750 barrels, against 63,300 barrels.
In Panhandle Texas, Hutchinson County is reported at 112.600 barrels,
against 107,350 barrels, and Balance Panhandle, 27.850 barrels, against
30,100 barrels. In East Central Texas, Corsicanc Powell, 19.000 barrels.
against 19.050 barrels; Nigger Creek, 4.000 barrels, against 4.100 barrels;
Brown County, West Central Texas, 28,800 barrels, against 25.900 barrels;
Reagan County. West Texas, 26,400 barrels, against 26,650 barrels; Crane
and Upton counties, 65,650 barrels, against 62,250 barrels; and in the
Southwest Texas field, Luling, 16.450 barrels, against 16.600 barrels;
Laredo District, 14,000 barrels, against 14,050 barrels; Lytton Springs,
2,100 barrels, against 2.150 barrels. In North Louisiana, Ilaynseville Is
reported at 7.700 barrels, against 7.750 barrels; Urania, 8,050 barrels,
against 8,150 barrels; and in Arkansas, Smackover light, 11.300 barrels,
against 10,950 barrels; heavy, 88,600 barrels, against 89,700 bane's: and
Lisbon, 3,850 barrels, no change. In the Gulf Coast field. Hull is reported
at 17,550 barrels. against 17.900 barrels; West Columbia, 9,9f0 barrels.
against 10,000 barrels; Spindletop. 57.900 barrels, against 58,000 barrels:
Orange County, 5.500 barrels, against 5.100 barrels, and South Liberty,
3,100 barrels, against 3.250 barrels.
In 'Wyoming, Salt Creek is reported at 45.600 barrels, against 42.950
barrels; and Sunburst, Montana. 11.200 barrels, no change.
In California. Santa Fe Springs is reported at 41,000 barrels, no change;
Long Beach, 96.000 barrels, against 94,000 barrels; Huntington Beach,
76,000 barrels, no change; Torrance, 23,500 barrels, against 24.000 barrels;
Dominguez, 17,500 barrels, no change; Rosecrans, 10,500 barrels, no change;
Inglewood, 36,000 barrels, no change: Midway Sunset, 91,000 barrels, no
change; Ventura Avenue, 37,700 barrels. against 38,800 barrels, and Seal
Beach, 54.000 barrels. against 44,000 barrels.

Domestic.

Foreign.

Total.
Elec. Steam. Elec.

1926.
Jan.__ _
Feb ___
March.
April __
May_ _ _

DAILY AVERAGE PRODUCTION.
(In Barrels.)
June 4 '27. may 28 '27. May 21 '27. June 5 '26
Oklahoma
751.500
747.200
736,700
455.850
Kansas
113,750
115.200
114,500
107.450
Panhandle Texas
140.450
137,450
134,100
38.700
North Texas
87.450
88,200
89,450
83.050
West Central Texas
75.600
73.750"
188,000
153,800
Texas
West
117,800
118.600J
132,500
East Central Texas
38.500
38,850
39,350
54.100
Southwest Texas
34,400
34.650
34,900
36,800
North Louisiana
47.500
47.150
48.450
61,450
Arkansas
113.000
113.750
113,400
173.350
Coastal Texas
136,100
137.550
132,550
77.750
Coastal Louisiana
14,500
15,000
15.600
13.100
Eastern
114,000
115,500
115,000
106.500
Wyoming
61,950
60,250
64.550
70.950
Montana
13.700
13.700
13,750
28,000
Colorado
7,150
7.450
11.550
7,450
New Mexico
3.550
3.950
2,550
4.350
California
636,400
627,700
626.000
604,500

April Production of Railroad Locomotives.
May shipments of railroad locomotives from principal
manufacturing plants, based on reports received by the Department of Commerce, totaled 109 locomotives, as compared
with 98 in April and 140 in May 1926. The following table
gives the shipments and unfilled orders of locomotives for
each month since January 1926:

Domestic.
Steam

Crude Oil Production Surpasses Previous High Record.
The daily average gross crude oil production in the United
States during the week ended June 4 reached the new high
record of 2,507,300 barrels. This was an increase of 9,000
barrels over the average for the preceding week and topped
the previous high record—that of 2,506,400 barrels per day
in the week of May 7 1927—by 900 barrels, according to
figures compiled by the American Petroleum Institute.
The heaviest increases compared with the preceding week's
output occurred in California, Colorado, Oklahoma and the
Panhandle of Texas. The following table shows the estimated daily average gross production by districts for the
weeks mentioned:




3429

THE CHRONICLE

1927.
Jan____
Feb ___
March_
April _ May___

57
80
137
98
109

16
69
84
72
77

8
10
11
23
15

31
___
42
3
13

Total
(5 mos.)

481

318

67

89

Steam. Elec. Steam

Elec.

653
572
780
713
726

506
442
635
580
585

50
44
46

52
30
54
60
72

42
40
41
29
23

667
555
525
498
390
516
398

522
445
455
386
286
391
297

53
36
26
24
20
27
14

72
51
28
77
71
84
79

20
23
16
11
13
15

405
396
385
327
428

334
314
301
255
380

16
22
48
35
28

49
51
27
27
7

6
9
9
10
13

53

s

Steel Operations Remain Unchanged, Though Buying
Recedes—Pig Iron Trend Is Sluggish.
Steel demand, while showing in the first full week of June
continued gradual recession in new business, is releasing
sufficiently increased tonnage against orders for such material
as sheets, strips and pipe to keep operations on the shole
substantially unchanged, declares the June 9 issue of the
"Iron Age" in viewing the market situation this week.
Again does the activity, in the light of reduced railroad and
agricultural purchases, serve to show the heavy consumption
of industry in general, observes this journal, from which we
further quote:
Expectation that the production of steel ingots for the first half of the
year will be equal to the high record of 24,154.006 gross tons of the first
half of 1926 is strengthened by the figures for May. The output of 4.046,200 tons is only 2% off from Anril and brings the five months to one-half
per cent under the total of the same period a year ago.
Close matching of the record would follow a reduction of as much as 5%
in June from May, as occurred last June, although the month so far does
not indicate so steep a decline. May as well as February. March and
April were each larger production months this year than last.
What may be taken as the first test of sheet prices was several fair sized
sales of autobody sheets for delivery after July 1 at the advance to 4.25c..
Pittsburgh. set up some weeks ago. The buyers are numbered among those
who usually secure concessions.
Against this movement and some business from the automobile trade 111
cold-rolled strips placed at the new higher quotations, is evidence, particularly in the East, of weakness in the heavy tonnage products. Quotations
of 1.80c., Pittsburgh basis, appear fmcr on especially attractive lots of
steel bars, with 1.75c. named on good tonnages of plates and 1.75c..and as
low as 1.70c.. on structural material. Spirited competition between Carnegie and Bethlehem special sections has developed.
The week was notable in railroad car purchases, the total being in excess
of all the cars bought last month. The Illinois Central ordered 4.500freight
cars and the Reading 1,000. The Illinois Central also covered for 15 locomotives and the New York Central for 39.
Structural steel lettings for the week total 23.600 tons, mostly in small
work. Projects under negotiation call for 25,000 tons, including 8.900
tons for New York subway construction.
Pittsburgh reports bookings of 24 barges requiring 3.600 tons of plates
and small shapes, making 45 in all lately placed.
Increased shipments of large diameter gas piping are making up to a
large extent for losses in oil well tonnage. The National Tube Co. booked
an order from the Prairie Oil Co. for 100 miles of 16-in. and 60 miles of
pipe, and a 300-mile line of 22-in. pipe is reported closed.
Comparatively large specifications received by strip makers against
second quarter tonnages have quickened the demands on producers of
billets and slabs.
Revised figures of May's pig iron output show a daily production of 109.385 tons, or 4.1% below the April average. The 211 furnaces in blast
on June 1 were making iron at a daily rate of 107,445 tons, compared with
112.955 tons on May 1 for the 220 stacks then active.
Pig iron melt is improving in the New York metropolitan area and in the
Detroit district, where automotive foundries are going into full production
of castings for new models. Generally, however, shipments to foundries
are considerably below those of a year ago and iron now on order will be
carried well into the third quarter. Although some inquiry for next quarter is appearing at Cleveland, New York and Buffalo, heavy buying for
that delivery is not looked for. A steel company on the Ohio River has
bought 1.000 tons of basic iron for barge delivery from East St. Louis.
Scrap is weak, with declines in heavy melting steel at Chicago. St. Louis
and Buffalo. A recent shipment of 5.000 tons of old carwheels from New
Orleans to Japan refleCts a heavier demand for scrap in that country following reduced ore shipments from China.
Spot furnace coke at Connellsville is firmer, but only to the extent that
freshly drawn coke is encountering less competition from loaded cars.
British makers did not gain much,apparently, by their reduction of ferromanganese to $90. Atlantic seaboard. A liberal estimate of American
requirements over the last half which they will supply does not exceed
7.000 tons.
German exporting of steel is dull in contrast with unusually active domestic conditions, but increased rebates have been established to further German exports in manufactured products.
Both the "Iron Age" composite prices remain unchanged, that for pig
iron standing at $19.07 a ton for the fourth week and that for finished steel
at 2.374c. a lb. for the second week. The price tables this week are as
follows:

3430

THE CHRONICLE

Finished Steel.
June 7 1927, 2.374 Cents per Pound.
One week ago
2.374c.
One month ago
2.353c.
One year ago
2.410c.
10-year pre-war average
1.6890.
Based on steel bars, beams,tank plates,
Plain wire, open-hearth rails, black pipe
and black sheets, constituting 87% of the
United Staten output.

High.

Low.

1927_2.453c., Jan. 4 2.339c., Apr. 26
1926_2.453c., Jan. 5 2.403c., May 18
1925__2.560c., Jan. 6 2.396c., Aug. 18
1924__2.789c., Jan. 15 2.4600., Oct. 14
1923_2.824c., Apr. 24 2.446c., Jan. 2

Pig Iron.

June 7 1927, $19.07 per Gross Ton.
One week ago
619.07
One month ago
19.13
One year ago
20.39
10-year pre-war average
15.72
Based on average of basic iron at Va]ley furnace and foundry irons at Chicago,
Philadelphia, Buffalo, Valley and Birmingham.
High.
1927_619.71,
1926__ 21.54,
1925- 22.50,
1924__ 22.88,
1923_ 30.86,

Low.

Jan. 4 318.96, Feb. 15
Jan. 5 19.46. July 13
Jan. 13 18.96, July 7
Feb. 26 19.21, Nov. 3
Mar.20 20.77. Nov.20

Steel ingot production in May was at the rate of 4,046,214
tons, which registered a negligible decline from 4,129,952
tons in April and exceeded 3,927,979 tons of last May,
reports the "Iron Trade Review" on June 9. On a revised
basis, steelmaking capacity of the country now is being
estimated at 51,000,000 tons instead of 55,850,000 tons.
Production in May was at the rate of 94 9-10% capacity.
In five months ended with May, ingot production totaled
20,308,375 tons, compared with 20,419,656 tons in the
opening five months of 1926. This virility in ingot output
is in sharp contrast to weakness which has been developing
quotations on heavy finished steel, declares the "Review"
I
n summarizing conditions in the trade. It then adds:

Production at the rate approximating last year's record has been made
possible, in face of curtailed demand from such tonnage buyers as railroads
and automotive interests by a satisfactory aggregate of small orders from
moderate and small-sized consumers. This condition greatly intensified
competition and in turn has been sapping the strength of the price structure.
Now that seasonal decline in new business has become slightly more pronounced, a downward tendency in prices has gained momentum on plates,
shapes and bars in the Pittsburgh consuming territory. The general market
now is 1.85c., base, Pittsburgh, with 1.80c. and sometimes less applying
on tonnage orders. In some districts the trend toward quoting 1.80o•
generally on plates is growing. While Chicago mills still quote 2c. on
heavy finished material in their immediate territory, this level is being
undermined by weakness in the Pittsburgh district. Freer offering of
foreign steel along the Atlantic seaboard Is aggravating the price situation
there. Shapes and bars at Pittsburgh have not been so low since Aug.
1922,
nor plates since Sept. 1925. Prolonged weakness in
beehive coke has been
checked by a rise in the spot furnace market to 2.85c., compared with
recent sales of 2.65c. and by placing of the Buffalo steelmakers' third
quarter requirements, estimated at 10,000 tons monthly, at 3.50c. Rarely
has the third quarter drawn so closely with sales of pig iron
for that delivery
being so light and interest so slack. Dulness in tin plate
has been routed
by spirited contracting for the last half year and production
in the Pittsburgh
district has been increased appreciably this week.
Fall terms on wire
fencing, in effect in the South for several 'weeks,
have now been made
general. Efforts to break the wire market $1, to
reinstate the normal
spread of $3 betWeen plain wire and wire nails has been unavailable.
The "Iron Trade Review's" composite price on 14 leading iron and
steel products this week is $36.72. This compares with $36.40 last week
and $36.36 the previous week.

Actual Data on Pig Iron Production Shows Loss
in May.
Actual data for the pig iron production for May, as compiled by the "Iron Age," show the estimates published
,last week to have been within 115 tons per day of the real
output. The final figures make the May production
109,385 tons per day. This compares with 114,074 tons per
day in April. The May output was therefore 4,689 tons
per day, or 4.1% less than that of the preceding month.
The next smallest rate was 105,024 tons per day in February.
In May, last year, the daily rate was 112,304 tons, making
May this year 2,919 tons per say, or 2.6% less than a
year ago.
Production of coke pig iron for the 31 days in May was
3,390,940 gross tons or 109,385 tons per day as compared
with 3,422,226 tons or 114,074 tons per day for the 30 days
in April, reports the "Age" in its June 9 issue,from which we
quote the following:
Capacity Active on June 1.
With 12 furnaces shut down and only 3 blown in during May, the net
loss was 9, the same as the estimate last week. In April the net loss was
3 furnaces, while in March there was a net gain of 6 furnaces. Of the
12 furnaces blown out or banked in May, 5 are credited to independent
steel companies and 4 to the Steel Corp. Three merchant stacks were
shut down. The three furnaces blown in include one independent steel
company stack and two merchant.
On June 1 there were 211 furnaces in blast as against 220 on May 1.
The estimated operating rate of these 211 furnaces was 107,445 tons per
day as compared with 122,955 tons per day for the 220 furnaces active
on May 1.
High Ferromanganese Output.
Ferromanganese production in May was 28,734 tons, next to the largest
this year, when 31,844 tons was made in January. May spiegeleisen
output was 9,788 tons, as compared with 12,907 tons in April, the highest
for many months.
Possible Active Furnaces Reduced.
The list of possible active furnaces has been reduced from 364 to 362.
The Robesonia furnace in the Lebanon Valley and the Alleghany furnace
of the Alleghany Ore & Iron Co.in Virginia are being scrapped.
Furnaces Blown In and Out.
The following furnaces were blowin In during May: The Norton furnace
Rollnig
Mill Co. in Kentucky; No. 5 Iroquois furnace
of the American
of the Youngstown Sheet & Tube Co. in the Chicago district and the
Rockdale furnace of the Roane Iron Co. in Tennessee.
Among the furnaces blown out or banked during May were No.3 Swede
furnace in the Schuylkill Valley; No. 3 Clairton furnace of the Carnegie




•

[VOL. 124.

Steel Co.; one Aliquippa furnace of the
Jones & Laughlin Steel Corp.;
No.2 Midland furnace of the Pittsburgh Crucible
Steel Co.; No.1 Monessen
furnace of the Pittsburgh Steel Co., and the
Clinton furnace in the Pittsburgh district; D furnace at the Cambria plant
of the Bethlehem Steel
Corp. in Bethlehem, Pa.; the Oriskany furnace
of the E. J. Lavin° & Co.
In Virginia; one Madeline furnace of the
Inland Steel Co. and on Feary
furnace in the Chicago district and the Alice
and Azmoor furnaces of the
Tennesdee Cola, Iron & RR. Co. in Alabama.
DAILY RATE OF PIG IRON PRODUCTION
BY MONTHS-GROSS TONS
Steel Works.
Total
Merchant.*
1926 April
89,236
25,768
115.004

May_
June
July
August
September
October
November
December
1927-January
February

86,682
82,186
79,392
78.216
81,224
83,188
82,820
74,909
75,609
80,595

25,622
25,658
24.586
25,025
23,319

112,304
107,844
103,978
103,241
104,543

24,365

107,553

25,070
24,803
24,514
24,429

107.8911
99,712
100,123
105,024

March
86.304
26.062
112,366
April
87,930
26,144
114,074
May
84.486
24,899
109,385
•Includes pig iron made for the market by steel companies.
PRODUCTION OF STEEL COMPANIES FOR OWN
USE-GROSS TONS
Total Iron.
Spiegeletsen and Ferromanganese
Spiegel and Ferro. -1926- -1927.*
1926.
1927.
Fe-Mn. Spiegel. Fe-Mn. Spiegel.
January
February
March
Apth
May
June
Half year
July
August
September
October
November
December

2,599,876
2,272,150
2.661,092
2,677.094
2,687.138
2,465.583

2,343,881
2,256,851
2,675.417
2.637.919
2,619,078

15,362.933
2,461,161
2.424.687
2,436,733
2,578,830
2,484,620
2,322,180

29.129
22,309
24.064
24,134
23,159
25,378

7,746
7,084
7,339
7.051
6,999
5,804

148,173
26,877
23.557
25,218
28,473
31,903
31,627

42,083
3,699
4.372
2.925
6.295
7,565
7,157

31.844
24.560
27.834
24.735
28,734

Year
30.071,144
315,828
74.096
•Includes output of merchant furnaces.
TOTAL PRODUCTION OF PIG IRON.
By Months, Beginning Jan. 1 1925-Gross Tons.
1925.
1926.
January
3,370,336
3,316.201
February
3,214,143
2,023,415
March
3,564,247
3,441,986
April
3.258,958
3,450,122
May
2,930,807
3,481,428
June
2.673.457
3,235,309
Half year
July
August
September
October
November
December

19,011,948
2,664,024
2,704,476
2,726,198
3,023,370
3,023,006
3,250,448

7,486

7,045
7.650
12,907
9,788

1927.
3.103,820
2,940.679
3,483.362
3,422,220
3,300,940

19,848.461
3,223,338
3,200.479
3.136,293
3,334,132
3,236,707
3,091,060

Year*
36,403,470
39.070.470
•Theie totals do not include charcoal pig iron. The 1926 production
of this iron
Was 163.880 tons.

Decrease in Unfilled Tonnage of United States Steel
Corporation During May.
The United States Steel Corporation in its monthly
statement issued June 10 1927, reported unfilled tonnage on
books
of subsidiary corporations as of May 31 1927 at
3,050,941
tons. This is a decrease of 405,191 tons under
unfilled
orders on April 30, and a decrease of 749,236 tons
below the
Jan. 31 figures. On May 31 last year orders on
hand stood
at 3,649,250 tons and at the same time in 1925
at 4,049,800
tons. In the following we show the amounts
back to
1922. Figures for earlier dates may be found in our issue
of April 14 1923, p. 1617:
End of Month 1927.
1926.
1925.
1924.
1923.
1922.
January
3,800,177 4,882,739 5,037,323 4,798,429 6,910,776 4,241,678
February _-__ 3,597,119 4,616,822 5,284,771 4,912,901
7.283,989
4,141.069
March

3.553,140 4,379,935
April
3.456,132 3,867,976
May
3,050,941 3,649.250
June
3,478,642
July
3,602,522
August
3,542,335
September...3,593,509
October
3,683,661
November _
3.807,447
December__
3,960,969

4.863,564
4.446.568
4,049.800
3,710.458
3,539.467
3,512,803
3,717,297
4,109,183
4,581,780
5,033.364

4,782,807
4,208.447
3,628,089
3,262,505
3.187.072
3,289,577
3,473,780
3,525,270
4,031,969
4,816,676

7,403,332
7,288,509
6.981,851
6.386,261
5,910,763
5,414,663
5,035,750
4,672,825
4.368,584
4.445,339

4,494,148
5,090,917
5,254,228
5,635,531
5,776,161
5,950,105
6,691,607
6,902,287
6,840.242
6,745,703

Further Loss Reported in Steel Ingot Production.
May steel ingot production showed a decrease as compared with the previous month although being larger than
the corresponding period last year. According to the
American Iron & Steel Institute's usual monthly tabulations
issued June 8, steel output in May, by companies which
made 95.01% of the production in 1926, stood at 3,844,308
tons, of which 3,272,810 tons were open-hearth, 557,683
tons Bessemer and 13,815 tons all other grades. On this
basis the calculated monthly tonnage of all companies was
4,046,214 tons in May,4,129,952 tons in April and 4,534,926
tons in March, which is also the high figure thus far this
year. In May last year the calculated production was
3,927,979 tons. The approximate daily production of all
companies was 155,624 tons in May with 26 working days,
158,844 tons in April with 26 working days and 167,960 tons
in March with 27 working days. In the following we show
the details of production back to January 1926:

JAN. 1926 TO MAY 1927.
MONTHLY PRODUCTION OF STEEL INGOTS,
95.01% of the steel ingot
Reported for 1926 by companies which made
production in that year.

Months.
1926.
January__
February.
March...
April....
May

OpenHearth. Bessemer.
3,326,846
3,023,82.
3,590,791
3,282,43.
3,201,230

581,683
556,031
635,680
601,037
516,676

5 mos_ 16,425,131 2,891,107
3.036.162 498,764
June
2,911,375 526,500
July
August_. 3,145.055 627.273
Septembe 3,089,240 612,588
3,224,584 630,526
October
Novembe 2,915,558 592,239
Decembe 2,788,479 493,172

MMus's. Per
Calculated
Monthly1 Monthly No.of DailyPro- Cent
of
Work- duction
Production Product
tag all Cos., OperaAll
AU Compantes1
Non.
Days.
GroasTons
Companies.
Other. Reporting.
13,664 3,922,193 4,132,210 26 158,931 *98.86
12,818 3,592,678 3.785.0511 24 157,710 *98.10
15,031 4,241,502 4,468,6171 27 165,504'102.94
13,652 3,897,124 4,106,7991 26 157,915'98.22
10,437 3,728,343 3,927,979 26 151,076 *93.97
65,602 19,381,840 20,419,656 129
9,4411 3,544,367 3,734,153 26
12,372 3,450,247 3,634,993 26
l2.O03j 3,784,331 3,986,966 26
28
12.6601 3,714,488 3.913,383 26
12,348i 3,867,458 4,074,544
9,6051 3,517,402 3,705,744 26
8,919J 3,290,570 3,466,766 26

158,292 98.46

311

150,920 *93.87

3,786,453 26
3,810,830 24
4,534,926 27
4.129,952 26
4.046,214 26

145,633 *88.81
158,785'96.83
167,960'102.42
158,8441'96.86
155,624 94.90

71.51819.294.987 20.208.375 129

157.420 cm nn

Total- _ 37,535,5846.872,169142,95044,550,70346,936,205
1927.
3,041,233 545,690
January
February. 3,042.232 565,201
March- 3,701,418 590,716
April__.- 3,340,852 565,634
3.272.810 557,683
May
c ........ la eau M52_924.924

3431

THE CHRONICLE

Juran 11 1927.]

10,586
13,237
16,499
17,381
13,815

3,597,509
3,620,670
4,308,633
3,923,867
3,844,308

These newly weds to the open-shop basis may have found "a Moses to
lead them out of the wilderness" who has been identified with mines oflonger
operation under the open-shop basis, that will lessen the line of cost demarcation between the older open-shop group and those who have lately found it
necessary to embrace that plan if they would survive competition, as the
latter are still paying higher wages, though less than the Jacksonville scale.

143,621 *89.33
139.807'86.90
153.345'95.38
150,515"93.62
156,713 +97.48
142,529 *88.65
133,337 *82.94

Bituminous Coal Output Increases to Highest Point
Since Strike Began-Anthracite and
Coke Decline.
A gain of 201,000 net tons was registered in the output
of bituminous coal during the week of May 28, reports the
United States Bureau of Mines. This brought production
up to the highest level reached since April 1, when the strike
began. However, the production of anthracite fell off by
130,000 net tons during the same period, mainly due to the
observance of a religious holiday. Coke output continued
to fall below previous years, reaching the lowest output for
the year 1927, 125,000 net tons for the week of May 28, continues the Bureau of Mines, adding:

Adjusted. The figures of 'per cent of operation" are based on the "practical
tons of ingots.
capacity" as of Dee. 31 1926, of 51,000,000 gross

Bituminous Coal Markets Show Seasonal QuietDemand for Anthracite Diminishes.
Seasonal quiet prevailed in most of the markets for
bituminous coal and prices moved within narrow limits.
The Atlantic seaboard markets are marking time, hopeful
of an improvement this month, "Coal Age," reports in its
June 7 review of conditions in the markets. A slight easing
of buying resistance has appeared at Pittsburgh, without
noticeable effect on total turnover or prices. There was
no appreciable increase in demand in the Middle West,
though the market tone appeared to be somewhat better.
A closer adjustment of production to demand has brought
out slightly firmer prices in West Virginia smokeless. Kentucky and West Virginia high-volatile coals showed comparatively little change, according to the observations made
by the "Age," which then goes on to say:

Prciduction of bituminous coal during the week ended May 28 is estimated
at 8,474,000 net tons. This WRS the largest output in any week since
April 1, when the suspension of mining began in many of the union fields.
In comparison with the week of May 21 it represents an increase of 201,000
tons. The present rate of production is about equal to that of the corresponding season of 1925.
Estimated U. S. Production of Bituminous Coal (Net Tons), Incl. Coal Coked.
19213
1927
Week. Cal.Yr.toDate.a
Week. Cal. Yr.to Date.
203,959,000
9,299,000
221,212,000
8,402,000
May 14
1,791,000
1.550.000
1,942,000
1 400,000
Daily average
213,241,000
9.282,000
229,485,000
8,273,000
May 21
1379,000
1,547,000
1,914,000
1,379,000
Daily average
222,924,000
9,683,000
237,959,000
8,474,000
May 28_b
1,771,000
1,614,000
1,890.000
1 412,000
Daily average
a Minus one day's production first week in January to equalize number of days in
the two years. b Subject to revision.
The total amount of soft coal produced during the calendar year 1927
to May 28 (approximately 126 working days) amounts to 237,959,000 net
tons. Figures for corresponding periods in other recent years are given
below:
1926
1925

222,924,000 net tons
192,616,000 net tons

1924
1923

196,363,000 net tons
228.647,000 net tons

WEEKLY PRODUCTION OF SOFT COAL BY STATES.
Production of soft coal in the week ended May 21 amounted to 8,273,000
net tons, a decrease of 129,000 tons, or 1.5%, from the output in the preceding week. The following table apportions this tonnage by States, and
gives comparable figures for other years.
Estimated Weekly Production of Soft Coal, by States (Net Tons).
“Goal Age" index of spot bituminous prices on June 6 settled at 153,
Total Production for Week Ended
with the corresponding weighted average price 51.85, the price showing
May 26
May 22
May 23
May 14
May 21
a decline of lc. compared with last week. There has been virtually no
1923.
1925.a
1926.
1927.
1927.
StateNegotiations
be
will
fields.
union
the
in
situation
labor
the
in
change
400,000
332,000
373,000
320,000
315,000
Alabama
resumed by central Pennsylvania miners and operators at Philadelphia
133,000
111,000
119,000
62,000
65,000
Arkansas, Kansas& Okla..
next week, when efforts will be renewed to arrange a working agreement.
141,000
185.000
143.000
139,000
141,000
After the flurry of buying in the domestic anthracite market in antici- Colorado
955,000
1,308,000
893,000
77,000
81,000
pation of the advance in prices on June 1 there was an appreciable let- IllinoIs
316,000
413,000
315,000
128,000
129,000
down in demand last week. Most oeprators have unfilled orders on hand, Indiana
105,000
138,000
109.000
33,000
24,000
Missouri
however. Stove is in best demand and egg is holding up well. Pea also Iowa and
700,000
815,000
897,000
1,015,000 1,025,000
Kentucky-East
enjoys an active demand. The steam sizes are easy.
135,000
190,000
202,000
390.000
393,000
Wait
In the Connellsville behive coke market demand is very low and prices
39,000
48,000
57,000
48,000
50,000
Maryland
are notably soft.
7.000
15,000
5.000
10.000
10,000
Michigan
35.000
41.000
37,000
The biggest recent event in the bituminous coal trade was Montana
55,000
50.000
45,000
50,000
53,000
56,000
58,000
the decision handed down by the Interstate Commerce New Mexico
14,000
15,000
14,000
13,000
12,000
North Dakota
Commission, restoring a differential of twenty cents per Ohio
911,000
468,000
433,000
115,000
107,000
2,200,000 2,233,000 2,437.000 2,207.000 3.830.000
ton to the Pittsburgh and Ohio coal group applying on Pennsylvania
90,000
121,000
97,000
95,000
92,000
Great Lakes shipments, says this week's "Coal and Coal Tennessee
16,000
16,000
21.000
41,000
43,000
Trade Journal." The national officers of the miners in the Texas
76.000
56,000
79,000
64,000
62.000
Utah
270,000
226,000
219,000
277,000
270,000
closed-shop mines of the central competitive field have naively Virginia
43,000
40.000
39,000
45,000
40.000
suggested that there is nothing now to prevent the Pittsburgh Washington
3,036,000 3,097,000 2,657,000 2,165,000 2,412,000
West Virginia
stepping
up
from
operators
and
eight
signing
number
109,000
82,000
88,000
77,000
and
78,000
Wyoming
5,000
4,000
3,000
2,000
2,000
on the dotted line the old Jacksonville scale under which Others_b
business,
Lake
their
continues the "Jour- Total
they lost much of
8,273,000 8,402,000 9,282,000 8,404,000 11,437.000
a Revised. b This group is not strictly comparable In the several years.
in reviewing the situation as follows:

nal"

But as "a child once burned dreads the fire" so these now wary operators
napping. Since these gentlemen lost their differential
are not to be caught
several years ago, the cost of production in the open-shop mines of their
competitors has gradually increased the production differential against
cents per ton. So at least a fair portion
them to something like fifty or sixty
to the transportation differential before
of this must be overcome in addition
of their Lake trade.
they can hope to recover a fair share
reinstate themselves through operation
to
They are now making an effort
and the coal trade applauds them
basis,
open-shop
the
of their mines on
that a resigning of the Jacksonville scale
for continuing the effort, knowing
the lower freight rate.
would wipe out any advantage gained through
on the immediate market may be
The effect of the Commission's decision
ball game where the first
contested
closely
a
slight. It is remindful of
in enough runs to fairly
batters up have made enough safe hits and brought
already have shipped to the Lakes
cinch the game: the open-shop mines
tonnage.
season's
more than 30% of the estimated
Continued advance in prices and demand for the low volatile prepared
for prepared sizes of high volatile of
prices
in
reflected
also
sizes which is
market change worthy of notice.
good quality is about the only
Indiana and Illinois is by the stripThe only "beating of toms-toms," in
believe in a hereafter and even their efforts
pers and such operators as do not
view of slack demand and considerable stocks yet
are of slight avail in
e vident.
several of the large coal companies listed on the
The stock market flurry of
by many in the trade to indicate more than the
believed
is
exchange
big
decision of the Great Lakes rate case. It
reflection of the Commission's
if these coal companies were flirting with each other
would not be surprising
a real Marriage through which many economies might
and drifting towards

be effected.




ANTHRACITE.
The total production of anthracite during the week ended May 28 is
estimated at 1,840,000 net tons, a decrease of 130,000 tons, or 6.6%, when
compared with the output in the preceding week. The decrease was associated with Ascension Day, May 26, on which day loadings dropped to
about half of the average for the rest of the week. Daily loadings in cars
are reported by the American Railway Association as follows: May 16,
6,086; May 17, 0,328; May 18, 0,498; May 19, 3,042; May 20, 6,333;
May 21, 6,570.
Estimated United States Production of Anthracite (Net Tons).
1926
1927
Week. Cal. Yr.toDate.a
.to Date.
Cal. Yr.
Week.
WeekEnded-23,456,000
1,904,000
29,493,000
1,989,000
May 14
25,206,000
1,750,000
31,463,000
1,970.000
May 21
27,295,000
2,089.000
33,303,000
1,840,000
May 28_b
of days In
number
equalize
to
a Minus one day's production first week in January
the two years. b Subject to revision.
to 33,303,000
The cumulative production from Jan. 1 to May 28 amounts
corresponding period in 1926.
tons, a gain of 22% when compared with the
BEEHIVE COKE.
ended May 28 is estiThe production of beehive coke during the week
record for the year 1927.
mated at 125,000 net tons, the lowest weekly
decrease of 18.8%. The
Compared with the preceding week this was a
decrease was confined to the Eastern States.
3,790,000 tons, about 34%
The total output from Jan. 1 to May 28 is
of 1926.
has than that during the corresponding period

3432

THE CHRONICLE

Estimated Production of Beehive Coke (Na Tons).
Week Ended
1927
May 28 May 21 Mao 29
to
1927.b
1927.c
1926.
Date.
Pennsylvania and Ohio
93,000 122,000 160 000 3,013.000
West Virginia
14,000
15.000
13.000
345,000
Ala., Ky., Tenn. and Ga
5.000
5,000
s,L,00
118,000
Virginia
7.000
6.003
4.000
150,000
Colorado and New Mexico
3.000
3,103
5,000
k2,000
Washington and Utah
3,000
3.000
4,000
82,000

1926
to
Dates
4,658,000
329,000
364,000
177,000
123,000
77,000

United States total
125,000 154,000 194,000 3,790.000 5,728,000
Daily average
21,000
26,000
32,000
30,000
45,000
a Minus one day's production first week in January
to equalize number of days
In the two years. b Subject to revision. c Revised since last
report.

Figures compiled on June 7 by the National Coal Association from car loading reports show that the total output of
bituminous coal in the United States during
the week ended
June 4 dropped to 7,250,000 net tons. Curtailment of operation because of the observance of a holiday on Monday was
responsible for the decrease in production.

Production of Bituminous Coal During Month of April.

Below are shown the first estimates of the production of
bituminous coal by States for the month of April, as compiled by the United States Bureau of Mines. The distribution of the tonnage is based in part, except for certain
States which themselves supply authentic data, on figures
of loadings by railroad divisions courteously furnished by
the American Railway Association and reports on waterways shipments made by the United States Engineer Office.
The total production during the month for the entire country amounted to 34,675,000 net tons. This was 25,473,000
tons below the production of March, the last month before
the suspension, when consumers were buying heavily for
storage, and 5,405,000 tons below that of April 1926. On
the other hand, it exceeded the production of April
1925 and
1924 by 1,160,000 and 4,245,000 tons, respectiv
ely, reports
the Bureau of Mines, adding the following table:
ESTIMATED PRODUCTION OF SOFT COAL BY STATES
IN APRIL
NET TONS).a
•
StateApril 1927. March 19271Apri/ 1926. April 1925. April 1923.
Alabama
1,518,000 2,152,000 1,707.000 1,364,000 1,676,000
Arkansas
71,000
167,000
110,000
86,000
63,000.
Colorado
616,000 1,013,000
806,000
565,000
750,000
Illinois
233,000 9,600,000 4,806,000 3,755.000 5,983,000
Indiana
194,000 3,029,000 1.683.000 1,384.000 2,089,000
Iowa
54,000
640,000
378.000
278,000
404,000
Kansas
49,000
447,000
319,000 '278.000
319,000
Kentucky-East_ _._ 4,240,000 4,258,000 3,488,000
2.833,000
I
3.284,0
00
West
1,794,000 1,811.000 1,018,000
669,000 j
Maryland
222,000
290,000
245,000
211,000
162,000
Michigan
49,000
53,000
53,000
91,000
48,000
Missouri
49,000
293,000
189,000
162,000
240,000
Montana
248,000
252,000
171,000
172.000
153,000
New Mexico
214,000
275,000
222,000
241,000
169,000
North Dakota
73,000
135,000
61,000
63,000
70,000
Ohio
501,000 3,200,000 1,908,000 1,840,000 3,113,000
Oklahoma
119,000
239,000
179,000
139,000
200,000
Pennsylvania
9,540,000 14,973,000 10,444,000 9,514,000
14,356,000
Tennessee
448,000
590.000
440.000
491,000
375,000
Texas
144,000
106,000
68,000
80,000
86,000
Utah
343,000
381,000
286,000
282,000
282,000
Virginia
1,166,000 1,207,000
988,000
922,000 1,012,000
Washington
175,000
197,000
168,000
145,000
203,000
West Virginia
12,250,000 14,116,000 9,784,000
7,872,000 8,272,000
Wyoming
356,000
713,000
472,000
472.000
328,000
Other States b
8,000
10,000
16,000
25,000
20,000
c34.674.000 60,147,000 40.079,000 33,614.000 44.057,000
a Figures for 1923 and 1925 only are final. b This group snot
strictly comparable
n the several years. c Revised.

Total Value of Imports and Exports of Merchandise
by Grand Divisions and Principal Countries.

The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has issued its

report showing the merchandise imports and exports by
grand divisions and principal countries for the months of
April and the 4 months nding with April for the years 1926
and 1927. The following is the table complete:

Exports to-

(Vox- 1St.
Month Of April.
1926.

Grand Ditisions:
Europe
North America
South America
Asia
Oceania
Africa
Total
Principal Countries:
Belgium
Denmark
France
Germany
Greece
Italy
Netherlands
Norway
Soviet Russia in Europe
Spain
Sweden
Switzerland
United Kingdom
Canada
Central America
Mexico
Cuba
Dominican Republic
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
British India
British Malaya
China
Hongkong
Dutch East Indies
Japan
Philippine Islands
Australia
New Zealand
British South Africa
Egypt
Importsfrom-

Total
Principal Countries:
Belgium
Denmark
France
Germany
Greece
Italy
Netherlands
Norway
Soviet Russia in Europe
Spain
Sweden
Switzerland
United Kingdom
Canada
Central America
Mexico
Cuba
Dominican Republic
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
British India
British Malaya,.
China
Hongkong
Dutch East Indies
Japan
Philippine Islands
Australia
New Zealand
British South Africa
EgYPt
•

1926.

$
$
175.867,193 187,598,542
99.238,624 110.543.274
37.180,519 39.462.818
49,895,422 49.273,333
16.565.983 17.757,153
9,225,949 10,571,604

1927.

$
712,031,541
367,123.474
145,635,429
187,945.428
66.533.406
32,852,082

$
760,431,543
386.904.167
154.442.665
209,308.710
69.120,565
36,008,092

387,973,690 415,211.724 1,512,121,360 1,616,215,742
10.255,930 11,638,755
5,752,377 5,764,88
21.924.244 17.069,009
21,344,748 35,998,548
708.948 1,971,536
14,811.026 9.598,934
9,701.412 12,424,355
1.586.888 1,813.988
4,519.028 8,498,913
4.712.875 5.451,322
4,077.244 4.523,644
799,361
997,224
70.613.768 64,671,410
56.713,740 74,456,713
7.005,323 6.379,999
12.745.859 8,833.137
16,852,724 13,993,883
1,313,403 1.756,876
10,878,302 13,299,374
7,877,479 8 403,086
4,624,898 3.486,026
4.446,856 4,184.311
503,365
510,193
3,033.325 2,392,428
1,898,632 2,176,823
3,183,690 4,139,112
4,216,533 7,754,653
1.299.077 1,295,376
10,112,242 7,066,203
792,523 1,776,642
2.774,882 2,995,917
20.999,927 20,985,275
7,527.157 5,293,978
14,015,553 14.813,140
2,437.861 2,794.660
4,493,957 5,298,694
761.359 1,132,036
Mona of April.
1926.

Grand Divisions:
Europe
North America
South America
Asia
Oceania
Africa

4 Months Ending April.

1927.

1927.

$
$
104,318,054 107,294,298
90,927,716 86,459,770
51,628.367 46.893,701
130,660.031 117,327,442
9,262.427 7.719.445
11,115,173 9,752.257

34.771,125
20,485.731
97,383.130
90,177,235
2,398,403
54.276,160
36.033.390
8.246.420
14,975,400
22,121,319
12.961.906
2,744,462
296,547.790
'212,544,751
24,336.977
48.375.525
60,212.076
4.663,602
48,579.916
28.664.907
16.473.014
16,586.282
2,003,925
9,971,481
7,404,574
12,344,186
16,741,697
5,239,132
37.934,053
4,563,345
8,473,502
85,233,632
23,884,155
52,719,102
13,088,071
16,465,015
2,656.702

40.168,645
20,211,649
68,147,241
148,995,770
6,155.604
43,034,052
45,613.044
7,526.351
19,553,847
24.624.334
13.525,914
2,844.791
297.741,754
245.107,372
24.246.029
38.044,150
55.812,175
5,610,856
51,756,683
34.337,992
12,180.263
17,383,284
1,761.722
8.385,771
8,632,495
16,900.511
29,581,576
4,951,126
34,900,498
6,236.022
11,109 508
94,704,005
20,073.925
56,269,185
11,995.752
17.652,529
3,677.480

4 Months Ending April.
1926.
$
437,326.088
349,053,560
220.046,596
558,027,022
29.693.246
50,722,287

1927.
$
412,257,480
329,325,982
183.191,296
434,791,502
23,986,429
38,781,676

397.911,768 375;446,913 1,644,868.799 1.422,334,365
6,096,884 5,466,632
26,637,745
23,166.092
329,400
286,735
1,878,166
1,391,611
11.631.391 13,454,009
51.016.495
54,288.505
16,709,613 17.817,373
67.642,199
63.307.018
1,653,884 5,570.274
6,703.485
19,096.772
7,639.699 11.060.757
3(,928.308
35.518.439
7.323,404 7,466.863
33.289.724
28.728.943
2,562,699 1,825.876
7,665,583
6.679.215
1,768.667 1,364,106
5,565.525
2,735.839
3,177,631 3.520.495
13.874,134
13,319.533
1,936,667 2,011,419
10,719,454
14.138.764
3,047.292 3,175,785
12.840,995
13.762,475
33,178,205 27,757.132 142,174,199 108,738,674
38,434,046 36,158,677 152,101,740 144,688,303
6,842,478 3.999,750
23,831.791
13,312,955
17.350,284 14,890,967
66.061,813
53.880,119
22,724,995 26,562,880
87,010,323
95,023,228
672,506
984,551
2,957,143
3,335,014
8,026,507 9,387.765
37,792.875
32,009,880
23,321,134 17,505,157
87,309,758
68,921,001
9,499,830 6.553.848
40,106,270
24,199,801
3.938,737 7.357,601
20,523.143
34,183,938
735,643
265,919
3,538,508
1,848,374
2,090,393 1.790,603
8,581,018
6,529,339
2,580,486 1,499,947
13,545,359
6,367,781
1,187,821
1,928,798
7,919,717
7,732,839
15,594.124 11,142,414
65,962,204
44,829,011
36,495.040 29.694,620 182,691,475 104,538,599
14,232,058 13,026,121
52.222,724
54.830,090
997.934 1,329,502
3.661,252
5,725,080
11,488.045 9,017,124
32.119,561
54,403,649
32,309,423 31,838,673 128,635,375 126,156.618
11,652,240 13.764.167
40,366.616
36.594.646
6,676,864 5,561,221
18,696.436
20,572,228
2,335.741
1,716,616
4,189.987
7,852.378
3,260,600
486,006
4,142.910
9,662,369
4,318,200 3,047.032
22,786,282
11,501,231

Current Events and Discussions
The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on June 8, made public by the Federal Reserve
Board, shows declines for the week of $29,000,000 in bill and
security holdings and of $23,700,000 in Federal Reserve note
circulation, and increases of $16,100,000 in cash reserves and
$800,1C0,000 in non-reserve cash. Decreases of $97,200,000
in holdings of discounted bills and of $7,400,000 in acceptances purchased in open market were largely offset by an
increase of $75,600,000 in holdings of Government securities.
The Federal Reserve Bank of New York reports a decline of $28.900.000
In holdings of discounted bills. Chicago a decline of $31,700.000. Boston
$21,300.000, Philadelphia $16.200.000, and St. Louis $12.500,000, while the
Cleveland bank reports an increase in discounts of $11,000.000, and San
Francisco an increase of $4,200.000. The New York bank also reports a
decline of $10,800,000 in open-market acceptance holdings. Holdings of
all classes of Government securities were above the preceding week's totals
-Treasury certificates of indebtedness by $31,300.000. United States bonds
by $26,200,000, and Treasury notes by $18.100,000.
The principal changes in Federal Reserve note circulation for the week
were declines of $13,100.000 reported by the New York bank. $4,200,000
by Philadelphia, and $3,200,000 by San Francisco.




The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found

on subsequent pages-namely, 3432 pages and 3433.

A

summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year
ending
June 8 1927 is as follows:
Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in
open market
U.S. Governmen
t securities. total
Bonds
Treasury notes
Certificates of indebtedness
Federal reserve notes in circulation
Total deposits
Members' reserve depeslth,
Government deposits
,..

Increases(±)or Decreases
(-)
During
Week.
Year.
+516,100,000 +5187.400.000
+12,900.000 +172.700,000
-29,000.000 -67.800.000
-97,200,000 -48.900,000
-59,300.000 -10.000,000
-37.900,000 -38.900.000
-7.400,000 -28.200.000
+75.600.000
+19,800,000
+26.200.000
+40,100,000
+18.100.000 -41.100.000
+31.300.000
+20.800.000
-23.700,000
+23,800.000
+23.900.000 +139.200.000
+23,300.000 +107,000.000
+23,500.000
+1.700,000

.JUNE 111927.]

T H Di

CHRONICLE

The Member Banks of the Federal Reserve System
Reports for Preceding Week—Brokers' Loans
in New York City.
The Federal Reserve Board's condition statement of 668
reporting member banks in leading cities as of June 1 shows
a decline for the week of $67,000,000 in investments and
increases of $197,000,000 in loans and discounts, $222,000,000 in net demand deposits and $70,000,000 in borrowings
from the Federal Reserve banks. Member banks in New
York City reported a reduction of $37,000,000 in investments, and increases of $196,000,000 in loans and discounts,
$222,000,000 in net demand deposits and $30,000,000 in
borrowings from the Federal Reserve Bank.
Loans on stocks and bonds, including United States Government obligations, were $195,000,000 above the May 25
total. The principal increases in this item were $157,000,000
in the New York district, $17,000,000 in the Chicago district,
and $8,000,000 and $7,000,000 in the Boston and Atlanta
districts, respectively. "All other" loans and discounts increased $2,000,000, increases of $28,000,000 in the New York
district and $6,000,000 in the Boston district being nearly
offset by reductions of $17,000,000 in the Chicago district,
$7,000,000 in the Atlanta district and $6,000,000 in the St.
Louis district. Loans to brokers and dealers, secured by
stocks 0.nd bonds, made by reporting member banks in New
York City were $97,000,000 above the amount reported on
May 25, loans for their own account having increased $144,000,000, while loans for account of out-of-town banks and
for others declined $39,000,000 and $8,000,000, respectively.
As previously explained, the figures for these member banks
are always a week behind those for the Reserve banks themselves. The statement goes on to say:
Holdings of United States securities declined $110,000,000 during the
week, of which $49,000,000 was in the New York district and $39,000,000
in the St. Louis district. Holdings of other bonds, stocks and securities
were $43,000,000 above the previous week's figures, the principal changes
including increases of $31,000,000 in the St. Louis district. $14,000,000 in
the Cleveland district and $8,000,000 in the New York district, and reductions of $9,000,000 and $5,000,000 in the Chicago and San Francisco districts, respectively.
Net demand deposits increased $222,000,000 during the week, increases
being reported by all districts except Chicago, St. Louis and Philadelphia,
where reductions of $36,000,000, $15,000,000 and $5,000,000 were shown.
The principal increases included $220,000,000 in the New York district,
$18,000,000 in the Cleveland district, $12,000,000 in the Boston district and
$8,000,000 each in the Minneapolis and San Francisco districts,respectively.
Borrowings from the Federal Reserve banks were $70,000,000 above the
May 25 total. Of this increase, $26,000,000 was in the New York district,
$22,000,000 in the Chicago district, and $11,000,000 and $9,000,000 in the
Philadelphia and St. Louis districts, respectively.

On a subsequent page—that is, on page 3467—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:
Increase

Loans and discounts. total
Secured by U.S. Govt. obligations
Secured by stocks and bonds
All other
Investments,total
yi 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

(-I-) Or Decrease (—)
urine
Week.
Year.
+$197.000,000
+$663.000,000
—7,000.000
—24.000,000
+202,000,000
+422,000,000
+2.000.000
+265.000.000
—67,000,000
+261,000,000
—110,000,000
—58.000,000
+43,000,000
+319,000,000
+38,000,000
+65,000,000
—22.000,000
+222.000.000
+338,000,000
+6.000.000
-1;552.000,000
—17,000,000
—115,000,000
+70,000,000
+25,000,000

Summary of Conditions in World's Market According
to Cablegrams and Other Reports of the
Department of Commerce.
The Department of Commerce at Washington releases for
publication to-day (June 11) the following summary of conditions abroad, based on advices by cable and other means
of communication:
CANADA.
Current reports indicate some slackening of commercial activity from
the abnormally high levels reached in March and April. Sales of automobiles and accessories continue a feature and there is an excellent demand
for builders' and heavy hardware, steel bars, plates and tubes and other
construction materials, also for machine tools and rubber goods. Wholesale
trade is comparatively better in Eastern Canada than in the West and
retail trade is generally good in most of the Provinces.
Although it is estimated in Canada that the spring wheat acreage of the
Prairie Provinces will be very considerably reduced from last year's planting, because of unfavorable weather, the outlook for a satisfactory yield is
considered locally to be good. Montreal quotations on Australian and
1
2 cent to 1 cent per pound.
South African raisins have been reduced from /
White corn flour prices have advanced 30 to 35 cents per barrel.
/
2% larger than a year
April bank clearings, $1,538,700,000, were 41
ago. The industrial employment index stood at 106 on May 1 (1920 base),
that
date
in
for
several
years.
The
Canadian Pacific Railway
the highest
Co. has inaugurated a six million dollar building program in the enlargement of its passenger and freight facilities at Montreal. Manitoba's first
commercial air service was inaugurated on June 1 between Winnipeg and
the mining area in the central part of the Province.




3133

NEWFOUNDLAND.
The Government has introduced a bill before the Legislature to safeguard
the exploitation of natural resources in the newly-acquired Labrador territory by providing that no new lease to territory may be acquired except
by Act of the Legislature. Leases heretofore acquired are exempt from
the provisions of the bill as are also lands for occupation or agriculture
within three miles of the sea which do not hinder the development Or use
of water powers, mineral deposits or other natural resources. It is understood that a legal survey of the area will be necessary to determine
the exact extent of the lands leased before the publication of the Privy
Council Decision giving jurisdiction of the territory to Newfoundland.
GREAT BRITAIN.
British trade continued to expand during May, although somewhat more
slowly. A reduction of 66,600 from the April 25 aggregate is shown in
the number of workpeople registered as unemployed on May 23. Available information indicates that the volume of British trade activity is now
greater than that obtaining before the 1926 coal stoppage, and that in
some lines the present activity is the greatest since the war period. Railway freight traffic is considered satisfactory and the volume is increasing.
Retail trade shows improvement and reflects increasing general buying
power. The present industrial trade activity is partly due to the working off of arrears on accumulated orders.
Capital issues during May were unexpectedly large, with better succeed'
attending public offerings, while some private issues met with poor reception.
The May coal trade showed several unsatisfactory features, supplies continued to exceed demand, prices were weak, there was much short-time
working in collieries and some of the mines were closed. Despite low
prices, however, buyers remain hesitant except for immediate requirements,
and contract business is slow. Exports remain at a fair level, but they
are inadequate in relation to production. Iron and steel works are maintaining high production and are rapidly completing accumulated orders.
The major metal markets continue weak. The engineering industry shows
steady progress. The machine tool trade has improved slightly, but the
works are not fully engaged. Textile machinery trade is unsatisfactory.
Shipbuilding activity, especially in Scotland, is increasing. Importers of
well-known American automobiles report increased business during May
with insufficient cars to meet all orders for some models. Domestic
makers have maintained capacity output in light cars; more expensive types
were also in steady demand during the month.
Cotton yarn and cloth prices have advanced in line with the increased
raw cotton values, and although the advanced prices are restricting the
cloth turnover, inquiry is gradually expanding. The continued strength of
raw wool values is the outstanding feature in the raw wool market. The
chemicals market is quiet and business is slow in most lines. Petroleum
imports continue large and indicate very heavy consumption. The leather
trade is not up to expectation, the small volume of pre-Whitsuntide business being unusual. The demand for lumber is steadily improving and the
heavy industries especially are taking increased quantities. Arrivals of
California oranges are increasing.
THE NETHERLANDS.
The tone of the money market has been very firm, with private discount
rates standing at 3%% and time money at 4%. There has been a considerable increase in the note circulation. Foreign exchanges show a steady
tendency. Heavy property damage and some loss of life was caused by a
cyclone which struck the provinces of Gelderland and Overyssel on June 1.
However, the disaster is not of such a nature as to disturb seriously the
progressive improvement noted heretofore in the general economic position
of The Netherlands.
FRANCE.
It has been officially announced that the French consolidation loan that
closed on May 25 reached a total of 18,200.000,000 franca, based on returns
to May 31. The consolidation operation comprises 5,300,000,000 francs of
1929 National Defense bonds, 600,000,000 francs of 1922 National Credit
bonds, 3,900,000,000 francs of 1923 Treasury bonds, first series, 1,100,000,000 francs of second series of the same bonds, and 7,300,000,000 francs
of other National Defense bonds.
GERMANY.
All reports continue to point to satisfactory conditions in German industry. The exceptional activity in the building lines, particularly, seems to
be the outstanding feature of the recent developments; in fact, builders
are now finding that they cannot receive prompt enough deliveries of materials for their requirements. On the other hand, sales of certain luxury
articles, such as automobiles, have been somewhat unfavorably affected by
the recent Stock Exchange collapse. Although the end of the month
brought about some degree of agitation on the money market, with further
declines in certain stocks, the settlements did not reveal as large a number
of failures as the panic led to expect. Much is still being said in Germany
concerning the possibility of an increase in the Reichsbank's discount rate.
CZECHOSLOVAKIA.
An improved business tone and a greater degree of industrial activity
were maintained throughout the month in practically all branches, with the
exception of coal and plate glass. The anticipated restriction in the trade
between Czechoslovakia and Austria, as a result of the latter's action in
abrogating the existing tariff convention, has already become manifest.
Money conditions remained easy, although the stock market has been
slightly unsettled. The $20,000,000 revolving credit, which was extended
in June 1926, by an American bank to the Czechoslovak National Bank, for
the purpose of currency stabilization reserve, has been renewed for one
year, but in the amount of $15,000,000. The month of April registered
another favorable balance for Czechoslovakia's foreign trade, with exports totaling 1,537,000,000 crowns and imports 1,264,000,000 crowns.
ITALY.
The Government is conducting an active campaign to lower the cost of
living and reductions averaging 10% have been announced in retail prices
of many staple articles. Wage reductions are now recommended by the
Confederation of Industries and 500,000 textile workers have already accepted a 10% cut, effective June 1. Business depression still exists as a
consequence of the continued currency appreciation. Government accounts
continue their favorable &owing and note circulation shows further reduction. Notwithstanding the fact that interest rates are slightly low, no
improvement is to be noted in the credit situation. Security markets are
dull with a downward tendency in prices. Totally unemployed stood at
228,000 on March 31, which is more than double the figure for the corresponding date of last year. Wholesale prices are declining. No improveanent is evident in the industrial situation. The domestic market is quiet
and manufacturers are making special effort to maintain their export position even at a loss. Pig iron and textile production during March showed
small increases over the February figures, but the trade reports the de-

3434

THE CHRONICLE

mand shrinking with the outlook uncertain. The engineering trades are
generally depressed and the automobile industries are in a difficult position. Conditions in the textile industry show little change. Profits are
at a minimum, collections bad and the outlook uncertain. April imports
and exports showed reductions from the corresponding figures for last year.

[Vol.. 124.

PERU.
Notwithstanding the fact that the Peruvian cotton and sugar crops are
now in the market and that exports are on a larger scale than in recent
months collections have not improved, nor has there been any improvemest
in the retail trade. Exchange on June 3 was $3.79 to the Peruvian pound,
compared with quotations of around $3.63 a month earlier. The rise is
attributable to the larger volume of cotton exports now going forward.
Exports of Peruvian sugar for March totaled 15,347 long tons.
PANAMA.
May exports of native products from Colon were valued at $166,500, of
which $122,600 represents banana shipments and $10,800 cocoanut shipments, the total quantity of which was 629,500. The remaining $33,000
represents exports of tortoise shell, ivory nuts and sarsaparilla.

SWEDEN.
At the end of March the Swedish national debt totaled 1,749,264,000
crowns, as compared with 1,744,178,000 crowns at the end of the preceding month, showing an increase of 5,000,000 crowns, which was due,
principally, to comparatively heavy borrowings from existing State institutions. During the month the funded debt showed a further reduction by
874,000 crowns. The balance at the National Debt Office totaled 20,570,000 crowns at the end of March, which was about 50,000,000 crowns less
than a year ago.
PORTO RICO.
DENMARK.
Economic conditions are slightly better as a result of crop liquidations,
Customs receipts for the first ten months of the fiscal year 1920-1927
and particularly the initiation of tobacco sales. Business in most lines in
totaled 101,903,000 crowns, as compared with 106,203,000 crowns during
the early days of June appears to be accelerating slightly. Collections are
the corresponding period of 1925-1926, and 117,961,000 crowns in 1924-25.
a trifle prompter and commercial loans are more active in sympathy with
The cod fishery season closed, with financial results lower than in the last
seasonal buying. Business in industrial chemicals and petroleum products
three years, although the catch was slightly larger. The value is placed
Is reported good. Provision sales are running behind those of last year,
at 10,200,000 crowns, as compared with 17,400,000 crowns in 1926 and
but ahead of those of a month ago.
28,000,000 in 1925.
No sugar mills have finished grinding as yet, but several expect to comESTONIA.
plete work on the present crop about the middle of this month. Rainfall
During the first quarter of 1927, Estonia's exports into Russia totaled 157 Is averaging considerably above normal, but some
south coast districts are
carloads, with a total weight of 7,804 metric tons, the bulk of which was still experiencing drought. The precipitation
is heaviest on the north
newsprint paper. The transit trade through Estonia to Russia during the coast, and the sucrose content of some cane
has been reduced. The yield
same period totaled 16,347 tons, and that from Russia 12,512 tons. In the from the tobacco crop will apparently
be below earlier estimates. The
same period 5,013 tons were exported to Latvia, and the imports into crop is practtNilly harvested and dried
and a considerable part stripped
Estonia from Latvia were 2,108 tons. The items making up the bulk of and baled. Tobacco sales are reported
to be bringing from 20 to 30 cent,
the shipments to Latvia were cement, flax, cotton yarn and cotton cloth, a pound, depending on the
quality. Fruit shipments and prices approxiwhile the imports from Latvia were mainly herring, sugar, grain and min- mate the level of recent weeks.
eral oils.
San Juan ban clearings for May were $23,817,000, compared with $29,POLAND.
737,000 in May 1926 and $24,026,000 in April 1927.
State financing for April closed with a surplus of revenues over expendiHAITI.
tures of 36,500,000 zlotys (revenues, 202,600,000 zlotys, against 166,100,Adequate rains have favored all crops and the outlook is improved. The
000 zlotys expenditures). Revenues for the first four months of the year
showed a surplus over expenditures of 98,500,000 zlotys (revenues, 709,- market for imported general merchandise, which has been overstocked
000,000; expenditures, 807,500,000), as compared with a deficit of 42,- for a considerable period, is now relieved and credit situation is better.
300,000 zlotys for the first four months of 1926. Preliminary figures on A contract has been signed for the development of an irrigation project
foreign trade for April indicated a slight unfavorable balance for the involving the investment of $7,000,000 of American capital. The first
month—the first one since September 1925, as a result of increased im- shipment of Haitian sisal, consisting of 15 tons, will be forwarded to an
ports of rye (instead of exports in April 1926). As a result of increased American importer this summer.
industrial activity, the number of employed workers increased in almost
DOMINICAN REPUBLIC.
all industries, with the exception of coal mining, in which employment
The period of general depression which existed
decreased by 12,000.
in business throughout
the Dominican Republic during 1926 and the early
part of 1927 is believed
SOUTH AFRICA.
to have definitely passed. Imports during April
showed a considerable inMay trade showed some improvement over the earlier months of the
crease and have continued in favorable proportion during
May. Wholesale
year, although the effects of the poor corn crop in 1926 are still felt.
and retail business is much improved and surplus stocks
are disappearing,
Official estimates of the coming crop continue encouraging; the expected
resulting in the placement of new orders for merchandise.
export surplus of seven million bags will stimulate general conditions,
Banking conditions are satisfactory, with collections improved. Public
works conespecially in the Orange Free State. Agricultural buying, including imstruction is proceeding throughout the republic and private
construction
plements, is already increasing. The mining material market is active.
work is active in Santo Domingo City.
Local industries are maintaining high production levels, and boots and
shoes are at record output. Credit conditions are good and money is comparatively easy. The ocean freight war between European lines is resulting in rapid sensational rate changes from European ports, but so far has Premier Poincare Hopes for Easier Terms for French
Indebtedness to United States—Senator Smoot
not seriously affected American shipments, which tend to increase. The
automobile trade is fairly good but spotty, with stocks of used cars inSays Terms Are Liberal.
creasing. Cotton goods are not active, but tend to improve; unloading of
The French Chamber of Deputies was advised by Premier
excess stocks continues. Short wools at Port Elizabeth are active, but
stocks are small, as are American shipments. Mohair is very active, with Poincare on June 9 that he hoped to obtain better debt
settlesteady prices; less than 1,000 bales of the clip remain. The Transvaal ment terms from
the United States and that he intended to
gold output during April was 824,577 ounces, a decrease of 37,246 ounces
try, particularly as he realized that the French Parliament
below the March figure.
would not ratify the accords with America and Great Britain
JAPAN.
Total note issue of the Bank of Japan on June 1 was 1,409,000,000 yen, in their present form. The Associated
Press cablegrams
and advances to other banks on that date amounted to 969,000,000 yen.
from Paris, in reporting this, added:
(1 yen equals $0.4621 at current exchange.) Reduced dividend rates on
The Premier said that was why he had made the "provisional"
the part of all banks are expected in Japan and transactions continue due.
payments
on the debt account so as to keep free to renew the
negotiations.
The Kawasaki Dockyard Co. has resumed operation, following their shutHis declaration came after he had remarked that "the
French
Parliament
down at the time of financial stress in April and May. Measures for the does not seem
to wish to ratify" the accord, drawing from Jacques
Dubius.
relief of the company have been completed which involve a drastic reduc- who was
Under-Secretary of Finance under Calllaux, the
question,"Are
tion of its capital. Foreign trade from May 20 to 31 discloses an excess you
proposing that the Chamber ratify them?"
of exports over imports, an unusual feature of that trade at this time of
The Premier rejoined that "all the former Under-Secretaries
of Finance
year, which invariably records an excess of imports over exports.
seem to be interrupting me this morning," and
then voiced the hope that
he would be able to get better terms.
PHILIPPINE ISLANDS.
The Chamber suddenly flamed into interest and pressed the Premier
General business conditions in the Philippines continue quiet, according
to cable from Wilbur K. Hoyt, office of the Trade Commissioner at Manila, for an explanation.
"I
do not propose ratification of the accords," he said, "because I hope
June 2. The copra market' remained very firm during the past week, with
arrivals somewhat lighter and three oil mills still inactive. The provin- to obtain better terms, and because Parliament certainly would not agree
cial equivalent of resecado (dried copra) delivered at Manila is now 13 to bind the country for 62 years.
"That is why I voluntarily proposed provisional payments, so we would
pesos per pieta of 139 pounds. (1 peso equals $0.50.)
retain our freedom of action to negotiate on a new basis. But, in order
that we may fear nothing and be truly independent ofour creditor countries,
NETHERLANDS EAST INDIES.
Local trading is considerably brisker in Netherlands India, according to don't you think it would be useful to have foreign moneys, and particularly
a cable from Trade Commissioner Renshaw, Batavia, June 3. As a result money that did not come from those creditor countries?"
The Deputies, when the debt question bobbed up, where debating
of the excellent rice harvest, native spending gives promise of showing in
Increased purchases of foodstuffs and other articles of Western manufac- concession of the French monopoly to Svenska, the Swedish match corportation which has offered to loan the Government $80.000,000. Premier
ture.
Poincare was defending this proposed contract, which he wants ratified.
AUSTRALIA.
Pointing out the advantage to the Treasury of having the Svenska's
The Newcastle coal strike continues unsettled, with 12,000 miners idle,
reports Trade Commissioner E. C. Squire in his May 31 cable from Sydney. $80,000,000 bond, he added:
"That
is an operation to which I attach great importance. The experts'
Six of the largest collieries are involved in this dispute. Shipping interests at Newcastle, Australia's chief coal port, are suffering from the strike commission had advised the Government to sign the accords with the
United States in hope of attaining foreign credit.
and many ships will not move until a settlement is effected. Stocks of
"Certainly to-day the rise of the franc has permitted the Treasury and
coal at the principal industrial centres of the Commonwealth are said to
the Bank of France not only to re-establish the Morgan
fund but also
be running low.
to procure a stock of dollars and pounds—but Parliament
has not yet
Dry weather is somewhat affecting the planting of wheat in some secratified
the
seem
does
and
not
to
accords
wish
to
ratify
them."
tions, but on the whole, planting conditions are satisfactory. Wheat
slightly
during
improved
the past week, but the volume is as
sales have
According to Washington Associated Press advices,June 9,
yet far from satisfactory.
Secretary Mellon declined to allow himself to be drawn into
BRAZIL.
The budget bill for 1928, now under consideration, proposed considerable a discussion of the French debt. From the same source
Increases in receipts and expenditures over past years, and indicates an we quote the following:
estimated deficit of about $4,000,000. Numerous subventions and new
The Treasury, on March 1, accepted the French offer to pay $10,000.000
constrction proposals in the appropriations for the Ministry of Transpor- on its unfunded $4,025,000,000 war debt
without prejudice to ratification
annual
suppressed.
The
been
message
have
of
prefect
the of the debt agreement by the American Congress
of the
tation
and the French ParliaFederal District reports fair progress in financial rehabilitation. An ment. This payment was made due on June 15.
American loan for $6,000,000 has been negotiated by the municipality of
American
Debt
Inasmuch as the
Commission has gone out of existence,
it is. not clear hero just how a revision of the funding agreement could be
Sao Paulo at very satisfactory rates to that city.




JUNE 11 1927.]

THE CHRONICLE

3435

price below what home and foreign markets appear to consider its intrinsic
value.
,t
Recent events have made it evident that the fall in its price from 67
According to Washington dispatches to the New York cents
in 1924 to less than 2 cents last July was primarily a result of "flight
"Herald Tribune" June 9, despite the statement of Premier of capital" to foreign markets—chiefly through leaving in those marketsPoincare that he hoped to get better terms for the settlement the proceeds of French exports, which last year amounted in all to 59,000,000,000 francs. When this expatriated capital came rushing home again,
of the French debt, there was no indication at Washington on
the discovery that the fall of the franc was definitely ended, the result
that his hopes were well founded. The dispatch observes:
should normally have been that most or all of the lost ground would have'
On the contrary, there is vigorous opposition to making the terms any been recovered. That is precisely what occurred with Italy. where the
more lenient and there will be strong opposition in Congress to the ratifi- lira has already gained in value more since last Summer than it had lost •
cation of the settlement on the present terms. . . .
in two or three preceding past years. But France, because of the trade
Senator Smoot of Utah, Chairman of the Finance Committee and a disturbance, undertook to stop the franc's rise when less than half of the
States
"will
member of the Debt Funding Commission, said the United
ground lost since April, 1924, had been recovered. Since the market was
make no better settlement terms."
willing to pay more for the franc than the official 4-cent price, the only way
to
impose that price was for the Bank of France to sell around 4 cents
Smoot Opposes Opposition.
all the francs that the foreign bidders wanted. It is difficult to foresee
"The terms are Just as liberal as any country could expect or ask," Mr. the end ofthat process,and of the resultant accumulation of foreign exchange'
Smoot declared. "I do not believe Congress would ratify any settlement unless through legal revalorization of the franc, which would establish
which made greater concessions."
permanently the buying and selling price for everybody. Even then, an'
Senator Borah said he was opposed to the French settlement as it stands
Interesting question would arise as to the possible flow of actual gold to
now and that he would, of course, oppose further concessions.
Paris.
brought about. Most officials believe some action by Congress would be
necessary.

An item regarding the agreement appeared in our issue'
Why French Bought Gold of Us and London—Infatua- of June 4, page 3285.
tion for Possession of Visible Gold and Preference
for New York Cited.
Plans of French Government to Issue New 10,000,000,000
From the New York "Times" of June 6 we quote the
Franc Loan and Retire Equal Amount of Bank Notes.
following Paris advices June 5 (copyright):
Reports regarding the intention of France to issue a
The gold purchases in London and New York by the Bank of
with a view to redeeming some 10,000,000,000
France continue to excite much comment on all financial markets. new loan
The London press in particular has violently attacked the Bank of France, francs of fiduciary now in circulation were noted in Assoaccusing it of deliberately placing the London market in a difficult position. ciated Press accounts from Paris, June 9, which said:
The truth appears to be, however,that the Bank of France has been obliged
to take into account the infatuation of the French people for the visible
possession of available gold, and it is believed to have been mainly for that
reason that a relatively small part of the bank's available balances abroad
have been converted into actual gold holdings.
Account has also been taken of the fact that sterling credits in the London
banks cannot quite be regarded as "earmarked gold." In the case of New
York deposits, no such doubt exists. In the American market it is recognized that dollar credits can always and under any circumstances be turned
into gold, whereas the Bank of France has already found that it could not
buy large amoums of dollars in the London market without upsetting
the stability of the pound sterling.
Nevertheless, the friendly conversations which have taken place in the
past week between the managers of the Bank of France and the Bank of
England are expected to have favorable effect on these operations. The
Paris market believes that transactions of the kind will hereafter be arranged
so as not in any respect to inconvenience financial London.

The circulation of French banknotes for the past eleven months has
been at an equivalent of 150 to the pound sterling and thirty to this
dollar. Inasmuch as de facto stabilization at 125 to the pound and
twenty-five to the dollar now obtains, Premier Poincare, financial experts
say, has made up his mind to take in and destroy the excess.

A Paris cablegram, June 8, to the New York "Times".
(copyright) referring to the plans stated:
The new consolidation plans, which will absorb this plethora of money,
have been carefully prepared, and when as much as possible of the estimated 10,000,000,000 francs has been obtained the Government will
invite Parliament to lower the legal limit of advances which the State
can draw from the Bank of France by a like amount. The bank them
will have to withdraw from circulation and suppress paper money equivalent to that amount.
This conversion, it is stated, will be completed by the 1st of July. Not
only fresh money will be absorbed, but the sinking fund, which itself
has too much liquid money at its disposal, will discount national defense
bonds.

London's Attitude Toward French Policy—Recourse
to London's Gold Reserve Believed Unwarranted
The same cablegram thus referred to the plans of
by Situation—Agreement as to Gold Purchases.
Premier Poincare.
Noting that as the very end of the week it was reported
Premier Poincare is planning to begin within the next few weeks dethat the Bank of England and the Bank of France had flating French currency to the extent of 10,000,000,000 francs.
This important operation is the direct outcome of the work of consolireached an agreement for the purchase of more gold in London dation
which the Government has so succsssfully accomplished in the past
by France,if necessary,in furtherance of the Bank of France's ten months and is being done simultaneously with the enormous purpolicy of employing its large holdings of foreign currencies chase and recovery of gold which France has recently undertaken.
Announcement of the proposed operation, which was ntade by the'
a cablegram from London June 5 to the New York "Times"
Matin, has been expected for some time, although it was not expected
(copyright) had the following to say in the way of com- that he would boldly aim at a mask so high as 10,000,000,000 francs. It
ment:
has been calculated by French Treasury experts, however, that the enorIt was emphasized, however, that the Bank of France will buy gold only
by prior arrangement with the Bank of England, which would thus be in a
position to supply gold at a time convenient to itself. The £500,000 gold
sold on Friday by the Bank of England is understood to have been taken for
French account.
The money market nevertheless has continued to discuss anxiously the
question of French gold and exchange demand. The position remains
obscure, with the market actually no wiser now than it was a fortnight
ago concerning the French policy. No official announcement has been
made, so that the market was left to draw its own conclusions, which were
by no means favorable to France.
In financial circles sharp criticism continues of the manner in which the
Bank of France is dealing with the admittedly awkward situation in which
it has been placed by the inundation of foreign currencies in exchange for
francs, owing to the action of speculators who think that francs will appreelate still further. The point made is that France has seriously disarranged
the London money market by the method pursued in its gold purchases.
Money has become scarce, discount rates forced upward and a further
reduction in the bank rate prevented. Making all allowances for the fact
that Franco is confronted by a difficult problem in keeping exchange
steady, the opinion is strongly held here that she has not been "playing the
game." Simply for the purpose of defeating speculators for the rise in
francs, so runs the common complaint, the French Bank has undertaken
to denude of their gold reserves countries which, like Great Britain, have
returned to the gold standard and accepted all its responsibilities.
Financial Judgment as to how France ought to meet the speculative movement is positive to the effect that the remedy lies in immediate stabilisation
of the franc. So long as the rate is merely pegged, speculation in francs
will continue. So far as London is able to judge, France now possesses
all the resources which would make successful stabilization possible.

In its review of the financial market the "Times" of June 8
referred as follows to the agreement reached at the Paris
conference:
No further purchase, withdrawal or shifting of gold occurred on foreign
markets for the account of the Bank of France, but cabled citations from
the press of London showed that market to be both apprehensive and
irritated at the constantly overhanging possibility. Last week's conference
at Paris between the Governor of the Bank of England and the Governor
of the Bank of France seems to have got no further than a "gentlemen's
agreement" that the London bank would be warned beforehand when the
French institution contemplated taking gold from it. This can hardly
reassure financial London, and meantime the French bank's purchases of
sterling and other drafts, though less than the recent weekly acquisitions of
more than $50,000.000. are still abnormally large. The actual situation
.6 sat the Bank of France has undertaken forcibly to hold the franc at a




fous amount can be withdrawn from circulation without danger to commercial needs.
Within less than a year France has thus reversed the order of thins.
in a way which last June seemed utterly impossible. A year ago the
Bank of France's printing presses were working day and night issuing
new notes with which the Government could meet the demands of nervous bondholders for redemption of their bonds.
Short-term national defense and Treasury bond maturities fell due at
such a rate and public confidence in them was so small that every month.
produced a state of greater and greater panic and a larger increase in
circulation with which to enable the Treasury to meet the bondholders'
demands.
Circulation went up by leaps and bounds, and the other day Premier
Poincare himself revealed that the needs of the Treasury were so desperate when he took office that the Minister of Finance was trying to
sell in London the copper stocks of the Ministry of War.
Now within a year there is a surplus of bank notes estimated at
10,000,060,000 francs. Instead of the public seeking cash for their bonds
they are trying to get bonds for their cash, and, the amount of bonds
being now limited, the cash is lying idle, or worse than idle, as the
amount in circulation above actual needs costs the Treasury current
/
20/0 interest.
account 21

Later advices from Paris, June 9, are also taken as
follows from the "Times" (copyright):
Premier Poincare's proposal to issue a new loan of 10,000,000,000
francs which will permit the retirement of an equal amount of banknotes has caused today a considerable political flutter.
In the first place the apparent necessity for some such new loan as
the Premier suggests has tended in a negative way to consolidate the position of the Government at a moment when it is being attacked, or rather
worried, by its political opponents. Even more clearly than before it has
been made apparent to the Left parties that if they upset the Government
they cannot, while the work of financial restoration is still unfinished,
themselves take office again, even though they control a majority in the
Chamber.
They may upset the Government, but they cannot govern, for a situation which compels flotation of a new loan with which to begin deflation
is not so solid as to permit any new Government to take it easily in
hand. There is still more than one fissure in the edifice which the Premier has constructed which if the confidence which attaches to his name
were removed might prove disastrous to the whole building.
He has consolidated the floating debt so that now two-year bonds are
the shortest held by the public, and there is no such danger as existed
a year ago of a sudden tremendous rush of bondholders seeking cash for

3436

T1TE CHRONICLE

their bonds. In getting rid of this liability, however, the Treasury has
not escaped others.
The other day a former Minister of Finance accused the Premier in
the Chamber of being a "prisoner of the banks" and while M. Poincare
body denied the charge, there still exists somewhat the same position as
existed last year, only now it is the banks instead of the public which
are in the position of being able at any time to make a sudden demand
on the Treasury for cash payments which are estimated at billions
of francs.
This liability was incurred when the Treasury and the Bank of France
were busy buying dollars and pounds sterling on all sides. An enormous
quantity of these stable moneys was placed to the current account of the
Bank and the Treasury instead of being paid for in francs—printing
more franca being thus avoided.
It is out of this situation that the Premier must now find a way. He
has still to borrow at something like 6/
1
2%, and so long as the Treasury
is in that position his political opponents very much prefer that it should
be M. Poincare himself who should do the borrowing. His reputation,
as much as anything he has done, has enabled France to create and
obtain almost unlimited confidence for nearly a year, and that confidence
must be extended for at least another year before all obstacles can be
safely overcome.
No political party and no critic of the present Administration seems
willing to try to take on such a responsibility, and thus just as the
moment when criticism is getting somewhat insistent the Premier has
seemed by lifting the curtain a little on what the real situation is to
make his own continuance in office almost certain.

British Bank's Scheme for Small Payments Meets with
Obstacles—London Clearing House Will Not
Clear Receipts of Midland Bank.
According to advices from London June 2 to the New
York "Times," the plan to save check duty on small payments
recently devised by the Midland Bank and hailed as a great
boon by the public may be suppressed by the British Treasury
authorities. The "Times" account (copyright) adds:
The London Bankers' Clearing House Committee to-day decided, on
legal advice, not to provide clearings facilities for the receipts provided
under the Midland Bank's scheme, which came into operation at the
beginning of this week. Upon the future attitude of the bankers will
depend the action of the Government, on whose behalf Winston Chruchill
the Chancellor of the Exchequer, announced in the House of Commons
to-day that legal advice was also being sought.
The Midland Bank has been supplying gratis books of receipts for sums
under V/ which could be presented for payment at the bank or handed
to a merchant in settlement of a debt. It was, in effect, a new kind of
currency.

Germany Ends Tax on Foreign Loans—Repearrof
Impost is Decreed Due to the Stringency of Berlin
Money Market.
From Berlin June 3 thd New York "Times" reported the
following (copyright):
Repeal of the 10% tax imposed by Germany on all foreign loans has been
decreed by Finance Minister Koehler in the case of credits considered to
be of a productive character. This action is due to the increasing stringency
of the Berlin money market.
Only such loans as the German financial authorities, notably the advisory
bureau founded by Dr. Schacht, President of the Reichsbank, judge to be
stimulating to the development of German productivity, industrial and
otherwise, will be freed of the tax. Advances to German States and
municipalities are not likely to be approved.
The impost in question has served as an absolute barrier against the
flotation of German loans in America since its imposition last fall. Obviously no American investor was prepared to receive only 90% of the
interest due him instead of the full amount called for by the prospectus.

Bill Prolonging Germany's Customs Tariff.
The German Cabinet has prepared a bill prolonging until
July 1930, the customs tariff of 1925, which expires by
limitation in July of the present year, says a copyright cablegram to the New York "Times" from Berlin June 5. It
adds that the present moderate import duties on cereals will
probably be maintained, but duties on potatoes and frozen
meat may be increased.
J. A. Walls of Aldred & Co. on Future Loans to Italy.
Future loans granted to Italy by American bankers will
be confined chiefly to productive enterprises, mainly hydroelectric and land reclamation projects, according to J. A.
Walls, of Aldred & Co., bankers, and director and chief
engineer of the International Power Securities Corp., who
has just returned from several months' stay abroad. As a
- result of this, Mr. Walls said, the flow of American capital
to Italy may slow down as compared with the earlier months
of the year when the enthusiasm among bankers resulted
temporarily in an overabundance of loans. This situation,
he added, has been corrected from within as the Italian authorities are now encouraging borrowings for productive
purposes only.
"Both hydro-electric and land reclamation programs are in
line with the Italian Government's policy of making the nation more self-supporting," says Mr. Walls. "Development
of power from Italy's numerous mountain streams obviates
the necessity for importing an equivalent amount of coal and
thus aids the country from dependence on foreign markets
for one of the basic raw materials which Italy lacks.




[Vot. 124.

"Power development has been progressing rapidly for many years
and
has been making especially rapid strides recently; in fact, it has reached
the
point where easily available sources of power are utilized, leaving only
those which are more distant from consuming centers and more expensive
to open up.
"Land reclamation programs, including both drainage and irrigation
projects in various sections of Italy, are in the same class. They fit in with
the Fascist program of discouraging the drift to the cities, always a
depressant to a nation's birth-rate, of encouraging agriculture to lessen
requirements of foreign food-products, and of furnishing an outlet for
Italy's growing population. The latter problem has become increasingly
serious since the present American emigration law became effective."
"The most striking aspect of present-day Italy. to a foreigner," Mr.
Walls adds, "Is the spirit of co-operation and confidetice in the future
which a like inbues capital, labor and those responsible for running the
State. I found no evidence that the rise in the lira had done anything to
destroy morale or cause unbearable hardship."

Proposed Measure to Make Danish Farm Bank
Independent of State.
In the Folkething on May 31 Minister of Commerce
Slebsager introduced the long-expected bill for a new arrangement of the Danish Landmansbank, which is working under
a State guarantee until 1931, according to copyright advices
from Copenhagen to the New York "Times." The account
adds:
The bill authorizes the Minister of Commerce to appoint a committee
to draft a proposal, to be introduced next session, enabling the bank to
work independently of the State.
The bill proposes the establishment of an institute for the liquidation of
certain assets which are estimated as probably to involve losses. The
State will cover the deficit appearing in the bank's accounts after this transference to the liquidation institute, after which the bank will continue
under the same or a new name.
The basis of the new share capital will be about 50,000,000 kroner. for
which the committee will procure home or foreign offers. The bill finnally
authorizes the Finance Minister to raise a twelve months'loan to an amount
corresponding at the most to $20.000.000, to be put at the disposal of the
Landmansbank, if necessary, to procure liquid means pending the final
arrangement.

William Phillips, First United States Minister to
Canada, Presents Credentials to Governor
General of Canada.
William Phillips, whose appointment as First Minister
from the United States to Canada was noted in our issue of
Feb. 26, page 1152, formally presented his letter of credence
to Governor-General Viscount Willingdon of Canada on June
1. Mr. Phillips, who was formerly American Ambassador
to Belgium, was presented to the Governor-General by Dr.
0. D. Skelton, Under-Secretary of Foreign Affairs of Canada, Mr. Phillips will not enter upon his new duties until
July 1, and it was understood that he would return to Washington until the date of the official opening of the Legation.
Mr. Phillips's first day in Ottawa was crowded with ceremonial and official business. At a luncheon at Laurier
House given by Premier King, the American Minister met
most of the Canadian Ministers of the Crown. At night
the Governor-General gave a dinner to Mr. Phillips and the
members of his staff accompanying him. In presenting his
credentials to the Governor-General, Mr. Phillips said:
"My Government seeks, in the establishment of my mission,
to strengthen the cordial sentiments which have ever animated the people of Canada and the United States, confident that their association in everything that touches peaceful and orderly progress will bring new benefits to both."
The Governor-General expressed himself as "very sensible
of the remarks to which you have given expression with regard to the cordial and friendly relations which have long
existed between the countries, and can assure you that both
I and my Government will give you every assistance in promoting our mutual progress and prosperity." The letter of
credence from President Coolidge, presented by Mr. Phillips, was dated March 5; it read as follows, according to
the Montreal "Gazette":
Calvin Coolidge, President of the United States of America—To His Majesty
George V., of the United Kingdom of Great Britain and Ireland, and
of the British Dominions beyond the seas, King, Emperor of India,
Etc., Etc., Etc.
Great and Good Friend: I have conferred the rank of Envoy Extraordinary and Minister Plenipotentiary upon Mr. William Phillips, a distinguished citizen of the United States, with the special object of representing
in the Dominion of Canada the interests of the United States of America.
He is well informed of the desire of this Government to cultivate to the
fullest extent the friendship which has so long existed between Your Majesty's Dominion of Canada and this country.
I, therefore, request Your Majesty to receive him favorably and to commend him to the officials of the Dominion of Canada in order that full
credence may be given to what he shall say on the part of the United
States of America. I have charged him to convey to you and to the Government of the Dominion of Canada the best wishes of this Government for
the prosperity of the British Empire.
May God have Your Majesty in His wise keeping.
Your good friend,
CALVIN COOLIDGE.
By the President,
JOSEPH C. GREW, Acting Secretary of State.
Washington, March 5 1927.

JUNE 11 1927.]

THE CHRONICLE

3437

Federal Government, was based among other considerations on the injury
caused by the important disbursement of money which represents the purchases already made not only in respect to merchandise bought in the United
Your Excellency: The President having charged me with the agreeable States, but also in regard to those purchased in Europe. which have been
intask of representing the Government of the United States as Envoy detained in transit by the United States, causing, thereby, consequent
Extraordinary and Minister Plenipotentiary at the capital of the Do- convenience.
that
prevent
Your
of
for
hands
the
this
in
specifically
merchandise,
to
disposition
place
refers
honor
to
American
minion of Canada, I have the
Excellency, in your capacity as representative of His Britannic Majesty, the dependencies of (he Federal Government make purchases in the United
States which could be made in Mexico, without taking into consideration
the Letters of Credence appertaining to my office.
In so doing, I am happy to convey to Your Excellency, on behalf of the whether American or not. Consequently, the Presidential decree referred
con.
the
for
to tends to safeguard the financial interetss of the Government, and to
President, his assurances of friendship and earnest solicitude
avoid delays on goods which are necessary to same, without cause or motive
tinned welfare and prosperity of this great neighboring Dominion.
My Government seeks, in the establishment of my mission, to strengthen In the least to affect the cordial relations existing between Mexico and the
the cordial sentiments which have ever animated the people of Canada and United States.
the United States, confident that their association in everything that
The decree was referred to in these columns June 4, page
touches peaceful and orderly progress will bring new benefits to both. It
3287.
of
and
this
achievement
purpose,
effort
assist
to
the
in
constant
my
will be
to interpret the feelings of friendship and admiration that are felt in my
country toward Canada and toward the British Empire, of which the DoSpain Imposes Charge on Bank- Payments.
minion is so distinguished a part.
New York office of the Anglo-South American Bank,
envoy
The
first
the
privilege
being
of
high
the
of
Sir,
I am deeply sensible,
of my Government to be accredited to Canada.
Ltd., at 49 Broadway, has received the following cable from
The performance of my duties is lightened already in prospect in the
NAM
Madrid, Spam:
conviction that I shall receive the sympathetic co-operation of Your ExRoyal order published May 31 makes obligatory charge of half per 10,000
cellency and that of the Dominion Government
banks
by
bankers
or
to
made
other
banks
payments
minimum 25 cents on all
In reply Viscount Willingdon said:
or bankers in same town unless cover provided at least one day previously.
Mr. Phillips: May I, as His Majesty's representative in Canada, beg you This to commence June 1 1927.
to convey to His Excellency, the President of the United States of America,
my sincere thanks for his assurances of friendship and earnest solicitude
for the continued welfare and prosperity of this country and of the British Offering of $20,000,000 State of Bavaria Treasury
Empire, sentiments which I cordially reciprocate towards the great counNotes (Participation Certificates).
try over which he presides.
The-Equitable Trust Co. of New York and Harris, Forbes
Allow me, too, on behalf of the Government and people of Canada, to
extend to you a very warm welcome on your appointment here as the first & Co. have purchased a $20,000,000 Free State of Bavaria
Envoy Extraordinary and Minister Plenipotentiary from the United States,
external dollar Treasury note against which they
and to express our keen appreciation that an officer with such a distin- one-year
guished record of service should have been entrusted with this important offered on June 6 participation certificates of the Equitable
duty.
Trust Co. at a price to yield 54%. Date June 10 1927 and
I am very sensible of the remarks to which you have given expression
June 10 1928, bearer certificates will be issued in denomdue
with regard to the cordial and friendly relations which have long existed
between our two countries, and can assure you that both I and my Gov- inations of $25,000, $10,000, $5,000 and $1,000, not interernment will give you every assistance in promoting our mutual progress changeable. They will be payable in United States Gold
and prosperity. We in Canada recognize the many advantages we have
of weight and fineness,
obtained from the fact that we live in close association with a great and dollars of the present standard
powerful friendly neighbor, and trust that these relations may be confirmed without deduction for any duties or taxes imposed or collected
and strengthened during your term of service amongst us.
within the Free State of Bavaria or the German Reich,
You may rest assured that in the performance of your responsible duties by or
Trust Co. of New
you can always rely on sympathetic co-operation from myself and from the at the principal office of the Equitable
Government of the Dominion of Canada.
York. Dr. Wilhelm Krausneck, Minister of Finance of the

Mr. Phillips, in addressing the Governor-General, spoke
as follows:

In the same issue of our paper in which reference was Free State of Bavaria, has the following to say in part in
made to Mr. Phillips's appointment (Feb. 26, page 1152), we advices to the bankers:
o
The $20,000,000 one-year dollar Treasury note of the Free State
referred to the presentation to President Coolidge of the
against which the Equitable Trust Co. of New York is to issue its
Bavaria
credentials of Vincent Massey, Canada's first Minister to certificates of participation, is the direct and unconditional external obligaUnited
Washington.
tion of the Free State of Bavaria, and is payable in New York in
Directors of Havana Stock Exchange Seek Presidential
Decree Penalyzing Trading from Cuba
by Foreign Houses.
Under a decree sought by the directors of the Havana
Stock Exchange, no member of the New York Stock Exchange or bank would be permitted to operate from Cuba
on the New York Stock Exchange, except through the medium of a Cuban broker who is a member of the Havana
Stock Exchange, unless such member of the New York
Stock Exchange or bank pays to the Havana Stock Exchange an amount equivalent to the commissions charged
under the rules of the New York Exchange, which is prohibitive. This is learned from a cablegram June 2 from
Havana to the New York "Journal of Commerce," which in
referring to the adoption of a resolution by directors of the
Havana Exchange requesting the issuance of such a decree
by the Cuban President said:
Acting upon the suggestion of the firm of Mendoza & Co., shock brokers,
with offices here, who were members of the New York Stock Exchange and
who now operate through Thompson & McKinnon, members of the New
York Stock Exchange, the board of directors of the Havana Stock Exchange
to-day passed a resolution to petition the President to issue a decree ordering that on all operations covering the purchase or sale of stocks and grains
made from the Republic of Cuba to be executed on foreign exchanges, bylaws of which prohibit admission of Cuban citizens as members, an amount
should be paid to the Havana Stock Exchange not less than that which the
foreign exchanges, by-laws of which prohibit the admission of Cuban citizens as members, authorize their members to charge.
Those transactions would be exempted made through nationals who are
members of the Havana Stock Exchange or by concerns totally composed of
Cuban citizens and organized under the Cuban laws, one of whose managers
or directors is a member of the Havana Stock Exchange.
It was also urged that all companies operating in Cuba, such as United
Railways of Itavana, should be obliged to open an office for the transfer of
stock, and further to 'make compulsory the registration in the Havana
Stock Exchange of all corporations operating in Cuba with more than
$1,000,000 capital.

Explanation by A. M. Elias, Consul-General, of Mexican
Decree Affecting Purchases in United States.
Arturo M. Elias, Consul-General and Financial Agent of
the Government of Mexico in New York, announces under
date of June 3 receipt of the following message from Mexico
City:

The Department of Foreign Relations officially declares that the decree
Which the President of the Republic issued a few days ago relative to the
suspension of purchases in the United States by the dependencies of the




or
States gold dollars without deduction for any duties or taxes imposed
It is issued in anticollected by or within the State or the German Reich.
of its sale will be
cipation of tax collections and revenues and the proceeds
indebtedness of the State and (or)
used for the purpose of refunding floating
State.
temporarily increasing the working capital of the
as of March 31 1927. including
The State's total funded and floating debt,
of the internal paper mark debt.
the estimated revalued principal amount
$10.23 per capita. The State
was $75,702,857.15. or approximately
properties the most important
estimates the value of its revenue producing
and the State forests, at over
systems
of which are the State hydro-electric
liabilities of the State,
11500,000,000. As of March 31 1927, contingent
self-supporting obligations, amounted
arising from guarantees of various
the current fiscal year, now under disto $22.638,270. The budget for
ordinary revenues and expenditures
cussion in the Landtag, shows net
balanced at $107,817,976.19.
Treaty reads in part " . . . a first
Article 248 of the Versailles
the German Empire and its concharge upon all the assets and revenues of
and all other costs arising under
stituent States shall be the cost of reparation
or agreements supplementary thereto or
the present Treaty or any treaties
between Germany and the Allied and
under arrangements concluded
or its extensions." The Dawes
Associated Powell; during the Armistice
made by Germany to the Reichsbank
plan provides that payments shall be
Payments and to secure
Reparation
for
General
for account of the Agent
pledged.
the payments specific revenues are especially
taxes and duties are not subject
State property and State revenues from
by the Dawes plan. By Reich
to any changes for the payments required
or
properties may be required to
enterprises
legislation certain of the State
the Reich in place of the secured
make certain unsecured yearly payments to
owned
yearly payments imposed under the Dawes plan on privately
enterprises and properties of like character. It is believed these unsecured
annum.
per
payments will in no event exceed $80,000
in the foregoing
All conversions from German to United States currency
have been made at the rate of 4.20 gold marks to the dollar.

The Treasury note will be issued payable to the order of
the Equitable Trust Co. of New York and will be held by it
for the benefit of the holders of these participation certificates. It is expected that the participation certificates will
be ready for delivery about June 15.
Offering of $16,000,000 City of Copenhagen (Denmark)
Bonds—Books Closed.
Kuhn,Loeb & Co.and the International Acceptance Bank,
Inc., purchased $15,000,000 principal amount of City of
Copenhagen (Denmark) 25-year 5% gold bonds due June 1
1952, which they offered on June 9 for subscription subject
to allotment at 971,4% and accrued interest to date of
delivery, to yield about 5.20% to maturity. The books
were closed on the same day at 11:30 a. m. The proceeds
of this issue will be used in part to pay the Internal 5% Loan
maturing in 1928, amounting to $6,700,000, and the balance
will be used for additions and betterments to public works

•

3438

THE CHRONICLE

and buildings. The bonds are redeemable, at the option
of the city, in whole, or in part by lot, on June 1 1937, or
on any interest date thereafter, at 100% and accrued
interest, en sixty days' published notice. They will be in
coupon form in denominations of $1,000 and $500. Prinoipal and interest (June 1 and Dec. 1) will be payable in
New York City in United States gold coin of or equal to
the standard of weight and fineness existing June 1 1927,
without deduction for any Danish Government or municipal
or other Danish taxes, imposts, levies or duties, present or
'future. The International Acceptance Securities & Trust
Co. are fiscal agents.
Regarding the country's finances and the security behind
the bonds, J. Schaarup, Director-General of Accounts and
Audits of the City of Copenhagen, says:

4

Finances.
For the fiscal year 1926-27, ordinary budget receipts
of the city are estimated at $29,319.000 and expenditures at $28.676,000. For the past
three years ordinary receipts have exceeded expenditures and during this
period the city has made capital expenditures totaling $28,106,000, which
were provided for out of cash balances in the Treasury, proceeds of loans
and sales of municipal property.
As of March 31 1927 the total funded debt of the city amounted to
8107.280,000 and there was no floating debt. The assessed valuation of
real estate in the city Is approximately $804,000,000 and
on March 31 1926
the value of city-owned property was estimated at $141.450.000. of which
productive property (tramways, water, gas and electric works, markets,
Atc.) to the estimated value of $101,840,000 yielded a net income of
$6.700.000 for the fiscal year 1925-26.
Security.
The bonds will be the direct obligation of the City
of Copenhagen and
will contain a covenant that if, while any of the bonds are outstanding, it
shall create or issue or guarantee any loan or bonds secured by lien on
any of its revenues or assets or assign any of its revenues or assets as security
for any guaranty of any obligation,the present issue bonds will be secured
of
equally and ratably with such other loan or bonds or such guaranty. No
loan of the city is specifically secured and the city has never defaulted
on any of its debts.

[VCL. 124.

Feb. 1 1927 and will become due Feb. 1 1962. The
bonds
will be in denominations of $1,000 and $500. A
cumulative
sinking fund, commencing Aug. 1 1927, operating semiannually, is calculated to retire the entire issue by maturity
through purchase in the open market below par or, if not so
obtainable, by drawings by lot for redemption at par.
Loan redemption payments received in advance of the regular
schedule on account of mortgage loans securing these bonds
will also be applied to the redemption of bonds, the bonds
will be redeemable (otherwise than through the sinking
fund) as a whole or in part at six months' notice at par and
accrued interest. Principal and interest (Feb. 1 and Aug. 1)
will be payable in New York City at the office of F. J.
Lisman & Co., fiscal agents, in United States gold coin of
the present standard of weight and fineness without deduction for any taxes, present or future,levied or imposed by
the Kingdom of Hungary or by any taxing authority therein
or thereof. The purpose of this issue is to provide the bank
with funds against mortgage loans already made, but for
which the mortgage bonds have not yet been issued, and to
effect additional mortgage loans. Information as to the
history and business of the bank was contained in our
May 7 item.
Republic of Salvador Customs Collections and
Debt Service.

The following information comes from F. J. Lisman & Co.:
May collections
Service on A and B bonds
Available for series C bonds
Interest and sinking fund requirements on C bonds
January-May collections
January-May service on A and B bonds

1927.
8554,541
87,494
$467,047
70,000
3,017,423
437,470

Available for C bonds
$2,579,953
Application will be made to list the bonds on thelNew Interest
and sinking fund requirements on C bonds
350,000
York Stock Exchange. Conversions of Danish kroner into
Collections for the first five months of 1927, after deducting service
United States currency have been Blade at gold parity requirements for the period on the A and B bonds, were equivalent to
over 7.37 times interest and sinking fund requirments on the series C
of $.268 per kroner.
bonds.
Interim certificates, exchangeable for definitive bonds
The bankers' representative collects 100% of the import and oxport
duties, all of which is available for bond service, if needed. and 70% of
when prepared, will be delivered in the first instance
against which is specially pledged for that purpose.
payment in New York funds. The Copenhagen loan was
awarded after close bidding to the International Acceptance
Bank Credit to the City of Genoa.
Bank and Kuhn, Loeb & Co., says the New York "Times,"
which states that other bidders were Brown Brothers &
Messrs. Dillon, Read & Co. and Marshall Field, Glore,
Co., the Bankers Trust Co. and the Guaranty Trust Co., Ward & Co. have concluded the negotiation of a short-term
each representing a syndicate.
credit of $5,500,500 to the city of Genoa, Italy. It is under-

stood that the proceeds are to be used in meeting the cost

"American Shares" of Hungarian Discount Bank to be of certain municipal improvements. The rate of interest is
5%. Genoa has a population of approximately 600,000.
Placed on Market Next Week.
During the past year 18,000,000 tons of shipping entered or
Ames, Emerich & Co., Inc.

and Bauer, Pond & Vivian
have purchased a block of stock of the Hungarian Discount
and Exchange Bank (Ungarische Escompte und Wechslerbank) and will shortly make an offering in the form of
American shares. The American shares will be issued
under a deposit agreement in the proportion of one American share for each two shares of the Bank which have a
par value of 50 pengos each. This will be the first time,
It is stated, that stock of a banking institution in Hungary
has been placed on the American market in the form of
"American shares." The Hungarian Discount and Exchange Rank was organized as a private institution nearly
100 years ago and was incorporated under
its present
name in 1869. It is the fourth largest bank in Hungary.
The principal office and eight branches are operated in the
City of Budapest, with two branches in the Provinces, and
the institution is also affiliated with fifteen provincial
banks throughout the country. Activities of the institution embrace all phases of the banking business and it
also is interested in more than fifty leading industrial and
public utility enterprises in Hungary. The Bank has an
unbroken dividend record since 1875, having paid dividends
all through the War.

Offering of $500,000 Bonds of National Central Savings
Bank of Hungary.
Formal offering was made June 6 of an additional issue
of $500,000
% 35-year secured sinking fund gold bonds,
series A, of the National Central Savings Bank of Hungary
by F. J. Lisman & Co. and the First Federal Foreign Investment Trust. The bonds were offered at 100 and accrued
interest, to yield 7.50%. A previous offering of $1,500,000
bonds of the bank by the same banking houses was noted
in these columns May 7, page 2676. The bonds are part of
a total authorized issue of $3,000,000. As in the case of the
$1,500,000 issue, the additional $500,000 bonds will be dated




cleared through the harbor, and it is planned to create a free
port of zone beginning Jan. 1 1928, which should add to
Genoa's importance as a shipping centre. The city has no
external debt other than the credit now arranged.

New Issue of $1,500,000 Province of Callao, Peru,

734% Gold Bonds Sold Privately.
A new issue of $1,500,00 Province of Callao, Peru, guaranteed and secured sinking fund
gold bonds has been
sold privately by J. & W. Seligman & Co., Hunter, Dulin &
Co. and Alvin H. Frank & Co. An announcement of
this was made on May 18. The bonds, which will
bear date January 1 1927, were priced at 99 and
Interest, to yield 7.60% to maturity January 1 1944.
Proceeds from the sale of the bonds, it is stated, will be
used in part to retire outstanding debts amounting to approximately $192,500, after which these bonds will constitute the only funded debt of the Province, external or internal. The remainder of •the proceeds will be devoted to
specified municipal purposes, including water supply, drainage, housing, street paving and sanitary improvements. The
Issue is redeemable in whole or in part at 1073 and interest. A cumulative sinking fund, which is provided, it is calculated, will be sufficient to retire at least $1,465,000 of
these bonds before maturity through purchases in the market up to 107% and interest, or by drawings at the call
price. The bonds are a direct obligation of the Province of
Callao, but the Republic of Peru is guarantor and joint and
several obligor with the Province. The bonds will be in
coupon bearer form in interchangeable denominations of
$1,000 and $500 and will be redeemable on any interest date
upon prior notice. Principal and interest (Jan. 1 and July 1)
will be payable in United States gold of the present standard
of weight and finness, in New York City at the office of
J. & W. Seligman & Co., fiscal agent, free from any Peru.

Jura)11 1927.]

•

THE CHRONICLE

3439

elected Vice-President and Walter B. Pollock was re-elected
vian taxes present or future. The Central Union Trust Co.
Treasurer for a fourth term. Four new members were also
of New York is trustee.
elected to the Board of Managers and two of the present
members re-elected, all to serve two years. The new memGerman-Austrian Credit Bank to Issue New Stock in bers of the board are: Samuel Knighton, Robert McVickar,
Exchange for Old Stock.
James J. O'Donohue and Robert F. Straub. Winchester
J. Henry Schroder Banking Corporation announces that Noyes and John E. Seaver were re-elected board members.
in accordance with the resolution approved by stockholders, Welding Ring was re-elected trustee of the Gratuity Fund
the Allgemeine Oesterreichische Boden-Credit-Anstalt has for three years. The new officials were inducted into
decided to exchange six old shares of kronen 3,000 nominal office on Thursday. Mr. Beatty, the newly elected Presifor one new share of shillings 50 nominal. Holders of the dent, was born in Montreal and has been affiliated for over
stock are requested to deposit their kronen share certifi- twenty years with the Barnes-Ames Co., of which Julius H.
cates with J. Henry Schroder Banking Corporation for ex- Barnes, former Chairman of the United States Food Adminchange for the new shares. The privilege for making the istration Grain Corporation, is the head. Mr. Beatty was
exchange in New York expires Nov. 16 1927. Dividends for Comptroller of Funds of the Grain Corporation and in
1926 on the shilling shares issued in exchange for the kronen charge of grain and flour shipments during the war, serving
shares will be paid by J. Henry Schroder Banking Corpora- in that capacity from 1917 to 1920. He has been a member
tion at the rate of 7.20 shillings per new share.
of the New York Produce Exchange since 1899 and served
on the Board of Managers and various important commitMessage
tees. Mr. Beatty, as President, has, it is stated, plans for
Good-Will
Leaves
Delegation
Bavarian
Visiting
of
gning
the further development of the Grain Futures Market. The
with Their Departure for Europe—Si
following inspectors of election were also elected at this
Bavarian Bonds.
meeting: John Bohnet Jr., Judson B, Bonnell, Mario
The Bavarian Minister of Finance, Dr. Wilhelm Kraus- week's
Liebman, Edwin Selvage, Charles Spear and William Gumirektor
Mader,
Oberfinanzd
at
August
MinIsterialr
neck,
Friedrich Moroff, and Dr. Fritz Belke, comprising the Ba- ter.
varian delegation, which has been in this country for two Constitution of New York Curb Exchange Amended
weeks, recently sailed for Europe, leaving a farewell meswith View to Increasing Membership of Committee
sage of good-will in which the Minister of Finance, Dr.
on Listing.
Krausneek, the party's spokesman, said:
Governors of the New York Curb Exchange
of
Board
The
many
impressions
which
the
terms
short
in
describe
to
difficult
It is
Constitution, providing
can be gained from a country, such as America, during a short period of has adopted an amendment to the
two weeks only. The special matter which brought us here, the signing for an increase in the personnel of the Committee on Listing
of the Bavarian bonds, was settled in the first days, then the application
members from five as heretofore. The Curb's anfor the listing of the bonds at the Stock Exchange had to be attended to, to ten
after which followed a visit to Chicago, Detroit, Buffalo, Niagara Falls nouncement, June 9, says:
and Washington. Much of what I have seen is without doubt of interest
to Germany and would be worth a more thorough study with regard to the
question of practicability in Germany. Of course, not all American conditions would be applicable in Germany without corresponding adjustments.
The interview I had the pleasure of having with leading American bankers
was of great importance for me, and I certainly welcomed the conversation
I had with President Coolidge and General Dawes. With General Dawes
I conversed at length on the general economic questions and especially
about the Dawes Plan.
It was very agreeably impressing to notice the friendly and sincere
reception which was accorded to me and my friends everywhere, especially
by the leading men of the two banking institutions: Equitable Trust Co.
of New York and Harris, Forbes & Co. On various occasions I could refer
to the steady, however slow, upward trend in the development of the economic conditions in Gemany, although one must beware of over-estimation,
and that this gradual reconstruction is due to a great extent to the American
loans.
I leave this country with the best of wishes for the American nation and
In the hope 'for a further profitable economic co-operation with the German people. My particular wish is that many Americans would visit the
German Fatherland and especially my cwn Bavarian country and take back
with them to America the most pleasant mrmories of its beauty.

several weeks,
Since the first of the year and particularly during the past
desiring admission to the
there has been appreciable influx of securities
work necessary in
trading list, and owing to the great amount of research
the
connection with companies making application, the Board deemed
amendment as essential to facilitate the increased work coming under the
jurisdiction of the Committee.
issues habe been adFrom Jan. 1 1927 to date, approximately 375 new
addition have
mitted to trading privileges on the Curb Exchange. The
This is a
brought the grand total of stocks and bonds up to about 1,600.
number of
in
the
was
made
record
new high record. On June 2 last, a
as against a previous
stock admitted on a single day, viz.: 21 securities
high mark in July 1926, of 12 issues.
bonds now being dealt in is far in excess
The daily number of stocks and
3 last, 501 stocks and bonds were traded
of a year ago. For instance, June
number of issues dealt in for any one
largest
In, thereby making for the
It is estimated that the total par
session in the history of the Exchange.
privileges is more than $14,000.000,value of securities now enjoying trading
shares without par value.
000 in addition to 250,000,000

National City Bank of New York Designated as Depositary for Exchange of Wiener Bank Verein Stock.
The National City Bank of New York has been designated
as a depositary for exchange of old Wiener Bank Verein
stock certificates for new 20-schilling par value stock certificates. Dividend coupons for the year 1926 are payable
at the National City Bank of New York at the rate of 1.80
schillings per share on the new Wiener Bank Verein stock.
Visit of Agricultural Experts from Various Countries
to New York Produce Exchange.
Upwards of fifty agricultural experts, representing fifteen different nations, visited the New York Produce Exchange on June 7 to observe the workings of the Grain
Futures Market, the Cotton Seed 011 Market and other departments of the Exchange. The visitors who are delegates
to the First International Congress of Soil Science to be
held at Washington, were in charge of A. E. Albrecht, director of the New York office of the State Department of
Agriculture. The delegation was met by President B. H.
Wunder and President-elect William Beatty and a committee of members who showed them about the Exchange and
explained the various activities.

Brokers' Loans as Reported to New York Stock
Exchange May 31, $3,459,869,029—
Highest Since February 1926.
for the current year of brokers' loans
figures
high
New
outstanding were disclosed this week in the monthly figures
and the weekly figures of
of the New York Stock Exchange
latter showing loans on
the
Board,
the Federal Reserve
stocks and bonds to brokers and dealers by reporting memon June 1 of
ber Federal Reserve banks in New York City
$3,061,891,000, as against $2,964,650,000 the previous week,
1926—the
and comparing with $3,141,125,000 on Jan. 6
record total so far as the Federal Reserve figures are concerned.
In the case of the Stock Exchange figures made public
outstandthis week, the combined time and demand loans
29, this
$3,457,869,0
reached
have
to
shown
are
31
ing on May
comparing with $3,341,209,847 at the end of April. The
reMay 31 figures are the largest Stock Exchange totals
ported since Feb. 27 1926, when the loans aggregated $3,535,590,321. Of the May 31 totals $2,673,993,079 represent deis
mand loans and $783,875,950 time loans. The following
June 6:
the statement issued by the Stock Exchange on

on collateral
Total net loans by New York Stock Exchange members
business May 31
contracted for and carried in New York as of the close of
1927 aggregated $3,457,869,029.
The detailed tabulation follows:
Demand Loans. Time Loans
New York
(1) Net borrowings on collateral from
$2,254,153,053 3713,392,450
banks or trust companies
collateral from private bankers,
(2) Net borrowings onbank
the
agencies or others in
brokers, foreign
70,483,500
419,840,026
City of New York
$2,673,993,079 5783,875,950
$3,457,869,029.
Combined total of time and demand loans,
is exactly the same as in the loan
The scope of the above compilation
month ago.
report issued by the Exchange a

New York Produce Exchange Annual Election_
William Beatty, President.
William Beatty, Treasurer of the Barnes-Ames Co., was
•on June 6 elected President of the New York Produce Exsince the issuThe monthly figures of the Stock Exchange
change, to succeed B. H. Wunder, whose term expired this
in January of a
beginning
it,
by
figures
monthly
the
week. Axel Hansen, of the Hansen Produce Co., who or- ance of
ganized the Grain Futures Market on the Exchange, was year ago, follow:




3440
1926—
Jan. 30.
Feb. 27
Mar,.,!
A prIl 30
May 28
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Deo. 31
1927—
Jan. 31
Feb. 28
Mar.31
Apr. 30
May 31

T H Ji CHRONICLE
Demand Loans.
$2,516,960,599
2.494,846,264
2.033,483,760
1,969.869.852
1,987.316,403
2,225,453.833
2.282.976.720
2,363.861,382
2.419.206.724
2,289,430,450
2,329.536,550
2,541,681,885
2,328,340.338
2.475,498,129
2,504,687,674
2,541,305,597
2,673,993,079

Time Loans.

Total Loans.

$996,213,555 $3,513,174.154
1,040,744.057
3,535.590.321
3,000,096,167
966.612,407
2.835,718,509
86.5,848,657
2,767.400.514
780,084,111
700.844,512 2.926.298.345
714.782,807 2.996,759.527
3.142,148.068
778,286.686
799.730.286 3,218.937,01C
3,111.176,925
821,746,475
3,129,161.675
799.625.125
751,178,370
3,292,801,255
810,446,000
780,961,250
785.093.500
799,903,950
783,875,950

3.138,786,338
3,256,459.379
3.289.781.174
3.341.209,847
3.457,809,029

Appellate Division of New York Supreme Court Holds
Investment House Liable for Representations of
Agents—Findings Against A. B. Leach & Co.
In a decision handed down on June 3 the Appellate
Division of the Supreme Court in Brooklyn sustained judgments of the Municipal Court and the Special Term of the
Supreme Court, holding that an investment house may be
held liable in the distribution of a bond issue for the representations of its agents to customers in the event of loss.
The case was that of Henry S. Hotaling against A. B. Leach
& Co., Inc., of 57 William Street, it is noted in the New
York "Times" of June 3, which further says:

Suits aggregating $100,000 by other buyers of these bonds
are pending in
the courts and an entire $5,000,000 Issue is affected by the
decision.
Mr. Hotaling sued in the Municipal Court to recover $995.56 which
he
had paid for a $1,000 bond of the National Oil Co. in
1920, which he alleged
a salesman for Leach & Co. had induced him to buy by
certain representatations as to the assets of the oil company. He got a judgment, including
costs and interest, of $1,329. This was upheld by the Special
Term.
In the Municipal Court Mr. Hotaling testified that a salesman
for the
defendants told him the oil company was producing 30,000 barrels of oil a

day and had vessels and tanks valued at 2.4.000.000. He said the company defaulted its interest payments in 1922 and went into receivership,
and finally its assets were found to be equivalent to $5.30
on a $1,000 bond.
Justice William J. Borgenshutz of the Municipal Court said in his decision that the oil company in 1919 sent a communication to Arthur
B. Leach,
marked "personal and confidential." stating that it had
large property
holdings in Mexico, Texas and Louisiana, consisting of highproducing oil

wells, refineries, pump stations and pipe lines: operated
shipping, and had
ships and tanks, built or in construction, valued at nearly $5.000,000
; that
its other property was valued at more than $8,000,000
, and that cash on
hand amounted to $3,000,000. He said further that
Leach & Co. took
over a bond issue of $5.000.000 of the oil company,
together with $3,750,000
of its stock, paying 14,400,000, and issued thereafter a prospectus
for the
sale of the bonds to the public.
The Appellate Division affirmed the judgments of
the lower courts in a
memorandum signed by Presiding Justice William
J. Kelly and Justices J.

Addison Young, Edward Lazansky and William F.
Hagerty. Justice
David F. Manning dissented. The majority's memorandum read:
"In our opinion, under the peculiar circumAlances
of this case, the prin-

[Vol.. 124.

for the benefit of the depositors of liquidated failed
banks, as far as the
funds will go.
There will be a five million dollar loss absorbed
by the depositors in
failed banks not completely liquidated until after
the million dollars, or
something less than that, is exhausted.
Can Pay But Sixth of It.
In other words, Bone has approximately one
million dollars with which
to pay six million dollars of claims against the State Bank
Guaranty Fund
held by depositors in failed banks. He wants the court
to tell him what
depositors will get the million dollars, and which ones will
get to hold thelittle scraps of paper that represent the promise of the
banks that used
to belong to the Guaranty Fund to "pay to depositor" the
losses caused
them when their guaranteed banks failed.
Bone lists the following defunct banks on which final
dividends from
assets of the bank have been paid, and are eligible to
participate in the
fund while it lasts—if the court will just tell him which ones to
pay first:
Citizens State Bank, Manhattan; Lake State Bank, Lake City;
Citizens
State Bank, Harper; Olivet State Bank, Olivet; Farlington
State Bank,
Farlington ; Runnymede State Bank, Runnymede; State Bank
of Eudora,
Eudora; Farmers State Bank, Washington; Halls Summit
State
Halls Summit; American State Bank, Cherryvale ; State Savings Bank,
Bank,
Leavenworth; State Bank of Scottsville; Peoples State Bank,
Hanover;
Citizens State Bank, Lane; Dwight State Bank, Lane; Farmers
State Bank,
Smith Center; Gridley State Bank, Gridley; Osawatomie
State Bank, Osawatomie; Traders State Bank, Arkansas City; Farmers State
Bank, Lamed;
Farmers State Bank, Zenda ; Farmers State Bank,
Quenemo (suits pending
on some deposits); Citizens State Bank, Gueda
Springs (suits pending).
These Haven't a Chance.
As for the fifty or more other failed banks,
where final dividends from
assets have not been paid, their depositors haven't
a chance in the world
at the Guaranty Fund, according to Bone's answer. The
obligations of the
Guaranty Fund to them, and to the depositors in
such of the banks named
as are placed last in the list to be paid, if the
Supreme Court appoints a
commissioner to snake that decision for Bone, are
to be written off the
books.
The agreed suit between the Attorney-General
and
sioner, as to which depositors are to get the "insurance the Bank Commis" through the bonds
on the State Guaranty Fund, is the official
announcement that the Bank
Guaranty is dead, the fund busted, and the depositors
who throught their
banks were in a guaranty fund that guaranteed
deposits—well, the depositors lose five million dollars.

Bank Deposits Held to Be Confidential by
Ohio Su.
preme Court in Denying Tax Listing Officers
Right
•
to Obtain Information as to Accounts.
The Ohio Supreme Court on June 1 held that officers of
State and national banks and trust companies in Ohio
have
the right to withhold information to tax listing officers
or
other persons as to the amount of deposits held in a bank
by
an individual, firm or corporation. Giving an account
of
the decision, a Columbus dispatch to the Cincinnati "Enquirer" June 1 says:
In affirming the Common Pleas and Appellate
Courts of Hamilton
County, the Ohio Supreme Court to-day held that County
Auditors, as taxlisting officers, have no right to inquire of bankers as to
deposits

in their
institutions. The opinion was written by Judge T. A.
Jones and concurred in by Judges Robert H. Day, R. R. Kinkade and
E. 8. Matthias.
R. Cliff Smith, Cashier of the Citizens' National Bank &
Trust
called by Auditor William F. Hess to testify as to bank balances Co., was
of a person
then dead between the years 1919 and 1924. Smith
refused. 'the Probate
defendants to seek a review by the Court of Appeals. Charles G. Kelby.
Court issued a citation in contempt and ordered him
A. Gordon Murray and John B. Doyle were attorneys for the plaintiff, and
to be csrnmitted to
jail. He prosecuted error and sued for release on
habeas corpus. winning
Max Steuer and Harold A. Corbin for the defense.
both suits.
,
The Court says that two sections of the law
are to be read together.
One gives
Auditor authority to inquire, and the other
exempts financial
Kansas Bank Guaranty Law Dead Letter, According to institutionthe
s. By applying them in this fashion, the
Court says that both
may be given effect.
State Bank Commissioner
ciple as to the measure of damages stated was not violated."
Justice Manning dissented on the ground that "an incorrect measure of
damages was adopted."
As the decision VMS not unanimous it was said the way was open for the

Bone—Filing of Mandamus Proceedings to Permit Sale of Bonds to
Pay Depositors in Liquidated Banks.
What in effect is a receivership for the State Bank Guaranty Fund of Kansas is asked in friendly mandamus proceedings filed In the Supreme Court on June 4 by Will A.
Smith, Attorney-General, against Roy L. Bone, State Bank
Commissioner. Both the mandamus action and Bone's answer were filed at the same time, says the Topeka "Daily
Capital" of June 5, from which we also take the following:
The court allowed an alternative writ, answerable
June 15, at which
time the case will be set for hearing on its merits,
if not finally argued.

In asking for the mandamus writ, the Attorney-General asks that the
Bank Commissioner be directed to sell some $897,964.50 worth
of bonds
put up by the banks, and pay outstanding certificates to
the depositors in
23 banks practically liquidated or liquidated. Ile points out that the
Supreme Court already has directed the Bank Commissio
ner to pay off
certificates as fast as the failed banks under the fund
are liquidated.
IVants Order of Payment.
In his answer Bone politiely asks the court to point out
to him just
what banks are liquidated, so he can tell which one is entitled to be paid
off first, and in what order the depositors in other banks should be paid.
Furthermore, Bone said, the court should take cognizance of the fact
that the fund has or will have certificates outstanding—owes depositors of
failed banks, in other words—about six million dollars more than possibly
can be realized from the assets of these banks; that with only 93 banks
left in the fund, the assessments authorized to pay off this indebtedness
will not even pay interest on it. So Bone asks the court to appoint a
commissioner to make findings and recommendations as to which depositors shall be paid off first, and in what order the rest shall be paid off.
Law is a Dead Letter.
In effect Bone's answer says:
The Bank Guaranty law is a dead letter.
The Bank Guaranty Fund owes depositors in failed banks six million
dollars.
The fund can raise less than one million dollars from the sale of the
bonds put up by the banks, if these are directed by the court to be sold




The New York "Journal of Commerce" in
vices June 1 stated that the case has attracteCincinnati add national attention among bankers, as it was the first
time that this question has been decided by the court of final
resort in the State.
It further noted that it is also said to
be a decision which will
govern similar circumstances in other States,
since it creates
a precedent.
Per Capita Money Circulation Lower
in Buying
Power According to H. H. Heimann in Address
Before National Association of Credit Men.
In spite of the enormousincrease in the wealth
of the United
States in the past quarter century, the per
capita money
circulation today has only four-fifths of the buying
power
it had in 1900. This statement was made
by Henry H.
Heimann, Treasurer of the Kawneer Company,
Niles,
Mich., in an address delivered at .Louisville on
June
7,
before the convention of the National Association
of Credit
Men. Mr. Heimann said that although the
per capita
circulation of money in 1900 was $26.93 and on July
had increased to $41.85, by taking into consider 1 1926,
ation the
greater purchasing power of the dollar in 1900 and its
diminished value last year, and reducing its buying
power to a
1913 average, it is found that the 1900 per capita circulati
on,
in terms of purchasing power, was $33.66 and
that in 1926
it was $27.90, or $5.76 less. He explained the decrease
by saying that the general use of credit in place of cash transactions has made it unnecessary to keep in circulation
sums of money commensurate with the increased national
and per capita wealth. Still keeping in mind the 1913
buying power average, Mr. Heimann said:

JUNE 111927.]

THE CHRONICLE

While the Nation's wealth and industrial and agricultural production
have more than doubled since 1900, and while bank deposits in this period
have increased over three-fold, the money in circulation to serve this expansion has decreased 20% in power.

Speaking of the part played by credit in American commerce, he said:

3441

gold reserves are the most important factor in the price declining situation,
Mr. Jordan called attention to the recent bulletin issued by the Federal
Reserve. He pointed out the entirely new explanation of declining price
levels which seemed to throw over entirely this significance of gold reserves
in the whole situation and offered to explain the decline in prices on the
ground of the increased efficiency in industrial production.

Our credit system has stabilized business. It has assembled our enlightened industrial credit profession whose work has practically sounded the
death knell of violent panics. It has prevented the inflation of inventories
and unnatural business expansion. It has developed for the first time
in the history of the Nation a working credit organization, in the form of
the Federal Reserve System. For more than a century before the establishment of a sound credit technique, American commerce had been struggling
under the handicap of inadequate credit facilities. Each disastrous collapse
of business disclosed unintelligent administration of credits as the primary
cause, and drove home to American business men the realization that sane
and scientific regulation of credit was a vital need.
During our early business life many disasters were brought about by unhealthy expansion and inflation. Business expended more rapidly than
wealth increased; and the abuses of credit caused a succession of panics in
Which much that had been gained was lost. Faced by the collapse of business enterprises and resulting periods of depression, the astute American
business man sought to remedy the constantly recurring mischief; and in
order to do so effectively he established the sound and scientific regulation
of credit. Reaction will take place, the tides of business will ebb and flow
as long as business men scramble for the prizes of trade, but the headlong
panics of history will not be possible while our commercial structure rests
on its present solid credit foundation.

I3oom Period Feared.
Such a policy, Mr. Jordan said, is a very wide departure from the point of
view of economic theory in the whole scheme of price stabilization. He
added that "whatever may have been the explanation of declining prices in
this country, it seems to me unquestionably a type of attitude that some
of my colleagues in the economic profession have adopted, which is that the
Federal Reserve system has done this and it can continue to do it in the
future.
M Jordan declared that a real danger, if there is any, lies in the possibility that a real boom period may take place in the near future, with a
rising price level and all of the ordinary symptoms of the unusual kind of
inflation.
Mr nJordan described the prevalent attitude of the business world
toward the future as a kind of "barbaric religion based on ignorance and
fear," and declared that the American business man, particularly, is so
obsessed with that strange combination of economic puritanism and superstition which is called the business cycle that he has "lost his ability to believe
in or work for stable economic progress." As a result, he pointed out, the
business world to a large extent has misinterpreted the true characteristics
of the last five year period.
Depression Discounted.
"The business man," he said, "is afraid and the business forecaster is
hopeful of a good, old fashioned depression next year, because both of them
imagine that since 1924 we have been enjoying an old fashioned boom and
that in punishment for a little prosperity Vie must have a great deal of
depression. In the course of time it is likely to become evident that we have
not been enjoying an old fashioned boom. The only real inflation that has
taken place has been an inflation of language and to some extent of the
t." added,
.?Iknma
sto
"the outstanding features of the past five years in
fact," he
life are more characteristic of subnormal general business than
business
our
they are of boom or inflation conditions."

Guy Huston, President of Chicago Joint Stock Land
Bank, Indicted—Indictments Against Other
Officials of Joint Stock Land Banks.
At Toledo, Ohio, on June 7 Guy Huston, President of the
Chicago Joint Stock Land Bank, and seven of his associates
were charged by the Federal Grand Jury with using the mails
to defraud in an indictment of 17 counts, according to Associated Press accounts from Toledo, which added:
F. H. Warder, New York Superintendent of Banks,
Those charged with Huston in the alleged scheme, said to have caused
Says Saturation Point on New Banks and
and
companies
in
farms
interested
the loss of $5,000,000 to individuals
Branches Has Been Reached.
companies and banks of the Huston group, are:
Walter Cravens. President of the Kansas City Joint Stock Land Bank.
the annual convention at Washington on June 8
Addressing
Harold A. Smith, President of the Southern Minnesota Joint Stock Land
York State Bankers' Association, Frank H.
New
the
of
Bank.
Oran F. Schee, President of the Des Moines Joint Stock Land Bank.
Warder, New York State Superintendent of Banks, stated
John E. Huston, Vice-President of the Chicago Joint Stock Land Bank.
that "branches in outlying communities undoubtedly are
John L.Boyles, Secretary of the Chicago Joint Stock Land Bank.
of
committee
the Farmers serving an excellent purpose, but in congested parts of the
Vernon U. Sigler, member of the incorporation
Fund of Illinois.
State it does seem as if we have almost reached the saturaGlen W. Gold,former officer of the Minnesota Joint Stock Land Bank.
tion point on new banks and branches. My concluding
The indictment carges that Dec. 3 1925 these men "devised a scheme
words on the subject of bank mergers is that a merger
for obtaining money and property by false and fraudulent pretenses."
Three companies, the Farmers' Fund Company of Iowa. connected to be sound and therefore desirable should have apparent
With the Des Moines Joint Stock Land Bank and the Chicago Joint Stock
logical and proper results." Mr. Warder also said:
Land Bank;the Farmers' Fund, Inc., of Missouri, connected With the Kansas City Joint Stock Land Bank and the Farmers' Fund, Inc., of Mime-,
sota, connected with the Southern Minnesota Joint Stock Land Bank, were
organized, according to the indictment.
The secondary companies were the Missouri Kansas Farms Company of
Kansas City, Mo.; the Farmers' Land Fund of Illinois, and the Farms
Company of Massachusetts.

Special advices from Toledo to the New York "Journal of
Commerce" on June 8 said:
The indictment alleged that when stock in the three companies, Farmers'
Fund of Illinois; Farms Company of Massachusetts, and the MissouriKansas Company, was offered to the public for sale, the companies were
claimed to be for financing farmers through the growing season until the
crops were harvested.
Instead of operating at a profit from rentals and sales of farms held by the
companies, they operated mostly at a loss, it was charged.
Promises were made to prospective purchasers through the circulars and
letters sent through the mails and by advertisements that dividends would be
paid in from one to three years and that within five years the companies
expected to pay back their stockholders, according to the indictment.
The indictment also charged that the pretense was made that because the
officials of the banks and of the companies were in many cases identical, and
because the banks were under Government supervision, the stockholders
would be secured against loss.
It was charged that on Dec. 14 1925 it was represented to the Department
of Public Utilities of Massachusetts, known as the "Blue Sky Commission,"
that all of the stock in the Masaschusetts company was sold and paid for
in cash, which is alleged to be not true. . ..
Guy Huston was arrested May 19 while on the Twentieth Century Limited en route to New York from Chicago. He is at liberty under $25,000
bond imposed by United States Commissioner F. W. Gaines.

slow on new bank organizations. I
In my own State they are going very
the
would prefer, where it is doubtful if a new institution would serve
where there is a possibility that inand
public convenience and advantage
stitutions cannot through all periods survive the strain that we know all
banking institutions must endure,to authorize the establishment of a branch
of course, in some parts of our City and
of a strong institution. Branches,
and other fixed charges make
up-State, have been overdone. High rentals
for several years after its opening.
way
its
pay
to
it difficult for a branch
Branches have led to bitter competition. On this subject, and from the
standpoint of the Bank Supervisor, we must proceed cautiously.

John McHugh, of Chase National Bank of New York,
Elected President of New York State
Bankers Association.
of the Chase National Bank of
President
John McHugh,
of the New York State
President
elected
was
York,
New
Bankers Association, to succeed Carleton A. Chase, of
Syracuse, at the closing session of the thirty-fourth annual
convention at Washington on June 8. Mr. McHugh, as
Vice-President of the Association, presided at the sessions of
the convention, owing to the absence, because of illness, of
President Chase.
Michael J. Cahill, President of the Utica National Bank &
Trust Co., was chosen Vice-President of the Association,
and J. M. Kinney, Vice-President of the Liberty Bank of
Buffalo, was chosen Treasurer. Edward J. Gallien, Secreof the Association for many years, was continued in
Virgil Jordan of National Industrial Conference Board tary
According to the Washington dispatch, June 8, to
office.
Before New York Bankers Convention Says
York "World," the Association voted to approve
New
the
Lock
Cycles
Reserve
Federal
Consistency-the New York State Banking Law to permit
in
changes
Danger of Inflation in Business
of power and light and equipment trust bonds
legalization
Boom Feared.
investments by savings banks.
for
Reliance on the "old-fashioned quantity theory of money"
in the management of its gold reserves was charged to the C. W. Collins, Deputy Comptroller of Currency, Says
Federal Reserve System by Virgil Jordan, chief economist
Fundamental Purpose of McFadden Bank Act Was
of the National Industrial Conference Board, on June 7,
to Strengthen and Perpetuate Federal Reserve
speakng in Washington, before the convention of the New
System.
York State Bankers' Association. The New York "Journal
the McFadden Bank Bill and the deterof
inception
The
a Commerce" from which the foregoing is quoted also gives mination to perpetuate the Federal Reserve System as its
the following account of his remarks:
controlling purpose were among the points touched upon by
Mr.. Jordan spoke on the "Prospects and Problems of Business ProsperCurrency, in
current
declining
price levels in this Charles W. Collins, Deputy Comptroller of the
ity." and it was in speaking on the
country that he made reference to the Reserve System. "I find in Federal addressing the New York State Bankers Association in anReserve circles." Mr. Jordan asserted, "a very great lack of consistency."
Washington on June 7, Mr. Collins's
Characterizing the policy as being based on the classical theory that the nual convention at




3442

THE CHRONICLE

remarks were introduced under the head of "Beneficial
Effects of the McFadden Bank Act." He referred to the
task undertaken by Comptroller Dawes, after assuming
office, in bringing under way steps toward gathering facts
and opinions for banking legislation, and the selection by
the Comptroller of a committee of three bankers (one of
whom was John McHugh of the Mechanics & Metals National Bank of New York, now consolidated with the Chase
National Bank of New York) to sit with Mr. Dawes and his
staff for the purpose of working out a preliminary draft of
recommendations for a bill. When the material was finally
brought together, said Mr. Collins, It was introduced in the
House by Chairman McFadden. In full Mr. Collins's address follows:




tics, but the fact remains that it almost wrecked the Treasury of the
United States. As a consequence, the War of 1912-14 was the worst financed
of any war in which we have been engaged.
It is a tribute to the inherent vitality of our people and to our vast natural resources that we have in the past been able to survive such costly
financial errors. Our peculiar national genius supplemented by the bounty
of Providence postponed the day of reckoning, for in the long run the acid
test of a democratic form of government is its ability to comprehend the
laws of finance and to manage a financial system. After suffering the
adverse effects of many financial disturbances and panics—the natural
outcome of an unco-ordinated system of banking—we met this test with
the establishment of the Federal Reserve System in 1913. Our of our own
experience and that of other Governments we established a scientific coordination of our system of banking under the guidance of a definite and
sound nattonal policy. That system having thoroughly demonstrated its
essential usefulness to business and a safeguard to the public and having
challenged the admiration of the world, the question of the expiration of
its charter became a matter of great concern.

Danger in Delay of Renewal.
It was within the realm of possibility that further delay to renew the
charters might lead to serious consequences. The danger was imminent that
the whole question of charter renewal would be thrown into the political
arena to become a subject of bitter partisan controversy. Proponents of
new and untried banking policies were already organizing for the purpose
of exacting their adoption as amendments to the Federal Reserve Act as
the price of support for charter renewal. There was in prospect, not immediately but In the near future, the question of charter renewal facing
a hostile minority in Congress, and the picture was not comfortable to contemplate. The American Bankers Association had adopted a resolution
urging upon Congress the renewal of the charters by means of a separate
bill to which there would be no amendment and this may be taken as the
general view of bankers that the charters should be renewed without having to subject the Federal Reserve System to unsound innovations.
The 69th Congress took a far-sighted view of the situation. They had
before them the McFadden bill, which gave to national banks an indefinite
extension of their charters, thus putting them upon the same charter basis
as the State banks and trust companies in most States. What more appropriate time and occasion to remove all doubt and question as to the extension of the life of the Federal Reserve System? Statesmanlike leadership
in Congress, regardless of party affiliation, seized upon this opportunity to
remove the question of charter renewal entirely from politics to the end
that there never would be a time when the Federal Reserve System would
come to an end by the automatic operation of the law.
In the face of our traditional opposition to perpetual charters of corporations it was a courageous thing to propose that our entire banking system
should continue in operation without a term of years. At one time during
the negotiations between the House and the Senate it is of record that an
agreement was virtually reached to extend the charters of the Federal Rearve banks for a period of 30 years from their expiration. Friends of the
charter renewals thought it better to accept a term of years rather than see
the renewal fail altogether. Later developments in the legislative situation (the history of which will some day make interesting reading) made
it possible to provide that the charters should continue indefinitely subject
to the right of Congress to bring the system to an end at such time as may
be determined by statutory enactment approved by the President. The
Federal Reserve charters and the national bank charters were, therefore, put
upon exactly the same temporal basis. They are not perpetual, but they
are the nearest approach to perpetual charters as our traditions and form of
government will tolerate.
Advantage of Indeterminate Charter.
Permit me for a moment to compare the advantages from a legislative
point of view of this form of charter with a charter having a definite term
of years. No matter how long such a term of years may be, there would
come a time when the country would be directly faced with the question
"shall the charters be renewed? This would require affirmative action by
Congress and the President as a condition precedent to the continuation
of our banking system. A bill would have to be introduced and go through
the various legislative stages in the House and in the Senate and would
have to be approved by the President. This procedure would put into the
hands of an organized minority—assuming that the majority of both Houses
are in favor of renewal—the power to obstruct the passage of the bill.
There would be an opportunity for the opposition to bargain and to force
undesirable changes in the banking system. It naturally follows that
under a Federal Reserve System operating under charters for a term of
years the time would inevitably come, as the charter period approached its
end, when there would be a period of uncertainty and speculation over
what would be the national banking policy. This exact situation was in
prospect when the McFadden bill was under consideration.
No such situation is possible with respect to indeterminate charters. In
fact, the legislative situation is exactly the reverse of that of the charter
for a term of years. With the chrtrters of the Federal Reserve banks now
perpetuated indefinitely by the McFadden Act it will take a majority of
both Houses of Congress and the approval of the President to bring the
Federal Reserve System to an end. And if the President does not approve
of the revocation it will take two-thirds of both Houses to revoke the
charters. This means that so long as our system of banking has the general
support of public opinion its existence will not be disturbed by an Act of
Congress. It is not now within the power of any organized minority to
force an issue, because no such minority can be in a position to take an
affirmative action. We may now, therefore, rest assured that the foundations of our national banking policy are as firm and secure as it is possible
to make them, and that there never can come a time when the question of
its perpetuation will be subjected to the expediency of partisan politics.
I shall now read the language of these two provisions for charter renewals as they occur in the Act itself:
(As to National Banks.)
Second. To have succession from the date of the approval ofIthls'Act, or from
the date of its organization if organized after such date of approval until
such
time as it be dissolved by the act of Its shareholders owing two-thirds of its stock,
or
until its franchise becomes forfeited by reason of violation of law, or until terminated
by either a general or a special Act of Congress or until its affairs
be placed in the
hands of a receiver and finally wound up by him.l
(As to the Federal Reserve Banks.)
Second. To have succession after the approval of this Act until
of Congress or until forfeiture of franchise for violation of_law. dissolved by Act
By these provisions Congress has placed the cap-stone upon our system
of banking. As a basic constituency for the Federal Reserve System we
have a system of national banks, upon a fair basis of competition in their
private operations with the State banks, and now holding their charters
without specific limit as to time. These banks are peculiarly subject to
use as instrumentalities for the furtherance of national financial policies
and it is therefore fitting that they constitute the compulsory membership.
of the Federal Reserve System.

Occasion for the Legislation.
The fundamental purpose of the so-called McFadden Bank Act was to
strengthen and perpetuate the Federal Reserve System and it is by its ultimate effect upon that System that it will be judged. Post-war economic
conditions had brought into being a great variety of changes in the procedure of corporate financing and in business methods and organization.
The period of peace beginning with the year 1919, as compared with the
pre-war period ending in 1914, marks a new economic era in the affairs
of this country and of the world. The World War had shaken the entire
social fabric of civilization and we emerged with new ideas and new desires.
It therefore became necessary for the business of banking to adjust itself
to these new conditions in order thereby to render a banking service commensurate with these modern demands.
We have in the United States two systems of banks indeed, but we have
only one theory of banking. The State banks and the national banks enter
potentially the same field. They serve the same class of customers and
co-operate in harmony in the same clearing houses. The qualifications for
a good banker are the same for the national and State and the banking
business of a sound State bank is not different from that of a sound national bank. The State banks, however, in the industrial and commercial
states very early after the war secured enabling legislation from the State
Legislature which broadened their charter powers. They were able to enter
the post-war field with a new equipment. The national banks were not
so fortunate in securing immediate relief from Congress, and as a consequence there were in the Federal Reserve System two groups of banks, one
With modern charters and the other operating under pre-war powers.
In order to remedy this condition the Federal Reserve Board and the
Comptroller of the Currency had year by year recommended national legislation, but Congress was conservative and preferred to wait until some of
these new State laws had been demonstrated to be sound and effective. It
was nearly nine years after the armistice before Congress finally took
action.
In addition to the great need for national bank legislation, the attention
of the business world was directed also to the fact that the Federal Reserve
Bank charters were set for expiration in 1934. The Federal Reserve System
almost immediately upon being established had passed through a baptism
of fire and had inspired the respect and confidence of every element in our
business community. For the first time in our history a war had been
financed with the efficient support of a system of banks acting under the
Inspiration of a sound national financial policy, and the first trying years
of peace had passed without a fundamental disturbance to finance. The
question of the renewal of the Federal Reserve charters was being widely
discussed in financial circles and it seemed eminently desirable that these
charter renewals should be made without subjecting the Federal Reserve
Act to any further amendments.
Inception of the Bill.
It was under these circumstances that Comptroller Henry M. Dawes took
office. The duty devolved upon him to recommend legislation to Congress
and he proceeded at once to work out a definite program. During the
entire summer of 1923 all of the national bank experts and technicians in
the Comptroller's office, including the Chief Examiner of the twelve Federal Reserve districts, were gathering facts and opinions and snaking recommendations for banking legislation. Bankers of all classes were consulted,
both national and State. In the early fall, Comptroller Dawes selected a
committee of three bankers and asked them to come to Washington to sit
with him and his staff for a period of two weeks for the purpose of working
out a preliminary draft of recommendations for a bill. One of these was
a national banker, one a State banker and one a prominent official of the
Federal Reserve System. All three of them had in their early careers
been country bankers a.,1 had had almost every variety of banking experience. And I wish here to announce as a bit of legislative history that one
of your distinguished members, John McHugh, headed this committee. He
left his business in New York and came down here at a personal sacrifice
and gave the Government the benefit of his ripe experience and sound
judgment.
Following the work of this committee, and further conferences with bankers and members of Congress, the material for a bill was finally brought
together and was introduced in the House by Chairman McFadden on Feb.
11 1924.
You are all familiar with the ups and downs of this bill during the three
years it was before Congress. The branch banking features alone were
subject to extended debate and the bill became known as the "Branch
Banking Bill." The other provisions were largely technical but not less
Important. Now that the bill has beccsne a law and is in actual operation
the branch banking provisions have assumed their proper proportions. The
fact that this bill had the support of the rank and file of State banks is
evidence enough of its inherent merit and fairness.
Reserve Charter Renewals.
I shall not attempt here to analyze the provisions of the Act. Apart
from the enlargement of the charter powers of national banks along the
lines of previous State bank experience, there is one great outstanding
feature of the Act of universal interest and importance. That is the renewal of the charters of the Federal Reserve banks.
Permanence and stability are essential to a system of banking. Banking
abhors uncertainty as nature abhors a vacuum. As a nation we have been
slow to realize this truth. In the past we have been inclined to take many
liberties with banking. A striking example was the failure to renew the
charter of the first Bank of the United States. The Secretary of the
Treasury urgently recommended the renewal but even in the face of an
impending war with Great Britain and with the certain need of a financial
instrumentality of the Federal Government for national finance, Congress
allowed the last day to pass by and the charter of the bank expired. It
may be true that the failure to renew was due to a display of petty poli-

[VOL. 1.241.

JUNE 11 1927.]

TEM CHRONICLE

Most of the State bank members of the Federal Reserve System also hold
their charter powers from the State Legislatures without a term of years.
As a consequence practically the entire membership of the Federal Reserve
System is protected from collateral attack so far as the term of their
charters is concerned.
Above these two groups of members is the co-ordinating force of the
great Federal Reserve SystErn, the existence and perpetuation of which has
now also been placed by Congress beyond the reach of partisan politics.
We have, therefore, passed the experimental stage with our systems of
banking. We have definitely affirmed our faith in our existing institutions. The business and financial interests of the country may now move
forward with the assurance of the support of a system of banking practically
permanent in its corporate existence.

3443

statistical report to Congress, and I think perhaps there has never been
but one exception to the December 31 call.
Custom May Be Disrupted.
The reason actuating the Bureau of the Comptroller in making a bank
call almost uniformly on June 30, is the desire to have banks statistics conform to the fiscal year period for government statistics. The reports to Congress of the Secretary of the Treasury, the Federal Reserve Board and the
Comptroller of the Currency are all based upon statistics gathered from the
June 30 call.
While I am not making this in the form of an announcement, I may say
that I expect to follow the precedent of this office in making the next call.
If the figures should indicate that the so-called "window dressing" is indulged in unduly, It may in the future necessitate a breaking away from.
well established practice, which I trust will not be necessary.

F. G. Await Named as Deputy Comptroller of Currency
Succeeding C. W. Collins Resigned.
It was announced on June 5 that Secretary of the
Treasury Mellon had appointed F. G. Await, as Deputy
Comptroller of the Currency, to fill the vacancy created
by the resignation of Charles W. Collins. The appointment will become effective July 1.
Mr. Await, who is a native of Maryland, is a lawyer,
and for the past six years has been special advisor to the
Secretary of the Treasury in legal financial and legislative
matters. Mr. Await received his early Treasury training
under S. Parker Gilbert, formerly Under Secretary of the
Treasury and now Agent General of Reparations, and has
served with the latter's successor, Under Secretary Garrard
B. Winston and Under Secretary Ogden L. Mills. Mr.
Collins resignation was noted in our issue of May 28, page
3152.

Cash Subscriptions of $610,000,000 Received to Offering
of $200,000,000 33A% Treasury Bonds.
Announcement was made by Secretary Mellon on June 3
that total cash subscriptions of over $610,000,000 had been
received to the cash offering of $200,000,000 or thereabouts'
of 33/% Treasury bonds. As indicated in our issue of June 4,
page 3295, the new financing of the Treasury Department
represented a combined offer for cash and in exchange for
outstanding Second Liberty Loan bonds. The exchange
offering still continues open. The subscription books to the.
cash offering were closed on June 2. The statement issued
by Secretary Mellon on June 3 said:
The total cash subscriptions received for the issue of 3M % Treasury'
bonds of 1943-47 aggregate over $610,000,000. The subscription books for
the cash offering, which was for $200,000,000 or thereabouts, closed at the
close of business on June 2.
Allotments on the cash subscriptions will be made within a few days at
which time full details as to the basis of allotment and the aggregate subscriptions and allotments for the respective Federal Reserve bank districts
will be announced.
The Secretary pointed out that the above announcement relates only to
the cash subscriptions. The privilege of exchanging Second Liberty Loan
bonds at par for the new
4% bonds or Second Liberty Loan Converted 43 %
available until June 15
3M % Treasury bonds of 1943-47 will continue to be
closing of the books
or such later date as the Treasury may decide for the
upon the exchange offering.

Gold Shipment to United States from Holland.
A shipment of $1,000.90 of gold,-consigned to the
American Ex-Change Irving Trust Co. arrived on June 4
from Holland on the steamship Volendam. T1177=
•ansfer,
which was the result of exchange conditions fon-Owed—the
shipment Of $734,000 of gold fromHolland reported earlier
Iiithi7v7eljby the tederarilese,Bank-rOliNew Yorc, Under Secretary of Treasury Mills in Radio Talk Explaintaccording to the New York "Times," which said;
Offer for Conversion of Second Liberty Loan Bonds
These shipmentswere the first to this country from Holland in several
Into New Treasury Bonds.
months.
The Dutch guilder, the parity of which Is 40.20 cents, developed weakness
more than a week ago and the rate went fractionally below 40 cents. This
fitted in with money rates, shipping costs, insurance and the current price
of gold to make a shipment to this country profitable. The guilder has
strengthened since the shipment of gold, and was quoted yesterday at 40.02
cents.
The transaction with Holland marked one of the few times this year that
gold has come here as.a straight exchange transaction, though there have
been heavy special movements of the metal for French account.

In a radio talk, broadcast from Washington, June 8,
Under Secretary of the Treasury Ogden L. Mills called
attention to the Treasury Department's offering for the
exchange of Second Liberty Loan bonds for New Treasury
Bonds, which offering was noted in these columns last'
Saturday, page 3295, stating that he was addressing his.
remarks "in particular to those of you who subscribed to•
In its issue of June 9 the same paper earned the follow- Second Liberty Loan bonds at the time or who have since
ing item:
acquired them." Mr. Mills added:
Holland Takes British Gold.
Further speculation regarding the unusual conditions in the international
gold market was caused by the announcement that the Bank of England
was exporting £100,000 in sovereigns to Holland. At various,times recently
Holland has taken gold from London, but on the other hand Dutch gold
has come to New York. Iii lees than two weeks Holland has sent $1.750,000
of gold to this country. Those transfers, however, were the result of special
conditions under which exchange rates, shipping charges and insurance
Invited gold shipments on a profitable basis. The financial world is now
watching to see if France will take any additional gold directly from the
London market.

Comptroller of Currency McIntosh Warns National
Banks Against"Window Dressing" In Anticipation
of June and December Calls For Report.
In intimating that the next call for a report of condition
of national banks will come about June 30, Comptroller of
the Currency McIntosh in an address before the District
of Columbia Bankers' Association at Washington yesterday
(June 10) warned that too great a tendency toward advance
preparations by the banks might result in a change in the
future regarding the policy of issuing calls on June 30 and
December 31. The "Wall Street Journal" account of this
quotes Comptroller McIntosh as follows:
The financial columns of the press at various times, he said, have undertaken to furnish information regarding dates for the call reports of the
Comptroller. I'm not blaming them at all for venturing forecasts in this
respect any more than in others but these forecasts should always be swallowed with the same feeling of uncertainty which one would entertain with
respect to a forecast: for instance, on the discount rate.
Call Sometimes Anticipated.
The purpose of the call Is, of course, to ascertain the normal condition
of the banks at a given time and as to how truly this has been reflected is
sometimes open to question for tee reason that banks, being guided by the
newsoapers, or acting on the result of their own calculations, anticipate
the date on which the call is to be made and shape their affairs accordingly.
I have sometimes wondered what the figures would develop should a comparison be made between the date of the call and,say,ten days or two weeks
later.
The law in some States, I believe, makes it incumbent upon the authorities to ask for a report on June 30 and December 31, and since June 3o is
the close of the government fiscal year, I think without exception for the
last eight year.' the comptroller has called on June 30, for purposes of his




The first important fact that you should know is that your Second
Liberty Loan bonds have been called for redemption on November 15
next. This means that they will no longer bear interest after that date
and that on November 15 you can turn them in and the United States'
Government will redeem them at par.
But there is something more that you Second Liberty Loan bondholders ought to know. The Secretary of the Treasury has announced that
he will exchange at par your Second Liberty Loan bonds, bond for
bond, for a new issue of United States bonds maturing in 20 years.
callable not earlier than 16 years from June 15, and bearing 34%
interest,
T
This offer will remain open until on or about June 15, next. If you
decide to exchange, interest from May 15 to June 15 on your Second
Liberty Loan bonds will be paid in cash.
As the situation now stands, you may turn in your Second Liberty
Loan bonds at the present time and receive in their place new 20-year
% United States Government bonds. Or you may hold your Second
Liberty Loan bonds until November, and then turn them in for reis
Itption.
dem
not, of course, my function to advise you. But there are certain
facts which I can call to your attention.
Liberty Loan bonds and the Second Liberty Loan ConSecond
The
verted bonds, carrying as they do, respectively, a 4% and a 45% rate
are selling at a premium. That is to say, you can sell today a $100
4/% Second Liberty Loan Converted bond for $100.37, and a $1,000
bond for $1,003.75, more or less. You may feel, therefore, that in
exchanging this bond at par for the new Government bond recently
offered, you may be sacrificing the premium. In this connection, two
things should be called to your attention: In the first place, the premium value will gradually disappear during the course of the next fivemonths, for when the Government redeems the bonds on November 15,
it will, of course, redeem them at par.
In the second place, in offering you a new bond in exchange for your
Second Liberty Loan bond, the Treasury Department took into consideration the fact that your Second Libertys are selling at a premium.
Accordingly, a date of maturity and rate of interest on the new bond
were determined as would, in the judgment of the Secretary of the
Treasury, enable that bond to command a premium in the market. Two
hundred million dollars of these same 16-20 year 30% bonds were last
week offered for cash subscription at par and one-half per cent premium, and no less than $610,000,000, or three times the amount asked
for, were subscribed. This means that the new $100 bonds of the
issue offered to you in exchange have already been soli for $100.50, and
2 cents in the case of the
the $1,000 bonds for $1,005, or an excess of 121/
$100 bonds and of $1.25 in that of the $1,000 bond over the premium
at which Second 4M's are selling.
United States bonds are unquestionably the safest security in the
world. They command at all times a ready market and have proved to.

3444

THE CHRONICLE

be one of the most popular and convenient forms of investment, not
only for banks, insurance companies, and other large corporations, but
for thousands of individuals to whom safety is the prime consideration.
The volume of outstanding securities of the United States Government is, however, constantly diminishing. For instance, last year the
Treasury Department retired $873,000,000 of debt, and in the fiscal year
which ends on June 30, next, debt retirement will aggregate over
$1,000,000,000. In a few years Government bonds will be available only
in limited amounts. These are all facts which you should take into consideration in determining what to do with your Second Libertys.
The point I want to emphasize tonight is that the time has come when
you should do something, and that if you think you want to avail yourself of the Government's exchange offering, the time is limited. All
Second Liberty Loan bondholders should, therefore, consult the officers
of their banks at their earliest possible convenience.

Secretary Mellon Forecasts Treasury Surplus
of $600,000,000.
A Treasury surplus in excess of $600,000,000 at the end
of the current fiscal year, June 30, is forecast by Secretary
of the Treasury Mellon, who at the same time indicated
that theipublic debt reduction for the year will reach $1,200,000,000. According to the advices from Washington June
6 to the New York "Journal of Commerce" Secretary
Mellon refused to concede that this record-breaking surplus
is at all indicative of what may be expected for the ensuing
fiscal year. The dispatch continued in part:
He stressed the fact that many of the receipts of the present year are of a
temporary nature and will net recur in subsequent years. The payment received by the railroad administration yesterday from the Boston & Maine
Railroad amounting to $27,000,000 is an example of the unexpected receipts
which have swelled the Treasury's surplus this year, Secretary Mellon said.
Secretary Mellon denied that the statement of Senator David A. Reed of
Pennsylvania that a $300,000,000 tax cut may be expected represents the
Treasury's views. He said that Senator Reed and he had not discimed
the surplus and posSible tax reduction, and although the Treasury and
Senator Reed are very much in accord on such matters the Senator's statement was not prompted by any commitment of Secretary Mellon.
Should the Treasury's surplus this year reach 8600,000,000, it will not only
exceed the most optimistic previous estimates but will also set a new high
record for the Government.

Noting that various business organizations, among them
the Chamber of Commerce of the United States, have asked
that the corporation tax be reduced to as low as 10% from
the present level of 13%, The New York "Times'
account from Washington June 6 said:
Secretary Mellon and other close Administration financial experts do not
believe this can safely be done.
The Government experts figure that each reduction of 1% in the corporation taxes will cut about $100,000,000 from the revenues and they feel
that if there were to be a 3 or 3%% reduction there would be no room for
other tax relief.
Would Spread Out Tax Relief.
It appears probable that the Administration's attitude Will be
in favor of a reduction of the corporation income tax by 1 or I% %• This
would permit of abandoning more of the so-called nuisance taxes, a further
reduction or repeal of the estate taxes, and another cut in the surtax rate
on personal incomes, now at a maximum of 20%•
The Treasury indicated that the job of changing the tax laws would
• again be left in the hands of Congress, with the Treasury experts offering
their suggestions only when called upon by the Ways and Means Committee
of the House or the Senate Finance Committee.

(Vou 124.

The outstanding fact to be noted in considering them is the magnitude of
the operations conducted by the Treasury Department. We become so used
In this country to doing things In a big way, and on the whole these operations have been so smoothly conducted, that in spite of their size they have
been almost taken for granted. Yet in any other period or country they
would arouse the most widespread interest.
Consider what happened last March for instance. As a result of the various operations of the Treasury Department the total volume of transactions
at the New York Federal Reserve Bank on the single day of March 15
reached the stupendous total of $2,000,000,000. The adjective is hardly
necessary, for the figures speak for themselves. The net result of these
transactions was to reduce the public debt by about $185,000,000 and the
annual interest charges by about $25.000,000.
Retiring Second Liberty Loan Bonds.
This was but the first step in what is probably the largest financial
transaction undertaken by this or any other Government in time of peace.
It was the initial move in a program looking to the conversion or retirement
of over $3.000,000,000 of Second Liberty Loan 4% and 434% bonds,callable
on November 15, next, and which have since been called.
The Second Liberty Loan, which was issued in November 1917. was the
second large loan floated by the Government during the war. You will all
remember—for doubtless many of you participated—how a nation-wide
campaign was conducted to sell these bonds, how Liberty Loan Committees
were formed in every community throughout the land, and how, spurred
on by a great national crisis, every patriotic impulse was appealed to in
order to place these bonds in every home in the land.
Let me give you a brief summary of the history of this issue. The Second
Liberty Loan was offered for subscription on Oct. 1 1917. Subscriptions
amounting to $4,617,532,300 were received from 9,400,000 subscribers. A
total of $3,807,865,000 was allotted. The bonds, issued were dated Nov.
15 1917, bore interest at 4%, were payable in 25 years, but were subject
to redemption on and after 10 years from the date of issue. They carried
a conversion privilege which might be exercised in the contingency of the
first subsequent issue of bonds carrying a higher rate. This contingency
arose when the Third Liberty Loan was issued on May 9 1918, and thereafter $3,707,933,850 of the 4% bonds were converted into 434% bonds.
Stated in terms of pieces, 14,938,073 bonds were originally delivered.
Nineteen million eight hundred and one thousand and one hundred and two
bonds have since been delivered on conversion, exchange, &c., against the
cancellation of a like amount of other bonds. Althougher 34,739,175 bonds
have been delivered to owners. These bonds would weigh 222 tons, and If
spread out would cover almost exactly one square mile of the earth's
surface.
During this period 31,114,759 bonds have been canceled on all accounts,
leaving now outstanding 3,624.416 bonds. Since 1917 interest aggregating
$1,327,600,885 accrued and became payable on this loan to May 15 1927,
involving the issue and payment of some 7,750,000 interest checks and the
payment of more than 130,000,000 interest coupons.
On March 8 1927, the Secretary of the Treasury announced in offering of
3)4% Treasury notes, maturing in five years, but callable on six months'
notice on and after March 15 1930. These notes were offered only to holders
of Second Liberty Loan 434% bonds, to be exchanged at par for their
Libertys' interest on the bonds surrendered to be paid to May 15 1927. The
,offering was well received and exchanges fully came up to our expectations.
No less than $1,360,458,450 of Second Liberty bonds were exchanged for
the new 3)4% notes.
Of the original issue of this loan, bonds amounting to $790,461,800 have
been redeemed from time to time on various accounts, and, as just stated.
$1,360.456,450 have been refunded into Treasury notes. There remains
outstanding a balance of $1.656.946.750.
On May 9, last. Secretary Mellon called for payment on Nov. 15 1927,
the tenth anniversary of the issue, all outstanding Second Liberty Loan
bonds. This means that interest on these bonds will cease on Nov. 15,
next; and that holders are definitely confronted with the decision of what
they ought to do. They may. of course, hold their bonds until maturity
and receive cash for them—which incidentally involves the problem of how
to invest the proceeds—or in view of the announcement made a week ago
by the Treasury they may on or before June 15 exchange their Second
Libertys for. new long-term United States bonds.

New 334% Treasury Bonds,
On May 31 the Secretary announced an offering of 20-year bonds callable
at the end of 18 years, bearing 334% interest and to be exchanged at par
for each, bond for bond, for Second Liberty Loan 4% and 434% bonds.
accrued Interest on Seconds up to June 15 to be paid in cash.
Two hundred million dollars of the new iss ue were offered for cash
subscriptions at a premium of one-half of 1%. This cash offering was
largely oversubscribed, subscriptions aggregating over $610.000,000.
though only approximately 5200,000.000 of subscriptions were invited.
The yield of the new bond to the cash subscriber is approximately 3.33%;
to the holder of a Second Liberty bond who makes the exchange at par about
3.37%.through the latter of course sacrifices the premium which the Second
Liberty bonds now command but which will gradually disappear during the
course of the next five months. The closing market prices of Second 43'4s
during the last two weeks in May was on an average of 100 10-32 or
$1.003.1234% thousand dollar bond. On exchange a holder receives a bond
which has been largely oversubscribed at a premium of $5 per bond,showing
an apparent gain of $1.87% per thousand-dollar bond.
I am going into these details not with a view to advising holders as to what
course they should pursue, but because I know that before you came here
and after you return to your homes you are going to be asked by your
many customers what to do, and it occurred to me that it would be of
interest to analyze the proposal from the standpoint of the bondholder. I
recognize of course that the decision must be largely governed by the
circumstances in each particular case, by the character of the investment
desired and by your own judgment as to the long-time trend of interest
rates.
Such a discussion is all the more valuable because I am satisfied that a
great majority of the Second Liberty Loan bonds still outstanding are in
the handa of investors, using that term in the narrowest sense, and that
many, many of them are hold by persons of moderate means having but
limited knowledge of security values or investment possibilities. I base
that conclusion upon the widespread distribution of the original issue and
upon the facts disclosed by the results of our March exchange offering.
The Treasury Department feels itself to be under a real obligation to
these holders to acquaint them with all the facts because of the conditions
under which the original subscriptions were made, a feeling which I have
It is a very great honor indeed to be invited to address this representative no doubt you gentlemen share.
gathering of business men and,in addition,from a more personal standpoint,
Of some $59,000,000 of $50 coupon bonds only $1,739,000 were exchanged
a great pleasure for me to be with you and to have the opportunity to say a for 334% notes in March;of approximately $116.000,000 of $100 bonds only
word of greeting to my friends and neighbors of the Empire State.
$4,167,000; of approximately $141,000,000 of $500 bonds only about $11,Iassume however,that you haveinvited me not in my capacity ass fellow 000,000; of $605,000,000 of $1,000 bonds only about $115,000,000. while of
New Yorker but as the Undersecretary of the Treasury to talk to you about $1,366,000,000 of $10,000 bonds no less than $1,026,000,000 were exchanged
some of our financial and fiscal problems.
The figures relating to the registered bonds are if anything more conclusive.

Under-Secretary of Treasury Ogden L. Mills, Before
New York State Bankers' Association, Discusses
Government Financing and Refunding Operations—Retiring Second Liberty
Loan Bonds.
"Some Problems in Treasury Financing" were discussed
by Under-Secretary of the Treasury Ogden L. Mills at the
annual banquet in Washington on June 7 of the New York
State Bankers' Association. Speaking of the principles
governing the Treasury refunding and retirement operations,
Mr. Mills said, "The general program is two-fold in character. It contemplates, in the first place, a steady reduction
of debt by retirement, and secondly, a reduction of the
burden by refunding as rapidly as possible securities bearing
high rates of interest with those bearing a lower rate."
Mr. Mills observed that "last year the Treasury Department
retired $873,000,000 of debt,and in the fiscal year which ends
on June 30 debt retirement will aggregate over $1,000,000,000. This means, to be sure," he added,"fewer Government
securities for the investor, but it spells an enormous saving
in interest charges and consequent relief to the taxpayer.
How great the relief is, is strikingly illustrated by the fact
that interest payments next year will be less by $63,000,000
than they are during the current fiscal year, due entirely to
debt reduction and refunding operations." The proceedings
with regard to the retirement of the Second Liberty Loan
bonds were detailed in the address, which we quote herewith:




JUNE 11 1927.]

THE CHRONICLE

It is not unreasonable to conclude from these figures that the banks, insurance companies and other big holders of Government securities were the
ones to whom the March exchange offering appealed and that the individual
investor whose holdings of Governments are of moderate amount and who
generally favors a long-term bond rather than a security of comparatively
short maturity either took no particular notice of the Treasury offering
or else decided to hold on to a bond that did not mature until 1942 and which
might conceivably not be called prior to that date.
As to those who failed to learn of the Treasury program, we have made
every effort to reach them, both on the occasion of the notice of the call of
the Seconds and, more recently, when the announcement was made of the
new issue of the 1943-47 bonds. And I trust that you gentlemen will cooperate In the future as you have in the past with a view to bringing this information to the attention of every holder of a Second Liberty bond.
As to those investors who are loath to part with a security of possibly long
maturity for one of comparatively short life, their Seconds are now definitely
called and are five months' paper. Moreover, the Treasury, in reaching
the decision to offer a 20-year bond In exchange, took into consideration
their apparent preference for a long-time security. I do not say that this
,was the only consideration. I do say that it was an important one.

year notes and the subsequent calling of $1,700,000,000 of those remaining
outstanding had resulted in an over-supply ofshort-term Issues, accentuated
by the early maturity of the Third Liberty bonds.
In addition, as I have already mentioned, we believed that our appeal
should be directed to the many thousands of small holders who had not
been attracted by our note offering and who rather obviously seemed to
prefer a long-term bond to one with an early maturity with the consequentnecessity of early reinvestment.
So much then for the conditions which determine the character and maturity of an issue. The question of interest rates is one requiring a greater
degree of judgment, but here again current rates for different maturities
offer a fairly reliable guide, always,taking into consideration what the longtime trend is likely to be and never forgetting that the volume of United
States Government securities is constantly and rapidly diminishing, and
that not many more years will elapse before this most convenient and safe
form of investment which we have become so thoroughly accustomed to
during the last decade will be available only in limited amounts, and that
their scarcity value is a consideration Which cannot be neglected.
$873,000,000 of Debt Retired Last Year.
This program of steady debt retirement is in accordance with the historic
policy of the National Government. It has been steadfastly adhered to by
the Administrations of Presidents Harding and Coolidge, and, helped by
the large surpluses which have come from the prosperity of the country
and the business-like administration of our National Government, has resuited in reducing our gross national debt from $25,484,000.000 on June 30.
1919,to $18,873,000,000 on May 31 1927, or a reduction of 66,611,000,000.
Last year the Treasury Department retired 8873,000,000 of debt, and in the
fiscal year which ends on June 30 debt retirement will aggregate over
$1,000,000,000. This means,to be sure, fewer Government securities for
the investor, but it spells an enormous saving in interest charges and consequent relief to the taxpayer.
How great the relief is strikingly illustrated by the fact that interest payments next year will be less by $63,000,000 than they are during the current
fiscal year, due entirely to debt reduction and refunding operations. So,
when you read the surplus figures for this present fiscal year, do not be regretful that Congress might have given you the benefit of greater tax
reduction, but rather realize that, this entire surplus having been applied
to the reduction of the National debt, the reduced interest charges will
represent a permanent annual saving which will inure to your benefit in
reduced taxes with just as much certainty as would the more direct method
oftax reduction.
I trust I have not wearied you with this somewhat long and technical
discussion, but the subject of what the investor is to do with his Second
Liberty Doan bonds is a pertinent and to him an important question at this
time, while the magnitude of the operations conducted by the Treasury
Department merit the attention of the many thoughtful citizens who are
ever interested in the sound and efficient administration of their Governments in the financial as well as in other fields.

Refunding and Retirement Operations.
May I now,speaking from a limited experience, say a word or two about
the rather simple principles which govern Treasury refunding and retirement
operations. There Is no reason why they should be shrouded in mystery,
and yet in reading discussions and prophecies as to our financial transactions,
present and future, I frequently notice a tendency to surround a necessarily
technical problem with an excessive amount of—shall I say—professional
atmosphere.
-fold in character. It contemplates, in the
The general program is two
first place, a steady reduction of debt by retirement, and, secondly, a reduction of the burden by refunding as rapidly as possible securities bearing
high rates of interest with those bearing a lower rate. To date the Treasury
has been singularly successful in both operations.
We have to start with a definite amount of outstanding obligations extending over a period of 20 years or more, with varying maturities, some of
which the Treasury controls by means of call provisions. We know, then,
certain fixed dates on which certain obligations have to be met;and there are,
in addition, a number of open dates which may be filled either by making
use of the call provision of a particular issue or by the issue of a new maturity
through a refunding operation. It is these open dates that give the Treasury
a very considerable measure of freedom as to the maturities of Government
obligations.
But these are limitations. For instance, we must be careful in preparing
our schedule to see that enough securities either mature or are callable every
year to enable us to effect the retirements from the sinking fund required
by law.
Sinking fund retirements must be effected at an average cost not in excess
of par, and the great majority of retirements from this source from now on
must be at par.
This means that unless there are adequate maturities in each year, the
Treasury Department might find itself unable to make any retirements
from the sinking fund,for United States Government securities have a tendency to mount to a premium. Thus our present Treasury 1947-52 bonds
are now selling at 113.28, our Treasury 1944-54 bonds at 108.29, and our
Treasury 1946-56 bonds at 105.30.
It is not unreasonable to suppose that history will repeat itself and that
in the future as in the past United States Government bonds will command
a premium. Therefore, even if Congress should change the sinking fund
provisions—which I am not suggesting Congress either should or would do—
so as to enable the Treasury Department to retire bonds at above par, it
would prove to be an expensive proposition. This was done in the case of
our Civil War bonds, which the Government.in pursuance of a policy of debt
retirement, purchased In the open market at a price as high as 129. As
Noyes says in his "Forty Years of American Finance"—
A very extraordinary chapter in American finance now opened. During
1888, the Government four per cents ranged on the open market from 123
to 129; yet at these high prices the Treasury bought, within seven months,
upwards of $50.000,000. . . . During MS and the two ensuing
years, 845,000,000 was actually paid out in premiums . . .
We know,in the second place, though not quite as accurately, what funds
will be available for debt retirement from the sinking fund and foreign repayments, and we must estimate as best we can what sums may be expected
by way of surplus, for it Is obvious that this last item is susceptible to very
great variations.
With this information on hand, we are enabled to prepare what may be
called a timetable of payments which, in so far as the aggregate amount of
years is concerned, is probably fairly accurate. But should it prove otherwise no difficulty need be experienced, since it would always be possible if
necessary in the later years to extend the life of the debt by refunding
obligations.
Within the limits thus staked out, the Treasury, as stated above,retains
considerable liberty of action, having as it has the option offilling the earlier
open dates with short-term maturities or the later ones with securities of a
longer life. In reaching a decision on this question from time to time
and as occasion arises, the Treasury must be governed, both as to rates and
maturities, by current conditions, and these conditions very rapidly. They
do not permit a detailed program to be mapped out in advance but only a
general one, embodying a number of alternative propositions, the most
appropriate one of which to be selected when the time for action has come.
The problem of refunding the Second Liberty Loan bonds illustrates
as well as anything could the nature of the problem. It is obvious that with
its long-term Government bonds selling on a basis to yield less than 3%%
and its short-term maturities on a basis to yield 334% and less, the Tressury
Department could not permit over three billion of 43(% bonds to remain
outstanding once the time arrived when,under the law,they could be retired
by call. Every consideration of sound financial management demanded
that they should be refunded at as early a date as possible. Such was the
situation in the early part of this year. The question to be answered was
what form or forms the refunding operation should take.
During the first week in March, Treasury short-term certificates and notes
were selling on a basis to yield approximately 3.12%, whereas long-term
Treasury bonds were selling on about a 3.45% basis.
At that time it was not unreasonable to conclude that conditions favored
a note of limited maturity rather than an offering of long-term bonds. Accordingly the Treasury offered a 3-5-year 3 % note in exchange for Second
Libertys, with certain concessions as to interest, intended to compensate
for the premium which the Libertys then commanded. The response was
most gratifying. No less than 44% of the amount outstanding was exchanged.
Two months later the situation was reversed. United States Government securities maturing within a year were selling on a basis to yield
from 3.25% to 3.45%, while, on the other hand, the three long-term Treasury issues were selling on a basis to yield approximately 3.30%. It seemed
probable that the conversion of about $1,350,000.000 of Seconds into five-




3445

Three-Power Naval Conference at Geneva June 20—
United States Delegates Ambassador Hugh S.
Gibson and Rear Admiral Hilary P. Jones.
At the three-power naval conference, which is to be held
at Geneva June 20, the United States will have as delegates
Hugh S. Gibson, Ambassador to Belgium, and Read-Admiral
Hilary P. Jones, of the General Board of the Navy, Both
were passengers on the "Leviathan", which sailed for Europe on June 4. In making known the appointment of the
delegates the State Department at Washington on June 6
also announced that the following had been named as advisers to the American delegates:
For the State Department—Frederic It. Delbeare, Counselor of Legation
at Berne; George A. Gordon, Secretary of Legation at Budapest; S. Pinckney Tuck, Consul at Geneva; Allen W. Dulles, Legal Adviser, and David A.
Salmon, Chief Archivist.
For the Navy Department—Rear Admiral Andrew T. Long, Rear Admiral
Frank R. Schofield, Captain J. M. Reeves, Captain Arthur J. Hepburn,
Captain Adolphus Andrews, Captain W. W. Smyth, Commander H. 0. Train
and Lieutenant-Commander H. H. Frost.

Ambassador Gibson, who was at the head of the American delegation to the recent League of Nations Preparatory
Limitations Conference at Geneva, will be Chairman of the
American delegation to the coming naval conference. According to the White House announcement June 6, Hugh R.
Wilson, American Minister to Switzerland, has been designated, in agreement with the British and Japanese Governments, as Secretary-General of the conference. The date
chosen for the conference (June 20) was announced by
Secretary Kellogg on May 24, when he made public the following duplicate of identic notes sent to the British and
Japanese Ambassadors in Washington:
In accordance with informal conversations on this subject, I now have
the honor to confirm the arrangement that the Three-Power Naval Conference at Geneva will open at 4 o'clock on Monday, June 20 1927.

Great Britain, Japan and the United States are to be the
participants In the conference. Both France and Italy had
been invited to join the conference, making it a five-Power
parley, but had de-Mined. They were later invited to send
representatives to the three-Power conference. The decision
of the Italian Government to follow the conference was
conveyed last month to the State Department by Ambassador Henry P. Fletcher, his message being reported as follows in a dispatch from Washington May 18 to the New
York "Times":

Rome, May 17 1927.
Secretary of State, Washington:
I have just received a memorandum from the Foreign Office in reply to
our memorandum of March 14, which, after referring to the antecedents,
states, "The Royal Government deeply appreciates this attention of the
American Government and, while thanking it, has to state that the nego-

3446

CHRONICLE

[You 124.

tiations at Geneva will be followed with the greatest attention by the
Italian Government and public opinion even if an official observer shall
not be sent to participate in the conference.
"Nevertheless, the Royal Government, depending upon the development
of the negotiations, and the probable results thereof, reserves the right to
send one or more naval experts to follow closely these negotiations, not excluding that these experts may, at a given moment, assume the specific
.character of observers at the conference itself."
FLETCHER.

Coupee Parish, on the eastern side of the river, the flood
rose slowly as far south as the main line of the Southern
Pacific Ry. Morgan City, La., is still to receive several
additional feet of flood water and practically all inhabitants,
reports said, had been evacuated by last Saturday. Statements issued by railways in the inundated area said that
trains were running everywhere despite the flood and were
France in a note on April 4, replying to the second invita- maintaining scheduled time. The Missouri Pacific in parlion by President Coolidge, deferred its decision "regarding ticular insisted on this point in the following notice by W.G.
participation in the disarmament discussions, even to the Vollmer, Assistant to the President:
There has been so much publicity regarding the Missouri Pacific's flood
-extent of a simple observer." Under date of June 2 it was
stated in Associated Press cablegrams from Paris that difficulties, including the loss of a bridge at Little Rock, Ark., that I fear
there may be a misunderstanding of our situation in the minds of many
"France still may decide to send an observer to the forth- people, and the impression may be prevalent that our freight and passenger
coming tri-partite naval limitation conference in Geneva, service is not being adequately operated, which is not a fact.
It is true that we experienced considerable difficulty, losing one of our .
but there has been no decision in the matter, officials said two
bridges at Little Rock, Ark., but all of our main lines to the West,
to-day." The cablegram added:
South, Southwest, and, with one detour beyond Missouri Pacific rails, to
The question, however, was recently revived and there is a distinct possibility that the American invitation will be accepted.

From Paris, June 4, the New York "Times" announced
the following copyright advices:
It was officially announced to-day that the French Government would

be represented at the naval conference at Geneva by observers. Count de
Clauzel, the permanent representative of France at Geneva, will be the
chief observer and he will be assisted by Captain de Leuze of the French
navy.
This represents a change of the French position taken in reply to President Coolidge's invitation, in which the French, while leaving open their
final decision, indicated a desire to have nothing to do with the naval conference.
Frankly speaking, the French have an idea that the conference will not
accomplish much. Their decision to send observers, as they were invited
to do by Mr. Coolidge, is actuated by two motives: First, the desire to
please the United States, and, secondly, by the idea put forward by the
British that without endangering the total tonnage available for cruiser
and submarine building they can participate in the negotiations for limiting the size of ships, both cruisers and submarines.

The British delegates, it is understood, will be the Right
Hon. William Clive Bridgeman, First Lord of the Admiralty; the Right Hon. Viscount Cecil of Chelwood, Chancellor of the Duchy of Lancaster, and Vice-Admiral Sir Frederick Laurence Field, Deputy Chief of the Naval Staff. Mr.
Bridgeman will be the head of the British delegation.
The Japanese delegation will be headed by Admiral Viscount Makato Saito, who served as Minister of Marine and
who is now Governor-General of Korea. Viscount Kikujiro
Ishi, Ambassador at Paris, will also be a delegate.
On May 28 Wellington (New Zealand) Associated Press
advices stated:
The Government has decided the Dominion of New Zealand will be represented at the forthcoming naval disarmament conference at Geneva..
Arrangements are to be made for Earl Jellicoe, Governor-General of New
Zealand, and Sir James Parr, High Commissioner for New Zealand in London, to represent New Zealand at the conference. A third delegate may be
appointed.
(Lord Jellicoe commanded the British Grand Fleet in the World War
from 1914 to 1916. Later he was First Sea Lord of the Admiralty.)

Japan's acceptance of President Coolidge's invitation to
the tri-partite conference on the limitation of naval armaments -was inspired by a genuine love of peace and a sincere
wish to co-operate constructively with the other Powers,
said Admiral Okada, Minister of the Navy, in a statement
to the Associated Press on June 2, according to a cablegram
from Tokio (Associated Press), which reports him as
stating:
He emphasized that his country was ready to reduce its navy "to the
minimum of defense requirements," and with this end in view would engage in a frank discussion with the delegates of the United States and Great
Britain.
"If anybody thinks we simply jumped at this opportunity to limit armaments for financial reasons," he declared, "he has never learned to appreciate our true feelings. Our naval institution, actually far from being of
aggressive proportions, was never intended to extend beyond the measure
justified by defense. Even without this armament parley we never thought
of building beyond this. So we are looking forward to the forthcoming
conference as something in the way of a formal occasion to confirm this
fundamental idea.
"We will reduce our navy to the minimum of defense requirements.
What this minimum is must be gauged by Japan's peculiar geographical,
economical and po2itical circumstances. We are going to discuss this point
frankly with the American and British delegates."

Mississippi Floods Diminish in Lower Valley—Fresh
Inundation in Arkansas.
The flooded area in the Mississippi Valley diminished
steadily in the past week and refugees by the hundreds made
their way back to their farms and townsites. Water is
slowly continuing to fall in the Tensas Basin, west of the
main stream in Arkansas and Louisiana, and rehabilitation
there is said to be making good progress. In the Atchafalaya Basin, the famous "Sugar Bowl" of Louisiana contrasting conditions prevail. The water fell generally in the
western part of the basin, where St. Martinsville, New
Iberia and other towns were flooded, while south of Pointe




New Orleans, are open. Our passenger and freight trains are operating
adequately and on schedule, except to and from New Orleans, as affected
by this detour. Our passenger and freight businesses are being and will
be handled with expedition and regularity.

Some apprehension was caused in the lower part of the
Mississippi Valley by heavy rains and flood stages in the
vicinity of Cairo, Ill., last week. Dr. I. M. Cline, Chief
of the New Orleans Weather Bureau, declared, however,
that the new flood would not affect the districts from which
the water is now receding. It will, he said, affect the
nundated area only to the extent of delaying the final
draining away of all the waters. No further rise was to be
expected, Dr. Cline added.
In Arkansas the flood problem again appeared early in
the week with heavy rains general over the State. Refugees
in Crittenden County who but recently returned to their
homes were again forced to leave and it was estimated that
between 15,000 and 20,000 persons in the eastern part of
the State would be homeless again as a result of the new
flood. At New Orleans it was said that this flood also
would tend to prolong the inundation in the Tensas Basin
though no rise was predicted in the flooded portions of
Louisiana.
The flood control conference which met in Chicago last
week at the behest of the Mayors of Chicago, St. Loius
and New Orleans, continued its deliberations last Saturday.
Nicholas Longworth, Speaker of the House of Representatives, and Senators Pat Harrison of Mississippi and James
E. Watson of Indiana were in attendance. Resolutions
were adopted characterizing flood control as a national
problem, calling on governmental agencies to supply immediate relief for sufferers, requesting President Coolidge
to appoint a committee to arrive at definite conclusions for
permanent protection and demanding that Congress press
the matter to a solution. Permanent organization was
effected and the conference was adjourned.
Furthermore, it became known Thursday that President
MOW intends to
a special session of Congi:iii-s7tii
meet in October about six weeks previous to the regular
session. One of the reasons said to have influenced the
President in this decision is the problem of flood relief and
prevention which the new Congress will be expected to
take up.
Flood Destroys 10,000 Acres of Rice in Louisiana.
iave'been Cestroyed b-y flood
About 10,000 acres of rWr—
waters in Louisiana, according to preliminary information
just received by the Bureau of Agricultural Economics,
United States Department of Agriculture. Under date of
June 7 the Department says:
Throe-fourths of this acreage was in St. Martin and Iberia
parishes,
which are in the Teche country. The other losses were mostly in Pointe
Coupee Parish west of the Mississippi River, above Baton Rouge.
About 1,500 acres of rice along Bayou Lafourche are also in danger and
some other rice acreage may be flooded before the crest of the flood reaches
the Gulf of Mexico. Since damage to rice from flood water varies with the
depth and duration of submergence, the exact extent of losses to the rice
crop will not be known until the water recedes from the rice areas.
In 1926 5,145 acres of rice were harvested in St. Martin Parish. 9,900
acres in 'Iberia and 700 acres in Pointe Coupee. Most of the rice in Louisiana is farther west and not in the path of the Mississippi flood waters.

Mississippi Flood Conditions Chief Influencing Factors
in Decreased Business Activity In St. Louis
Federal Reserve District.
The fact that the St. Louis Federal Reserve District was
more seriously affected by the Mississippi floods than any
other general area is noted in the May 31 Business Conditions
Review, issued by the Federal Reserve Bank of St. Louis.
The Bank thus reviews the business situation.
Business in this district during the past thirty days has developed declining
tendencies as contrasted with earlier months this year, and in a large

JUNE 11 1927.1

THE CHRONICLE

3447
and the Louisi-

on
fell below that of the the Mississippi Rehabilitation Corporati
majority of the lines investigated, the volume of sales
factors in the de- ana Farm Credit Corporation. The organization of the
corresponding period last year. Tim chief influencing
conditions along the Misscreased activity were the unprecedented flood
holding company results from the request by President
unseasonable weather. Low
issippi River and its tributaries and the
Coolidge on May 30 that the United States Chamber of
distributhe
down
held
temperatures and almost continuous heavy rains
goods.
seasonal
particularly
more
but
,
Commerce, through its President, Lewis S. Pierson, take
tion of merchandise of all descriptions
affected by the overflows
Throughout the important trade territory directly
lead in calling a conference of various leaders in business
the
were
operations
great property damage was suffered, and agricultural
plans for the re-establishment of industries which
substandevelop
a
been
has
result
to
brought to a standstill or seriously delayed. The
and the development of a suffered in the Mississippi flood—particularly agriculture.
tial reduction of purchasing power in these areas
in the matter of compolicy or extreme caution on the part of merchants
e on June 3, held at the Washington headmanufacturers, who in At the conferenc
mitments. In turn these conditions have reacted on
of Commerce, Secretary of ComChamber
for
the
of
in
preparation
quarters
many instances have revised their operating schedules
for their products.
and Eugene Meyer, Chairman of the Federal
Hoover
merce
any adverse change which may occur in the demand
borders
The Eighth Federal Reserve District, which includes within its
along with representations
counties of Missouri, Farm Loan Board, were present,
the entire state of Arkansas, all but the western tier of
In a statement reinterests.
Missfinancial
n
and
northwester
and
of industrial
southern Illinois, western Kentucky, Tennessee
area.
upon, President Pierson of the
agreed
plans
the
ssippi, was more seriously affected by the floods than any other general
garding
and
This territory is traversed by the Mississippi River and its confluents,
land. Early Chamber said:
on their borders is situated much of its productive agricultural
There have been formed in the three flooded States three agricultural
of
miles,
square
8.000
estimates place the area overflowed at from 7,000 to
locally
oc- finance corporations—the Arkansas Farm Credit Co.. with a capital
which above 4,500,000 acres consisted of arable land. Greater damage
subscribed of $500,000; the Mississippi Rehabilitation Corporation, with a
uninstate
former
the
In
Mississippi.
order,
next
in
and
Arkansas
curred in
capital of $500,000, and the Louisiana Farm Credit Co., with a capital of
dation was general along the rivers, and the unusually heavy rains caused
$750,000.
small creeks to overflow their banks and created near-flood conditions in
Thus, to match these combined amounts,the country's business men are
sections where there are no rivers or small streams.
subscribing to a total of $1,750,000 in stock of the newly created Flood
a
were
to
disrupted
ions
communicat
flood
of
the
periods
crest
At the
by the holding
Credits Corporation. This money will be used for purchase
considerable extent, and in some sections delays are still being experienced
s, the holding
the sitution corporation of stock in the three existing local corporation
in delivery of commodities. Generally, however,this phase of
stock.
the
against
subscribers
debentures to the
issuing
corporation
are
being
conditions
normal
waters
has passed, and with recession of the
Intermediate Credit Banks probably will lend from three to four to
The
has
been
progress
little
very
rains
continued
the
Due
to
rapidly restored.
s, thus insuring a considerable
and one on the assets of the combined corporation
made in preparation of the soil for planting crops and repairing building
loans. Credits will be advanced
work is from six weeks fund for making agricultural and other
farm equipment damaged by high water. Farm
of local committees of
in order through the local corporations on recommendation
behind the usual seasonal schedule, and sunshine is badly needed
men organized under the plan of Secretary Hoover:,
business
up.
made
be
this
respect
in
that the deficiency
the affected States
It must be remembered that the banking system in
Activities at the large industrial centers exhibited more unevenness and
agencies themselves
in lines for sound and that the banks and other established credit
Then, too,
Irregularity than in a number of months. Wholesalers dealing
situation.
the
in the way of relieving
much
accomplish
will
for
delivery,
future
order
in
shrinkage
ordinary consumption report a further
sales as compared merchant credit is being liberally extended, and in many instances mannin
Losses
shoes.
and
boots
being
the one exception
damaged stocks of
acturers and wholesalers are replacing 'without cost
with a year ago were most pronounced in goods consumed chiefly in the rural
ioning
goods which were manufactured or sold by them and also arerecondit
districts, such as farm implements, stoves, fertilizers and insecticides,
which can be salvaged.
goods
own
in
their
trade
Retail
materials.
building
poultry and dairy supplies and certain
intended to
It is the extra credit needed that the present machinery is
e
both city and country was disappointing, with clearance of merchandis
There
supply. The loans will be made largely for agricultural purposes.
less complete than at this time last year or in 1925. Retailers report good
regions which
not are some manufacturing and other industrial concerns in these
shopping response to the few days of clear weather, but there were
three
in
the
towns
and
need assistance, but for the most part the cities
enough such days to change the decreasing trend of sales volume. Depart- will
are largely dependent on agriculture.
States
fraca
small
recorded
the
district
of
cities
largest
five
the
ment store sales in
has been
The response on the part of business men to the appeal which
tional increase over the same month in 1926, but debits to individual acPittsburgh,
made has been remarkable. In cities like New York, Chicago,
s
counts In the reporting cities in April were 5.8% below those of March
expectation
Angeles
Cleveland, Detroit, Boston, San Francisco and Los
and 3.4% under the April 1926 total.
met. The smaller cities also will do their part.
being
was
are
cities
five
largest
the
in
issued
permits
building
The dollar value of
the business
In general, the response has been as excellent as it was from
higher in April than March, but was 13.2% smaller than in the same month
ago for economic
the rate interests when large funds were required tnree years
last year. In the iron and steel industry activity was below
cannot praise too highly
of keen competition agricultural assistance in the Northwest. One
of the month before, and there were more complaints
which has animated business leaders throughout the country in
spirit
the
employs.
General
commoditie
of
groups
and narrowing profits on certain
has been placed before
days miller. Sea- meeting the need for agricultural assistance as it
ment showed little change as contrasted with thirty
nced losses in industries them.
counterbala
about
activities
certain
in
of the
gains
sonal
This response is another indication of the sympathetic interest
In some sections a surplus
where curtailment of production was In progress.
and commercial interests of the country in constructive and sound
industrial
work
n
constructio
highway
of
of farm labor is reported, but resumption
when they arise. The busion levees in the flooded efforts to assist critical agricultural conditions
plan for aid when such
and extensive repair operations by railroads and
ness man is always ready to Join in any practical
labor.
common
of
surplus
the
reduce
y
substantiall
areas served to
plan can be made to work out.
* * • * *
are exhibiting
With reserve stock of coal the largest on record, consumers
prevails that it
little interest in future supplies and generally the feeling
s when the fuel is
will be possible to obtain sufficient for all requirement
of steaming
needed. Mines in the district are moving out large quantities
cars
coal, but there are still complaints of heavy accumulations of loaded
far coal
Thus
received.
of domestic sizes for which no orders have been
Illfrom the nonunion fields has not been entering the trade territory ofthe
inois and Indiana mines to any great extent, consumers depending largely
Kenupon their storage stocks. In the immediate past tonnage from the
tucky mines has been moving in larger volume to the lakes, and generally
there is a slightly firmer tone in prices. Dealers report that householders
are ordering their fall and winter fuel somewhat earlier than has been the
case during the past several years. According to the U.S. Bureau of Mines
consumers' stocks of bituminous coal on April I amounted to 75,000,000
tons,thelargest stock in the history ofthe country. The previous maximum
of 63.000.000 tons was reached in November,1918. Production of bituminous coal for the country as a whole during the present calendar year to May
14,approximately 114 working days, amounted to 221,193,000 tons,against
203,959.000 tons for the corresponding period last year and 176,116,000
tons in 1925.
In spite of interruptions due to the floods, railroads operating in this
district continue to report the heaviest freight traffic on record for this season
of the year. For the country as a whole loadings of revenue freight for the
first nineteen weeks this year, or to May 7. totaled 18,280,000 cars, against
17,770,207 cars for the corresponding period last year and 17.770.207
cars for the corresponding period last year and 17.476,346 cars in 1925.
The St. Louis Terminal Railway Association, which handles interchanges
for 28 connecting lines, interchanged 189.951 loads in April, against 243,282
oads in March and 219,246 loads in April, 1926. During the first 9 days of
May the interchange amounted to 64,234 loads, against 64,693 loads during
the same period in April and 65,113 loads during the first 9 days of May,
1926. Passenger traffic of the reporting lines decreased 5% during April
as compared with the same month last year. Estimated tonnage of the
Federal Barge Line between St. Louis and New Orleans for April was
122,000 tons, the highest on record, and comparing with 104.301 tons
(revised figures) in March, and 72,682 tons in April, 1926.

At the same time there was made public the letter of
President Coolidge (dated May 30), to Mr. Pierson, enlisting
the aid of the country's business men; this letter follows:

of the States inMe Dear Mr. Pierson,—I am advised that the citizens
and effective efforts to revolved in the recent floods are making earnest
industries, particulary
establish to the utmost of their ability their damaged
capital
agriculture. In several of those States this has taken the form of
of their
subscription to special finance corporations under the direction
of
hment
the
loans
re-establis
leading bankers and business men to assist by
to produce their crops,
those farmers who, normally dependent upon credit
obtain such credit from normal
are unable in consequence of the flood to
to support the resources. The purpose is also, I understand, generally
The intermediate
habilitation of business and industry through loans.
s limited rediscorporation
those
to
credit banks have undertaken to extend
count privileges.
are seeking to increase
I understand also that the citizens of the South
securing substantial subthe strength of these loan corporations through
would be
scriptions to their capital from States outside the flood area. It
on of national solidarity and
of great assistance, as well as a demonstrati
the
sympathy,If the business interests of America. under the leadership of
to
Chamber of Commerce of the United States, could now undertake
s
corporation
comply with the request of those leaders to secure to their loan
the
from
provided
with
that
subscriptions of capital, say dollar for dollar,
flooded States.
of
I, therefore, ask if you will not take the lead in calling a conference
of such
various leaders in business which would develop the early assurance
a
such
in
expressed,
help, and that you would, under my direct request, thus
effective
manner as your own judgment should decide, then proceed to make
for that
this evidence of the great sympathy of the rest of the country
section which is now under such need.
Very truly yours.
CALVIN COOLIDGE.

Mr. Pierson's reply of June 3 said:

your request
My Dear Mr.President.—It is a pleasure to advise you that
has been promptly
of May 30 for business aid to agriculture in the flood area
met by the large industries and the banks of the country. larger citien;
the
Upon the basis of quotas assigned and accepted by
amount required.
returns so far received justify the assurance that the
capital stock of the
$1,750,000, will be available for subscriptions to the
Louisiana and Arkansas in
agricultural credit corporations in Mississippi,
amounts equal to local subscriptions for such stock.
another evidence of the
You may be assured that this action is simply
country extend to the people
sympathy which the business interests of the
testimonial of confidence in their
of the Mississippi Valley, as well as a
Sincerely,
ability and integrity.
LEWIS E. PIERSON.
the United States.
President Chamber of Commerce of

Formation of Flood Credits Corporation as Holding
Company for Stock of Agricultural Credit Corporations in Arkansas, Louisiana and Mississippi—Measures to Aid Agriculture in
Flood Area Taken by United States
Chamber of Commerce at Instance
of President Coolidge.
Washington on June 3 the organization
in
meeting
At a
was effected of the Flood Credits Corporation, which will
W. A. Hicks,
Secretary Hoover, Chairman Meyer and
make available the sum of $1,750,000 to be used in the
addressed the
Co.,
Credit
Farm
purchase of stock in the Arkansas Farm Credit Corporation, President of the Arkansas




mi NEIm•
I INoim
3448

THE CHRONICLE

124.
meeting. Secretary Hoover, it is stated, estimated the
Regarding the commemorative exercises of the anniversary
economic loss due to the flood at from $200,000,000 to which will be
held in Washington, the New York "Times"
$400,000,000. Both relief and credits must be advanced, of June 5 said:
however, he said, on the basis of actual need, instead ofon
Outstanding in the nation-wide celebration will be the Vesper Flag Serloss. "Economic shock and disaster of this character," vice, which will take place on the west steps of the Capitol in Washington,
Dr.
Secretary Hoover is quoted as saying, "no longer can be tion C., on June 12, in commemoration of the sesqui-centennial of the adopof the flag.
confined to localities. The effects are felt throughout the
The service will be held under the auspices of the United States Flag
country. Whatever we can do to relieve the situation will Association, of which President Coolidge is Honorary President, and with
be of service, therefore, to the entire country." The con- the co-operation of Washington Lodge, No. 15, Benevolent and Protective
Order of Elks. Elihu Root is President of the association; Otto H. Kahn,
ference was assured the fullest support by the Farm Loan Treasurer;
James A. Moss, Director-General, and J. H. Heckman, ExecuBoard by Chairman Meyer. The Flood Credits Corporation tive Secretary.
The program will consist of the massing of the colors, sacred and
will be under the direction of the following:
patriotic music by the United States Marine Band, with

John Philip Sousa,
President, M. N. Buckner, Chairman of the Board. New York Trust Co.
Vice-President, Samuel W. Reyburn, President of Lord & Taylor, New leading when the band plays his "Stars and Stripes Forever"; the singing
of
hymns
by
a
vested
thousand
choir
a
of
voices,
and of patrotic songs by
York City.
the audience. Several ministers of different denominations will
Directors—George A. Ranney, Treasurer of the International Harvester
participateCo., Chicago; 0. H. P. LaFarge, Assistant to the Vice-Preside of the in the service, and there will be an address on "The Religion of the Flag."
nt
General Motors Corporation, New York City; Charles W. Appleton, ViceFirst Service of Its Kind.
President of the General Electric Co., New York City; W. S. Linderman.
This will be the first service of its kind in the annals of the nation.
President of the Duquesne National Bank of Pittsburgh; George A. CoulThe
President, the members of the Cabinet, the President of the Senate,
ton, Senior Vice-President of the Union Trust Co., Cleveland.
the
of the House the Justices of the Supreme Court and other GovernThe New York Trust Co. will act as depositary and the ment officials have been invited to be present.
Among the guests of honor will be Ben Altheimer of this city, known
headquarters of the corporation will be in New York. Acas
father of the popular and religious observance of Flag Day."
cording to the Washington dispatch to the New York "the
Mr.
Altheimer's portrait appears in the sesqui-centennial living flag with other"Times," those at the conference included H. L. Perkins, noted Americans, which the association is sending out by the thousands
Vice-President of the International Harvester Co., Chicago; throughout the country in commemoration of the one hundred and fiftieth
of the adoption of the flag.
0. H. P. LaFarge, Assistant to the Vice-President of the anniversary
Mr. Altheimer, who resides at Park Chambers, 68
58th Street, is
General Motors Corporation, New York; Charles W. Apple- credited with having extended the observance of Flag West
Day from the any*
and
navy
to
the
country
at large.
ton, Vice-President of the General Electric Co., New York;

W.S. Linderman, President of the Duquesne National Bank
of Pittsburgh; M. N. Buckner, Chairman of the Board,
Flag Day Proclamation of President Coolidge.
New York Trust Co., New York; Samuel W. Reyburn,
A proclamation calling for the observance throughout the
President of Lord & Taylor, New York; George A. Coulton,
Senior Vice-President of the Union Trust Co., Cleveland; Nation of Flag Day, on June 14, was issued as follows on
7 by President Coolidge:
W. J. Filbert, Comptroller of the United States Steel Cor- June
My Fellow Americans,
poration, New York; James B. Bonner, Manager of Sales
Flag Day on June 14 will mark the 150th anniversary
of the adoption by
of the United States Steel Products Co., Philadelphia; Congress of the Stars and Stripes as the emblem of our nation.
It is fitting
that we should recall all that our flag means, what
it represents to our citiLewis E. Pierson, Chairman of the Board of the American zens and to the
nations of the earth.
Exchange Irving Trust Co., New York; Joseph H. Defrees,
There should be no more appropriate time to give thanks
for the
of Defrees, Buckingham & Eaton, Chicago; Stanley H. that have descended upon our people in this century and a halfblessings
and to
rededicate ourselves to the high principles for which our
Bullard, Vice-President of the Bullard Machine-Tool Liberty and union,
ensign stands.
freedom of thought and speech under the rule of reason
Works, Bridgeport, Conn.; A. J. Brosseau, President of and righteousness as expressed in our Constitution and laws,
the protection
Mack Trucks, Inc., New York; M.S. Sloan, President of the of life and property, the continuation of justice in our domestic and foreign
relations—these are among the high ideals of which our flag is the visible
Brooklyn Edison Co.; John Joy Edson, Chairman of the symbol.
Board of the Washington Loan & Trust Co.; Judge Edwin B. It will be futile merely to show outward respect for our national emblem
If we do not cherish in our hearts an unquenchable love of and
Parker, Chairman of the Board of the Chamber of Com- the
devotion to
unseen things which it represents.
merce, and Robert P. Lamont, President of the American
To the end that we may direct our attention to these things,
I suggest
that Flag Day be observed in the display of the stars and stripes
Steel Foundries, Chicago.
in public
places and upon nubile and private buildings and by patriotic exercises
in
our schools and community centr..s throughout the land.

Proclamation of Governor Smith of New York, Naming
Period from June 8-14 as Flag Week—Washington
Celebration of 150th Anniversary of Adoption
of Flag..
The observance of the 150th anniversary of the adoption
of the country's flag is requested by Governor Smith of New
York not only on Flag Day, June 14, but he has also designated the period from June 8-14 as Flag Week, and has
asked that "special exercises of a patriotic character be
conducted by our schools and patriotic societies." The Governor's proclamation, issued May 23, follows:
Whereas, The present year 1927 is the 150th anniversary of the adoption
of the American flag; and
Whereas, The origin of that flag was simultaneous with the conception of
the principle of American independence; and
Whereas, Old Glory tended to inspire the founders of this great Republic
and at the same time fire the souls of the patriots who armed in the glorious cause of freedom, ready for any sacrifice and prepared to stake their
all upon the altar of a righteous cause; and
Whereas, It falls to each and every one of us who share the blessings of
this great confederation of liberty, which finds its truest and finest expressions in the fraternity of the numerous States composing that great
confederation; and
Whereas, The people of New York and all the other States of the Union,
conscious of the magnificent sacrifices that have been made by the men
and women of every generation for that flag, symbol of justice, liberty,
contentment, prosperity and above all providential indulgence, are eager
and zealous to show their devotion and love for this emblem and what it
represents;
Now, therefore, I, Alfred E. Smith, Governor of the State of New York,
do hereby appoint the week of June 8-14 1927

C. E. Mitchell of National City Bank of New York on
"Capital Market"—Investment of Surplus
Funds in Foreign Issues Only When
Home Needs are Lacking.
Before the annual convention of the National Electric
Light Association in Atlantic City on June 9, Charles
E.
Mitchell, President of the National City Bank of New York,
spoke on "The Capital Market" and in referring to loans
abroad by American bankers stated that "the surplus investment funds pass on into foreign issues only when there an
is
absence of home issues." He said that "the capital market
holds a warm welcome for the sound securities that come
from our public utilities, our manufacturers and our railroads. 'America first' is the slogan that the prevailing
values tell." He further stated:

The capital market and in fact the continuation of
American prosperity
at its present level are calling for the use of
imagination on the part of
America's business leaders for skill and science to find new
channels for
profitable investment, for a quickening of thought
and action in taking
advantage of our present liquid wealth to build for the
that there may be a new perfection in our machinery future to the end
of production and
distribution. The efficient speeding up of the business
machine means the
production of goods on a larger scale and power production
and railway
transportation on a larger scale and the larger scale speels
business consolidations and larger business units. The power Industry
has been in the
van of this movement and as your now great units
function, it is well to
realize that your results are being analyzed by the court
of public opinion.
If you can succeed in proving to the investor who
has followed you so
enthusiastically that your larger units spell greater security
and sounder
business methods, to the customers whom you serve,
that they spell more
efficient and lower cost service and to the public that
the monopolistic
danger is a bug-a-boo, then you will ease the way for
others to follow, the
railroads assuredly, the trades and even the banking
business where in
spite of the distress that has followed the failure of
thousands of small
banks the country over in recent years the public are
still doubtful of a
branch system wherein a few large units will serve.
Yours is a deep
responsibility in which, knowing you as I do, I have a faith
supreme that
you will give a good accounting.

FLAG WEEK;
And do proclaim June 14 1927
FLAG DAY;
And at the same time urga a universal display of the flag from public
buildings, places of private enterprise, and especially from the homes, so
that the children may sense the augmented inspiration that must come
from the evidences of appreciation of American ideals by their elders and
pe impressed thereby; and I do further urge that on this day set apart
special exercises of a patriotic character be conducted by our schools and
Mr. Mitchell also said in part:
patriotic societies to the end that the mighty meaning, the impressive lesWe have been hearing a good deal lately about the
flow of American
cluster
traditions
historic
that
around
splendid
Old
Glory
may
the
be capital abroad through
sons,
the medium of foreign financing in our markets and
given the completest expression in this sesqui-centennial of its adoption.
there has been a disposition to criticize the bankers for the
part they have
ALM= IL SMITH.
taken in guiding this nog.




JUNE 11 1927.]

THE CHRONICLE

Now it is true that the volume of foreign financing has been heavy.
Foreign issues have come into eur markets at the rate of about a billion
dollars a year in recent years, the list of issues traded in on our exchanges.
instead of being measurable on the fingers of two bands as before the war
now runs into hundreds. Moreover, the movement is continuing. In
the first quarter of this year the volume of these issues reached over 360
millions,substantially more than the first quarter of last year and the second
quarter is keeping pace with the first. But why? Because the bankers are
guiding the capital flow abroad. No. Because excess capital seeks investment where an opening occurs as inevitably as the Mississippi River when
swollen beyond the carrying capacity of its natural boundaries seeks and is
overpoweringly insistent upon an outlet, breaking the levees where it may.
But I am getting ahead of the argument I would develop. Let us examine for a moment the meaning of this great foreign investment, for it is a
new experience and over it many are beginning to feel some concern. High
authorities complain that the emigration of capital is unpatriotic and question as to how as time goes on the interest and capital rteirement of these
capital retirement of these rapily mounting debts can be transferred from
another currency to dollar currency for remission, even though accumulated
for that purpose in good faith in the debtor country. Still other caution
against the excessive competition of American bankers for loans abroad
that tends both to extravagance of borrowers and a lowering of investment
standards in our own country. And again others tell us that loans abroad
that are not strictly for productive purposes are as unjustified from the
standpoint of the American lender as they are dangerous to the foreign
borrowers. That the general public is intesested, is evidenced by the fact
that these questions, criticisms and cautions are headlined in our daily
press.
We must remember that by and large the money that has been borrowed
here has not been taken out of the country. It has been spent here in the
purchase of the products of our fields, our mines and our factories. So
heavy indeed has been the balance of payments this way that not only
have foreign merchants been forced to expand all the proceeds of foreign
loans here, but above and beyond that,they have had to ship large quantities
of gold to discharge their obligations. Had we not loaned abroad, our
foreign customers would have been face to face with the alternative of
curtailing their purchases from us or of shipping us more gold, the one
course meaning the loss of the foreign markets to American production, the
other threatening us with a most dangerous inflation. Foreign lending
therefor has served and is serving a patriotic purpose as well as assisting
our good customers abroad to bridge the gap of the reconstruction period.
It is true that serious questions arise as to how these debit balances created
by our loans will be ultimately adjusted and especially so as the situation is
complicated by tariffs and by the need of huge and unnatural transfers of
funds incident to reparations and international warlebt payments. The
problem is an unavoidable consequence of the chang in our national and
international status caused by the war and in time it must be faced boldly
even though It necessitates some revision of our ideas 'with respect to trade
balances, tariffs and international finance. We are now a creditor nation
and in the long run balances of creditors have to be settled in goods and
services. A portion of what is due may be refunded by new loans or reinvested directly or indirectly in foreign productive enterprise and possibly
in equity ownership position but that only postpones the day of reckoning.
The process of piling up credits abroad cannot go on forever. Already the
annual interest and sinking fund requirements on our foreign lendings are
estimated to amount to close to a billion dollars and the time is certainly
approaching when the new lending will do little more than cover such
charges. And then what. Inevitably the American people will have to
accustom themselves to an import balance of trade—a condition where we
will import more of foreign goods and services than we export of our own.
In other words, to maintain our present rate of exports, we must not raise
obstruction to a material increase in our imports. Some say that we can
avoid this by following England's example of constantly reinvesting the
proceeds of our foreign loans, the principal and perhaps part of the interest,
but let us be mindful that England from the time she became a creditor
nation always had a balance of trade on the side of imports.
The excessive competition of American bankers to-day for loans abroad
is to be deplored, but in reality our American investor is in complete control
of the situation. If he shows a disposition to buy indiscriminately, then
there will be bankers in number, who, to obtain his trade, will likewise
buy indiscriminately and compete with one another to so buy even though
It means the relinquishment of essential standards of soundness, the value of
which they should well know. If with care in the selection of those upon
whom he relies for investment information and advice, the investor uses
his best Judgment in measuring foreign credits,then the dangers in excessive
competition of bankers in the purchase of foreign loans will naturally
disappear.
With regard to the suggestion that our foreign loans should be restricted
to those for productive purposes only, all will agree in principle. In practice, however, it is almost meaningless in the case of government borrowing.
Every government, whether national, state or municipal (ours included), is
constantly making non-productive expenditures and political expediency
demands it. The direct uses of the money we lend may be controlled but
the Indirect cannot be. We may lend, for instance, to construct a railroad,
but the effect may be to release a like amount of funds for the building of a
battleship.
Possibly in the light of what I want most to emphasize in my talk with you
today, I have already spoken too much at length regarding this foreign
lending but I am solicitous that all should be thinking about it and thinking
clearly, for such lending is essential and cannot be stopped by criticism.
It will bring new problems and commercial and financial readjustments
in its wake the nature of which should be understood and anticipated.
I denied rather emphatically a little earlier in my discussion that the hanker is subject to criticism for the flow of capital abroad and declared it to be
the result of excess capital here as compared with other parts of the world.
Due principally to the great flow of gold imports, investment funds have
been accumulating in this country more rapidly than domestic industry
would absorb them. So long as this dondition exists they will flow where
capital is scarce and where it will earn a satisfactory return. They will not
be idle. They go abroad regardless of the banker who could not possibly
keep them at home, so long as the domestic supply of investments is out of
balance with the supply of funds.
The fault then, if there be such, is not with the banker but rather With
America's business and political leaders who under existing circumstances
should be thinking constructively and in bigger terms than ever before
in our history as to how this American capital can be induced to stay at
home by opportunity to earn and at the same time to serve.
The public utility industry, and especially the power and lighting companies, have been in the lead in this movement with a vision, intelligence
and courage which has stimulated the confidence of the investor, and the
movement continues at an undiminished pace. From 1919 to 1926. Inclusive, out of over more than 28 billions of dollars of new corporate financing
of all types, the public utility issues aggregated nearly nine billions or about
32%. In 1919 the percentage was 17%,in 1926 it was 37%,and in the first




3449

quarter of this year it rose to the unprecedented figure of 46%. Certainly
no charge that this industry is a laggard can be justified.
In manufacturing lines we all recognize that the building of plants during
the war days gave us excess producing capacity for peace times. The opportunities for the use of capital have occurred since then, rather in the way of
greater efficiency in production and distribution. No one who has watched
the ideas and methods of the past give way to still newer ideas and methods.
will have the temerity to say that we have exhausted the openings for the
use of capital which lie in this direction. The possibilities for further investment in labor saving plant and equipment are still unlimited and if
pursued we may be assured that the resulting higher standard of living for
the American people will maintain consumption at the level with the increased production.
It is in the railroad field, however, that it seems to me lie at the moment
the greatest opportunities for the use of American excess investment funds.
To be sure. the *United States has never possessed better and more efficient
transportation than it has to-day. Since the properties were handed back
from Federal control seven years ago, the managements showing courage
and determination, have made a record of amazing accomplishment. During the past five years the raads have spent an average of about threequarters of a billion dollars per annum for capital improvements and the
efficiency and reliability of railroad service to-day is the result of the
intelligent application of that money. It was raised in part by the sale
of securities and largely by the application of earnings and depreciation
reserves.
But granted that the roads are giving efficient service to the commerce
of to-day, the question seems opportune as to whether their plans provide
adequately for the demands that, with the inevitable growth of the country,
will be upon them five or ten years hence. We should and must have the
most modern, efficient and flexible transportation plant in the world and
it is not in sight. Yet never in our history has there been a more favorable
period for rapid progress toward that goal. By and large, railroad credit
is excellent, railroad securities are popular and in Increasing demand
the capital supply is abundant.
The roads should take advantage of this conjunction. Let us see what
they have done. In the last five-year period, while the public utilities sold
over seven billions of securities with nearly 30% in stock, and the industrials
close to ton billions with 26% in stock the railroads issued only three billions
of securities of which only 53 % was stock. What is more, their record
on the issuance of sycwities for the upbuilding of their system is getting
worse instead of better. In the four years ending in 1924 the roads received
on the average $20 out of every $100 raised for capital investment by all
domestic industry from the sale of securities to the public. In 1925 they
took only $10.50 out of every $100, and in 1926 only $7.50. For many
years analyists have deplored the growing preponderance of funded debt
to equity capital in our railroad structures, yet with"an abundance of roads
in position to issue common stocks and with conditions increasingly favorable for stock financing how many in the last five years have availed themselves of this condition? Only three.
Now I think you will agree that the time to obtain investment funds is
when there is an excess of such funds. The greatest railroad man America
has produced followed the principle of obtaining money for properties under
his control when money was readily obtainable and sometimes long before
be had determined precisely when and how it was to be spent. This,
regrettably,seems for the moment impossible, since the Inter-State Cornmerce Commission insists that before it will approve an issue of securities
the carrier must show in fullest detail exactly how the money Is to be used.
The roads should be permitted to obtain their equity capital when conditions
are propitious, and a restrictive course is a mistake in policy.
Just as the larger unit in industry and in the public utility field is an increasingly important element in American progress, just so I believe we
should look to the development of larger and more comprehensive railroad
systems to serve our growing commerce. The Interstate Commerce
Commission is not helpful in this development. It recently went so far
as to declare that a single unit should not acquire another except as it first
advertised its intention of so doing, a pronouncement behind which I do
not believe it has the backing of the business or public opinion of the country. May we not hope that this governmental body will show a co-operative and far more constructive attitude in suggesting and fostering railroad
consolidation having due regard for the geographical and economic necessities, and in permitting the railroads to finance by the issue of equity capital
for this development as well as for their other requirements as the capital
market presents opportunities.
Now you may ask, if the railroads were to raise greater amounts of new
capital for general purposes, where it could be advantageously employed.
I will not attempt to cover so broad a field. Two or three instances will
suffice to answer.
The automatic signal is not a new device. Its usefulness in protecting
life and attaining greater dispatch of traffic over a given stretch of track
is amply demonstrated. Now what are the facts? Last year 5,000 miles
of road were equipped with automatic block signals, the largest mileage
ever equipped in a single year. Yet with that addition there were only
about 50,000 miles of road protected by automatic signals out of a total in
Class I railroads alone of 235,000 miles. Even if we include manual signals,
It is a fact that more than half of the Class 1 mileage has no block signal
Protection whatsoever.
Again there is the freight terminal situation. In the New York district.
Where I have a more intimate knowledge, the conditions are deplorable.
With as many as 500 cars of perishable food arriving a day in certain seasons.
I understand that at times as many as 150 a day are unable to reach the
consumers'market. The Port of New York Authority are planning for some
inland freight stations in Manhattan Island to cost $65,000,000 from which
a saving is estimated to shippers and receivers of $12,000,000 annually and
to the railroads of $4,000,000 annually. The indictment of present facilities is obvious.
Then there is the question of modernizing rolling stock. The wooden
car is disappearing to be sure but 36% of the passenger cars still in use are
of wooden construction. The progress made in locomotive construction
and use is outstanding. There are a thousand fewer locomotives in service
to-day than 5 years ago but the present number are doing 10% more work
than the former. And yet I have been told that locomotives 35 years old are
still in use. Financing to bring about their retirement would doubtless
show measurable returns.
Of course there is another phase of this modernizing of the transportation
system that you men in the public utility industry above all others will appreciate. It can't be done to the interest of investors unless the public are
Willing to pay for it and only too often the public stand in their own light
by an unwillingness to pay for improved service. You well know that in
rapid transit there are many localities that are getting inferior service
because the public are unwilling to pay for better. Even New York City
may eventually learn that the intolerable congestion of its transit lines is
only the inevitable concomitant of the five cent fare. Just so it is with railroads. Take the Long Island Railroad, for instance. That property
repreeents an investment of $115,000,000. It needs in the next five years
over $63.000,000 for equipment, betterments and improvements or half

3450

THE CHRONICLE

or half as much as it has spent in the last 45 years if it is to give proper service to its rapidly growing passenger traffic, but to pay returns on this investment it must have higher fares. Such an appeal deserves sympathetic
public consideration instead of unreasoning opposition. Give the railroads
a chance to build for public service at such a profit I say as will enable them
to offer their securities in volume and compete successfully in the capital
market for the excess of investment funds.
But enough said for the railroads. They can and should use large sums
for their wise development but they need courageous leadership, a cooperative attitude among themselves, a less inelastic Inter-State Commerce
Commission and a well deserved sympathetic attitude from the public
whom they serve.

Foreign Trade Convention at Detroit—Declarations
of Convention.
The Detroit National Foreign Trade Convention, fourteenth in the series of American Foreign Traders' nationwide gatherings which have been held annually since 1914,
with a registration of 1,425 delegates, thoroughly justified,
it is stated, the council's decision to meet for the first time
in six years away from the seaboard. The convention
attracted a greater attendance from the country at large
than at any time since the boom year of 1920. The delegates came from 34 States as well as from Hawaii and Porto
Rico and from 21 foreign countries besides Canada. The
Detroit gathering was thus, it is noted, the most widely
representative meeting of the countries with which the United
States carries on commerce than any yet sponsored by the
Council.
One of the addresses at the convention arousing the wide
public interest was that of Ira A. Campbell of New York,
who warned of the danger of the present transitional Government policy in our shipping in an address, "Dent' Give
up the Ships." This address will shortly be published
by the Counsil as a pamphlet and circulated among the
the shipping
large section of the public vitally interest
problem. Mr. Farrell's statement on "The Foreign Trade
Balance" put the case for the economic balance of world
exports and imports as distinct from the geographical
balance of trade between separate countries and solidly met
the contentions of the "trade with those who trade with us"
policy which has been given considerable publicity in recent
months in Australia, Argentina, Canada, South Africa and
other countries.
Other addresses at the convention which evoked comment
were C. C. Martin's address, "The Oncoming Wave of
Foreign Combinations," an analysis of international cartel
systems; ex-Governor James P. Goodrich's statement of
the farming situation, "Some Hopeful Aspects of Agriculture"; R. A. Medina's paper at the Export Methods Group
Session on "Securing, Retaining and Expanding Export
Business"; ex-Governor Eugene N. Foss's address at the
convention's luncheon session in place of Secretary Hoover
on "Reciprocal Trade Treaties," and J. A. H. Kerr's address
at the Banking Group Session recommending the extension
of the Federal Reserve System in branches abroad in his
speech, "Banking Service for Foreign Trade."
The final declaration of the convention which was drafted
by the General Convention Committee of 75 members representing the industrial, banking, shipping, agricultural and
other elements of foreign trade, and all sections of the
country, was as follows:
Flood Control.
This convention reiterates the recommendation of previous National
Foreign Trade Conventions that the inland waterways of the United States
should be brought under effective control and use. The unprecedented
flood in the lower Mississippi Valley has caused untold disaster and forced
the problem of flood control and the utilization of inland water ways upon
the attention of the entire country. Control should be accomplished in a
manner that will carry with it the development of a scientific system
which will enable the stored flood waters to be utilized in the service of
commerce and transportation.
More Foreign Trade with Our Competitors.
For the fourth consecutive year, 1926 showed an increase in our foreign
trade, both in value and in volume. As in former years the greater part of
our trade was with countries which are among our most active competitors
In all the markets of the world. Increased industrial and commercial
activity in these countries does not necessarily mean keener competition
with us. It always means greater purchasing power in such countries and
often leads to larger exports of our products both crude and manufactured.
Balanced Exchange of Goods Between Countries Impracticable.
At a time when the trading nations of the world are in economic conference at Geneva, one of the purposes of which is to lessen trade restrictions
from several
that hamper the easy flow of commerce,suggestions have come
countries of their readiness to invoke restrictive measures in the effort to
force a more nearly even balance in the exchange of goods with other
countries. To enforce a balanced exchange of merchandise between two
nations is impracticable. We bought from Asia last year $800,000,000
more than Asia bought from us. We sold to Europe last year a billion
dollars more than Europe sold to us. That trade benefited all. Asia's
excess of sales to us helped to pay for Europe's excess of purchases from us.
The world's trade has now become one great composite whole.
Promoting Export Trade in Loan Negotiations.
of available capital seeking
The accumulation in the United States
of approximately
investment has resulted in recent years in the absorption




[vol.. 124.

$5,000,000,000 of foreign securities. It is important that the possibilities
of promoting our export trade be not overlooked in the progress of loan
negotiations.
Revision of Customs Regulations.
Our customs regulations and the delays incident to their administration
constitute a serious barrier to commerce and impose undue annoyance
and expense upon importers and consumers. Measures providing for
revisions of our customs administrative procedure will be submitted at the
coming session of Congress. This revision should also provide a thorough
clarification of the cumbersome and complicated drawback law and regulations. We strongly urge prompt action.
A Business Program for the Merchant Marine.
It is now seven years since Congress in the Merchant Marine Act of
1920 directed that the war-built Government fleet should be transferred
to private ownership and operation. Considerable progress has been
made, and the privately owned merchant marine has been substantially
increased by establishment of new lines consisting of Shipping Board vessels
sold at low prices on favorable terms. The traditional policy of encouraging
fast and direct sailings of American lines by means of mail contracts has
been wisely revived. A large part of the privately owned marine, however,
still bears the full force of foreign competition.
Continued operation of Government lines at heavy loss and frequently
in competition with privately owned American lines creates an atmosphere
of uncertainty discouraging to private investment in shipping. We urge
an immediate survey by the Government in assocition with steamship
interests and shippers for the purpose of determining in accordance with
the Merchant Marine Act what lines are essential to the national interest
and what is necessary to assure their successful operation by private enterprise. Lines not found to be essential or susceptible of profitable development should be discontinued as required by the Merchant Marine Act.
If American business men and the U. S. Government will give American
ships a preference in routing their freight a long step will be taken towards
a successful American merchant fleet. Suggestions that the Shipping
Board build a large number of new ships are disquieting, as this would tend
to perpetuate Government ownership and operation. Replacement of
tonnage will be necessary in time but if the privately owned and operated
lines are freed of uneconomic restrictions and given reasonable encouragement by public and Government they will themselves provide the new
tonnage.
Permanent Parcels Post with Cuba.
This convention again urges upon Congress prompt action to preserve
the parcel post service to Cuba. That country has served notice upon
our Post Office Department abrogating the present temporary parcel post
convention and unless Congress acts the service will end on March 1 next.
American industry generally will suffer substantial loss unless Congress
acts favorably before that date.
The Foreign Mail Service.
The foreign mall service is an important agency in maintaining and
extending otu-overseas commercial relations. The progress made by the
Post Office Department in recent years in improving this service, especially
the international parcel post, is commendable, and further extension
should continue to receive all possible encouragement.
Foreign Trade Zones.
We renew the recommendation of previous national foreign trade conventions in favor of legislation permitting the establishment of foreign trade
zones at American ports. Such zones are effective and economical means
of trade promotion and do not in any way interfere with the tariff policy
of the country.
Advantages of the Webb-Pomerene Law.
Inasmuch as Europe is organizing combinations on a larger scale than
ever before for the purpose of strengthening its competitive power, we again
call the attention of our manufacturers and exporters to the advantages
available to them through organization under the Webb-Pomerene Law
which exempts combinations of competitors engaged solely in export from
the operation of the anti-trust laws. A substantial number of export
associations are now operating advantageously under this law.
Agricultural Exports.
Surplus farm production finds its necessary outlet not only in export of
as
grain, cotton and fruits such, but also in the form offoodstuffs and textiles
for which manufacturers, merchants and American steamship services are
constantly seeking wider markets. The export of American package foodstuffs is steadily increasing with resultant benefits to agriculture. The
growing use of farm products as raw materials for manufactures other
than foodstuffs is developing new export outlets.
Training for Foreign Tlade.
• The training of young men for foreign trade and foreign service should
be steadily encouraged and supported. The constant growth of our international commerse has proved the wisdom of this course.
Co-operation Between Foreign Trade Associations.
The growth and increasing activities of various foreign trade organizations
throughout the country have been noted with satisfaction. It is recognized
that each of these serves the particular requirements of its members With,
however, the common purpose of fostering American business with other
countries. There is a growing and commendable tendency among such
organizations towards co-operative effort. This tendency should be encouraged. It is recommended that there be frequent and frank exchange of
views and that whenever possible joint meetings be held which will promote
a more general interchange of experience, assist the stabilization of methods
and discourage such trade practices as might be detrimental to American
export trade.
Improving Trade Relations with Canada.
This convention has noted, with pleasure, the participation in its sessions
of representatives of many other countries. We welcome the presence of
them all and particularly appreciate the co-operation of our Canadian
neighbor. While each has problems of its own, all have other problems in
common, and it is a promise of continued friendship and improveing trade
relations that we can meet together as we have done here for joint discussion
of these common interests.
The foreign trade of the United States will continue to grow but its
growth will not be fortuitous or gratuitous. It will be the result of our own
Intelligent effort. Its development is essential to our national growth.
It is a problem which calls for the co-operation of all concerned.

It is pointed out that one of the encouraging factors of the
meeting was the large attendance and keen interest shown
by delegates from the great Michigan manufacturing district. The Convention, in fact, included a record number
of manufacturers; 568 out of the 1,425 delegates present

JUNE 11 1927.]

THE CHRONICLE

3451

of the return upon it. Unquestionably if the average percentage
being manufacturers who sought this direct means of ex- regulationallowed
to be earned had been larger, the amount of capital inof return
tending their markets abroad. The Canadian Session was vested in the railroads would have been greater,
and this would have resulted
importance.
It
was
sponoutstanding
in many more improvements in physical facilities that would have effected
again an event of
greater
savings
in
labor,
fueland materials,thereby making possible even
sored this year by the Canadian Chamber of Commerce, still
higher average wages for employees or lower rates for the public.
its
Chairman.
acted
as
Gundy,
B.
President,
S.
whose
Running through most of the literature disseminated by labor organizaAbout one hundred leading business executives from all parts tions 113 the implication that under our present industrial system most
capital gets excessive returns and that it is plainly to the interest
of Canada attended the Convention and laid the basis both invested
of labor at all times to try to improve its working conditions and wages
spokesman
at
their
the
through
discussion
and
informal
in
at the cost of a reduction of the return received by capital. But a reduction
Canada Session for increased reciprocal business understand- of the return received by capital in any industry will necessarily tend to
reduce investment in that industry. I believe it can be shown by inconing across the border.
trovertible evidence that in the long run on the railroads and in every other
participation
in
and
these
extension
of
interest
A marked
large scale industry it always has been and always will be those who work
gatherings by spokesmen from other countries was a further for wages who have got and will get the great bulk of all the tangible and
benefits resulting from every increase in the output of industry
notwrorthy feature. Spokesmen from the United Kingdom, Intangible
per man employed,and that,therefore,it is the employee and not the employthe Union of South Africa, Argentina and the Irish Free State, er class who should be most anxious to see efficiency in every branch of inas well as from the American Chamber of Commerce at dustry increased by adequate investment of capital and every other means
Shanghai, addressed the Convention on concrete problems possible.
of world trade pertaining to their relations with the United
States.
What Has Been Done to Modernize the Equipment of
Representatives of the transportation field of foreign trade were second
the Railroads—The Large Capital Expenditures
to manufacturers in their total personnel at the convention with 181 deleThat Have Been Necessary.
gates; the automotive industry sent 156 delegates and there were 153
The program adopted by the railroads to provide adequate
bankers, 147 officers of trade associations and chambers of commerce,
78 Government officials and professional representatives and 75 iron and transportation service has been fulfilled in its entirety and
steel men. About three-quarters of the delegates at the convention were
obtained are far beyond the fondest
executives of business houses directly connected with foreign trade and "no doubt the results
about one-quarter were presidents of companies or chairmen of boards, dreams of the railroads at the time of its adoption," according
a characteristically high proportion of executive attendance.
to Mr. M.Z. Gormley, Chairman of the Car Service Division
Next year the Council looks forward with keen anticipation toward
the American Railway Association. "The railroads,"
making its first descent on the Southwest, where Houston has been chosen of
for the 1928 meeting. It was also decided to hold the 1929 convention in said Mr. Gormley, addressing the annual convention of the
Baltimore. subject to final ratification next year. and an invitation from Mechanical Division of the American Railway Association
Los Angeles was definitely considered for 1930. The decision of a conMontreal on Wednesday, June 8, "recognized that adevention city two years in advance, it is anticipated, will give a greatly in
increased opportunity for developing public interest in foreign trade well quacy of transportation at all times, regardless of conditions,
in advance of the meeting.
is their duty."

Labor and the Consuming Public the Beneficiaries of
Increased Efficiency in Railroad Transportation
and Production According to Samuel 0. Dunn.
"Labor and the consuming public, and not the owners
of capital, receive under the modern industrial system the
great bulk of all the benefits derived from increased efficiency
in transportation and production", said Samuel 0. Dunn,
editor of the Railway Age,in an address at Montreal on June
7 before the Mechanical Division of the American Railway
Association. "These increases in efficiency are, however,
mainly made possible by the effect of the investment of capital in increasing the average output per person employed,
and, therefore, labor and the consuming public should in
their own interest be more anxious to see large enough
returns earned to cause a rapid investment of capital in the
railroad industry than the owners of capital themselves."
Mr. Dunn presented statistics regarding developments in
the railroad industry during the last twenty years in support
of his contention that"it is the employee and not the employer
class who should be most anxious to see efficiency in every
branch of production increased by every means possible."
He said:
Between 1906 and 1926 the transportation output of the railways of the
United States per person employed by them increased 58% These increases
in output were due both to enlargements and improvements in the physical
plant and to the work of the entire personnel. The best available measures
of the physical capacity of the railways are the tractive power of their locomotives and the tonnage capacity oftheir freight cars. The average amount
of locomotive tractive power per employee increased during these years 77%
and the average amount of freight car capacity per employee51%. These
increases in the physical capacity of the plant were, of course, accomplished by the investment of capital. The average investment per employee in 1906 was $8,088 and in 1926 was $12,991, an increase of almost
$5,000. or 61%. In addition to getting an increase in output per employee
of 55%, the railways during these two decades got an average advance in
their freight and passenger rates of 47% and, therefore, their total earnings
for each person employed by them increased 132%.
Now, how did the employees of the railways and the capital invested in
them share between them the benefits resulting from the increase in total
earnings due to both increased output and advances in rates. If labor
and capital had shared in the same proportion the increase in total earnings.
the increase in the average wage would have been 132%, and likewise the
increase in net operating income for each person employed would have been
132%. In fact, the average annual compensation per employee increased
from $596 in 1906 to $1,655 in 1926, or 177%. Net operating income is the
return earned on the capital invested in the industry, and it amounted in
1906 to $480for each person employed while in 1926 it was $682 per employee.
an increase in twenty years of only 42%. Since tile increase in investment
per employee was 61% and the Increase in net operating income per employee
only 42%.it follows that there was an actual decline in the average return
earned upon each dollar of capital invested. The average return upon
investment in 1906 was 5.9% and twenty years later, in 1926. only 5.3%.
These facts show beyond all question that during the last twenty years
the employees have received far greater benefits in proportion from theimprovements in the properties and in their operation than those who, by the
investment of capital in them, have made these improvements possible.
Twenty years ago the employees as a whole received a total income from the
railroad industry 24% greater than that received by the capital invested in
it, while in 1926 the employees received a total income from the industry
140% greater than that received by the capital invested in it.
During most of the period reviewed the difficulty of raising capital for the
railroad industry constantly increased because of excessively restrictive




The addition of 608.777 modern, high capacity cars, new or rebuilt; the
retirement from service of 552,458 low capacity,inefficient cars; the placing
in service of 11,049 locomotives since January 1, 1923; the cooperation of
the shippers through toe medium of the Regional Advisory Boards and
the important part they have played in reducing the time required for loading and unloading of equipment, as indicated by the decreased demurrage
assessments; and, to some extent, an increase in the loading per car, were
the main factors that made it possible for the carriers to handle the greatest
traffic in their history, and, at its peak, have available a large surplus of
equipment.
In a recent report approved by the Board of Directors of the American
Railway Association. the Car Service Division stated that it believes it is
possible to handle the traffic of the country for some time to come with a
total decrease in the ownership of open top and box cars of at least 100.000
provided there is a continuation of the present efficient use of freight cars;
a continuation of the present policy of replacing obsolete equipment with
cars of modern type, and an increase of one ton in the average load per car
and an increase of one mile in the average movement per freight car per day.
This suggestion, if carried out, will be a complete fulfillment of the alms
of the railroads, with the assistance and co-operation of the shippers, to
handle an increased traffic with a decreased expense for overhead in car
ownership.
The year 1920 was one of heavy traffic, congestion and car shortage, with
general dissatisfaction on the part of shippers, and in fact it has been estimented by Governmental authorities that the car shortages and congestions
In 1920 and 1922 would aggregate a billion dollars in cost per year to the
public of this country. 1926, on the other hand, was a year of the heaviest
traffic ever handled, without car shortage, congestion, or transportation
difficulty of any kind, and also with statements from Governmental and
other authorities that such transportation service has meant a saving of
untold millions in the reduction of inventories, tying up of capital in goods
In transit, and various other related factors.

Mr. Gormley went on to say that "the addition of large
numbers of modern cars and locomotives, in addition to
improvements in terminals, reduction in grades, and so forth,
has meant the expenditure of large sums of money to provide
the adequate transportation service now being rendered.
During the past six years, the railroads have made an expenditure of $2,450,751,648 for equipment and $2,102,726,104 for other improvements, a total of $4,553,477,752. The
other side of the story is that the operating expenses for 1926,
when the heaviest traffic on record was handled,were $1,112,600,000 less than 1920. True, this reduction was not all due
to the improvements made in the physical plant but certainly
the largest part of it was due to that fact. These results not
only prove the wisdom of what the railroads have done to
provide more adequate transportation but also point the way
to what they must continue to do in the future to provide for
the constantly growing traffic demands of the country."
Mr. Gormley added:
This brings us to the inevitable question and challenge as to the ability
of the railroads to handle the-traffic that will be offered in the future. Unless a railroad can earn a reasonable and safe margin above expenses, it is
very definitely limited in its ability to furnish transportation service. We
believe this is now fully understood by not only the Governmental regulator"'
authorities, but also by the public.
The greatly increased car efficiency in the past few years is due in a considerable measure to the very active co-operation of the shippers with the
railroads through the Regional Advisory Boards. With the continuation
of that co-operation and a better knowledge on the part of shippers and
receivers offreight oftheir responsibilityinbringingabout a more economical
operation, through better utilization of the plant available, and with the
financial ability of the railroads assured, there need never be any question
in the mind of anyone as to the ability ofthe railroads to meet the transportation demands of the future, regardless of what they may be.

3452

THE CHRONICLE

Degree of Doctor of Laws to Be Conferred on Howard
Elliott of Northern Pacific Railway Company By
Carleton College, Minnesota..
The degree of Doctor of Laws is to be conferred by
Carleton College, at Northfield, Minn., on Howard Elliott,
Chairman of the Board of the Northern Pacific Railway
Company, on Commencement day, June 13. The occasion
will also be marked by the delivery of an address by Mr.
Elliott to the graduates. Mr. Elliott has previously been
honored by having received honorary degrees from Middlebury College, Vermont, in 1916 and from Trinity College,
at Hartford, in 1924. It is worth recording that action
like this from the colleges shows that the profession of
business and railroading is taking its rightful place in
our economic and educational life. Mr. Elliott graduated
from Harvard in 1881, and is now President of the Board
of Overseers of Harvard. Carleton College, which is one
of the best of the endowed colleges west of the Mississippi
River, is today almost as large as Harvard was fifty years
ago.
Tenth Anniversary of National Thrift Movement.
The tenth anniversary celebration of the National Thrift
Movement, will be formally brought to a climax to-day
(June 11) with a "thrift birthday party" to be held at the

home of Adolph Lewisohn, Ardsley, New York. Leaders in
the financial world are expected to be present. - E. C. Delafield, B. H. Faucher and Irving T. Bush are among those
who are sponsoring the celebration. The date, June 11,
marks the tenth anniversary of the actual day when the work
of the National Thrift Committee first began. It also is

the tenth mile-stone, in years, of Mr. Lewisohn's active
participation as Chairman of this enterprise. Sociability and
celebration will be the "key-note" of this affair according to
announcements received. Business will have only a small
part in the proceedings and there will be no financial solicitation. Mr. Lewisohn has long been axnious to meet, on more
intimate terms, with the men and women who have been
his co-workers, and his Westchester home will be thrown
open to them on June 11th. The assemblage will include
leaders in the social, civil, religious and industrial life of the
entire country.
One of the projects to be discussed, however, and one
toward which banking men will look forward with interest
is the proposal for a thrift research bureau which will be
submitted by Dr.Frederick Howe of Pratt Institute on behalf

[vol.. 124.

Owing to the celebrations incident to the arrival next
Monday of Charles A. Lindbergh the New York Stock Exchange will be closed all day, as will also the New. York
Coffee & Sugar Exchange and the New York Curb Exchange.
The New York Cotton Exchange will open as usual Monday
morning, but will close at 12 o'clock for a half holiday.
The following is the notice issued by the New York Stock
Exchange on June 9:
Whereas, in connection with the arrival of Colonel Charles A. Lindbergh
in this city on Monday next,the movement of troops incident to the parade
and the tremendous number of visitors which will be assembled in the financial district to greet him, the transferring and delivery of securities will be
surrounded with considerable difficulty and risk;
B3 it resolved. That the New York Stock Exchange remain closed on
Monday, June 13.

The National Bank of Commerce in New York announces
the appointment of Beverley Duer and Melville W. Terry,
heretofore Assistant Trust Officers, to be Trust Officers,
and Robert J. Upson and Thomas Zabriskie to be Assistant
Trust Officers.
One hundred and forty-three years ago (June 9) the Bank
of New York & Trust Co., the oldest bank in New York,
first opened its doors for business. At that time, there
being no Government in existence—State or national—to
which it could apply for a charter, Alexander Hamilton
drew up the Articles of Association. The leading men of
New York subscribed to the stock, and five years before
the United States came into being, the Bank of New York,
long known simply as "The Bank," was formally launched.
In 1922 the Bank of New York 'was merged with the New
York Life Insurance & Trust Co. and the quarters at 52
Wall Street, occupied by the latter company, were remodeled for the use of the combined institution and the offices
at 48 Wall Street became the headquarters of its foreign
department. To-day the main office of the bank is temporarily located at 76 William Street during the construction of the new skyscraper, which will bring the institution
back to its original location at the northeast corner of Wall
and William streets.
At a meeting of the board of directors of the Chase National Bank of New York this week the following were
appointed Assistant Managers of the Credit Department:
Malcolm Ooduan, Arthur B. Murray, Richard Griffiths,
Andrew S. Ross, Edward Bartsch and Ernest C. Schwarz.
At the same meeting Walter E. Sullivan and Edmund M.
Ellerich were appointed Assistant Managers of the Foreign
Department.

of a special Committee of which Dr. B. R. Andrews is ChairCharles H. Platner, Vice-President of the Guaranty Trust
man. "Education in thrift should no longer be an experi- Co. of New York, died on June 6 at his home, in South
ment," according to B. H. Fancher who has been much Orange, following a brief illness from pneumonia. Mr.
interested in this phase of the thrift endeavor. "The Platner was born March 21 1884 in New York City. In
National Thrift Committee has had ten years of background. 1900 he became associated with Acker, Merrall & Condit
There is a wealth of source material and practical experience. Co., and remained with that company eight years, becoming
All that is needed is the time and machinery to gather it into Cashier at the main office. His next business connection
usable shape. If this were done we would have a real founda- was with the Wells-Fargo
Express Co., where he served
tion upon which to base our future progress." Another from 1908 to 1911. In 1911 Mr.
Platner went to the Guarof
feature will be a review of the Unit plan; a new system
anty Trust Co. of New York, entering the Trust Department.
thrift education already under way. In it there is a banking He was made an
Assistant Trust Officer in 1916 and Corsection which was prepared under the helpful guidance of porate Trust
Officer in 1919. His appointment as a Vicethe American Bankers Association. J. Robert Stout, President of
the company was made in February 1926.
prominent member of the National_Thrift Commitee and

President of the Educational ThriftService, New York City,
is Chairman of the "thrift birthday party" arrangements
Committee. Other members of the Committee are: E. C.
Delafield, B. H. Faucher, John Sherman Hoyt, B. C.
Forbes, Haley Fiske, H. C. Richard, H. H. Westinghouse,
Edwin Bird Wilson, Louis Wiley, Irving T. Bush.

The Guaranty Trust Co. of New York announces the
appointments, effective June 9, of Rowland E. Cocks and
Henry A. Theis as Vice-Presidents; Arthur E. Burke, Corporate Trust Officer, and A. Nye Van Vleck, Personal Trust
Officer. All have previously been associated in official
capacities with the company's fiduciary departments. Mr.
Cocks was formerly Personal Trust Officer, and his successor in that capacity, Mr. Van Vleck, was formerly an
ITEMS ABOUT BANCS, TRUST COMPANIES, ETC. Assistant Trust Officer. Mr. Theis was formerly Assistant
New York Stock Exchange membershipl made a new Vice-President and Mr. Burke an Assistant Trust Officer.

high record this week when two seats were reported posted
for transfer each at $220,000 the highest point ever reached.
The membership was that of Leonard D. Newbord sold to
Paul R.Bosten and that of the late R.Townsend McKeever
sold to Oliver J. Anderson. The above is an advance of $3,000 over the last preceding sale. The New York Cotton
Exchange membership of Richard H. Hooper was sold this
week to Richard T. Harriss for another for $30,000. The
last preceding sale was at $29,000. Membership on the
Chicago Board of Trade was reported sold at $7.500. The
last preceding sale was at $7.300.




Negotiations for merger of National Park Bank and Hamilton National Bank have been definitely abandoned, A. C.
Emery, President of the latter institution, states, according
to the "Wall Street Journal" of June 1. An item referring
to reports regarding a possible consolidation of the two institutions appeared in our issue of May 14, page 2859.
Edward J. Gafney, appointed Auditor of the Longacre
Bank, New York City, on May 31 1927, was formerly Assistant Treasurer of Park & Tilford, New York City, and resigned from that company in 1918 to go with the Equitable

Jura]11 1927.1

TECE CHRONICLE

3453

to the Colonial Trust Co. The change became effective
June 2. The trust company has a capital of $300,000 and a
surplus of $150,000. The officers are: President, Samuel I.
Kessler; First Vice-President, J. Horace Shale; Second
Vice-President, Harry T. Davimos; Trust Officer, John 0.
Bigelo; Secretary and Treasurer, Roger W. Hill; Assistant
-National Bank of New York Secretary, Frederick L. Braun.
The Bowery & East River
announces the opening of its Williamsbridge branch, loThat the Broad & Market National Bank of Newark, N. J.,
cated at 3550 White Plains Road (212th Street), the
Bronx, under the management of A. Reale. This new will go on a 12% dividend basis on July 1, was reported in
office, the sixteenth now operated by the institution in the Newark "News" of June 1, which went on to say:
The directors to-day (June 1) declared a dividend on $1,000,000 of the
Greater New. York, is equipped with complete banking fa$1,200,000 capital at the rate of 12% to be calculated from the date when
cilities, including modern safe deposit vaults.
the stock was paid for in full. A dividend of fi% was declared on all the

Trust Co. of New York as Assistant Manager of their Foreign Department. From 1922 to 1924 he was Manager of
the Mexico City office of the Equitable Trust Co. He has
also served in various capacities with the Equitable Trust
Co. at its main office, 37 Wall Street, New York City.

The stockholders of the Security State Bank of Brooklyn
will meet on June 15 to act on the proposal to merge the institutions with the Banco di Sicilia Trust Co. of this city.
A meeting of the latter will also be held on June 15 to ratify
the merger. With the ratification of the plans the Security
State Bank will become a branch of the Banco di Sicilia
Trust Co. The operations of the branch will be under the
direction of Pietro Dinella, President of the Security State
Bank.

outstanding original stock of $200,000.
The dividends will be paid to stockholders of record June 15.

Approval of the proposed merger of the Mitten Men &
Management Bank & Trust Co, of Philadelphia and the
Brotherhood of Locomotive Engineers' Title & Trust Co. of
that city under the title of the former was announced by
the Pennsylvania Corporation Bureau on June 2, according
to the Philadelphia "Ledger" of the following day. The
capitalization of the consolidated bank is $3,500,000. Thomas
E. Mitten is President; A. A. Chapman, Secretary, and
The directors of the Aquidneck National Exchange Bank W. A. Welch, Treasurer of the institution. Reference to the
& Savings Co. of Newport, R. I., announce the death on proposed consolidation of these labor banks appeared in the
May 14 of Thomas B. Congdon, Vice-President and Execu- "Chronicle" of May 14, page 2860.
tive Officer.
•
-consolidation of the German
Referring to the proposed
' As reported in a special d- ispatch from Trenton, N. J., town Trust Co. of Philadelphia and the Pelham Trust Co.
on June 7 to the New York "Times," William E. Green, of that city, noted in our issue of May 21, page 3021, the
heretofore First Vice-President of the Trenton Banking Co., Philadelphia "Ledger" of June 3 stated that the merger had
Trenton, was on that day elected President of the institu- been approved by the stockholders of both banks. The new
tion to succeed John A, Campbell (President of the bank for company, which will continue the name of the Germantown
22 years), who resigned, effective July 1, and was made Trust Co., will be capitalized at $1,120,000, with surplus of
Chairman of the board of directors. Robert W. Howell, $2,280,000. Clarence C. Brinton, President of the Germanformerly a Vice-President, was promoted to First Ike- town Trust Co., will head the new institution, with Paul L.
President in lieu of Mr. Green, and C. Herbert Fetter and Taggart and James A. Kell as Secretary and Treasurer,
Samuel H. Bullock were elected Vice-Presidents. Ira Frost respectively.
was re-elected Cashier. A new post, it was said, that of
The Bankers Trust Co. of Philadelphia has made Henry
Comptroller-Auditor, was created and Caleb S. Green, a
Keller Assistant Title and Trust Officer. Previously
for
named
the
was
M.
At
place.
President,
new
the
brother of
the same meeting the directors voted to recommend to the Mr. Keller served two trust companies in Philadelphia in
stockholders that the capital and surplus of the institution that capacity for several years. He is a member of the
each be increased from $750,000 to $1,000,000, and further- Philadelphia bar. Since Jan. 1 deposits of the Bankers
more, decided to immediately begin the erection of an addi- Trust Co. have increased 61% and total resources 110%.
tion to the bank's main building. A branch office of the
new 14-story bank and office buildFormal opening of the Institution, it was said, is soon to be opened in the western
the National Bank of North Philadelphia, Philadelof
ing
from
dispatch
Trenton
a
section of Trenton. According to
took place on June 6 and was attended by several thouon the same day (June 7) appearing in the New York phia,
according to the Philadelphia "Ledger" of
"Herald Tribune" of June 8, Mr. Campbell's retirement is sand persons,
Charles E. Beury, President of the bank,
following
day.
the
due to a desire to relinquish some of his many business
committee, other members being Alfred
reception
the
headed
responsibilities. He is now, the advices stated, President of
and Edward Bains,
the Trenton Potteries Co., Manager and Vice-President of Wolstenholme, A. Theodore Abbott
L.
J.
institution;
Williamson, Cashthe
of
-Presidents
Vice
the Trenton Savings Fund Society, a director of the Prudential Insurance Co., and is associated with other enter- ier; Miss Margaret Parke, Assistant to the President, and
Robert M. Flood and J. Warren Vautier, Assistant Cashiers.
prises,
The First National Bank of Jersey City announces the
appointment of Edwin Spoerl and Norman Dixon, as Assistant Vice-Presidents, in charge of two new branches to be
opened by the institution about June 15. Mr. Dixon, formerly with the Guaranty Trust Co. of New York and recently engaged in banking in Jersey City, will manage the
Hudson City branch of the First National, located at 286
Central Avenue, Jersey City. Mr. Spoerl will be manager
of the Old Bergen branch of the First National, located at
89 Monticello Avenue. Kelley Graham, President of the
bank and formerly a Vice-President of the Irving National
Bank, states that the First National Bank of Jersey City is
the first institution in the\United States to secure branch
banking privileges under the McFadden Banking Act. The
two new branches of the bank, he said, are the first steps
in a program of extension of the service which has been rendered from the main office of the bank at 1 Exchange Place,
for the past 63 years,
•
On May 31 Henry Kohl was elected a director of the Commercial Trust Co. of New Jersey. Mr. Kohl is President of
the National Grocery Co., a director of the Jersey City
Chamber of Commerce and trustee of the Fifth Ward Savings Bank, Jersey City, N. J.

We are advised that a meeting of the stockholders of the
Liberty State Bank & Trust Co. of Wilkes-Barre, Pa,, will
be 'held on Aug. 1 1927 to ratify a proposed increase in the
capital from $150,000 to $250,000, giving the institution, we
are informed, combined capital, surplus and undivided profits of $560,000.
Robert B. Anderson, Supe-rintendent of the Keasbey &
Mattison Co., at Ambler, Pa., has been elected President of
the Ambler Trust Co. to succeed Richard V. Mattison Jr.,
whose death occurred recently, according to the Philadelphia "Ledger" of June 6.
The directors and officers o-f the First National Bank and
the Northampton Trust Co. of Easton, Pa., invite inspection
of their new banking quarters on Wednesday, Thursday or
Friday evenings, June 15, 16 and 17, from 7 to 10 p. m.
The Comptroller of the Currency has issued a charter
to the Union National Bank of New Kensington, Pa., formerly the Peoples' State Bank, according to the Philadelphia
"Ledger" of June 6. The new organization is capitalized
at $100,000. E. B. Rowe is President and W. K. Cooper,
Cashier.

The Temple State Bank, T-emple, Pa., a newly-organized
The stockholders of the Industrial Trust Co. of Newark, institution, with an authorized capital of $75,000 and auN. J., voted on May 18 to change the name of the institution thorized surplus of $15,000, has joined the Federal Reserve




3454

THE CHRONICLE

[Vol.. 124.

System as a member of the Federal Reserve Bank of Phila- erection in 1925 of the new Clark Street building by the
delphia, according to the Philadelphia "Ledger" of June 6. First National and First Trust & Savings Bank, the trust
department having been permanently located on the fourth
A special dispatch from B- utler, Pa., on June 6 to the
floor and the new vaults opened earlier this year. The
Pittsburgh "Gazette" stated that announcement was made
unification of the old Fort Dearborn Bank Building with
on that day of the consolidation of the Butler County Nathe First National is progressing and it is expected that the
lional Bank of Butler and the Farmers' National Bank of
alterations will be completed early next year.
that city, with combined resources of $13,500,000.
The Washington "Post" of J- une 3 stated that according to
an announcement by R. Golden Donaldson, President of the
Commercial National Bank of Washington, Washington
D. C., the following promotions in the personnel of the institution were made the previous day (June 2) by the board
of directors: Walter J. Harrison, heretofore an Assistant
Cashier, was elected a Vice-President; Frederick H. Cox,
formerly an Assistant Cashier, was made Cashier, and
Aubrey 0. Dooley, who has been connected with the Trust
Department of the bank for the past two years, was elected
an Assistant Trust Officer. James H. Baden, who had held
the dual office of Vice-President and Cashier for several
years, relinquished the cashiership in order that he could
devote his entire attention to the duties of Vice-President.
In announcing the changes President Donaldson was reported in the "Post" as saying:
The growth of the business of Commercial National necessitated the addis
tions to the official roster and it Was gratifying to the board of directorthat it was able to recognize long and highly efficient services rendered to the
institution by making these promotions."

On the occasion of its twenty-fifth anniversary last
month, the Chicago Trust Co., Chicago, issued an attractively illustrated brochure giving "an account of the growth
and development of a modern financial institution under
conditions which make it a typical product of an inspiring
age." The institution, whose growth has indeed been phenomenal, and especially so in the period from 1922 to the
present time, opened for business on May 1 1902, as the
Chicago Savings Bank with capital of $250,000. In 1904, in
response to the needs and demands of its customers to establish a trust department, the name of the institution was
changed to the Chicago Savings Bank & Trust Co. and its
capital increased to $500,000. The following year (1905) a
real estate loan department was added and three years later
(1908) a bond department was established and the present
organization was completed. In 1911, with all the departments active, it became necessary to increase the bank's
capital to $1,000,000. It was not until eight years later
(1919), however, that the board of directors decided to
change the company's name, at which time it was agreed
that Chicago Trust Co. was a title that better fitted an institution exercising the inclusive functions of a modern
trust company. So rapid was the growth of the institution
that in 1921 the increase of its capital to $1,500,000 was
authorized and in 1925 the directors again increased the
amount to $2,000,000, at which figure it stands to-day. The
bank's present surplus is $1,678,180 and its deposits aggregate $30,175,420. Lucius Teter is President.

The Monumental City Bank—the latest addition to Baltimore's financial institutions—opened for business on Monday, June 6 "In the Heart of Old Town" at the corner of
Gay and Exeter streets. The bank is capitalized at $200,000,
with surplus of $50,000. Its officers are as follows: Henry
0. Redue, formerly Chairman of the Board of the Old Town
National Bank of Baltimore, President; Henry Wm. Hofferbert, Vice-President& Thomas R. Cornelius, Cashier, and
Edwin H. Brownley, General Counsel. An item referring
The Union Trust Co. of Chicago announces the completo the organization of the Monumental City Bank appeared
tion of its new safe deposit vaults. The week of June 1 to
in the "Chronicle" of April 19, page 1932.
June 8 was designated as opening week and the public
A meeting of the stockholders of the Pearl-Market Bank was invited to visit and inspect the new vaults. The vaults
of Cincinnati will be held on June 14 to vote on a proposed are identical in construction with those found in nine FedIncrease in the bank's capital from $400,000 to $500,000, eral Reserve banks. They contain over 500 tons of conrecommended by the board of directors, according to the crete and steel and embody eve* feature of modern vault
construction. The walls, floor and ceiling are 30 inches
Cincinnati "Enquirer" of June 3.
thick and are constructed of a special hard mixture of conThe proposed consolidation of the Second National Bank crete reinforced with steel beams. Sixty private coupon
3f Warren, Ohio, and the Western Reserve National Bank booths and conference rooms enable patrons to refer to the
of that city, under the title of the Second National Bank of contents of boxes in absolute privacy. The booths and conWarren (noted in our issue of May 28, page 3166) took ference rooms are equipped with annunciators to summon
place on May 24. The new institution is capitalized at attendants. Safe deposit boxes are provided in 18 sizes to
$350,000. S. C. Iddings is Chairman of the board of direc- meet varying requirements. There is also a large trunk
vault for the storage of trunks, silverware and other bulky
tors and E. J. Boyd, President of the enlarged bank.
but valuable articles. Each renter of a box chooses a
key,'
The election of Richard R. Deupree, General Manager and which is then fitted to
his box, 50,000 variations in key coma director of the Proctor & Gamble Co., as a director of the binations being possible
for each box. The renter is given
First National Bank of Cincinnati to fill the vacancy caused a duplicate key
and these two keys are the only keys which
by the death of Joseph Rawson, was reported in the Cincin- will fit his
box. Some of the boxes are fitted with combinanati "Enquirer" of June 3. Mr. Deupree has been connected tion locks,
each of which has 100,000 possible variations.
with the Proctor & Gamble Co. for 22 years.
Electrically operated registers, one a cash register and the
other an access register, contain special features which
Copies of all Chicago newspapers for May 21, which confacilitate
prompt handling of customers' business.
tained an account of Captain Lindbergh's flight to Paris,
and those for June 6, reporting the Chamberlin-Levine
The Chicago "Journal of Commerce" of June 4 stated
flight to Berlin, were sealed June 7 in the cornerstone of
that Norman B. Collins, formerly a Vice-President of the
the New State Bank Building at Monroe and La Salle
Security Bank of Chicago, had been elected President of
streets, Chicago. Leroy A. Goddard, Chairman of the Exthe institution and of its affiliated institution, the Second
ecutive Committee of the State Bank of Chicago, and offiSecurity Bank. A. L. Schmidt, heretofore Cashier of the
cials of the bank took part in the ceremony of laying the
Security Bank, it was furthermore stated, had been elected
cornerstone. A history of the bank since its inception nearly
Vice-President, and E. Stenersen promoted from an Assist48 years ago and photographs of all the bank's officers also
ant Cashier to Cashier.
were sealed in the metal container. "We believe that these
newspapers will have a tremendous historical value when
The Directors of the Detroit Ttust Co., Detroit, Mich.,
the cornerstone eventually is opened up by future genera- at a meeting on June 7, created the office
of Chairman of the
tions," said Gaylord S. Morse, one of the officials. "They Board and elected its President, Ralph
Stone, to that posihave been sealed up air tight and should remain in perfect tion. McPherson Browning, Vice President of
the Company
condition." The State Bank Building will be opened for was elected President to succeed Mr.
Stone. Sidney T.
occupancy March 1 1928, and in addition to the Chicago Miller, Senior Vice President, of the Company, announcing
in
Stock Exchange, a number of important financial firms will these changes states they were made by the Directors because
be housed there.
of the increase in the business of the Company, making it
necessary to relieve its chief executive officer from duties
On June 6 the First Trust & Savings Bank, Chicago, in connection with administrative
supervision in order that
opened its new section, providing space for the savings. he may devote more time to questions
relating to the policies
loan, real estate loan departments and foreign travel bu- of the Company with reference to operation, management,
third
operating
unit
opened since the extension of business, and in other respects. Mr. Stone
reau. This is the




JUNE 11 1927.1

THE CHRONICLE

3455

as a national bank under the provisions of the McFadden
has been an officer of the Detroit Trust Company since May consolidation
Act recently adopted by Congress.
being
business,
began
Company
the
after
shortly
1901,
The Traders National will Increase its capital and surplus to $800,000 on
appointed at that time Assistant Secretary. He has since an agreed basis so that the consolidated institution will, at the outset, have
combined capital, surplus and undivided profits of $4,900,000, and
a
served successively as Secretary and Director since 1903, deposits
of approximately $20,000.000, thus assuring an enlarged capacity
1915.
since
President
as
and
1912,
since
President
as Vice
for serving its customers and the Birmingham public.
state
and
He has been active in civic affairs in the city and
The following press dispatch from Jacksonville, Fla. on
is now a Regent of the University of Michigan. Mr. Browning received his early banking training with Alexander June 4,stating that 25 Florida banks had resumed operations
McPherson & Co., Bankers of Howell, Michigan, later since Aug. 1 1926, after suspensions, is reprinted from the
going with the National Bank of the Republic, of Chicago. New York "Evening Post" of that date:
Reopening of the First American Bank & Trust Co. of West Palm Beach
In 1906 he entered the employ of the Detroit Trust Co. and
the Bank of Orange & Trust Co. of Orlando emphasized the rapid
as teller and later became auditor. In 1913 he was elected succession of bank re.openings taking place recently in all parts of Florida.
Vice President in charge of the Bond Department, and in Depositors in a large majority of instances have made the reopenings
1915 a Director.' Mr. Browning has a wide acquaintance possible.
Since Aug. 1926, 25 banks which had previously suspended have rewith bankers throughout the country, having served for opened, according to a revised list compiled by the Florida State Chamber
four years as a member of the Board of Governors of the of Commerce. Two other institutions reopened and were closed again
Investment Bankers Association and as its Treasurer for later.
Following is the list of reopened banks, their location and dates of retwo years
opening:
Citizens Bank of Bushnell, Bushnell, Feb. 1; Delray Bank & Trust Co..
Nov. 1; People's Bank & Trust Co., St. Petersburg, Oct. 5; Bank
Advices from Jefferson City, Mo., on June 4, printed Delray,
of Osceola County, Kissimmee, Sept. 14; Bank of Dade City. Sept. Me
in the St. Louis "Globe-Democrat" of June 5, reported the
Palatka Bank & Trust Co., Oct. 4; Bank of Groveland. Dec. 18: Bank
Citizens Bank
closing on that day by its directors of the Merchants' & of Umatilla, Oct. 7; First State Bank of Clermont, Sept. 28;
of Eustis. Oct. 27; Bank of Mount Dora, Sept. 7; Bank of Tavares, Aug.
Farmers' Bank of Meta, Osage County, Mo. The State 24;
Bank of Oakland. Oct. 4.
Commercial Bank of Live Oak, Sept. 11; Bank of Jennings, Sept. 13;
Bank Commissioner, it was stated, had directed 0. C.
Butler Bank. Dec. 3; Bank of Monticello. Sept. 14; Polk County
Lake
incharge
the
of
Bremmer, a State bank examiner, to take
Trust Co.. Lakeland, Sept. 28; State Exchange Bank, Lake City, Oct. 16:
stitution's assets until it is determined whether the bank East
Florida Savings 8: Trust Co., Palatka, March 3.
Stuart Bank & Trust Co., Oct. 27; Palmetto State Bank, May 19; Bank
is to be reopened or liquidated. The institution, it was
& Trust Co., Orlando. May 21; Trust Co., West Palm Beach.
stated according to its last statement (April 14) had combined of OrangeAmerican
Bank & Trust Co., West Palm Beach, May 25.
First
capital and surplus of $20,000; deposits of $205,000 and and
stated
furthermore
that
the
was
resources of $240,000. It
According to the Palm Beach "Post" of May 26, the rebank's failure was the twenth-eighth in the State of Missouri opening on May 25 of the First American Bank & Trust Co.
since the beginning of the year and the first in Osage County of West Palm Beach (which had been closed since March 8
in many years.
last) assumed the form of a reception, large numbers visiting the institution not only to felicitate the management,
According to the St. Louis "Globe-Democrat" of May 29, but to enter deposits as an expression of geod-will and an
the Citizens' State Bank of Alhambra, Ill., a small institu- evidence of their faith in the rehabilitated institution. Late
tion capitalized at $25,000, was closed on May 26 and sub- in the afternoon Edward Cornish, the new President of the
sequently a shortage of $16,000 in the accounts of W. H. institution, stated that the deposits exceeded the withdrawBeckman, the President of the institution, was reported by als and added: "We feel highly gratified and appreciative
W. R. Rodenberger, an Illinois State bank examiner, who of the spirit manifested by the people and for the hosts of
had taken charge of the institution. No criminal charges, good wishes we have received." Other officers of the bank
it was stated, had been brought against Mr. Beckman. The who assisted Mr. Cornish in receiving the visitors were
bank, which was organized 20 years ago, at the time of the H. L. Donald, F. E. Decker and J. Warren Smith, Vicefailure had deposits of approximately $150,000, it was said. Presidents; C. Z. Walker, Cashier, and J. Wilbur Harwell
Mr. Rodenberger pointed out, it was furthermore stated, and J. K. Wilson, Assistant Cashiers.
As stated in our item in regard to the opening of the bank
that under the double indemnity provision of the Illinois
banking laws, the $16,000 shortage would not wipe out the in our issue of May 28, page 3160, the bank's capital has
been increased from $300,000 to $500,000. Its surplus is
bank's capital stock.
$100,000. A statement Issued with regard to the reopening
institution says:
Proposed consolidation of the American Trust & Savings of the the reopening of the First American Bank & Trust Co. of Palm
With
Bank and the Traders' National Bank, both of Birmingham, Beach, after a two months' halt in its operations, leading bankers and
Ala.,to form a new institution under the title of the American- financiers of Florida look for a rapid recovery and restoration of business
Traders' National Bank, with combined capital, surplus and in that entire section.
The fact that the bank reopened without restrictions, meeting its obliundivided profits of $4,900,000 and deposits of approxi- gations
in full and having no 'frozen" or depreciated assets, as well as
mately $20,000,000, was announced on June 3, following paying all interest on deposits, is of significance. This is the first time
occurred in the history of Florida.
separate meetings of the respective directors of the institu- such a complete bank recovery hasbankers
of prominence over the entire
Local leaders in finance, as well as
tions, according to the Birmingham "Age-Herald" of June 4. country, who have been interviewed on the event, regard it as a veritable
The merger is subject to the approval of the respective indication that Florida is on the road to complete restoration.
The bank opening attracted wide interest. Congratulatory letters and
stockholders of the involved banks and to the consent of the
telegrams have been received and are still arriving from all parts of the
Comptroller of the Currency. The enlarged institution will nation. Many requests were received for greater details on the event from
occupy the present quarters of the American Trust & Savings leading financial and business publications interested in the stabilization
Bank in the American Trust Building at the corner of First of Florida industry. bank remain
unchanged, except for the presidency,
The officers of the
Avenue, North, and 20th Street. Webb W. Crawford, the which
office ia now being held by Edward Cornish, formerly an important
present head of the American Trust & Savings Bank, will be financial figure of Little Rock, Ark. Mr. Cornish states that the bank's
Chairman of the Board and President of the new bank, while deposits since the reopening have far exceeded withdrawals. A further
indication of the confidence with which the bank's position is regarded is
J. C. Persons, now President of the Traders' National Bank, found in the fact that the City Commission of Palm Beach has already
in
immediate
its
be
of
affairs
charge
as
will
Executive Vice- voted the First American Bank & Trust Co. as a city depository. The instiPresident. A joint statement in regard to the proposed tution is now enabled to continue its splendid record of 34 years of sound
the State of Florida.
merger issued by Mr. Crawford and Mr. Persons (as printed banking in
in the paper mentioned) reads as follows:
The San Francisco "Chronicle" of June 1 stated that,
The boards of directors of American Trust & Savings Bank and Traders according to an announcement made the previous day, the
National Bank, at separate meetings held Friday, have authorized and
of Italy (Bank of Italy National Trust & Savings
there has been executed, subject to approval by the stockholders of the two Bank
banks and by the Comptroller of the Currency, a contract for the consolida- Association), San Francisco, has acquired two more banks
tion of the two institutions as a national bank under the name of American_ in California—the Farmers' & Merchants' Bank of Los
Traders National Bank. It is expected that the consolidation will become
Palos and the Reedley National Bank of Reedley—with
effective about July 1.
The board of directors of the consolidated bank will include all present combined assets in excess of $1,625,000. The Farmers' &
directors of the two banks, and except as may hereafter be required in work- Merchants' Bank, the resources of which are $400,000, will
ing out a sound program of efficiency and economy, it is expected that the
the Bank of Italy,
officers and staffs of both banks will continue with the merged institution. be merged into the Los Palos branch of
W. W. Crawford, Chairman and President of the American Trust, will while the Reedley National Bank, with resources of $1,250,serve the new bank as active Chairman of the board and President, and 000, will be merged with the Bank of Italy branch in Reedley.
J. C. Persons, President of Traders National. will become executive Vicethese banks, the local
President, in immediate charge of the details of the consolidation and Commenting on the taking over of
management.
paper went on to say:
Both banks have recently brought in new stockholders with definitely
enlarged functions in view. It was found by the managements that their
programs were largely identical and could be worked out admirably by




The acquisition of the two banks,the Farmers' and Merchants' National
Bank of Los Palos and the Reedley National Bank of Reedley, brings an
interesting interpretations of tne new McFadden banking law sanctioning

3456

THE CHRONICLE

(Dot. 124.

Chesebrough Mfg. sold up from 104% to 115, with the final
transaction to-day at 1103
4, ex-dividend. Humble Oil &
Refining advanced from 563/ to 603.j, the close to-day being
at 583,, ex-dividend. Illinois Pipe Line gained 93/
3 points
to 1493', but reacted finally to 143. Penn-Mex. Fuel sold
up from 23% to 30 and ends the week at 28. Prairie Pipe
Line was up from 164 to 175 with the final transaction to-day
at 170. Gulf Oil of Pa. gained seven points to 95, the close
to-day being at 923/2.
A complete record of Curb Market transactions for the
week
will be found on page 3485.
In its issue of June 2 the Portland "Oregonian" stated
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
that at a meeting the previous day (June 1) of the share
STOCKS(No. Shares).
holders of the West Coast National Bank of .Portland,
BONDS (Par Value).
June 10.
Portland, it was unanimously voted to increase the capital Week Ended
Ind &Misc
Oil.
Mining.
Domestic. Foreign Govt.
of the institution and also that of its subsidiary, the Western Saturday
126,120
27,825
24,900 $1,315,000
$160,000
Monday
213.640
65,725
31,600
1,850,000
294,000
Securities Co., as recently proposed by the respective Tuesday
217,905
93,020
29,350
2,391,000
496,000
214,510
97,730
48,771
directors. It was furthermore voted to increase the number Wednesday
1,956,000
373,000
130,320
95,700
29,800
2,360,000
478,000
of directors of both the bank and the company to eight mem- Thursday
209,160
Friday
65.875
43,880
2,539,000
349,000
ipers and to this end Ross McIntyre, President of the Inter1,111.655
Total
445,875
208,301 $12,411,000 $2,150,000
state Sales Corp., and owner of the Twentieth Century
chain stores, was elected the additional member in each case.
By the addition of the new stock the capital of the West THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Under the leadership of the railroad and industrial shares,
Coast National Bank of Portland will be increased from
$300,000 to $500,000 and its surplus from $100,000 to $200,- the stock market this week has continued to move upward,
000, giving the institution combined capital and surplus of and except for an occasional period of recession, prices for
$700,000. The capital of the Western Securities Co. will many issues have gone to materially higher levels. Oil stocks
be raised from $75,000 to $125,000. Present stockholders attracted considerable attention and several of the more
of the bank, the "Oregonian" went on to say, have the active issues in the public utility group have made substantial
right to subscribe for the new shares (par value $100 a share) gains. Except in a few isolated instances, stocks generally
at $150 a share, while stockholders of the subsidiary may displayed good rallying power during the two-hour session
subscribe for the new stock of that company at $25 a share. on Saturday, though there was some degree of irregularity
Furthermore it was stated that Edgar H. Sensenich, the and the market was somewhat nervous. The spectacular
President of both the bank and the company, had announced feature of the day was the strength of Houston Oil, which
that the exclusive right of the stockholders to obtain these soared 9% points to 159, its highest point since 1919. Railshares will expire on July 5 and between that date and July road shares were in strong demand at times, Delaware &
15 any remaining shares may be sold to other investors. Hudson and New York Central leading the forward moveThe new capital is to be fully paid in on or before July 15.
ment in this group. Baldwin Locomotive closed nearly 2
points up and American Water Works sold as high as 963..
The 50th semi-annual report of the Industrial Bank of Brooklyn Edison reached 166% and Laclede Gas com, made
Japan (head office Tokyo), submitted to the shareholders at a net gain of 5 points.
their general meeting on Feb. 5, has just recently come
On Monday interest centred largely in the so-called merger
to hand. The statement, which covers the six months stocks, Western Maryland rising nearly 10 points and crossended Dec. 31, 1926, shows total resources of 468,052,845 ing 65, followed by such issues as Peoria & Eastern and
yen,of which cash on hand and at bankers amounts to 2,339,- Chicago & Eastern Illinois, Delaware Lackawanna & West642 yen. Gross earnings of the bank for the period under ern and Delaware & Hudson, the latter selling up to 2293
4
review aggregated 14,149,091 yen, making with a balance and closing with a net gain of 7 points. Public Utility stocks
of 1,001,851 yen brought forward from the preceding half continued to move forward with considerable vigor, Brooklyn
year, a total of 15,150,943 yen. After deducting 11,473,175 Edison advancing 8 points to a new high record at 173% and
yen for gross expenses, net profits were found to be 3,677,768 Brooklyn Union Gas shooting upward more than 3 points.
From this amount the following allocations were made: General Motors continued for a short time to hold a promi2,000,000 yen to take care of dividends at the rate of 8% nent place in the trading and moved briskly 'forward to a
per annum; 550,000 yen added to reserve funds, new top at 2023/3. Baldwin Locomotive advanced 3 points;
and 100,000 yen contributed to officers' renumeration fund, National Distillers maintained its advance with a further
leaving a balance of 1,027,768 yen to be carried forward gain of 5 points to 51; Houston Oil made a further gain of 2
to the current year's profit and loss account. The bank, points, followed by Marland Oil, Phillips Petroleum and Atwhich was organized in 1902, has a paid-up capital of 50,000,- lantic Refining, with substantial advances.
000 yen. In addition to its head office in Tokyo, branches
The market was somewhat erratic on Tuesday, wide
are maintained in Tokyo, Osaka and Kobe (Japan) and changes, both upward and downward, occurring in a number
an office in Peking, China.
of the more active speculative stocks and specialties. The
outstanding feature of the day was the spectacular rise of
THE CURB MARKET.
Texas Pacific Land Trust, which shot upward 10 points to
After a strong opening this week, in which many issues a new high record at 40,followed by a sharp drop of 5 points.
made substantial advances, the Curb Market became General Motors moved into new high ground at 2033 and
reactionary and prices moved to lower levels. There was Chrysler advanced 2 points to a record high at 49%. Westalso considerable irregularity. Bancitaly Corporation sold ern Maryland spurted forward to a new high record at 67,
up from 120% to 1253
4,down to 1243/ and at 124% finally. followed by a quick drop of 3 points to 64. Later in the day
Financial dr Industrial Securities Corp. corn. jumped from Texas & Pacific had a loss of 3 points from its early high,
4, and Pere Marquette slipped back nearly 2 points, followed
96% to 1065
%,fell back to 1013/ and closed to-day at 1023
Aluminum Co. corn. rose from 69 to 78%. Amer. Arch. by most of the active stocks in the group, with losses ranging
dropped from 98 to 953/
3. Celanese Co. of America old corn. from 1 to 2 points. Under the leadership of the oil shares,
advanced from 260 to 287 and the new corn. from 653' to the market moved briskly upward during the greater part of
733. The former closed to-day at 286% while the latter the day on Wednesday. Atlantic Refining was particularly
dropped to 66%, recovering finally to 715
%. Celluloid Co. prominent and made a net gain of 103' points, followed by
corn. moved up from 31 to 45 with 43 as the final transaction. Houston Oil, which spurted upward 3% points and IndeDavega, Inc., fell from 563
4 to 49 but recovered almost all pendent Oil & Gas, which rose 2 points. Marland Oil and
the loss to-day, the close being at 55. Dunhill, International Phillips Petroleum also improved. Merger stocks wer,
was conspicuous for an advance of almost 15 points to 493, again in demand, Meading moving up 2 points to 1213'
the close to-day being at 48. Fulton Sylphon improved New York Central shooting ahead more than a point and
3
from 44 to 503
Singer Manu- Lehigh Valley reaching a new high with an 8-point advance
4, finishing to-day at 49%.
facturing rose from 362 to 376, sold finally at 373. An to 133.
extra dividend of $5.50 was declared this week. U. S. L.
Stock prices continued uneven on Thursday, some issues
Battery common sold up from 32% to 383
4. Among the moving sharply forward, while other stocks, equally prominoil shares Vacuum Oil was a feature. After an early advance ent, moved slowly to lower levels. Railroad stocks practifrom 125 to 134 it reacted to 126%, closing to-day at 1273. cally overshadowed everything else in speculative buying.
such a move. The McFadden Act prohibits the opening of any new
branches by a bank with headquarters in another city and limits the branches
that may be established within any city. It does not prohibit the purchase
of a bank in an outside city and merging it with an existing branch bank
in that city.
Consequently the Bank of Italy or any other institution may purchase
an independent bank and merge it with a branch provided that no additional
branches or locations are established. It is understood that the independent bank must be the aggrmsor in such a move.
This is particularly interesting because the existing branch banks may
absorb strong local institutions and strengthen their branches as Nell as
their entire system. It will permit branch banking systems to continue
to grow by absorption rather than by natural growth.




THE CHRONICLE

JUNE 11 1927.]

Wabash common moved briskly, forward 3 points to 81; at
this figure it reached its highest peak since the formation
of the present company. Texas & Pacific sold at its highest
in all time above 101, and Rock Island at 110 was at its top
for the reorganized company. Lehigh Valley spurted forward 4 points to 1373'. Reading worked into new high
ground on an advance of 3 points to 1233i, and Atlantic
Coast Line closed with a gain of 5 points. United States
Rubber was extremely weak, both the common and the preferred slipping down to new low levels for the year. Hudson
moved to the front as the leader of the motor group and made
a net gain of 13.4 points. Mack Truck was higher also and
at its top for the day sold at 113. In the final hour, Atlantic
Coast Line moved to the front as the feature of the rails and
closed with a gain of nearly 8 points for the day. Substantial advances were also recorded by such stocks as Federal
Mining & Smelting, International Silver and Atlas Powder.
Price movements were again confused on Friday, and the
trend of the market was, on the whole, toward lower levels,
though in one or two of the so-called specialties substantial
advances were scored: The strong stocks of the day included
Houston Oil, American Can, Wright Aero, Texas Gulf Sulphur, Colorado Fuel & Iron, Atlantic Refining and Bangor
& Aroostook.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks,
Number of
Shares.

Railroad,
ctc..
Bends.

982,211
2,236,950
2,445,735
2,6 3,186
2,422.885
2,032;800

$3.562,000
6,835.500
7.593.500
7.954.000
6,862,000
5,581,000

$926,000
2,067.500
2,359,000
2,765.500
4,041,000
1,725.000

$2,171,050
971,650
1.025,300
1,124,900
1,460,850
657,000

12.793,767

838,388.000

313,884.000

47.409.750

Week Ended June 10.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Bales at
New York Stock
Exchange.

State.
Municipaland
Foreign Bonds

Week Ended Jwte 10.
1927.

Stocks-No, of shares_
Bonds.
Government bonds___
State and foreign bonds
Railroad dr misc. bonds

1926.

12,793,767

7,998,084

$7,409,750
13.884,000
38,388,000

44,807,950
14,437,500
44,119,500

United
States
Bonds.

Jan. 1 to June 10.
1927.

194,411,924

3159,045,850
413,020.200
1,065,651,050

3136,618,250
293,317,350
1,025,273,700

$59,681,760 863,364,950 81,637,717.100 $1,455,209,300
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston,

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

Philadelphia.

Baltimore.

Shares. Bond Sates. Shares, Bond Sales. Shares. Bond Sates.
*22,619
*24,491
*30,301
*29,371
*29.264
13.418

$29,500
40,018
31,800
9,850
5,995
15,000

16,867
33,619
24,762
19.0031
23,177
10,617

$9,200
29,000
20,700
26.300
41.900
20,000

595
2,529
3,092
3,673
6,493
4,899

$6,400
33,000
16,400
19,100
45,000
98,000

Total
149.464 $132,163 128,0451 $147,1001 21,281 3217.900
Prey. wk. revised_ 126,169 $106,350 146,652' 4190,3001
7,741 $230,000
•In addition, sales of rights were: Saturday, 3,706; Monday, 4,709;
Tuesday,
5,979; Wednesday, 4,789; Thursday, 4.424.

THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Jan. 25 1927:
GOLD.
The Bank of England gold reserve against notes
amounted to £153,768.775
on the 19th inst., as compared with £152,300.265 on the previous
Wednesday.
Bar Gold amounting to £454.000 was available yesterday in the
open
market, and was disposed of as follows: £40,000 for India, £58.000
for the
Continent, £36,000 for the Trade, and the balance. £320.000, for a
destination not disclosed.
The following movements of gold to and from the
Bank of England
have been announced:
May 19. May 20. May 21. May 23. May 24.
May_ ______ _
Received
£300,000
Withdrawn
£1505000
£1,500,000
8,000 £190.000 £43,000
The receipt of £300,000 on the 23rd inst. was in sovereigns,
£50.000 of
which was from Germany and the balance, £250,000, was
released from
"set aside on account of the South African Reserve Bank." Of
the withdrawals, £2,580,000 has been in bar gold and the destinations
have not
been disclosed. The £666.000 sovereigns withdrawn were
destined as
follows: £500,000 set aside on account of the South African
Reserve Bank,
£100.000 Uruguay. £36,000 India, E20,000 Germany and £10.000
During the week under review the net withdrawal from the Bank ofRolland.
England
has been £2,946,000, reducing the net influx this year to
and
increasing the net efflux since the resumption of an effective £714,000,
gold standard
to £4,610.000. as set out in the daily bulletins at the Bank.
The following were the United Kingdom imports and exports
of gold
registered in the week ended the 18th inst.:
ImportsExportsBritish South Africa- _-_ £1,097,926 E
Ger
gyp
mtany•
£72,060
Other countries
Oth
4,794 Switzerland
113.600
34.000
Spain
,
Austria
United States of America 2 8,200
,452,811
Argentina
10,000
British India
63.647
Other countries
3.970
£1,102,720
Total
Total
£2,763,388




Details relating to India's foreign trade for April 1927 are given below,
in lam of rupees:
Imports of merchandise on private account
21.73
Exports, including re-exports, of merchandise on private account_ -.25.92
Net imports of gold
1,37
Net imports of silver
2,57
Net imports of currency notes
1
balance
of trade In favour of India
Total visible
38
Net balance on remittance of funds in favour of India
21
SILVER.
The market has been rather uneven during the week. On some days
sluggish, but on ethers, as to-day, breaking into unexpected activity.
India has almost left this market alone, but America has figured as seller
or buyer,sometimes doing both operations on the same day. Bear covering
to-day on an ill-supplied market brought about an unusually sharp rise In
quotations. Th tone, however, is uncertain, as there does not seem much
to warrant permanent improvement In the price level.
The following were the United Kingdom imports and exports of silver
registered in the week ended the 18th inst.:
Export
Imports,United States of America__ £88.505 British India
£212,869
14,307 Other countries
Other countries
3.308
Total
£102,812
Total
£216,177
INDIAN CURRENCY RETURNS.
Apr. 30. May 7. may 15.
(In laes of rupees.)
17371
Notes in circulation
17112
17075
India
bullion
in
10439
Silver coin and
10380
10343
Silver coin and bullion out of India
2976
Gold coin and bullion in India
2976
2976
Gold coin and bullion out of India
Securities (Indian Government)
3746
3546
3546
Securities (British Government)
210
210
210
No silver coinage was reported during the week ended the 15th inst.
The stock in Shanghai on the 21st inst. consisted of about 74,400,000
ounces in sycee, 77.500.000 dollars. and 6,620 silver bars, as compared with
about 72,200.000 ounces in sycee, 78,100,000 dollars, and 6,240 silver bars
on the 14th inst.
-Bar Silver, Per Oz. Std.Bar Gold,
Quotations-Per Oz. Fine.
2 Mos.
Cash.
84s. 1144d.
26d.
25%
May 19
845. 11%cl.
26 3-16d.
20
26 1-16d.
2610.
84s, 11%d.
26d.
21
263td.
84s, 11Sid.
26d.
23
84s, 11d.
26 1-16
24
25 15-16d.
265-16d.
26iid.
81s. 1134d.
25
26.145d.
Average
81s. 11.4d.
26.031d.
The silver quotations to-day for cash and two months' delivery are
respectively Xd. and 9-16d. above those fixed a week ago.

1926.

244,883,387

Total bonds

Week Ended
June 10 1927.

3457

COURSE OF BANK CLEARINGS.
Bank clearings the present week will again show a satisfactory increase compared with a year ago. Preliminary
figures compiled by us, based upon telegraphic advices from
the chief cities of the country, indicate that for the week
ending to-day (Saturday, June 11), bank exchanges for all
the cities of the United States from which it is possible to
obtain weekly returns will be 7.4% larger than those for the
corresponding week last year. The total stands at $10,164,730,228, against $9,460,370,568 for the same week in 1926.
At this centre there is a gain for the five days of 18.9%. Our
comparative summary for the week is as follows:
clearings-Returns. hit Telegraph.
Week Ended June 11.

1927.

1926.

Per
Cent.

New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans

35,004,000.000
597.677.778
432.000,000
4264100.000
118,882,443
111,800,000
145,655,000
143,741,000
153,222.208
132,610,906
96,531,876
89.066,305
46,236,253

44.207,000,000
602,904,476
435.000,000
377,000.000
112,458.051
120,600,000
146,511,000
144,780,000
145.413.330
137,652,769
99,107,947
101,157.403
59,667,266

+18.9
-0.8
-0.7
+13.0
+5.7
-7.3
-0.6
-0.7
+5.4
-3.7
--2.6
-12.0
-22.5

Thirteen cities. 5 days
Other cities, 5 days

47,497,423.769
903,709.060

$6,689,252,242
1,106,017,995

+12.1
-18.3

Total all cities, 5 days
All cities, 1 day

$8,401,132,829
1,763,597,399

$7,795,270,237
1,665,100,331

+7.8
+5.9

410.164.730.22g

594R0 270 ,as

-L7•

m..,..,4 nil Miles for week

Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended June 4. For
that week there is an increase of 13.2%, the 1927 aggregate
of clearings being $10,581,584,391, and the 1926 aggregate
$9,344,023,982. Outside of New York City, the increase is
only 0.6%,the bank exchanges at this centre having increased
22.6%. 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 3.7%, in the New York Reserve District
(including this city) of 22.4% and in the Philadelphia Reserve
District of 1.4%. The Cleveland Reserve District has a
gain of 3.7% but the Richmond Reserve District a loss of
5.9% and the Atlanta Reserve District a loss of 43.8%, the

3458

THE CHRONICLE

greater part of which is due to the falling off at the Florida
points, Miami showing a decrease of 65.6% and Jacksonville
of 36.3%. In the Chicago Reserve District the totals are
larger by 5.8%, in the tit. Louis Reserve District by 1.1%,
and in the Kansas City Reserve District by 4.4%. The
Minneapolis Reserve District falls 7.7% behind, the Dallas
Reserve District 8.9% and the San Francisco Reserve
District 7.1%.
In the following we furnish a summary by Federal Reserve
districts:
Week Ended June 4 1927.

1927.

Ine.or
Dec.

1926.

Federal Reserve Dists.
8
1st Boston _ __.12 cities
525,412,915
211d New York _11 '•
6,733,596,012
3rd Philadelphial0 "
556,241,143
4th Cleveland__ 8 "
364,327,374
5th Richmond _ 6 "
178,979,398
6th Atlanta_ ___13 "
140,006,717
7th Chicago __..20 "
1,044,186,288
13th St.Louis__ _ 8 "
210,569,952
9th Minneapolis 7 "
106,035,295
10th Kansas City12 "
224,829,344
11th Dallas
5 "
55,459,083
12th San Fran._17 "
441,940,885

$
506,752,888
5,502,247,385
548,697,542
351,485,005
190,154,330
185.507,773
986,899,488
208,339,451
114,904,780
215,265,914
60,860,547
475,909,879

1925.

1924.

or
$
' 8
,o
459,231,081
514,450,976
+3.7
+22.4 6.657,255,571 5,443,272.622
536,202,867
+1.4
669,187,457
344,682,454
+3.7
405,226,912
178,765,417
=156,815
-6.9
161,222,136
183,047,366
-43.8
952,728,092
+5.8 1,171,397,641
208,968,814
+1.1
193,797,112
110,047,724
138,063,823
-7.7
+4.4
255,592,431
212,891.338
55,441,567
65,383,900
-8.9
455,552,877
522,960,999
-7.1

Total
129 cities 10,581,584,391 9,344,023,982 +13.2 10,988.521,003 9,119,107,026
Outside N. Y. City
3,990,181,417 3,966,462,980 +0.6 4,460,647,727 3,787,104,676
Canada

29 cities

443.260.514

312.748.593 +41.7

282.498.165

289,920,502

We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended June 4.
Clearings at1927.

1926.

$
First Federal Reserve Dist rict-Boston
Maine-Bangor _
929,282
770,698
Portland
3,691,318
4,308,329
Mass.-Boston
473,000,000 449,000,000
Fall River_ _
1,851,298
1,791,606
Holyoke
a
a
Lowell
1,041.222
991,341
Lynn
a
a
New B edford
1,142,548
1,150,899
Springfield_ _ _ _
5,721,709
6,505,730
Worcester
3,414,351
3,809,572
Conn.-Hartford
14,926,908
19,080,861
New Haven_ _ _
7,732,398
6,897,156
R.1.-Providence
11.251,700
11.681,600
N.H.-Manch'r_
789,873
705.404
Total(12 cities)

525,412,915

506.752,888

Inc. or
Dec.

1925.

1924.

+20.6
-14.3
+5.3
-2.2
a
i-5.0
a
--0.7
--12.1
--10.4
--21.8
+12.1
--3.7
+9.1

711,455
4,517.290
452,000,000
1,810,686
a
1,342,081
a
1,589,831
7,516,113
4,248,690
16,187,171
8,779,484
14,828,000
920,175

987,806
3,636,067
404,000,000
1,828,412
a
1,122,031
a
1,218,175
6,158,435
4,042.177
15,213,899
8,161,271
12.009,200
853,608

+3.7

514,450,976

459,231.081

Second Feder a 1Reserve LI istrict-New IorkN. Y.-Albany _ _
5,696,953
7,173.923
6,002,139 -5.1
7,182,357
Binghamton_
1.396,000
1,198.700
1,201,800 +16.1
1,318,600
Buffalo
36.391,270
49,406.283
47,675,026 +3.6
49,437.412
Elmira
1,027.483
968,085
1,111,624 -12.9
1,244,628
Jamestown___
1,101,178
1,381,648
1,303,992 +5.9
1,479,872
New York__ 6,591,402,974 5,377,561,002 +22.6 6,527,873,276 5,332,002,351
Rochester
18,375,995
19,250,991
17.524,698 +9.8
19,549,346
6,807,355
Syracuse
9.772.640
6.358,103 +53.7
7,413,712
4,079.046
Conn.-Stamford
c3,787,824
54,355.326 -13.1
4,358,354
1,386,102
N. J.-Montclair
1,461.659
1.331,022 +9.8
1,232,669
33,729,226
Northern N.J.
49.070,975
37,822.653 +29.7
36.165,345
Total(11 cities) 6,733,596,012 5.502,247,385 +22.4 6,657,255,571 5,443,272,629
Third Federal Reserve Dist rict-Ph ilad elphia
Pa.-Altoona _ _
1,795,379
1,858,815 -3.5
1,708,298
Bethlehem.. _
4,182,912
3,856,405 +8.5
4,074,817
Chester
1,186,419 +17.9
1,399,950
1,680,089
Lancaster
1,977,753 • 2,078,222 -4.8
3,181,746
Philadelphia _ _ 526,000,000 517,000,000 +1.7 625,000,000
Reading
4,077,100
4,168,967 -2.3
4,079,851
Scranton
5.318,757
4,952,057 -10.7
7,126,328
Wilkes-Barre_ _
d3,739,886
4,253,118 -12.1
3,673,172
York
1,753,370
1,897.688 -7.6
2,200,531
N.3.-Trenton.._
5,996,027
6,445,851 -6.0
6,462,625
Del.-Wilmingt'n
a
a
a

1.649,970
3.871,823
1.278.217
3.287,822
505.000,000
3,804,320
6,185,070
3,372,022
2,527.131
5,226,492
a

+1.4

659,187,457

538,202,867

Fourth Feder al Reserve D !strict-Clelveiand
Ohlo-Akron_ _
d5,956,000
6.523,000 -8.7
Canton
3,179,697
3,361,375 -5.4
Cincinnati _
62,829,382
67,201.407 -6.5
Cleveland
109,952.652
98.420,870 +11.7
Columbus
16,054,500
14,470,400 +10.9
Dayton
a
a
Lima
a
a
Mansfield
d 1,660,687
1.;88,988 -7.2
Springfield_ _ _ _
a
a
a
Toledo
a
a
a
Youngstown__ _
4,223,392
5.745,531 -26.5
Pa.-Erie
a
a
a
Pittsburgh_ _
160,471,064 153,973,434 +4.2

5,335,000
4,567,068
74,286,376
129.189.313
15.125,600
a
a
1,948,931
a
a
4,169,234
a
170,605,390

6,115,000
4,500,939
60,375,172
106,330,888
14,630,800
a
a
2,037,159
a
a •
3,710,374
a
146,982,122

+3.7

405,228.912

344,682,454

Fifth Federal Reserve Dist act - Rich mond
W.Va.-Hunt'g'n
1,281,865
1,435,193 -10.7
Va.-Norfolk
d5,907,173
6.550.040 -9.8
Richmond
37.414.000
40,499.000 -7.6
d1,886.085
S.C.-Charleston
1.597,932 +2.3
Md.-Baltimore. 102,410,364 111,530,711 -8.2
30,079,911
D.C.-Washing'n
28.541,454 +5.3

2,008,021
6,773,752
46,728,000
2,058,595
129,938.351
34,650,096

2,317,794
7,011,060
47,123,000
2,237,353
97,090,210
22,986,000

Total(10 cities)

Total(8 cities)-

Total(6 cities) _

556,241,143

364,327,374

178,979,398

548,697,542

351,485,005

190.154,330

222,156,815

178,765,417

a-5.0
+8.6
+0.6
-18.2
-4.2
+9.5
a
-36.3
-65.6
-11.2
-7.5
+2.7
-21.7
-38.8

5,592,362
3,569,845
21,856,637
47,580,008
1,956.844
1,450,825
a
7,812.035
16,566,912
22,385,310
2,252,208
1,660,000
385,179
49,979,198

4,463,821
3,111,929
18,400,277
42,031,031
2,203,474
1,404,204
a
12,747,760
4,665,736
31,321,720
1.996,339
1,143.279
468,188
47,264,378

185,507.773 -43.8

183,047,366

161,222.136

Sixth Federal Reserve Dist rIct-Atlan
Tenn.-Chatt'ga. d6,409,424
6.748,611
*3,300,000
3,037,711
Knoxville
16.524,543
16,427,344
Nashville
40.699,917
49.759,599
• (la -Atlanta.. _
1,754,222
1,831,008
Augusta
1,526,194
Macon
1,394,059
a
a
Savannah
24,491,947
15,596,347
Fla.-Jack'nville.
11.296,255
3,889,768
Miami
20,581,672
Ala.-Birming'm. *18,500,000
2.082,115
1,926,826
Mobile
1,300,000
1,322,000
Miss.-Jackson_ _
388,798
304,510
Vicksburg
45,163,654
28,252,966
Iit.-NewOrleans
Total(13 cities)

140,006,717




[Vox.. 124.
Week Ended June 4.

Marines at1927.

1926.

Inc.or
Dec.

1925.

$
s
$
%
Seventh Feder al Reserve D istrict-C hi cago225,020 -17.4
Mich.-Adrian __
291,181
248.098
Ann Arbor_ --957,395
1,158,300 -17.4
1,213,069
Detroit
148,919,782 145,432,128 +2.4 165,197,705
Grand Rapids_
7,701,023 -1.8
8,827,832
7,561,886
Lansing
2,839,164 -17.4
2,344,901
3,085,929
Ind.-Ft. Wayne
3,254,391 -10.6
2,909,852
3.722.097
Indianapolis.._.
21,752,000 -2.0
18,223.000
21,317,000
3,263,700
South Bend_.._
3,009,300 -4.7
2,869,400
5,258,509
Terre Haute_
4,367,331 +2.1
4,460,423
39,543,280 +2.3
46.132,432
Wis.-Milwaukee
40,436,546
2,585,353 +3.5
3,059,386
Iowa-Cad. Rap_
2,675,922
10,558,466 +4.5
13,588,625
Des Moines_ _ _
11,036,196
6,650.473 -1.7
7,628,519
Sioux City
6,540,795
1,438,484 +4.6
1,557.193
Waterloo
• 1,504,883
1,836,240 -18.4
1,948,050
1,500,193
111.-Bloom'ton...
+8.0 873.678.533
Chicago
779,317,174 721,419,481
Danville
a
a
a
a
1,382,846 -1.4
1,820,230
1,364,000
Decatur
5,552,341 -15.8
6,457,485
Peoria
4,677,539
3,340,757
3,297,988 +9.7
3,620,465
Rockford
3,173,500
2,915,879 -4.3
2.790,607
Springfield_

1924.

$
245,608
1,083,444
149,928,014
7,317,468
2.796,679
2.629,633
20,656,000
2,345,100
4,599,017
30,255,970
2,815,296
13,136,591
4,932,737
1,637,581
1,684,301
684,728,708
a
2,035,818
5,259,302
2,848,643
2,792,182

Total(20 cities) 1,044,186,288 986,899,488 +5.8 1,171,397,641
Eighth Federa I Reserve Dis trict-St. Lo uls5,810,910
6,181,172
4,943,082 +13.8
Ind.-Evansville.
Mo.-St. Louis
143,700,000 139,000,000 +3.4 120,700,000
32,812,182
31,871,578 -3.0
Ky.-Louisville
30,917,560
331,252 -2.2
446,186
324,249
Owensboro.....
19,860,112
Tenn.-Memp-hLs
18,215,591 -8.9
16,602.950
Ark.-Little Rock
11.955,419
11,740,388 -2.1
11,499,354
473,240
433,665 -4.1
416,119
III.-JacksonvlIle
Quincy
1,939,063
1.803,895 -17.7
1.483,785

952,728,092

Total(8 cities)_ 210,569,957 208.339,451 +1.1 193,797,112
Ninth Federal Reserve Dis trict-M i n n eapolisMinn.-Duluth
10,074,555
d8,198.216
9,701,451 -15.5
88,944,120
70,995,953 -6.8
Minneapolis_ _
66,900,065
St. Paul
32,291.541
27,863,714 -10.6
24,916,995
No. Dak.-Fargo
1,952,748 -8.5
1,862,630
1,785,966
S. D.-Aberdeen.
1,329,672 -18.5
1,407,917
1,083,371
Mont.-Billings _
661,289
480,682
455,163 +5.6
Helena
2,606,079 +2.5
2,821,771
2,670,000

208,968,844

Total(7 cities) _ 106,035,295 114,904,780 -7.7 138.063,823
Tenth Federal Reserve Die trict-Ka n s as CityNeb.-3'remont
d407,964
454,970
310,616 +31.3
Hastings
554,064 -19.9
811,310
443,869
Lincoln
4,859,388 +5.1
6,168.133
5,109,398
Omaha
35,553,669 +7.1
47,437,625
38,087,655
Kan.- Topeka
2,753,991 -5.3' 3,290,540
2,607.195
Wichita
7,216,500
d13,933,976
6,820,547 +1.6
No.-KansasCity 122,516,544 114,202,645 +7.3 135,361,587
St. Joseph........
6,948,685
d6,403,487
7,624,336 -16.0
Okla.-Muskogee
a
a
a
• a
Oklahoma City d20,576,874
22,257,933
21,900,000 -6.1
Tulsa
g
g
a
a
Colo.-Col. Spgs.
1,461,841
1,188,786 -22.5
906,019
Denver
22,975,865
19,638,640
18,478,608 +6.3
1.207,442
Pueblo
1,197,723
1,033,264 +15.9

110,047,724

4,529,175
144.700,000
30,362,409
401,313
16,544,057
10,168,738
451.379
1,811,773

8,672,122
66.940,198
28,333,140
1,795,536
1,188,475
560,842
2,557,411

397,118
601,422
4,789,371
37,291,112
2,693,357
8,021.298
113,424,692
6,485,199
a
18,088,380
1, 145,209
20,972,076
982,104

255,592,431

212,891,338

2,860,586
42,618,929
8,035,046
7,747,000
a'
4,122,339

1,911,177
35,408,687
8,607,959
5,193,275
a
4,320.469

65,383,900
Total(5 cities)..
60,860,547 -8.9
55,459,063
Twelfth Feder al Reserve D strict-San Franc'ace45,439,910
Wash.-Seattle_ _
38,932.737 -47.8
21,888,756
13,959,000
11,062,000
12,600,000 -12.3
Spokane
a
a
a
a
Tacoma
1.931,714
1,424,378
1,584,270 -10.1
Yakima
Ore -Portland....
31,221,399
40,838.294
37,505.596 -16.8
14.926,437 +0.2
17,356,295
Utah-Salt L.C'y' 14,955,408
a
a
a
Nev.-Reno
.a
a
a
a
Ariz.-Phoenix _ _
a
Cal.-Fresno.....
3,034,374
3,162,876 -4.1
3,034,709
Long Beach
6,002.640
8,825,603 -32.0
6,748,001
Los Angeles.... 150.577,000 149,859,000 +0.5 156,916,000
Oakland
15,875,516
17,082,291 -7.1
24,977,181
Pasadena
6,147,648
5,140,575 +19.6
6,695,279
Sacramento
d6,817,403
9,504,098 -28.3
8,433,894
San Diego_ _ _ _
4,848,911
5,109,541 -5.1
5,369,626
San Francisco_ 160,613,000 163,660,000 -1.9 182,618,200
San Jose
2,524,565
2,718,655
2,489,600 +1.4
Santa Barbara_
1,280,156
1,473,713
1,305.517 -3.5
Santa Monica_
1,931,931
2,062,028
2,120,538 -8.9
Stockton
2,388,500
2,101,200 -16.5
c1,755,800

41,813,936
11,636,000
a
1,294,480
35,953,109
16,211,519
a
a
3,206,891
7,087,148
132,604,000
16,757,918
5,721,550
7,004,937
4,052,910
164,700,000
2,258,858
1,218,149
2,135,363
1,896,100

Total(12 cities) 224,829,344 215,265,914 +4.4
Eleventh Fade ral Reserve District-Da lasTexas-Austin _
1,450,584 -5.9
1,364,401
Dallas
37,657,351 -6.4
35,266,431
Fort Worth...._
d9,560.576
8,801.583 +8.6
8,440.000 -37.5
Galveston
5,288,000
a
Houston
a
La.-Shreveport_
02,029 -11.7
3,979.655
4;

55,441,567

Total(17 cities) 441,940,885 475,909,879 -7.1 522,960,999 455,552.877
Grand total (129
cities)
10581584.391 9,344,023,982 +13.2 10988521,003 9,119,107,026
Outside N.Y.__ 3,990,181,417 3,968,462,980 +0.6 4,460,647,727 3,787,104,675
Week Ended June 2.
Marin
Inc. or
1924.
1925.
Dec.
1926.
1927.
Canada%
$
s
Montreal
160,388,765 101,959,574 +57.3
98,088,37. +40.4
Toronto
137,707,089
45,240,200 +25.5
Winnipeg
56,798,284
14,195,81: +25.4
Vancouver
17,796,511
5,509,13 +23.7
6,814,831
Ottawa
6,191,845 +62.1
Quebec
10,043,345
2,652,430 +29.7
Halifax
3,442,349
4,651,801 +18.9
Hamilton
5,531.744
4,992.900 +39.8
Calgary
6,982,251
2,303.722 +9.7
St. John
2,527,538
1,805,231 +51.4
Victoria
2,734,662
2,149.573 +52.9
London
3,286.920
4.153,630 +30.9
5,440,326
Edmonton
3,720.190 +1.1
Regina
3,761,702
467.221 +15.3
Brandon
538,684
671,022 -27.3
488,329
Lethbridge
1,473,866 +18.8
1,751,554
Saskatoon
943.720 +23.6
Moose Jaw
1,166.296
904,980 +34.5
1.217,579
Brantford
909.241
+7.6
Fort William....
978,123
679,877 +27.2
New Westminster
865,284
231.148 +15.5
267,050
Medicine Hat--.
669,524 +25.1
838,025
Peterborough.--789.616 +37.0
1.082,165
Sherbrooke
904,693 +151.7
2,277,330
Kitchener
3,568,271 +39.6
4,982,630
Windsor
313,909 +11.2
Prince Albert---349,318
753,848 +23.1
928,259
Moncton
670,470 +20.4
807,031
Kingston
589,832 +39.2
Chatham
820,774
592,930 +8.9
645.766
Sarnia

$
85.558,610
86,951.785
42,605,438
15,684,214
5,907,020
4,847,899
2,792,529
4,844,276
5,111.172
2,267,357
1,836.274
2,724,741
4,726,442
2,819,748
522,919
503,665
1,321,402
943,717
966,995
1,010.739
672,663
265,375
669,961
868.467
861,077
3,670,365
288,528
668,688
584,099

s
87.205,205
83,464,104
53,002,279
13,442,347
6,467,187
5,703,540
2,878,683
5,121,144
4,184,812
2,635,717
1,783,794
2,742,544
3.969,323
2,821,021
536,041
493,657
1,543,529
1,062,595
872,111
905,069
874,875
331,170
979,923
919,546
897,310
3,197,241
323,514
946.335
815.886

+....., oo, ........., AA* on gl& 712 745 AQ7 -1-,11 7 777 404% litc 280 020.502
a No longer report clearings. b Do not respond to requests for figures. c Week
ended June 1. d Week ended June 2. c Week ended June 3. * Estimated.

JUNE 111927.]

ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Wed.
Sat.
Thurs.
Mon.
Tues.
Fri.
Week Ended June 10June 4. June 6. June 7. June 8. June 9. June 10.
d 2634
Silver, per ca
26 3-16 26 3-16 263
26 5-16
s 84.1134
Gold, per fine ounce
84.1134 84.1134 84.1134 84.1134
Consols, 234 per cents_
5434
54%
5411
543(
British, 5 per cents
10034
10034
10034
100%
British, 434 per cents _______
__
BOLT- 9534
95%
95%
95%
French Rentes (in Paris. fr.. _ _ __
DAY 59.10
59.50
59.50
58.10
French War Loan(in Paris)
__
76.85
76.35
76.95
75.40

The price of silver in New York on the same days has been:
Silver in N.Y., per oz.(cts.):
Foreign
57

5731

5634

5634

57)1

57

gottmercial andMiscelianconsBolts
Breadstuffs figures brought from page 3522.-All
the statements below regarding the movement of grainreceipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give 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.
Receipts at-

Flour.
Wheat.
Corn.
Oats.
Barley. I
Rye,
bbls.195lbs hush.60 lbs lush. 56 lbs.bush. 32 lbs.bush.481bs. bush.5615s.
Chicago
205,000
561,001 1,038,000
746.000
75,000
23.000
Minneapolis_
1,272.00(
153,00
364,000
117,000
77.000
Duluth
724,001
8,000
1,000
56,000
363,000
Milwaukee_
53,000
56.001
99,000
226,000
82,000
22,000
Toledo
333,001
68.000
142,000
3,000
Detroit
29.001
22,000
20,000
14,000
Indianapolis_ _
65.001
272.000
104,
1.
St. Louis_ _ _
107,000
262,00(
404,0
508,000
Peoria
49,000
18,000
516,000
174,
22,0
Kan‹.9 City
898.00(
413,00
44,000
Omaha
335,001 1,440,000
42,000
St. Joseph_ _ _
136,001
566,000
14,000
Wichita
237.000
34,000
4,000
Sioux City__
8,000
104,000
4,000
Total wk. '27
Same wk. '26
Same wk. '25

414.000
360,000
413,000

4,934,000
3,678,000
5,748, I.

5,452,000
7,327,000
6,980,000

2,078,000
353,00
3.590,000
844,00
4,787,000 1.024,000

Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, June 4, follow:
1Vheat.

Corn.

Barrels.
Bushels.
New York.. _
255,000 1,250,000
Philadelphia_
34.000
224,000
Baltimore_ _
20,000
151,000
Norfolk
6.000
307.000
New Orleans *
60,000
86.000
Galveston_
36,000
Montreal _ _
70,000 5,020,000
Boston
27,000
11,000

Oats.

Barley.

Bushels.
Bushels. iBushels.
10.000
79,000
122,
15,000
34,00
11,000
26.000
102,000

27,000

8,000

944,000
16,000

Rye.

Flour.

Oats.

Total June 4 1927_ -54.774,000 29,751,000 24,999,000 3.952,000 3,001,000
Total May 28 1927_ _ __58,395.000 29,639,000 27.003,000 5.243.000 3,912.000
Total June 5 192&.._53,552.000 26,569,000 46,666.000 13,418,000 10,744,000

The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, June 3, and since July 1 1926 and 1925,
are shown in the following:

Since
July 1
1926.

Wheat.
Week
June 4
1927.

Since
July 1
1926.

2

17,000

'
Rye.

Corn.
1Veek
June 4
1927.

Barrels. Barrels.
Bushels.
Bushels.
Bushels.
United Kingdom_ 131,526 4,191,745 2,250,020 101,705.881
Continent
46,429 5.394,535 3,856.171 173,147,717
16o. & Cent. Amer_ 13,000
476,980
3,000 4.009.467
64,000
West Indies
14,000
576.000
29,000
82,000
Brit.No.Am.Cols
Other sountries.- _
2,000
804,565
1.620,950
Total 1927
Total 1926

206,955 11,443,825 6.109,191 280,512,995
195.081 10.411.680 7.422.542 206.266.808

Corn.

Wheat.
1926-27.
Week I
June 3.

Since
July 1.

1925-26.

1926-27.

Since
July 1.

Week
June 3.

1925-26.

Since
July 1.

Since
July 1.

1

Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
191.000 6.264,000 10,575,000
North Amer_ 8,688,000465,708,000 360,235,000
416,0001 44,116,000 27,088,000 1,930,000 40,891,000 32,671,000
Black Sea_
Argentina_ _ 4,032,000 122,814,000 91,981,000 9,172,000 238,232,000 135,970,000
2,808,000 89,840,000 71.359.000
Australia
4,464,000 5,944,000
India
170,000 4.650,000 33.850,000
720,0001 23,393,000 1,040,000
0th. countr's

BANK NOTES-CHANGES IN TOTALS OF,AND IN
DEPOSITED BONDS, &c.-We give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:

The destination of these exports for the week and since
July 1 1926 is as below:
Week
June 4
1927.

23,000
152,000
154,000

2.000

Barley.
Bushels. Bushels. Barrels. Bushels. Bushels.
Bushels.
1,142,191
40.955 120.012 240.016 701,502
48.000
13,000
279.000
440,000
8,000
20,000
307,000
6,000
182,000 146.000
37,000
25,000
34,000
40,000
10,000
32,000
3,671.000
92.000 692,000 1.959.000 2.174.000
Total week 1927._ 6,109,191 146,000 206,955 857,012 2,233,016
2,907,502
Same week 1926
7.422.542
66.000 195.081 1.238.920 875110 1 ovo or.

Exports for Week
and Since
July 1 to-

65,000
55,000
121,000
155.000
5.000
12,000
2,000

Total ....16,664.000750,335.000 557.647,00011,463,000290,037,000213,066,000

New York
Boston
Philadelphia
Baltimore
Norfolk
New Orleans
Galveston
Montreal

Flour.

3,000
80,000
6.000
281,000
3,000

Bushels.
76,000

The exports from the several seaboard ports for the week
ending Saturday, June 4 1927, are shown in the annexed
statement:
Corn.

Barley.
bush.
114,000

4,497,000 1,125,000 2,099,000
Total June 4 1927....27,552,000
5,160,000 1,153.000 2.980.000
Total May 28 1927_ _30,150,000
7,953.000 2,174,000 7,584,000
Total Juno 5 1926_.._36,738,000
Summary2,827,000
902,000
20,502,000
29,751,000
27,222,000
American
4,497,000 1.125,000 2,099.000
27,552,000
Canadian

146,001) 1,126,000
146,000
95,000
5.037,000 9.637,000 15,408,000 9,919,000
Week 1026... 412,000 2.932,000
235,000
525,000
199,000
331.000
Since Jan.1'28 10,312.000 66,499,000 8,269.000 19,527,00011,021,000
5.228,000
* Receipts do not include grain passing through New Orleans
for
foreign ports
on through bills of lading.

Wheat.

Rye.'
bush.
53,000
3,000
9.000
17,000
9.000
37,000
1,000
711,000
8,000
13,000
540.000
90.000
822.000
272,000
1,000
8,000
104,000

Total June 4 1927_ _27,222,000 29.751,000 20,502,000 2,827,000
902,000
Total May 28 1927_ _ __28,291,000 29.639,000 21,843,000 4,090,000
932,000
Total June 5 1926_ __ _16,814,000 26,569,000 38,713,000 11,244,000 3.160,000
Note.--Bonded grain not included above: Oats. New York. 15.000 bushels;
Buffalo, 163,000; Duluth. 29.000: total, 207,000 bushels, against 422,000 bushels
In 1926. Barley, New York. 503,000 bushels; Boston, 38,000: Buffalo, 433,000:
Duluth, 2,000; on canal, 63,000; total. 1,039.000 bushels, against 901,000 bushels
In 1926. Wheat, New York, 2,944.000 bushels; Boston, 242,000: Philadelphia,
1,355,000; Baltimore, 1,266,000; Buffalo, 7,596,000; Buffalo afloat, 842.000; Duluth,
77.000; on canal, 482,000; total. 14,804.000 bushels, against 5.878,000 bushels
In 1926.
Canadian1,137,000
993,000
92.000
659.000
Montreal
828,000 1,123,000
1,740,000
Ft William & Pt. Arthur_23.527,000
1,620,000
205.000
317,000
3,032,000
Other Canadian

Total wk. '27
472,000 7,085,000
Since Jan.1'27 9,587,000 108,160,000

Exports from-

GRAIN STOCKS.
Wheat.
Corn.
Oats.
bush.
bush,
bush,
223,000
115,000
739.000
3,000
2.000
21.000
298.000
57,000
109,000
358,000
138,000
72,000
374,000
114,000
129,000
89.5.000
695.000
262.000
260,000
1,888,000 3,179,000 2,677.000
1,348,000
129,000
556,000
177,000
64.000
102,000
2,707.000 17.304,000 3.906,000
82.000
443,000 1.229,000
4,000 3,229,000
3,404,000
7,033,000
158.000 5,708,000
193,000
262,000
43,000
969,000 1,266,000
357,000
3,599,000 2,846,000
315,000
4,000
1,203,000
543,000
822,000
130,000
242,000
143,000
139,000
235.000
614,000 2.098.000
347,000
50,000
211,000
52,000
174,000
427,000

United StatesNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Buffalo
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph. Mo
Peoria
Indianapolis
Omaha
On Lakes
On canal and river

502,000
260,000
258.000

Since Aug.11926
20,566,000 306,930,00 193.673,000 129,101,000 19,192,000'29,018,000
1925
19,324,000 304,640.0 205,701,000201,366,00066.997,000 22,005,000
1924
19,883,000486,612.
220,101,000 240,847,000 59.310,000 55.297,000

Receipts at-I Flour.

3459

THE CHRONICLE

Since
July 1
1926.
Bushels.
1,107,329
1,076,424
1,711.000
1,537,000

146,000 5.4317
66 non 19 9.1.4',....

May 31 1927-April 30 1927____
Mar. 31 1927_ _ __
Feb. 28 1927____
Jan. 311927....
Dec. 31 1926_ __ _
Nov.30 1926....
Oct. 31 1926_ __ _
Sept.30 1926.Aug. 31 1926_ _ _ _
July 311926....
June 30 1926....
May 31 1926-April 30 l926__ _
Mar.31 1926_ __ _
Feb. 27 1926_ __.
Jan. 31 1926_ _ _.
Dee. 31 1925.Nov. 30 1925__-Oct. 311925....
Sept.30 1925.Aug. 311925....
July 311925....
itInti 30 1925----

National Bank Circulation,
Afloat on-

Amount Bonds
on Deposit to
Secure Circula
lion for National
Bank Notes.

Bonds.

Legal
Tenders.

$
867.095,880
665,724,930
865,641,990
666,138.640
664.503,940
666,211,440
666.278,180
665,492,880
665,830.440
665.889.940
665,941,890
865,616,390
866,465.140
666.686,140
665,568.140
665.235,646
665.363.590
666,273,130
660.087.630
668.185,130
665.542,630
665,810,130
665,227,130
665.061.330

$
663,156.720
662,238,833
661.673,603
660,366.240
657,364.790
661.046.465
662,764,613
661,742.830
660,555,797
659,760,467
861,434.195
660.986.560
660,677,175
661.664.478
661.016.470
661.244.347
661.298,333
658,362,223
662.622,888
662,538,483
661,380.320
662,186.083
660.341,413
660.501.393

$
42,777,217
39,074,404
38,251,384
38.825.184
37.856.759
36.721.464
37.927,974
38,971,702
39,178,467
39,768,777
40.714.779
41.882,684
42,697,987
42,519,201
44,211.319
45.059,372
45.050.979
48,194.204
48.127,556
51,264,261
56.543,589
61.476,914
66,214.271
72.664.881

•

Total.
$
705,933.937
701,313,237
699,924,967
697,191,424
695.221.549
697,767,929
700,692,587
700.714,532
699,734.264
699,529,244
702,148.974
702,669,244
703,375.162
704,183,679
705,227,783
706,303,719
706,349,312
704.556,427
710,750,444
713.802.744
717,923,889
723.662,997
726,555,684
733.366.074

$4,854,238 Federal Reserve bank notes outstanding June 1 1927, secured by lawful
money, against $5,808,578 June 1 1926.

The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank nots and national bank notes on May 31.
U. S. Bonds Held May 31 1927 to Sect:reBonds on Deposit
May 31 1927.

2s. U. S. Consols of 1930
2s. U. S. Panama of 1936
2s, U. S. Panama of 1938

On Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes.
Notes.
592,640,800
48.665,000
25,789,880

Total
Held.

592,640,800
48.665,000
25.789,880

The visible supply of grain, comprising the stocks in
667.095,680 667,095,680
Totals
granary at principal points of accumulation at lake and
national
bank notes
of
amount
the
The following shows
seaboard ports Saturday, June 4, were as follows:
afloat and the amount of legal tender deposits May 1 1927




THE CHRONICLE

3460

and June 1 1927, and their increase or decrease during the
month of May:
National Bank Notes-Total AfloatAmount afloat May 1 1927
Net increase during May

$701,313,237
4,620,700

Amount of bank notes afloat June 1
Legal Tender NotesAmount on deposit to redeem national bank notes May 1 1927
Net amount of bank notes issued in May
Amount on deposit to redeem national bank notes June 1 1927

$705,933,937
$39,074,404
3,702,813
$42,777,217

National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE APPROVED.
June 4-First National Bank in Palm Beach, Fla
Correspondent, John F. Harris, Palm Beach, Fla.

Capital.
$100.000

CHARTERS ISSUED.
$25,000
June 1-The Citizens National Bank of Olivia, Minn
President, Frank Kircher; Cashier, Carl C. Lewerenz.
50,000
June 1-The National Bank of Covington. Inda,
President, M. Mayer; Cashier, Geo. B. Schwin.
40.000
June 2-The Nevada National Bank, Nevada, Iowa
President, S. M. McHose; Cashier, Howard F. Sones.
100,000
June 3-The Union National Bank of New Kensington. Pa
Conversion of the Peoples State Bank of New Kensington,
Pa. President. E. B. Rowe; Cashier, W.K. Cooper.
VOLUNTARY LIQUIDATIONS.
$50,000
June 1-The First National Bank of Crawford, Neb
Effective March 26 1927. Liquidating agent. O. It. Ivins,
Crawford, Neb. Succeeded by Crawford State Bank,
Crawford, Neb.
300,000
June 1-The Union National Bank of San Diego, Calif
Effective March 17 1927. Liquidating Agent, Edw. C.
Aldwell, San Francisco, Calif. Absorbed by Bank of
America, Los Angeles, Calif. which association was consolidated with the Liberty Bank. San Francisco, under
the title Liberty Bank of America of San Francisco. The
latter association consolidated with the Bank of Italy San
Francisco, and that bank was converted into a national
bank under the title "Bank of Italy National Trust and
Savings Association."
100,000
June 1-The San Leandro National Bank, San Leandro. Calif__
Effective May 12 1927. Liquidating Agent, Edw. C.
Alchrell, San Francisco. Calif. Absorbed ny Liberty Bank,
San Francisco, Calif., which association was consolidated
with the Bank of America, Los Angeles, under the title
Liberty Bank of America of San Francisco. The latter
association was consolidated with the Bank of Italy,
San Francisco, and that bank was converted into a national
Bank under the title "Bank of Italy National Trust and
Savings Association."
75,000
June 2-The First National Bank of Sheridan, Inda
Effective May 16 1927. Liquidating Committee, A. M.
Bell, D. F. Hutchens and E. J. Mendenhall, Sheridan,
Ind. Succeeded by the Sheridan Nat'l Bank, No, 13050.
125,000
June 2-The National Bank of Jersey Shore. Pa
Effective June 1 1927. Liquidating Agent, H. G. Borabaugh. Jersey Shore. Pa. Absorbed by Jersey Shore
•
Trust Co., Jersey Shore, Pa.
CONSOLIDATION.
First National Bank of Springfield, Ohio
-The
$400,000
June 2
200,000
Farmers National Bank of Springfield, Ohio
The American Trust & Savings Bank of Springfield, Ohio. 200,000
Consolidated under the Act of Nov. 7 1918, as amended
Feb. 25 1927, under the charter of the First National
Bank of Springfield. No. 238, and under the corporate
"the First National Bank and Trust Co. of Springtitle
field,' with capital stock of $800,000.
BRANCH AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
June 1-The Waltham National Bank of Waltham, Mass.
Location of branch, vicinity of 318 Moody St., Waltham.

or

Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange,. were sold at auction
in New York, Boston and Philadelpha on Wednesday of
this week:
By Adrian H. Muller & Sons, New York:
$ per oh.
Shares. Hocks.
346 Holland Machine Co., pref.,
par $10
$1 lot
527 Arrow Film Corp. 734% cum.
pref
$15 lot
30 Peoples Trust dc Savings Bank of
Streator
110
15 University State Bank, Chicago_153
15 Texas Electric Ry., 1st pref
1214
10 Asbestos Corp. of Amer., pref._ 51 lot
20 shs. corn, as bonus, no par._._
62 Asbestos Corp. of Amer.. prefl _$3 lot

$ per sh.
Shares. Stocks.
144 stn. corn, as bonus, no par... __
10 Asbestos Corp. of Amer., pref.. $I lot
20 abs. corn, as bonus, no par...48 Towne Securities Corp., pref.15150 lot
63 TowneSec.Corp.,com.,no par'
50 Salts Textile Mfg. Co., pier_ __$36 lot
Per cent.
Bonds.
$1,300 Virginia Theatre Building,
Champaign, Ill., 1st mtge. par$500 lot
ticipating gold bonds

By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ Per sh.
37 The Winchester Co., 18t pref.__ 5234
5 Philadelphia Rapid Transit Co.,
corn
5414
2
20 Keystone Telep. Co. of N. J
7 Fidelity Philadelphia Trust Co--70034
310
20 Union National Bank
10 Overbrook Nat. Bank, ox-rights. 175
2 First National Bank of Phila.-473%
402
4 Broad Street National Bank
687
5 Central National Dank
686
5 Central National Bank
3 Delaware County Nat. Bank of
311
Cheter. Pa
5 Mitten Men & Management Bank
150
& Trust Co., par $50
Brotherhood of Locomotive Engineers Title & Trust Co., par $25,
as follows: 10 at 70, 10 at 6541.
25 at 64. 25 at 62.
100 Mutual Trust Co., par $50-.--150
6 Girard Ave. Title & Trust Co.,
320
par $50
5 North. Cent. Tr. Co., par $50_ 130
Co.,
Trust
350.127A
par
Metropolitan
23
76
1 Bankers Trust Co.. par $50
4 Bank of North Amer. & Tr. Co_ _392
15 Bank of North Amer. & Tr. Co_ 392
18 Lancaster Ave. Title & Trust
90
Co.. par $50
6041
7 Manhelm Trust Co.. par $50-

Shares. Stocks,
Per
27014
46 Aldine Trust Co
10 Farmers & Mechanics Trust CO.
126
of West Chester, Pa
60 Commonwealth Casualty co.,
20
par $10
22
10 Commonwealth Casualty Co
50 Chestnut Hill Apartment Co.,
25
corn,, par $50
117
20 Buck Hill Falls Co
Reliance Insurance Co., par $10.- 2111
25 Manufacturers Casualty Insur3854
ance Co., par $10
10 John B. Stetson Co., corn., no
par
10044
8 John B.Stetson Co., corn., no par 101
25 Ridge Avenue Passenger Ey_...155
125
10 American Dredging Co
1 Security Title & Trust
50
Per cent.
Bonds.
Membership in Rolling Green Golf
Club, 1927 dues paid
$950 lot
$1,000 Borough of Bristol. Pa.,
4 A % water kept.registered, Feb.
1931
10014
$500 Borough of Chester, Pa.,4340,
Sch. Dist. reg. June 1 1942._ _10041
$1,000 Borough of Chester, Pa.,
434s, Sec. Dist. reg. June 11937.101
$1,000 Bergner & Engel Brewing
55
Co. 1st extd. 68, 1929

By A. J. Wright & Co., Buffalo:
$ per sh.
Shares. Stocks.
1 Buff. Niag. & East. Pow., pref.,
2614
par $25
100 March Gold. Inc., par 10c_ _ 7c.
1 Buff. Nlag.& East. Pow.,no par_ 34
10 Buffalo Radiophone Co., pref.- 1




$ per sh.
Shares. Stocks.
1,000 Pasadena El Monte Silver,
50c. lot
par $I
Sc,
500 Night Hawk, pars!
10 Buffalo Radiophone CO.. no par-$5 lot

[Vol.. 124.

By Wise, Hobbs & Arnold Boston:
$ per sh.
Shares. Stocks.
76 National Shawmut Bank...27934-280
31
10 Farr Alpaca Co
25 Salmon Falls Mfg. Co
49
1414
5-8 Pepperell Mfg. Co
1 Davol Milts
23
116
15 Pepperell Mfg. Co
5 Boston Mfg. Co., pref
6514
35 Edison Elec. Ilium. Co.of Brock• ton, undep., par $25
6541
138
10 Walter Baker & Co., Ltd
6 Mass. Ltg. Cos..8% pref., undep.1353(
60
4 Craton & Knight Co., pref
10 Craton & Knight Co., com
1134
6 K. C. Clay Co.& St. J. Ry., pf.1515 lot
12 K.C.Clay Co.& St.J.Ry.,com.1
58-6814
8 units First Peoples Trust
52
50 Florence Stove Co.. corn
200 Lamson & Hubbard Canadian
Si lot
Co., Ltd., pref
100 Lamson & Hubbard Canadian
Co.. Ltd., corn
30 Metropolitan Filling Station
4
Inc.. class A, par $10

Shares. Stocks.
$ Per ak.
6 National Shawmut Bank,Boston.27834
5 Orpin Desk Co., pref., par $50... 1144
25 Central Pow.ev Lt. Co.. 7% prf. 10114
1 George E. Keith Co., 1st pf _99% & int5 units First Peoples Trust
5834
58 15-20 Mass. Util. Invest. Trust,
s
corn.. v. t. c
5311
5 Congress Street Associates
76 Mass. MIL Inv. Trust, pref.,
40
par $50
1 unit Commercial Finance Corp,
36
pref
3 Municipal Real Estate Trust--115
6534
5 Oliver Building Trust
27
4 Eastern Mfg. Co., prof
13634
50 Mass. Ltg. Cos., 8% Prof
5 Mass. Ltg. Cos., corn
14541
65 Mass. Ltg. Cos.,6% pl., undep-118A
4 Rockland Light & Power Co.,
117
corn., par 550
No. Rights.
490 J. R. Whipple Corp

$ Per right.
25e.

By R. L. Day & Co., Boston:
$ per sh.
Shares. Stocks.
279
25 National Shawmut Bank
288 ex-cliv.
25 Atlantic Nat. Bank
438
6 First National Bank
288 ex-div.
14 Atlantic Nat. Bank
279
25 National Shawmut Bank
10 Merchants' National Bank_409-410
1 Merchants National Bank, New
369
Bedford
1 Waltham Nat. Bank, Waltham,
13034
Par $75
1 Somerville Nat. Bank,Somerville 30034
3 Somerville Trust Co., Somerville_200
25
41 Lancaster Mills, common
8 Naumkeag Steam Cotton Co_ _ _193%
50 Ludlow Mfg. Associates
18834
50 Arlington Mills
60
15 Naumkeag Steam Cotton Co_ _193%
95 Salmon Falls Mfg, Co
3041
2 Boston & Providence RR
19934

$ per sh.
Shares. Stocks.
7734
7 E. E. Taylor Co., 1st pref
50 Florence Stove Co., 7% pref.... 9934
115
10 Mass. Ltg. Cos., 6% pref
6815
6 units First Peoples Trust
33 Mass. Ltg. Cos., dom., tmdep_14511
117
2 Boston Wharf Co
11434
15 American Glue CO., Prof
24 Mass. Ltg. Cos.6% pf., undep_1143(
1 Malden & Melrose Gas Light Co.,
50
par $25
68 Worcester Elec. Light Co., un203
deposited, par $25
50 Blackstone Valley Gas& Elec. Co.
136
common, par 550
3 Lynn Gas & Elec. Co., undepos.,
16014
par $25
3 Dennison Mfg. Co., 1st pref _132 & div.
18 New Eng. Pr. Assoc., pref. 9315-9314
10 Western Mass. Cos., par $25._ 5741

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.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Railroads (Steam).
434 July 1 Holders of rec. June 15a
Albany & Susquehanna
234 Aug. 1 Holders of rec. June 24a
Atch. Topeka & Santa Fe, pref
500. July 1 Holders of rec. June 15
Beech Creek (guar.)
214 July 1 Holders of rec. June 20
Boston & Providence
Chicago Indianap.& Louisville, corn.... 244 July 11 Holders of rec. June 25
1
July 11 Holders of rec. June 25
Common (extra)
2
July 11 Holders of rec. June 25
Preferred
Holders or rec. June 25a
1 Holde
Aug. 15
.51.25 July
Great Northern, pref. (guar.)
'Holders of rec. June 17
Coal
&
RR.
Nay.
Little Schuylkill
'314 June 28 'Holders of rec. June 17
Mobile & Ohio
$1.75 July 1 Holders of rec. June 7a
Morris & Essex
$2.50 July 1 Holders of rec. June 15a
New York & Harlem, corn. & pref
N. Y. Lackawanna & Western (quar.).... 134 July 1 Holders of rec. June 14a
111 Aug. 1 Holders of rec. June 25
Northern Pacific (quar.)
Plush. McKeesp. & Yough.(guar.)- - $1.50 July 1 Holders of rec. June 156
414 July 1 June 16 to June 30
Renssalaer & Saratoga
134 Aug. 1 Holders of rec. July 1
Southern Railway. cods. (quar.)
134 July 15 Holders of rec. June 21
Preferred (guar.)
•144 Aug. 25 Holders of rec. July 23
Wabash Ky., preferred A (guar.)
Public Utilities.
$1.75 July 1 Holders of rec. June 15
Alabama Power, $7 pref. (guar.)
$6 preferred (quar.)
51.50 July 1 Holders of rec. June 15
Amer. Light & Traction, pref. (quar.).. 114 Aug. 1 Holders of rec. July 15
134 July 1 Holders of rec. June 15
Amer. Public Utilities, prior pf. (guar.)_
Participating preferred (guar.)
151 July 1 Holders of rec. June 15
Associated Gas & Elec., $7 pref. (quar.). n$1.75 July 1 Holders of rec. May 31
dBarcelona Tr. Light & Pow., pref.(qu.) 141 June 30 Holders of rec. June 216
1
June 30 Holders of rec. June 216
Preferred (extra)
Binghamton L., H.& P.$6 pref. (guar.) *51.50 July 1 *Ho.ders of rec. June 15
Capital Trac.(Washington, D. C.) (qu.) 131 July 1 Holders of rec. June 14
Central States Elec. Corp., corn. (guar.) 25c. July 1 Holders of rec. June 10
131 July 1 Holders of rec. June 10
Preferred (guar.)
Chic., No. Shore & Milw., pref. (quar.) *1 A July 1 'Holders of rec. June 15
"141 July 1 *Holders of rec. June 15
Prior lien stock (guar.)
Chic. It. T., prior prof. class A (mthly.) "85e. July 1 *Holders of rec. June 21
Prior preferred class A (monthly).- - '650. Aug. 1 *Holders of rec. July 19
Prior preferred, class A (monthly)... "650. Sept. 1 'Holders of rec. Aug. 16
Prior preferred, class B (month Y)--- •600. July 1 'Holders of rec. June 21
Prior preferred, class B (monthly).- *600. Aug. 1 *Holders of rec. July 19
Prior preferred, class B (monthly).... "60c. Sept. 1 *Holders of rec. Aug. 16
Columbus Elec. & Power, corn. (guar.). 50c. July 1 Holders of rec. Juneloa
Common (1-40 share In corn. stock).- (f) July 1 Holders of rec. June 10a
$1.75 July 1 Holders of rec. June:10a
Preferred B (guar.)
1.6214 July 1 Holders of rec. June ma
Preferred C (guar.)
$1.75 July 1 Holders of rec. June`106
Second metered (guar.)
Continental Gas& Elec. Corp.,com.(qu.) $1.10 July I Holders of rec. June 13
144 July 1 Holders of rec. June 13
7% prior preferred (guar.)
134 July 1 Holders of rec. June 13
Participating preferred (guar.)
A July 1 Holders of rec. June 13
Participating preferred (extra)
144 July 1 Holders of rec. June 13
6% preferred (guar.)
Denver Tramway Corp., pref. (quar.).. $1.25 July 1 Holders of rec. June 156
1
July 1 Holders of rec. June 15
Duke Power (guar.)
50e. July 1 Holders of rec. June 16
Empire Power Corp., panic. pref
$1.50 July 1 Holders of rec. June 16
$6 preferred (guar.)
.0141 July 1 Holders of rec. June 15
Florida Public Service, pref. (guar.)_ _
Georgia Power, 56 preferred (guar.).-- $1.50 July 1 Holders of rec. June 10
134 July 1 Holders of rec. June 306
Gold & Stock Telegraph (guar.)
Hackensack Water. pref.. class A (qu.)_.. •4341c June 30 Holders of rec. June 18
131 July 1 Holders of rec. June 10
Illinois Power & Light, 7% pf.(quar.)
6% preferred (quar.)
134 July 1 Holders of roe. June 10
144 July 1 Holders of rec. June 10
6% panic. pref. (guar.)
International Power,first pref.(quar.).. 131 July 1 Holders of rec. June 15
144 July 15 Holders of rec. June:27
International Telep. & Teleg. (guar.)._
Kansas Gas & Electric, pref. (guar.)... 151 July 1 Holders of rec. June 15
Kentucky Securities Corp., corn. (guar.) 134 July 1 Holders of rec. June 206
144 July 15 Holders of rec. June 206
Preferred (guar.)
134 July 15 Holders of rec. June 30
Laurentide Power (guar.)
50c. June 30 Holders of rec. June 206
Lone Star Gas Corp. (guar.)
Long Island Lighting, pref., ser. A (qu.) 134 July 1 Holders of rec. June 17
144 July 1 Holders of rec. June 17
Preferred, ser. B (quar.)
131 July 1 Holders of rec. June I06
Manhattan Ry., 7% guar. (guar.)
Metropolitan Edison, $7 pref. (guar.). _ _ *$1.75 July 1 *Holders of rec. June 15
4.114 July 1 *Holders of rec. June 15
Six per cent preferred (guar.)
"144 July 15 *Holders of rec. June 30
Middle West Utilities, pref.(guar.).Minnesota Power & Light, pref. (guar.) 141 July 1 Holders of rec. June 15
Monongahela W.Penn.P.S. 7% pf. (qu.) 4334c July 1 Holders of rec. June 15

Name of Company.

3461

THE CHRONICLE

JUNE 11 1927.]
Whets
Per
Cent. Payable.

Books Closed.
Days Inclusive.

- Name of Company.

Books Closed.
Days Inclustees

When
Per
Cent. Payable.

111114cellaneous (Concluded).
Public Utilities (Concluded).
Evans Auto Loading, A & B (guar.).-*750. July 1 *Holders of rec. June 20
Midland Utilities, 7% prior lien (guar.). *1( July 6 *Holders of rec. June 22
*250. July 1 *Holders of rec. June 20
Classes A & B (extra)
Seven per cent pref., class A (guar.)._ *15( July 6 *Holders of rec. June 22
*50c. July 1 "Holders of rec. June 16
Faultless Rubber, COM. (guar.)
*I g July 6 *Holders of rec. June 22
Six per cent prior lien (guar.)
*134 July 1 *Holders of rec. June 16
Preferred
(guar.)
*Holders
of
rec.
July
6
June
22
*154
Six per cent pref., class A (quar.)
Feltman & Curme Shoe St's,com.A(qu.)_ •500. July 1 "Holders of rec. June 1
15( July 1 Holders of rec. June 17
Nassau & Suffolk Ltg.,'pref. (guar.).Financial & Industrial Securities (guar.) '75c. July 1 *Holders of rec. June 15
July 1 *Holders of rec. June 20
National Electric Power, pref. (guar.)."35c. July 1 "Holders of rec. June 15
Extra
New Jersey Pow.& Lt.,$6 pref. (guar.)_ *31.50 July 1 *Holders of rec. June 15
4
June 27 June 9 to June 27
Garfield Safe Deposit
New York Central Elec. Corp., pref.(qu) 134 July 1 Holders of rec. June 17
common
•
31.50 July 1 *Holders of rec. June 15
Tank
Car,
Amer.
General
*Holders
of
July
1
rec.
June
20
Investment
&
*2
Security,
pf
New England
*154 July 1 *Holders of rec. June 15
Preferred (guar.)
New England Power Assoc., corn. (gu.). •3754c July 15 'Holders of rec. June 30
General Baking Corp., class A (quar.) •31.25 July 1 *Holders of rec. June 16
'134 July 1 *Holders of rec. June 18
Preferred (guar.)
$2 June 30 Holders of rec. June 180
Preferred (guar.)
New York Steam Corp.,$6 pref.(guar.). $1.50 July 1 Holders of rec. June I50
"2
July 1 *Holders of rec. June 11
$1.75 July 1 Holders of rec. June 150 Ginter Co., 8% pref. (guar.)
97 preferred (guar.)
$2.50 June 20 Holders of rec. June 90
Glen Alden Coal (guar.)
North Amer. Light & Power, pref. (qu.) 154 July 1 Holders of rec. June 20
July 2 Holders of rec. June 15
Goodyear Tire & Rub., Canada, pf.(qu.)
North Amer. Utility Sec. Corp. allot °Ms. 750. June 15 Holders of rec. May 31
2
July 1 Holders of rec. June 20
Goulds Pump,Inc., corn.(guar.)
1
June 30 Holders of rec. June 15
Northern Mexico Power & Devel., corn
134 July 1 Holders of rec. June 20
Preferred (guar.)
134 June 30 Holders of rec. June 15
Preferred (guar.)
*31.25 June 30 "Holders of rec. June 15
Great Lakes Towing, tom. (guar.)
Northern Penna. Pow. Co.. $7 pf. (q11.)- *81.75 July 1 *Holders of rec. June 15
'154 July 1 *Holders of rec. June 15
Preferred (quar.)
*31.50 July 1 *Holders of rec. June 15
$6 preferred (guar.)
25c. July 1 Holders of rec. June 15
Hendon Boiler Corp., corn.(quar.)
*3
July 1 'Holders of rec. June 15
Six per cent preferred
July 1 Holders of rec. June 15
Preferred (guar.)
Aug. 1 Holders of reo. June 30
Northern States Pow., corn., Cl. A (qu.)- 2
•154 June 30 *Holders
of rec. June 29
Heath (D. C.)& Co.(guar.)
114 July 20 Holders of rec. June 30
Six per cent preferred (guar.)
2
June 25 June 16 to June 25
(guar.)
common
Powder,
of
Hercules
rec. June 30
134 July 20 Holders
Seven per cent preferred (guar.)
5
June 15 Holders of rec. June 10
Hibernia Securities, common
134 July 1 Holders of rec. June 17
Northport Water Works, pref. (guar.)._
151 July 1 Holders of rec. June 25
$1.75 July 1 Holders of rec. June 15 • Preferred (guar.)
Northwest Utilities, prior lien (quar.)
4,1% Aug. 20 *Holders of rec.
Aug. 1
Ottawa Light, Heat & Power, corn.(qu.) 134 June 30 Holders of rec. June 150 Home Service, common (guar.)
*2
July 20 *Holders of rec. June 30
First & second preferred (guar.)
154 July 1 Holders of rec. June 150
Preferred (guar.)
*50c. June 25 *Holders of rec. June 24
Homestake Mining (monthly)
1
July 2 Holders of rec. June 15
Ottawa Traction (quar.)
50c.
June 15 Holders of rec. June 5
Honolulu Consolidated Oil
Panama Power & Light Corp., pref.(qu.) 1 g July 1 Holders of rec. June 15
Horn & Hardart Baking, Phila. (quar.). *51.25 July 1 "Holders of rec. June 20
Penna. Pow. & Light, $7 pref.(guar.).- $1.75 July 1 Holders of rec. June 15
.30c. July 1 *Holders of rec. June 11
Humble 011 & Refining (quar.)
$1.50 July 1 Holders of rec. June 15
$6 preferred (guar.)
*200. July 1 *Holders of rec. June 11
Extra
Pennsylvania Power & Light,6% pf.(qu) *154 July 1 'Holders of rec. June 15
July 1 *Holders of rec. June 20
Independent Pneumatic Tool (guar.).- *51
•134 July 1 'Holders of rec. June 15
7% preferred (guar.)
25e, June 30 Holders of rec. June 180
Inter ontlnental Rubber (guar.)
Portland Electric Power,6% 1st pf.(qu.) 154 July 1 Holders of rec. June 15
50c. June 30 Holders of rec. June 16
International Nickel, corn. (quar.)
134 July 1 Holders of rec. June 15
Prior preference (guar.)
31.75 July 1 Holders of rec. June 15a
International Shoe, corn.(guar.)
134 July 2 Holders of rec. June 15
Porto Rico Railways, 7% pref. (guar.)._
50c. July 1 Holders of rec. June 15
Preferred (monthly)
Public Serv. Corp. of Long Isl., pf. (111.) 134 July 1 Holders of rec. June 17
32
July 1 Holders of rec. June 15
(guar.)
pref.
Corporation,
1st
Intertype
15
Holders
of
1M
July
rec.
(guar.)
June
30
Power
Quebec
33
July 1 Holders of rec. June 15
Second preferred
*75c. July 1 *Holders of rec. June 18
Reading Traction
75c. July 15 Holders of rec. July 1
July 1 Holders of rec. June 200 Johns-Manville. Inc., corn.(guar.)
Savannah Elec. & Power, deb. A (guar.) $2
July 1 Holders of rec. June 15
154
Preferred
"1.8754
July
1
(quar.)
(quar.)
Holders
of
20a
B
rec.
June
Debentures series
Kaufman Department Stores, pf.(qua?.) 154 July 1 Holders of rec. June 20
Southeastern Power & Light, corn. (qu.) 250. July 20 Holders of rec. June 30
July 1 Holders of rec. June 15
Keith (Geo. E.) Co., let & 2nd pf. (qu.)
$1.75 July 1 Holders of rec. June 15
$7 preferred (guar.)
*154 July 1 *Holders of rec. June 20
$1.50 July 1 Holders of rec. June 15
King Philip Mills (guar.)
$6 preferred (guar.)
$2
King Royalty Co., pref.(guar.)
134 July 1 Holders of rec. June 30
Southwestern Bell Telep., pref.(guar.)._
151 July 1 Holders of rec. June 20
Laclede-Christy Clay Prod., pref. (qu.)
Southwestern Pow.& Lt., corn.. cl.A(qu) 254 July 1 Holders of rec. June 15
*31.25 July 1 *Holders of rec. June 20
Lambert Company, corn. (quar.)
Springfield Railway & Light, pref. (qu.) 154 July 1 Holders of rec. June 15
154 July 2 Holders of rec. June 17
Laurentide Company (guar.)
Standard Gas & Electric, cons.(quar.)- 8750. July 25 Holders of rec. June 30
254 July 1 Holders of rec. June 180
Lawyers Title & Guaranty (guar.)
134 July 25 Holders of rec. June 30
Prior preference (guar.)
Liberty Baking Corp., pref. (quar.).--- 154 July 1 Holders of rec. June 20
Superior Water, Light & Pow., pref.(qu.) 134 July 1 Holders of ree. June 15
July 1 Holders of rec. June 170
July 1 Holders of rec. June 15
Loose-Wiles Biscuit, lot prof. (quar.)
Toledo Edison, prior preferred (guar.)._ *2
154 Aug. 1 Holders of rec. July 18a
July 15 'Holders of rec. June 30
Second preferred (guar.)
*31
United Gas Improvement (guar.)
"500. July 1 *Holders of rec. June 18
Ludlum Steel, corn. (guar.)
Utah Gas & Coke. pref. & part. pref.(qu.) *$1.75 July 1 *Holders of rec. June 15
31.50 June 30 Holders of rec. June 17
Mack Tru MI, Inc., corn. (guar.)
Western States Gas & Electric, pref.(qu.) 154 July 15 Holders of ree. June 30
154 June 30 Holders of rec. June 17
First and second preferred (qua?.)
*31.25 Aug. 1 *Holders of rec. July 29
Banks.
Macy (R. H.) & Co., (guar.)
$1.25
July 1 Holders of rec. June 20
(quar.)
*9
July
1
Manhattan
Electrical
Supply
*Holders of rec. June 15
America (Bank of) (guar.)
154 July 1 Holders of rec. June 16
254 June 30 Holders of rec. June 15
Manhattan Shirt, pref. (guar.)
Commercial Exchange (guar.)
25c. July 9 Holders of rec. June 20
July 1 Holders of rec. June 170 Mersey Oil (guar.)
$2
Manhattan Co.(Bank of the) (quar.)
4
July 1 Holders of rec. June I80 Marion Steam Shovel, corn.(qu.)(No.I) 75c. July 1 Holders of rec. June 15
National City (guar.)
151 July 1 Holders of rec. June 15
7% preferred (guar.)(No. 1)
*3
July 1 *Holders of rec. June 18
National City Company
Merchants & Miners Transportation(qu) *13234c June 30 *Holders of rec. June 15
*4
July 1 *Holders of rec. June 17
State (guar.)
31.25 June 30 Holders of rec. June 11
3
July 1 Holders of rec. June 200 Merrimac Chemical (quar.)
United States (Bank of)(guar.)
July 1 *Holders of rec. June 18
Midland Steel Products, corn. (guar.).- •31
*480. July 1 *Holders of rec. June 18
Common (extra)
Trust Companies.
*32
July 1 "Holders of rec. June 18
5
July 1 Holders of rec. June 150
Preferred (guar.)
Bankers (guar.)
*El
July
1 *Holders of rec. June 18
Preferred (extra)
Europe (Bank of) Trust Co.(guar.).- 234 July 1 Holders of rec. June 20
134 July 1 Holders of rec. June 20
Mill Factors Corporation (guar.)
A July 1 Holders of rec. June 20
Extra
Fire Insurance.
"31.25 July 1 *Holders of rec. June 20
Morgan Lithograph, corn. (guar.)
*31.50 July I 'Holders of rec. June 14
Rossia (guar.)
Mount Vernon-Woodberry Mills, prof... '234 June 3 *Holders of rec. June 15
*75
0. July 1 *Holders of rec. June 22
Corp.m.stk.(gu.)
(No.1)
Prod
Dairy
Nat
Miscellaneous.
134 June 30 Holders of rec. June 20
to June 30 National Supply, pref. (guar.)
2
July 1 June 9
Acme Road Machinery, pref. (quar.)
Nevada Consolidated Copper (guar.).- 3754c June 3 Holdeis of rec. June 17
"25c. July 1 *Holders of rec. June 15
Aetna Rubber, common (guar.)
*25c. July 1 *Holders of rec. June 20
Novadei Process Co., corn. (guar.)
July 1 *Holders of rec. June 15
Preferred (guar.)
*500. July 1 *Holders of rec. June 20
Preferred (guar.)
$1.25 July 15 Holders of rec. June 30
Air Reduction (guar.)
*50c. Jane 30 *Holders of rec. June 15
Company
Nunnally
1
July
Holders
or
rec.
June
13(
15
Alberta Pacific Grain Co.. Ltd., pf.(qu.)
July 1 Holders of rec. June 16
Oklahoma Natural Gas, pref. (guar.) _ _ _
630. July 1 Holders of rec. June 18
Aloe (A. S.) Co., corn. (guar.)
Overman Cushion Tire, corn. A & B (qu.) 3734c. July I Holders of rec. June 24
134 July I Holders of rec. June 18
Preferred (guar.)
134
July
1 Holders of rec. June 24
Preferred
(quar.)
Aluminum Co. of Amer., pref. (quar.)_. *1.54 July 1 *Holders of rec. June 15
134 Oct. 1 Holders of rec. Sept.24
Preferred thtusri
American Car & Foundry, corn.(guar.)- 31.50 July 1 Holders of rec. June 16
400. July I Holders of rec. June 15
Ovington Bros. Co., partic. preferred
Preferred (guar.)
154 July 1 Holders of rec. June 16
"25c. June 30 *Holders of rec. June 12
Parke Brothers (guar.)
Amer. Cyanamid. corn. A & B (quar.)... 300. July 1 Holders of rec. June 15
25c. July 1 Holders of rec. June 15
Penick & Ford, Ltd.. corn. (guar.)
Common A & B (extra)
10o. July 1 Holders of rec. June 15
134 July I Holders of rec. June 15
(guar.)
Preferred
Preferred (guar.)
154 July 1 Holders of rec. June 15
334 June 30 Holders of rec. June 20
American Express (guar.)
$1.50 July 1 Holders of rec. June 160 Penney (J. E.) Company, prof
750. July 1 Holders of rec. June 10
Amer. La France Fire Eng., pref.(guar.) • 134 July 1 Holders of rec. June 17
Pet Milk Co., corn. (guar.)
151 July 1 Holders of rec. June 10
Amer. Wholesale Corp., pref. (quar.)
Preferred (guar.)
•134 July 1 "Holders of rec. June 20
400. Sept. 1
Atlas Plywood (guar.)
Pillsbury Flour Mills, corn. (No. 1).
*31 July 15 *Holders of rec. July 1
*2
July 1 *Holders of rec. June 15
Auburn Automobile (guar.)
Pittsburgh Plate Glass (guar.)
July 1 *Holders of rec. June 20
*31
Beatrice Creamery, corn. (guar.)
*81.25 July 1 "Holders of rec. June 20
Price Bros. & Co., Ltd., corn, (guar.)._ '500. July 2 *Holders of rec. June 15
•1% July
°154 July 2 *Holders of rec. June 15
I *Holders of rec. June 20
Preferred (guar.)
Preferred (guar.)
"200. July 1 "Holders of rec. June 15
30c. July 1 Holders of rec. June 20
Berry Motor (guar.)
Reo Motor Car (guar.)
Bohn Aluminum & Brass (guar.)
Richardson & Boynton Co., part. pf.(qu) 75c. July 1 Holders of rec. June 15
•37550. July 1 *Holders of rec. June 15
June 30 *Holders of rec. June 15
July 15 Holders of rec. June 30
Brewers & Distillers (Canada) corn....
Royal Baking Powder. COM.(qua?.).... *2
•154 June 30 'Holders of rec. June 15
Brunswick-Balke-Collender, pf. (guar.)_
154 July 1 Holders of rec. June 20
preferred (quar.)
31
July 16 Holders of ree. June 300
*750. July 1 *Holders of rec. June 20
Buckeye Incubator, corn. (guar.)
Safety Cable (guar.)
32.50 July 1 Holders of rec. June 17
*2
July 1 *Holders of rec. June 20
Preferred (guar.)
Safeway Stores. tom. (guar.)
154 July 1 Holders of rec. June 17
134 June 30 Holders of rec. June 10
Budd Wheel, 7% 1st pref.(guar.)
Preferred (guar.)
*2
50c. June 30 Holders of rec. June 17a Safety Car Heat & Ltg. (guar.)
July 1 *Holders of rec. June 15
Butte & Superior Mining (guar.)
*IN July
1 *Holders of rec. June 15
Canada Bread, preferred (quar.)
St.Louls Rocky Mt.& Pac.Co.,ccm.(gu) 50c. June 30 Holders of rec. June 150
154 June 30 Holders of rec. June 150
Preferred B (quar.)
'154 July 1 *Holders of rec. June 15
Preferred (guar.)
*20e. July 1 Holders of rec. June 15
Canada Steamship Lines,6% Pref. (111.) 154 July 2 Holders of rec. June 15
Salt Creek Consolidated Oil (quar.)
154 July 1 Holders of rec. June 15
Canadian General Electric, pref. (quar.) 15( July 1 Holders of rec. June 15
Schulze Baking Co., pref. (quar.)
134 July 1 Holders of rec. June 20
Canadian Locomotive, pref. (guar.) _ _
75e. July I Holders of rec. June 15
Convertible preferred (qua?.).1
$1.50 July 1 Holders of rec. June 20
Central Aguirre Sugar (guar.)
*750.
Manufacturing
July 1 *Holders of rec. June 24
(quar.)
Soovill
July 1 Holders of rec. June 20
$1
Extra
Second Internat. Sec. Corp., 1st pf.(qu.) 750. July 1 Holders of rec. June 15
Chandler-Cleveland Motors, pref. (qu.) *6254c. July I *Holders of reo. June 20
*15( July 25 *Holders of rec. June 30
Shaffer Oil & Refining, pref. (guar.).
Chicago Electric Mfg., class A (guar.) *50c. July 1 *Holders of rec. June 21
'234 June 30 *Holders of rec. June 10
Singer Manufacturing (guar.)
Cluett, Peabody & Co., pref. (guar.) - 134 July 1 Holders of rec. June 20
Extra
•554 June 30 *Holders of rec. June 10
*25c. June 30 "Holders of rec. June 20
*2
. Commercial Credit, corn.(guar.)
July 1 "Holders of rec. June 20
Spicer Manufacturing, pref. (quar.)
June
30
"4334c
per
cent
Seven
preferred (guar.)
*Holders of rec. June 20
*6254c July 1 *Holders of rec. June 20
Sprague-Sells Corp., class A (guar.)
Preferred class B (quar.)
*50o. June 30 *Holders of rec. June 20
Swedish-Am.Inv.Corp.,com.(gu.)(No.1)3 1.6234 July 1 Holders of rec. June I50
*134 June 30 *Holders of rec. June
634% first preferred (quar.)
Participating preferred (guar.)
134 July
Holders of rec. June 150
20
Commercial Investment Trust,com.(gu.) 90c. July 1 Holders of rec. June 15a Timken Detroit Axle(guar.)
15e. July 1 Holders of rec. June 20
15( July 1 Holders of rec. June I50
First preferred (guar.)
Extra
5c. July 1 Holders of rec. June 20
July
1
154
Brat
preferred
Holders
(guar.)
634%
of rec. June 150 Tobacco Products Corp., corn. (quar.)_ 31.75 July 15 Holders of rec. June 24
Consolidated Cigar Corp. corn. (guar.) $1.75 July 1 Holders of rec. June 15a Torrington Co. (guar.)
*75e. July 1 *Holders of rec. June 17
$1.25 July 15 Holders of rec. June 30
Consolidated Min. & Smelting
Extra
"31.25 July 1 *Holders of rec. June 17
15
July
25
Bonus
Holders of rec. June 30
Traveler Shoe, corn. (quar.)
37540. July 1 Holders of rec. June 15
July 2 Holders of rec. June 15
34
Crown Finance Corporation, corn
Truscon Steel, corn. (guar.)
*30o. July 15 *Holders of rec. July 5
Preferred (guar.)
154 July 2 Holders of rec. June 15
U. S. Bobbin & Shuttle, corn. (quar.).,.. $1 June 30 Holders of rec. June 8
Crown-Willamette Paper, 1st prof. (qu.) *31.75 July 1 *Holders of rec. June 13
Preferred (guar.)
154 June 30 Holders of rec. June 8
"31.50 June 30 *Holders of rec. June 30
Cuban Tobacco, corn. (No. 1)
United Shoe Machinery, corn.(quar.).,.. 6234e July 5 Holders of rec. June 14
2.54 June 30 Holders of rec. June 15
Cuban Tobacco. Inc., preferred
Preferred (guar.)
37540 July 5 Holders of rec. June 14
Devoe & Reynolds, corn. A & B (guar.). *60c. July 1 *Holders of rec. June 20
$1.50 June 30 Holders of rec. June 17
Utah Copper Co. (qua?,)
•154 July 1 *Holders of rec. June 20
First and second preferred (qua?.)
Van Dorn Iron Works, pref. (guar.).- '134 July 1 "Holders of rec. June 22
25c. July 20 Holders of rec. June 30
Dome Mines, Ltd. (guar.)
Wahl Company, pref.(account accum.). .5154 July 1 *Holders of rec. June 23
60c. July 1 Holders of rec. June 15
Dominion Stores (guar.)
July 1 *Holders of rec. June 20
Warren Bros. Co., corn.(guar.)
*El
4
Juose 30 Holders of rec. June 20
Donner Steel. Inc., prior preference
First preferred (guar.)
*75e. July 1 *Holders of rec. June 20
134 July 1 Holders of rec. June 15
Douglas(W. L.) Shoe, Prof. (quar.)
July I *Holders of rec. June 20
.87541
Second
preferred
(guar.)
sly6 July 1 *Holders of rec.
Dunham (Jas. H.)& Co.. corn.(quar.)
July 1 Holders of rec. June 15
June 17
Wesson Oil & Snowdrift Co., Inc., corn.. $1
*154 July 1 *Holders of rec. June 17
First preferred (guar.)
*50c. July 20 "Holders of rec. June 30
White Eagle 011 & Refining (quar.)
*154 July 1 *Holders of rec. June 17
Second preferred (guar.)
July 1 *Holders of rec. June 15
*2
Will & Baumer Candle. pref.(guar.)
*87 54c July 1 *Holders of rec. June 24
Eastern Steamship, pref. (guar.)
*15( July 1 "Holders of rec. June 22
Willys-Overland Co., pref.(guar.)
July 16 *Holders of rec. July 6
*250. Aug. 1 *Holders of rec. July 20
lo First preferred (guar.)
Wrigley (Wm.) Jr. Co.(monthly)
Electric Controller & Mfg., corn.(gu.)_ •31.25 July 1 *Holders of rec. June 20
•25e. Sept. 1 *Holders of rec. Aug. 20
Monthly
*25c. July 1 *Holders of rec. June 20
*250. Oct. 1 *Holders of rec. Sent. 20
Common (extra)
Monthly
15( July 1 Holders of rec. June 20
*25c. Nov. 1 *Holders of rec. Oct. 20
Emerson Electric Mfg., pref.(quar.)
Monthly
Dec. 1 *Holders of rec. Nov.20
Endlcott-Johnson Corp., corn. (quar,) *31.25 July 1 *Holders of rec. June 20
.25e.
Monthly
*1)( July 1 i'lleiders of rec. June 20
Preferred (guar.)
.1.54 July 1 *Holders of rec. June 20
Yellow Truck & Coach, pref.(guar.)._




*134

154

154

154

134

4.154

154

r

*In

THE CHRONICLE

3462

Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Railroads (Steam).
Alabama Great Southern. ordinary
Ordinary (extra)
Preferred
Preferred (extra)
Atlanta At West Point
Atlantic Coast Line RR., cam
Common (extra)
Bangor & Aroostook, cont. (guar.)
Preferred (quar.)
Boston & Albany (guar.)
Boston Revere Beach & Lynn (guar.)...
Buffalo & Susquehanna, pref
Canadian Pacific. corn (guar.)
Chesapeake & Ohio. coin. (quar.)
Preferred (guar.)
Chicago Burlington & Quincy
CM. N.0. & Texas Pacific. common_
Chicago & North Western, common
Preferred
Chic. R. I. & Pacific, common (guar.)._
Seven per cent preferred
Six per cent preferred
Colorado Southern, first preferred
Consolidated Rita, of Cuba, pref.(guar.)
Cuba Railroad, common
Delaware & Hudson Co. (guar.)
Fonda Johnstown & Gloversv.. pf. (qu.)
Gulf Mobile & Northern, pref. (quar.)_ _
Hocking Valley, corn.(guar.)
Illinois Central, leased lines
Lehigh Valley, common (guar.)
Preferred (quar.)
Maine Central. corn.(guar.)
Mobile & Birmingham, preferred
N.Y. Chicago & St. Louis. corn.(quar.)_
Common (in Chesapeake Corp. stock)
Preferred (guar.)
Norfolk & Western,common (quar.)
Northern Securities
Pere Marquette, common (guar.)
((Common (in common stock)
Prior preference (guar.)
Five per cent preferred (guar.)
Pittsb. Ft. Wayne & Ohio. corn. (qu.)
Preferred (guar.)
Reading Company,second pref.(quar.).
St. Louis-San Francisco,common (guar.)
Common (extra)
Preferred (guar.)
Preferred (guar.)
St. Louis Southwestern, pref. (quar.)_ _ _
Southern Pacific Co. (guar.)
Union Pacific. common (guar.)
Western Railway of Alabama

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

334 June 28
June 28
3
334 Aug. 15
Aug. 15
3
June 30
4
34 July 11
134 July 11
75c. July I
134 July 1
234 June 30
14 July I
June 30
2
21.4 June 30
234 July 1
331 July I
June 25
5
June 25
4
June 30
2
334 June 30
134 June 30
334 June 30
June 30
3
June 30
2
134 July 1
$1.20 June 28
234 June 20
134 June 15
134 July 1
234 June 30
June 30
2
87.4c July 1
$1.25 July 1
July 1
1
July 1
2
231 July 1

Holders of rec. May 24
Holders of rec. May 24
Holders of rec. July 11
Holders of rec. July 11
Holders et rec. June 20
Holders of rec. June 150
Holders of rec. June 150
Holders of rec. June 3a
Holders of rec. June 30
Holders of rec. May 3Ia
Holders of rec. June 15a
Holders of rec. June 15a
Holders of rec. June la
Holders of rec. June 8a
Holders of rec. June 80
Holders of rec. June 180
Holders of rec. June 11
Holders of rec. June la
Holders of rec. June la
Holders of rec. June 30
Holders of rec. June 3a
Holders of rec. June 30
June 19 to June 30
Holders of rec. June 100
Holders of rec. June 280
Holders of rec. May 280
Holders of rec. June 100
Holders of rec. June 150
Holders of rec. June 80
June 19 to June 30
Holders of rec. June ha
Holders of rec. June 11 a
Holders of rec. June 15
June 2 to June 30
Holders of rec. May 160
Holders of rec.May(t)31
Holders of rec. May 160
Holders of rec. May 3I0
June 25 to July 11
Holders of rec. June 140
Holders of rec. Sept. 70
Holders of rec. July 140
Holders of rec. July 140
Holders of rec. June 100
Holders of rec. June 100
Holders of rec. June 200
Holders of rec. June 80
Holders of rec. June 80
Holders of roe. July 15a
Holders of rec. Oct. 150
Holders of rec. June 110
Holders of rec. May 270
Holders of rec. June la
Holders of rec. June 20

134
2
4
14
f20
131
131
134
134
50c.
131
25e.
14
134
134
134
234
4

July 1
June 18
July 11
July 1
Oct. 1
Aug. 1
Aug. 1
July 1
July 5
July 14
July 1
July 1
Aug. I
Nov. 1
June 30
July 1
July 1
June 30

Public Utilities.
Amer.& Foreign Power4334c July 1 Holders of rec. June 15
Preferred allot. ctfs. 25% paid (qu.)_
Preferred (guar.)
134 July 1 Holders of rec. June 15
Amer. Gas & Elec., common (quar.)_ _ _ 25c. July 1 Holders of rec. June 11
Common (payable in common stock). (I) July 1 Holders of rec. June 11
$1.50 Aug. 1 Holders of rec. July 9
Preferred (guar.)
June 20 June 19 to Julie 30
Amer. Light dr Trac.. com.(pay.in coin.)- fee
Amer. Public Service Co., pref. (guar.). 14 July 1 Holders of rec. June 15
Am.Superpower Corp., corn. A & B (qu.) 30c. July I Holders of rec. June 1
$1.50 July 1 Holders of rec. June 1
First preferred (quar.)
231 July 15 Holders of rec. June 200
American Telep. & Teleg. (guar.)
12c. July 1 Holders of rec. June I50
Arkansas Natural Gas (guar.)
Arkansas Power & Light, $7 pref. (qu.)- $1.75 July 1 Holders of rec. June 15
Associated Telep. ULU., prior pref. (qu.) $1.75 June 15 Holders of rec. May 31
1.31 July 1 Holders of rec. June 10
Bangor Hydro-Elec., 7% pref. (quar.)_ _
134 July 1 Holders of rec. June 10
Six per cent preferred (guar.)
Barcelona Tr., L. & Pow., ordinary _ _ _ 50c. June 30 Holders of rec. JUDC 2I0
2
July 15 Holders of rec. June 23
Bell Telephone of Canada (guar.)
134 July 15 Holders of rec. June 200
Bell Telep. of Penna., pref. (guar.)
Birmingham Electric Co.. $7 pref.(qu.) $1.75 July 1 Holders of rec. June 15
$1.50 July 1 Holders of rec. June 15
$6 preferred (guar.)
134 July I Holders of rec. June 10a
Boston Elevated Ry., COM.(guar.)
34 July 1 Holders of rec. June 10a
Preferred
July 1 Holders of rec. June 100
4
First preferred
134 July 1 Holders of rec. June 15
Brazilian Trac., Lt. & Pow.. pref. (qu.)_
$1.25 July 1 Holders of rec. June 90
Brooklyn Union Gas (qua,
131 July 15 Holders of rec. June 30
,ref. (guar.)- Canada Northern Power.'
.4 (guar.).* $1.50 July 15 'Holders of rec. June 300
Central III. Puulic Serv
July 1 Holders of rec. Juned13
134
corn.
Cleveland Railway,
oar.)
Coast Valleys Gas & Elec.. 7% pf. (qu.) I'% July 1 Holders of rec. June 15
134 July I Holders of rec. June 15
Six per cent preferred (guar.)
Columbia Gas & Elec. Corp., corn.(qu.)_ $1.25 Aug. 15 IIolders of rec. July 20a
134 Aug. 15 Holders of rec. July 20a
Preferred (guar.)
Cons. G., E. L. & P., Balt., cont. (qu.)_ 6234c July 1 Holders of rec. June 150
Eight per cent pref., series A (quar.)
July I Holders of rec. June 150
2
Seven per cent pref., series B (quar.)- 1% July 1 Holders of rec. June I50
634% preferred, series C (guar.)
134 July 1 Holders of rec. June 150
Six per cent preferred, series D (guar.) 134 July 1 Holders of rec. June 150
Consolidated Gas. New York, corn.(au.) 81.25 June 15 Holders of rec. MaY 100
$1.25 Aug. 1 Holders of rec. June 30a
Preferred (guar.)
Consumers Power,6% pref. (guar.)._ _ _
134 July 1 Holders of rec. June 15
1.65 July 1 Holders of rec. Julie 15
6.6% preferred (guar.)
134 July 1 Holders of rec. JUDO 16
Seven per cent preferred (guar.)
Six per cent preferred (monthly)
50c. July 1 Holders of rec. June 15
6.6% preferred (monthly)
55e. July 1 Holders of rec. June 15
June 30 Holders of rec. May 310
(2) Continental Passenger Ry., PhUa__ _ $3
2
July 15 Holders of rec. June 200
Detroit Edison Co.(guar.)
Diamond State Telep., Pref. (guar.)..._
134 July 15 Holders of rec. June 20a
Duquesne Light, 1st pref., series A (au.). I% June 15 Holders of rec. May 140
134 June 15 Holders of rec. May 31
East Kootenay Power. Pref. (guar.)..._
Eastern Texas Electric Co., pref. (quar.) 134 July 1 Holders of rec. June ea
Electric Light & Pow. Co. of Abington
50c. July 1 Holders of rec. June 15a
& Rockland (guar.)
Elec. Pow.& Lt. allot. ctfs. full pd.(qu.) 134 July 1 Holders of rec. June 15
Allotment etfs. 40% paid (guar.)._ 70c. July 1 Holders of rec. June 15
$1.75 July 1 Holders of rec. June 15a
Preferred (quar.)
Empire Gas dr Fuel,8% pf.(m'thly)---* 66 2-3c July 1 'Holders of rec. June 15
•58 1-3c July 1 *Holders of rec. June 15
Seven per cent preferred (quar.)
Engineers Public Service. pref. (guar.)._ $1.75 July 1 Holders of rec. June 6a
Federal Light & Traction, com.(quar.).... 20c. July 1 Holders of rec. June 13a
Com.(in corn.stk.(1-100 of a share') f15c. July 1 Holders of rec. June 13a
FoshaY (W. B.
)Co- corn. (monthly)._ 67c. June 10 Holders of rec. May 31
Seven Per cent preferred (monthly)... 58c. June 10 Holders of rec. May 31
Eight per cent preferred (monthly).- 67c. June 10 Holders of rec. May 31
Frankford & Southwark Pass. Ity.(au).. $4.50 July 1 June 2 to June 30
General Gas & Elec. Corp.. corn. A (qu.) 3734c July 1 Holders of rec. June 110
July 1 Holders of rec. June 11 a
$2
$8 preferred class A (guar.)
$1.75 July 1 Holders of rec. June ha
$7 preferred class A (guar.)
$1.75 July 1 Holders of rec. June Ila
Preferred class B (quar.)
June 30 Holders of rec. June 29a
2
Illinois Bell Telephone (guar.)
134 July 1 Holders of rec. June 15
Illinois Power,6% preferred (quar.)
134 July 1 Holders of rec. June 15
Seven per cent preferred (guar.)
Indianapolis Power & Light, pref. (qu.). 134 July 1 Holders of rec. June ea
134 July 1 Holders of rec. June 150
Indianapolis Water Co., pref. (guar.)._
$1.75 July 1 Holders of rec. June 6
Interstate Power Co., pref. (guar.)
July 2 Holders of rec. June 15
1%
(guar.)._
Jamaica Public Service. pref.
$1.75 July 1 Holders of rec. June 14a
Kansas City Pow.& Lt. lot pf. A (guar.)
20 Holders of rec. May 3I0
June
131
pref.
(guar.)
Co.,
Kentucky Hydro-Elm




Name of Company.

[Vol- 124.
Per
When
Cent. Payable,

Books Closed.
Days Inclusive

Public Utilities (Concluded).
Laclede Gas Light, corn, (guar.)
3
June 15 Holders of rec. June la
Preferred
24 June 15 Holders of rec. June la
Louisville Gas & Elec., class A (guar.).-4351c June 25 Holders of rec. May 31a
Mackay Companies, common (guar.).
1% July 1 Holders of rec. June 4a
Preferred (quar.)_
July 1 Holders of rec. June 40
1
Manhattan Ry., mod. guar. (quar.)
134 July I Holders of rec. June 10a
Memphis Power dr Light, pref. (quar,)
51.75 July 1 Holders of rec. June 18
Middle West Utilitiei, prior lien (qu.)_ _
2
June 15 Holders of rec. May 31
Milwaukee El. Ry.& Lt..6% Pref.(qui
134 Aug. 1 Holders of rec. July 200
Montana Power Co., com. (guar.)
1% July 1 Holders of rec. June 10a
',Preferred (guar.)
134 July 1 Holders of rec. June 30a
Mountain States Power, pref. (quar.)_
'134 July 20 Holders of rec. June 30
National Electric Power. pref. (quar.)_ •131 July 1 'Holders of rec. June 20
National Power & Light, pref. (quar.)- $1.75 July 1 Holders of rec. June 15
National Public Service Corp.. cl. A(qu.) 40c. June 15 Holders of rec. May 27a
New England Pub. Serv., corn.(quar,).. 45c. June 30 Holders of rec. May 31a
Prior lien preferred (guar.)
51.75 June 15 Holders of rec. May 31a
New England Telep. & Teleg. (guar.)._ 2
June 30 Holders of rec. June 10
New York Telephone. pref. (guar.)
1% July 15 Holders of rec. June 20a
New York Water Service Corp., pf. (flu.) $1.50 June 15 Holders of rec. June 40
Niagara Falls Power, corn. (guar.)
60c June 30 Holders of rec June 15a
Preferred (guar.)
4334c July 15 Holders of rec. June 30a
Niagara Lockp. & Out. Pow., corn. (qu.) 75c. June 30 Holders of rec. June 15
Seven per cent preferred (guar.)
131 July 1 Holders of rec. June 15,
North American Co., corn. (quar.)
1236 July 1 Holders of rec. June ea
Six per cent preferred (guar.)
780. July 1 Holders of rec. June 6a
Nor. Am, Util. Sec. Corp., 1st pf. (qu.). 51.50 June 15 Holders of rec. May 31a
Northeastern Power Corp., corn.(No. 1) 15c. July 1 Holders of rec. June 15a
Class A (quar.)
$1.50 July 1 Holders of rec. June 15a
Northern Ohio Pr.& Lt.,6% pref.(qu.). 134 July 1 Holders of rec. June 15
134 July 1 Holders of rec. June 15
Seven per cent preferred (guar.)
July 25 'Holders of rec. June 30
Northern Ontario Light & Power, pref._ "3
Northwestern Telegraph Co
$1.50 July 1 June 16 to June 30
Oklahoma Gas & Elec.. pref. (quar.)- - 131 June 15 Holders of rec. May 31
1% June 15 Holders of rec. May 3I0
Ottawa & Hull Power, pref. (quar.)...._
Ottawa Montreal Power, pref. (guar,)_. 131 July 15 Holders of rec. June 30
Penn Central Light & Pow., pref. (111.)- $1.25 July I Holders of rec. June 15a
Aug. 2 Holders of rec. July 20
Penn.-Ohio Pow. & Lt., 8% pref. (qu.)_ 2
Seven per cent preferred (guar.)
1% Aug. 1 Holders of rec. July 20
60c. July 1 Holders of rec. June 20
7.2% Preferred (monthly)
7.2% preferred (monthly)
60e. Aug. 1 Holders of rec. July 20
55e. July 1 Holders of rec. June 20
6.6% Preferred (monthly)
6.6% preferred (monthly)
55e. Aug. I Holders of rec. July 20
Penna. Water & Pow., new stock (guar.) 50e. July 1 Holders of rec. June 176
Peoples Gas Co.,(N. J.) preferred
July 1 Holders of rec. June 15
3
Philadelphia Electric (guar.)
500. June 15 Holders of rec. May 170
Power Corporation of Canada. pref.(cm.) 134 July 15 Holders of rec. June 30
Public Serv. Corp. of N. J.. corn. (guar.) 50c. June 30 Holders of rec. June 3a
Six per cent preferred (monthly)
50e. June 30 Holders of rec. June 30
Seven per cent preferred (guar.)
1% June 30 Holders of rec. June 3a
Eight per cent preferred (guar.)
2
June 30 Holders of rec. June 3a
Pub. Serv. Elec. & Gas,7% pref. (guar.) I% June 30 Holders of rec. June 30
Six per cent preferred (guar.)
136 June 30 Holders of rec. June 3a
Radio Corp. of America, pref. A (quar.). 8734c July 1 Holders of rec. June la
8734c Oct. 1 Holders of rec. Sept. 1
Preferred A (guar.)
Roanoke Gas Light, preferred
334 July 1 Holders of rec. June 15a
San Joaquin Light & Power, pref. A(gu.) 1% June 15 Holders of rec. May 310
Preferred series B (guar.)
134 June 15 Holders of rec. May 310
Prior preferred (guar.)
1% June 15 Holders of rec. May 310
Prior preferred series A (guar.)
134 June 15 Holders of rec. May 31a
Second & 3d Sts. Pass, Ry.. Phila.(qu.). $3
July 1 June 2 to June 30
Shawinigan Water & Power (quar.)50c. July 11 Holders of rec. June 24
Southern Calif. Edison, tier A pref.(qu.)- 4334c. June 15 Holders of rec. May 20
Series B preferred (guar.)
3734c. June 15 Holders of rec. May 20
134 July 15 Holders of rec. June 250
Southern Canada Power, pref. (quar,)
Southern Colorado Power, pref. (guar.). 14 June 15 Holders of rec. May 31
Southern Gas & Power. class A (quar.)_ _ k4344c June 15 'Holders of rec. May 25
Southern N.E.Telep.. corn.(quar.)July 15 Holders of rec. June 30a
2
Southwestern Gas & Elec., pref (guar.). *1% July 1 *Holders of rec. June 15
Eight per cent preferred (guar.)
July 1 *Holders of rec. June 15
*2
Standard Gas& Electric,8% pref.(au.). $1
June 15 Holders of rec. May 31s
2
Standard Gas Light. New York. tom..._
June 30 Holders of rec. June 18
June 30 Holders of rec. June 18
3
Preferred
Tennessee Elec. Power 6% 1st pf.(qu.). 134 July 1 Holders of rec. June 15
1% July 1 Holders of rec. June 15
Seven per cent first pref. guar.)
7.2 per cent first pref. (guar.)
1.80 July 1 Holders of rm. June 16
Six per cent lira pref.(monthly)
50c. July 1 Holders of rec. June 15
7.2 per cent first pref. (monthly)
60e. July 1 Holders of rec. June 15
Twin City Rap. Tran., Minneap.
July 1 Holders of rec. June 150
1
134 July 1 Holders of rec. June 150
Preferred (guar.)
(2) Union Passenger Railway.
_ _ $4.75 July 1 Holders of rec. June 15a
Union Traction, Philadelphia
$1.50 July 1 Holders of rec. June 9a
United Light & Power, corn. A & B (an.) 12c. Aug. 1 Holders of rec. July 15
Preferred A (guar.)
$1.62 July 1 Holders of rec. June 15
Preferred B (quar.)
81
July 1 Holders of rec. June 15
Utah Power & Light, $7 pref. (guar.)... $1.75 July 1 Holders of rec. June 10
$6 preferred (guar.)
51.50 July 1 Holders of rec. June 10
Utilities Power & Light, class A (guar.). 2500. July 1 Holders of rec. June 113a
Class B (guar.)
225c, July 1 Holders of rec. June t 6a
Preferred (guar.)
I% July 1 Holders of rec. June 6
Virginia Electric & Power,6% pref.(qu.) 134 June 20 Holders of rec. May 31a
Seven per cent preferred (guar.)
1% June 20 Holders of rec. May 310
Washington Water Pr., Spokane (an.).. 134 June 15 Holders of rec. May.25r
West Penn Electric Co., class A (guar.)131 June 30 Holders of rec. June,180
West Penn Power Co., 7% pref. (quar.)
1% Aug. 1 Holders of rec. July , 50
Six per cent preferred (quar.)
134 Aug. 1 Holders of rec. Julyj 50
West Penn Rye., pref. (guar.)
134 June 15 Holders of rec. May 25
(2) West Philadelphia Passenger Ry___. $5
July 1 Holders of rec. June 15a
Winnipeg Electric Co.. pref. (quar.)_._. 1% July 1 Holders of rec. June 6
Wisconsin Power & Light, pref.(quar.)
$1.75 June 15 Holders of rec. May 31a
Wisconsin Public Serv.634% pref.(qu.)
1% June 20 Holders of rec. May 31
Seven per cent pref. (guar.)
131 June 20 Holders of rec. May 31
Banks.
Chase National (guar.)
334
Chase Securities Corp. (guar.)
$1
Chatham & Phenix Bank & Trust (guar.) 4
Chelsea Exchange (guar.)
2
Commerce (National Bank of) (quar.)
4
Public Nat. Bank & Trust Co.(Cluar.)
4
Seaboard National (guar.)
4
Standard Bank (guar.)
3
Standard National Corp., corn.(qual.)... 3
Preferred (guar.)
131,
Joint Stock Land Bank.
Denver
Trust Companies.
Equitable (guar.)
Guaranty (guar.)
United States (guar.)
Extra
Fire Insurance.
North River

4
3
4
124
$10
$1.25

uly
uly
uly
uly
uly
uly
uly
uly
uly
uly
July
une
une
uly
uly

1
1
1
I
1
1
1
1
1
1

Holders of rec. June-1130
Holders of rec. June.130
June 16 to June 30
Holders of rec. June 170
Holders of rm. June 170
Holders of rec. June 20
Holders of rec. June,24
Holders of rec. June 250
Holders of rec. June 250
Holders of rec. Junea5a

1 Holders of roe. June 254
30
30
1
1

Holderiforrec.'Jtme-20
Holders of rec. June 17
Holders of rec. June,200
Holders_of_rec._June_20a

une 15 June 11

to

June 14

Miscellaneous.
Adams Express (guar.)
$1.50 June 30 Holders of rec. June 150
Adams Royalty (guar.)
50c. July 1 Holders of rec. June 150
Allied Chemical &Dye Corp., pref.(qu.) 131 July 1 Holders of rec. June 100
Aluminum Manufactures. corn. (guar.). •50c. June 30 *Holders of rec. June 15
*50c. Sept.30 *Holders of rec. Sept.15
Common (guar.)
•50c. Dec. 31 "Holders of rec. Dee. 15
Common (guar.)
Amalgamated Laundries, pref.(mthly.)- 58c. July 1 Holders of rec. June 15
•58e. Aug. 1 *Holders of rec. July 15
Preferred (monthly)
Preferred (monthly)
"58c. Sept. 1 "Holders of rec. Aug. I
Preferred (monthly)
•58c. Oct. 1 *Holders of rec. Sept, 15
.58c. Nov. 1 *Holders of rec. Oct. 15
Preferred (monthly)
•58e. Dec. 1 'Holders of rec. Nov. 15
Preferred (monthly)

JUNE 11 1927.]
Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
Amalgamated Laundries(Concluded)"58c. Jan 2'28 *Holders of rec. Dec. 15
Preferred (monthly)
Preferred (monthly)
.580. Febl'28 *Holders of rec.Jan.15'28
*580. M'rl'28 *Hold,of rec. Feb. 15'28
Preferred (monthly)
*58c. Aprl'28 *Hold, of rec. Mar.15'28
Preferred (monthly)
Preferred (monthly)
.58c. M'yl'28 *Hold, of rec. Apr.15 28
*58c. Jun 1'28 *Hold. of rec. May 15'28
Preferred (monthly)
American Art Works.com.& pref.(qu.). 114 July 15 Holders of rec. June 30
American Bank Note, corn.(guar.)
500. July 1 Holders of rec. June 13a
Preferred (guar.)
75c. July I Holders of rec. June I30
American Can. pref. (guar.)
131 July 1 Holders of rec. June 160
American Chain, preferred (guar.)
131 dJul:1 June 21 to June 30
American Chicle, common (guar.)
76c. July 1 Holders of rec. June 154
Prior preferred (guar.)
131 July 1 Holders of rec. June 15a
Six per cent preferred (quar.)
'134 July 1 *Holders of rec. June 15
American Cigar, preferred (guar.)
114 July 1 Holders of rec. June 15
oAmericas Druggists Syndicate
d40c. June 30 Holders of rec. June 150
American Home Products (monthly)... 20c, July 1 Holders of roe. June 140
American Locomotive, common (guar.) $2
June 30 Holders of rec. June 13a
Preferred (guar.)
1 51 June 30 Holders of rec. June 13a
American Mfg. Co.. corn. (guar.)
Holders of rec. June 16a
1% July
Common (guar.)
Holders of rec. Sept. 160
1 M Oct.
Common (guar.)
1 5, Dec. 3 Holders of roe. Dec. 160
Preferred (guar.)
Holders of rem June 160
111 July
Holders of rec. Sept. Ina
111 Oct.
Preferred (guar-)
Preferred (guar.)
134 Dec. 3 Holders of rec. Dec. 1110
American Piano, new corn. (guar.)
Holders of rec. June 15
75c. July
Preferred (guar.)
Holders of rec. June 15a
151 July
American Radiator, com. (guar.)
$1.25 June 30 Holders of rec. June 15a
Amer. Hallway Express (guar.)
$1.50 June 30 Holders of rec. June 154
Amer. Rolling Mill, corn. (guar.)
50c. July 15 Holders of rec. June 300
Common (payable in common stock). fb
July 30 Holders of rem July la
Preferred (quar.)
1 51 July 1 Holders of rec. June 15a
American Safety Razor. coin.(guar.)... 75c. July 1 Holders of rec. June 100
July 1 Holders of rec. June 100
Common (payable in common stock)
/l
American Seating, corn.(guar.)
750. July 1 Holders of rec. June 20a
Common (extra)
250 July 1 Holders of rec. June 204
Common (extrai.
--250 Oct. 1 Holders of rec. Sept 20a
American Snuff, corn.(guar.)
July 1 Holders of rec. June 100
3
Preferred (guar.)
114 July 1 Holders of rec. June 10a
75c. July 15 Holders of rec. July la
Amer. Steel Foundries, corn.(quar.)
Preferred (guar.)
194 June 30 Holders of rec. June 15a
American Stores (quar.)
500. July 1 June 16 to July 1
American Sugar Refining,corn.(quar.)__
lyi July 2 Holders of rec. June la
Preferred (guar.)
1,1 July 2 Holders of rec. June la
American Thread. preferred
12%ii. July 1 Holders of rec. May 316
American Tobacco, pref. (guar.)
134 July 1 Holders of rec. June 100
Armour & Co. (III.), pref. (guar.)
1% July 1 Holders of rec. June 104
Armour & Co. of Delaware, pref.(guar) 1% July 1 Holders of rec. June 10a
Armstrong Cork, corn.(guar.)
154 July 1 June 19 to July 1
Preferred (guar.)
1% July 1 June 19 to July 1
Artloom Corporation, con.(guar.)
750. July 1 Holders of rec. June 17a
Associated Dry Goods, corn.(guar.)._
63c. Aug. 1 Holders of rec. July 9a
First pref.(guar.)
114 Sept. 1 Holders of rec. Aug. 13
Second preferred (guar.)
131 Sept. 1 Holders of rec. Aug. 13
Associated 011 (guar.)
50c. June 25 Holders of rec. June 4a
Extra
40c. June 25 Holders of rec. June 40
Atlantic Refining, common
June 15 Hol era of rec. May 21a
1
Atlantic Terra Cotta. pref. (guar.)
131 June 16 Holders of rec. June 6
Autocar Co., preferred (quar.)
June 15 Holders of rec. June 4a
2
Autosales Corp., pref.(guar.)
$1.50 June 30 Holders of rec. June 15a
Babcock & Wilcox Co.(guar.)
1)g July
Holders of rec. June 200
Quarterly
1% Oct.
Holders of rec. Sept.100
Quarterly
1% Janl'2 Holders of rec. Dec. 200
1% Apr 1'2 Hold. rec Mar. 20 '28a
Quarterly
Balaban & Katz,corn.(monthly)
25e. July
Holders of rec. June 20
1% July
Preferred (guar.)
Holders of rec. June 20a
Baldwin Locomotive, corn, and pref.... 334 July
Holders of rec. June 4a
Bomberger (L.) & Co.. pref.(quar.)
Holders of rec. Aug. 13a
1% Sept.
Preferred (guar.)
Holders of rec. Nov. 12a
1% Dec.
Bancroft (Joseph) di Sons (guar.)
62.14c June 3 Holders of rec. June 15a
Bankers Capital Corp.. peel.(quar.)
July 15 Holders of rec. June 30
$2
Preferred (guar.)
$2, Oct. 15 Holders of rec. Sept.30
Preferred (guar.)
$2 • Jan16•28 Holders of rec. Dee. 31
Barnsdall Corp.. class A and B (quar.)..- 6214c July 15 Holders of rec. June 240
Beech-Nut Packing. corn. (guar.)
60c. July 9 Holders of rec. June 25a
Preferred (guar.)
151 July 15 Holders of rec. July la
Belding Cortice111. preferred (guar.).- 1% June 15 Holders of rec. May 31a
Belding Heminway Co., common (guar.) 50c. July 1 Holders of rec. June 20s
Beige Canadian Paper,common (guar.)_
151 July 12 Holders of rec. June 30
Preferred (guar.)
1% July 2 Holders of rec. June 3
Bendlx Corporation. class A (quar.)
50c. July 1 Holders of rec. June 15a
Bethlehem Steel. preferred (guar.)
154 July 1 Holders of rec. June 3a
Block Bros. Tobacco, common (guar.)
37340 Aug. 15 Holders of rec. Aug. 10
Common (guar.)
3734e.Nov. 15 Holders of rec. Nov. 10
Preferred (guar.)
154 June 30 Holders of rec. June 25
Preferred (guar.)
134 Sept.30 Holders of rem Sept.25
Preferred (guar.)
114 Dec. 31 Holders of rec. Dec. 26
Bon Aml Co., corn."A"(guar.)
El July 30 Holders of rec. July 15
Common "B"
50c. July 1 Holders of rec. June 15
Borg dr Beck (guar.)
July 1 Holders of rec. June 200
$1
Boston Wharf
3
June 30 Holders of rec. June
Boston Woven Hose & Rubber.com.(qu) $1.50 June 15 Holders of rec. June la
1
Preferred
3
June 15 Holders of rec. June 1
Brandram-Henderson Ltd. pref.(guar.) 1% July 2 Holders of rec. June I
'
Brill Mfg.,class"A"(guar.)
500, July 1 Holders of rec. June 15a
British American Oil (guar.)
200. July 4 June 12 to July 3
BrItIsh-Amer. Tob.. ordinary (Interim).- (I) June 30 Holders of coup.No. 118
British Columbia Fishing, corn. (guar.). $1.25 Sept. 10 Holders of rec. Aug. 31
Common (quar.)
$1.25 Dec. 10 Holders of rec. Nov.30
Common (guar.)
$1.25 3-10-'28 Holders of rec. Feb.2828
Preferred bluer,)
131 Sept. 10 Holders of rec. Aug. 31
Preferred (guar.)
151 Dec. 10 Holders of rec. Nov.30
Preferred (guar.)
151 3-10-'28 Holders of rec. Feb.28'2
Buckeye Pine Line (guar.)
$1
June 15 Holders of rec. Apr. 23
Bucyrus Company, corn.(guar.)
750. July 1 Holders of rec. June 20
Preferred (guar.)
194 July 1 Holders of rec. June 20
151 July 1 Holders of roe. June 13a
Burns Brothers, preferred (guar.)
Prior Preferred (guar.)
151 Aug. 1 Holders of rec. July 15a
Burroughs Adding Machine, special__ $1
June 3 Holders of rec. May 270
Borth Terminal, preferred
July 1 Holders of ree. June 30a
3
Debenture preferred (guar.)
151 July 1 Holders of rec. June 30a
Bush Terminal Building, pref. (guar.)_
131 July
Holders of rec. June 170
Byers (A. M.) Co., preferred (quar.)_
134 Aug.
Holders of rec. July
By-Products Coke Corp., corn.(guar.).- 500. June 2 Holders of rec. June 150
60
Preferred (guar.)---:.
'234 July
*Holders of rec. June 20
California Packing (guar.)
June 1 Holders of rec. May 31a
$1
Calumet & Arizona Mining (guar.)
81.60 June 2 Holders of rec. June 3a
Calumet dr Hecla Coasol. Copper (guar.) 50c. June 1
Holders of rec. May 31a
Canadian Westinghouse
e30e. June 3 Holders of rec. May 20
Canfield Oil, common (guar.)
151 June 30 June 21 to July 4
Common (guar.)
134 Sept.30 Sent.21 to Oct. 4
Common (guar.)
151 Dec. 31 Dec. 21 to Jan. 4
Preferred (guar.)
131 June 30 Jan. 21 to July 4
Preferred (guar.)
131 Sept.30 Sept. 21 to Oct. 4
Preferred (guar.)
134 Dec. 31 Doe. 21 to Jan. 4
Carter (William) Co., preferred (guar.).- 151 June 15 June 11 to June 14
Case (J. 1.) Thresh. Mach.,coin,(qu.)_
134 July 1 Holders of rec. June 13a
Preferred (guar.)
131 July 1 Holders of rec. June
Celanese Corp. of Amer.. 1st panic. pref. 351 June 30 Holders of rec. June 13a
15
First panic. pf. (acct. accum. dly.).... 5351 June 30 Holders of rec. June 15
Celotex Co.,com. (guar.)
•750. July 1 *Holders of rec. June 15
1
Preferred (guar.)
'154 July
*Holders of rec. June 15
500. July 10 Holders of rec. June 250
Central Alloy Steel, corn. (guar.)
Preferred (guar.)
134 July 1 Holders of rec. June 13a
corn.
(guar.)
Century Electric Co.,
151 June 22 Holders of rec. June 15a
Preferred (quar.)
151 July 1 Holders of rec. June 15a
July 1 Holders of rec. June 15a
Certain-teed Products Corp., corn. (Ou.) $1
First and second preferred (guar.)- 131 July 1 Holders of rec. June 15a
chesehrough Mfg. Cons.(guar.)
$I June 30 Holders of rec. June 10a
Chicago Fuse Manufacturing (guar.)._ 62140 July 1 Holders of rec. June 16a




3463

THE CHRONICLE
Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
Chicago Mill & Lumber, pref.(guar.)._
154 July 1 Holders of rec. June 22o
Chicago Yellow Cab Co.(monthly)._ 331-30 July 1 Holders of rec. June 30a
Monthly
33 1-3c Aug. 1 Holders of rec. July Ms
Monthly
33l-3c Sept. 1 Holders of rec. Aug. 19a
CM& Co..com.(pay.in no par com.stk.) /1
July 1 Holders of rec. May 27a
Common (payable In no par corn. atk.) fl
Oct. 1 Holders of rec. Aug. 26.
Common (payable in no par corn. stk.) /1
Dec. 30 Holders of rec. Nov 25o
Chile Copper Co.(guar.)
6234c June 30 Holders of rec. June 30
Chrysler Corporation, corn.(quar.)
75c. June 30 Holders of rec. June 15a
Preferred A (guar.)
$2
June 30 Holders of rec. June 160.
Preferred A (quar.)
$2
Sept. 30 Holders of rec. Sept. 15o
Preferred A(ivar.)
Jan 3'28 Holders of rec. Dec. 15a
$2
Cities Service, common (monthly).
- "14 July 1 *Holders of rec. June 15
Common (payable In common stock)_ of54 July 1 *Holders of rec. June 15
Preferred and preferred BB (monthly) "14 July 1 *Holders of rec. June 15
Preferred B (monthly)
*50. July 1 *Holders of rec. June 15
50c. Sept. 1 Holders of rec. Aug 106
City Ice n Fuel (puar
234 July 1 Holders of rec. June 27a
City Investing, common
151 July 1 Holders of rec. June 27
Preferred (guar-)
Cleveland Stone (guar.)
50c. June 15 Hoidens of rec. June ba
25c. June 15 Holders of rec. June 5a
Extra
50c. Sept.15 Holders of rec. Sept. So
Quarterly
Coca-Cola Co., new no par stock (guar.) $1.25 July 1 Holders of rec. June lb
82.50 July 1 Holders of rec. June 1 la
Coca-Cola International (guar.)
Colt's Patent Fire Arms Mfg.(guar.)._ 50c. June 30 Holders of rec. June 110
Commercial Solvents class B (guar.)- - $2 July 1 Holders of rec. June 206
Conde Nast Publications, Inc.(No. 1) *50c. July 1 *Holders of rec. June 17
$1
June 30 Holders of rec. June 140
Congress Cigar (guar.)
Conlon Corporation (guar.)
"134 July 30 *Holders of rec. July 20
July 1 Holders of rec. June 13.
Continental Baking, corn., class A (gu.)_ 51
2
July 1 Holders of rec. June 13a
Preferred (guar.)
Continental Can. Inc., pref. (guar.).- 134 July 1 Holders of rec. June 20.
25c. June 15 Holders of rec. May 146
Continental 011 (guar.)
1
June 15 Holders of rec. May 31.
Cooksville Shale Brick, pref. (quar.)
July 15 Holders of rec. July la
Cooper Corporation. common (guar.).- Si
$18712 June 15 June 2 to June 15
Preferred (quar.)
Cosgrove Export Brewery (guar.)
134 June 16 Holders of rec. May 31.
134 July 1 Holders of rec. June 27.
Cosgrove-Meehan Coal. Pref. (gwsr.)
1 Holders of rec. Sept. 28es
Oct.154
Preferred (quar.)
134 Dec. 21 Holders of rec. Dec. 19a
Preferred (guar.)
$1.25 June 30 Holders of rec. June 15a
Coty Inc. (quar.)
134 June 15 Holders of rec. June la
Crane Company,common (guar.)
151 June 15 Holders of rem June la
Preferred (guar.)
131 June 30 Holders of rec. June 15a
Crucible Steel. prof. (guar.)
Cuban-American Sugar, corn.(guar.)._ 25c. July 1 Holders of rec. June 44
134 July 1 Holders of rec. June 44
Preferred (guar.)
Cumberland Pipe Line (quar.)
2
June 15 Holders of rec. May 31
$1
June lb Holders of rec. June I
Cuneo Press. class A (guar.)
151 July 1 Holders of rec. June 1
Curie Clothing. pref. (guar.)
Cushman's Sons, Inc.Common (payable in $8 pref. stock).. 411.50 Sept. 1 Holders of rem Aug. 115a
1
June 25 Holders of rec. June ha
Davis Mills (guar.)
50c. June 15 Holders of rem June 46
Decker (Alfred) & Cohn.corn.
2
Manufacturing. pref. (guar.)
June 15 June 2 to June 14
(quar.)Dek
July 1 Holders of rec. June 15.
Detroit & Cleveland Navigation (guar.). 2
2
lune 15 Holders of rec. May 816
Diamond Match (guar.)- ......
Dominion Glass. corn. and pref. Mar.). 134 July 2 Holders of rec. June 15
Dominion Textile, common (guar.)._ $1.25 July 2 Holders of rec. June 15
1% July 15 Holders of rec. June 30
Preferred (guar.)
50c. June 30 Holders of rec. June la
Douglas-Pectin Corp.(guar.)
250. June 30 Holders of rec. June la
Extra
1
July 1 Holders of rec. May 28.
Draper Corporation (guar.)
ti July 1
Drayton Mills, preferred
Co.,com.
(qu)
$2
Nem.
&
de
June
15 Holders of rec. June la
I.)
(E.
Pont
Du
81.50 July 6 Holders of rec. June la
Common (extra)
134 July 2.5 Holders of rec. July 9a
Debenture stock (guar.)
40e. Sept. 1 Holders of rem Aug. 15a
Eagle-Picher Lead, corn,(quar.)
400. Dec. 1 Holders of rec. Nov. 15o
Common (guar.)
114 July 16 Holders of rec. June 300
Preferred (guar.)
114 Oct. 15 Holders of rec. Sept. 30a
Preferred (guar.)
134 Jan15'2 8 Holders of rec. Dec. 31
Preferred (guar.)
62140
July 1 Holders of rec. June 20.
Daniels,
common
(guar.)
Early &
250. July 1 Holders of rec. June 20.
Common (extra)
6234c Oct. 1 Holders of rec. Sept.20.
Common (altar.)
250. Oct. 1 Holders of ree. Sept.206
Common (extra)
6234c Jan 1'28 Holders of rec. Dec. 206
Common (guar.)
250. Jan 1'28 Holders of rec. Dec. 200
Common (extra)
$1.7 July 1 Holders of rec. June 200
Preferred (guar.)
$1.75 Oct. 1 Holders of rec. Sept.200
Preferred (guar.)
$1.76 Jan 1'28 Holders of rec. Doe. 200
Preferred (quar.)
$1.25 July 1 Holders of rec. May 31a
Eastman Kodak. cons. (guar.)
750. July
Holders of rec. May 31a
Common (extra)
Holders of rec. May 31a
134 July
Preferred (guar.)
Holders of rec. June 200
1,1 July
Elsenlohr (Otto) & Bros., Inc.. Pf.(MO
Holders of rec. June 6a
Electric Storage Batt., corn. pf.(gu.). $1.25 July
June 30 Holders of rec. June 20
Electric Vacuum Cleaner, corn. (guar.). $1
$1
Holders of rec. June 20
July
Common (extra)
131 June 30 Holders of rec. June 20
ePreferred (guar.)
351 July 15 July 4 to July 14
Ely-Walker Dry Goods, 1st preferred_
July 15 July 4 to July 14
3
Second preferred
50c. June 24 Holders of rec. June la
Emporium Corporation (guar.)
Equitable Office Bldg.,common (guar.)- $1.75 July 1 Holders of rec. June 15
15( July 1 Holders of rec. June 15
Preferred (quar.)
Eureka Vacuum CleanerAug. 1 Holders of rec. July 20a
/6
Common (payable in common Bieck)
•40c. June 30
Ewa Plantation Co.(extra)
. June 80 Holders of rec. June 160
Fairbanks, Morse .8 Co.. core.(quar.)
20c. July 1 Holders of rec. June 200
Fair (The), Common (monthly)
200. Aug. 1 Hoidens of rec. July 216
Common (monthly)
134 Aug. 1 Holders of rec. July 21.
Preferred (quar.)
Fanny Farmer Candy Shops, pf.(1111-).- 60c. July 1 Holders of rec. June 15
134 June 15 Holders of rec. May 25a
Federal Mining & Smelt., pref. (quar.)200. July 1 Holders of rec. June 18
Federal Motor Truck (guar.)
a% July 6 Holders of rec. June 18
Stock dividend
Fidelity & Financial Corp., corn.(Mar.) *10o. June 16 *Holders of rec. May 31
*50c. June 15 *Holders of rec. May 31
Preferred (quar.)
Fifth Avenue Bus Securities (guar.)- - 160. July 16 Holders of rec. July to
Financial Invest. Co. of N.Y.. com.(gu.) 30c. July 1 Holders of rec. June 4
July 1 Holders of rec. June 13a
First Nat. Pictures. 1st prof. (quar.)..... 2
3734c July 1 Holders of rec. June 110
First National Stores, corn. (guar.)
134 July 1 Holders of rec. June 11
First preferred (guar.)
Preferred (guar.)
*20c. July 1 'Holders of rec. June 11
FleLschmann Company, common (qu.)
750. July 1 Holders of rec. June 13a
Foote Bros. Gear & Mach.Jim.(gu.)
300. July 1 June 21 to June 30
Common (guar.)
30o. Oct. 1 Sept.21 to Sept.80
Common (guar.)
300. Jan1'28 Dec. 21 to Dec. 30
Preferred (guar.)
July 1 June 21 to June 30
Preferred (guar.)
134 Oct. 1 Sept.21 to Sept.30
Preferred (guar.)
134 Jan1'28 Doe- 21 to Doe. 30
Forhan Company,com.(quar,)
250. July 1 Holders of rec. June 154
Class A (guar.)
40c, July 1 Holders of rec. June 15a
F,ornalca Insulation (guar.)
25c. July 1 Holders of rem June 15
Extra
10c. July 1 Holders of rec. June 15
Quarterly
1 Holders of rec. Sept.15
ec Sept.15
Extra
10c. Oct. 1 Holders of r.
Quarterly
'28 Holders of rec. Dec. 15
Extra
Jan.1•28 Holders of rec. Dec. 16
22
10
5e5°
c; jOacnti
Foundation Co.(guar.)
$1.25 June 15 Holders of rec. June la
French (Fred F.) Cos., preferred
351 June 15 Holders of rec. May 31
French (Fred F.) Security Co.. pref
June 15 Holders of rec. May 31
3
Gabriel Snubber Mfg., corn. A & B (gu.) 8734c July 1 Holders of rec. June 130
Gamewell Company, common (quar.)._ $1.25 June 15 Holders of rec. June 4a
151 July I Holders et rec. June 240
General Cigar, debenture pref. (Oiler.)
July 29 Holders of rec. June 17.
51
General Electric (guar.)
July 29 Holders of rec. June 17a
Extra
$1
150. July 29 Holders of rec. June 17a
Special stock (guar.)
June 13 Holders of rec. May 210
General Motors Corp., common bluer.).. $2
July 5 Holders of rec. May 216
Common (extra)
$2
I% Aug. 1 Holders of rec. July 54
Six per cent preferred (guar.)
134 Aug. 1 Holders of rec. July 5a
Six per cent debenture stock (quar.)_
Seven per cent debenture stock (guar.) 194 Aug. 1 Holders of rec. July 5a

134

3464
Name of Company.

[voi.. 124.

THE CHRONICLE
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inchuise.

Miscellaneous (Continued).
Miscellaneous (Cont(nued).
General Railway Signal, corn.(quar.)___ $1.25 July 1 Holders of rec. June 10a National Sugar Refining (guar.)
131 July 1 Holders of rec. June 6
Preferred (quar.)
234 July 1 Holders of rec. June 176
134 July 1 Holders of reo. June 10a National Surety (guar.)
Giant Portland Cement .treferred
July I Holders of rem June 15
SI
334 June 15 Holders of rec. June 4a National Tea,common (guar.)
National Transit (quar.)
25e, June 15 Holders of rec. May 31a
C. G.Spring & Bumper, pref.(qu.)
2
July 1 Holders of rec. June 10
Glidden Company. pref. (quar.)
80o. July 1 Holders of reo. June 20
151 July 1 Holders of rec. June 160 Nelson (Herman) Corp. (guar.)
Globe Soap, 1st. 2nd & special pref.(qu.) 134 June 15 June 1 to June 15
Stock dividend
el
July 1 Holders of rec. June 20
Goederham & Worts (Canada) (4u)
Quarterly
25e. June 15 Holders of rec. May 31
800. Oct. 1 Holders of rec. Sept. 4
Goedrich (B. F.) Co., pref.(guar.)
Stock dividend
Oat. I Holders of rec. Sept.19
144 July 1 Holders of rec. June 150
el
Goodyear Tire & Rubber, prior pref.(qu.) 2
July 1 Holders of rec. June 130 Neptune Meter, class A common (guar.) 50e. June 15 Holders of rec. June la
Seven per cent preferred (guar.)
250. July 1 Holders of rec. June 15
131 July 1 Holders of rec. June la New England Fuel 011 (guar.)
Gossard (H. W.) Co.. corn. (mthly.)
2
July 9 Holders of rec. June 200
33 1-30 July 1 Holders of rec. June 20a New Jersey Zinc (extra)
Gotham Silk Hosiery (guar.)
373Ic June 15 Holders of rec. June I
62440 July 1 Holders of rec. June 15a New York Auction Co.(quar.)
Granby Consol. Mln.. Sm.& Pow.(qu.) $I
50c. July 15 Holders of rec. July la
July 1 Holders of rec. June 15a New York Transportation (guar.)
Great Western Sugar, com.(guar.)
131 July 1 Holders of rec. June 20
July 2 Holders of rec. June 15a Nichols Copper,7% pref.(guar.)
$2
Preferred (guar.)
131 July 2 Holders of rec. June 150 North American Provision. pref. (qu.).... *154 July I *Holders of reo. June 10
Greenfield Tap & Die Corp.,6% Df.(qu.) 1)4 July 1 Holders of rec. June 15
Northern Pipe Line
3
July I Holders of rec. June 10a
8% preferred (guar.)
0-Cedar Corp., class Acorn.(quar.)__. *45e. July 1 *Holders of rec. June 20
2
July 1 Holders of rem June 15
Greif Bros. Cooperage, class A
Ohio 011 (guar.)
50e. June 15 May 15 to June 5
*800. July 1 *Holders of rec. June 15
Guantanamo Sugar, preferred (quar.)25e. June 15 May 15 to June 5
Extra
2
July 1 Holders of rem June 150
011 Well Supply, corn. (guar.)
Guenther Publishing Co.
50e. July 1 Holders of ree. June Ils
Preferred (guar.)
151 Aug. 1 Holders of rec. July 124
Preferred (guar.)
Aug. 20 Holders of rec. Jan. 201
6
2
July 1 Holders of rec. June I7a
Preferred (guar.)
5
Nov.20 Holders of rec. Jan. 200 Omnibus Corporation, pref. (guar.)._
Gulf States Steel, corn. (guar.)
*4334c June 15 5Holders of rec. May 31
131 July 1 Holders of rec. June 150 Oneida Community, Ltd., com.& pfd
First preferred (quar.)
154 July 1 Bolden] of rec. June 15a Orpheum Circuit, Inc., com.(mthly.)_* 16 2-3 July 1 Holders of rec. June 20
First preferred (guar.)
*2
July 1 Holders of rec. June 17
Preferred (guar.)
14$ Oat. 1 Holders of rem Sept. 15a
First preferred (guar.)
134 July 15 Holders of rec. June 30a
134 Jan.3'28 Holders of rec. Dec. 150 Otte Elevator, preferred (guar)
Hamilton Bank Note
Preferred (guar.)
134 Oct. 15 Holders of rec. Sept. 3041
6o. Aug. 15 Holders of rec. Aug. 1
*154 July 1 *Holders of rec. June 20
11.4
an15'28 Holders of rem Dee. 3Ia
Hammermll I Paper, Pref.(guar.)
Preferred Omar.)
Otis Steel. °referred (guar.)
134 July I Holders of rec. June 150
Hanes(P. H.) Knitting, pref.(quar.)
134 July 1 Holders of rec. Juned20
Harbison-Walker Refrae., pre: (quar.)_
134 July 20 Holders of rec. July 9a Overman Cushion Tire, Inc., corn. (qu.) 81.75 July I
75e. July 1 Holders of rec. June 15a
Hathaway Baking, class A. pref. (guar.) $2
July 14 Holders of rec. July la Owens Bottle, common (guar.)
Preferred (guar.)
144 July 1 Holders of rec. June 15a
151 June 15 Holders of rec. June la
7% Pref. (guar.)
154 Aug. 1 Holders of rec. July 20
Package Machinery, 1st pref. (guar.)._ _
Hayes Wheel, pref.(guar.)
134 June 11 Called for paym't Junell
First preferred (guar.)
Hecla Mlning (guar.)
250. June 15 Holders of rec. May 15a
154 Nov. I Holders of rec. Oct. 20a
20e. June 30 Holders of rec. June 15a
Heime (George W.) Co.,common (guar.) $1
July 1 Holders of rec. June 110 Packard Motor Car, monthly
Monthly
20e. July 30 Holders of rec. July 15a
. 131 July 1 Holders of rec. June Ila
Preferred (guar.)
Monthly
20e. Aug. 30 Holders of rec. Aug. 15a
Hibbard,Spencer,Bartlett Co.(monthly) 30e. June 24 Holders of reo. June 17
Page-Hershey Tubes, corn. (guar.)
75e. July 1 Holders of rec. June 18
Hollinger Consol. Gold Mines
2
June 17 Holders of rec. June 1
Preferred (guar.)
141 July 1 Holders of rec. June 18
Hudson Motor Car (guar.)
8734o July 1 Holders of rec. June 116
Palge-Detrott Motor, pref. (guar.)
*134 July 1 *Holders of rec. June 15
Hydraulic Press Brick, pref. (quar.)
134 July I Holders of rec. June 23
Paraffine Cos., new stock (No. 1)
75e. June 27 Holders of rec. June 170
(w)Illinois Brick (quar.)
60e. July 15 July 3 to July 16
Paramount Famous Lasky Corp.
125 June 15 June 5 to June 15
Payable in stock
$2
July 1 Holders of rec. June 15a
(to)Quarterly
Common (guar.)
600. Oct. 15 Oct. 5 to Oct. 16
Park-Utah Consol. Mines Co. (quar.).
20c. July 1 Holders of rec. June 250
Illinois Pipe Line
6
June 15 May 17 to June 13
*25c. June 30 *Holders of rec. June 18
Illinois Wire & Cable (quar.)
50c. July 1 Holders of rec. June 15a Parke, Davis & Co.(guar.)
Extra
.10e. June 30 *Holders of rec. June 18
Imperial Tobacco of Can.. ord.(Interim) 134 June 29
Pennok 011, common (guar.)
25e, June 25 Holders of rec. June 150
Industrial Acceptance Corp., common__ 500. July 1 Holders of rec. June 17
Pennsylvania-Dixie Cement corn. (gm). 80c. July 1 Holders of rec. June 150
First preferred (guar.)
134 July 1 Holders of rec. June 17
Preferred "A" (guar.)
144 June 15 Holders of rec. May 316
Second preferred (guar.)
2
July 1 Holders of rec. June 17
Peoples Drug Stores, Inc., corn. (guar.).
25e. July 1 Holders of rec. June 8
50e. July 1 Holders of reo. June 17
Second preferred (extra)
July 1 Holders of rec. June 10a Pettibone Mulliken Co. let & 2d pt.(au.) 131 July 1 Holders of rec. June 206
Ingersoll-Rand Co., common (extra)..... SI
Preferred
75c. July 1 Holders of rec. June 140
July 1 Holders of rem June 100 Phillips Petroleum (guar.)
$3
Pick
(Albert) & Co., preferred (quar.).- *144 July 1 *Holders of rec. June 20
Inland Steel, pref. (quar.)
154 July 1 Holders of rec. June 15a
2
July 1 Holders of rec. June 130
Internat. Business Machines (quar.)
July 1 Holders of rec. June 230 Pierce-Arrow Motor Car, pref. (quar.)
El
Pittsburgh Steel Foundry, pref. (guar.)_ '134 July 1 *Holders of rec. June 15
Internat. Buttonhole Sew. Mach.(qu.). 150. July 1 Holders of rec. June 15
June 30 Holders of rec. June Ila Plymouth Plan Finance Corp.(annual)
6
July 1 Holders of rec. May 31
International Cement, common (quar.)_ $1
Preferred (guar.)
114 June 30 Holders of rec. June 116 PortAlfred Pulp & Paper. pref. (guar.). 131 June 15 Holders of rec. June 1
134 July 15 Holders of rec. June 253 Porto Rican Am.Tob., el. A (qu.)(No.1) $1.75 luly 11 Holders of rec. June 200
International Harvester, common (qu.)Common (payable in common stock)_ 12
July 25 Holders of rec. June 250 Pratt & Lambert.Inc.. common (guar.). •75e. July 1 *Holden of rec. June 15
Internat. Paper, 7% pref. (guar.)
144 July 15 Holders of rec. July la Pressed Steel Car, preferred (quar.). 144 June 30 Holders of rec. June la
Six per cent preferred (quar.)
134 July 15 Holders of rec. July la Procter & Gamble.6% pref. (quar.)
134 June 15 Holders of rec. May 25a
Pro-phy-lac-tio Brush. pref. (quar.).
International Petroleum (guar.)
25e. June 15 pJune 8 to June 15
$1.50 June 15 Holders of rec. May 31a
International Salt (guar.)
2
July 1 Holders of rec. June 103
134 July 1 Holders of rec. June 15a Pure 011,8% preferred (guar.)
Six per cent preferred (guar.)
134 July 1 Holders of rec. June 10
International Silver, pref. (guar.)
154 July 1 Holders of rec. June 130
134 July 1 Holders of rec. June 10
Interstate Iron & Steel, common (guar.) 81
531% preferred (quar.)
July 15 Holders of rec. July 8
Quaker
8
Oats, common (quar.)
Common (guar.)
July 15 Holders of rec. July la
$1
Oct. 15 Holders of rec. Oct.
$1
Preferred (guar.)
144 Aug. 31 Holders of rec. Aug. la
Common (guar.)
$1
Jan.11128 Holders of rec. Jan. 9'28
150 June 15 Holders of rec. June la
Jewel Tea. pref. (guar.)
151 July 1 Holders of rec. June 17a Q. R. S. Music (monthly)
Monthly
*15e July 15 *Holders of rec. July 1
Preferred (acct. accum. dividends)._ h7
July 1 Holders of rec. June 17a
July 1 Holders of rec. June 150
Jones di Laughlin Steel. pref.(quar.)
151 July 1 Holden of rec. June 150 Real Silk Hosiery Mills, com.(quar.)_... $1
Preferred (guar.)
144 July 1 Holders of rec. June 15a
Kelsey Wheel, Inc.. corn.(guar.)
$140 July 1 Holders of rec. June 60
3
July 15 Holders of rec. July 5
Kennecott Copper Coro. (guar.)
51.25 July 1 Holders of ree. June 3a Realty Associates, 1st preferred_ __-,
35e. July 1 Holders of rec. June 15
Keystone Watch Case (guar.)
1
July 1 Holders of rec. June 4a Reece Button Hole Machine (quar.)-5c. July 1 Holders of rec. June 15
Kilburn Mill (guar.)
134 June 15 Holders of rec. May 310 Reece Folding Machine (quar.)
Reid Ice Cream Co., corn.(guar.)
750. July 1 Holders of rec. June 200
Kirby Lumber, common (guar.)
134 Sept. 10 Holders of rec. Aug. 31
Reis (Robert) Co., first pref. (quar.)
154 July 1 Holders of rec. June 15a
Common (guar.)
134 Dec. 10 Holders of rec. Nov.30
Reliance Manufacturing, pref. (quar.)-154 July 1 Holders of rec. June 20a
Knox Hat, inc., prior pref. (guar.)
61-75 July 1 Holders of rec. June 15
Remington Noiseless Typewr., pf.(gm). 154 July 15 Holders of rec. July la
$1.75 Oat. 1 Holders of rec. Sept. 15
Prior preferred (lean)
Remington-Rand Co., corn. (quar.)
40c. July 1 Holders of rec. June 10a
$3.50 Aug. 1 Holders of rem July 15
Second preferred
1
Common (payable in common stock)._
July 1 Holders of rec. June 100
Kraft Cheese, com.(guar.)
3734c July 1 Holders of rec. June 100
15.4 July 1 Holders of rec. June 10a
First preferred (guar.)
1114 July 1 Holders of rec. June 100
Common (in common stock)
Second preferred (guar.)
2
July 1 Holders of rec. June 10a
Kresge (S. S.) Co., corn. (quar.)
300. June 30 Holders of rec. June ha
$1.25 July 1 Holders of rec. June 15
Preferred (guar.)
146 June 30 Holders of rec. J11110 Ila Remington Typewriter, com. (quar.)
First preferred (guar.)
144 July 1 Holders of rec. June 15
$1
Kuppenheimer (B.) & Co., Inc., com
July 1 Holders of roc. June 240
Second preferred (guar.)
2
July 1 Holders of rec. June 15
100. June 15 Holders of rec. June 1
Lake Shore Mines. Ltd.(guar.)
Republic Iron dr Steel, pref. (quar.)__
144 July 1 Holders of rec. June 14a
10c. June 15 Holders of rec. June 1
Bonus
Reynolds(R. J.) TobaccoLehigh Valley Coal Sales (guar.)
$2 July 1 Holders of rec. Juned16
Common and Common B (guar.)
$1.25 July I Holders of rec. June 180
Libby, McNeil& Libby. preferred
334 July 1 Holders of rec. June 17a
50c. June 20 June 10 to June 20
Life Savers, Inc. (guar.)
40c. July 1 Holders of rec. June 140 Bt. Joseph Lead (quar.)
Extra
250. June 20 June 10 to June 20
Liggett & Myers Tobacco, pref. (guar.). 134 July 1 Holders of rec. June 100
Quarterly
50c. Sept.20 Sept. 10 to Sept.20
July 1 *Holders of rem JIM 18
Loew's Boston Theatres, pref. (quar.)
*2
Extra
25e. Sept.20 Sept. 10 to Sept.20
Loewe, Incorporated (guar.)
50e. June 30 Holders of rec. June 170
Quarterly
50e. Dee. 20 Dec. 10 to Dec. 20
Long Bell Lumber, com. cl. A
June 30 Holders of rec. June 100
$1
Extra
25o. Dec. 20 Dee. 10 to flea. 20
Loose-Wiles BiscuitJuly 1 *Holders of rec. June 20
Old corn.(one share of new no par corn) 25 July 1 Holders of rec. June zlo St. Louis National Stock Yards(guar.)._ *2
New no par common (quar)(No. 1)- - 400. Aug. 1 Holders of rec. J1119 110 St. Maurice Valley Corp.. pref. ((mar.). 134 July 2 Holders of rem June 15
.144 July 1 *Holders of rec. J_ne 15
Lord & Taylor, common (guar.)
234 July 1 Holders of rec. June 17a Savage Arms, 1st preferred (guar.)
150
(guar.)
Second preferred
Lorillard (P.) Co.. pref. (quar.)
'134 Aug. 15 *Holders of rec. Aug. 1
131 July 1 Holders of rec. June
Schulte Retail Stores, common (quar.)
87)4c Sept. 1 Holders of reo Aug. 15a
Madison Square Garden Co. (quar.)
25e. July 15 Holders uf rec. Jul/ 6
Common (guar.)
87)4c Dee. 1 Holders of reo. Nov I5a
Quarterly
25e. Oct. 15 Holders of reo. Oct. 5
2
Preferred (guar.)
July 1 Holders of rec. Junedlla
Matson Blanche (New Orleans), pref.__ 354 July 1 Holders of rec. June 29
50e, July 10 Holders of rec. June 20
Mallinson (H. R.)& Co.. Inc., pref.(qu.) 144 July 1 Holders of rec. June 200 Shattuck (Frank G.) Co.(guar.)
50e. July 1 Holders of rec. June 20
Mandel Brothers, Inc.(No.1)(quar.)
62340 July 1 Holders of rem June la Sheffield Steel (guar.)
Shell Union Oil, com.(guar.)
35e. June 30 Holders of rec. June 2a
Marvel Carburetor Co
80o. July I Holders of ree .June 20
Mathieson Alkali Works, corn.(quar.)-- 81
134 June SO Holders of rec. June 15a
July 1 Holders of rec. June 170 Sherwin-Williams of Canada, com.(qu.)_
Preferred (quar.)
154 June 30 Holders of rec. June I5a
Preferred (qtlar.)
131 July 1 Holders of rec. June 17a
50e. July 1 Holders of rec. June 150
May Department Stores, corn.(quar.)
$1
Sept. I Holders of rec. Aug. 150 Shreveport Eldorado Pipe Line (quar.)
Shubert Theatre Corp., common (guar.) $1.25 June 15 Holders of rec. June la
May Drug (guar.)
537340 July 1 *Holders of rec. June 10
McCrory Stores Corp., pref. (guar.)._ _ _
50e. July 1 Holders of rec. June 150
154 Aug. 1 Holders of rec. July 203 Simmons Company,common (quar.)
50c. June 15 Holders of rec. May 16a
Preferred (guar.)
154 Nov. 1 Holders of rec. Oat. 200 Skelly 011 Co. (quar.)
McLellan Stores, com. A and B (quar.)_ 250. July 1 Holders of rec. June 20
Sloes-Sheffield Steel & Iron,com.(qu.)-. 134 June 20 Holders of rec. Juno 10a
Common A and B (guar.)
Preferred (quar.)
250. Oct. 1 Holders of rec. Sept.20
154 July 1 Holders of rec. June 200
Common A and B (guar.)
62 Me June 15 Holders of rec. June 5
Smallwood Stone (guar.)
250. Jan 2'28 Holders of rec. Dee. 20
Mergenthaler Linotype (guar.)
July 11 Holders of rec. June 30
$1.25 June 30 Holders of rec. June 4a Smith (Howard) Paper Mills. pref.(au.) 2
5
June 20 June 1 to June 10
1, Extra
250. June 30 Holders of rec. June 40 Solar Refining
South Penn Oil (guar.)
Metro-Goldwyn Pictures. pref. (guar.)._
144 June 15 Holders of rec. May 28
50e. June 30 June 16 to June 30
Metropolitan Paving Brick, pref.(guar.) 144 July 1 June 16 to June 30
South Porto Rico Sugar CO., corn.(gm) 134 July 1 Holders of rec. June 15a
Midvale Company
250. July 1 Holders of rec. June 180
Preferred (guar.)
2
July 1 Holders of rec. June 15a
50c. July 25 Holders of rec. July 50 South West Penna. Pipe Line (quar.).._ 1
Miller Rubber, common (quar.)
July 1 Holders of rec. June 15
Standard Milling, com. (guar-)
Montgomery Ward & Co.. com.(guar.). $1
Aug. 15 Holders of rec. Aug.
134 June 30 Holders of rec. June 170
$1.75 July 1 Holders of rec. June 20a
Preferred (guar.)
Class A (guar.)
134 June 30 Holders of rec. June 17
$1.75 Oct. 1 Holders of rec. Sept. 20a Standard Oil (California)(guar.)
Class A (guar.)
6234c June 15 Holders of rec. May 16a
Montreal Cottons. Ltd.. corn. (quar.).... 134 June 15 Holders of rec. May 310 Standard 011 (Indiana) (guar.)
6234c Juno 15 Holders of rec. May 160
134 June 15 Holders of rec. May 3Ia
Extra
Preferred (guar.)
250, June 15 Holders of rec. May I60
250. June 30 Holders of rec. June 10a Standard Oil (Kentucky)(guar.)
Mother Lode Coalition Mines
+.$1
June 30 *Holders of rec. June 15
250. June 15 Holders of rec. June 100 Standard 011 (Neb.) (quar.)
Motion Picture Capital Corp., corn
62e. June 20 May 29 to June 30
2
July 15 Holders of rec. July la Standard 011(N.J.). com., par sioo(qu.) 1
Preferred (quar.)
June 15 Holders of reo. May 26
90e. July 1 Holders of rec. June 140
Common (par $100) (extra)
Moto Meter Co., Inc., class A (quar.)
50e. June 15 Holders of rec. May 26
50c. June 20 Holders of rec. June 10a
Common ($25 par) (quar.)
Motor Wheel Corp., corn. (guar.)
25c. June 15 Holders of rec. May 26
650. July 1 Holders of rec. June 156
Mountain Producers Corp. (guar.)
Common (825 par) (guar.)
12340 June 15 Holders of rec. May 26
150. June 15 Holders of rec. June la Standard Oil of N. Y.(guar.)
Munyon Remedy (guar.)
40c. June 15 Holders of rem May 27a
$1.25 July 15 Holders of rec. June 30a Standard Oil (Ohio), common (quar.).. 6234r July 1 Holders of rec. May 270
National Biscuit, corn. (guar.)
$1
July 1 Holders of rec. June 15
Stanley Co. of America (guar.
National Breweries, corn. (guar.)
$1
July 1 Holders of rec. June 18a
134 July 1 Holders of rec. June 15
Stern Brothers, class A (quar.)
Preferred (guar.)
July 3 Holders of rec. June 150
$1
National Cash Register, class A (guar.). 750. July 15 Holders of rec. June 300 Stromberg carburetor (Muir.)
500. July 1 Holders of rec. June 130
(33 1-3 June 17 Holders of rec. June tie Son 011 (guar.)
National Dairy Products, corn
250. June 15 Holders of rec. Mali 260
156
144
June
June 30 Holders of rec.
Swift & Co.(guar.)
2
July I Holders of rec. June 10
National Enamel & Stamping, pf. (qu.)
134 June 30 Holders of rec. June 100 Tennessee Copper & Chem.(guar.)
/National Lead, new corn.(gum.)
1234c. June 15 Holders of rec. May 310
134 Aug. 1 Holders of rec. July 83 Terse Corporation (guar.)
75c, July 1 Holders of ree. June 30
Class13 corn.(guar.)(No. 1)
151 June 15 Holders of rec. May 20a Texas Gulf Sulphur (guar.)
$1
June 15 Holders of rec. June la
Seven per cent preferred (quar.)
750. July 1 Holders of rec. Juno 200 Texas Pacific Coal di Oil ((mar.)
15e. June 30 Holders of rec. June 10a
National Standard Co.(guar.)




JUNE 11 1927.]
Name of Company.

THE CHRONICLE
Per
When
Cent. Payable

Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
Thompson Products. common (quar.)__ $3
July 1 Holders of rec. June 20a
Thompson-Starrett Co.. new stock
$2.40 July 1 Holders of rec. June 18a
Tide-Water Associated Oil, pref.(quar.)_
134 July t Holders of me. June 10a
Tide-Water 011 Co.. common
20c. June 30 Holders of rec. June 116
Todd Shipyards Corp.(guar.)
$1
June 20 Holders of rec. June 6a
Tubize Artificial Silk, common (guar.)
32.50 July 1
Tuckett Tobacco, corn. (guar.)
1
July 15 Holders of rec. June 30a
Preferred (guar.)
134 July 15 Holders of rec. June 306
Ulen & Company,8% preferred
4
July 1 Holders of lee. June 20
7(4% preferred
July 1 Holders of rec. June 20
Underwood Consult. Mach., pref. qu.) 144 July 1 Holders of rec. June 22a
Underwood Typewriter, common (qu.)
$1.
July I Holders of rm. June 9a
Common (guar.)
$1
Oct. 1 Holders of rec. Sept. aa
Preferred (guar.)
134 July 1 Holders of rec. June 90
Preferred (quar.)
154 Oct. 1 Holders of rec. Sept. 3a
Union Carbide & Carbon (guar.)
$1.50 July I Holders of roe. June 4a
Union Storage (guar.)
6230 Aug. 10 Holders of rec. Aug. la
Quarterly.
_
62(40 Nov. 10 Holders of rm. Nov. la
United Art's Theatre Ciro., pf. allot.
$1.75 June 15 Holders of rec. June 1
United Cigar Stores, corn. (guar.)
500. June 30 Holders of rec. June 10
Common (payable in common stock)_
1134 June 30 Holders of rec. June 10a
United Drug, 1st preferred (quar.)
1M Aug. 1 Holders of rec. July I5a
United Dyewood, preferred (guar.)
134 July 1 Holders of rec. June 13a
United Fruit(guar
$1
July 1 Holders of roe. June 40
United Paper Board, pref. (quar.)
134 July 15 Holders of rec. July la
Preferred (guar.)
134 Oct. 15 Holders of rec. Oct. la
Preferred (guar.)
1(4 Janl8'28 Holders of rec.Jan.2 '28a
Preferred (quar.)
1M Apr16'28 Holders of ree.Apr.2'28a
United Profit-Sharing, corn. (In stock)
July 15 Holders of rec. June
15
U.S. Cast Iron Pipe & Fdy.. corn.(go.).. 2M June 15 Holders of rec. June 15a
la
Common (guar.)
2M Sept. 15 Holders of rec. Sept. la
Common (guar.)
234 Doe. 15 Holders of rec. Dee. la
Preferred (guar.)
134 June 15 Holders of rec. June la
Preferred (guar.)
144 Sept. 15 Holders of rec. Sept. la
Preferred ((mar.)
134 Dee. 15 Holders of rec. Dee. la
U.S. Distributing Corp.. old prof
334 July 1 Holders of rec. June 1 la
New preferred (No. 1)
3M July 1 Holders of rec. June 11
U. S. Freight (guar.)
•$1.25 June 10 *Holders of rec. May 16
U.S. Gypsum,corn.(guar.)
40e. June 30 June 16 to June 30
Preferred (guar.)
134 June 30 June 16 to June 30
U. S. Industrial Alcohol, pref. (quar.)
*1 M July 15 *Holders of rec June 30
U S L Battery Corp.. pref. A (guar.)
*25c. July 1 *Holders of rec. June 15
Preferred 13 (guar.)
•1734c July 1 *Holders of res. June 15
U.S. Realty & Development(guar.).- $1
June 15 Holders of rec. May 25a
United States Steel Corp., corn.(quar.)_
134 June 29 Holders of rec.
United States Tobacco, common (guar.). 750. July 1 Holders of rec. June 7a
June 13a
Preferred (quar.)
144 July 1 Holders of rec. June 13a
Universal Chain Theatres, pref. (guar.). 2
June 15 Holders of roe. June 6a
Universal Pipe & Radiator. corn.(guar.) 60e. July I Holders of
roe. June 15a
Common (extra)
250. July 1 Holders of rec. June I5a
Preferred (quar.)
154 Aug. 1 Holders of rec. July 15a
Preferred (guar.)
1(4 Nov. 1 Holders of rec. Oct. 15a
Vacuum 011 (guar.)
500 June 20 Holders of roe. May 31
Extra
500. June 20 Holders of rec. May 31
Valvoline Oil, corn. (guar.)
134 June 17 Holders of roe. June 10a
Preferred (guar.)
2
July 1 Holders of roe. June 20a
V. Vivaudou. Inc., corn. (guar.)
750. July 15 Holders of rec. July la
Preferred (guar.)
134 Aug. 1 Holders of rm. July 15a
Virginia iron, Coal dr Coke, preferred_ _ _
2(4 July 1 Holders of rec. June 15a
Vulcan Detinning, preferred (quar.)___
134 July 20 Holders of rec. July 9a
Preferred (account accumulated dive.) 2
July 20 Holdus of rec. July 9a
Preferred A (guar.)
134 July 20 Holders of roe. July 9a
Wabasso Cotton, Ltd.(guar.)
$1
July 2 Holders of rec. June 15
Bonus
500 July 2 Holders of rec. June 15
Waldorf System, corn. (guar.)
3734c July I Holders of rec. June 20a
Preferred (quar.)
20e July 1 Holders of rec. June 20
Walworth Company, corn. (guar.)
300 June 15 Holders of rec. June la
Preferred (quar.)
75c June 30 Holders of rec. June 20a
Wamsutta Mills(guar.)
1
June 15 Holders of rec. May 100
Ward Baking Corp., corn. cl. A (quer.)._ $2
July 1 Holders of rec. June 15a
Preferred (guar.)
134 July 1 Holders of rec. June 15a
Warner-Quinlan Co.(guar.)
500. July 2 Holders of rec. June 15a
Waukesha Motor. common (quar.)
*6234 July 1 *Holders of rec. June 15
Weber & Hellbroner, common (guar.).- $1
June 30 Holders of rec. June 17
Preferred (quar.)
144 Sept. 1 Holders of rec. Aug. 17
Welsbach Company,common
*2
June 30
Preferred
*334 June 3
West Point Manufacturing (guar.)
2
Holders of rec. June 15a
Western Canada Flour Mills,corn.(qu.)_ *350. July
June 1 *Holders of rec. May 31
Preferred (guar.)
•134 June 1 *Holders of rec. May 31
Western Exploration (quar.)
2Mo. June 2 June 16 to June 20
Westinghouse Elec. & Mfg., corn,
(q11.)- $1
July 3 Holders of roe. June 300
Preferred (guar.)
$1
July 1
Holders of reo. June 300
Wheeling Steel Corp., Prof. A (qua?.)
2
July
Holders of rec. June lla
Preferred B
234 July 1 Holders of me. June ha
White Motor (quar.)
Si
June 30 Holders of rec. June 15a
White Rock Mineral Spgs., coin.(qu.)
500. July 1 Holders of roe. June 20a
First preferred (guar.)
IM July 1 Holders of rec. June 20
Second preferred (guar.)
234 July 1 Holders of roe. June 20
Wire Wheel Corporation, preferred
$3.50 July 1 Holders of roe. June 20
Woodley Petroleum (guar.)
150.
Wrigley (W.I.) Jr. & Co.(monthly)„... 25e. June 30 Holders of rec. June 15
July 1 Holders of rec. June 20a
Yale & Towne Mfg. (quar.)
$1
Holders of rec. June 10a
Youngstown Sheet & Tube, corn.(quar.) $1.25 July
June 30 Holders of rec. June 14a
Preferred (guar.)
144 June 30 Holders of rec. June
14a
• From unofficial sources. t The New York Stock Exchange
has ruled that stock
will not be qtioted ex-dividend on this date and not until further
notice. I The
New York Curb Market Association has ruled that stock will
not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e
Payable In stock.
f Payable in common stock. o Payable in scrip. h On account
of accumulated
dividends. m Payable in preferred stock.
Cushman dr Sons common stock dividend is payable in
$8 preferred stock on the
valuation of $100 for preferred stock.
jDeclared at meeting on May 19.
k In lieu of cash, one share of class A stock for each 40 shares
held.
American Gas & Electric stock dividend is one-fiftieth of
a share of common
stock for each share of common held.
n Payable in cash or class A stock at rate of 4 67-100 of a share
of class A stock
for each share held.
o Declared at meeting held May 311927.
p Payable to holders of coupon No. 14.
Called for redemption June 30 at $110.
s N. Y. Chicago dr St. Louis dividend is 1 7-10 shares of Chesapeake
Corp. stock,
Subject to approval of Inter-State Commerce Commission.
North American Co. dividend is payable in stock at rate
of
1-40
of
a share of
Common stock for each share held.
o Called for redemption July I.
w Payable also on increased capital.
✓ New York Stock Exchange mica ex-dividend on July 1.
y Subject to approval of Inter-State Commerce Commission.
s Payable in cash or class A stock at rate of one-fortieth share of class A for
each
share held and on class 13 stock one-fortieth of a share of class B for each share
held.
(1)Dividend is ten pence per share. All transfers received in order in
London
on or before June 8 will be in time for payment of dividend to transfereee,
(2) Less following amounts to cover legal expenses and first and second installments of 1926 ncome tax: Continental Pass. Ry., 50c.; Union Pass. Ky., 75c.;
West
Phila. Pass. Ky., 750.




3465

Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending June 4. The
figures for the separate banks are the averages of the daily
results. In the ease of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE
RETURNS.
(Stated in thousands of dollars-that Is, three ciphers
(000) Mated.)
New
Capital Profits Loans,
Week Ending
Discount, Cash
toga
Net
Time Beak
June 41927. Nat'l, Mar.23 InvestIn
Legal Demand
treeState, Mar.23 moats, Vault. Demi- Deposits. D...
poll:.. larks.
(000 omitted.) Tr.Cos.Mar.23
ac.
tortes.
Members of Fed. Res.Bank.
Bank of N Y &
Trust Co _ - 6,000 12,401
Bk of Manhat'n 10,700 16.204
Bank of America 6.500 5,412
National City- 75,000 66,126
Chemical Nat_. 5.000 18,919
Nat Bk of Cora. 25,000 42,881
Chat Ph N B &T 13,500 13,655
Hanover Nat.... 5,000 26.811
Corn Exchange. 11,000 16.550
National Park__ 10.000 24,988
Bowery & E R. 3.000 3,686
First National- 10,000 77.690
Am Ex Irving Tr 32.000 29,170
Continental-.... 1,000, 1.286
Chase National. 40,000 38,781
Fifth Avenue..
500 3,215
Garfield Nat'l.. 1,000 1,887
Seaboard Nat'l. 6,000 11,445
Bankers Trust_ 20,000 36.945
US Mtge & Tr_ 3,000 5,053
Guaranty Trust 30.000 31,854
Fidelity Trust__ 4.000 3,28'
New York Trust 10,000 22,550
Farmers L & Tr 10,000 20,260
Equitable Trust 30,000 23.027

Average. Average Average Amway& Average Amu.
77.155
447 7,028
54,003 8.169
171,072 3,072 17.924 130,425 26,661
91,517 1,082 12,225
92,188 4.169
836,609 4.003 87,713 *858,645 163,532
96
139,755 1,311 15,134
119,430 3.776
347
384.327
356 45,398
340.9931 23,450
223,478 2,813 22,942
164,216 44.846 6;iii
139,821 1,816 17,000
126,264 2,764
219.024 5,515 25,046
183,940 31.144
159,038
930 15,633
119.370 7.298 4-.6-7171
73,693 2,051 7,457
52,019 21,631 2,989
301,782
566 26,862
202,810, 15,576 6,570
437.698 4,001 52,427
394,278; 37,047
8.499
117
961
6.064
460
618,916 6,578 74.472 *576,299 43,361
2:iii
27,952
691 3,476
26.154
16,848
459 2,138
15.883
662
137.373
679 17,126
130,329 2,789
47
345.095
844 37.136 *314,459 39,155
58,525
791 7,027
52,718 6.094
490,960 1,259 53.079 •477.296 55,347
41,147
696 5,169
39.011 4,024
179,060
628 19,601
145,470 23,446
150,535
509 14,859 *111,216 24,965
294,913 1,665 30,296 *323,941 48.691

Total of averages 368,200 554,9745,625,792 42.8791618,129 c4,574,654639.057
23,302
Totals, actual condition June 4,5,656,023 43,045613,995 c4,609,623641.40123,314
Totals, actual co lall4l1/11 iNatsy Aar. u.uul.r.-zu-s -s&uovv u 1.2,404 4:4,...5,4.43
040,13.
Totals, actual co ndition May 21 5.534,253 43,736 572,425 c4,425,231 642,054Zei.ZOU
23.459

I

State Banks Not Me mbers of Fedi Res've Bank.
State Bank
5,000 5,817 106,179 4.738 2,093
Colonial Bank... 1,400 3,270
35,337 3.633 1,882

37,324 63,518
29.65
6,076

141.516

8.371

3,975

66,979 69,594

Totals, actual co ndition June 4 140.129
Totals, actual co ndition May 28 142.690
Totals, actual co nCtion May 21 143,434

8,471
8.523
8,685

3,906
3.996
4,243

65,512 69,622
68,342 69.614
69,591 69,587

Total of aotraOst

6.400

9.088

Trust Compan be. Not Members of Fed 'I Res's Bank,
Title Guar & Tr 10,000 20,237
68,268 1,854 4.540
25.122
Lawyers Trust. 3,000 3,463
932 2.225

42,515
20,051

1,288
1,078

--

Totalof ogre

13,000 23.701

93,390

2,786

6,765

62,56

2.3661

Totals, actual
Totals, actual
Totals, actual

ndition June 4
ndition May 28
ndition May 21

91.261
92,375
90.778

2,726
2.646
2,740

6.785
6,781
6,377

60.726
62.433
59,805

2,350H.,..,..
2.352
2,362

____

Gr'd aggr.,aotre 387,600587.7645.860,698 54,036628.869 4.704,198 711,01723.302
Comparison wi h prev week_ _ +88.388 -486+16999 +120.545+2.420 +41
5.887.413
Gr'd aggr., ad''condo June
Comparison wi ,h prey. week .. _ +51,894
,
Gr'd aggr., act'!contra May 28 5,835.519
Or'd aggr., act' I cond'n May 21 5,768,465
Gr'd aggr., act'I cond'n May 14 5,724,266
Gr'd aggr.. act leond'n May 75.775.361
Gr'd aggr., act'Icond'n Apr. 305.769.701
I

54,242624,686 4,735,861 713,373 23,314
+573-60.353 +106,753,-3,7321 +64

53.669I39
55,161 583,045
55,484 634,586
56,671573.685
54,460 613,617

4.629,1081717,105123.250
4,554,6271714,003123,459
4,486,905,706,809123,315
4,520,742690.942.23,286
4.592,341,691,132123.167
1

Note.-II. S. deposits deducted from net demand deposits in the general total
above were as follows: Average total June 4, $19,645,000. Actual totals, June 4,
$17,346,000; May 28. $16,273,000: May 21, $23,703,000; May 14.
May 7, $33,717,000; AprIl 30. $43.026,000. Bills payable, rediscounts.$29,299,000:
acceptances
and other liabilities, average for week June 4. $635,454,000; May 28,
$638,911.000;
May 21, $652,373,000; May 14, $689,822.000; May 7, $665,761,000;
5636.518,000. Actual totals June 4, 5627,598,000; May 28, $730,366,000;April 30,
May 21,
$634.280,000; May 14, $712,175.000; May 7, $691,596,000; 4pril 30. 5655,976,000.
* Includes deposits in foreign branches not Included in total footings, as
National City Bank, $250,027,000; Chase National Bank, $12.675.000; follows:
Bankers
Trust Co., $38.635,000; Guaranty Trust Co.. 581.290,000; Farmers'
Loan dr Trust
Co.. $2,171,000; Equitable Trust Co.. $97,949,000. Balances carried
in
banks
in
foreign countries as rmerve for such deposits were; National City
Bank, $39.746,000;
Chase National Bank, 91,257,000; Bankers Trust Co., $1,601,000;
Guaranty
Trust
Farmers'
$2,929,000;
Co.,
Loan do Trust Co., $2,171,000; Equitable
Trust Co.,
$8,957,000.
c Deposits in foreign branches not included.

The reserve position of the different groups of institutions
on the basis of both the averages for the week and
the
actual condition at the end of the week is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OF
CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Resents
Reserve
In
in Vault. Depositaries
Members Federal
Reserve Bank
State banks*
Trust companies- -Total
Total
Total
Total

June C.__
May 28......
May 21_ __ _
May 14._

Total
Reserve,

Reserve
Required.

Burping
Reserve.

618,129,000 618,120,000 613,876,730
3,975,000 12,346,000 12,056,220
6,765,000 9,551,000 9,384.750

4,252.270,
289.780
166.250,

11,157,000 628,869.000 640,026,000 635,317,700
11,327,000 611.870,0b0 623,197,000 619,615.860
11,377,000 609.318.000 620,695,000 615,274,900
11,408,000 602,719,000 614,127,000 609,008,170

4.708,300
3.581.14Q.
5.420,100,
5,118,830

8,371,000
2,786,000

•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits
in the case of State banks
and trust companies, but In the ease of
of the Federal Reserve Bank,
includes also amount of reserve required onmembers
net time deposits, which was as follows:
June 4, $19,171,710; May 28, 819,097.070; May
21, $19,192,560; May 14, $18,763.410; May 7, $18,642,510; April 30, 518.684,600.

[Vol. 124.

THE CHRONICLE

3466
Actual Figures.
Cash
Reserve
in
Reserve
in Vault. Depositaries
Members Federal
Reserve Bank_ _ _ _
State banks.
Trust companies__
psis
Total June 4____
Total May 28____
Total May 21____
Total May 14_ _

a
Reserve
Required.

Toiat
Reserve.

Surplus
Reserve.

Boston Clearing House Weekly Returns.—In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.

613,995,000 613,995,000 618,493,020 —4,498,020
584,840
8.471,000 3,906,000 12,377,000 11,792,160
402,100
2,726,000 6,785.000 9,511,000 9,108,900
11,197,000 624,686,000 635.883,000 639,394,080 —3,511,080
11,169,000 685.039,000 696,208,000 625,803,970 70.404.030
11,425,000 583,045,000 594,470,000 616,038,780 -21,568,780
11,156,000 634,586,000 645,742,000 607,184,290 38,557,710

•Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also the amount of reserve required on net time deposits, which was as follows:
June 4, $19,242,030; May 28, $19,354,170: May 21, $19,261,620; May 14, 319,051,500; May 7, 818,576,780: April 30, $18,583,260.

June 8
1927.

May 25
1927.

June 1
1927.

Changes from
Previous Week.

$
$
71,900,000
76,900,000
76,900,000 Unchanged
Capital
96,062,000
99,316,000
Unchanged
99,316,000
Surplus and profits
839,000 1,030,550,000 1,015,921,000
Loans, disc'ts de Invest.. 1,031,389,000 Inc.
679,738.000 Inc. 10,640.000 669,098,000 666,372.000
Individual deposits
100,151,000 Inc. 8,883,000 141.268,000 140.533,000
Due to banks
649,000 236,155,000 236.098,000
236,804,000 Inc.
Time deposits
9,699,000
8,515,000
6,558,000 Dec. 1,957,000
United States deposits
32.150,000
29,587,000
38,540,000 Inc. 6,390,000
Exchangesfor Crg H'se
83,393,000
81.506,000
83,968,000 Inc. 2,462,000
Due from other banks..
79,672,000
79,555,000
80,697,000 Inc. 1,142,000
Res've in legal deposles
8.944,000
8,825,000
660,000
9,485,000 Inc.
Cash in bank
541,000
133.000
361,000
Inc.
494,000
Reeve excess In F.R.Bk

State Banks and Trust Companies Not in Clearing
Philadelphia Banks.—The Philadelphia Clearing House
House.—The State Banking Department reports weekly return for the week onding June 4, with comparative figures
comfigures showing the condition of State banks and trust
for the two weeks preceding, is given below. Reserve
panies in New York City not in the Clearing House as follows:
requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER are 10% on demand deposits and 3% on time deposits, all
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in vaults"
(Figures Furnished by State Banking Department.)
Differences from is not a part of legal reserve. For trust companies not
Precious Week.
June 4.
Federal Reserve System the reserve required
$1,332.968,300 Inc. $880,000 members of the
Loans and Investments
65,100 is
5,392,100 Dec.
Gold
10% on demand deposits and includes "Reserve with
1,191,600
Dec.
23,667,700
Currency notes
5,381,500 legal depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New York_ 112,528,600 Inc.
1,384,776,100 Inc. 11,387.100
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust com3,948,200
panies in N.Y. City, exchange and U.S. deposits_1.295,908,000 Dec. 8,721.100
188,600,200 Inc.
Reserve in deposits
21.1%.
reserves,
of
Percentage
RESERVE.
—state Banks — —7'rust Companies-S101,690,200 15.89%
439,898,200 15.96%
Cash in vault.
34,902,300 05.46%
12.109,500 04.84%
Deposits in banks and trust cos__ 12.109.500
$52,007,700 20.80%

Total

$136,592,500 21.35%

•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on June 4 was $112,528,600.

Banks and Trust Companies in New York City.—The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.

Week Ended—
Feb. 5
Feb. 11
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Mar. 26
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
May 28
June 4

Reserve in
Depositaries.

Total Cash
in Vaults.

Loans and
Investments.

Demand
Deposits.

$
6,728,899,400
6.670.129,400
6,657,735,000
6,682,585,900
6,770,284,900
6,769,161,600
6,932,195,300
6,947,733,100
6,954,724,700
6,981.549,800
6,921,592,500
6,938.221.200
6,997,642,400
.7,073,334.000
7,061,639,900
7,081.208,600
7,104,398,300
7 101 Ma Ann

$
5.721,854,900
5,642,353,800
5,545,046,000
5,549,193,800
5,645,318,300
5.635,476,400
5,793,224,500
5,788,391,100
5.799,657,600
5,757,598,200
5,691,228,400
5,748,649,000
5.795,187,800
5.841.843,700
5,795,647,000
5.849,461,000
5,883,509,200
a n041 1414 rim

$
83,192,800
86,676,800
84,366,800
86,470,300
83,732.500
83,956,400
82,581.000
82,657,800
83,196,200
83,475,800
83.546,900
83,285,000
83,996,400
82,302,800
89,252.700
84.400,900
84,839,100
43 n95.800

$
731,203,500
721,361.700
726,327,800
715.260,100
732,128,700
731,343,200
757.650,300
751.432,100
755,811,600
750.173,400
745,625,300
743,109.500
752,031,000
753,215.800
752,785,900
763,161,100
761.432,000
788,409,400

New York City Non-Member Banks and Trust Companies.—The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Stated in thousands of dollars, that is. three ciphers [0001 omitted.)

CLEARING
NON-MEMBERS Capital.
Week Ending
June 4 1927.
Members of
Fedl Res've Bank.
Grace Nat'l Bank-State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash. H'ts.
Trust Company.
Not Member of the
Federal Reserve Bank.
Mech.Tr.,Bayonn•

Loans.
DUNet
counts,
Profits. Investciente.
rte.

Cash
in
Vault.

Reserve
Net
Net
with
Legal Demon'. Time
Deport- Depatitt.DePoStles
tortes.

Average. Average. Average. AveZage.
g
$
$
$
4,019
8.712
1,288
54

4
1,000

g
1,940

$
15,085

400

1,060

11,376

963

428

7,916

3.557

500

693

9,622

294

212

4,244

5,826

1,900
Gr'd Aar.. Jnne
Comparison with prey, week

3,693

36,083
+170

1,307
—72

1,928 a20.868
+676
+55

13,402
+37

3.893
3,693
3,693
3.693

35,913
35.770
35.351
34,381

1.379
1,335
1,412
1,322

1,873
1.854
1.763
1,785

20.192
19,950
19.674
18.846

13.365
13.328
13.284
13,335

Gr'd aggr., May
Gr'd aggr., May
Gr'd aggr., May
raed Azar.. 14IaY

28
21
14
7

Capital
Surplus and profits
Loans, Meets & investmls
Exchanges for Clear.House
Due from banks
Bank deposits '
Individual deposits
Time deposits
Total deposits
Reeve with legal deposits_
Reserve with F. R.Bank
Cash in vault.
Total reserve 3: cash held_ _
Reserve required
Excess res. er cash in vault_

1.900
1,900
1,900
1.900

Trust
Membersof
FR.System Companies
450.225,0
154,878,0
939.877.0
40,734,0
105.442,0
139,821.0
628,731,0
152,041,0
920,593.0

35,000,0
17.849,0
47,234,0
619,0
19,0
1,191.0
27,105,0
2,447,0
30,743,0
4,565,0

69,020.0
954,0
78,560,0
68,407,0
10,153,0

1,343.0
5,908.0
4,270,0
1.638,0

1927
Total.
355,225,0
172,727.0
987,201,0
41,353,0
105,461,0
141,012.0
655,836,0
154,488,0
951,336,0
4,565,0
69,020,0
10.883,0
84,468,0
72,677,0
11,791,0

May 28
1927.

May 21
1927.

355,225,0
172,727,0
986.726.0
34,709.0
96,635.0
137,937.0
644,644,0
154,092,0
936,673.0
3,325,0
68,330.0
11,326,0
82.981,0
72,256,0
10,725.0

55,225,0
172,727,0
983,752,0
40.180,0
106.032,0
141,897,0
656,111,0
153,375,0
951,383,0
3,955,0
68,818,0
11.091,0
83,864,0
72,536.0
11,398,0

•Cash In vault not counted as reserve for Federal Reserve members.

Condition of the Federal Reserve Bank of New York.
—The following shows the condition of the Federal Reserve
Bank of New York at the close of business June 8 1927 in
comparison with the previous week and the corresponding
date last year:
June 8 1927. June 1 1927. June 9 1926
$
Resources—
411,944,000 372,027,000 368,264,000
Gold with Federal Reserve Agent
13,009,000
9,294,000
Gold redemp. fund with U. S. Treasury.. 11,649,000
Gold held exclusively agst. F.R.notes_ 423,593,000
208,979.000
Gold settlement fund with F. R.Board
Gold and gold certificates held by bank.._ 485,704,000
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Bills discounted—
Secured by U.S. Govt.obligations
Other bills discounted

385,036,000
251.929,000
477,442,000

377,558,000
226,462.000
398,353,000

1,118,276,000 1,114,407,000 1,002,373,000
35,324,000
33.175,000
44,160,000
--1,153,600,000 1,147,582,000 1,046,533,000
16.020,000
16,206,000
12.404,000
54,379,000
33,834.000

79,622,000
37,505,000

74,650,000
39,363,000

Total bills discounted
Bills bought in open market
U. S. Government securities—
Bonds
Treasury notes
Certificates of indebtedness

88,213,000
64,489.000

117,127,000
75,302,000

114,013,000
65,898,000

23,536.000
30,605.000
35,241,000

19,116,000
25,003.000
30,654,000

11,762,000
44,008,000
28,089,000

Total U.S. Government securities
Foreign loans on gold

89,382.000

74,773,000

83,859,000
2,302,000

Total bills and securities (See Nate)

242,084.000

267,202,000

266,072,000

Gold held abroad
Due from foreign banks (See NCle)
Uncollected Items
Bank premises
Ail other resources

16,495,000
661,000
154.723,000
16,276.000
4,594,000

16,495,000
660,000
190,628,000
16,276.000
3,617,000

,
7219
148,6
4g:
16,715,000
6,538,000

Total resources

1,604,453,000 1,654,864,000 1,501,394,000

LOSEfries—
'Reserve notes In actual circulation. 408,274,000
Fed.
936,807.000
Deposits—Member bank, reserve acc't
3,478,000
Government
2.206,000
Foreign bank (See Note)
18.720,000
Other deposits

421,326,000
931,794,000
1,147,000
1,440,000
20,552,000

401,771,000
863,300,000

961,211,000
130,927,000
38,832,000
61,614,004)
3,595,000

954,933,000
174,683.000
38,827,000
61,614,000
3,481,000

874,734,000
126,073,000
35,335,000
59,964,000
3,517,000

Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
Total liabilities

a United States deposits deducted, 414,000.
Bills payable. rediscounts, acceptances and other liab titles. $2,434,000. Deficit
n reserve, $104,490 decrease.




Week Ended June 4 1927.
Two Ciphers (00)
omitted.

2,9t51:OS:
,
7,958,000

1.604,453,000 1,654,864,000 1.501,394,000

Ratio of total reserves to deposit and
82.0%
84.2%
83.4%
Fed'I Res've note liabilities combined_
Contingent liablitty on bills purchased
15,520,000
44.150,000
41,695,000
for foreign correspondence
NOTE.—BegInnIng with the statement of Oct.7 1925, two new Items were added
n order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption, "All other earning assets." Pm
sylously made of Federal Intermediate credit bank debentures,was changed to"Other
ecurities." and the caption "Total earning assets" to "Total bills and securities."
The latter term was adopted as a more accurate description of the total of the digeounts.aeceptances and securities acquired under the provisions of Sections 13 and 14
of the Federal Reserve Aot. which it was stated,are the only items'ncluded therein

JUNE 11 1927.]

3467

THE CHRONICLE
Weekly Return of the Federal Reserve Board.

The following is the return issued by the Federal Reserve Board Thursday afternoon, June 9 and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 3432 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 JUNE 8 1927.
June 8 1927. June 1 1927. May 25 1927. May 18 1927. May 11 1927 May 4 1927. Apr. 27 1927. Apr. 20 1927. June 9 1926.
$
3
$
$
3
$
RESOURCES.
3
$
$
1,634,388,000 1,610,437,000 1,661,246,000 1,637.863,000 1,631,543,000 1,571,158,000 1,628,235,000 1,658.165,000 1,472,698,000
Gold with Federal Reserve agents
50.456,000
49,235,000
40,618,000
50,294,000
51,299,000
56,536,000
Gold redemption fund with U.S. Tress_
46,765,000
47,130.000
54,626.000
Gold held exclusively agst. F. R. notes 1,683.153,000 1,665,063,000 1,698.376.000 1,688,157.000 1,680.778,000 1,621,614,000 1,668,853,000 1,709,464,000 1,529,234,000
Gold settlement fund with F.R.Board
579,600,000 601,472,000 552,216,000 628,496,000 640,522,000 694.657,000 638.802.000 598,325.000 649,124,000
Gold and gold certifirstes held by banks_ 743,138,000 726,503,000 761,385,000 740,217,000 748,854,000 727,632,000 733,202,000 727.539.000 654,830,000
Total gold reserves
Reserves other than gold

3,005,891,000 2,993,038,000 3,011.977,000 3,056,870,000 3,070,154.000 3,043,903,000 3.040,857.000 3,035,328,000 2,833.188,000
164,010,000 160,747,000 165,848,000 166,281,000 164,199.000 162,728,000 166,501,000 167,852,000 149,341,000

Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted

3,169,901,000 3,153,785,000 3.177,825,000 3,223,151,000 3,234,353,000 3,206,631,000 3,207,358,000 3.203.180,000 2,982,529,000
63,106,000
60,430,000
65,769,000
66,089,000
63,724,000
57,227,000
61,276,000
53,222,000
60,197,000
203,461,000
195,822,000

262,819,000
233,688,000

228.715,000
199,905.000

249,203,000
209,032,000

257.083,000
184,894,000

308,583,000
199,059.000

256,588,000
186.965,000

246,820.000
167,623,000

213.484.000
234,679.000

443,553,000
241,869,000

414.443.000
247,396,000

448,163,000
249,821,000

Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness

399,283,000
221,635,000

496,507,000
228,993,000

428.620,000
236,170,000

458,235,000
225.493,000

441.977,000
233,051.000

507,642,000
244,220,000

143,104,000
139,031,000
165,928,000

116,862,000
120,963,000
124,682,000

105,173,000
93,978,000
122,769,000

75,871,000
90.789,000
102,391.000

71,214.000
90,369,000
92,313.000

69,598,000
90,957,000
155,724,000

70,673,000
89,311,000
158,341,000

73,911,000
93,626,000
165,292,000

103,049,000
180,147,000
135,112,000

Total U. S.flovernment securities_
Other securitleg -rue note)
Foreign loans on gold

438,063,000
1,800,000

362,497,000
1,800,000

321,920,000
1,800,000

269,051,000
1,800,000

253,896,000
1,800,000

316,279,000
1,800,000

318,325,000
1,800,000

332,829,000
1,500,000

418,308,000
3,885,000
8,401,000

Total bills and securities (see note)
Gold held abroad
Due from .°reign banks (see note)
Uncollected items
Bank premises
All other resources

1,060,781,000 1,089,797,000
59,548,000
59,548,000
661.000
660,000
653,969,000 702.734.000
59,094,000
58,882,000
15,007,000
13,898,000

988,519,990
59,548,000
660,000
639,383,000
58.882,000
13,509,000

954,579,000
59,548.000
660,000
742,211,000
58,883,000
13,520,000

930,724.000 1,069,941,000 1,005,577,000
59.548,000
660,000
660,000
660,000
656.512,000 676.857,000 653.714,000
58.883,000
58,014,000
58,588,000
12,743,000
12,954,000
12,998,000

Total resources
LIABILITIES.
F. R.notes in actual circulation
Deposits—
Member banks—reserve account
Government
Foreign banks (see note)
Other deposits

5,080,237,000 5.132,526,000 4,998,514,000 5,116,276.000 5,016,529,000 5.086.087,000 5,004.664,000 5,062,722,000 4,901,784,000

Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities

2,390,467.000 2,366,679,000 2,325.562,000 2,353,390,000 2.325,769,000 2,389,296,000 2,313,860,000 2,299,606.000 2,251,263,000
600,724,000 663,689,000 595,189,000 680,228,000 601,162.000 605,250,000 601,649,000 663,162,000 596,619,000
129,108,000 129,036,000 129,030,090 128,878,000 128,888,000 128,962,000 .128,806,000 128,410,000 122,713,000
228,775,000 228,775,000 228,775,000 228,775,000 228,775.000 228.775,000 228,775,000 228,775.000 220,310,000
14,334,000
14,015,000
13,590.000
13,050,000
13.317.000
13,620,000
13.018,000
17,940,000
14,154,000

996,168,000 1,128,578,000
659.000
725,306,000
58.567,000
12.753,000

709,000
654,385,000
59,665,000
18,691,000

1,716,779,000 1,740,432,000 1,705,804,000 1,711,385.000 1,718.345,000 1,720,754,000 1,718,257,000 1,729,751,000 1,692,939,000
2,331,460,000 2,308,140,000 2,267,762,000 2,295,042.000 2,271,491,000 2,326,222,000 2,269,513,000 2,249,695,000 2,224,486,000
27,591,000
17,432,000
13,445,000
25,895,000
24,138,000
29,360.000
25,373,000
4,113,000
24,185,000
5,453,000
4,687,000
4,494.000
4,945,000
4,913.000
6,013.000
6,200000
5,188,000
5,757,000
25,963,000
27,857,000
32,352,000
44,684,000
15,296,000
14,538,000
27,787,000
16,464,000
27,858,000

6,080,237,000 5,132,526,0004.998,514,000 5,116,276,000 5,016.529,000 5,086,087,000 5.004,664.0005,062.722.000 4.901,784,000
Total liabilities
Ratio of gold reserves to deposit and
73.2%
72.8%
75.4%
75.9%
74.1%
75.3%
F. R. note liabilities combined
74.2%
718%
75.1%
Ratio of total reservs to deposit and
77.2%
76.8%
78.0%
79.5%
80.0%
79.5%
75.6%
78.8%
F. R. note liabilities:combined
79.3%
Contingent liability on bills purchased
149,539.000 159,777,000 159,674,000 161,137,000 156,828,000 148,990,000 146,943,000 146,069,000
60,219,000
for foreign correspondents
Distribution try Maturities—
1-16 days bills bought In open market_
1-15 days bills discounted
1-16 days U. S. certif. of indebtedness_
1-15 days municipal warrants
10-39 days bills bought In open market
18-30 days bills discounted
18-30 days U. B. certif. of indebtedness.
18-30 days municipal warrants
81-60 days bills bought In open market_
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness_
81-60 days municipal warrants
01-90 days bills bought in open market_
41-90 days bills discounted
61-90 days U. S. certif. of Indebtedness_
111-90 days municipal warrants
over gq days bins bought In open market
Over 90 days bills discounted..
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
F.II. notes received from Comptroller
F. R. notes held by F. R. Agent
Issued to Federal Reserve Banks

$
122,251,000
304,393,000
19,991,000

$
129,924,000
381,040,000
.50,186,000

$
132,322,000
329,889,000
5,524,000

g
127,839,000
364,381.000
301,000

$
123,201,000
352,486.000
300.000

$
129,307.000
416.986,000

$
121,147.000
351,638,000

$
119,831,000
324,707,000
8,105,000

$
105,399,000
313,665,000
61,345,000

47,147.000
23,463,000

50,757.000
26,053,000
6,810,000

58,539,000
24,429,000
61.584,000

48,906,000
22,044,000
58,029.000

52,939.000
21,260.000

59,553,000
20.942,000

68,003,000
21,037,000

68,368.000
20,360.000

53,419.000
33,502,000

38,072,000
33,729,000

34,021,000
43,438,000

32,390.000
36,602,000

36,401,000
34,988,000

43,831,000
34,265,000
55.774,000

41,594,000
35,094,000
53,877,000

38,412,000
36,778,000
50.387,000

43,282,000
35,084,000
49,206.000

53,373,000
43,770,000

10,046,000
18,484,000

11,379,000
26,563,000

10,016,000
20,797,000

8,654,000
19,480,000

9,424.000
18,764.000
570,000

10,906,000
19,205,000

10,815,000
21,561,000

12,263,000
21.930,000
50,000

34,524,000
26,237,000

4,119,000
19,214,000
57,962,000

2,912,000
19,413,000
67,686,000

2,903,000
16.903,000
55,661,000

3,693,000
17,342,000
44,061,000

3,656.000
15,202,000
35.669.000

2,860,000
15,415,000
111,847,000

3,522,000
12,639,000
107.954,000

3.652,000
12,362,000
107,931,000

3,106,000
30,989,000
73,767,000

2,951,128,000 2,954.669,000 2,953,818,000 2,959,293,000 2,962,273,000 2,967.460,000 2,978,801,000 2,975,025,000 2,872,284,000
844,043,000 848,895,000 852.523,000 862,553,000 860,978,000 857,388,000 859,783,000 838,658,000 859,878,000
2,107,085,000 2.105,774.0002,099,295,000 2,096,740,000 2,101,295,000

2,110,072,000 2,119,018,000 2.136,367.000 2,012,406,000

How Secured—
By gold and gold certificates
Gold redemption fund
Gold fund—Federal Reserve Beard
BY eligible Paper

390,901,000 390,301,000 390,400,000 411,604,000 411,604.000 409,605,000 409,605,000 406,606.000 304,240,000
101,422,000
99,663,000
99,284,000 100,416,000 107.624,000
92,139,000 101,375,000
96,986,000 104,928,000
1,142,065,000 1,120,473,000 1,161,562,000 1,125,843,000 1,112,315,000 1,069,414,000
1,117,255,000 1,154,573,000 1,063,530,000
607.560,000 703,210,000 631,963,000 653,181,000 649.557,000 715.324,000 654,902.000 641,656,000 672,959,000
2,241,948.000 2,313,647.000 2.293,209,000 2.291,044,000 2,281.100.000 2.286.482.000 2.283,137,000
Total
2,299,821.000 2.145,657,000
NOTE.—Beginning with the statement of Oct. 7 1925. two new terns 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 earn nit assets," previously made up of Foreign Intermediate Credit Bank debentures, was changed to
'Other securities, and the caption," "Total earning assets" to "Total bills and securities." The latter Item was adopted as a more accurate description of the total of
the dlsootUlts, aceebtaneee and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which, It was stated, are the only Items Included.
therein.

WEEKLY STATEMENT OF RESOURCES AND
TWO ciphers (00) omitted.
Federal Reserve Ban* of—

Boston.

$
RESOURCES.
Gold with Federal Reserve Agents 117,628,0
5,767.0
with
S.
Trees_
fund
U.
redo
Gold

LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE RANKS AT CLOSE
OF BUSINESS JUNE 8 1927

New Tort.

Phila.

Cleveland. Richmond Atlanta, Chicago. St. Louis. Minneap. Han. City

8
8
S.
$
$
$
411,944,0 118.639,0 195,942,0 55,685,0 153,786,0 244,050,0
11,649,0 12,366,0 3.580,0 2,889,0 1,983,0 1,745.0
—
Gold held excl. eget. F.R.notes 123,395,0 423,593,0 131,004.0 199,522,0 58,574,0 155,769,0 245,795.0
Gold settle't fund with F.R.Board 49,762,0 208,979,0 41,784,0 33,791,0 24.909,0 9,733,0 113.685,0
31,988,0 485,704,0 28,645,0 60,837,0 5,424,0 3,829,0 54,513,0
Gold and gold certificates
—
205,145,0 1.118.276.0 201,433,0 294,150,0 88,907,0 169,331,0 413,993,0
Total gold reserves
19,961,0
35,324,0 5,617,0 9,275,0 8.910,0 14,856,0 24.660,0
Reserves other than gold
—
225,106,0 1,153,600.0 207,050,0 303,425,0 97.817,0 184,187,0 438,653,0
Total reserves
16,020,0 1,469,0 3.675,0 6,143,0 4,986,0 8,468,0
6,480,0
Non-reserve cash
Bills discounted:
54,379,0 22,944,0 45,532,0 6,202,0 1.382,0 25,251.0
See. by U.S. Govt. obligations 14.030,0
14,623,0
33.834,0 15,169,0 12.362,0 13,172,0 29,3540
Other bills discounted
0 21. 94,0
—
88,213,0 38,113,0 57,894,0 19,374,0 30 736 0 46,345,0
28,663,0
Total bills discounted
64,489,0
24,066,0
13,009,0
17,721,0 8,486,0 9,403,0
Bids bought In open market
2
5
6.9 6,0
II. 8. Government securities;
23.536,0 5.150,0 16,893,0 4,641,0 2,738,0 31.769,0
5,532,0
Bonds
30,605,0 8,215,0 21,238,0 3,593,0 2017,0 13,412.0
6,309,0
Treasury noted
35,241,0 17,115,0 11,128,0 5.183,0 6,829,0 19,243,0
7,589,0
Cart "tato: of Indebtedness
89.382,0 30,480,0 49,259,0 13,417,0 11,584,0 64,424.0
'fetal IJ. R. Gov.. securities_ 18,430,0




Dallas. San Fran.

Total,

$
$
$
$
3
$
16,299,0 54,312,0 60.645,0 24,955,0 190,503,0 1,634.388,0
48,765.0
2.465,0
973,0 2.4240 1,223,0 1,702,0
18,764,0 55,285,0 53 069 0 26,178,0 192.205,0 1,683,153,0
17.913,0 12 4620 20'438,0
. 13 318,0 32.826,0 679,600,0
17,057,0 6,962,0
3
7,7 1,0 9,116,0 31.332,0 743,138,0
63,734,0 74.709,0 81,238,0 48.612,0 266,363,0 3,005,891,0
18.082.0 4,0440 5,607,0 7.695,0 9,979.0 164,010,0
71,816,0 78 753 0 86,845,0 66,307,0 266,342.0 3,169.901.0
61,276,0
4,0400 1607,0 2,182,0 2,602,0 3,704,0
8 008 0
12:840,0
7

3 894 0 5,876,0
3:7 2:0 12,162,0

1,910,0 14,053,0
4,239.0 23.401,0

203.461.0
195.822,0

20 648 0
4
12,695:0
7

7 666 0 18,038,0 6,149,0 37,454,0
:53 :0 9,244,0 10,915,0 17,117,0

399,283.0
221,635,0

6 590 0
10'147'0
8:498:0

8.186,0 15,258,0 12.870.0 9.941,0
7,299.0 8.665,0 7.417.0 21,114,0
5,923,0 11,910,0 9.924,0 17.345.0

143.104,0
139.031.0
155.928,0

25.235,0 21,408,0 35,833,0 30,211,0 48,400,0

438,063,0

3468

THE CHRONICLE

alleSO URGES (concludedTwo ciphers (00) ontitted.
)bar securitle.,

Boston.

New York.

S

$

Phila.

[Vol,. 124.

Cleveland. Richmorul Atlanta. Chicago. St. Louis Minneap.
Kan. City
$•

$
1,500,0

$

5
300.0

3

5

$

Dallas. San Fran.

5

3

Total.

5

5
1,800.0
242,084.0 83.102,0 124.874,0 41,277.0 52.023.0 137,725,0 58.578.0 36,608,0
16,495.0 5,717,0 6,312,0 3,097,0 2,441.0 8,218,0 2,561.0 1.786.0 63,115,0 47.275.0 102,971,0 1,060.781.0
2,203.0 2,084.0 4,168,0
59,548.0
661.0
62.995.0 154,723,0 56,270,0 59,941,0 58,410,0 29,819,0 79,905,0
661.0
32.805,0 12,729,0
3,946.0
16,276.0 1,738.0 ,7,118.0 2.302,0 2,898,0 8,297,0 3,957,0 2,774.0 41,085,0 28.404,0 36.883,0 653,969.0
4,459.0 1,827,0 3.502,0
34,0
59,094.0
4,594,0
206.0 1.217.0
292,0 1,620,0 1,981,0
978.0 1,847,0
905,0
597,0 1,236,0
15.00,10
Total resources
374,176,0 1,604,453,0 355,552,0 506,562,0 209,238,0 277,974,0 682,747,0 174,735,0 136,104,0
200,794,0 139,096,0 418,806,0 5,080,237,0
LIABILITIES.
r, It. notes in actual circulation_ 139,473,0 408,274,0 125,239,0 214,052,0
62,874,0 163,830,0 224,852,0 41.444,0 59,081,0 63,991.0 35,394.0 16,775,0 1,716,779,0
Deposits:
Member bank-reserve ace't 144,906,0 936.807.0 140,415.0 193.754,0 69,548,0
67,670,0 330,071,0 81,954,0 51,372.0 85,835.0 56.576,0
Government
2,186,0
3,478.0 3,027.0 1,577,0 2,922,0 2,328,0 3,908.0 1,474.0 1,684,0 1,069,0 1,471,0 172,552,0 2,331,460.0
2,467,0
Foreign bank
27,591.0
337,0
2.206,0
431.0
234.0
476,0
184,0
620.0
193,0
135.0
166,0
157.0
314,0
Other deposits
5,453,0
160,0
18,720,0
165,0 1,305.0
61.0
194,0 1,023.0
240,0
227,0
145,0
28.0 3,695,0
25,963.0
Total deposits
147,589,0 961.211,0 144,038,0 197.112,0 72.765.0 70.376,0 335.622.0 83.861.0 53.418,0
87,215.0 58.232.0 179,028.0 2,390,467.0
Deferred availability items
59.853,0 130,927,0 51,398.0 56,260,0 54,391,0 28.359,0 70.808,0 33,121.0 11,158,0 35,605,0
31,380,0
Dapital paid in
9,139,0
38,832,0 13.064,0 13,856.0 6,206,0 5,102.0 16,995,0 5.289,0 3,006,0 4,221.0 4,247,0 36,959,0 600.724.0
9,151,0 129,108,0
3urplus
17,606,0
61,614,0 21,267.0 23,746.0 12,198.0 9,632,0 31,881,0 9,939,0 7,527,0 9,029,0 8,215.0 16.121,0
111 other liabilities
228.775,0
511,0
3.595,0
546,0 1,536,0
804.0
675,0 2,589,0 1,081.0 1.014,0
733.0
528,0
772.0
14,384,0
Total 11:5bIlitles
374,176,0 1,604,453,0 355,552,0 506,562,0 209,238,0 277,974,0 682,747,0 174,735,0 136,104,0 200,794,0
139,096,0 418,806,0 5,080,237,0
Memoranda.
Reserve ratio (per cent)
78.4
84.2
72.1
76.9
78.6
73.8
78.3
69.4
57.3
57.4
59.8
74.9
77.2
'Jontingent liability on bills purchased for foreign correspond'ts 11,187,0
41,695,0 14,320,0 15,811,0 7,756,0 6,116,0 20,584.0 6,414,0 4,475.0 5,519,0 5,221,0
10,441.0 149,539,0
.R. notes on hand (notes reed
:Torn F. R. Agent less notes In
circulation)
25,142,0 128,952,0 38,400,0 24,683,0 15,047,0 29.788,0 56,833,0 3,7690 5,385,0 10,131,0
4,500,0 47,671,0 390,306,0
Total bins and securities
Dold held abroad
Due from foreign banks
Uncollected items
Sank premises
AL other resources

71,149,0
4,466,0

FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS
JUNE 8 1927

Federal Reserve Agent at-

Boston.

New York.

Phila. Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap. Kan. City Dallas. San Fran
Total.
$
$
$
5
$
$
$
$
$
$
$
829.306,0 201,139,0 271,875.0 101,645.0 270,408,0 459.190,0 63,973,0 84,698.0 101,382.0 58.151,0 268,846,0 2.951.128.0
292,080,0 37,500,0 633,140,0 23.724.0 76,790,0 177,500,0 21,760,0 19,332,0 27,260,0 17,657,0 44,400,0 844,043,0

3

(Two ciphers (00) omitted.)
8
1at.notes reed from Comptroller 237 515 0
F.R.notee held by F. It. Agent__ 72.900,0
F.R.notes issued to F. R. Bank 164,615,0
D011ateral held as security for
Ir. R. notes issued to F. R. Bk.:
Gold and gold certificates__ 35,300,0
18,328,0
Gold redemption fund
64.000,0
Gold fund-F. R.Board
Eligible paper
52,719,0
Total collateral

537,226,0 163,639,0 238,735,0 77,921,0 193,618,0 281,690,0 45,213,0 65,366,0 74,122,0 40,494,0 224.446,0 2,107.085,0
215,150.0
7,650,0 12,267,0
8.780,0 36,468,0 17.058,0
18,228,0 40,000.0 390,901,0
21,794,0 8,962,0 12,162,0 5.217,0 4,228,0 2.050,0
849,0 2,045,0 3,785,0 3,227,0 18.775,0 101.422,0
175,000.0 109.677,0 175,000,0 14,000.0 132,500,0 242,000.0 7,800,0 40,000,0 46.860,0 3,500.0 131,728,0 1,142,065,0
147,222,0 46,019,0 74,456,0 27,775.0 39,943,0 72,856,0 33.130,0 15,134,0 27,149,0 17,033.0 54,124.0 607,560.0

170,347,0

559,166.0 164.658,0 270,398.0 83.460,0 193,729,0 316,906,0 49,429,0 69,446,0 77,794,0 41,988,0 244.627,0 2,241,948.0

Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 668 member banks from which weekly returns are obtained. Those figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement wore given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our department of "Current Events and Discussions," on page 3433.
I. Data for all reporting member banks In each Federal Reserve District at close of business Juno 1 1927
Federal Reserve District.

Boston. New York

Number of reporting banks
Loans and discounts, gross:
Secured by U.S.Gov't obligations
Secured by stocks and bonds
All other loans and discounts

36
91
$
5
7,141
44,464
342,930 2,510,283
645,437 2,928,210

49

71

5
9,768
306,130
386,512

Total loans and discounts
Inveetments:
U. S. Government securities__ _
Other bonds, stocks and securities
Total investments

Phila.

Dallas. San Fran.

Total,

97

31

24

6.5

3
$
5.255
19,989
109,671 906,221
381,025 1,248,227

45

$
20,425
623,119
786,213

67
$
4,422
155.676
355,514

$
4,492
189,943
285,276

$
2.933
76,648
152,736

$
4,501
113.631
290,425

$
2,900
80,224
229,044

995,508 5,482,957

792,410 1,429,757

515,612

495,951 2,174,437

479,711

232,317

408,557

312,168 1,305,800 14,625,185

148,561 1,016,702
284,136 1,296,018

100,779
282,794

265,501
402,843

68.138
75.943

319,703
465,811

61,327
158,177

63,646
58,142

107,481
101,544

432,697 2,312,720

383.573

668,344

785,514

219,504

121,788

209,025

612.7092.959,1151
39,985 251,523
11,326
45,559
332,224 1,791,492
236,669 1,000,725
3,925
7,702
72,737 250.287
104,611 490,813

699,215
42.597
8,227
380,021
233,763
2,071
53,820
137,088

354,105
21,619
5,914
209,996
127,018
538
52.861
82,849

617,582
53,753
11,571
482,996
151.457
524
112,342
201.090

Total loans and Investments_ _
1,428,205 7,795,677 1,175,983 2,098,101
Reserve balances with F. R. Bank__
99,730 819,334
78,638 131,132
Cash in vault
19,102
70.247
28,742
14,848
Net demand deposits
1121,4026,031,810 757.895 1.066,451
Time deposits
436.177 1,424,131 259,731 913,679
Government deposits
7,465
22,626
5,803
8,645
Due from banks
58,120 147,391
68,217 108,232
Due to banks
151,466 1,275.145 178,513 243,576
Sills pay. & redls. with F. R. Ilk.:
Secured by U.13.Gov't obligations
20,990
28,133
64,931
18.265
All other
12,579
24,020
8,605
9,580
Total borrowings from F.R.Bank

(Three ciphers (000) omitted.)

Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City

33.569

88.951

27.845

36.738

34

56,521
60,237
_
144,081 116,758
659,693
41.839
13,296
377.397
224,975
2.763
50.961
115,492

58

s8,692

a

608

134,982
326,701 5,831,177
970,407 8,659,026

61,309
27,690

259,571 2,529,239
234,732 3.448,067

88,999

494,303 5.977,306

401,167 1,800,103 20,602,491
30,114 114.965 1,725.229
9,502
21,865
260,199
273,468 788,788 13,413,940
108,178 949,944 6,150.447
2,436
8,949
73,537
60,264 156,529 1,200,761
91,782 218,715 3,297.140

2,975
4,275

1,064
14,511

27,892
29.907

5,746
16,244

3,305
254

4,512
5.771

1,710
1.115

11,252
12,435

190.775
139,290

7.250

15,575

57.799

21.990

3.559

10.283

2.825

25.087

330.071

2. Data of reporting member banks in New York City. Chicago, and for the whole country.
All Reporting Member Banks.

Reporting Member Banks in N. F.City.
Reporting Member Banks in CSkayo.
June 211)26. June 1 1927. May 25 1927.Vune 2 1920. June 1 1927. May 25 1927. June 2 1926.
Number of reporting banks
703
668
.54
668
54
45
59
46
45
Loans and discounts. gross:
$
3
5
$
$
$
$
158,876,000
Secured by U. S. Gov't obligations
41,798.000
142,293,000
134,982.000
47.089,000
52,205,000
13,529,000
15,532.000
13,843,000
9,000
Secured by stocks and bonds
2,189,798,000 2,014,867,000,2,092,100,000 681.115,000 667,851,000 603,581,000
5,831,177,000 5,629,429,000 5,408,84
All other loans and discounts
8,659,026,000 8,656,894,000 8,394,273.0002,576,064,000 2,549,601 000 2 292 310 000 686.839,000 702,134,000 710,648,000
Total loans arid discounts
14,625,185,000 14,428.616,000 13.961.998.000 4.507,660,000 4,611,557,0004,436,714.000 1,381,483,000 1,383,828,000 1,329,761,000
Inveetments
U. 5. Government securities
2,529,239,000 2,639,302,000 2,586,988,000 920,808,000 964,120,000 945,335,000 184,203.000 191.201,000 170,700,000
Other bonds, stocks and decurIties- 3,448.067,000 3,404,789,000 3,129,026,000 963,543,000 956,893,000 898,724,000 217,192.000 227,571,000 206,887.000
Total investments
5.977,306,000 6,044,091,000 5,716,014.000 1,384,351,000 1,921,013,000 1,849,059,000 401,395,000 418,772,000 377,587,000
June 1 1927.

May 25 1927.

s

$

Total loans and Investments
20,602.491.00020.472,707,000 19,678,012,000 6,692,011,000 6,532,570.000 0,280.773.000 1,782,878.000 1,802,600,000 1,707,348.000
Reserve balances with 5e. R. 1)anks
1,725.229,000 1,687.005.000 1,660,098.000 757,906,000 701,906,000 729,631,000 176.157,000 177,995,000 151,168,000
Cash in vault
282,039,000
63.354.000, ,
260,199.000
260,179,000
56,498,000
5 18,766,000
58,424,000
21,965.000
Net demand deposits
13,413,940,000 13.191.854,000 13,075,701.000 5,414,640.000 5,193,166.000 5.161,428.000 1,195,256,000 1,234,852,000 1,175,075,000
Time deposits
6,156.447.000 6,150,363,000 5,604.206,000 970,813,000 956,999,000 826,898,000 532,818,000 532,165,000 500,378.000
188,914,000
Government deposits
73,537,000
21,357,000
90,619.000
4,604,000
32,812,000
5.527,000
26,370,000
7,060,000
Due from banks
1,200,761,000 1,095,277.000
105,945,000
89,976,000 116,084,000 160,537,000 163,662,000 174,025,000
Due to banks
3,297.140,000 3,097.895,000
1,211,280,000 1,080,881,000 1.142,261,000 354,153,000 360,750,000 390,420,000
Bills payable and rediscounts with
Federal Reserve Banks:
Ng
Secured by U. S. Gov't obligations190,332.000
190.775,000
155,596,000
85,850.000
14,870,000
14,800,000
59,650.000
33,600.000
6,904,000
All other
114,439,000
139,296,000
104,081,000
19,728,000
24,020,000
6,783,000
21,105,000
19,634,000
1.254.000
Total borrowings from F. R. bks

330.071.000

259,677,000

305.271.000

.53,234.000

106,955.000

Leans to brokers and dealers (secured by stocks and bonds) made by reporting
member banks in New York City:
For own account
1,076,332,000 932,161,000
For account of out-of-town banks
1 134,018,000 1,172,589,000
For account of others
851,541,000 859.900,000

959,976,000
945,220,000
587,653.000

Total
On denuuld
On Urns




83,670.000

3,061,891,000 2.964,650,000 2,492,849,000
2,349,308,0002,256,401.000 1,800,488,000
712,583,000 708,159,000 692,361,000

34,598.000

21,589,000

•Revised figures.

8,158.000

JUNE 11 1927.]

Klaniters'

STOCKS.
Week Ended June 10.

antic

Wall Street, Friday Night, June 10 1927.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 3456.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended June 10.

Sales
for
Week.

3469

THE CHRONICLE

Range for Week.
Lowest.

Highest.

Range Since Jan. 1.
Lowest. I Highest.

Sales
for
Week

Range for Week.
Lowest.

Highest.

Range Since Jan. 1.
Lowest. I Highest.

Par. Shares $ per share. $ per share. 5 per share $ per share.
'10,300 1614 June 7 1794 June10 14% May 1834 May
U S Distributing
Preferred
100 1,500 884 June10 9214 June 4 81
May 934 May
II S Express
100
400 2% June 8 3% June10 294 Feb 34 June
Van Raalte let pi_
100
Apr) 674 Jan
60 57
June 9 5814 June 6 50
Vulcan Be tinning...100 2,850 22% June 7 27% June10 164 Jan 2934 aisr
Preferred
100
60 104 June10 106
June 8 90
J 1184 API
Warren Fdy & Pipe... _• 3,900 24 June 6 254 June 6 2334 Jun 27 June
Washburn Crosby p1.100
Feb
20 109 June 7 109
June 7 1074 Jan 109
West Penn Pf 6% p1_100
June 4 10034 J111;1108 Juno
440105% June10 107
Western Elec let pf _50
100 88 June 4 88 June 4 82
May
Ma 90
* No par value.

For New York City Banks and Trust Companies see page 3340.

Par. Shares $ per share. $ per share. $ per share $ per share.
Railroads200 60 June 8 60 June 8 45
Apr 60
Buff & Susquehanna_100
May
New York City Realty and Surety Companies.
100 5534 June 8 57 June 6 40
Preferred v 1 c_ _100
Apr 58 June
20 90% June 6 90% June 6 8334 Jan 9094 June
Caro Clinch & Ohlo_100
All prices dollars per share.
20 75 June 9 75 June 9 704 Jan 75 June
Chic Ind & Louisv pf.100
10 64 June 7 64 June 7 55
Jan 66
Chic St P Min & 0_100
Bid. Ask.
Ask ,
Bid
Feb
Bid. Ad.
40 784 June '4 78% June 4 73
Celve & Pittsburgh__ _50
Feb 784 June Alliance R'Ityl 49,3 50 I Mtge Bond__ 169
167 Realty Ammo'
100
50 82% June 4 8294 June 4 7934 Apr 84% Apr
Cuba RR pre/
(Bklyn)isom 240 240
Amer Surety. 240 244 rat Surety __ 262 267
Gt Northern pf ctfis 100 3,700 89 June 4 90% June 6 854 Mar 91% May Bond & M 0_ 348 354 N Y Title &
it pref.._ 92
95
200 22 June 7 22 June 7 22
Havana Elee & Ry____*
May 26% Jan Lawyers Mtge 300 315
2d pref.__ 89
Mortgage.. 954 958
91
100
300 7934 June10 804 June 6 79% Juno 82% Apr Lawyers Title
Preferred
US Casualty. 320 340 Westchester
100
275 June 4290% June 7 200
Hocking Valley
Jan 290% June
Title & Tr.. 550
625
& Guarantee 293 303
200 80)5 June10 80% June10 76% Mar 83% May
III Cent Leased Line-100
100
350 3 June 4 34 June 4 I
Jan 64 Feb
Iowa Central
50, 100 83 June 9 83 June 9 80
Morris & Essex
Feb 85
May Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Nat Rye Mex 2d pref.1001 400 14 June10 1% June 9 134 June 2% Feb
Int.
let.
June 8 1684 Mar 185
50,
50 175
June 9 177
N Y & Harlem
Apr
Maturity.
Rate,
Bid. Asked.
Rate.
Bid. Asked.
Maturity.
100
100 14 June 8 14 June 8 14
May 22
NY State Rys
Feb
10 85 June10 85 June10 81
Mar 85 June
Northern Central-----0
Sept.15 1927- - - 334% gg,,. 100
Northern Pacific etfs_100 2,600 86% June 6 8834 June 7 8434 Apr 89 June June 15 1927... 334% 99vas 100
105 145% June10 14534 June10 1424 Apr 145% June Sept.15 1927... 334% 99"gt 100'n Mar. 15 1928... 314% 99,131 1001n
Pitts Ft W & Chic_ -100
June 7 53 June10 493.4 Jun 65% . Feb Dec. 15 1927... 434% 100,st 100,131 Mar. 16 1930-'32 354% 911,132 100,81
Twin City Rap Tran-100; 300 51
.100
60 99% June 7 9994 June 7 9814 May 101% May
Vicks Shr & Pao pref.
Industrial &
Pert Wrap
Apr 23
Misc.-Albany PaP ,1 560 22 June 6 23 June 9 18
United States Liberty Loan Bonds and Treasury
Feb
100
20 97
Preferred
June 4 97 June 4 96 June 100% Jan
the New York Stock Exchange.
4,300 4 June10 44 June 7 4 June' 414 June Certificates on
America Ice rights
500 6214 June 7 7434 June 8 62% June 904 Jan
Am- LaFr Ft En 7% P1100
American Piano
* 7,100 4234 June 9 4334 June 9 42% June 43% June -Below we furnish a daily record of the transactions in Lib100
June10 un Si Jan no% Mar erty Loan bonds and Treasury certificates on the New York
Preferred
430 104
June 9 107
20 137 June 6 137 June 6 133% Mar 137
Am Radiator prof- _.100
June
American Snuff pref.100
30 100% June 9101% June 7 9414 Jan 10114 June Stock Exchange. The transactions in registered bonds are
240 111% June 6 113 June 9 107% Feb 1134 May
Am Type Fdre pref.:100
2,800 10 June10 1134 June 7 94 May 1214 May given in a footnote at the end of the tabulation.
Rights
Am Writ Pap pf ctfs_100 12,900 85 June 6 52% June10 25% Apr 42% June
Auto•ales
100 5 June 6 5 June 6 4% Mar, 54 June
Daily Record of U. S. Bond Prices. June 4 June 6 June 7 JU?1,8 8 June 9 June 10
10 97
June 7 97 June 7 95% Mar 101
Barnet Leather pref_100
Feb
30 107% June 6108% June 6 101
Bayuk Bras let pret.100
Jan 10114 June
100"n 100",, 100"ss 100"n
First Liberty LoanHigh 10031n 101
June
June
6
Beech Nut Pack pref _100
11434
Jan
119
2011634
Mar
611634
394% bonds of 1923-47_ _ILow 100"ss 100"st 100"ss 100"at 100"st 100"tt
180 60 June 6 63 June10 44
Blumenthal & Co pt.100
Jan 72
May
Close 100"st 10020st 100"ss 100"ts 10015st ,100aiss
(First3)5s)
100
% June10
British Empire Steel_100
4 Apr I% Feb
% June10
83
116
31
39
25 •
99
Total sales in 51,000 units_ __
100
100 24 June 6 28 June 6 19% Apr 28 ' June
1st preferred
101",,
Converted 4% bonds of(High
100
600 1% June 9 2 June 8 1
Apr 334 Feb
2d preferred
------- 101"st
---L)w_
------1932-47 (First 4s)
800 17
Feb 120
June 8 120 June 8 09
Brown Shoe pref__...100
June
---------- 101",,
---Close
---10,200 134 June 7 2% June 8 14 June 2% June
Byers & Co rts
5
Total sales in $1,000 units....
2,400 754 June10 76% June10 7536 June 76% June
Chesapeake Corp
;
1
113-3
;
1
10-34; 103"st 103'; 10-31Converted 411% bonds(High 10-3
:1
Yellow
Cab_
__•
10 40
June 9 40
June 9 39
Chicago
Ain 45
Mar
103
103
of 1932-47 (First 4)1s) Low_ 1031,, 103',, 103133 103
• 300 4934 June 8 4934 June 9 41
May 4934 Apr
City Stores el A
Close 10343 103'w 103,33 103,31 103',, 103'n
28,200 4534 June 6 48% June 8 41% Apr 48% June
Class B
5
99
2
6
3
8
Total sales in $1,000 units_._
*
Feb 222 June
10222 June 9222 June 9 174
Coca-Cola Internat
__----___---- 102,7n
---Second Converted 414%11119h
40 1263.4 June 9126% June 9 116
Jan 1324 May
Colo Fuel & Iron pre( 100
102"n
bonds of 1932-47 (Firsts Low_
June10 126
June10 120
Jan 126
Continental Can pref 100
20 126
June
------------_-_--------- 102"st
(Close
Second 49/s
100 884 June 7 88% June 7 87% May; 91
Jan •
Crown Wmtte let pref.*
1
Total sales in $1,000 units_ _ _
Feb111
Cushman's Sons pf 8%-•
30 110 June 6110% June 6 103
May Second Liberty Loan
1001W 1003-n- 100
0'W
;
3
1001W
{High 10---June 4 1054 Jan 1184 June
June 7 118
5401115
Deere & Co pref. _ _ 100
100
,
::
1001ss
__-1001,2
Low_
100'12
100
,
n
1927-42_
_
of
bonds
4%
Jan 108
10 104% June 6104% June 6 101
Devoe & Rey let pref 100
Apr
--,, 100',, 100,
,,
Close 100,11 100,2, 100,
(Second 40)
June 7 11914 Jan 124
June 7 124
Eastman Kodak pref 100
May
30 124
41
23
1
9
1
Total sales in $1,000 units_._
Jan 15% May
Elk Horn Coal Corp_e 2,600 124 June 7 14% June 6 •9
Converted 434% bondsrigh 100"st 100"n 100"st 1001 ss 10013st 100lin
June 7 19% June, 2734 May
50
Preferred
540 19% June10 26
Low 10011st 100"st 100"st 1000,1 100"st 100"s,
of 1927-42 (second
June10 32% June10 32 June 3734 Mar
Emporium Corp
400 32
Close 100un 100"ss 10011, 10013n 100"st 100"st
4)is)
Franklin-Simon pref _100
270 113 June10 113% June 6 19014 Jan 1144 ;Feb
370
434
314
463
226 4.492
Total sales in 51,000 units _._
Gen Baking pref
May Third Liberty Loan
*
50 129% June 4 130 June 6 118% Jan 130
,s, 100.011 100"st
100142 100'',,100.
{High 101
1la 100"st 100"n 1002 n
Gen Cigar deb pt(7)_100
June 6 128
June 9 116
Jan 128 June
200 126
11
100"st
100
100
st
Low_
bonds
of
1928
414%
Gen Gas & El cl B
* 400 414 June10 424 June 4 ss% Aprj 43
May
Close 10025st 1003°st 100", 100"ss 10031, 100ss
(Third 4345)
Glidden Co prior pref..* 1,60 90% June 4 99 June10 88
68
May; 99
June
22
80
24
37
71
Total sales in $1,000 units...
Guantanamo Bug pref 100
3 104
June10 104
June10 9574 Jan 104
June Fourth Liberty Loan
103": 103"n 103", 103"ts
104
{High 104
Gulf States St'l let pf 100
110 104
June 8104% June10 99% Jan 108% Mar
bonds of 1933-38._ Low_ 103",, 103",, 103", 103"st 103", 103"r,
434%
Hackensack Wat Pr A 25
100 26% June 4 26% June 4 2534 Mar, 29% may
Close 103",, 103.en 10325s 103,in 103ns 10317n
(Fourth 414s)
Harbison-Walk Retr_100
310 107
June 7 108
June10 107
June 108 June
227
227
130
71
247
79
Total sales in $1,000 units_ _ _
Helms(G NV) pref _.100
10 127 June 8 127 June 8 118% Jan 128
May Treasury
113", 113":1 113",
---{High :
--Indian Refining pref _100
800 10234 June 7 110% June10 102
Feb 112
Mar
113"st
113",
---113171
111:::
1947-52
Low_
4%s,
Intrnat Paper rights -- 29,500 9% June 4 13% June 9 9% May, 13% June
---- 11373 113 7, 113"ss 113",,
Close
International Salt_ -.100
10 68% June10 68% June10 6494 Mar, 72
Jan
1
24
6
33
Total sales in 51.000 units...
Internal Sliver pref_.100
20 118
June 8 118
June 8 109
Mar 118 June
108,03 108",, 108", 108"st
81;1; 109
(High 10Kress Co new
*
100 65 June 6 65 June 6 59
Jan 74% Mar
108",, 108", 1081*st; 10817,, 108", 108"n
1944-1954
Low_
4s,
Kuppenheimer
20 38% June 9 38% June 9 34
Jan 40
Mar
Close 108"1, 108", 1081132' 108,,si 108,41 108iits
Laclede Gas pret--100
300 110 June10 115% June 6 95
Jan 130
May
25
461
22
37
2
159
Total sales in $LOW units _ _ _
McCrary Stores C A...5
210 6516 June 9 65% June 9 55
yen
Mar 76
........
105",, 105", 105":, 105": 105"s
(High
McCrory Stores pref_100
700 101% June 4 1024 June 9 97
Mar 1164 Jan
3943,1946-1956
---Low 105":, 105", 1051%1 105", 105"st
100 177 June 7 177 June 7 124
*
Macy Co
Jan 182
May
Close 105",, 105", 105",, 105", 105",,
300 70 June 7 70% June 6 69
Manatl Sugar pref-- -100
Apr 77
Feb
125
51
1.563
251
424
Total sales in $1.000 units_ _ _
Mandel Bros
*
300 4434 June 9 45 June10 4494 Jun 45 June
Mexican Petroleum_ _100
20 250 June 8250
June 8 200
Apr 250
June
Power
Montana
pref_100
800 1214 June 4121% June10 1184 Jan 123
Note.-The above table includes only sales of coupon
Apr
June 9 964 June10 80
Mullins Body pref-100
30 96
Jan 97
May
Nat Dairy Prod new---•20,200 6054 June 6 644 June10 594 May 6434 June bonds. Transactions in registered bonds were:
100 3,300 104% June 7 106
June10 104% Jun 109% may
Nat Lead pref 11
100,731 to 10011331 10 3d 494s
100100",, to 100"n
1 let 45
100 400 132 June 8 1324 June 6 1314 June 132% June
Pref A
102,833 to 100",,103",,
103,31 50 4th 4948
to 103uss
103
6 let 4%s
100
10118
June 118
June 8 11434 Jan 120
Nat Supply pref
100742 to
May 113 2d 4 Ms
4,040 32% June 6 384 Ansel° 324 Jun
Nat Surety rights
June
ma
Y Steam prof (6)____• 200 97% June 9 974 June 6 93% Feb 9
38
May
Foreign Exchange.• 100 108
Junel0 108
June10 105
Preferred (7)
Jan 110
May
60114 Junel0 115 June 8 1124 Jan 116
nag Lockp & Ont pf 100
al
i tt
i
To-day's (Friday's) actual rates for sterling exchange were 4.85
Apr
Northwest Telegraph_50
340 so% June10 52% June 7 4734 Jan 6234 Mar 4.85 5-16 for checks and 4.85 11-16 for cables. Commercial on banks,
June 9 102% Mar 110 June sight. 4.8.55i: sixty days, 4.8154; ninety days, 4.79 11-16. and documents;
Oil Well supply Pret_100
70 108
June 7 110
100 1,500 96 June 6 98% June10 81
Omnibus pref A
Ja i, 9914 May for payment. 4.81 5-16. Cotton for payment, 4.8554. and grain for
• 400 59 June 8 59% June 8 52% Jan 61
Outlet Co
Feb payment. 4.855i •
Pacific Tel dr TeL --100 2,600132% June 6 145 June 124
Mar 145
June
To-day's (Friday's) actual rates for Paris bankers' francs were 3.9134
Preferred
100
40 112 June 6 112 June 6 103% Mar 112% Mar
for short. Amsterdam bankers' guilders were 40.03 for short.
Paige Del Mot Car rights 54,400
1.4 June10
34 June 4
% May
H May
Exchange at Paris on London, 124.02; week's range, 124.02 high and
Preferred rights
26,900
14 June 9
34 June10
June 124.02 low.
Penick & Ford pref _ _100
H jA
60 1044 June 6 104% June 6 1004
un
pe
r 1063i
Pettibone-Mull let pf 100
10 90 June 8 90 June 8 90
40
May
The range for foreign exchange for the week follows:
a 10
40
5% NA
lapyr
Phila. Co 5% pref
50
70 43 June 9 44 June 7
Cables.
Sterling, ActualCheeks.
Phillips Jones pref__ _100
100 83 June10 83 June10 83 June 85% Mar High for the week
4.85 11-16
4.85 5-16
Pitts Term Coal
100 8,900 45 June 9 55 June 7 304 Apr 55 June Low for the week
10-16
4.85
4.85%
Preferred
100 300 78 June 6 8234 June10 74
Apr 83
Mar
Paris Bankers' FrancsPort-Am Tob "A"...100
200 75% June10 76
June10 75
Apr 9
25
14 is,J
iar
n High for the week
3.9154
3.9154
Class "B"
• 100 1534 June10 15% June10 15% Jun
3.9154
3.9154.
Low for the week
Pullman Co etre
100 1,800 1844 June10 188 June 6
May
May
Germany Bankers' Marks
Reid Ice Cream pref-100
100 100 June 6 100 June 6 17987
1183% Feb
b
23.70
23.70
week
the
for
High
Shattuck (F G) rights_ _ _ 5,300 114 June 8 234 June 9 1%
2% June
23.6955
23.68
the week
1)1 j
Sherwin-W'ms pref.-100
60 105% June10 108 June 6 05
F
ue
nb 110
Jan. Law for
Sloss-SheISCI&Iron pt100
Amsterdam Bankers' Guilders10010734 June 810734 June 8 1044 Mar 108
Jan
40.06
Packing
pref
40.05
600
47
June
_
7 484 June 8 47
Snider
_100
June 4834 June High for the week
40.04
40.02
So Porto Rico Sugew__* 4,100 39 June10 4014 June 4 39 June 42% May Low for the week
9,200 3% June10 394 June 6 34 June 414 May
Rights
15% June10 10
140 11
June
Stand Plate Glass Pf-100
Mar 15% June
42 2601 Jane 43650 June 7 1500 Jan 3650 June
Texas Pac L'd Trust_100
The Curb Market.-The review of the Curb Market is
100 5
June10 5 June10 5
Al 10
United Dyewood-___100
Feb
100
100 42 June 9 42 June 9 3
19
6H Jun 4
Preferred
19
9
Jan given this week on page 3456.
Apr
United Paperb'd_ _ _ _100; 200 174 June 6 174 June 6
United Cigar Stores rts....1 20 1-65 June 7 1-64 June 7 1-64 June 1-16 May
A complete record of Curb Market transactions for the




1

45

week will be found on page 3485.

3470

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SIT PAGES
iro. sal.. tioring lb.....a of stocks usually inactive, see
preceding page
PEN EH A ES
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER
PEE AWAKE
CENT.
Sates
STOCKS
Range Stud Jan. 1 1927
Range for Previous
for
NEW YORK STOCK
On basis of 100-share lots
Monday,
Year 1926
Tuesday,
Wednesday Thursday,
the
Friday,
EXCHANGE
June 6.
June 7.
June 8.
June 9.
June 10.
Week.
Lowest
Highest
Lowest
Highest
$ Per share $ per share $ per share $ per share g per share
$ per share Shares
$ per share $ per share $ per share S Per share
Railroads.
Par
18138 18212 183 184
1814 183
18114 18214
10212 10212 10212 1024 1024 1024 10218 10212 182 18278 18038 18178 25,800 Atoll Topeka de Santa 1"e.-100 18134 Jan 6 18638 Apr 23 122 Mar 172 Dee
102 102
102 10212 1,200 Preferred
100 9938 Jan 6 103 Apr 25
18614 187
9418 Mar 102 Dee
187 190
188 1897 1874 18884 18934 19614 19212 193
12,385 Atlantic Coast Line RR
100 17478 Apr 6 205 Jan 3 18112 Mar 26212 Jan
12118 12238 12278 12334 12212 12312 12134 1227
8 1214 12278 11834 12012 60,900 Baltimore & Ohio
100 10612 Jan 4 1244May 31
SON 8012 8012 8034 814 83
8312
Mar 10934 Sept
82
8234 814 8212 8214 83
7,700 Preferred
100 7314 Jan 3 81 June 7
9614 9712 9812 9912 9714 9812 97
8712 Jan 734 Aug
98
97
9712 06 10234 10,800 Bangor & Aroostook
50 44 Jan 6 10312May 27
*111 11112 *111 11112 111 111
33 Mar 46 Feb
10984 III
111 111
111 112
170 Preferred
100 10112 Jan 10 11434May 27
6134 6134 62
9778 Feb 103 Dec
6212 6112 614 6034 6114 6012 6118 61
6178 7,700 Bkln-Manh Trao v t o_No par 59 May 19 707s Jan 20
138578 87
544 Mar 777s Dec
*8578 8678 "8612 86s *8578
8578 86
8534 8578
400 Preferred v 1 e
No par 8538 Apr 2 88 Jan 4
1078 1078 1012 1038 1038 1012 1038 86
78
Mar 8934 Dec
1012 1012 1012 *1012 11
1,300 Brunswick Term de Ry Seo_100
912 Jan 25 1518 Jan 7
*9914 10212 "9914 10212 *9914 10212 *9914 102
812 Mar 1838 Nov
102 102 1 *9914 1014
10 Buffalo Rochester & Pitts_100 8014 Jan 8 115 Mar 10
6934 Mar 874 July
*604 63
*6078 63
*6078 63
*604 63
*6078 63 1 604 604
1010anaria Suutnern
100 59 Jan 18 6234May 11
68 'Jan 61 June
179 180
17834 180
17834 180
17718 17812 1774 17812 17614 1774 9,6001 Canadian Pacific
100 165 Jan 6 19212 Feb 2
14612 Jan 17014 Dec
335 335
335 336
330 330
32934 334
336
2,200
338
335
336
3
4
Central
RR
of
.Jan
Jersey_100
New
June
348
4
285
240 Mar 305 Jan
18412 18512 186 187
1861z 18712 118312 185
18212 18434 181 18314 24,200 Chesapeake & Ohio
100 15184 Jan 25 190 May 2
112 Mar 1784 Sept
814 812
83* 84
812 878
814 83*
818 81
818 818 4,000 Chicago & Alton
100
434 Jan 8 1038 Feb
414 Sept 1188 Feb
1318 1312 1338 134 1314 1334 13
1312 1234 134 1234 134 6.500 Preferred
100
712
Jan 5 15 May 2
618 May 1814 Feb
*40
43
4212 4514 44
4578 44
45
44
42
42
4214 6,900 Chic & East Illinois RR
100 3012 Jan 10 4578June
30 Dec 37 Feb
6138 624 614 6814 6818 6978 67
6812 674 6938 674 6712 34,300 Preferred
100 43 Jan 6 694June
3612 Mar 5184 Feb
1938 2014 194 2038 19
2038 19
194 10
19s
1814 1918 34,600 Chicago Great Weetern
100
812 Jan 6 2212May
734 Mar 1218 Sept
43
44
4234 4438 4218 4414 4114 4312 4034 4318 4038 4134 88,500 Preferred
100 2314 Jan 7 4478June
1814 Mar 3168 Sept
15
1538 1434 1578 15
1512 1518 1538 1434 1514 *1418 144 12,000 Chicago Mliw &
9 Jan 4 174 Feb
100
St Paul
84 Dec 144 Jan
1434 1434
1438 1514 1438 15
1414 1478 •144 1434 1418 1414 11,400 Certificates
784 Dec 14 Jan
9 Jan 4 1714 Apr
100
26
2634 2534 274 2612 2714 2638 2714 264 2714 '26
2634 48,900 Preferred
100 1858 Jan 3 2738June
144 Mar 24 Aug
26
2614 26
27
2638 27
264 264 2678 2678 26
2614 17,400 Preferred certifleatea
100 1878 Jan 3 27 June
14 Apr 234 Aug
8912 9012 8934 9212 9038 92
894 904 894 9012 8734 8918 73,500 Chicago & North Western.100 7838 Jan 27 9212June
6514 Mar 8334 Sept
13135 139
134 139 13136 139
136 136 31136 139 *136 139
100 Preferred
100 12414 Jan 3 139 May 23 11812 Jan 12612 Apr
10412 106
10614 107
10634 10858 10712 10938 10834 1104 1084 110
56,900 Chicago Rock lel &PAM:le-100 6812 Jan 4 11038June 9
4012 Mar 7114 Dec
*107 108
10714 108
107 107 *10612 107
10634 10634 107 107
300 7% preferred
100 10234 Jan 4 11114June 2
96 Mar 108 Dec
100 100
100 10014 9918 100
*9914 100
1,200 6% preferred
9934 994 100 10014
100 954 Jan 28 10378June 2
Mar 98 Nov
8314
12634 127
128 128
12914 130
129 129
128 12912 12814 12812 1,700 Colorado & Southern
100 84 Jan 3 135 June 2
52 Mar 9614 Oct
*772 80
*7712 80
*7712 80
*7712 SO
*7712 80
*7712 80
First preferred
100 70 Jan 4 7712June 1
62 Mar 74 Oct
_ _ *73
78
*73
84
*73
*73
84
*73
84
84
Second preferred
100 68 Jan 14 73 May 27
59 Jan 72 Sept
*737184 7214
*71
7234 7118 724 7212 7238 7212 7334 *7112 7214 4,400 Consol RR of Cuba
pre
100 6878 Apr 6 77 May 6
8884 Nov 7212 Dec
21534 22234 22314 230
225 22914 222 22434 2234 22534 22112 22414 42,400 Delaware & Hudson
100 1714 Jan 28 230 June 6 15014 Mar 1834 Sept
166 166
16612 170
16812 171
30.400'Delaware Lack & Western- 50 1404 Jan 27 173 Mar 23
1674 16978 1674 17078 166 169
Mar 1534 Jan
63
63
6212 63
624 631* 6278 6612 6534 6734 65
6512 7,300 Deny & Rio Or West pret-100 4118 Jan 5 6731June 9 129
374 May 47
Jan
55
5578 5538 56
544 5512 5438 5512 5412 55
534 5414 47,000 ErIe
100 3912 Jan 3 5738June 2
Mar 42 Dec
2212
6112 6178 6134 62
6014 6134 5934 601
13,800
60
First preferred
6034 5938 6038
100 5238 Jan 4 6214May 26
Dec
333
4
Mar
554
*5814 5912 5912 5912 5912 5978 *5712 59
5814
700 Second preferred
*58
5912 *58
100 49 Jan 4 6114May 26
30 Mar 5014 Deo
9138 9178 9134 9238 91
0112 914 9134 9038 9138 11,900 Great Northern preferred_100 794 Jan
9218 91
4 9278June 2
6812 Mar 8418 Dee
*1912 1934
1938 19'2 1914 1914 19
1918 4,600 Iron Ore Propertlee__No par
194 1918 1914
19
19 May 12 2314 Feb 4
18 Dec 2714 Feb
711
72
7312
73
72
7312 71
734 72
7212 6,700 Gulf Mobile & Northern...100 3518 Jan 6 7613May 26
73
71
2518 Apr 414 Sept
11038 11038 *11012 112
11012 11012 *109 1101 *109 110 *109 110
300 Preferred100 105 Jan 14 11214
Apr 27
95 Mar 1091! Sent
5734 5834 5818 594 58
584 574 59
5712 574 574 5818 8.000 Hudson & Manhattan
100 4012 Jan 3 6578May 10
3438 Jan 4112 Dec
*85
87
1384
88
1384
87
*83
87
*84
88
*82
86
Preferred
100 78 Jan 6 9012May 10
6734 Mar 80 Deo
129 12912 130 13014 12912 12974 129 1324 13112 13414 131 132
24,300 Illinois Central
100 12118 Jan 10 13114June 9 11312 Mar 131 Sept
*12834 131 *129 131 *129 131
300 Preferred
129 13018 132 132 *130 13314
100 12078 Jan 12 132 June 9 11512 Mar 12912 Sent
*79
80
79
79
*79
350
80
*79
80
7978 80
Railroad
*7912
81
See Series A__1000 74 Jan
7114 Jan 77 June
31
31
3078 311
3018 31
2.400 Int Rye of Cent America_100 23 Apr 4 80 Apr12
20
29
304 29
29
29
20 32 June 3
24 Dec 31 Feb
71. 71
71
71
71
71
500 Preferred
70
70
6912 70
6912 6912
100 62 Apr 29 73 June 2
62 Mar 68 June
384 381s *3712 40
3638 3814 3612 37
3,600
37
Interburo
39
3812 394
Rapid Tran v t 0_100 33 May 19 5218 Feb 26
2412 Jan 5334 Dec
5628 an 57
.58
56
564 16,200 Kansas City Southern
5778 56
5678 5618 574 56
100 4114 Jan 4 6212 Apr 11
344 Mar 5138 Sent
*68
69
69
69
69
69
69
700 Preferred
69
*6812 69
684 6878
100 6478 Jan 7 70 Apr 16
604 Mar 6838 Sept
13123 125
12312 1241 12312 12514 12514 13314 130 13712 v12812 13178 62,300 Lehigh
Valley
50 9934 Jan 6 13712June 9
7512 Mar 106 Dec
14084 141
142 14312 14012 14114 142 14312 142 144
14212 14414 4,700 Louisville& Nashville
100 12838 Jan 14 14438548y
118 Mar 144 Sept
*8714 8912 18714 881 138714 8812 *8714 8812 *8512
50 Manhattan Elevated guar_ 100 85 Jan 26 90 Feb 26
8812 884 S84
11
Mar 9234 Apr
84
47
47
47
47
4618 4612 464 47
2,000 Modified guaranty...- _100 4412May 10 544 Feb 28
4712 4734 54534 47
3818 Jan 6178 Mai
*412 512 *412 51
*412 512 *412 512 *412 512 *412 .512
Market Street Railway
2
Feb
100
412
63
8
Mar
July
25
10 Feb
418
•17
25
*17
25
*17
25
*17
25
*17
25
*17
25
Preferred
100 18 Feb 10 2112May 4
1912 Oct 40 Feb
4512 4512 •4413 46
*4434 4534 *4434 46
400 Prior preferred
4512 4512 4518 4518
100
414
Feb
4
4812May
7
3918
June
513
8 Feb
1312
*12
16
16
*12
16
1312
16
*12
16
Second preferred
*12
16
100 114 Mar 15 16 Mar 30
1134 Oct 2212 Feb
34 34
33* 33* *33* 31
3
318 4,900 Minneapolis & St Louls
314
33* 33
3'
438 Feb 3
100
14 Jan 13
118 Dec
3
7
8
Jan
3478 3478 3512 37
3612 3612 36
364 3512 364 36
3812 4,000 Minn St Paul & S S Marle_100 27 Jan 6 40 Feb 4
2578 Dec 5212 Feb
54
5514 *54
56
*53
57
1,200 Preferred
56
56
*53
6014
56
58
100 50 Apr 28 6014June 10
50 Dec 79 Feb
*6112 63
*6112 63
*6112 63
1361
30
63
Leased
63
63
lines
63
63
100 5814 Mar 25 6338June 2
60
Oct 6678 Feb
524 5312 532 554 5312 544 5284 534 534 5418 52
5318 39,200 Mo-Kan-Texas RR____No par 31 12 Jan 6 5538June 2
2912 Oct 4718 Feb
105 105
10434 1044 10412 10478 10438 10478 10414 10412 104 10418 4,600 Preferred
100 9534 Jan 4 10533June 2
82 Mar 964 Dec
59
6014 5918 6014 5778 60
83,500
5738 5814 584 60
Missouri Pacific
58
5878
100 3778 Jan 4 62 Apr 23
27 Mar 45 Sept
10712 10912 10812 110
10714 10938 1074 10814 108 10912 10712 10814 32,200 Preferred
100 9018 Jan 4 11112 Apr 23
7112 Mar 95 Sept
•152 155 *150 153 *14518 152 *14518 152
20 New On Texas & Mexiclo_100 121 Jan 8 15978June 3 120 Mar
152 152 *145N 150
13212 Jan
1511z 15212 1524 1534 15112 15234 151121533* 152 153
15018 15114 63.400 New York Central
100 13714 Jan 27 15638June 1 117 Mar 14712 Sept
23412 235
236 24012 23518 237
9,100 NY Chic es St Louis Co
234 236
235 2364 2354 239
100 186 Jan 8 2401251ay 26 130 Mar 20412 Sept
108 108 *10714 108 *10714 108
1,000 Preferred
10718 10734 *1074 10712 1074 108
100 102 Mar 8 108 June 4
93 Mar 106 July
503* 5034 5038 5114 504 5218 5118 5214 5114 5234 5118 5218 124,500 N Y N It & Hartford
100 414 Jan 4 584 Feb 16
3038 Mar 4838 July
3014
354 3312 36
3414 3638 154,000 N Y Ontario & Western
100 2314 Jan 15 364June 10
.
8,2 304
, 303
*9,8
2 313
9 4 314
*812 33
, 33
1934 Mar 2878 Feb
*812 9
*83
83
4
88
4
83
4
200 N Y Railways prof etfe_No per
*
8 May 24 1534 Jan 14
6
Jan 2014 Feb
5612 5812 5638 5812 5614 6214 61
6412 22,400;Norfolk Southern
6278 614 6414 62
RIO 371g Jan 14 6412June 10
277g Apr 4438 Sept
1804 183
182N 183
orolk & Western
18214 18312 182 18212 18218 18334 18134 1834 42,8001Nf
100 156 Jan 4 18714May 26 13914 Mar 1704 Oct
*8412 87
100 Preferred
*8412 86
8412 8412 *8412 86
*8412 86
*8412 86
100 84 Feb 3 8612May 6
8312 Nov 8538 Aug
8718 884 8812 8912 87
20,900 Northern Pacifie
8918 8838 88% 8812 89
8734 89
100 78 Jan 3 9112 Feb 18
6534 Mar 8212 Aug
*17
20
*17
500
1
,Paciflc
20
184 20
*20
2012 2034 2034 *19
Coast
21
100 154 Feb 3 2714 Feb 15
Oct 48 Jan
15
63
6314 6414 6438 65
%
6418 35,000,Peunsylvania
6318 644 6312 644 634 6414
50 564 Jan 3 65 May 28
4838 Mar 574 Oct
133312 34'z 34
9,200 Peoria & Eastern
39
37
3984 3634 3734 3734 3834 364 3614
100 20 Jan 25 3934June 7
1578 Oct 2634 Jan
13214 135
13634 13738 135 13614 132 13414 13312 134 *13218 13378 6,000 Pere Marquette
100 11412 Jan 6 140125lay 28
67 Mar 122 Dec
*9612 98
*9612 98
200 Prior preferred
*9512 964 *961z 97
*9612 97
9612 964
__.J00 03 Jan 22 974May 28
79 Mar 96 July
"9312 05
*9312 95
600 Preferred
94
94
94
*9334 9414 94
9478 54
100 894 Jan 4 98 May 26
7034 Mar 917s July
155 157
159 165
16112 16478 161 1624 157 157
156 15812 12,200,PIttsburgh dr West Va
100 12212 Jan 18 174 May 24
85 Mar 13514 Dec
11734 11938 1184 12014 11812 12018 11812 12112 12012 1234 /19 8 12138 47,0001 Reading
50 94 Jan 4 12334June 9
79 Mar 10114 Deo
4112 411 *41
4112 *4118 4112 41
1,100
42
First preferred
41
4112 4112 *41
60 4012 Jan 13 424 Feb16
3934 Dec 42 Apr
*4612 47
47
47
1,1001 Second preferred
4718 4712 4712 4712 4734 474 4734 4734
50 434 Jan 12 50 Feb 18
40 Mar 4584 Del
1362
64
*6112 64
1,000,Rutland RR pre/
634 6378 6518 6514 6414 6514 63
63
100 43 Jan 7 60 May 27
42 Apr 6114 Aug
115 11534 116 1174 11614 117 £11413 116
46.9001
St Louls-San Franciseo
11518 1164 11438 11518
100 1004 Jan 6 11714June 2
85 Mar 1034 Dec
10014 1001 101 101
300 Preferred A
101 101
"9912 102
139912 1014 *9912 1014
8312 Apr 9712 Dee
100 96 Jan 26 101 June 6
79
797
794 81
14,3001St Louis Southweetern
7738 8078 78
8014 7812 8078 7812 80
100 61 Jan 6 8338June 1
5712 Mar 74 Feb
•8812 90
*8812 90
*89
894 *884 8938 138834 89
Preferred
*8712 89
72 Mar 8014 July
100 7678 Jan 8 1018June 1
32
32
32
3278 32
38
3212 3214 3338 33
54,600;Seaboard Air Line
3438 34
2712 Mar 51 Dec
100 2818 Mar 31 4114 Feb 17
•38
39
*38
381
5,8001 Preferred
3738 3738 371 3 381z 3778 39
384 41
3112 Mar 4838 Feb
100 3212 Apr 28 4384 Feb 4
114 115
11414 11538 11414 115
35,500 Southern Pacific Co
11484 11514 1141z 11518 11418 115
9612 Mar 11214 Deo
100 10614 Jan 28 11638May 26
1274 1284 128 1294 128 129
mu 119 36628 13012may 27 10338 Mar 13114 Sept
12712 129
12818 1294 12712 12938 31,200,Southern Railway
99
99
984 99
99
1,300j Preferred
99
99
9812 9918 *9812 99
99
874 Apr 954 Aug
100 94 Mar 10 9.68June 8
941 961
97 100
95
994 9512 99
99N 1014 97 10034 61,100:Texas & Pacific
100 5378 Jan 7 10178June 9
423* Mar 614 Jan
•30
33
32
32
3112 3112 32
900 Third Avenue
"314 3212
33
*31
33
May
Feb
41
19
100
30
8
1312 Jan 43 Apr
1764
17714 17614 17738 176 17612 176 17734 175 17612 12,70011:Inion Pacific
17518 176'2
100 15912 Jan 27 18114May 201 14112 Mar 1684 Oct
8312 83'z 8332 8312 8314 8314 8238 83
2.000 Preferred
8238 83
8238 83
Mar
8412Ma
5
77
100
y 20
7434 Jan 8114 Aug
7518 7678 7538 7734 76
7812 7634 7834 79
81
7734 7914 113,600 Wabash
100 4012 Jan 4 81 June 9
3378 Mar 52 Jan
9812 98
974 9714 98
0912 99 100
13,900 Preferred A
100 101
9912 101
100 76 Jan 3 101 June 9
88 Mar 784 Jan
*94
98
97
*94
*95
97
600 Preferred it
97
97
9712 98
98
98
100 65 Jan 15 98 June 9
57 Mar 72 Jan
55
571
5838 651
6312 67
64
275,900
6714 6438 674 6314 66
Western Maryland
100 134 Jan 6 874June 9
11 Mar 1638 Jan
5718 584 651z 6338 67
55
6412 6714 6412 6712 64
6534 15,800 Second preferred
100 23 Jan 7 6712June 0
1638 Mar 244 Sept
303 3014 3034 3012 3434 344 3534 34
30
30
29
20,900 Western Pacific new
35
100 2518 Apr 26 3912 Feb 9
2712
Dec 394 Jan
6018
604
59
594
59
60
59
14,000 Preferred new
83
63
66
67
64
100 55 Apr 26 764 Feb 7
72 Dec 864 Sept
*80
90
90
1380
1380
*80
90
90
*80
90
90
Wheeling & Lake Erie Ry _ _100 2712 Jan 3 130 Feb 8
*80
18 Mar 32 Jan
"7834 91
*86
*86
92
90
*86
90
3180
90
*86
88
Preferred
100 4712 Jan 7 97 May 13
37 Mar 5012 Jan
Industrial & Miscellaneous.
944 9412 94
94
95
9614 95
9512 9512 9638 95
96
6,100 Abitibi Power & Paper_No par 83 Jan 27 9734May 27
7034 May 98 Sept
•7312 7514 *7312 754 *7212 7514 *7212 754 137212 75
200 Abraham & Straus----No par 6214 Mar 28 8214
72
7312
Apr 20
43 May 72 Dec
11112 11112 *11112 113, •11112 112 *112 11212 112 112 *112 11212
30 Preferred
Feb 1 11312 Feb30 10418 Mar 112 Deo
11012
100
137
137 13136 139 31136 139
200 Adams Express
13137 139
137 137 *13712 13912
100 124 Jan 5 13934May 23
9918 Mar 136 Sept
*1112 13
1212 1214 1214 *1112 13
1214 36
400 Advance Rumely
12
12
*12
1234
100
912 _Ian 3 1534 Feb 9
*33
36
36
35
8 Dec 22 Sept
36
*33
357 *331, 3534 *33
3512
300 Advance Rumely pref
100 3014 Jan 25 41 Feb 9
2878 Dec 8534 Sept
278 3
234 278
234 3
7,000 Ahumada Lead
278 3
278 278
278 3
4June 2
1
2
3
512
Mar 6
434 Nov
918 Jan
16214 16414 16412 166
167 16878 1684 1684 166 1713* 1684 17278 17.000 Air Reduction, 1no____No par 13412 Jan
26 1724June 10 10714 May 14634 Dec
9
9
814 834
8
812
814 16.200 Ajax Rubber. Inc
812
8
8
812
8
8 June 7 1334 Mar 25
No par
718 Oct 18 Feb
*14
114
118
118
118 *118
118
138
118
118
1,400 Alaska Juneau Gold Min__ 10
118
IN
118May
24
214 Feb 18
...... ..**,. 1191. 1441. 14210 1455z 1421.4 14434 14212 14312 14138 14234 50,500Allied
2 Jan
78 Oct
Chemical & Dve_No par 131 Jan 25 1471aune 1 106 Mar 14878 Deo
•Bid and asked prices. s Ea dividend. a Ex-rtgbra.
Saturday,
June 4.




New York Stock Record -Continued-Page 2

3471

Fos sales during the week of stacks usually inactive. see second Page Preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
June 4.

Monday, I Tuesday,
June 7.
June 6.

Wednesday,i Thursday,
June 9.
June 8.

Friday,
June 10.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1 1927
On Oasis of 100-share lots
Lowest

Highest

PEE 510AICE
Range for Previous
Year 1926
Lowest

Highest

& Mace'. (Con.) Par $ per share 5 per share $ per share $ per Oars
$ per share $ per share $ per share $ per share $ per share 5 per share Shares Indus.
300 AlLed Chemical &Dye pre/AO° 120 Mar 11 12214June 4 11834 Mar 12234 Dec
__
1224 12214 *12034
12214 12214 5122__ 12214 12214 *12214 _ _
7814 Mar 9458 Jam
100 88 Jan 25 11134May 31
Mfg
Allis-Chalmers
3,000
8
-1085
8
1075
8
1087
4
1087
1083
10812
$
10912
0978 109
1098 110914 110
100 109 Feb 9 11212 Apr 21 105 Apr 1114 D46
11111 1,400 Preferred
11112 11112 11112 11112 11112 11158 11112 11112 11112 11112 11112
11
Feb
1434 Oct 21 Sept
2418
155
20
par
8May
1658 1714 3.600 Amalgamated Leathar_No
1534 17
17
1618 1718 1612 1612 1612 1612 *16
2414 May 3278 Alit
No par 2758 Apr 28 3758 Feb 7
327 12,200 Amerada Corn
32
3314 3214 33
3214 3214 3214 32
3212 3212 32
14
9 Oct 3434 Jar
Feb
4
3
14
6
Apr
818
/Chem-100
Agriculture
934 934 1,500 Amer
914 912
912 10
912 912
934 10
10
10
3538 Oct 9812 Ja2
100 2814 Apr 6 5134 Jan 10
3312 325* 3234 3258 3258 3258 3338 3234 3278 2,000 Preferred Note
3278 3338 33
Ocl
3458
5018May
4
Mar 46
6
10
Jan
41
Bank
Amer
49
2,700
24812
4918
49
4912 49
4858 49
*4814 49
49
*48
Jan 5812 July
55
60 5612 Jan 4 60 May 7
130 Preferred
59
5912 5912 5912 59
*59
594 594 59
59
59
59
2012 Sept 3834 Fet
Sugar__No par 1818 Apr 28 2334 Mar 14
Beet
American
2112
800
21
2118
2118
23
*21
23
2118 2118 *21
21
21
55 Nov 83 Fet
100 48 May 4 6018 Jan 3
*5212 534 1,000 Preferred
5312 5212 54
53
55
54
56
5412 *51
*51
16 May 3438 Jam
13 Jan 20 1834 Feb 28
1318 1334 3,000 Amer Bosch Magneto__No par
1312 1318 1318
1318 *13
13
13
1314 13
13
4314June8_
2
par
No
3512May
new
F
&
Shoe
Brake
Am
35,500
42
4118
4158 4314 4158 428
3812 385* 417
38
3734 377
Mar
128
12
11014
-Mar 1-281$ Fet
7
Feb
100
11714
Preferred
*12014 125 *124 125 *124 125 *124 125 *124 125 *124 125
3014 Mar 50 Ane
1634June 10 3912 Jan 5
22,500 Amer Brown Bever! El_No par
1938 1634 19
18
1912 20
194 204 1938 20
1958 20
Feb 1
98
Mar 9718 Jam
10
8612
June
78
100
Preferred
1,200
79
78
80
79
794 80
80
80
7912 80
*7514 80
3878 Mar 6318 Ails
25 4358Mar 31 5212June 2
5018 5318 127,400 American Can
52
5014 5158 505* 51344 5012 5138 51
51
50
Jan 13018 Dec
100 126 Jan 14 133 June 7 121
Preferred
800
133
133
135
*133
133 133
13234 13234 1324 13212 133 133
9112 Mar 1147g Jam
7.900 American Car & Fdy_--No par 9912 Jan 28 109146lay 27
105 106
10514 1064 1054 10518 10514 106
10614 10612 106 107
8
12012
4June
Oct 13014 Dee
1343
12
12818May
100
400 Preferred
___ 13312 13312
133____ 13314 13314 *13314 13412 13434 13434 *134
31
Jam
Oct 51
No par 36 Jan 26 52 Mar 17
4,100 American Chicle
48
48
4814 -49
4912 4912 4934 4918 4934 4812 49
49
414 Jan
9
1514June
1038 Aug
20
Apr
938
10
SyndicateDruggists
95,500
Amer
1514
1412
1434 1514
1434 15
14% 1434 15
1418 14
14
1
Mar
8
140
June
1057
Jam
144
17
Jan
127
100
5,000 American Express
138 138
138 14054 139 13938 13714 13912 13514 13734 13512 137
1414 Nov 4234 Jan
2314 2378 49,000 Amer dr For'n Power__No par 18% Feb 17 2512Mar 29
247g 2334 24% 2358 24
2514 24
2334 24% 24
98
79
Oct
6
4June
Feb
1013
15
Feb
No
8812
par
10012 10012 10012 10012 1,700 Preferred
100 10018 10014 10134 100 10112 100 100
73 Apr 28 1012 Feb 8
7 May 1712 Feb
2,200 American Hide & Leather-100
*912 10
10
1018 *934 10
934 101
*912 10
*912 10
3312May 8714 Feb
100 48 Mar 1 6212June 8
6214 6118 6218 7,100 Preferred
5612 5712 5812 6018 6158 6114 6212 62
56
8 Oct 305* Dec
235
8
394June
3
Jan
par
8
303
Products_No
3914 3818 3918 38% 3834 16,500 Amer Home
394 384 3834 38
3838 38
37
100 11418 Jan 28 13714May 10 109 Mar 136 June
1,600 American Ice
130 131
131 131
13212 13212 132 13238 131 131 *131 132
Oct 8634 June
8112
7
May
96
7
Jan
100
84
Preferred
941
500
94'2
9412 9412
*9412 95
*9412 95
95
95
*9434 95
3134 July 4634 Feb
par 37 Mar 23 5512June 7
93
5314 551
55
5212 54% 5214 5314 59,300 Amer Internet Corp___No
97 Dec 1578 Jan
494 5118 4912 94
4 June 4 10 Jan 3
E--10
F
France
La
American
20,800
484
6%
614
434 634
412 4%
418
418 412
45*
4
2558 Oct 5278 Jan
100 2018 Apr 5 34 June 10
38,400 American Linseed
3258 34
33
28
2514 2514 2518 2614 28
*25
25
25
Jan
6724 Oct 87
100 4638 Mar 19 7474June 10
747 12,600 Preferred
734 71
67
64
6312 68
63
62
6118 62
61
9014 Mar 11978 Jam
18
May
116
19
Jan
4
3
105
Par
Locomotive-No
4
American
1111
9,300
8
113 11338 113 11334 21107
Dec
12414
11234 11312 11314 11312 11278 114
116
2
Aug
Apr
12A
23
100
11912
Feb
500 Preferred
12218 12218 *122 124 *122 124
12134 122 *122 12418 *12218 124
6514 Oct 8012 Aug
par 7314 Jan 3 8558June 10
8614 86% 8658 1,599 Amer Machine & FdY--No
85
85
*8412 8434 • 8412 841 584
*8412 85
100 12518 Jan 6 149 Mar 29 114 July 125 Dec
Preferred
14484
•141 145 *14114 14434 *141 14484 141 14434 *14034 14434 *14034
4314 Dec 57% Feb
20
Jan
44
9
par
4034June
500 Amer Metal Co Ltd___No
*4034 41
4034 41
41
41
4114 *4078 41
4114 *41
*41
100 108 Jan 6 11212May 17 11312 Apr 120 Feb
400 Preferred
108 10818 5108 110
*108 110 *108 110 *108 110 5108 109
5034 May 7212 Sept
3
June
Par
67
27
Jan
54
LIght----No
dt
27,600 Am Power
634 64
6434 66'z 6334 6434 6312 64
67
BA 6578 65
25 11012 Jan 21 131 May 26 10114 May 1225s Aug
6,300 American Radiator
123 124
12512 12612 126 12634 12512 120's 125 12514 12312 125
773s Mar 90 Dec
Amer Railway Expreas____100 8712 Apr 4 9714Nlay 23
97
*95
97
•9914 9612 *95
97
97
96
*95
*95
*95
397 Nov 74
Jam
10
7,200 American RepublIce_--No par 351e Jan 4 6212June
4514 52
44
5434 50% 5178 5078 621
44
51
44
44
42 Apr 7034 Aug
28
Mar
6112
28
Jan
48
5012 *4714 4812 2,400 American Safety Rasor___100
50
5012 51
51
5112 51
51
51
51
May 12
48
10
June
45
par
No
c
t
v
Seating
Am
3,100
46'2
*455* 4534 458 4534 453* 457
455* 4534 4538 458 45
117$ Max
538 Dec
6% Jan 7
312 Mar 23
700 Amer Ship & Comm__ _No par
512 518
5
512
4.78 47
55
434 5
52
514
*5
Smelting & Refining_100 132% Jan 25 16718June 2 1095* Apr 152 Aug
160 16218 1615* 16234 16012 16214 15934 16178 161 16414 16014 1631 71,300 Amer
4 112% Mar 12234 Dec
4May
1267
16
Mar
100
11914
Preferred
1,400
125 125 512412 125 *1243* 1241 12434 12434 12434 12478 12412 125
100 1193* Jan 17 1307/Mar 10 1212 Oct 165 Feb
900 American Snuff
12834 12912 *125 127
128 128 "127 129
128 128 5128 129
40 May 47 Aug
par 4112 Apr 29 4612 Feb 14
4418 4412 444 445* 4434 4584 3,600 Amer Steel Foundries _No 100 113 Jan 7 115 Jan 13 11014 Sept 115 Feb
448 44% 4412 4412 4414 441
100 Preferred
11314 11314 *1134 114 511314 114
*11314 114 *11314 114 *11314 114
Apr 8714 Nov
6514
26
4May
953
100 70 Jan 25
Refining
9138 928 9012 91
89
8934 8734 89'8 7.400 Amer Sugar
9212 9212 93
91
100 10778 Mar 3 11612May 26 100 June 11012 Nov
600 Preferred
11214 11214 112 11218 •112 114
113 114
•1134 114 *11314 114
44 Dec
2914
Aug
16
Apr
8
583
3
Jan
par
4112
o____No
6,800 Am Sum Tob v t
521
617 5314 525 5258 52
537
517 5214 5214 5358 53
2512 July 4118 Feb
Amer Telegraph & Cable__100 26 Apr 1 34 May 9
*2912 32
52912 32
*2912 32
52912 32
32
530
32
530
151 Dec
8
Apr
13958June
17238
3
Jan
100
1494
Teleg
&
Telep
1675* 1881 16712 16878 16712 16814 167 l67s 16,200 Amer
16734 16814 16758 168
7 13912May 20 111344 Mar 1248 Sept
2,700 American Tobacco com____50 120 Jan 5
135 135
13534 138
13414 l34s 13434 136
133 13312 13334 135
13834May 20 11018 Mar 124 Sept
60 11914 Jan
13434 135'2 5,300 Common Class B
134 136 *13412 136
132 13312 13334 1345* 133 134
11578 Mar 9 10618 Jan 113 May
4
Jan
11018
100
300 Preferred
11512 11512 511412 115
•115 11512 11512 11512 1158 1158 *11512 116
Jan 135 Fet
Founders_100 125 Jan 7 146 Feb 18 114
Type
American
*132
1334
134
4
13518 1354 1344 135 *1333
1354 13512 13514 136
98 June 6
3
4334 Apr 74 Jar
Jan
6214
Elec__20
&
Work'
Water
35,900 5in
9518 9212 93
95
93
9214 9512 93
9412 98
10814 Jaz
Jan
8912 96
10112
8
Mar
1107
21
1
Mar
100
1041/
500 let preferred (7%)
10914 1094
10912 110
110 110
1510912 110 *10912 110 *10934 110
19 June 4278 Jar
100 1612June 7 3338 Jan 5
1718 17'8 14,100 A4.8erican Woolen
1658 1734 1654 17
9014 Dec
1818 187s 184 1812 1612 17%
66
8612
Apr
7
1
Jan
8June
467
100
4712 10,800 Preferred
47
472 4914 4712 4914 474 48
51
5058 51
50
978May 26 14 June 10
Writing Paper ctfs_No par
Am
18,700
7
4
14
123
8
4
127
123
12
1212
1318
5,,May -1-218 Fee
1134 1278 1258 1318 12
7,2 Apr 28 1014 Feb 17
400 Amer Zinc, Lead & Smelt_ __25
812
812
8
812 *8
*8
8
8
20 May 54 Dec
838 838
84
*8
25 42 Jan 5 514 Feb 18
47
900 Preferred
471 546
4112 Mar 5178 Aug
4678 4718 4712 4618 4618 *46
46
4518 46
45 Feb 9 494 Jan 12
Mining-60
Copper
Anaconda
4534
10,100
4512
5
45
4514
45
4534 4518 4534 45
12 42 Jan 18
348 June 4484 Jar
454 458 45
400 Archer, Dan'Is. Midi'd_No par 38 Mar 4 10812May 10 100
4012 4012
Ocl
*4012 4112 4012 401
Mar 108
41
4114 41
54012 4114 541
100 108 Jan
30 Preferred
9014 May 9778 Jan
*107 109 *107 108 *107 108 5107 10712 107 10712
86 Apr 13 9818 Feb 16
*107_
100
Pref
(Del)
Co
&
Armour
400
91
*90
91
*90
91
Fet
2512
May
1318
7
Jan
8
157
4
91 -913-4 58912 9112 *8912 9112 91
814May
A__25
Class
Illinois
l0'4
Jar
9% 98 5,800 Armour of
534 May 17
1018 1012 10
918 Jan 6
1014 1012 1018 101.4
1018 1014
518May 5
25
618 612 1,800 Class B
618 63
80 Apr 93 Fet
838 6%
618 618
6
6
100 60 Apr 13 8814 Jan 27
*618 634
600 Preferred
313*
Jar
18
Apr
3
*7114 7234 7012 721 *6612 69
74
2918June
571
74
1
*70
71
71
Apr
21
par
Corp_No
274 5.100 Arnold Constable
194 Jan 2354 0431
27
2834 274 2812 2714 27'4 27
28
28
2612 28
22 Jan 11 27 Mar 12
900 Art Metal ConstructIon____10 49
25
25
*2412 25
4654 Sept 634 Jai
*2412 25
*2412 25
*2412 25
4 Jan 5
52412 25
543
4
Apr
par
No
Corp
500 Artloom
49
49
49
49
50
50
*49
540
50
*49
50
100 11114May 31 113 Feb 8 108 Mar 113 De,
30 Preferred
374 Mar 5478 Ja1
*112 11234 5112 11234 *112 11234 *112 11234 112 112 *112 11234
No par 39,2 Feb 9 447 April
4112 415* 4,600 Assoc Dry Goods
415* 42,4 4218 4218 4112 4178 415 421
98 Mar 10212 Jul
*41.58 41.7
100 9712Mar 3 104 May 2.1
1se preferred
'104 10612 *103 106 5103 107 *104 10612 "104 106 *104 106
100 105 Mar 23 100 June 9 102 May 110 De,
preferred
26
200
109 109 *108 110
4414 Jan 60 Mal
*107 110 5107 111 *106 110 *105 111
26 4418May 24 5014 Feb 19
011
Associated
49
4912 *43
544
*42
49
"4314 49
49
*4318 4912 542
29 Oct6835 Jai
SS Line_No par 305*Mar25 42 Jan 5
3912 4034 3812 4012 3918 4012 3914 3912 7,100 Atl G & WI
377 40
373 377
3314 Oct584 lax
29s454ar25 4114June 7
100
Preferred
2,200
41
*40
3818 39
4114 401 40'z 405* 41
3718 37,8 38
Mar 12834 Mal
97
10
8June
1255
28
Jan
107
100
Ill 11134 11118 1143 11334 11434 1144 12412 121 12412 119 1255* 41,400 Atlantic Refining
Oct120 Jun,
11518
11
Mar
118
100 11512 Feb 1
200 Preferred
1195* j1812 *116 117 *116 11612 5116 11612 5116 11612 11612 11612
54 Mar 64 No,
7() June 9
1
5612Mar
par
No
Powder
67
6814 4,200 Atlas
8512 65% 70
6512 65
56338 6412 6414 6414 65
971 Do
94 Jan
100 98 Jan 6 105 May 5
130 Preferred
10314 10312 510314 10312 10312 10312 1034 10314 10312 10312 *10314 10312
8
Oct174 Jai
73 Mar 14 1214 Apr 7
No par
100 Atlas Tack
87
5834 9
8% *834 10
*834 9
*834 9
*834 9
718 Oct28 Jai
Jan 3
1014
22
Mar
414
par
No
vto
Nichols&Co
5
5
Austin,
5
5
5
5
1,300
434 434
5
5
5434 5
93 Jai
64 Nov
100 3014June 7 61 Jan 5
32
530
200 Preferred
3112 3112 3112
31
3014 3014 531
*30
32
*30
1
9278 Mar 16734 De
222 2245* 128,800 Baldwin Locomotive W144.100 14318 Jan 18 228343une 2
219 22238 2228 2274 2214 2251 220 22378 22212 225
No,
11914
105
4June
Mar
1233
Jan14
116
100
Preferred
*11814 124 *11814 12412 *11814 123 *11814 12114 511814 12134 *11814 12114
30 11012May 10
100 Bomberger(L)& Co pref 100 10634 Mar
5108 109 *10838 109 *10838 109 *10812 10878 10812 10812 51075* 1087s
597 Feb 9
6
Jan
40
par
No
Leather
52
52
52
5214
52
504
53
Barnett
51
2,200
*534 54
53
53
2312 May -3312 Jai
26 234 Apr 29 35,2 Feb 26
2614 258 2618 2558 2618 2534 2678 26% 2678 2612 2678 16,400 Barnsdall Corp class A
528
224 Oct 394 Jai
25 22 Apr 30 3212 Feb 28
26
1,300 Class B
2512 525
253* 255* 2512 2515 2578 *25
25% *25
525
743
10
25
39 Mar 5638 No,
4May
Jan
No
4912
par
Ins
cigars.
723 7234 7212 7212 7114 7214 3,200 Bavuk
7214 73
7112 7134 73
70
1814June 7
1514May 31
No par
1758 17
17
17
1734 177
4.700 Beacon Oil
1614 1614 164 1612 1612 1814
Feb 15 -524 Oct /17$ -Fel
60%
29
Apr
5014
20
Packing
5218
4
5218
Nut
523
*52
53
Beech
53
300
53
5334 5312 5312 *52
*52
1834 Apr 29 274 Jan 7
26 Dec 3934 Jai
2014 2012 2038 205* 52014 201
1,400 Belding Hem'waY Co__No par
52012 2112 2114 2114 19% 21
3714 May spa Sep
100 4334 Jan 27 5814 Apr 7
51
17.600 Bethlehem Steel Corp
503a 514 5014 5078 50
5012 5012 5012 5112 605* 51
11112June
3
2
99 June 10578 De
Jan
4
1048
100
•
4
3
110
1,000 preferred
110 11018 10934 110 *110 11034 11014 11014 11012 11034 11034
415*
Jan
11
24
28 June 42 De
Mar
8
347
500 Bloomingdale Bros____No par
3518 351s 5354 3512 3514 3514
35% 36
36
*3512 374 30
100 10912 Jan 20 11314 Apr 18 10414 June 110 De
20 Preferred
•11112 11178 11178 11178 11112 11112 511012 11178 *11112 11158 511112 11172
Jan
1
6318
5
5312 Dec 6614 De
0une
3
par
59
No
A
class
5918 5818 59
58
5812 574 5712 58
2,500 Bon Ami,
58
5912 58
67
014 Jai
83e Apr 14
614 Jan 28
418 Mar
No par
714
714
75*
73*
1,100 Booth Fisheries
714 75*
714 714
714 714
8
57
11
Jan
5714May
45
34114 Oct 614 Jai
100
27
*51
preferred
56
*51
57
57
*51
56
57
551
let
551
56
*51
Jai
4114
May
18
4
May
284
A__50
Jan 5
21)
2012 1978 1978
2012 *20
*20
200 Botany Cons Mills class
*2014 21
21
205* no
520
24 Oct 3715 Jal
2812 2878 3,500 Briggs Manufacturing-No par 2614 Apr 23 3638 Feb 23
28% 285* 285* 285s 2834 2834 2834 2834 2912 29
100 14812 Feb 11 176 June 7 133 Mar 163 Hen
18812 17034 11,500 Brooklyn Edison. Inc
17034 17312 170 171
16512 16638 16634 17314 17314 176
No par 895* Apr 4 118 June 6
68 Mar 98 De
11512 11614 311414 11458 114 114
11514 117
13,900 Bklyn Union Gas
11212 1134 11334 118
294 June 483* Ja1
No par 3012 Feb 1 3658June 19
3312 3414 34
3414 345* 3578 3512 3658 17,900 Brown Shoe Ins
34
34
3212 33
par
27
r_No
14
May
10
Jan
243e Mar 3284 13130
8
387
4
*283
Brunsw-Balke-Collare
2812
29
29%
8
3038 293 2912 285
2812
2,800
288 2878 29
93
93
9212 934 1,600 Burns Bros new cliscom No par 92 June 1 1251* Jan 20 121 Mar 144 Jul
9318 9318 9212 93
9212 9212 9234 93
284 Nov 44 Fel
27
No
1614
Mar
par
oom
18
Jan
3
3454
B
class
2118
22
2118
22
2112
2112
21
2112
New
800
22
22
2112 2112
97 Mar 10312Jun
100 945* Apr 16 100 Jan 3
9812 59212 981
*94
*9412 97
*94
Preferred
96
9612 *9414 95
*95
7712 Apr 124 De
*9234 935*
93
93
94
200 Burroughs Add Mach-No par 290 Mar 2 12634 Feb 28
9318 9318 593
94
*93
94
*93
1854 Mar 3414 Jul,
6112 59
6178 47,700 Bush Terminal new___No par 298 Jan 12 62 June 7
5514 5614 573 604 5934 6234 6012 6212 60
Apr 93 All
86
31
100 9114 Jan 5 104 May
490 Debenture
102 10234 1024 10312 10214 10212 10234 103
102 102
102 102
9912 Jan 104 No'
11
Apr
115
11212
Bldg',
14
pref
511212
Feb
'
100
103%
11214
Term
11212
*1103
4
Bush
11212
4
1123
50
11214
11212
4
1123
113
*11012
614 Pet
Dec
4
2
413
8
543
54May
44
334
19
412
5
Mar
lino
&
Copper
412 412 5412 434
412 412
800 Butte
*412 434
1734 Mar 71 Sep
53
552
53
100 5012 Jan 3 61% Feb 15
200 Butterick Co
535* 552
*5112 544 5114 51's *515* 5312 552
718 May 1614 Jai
7
Jan
4
111
75
4
10
Mining
Superior
Apr
98*
&
912
97
Butte
5914
914
2
,
9
8
*914
914
98
2,000
9
9
9
53 June 90 Sep
8434 85
4,300 By-Products Coke„--No par 68 Jan 29 9212June 2
28634 904 8614 8914 8512 8612 857s 86
8558 89
28 Mar 4478 No
8514 8314 8434 82
84
83
27,200 Byers & Co (A M)_ _No par 42 Jan 3 94 June 2
87
87% 85
848 83
82
6614 Oct 17912 Fel
5
Jan
70
I
Apr
par
6014
613
62
4
82
4
627
Packing____No
63
California
62
63
3.700
625* 6314 6212 6338 63
2934 Oct 3818 Fat
18
Jan
245* 241 14,300 California Petroleum
25 2112 Apr 28 3278
24,8 2412 244 2412 2414 2434 2414 255* 2458 25
112 Mar
25* Jai
21* Jan 17
112
112
112
112 1,500 Callahan Zino-Lead
112 112
112 112
112 Jan 3
10
15*
15
15*
15*
Mar 7358 Au,
5512
21
Apr
70
6614
13
4
Apr
663
67
66'2
6634 6634 6834
67
68
10 6412
900 Calumet Artsona Mining
*67
66
86
1812
All
Mar
20
135*
Apr
1538
25 144 Jan 4 17
600 CtiluMet & Ueda
155* 1518 1518 1512 1512 1512 1512 1538 1512 *15
•15
3212 Oct 49 Sep
4414 448 4334 4414 423 438 405* 427k 9,300 Canada Dry Ginger Ale.No par 36 Jan 5 4612 Apr 6
45
4412 45
44
All
176
Jan
6212
21
2May
2341
997
218 221 2216 21734 8,000 Ease Thresh Machine
100 132 Jan 27
218 220 22112 225 223 229 991
•Bid and asked prices: no sales on this days a Ex-dividend. a Ex diaden2 5112 ex rights.




3472

New York Stock Record—Gontinued—Page 3

For sales during the week of stocks usually inactive.
see third page precs
'
HIGH AND LOW SALE PRICES—PER SHARE,
PER SHARE
PER SHARE
NOT PER CENT.
Sales
STOCKS
Range Since Jan. 1 1927
Range for Protons
Or
NEW YORK STOCK
Monday, 1 Tuesday, 1 Wednesday,, Thursday,
On basis of 100-share lots
Year 1926
Friday,
I
the
EXCHANGE
June 6.
June 7.
June S. I June I).
June M.
Week.
Lowest
Highest
Lowest I Highest
$ per share $ per share $ per share I $ per share I $ per
share $ per share Shares Indus. & Miscall.(Con.)
•118 123 .1144 118 *114 120 011412 120
Pae $ per share $ per share $ per share $ per share
1+114
Preferred
*2634 27
100 111 Feb 28 12412May 21
27
2718 2718 2834 2778 2873 2814 120 *114 120
96 Jan 11812 Aug
2914 29
2914 10,000 Central Alloy Steel____No par 24 Apr
*13
1512 1413 1412 15
1 31 Apr 14
1512 *14
2813 Oct 3314 Aug
16
*1412
15
1412 1412
800 Central Leather
100
1312 1334 *1313 1412 1334 14
84 Jan 3 174May 25
7 Nov 2013 Jan
*14
1413 1418 1412 14
14
1,700
Certificat
•
es
7712
100
714 Jan 3 1512May 26
.*____ 7612 *____ 7612 .____ I 76
7 Dec
834 Nov
Preferred
..
.--76
100 54 Jan 14 7712June I
*664 87
6658 6633 *6614 67
*7712--4314 Apr 6834 Jan
6534 *6558 67
1,500 Preferred certlficates
6512 6618
1414 1412 1414 1414 *1312 1414 6512
100
54
Jan
3
677
8May 26
50 Nov 5412 Dec
1312 1313 *13
1312
13
13
1,000
Century
Ribbon
Mins_NO
par
1013 Jan 26
*751
- - *7514 79
1612 Mar lb
*7514 79
1014 Oct 3272 Jan
*7514 79
*7514 70
*7514 79
Preferred
5934
4-60
100 70 Jan 24 83
5978 60
5912 60
7814 Dec 90 Jan
5934 5978 5973 5973 60
3.000 Cerro de Pasco copper_No par 59 Apr 28 6312 Apr 22
60
5358 5414 54
55
Feb 24
54
5712 Jan 7312 Aug
5512 5434 5512 5412 5512
55
93,700
'CertainTeed
Products_
*112 11453 *112 115 *112 11453 *112
No par 42 Jan 25 5534May 11
3618 May 4912 Jan
11458 *112 11458 *112 11453
1st preferred
100 106 Feb 1 11034 Mar 7 100 May 10614
*934 10
978 10
10
10
Nov
934 10
94 973
3.400 ChandierCleveland MotNo par
978 10
2138 22
818 Jan 6
22
14 Mar 22
2233 *22
812 Nov 26 Fob
2212 2134 2238 2218 2218 2178 224 3,100 Preferred
No par 2118 Jan 25 2614May 6
131 13 13434 135 13512 133 13312 *13212
2034 Dec 454 Feb
134 *13212 134
13212 13212 3,300'Chicago Pneumatic Tool__100 12012 Jan 3 13714
*6012 61
604 61
Mar
2
9412 Apr 12814 Dee
60
6112
No par 484 Mar 31 6234May 24
3518 3512 3514 3538 3514 3512 6012 6213 6114 6238 6012 6134 7,500 Childs Co
4518 May 8633 Jan
35
3512 35
3538 • 3518 3538 8,600 Chile Copper
25 3433 Jan 3 3914 Mar 21
*2214 26
*2214 26
30 Mar 364 Jan
*224 26
*2214 25
*2214 25
*2214 25
!Chino Copper
5818 6012 5818 60
5
2213
Jan
7
24 Apr 11
16 Mar 26 Nov
5712 59
5873 5712 5712 5712 5712 33,000 Christie-Brown tern ctts No par 3478 Jan
4512 4534 4553 4714 464 4934 58
5 6178May 20
2912 Oct 6334 Jan
50
5134 4934 5073 494 5058 545.500 Chrysler Corp
No par 3818 Jan 28 5134June 8
2812 Mar 5478 Jan
*10814 110
109 109
109 10934 110 110 *11018110131 11012 11012
800 Preferred
No par 1024 Apr 11 11012May 23
5812 5812 5812 5812 5812 5812 *5818 59
93 Mar 108
Jan
*5818 58121 57
58
1,100 Cluett Peabody & Co_No par 5678 Mar 17 6634 Jan 24
•11712 118
11712 11712 *11712 119
60 Dec 6812 Jan
11712 11712 118 118 1.11712 119
80 Preferred
100 11114 Jan 6 120 May 4 10314 Jan 116 Sept
116 11738 11718 119
11614 11878 11712 11812 11718 11858'511612 118
14.800 Coca Cola Co
No
par
39613
Apr
99 10112 10134 105
27
19912 Apr 22 128 Mar 17434 Dec
10534 10812 10518 10734 10412 10612 10112 10412 34,100 Collins & Aikrnan
No par 63 Jan 4 10312June 7
8714 89
88
3434 May 6912 Dee
8914 8718 8912 8614 8814 86
87s 8758 8813 88.200 Colorado Fuel & Iron
100 4258 Jan 4 9112June 2
76
76
75
2733 Mar 4938 Oct
7578 7334 75
*74
75
*74
75
4
734
743
1.200
Columbian
Carbon
v
No
to
par
6673 Jan 3 85 2 Mar 18
9538 9612 9558 974 9618 9728 9533 9613
554
Jan 7034 Dee
957
8
0413
953
23.100 Colum Gas de Elea new_No par 8278 Feb 11 9334May 27
3 9534
•10638 10634 *10638 1064 106 106
854 Nov 91 Dec
10638 10638 1064 10614 106 106
500 Preferred new
100 9913 Jan 24 10712May 16
51
5214 5213 544 5318 5433 5234
9878 Nov 10158 Nov
535
5218
8
5314
56,100,Co
5118
5212
mmonwealt
Power_No
h
par 4858May 25 5138June 7
16
16
16
16
1534 15% .1512 16
1473 1512 1478 15
4,300 Commercial Creclit____No par
1458 Feb 1
*2012 2112 *2012 2113 *2013 21
20's Feb 21
1-612 Nov 4712 Jan
2012 2012 20
2018 17
840 Preferred
20
25 17 June 10 23 Mar 10
•2018 22
*2018 22
2114 Nov 2614 Jan
nols 22
20
2018 20
340
20
20
19
Preferred B
25 19 June 10 23 Jan 7
*7612 79
*7612 78
20 Nov 278 Jan
*76
78
*7612 78
7512 7612 7412 7412
400 lot preferred (656%)
74 May 9 854 Jan 12
5238 5373 524 5338 5173 52% 491 2 5112
100
8512 Dec 9012 Feb
50
4912 5012 *47
3.800 Comm Invest Trust__No par 4118May 4 5614 Mar
*9512 98
*9512
14
5412 Dec 72
*9512 10018 *9513
Jan
- *9512 98
7% preferred
*95,2
100 95 Apr 21 9312 Jan 27
*8833 90
9014 -9014 *8833 9014 *8838 -9-013 *884 9013 *883
97 June 104
Jan
200
9018
8
Preferred
(61.8)
100
8812May
37014 37312 37412 37514 36913 373
17 95 Mar 14
89
May
100
Jan
36312 37033 360 366
16,800
33812
35612
Commercia
l Solvents B No oar 223 Jan 3 3S3 June 3
1912 20
1978 2014
11814 Jan 237 Nov
1012 20
1912 1934 1912 1934
1012 1958 12,600 Congoleum-Nalrn Ino_No par
1714 Jan 26 2238May 4
6078 61
6113 6312 62
1212 May 2933 Sept
631* 6213 6273 6218 6333 6214 64
20,600 Congress Cigar
....
No plr 47 Mar 11 64 June 10
14 *_
14 ._
14
4013 May 57 Des
*18
14
*1,
14
*18
14
Cooley Tin Foil stpd
No par
14 Feb 1
78i4 7912 io 8 8058 i678
53 Jan 5
33 Dec
8038 7812 7914 .7812 79 70 79 6,900 I Consolidat
1 Mat
ed
Clgar
No
par
757
8
*97 101
Apr
30 8513 Feb 17
*9634 100
*9634 100
4514 Apr 8714 Dee
*9612 101
*9634 101
*9634 101
I Preferred
100 99 Mar 22 10212 Feb 2
91
Mar 10733 July
•138
112
114
114
114
114
114
138
138
138
1
114 2,100'Consolidated Distrib'rs No par
1 June 10
103 10378 10334 10434 103 104
213 Feb 4
112 Aug
10234 10334 10338 10478 10353 104,2 28.200,Coneolidated (3as
612 Jan
9738 9738 9718 9728 97
(NY) No par 94 Mar 9 10913 Jan 10
9714 9678 9718 9634 97
87 Mar 11538 Aug
9634 97
11,2001 Preferred
No
par
93
Mar
18
4June 1
973
54 6
534 6
1
533 54
5 2 578
13.500 Consolidated Textile_ _No par
5
53
,
2
8
5
,
2
53
3
38
Mar
38
3
,8
14
7 May 7
38
3814 3778 38
114 May
44 Nov
37,2 3773 3734 3778 x3634 37
3,300 Continental Baking clANo
par 3312 Apr 30 744 Jan 6
458 434
412 434
412 458
5013 Oct 9378 Aug
412 458
438 412
412 9.2001 Class B
414
No par
8278 8278 *8212 84
4 May 19
1014 Jan 5
8234 8273 8212 8212 8278 8278 581
758 Oct 1513 Sept
81
1,100 Preferred
6614 6712 67
100 72 Apr 1 9714 Jan 13
67
87
6614 67
Oct 9612 Aug
67
68
6718 69
6714 68
11.100,Continental Can. Inc_ _No par
17012 17012 17214 17214 17012 171
5834 Apr 9 7312 Jan 3
70 Mar 9213 Jan
169 17012 170 170
16914 170
1,100,Continental Insurance
1158 12
25
1178 1238
1178 1218 1134 12
22,400 Continental Motors_._No par 135 Jan 27 174 May 25 122 Mar 14434 Jan
1134 12
12
12
1138 Jan 28 1334 Jan 6
8418 5478 544 5512 5413 55
978 May
1378 Doc
5558 23,575 Corn Products Refining____25
5438 6478 5434 5512 55
*13012 13212 132 133
464 Jan 12 6318May 14
_ 13214 13214 13214 13214 *132
354 Mar 5153 Dec
__
2001 Preferred
8278 8278 82
100 128 Jan 11 13214Junc 3 12212 Jan 13014 Dee
8213 *132-80
803
- 4 80
80
8012
815
8012
8
8153
-2,400,Cot
y,
Inc
No par 56 Jan 3
*86
8712 8734 8734 8614 8612 *8612 871
4413 Mar 62 Dee
86
8614 86,4 8634 1,000,Crucible Steel of America_100 77 Jan 4 8378June 2
*110 11212+110 120 *110 113 *110
9834 Mar 4
64
Apr 8234 Dec
113 *110 113 *110 113
I Preferred
*2914 2934 2912 30
100 103 Jan 18 11013May 31
96
2958 30
Mar 104 Dec
2934 30
4
293
293
3,100
4
2912
293
4
Cuba
Co
No par 2614 Feb 2 3414 Jan 8
9
9
*9
918
2814 0 t 6333 June
9
9
*878 9
878 878
878 878
500 Cuba Cane Sugar
No
*41
par
8
Apr
4113 .40
11
1034
41
Jan 5
853 May
38
88 3634 3838 9.900 Preferred
1k12 Jan
3912 37,4 381238
24
3634Junc 10 5034 Jan 4
2438 24
24
3512June 6033 Dec
231* 233
227 24
*23 1 2312 23 23 3.900 Cuban-American Sugar 100
10514 10514 *102 10512 .102 10512 *102
10 2233 Apr 6 2812 Jan 3
2014 Aug 3038 Jan
10512 *102 10512 *102 10512
1001 Preferred.
100 102 Jan 31 10514June 1
1434 1434 1434 1434 1412 1412 *1414
9754 Jan 105 Nov
1414
1478 *1414 1473 14
600 Cuban Dom'canSugnewNopar
48
134 Apr 21 18 Jan 21
48
48
1512 Sept 2014June
4814 48
48
48
4812 .4614 4612 4812 4813 1,600 Cudahy Packing new
50
*107 114 *107 113
4312 Apr 8 5273 Feb 23
51 18 Nov 55 Dec
113 113 *109 110
110 110 *109 114
200:Cushman'e Sons
No par 103 Apr 4 11812May 10
7712 Mar 108 Het
•35
3612 *3512 36
36
36
36
36
*35
3612 *3512 36
500 Cuyarnel Fruit
No par 30 Apr 28 38 May 16
30
31
32 Nov 61
3014 3038 30
Jan
3212 314 3212 3012 314 3012 32
5,900 Davison Chemical v t c_No par 2614 Apr 28 3412May 24
154 15412 15213 153
2318 Oct 4634 Feb
15214 15312 15112 15214 150 151
14914 15018 3.100 Detroit Edison
100 13312 Jan 21 157
3712 3712 3778 38
2 12312 Mar 14113 Dec
3778 3778 3712 374 3778 3778 3773 374
1.200 Devoe & Raynolds A__No par 3713 Jan 25 4233June
Feb 2
31
Oct 10413 Feb
128 12834 12612 12612 128 12973 128 128
12778 128
270 Diamond Match
12612 12712
100 115 Feb 28 133 May 12
2178 224 2058 2134 2033 2114 2034 214
2034 2118 204 2118 38,900 Dodge Bros Class A___No par
1738 Apr 22 2712 Jan 5
21 14 May 4714 Jan
7414 7513 7412 75
7418 743
744 7478 744 7434 7418 744 5.4001 Preferred cart f
No par 70 Apr 23 85 Feb 14
7912 May 90 July
712 712
712 733
733 7,
733 738
714
732 738
738 1,900'Dome Mines, Ltd
No par
714June 10 1114 Jan 4
8
Oct 20 Mar
*64
65
65
65
8514 65'4 6512 6812 67
72
6934 7078 3.600 Douglas Pectin
No par 46 Jan 3 72 June 9
19 Mar
*115 116 *115 116 *1151 2 1 1534 *115 116
4
1153
11512 11512 11534
300 Ducluesne Light 1st pref___100 11414 Mar 2 11634June 1 11112 Mar 46 Nov
14734 148
11634 Aug
14714 14918 14612 1494 14653 14734 14658 14712 14612 14612 5,200:Eastman Kodak
Co
No par 12514 Jan 23 15014May 31
2514 2512 2538 2538 2518 2518 2514 2633 2658 2778 27
8 Mar 13634 Dec
2734 18,400 Eaton Axle & Spring_ _NO par 2418 Mar 21 28.2 Mar 23 1065
23
242 243
Oct
243 24534 24313 24534 24334 245
3234 Feb
24338 24578 20.100 E 1 du Pont de Nem new_No pa, 163 Jan 25 25378 Apr 22 15434
24314
1114 1114 11134 112 .11134 11178 *11134 13178 11134 245
Nov 18113
11178 .11112 1114 2,000; 6% non-rot deb
100 10512 Feb 5 11218May 10 10034 Apr 11018 Dee
1234 1234
1253 1314 *1234 1314 *1212 13
Dec
1.000 Elsenlohr & Bros
1212 1212 *1212 13
25 1178 Jan 3 16,3 Feb 15
1034 Oct 2012 Feb
8112 82
8214 8214 81
8114 8114 8114 8134 8312 8212 83
3,200 Electric Autollte
No par 6312 Jan 13 8513May 17
6134 Mar 82 Feb
194 1912 19
1958 184 1918 1853 20
1878 1978 1834 1914 29,500 Electric Boat
No
par
Mar
1313
2
21 May 21
4 Mar 16 Dec
2278 2314 2273 2312 2212 2338 2214 2273 2218
224 2134 2214 33.500 Electric Pow As Lt
No par
1612 Jan 27 2358May 23
154 NOctr 93841,42 Feli
•115
__ *115
_ *11413 _ .*114
_ __ 114 114
2001 Allot ctts for pref 40% pd._ 10378 Jan 28 115 May 21
115 115
9912 Mar 115 Feb
10512 106 *10412 11710412 106
-- 105 10-5
1,2001 • Preferred
105 10534 1084 10614
No
par 96 Jan 14 10614June 10
.2312 24
8913
2312 24
2338 2313 21
Sept
2312 191* 21
20
2138 44,700 Electric) RefrIgeration_No par
1912June 9 3738 Jan 3
334 Dec 7812 June
7118 7112 57014 7088 7088 7088 6978 7012 69
69
6753 69
2,000 Elea Storage Battery No par 63143.1ay 3 7912 Jan 6
7118 Mar 94,8 Aug
*8
10
*8
912 *8
10
*8
10
*8
!Emerson-Brant ClaisA.No par
10
713 Jan 4 13 Apr 14
614 Dec
814 Dec
6934 7112 7114 724 7014 70,2 704 71
7034. 7178 7078 7238 19.000:Endicott-Johnson Corp-- 60 6434 Jan 28 7238June 10
6512 Mar 7253 Feb
120 120 *120
*120
_ *_ 104 *120 12114 *120
_
1001 Preferred
100
1164
Jan
121,2
Mar
5
28
114
2712 2734 2713 -27
Jan 120 Sept
-1
8 274 17-4
27
2712 27
274 2714 2-7-12 7,600 Engineers Public Serv__No par 214 Jan 11 2878May 24
1914 Oct 2413 July
106 106 510458 1044 10458 10514 *105 1054
105 105
10418 1044 1,600, Preferred
No par 9334 Jan 8 10612June 2
9214 Nov 9612 Aug
29
2958 2938 2978 20
2958 2913 3033 3013 3158 304 3078 42,100 Erie Steam Shovel
243
.5
Jan
4
315
3
8June 9
•10612 10712 10612 10613 *106 107
2113 Oct 2553 Noi
10612 10612 107 107
500; Preferred
107 107
100 10112 Jan 6 10712 Jan 17 100
*166 167 *164 169
Oct 102 Nov
170 170
17134 17134 170 171
171 17214
1.000 Equitable Office Bldg pfd_100 1184 Feb 3 17214June 10
7112. 7212 7212 7234 72
9978 June 13214 July
7212 714 7213 7134 72
7214
5.400
4
713
Eureka
Vacuum
Jan25
Clean_No par 6078
74 June 2
43 May 6833 Der
•19
1912 *19
1912 *19
1913 *19
20
*19
20
20
*19
'Exchange Buffet Corp_No par
1518 Jan 25
1934May 21
144 July
*41
4112 *40
4114 4034 4034 4014 4034 3913 404 3914 3914
17 1441
600 Fairbanks Morse
'Jo par 3714May 2 4312May 11
3738 Dec 5914 Feb
*110 113 *110 113 *110 112 *110 112 *110
112 .110 112
I Preferred
100 10718 Feb 7 112 Mar 2 10613 Nov 115 Feb
10713 10738 10738 1074 1054 1074 1021z 106
65,6001Famous Players-Lasky_No par 10212June 8 11434 Feb 24 10314 Jan
103 10473 10453 106
120 12013 120 120
12712 June
120 120
11914 120
11814 119 *11812 11912 1.200; Preferred (3%)
100 116 Apr 25 12433 Jan 12 115 Mar 12412 Der
4312 4378 4378 4413 4373 4438 43
4312 43
4313 54178 43
6.001),Federal Light & Tree
15 3712 Jan 17 47 May 3
*9713 98
*974 98
28 Mar 4712 De(
09713 98
97
98
97
08
1901
97
98
Preferred
par
No
91
Feb
12
23
9112
Mar
31
*120 140 *120 140 *120 138 *120 138
86 June 94 Der
145 154
150 150
1,900 Federal Mining & Sme1t1.100 60 Feb 9 154 June 9
9534 9514 9512 9513 9514 9518 9518 95
41 May 11184 Jan
*95
05
*93
9412 1,100 Preferred
100 7512 Jan 28 97 Mar 12
223s 234 2313 233* 2338 234
22
61 Mar 105
21
Jar
4,400
8
224
233
234
*23
Federal
Motor
June
22
Truck
__No
par
4
304 Jan 10
118 118
*117 118
23 Oct3433 Aug
11734 11734 117 117
117 117 *116 117
500 Mel Phen Fire Ins of N Y_ 25 9312 Feb 23 193 Jan
103 103 *103 10412.103 10412 *103 10412.103 10412 *103 10412
160
Apr 20014 Jac
100 First Nat'l Pio. let pre!_._100 9712 Jan 13 103 Mar 6
23
2334
23
4
2312 25
224
96 May 107
2412 244 2358 2412 52253 2318 7.700 First
Fet
Nat'l Stores
No par
1914May 11 30 Feb 7
1618 1612 154 1638 154 1534 1512 1534 154 1578
28 Nov 4938 F131
1514 1553 32.600 Fisk Rubber
No par
1514June
8712 8712 8712 8712 8734 8712 8712 8712 8712
144 May 2614 Jac
8712 874 8712 1.7001 1st preferred stamped___100 81 Jan 9 20 Apr 20
5 8938June 2
764 Apr 8414 Mai
97
9814 9814 9714 98
9714 *9712 98
*9712 98
7001 let preferred cony
*9712 98
100 97 Jan 24 101 Apr 21
5614 5634 5614 5718 5618 5713 56
94 June 107 Mai
5678 56
5634 55518 56
42,600
5634 58; 57
59 May 19
5812 5612 5814 5514 5712 551g 55; 553 5812 8.000 Flelachman Co new ____No par 464 Feb I
3214
Ma
5613 Fat
4
'Foundation Co
Na par 5318June 9 884 Apr 1
5814 5814 5834 5812 5938 5612 5834 5634 58; 58
68
7314 Dec 17034 Jar
5812 16.100 Fox Film Class A
No par
6578 6612 6512 7034 7014 7218 70
5513 Mar 85
72
Jar
7012 7112 7112 7318 147.800 Freeport Texas Co_ _ _ _No par 54,3 Apr 25 7413 Jan 6
3414
Jan
4
744
43
4478
435
Apr
8
9
44
4
423
1958 Jan 36 De(
46
45
47
46
4658 54412 4512 73,800 Gabriel Snubber A
No par 2918 Jan 3 47 June 8
1018 1018 594 1014
255
94 978
8
958 10
Nov
42
Yet
934 973
2,200
93*
94
Gardner Motor
No par
612 Jan 27 1133 Apr
5212 54
54 Nov
5278 534 5312 5434 52; 54
5312 55
04 Jar
53
53; 13,300 Gen Amer Tank Car_ No par 46 Jan 3 55 June 22
9
*110 ill *110 ill *110 11112 11012 110124,111
30 Mar 5533 Jar
--_ *111
_
1001 Preferred
100 10818 Mar 1 11012June 8
7812 7612 7814 7634 794 7734 86
76
109
76
7714
9912June
Der
7714 -7118 38,600 General Asphalt
100 7212 Apr 28 0634 Mar 2
*114 117 *115 12212 *115 12212 *115 118 *116 121 *115 120
50 Ma
9414 Aui
Preferred
Preferr
100 113 Apr28 1444 Mar 2
62t4 6212 62
644 6318 64
944
Ma
1404
6312 63% 634 64; 64
AM
64
9,900
General Cigar,Inonew_No par 62 Jan 28 8978 Feb 24
•120 121 *120 121 *120 121 *120 121 *120 121 *120 121
46 Mar 5912 Fet
I Preferred (7)
100 116 Jan 5 134 Feb 24 109
Jot, 118 Del
57; 5712 5714 5712 5712 5712 5712 5712 5712 5778 5713 57,2 2,700,Gen
Outdoor Ad,
" A _ _ _No pa
5458 Apr 11
4814 50
5812
Feb
5014 5138 491s 60,2 493* 5014 4934 5012 48
9
51 Ma
56% Atli
4078 17.0001 Trust certificates_ __No par 37 Jan 18 55
May 31
2658 Mar 394 Del
10334 DM; 68,500 General
10534 10614 10612 10712 10412 10678 10415 10512 10424 106
Electric
New_
par
_NO
81
Jan
27 10812June 2
114 1114
11 18 1114 1118 1114
79 June 954 Aug
His 1114 8,600 General Electric
ti's 1114
hI'o 1114
apeolal___
1113June 2 1158 Jan 8
1134 De(
11
Jan
41
4134 4158 4153 40
40
*41
4014 4012 4012 54018 404 2.500 General Gas Elea A__No _10
&
par 34 Apr 1 471 2 Feb 2
Jot
34 Mar 59
1094 10934 *10612 110
107 107 *107 10734 *107 10734 108 108
300 Gen Gas& Elea pf A (7)No par 100 Jan 3
10934June 0
95 May 100 Dee
*11012 121 12 *119 12112.119 12112 *119 12112 *119 12112 •117 12112
I Preferred A (8)
No par 11314 Mar 22 123 June 1 10512 Apr 113 Seij,
*10312 10412 10412 10412 *10312 106 *10312 107 *10312 106 *102 106
h001 Preferred B (7)
par
No
96
13
Jan
10113June 6
Jat
9214 Apr 96
19712 20012 200% 202121 20038 20312 201 20333 20173 2044 202; 20412 429.700 General
Motors Corp No pa 14512 Jan
oql,'*19/ 1931, 123 12314 1234 12333 123 1234
1,4001 7.x. ornferrod__________100 1181.1\411r 25 20112June 10 11314 Ma 22534 Aui
9 12413June 1 11312 Jan 1224 Del
Ex dividend. a Ex-rights. •Ex dividend 100%
— *Bid and asked prices; no sales onthis day.
In stock.
Saturday,
June 4.




New York Stock Record-continued-Page 4
..e sales during the week of stock* usually Inactive. see fourth'poge preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
June 4.

Monday,
June 6.

Tuesday,
June 7.

Wednesday, Thursday,
June 8.
June 9.

Friday,
June 10.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Singe Jan. 1 1927
Ors basis of 100-sh6re tots
Lowest

p per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Miscall- (Con-) Par $ per share
*106
General MotorsCorP6% I31 100 104 Mar 7
_ __ _
_ *108
__ •108
-- *106
- *106
__ *108
1 Jan 14
11234 1-1-37-3 11012 11314 11034 11113 11078 113- x109 110
22,900 Gen Ry Signal new......No par 82,
11258 1-1.8
69
7014 68
71
68
8878 22,900 General Refractorles___No par 38 Jan 14
6934 68
89
69
70
71
4212 4212 4214 4212 *42
43
No par 3712 Mar 24
42
4212 42
4312 43
*43
800 Gimbel Bros
100 9938 Mar 18
*104 10512 10538 10538 105 10512 *10412 10512 *10412 10512 *10412 10513
500 Preferred
1412May 21
No par
1734 1712 1834 1753 1814
1758 17
17
1738 17
18
1812 21,900 Glidden Co
5838 5634 5712 5658 5712 5658 5778 5638 5778 20,500 Gold Dust Corp v t 0.-No par 42 Mar 9
5634 5773 57
5758 5614 57
54
5418 55
5214 5418 17,600 Goodrich Co (B F)
No Par 423 Jan 3
548 5614 5434 557
100 95 Jan 3
103 103 *102 103
•102 103
10312 10312 *10234 10358 102 102
300 Preferred
115 115
11414 11412 11413 11434 11334 11414 11212 11312 4,100 Goodyear T & Rub Pf VI0-100 9813 Jan 27
11412 115
100 105 Jan 7
11134 11134 11178 112
11134 1114 1118 112
11178 11178 *10978 10978 2.300 Prior preierren
8353 6358 6312 6334 6312 6414 6314 6378 6318 6334 6318 6312 2,600 Gotham Silk Hoatery-Ne par 5738 Jan 12
No pox 58 Jan 12
6312 6312 6318 8318 6312 834 6312 6312
6378 6378 *6312 64
900 New
10714 10714 *107 108 *107 108
100 104 Jar 28
107 107
10734 10734 *10612 10734
300 Preferred new
8 Mar 18
No par
812 812 *814 812 *814 812
*812 9
400 Goulcl Coupler A
814 814 *838 812
4038 3934 4018 3912 40
40
4058 40
3934 40
39
398 11,000 Granby Cone M Sm & Pr_100 3118 Jan 27
11813 119
118 119
6,100 Great Western Sugar tern etf25 109 Jan 26
117 11818 118 11914 11813 11912 117 118
120 122
100 11812 Feb 26
12112 122 *12018 12114 *12012 122 *12034 122 *12112 12134
310 Preferred
4614 4612 4634 4714 4512 4714 4512 4534 *46
1002914 Jan 27
4612 4538 4578 5,200 Greene Cananea Copper
1038 1012 10
8 Jan 25
1014 10
1012 10
1012 10
4,000 Guantanamo Sugar----No par
978 10
10
100 49 May 18
51
51
51
51
5112 5112 51
51
51
5112 *51
5112 1,200 Gulf States Steel
*59
60
100 56 Jan 31
59
59
*59
60
59
59
40 Hanna let pref class A
*5734 59
*5734 5812
*2412 .26
*2412 26
*2412 26
*25
26
200 Hartman Corp class A_No par 25 Jan 22
25
25
25
25
26
*2512 2612 2538 2558 2512 2558 2412 2512 1,500 Class B
26
2618 26
No par 2318 Feb 9
24
24
2414 25
25
25
No par 1512 Feb 15
2612 *26
2612 2,000 Hayes Wheel
28
2512 26
97
*94
97
97
97
97
25 7812 Jan 14
97
9712 98
99 z100 101
1.500 Helme(0W)
31
31
3013 31
31
31
No par 22 Jan 31
32
3234 3212
3718 384 8,000 Hoe(R)& Co
321s 3258 3314 3418 3334 3458 3312 3378 *3312 3414 *33
34
g,000 Hollander & Son (A) No par 3114June 3
6012 60
*59
100 60 Jan 25
61
6012 61
60
61
*60
61
61
700 Homestake Mining
6434
5212 5478 5434 56
5412 5578 5418 5438 5484 5478 5413 5434 13,900 Househ Prod.Ino.tem ettNopar 4314 Jan 3
14912 159
157 16412 153 16211 15614 164
160 16813 16114 16612 184.100 Houston 01101 Tex tern ctfal00 60% Jan 11
*37
3712 364 37
No par 3558May 31
*3713 38
3612 3718 37
3812 3712 3812 4.100 Howe Sound
8114 8278 8158 835 28134 84 221,300 Hudson Motor Car
8273 8133 83
8058 81% 82
No par 4814 Jan 24
20
2018 19% 20
1973 20
197 1978 1978 20
198 20
12,900 Hupp Motor Car Corp----10 19 Apr 22
1834 184 1858 1914 1858 19
1834 2138 205 2158 1934 2078 28,000 Independent 011 & Ciaa_No par 1758May 20
13 Mar 30
No par
19
1818 1814 1858 19
18
18
*1712 18
2114 20
2078 6,900 Indian Motoeycle
884 8%
10
834 84
838 88
712May 12
85, 853
852 88 2,700 Indian Refining
853 834
738May 5
10
8
84
*Vs 8
8
8
8
814 85, *8
812
812 6,800 Certificates
93
*93
94
*90 • 94
94
94
93
*90
94
*90
94
200 Ingersoll Rand new-__No par 8978May 23
51
5314 5018 5178 5012 5218 5012 6114 50
4913 51
No par 41 Feb 15
5134 32,900 Inland
*11514 11634 11514 11834 *118 117
100 111 Jan 3
117 117 *11514
*11514-200 Preferred
15
1518 1478 1478 1434 15
14% 15
2.100 Inspiration Cons Copper---20 1412May 31
1478 1473 1434 15
1278 1278 101278 1314 *1278 13
Rubber___No
par 1113 Jan 3
Intercont'l
13
13
1,200
13
1278 13
13
65, 8'
658 638 *858 67
618 Apr 23
No par
*834 7
*61
7
700 internal Agrloul
653 658
*3414 35
*3412 35
35
3
100 33 Mar 20
*3412 35
*3412 3434 3412 3412
800 Prior preferred
*8412 85
85
8632 8412 8658 8478 86
8512 8612 8578 8634 11,900 lot Business Machines_No par 5318 Jan 13
6138 617
62
84
6158 6338 62
64
6258 6312 6038 6213 11,700 International Cement--No par 4514 Jan 21
10914 10914 *10814 10914 10914 1091 10918 1091 *10812 10912 *107 110
100 10214 Jan 21
525 Preferred
46
4514 46
4758 4778 4938 4814 49t 4714 4814 44% 467 126.100 Inter Comb Eng Corp__No par 4318 Jan 28
18034 182
18114 187
18534 187
18318 18.518 183 18313 183 184
100 13538 Jan 18
12.500 International Harvester
*12912 132 *12912 130 *12912 130
130 130
100 12634 Jan 12
13012 13012 *12934 131
600 Preferred
*713 8
714 713
75, 7%
614 Jan 4
78 8
734 1,900 lot Mercantile Marine._ -100
778 818 *758
501 5134 5034 5314 4912 5114 48
100 3718 Jan 6
4934 4918 5014 48% 5034 54,000 Preferred
7358 7358 7414 7512 75
7512 7738 74
773* 7514 76
7.5
22,900 International Match pref__85 62 Mar 2
69
7014 8713 7014 6658 68
8714 7118 6958 7138 69
71 176,200 international Nickel (The)-25 3814 Jan 3
3034 3078 39511 40
398 4134 4114 4214 4134 4358 4134 4238 30,700 international Paper---No par a3912May 18
9812 983 *99
*9812 99
9914 9812 99
100 9612 Jan 3
9812 99
9812 99
2,200 Preferred (7%)
*182 185 *182 185
182 182 *180 184 *180 185 *180 185
200 international Shoe----No par 180 Jan 21
*163 168 *162 167
166 170
100 13512 Mar 21
166 166
167 17212 163 163
3,400 International Silver
144 348
141 14212 14118 14334 144 146
144 14514 14118 144
39,500 Internet Telep & Teleg_ _100 12214 Jan 25
191, Jan 31
de par
331 3414 3314 34'l' 3112 3312 3212 3334 3212 33
3218 3212 7,400 Intertype Coro
1 4812 Mar 11
5934 5934 8014 *59
*59
6014 *58
59
6012 *5912 6012 59
300 Island Creek Coal
No par 53% Jan 3
64% 6312 63% 6313 6312 6212 6312 2,100 Jewel Tea, Inc
6414 64
*64
6412 64
100 117 Mar 18
*122 124 *122 124 *12914 124 *122 124 *122 124 *122 124
I Preferred
12258 1225, 122 1224 122 122 *122 1224 *122 12234 *122 12212
90 Jones & Laugh Steel pref...100 117 Feb 2

36

3,5001.Iones Bros Tea, Incatt81-100
No par
1,200 Jordan Motor Car
Kan City P&L 1st pf A-No par
14,800 Kayser (J) Co vs a-- No par
25
18,300 Kelly-Springfield Tire
100
100 8% preferred
100
6% preferred
100
200 Kelsey Wheel, Inc
No par
15,700 Kennecott Copper
8,500 Keystone Tire & Rubb-No par
No par
100 Kinney Co
100
40 Preferred
25
1,300 Kraft Cheese
10
16,400 Kresge (8 18)Co new
100
110 Preferred
300 Kresge Dept Stores-__No par
100
100 Preferred
2,200 Laclede Gas L (St Louls)_100
2,900 Lago 011 & Transport_No par
No par
7,800 Lambert Co
No par
400 Lee Rubber de Tire
No par
5,400 Lehn & Fink
No par
8 00 Life Savers
*117
11913
195s
11914
12114
11912
1191
1195* 1
119 119
400 Liggett & Myers Tobacco-25
11812
11912 1197 *116 11912 11813 119% 11812 11914 119 11914 *117
25
11814 11914 12,100 Series B
129 129 *128 133 *128 133
100
*130 13012 *130 133 *130 133
100 Preferred
68
69
67 4 68
6812 69
68
68
6712 6712 67
No par
6712 1,800 Lima Loo Wks
5314 5358 53
5318 5312 54
5318 53
5312 54
5212 5312 6,000 Liquid Carbonic certifs_No par
5484 55
547 14,200 Loew's incorporated-No par
5434 5538 58
5514 537 55
5414 5412 54
618 618
618 614
6% 61s
614 614
•813 614
No par
613 614 2,700 Loft Incorporated
3912 3912 *39
3912 39
*3913 40
39
38
*3912 40
3812
No par
700 Long Bell Lumber A
4512 4512 4512 4512 4584 46
45
4534 4312 4412 43
44
4
,
33..wiles Biscuit new No par
2,300[
100
preferred
2(1
28
3034 3014 3414 3112 3378 31
3253 3118 3134 16,665 Lorillard
2712 28
25
11312 11313 *113 11312 *113 11313 *113 11313
•111 11414 *111 113
100
200
Preferred
1212 1238 12,200 Louisiana 011 temp etfs-NO par
1112 1158 II% 1114 115 1214 1238 1234 1234 13
*9138 9114 91
9134 9212 9212 9134 9134 9134 9134
*9112 93
100
600 Preferred
26
2612 2618 2612 2614 2612 2614 2612 2614 2638 2638 2638 2,600 Louisville 0& El A----No par
2512 25
2612 24
2478 *24
2414 2414 2312 2414 23
2434 3,100 Ludlum Steel
No par
*117%
119
*11714
119
119 119 *11712 11912 11714 11912
*11714 119
100
100 Mackay Companlee
71% 7134 *7118 72
*711s 7112 *7118 7112 7114 7112 *7118 7114
100
400 Preferred
111 11312 11212 114% 11138 11224 1105, 11232 11078 113
11134 11413 57,500 Mack Trucks, Inc
No par
*111 114 *III 114 *111 114 *111 114 *111 113 *111 113
100
preferred
let
*10712 110 *10712 10834 *10712 10534 *10712 10834 10712 10712 *10512 108
100 2d preferred
100
3612 3714 3718 3778 37
3712 37
3634 3714 3812 377
3713 10.400 Magma Copper
No par
•15
1612 15% 1513 1412 1512 1512 1512 1518 1518 15
15
2.900 Mallinson (H R)& Co_No par
7112 7212 7214 7514 7313 7412 10.600 Manh Eleo Supply____No par
8912 6934 6934 7212 707 717
2938 29
2938 29
2914 2912 2834 2914 29
2938 2812 2812 1,600 Manhattan Shirt
25
*4334 45
*433 45
*4334 45
*4334 45
*4334 46
*4334 45
Manila Electric Corp__No par
14
1412 1481 1478 1414 1438
14
1412 14
*14
1412 *14
1,100 Maracaibo Oil Expl-_ _No par
7
365
8
363*
37
371
368 3858 3738 3814 3538 3758 123,200 Marland Oil
368 304
No par
4534 4612 4534 4534 4612 48
4658 4712 4612 4712 11,800 Marlin-Rockwell
4438 45
No par
*1738 19
*1738 1952 *1738 1958 *1738 19
1738 1738
•178 19
No par
100 Martin-Parry Corn10714 10912 107 10718 10512 10714 105 105
103 10573 10534 110
10.500 Mathieson Alkali Works___50
7158 7012 7138 70
71
7018 7014 4,700 May Dept Stores new
7134 7134 7178 7178 71
25
283
4
2814
2814
28
2812
2812
288
28
2814
277 28
2834
5,700 Maytag Co
No par
6718 6718 6714 6712
08
86
67
67
70
*66
*65'8 67
700 McCrory Stores Class B No par
*25
26
26
26
*25
*25
2514 *244 2514 *25
*25
28
McIntyre Porcupine Mines_5
*2514 2534 *2514 2534 2512 2512 *253fl 2512 *2338 2512 2513 2512
200 Metro-Goldwyn Pictures 01_27
512 512
558 534
538 512
512 512
*512 538
534
584 1.800 Mexican Seaboard 011 No par
1478
15
1478
15
147
147
8
14%
15
147
8
15
15
8
147
2.200 Miami Copper
5
3218 3113 32
32% 31
3188 31
3084 3134 31
3034 31
13.800 Mid-Continent Petro..-No par
*97 10212 *97 10212 *97 10212 *28 10212 10212 10212 *98 10214
100
100 Mid-Cont Petrol prat
212
23
258 234 13,800 Middle States 011 Corp____10
4
212 218
212 212
213 238
258 258
*134 2
*184
134 178 *184 2
178
178
178
178 2
1,200 Certificates
10
110 110 *109 112
109 109
11014 11014 *111 115
*109 112
300 Midland
Prod pref___100
3578 3414 3512 4,900 Miller Steel
3514 35
3413 34'2 3418 MI 3478 3514 35
Rubber otts____No par
10134 10312 10078 10114 10112 10234 2
.9834 99
101 10112 10112 102
4,900 Montana Power
100
6512 665k 6534 6614 6578 674 67
6618 664 6618 67
8712 43.700 3483,3* OVemq Jo r-1. 511 .....,. In
•Bld and asked prices- no sales on this days SEX-dividend- a 3x-righta8

2258 2258 2212 2212 2212 2338 2313 2378 2313 2334 2334 231
*1714 18
*17
18
17
17
*1712 18
1714 1714
18
18
*115 116 *115 116 *115 118 *115 116 *115 116 *115 116
5213
5312 5214 5278 52
5314 5334 5314 54% 5314 5338 52
2158 2212 2112 2258 2112 2238 2158 22
2114
2118 2184 21
*68
*6412 68
68
*6412 68
*6412 68
*6412 68
65
65
*6412 68
*6412 69
69
*6412 69
*643 70
*65
*65
69
85
*65
85
*80
85
*75
80
80
*80
85
80
80
6312
6318 63'2 6314 6378 6358 6334 6312 63% 6312 6358 63
12
12
5s
*12
13
12
58
12
12
12
58 • 12
*27
30
*27
30
*27
30
*27
*27
30
30
30
*27
*8018 81
80
8018 *80
81
80
80
7934 7934 *7812 7913
*53
5412 53
52
53
5184
52
52
52
*50
52
52
5212 5178 52
5112 5158 5112 5214 52
52
5334 35234 5358
*114 11414 11414 11414 11414 11414 114 114
11414 11414 *114 115
.15
1518 15
*14
16
15
*1412 15
*1412 1434 *1412 15
*46
85
*48
*46 • 65
65
*48
52
55
.52
*48
55
260 263
251 257
255 25612 25812 25812 *252 258
250
*26% 268 2678 2678 2678 2678 . 2658 2738 2634 2738 *2612 250
27's
7612 7634 7618 77
75
76
7418 7512 7434 7578 7578 7578
812 85,
*S12 9
812 812 *814 838 *818 838
818 818
3538 3578 3618 3658 3618 3658 '36
38
3553 36
3512 3524
4,2314 24
23
2314 23
2312 2312 2312 *23
2312 23
23




3473

101* Jan 3
1512 Mar 3
112 Feb 10
49 Apr 29
912 Jan 27
35 Feb 2
44 Jan 19
65 Mar 25
60 Feb 9
12 Jan 3
2114 Feb 11
70 Apr 5
50 Feb 10
457 Jan 28
1101,Feb 9
14 Apr 14
52 June 9
1731 Jan 27
2013 Jan 13
66 Jan 28
7 Jan 4
32% Apr 27
2114 Apr 18
*8713 Feb 10
*8638 Feb 10
12434 Jan 27
82 Jan 6
4818 Mar 15
468 Jan 4
6 Feb 23
3213 Apr 26
43 June 10
157 Mar 11
2312May 2
108 May 17
1112June 4
90 Apr 6
2353 Jan 3
22 May 16
11712June 3
70 Mar 17
88% Jan 24
109 Jan 25
102 Jan 18
2912 Feb 9
1113 Apr 7
5318 Jan 25
2414 Jan 18
40 Jan 22
1314May 23
3558June 10
27 Jan 10
17 May 20
82 Jan 8
6714 Jan 27
233* Jan 15
5612 Mar 4
2412 Mar 14
2434 Jan 3
5 May 18
1434 Feb 8
29 Apr 29
97 Apr 28
158 Jan 3
118 Jan 25
106 Apr 11
3158 Jan 25
8112 Jan 28
nra. 'Rah R

Highest

PER SHARK
Range for Previous
Year 1928
Lowest

Highest

$ per share 8 per share $ per share
9814 Apr 105 June
10518May 4
12014 Apr 6
8012 Mar 937s Atilt
75 June 1
38 May 49 Jan
4934 Apr 11
4114 Nov 7858 Jan
10578 Apr 30 100 Nov 11188 Jan
22 Mar 10
1533 June 25s4 Jan
5938June 2
4112 Mar 5678 Feb
3912 Nov 7034 Feb
5834 Mar 3
10312June 8
9413 Dec 100 Feb
9812 Dec 10978 Aug
11718May 18
112 June 8 10414 Dec 109 Sept
6778 Mar 25
3314 Mar 8912 Nov
6723 Feb 24
4711 July 8873 Nov
110 May 18
10 May 25
11
Oct -2113 Jam
45 May 26
1131s Mar 367 Dec
12512May 25
89 Apr 11312 Dec
122 June 3 10812 Mar 11814 JIM
4834May 21
934 Apr 8438 Deg
51 Jan 1072 Feb
11%May 31
5158 Oct 9358 Jam
84 Feb 28
67 Jan 19
45 June 8012 Dec
2714 Mar 29
26
Oct 281 Nov
2438 Dec 80 Sept
2938 Apr 18
171 Dec 48
2812Mar 31
Jam
10173 Mar 17
68 Mar 88 Dec
3834June 10
1711 May 3512 Aug
3578May 7
6318 Jan 15 -4712 Jan -63 Oct
41) Mar 4858 Jan
56 June 6
5014 Mar 71
16612June 9
Jam
27
Jan 46 Sept
41% Apr 18
408 Oct 12314 Jan
8878May 11
17 Mar 2832 Jan
2358 Jan 10
1958 Mar 34 Jan
3234 Feb 1
1412 Dec 2414 Feb
21I4June 9
734 Oct 1314 Feb
1118 Mar 14
713 Oct 1211 Feb
1012 Mar 14
8014 Mar 104 Jan
960
. Apr 2
3412 May 4334 Dee
5314June 6
117 June 8 10834 Mar 115 Feb
2034 Mar 2858 Nr1
2512 Jan 12
12 Dec 2158 Feb
1534 Mar 12
918 Dec 2614 Jan
1072 Feb 23
5638 Dec 95 Jan
6612May 26
3818 Mar 5673 Dec
8934May 10
4438 Oct 717 Jan
6538May 31
Jam
11.014May 19 10178 Oct 106
3312 Mar 6412 Jan
84 Mar 1
188 May 23 11214 Mar 15818 Dec
Jan 129 Dec
133 May`18 118
834May 27
128* Feb
6 Sept
27 Mar 46% Feb
5538May 31
7758June 7
5312 Mar 6658 Feb
323 Mar 4614 Jan
75 May 31
44% Apr 8334 Aug
8078 Mar 7
10114May 24
89 May 100 Dec
185 June 3 135 May 175 Jam
175 May 9
146 June 7 iff Mar 133 Jan
3514June 3
1812 July 29 Jam
61 May 27
6612May 10 -25 Jan -561-2 -Dec
12512 Mar 15 11512 Jan 12713 No,
12234May 21 114
Jan 120 Aug
9 Dec 1913 Fs h
2714 Apr 8
2212 Jan 5
12 Nov 68 Pal
11518May 27 10714 Mar 115 Nov
33'g May 5134 Dec
5714 Jan 31
9 Oct 2112 Feb
28% Apr 21
4312 Oct 7438 Feb
7518 Apr 21
45 Dec 7314 Feb
76 Apr 21
76% Nov 126 Feb
90 Mar 31
4934 Mar 6414 Nov
6638 Apr 22
12 May
218 Jar
1 Mar 11
39 Nov
8218 Jar
45 Jan 5
85 Sept 9914 Jan
8412 Apr 8
58% Dec 68 Nov
6278 Feb 25
4234 Mar 82 Jar
55 Jan 7
11414June 6 11212 Nov 11434 Feb
15% Mar 332 Jor
1712 Feb 8
7014 Mar 9314 Fell
80 Jan 4
26712June 2 146 Mar 196% Dec
1918 May 2412 Jun(
3212 Apr 9
3913 May 72 Nov
7818May 24
Jar
514 Dec 14
95* mar 14
303 Mar 4118 Jar
38 May 27
1714 May 25 Dec
247 Feb 17
7218 Mar 103 De(
123 May 24
71 Mar 7234 Dec
12234May 24
131 June 3 11034 Jan 12944 Ma]
5313 Mar 6938 Jar
763* Apr 26
5938 Feb 14
4312 Oct5878 Noi
63% Mar 17
3414 Mar 481111 DIN
8
Oct1114 Fet
78 Jan 20
43 Mar 7
4134 Dec 5013 Fet
4812MaY 14
--- - -- ---- - 171 May 7 172014 -Mar 175 73-01
3414June 7
2734 Oct 4258 Fat
11812 Jan 13 1114 Apr 120 Ain
1818 Jan 5
12 Mar 1978Juni
97 Feb 5
93 Dec 98 Del
28 May 10
22% Mar 26% Fel
3314 Mar 18
2258 Oct 5814 Fel
12718 Feb 25 122
Oct 138 Fel
72 Jan 27
68 Mar 73% Fel
11834May 23
8958 Nov 159 Jai
11112 Apr 22 10712 Nov 113 Jun,
10712June 9 102 Oct 1084 SeP
3778June 6
34 Apr 447k Fel
1253 Nov 281s Jai
18 May 2
44 octl 874 Jul
7514June 9
2178 OctI 3278 Jar
3134 Apr 22
2712 Marl 453* Sep'
46 Mar 10
1612 Octi 28 Fel
2234 Jan 18
4914 Mart 6338•11191
5812 Jan 17
Oct 33 Mal
2412
4812June 2
17 May23 Juni
2434 Feb 24
6212 May 1061/1 Jet
110 June 6
6912 Dccl 70 Del
7378May 23
19 Marl 2412 Sep1
3234May 10
Jan
72 Marl 121
7512 Jan 3
2214 OctI 30 Fel
2712 Feb 28
2214 JanI 2512 Nos
2614 Feb 21
6 Feb 1334 Jul]
914 Feb 16
11 Marl 1758 0c1
1612 Feb 28
Jar
2712 July 37
3938 Jan 21
90 Marl 10414 De<
05 Feb 3
212 Jar
34 NovI
314 Feb 8
138 Der
12 Oct1
214 Feb 8
11912 Feb 17 107 Marl 13312 Fel
30 MaYl 444 Fat
3834 Apr 12
698* Mar 86% N91
10414May 20
56 Mayl 82 Jet
70 A or 22

3474

New York Stock Record-Continued-Page 5
For sales during the week of stocks casually Inantivo. see fifth page nrecedIng

HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
June 4.

Monday,
June 6.

Tuesday,
June 7.

Wednesday, Thursday,
June 8.
June 9.

Friday,
June 10.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest

Highest

PER SHARE
Range for Previous
Year 1926
_
Highest
Lowest

$ per share a per share g per share S Per share $ Per Share 8 per share Shares Indus.& Miscall.(Cm) par 3 per share 8 per share $ per share $ per share
*8
812 *8
814
8
8
8
8
1,100 Moon Motors
No par
98 Nov 37% Feb
734 Apr 13 1212 Jan 5
734 734
734 734
3% 3%
3
318
3% 314
3% 314
3%
318 7234 28 7,000 Mother Lode CoalltIon_No par
212May 13
712 Feb
4 Nov
48 Jan 3
•231 10
934 934 *934 10
934 934 10
3 Dec 2312 June
No par
10
812June 10 1658 Mar 18
2812 1012 1,000 Motion Picture
10
35
35
3512 36
3578 36
35% 353
3512 3718 369 3678 12,500 Motor Meter A
No par 3212 Mar 31 388 Apr 18
3334 May 5338 Feb
*2514 2512 2518 252
25
2514 25
2,200 Motor Wheel
No par 2034 Jan 3 2778 Mar 29
2538 2514 258 z2453 25
1918 Nov 3:172 Feb
*20% 2112 2112 2134 2034 21
2012 2038 2012 2038 21
10 Jan 5 23)1June 10
No par
2334 4,300 Mullins Body Corp
8 Nov 1954 Feb
36
36
3612 3612 *3512 3612 3612 3612 *36
300 MunsIngwear Co
No par 3534May 17 397 Jan 11
37
364 *36
3434 Apr 3834 July
2912 2934 2878 2918 2912 297
30
4,100
30
Murray Body norr
2979 3012 2812 2812
No par 2838June 3 43 Feb 23
------ -6312 64
6334 65
645* 6534 6438 6514 648 6512 64% 6532 28,700 Nash Motors Co
No par 604 Apr 25 7312 Jan 5 -52 -Mar -707e Dec
514 514 *512 6
*512 6
100 National Acme stamped___100
*5
6
*538 534 *612 7
5 Feb 15
1278 Jan
678May 18
5 Nov
3638 3838 3612 3634 3812 3612 3612 3612 3614 3614 36
3612 1,700 Nat Bellas Hess
No par 36 June 10 4414 Apr 11
*9112 9212 '.9212 9312 *9112 9212 *9112 9212 9112 9112 *9112 92
100
Preferred
100 91 May 26 97 Apr19-13034 13034 13114 13234 13014 13014 13014 13112 131 13118 1304 13314 4,800 National Biscuit
25 9434 Jan 27 138 May 9
74 Jan 1-02 -Dec
*137 14014 *137 13834 13712 1371* 138 138
500
Preferred
138 138 *134 138
100 130 Jan 10 138 June 8 126
Jan 13112 Apr
43
43
43
43
43
4318 43
4312 11,300 Nat Cash Register A w I No par 397 Jan 3 4578 Mar 21
443* 43
3712 Oct 54
Jan
4378 43
St
82
80
8218 8212 8378 8358 8512 8312 844 834 85
19,300 Nat Dairy Prod tern otfsNo Dar 7033 Jan 3 8512May 23
53 Apr 80 Jan
*25
2512 25
25
25
25
*2412 25
2,300 Nat Department Stores No par 248* Eeb 7 2738 Mar 1
*2412 25
*2412 25
Oct 4238 Jan
24
*90
9112 *90
9112 *90
let preferred
9112 *90
91
91
5590
*90
100 90 Apr 18 9414 Jan 10
91
89% Oct 97
Jan
4514 47% 4512 5138 4614 5014 4614 5012 4758 5038 46
4918 199,800 Nat Distill Prod othe___No par 17 Feb 8 5138June 6
1212 May 34 Jae
6112 627
6213 6934 65
Preferred temp otf__No par 43 Mar 22 6934June 6
6734 644 66
3712 Aug 731 Jan
6112 6112 14,400
65
65
3212 3414 3312 3532 3312 3438 31 3 3314 3034 317
211 July 4012 Jan
3114 21,800 Nat Enam & Stamping-100 191g Apr 29 3538June 6
30
*84
8412 84
84
*8312 8412 *83
1,100
85
824
Preferred
83
100 6918 Apr 29 8438May 25
8312 82
76 July 8934 Jan
101 104
103 105
10134 10212 10134 10214 1014 102 710012 101
6,100 National Lead
100 595 May 31 20234May in 138 Apr 181 Der
*131 13212 13212 13212 ____
_ ____
_
_
__
100
Preferred
Jan 120 May
100 11714 Feb 3 135 May 14 116
2214 2234 2278 2338 2234 -21
224 44,900 National pr & Lt 001__No par 1958 Jan 28 23% Mar 24
14 2258 - -1634 Mar 388* Jan
227
8 H5s -2-2-3-4 - 2i's -78
798 798 80
7934 8012 80
8012 8012 8012 7912 8014 6,700 National Supply
5512 Jan 88 Der
50 76 May 11 9534 Feb 18
259 260% 258 258
2.54 25912 259 25934 255 26814 260 264%
670 National Surety
100 238 Feb 19 269 May 13 208 Mar 237 Dec
132 133
13434 135
131 13212 13112 13112 13314 13314 131 131
1,600 National Tea Co
No par 108 Apr 18 139 June 2 11612 Nov 238 Jan
1432 1412 1412 1412 148 1412 1438 1412 1414 148 1438 1412 10,600 Nevada Consol Copper
1158 June 1614 Nov
5 13% Feb 10 15 Jan 3
4434 447
4534
457
45
4538
4538 4814 4818 50
4712 4912 33,300 N Y Air Brake
3612 Jan 4612 Sept
No par 40% Jan 8 50 June 9
---N Y Canners
1318 Apr 21
217* Jan 3
2018 Nov 8434 Jan
No par
- Preferred
7014 Dec 85 Apr
No par 43 Mar 30 72 Jan 13
42
4312 4312 46
4534 48
9,700 New York Dock
464 4814 471g 47% 47
47
32 Oct 457k Feb
100 34 Jan 14 4814June 8
78
78
79
79
7912 81
80
8034 2,000
8112 81
*79
81
Preferred
100 7218 Feb 9 8112June 8
69 May 77 Dec
29
29
*29
2912 29
29
500 Niagara Falls Power pt new_25 2734 Jan 31 2958May 2
*29
2912 *29
2912
2912 *29
278 Mar 2912 Dec
51
52
75012 5134 5014 51
50
5034 50
51
4912 5012 39,900 North American Co
10 4538 Jan 14 5212June 3
42 Mar 67 Jan
52
52
*5114 52
5114 513
5114 5114 5132 5112 513* 5138 1,400
Preferred
Jan 5214 Aug
50 50 Jan 10 5214May 26
49
101 10114 10114 10114 *10012 1014 10038 1007 10112 10112 10114 10112
900 No Amer Edison prof __No par 9658 Jan 6 10158May 20
9118 Mar 97 Dec
412 438
412 434
47
47e
434 47
434 47
10
48 12,100 Norwalk The & Rubber
5
3 May 2
53* Feb 10
418 Oct 1518 Jan
*10
11
*1014 11
200
Nunnally
1012 1012 1078 1078 *10
11
*10
Co (The)----No par
11
10 May 21
13 Jan 19
12% Dee 1713 Jan
40
411s 40% 4212 395* 41
3938 4012 39
3978 73712 3712 27,200 01/ Well Supply
25 31% Jan 28 4438June 3
30 July 36% Oct
144 1418 1458 1458 1419 1412 1412 16
157s 1878 1578 1834 33,800 Omnibus Corp
No par
11 Mar 25 167sJune 9
12
Oct 2214 Feb
65
65
*6412 65
6478 647 *6434 65
600 Oppenheim Collins & CoNo par 5812 Feb 8 67% Feb 28
6434 644 64% 6453
47 Jan 635* Sept
31% 32
3112 33
31
311 *31
3178 31
3114 3012 3114 5,150 Orpheum Circuit, Ina
1 29 May 26 35 Apr 7
Mar 331s Nol
2712
*10612 109 *10612 109 *107 109 *107 109 *108 10-)
100
Preferred
108 108
100 10312Mar 23 10812June 2 101
Jan 105 API
126 12612 12634 12714 126 1213
2,100 Otls Elevator
125 125
125 125
124 124
50 7103 Feb 2 131 Jan 18 106 May 136 Dee
*114 115
30
115 115 *115 116 *115 116 *115 116
Preferred
115 115
100
108 Feb 16 11814 Mar 22 10234 Jan 10912 Alle
1012 113
1134 1212 1112 1218
1114 1178
1112 12
1138 118 60,400 Otis Steel
No par
Oct 1412 Jar
714 Feb 10 1212June 6
8
7514 7834 77
9,300
7712 793* 7714 777
79% 7718 78
77
Prior pref
77
100 6112 Feb 8 7918June 9
63 Nov 74 Elepl
*7834 79
*7812 7912 *7834 79
300 Owens Bottle
784 784 7834 7831
7834 783
25 75% Jan 18 84,Mar 14
5334 Mar 90% Dec
38% 3812 3814 3834 3814 3812 3712 388* 3714 38
6,800
Pacific
4
Gas & Elea new
3714 373
25 31 Feb 18 3938June 1
*118
114
118
118
118
114
118
118 2,000 Pacific 011
118
118
118
118
1 May 25
181- May 1318 -Yet
178 Jan 7
No par
3578 35
355g 38
3512 3524 3512 3534 12,900 Packard Motor Car
3538 36
353* 357
10 3334 Apr 28 3712 Mar 14
3134 Mar 454 Jul)
1014 108 1038 1038
1038 1058 1032 1012
1238 26.200 Paige Pet Motor Car __No par
11
912 1134
Mar
22
1412May
77
8
4
9 Nov 2812 Jar
*5612 58
*57
58
*5714 58
58
59
57
5759 5759 5753 8,300 Pan-Amer Petr & Trans__ 50 5818 Apr 5 65% Jan 19
5619 Mar 7611, Jar
5714 5713 5714 5814 5712 5778 5712 5978 5712 5878 5712 58
46,600
Class B
50 563* Apr 5 6638 Jan 20
5673 Mar 7838 Jar
20
2014 *20
2012 2014 2014 2012 2134 2114 227
2114 2214 3,100 Pan-Am West Petrol B_No par
Jar
19 Mar 30 378 Jan 24
30
Oct 46
*914 912 10
101 1
914 912 10
1134 14,300 Panhandle Prod & Ref-No par
11
1234 114 12
8 Apr 29 1878 Jan 17
412 Jan 32 June
*52
65
•52
200
70
*52
64
70
64
65
64
Preferred
*51
*51
51
Jan 9938 June
100 63 May 9 813 Jan 17
3238 3314 32
75,000 Park & Ttlford tem otfs-No Par 20 Jan 27 35 June 10
33
3133 33
3012 3212 3214 343* 3338 35
18% Oct 281* Jar
634 634
1,000 Park Utah C M
7
7
7
7
634 7
Vs 678
7
7
1
812 Yet
6 Jan 3
8 Mar 4
51,1 Sept
4412 4412 4414 45
45
45
453* 45
45
4734 17,500 Paths Exchange A__No par 37 Feb 14 50 Apr 18
46
46
3214 Nov 83 Jet
21
21
2138 2112 21
2134 2134 2234 22
2212 215* 2212 5,750 Patios Mines & Enterpr pr_25 20 Mar 23 2778 Feb 2
*27
2718 2634 2714 2634 2714 2612 26% 267 267
2612 2612 3,700 Peerless Motor Car
50 20 Apr 29 32 Jan 8 1338 Nov 31-12 -Nol
2412 2518 2418 2518 24
2518 2418 248 24% 2438 2414 244 9,400 Penick & Ford
1678 Jan 24 De(
No par 21 Jan 17 2778May 9
1718 18
3,900 Penn Coal & Coke
1814 2038 1934 21
1814 1834 18
18
7 Aug 19 Oct
50 1014 Jan 19 2512May 27
18% 18
3413 3538 3378 3454 34
34
38 Dec 41 De(
34
35
3334 3412 3338 3412 6,600 Penn-DIxle Cement_ _No par 3253 Apr 7 3958 Jan 13
98
98
200
*97% 99
Preferred
*9712 99
*9712 99
100 9712June,9 100 May 14
99 Nov 10012 Noe
- 9712 9712 *97
9812
%
%
%
%
%
%
*33
34
34
5,
58
58 3,000 Penn-Seaboard SO vto NO Par
58 Oct
214 Jar
1 18 Feb 14
ba Jan 3
14118 142
14214 14434 144 14414 142 14434 1431 144
3,600 People's 0 L & C (C1110)-100 126 Jan 14 14534May 20 117 Jan 131 De(
143 143
105 10578 106 10714 *105 107 *105 107 *104 107 *102 106
3,600 Philadelphia Co (Plttsb)---50 8514 Jan 18 110 Mar 25
5918 Mar 91 Del
.5134 5214 5214 5214 *52
50 50 Jan 6 66 Feb10
52
5214 52
300
45 Oct5114 Jul)
5178 517 *5134 5212
6% preferred
4178 43
4212 4414 43
3614 Apr 483* Felt
4414 423s 43
4238 44,600 Phlla & Read 0 & I-__No par 41 May 20 47524Mar 4
4214 4234 42
*42
44
*4218 44
*4212 44
Certificates of Int___No pa .4034 Apr 11 47 Mar 4
3634 June 4812 Jar
*4158 44
,542
4312 *4218 4212
28
2812 2614 28
2814 13,300 PhIllIp Morrie & Co, LW:1_10 2614June 6 413* Jan 10
16 Apr 41 Dee
2614 2978 2614 293/3 2712 2734 23
431
. 4334 4339 443* 4312 44
4312 4514 4428 4518 4358 4478 104,000 Phillips Petroleum____No par 3934 Apr 28 6014 Feb 16
40 Mar 5738 Per
*4712 48
4814 4712 4712 47
48
5 42 Jan 7 51 Mar 17
4778 4778 4814 *4612 48 . 1,700 Phoenix Hosiery
31 Mar 4614 Noi
*105 108% *105 108% *105 108% *105 1087g •105 1087s *105 1087s
Preferred
100 103 Jan 5 10612June 1
94 Mar 103
Oci
16% 173* 17
1278 Apr 27 23•.8 Mar 8
1578 1631 14,800 Plerce-Arrow Mot Car No par
1712 17
1714
1612 1758 1618 164
19 May 4318 Jar
3,500
Preferred
100 56 Apr 27 10212 Jan 3
6914 71
7112 7112 *71 .72
70
70
69
766
7612 Apr 12714 AM
6934 70
5
Pierce
30,400
Corporation
25
Oil
12
5
8
1
Mar 25
1 June 9
12
,
8
15
12
*1::
34
34
'2
1
178 Jar
12 Oct
900
11118
Preferred
20
20
18
*18
100 1312 Mar 24 207EJune 9
18
18
18
19
20
20% 20
1118 Nov 2718 Jar
34,500 Pierce Petrol'm tern °MIN° par
333 33* *314 312
212 Mar 22
4 June 9
3.38 358
338 312
4
214 Aug
314
358 4
7 Jar
8614 6312 65% 73
100 32% Mar 22 7412June 7
68
7412 691s 7213 64
29 June 4212 Jar
69% 632 673* 153,300 Pittsburgh Coal of Pa
9312 89
9014 9314 90
100 7058 Mar 10 9312June 8
83
Preferred
8434 8614 92
7,700
87
70 June 85 Jar
90
87
*9634 9718 97
97
100 Pittsburgh Steel prof
*96
100 9513 Apr 11 101 Jan 18
9814 *96
9814 *963 9814 *9638 984
94 Mar 1004 Per
9912 10038 9918 10038 9812 9953 9818 9914 9818 9938 9938 10138 19,100 Postum Co, Inc
No par 9258 Mar 16 10234 Jan 14
7512 Mar 1247 Fel
59
6212 624 6234 6014 61
59
100 3612 Feb 5 70 Mar 28
6112 61
6012 4,900 Pressed Steel Car new
6134 *59
3418 May 44 Noi
8734 90
90
*88
90
8912 8818 89% *89
1,300
100
7612
Preferred
Feb
5
Dec 9534 Jar
89
9212May
12
7712
8978 89
29
2812 29
31
293* 303* 293 3112 3012 313* 2978 3111 58,400 Producers & Refiners Corp_50 1634 Jan 5 3378May 16
11 Mar 20% Oc
44
4534 45
4512 4412 4412 4334 457
700
50 3678 Jan 6 50 Feb 9
Preferred
3034 May 4134 00
45
444 4412
45
4234 43% 43
4358 4212 4314 4158 4214 4112 424 41
42
35.500 PubServCorpofNJnewNopar 32 Jan 6 4514June 1
3114 Oct338 Noi
*101 10112 *101 10114 *101 1011 1 101 101 *100% 10112 *10012 101
100
6% preferred
100 9812 Feb 19 10 il4May 10
9612 Apr 101
Oc
*114 115 *114 11434 *114 115 *11412 115
200
100 10812 Jan 5 1155* Mar 23 10318 Jan 110 Noe
7% preferred
11412 11412 *114 115
*131 135 *131 132 *131 132
20
131 131 *131 132
100 125 Jan 10 13112May 6 115 Mar 12434 Nor
8% Preferred
131 131
*10618 10658 1061g 106% 10618 10618 1064 1065* 106 10658 10614 10614
1,400 Pub Serv Eleo & Gas Pfd_100 102 Jan 4 10834May 20
97
Jan 10418 Sep
188 18812 187 18934 18812 189
186 187% 18658 187
100 17214 Apr 12 19512N1ay 25 14514 Mar 19912 Sep
18518 18614 5,400 Pullman Company
4012 3912 4018 40
4014 4012 40
33 Apr 494 De,
50 343* Mar 22 467 Jan 3
4118 3914 40% 40
4014 9.800 Punta Alegre Sugar
2614 264 2614 2612 2638 2658 2658 275g 287s 2734 2634 2718 26,000 Pure Oil (The)
2514 Oct31
Jai
25 26 Apr 28 3312 Mar 4
*114 115 *114 115 41114 11413'114 11412 *114 115 *114 115
100 1115* Jan II 114 May 25 106
8% preferred
AD 11234Jun,
.55
50
5578 5578 55
55% 5538 5538 *5434 554 5412 5434
1,100 Purity Bakeries class A
68 May 3
47
Oct4933 No,
25 42% Mar 31
7278 727s 72
7234 *71
72
71'2 72
4134 Jan 3 7512May 19
4112 Nov44 De
7118 7114 683 713s 3,100
No Par
Clam B
4658 4778 4712 49
41 1s Apr 13 5684 Mar 1
32 Ma
478 503* 4814 5014 48% 50
No pa
615* No,
4812 5038 252,200 Radio Corp of Amer
*5112 5158 5158 5158 *5112 5134 5118 5118 51
900
4458 Ma
5112
537s De
50 49 May 3 53 Feb 28
5134 *51
Preferred
'4352 4612 *4332 4612 *4352 4612 43
400 Rand Mines. Ltd
43
No par 40 Jan 5 46% Apr 25
373 Apr415 00
*43
4612 *4278 4612
151s 1512 1518 15,8 151s 1518 *15
700 Ray Consolidated Copper-10 141.Feb 7 1512 Mar 1
1514 15
15
1012 Ma
15
15
RN No'
29
3034 2812 30
31
31
8,000 Real Silk Hosiery
30
32
32
10 2812June 7 49 Apr 20
327
3712 Nov504 Oc
3018 33
89
89
90
*89
100
*89
90
P
Afl Mar 2
92
92
92
9314 Dec100 No,
89
100 80 June 1
*89
89
4514 *4238 4212 4434 46
*4514 4638 45
2,100 Reld Ice Cream
4638 473
No par 3812 Jan 24 4778May 27
393 Dec56 Jai
4518 47
3612 714
73s *8'2 714 3612 714
7
*7
712
714 714
500 Reis (Robt) & Co
9 Jan 10
6 Mar 19
No par
713 July
1834 Fel
4134 4118 4112 4058 4412 44
41
47
4512 4714 74312 4538 146.600 Remington-Rand
No par 3738 Apr 14 4714June 9
9914 994 994 9917 9914 9912 9912 100
First preferred
100 10018 *9714 9812 2,400
100 9334 Apr 19 10212 Apr 25
*103 106 *103 106 *103 106 *103 106 *103 106 *101 106
Second preferred
100 99 June 3 110 Apr 25
1
*11512 11712 *____ 11712 *-___ 11712 *____ 11712 *....-- 11712 *____
Rern'g'tn Type 7% 1st 91_100 110 Feb 18 11713 Feb 111 1-06 -Apr 1-1-8 Oc
115 115 *114 11612 *11514 11612 *115 11612 *115 11612 *11312 11613
%
logicl
e preferred
100 111 Jan 6 126 Apr 25 105 Apr 11514 Aul
__ ____ ____
____ ____ ____ ____ ____ ____
:
18
_ Re8p
9% Apr 30 1312 Jan 10
No par
8
Oct 1579 Jai
6618 6618 6612 67
6612 67% 6612 67
67% 67% 67% 6734 2,400 Republic Iron & Steel
100 5612 Jan 4 757/ Mar 11
44 May 6358 Jai
10512 10512 10512 10512 10512 10512 10513 10512 105 10538
600
*10512 106
100 9658 Jan 3 106 May 26
Preferred
9114 Mar 99 Sell
7
75s
7
738
7
7
612 7
8.900 Reynolds Spring
*634 67
8
67g
4 Feb 21
8 June 10
No par
414 Oct 105* Jal
137 13718 137 13814 1375* 13812 13712 13812 138 13814 13712 13778 7,200 Reynolds (RJ) Tob Clue B 25 AS% Feb 24 13972May 24
90 Mar 12178 No,
99
9512 97
9658 9814 9638 9712 10.200 Rossi& Insurance Co
*9312 9478 9434 9814
Jai
25 74 Jan 13 99 June 7
Dec 100
761a
49
49
*4814 4914 *4378 4912 49
49
493a 4938 494
. 49%
500 Royal Dutch Co(N y'shares). 4812 Apr 27 5412 Feb 9
473 Oct 578* Jai
3878 394 394 3912 394 394 3878 3878
384 3834 3834 39
1,500 St Joseph Lead
10 36 May 23 43% Mar 4
365 May 4818 Fel
69
6712
717
37,700
69
68
4
665* 69
6872
Safety Cable
693* 68
No par 528 Jan 3 71%June 6
4218 Mar 5512 No,
5112 5172 5112 52
5612 *5212 54
5758 5734 5612 575* 55
2,000 Savage Arms Corporation_100 48 May 16 7212 Mar 5
6714 Nov 10212 Fel
3
3
3
3
3
338
318 34
33 Jan 10
318 34 7,400 Seneca Copper
318 338
lie Mar 30
No par
212 Dec 1014 Jai
3
5712 58% *5712 5778 5712 5712 1,000 Shubert Theatre Corp-No par 5612 Jan 12 66 Mar 10
5812 *5712 58% *5712 57
*58
52 Mar 705s Jul:
515* 5212 5214 5338 5234 5314 5212 5338 5212 5314 29,200 Schulte Retail Eltores
5112 513
No par 47 Jan 18 545sMay 4
4212 Mar 13812 Jai
*119
130
.
*1193
*117
4
*1193
4
_ *11734
*117 130
Preferred
100 11614 Jan 22 120 May 5 112% Jan 120 Sep
Ills
1118 -Ilia *11
1134 *11 -1-1-34 '
400 Seagrave Corp
511
1134
1114 1112 *11
No par
1078 Apr 25 135* Ian 3
1212 Mar 144 Ma:
5534 5858 5614 5678 5612 5634 5618 5612 564 5811 5712 5839 62,900 Sears,Roebuck & Co newNopar 51 Jan 17 5838June 10
444 Mar Ws Sao
3
7434 13,000 Sbatuek (F 0)
7578 74
7114 7312 714 7412 74
7014 7014 71
*70
No par
5838 Jan 17 7578.1une 9
47 Mar 6982 Jai
,345t2 4618 *4514 4618 *4434 4618 4514 4514 *4538 4634 *4518 46'8
100 Shell Transport & Tracling_£2 43% Apr 28 4772 Feb 10
4012 Job, 4559 Jai
- o.,... 97I. 975. 2710 271, 2719 277A
271. 2773 2758 28
10.600 Shell Union 011
Are nor 2533 Anr 29 313A Feb 7
24 Mar 31 No
St-mvinnen.
a
ex.-la:vita. a Ex-divIllend one Misr. of Standard 01101 galltornla nein
•WO and asked wires: no iisJeo on this day. si
b Distributed one-half share common stock an 1 one-half share preferred B stock,




3475

New York Stock Record-Continued-Page 6

For sales during the week of mocha usually inactive,see sixth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
June 4.

Monday.
June 6.

Tuesday,
June 7.

Wednesday, Thursday,
June 9.
June 8.

Friday,
June 10.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range for Previous
Year 1920

PER SHARE
Range Since Jan. 1 1927
On basis of100-share tots
Highest

Lowest

Lowest

Iltrhest

(Con.) Par 8 Per share g per share $ Per share per share
per share $ per share $ Per share $ per share $ per share Shares Indus. & Miscall.
per share
1518 Aug 2853 Jail
10 1538May 26 2234 Feb 16
Simms Petroleum
1614 16% 1614 184 1612 1634 1638 1718 164 1714 1614 1638 17,300 Simmons Co
28% Oct 5412 Jan
No par 3312 Jan 6 51 June 7
494 49% , 4812 4914 25,300
50
49
51
4834 4913 49% 5058 50
100 1074 Jan 4 110 Feb 10 10512 Nov 1094 July
Preferred
110
110
170
110
10912
110
109
*109
110
110
*109
*109 110
22% Jan 20
1634 Oct 2472 Feb
1678 17% 1718 1814 1714 17% 34,200 Sinclair Cons Oil Coro-No par 1612 Apr 29
164 1718 1678 17
In 17
90 Mar 994 June
100 97 Jan 6 10314 Jan 31
700 Preferred
9934 9934
egg% 100
99% 100
9912 9912 9978 9978 100 100
29 3738 Feb 21
3712 June
8 Ma
265
Apr
25
25
Co
011
27%
Skelly
12,100
2
277
274
2814
27
284
2714
2734
2714 2738 27% 27%
100 Sloss-Sheffield Steel & Iron 100 1234 Jan 20 13414 Apr 6 103 AD 14212 Aug
129 129 *128 130 *12612 129 *127 130 *127 12934 •124 127
1212June 13 1418May 23
No par
1272 1312 1234 1234 3,400 Snider Packing
13
4
1
4 13/
1
1314
1312 1312 1312 1312 13/
2 Dec
4 17112
1
108/
2,200 South Porto Rico Sugar---100 154 Jan 25 19712May 2 11- Apr 1-811117334 17334 17212 173
4 *173 175
1
173 173/
173 174
100 11812 Mar 4 130 May 21 110 Oct 121 Dee
100 Preferred
*126 13034 12614 12614 *126 130 *128 129 "12612 129 "12612 129
30 Dec 33 July
25 3158 Jan 3 3678June 3
Edison
Calif
28,800
36
3512
Southern
36
35%
36%
4
3
35
4
363
3618
4
363
364
3618 364
41
4532 Jan 13
Oct 5512 July
1918 19% 1912 1934 19% 20% 194 1911 3.900 Southern Dallied el A-No par 15 May 20
1912 20
9
19% 2014
1712 Oct 3534 Mar
7 May 18 20 Jan 7
No par
1.100
*812
84 812
84 812 .812 g
*814 812
83s 9
10 Dec 1744 Feb
4May 13 13 Jan 20
par
83
No
120
12
*10%
Co
&
Spear
12
12
*1014
*1018
12
*1014
1018 1012 1012 1012
72 Apr 824 Jan
100 73 Feb 24 80 Feb 14
220 Preferred
8114
*80
80
80 '79
80
80
80 '79
80
80
80
1832 Apr 314 Feb
No par 2012 Jan 27 2878May 25
2614 264 2613 26% 2734 4,600 Spicer Mfg Co
2614 26
26
2612 26% 2612 27
Jan 1074 Doe
101
19
Mar
110
21
Feb
104
100
Preferred
100
1093
•109
4
•108 10934 10934 10934 "109 10912 *109 10912 *109 10934
51 Mar 69 Feb
94,200 Standard Gas & El Co_No par 54 Jan 25 6514June 6
6134 6334 6058 62
6312 64% 6318 64
6314 6514
631
62
64 May 16
5334 Mar 5732 Feb
Jan
5718
50
63
1,000
Preferred
63
63
4
623
3
63
6318
2
3
63
2
6312
2
633
63%
*6234 631
Oct 924 Feb
100 7014 Jan 4 89%June 2
86% 4,400 Standard Milling
86
881
8612 8712 8413 8434 8434 86
87
8514 861
80 Mar 90 Feb
100 84 Jan 5 98 June 2
300 Preferred
9612 9612 9612
9612 97
9612 9612 96
9612 97
96
96
5252 May 6332 Sept
15,200 Standard Oil of Cal new.No par 5038 Apr 28 6034 Jan 19
53% 5434 54% 54% 5412 55
5312 54
5312 531
53% 533
3738 Dec 4632 Jan
5
36% 37
36% 3752 3714 3712 37% 3734 49,600 Standard 011 of New Jersey-25 3512 Apr 29 41% Feb
3634 37
3652 367
3212 Dec 3314 Dee
Jan 18
30% 301
3014 303
3014 3058 3012 3058 38,700 Standard 011 of New York__25 2978May 2 341s
3014 301
30% 301
1072 Feb
311 Nov
432June 9
29
Mar
2
par
Co--No
Glass
Plate
Stand
9,100
4%
414
4
34
37
3%
31
*34
3% 31
3,4 338
75 Mar 9614 Nov
7
10712-Tune
4
Jan
9012
par
No
Products
10614 1071 10634 1071 106 1063 106 10618 *10614 10612 9,300 Sterling
103 106
61 Nov 9272 Jan
Apr 20
63% 62
63
62% 13.700 Stewart-Warn Sp Corp_No par 5114 Mar 15 6814
643
6358 647
6314 643
63
6258 63
5412 Mar 1
4734 Dec 7714 Jan
28
274 30
2614 271
2934 /2812 29% 4,600 Stromberg Carburetor_No par 284June
307
30
30% 303
47 May 62 Sept
5012 511
5012 5114 25,800 Studeb'rCorp(The) new No Dar 4914 Mar 18 57 Apr 8
50% 51
5012 511
5014 51
5038 507
100 118 Feb 10 122 Feb 23 11412 Feb 12212 June
Preferred
12112
*118
1211
*118
12112
'118
1211
1211
*118
*118
12112
*11814
334 Feb
112 July
12
818May
2
Feb
213
par
No
Boat
618 64 15.700 Submarine
4 512
1
6/
618 6%
614 658
618 6%
taps mar 4132 Jan
No par 30 Mar 21 3473 Jan 17
31
31
32% 32% 3232 324 324 3,600 Sun Oil
31
3034 31
'3034 31
1 July
514 Dec
612 Feb 18
3
Mar
par
4
33
No
011
33,100
Superior
518
4%
414
4
4
4
4
4
372
372
418
4
194 Apr 34% Sept
28 May 18
100 1938 Jan 2
700 Superior Steel
2412
2314 2314 *22
2434 243
24
24
2418 25
25
25
84 Apr 17% Sept
7 Apr 27 1338 Feb 3
50
500 Sweets Co of America
*938 10
*914 10
10
10
"9
*918 10
10
*918 10
1412 Jan
4 Nov
6 Jan 14
313 Apr 1
334 4
.
*34 4
100 Symington temp ctfs--No par
41
41
*4
4
4
414 *4
*4
1032 Oct 2072 Feb
1333 Jan 14
812 Mar
100 Class A temp otte----No Par
*1118 111 *111x 111 *11% 1112 1118 11%
*Ws 12 •1115 12
Apr 1472 Jan
11
4 Apr 8
/
141
1112 Mar
par
-No
Corp
Telautograph
500
13
4
5123
131
*123
1314
4
131
1314
134
1312
4
123
1234
*1234
1032 Dec 16
Feb
818June 10 1314 Jan 13
No par
9,100 Tenn Copp & C
818 81
4 812
1
8/
838 81
8,4 8%
812 81
812 812
5312 Nov 574 Dec
25 45 Apr 19 58 Jan 17
47% 48% 4818 4812 48% 4858 48% 48% 4814 4858 32,400 Texas Corporation
47% 48
Oct 524 Nov
39
9
Apr
654
3
Jan
49
new
Sulphur
Pal
No
6158
Gulf
Texas
152,600
58%
4
573
5812
58% 5938 5812 59
4 5912 5818 583
/
581
12 Oct 1912 .jan
10 12 Apr 29 1878June 8
16 1 217.200 Texas Pacific Coal & 011
1618 17% 215
1214 1212 1214 1238 1212 15% 1618 187
3334 430,700 Texas Pao Land Trust new-1 154 Jan 25 40 June 7
3338 3612 30
3018 3038 40
3314 38
25% 2734 28
11/
.
.
265k Dee 14 11
NO par 2414 Jan 11 3458May 7
300 The Fair
'3214 3234 '3214 3212 *324 3212 3218 3218 *324 322 3218 32%
424 May 504 Sept
25 47 Jan 26 5478MaY 19
5214 5234 1,300 Thompson (5 11) Co
5212 521
53
5314 *524 53
53% 5312 53% 54
63,300 Tidewater Assoc 011___No par 15123une 2 1918June 9
1814 19
1614 1612 1614 1734 1714 1812 1812 191
1618 161
100 90 May 17 90iaune 1
1.000 Preferred
90
"9012 90% "904 9112 9012 9034 90% 90% 9034 904 290
100 2234May 12 294 Jan 13
24
4
24
23
1,000 Tide Water 011
2338 23%
23
4.2234 2314 23
23
23
8714 Nov 103 Jan
100 87 May 6 8934 Apr 25
,,
Preferred
89
*88
600
89
"88
88
88
88
88
89
'88
88
88
4472 Mar MA Nov
Bearing-No
Par 78 Jan 3 10614June 3
Roller
55,900 Timken
10158 1035, 10033 102
1014 10334 101 103
101 10238 10234 105
9$14 Apr 11632 Sept
5
Jan
1104
April
100 9313
10238 10478 10314 10434 10134 10358 54,700 Tobacco Products Corp
1003s 100% 10012 1011 1004 102
11612 Jan 18 103 Mar 11833 Sept
16
Apr
100
108
A
Cl/88
11314
113
4
1,200
1133
4
1133
114%
113
113
113
113
113
114 114
3 Mar
512 July
712June 9
334 Apr 30
578 718
7
712 424,000 Transc't'l Oil temetf newNopar
538 0
514 5%
558 5%
54 5%
15 Aug27 Jan
15
15
200 Transue & Williams St'l NO Par 10 May 4 1538May 31.
15
15
15
*14
*1334 161 *1334 1535 *1334 15
6334
Nov
434
Jan
18
Apr
8
607
29
Jan
45
----25
Typewriter
7
Underwood
5613 554 55
5,300
571
5714 56
56
5614 56% 56
57
57
35 May 7114 Jan
731aune
6614 6938 6412 664 635 6512 27,900 Union Bag & Paper Corp-100 3812 Jan 25 1233
6812 641? 661
66
68
67
7712 Mar 10034 Dec
4May 19
9918 Jan 26
&
Par
Carb-No
Carbide
Union
4
1183
11818
1184
11918
11712
11814
16,600
1193
4
3
118
8
1195
11814 1181 11734
3714 Jan 5832 Sept
25 3934 Apr 27 5612 Jan 6
4278 4338 8,400 Union 011 California
4338 4234 43
4238 42
42
42i4 421
42% 43
93 Dec 9514 Dec
100 94 Jan 3 11512June 9
6,100 Union Tank Car new
•1074 1081 10938 11212 110 1117 110% 1127 11312 11312 114 114
6
Jan
100
4
8318 Feb10934 Aug
Apr
82
25
Stoma
871
Cigar
United
6,300
8478 x83
84
84%
8611
8511 86
"8513 87
86
86
100 125 Jan 5 14034May 12 11472 Mar 125 June
Preferred
100 159 Jan 25 1824 Apr 20 134 Mar 174 Dec
United
5.000
Drug
168
167
170
170
170
16614
11614
16514
16614 16812 167 iis
5512 Mar 59 July
50 5812 Jan 6 60 Jan 12
500 let Preferred
59
5914 59
5912 *59
*594 59% 59% 5938 *59
59
59
98 Apr 126 Nov
No par 11313 Jan 26 13512May 27
1308 13033 12934 13014 1,800 United Fruit
1314 13112 130 13112 131 131
131 132
90 Mar 9812 Dec
26
Apr
1033,
14
Jan
98
pfd-100
let
Pictures
Universal
200
10412
*101
10014
1004
102 102 *100 105 '101 105 *100 104
1332 Mar 3412 Dee
Mar 29
4 3052 16,1001 Univcrsal Plpe & Bad No par 2713 Jan 25 3714 May 7
1
3058 3078 29/
3114 3218 30% 3112 30% 31
3152 32
52 Mar 904 Dec
100 8134 Jan 27 96
600 Preferred
89
91% *87
90% *88
*89
9014 '89
91
8912 90% 91
150
20
May 24812 Aug
May
246
25
Jan
202
Fdy-100
Pipe
&
Iron
6.100 U S Cast
233 23314 229 234
232 232
23034 23334 233 23534 232 234
100 112 Mar 14 11512May 21 10014 Mar 118 Dee
400 Preferred
115 115
1144 11412 115 115 *115 116 *115 116
*112 114
39 Mar 6112 Feb
May 27
64
14
Feb
514
pa
No
ctf
tem
CorP
Distrib
S
U
500
62
62
62
6138 *6012 62
6012 6012 *60
6012 6012 61
4572 Jan 594 Feb
6338May 19
6034 3,200 U El Hoff Mach Corp vtoNo par 5158 Feb 1
4 6114 8073 6114 59
/
611
62
62% 6214 *61
62
*61
4532 Mar 8412 Dec
100 69 Mar 30 89 Feb 28
35,400 1:1 S Industrial A1cohol
79
7514 763s 74% 7612 7412 78'2 77
7514 76% 7512 761
9914 Apr 11472 Nov
9
11112June
4
Apr
10714
100
300 Preferred
,11112 *10912 114
1107
*109 111 "10912 111 *109 11112 "109 111
4812 Mar 7172 Jan
54 Apr 6 6658 Feb 7
4 564 5612 5618 5614 3,100 US Realty & Impt new.No pa
1
5714 5732 5614 57% 5514 56/
5714 577
5014 May 884 Jan
100 4012June 10 6718 Feb 28
4234 447
4358 44% 4212 4334 *434 4334 4012 4158 76.400 United States Rubber
4458 47
Mar 109 Jan
10112
8
Apr
11138
10
9512June
100
m111_3,
a
. Ref
lft erred
ting
ee
Pr
m
99% 102
9912 1001
99 100
9714 9972 9512 964,
10018 101
Oct 4972 Jan
30
33% Jan 13 42 Mar 24
la
600 US
*3614 37 '3614 361
"3614 37
3614 36% 3534 36
355 354
42
Mar 4
Oct 50 Jan
49
18
Jan
45%
5
Preferred
400
4838 4838 4812 481
48
48% 48% ,
491 *4812 4914 4812 4812
117
16012 Dec
Apr
31
May
176
28
Jan
15312
wres Steel COrP--100
104 a
N
_5 United
.i0
74_,.
iiiio 1_2_314_ iiii2 iiii 2....
11133 Jan 23 12578June 1 11372 Dec 117 Dee
2 22i4
4 12414 1247124312158 123',
Mar
13042 Dec
12412
7
13312Ju0e
28
Jan
129
100
13214 133
4,100 Preferred
13234 133
13234 13234 13234 13338 13234 13312 13234 133
5612 Jan 67 Dec
NO Dar 67 Jan 4 85 June 10
*7852 80
85
*7858 80
•7858 80
"7852 80
800 U S Tobacco
80 /82
80
112 Mar 123 Dec
16
Feb
125
14
Jan
123
100
uta,Prefcoerroedoor
•125
*125
______
__
4
4
•125
1263
1263
12634
12634 "125 12634
*125
12634 •1253
Apr 116 Nov
93
10 111 Feb 11 11518 Apr 20
115 120
*115 125 "115 125 *115 12018 *115 125 *115 125 .
2758 Dec 37 Feb
34 May 19
232
3258 32
3134 Iir.500 Militias Pow & Li A---No pat 27 Jan
324 3134 32
31
3314 32
32% 33
Mar
29
39
43 Aug
Mar
par
5212
20
Jan
No
37
Corp
49
2,000 Vanadium
481 4812 4814 4812 48% 48% 4714 48
48% 484 48
4314 July 52 Aug
6338June 6
No par 48 Jan
59% 61% 61% 6352 6114 62% 6034 6232 5934 5114 6018 60% 35,400 Vick chemical
41 Apr 12
335
par
_No
Machine_
8June
351
Talk
3512
3514
3614
35%
37
3614
4
Victor
37,800
333
4
3
35
3614
3312
4
3312
No par 90 Jan 29 964 Apr 13
9012 90
90% 90
9033 *90
90
90
90
1,600 6% preferred
*90
90
90
3 10012 Apr 13
y 25
Febb
7121,ia
o0 92
lo0
98
98
98
98
98
98
9812 3,100 7,
98
98
7 prior preferred
9818 98
98
1034 Feb 14 -11 Oct 1b1-2 Feb
No
7% 8
818 84
800 Virg-Caro Chem
734 734
734 734 *74 7%
8
8
36% Feb 14
4
Apr
4
/
281
100
3138 Oct 69 Jan
preferred
2712
2712 *2712 28
2734 2778
284 2812 2758 2752
700 6%
28
*27
83 Oct 984 Jan
100 73 June 8 8734 Feb 11
7512 73
76
73
7512 73
73
*75
73
*75
500 7% preferred
76
*75
4
Jan
9
Feb
43
51
_100
40 May 604 Not
Coke
it
coal
4818
Iron
*45
*45
4852
*45
47
47
47
200
4514
Virginia
4514
50
*45
26 Mar 364 Dec
No par 3212 Jan 24 3634June 10
3312 35% 35% 3612 3534 3634 53,000 V1vaudou(V)
34% 3414 3334 3412 3338 34
94% Jan 11012 Dec
100 104 Mar 30 11012June 10
900 Preferred
*105 10718 *105 10718 10612 10612 106 108% 110 11014 11012 11012
14
4May
par
25
7
5
20
Feb
No
17 Jan 23 Des
System
*19
2112
4
203
21
21
21
21
20
21
4
1,200 Waldorf
203
21
21
1214 June 2314 Jan
No par 18 Jan 14 2412 Apr 1
1858 1852 2,600 Walworth Co Ws
19
20
19
1914 2034 2012 20% 18% 19% '10
13
Apr
17
8918
Mar
10512
par
99
June 195 Jan
-No
A.
Class
•92
104
*92
"98
98
104
98
98
3
105
ing
k
.
B
Ba
"98
00
0
ld
r
c
Wa
108
*92
1758June 10 33% Feb 18
214 Oct 854 Feb
No pa
1932 2018 19% 2018 1918 1934 1738 19
2014 21
10.200
21
*20
No par 84 Apr 9 9534 Feb 3
8812 Oct 11012 Jan
8712 85
8612
8712 "87
8712 8712 *86
8712 *87
500 Preferred (100)
88
*87
12 June 6214 Sept
3212 29% 3113 2912 2934 2934 30% 8,900 Warner Bros Ploturee A__10 24 June 6 4512 Jan 6
3114 3212 3134 3214 32
2612May 17 2312May 26
No pa
*26
*2514 27
27
27
2512 27
600 Warner Quinlan
"2638 2612 24. 2512 25
No par 65 Jan 14 904 Feb 18
•80
"82% 86
-AP; 69 Dec
84
86
*8218 8214 84
100 Warren Bros
8238 *8218 84
*80
71
72% 7012 7112 7012 7012 *704 7134 71
53 Apr 854 Jan
71
1,800 Weber & Hellbr. new e_No par 564 Jan 5 7358May 31
7012 71
16434 18712 166 17012 16612 16912 165 165
16134 165
20,100 Western Union Telegrapb_100 14413 Jan 8 17012June 8 13412 Mar 1574 Sept
O18012 163
1734 17534 17212 17334 40,000 Westingbouse Air Brake___50 13313 Jan 4 17988June 6 10514 Mar 146 Dec
175 179% 17534 17838 17414 178
17112 175
65 May 794 Feb
7518 75% 7$4 7534 74% 75% 14,900 Westinghouse Elea & Mfo__50 6751 Jan 4 7734May 31
754 7638 7534 7612 7514 76
1513 1512 1514
15 Jan 8 18% Feb 15
MS My
1518 1518 1518 154 1518 1518 *15
4 MAY
1
13/
*1518 151
380000 ClassWeston Eleo
A Instruml_No pa
3112 3112 3112 3112
33
"32
33 "32
*32
No par 3014 Jan 6 3434 Apr 20
4 Jan 3212 Oct
1
27/
33
*3214 33
10678 10678 •10512 107 *105% 107
110 May 4
10512 107
884 Jan 9812 Oct
250 West Penn Elea ol A ett No par 9772 Jan
10612 1061 107 107

-er

109 110
10914 10912
1085 1081s 108 109
116 116
116 116
117 117
116 116
2312 231
2312 2312 2312 2312
*2312 24
4614 47
4634 4718 4612 47
4634 47
337 337
3414 343
3338 *3312 337
*33
43
4 42
1
42
4352 45/
437
4134 43
*5212 53'i 5338 5338 5312 5378 *5314 5312
313
38
34
*58
3
*58
%
33
1938 1858 1914 1858 187
1812 19
19
90
90
91
901 *89
*89
91
*89
1218
1212 12% 12
1212 121
1214 121
*2212 23
2112 2211
2234 227 *2134 23
66
65
66
65
66
66
6618 663
14058 1421 14034 14334 1424 14314
14158 142
4158 48
43
4212 4434
38
*375 38
5912 60
4 64
1
*60/
5912 591
*57% 59
541
54
541
4
523
52
51
52
*51
3912 41
3834 40,4
377 3958 4012 423
54
64
54
*53
54
54
54
54
7912 80
82
*77
82
only 32 •77
2758 2814
281
28
2734 2812 2778 281
9412
94
95
95
95
*9412 95
95
8712
8712
4
883
8712
884 885R 8814 881
dal'.
this
on
ea1418
no
prices;
•Bid and asked




10914 10978 109 1094
100 102 Jan 4 110 Apr 281
620 Preferred
116 116
260 West Penn Power met- _100 111 Jan 15 118 May 27
"2334 24
White Eagle Oil &Refg_No par 22 Apr 25 2712 Feb 15
464 47
lag 12illig White Motor
50 4.538 Mar 31
58% Feb 28
3234 347
White Rock Min Sp etf_No par 26 Jan 26 3617 Apr 2
43
41
T
1 ,11,14
:
214 Mar 24 4634June 2
. 21 g White Sewing machine_ No par
534 5358 5334 54
2,900 White Sewing Mach pf_No par 46 Feb 1
59 Jan 17
58 1,58 18,
58
4 41100 W
38
wim
tfeiNo par
eh
cercr
end
Spla
ckyw
4 Jan 26
tever
o.10
14 Feb 14
1812 183
8 1812June
2434 Mar 3
90
*88
Preferred
100 88 Mar 26 95 Jan 11
1112 111
1 ?12
?1C1114 11
17% Feb 21
Wilson & Co. Inc. new _No par 10 May
21% 2134 21
21
3278 Feb 23
1,100
No par 1614May
Class A
63
63
8434 Feb 23
Preferred
100 58 Apr
14234 1437 123'5: 12
20.g
25 117% Jan 11 14534May 23
Woolworth (F W) Co
4,03 42
431
42
271i 22.4
46 June 7
100 2012 Jan 2
Worthington P & M
64
6112 611 •16
8(1):400 Preferred A
100 46 Jan 22 6112June 9
54
54
rr: 5412June 7
100 40 Feb
Preferred B
V1
4
/
38% 40% B
4234June 6
jurral---No par 2413 A
a
5334 5334
5334 533
500 47rigilletyA(rrn°
No par 5078 Jan 4 6414May 19
.578
81
*79
80
81 June 1
200 Yale & Towne
2758 281
4
273 2818 45,000 Yellow Truck & Coach_-_-11
.j
)0 ;24 an 1.1 3014 Apr 19
2
*924 941
944 9512 1.100 Preferred
99 Jan 3
00
8712 8734 8718 8712 3,600 Younestown Sheet & T No 1par :51
9714 Mar 24
i01 litr
0 Ea-dividend and ea Mans s hx-diviciaua a Ex-rights. /Ex-dividend.

A,
1.1

1,1%)
gg
00
SI

14

95'z May 10212 Dee
108 Ma 115 Sept
254 Apr 21,314 Feb
5118 Apr 90 Feb
22 Oct 3832 Feb
16.1.1 Oct 6414 Oct
58 Dec 332 Jan
18 May 84 Jan
8812 Oct 99 Feb
6 May 1432 Dec
14 May 304 Dee
42 May 8112 Dec
12014 Dec 128 Dec
19 Nov 4434 Jan
44 Nov 80 Feb
3714 Nov 65 Feb
2412 Mar 3934 July
47 Apr 5934 Feb
4 Aug
1
604 Mar 72/
20 May 3038 scot
914 Apr lo712 Sept
4 Aug
1
69 May 95/

•

3476

New York Stock Exchange—Bond Record, Friday, Weekly and Yearly

Jan. 1 1909 the Exchange method of &noting bonds was changed anti prices
are now "and interest '—excein for income and defaulted bonds.
BONDS
N.Y.STOCK EXCHANGE
Week Ended June 10.

r.
711
g

Price
Friday,
June 10.

Week's
Range or
Las! Sale

63

Range
Since
Jan, 1.

I

BONDS
N. Y. STOCK EXCHANGE
Week Ended June 10,

Price
Friday,
June 10.

Week's
Ranee or
Last Sale

fes.

03,=Z

Range
Since
Jan. 1,

U. S. Government.
Bid
,4sk Low
High
High No, Low
Bid
Au, Low
first Liberty Loan11109 No Low
High
Japanese Govt b loan 48____1931 J J
90 Sale 90
0014 38
8814 921s
J D 100233, Sale 100234,101
534% of 1932-1947
396 00111,101".,
30
-year
s
FA
1954
f
6348
9958 Sale 9912 100
Cony 4% of 1932-47
175
98% 102
J o 10113:,
5 1001%, 102
10111,2101
1%,
Oriental
Development
MS
68.1963
9414 Sale 94
Cony 434% of 1932-47
9458 47
9212 98
ID 1034, Sale 103
103%, 123 1023..10311.o Leipzig (German.) ta 1:78
11147 P A 100% Sale 10012 101
2d cony 434% of 1932-47
55 10104 102%
• D 10214, Sale 102113,10214,
102,14,103
Lower Austria (Prov) 7348_1950 J O 9812 Sale 9734
21
Ifecond Liberty Loan99
9734 100
Lions (City of) 15-year 65 11134 MN
97% Sale 97%
415 of 1927-194°
9812 63
9312 9812
MN 100 100104, 100',, 10014,
75 100 101
Marseilles (City of) 15-yr 66_1934 MN
9778 Sale 98
Cony 44% of 1927-194°
9812 33
934 9812
MN 10011,, Sale 100104,1001 h, 6299 100'22 101 ‘2. 3.lexic4sn Irrigation
1943 MN
4348
30 Mar'26
Third Liberty LoanAseenting a f 4%s_
1943
3714 38
34%
3634 58 -55- -CC
434% 01 1928
MS 100114, Sale 100",2101
282 1002'11101"u Mexico(U S) esti 58 of 1899 £ '45 QJ
Fourth Liberty Loan50
Feb'27
50
50
Assenting be of 1899
1945
3938 Sale 3712
32
39
39%
434% of 1933-1938
50
AO 03",, Sale 10314,104
717 10314,104"u
Assenting 58 large
42 May'27
Treasury 434s
39% 4232
1947-1962 AO 1333.11391u
89
.,111"11
1103
1141
.,
Gold
deb
48
of
1904
J
O
1954
2712 34 July'26
27
Treasury 4s
1944-1954 J O 0810,, Sale 10511,1109
291
1061,110913n
Assenting 48 of 1904
2738 Sale 2612
Treasury 3us
345g
2738 17
24
1946-1966 MS 0511,1105333, 10510,4105.h, 2424 1034,106,h,
As,entIng 4,of 1904 large.....
27 Dec'26
State and City Securities.
Assenting 49 of 1904 small
25%
NY City-434a Corp stock_ 1980 MS
Sept'26
10038
1
101 1R
100/
1
4 1007s
Assenting 4 of 1910
-2658
27% Jan'27
434a Corporate stock
2738 27%
1964 MS 104i4
1041
10212 10512
/
4 May'27
Awaiting 49 of 1910 large
27 Sale 2634
20
27
434s Corporate stock
2618 31%
1966 ▪ 0 10432 _
1025 Mar'27
10258 10253
Assenting 48011910 small.....
2414
Sale
59
235
8
44(8 Corporate stock
2414
2238
2714
AO
1972
1041
/
4
_- 10458 June'27
102% 10514
Trees 65 of'13 assent (large)'33
42
45
4134
43.48 Corporate stock
4134 10
40
461s
1971 JO 109 11
3 10712 10912
- -0 10912
1091s
Small
42
4212 15
4)4a Corporate stock_3u1y1967 JJ 10834 10912 10938
4112
4812
106/
1
4 10912 Milan (City, Italy) ext'l 6345 '52 A 0 4
May'27
9'
2
134
2 Sa e 91%
9212 1185
434s Corporate stock
91
9212
1965 JD 10812 -- 10914 May'27
10658 10914 Montevideo (City of) 7s____1952 .1 D 10278 Sale 10134 103
29
434, Corporate stock
9978 103
1963
1081
106% 109
- - 109 May'27
Netherlands 68 Oat prices)__1972 M S 10758 Sale 107
8
107%
4% Corporate stock
10512
108%
N
1969
101 410112 10114 May'27
99 10158
313-year external (34 (.1100__1964 A 0 10312 Sale 10338 103% 67 103,4
4% Corporate stock
103%
99 1003.4 Norway 20-year esti 6s
1958 MN 101 10112 10034 Apr'27
1943 F A 10212 Sale 10234 10314 36 10114 104
4% Corporate stock
1957 MN 101 10112 101 May'27
987s 10114
20-year external fis
1944 F A 103 Sale 10214
48 1014 104
103
4% Corporate stock
MN
1956
100 10114 9812 Nov'26
30-year
external
A
0
13s
1952
10212
Sale
10234
10278 12 100 10334
4% Corporate stock
1955 MN 100
40-year a f 5)48
9,78 Oct'26
1965 .1 D 100 Sale 99%
10012 91
414% Corporate stock _ _ _1957 MN 10734 10838 10812
9834 10134
105% 14% Oslo(City) 30-year a f 69
10812
1955 M N 9934 102 102
10212 11 100% 103,3
434% Corporate stock_ 1957
N 108 Sale 108
10534 10834
108
Sinking
F
A
fund
1946
9872 9912 99
53.48
9934 49
334% Corporate stk _May 1954 MN
97
100
93 May'27
89% 93
Panama (Rep) esti 5%s._ _.1953
1)
1 100 103
103
335% Corporate stk _Nov 1954 MN
8978 91,4 Peru (Rep of) esti 85 (of '24)_1944 A 0 10212 103 103
9114 Mar'27
104 Sale 10314
13 10314 107
104
3346 Corporate stock
1955 MN
89
A
pr'26
Esti 85 (eer of 1926)
1944 A 0 1034 Sale 10312 10334 13 103 106
New York State Canal Im 40.1961 J J
10212” Oct'26
Exti
fd 710
1940 M N 10118 Sale 10012
4s Canal
101 18 24
9934 103
1960
10258 Mar'27
10558 10-2-4 Esti sink
f sec 734s (0(1926)-1956 M S 10012 Sale 10014
98% 101
434o Canal Rapt
10058 88
1964 J J
102
Apr'26
Poland (Rep of) gold 65
A 0 8234 Sale 82%
1940
54
8212
Hictiway improv't 434o
7612 85
131
S
1963
11517 1-1-2-17 Esti sink fd g 88
11212 June'27
J 9712 Sale 9714
1950
Foreign Gov't and Municipal's
9834 541
9314 99,3
Porto Alegre(CRY of) 8s
1961 J D 105 10514 10514
1
Antiouula (Dept) Col 7s A 1945 J
10514
10314
106
24
9512 Sale 9514
94
96
9712 Queensland (State) exti s f 78 1941 A 0 11314 Sale 113
9 111 114
11312
External (78 tier B
1945 J
22
954 Sale 9514
94
9712
96
26-year external 135
1947 F A 1051a Sale 10518
14 104 10614
Argentine Govt Pub Wks 68_1960 AD 9914 Sale 9834
106
97%
107
100
9914
Rio Grande(105111 esti 8 f 85_1946 A 0 10512 Sale 10514
4 103% 10612
Argentine Nation (Govt of)—
10.551
Rio de Janeiro 25-yr e 188
1946 A 0 105 Sale 105
11 102% 108
Sink rand 6001 June 1925_1956
105
D 9914 Sale 99
97,4 100
998 116
25-yr ext! 85
1947 A 0 1047 Sale 10414
Call 1 gs of Oct 1926_1959 AO 99 Sale 99
36
1047
8
10214 105
9734
100
9912 30
[tame (City) esti 634s
1952 A 0' 897 Sale 8912
'(Ink fund ho Series A__ _ _1957 ki
8912 92%
90% 404
97.2 1007x Rotterdam (City)
100 Sale 9938
35
100
ext1 8s_ 1964 M NI 10414 Sale 104,4
External 68 series 13 _ _Dec 1958
10434 23 103% 106
I) 99% Sale 99
97% 100% Sao Paulo (City) s f 88__Mar 1952 MM 112
9914 26
Sale
111
Eat! a 16e of May 1926
2
112
N
10712
112
19,50
97% 100
99 Sale 9834
San thank,(State) extl 51 83.1936
99% 83
J 105% Sale 105
Ext1 Co Sanitary works
10512 15 10412 107
1961 P A
99 Sale 9834
98 100
9934 113
External sec a f 85
J 10434 Sale 10434 106% 25 10434 108
1950
Esti 69 Pub wks (May '27)_'61 MN 993 Sale 9878
98%
53
9914
9914
External f is Water L'n_1056 M S 9914 Sale 99
Argentine Ire/unary be _ _1945 M
9978 57
9814 10012
9034 9112 9012
4
91.34 Santa Fe (Prot, Arg Rep)
89
91
78 1942 81 S 948 Sale 9414
Australia 30-yr
94% 81
_July15
g-- 1955 J J 9814 Sale 98%
93% 9658
9714 98'z Seine. Dept of (France)extl 78
9838 121
/
J
'42
10218
Sale
10218
Austrian (Govt)54._235
103
a 1711
1943 3D 10314 Sale 10314
97% 103,2
10352 62 1014 105
Serbs, Croats & Slovenes 88_1962 '4 N 10078 Sale 10014
Bavaria (Free State) 634e.. _1945 FA
10114
95
974 102%
99 Sale 9812
9918 67
9818 100% Soissons (City of) esti 6s
9,534 Sale 9534
1936 64 N
9612 98
Belgium 25-yr extol 734s g_1045 JO 11312 Sale 113
914 97
11334 78 111 114
Sweden 20-year 68
1939
10414 Sale 104
30-year, f5s
104% 18 10318 105
1941 FA 1091
/
4 Sale 10812 11014 36 108 11014
External
loan
M
5%5
N
1954
26-year external 634s
10434 Sale 1043
7 102% 10518
104%
1949 NI 5 10 34 Sale 10334
10112 104
96% 102.2 Swiss Conled'n 20-ye,f 88 1940 1 .1 113 Sale 11214
External, f 139
11314 6(' 11114 11374
1955 42 9714 Sale 9718
9738 185
925s 98
Switzerland Govt ext 53.0..1946 A 0 10558 Sale 10334
External 30-year aI 7s1955 ID 10434 Sale 10458
10538 37 102% 108
16(1 10212 10534 Tokyo City 50
1055
8
loan
of 1912_1952 NI S 75
Stabilization loan 74
7012 19
7534 7514
195o; 61 N 10312 Sale 10312 104
75
797s
116 10132 10418
Exti s f 5344 guar
1961 A 0 8612 Sale 864
Dorgan (Norway) a fits
8678 98
1946 MN 113 11312 1133
8618 90%
9 11218 114
11358
Trondhjem (City) eat! 6%0_1944 J J 9978 100
26-year sinking fund 68___1949 AC 100 Sale 100
997
99% 10
9912 101%
1
99,4 101% Upper Austria (Prov) 78_
100
1945 .1 13 0014 9612 96
Berlin (Germany) 634s
9612 14
94
97%
1950 AO 9814 Sale 9712
9712 100% Uruguay (Republic) esti 85_1946
9814 84
F' A 10914 111 11078
Bogota (City) ext'l s 1 8s.._ _1945 AO 10314 104 10314
8 10858 112
111
17 10234 10478
104
External s f 65
Bolivia (Republic of) 8e.,
1960 M N 957 Sale 955
95
9612
N 104 Sale 104
9614 82
1947
58 10312 105% Yokohama (City) esti 6s_ 196
10412
I) 933 Sale 9318
Eat] sec 7s tern
9214 974
9334 62
1958 24 9512 Sale 9138
94% 98
951 2 103
Rallreau
Bordeaux (City of) 15-yr 69_1934
N
93% 9812. Ala Gt Sou let cons A. 53__1943 J O
977 Sale 973
981 2 46
10434
Brash (U Sot)external Re_ _ _1941 J D 105% Sale 10574
10434 June'27
1035s 104%
10634 38 104 10812 Ala Mid 1st guar gold 5s
1928 SIN 10014 1-003-4 10034
External s 16lia of 1926._1957 AO 9134 Sale 91
100%
5 10014 10034
96
89
921 210
Alb & Soso 1st guar 345 _1946 A0 0058 ____ 893
7e (Central Railway)
87% 89%
1.1 9512 Sale 95
1952
94% 9912 Aileg & West 1st g gu 4s_ ._ _1998 AO 8712 ____ 85 4 June'27
36
96
Mar'27
744s (coffee secur),E (flat)_1952 AO 105 10534 104I June'27 _
8472 85
107
102%
Alleg Val gen guar g 48
1942• B 9612 Sale 9618
9612
5
Bremen (State of) ext'l 75_ 1935 3.1
9514 97
10214 103 103
8 10212 105
10334
Ann
Arbor
lot
g
48
81 18 82
8112
3
8112
1995 Q
Buenos Aires(City) esti 6401955 Ji 10014 Sale 10034
7912 82
99% 10214 Atch Top & S Fe—Gen July
101 34 26
g 48_1995 AO 955 Sale 9512
964 144
Bulgaria (Kingdom) a f 78_1967
92% 9714
9114 Sale 917
91
9414
9178 17
Registered
AO
9414
944
C ildas Dept of(Colombla)734W46 J J
92
1
96
98 Sale 964
96% 98%
48
98
Adjustment
gold 4e. _July 1995 Nov 8938 Sale 8834
8938
4
Cuatuis,(Dominion of) 5s
87/
1
4 9114
1931 AO 10114 10158 10134
10112
7 I0014 102
Stamped
July 1905 MN 8904 Sale 8958
90
22
10-year 5%8
8755 91
1929 P A 102 Sale 10178
33 101% 10278
102
Registered
MN
_
871
85 May'27
85
be
8812
N 10614'Sale 057
1952
10612 84 104 10612
Cony gold 45 011909
1955'JO 88384 893
- -4 89
8912 12
i
85
89/
1
4
1936 P A
9938 Sale 99
981s 098
Cony 411 01 1905
9912 26
1955 J D 8834 8958 8914
C
8914
(City) R f its
3
8734 89114
1954 .1
105 106 10512 106
103% 10612
8
Cony
g
4a
Issue
of
1910
J•
1960
901
—_ 8934 Apr'27,____
Cauca Val (Dept) Colorn 7149'
AO
86
89
/
1
4
98
Sale
9912
97
97
45
14
98
East Okla Div let g 48
1928 M S 9934
2100
997
100 I
C Ills (Republic, ex It SI 8s 1841
4
P A 10712 Sale 10712 108
9914 100
1
4
Rocky Mtn Div lat 4s
18 27 10614 109/
1966 J J 90% 92
90% June'
,
227
30-year external s f 7s.
41i
8812 91
194z MN 10012 Sale 9934
9912 10114
10058 51
Trans-Con Short 1, 1st 48_1958 J J 92
9214 92
25-year external f 88._....1946 MN 108 Sale 10734
9012
9212
108,8 21 106,4 109
Cal-Ails 1st & ref 4348A1982 M
9014 997 9934
97
9934
9(%
External sinking fund 58_ _
4
430 9114 Sale 9012
9312 All Knorr & Nor let g 58-1946 J D 10612
90
9114 96
,7
8 ____
----10758 June'27
Externals 1138
9
1043
4
1961 FA
107%
9012 Sale 9012
%
9012
93
91
All & Char! A L lot A 43.48_1944 J J 98,4
79
Calle Mtge Bk 64a June 30 1957 J O
98
08
100
93 Sale 93
93
9612
9434 20
let 30-year 58 series B
1944 J J 10.5 1610
10512 May'27
El I 6348 of 1926_ _June 30 1961 J
103,4 106
9614 Sale 9614
984 Atlantic City 1st cons 48
96
9714 80
1951 J J 88
8
8634 De9
c8
'2
,
6
4 _ _7
_6
_
Chinese(Hukuang Ry)58_ _ _1961 .1 D
26 Sale 2512
24
30
26
17
Atl Coast Line lst cone 45 July '52 NI
9614
Sale
9614
9612
Christiania (Oslo) 30-yr 016819.54 M
27 -0514 -11-7-114
99% 10212
10214 Sale 10214
10212 13
General unified 4344
1964 .1 D 97
98
98
Cologne (City) Germany6101960 MS 97/
97 100
1
4 sale 9778
9812 16 97% 10012
L & N coil gold 4s.,.. Oct 1952 M N 9212 9234 9212
9234 25
Colombia (Republic)6340__ _1927 AC 10012 101 101
9112 9318
9912 101% Atl & Dan, lat g 4a
101
1
8112
1048J
Sale
J
8112
8131 11
Copenhagen 25-year of 6)48_1944 J J 100% Sale 10114
78% 8134
99% 101 12
10112 72
2d tri
1940J .1 73 Sale 73
735
3
Cordoba (Prow) Argentina 781942 J
7114 754
9812 Sale 981s
97,2 99,2 Atl & Tad 1st g guar 48
9834
Cuba 5801 1904
1949 A 0 8412 8518 8512 May'27
8218 86
1944 MS 10114 10112 10114
100 101 12 Auetin & N W 1st
10114
10214
10134 104
gu 58-1941 J
June'27
_ 10214 105%
External 513 of 1914 scr A.1949 FA 101 10134 10034
102
l0014
June'27
Bait & Ohio 1st g is__July 1948 A 0 9434 Sale 944
7 114
External loan 43.4, ser C 1949 P A
95
93%
9718
95
96
95
93% 96
7
95
Regtotered
July 1948 Q
0
98311 June'27
_6;53_
Sinking fund 510
92
9478
1953 J J 102 Sale 102
20-year cony 4)48
10234 16 1011s 10338
Sale
1933M 8
90
Candinamarca (Dept-Col) 78 '46 JO 93
197
07
9113
3
94
93
93
96
9318
8
Registered
M S
9818 Apr'27
Csechoeloyakia (Ref)of) 88_ _1951 AO 10634 10714 107i4
9818 98%
10858 65 105 110
Refund & gen 6s series A._1995 J D i5ioi%
ion
Sinking gund 8e ser B
103
100%
104
1952 AC 10734 10814 107
109
1043
4
y812
5
let g 68
1948 AC 10634 Sale 1065, 10734 37 10414 1085s
External 817%a Berle(' A 1945 AC 10514 Sale 105
10-year 65
10512 78 104% 10'14
1929 J .1 10314 Sale 10234
Danish Cons Munich:ills A 1946 PA 111 Sale
10314 141 100% 10314
1034 11114
15 10932 11 134
Ref & gen 60 'aeries C
Sale 1012
1095 J D
Series B a f 8s
11078 39 10752 Ill
1948 PA 11034 Sale 11034 11034
4 10914 11134
PLE&W Va Sys ref 48_ _1941 MN 1912
Denmark 20-year 138
e14 9414
954 41
9258 96
1942 1 2 10514 Sale 105
103%
105%
105%
21
Southw
Div 1st te
195111 J 111314 Sale 10212 10312 28 10132 103%
Dominican Rep Cunt AS oyis '42 Me
9838 10012
9904 Sale 9834
9834
5
Tol & Cln Div 1st ref 48 A.1959 J .1
lot sec 534s of 1925
8512
20
1940 AO 9812 9878 9914
82
8632
9812 110
9912 12
Ref & gen 65 series D___ _2000 NI r 118
)2
5
'2
8
S
a
l
e
10
82
Dresden (City) external 7s._1945 Mi. 10212 Sale 10214
5
10234 131 100% 104
10212 21 10012 104% Bangor & Aroostook 58
1943 .1 J
Dutch East Indies esti 85.. 1947
_ 10213 Apr'27
J 102% Sale 10258
10218 10218
10234 16 10214 104%
Con
ref
45
.1
1951
J
10232843
847
8
847
60-year 68 external
s
MS
86%
1962
11
811
/
4 87
10258 Sale 10258
10234 28 1021 1 103, Battle Crk & Slur let gil 38_1989 J D 6512 6912 6612
30-year external 5148
May'27
1953 M
64
10114 10158 10 14
6612
10158 13 10038 10234 Beech Creek 1st gu g 48__193t J .1
30-year external.5)45
May'27
1953 MN 101 18 Sale 01 18
9512 9812
103
8
1011
/
4
1005
11
Registered
J
9313
9
04
El Salvador (Reputo) 88 ._....1948 2 2 10812 10834 10834
61 M1; Yr:227
9412
9512
10614 10912
June'27
2c1 guar g be
1936 J
150_ 9) Jan'27 ----_ 99 99
Finland (Republic) Intl 68..1941 M 5 9412 Sale 9414
9412 72
93
97
Beech Crk 1:21 let g 3lis
1951 A 0 82 -8512 815 Mar'27
External elnk fund 7s
1050 M r 10034 Sale 10014
81% 81%
98% 102
1003
4
Blg
35
Bandy
let
4s
1944 J D 92% 0212 9214 June'27
External 5 f 6)48
1956 M
9734 Sale 9734
91
93/
1
4
96 1007s Bost & NY Air Line lilt 4a 1965 F A
9884 44
8212 Sale 8212
Finnish Mun Loan 6448 A 1954 A
83
9734 Sale 98
6
7832 84
99% Bruns & W let gu
96
_ 97
External 6440 Series l3._ 1954 AC 9734 9814 98 June 27
1935
9658 Apr'27
J
9534 065s
9578 9912 Buffalo R et P eon gold 4s
June'27
1937 M
ioi _ 1037 May'27
Trench Repub 25-yr sill 86_1945 NI 5 11014 Sale 110
101 1037s
111
555 10814 11114 Consol 4145 gold 5e 1957
MN
0738 Sale 9612
D 11234 Sale 1.1234
20-year external loan 748_1941
9758 29
94% 9958
11358 453 105 1137e
Registered
M N
External is of 1924
95
1949 JO 10434 Sale 10414
Mar'27
_
_
95
95
3
10514
99
105 4 658
Burl C R & Nor let 5.1
1934A 0 101
8818 102 10134 May'27
Garman Republic ext'l 7e_ _1949 AO 10612 Sale 106
101 10215
106 101112 Canada Sou cone gu A 5a
414
10634
1962
A
0
10612
107 1067
Garman Cent Agile Bank 78_1950 81
1067
10238 Sale 10134 1025
1 105 10734
101 103% Canadian Nat 434s-Sept 15 1954 NI
46
9812 Sale 9814
Gras (Municipality) zis
1954 M N 103,8 10312 10318
99
417
95
99
10312
9 10112 10378
5-year gold 434s.Feb 15 1930 F A
9931 Sale 9931,
100
01 Brit & fret (UK of) 5345_1937 F A 10.5 Sale 10434
9978 100
69
10514 127 104,8 10534 Canadian North
deb s f 78_1940 J D 11514 Sale 11514
10-year cony 65-411
1929 PA 11818 Sale 11818
11514
11838
11
1148
4
11614
1163
4
11918
7
25-year s f deb 614s
1946 J J 11914 11912 11918
N 104% 105 10458 105
Greater Fragile(City) 744s_ _1952
11914 12 11738 11914
2 103% 107
10-yr gold 4
Feb 15 1935 F A
9814 9858 9818
Greek Government 78
1964 MN
9818
963 9734 9712
9712 99
5
9734
9314 99
3
Canadian Pac lty 4% deb stock.. 2 J
8538 Sale 85
Haiti (Republic) a 1'3s
1952 AO 100 Sale 997k
8512 35
83!ri 8612
10017 21
99 100%
Col tr 414s
1946 M S 9712 Sale 9634
Heidelberg (Germany)ext 764850 1
104 10412 104
9712 83
96
9812
10412
4 10312 106
Carb
dc
Shaw
let
gold 49._ 1932 M B 9712 99
Hungarian Munic Loan 7348.1945 J J 99 Sale 984
9812 May'27
95% 9812
9752 101,
9918 21
2 Caro Cent let cons g 4x
1949 .1 J 854 87
85 May'27
J 96 Sale 96
External s f la
Sept 119411
8318 86
9658 21
954 90
Caro
Clinch
A
0
let
.1
581938
D
30-yr
10214
10314 10212 10212
Hungary (Kingd of) s f 7348_1944 FA 10234 Sale 10258
2 102% 103%
10212 11 10014 105
1st & con g Os eerie('
1952 J 0 10812 Sale 10758
10812 11 1073s 109
Ind Bank of Japan 41% note8.1927 PA 100 10012 99/
1
4 100
9912 10078 Cart ,k Ad 1st gu g 4e A
91
1981 J D
_ 9212 May'27
9012 9234
Italy (Kingdom of) ext'l 7, 1951 JO 95 Sale 95
9234 9714 Cent Branch U P let g 4a
957 648
D 85%
9212-8614
- 8614 May'27
86%
83
Italian Cred Consortium 79 A1937 MS 9318 Sale 9234
9234 9678 Central of Go 1st g 5s.Nov 1948
94
54
11)45 F A
_ 10534 May'27
10412 10578
1947M S 93 Sale 92
Esti sec f 7s ser B
92
97
0334 47
Consul
gold
58
1945
M
N
106.
10514 10512
to pre 7e 1059 1
- - 1054
frail•r.
95 Sale 95
10514
5 .02,4 106%
Gm. 103
953, 164




-

New York Bond Record—Continued—Page 2
BONDS
711. V.STOCK EXCHANGE
Week Ended June 10.

Price
Friday,
June 10.

Week's
Range or
Last Sale

Eq.

BONDS
N.Y.STOCK EXCHANGE
Week Ended June 10.

Range
Since
Jan, 1.•

r lg.
•••' t

3177
Price
Friday,
June 10.

Week',
Range or
Last Sale

I

Range
Since
Jan, 1,

High No. Low
Bict
Bid
Ask Low
Hige NO, Low
Ask Low
High
MO
Central of Georgia (Concluded)9438 ____ 8218 Dec'26 -1930 F A
102,4 13 1011 10234 'onsol Ry deb 45
10-year securer! ee_ _June 1929 J 13 10214 Sale 1017s
2 104,3 10.114
1954 J J 7234 7512 7412 June'27
Non-cony Is
10614
Ref & gen 5)48 series) 11___1959 A 0 10534 10614 10534
1/
8-18
eons debenture 4e
1956 J .1 73 Sale 73
10234 15 10214 103,2
73
1
1959 A 0 102 103 10214
6915 7714
Ref & gen 51) series C
7512 June'27
8858 2
Non-cone debenture 4 3 -.1956 J 3 7212 76
OW8 77;
Chatt Div pur inuneY g 48.11161 .1 LI 0038 ____ 92 June'27
1 10118 105
J
J 10112 Sale 10112 101 12
95
95% 9578
961 19
Cuba Alt tOt 5e-rear be 4_1552
94,2 98
Mau & Nor 1315 let g 55_1046
10912
7 107 10912
1938 .1 0 109,2 Sale 10818
1948 J J 10312
104 Apr'27
011% 104
Let ref 7189 ser A.
Mobile Division 59
7
85
1936 J D 99 100 10014 May'27 -2 8434 Sale 8412
7419 46
let lien & ref tie oar B.
Cent New Eng let itu 49-1981
9938 10212
104,
8
3
J 10478 Sale 10478
1930 M S 9314 9912 9912 May'27
9914 10034 Cuba N ,rtnern 117 let 68_1968
Central Ohlo reorg 4148..
9914 10478
N 10053 Sale 10058
1931 J J 981 9918 9918 May 27 -10034
3
9912 101 12 Day dr Mich let cone 444e
Central RR of Ga cell g 5e_ _1937
9845 9914
117
7 112 1187s Del & Hudson 1st & ref 4e
9458 60
1943 MN 9412 Sale 9418
11558 Sale 11558
1987 J
Central of NJ can gold be
9318 97
711 11412 153
153
1936.4 0 148 Sale 144
1987 Q 3 11558
11238 116
Registered
_ 116 June'27
30-year cony 58
7
93
10514
1937 M N 10434 10512 10514
1940 F A
93
931 4 33
91 14 0358
9234
5 103 10714
16-year 5188
Cent Par let ref gu g 4e
F A
10658
9 10634 10778
1930 J 13 1061 Sale 10638
9134 98
Registered
9218 May'27 9038 9212
10-year secured 7e
9614 Apr'27
Mtge guar gold? 30_ _ Aug 1929 J D 9812 Sale 9812
9412
2
971 9 34 D RR & Bdge 1st gu 49 6_1936 F A
96
9614
8
9134 62
91
91
8912 93
Through St L 15t go 45_ _1964 AO 8912 91
Den & R G let eons g 4s_ 1936 J J 91 Sale 91
91
93
9412
1
1936 J J 9434 95% 9412
Guaranteed a bs
1960 F A 10312 Sale 10234 10313 35 10112 10378
Consol gold 414e
94
97
13
Improvement gold 68._ 1928 J D 99% Sale 991
Charleston & Savu'h let 73__1938
J 11814 ____ 11812 Oct'21
9934
9912 10014
8818 170
32 ionTs 1-611; Den & 11.0 Weld gen 5s_Aug 1955 MN 8712 Sale 8712
101
Ones & Ohio fund & Impt 5s_1929 J J 10058 Sac 1001
735/ 8978
14 10338 105
N 10634 Sale 10634 107
3512 3612 35 Apr'27
Dee m & Ft D 1st gu 4s......1935J J
1939
let coneol gold 65
34
38
2
34
34
Registered.
1939
N 105 107 105 May'27
10212 105
Temporary ate of deposit........
33
35
General gold 414e
1992 M S 98 Sale 98
9838 50
- 9434 Aug'26
971 991 Des Plaines Val let gu 4 -133_1947 M 8 -9934
753
4
May'27
74
D
Registered
M S
9634' ay'27
7434
9634 961 Del & Mack let lien a 4e_ .195_
7014 751
65 May'27
_
65
1930 F A 10014 Sale 10014
10012 132
1995 J D 62
20-year COIlv 4148
99.9 101,2
Gold 4s
65 6618
25
10034 101
Craig Valley let 55
1940 .1 J 101
____ 100% Feb'27
Detroit River Tunnel 4)8e_1961 M N 9912 Sale 9912 100
9718 100
10434 Apr'27
__
9138 92
POUS Creek Branch let 18_1946 J .1 8938 9034 92 May'27
Dul Missabe & Nor gen 58_1941 1 J 104
10334 10434
de A Div 1st eon g 43_1989
J
10214
86% ____ 86% May'27
86% 901 Dul & Iron Range let 6a__1937 A 0 10214 103 10214
10 11
/
4 103
12
Sale
Id coneol gold 45
1989 J J 10114 ____ 8614 May'27
8312
8434
8312
J
2
851 872 fltil Sou Shore & Atl g 55__ _1937
751s 86
Warm Springs V letS 5e .1941 1111 5 9514 9512 10013 Feb'27
941
_ 9418 June'27
149733 100,13 East Hy Minn Nor Div 1st 48.'48 A 0
94
0112
96 1232
10112 10112 June 27
i
Chesap Corp cone 5s May 15 '47 M N
9518 Sale 9518
.
11%1 s 1111 89518 97 3 East T Va & Ga Div g
10014 10212
3 106 107
93
107
107
72
72
73
1956
Lim & Alton lilt ref g 33 ._1949 A 0 71
71
7338
Cone let gold be
10334 1043
- -4 104 M a y'27
Ctf dep stpd Apr 1928 ins.. _
71
73
7134 May'27 -71 12 72
Ellen Joliet & East let g be_ _1941 IN N 107-102 10434
Hallway Bret lien 314e____1050
6414 647 6414
1965A 0 10514 106 10614 Apr'27
6414
3
6114 6814 El Paso dr S W 1st 5s
10434 10611
1061 10634 10612
6314 Sale p 63
6312 92
Cthe dee Jan "23 & sub coup
60
87
106,2
108 10712
Erie let consol gold 7s ext_1930 M
8818 21
1996 .1 J 8412 Sale , 8412
8514 102
Chic Burl & Q-111 Div 3139_1949Si 8778 Sale 8778
8658 8914
let cons g 45 prior
8118 86
79
Jan'27
J J
Registered
8613 Dec'26
Registered
1997 .1 J
753
79
79
1949 J J
2
9612
971
7319 7912
7518 Sale 1 75%
1996 1 J
Illinois Division 4e
4-98
9612
941 98
7634 135
let cousol can lien g 4e
1958 M
9513 9614 96
96
8
General 49
93,3 9712
1996 J J
72
Registered
7512 May'27
7613
1977 F A
9712 Sale 9712
981 117
9733 994
lst & ref 414s ser 13
9814 10014
Penn coil trust gold 4s_ _1951 F A 100i2 102 190 June'27
1971 F A 10534 10634 10658 Jun '27 _ _ _ _ 10512 107,3
16
8458
let & ref Se series A....
50-year cony 4s series A1953 A 0 8334 Sale 831
7834 8512
III
let
68_19344
0
June'27
Chicago & East
106
____ 106
106 108
1953 A 0 8414 Sale 831
84,2 240
Series 13
79
853/
427
8714 Sale 87
8712 327
1953 A 0 108 Sale 10913 112
& E III Ry (new co) eon be1951 M11 N
8038 8712
84 18 11312
Gen cony 45ssrles D
1982 M N 10718 10812 10718
4 105 10814
Chick Erie let gold be
10713
941 437
1967 M N 9412 Sale 9438
9438 9434
Ref & Mint 53 w 1
Chicago Great West let 45_.A959 M S 7134 Sale 7134
7314 286
19 11112 11413
11378 11412 114
11418
6914 7414
Erie & Jersey tat s 1 65_ __ _1955 J
11 1111
0111c Ind & Louise—Ref tie_1047 J J 1161 117 11614 May'27
113% 11614
11414
Genesee River let s I 6e 1957 J J 113% 11414 11341
/
4 1144
Refunding gold 58
19473 J 10314 10412 10314
1940j J 8914 ____ 8812 Noe'26
B
10314
5 10314 103'3 Erie & Pitts gu g 3
1947 J J
Refunding 48 Series C
_
901
9114 May'27
Apr'27
1940
.1 8914 -- -- 89
91
9114
89
WSeries C 3149
General 65 A
1966 M N 1018
210234 102
10214 62
9934 Sale 9934
9973 103
10014 90
1964 M N
pm, 10114
Est RR eat' s 7e
May 1966 J I
General 6e IS
4 10634 10938 Fla Cent & Penn let ext g 58.19303 J 993
_
10938
10918
1
-_ 9978
99'8
99% 1011
Ohio Ind & Sou 50-year 4e__1956 J J 10919418 9514
- 96
96
4
8 10218 101 13 June'27
1943 .1 J 101549218 96
10138 1017s
C neol gold 55
Chic L S & East let 415s_ _ _ _ 1969 1 D 9612 ----97 May'27
9814
9(31 9734 Florida East Coast 181 4)89.1959 J D 9414 981 9414
9714 9812
OM&PugetSdlstgu4e...l949J J 61
____ 6212 May'27
1974 M S 9612 Sale 96
551 61
9414 1011
9634 129
let & ref 65 series A
S Tr certlfe of deposit
61 Sale 61
61
Ws Sale 6014
61
8
1952 M N
551 6418 Fonda John8& Glov 434e
60
65
3Ch
& St P gene 458er A_e1989 J J 8634 Sale 8634
8738 62
9518 ____ 9512 May'27
85
88
94
Fort St U D Co Isle 4148_1941 J J
9512
Registered
8412 84 May'27
Q J 84
4314 84
1981 J D 10713 10812 10634 Mar'27
1061 10814
Ft W & Den C let g 5149
General gold 314e user B. e1989 .1 J 7612 7634 7612 May'27
981s
____
981
983
4
Gr
_1928
.1
.1
3
let g 45_
751 78
Ft Worth & Rio
971 99
Gen 4148 Series C__ _May 1989 J J
9418 9612 9612
9714
18
Apr'27
9473 OR
Fretu Elk & Mo Val let 135__ _1933 4 0 10714 109 108
10712 1081
Gen & ref ser A 414s. _Jan 2014 A 0 6213 _ _ 6313
6412 23
57
8513
Guar Tr centre of deposit _
-_
6212 0312 6234
64
80
N 101 Sale 101
101
5678 6558 GH&SAM&P 1st 50_1931
100,3 10134
Gen ref cone ser 13 5s _Jan 2014 FA
611 Sale 6138
6158 57
10034 102 10212 May'27
1931
6512 64
1001 10211
2d extens 5e guar
Guar Tr certlfe of deposit....... 6158 Sale 6138
621 1 266
9712 99
2
9812
5534 64,3 Only Hone & Rend let 55_ _1933 A
9712
9612 10114
1st sec (3e
1934
10334 104 10334 10418
99 Sale 98
5 10314 10612 Oa & Ala Ry let cons 58_0c-t 1945
7
99
98
9973
1932 J D 62
63
Debenture 413'8
6278
6314
7
10018 10034 10018
1
10018
6612 8434 Cla Caro & Nor 1st gu g 55.._1929
99 1001
deposit
Sale
Bankers Tr certife of
6178
6178
6314
51
7413 7514 75% May'27
6434 Georgia Midland let 38
1946 A
56
721 75%
1926 3 23 6178 63
62
3
Debenture 48
6338
9818 May'27
9814 96
5612 6458 Gr P.3, lent let gu 24 tee...194i
97% 9834
Si S Mtge & Tr ctfa of dep..
6l73 6234 617
6314 71
7 11412 116
11514
56's 6512 Grand Trunk of Can deb 79_1940 A 0 11514 Sale 11514
1934 2 J
SO-year debenture 4s
- 6153 6214 61 10 June'27 _
1071 Sale 10734
1936
27 106% 10814
108
5612 641
15-year e 1 Os
6138 Sale 6158
5638 6412 Grays Point Term 1st 55.......1947
Farm L & Tr etf3 of dep.__
_
6212 29:3
9514 Mar'26
9814
11418 Sale 11418
Chick N'weet gen
8312
4
11412 93 1131* 116
4,31
781 84
1987 11_.134 8034 8314 8338
Great Nor gen 7,3 series A__ _1938
114 May'27
7412 Jan'27 _
741 7612
Registered
.1
Registered
Q F 781
114 114
901'2 9634
100 Sale 9912 100
1087 NI N
93 Sale 93
93
6
General 4s
12
97 10034
let & ref 448 series A__1961
92 May'27 _
10912
109 Sale 10912
Registered
Q F 8913 94
92
7 108 112
1952
9214
General 5sseries B
105
10412 10434 10413
Btpd 4e non-p Fed In tax '87 M N
9314 ____ 9414 June'27 _
15 10218 10558
1973
901 9412
General 5e series C
Gen 44 etpd Fed Inctax.1987 MN 10813 Sac 10812
9712 Sale 971
19713
1081 2
1 105 109
97,2 48
9418 991
General 4155seriee D
8518 May'27
Gen 56 etpd Fed Inp tax___1987 MN 11212 114 11312
114
2 10814 11114 Green Bay & West deb etfe A___ _ Feb 8518 90
83,5 8102
24
Sinking fund tis
Feb 2418 2412 24
1;2
212
Si
2
1879-1929 A 0 1(
103 May'27
261
Debentures ate B
101 14 103.
Registered
A 0
1(121 May'27
101 10234 Greenbrier Ry let 1391 49 - -_-1940 MN 91312 -- 9312 May'27
9313 9312
Sinking fund 55
1879-1929 A 0 10112 ____ 101,1 Ma '27
100 10134 Gulf Mob & Nor 1st 5 13E3_1950 40 10438 10578 10512 June 27
10659 10612
13 11018 1021
101
1950 AO 10018 10078 10018
Registered
1879-1929 A 0 10012
10018 102,4
101 June'27
1st AI 58 series C
10712
Plinking fund deb 58
1 10614 1071
1933 SI N 102 10258 10278
10278
4 lei 10278 Gulf & 8 I let ref .4 ter g be _51952 1 3 10712 Sale 10712
Registered
M N
102 June'27
1011 102
10-year @enured 7eg
J 1031 Sale 1031
10358
1930 J D 1029
Rooting Val let cone g 4136_1999
- 10614
10612 10-658
971 10414
10612 14 106 107
15-year secured 613s g._ _ _1938 M 8 1121 11234 1121
1999
J
---- 9534 Mar' 7 ____
11234 22 11158 11312
9534 9534
let & ref g 55
May 20373
1937 M N
107 108 108
9934
2
9112 9934
c dRy cons g 55
941 991 9934
ste
nrie
109
I
102, 110
gito
Holt
uesa
let & ref 4145
May 2037J D 9814 Sale 9818
102
1937
J 1.02
102
6 1001e 102
98% 177
9818 99,s II & c 1st glut guar..
Clem R I & P Railway gen 411_1988 3 J
_ 10134 Slar'26
90 Sale 8934
1930 MN 072
90
59
871 9138
Waco & NW div let Os
Registered
J 88
_
9958 _ _ _ _ 10012 May'27
8812 May'27 _ _ _ _
109,31011*
8612 88,3 1{0UstOn Belt et Term let 56_1937 J J
Refunding gold es
1934 A 0 931 gale 9318
101 May'27
93,3 27
9214 95
10012 10114
Houston E& W Tel let g 58_1933 M N 1001
Registered
A 0
101 May'27
1933
931 May'27
N 101
_
9258 9378 nuld
100.8 10118
.,
5h
55
ir
stagtka
CSSIL&NOMCmDiV4S19SIJ 0
_ 9012 May'27
10034 44
fis merles A ._1957 F A
9934 Sale 9912
rted
8914 91
98 101
,Ch 8t L& P let COIld g 6E1_1932 A 0 1021
90103.12 10212
10212
1 101 14 10112
91
252
Adlustment Income 55 Feb 1957 A 0 90 Sale 891
44
9314
Uhle St P M 0 cone Os__ _19.30 J D 10234 Sale 10234
103
9414 May'27
52 10234 104
J
fiumue :entrel let gob: 45._1951
94
U614
Cone 6e reduced to 3139..1930 J D 95% 9613 9614 May'27
06
9258 Apr'27
1551
J
9614
9258 921
Debenture 55
1930 al
9912 99%
June'27
741 Jan'27
1951 J J 8,34 90
1/912 100
7418 741
99 100 100 May'27
Stamped
88 18 Apr'27
E
textt
al
g
e ird3red
lest gold 314,3_1961 A 0 8713
991 10914
87
8914
T H .490 East let 5s_ _1960 J D 9734 Sale 971
99
49
73
9358 9912
Jan'27
1051 M 8 751
73
let gold 39 sterling
7411
Dec 1 1960 M
Inc go 58
9234 Sale 9234
9312 35
91 18
trust gold 4e
1952 A 0 91 14 92
91 12
8734 951
7
Collateral
9012
93
9914 Sale 9818
Chic Un Stan let gu 411e 4.1963 J
991 42
971 99 .8
8912 11.1ar'27
Registered
89,2 8912
1943 J
1041 10478 10412
let 69 series 13
10412
1 10312 l0534
9614
-55i2
9614
3
1955 M
let refunding 49
5314 9733
1944 J D 10218 Sale 0218
10234
Guaranteed a bs
4 101.9 10538
881 Apr'27
__
lines 3 Lie
1052 J 1; 8513 86
Purchasedred
85
88/
1
4
11613.J 1 117 11712 11658
let 6146 series C
11712
6 1161 11814
_
Collateral trust gold 4519.53
M NI 8812 883 481
stsi
00is
8914 41
10534
Chic h West Ind gang 6s._91932 Q M 1051
Mar'27
_ 106,2 106
.612
M NI
8
8612
1
8619
8112
8918 8858
1052 J
88 2-Corm! 60-year 48
89
4
8858 90
1-66 107
1956 M N
107 I
2 107 WS%
Refunding 6.3.
1912 M 5 10412 Sale 10418
let ref 5)89 ser A
1041 2 35 10.3 2 10413
1934 1 J 10078 Sale 10078
101
19 10034 103,2
15-year enured 5143
10414 Apr'27
Oboe Okla & Gulf cons 55_1952 11/1 N 1041
10314
I
1
112
104
1125
8
secured
63494._
1936
11318
11312
38
16-year
17
1111 11312
j
97'9 Sale 971
Cm H & 13 20 gold 4145. _1937 2
97 19
1
97 18 971
. _Aug 1 196,1 1" A 9758 Sale 9751
40-year 4
99 1 164
961 9934
98
9734 May'27
0 1 St I. & C 1st g 43___Aug 19:36 Q F 97
9E04 97,
4
gold
45_ ..._ _1950 J D
9418
93,
_8
Bridge
Mar'27
Cairo
9212 9339
Aug 1936 Q F 961
_
Registered
9518 Jan'27
9518 95,
7734 79
J
7758 May'27 _ _ _
Litchfield Div let gold 313_1951
7613 7814
1942 NI N
9212
3-931 9314 May'27
Ole Lab & Nor itti es a
9014 9334
Louts,/ Olv .4 Term a 3143_1953 J J 8338 83% 84
84
18
5
8314
8412
111012
cons
let
2
58_
_
CI
_1928
5.4
3
J
1011
18
Gin
100 13
100.,,
.1
8118 Aug'26
9112 -(15)2 9:134 June'27
Cleve. Cin Ch .491 I. gen 49.191)33 D
89
96,4
3s.
78,4
let
gold
___1951
F
A
7712
telrv3
e
73 .9 June'27
atiga
ilD
Om
Re
•76
-17
-12
Registered
190_ 9312 May'27
92
9312
39
2119
95
511 .31
8
75
7,8 8
79
714 78% Apr'27
8t Louts Div & Term C.
7613 79
20-year deb 4185
1931 J J 993
9934
100
4
981 100
8612 Mar'27
44
87
General 513 Series 11
1993 2 13 11(11 1
113 5._ay'27
10734 113
SprIngfield Div lets 3140_1951 J
8514
84 Sept'26
_
Ref & Inlet 69 series A__ _1929 J J 102s8 Sale 10258
102% 49 1021 10314
:
:
le'
,
itId
ir.e
.3
,::,.1.:43c
,4,
.
181.,g...
48A iiii1,099
946
6
633
1 ,
jjj
1:
100 n9
9167
1724 -93
91 12 June'27
"Ors Viti
tie eerlee C
1941 J J 106
107 May'27
1)153, 108
At L & N
III Central h
55 series D
1963 J J 10318 Sa e 103,8
104
20 10.04 1(15,8
10614
1047
Sale
8
1051
1
let
Div
gold
43.
12 103'. 10614
Cairo
__.19311 3J
_ 941s June'27
9418
91,2 u5a4
,, 414s ser C
.
1810
& ref
Sale
. 9712
0
9712 9734
97/ 207
Cie W & NI Div ietg 4s 1991 J
89 -911 89 June'27
86
90)
.07
10612 May 27
891 9114 89
891
Bt L Div 1st coil tr g g 49_19911 M
8732 91
RegtsWred
D
10318
1035
8
107
If13.2
103,2
Mar
27
____
Registered .
M N
8714 May'26
8M4
1951
Gold3445
7918 --__ 7812
_
Bpr to Col Div let g Is.._ _1040 M S 9714 ---- 9618 Apr'27
91% 9618 Ind Bloom & West let ext 0_1940 A 0 9318
9313
533
5
May'27
_
9318
1)1•
let
Val
g
O....11040
W W
J J
96
9612 Apr'27
91
97,2 Ind 111 & Iowa 1st g 45.....195') .1 1 9312
1114.1 2412
941 May'27
()CC& I gen cons g Is _._1934 3 J 104_ 10812 Jun "27
10714 109 .
1 1:13 ar
.
11.1.1
84
87
tinL(
10)o
uisilyi igeen146.
:119
95
65
6
1
J
86,4
86,4
Clew Lor & W con let g 69_1933 A 0 1(1:12
)1,48 10_3-14_ 10278 May 27
1021 10 138
102,8 l031a
1
i5iis 1-112- - 10213 May'27
Cleve & Mahon Val g 59._ _ _1938 3 J
10012 Apr'27
10012 10012
19653 J 1)1134 103 1027s Apr'27 _- 1021 103%
Gen h ref 59 series 14.
19:35 P4 N
9918 -9934 961 Apr'27
CI & Mar let KU 11 414s
981 981 int & On Nor let is ser A. _1952 J
1051 10734
19
10612
WWI
1063
10912
4
ger 8_1942 A 0 1001
Cleve & P gen gu
--- 99,8 Aug'26
831 98
Adjustment Os ear A July 1952 Aprl 9512 Sale 9512
9612 83
1942 3 J 110014
Series A 4 186
Mar'27
4103 101
iroi" loll
814 441
Stamped
85 May'27 -.Aprl
8,1,2
85
86
1948 M N
8912 May'27
89.8
Series C 3 145
89)3
1(1)64
98%
,
g
81
100
13
lerltm
9878
1st
1956
Sale
9934
J
1950 IP A
_ 8914 Ma '27 ____
Series 03)8e
8914 8 04 tut itys Cent Amer 1st be_ _1872 N N 81 Sale 8012
76
411
36
81
88384 104
- - 1021 June'27
Cleve Shor Line Int gu 4149.1961 A 0 1023
101'n 11/4
9214 951
7
9512
It
notea
94,
8
coil
Sale
lot
1941
N
9418
N
Term
6
4e._.1972
A
0
Ili9
.109
Union
Sale
10912 26 10%12 1104,
Clare
6812
50
1
1
51,
4
Iowa
Central
1st
gold
Se
513
_1938
4
52
1
D
513
1073 A 0 1041 Sale 104)9,
10434 14 l0!,2 10532
let e f be eer B.
49.: 55
52 May'27
Certificates of deposit . _ _ _ _
51-34 52
_
911 May'27
_
Coal River Ity let gu 48...._ 1945 9 D
881 90,9
2112
17
Refunding gold 45_ .....1961 NI 8 181 Sale 1812181 211
9918
9134-901
- 9918
991
Colorado & Oouth let g 45 .1929 F A
14
94
99,4 lame.. Frank
June'27
91
,
4 94
94
Clear
96
let
.......... J 13, 91
Refunding & exteo 4 sis 1935 PA N
97 1 Sale 9738
9712 16
961 99
103 103
Ket a .5
it lot KU g be
11138
J
10214
---1
"
1048
A
0
49
9434
m"Y.27
ext
g
.1
lot
9453
May'27
Col di II V
91% 9453 Kan & M 1St gu g 45.
86
•8
8712
19130 A 0 871s ____ 8712
1055 F A
9 05 94
9)12 Mar'27
00,4 on
Col & Tot let etc 45
9914 vis i12
3
99 g
9') q Sale 9914
.427 1
1047, 9
21 to -veer Ss
,n7.
1
COOD at Pat1SUM 01v 1•t 49
Due seeopOuetsue MS °Deal




-

3478
BONDS
N.Y.STOCK EXCHANGE
Week Ended June 10.

New York Bond Record-Continued--Page 3
17e
VI
.411.

C Ft & M Ry ref g ‘31-1938 A 0
▪ & M RAElet gu 58_1929 A 0
KMeas City Sou let gold 35_1950 A 0
Ref & inapt 65
APr 1950 .1 .1
Kaneda City Term let 411-A960 J J
Kentucky Central gold 4s_ 1987 .1 .1
Kentucky A: Ind Term 43481961J J
Stamped
1961.7 J
Lake Erie & West let e 5&.1937J 3
211 gold be
19411 J
Lake She & Mich S g 330_1997 J 1)
Registered
19973 13
Debenture gold 48
1928 M
25-year gold 45
1931 M N
Regletered
1931 M N
Leh TM Harbor Term 5s1954 F A
Lsh Val N Y 1st gu g 4358_1940 J J
Lehigh Val (Pa) cons g 49-.2003 M N
MN
Registered
2003 MN
General cons 4355
Registered
MN
Lehigh Val RR gen 55 serfee_2003 M N
Leh V Term Ry let eu e be_ -1941 A 0
Registered
A0
Leh & N Y 1st guar gold 4e__1945 M
Lex & East 1st 50-yr be gu1965 A 0
Little Miami gen 45 Ser A __1962 M
Long Dock consol g 633
1935 A 0
Long Isid 1st con gold 58Ju1y1931 Q J
let corneal gold 45__July1931 Q
General gold 48
1938 D
Gold 45
1932 3 D
Unified gold 45
1949 M
Debenture gold be
1934.7 D
20-year p m deb be
1937 M N
Guar refunding gold 40_1949 M
Nor Sh B ist con gu 5s_Oct '32 Q
Louisiana dr Ark let g 68-1927 M S

Pries
Friday.
June 10.

Week's
Range or
Last Sais

Bid
Ask Low
High No.
9311 39
93% Sale 6318
1
10018
99%
99%
7312 -74 7312
7412 28
100% Sale 10012 10012 55
9114 31
9014 9114 90%
5
90%
90%
90%
5
94%
8514 ---- 9458
9018
9014 Mar'27
101% 102 10114 June'27
10212 103 102 June'27
8518 Sale 8518
851s 20
82 Apr'27
57
99% Sale 99% 100
9858 Sale 9858
9834 23
96 Dec'25
10512 106 105% 105%
9978 Sale 99%
9978 21
8
8918 90 8878
89
89 May'27
4
99
99% 9914
9912
97
97
5
ioiTs Sale 105% 106
10378 104 1037 May'27 _
1021 Mar'27
9014
-- 90% Feb'27
11314 Dale 112
11334 12
8758 9134 90 May'27
10878 110 10814 May'27
10114 -- 10114 June'27
96,4 --- 93 Feb'27
9312
9358 June'27
9534
9534 May'27
1
89% -- 8934
8934
2
9934
10012 10012
8
9914 100
9958
99%
1
8814- 90
oo
10012 fle 10012 loot, 12
100 10018 loo
3
loo

Lan &Jeff Bdge Co gu g 4e__1945 M
89% 90% 9034
9034 10
Louisville & Nashville 55_1937 MN
10612 107 May'27 -Unified gold 4e
1940 3, 9514 97% 9634
9738 30
J J
Registered
9658•May'27 -Collateral trust gold 5e__ _1931 MN 10158 102 10234 May'27 -10-year secured 75
1930 MN 10478 105 0438 105
17
let refund 6355 series A 2003 AO 10718 10818 10714 10714 20
let & ref be series B
2003 AO 107 10712 107
1
107
AO
let & ref 435e series C
9918 102% 10212 10234 12
2003
N 0& M let gold 6e
10338 10378 10314 103%
1930 J
5
211 gold fie
103% 105 10314 May'27 -1930 J
Paducah & Mem Div 45_1946 FA 9358 _ _
93%
93%
1
St Louis Div 2d gold 38_1980 MS 69_ 69
69
3
Mob & Monte 1st g 435e._1945 MS 10038 1-03 10012 100,2
1
South By joint Monon 42_1952 Ii 88% 90
5838
8912
9
N 95
Atl Knoxy & CM Div 48_ _1955
24
96
96
97
Lousy Cin & Lox Div g Si a'31 MN 10018 10034 10018 10018
6
Mahon Coal RR let be
1934 3, 10318 104 0338 Apr'27 -Manila RR (South Lines) 48_1939 MN 7012 Sale 7012
7012
1
1st 41
1969 MN 7614 82 84 May'27 ---Manitoba SW Coloniza'n bs 1934 3D 100 101 00
1
100
Man GB&N W let 3358 1941
'
3 89
8312 Feb'27 -Mioh Cent Det &Bay City 138_'31 8 M 101%
0174 May'27 _-__
Registered
QM
01 Dec'26 _-__
Mich Air Line 4e
9578 May'27 ____
1940 J
95%
Registered
J J
92 Nov'26
J L & E3 let gold 3355
1951 MS
79 Nov'26 ---lat gold 3358
1952 MN 8838 8912 8534
8534
20-year debenture 48
1
1929 AO 9912 99% 9912
9912
Mid of N lst ext 531
1940 AO 9618 99 9634
9634
Milw LB & West imp g 5e 1929 FA 10034
0134 101
6
3_
Mil & Nor let ext4355(1880)1934 J D 97
98 9512 Dec'26
Cons ext 445 (1384)
1934 3D 9618 97 97
1
97
hill Spar & NW lot gu 41
1947 M
2
.
94%
9458 __.
94%
'
3
Mllw & State L 1st gu 3393_1941
83% Dec'25
Minn & St Louis 1st cons 5s_1934 MN
MN
Temp ctfs of deposit
let & refunding gold 4e___1949 ▪ S
Ref & ext 50-yr be ser A__1962 Q F
M St PASSM con g 41 int gu'38 ▪ J
let cons bn
1938• J
let cons be gu as to 1nt
1938
10-year con trust 6358
1931 MS
lot & ref (38 series A
1946 J J
16-year 5945
1949•S
let Chicago Term if 45__ _1941 MN
MleeleeiPPI Central let 6s
1949 3 .1
Mo Kan & Tel 1st gold 433 I990 3D
Mo-K-T RR pr lien be sir A_1962 J
'
3
40-year 45 series B
1982
1932J J
10-year 65 series C
Cum adjust be sir A J0n_1967 A 0
Missouri Pacific
let & refunding Ile see A 1968 F A
let & refunding Cu Sec D.._1949
General 49
1975 m
let & ref 58 ser F
1977M_
Mo Pac 3d 7e ext at4% July 1938 MN

Range
SIM/
Jan. 1.

BONDS
N.Y.STOCK EXCHANGE
Week Ended June 10.

5
%1
114

Price
Friday.
June 10.

Week's
Range or
Last Sale

HUI. New York Central (Concluded).
Low
Bid
Ask Low
High No
92
94
Oonool 48 eerie@ A
1998 F A 9312 Sale 9318
9334 42
9912 101%
Ref & inapt 4.358 series A_2013 A 0 10034 Sale 10012 101
41
117
7318 7518
Etef & impt 55 Berke 0.......2018 A 0 10614 Sale 10614 107
9911 101
Registered
A0
10512 Jan'27
88
9112 NY Central & Hudson River-8113 9011
19973 .1 83 Sale 83
6
Mortgage 335e
83
gals Nis
Registered
1997 .1 .1
82% May'27
88% 9012
Debenture gold Le
1934 M N 97 kiZe" 97
97% 95
101 10214
MN
Registered
96 Feb'27
1001s 102
19423 J 9414 712 9878 May'27
80-year debenture 4e
8012 85%
.1 J
93 Feb'27
Registered
80
8214
Lake Shore coll gold 3948_1998 F A -82114 -8314 8258
8318 12
9814 100
81 Mar'27 -1998 F A
Registered
97% 9912
8212
Mich Cent coil gold 3348 1998 F A 8214 8
8212
1
_
82 May'27
1998 F A
Registered
10411 106
N Y Chlo & St L let g Le
1937 A 0 95
9514 95
9514
7
9812 10014
94
94
1
1937 A 0
Registered
8614 9114
98/
1
4 32
1931 M N 9812 Sale 98%
25-year debenture 4e
84 8912
22
1931 M N 10214 Sale 1028
2d 68 series A B C
103
97 100
Refunding 535e series A _1974 A 0 105% Sale 10574 10812 85
97
97
Refunding 5948 series B.._1975 J 3 106 Sale 10578 106 . 12
10312 108
N Y Connect 1st gu 4 Situ A 1953 F A 97% Sale 97
97%
7
10212 10512
let guar be serie5 B
1953 F A 10478 Sale 104% 1043s -10218 10212 N Y& Erie let ext gold 43-1947 is N
91% Oct'26 -90 9058
3d ext gold 4355
1933M S 9312 ____ 9878 Mar'27
10914 113%
4th ext gold be
10078 Mar'27
1930 A 0 101
8632 9012
15th ext gold 4.8
99 Mar'26
19283 D 99%
10834 109,2 N Y & Greenw L gu g 5e._ 1946 M N 99%
100 June'27
10034 10114 N Y& Harlem gold 330-....2000 M N
851 May'27 98
98
M N --- -- 8212 Mar'27 _ _ _
Registered
92% 9818 N Y Lack & W lst & ref be-1973 M N 10318
80 JulY'25 -93% 9$34
First & ref 434e
1973 MN 10418 Sale 0313 10418
3
89 90 N Y L E & W let 78 ext
15 Feb'27
1930 M S 105%
99 100% NY & Jersey 15858
1932 F A 10078 1-0114 00% May'27
9818 10014 NY & Long Branch gen g 4131941 M S 9014 ---- 90 Dec'26 --8814 91
N Y & N E Bost Term 45_1939 A 0 90
_ 91 Apr'27 _
100 101
N Y N H & H n-c deb 4s
1947 M 8 81 -}1 8014 May'27 --100 10014
Non-cony debenture 3355_1947 M S 7238
76 Apr'27
Non-cony debenture 3)0_1954 A 0 6812 -703-4 70
5
70
89% 9212
Non-cony debenture 43-1955 J J 78% 79 7914 May 27 -106% 107
Non-cony debenture 45...._1956 M N 7834 79 7878
7914 18
9578 9812
Cony debenture 3358
1966.7 J 6812 7012 70 May'27
95 96%
Cony debenture 85
1948.7 J 10714 108 0738 108% 42
10118 10234
Registered
J .1
07 Apr'27 --10318 106
Collateral trust 68
fa" 031z 104 29
1940 A 0
105 110
Debenture 43
1957 M N 72 Sale 72
72
3
105% 10814
Harlem R & Pt Chem let 461964 M N 90% - - 9014
8
9078
99% 103% N Y & Northern 1st g 68
1927 A 0 100
00 May'27
10355 10378 NY 043 W ref let g 4e_June 1992 M S 7812 Sale 78%
78% 15
10358 103%
Registered $5,000 only
72% Dec'26
M8
9358 95
General 48
76 76
1965J D 75
76
66,2 69 NY Providence &Boston 45.1942 A 0 8914 _ _
88/
1
4 Dec'26
10038 10118 N Y & Putnam lst con gu 4s 1993 A 0 9012
92% May'27
8712 9012 NY&RB let gold 55
1927 MS 99%
9978 May'27
9312 9714 NY Susq & West let ref 58.1937.7 J 93
9312 93
93
2
100 10012
26 gold 494e
1937 F A 8034 85 80 May'27 -103% 103%
General gold 58
7812 13
1940 F A 7814 Sale 7814
66
7012
Terminal let gold 55
1943 M N 10012 10214 101 June'27 - -N Y W'cliee & B ist ser I 4358'46 J J 82 Sale 81%
7812 84
72
82
100 101
1_0_1_4 Nord By eve'5 f 835e
1950 A0 9758 Sale 9758
9812 35
iolis
Norfolk South let & ref A 66_1961 FA 922893 92%
93% 19
Norfolk & South let gold 65_1941
N 10112 10212 10158 June'27
-6614 -03; NorfoLk & West gen gold 833_1931 MN_
10512 10558 105% 12
---Improvement & ext 68_1934 F A o6F2
110 May'27
New River 1st gold _ __ _1932 A 0 10612
-- 107 May'27
33
& W Ry 1st cone g6sN 48_1996 A 0 9578 Sale 9514
97
9838 997
Registered
1996 A 0 -___ 95 95 May'27
DWI lst lien & gen g 45.1944 J J 9414 9438 9438
94% 32
99151
3
100
9555 10
10-yr cony. Cs
185
1929 M S 183 Sale 183
NortPbcah C & C joint 48- _1941 J D 95 Sale 95
951s 16
-Wirt IT North Cent gen 43 ref be A__1974 MS 102
Jan'27
106
8
Gen & ref 455s series A--1979 $4 s 9918 Sale 99
9214 95%
9934
---- --- North Ohio let guar g 55
1946 * 0 97
9778 9814 June'27
84
North Pacific prior lien 45_....1997 Q J 9338 Sale 93%
3
20
5114 57
93 9212
1997 Q J 92
Registered
611. 55
Gerel lien gold 3s__ __Jan 2047 Q F 6712 Sale 67
6812 73
3
171 23
Registered
Jan2047• F 6612 Silo 6613
8612
63
13
1514
Ref & inapt 435e series A-2047 J J 100 Sale 9914 100
87 3878
98 May'27
Registered
ii 9514
98
Ref & impt 6s series B_---2047 J J 1133s Sale 11318 114
50
988
1101 Mar'26
9612 98
Registered
.1 .1 1125o
Ref & impt be series C..--2047
9814 102
J 104 10612 107 June'27
3
Ref & impt be series D__..2047
9812 102
J 106 Sale 106
106%
8212 89 Nor Pao Term Co let g 88_1933 J J 10934
10978 May'27
9774 9714 Nor Ry of Calif guar a be __1938 A 0 106
106 June'27
1930• J 10212 --__ 103% Mar'27
9513 9712 North Wisconsin 1st 65

344

54% 5712 5614
56% 15
53% 56 55 June'27
2012 Sale 2012
2012
1314 15
1312 June'27
8714 Sale 8718
8818 17
97
9714 9712 May'27
v
9614 9818 97
9714
pins Sale 99%
9934 43
5
9834 Sale 9812
98%
1
8314 Sale 8314
8314
9758 _ _
9774 Jan'27 _-._
98 Sale 95
10
96
8834 Sale 8838
8918 30
9634
1 10
53
9172 Og & L Chem let gu 433 g_1948 J .1 83
8434 83%
10314 Sale 10318 10312 78 10
8312
S 9514
8612 8814 Ohio Connecting By 1st 4e_1943
-- 94% Mar'27
8734 Sale 8734
8818 25
7 10258 104 Ohio River RR let g 58
1936 1 D 1034 1-0-418 10418 10418
103 Sale 10234 103
102
98 108
General gold be
1937 A 0 103% ---- 103 May'27
104% Sale 104% 105
Oregon & Cal let guar g be--1937 3 J 9978 Sale 99%
99%
37
9818 101
Oregon RR & Nay con g 48-1946 .1 D 9312 9314 9312
9914 Sale 9914 loo
9334
10712 Sale 10712 10712 43 10618 109 Ore Short Line let cons g 55-1946 J .1 108% 109 10712 108
126
76
7914
Guar CODS 55
1946 J J 10814 10914 10912 June 27
7634 Sale 7614
77
9818 10012
Guar refunding 45
1929 J D 9918 Sale 99%
9914
9818 Sale 98%
98% 495
92% 96 Oregon-Wash 1st & ref 4e
1981 J J 9012 Sale 9012
91
9312 95 9312 May'27
9012 90 June'27
Pacific Coast Co Iota 5s
1948 3D 88
6
9714
99
Mob & Blr prior Lien g 633-1945 3, 10018
Pao RR of Mo let ext g 48 1938 F A 9214 9412 9414
9414
9734
0734
3 8818 8814
let m gold 4s
2d extended gold 531
1938 J .1 10214 -•--- 0212 May'27
1945 3' 8718
8814
8814
Small
82
8212 Paducah & Ills let 5 I 4353_1955 8
J. J 9913 -- - 9912
99%
8212 Apr'27
1945 3'
A 9414 Sale 94%
Mobile & Ohio new gold 6e1927 J o 10034 101 10034 100%
95
2 10014 10114 Paris-Lyons-Med RR 6e_ _1968
lot extended gold 6e_Ju1y1927 Q J 99% 10014 10018 May'27
9938 10012
Sinking fund external 75_1958 M S 10078 Sale 0012 101%
General gold 433
951. Paris-Orleans RR a f 731
10012
93
1954 M S 10014 Sale 00
1938 MS 9412 95 9412 May'27
10078 1011 Faunae,By 1St & ref s f 75_ _1942 M S 10214 10214 027 June'27
Montgomery Div let g 65_1947 P A 10012 10238 1005e Mar'27
991 10014 Pennsylvania RR cone g413_1943 MN 9714 98 97 May'27
St Louie Division Si
997 June'27
1927 3D 99% 101
Mob & Mar let gu gold 48 I991 MS
9712
97
9114 9712
9418 Apr'27
1948 MN 98
Consol gold 433
Moot C let gu a 68
111% 11312
97
1937 3, ill nil; 1314 June'27
de sterl etpd dollar_May 1 1948 is N 9614 Sale 96%
Registered
3'
11112
11112
10438
04
F
A
1033
4
Consolidated 4345
10414
1980
1112 Mar'27
let guar gold be
103% 104
1937 3' 104 121112
General 434s series A.....1965 J D 10014 Sale 0012 101%
2 04 Mar'27
Morrie & Essex let gu 3345_2000 3D
8012 86
D 10714 Sale 10712 10858
1968
General be series B
8312 June'27 --Naelay Cluttt & St L let 55_1928 *0 16634
Sale
10638 10612
. 10112 0038 10084
1930 A 0 1068s
2 10014 10112
10-year secured 75
NFM&Slatgug6s
10255 10312
1937 FA 10258
1936 F A 112% Sale 11212 112%
_ 0312 Apr'27
16-year secured 694s
Nat By of Mex pr lien 430...1957 3'
F A 11118 --- 1113 June'27
30 Sept'24
Registered
Assent cash war rot No 4 on
15 Sale 15
40-year secured gold 58._ _1964 M N 10312 Bale 10314 104
15% -ii "ii" Ici"
Guar 70-years f 48
89 Mar'27
1977 176
Pa Co
8712 Aug'25
334s coil tr A reg..-1937 MS 87%
Assent cash war rct No Son
"iiii II" Guatgu3355
"ii" 16' 19
19
coll trust sir 13_1941 PA 863489 8678 May'27
Nat RR Mex pr I 4345 Oct -1926
8632 May'27
3812 Ju y'25 ____ ---- ---Guar 3I5s trust ette C____1942 J D 8614
3,
July 1914 coupon on
8534 June 27
24 Sept'25
Guar 355e trust'etre D___ _1944 3D 85%--Assent cash vAtr rct No 4 on
Gu
u
3 "ii" Itili
21
21
ar
gold 4a___1931 A 0 9812 9358 9832
9834
46,
15-26series
E
r
y
e
a
gi:o4
1961 31--6
let consol 4/3
-- - . Guar
28 Apr'26 _
1952 MN 9018
90
AO
April 1914 coupon on
Pa Ohio & Det lot & ref 4355 A'77 * 0 965s Sale 9632
1812 June'26 ____
974
Assent cash war rct No 4 on.
1378 May'27 ____ IA -16-12 PeorlaEsa
9012
4s tern 1st cons 48_1940 A 0 9018 sale 9012
Income
April 1990 Apr. 4412 47 4614
48
1945 3, 10014 10112 003 .june27 ____
New England cons be
0912 10034 Peoria & Pekin Lin 1st 53413_1974 F A 10512 106 106 May'27
1945• J
Consol.guar 45
877a 89 Pere Marquette let air A be_1956 J J 10412134'e 10412 10458
88% Apr'27 ____
1986 P A 8434
8513 8512
NJ Juno RN gUar let 4e
8512 Jan'27 ____
let 45 series B
1956 J J 9012 9112 June'27
'
3 97
NO&NE let refdrimp 4345 A'52
98 9712
9712
Phila.Balt & Wash let g 49-1943 MN 63 100
9818 June'27
1 LM
I
New Orleans Term let 45_1953 3' 8814 Sale 8814
F A 11078 Sale 110% 110%
General be series B
81314
AO
Max
n-o
!no
0014
55_1935
Texas
&
10014
_
100 101
----1
N0
June'27
J J 4214 4.212 42
Philippine
By
1st
30-yr
of
45
1
9
7
3
7
4
4212
1954 AO 100 101
01
let be series B
101% 50 100% 10112 Pine Creek registered let 65_1932 .11 0 10658 _
10658 Mar'27
1956 P A 103% 10312 0312 10374 15 1031210438 PCC&StLgu 4358A
lot 58 series C
1940 A 0 10038 1-011-2 10114 May'27
11
*0
19474 10574
1954
105% Sale 0478 10512
let 53.55 series A
Series B 4355 guar
1
4 1027 10034 May'27
1942 A 0 100/
9714 98%
N & C Bdge gen guar 435'3_1945 S i 9714 ---- 9714 Mar'27
Series C 435e guar
10118 May'27
1942 MN 100%
N YB &MB let oon g 58-1935 A 0 101 102 01 June'27 :-_-_-_ 10014 102
MN 96 11/78
Series D 48 guar
- 97
97
N Y Cent RR cony deb 6/3_1935 MN 10714 Sale 8714 10814 11 106% 10878
Berle° E 3I55 guar gold
94
49
5 ✓ A 96
96% May'27
19
MN
1614 Mar'27 --- ---- ---Registered
971 Apr '27
Series F 45 guar gold.- 1953 3D
Series0 45 guar
N 96
9658 May'27
1967




Range
Sinee
Jan. 1.

10
1
10
15
7
42
82
1
123
176
58
5
11
11
62
24
29
57
53

36
1
35
9
45
58
4
63

1

Low
High
90
9514
9778 1017s
10514 108
10612 10612
8012
78%
9618
96
94%

8512
8312
9814
96
98%

-fora iffir
7834 81
7914 861s
7878 8214
94% 94
94 95%
96% 9812
102% 10314
10418 10678
10418 107
9438 99
10378 106
-5872 117
;
9818 100%
99's 108'g
8174 8538
82% 8212

la" fat;
106 106
100% 101%
91 If
74 83
7212 76
69% 7312
76
8014
7714 8074
69% 7314
10512 10914
103 107
103 10514
339% 76
89 90%
9978 100
7614 79,2
73

4
-781

8938 92l
99% 100
87% 9411
7214 80
71% 80
98% 101
7814 8314
93% 9814
90% 93%
10012 10158
10513 106%
10812 110
106% 107
9212 97
9278 95
93 95%
168 185
92% 96
1061% 106
99
9934
94% 100
91/
1
4 97
90% 9414
6658 8912(3358 6718
96 101%.
98
98
113 116
ioirs 1071,
10318 10714
10954 10974
10618 10614
10278 10318
8158 8674
94% 94%
102 10414
10114 103
9972 1004
8834 9412
107 10914
10714 110
9814 9912
8678 91
90
98
9314 95
102 10211
98 99118712 oft
9431, 102%
9814 10114
10112 1031e
9612 98
9414 98
9458 97%
102 10612
9914 102%
106% 111
10614 107%
11174 11814
11112 11114,
102 10418
89 89
88 8912
85 8612
8434 8612
9713 9914,
88 9014
961s 9814
1
4
8514 91/
41/
1
4 48',.
104 106%
103% 108
89 9214.
9514 981s
11012 11214
62 4313
10618 106%
9958 1011,.
10014 10118
10118 10114
96 97%
96% 965e
9714100'..
9655 99

3479

New York Bond Record-Continued-Page 4
BONDS
N. Y.STOCK EXCHANGE
Week Ended June 10.

ft

PHes
Friday.
June 10.

Walk's
Rasp or
Lao* Me

11

Maws
Miro
Jas. 1.

BONDS
N.Y.STOCK EXCHANGE
Week Ended June 10.

ita

Price
Friday.
June 10.

Week's
Range or
Lail Bale

el;<Z

Rang.
Bina
Jan. 1,

High
High No. Low
Ad Low
Bid
High
94% 9614
_ 9614 May'27
N RR & Can gen 48____1944 MS 9413
984
97
1933 B , 964 -9712
- - 98 Apr'27
10012 10013 Utah & Nor let ext 48
9212 9714
9932 10314 Vandalis cons g 48 series A-1965 FA 9238 9712 96 May'27
1957 MN 9238 9712 9012 °elle
Consol 48 series B
100 10312
1934
10614 11034 Vera Cruz & P lit gu4 34s
J J 2212 2434 24 Apr'26
July 1914 coupon on
28 Ws;
2414 May'27
1934
Assenting lit 434o
10644 111
low,10034
34 Ma
2%
100
7238
o2
'
iy
99 10078 Virginia Mid 58 series F1931 MS 10034
4 10238 10272
N
1936
General bs
10578 106
102 10258
'B
__
10252 June'27
Vs & Southw'n let IN 52-2003
7
9438 98
9614
1958 A0 96 Bale 96
lit cons 50-year 58
49 10212 1074
1962 MN 10518 Sale 105
106
10012 10012 Virginian let 62 serial A
10 103 10411
1939 MN 10334 Sale 10312 104
Wabash let gold Si
1939 FA 10234 10312 10212 1021±
10058103¼
2d gold bs
9284 -911975 MS 10412 Sale 10418 10458 61 10314 10514
Ref f 5lie series A
9934 10174
1978 FA 9934 Bale 9934 10034 176
Ref & gen Is series B
10414 107
B
99
_ 8314 Feb'25
Debenture B 68 reelstered_1939'
71
75
B 8712 8812
'
-8512
- 8734 May'27
lit Ilen 50-Yr g term 46-1954
10312 105
1941 B , 10358 10514 10412 May'27
Det & Chi ext 18t 6s
B 9212
'
8812 934
9258 June'27
4
95
92 100
Dee Moines Div let g 48_1939
Reading Co Jersey Cent coil 4s AO 95 Sale 95
2 83
87
4 87
1
/
1941 AG 8612 Bi.;1-e- 8612
Registered
Om Div 1st g 3345
o114
91
9012 Feb'27
90
1941 M
Can & ref 430 series A.--1997 J
98 10012
Tol & Ch Div g 42
99/
10012 18
4 Sale 99
1
8314 8212
8314 10
80 8314
2000 FA 78
7912 8238 Warren let ref go e 33411
8014 May'27
Rich & Meek let g 48
1948 MN 794 87
8912
8812
Apr'27
4
1
Q
8814
1948
48
gold
8834
let
102
Cent
Apr'27
lit
103
By
10238
1952
Term
103
Wash
5s
gu
102
!Bohm
J J
8518 87
1945 FA 8718 90 87 May'27
10058 10114 Wash Term 1st gu 3Sill
Rio Grande Juno let ECU 52-1939 J D ---- 10012 101 May'27
8714 9212
718 Dec'26
1945 FA 8238 __ 8714 May'27
734
Rio Grande Sou let gold 48 1940 ii
--- let 40-year guar 4s
9814 9924
go
A
P
9914
100
9878
let
May'27
52_1930
W
WAN
May'25
Guaranteed (Jan 1922 coup on) J J
- -- W Min
724 ---- 6
171
7614 8414
83
5 11612 1314 Wait Maryland 1st a 4e
1952 AG 8212 Sale 8214
92
Rio Grande West lit gold 42_1939 B , 92 Sale 92
4
1
8 84
10112 102/
8658
8758 West N Y & Pa 1st g Se....1937 J J 10134 10234 10214 June'27
Mtge & coil trust 42 A___ _1949 AO 8658 Sale 863s
5
90
88
1943 AO 891 Bale 894
8912
R I Ark &
lat 4340___ _1934 MS 96 Sale 9612
Can gold 48
94511 9712
9634 22
45 Feb'25
Apr 1 1943 Nov
85
1949 J J 8418 8552 85
Income g 58
Rut-Canada lot go g 48
8212 8524
9913 25
9512
99 laO's
oils 3312 Western Pao lit ear A 58-1948 M
99
-5578
1941 B , 9412 9512 9313
Rutland 1st con g 4345
1946 MS 10212 Sale 10210 1033s 14 10213 loos
8914 June'27 -- 8634 894
1st gold 68 series B
Ii Joe & Grand Iii lit g 4s_1947
B
'
2
3 861
. 90
89
'B 8834 89 8834
2361
100 10018 Watt Shore lit 48 guar
10018 May'27
1996 J J 10018
▪ Lawr & Adir 1st g be
8 86
89
8814
B 88
'
2361
Registered
10534 Mar'27,---- 1054 10714
1996 AO 106
26 gold 68
1
1931
964 9712 Wheeling & Lake Erie
J 974 9712 978 June'27
IS L & Cairo guar g 42
,
9934
101
57
May'27
10014
____
100
10112
'
B
58_1928
gold
1st
Div
101
58_1931
4
1
/
100
Wheeling
10118
g
101
con
1004
gen
AO
&El
IrMt
L
▪
' 9912 1004
10038 Sept'26 -1930 FA 10012 ____ 10014 May'27
1931 AO
Ext'n & imPt gold 5s
Stamped guar bs
ma 34
6
9218
Refunding Cis aeries A 1966 MS 9234 9313 9218
9834 49
1929 B , 9834 Sale 98%
Unified & ref gold 42
9732 99
10012 10012
86
Apr'27
;10012
101
B
1004
series
MS
9412
55
1966
9414
Sale
Refunding
e
lst
Div
48
1933 ▪ N 9414
934 95
Riv & G
8714 3014
14
1 100 101
897
8934 897g
1949 MS 89
RR let coxtsol 46
St L M BHdee Ter eu e 58.-1930 AO 10012 10134 10012 10012
724 8024
8712 238
7878 June'27
St L & San Fran (reore co)48 1950 B , 8612 Sale 8613
8412 8812 Wilk & East let BU W-1942 J D 7814 79
104 10454
10453 Mar'27
1938 J D 1033
87 May'27 -- 87
87
Registered
B,
Will AS F lit gold bs
3
8858 90
89
90 89
9934 102
Prior lien series B 52
Winston-Salem SB 1st 42-1960 B'89
1950 B , 10014 Sale 10014 10012 48
8614
82
8278 21
1949 B , 82 Sale 82
Prior lien series C 62
1928 3, 10112 Sale 10114 10178 37 100 10258 Wis Cent 50-yr lit gen 48
8878 92
9134 9134 June'27
91
Prior lien 53.is series D
1942 ii 102% Sale 10218 10212 45 10112 103
Sup 54 Dul div & term lit 45'36 M
B 92 ____ 89, Jan'27
89 89
'
10038 125
1943
99 102
Cum adjust eer A 69_ _July 1955 AO 10038 Sale 100
Wor & Con East lit 4Sie
9724 133
INDUSTRIALS
Income series A 6s_July 1960 Oct. 97% Sale 9712
9514 9914
89 9212
9012 907 9013 June'2 ---Adams Express coil tr g 42_ _1948 M
9 10574 109/
4
1
10612 Sale 10612 107
105 105% Max Rubber lst 15-yr if 82_1936 J
St Louis & San Fr Ry gen 62_1931 J J 10434 105 105 May'27
4
1
3/
8
7 10013 10178 Alaska Gold M deb 68 A....1925 M
314 5'± 312 Feb'2 ---1931 J J 10114 10214 10114 10134
General gold Se
4 312
1
3/
312 Apr'27
5
3
1926 M
10412 10512
St L Peor & N W let go 5e 1948 B , 10414 10712 10412 June'27
Cony deb 68 series B
5221
4
1
9212 97/
94 Sale 93
9812 Apr'27
St Louis Sou lit go a 48.-_1931 MS 97% 99
964 9812 Alpine-Montan Steel 78__ _1955 M
4 1004
1
97/
190034
10012 Sale 100
4
1
8834 16
St L S W 1st g 42 bond ctfs 1989 MN 8734 8878 87/
8612 89
Am Agrle Chem lot ref s f 730'41 F
9 9214 98
93
93 Sale 93
8312 May'27
2d g 4s Inc bond ctfs_Nov 1989 J J 83
81
8312 Amer Beet Sue cony deb 68.1935 F
4
1
10234 Sale 10234 1011s 25 101 103/
9558 52
Consol gold 48
944 96% American Chain deb 2 f 6i..1933 A
1932 J D 9514 9534 9514
7
9814
95
97'±
9834 24
let terminal & unifying 58_1952 J J 9812 Sale 98
95
9934 Am Cot 011 debenture 5s 1931 M N 974 971 9714
2
4
1
/
105
---10534
J
June'27
J
10524
10614
10534
9414
1936
68
gu
Impt
&
St Paul& K C Sh L 1st 4li8_1941 FA 9318 9418 9414
Dock
9274 96
Am
1939 A 0 10358 10414 10334 June'27 -- 10312 104
St Paul& Duluth lit 52
10154 102
1931 FA 10158 10212 10134 Apr'27
Am Mach & Fay i 62
9934 16
4
9934
99
9912
92
92 93 Am Republic Corp deb 65_1937 A 0 995s 100
lit cowed gold 48
1968 J D 92 Sale 92
4 10224
1
Jan'27
'47 A 0 10134 Sale 10114 10178 48 100/
A
_
Der
bs
96
30-yr
lit
98
98
ii
E
Paul
St
98
Or Trunk 4lis
1947
Am Sm & H
43
18 10764 109
1947 A 0 10734 Sale 10734 108
971
9714 9812
St Paul Minn & Man con 42_1933 B , 9714 9814 9714
lit M 68 series B
37 104 1004
10774 108/
1933 J J 10734 10814 10814 May'27
lit consol g Si
4 Amer Sugar net 15-yr 62_ -1937 .1 J 10434 Sale 10434 105
1
_ 10714 Apr'27
3912 129
9814 9913
10714 10714 Am TeleP & Teleg coil tr 42_1929 J .1 9938 Sale 9914
B , 10612
Registered
8
96
9334 97
1936 MS 953496 95
Convertible 48
6s reduced to gold 442___1933 B, 10018 ge-.1e 10018 10018
9934 10058
9918
9814 10012
9914
6
997
994
13
M
1933
June'27
cony
9634
97
9612
JD
4145
let
9512
Mont ext
984
gold 48
1937
20-year
78 10214 1004
105
1946 I D 1044 Sale 104
9512 Jan'27
JD 91% _
9512 9512
30-year coil Ix be
Registered
1960.1 J 10212 Sale 10212 10312 144 101 10314
9212 May'27
91
91
36-yr ii deb 55
9212
B
Pacific ext guar 45 (sterling)'40 '
2 1054 10712
4
1
4 107/
1
10718 95 105/
10614
10718 1071
St Paul Union Depot 58__1972 J J 10718
20-year if53481943 M N 10612 Sale
24 103/
106
4 106/
1
4
1
1940 A 0 10512 10584 105
Am Type Found deb 65
98 10114
34
9934 20
911
8838 9258 Am Witt Wks & El col tr 54_1934 A 0 9913 Sale 994
8 Bale 9058
858
903
1 A & Ar Pass lst gu g 48__1943 J J 10
1975 M N 103 Sale 10238 1034 41 10034 10312
10218 10314
Deb g 68 set A
Santa Fe Pres & Phen 58__1942 MS 102 10314 10314 June'27
33 452
83 88
1947 J J 87 Sale 8534
10834 10912 Am Writ Pali let g es
10912 May'27
lay Fla & West lst g 68
1934 A 0
10234 104
Anaconda Cop Mbn lit 68_1953 F A 104 Sale 10324 10414 115 1031s 10474
_ 104 May'27
lit gold re
1934 A 0
6
1938 F A 1084 Sale 10814 10834 77 10614 10913
conv75
94
v deb
mnin
91
94
copco
95
year
Scioto VA NE lit go g 42-1989 MN 1039212 96
105
1
156 10312 10874
deb 75_1943 J .1 1044 Sale 104
821
8118 84
Andes
4 ____ 8211
1
Seaboard Air Line g ls
1950 A 0 82/
95 244
8812 95/
4
1
4 Anglo-Chllean 78 without war_'45 __ _ 95 Sale 94
8112 25
1
8078 87/
Gold 03 stamped
1950 A 0 8072 Bale 807s
931r 9912
9912 .29
9318 991± Antilla(COMP(Mum)7As_ -1939 J J 99 Sale 9818
8478 179
Adjustment re
Oct 1949 F A 8458 Sale 8358
2
10138
10014102'.
10114
____
10114
11
M
58_1964
63
Ter
&
Bridge
7634
7012
Mem
Refunding 48
1959 A 0 7034 Sale 7012
Ark &
7112
9078 143 884 9314
957 162
9434 99% Armour & Co let real sot 41-4s '39.1 D 90 Sale 8912
lat & conn tls series A
1945 MS 9534 Bale 9512
8738 9534
9112 186
1943 .1 J 8878 Sale 8934
3
Ail & Blrm 30-yr let g 4841933 M El
_ 921 9312
9312
9114 94
Armour & Co of Del 5;is
4 104
1
Bale
10212
6 100/
4
1023
10224
S
M
55
notes
gold
1935
Seaboard All Fla 1st gll 6sA_1935 F A 951 Sale 9558
94 985s Associated 011 634
954
102 10338
1947 J D 103 -___ 10258 May'27
Series 13
9612 Atlanta Cast 1st 52
94
1935 F A 9512 Sale 9512
9534 10
1522
1534
June'27
1558
-___
8
153
D
J
1934
dep
ails
Seaboard & Roan Si 0224_1931 J .1 10012 10034 100 Apr'27
78
Fruit
100 100% Atlantic
18
18
2118 __- 18 Jan'27
So Car ar Ga 1st ext 5lis
1929 MN 101 10112 10024 10114 12 100% 101%
Stamped els of deposit_______
74
43
7012 -7872
B&NAlaconeguebs
_ 105 May'27
1936 F A
10378 105
All Gulf & W I BB L col tr 58_1959.1-.1 7358 Sale 73
4
1
4 Sale 10012 10118 16 10012 102/
1
Can cons guar 50-yr 50_1963 A 0 11112 11231937 I .1 100/
4 11178 May'27
11014 11214 Atlantic Refit deb be
3 106 108
So Par coll 44(Cent Pao colt) 3'49 .1 D 9113 Sale 90%
9134 44
8815 93 Baldw Loco Works let 56_ _ _1940 MN 10734 -- 10734 10734
10613
4
1
/
108
10712
5
____
10712
10712
Registered
.1
J
1937
Sis
J D 87
89 88 May'27
7
As)
(Conan
88
86
Barseue
9614 10624
20-year con,42
June 1929 M S 994 Sale 994
9934 122
9838 9912 Barnsdall Corp (is with warr_1940 J D 9934 Sale 9834 10018 212
8938 944
89
91
20-year cony Ss
1934.1 D 10078 Sale 10218 10212
10014 103
65(without warrant)-1940 .1 D 9012 Sale 9014
Deb
9534 45
9424 9512
20-year gold 62
19361J J - 9514 Sale 95
1944 M N 995 101 10078 101
100 103 Belding-Hemingway (ie
012
10413 42 10234 10514
Ban Fran Terml let 42_1950 A 0 9114 9112 9118
fsps 044 Bell Telephone of Pa 58
1948:J J 10412 Sale 104
4
Registered
A 0 88
50 10272 10512
8934 90
90
1960'A 0 10518 Sale 10412 1051
87 93
let & ref re series C
95
1937 M N 107 ____ 107 May'27
96
9714
45
So Pao of Cal-Cu e Si
104% 107 Berlin ElseEl & Undg 8;46_1956 A 0 9534 Sales 95
1937 y J 9514 ---- 9513 Mar'27
10024 12 100 10214
So Pao Coast lst gu g 42
9514 9512 Beth Mel 182 A ref be guar A '42 M N 100 10058 100
951
1955 J J 95 Sale 9453
ao 95
10014
lOQIgI
101
9934
Sale
So Pee RR let ref 45
J
8
983
38
be__
if
imp
J
_1936
&
pm
9772
14
30-yr
9618 May'27
.1 J
Registered
9012 ma
30-year Os series A 1948 F A 103 Sale 10214 104 I 72 10132 10414
Southern-lit cons g 6e_1994 J .1 i07r8 gilie lova
101 I 84
9734 102
10814 36 10634 10978 Cons
Com 30 year 5SO series 13_1953 F A 10034 Sale 100
J J 105 10712 106
106
Registered
941
92 944
1950 M 5 94 Sale 94
14
10353 106 Bing & Bing deb 6348
861±
88's 122
Sale8613
Devel & gen 42 series A_1956 A 0
10118 1014
10118 Feb'27
86 8918 Booth Fisheries deb if 68_ _ _1926 A 0 10214 4 29 11838 11613 Botany Cons Mills 634i
1
1958 A 0 11658 Sale 11514 116/
Develop & gen 68
92
8212
1934 A 0 8158 Sale 8158
9 80
1958 A 0 12138 Sale 12118 12212 64 1194 123 Brier Hill Steel 1st 534s
Devel & gen 63(i
105
11 1034 10524
1942 A 0 10478 Sale 104
-1996 J J 10714 10834 10738 Mar'27
Mem Div 1st g bs
7222 7912
1943 J D 7412 Sale 73
7413 16
10614 108 13•22413,A 7th Av lat 0 g 58
1951 1 J 8958 92 9158 June'27
St Louis Div 1st g 42
4 76
1
72/
8934 9234
CM of dep stmpd Dec.'26 int ---- 7314 7452 74 May'27 -94 Apr'27
Emit Tenn reorg lien g 5s-1938 M S 102
9272 95
94 --10
1941 .1 1 9312 Sale 934
94 94 Brooklyn City RR be
334 54
93
Mob & Ohio poll tr 4s1938 M 5
92
9358 Bklyn Edison Inc gen te A 1949 J .8 10514 Sale 10312 10538 88 1034 10534
1 844 8912 General 62 series B
8578
1955 I J 8518 85% 854
Spokane Internet let g 68
4 195
1
1930 .1 J 10334 --- 104
7 102/
10518
9312 May'27
Sunbury & Lewiston 1st 42_1936 J .1
981: 10154
1968 J J 99 Sale 99
9212 9312 Bklyn-Man R T gee 08
9958 286
Superior Short Line lit 58_81930 M S 99% ---- 10012 Sept'26
62 86
Burl Clu Co & Sub con gtd bs'41 MN 6218 6212 62 June'27 ---7812 7912
1941 .1 .1 7518 8012 784 May'27
lit be
Term Assn of St L let g 43(2_1939 AO 9914 9912 9914 June'27
9858 100
Brooklyn R Tr let cony g 48.2002 J .1 88 ____ 8812 Aug'26 ---1 10233
lat cons gold 54
1944 FA 104 ___ _ 10334 10334
1921 J .1 -__... ____ 13612 Nov'25 ---3-yr 7% secured notee
10334
4
Gen refund 8 g de
8814
B 8814 Sale 8814
'
1953
8772 90
_ 12812 Nov'25 --CUB of deposit stamped
Texarkana & Ft S let 53is A 1950 P A 10412 Sale 104
10434 20 10334 1064 Bklyn Un El let 3 4-5e
9 94 98
9514
1950 F A 94 Sale 94
10014 May'27
4 __
1
Tex & N 0con gold 58
1943 B , 99/
100 1014
94 9712
13
1950 F A 9458 Bale 94
95
Stamped guar 4-5s
9 10518 10812 Bklyn Un Gas let cone a 53_1945 M N 106 ____ 106
Texas & Pee lit gold 58
2000 J D 10714 Sale 10714 10714
12 102118 106
106
9912 174
Gen & ref Is series B
1977 AO 99 Sale 98%
99 100%
2 Imps 115¼
let lien & ref 65 series A 1947 MN 115 __ 11514 1154
4
1
/
100
10014
Sale
100%
25 100 10078
La Dlv L 1st g 58
B
'
1931
1936 J J 197 Sale 19012 199 340 156 199
Cony deb 533e
105
5 1C14 10814 Buff & Susq Iron e f 5.6
Tex Pao-Mo Pc Ter 534s 1964 MS 10434 10512 105
4
1
92 92/
1
92
1932J D 9012 934 92
10112 10112
10112
7 1C0 10213 Bush Terminal lot 48
Tol & Ohio Cent lit eu 68--1935 B'
9072 92
1962 A 0 9158 9312 91533=0'27 ---10012 May'27
Western Div let g 58
1935 AO 10012
9512 9912
9812 12
10014 102
9734
58
Sale
9813
J
J
1955
Consol
9914 10253
General gold iis
1 1004 10114 Rush Term Bid= 5e su tax-ex 410 A 0 10213 Sale 102
4
1936 J D 33014 10034 10012 10013
10238
15 May'27
18
Toledo Peoria & Waft 4s.....1917 J J 15
15
15 By-Prod Coke 1st 5345 A- 1945 MN ____ __-9012 15
Tol St L & W 50-yr g 48_-1950 AO 8978 9038 9012
8952 91 Cal0& E Corp unit & ref 58_1937 MN --------10112 iliffi --ii ioiis IVA
99 Jan'27
9674
92
B
1931 '
To1WV&Ogu4442A
9314 28
99
99 Cal Petroleum cony deb 8i 581939 F A 93 Sale 9258
9658 Dec'26
9714 10214
B
13
98
1933 '
let guar 43(e series B
1938 M N 9714 gm 9712
Cony deb a 1 530
95% May'27
101
41
4
3
95
4
let guar le. series C
3
100
1942 MS
100
4
1003
"Ili
'TA4
1
/
g
99
of
let
Bug
7....1942 A 0
9114
1 90 914 Camaguey
1946 J D 9114 Sale 9114
Tor Ham & Buff lit g 4s
1943 J D 10314 ____ 10314 1034 26 10214 10812
Cent Dist Tel 15t 30-Yr 5e
-- 9634 99
Cent Foundry lst a I 6s_May1931 F • 994 9934 99 May'27
4
1
62 62
62
4
Ulster & Del lit cons g 52.-1928 J D 61
8812 64 Cent Leather 1st lien a f 84-1945 J I 10318 Sale 10318 10312 39 101 103/
8 1102 125
1952 AO 3934 42 3978 May'27
let refunding g 48
3934 42
Steel let g 4 f 88._ 1941 M N 123 12312 12314 124
Amsral
4 10312
1
98/
9738 73
Union Paciflo lit RR &Id at 48'47 B , 9614 Sale 96
9478 0934 Despedes Sugar Co 1st a f 7)0'39 MS 99
4 9933 10032 11
1
99/
72
53
1
9614 95 June'27
72
3,
Registered
9378 9612 Ohio City & COM2 RYB 58Jan1927 A 0 ---------72
997
7 102 103
10
1927 B , 997 100 997
10-year cony de
9953 10018 Oh CL & Coke lit gu g 52_1937 .1 .1 10218 10234 0238 102%
186
85
704
9934 May'27
12
85
B ,
I
831$
Sale
8438
Registered
A
9934
94%
F
1927
Chicago Rye let 58
937s 9614
94% 92
i. 9414
9458 16
904 9813 Chile Copper Co deb 53
1st lien & ref 42-- -June 2008 MS -15:14 Eita1947.1 J 94 Sale 9334
2 101 102/
4
1
102
June 2008 MS 110 11212 112 June'27
10858 113
lit lien & ref 58
0 102 Sale 102
Bleo
A
&
1st
&
Gaa
54'56
eel
Olneln
4
1
10158 10 1013* 103
101% 10112 1013
10-year norm secured 62-.1928
Jan 1 1961 A 0 10424 Sale 10434 10434 18 104ss 105/
5344 see B One
I Due May. •Due June. k Due Aug.
Mob No,
Ask Low
814
Pitts Cin Chic & St L(Concluded)
10013 Jan'27
1960 FA 96
Series H con guar 45
3
Series I COM guar 611i----1962 P A 10014 102 10138 10152
1964 MN 10234 10312 10238 May'27
Series J cons guar 4338
10
110
General M 58 series A-1970 J D 109 10914 109
102 Oct'26
Registered
J D
18
109
Gen mtge guar Is series B_1975 AG 10858 Sale 108
Pitts & L Erie 2d g 5s_ __Jan 1928 AO 100 10014 100 May'27
Pitts McK & Y let Ku 62----1932 J J 10418 10612 106 May'27
10134 Nov'26
1934 J J 104
2nd guar Os
10112 June'27
1940 AO 102
Pitterlh & LE lati258
10012 Apr'27
1943 I, 10012
lit coneol gold 58
9114 May'25
1943 MN 93%
Pitts Va & Char lst 44
4 10018 10014 Dec'26
1
EMMY & Ash 1st eons 52.--.1927 MN 99/
94 Mar'27
let gen 48 series A
1948 ID 3312
1962 FA 10618 108 106 May'27
let gen 55 series B
2
7134
72 7112
Providence Secur deb 48_19.67 MN 70
8458 Aug'26
Providence Term lot 45
1956 MS 8414




Low

--

3480
BONDS
N.Y STOCK EXCHANGE
Week Ended June 10.

New York Bond Record—Continued—Page 5
j:

Price
Friday,
June 10.

Week's
Range or
Last Sate

re 3e

81.1
Ask Low
Fligh No
Cities Serv Pow & Ls I 6s___1944 111 N 10134 Sale 10112
10134 95
Clearfield 131t Coal let 45._ _1940 J J
8512 Mar 27
Colo F & I Co gene f 5s____1943 FA
ith-12 10018 10018 7
Col Indus let & colt as gu___1934 PA
955g Sale 9558
26
9638
Col & 9th Av 1st gU g 55_ ___1993 SI S
10
Oct'25
Columbus Gas let gold 5.3___1932 2J
97
98
97 June'27
Commercial Cable let g 48_2397 Q J
79
8012 82 June'27
Commercial Credit e f 68_1934 MN
9512 96
12
9518
96
Col(rat 534% notes
1935 J
4
9212 9318 92
92
Commonwealth Power 68
1947 MN 105 Sale 0438
13
105
Computing-Tab-Ree a f 65...1941 J
106 Sale 0414
106
Conn Ry & List & ref g 454s 1951 J2 97
-- 97
5
97
Stamped guar 434s
J
1951
8
9718 Sale 9714
9714
Consolidated Cigar a f 68_1936
0 9934 Sale 9912
50
100
Consolidated Hydro-Elee Works
of Upper Wuerternberg 713_1956 ii 9934 100
6
9914
100
Cum Coal of Nid let & ref 58_1950 Jo 8112 Sale 8114
16
82
Consol Gas(N Y)deb 5S-45_1945 FA 10618 Sale 10534
10638 82
Cunt Pap & Bag Mills(She_ _1944 FA
75
751s 7518
75,8
I
Consumers Gas of Chic gu 58 1936 Jo 10112 -- 102 May'27
_
Consumers Power 1st 58____1052 MN 10278 Sale 10234
22
10314
Container Corp 1st es
D
1916
22
9712 Sale 9712
98
Copenhagen Telep ext 85.-1950 AG 100 Sale 100
1
100
Corn Prod Refg lot 25-yes(Os'34 M
7
102 103 102
102
Crown Cork & Seal let at 6(4_1942 FA 10218 Sale 102
10212 30
Crown-Willamette Pap 68_ _1951 J J 10018 10034 10038
23
10114
Cuba Cane Sugar cone 7a___1930 2) 9612 97
9612
9738
17
Cony deben stamped 8%_1930
J 100 Sale 100
10014 110
:Jabal) Am Sugar let coil 88_1931 MS 10814 Sale 108
10812
7
Cuban Dom dug lot 7345_1944 MN 10018 10014 100
10012
16
.1 10134 102 10134
Comb T & T lot & gen 55___1937
11
10134
Cuyamel Fruit late f Os A _ _11140 AO
9412 Sa e 9412
9412
1
Davison Chemical deb 61,0_1031 J
9738 Sale 9618
98
10
Den Gas de E L 1st &ref of g 5551 M
99
3
9914
100
M 'e
Stamped as to Pa tax
9912 10014 10014
4
10014
Dery Corp (1)0) tat Sf 7e_1942 5.1 S 70 Sale 70
5
70
Detroit Edison 1st coil tr 56_1933 .1 .1 10138 102 10112
10218
15
let & ref 58 series A_July 1940 MS 10278 Sale 10278
10314
9
Gen & ref bs series A
1949 AO 10338 10312 10338
10312 27
1st & ref Os series B._July 1940 hi 40 108 Sale 10758
5
108
Gen & ref 58 ser B
1955 213 10358 Sae 10353
10338 10
Del Hulled 1st eons g 4348_1932 J J
9314 94,4 9314
9314
1
Dodge Bros deb Os
1940 MN
9124 185
90 Sae 90
Dold (Jacob) Pack let 68
1942 MN
8438 8412
83
85 I
8
Dominion Iron & Steel 541_1939 64 S 6738 Sale 66
6738 29
Certificates of deposit
6718 Salo 64
071g
44
Donner Steel let ref 78
1942 ii 95
9514 95
95
2
MN
Duke-Price Pow lot Os ser A '66
10334 Sale 0334
10478 66
Duquesne Lt let & coil 65...1949 J J 10478 10518 05
10518
15
.1 10,8 106
let coil trust 5445 series R-1949
0478
10478
2
East Cuba elug 15-er a I g 7548'37 64 S 107 Sale 07
10712 30
Ed El III Ilkn lot con g 48-1939 2) 9614 9634 9614 May'27
Ed Elec III 1st cons g be_ _ _.1995 J J 10834
0858 Mar'27
__
Elec Pow Corp (Germany)6S4s'50 M
9612 Sale 9638
97 1 34
Elk Horn Coal 1st & ref 6Sis.1931 J
9934 Sale 9934
9934
4
J
Deb 7% notes (with warets'31
9812 99
9778
9934
3
Empire Gas & Fuel 734s_ _ ..1937 MN 10978 Sale 0918
110
319
let & ref 8 Sis(with warets)'41 *0 10538 Sale 0518
10512 262
Equip Gas Light lot con 55_1932 MS 10012 10034 0034
10014
1
Federal Light & Tr let 58_1942 MS 9514 96
9634
5
97
1st lien s f So stamped _ _ 1942 MS 96 Sale 9538
97
13
let lien (is stamped
1942 MS 10334
_ 04
2
104
30-year deb Baser B
1954 Jo 101
101
101
4
federated Metals e f 78
D
I'S Sale 89
1939
4
89
flat deb 7e (with warr)
1946 J J
99 Sale 9912
10258 73
Without stock porch warrants
90
9312 94
99
17
Flak Rubber let sf 88
1941 SI S 117 Sale 117
117
3
Ft Smith Lt & Tr let g 50_1936 MS 88
8912 89,8
7
8918
Frameric Ind & Des 20-yr 7;48'42 .1 .1 10314 Sale 10314
49
104
Francisco Sugar lot of 7 tia _1942 MN 10738 Sale 10738
10738
1
French Nat Mall SS Lines 70 1949 Jo 99 Sale 99
9958 131
Gas & El of Berg Co cons g 5811949 JD 10258 ____ 10258
10258
1
Gen Asphalt cone 6s
1939 *0 10738 109 10712
11
108
Gen Electric deb g 3lie_.._1942 FA
9212 -___ 9212 June'27
Gen Elec(Germany) is Jan 15.'45 .1 .1 10312 10414 103
10414
20
8 f deb 6 tie vilth war
1940 Jo
_ 127 12534
12014
35
Without warrts Artacted all .1 D 10012 Sale 10012
101
8
GenlMot Accept deb 6s
1937 F Is 10034 Sale 10038
10034 259
A 10058 Sale 10038
Gent Petrol lot a t be
1941
10034 40
Gem Refr let sfg 68 ser A.__I962 FA 10334 10418 105
1
105
(loud Hope Steel & I sec 75_ _1945 AD 11)1 14 Sale 101
102
21
Goodrich (is F) Co 1st 6345,1947 J J 10718 Sale 107
30
10714
Goodyear Tire & Rub let 88_1941 MN 12058 Sale 12058
109
121
Ill-roar f deb g 85 Mu, 1831 F A 11033 Sale 11014
11012 173
lot M coil tr 5s
97 Sale 97
1975 91 N
9718 218
Gotham Slit Hosiery deb tie 1936 J
9912 Sale 9912
2i)
9934
Gould Coupler lots f 6s. _ _1940 CA
82
83
82
3
83
Granby Cone M SAP con 1384'20 MN 101 10158 101 May'27
MN
Stamped
101
1928
____ 101 May'27
Cony deb 78
1930 MN 156 Sale 158.
161
26
Registered
143 Mar'27
04 cone El Power(JaPan178.1944 F A
96 Sale 96
9034
42
1st & gen s f 6SO
92 Sale 92
1959 J J
19
9214
Great Falls Power at 51 55._19411 MN 104
104
104
2
Hackenanek Water let 40__ _1952 J J
88
8812 88 May'27
MS
Hartford St Ry 1st 45
95 May'27
Bayern. Elec coul
97 Sale 97
so g 58_
119
93
512
1 CA
97
Deb aSin series of I 926_ _ _1951 64 S 8812 8834 88,2
8912 33
Hershey(hoc lot & coil 5 tis 1940 J J 102,
8 Sale 10212
10234 58
Hoe(R)& Co let6 tie .,,er A .1934 AO 101112 Sale 10012
10074
15
Rolland-Amer 1.1ne 68(1150 -1947 MN
9812 9835 9814
9834
9
9358 Sale 9812
Hudson Coal lot s f 50 A
_1962 J D
9144 46
103
Hudson Co Gas let 5 58_ _ _ _1040
_
10312 June'27
Humble 00 & Refining 61441_1932 J J 10212 Sale 10218
10212 35
97,8 Sale 9712
Deb gold 58 when issued. 1937 AO
98,4 123
Illluole Bell lelepliOne be_ _19.50 1 0 10438 Sa'e 10414
10412 25
*4.)
9312 Sate 981,1
Illinois 8teei deb 4 tie
1940
9912 25
Reeder Stee Corps!
1946 AG 101 1 4 Sal • 101)
f 75
21
101 14
9812 99
1936 MN
Ind Nst Gas & 011 65
9812 June'27
Indian.. Steel let 58
1952 MN 10418 10438 10418
10412 41
_ _ _ 10012 May'27
Ingersoll-Rand let 56 Dee 311935 .1 .1 100
103 Sale 10234
1945 5,1
Inland Steel deb 5y4e
103
43
Inspiration Con Copper 6 148,1931 MS 10034 10078 1(11
101
15
Interboro MetroP coil 434s- 1956 A 0
11
Apr'25
_ 13 Nov'26
Guaranty Tr Co info del)....
771 1 Sale 7718
Interboro Rap Tram let 55_ _1965 1 .1
7814 158
.1
7712 Sale 7634
Stamped
266
78
791 1 80
1932 AO
10-year tle
27
8014
7914
10-year cony 7% notes__ _1932 MS 9634 Sale 9612
198
97
MN
lilt Aerie Corp let 20-er 66-.1932
8212 84
85
85
8
M N
8212 8312 74
Stamped extended to 1042_
74
1
Inter Merean Marines f 6a_ _194 I AO 100 Sale 100
1001 1 139
9712 Sale 9712
International Paper 65
1947 J J
9818
79
Ref e f lie der A
10134 Sale 9758
,955 M
9812 136
COnv del, 83.
194 I 00 9314 Sale 101 12
102
73
Int TeleP & Teleg cony 6445 045
S 110 Sale 11533
982
118
Jurgen. Works Os(Au Prtee)-1947 1 J 10934 Sale 10912
110
82
Hendee City Pow & Lt 65...1952 MS 104,1 10418 10418
10418
8
Kansas Gas & Electric lie...l952 MS 10531 5531 105
105,
8 45
I/84,er (.1.11w9 A Co lets f
F • 10738 Sale 10758
10734
17
Cone deb 5148
9718 69
1947 MS 9614 Sale 98
Heim tB P1 CON let 65._..1048
s 9834 Sale 9834
99,8
12
Kelly-Set-Mgt Tire 8% notes _ 193 I MN 105, Sale 10412
10478
13
0514 9512 96 May'27 -a. ton Tele', Co let 54_1535 .1
Kim County El & P g 58_4937 AO 104
10378 Mar'27
" chase money Os
12614 -- _1997 AO 12834 Sale 12634
K119, County Elev let g 4a..1949 1, A
8312
8214 84 I 8214
3
.31 mped guar 45
84
2
84
8212 83
.1949 PA




Range
Since
Jan, 1,

BONDS
N.Y STOCK EXCHANGE
Week Ended June 10.

.3
O.:

Price
Friday,
June 10.

Week's
Range or
Lass Sale

Range
Since
Jan. 1,

High
Low
Bid
Ask1Low
Ilige .V o Low
High
9738 1114
Kings County Lighting 58-1954 J J 10412 Sale 10414
4 10112 10414
104,4
8512 85.!
Fired & ref 63-4e
19542 .1 118
____ 118
2 11214 118
118
96 10034 Kinney(a CO& Co 7Si% notes '36 J D 10414 105 111434
5 10078 10512
105
9312 9112 Kresge Found'n coil tr 6s.__1936 J D 10334 Sale 10312
16 102 104
10334
Lackawanna Steel 1st 6,3 A _ _1950 M S 10114 10112 10134
9914 102
10134
-56:78 WI; Lac Gas Lot St L ref&ext 58_1934 A 0 10114 Sa e 10114 10112 171 10012
10214
82
77
Coll & ref 514s series C
1953 F A 10458 10434 10412
19 10314 108
105
93
9904 Lehigh C de Nay 5 f 4 tie A..1954
99 10014 9912 June'27
9712 14978
9012 92
Lehigh Valley Coal let g 58._I933
J 101 10178 10114
6 101 102
1013x
1043s 10512
let 40-yr gu int red (o4%.1933
J
9512 ---- 9538 May'27
9538 97
10414 106,2
lot de ref s (54
1934 F A 101 Sale 101
4 101 104
101 18
961d 97
lot & ref s 5s
1944 F A 10138 Sac 10058
6
101
12
997
1 10112
9434 98,0
let & ref 55
1954 F A
9978 Sale 9978
4
100
9934 101 12
9838 10138
1st & ref 5s
1964 F A
9978 ---- 10014
1
9954 10113
10014
1st & ref s f 55
1974 F A
9978 Sale 9978
101
9978 101
99 101
Lex Ave & F let gu g 58_1993 MS
37 May'27
37
37
83,
. Liggett & Myers Tobacco 78_1944 A 0 .1114 Fltil-e76
6 120 12312
122
10512 10812
bs
1951 F A 103 10312 10312
27 10214 10614
1037e
81 18
75
Registered
F A
6,:l_e_ 101 Feb'27
101 14 10114
10114 10214 Liquid Carbonic Corp 65_1941 F A 10612
47 104 112
102 103s, Loew's Inc deb 63 with warr 1041 A 0 10412 Sale 111014
8
10
04
734 91
101 1057a
9878 tx)thW
07
iarld
tho
(F
u8t ec
to
ock
iipur warrants
9714 Sale 9718
99
96
9812 61)
9912 101
AA 11518 Sale 11531
44
1 FF -0
195
14 115 120
115-8
101 114 103
be
9712 9818 9712
osis 14 9634 10012
9384 103 ..
Registered
97
1 12 Apr'27
9634 9714
993s 101 14 Louisville Gas & Elec (HO 513 62 1V1 H iiiiis foil; 10 1s
42
9958 102
1
99., Louisville lty let cons 5e____1930 J J
95
9534 96
5
9534
9618
94
99
9814 102
Lower Austrian Hydro Elec Pow10712 10854
let s f 6445
......1944 F A
92
9212 92
6 897. 9512
9218
99 10 1
\leCrory Stores Corp deb 534s'4 I J D
9712 Sale 9718
18
9718 9778
9712
10012 102,4 Menet! Sugar 1st t 7 tie _ _1942 A 4., 104 18 Sale 1023
18 10234 105
104,
8
4
9384 96,2 Ma
2d
nh4tt Ry (N Y) cons g 45_1990 A 0 7212 Sale 71)
6714 7378
721, 69
5834 6112 59
5
59
83
59
9°
1 12 Manila Elec Ry & Lt s f 5s...2
90
8 10
1°
95
13
3 iM
l D
S 9612 98
1
9354 98
97
97
9814 10112 Mfrs Tr Co ctfs of partle in
68
91
A I Narnm & San 1st 63_1943 J 1) 10518 Sac 10512
4 105 10512
10512
10138 103
Market St Ry is der A Apr111940 Q J
9934 Sale 9912
78
100
9614 10012
102 e 103's Metr Ed lot & ref g Os ser 13.1952 F A 10814 10834
1 814
1081, 17 10518 10834
1021s 1043s
let & ref »a seriee C
1953
J 10134 Sale 10114
11
1110
1013
8
10114
10710 10142 Metropolitan Power lot 65 A1053 J D 10614 107 10614
2 10514 10,78
106,4
8 10331 Metr Wes Side El (chle) 48 1938 F A
101,
7812 7978 7834
3
76
130
7831
9212 9512 Mlag hllIl Mach 75 with war_1956
D
99 Sale 105 May'27
1
10334 105
89
96
Mld-Lout Petrol lot 6 Sim.. _1940 M 8 104 Sale 104
3 10312 10514
104,4
8412 8938 Midvale Steel &0cony 5 f 55 1936 M 8 99 Sale
84
9714 997s
9934
9914
48
68,2
Elec Ry&Lt ref&ext 4
9838 Sale 9818
J J
14
99
9818 99714
4914 6712
General & ref as A
1951 J D 10034 Sale 10(134
5
99,4 10178
10034
let & ref 6a B
1961 J D 10014 Stile 100
10018 33
98 101 38
95
812 Montana Power let AP A._1943 J J 10212 Sale 10214
10
93
534 10
10278 42 10112 1031s
105 10612 Montecatini Min & Agrlc—
iO4e 10612
Deb 73 with warrants
1937 J J
9912 Sale 99
10034 99 10014 101%
10512 We
Montreal Tram lot & ref fet_ _1941 J J
9838 99
3
9859
55-.4 99,
We
3
94.8 9614
Geu
ref f 5s series A 1955 A 0 9
9614 9618 June 27
961 10034
10674 10,3Ei Morris & Co let s f 4(4s. _ _ _1930 J J
84 Sale 84
55
8518
83
89134
9638 99,e Mortgage-Bond Co 40 eer 2_1966 A 0
Dec'26
81
98 100
10-25-year be eerles 3
1932
J
9712 98
12
98
9712
965 IF-1;
95
9934 Murray Body 1st 654s
1934 J D
96
9612 9614
0618 .10
9534 98,2
10518 110,2 Mutual Fuel Gas let gu 858.1947 MN 10178 10214 10178 May'27
10111 102
98 110, Mut Co rol gtd bent 4%. 1941 PA
N
102 May'27
10134 102
Num (A 1) & Son—See Mfrs Tr
0934 101
95
97
Naeeau Elec guar gold ea.__ _1951 J J
60 Sale 5938
5918 0212
6038
9
95
97
N1010,941 Acme lot f 7
J 0 102 Sale 101
102
15
98+g 102
103 104,4 Nat Dairy Prod 6% notes_ _ _1940 MN 103 Sale 10212
33 100 10314
103
101
Nat Flamm & Stampg lot 68_1929
97
D 102 104 10212 May'27 _ _ _
10111
. 194
91
89
Nat Starch 20-year deb 58_1930 J J 100
911?8
9934 10018
7
9918
9212.108 .; National Tube lot n f
.. _1052 M N 10434 S le 10434
8 11130 10514
105
9134 99
Newark Consol Gas cons as 1940 J D 10278
10214
2 10258 10412
10272
115 11718 New England Tel & Tel be A 1952 J II 10414 10412 104
12 103 10478
10412
8712 90',
lat g 41-is series it
1961 MN
9814 ale 9734
9814 150
lilroSt 984
9812 10534 New Orb Pub Serv
as A..1952 A 0 9512 fide 9512
0538
7
93,
s 98
106 109-2
First & ref 6e series B _ _ _1955
ID
9512 Sale 9518
9518 35
93,
8 97
9434 100,4 N V Air ltrake let cony 68..1928 M N 10234 Stee 101 14
22 10012 10234
1023.4
N
Doek 50-year ist 411-1951 F A
8612 8712 8612
2
8612
8438 87
1023s 10275 NY Edison let & ref Fie A.1941 A 0 11512 Sale 11512
11618 62 1161.11634
106 1121,
Flret
& ref 5e 11
1944 A 0 104 Sale 10378
1041 1
47 10258 10412
93
N Y Gas El Lt & Pow g 5a. _1948 J D
91
7341 108 108 June'27 —
106 108
Purchase
gold
4a.
_1949 F A
103 105
money
94 Sac 9312 ' 94
28
9214 94
113,2 13814 N
LEA WC& RR 548_1942 MN 103 10412 16
07
1 12 J1.
1:1:26
NV LE&W Dock & Imp 6e1943 .1 .1 10178
9914
'
_ 10178 May'27
ioi.T3
1-617;
100
34 N Y & Q El L & P let g 56_ ..193)) F A 101 103 101 June 27
100
_
111012 10112
10.02 1112
N Y Rye 1st R E & ref 4s..1942 J J
Certificates of detmelt
101:
1 105
-86" 63
62 Mar'27
, 62
63
9912 103
30 year ad) Inc 50... _Jan 194214 0 ____
578
7
1)521
1057s 108
Certificates of deposit.._
.
512 512
Rye Corp Inc fin _Jan 1965 An, -2
12- 58 1221, N
-2
-1 2 Sale8 22
811; Ma2
r327 71
2212 so%
.ill
11(11
Prior lien 6a (wiles A1965
J
84 Sale 82
81
8514
9718 N Y & Riche) Ohd ist en____1951 M N 10418 105 105
97
105
84
1 102 106
7
9834 10014 N Y State Rye lot MIMI 4 43_1962
5618 sale sais
5612
9
6334 5: 51
82
87
1st cons 6 Silt series It
1962 M N
7334 Sale 7318
7334
2
82
71
102
NY Steam let 25-yr flo ser 4.1947 M N 107 Sale 10534
101
107
21
10614 107
101 11 12
NY Telep ist & gen f 4 Sits. 1930 MN
9934 Sate 9914
9914
31
985
.10012
127 175
30-year deben a f ilto
Feb 1941) F A 1111 Sale 110
11012 42 110 Ili%
143 143
20-vear refunding gold Os 1941 A 0 108 Sale 108
111814
32 il)7o 1014
94
,
s 9102 N Y Trap Rock 1st Os
1946)
9412
9814 Sale 98
10
9712 9834
9434 etagere Falls Power lot 58_11432
(12
J 101 12 Sale 10112
114,14 1034
111
12
,
10434 106,
Ref & gee Oa
Jan 1932 A 0 10431 108 104,
8
105
2 1031 1 108
884 884 Niag Lock & 0 pr ist 50 A _ _1955
A 0 10072:
(
10
)
22 1001
,10234
7
2:8
4
11:
0
;
334 171::
No Amer Cement deb 6 tie A 1940 M S
93.e 95
9214 9234 9212
90
I
9318
9514
No Am Edison deb 55 •Ier A 1057 M S
95l: 1)8
Sale
0714 9814
8838 91138 Nor Ohio Tree A Lb hi tio. ..1947 M 01
97 Sale 97
96t
98
34
10134 10334 Nort,States Pow 26 yr 5t4 A- _1941 A 0 1004 Sale 10078
101 1, 30 100 101u1
98 101'let & ref 25-yr tin rerle8 11.1941 A 0 10512 Su'e 10518
10512
4 104 e 1011
11118 IP1 12 North W T let fd g 4 to gtd_14134 1
9734 99,
8 10012 Apr'27
98 10012
9812 9834 Ohio Public Service 7 sin A_ _1046
A 0
Sale 1 1431
11512
8 114 II,
102 1(13
let & ref 71. series B
4.1 11434 S(de 11412
11434
3 11314 11512
14)18, 1021 Ohio
River Edison lot 65_ ..l94111947
107 Sale 110614
107
55 10518 1073,
97 10014 Old Ben Coal lot 6o
90
9312
10234 10434 Ontario Power N F let 58_19
13
1 119
12
94:
44 F
12
F A 119
534 11°12
334
2 101 103
119
/ 111.12
6
951-.4 9 la Ontario Trawl:115810n 5e____1945 M N 10158 111212 10138 10118
2
100
34 10.34
100 103
01,.. steel 1st Al
,er A ...11/1 M s
9512 Stile 95
9534
74
931: 9631
98
99
Pacific Gas* El gen & ref 5
- 8.1942
J 10018 Sale 10018
02
9104 10178
101 14
in3 10514 Par Pow & Lt let&ref 20-yr 6e '30 F A 101 Sale
10012
101
5
9934 101 14
10012 100,2 Pacifie Tel
Tel let 55
11)
12 Sale
1937 1 J 1(3
il 1e11
1)12
1 1 1%
2
L1113
92
101
14 10278
2
:
4
1
1 1114.•
Ref mtge 58 series A
110.
211 101.2 10314
10014 10158 Pan-Amer P & 1' cony e 68_119
61 INI
N 10312 Sale 103
87
4 A1
93
52 102,
8 106
10334
101 Ilen cony 111 yr 7s .
1031 F
10514 Sale 10513
11151.
6 10412 10612
Pan -Ant Pet Co(of Caliconv 6540 1 0 94 Sae 9318
94
IS
92 i110,2
"76r2 -793e Paramount-Bway let 544s_ .1951 1
9914 Sale 9912
10034
40
98 101
7514 79
Park-Least le/toehold 648..1953
91 Sac 8931
.11
34
85
9318
7812 15238 Pat & Plumate &
El cone 55.194F WI E1 10234
103 June'27
102 I 10314
9,38 99
Penn.!041eCen, m 58 A ._ .104 M
10012 Sate 9912
100
32
9912
101
8 1I0
81,
eo
uns g 418_ _194:4 A 4) 11331 114 113
,
8
11338
11, 11312 115
6712 83
Pell
°1:Purae
iditgegioeltd
10231 Sale 10218
214 101.
102
1 10234
,
8
9554 102,
Reelstered
9414 1111
99,4 Apr'27
9914 09,4
9.11t Pbiladelphla Co colt tr es A,1944 F
97
8 Sale 10312
\611 4
94 103,
104
21) 10311, 104,
8
9758 103
15-year coos deb 614s
S 1021g Sale 10214
19 1004 10412
10318
Pella & Reading C & 1 ref 158_1973
9714 102
J 10014 Sale 10038
10134
42
9012 10212
10.0. 118
Pierce-Arrow Mot Car deb 881043 M S
9914 Sale 9914
1001 2 02
91 12 10714
1041, 11114 Pierer 011.14.1. 114', 1/e.7 1.5 11-13
101 12 10514 10212
10212
2
99 e 111318
103 105... Pillsbury Fl Mills 20-yr 68_ .194:0 105 10514 105
I 51 2
18 10'214 10512
10334 10534 Flearant Val C010 Isles f 56_192r 1 J
99 100 100 May'27 _ _
99 2 100
i0614 10
' Focah con Collieries 1st )68195% J
9212 94
9212
921 2
17
91,8 9212
973a Port Arthur Can
96
1.31t Os A _195:. F A 10434 10518 10434
10434
5 103., 10534
9978
98
let Si fle series B
10434 _ _ 10434 June'27 _ _
10438 105
99 10814 Portland Elec Pow let 65 11.1198
A 101 Sale 101
C N
4% IVI
101
6 10018 102
96
93
Portland Gen Else let 5e. _ _193: I
10034 Sa e 10034
100 101
I
1003,
10312 103
Portland Ry let & ref &a- - _1930 61 H
9612 Sale 961j
94.4 07
9
97
12414 12034 •urimml 1ty L
l' led ref 5-8 1542 F A
91% 981e
9818 9812 9531
9618 46
he
84
IN(
& ref 118 series 11 ..1947 M N 110
100,8
102
,018
„. ,
1 19111
7 1014,
1
1 ,14
1(
1)
1()
7
el
• “11,
• ...f.onA LS..
1064 108

JUNE 11 1927.]

THE CHRONICLE

NOW York Bond Record-Concluded-Page 6
BONDS
N. Y STOCK KTICHANGB
Week Ended June 10.

.4

Price
Friday,
June 10.

Week's
Range or
Last Sale

3481

Quotations of Sundry Securities
All bond prices ere -and fraerest" except where darted

Range
Since
Jan. 1.

Per Ct. Bads
Ask
Par id
Public Utilities
Standard 011 St
87
Anglo-Amer 011 vol stock_61 *1834 19 American Gas & Elechic-t .88
*103 10312
8% preferred
il *1812 185s
Non-voting dock
10512
105
123
MAN
12212
2014
88
100
Deb
Refining
Atlantic
High
High No Low
Ask Low
Bici
100 11612 117 Amer Light & Trao com_100 257 259
Preferred
16
95
9412 9738
Pressed Steel Car cony g 58 1933J J 9712 Sale 9412
100 115 119
58
25 *54
Preferred
11118 11312 Borne Scrymser Co
11312 June'27
Prod & Ref 8 t 8e(with warle)'31 J 73 11318
58 Amer Pow A Light pref _ _100 10412 10512
-50 •56
-Co_
Line
Pipe
Buckeye
110 11112
Without warrants attached___ J D 111 11112 11114 June'27
M&S 10434 105
Deb Os 2016
Chesebrough Mfg Cons_25 *110 114
63
A
F
106
4
1033
6e_1944
8
1067
Sale
sec
8
J
N
1063
105
of
Corp
fiery
rub
72
10 *1734 18 Amer Public HUI cora_ _ _100 57
Continental 011 v t a
35 10218 103
1956.7 J 10258 10284 10214
103
Sec g 5358
98
93
7% prior preferred_ ___100 93
CumberlandPipe Line-100 91
7 10434 106
Pub Herr Mee & Gas late 3481959 A 0 10514 Sale 10512 10511
88
58
100 87
Partici preferred
Line Co_-__100 58
Pipe
Eureka
26
0
A
1964
104
10512
1063
4
Sale
4
1023
105
1st & ref 53411
9912
834 Associated Elec 5345'40A&O 99
8
22 107 11112 Galena Signal Oil com-_ _100
108
Punta Alegre Sugar deb 7s_ _1937 J .1 108 Sale 10714
20
48 Associated Gas A Elec com1 •19
100 43
Preferred old
10212 19018
180
109 May'27
Rand Kardex 5358(with wan')'31
*5112 53
37
35
preferred
100
Original
new
I
Preferre
3
100
102
102
warrants_______
our
102 Sale 102
Without stock
•d92
94
preferred
4
_25
583
_
•:58I±
Refining_
$13
A
On
Humble
1937 IS N 9714 Sale 9612
9714 22
9518 98
Remington Arms 68
•98 10012
100 1441± 145
$1334 preferred
10118 39 1001s 10315 Illinois Pipe Line
Eletiub I & S 10-30-yr 50 a f_ _1940 A 0 10012 Sale 10012
•100 104
t *4314 4334
27 preferred
34
1953 J .7 101 Sale 10012 101
9838 10214 Imperial 011
Rat & gen 5358 series A
138
*135
70
com_50
O&M
*681
Val
Co-___50
Blackstone
Line
Pipe
11534 46 11334 12684 Indiana
116 Sale 11414
Rheinelbe Union 78 with war 1946 J
100
*3034 3118 Com'w'ith Pr Corp pref _100
9934 10412 International Petroleum_.- t
9914 52
Without stk purch war'te_1946 J .7 9914 Sale 9834
42
0834
pref_100
16
Share
*15
A
Bond
Elea
Co--12.50
Transit
National
97 102 10412
RhIne-Main-Danube A __ _1950 M S 10234 Sale 10238 103
New York Transit Co__ -100 341 36 Elea Bond & Share Secur-t *7334 7414
9 10134 105
10312
Blilne-Westphalia Elea Pow 76'50 M N 10314 10312 10314
1814 19
87
Securitiee_t
Co_-100
85
Line
Power
Lehigh
Pipe
Northern
A
F
s
-1955
9334
975
5
98
9712 9758
97
RI= Steel ist s I 78
25 57'z 58 Mississippi Ely Pow pref.100
Ohio 011
5912 65
7
5934
Robbins & Myers let of 75__1952J D 5934 Sale 5934
2
7
25 *27
28
First ratite 5s 1951__J&J 2111;1-0-2
1 111 11214 Penn Mat Fuel Co
11114
Rochester Gas & El 78 ser B_1946 M S 11118 Sale 11118
97
96
MAN
-25
*4814 4834
newDeb 5s 1947
Gm
Oil&
Prairie
105 10814
Gen mtge 5 Me series C___1948 M S 10512 106 108 June'27
•106
107
-100
Light
&
16812
Pow
170
new-National
Pref-t
Line
9212 90 May'27
10
9215 Prairie Pipe
90
Roth A PittsC &I 17 m5s1946 IVI N
100 180 185 North States Pow com__100 118 120
3715 4978 Solar Refining
22
2778 38 May'27
Rogers-Brown Iron gen&ref Is'42 131 N
100 10512 107
19
Preferred
Southern Pipe Line CO---W *18
IS N
50
24
2414 2778 24 May'27
Stamped
26
25 *3514 3612 Nor Texas Else Co com_100 22
9612
MN 9612 Sale 9612
9528 9712 South Penn 011
2
01 305 Ry Lt & Pr 1st
70
100 66
Lines.100
77
*72
Pipe
Preferred
Pa
Southwest
973
.1
J
4
9734
9734 _ _ _ 9734 May'27
St Joseph Stk Yds 1st 434s_1930
109
8108
8
547
-t
(California).
Pub
7%
Ohio
Serv.
011
'54'±
Pref-100
79
2
79 Sale 79
7538 8114 Standard
St L Rock Mt & P 5s stmrd_1955 J J
2638
(Indlana)-25 *8712 6738 Pacific Gas& El let pref_ _25 *26
Oil
Standard
J
4
J
963
9514
58-1937
June'27
4
cons
9814
963
Cable
City
St Paul
11
t *7
1638 Power Securities corn
_ 10512 10758 Standard 011(Hamme)_ _ _25 '16 8 113
10712 June'27
San Antonio Pub Serv 1st 60_1952 J J 10812
31
*27
Second preferred
Standard Oil (Kentucky)_25 *1125
Saxon Pub Wks(Germany) 78'45 F A 10112 Sale 10212 10214 30 101 104
96
*93
25 *45
46
1949__3&D
43s
trust
(Neb)
Coll
011
Standard
1951
9714
9778
MN
38
9912
Sale
9714
9714
Gen ref guar 634s
87
85
Incomes June 1949__F&A
1948 J
9938 10112 Standard 011 of New Jar_ _25 *3712 3758
10133 19
10138 Sale 10034
Schuico Co guar 6 Me
35
31
98 1013s Standard 011of New York.25 *3012 3058 Puget Bound Pow & Lt_100 87
1946 A 0 101 Sale 10012 10138 21
Guar s t 6318 Series B
89
25
100
77
*7512
Preferred
011
Standard
6%
4 10712 10912
10812 10834 10812 10812
Sharon Steel Hoop let 8s ser A '41 M
110
*108
100
100
120
119
preferred
7%
Preferred
2 107 10838
Sheffield Farms 1st & ref 634s'42 A 0 10712 108 10712 10734
20
100 16
let & ref 5355 1949__J&D 10012 10112
103 10314 10212 10312 34 10212 10312 Swan A Finch
Siemens & Halske sf 7s.-A035 J
100 114 11478 South Cal Edison 8% pf__25
Union Tank Car Co
10334 99 10258 106
St 6348 allot Ws 5% pd 1951 M S 10212 Sale 10314
* g14 10934
25
126511
12712 Stand G & E 7% pr pt._100 1
Vacuum Oil
95 100
99
35
9812 Sale 98
Sierra & San Fran Power 55_1949 F A
10
Tenn Elec Power lot pref7% 10734 10814
95
95
Sale96
11
95
9814 Washington 011
Silesia Elec Corp f 1330_1946 F A
10734 10814
pref--100
7%
Edison
Toledo
9734 10118
9812 32
Sileelan-Am Exp col tr 75_1941 F A 98 Sale 9734
100 117 118
Other 011 Steck.
8% Preferred
9814 105
9914 11
Simms Petrol 6% notes_-_1929 M N 9812 9914 9814
10012 102
118
*75c
-100
prat
Corp
Pow
011
Western
Lobos
Atlantic
9734 10234
10018 151
Sinclair Cons 011 15-year 78_1937 M 5 9978 Sale I 9978
60 *258 3 Chic It Stk Ld Bk Bends
Preferred
9918 10214
241
1st l'n col tr Os C with war_1927 J D 9978 Sale 9973 100
25 •9214 9312 535e Nov 1 1951 opt 1931_ ---_ 101
Oil
Gulf
9214
D
1938.7
B
125
102
9614
9512
series
3
Sale
5
6340
lit lien
9514
100
10 •2478 25 54 Nov 1 1951 opt 1931_
75
9978 10118 Mountain Producers
Sinclair Crude Oil 3-yr 65 A_1928 F A 100 1001s 9978 100
100
100
5e May 1 1952 opt 1933-1942 A 0 9314 Sale I 9314
9334 33
9112 9538 National Fuel Gas
sinclair Pipe Line s I 58
100
25
8
.247
1932opt
1952
1
Nov
430
w
New
102
9 10153 10234
Smith (A 0)Corp 181 6318_1933 MN 10134 -_-_ 10178
98
1932_
011----10
opt
1952
1
Nov
Consol
4345
811
10834 27 107 10914 Salt Creek Produce/N.-10 •
South Porto Rloo Sugar 78_1941 J D 10858 110 1108
100
2938 2934 43(5 May 1 1963 opt 1933_
10314
4 1021s 10414 Salt Creek
south Bell Tel & Tel lst s 1581941 J J 10314 10312 10314
100
1933_
opt
1963
1
Nov
58
8 10018 10412
Southern Colo Power Bs A 1947 J .1 104 10438 10378 104
98
4340 Nov 1 1984 opt 1934_
Ralireed Equipments
1
603
104
4
14
e 19
33ale
43
09
14 Sai
83 10234 10418
43
99
Sweet Bell Tel lit & ref 5a1954 F A 10
98
5.00 4.85 4345 Oct 1 1965 opt 1935_
9812 10038 Atlantic Coast Line tts
9
Spring Val Water 1st g 58-1943 M N
Ore
4.60
Portland,
4.65
of
Coast
Pac
635s
Equipment
102
1930 M N 10115
102
1 100 10214
Standard Milling 101 58
58 1955 opt 1935_ __MAN 10114 103
1031
1945M
10314 Sale 10314
9 101741 10354 Baltimore & Ohio 66 58...... 5.00 4.90
let & ref 5348
4.80 4.50
be 1954 Opt 1934_ _ _MAN 10114 10233
Equipment 4348 &
10214 129 10134 1023.4
Stand 011ot N J deb 5e.Dec 15'48 F A 102 Sale 102
Sugar Stocks
Buff Ruch & Pitts equip fle- 4.85 4.70
941 238
96
94
Stand 011 of N Y deb 431e_1951 J D 94 Sale 94
6
dr Os. 4.70 4.50 Caracas Sugar
ao *2
Pacific
4145
Canadian
J
J
10114
1011
A.-1945
Sale
sec
101
1.168
35
102
99
Hotel
Stevens
Sugar oom__20 *1091± 11012
85
4.85
Aguirre
5.00
Cent
NJ
of
CentralRR
10038 13
9812 10013
Sugar Estates (Oriente) 78_1942 M S 9934 Sale 9934
183
*162
tle
Sugar
4.90
100
5.00
Fajardo
Chesapeake & Ohio
9934 103
103
1929 F A 10134 105 103
1
78
Superior 011 1st
37
4.70 4.60 Federal Sugar lief o0m-100 30
Equipment 6348
1041
2 10234 10418
Syracuse Lighting 151 g be--1951 .1 33 10418 ____ 10418
65
Preferred
100 55
4.55 4.45
Equipment be
J 104 10412 105 May'27
103 10658
Tenn Coal Iron & RR gen 56_1951
3
t •1
88-- 5.00 4.90 Godchaux Sugars. be
100
9814 10114 Chicago Burl & Quincy
10
Tenn Copp & Chem deb 8s._1941 A 0 9958 Sale 9958
22
100 17
5.00 4.90
Wen
Preferred
1083
57 10518 10712 Chicago A North
Tennessee Elea Powlst fle- 1947.7 D 10634 Sale 10578
38
*38
Corp
4.70
Sugar
4.60
Holly
com---t
Equipment634e
693
52
71
1960 3 J 8914 697tt 8918
83
Third Ave 1st ref 48
87
100 82
Preferred
4.80 4.65
5e
59
5814
45
5612 6212 Chic RI & Pao 434s&
Ad]Ina lie tax-ex N Y Jan 1960 A 0 5884 59
5.05 4.95 National Sugar Refining_100 153 155
Equipmei2tfls
993
9934
1937
97 100
J 9912 100
7
Third Ave Ry lst g be
70
100 65
Southern 6a.... 510 5.00 New Niquero Sugar
&
Colorado
97
13
Sale
M
30
9612
9812
1955
1st
94%
4
Pow
993
7e
Elm
Toho
3
1
66
6.00 4.90 Santa Cecilia Bug Corp pf100
9914 Delaware & Hudson
96
981
40
_July 15 1929 .1 J 9778 Sale 9618
6% gold notes
141
•139
corn
Sugar
4.75
5.00
Savannah
Erie 4355 & 58
9714 100
981
36
Tokyo Elea Light 6% notes 1928 F A 9818 Sale 9734
100 •119 122
Preferred
5.15 5.00
tis
Equipment
1081
20 10784 10834
1941 M S 10812 Sale 108
Toledo Edison let Is
77
-100 74
5.00 4.90 Sugar Estates Oriente Of.
85
1001
9834 10012 Great Northern
63
-- 9978
Toledo Tr L & P 534% notes 1930 J J
75
100 65
465 4.55 Vertientes Sugar pf
Equipment 5e
10238 10238
10312
410238 Apr'2
Trenton & El lst g 58_ _ _1949 M B 10218
Tobacco Stocks
4.70 4.55
58
Hocking
Valley
9712 10114
Trumbull Steel 1st s f 68_ _ 1940 M N 100 Sale 9912 10012 30
114
119
_100
_
corn.
Cigar
4.90
5.01
American
88
Equipment
6412
6412
6412 8712
64
2
Twenty-third St Ry ref 5s_ _ _1982 .1 .1
100 100
Preferred
4.50 4.40
Central 43411& 58
.2458
99 10214 Illinois
Tyrol Hydro-Elec Pow 734s-1955 M N 10114 Sale 10012 10114 45
5.00 4.90 British-Amer Tobac ord__El
Equipment(Is
1945M 8 9838 Sale 9734
Ullgawa El Pow s f 7s
9512 100
9812 24
4
El *2458 f5I1Bearer
4.70 4.60
Equipment 70A 630
J 9534 9834 9534 Mar'27
(Indented of London a34s 1933
9534 96
25
& Michigan 01... 500 4.90 Imperial Tob of GI B & Irel'd •24
1948
Income 6/4
9718 9912 9678 Mar'27
96703 9678 Kanawha
53
*50
New100
Machinery
534114.85
Cigar
5.10
lot
Southern
City
Union Elea Lt & Pr(Mo)68_1932 M S 102 10214 102
102
1 10114 10212 Kansas
75
A Nashville(Se__ 5.00 4.85 Johnson Tin Foil & Met_100 60
1933 M N 10214 103 10178
Ref&ext5s
10214
10114 10234 Louisville
4.65 4.
MacAndrews & Forbee_100 4112 4212
Equipment634s
Un E L&P(III)letg 5Ms eer A1954 .1
10314 ___ 10314
10312 15 10134 105
102
100
6s
&
4.75
Preferred
4.95
55
Central
Union EMT Ry(Chic)fn.__ _1945 A 0 8512 Sale 8514
8558
81
855s Michigan
27
100 2
Minn StPA S S M 430A ft 5.10 4.85 Mengel Co
Union Oil 1s1 lien a f be
1931 J
10112 10134 10112 June'27
10118 102
48
5.10 4.80 Universal Leaf Tob corn --t 41
Equipment 6358 &
30-yr 68 series A
May 1942 F A 10712 108 108 June'27
1074 109
100 108 111
490 4.75
Preferred
Pacific MA 6345
let lien sfSe series C Feb_1935 A 0 9734 Sale 9734
9812 10
9734 997s Missouri Ohio 58
100 100 110
4.75 4.80 Young (J 5) Co
United Drug 20-yr68_00 15 1944 A 0 10714 Sale 10678 10738 11 10612 10815 Mobile &
100 104 1108
Preferred
New York Central 4Me & 68 4.50 4.40
10478 Sale 10478 105
United Fuel Gee let f 68___1936 J
12 1024 105
4.95 4.85 Rubb Stks ((There'd guotat's
68
Equipment
United Rys St L 1st g 4e____1934 J .1 7934 8013 80
80
5
76
81
4.65 460 Falls Rubber cora
Equipment75
1937 M N
9412
9518
United S8 Co 15-yr(is
NH 95
9
974
90
25 *8 I 1415
43511--- 4.50 4.40
Preferred
Lin Steel Works Corp()Hs 41_1951 J D 105 Sale 10212 10514 306 10212 10514 Norfolk A Western
75
Pacific
4.70 4.60 Fireetone Tire & Rub com.10 142 146
Northern
D
J
warrants__
9714
.5
9612
9738
8
967
pur
stock
Without
987a 9738
106
100
preferred
Express
4.65
71
8%
4.60
Pacific Fruit
J 13 105 Sale 10312 105
282 103 105
Series C with warrants
100 10215 104
eq Si & Os 4.95 4.50
7% preferred
9878
Wthout stock pur warn_ J D 98 Bale 97
4
9878 Pennsylvania RR
97
it
•155
com__25
Rub
654s
&
Tire
Erie
4.70
General
4.80
Lake
&
Pitteb
Bale
101
0
A
10014
101
19 100 10214
United Steel Wks(Germany)78'51
100
Preferred
4.50 4.40
10518 20 10378 10512 Reading Co 430 & 58
United Storeeltealty 20-yr 135'42 A 0 10518 Sale 105
58_ 4.70 4.55 Goody'r RAE of Can DUO°
Francisco
San
St
A
Louis
.1
10473
A
ser
Bale
be
ref
9012
&
1st
BRubtrer
162
414
9
9011
U
9012 9674
•25
A
4
283r10212-J .7
943tt Feb'27
Registered
9438 9438 Seaboard Air Line 534s Os 5.15 4.90 India Tire & Rubber new__t
10518
10534 70 10334 10634 Southern Pacific Co 414e. 4.50 4.40 Mason Tire & Rubber com-t
10-yr 7)5% secured notee_1930 F A 1-15814
100
465
7s
Preferred
4.80
Equipment
MN
10718
Apr
Sale
8
1963
1073
ooupon
1075
8
170 10618 wai2
CI El Steel Corp(
4.60 4.50 Miller Rubber preferred_100 •10112 10138
Southern Ry 434544 58
2 10534 108
10-130-yr Eulregist_ _Apr 1963 MN 10634 Sale 10634 10678
1!
2
.2
100 :!:
5.00 4.90 Mohawk Rubber
Equipment88
8714 90
8912 10
Universal Pine & Rad 611-1938 J 13 8918 Sale 8918
Central
100
Preferred
Ohio
5.05 4.90
A
Toledo
e 9
Sale
9914 Sai
98434
518 5
36
9
2
36
Utah Lt & Trao 1st& ref 456-1944 A 0 94
93$s 958s
4.65 4.60 Selberling Tire & Rubber--t *2612 2734
1944 F A
9714 99s. Union Pacific 75
Utah Power & Lt lat be
100 100
Preferred
19503
10278 Oct'27
Utica Elea LA P 1s151
Water Bonds.
Short Term Securities
6 jai; 104
Utica Gas & Eleo ref &eat be 1957 J J 04 Sale 10378 104
9512
10178 10214 Arkan Wat let 53'58 n.A&O 95
Cop
63.29J&J
Min
Anaconda
10012 16
Vertientes Sugar 15t ref 7s_ _1942J D 10258 Sale 100
nu
9834
Chic RI & Par Is 1929_J&3 10012 10078 Birm WW let530A'54.A&0 10314 104
19533 J 63
70
1
65
65
Victor Fuel 1st f 58
5814 65
MAS 10012 10078
100 10012
lst M 58 1954 set
5% notes 1929
9334 9534 9412
1
9412
V alron Coal & Coke lat g tis 1949 M
945s 9534
J&D 9978 10018 Butler Wat Co e f Si'27.J&J
412% notes 1928_
19343 J 10014 Sale 9912 10014
4
Va Ry Pow 1st & ref Se
9838 100
90
5a Sept 2 1931- -M&S 1 9612 98
9312
94
1
9313
Walworth deb 6 Higwith war)'85 A 0 89
9613 Federal Sufi Ref Os'33MAN 86
92
Missouri Pacific fe'27--J&J 100 10014 CityW(Chatt)5Ms'54A J&D 10314 104
95
10
let sink fund 68 series A__ -1945 A 0 9412 Sale 9413
9314 97
99
.7.415 98
8f29-F44.4
I
let M bs 1954
10212
&
10314
S
Sloss-Sheff
D
.7
1941
10612
7s
1st
4
1053
Refin
Sale
Sugar
134
10534
Warner
9178 10715
City of New Castle Water
94
1939 J .1 93 Sale 93
Tips 0848
23
Warner Sugar Corp let 7s
95
5e Dee 2 1941____J&D 1 93
Indus. & Miscellaneous
103 Apr'27 _
10234 103
Wash Water Power a f 58.._.19393 J 103
25 *80
82 Clinton WW 1st 158'39_F&A 9612 9712
Westches Ltg g be stmpd gtd 1950.7 D 10318 1-0412 10318 June'27 -- 10238 10312 American Hardware
0,2
4
92 103
100 119 122 Com'weth Wat 1st 1534sA '47 103
10212 11 10113 10234 Babcock A Wilcox
1944 MN 10214 103 10214
West Ky Coal let 7s
*21
23 Connellev W bsOct2'39A&01
10258 12 10018 10258 Bliss (E W) Co
10213 Sale 10214
West Peen Power eer A 5e1946 131
97
96
50
'42.J&J
be
Wat
*58
&Int
L
St
IC
Preferred
10218 20 10014 10312
1963M s 10214 Sale 10218
lit 54 series E
J&J 103 104
let M 138 1942
1953A 0 105 10514 105
10514 13 10412 10558 Borden Company corn_ 50 *114 116
let S34seeriesF
100 40
43 Huntington 18t 68'64-M&8 104
1956J D 102 Sale 10113 10258 88 100 10258 Celluloid Company
1st soc 54 series GI
1954 gips
100
be
85
Preferred
78
19503 J 7712 78
9
7712
West Va C & C lines
7712 80
Child. Company pref_.,100 119 121 Mid States WW 68'36 MAN 101
10234 24 1014 103
1944 A 0 10258 Sale 10214
Western Electric deb 58
IncMonmConW let fle'58AJ&1) 9412 95 Western Union coil tr cur 58_1938 J J 10318 -- 103 June'27
10118 lo614 Fink (5) & Sons. 2'42M&N
9834 9914 Mown Val Wt 530'50 J&J 9912 100
1st s 83411May
99
1
9712 100
Fund & real eat g 434t-1950 PA N 9812 99 99
100
WW be Oct2'39 A01
Powder
Muncie
195
190
Hercules
11212
1931S
A
F
3
8
1113
112
11212
15-year 6358 ir
11114 11378
512
97
100 117 120 StJoseph Water be 1941A&0 9
Preferred
19513 D 10212 Sale 10214
103
123 101 10314
25-year gold 56
99,91
94.
9987
10234 120 101 10314 Internet Silver 7% pref _100 115 11712 Shenango ValWat 5e 56A&O 94
Wee'houseE & M 20-yr g 58_1046 MS 10212 Sale 10218
J&J
581960
Wallet
50
Pitts
Sales_
Bo
Coal
93
Valley
*9212
Lehigh
96
D
J
13
4
9578
943
Sale
9434 9012
Westphalia tin El Pow 630_1950
FAA
1955
5e
M
1st
100 115 118
Phelps Dodge Corp
9014 42
9634 100
Wheeling Steel Corp 1st 5He 19483 .1 99 Sale 99
100 210 215 Ter H WW 88 '49 A J&D 102 __ _11912 121
9734 12012 Royal Baking Pow corn,
_
White Sew Mach 68(with war)'363 .7 120 Sale 11714
0212
F&A
1st M 88 1956 ser B_ FAA
100 103 10412
Preferred
_
44 May'27
46
68
40
Wickwire Span Elt'l lit 78_ _ _1935 J J 44
_ __
100 374 380 Wichita Wat let (is'49.M&8 103
Singer ManufacturIng
3518 17
34 Sale 34
34
52
Wickwire Sp (WI Co 75 Jan 1935 M
9312 ____
ser B_F&A
1956
he
M
1st
6
1.£
•5
Ltd
Mfg
Singer
8
10214
S
1023
Sale
M
8
10214
8
6
1037
_ _1933
10134
Willie-Overland e f
9978 86
9734 10278
Wilzon & Co 1st 25-yr f 6e 1941 A 0 9912 Sale 9914
•Per share. t No par value. h Basis. ci Purchaser also pays accrued dividend.
10614 21 10418 10818
1941 A 0 108 Sale 108
Winchester Arm 7 As
La-right.
New deck. fFlat price. k Last sale. n Nominal. z Ex-dividend.
10434 78 10334 105
oung'n Sheet & T 20-yr 68.1943.7 J 10412 Sale 104
r Canadian quotation. a Sale price.




a

1r1

(Ohio)

3482

BOSTON STOCK EXCHANGE- Stock Record

HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Monday,
June 4. I June 6.

Tuesday,
June 7.

Wednesday,' Thursday,
June 8.
June 9.

Friday,
June 10.

csb,e
for
the
Week.

STOCKS
BOSTON STOCK
EXCHANGE

Range Since Jan. 1.
Lowest

Highest

PER SHARE
Rangefor Previous
Year 1926
Lowest

Highest

Shares
Railroads.
*x18212188 18212 1824 183 184
183 183
183 183
193 Boston & Albany
100 171 Jan 7 188 May 27 159 Jan 17518 Dee
83% 8338 8212 8212 *82
8234 83
8238 83
8112
197
833
Boston
8
8112
Elevated
100 81 May 10 94 Jan 16
77 May 8618 JU1Y
3.10212 - - *102
_
•102
10312 10312 x100 100
20 Preferred
100 9812 Apr 27 10312June 9
89 Feb 103 Dee
*11612- 117 117 *11612 1-11712 *116
1°211;116*2 *11612 ____ X11212 11212
25 lot preferred
100 109 Mar 30 118 May 23 11218 Dec 122
Jan
*105 176i
106 10612 106 106
10534 106
396 20 preferred
105 105
105 10512
100
101 Jan 20 10712 Feb 28
98/
1
4 Jan 112 Jan
6112 62
6114 6112 61
62
80
61
61
1,170 Boston & Maine
61
60% 61
100 514 Mar 7 64 May 13
581
/
4
July
Mar
35
_
.... _
Preferred
100 56 Jan 22 65 Apr 26
32 Apr 6112 Dec
-8612 87 87 -ii- ;Si I8- 87 87
_
73 Series A let pref
100 VA Jan 15 87 June 1
59 Apr 86 Dee
*13414
*13414 --- - 13414 135 *13414 _
•134
_
26 Series B 1st prat
100
125
Jan
8
139
May
3
Apr 130 Dee
84
*117
+117
•I17
•117
Series C let pref
100 104 Feb 15 116 May 26
74 Apr 110 Bent
*161
*161
*161
Series D 1st pre(
100 155 Jan 15 165 Apr 21 105 Jan 165 Dee
111 1114 11134 1-11-3-4 *111 11134 11134 11134 112 112
284 Prior preferred
112 112
10412May 8 113 May 21
94 Apr 10718 Deo
*200 - _ •200
_
200 200 *200 210 *200 210
5 Boston & Providence
100 196 Jan 18 205 Mar 30
207/
31
1
4 Dec
3114 30 -3622 *30
31
30
31
367 Ewa Mass Street Ry Co.. 100 25 Feb 4 3114June 4 z171512 Mar
3014 3014 ---Jan
Oct 61
28
*66
70 •664 70
•6612 70
70
70
71
72
72
771-56 1st preferred
100 64 Feb 8 72 June 11
5912 Apr 71
Jan
*63 65 •63
66
65
65
*65
66
66
66
65
65
55 Preferred B
100 60 Mar 14 67 Jan 5
58
Jan
May
89
4412 4412 45
45
1
45
45
45
4512 454 4512 4514 45 4
600 Adjustment
100 42 Apr 1 4814 Jan 4
40 Apr 4914 Jan
+70
71
70
71
70
70
*89
70
181 Maine Central
70
*69
100 4712 Jan 13 74 Mar 29
49 Sept 60 Feb
504 5034 508 5138 5058 5218 513s 5214 514 5234 -Kis 1214 2,062 NYNH&
Hartfoal
100 414 Jan 6 6834 Feb 16
317
2 Mar 4818 July
*102 ____ *102 ____ *102
*102
Northern New Hampshlre_100 9212 Jan 13 10114 Mar 9
Apr 98/
81
1
4 Dee
•143 145
142 142 *142 145 *142 145 '142 145
10 Norwich & Worcester prof.100 127 Jan 4 142 May 17 120 Apr 132 Dee
---13514 13514 *13514 140
137 137 *13514 136
13514 136
32 Old Colony
---100 122 Jan 4 137 June 7 111
Jan 126 Bent
+113
*113 114 *113 114 *113 114 *113 114
Vermont & MaaJachusette.100 107 Jan 6 116 Jan 31
99% Mar 107 Dee
Miscellaneous.
*34 312 *34 312 *34 312
181 Amer Pneumatic Service_ 25
3
323
318
318
214
Jar
3
Jan
418
Mar
1
5
2 Nov
*19
1912 1812 19
19
19
*19
1912 *1812 1914
1912
216 Preferred
19
50 1512 Jan 12 21 Mar 17
18 Dec 2414 June
1674 16818 18734 16814 16712 1685* 16738 16918 16714 1684 16634 16818 1,883 Amer Telephone & Teleg_100
14912 Jan 3 172 Apr 7 13912 June 1504 Feb
8014 6012 81
61
6018 6012 *6018 6034 6018 6012 60
6014 1,815 Amoskeag Mfg
No par 48 Jan 17 70 Mar 14
Jan
4812 July 71
*8112
*8112 82
8112 8112 •81
22 Preferred
8112 8112
No Par 73% Jan 10 85 Mar 7
7212 Nov 78 Feb
4112 4158 4158 42
41
41
4114
41
-if - 4114 414 41
820 Assoc Gas & Elec class A ---- 3854 Jan 25 42 June 3
*54
55
*54
55
*54
55
*5314 54
10 Atisa Plywood tr
5314 534
5314June 9 69 Feb 10
62l Apr -ill, -.hi;
*---- 1012 ___ 10
5l
---- 10 2
822
1012
50 Atlas Tack Corp
No vas
104
8 Jan 22 12 Apr 7
814 Oct 174 Jan
__ 1712 •___- 174 *____ 1712
1712
1712
Beacon Oil Co corn In ate15
3
4
Apr
5
Jan
2012
3
144 May 2012 Jan
84
8434 83
84
847
84s 8478 848 8478 85
530 Bigelow-Hartf Carpet-No par 77 Feb 17 8612 Jan 7
-iij2 83
74 Nov 9812 Jan
*15 112
1
1
*.50
1
'
3.50
1
15 Colc1.414 Corp., class A T C --- .50 May 17
5 Jan 3
•75
79
75
75
75
75
*75
7714 74
105 Dominion Stores. Ltd-NO Dar 67 Jan 26 84 Apr 22
75
57 May 71 Dec
*112 2
*112 2
*112 2
*112 2
*112 2
East Boston Land
10
112 Jan 26
11, Dec 312 Jan
334 Feb 3
5
5
*43
g
*
434
5
200 Eastern Manufacturing
5
738 Oct
11
5
Jan
7
3
4
34
Mar
17
3/
1
4 Mar
*71
72
7212 7112 7112 7112 7112 71
72
71
300 Eastern EIS Lines. Inc
71
71
25 45 Jan 4 74 May 19
44 Nov 8812 Jan
*41
42 .41
43
*41
42
42
41
41
175 Preferred
42
41
41
No par 35 Feb 15 43 May 10
Jan
45
Nov
34
*95
96 '95
96
96
96
96
96
180 let preferred
96
96
96
96
100 8734 Feb 17 9812May 9
904 Oct 9912 Jan
84412 1212 12
12
*12
1212 1212 13
110 Economy Grocery Stores
*1214 124
10 June 1
1434 Jan 18
14 Nov 26 Feb
253 255 253 254
254 254
25112 254
1,374 Edison Electric Illum
253 25412 25112 254
100 217 Feb 18 267 May 23 :207 Jan 250 Feb
294 3014 2912 2934 294 30
30
32
31
3214 30% 31% 15,920 Federal Water Serv corn
27 Apr 28 3214June 9
*2212 24
24
2512 2512 *25
25
26
275 Galveston-Houston E1e0_100 2212 Apr 20 30 Jan 31
2512 2512
*2412 26
14 June 27 'Oct
*1412 15
*1434 1512 *14
1512 *14
1512 '14
15
General Pub Fiery Corp corn.. 1134 Jan 11
Jan
1434June 1
11 Dec 17
'19
1912 1918 1918 *1918 20
•1918 20
40 Germ Cred & Inv lot pref
*1918 20
19 Feb 2 2112 Jan 4
3434 35
3434 35
35
35
320 GlIchriet Co
*35
3512 *35
4
3512 -5414 -3-43No par 344May 23 38 Mar 15
3414 Apr 4018 Jab
89
90
8812 8978 8812 89
89
1,804
90
8812
881z
Gliette Safety Rasor
89
894
No Pas 8412 Mar 22 9514 Jan 11
8812 Mar 113/
1
4 Feb
310
1012 •10
1012 '10
1012 310
1012 *9
Greenfield Tap & Die
10
25 10 May 27 1212 Mar 2
10 May 14 Sept
312
14
•12
14
12
12
14 .12
12
312
25 Hathaway Baking com
12
14
12 Jan 17 13 Mar 14
41
41
4012 4034 40
40
1,324 Hood Rubber
40
40
38
3714 3812 37
36 May 5 47 Jan 3
Dec 184 Feb
*9414
*9414
_ *9414
23 Kidder,Peals Amp A pref
__
9412 9412 *9414 -No_ 10%
---r 94 Apr 26 9512 Feb 3 z93 Apr 96 July
+9
912
9
9
912 912
134 Libby, McNeill & Libby--10
914 914 *914 934 ____
9 June 3 1012 Jan 6
612
Aug
1034 Dec
84 638 •638 612 36% 612 3638 612
130 Loew's Theatres
838 638
25
1218 Jan
6 Jan 3 10 Jan 18
6 July
91
914 6112 91
9112 92
92
91% 92
701 Massachusetts Gas Coe-....100 84 Mar 25 9212May 11
92
9112 911
80 Apr 9412 Nov
74
74
*73,2 -- -- 7312 74
131
7312 74
7312 734 7314 7312
Preferred
100 70 Jan 3 75 Jan 25
65 Jan 704 Feb
321151411534 114 11514 11258 11312 11312 114
310 Mergenthaler 1Linotype_No par 108 Feb 18 z11534June 3 1104 June 1110 MAY
11254 11314 *112 11312
*101
_ *101
*101
____ *101
*101
Miss RI, Pow stpd pref__100 95 Jan 22 101 May 11
Jan
80 Apr 96
3
3
'2% 3
234 234
234 3
314
34 1,366 National Leather
3
3,4
10
4/
214 Mar 24
1
4 Jan
2 Aug
458 Jan 20
*294 2934 29ss 2934 2934 29% 29% 29% 293
500 Nelson (Herman) Corp4 2934 29% 29%
1512 Jan 29/
2312 Feb 14 3112 Apr 16
1
4 July
'.20 .27 •.20 .27 *.20 .27
New Eng 011 Ref Co tr oils..- .20 Feb 1 .25 May 7 .20
Jan .95 Apr
312
*---Preferred tr ctfs
312
312 Jan 11
1
4 Jan
100
3 July
5 Mar 30
10/
*98
*97
__
*97
____ 97
98
40 New England Pub Serv $7 pref 91 Jan 18 98 Apr 18
97
98
100 101
- 617- Sept
100 100
100 100
10012 102
65 Prior preferred
10012 101
9714 Jan 24 103 Mar 18
Sept
1
95
'.25 1
•.25 1
'.25
3..25
1
1
New Eng South Mills_No vas .50 May 21
•.25
1
8 Feb
314 Feb 23 .50 Dec
4312 5
*312 5
*312 5
*312 5
Preferred
3312 5
2 Dec 28
2 Apr 1
100
878 Feb 2F1
Jan
13014 13112 131 132
13114 132
131 132
1,467
New Eng Telep & Teleg.._100 11512 Jan 4 132 June 6 11072 Apr 118/
131 132
1
4 Feb
*z9234 _ _ _ '9234
_ 49234
*z9234
No Amer Util let pf full paid.. 90 Jan 5 95 Feb 214
*29234 -89 Feb 96 Feb
*4414 4512 4514 4512
*444 45
181 prof 50% paid
34412 45
40 Jan 6 4812 Feb 23
1434 Dec 27 Feb
39
3914 39
39
39
39
3812 3812 3834 39
38l 3812 645 Pacific Mills
100 3512 Mar 28 4312 Jan 7
3512 July 55 Jan
*30
32
*30
32
32
*30
210 Plant(Thos 0), let Pref-100 20 Feb 5 42% Jan 3
*30
32
30
30
30
30
40 Mar 6814 Jan
*1512 16
*1534 16
1534 1534 *1534 16
23 Reece Button Hale
*1534 16
10 15 Mar 17 1612 Feb 10
16
16
1714 Aug
15 Feb
118
118 *1,4
112 *114
112 *114
100 Reece Folding Machine
112 *114
10
1 Mar 4
1% Jan 11
112
1% Dec
2 Nov
3117 118
117 117
11712 118
11714 1174 117 11714
468 Swed-Amer Inv part preI-100 10512 Jan 5 119 May 9
98 May 110 Aug
120 120
11934 120
11912 120
574 Swill & Co
11934 12018 11912 120 g117i4 116'100 115 Jan 3 120 Feb 24 111
Apr 11814 Dec
71
71
71
71
72
*68
95 Torrington Co
*70
72
71
25 66 Jan 3 72 May 25
71
704 71
54 Mar 72 Bent
6
6
*524 6
5s8 6
310 Tower Manufacturing_
*534 614
534 6
4 Mar 3
512 534
9% Jan 31
---18
18
*18
18
315 Traveller Shoe Co TO
18
•17
1858 Jan 4 1812 Mar 22
18
*17
18
10
10
*10 -1-61-2 *1014 1012 •10
150 Union Twist Drill
1012 '10
2
a 10 June 1 1412 Jan 24 7 Jan • 1511 Feb
104 11512 -162532 5834 5814 59
3,413 United Shoe Mach Corp
584 5834 5734 5834 5814 58% 584 59
25 50 Jan 3 5912N1ay 17
47 Mar 5314 Aug
•29
2912 *29
2912 *2914 2912 *29
Preferred
294
2914 *29
25 28 Jan 3 2934 Apr 7
2914 *29
28 Jan 30 June
88
88
88
8812 8712 88
835 US & Foreign Sec let prof f Pd 83 May 3 89 Jan 3
8712 88
8712 8712 8782 8712
82 Nov 135 Feb
7912 7912 *794 8114 81
100
1st
prof 75% paid
8112 7912 80
*794 81
74 Apr 30 82 Feb 4
60 May 90 Apr
*514 6
*514 6
600 Venezuela Holding Corp
8
512 -17*514 6
512 512
*514 6
518 Jan 26 11 Apr 30
---2034 21
2034 2118 21
1,165 WaldorfSys,Ino, new oh No par 2034June 3 2712 Feb 23
2112 21
2112
21
21
17 Jan -224 Oct
*5012 53
*5012 53
•5012 53
Walth Watch el B com_No vas 404 Jan 21 5412 Apr 21
*5012 53
*5012 5212
29 Jan 41 Deo
*71
75 '71
75
---30 Preferred trust We
*71
75
*74 74
74
7412
100 81 Jan 3 77 May 12
484 Nov 61 Dee
*118
118
*118
118
---Prior preferred
*118
100 110 Mar 14 118 May 20 101 Bent 112 Dec
20
20 *220
2034 *21812 1912'19
50 Walworth Company
20 .3:19
20
20
17%
Jan
243
4
18
Apr
1
12/
1
4 MAY 23 Jan
8312 8312 83
150 Warren Bros
8234 8314 *83
834 8234 83
"ii" "ii84
50 6512 Jan 13 91 Feb 18
44 Mar 69 Dec
*46
*46
48
*46
48
48
lst preferred
*46
48
*46
48
ao
Jan 5 50 Feb *6
44
Apr 48 Dec
39
51
*50
51
51
25 preferred
51
51
50 45 Jan 17 52 Apr 14
42 Apr 47 Feb
*1614 174 •1878 1714 *1814 174 •1614 1718 •1614 1718
Will & Baumer Candle oom__ _
14 Jan 12 1714 Mar 16
1014 Aug 1218 Jan
Mining.
.25
_ _ _ .25
.25
.25
Adventure Consolidated._.25 .05 Jan 14 .20 Feb 10 .oa Mar .90 July
.25
.25
.35 .35
.40 .45 *.35 .50
68
70
0.5
920 Arcadian Consolidated__ 25 .25 May 5 .89 Jan 15 .25 Mar
58
7
.30 .30 3..30 .50 •.3
11
/
4 Aug
5% 614
614 612
2,660 Arizona Commercial
6
6
614 •578
6,4
914 May 1214 Jan
a 512may 19 10/
1
4 Jan 6
44
44
*44
45
44
1518
4312 444 •45
44
350 Bingham Mines
15.8 47
46
46
10 30 Jan 3 49 Apr 21
29 June 5554 Jan
15
1518 15
154 1538 1534 15
1,582
Calumet & Recta
1538 1518 1512
25 1458 Jan 7 17 Apr 20
1314 June 1858 Aug
•.30 .50 •.30 .50 '.25 .50 '.25 .50
Carson filll Gold
'.25 .50 •.25 .50
Jan
1 .10 Jan 7 .80 Apr 29 .10 Dec 50
124 1314 1314 1312 1318 13% 1214 1212 1214 1238 .
212 1,580 Copper Range Co
13
14
2 12
12
Jan
25 11%May 20 1434 Jan 19
13 May 20
*112 2
*112 134 *112 134 *113 134
300 East Butte Copper Mining- 10
112 2
4 Feb
112 Apr 29
234 Jan 4
1
4 Oct
2/
44.25 .60 *a.25 .50 *a.25 .60 *42.25 .55 '4.25 .60
*a.25 .60
Franklin
114 Jan
25 .05 Feb 1 .80 Mar 17 .25 Nov
•.26
30
27
27 •26
200 Hancock Consolidated.... 25 .25 Apr 16 .75 Jan 13 .27 Dec
50 '.30 .50 •.30 .50
114 July
1.
854 1i14
1678 1712 1634 1738 1714 1714 17
1714 3,075 Hardy Coal Co
17
17
Jao
14
Apr
2114
Mar
26
1
18
Jan
14
7
*.60 1
3,60
1
1%60 1
•.60
1 •.60
1
Heivetla
1 3..60
2 Jan
25 .80 Apr 28 .85 Jan 8 .75 Oct
5912 5934 5912 5912 594 aoi, 8014 6011 60
60
1,323 bland Creek Coal
00
5
60 .16
1 47 Feb 26 61 Mar 16
3105 107 *105 107 *105 107 *105 107
- •105 107
Preferred
9912 Jan loa July
1 105 Feb 16 107 Apr 13
10
10
1012 1012 1014 1014 1014 1014 10
1014 Wai 930 'ale Royale Copper
10
9/
1
4 Feb 19 111
25
912 June 14 Aug
/
4 Jan 19
•134 214 3134 2
*134 214 •112 2
2
*112 2
•112
Keweenaw
Copper
118
25
Jan
27
8
6
Feb
4
2/
1
4 Sept
.50
Jan
3.90 1
3.90 14
.90 .90
113
.90 .90 •.90 14 •.90
41 Lake Copper Co
2 .80 Jan 7
1/
1
4 July
Vs Mar 18 .60 Oct
*.75
1
.60 .90 '.75 1
•.75 .90 '.75 .90 •.75
124 La Salle Copper
1
25 .50 Mar 28 .00 Apr 22 .80 June
218 Mar
*1
112 *1
112 *1
112 *1
112 *1
112
112 •112
Mason Valley Mine
138May 5
6
2 Jan 4
218 Bent
1/
1
4 Jan
• .28 .35
.35 .35 4%30 .50 •.30 .50 •.30 .50 •.30 .50 1,700 Mass
Consolidated
25 .15 Apr 8 .85 Jan 3 .16 Dee .73 July
'.70 .80
.80 .so '.75 .90
.80 .80
.95
2,375
•.75
.80
.80
Mayflower-Old Colony.... 25 .25 May 3
j/
1
4 Jan
14 Jan 11 .40 Dec
40
3912 40
4012 40
40
40
4012 *40
4112
518 Mohawk
4034 •40
25 37 Feb 18 414 Apr 20
30 Mar 46 Oct
2114 2114 321
2112 21
21
2114 2138 *2034 2112 2034 2034
475 New Cornell& Copper
6 2034302e 10 24 Jan 20
1818 May 24 Aug
'.05 .18 3.05 .18 *.05 .15 *.05 .10 •.05 .15
New
.05 May 26 .06 Feb 1 .05 Jan .20 JUDO
Copper
*16
1878 *18
1878 *18
19
*18
19
19
;di" W" ----oL New Dominion
19
River Company
100 17 May 14 1978May 12
18 Del 25 Feb
65
65
64
*63
63
•63
834 6312 •6312 64
65
135 Preferred
*63
100 58 Apr 14 75 Feb 8
45 July 72 Feb
*514 618 *534 6'8 10
*534 8
10
280 Niplesing Mines
6
6
534 6
Mauna
1018
3
Feb
6
2
5 July 1018 Dee
14
1
1 1X4 14
118
114
*1
114
114
112 1,555 North Butte Mining
14
114 •118
10 .99 June 2
3% Jan 5
378 Sept
2 Apr
'.99
11
'.99
114
.90 .90
.90 .90 *.99
64 Ojibway Mining
1,2
Nov
7
Apr
.75
Jan
25
26
Jan
114
.50
1218
12
*1134 12
12
12
1.212 1212
1214
12
12
1214
1,115 Old Dominion Co
25 11 May 26 15 Apr 1
13 Del 20 Jul,
*1314 14
1211 13% 1314 1314 •1314 14
•1314 14
14
•13
985 P'd Cr'k Pocahontas Co No par
11 Jan 4 1414May 16
1012 Mar 15 Jan
1812 1612 1814 1612 +.16 1814 16
1634 17
16
17
925 Quincy
1614
15% May 25 July
25 1414 Feb 17 Ills Apr 22
22
2212 2212 224 2212 2212 .2212 2212 *2212 23
435 St Mary's Mineral Land-. 25 20/
*2212 23
1
4 Feb 17 2614 Jan 6
25 DeO 384 Feb
338 *218 333
34 34 *3
3
314 3,4
3%
34 338 1,310 Seneca Mining
1%
Apr
9% Jab
1
Jan
14
312
214 Dec
•.35
.38 •.35 .40
.30 .35 •.35 .38
.35 .35
.30 .35 1,800 Shannon
Jan
10 .15 May 9 .40 Jan 12 .15 Dec 80
.26 .26 •.25 .30 •.25 .30 *.25 .30
.25 .25
.25 .25
175 Superior & Boston Copper_ 10 .15 Mar 23 .40 Feb 23 .20 Nov
PA Mar
414 4*X4
478 5
5
438 434
5
414 434
458 4% 2,200 Utah-Apex Mining
Oct 1114 Feb
414J000
434
7
Feb
24
7%
6
118
118
118 114
14
14
118
134 •II, 114
118
118 1,925 Utah Metal & Tunnel
1 Jan 3
2 Feb 2 .28 Dee 2% Mar
1
1 '.84
'.85
'.85
1
.85 .85 '.84
1
1
•.84
1
100 Victoria
114May 3 .40 May .75 Feb
25 .61 Feb 10
'.10 .15 •.10 .20 •.10 .20 •.10 .15 '.10 .15
•.10 .20
Winona
25 .03 Mar 9 .70 June 3 .10 Soot .40 July
•Bid and sexed prima no Wee oa tale day. 4 Asaa.aaant paid. S 812 45001 dividend. • New stook s Ex-dividend.
ells-dlvidend and NOM
NOM.
p Es




•

Sales
Friday
Last Week's Range for
Sale
Week.
ofPrices.
Stocks (Continued) Par. Prize. Low. l'igh. Shares.

Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange June 4 to June. 10, both inclusive:
Friday
Last Week's Range Sales
ofPrices.
Sale
fer
Price. Low. High. Week.

BondsChic Jet fly & US Y 55'40
East Mass Street KR1948
43.4s series A
1948
he series B
1948
(35 series C
1928
6s series C
European Invest 734s.1966
First Bohemian 7s_ _1957
1937
Hood Rubber 75
Koppers Gas & Coke 5s'47
1929
Mass Gas 4345
1931
434s
1946
534s
New Eng Tel & Tel 513_1932
Miss River Power 5a...1951
P C Poesh Co 7s deb_ _1935
1944
Swift & Co 58
Western Tel & Tel 55_1932
Wickwire Spencer St 78 '30

Range Rinse Jan. 1.
Low.

High.

1024 1024 $5,000 1004 Jan 10234 May
70

70
70
764 7734
8934
88
9934 9934
9934 9934
94
93
1023.4 10234 102 34
96
9694
99
99%
99
10034 10034
1034 103 34
101 101
10134 10134 1014
105 108
108
10134 1024
10134 10134 1014
214 2134

11,000
15,600
1,150
10,000
1,000
7,000
1,000
12,000
16,000
1,000
2,000
1,000
2,000
25,000
6,000
10,000
1,000

65
69
83
994
99
93
101
96
99
0734
10334
10034
10034
102
101
100
20

Jan
Jan
Apr
June
Feb
June
Apr
June
June
Feb
Mar
Jan
Apr
Jan
Feb
May
May

May
70
784 May
894 June
99% June
1004 Apr
974 Feb
Jan
104
964 June
10034 Jan
10034 June
104
June
10134 Jan
1014 Jan
110
May
10234 Mar
101 34 Jan
36
Feb

Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange June 4 to June 10, both inclusive,
compiled from official sales lists:

Stocks-

Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares,

Range Since Jan. 1.
Low.

High.

Omnibus voting trust ctfs_. 17
1Pick,
Barth & Co part pt_*
1
Common v t c
iPines Winterfront A com_5
Serv of Nor 111 corn_ _* 14134
1
Pub
100
Common
100
6% preferred
100 1154
7% preferred
3-R-S Music Co cam_ _ _ -• 3634
•
Quaker Oats Co, com_
100
Preferred
Real Silk Hos Mills com 100
10 2234
Reo Motor Car Co
So Colo Pr Elea A com_ _25 27
So'w G & El Co 7% pf._100 9734
Stewart-Warner Speodom.* 6234
100 z118
Swift & Co
15 2234
Swift International
Thompson (J R) com_ _ _25
1United Biscuit class A_ _ _.*
1United Light & PowerClass "A" preferred_ _.* 97
Class "B" preferred_ _ _* 53
Common claw; A new •
Common class B new_ _•
e
Pap Board pref 100
United
20 98
1.1 ii Gypsum
100
Preferred
Festa Battery Corp com.10
• 14
Wahl Co com
Ward (Montgomery) & Co
• 116
Class A
Waukesha Motor Co com_*
Williams 0110 Mat cam_ _* 1234
5
•
Wolff Altg Corp com
734
Wolverine Port! Cement.10
Wrigley(Wm Jr) Co com.* 5334
Yates Machine part Pret-*
Yellow Tr&Coach Mfg B10
Yellow Cab Co Inc (Chic)• 4034
BondsChicago City Rye 5s._1927 88
Carden of deposits_ _1927 88
Chic City & Con Rys Ers '27
1927
Chicago Rys 55
1927 704
55 series A
1927 50
55 series B
Adjust income 4s_ _ _1927 30
Purchase money 55_1927
Commonw Edison 58_1943
1943 11134
1st M 65
Great Lakes Utll Corp
F L C T 534s g b_ _ _1942 9534
HousG G Cos f g 645 1931 10634
Loew's T&R 1st 1 6ss f 1947
Metr W Side El 1st 40_1938 7834
Northwestern Elev 55_1941
Sou United Gas let 16%
1937
gold bonds A
Swift & Co 1st s f g 55_1944
CT
6%
15-yr
Co
PS
U
1942 9734
GB "A"
1929 99%
2-yr6% 0L
1947 9954
A
F
U P L 16%
3-yr gold notes 5349.1930 9934
Westvaco Ch Prov 534%
1037 100
.•....e.• Anha

795 2034 Apr 323.4 Feb
2334
Adams Royalty Co cam _ ..* 2334 23
7
Apr 1074 Mar
5
270
7
All America Radio cl A.5
794
Apr 9794 June
230 93
9734
Am Fur Mart Bldg pt...100 974 97
2234 2334
575 194 Mar 2334 June
Amer Multigraph com_ •
130 94
Jan 104
American Pub Fiery pref 100 10054 9954 10054
May
182 73
884
Jan 884 June
Am Pub UM Co par pfd 100 884 88
100
35 93
95
May 96 June
Prior lien
95
234 Apr
34
Amer States Seater Corp A *
334 34 1,450
434 Jan
Apr
3
*
454 Jan
3
33.4
Class B
334 1,360
34
34
34
34 Mar
Warrants
410
1
Jan
90
245 86
91 34
Apr 9634 Feb
Armour & Co(Del) pref 100
100 6834 6834 71 34
Armour & Co pref
1,910 5934 Apr 86 34 Jan
10
10
Common cl A v t c....-25 10
100
Jan
834 May 16
46 35
35
Associated Investment Co•
3534
Apr 384 Feb
Auburn Auto Co com...25 11134 166 11134 9,570 6834 Jan 116 34 May
Balaban & Katz v t c_._25
125 60
614
61
Mar 63
Jan
Beaver Board v t c A_ _10
550
234 5
2
Apr
5 June
434
700
4
2
Voting trust cartelfs B..*
May
434 June
434
46
41
Prof voting trust ctIs.100 46
220 3534 May 46 June
51
52 34 3,950 3634 Jan 54
Bendix Corp class A_...10 52
Apr
10 5934 5834 604 3,350 53
Borg & Beek com
Jan 6334 Apr
Brach & Sons(E J) com_.• 2434 2334 25
660 2334 June 3534 Jan
20 1934
194 2134 4,900 17
Butler Brothers
Jan 2374 Feb
82
74
Celotex Co com
• 82
15,790 6934 Apr 8334 Jan
180 87
100 90
8954 90
Preferred
Apr 913k Mar
26
Cent Dairy Pa Corp A pf_• 26
795 26
2634
May 2734 May
85 8834 Jan 9534 Apr
904 91
Central 111 Pub Sem pret• 91
9034 9234
115 8534 Jan 93
Central Ind Power pref _100 92
May
143 8594 Jan 924 June
9234
91
Certifs of deposit_ _ _100
922 17
1734 18
Centml Pub Serv (Del)_ _ _. 18
Jan
1834 May
62
1,200 564 Jan 67 34 Feb
Central S W Util corn._._* 614 60
490 9334 Jan 974 Apr
Preferred
• 97
9634 97
Prior lien pref
285 9834 Jan 103
100 1004
* 100
Apr
Chic City & Con Ry pt sh•
234 5,990
34 Jan
234
23.4 June
13.4
16
* 18
334 Jan 194 June
Participation prof
1934 8,750
Certifs of deposit
17
1734
400 17 June 1734 June
Chicago Else Mfg A
*
24
23
100 23 May 26
Mar
Chic N S & M pr In pf _100 10034 9934 1004
159 99
Jan 10134 Mar
Chic Rap Tr pr pref A._100
1024 103
20 102
May 104 34 Feb
Chic Rys part tf ser 1 _100
1934 22
Apr 22 June
5
350
Part etre series 2_ _ _ _100
5
5
3
1,800
4 Feb5 June
Part eels series 3...100
4
4
H Apr
15
194 May
Part ctfre series 4....,.100
34
34
4 June
25
34 June
Commonwealth Edison..100 15334 1534 15474
1,340 138
Jan 155
May
Consumers Co com
5
634
970
674 7
54 Apr
894 Apr
Preferred
100 78
78
78
40 6934 Feb 7834 May
Continental Motors com_* 12
1134 12
1,485 1134 Mar
1334 Jan
Crane Co corn
25 4734 4754 4734
274 47
Apr 52
Jan
Preferred
100
117 118
85 117
Feb 121
May
Cuneo Press A prof
50
52
52
10 4934 Mar 54
May
Decker (Alf) & Cohn Inc.*
27
28
435 25
Mar 2834 May
Diamond Match cam 100
126 127
50 116
Jan 133
May
Eddy Paper Corp (The).-*
28
28
150 20
Apr 30
May
El Household Util Corp_10 1334
1,001
1334 1434
11
Jan
May
1534
14
14
Elea Research Lab Inc_ _ •
50
734 Apr 15
May
98
97
Empire G&F Co 7% DI-100 98
671 9234 Mar 98
June
100
34
105
preferred
10534
735 10034 Mar 107
10594
o
May
5 4054 394 41
Evans & Co Inc cl A
3,315 28 34 Jan 41
May
5 394 39
40
Class B
2,800 2474 Jan 40 June
*
3234 3234
Fair Co (The) com
502 224 Mar 3434 May
100
109 109
Preferred
30 105
Feb 110
May
Fitz Simons & Connell
27
27
75 26 34 Apr 29
Dk & Dredge Co com.20 27
Jan
Foote Bros(0 & M) Co_..5 1334 1334 1334 1,055 12
Jan
1434 Jan
33
34
Gossard Co (II W) corn..
1,655 3134 May 56
Jan
160 165
Great Lakes 13 dr D...100
345 140
Mar 172
May
41
39
274 3834 Jan 41
Greif Bros Coop'ge A com •
June
100 110
Hart Schaffner & Marx _100 1163.4 116)4 1163.4
Jan 116 34 June
Hibbard Spencer Bartlett
25
60
60
125 5954 Jan 70
& Co com
Jan
25 52
51
52
Illinois Brick Co
635 49
Jan 5531 Mar
95
85 92
9534
Illinois Nor Utilities pf _100
Jan 97
Feb
58
55
Indep Pneum Tool v t O..* 57
320 51
Mar 58
June
Kellogg Switchb'd com...10 13
385 1254 May
1234 13
1934 Mar
100
Preferred
95
95
35 95 June 98
Jan
15 943.4 Jan 9734 Feb
fly Hydro-Elea prof.._100 954 9534 9534
Kentucky Util Jr cum pr.50
51
51
180 5034 Apr 51 34 Jan
&Wire
com
Keystone St
100
63
10 45
63
Mar 65
May
Kraft Cheese Co com.....25 5034 50
200 41
5034
Feb 63
Feb
7
6
111
534 Mar
La Salle Ext Unit( com_10
9
Jan
94
Libby, McNeill& Libby_10
9
931 9.469
834 May
1034 Jan
41
Marvel Carburetor(Ind) 10 41
4134
1,610 41
May 43
May
McCord Radiator Mfg A.* 39
39
39
100 37
Apr 40
Jan
McQUay-Norris Mfg
* 18
110 16
174 18
May 21
Jan
23
24
Merch & Mfrs part prof.25
95 23 June 31
Jan
Middle West Utilities....* 11274 1124 113
1,730 108
Apr 117 34 May
100 110
Preferred
110 11034
1,220 10554 Jan 11354 Feb
Prior lien preferred_ _100 12034 12034 121
494 11794 Jan 12234 May
Midland Steel Prod cony_ _* 4334 40
782 38
44
Apr 4734 Feb
Midland Util prior lien 100 105
145 98
105 105
Jan 105
May
100
9334 94
6% prior lien
195 923.4 May 94 Juno
100 102
100 102
Preferred A
157 9234 May 102 June
Morgan Lithograph corn.* 65
624 65
2,800 58
Jan 6834 May
15
15
Masser Leather Corp corn *
17 11
Jan 164 Mar
170 2334 Feb 254 Jan
2454 244
Nat Elec Power A part_ *
_10
234
National Leather com 690
234 Apr
434 „Ian
334
1,000 304 Jan 36
National Standard cam_ _• 3334 3334 34
Apr
205 22 34 Jan 30
North American Car cam • 2834 2834 •2834
Jan
100 100
10 9734 Mar 101
Nor West IRO pr ln preI100
Jan
964 974
100
235 9434 Mar 100
7% preferred
Feb
24
24
pref._*
244
70 24
Novadel Process Co
Apr 2734 Feb
8
834
775
8
June
Common
9
Apr




3483

THE CHRONICLE

•

JUNE 11 1927.]

Range Since Jan. 1.
Low.

Fish.

7,800 1134 Mar 17
1574 17
244 28
14,730 1934 Jan 28
144 1434
200 127.4 Jan
1434
May 5134
42
42
143 40
141 142
124 1303.4 Jan 143
141
141
Jan 142
15 132
1034 104
21 102
Jan 10534
1154 11534
20 1124 Apr 116 34
650 3234 Jan 3934
3634 37
181 183
60 180
Jan 190
110 110
10 107
Jan 113
30
110 30 June 4834
3034
22
2234 2,000 1934 Mar 24
810 254 Jan 28
264 274
75 9434 Jan 98
97
973.4
4,115 544 Mar 6834
6234 65
942 1154 May 12034
118 12034
2234 2334 5,300 184 Mar 2434
787 40
Apr 54%
5234 5334
3,895 3934 Jan 47
4434 47

June
June
May
Jan
May
May
Apr
Apr
Feb
Mar
May
Feb
May
Mar
Feb
Apr
Mar
May
May
June

9634 97
5334
53
14
1434
174 18
60
60
9634 100
122 122
274 294
144
14

422 87
726 50
130 124
290 15
10 60
1,013 924
20 115
400 2734
8%
1,660

116 116
45
46
1234 1434
434 534
634 734
534 54
1734 18%
274 2834
4034
40

10 11234 Mar 11734 May
215 3434 Mar 46
May
Apr 1634 Feb
3,660 11
Jac
7
4% Mar
650
Feb
5
765
734 Jun(
Jan 5434 Jun(
1,297 51
880 1634 May 2734 Mae
400 254 Mar 304 Ape
Mar 55;4 Jar
760 38

Jan 97
Jan 5334
Mar 1534
May
Jan 60
Jan 109
Mar 122
June 37
Jan 154

May
June
Jan
Apr
Jan
Jan
Ape
Feb
May

88
87
72
84
694
50
30
51
10434
11134

884 $30,000 75
8,000 86
88
7334 47,000 52 34
1,000 7434
84
704 36,000 62
5134 70,000 35
3,000 14 34
30
5134 16,000 29
3,000 103
10474
1,000 10274
11134

Jan 88 Jun(
June 88
Jun(
Jan 734 June
Jan 864 May
May
Jan 71
Jan 514 June
Apr 30
June
Jan 5134 June
Jan 10534 Ape
Jan 1124 May

95%
10634
100
7894
883.4

9534 3,000 9534
1074 25,000 96
20,000 100
100
7834 9,000 78
8834 3,000 8434

June 954 June
Jan 11034 May
Mar 100
Mai
Apr 80
AD
Mai
Jan 89

98
102

98
102

9734
99%
99
9934
100

9734
9934
101
994

May 98
17,000 98
Ma:
2,000 1014 Jan 102 34 Ma:
25,000
22,000
145,000
27,000

100

5.000

97 34
9934
99
9934

Ap
Ap
Jun
AD

9931 An

9734
994
101
994
100

Au
Ap
Ma:
Ma;
An

* No par value. z Ex-dividend.

Cincinnati Stock Exchange.-Record of transactions
at Cincinnati Stock Exchange June 4 to June 10, both
inclusive, compiled from official lists:

Stocks-

Sates
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.

124% 12634
Am Laundry Mach com_25 125
• 2534 2454 2534
Amer Products Pref
56
Amer Rolling Mill cam._25 5554 55
11134 113
100 113
Preferred
4034
3934
4034
50
_
pref
Bottle
Thermos
Am
189 190
100 190
Baldwin corn
52
5134 48
Buckeye Incubator
214 21 34
*
Burger Bros
58
58
50 58
Preferred
261 261
100
Central Trust
11334 114
Champ Coated Paper pf100
1074 1074
100
Champ Fibre pref
38
• 3634 38
Churngold Corn
50 2574 2554 26
Cincinnati Car Co
9734
9734
_100
Electric_
9674
&
Gas
Cincin
131
131
an Gas Transportation 100 131
C N & C Lt& Trac corn 100 964 9634 9731
100 7334 7331 733.1
Preferred
4234
Cincinnati Street Hy.--50 4174 41
10134 103
Cincinnati & Sub Tel....50 103
* 2834 28
2854
City Ice & Fuel
343.4
34
* 34
Coca Cola series A
70
70
70
100
new
Corp
Cooper
101 34 1014
100
New preferred
274
Eagle-Picher Lead cam_ _20 2634 27
104 104
Early & Daniel pref. _100
504 59
100
Fay & Egan Prof
Filth-Third-Union Tr-100 32634 326 32634
345 346
100 346
First National
47
47
•
Giant Tire
394 3934
•
Gibson Art com
8734 88
Globe Wernicke com_ _100
90
89
100
Preferred
47
47
•
Gruen Watch COM
11354 11334
100
Preferred
• 3434 3334 344
Hobart Mfg
2934 30
•
Jaeger Machine
101 102
Johnston Paint pref_-100
40
4434
44
Kahn participating
• 1834 1134 2331
Kodel Radio series A
20
2234
22
224
Preferred
10 1204 12034 12134
Kroger coin
50
9834 984
Little Miami guar
284 29
LIM$COliebiler
•
100 120
120 12034
Hash series A
1014 102
Mead Pulp special pref.100
100 11234 112 1123