Full text of Commercial and Financial Chronicle : June 18, 1927, Vol. 124, No. 3234

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

The
ontintrd3

1

financial

rtintde

INCLUDING
Railway &Industrial Compendium
Public Utility Compendium
State & Municipal Compendium
Railway Earnings Section
VOL. 124.

SATURDAY, JUNE 18 1927.

Thratutle_
PUBLISHED WEEKLY

Terms of Subscription—Payable in Advance
Including Postage—
12 Mos. 6 Mos.
Within Continental United States except Alaska
$10.00
$6.00
In Dominion of Canada
11.50
6.75
Other foreign countries, U. S. Possessions and territories
13.50
7.75
NOTICE.—On account of the fluctuations In the rates of exchange,
remittances for European subscriptions and advertisements must be made
in,New York funds.
Subscription includes following Supplements—
COMPIINDIUMS—
BeCTIONS—
PUBLIC UTILITY (semi-annually)
BANK AND QUOTATION (monthly)
RAILWAY & INDUSTRIAL (semi-innually) RAILw•V EARNINGS (monthly)
BANAIRS' CONTRNTION (yearly)
STASIS AND MUNICIPAL (semi-annually)

Terms of Advertising
Transient display matter per agate line
45 cents
Contract and Card rates
On request
CHICAGO 0171011—In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street, Telephone State 0613.
LONDON Orsini—Edwards & Smith, 1 Drapers' Gardens, London, E. C.

WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeysrer Streets, New York
Published every Saturday morning,,Dy WILLIAM B. DANA COMPANY
President and Editor, Jacob Seibert; Business Manager, William D. Riggs
Treas.,William Dana Seibert; Elea., Herbert D.Seibert. Addresses of all. Office of Co

The Financial Situation.

Bank and Quotation Section
Bankers' Convention Section
NO. 3234.

from the figures reported by the Federal Reserve
Board. This Board publishes every week the principal assets and liabilities of the more important
banks which are members of the Federal Reserve
System. By listing these figures for the dates on
which the brokers' loans have reached high and low
points, it is possible to see that in a very general
way both the assets and liabilities of these member
banks expand when brokers' loans are expanding
and contract when they are contracting. The most
violent movement in brokers' loans occurred between Jan.6 1926 and May 19 of the same year. The
loans shrunk at that time by $732,430,000. They
have since expanded and contracted by amounts
anging from $100,000,000 to $400,000,000, the two
largest movements being the recovery after May 1926
of $411,687,000, and the expansion which has occurred during the past four months of $399,795,000.
The total movement back and forth of brokers' loans
as reported by the Federal Reserve Board has eventuated in a total on June 8 of this year only $22,696,000 less than on Jan.61926. Itis true that during
this same period the deposits of the principal member banks of the Federal Reserve Systemi increased
by $2,739,772,000 and the borrowings of these banks
from the Federal Reserve banks decreased by $167,844,000, evidencing a condition that made resort to
Stock Exchange employment of funds inevitable,
but this does not change the fact that these brokers'
loans have reached such magnitude that they are
becoming a serious menace.
The situation must be recognized for what it is, and
it is not wise to attempt to explain it away by specious arguments. Money Is in very ample supply,
which in many respects is unfortunate, because the
speculation could not otherwise flourish as it does;
business as a whole is in high volume, as indicated
by all of the indices, and even the much commented
on decline in steel output has apparently not proceeded as far as at this time last year. The foreign
situation while not entirely satisfactory, has many
elements of strength. The home political situation
was never better, and current prospects for a continuation of sound conditions are excellent. The
highest grade common stocks are selling at prices
which average about 5/
1
2%, possibly slightly less,
and the earnings in 1926 averaged more than 10% of
present prices. There are, of course, many exceptions, but these general figures do not indicate underlying causes for serious apprehension if only
speculative excesses can be eliminated.

The security markets after experiencing an unusually long week-end on account of the holiday on
Monday in connection with the Lindbergh celebration
received a severe jolt with the announcement of further increase of $56,538,000 in brokers' loans as compiled by the Federal Reserve Board. These loans
have been rising since Feb. 16 during sixteen successive weeks with the single exception of the week
ended April 6 and have during this period expanded $399,795,000. Furthermore, the gain has
been very rapid during the past two weeks, $97,241,000 during the week Etcded June 1 and $56,538,000,
as stated, during the past week. These are impressive figures and with the experience of the very extensive market slump of February and March 1926
still more or less fresh in mind, it was not at all surprising that the security markets plunged into heavy
reaction on Tuesday. There appeared to be a complete absence of any support, and it has been noticed
repeatedly of late that whenever this occurs the
market goes completely to pieces. In these circumstances the market depends not on its intrinsic merits, but on its backing.
Vital recovery set in on Wednesday and continued
on Thursday and Friday. Perhaps the starting
point of this recovery was the announcement on
Wednesday of an increase in the New York Central
dividend from $7 to $8. This action, taken in connection with the recent increase in the General Electric dividend, is bailed as evidence of the business
and market appraisal by the Morgans and other
powerful banking interests.
Notwithstanding the lack of data regarding
brokers' loans which would permit definite
The country's foreign trade statement for May is
conclusions, it is possible to draw some inferences quite as satisfactory, so far as the movement of mer-




3536

THE CHRONICLE

[vou 124.

chandise is concerned, as that for any preceding were considered to be the answer by the Soviet aumonth this year. Merchandise exports from the thorities to the recent revival of alleged counterUnited States last month were valued at $394,000,- revolutionary activities. These began,it was claimed,
000 and imports at $346,000,000, an excess of exports with the assassination in Warsaw June 7 of Peter
of $48,000,000. In April exports were $415,219,000 Voikoff, Soviet Ambassador to Poland, and were
and imports $375,509,000. The decline in both ex- continued by the bombing of a Communist meeting
ports and imports from April to May is seasonal and at Leningrad and the wrecking of a trolley car en
is to be found in the foreign trade reports for nearly route to Minsk, which resulted in the death of a
every year. Both exports and imports in May this Soviet official, who was transporting an alleged
year exceeded in value the corresponding figures for Polish spy. Reports from Riga also told of fires in
May 1926. In fact, exports last month were larger the oil fields of Baku and Samara and of other difthan in any corresponding period back to 1920, while ficulties which, it was said, helped to explain the
imports exceed those of May in every year since surrender of the Moscow moderates to the advocates
1920, with the single exception of May 1923. For of the resumption of the "Red Terror." The BolMay last year, merchandise exports were valued at shevist authorities, in announcing the executions,
$356,699,000. The increase in the exports in May said: "In view of the open transition to terrorism
this year over 1926 was $37,300,000, or 10.5%, while and destructive struggle by Monarchist and White
imports exceeded those of a year ago by $25,081,000, Guardist elements, acting from abroad on instrucor 1.8%. Only a relatively small part of the increase tions and with funds from foreign intelligence serin merchandise exports is due to the larger move- vices, the collegium of the State Political Department of cotton this year. Cotton exports in May ment passed death sentences at its session of June 9
continued heavy, amounting for that month to 628,- on twenty persons, and the sentences have been car132 bales, as against 419,450 bales a year ago. But ried out." To their own followers the Communist
the price was much lower, correspondingly reducing leaders explained that the raiding of the Soviet Emthe gain in value. The value of cotton exports for bassy at Peking, the blockade of the Soviet ConsulMay this year was $48,053,000, as against $41,695,- ate at Shanghai, the raiding of Arcos, Ltd., in Lon000 in May last year, an increase of $6,358,000, which don and the subsequent break in Anglo-Russian reis a much smaller proportion of the total gain in lations and finally the resumption of anti-Soviet acmerchandise exports ($37,300,000 for May) than has tivities in Poland and Russia itself proved the existence of a world-wide plot organized by Great Britbeen the case in other recent months.
For the eleven months of the current fiscal year ain against the Soviet regime which had to be met
the total value of all exports has been $4,612,046,000 by drastic and bloody deeds to quell the disloyal eleand of imports $3,897,246,000, an excess of exports ments in Russia.
The burial of M. Voikoff, the assassinated Minisof $714,800,000. For the corresponding period of
1925-26 exports amounted to $4,415,348,000 and im- ter to Poland, on June 11, was again made the occaports to $4,128,621,000, an excess of exports of only sion of animadversions on Great Britain by the So$286,727,000. The increase in exports for this year viet leaders. Speaking from the roof of Lenin's
is $196,698,000, while imports have decreased $231,- tomb, M. Rykoff said: "The British breach has cre375,000. Exports for the current fiscal year to date ated conditions making murder possible. The Soviet
are in excess of every year back to 1921, while im- holds data fixing the fact that England inspired and
ports exceed in value the return for each fiscal year financed monarchist organizations, which she also
since 1920, with the single exception of 1925-26. Ex- helped on Polish soil. This murder marks a crisis.
ports of gold last month were only $1,510,000, the We are obliged to retort with strict measures. No
smallest, with the exception of last October, of any hireling like Voikoff's murderer shall succeed here,
month since July 1924, and they compare with but nevertheless, we are taking care to protect the
$9,343,000 in May of last year. On the other hand, lives of our workers."
The executions were continued early this week in
imports of the metal last month amounted to $34,212,000, as against only $2,935,000 a year ago. For other parts of Russia, a further communique dated
the eleven months of the current fiscal year there is June 12 announcing the death sentence of ten alan excess of gold imports of $136,132,000, contrast- leged spies in Odessa. They were accused of acting
ing with an excess of gold imports amounting to for Rumania. Additional reprisal executions in
$81,745,000 for the corresponding period of 1925-26. Moscow for the assassination of Voikoff were also
Silver exports last month were $6,026,000 and im- reported in Riga dispatches to London. These were
not confirmed. It was established, however, that a
ports $5,083,000.
state of "strengthened military protection" had been
Terrorist activities in Soviet Russia were an- proclaimed in the Russian capital, followed by innunounced in Moscow June 10, and have been the dis- merable arrests. An announcement was made Tuestinct feature of the foreign news the present week, day by the Ogpu (Soviet Secret Police) that twentycausing a stir in all European capitals. Twenty five more prominent Russians held as hostages in
persons accused of revolutionary activities against Moscow prisons will be executed immediately in the
the Soviet Government were executed on that day event of further attacks on Commissars. Foreignby order of the Communist leaders. The victims ers were reported leaving Moscow in great numbers,
were chiefly members of the nobility. The names while the native population was said to be in a state
of two Princes, Mesherski and Dolgorokoff, appeared of panic.
on the list of those executed, as well as such names
The Soviet accusations of British complicity in
as Sheglavitoff and Narishkin, all of whom were
prominent in pre-Soviet days in Russia, either as counter-revolutionary activities were promptly reCzarist military officers or as politicians. The sen- pudiated in London. The charges were charactertences passed upon the prisoners, according to an ized as "fantastic" and "without foundation" in the
Associated Press dispatch of June 10 from Moscow, official reply to the Russian communique by Sir




JUNE 18 1927.]

THE CHRONICLE

3537

Robert Hodgson, who was head of the British Mis- of the plot leading thereto and to impose strict punsion to Moscow. The reply also denies that any of ishment on the guilty, especially the actual assassin.
the twenty Royalists executed in Moscow in resump- The demand is made that M. Ulianoff, Acting Charge
tion of the "terror" were in British employ, as was d'Affaires at Warsaw, or other authorized member
alleged by the Soviets. Only one of the victims said of the Soviet, be permitted to witness the inquest.
to have been a British spy was known to him, said In the third place, Poland must take immediate and
Sir Robert. He, Vladimir Evreinoff, was a former energetic measures to disperse terrorist organizamember of the Imperial Russian diplomat service tions and persons in Polish territories whose activiwho had once lived in England. "With the accusa- ties are directed against the Soviet Union and its
tions launched by the Moscow communique," said representatives, and expel all such from the Polish
Sir Robert,"it is unnecessary to deal at length. The Republic. M. Litvinoff declares that the Soviet
allegations that Vice-Consul Waite was involved in awaits immediate information relative to the fula plot to blow up the Kremlin and the Grand Thea- fillment of these demands. The recent event, he
tre are grotesquely absurd." No little anxiety was adds, cannot be overcome by official declarations,
exhibited in London, as elsewhere in Europe, lest but requires actual measures by Poland to put an
the peace of the Continent be disturbed in conse- end to such hostile activities. The note expresses
quence of the Russian situation. The London gratitude for the friendly attitude of the Polish Gov"Times" said last Saturday: "Weakened by inter- ernment and people, and declines to accept the comnal dissensions and disturbed by a succession of po- pensation offered to the family of M. Voikoff. It
litical reverses, the Soviet Government has fallen rejects the Polish suggestion that the assassination
into a state of panic. It sees ghosts everywhere and was the act of a madman, but asserts instead that it
strikes at random into the surrounding darkness." was due to the harboring of Soviet enemies on Polish
This view prevailed in informed circles throughout soil. It regretfully charges that, notwithstanding
Europe, indications showing, it was said, that the many warnings, Poland has neglected to take the
Stalin regime faces a growing mass of discontent necessary measures to safeguard the Soviet reprearising from the crash of Communist hopes in China sentatives. Despite assurances that Poland has
and the rupture with Great Britain. Foreign opin- never permitted terrorist activities, H. Litvinoff
ion also, it appeared, was exerting great influence says the Soviet Union has and will submit data disupon the Stalin faction, which, finding itself se- proving this assertion. He takes issue with the
riously hampered by the violent actions of the Third statement that the assassin is not a Polish citizen,
International, was considering dissociating the So- and asserts that facilitating naturalization enables
viet Government from that element in Russian poli- the enemies of the Soviet to carry on under the protection of Polish citizenship. "Poland has neglected
tics.
of
Stresemann
Germany ad- her duty," continues the note, "in not expelling perForeign Minister
Geneva
in
correspondents
Tuesday sons known to be carrying on acts hostile to the
mitted to
offered
friendly
sug- Soviet Union, which knew long ago that hostile orrepeatedly
had
that he
ganizations were actually planning the murder of
the
ForTchitcherin,
Russian
M.
"to
gestions
eign Minister, that continuation of Commu- the Soviet representative." Much excitement was
nistic propaganda abroad is not only an in- caused in the Polish capital by the receipt of this
surmountable handicap to the Soviet Union's note. The step was universally deplored as accentuforeign relations generally, but also decidedly inim- ating the tension between the two countries. The
ical to Russo-German relations." As Russia neces- Polish Cabinet, however, dispatches said, refused to
sarily considers Germany the key to a continuance take the new Russian demands too seriously. The
in her relations with the "capitalist" world, such Polish reply, it was said, will be polite though firm.
suggestions by Dr. Stresemann were said to be of The Polish Minister to Moscow on the same day
great influence. Observers point out that accept- called upon M. Litvinoff and announced that his
ance by Stalin of Dr. Stresemann's advice would Government, in order to satisfy the Soviet's desire
imply a wrathful reaction on the part of his own for the swift prosecution of Boris Korenko, the
youthful slayer of H. Voikoff, had decided to have
Communist extremists.
him tried by an extraordinary tribunal. This was
week
of
past
the
the uncompromis- done Wednesday and a sentence of life imprisonment
A renewal in
Soviet
by
taken
first
stand
Russia
ing
over the as- imposed on the assassin, who readily acknowledged
sassination in Warsaw of the Russian Minister, his guilt. The court, however, in view of the fact
Peter Voikoff, again made dubious the relations be- that the slayer is a minor, petitioned the President
tween the two States. Every possible diplomatic at the same time to commute the sentence to fifteen
action was taken by the Polish Government to bridge years. This result of the trial was considered en
the difficulties caused by the murder. The sincerity tirely unsatisfactory in Moscow, where a flood of
of the expressions of regret sent to Moscow could popular indigation was let loose Thursday when
not be questioned as Minister Voikoff had been the the news was published. The comparatively mild
chief agent in the bettered feelings between the So- sentence was viewed with considerable apprehension
viet and Poland. Acceptance by Moscow of the in both capitals, even by people who hitherto have
Polish condolences and assurance of swift retribu- scouted the idea of war over the incident. A Wartive action was calculated, it was supposed, to make saw dispatch of June 15 to the New York "Times"
the crisis a short one. The Soviet, however, on Mon- said: "It was understood to-day that Russia's next
day caused a renewal of the strain when Acting For- note would be of an ultimative character and it is
eign Commissar Maxim Litvinoff sent a further note feared the ultimatum will be in still sharper terms
to Warsaw containing a number of peremptory de- than it would have been if Korenko had been conmands. The Polish Government is requested, in this demned to death. Even conservative observers are
note, to take necessary measures to investigate fully beginning to wonder if Sarajevo will be repeated."
the assassination of the envoy, all the ramifications




3538

THE CHRONICLE

[vol.. 124.

A further gesture of amity toward the Soviet was
The agenda of the meeting of the League of Namade Wednesday by M. Zaleski, the Polish Foreign tions Council, convoked at Geneva June 13, contained
Minister, on the occasion of the assemblage of the many knotty problems besides that of the Russoforty-fifth League of Nations Council in Geneva. Polish imbroglio. The political alignment has been
The Council met on Monday with representatives of altered materially since the last quarterly meeting.
all member States in attendance. It has been aptly A copyrighted cable from Wythe Williams, special
described as a "form of international club where correspondent of the New York "Times," gave the
European statesmen may sit in a diplomatic poker following resume: "The present situation finds
game." As this is the first meeting since the break France and Britain in a gigantic duel for leadership
in relations between the Governments of Britain and of the Continent peace program, with Germany in
Soviet Russia, it was assumed that Foreign Minister the strategic position of holding the initiative in the
Sir Austen Chamberlain, of Great Britain, would operations. Therefore, the conversations in the hotry to win support for his action among the other tel suites are now more important than the meetings
important nations of Europe. For this purpose, re- called at the League Secretariat, inasmuch as the
ports said, Sir Austen held a number of informal question under private discussion is whether M.
meetings with Foreign Minister Stresemann of Ger- Briand or Sir Austen Chamberlain shall have the
many and Aristide Briand of France. In this situa- distinction of being not the negotiator but the arbition, according to an Associated Press dispatch of trator of European harmony. Already there has
Wednesday, Foreign Minister Zaleski of Poland em- been a meeting of the French and British Foreign
phasized vigorously the unwisdom of angering Rus- Ministers. The former then hastily sought out Dr.
sia by even an appearance of hostility to her. M. Stresemann, who in view of the new British-Russian
Zaleski contended that such an attitude would only relations, has almost overnight found himself posintensify the Russian Nationalist spirit in the same sessed of ace cards. Thus Germany,in military parway as did the military interventions at the close lance, takes the initiative of the operations, and it
of the Great War. A further report said that Sir is now expected that she will try by clever concesAusten Chamberlain sought out M. Zaleski and ex- sion to Britain's viewpoint to get Sir Austen Champlained that the present attitude of the Powers was berlain's support as mediator with France—to sea protective alliance to expose Red propaganda, the cure a further reduction of the Rhineland troops,
idea being to form an international police force still numbering 65,000, and also an immediate adrather than a military enterprise. Dispatches justment of the Coblenz area. If France is obliged
stated, however, that Sir Austen's desire to forge a to make a new combination she runs the risk of a
united European front against Russia has been heavy diplomatic defeat. To refuse would mean bad
checked. "The truth is," an Associated Press re- relations with Germany and it would act as an obport said, "the Foreign Ministers of the European stacle to British policy. To accept would mean conPowers are finding the Communist problem the hard- cessions given to Germany under English pressure
est and most elusive of all to solve. Each of them without benefit to France and for which Germany
has revealed a state of Communistic activity in his likely would not be grateful." One of the cards held
own country and together they have gone over ways by Dr. Stresemann was played Tuesday, when he
and means of fighting Communism by methods sim- suggested that in case he refrained from pressing a
ilar to those used in their homelands."
demand for immediate evacuation of the Rhineland,
This report again left the Russian situation where Chamberlain and Briand agree to give Germany a
it was before the Council met, in so far as Geneva seat on the Commission on Colonial Mandates. This
was concerned. Dispatches of June 15 had sug- is looked upon as in effect a request for a voice in
gested that the Locarno Powers were considering the administration of her former colonies. Sir Ausdispatch of identic notes to Moscow threatening to ten Chamberlain, it was said, was far from viewing
isolate the Soviet Union unless propaganda and this proposal enthusiastically, while M. Briand, obespionage by the Third International were curbed viously on the defensive, reproved the German Minimmediately. But as such a plan would give the ister for coming to Geneva four times a year always
impression in Moscow that Europe was forging a to "get something."
united front against Russia, it was promptly abanM. Briand, unfortunately, was stricken ill on
doned. The imminence of serious trouble between Wednesday with a painful but not especially danRussia and Poland apparently caused a resumption gerous ailment. His place was taken by M. Paul
late in the week of the idea of united action, but of Boncour, who represented France at the recent Prea different kind. Dispatches recounting yesterday's paratory Disarmament Conference in the League
decisions in Geneva said that three steps had been city. M. Briand's political situation in the French
decided upon by the representatives of Great Brit- Cabinet was considered endangered by this developain, France, Germany, Belgium and Italy. Firstly, ment and it was suggested that he might possibly
it was said, these nations were to make individual resign and leave the conduct of French foreign afrepresentations to the Soviet and Polish Govern- fairs to the Poincarists.
ments to do nothing to endanger the peace of their
In the public sessions of the Council consideracountries. Secondly, the Powers were to make in- tion was given the German protest over alleged viodividual representations to the Soviet concerning lations by Lithuania of the Treaty of Memel. The
the wholesale executions in Russia, pointing out that Lithuanian representative requested that the matthese were having an unfortunate effect abroad. ter be carried over to the September meeting and
Thirdly, to preserve peace elsewhere in Europe, it this was agreed to by Dr. Stresemann. The Jugowas decided to advise Jugoslavia and Albania to slav-Albanian dispute was also touched on, but was
adopt a conciliatory attitude and settle amicably rapidly shelved in view of Premier Mussolini's threat
the incident of the arrest of the Jugoslavian Lega- to withdraw his Foreign Minister from the meeting
tion dragoman which was followed by a break in if any question is raised other than the latest Ppecific incident. Mussolini, it was declared, will not
relations.




Jura)181927.]

THE CHRONICLE

tolerate any general debate, as suggested by the
Jugoslays, on the entire chapter of Albanian relations. The real interest in the meeting, however,
always veered back rapidly to the question of Communist Russia. The discussions between Sir Austen
Chamberlain and Dr. Stresemann became more
pointed, it was learned Thursday, when the former
asked the German Minister for an official exchange
of views concerning the passage of troops across
Germany in case of a Russian attack upon Poland.
Dr. Stresemann replied, it was said, that he would
submit the question to President Von Hindenburg
as soon as he returns to Berlin. A further item bearing upon the general European situation was the
news of a warning to Italy by Sir Austen Chamberlain that "the time is not opportune for any trouble
in the Balkans." Moreover, it was stated in a dispatch dated Thursday to the New York "Times,"
that M. Zaleski, the Polish Minister, has played
an important role throughout the week's negotiations. M. Zaleski reported various intrigues in the
Ukraine where, he said, the Bolsheviki have sent
agents to uncover alleged reports of agitation by
Poles. He made it plain that Poland, in consequence, was in hourly expectation of a new Soviet
complaint based on such reports. These statements,
it was asserted, led to the startling conversation between the British and Germap Ministers concerning
the passage of troops through Germany.
Chinese affairs remained unchanged during the
past week, so far as surface changes in the military
situation between the Peking War Lords and the
Nationalists of the South are concerned. Underneath this apparent quietness experienced observers
report a shuffle and surge of the political moves
characteristic of Chinese warfare. A London dispatch of June 10 (Associated Press) reported an
interview with Marshal Chang Tso-lin, dictator of
the Northern Government, in which Chang said
that there must be an agreement between the North
and the South "for the sake of peace in China, which
must come soon." The Northern General, it was
said, reiterated his unalterable hostility to Bolshevism, declaring,"I will never leave Peking alive while
there is a Communist anywhere in control of affairs
in China." Chang further said he had received
tempting offers from the South, including some
from Chiang Kai-shek, leader of the Nanking or
Moderate Nationalists. It was reported also that
Marshal Chang wishes to make a combined attack
on the Hankow or radical Nationalists. Direct dispatches from Peking dated last Saturday again mentioned the negotiations being carried on between
Chang Tso-lin and Chiang Kai-shek and the consensus is now that a new aligment is in process of formation. One interesting development, with a possible bearing on the new order, was the reorganization Wednesday of the Cabinet of the North China
Government. It was suggested that Dr. Wellington
Koo, who has been acting as Premier and Foreign
Minister in the Peking Government, probably will
retain the foreign relations portfolio, with Pan Fu,
who is now Minister of Finance, becoming Premier.
A more favorable attitude towards foreigners is
rapidly becoming apparent throughout the Yangtze
Valley. A special correspondent of the New York
"Times" reported Thursday that Hankow, seat of
the Radicals, is quiet and peaceful. The Government there, it was said, has ordered laborers and




3539

other meu in the streets to be kind to foreigners. The
Nanking Government, it now appears, is taking further steps to placate foreign Governments. It was
announced Thursday by the Foreign Office of the
Moderate Nationalists that a special Commissioner
would be dispatched to Washington at once in an
effort to establish direct relations with the United
States. One purpose of the mission, it was suggested, would be to settle the Nanking outrage of
March 24, in which several foreigners were killed.
Nanking has not yet replied to the identical note of
protest then sent by the five Powers and settlement
of the incident now is looked upon as a first step in
the bid for American recognition and representation
at Washington.
Final *results of the Irish Free State elections,
held last week, became known Wednesday, the seats
being distributed as follows: Government, 47;
Fianna Fail (de Valera Party),44; Labor,22; Farmers, 11; National League,8; Sinn Fein,6; Independents, 15. The new Dail will meet on June 23 and it
was said to be doubtful if the Fianna Fail and Sinn
Fein members would take their seats. Even if they
do not, it was pointed out, the Government will still
be in a minority of nine in the Dail. In this situation the Government Party cannot maintain its existing Ministry without the support of the minor
parties. The opposition to a coalition Government
is so pronounced that President Cosgrave announced
Thursday night that he would not attempt to form
such a Ministry, thus precipitating a new crisis in
Irish Free State politics. Mr. Cosgrave issued the
following statement: "Responsibility for carrying
on the Government falls upon the majority in the
Dail. It is not my duty nor within my power to provide them with a means of escape from that responsibility." Rumors have been persistent that a section of Eamon de Valera's Fianna Fail Party was
ready to take the oath and sit in the Dail, but they
were disposed of in a statement issued Thursday by
de Valera himself: "I want it known finally that
under no circumstances whatever will the Fianna
Fail Deputies take any such oath," he said. "We
give our allegiance to the Irish nation and the Irish
people only, and will never acknowledge any other."
The Spanish Government is preparing to make its
desire effective for a commercial treaty with the
United States, according to dispatches from Madrid.
The present treaty between the two countries is a
general one, negotiated in 1902. Under it, the
United States enjoys the usual "most favored nation" privileges. This has been successively extended to Nov. 26, of the present year, but Madrid
now has served notice that it intends to grant no
further extensions. As it is, dispatches said, the
Spaniards feel that their Government has been exceedingly generous to Washington. A report to the
New York "Times" dated Madrid, June 7, said further: "Great Britain, France and other countries
have concluded with Spain treaties which, it is felt
here, are more equitable than that offered by America. Great Britain and France buy more than the
United States from Spain, while America sells to
Spain more than does either Britain or France. The
United States, it is charged, discriminates against
SPain, while there is no discrimination on the part
of Britain or France. And, finally, if Spain should
discriminate against American goods, there are nine

3540

T LIE CHRONICLE

[VOL. 124.

000 francs the previous year. Gold holdings at home,
abroad available, and abroad non-available, remained unchanged. The total amount of gold stands
at 5,546,833,343 francs, against 5,548,550,695 francs
last year and 5,546,655,795 francs in 1925. Changes
in other important items were: Bills discounted declined 145,686,000 francs, while silver remained
unchanged. Trade advances increased 17,174,000
francs, Treasury deposits 120,611,000 francs, and
general deposits 748,179,000 francs. Purchases of
gold and silver coins to June 15, under the law of
Aug. 10 1926, now total 2,170,500,000 francs, against
There has been no change this week in official 2,164,800,000 francs to June 8. Comparisons of the
discount rates at leading European centres, which various items in the Bank of France statement for
remain at 770 in Italy; 67
0 at Berlin and Austria; 1927, 1926 and 1925 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
5/
1 270 in Belgium; 570 in Paris, Denmark and MaChanges
Status as of
drid; 41/
270 in London and Norway; 470 in Sweden,
for Week.
June 15 1927. June 16 1926. June 18 1925.
Francs.
Holdings—Francs.
Francs.
Francs.
and 31/
270 in Holland and Switzerland. In London InGold
France
Unchanged
3,682,507,441 3,684,229,788 3,682,334,888
open market discounts closed yesterday at 4 5-16@ Abroad available_ _ Unchanged
462,776,4751 1,864,320,907 1,864,320,907
1,401,549,425f
0 for three months' Abroad, non-avail_ Unchanged
4%7
0 for short bills and 4%7
5,546,833,343 5,548,550,695 5,546,655,795
Unchanged
bills, the same as on Friday of last week. Money Total
313,843,476
Silver
335,929,958
Unchanged
344,543,717
0, Bills discounted_ Dec. 145,686,000 1,633,558.451
on call in London early in the week was up to 47
4,482,630,994 3,743,834,912
advances_ Inc. 17,174,000 1,686,748,846 2,354,186,050 3,100,489,080
/
870, the same as on Fri- Trade
but closed yesterday at 31
Note circulation Dec.404,198,000 52,381,440,630 53,032,663,835 43,053,824,835
20,735,707
124,642,058
15,519,896
discount
Treasury deposits_Inc. 120.611,000
day of last week. At Paris open market
General deposits Inc. 748,179,000 12,002,760,808 2,769,806,182 2,117,508,321
1
/
4
rate
the
continue
at
,
but
in
Switzerland
rates
2
Advs. to State_ _ _Dec. 250,000,000 26,950,000,000 36,400,000,000 25,250,000,000
has further advanced from 35-16 to 3%7
0.
The feature in this week's return of the Federal
Gold holdings of the Bank of England for the Reserve banks is again the increase—the further
week ended June 15 showed a very slight increase, very large increase—in the holdings of Government
namely, £244. Total gold now\stands at £152,110,- securities. This time, however, the increase follows
935, compared with £149,793,333 in 1926 and £157,- entirely from the sale of temporary certificates of
596,429 the previous year. The proportion of the indebtedness to the Federal Reserve banks by the
Bank's reserve to liabilities advanced to 30.21%. United States Treasury in order to put the latter in
Last week it was 30.04% and the previous week funds with which to meet debt maturities and in28.54%. Reserve of gold and notes in banking de- terest payments pending the collection of the quarpartment rose £833,000 and notes in circulation de- terly installment of income taxes. The Fedclined £833,000. Notes in circulation now amount eral Reserve figures are for the close of the
to £136,501,000, against £140,007,760 last year, and Week ending on June 15, which was also the
£145,972,465 in 1925. Public deposits increased date when the second quarterly installment
£6,563,000, while "other" deposits declined £4,466,- of the Federal income taxes had to be paid, but two
000. Loans on Government securities fell off £2,200,- or three days are required before these income tax
000, but loans on "other" securities rose £3,556,000. payments find their way through the banks into the
The Bank's official discount rate remains unchanged Treasury, and pending the completion of this procat 41/
270,to which it was reduced on April 20. Be- ess the Treasury always resorts to borrowing at the
low we furnish comparisons of the various items in Reserve banks on temporary certificates of indebtedness. The increase the past week in the holdings
the Bank of England return back to 1923:
of United States Government securities is entirely
BANK OF ENGLAND'S COMPARATIVE STATENIVNT.
1923.
1924.
1927.
1925.
1926.
in the item of certificates of indebtedness, the total
June 20.
June 17.
June 18.
June 15.
June 16.
of which has risen from $155,928,000 to $293,833,000,
123,740,640
Circulation
125,487,140
b136,501,000 140,007,760 145,972,465
including,
however, $185,000,000 of temporary cerPublic deposits
19,113,000 14,258,020 13.368,476 11,328,722 16,981,838
Other deposits
97,922,000 105,282,669 109,626,377 113,236,128 105,255,030 tificates purchased from the Government.
Governm't securities 50,686,000 40,915,328 38,501,733 48,667.467 45,358,518
With this addition to the certificate holdings, the
Other securities
49,162,000 66,937,560 70,949,551 71,224,179 71,177,008
Reserve notes S.coin 35,360,000 29,535,573 31,373,964 22,498,005 23,547,511
total
holdings of Government securities rose from
Coin and bullion_ _a152,110,935 140,793,333 157,596,429 128,235,145 127,538,151
Proportion of reserve
$438,063,000
to $547,224,000. The increase in Gov1994%
to liabilities
30.21%
24.71%
18%
2594%
Bank rate
434%
3% ernment security holdings counted in part as offset
4%
5%
5%
a Includes beginning with April 29 1925 £27.000,000 gold coin and bullion, pre- to diminished borrowing at the Federal Reserve by
viously held as security for currency notes issued and which was transferred to the
the member banks, as is evident from the fact that
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, Includes £27.000,000 of Bank
the volume of discounted bills held by the Reserve
of England notes issued in return for the same amount of gold coin and bullion held
up to that time in redemption account of currency note issue.
banks fell during the week from $399,283,000 to
$360,942,000 and the amount of open market purThe statement of the Bank of France as of.June chases of acceptances from $221,635,000 to $182,504,15 showed a decrease in note circulation of 404,198,- 000. Doubtless member banks were able to dimin000 francs, offsetting to that amount last week's in- ish their borrowing at the Federal Reserve because
crease. Total notes in circulation now stand at 52,- of the payments made by the Treasury in redeeming
381,440,630 francs, against 53,032,663,835 francs a maturing obligations and making interest payments.
year ago, and 43,053,824,835 francs on June 18 1925.
Entirely apart from the purchase of temporary
The State repaid 250,000,000 francs of its indebted- certificates of indebtedness, the Reserve System's
ness to the Bank, bringing the total of advances to holdings of Government securities have been steadthe State down to 26,950,000,000 francs, compared ily increasing in all recent weeks. In the week endwith 36,400,000,000 francs last year and 25,250,000,- ing May 11, when the Reserve Board announced the
chances out of ten that it would not suffer materially, while the United States would lose some $75,000,000 in business annually." As Spanish exports
to this country are less than half the imports from
the United States, Spaniards are said to consider
they have a good chance of getting the real commercial treaty that they desire. The treaty of amity
and commerce which has been offered to them is
called "wholly unsatisfactory, there being no cause
for the mixing up of such questions as freedom of
worship and the tariff on onions."




JUNE 18 1927.]

THE CHRONICLE

3541

purchase of $59,548,000 gold abroad, holdings of $26,419,530. The explanation was again found in a
Government securities were reduced from $316,279,- further diminution of $34,211,000 in the reserves
000 to $253,896,000, suggesting that the Reserve kept with the Federal Reserve Bank of New York.
banks had disposed of some of their holdings of these This diminution in turn seems to have followed as a
securities in order to make payment for this large result of a further contraction in borrowing at the
block of gold. Some commentators even went so far Federal Reserve Bank. Doubtless the banks figured
as to intimate that the Bank of France itself (from that the large payments during the current week by
which the gold is supposed to have been acquired) the United States Treasury on account of debt mahad been purchasing United States Government se- turities and interest payments, would serve quickly
curities from the Federal Reserve banks and had to restore impaired reserves. The loan item of the
given its gold in exchange. Whatever the basis for Clearing House institutions on this occasion shows
this theory, the Reserve banks have in the interval a contraction of $61,991,000 and this was accomsince then been steadily expanding their holdings of panied by a diminution in net demand deposits of
Government securities, so that the total now for $92,015,000, though time deposits increased $3,575,June 15 at $547,224,000 compares with only $253,- 000. Cash in own vaults of member banks of the
Federal Reserve decreased during the week $1,107,896,000 on May 11.
The effect of this expansion in the holdings of 000. State banks and trust companies not members
Government securities is to enlarge the total of bill of the Federal Reserve reported the customary small
and security holdings of all kinds, which repre- change, namely $426,000 decrease in reserve held in
sents the extent to which Federal Reserve credit is own vaults and $110,000 decrease in the reserve kept
being employed. During the week the total rose with other depositaries.
from $1,060,781,000 to $1,091,970,000, at which figAn easy tone prevailed in the New York money
ure comparison is with $930,724,000 on May 11. The
use and employment of Reserve credit serves to pro- market throughout the past week, notwithstanding
duce ease in the money market, and this latter, in the Clearing House banks last Saturday showed a
turn, serves to promote Stock Exchange speculation, still heavier deficiency in reserves than on the prewhich is reaching such menacing proportions, as vious Saturday. Doubtless, however, the banks were
evidenced by the further increase the past week in looking forward to the heavy payments by the
United States Treasury on the 15th. The opening of
brokers' loans on the Stock Exchange.
The Reserve banks have during the past week the demand loan market occurred on Tuesday, as
added still further to their gold holdings abroad, Monday was a stock Exchange holiday on account
the total having risen from $59,548,000 to $62,233,- of the celebrations in honor of Colonel Lindbergh.
/
4% and this was
000. No explanation is vouchsafed as to the reason The initial rate for renewals was 41
for the purchase or its source. The deposits of the promptly shaded to 4% for new money. ApproxiReserve banks have risen during the week from mately $10,000,000 of loans were called on Tuesday
$2,390,467,000 to $2,473,666,000, this following by the banks, but requirements otherwise were small
mainly from the fact that the member banks in- and funds overflowed into the unofficial or "Street"
0.
creased their reserve account (through Treasury market, where some business was done at 3%7
was
an
Wednesday's
market
exact
repetition
of
the
payments) from $2,331,460,000 to $2,421,163,000.
Federal Reserve notes in actual circulation de- previous day, save only that calling of loans dimincreased from $1,716,779,000 to $1,698,294,000, while ished, amounting only to a few millions. On Thursgold reserves (not counting gold held abroad) rose day again, the official rate for call money opened
from $3,005,891,000 to $3,016,645,000. Owing to the at 4Y4%, but later loans were made at 4%. A modincrease in deposits, however, the ratio of reserves erate amount of lending was done in the "outside"
market at 3y2%. A 4% rate prevailed all day
to liabilities declined from 77.2% to 76.4%.
In the case of the Federal Reserve Bank of New Friday, both for renewals and new loans, and again
York, the reserve ratio declined from 84.2 to 81.2%. some "Street" trades were reported at 31/2%. The
Here holdings of certificates of indebtedness in- demand for funds was very light yesterday and at
creased from $35,241,000 to $158,172,000 (the local the close it was said that much money was left unbank having purchased $135,000,000 of temporary loaned. Time money was quiet all week at 4% to
certificates of indebtedness) and total holdings of 41/
2%. The growth in brokers' loans against stock
Government securities from $89,382,000 to $199,- and bond collateral was again emphasized in the
024,000. Holdings of discounted bills fell from $88,- weekly report of the Federal Reserve Bank for New
213,000 to $58,944,000 and of acceptances from $64,- York member banks. The increase on this occasion
489,000 to $32,256,000. Owing to the large addition, was $56,538,000 and, coming on top of an increase
however, to Government security holdings, total of $97,241,000 in the previous week, provided a disholdings of bills and securities rose from $242,084,- agreeable surprise for the community. The expec000 to $290,224,000. Member bank reserve accounts tation was that the loans would decrease substanincreased from $936,807,000 to $997,932,000, and to- tially in the latest statement and disappointment
tal deposits from $961,211,000 to $1,032,688,000. The over the opposite movement was readily discernible
amount of Federal Reserve notes in actual circula- in Tuesday's declining stock market. The total of
tion by the local Reserve bank decreased from $408,- such loans at $3,118,429,000 must be considered in274,000 to $403,807,000.
ordinate. Another weekly increase of the size of
the last one reported would carry the total loan figContrary to expectations, the New York Clearing ures well above the highest ever reached.
House banks and trust companies in their return
last Saturday showed a further increase in their
Dealing more specifically with the changes from
deficiency below legal reserve requirements instead day to day, the call loan rate on the Stock Exchange,
of the extinction of such deficiency. The previous as indicated in the above, moved lower during the
Saturday the deficit was $3,511,080, now it rose to week, but with no great changes from day to day.




3542

UTE CHRONICLE

[vol.. 124.

Monday was a holiday owing to Lindbergh celebra- I produce bills does not ordinarily become manifest
tions. • On Tuesday the renewal rate was 41/1%, but I until early September. Meanwhile, also, tourist
in the case of new loans there was a drop to 4% later spendings in Great Britain and on the Continent
in the day. Wednesday tile renewal figure was strongly supp)rt not only sterling, but the Conagain 414%, but with some other loans negotiated tinental exchanges. From the viewpoint of the man
at 4%, and the same condition was repeated on in London the money market there has been easier
Thursday. On Friday the renewal rate was lowered for a week or more, but this is only relative and
to 4% and other loans were negotiated at the same cannot last owing to the imminence of large volume
figure. In the time loan branch of the market the of foreign financing and to the continued foreign
tedency was also towards slightly lower rates, gold purchases. On Thursday, June 9, as slated in
though only in the case of the shorter maturities. our issue of last Saturday, the Bank of England
At the close of the week the range was 41/
/
8% released and earmarked £500,000 in sovereigns for
4@43
for 30 to 90-day money and 43
/
8@4/
1
2for loans run- South Africa and sold £11,000 in gold bars and
ning from four to six months.
£400,000 in sovereigns to Holland. On Monday,
Rates for mercantile paper again remained un- June 13, the Bank sold £5,000 in bars and exported
changed. The range for four to six months' names £12,000 in sovereigns to Holland. This was followed
of choice character has continued at 4(g41/
4%, with on Wednesday by a sale of £45,000 sovereigns to
the inside figure available in the case of exceedingly Argentine and £5,000 to Germany. On Thursday
choice paper. For names less well known the range the Bank of England sold £41,000 in gold bars, descontinues at 43/
4@41/
2%,which is also the quotation tination not given, followed by a sale of £9,000 in
for New England mill paper.
sovereigns to India. The Bank of England in its
There has been no special feature the present weekly return showed a trifling increase in its gold
week in the market for banks' and bankers' accept- holdings namely £244. At the port of New York the
ances, which has again been very limited in charac- gold movement for the week, ending June 15 as
ter. For call loans against bankers' acceptances the reported by the Federal Reserve Bank of New 'York
posted rate of the American Acceptance Council has was inconspicuous, consisting only of $84,000
remained unchanged at 3%%. The Acceptance imported from Latin America and of $99,000 exported
Council has also kept unaltered the discount rate to Mexico and Venezuela. There was no Canadian
on prime bankers' acceptances eligible for purchase movement of the metal either to or from the United
by the Federal Reserve banks at 35
/
8% bid and 3/
1
2% States. Canadian exchange continued to show weakasked for bills running 30 days; 33
4% bid and 35
/
8% ness. Montreal funds opened on Monday at a disasked for 60 days and 90 days; 37
/8% bid and 334% count of 1-64 of 1%,a nominal quotation owing to the
asked for 120 days, and 4% bid and 37
/8% asked for Lindbergh celebration here on Monday. In Tuesday's
150 and 180 days. Open market quotations follow: market, however,the weakness was more pronounced,
the discount being 1-32 of 1%. The rest of the
SPOT DELIVERY.
—180
B
Da
Days— week there was considerable fluctuation, and ThursAsked,
id.
Dalsked.
Prime eligible bills_
4
3%
4
34
3%
34
day's rate was as low as 3-32 of 1% discount. The
—90 Days— —60 Days— —30Days— Canadian press complains of the large
amount of
Asked.
Asked.
Asked.
Bid.
Bid.
Bid.
Prime eligible bills _ 3
334
334
3
34
34
imports, particularly from the United States and
FOR DELIVERY WITHIN THIRTY DAYS.
These purchases account in large
Eligible member banks
334 bid Great Britain.
Eligible non-member banks
3% bid
measure for the weakness of Canadian exchange and
There have been no changes this week in Federal they are not likely to be offset for some time, as the
Reserve Bank rates. The following is the schedule Dominion's wheat and grain exports will be in light
of rates now in effect for the various classes of paper volume for several weeks to come.
As was the case last week, there was no noticeable
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL pressure of sterling bills on the market and the conCLASSES AND MATURITIES OF ELIGIBLE PAPER.
tinued ease of money in New York is a favorable
Previous factor steadying sterling, since it has the effect of
Rate in
Date
Federal Reserve Bank.
EiTea on
Rate.
Established.
June 17.
inducing a flow of short-term money from this side
Boston
34 to London. Discount business in
Nov. 10 1925
4
London was reNew York
3%
Aug. 13 1926
4
Philadelphia
4
334 ported as rather small throughout
Nov.20 1925
Cleveland
the week, and
4
334
Nov. 17 1925
Richmond
434 bills of all dating
June 14 1924
4
were fairly steady at 44%, whereas
Atlanta
June 18 1924
4
Chicago
41 a week
June 14 1924
4
ago there was a slight variation insofar as the
St. Louis
4
June 19 1924
4
Minneapolis
4
Oct. 15 1924
4
Kansas City
quotations were 4 5-16@44%. There is consider4
4
July
1
1924
Dallas
4g
4
July 16 1924
Ban Francisco
able speculation in foreign exchange markets regard3
4
Nov.23 1925
ing a rumored forthcoming meeting in New York of
Sterling exchange has been quite steady during the the Governors of the Bank of England, the Reichsweek, despite the freedom with which London has bank and the Bank of France with Governor Strong
been releasing gold to other markets. The rate of the New York Federal Reserve Bank. According
throughout the week has not varied greatly from to report, the Governors are expected to discuss
4.85 5-16 for demand bills, and 4.85 11-16 for cables, general monetary and currency conditions in their
though with occasional transactions 1-16 above or long-range prospects rather than from the viewpoint
below these figures. In a measure the drain in gold of factors having immediate effect on foreign exis offset for the time being by the flow of temporary change quotations.
funds, both Continental and American, seeking
As to the day-to-day fluctuations, sterling exchange
investment in London, because of the higher rates on Saturday last remained the same as on Friday,
prevailing there. Not only is this the case, but for a with sight bills quoted at 4.8514@4.85 5-16, and cable
month or so to come, the tendency of exchange is transfers at 4.85 11-16. On Monday the rate for
likely t) continue in favor of London as against New demand bills was 4.85 5-16, while cable transfers
York, since the pressure of cotton, grain and other remained at 4.85 11-16. On Tuesday rates were




JUNE 181927.]

fractionally higher at 4.85 5-16@4.85% for checks
and 4.85% for cable transfers. On Wednesday rates
for sight bills were unchanged, but cable transfers
moved back to 4.85 11-16. On Thursday checks
were quoted at 4.853.@4.85 5-16, and cable transfers
at 4.85%. On Friday the range for demand bills was
4.85 3-16@4.855-16, and for cable transfers4. 85%.
Closing quotations were 4.853. for demand and
4.85 5-8 for cables. Commercial sight bills finished
8, sixty-day bills at 4.81 5-16, ninety-day
at 4.853/
bills at 4.79%, documents for payment (sixty days)
at 4.81 18-, and seven-day grain bills at 4.84 %.
8.
Cotton and grain for payment closed at 4.853/
In the continental exchanges features of the week
were the rise of Holland guilders to a new high for
1927, activity and firmness in Italian lire, and a
Lather sharp drop in Spanish pesetas. Holland guilders opened the week at 40.03 demand and touched
40.05 in Thursday's market, with the rate yesterday
40.053/2. French francs and Belgian belga were
steady and the same may be said of the other leading
European exchanges, the ranges during the week
being inconspicuous. In fact the entire market
was quiet and there was little activity arising from
the New York side. Paris checks did not deviate
much from 3.913/2. Brussels checks ranged from
13.89 down to 13.88. German marks at 23.68®
23.69 for demand represented the fundamental price
for exchange on Berlin, despite the fact that the
Reichsbank increased its rediscount rate last week
from 5% to 6%. It was believed that the higher
rediscount rate would have a depressing effect on the
mark. In Friday's market German exchange was
quoted at 23.68®23.69 for checks. Activity in lire was
due largely to speculative buying, owing somewhat
to a recent statement of Count Volpi to the effect
that Italy will stabilize the lira, and also to remarks
of Premier Mussolini to the effect that the economic
situation is better than at any previous time. Speculative buying, however, does not harmonize with the
plans of the Italian Government, and yet the lira
has risen several points during the week.
The London check rate on Paris closed at 124.02
on Friday of this week, against 124.02 on Friday
of last week. In New York sight bills on the French
centre finished at 3.91
against 3.913/
2; cable
transfers at 3.91%, against 3.91%; and commercial
sight bills at 3.91, against 3.91%. Antwerp
francs finished at 13.883/ for checks and at 13.893/
for cable transfers, as against 13.88 and 13.893/
last week. Final quotations for Berlin marks were
23.69 for checks and 23.70 for cable transfers, in
comparison with 23.683/2 and 23.693/ a week earlier.
Italian lire closed at 5.54 for bankers' sight bills
and at 5.506 for cable transfers, against 5.5034.i
and 5.509. last week. Austrian schillings have not
been changed from 141
/. Exchange on Czechoslovakia finished at 2.96, against 2.96; on Bucharest
at 0.593, against 0.59h; on Poland at 11.25,
against 11.45; and on Finland at 2.52, against
2.52. Greek exchange closed at 1.369 for checks
and at 1.37 for cable transfers, against 1.35
and 1.35% a week ago.

June 16. A little while ago there was some talk of
a loan for Spanish railroads, but as there were no
immediate developments in that direction, considerable speculative liquidation has taken place in the
peseta.
Bankers' sight on Amsterdam finished on Friday
at 40.05, against 40.03 last Friday; cable transfers
at 40.07, against 40.05, and commercial sight bills
at 40.02, against 40.02. Swiss francs closed at 19.23
for bankers' sight bills and at 19.233/ for cable
transfers, in comparison with 19.23 and 19.23 a
week earlier. Copenhagen checks finished at 26.72,
and cable transfers at 26.73, against 26.72, and 26.73.
Checks on Sweden closed at 26.79 and cable transfers
1 , while checks
at 26.80, against 26.763/i and 26.77/
on Norway finished at 25.85 and cable transfers at
25.86, against 25.84 and 25.85. Spanish pesetas
closed at 17.12 for checks and at 17.13 for cable
transfers, which compares with 17.34 and 17.35 a
week earlier.

In the exchanges on the former neutral countries,
the striking feature was, of course, the firmness in
Holland guilders, and the lower quotation of Spanish
pesetas under speculative drives. The peseta opened
low at 17.26 for checks, and declined to 17.16 on



3543

THE CHRONICLE

FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVI
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
JUNE 11 1927 TO JUNE 17 1927. INCLUSIVE.

I

Country and Monetary
Unit.

Noon Rutting Rate for Cable Transfers to New York.
Value in United Hales Money.

I June 11. , June 13.

EUROPES
.14057
Austria,schilling
Belgium. belga
.1389
.007192
Bulgaria, ley
Czechoslovakia, krone .029614
Denmark. krone
.2672
England. pound ster4 8564
ling
025197
Finland, markka
.0392 _
France, franc
Germany. reichsmark. .2369
.013457
Greece, drachma
Holland, guilder
.4005
.1744
Hungary. Peng°
0551
Italy, lira
.2587
Norway, krone
.1123
Poland, zloty
.0504
Portugal, escudo
.005886
Rumania. leu
.1727
Spain, peseta
.2678
Sweden, krona
.1923
Switzerland, franc
.017574
Yugoslavia, dinar
ASIAChina6556
Chefoo. tadl
6517
Hankow, tael
6303
Shanghai, tadl
6619
Tientsin. tadl
Hong Kong, dollar_ .4919
..4568
Mexican dollar._.
Tientsin or Pelyang
4538
dollar
.4504
Yuan, dollar
.3621
India, rupee
4636
Japan. yen
.5598
Singapore(S.S.),do
NORTH AMER.
.999733
Canada, dollar
999125
Cuba, peso
464500
Mexico. Peso
Newfoundland, dollar. .997250
SOUTH AMER.Argentina, peso (gold) .9647
.1180
Brazil. milrels
1201
Chile, peso
1 0035
Uruguay. Peso

$
.14065
.1389
.007244
.029615
.2672

June 14.1 June 15. June 16. June 17.
5
.14054
.1389
.007205
.029614
.2672

$
.14050
.1389
.007205
.029613
.2672

$
.14059
.1389
.007227
.029615
.2672

$
.14062
.1389
.007200
.029614
.2672

4.8555
4.8563
4.8568
4.8567
4.8566
.025193 .025192 .025187 .025194 .025188
.0392
.0392
.0392
.0392
.0392
.2370
.2370
.2369
.2369
.2369
.013440 .013483 .013470 .013511 .013642
.4006
.4006
.4006
.4005
.4005
.1745
.1744
.1744
.1744
.1743
.0554
.0554
.0555
.0553
.0551
.2585
.2585
.2586
.2586
.2586
.1126
.1138
.1141
.1143
.1128
.0502
.0504
.0503
.0503
.0506
.005860 .005877 .005925 .005913 .005929
.1714
.1715
.1723
.1724
.1724
.2678
.2677
.2678
.2677
.2677
.1923
.1923
.1923
.1923
.1923
.017568 .017577 .017571 .017572 .017576
.6567
.6513
.6316
.6604
.4920
.4568

.6538
.6497
.6301
.6608
.4920
.4563

.6554
.6509
.6304
.6629
.4914
.4543

.6550
.6506
.6289
.6617
.4912
.4543

.6475
.6444
.6243
.6546
.4895
.4505

.4533
.4500
.3620
.4637
.5600

.4529
.4496
.3619
.4636
.5600

.4504
.4471
.3621
.4640
.5600

.4508
.4475
.3618
.4649
.5600

.4458
.4425
.3614
.4671
.5596

.999784
.999125
.464167
.997250

.999756
.999063
.464083
.997188

.999268
.999094
.464083
.996875

.999127
.999156
.464650
.996750

.998826
.999063
.464250
.996375

.9643
.1181
.1204
1.0045

.9647
.1179
.1201
1.0035

.9644
.1180
.1204
1.0035

.9646
.1181
.1204
1.0035

.9646
.1181
.1204
1.0028

In South American exchanges Argentine pesos continued to occupy the stage as during the past few
weeks. A week ago, it will be recalled, the peso rose
above its parity of 42.45 to 42.46. The present
week there has been a drop to 42.42, although there
has not been sufficie it trading to give much body to
the market. Arge itine exports continue large, and,
as already noted, the Southern republic has been
drawing considerable gold from London. Buenos
Aires has also been taking gold direct from South
Africa, thus lessening the supply available in the
London market. It is believed in some quarters that
Buenos Aires might draw down gold from New York,
but it seems more likely that with present sterling
quotation Argentina will settle accounts on balance
through London. Argentine pa )er pesos closed at
42.42 for checks, as compared with 42.46 last week
and at 42.47 for cables, against 42.51.. Brazilian
milreis finished at 11.84 for checks and at 11.85.for
cables, against 11.82 and 11.83. Chilean exchange
closed at 11.99, against 11.99, and Peru at 3.73,
against 3.74 last week;

3544

THE CHRONICLE

Japanese yen showed a better tone, as the prospects for this currency are improving with Japan's
export season drawing near. Of course the business
situation there is still unsatisfactory and business
leaders are still discussing readjustment plans.
There are no indications that the situation in China is
growing worse and every improvement in Chinese
affairs is favorable to Japanese currency. Closing
quotations for yen were 469., against 46.32 on Friday
of last week. Hong.Kong closed at 49@49%,against
4931@49 9-16; Shanghai at 62M, against 62%@
63%; Manila at 4932, against 4932; Singapore at
5663/
8@56%, against 56%@56%; Bombay at 363i,
against 363
/
s, and Calcutta, 363., against 36%.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $4,609,516 net in cash as a result of the
currency movements for the week ended June 16.
Their receipts from the interior have aggregated
$5,533,516, while the shipments have reached $924,000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.

Week Ended June 16.
Banks' Interior movement

Into
Banks.

I

Out of
Banks.

$55336161

Gain or Loss
to Banks.

$924.000 Gain $4,609,516

As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE
AT CLEARING HOUSE.
Saturday.
June 11.

Tuesday, Wednesd'y, Thursday, Friday,
June 14. June 15. June 16. June 17.

Monday,
June 13.

ilooreaate
for Week.

•
82,000,000 99,000,000 74.000.000 99.000,000 171,000 000 118,000 000 Cr. 643,000,000
Note.—The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
New York are.not accounted for in arriving at these balances, as such ehecks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.

The following table indicates the amount of bullion in the principal European banks:
June 17 1926.

June 16 1927.
Banks of
Gold.

1

Silver.

Total.

Gold.

I

Silver.

I

Total.

£
£
£
£
I
S
1
£
England_ _ 152,110,935
149,793.333
152,110,935 149.793,333
France.a _ 147,300,268 13,760,000 161,060,268 147,369,192 13.400,000160,769.192
Germany b 87,318.500
c994,600 88.313,100 61,580.000
994,600 62,574.000
Spain _ __ _ 103,897,000 28,148,000132,045,000 101,487,000 26,724,000128,211,000
Italy
46.286.000 3.967,i IS 50,253,i:: 35,713,000 3,423,000 39,136,000
Netherl'd 34,591,000 2,320,000 36,911,0
35,990.000 2,255,000 38,245.000
Nat. Bag_ 18,276.000 1.184,000 19,440,000 10,954,000 3,616,000 14,570,000
Switzer''d 18,332,000 2,831,000 21,163,000 16,761,000 3,537,000 20,298,000
12,323,000
Sweden
12,323,000 12,719,000
1 12,719,000
Denmark _ 10,703,000
736,000 11,439,000 11,400,000
836,000, 12,236,000
Norway __ 8,180,000
I 8,180,000
8,180,000 8,180,000
Total week639,317,703 53,920,600693,238,303 591,946,525 54,785,600646,732,125
Prey. week 638,858,409 53,960,600.692,810,00 591,360,760 64,890,600646,251.360
Gold holdings of the Bank of France are exc usive of gold held abroad, amounting
the present year to £74,773,036. b Gold holdings of the Bank of Germany are
exclusive of gold held abroad, the amount of which the present year is £3,456,300.
c As of Oct. 7 1924.

More Conferences—The League Council and
Naval Disarmament at Geneva.
The meeting of the Council of the League of Nations this week at Geneva came at an anxious moment. The recent diplomatic break between Great
Britain and Russia, followed by the assassination
of the Russian Ambassador at Warsaw and the revival of wholesale political executions in Russia, had
brought Russia suddenly to the centre of the stage,
and created a political situation which required
delicate handling if it was not to be made worse.




(You 124

Within the Council membership itself, moreover, an
interesting situation had developed. The German
Ministry, while apparently disposed to support Dr.
Stresemann, the German delegate to the Council, in
what he might propose or undertake, had insisted
upon the formality of Ministerial approval before his
action became final, and the Poincare Cabinet had
laid a similar restriction upon M. Briand. The restrictions would not have amounted to a great deal,
perhaps, if the session of the Council had been
mainly concerned with routine matters, but with
various German matters forming the most important items of the agenda, and with the Russian situation looming, there was reason to fear that the
German and French delegates might be so hampered
by their Governments as to make it more than ordinarily difficult for the Council to agree upon anything.
Fortunately, we believe, for the peace of Europe,
the project of a joint note to Russia has been
dropped. For this the Council has Germany to
thank. It would have suited the reported plans
of the British Government if Germany, which has
insisted upon maintaining a neutral attitude in the
Anglo-Russian dispute, had been willing to modify
its stand to the extent of joining with the other
Powers in a joint representation to Russia regarding the executions and the spread of Communistic
propaganda. A joint note, however, meant a united
front against Russia, with war as a not altogether
remote possibility; and for a war with Russia the Powers, upon relection, felt it well to
draw back. The Poincare Government in France is
in no position to court an open break with Russia,
while Germany, naturally a friend of Russia and a
leading factor in Russian foreign trade, is about the
last Power in Europe to risk a war anywhere. The
whole scheme of a joint note apparently fell to the
ground when Dr. Stresemann declined to act upon
the British suggestion. The solution was greatly
aided by the attitude of the Polish Government,
which pointed out earnestly the disastrous effect
which any joint representation might have upon
the settlement with Russia which was in progress
over the assassination of the Russian Ambassador.
Instead of a joint note, five of the Powers, Great
Britain, France, Germany, Italy and .Belgium, will
express individually to Russia and Poland the hope
that nothing will happen to disturb peaceful relations of those countries, and will unofficially call
the attention of Russia to the unfavorable impression which the political executions are creating
abroad.
With Germany holding a key position in the Russian controversy, it was not surprising to find it
keeping to the front in the Council discussions of
the military evacuation of the Rhineland and the
dismantlement of fortifications on the eastern German frontier. On both of these questions it has for
some time shown a strong inclination to claim for
itself the same measure of national freedom that
other members of the Council enjoy. It has already
called attention to the fact that the Treaty of Versailles, in its provisions regarding disarmament,
laid obligations upon the Allies as well as upon Germany, and that the disarmament of Germany logically implied the relinquishment by the Allies of
military occupation of the Rhineland. It has also
refused to permit Allied military observers to examine the eastern fortifications which have been dis-

JUNE 18 1927.]

THE CHRONICLE

3545

These differences of opinion appear to be due in
mantled, and has expressed its preference for a neuconsiderable measure to the developments in naval
tral, and particularly for an American, inquiry.
tion, and in the theory of naval defense,
Possibly Germany is pressing her advantage too construc
Washington Conference. On the one hand
the
since
Dr.
far. At this week's session of the Council,
ne, a type of naval craft much criticized
submari
Sir
the
to
d
Stresemann is reported to have suggeste
Washington, has grown greatly in favor. It has
Austen Chamberlain and M. Briand his willingness at
been estimated that the principal fleets of the world
to waive, for the time being, the demand for a furhave, by 1931, not far from 500 submarines,
ther reduction of the Allied forces on the Rhine, pro- will
the States possessing this type of vessel being
vided that Great Britain and France would agree among
y small Powers as Finland, Latvia,
relativel
to give Germany a seat on the Mandates Commis- such
, Greece, Jugoslavia, Turkey and
Rumania
Poland,
sion, with, of course, an equal voice with the other
hand, the cost of battleships,
other
the
On
Peru.
terriPowers in the supervision of the mandated
of the two 35,000-ton.hips
case
the
in
ng,
amounti
German
tories, large parts of which were formerly
Great Britain has built under the Washingcolonies. The suggestion is said to have been so which
treaty, to more than £7,000,000 each, is alarmgreat a surprise to the British Foreign Secretary as ton
from the point of view of the taxpayer. The arto cause him to drop his famous monocle, and to ing
in favor of a reduction of gun calibre from
have drawn from M.Briand an earnest remonstrance gument
to six inches, the limit set at Versailles
against the continuance of such disturbing proposals eight inches
cruisers, finds support in the fact
German
the
as Dr. Stresemann has from time to time brought for
modern liners are readily convermost
while
forward. As Germany is known to desire very much that
with a relatively great cruising
cruisers,
into
tible
the return of some of its colonies, notwithstanding
as a rule, fitted to carry eightnot,
are
they
range,
it
no
was
the decision of the Peace Conference that
As every extension of a nation's Inerlonger to be permitted to enjoy colonial possessions, inch guns.
means the extension of its naval rethe suggestion of German representation on the chant marine
the transport of troops and aircraft, in
Mandates Commission appears like a further step sources for
such fighting powers as refitted merin a systematic pressing of its claim. It is hardly addition to
might possess, there is a feeling in
surprising that no decision was reached on this chant vessels
e naval circles that the applicaJapanes
and
point, and that the questions of military occupation British
ratio to cruiser construction
fast
and
hard
a
of
and the eastern fortifications remain, in conse- tion
on of the development
restricti
a
effect,
in
be,
would
quence, about as they were when the Council met.
fleet.
t
merchan
a
of
Close on the heels of the meeting of the Council
We shall know how serious these various contenwill follow the meeting of the Conference on Naval
when the specific proposals of the United
Disarmament, called by President Coolidge, and to tions are
which thus far have been withheld, are made
be participated in directly by the United States, States,
at Geneva. In the meantime the Conference,
Great Britain and its Dominions, and Japan, and known
which France and Italy will be represented by
indirectly by Italy and France. The Conference has at
s, will perhaps bring to light the exact exno connection with the League, and should not be observer
construction that has gone on since the
naval
of
confused with the Preparatory Commission on a tent
and the burden which competmeeting,
ton
Washing
general disarmament conference whase deliberathe nations. It is obviupon
lay
ts
armamen
tions, prolonged over a number of months, appear to itive
to say to another how
nation
one
for
difficult
ously
have ended without practical results. The prime
kind of naval armament is proper for
object of the three-Power conference which convenes much or what
protection of commerce and
on Monday is the consideration of the proposal to its defense, and the
a national liability always
extend to cruisers the 5-5-3 ratio which the Wash- overseas possessions is
In the present economic
ington Conference adopted for capital ships, and to to be taken into account.
, everything poshowever
nations,
condition of the
reduce cruiser strength.
load of taxation.
the
lighten
to
done
be
On these points the forecasts of what each of the sible should
ure that are
expendit
national
of
items
the
three Powers intends to advocate, all of them ad- Of all
upon
individurs,
consume
and
s
producer
upon
mittedly general, show a considerable divergence of piled
ve of
least
the
producti
alike,
ions
corporat
and
opinion. It will be recalled that the Washington als
are
which
taxes
the
are
view
of
point
any
from
good
Conference defined a cruiser as a fighting ship of
the
beyond
and
navies
up
armies
keep
to
imposed
not exceeding 10,000 tons, carrying guns not exceedWashing
The
defense.
rational
of
es
necessiti
clear
that
Great
time
At
Britain deing eight inches.
of
n
clined to assent to any limitation of the number of ton Conference was a useful step in the directio
cruisers unless the submarine were abolished, and easing this great burden. It is to be hoped that anthe refusal of France to acquiesce in the abolition other and still longer step may be taken at Geneva.
of the submarine left the Powers free to develop
Courage and Chivalry.
their cruiser strength at their discretion. Great
The spectacular flights across the Atlantic first
Britain, it is believed, will now oppose the applicaLevine
tion of the 5-5-3 ratio to cruisers, but will propose by Lindbergh and then by Chamberlin and
skill.
and
courage
of
ons
ent
exhibiti
magnific
to
6,000
tons, the are
a reduction in the size of cruisers
ials
testimon
limit set by the Treaty of Versailles for German And they have called forth splendid
peoall
by
cruisers, with preferential treatment in the matter of appreciation in all countries and
.
chivalry
is
more
of tonnage because of the necessity of protecting its ples. Courage is not dead—no
lonely
a
traverse
to
trade routes. The Japanese Government, on the Alone ascending into the air,
an experiment,
other hand, is reported to take the view that the sea, in a frail craft that is yet largely
its endurance,
nor
safety
its
Washington agreement has no bearing upon the having neither proved
that become
sagas
and
songs
the
coming Geneva Conference, and that in the matter is a feat worthy of
immorname
a
renders
It
history.
of
of cruisers or auxiliary vessels Japan should enjoy a the classics
s
triumph
these
Whether
.
grateful
people
a
tal and
parity with Great Britain and the United States.




3546

,

THE CHRONICLE

[VoL. 124

are to become the commonplaces of transportation love valor and respect those
who put their courage
we do not know. Orville Wright thinks the chances to the test—and overcome!
of success were one in four or five; and that the day
There is, therefore, a deep significance in these
is not near when regular air travel schedules will striking events that now
arrest our attention and
be established between distant shores. Be this as it arouse our praise. There is
no sorrow such as lately
may, the courage and confidence of these aviators shrouded the world when
millions gave their lives
is worthy of all praise, and of course the name of to a cause—and to those
who made the "rendezvous
Lindbergh will lead all the rest. Nor are we con- with death," humility yetpours
itslibations of praise
vinced that the air is a natural domain of man. for both the living
and the dead—our rejoicing is
Edison has said that "time is really the only capital from that fount of well-wish
ing that lies in the
that any human being has," yet we waste it in count- breast of every people.
We turn aside from absorbless ways only to conserve it at great expense and ing activities to think
on acts that though they may
constant as well as perilous effort. And though, never bring material gain to mankind,
set us a spirperchance, we are all to become birdmen, as long as itual example which in humbler
ways we may put
we appreciate courage, and devotion to a task, we into our own lives and works.
A word of praise for
will not have forgotten the finer things of life and some simple act of faith
and help to friend and
living.
neighbor now, is worth a thousand encomiums
Comparison has frequently been made between spoken above the voiceless
dust. An example of
this form of courage and that of the soldier in war acknowledgment and appreciat
ion of a hidden deed
to prove that war is not, as so often claimed, neces- of• courage in the virile lives
of those we know in
sary to bring out the best in man. We may well let humbler walks may blossom
some time in the herothat aspect pass to dwell upon the elements of true ism that thrills a world.
When armored knights
courage and the benefits of responsive feeling. In fought cap-a-pie on fields
of glory for the favor of a
every life there is a story. Courage is not a physical woman's smile, in an
age of chivalry, if they did not
quality. It is of the mind and heart. And if the create they carried on
that selflessness and sacrifice
unrevealed stories of countless lives could be unrolled for honor's
sake that now pours out wealth to build
before us, it would be found that the will to make a palaces of art dedicated
to love of the beatuiful and
decision of moment and daring, often involving life fine-housed
institutions where suffering may find
itself, has brought unnumbered individuals face to surcease.
What else can it be but a love of tribute,
face with bravery and cowardice. How many bat- we do not
ourselves understand, that causes States,
tles have been won or lost in the lone chambers of municipal
ities and peoples, with one accord, to laud
the soul we shall never know. So that while we and applaud
these men suddenly lifted to the pingladly and rightly acclaim the victor when the feat nacle
of fame? And is not the lesson of national
is seen of all, may we not remember our fellows who unity but
a larger presentment of that simpler unity
travail alone over the intricate and hidden personal of simpler lives
which gives tribute to a bed of backproblems of life, and, noting the good that is around yard pansies
tended by a tender hand or to an unus as a consequence, learn to do honor to those wird selfish devotion that
smooths down the way of ti dl
meet the test, though they never hear a single plaudit, or waits by the bed of pain
that one may be gladand never know the real worth of the heroic tasks dened or whispers encourag
ement to those by a world
they accomplish.
forsaken?
Mention has been made of the good-will offering
Lest we forget—in the midst of acclaims honof these flights. We believe this is an unconscious estly earned and freely
bestowed—while for the time
result. Emotional France, phlegmatic England, ex- the hard concerns of life
are forgotten—that praise
citable Germany, have opened responsive hearts to to be worthy must never
be fulsome, and that honor
these pilgrims of the air. Out of the night they to be given must be
already won. Chivalry is the
came into the light of hearts ready to cheer and generous appreciat
ion of gallant deeds by generous
to welcome. Nothing divides men and peoples in men. To
make of an occasion like the celebration
the love of exploits worthy of fame. Peculiarly now in
course a thing of play and pantomime, of
poignant is the thought at this time of universal hilarity and
shouting, of pomp and circumstance,
rejoicing over daring deeds that Nungesser and is to
forget its fine significance and its savor of
Coli, two mariners setting sail from France on a merit.
When the days are passed, there are other
westward voyage, perished in the attempt, though days to
come—and in every one of these there is opat this writing there is still a lingering hope that portunity
for personal appreciation of personal cour•
they may be lost in the wilds of Labrador. To them, age,
sacrifice and good deeds. It takes naught from
no less than to the living, the meed of respect and
these men to remember as occasions come, those
praise! They made the attempt, even first. Their who
go down in the fumes of mines to rescue their
memories are indelibly linked with this all-conquercomrades, those who plunge into perilous seas to
ing spirit that will go down in the annals that mark save
the drowning, those who risk their all in pura new epoch in the history of human achievement. lieus of
night to protect life and property, albeit
For if commercial aviation shall prove to be a fail- in the
line of duty, those who dare disease that othure, that which has been done will be done again, ers may
not die, even those who simply wait by the
and other mariners will sail the trackless deep of gates of
dread and despair ready to serve and sucthe upper air—"lone wandering but not lost." If, cor the
suffering. The common chivalry of our comthen, there be a closer union between peoples be- mon life is
that we appreciate and help each other
cause of these couriers, coming out of the very skies according to
our deserts that there may be more of
with tidings of "peace on earth, good-will to men," courage
to work and win a way to joy and content.
echoing the sacred message of long ago—honors are
All praise to these heroes of the air! They show
well bestowed and those who acclaim are them- us courage we can
put to daily use. They arouse a
selves honored. In this spirit let us all hope that chivalry we can
expend in humbler ways. They
good will come, for we are all one at heart that we teach us modesty
that will save us from wanton neg-




JUNE 181927.]

THE CHRONICLE

lect and idle egotism. All our praises are as sounding brass and tinkling cymbal unless we find in these
men lasting examples we can transmit to those who
are to follow us. Their sublime courage, their masterly skill, their invincible determination, are lost
upon a world that will not heed and emulate. Some
time in every life, though unknown and unheralded,
there will come opportunity to follow—though it
be in the secret conflicts of the single soul. And as
nations are drawn together by the ties of a common
tribute and as peoples are bound together by impulses of the feeling heart, so men are bonded by the
sacrifices and accomplishments of good lives and by
the appreciation of the wondrous worth of each
other.

3547

ilization and Climate," which, Huntington states as
follows: "A man feels more inclined to be active,
and will do more physical work, at a temperature
of about 60 degrees-55 to 70 degrees—than when
it is colder or warmer." He also states that man
does his best brain work when the outdoor temperature is about 40 degrees. Study the temperature
charts of Seattle and Portland, and you will be
struck by the fact that in winter the temperature
there is right for the maximum of mental activity;
in summer it is right for the maximum physical activity!)—"this leads one to predict," says Dr. Smith,
"an unrivaled future for this part of the country.
It is a splendid land for agriculture. It is accessible for trade. The Panama Canal offers transportation facilities. As to mechanical energy, the CasThe Illusion of Prophecy.
cades and the Coast Range, along with the Rockies,
What makes the wind blow? The sun beating give the cities between Portland and Vancouver
down on the Equator expands the air, causing cur- access to many millions of horse-power of hydrorents to flow. Yet the wind "bloweth where it list- electric energy. Nowhere in Europe nor in the
eth." We are making some progress in prophesying Eastern United States is there any location for wathe weather—but how sudden the devastating ter power resource that rivals it."
storms, unheralded, and from unknown causes. And
Now, our purpose is not to criticize this very inthough the sun makes the wind blow, there are other formative article of Dr. Russell Smith. He himself
important causes. A single reason is not sufficient takes occasion to say in another part of the article:
explanation for anything. Air can be made into a "This invention business may peter out. We may
liquid, into a solid. Earth, traveling in ether— become too practical, too short-sighted to continue
cold, surrounded by its cushion of air, whirling on to be inventive. Mechanical invention works out
its axis, revolving around the sun, and advancing the secondary results of a fundamental discovery
through space with the solar system—who can now in pure science." (Here he interjects the need of
even imagine the possible causes that lie outside our spending money on pure science lest applied science,
present knowledge which may affect the tempest?
which this school believes makes no fundamental
Where a new street is being builded in a coast city discoveries of its own, will die out.) Despite the
a sharp cleavage of the soil shows, amid the gravel, eminence of the writer,"a celebrated geographer and
a layer of small boulders, these sometimes reappear- economist," and the great worth of his article as a
ing in the mortar of a stone fence or the rubble work contribution to the thought of the time, our belief is
of a cottage. Here, we say, is evidence of an ancient that he falls into the common error of giving too
beach. What ages of wave-motion rolled these pieces much importance in the scheme of things as they
of broken rock into this elliptical shape, what time are to his own science and bases the particular prophmust have elapsed to lay down the differing strata ,ecy we have quoted too much upon this single fact
of sand, what pressure hardened it, what volcanic of the influence of climate upon civilization. Surely
action upheaved it—what a strange and unfathom- the centripetal forces of our millions working under
able history for a stone fence! And the man who a free Government, individually and independently,
built it—whence did he come, what his varying mi- will not throw the centre of culture in this Northgrations, his perils and adventures, his generations west, although so favorably situated. Again, withand their lore, his wars and civilizations, here in a out much doubt, climate is changing; and if, pergreat city, building his habitation, in the midst of a chance, the Gulf Stream should be diverted (it is
surpassing architecture, out of ancient rounded said to be very slowly changing) by some cataclysm
pieces of broken stone! There is no effect without a of the ocean deep, there would be another story to
cause or causes—but how remote and complicated tell. But that remote possibility need not be conare the causes!
sidered. In the meantime and within the fifty or a
In the June number of the "American Magazine," hundred years embraced in this prophecy, any numDr. J. Russell Smith contributes an article entitled ber of major influences, from out the people them"What is Going to Happen to America?" In the selves, may destroy the prediction.\ There are too
course of it he says: "Basing my assertion on past many converging facts and influences in our current
history and economic and industrial conditions of development to hazard any fixed prediction as to
to-day, it is in the Northwest where I expect Ameri- what the future hundred years holds for us. And
can civilization, in many ways, to reach its maxi- it is a common error into which we fall of building
mum. Yes! I expect that it will outstrip New upon single facts, trends, influences, and changing
York, overcoming the advantage which the metrop- customs, environs, conditions. It matters not where
olis has had of an early start! In this Northwest an invention is born, it travels the earth. It matters
of which I speak, I anticipate that, man for man, not what the geography of a locality may be, man
Americans will eventually realize their greatest has ever conquered circumstance and ever will.
achievement, almost certainly their greatest phys- • It happens that in the June number of "Harper's
ical achievement, perhaps also their highest mental Magazine," Mr. J. B. Priestly also writes on what
achievement—in science, literature, and the arts! will be the state of the world "in a hundred years
.
. To be sure, there are numerous reasons apart from now." He thinks prophecies are based on the
from climate"—(he has been referring to a conclu- assumption that "the most marked tendencies of
sion by Dr. Ellsworth Huntington in his work,"Civ- our own time will go on asserting themselves with-




3548

THE CHRONICLE

[VOL. 124

out ever being checked by any opposing tendencies." Captains of our own souls, we, alone, may defy
He illustrates the thought in this way: "If people destiny. A problem that agitates us now is the
are depending more and more upon mechanical con- duration of our present "prosperity." A skilled
trivances, then the people of a century hence will be financial writer, in a recent article in "Scribner's,"
entirely dependent upon mechanical contrivances. ranges back to causes—is this prosperity primarily
If our fashionable women are aping masculine dress, due to the war, or is it the cumulative effect of our
then their granddaughters will be absolutely indis- energies applied to our resources; would we have
tinguishable from men. If our food to-day is largely reached the same degree of prosperity had there
artificial, our food to-morrow will be completely so, been no war? Admittedly we are not each and all
probably consisting of a few chemical tabloids. If prosperous. Admittedly, then, in the shifting curour teeth are decaying more rapidly, then our great- rents of trade, we cannot predict anything but an
grandchildren will not have any teeth. If the people unequal prosperity in the iuture, whatever may be
are paying less attention to the visual arts now, the generating causes. If labor is "on top" now, it
there will not be any visual arts at all in the future. may not always be so. Eneriies may flag, resources
There is no need to multiply instances. The trick may be exhausted, fads, fancies and forms of life
is familiar to everybody. When it is worked very may change, and the prosperous of to-day may be
sympathetically and elaborately, every fashion of the depressed of to-morrow.
the moment being prolonged indefinitely and carried
Certainly we move faster than formerly. A firil
to an extreme, we get these pictures of future life grip on our own individual affairs is the only mainfrom which we recoil so abruptly, those utopias that stay we can depend upon. And then, we are not
are apt to seem like nightmares." Mr. Priestley sure—for outside ourselves are forces we cannot
does not believe in this automatic extension and in- control. But if, as best we may, we can infuse the
crease into the future. He says: "These writers best in us into our economic, business and social life,
are so busy showing us their improvements, their we can better our relations and thus lessen the invast airships, television, new methods of housing equalities that come through selfish endeavor, unand feeding and the like, that they forget to 'human- thoughted application of energies, and the dissipaize' them. What I mean is that they drag in all tion of resources. When the flood waters of our
these things raw, bare, new, and do not link them present catastrophe recede, it will be found that
up with the tragi-comedy of human life. . . . eddies have covered some of the plantations with
Now,in these stories of the future, whieh are usually sands so deep that they cannot be dug out and recrammed with fantastic mechanism, there is a great stored to cultivation. The same will be true of cerdeal of machinery and very little humanity."
tain industries now flourishing because of the "riot
Prophecy is a dangerous thing to indulge in. Ob- of living!'
viously, all our "improvements" are of no avail unThe hero of the hour, a young man of surpassing
less they reflect themselves in human character. courage, abundant common sense and charming modAnd the "good old days" may not be "gone forever." esty, has himself written, in substance, "My flight
If the "covered wagon" that rode into the North- across the Atlantic has done little to advance the
west is never to return, it is very important to think cause of civilization." May not all peoples ask, is
on the proposition of the return of that pioneer the cause of aviation really the cause of civilization?
spirit which drove it into the wilderness in search Mr. Priestley, from whose article we quoted, says
of a home. Television is not as important as who:: of automobiles: "They have become humanized,
we say and who we say it to. Rapid and spectacular just as wireless is now rapidly becoming humanized.
advance is less to be considered than the haste that We soon come to think not of the thing itself but of
goes forward safely and surely. We are a little ego- the personal element involved in the use of the
tistic in saying our age is the best the world has thing." An Englishman has written a book on aviaever known. "Old wine, old books, old friends," tion calling it "The Great Delusion." But it may
have not lost their charm and savor. If there is any yet prove itself by the test of "it works"!- The real
truth at all in the saying that "human nature never question is what will be the effect upon the "humanchanges" there is room for "reaction." And it may izing" of business and the betterment of mankind?
be that the "humanizing" of life is, and will always A little time saved in transportation is a small matbe, better than its "mechanization." If the power ter. Has the automobile become "humanized" in
of the machine is to infuse itself into the man, caus- the right way? A civilization that has conquered
ing to• ride ruthlessly over his fellow man, then the forces of nature may be really less valuable than
life would be more kindly and love more free with- a civilization that has conquered the forces of manout it. We often discuss among ourselves what is to kind. Predicting the wonderful things we shall yet
become of the man when he has no work to do. We accomplish may only serve to obscure the dangerous
often say that shorter hours and more leisure will things we are now doing.
not avail unless we rightly use our spare time—yet
the irresistible speed craze is upon us. Are we
really, then, in the toils of our own inventions? Are
The College Commencements and Public
we riding to a fall? Is "mass production" to overEducation.
whelm us? Are our luxuries all to become, in an
The college and university commencements now
incredibly short time, necessities? After all, it is occurring over the country mark the graduation of
our human relations we should strive to improve!
a larger number of young men and women than ever
And so we may say to the prophets: Take care before. The tide of youth seeking education is espeof the present and the future will take care of itself! cially full. There will be general interest in hearing
Though we change our environs, though the infini- what these youths have to say for themselves at the
tesimal units of remote causes converge upon us, the end of a long educational experience the best the
only thing in our own keeping is our own selves. country can offer, and also in discovering how well




JUNE 181927.]

THE CHRONICLE

they are prepared fpr the great business of life as it
now opens to them.
Wide attention has been called to what is charged
as being the need of serious modification of our system of collegiate education, and it is known that
various new plans are advocated and some interesting experiments are already being tried.
We have called attention to the new Danish fundamental change in secondary education to adapt it
in particular to the needs of the farming community,
which is proving highly successful and is being tried
elsewhere. A thorough study of the educational
systems of six modern nations has just been completed.* It shows exactly what is the situation today as to the education furnished by the State for
the people, embracing the vocational as well as the
secondary and the district schools, covering the
United States, Germany, England, France, Denmark
and Canada and containing a wealth of information,
including the cost to the State in each instance as
well as the details of the systems in use. It will be
seen how wide-awake the'various countries are to the
importance of the subject, and what efforts are making because of its bearing upon the economic and
political as well as the intelligent life of the
nation, to secure far better and more general
education than has hitherto prevailed or been
thought necessary.
France will serve as an instance. There at the
beginning of the last century all grades of ed.!eation, primary, secondary and superior, were combined in a single system with a Grand Master exercising through 27 academies jurisdiction over every
branch of instruction. Secondary schools were
§tarted in each commune and supplied with a uniform curriculum, and advanced schools, or Lycees,
were opened to receive the better scholars and fit
them for active service. The system has continued
little changed for a century: A council of 40 members guides the entire system under the Minister of
Public Instruction. The State supports the Lycees,
and the communes the other schools. The teaching
is pronounced equal to any in the world. There is
much elasticity in the plan in providing for pupils of
special ability, the Lycees in some instances admitting very young pupils who show special aptitude.
The graduates are carried well forward in many
branches of specialization, receiving at the end certificates which open positions to them. As there has
been no normal school, the Lycees supply most of
the school teachers.
This system is now undergoing enlargement to
meet the advance in public education in other countries. It has proved 'brilliantly successful in certain lines which the French affect, notably the humanities and the main features of philosophy. Its
chief defect is neglect of the all-around interests of
the boy and in too great uniformity of type. No
country teaches its mother tongue so inspiringly;
science pervades even its teaching of language and
a literary spirit the teaching of the sciences. Intellectually the middle classes are well educated. The
teaching is of the best quality and the whole system
is widening both in its scope and its application to
all classes. 0
Some European States, even of the less prominent,
have long been known to be far ahead of us in general literacy, and all are now to be regarded as fully
*"Comparative Education."
tions. Peter Sandford, et al.




Studies of the Systems of Six Modern NaE. P. Dutton & Co.

3549

awake to the need of the best possible system of instruction, whatever the cost. We have to set over
against this the great work going foKward under the
four American Foundations to which the experts
who have gathered the material before us call attention: The Peabody, with its fund of $2,000,000; the
Russell Sage, with $10,000,000; the Carnegie, with
its Pension service, and the General Education, or
Rockefeller, with $40,000,000. These are doing much
to promote general education and also to improve
its quality by creating an intelligent local interest
and co-operation in sections where the need is greatest, and by undertaking scientific research. The
General Education Board in particular "has accomplished in a decade what would have taken scores
of years normally to effect"
With us the crowd of students seeking admission
to the universities and colleges is the pressing problem. It is due in part to the awakened sense of the
need of education, and also in large part to the opening of departments of instruction in every variety
of subject often in entire disregard of the accepted
academic or university aim. This has largely
crowded the campuses, modified the college courses
and greatly affected the college life. The "Junior.
College," covering the first and second years of the
academic course, but having its own methods and
specific courses, with a certificate of graduation,
is now under trial, and the result will be watched
with interest. It counts upon close co-operation on
the part of the high schools, which in turn seem to
be ready to render it. It will, if it proves successful,
leave the universities and colleges free to restrict
their field to the higher grades of scholarship and
especially to post-graduate work as that is now understood.
Emphasis is laid upon the necessity of teaching
students to think as well as to provide them with
knowledge. Cramming, it is thought, has been overemphasized and the size of classes has become so
great as to prevent the personal contact of teacher
and pupil once regarded as essential. The magisterial method, of which Arnold of Rugby was the
embodiment, has hitherto prevailed, and to-day the
free contact and intimate personal stimulus which
Edward Bowen of Harrow set up in opposition in
England is coming in new form to the front. There
have been some attempts at its application in the
preceptorial system introduced in a few colleges;
but the expense seems to have restricted its extension.
The latest plan is that of Dr. Meiklejohn, former
President of Amherst, to be tried in the University
of Wisconsin the coming year. It will begin with
some 120 from the new Freshman class, a cross-section as far as possible, to continue for two years in
a special course of instruction, all studying the same
subjects in individual lines and with teachers all
teaching the same matter and changing about among
the groups. Lectures and class rooms will disappear. There will be much discussion and inquiry,
in which the minds of the students are expected to
open. The number of teachers will be small. They
will be members of the general Faculty and will
teach also with them, but they will reside in the
Experimental College and will be a part of that family. Students who complete the two-year course
satisfactorily will be received to full Junior standing, with 60 credits in the College of Letters and
Science.

3550

THE CHRONICLE

The new method seems to imply ready access to
ample libraries and to the various departments of
a city's public administration which shall furnish
the material for original investigation and study.
The method entails also considerable increase of expense, as both more supervision and more laboratories will be required, not to say a special grouping
of students in dormitories and conference rooms,
which in this'instance the university is prepared to
provide.
This and the other experiments may be considered
in the line of the special classes which some of the
great industrial organizations and the larger banks
have opened for their employees. These new projects take up the work at an earlier stage and deal
with it in a more comprehensive way. They cannot
fail to be followed with special interest. The first
rush of students into the new departments that are
opening will in all likelihood not be the least of the
problems. The world is awake to novelty in every
form.
The number of college-bred men available for the
higher departments of business, as for the professions, is sure to be greatly increased. We do well
to recall Matthew Arnold's testimony when he was
devoting his efforts to raising the standard of general education in England. "Our energies," he said.
"and our prosperity will be more fruitful and safer
the more we add intelligence to them, and here, if
anywhere, is an occasion for applying the words of
the wise man: 'If the iron be blunt and the man do
not whet the edge, then must he put forth more
strength; but wisdom is profitable to direct.'"
Confirmation as to college-bred men comes recently from the University of Cambridge. It has
had for some years an Appointment Board with the
object of helping to secure employment for young
graduates in various occupations and pursuits besides the professions. It has won the confidence of
both undergraduates and men prominent in the business world, with the result that more and more students have obtained positions of an industrial, scientific or administrative character. Large concerns
have come to think that all they have to do is to
apply to the university to secure just the person they
want. A great traffic organization on the Continent cabled: "Send Traffic Officer at once. Classic
or Moral Science man preferred."
The obvious comment is: "It would be hard to
find a more striking tribute to the practical value
of the higher education than this."
Charles Wallace Collins—His Retirement from
the Public Service.
In our issue of May 28 (page 3152) we reported the resignation of Charles Wallace Collins, of Chicago, as Deputy
Comptroller of the Currency, effective July 1, in order that
he might resume the private practice of law, with offices
in the capital. As Mr. Collins has had extensive connection
with the public seryice, some further details regarding his
activities will be of interest. He was born in Gallion, Hale
County, Ala., in 1879, and was educated at the Alabama
Polytechnic Institute (B.S.), the University of Chicago,
where he held a fellowship and established his legal residence (A.B., A.M., Ph.B.), and Harvard University, where
he pursued post-graduate studies for two years in political
science and economics. Following the study of law under
private instruction he was admitted to the Alabama Bar in
1901, and at once engaged in active practice in Birmingham.
About ten years later he visited Washington for the purpose of obtaining historical data, and making practical observations in the science of government, for use in connection with certain writings which he intended to publish in




[VOL. 124

book form. While there he accepted a minor position in
the Library of Congress in order that he might have access
to its vast collections of authorities on constitutional, political and economic questions. So fascinated was he by the
boundless fields of literary possibilitieg that he later made
Washington his home, and at once became a frequent contributor to various magazines and periodicals of national
repute, in which he discussed with ability public questions
of current interest. He also published his first book, "The
Fourteenth Amendment and the States," which is to-day
highly regarded among students of constitutional law. In
1918 he was appointed Director of the Legislative Reference
Service, and in 1920 became Law Librarian of Congress.
When the movement in behalf of a national budget system first attracted serious attention, Mr. Collins made exhaustive studies of the financial administrations of the
leading nations of the world, and-later was appointed Legal
Adviser to the Select Committee on the Budget of the 65th
and 66th Congresses. During his research he published
"The National Budget System and American Finance"
(1917); "Plan for a National Budget System" (House Document 1006, 65th Congress); "The British Budget System,"
and "Essential Elements of a National Budget" (1920). He
also appeared before the Select gommittee on the Budget
when it held public hearings, and later drafted the Senate
Bill, in co-operation with the late Senator Medill McCormick, of Illinois, which subsequently became law, and which
is now referred to as the "Budget and Accounting Act."
With the selection of General Charles G. Dawes by President Harding as the one outstanding financial genius upon
whom he relied to place the Government of the United
States, for the first time in its history, upon a sound, businesslike basis under the Federalf‘Budget System, we find
Mr, Collins appointed by General Dawes as the first Counsel
for the newly created Bureau of the Budget. His was the
difficult task of assisting General Dawes in successfully
carrying out the huge undertaking. In addition, as Counsel,
it was incumbent upon him to prepare the codification of
laws required by Section 210 of the Budget and Accounting
Act, "relating to the preparation and transmission to Congress of statements of receipts and expenditures of the
Government and of estimates of appropriations . . . with
a recommendation as to the changes which, in his" (the
President's) "opinion, should be made in such laws or parts
of laws." This important task, when completed, was submitted by General Dawes to the:President on Nov. 15 1921
with the statement that—
"This work was done by Charles Wallace Collins, Counsel
for the Bureau, and I desire to commend him for the execution in so short a time of a difficult legal undertaking.
There having been no general revision of the Federal statutes since 1873, a statement of the law on these subjects
could be made only after a most careful investigation and
comparison of the sources of Federal law."
President Harding transmitted this Compilation of Laws
to the 67th Congress on Dec. 5 1921, and it was thereafter
published as House Document No. 129.
In his book entitled "The First Year of the Budget of the
United States," General Dawes, at page 97, paid the following tribute to the services rendered by Mr. Collins:
"I want to record my appreciation of the work of the
legal Counsel of the Bureau of the Budget, Charles W. Collins. He has been a great asset in our effort, not alone because of his continuing and constant interest in the Budget
system, which antedated the passage of the law, but because
of his intelligent and indefatigable :work.
"To have passed so ably and acceptably upon the various
legal and constitutional questions constantly involved in our
business in such a way as to make us feel safe in our legal
steps, and, at the same time, to complete in time for submission to Congress a compilation of the Federal financial
laws required by the Budget Act, a matter which I entrusted
to him alone, marks him as one of the leaders in Budget
Work.
"Consider:ng all that he has done for the Budget, I feel a
deep sense of obligation to h:m. A man of such fine ability,
who gives the best that is in him to his Government for an
inadequate monetary consideration, deserves the gratitude
of every good citizen."
Two years after his appointment in 1921 as Counsel for
the Bureau of the Budget, Mr. Coll:ns gave consideration to
his private affairs and made preparations to resume his law
practice. However, with the appointment in 1923 of Henry
M. Dawes as Comptroller of the Currency, Mr. Collins again
was asked to give his attention to what was then considered
a matter of concern affecting our entire national banking
system—branch banking. Further, it was necessary that

JUNE 18 1927.1

THE CHRONICLE

improvements be made, by legislation, in the various banking statutes in order that the national bank system might
be brought within the light of modern business. How Mr.
Collins responded to this new call, in the role of Deputy
Comptroller of the Currency and Counsel, is known to all.
By his intensive study of the many involved economic and
legal questions imbedded in his new field of activity; by
his frequent visits throughout the country gaining an insight into the practical needs of the system; by his ready

3551

and helpful assistance to and co-operation with the members of the Congressional committees, and through his thorough understanding of the branch bank question as shown in
his book entitled "Branch Banking in the United States," he
was able to contribute in no unimportant degree to the perfection of what is known as the McFadden Branch Banking
Bill. Mr. Collins will carry into private life the best wishes
not only of his friends but of those who know the extent of
his public service and the pecuniary sacrifice this cost him.

Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, June 17 1927.
On the whole trade still waits on the weather. It has been
too cold over much of the country, especially in the grain
and cotton belts, and heavy rains have prevailed from time
to time in the South Atlantic States as well as in the Central
West. Corn has advanced 6e. during the week on account
of cold wet weather and delayed seeding. On the other
hand, the weather at the Northwest and in Canada has been
somewhat better, so that wheat has declined a couple of
cents. To-day all the grain markets were down partly
because they had become overbought and there was a
promise of better weather in the corn belt. That fact influenced the rest of the grain list. r here has been an unsatisfactory foreign demand for American wheat in spite of
some unfavorable crop reports from Europe. Drought has
continued in Argentina. Canadian crop conditions are not
so favorable as they were a year ago on a somewhat reduced
acreage. The crop outlook in Australia might be better.
As is well known, the American crop of winter wheat
threatens to be nearly 100,000,000 bushels smaller than
that of last year. There haS been some fear that the State
of Illinois might pass legislation more or less inimical to
speculative trading in grain and this has had a depressing
effect at times. It is believed that although the corn belt
is backward, a few weeks of good weather would give the
outlook a far more favorable complexion. A better export
demand has prevailed for American oats. In the main,
the prospects for the cotton crop are considered promising.
The Texas drought has been broken and favorable weather,
in the main, has prevailed in many other parts of the belt.
Heavy rains have occurred in the Atlantic States and there
is some talk of heavy infestation of weevil there, but it is
too early in the season to become very much exercised over
the pest. Cotton goods have been less active. Any advance in prices is combatted by buyers. The trade in
woolen and worsteds has not been satisfactory. Only a
moderate business has taken place in broad silk, and the
output has been curtailed. Raw silk has declined slightly
with trade dull. The jewelry trade is backward.
One of the notable features of the week was a bad break
in the prices of rubber. The net decline as compared with
last Friday is about 23.4c. Prices for this commodity have
also fallen very sharply in London and Singapore. Liquidation has been on a large scale in all the principal rubber
markets of the world. There were rumors that the Manufacturers pool had been selling, but this was denied and it is
said that it will be confirmed for eight months from Aug. 1,
the date originally fixed for its expiration. It is the old
story of attempts tp bolster up prices by artificial measures.
England restricted production, but other countries did not.
In homely parlance it looks as though England had shaken
the bush and somebody else caught the bird. The British
Colonial Secretary announces that the Stevenson restriction
measures will not be abrogated, but he has neglected to
state whether the pivotal price would remain at 42 cents
or not. Coffee has advanced some 30 points during the
week, evidently owing to overselling, and latterly the cost
and freight offers have been at times somewhat higher.
Whether the Defense Committee will be able to sustain
prices or not remains to be seen. The general assumption
is that it will not be when confronted by the coming large
crop. Consumers in this country have adopted a waiting
attitude. Speculators sell the market, but Rio No. 7 is
already about 5 cents lower than a year ago, and possibly
this discounts to a certain extent even a material increase in
supplies. Sugar has declined slightly with trade light both
in raw and refined, though to-day prices were higher at home
and abroad; with less pressure to sell. The attitude of



European and other foreign countries seems, in the main,
to be against the sugar market in anticipation of a large
production for 1928. Meanwhile the trade in refined sugar
in this country is undoubtedly disappointing because of the
unseasonably backward spring and early summer. Provisions have declined somewhat.
Iron has declined at the West in a dull market and there
seems no immediate prospect of any material increase in
trade in the near future. Steel seems to be similarly neglected for the most part, although some branches of the
trade are more active than they were recently. The general
trend of steel prices, however, as well as of pig iron is downward. The non-ferrous metals have latterly been quiet and
more or less depressed. There has been a larger trade in
soft wood lumber, but it is not so good by any means as it
was a year ago. Lumber mills in the flooded area at the
South are about to resume operations. Petroleum has been
quiet and gasoline has declined at the East. There is less
business in automobiles. And yet employment at Detroit
is reported at close to 205,000, a gain of some 9,400 over
last week, though, it is true, that this total is 35,550 smaller
than that of a year ago. Heavy beef cattle are selling at
$14, the highest price thus far this year. The hay crop will
be very large.
The stock market has been irregular under the influence of
profit taking which is not surprising after so prolonged an
advance. Rallies have been frequent, however, and the
trading is still on a large scale under the spur partly of cheap
money. Call loan rates on the Stock Exchange are down to
4%. It was noticed to-clay that motor shares were particularly strong. The total transactions to-day amounted to approximately 2,056,600 shares and yesterday to some 2,301,040
shares showing that speculation in securities continues with
little abatement, in spite of reports that the margin of
profits on business in this country is not uniformly satisfactory. The collapse of rubber prices has been followed by
a steadier tone to-day, with some deliveries higher at the
Exchange here. The bond market of late has been somewhat stronger for the better known issues. London has
latterly been very quiet with European politics more or less
disturbed. What action will be taken by Germany in the
matter of Russia in possible co-operation with Great Britain
is a matter of supreme interest coupled with the uncertain
attitude of France. There is no doubt whatever that the
sympathies of the civilized world are with individualism as
opposed to communism in the affairs of human life and that
Russia is hopelessly out of touch with the times in its
Quixotic attempts to foist its exploded notions on the rest of
mankind.
At Fall River, Mass., it is said that consolidation of local
textile corporations, involving approximately 1,000,000
spindles, or one-third of the total spindleage of the city, has
been discussed, to relieve local conditions in the industry.
No action has been taken. The idea is to consolidate the
spindles under one organization, each plant manufacturing
one particular construction. One would make sateens exclusively, another 383 -inch andiwider print cloths,another
36-inch numbers and so on. Many textile manufacturers
and sellers in the United States report an unsatisfactory
situation owing to lack of reasonable margin of profit.
Boston wired that in line with a suggestion of John F.
Tinsley of the Crompton & Knowles Loom Works,an others,
the New England Council has decided to consider at the
next conference in September the charge that much of the
difficulty in the New England textile field has been due to
the poor equipment of the New England mills, obsolete
methods and poor management. Manchester, N. H.,
wired that the Amoskeag Co. is expected to have its annual
shutdown late in August, probably for a week or 10 days.

3552

THE CHRONICLE

Charlotte, N. C.,says that the yarn situation is encouraging.
In Japan cotton spinners agreed to curtail production by
12% for a period of six months, beginning May 1. A penalty of 5 cents per spindle is prov ded for violations of the
agreement. Member mills working two shifts will be required to effect a reduction of 15% in the number of their
working spindles. Mills which do not work night shifts,
and those with less than 5,000 spindles, are not affected by
the above agreement. The curtailment was necessitated by
the adve:se conditions prevailing in the home market and by
the decrease in shipments of cotton goods to China. German spinning mills are operating at full capacity and in order
to fill orde.s promptly, night shifts have been introduced.
Imports of cotton from England, Czechoslovakia, Switzerland and the Baltic States are steadily increasing. In Italy
there was no improvement in the cotton industry during the
early part of May.
The weather of late has been unseasonably cool here and
in some parts of the West and South Atlantic States rains
have been heavy. The highest temperature here to-day was
62 degrees and the lowest 53. The forecast is for showers
and slightly cooler temperatures. Latterly Chicago, Cincinnati, Pittsburgh ,Cleveland and Boston have been as low
as 54 degrees, Buffalo 52 and Albany 48; Kansas City has
been 60 to 68 and St. Paul 52 to 70. Philadelphia has been
58 to,72. What the whole country needs is warmer weather
and a cessation of rains where they have been so heavy during
the week.
No Diminution in Demand for Lumber.
The following letter is self explanatory:
Spokane, Wash., June 11 1927.
Jacob Seibert, President & Editor, "The Commercial & Financial Chronicle."
New York, N. Y.:
Dear Mr.Seibert:-Desiriug to be helpful and not in any sense picayunish,
may we refer you to what appears to be a misunderstanding of true conditions of lumber demand depicted on page 3272, under the caption "Indications of Business Activity," of your Issue of June 4, wherein you state that
employment has decreased due to some diminution in the demand for
lumber.
We keep close watch of the trend of the lumber industry and find from
the statistics of eight softwood associations for the 20 weeks of this year
to date, lumber orders exceed production by 465,000,000 feet, or 11%. and
that the buying of lumber as indicated by the weekly statistics of these
associations, applying to orders entered. has been very steady, in fact
showing some rising tendency for a number of weeks.
Yours very truly,
WEYERHAEUSER SALES COMPANY,
C. C. HUEBNER, Statistician.

Big Building Slump Not Looked for in 1927 by Secretary
of National Association of Builders Exchanges.
Propagandists and "calamity howlers" who predicted a
big building slump in 1927 are doomed to disappointment,
Earl F. Stokes, Executive Secretary of the National Association of Builders Exchanges, declares in an article on the
building situation in the June issue of the "American BuilderEconomist," published by the American Bond & Mortgage
Co. "All indications now point to the fact that 1927 will
prove to be one of the greatest years in the history of the
building industry," said Mr. Stokes, "although the total
investment in new construction may not be quite as much
as in 1926, but the difference will hardly be sufficient to
be noticeable.
"We refer to those certain interests in various sections of
the country who are trying to create the impression that the
country is faced with another building slump, as the 'dizzy
pessimist,' and so they are. They get in a swivel chair,
twiddle their thumbs, and whirl around until they are light
headed, then jump up and shout to the world an impulsive
conclusion, drawn from dreams and hearsay, and without
facts to prove their argument. Most of all they try to make
you see it just as they do."
After reviewing at length the building figures for the
first four months of the year, Mr. Stokes pointed out that
architects throughout the country have "plenty of work on
their boards," adding:

f Vor

124

reports received at the Head Office of the bank from its
branches:
Weather and soil conditions are favorable in the Prairie Provinces and the
growth of the grain crops satisfactory. In Alberta the wheat crop has almost overcome the handicap of late seeding and is now progressing rapidly,
with ample moisture and no damage from hail or pests. Good headway is also
being made by crops in the other Provinces. Now that the wheat seeding
has been completed, the estimate is that the acreage is less by from 10% to
15%, as compared with last year, but there has been some increase in the
acreage sown to coarse grains. In the Province of Quebec constant rains and
cool weather have retarded farm operations and offset to some extent the
early opening of work on the land afforded by prematurely warm weather in
April and early May. In Central and Southwestern Ontario satisfactory conditions have prevailed during the past month, but in Eastern Ontario continued wet weather has seriously delayed farming operations and seeding
is not yet completed. In the Maritime Provinces average conditions
prevail, except in New Brunswick, where rain and cold have kept the
season late. In British Columbia, where the season was late, ideal growing
weather now prevails, and crop prospects are much improved.

Wholesale Prices in May About on Level with Those
of April.
Practically no change in the general level of wholesale
prices from April to May is shown by information collected
in representative markets by the Bureau of Labor Statistics
of the U. S. Department of Labor. The Bureau's weighted
index number, which includes 404 commodities or price series, registered 144.1 for May,compared with 144.2 for April,
a decline of less than one-tenth of 1%. Compared with
May 1926, with an index number of 151.7, there was a decrease of 5%. The Bureau's statement, dated June 17, continues:
Slight increases are shown for the groups offarm products,foods and clothing materials, due to advances in grains, cotton, hides, onions, potatoes,
flour, corn meal, apples, lemons, oranges, sugar and cotton goods. Certain articles in these groups,as cattle, hogs,sheep,eggs, wool, pork products,
and butter, were cheaper than in the month before. Increases were recorded for building materials and miscellaneous commodities, while fuels
and metals declined in average price.
Of the 404 commodities or price series for which comparable information
for April and May was collected, increases were shown in 108 instances and
decreases in 127 instances. In 169instances no change in price was reported•
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES (1913 EQUALS 100.0)
1926,
-1927
May.
Apra.
May.
Oros,* and Sub-Groups137.4
144.2
136.7
Filirm products
151.3
150.7
136.6
Grains
130.7
138.2
142.2
Livestock and poultry
135.8
145.3
129.6
Other farm products
147.3
148.0
153.8
Foods
153.3
156.3
149.3
Meats
156.4
142.6
147.6
Butter, cheese and milk
157.2
142.6
148.6
Other food'
169.1
176.1
169.6
Clothing materials
184.4
184.5
186.0
Boots and shoes
147.4
151.7
101.5
Cotton goods
194.8
189.8
187.7
Woolen and worsted goods
154.2
148.8
144.4
Silk, .fre
158.2
178.7
160.6
Fuels
223.7
215.1
214.6
Anthracite coal
196.1
205.8
205.5
Bituminous coal
118.3
159.1
113.6
fuels
Other
125.2
121.9
120.6
Metals and metal products
131.7
131.0
134.2
Iron and steel
97.7
100.2
105.3
Nonferrous metals
171.6
165.0
165.6
Building materials
184.4
176.2
177.2
Lumber
207.1
206.9
204.9
Brick
129.1
125.8
128.8
Structural steel
153.7
159.3
153.6
Other building materials
121.9
130.7
121.8
Chemicals and drugs
117.3
116.3
117.5
Chemicals
104.0
105.8
111.9
Fertilizer materials
150.0
150.8
182.4
Drugs and pharmaceuticals
157.4
157.4
162.2
HousefurnishIng goods
137.6
137.8
141.5
Furniture
222.3
222.2
230.0
Furnishings
120.2
118.5
124.7
Miscellaneous
140.2
134.9
114.4
Cattle feed
142.2
137.4
137.1
Leather
152.7
154.8
175.3
Paper and pulp
100.8
99.5
107.6
Other miscellaneous
144.1
144.2
151.7
MI commodities

Decline in Rate of Industrial Productive Activity in
May Based on Consumption of
Electrical Energy.
The rate of operations in the industrial plants of the nation during the month of May was 1.4% under April, but
6.8% higher than in May of last year, based on the consumption of electrical energy in manufacturing plants consuming a total of close to 10,000,000 kilowatt-hours a year,
"Electrical World" says in its June 18 issue. The moderate
decline in activity which occurred during the past month
was largely seasonal in character. Reports received by the
publication indicate that production conditions are irreguof Education lar, some of the primary industries showing a drop in acThe Government has a $225,000,000 program. The Bureau
More than a $1,000.announces a large program of public school building.
tivity, while others are producing at,a.n increased rate.
construction.
000.000 is to be spent in road
Widely divergent reports were received from the automoof the Mississippi
work
reconstruction
Many millions will be spent in the
mechanics and bile manufacturing plants. Several of the companies in
Valley, which will also give employment to thousands of
reason why we should
laborers. With these facts before us. is their any
this group reported operations during May above those of
being made by the propagandist?
view with any alarm, the noise that is
the
of
industry are compiled, April, while other companies cut down production to a
figures
When the year of 1927 closes and the
industry has
marked degree. There seems to be every indication that a
we believe that the year will show that the construction
contributed well to the nation's wealth.
more seasonal curtailment will be reported for June by the
automotive
industry.
Report.
Crop
Bank of Montreal's
May operations in the textile industry were 3.4% under
of
Bank
the
16
June
of
date
under
issued
report
crop
In its
the April rate, but 24.5% over May of last year. Operations
Montreal furnishes the following summary of telegraphio



THE CHRONICLE

JUNE 181927.1

3553

in the textile industry still reflect the favorable effects of responding week two years ago, which period, however, did
low-priced cotton. The rate of activity in the rubber and not include a holiday. The statement goes on to say:
Miscellaneous freight loading for the week of June 4 totaled 346,329 cars,
lumber industries, as measured by consumption of eleca decrease of 2,183 cars under the corresponding week last year and 21.063
tricity, was higher in May than in the preceding month.
cars under the same week in 1925.
In the metal industries, taken as a whole, productive acLoading of merchandise and less than carload lot freight for the week
tivity for May was about 1.2% under that of April, but totaled 227,510 cars, a decrease of 6,945 cars under the same week last
year and 31.384 cars below the corresponding week two years ago.
7.3% over May of last year. The two branches of the indusCoal loading amounted to 139,572 cars. This was a decrease of 14,978
try, however, reported opposite tendencies. The iron and cars under the same week last year and a decrease of 13.645 cars compared
two years ago.
steel mills and the rolling mills, as a group, operated at with the same periodproducts
loading totaled 36.418 cars, a decrease of
Grain and grain
2.6% under April. On the other hand, the fabricating 418 cars under the same week in 1926 and 1,745 cars below the same period
realone, grain and grain products loading
non-ferrous,
the
western
districts
and
In
industries,
ferrous
1925.
In
the
metal
branch of
totaled 22,896 cars, an increase of 1,013 cars above the same week last
ported May operations of about 0.4% over those of April.
year.
Industrial production in the United States in May, based
Live stock loading amounted to 28,665 cars, an increase of 3,106 cars over
same week last year and 1,348 cars above the same week in 1925. In
number
for
the
adjusted
on consumption of electrical energy,
the western districts alone, live stock loading totaled 21.852 cars, an
of working days (monthly average 1923-25 equals 100), with increase of 2,668 cars above the same week last.year.
a comparison as follows:
Forest products loading totaled 64,420 cars, 6,440 cars below the same
All industrial groups
Metal group
Steel plants and rolling mills
Metal fabricating plants
Leather and its products
Textiles
Lumber
Automotive
Stone, clay and glass
Paper and pulp
Rubber and its products

May 1927.
114.3
112.7
119.3
106.0
96.3
120.0
122.7
125.1
114.0
111.9
117.8

Aprif 1927.
116.0
114.2
122.7
105.6
95.7
124.5
113.0
125.9
116.7
123.4
115.0

May 1926.
107.0
105.0

84.0
96.5
112.9
133.8
113.3
96.3
106.2

Canadian Bank of
Commerce.
In its June "Commercial Letter," the Canadian Bank of
Commerce states that "business cenditions during the past
month have been steady and expansion has been evident in
some sections where good weather has prevailed. The factors affecting the general economic situation at the moment
are mainly favorable, those of the opposite order being the
lateness of the planting season in the West, and continued
production of newsprint and of leather footwear in excess
of the immediate requirements of the markets." In part
the bank also says:

Review of Business

Conditions by

week last year and 13,389 cars under the same week in 1925.
Ore loading totaled 58,013 cars, 4,531 cars below the corresponding week
In 1926 and 8,224 cars below the corresponding period two years ago.
Coke loading amounted to 10,371 cars, a decrease of 1,177 cars under
the same week in 1926 but 1,157 cars above the same period in 1925.
All districts reported decreases in the total loading of all commodities
compared with the corresponding periods in 1926 and 1925 except the
Pocahontas District, which district reported an increase over both years.
Loading of revenue freight this year compared with the two previous
years follows:
1926.
1925.
1927.
4.428.256
4,524,749
4,456,949
Five weeks in January
3,677,332
3,823,931
3,623,047
Four weeks in February
3,877.397
4.016,395
3,702,413
Four weeks in March
4,791,006
4.890.749
4.710.903
Five week in April
4.096.742 4,145.820
3,869.306
Four weeks in May
944,864
911,298
998,243
Week of June 4th

The delay in seeding of wheat on the prairies will not be of serious consequence unless the wet weather recently experienced continues into the
first part of June as several of the best crop years, both as to the yield and
the grade of wheat, were those in which abnormal moisture was received
in the latter part of the spring. . . .
Production of newsprint in April was on about the same scale as in the
previous month, hut there was a sharp drop in the exports of practically
all products of the pulp and paper industry. The outstanding recent feature
In this business is the formation of a sales organization which will control
nearly five-sevenths of the output of the newsprint mills. This is a practical demonstration of the close co-operation between the leading companies, and has for its objective the development of new markets, the reduction of selling expense and the speeding up of deliveries. It is reported
that the Scandinavian pulp mill owners also have felt the effects of the
change in marketing conditions and have agreed to curtail their output by
one-third.
Following large sales of footwear in January and February, those during
March were smaller than usual and conditions in the boot and shoe industry
are not as favorable as they promised to be last fall. There is a wider
market than ever before, but competition is very keen among the increased
number of factories now operating. The large manufacturers in Quebec
city have overcome the difficulties which they had to face as a result of
the strike last year, and they are now able to enter the market with goods
of better quality than those they formerly produced.
In other branches of industry operations are generally at a high level,
especially in the textile mills, some of which continue to receive orders in
excess of their productive capacity. The output of iron and steel during
April was slightly higher than that of the preceding month, but latterly the
metal trades have been less active, a change which is of seasonal character.
The lumber industry in British Columbia continues to operate under
slightly more favorable conditions. Stocks of fir and cedar logs are mailer
than at this time last year, indicating that measures have been adopted
at the point of origin to prevent the large over-production of lumber which
occurred in former years. Prices, at the higher levels recently quoted, are
firm and should so continue along as the domestic markets absorb larger
quantities of lumber than heretofore. The export trade has been affected
to some extent by the financial crisis in Japan. In eastern Canada the
recent heavy rains swelled the streams used to float logs and the spring
drives are being conducted under ideal conditions. The lumber mills in
Quebec are reported to have sold a substantial part of the material cut to
date, with the exception of laths, while shipments from the Ontario mills
have been increased as a result of the large building program. The market for Maritime lumber also shows some improvement and it is expected
that, unless ocean freight rates (which have recently been advanced) reach
a prohibitive height, stocks 'will be reduced to comparatively small proportions by mid-summer.

Memorial Day Holiday Causes a Falling Off in Loading
of Railroad Revenue Freight.
Loading of revenue freight for the week ended June 4
totaled 911,29g'cars, the Car Service Division of the American Railway Association announced on June 16. This was
a decrease of 115,099 cars under the preceding week due
principally, it is stated, to the observance of Decoration
Day. It also was a decrease of 33,566 ears under the corresponding week last year and 86,945 cars under the cor-




Total

22.263.864 21,864.675 .21.360.861

May Employment In Pennsylvania Unchanged as
Compared With April-Decline in WagesFalling off in Employment in Delaware.
According to reports received by the Federal Reserve Bank
of Philadelphia, employment in Pennsylvania manufacturing
establishments remained about the same in May as in April
although there was a falling off in total wage payments of a
little over 2%. The Bank under date of June 16 reports
further as follows:
The metal manufactures,chemicals and allied products, and miscellaneous
groups declined in both employment and wage payments. The textile products group declined in employment but advanced slightly in wage payments. The food industries group showed a considerable increase, as did
all industries comprising the construction and contracting group. Building
materials however, while remaining about the same in employment, decreased over 4% in wage payments.
Among the industries reporting the largest decreases in payrolls were
car construction, shipbuilding, and bricks, tile & terra cotta. Some of the
industries showing large gains were automobiles, hats, and cigars and
tobacco.
Reports of man hours worked, as furnished by 499 firms,showed a loss of
over 2% over April.
Total figures for Delaware firms also showed declines in which practically
all industries shared, with the exception of the food industries.
Of the 17 city areas for which figures are compiled,9 showed increases in
employment and 6 showed increases in wage payments. Wilkes-Barre
had the largest increase and Pittsburgh the greatest decrease. The change
for Philadelphia was a decline of 5% in employment and an increase of 4%
in wage payments.

The compilations follow:
EramovlasNs AND

WAGES IN CITY AREAS
(Compiled by Department of Statistics and Research of the Federal Reserve Bank
of Philadelphia.)
Increase OT net-WMNumber
of
May 1927 Ow April 1927
Total
AI erOgi
EntotooPlants
14 aoes
Wages.
meat.
RePOrartg.
Areas81
-2.2%
+1.4%
Allentown-Bethlehem-Easton
+3.7%
-7.1
14
Altoona
+0.6
-6.6
14
+1.4
+0.1
+1.5
Erie
37
+2.4
+4.5
+2.1
Harrisburg
-5.3
22
Hazleton Pottsville
+3.6
-1.8
-3.1
Johnstown
14
-0.9
+2.3
-1.6
Lancaster
32
-1.1
-2.6
Castle
+47
New
10
-6.7
-23
+1.0
Philadelphia
258
+0.4
-0.5
-5.8
Pittsburgh
-7.2
102
-1.6
+0.1
Reading-Lebanon
-0.2
-0.4
66
-4.0
Scranton
-6.1
34
-2.2
-6.5
-6.0
Sunbury
+0.6
27
-9.4
+12.4
Wilkes-Barre
22 +24.0
-3.1
-4.5
Williamsport
-1.5
22
-0.3
-3.6
-3.3
Wilmington
31
+0.4
+1.7
+1.4
York
46
EMPLOYMENT AND WAGES IN DELAWARE.
(Compiled by Federal Reserve Bank of Philadelphia.)
-Increase or DecreaseNumber
May 1927 Over April 1927
of
Average
Total
industry-ReportPlants EmployWages.
Wages.
ing. meal.
+0.6%
-2.4%
-2.9%
30
All industries
-2.0
-13.2
5 -11.3
Foundries and machinery products
+3.1
+2.2
-0.9
5
Other metal manufactures
0.0
+3.6
+3.6
3
Food Industries
-2.5
-6.2
-3.8
3
Chemicals, drugs :ind paints
-0.8
-7.5
-6.7
3
Leather tanned and products
+1.8
+3.3
-1.4
4
Printing and publishing
-1.8
-2.2
+0.5
7
AIiscellaneous industries

3554

THE CHRONICLE

124.

EMPLOYMENT AND WAGES IN PENNSYLVANIA.
[Compiled by the Federal Reserve Bank of Philadelphia and the Department of reduction, iron foundry owners have added 0.4% more names to their payrolls. The 0.7% increase in the men's clothing industry is also a reversal
Labor and Industry, Commonwealth of Pennsylvania.]
No. of -Increase or Decrease
- of the usual spring movement. In contrast to the upward course of May
Plants
May 1927 over April 1927.
employment which has been reported by meat packers in previous
years,
ReEmployTotal
Average a drop of 0.7% is indicated. A
Group and Industrystrike in the lumber and mill work indusporting.
Wages.
meat.
Wages.
All industries (46)
try
resulted in a 17% decline in that line.
858
+0.1%
-2.5%
-2.4%
Metal manufactures:
Fewer workers are also reported by the non-manufacturing groups. Sev287
-1.9
--3.2
-5.0
Automobiles, bodies and parts
18
+3.1
+11.7
+8.3
eral hundred railroad workers have lost their jobs as a result of the fallCar construction and repair
20
-3.7
-12.0
-8.6
ing off of business due to the coal strike. In the trade groups, snail order
Electrical machinery and apparatus
20
+0.4
+1.5
+1.9
Engines, machines and machine tools- 38
houses and department stores reported lay-offs. Builders reversed their
-0.0
-0.3
-0.4
Foundries and machine shops
57
-0.3
-5.2
-5.4
usual policy of adding men to their payrolls, by laying off 2.8% of their
Heating appliances and apparatus
15
-1.4
-2.7
4.0
employees.
Iron and steel blast furnaces
12
-4.0
-7.6
-3.7
Iron and steel forgings
As is usual during recessions, there have been many labor difficulties.
10
-7.0
-2.5
-9.3
Steel works and rolling mills
36
-1.9
A number of concerns engaged in mill work were closed down during
-4.8
-6.6
the
Structural kon works
17
+2.2
+1.9
-0.3
early
part of the month as a result of differences between employers and
Miscellaneous iron and steel products__ _ 24
-0.3
-7.1
-7.4
employees.
Shipbulicling
The
prolongation
3 -14.8
of
the miners' strike has resulted in a State-13.6
+1.4
Hardware
wide tie-up of mining activities. No less than seven local trade disputes
8
-1.4
+1.4
-0.0
of
Non-ferrous metals
9
-4.6
+1.9
-2.7
considerable magnitude have been reported.
Textile products:
171
-0.5
+0.2
+0.7
Employment in the building products industries continues to increase
Carpets and rugs
10
+1.5
+2.3
+3.8
Clothing
except in the brick yards, which have been hindered by heavy rains. Glass
34
-2.6
+0.8
Hats, felt and other
6
+3.3
factories have increased the number of workers on their payrolls
+6.9
+10.5
by 1.3%.
Cotton goods
16
-2.4
-6.6
The metals industries have experienced a mixed trend. There has been
Silk goods
43
-0.6
-2.9
-3.4
a decline of 0.8% in the entire group, largely the result of reductions
Woolens and worsteds
14
-4.8
--3.9
-8.4
Knit goods and hosiery
In the electrical equipment, machinery and farm implement
38
+2.1
+6.1
+8.2
lines which
Dyeing and finishing textiles
10
-1.7
-1.8
-3.5
are undergoing their usual spring recessions. It is a matter
Foods and tobacco:
of significance
108 +13.8
+14.4
+0.6
that
with
the
exception
Bakeries
of
the
automobile
industry, the only additions made
32
+2.1
+0.9
+3.0
Confectionery and ice cream
have been scored by establishments manufacturing materials
24
+1.7
+1.9
+3.6
to be used by
Slaughtering and meat packing
14
-1.2
+5.7
factories.
+7.0
Cigars and tobacco
38 +31.2
+43.7
+9.6
Although every industry in the wood products group reports a decrease,
Building materials:
67
+0.0
-4.1
the mill strike made the reductions considerably larger. In the furniture
Brick, tile and terra cotta products
26
-2.1
-10.0
-8.1
Cement
14
+0.7
industries a reduction in the number of workers of 0.4% is reported, and
24
+0.3
_11
41.1
Potery
statements from box factory owners indicate that they have 0.2% fewer
Glass
3
+3.3
-4.7
-7.8
names on their payrolls than in April.
Construction and contracting:
34 +19.1
+20.5
+1.2
Buildings
Fur and leather manufacturers have reversed their
17 +15.2
+19.5
+3.7
usual spring trend
Street and highway
4 +23.9
with an increase of 0.7%. Every industry reports
+28.3
+3.6
more employees than in
General
13 +18.3
-1.3
+16.5
April.
Chemicals and allied products:
39
-2.9
-2.7
-5.5
The chemical industries report that they are undergoing
Chemicals and drugs
22
-4.7
+2.2
their usual spring
Explosives
3
+4.5
recession. Oil refineries have dismissed the largest number
-9.8
-5.7
of workers.
Paints and varnishes
9
+3.1
-3.7
-8.8
Job
printeres
are
the
only
representatives of the printing industry to
Petroleum refining
5
-4.1
-8.3
-2.2
report
more
Miscellaneous industries:
workers
than
a
myth
152
ago.
-0.6
A drop of 3.1% is reported by
-1.9
-1.2
Lumber and planing mill products
manufacturers of primary paper materials.
25
+0.7
-5.7
-6.3
Furniture
20
+1.5
+1.1
-0.3
In the textile group 1.5% more workers have been
Leather tanning
added. Increases are
17
--2.8
-2.1
+0.5
general.
Leather products
7
-5.5
-6.0
-0.5
In
Boots and shoes
every
23
major
-1.6
division
of
-5.0
the men's clothing industry more workers have
--3.4
Paper and pulp products
19
+0.4
been added to the payroll, but, without an exception,
+0.2
-0.3
in all branches of the
Printing and publishing
35
+0.1
-0.7
-0.8
women's clothing group there have been decreases
Rubber tires and goods
in employment. In the
3
+0.1
-1.3
-1.1
former the trend is a reversal from that of May in
Novelties and Jewelry
3
-0.1
-1.5
-1.6
the last three years;
and in the latter the reduction is less than is usual
for this season.
MAN-HOURS AND AVERAGE HOURLY WAGES IN PENNSYLVANIA
More workers are employed by establishments making
food products than
[Compiled by the Federal Reserve Bank of Philadelphia and the Department of in
April. The greatest gains are reported in the canning,
Labor and Industry, Commonwealth of Pennsylvania].
grocery, and
dairy products groups. The 0.7% employment drop in
Increase or Decrease
meat packing estabNo.
lishments is quite unusual for May. Ordinarily workers are
May1927 over Ayr.1927
added
to their
of
Total
Average
payrolls during May.
Plants
Man-Hourly
The 0.1% increase in the public utility group is
Group and IndustryReporting
due
additions
to
made
Rates.
Hours.
All industries (41)
99
-2.3%
0.0% by the telephone and street railway companies. Railway car repair shops
Metal manufactures
210
report recessions as a result of the coal strike which has
-0.2
-3.7
materially
reAutomobiles, bodies and parts
14
+12.4
+1.8
duced the demand for transportation facilities.
Car construction and repair
15
-7.5
-0.3
Electrical machinery and apparatus
15
-3.2
-0.6
Engines, machines and machine tools
The analysis by cities follows:
30
+2.1
-2.2
Foundries and machine shops
46
-3.8
-1.1
Aurora.
Heating appliances and apparatus
-Nineteen Aurora manufacturers report that the downward
6
-2.7
+1.0
Iron and steel blast furnaces
trend which has characterized Aurora industry since
10
-7.6
+0.3
December, 1926, is
Iron and steel forgings
6
-10.3
broken.
-5.1
Their May employment statements indicate a more substantial
Steel works and rolling mills
24
-0.2
-6.2
gain
than
has
been
scored in any other Illinois center. Information from
Structural iron works
11
--1.5
+4.0
all sources indicates that conditions are to become even
Miscellaneous iron and steel products
17
+1.1
-8.0
better in the imShipbuilding
mediate future. The skeleton of a 20 story hotel building has
3
-13.1
-0.6
been completHardware
6
ed. and ground is about to be broken for a million
+0.6
+0.6
Non-ferrous metals
dollar
theatre. The
7
-0.8
-0.5
fret employment offices report a more active labor
Textile products
market in which the num77
+3.4
-0.9
ber of unemployed workers is declining. While the
Carpets and rugs
-0.8
+7.0
present ratio of 150
Clothing
11
workers per 100 Jobs indicates that work is more difficult
+3.4
to obtain in Aurora
Cotton goods
13
0.0
-7.6
than during any corresponding period in the
Silk goods
history
of
the Bureau, the in22
-1.2
-1.7
crease is attributable to poor weather conditions
Woolens and worsteds
+1.1
-8.4
throtighout the state rather
Knit goods and hosiery
than to any depression in Aurora industry.
12
+11.4
+5.4
Dyeing and finishing textiles
5
+1.2
-16.7
Bloomington.-Twelve Bloomington manufacturers
Foods and tobacco
42
have laid off 12.1%
+0.2
+3.1
of their employees during May. Establishmen
Bakeries
16
-0.2
+2.5
ts manufacturing food proConfectionery and lee cream
ducts and farm implements contributed the largest
10
+0.8
+3.3
number of workers to
Slaughtering and meat packing
-2.6
9
the labor market. The supply of workers
+7.6
Cigars and tobacco
is especially great for this season.
+3.6
7
-16.0
During the past month. 125 workers asked for each
Building materials
33
Jobs in comparison
0.0
100
-5.4
Brick, tile and terra cotta products
with 115 applications in May, 1926. The ordinary
13
-2.1
-6.8
spring development
Cement
of outside activities is retarded.
+2.3
7
-1.0
Glass
13
-0.3
-9.1
Construction and contracting
Chtcago.-According to the unemployment index jobs are more difficult
29
+22.2
+0.3
Buildings
to obtain in Chicago this month than they have
+21.9
+3.0
15
been in any May during
Street and highway
the last five years. While the recession in factory
4
-2.0
+14.5
employment is unGeneral
+0.4
10
+16.8
questionably
Chemicals and allied products
attributable with some of the unemployment, it should be
+0.6
15
-1.1
noted
Chemicals and drugs
that
the
present
resulted
situation has
largely from an increase in
-0.2
10
+0.3
Paints and varnishes
the number of job seekers rather than to a decrease in the
+1.1
-2.0
5
number of Jobs
Miscellaneous industries
93
-0.8
0.0
offered to the free employment °Mee. With the exception of May 1928
Lumber and planing mill products
-0.2
18
+1.9
the number of jobs offered has tended to remain on the same level
Furniture
and the
-2.2
15
+4.5
Leather tanning
number of Job seekers has been steadily increasing. Reports from leading
+1.9
9
-3.1
Leather products
4
-2.2
-5.6
manufacture
rs
in
indicate
major
activities
that
iron
foundries
and
men's
Boots and shoes
11
-3.3
+3.7
clothing establishments were the only large industries in which workers
Paper and pulp products
11
-0.6
0.0
were
Printing and publishing
added
to the payrolls. Women's clothing manufacturers made rather
22
-3.7
+0.8
Rubber tires and goods
significant reductions, and in the printing, meat packing, and electrical
3
-0.1
-1.0
products fewer workers are reported than a month ago. The mill strike
during the early part of May has also played an important role in bringing
Industrial Conditions in Illinois During May-Further the volume of employment
below that of Arril.
Decline in Factory Employment.
Cicero.-Cicero manufacturers report that they have found it necessary •
to lay off more workers this month than is usual for the May
season. Cuts
A further decline of 0.6% in the volume of factory em- in the metal trades, which dominate Cicero
industry, are the major inployment has reduced the index of factory employment to fluences in the downward trend of factory employment. The continued
the figure of May 1925, which in turn was the lowest of expansion in the building industry is the single exception to the general
recession which has already resulted in a
number of unemployed
any May since 1921, according to the Bureau of Industrial workers. In no other Illinois center is thelarge
competition for Jobs keener
Accident and Labor Research of the Illinois Department of than in Cicero. During May,189 workers asked for every 100 Jobs offered
to the free employment offices.
Labor, which under date of June 15 says:
Danville.-Danville factory owners have reversed their usual practice of
The Illinois free employment offices show this general scarcity of jobs
adding names to the May payroll, by dismissing 6% of their
workers
in their reports, which indicate that as much difficulty is being experienced
Continued
reductions on the part of brick manufacturers who were hindered
in placing the unemployed as has been the case during any correspondby hot weather, and the usual spring time recession in the sheet
metal
ing period in the last six years. It is the gradual recession which has
industry are the factors responsible for the downward trend in factory emcharacterized the course of industrial employment during 1927 that is
ployment. Wet weather makes the development of outside activity
accountable for the large volume of unemployment in Illinois.
impossible, so that workers are entirely dependent upon factories for jobs.
The monthly decline does not differ radically from that of previous years. The
Danville free employment office ordinarily reports a shortage of farm
Slight differences are noted, however. In place of the more usual spring
hands, but with the exception of the first two weeks, farmers have been




JUNO 18 1927.]

THE CHRONICLE

3555

inactive. Permits for buildings with an estimated cost of $72,600 show a flour declined, while merchandise carloadings and linseed products shipconsiderable decline from a month ago, when the comparable figure was ments increased.
As compared with April, the volume of business in May was the same
$192.000.
Decatur.—Heavy increases in the number of workers by establishments In dollar amount. Grain marketings increased, while livestock receipts
manufacturing sheet metal and automobile accessories has counterbalanced and shipments of flour and linseed products declined.
Building permits and contracts in May were in smaller volume than in
lesser but more general reductions in the metal,wood,and clothing industries
with the result that employment has remained unchanged in comparison May last year. The demand for dwellings to rent in Minneapolis, based on
with April. The large volume of repair work, made necessary by a recent newspaper advertising, was smaller in April and May, after eliminating
storm, has created a very active demand for workers. This demand is seasonal changes, than in any other bi-monthly period since our record
reflected in the employment office ratio of 131 applicants per 100 jobs began in 1919. On the other hand, the number of dwellings for rent in
offered. With the return of farmers who have been rendered inactive Minneapolis has been larger than in any previous spring in the years for
because of unfavorable weather, jobs should be relatively easy to obtain in which we have records, although the seasonal increase in the last two months
has not been as great as usual.
Decatur.
In the country sections of this district business trends continued to be
East St. Louis.—With the single exception of April, factory employment
in East St. Louis has risen steadily during 1927. Owing to the general re- mixed. Debits to individual accounts reported from the wheat belt cities
cession of employment throughout the state, the gain is one that puts the and Sioux Falls were smaller in May than in the same month last year,
Metal industries, while the Mississippi Valley group of cities reported a larger volume. The
industrial organization of that city in a favorable light.
for example, which showed declines In other Illinois centers reported a gain small yield of grains last year continued to affect agricultural purchasing
In employment in East St. Louis. Additional evidence supporting the gen- power. Although all of the grains, except bread wheat, sold at higher
eral improvement in the East St. Louis employment situation is obtained prices during May than a year ago, the value of wheat, rye, flax and
from the free employment office which reports that it is easier to secure potatoes received at terminal markets during May from our four States
was 2 million dollars less than the value of marketings in May a year ego—
work in that city than it has been during any May since 1923.
Joliet.—The dismissal of 114 workers by an establishment manufacturing s decrease of 14%. Butcher steers reached the highest price in May since
wood products and reductions of working forces by steel foundries led to a June 1920. Hog prices showed a further decline and were four dollars per
3% dron in Joliet factory employment. Jobs are becoming more abundant hundredweight lower than last year. The price of eggs was ten cents a
with the development of outside activity, however, so that the recession dozen lower than a year ago, due to marketings a third larger than last
of employment in the manufacturing industries is not felt so keenly in the year and the fact that storage facilities in Minneapolis are largely utilized.
labor market. During May only 155 workers applied for every 100 jobs
in comparison with 166 in April. While comparison with previous years
shows a higher ratio than was reported during any May in the history of
the Bureau, the high demand for workers reflects the general recession New Models of Automobiles—Price Announcements.
throughout the flood area, rather than unusually low activity in Joliet
A number of new models were introduced during the week
industry.
Moline-Rock Island.—Moline factory owners have made several large by leading automobile manufacturers. Among them was a
increases during the past month with the result that 4% more workers new four-passenger sport phaeton, which was added by the
have jobs than in April. One hundred workers have been hired by an Cadillac Motor Car. Co. to its La Salle line.
The price of
automobile manufacturing establishment, and 30 more workers are reported
by a firm making engine equipment. An increase in the estimated cost of the new model was not made known.
buildings to be constructed promises even further improvement. In Rock
Falcon-Knight augmented its line by two new models, a
Island the course of factory employment has been downward. The dismissal of 24 workers by a metal products manufacturing establishment is coupe and roadster. When first presented the line was limto be held responsible for the drop which is by no means a general one. It is ited to two models—a four-door, fire-passenger sedan and
to be noted, however, that the jobs are now more difficult to get in Rock a two-door five-passenger brougham.
Island than during any May in the history of the Bureau. The close
A new four-passenger open sport model is being added to
proximity of the flood area has been largely influential in creating thus
unusually high degree of unemployment.
the Jordan six-cylinder line.
Peoria.—While the wide variation in the types of industries represented
The Hudson Motor Car Co. is producing new models of the
in Peoria has resulted in a very mixed trend, the general course of factory
employment has been upward during May. Additions by establishments Essex cars, presenting certain improvements, chief of which
manufacturing leather and food products are largely responsible for the is greater power obtained by adding a quarter of an inch
Increase. Metal products manufacturing firms followed their usual spring
engine stroke. The bodies have been re-styled to give
policy of dismissing workers. The free employment office reports that to the
aside from the usual demand for help on the part of factory owners, very a pleasing curve at the back and the wheels are smaller than
few jobs have been made available during the past month. Farmers heretofore. The comblete line, with prices, is: Two-passencontinue to be inactive, and building operations are receding. With the
exception of track repair work, outside jobs have been very difficult to ger speedabout, $700; coach and coupe, $735 each, with
obtain.
coupes available in leather for $15 additional, and the tourQuincy.—Fifteen Quincy manufacturers report that they have dismissed
ing car and sedan, $835 each. These prices are unchanged
Leather
during
May.
products
manufacturers
have
workers
0.8% of their
made the heaviest reductions. In addition to the manufacturing recession, except for sedan and touring car, which are new models
agricultural activity is unusually low as a result of wet weather. Only supplanting former styles.
50% of the usual spring acreage is being cultivated. The somewhat favorable employment office ratio of 137 applicants per 100 jobs can hardly be
taken as airindex of better labor conditions. High labor turnover resulting
from wet weather has made it necessary to offer the same job to the office Lumber Production, Shipments and Orders Increase
several times with the result that fewer permanent jobs were offered than
Over Last Week but Remain Lower
may be inferred from the ratio.
Than a Year Ago.
Rockford.—Rockford has experienced its usual spring recession of factory
employment. The reduction of forces by furniture factories and farm
organized
industry of the United States
lumber
The
Implement manufacturing establishments is to be held responsible for the
decline which is noted in the 17 industries represented in the 48 signed re- reported a substantial margin of gain for the week ending
ports of leading Rockford manufacturers.
June 11, as compared with the preceding week, according
An addition of fifty men by an establishment making heating equipment
is the only exception to the decline. There has been a slight increase in the to telegraphic reports received by the National Lumber
employment office ratio of applicants to places open. The lack of any orders Manufacturers Association. The 284 comparably reporting
for workers on the part of road contractors who ordinarily furnish many softwood mills
showed gratifying increases in all three items,
jobs is largely responsible for the falling off in the number of placements.
It is hoped that the increase in building activity, indicated by the gain of particularly heavy in new business, despite the fact that
$1,149,000 in the estimated cost of buildings to be constructed, will absorb eleven fewer mills reported this week. In comparison with
many of those who are now unemployed.
Springfield.—With the single exception of March, the course of factory the corresponding week a year ago there are considerable
employment in Springfield has been steadily downward. While none of the decreases in all three factors not attributable to the fewer
reporting manufacturers have made drastic cuts and while the recession from number of mills reporting. Unemployment is reported as
a month ago is in accordance with the usual May cut, the steady decline
from November to the present date has reduced the volume of factory noticeabie in the North Pacific Coast region.
employment below its usual level. It should not be inferred, however,
The 164 hardwood operations reported some increase in
that work in Springfield is unusually hard to obtain. During May the com- production, a marked increase
in shipments and a slight
petition for jobs has been on the same level as a year ago,and is considerably
less severe than in the two years preceding 1926. The expansion in the increase in new business this week, as compared with the
building industry has been a helpful factor. That employment conditions previous week, when, however, seventeen fewer mills reare likely to improve in the coming months is indicated by building permits
ported. As compared with last year, the curtailing effect
which place the estimated coat of buildings to be constructed at $1,658,229.
This represents an increase of $1,430,000 over the preceding month.
of the Mississippi Valley floods is seen in a continued deficit

May

of Business in Minneapolis
Federal Reserve District Smaller Than
Last Year.

Volume

of production and sales, according to the statistics furnished
by the National Lumber Manufacturers Association, from
Federal which we quote the following:
•

Unfilled Orders.
The unfilled orders of 174 Southern Pine and West Coast mills at the end
In its preliminary summary of agricultural and financial of last week amounted to 499,209,254 ft., as against 495,383,001 ft. for 173
conditions the Federal Reserve Bank of Minneapolis, under mills the previous week. The 104 identical Southern Pine mills in the group
showed unfilled orders of 205,436,901 ft. last week, as against 207,377,907
date of June 17, says:
ft. for the week before. For the 70 West Coast mills the unfilled orders
The May volume of business in this district was smaller than the volume were 293,772,353 ft., as against 288,005,094 ft. for 69 mills a week earlier.
in May last year, both in dollar value, as measured by individual debits,
Altogether the 284 comparably reporting softwood mills had shipments
and in physical quantity, as measured by freight carloadings, with ore 100%, and orders 93%, of actual production. For the Southern Pine
excluded. Individual debits, or check payments through banks in seventeen mills these percentages were respectively 91 and 88; and for the West Coast
cities, were 3% smaller in May than a year ago, with declines reported mills 111 and 109.
from every city except Billings, Helena, LaCrosse, Minneapolis, Red Wing
Of the reporting mills, the 258 with an established normal production
and Winona. Carloadings during the four weeks ending May 28, excluding for the week of 179,100,587 ft., gave actual ;:roduction 98%, shipments
than
in
the
corresponding
smaller
period
1%
last
year. Car- 97% and orders 93% thereof.
ore, were
loadings of ore, owing to the early opening of the season, were 6% larger
The following table compares the lumber movement, as reflected by the
during these four weeks than a year ago. Department store sales in the reporting mills of seven softwood, and two hardwood, regional associations,
cities, livestock and grain marketings and shipments of forest products and for the three weeks indicated (000 omitted):




3556
Past Week.
Mills*
Production
Shipments
Orders

[vol.. 124.

THE CHRONICLE
Corresponding
Week 1926.

Preceding Week
1927 (Revised).

Softwood Hardwood Softwood Hardwood Softwood Hardwood
284
164
147
358
152
295
188,255
19,675 245,847
17,440
24,605 180.185
187,435
23,966 253,497
20,372
22,940 171,788
175,884
19,359 248,720
19,040
23,039 143,110

*Fewer West Coast mills are reporting this year: to make a lowance for this add
24,000,000 to production. 27,000,000 to shipments and 26,000,000 to orders in
comparing softwood with last year.
Because of considerably smaller number of West Coast mills making
statistical reports this year. cumulative figures comparing production,
shipments and orders for 1927 and 1926 are discontinued.
The mills of the California White and Sugar Pine Association make weekly
reports, but not being comparable, these are not Included in the foregoing
tables. Seventeen of these mills, representing 51% of the cut of the California pine region, gave their production for the week as 23,883,000, shipments 18,337,000 and new business 16,159,000. Last week's report from
17 mills, representing 56% of the cut. was: Production, 24,071,000 feet:
shipments, 19,708,000, and new business, 16,103,000.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 70 mills reporting for the week ended June 11 was 9%
above production and shipments were 11% above production. Of all new
business taken during the week,52% was for future water delivery, amounting to 41,014,108 feet, of which 29,033,608 feet was for domestic cargo
delivery, and 11,980,500 feet export. New business by rail amounted to
35,122,247 feet, or 45% of the week's new business. Forty-six per cent
of the week's shipments moved by water, amounting to 37,024,680 feet,
of which 26,602,205 feet moved coastwise and intercoastal and 10,423,475
feet export. Rail shipments totaled 41,022,123 feet, or 51% of the week's
shipments, and local deliveries 2,728,144 feet. Unshipped domestic cargo
orders totaled 121,815,943 feet, foreign 72,821,862 feet and rail trade 99,134,548 feet.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 104
mills reporting, shipments were 8.76% below production and orders were
12.07% below production and 3.64% below shipments. New business taken
during the week amounted to 51,457,308 feet (previous week 51,498,606):
shipments 53,398,314 feet (previous week 56,908,644), and production 58,526,306 feet (previous week 57,003,883). The normal production of these
mills is 66,894,990 feet. Of the 103 mills reporting running time, 76 operated full time, 16 of the latter overtime. Five mills were shut down and the
rest operated from one to five and one-half days.
The Western Pine Manufacturers' Association of Portland, Ore., reports
substantial increases in production and shipments, with new business far
in advance of that reported for the week before.
The California Redwood Association of San Francisco, Calif., reports a
slight decrease in production, a marked decrease in shipments and a 50%
increase in new business.
The North Carolina Pine Association of Norfolk, Va., with six fewer
mills reporting, shows nominal decreases in production and shipments and
a big decrease in new business.
The Northern Pine Manufacturers' Association of Minneapolis, Minn.,
with one less mill reporting, shows a heavy decrease in production, a substantial increase in shipments and a slight increase in new business.
The Northern Hemlock & Hardwood Manufacturers' Association of Oshkosh, Wisc. (in its softwood production), with two fewer mills reporting,
shows production about the same, a satisfactory increase in shipments and
a small reduction in new business.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers' Association of
Oshkosh, Wisc., reported from 18 mills (2 less than reported for the preceding week) a considerable increase in production, shipments about the
same,and new business slightly above that reported for the previous week.
The Hardwood Manufacturers' Institute of Memphis, Tenn., reported
from 146 mills (19 more than reported for the week earlier) a notable increase In production, a heavy increase in shipments and new business slightly
above that reported for the week before. The normal production for these
units is 24,528,000 feet.

West Coast Lumbermen's Association Weekly Report.
Sixty-nine mills reporting to the West* Coast Lumbermen's Association for the week ended June 4 manufactured
63,100,682 feet, sold 52,212,736 feet and shipped 62,208,926
feet. New business was 10,887,946 feet less than production and shipments 891,756 feet less than production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS.
SHIPMENTS AND UNFILLED ORDERS.
May 14.
Week EndedMay 21.
June 4.
May 28.
71
Number of mills reporting
72
70
69
74,265.525
71,531,242
Production (feet)
63,100,682
78,147,237
86,257,337
81,249,687
New business (feet)
52,212,738
86,373,977
79,441,557
82.600.778
Shipments (feet)
82,766,950
62,208,926
Unshipped balances:
Rail (feet)
100,311,476 107,858.928 114,605,293 119,697,099
Domestic cargo (feet) _ . 116,119,077 127.978,764 112,280,515 110,647.960
70,485,189
71,574,541
70,939,180
Exports (feet)
73,593.968
Total (feet)
288,005,094 309,431,660 297,824,988 300,330,248
1924.
1927.
First 22 Weeks of1926.
1925.
127
119
76
105
Average number of mills_
1,603.984,849 2,276,292,575 2,246,271,906 2,193.060,297
Production (feet)
1,701,727,258 2,376,002,395 2,294.495,510 2,060.582,612
New business (feet)
1,655,643,766 2,358.247,040 2.301.486,138 2,266,864,479
Shipments (feet)

Period of Operation of $40,000,000 Rubber Pool Formed
by American Interests to Stabilize Rubber
Extended for Eight Months.
The $40,000,000 pool formed last December by American
rubber manufacturers in co-operation with the automobile
industry, and which would automatically have expired on
Aug. 1 next, has been extended for eight months or to
April 1 next. The New York "Journal of Commerce" in
its issue yesterday (June 17) said:

It was stated that efforts to dissolve the pool now, when the price of
crude rubber declined sharply, would completely demoralize the market,
extension of the pool for a
and bankers have therefore reconunended the
liquidation would be effected.
period during which an orderly and gradual




Members of the pool include the United States Rubber Co.,the Goodyear
Tire & Rubber Co., the Goodrich Company,the Firestone Rubber Co., the
Fisk Rubber Co., the Kelly-Springfield Tire Co., the Ajax Rubber Co. and
other rubber and tire manufacturing companies, as well as the General
Motors, Willys-Overland, Dodge, Packard, Studebaker and other motor
companies.
It is generally supposed that its present holdings were acquired at from
38 cents to 40 cents a pound. Yesterday's price closed at 35Yi cents.

According to the "Wall Street Journal" of June 16 holdings of the pool are understood to be about 25,000 tons of
crude, of which 15,000 tons are stored in this country and
the rest in London. The formation of the pool was noted
in our issue of Dec. 4 1926, page 2843.
Great Britain to Continue Rubber Export Restrictions.
Associated Press cablegrams from London yesterday
(June 17) said:
Announcement that the Government does not contemplate abolition
of the Stevenson rubber restrictions was made in the House of Commons
to-day by Lieut.-Col. L. C. M. Amery, Secretary for the Dominions.
He was replying to a question whether he was aware there had been a
heavy fall in the price of raw rubber the last few days and whether the
Government contemplated abolition of the restrictions,

London Rubber Slump-Drop in Price of Crude Due
to Uncertainy of Restriction Scheme.
From its. London bureau the "Wall Street Journal"
yesterday (June 17) reported the following advices:
Symington'& Sinclair say: Slump in the price of crude rubber during
the past week was due to uncertainty as to the future of the restriction
scheme. There was considerable liquidation of outside accounts by
London brokers, but accounts were not large and the weak holders are
now mostly out of the market.
Selling of rubber shares reached a large volume on the London stock
market Thursday. This selling was mostly by weak holders, made more
timid by decline in the price of crude, which followed an attack on the
Stevenson Restriction Act by the Beaverbrook papers. Well-informed
holders, such as rubber Investment trusts, do not credit rumors of an
abandonment of the restriction scheme. Such investors are not parting
with their holdings.
Jobbers think the fall in the price of crude may go further, but, if so,
a reaction is likely.
Allied Sumatra closed at 19/9 Thursday, against 21 /9 Wednesday:
while Anglo Dutch closed at 45 /, against 47/ the day before.
norems=1

Cottonseed Oil Production During May.
.
On June 13 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand
and cottonseed products manufactured, shipped out, on hand
and exports during the month of May 1927 and 1926:
COTTON SEED RECEIVED, CRUSHED, AND ON HAND (TONS).
,
Crushed
Received at Mills*
On Hand at Mills
Aug. 1 to May 31. Aug. 1 to May 31.
May 31.
State.
1927.
1926.
1927.
1926.
1927.
1926,
Alabama
Arizona
Arkansas
California
Georgia
LouLsiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other

358,430 349,805 357,106 349,584
52,204
55,487
52,091
56,600
458,988 439,555 454,936 437,016
84,748
89,237
81,772
86,984
656,913 513,854 646,176 506,767
239,416 235,813 228,144 227,986
698,615 725,596 675,120 704,864
438,785 372,699 430,006 370,513
603,222 540,782 572,374 540,552
304,383 259,658 303,142 260.171
361.302 381,299 359,445 378,836
1.887,602 1,378.543 1,827,951 1,388,703
121,239 142,373 120,291 142,597

1,527
158
4,622
2,976
12,159
10,555
29,672
9,200
31,228
1,853
3,678
64,843
964

508
37
1,550
2,627
7,068
2,247
21,882
2,451
3,524
851
2,910
10,933
62

United States
. 6,265,847 5,484,681 6.108,554 5,451,173 173,435
56,650
* Includes seed destroyed at mills but not 23,249 tons and 32,276 tons on hand
Aug. 1 nor 87,605 tons and 144,510 tons reshipped for 1927 and 1926, respectively.
COTTONSEED PRODUCTS MANUFACTURED. SHIPPED OUT, AND
ON HAND.

Item.

Season.

On Hand
Aug. 1.

Produced
Aug. 1 to
May 31.

Shipped Out
Aug. 1 to
May 31.

On Hand
May 31.

Crude oil
1926-27 *8,280,561 1,826,909,116 1,787,004,553 *73,030,905
Pounds)
4,847,333 1,583,942,335 1,578,172,003 29,436,869
1925-26
Refined oil
6507,644,412
1926-27 a145,670,884 61,553,448,390
259,202,788
(Pounds)
1925-26 173,549,345 1,311,968,829
Cake and meal__ _ 1926-27
2,740,437
2,733,814
142,844
149,467
2,549,115
2,282,784
(Tons)
285,307
18,976
1925-26
1,672,804
1,800,255
Hulls
92,333
219,784
1926-27
1,414,818
1,518.336
(Tons)
143,023
39,503
1925-26
1,018,803
962,462
65,753
Linters
122,094
1926-27
1,028.008
898,640
18,547
147,915
(Runningbales) 1925-26
99,071
94,927
Hull fiber
17,335
21,479
1926-27
101,240
86,463
4,008
(500-1b. bales)_ 1925-26
18,785
Grabbots, motes,
36,917
37,941
&c
6,763
5,739
1926-27
41.350
(5n01-a, halocA 109k-9A
1.758
30.865
12.245
* Includes 3,532,157 and 15,366.137 pounds held by refining and manufacturing
establishments and 2,972.229 and 15,984,030 pounds in transit to refiners and consumers Aug. 1 1926 and May 31 1927, respectively. a Includes 2,376,183 and 8,190,483 pounds held by refiners. brokers, agents and warehousemen at places other
than refineries and manufacturing establishments and 2,702.114 and 12.824.196
pounds in transit to manufacturers of lard substitute, oleomargarine, soap,
Aug. 1 1926 and May 31 1927. respectively. b Produced from 1,711,445,331
pounds crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR NINE MONTHS ENDING
APRIL 30.
Item.
Oil crude
Refined
Cake and meal
Linters

pounds
pounds
tons
running bales

1927.

1926.

26,632.215
16,190,078
438.272
210,631

34,742,099
20,061,714
319,424
77.596

JUNE 181927.1

THE GrIIRONICLE

Census Report on Cotton Consumed in May.
Under date of June 14 1927 the Census Bureau issued its
report showing cotton consumed, cotton on hand, active cotton spindles and imports and exports of cotton for the month
of May 1927 and 1926. Cotton consumed amounted to
633,024 bales of lint and 72,766 bales of linters, compared
with 516,376 bales of lint and 65,199 bales of linters in
May 1926 and 619,140 bales of lint and 66,957 bales linters in
April 1927. It will be seen that there is an increase over
May 1926 in the total lint and linters combined of 124,215
bales,or 21.3%. The following is the statement complete:
Cotton consumed. cotton on hand, active cotton spindles, and imports
and exports of cotton for the month of May 1927 and 1926, with statistics
of cotton consumed, imported and exported for the ten months ending
May 31. (The statistics of cotton in this report are given in running bales,
counting round as half bales, except foreign cotton.which is in equivalents,
500-pound bales.)
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN
OTHER ESTABLISHMENTS, AND ACTIVE COTTON SPINDLES.
(Linters not Included.)

.
Locality.

Cotton Consumed
(Bales) During-

Year
May.

Cotton on Hand
May 31-

Cotton
Spindles
Ten
In Consum- In Public
Active
Months
ing Estab- Storage & at During
lishments Compresses
Ending
May
May 31.
(Bales).
(Bales).
(Number).

United States_ f 1927 *633,024 *5,970,844 *1,794,284 *2,888,947 32,906,580
11926 516,376 5,475,502 1,448,739 2,965,477 32,275,036
Cotton-growing
States
New England
States
All other
States

1927
1926
1927
1928
1927
1926

458,285
362,987
150,686
128,647
26,053
24.742

4,304,305
3,800,027
1,397,989
1,395,133
288,550
250.342

1,190,521
863,638
509,767
497,435
93,998
57.868

2,516,311
2,725,488
118,820
172,199
234,016
67.790

17,885,944
17,032,972
13.752,092
13,735,570
1,468,544
lane ao.

* Includes 22,0 3 Egyptian, 7 807 other foreign and 1,778 American-Egyptian
consumed; 56,445 Egyptian, 18,589 other foreign and 5,007 American-Egyptian in
consuming estima e; and 13,370 Egyptian, 9,068 other foreign and 2,510 AmericanEgyptian in publ c storage. Ten-months consumption, 192,245 Egyptian, 64,239
other foreign and 18,452 American-Egyptian.

Linters not included above were 72,766 bales consumed during May in
1927 and 65,199 bales in 1926: 225.417 bales on hand in consuming establishments on May 31 1927 and 165,287 bales in 1926; and 68.032 bales in
public storage and at compresses in 1927. and 85,023 bales in 1926. Linters
consumed during ten months ending May 31 amounted to 663,050 bales
In 1927 and 666,671 bales in 1926.
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
.

Imports of Foreign Cotton(500-Pound Bales).

Exports of Domestic Cotton and LintersRunning Bales (See Note for Linters).

Country
Ten Months Country
May.
Ending Ifay 31.
of
to
May.
ProWhich
duction. 1927. 1928. 1927. 1926. Exported. 1927. 1926.

Ten Months
Ending May 31.
1927.

1926.

Egypt __ 14,020 9,571 180,813214,998 U.King_ 101,957 95,8292,457,2012,133,955
Peru____ 1,265
947 17,523 14,682 France__ 36,7131 38.786 966,252 857,841
China _ 2,872
814 25,113 21,578 Italy ___ 38,833j 54,535 703,820 647,306
Mexico. 329
13 93,046 23,287 Germany 155,217 81,4142,706,075 1,558,169
Br.India 2,596 2,273 13,817 14,861 Oth.Eur. 145,9761 55,443 1,216,387 874,251
All
Japan __ 93,0101 89,144 1,498,624 1,032,205
other..
265
7 2,446 1,900 All other 56.426j 44,328 764,478 338,788
Total.21,347 13,625332,758291,284

Total _ 628,132419,459110312,637 7,442,315
Note.-Flgures include 15,786 bales of linters exported during May in
1927 irnd
7,408 bales In 1926, and 228.417 bales for the 10 months ending
May 31 in 1927 and
85,004 bales in 1928. The distribution for May 1927
United Kingdom,
1,746; Netherlands, 414; France, 3,966; Germany, 6.696;follows:
Belgium, 1,342; Italy, 552;
Spain, 136; Canada, 867; klexice, 2; Hungary, 17; Chile,
47: Japan, 1.

World Statistics.
The estimated world's production of commercial cotton
exclusive of
linters, grown In 1925. as compiled from information secured
domestic and foreign staff of the Department of Commerce, isthrough the
26,618,000
bales of 478 pounds lint, while the consumption of cotton
(exclusive of
linters in the United States) for the year ending July 31 1926 was
mately 23,940.000 bales of 478 pounds lint. The total number of approxispinning
cotton spindles, both active and idle, is about 164.000.000.

No Changes in Price Affect Crude Oil Market-Gasoline
Prices Continue to Recede in Certain Sections.
Continued quiet marks the price situation in the
crude
oil markets of the country this week. Gasoline prices,
on
the other hand, were reduced in certain sections and
were
not far-reaching in effect. The Atlantic Refining Co. on
June 15 reduced the price of gasoline 2c. a gallon in
the
city of Philadelphia, Pa., only, making the new tank
wagon
price 12c. and the retail price 15c. per gallon. This
reduction in price was followed by the Sun Oil and Pure Oil
companies.
The export price of gasoline was reduced on June 15
by
the Standard Oil Co. of New Jersey, which cut the price
%c.
a gallon in cases, making the new price 24.40c. a gallon.
The
market for gasoline in Texas is more stable than it
had
been, according to advices from Houston, The
Magnolia
Petroleum Co. on June 13 posted a minimum tank
wagon
price of 12c. a gallon at all points in the State. On June
15
the Gulf Refining Co. and other major marketers followed
that lead with the result that all of the big distributers
quoted a minimum of 12c. Competitive conditions had
driven the price as low as 10c. a gallon at some points in
Texas. At other points lle, was the prevailing price.




3557

In Chicago on June 17, wholesale prices were quoted as
follows: United State motor grade gasoline, 6%c.; kerosene, 41-43 water white, 4@4%c.; fuel oil, 24-26 gravity,
95c.
Decrease Reported in Crude Oil Production.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United
States for the week ended June 11 was 2,498,450 barrels,
as compared with 2,507,300 barrels for the preceding week,
a decrease of 8,850 barrels. There is, however, an increase
of 484,300 barrels over the output in the corre9onding
week of 1926. The daily average production east of California was 1,854,650 barrels, as compared with 1,870,900
barrels, a decrease of 16,250 barrels. The following are
estimates of daily average gross production by districts for
the weeks given:
(In Barrels)Oklahoma
Kansas
Panhandle Texas
North Texas
West central Texas
West Texas
East central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
Total

DAILY AVERAGE PRODUCTION.
June 11 '27. June 4'27. May 28 '27. June 12'28.
750,700
751,500
747,200
458.400
112,750
113,750
115,200
107,200
129,550
140,450
137,450
39,750
88,100
87,450
88,200
84,200
75,550
75,600
73.75054,750
120,100
117,800
118,600
32,700
37,500
38,500
38,850
52,150
33,900
34,400
34,650
38,450
48,350
47,500
47,150
60,700
111,750
113,000
113,750
170,550
134,000
136,100
137,550
78,150
15,350
14,500
15,000
12,850
112,500
114.000
115,500
108,500
60,750
61,950
60,250
73,900
13,600
13,700
13,700
28,000
7,400
7,150
11,550
7,750
2,800
3,550
3,950
4,450
643,800
836,400
626,000
603,700
2,498,450

2,507,300

2,498,300

2,014.150

The estimated daily average gross production of the Mid-Continent field
including Oklahoma, Kansas, Panhandle, north, west central, west, east
central, and southwest Texas, north Louisiana and Arkansas, for the
week ended June 11 was 1,508,250 bbls., as compared with 1,519,950 bbls.
for the preceding week, a decrease of 11,700 bbls. The Mid-Continent
production, excluding Smackover, Arkansas, heavy oil, was 1.420,750 bbls.,
as compared with 1,431,350 bbls., a decrease of 10,600 bbls.
In Oklahoma, production of north Braman is reported at 4.850 bbls.,
against 4.950 bbls.; south Braman.3,700 bbls., against 3,350 bbls.; Tonkawa
21.650 bbls., against 21.950 bbls.; Garber. 14.250 bbls., against 14.300
bb1s.; Burbank, 45,700 bbls., against 45.550 bbls.; Bristow-Slick, 26,800
bbls., against 27.150 bbls.; Cromwell, 13,000 bbls., against 12,650 bbls.;
Papoose, 7,150 bbls., against 7,100 bbls.; Wewoka, 18,750 bbls., against
19,050 bbls.; Seminole. 298,300 bbls., against 296,750 bbls., and Earlsboro,
64,050 bbls.. against 63,750 bbls.
In Panhandle Texas, Hutchinson County is reported at 102,700 bbls.,
against 112,600 bbls., and Balance Panhandle, 62,850 bbls., against 27.850
bbls. In east central Texas, Corsicana Powell, 17,600 bbls., against
19,000 bbls.; Nigger Creek, 3,950 bbls., against 4,000 bbls.; Brown County,
west central Texas, 29,050 bbls., against 28,800 bbls.; Reagan County,
west Texas, 26,250 bbls., against 26,400 bbls.; Crane and Upton Counties,
70,850 bbls., against 65,650 bbls., and in the southwest Texas field, Luling,
16,300 bbls., against 16.450 bbls.; Laredo Distict, 13.750 bbls., against
14,000 bbls.; Lytton Springs, 2,000 bbls., against 2.100 bbls. In north
Louisiana. Haynesville is reported at 7,800 bbls., against 7,700 bbls.;
Urania, 8,600 bbls., against 8,050 bbls.; and in Arkansas, Smackover light,
11,200 bbls., against 11,300 bbls.; heavy, 87,500 bbls., against 88,600 bbls.;
and Lisbon, 3,800 bbls., against 3,850 bbls. In the Gulf Coast field, Hull
is reported at 18,050 bibs., against 17,550 bbls.; West Columbia,9,850 bbls.,
against 9.950 bbls.; Spindletop, 56,050 bbls., against 57,900 bbls.; Orange
County, 5.600 bbls., against 5,550 bbls., and South Liberty. 3,000 bbls.,
against 3,100 bbls.
In Wyoming, Salt Creek is reported at 42,950 bbls., against 45,600 bbls.;
and Sunburst, Montana, 11.200 bbls., no change.
In California, Santa Fe Springs is reported at 41,000 bbls.. no change;
Long Beach. 95,000 bbls., against 96,000 bbls.; Huntington Beach, 76,500
bbls., against 76,000 bbls.; Torrance, 23,500 bbls., no change; Dominguez.
17,000 bbls., against 17,550 bbls.; Rosecrans, 10,000 bbls., against 10,500
bbls.; Inglewood, 35,000 bbls., against 36,000 bbls.; Midway Sunset,
89.500 bbls., against 91.000 bbls.; Ventura Avenue, 37.300 bbls., against
37,700 bbls., and Seal Beach, 68,000 bbls., against 54,000 bbls.

Moderate Decline in Output of Chemicals-Average
Level of Prices Is Slightly Lower-Fertilizer
Sales Off.
While'demand for some chemicals has been stimulated by
seasonal conditions, in other cases operations on the part
of both producing and consuming industries have been on a
less active scale and trade opinions credit a decline in chemical production in May as compared with that for the preceding month, "Chemical and Metallurgical Engineering"
reports. With new business light, producers are competing
to work off surplus production and an easy tone has been
maintained with reference to market values. The following
are further extracts:
The average level of prices declined slightly during the month, although
no open change was made in quotations for the majority of important selections. The weighted index number of chemical prices for June settled at
112.83, as against 112.95 in May, and 113.67 in June 1926. Lower prices
ruled for methanol, lead oxides, sulphate of ammonia and some of the coal
tar products. Higher quotations prevailed for citric acid, nitrate of soda,,
and denatured alcohol.
In the vegetable oil group higher,prices for linseed and cottonseed oils
were largely counteracted by the lower market for china wood oil, peanut
oil and glycerine.
The production of turpentine in the present season is expected to be
considerably larger than in recent years, judging from the number of turpentine cups sold during the past winter.

_CHB CHRONICLE

3558

The fertilizer industry reported a decline of 5% in fertilizer sales in
May as compared with May 1926, and for the six months of the fertilizer
season, December-May, sales were 15% less than for the same period a year
'ago. This condition has a direct bearing on consumption of sulphuric acid,
nitrate of soda, potash salts and other fertilizer chemicals.

Increase in Stocks of Refined Copper.
Stocks of refined copper at end of May were 108,079 short
tons, against 99,256 tons on April 30, increase of 8,823 tons,
according to American. Bureau of Metal Statistics. In
announcing this in its issue of June 14, the "Wall Street
Journal" stated:
Stocks of blister copper at end of May were 250.755 tons, against 249,834
tons at end of April, increase of 921 tons.
Total amount of copper above ground in producers' hands June 1 came
to 358.834 short tons, compared with 349,000 May 1, 366,865 tons April 1
and 378,158 March 1, peak for recent months.
Total shipments for May came to 116,758 tons, against 129.612 in April
and 129,304 in March. Total in first five months of 1927 was 611,557
tons, average of 122,311 tons a month.
Domestic shipments in May came to 69,779 tons, against 73,976 in April
and 79,537 in March. Total in first five months was 367,355 tons, an
average of 73,471 tons a month.
Foreign shipments in May 'came to 46,979 tons, against 55,636 tons in
April and 49,767 tons in March. Total for first five months was 244,202
tons, an average of 48,840 tons a month.
Refined output of 125,581 tons, compares with 125,796 in April and
126,975 in March. Total in first five months was 634.125 tons, an average
of 126,827 tons a month.
Mine output of the United States for May came to 71,749 short tons of
copper, compared with 71,122 tons in April and 60,314 in March. Total
for first five months was 357.855 tons, a monthly average of 71,517 tons.
Following table gives in short tons output of United States mines by types
for four months ended in May:
May
March
April
February
1927.
1927.
1927.
1927.
28,482
29,412
29,776
29,667
Porphyry mines
8,937
5,916
8,266
6,971
Lake mines
30.467
30.124
29,091
29,103
Vein mines
3.863
3.862
4,086
3,364
Custom ores
Total crude production

69,202

69.314

71.122

71,749

Recession of Buying Causes Declining Steel & Iron
Prices.
Reduction in number as well its size Of new orders in steel
in the past week has served to emphasize the mid-year
decline reports the current issue of the "Iron Age." The
rate of making steel has not materially changed, but a slowing
down of rolling operations is reported from all centers.
Production, however,still remains on a higher plane than this
time last year, observes the "Age on June 16, adding: •
Buying, devoid of a speculative element, continues to point to a scale of
consumption beyond expectations only a few weeks ago. There is no
marked activity among the various well-known steel-using industries, yet
so broad are requirements that releases against orders and contracts for mill
scheduling have fallen probably not over 10% in tonnage in the past month.
Declining output is relatively more pronounced in Chicago and the South,
which until recently have not had the successive curtailments of Pittsburgh
and the East. Of the 36 steel-company blast furnaces in the Chicago
district, 28 are active,the Steel Corp. having blown out No.9stack at South
Chicago.
Price concessions in bars, plates and shapes are more widely obtained in
competitive territories away from producing centers and on lots attractive
on the score of providing mills with economical operations. Reflecting the
lower range of prices, weakness has also appeared in the Middle West in
rail steel bars.
Sheets and strip steel prices by contrast are firm. Further third quarter
buying has been done at the regular prices, and mill insistance on specifying
by June 15 on current quarter contracts is adding a large tonnage to mill
order books. Some Ohio sheet makers that were quoting on a mill basis
have gone hack to the Pittsburgh base.
The purchasing of 20.000 tons of foundry pig iron by a large sanitary
ware maker for various plants brought out a price reduct on of 50c. a ton
at Valley furnaces, as well as concessions by producers in southern Ohio,
southern Illinois and eastern Pennsylvania. Pig iron sales increased at
Cleveland,totaling 30.000 tons as compared with 20,000 tons in the previous
week, but the gain was at the expense of prices, Which have been marked
down 50c. for local delivery. Purchases in the Cincinnati district, at 20,000
tons, were the largest so far this year. Current inquiry in the various markets, however,fails to portend an active buying movement for third quarter.
Heavy melting steel has declined 25c. a ton at Pittsburgh, Cincinnati
and St. Louis. But at Cleveland the prevailing low prices for scrap are
discouraging offerings, and at Pittsburgh, consumers are buying because
material is cheap, heavy melting steel being lower than at any time since
early 1922.
Two pig iron producers in the Valleys and one at Buffalo are in the market
From $3.25
for a total of 50.000 tons of coke a month for the next quarter.
resulting
to $3.50, Connellsville, has been quoted on these inquiries without
at as low as
in sales. Spot furnace coke in small tonnages can still be bought
$2.75.
small lot
Rivet manufacturers have advanced large rivets, in the case of
holding the present quotation of $2.75
orders, $6 a ton or to $3 per 100 lb.,
quotations on small rivets have likewise
only to large buyers. Small lot
and nuts for the next three months may be
been raised. Orders for bolts
entered at today's prices.
distinctly lighter than in the past few weeks,
Tin plate operations are
in anticipation of last half needs.
mills showing no tendency to produce
stock, as the demand is not sufficiently
In pipe, production is partly for
output.
mill
large to sustain present finishing
and wire products is slower getting
Third quarter contracting for wire
tinier Way than a year ago.
in fair volume, covering Wpm cons
Structural steel contracts continue
negotiation,totaling 27,000 tons,include 7.000
under
Projects
week.
for the
and 4.000 tons for a tower in Chicago.
tons for a grandstand at Arlington, Ill.,
Minn., will take 3,000 tons of concrete
A mail order warehouse in St. Paul.
reinforcing steel.
large, with close to 7,000 tons coming
Pig iron imports again loomed fairly
England and India.
from
mostly
Philadelphia,
n at




[Vox.. 124

A British mill will supply 10,000 tons of rails for an Argentine road.
Both of the "Iron Age" composite prices declined this week, that for pig
iron going to $18.96 a ton from $19.04 and that for finished steel going from
2.375c. a lb. to 2.367c. Pig iron now stands at the low of the year; it has
not been lower in more than five years. The usual composite price tables
stand as follows:
Pig Iron.
Finished Steel.
June 14 1927, 518.96 per Gross Ton.
June 14 1927, 2.367 Cents per Pound.
$19.04
2.3740. One week ago
One week ago
2.3670. One month ago
19.04
One month ago
2.4170. One year ago
20.39
One year ago
1.6890. 10-year pre-war average
15.72
10-year pre-war average
Based on average of basic iron at ValBased on steel bars, beams,tank plates,
plain wire, open-hearth rails, black pipe ley furnace and foundry irons at Chicago,
and black sheets, constituting 87% of the Philadelphia, Buffalo, Valley and Birmingham.
United States output.
High.
Low.
Low.
High.
1927_2.453c., Jan. 4 2.339c., Apr. 26 1927__$19.71, Jan. 4 518.96, Fell. 15
19262.453c., Jan. 5 2.403c., May 18 1926-- 21.54, Jan. 5 19.48, July 13
1925„2.560o., Jan. 6 2.396c., Aug. 18 1925__ 22.50, Jan. 13 18.98, July 7
1924__2.789o., Jan. 15 2.4600., Oct. 14 1924__ 22.88, Feb. 26 19.21, Nov. 3
1923_2.824c., Apr. 24 2.4460., Jan. 2 1923__ 30.86. Mar. 20 20.77. Nov.20

The "Iron Trade Review' of June 16 concurs in the
opinion that summer dulness appears to be coming on, as
evidenced by the further contraction in the demand for
finished steel during the past week. The "Review" in
summarizing conditions in the markets says:
Automotive schedules are lighter pending announcement of new models
and tonnage involved in recent freight car orders has not yet been placed.
Steel works operations have been synchronized with reduced bookings.
Steel corporation subsidiaries have dropped enough capacity to reduce their
steelmaking rate from 87 to about 80%. while the average for the entire
Industry is down to 75%. Even so, output of steel in June will probably
approximate that of last June.
Interest in third quarter requirements, while broadening moderately,
falls below expectations. Price weakness in heavy finished products has
deterred some users from committing themselves. The carryover of pig
iron into the new quarter will be fairly heavy, especially in the Pittsburgh
and Chicago districts. The situation is in contrast with last June, when
Inquiries were mounting and some heavy finished lines at Pittsburgh were
being advanced.
The strength being displayed by sheets and hot rolled strip stands out
in a generally weaker market. Deviations from the recently advanced
sheet levels are the exception and bookings are increasing. For the third
successive week independent sheet mill operations in the Mahoning valley
are heavier. Some autobody sheet mills are operating at capacity this
Week and are scheduled similarly for next week,for the first time in 60 days.
Pig Iron is not so highly competitive as steel but the disinterestedness of
consumers over their third quarter requirements is having a deteriorating
effect on prices. Blast furnace interests at Cleveland have conceded 50
rents. making foundry and malleable iron $19, delivered in the immediate
Cleveland district. Prices in nearby districts are similarly affected.
Malleable iron in the Mahoning valley is off 50 cents, to $18 to $18.50
Curtailed production of beehive coke continues to strengthen the hands
of producers and the bottom of the spot furnace market Is approaching
Inquiry for third quarter is coming out more rapidly but consumers hesitate
to pay the $3.25 to $3.50 asked. One inquiry is for 13,000 tons monthly;
another involves 10,000 tons for shipment to July 20.
Makers of rivets contemplate asking 3.00c., Pittsburgh and Cleveland,
an advance of $5 per ton, on third quarter business and a proportionate
advance on small rivets. Bolt and nutma,kers are beginning to solicit
third quarter contracts on the current basis of 70 off list.
A Milwaukee interest is reported to have been awarded 300 miles of 22inch line pipe, proposing to bend skelp cold and electric weld the seam.
Cast iron pipe at Birmingham is down to a range of $34 to $35 for sizes
6 inches and over. Detroit has rejected the low French bid on 3,000 tons
of 36-inch cast iron pipe and has placed the business with a domestic maker.
From 125.000 to 136,000 tons of material will be required for the New
York-New Jersey suspension bridge, bids on which are slated to be asked
shortly. Although no large awards developed, the aggregate ,of moderate
and small size structural work placed in the past week brought the total to
35.900 tons,exceeding both the seasonal average and the corresponding week
of last year. Reinforcing concrete bar awards, headed by a contract
for 4,000 tons for a warehouse at Minneapolis, totaled 8.780 tons and also
surpassed the seasonal average and the corresponding week of 1926.
Unfilled tonnage of the United States Steel Corp. as of May 31 dropped
to 3,050,941 tons or 11.7% under April 30. Not since Dec. 31 1910 has
the order book of the corporation been so low but hand-to-mouth buying
has injured unfilled tonnage as a barometer.
The continental steel entente has decided that third quarter porduction,
like that of the second, will be based upon an annual rate Of 20,287,000 tons.
Germany has won a 50% reduction in its penalties for excess domestic
tonnage. Organization of a European wire rod syndicate, which has already
fixed prices, has prompted negotiations for an international export syndicate.
The "Iron Trade Review" composite of 14 leading iron and steel products
Is off 2 cents this week, to 1136.70.

Country's Foreign Trade in May-Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on June 14 issued its statement on the foreign
trade of the United States for May and the five months
ending with May. The value of merchandise exported in
May 1927 was $394,000,000, as compared with$356,699,000
in May 1926. The imports of merchandise are provisionally
computed at $346,000,000 in May 1927,as against 3320,919,000 in May the previous year, leaving a trade balance in
favor of the United States on the merchandise movement
for the month of May 1927 of $48,000,000. Last year in
May there was a favorable trade balance on the merchandise
movement of $35,780,000. Imports for the five months of •
1927 have been $1,768,397,000, as against $1,965,788,000
for the corresponding five months of 1926. The merchandise exports for the five months of 1927 have been $2,010,240,000, against $1,868,820,000, giving a favorable trade
balance of $241,843,000 in 1927, against an unfavorable
trade balance of $96,968,000 in 1926. Gold imports totaled
$34,212,000 in May, against only $2,935,000 in the corre-

JUNE 181927.]

THE CHRONICLE

sponding month in the previous year, and for the five months
they have been $146,761,000, as against $104,231,000.
Gold exports in May 1927 were $1,510,000, against $9,343,000 in May 1926. For the five months of 1927 the exports
of the metal foot up $27,031,000, against $38,390,000 in
the five months of 1926. Silver imports for the five months
of 1927 have been $22,206,000, as against $31,359,000 in
1926, and silver exports $32,549,000, as against $41,391,000.
Following is the complete official report:
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES.
(Preliminary figures for 1927, corrected to June 14 1927.)
MERCHANDISE.

3559

price, declares the "Coal Age" in its survey of conditions in
the markets during the past week. In some quarters of the
bituminous trade there are hopes of a revival with the approaching end of the half year, the "Age" reports, An increased volume of inquiry is the basis for this expectation.
There has been little or no change in the labor situation in
the fields affected by the suspension. A few mines in Indiana and Ohio have signed up with the union, but their influence on the market as a whole is negligible, continues this
journal in its June 15 issue, which adds:

The "Coal Age" index of spot bituminous prices as of June 13 was 154,
with the corresponding weighted average price $1.86, an advance of 1
point and 1 cent, respectively, over the figures of the preceding week.
May.
5 Months End. May.
Incr.(+) Receipts by lake up to May 31 were more than twice as large as in the
1926.
Decr.(-) same time last year. Operators of southwest Virginia, West Virginia, east1927.
1927.
1926.
Kentucky and Tennessee have asked the aid of railroads serving the
1,000 Dols. 1,000 Dols 1,000 Dols. 1,000 Dols 1,000Dols ern
2,010,240 1,868,820 +141,420 region south of Ohio in overcoming the effect of the lake cargo decision.
Exports
394,000
358,899
1,768,397 1,965,788 -197,391 The rail executivee promised to co-operate to bring about an equalization
348,000
320,919
Imports
of the rates.
241,843
Excess of exports
48,000
35,780
Demand for anthracite has slumped. The expected summer buying moveExcess of imports
96,968
ment has not begun yet and the new scheme of advancing prices every
EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS.
other month is blamed in some quarters for deferred activity. The mines
are working only half time and many companies are storing virtually all
1924.
1923.
1927.
1926.
1925.
1922.
sizes. The slackening demand is affecting the steam sizes.
The Connellsville beehive coke market is dull and featureless, with prices
1.000
1,000
1,000
1,000
1,000
1,000
Exports.
Dollars. Dollars. Dollars. Dollars. Dollars. Dollars, unchanged.
396,836
352,905
374,406
387,974
356,699
338,033
368,317
384,449
448,071
455,301
480,300
465,369

446,443
370,676
453,653
398,255
370,945
323,348
339,660
379,823
420,368
490,567
447,804
468,306

v..vm...v.v.
movN.-0-0000N

419,393
372,682
408,844
415,219
394,000

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

395,172
365,782
339,755
346.936
335,089
306,989
276,649
330.680
427,480
527,172
493,573
445.748

278,848
250,620
329,980
318,470
307,569
335,117
301,157
301,775
313.197
370,719
380,000
344,328

5 months ending May 2,010,240 1.868,820 2,039,972 1,782,734 1,825,602 1,485,487
11 months ending May 4,812,046 4,415,348 4,541,233 4,004,668 3,836.776 3,436,041
12 mos.end.December
4,808.660 4,909,848 4,590,984 4.167.493 3.831,777
ImportsJanuary
February
March
April
May
June
July
August
September
October
November
December

356.840
310.877
379,170
375,509
346,000

416,752
387,306
442,899
397,912
320,919
338,251
338,959
336,477
343,202
376,868
373,881
359,462

346,165
333,387
385,379
346,091
327,519
325,216
325,648
340,086
349.954
374,074
376,431
396,640

295,506
332.323
320,482
324.291
302,988
274,001
278,594
254.542
287,144
310,752
296,148
333.192

329,254
303,407
397,928
364,253
372,545
320,234
287,434
275.438
253,645
308,291
291.333
288,305

217,185
215,743
256.178
217,023
252,817
260,461
251,772
281,376
298,493
276,104
291,805
293.789

5 months ending May 1,768,397 1,985,7881,738.541 1,875.5001.767,387 1,158,946
11 months ending May 3,897,246 4,128,621 3,498,913 3,280.036 3,460,727 2,347,618
4,430,888 4,226,589 3,609,963 3,792.066 3,112,747
12 mos.end.December
GOLD AND SILVER..
5 Mos. Ending May.

May.
1927.
GoldExports
Imports

1926.

1927.

1926.

Incr. (-I-)
Dem.(-)

1,000 Dols. 1,000 Dols. 1,000 Dols. 1.000 Dols 1,000 Dots.
1,510
9,343
27,031
38,390
-11,359
34,212
2,935
148,761
104,231
+42.530

Excess of exports.6,408
Excess of imports
3215i
____
SlicerExports
Imports
Excess of exports
Excess of imports

119-,750

65:841

6,028
5,083

7,931
4,872

32,549
22,208

41,391
31,359

943
__ __

3,059
_ __ _

10,343
-

10,032

-8,842
-9,153

Seven and a quarter million tons of bituminous produced
during the week ended June 4, as compared with the two
previous week, indicates a loss, but deducting one little
working day-or rather a big one, as it was Memorial Day
-it actually shows a gain and last week's production shows
little variation, with most of the production from open-shop
mines, observes the "Coal and Coal Trade Journal" in its
June 14 market review.
We have as yet heard of no suffering for lack of coal,
and, remembering there are some five million tons weekly
of production idle at mines imitating a strike, and that openshop mines are able to produce a million more, it is generally admitted that the American public is a glutton for
coal punishment, though not averse to keeping their wellknown reputation as good bargain shoppers, adds the "Journal," from which we quote the following:
In this respect the market has afforded, with the continued exception of
prepared sizes of good quality, one of the most acrobatic efforts on the
part of some producers to stuff an already saturated or overfed market.
We nearly forgot to mention a rumor that there are yet some millions of
tons, probably over fifty, accumulated in anticipation of the present
scarcity. However, some long seers yet believe such stocks may prove one
of the best investments the buyer has made.
The focus is still directed on the Philadelphia conference, June 21. The
eyes of the nation's coal trade are upon these gentlemen, and it is generally hoped that they will have crossed their Rubicon within a few days,
joined their brothers in other outlying districts, and proven to the public
that they are not oblivious to their interest in settlements so important to
their welfare. Western Pennsylvania is carrying on in its effort to work
on a competitive basis and progress is reported.
Ohio, Indiana and Illinois are still at rest with eyes East, watching the
result of temporary permits before they try it themselves. Would it be
wise if the strike should be permitted to kid along until necessity invites
action, with a general election ahead? Human nature is stronger than
wisdom at times.
The reports from Great Britain show a much worse condition since horns
markets are glutted, and the export trade has lessened its demand.

EXPORTS AND IMPORTS OF GOLD AND SILVER BY MONTHS.
Gold.

•
1927.
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December

1926.

1.000 1,000
Dols. Dols.
14,890 3.087
2,414 3,851
5.625 4,225
2,592 17,884
1,510 9,343
3.346
5,069
29,743
23.081
1,156
7,727
7.198

1925.

Silver.
1924.

1927.

1926.

1925.

1,000 1.000 1,000 1.0j0 1.000
Dols. Dols. Dols. Dols. Dols.
281 7,388 9.763 11,385
73,526
505 6,233 7,752 6.833
50,600
817 6.077 8,333 7,917
25,104
21,604 1,391 6,824 7.612 9,323
13,390
593 6,026 7,931 6,536
-___ 7,978 8,522
288
8,712
327
4,416
__ 7,921 8.349
2,136 2.397 ._ __ _ 8.041 8,285
____ 7,243 7.487
6.784 4,580
__
28.039 4,125
7,279 8.783
24.360 6,689 .--_ 6.794 8,118
-_-_ 5.810 7,589
5,968 39,675

1924.
1,000
Dols.
8,209
8,877
8.355
7.802
9.687
8.648
9.190
8.632
10,345
9.465
9,401
11.280

0000Wmpp.

-socacmwoovos

5 mos. end. May 27,031 38,390 184,224 3,587 32,549 41.391 41,994 42,930
11 mos.end.May 101,003 110,093 242,017 9,939 75,437 90,002 100.307 90.138
__ 115,708 262,640 61,648
____ 92,258 99,128 109,891
12 mos.end. Dec
-ImportsJanuary
59,355 19.351 5.038
5.151 5.763 7,339 5.980
February
22,309 25,416 3.603
3.841 8.863 4.929 7,900
March
16.382 43,413 7,337
4,308 5,539 6.661 6.221
14,503 13.116 8.870
3,815 6,322 4,945 3.908
April
34,212 2,935 11.393
May
5,083 4,872 3.390 5.840
____ 5,1128 4,919 4.870
18,890 4,426
June
_ _ __ 5,949 5,238 7,128
19,820 10,204
July
____ 5.988 7.273 7,042
11,979 4,862
August
____ 7,203 4.504 7.083
September
15.987 4,128
____ 5.098 5,602 5.829
October
-- 8,857 60.741
_ _ 16,738 10,456
____ 3,941 4,049 6,481
November
____ 4.430 5,747 5.864
.
..... 17,004 7,216
December
5 mos. end. May 146,781 104,231 36,241 201,061 22,206 31,359 27,264 29,649
limos. end.May 237.145 191,838 129,719 391,844 54,814 63,772 86.690 75,070
____ 213.504 128,273 319.721
____ 69.596 64,595 73,945
12 nous. end. Des

Seasonal Dulness Prevails in Bituminous Coal
Markets-Anthracite Demand Slumps.
Characteristic summer dulness pervades most of the market centres with relatively little variation in demand or




Sharp Decline in Output of Bituminous Coal and
Anthracite, Owing to Holiday.
The observance of Memorial Day on May 30 resulted in a
sharp decline in the production of bituminous coal and
anthracite for the week of June 4, reports the United States
Bureau of Mines. The output of bituminous coal fell off
about 1,104,000 net tons and tfiat of anthracite about 272,000 net tons, There was an increase in the output of beehive coke from 125,000 to 149,000 net tons for the June 4
week. Additional data from the Bureau's report are as
follows:
The observance of Memorial Day, May 30, caused a sharp decrease in
production of bituminous coal during the week ended June 4. The total
output is estimated at 7,372,000 net tons, or 1,104,000 less than that of the
preceding full-time week. Production on Memorial Day itself was equivalent to about four-tenths of that on the preceding Monday. Allowing for
the holiday, the rate per working day shows little change over other recent
weeks.
Estimated U. S. Production of Bituminous Coal (Net Tons). Including Coal Coked.
1926
1927
Cat. Year
Cal. Year
Week.
Date.a
to Date.
Week.
9,282,000
213,241,000
229,485,000
May 21
8,273,000
1.779,000
1,547,000
1,914,000
Daily average
1 379.000
222,924,000
9,883,000
237,961,000
May 28_b
8,476,000
1,614,000
1.771,000
1,890,000
Daily average
1,413000
8,660,000
231,584,000
245,333,000
June 4_c
7 372,000
1,604,000
1,764,000
1,868,000
Daily averaged
1,365.000
a Minus one day's production In first week in January to equalize number of days
In the two years. b Revised since last report. c Subject to revision. d Counting
Memorial Day, May 30, as 0.4 of a normal working day.
The total quantity of soft coal produced during the calendar year 1927
to June 4 (approximately 131 working days) amounts to 245,333,000 net
tons. Figures for corresponding periods in other recent years are given
below:
203,985,000 net ton'231,584,000 net tons11924
1926
239,698.000 net tons
200,944.000 net tons 11923
1925

3560

THE CHRONICLE

WEEKLY PRODUCTION OF SOFT COAL BY STATES.
Production of soft coal In the week ended May 28 amounted to 8,476,000
net tons, an increase of 203,000 tons, or 2.5% over the output in the preceding week. The following table apportions this tonnage by States, and
gives comparable figures for other years:
Estimated Weekly Produdton of Soft Coal by Slates (Net Tons).
Total Production for Week Ended
May 28
May 21
May 29
May 30
May 26
State1927.
1927.a
1923.
1926.
1925.a
Alabama
316,000
315,000
400,000
374,000
326,000
Arkansas, Kansas & Okla_
86,000
85,000
133,000
124,000
114.000
Colorado
155,000
141,000
161,000
134,000
185,000
t Ilinois
61,000
81,000
944,000
900,000 1,308,000
Indiana
127,000
129,000
333,000
413,000
309.000
Iowa and Missouri
27,000
24,000
120,000
95,000
138,000
Kentucky-East
1,042,000 1,015.000
917,000
700,000
787,000
West
410,000
393,000
206.000
170.000
190,000
Maryland
54,000
50,000
55,000
35,000
48,000
Michigan
11,000
6,000
10,000
9,000
15,000
Montana
50,000
50,000
41,000
33,000
41,000
New Mexico
58,000
58,000
52,000
43,000
53,000
North Dakota
14,000
12.000
14.000
13,000
15,000
Ohio
109,000
107,000
431,000
422,000
911,000
Pennsylvania
2,198,000 2,200,000 2,506,000 2,040,000 3,830,000
Tennessee
91,000
92,000
99.000
86,000
121,000
Texas
20,000
23,000
17,000
16,000
21,000
Utah
68,000
62,000
91,000
53,000
76.000
Virginia
275,000
270,000
242,000
233,000
270,000
Washington
40,000
39,000
41,000
35,000
43,000
West Virginia
3,185,000 3,036,000 2,819,000 2,157,000 2,412,000
Wyoming
78,000
89,000
76.000
82,000
109,000
Others b
2,000
3,000
2,000
4,000
5,000
Total
8,476,000 8,273.000 9,683,000 8,096,000 11.437,000
a Revised. b This group is not strictly comparable in the several years.
ANTHRACITE.
The production of anthracite for the week-ended June 4 is estimated at
1,572,000 net tons, the lowest in any week since April 2. In comparison
with the preceding week, this was a decrease of 272,000 tons, or 14.8%.
Observance of Memorial Day, May 30, was the principal cause of the
decline.

[Vol,. 124.

The cumulative production from Jan. 1 to June 4 is now 36,719,000
tons, nearly 27% higher than in the corresponding period of 1926.
Estimated United States Production of Anthracite (Net Tons).
1927
1926
Cal. Year
Cal. Year
Week EndedWeek.
to Date.
Week.
to Date.a
May 21
1,970,000
31,463,000
1,750,000
25,206,000
May 28_b
1,844,000
35,147,000
2,089.000.
27,295,000
June 4.c
1,572,000
36,719,000
1,678,000
28,973,000
•Minus one day's production first week in January to equalize number of days
In the two years. b Revised since last report. c Subject to revision.
BEEHIVE COKE.
The production of beehive coke for the week ended June 4 is estimated
at 149,000 net tons, an increase of 24,000 tons, or 19.2%, when compared
with output in the preceding week.
The cumulative production from Jan. 1 to June 4 amounts to 3,940,000
tons, 34% less than during the corresponding period of 1926.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1927
1926
June 4 May 28 June 5
to
to
1927.b I927.c
1926.
Date.
Date.a
United States total
149.000 125,000 195,000 3,940,000 5,923,000
Daily average
25,000 21,000 33,000
45,000
30,000
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.

According to figures prepared by the National Coal Association from preliminary car loading reports, the estimated
quantity of bituminous coal produced in the United States
during the week ended June 11 was about 8,500,000 net tons.
This total is substantially the same as that of the last week
of full-time operation which was the week ended May 28.
The total production during that week, as reported by the
United States Bureau of Mines, was 8,470,000 net tons. The
output for the week ended June 4 was 7,372,000 net tons.

Current Events and Discussions
The Week With the Federal Reserve Banks.
Largely as a result of the Treasury's financial operations,
the consolidated statement of condition of the Federal
Reserve banks on June 15, made public by the Federal
Reserve Board and which deals with the results for the
twelve Federal Reserve banks combined, shows declines for
the week of $38,300,000 in holdings of discounted bills and
$39,100,000 in acceptances purchased in open market, and
increases of $89,700,000 in member bank reserve deposits,
and of $109,200,000 in Government securities holdings of
which included $185,000,000 of temporary certificates issued
by the Treasury to the Federal Reserve banks, pending the
collection of the quarterly installment of taxes. Total bill
and security holdings increased $31,200,000 during the week,
cash reserves $15,500,000, and Federal Reserve note circulation declined $18,500,000.
The Federal Reserve Bank of New York shows a decrease of $29,300,000
In its discount holdings, Boston $5,400,000. St. Louis $3,600,000, and
Kansas City $2,400,000, while the San Francisco bank reports an increase
0(52,800,000. The Federal Reserve Bank of New York also shows a decline
of $32,200,000 in open market acceptance holdings. Boston of $5,400,000,
and Dallas $2,300.000.
Total holdings of Treasury notes were $33,200,000 below the previous
week's total, while holdings of United States bonds increased $4,500,000,
and of Treasury certificates 5137.900,000. Holdings of Treasury certificates included $135.000,000 of temporary certificates issued by the Treasury
to the New York bank and $50,000,000 to seven other Reserve banks pending the collection of the quarterly installment of taxes.
All of the Federal Reserve banks report a smaller volume of Federal
Reserve notes in circulation than a week ago, except Philadelphia and
Boston, which show increases of $1,800,000 and $600,000, respectively, the
principal decreases being: San Francisco, $5,100,000; New York. $4.500,000; Chicago, 53.300,000; Atlanta, 52,400.000, and Cleveland, $2,200,000.

$21,000,000 in investments, $74,000,000 in net demand deposits and
7,000,000 in borrowings from the Federal
Reserve banks and an increase of $39,000,000 in time
deposits. Member banks in New York City reported a
decline of $93,000,000 in loans and discounts and an increase
of $44,000,000 in investments, together with reductions of
$122,000,000 in net demand deposits and $31,000,000 in
borrowings from the Federal Reserve bank, and an increase
of $69,000,000 in time deposits.
Loans on stocks and bonds, including U. S. Government
obligations declined $51,000,000 in the New York district
and increased $28,000,000 and $11,000,000 in the Chicago
and Philadelphia districts, respectively. "All other" loans
and discounts declined $45,000,000 during the week, of
which $40,000,000 was in the New York district and $8,000,000 in the Boston district. Loans to brokers and dealers,
secured by stocks and bonds, made by reporting member
banks in New York City, were $57,000,000 above the
amount reported on June 1, loans for their own account
having declined $41,000,000, while loans for account of outof-town banks and for others increased $83,000,000 and
$15,000,000, 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 U. S. securities increased 83,000,000, increases of $40,000,000
In the New York district and 318,000,000 in the
St. Louis district being
largely offset by reductions in other districts, particularly
Boston, Philadelphia. Atlanta and Chicago. Holdings of other bonds, stocks and
securities were $24,000,000 less than a week ago at all reporting banks.
Net demand deposits declined 874,000,000 during the
reductions
The statement in full, in comparison with the preceding of $135,000,000 and 517,000,000 in the New York and week,
Boston districts,
respectively,
being
offset in part by increases of $24,000,000 in the Cleveweek and with the corresponding date last year, will be
land district. $22,000,000 in the St. Louis district,
820,000,000 In the
found on subsequent pages-namely, 3599 pages and 3600. Chicago
district and 517,000,000 in the Philadelphia district. Time
A summary of changes in the principal assets and liabilities deposits increased 871,000,000 in the New York district and declined $48,of the Reserve banks during the week and the year ending 000.000 in the Cleveland district.
Borrowings from the Federal Reserve banks were $87,000,000 less than
June 15 1927 is as follows:
on June 1, the principal changes comprising reductions
of $30,000,000 in
Increases(+)or Decreases(-) the Chicago district. 828,000.000 in the New
York district, $19.000,000
During
in the Boston district and $14,000,000 in the
Philadelphia district and an
Year.
Week.
Total reserves
+515,500,000 +$201,000,000 Increase of $12,000,000 in the Cleveland district.
Gold reserves
+10,800,000 +180,000,000
Total bills and securities
On a subsequent page-that is,on page 3600-we give the
+31.200,000 -27,500.000
Bills discounted, total
-38,300,000 -32,400.000
Secured by U. S. Govt. obligations__
+10,800.000 figures in full contained in this latest weekly return of the
-13,300,000
Other bills discounted
-25,000,000 -43,200,000 member
banks of the Reserve System. In the following is
Bills bought in open market
-39,100,000 -50,700,000
U. S. Government securities, total
+65,000,000 furnished a summary of the changes
+109.200,000
in the principal items
Bonds
+38.400,000
+4.500,000
Treasury notes
-33.200,000 -61.100,000 as compared with a week ago and with last year:
Certificates of indebtedness
+137,900,000
+87,700,000
Increase (-I-) Or Decrease (-)
Federal Reserve notes in circulation
+10,100,000
-18,500,000
Total deposits
DurinO
+83,200,000 +182,800,000
Week.
Year.
Members' reserve deposits
+89.700.000
Loans and discounts, total
-$45,000.000 +3676,000,000
Government deposits
-2.006,000
--600:000
Secured by U. S. Govt. obligations
-20,000,000
1,000.000
Secured by stocks and bonds
+1.000,000 +514,000,000
All other
-45,000,000 +182,000,000
total
+233.000.000
-21,000,000
The Member Banks of the Federal Reserve System- Investments,
U. S. securities
+3,000,000 -47,000,000
Other bonds, stocks and securities
Brokers' Loans in New York City.
-24,000.000 +280,000.000
Reserve balances with F. 11. banks
+76.000.000
+10,000,000
in vault
+9,000,000 -15.000,000
The Federal Reserve Board's condition statement of 668 Netthdemand
deposits
-74,000,000
+360,000.000
reporting member banks in leading cities as of June 8 shows Timed
+39.000.000 +609.000,000
Government deposits
-29.000,000 -140,000,000
declines for the week of $45,000,000 in loans and discounts, Total borrowings from- F. R. banks
-87,000,000
+11,000,000




JUNE 18 1927.]

THE CHRONICLE

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 18) the following summary of conditions abroad, based on advices by cable and other means
of communication:
CANADA.
A general improvement is reported in the wholesale and retail trade.
Automobile and accessory sales continue active, and there is a good demand for electrical equipment. Sole leather prices have been advanced by
15% owing to a 40% increase in the price of hides. The hardware trade
is excellent, especially in such seasonal lines as screen wire cloth, refrigerators, sporting goods, camp supplies and garden tools. Owing to the approaching jubilee celebration, sales of paint and varnish are expected to
attain a record volume in June. A new record in Montreal imports of
European coal was established for the week ended June 10, during which
the aggregate was nearly 56,000 tons. Structural steel and reinforcing
material are moving well; arrival of European shipments has lowered
Montreal prices of hoops, black and galvanized sheets and Canada plates.
The index -number of wholesale prices rose 3.4 points during May, to
151.9, owing to advances in the prices of grain, flour, potatoes and other
important commodities. Industrial activity is well maintained, especially
in the eases of automobiles, farm implements, electrical equipment and
cotton goods.
The Western crop outlook is brighter, but the condition of wheat is
reported to be less favorable than was the case a year ago. The Saskatchewan wheat pool has growers' contracts covering 50% of present
acreage until 1933. Effective June 6, Canada relaxed the import embargo
on livestock from the British Isles.
UNITED KINGDOM.
There has been a hill in British industrial and financial circles over the
Whitsuntide holidays. Parliament rose on June 3 for a recess until June
13. Depression is reported for practically all coal districts owing to insufficient demand. The trade, especially iji South Wales, is reported
much disturbed over the new French decree which, effective June 10, subjects the importation of coal to a license system. It is reported that some
coal cargoes have been canceled and that quantities have been reduced in
other cases. The situation has caused a sharp slump in British colliery
shares. General unemployment on May 30, as revealed by the unemployment registers, totaled 985,500, or about 7,000 more than the relatively
low figure reported for the previous week.
FRANCE.
Notwithstanding a further improvement in national finance, commercial
and industrial leaders are reported to be rather discouraged with regard
to the immediate business outlook. There have been slight improvements
in certain lines, but production in other branches of industry has been still
further curtailed. It is the general belief in France that business should
revive somewhat in the early fall. At present, consumers are reported to
be restricting purchases in the hope of further price concessions, but the
announced intention of producers of basic products is to reduce production rather than to lower prices further. The relatively good strength of
public finance is reflected in the success of the recent huge consolidation
loan, in heavy purchases of gold from the Bank of England and in the discontinuance of issues of one-year National Defense bonds. The ready absorption of several important industrial issues indicates also a growing
confidence of capital in private enterprises. Advances of the Bank of
France to the Government show a marked decline as compared with a
month ago.
GERMANY.
Industrial conditions are improving in all industries except coal, notably
in textile, iron and steel, electrical, chemical, shipbuilding and automotive gains; gains in the textile industry are reflected in increasing imports
of American cotton. The iron and steel industry has a satisfactory domestic market with increasing foreign orders of pig iron, raw steel and
rolled products. In spite of the decline in coal production, the number
of unemployed receiving Government assistance decreased to 746,000 on
May 15, this being almost 1,000,000 less than for the same date in 1926.
The pressure of the increased industrial demands caused a further stiffening of money rates and the May month-end settlements encountered the
tightest market conditions since 1925. On June 11 the Reichsbank discount
rate was increased from 6 to 6% as a result of a stiffening of the money
market and the credit restrictions resorted to by leading banks.
ITALY.
The decision to stabilize the lira temporarily in order to give Italian
industry a period in which to adjust itself to the new set of economic and
trade conditions occasioned by the rise in exchange has caused considerable
discussion as to the next move in currency matters. Press dispatches are
of the opinion that once Italian industry has been readjusted to the present
currency level, the revaluation process will be started again. On June 11
the lire was quoted at $0.055, or 18.18 to the dollar, on the New York
exchange.
NORWAY.
Receipts collected at the country's various customs houses during April
1927 totaled 16,388,000 crowns, as compared with 16,664,000 crowns in
April 1926 and 17,136,500 crowns in April 1925. Receipts for the first
ten months of the fiscal year 1926-27 totaled 101,903,000 crowns, as compared with 106,203,000 crowns during the corresponding period of 1925-26
and 117,961,000 crowns in 1924-25. Railroad receipts collected during
the first ten months of the present fiscal year totfiled 9,693,000 crowns,
as against 7,076,000 crowns in 1925-26 and 6.973,000 er wns in 1924-25.
FINLAND.
During the first four months of the current year protested bills numbered 2,621, involving a total value of 12,700,000 marks, while during
the corresponding period of 1926 they numbered 1,980, having a total value
of 9,800,000 marks. Bankruptcies numbered 165 during the first two
months, as against 149 during the corresponding period of 1926.
POLAND
Foreign trade for April, according to official figures, closed for the first
time since September 1925 with an unfavorable balance of 28,807,000 gold
-$0.193)—imports were valued at 148,238,000 zlotys
zlotys (1 zlotp-against exports of 119,431,000 zlotys. No particular importance is, however, attached in business circles in Poland to the excess of imports over
exports under existing general conditions of trade and industry, as the
increase of 29,000,000 zlotys in imports over April consists largely of raw
and semi-manufactured materials. With the new crop less than two
months off, and the ample supplies of foreign currency available at the




3561

Bank of Poland, no concern is felt in financial circles for the stability of
the zloty. Activity in trade and all the chief industries—textile, metallurgical, metal and machinery—as well as in building construction, continues
favorable, and unemployment is constantly decreasing.
ESTONIA.
The operation of the Government-owned shale oil distillery in Kochtel
has been temporarily suspended by an order of the Government. The interruption of the work is reported as being necessitated partially by certain
technical reasons and partially because of the limited market for the shale
oil. The mining of the oil shale rock, however, will be carried on intensively, and it is planned to increase the foundation capital of the Government-owned oil shale mines from 250,000,000 to 350,000,000 Estmarks (1
mark worth $0.0027), as there is a good demand for this fuel by the various
Estonian industries.
AUSTRIA.
A snore favorable situation in trade and industry continues, with generally favorable prospects for the summer months; in connection therewith
is a noticeable firmness in commodity prices, particularly in rye and other
cereals, potatoes, cotton goods, lumber, leather goods, shoes, and a considerable number of other manufactured products. There has been a marked
improvement in the cotton industry, both in the domestic trade and for
export, particularly to Germany, which is again a heavy buyer of Austrian
yarn and semi-manufactures. Total long-term foreign loans granted to the
Austrian Government, municipalities and companies, from 1923 to 1926,
amount to approximately $191,000,000, including the $158,764,985 League
of Nations Loan of 1923. Foreign loans in 1926 totaled $7,019,675.
GREECE.
Following a period of uncertainty, drachma exchange has improved, re
cent quotations being around $0.01325 as compared with $0.01298 on
June 1. The general economic position of the country appears to have
been only slightly affected by the internal political controversies. The debt
funding agreement recently concluded with England has been a sustaining factor and has encouraged joint action by bankers and industrialists in
an effort to obtain Government aid for the amelioration of the financial
condition of enterprises whose activities have been restricted by the prevailing high rates of interest. A reduction of taxes on private enterprises
is also being discussed. A commission has been appointed to negotiate a
treaty with Jugoslavia.
TURKEY.
The proposed budget for the 1927-28 fiscal year, as approved by the
Assembly, provides for expenditures of Ltqs. 194,454,619 (Ltq.=approximately $0.515) and estimated receipts of Ltqs. 194,580,544. This represents an increase of Ltqs. 5,046,855 in appropriations and Ltqs. 4,421,690
in anticipated revenue over the previous budget. The most important increase, Ltqs. 11,443,000 is for public works, principally for railroad construction. The appropriation for national defense shows a reduction of
Ltqs. 5,620,000 as compared with the previous year, and represents the
largest item of expenditure, about 30% of total. With a view to more
efficient collection, a bill has come up in the Assembly providing for a
flat rate on goods as they enter the country, thereby modifying the consumption tax now in effect.
JAPAN.
Transactions in the stock market and in all commodity lines were dull
during the week ended June 9. The total note issue of the Bank of Japan
on June 8 was 1,293,000,000 yen, a reduction of 116,000,000 yen since
June 1. May exports recorded an increase, with a decrease in imports.
Rice prices are being well maintained, with consumption mainly from foreign stocks. Silk prices were slightly easier, but still at a low level and
below cost of production.
CHINA.
Manchurian authorities have announced that effective as of June 1, the
21
/
2% surtaxes authorized by the Washington Conference will be levied,
as will also the 5% surtax on imports. Business depression continues at
Hankow owing, it is believed in China, to the unceasing prohibition by
the Hankow Nationalist Government against the use of silver currency in
business transactions.
Customs revenues at Shanghai for the first five months of the year were
24% less than for the corresponding period of last year, and about equal
to the revenues of that period in 1925. Customs revenues for May show
that imports were 42% less than exports and 14% lower than imports in
May of last year. Declared exports for all China in May totaled 16,200,000. Of the American cotton crop of 1926, approximately 200,000 bales
appear in China's imports. Shanghai silver stocks on May 9 totaled 126,30Q,000 taels, of which 76,000,000 were in native banks. Stocks of sycee
bars on hand were valued at 76,300,000, and dollar coins, 69,200,000 silver
dollars.
PHILIPPINE ISLANDS.
Some improvement over the general quiet tone of recent weeks has taken
place in Philippine retail trade, with the reopening of schools. The copra
market, however, shows a slightly weaker tendency. As a result of seasonal
arrivals, five oil mills are now operating. The provincial equivalent of
resecado (dried copra) delivered at Manila remains at 13 pesos per picul
of 13.9 pounds. (1 peso equals $0.50.) United States grades of sham
are quiet and United Kingdom grades continue firm. Abaca production is
slightly below normal, as a result of rains in producing areas. Grades
F and I have increased slightly in price to 37.50 to 32.50 pesos per picul,
respectively. JUS Is quoted at 25.50; JUK, 21, and L, 20 pesos per picul.
NETHERLANDS EAST INDIES.
The Netherlands East Indian market of the week ended June 10 was
generally quiet, but prices were well maintained and there was noticeable
improvement in demand for imported goods. Speculative activity characterized pepper trade in futures.
BRITISH INDIA.
Widespread rains throughout India indicate an early monsoon. Foreign
trade at present is seasonally quiet. To assist the textile industry of India,
it is reported that the Government proposes to abolish the import duty on
textile machinery for a period of three years. ,
AUSTRALIA.
The seasonal outlook in Australia has been greatly improved in the past
week by a much-needed rainfall over important agricultural areas. Financial stringency continues, but from all indications is interfering very little
with import operations. There are signs, however, that April import returns when published will show a slight reduction as compared with the
corresponding month in 1926.
The Newcastle coal strike, affecting 12,000 workers, has been settled.
BRAZIL.
Business in Brazil is slow. Coffee prices are lower, exports are small,
and credit conditions are generally unimproved, but exchange is steady.
Most import business also continues slow, especially the demand for ma-

3562

THE CHRONICLE

i nery, hardware, electrical equipment, textiles and

most specialties,
although sales of domestic textiles are slightly improved, as are also
petroleum and asphalt sales.
CHILE.
Heavy rains during the past two weeks have greatly improved the situation in agricultural regions, although the country's business in general
remains below normal. There is an increased demand for nitrates for
shipment, principally to the United States, in the period from October
to March, at prices from 16s. 10d. to 17s. The bill creating a superintendency of nitrates and iodine has been approved by the Mixed Congressional Committee and it is expected in Chile will probably be offered to
Congress on June 13 or 14.
PERU.
Notwithstanding the fact that a large part of the new cotton crop is being held in anticipation of better prices, settlement for the bulk of that
portion already sold has caused the exchange value of the pound to go to
$3.77, which represents an advance of about $0.40 over quotations at the
middle of May. Exports of sugar for March were, in long tons: 7,624 to
Great Britain, 5,258 to Chile, 1,528 to Belgium and 837 to Bolivia. May
bank clearings .totaled .46,534,297, the gold reserve Zp5,415,977 and the
note circulation Ep5,819,333.
COLOMBIA.
The President of Colombia signed a decree on June 7 lowering import
duties on essential foodstuffs. A sirnilar decree had been signed on Sept.
15 1926, reducing duties on essential foodstuffs for a period of 90 days in
an effort to reduce the mounting cost of living at that time. Conditions
do not appear to have improved, however. Prices of necessity goods have
reached a high level. The new decree is reported to be an effort to relieve
the situation. The continued weakness of coffee prices is causing merchants to hesitate placing orders abroad, as business in general throughout
the country is dependent on the coffee market.
ARGENTINA.
Business continues to be good and exports are still heavy. Peso exchange has reached a new high level, it being quoted /
1
2% above par. Rains
are general all over the country. The demand for cattle of good quality
is slightly stronger and for hides active and firm, but for wool, linseed
and corn, weak. The Tucirrnen sugar strike is spreading throughout the
industry of that Province. The President has requested Congressional
authorization to spend 3,780,000 paper pesos for the establishment of aviation routes and. development of civil aviation.
MEXICO.
No improvement was noted in the general depressed business situation
during the past week. The campaign to encourage consumption of domestic manufactured goods has been taken up by the Chamber of Commerce throughout the country, who are giving the matter much publicity.
Infomiation has been received to the effect that the order of May 30 1927,

[VOL. 124

which prohibits Government departments from buying goods in the United
States, does not apply to the National Railways.
PORTO RICO.
Economic conditions improved somewhat during the first ten days of
June as a result of crop liquidations. Business in general appears slightly
better than during May. Collections are about the same as during the
week ended June 3, when they were reported somewhat improved, although
collections in the tipbacco districts are gaining gradually as the crop is
moved.
Rainfall is averaging normal, but the distribution is unsatisfactory, with
excessive precipitation in the northern districts and the drought continuing in the south. Both sections report damage to crops. The tobacco
crop estimate has been reduced slightly, according to reports from private
sources. Sales continue light, with prices reported a trifle below those of
last year. The sugar campaign is drawing to a close, with prices weakening. Sugar shipments from Jan. 1 to May 31 were 389,507 tons, according
to the customs statistics.
Sales of shoes in San Juan are reported to have been declining gradually
since December, with sales in the interior approximating last year's level.
Cotton textiles are moving at about the same rate as in May, but are a trifle
slower than last year. Machinery sales have registered little change, but
are a little more active than a year ago. Lumber stocks are large, with
sales slow and imports light. Certain foodstuffs, particularly flour and
grains, are moving slowly because of higher Orices.
Bank clearings for June, through the 10th, were $10,376,000, as cootpared with $10,914,000 during the corresponding days of 1926.

Stock of Money in the Country.
The Treasury Department at Washington has issued its
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by
Federal Reserve banks and agents. The figures this time
are for June 1. They show that the money in circulation
at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve Sy stem)
wai $4,785,971,488, as against $4,784,067,059 May 1 1927
and $4,870,884,760 June 1 1926, and comparing with
$5,628,427,732 on Nov. 1 1920. Just before the outbreak
of the European War, that is, on July 1 1914, the total was
only $3,402,015,427. The following is the statement:

CIRCULATION STATEMENT OF UNITED STATES MONEY—JUNE 1 1927
MONEY HELD IN THE TREASURY.
KIND 01"
MONEY

Stock of
Money. a

Total.

Amt. Held in Reese Against
Trust Against United States
Gold & Silver
Notes
Certificates(A. (and Treasury
Treas'y Noe.
Notes
01 1890).
of 1890).

Held for
Federal
ROM
Banks
and
Agents.

Gold coin and
bullion
84,548,586,833 3,859,575,279 1,810,925,469 155,420.721 1,722,946,574
Gold certificates e(1,610,925,469)
Stan.silver doll.
537,846,184
474,725,510 471,469,916
Silver certille's_ e(470,141,112)
Treasury notes
Of 1890
e(1,328,804)
Subsidy silver_
296,389,909
5,157,256 ------------ --------- -----------U. S. notes__
346,681,016
2,595,861
F. R. notes_
2,106.453,595
1,025,500 ------------ ------------ ----------F.R.bank notes
142,795 ------------ ------------ -----------4,854,238
Nat. bank notes
14,735,877
705,933,937

MONEY OUTSIDE OF THE TREASURY.

Alt
Other
Money.

Total.

$
170,282,515

Held by
Federal
Reserve
Banks
and
Agents.!

•

Population
of
Continental
United
Per
Stales
Capita.(Estimated).

In Circulation.

Amount.

$
889,011,554
1,610,925,469
3,255,594
63,120,674
470,141,112

$
S
501,756,640 387,254,914
607,047,900 1,003,877,569
14,414.308
48,706,388
90,638,800 379,502,312

$
3.32
8.59
.42
3.25

1,328,804
5,157,256 291,232,653
2,595,881 344,085,155
1,025,550 2,105,428,045
142,795
4,711,443
14,735,877 691,198,060

1,328,804
16,623,758 274,608,895
51,199,012 292,886,143
371,808,780 1,733,621,265
38,313
4,673,130
31,685.970 659,512,090

.01
2.35
2.51
14.84
.03
5.65

$

Total June 1 '27

8,546,745,712 54.157,958,128 2,082,395,385

155,420,721 1,722.948,574 e197,195,448 8.471,182,969 1,685,211,481 4,785,971,488

40.97 116,824.000

Comparative
totals:
May I 1927_
June 1 1926_
Nov. 1 1920_
April 1 1917_
July 1 1914.
Jan. 1 1879_

8,600,062,824 54,200,461,668 2,094,023,810
8,360,213,963 54,193,611,743 2,123,505,502
8,326,338,267 d2,406,801,772 696,854,226
5,312,109,272 d2,942,998,527 2,684.800,085
3,738,288,871 51,843,452,323 1,507478,879
1.007.084.483 5212.420.402
21.602.640

155,420,721 1,768.301,031
154,188,886 1,710,740,935
152,979,026 1,206,341,990
152,979,026
150,000,000
100.000.000

40.99 118,706,000
42.21 115,404,000
52.36 107,491,000
39.54 103,716,000
34.35 99,027,000
16.92 48,231,000

184,716,106 6,493,624,966 1,709,557,907 4,784,087,059
205,178,420 6,290,107,722 1,419,222,962 4,870,884,760
350.626,5306,616,300,721 987,962,989 5,628,427,732
105,219.416 5,053,910,830 953,320,126 4,100,590,704
186.273,4443,402,0l5,427
3 402,015,427
90 817.762' 816.266.721
816.266.721

a Includes United States paper currency In circulation In foreign countries and Officials
of Banks of England, France and Germany
the amount held by the Cuban agency of the Federal Reserve Bank of Atlanta.
S Does not include gold bullion or foreign coin outside of vaults of the Treasury.
(Reichsbanks) to Confer with Governor Strong of
Federal Reserve banks, and Federal Reserve agents.
Federal Reserve Bank of New York—StabilizaC These amounts are not Included in the total since the money held in trust
against gold and sliver certificates and Treasury notes of 1890 is included under
tion Credits to Poland and France Indigold eiln and bullion and standard silver dollars, respectively.
cated as Among Proposed Discussions.
S The amount of money held in trust against gold and silver certificates and
Treasury notes of 1890 should be deducted from this total before combining it with
It has become known during the week that Montagu
total money outside of the Treasury to arrive at the stock of money In the United
States.
e This total includes $15,443,670 of notes In process of redemption, $149,228,633 Norman, Governor of the Bank of England, M.Rist, Deputy
of gold deposited for redemption of Federal Reserve notes, $13,182,500 deposited for Governor of the Bank of France, and Hjalmar Schacht,
redemption of national bank notes, $2,830 deposited for retirement of additional
circulation (Act of May 30 1908), and $6,424,200 deposited as a reserve against President of the Reichsbank, are planning to visit New York
Postal Savings deposits.
shortly, for the purpose of conferring with Governor Strong
Includes money held by the Cuban agency of the Federal Reserve Bank of
of the Federal Reserve Bank of New York. According to
AtIaLta.
Note.—Gold certificates are secured dollar for dollar by gold held In the Treasury the
"Wall Street Journal" of June 15 the conference is defor their redemption; silver certificates are secured dollar for dollar by standard
silver dollars held In the Treasury for their redemption; United States notes are scribed as the "usual summer get-together meeting"
where
secured by a gold reserve of $155,420,721 held in the Treasury. This reserve
fund may also be used for the redemption of Treasury notes of 1890, which are general monetary and currency conditions are discussed. It
also secured dollar for dollar by standard sliver dollars held In the Treasury. Federal has
been customary, it is pointed out, for Governor Strong
Reserve notes are obligations of the United States and a first lien on all the assets
of the issuing Federal Reserve bank. Federal Reserve notes are secured by the to go over to Europe at this time of
the year to confer with
deposit with Federal Reserve agents of a like amount of gold or of gold and such
discounted or purchased paper as is eligible under the terms of the Federal Reserve the leading central bank officials, but this year, owing to his
Act. Federal Reserve banks must maintain a gold reserve of at least 40%. Including the gold redemption fund which must be deposited with the United States health, these officials have agreed to come to New York.
Treasurer. against Federal Reserve notes in actUal circulation. Lawful money
London advices published in the "Wall Street Journal" of
has been deposited with the Treasurer of the United States for retirement of all
outitandIng Federal Reserve bank notes. National bank notes are secured by the 15th state:
United States bonds except where lawful money has been deposited with the Treatiurer
Visit of Governor Norman of the Bank of England. and Vice Governor
of the United States for their retirement. A 5% fund is also maintained In lawful
Rist of the Bank of France, to New York Is regarded here for purpose of
money with the Treasurer of the United States for the redemption of national bank
shaping further joint action of Issue banks. It is expected they will discuss
notes secured by Government bonds.



JUNE 181927.]

THE CHRONICLE

3563

a stabilization credit and their co-operation, notably to Poland and to
France.
British feel particularly helpless should the French decide to resume gold
purchases, irrespective of whether the French buy directly in London or
not. If a higher price is offered than that ruling in London. France would
attract London's gold. Since the French expressly purchased the Bank of
England's gold in London. banking circles are convinced it was part of the
French move to force the Bank of England to raise its discount rate and
thus divert foreign capital from France.
France stabilization is believed to be remote. It is thought that Poincare
intends to revalorize exchange further. His failure to get $80,000,000
from Swedish Match,it is believed, makes him less inclined to discuss settlement of commercial debts to America. Bank of France is believed hostile
to further revalorization, but is not supposed to carry much weight with
Poincare.
London fears that the Bank of France may decide to continue gold purchases and latter is believed to have more than £120,000,000 sterling
available.

It is believed here that German speculation for the rise in francs was
among the causes responsible for the recent depletion of the Reichsbank's
reserve of foreign exchange. This happened at a time when the Germans,
during the first five months of the year. are known to have sent 165.000,000
marks abroad for industrial investments, whereas only 155.000,000 longterm loans of their own were placed in other markets.

While the discussions will be informal, the bankers will exchange views
on many subjects of vital importance to international financial relations.
It was made clear at the Reserve Bank that the meetings were not arranged
to discuss any specific situation, and that the world's economic and financial progress was not to be achieved through any one elaborate program.
Progress, it was said, is made rather by a succession of steps, of which none
in itself is apparently important. It is these steps, looking to the financial
stability of Europe. that will be discussed.
Recent unusual gold movements and their probable effects will be among
the subjects to be taken up by the bank executives. France has been the
chief mover in these transactions. A total of $90,000.000 of gold was
transferred from French to American ownership recently and later France
turned from a seller to a buyer of the metal. It is estimated that $90,000,000 of gold now has been purchased by France, much of it being held in an
earmarked account at the Federal Reserve Bank. France also has been
taking gold out of the London market in recent weeks, all a part of the
French program for stabilization of that country's currency.
The withdrawals of gold from London by France have caused some
apprehension in English financial quarters, as they tended to harden
money rates in London. France also is understood to be embarrassed by
the very strength of her position, with large balances and gold holdings in
many parts of the world. Germany is interested in the international
financial situation because of the effects of the recent break in security
prices in Berlin, which has been followed by an advance in the Reichsbank's
rediscount rate and the loss of considerable amount of German gold reserves.
First news of the conferences came from Paris and was promptly confirmed at the Reserve Bank, where it was said the principal object would
be to bring about stable monetary conditions in the world's financial
centres. Both Governor Norman and President Schacht have visited the
Reserve Bank in the past, but this is the first time that conferences with
Governor Strong will take on the nature of a "round-table."

reminder of our responsibilities to maintain the gold standard and of the
necessity for greater attention to our trade balance.
It is true that the French purchases of gold are completely out of Oarmony with the need for co-operation among European central banks for
economy in the use of gold and also contrary to the best interests of France,
which demand permanent stabilization of the currency, but, however
inharmonious, the French rights and power to draw gold from centres
like America and England are undeniable.
This inharmonious action also is emphasized by French tardinegc .in
settling France's external debts to America and Great Britain.

French Bank Trying To Lift Money Rates—Gold
Purchases by Paris Denounced as Failure to Act
in Harmony With Other Central Banks in
Conserving Basis of Monetary Standard—
International Finance Governed By Different Conditions Since War.
Writing from London June 11 Arthur W. Kiddy foreign
correspondent of the New York "Evening Post" says in
The New York "Times" of June 15th referring to the copyright advices:
coming conference said:
The recent abnormal French purchases of gold have come as a useful

$800,000,000 Held to Stabilize Franc—Bank of France
Accumulates Huge Sum in Gold and Foreign
Currency.
From the New York "Evening Post" of last night(June 17)
we take the following:
The Bank of France and the French Government are believed by those in
a position to be well informed to have accumulated more than $800,000.000.
which is available for their use in defense of the franc and for stabilization
purposes, if desired.
This vast fund comprises the foreign currency acquired by the Bank,
which is carried on the credit side of the "sundries account," and amounted,
according to a recent statement, to 18,073,000,000 francs.
The Paris correspondent of the "London Economist" infers that at least
15.000,000,000 of this represents accumulated sound money. He adds:
"If to this he added 51.000.000 francs returned as 'available abroad.'
and 2323,000.000 francs returned as representing 'purchases of gold. silver
and foreign currency.' the Bank appears to hold a total of 17,714,000,000
francs (paper) in sound money, or $673,000,000. If to this be added further the 3,400,000,000 francs in sound currency ($136.000,000) in the possession of the Treasury, it may be considered that there is now a mass of
over $800,000,000 available for the defense of the franc and for stabilization
purposes.
"A question which has frequently been raised is as to whether the sound
money accumulated by the Bank has not been purchased by means of new
notes, which have not been included in the weekly return showing the total
note circulation.
"The Bank, it will be recalled, was allowed by the law of Aug. 7 last,
which permitted it to resume the buying of gold and silver, to pay for such
purchases in notes, which it was stipulated need not be included in the
weekly return setting forth the total note circulation, the reason given being
that such notes, unlike thereat of those in circulation, were entirely covered
by deposited bullion.
"It is now evident that the Bank did not take advantage of this right,as it
is announced on the highest authority that the total note circulation of every
kind is comprised in the figure of 52,156,510,630 francs, which is given
in the Bank statement as the total note circulation on May 19.
"The explanation of how it has been found possible, without increasing
the note issue, to acquire the enormous mass of sound money now in the
hands of the Bank, and the Treasury is to be found in the fact that practically the whole of the notes paid opt in the form of purchase price have found
their way into deposit accounts at the Treasury, whence they have been sent
back to the Bank in liquidation of portions of the total owing to it by the
State.
"The Bank is still buying sound money freely, but although the average
quantity per day is still large, it now amounts to barely 30% of the figures
formerly reached. The market has now been cleansed of unhealthy elements and only unimpeachable offers are now considered..

Germany's Views of French Gold Buying.
German bankers consider that the French policy of buying
up gold abroad has failed in its purpose, according to a
Berlin cablegram, June 12, to the New York "Times."
The cablegram also says:
They expressed the opinion last week that the enormous increase in the
French bank's holdings of exchange, as shown by recent returns, indicates
that the foreign bull speculation in the franc ha nuuttme humareiwis
to the Paris Government's plan.




Policy of Raising Rates Questioned.
The present French policy of attempting to use the Bank of Frances
foreign balances to raise the rates in foreign money markets is questionable
in the long run. Under the present system the French bank is selling
franc notes which subsequently are deposited with the French treasury.
This is illusory because, although the French Government's debt to the
Bank of France may diminish, the liabilities on the Treasury deposits
apparently have become colossal.
Meanwhile, the situation apparently is that any foreign purchases of
the franc increase the grip of the Bank of France on the foreign centres,
though not necessarily improving the French financial position.
Chance for League of Nations.
To these French monetary uncertainties must be added complications
international
outlook
the
connected with China, Egypt. Moscow and
in
Jugoslavia. Concerning the last point, there will be opportunity for the
League of Nations to demonstrate its power of pacification.
It is generally considered here that the outcome of the Geneva conference was as good as could be expected, though it is regarded as doubtful
whether the great European Powers are yet entirely prepared to co-operate
In the matter of lower tariffs.
Your big surplus serves to emphasize your prosperity, and the very
fact of the preponderance of your trade balance complicates the outlook
bemuse in two essential respects international finance is governed by
totally different conditions from those before the war.
One change is that America is now the leading centre with her Federal
Reserve Bank rate affecting all markets and another is that even gold
is functioning differently in international • settlements than before the
war because of new theories concerning price levels, while the measures
adopted by the Federal Reserve Bank to prevent an further influx of
gold into the United States are exerting their full effect upon credit.
Our impending loans include those to be made to Greece. Rumania
and Esthonia, in the last named of which it is believed New York will share.
Higher Bank Rate Looms:
The outlook for the current month favors idle markets with moderate
steadiness: but, unless the gold situation takes a turn, we shall be expecting
higher bank rates in the autumn if not before. Unless our trade depression and unemployment problem are materially relieved, there is
some danger that the unsound money party may endeavor to attribute
our difficulties to the gold standard and try to capture the Unionist Party
with a different program for the next general election.

Bank of France Gold Operations Disliked in Italy.
A wireless message to the New York "Times" from
Rome, June 12, said:
The operations conducted by the Bank of France. Whereby gold held in
England is purchased with the bank's holdings of foreign currency, do not
cause any great misgivings on this market. But the operation is generally
disapproved, owing to its possible ultimate consequences.
There is a feeling that continuance of such a policy might lead to the
exhaustion of French reserves of foreign currencies, which ought to be
held for stabilization of the franc and for the future establishment of a gold
reserve against circulation when the currency is stabilized.

Paris Insists Gold Dispute Is Settled—Believes Agreement Between Bank of France and Bank of
England Satisfactory—French Bank's
Note Issues.
According to a Paris message, June 12, to the New York
'Times" (copyright) the conversations between the Governors of the Bank of France and the Bank of England have
ended in satisfactory agreement. No other result, indeed,
was possible says the account, which goes on to say:
The Bank of France will now continue to buy gold, but it will so so on the
basis of its understanding with the London bank, and its operations will not
necessarily upset the British policies, because Governor Norman is known to
desire the hardening of London open-market money rates with a view to
sustaining the sterling rate.
The recriminations against the Bank of Prance which continue in the
English press are certainly n t inspired by the Bank of England. That
institution is now entirely assured that the French bank aill do nothing
that might cause it difficulties. It will, in fact, act in conjunction with the
Bank of England.
The Plan for Reducing Note Issues.
The reports current last week of a further very large reduction in the
bank's note circulation arose from a decision arrived at by the Government
regarding the funds which, for want of other employment on the present

3564

THE CHRONICLE

Paris market, have been flowing into the Treasury. The Finance Minister
has definitely decided to meet this situation through the issue of a new loan.
Banks which received subscriptions from the public will unquestionably
draw from their deposits with the Treasury such funds as they will require
for the subscription. In that manner the Treasury's debt to the public.
now represented by these deposits and payable at sight, will either decrease
or be entirely extinguished. The account thus canceled will be replaced
by a new redeemable loan which is not repayable at sight.
Treasury IViii Pay Off Bank Debt.
When this operation shall have been effected, repayment of the State's
debt to the bank with the money derived from these deposits will become
permanent,because at least a part ofthese current advances will be definitely
consolidated by the new loan operation. The Treasury will also accept in
payment of subscriptions a certain quantity of the defense bonds, which
the Caisse l'Amortissement will discount in order to withdraw from circulation the present surplus of such bonds over the authorized maximum.
The Caisse will thus place at the disposal of the Treasury part of its available funds which are now on deposit with the Bank of France. The resultant
large receipts of capital for subscriptions to the loan will permit the Treasury
to make further extensive repayment on its indebtedness to the bank, thus
effectually reducing the figure of such advances. News of the operation is
welcomed in financial circles, which considered that it means applying the
remedy to the superabundance of money on the Paris market which has
folltwed the bank's large purchases of exchange.

Lord Swaythling, Senior Partner of Samuel Montagu
& Co., Dies in London.
Lord Swaythling, senior partner in the firm of bankers
and bullion brokers, Samuel Montagu & Co., died at his
home in Kensington Court, London, on June 11.. He was
fifty-seven years old. One of the accounts of his death, that
in the New York "Times" says:
Lord Swaythling came of a distinguished family of English Jews founded
by his grandfather, Louis Samuel, who kept a small watchmaking establishment in Liverpool. Moses. a son of Louis, moved to London, married the
daughter of Louis Cohen, a prominent figure on the Stock Exchange, and
established a banking house in Lombard Street, *which grew into one of the
leading bullion and foreign exchange concerns in London.
In 1894, on being created a baronet, Moses Samuel obtained the license
of the crown to change his name to Montagu. In 1907 he was raised to
the peerage. On his death, in 1911, his son, Louis, succeeded to the title.
The second Lord Swaythling was born on Dec. 10 1869, and married
Gladys Helen Rachel, daughter of the late Colonel A. E. Goldsmid,in 1898.
Their son, the Hon. Stuart Albert Montagu, succeeds to the title.

Germany Unable to Avert Higher Bank Rate—Reichsbank's Hind Forced by Signs of Increasing Strain
on Credit.
Friday's (June 10) increase in the Reichsbank discount
rate from 5 to 6% was generally approved by financial
Berlin, it is learned from a cablegram (copyright) to the
New York "Times" from Berlin, June 12. We quote further therefrom as follows:
The maintenance unchanged of the bank's rate on advances at 7% was
also well received. By retaining that rate, the usual "spread" of 1% between bank and market rates was restored.
The Reichsbank, before deciding on a change in the rate, waited until
the bank return for the first week of June was available. It had already
determined on raising the rate if the figures were unfavorable, and they
proved to be distinctly so. After the demand for credit at the end of May
had swollen Reichsbank discounts by the unusual sum of 548,000,000
marks, the account declined only 83,000,000 in the first week of June.
Advances, after rising 51,000,000, declined only 17,000,000. This left the
institution's discounts on June 7 higher by 400,000,000 marks than in the
corresponding week of May, while deposits, altogether against precedent
for this period of the 'month, actually declined.
The change still more oharacteristic of the strained credit situation was
the fact that circulation dropped only 30,000,000 marks. The Reichsbank
considers that the circulation, at 3,690,000,000 marks, has for the present
reached the saturation point, all the more so because the present gold and
exchange reserve, while amply sufficient to secure the Reichsbang note
circulation paper, does not provide security for the 1,033,000,000 rentenmark circulation. President Schacht has consistently held the opinion that
such security is morally, although not legally, required.
The increase in the discount rate is not expected to injure the German
industrial revival. It is considered that industry would in any case be cornpelled to obtain foreign long-term and short-term credits. The private
discount rate was raised on Saturday to 514%, the highest rate thus far
this season. Day-to-day money was abundant, however, at 5 to 7%.
The increase in the discount rate has not affected dollar exchange, but
there was a larger demand for sterling, whose rate appreciated slightly.
Market Not Depressed.
The dulness of the Boerse early in the week, with the exception of Dye
Trust shares, in which there was both home and foreign buying, was distinctly due to uncertainty as to the Reichsbank's decision about the discount rate. This prevented any considerable movement of prices. The
ending of the uncertainty on Friday by the rise in the rate had a good
effect and stocks rase moderately all around.
Stock Exchange sentiment was that the increase in the bank rate need
not have any immediate depressing effect, because open-market rates had
already gone considerably higher than the bank rate. The belief was also
enpressed that the higher bank rate will attract foreign capital and mitigate the severity of the recently announced "rationing" of speculative
credits by commercial banks.

(voL. 124

of Bremen. At the stern of the ship appears the Bremen flag. The bowsprit of the ship pierces through a chain encircling the entire vessel. Between the chain and the embossed edge, which consists of a flat rod with a
pearl circle, appears the inscription "Hundert Jahre Bremerhaven," in
antique.
The German eagle within a shield is stamped on the reverse side of the
coins, on the top half of which appears the inscription "Deutsches Reich"
and on the lower half the value of the coin. The rims of the coins bear the
inscription "Navigare necesse eat," in antique.

June 15 Payments to United States Treasury by Foreign
Governments on Account of Indebtedness Aggregage 388,998,931—Great Britain Pays
$67,575,000.
The Treasury Department announced on June 15 that
payments amounting to $88,998,931 had been received that
day from the following foreign Governments on account of
their indebtedness to the United States:
Great Britain.—The ninth semi-annual payment of interest on the funded
indebtedness of Great Britain to the United States under the terms of the
debt settlement approved by the Act of Feb. 28 1923. The total payment
amounted to $67,575,000, and as authorized by the terms of the settlement,
was made in obligations of the United States, which were accepted at par
and accrued interest with a small cash adjustment.
The obligations were $19,270,000 face amount of 314% Treasury certificates of indebtedness of Series TS2-1927, $8,200,000 face amount of
314% Treasury certificates of indebtedness of Series TM-1928 and $39,541,800 face amount of Treasury notes, Series A,. 1930-1932, the accrued interest being $563,162.63 and the cash adjustment of $37.37.
France.—A payment of $10,000,000 by France on account of its existing
debt to the United States, exclusive of the debt arising from the purchase
of surplus war materials, pursuant to the arrangement of March 1 1927,
between the Treasuries of the two countries concerned. The amount has
been applied as a payment on account of the principal of the demand
obligations given by France for cash advances under the Liberty Bond Acts.
•Italy.—The second annual installment of principal on the funded indebtedness of Italy to the United States under the terms of the debt settlement
approved by the Act of April 28 1926. The total payment amounted to
$5,000,000, and was made in cash.
Belgium.—The fourth semi-annual payment of interest and the second
installment of principal on the funded indebtedness of the Government of
Belgium to the United States under the terms of the debt settlement approved by the Act of April 30 1926. The total payment mounted to
$3,100,000, which was made in cash, of which $1,000,000 was for interest
and $1,100,000 for principal on the post-armistice debt, and $1,000,000
for principal on the pre-armistice debt.
Czechoslovakia.—The fourth semi-annual installment of principal on the
funded indebtedness of the Government of Czechoslovakia to the United
States under the terms of the debt settlement approved by the Act of
May 3 1926. The payment amounting to $1,500,000 was made in cash.
Esthonia.—The third semi-annual payment on account of the funded
indebtedness of the Govermient of Esthonia to the United States under the
terms of the debt settlement approved by the Act of April 30 1926. The
payment amounted to $75,000, which was made in cash. The balance will
be funded in accordance with the option given the Government of Esthonia
in the debt settlement agreement.
Finland.—The ninth semi-annual payment of interest on the funded indebtedness of the Government of Finland to the United States under the
terms of the debt settlement approved by the Act of March 12 1924. The
total payment amounted to $132,210, which was made in cash.
Hungary.—The seventh semi-annual payment of interest on the funded
indebtedness of the Government of Hungary to the United States under the
terms of the debt settlement approved by the Act of May 23 1924. The
total payment amounted to *29,289.53, which was made in cash.
Latvia.—The debt settlement provides for a payment on June 15 1927
of $35,000 from this Government, but it paid on Dec. 15 1925 the 'sum of
$87,000, which was applied in payment of the installment of $30,000 due
June 15 1926, the installment of $30,000 due Dec. 15 1926, and on account
of installment of $85,000 due to•day, leaving a balance due of $8,000.
The payment of $8,000 was made in cash.
Lithuania.—The sixth semi-annual payment of interest, except that part
to be funded, and the third annual installment of principal on the funded
indebtedness of the Government of Lithuania to the United States under the
terms of the debt settlement approved by the Act of Dec. 22 1924. The
total payment amounted to $79,431.63, of which $47,471.63 was for interest and $31,960 for principal. The payment was made in cash. The balance of the interest, amounting to $44,775, will be funded in accordance
with the option given the Government of Lithuania in the debt settlement
agreement.
Poland—The fifth semi-annual payment on account of the funded in.
dehtedness of the Government of Poland to the United States under the
terms of the debt settlement approved by the Act of Dec. 22 1924. The
payment amounted to $1,000,000, which was made in cash. The balance due
will be funded in accordance with the option given the Government of
Poland in the debt settlement agreement.
Rumania.—The second annual installment of principal on the funded
indebtedness of the Government of Rumania to the United States under the
terms of the debt settlement approved by the Act of May 3 1926. The
payment amounting to $300,009 was made in cash.
Jugoslavia.—The second annual installment of principal on the funded
indebtedness of the Government of Jugoslavia (Serbs, Croats and Slovenes)
to the United States under the terms of the debt settlement of May 3 1926.
The payment amounting to $200,000 was made in cash.

It was also announced that the obligations of the United
States accepted in connection with the British payment
have been canceled and refired and the public debt reduced
accordingly.

Germany Minting New Three and Five Mark Silver
S. Parker Gilbert, Agent General for Reparations, in
Coins.
Semi-Annual Report Says Problem of Germany's
The Department of Commerce at Washington announced
Mounting Expenditures Is Acute.
on June 8 the receipt of the following advises from the
In his semi-annual report for the third annuity year,
Consul General, C. B. Hurst at Berlin:
S. Parker Gilbert, Agent General for Reparations criticizes
The Federal Minister of Finance of Germany has announced the minting
Germany's principles of budget making, and declares its
of new three and five-mark silver coins. The design on the obverse side of
the coins represents a three-masted ship with the coat of arms of the Republic statements of cash position to be unsatisfactory, the effect




JUNE 18 1927.]

THE CHRONICLE

being, he asserts, "to present the financial position of the
Reich in a most artificial light." In his declarations Mr.
Gilbert says, (according to the copyright advices to the
New York "World" from Berlin, June 12:)
It is quite clear that the very ease of embarking on expenditures of the
kind that may be carried in the extraordinary budget and covered by the
simple expedient of borrowing will constitute a danger to the budgetary
equilibrium until it is definitely abandoned.
Concealment Charged.
So2ner or later it must be recognized that the balanced ordinary budget
plusIthe unbalanced extra-ordlhary budget means in fact an unbalanced
budget. A financial policy which attempts to conceal this fact leads
inevitably to budgetary instability.
Obscurity in the accounts of the Government is both unnecessary and
unfortunate. Clearness in these accounts would provide one of the most
effective checks on expenditure and would be manifestly in tne interest not
only of the Government but of German economy as a whole. The fact is
that without long detailed study there is no means of arriving at an exact
budget position or even determining figures of receipts and expenditures
carried in the budget.
Statements of cash position are equally unsatisfactory. They appear
only once a month and are not complete. The 'bffect of all this procedure
is to present the financial position of the Reich in a most artificial light.
This system of accounting permits budget surpluses to be shown which do
not actually exist and which come into existence only in the future and to
the extent that loans are actually placed. Expressed in another manner,
budget surpluses shown can be realized often only through borrowing.

3565

"At the same time, as the Finance Minister recently pointed out, the
Treasury of the Reich has substantial reserves in its holdings of preference
shares of the Railways Company, its short-term loans of the Railways
Company and other loans and credits of industry and agriculture. These
investments and loans have all been financed in one way or another out
offormer budgets, and some of them, no doubt, could be used to relieve
the cash position if need for additional funds should develop.
Revenue Side of the Budget.
"An analysis of the revenue side of the budget has shown that revenues
are maintaining themselves at a good level and are expected to show a substantial increase in the current fiscal year as compared with the returns of
the previous year. This showing, tt must be remembered, comes after a
considerable number of tax reductions that have been made in the past few
years. These reductions have cut 1.000.000,000 marks from the yield of the
turnover tax alone, have abolished other taxes completely, and made numerous reductions in taxes on income and in other directions.
"The total yield of revenues, notwithstanding these changes, has steadily
increased during the past two years, and in every way Justified the expectations of the experts. It is not any lack of revenues but the constantly rising
level of expenditures that threatens future budgetary troubles, and it is
important from every standpoint that it should be checked in time."
Mr. Gilbert takes the Reich severely to task for failing to renise its
financial relations with the Federated States, which draw upon the Federal
Treasury for nearly one-third of the total Government income without
regard to their respective requirements. The Reich, he declares, "constantly is in danger of being whipsawed and urgently needs a new basis of
settlement by which it will assume control of its most important revenues."
The Agent-General condemns the German budget statements and accounts"on the ground oflack of clearness," which he finds" both unnecessary
and unfortunate." Confusing the system of ordinary and extraordinary
budgets, he adds, "leads inevitably to budgetary instability."

In addition to the above we also take the following from
It is noted in the cablegram to the New York "Times" the "Times" cablegram.
from Berlin, June 12 (copyright) that on the subject of the
In summarizing his review, which covers the first four
Reich's budget Mr. Gilbert observes that while he has no years of the Dawes plan's operation in 131 printed pages and
direct control over its provisions, the Dawes plan is con- numerous diagrams and charts, the Agent General observes:
cerned therewith because budgetary stability is essential to
The experience of these months,in which German economy has undergone
many changes and on,the whole improved, serves to emphasize again
its fulfillment and a large part of the reparation bill must be so
that the underlying conception of the plan itself is in the interest of German
economy and also is in the interest of execution of the plan. The experts
met out of national revenues. The "Times" account went in
their original recommendations pointed out that tbeir plan must find its
guarantee "in the fact that it is to the interest of all parties to carry it
on to say:
• own
out in good faith."

He remarks that for the current fiscal year expenditures have been
brbught to balance with income only by increasing the revenue estimates
by 270,000.000 marks, carrying over an estimated surplus of 200.000,000
from the previous year, taking 190,000,000 from the Reich's reserve fund
and authorizing the borrowing of 466,000,000.
Reference is made here to the German Finance Minister's warning that
supplementary appropriations would soon be required and to the fact that
the Government became a budgetary borrower for the first time since the
Dawes plan's adoption last February.
Observing that authority to borrow to a total of more than 1,000,000,000
marks has been granted to date by the Reichstag, Mr. Gilbert declares:
The effect of all this procedure is to present the financial position of the
Reich in a most artificial light. Outstanding revenue consisting principally
ofloans to be issued do not represent effective revenues, whereas outstanding
expenditures represent actual authorizations to spend which in large part
are already committed.
This system of accounting, in other words, permits budget surpluses to
be shown which do not actually exist and which only come into existence
in the future to the extent of loans actually placed. . . . The system
of carrying forward authorizations of expenditure from year to year appreciably reduces the opportunity for effective control of Government spending
. . . German budget estimates are unfortunately obscure in their
Method of stating transactions in the principal of the public debt. . . .
Items on the revenue side of the budget entitled "Proceeds of loans" are
also difficult to follow in the budget statements.
Mr. Gilbert registered an estimated increase of 100,000,000 marks in the
yield of the income tax during the present year, despite the raising of the
tax exemption limit to 1,200 marks a year.
Steady Increase in Expenditure.
Turning to the question of outlay, Mr. Gilbert bluntly declares:
"The budgets of the Reich for the four financial y,ears under
have
been characterized by a steady increase in expenditure. The review
budget estimates for 1927-28 carry total expenditures of 9,100,000,000 marks, as compared with 7,200,000,000 in 1924-25, an increase of 1,900,000.000, and the
Finance Minister has already stated that additional appropriations willbe
necessary."
Remarking that the only important item which is substantially diminished
is that covering internal charges arising out of the war, the report calls
attention to the growth of the military and naval budget from 458,000,000
four years ago to 700.000,000 for the current year. Emphasis also is laid
on large payments in respect of the revalorized paper mark debt, included
for the first time in last year's accounts and aggregating 350,000.000 in this
year's.
"It will be observed from the foregoing figures," Mr. Gilbert writes,"that
payments now have reached substantial figures and are putting a relatively
heavy burden on current budgets of the Reich. These payments,of course,
are all clearly secondary to reparation obligations."
Problem Called Acute.
Later Mr. Gilbert bluntly affirms:
"The point that stands out the clearest in the budget is the Reich's constantly mounting level of expenditure. The problem of checking the rising
tide of Government expenditures has, in fact, become acute and requires
the closest attention, not merely from the standpoint of the experts' plan,
but in the interests of German economy as a whole.
"At the same time it is clear that the essential stability of the
budget remains unimpaired and the problems presented by theGerman
budget
should yield readily enough to the steady application of the sound principle
of budget making.
"If the German Government will take the normal precautions that are
necessary in its own interest to safeguard the budget, there is no reason to
believe from developments thus far that it will find real difficulty in maintaining the necessary balance between its revenues and expenditures,
including, of course, payments under the experts' plan.
"This will, no doubt, require greater resistance to new expenditures
than has been in evidence during the past few years. But the budget statements themselves show there are many opportunities for savings, and these,
it must be assumed,the German Government will use to the best advantage
in the interests of German economy itself. . .
"The problem of the German budget reduced to its simplest terms is the
old problem of keeping expenditures within the limits of income. The only
way this can be done, unless the Government desires to levy increased
taxations, is to reduce the volume of expenditures. . . .

The relations of good faith and mutual understanding that have prevailed
since the beginning of the plan and the continuing interest of the German
Government and creditor nationsin its regular progress provide the strongest
foundation for its further development.
But he says elsewhere in the report:
German expenditures generally, including payments to States and
Communes, have risen sharply until the expenditures now exceed the
revenues, and for the first time since the experts' plan came into operation
borrowing has been necessary to balance the budget of the Reich. . . •
At the same time the essential stability of the budget remains unimpaired
and there is no reason to doubt that it can be successfully maintained if the
German Government will take the normal precautions that are necessary
:
in its own interests.
He repeats this conviction in virtually the same language in anothe
paragraph, which is to the effect that no real difficulty should be found in
balancing revenues and expenditures, "including, of course, payments
under the experts' plan."
Steady Increase in Income.
Stressing the steady increase in the Reich's income despite the tax diminution, Mr. Gilbert remarks that the controlled revenues, earmarked for
the reparation bill, are estimated in the current year's budget to aggregate
2,400,000.000 marks, thus providing "a margin of nearly 100% over the
budgetary contribution of 1,250,000,000 marks, payable in the standard
reparation year."
He refutes Finance Minister Koehler's doubts about the feasibility of
meeting the obligations falling due during the fourth annuity year, beginning on Sept. 1 next,by making it plain that only 90.000,000 marks moreare
charged to the Reich's budget in that period than had to be borne during
the present year. Only in the fifth Dawes year, he demonstrates, will the
burden become appreciably heavier.
Progress of Plan Normal.
Characterizing the progress of the plan as normal, Mr. Gilbert says that
the last six months have been unusually interesting, however, in relation
to the development of the German budget and the sphere of credit conditions.
"Germany has made all the required payments during the first nine
month of the third annuity year," the Agent General reports, "and
deliveries and payments for the benefit of the creditor powers have gone
forward regularly and without interfering with the stability of German
exchange.
"Germany paid during the period from Sept. 1 1926, to May 31 1927.
a total of 983.895,000 gold marks, of which 930,800 000 were payments on
account of the third annuity year, the balance representing payments in
completion of the second annuity."
The third annuity rises to a total of 1,500,000,000 marks in consequence
of the agreement made last year for settlement of supplementary budget
contributions. This sum included 300.000,000 which the Reich preferred
to pay in a lump sum during the third annuity instead of two contingent
budgetary contributions not exceeding 250.000,000 during the fourth and
fifth annuity years. This amount is made u. of the following items:
Normal contributions from the German budget
110,000.000
Supplementary contributions from the German Government_ _300.000,000
Transit tax
290.000,000
550,000.000
Interest on German railway bonds
250,000,000
Interest on German industrial debentures
"Payments for the first nine months of the year." Mr. Gilbert says,
"were made promutly when due, exactly in conformity with the agreed
arrangements."
However, it is noted, the accounted arrangement of payments that this
period coversis only about three-fifths ofthe year in point ofreparation payments. The transfer tax payments were made monthly in accordance with
agreement and the amount turned over was slightly ahead of schedule.

Fourth Annuity 1,750,000,000..
The fourth annuity amounts to 1,750,000.000. a slight increase in the
payments required from the budget and the introduction of 1% amortirs
tion on the German railway bonds and industrial debentures. The totals
follow:
Prospects for 1927-28.
"Coming specifically to the year 1927-28. it is naturally impossible to Contribution from the German budget
500,000,000
00,000
hazard any figures now when the year is still less than three months old and Transportation tax
660,000,000
not much more than the budget estimates are available. The best Judgment Interest and amortization on German railway bonds
that can be drawn at this time indicates, however, that the estimates them- Interest and amortization on German industrial debentures_ __ _300,000,000
selves provide a substantial margin of safety and that if business conditions
By the end of the fourth annuity year it is predicted by experts that
continue reasonably, favorable there should be important savings in actual
expenditure, both for unemployment relief and for investments, loans, &c. Germany should have hit her normal stride and that the fifth year will be
There are undoubted opportunities for economies in other directions.
the first real test of the permanence of the Dawes plan. For that period




3566

THE CHRONICLE

124.

the annuity, which sets a standard for further payments, increases by below those of 1925, with bread cereals, which form an important German
750,000,000. which is placed on the budget.
import requirement, yielding about 20% less as compared with the previous
The German Railways Company, which is obliged to make only semi- year.
annual payments, agreed to a 5% discount instead of 6, as formerly, on all
payments made monthly in advance.
German Reparation Receipts and Payments in April.
The total amount received by the Agent-General during the nine-month
period was 1,079.000,000, of which practically 1,000,000.000 was paid to
Total receipts of 215,173,305 gold marks and payments of
the Powers.
205,208,681 gold marks during the month of April are reShare of the United Slates.
Of this sum the United States' share was about 68.888,000, of which ported in the statement for the month issued under date of
19,090.000 represented the unexpended balance brought forward from the May,9 by the Agent-General for Reparations Payments. The
second annuity year. The United States Government received during the statement follows:
nine months 33,500,000 marks in cash on account of its priority for army
costs in arrears. It also received cash transfers in foreign currencies
OFFICE OF THE AGENT GENERAL FOR REPARATION PAYMENTS.
amounting to 3.579,000 marks on account of its regular 23(% share in the STATEMENT OF RECEIPTS AND PAYMENTS FOR THE THIRD ANNUITY
YEAR TO APRIL 30 1926.
annuities.
(On Cash Basis, Reduced to Gold Mark Equivalents.)
Practically all the remainder of the American share, amounting to 31,Third Annuity
770,000, was taken In dollar equivalent under a special agreement with
Year—Cumulathe German Government, which sum will be used for "satisfying the awards
Month of
are Total to
April 1927. April 30 1927.
of the Mixed Claims Commission." This arrangement contemplates that
Gold Marks.
Gold Marks,
each month the German firms will voluntarily surrender to the ReiChsbank A. Receipts in Third Annuity Year:
out of dollar proceeds accruing from deliveries in kind or services rendered to
1. In completion of Second Annuity:
(a) Transport Tax
the United States a sum in dollars equivalent to the reichsmark credit held
8,095,425.61
(5) Interest on Railway Reparation Bonds_
by the Agent-General for the account of the United States.
45,000,000.00
2. On account of Third Annuity:
The transfer operations made at the time of the interim report consist
(a) Normal Budgetary Contribution
9,166,666.66 73,333,333.33
of transfers in foreign currencies and by gold mark payments. Under
(b) Supplementary Budgetary Contribution_
18,000,000.00 126,000,000.00
(c) Transport Tax
foreign currency transfers are the following items:
22,500,000.00 180,000,000.00
(d) Interest on Railway Reparation Bonds
40,000,000.00 315,000,000.00
Service of the German external loan of 1924
66,500,000
(e) Interest on Industrial Debentures
125,000,000.00 125,000,000.00
British Reparation Recovery Act
164.700,000
3. Interest received
506,639.29 1,916,182.39
French Reparation Recovery Act
49.700,000
Deliveries under agreement to the United States
31,700,000
Total Receipts
874,344,941.33
215,173,305.95
Transferred in cash
133,600.000 B. Balance of Cash at August 31 1926
93,626,074.81
Transfers by gold mark payments follow:
Total Cash Available
967,971,016.14
Deliveries in kind
411,700.000
Armies of occupation
54,100,000 C. Payments in Third Annuity Year:
1. Payments to or for the account of:
Costs of Inter-Allied Commissions
5,400,000
France
97,708,230.27 368,643,936.60
It will be observed that cash transfers in foreign currencies amounted in
British Empire
45,758,381.80 178,207,961.28
Italy
this nine months' period to 449.000.000, or 48% of total transfers.
14,964,456.88 57,178,237.59
Belgium
10,524,790.02 41,686,536.35
Serv-Croat-Slovene State
5,756,439.61 27,876,856.79
Unexpended Cash Balance.
United States of America
16,228,303.77 62,818,553.68
The unexpended cash balance in the hands of the Agent-General amount
Rumania
1,709,070.81 6,941,488.79
Japan
to 151,000,000 gold marks, which is appreciably larger than at the open640,318.39 6,156,496.39
Portugal
1,702,855.24 4,588,028.39
ing of the third annuity year, but is considered only normal working capGreece
699,735.48
2,564,904.42
ital.
Poland
23,003.88
157,011.82
The German railways, which must furnish 550,000,000 reparations durTotal Payments to Powers*
ing the third year, are showing satisfactory results and overcoming the
195,715,586.15 756,820,012.10
2.
For
Service
of
German
External Loan 1924__ _ 7,728,738.91 59,150,507.44
slump of last year, when business conditions were worst. The company
3. For Expenses of:
was able to meet payments regularly and also provide necessary sums out
Reparation Commission
1.782,975.12
of its current earnings to make substantial contributions to its reserve
Office for Reparation Payments
308,862.93 2,322,752.17
Inter-Allied Rhineland High Commission
1,952,006.53
215,690.81
funds. Passenger traffic, however, remains low, but freight is picking up.
Military Inter-Allied Commission of Control_ _ _
01.3,726.19 1,234,084.41
Since these payments are nearly as high as a standard reparation year
4. Costs of Arbitral Bodies
66,729.14
and there are prospects of further improved industrial conditions, no
5. Discount on amounts received from Deutsche
concern is felt over the amounts which the experts contemplated the
Reichsbahn Gesellschaft in advance of due date
981,345.88 4,236,245.71
6. Exchange differences
779,281.75
262,183.01
railways would pay. In addition to keeping up rolling stock and maintaining ways, a new building program was undertaken mainly as a means
Total Payments
205,208,681.50 828,344,594.37
of overcoming competition from motor, water and air transport enterprises. D. Balance of Cash at April 30 1927
139,826,421.77
The report records prompt payment to the Agent-Gencral of the half967,971,016.14
yearly interest on the German industrial debentures due April 1 and points
out that the trustee still holds all these debentures to a total of 5,000,000,* See Tables I and II for analysis of payments by category of expenditure and by
Powers.
000 marks, none having been sold.

From the "Herald-Tribune" account
(copyright):

of the report

Discussing Germany's credit conditions, the report says that, while
from the time the Dawes plan went into effect until the end of last year
about 3,850,000.000 marks in long-term foreign credits were granted
Germany, a remarkable change took place at the opening of this year.
The total German loans placed abroad during the first four months of
this year amounted to 94,000.000 marks, whereas similar issues offered on
the domestic markets amounted to 712,000,000 marks. Domestic borrowing reached its height when the German Government in February of
this year issued a 500,000,000 marks loan. This was "a nominal success."
"But while it was possible for the Reichsbank to announce an oversUbscription when the books were closed, this result was accomplished only
through the assistance of public and semi-public institutions," said the
Agent-General. Mr. Gilbert thinks that the purpose of the loan would
have been much better served by a series of offerings of Treasury bills•
"Assuming that it was necessary for the Reich to borrow at all, an issue
of Treasury bills would have served not only to withdraw the excess money
from the short-term market, but would have provided a convenient and
altogether liquid investment for those public investments, as, for instance.
the railway company, which had funds seeking investment," he said.
The Agent General notes that during the six months' period which ended
April 30 1927, the volume of savings deposits in Germany increased mere
than 1.000,000,000 marks, although the savings are still only 20% of their
pre-war volume. The report attributes Germany's unfavorable trade
balance in the last six months to "the necessity for drawing on foreign
countries for larger quantities than usual of foodstuffs owing to last year's
unsatisfactory crops."
"But the more dominant impulse has been the replenishment of stocks in
Inventories which had declined in the depression of the preceding year and
to the accumulation of raw and semi-manufactured materials to supply the
growing demand for consumers for goods which the greater industrial
activity and increasing purchasing power is creating."
The readjustment of German industry and trade to conditions of stabilization appeared to have reached "a fairly advanced stage," the report notes,
and "the unemployment has diminished somewhat more than can be
explained on a purely seasonal basis, and the production and consumption
of goods is proceeding generally at a higher rate than at any time since
the stabilization."
But it remains to be seen whether the German industries are capable of
competing with the rest of the world in the foreign markets. The number
of business failures in the last six months was well below what was considered usual before the war, reflecting the return toward easier credit and
business conditions.
As to particular industries, the report states that the German coal
production is higher than a year ago, although the exports have declined
enaterially since the end of the British coal strike, and that the gradually
Increasing activity of the iron and steel industry has been continued, so
gnat the output of pig iron in April was about 24% and the production of
steel was about 27% above the 1925 monthly averages, that blast furnaces
textile
are operating at about 68% of the estimated capacity, and that the
production has shown a continuous increase since last July.
Regarding the sale of potash, he says that at present sales are running
considerably
higher than last year and adds that the crops for 1926 were




TABLE I.—TOTAL PAYMENTS TO POWERS CLASSIFIED ACCORDING
TO CATEGORY OF EXPENDITURE. •
1. Occupation Costs:
(a) Marks supplied to Armies of Occupation
3,027,987.00 25,985,865.89
(5) Furnishings to Armies under Arts. 8-12 of
Rhineland Agreement
3,567,351.90 22,228,070.42
6,489,338.90 48,213,936.31
2. Deliveries in Kind—
(a) Coal, coke and lignite
(b) Transport of coal, coke and lignite
(c) Dyestuffs and pharmaceutical products
(d) Chemical fertilizers and nitrogenous products
(e) Coal by-products
(I) Refractory earths
(0) Agricultural products
(8) Timber
(0 Sugar
(.1) Miscellaneous deliveries

23,281,450.51
1,870,646.03
893,533.87
4.351,979.93
1,106,755.53
16,922.80
701,049.06
1,892,797.94
490,453.53
14,054,933.14

145,952,024.44
23,783,604.44
7,896,898.09
42,417,484.76
3,639,376.18
105,836.23
5.033,106.76
17,636,836.62
3,089,647.77
112,593,679.37

48,660,522.34 362,148,194.66
3. Deliveries under Agreement
4. Reparation Recovery Acts

4,529,658.07 29,738,875.19
27,753.615.94 185,832,881.48

5. Miscellaneous Payments
98,222.85
868,760.68
6. Cash Transfers:
(a) Settlement of balances owing for deliveries
made or services rendered by the German Government prior to September 1 1924
457,090.87
4,987.93
(5) In foreign currencies
108,179,240.12 129,560,272.91
108.184,228.05 130.017,363-78
Total Payments to Powers

195,715,586.15 756,820,012.10

TABLE II—PAYMENTS TO EACH POWER CLASSIFIED ACCORDING
TO CATEGORY OF EXPENDITURE.
Payments to or for the Account oi—
l. France—
(a) Marks supplied to Army of Occupation
1,994,389.78 17,501,803.61
(5) Furnishings to Army under Arts. 8-12 of
Rhineland Agreement
2,325,366.68 15,320,629.08
(c) Reparation Recovery Act
7,434,920.50 44,364,217.80
(d) Deliveries of coal, coke and lignite
19,049,878.82 115,860,755.49
(e) Tarnsport of coal, coke and lignite
555,781.51 14,664,329.17
(1) Deliveries of dyestuffs Sr pharmaceutical
Products
160,518.34 1,850,731.31
(CO Deliveries of chemical fertilizers and nitrogenous products
3.070,146.83 32,745,302.80
(h) Deliveries of coal by-products
9.865.83 1,497,482.84
(i) Deliveries of refractory earths
16,922.80
105,536.23
(I) Deliveries of agricultural products
701,049.06 4,921,773.11
(k) Deliveries of timber
1,708,653.63 15,624,540.15
(0 Deliveries of sugar
490,453.53 3,089,647.77
(m) Miscellaneous deliveries
3,408,706.34 43,475,992.99
(n) Miscellaneous payments
628,033.07
75,000.00
(0) Cash transfers—
(I) Settlement of balances owing for deliveries made or services rendered by
German Government prior to Sept. 1
286,584.56
1924
(II) In foreign currencies
56,706,576.62 56,706,576.62
Total France

97.708,230.27 368,643,936.60

THE CHRONICLE

JUNfl 181927.]

3567

Third Annuity actions have been of a somewhat spectacular character and they displayed
Year-Cannata- no clear time schedule.
Canada also has sent large amounts, but they were
live Total to
Aptil 30 1927. in response to exchange fluctuations and were offset later by a return moveGold Marks.
ment when trade swung in favor of Canada. Japan, on the contrary, had
2. British Empirebeen making methodical shipments of $2,000.000 gold, usually twice a
997,672.54 8,454.137.60
(a) Marks supplied to Army of Occupation
month. The gold was sent here as part of the program that contem(b) Furnishings to Army under Arts. 8-12 of
823,992.61 4,616,266.62 plated Japan's return to the gold standard this year, which was interrupted
Rhineland Agreement
20,318,695.44 141,468,663.68 by the financial crisis in that country. The Government has indicated.
(c) Reparation Recovery Act
15,849.41 however, that gold shipments
00 Miscellaneous payments
may be resumed if excessive pressure against
(e) Cash transfersJapanese exchange develops.
(I) Settlement of balances owing for deliveries made or services rendered by
German Government prior to Sept.1
35,022.76
1924
23,618,021.21 23,618,021.21 Paper Francs Good as Gold-French Supreme Court
(11) In foreign currencies
Month of
April 1927.
Gold Marks.

Total British Empire

45,758,381.80 178,207.961.28

3. Italy(a) Deliveres of coal and coke
(8) Transport of coal and coke
(c) Deliveries of dyestuffs and pharmaceutical
products
(d) Deliveries of coal by-products
(e) Miscellaneous deliveries
(f) Miscellaneous payments
(g) Cash transfers in foreign currencies

4,231,571.69 29,188,335.34
1,314,804.52 8,685,555.73
231,056.15
1,088,594.12
92,127.25
997.54
8,005,245.61

Total Italy
4. BELGIUM(a) Marks supplied to Army of Occupation
(0) Furnishings to Army under Arts. 8-12 of
Rhineland Agreement
(c) Deliveries of coal, coke & lignite
(d) Transport of coal, coke and lignite
(e) Deliveries of dyestuffs and pharmaceutical
products
(f) Deliveries of chemical fertilizers and nitrogenous products
(g) Deliveries of coal by-products
(6) Deliveries of timber
(0 Miscellaneous deliveries
(0 Miscellaneous payments
(k) Cash transfers(1) Settlement of balances owing for deliveries made or services rendered by
the German Government prior to
Sept. 1 1924
(11) In foreign currencies

14,964,456.88 57,178,237.59
29,924.68
2,291,174.72
902,933.61
433,719.54

475,734.74

3,664,001.54

6,217,629.71

115,483.79
6,217,629.71

10,524,790.02 41,686,536.35

5. Serb-Croat-Slovene State(a) Deliveries of pharmaceutical products
(b) Miscellaneous deliveries
(c) Miscellaneous payments

26,224.64
80,028.16
5,711,261.78 27,644,700.94
18,953.19
152,127.69

Total Serb-Croat-Slovene State

5,756,439.61 27,876,856.79

6. United States of America(a) Deliveries under agreement
(0) Cash transfers in foreign currencies

4,529,658.07 29,738,875.19
11,698,645.70 33,079,678.49

Total United States of America

16,228,303.77 62,818,553.68

7. Rumania(a) Miscellaneous deliveries
(6) Miscellaneous payments
(c) Cash transfers in foreign currencies
Total Rumania
8. Japan(a) Deliveries of chemical fertilizers and nitrogeneous products
(b) Miscellaneous deliveries
(c) Cash transfers in foreign currencies
Total Japan
9. Portugal(a) Miscellaneous deliveries
(b) Cash transfers in foreign currencies
Total Portugal
10. Greece-Miscellaneous deliveries
11. Poland(a) Deliveries of agricultural products
(9) Miscellaneous payments
(c) Cash transfers(1) Settlement of balances owing for deliveries made or services rendered by
the German Government prior to
Sept. 1 1924
(11) In foreign countries

Grand Total

29,924.68
317,992.61

1,281,833.10 6,927,508.45
8,295.58
237,917.40
184,144.31 2,012,926.47
2,009,235.29 18,242,693.76
11,252.68

Total Belgium

Total Poland

2,302,137.08
1,903,975.94
7,046,259.50
46,728.39
8,005,245.61

757,185.27
1,263.97
950,621.57

5,985,768.39
5,098.83
950.621.57

1.709,070.81

6,941,488.79

640,318.39

2,744,673.51
2,771,504.49
640,318.39

640,318.39

6,156,496.39

1,378,681.73
326,173.51

4,261,854.88
326,173.51

1,702,855.24

4,588,028.39

699,735.48

2,564,904.42

2,008.15

111,333.65
9.670.61

The Cour de Cassation, or French Supreme Court, has just asserted the
principle that whatever the exchange value of the franc may be the paper
franc must be regarded as equivalent of the gold franc.
By virtue of a law passed in 1914, the Bank of France and the Bank of
Algeria cannot be called upon to repay their notes in gold.
Debtors in France and her dependencies cannot be required to meet their
obligations in gold or any foreign currency.

Max Winkler on the Debt and Wealth Position of
European Capitals.
In view of the financing already arranged in this country
on behalf of leading European municipalities, and the
probability that additional financing of this nature will be
done in this market, salient features regarding ten European
capitals, as prepared by Max Winkler, Vice-President of
Bertron, Griscom & Co., Inc., are of interest. Mr.Winkler
says:
With regard to municipally owned assets, the city of Parisheads the
list or ten cities under review, with a total of $953 per capita. Copenhagen
with $261 is next in order, followed by Budapest with $200, Prague with
$124. Berlin with $91, and Bucharest with $62. For cities for which
figures relative to municipally owned assets were not readily obtainable,
Dr. Winkler used official figures pertaining -to the total wealth of the
municipalities concerned. The wealth of Oslo, capital of Norway, is
officially given as $1,828 per capita, while that of Stockholm as $1,760.
The reverse would probably be more correct, in the opinion of Dr. Winkler.
The wealth of the Hague given as $1,551 per capita appears perhaps too
small considering the size and importance of the city, and especially when
compared with the per capita wealth of the Scandinavian capitals. The
city of Zurich with a per capita wealth of $2,783 heads the list.
Of the ten cities under review. Copenhagen appears the most heavily
Indebted, with $217.85 per capita. Oslo is a close second with $217.67,
followed by Zurich with $189.81. Stockholm with $184.29, the Hague with
$168. Paris with $74.51. Budapest with $68.39. Prague with $53.10, and
Berlin with $18.68. The debt of Bucharest is only nominal, amounting
to $2.13 per capita.
Copenhagen also shows the highest ratio of debt to municipally owned
assets, viz., 83.47%. The wealth of the city is officially estimated at
$887 per capita, giving a ration of debt to wealth of 37.17%, which would
seem to indicate that the city has not exactly over-borrowed. Prague
shows a ratio of debt to city owned property of 42.82%, followed by Budapest with 34.19%, Berlin with 20.52%, Paris with 7.82%. and Bucharest
with only 3.43%. Oslo shows a ratio of debt to wealth of 11.91%.followed
by the Hague with 10.83%. Stockholm with 10.47%, and Zurich with
6 82%. In summing up,Dr. Winkler believes that on the whole European
cities have not over-borrowed and that their demand for additional loans
ought to meet with favor, especially if proceeds from the sale of new obligations are to be used for productive and revenue producing purposes. Details regarding the debt and wealth position of European capitals are
presented in the subjoined table.

City4,987.93
16,007.80

19,999.76
16,007.80

23,003.88

157,011.82

195,715,586.15 756.820,012.10

Reichsbank Sells $2,670,000 in Gold to New York Banks.
The German Reichsbank on June 11 sold $2,670,000 of its
gold deposited in London to, New York. The New York
"Evening Post" of that date in reporting this added:
This brings the total of gold and foreign exchanges the Reichsbank has
lost this year to about 1,000,000,000 marks.
The movement is regarded by international bankers here as having little
significance and as certainly unlikely to affect either the New York or London money markets. Sale of gold from Berlin has been expected for weeks,
owing to the weakness of the mark and corrseponding decline in foreign
exchanges held by the Reichsbank.
These holdings had dropped off lately to around 86,000,000 marks from
500,000,000 held in January, but yesterday's statement of the Reichsbank
showed an increase of this item by 8,341.000 marks!
Dr. Hjahnar Schacht, President of the Reichsbank, announced at the
beginning of this year that he was prepared to employ drastic measures to
prevent the mark from falling and, if necessary he would make gold shipments to restore the bank's store of foreign currencies.
To-day's sale is attributed only to the fact that exchange rates had
reached the point where it was profitable to sell gold in Germany and the
sale was made to New York because this is the world's best market.

Inflow of Japanese Gold Ceases.
The following is from the New York "Times" of June 14:
The recent decision of Japan to cease,sending gold to the United States
for the protection of exchange has halted one of the most systematic movements that has developed in recent years. Other countries, notably France,
have transferred larger amounts of gold to this country, but these trans-




Rules Printed Money Must Be So Accepted.
From the New York "Evening Post" of June 8 we take
the following from Paris (copyright):

Population.

Value of
Municipal
Property.*

Debt.*

Ratio of Debt
to Municipal
Property.

4,000,000
$91
Berlin
$18.68
20.52%
800,000
62
Bucharest
2.13
3.43
960,000
200
Budapest
68.39
34.19
586,000
261
217.85
83.47
Copenhagen
400,000
21,551
168.00
210.83
Hague
258,000
21,828
217.67
Oslo
211.91
3,500,000
953
74.51
Paris
7.82
725,000
124
53.10
Prague
42.82
443,000
Stockholm
21,760
184.29
z10.47
206,000
22,783
Zurich
189.81
26.82
•on a per capita basis conversion having been made at current rates of exchange
x Represents total wealth of city subject to taxation. z Represents ratio of debt
to wealth.

To Pool Australian Debts.
A plan has been submitted to Sir Hugh Denison, Commissioner for Australia, which involves the taking over of the
State's debts, amounting to $3,210,000,000, by the Austra
lian Commonwealth. The New York "Evening Post" of
last night(June 17),from which we quote the foregoing,says:
If approved by the Premiers of the six Australian States and the Commonwealth, the plan will enhance the Australian debts to $5.500,000,000.
as the present debt of the Commonwealth amounts to $2,290.000,000.
Various provisions for the undertaking are included in the plans, one of
which concerns the future borrowing on behalf of the Commonwealth and
States, which is to be vested in an Australian Loan Council consisting of
representatives of each State and the Commonwealth. While it is proposed
that the Council will manage the financing, the States will preserve their
sovereign powers of determining the amounts and the purposes of the
borrowing.

James Speyer Sails for Europe.
James Speyer sailed to-day on the "Olympic" for his
usual holiday trip to Europe. He expects to return early
in September.

3568

THE CHRONICLE

Exchange of Vienna Bank Stock.
The stock of the Allegemeine Oesterreichische BodenCredit-Anstalt, Vienna, will be exchanged for the stock of the
Union Bank and the Allegemeine Verkehrsbank, Vienna, up
to and including September 7th, next, according to advices
received by the J. Henry Schroder Banking Corporation.
The exchange, in accordance with a resolution adopted at a
general meeting, will be made on the following basis:
For either 18 shares of the Union Bank (par value kronen 4,000 each)
or for 33 shares of the Allgemeine Verkehrsbank (par value kronen. 1,600
each) with 1927 and subsequent dividend warrants attached, there will be
Issued in exchange one share of the Allegemeine Oesterreichische BodenCredit-Anstalt (par value 850.-) with dividend rights from January 1 1927.
The Aligemeine Oesterreichische Boden-Credit-Anstalt Will increase its
capitalfrom 45 million Schillings to 55 million Schillings. The stockholders
ofthe larger bank,in addition to those ofthe Union Bank and the Allgemeine
Verkehrsbank, who have exchanged their shares, will have the right to
subscribe to 180,000 new shares of par value S50.—with dividend rights
from July 1 1927. The subscription right entitles the shareholders to
subscribe to one share for each 5 shares held upon payment of S105 or $14.83
less 5% interest from date of payment to June 30, 1927. These subscription rights expire June 23.

Mercurbank (Vienna) Dividend.
It is announced that the Mercurbank of Vienna, Austria,
has declared a dividend for 1926 of 4,500 crowns per Austrian
share. This is equivalent to 31M cents per American share,
and will be paid June 20 to holders of record June 15.
Payment of Interest on Chinese Hakuang Railways
5% Loan of 1911.
J. P. Morgan & Co. announce on June 15 that, having
received funds therefor from the Chinese Government, they
were prepared commencing June 16 to pay coupon No. 30
due June 15, 1926 on bonds of the American, British and
French series of this loan.
The announcement also stated that action regarding the
German series is deferred pending the receipt of instructions
from Peking.
Cuban Bonds Drawn for Redemption.
Augusto Merchan, counsel general of Cuba,issued a notice
this week to holders of Republic of Cuba external loan thirtyyear sinking fund 532% gold bonds, issued under loan contract dated January 26 1923, publishing the numbers of
$1,658,400 principal amount of the bonds of this issue which
have been drawn by lot for redemption out of moneys in the
sinking fund. Bonds so drawn will be paid on and after
July 15 1927, at the office of J. P. Morgan & Co., fiscal
agents, 23 Wall Street, New York, at 100% upon presentation and surrender with all coupons maturing after July 15
1927. Interest will cease on all drawn bonds after July 15th
next. The list also includes serial numbered bonds in the
anvunt of $288,400 called previously which were still unredeemed on June 10, 1927.
Council of League of Nations Approves Internationa.
Loan of $7,500,000 for Estonia—Offering of
$4,000,000 in U. S.—£700,000 Issued in Europe.
Announcement was made early this week that the Council
of the League of Nations had authorized and approved the
issue of an international loan of about £1,500,000, or $7,500,000, of the Republic of Estonia, which is to be secured
by a first charge on excise duties, on tobacco, beer, matches,
&c. Public offering was made in this country yesterday
(June 17) of $4,000,000 (Banking and Currency Reform)
7% loan of 1927 by Hallgarten & Co., who offered the bonds,
subject to allotment, at 94M and accrued interest to date
of delivery, to yield over 7.40% to maturity.
In addition to the amount offered in the United States,
£700,000 7% Sterling bonds are being issued in Europe.
Albert Janssen, Belgian member of the Financial Committee
of the League, under whose auspices the loan is issued
is trustee for the bonds. The loan is redeemable in whole
or in part on July 1 1937, or on any interest payment date
thereafter, at par upon six months' previous notice.
A cumulative sinking fund is calculated to retire the entire
issue by maturity, operating by purchases at or below par
or by drawings at par. The bonds will be dated July 1 1927
and will become due July 1 1967. They will be in coupon
form in denominations of $1,000 and $500.13/incipal and
interest (Jan. 1 and July 1) will be payable in New York
City at the office of Hallgarten & Co. in gold coin of the
United States of America of the standard weight and fineness existing on July 1 1927, without deduction for any
present or future Estonian taxes, stamp duties, impositions




[VOL. 124

or charges whatsoever and payable in time of peace Or
war, whether holders be subjects of a friendly or hostile
country. Advices to Hallgarten & Co. under date of
June 15 1927, from Leo Sepp, Minister of Finance of the
Republic of Estonia, state:
In December 1926, the Council of the League of Nations approved the
raising of a Loan by Estonia providing an effective net sum of £1,350,000,
which £1,000,000 is to be transferred to the Bank of Estonia in exchange
for long term assets and the balance is to be used for the establishment
of a new Mortgage Institution.
Under a Protocol signed at Geneva by the Estonian Minister of Finance
on December 101926,and approved bythe Council ofthe League of Nations,
the Loan together with a Loan of £130,000 (now reduced to £117.000)
raised in England in 1926 under the Trade Facilities Act, has a first charge
on the excisd duties on: (a) tobacco; (b) beer; (c) matches and other minor
articles.
The Protocol provides for the payment of the assigned revenues intoa
special account to be controlled by the Trustee alone. Any differences as
to the interpretation of the Protocol are to be settled by the Council of the
League.
In the fiscal year ended March 31 1927, the assigned revenues yielded
about 51,300,000, while the service of this Loan and of the loan of £130,000
of 1926 requires about $650,000 annually.
If, in any quarter of the financial year, the yield of the assigned revenues
falls below 150% of the amount required for the service of this Loan. the
Trustee may demand that additional revenues or assets be assigned.
The Estonian currency has been stabilized since 1924 at about 375
Estonian marks to the Dollar and the budget has not only been balanced
since 1922 but the actual realized surpluses for the four years 1922 to 1925
amounted to no less than 2,300 million Estonian marks, or over $6,000,000.
The Estonian Government also undertook, by the terms of the Protocol,
to submit to the Estonian Parliament, within three months of the signature
of that document:
(a) A law for reforming the Bank of Issue (Eesti Pank), including the
revision of the statutes of the said Bank.
(b) A law for the transfer to the Bank of Issue of the State note issue.
(c) A Monetary Law.
These laws, which were drafted on the lines of the Report of the Financial
Committee of the League, and submitted for approval to three members
of the Financial Committee appointed for the purpose, have now been
passed by the Estonian Parliament, together with a fourth law authorizing
the Government to raise a foreign loan for the amount and under the conditions set forth in the Protocol.
In conformity with the provisions of the first two laws above mentioned.
the Eesti Panic will have the sole right of note issue in the Republic, and will
receive, not only the sum of £1,000,000 provided by the loan, but the gold
now held by the Government against the State note issue. When these
transfers have been effected, the gold and gold exchange holdings of the
Eesti Panic will provide a cover of about 58% for the total note issue and
deposit liabilities combined. The Statutes of the Bank prescribe a minimum cover of 40%. and lay upon the Bank the obligation to maintain the
gold value of its notes by buying and selling gold exchange on demand within
certain limits.
Under the Monetary law, a new unit, known as the Kroon, has been
established, With a value equal to the Swedish Krona (gold par $0.268).
The new currency is thus being established on the basis of the present
exchange rate, at which the Estonian mark has been kept stabilized since
the end of 1924.

Application will be made to list the bonds on the New
York Stock Exchange. In the first instance, interim certificates exchangeable for definitive bonds when prepared will
be delivered against payment in New York funds.
Offering of $4,000,000 Consolidated Municipal Loan of
State of Rio Grande do Sul (Brazil)—Books Closed
—Issue Oversubscribed.
A $4,000,000 consolidated municipal loan for the State
of Rio Grande do Sul (United States of Brazil) was offered
on June 16 by J. G. White & Company, Inc., Otis & Company and the Equitable Trust Company of New York.
The issue takes the form of 40-year 7% sinking fund
gold bonds, priced at 97 and accrued interest to yield over
7.20%. The closing of the subscription books was
announced shortly after their opening, the bonds, it is
stated, having been oversubscribed. The bonds, which are
guaranteed unconditionally by endorsement on each bond as
to principal, sinking fund and interest by the State of Rio
Grande do Sul will be dated June 1 1927 and will mature
June 1 1967. They will be coupon bonds in denominations of
$1,000 and $500, registerable as to principal only. Principal
and interest (June 1 and Dec. 1) will be payable at the
Equitable Trust Co. of New York, fiscal agent for the loan,
in gold coin of the United States of America of or equal to
the present standard of weight and fineness, without deduction for any present or future Brazilian taxes. The bonds,
will be redeemable as a whole but not in part, except for
sinking fund, on June 1 1930, or on any interest date thereafter at 100 and accrued interest on 60 days' notice. The
proceeds of the issue will be expended principally for the
acquisition or construction of waterworks and other revenue
producing properties. It is stated that of the $5,169,560
funded debt outstanding prior to the issuance of this loan
(exclusive of one issue to be refunded by this loan), $4,016,232
represented bonds issued for revenue producing properties.
Regarding the sinking fund provisions, security, &c., it is
announced:
These bonds are the direct obligations of eight municipalities; in the
State of Rio Grande do Sul. Brazil. each being liable in proportion to its
share in the proceeds of the loan. These municipalities have a combined

JUNE: 181927.]

THE CHRONTCLE

population of 407,100. approximately one-sixth of the total population of
the State.
The municipalities participating in the loan are: Pelotas, Rio Grande,
Cachoeira, Bage, Sao Leopoldo, Sant'Anna do Livramento. Uruguayana
and Caxias.
The bonds are specifically secured by a first lien on certain taxes levied
by the respective municipalities. These pledged revenues, based upon
1926 collections, amounted, in the case of each municipality, to more than
one and one-half times its proportionate share of the requirements for
payment of interest and sinking fund. Provision is made for pledging additional revenues,selected by the underwriters,in case the revenues already
pledged by any municipality should prove insufficient for any half year.
Credit.
There is no record of default in any funded obligation, either internal or
external, of the State of Rio Grande do Sul, or of any municipalities within
the State. Ordinary revenues of the State have shown a surplus over
ordinary expenditures in every year for the past 20 years. The total
funded debt of the State is $29,008,356, or less than $12.50 per capita.
Contingent obligations of the State, consisting of guaranteed city loans,
Including this issue, amount to $18,494,152.
The combined internal and external funded debt of the contracting municipalities, including this loan, is $9,169,560.
Guaranty.
The State of Rio Grande do Sul, by endorsement on each bond,irrevocably pledges the full faith and credit of the State for the punctual payment
of principal, interest and sinking fund charges of this loan, as they become
due, and the prompt performance by the municipalities of their obligations
under the loan contract.
Sinking Fund.
A sinking fund beginning Dec. 1 1927, operating semi-annually, is
calculated to retire the entire issue by maturity through purchase at not
exceeding 100 and interest, or redemption by lot at that price.

Offering of 10,000 "American Shares" of Hungarian
Discount and Exchange Bank—Shares Sold—
Oversubscribed.
Ten thousand "American Shares" of capital stock of the
Hungarian Discount & Exchange Bank (Ungarische Escompte und Wechslerbank, Budapest) were offered on June
16 by Ames,Emerich & Co.,Inc., and Bauer, Pond &
The shares, which carry the 1927 dividend, are priced at
$34 flat. It is announced that all the shares have been
disposed of and the subscription books closed. The Hungarian Discount and Exchange Bank has a capital stock of
240,000 shares (par value 50 pengos)-12,000,000 pengos
(approximately $2,100,000). Regarding the "American
Shares," the:offering circular says:
The "American Shares" will be issued under a deposit agreement with

3569

Conversion from pengos to dollars has been made on the basis of 17 HC.
per pengo,the approximate gold parity. Conversion from kronen to dollars
has been made at the rate of 20.265c. per krone.

Interim certificates of The Anglo-South American Trust
Company may be issued in the first instance.
Forthcoming Polish Loan and Proposed Credit of
$60,000,000 in Which It Is Expected That New
York, Federal Reserve Bank, Bank of England
and Reichsbank Will Be Participants.
In stating in its issue of June 15 that a loan to Poland was
expected to be completed this week by private banking
interests and that a credit would probably be established at
the same time for the stabilization of Polish exchange, the
New York "Times" said:
Information was received in the financial district yesterday afternoon by
cable that negotiations which were previously broken off had been resumed
and pointed to success this week. The President of the Bank of Poland is
in Paris to negotiate the credits.
The governmental loan is expected to be made by the Bankers Trust
Company and Blair & Co., Inc., and will amount to about $60,000.000.
The credit of the Bank of Poland probably will be of a similar amount. It
is expected that this will be furnished by the Bank of England. the Federal
Reserve Bank of New York and the Reichsbank of Germany. It was reported in the cable dispatch that this credit now resolved upon the problem of just what proportion of the credit each of the central institutions
would take.
The loan to Poland has been a subject of negotiation for two months.
The point of difficulty is Just what supervision of the Central Bank of
Poland the lenders should have and whether there should be external supervision of Polish finances. These problems, the advices said, have now
been ironed out.

Poland Remits Interest on American 8% Loan.
The following is from the New York "Journal of Commerce" of June 16:
The Polish-American Chamber of Commerce has been informed that the
Polish Government transferred on June 1 1927, to Dillon, Read & Co. the
sum of $2,023,000 for the payment of the semi-annual interest amounting
to $735,000, and semi-annual redemption amounting to $1,238,000 due on
June 1, according to the contract of January 1 1925, relating to the 8%
loan.

Benjamin M. Anderson, Jr., of Chase National Bank
on Banking Control of Business.
Speaking before the Ohio Bankers Association at Cedar
Point, Ohio, on June 15, Dr. Benjamin M. Anderson Jr.,
The Anglo-South American Trust Co., New York, as Depositary, in the Economist of the Chase National Bank of New York, reproportion of one such share for each two shares of the par value of 50
emphatically the idea that banks desire to control
Pengos each of the present stock of the Bank. The deposited stock will be pudiated
fully paid and non-assessable. The"American Shares" will be exchangeable businesses or that they do in fact ordinarily exercise conafter December 31, 1928, for the deposited stock of the Bank on payment trol. He said that anyone who realized the dissatisfaction
of fifty cents per "American Share." No voting right attaches to the
came to a bank when the financial
"American Shares." Dividends received upon the deposited stock will be and inconvenience which
converted into dollars and distributed, after deduction of expenses, to the embarrassments of a debtor made it necessary for the bank
holders of "American Shares," by The Anglo-South American Trust Co.,
to intervene in his affairs, in order to protect its position in
New York, Depositary.
with overdue loans, would have no doubt on this
We also quote from the circular the following information connection
prefer to deal with men who know their own
Banks
point.
regarding the bank:
business. The business of the banker is dealing with credits,
History and Business.
The Hungarian Discount and Exchange Bank (TJngarische Escompte The banker is not trained in the management of special lines
und Wechslerbank) was organized as a private institution nearly one hunof manufacturing, commerce, etc. In times of great finandred years ago, and was incorporated under its present name in 1869. The
necessarily increases,
Bank maintains its principal office and eight branches in the City of Buda- cial stringency the power of the banks
pest. It also has two branches in the Provinces and is affiliated with 15 and the banks are often obliged to scrutinize business p11Provincial banks located throughout the country. Its operations are similar
largely because of the credit risks involved, and someto those of other large banks on the Continent of Europe. While the activ- des,
ties of the institution embrace all phases of the banking business, including times because it is necessary to economize lending power"in
commercial, savings, mortgage loans, foreign exchange underwriting and order to take care of the imperative needs of all customers.
distributing investment securities ,it is also interested, to an important
from their banks, and banks seek
extent, in more than tiny leading industrial and public utility enterprises Customers seek advice
in Hungary. The assets of the Dank are, therefore, exceptionally well information and advice from their customers. To the extent
diversified. Through its sponsorship and influence in the organization
that the banker has knowledge and wisdom and prestige,
of these companies, it has played a prominent part in the industrial as well
he is influential in business policy, but it is influence and
as the financial development of Hungary.
Since the reorganization of Hungarian finances and stabilization of cur- not power that he possesses. Dr. Anderson said in part:
rency,the Bank has made very satisfactory progress as reflected in its Pengo
balance sheets at the close of the years 1925 and 1926. The "Opening
Pengo Balance Sheet" as of January 1 1925, stated valuations very conservatively. The Balance Sheet as of December 31 1925, showed capital
and reserves of 16,000,000 Pengos, but in addition there were "undisclosed
reserves," represented by the difference between the book value of the bank's
investments and the market value of these securities, which were represented
to have been over 100% in excess of balance sheet valuations of admitted
reserves. During the year 1926, deposits increased approximately 41%;
total assets in about the same ratio and reserve funds showed a substantial
Increase. On January 28. 1927, the market value of listed securities held
by the Bank is stated to have appreciated to the extent that the value of
"undisclosed reserves" increased to over 175% in excess of reserve funds
shown in the balance sheet of December 31 1926.
Dividends and Earnings.
The Bank has paid dividends on its capital stock without interruption
since 1875, or for over fifty years. A dividend of 12% or 6 Pengos per share
was declared on the 160,000 shares outstanding on December 31, 1926.
This dividend is equivalent to approximately $2.10 per "American Share"
at par of exchange. In addition to the cash dividend for the year 1926,
stockholders recently received valuable stock rights.
Profits for the year 1926, as officially reported by the Bank, were equivalent to 16% on the capitalization. However, in view of the conservative
practice of the Bank to show profits only in amounts slightly in excess of
proposed dividend payments, it is represented by good authority that the
income statement for 1926 does not reflect entire net earnings and that
actual not earnings were nearer to 25% without taking into consideration
the undistributed earnings of partially or wholly owned industrial enterprises.




Fran time to time the charge is made that the bankers dominate the
business of the country. The charge is rarely made by informed business
men, and the charge is heard by informed bankers with frank incredulity.
Bankers of the United States know that they have no such power, and they
do not desire to have it. They have enough to do in managing their own
business, which is dealing in credits. For merchandising transactions and
for the management of the processes of production they have no facilities,
and rarely do they have the necessary knowledge of the details of the particular trade. Sometimes bankers are forced to become merchants or manufacturers when loans made are not paid and when, in order to protect the
loans they have made, they must intervene in the business, but they do as
little of this as possible and they do not make loans knowingly which will
put them in a position where they have to do it. When a business becomes
eenbarrad and the bankers must take action regarding the situation, if
the management is competent and has shown good faith, the disposition of
the bankers is to make a readjustingpt of financial relations with it and
let the management work out the problems, watching the course of events,
asking for frequent financial statements, but interfering in the actual
management as little as possible. When the concern has worked out its
problems and. re-established its liquidity and taken up overdue paper at
the banks, the bankers breathe a sigh of relief.
What I have said so far relates primarily to commercial banks, but in
general the same thing is true in investment banking. When a well-run
business with good prospects wishes to increase its permanent capital, if
the credit analysis shows that the securities it proposes to issue are properly protected and are of a kind that the investing public will readily take,
It finds a competitive investment market with a number of banking
groups ready to underwrite its securities without raising any question as to
management or business policy. It happens at times, however, that 'incl.

3570

THE CHRONICLE

ness houses have expanded too rapidly on the basis of their existing capital,
have been pushing their commercial banks for undue accommodation, and
have a ratio of current debts to current assets which is unsatisfactory. In
such a case, they are usually advised by their commercial banks to go to
the investment banker for increased permanent financing. In such a case,
in order to make the proposed new securities safe and marketable, it may be
necessary for the investment banker to insist upon modification of management or of business policy before he will underwrite the new issue. But
the investment house does not wish to have a permanent business problem
on its hands. It will not ordinarily underwrite an issue where it must contemplate a prolonged supervision of the business. It will undertake such
supervision reluctantly, and ordinarily only when it has moral responsibility to the public for issues already placed. In this connection, a distinction must be made between investment houses proper, which act merely
as intermediaries between the borrower and the investing public, and those
houses which are seeking investments for the private funds of a family
group as well.
This question of banking control arose in Germany in the crisis of 1925.
Working capital was desperately scarce. Commercial failures were occurring daily, and the banks, with inadequate funds, were striving to save the
general situation. They were in constant conference with busiensa men,
studying the details of the position of their customers. Business plans
which required financial accommodation had to be submitted to the bankers who alone could provide it, and the bankers were in a position to pass
judgment on these plans, and often modified them or vetoed them. Dr.
Oscar Wassermann, Director of the Deutsche Bank, had this to say about
the situation in his address before the German Bankers Association in
Berlin on Sept. 15 1925:
"At present, mention is often made of a struggle for power between
the banking profession and the industries in which bankers are said to have
won. This is absolutely erroneous. The banking profession has no wish
to engage in a struggle, nor does it seek victory. It is not, and must not
become, the master of national economy, it is merely its servant. The
weaker the master, the greater the influence of the servant. That is the
fault of the master, not of the servant."
Continuing, Dr. Wassermann pointed out, that the German bankers had
had great power also in the eighties and nineties of the last century. Commerce and industry were expanding, capitol relatively scarce, and the dependence of industry and commerce upon banking great. He added:
"With the development of our national economy in general and the
increase in the internal strength of the individual undertakings, grounds for
intervention became constantly rarer and with the growth of general prosperity the influence of the banks lost more and more importance.
"Our national business structure, especially industry and commerce, still
experienced the necessity of credit, but the liquid national wealth that was
continually augmented by the surplus business profits and by the savings
also of that part of the public not engaged in an earning occupation, was
much larger than the sum total of credits required."
Finally, he discussed the situation of 1925 in which the power of the
banks had once more become very great because of a desperate shortage
of liquid capital and the tremendous risks.
These generalizations of Dr. Wassermann's, true as to Germany, hold
true very much more in the United States in view of two great differences
between American and German banking, namely, (a) that we have 30,000
independent banks in the United States instead of a few
great banks with
branches scattered all over the country, and (b) that in the
United States
Investment banking and commercial banking are, for the
most part, sharply
separated.
In general, it may be said that the power of banks and of lenders
in
general is in inverse proportion to the abundance of capital and banking
funds seeking employment. When capital is scarce and timid, as it
is in
Russia to-day, capitol is tyrannous—and in almost no part of the world is
capital so tyrannous as it is in Soviet Russia. When capital and banking
funds are abundant and when businesses are pursuing sound financial policies the banker has very little power.
This does not mean that bankers do not have a great deal of influence
upon business policy. Business men and bankers are increasingly consulting one another. The banker does not know the details of particular
businesses, but he knows the general situation in many businesses. Business
men find it well worth while to consult the well-informed banker regarding their plans. Banks, on the other hand, value the advice
of men in
many lines of business and seek to have on their boards of directors represenMtivea of many lines of business who aid in the formation of banking
policy. To the extent that the banker has knowledge and wisdom and prestige, he has great influence on business policy, but it is
influence which
he has and not power.

Edward M. Fuller and William F. McGee, Confessed
"Bucketeers," Begin Prison Sentences
After Four Years.
On June 6, approximately four years after sentences of
from fifteen months to four years in Sing Sing Prison were
Imposed upon them by Judge Charles Nott in the Court of
General Sessions, Edward M. Fuller and William F. McGee
(former partners in the brokerage firm of E.
M. Fuller &
Co. of this city, which failed in June 1922) were ordered
sent immediately to Sing Sing by Judge Nott to begin the
serving of their respective terms. Appeals for leniency and
for a few days' grace before the sentences were put into
execution made by the defendants' counsel, Carl E.
Whitney, were refused by the court, Previous to the imposition
of sentence, on June 13 1923, Fuller and McGee had confessed to the charge of "bucketing" their customers' orders,
their confession coming just es the defendant Fuller was
about to be tried for the fourth time. The three trials had
in each instance resulted in a disagreement of the jury. At
the time, however, Fuller and McGee pleaded guilty they
were being held indefinitely in contempt of the Federal
Court by Judge Goddard for failing to return to the Federal trustee in bankruptcy important documents belonging
to the estate of the failed brokerage firm. The sentence imposed by Judge Nott, therefore, was not to begin until the
partners were purged of contempt by Judge Goddard. On




[VOL. 124

July 17 1924 their release in $10,000 bail each was granted
by Judge Nott on the recommendation of District Attorney
Banton, who informed the court that he did so on the
request of United States District Attorney Hayward, who
had explained that he needed Fuller and McGee as Government witnesses in the (then) forthcoming trials of William
J. Fallon, the lawyer (since deceased); Charles A. Stoneham, head of the Giants Baseball Club, and Arnold Rothstein, the gambler, on indictments which grew out of the
Fuller bankruptcy investigation. And on July 19, two days
later, Judge Goddard purged the defendants of contempt of
court and released them from Governor's Island, where they
had been held for over a year.
In its report of the proceedings before Judge Nott on
June 6, the New York "Times" of June 7 said:
Refusing to grant the appeal of their counsel, Carl E. Whitney, first fo
a suspension of sentence and then for a period of grace before its execution
Judge Nott declared that there would be no more delays and that the pris
oners must begin at once to serve their terms of from fifteen months to fon
years. This sentence was imposed upon them on June 19 1923 following
the entry of their plea of guilty on June 13. Until yesterday the execution of the sentence was stayed pending the completion of proceedings in
which their testimony was wanted.
The two brokers, frankly worried, followed the final appeal for leniency
with the closest attention. As it became apparent that the court not
heed it, McGee put his elbows on the bar fronting the Judge and buried
his face in his hands.
Mr. Whitney presented letters to Judge Nott from United States Attorney William J. Millard and William M. Chadbourne, attorney for the
brokers' creditors, describing the services the defendants had given by
their confessions. "They have told the whole truth in respect to their
affairs," he said, "although it would have been easy to shade it and although the pressure against them from one source or another was tremendous. They have fully and completely repented and have done the utmost
for their creditors. They stand here now penniless."
In addition to making frequent appearances as witnesses at creditors'
examinations and in prosecutions connected with their own, Fuller and
McGee had been confined in Ludlow Street Jail and Governors Island for
fourteen months for contempt of the Federal Court in a proceeding arising out of their bankruptcy, he said. Ile pointed out that they had aided
the State in the trial of Charles E. Rendigs, a juror at one of their trials
who had sworn he did not know them. The conviction of Rendigs,
he said,
had brought about a reform in the method of picking juries.
District Attorney Banton said that the brokers had received generous
treatment, their aid to the Federal authorities having resulted in freedom
from Federal prosecution, and their aid to the State in the Rendigs case
having won immunity for them from prosecution for complicity in his
crime.
"The sentence imposed upon Fuller and McGee," Judge Nott replied,
"was extremely lenient considering the magnitude of their illegal brokerage
operations. Unless more cause for the contrary is shown, the execution of
it must be proceeded with.
"There were numerous indictments against them in the Federal Court
which were not pressed, and as Mr. Banton relates, they were given immunity here for their testimony. There being no recommendation from the
District Attorney to the contrary, I think it very clear that the stay of
sentence should be dissolved and the defendants remanded in jail. I have
given them every consideration. I am unwilling to grant more delays."

First National Bank of St. Paul Denied City's Deposits
—Attorney General Rules Against Bank
Since It Pays No State Taxes
on Its Shares.
The following St. Paul advices are from the "Wall
Street
Journal" of June 15:

The City of St. Paul can not deposit money legally
in the First National
Bank of St. Paul because that bank does not pay
state taxes on its shares,
the State Attorney General has held.
The First National Bank has refused since 1921,
to pay taxes on its shares
as assessed by the state law. Other national
banks in the state paid the
tax. Suit was brought by the State to enforce
payment but the United
States Supreme Court upheld the contention of
the First National Bank
-that the law was illigal.
New tax legislation, which banks and business interests
generally believed
to be harmful, was proposed at the 1927 session of the
state legislature. To
preclude passage of such legislation, 90%'of the:national
banks in that state
signed an agreement to continue to pay taxes under the
existing law for the
next two years. The First National Bank,
however, was not among those
who entered this agreement.
The legislature at the same time that it refrained
from enacting the
proposed new tax legislation, enacted a law which makes
it illegal for any
municipality, county or state department to deposit
funds in a national
bank which has not agreed to pay the taxes under
the existing law.
IN
The constitutionality of the law was not questioned but
the point was
raised that as the City of St. Paul is under a home rule
charter, its banking
affiliations could not be regulated in such manner by the legislature.
The
Attorney General held, however, that the law governs St.
Paul and other
municipalities in the State.

Cash Subscriptions to and Allotments of 3%% Treasury
Bonds—Offer to Exchange Second Liberty Loan
Bonds for New Treasury Issue —To Remain
Open Until June 30.
Total cash subscriptions of $617,604,800 were received to
the cash offering of $200,000,000 or thereabouts of
3% Vo
Treasury bonds of 1943-47, offered by the Treasury Department May 31. The total cash subscriptions allotted were
$249,598,300. The time for availing of the privilege, offered
at the same time, of exchanging Second Liberty Loan bonds
for the new Treasury issue was extended on June 14 by

THE CHRONICLE

JUNE 18 1927.]

3571

direct to the Government. The offer, which will
Secretary Mellon to June 30. The following announcement holdings
until June 22, is for the benefit of those who
open
remain
subscripcash
the
regarding the basis of the allotment of
to exchange their bonds for the new Treasury
desire
do not
tions was made by Secretary Mellon on June 10:
announced the offering
for
Secretary Mellon announced that the allotment of cash subscriptions
15 1927, maturing
the issue of 3%% Treasury bonds of 1943-47, dated June
on
made
been
has
1943,
15
June 15 1947, and callable on and after June
the following basis: All cash subscriptions in amounts not exceeding
$100,000 for any one subscriber were allotted 50% but not less than $50
on any one subscription; cash subscriptions in amounts over $100,000 but
on
not exeeedfng $1,000,000, were allotted 40%, but not less than $50,000
any one subscription.
And cash subscriptions in amounts over $1,000,000 were allotted 30%,
but not less than $400,000 on any one subscription. Cash subscriptions for
this issue of Treasury bonds were invited at 100% and accrued interest.
The amount of the cash offering was $200,000,000 or thereabouts and the
total cash subscriptions received aggregated $617,604,750.
Holders of Second Liberty Loan 4% bonds and Second Liberty Loan 414%
bonds may still exchange their bonds for the new 3%% Treasury bonds of
1943-47, at par, bond for bond. The Treasury announced that this privi.
legs of exchange will be available at least until June 15 1927 and possibly
may be extended beyond that date. Holders of Second Liberty bonds are
urged to consult their banker at the earliest opportunity, in order that they
may avail themselves of the exchange privilege.

According to the announcement made on June 13 by Secretary Mellon, the subscriptions and allotments were divided among the several Federal Reserve districts as follows:
District—
New York
Boston
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Received.
$118,591,050
68,536,500
92,349,850
54,557,900
22,053,800
39,361,000
72,014,050
13,539,600
9,178,700
8,009,100
23,858,100
95,555,650

Allotted.
$41,674,950
29,535,750
89,451,550
29,985,700
9,866,700
19,430,500
31,439,700
6,442,850
4,639,400
4,004,550
11,318,100
80,908,250

bonds of 1943-47. Secretary Mellon
as follows on June 15:

Holders of second Liberty Loan bonds, both second 4s and second 43(s.
who may not desire to exchange them for the new 334% Treasury bonds of
1943-47, are now given the opportunity, until the close of business on June
22, to sell their bonds direct to the government, with the understanding
that the lowest offers may be accepted, if satisfactory to the Secretary of
the Treasury. This procedure will save charges to the seller and to the
Treasury.
Accordingly, the Treasury invites all holders of second Liberty Loan
bonds to submit proposals for the sale of these bonds. From the lowest
proposals received the Treasury expects to purchase a limited amount of
such bonds, All proposals should be handled through a bank,trust company
or recognized dealer, who will deal with the Federal Reserve Banks, which
are the official agencies for the Treasury in these transactions. Full information with respect to the tender of bonds may be obtained from such banks,
trust companies or recognized dealers.
Proposals should reach a Federal Reserve hank before the close of business
on June 22 1927. In the event of a proposal being accepted bonds must be
delivered to a Federal Reserve hank on or before June 28, Payment, in
the case of coupon bonds, will be made on June 28 1927, and in the case
of registered bonds on June 28 1927, or as soon thereafter as registration
may be cleared.
Second Liberty Loan bonds have been called for redemption on Nov.
15 next.
The Treasury reserves the right to reject any or all proposals.

The following is the official circular of the Treasury
Department.

PURCHASE OF SECOND LIBERTY LOAN BONDS.
Treasury Department,
1927.
Office of the Secretary,
Department Circular No. 384.
Washington, June 15 1927.
Debt.
Public
To Holders of Second Liberty Loan Bonds and Others Concerned:
1. In pursuance to the authority contained in Section 2 of the Act
approved March 3 1881, public notice is hereby given that with a view to
the purchase of a limited amount of the bonds of the Second Liberty Loan
(Second 4s and Second 43(s) proposals for the sale of such bonds to the
Government will be received at the Federal Reserve Banks on and after
$617,604,800
$249,598,300 this date and until the close of business June 22 1927.
Total
2. Purchases of such bonds will be made at the lowest prices offered,
Details of the offering were given in these columns plus accrued interest from May 15 1927 to date of payment, provided such
of the Treasury and may be made
June 4, page 3295. An item regarding the subscriptions prices are acceptable to the Secretaryproposals
then in hand. The Secrefrom time to time on the basis of the
appeared in our issue of a week ago, page 3443.
to reject or to accept in whole or in
right
the
tary of the Treasury reserves
this respect shall be final.
The following is Secretary Mellon's announcement, on part any and all proposals, and his action inproposals
for sale, the delivery
All transactions in connection with the
June 14, that the period within which Second Liberty Loan of3.
bonds, and payment therefor, should be handled through banks.trust com3%%
the
issue
of
current
for
the owners of the
of
exchanged
agents
as
act
be
will
may
bonds
panies, or recognized dealers, which
companies and dealers will deal with Federal
Treasury bonds of 1943-47 has been extended fifteen days bonds. The banks, trust
Reserve Banks, which are the only official agencies of the United States
until the close of business June 30:
In these transactions.
exchange
for
that
subscriptions
announces
Treasury
The Secretary of the
4. Proposals must be in writing, and should reach a Federal Reserve
the issue of 334% Treasury bonds of 1943-47, for which Second Liberty Bank before the close of business on June 22 1927. (Appropriate form on
Loan 4% bonds and Second Liberty Loan Converted 4Yi % bonds are reverse side isee below].) Federal Reserve Banks will notify the presenting
exchangeable at par for each, will not close on June 15, as previously an- agency of the acceptance or rejection of proposals.
nounced, but will remain open until the close of business on June 30.
6. Upon notification of the acceptance of any proposal the agency which
Cash subscriptions at 10034 to this issue amounted to over $617,000.000 forwarded such proposals will thereupon transmit the Second Liberty Loan
though only $200,000,000 were Invited. Approximately $250,000,000 were bonds described in the proposals at the seller's own expense and rink to
allotted on the basis of reports received to date from Federal Reserve Banks. the Federal Reserve Bank. All bonds to be surrendered for purchase
after receipt
Exchange subscriptions to date aggregate approximately $170,000,000.
should reach the Federal Reserve Bank as soon as possible
Exchange subscriptions have come in steadily at the rate of about $12,- of such notification but, in any event, not later than the close of business
000,000 a day, and with few exceptions have been received in comparatively on June 28 1927. For all bonds delivered in accordance with accepted
small lots. There has been a marked absence of large blocks such as were proposals, payment will be made, in the case of coupon bonds, on June 28
offered for exchange for notes in March last. This confirms the opinion 1927, and, in the case of registered bonds, on June 28 1927, or as soon
of the Treasury Department that outstanding Second Liberty Loan bonds are thereafter as registration may be cleared. Payment may also be made in
still widely scattered in the hands of individual investors, many of them advance of June 28 1927 by mutual agreement.
presented hereunder should
original subscribers, and many not familiar with investment securities
6. Coupon bonds of the Second Liberty Loan
nor in contact with such matters. In March, of approximately $1,360,- have attached coupons bearing date Nov. 15 1927 and all subsequent dates.
000.000 bonds offered in exchange, no less than $1,021,000,000 were of Registered bonds presented hereunder must be duly assigned to "The Sec$10.000 denomination and over. Approximately 8751,000,000 exchange retary of the Treasury for Purchase," in accordance with the general
subscriptions for the March offering were received through the New York regulations of the Treasury Department governing assignments. Bonds
Federal Reserve Bank. It seems probable, therefore, that the banks, registered in the names of minors or incompetents will not be accepted
Insurance companies and other large holders of Government securities, unless accompanied by a certificate of court of competent jurisdiction
rather than the individual investor, were those to whom the March offering showing that the person assigning such bonds has authority so to assign.
appealed, and that most of the large holdings were exchanged at that tine. Bonds registered in the names of two or more persons must be assigned
The process of reaching thousands of individual investors is necessarily
by all of the co-owners.
right to reject in whole or
a slow one. The bonds were originally sold in many cases by a house
7. The Secretary of the Treasury reserves the
to house canvass. To-day the sole means of contact and communication In part any and all bonds tendered and his action in this respect shall be
is
are the banks, public press and radio. It probable that many holders of final.
from
Seconds even to-day do not know that their bonds have been called and
8. Any further information which may be desired may be obtained
will cease to bear interest on November 15. next, and that many more have
Federal Reserve Bank.
no knowledge of the fact that their bonds are exchangeable for new 20-year any
A. W. MELLON,Secretary of the Treasury.
United States Government bonds.
Note.—Second Liberty Loan bonds have been called for redemption on
right
The Treasury Department desires that they should know of this exchange
Nov. 15 1927, on which date they will cease to bear Interest. The
offering. A long time bond was offered with the needs of the individual
may
to tender such bonds for sale in accordance with the above circular
investor particularly in mind. The Secretary believes that from the public
bonds.
such
of
exercised in the discretion of the owners
be
therefore
standpoint it is desirable that United States Government securitiesshould be
The following is the form on which proposals are to be
widely held, as were the original Liberty Loan issues, rather than concentrated in the hands of a comparatively few large banking, insurance, submitted:
and industrial companies. This concentration almost inevitably takes
Treasury Department.
place when current Treasury financing and refunding operations are effected
Division of Loans and Currency.
by means of short-term certificates and notes
Form P. D. 1216.
It seem] proper to point out to them that with the Second Liberty Loan
TO
FOR SALE OF SECOND LIBERTY LOAN BONDS
bonds called for redemption in November,the early maturity of the Thirds, PROPOSAL
THE UNITED STATES.
with
debt retirement
the fact that Fourths are callable in six years, and
company,
trust
bank,
a
Important—Proposals should be made through
proceeding at the present rate,long term United States bonds will no longer
Bonds
recognized dealer and delivered to a Federal Reserve Bank.
be available in such volume as we have been accustomed to since the war. or
proposal.
the Federal Reserve Bank with this
Many thousands of holders of Second Liberty Loan bonds have already should not be surrendered to
availed themselves of the exchange offering. It is for the benefit of those To the Secretary of the Treasury.
(through) Federal Reserve Bank of New York.
who have not beard of it, or who have failed to act promptly, that the
Department Circular
In accordance with the provisions of Treasury to sell to the United
subscriptions will remain open for another fifteen days.
agrees
No. 384, dated June 16 1927, the undersigned
Second Liberty Loan
of
face amount
States, $
plus accrued
per cent Bonds at
(See footnote 1.)
Treasury Department's offer to Purchase Second (4 or 43(s see footnote 3.)
Interest from May 15 1927 to the date of payment.
Liberty Loan Bonds Direct from Holders.
acceptance of this proposal.
And further agrees upon receipt of notice of
to
extended
has
Department
of
holders
Treasury
The
in whole or in part, sent to
(See footnote 2.)
an opportunity to sell

Second Liberty Loan Bonds




their

3572

THE CHRONICLE

to deliver on or before June 28 1927, to the above-stated Federal Reserve
Bank, the designated amount of bonds, payment to be made to the undersigned care of the bank,trust company,or recognized dealer named above.
(Signature)
(Address in full)
(Date)
•
(1) State sale price on basis of $100 face amount exclusive of accrued interest'
I. e., 100, 100 8-32,
Note—Fractions should be Quoted in thirty-seconds or
decimals.
(2) Name of bank, trust company, or recognized dealer through which this proposal is made.
(3) Important: Either Second Liberty Loan 4% bonds or Second Liberty Loan
converted 43d % bonds may be offered. State whether 45 or 43.15 are offered.

Folk 124.

the President observed that "the loss of life and property is
appalling," and added: "All that possibly can be done to
alleviate distress and suffering is being done. As it develops that additional funds are required for this purpose, I am
confident they will be provided. Control measures that
were considered by all as ample to full protection have
proven inadequate. Such a disaster must never happen
again. A survey is now being made to determine what is
needed. That survey will be laid before Congress." The
address in full follows:

Members of the Government's Business Organization:
Treasury Department's June 15 Turnover.
We
been writing a new page in the history of Governments these
Regarding the June 15 Treasury operations the New York last sixhave
years. No less urgent than had been the call to arms was the call
"Times" of that date said:
for relief from the gigantic burden which the World War imposed upon the

people. They had made their sacrifices to enable the Federal Government
to meet the great emergency. It was for that Government to take the lead
in the effort to restore their financial and economic structure. This task
It willingly assumed. The plan to accomplish it, the budget system, was
prepared by the Congress. That act gave the Chief Executive the opportunity of assuming his full responsibility as the head of the business
organization of the Government. It pledged the support of the Congress to
budget principles of operation. That pledge has been faithfully kept.
It is only necessary to point to our prosperity to show the influence
which better business in Government has had on the welfare of the people.
The progress achieved by this co-ordinated effort of the executive and
legislative branches of this Government is beyond all expectation. If we
hold the ground we have gained, and we must hold it, success will be
complete. This will be just as difficult as the task of reaching our present
milestone. Elimination of non-essentials and direct savings have about
reached their limit. To hold our position will therefore require even more
care and attention. It will be a perpetual challenge to the ability and
resourcefulness of those in charge of the public expenditures.
It is essential that we take periodic counsel together. For this purpose
we gather in open meeting twice each year. These meetings were a new
departure in the conduct of the business of nations. We have found them
necessary to co-ordinated action. Here we meet on a common footing,
with one objective—the welfare of the people. These meetings are therefore of national importance. It is here we report to the people on our
stewardship and plan our policies for future operations. A business without a policy is a poor business.
Rapid Rehabilitation of Government's Physical Plant.
We are conducting the greatest business in the world, and it is'necessary
Semi-Annual Meeting of Business Organization of
that we have defined policies of operation. The achievements of these last
Government—President Coolidge on Budget—
years can be attributed to the fact that we have adopted such policies. We
Further Tax Reduction Possible Only If
have reconstructed our finances. We are rapidly rehabilitating our physical plant. All of this has been accomplished not alone because we have
Expenditures Are Held at Present Level.
been more favored than other Governments in the matter of income, but
That all hope of further tax reduction will be gone "un- by sound scientific business management—by
the practice of economy.
This
has made possible the material reductions in our tax rates. It has
less we succeed In holding expenditures at their present
enabled us to pay as we go and at the same time vastly reduce our public
level" was the warning given by President Coolidge in ad- debt and
interest charges.
dressing on June 10 the thirteenth semi-annual business
Practice of Economy.
meeting of the Government. "We have no fear," said the
I do not hesitate to say that one of the greatest safeguards of this naPresident, "our present revenue laws will not produce am- tion, financially, socially and morally, lies in constructive economy in
ple income to carry on the business of the Government. But government. It will do much to defeat attempts to undermine our traditions and disrupt our institutions. Economy does not mean the neglect of
this does not justify an enlargement of our expenditure essentials. Rather does it mean adequate provision
for them by the elimiprogram. Rather does it dictate and demand that we make nation of all waste. It gives the added protection which comes from the
means
to
meet
a
time
of
emergency.
renewed effort to keep within our present expenditures."
The Federal Government has set an
not alone to the other
In stating that for the current fiscal year "we are prac- Governments in this country but to otherexample
nations in the practice of economy.
Extravagance may bring momentary pleasure and apparent benefit,
tically assured of a surplus of about $599,000,000, President
but it creates a condition which is bound to affect the future
adversely. In
Coolidge added that for 1928 "the forecast is that it will our operations
we are building for more than the present. The foundaleave us with a substantial surplus estimated at around tion is being well laid with a support of the people
in which we find en$338,000,000." He referred to this year's surplus as of couragement to continue our efforts in their behalf.
Surplus for Fiscal Years 1927 and 1928.
doubtful value as a guide to the future, inasmuch as it inAt these meetings we have for consideration our
cludes a numb,* r of extraordinary receipts that cannot be
operations for three
fiscal years.
is the current year, fast drawing to a close. With
counted on for 'more than a limited period." "We are sure less than threeFirst
weeks remaining, we are practically assured of a surplus
of a surplus of $599,000,000 for this year," said the Presi- of about $599,000,000. Our expenditures will be
less than last year. We
dent, "but the $338,000,000 for next year, 1928, is necessarily have not only held our position, but have made an advance. There is
cause for enormous satisfaction. I realize the tremendous contribution
you
an estimate." He pointed out that "no less than $133,000,- of the Federal
service have made toward bringing about such a successful
000 of our expected receipts for next year will be derived result. This meeting is the sixth milestone, marking
increasing progress.
from the sale of capital assets." Noting that "this resource Our main consideration to-night, however, is next year's business and
planning for the year to follow—the fiscal year 1929.
Is well-nigh exhausted," he added that "the proceeds thereof,
We are about to start a new year, for which you have
your appropriabecause of their non-recurring character, can more appro- tions. They represent the people's money collected
by the Congress to
priately be devoted to debt rather than tax reduction." The run the Government. It is your duty to see that these moneys are wisely
spent. Those responsible for any waste of these
moneys, those who by
President declared it to be essential "to discount temporary lax administration
fail to conserve them, are failing
their duty. We
and non-recurring items and to base the estimated revenue are not operatnig for profit in the commercial sense ofin the
word, but we
are
operating
for
the
profit
of
the
people.
The success of our operations is
on those resources which can be looked upon as essentially
measured by the contentment, the prosperity, the enlarged
opportunity of
permanent in character." In addition to planning for the the people. Because of this
our responsibilities assume a higher and more
holding down of next year's expenditures, the President told sacred character.
the heads of the Government that another task now facing areIn carrying on the business for which you have your appropriations you
not directly
with Federal income. Your operations, howthem "is the preparation of your estimates for the fiscal ever, have a directconcerned
influence on the subject of income. To the extent that
you
conserve your appropriations and wisely plan your operations
year 1929." "After a careful study of our probable finanwe shall
require less money from the people. This is no time
to advocate expansion
cial condition in 1929," he went on to say, "It is my desire in
expenditures. The normal growth of the nation will require additional
that the estimates of appropriations for that year be held outlays, and our efforts should and must be to
absorb these by more ecowithin a total of $3,300,000,000. This is exclusive of reduc- nomical administration.
This
scientific business management, and it has been demonstrated
tion of the debt, the postal service and tax refunds. This that themeans
budget system makes this kind of management possible. To permaximum has not been fixed arbitrarily. It is the result fect our business organization and have it yield
more and better service for
of careful study of probable financial conditions in 1929. each dollar spent must be our aim. The object back of all this is to take
a minimum of the people's money consistent
with
giving the service to
Fixed charges have been balanced against the best possible which they are entitled.
We have already made stupendous progress in
estimate of receipts. In establishing this maximum for esti- this direction.
The indications to-day are that our income for
mates for 1929 I expect the Budget Director to limit the
1928 will be more than
sufficient to cover
estimated expenditures. The forecast is that It
calls of the various departments within that amount. His will leave us with a our
substantial surplus estimated at around $338,000,000,
task will be simplified by the full co-operation which he as against about $599,000,000 anticipated for this year.
The fact that this surplus is about $599,000,000 is in excess of the
will have from you." Speaking of the Mississippi floods, amount
estimated In the budget transmitted to the Congress Dec. 6 1926
A turnover of funds estimated as high as $2.500,000,000, and breaking
all records, will take place to-day, the quarterly settlement day of the
United States Treasury Department. The huge transactions will include
the collection of income tax payments calculated at about $500,000.000, the payment of war-debt interest by foreign Governments, the retirement of maturing United States Government securities, the sale of $249.598.300 of new Treasury bonds, the payment of Interest on Liberty and
Treasury bonds, all of which will be in addition to the distribution of dividends and interest by corporations.
Five items in the Treasury's operations will amount to more than 31,250,000,000. Maturing short-term securities to be paid off amount to $378.000,000; interest amounting to about $70,000,000 will be paid on First
Liberty 3%% bonds,converted 4s, converted 4 Xs and Treasury 4s. Allotments of $249,598,300 have been made of the new 33 % bonds out of subscriptions which totaled more than twice that amount. Half a billion
dollars of taxes will be paid and about 580.000,000 will be received from
foreign Governments,the largestindividual payment being by Great Britain,
on whose debt an instalment of $67.000,000 is due to-day. Italy, Belgium,
Poland and several other countries also will pay debt instalments. These
transfers may be in the form either of cash or United States Government
securities.
In addition to these transactions the Government will receive Second
Liberty 43d % bonds in exchange for new 33d % bonds. The amount of
outstanding and available for the exchange at the time
Second Liberty 4
of the announcement of the offer recently was about $1,700,000,000. It
Is not known what proportion is being converted into the new issue.




JUNE 18 1927.]

THE CHRONICLE

3573

I am determined there shall be an end to procedures of this sort. Good
might well, in the absence of explanation, lead to the belief that our revewill plan their operating campaigns to conform with the
nues have greatly exceeded our expectations. Such is not the case. The administrators
the Federal
estimated aggregate receipts on account of customs and internal revenue appropriations made by the Congress. There is no place in
than good administrators.
as set forth in that budget were $3,426,485,000. The latest estimates in- service for other
dicate that these receipts will be $3,422,000,000, an increase of but $15,Mississippi Floods and Control Measures.
515,000.
The vast, fertile and productive reaches bordering the Mississippi and its
In other words, in estimating revenues from a large variety of sources,
been subjected to great disaster. The loss of life and
amounting to almost three and one-half billion dollars, the Treasury, based tributaries have
is appalling. All that possibly can be done to alleviate distress
on present estimates, erred by less than Ma of 1%. The reasons for the property
done. As it develops that additional funds are rebeing
suffering
is
gratifying size of the surplus must be sought elsewhere. On the side of and
this purpose, I am confident they will be provided. Control
receipts there is a moderate increase in credits from the sale of capital quired for
that were considered by all as ample to full protection have
assets, such as railroad securities. On the other side of the ledger ordi- measures
proven inadequate. Such a disaster must never happen again. A survey
nary expenditures will be approximately $100,000,000 less than expected.
made to determine what is needed. That survey will be laid
being
This includes about $20,000,000 postponed to next year because of the is now
Congress. From a business standpoint we must anticipate from
failure of the second deficiency bill. The tax refunds will fall $25,000,000 before the
reduction in our prospective revenue and an increase in our
short of the estimate, due to a change in the revenue law. Then, again, this disaster a
expenditures. I am confident this will be an added incentive
the fact that the French debt settlement has not been ratified has necessi- prospective
elsewhere.
tated a revision of the amount chargeable under the head of debt retire- to effect savings
Before turning this meeting over to General Lord, I want you to know
ment.
I appreciate what you have done. I am sure the people also realize and
This Year's Surplus Not Guide to Future.
value your efforts. They are giving closer and closer attention to the
It
doubtful
value.
As a guide to the future, this year's surplus is of
operations of their Federal Government. Their interest is essential to its
on
for
counted
extraordinary
receipts
that
cannot
be
of
number
perpetuation. They know what has been done and what is being done in
Includes a
more than a limited period. Back income taxes and the capital stock tax their behalf. There must be no relaxation of effort. Wiser from the leswill yield $287,000,000. Deducting from this $125,000,000 of internal sons of the year just closing, we should the more intelligently attack the
revenue refunds leaves a net income of $162,000,000 from a source which problems facing us the coming year and more scientifically appraise our
will rapidly grow smaller. Collections from farm loan bonds and other needs for the year following. To do more work and better work with a
miscellaneous securities will make a non-recurring item of $63,000,000. smaller outlay of the taxpayers' money is the supreme test of successful
Railroad receipts which cannot be looked to for any substantial amount administration.
I now turn this business meeting over to the Director of the Bureau of
after 1929 will account for $90,000,000. These items alone aggregate
$315,000,000 of our 1927 surplus.
the Budget. If fidelity and ability, untiring industry and consistent purthis
year,
but
the
$338,000,for
surplus
of
$599,000,00
sure
of
a
pose ever entitled any man to the considerate appreciation of his fellow
We are
000 for next year, 1928, is necessarily an estimate. But here it is impor- countrymen, such appreciation is due to General Lord.
Because of his effective leadership, supported alike by the Congress and
tant to point out that no less than $133,000,000 of our expected receipts
for next year will be derived from the sale of capital assets. This re- the administrative forces of the different departments, the burdens of the
thereof,
because
of
exhausted.
The
proceeds
their
nonsource is well-nigh
people of this nation are markedly less, their prosperity is infinitely
recurring character, can more appropriately be devoted to debt rather than greater, their whole life is richer and more abundant. He not only preaches
tax reduction. Moreover, in 1928 back tax collections will continue to the word, but he lives by the word. It is a pleasure to listen to him and
exceed refunds, adding to that year a revenue which we cannot safely count an honor to serve with him. General Lord.
upon for future years.
In considering the possibility of tax reduction, we must keep in mind
that our revenue laws cannot be written from the standpoint of a single
Director of Budget Brigadier-General Lord on
year, but must be expected to yield adequate revenue over a period of
Reduction of Public Debt Through
years. It is essential, therefore, to discount temporary and non-recurring
Economies of Government.
items and to base the estimated revenue on those resources which can be 3TRI
looked upon as essentially permanent in character.
"Convincing and unanswerable proof of the steady adHope of Tax Reduction Dependent on Holding Down of Expenditures.
vance we are making along the highway of efficient operaWe have no fear our present revenue laws will not produce ample income
to carry on the business of the Government. But this does not justify an tion, wise administration and watchful conservation of the
enlargement of our expenditure program. Rather does it dictate and de- Government's resources is found in the progressive and
mand that we make renewed effort to keep within our present expenditures. striking reduction of the public debt," said Brigadier-GenOne thing is certain. Unless we succeed in holding expenditures at about
eral H. M. Lord, Director of the Budget, in his remarks at
their present level, hope of further tax reduction will be gone.
In the face of each of the three reductions in takes since the fiscal year the semi-annual meeting on June 10 of the Business Organiaccumulate
surpluses
at the end of each year.
1921 we have continued to
zation of the Government. "Our national debt," said GenWe should not overlook, however, the great influence these surpluses have
had in making tax reduction possible. Their application to the further re- eral Lord, "touched the clouds Aug. 31 1919, when it reached
duction of the public debt has permanently .reduced our interest charges. up to what to you should be familiar figures—$26,596,701,It has been an investment for the people of their own money.
648.01 Dec. 31 last, you will remember, it had trained down
In the business of Government, as in private business, the time to liquidate indebtedness is in the time of prosperity. The reduction of fixed to $19,074,665,337.35—a decrease in seven years of $7,522,charges serves a two-fold purpose. It materially. assists in maintaining 036,310.66. June 30 next it will be down to about $18,600,prosperity and would be particularly helpful in adversity.
000,000, a reduction of $8,000,000,000 approximately In a
There could be no more striking illustration of the benefit accruing from
this policy than is furnished by a comparison of the interest charges of the little less than eight years—an achievement too wonderful
years 1927 and 1928. Due to debt reduction and the refunding operations for words." According to General Lord, "the coming year
conducted by the Treasury, interest payments next year will be $63,000,000
less than for the current year. This is a most remarkable showing. It is promises another real and worth-while fight." "The operata permanent annual saving. The mere recital of the figures brings out more ing agencies think to-day," he said, "they will spend next
clearly than any words the great burden of interest charges. From April 6 year $3,020,000,000, which is $45,000,000 in excess of our
1917 to June 30 1927 the Government will have paid the stupendous sum
expected expenditure this year, and that is $45,000,000 too
of $8,318,571,388 in interest alone.
Preparation of Estimates for 1929.
Another task now facing you is the preparation of your estimates for
the fiscal year 1929. We are striving as always to pave the way for further reduction of debt and of taxes. This in itself necessitates unremitting
effort to hold the level of our expenditure program. After a careful study
of our probable financial condition in 1929, it is my desire that the estimates of appropriations for that year be held within a total of $3,300,000,000. This is exclusive of reduction of the debt, the postal service and
tax refunds.
This maximum has not been fixed arbitrarily. It is the result of careful study of probable financial conditions in 1929. Fixed charges have
been balanced against the best possible estimate of receipts. In establishing this maximum for estimates for 1929 I expect the Budget Director to
limit the calls of the various departments within that amount. His task
will be simplified by the full co-operation which he will have from you.
If you view it absolutely necessary to ask for more funds for certain
activities for 1929 than you have for the current year, every effort should
be made to effect a corresponding saving in your other activities. I am
sure your estimates for 1929 will indicate your continued loyal support of
the well-established and definitely understood policies we have been following. We have learned that constructive economy has not impaired efficient administration, but rather, has improved it. We have placed our
house in order and have pledged ourselves to keep it in order. Each year
has shown a marked improvement in the conduct of our business. I know
that your estimates for 1929 will show a continuation of this improvement.
In connection with your plans for 1928, I reiterate the principle established during these budget years, that the amount made available by the
Congress constitutes the maximum of expenditure and not the minimum.
You must divest your minds of thought of possible accessions to the amounts
given and administer your activities with the purpose of effecting every
proper saving. You must consider the grant of budgetary funds made by
the Congress as final for the year for the purposes appropriated.
Except to meet the requirements of new legislation the submission for
Executive consideration of estimates for additional funds should be restricted to cases of absolute urgency arising from conditions which could
not have been anticipated in the annual budget. In recent years actual
deficits have been few, and in most cases unpreventable. There have been
cases, however, where administrators have so obligated their funds in the
fitst months of a year that unless Congress afforded relief necessary
activities would have been stopped.




much. We must put the inspected and condemned mark on
that $45,000,000. This will mean a reduction in your estimates of approximately 131%. . . . It can be done. It
should be done. With your loyal co-operation it will be
done." General Lord's address was as follows:
Mr. President and Members of the Business Organization of the Government:
In preparing the first budgets we were obsessed by fear of a deficit.
The year 1921 yielded a surplus of only $86,723,771.61, while the outcome
for 1922, a year of tax reduction, could not be forecast with any degree
of accuracy. So you were urged to reduce your estimates, to cut down
your expenditures and to make sacrifices all along the line in the interest
of a balanced budget, to prevent the possibility of that repugnant and distasteful thing, a national deficit.
To that appeal you made loyal response. When, however, the year 1922
ended with a surplus of $313,801,651.10, and when 1923 surprised us with
a surplus of $309,657,460.30, the appeal for sacrifices in order to balance
the budget last about 101% of its force and effectiveness. It must have
seemed to people in the service that we had been crying "Wolf I wolf I"
when there was no wolf, not even a rabbit. The appeal, however, was made
in good faith.
Extraordinary transactions, in unusual and unheard-of amounts, so confused the situation, that no estimate was safe, and no one could guarantee
a balanced budget. It was evident, however, that a new kind of appeal was
necessary. We were still spending too much money. The fight for reduced outlay must go on.
Inauguration of Three-Billion-Dollar Campaign to Effect Progressive
National Retrenchment.
Careful study of Federal activities pointed to an objective—difficult
but not impossible of attainment—to bring annual Federal expenditure,
exclusive of debt reduction and postal expenses, down to or below $3,000,000,000. It 'meant a desperate fight, but not a hopeless one. In June
1923 we inaugurated the three-billion-dollar campaign in the interest of
progressive national retrenchment. In 1923 the expenditure figures to.
taled $3,294,027,529.16—$294,000,000 above our self-imposed limit.
We are out to get that $294,000,000 and at the same time be prepared
to meet and absorb additional burdens of millions and hundreds of millions
resulting from new legislation and from other causes outside of adminis.
trative Control.

3574

THE CHRONICLE

[VoL. 124.

Beginning with 1920 there had been reductions in expenditure, many "noes" have it and the Two Per
Cent Personnel Club will continue its
of them in large amounts, made possible in large measure by discontinu- splendid work through the next
Meal year for a twofold purpose—to effect
ance of war activities. When this new campaign began, Federal business needed savings and to afford
our ambitious administrators opportunity for
had settled down to a degree that rendered further material reduction a real constructive
administration.
matter of careful scrutiny, calling for a very high standard of adminisThose who won in 1927, will, of course, pridefully strive to repeat their
tration and real sacrifice and courage.
successes the coming year. Those who for various reasons failed to make
At the end of 1924—first year of the new campaign—we found an ex- the grade will have
another chance, which I assume they demand, to rependiture of $3,048,677,965.34, a reduction of $245,949,563.82 below the deem themselves
in the year to come.
preceding year. This saving was reflected in what was at that time a
Another helpful factor this year, and by no means a negligible one,
record-breaking surplus of $505,366,986.31. This 1924 expenditure was has been the prompt
settlement of our bills for supplies, with resulting
$2,067,249,723.96 lest than we took from the Treasury in 1921. The year discount savings.
When we last discussed this subject a number of the
1921 is used for comparison because it was the last year free from budget Federal agencies had
failed to join the prompt settlement and discount
control and was a year marked by two different political administrations.
procession. To-day nearly all the Federal establishments have enlisted.
In 1925 we had an apparent setback, expenditures running up to $3,063,- There is a very gratifying effort
throughout the service to pay bills
105,332.26—an increase of $14,427,366.92 over 1924. In spite of that, promptly and win discounts.
we provided a surplus of $250,505,238.33, and that following another reThe first ten months of this year yielded discount earnings Of $870,duction in tax rates, which wasn't so bad. And 1926 was another year of 837.10. At this rate the discounts for the
year will exceed $1,000,000,
grievous disappointment, rewarding our desperate efforts at retrenchment which is approximately 1% of
the amount spent in making direct purwith an expenditure of $3,097,611,822.81, or $48,933,857.47 over and above chases of supplies. Actual
discount savings of record from the beginning
what we spent in 1924—at that time our low-water mark of expenditure.
of our discount drive up to and including April of this year total $4,293,Were we discouraged? Were we disposed to abandon the fight and ac- 473.99.
knowledge humiliating defeat?
This is a direct and substantial saving, but of greater value to the GovAt that time, and whenever since I have recalled the disheartening ernment is the direct benefit not determinable
in dollars and cents resultresults of those two hard-fought years, there has flashed through my mind ing from prompt payment of our bills. We are wiping
out the reputathe story of a famous fight between a Scotchman and an Irishman. They tion for slow payment honestly earned through the years.
were to fight until one of the two indicated he had had enough by saying
Convincing and unanswerable proof of the steady advance we are making
"Sufficent!" Right royally they fought—backward and forward—up and along the highway of efficient operation, wise administration and watchdown—in and out—blow upon blow—fist-work and foot-work—for 6 min- ful conservation of the Government's resources is found in the progressive
utes, 10 minutes, 15 minutes, 20 minutes, 25 minutes, and then the Scotch- and striking reduction of the public debt.
man faintly, but distinctly gasped, "Sufficient!" Said the Irishman,
National Debt Aug. 1 1919.
"I have been thrying for the lasht tin minutes to think of that blamed
Our national debt touched the clouds Aug. 31 1919, when it reached up
word."
In our $3,000,000,000 contest we had fought gloriously, groggy at times, to what to you should be familiar figures—$26,596,701,648.01. Dec. 31
and at times perplexed, worried and wearied, but we never could think last you, will remember, it had trained down to $19,074,665,337.35—a deof the word "sufficient,' so we carried on the fight into 1927—the cur- crease in seven years of $7,522,036,310.66. June 30 next it will be down
to about $18,600,000,000, a reduction of $8,000,000,000 approximately in
rent year.
In 1925 and 1926 we spent more than was expended in 1924. It is absurd, a little less than eight years—an achievement too wonderful for words.
The coming year promises another real and worth-while fight, in which
however, to point to these increases in annual expenditures as indicating
the word "sufficient" will play no part. The operating agencies think
that claims for economies in the Federal service are not justified.
to-day
they will spend next year $3,020,000,000, which is $45,000,000 in
I seem in my illustrations to be drawn inevitably to the period of my
rather uneventful youth. One day a party of boys, including the speaker, excess of our expected expenditure this year, and that is $45,000,000 too
embarked in a small boat on a fishing trip off the coast of Maine. A much.
We must put the inspected and condemned mark on that $45,000,000.
heavy wind stirred up such a rough and choppy sea that the speaker, the
youngest of the crowd, was ordered to bail out the boat while the rest of This will mean a reduction in your estimates of approximately 11
/
2%. We
need
something to fight for, and that is just about big enough to furnish
the crew desperately bent to the oars trying to make harbor, before the
a reasonable amount of exercise for the brilliant administrative talent that
wind, which was increasing to a gale, reached its height.
With a battered tin the baling was prosecuted feverishly and diligently. so richly abounds in the Federal service. It can be done. It should be
It was impossible to keep the boat entirely clear of water, as each oncom- done. With your loyal co-operation it will be done. Done.
In addition to the Two Per Cent Personnel Club, which should help our
ing wave deposited a fresh installment inside the gunwales of the craft,
while several threatening leaks added to the difficulty and danger. The 1928 campaign to the extent of at least $18,000,000—for what we have
boys struggling at the oars, with their feet in the water, accused the almost done once we can surely do again—we have in the general reserve an old
exhausted baler of slacking on the job. He indignantly denied the accu- and valued friend which came to our assistance in the first year of the
budget. It is simple, scientific and successful. Administrators put aside
sation and showed conclusively that had he not kept busy with his baling
the boat would have filled and sunk. He was so exasperated at their lack at the beginning of the year a certain percentage of appropriated funds
of appreciation of his strenuous and successful efforts he almost wished to meet contingencies that cannot be foreseen. This wise policy has justified itself repeatedly, when in the hour of trouble, and with no helpful
It had filled and sunk.
Waves of new expenditure as a result of new legislation and continued Congress available, emergencies have been met and great inconvenience and
loss
averted.
legitimate growth and development of Federal business have swept over
The primary purpose of the general reserve is to provide funds for such
the economy boat and threatened to sink it, but steady, constant throwing
over of waste and continual stopping of leaks have kept it afloat notwith- emergencies, while saving is a secondary consideration. If the emergency
standing accumulating expenditures at times have gained slightly. And does not arise the money will be saved. This secondary consideration,
however, yielded a saving of $291,411,533.98 in the five years ending with
we are still baling and plugging leaks.
In 1925 additional new financial burdens were thrown on the executive June 30 1926. The balance in the reserve for the current year is $52,departments totaling $120,000,000, which we absorbed, someway, somehow, 318,135.67, of which we will save the larger part.
The general reserve savings for the six years ending June 30 next will
with the exception of something less than $15,000,000. Additional demands for 1926 as against 1924 made the alarming total of $224,000,000 be in excess of $320,000,000. Executives who fail to set up proper reserves
and then in time of trouble submit estimates for additional funds
and tested our economy machinery to the breaking point, almost. We abto meet alleged emergencies are liable to face the story of Rufus and
sorbed all but $49,000,000 of that great amount.
In the face of these facts, readily ascertainable, it is difficult to account Narcissa.
"Rufust, whut does I git on my birfday?"
for statements that we are effecting no economies, Such statements are
"Shet yo' eyes, honey."
made, and presumably made in all sincerity. The man whose attentiot
"Dey's
shet.
was called to an enormous stuffed tarpon in a glass case was doubtless sin
"Whut does yo' see, honey?"
core when he said: "The man who caught that fish is a prevaricator."
"I sees nothin.'"
Surplus Estimated for Current Year. '
"Dat's whut youse gwine to git."
The last estimate for the current year—made within a few days—
We have 546,000 people on the Government's active payroll. I wonder
promises a surplus of $598,974,254, to which you have made generous conhow
many of these, or how many of you gathered here, can look back on
tribution with an expenditture brought down Lind held down to 22,975,235,050, which is $73,000,000 leas than we spent in 1924 and $25,000,000 the year just closing and point to a definite economy, a concrete saving,
less than our $3,000,000,000 limit. This has been effected not only by cur- a constructive thing performed during that period in the Government's
tailment of expenditures, but by stubbornly holding the line and preventing interest, in addition to or outside the regular routine service which we
increases. And this year we have had to provide additional millions for new may assume has been rendered.
A speaker was lecturing on forestry. "I don't suppose," said he, "that
needs arising from conditions sot susceptible of administrative control.
After these years of struggle, after these weary months of sacrifice and a single person here has ever done anything to conserve our valuable timstriving, after weeks of deferred hope and doleful days of defeated aspira- ber." A moment of silence, and then a meek-looking little man in the rear
tions, we have the coveted goal within reach, we have the prize fairly won. of the hall arose and said: "I once shot a woodpecker." We need a
And copying the declaration of the young man whose pride of accom- woodpecker club in the interest of a 100% commitment of the people in
plishment was not fettered by rules of grammar, we can proudly blazon in the service to a crusade for small savings—a sort of shrapnel attack on
glowing words on the flaunting folds of our triumphant banner the in- that $45,000,000 for which we will be gunning next year.
The Budget Director herewith challenges the people in Federal employ
spiring legend, "We seen our duty and done it."
I can conceive no possible contingency that can rob us of our $3,000,000,- to solemnly pledge themselves to make some definite saving in the fiscal
year
1928. It may be conservation of Government time, it may be more
000 victory this year, but we have been so often repulsed, so frequently
disappointed of our expected and well-earned triumph that at this time economical use of Federal supplies, it may be actual saving in money. It
we will content ourselves with just a feeble cheer, reserving the rockets, may be big, it may be little, but, big or little, it will be voluntary and
red fire and Roman candles to the day when we can look back and say: will constitute a free-will offering to our economy and efficiency campaign.
"There it isl Look at it! They said we couldn't do it. We have done it."
Loyal Order of IVoodpeckers.
The failure of the second deficiency bill of lamented memory aided us
In the interest of those who may have no opportunity to do big things
than
$20,000,000. We would have won had that bill but who, like the man who killed the woodpecker, are
to the extent of less
desirous of making
become law.
some sort of a showing, of making some sort of a contribution to the cause,
An important factor in this promised victory is the Two Per Cent the Loyal Order of Woodpeckers is herewith inaugurated. It
will embrace
Personnel Club, which contributes a saving in excess of $18,000,000 to the in its membership all those who definitely determine to
do something more
iOnspiring result. With an average annual turnover of about 9% of the than perfunctorily to perform their usual and routine
duties.
personnel in the Federal Executive civil service, you were asked to make
An average annual saving of $1 on the part of the 546,000 active Federal
a saving of not less than 2% by letting 2% or more of these vacancies employees will mean more than a half million
dollars saved. Those who
remain unfilled.
enlist in this worthy cause will find recognition in the satisfaction
that
Your response demonstrated the practicability of this device for reduc- comes from faithful, honest effort, and can wear in
their own conscience
ing personnel costa and furnished further evidence of your earnest desire the insignia of patriotic intent and the service medal of
duty well perto take advantage of every opportunity for economy. While the final formed.
record of this effective effort cannot be given at this time, you can take
All hail to the Loyal Order of Woodpeckers, whose persistent tapping
pride in knowing that indicated savings are well in excess of $18,000,000 away at waste will make cheerful music in Government
offices and workand that, with few exception,s all the departments and establishments shops the coming year. No reports will be required and only
such records
qualified for club membership.
kept as the agencies themselves think necessary or desirable.
Shall this effective organization, with a record of $18,000,000 saved in
The only requirement is that Federal executives see to it that this patrione year be disbanded? Those in favor say "Aye!"; opposed "No!" The otic opportunity be brought to the attention ot every person on the active




3 UNE 18 1927.]

THE CHRONICLE

3575

they
do the job, if Federal people have been obliged to scratch gravel, if
content.
have been driven even to save the dust off spiders' legs, we are
That's what it is intended for.
Mr. President, in the Army we say a regiment is as good as its ColoneL
point
The most eloquent tribute I can pay you and your leadership is to
to this splendid organization which marches and fights under the honored
in the
title of the Federal service, and which in its various engagements
thrift and efficiency has been inspired and made effective by
One year ago the President fixed the maximum for 1928 estimates at interest of
policies and masterly direction.
$3,200,000,000. This .was exclusive of debt reduction, tax refunds and your wise
With the signing of the armistice the war ended for those serving with
certain other excepted items. Estimates to Congress exceeded that amount
For the Federal service the war continued. Vexatious quescolors.
by $56,000,000, due entirely to legislation enacted subsequent to deter- the
difficult situations called for solution. With the years came new
mination of the limiting amount. The maximum for 1929 is $3,300,000,- tions and
and trying problems, but the fight continued, and to-day
000, a further increase due to later legislation affecting several of the and important
justly claim victory.
can
we
fitting
of
duty
the
assigned
is
Director
Budget
the
To
departments.
larger
The debt is going down, expenditures are held in check, the country's
estimates within the controlling maximum established by the President.
conserved, its important activities well administered,
With your loyal and intelligent co-operation this can readily be done. great interests are
and peace and contentment prevail. But, as you have stated, this happy
Without your help it will be a difficult task. It will be done.
for discontinuance of the war against waste, no
Our Correspondence Club, inaugurated last January, is proceeding quietly condition is no warrant
our efforts for better administration, no aexcuse for
but effectively. As a result of the mere announcement of the need and reason for relaxing
and hold what we have gained.
the proposed effort, helpful remedies were applied here and there through- failure to preserve
We, in the Federal service, are still in the field—not with beat of drum,
out the service, in advance of specific recommendations. These scatteror rattle of machine gun, but battling loyally day
ing efforts have already yielded encouraging results. The Federal Board or volleying musketry,
to the day's modest tasks, to the routine work that
on Simplified Office Procedure, one of our active and constructive co-ordi- by day, faithful and true
to the country's necessary service.
nating agencies, has the matter in hand, and will have something of value must be done—consecrated
to report. I believe Government correspondence can be reduced 30 or
more per cent without interference with necessary functions.
Edward Everett Hale said: "Together—one of the most inspiring words Exchange of Liberty Bonds for Treasury Notes a
In the English language. Coming together is a beginning; keeping toTaxable Transaction.
gether is progress ; working together is success."
Here is the story of co-ordination in the Federal Service. Getting the
exchange of Liberty bonds for Treasury notes in acThe
various agencies together, keeping them together, and encouraging and
with the recent Treasury Department announceassisting them in working together is the particular province of the chief cordance
gain or loss,
co-ordinator and his capable assistants. Centrin in the various co- ment is a taxable transaction giving rise to
ordinating agencies in Washington, reaching into the field through the seven under a ruling that has just been issued by the Income Tax
area co-ordinators and the ,238 active Federal business associations, the
according to M. L, Seidman, tax expert of
Government's unique co-ordinating organization carries the gospel of help- Department,
ful, friendly co-operation to all of the nation's manifold and widespread Seidman & Seidman, certified public accountants. Mr. Seidactivities.
man in explanation said:
By means of this effective organization we are getting larger returns
both bonds were
and
new
Many people were under the impression that because
A
esprit
remarkable
time.
and
money
from Government supplies,
exchange would be a non-taxable one. However,
has developed throughout the Federal organization. Helpful, brotherly tax-exempt securities the
makes no provision to that effect, and
co-operation has given added value to Government resources, new zest to the Department holds that the law
regarded as an ordinary exchange of a bond
Federal operation, and has heightened the interest and increased the hence the transaction is to be
computed based on the value
for a bond. Accordingly, gain or loss is to be
efficiency of our faithful workers.
of the exchange and the cost of the
People, unfamiliar with pre-budget conditions cannot comprehend the of the Treasury notes at the time
revolution that has taken place in the attitude of Federal personnel and Liberty bonds.
fact that there
In the same ruling the Department also holds that the
Federal agencies toward each other. While the speaker was visiting a
not deprive the interest of its
Government agency in a distant city the official in charge was asked by the is a duplication of the interest involved does
affect the profit on the principal.
local postmaster for loan of Government trucks to meet an emergency, and tax-oaempt character, or in any way
for the period extending up to May
thus obviate the expense of hiring transportation. Government trucks were Interest was paid by the Government
interest from March 15. It was thought
idle, and were promptly made available—trucks controlled by one Federal 15, while the Treasury notes bear
h period
in some circles that the overlapping of interest for the two-mont
agency doing service for another Federal agency.
but the ruling settles that point
A prominent local business man, who was present, was greatly impressed would make some of the interest taxable,
by this evidence of real co-operation, and asked how much money was in favor of the taxpayer.
saved thereby. When informed that the loaning of Government transportation to postmasters during the congested Christmas season alone had
saved $465,000 and that this was but one of many cases of similar savings President Coolidge Leaves Washington for Summer
due to co-operation, he said it was wonderful. And yet, he did not know
Vacation in Black Hills, South Dakota.
and could not understand that the wonderful thing about the transaction
other
of
officials
to
applying
in
and Mrs. Coolidge left Washington on June 13
officials
of
set
one
of
President
initiative
the
was
departments for help. He did not know and could not understand that in a special train over the Baltimore & Ohio Railroad for
the ready compliance of these other officials in granting the aid requested
in the Black Hills, South Dakota, where the
was another and greater wonder. He could not possibly know and he could their vacation
in
Federal
the
place
taken
House will be established at the State Game
has
that
White
revolution
the
Summer
not possibly comprehend
service with regard to the co-operative utilization of Government resources. Lodge, in a remote region 1,800 miles from the national
A colored preacher who reveled in polysyllabic words was asked by one
will be the farthest west the
of his flock the meaning of the word "phenomenon," which the pastor capital. Observing that this
was using with great frequency and evident relish. Said the preacher: seat of Government has ever been carried, the Washington
"I takes pleasure in elucidating the meanin' of that useful word. If you
dispatch to the New York "Times," June 13, said:
see growin' in the outskirts of our fair village a thistle bush laden with
mid-June until
There the policies of the country will be considered from
interestin' if not invitin' thistles, that's no phenomenon. You sees thistle
September.
early
and
a
thistles
almost
you
too frequent. If
bushes
hears mockin' bird flooda region of political
In going to South Dakota President Coolidge enters
in' the air with sweet song, that's no phenomenon. Mockin' birds is not
the McNarydiscontent stimulated by the farm situation and his veto of
uncommon. If while listenin' to the song of the mockin' bird you sees a
bill.
Haugen
kangaroo hoppin' effectively if not graceful along the roadside, that's not
own strength in the
• While away he will have an opportunjty to test his
sector,
in itself a phenomenon. There may be a circus in town with a menagerie
Northwest and study the agricultural rroblem in the Corn Belt
attached thereto. But, my hearers, if you sees that kangaroo settin' on
Governor Frank
which has inspired the candidacy for President of former
that thistle bush, singin' like a mockin' bird, that's a phenomenon."
Lowden of Illinois.
The confident call for help, the ready response, is the Federal rule to- 0.
day. This, my hearers, is the phenomenon.
There has been no let-up, and no let-up is contemplated, in the effort to Address of President Coolidge at First International
make everything count for true economy. Word comes not only from deCongress of Soil Science.
partment and bureau heads but from those holding more modest positions
In the service, of earnest desire and honest endeavor to maintain a high
"importance which the Government of the United
The
state of efficiency and at the same time make a record for economy—
States has attached for nearly a hundred years, and attaches
efficiency and economy, the one impossible withcut the other.
An employee of the Treasury Department, who has made a record for to-day, to agricultural research," was noted by President
utilizing what theretofore had been regarded as waste material, was Coolidge In a speech which he delivered in Washington on
recently asked by the Budget Director how his salvage work was progressJune 13 at the opening session of the First International
ing. 'Fine I" was the answer; "we're saving the dust off spiders' legs."
For many years Government agencies and Government people have been Congress of Soil Science. The President took occasion to
accused of grcss waste and extravagance. If that indictment were ever
state, however, that "this does not them' that we of the
warranted, that day is forever past. An epic coulod be written of the
scientists of
organizations
Federal
and Federal per- United States cannot learn much from the
earnest and courageous efforts of
sonnel to banish waste and inaugurate thrift. Some day I hope to write other lands," and he added that "the scientists of Europe
that epic. It will be replete with stirring and intriguing anecdotes of earparticular have an enviable record of fundamental renest effort, fertile resource, ingenious contrivance, careful planning and In
such as this
courageous, intelligent administration. It has called for hard work, self- search." In lauding the assembling of "groups
denial and sacrifice. As one official put it: "We've been obliged to for the purpose of discussing methods to be employed in the
scratch gravel."
the problems of soil conservation and land utilizaA religiously inclined young man had a friend who had never attended study of
ideas
church. He finally prevailed upon the friend to accompany him to the tion" the President declared that "the interchange of
place of worship on a Sunday morning. As the beautiful service proceeded and the personal associations made possible by such interthe restful, mellow light smiling through the stained-glass windows, the
as this cannot but be productive of a
rich harmonies of the sweet-toned organ, the fresh and appealing voices of national gatherings
ultithe choir, the inspiring words of the preacher, the subdued responses of better understanding among different peoples and
the people, and the atmosphere of devotion that characterized the service mately lead to a more universal desire for peace among all
apparently made a great impression on the visitor. "What do you think of
following is the address, which was delivered
it?" asked the young man. Said the visitor, "It beats the devil." Said nations." The
the other, "That's what it's intended for."
by the President just before his departure for the Black
If budget policy has been responsible for close saving, has compelled Hills, South Dakota, where he is to spend his summer vautilization of accumulated material and use of waste stuff, has so restricted
available funds that resort must be had to all sorts of plans and devices to cation:

Federal payroll. It is requested, however, that if any department, establishment, bureau, office or other organization achieve a 100% enrollment,
the Budget Director be notified. I am confident if these things be done,
the humble woodpecker will be given place in history as Symbol of a great
national thrift crusade.
1928 and 1929 Estimate.




3576

THE CHRONICLE

pm.124.

Members of fhe Congress:
soil. You will learn in this congress of the accomplishments, the plans
The fundamental importance of the soil as a national and international and the
hopes of our scientists in this field, and they in turn will obtain
asset becomes at once apparent when we reflect upon the extent to which from
you fresh information and stimulation.
all mankind is dependent upon it, directly or indirectly, for food, clothing
Importance Attached by United States to Agricultural Research.
and shelter. Long after our mines have ceased to give up their treasures
the soil must continue to produce the food necessary for feeding the inYou realize, I am sure, from the brief survey which I have presented to
creasing populations of the world.
you, the importance which the Government of the United States has atIt is highly appropriate, therefore, that representatives of many of the tached for nearly a hundred years, and attaches to-day,
to agricultural
nations of the earth should assemble in groups such as this for the pur- research.
pose of 'discussing methods to be employed in the study of the problems of.
You may be certain, therefore, of the warmest hopes of the people of the
soil conservation and land utilization. Moreover, the interchange of Ideas United States that this, the First International Congress
of Soil Science,
and the personal associations made possible by such international gather- may be abundantly fruitful in illumination and inspiration to all
who parings as this cannot but be productive of a better understanding among dif- ticipate in it, and in stimulation of efficient practices
and high ideals of
ferent peoples and ultimately lead to a snore universal desire for peace research throughout the world.
among all nations.
Science is not confined within any national boundaries. Its achieveBeing a young nation, the United States has not as yet been forced to ments and its benefits, like the achievements and benefits
of all truth, are
conserve its great natural resources as have some of the older countries at the service of the world for the lightening of human labor and
the enwhere pregame of population on food supply has necessitated the considera- richment of human life.
tion of means for conserving the fertility of the soil and at the same time
increasing the yield per acre.
In the past, with our abundance of fertile acres, we have been able Address
of President Coolidge at Dedication of Wicker
greatly to augment our total production through increased acreage and the
Memorial Park, Hammond, Ind.—While Noting
use of improved machinery. With practically all our fertile land now
under cultivation, except for irrigation and reclamation, further increases
Material and Spiritual Progress Says Number
in total production must come from increased acre yields instead of from
Lacking in Religious Devotion Is too Large
increased acreage.
—Unskilled Worker not Accorded Full
Inception of Department of Agriculture.
Participation in Nation's Progress.
Recognizing the fundamental importance of agriculture to the welfare and
happiness of all citizens, the United States Government long ago adopted
observing that "materially we have prospered, intelIn
the policy of Federal aid and support for agricultural education and relectually we have advanced, morally and spiritually we have
search.
The first step in this direction was the appropriation of $1,000 by Improved," President Coolidge, at the dedication of the
Congress in 1839 for the "collection of agricultural statistics, investiga- Wicker Memorial
Park at Hammond, Ind., on June 14, said
tions for promoting agriculture and rural economy, and the procurement
of cuttings and seeds for gratuitous distribution among farmers." These that "in spite of all this progress we are still a great disappropriations were expended under the direction of the Patent Office.
tance from what we would like to be. Too many of our peoThe idea originated with Hon. Henry L. Ellsworth, who was Commisple are unprovided with the advantages of education. The
sioner of Patents. The work continued to be carried on in the Patent
Office with rapidly increasing appropriations until 1862, when a Bureau number who are lacking in religious devotion is altogether
of Agriculture was established. In 1889 this become the Department of too large. While we have reached the highest point in maAgriculture, under the supervision of a Secretary of Agriculture; appointed
by the President by and with the consent of the Senate. The Department terial prosperity ever achieved, there is a considerable class
of Agriculture thus became one of the executive departments of the Fed- of unskilled workers who have not come into full participaral Government and the Secretary of Agriculture a member of the Presi- tion in the wealth of the nation." The President
further
• dent's Cabinet.
From its humble beginning the work of the United States Department of observed that "although our Government is sound and our
Agriculture has steadily grown to large proportions. The annual report courts are excellent, too many of us disregard the obligaof the Secretary of Agriculture for 1926 shows a personnel of 20,742 em- tions of citizenship by neglecting
to vote, and violence and
ployees, with a total of $167,485,000 expended under the supervision of the
Department. The direct expenditures made by the Federal Department crime are altogether too prevalent. Our delinquencies are
amounted to $44,500,000, of which $10,300,000 was available for research. sufficient to require us to put forth all our efforts to work
toward their elimination." "The Government can help to
Land Grant Colleges.
On the 2d day of July next we shall celebrate the sixty-fifth anniversary provide opportunity," said the President, "but the people
of the passage of an Act by the Congress of the United States whereby cermust take advantage of it." The President in taking occatain public lands were donated to the States for the establishment and the
support of colleges of agriculture and mechanic arts, commonly called, sion to refer in his address to the accomplishments of
from their origin, land-grant colleges.
Colonel Lindbergh said that "the ideals which we seek must
As a result of this Act and subsequent appropriations, we now have
be practical. We are lavish in our admiration of realities.
publicly supported colleges of this character in every State and Territory
of our Republic. In many States the college is a separate institution, but When one of your Western young men is the first to fly
in others the instruction in agriculture is given in a college a agriculture from America to Europe our country hails him with a poporganized within a great State university.
ular acclaim so spontaneous, so genuine as to disclose the
Following the establishment of these institutions for instruction in agriculture, it soon became apparent that fundamental research and investi- true values of our national character." The President's
gation were required if real progress were to be made. In many of the stop at Hammond occurred while he was en route to the
colleges research departments were organized and experimental work inaugurated to supplement the teaching work and to supply information to Black Hills, South Dakota, where he is to spend the summer. The address follows:
the farmers.
The facilities at the command of these agricultural colleges were not
This section represents a phase of life which is typically American. A
sufficient, however, to meet the demands made upon them and
the need for few short years ago it was an uninhabited area of sand and plain. To-day
additional support for research became more and more evident as the it is a great industrial metropolis. The people of this region
have been
number of students seeking agricultural instruction increased.
creating one of the most fascinating epics. The fame of it, reaching to
almost
every
quarter
of
the
globe,
has
drawn hither the energetic pioneer
Federal Aid for State Agricultural Experiment Stations.
spirits of many different races, all eager to contribute their share and to
Realization of this need having been brought to the attention of members
receive in return the abundant rewards which advancing enterprise can give.
of the Congress, a bill was introduced and passed in 1887, just a quarter
When your eminent Representative in Congress, Will R. Wood, who has
of a century after the bill establishing the agricultural colleges, providing long
served this district with so much ability and fidelity, supported by
Federal aid and support for State agricultural experiment
stations.
your two distinguished Senators, called upon me with a company of
This bill, the Hatch Act, supplemented by the Adams
Act of 1906 and nearly ninety of your prominent citizens to invite me to be present at the
the Purnell Act of 1925, insures to every State and Territory a perpetual
dedication of Wicker Memorial Park, the appeal which this occasion made
Income for the support of agricultural investigations. This
in many States became irresistible. Here are communities inspired with a strong civic
Is generously augmented by appropriations from the State treasuries.
spirit moving majestically forward, serving themselves and their fellow
The personnel of the State experiment stations, together
with the re- men. Here is life and light and liberty. Here is a common purpose—
search staff of the Federal Department of Agriculture, constitutes
the working, organizing, thinking, building for eternity.
largest organized body of research workers in agriculture
in the world.
This does not mean that we of the United States cannot learn much
While the North Township of Lake County, Ind., may not pay tribute to
from the scientists of other lands. A large proportion of the scientific antiquity, it has a freshness and a vigor that makes it all the more inspirwork done in this country has consisted in the application of discoveries ing. When the Puritan and Cavalier were settling on
the Atlantic seaboard,
in pure science that have been made elsewhere. The scientists of Europe in laying the foundations of our Republic, this region was
almost unknown.
particular have an enviable record of fundamental research.
A few venturesome explorers passing over it had left it
to remain the
American scientists are glad to be able to use the results of this work. haunt of the wild life and the savage tribes of the
mid-continent.
They are glad, too, to take to heart the lessons of patience, of intensive
For a long period it was claimed as a part of the French
dominions. It
scholarship and of singleness of aim characteristic of this field of endeavor. was not until the Treaty of Paris in 1763 brought
to a close the Seven
Research in pure science is particularly significant in the study of soils. Years' War that it passed under English rule. For a
century and a quarFundamental investigations in physics, chemistry and biology are essential. ter it remained almost virgin wilderness until Congress
organized the
While the Federal Act establishing the State experiment stations covered Northwest Territory by the Act of 1787. The Pottawatomie Indians
occuthe entire agricultural field, it specifically provided that, so far as prac- pied this locality until they were removed beyond the Mississippi in 1836.
While white settlers began to arrive early in the nineteenth century,
ticable, all such stations should devote a portion of their work to the
and
examination and classification of the soils of their respective States and as early as 1833 a stage route ran along the banks of Lake
Territories with a view to securing more extended knowledge and better Michigan from Detroit to Chicago, this immediate locality remained sufficiently unoccupied so that between 185
development of their agricultural capabilities.
and 1880
several thousand acres of land were bought for $1.25 an acre, and
Bureau of Soils.
sufficiently wild so that it is related that as late as 1884 one trapper
caught
By the Federal Act of 1902 the soils work of the United States Depart- as many as 1,500 muskrat
and
mink
along
the
banks
of the Calumet River.
ment of Agriculture, which had previously operated as a division, was When a large plant was built in
Whiting for the refining and storage of
recognized and organized into a separate Bureau of Soils. A further reor- petroleum in 1889,
not more than half a dozen small houses were located
ganization is now being effected by which the research work of the Bureau there. When George H. Hammond
started a packing plant in the town
of Chemistry is being combined with that of the Bureau of Soils into one which bears his name, about 1873, the place had few inhabitants. There
large unit to be known as the Bureau of Chemistry and Soils.
were only 1,200 people in East Chicago when it was incorporated in 1893.
The scientists of the Department of Agriculture have not only identified
From these meagre beginnings these three cities, which, with the villages
Individual soils and classified and mapped them, but have carried on re- of Munster and Highland, make up the North Township,
now have a popumit in the economical use of low-grade phosphate for fertilizer manu- lation of over 150,000. They have become a great manufacturing centre
facture, in nitrogen fixation, and in other problems connected with the of steel products, railroad equipment, motor trucks, machinery, refined




JUNE 18 1927.]

THE CHRONICLE

3577

The recreational facilities was made in the famous Charlesbank Outdoor Gymnaoil and chemicals. Their assessed valuation is nearing $200,000,000.
way,
and sium at Boston about 1890. Louisville, Ky., quickly followed, and around
under
now
year,
last
within
the
completed
value of improvements
1900 the City of New York, partly under the influence of Jacob Riis, began
$326,000,000.
over
to
amounts
projected
and a to open a number of small playground parks.
To the east is the City of Gary, with its immense steel plants
Influence of Playgrounds and Community Centres on American Life.
population thought to exceed 100,000 people and an annual payroll of
Now there is scarcely a municipality in our country that has not made
scores of millions of dollars. Such a rapid development, now rivaling
provision for these important functions. Almost as much attention
many of our oldest cities, is difficult to comprehend. It is inconceiv- some
is given to providing places for the people to play as is given to furnishing
able that it could take place in any land but America.
with places to live and places to work. The present century has seen
Along with the growth of the material side of life has gone the growth them
a tremendously vital development in the opening up of small parka in conof the intellectual side of community life. While factories have been
centres, the laying out of playgrounds for children, the buildings of
building, schools and libraries have followed. It is reported that a scien- gested
centres to minister to the normal Mcial life of the young folks,
tific survey made of one of these cities to detenmine what improvement community
establishment of athletic and recreation fields for the general pubcould be suggested found the standards and administration of the public and the wholesome, strengthening, refining influences which all of these
lic. The
school system so admirable that there appeared to be nothing to criticize.
upon American life is beyond estimation. It is all an important
Location has been of considerable importance in this development. This have had dominant purpose of this Republic to raise up a people who are
of the
area lies at the southern extremity of Lake Michigan, so that ore and other part
rule.
raw materials come in by water, while it is also close to the great coal fit to immediate aim of these efforts is to improve the public health. It is
The
fields of Indiana, Illinois and Ohio. Through this region run the lines of
that sound bodies mean an increased industrial efficiency. But the
realized
our
of
part
a
to
great
easily
many great railroads, taking its products
goes beyond this to the cleansing and clarifying of the mind, raisnational domain. It is near to the centre of population, which is now lo- purpose
whole standard of life. It is becoming better and better understood
cated in Indiana, and is peculiarly connected with the growth of the great ing the
that a sound body, an informed mind, normal social contacts, and that conSouthwest.
which comes from opportunity for a broader self-expression,
But when all these advantages have been considered, we come to the tentment
factors in the preservation of our national existence. The
inescapable conclusion that the real foundations on which these communi- are all vital
of this development is triumphantly American. In this country
sigificance
of
the
is
character
their
depend,
they
which
on
reliance
main
the
ties rest,
sciences, the arts, the humanities, are not reserved for a supposed
people. To the underlying strain of native stock have been added the in- the
but for the whole of the people. Here we do not extend
dustry, the skill, the perseverance, and the courage of many other lands. aristocracy,
to a few, we extend privilege to everybody. That which was
Many languages are spoken here. But considering them all, who shall say privilege
provided for kings and nobles in former days, we bestow freely on
which are making the most valuable contribution; which most truly rep- only
the people at large. The destiny of America is to give the people still
resent the spirit of the age, which are the best Americans?
powers, to strengthen their hand for a more effective grasp
Patriotism is indigenous to this soil. Not the visionary variety which more royal
the sceptre.
talks of love of country but makes no sacrifices for it, but the higher, upon
At the risk of being tedious I have attempted to explain what I conceive
sterner kind which does and dares, defending assaults upon its firesides
been taking place in this region, because it is so representative of the
has
Yet
hands.
its
they
in
are
a
liberty
with
musket
its
upon
intrusion
and
our whole country. Taken as a whole, it is the most wonderful
orderly, peaceable people, neither arrogant nor quarrelsome, seeking only growth of
human advancement that the world has ever seen. We can
those advantages which come from the well-earned rewards of enterprise picture of
visualize it in its early beginnings—a few people daring the perils of an
and industry.
unknown wilderness along the Atlantic seaboard, seeking only the priviCity of Hammond': Contribution to Defense of Country.
lege of living their own life in their own way, inspired by a fervent zeal to
Such a people always respond when, there is need for military service. be free. We know how they flourished and became numerous and strong.
At the time of the Mexican War, Lake County had but a scattering settle- They set up their local town meetings and established a representative sysment, yet twenty-five or thirty of its men joined a company of volunteers tem for the government of their Colonies. They built free public schools
which was organized by Joseph J. Smith. In the war between the North and centred their community life around their places of worship.
and the South the county had but little over 9,000 population, but it supAs they nearly all drew their substance from the soil and were individuplied more than a thousand men for the Union forces. Of that number 78 ally self-sustaining, they held strongly to the theory and the practice of
died as a result of their service. Almost every able-bodied man in the social equality. When they saw their freedom, their self-government and
county must have gone to the defense of the flag.
their social system menaced they struck out boldly for independence.
The City of Hammond furnished the entire roster of Company A of the Having achieved it, they enshrined the -principles which they had estab161st Volunteer Infantry, and other parts of the Northwest Township re- lished with their blood in the matchless provisions of the American Consponded equally well in the war with Spain. It was not until the World stitution.
Material and Intellectual Advance.
War, however, that this township made its large contribution for the defense of our country. Its record there is a most distinguished one. In the
Another great conflict was necessary to preserve the Union, sustain the
Rainbow
the
there
Divisions
were
and
Second, Eighty-fourth, Eighty-ninth
Constitution and extend the area of freedom to include all our inhabitants.
8,971 of your people.
That these ideals might continue to dominate the course of humanity we
Their capacity, courage and military ability are shown by the number of entered the World War and helped to perpetuate them through its viccitations for distinguished service which they received. Hammond, East torious conclusion. When America has drawn the sword it has always been
Chicago and Whiting all gained special recognition in each of the Liberty the people who have won.
Loan drives for having raised their full quotas in every call within 24
Carrying this chart of political principles, our hardy pioneers crossed the
hours. A notable achievement in Hammond was the construction of the mountain and the plain, extending our dominions from ocean to ocean. We
building for war work called Liberty Hall. Six hundred workmen con- have opened up an enormous expanse of agriculture, reared great cities,
tributing their services, this structure, which seated 3,200 people, was organized mighty industries, and created an immense commerce. Mateerected, painted and dedicated within eight hours. It was not only as rially we have prospered, intellectually we have advanced, morally and
individuals, but as whole industrial organizations turning out vast supplies, spiritually we have improved. It is scarcely too much to say that all of
furnishing engineering and technical skill, that this township put its whole this increase has gone to the benefit of the people at large.
resources at the service of humanity.
In spite of all this progress, we are still a great distance from what we
Wicker Memorial Park.
would like to be. Too many of our people are unprovided with the adwho are lacking in religious devotion
It was to be expected that after the victory was won the men and women vantages of education. The number
reached the highest point in mawho accomplished it had turned to their peace-time vocations, the strains is altogether too large. While we have
is a considerable class of unskilled
and dislocations of the war had been somewhat adjusted, and prosperity had terial prosperity ever achieved, there
in the wealth of the
participation
full
into
come
not
again returned, that the public spirit of this community would require that workers who have
scene fitting memorial be provided as a tribute to all who served, and par- nation.
Although our Government is sound and our courts are excellent, too
ticularly to those who gave their lives in the great conflict.
citizenship by neglecting to vote,
Having a practical turn of mind, they wished for something not only many of us disregard the obligations of
are
beautiful but useful. Happily it was determined to combine the desire and violence and crime are altogether too prevalent. Our delinquencies
our efforts to work toward their
for a memorial with the desire for an extensive, recreation park. To pro- sufficient to require us to put forth all
discouraged because we are surrounded
mote this project, sixteen men from your three cities met in 1925 and elimination. But we should not be
human weakness. We are also
made an initial subscription of $5,000 each for the purchase, to which by human limitations and handicapped by
character—
was later added $50,000 for the development of a 226-acre tract which we possessors of human strength. Intelligence, courage, fidelity,
the Divine Image.
of
mark
our
and
these, also, are our heritage
are dedicating to-day as the Wicker Memorial Park.
still to
is
work
sufficient
there
that
apparent
perfectly
is
it
Of course,
Although by Act of the Legislature this property was taken over, the
original projectors reimbursed and it is now administered by a board of be done and sufficient progress yet to be made to give ample opportunity
trustees, a great deal of Credit is due to the foresight and public enter- to the most ambitious. But while a very large emphasis is entitled to be
which
prise of the sixteen men who made this public benefaction possible and placed on our imperfection, after all it is the progress we have made
brought'it to a final success. Athletic fields, baseball diamonds, tennis is of chief significance. The conclusion that our institutions are sound, that
by our
courts and golf course of eighteen holes are among the attractions which our social system is correct, has been demonstrated beyond question
experience. It is necessary that this should be known and properly apprethis recreation field opens to the public.
It is peculiarly appropriate for a public recreation field to be dedi- ciated.
Unless it continues to be the public conviction, we are likely to fall a
cated as a memorial to those who served in the World War. Perhaps'the
chief issue in that great conflict was the determination of whether an more easy prey to the advocates of false economic, political and social docautocratic form or a republican form of government was to be predomi- trines. It is always very easy to promise everything. It is sometimes
will
nant among the great nations of the earth. It was fought to a consider- difficult to deliver anything. In our political and economic life there
well supable extent to decide whether the people were to rule or whether they always be those who are lavish with unwarranted criticism and
inAmerican
that
were to be ruled; whether self-government or autocracy should prevail. plied with false hopes. It is always well to remember
profess to
Victory finally rested on the side of the people. A great step forward was stitutions have stood the test of experience. They do not
have been
taken in more firmly establishing their rightful soverignty. This part is promise everything, but to communities and to individuals who
satisfactions and
a real memorial to World War service because it distinctly recognizes the • content to live by them they have never failed in their amass a compesovereignty and materially enlarges the dominion of the people. It is a rewards. Here industry can find employment, thrift can
tency and square dealing is assured of justice.
true emblem of our Republic.
The making of parks is not a new idea in the world. We can trace it
America Holds to Ideals.
and
the
of
Babylon
Gardens
Hanging
of
practice
the early
back to the
WhenEgyptians from whence it leads down through all the Old World history.
Amid all her prosperity, America has not forgotten her ideals.
other country our
But this idea had little to do with the public. Parks were private affairs ever disaster strikes any part of our nation or some
response to the need for
for the benefit of royalty and the nobility. Areas devoted to the pleasure people are unfailing in their generous charitable
following visionaries and are
and recreation of the people at large, formally laid out and beautified by relief. It is true that we are little given to
altogether impatient with pretense and sham.
private benefaction or public expense, are of recent origin.
our adThe ideals which we seek must be practical. We are lavish in
It is true that Boston Common reaches back to 1634, but it was a comWestern young men is the first to
mon in those days only in the legal sense that it was a place for public miration of realities. When one of your hails him with a popular acclaim
pasturage. Some political exiles from Germany created a temporary inter- fly from America to Europe our countyr
disclose the true values of our national
est in outdoor gymnasiums prior to 1830. The old First Church in Boston so spontaneous, BO genuine, as to
established an outdoor playground for children in 1868, and soon after the character.
efforts of
The estimation which we, as a nation, set upon the patriotic
neighboring town of Brookline purchased land for the same purpose. While
of war is revealed not only in the untold
there were public parks and gardens adorned with shrubs and flowers, and those who have served us in time
lavished upon them and their dependents, but also
laid out with walks, one of the first efforts to provide such places with treasure which we have




3578

THE CHRONICLE

in the highest possible honors which have constantly been conferred upon
them by their fellow citizens. As a people, we stand in respectful reverence before the things that are unseen.
It is but a passing glance that we bestow upon wealth and place, compared with that which we pour out upon courage, patriotism, holiness and
character. We dedicate no monuments to merely financial and economic
success, while our country is filled with memorials to those who have done
some service for their fellow men. This park stands as a fitting memorial
of these principles. It is a memorial to those who defended their country
In its time of peril. Through the benefits that it will "bestow upon this
community, it is an example of practical idealism.
No one who is acquainted with history, who observes what is all about us, can fail to cherish the hope that we are entering on a wonderful future. It has been said
that the war was fought to make a world fit for the
abode of heroes. I
want to see our own country the first to make
that expectation a reality.
But if it is to corns true, it can only be through the industry,
the devotion and the character of the people themselves. The Government
can
help to provide opportunity, but the people must
take advantage of it. As
the inhabitants of the North Township repair to
this park in the years to
come, as they are reinvigorated in body and mind
by its use, as they are
moved by the memory of the heroic deeds of those to
whom it is dedicated, may they become the partakers and promoters of a more exalted,
more inspired American life.

[VOL. 124.

commerce in the transportation of passengers and mall and used for national
defense by our land and sea forces. Beginning with a limited flying radius,
Its length has been gradually extended. We have made many flying
records. Our Army fliers have circumnavigated the globe. One of our
Navy men started from California and flew far enough to have reached
Hawaii. but being off his course, landed in the water. Another officer of
the Navy has flown to the North Pole. Our own country has been traversed
from shore to shore in a single flight.
Flight of Nungesser and Con.
It had been apparent for some time that the next great feat in the air Would
be a continuous flight from the mainland of America to the mainland of
Europe. Two couragelous Frenchmen made the reverse attempt and
passed to a fate that is as yet unknown.
Col. Lindbergh's Parentage.
Others were speeding their preparations to make the trial, but it remained
for an unknown youth to attempt the elements and win. It is the same
story of valor and victory by a son of the people that shines through every
page of American history.
Twenty-five years ago there was born in Detroit, Michigan, a boy
representing the best traditions of this country, of a stock known for
Its deeds of adventure and exploration.
His father, moved with a desire for public service, was a member of
Congress for several years. His mother, who dowered her son with her own
modesty and charm, is with us to-day. Engaged in the vital profession of
school-teaching she has permitted neither money nor fame to interfere
with her fidelity to her duties.
Too young to have enlisted in the World War, her son became a student
at one of the big State universities. His interest in aviation led him to an
Army aviation school, and in 1925 he was graduated as an aeroplane
pilot. November 1926, he had reached the rank of Captain in the Officers'
Reserve Corps.
Making his home in St. Louis he had joined the 110th Observation
Squadron of the Missouri National Guard, Some of his qualities noted by
the Army officers who examined him for promotion, as shown by reports
in the files of the Militia Bureau of the War Department, are as follows:
"Intelligent," "industrious," "energetic," "dependable," "purposeful.'
"alert," "quick cf reaction," "serious," "deliberate," "stable," "efficient,"
"frank," "modest," "congenial," "a man of good moral habits and regular
in all his business transactions." •
One of the officers expressed his belief that the young man "would
successfully complete everything he undertakes." This reads like a prophecy.
Later he became connected with the United States Mall Service, where he
exhibited marked ability, and from which he is now on leave of absence.
The Spirit of St. Louis.
On a morning just three weeks ago yesterday this wholesome, earnest,
fearless, courageous product of America rose into the air from Long Island
In a monoplane christened "The Spirit of St. Louis" in honer of his home
and that of his supporters.
It was no haphazard adventure. After months of most careful preparation, supported by a valiant character, driven by an unconquerable will
and inspired by the imagination and the spirit of his Viking ancestors, this
reserve officer set wing across the dangerous stretches of the North Atlantic.
He was alone. His destination was Paris.
Thirty-three hours and thirty minutes later, in the evening of the second
day, in the evening of the second day, he landed at his destination on the
French flying field at Le Bourget. He had traveled over 3,600 miles, and
established a new and remarkable record. The execution of his project
was a perfect exhibition of art.

Nation's Honors to Col. Charles A. Lindbergh at
Washington in Recognition of New York-Paris
Flight—New York's Reception—The New YorkBerlin Flight.
Washington and New York during the past week have
vied with France in paying honor to Col. Charles A. Lindbergh who has received world-wide recognition of his accomplishment in making the non-stop flight by aeroplane from
New York to Paris. Col. Lindbergh was personally accorded
the honors of his own country on June 11, when a national
celebration took place at Washington, following his return
from abroad on the cruiser Memphis. Col. Lindbergh,
who made the New York-Paris flight in his monoplane,
The Spirit of St. Louis, in 333/i hours, leaving New York at
7:52 a. m. (6:52 standard time) May 20, arriving at Paris
at 10:21 p. m. May 21 (Paris time) was personally felicitated
by the heads of the Governments of France, Belgium, and
England, and with his return from abroad, was greeted by
President Coolidge,who decorated him with the Distinguished
Flying Cross on June 11, the day partaking of a holiday, a
parade witnessed by some 200,000 people featuring the
celebration. The presentation by President Coolidge took
place at the Washington Monument, where the young airman
(he is 25 years of age) was greeted by the President. Col.
Lindbergh in his journey from the Navy Yard to the grandstand was accompanied by his mother, Mrs. Evangeline
Lodge Lindbergh, who with her son were the guests of
Reception in France.
President and Mrs. Coolidge, and who since her son's
This country will always remember the way in which he was received
achievement has steadfastly insisted on remaining in the by the people of France, by their President and by their Government.
background, maintaining that whatever glory accrues from It was the more remarkable because they were mourning the disappearance
of their intrepid
the flight belongs solely to him. President Coolidge, in western flight. countrymen, who had tried to span the Atlantic onto,
Our messenger of peace and good-will had broken down another barrier
his presentation speech, described the flight as "no haptime and space and brought two great peoples into closer communion.
hazard adventure," and declared the execution of his project of
In less than a day and a half he had crossed the ocean over which
to be "a perfect exhibition of art." "This country," said had traveled for sixty-nine days and the Pilgrim Fathers forColumbus
sixty-six
the President, "will always remember the way in which he days on their way to the New World.
But, above all, in showering applause and honros upon this genial,
was received by the people of France, by their President, modest
American youth, with the naturalness, the simplicity and the
and by their Government. It was the more remarkable poise of true greatness, France
had the opportunity to show clearly her
because they were mourning the disappearance of their good-will for America and our people.
With like acclaim and evidences of cordial friendship our Ambassador
intrepid countrymen, who had tried to span the Atlantic without
portfolio was received by the rulers, the Governments and the
on a western flight. Our messenger of peace and good-will," peoples of England and Belgium.
From other nations came hearty messages
he added, "had broken down another barrier of time and of admiration for him and for his country. For these manifold evidences of
friendship we are profoundly grateful.
space and brought two great peoples into closer communion.
Returns Unspoiled.
In less than a day and a half he had crossed the ocean over
The absence self-acclaim the refusal to become commercialized, which
which Columbus had traveled for 69 days, and the Pilgrim has marked theofconduct
of this sincere and genuine exemplar of. fine and
Fathers for 66 days,on their way to the New World. • • • noble virtues, has endeared him to every one. He has returned unspoiled.
Particularly
has
it
delightful to have him refer to his aeroplane as
been
With like acclaim and evidences of cordial friendship our somehow
possessing a personality and being equally entitled to credit
ambassador without portfolio was received by the rulers, with himself, for we are
proud that in every particular this silent partner
the Governments, and the peoples of England and Belgium. represented American genius and industry. I am told that more than 100
separate companies furnished materials, parts or service in its construction.
. . The absence of self-acclaim, the refusal to become
And now, my fellow-citizens, this young man has returned. He is
commercialized, which has marked the conduct of this here. He has brought his unsullied fame home. It is our great privilege
to
welcome back to his native land, on behalf of his own people, who havela
sincere and genuine exemplar of fine and noble virtues, has
deep affection for him and have been thrilled by his splendid achievement,
endeared him to every one. He returned unspoiled." a Colonel
of the United States Officers' Reserve Corps, an illustrous citizen
Col. Lindbergh, in responding to the President's greeting, of our Republic, a conqueror of the air and strength for the ties whieldbind
us
to
our sister nations across the sea.
said:
Bestowal of Distinguished Flying Cross.
On the evening of the 21st of May last I arrived at I,e Bourget, Paris.
During the week I spent in France, the day in Belgium, and the short
And,as President of the United States,I bestow the Distinguished Flying
Cross,
period in London and England, the people of Europe requested that I
as a symbol of appreciation for which he is and what he has done,
bring back to the people of America one message from the people of France upon Colonel Charles A. Lindberg.
and the people of Europe.
President Coolidge had previously lauded the young flier,
At every gathering, at every meeting I attended were the same words:
"You have seen the affection of the people of France and the people of following the announcement of his arrival in Paris, a message
Europe for the people of America demonstrated to you. Upon your by the President at that time (May 21), transmitted to
return to your country take back with you this message from France and Col. Lindbergh through Ambassador
Herrick, saying:
Europe to the United States of America." I thank you.
The American people rejoice with one at the brilliant termination of your
heroic
night.
non-stop
flight of a lone aviator across the Atlantic
The first
The Presidents' remarks were as follows:
crowns the record of American aviation, and in bringing the greetings of
My Fellow-Countrymen:
the American people to France you likewise carry the assurance of our admiIt was in America that the modern art of flying of heavier-than-air ration of those intrepid Frenchmen. Nungesser
and Coll, whose bold spirits
machines was first developed. As the experiments became successful, the first ventured on your exploit, and likewise
a message of our continued
aeroplane was devoted to practical purposes. It has been adapted to anxiety concerning their fate.




JUNE 18 1927.]

TB I

CHRONICLE

3579

the great lesson to be derived from the courage, the faith, the sacrifice
and the patriotism which characterized Capt. Lindbergh's wonderful exploit. I request that the national colors be displayed from every public
and private building, and I urge that the business men of our city co-operate
Had we searched all America we could not have found a better type than in so far as convenient in proclaiming the welcome of New York City to
young Lindbergh to represent the spirit and high purpose of our people. our distinguished and heroic guest.
Given under my hand and seal of the City of New York this day, June
His head not only is not in the least turned, but it never will be, whatever
JAMES J. WALKER.
his successes. He is of the Lincoln type. What can I say more
9 1927.
By the Mayor:
In his simple, straightforward way this boy, when asked to accept conEDWARD L. STANTON,
tracts for quick money, replied, "The expedition was not for profit."
Secretary to the Mayor.
And what modesty and thoughtfulness are his.
"It is easier to fly 'to Prance from America than to fly from France to
Medal of Valor, the gift of the city and the Amercity
The
America," he has said time and time again. Modest, unassuming, gracious
and With all the unmistakable spirit of a genius. When facing the greatest ican Scenic and Historic Preservation Society, and New
statesmen of France, who addressed him in superlative terms of praise, he York's Scroll of Honor were presented to Col. Lindbergh by
exhibited his magnificent courage. Although unaccustomed to speaking, he
Mayor Walker at Monday's reception at the City Hall, the
unhesitatingly replied in simple, direct and most appropriate language.
He has captivated every individual, every audience with Whom he has Mayor in his welcoming speech saying:
Colonel Lindberg, Mrs. Lindbergh, my fellow-citizens of the City of
been in contact. His charming personality has won the hearts ofthe French
people.
New York: Let me dispense with any unnecessary official side or function,
From the moment the Spirit of St. Louis touched the ground at Le Bour- Colonel, by telling you that if you have prepared yourself with any letters
get there seems to have begun, not only here, but in America, a return to of introduction to New York City they are not necessary.
Everybody all over the world, in every language, has been telling you
that spirit of affection and admiration betWeen the French and American
peoples such as had not obtained in recent years.
and the world about yourself. You have been told time after time where
you were born, where you went to school, and that you have done the superIn the Washington Auditorium on June 11 further honors natural thing of an air flight from New York to Paris. I am satisfied
him
that you have become convinced of it by this time.
were showered on Col. Lindbergh at a reception tendered
And it is not my purpose to reiterate any of the wonderful things that have
under the auspices of the National Press Club; the New York
been so beautifully spoken and written about you and your triumphal ride
'Times" in its summary of this event stated:
across the ocean. But while it has become almost axiomatic, it sometimes
The program opened with an address on behalf of the Press Club by seems prosaic to refer to you as a great diplomat, because after your superRichard V. Oulahan, chief Washington correspondent of the New York human adventure, by your modesty, by your grace, by your gentlemanly
"Times," who presented to Colonel Lindbergh an elaborately engrossed American conduct, you have left no doubt of that. But the one thing that
scroll expressing a tribute from the American press to the intrepid young occurs to me that has been overlooked in all the observations that have been
flier.
made of you is that you are a great grammarian, and that you have given
Following this in quick succession were presentation of the first special added significance and a deeper definition to the word "we."
Lindbergh air-mail stamps by Postmaster General Harry S. New, and
We have heard, and we are familiar with,the editorial "we." but not until
presentation of a volume containing messages of congratulations received you arrived in Paris did we learn of the aeronautical "we." Now you have
at the State Department from foreign rulers and national leaders by Secre- given to the world a flying pronoun.
tary of State Frank B. Kellogg.
That "we" that you used was perhaps the only word that would have
Next came the reading of messages of greeting from cities and organiza- suited the occasion and the great accomplishment that was yours. That
the
of
Haves
Sweinhart
Neu
tions all over the country by Henry L.
all-inclusive wcrd "we" was quite right, because you were not all alone in
Agency, former President of the National Press Club and Chairman of the solitude of the sky and the sea, because every American heart,from the
the Program Committee of the reception. Among these was this message Atlantic to the Pacific, was beating for you. Every American. every soul
from Mayor Walker of New York:
throughout the world, was riding with you in spirit, urging you on and cheer "New York City congratulates you upon your return to your country's ing you on to the great accomplishment that is yours
capital and waits impatiently your arrival in the metropolis to give you
That "we" was a vindication of the courage, of the intelligence, of
some idea of what New York thinks of you."
the confidence and the hopes of Nungesser and Coil, now only alive in the
Another series of presentations followed, including the presentation of prayers and the hearts of the people of the entire world. That "we" that
the Langley medal on behalf of the Smithsonian Institution by Dr. Charles you coined was well used, because it gave an added significence and addiG. Abbott, Acting Secretary.
tional emphasis to the greatest of any and all ranks, the Word of faith, and
turned the hearts of all the people of the civilized world to your glorious
New
on
York
Monday
last
in
arrival
his
of
time
From the
mother, whose spirit was your spirit, whose confidence was your confidence,
June 13, until his departure for St. Louis on Friday, June 17, and whose pride was your pride: the "we" that includes all that has made
and gasp at your great feat, and that "we" also sent
Col. Lindbergh was feted at numerous functions; in gala the entire world stand
to the world another message and brought happiness to the people of
attire the city on Manday vociferously welcomed the youth- out
America, and admiration and additional popularity for America and Amerful flier, turning out en masse to extend its greetings. A icans by all the peoples of the European countries.
Colonel Lindbergh, on this very platform are the diplomatic corps, the
description of his reception here on June 13 was given as foldiplomatic representatives of all the countries of the civilized world; but
lows in the New York "Journal of Commerce":
before you and around you are the peoples themselves of all the countries
Colonel Lindbergh flew from Washington to Mitchell Field in a plane of the civilized world, foregathered in this city, the greatest cosmopolitan
Arrived
there
he Institution in all the world; the peoples who have come from the forty-eight
not his own, and, as it turned out, one that was faulty.
flew in a seaplane and alighted at 12.25 noon beside the city steamer States of the Union and from every country of the civilized world: and here
Viacom at Quarantine and then on the Macom he was transported with to-day, as Chief Magistrate of this city, the world city, the gateway to
representatives of the city headed by Grover Whalen, Chairman of the America, the gateway through which peoples from the world have come
Mayor's reception committee, to the Battery, from which point he had to in the search for liberty and freedom—and have found it—here to-day
run the gauntlet of a continuous cloud of confetti and ticker tape thrown let it be written and let it be observed that the Chief Magistrate of this great
by the immense crowds lining the sidewalks, all downtown offices and city, the son of an immigrant, Is here to welcome as the world's greatest
the Wall Street Section being on holiday and taking part in the fete. Colonel
hero another son of an immigrant.
Lindbergh had seen a marine parade escorting him, he had heard sirens of
What more need I call to your attention, in view of the busy life that
steam tugs and whistles of steamers and factories, and, looking over head,
have been leading and have the right to expect to lead. What more
he saw an escort of twenty aeroplanes in graceful battle formation. But you
we say as we foregather in the streets of this old city. And to-day,
can
the greatest reception of all remained for him in City Hall Park. Despite
not by the words alone of the Mayor, or the beautifully written words
the terrible crush of men and women, it was an orderly crowd, with little
a scroll, as you stand here I am sure you hear something even more eloevidence of trouble or ill-humor, admirably managed by a large force of of
quent and glorious. You can hear the heart-beats of six mill'ons of people
police.
live in this the City of New York. And the story they tell Is one of
Before the arrival of Lindbergh the crowds saw a military parade miles that
is one of admiration for courage and intelligence: is one that has
pride.
bands.
the
the
And
of
music
many bands kept the
long, with innumerable
born out of and is predicted upon the fact that as you went over the
patient crowd in good humor while it waited for the arrival of its hero. been
ocean you inscribed on the heavens themselves a beautiful rainbow of hope
And then he came unperturbed, as serene, with his usual smile, and as cool
and courage and confidence in mankind.
as he was when he flew away three weeks ago for Paris.
Colonel Lindbergh, New York City is yours—I don't give it to you;
As stated in our issue of Saturday last (page 3452), the you won it. New York not only wants me to tell you of the love and appreit has for your great venture, but is deeply and profoundly
New York Stock Exchange had voted to close for the day. ciation that
for the fact that again you have controverted all the old rules and
Following the action of the local Exchange, other stock ex- grateful
made new ones of your own, and kind of cast aside temporarily even the
changes throughout the country likewise closed on Monday, weather prophets, and have given us a beautiful day.
So, just another word of the happiness, the distinction and the pride
these including Philadelphia, Boston, Pittsburgh and Dewhich the City of New York has to-day to find you outside this historical
troit. A proclamation had been issued by Mayor Walker building, sitting side by side with your glorious mother, happy to find you
on June 10 for the observance of the day, this proclamation both here, that we might have the opportunity and a close-up, to tell
you that like the rest of the vvorld—but because we are so much of the world,
reading as follows:
even with a little greater enthusiasm than you might find in any other
City of New York,
the world—I congratulate you and welcome you into the'world
Office of the Mayor. place in
city, that you may look the world in the face.
PROCLAMATION.
Col. Lindbergh, in acknowledging the welcome accorded
The whole world is stil echoing with the accalamation and applause which
greeted Capt. Charles A. Lindbergh when he completed his prodigious him, had a word to say about transatlantic service by airvoyage by air from New York' City to Paris.
plane, noting that we are not going to have it in a few months,
Seldom in the history of the world has there been such a glorious exThe following is his
hibition of courage,skill, perseverance and self-reliance by a single individual. but that "we will have it eventually."
All Europe, thrilled by the intrepidity of this splendid American youth and rejoinder:
electrified by his miraculous achievement, rose spontaneously to decorate
When I was preparing to leave New York, I was warned that if we landed
him with the honors and praises which his single handed enterprise so richly at Le Bourget We might receive a rather demonstrative reception. After
merited. His historic accomplishment and the spirit of heroic modesty in having an hour of Le Bourget I did not believe that anyone in New York
which he has worn his laurels have been powerful influences in promoting had the slightest conception of what we did receive. Again, at Brussels
among European peoples a strong feeling of good will and sympathetic and at London. At London thirteen hundred of the pride of Scotland
appreciation for America and Americans.
Yard were lost in the crowd at Croydon as though they had beensdroPPed
On June 13 Capt. Lindbergh returns to the City of New York, the city in the middle of the ocean, with the exception of a few around the car and
from which he ascended on his triumphant flight. The officials of the around the plane, I never saw more than two at any one time.
York
At Washington I received a marvelous reception. But at New
city and its unanimous population are eager to welcome him with traditional
metropolitan sincerity and enthusiasm.
I believe that all four put together would be in about just the position of
I therefore proclaim June 13 1927, as a day of public celebration in the those London bobbies."
When I landed at Le Bourget I landed looking forward to the pleasure of
City of New York.I recommend that the schools of our city be closed
and the
on that day for the purpose of impressing on the minds of our chiliren seeing Europe and the British Isles. I learned to speak of Europe

Ambassador Herrick, who made the young man his protege
while he was in France, gave as follows his impressions of the
youth to the Associated Press in an interview on May 25:




3580

THE CHRONICLE

British Isles after I landed in London. I had been away from America a
little less than two days. I have been very interested in the things I saw
while passing over Southern England and France, and I was not in any
hurry to get back home.
By the time I had spent about a week in France and a short time in
Belgium and England,and had opened a few cables from the United States,
I found that I did not have much to say about how long I Would stay over
there. The Ambassador in London said that it was not an order to go back
home, but there would be a battleship waiting in a few days.
So Ileft Europe and the British Isles with the regret that I had been unable
to see Europe or the British Isles. When I started up the Potomac from the
Memphis I decided that I was not so sorry that I had taken the Ambassador's
advice. After spending about an hour in New York I know I am not.
In regard to aviation I would like to say just a few words; that is, not to
expect too rapid development. We are not going to have transatlantic
service in a few months. We will have it eventually; it Is inevitable, but
It will be after careful development and experimental research. We should
have it probably within five or ten years; but any attempt
to fly across the
Atlantic regularly without multimotors, without stations at intervals along
the route, and without a flying boat that can weather some storm would
be foolhardy. I want you to remember that aviation has developed on a
sound basis, and it will continue to develop on a sound basis.
I thank you.

[VOL. 124.

The Governor plans to tender the commission to Lindbergh himself
When the flier returns to St. Louis.
Prior to the new ranking Lindbergh was a Captain in the National Guard
and a Flight Commander in its air unit here.
He also holds the rank of Captain in the Army Air Service Reserve.

Since Col. Lindbergh's achievement, another non-stop
flight from New York to Europe (this time to Germany)
by aeroplane has also been accomplished; the participants in
this flight were Clarence D. Chamberlain and Charles A.
Levine. Their flight, after they had reached Germany, but
before making Berlin, was attended by the breaking of a
propeller, which forced their monoplane (the Columbia)
down twice before they alighted at Berlin on June 7 at
5:57 p. m. The plane left New York on June 4 at 6:06 a. m.
According to a Washington dispatch to the New York
"Times," the Geological Survey on June 6 computed the
air line great circle distance flown by Chamberlain and
Levine at 3,905 miles from Roosevelt Field to Eisleben, as
On Tuesday night, June 14, Col. Lindbergh was the guest compared with 3,610 miles flown by Capt. Charles
A. Lindof honor of the City of New York at a public banquet at the bergh from Roosevelt Field to Le Bourget.
The dispatch
Hotel Commodore, at which the speakers included Mayor also stated:
The mileage was measured at the request of Carl F. Schorey, Secretary
Walker, Governor Smith, Charles E. Hughes, and Dr. John
H. Finley. Col. Lindbergh also on that occasion responded. of the Contest Committee of the National Aeronautical Association.
Mr. Schorey said to-day that the mileage from point to point in direct
Bishop Dunn, of the Catholic Church, representing Cardinal flights was the basis
for determining the distance flown and did not include
Hayes, delivered the invocation, and Bishop Manning, of the flying in deviation from the straight-line distance.
The
distance
computed
by the Geological Survey was based on the arc
the Protestant Episcopal Church, pronounced the benedicof a great circle.
tion. On Wednesday, June 15, Col. Lindbergh was the
guest of the Merchants' Association and Chamber of Commerce at the Hotel Astor. On Thursday a celebration in Closing of New York Stock Exchange Incident to
Celebration in Honor of Colonel Charles A.
behalf of the returning airman took place in Brooklyn,
Lindbergh—Second Time Living Man Has
where a parade was staged in his honor, similar to the one
Been Thus Honored.
in New York on Mondays On Thursday evening at the
Hotel Brevoort, the $25,000 prize tendered by Raymond
Commenting on the closing on Monday, June 13 of the
Orteig for the New York to Paris flight, was awarded to New York Stock Exchange the New York "Times" of
Col. Lindbergh. In the volume containing messages of June 10, said:
For the second time in its history the New York Stock Exchange will
congratulations received at the State Department from
close its doors in honor of a living man when Charles A. Lindbergh arrives
foreign nations, which was presented a week ago to Col. in
New York City on Monday, the Board of Governor of the exchange
Lindbergh by Secretary Kellogg, the latter has written decided at a special meeting
yesterday. The only other occasion which
could be found in the records when the exchange closed in honor of a living
the following foreword:

man was on Saturday. Sept. 10 1919, the day General John J. Pershing N‘,.s
welcomed home on his return from France.
FOREWORD.
At 6:52 on the morning of Friday, May 20 1927,
Pronouncement on the floor of the exchange of the Governors' decision
Captain Charles A.
Lindbergh, 25-year old officer of the Missouri National Guard and airmail to close, which was made at 3:25 p. m., was followed by an uproar of cheers
pilot, who ten days previously had set a new long-distance
and shouts such has not been heard there since the false report on the
record by crossing the continent alone in his specially constructed single-engine
Ryan armistice was received on Nov.,7 1918. Brokers, page boys, telephone
operators, attendants and other habitues of the floor clapped each other
monoplane, "The Spirit of St. Louis," took off from Roosevelt
Fielk to
madly and joyfully on the back, ticker tape streamed up from various
attempt the flight from New York to Paris. He flew alone and
without
points on the floor and the air resounded with the name of Lindbergh for
wireless.
fully ten minutes after the announcement.
The tragic disappearance of Captains Ntmgesser and Coli
of France,
While there have been many closings of the Stock Exchange out of honor
Whose heroic but ill-fated endeavor to fly from Paris to New York had
to internationally known persons who have died and for many other unusual
aroused universal admiration and sorrow, was still fresh in
the minds of nelsons,
there cannot be found in the annals of the exchange any occasion
men, and Captain Lindbergh's effort was watched with mingled feelings of
where a living person was thus honored, except in the cases of General
deep anxiety and tense interest.
Pershing
and Colonel Lindbergh. Deaths of Kings, Presidents, Mayors of
Frequent news of his progress northward and eastward along the Atlantic
coast increased the excitement of his millions of well-wishers, and at 6:15 New York City, the World War armistice, fire, the eclipse of the sun,
on Friday evening he was reported over St. John's, Newfoundland, headed qummer heat, the staggering activity of some sessions, panics. Good
riTidays and other legal holidays have occasioned closings of the exchange,
for the ocean in the direction of Ireland.
That was the last bit of information concerning him for almost twelve in some instances for full days and in others for only parts of days.
hours, when word was received on Saturday morning that he had been
The action of the Exchange was noted in our issue of a
sighted by a steamer some 500 miles off the Irish coast. From then on the
reports became more frequent, and as he drew nearer his goal he was picked week ago, page 3452.
up and escorted by British and then French planes.
Ten hours later, at 10:21 p. m., Paris time, he made a perfect landing on
the flying field at Le Bourget, outside Parts, where a huge and enthusiastic Mississippi Floods Slowly Receding Homeless Number
throng had gathered to welcome him. He had covered the 3,600 miles
300,000 and Relief Organization Continues
between New York and Paris In 333-5 hours at an average speed of
10734
to Function.
miles per hour.
During the days which followed in Paris. Where he was the guest of the
Recession
of
floods
in the lower Mississippi Valley is
American Embassy, he was received by the French Government and people
with an enthusiasm and cordiality which has seldom been paralleled. For beginning to lighten the task of the relief organizations in
the first time in history the President of the French Republic personally the Delta States. The gradual subsidence of the water
,decorated an American citizen with the Cross of the Legion of Honor.
has caused the reappearance of thousands of acres of crop
On May 28 he flew to Brussels, where a similar welcome awaited him and
where King Albert bestowed upon him the Order of Chevalier of the Royal lands on which the farmers are endeavoring to make a crop.
Order of Leopold.
The flood difficulties, however, are not nearly over, as
Proceeding to England in his plane, he was greeted by immense crowds at
Croydon and was received by King George, Who presented him with the almost 300,000 victims of the inundation are still being cared
for in concentration camps or sustained in other places by
Royal Air Force Cross.
After returning to Paris once more to say farewell to the country where the Red
Cross. The indications are, moreover, that weeks
he had first landed from his flight, he left from Cherbourg on the U. S. S.
Memphis, which had been placed at his disposal by the American Govern- will elapse before the recession of the waters is completement, and upon his arrival in Washington he was officially received by over vast areas of the lower Mississippi Valley. The new
President Coolidge, who decorated him with the Distinguished Flying floods
from Illinois and Arkansas have now reached the lower
Cross.
Some mitall conception of the extent to *which Captain Lindbergh's valley and are adding greatly to the rehabilitation problem.
astonishing achievement and his remarkable poise in the moment of Owing to these fresh floods it now appears that some 300,000
triumph touched the imagination of all peoples may be gathered from the to
400,000 acres of cotton land, which it had been hoped
following official messages selected from the records of the Department of
would be in condition for a new crop this year, have been
State.
In reading this brief and necessarily incomplete compilation, future lost. Permanent relief has been delayed in some sections
generations may themselves sense something of the thrill which swept
by at least two weeks.
through the hearts of men and women when the word was flashed: "LindSecretary of Commerce Herbert Hoover, Chairman of the
bergh landed at Le Bourget at 10:21, Paris time."
FRANK B. KELLOGG.
Administration Relief Committee and in active charge of

Capt. Lindbergh's promotion to the rank of a colonel was the work, returned to Washington from the stricken area
noted as follows in Associated Press dispatches from Jefferson Wednesday. He expects to go back to the flood country
again in a week. In a press interview ,Secretary Hoover
City, Mo., June 6:
Charles A. Lindbergh is now a Colonel. Governor Sam A. Baker of discribed the working of the relief organization and the concommission,
effective
a
issued
May
21.
the
Lindbergh
day
Missouri to-day
landed in Paris on his transatlantic flight, naming him a Colonel in the structive efforts being made to enable the flood sufferers
to resume their normal activities. A report of the interview.
Missouri National Guard.




THE CHRONICLE

3581

white men had seen the country. Radisson and Grosilliers, pioneer French
by the correspondent of theNew York "Times", follows in explorers, were near Lake Superior in 1655 or 1656. Daniel Graysolon De
Luth held a great council with the Indians near the site of Duluth in
part:
The organization created to handle this great problem, said Mr. Hoover
thisafternoon, in every way meetsthe test asto character, business efficiency
and broadhumanity. There could not be a smoother working organization
and when the time comes, and it is about here, I am sure the work will be
accomplished in a fashion that will merit the praise of every person in the
country.
The vastness of the proposition cannot be minimized, for more than
600,000 people, the great majority farmers, have been rendered homeless and distitute and it is our purpose to get them back on their farms
and then assist them to start again in the battle for life."
The situation in Arkansas, said Mr. Hoover, is well in hand, and the
work of rehabilitation would have been well along except for the new
floods in the northern part of the State. A complete survey of Arkansas
Is now under way and within ten days the Arkansas plan Will be ready for
application.
In Louisiana, said Mr. Hoover, the situation continues grave, although
the crest of the flood has been lost in the Gulf. However, the recession
of waters has not been as speedy as expected and hundreds of thousands
of acres of farm lands and forests remain under water. The fertile basin
of the Atchafalaya, which includes the Evangeline parishes, is still for the
most a great lake, and it may be weeks before the Sugar Bowl victims are
returned to their homes.
Live Stock a Big Problem.
"Another phase of the problem." declared Mr. Hoover,"which is increasing instead of diminishing, Is that involving live stock. The animals have
eaten up practically all the pasturage and we have to supply forage and you
can readily appreciate what this means when I tell you that the number
of animals now depending on the Red Cross for food approximates 250,000."
"What of the disease situation." Mr. Hoover was asked.
"So far." he replied. "we have it under control, and we are organizing
a complete organization to handle this most important phase of the problem as soon as the waters recede. We will then begin a thirty-day clean
up in which we will oil the waters in the effort to kill the mosquitoes, which
by the way are greatly increasing, and stave off malaria. Every kind of
disinfectant will be used, every possible precaution taken, to ward off
pestilence."
A member of Mr. Hoover's party said that one of the problems he faces
Is to prevent demonstrations in his honor. Every little town wants to give
him a loving cup or some other token of affection. Down there in the flood
country everybody, rich and poor, white and black, call him "Chief" and
his word is law.

1679. Hennepin and La Salle were in this country about the same time,
and the latter went South, reaching the mouth of the Missippi in 1682.
Hudson sailed into Hudson Bay in 1610, and the Hudson Bay Oo. extended
their trading posts to the Northwest shortly after the fall of Quebec in
1759. Captain Robert Gray, of Boston, on May 11 1792, sailed over the
bar at the mouth of a great river, which he named Columbia after his ship.
Jonathan Carver, of Connecticut, came in 1786; Zebulon Pike went as far
north as Leech Lake at the request of Thomas Jefferson, and took possession of the Minnesota territory in the name of the United States, in 1805.
The marvelous expedition of Lewis and Clark left St. Louis on May 14
1804, and reached the mouth of the Columbia, Nov. 15 1805. It took them
542 days to make a trip that can now be made by rail in about 76 hours.
Fort St. Anthony was established in 1822—and the name changed to Fort
Snelling in 1824. On May 11 1858 Minnesota was admitted to the Union.
There were many struggles and battles with the Indians, and some
massacres by them, before the white man was in complete control. As
late as June 25 1876 was the famous Custer fight and massacre at the
Little Big Horn.
When one remembers that China has a civilisation some 6,000 years old,
the 19th century does not seem a very long period in which to transform
the wilderness of the great Northwest to the civilization which it maintains
to-day. In the last half of that century Carlton has contributed to the
development of this civilization.
Northern Pacific Railway.
The Northern Pacific was chartered in 1864 and the first shovel of dirt
was dug on Feb. 16 1870 one mile west of Carlton, Minn.
The Golden Spike, connecting the east and west parts of the road, was
driven at Gold Creek, 58 miles west of Helena, Mont, Sept. 8 1883—less
than fifty years ago. The building of the Northern Pacific began a new
era in the history of Minnesota and the Northwest, and the great develop.
ment of the last fifty years was due in a large measure to the building of
that road.
Harvard and Carleton.
I am greatly complimented to come back to Minnesota to receive an
honorary degree from this sound and helpful college, which is training
young people to do their part in the upbuilding of Minnesota and the great
empire of the West—and I appreciate very deeply the honor.
I graduated from Harvard in 1881 and at that time there were, in all
departments of that university, about 1,364 students; and 181 in the managing and teaching staff. There were 198 in any class receiving degrees,
not many more than received degrees to-day at Carleton.
was founded in 1636. Since then it has grown so that to-day
Howard Elliott, of Northern Pacific RailwayCo., on in Harvard
all departments there are about 10,000 students, and about 1,500 in the
Government Costs and Need of Trained Minds
administration boards and teaching staff.
Carleton was founded in 1866 and now has 858 students, and about 108
to Deal with Problem.
in its administration and teaching staff, and the graduating class to-day
the
education
in
training of Is 150. Carleton is to-day a vital factor in the life of Minnesota and of
The importance of a college
men and women to the end that they may be able to take the Northwest. An institution like this, wisely administered, as it is under
your fine President, Dr. Cowling, is of great value to the present and
an intelligent part in the affairs of Government was stressed future of the country.
Importance of Colleges.
by Howard Elliott, Chairman of the Board of the Northern
Harvard has grown in the last fifty years, and so will Carleton in the
Pacific Railway Co. in addressing the graduates of Carlefifty. Looking into the future, one can well foresee a great growth
ton College, at Northfield, Minn., on Commencement Day, nextthis
Northwest; a great growth and constantly increasing power for
in
June 13. As was indicated in our issue of a week ago (page usefulness of Carleton College. The great historic universities, like HarPrinceton and others in the East, fill a most important place
Yale,
3452), the degree of Doctor of Laws was conferred upon vard,
life of the East and of the nation. The colleges in the newer parts
Mr. Elliott. At this week's exercises of the college Mr. in the
of the country also are of great importance to the whole country, meeting
Elliott reminded the graduates that the country expects of as they do the educational needs of the growing population nearer to the
the college graduate "a higher standard of conduct in public homes of the students, and giving, as they should, good training and sound
views of life to a steady stream of young people going out each year into
and private life." "By accepting the gift of a higher educa- our
national citizenship.
tion from the country,' he said, "you assume a certain reSome Basic Habits.
sponsibility." "College training," he observed, "should open
The early and intrepid explorers of the Northwest, and those who later
new doors in a man's mind; should free him from preju- opened up the resources of the country by building railroads, had courage,
pluck, perseverence, self-denial and, above all, patience; patience to toil
dices which prevent human understanding; should arouse long
hours to overcome obstacles, to bear sufferings and hardships that
a high sense of devotion to the cause of promoting the wel- are little realized to-day. Habits that should not be weakened by the
fare of mankind; should induce a greater loyalty to the comfort and even luxury that surround the lives of the great majority;
and luxury resulting from the really marvelous developments that
nation and to the flag under which we all live." The rising comfort
have come from study and research and the ingenious use of the forces of
cost of State and municipal government and the increasing nature by educated and trained minds.
amounts collected in taxes were referred to by Mr. Elliott.
Changes in Fifty Years.
who noted that in the railroad business the tax burden is
There has been no half century in the history of mankind when there
felt keenly. "Since 1920," he said, "every ordinary item of have been so many amazing transformations. Fifty years ago it was still a
miracle that a man should sit at his desk and talk to some one by wire a
operating expense on the railroads has been reduced. Rail- thousand miles away; it was an even greater miracle that a man should
road taxes, however, have increased nearly 50% in the same talk to some one on the other side of the sea by radio-telephone. There
period." But even the enormous revenues from taxation, were no motor vehicles, and now there are some 22,000,000 in the United
States—more than there are telephones; no flying machines. When I
he said, are not sufficient "to meet expenditures demanded graduated one could not be entertained by the movies or by the radio, or
people
who do not realize the heavy burdens they are even by playing bridge, and there were only a limited number of magaby the
electricity.
placing upon themselves, their children and grandchildren ;" zines to read. Cooking was by wood and coal, not by oil, gas ordevelopment
Nature, not electricity, froze the ice for the ice boxes. The
he showed that to make up deficits, States and local Gov- of machinery, the use of electricity, and the economic use of water power
ernments have been borrowing on a steadily increasing and the steam engine were small compared with to-day. It is estimated
for the "average
scale, these borrowings in 1925 reaching $1,399,638,000. De- that only thirty years ago the power equipment available
man" in the United States was less than one horse power; to-day it is
claring extravagance to be "a marked trait of our national nearly 61
2 horse power. Steam pressures of 500 pounds to the square
/
life," affecting private as well as public expenditures, Mr. inch are not uncommon, and pressures of 1,200 and 1,500 pounds are being
unheard of a few years ago. The energy resources in
Elliott observed that "as citizens, as voters, as Government tried--something
the form of coal, oil, gas and water power, measure the limit of developofficials, it will be one of the important problems the col- ment and prosperity. The Northwest has an enormous amount of this
lege graduate must face." We quote herewith what he had undeveloped energy.
In this period occurred the greatest war in the history of mankind,
to say in full:
fought with new and terrible weapons. As a result, the map of the world
It is a privilege to be at Carleton College in beautiful Minnesota, the has changed; three great empires have fallen, and a half dozen new nations
gateway to the Northwest so important to the present and future welfare have been born in Europe. The United States, fabulously rich, has become
of the United States.
the creditor of half the world, ard a leader in industry and science.
I was fortunate enough to live for ten years in St. Paul, when I was
School and college life was very much simpler, but good hard training
President of the Northern Pacific, and to travel frequently through the was given and character developed.
country between the Twin Cities, Columbia River, Puget Sound and the
Obligation of the College Graduate.
Pacific. I am, therefore, somewhat familiar with that country, its reIn 1881 there was a different world from the one to-day; yet the oblisources and possibilities. I know something of its history—a history of
gations that rested upon the graduate in 1881 are similar to those that
the heroic efforts of French and American pioneers.
rest upon him now. John Marshall, the first Chief Justice of the Supreme
R01124 Early History.
Court, said of the Constitution of the United States, that constitutional
A century is not a long time in the life of a nation, but think how little principles did not change—but that the interpretation of these principles
the
in
Northwest one hundred years ago; then very few and their- application to conditions of life changed with each successive
there was here




3582

THE CHRONICLE

[VOL. 124.

generation and with the introduction of new ideas. The rules of life do government of the nation, State, county and city. In a democracy like the
not change, but their application must be adjusted to new modes of living, United States one of the important purposes of education must be to train
and they must be extended to cover a very complex civilization.
men for citizenship and government. In a democracy the people rule;
The college graduate faces problems to-day that are similar to those theirs is the power; theirs is the voice that commands—and a democratic
fifty years ago, only they have grown greater. The graduate is looking Government can be no better than its people.
John Bright, the English statesman, once said that he could stand on
out into the world and wondering what will happen. Some may have their
life work selected. Most must make their own choice and deal courageously the Strand, the busiest street in London, and take the first 500 people who
with such opportunities as are offered. I have never been much of a be- came along, put them in the British Parliament and have a successful
liever of the "round peg in a square hole" theory. In the majority of Government. Experience has shown that that statement was not sound.
cases, I believe, if a man has in him the elements of success and works The Government cannot be run wisely by any chance selection of inexpelong and hard, he will succeed in one field of human endeavor as well as rienced people. To mean well is not to govern well. The idea that any
In ahother. What is learned from books will be of value, not only for the man, however, untrained, can administer a nation's Government efficiently
knowledge gained, but because the mental training will help when new still lingers in the minds of many, and yet no business would choose its
conditions are met. What is learned of human nature •by association with employees that way. No college board would select a president and teaching staff in that way; no one would select a doctor or a lawyer on this
others will be of great use.
basis. To govern the United States and the various political subdivisions
Huxley and the Game of Life.
wisely and efficiently requires the highest degree of intelligence and
Graduates are now going to engage in the great game of life. which
training.
Thomas Henry Huxley describes as follows:
The country, therefore, has the right to look to the graduates of Carle"It is a very plain and elementary truth that the life, the fortune, and
ton, and to the 600,000 college men and women everywhere, to so train
the happiness of every one of us, and, more or less, of those who are conthemselves that they can take an intelligent part in political affairs.
nected with us, do depend upon our knowing something of the rules of a
game infinitely more difficult and complicated than chess. It is a game
Expenses of Government—Taxes.
which has been played for untold ages, every man or women of us being one
There is spent in this country for governmental purposes about $11,000,of the two players in a game of his or her own. The chess-board is the 000„000 a year. The administration of Federal, State, county and municworld; the pieces are the phenomena of the universe, the rules of the ipal Governments has become a vast business with huge expenditures.
game are what we call the laws of Nature. The player on the other side is Trained minds are needed in dealing with this problem, giving sound judghidden from us. We know that his play is always fair, just and patient. ment and advice so that the people's money may be spent wisely and not
But also we know, to our cost, that he never overlooks a mistake, or makes foolishly and extravagantly.
the smallest allowance for ignorance. To the man who plays well, the
In 1913 the Federal Government spent $692,000,000; in 1919, just after
highest stakes are paid, with that sort of overflowing generosity with which the war, this sum was $11,333,000,000, which, of course, included a large
the strong shows delight in strength. And one who plays ill is check- amount of war expenses. This gradually decreased and in 1924 the Federal
mated—without haste, but without remorse."
expenditure was $3,049,000,000, which, however, still included some exIn this great game each must play a part and, in, the next fifty years penditures as a result of the war. To-day the annual expenditure is a
more attention must be paid than ever before to some of the great unset- little over that figure, and still more than four times what it was before
tled human questions that affect the lives of all.
the war.
The value of a college training to this game of life will be measured by
But while the cost of the Federal Government has fallen since the war,
the success that graduates achieve in handling the problems of their time. the cost of State and municipal Government has been rising. It was
The complications of modern life, the luxuriousness of it, and the conse- $2,227,000,000 in 1913 and $4,197,000,000 right after the war. In 1925
quent increase in the cost of living, are forcing the country to analyze care- it was $7,400,000,000. Where does all this money come from? Part of
fully the whole subject of higher education. There is such a demand upon it comes from taxation; part is borrowed. The earnest effort of the Fedthe colleges and universities, that more and more must the country consider eral Government to curtail expenditures has brought about a decline in
whether the applicant for higher education is capable of taking full ad- Federal taxation of 36% since 1919—but in the same period, State and
vantage of the opportunities offered. The country cannot afford to waste local taxation has increased 72%. State and local Governments collected
brains, time, energy and money upon those who misuse their brains, time $2,965,000,000 for taxes in 1919, and the Federal Government $5,069,000,and energy while they are in college. Hence, there is a growing tendency 000. In 1925, State and local Governments collected $5,100,000,000 and
for more severe entrance requirements, both mental and physical; a ten- the Federal Government $3,225,000,000. The savings by the national Govdency to limitation of numbers; a tendency to drop students out of college ernment have been offset by increased expenditures by the smaller political
who appear unwilling or unable to make wise use of their opportunities; units.
all this, so that so far as practicable the best men and women will be
In the railroad business the tax burden is felt keenly. Since 1920 every
trained for the use of the nation.
ordinary item of operating expense on the railroads has been reduced.
Importance and Cost of Colleges.
Railroad taxes, however, have increased nearly 50% in the same period.
There are some who doubt the wisdom of a college education for so In other words, every item of expense over which railroad management
has
control has been out down during the past five years, while taxes, over
many, and they raise the question as to whether it is best for the country.
I am not one of those, but the results of higher education must be bal- which railroad management has no control, have increased by leaps and
anced against the effort and cost. One of the important questions before bounds.
In each of the years since 1922 the taxes paid by the railroads have averthe country in that of educational finance and administration, with the
purpose of improving the quality of the training and at the same time aged about $350,000,000 annually and in 1926 were more than $389,000,000.
Because of the tax drain on railroad revenue it has been difficult for
reducing the expense.
There are to-day over 600,000 undergraduates in colleges and universities the railroads to secure new capital which a transportation system constantly
in the United States, exclusive of professional schools. In 1880 there were requires.
And this tax burden has been particularly hard upon the farmer and
about 30,000 and only one in one hundred youths went to college, while
to-day it is one in twelve. The college population has doubled, even in the merchant doing a small business.
the short period since the World War.
Taxes and Loans..
These 600,000 young men and women, supposedly the best in the land,
But even these enormous revenues from taxation are not sufficient to
are taken from the ordinary work of the world and supported in a pleasant meet expenditures demanded by the
people who do not realize the heavy
academic atmosphere. During that time the work required of them is not burdens they are placing upon themselves, their
children and grandchilvery arduous. Here in Carleton, for example, the average time for class- dren. The Federal Government has
kept its expenditures and its tax reroom and athletic work is perhaps nineteen hours a week. If an hour's ceipts fairly well balanced; but in 1925 the
disbursements of State and
reading and study is added for every classroom hour, this makes a working local Governments exceeded the tax
revenues by $2,300,000,000. To make
week of about thirty-eight hours. It must be admitted that this is not an up deficits State and local Governments have
been borrowing on a steadily
arduous task for young people in fair physical condition, and it must be increasing scale. In 1925 they
borrowed $1,399,638,000. This money
remembered that this only lasts for nine months, with several recesses was spent as follows:
and vacations. The college year consists of approximately thirty-four
Roads, streets and bridges
$392,675,628
weeks of thirty-eight hours each, or 1,202 hours out of the 8,760 hours of
Schools and school buildings
823,920,740
a year—or about one-seventh of the time.
General improvements
191,611,630
A recent article in the "Atlantic Monthly" gives interesting figures
Sewers and drainage
130,485,755
about the cost of a college education. It states that the average cost to the
Water supply
117,262,869
parent of sending a student through college is $1,500 a year. For 600,General buildings and firs prevention
58,218,293
000 students this means $900,000,000 a year. It seems as if this is too
Refunding previous debt
47,544,926
high because it is well known that a great many students do not spend
M iscella peons
137,918,151
$1,500 a year—but, in any event, the aggregate cost is large. It may also
be said that tuition, roan, board and expenses incident to college life, that
Total
$1,399,637,992
are paid by the student, do not represent the total cost of his college
All this expenditure may be worth while. But whether the money is
years. The writer of the article estimates that about $2,000,000,000 is a
fair estimate of the annual cost of college education to this country. This wisely spent depends upon the active interest and knowledge of the citilarge sum means that the country is spending more than $100 per week for zens who are responsible for the expenditure.
It must be admitted that some increase in State and local expenditures
putting these 600,000 young people through college. Some think the results of the college training do not justify the expenditure of all this since the war was to be expected if civic improvements were to keep pace
money. The United States, however, is a very large and rich country, with the high American standard of living. Federal appropriations were
and should not be unduly disturbed in the expenditure—which is about certain to decrease from the abnormal war figures, but State, county and
one-seventh of the annual motor vehicle bill. I, for one, think the expen- municipal expenses would not show a similar decrease because of the dediture is justified, provided the college graduate proves that the $100 a mands of a growing population for better school and municipal buildings,
better roads for motor vehicles, and the higher costs of construction.
week has not been wasted.
The Treasury Department reports that 3,954,000 persons filed income Even so, however, the State and local expenditures have been disproportionately
large.
tax returns for 1925; 80% of them, or approximately 3,150,000, had inThe menacing thing about all these borrowings is that each one inevitably
comes of less than $5,000 a year. A parent having only $5,000 a year
must think carefully whether he can spend $1,500, or even less, a year on adds to the tax burden. The interest and ultimately the principal must
his son's or daughter's college education. He cannot afford to divert that be paid back through tax receipts. The Treasury Department has succeeded
much of his annual income unless he is certain that the training received in reducing the Federal debt from 26342 billion dollars in 1919 to about 19
by the young person will make of him or her a better individual and citi- billion. to-day. Bat a 102% increase in the'borrowings of State and local
zen. This emphasizes the importance of making sure that college expen- Governments increased the total public debt of all forms of Government
in this country to a higher figure than the war debt at its peak in 1919.
ditures and college methods are on the soundest possible basis.
The taxpayer finds that the burden which the Federal Government takes
Why Go to College?
off his shoulders is replaced by the State and local administrations.
Why are young people sent to college? Not merely to enjoy four years in
Extravagance.
pleasant surroundings; not merely to learn to read the Odyssey in the
I have dwelt at some length upon this topic because extravagance is a
original Greek, or the Aeneid in the original Latin; not for a scholarship
that will be an instrusnent of abstract investigation only. They go to marked trait of our national life. It affects private as well as public exobtain a scholarship that will be an instrument for better life and living; penditures. As citizens, as voters, as Government officials, it will be one
for a training that will ultimately make them better able to do their part of the important problems the college graduate must face. Ile must speak
with the fearlessness of the educated mind on propositions that have to do
of the work of the world.
The country that provides the money expended on higher education has with the welfare of the people. lie must choose wisely, and help others to
a right to ask that the college graduate take an intelligent part in the choose wisely, the legislators who make the laws.




JUNE 18 1927.]

' THE CHRONICLE

3583

One real trend of railway returns. The rate of return on property investment
I spoke earlier about the importance of self-denial and patience.
themselves
for the five years ending with the month of April 1927 has averaged 4.54%.
deny
to
want
not
do
people
that
is
high
reason taxes are so
are imanything. They want the best of everything in every community,
Eastern District.
themselves and their
in 1927
patient and want it right away, regardless of cost to
Class 1 railroads in the Eastern District for the first four months
annual
neighbors.
net railway operating income of$161,473,601. which was at the
a
had
Business.
and
Training
College
the same
rate of return of 5.71% on their property investment. For
contriintelligent
an
make
must
If it is true that the college graduate
their net railway operating income was $153,986,370, or
must period In 1926 property investment. Gross operating revenues of the
bution to the nation's Government, it is equally true that his career
5.60% on their
make a contribution to the nation's business.
Class 1 railroads for the first four months in 1927 totaled $1,007,948,784.
Many fine men have not had college training, but the reason for having an increase of 1.9% over the corresponding period the year before, while
work
better
do
will
who
colleges is to produce even better men and women
operating expenses totaled $773,689,056. an increase of nine-tenths of 1%
for the nation. Unless this is the result, the time, energy and money over the same period in 1926.
be
better
might
college
in
people
young
training
and
educating
to
devoted
Class 1 railroads in the Eastern District for the month of April had a net
devoted to some other national purpose.
operating income of $44,645,409 compared with $44,928.363 in
railway
country
The
given.
Much is expected from those to whom much has been
April 1926.
not.
or
college
to
goes
he
whether
man
Southern District.
requires the loyal service of every
But from the college man the country requires snore than the average. It
Class 1 railroads in the Southern District for the first four months in
is expected of you, as college men, that you should make a contribution 1927 had a net railway operating income of $48,323.101, which was at
above the average in carrying on the Government, and that you should be the annual rate of return of 4.67% on their property investment. For the
leaders in the business or professional life of your community.
same period in 1926 their net railway operating income amounted to $56,It is probably true that the average boy will be able to make enough 229,628, which was at the annual rate of return of 5.72%. Gross operating
money for his own support, and eventually be the support of his family. revenues of the Class 1 railroads in the Southern District for the first four
He is not sent to college for the sole purpose of increasing 'enough money" months in 1927 amounted to $279,732,895, a decrease of 7.3% under the
into a fortune. This is a very rich nation; its wealth in 1925 was $380,- same period the year before, while operating expenses totaled $210,680.396,
000,000,000. Vast sums are spent for what a few years ago were consid- a decrease of 45%.
ered luxuries. You naturally want your share, but the winning of riches
The net railway operating income of the Class 1 railroads in the Souththe same month In
does not always mean a happy and useful life.
ern District in April amounted to 812,477.961, while in
The value of the individual to his country should not be measured by 1926 it was $12.031,018.
look
to
to
gradthe
right
material possessions alone, and the country has a
Western District.
uate to give service to the community beyond that of making a profit. In
Class I railroads in the Western District for the f:rst four months in 1927
what manner can you in your life best contribute to society as a whole?
bleb was at the annual
The country has a right to ask that question, and the educated man or had a net railway operating income of $90,167.509. u
For the first four
rate of return of 3.44% on their T rorerty investment.
woman should be in a position to answer it.
operating
The country expects, therefore, of the college graduate a higher stand- months in 1926 the railroads in that district had a net railway
of return of 3.48%
ard of conduct in public and private life. By accepting the gift of a income of 689,634,539. which was at the annual rate
of the Class 1
higher education from the country, you assume a certain responsibility. on their property investment. Gross operating revenues
this year amounted
In so far as Carleton has improved and enriched your lives, there is a duty railroads in the Western District for the first four months
while
upon you to improve and enrich the lives of others. College training should to $698,064,659, an increase of 2.1% over the same period last year,
open new doors in a man's mind; should free him from prejudices which operating expenses totaled $544,884,123, an increase of 1.7% compared
prevent human understanding; should arouse a high sense of devotion to the with the first four months the year before.
For the month of A ril, the net railway oTTerating Income of the Class /
cause of promoting the welfare of mankind; should induce a greater loyrailroads in the Western District amounted to $16.563.878. The net railalty to the nation and to the flag under which we all live.
Because the colleges are teaching these principles to their sons, I be- way operating income of the same roads in AT nil 1926 totaled 818,922,327.
lieve that this education is worth while. I come from a university which
CLASS 1 RAILROADS—UNITED STATES.
1926.
in point of numbers is larger than Carleton; but the smaller colleges are
1927.
Month of April.—
8500.489,191
$498.427,865
making very important contributions to the nation's leadship.
Total operating revenues
385,783,021
384.667.987
with
to-day,
you
a degree Total operating expenses
It is to be a very great honor to be receiving,
30.388.166
30,390,190
from Carleton. We are both finishing a part of our education, but we Taxes
75,881.708
73,617,248
Net railway operating income
it.
completed
77.08%
us
of
77.18%
neither
have
Operating ratio
4.61%
4.36%
Rate of return on property investment
30—
April
Ended
Months
Four
81.985,746,338 $1,974.741,994
revenues
operating
Total
for
Lower
Investment
April
Capital
on
Return
Railroad
1.523,204.210
1,529,253.575
Total operating expenses
118 534,537
119,481.917
and the Four Months.
Taxes
299.850,537
299,964.211
Net railway operating income
77.13%
77.01%
operating
railway
of
ratio
net
income
Operating
Class 1 railroads had a
4.75%
4.63%
Rate of return on property investment_ _ _ _

$73,627,248, which for that month was at the annual rate of
return of 4.36% on their property investment, according to
reports filed by the carriers with the Bureau of Railway
Economics. In April 1926 their net railway operating income
was $75,881,708, or 4.61% on their property investment.
Property investment is the value of road and equipment as
shown by the books of the railways, including materials,
supplies and cash. The net railway operating income is
what is left after the payment of operating expenses, taxes
and equipment rentals but before interest and other fixed
charges are paid. This compilation as to earnings in April is
based on reports from 183 Class 1 railroads, representing a
total mileage of 238,187 miles. In detail the results are given
as follows:

ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The membership of Samuel L. Goldsmith in the New
York Curb Exchange has been sold to Harold W. McEvoy
for a consideration of $32,000, a decrease of $1,000 from the
last previous sale of a seat.
--•-A membership in the Board of Trade, Chicago, was
reported sold this week for $7,700, an increase of $200 over
the last preceding sale.

The National City of New York celebrated on June 16
the 115th anniversary of its establishment. Organized in
1812 when the expiration of the charter of the first bank of
Gross operating revenues for the month of April amounted to $498,427,United States had created a need for new banking facilthe
a
or
April
1926,
in
decrease
of
with
$500,489,191
compared
four-tenths
865
City Bank. or the City of New
of 1%. Operating expenses in April totaled $384,667,987 compared with ities in the city, the National
$385,783,031 lathe same month in 1926,or a decrease of three-tenths of 1%. York as it was then known, started business with a capital
in
taxes. This brought the
Class 1 railroads in April paid $30,390,190
$800,000. Its capital at present stands at $75,000,000,
total tax bill of the Class 1 railroads for the first four months of 1927 to of
$119,481,917, an increase of $947,380 or eight-tenths of 1% above the the comparison supplying a measure of its growth. The
corresponding period in 1926.
National City Bank to-day is the largest banking institution
Thirty-four Class 1 railroads operated at a loss in April, of which fourthe United States. From the standpoint of capital,
in
the
in
three
Southern
District,
and
the
17
Eastern
in the
teen were in
Western Western District.
surplus and undivided profits, now aggregating $141,382,236,
Class 1 railroads for the first four months in 1927 had a net railway ow,"
it ranks at the forefront of the greatest banking institutions
sting income amounting to $299,964,211, which was at the annual rate of
Bank,
During
investment.
the
property
corresponding of the world. Total resources of the National City
return of 4.63% on their
period of the preceding year,their net railway operating income amounted as of March 23, 1927 the date of the latest statement of conto $299.850,537, or 4.75% on their property investment.
were reported at $1,477,747,281, its deposits at $1,Gross operating revenues for the first four months in 1927 amounted to dition,
during
From the date of its organization, the National
the
$1,974.741,994
139,184,897.
corresponding
$1,985.746,338 compared with
period in 1926, or an increase of six-tenths of 1%. Operating expenses for City Bank found its services in demand and during the next
the first four months period of 1927 totaled $1,529.253,575 compared with
played an active part in the development of trade
$1,523,204,210 during the corresponding period the year before or an in- century
and industry and in assisting the Government's financial
crease of four-tenths of 1%•
Net railway operating income by districts for the first four months, with operations of that period. But the growth of the bank as an
the percentage of return based on property investment on an annual basis,
institution of international scope and influence has been most
follows:
$12,239,878
5.76% rapid during the last twenty-five years.
New England Region
52,508,226
5.05%
Great Lakes Region
70.115.599
Through its subsidiary, the International Banking Corpora5.51%
Central Eastern Region
26,609,898
8.77%
Pocahontas Region
tion, the National City Bank started building a foreign or$161,473,601
5.71% ganization as early as 1902. Later, under the authority of
Total Eastern District
$48,323,101
District
Southern
4.67%
Total
the Federal Reserve Act, the bank adopted a policy of
important foreign
814.299,849
1.82% establishing its own branches in the more
Northwestern Region
49.917,922
early this
4.08%
absorption
Central Western Region
the
following
present,
At
centers.
25,949,738
4.25%
Southwestern Region
CorpBanking
International
the
of
branches
year of the major
890.167.509
3.44%
Total Western District
the bank has 104 branches located in the commercial
oration,
8299,964,211
sup4.63%
United States
and financial cente s of twenty-three foreign countries,
Because of the fact that railway business and earnings fluctuate from year
world.
the
throughout
ts
00 corresponden
to year, only the showing of results over a period of years can indicate the plemented by 4,




3584

THE CHRONICLE

In Greater New York, the National City Bank under the
presidency of Charles E. Mitchell has undertaken a program
of branch bank developmentand it now has 18 branches
in Manhattan and Brooklyn. Collateral with the development of the bank in recent years has been the growth of the
National City Company, its investment affiliate. With
more than fifty offices in the principal centers of the United
States and Canada and with a private telegraph system
embracing 11,000 miles of wire, the National City Company
now maintains the largest investment distributing organization in the world.

[voL. 124.

Harry S. Black, Chairman of the board of directors of
the United States Realty & Improvement Co., was elected a
member of the board of directors of the National City Bank
of New York at a meeting of the board on June 13. In addition to the United States Realty & Improvement Co., Mr,
Black is a director of many corporations, some of the more
important being Missouri Kansas & Texas Railroad, George
A. Fuller Co., Broad Exchange, Savoy-Plaza, Plaza Operating Co. and the Alliance Realty. The Executive Committee
of the National City Bank of New York this week appointed
Frank J. Holleran an Assistant Cashier.

The New York Chapter, Inc., of the American Institute
At a meeting of the board of directors of the Bank of New
of Banking, announces its removal on June 20, from 15 York & Trust Co. of New York, held this week, John A. Van
West 37th Street to the Graybar Building, Grand Central Zelm was appointed an Assistant Secretary. Mr. Van Zelm
has been associated with the trust comppany since October
Terminal, 420 Lexington Avenue.
1917.
The National Park Bank of this city was authorized on
On June 8 William F. Fitzsimmons was elected President
June 15 to establish two new offices in Manhattan, one to
be located in the new building of the Central Savings Bank of the Pennsylvania Exchange Bank of this city. Mr. Fitzat Broadway and 74th Street and the other in the New simmons had previously been President of the American
York Life Insurance Co. Building at Madison Ave and Union Bank, also of this city. The stockholders of the
26th Street. With the opening of these new offices the Pennsylvania Exchange Bank at a special meeting held
bank shall have four branches in Manhattan as it already June 2 1927 voted to increase the capital stock from $500,000
has branch offices at Park Ave. and 46th St. and 7th Ave. to $750,000.
and 32d St.
What is said to be the highest electric sign in the world,
The Chemical National Bank opened a new mid-town on top of the Manufacturers Trust Co. Building at Columbranch on Wednesday, June 15, at Fifth Avenue and 54th bus Circle, 344 feet from the level of the sidewalk, flashed
Street, opposite the University Club and the new Aeolian the following message in honor of Colonel Lindbergh, during
Building. The branch occupies the entire ground floor of the entire week of his reception in New York:
the new Professional Building. This is the fourth branch
WELCOME HOME, COLONEL LINDBERGH—CONQUEROR OF THE
ATLANTIC—MAKER OF HISTORY—MAN OF THE HOUR
of the Chemical Bank and the second one to be opened this
MANUFACTURERS TRUST COMPANY JOINS IN ENTHUSIASTIC
year. A few weeks ago the bank opened its Times Square
ACCLAIM OF A LAD WHO TYPIFIES THE SPIRIT OF
office in the Paramount Building at Broadway and 44th
AMERICA—ALL HAIL, LINDBERGH!
It is stated that the Manufacturers Trust Co., which opStreet. The new branch at Fifth Avenue and 54th Street
will be in charge of C. D. Duncan, who prior to going with erates this sign, has steadfastly declined to permit the use
the Chemical Bank was Vice-President of the Peoples Na- of this moving letter sign for any other purpose than advertional Bank, Montclair, N. J. Associated with him are H. tising the services of the bank, in spite of numerous requests
Griffith Parker and Herbert R. Chapman as Assistant Man- from civic and charitable quarters, but is making this excepagers. Mr. Parker was formerly a national bank examiner tion in order to aid generally in the unstinting enthusiastic
and Mr. Chapman has been with the Chemical Bank since greeting to Colonel Lindbergh.
he entered the banking business. Others on the staff are:
A special meeting of stockholders of the Interstate Trust
W. J. Driscoll, W. B. Hardick, J. H. Marsh, J. D. Sloane,
Co. of this city has been called for June 30 for the purpose
Garrard Sanderson. W. Emlen Roosevelt, for many years a
of voting on the proposed acquisition of the Franklin Nadirector of the Chemical Bank, will be Chairman of the
tional Bank, which, as noted in our issue of June 4, page
Advisory Board of this branch. The Roosevelt name has
3305, will be merged with Interstate. Under the terms of
been identified with the bank since its earliest days along
the merger, the Interstate Trust will offer one share of its
with many other prominent old New York families. The
capital stock for each share of Franklin National outstandbank will offer all the services of its different departments
ing. It is stated that the consolidation of the two instituin its new branch, including a compound interest departtions is virtually assured, as a majority of the stockholder
s
ment. The Chemical Bank celebrates this year its 103d
of each institution are understood to be in favor
of the
anniversary, having opened for business on Aug. 2 1824. It
merger. Approval of the plan will give Interstate a
branch
Is the outgrowth of the old Chemical Manufacturing Co.
in the important mercantile districts in the
neighborhood
During its career the bank's stock has sold as high as $5,000
of Franklin and Hudson,streets.
per share. That was when the capital was $300,000. In
1907 it declared a 900% stock dividend. In January of this
At a meeting of the board of directors of the First
Nayear it declared a $500,000 stock dividend. Its surplus and tional Bank of Mount Vernon, N. Y.,
held June 13, the reguundivided profits total $19,000,000. When the Chemical lar quarterly dividend was increased
from 3% to 5%, payBank first opened its doors "far uptown" on Broadway, at able July 1 1927 to stockholder
s of record June 14.
216 Broadway, opposite St. Paul's Church, it was thought
•
A charter was issued on Julie 6 by the Comptroller of the
to be far out in the commercial and residential section and
too far away from Wall Street. At that time the present Currency to the Frontier National Bank of Buffalo, N. Y.,
location of its new branch at Fifth Avenue and 54th Street and on June 11 the bank opened in temporary offices at
677 Michigan Ave. The institution has a capital of $200,000
was the heart of a fine farming and agricultural section.
and a surplus of $50,000. The names of the officers of the
" Officials of the Equitable Trust Co. of New York on Mon- bank were given in our issue of April 16, page 2233. •
day afternoon held an impromptu banquet on the rough
The First National Bank a Jersey City this week opened
concrete and board floor of the 31st floor of the new EquitIts
Hudson City Branch, located at 286 Central Avenue and
able Trust Building, now in course of construction, thus
signalizing the advent of another exclusive luncheon club Hutton Street. This is the first of two branches with which
the bank will augment its service in Greater Jersey
City.
in the financial district. President Arthur W. Loasby and
Kelley Graham, President, in explaining several features
of
Vice-Presidents Lyman Rhoades, Herman Cook and Samuel
the special service which the new office of the
Armstrong took a steep climb among the girders of the new
First NaEquitable Trust Building, accompanied by other officials of tional Bank will inaugurate, said:
For the convenience of merchants of this
we will have a day
the Equitable Trust Co. and dined al fresco in the skeleton and night depositors' service for merchants. district,
This will enable our clients
to
make deposits as long after regular banking hours as they
banquet hall of what is to be known as the Broad Street
like. A strong
money
provided with lock and key, will be furnished to those who wish
Club. Others among the diners were Arthur DeBebian, to takebag,
advantage of this service. There will be a patented, burglar-proof
John Y. Robbins, Russell Racey, William J. McNicol, H. R. revolving door leading into a safe in the bank, in which these
deposits may
Harrison, Arthur Gammell and Walter Bloor. From their be placed. Another feature will be our method of paying interest on thrift
accounts. Deposits made in our Compound Interest
Department
uncomplete
on or
the
on
point
floor
31st
d
of Wall Street's before the 5th of each
vantage
month will draw interest from the let of the month.
latest addition to the skyscraper group the diners had a Safe deposit facilities in this branch may be considered to be
among the
long range view of Colonel Lindbergh as he steamed up New finest available.
Norman
Dixon,
Assistant
Vice-P
resident in charge of the
York Harbor.
new branch, stated that an advisory board composed of




JUNE 18 1927.]

THE CHRONICLE

leading business men of the Hudson City District, will
assist in forming the policies of the bank. Among the members of this board are: Charles H. Blohm, Henry Grossmann, Carl G. A. Schumann and Henry Christensen. The
First National Bank of Jersey City, which has been established as a leading bank of New Jersey for over 63 years,
has a capital of $1,000,000; surplus, $1,500,000; undivided
profits approximating $150,000 and total resources in excess of $20,000,000.

3585

Revenue at Cincinnati, is one of the incorporators of the
new institution, and associated with him are Fred W.
Schwenck, William E. Barber, J. C. Grunkemeyer, Thomas
L. Tallentire, and Robert W. LeBlond. It was furthermore
stated that the new bank will be ready for business as soon
as the legal formaltities of incorporation are completed.
The Northside Bank & Trust Co. of Cincinnati (Cumminsville) is increasing its capital from $100,000 to $150,000,
according to the Cincinnati "Enquirer" of June 11. The
new stock, 1,000 shares at the par value of $50 a share, is
being offered to stockholders at $75 a share in the ratio of
one share of new stock for each two shares now held. This
will add $25,000 to the bank's surplus, which, it is understood, now stands at $125,000.

The newly organized Prosp- ect Trust Co. of Maplewood,
N. J., opened for business on May 23 at Springfield Avenue
and Prospect Street. The institution has a capital of $100,000 and a surplus of $50,000. Its officers are: President,
Harry C. Thompson; Vice-Presidents, Thomas L. R. Crooks,
John W. Heller and John A. Kreitler; Secretary and TreasStockholders of the Pearl-Market Bank & Trust Co. of
urer, Walter G. Seymour; Assistant Secretary and Treasurer, Samuel M. Lightholder. The organization of the trust Cincinnati (formerly the Pearl-Market Bank) on June 14
company was noted in our issue of Dec. 18 1926, page 3140. authorized the proposed increase in the capital stock of the
institution from $400,000 to $500,000, referred to n our issue
the Philadelphia "Ledger" stated of June 11, page 3455, according to the Cincinnati"Enquirer"
In its issue of June 9that a new trust company, chartered as the Equitable Trust on June 15, which continuing said:
Each stockholder of record as of July 1 is to be permitted to subscribe
Co., and intending to open offices at Broad and Locust
share for every four shares then owned. All subscriptions must be
streets, Philadelphia, had been enjoined on June 8 under to one the
stock paid for on or before July 15.
in and
a decision handed down by Judge Monaghan in the Court of
As of June 2, the First National Bank of Springfield,
Common Pleas No. 5, from the use of that title, the complainant against the new bank being the CoIntinental- Ohio (capital $400,000), and the Farmers' National Bank
Equitable Title & Trust Co. of Philadelphia. The court held of that city (capital $200,000) were consolidated under the
that the latter company had a legal right to the name as title of the First National Bank & Trust Co. of Springfield,
the successor to the Equitable Trust Co. Continuing, the with capital of $800,000.
"Ledger" said:
The First National Bank of Sheridan, Ind., capitalized
The old Equitable was taken over by the Continental Trust Co. in 1912
and the consolidated company from that time became known as the Con- at $75,000, went into voluntary liquidation on May 16 1927,
tinental-Equitable Title & Trust Co., the business of the Equitable Co. and has been succeeded by the Sheridan National Bank.
being transferred from its old office at Broad Street and South Penn
Square to the banking houses on 12th Street above Chestnut.
Judge Monaghan holds that for a new company to assume the name
"Equitable Trust Co." would cause confusion in the public mind as to the
identity of the Continental-Equitable, and would be likely to injure the
old concern by diverting business from it which otherwise it would receive.
There would also be confusion in the delivery of mail and other communications, the court holds.
Counsel for the Continental-Equitable is directed to draw a decree in
conformity with the court's findings enjoining the use of the title "Equitable." The costs are placed on the defendant. The defendant has the
right to file exceptions to the court's findings within ten days.

The First Wisconsin Trust Co. of Milwaukee has moved
from the Trust Company Building to its new quarters in the
First Wisconsin National Bank Building. The First Wisconsin Trust Co. is the result of the consolidation, in 1919,
of the First Trust Co. and the Wisconsin Trust Co. The
latter had been located in the Pabst Building since its organization in 1903 by Oliver C. Fuller. Mr. Fuller became
President of the new organization, and remained in active
charge until his retirement in January 1927. He was suc- ceeded by H. 0, Seymour as President. Walter Kasten is
Henry W. Breyer, Jr., was elected a director of the Liberty
Title & Trust Co. of Philadelphia on June 9.
Chairman of the Board. It is planned that later the quarters in the Trust Co. building will be remodeled for the
Bank
National
of
Union
the
to
A charter was issued
the securities unit of the group.
Kensington Pa. (conversion of the Peoples State First Wisconsin Co.,
New Kensington,
of the Currency on June 3.
Bank) by the
The First National Bank o- f Crawford, Neb., capitalized
The application for the conversion was noted in our issue of at $50,000, was placed in voluntary liquidation on March
April 23, page 2385. Details regarding the change are 26 1927 and has been succeeded by the Crawford State
furnished to us as follows:
Bank.
The capital stock of the Peoples State Bank being 550,000, it was first
necessary to increase the capital to $100,000. This was completed, and
the capital of the Union National Dank of New Kensington consists of
2,000 shares, par value $50 per share, amounting to $100,000. with a
surplus of $30,000, and undivided profits of approximately $10,000.
The authority for conversion was granted at a special meeting of the
stockholders, which was held on May 26 1927, and the charter for the
Union National Bank was granted on June 3 1927.
The Union National Dank commenced business on Saturday June 4 1927
and total resources at the close of the first day's business (Saturday being
a half holiday) were $462,000. The officers of the Union National Dank
are: E. B. Rowe, President; Dr. P. A. Brown, Vice-President, and W. K.
Cooper, Cashier. These, together with the board of 11 directors are
continued in office by authority of the shareholders of the Peoples State
Bank, voting in favor of the conversion thereof.

The St. Louis "Globe-Demo-crat" of June 7 stated that a
2% will be paid to depositors of the
1
final dividend of 5/
defunct Night & Day Bank of that city, which closed its
doors in January 1922, bringing the total payments up to
671,4%, as shown by a report filed the previous day
(June 6) in the Circuit Court by State Finance Commisstoner Cantley. The filing of the report, it was said, marks
the finish of liquidation of the bank and leaves only the
distribution of a final $143,758.04 among the depositors
and creditors. Heretofore the Finance Commissioner has
• dividends aggregating 62% of the allowed claims,
The proposed consolidation of the National Bank of paid
totaled $2,573,650. In continuing, the paper menwhich
Tarentum, Tarentum, Pa. and the Safe Deposit Bank &
said:
tioned
Trust Co. of that place, to which reference was made in our
The report filed yesterday (June 6) disclosed the bank had claims against
issue of March 5 1927, page 1309, was consummated on debtors aggregating approximately $312,000 which have to be charged off
June 9. The resulting institution, the First National Rank as uncollectible. The largest of these claims was for $223,231 against the
Southern Motor Co. There is another item of $29,000 against the Midwest
& Trust Co. of Tarentum, is capitalized at $200,000.
Tire Co., which is now out of business.
All other property of the bank has been reduced to cash. Recently
Effective June 1, the Natio-nal Bank of Jersey Shore, Pa.,
assets which once had a face value of about $350,000 were auctioned off in
with capital of $125,000, went into voluntary liquidation. bulk on the Courthouse steps. They brought only $1,800.
The final dividend will be distributed among about 13,000 creditors,
The institution has been absorbed by the Jersey Shore
and this will take considerable time.
Trust Co.
of the Night & Day Bank have
of June 10 stated that plans for
The Cincinnati "Enquirer"
the establishment of a new State bank in Hyde Park, Ohio
(a Cincinnati suburb) have been completed, according to an
announcement made the previous day in behalf of the
promoters of the new institution. The new bank, it was
stated, will be known as the Erie Avenue Bank and will be
located at Erie Avenue and Edwards Road. It will be
capitalized at $50,000. The stock, the par value of which,
it is understood, will be $100 a share, will be sold to subscribers at $130 a share, thus providing the capital and a
urplus fund. Charles M. Dean, Collector of Internal




Attorneys who handled the liquidation
been allowed* a total of $80,000 in fees by the Circuit Court. They have
received this sum already and will be paid no more for future services.

On Wednesday of this week, June 15, the Guardian Detroit Bank, the third unit in the Guardian group of financial
institutions, was formally opened in the Buhl Building, that
city. The new bank has a combined capital and surplus of
88,000,000 and is a member of the Federal Reserve System.
The Guardian'group is made up of three organizations all
under unified ownership and having combined capital, surplus and undivided profits of approximately $12,000,000.
The institutions are the newly opened Guardian Detroit

3586

THE CHRONICLE

Bank; the Guardian Trust Co. of Detroit, which opened in
July 1925, and the Guardian Detroit Co., Inc. Robert 0.
Lord, formerly a Vice-President of the Harris Trust & Savings Bank of Chicago, is President of the new Guardian Detroit Bank and of the Guardian Trust Co. of Detroit, while
John C. Grier Jr. heads the Guardian Detroit Co., Inc.
Other officers of the Guardian Detroit Bank are: Fred T.
Murphy, Chairman of the Board; Ernest Kanzler, Executive
Vice-President; C. A. Shepardson, Vice-President and Cashier; John C. Grier Jr., Vice-President, and John B. Dow,
Assistant Cashier. The following are the directors of the
new bank:
Henry E. Bodman, Ralph H. Booth, Howard Bonbright, Howard E.
Coffin, George R. Cooke, Edsel B. Ford, John C. Grier Jr., Sherwin A. Hill,
Roscoe B. Jackson, Albert Kahn, Ernest Kanzler, Jerome E. J. Keane,
Robert 0. Lord, Alvan Macauley, W. Ledyard Mitchell, Fred T. Murphy,
Phelps Newberry, Wm. Robert Wilson, Clarkson C. Wormer Jr., Charles
Wright Jr.

[VOL. 124.

was on the board for 34 years, and during the whole period
it is said that he had not missed more than five or six
meetings. His interest in the bank was close and personal
and he was a familiar figure in the lobby and throughout
the various offices of the institution. Mr. Hale was a close
friend to all the younger men, and many of the officers who
have achieved success in the bank owe much to his kindness.
Mr. Hale was born in 1844 and spent his early years in
Glenwood, Ia., where he was in mercantile business. He
went to Los Angeles in 1891 and became associated with the
Citizens National Bank in 1893. He was keenly interested
in the rapid growth of Los Angeles and played a
constructive part in many enterprises. He was a director of the
Mortgage Guarantee Co.
The San Leandro National Bank, San Leandro, Cal.,

Our last reference to the Guardian group of financial insti- went into voluntary liquidation effective May 12 last, the
Institution having been absorbed by the Liberty Bank of
tutions appeared in our issue of May 14, page 2861.
As part of their Flag Day celebration on June 14, the
Louisa St. Clair Chapter of the D. A. R. unveiled a bronze
tablet located on the new home of the Detroit Trust Co.,
Fort and Shelby Sts. About 300 members and their friends
attended the meeting held in the trust company's offices
previous to the unveiling ceremony. Julius C. Peter, VicePresident of the Detroit Trust Co. gave the. welcoming ad'
dress. "The company is very proud of its historical heritage," he said, "We have placed a bronze plaque in the
center of the building which marks the site as being part of
old Fort Shelby. A display case in our lobby holds part of
the palisades from the old fort together with several shot
and other things that were dug up during the excavating
for the new home."
The directors of the Detroit Trust Co., Detroit, have
declared the usual quarterly dividend of 3% and an additional dividend of 2% payable June 30 to those who hold the
company's stock on June 20.
Effective May 18, theSt. Matthews National Bank, St.
Matthews, S. C., with capital of $160,000, was placed in
voluntary liquidation and has been succeeded by the South
Carolina Savings Bank of that place.
The closing on June 10
of the People's Bank of Mobile,
Ala. (capitalized at $400,000), following a "run" on the institution, was reported in a press dispatch from that city on
June 10, appearing in the Birmingham "Age-Herald" of
the next day, which read as follows:
A run on the People's Bank here Friday caused officers to close the bank's
doors and notify the State Superintendent of Banks, Judge Thomas of
Montgomery, who arrived in Mobile Friday afternoon.
Stewart Brooks, President of the institution, made the following statement: "Friday morning a run upon the bank developed and soon it became
evident that it was necessary to close the bank's doors in order to protect
the interests of all depositors, and the directors so ordered.
"The State Superintendent of Banks has been notified and will arrive in
Mobile Friday evening. The officers of the bank belleve that its ,sscts
largely exceed its liabilities; that with the advice of the Superintendent of
Banks some arrangement for continuing the bank's business may be made,
and that if liquidation becomes necessary, all depositors and creditors will
be paid in full and a substantial balance will be left for stockholders."

San Francisco, which bank subsequently consolidated
with
the Bank of America, Los Angeles forming the Liberty
Bank of America, San Francisco. This institution then in
turn was taken over by the Bank of Italy. Still more recently (March 1) the Bank of Italy was converted into a

national bank under the title of the Bank of Italy National
Trust & Savings Association.

Effective March 17 1927, the Union National Bank of San
Diego, Cal. (capitalized at $300,000) went into voluntary
liquidation, the institution having been taken over by the
Bank of America, Los Angeles, which institution
consolidated later with the Liberty Bank of San Francisco,
forming the Liberty Bank of America, San Francisco.
This institution then in turn was absorbed by the Bank of Italy,
which later became the "Bank of Italy National Trust
&
Savings Association."
The proposed increase announced recently in the authorized
capital stock of the Bancitaly Corporation (the holding company of the Bank of Italy National Trust & Savings Association with headquarters in San Francisco) from $100,000,000
to $150,000,000 was ratified by the stockholders of the corporation at their meeting on June 4, when the number of
shares of authorized capital stock, of the par value of $25 a
share, was increased from 4,000,000 to 6,000,000 shares.
The invested capital (including surplus) of the Bancitaly
Corporation in the early part of the present year amounted
to $115,810,829, as compared with $55,706,803 a year previously, and undivided profits of $59,560,829. Approximately $110,000,000 of the $115,810,829 invested capitals
it is understood, was in readily marketable securities and
the balance in investments in business property. Referent,to the proposed increase in the authorized capital of the. eor
poration was made in our issue of May 7, page 2705.

Advices from San Francisco appearing in the "Wall Street
Journal" of Wednesday, June 15, stated that the Bank of
Italy (Bank of Italy National Trust & Savings Association)
had declared a quarterly dividend of $5.24, payable July 1
A special dispatch from Austin, Tex., to the Dallas"News" to stockholders
of record June 15, placing the stock on a
on June 9 stated that the Republic Bank & Trust Co. of $20.96 annual
basis, as compared with $18 paid heretofore.
Austin, which recently acquired the State National Bank
of that city after the institution had been closed for several
We have just recently received from the head office in
months, has now purchased the Citizens' State Bank of
London of the National Provincial Bank, Ltd., a very atAustin. The Republic Bank & Trust Co., according to
tractive and profusely illustrated brochure giving a sketch
the dispatch, now ranks third among Austin banks. It
of the history and general organization of the institution as
is capitalized at $200,000 and has resources of more than
$3,500,000. Eldred McKinnin is president, Walter Bre- contained in an article which appeared in the "Bankers'
mond, Vice President, and Leo Kuhn, Cashier. The closing Magazine" of London for January of the current year, and
now being distributed by the bank in this separate form.
of the State National Bank of Austin was noted in our issue
The National Provincial Bank—one of the oldest established
of Nov. 27 1926, page 2738.

banks in England and Wales—had its Inception In 1830,
when an influential committee was appointed to consider
the establishment of a joint stock bank with branches in
different parts of the country which it was felt "would be
able to supply banking accommodations on principles different from and better than those prevailing in the private
banks then existing and, by means of its large capital, would
offer to the public a wider basis of security than could be
expected from private partnerships, however respectable."
On Jan. 1 1834 the first unit of the institution opened at
Gloucester and developed gradually and slowly, its development taking the form of opening branches in provincial
towns when the occasion arose, and, in some cases, the abBy the recent death of Robert Hale, the Citizens Na- sorption of private banks. Perhaps the next
most importional Bank of Los Angeles has lost its oldest director. He tant event to the founding of the institution, was the corn-

According to an Associat-ed Press dispatch from San
Francisco on June 10, printed in the Los Angeles "Times"
of the following day, the People's Bank of Sacramento, Cal.,
rated as a $10,000,000 institution, has been purchased
by the Bank of Italy National Trust & Savings Association.
The advices stated that Bank of Italy officials had announced
that J. E. Huntoon, President of the Sacramento bank,
will be made a Vice-President of the new Bank of Italy
branch and that other changes will be made to conform to the
requirements of the McFadden law. The Pepple's Bank of
Sacramento was founded in 1879.




JUNE 18 1927.]

THE CHRONICLE

mencement of banking operations in London. This took
place on Jan. 10 1866. Up to that time the bank had been
entirely provincial in character, although control was maintained from an administrative office in London. Another
Important event was the first publication of the bank's annual balance sheet. The directors had seriously considered
the propriety of publishing an abstract of the accounts and
they came to the conclusion that the beginning of the institution's new career as a metropolitan bank was a fitting
time to conform with the practice of all other London joint
stock banks. The balance sheet for Dec. 31 1866 was accordingly published.
Coming now to the modern history of the institution, the
outstanding event, we are told, was the policy it adopted in
1918 towards amalgamation. In that year amalgamations
were made with the Union of London & Smiths Bank and the
Bradford District Bank, these consolidations taking effect
as of Jan. 1 1918. At that time the deposits of the National
Provincial Bank were £112,000,000, those of the Union of
London & Smiths Bank £63,000,000 and of the Bradford District Bank £9,000,000. The Union of London & Smiths Bank
was strongly represented in London, the Eastern counties
and Yorkshire, and its branches greatly extended the operations of the National Provincial Bank. The Union Bank
was also, we are told, one of the first, if not the first, of
the banks in London to develop that part of continental and
overseas banking transacted in England for banking firms
established abroad. A very important part of this department was the business entrusted to it by the great banks of
the United States and the bank's correspondents throughout
the world. On the amalgamation with the Union of London
& Smiths Bank, the name of the National Provincial Bank
was lengthened to the National Provincial & Union Bank of
England, Ltd., and continued in this form until 1924, when,
in common with the practice of the large banks, it was
shortened to National Provincial Bank, Ltd. The building
In Bishopgate in which the bank's head office is located was
erected in 1865 and is now considered one of the finest
pieces of modern architecture in London. When in recent
times extensions became necessary, the directors, realizing
that their Bishopgate office was an architectural feature
of the city, decided to utilize the spaceIA the back for this
purpose. This involved many structural alterations, and a
scheme was developed on the two sides of Fountain Court,
at the back of the existing premises. The banking hall is
the outstanding feature of the building. It is 118 feet long
and 50 feet wide, while from the lofty ceiling rise three
glazed domes, each 30 feet in diameter. The hall is flanked
with columns of Devonshire marble, on bases of black Irish
marble, while at each end there are three arches supported
by similar columns. The present paid-up capital
of the
National Provincial Bank, Ltd„ is £9,479,416, with a reserve
fund of like amount; its deposits stand at £260,126,125, and
its total resources at the huge sum of £288,251,780.
THE CURB MARKET.

Liquidation on the Stock Exchange at the opening of the
week affected the Curb Market and the list was under pressure,industrials in particular suffering sharp declines. Later,
however, the tone improved and prices strengthened, though
the business was light. Deere & Co. dropped from 1703%
to 1585/2, moved up to 172 and fell back finally to 161.
Dunhill International declared four quarterly dividends of $1
each, accounting for the recent advance in the stock. This
week it advanced two points to 503/2, eased off to 483% and
closed to-day at 49. American Arch, after early advance
from 95 to 9634, fell to 9234, but recovered finally to 95.
Bancitaly Corp. declined from 1243/2 to 1203/2. Celanese
Corp. new com,sold up from 703% to 743/8, but reacted to 71.
Conde Nast Publications gained four points to 42 and sold
finally at 413/2 ex-dividend. Financial & Industrial Sec.
corn. dropped from 103 to 97 and ends the week at
983%.
Goodyear Tire & Rubber corn. rose from 44 to 503/8. JohnsManville com, eased off at first from 783% to 763%, then
ran up to 823/2, closing to-day at 82. Richmond Radiator
corn. improved from 2034 to 253
4. Public utilities were
slightly lower. Elec. Bond & Share Securities was off at
4 to 71 %, but recovered finally to 75. Oils
first from 733
were quiet; Humble Oil & Ref. declined from 583
4 to 573/2,
but recovered to 5934, the close to-day being at 593%.
Prairie Pipe Line advanced from 170 to 184. Vacuum Oil
moved up from 1253% to 131, but reacted to 128.
A complete record of Curb Market transactions for the
week will be found on page 3617.




3587

DAILY TRANSACTIONS AT THE NEW
Week Ended June 17.

STOCKS(No. Shares).
Ind& Aliso

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

YORK

Oil.

Alining.

CURB MARKET.

BONDS (Par Value).
Domestic.

Foreign Coot.

106,06,5
32,250
15.700 $1,109,000
$138,000
HOLD) AY—LIN DBERGH CELEBRA TION
195,890
46,550
34,130
2,989.000
442,000
163,475
68,685
34.100
2,689,000
304.000
139,440
79.800
27,010
2,562,000
462,000
155,630
66.820
67,230
2,123,000
340.000
760,500

294,105

188,170 $11,472,000

51,686.000

THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Interest in the stock market this week has centred largely
in the railroad stocks and motor issues. It broke badly
on Tuesday following the Lindbergh holiday, but prices
since then have sharply recovered. Oil shares have made
moderate gains and industrial stocks have been in good
demand at advancing prices. Price movements were somewhat mixed on Saturday,and many stocks, that had previously displayed marked strength, yielded from 3 to 8 points,
though in numerous instances these losses were offset by
sharp advances in other issues. The feature of the day was
the sustained strength of American Can, which moved into
new high ground at 543/2. Texas Gulf Sulphur made a further
gain of a point and Timken Roller Bearing also gained more
than a point. There were declines of 2 or more points in
such stocks as Pittsburgh & West Virginia, Colorado Southern
Brooklyn Edison, Sloss-Sheffield, American Type Founders
and Air Reduction. On Monday the New York Stock
Exchange and the Curb Market were closed in honor of
Colonel Lindbergh.
The market collapsed on Tuesday, following the double
holiday, and numerous losses ranging from 1 to 10 points
were recorded before the close. The outburst of selling was
the most violent of the year and many stocks which had persistently advanced in the recent market movements came
down with a crash. The outstanding breaks included General Motors, which slipped back nearly 8 points; Commercial
Solvents "B," 10 points; Baldwin Locomotive, 834 points;
Case Threshing Machine, 10 points; Hudson Motors, 334
points; Houston Oil, 83./2 points, and United States Steel,
nearly 2 points. Most of the railroads also lost ground,
Delaware & Hudson yielding nearly 10 points and Western
Maryland dropping off more than 3 points. Specialties were
also weak, United States Cast Iron Pipe & Foundry, American Smelting and Houston Oil moving sharply downward to
lower levels. The last mentioned was especially weak and
lost more than 10 points before the closing hour. Both
United States Steel common and General Motors moved
downward with the general list. The market made a brisk
recovery on Wednesday, nearly all the important issues moving to higher levels. Speculative interest was focused on
Rock Island, which was bought in large blocks, and bounded
forward nearly 5 points to a new high record at 112%.
Atchison also had a brisk advance of over 3 points, crossing
181, followed by Chesapeake & Ohio, with a gain of 4 points
to above 182. Nickel Plate gained 5 points and Delaware
& Hudson was up 7 points at its high for the day. New York
Central sold up to 1543%,following the announcement of the
ncrease of the dividend rate from 7 to 8%. Oil stocks were
in strong demand at improving prices. Atlantic Refining
advancing about 3 points followed by Marland Oil and Phillips Petroleum with substantial gains. Commercial Solvents "B," which on Tuesday slipped back 12 points to 331,
advanced to 350 with a net gain of 17 points for the day.
General Motors was one of the strong features and bounded
upward 3 points to 199, followed by Hudson with a 2 point
gain and Chrysler, the latter not only recovering its dividend
3 of 1%, but also making a fractional advance as well.
of 4
Other strong stocks included American Smelting,up 2 points;
Timken Roller Bearing, which had an advance of over 4
points; Baldwin Locomotive and Texas & Pacific Land
Trust.
On Thursday General Motors moved to the front and easily
maintained the position of market leader during the greater
part of the trading. The stock moved upward to 2043%,
bz
-727ing
---it within % of a point of the high record made last
month. The improvement followed rumors that a common stock dividend of 100% was likely before the end of
the year. Other motor issues were in strong demand
during the greater part of the session, Hudson advancing
3 points to 863% at its high for the day, followed by Mack
Truck, Pierce Arrow, Hupp Motors, Chrysler and Yellow
Truck, all of which closed with substantial gains. Railroad
shares also improved and, under the leadership of Rock

Island, moved briskly forward to higher levels. St. Louis
Southwestern was unusually active and bounded upward
4 points to 88. Other strong stocks in this group included
93
N.Y.Ontario & Western, Mo.-Kan.-Tex., N.Y.N.H.& H.
States
and Tex. & Pac. The weak stocks included UnitedPipe
&
Rubber, Foundation Co., United States Cast Iron
Foundry and Pittsburgh Coal. On Friday speculative interest was again directed toward the railroad group, following
L. F. Loree's announcement that considerable progress
had been made in the preparation of a plan of unification
for the Kansas City Southern, Mo.-Kan.-Tex and St. Louis
.forSouthwestern. Stocks of these roads moved briskly
ward. In the industrial group prices were somewhat mixed,
most of. the leaders moving within a narrow range. The
strong stocks of the day were United States Rubber, which
improved 23 points, Chicago & North Western, which made
a net gain of 23/i points, and N.Y.N.H.& H., which moved
4. General Motors reached a
forward 2A points to 533
new high at 205M, but receded later in the day and closed
with a fractional loss.
STOCK EXCHANGA
TRANSACTIONS AT THE NEW YORK
DAILY. WEEKLY AND YEARLY.

Week Ended June 17.

Stocks,
Number of
Shares.

State,
Municipaland
Foreign Bonds.

Railroad,
Bonds.

$1,019,500
$3,192,000
983,210
Holt day-Lindber gh Celebratio
3.180,000
7,955,000
2,479.640
3,506,000
8,033,500
2,068.070
3.456.000
7.904.000
2.301,400
2,028,000
6,143,000
2,056,800

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

9,888.920

Total

$33,227,590

$13,189,500

1927.

Stocks-No.of shares_
Bonds.
Government bonds_ _ _
State and foreign bonds
Railroad & misc. bonds

1926.

United
States
Bonds.
$536,300
1,457,550
1,516,050
1,259,650
988,000
$5,752,550

Jan. 1 to June 17.

Week Ended June 17.

Sales at
New York Stoat
Exchange.

1927.

1926.

9,888,920

11,595,984

254,772,407

206,607,908

35.752,550
13,189.500
33,227.500

$6,928,650
15,464,000
38,811,000

$164,798,400
426,209,700
1.098.878,550

9143,546,900
308,781,350
1,064.084,700

$52,169,550 $61,203,650 $1,689,886,650 $1,516,412,950
Total bonds
AT THE BOSTON, PHILADELPHIA AND
TIONS
TRANSAC
. DAILY
BALTIMORE EXCHANGES.
Boston,
Week Ended
June 17 1927.

[Vol,. 124

THE CHRONICLE

3588

Philadelphia:

Baltimore.

Shares. BondSales. Shares. Bond Sales. Shares. Bond Sales
$37,000
1,892
7.150
$20,200
$6,000
*20,124
HOL DAY
HOLI DAY
HOL DAY
67.000
3,597
30,500
20,901
28,950
*38,082
34,900
3,523
35,300
24,120
22.350
•27.022
17.800
2,146
66,500
31,528
13,300
*34.768
17,000
3,041
32,000
25,668
DAY
HOLI
14,199 $173,700
970,600 109.367 $184,500
119,996

The following were the United Kingdom imports and exports of silver
registered in the week ended the 25th ultimo:
ExportsImports£26,100
United States of America__ E50,997 Austria
33,265
122,964 British India
Mexico
19,972
20,087 Other countries
Other countries
£79,337
Total
£194,048
INDIAN CURRENCY RETURNS.
May 7. May 15. May 22.
(In lows rupees.)
17086
17075
17112
Notes in circulation
10354
10343
10380
India
in
bullion
and
coin
Silver
Silver coin and bullion out of India
2976
2976
2976
Gold coin and huffier) in India
Gold coin and bullion out of India
3546
3546
3546
Securities (Indian Government)
210
210
210
Securities (British Government)
No silver coinage was reported during the week ended the 22nd ultimo.
0
of
74,400.00
about
consisted
ultimo
28th
The stocks in Shanghai on the
ounces in sycee, 73,600.000 dollars, and 5,500 silver bars, as compared with
silver bars
about 74,400.000 ounces in sycee, 77.500,000 dollars, and 6,620
on the 21st ultimo.
appended:
are
Statistics for the month of May
Bar Gold,
-Bar Silver, Per Oz. Std.Per Oz. Fine.
.
845. 11d.
26 7-16d.
26 9-161.
Highest price
84s. 10 Md.
25Md.
251d.
Lowest price
84s. 11.1d.
25.961d.
26.072d.
Average price
week:
the
during
Quotations
84s. 113d.
26 5-16d.
26 7-16d.
May 26
84s. 11d.
2611d.
263d.
27
84s. 11)4d..
264d.
2654d.
28
84s. 113d.
26 7-16d.
26 9-16d.
30
84s. 11 d.
26 Md.
26 d.
31
84s. 113d.
5-16d.
26
263d.
June 1st
84s. 11.5d.
26.281d.
26.395d.
Average
are the
delivery
months'
two
and
cash
for
to-day
The silver quotations
same as those fixed a week ago.
Total

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:
Mon., Tues., Wed., Thurs., Fri.,
Sat.,
London,
June 11. June 13, June 14. June 15. June 16. June 17,
Week.EndingJune 17,
267-16 263i
26 7-16 26 5-16 263
d 26M
Silver, per oz
84.113. 84.11% 84.11%
s 84.11% 84.113 84.11
Gold, per fine ounce
54
54
54%
543(
54%
Consols, 24 per cents......
100%
100%
100%
100%
100%
British 5 per cents
95%
95%
953
95%
955i
British 4% per cents
59
58.90
59
59.50
59.30
French Rentes(In Paris)fr_
76.60
76.19
77.45
76.90
FrenchWarLoan(inParis)_fr_

The price of silver in New York on the same days has been:

Silver in N.Y., per oz.(cts.):
575
Foreign

57

57

57

56%

56%

COURSE OF BANK CLEARINGS.
Bank clearings the present week will again show an 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
Total
of the
21,301 $216.500 (Saturday, June 18), bank exchanges for all the cities
$145,500
134,013
3160,972
160,764
revised
Prey, week
, United States from which it is possible to obtain weekly
Wednesday
6,573;
Tuesday,
1,546;
Saturday,
were:
rights
of
• In addition, sales
27,022. Thursday, 7,622.
returns will be 3.0% larger than those for the corresponding
week last year. The total stands at $10,704,505,263,
MARKETS.
THE ENGLISH GOLD AND SILVER
against $10,394,679,296 for the same week in 1926. At
circular of this centre there is a gain for the five days of 8.5%. Our
We reprint the following from the weekly
under date of comparative summary for the week is as follows:
Samuel Montagu & Co. of London, written
June 1 1927:
Per
GOLD.
by Telegraph.

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

reserve against notes amounted to £150,877,625
The Bank of England gold
compared with £153.768,775 on the previous
on the 25th ultimo as
Wednesday.
available this week in the open market and
Only £33.000 Bar Gold was
Trade.
was absorbed by India and the
to and from the Bank of England have
The following movements of gold
been announced:
31. JUM3 1.
May 26. May 27. M4128. May 30. May
£500,000
Received
£750,000 E93,000 £95.000
Withdrawn_
in sovereigns released from "set
The receipt of £500,000 to-day was
Bank." Of the withdrawals
aside on account of the South African Reserve
£750.000 "set aside on
follows:
as
destined
sovereigns
in
was
£794,000
India, and £12,000
account of the South African Reserve Bank," £32,000 balance has been
on
Holland. During the week under review £438,000
influx this year to £276,000
withdrawn from the Bank, reducing the net
effective gold standard is
The net efflux since the resumption of an
the Bank.
048.000, as set out in the daily bulletins at
imports and exports of gold
The following were the United Kingdom
ultimo:
25th
the
ended
week
registered in the
ExportsImportsE113,600
£150,000 Switzerland
Netherlands
34.000
49.834 Egypt
British West Africa
America-- 600,000
of
States
United
442,502
Africa
British South
13100:069807
India
British
4,857
Other countries
Other countries

£889.187
Total
£647,193
SILVER.
has been to be quietly steady during the week.
The tendency of prices value of the yen caused some purchases on China
Renewed weakness in the
have also been received from the Indian Bazaars,
account. Orders to buy
low for execution. America has generally been
through often at limits too
the market. On the whole supplies have been sluggish.
support
to
disposed
is from the North China Herald dated May 7th
The following extract
•
last:
brought to a most dangerous Pass by the Cum"That Hankow is being
the
by
account of a resident who
shown
silver is
munists commandeering
of
the Chinese shops, he says, are shut. Stocks
returned last Friday. All
more is arriving, as the farmers
to a very low point and no
rice are declining foodstuffs which they can only sell for the Red Governrefuse to bring in
which no one trusts. There is no coal and although
to he exported, It
ment's paper money,
e quantity of cargo waiting
remarkabl
a
quite
is
there
paper notes. Any
as, again, no one will accept the
cannot be moved,
his possession is severely
so much as a silver dollar in
coolie found with
punished."
Total




Clearings-Returns
Week Ended June 18.

1927,

1926.

Cent.

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

$5,211,000,000
612.582,472
470,000,000
378,000,000
127.138,942
139,500,000
167,224,000
167,568,000
180,618,852
177,234,889
129,707,001
101,326,436
56.725,461

$4,803,000,000
598,118,342
510,000,000
384,000,000
128,412,558
141,400,000
174,706,000
154,187,000
153.799.315
176,810,631
117,119,671
117,526,452
56,934,492

+8.5
+2.4
-7.9
-1.6
-1.0
-1.4
-4.3
+8.7
+17.4
+0.2
+10.7
-13.8
-0.4

Total 13 cities, 5 days
Other cities, 5 days

$7,918,626,053
1,048,478,735

$7,516,014,461
1,136,368,440

+5.3
-7.7

Total all cities, 5 days
All cities, 1 day

$8.967,104,788
1,737,400,475

$8,652,382,901
1,742,296,395

+3.6
-0.3

910.704.505.263 Sin :104 R70 2SIR

+3.0

Total all cities 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 11. For
that week there is an increase of 10.2%, the 1927 aggregate
of clearings being $10,427,402,853, and the 1926 aggregate
89,460,370,568. Outside of New York City, there is a
decrease of 5.4%, the bank exchanges at this centre having
increased 19.6%. We group the cities now according to the
Federal Reserve districts in which they are located, and from
an
this it appears that in the Boston Reserve District there is
improvement of 14.8%, in the New York Reserve District
Reserve
(including this city) of 19.2%, but in the Cleveland
District of only 0.1%. The Philadelphia Reserve District

JUNE 18 19271

TIM CHRONTMA

shows a loss of 0.7%, the Richmond Reserve District of
10.1% and the Atlanta Reserve District of 17.9%, the latter
due mainly to the decrease at the Florida points, Miami
recording a loss of 60.9% and Jacksonville of 24.5%. The
Chicago Reserve District falls 2.7% behind the St. Louis
Reserve District 4.8%,and the Minneapolis Reserve District
7.8%. The Kttnsas City Reserve District shows a gain of
3.8%, but the Dallas Reserve District has a loss of 2.7%
and the San Francisco Reserve District of 7.3%.
In the following we furnish a summary by Federal Reserve
districts:
Week End. June 11 1927.

1927.

1926.

Inc or
Dec.

1925.

1924.

Federal Reserve Discs.
$
$
$
$
%
594,043,073
let Boston __ - -12 cities
517,392,864 +14.8
437,733,188
430,340,818
8,22,190,504 5,267.895,771 +19.2 5.141,016.170 4,756,823,921
2nd New York _11 "
559,225,228
3rd Philadelphial0 "
663,229,856 -0.7
571.150,851
530,157,853
4th Cleveland__ 8 ••
407,151,372
406,666,213 +0.1
386,754,367
352,323,441
196,856,041
5th Richmond .. 6 "
219,038 822 -10.1
203,347,311
182,819,396
202,428,258
6th Atlanta...13 "
219,699,156 -17.9
329,447,388
175,794,541
7th Chicago _-_20 "
999,061,06 1,026,133,912 -2.7
985,844,343
862,545,238
212.483,507
8th St.Louis... 8 "
223,143,018 --4.8
224.003,153
204,814,723
121,376,275
9th klinneapolLs 7 "
131,695,72 -7.8
129,044,838
117,739.028
263,003,286
10th Kansas City12 "
253,403,375 +3.8
248,128,709
24,310,469
11th Dallas
72,321,760
5 "
74,349,828 -2.7
65,629,292
56,696,350
12th San Fran_ _17 "
517,262.480
557,722,038 -7.3
500,284,179
467,214,818
129 cities 10,427,402,863 9,460,370,588 +10.3 9,131,383,789 8.353,180,595
Total
Outside N.Y. City
4,277,479,077 4,519,052,178 -5.4 4.096,531,497 3,700,82,933
Canada

29 cities

383.300.003

380.429.917 +0.7

306.781.750

310.138.704

We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ending June 11

Clearings al1927.

1926.

$
First Federal Reserve Dist net-Boston
Maine-Bangor._
819,248
858,705
Portland
3,398,947
3,885,499
Mass.-Boston _ _ 538,000.000 460,000.000
Fall River_ _ _ _
1,783,061
*1,999,927
Holyoke
a
a
Lowell
1.442,745
1,236,737
Lynn
a
a
1,212,917
New Bedford_ _
1,476,897
Springfield_ _ _
5,450,326
5,962,033
Worcester _ _
3,379.551
3.971,028
15,491,656
Conn.-Hartford
16.833.550
8,299,408
New Haven_
7,267.699
14,048,300
It. I.-Providence
13,105,200
716,916
N.$1.-Manch'r.
796.389
Total(12 cities)

594,043,073

Inc.or
Dec.

1925.

1924.

- 4.6
12.5
+16.9
-10.9
a
+16.7
a
-17.9
-8.6
-14.9
-8.0
+14.2
+7.2
-10.0

794,457
3.475,297
384.000,000
2,360.878
a
1,305,095
a
1,592,293
5,430,108
3.602,653
13,281,291
• 6.955,019
14,108,300
827,797

881,595
2,772.657
382,000,000
1,855,161
a
1,267,661
a
1,354,960
5,779,356
3,812,966
11,616,771
6,793,886
11,427,800
778,005

517,392,864 +14.8

437,733,188

430,340,818

Second Feder al Reserve D istrict-New
N.Y-Albany..
6,069,991
5,269,015
Binghamton___
1,144,500
1,141,591
Buffalo
54,605,055
52,028,572
Elmira
996,975
1,003.097
Jamestown....d1,608,824
1,471,423
New York.. _ 6,149,923,776 5,141,318,390
Rochester
17.406,765
14,338,650
Syracuse
7.785.956
6,416.982
'Conn.-Stamford
d4,654,840
4,585,425
N. J.-Montclair
919,438
1.080,973
Northern N.J.
37,074,384
39,141,053

York+15.2 - 8,103,764
5,796,185
+0.2
1,137,028
982,026
+4.9
48,338.477
42,638,494
-0.6
1,152,354
851,387
+19.3
1,522,765
1,273,756
+19.6 5,024,852,292 4,652,293,675
+21.4
15,434.132
12,358,700
+21.3
5,472,871
5.097,568
+1.5
4,587.535
3,197,792
-15.0
766,634
1,060,375
-5.3
31,648,318
31,273.963

Total(11 cities) 6,282,190,504 5,267,895,771 +19.2 5,141,016,170
4.756,823,921
Third Federal Reserve Dist rict-Philad elphiaPa.-Altoona _
1,766,381
1.776,100 -0.6
1,635,904
1,398,731
Bethlehem
4,315,505
4,040,686 +6.8
4,392,676
3,927,222
Chester
1,537,797
1.356,295 +13.4
1,701,549
1,279,100
Lancaster
2,629,494
2,638,760 -0.4
2,856,765
3,009.298
Philadelphia.. 526,000,000 532,000,000 -1.1
539.000,000 500.000,000
Reading
4,008,096
4.264,232 -6.0
3,741,441
3,461,170
Scranton
6,297.689
8,137.517 +2.6
6,498.778
5,787,512
Wilkes-Barre..
4,728,095
3,933,979 +20.2
3.736,620
3.908,944
York
1,919,961
1,808,150 +6.2
1,821.270
1,930.802
N.J,-Trenton.
8,022,230
5,274,137
14.2
5,765,848
5,455.073
Del.-Wilming'n
a
a
a
a
Total(10 cities) 559,225,228 563,229,856 -0.7 571,150,851
530,157,852
Fourth Feder al Reserve D istrict-Cle veland
'Ohio-Akron...
6,574,000
5,821,000 +12.9
Canton
4,165,977
4,723,335 -11.8
Cincinnati
71,938,363
72,736,756 -1.1
Cleveland
116,675,395 121,527,545 -4.0
Columbus
17,279,300
18,134,300 -4.7
Dayton
a
a
a
Lima
a
a
Mansfield
2,182,189
2,037,552 -r7.1
Springfield_ _
a
a
a
Toledo
a
a
a
Youngstown
5,745.553
5,686,252 +1.0
a
Pa-Erie
a
a
Pittsburgh_ _ _ _ 182,500.595 175,999,473 +3.7
Total(8 cities)_

407,151,372

406.666,213

5,912,000
7,279.000
4,780,474
4,908,870
72,455,453
61,052,849
117,361,113 103,948,347
16,705,900
15,835,800
a
a
a
a
2,033,959
1,809,083
a
a
a
a
4,865,920
4,824,090
a
a
162,639,548 ' 153,265,422

+0.1

386,754,367

352,923,441

Fifth Federal Reserve Dist rict-Richm ondW.Va.-Hunt'n.
1.333.556
1,733,744 +23.1
d5,295,793
Va.-Norfolk__ _
9,223,052 -42.6
Richmond ___
51,774,000
49,678,000 +4.4
2,377.141
S.C.-Charleston
2,561,742 -7.2
Md.-Baltimore _ 107,019,065 125,218,071 -14.5
D. C.-Wash'ton
29,056.486
30,626,213 -5.1

1,775,170
8,031,884
49,918,000
2,952,819
110,708,265
28,963,173

1,989,524
7,138,492
51,668,000
2,578,380
92.757,020
26,688,000

219.038,822 -10.1

202,347,311

182,819,396

Sixth Federal Reserve Dist rict-Atlant aTenn.-Chatt'ga
7.777,125
7,202,457 +7.9
Knoxville
4,300,000
4.133,280 +4.0
Nashville
24,228,467
23,554,088 +2.8
-Atlanta
49,253,795
Ca.
57,208,337 -13.9
2,086.219
Augusta
1,965,621 +6.1
Macon
2,264,096
2,117,740 +6.9
a
Savannah- __
a
a
21,166,216
28,032,577 -24.5
5,014,000
Miami
12,811,653 -60.9
25,048,821
23,124,919 +8.3
Alq,-Birmin3m
2:418.379
2,154,141 +12.3
X1o1311e
1,943,000
1,485.000 +30.8
MISS.-Jackson
489,992
423,224 +15.8
Vicksburg
56,438,148
La.-NewOrleans
55,486,119 +1.7

6,659.505
3,207,209
23,520,698
64,409.933
2,925,986
1,830,849
a
26.217,867
18,326,074
25,412,067
2,214,103
1,125,000
348.853
54,349,446

6,084,527
3,187.821
19,404,160
52,056,846
1,755.707
1,279,844
a
14,906,733
3,790,449
24,601,224
1,803,328
1,054.238
381.212
45,488.654

229,447,388

175,794,541

Total(6 cities)

196,858,041

P.

Total(13 cities)

202,428,258




219,699,158 -17.9

3589
Week Ending June 11

Clearings ai^
1927.

1926.

Inc.or
Dec.

1925.

1924.

$
$
$
%
$
Seventh Feder al Reserve D istrict-Chi cagodich.-Adrian__
349.970
305.489 +14.6
287,788
304.530
1,122,742
Ann Arbor_ _ __
1,243,963 -9.8
1,006,332
896,006
164,310.413 168.075,676 -2.2 160,996,754 133,860.505
Detroit
Grand Rapids_
7,892,402
8,789,906 -10.2
8,589,772
7.825,334
2,784.944
2,704,963 +2.9
Lansing
2.987,682
2.282.026
3,141,243
1nd.-Ft. Wayne
3494,826 -20.1
3,081,092
2,619,582
Indianapolis__ _
22,371,000
24.472.000 -8.6
17,949,000
20,018.000
3,298,500
South Bend_ _ _
3,162.100 +4.3
3.129,000
2,348,000
5,106,610
Terre Haute_ _.
6,861,205 -25.6
5,575,519
5,412,983
8'is.-Milwaukee
42,662,267
46.055,881 -7.4
41,046,166
39,360,896
owa--Ced. Rap_
3,100,131
2,567,860 +20.7
2,708,552
2,668.964
Des Moines
10,649,883
10,571,791
+0.7
11,830,611
11,670,468
6.494,401
Sioux City _ _ _ _
7,401,678 -12.2
7,091.843
6.690,717
1,240,759
Waterloo
1,292,727 -4.0
1,289,378
1,749,633
1,597,071
1B.-Bloomington
1,739,605 -8.2
1,586,367
1,522,298
711,043,778 723,763,909 -1.8 703,401,133 612,341.206
Chicago
Danville
a
a
aa
•
1,427.263
1,506,705 -5.3
Decatur
1,579.871
1,565,284
4,859.612
5,732.372 -15.2
Peoria
5,761,293
4,280,751
3,162,667
3,451,323 -8.4
Rockford
2.970.378
2,555,622
2,445,413
2,939.933 -16.8
Springfield..
2,975,812
2,592,433
Total(20 cities) 999,061,069 1,026,133,912 -2.7 985,844,343 882,545,238
Eighth Faders I Reserve Die trict-St. Lo ulsnd.-Evansville.
6,718,410
5,916,811 +13.5
6,781,709
5,207,336
131,400,000 142,600,000 -7.9 142,800.000 138,200.000
do.-St. Louis
Ky.-Louisville
35,950.816
35.814.159 +0.4
39,370.801
32,271.800
317,469
346,338 -8.3
Owensboro..
395,973
410.469
21,832,000
22,541,375 -3.2
renn.-Memphis
19.042,874
16,416,852
krk.-LittleRock
14,286,361
14,016,913 +1.9
13,320,090
10,493,765
392,053
31.-Jacksonville.
433,974 -11.7
370,593
310.444
1,586,398
1.473,448 +7.7
Quincy
1,921,107
1,504.057
Total(8 citics)_ 212,483.507 223,143,018 -4.8 224,003,153
Ninth Federal Reserve Dist rict-Minne apolis12,447.849
Minn.-Duluth_ _
12,099.917 +2.9
15,598.728
73,455,515
Minneapolis
81,229,218 -9.6
75.178.444
28,742,539
31,313,749 -8.2
St. Paul
31,472,267
2,050,788
1,955,262 +4.9
NU. Dak.-Fargo
1.689,080
1,246,860
1,607,819 -22.5
3. D.-Aberdeen
1,480,987
673,724
Mont -Billings.
639,460 +5.3
615,219
2,759,000
2,850,298 -3.2
Helena
3,019.113

204,814.723

Total(7 cities). 121,376,275 131,695,723 -7.8 129,044,838
Tenth Federal Reserve Dist rict-Kansa s CityNeb.-Fremont
557,688
593.407 -6.0
454,970
479,578
367,621 +30.4
Hastings
680,952
5,195.178
5,572,444 -6.8
Lincoln
5,254,524
41.471,108
40,941,128 +1.3
Omaha
43,910,614
3,367,021
3,649.568 -7.8
Kan.-Topeka
4,047,436
8,667,018
8,195,000 +5.7
Wichita
7,914,697
Mo.-Kan, City_ 140,645,200 133.133,799 +5.6 128,893,102
8.660,737 -14.7
d7,391,836
St. Joseph_ ...8,834.365
Dkia.-Muskogee
a
a
a
a
32,612.301
30.742,337 +6.1
Oklahoma City
25,579.112
a
aa
Tulsa
1,253.049
1,225,814 -r2.2
Colo.-Col.Spgs_
1,487,160
20,041,379
19,075,076 +5.1
Denver
19,682,305
1,321,930
1.246,444 +6.0
Pueblo
1,389,472

117,739.028

Total(12 cities) 263.003,286 253,403.375 +3.8
Eleventh Fade ral Reserve District-Da las2.036,400
2,100,103 -3.1
Tex.-Austin
46,442.704
44.219,123 +5.0
Dallas
11,724,823
15,129.539 -22.5
Fort Worth
7,501,000 -9.3
6,806,000
Galveston
a
a
Houston
a
5,311,833
5,400,063 -1.6
-Shreveport_
La.
72.321,760
74.349,828
Total(5 cities).
Twelfth Feder al Reserve D Istrict-San
45,226.459
68,806,081
Wash.-Seattle._
12,131,000
11,829,000
Spokane
a
a
Tacoma
1,530,934
1,608,498
Yakima
37.805,177
42.239,198
Ore -Portland..
16,230,140
16,902,328
Utah-S. L. City
a
a
Nev.-Reno
a
a
Ariz.-Phoenix_ _
3,099,741
2,732,488
Ca1.-Fresno_
7,924,272
6,689,298
Long Beach_ - _
Los Angeles.. 171,819,000 178,932.000
17,393,339
20.383.42
Oakland
6,524,51
6,799,656
Pasadema
8.254,540
Sacramento_ _ _ d10,005,352
5,122,279
6,479,06
San Diego_ _ _ _
San Francisco_ 173,363,000 175,096,00
2,250,803
2,885,12
San Jose
1,615,987
1,594,81
Santa Barbara_
2,514,641
2,799,84
Santa Monica_
2,732,700
2.663,80
Stockton

9,032.663
69,586.918
33.201,457
1,501.865
1,261.198
619.153
2.535.774

567,379
558,204
4,771,889
38,522,760
2,033,549
6,525.000
120,981,299
6,903,605
a
20,549,411
a
1,313.259
19,602.818
990,316

248,128,709

224,310,469

1,885,485
41,804,185
10,683,426
6.039,800
a
5,216.396

1,353,859
35,832,412
10,181,704
5,527,917
a
4.800.658

-2.7
65,629,292
Franci sco-34.3
43,385,704
-2.5
11,300,000
a
a
-4.9
1,536,548
-10.5
42,559.142
-4.0
15,807,262
a
a
a
a
+13.4
2,849,796
+18.4
6,637,373
-4.0 157.895.000
-14.7
20,805,972
+4.2
6,238,048
+21.2
7,943,821
6,183,470
-20.9
-1.0 188.797,000
-22.0
2,316,996
+1.3
1,265.427
2.159.720
-10.2
+2.6
2,602,900

43,707,969
11,524,000
a
1,151,327
36,663,264
14,955,904
a
a
3.485.763
7,110,134
137,347,000
16,783,743
5,313.910
7.457,542
4.760.928
159,000,000
2,072,459
1,264,435
2,256,840
2,359.600

57,696.350

Total(17 cities) 517.262,480 557,722,030 -7.3 500,284,179 457,214.818
Grand total (129
10427402,853 9,460,370,568 +10.2 9,121.383,789 8,353,180,595
cities)
Outside N.Y

4.277.479,077 4.519,052,178

-5.4 4,096,531,497 3.700,886.920
Week Ended June 9 1927.

1927.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort WilliamNew Westminster
Medicine HatPeterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia

$
128,110,824
123.738,612
46,876,076
17,381,529
8,521,863
7,227,410
4,116,306
5,611,472
6.424.035
2.583.848
2.219,101
3,396,765
4,799,357
3.819.571
572,928
447,668
1,901,749
1,113,130
1.192,431
1,078.060
764,167
260,336
919.236
987,408
1,250,000
4,605,341
384,634
754,306
864,489
704,772
672,579

1926.
g
112,942,489
115.288,645
62,337,871
17,869,613
8,407,457
6,257,228
3,358,705
5,811,232
6,723,144
3,089,229
2,471,808
2,602,174
5,543,798
5,687.212
674,227
514,612
2,111.423
1,336,326
1,235,129
1,248,558
805,171
318,350
972,085
948.280
1,647,910
6,392,584
417,761
1,041,855
872.186
1,002,246
620.609

Inc.or
Dec.
%
+13.4
+7.3
-24.8
-2.7
+1.4
+15.5
+22.0
-3.4
-4.5
-16.4
-8.2
+30.5
-13.4
-32.6
-15.0
-13.0
-9.9
-16.7
-3.4
-13.7
-5.1
-18.2
-5.4
+4.1
-19.3
-28.0
-7.9
-27.6
-0.9
-39.7
+8.4

1925.
$
04,587,899
94,818,138
40,600,919
15,529,504
7,704,825
6,926,304
3233,415
5.313,793
5.858.820
2,582,524
2,194,231
3,149,985
4.873.857
3.655.772
608,243
513,673
1,612,802
943,717
1,110,776
841,279
747,331
285,726
848,504
921,059
1,356,303
3,820,274
334,097
955,874
852,206

1924.
$
94,480,321
94,100,326
48,115,754
15,131,944
7,264,083
5,844,304
2,872,359
5,205,613
6,371,189
3,521,769
2,082,781
3,472,349
3,987,065
3,135.739
475,417
469,036
1,589,952
1,036,945
1,022.151
941.413
686,608
312,074
823,708
779,013
1,286,995
3,359.183
309,788
771,659
687.186

+0.7 306,781,750 310,136.704
Total(31 citi89) 383,200.003 340.429.917
a No longer report clearings. b Do not respond to requests for figures. c Week
ended June 8. d Week ended June 9. e Week ended June 10. •Estimated.

3590

Government Revenues and Expenditures.
Through the. courtesy of the Secretary of the Treasury we
are enabled to place Lefore our readers to-day the details
of Government receipts and disbursements for May 1927
and 1926 and the eleven months of the fiscal years 1926-1927
and 1927-28.
Receipts.
Month of May
Ordinary-1927.
1926.
Customs
45,614,613
Internal revenue:
Income tax
47,205,623
Misc. internal revenue_ _ _ _ 53.451,196
Miscellaneous receipts:
Proceeds Government-owned
securitiesForeign obligationsPrincipal
Interest
164.169
Railroad securities
2,113,552
All others
1,509,931
Trust fund receipts (reappropriated for investment)
4.731,091
Proceeds sale of surplus
445,721
property
Panama Canal tolls, &c
2,153,068
Receipts from miscellaneous
sources credited direct to
960,587
appropriations
12,020,369
Other miscellaneous
Total ordinary

42,706,676

Eleven Months
1925-26.
1926-27.
556,512,478

532,169,448

57,375,060 1,750.457,667 1,538.700,201
55,890,252 589,304,669 800,341.476

25,792.420
90,261,386
35.881,906
33,673,971

7,773
1,924,402
3,517,955

26,567,613
90,522,629
49,258,732
63,312,293

3,991,365

44,366,778

36,886,768

1,267.955
2.599,552

14,730.374
23,703,832

24,518,635
22,638,146

1,183.063
13.055.882

12,984,842
164,981,583

16,739,688
153,512,297

170,369,920 183,519,735 3,386,703,490 3,311.116,342

lixcees of ordinary receipts
over total expenditures
charges against ordinary
receipts
lixcess of total expenditures
chargeable against ordinary
receipts over ordinary re42,657,858 67,348,872
ceipts

256,835,666

83,331,129

Expenditures.
Ordinary(Cheeks & warrants paid,&e.)
150,162,698 139,783,993 1,700,400,356 1,672,491,401
General expenditures
45,195,206 72,842,505 706.872,050 742,491.718
Interest on public debt_a
Refund of receipts:
25,802,942
2,147,851
18,027,812
2,161,681
Customs
13,975,047 29.152,237 103.020,036 158.714,322
Internal revenue
27.989,082
14,043,810
Postal deficiency
8,564,361
339,141
7,651,054
634,405
Panama Canal
Operations in special accounts:
2,706,771
121,145
188.090
1.047,374
Railroads
9884.928 926,915,464 919,060,518
9876.843
War Finance Corporation_
22,227,751
1,601.332
18,663.836
91,727,543
Shipping Board
3.137,270
91,723,904
37,771
91,618,825
Alien property funds
6100,300 c115,769,923 119,699,854
350,917
Adjusted service certif. fund_
11,001,906
9336,727
10,277
Civil service retirement fund_
Investment of trust funds:
35,598,269
3,277,263
43,321,342
Government life insurance_ 4,250,909
District of Columbia Teach232,004
240,012
44.702
Retirement
ers'
102,533
96,400
22,500
93,268
Foreign Service Retirement
General Railroad Contin1.06,495
714,102
805,424
435,481
gent
Total ordinary

213,007,778 249,096.557 2,701,085,279 2.812,756,161

Public debt retirements chargeable against ordinary recelpts:
Sinking fund
Purchases and retirements
from foreign repayments
Received from foreign governments under debt settlements
Received for estate taxes..
Purchases and retirements
from franchise tax recelpts (Federal Reserve
and Federal Intermediate'
Credit banks)
Forfeitures, gifts, An
Total

1,768,050

333,528,400

317,091,750

995,000
92,950,000

92,310,000

20,000

4,000

1,231,835
77,310

567,901
59,400

20,000

1.772,050

428,782,544

410,029,051

Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
May 31 1927 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury of May 31 1927.
CURRENT ASSETS AND LIABILITIES.
GOLD.
$
Liabilities643,379,293.25 Gold cgs. outstanding_ _1,610,925,469.00
3,016,195,984.84 Gold fund, F. R. Board
(Act of Dec. 23 1913.
as amended June 21
1,722,946,573.52
1917)
155,420,720.98
Gold reserve
170.282,514.49
Gold in general fund

3,659.575,278.09
Total
3,659,575,278.09
Total
U. S. notes and $1,328,804 of Treasury
Note.-Reserved against $346,681,016 of
outstanding. Treasury notes of 1890 are also secured by silver
of
1890
notes
dollars In the Treasury.
SILVER DOLLARS.
Liabilities$
$
AssetsSilver ctts. outstanding_ 470,141.112.00
474,725,510.00
Silver dollars
Treasury notes of 1890
outstanding
1,328.804.00
3,255.594.00
Silver dollars in gen.fund
Total




GENERAL FUND.
Assets$
Gold (see above)
170.282,514.59 Treasurer's checks outSilver dollars (see above)
3,255,594.00
standing
4,214,217.91
United States notes....
2,595,861.00 Deposits of Government
Federal Reserve notes__
1,025.550.00
officers:
Fed'I Reserve bank notes
142,795.00
Post Office Departm't
8,658,738.49
National bank notes____
14,735.877.00
Board of trustees, PosSubsidiary sliver coin_ _ _
5,157,255.75
tal Savings System:
Minor coin
2,483,527.97
5% reserve, lawful
Silver bullion
6,096,640.41
money
6,424,200.49
Unclassified,-Collec
Other deposits
801,664.68
dons, &c
2,588,351.06
Postmasters, clerks of
Deposits in F. R. banks 36,633,429.88
courts, disbursing
Deposits in special deofficers, Sec
41.421,508.58
positaries account of
Deposits for:
sales of certificates of
Redemption of F. R.
indebtedness
95,595,000.00
notes(5% fd., gold) 150,015,137.78
Deposits in foreign deRedemption of nationpositaries:
al bank notes (5%
To credit of Treasurer
fund, lawful money) 27,839,684.88
United States
102,966.88
Retirement of addiTo credit of other
tional
circulating
Govern't officers_
416,118.34
notes, Act May 30
Deposits in nen banks:
1908
2,830.00
To credit of Treasurer
Uncollected items, exUnited States
7,172,423.64
changes, &e
3,521,198.49
To credit of other
Govern't officers _ 20,526,672.67
242,899,161.30
Deposits in Philippine
Net balance
126,255,987.26
Treasury:
To credit of Treasurer
United States
344,570.37
Total
369,155,148.56
Total
369,155,148.56
Note.-The amount to the credit of disbursing officers and agencies to-day was
$413,144,886.39. Book credits for which obligations of foreign governments are
held by the United States amount to $33,236,629.05.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made
under the Acts mentioned a part of the public debt. The amount of such obligations
to-day was $47.636,084.50.
$786,505 In Federal Reserve notes and $14,657,165 in national bank notes are in
the Treasury in process of redemption and are charges against the deposits for the
respective 5% redemption funds.

Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the
Treasury at the beginning of business on the first of
March, April, May and June 1927:
Holdings in U. S. Treasury March 11927. April 1 1927. May 1 1927. June 1 1927.
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes__
Net national banknotes..
Net Federal Reserve notes
Net Fedi Res. bank notes
Net subsidiary silver
Minor coin, &c

$
327,937,694
13,303,665
3,519,330
12,819.648
1,111.724
48,024
4,822,298
6,522,279

$
333,971,832
15,835,907
3,054,856
14,380,818
1,051,606
108,269
4,841,653
5,243,607

$
313,136,369
10,443.186
3,129,247
13,562,077
1,365,751
74,596
5,060,814
100,059,013

Total cash in Treasury_
Less gold reserve fund -- -

370,114.662
155,420,721

378,488,548
155,420,721

446,831,053 *363,784,687
155,420,721 155.420,721

Cash balance in Trea-s'y
Dep.In spec'l depositories,
acct. certifs. of indebt'ss
Dep. In Fed'I Res. banks_
Dep. ix national banks:
To credit Treas. U. S
To credit dist). officers_
Cash in Philippine Islands
Deposits in foreign depts.
Dep. in Fecl'l Land banks

214,693,941

223,067,827

291,410,332

208,363,966

138,060,000
42,964.932

381,681,000
43,524,708

215.154,000
29,968,417

95,595,000
36,633,430

7,262.611
21.325,302
1,005,576
521,386

8.249,837
21,558,357
916,730
544,770

8,061,765
21,401,444
806.286
522,977

7,172,424
20,526,673
344,570
519,085

425,833,748
247.144,052

679,543,229
256.207,142

567,325,222
331,112,449

369,155.148
242,899.161

Net cash in Treasury
and in banks
Deduct current liabilities_

Total expenditures chargeable
against ordinary receipts..213,027.778 250,868,607 3,129,867,824 3,222,785,212
Receipts and expenditures for June reaching the Treasury in July are included.
a The figures for the month include $141,157.24 and for the fiscal year 1927 to
date $2,252,971.46 accrued discount on war savings certificates of matured series,
and
and for the corresponding periods last year the figures include $677,837.72
$5,422,690.26, respectively.
S Excess of credits (deduct).
In accordance with established procedure the appropriation of $116,000,000
available Jan. 1 1927, and interest on investments in the fund due on that date,
amounting to $7,400,000, were invested In adjusted service obligations aggregating
$123,400,000 face amount, bearing Interest at the rate of 4% per annum; $23,800,000
face amount of one-year 4% Treasury certificates of the adjusted service series held
In the investment account were redeemed as of Jan. 1 1927, and the proceeds reinvested in an equal face amount of like kinds of obligations. The difference
between the amount appropriated and amount charged under ordinary expenditures
above Is due to variations in the working cash balance required.

AssetsGold coin
Gold bullion

(You 124.

THE CHRONICLE

474,725.510.00

Total

474,725,510.00

$
325,703.236
9,352,234
2.595,861
14.735.877
1,025.550
142,795
5.157.255
5,071.879

Available cash balance. 178,689,696 423.336,087 236,212,773 126.255,987
* Includes June 1, 36,096,640.41 silver bullion and $2,483,527.97 minor coin, &c.
not included in statement "Stock of Money."

Preliminary Debt Statement of the United States
May 31 1927.
The preliminary statement of the public debt of the
United States May 31 1927, as made upon the basis of the
daily Treasury statements, is as follows:
BondsConsols of 1930
Panama's of 1916-1936
Panama's of 1918-1938
Panama's of 1961
Conversion bonds
Postal Savings bonds

3599,724,050.00
48,954,180.00
25,947,400.00
49,800,000.00
28.894.500 00
13,229.660.00
$766,549,790.00

First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938

$1,939,208,200.00
1.656,946.750.00
2,152.990,350.00
6,303,872,950.00
12,053,018,250.00

Treasury bonds of 1947-1952
Treasury bonds of 1944-1954
Treasury bonds of 1946-1958

763,948,300.00
1,047,087,500.00
494,898,100.00

2.305.933,900.00
Total bonds
$15,125,501,940.00
Treasury NotesSeries A-1027, maturing Dec. 15 1927
$355,779,900.00
Series A-1935-32, maturing March 15 1932._ 1,360,456,450.00
Adjusted Service-Series A-1930
50,000,000.00
Series A-1931
53,500,000.00
Series 15-1931
70.000,000.00
Series A-1932
123,400.000.00
Civil Service-Series 1931
31,200,000.00
2,044,336,350.00
Treasury CertificatesSeries TJ-1927. maturing June 15 1927
3378,669,500.00
Series TS-1927, maturing Sept. 15 1927
229,269,500.00
Series TS2-1927, maturing Sept. 15 1927
169,888.000.00
Series TM-1928, maturing March 15 1928.314,408.000.00
Adjusted Service-Serles A-1928
17,800,000.00
Civil Service Retirement Fund Series
12,800,000.00
1,122,835,000.00
Treasury Savings Cerlificates*Series 1922, Issue of Dec. 15 1921
$59.820,385.00
Series of 1922, Issue of Sept. 30 1922
14,379.689.20
Series 1923. Issue of Sept. 30 1922
127,434,211.95
Series 1923. Issue of Dec. 1 1923
23,103,326.60
93,500,050.40
Series 1924, Issue of Dec. 1 1923
318,237.673.15
818,610,910,963.1
Total interest-bearing debt

JUNE 18 1927.1

THE CHRONICLE

Matured Debt on Which Interest Has CeasedOld debt matured-Issued prior to April 1 1917_
Certificates of indebtedness
Treasury notes
3l % Victory notes of 1922-23
43(% Victory notes of 1922-23
Treasury Savings certificates

By Adrian H. Muller & Sons, New York:

$2,131,300.26
312,500.00
12,462,300.00
28,350.00
3,378,650.00
66,800.00
318.379,900.26

Debt Bearing No InterestUnited States notes
Less gold reserve

3346,681,016.00
155,420,720.98
$191,260,295.02

Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency
Thrift and Treasury Savings stamps, Unclassified sales, &c

$47,636.084.50
2,046.396.22
3,618,425.90
244,561,201.64

Total gross debt

$18,873,852,065.05

•Net redemption value of certificates outstanding.

Commercial andMisceilaueons Anus
An"
illbSIVIII•VIAMARIOVIAAMIA
,

FOREIGN

TRADE OF NEW YORK-MONT 11 l.)
STATEMENT.
Merchandise Movement at New York.

Month.

Imports.
1926.

1925.

Customs Receipts
at New York.

Exporti.
1926.

1925

1928.

1925

$
$
$
$
164,794.382 154,206,974 132,003,105135,781,354 24.619,552 24,327,006
July
161,973,351 166.853.232116,821.090 168.713.039 29,183,549 26.235,015
August
September 182,914,678 1613.212.020 151,629.613 137.468,016 32.000,997i 30.186.355
October _ _ 177.239.667 192,479,742 123,823,326 126,801.020 31.369,820, 29.389.796
November 185.959.035196,527,068 149.662,955 135.152.139 30.431,596 29,333,221
December. 178,172,967221,274,002 150,344,551 172,257.373 26.823.969 26.729.182
1927.
1926.
1927. I
1926,
1927.
1926.
January - _ 176,319.795 215,137.735 155,804,975 153.410,759 24,850.299 26,628,880
February.154,108,688 195.930,212 129,846,153 135.855.812 23.681.705 25.131,733
March..___ I 85,002,299 234,703.468 150.660,298147.798.478 26,675.460 29,523,243
April
188,933,508 193,961.303 164,037,393 164,810,083 26,635,472 24,280,726
p.
▪ Total_ _ 1755418370 1937285756 1425533459 1478048073 276.272,419 271,765,157

Movement of gold and silver for the ten months:
Gold Movement at New York.
Month.

Import:V.
1926.

1925.

1928.

1,598,540
846,762 6,489.01
759.80 21,154,974
662,466
672.61 21.675.322
972,817
1.013.790
523,939 42,379.04
653.488 3,867,63' 1.463,905
6.756.484
947,40
8,622.900
1927.
1928.
1927.
705.89 14,466,637
January- 17,840.866
2,084,371
February _ 14.060,641 10,707,02
1,628,544
1,512,363 3,201,66
March
April
1,928,638
895,89
6,853,056

July
August
September
October
November
December.

Total_ -

Silver-New York.

Exports.
1925.
2,488,247
1,024,953
5,060,700
1,395,082
2.969.991
4.597.913
1926,
2,569.831
2,012.359
2,038,148
802,731

3591

Imports.

Exports

1926.

1926.

2,172.443
1,724,207
3.225.587
1,508.244
740.123
1,655.483
1927.
1.105.628
955,028
1,702,278
1,154,664

3,888.993
4,260,831
3,758.076
4,029.252
4,270.276
3,273.288
1927.
3.881.180
3,757.076
3.745,506
4,766.576

50,549,098 70,625,793 73,771,185 24,939,954 15,943,685 39,631.054

National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
7-The Blackstone National Bank of Chicago, Ill
$200,000
Correspondent, Albert R. Gates, Title & Trust Bldg.,
Chicago, Ill,
June 7-The First National Bank of Kenilworth. N.J
25.000
Correspondent. Anthony Grippo, Kenilworth, N. J.
APPLICATION TO CONVERT RECEIVED.
June 7-The Peoples National Bank of Tyler. Texas
$100,000
Conversion of the Peoples State Bank of Tyler, Texas.
APPLICATION TO CONVERT APPROVED.
June 10-The West Side National Bank of Denver, Colo
$100,000
Conversion of the West Side State Bank, Denver, Colo.
CHARTERS ISSUED.
June 6-The Frontier National Bank of Buffalo, N.Y
sioc000
President, Edward J. Meyer; Cashier, Raymond P.
Hummel'.
June 6-The Security National Bank of Montevideo, Minn
50,000
President, 0. H. Klein.
June 7-The Economy National Bank of Ambridge,Pa
100.000
President, F. C. Schroeder; Cashier. J. II. Murdoch.
June 9-The Bay Parkway National Bank of Brooklyn in New
York, N. Y
200.000
President, Charles G. Bond; Cashier, W. R. Wilson.
CHANGES OF TITLE.
June 8-The First National-Magruder Bank of Port Clinton,
Ohio. to "National Bank of Port Clinton."
June 8-The First National Bank of New Egypt, New Jersey, to
"The First National Bank dr Trust Co. of New Egypt."
June 10-The First National Bank of Kalamazoo, Michigan to
"The First National Bank & Trust Co. of Kalamazoo."
VOLUNTARY LIQUIDATION,
June 6-The St. Matthews National Bank, St. Matthews, S. 04160
000
Effective May 18 1927. Liquidating agent, The South
Carolina Savings Bank, St. Matthews, S.0. Succeeded
by the South Carolina Savings Bank,St. Matthews,S.C.
CONSOLIDATION.
June 9-The National Bank of Tarentum, Pa
$100,000
and -The Safe Deposit Bank & Trust Co. of Tarentum, Pa
125,000
Consolidated under the Act of Nov. 7 1918, as amended Feb. 25
1927, under the charter of the National Bank of Torenturn No. 4453. and under the corporate title "First
National Bank & Trust Co. of Tarentum." with capital
stock of $200,000.
June

Shares. Stocks.
$ per eh.
Second mtge. on premises 494 East
141st St., N. Y. City. securing
bond of Anglina Holding Corp.,
reduced to $49,350: Int. at 6%
from April 15 1927, principal payable $650 quarterly to Jan. 15
24,000 lot
1937
Second mtge. on premises 492 East
141st St., N. Y. City, securing
bond of Hirsch & Son Realty
Corp.reduced to $38,600; int.6%
from April 15 1927, principal Payable $400 quarterly to Jan. 15
19,000 lot
1937

Shares. Stocks
3 per sh.
1,500 El Salvador Silver Mines
Co., Inc., par 51
20 lot
4 Clermont Mtge. Co., pref., Per
550
58 lot
50 Baring Cross Bridge Co
36
Bonds.
Per cost.
$1,187.10 Sackett & Wilhelms Corp.
6% income bond, due 1940...105 lot

By R. L. Day & Co., Boston:
$ per oh.
Shares. Stocks.
150 National Shawmut Bank_291-2914
8 Merchants National Bank_ _409-409%
10 Gloucester Safe Dep.es Tr. Co_ _210
Ludlow Mfg. Associates
18534
100 West Boylston Mfg. Co., corn_ 8
95 & div.
5 Nashua Mfg. Co., pref
12 Arlington Mills
6034
1064
10 Dartmough Mfg. Co., corn
15 Northampton Street Ky. Co_ _ _ 534
20 Boston Revere Beach & LynnRR 8034
1 Vermont Jr Masscahusetts RR_ _ _112
50 Worcester Cons. St. Ky. Co., 1st
19-1934
pref., par $80
26 Quincy Market Cold Storage &
Warehouse Co., corn
3734
53-5334
15 Sullivan Machinery Co
1 Mass. Ltg. Cos., corn. undepos__149
10 units First Peoples Trust
5854-67, ex-div.
33 Mass. Ltg, Cos., 6% pref
11634
100 Worcester Suburban Elec. Co.,
undep., par $25
10034

Shares. Stocks.
$ per sh.
2 Laconia Car Co., 2d pref
1%
2 Laconia Car Co., pref
20
5 State Theatre, preferred
68
1 Mass. Ltg. Cos., 8% pref
13631
4 special units First Peoples Trust
5
10 Lynn Gas & Elec. Co., par $25_16034
16 special units First Peoples Trust 5
100 Merrimac Chemical Co., par $508034
50 Saco Lowell Shops, let pref__.. 1534
10 Old Colony Investment Trust,
corn
254
Bonds.
Per cent.
$12,000 Boston es Worcester St.
Ry. Co.4348, Aug.1923 coupon
on
$1.700
$4,000 Framingham Southboro &
lot
Marlboro St. Ky. 7s, Aug. 1923
$2,000 Libby-Burchell Fisheries
Co. 1st 634s, May 1 1941,ser.A $1.4511
$500 Libby-Burchell Fisheries Co.
lot
1st 6348, May 1 1941,series B _ _

By Wise, Hobbs & Arnold Boston:
$ per sh. Shares. Stocks.
Shares. Stocks.
8 per sh.
291
14 Package Creamery Co., corn.,
5 National Shawmut Bank
par $50
10 Atlantic National Bank_289%,ex-dtv.
10234
432,ex-div. 6 Package Machinery Co., pref---104
121 First National Bank
10 Nicholson File Co
250
20 Berkshire Loan & Trust Co.,
291
750 Duchemin Wrecking Co., 100.516 lot
Pittsfield, Mass
339
100 Checker Taxi Co., pref., par $10 434
15 Old Colony Trust Co
5 units First Peoples Tru8t_67. ex-d1v.
291
25 National Shawmut Bank
9 Kidder Participations, Inc., corn. 27
9 Union Cotton Manufacturing Co_ 84
3
10 New England Power Assn., corn_ 5834
58 Manomet Mills
19
2 units First Peoples Trust
584
12 Narragansett Mills
1034 7 special units First Peoples Trust__ 7
71 Acadia Mills
28 Amesbury Elec. Light Co.,v.t.c.,
50
12 Nashua Mfg. Co., corn
454
par $25
57
10 Warwick Mills
10 Mass. Ltg, Cos.,6% pf., undep_11654
15 Naumkeag Steam Cotton Co__ _189
1434
60 Nat. Fabric & Finishing Co.,com 203-4 3 National Dock Trust
10 Nonquitt Spinning Co
3134 60 New Bedford Gas & Edison Lt.
Co., undep., par $25
14 Lancaster Mills, pref
3834
9935
95 & div. 5.3. R. Whipple Corp., coin
16
5 Nashua Mfg. Co., pref
41 Naumkeag Steam Cotton Co. 18434 5 Hood Rubber Co.,734% prior pi_ 97
8
10 Boston & Chelsea RR., par $50. 3934 10 Groton & Knight Co., cons
39
2 Thomson Electric Welding Co.,
48 Boston & Chelsea RR
. 5 par55.2O
$
40
75 Walter Baker Co., Ltd.
. v.
Mass. Ltg. Cos.,8% pref., undep.1364
138-13934. ex-di
10 Hood Rubber Co.,71i% prior pt. 9613
10 North Boston Ltg. Prop., corn.,
173
75 Wilson Jones Co., corn
39
v. t c
Bonds.
Per cent.
50 Mass. ULU. Trust, corn., V. t. 0.9-934
$3,000 Hotel Bellevue Trust 138, Oct.
10 Haverhill Gas Light Co., par $25 63
75
1940
92-9234
15 Draper Corporation
103 American Glue Co., corn ---3534-36

By Barnes & Lofland, Philadelphia:
20 Penn. Gas ei Elee. Corp., pref.._ 954
10 U. S. Dairy Products Corp.. lot
pref., together with 5subscription
warrants to common B stock- -- 90
3 Fifty-Second Street State Bank,
exchangeable for Overbrook Nat.
Bank
5154
20 Phila. Bourse, corn,, par S50_ 2634
50 Columbia Avenue Trust Co_ _ _375
10 Tenth Nat.Bank of Philadelphia354
310
5 Union National Bank
2 Narberth (Pa.) National Bank_ _155
2 Brotherhood of Locomotive Engineers Title& Trust Co., par $25,
as follows.10 at 70,32 at 66,10 at
65, 30 at 64. 26 at 63.
10 Fidelity Philadelphia Trust Co--7054
150
5 Mutual Trust Co., par 250
802
1 Provident Trust Co
802
5 Provident Trust Co
5 William Penn Title & Trust Co.,
70
Par 550

Shares. Stocks,
$ Per sh.
222
4 Colonial Trust Co., par $50
5 Jenkintown (Pa.) Bank & Tr. Co_359
60 Tonopah & Goldfield RR., corn. 10
32 John B.Stetson Oo..com.,no par99g
50 Northern Liberties Gas Co., par
525
36%
200 Commonwealth Casualty Co.,
par $10
20
15 Buck Hill Fails Co
150
15 The Courier Post Co.. pref.,
Camden, N. J
95
8 Phila. Germantown & Norristown
RR
127%
125
15 Drueding Bros. Co., corn
150
2 Mitten Bank & Trust
2414
3 Philadelphia Bourse, pref
Rights.
$ Per right.
10 Overbrook National Bank
19
Percent.
Bonds.
$2,000 City of Phila. 5118 (J.& J.),
Oct. 1 1936
10834

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.

Per
When
Cent. Payable.

Books C7osed,
Days Inclusive.

not actually dealt in at the Stock Exchange, were

Railroads (Steam).
'134 Aug. 1 *Holders of rec. July 1
Canada Southern
*5
Cincinnati Northern
July 20 *Holders of rec. July 13
*2
July 20 *Holders of rec. July 1
Cleve. Cln. Chic. & St. Louis, corn
'
134 July 20 *Holders of rec. Jul71 1
Preferred (quar.)
*3
July 15 *Holders of rec. Julyt 8
Detroit Sliver Tunnel
1
July 15 Holders of rec. Jun
Kansas City Southern, pref. (quar,)
*2
July 1 *Holdens of rec. Jun
Lake Erie & Eastern
*334 Aug. 10 *Holders of rec. July 15
Louisville & Nashville
$12.50 Aug. 1 *Holders of rec. July 15
MahonIng Coal RR.,corn.(quar,)
*51.25 July 1 *Holders of rec. June 25
Preferred
*20
July 29 *Holders of rec. July 1
Michigan Central
Miss,uri-Kaansas-Texas, pref. A (quar.)'
134 Aug. 1 *Holders of rec. July 15
Aug. 1 Holders of rec. July 1
2
New York Central RR.(quar,)
134 July 1 Holders of rec. June 13
Northern RR.of N.H.(quar,)
2
July 1 Holders of roe June 11
Norwich & Worcester. pref. (quar )__
134 July 1 Holders of rec. June 11
Old Colony RR.(quar.)
*32.50 Aug. 1 *Holders of rec. July 1
Pittsburgh & Lake Erie
June 30 Holders of rec. June 8
234
Providence & Worcester (quar.)
*3
July 1 *Holders of rec. June 27
Toronto Hamilton & Buffalo
Aug. 1 Holders of rec. July 23e
3
Virginian Railway, preferred

$ per at. Shares. Stocks.
Shares. Stocks.
S per at.
100 March Gold, Inc., par 10c_ _ _ _ 4c. 2 Buff., Mag.& East. Pow., no par 32
&
Eastern
Power,
500 Chaput Hughes, par $1
Niagara
Buffalo
2
9c.
2634
pref., par $25

Public Utilities.
4,134
All-America Cables (quar.)
American Power es Light, pref.(guar.).- 134
Associated Gas & Elec., class A (quar.)-- *50c.
Carolina Power & Light, $7 pref. ORO-- $1.75
$1.50
$6 preferred (quar.)
Central Illinois Light, 6% pref. (quar.) *I%
*14
7% preferred (quar.)

Auction Sales.-Among other securities, the following,
sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By A. J. Wright & Co., Buffalo:




July 14 *Holders of rec. June 27
July 1 Holders of rec. June 16
Aug. 1 *Holders of rec. June 30
July 1 Holders of rec. June 16
July 1 Holders of rec. June 16
July 1 *Holders of rec. June 15
July 1 *Holders of rec. June 15

3592
Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Name of Company.

Public Utilities (Concluded).
Central & S. W.Utilities, cons.(quar.)__ 750. July 15 Holders of rec. June 30
Cincinnati Gas & Electric (quar.)
13( July 1 June 15 to June 21
Cincinnati & Suburban Bell Telep.(qu.)_ $1.12 July 1 Holders of rec. June 18
Consumers Gas, Toronto (quar.)
•234 July 2 *Holders of rec. June 16
Duluth-Superior Traction, corn
1
July 1 Holders of rec. June 13
Preferred (quar.)
1
July 1 Holders of rec. June 13
Electric Bond & Share Co., pref. (quay.) 134 Aug. 1 Holders of rec. July 12
Electric Bond & Share Securities (quar.) 25c. July 15 Holders of rec. June 18
Electric Public Service, pref.(quar.)_
134 July 1 Holders of rec. June 20
Florida Power & Light. $7 pref. (quar.) $1.75 July 1 Holders of rec. June 16
General Public Utilities. $7 pref. (quar.) $1.75 July 1 Holders of rec. June 15
Haverhill Gas Light (quar.)
56c. July 1 Holders of rec. June 20a
Jersey Central Power & Light, Pf. (qtr.)- 134 July 1 Holders of rec. June 17
Kansas Electric Power, pref. (quar.)134 July 1 Holders of rec. June 15
Manila Electric Co. (quay.)
*6234e Aug 1 *Holders of roe. June 30
Massachusetts Lighting Cos., corn. (au.) 750. June 30 Holders of rec. June 20
Six per cent preferred (quay.)
134 July 15 Holders of rec. June 25
Eight per cent preferred (quar.)
2
July 15 Holders of rec. June 25
Mexican Utilities, preferred
$3.50 July 15 Holders of rec. June 30
Middle West Utilities, $6 pref. (quar.)-- $1.50 July 15 Holders of rec. June 30
Mississippi River Power, pref. (quar.).. 134 July 1 Holders of rec. June 15
Municipal Serv. Corp., pref., conv.(qu.) 50c. July I Holders of rec. June 15
National Fuel Gas, new stk.(qu.)(No.1) *25,3 July 15 *Holders of rec. June 30
National Public Service CorporationPref.,series A,and partic. pref.fquar.) $1.75 July 1 Holders of rec. June 17
Nevada-Calif. Elec. Corp., pref. (filial%)- IN Aug. 1 Holders of rec. June 30
New England Power Co., pref.(quar.)
134 July 1 Holders of rec. June 18
New Haven Gas Light (guar.)
6234e. June 30 June 17 to June 30
Northern Indiana Pub.Serv., pref.(m.) 134 July 14 Holders of rec. June 30
Northern Ontario Lt. & Pow.. com.(qu.) 1
July 11 Holders of rec. June 30a
Northwestern Bell Telep., corn. (quar.)- 2
June 30 Holders of rec. June 28a
Preferred (quar.)
1% July 15 Holders of rec. June 20a
Ohio Electric Power, pref. (quar.)
134 July 1 Holders of root June 20
Oklahoma Natural Gas Corp., pref.(qu.) 134 July 1 Holder of rec. June 15a
Pacific Telep. & Teleg., corn. (quar.).... '134 July 15 *Holders of rec. June 30
Preferred (guar.)
*134 July 15 *Holders of roe. June 30
Pennsylvania Gas & Elec., pref. (quar.)_ •134 July 1 *Holders of rec. June 20
Penn Central Light & Power, pref. (qu.) $ 1.25 July 1 Holders of rec. June 15
Peoples Gas Light & Coke (quar.)
*2
July 18 *Holders of rec. July 5
Philadelphia Company, corn. (quar.)
*51
July 30 *Holders of roe. July 1
Common (1-120 share of com.stock)_ _ *(f) July 30 *Holders of rec. July 1
5% preferred
*51.25 Sept. 1 *Holders of rec. Aug. 10
Providence Gas Co. (quar.)
51
July 1 Holders of rec. June 15
Puget Sound Pow. & Lt., prior pf. (qu.) 134 July 15 Holders of rec. June 206
Preferred (quar.)
134 July 15 Holders of rec. June 20
Ridge Avenue Pass. Ky., Phila. (quar.)_ *53
July 1 *Holders of rec. June 15
Southeastern Pow.& Lt., part. pref.(qu.) $1
July 1 Holders of rec. June 156
Southern Wisconsin Elec., pref. (quar.)_ *1.34 July 15 *Holders of rec. June 30
Southwest Power Co., pref. (quar.)-134 July 1 Holders of rec. June 15
United Electric Light (Springfield) (qu.) *51
June 30 *Holders of rec. June 15
United Gas & Electric Corp., pref. (qu.) *134 July 1 *Holders of rec. June 16
United Utilities, first pref.(quar.)
134 July 1 Holders of rec. June 22
Virginia Public Service, pref.(quar.)-- - 134 July 1 Holders of rec. June 17
Washington Water Power, Spokane (qu.) 2
July 15 Holders of roe June 24
West Kootenay Power, pref.(quar.)
134 July 2 Holders of rec. June 27
Western Union Telegraph (quay.)
2
July 15 Holders of rec. June 256
Western Massachusetts Cos.(quar.)
50e. June 30 Holders of rec. June 14
Banks.
Bowery & East River National (quar.)_ _
Capital Nat. Bank & Trust Co. (quar.)_
Chemical National (hi-monthly)
Fifth Avenue (quar.)
Special
First National (quay.)
First Security Co.(quay.)
Municipal(Brooklyn)(quay.)
New Netherland (quar.)
Park National (guar.)
Trust Companies.
American Exchange Irving Trust(quar.)
Bank of New York & Trust Co.(quar.)..
Brooklyn (guar.)
Extra
Fidelity (quar.)
Fulton (quay.)
Lawyers (quar.)
Manufacturers (quay.)
New York (quay.)
Fire Insurance.
Continental
Fidelity-Phenix Fire

*4
*134
*4
*6'
*26
20
5
2
*2
6
334
434
6
3
214
234
4.1%

5
5
$3
$2

une
uly
uly
uly
uly
uly
uly
uly
uly
uly

30 *June 24 to June
1 *Holders of rec. June
1 *Holders of rec. June
1 *Holders of rec. June
1 *Holders of rec. June
1 Holders of rec. June
1 Holders of rec. June
1 Holders of rec. June
1 *Holders of rec. June
I Holders of rec. June

30
20
22
30
30
29a
29a
20
18
17

July 1 Holders of rec. June 17a
July 1 Holders of roe. June 24a
July 1 Holders of rec. June 25
July 1 Holders of rec. June 25
June 30 June 23 to June 30
July 1 Holders of rec. June 20
June 30 *Holders of rec. June 18
July 1 Holders of rec. JURE! 15
June 30 Holders of rec. June 186
July 11 Holders of rec. June 30
July 11 Holders of rec. June 30

Miscellaneous.
134 July 4 Holders of rec. June 20
Abitibi Power & Paper, pref.(quar.)
•750. July 1 Holders of roe. June 30
Acme Steel (quar.)
Aeolian Company, preferred (guar.)._ -- 134 June 30 Holders of rec. June 20
Aeolian. Weber Piano & Planola, pf.(qu.) 134 June 30 Holders of rec. June 20
Alabama Fuel & Iron (quar.)
2
July 1 June 21 to June 30
Albany Pert. Wrap. Paper, corn. (qu.) •50e. June 30 *Holders of rec. June 23
• M June 30 *Holders of rec. June 23
Preferred (guar.)
Alles & Fisher, Inc. (quar.)
50c. July 1 Holders of rec. June 20
Amer. Brake Shoe & Fdy.,corn.(quar.)_ 40c. June 30 Holders of rec. June 24
Common (payable in common stook)
June 30 Holders of rec. June 24
f2
Preferred (quar.)
IN June 30 Holders of rec. June 24
American Fork & Hoe. cons. (guar.). _
June 15 Holders of rec. June 5a
Common (special)
1 June 15 Holders of rec. June 5a
American Furniture Mart Bldg., pt.(qu.) 134 July 1 Holders of rec. June 20
Amer.Smelting & Refining, corn.(quay.) *2
Aug. 1 *Holders of rec. July 8
•1,‘ Sept. 1 *Holders of rec. Aug. 5
Preferred (quar.)
Amer. Type Founders, corn. (quar.)_
July 15 Holders of rec. July 5
2
Preferred (quar.)
131 July 15 Holders of rec. July 5
Amoskeag Co., preferred
412.25 July 1 *Holders of rec. June 20
Arctic Dairy Products (guar.)
50e. July 1 Holders of rec. June 20
Stock dividend
e25
July 15 Holders of roe. July 1
Art Metal Construction (quar.)
37%e June 30 Holders of rec. June 20
Associated Laundries of AmericaClass A participating pref. ((mar.)
25c.
Holders of rec. June 1
Bankers' Bond & Mtge., 8% preferred
4
June 30 June 16 to June 30
7% preferred (guar.)
334 June 30 June 16 to June 30
Barnet Leather, pref. ((Mar.)
134 July 1 Holders of roe. June 29
Barnhart Bros. & Spindler•154 Aug. 1 *Holders of rec. July 23
First and second preferred (quar.)
eq.% July 15 *Holders of rec. June 30
Bayuk Cigars, Inc., 1st pref. (quar.)
4,15,4 July 15 *Holders of rec. June 30
7% second pref. ((mar.)
*2
July 15 *Holders of rec. June 30
8% second pref.(quar.)
234 Aug. 15 Holders of rec. July 30
Boas Manufacturing, corn.(quar.)
5
Aug. 15 Holders of rec. July 30
Common (extra)
134 Aug. 15 Holders of rec. July 30
Preferred (quay.)
134 July 1 Holders of rec. June 20
Bridgeport Machine, pref.(quar.)
50e. July 1 Holders of rec. June 156
Brill° Manufacturing, class A (quar.)
3734c. July 1 Holders of rec. June 20
Burkart (F.) Mfg., common
55e. July 1 Holders of rec. June 20
Preferred (quar.)
July 15 *Holders of rec. June 30
Bush Terminal Co.(qu.) (in corn. stock) *12
800. July 1 Holders of rec. June 20
Byers Machine, class A (quar.)
134 July 1 Holders of roe. June 15
Cambridge Rubber (guar.)
2
July 1 Holders of rec. June 24
Canada Salt (quar.)
July 9 Holders of rec. June 25
Canadian Car & Fdy., pref.(quar.)
July 1 Holders of rec. June 15
1
Canadian Conn. Cotton Mills, partic.pf_
June 15 Holders of rec. June 13
2
Carey (Philip) Mfg., common (quar.)_..
134 June 30 June 21 to June 30
Preferred (guar.)
July
1 *Holders of rec. June 20
class
A
*50o.
Prod..
(quar.)Dairy
Central
Chic. June.& Un.Stk. Yds.,corn .(qu.)- 234 July 1 Holders of rec. June 15
134 July 1 Holders of roe. June 15
Preferred (quay.)
•34 Aug. 1 *Holders of roe. July 15
Cities Service, common (monthly)
Common (payable in common stock)_ V34 Aug. 1 *Holders of rec. July 15
Aug. 1 *Holders of rec. July 15
Preferred and preferred BB (monthly)
*5e. Aug. 1 *Holders of rec. July 15
Preferred B (monthly)




[vol. 124.

THE CHRONICLE
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
Crucible Steel. common (quar.)
'
1,134 July 30 *Holders of rec. July 15
Curtis Publishing Co., corn. (quar.)---- *50c. June 2 *Holders of rec. May 21
Davenport Hos. Mills, of.(qu.)(No. 1). 134 July 1 *Holders of rec. June 20
Detroit Creamery (quar.)
*406 July 1 *Holders of rec. June 20
Dodge Brothers, Inc. pref. fquar.)
*134 July 15 Holders of rec. June 27
Dunhill International. corn. (quar.).--- $1
July 15 Holders of rec. July la
Common (quay.)
$1
Oct. 15 Holders of rec. Oct. la
Common (quay.)
51
Jan. 15 Holders of rec. Jan. 1'28a
Common (quar.)
Apr. 15 Holders of rec. Apr. 1'28a
El
Eagle Warehouse & Storage (quar.)_ - _ _
134 July 1 June 28 to June 30
Extra
1
July 1 June 28 to June 30
Eastern Rolling Mill (quar.)
3734e. July 1 June 16 to July 1
Extra
1234c. July 1 June 16 to July 1
Eastern Theatres, Ltd.(Toronto), pref
334 July 30 Holders of rec. June 30
Electric Auto-Lite (quar.)
$1.50 July I Holders of rec. June 23
Empire Safe Deposit(guar.)
2
June 30 Holders of rec. June 23
Farr Alpaca (quar.)
*2
June 30 Holders of rec. June 16
Extra
*2 June 30 Holders of rec. June 16
prederal Min.& Smelt., corn.(special)_ _ $10
June 29 Holders of rec. June 25
Fl tone Tire & Rubber, corn.(quar.)
*51.50 July 20 Holders of rec. July 10
Kix per cent preferred (quar.)
134 July 15 Holders of rec. July 1
Seven per cent preferred (quar.)
*134 Aug. 15 *Holders of rec. Aug. 1
First Investment Co., class A ?quar.) - 75e. July 1 Holders of rec. June 15
Class A (extra)
1234c. July 1 Holders of roe. June 15
Flint Mills (quay.)
•134 July 1 *Holders of rec. June 15
Flour Mills of Amer.,Inc., $8 pf. A fqu.) $2
July 1 Holders of rec. June 15
Foster (W. C.) Company, pref. (quar.)_
131 July 1 Holders of rec. June 20
Fraser Companies, Ltd. pref. (quar.)...... 134 July 1 Holders of rec. June 25
Freeport Texas Co.(quar.)
*51
Aug. 1 *Holders of rec. July 15
• Extra
*25e. Aug. 1 *Holders of rec. July 15
General Fireproofing, corn. (quar.)
*81.25 July 1 *Holders of rec. June 20
General Tire & Rubber, pref. (quar.)
134 July 1 Holders of rec. June 20
Grant(W.T.) Co., common (quar.)
•25c. July 1 *Holders of rec. June 20
Grasselli Chemical, common (quar.)- - 2
June 30 Holders of rec. June 15
Preferred (quar.)
134 June 30 Holders of rec. June 15
Gulf 011 Corp. of Pennsylvania (quar.)
3734e. July 1 June 21 to June 23
Harris-Seybold-Potter Co.(quay.)
75e. July 1 Holders of rec. June 20
Hazel-Atlas Glass (quar.)
50e. July 1 June 19 to June 20
Hood Rubber Co., 734% pref. (quay.). _ 4.1% Aug. 1 *Holders of rec. July 21
.1,1%
Hood Rubber Products, pref. (guar.)_
Sept. 1 *Holders of rec. Aug. 22
Hovey (C. F.) Co., pref. (quar.)
4.154 July 1 Holders of rec. June 15
Hunt's Limited, preference (quar.)- - 154 July 1 Holders of roe. June 15
India Tire & Rubber, common (quar.)._ *45e. July 1 Holders of rec. June 20
Preferred (quar.)
•154 July 1 *Holders of rec. June 20
Indian Motocycle, corn. (quay.)
*50c. July 1 *Holders of rec. June 25
Preferred (quar.)
•l54 July 1 *Holders of rec. June 25
Interlake Steamship (quay.)
•51.50 July 1 *Holders of rec. June 20
Internat. Projector Corp., corn. (quay.). 25e. July 1 Holders of rec. June 21
$7 preferred (quar.)
$1.75 July 1 Holders of rec. June 21
Island Creek Coal, corn. (guar.)
$1
July 1 Holders of rec. June 23
Preferred (quar.)
$1.50 July 1 Holders of rec. June 23
Joint Investors, Inc., prior preferred_ __ - $3
July 1 Holders of rec. June 18
Jordan Motor Car, pref. (guar.)
154 June 30 Holders of rec. June 23'
Kaynee Company, corn. (quar.)
50c. July 1 Holders of rec. June 20
Preferred (quay.)
154 July 1 Holders of rec. June 20
Kelley Island Line & Transport (quay.). *2
July 1 *Holders of rec. June 20
Kelsey-Hayes Wheel. pref. (qu.)(No. 1) *31.75 Aug. 1 *Holders of rec. July 25
Kirshbaum (A. B.) Co., pref. (quar.).._. 154 July 1 Holders of rec. June 206
Lake Erie Bolt & Nut. corn. (quar.)._
250. July 1 June 25 to
June 30
La Salle Extension Institute. corn.(qu.)- 135 July 1 Holders of rec. June 21
Preferred (quar.)
131 July 1 Holders of rec. June 21
Lawyers Mortgage Co.(guar.)
334 June 30 Holders of rec. June 21
Lion 011 Refining (quay.)
50c. July 27 Holders of rec. June 30
Long Island Safe Deposit
4
July 1 Holders of rec. June 25
Lucky Tiger Combination Gold Mining_
Sc. June 20 Holders of rec. June 10
MacAndrews & Forbes, new, corn. (qu.) 65o. July 15 Holders of rec. June 30a
Preferred (quar.)
134 July 15 Holders of rec. June 30a
Magma Copper Co. (quay.)
75c. July 15 Holders of rec. June 30
Manning, Maxwell & Moore, Inc.(qu.). 134 July 2 Holders of rec. June 30
'Manufactured Rubber, pref. (quar.)_ _ '134 July 11 *Holders of rec. June 30
334 July. 15 Holders of rec. June 30
Marcus Loew's Theatres (Canada), pref
*50c. July 1 *Holders of rec. June 20
Marlin-Rockwell Corp., corn. (quay.)__
*50e. July 1 *Holders of roe. June 20
Common (extra)
*50c. Aug. 1 *Holders of rec. July 20
McCall Corporation (quar.)
McCord Radiator & Mfg., class A (qu.)- .750. July 1 *Holders of rec. June 23
*75c. July 1 *Holders of rec. June 15
Mead-Johnson Co., corn.(quar.)
$2
Meletio Sea Food, corn. (quar.)
July 1 Holders of rec. June 25
Merch. & Mfrs. Co., Panic. Prof. WO- *3734c July 1 *Holders of rec. June 23
Prior preferred (quar.)
*134 July 15 *Holders of rec. July 1
Merck de Co., preferred (guar.)
$1
July 1 Holders of rec. June 17
Mercurbank of Vienna (American shares) '3i 34e June 20 *Holders of rec. June 15
Mexican Petroleum Corp., cons. (quay.) $3
July 20 Holders of rec. June 30a
Preferred (quar.)
$2
July 20 Holders of rec. June 30a
Mid-Continental Petroleum (quar.)_ _ _ _ •750. Aug. 1 *Holders of rec. July 1
Mining Corp. of Canada, Ltd. (interim) 1234c July 15 June 29 to July 14
Missouri-Illinois Stores, corn. (quar.)--20c. July 1 Holders of rec. June 20
Preferred (quay.)
2
Aug. 1 Holders of rec. July 20
Mortgage-Bond Co. (quay.)
2
Juno 30 Holders of rec. June 23
Mountain & Gulf Olt (quay.)
July 15 *Holders of rec. June 30.
Extra
*lc. July 15 *Holders of rec. June 30
Murray Ohio Mfg., pref. (quay.)
July 1 Holders of rec. June 20
$2
Participating preferred (quar.)
*10c July I *Holders of rec. June 20
Nashua Manufacturing, pref. (quar.)
'154 July 1 *Holders of rec. June 23
National American Co. (quar.)
*51
Aug. 1 *Holders of rec. July 15
National Hellas Hess Co., pref. (guar.)._
134 Sept. 1 Holders of rec. Aug. 196
National Biscuit, corn. (guar.)
$1.25 Oct. 15 Holders of roe. Sept. 30a
Preferred (quar.)
134 Aug. 31 Holders of rec. Aug. 17a
National Cash Credit Assn., corn.(quay.) 15e. July 1 Holders of rec. June 13
Corn.(one-twentieth share corn,stock)
July 1 Holders of rec. June 13
Preferred (quay.)
15e. July 1 Holders of rec. June 13 .
Prof. (one-twentieth share corn, stock) (f) July 1 Holders of rec. June 13
Nat. Dairy Products, pref. A & B (qu.) 51.75 July 1 Holders of rec. June 22a,
National Licorice,corn
234 July 13 Holders of rec. June 15
134 June 30 Holders of rec. June 15
Preferred (quay.)
National Refining, pref. (quar.)
2
July 1 Holders of ree. June 15
Neisner Brothers, pref. (quar.)
*134 Aug. 1 *Holders of rec. July 15
New Bradford Oil (quar.)
'1234c July 15 *Holders of rec. July 1
New York Air Brake, corn. (quar.)
750• Aug. 1 Holders of rec. July 7
Newton Steel, common (quay.)
*50e. June 30 *Holders of roe. June 20 •
*154 June 30 *Holders of rec. June 20
Preferred (quay.)
Nipissing Mines Co., Ltd.(quar.)
734c July 20 Holders of rec. June 306•
North American Car Co.(quay.)
*62340 July 1 *Holders of roe. June 27
North Star Oil & Refining, pref. (quar.)_
134 July 4 Holders of rec. June 15 Northwestern Yeast (quar.)
*3
June 15 *Holders of rec. June 11
Ohio Seamless Tube, pref. (quar.)
154 July 1 June 16 to June 30
Oneida Community, corn.& pref.(quay.) 134 June 15 Holders of rec. May 31a
Otis Elevator, corn. (guar.)
$1.5 0July 1 5 Holders of re. June 30 •
134 Aug. 1 Holders of rec. July 236
Pacific Coast Co., first pref. (quay.)_
Pan-American Petroleum & Transport'n
Common and common B (quay.)
$1.50 July 20 Holders of rec. June 30a,
Paramount Famous Lasky Corporation
Common (extra)
Sept.20 Holders of rec. July 28
152
2
Preferred (quay.)
Aug. 1 Holders of rec. July 16
Penn Federal Corp., prof.(au.)(No. 1)_ *$1.75 July 1 *Holders of rec. June 22
Phila. Dairy Products, prior prof.(guar.) *$1.62 July 1 *Holders of rec. June 20
Aug. 1 *Holders of rec. July 15
Philadelphia Insulated Wire
*52
*50c. Aug. 1 •Hioders of roe. July 20
Pro-phyl-ac-tic Brush (quar.)
Extra
•51
July 15 *Holders of rec. June 30
Pie Bakeries of America. Inc., class A_
51
July 1 Holders of rec. June 15.
Preferred (quay.)
134 July 1 Holders of rec. June 15
Prairie Pipe Line (quar.)
'234 July 31 *Holders of rec. June 30
Premier Gold Mining
80. July 5 Holders of rec. June 14
Pressed Metals of America (quay.)
*75c. July 15 *Holders of roe. June 25
Procter & Gamble,8% pref. (guar.)... *2
July 15 *Holders of rec. June 25 .
Regal Shoe, preferred (quar.)
154 July 1 June 22 to June 30,
Kensington Arms, 1st pref. (quar.)
*134 July 1 *Holders of rec. June 20
Richman Brothers Co., corn. (quar.)_
$1.50 July 1 Holders of rec. June 21
July 1 Holders of roe. June 21
Common (extra)
3
3734e.5
Aug. 1 Holders of rec. July 15
Rice-Stix Dry Goods, corn. (quar.)
First and second preferred (guar.)_ -- *2
1 Holders of roe. June 15
July
13i
Ryan Car Co., pref. (quar.)
June 30 *Holders of rec. June 15

Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
•134 July 1 *Holders of rec. June 22
Sefton Manufacturing (guar.)
2
July 1 Holders of rec. June 20
Sieberling Rubber, pref. (guar.)
*75c. June 30 *Holders of rec. June 21
Shredded Wheat (guar.)
May 25 Holders of rec. May 2
5
Singer Manufacturing, Ltd
Smith Corona Typewriter, corn.(guar.)_ *75c. July 1 *Holders of rec. June 22
*154 July 1 *Holders of rec. June 22
Preferred (guar.)
Southern Stores Corporation (guar.)_ _ _ *50e. July 1 *Holders of rec. June 25
Sparks-Withington Co., corn.(guar.)._ _ 25e. June 30 Holders of rec. June 20
154 June 30 Holders of rec. June 20
Preferred (guar.)
*32.50 July 15 *Holders of rec. July 10
Stetson (John B.) Co., common
*4
July 15 *Holders of rec. July 10
Preferred
75e. July 1 Holders of rec. June 15a
Stroock (S.) & Co., Inc.(guar.)
July 15 Holders of rec. June 30a
Sundstrand Corporation, pref. (guar.)_ _
Superheater Company (guar.)
$1.50 July 15 Holders of rec. July 5
July 1 *Holders of rec. June 20
Telling Belle-Vernon Co., corn.(guar.)_ _ *El
July I *Holders of rec. June 20
Preferred (guar.)
*2
June 30 *Holders of rec. June 23
Textile Banking (guar.)
Thompson (John R.) Co.(monthly)_ _ *30c. July 1 *Holders of rec. June 23
Monthly
*30c. Aug. 1 *Holders of rec. July 22
Monthly
*300. Sept. 1 *Holders of rec. Aug. 23
July 15 Holders of rec. June 30
Tooke Bros., Ltd., 7% Ore!. (guar.)
154 July 1 Holders of rec. June 18
Traymore, Limited, pref.(guar.)
Union Metal Manufacturing (guar.) _ _ 50c. July 1 Holders of rec. June 20
Extra
250. July 1 Holders of rec. June 20
Union Twist Drill, pref.(guar.)
154 June 30 Holders of rec. June 250
United Ice Co., pref., series A (guar.)
$1.75 July 1 Holders of rec. June 20
U. S. Realty & Improvement, corn
Sept. 15 Holders of rec. Aug. 25
31
United Securities. Ltd., pref. (guar.)
14 July I Holders of rec. June 18
Universal Leaf Tobacco, pref.(guar.) _
July 1 Holders of rec. June 21
2
Universal Pictures, Inc., first pref. (qu.) 2
July 1 Holders of rec. June 20
Waltham Watch & Clock, prior pt.(qu.) *154 July 1 *Holders of rec. June 20
Prior pref. (acct. mecum. dive.)_ _ .._*h $19.60 July 1 *Holders of rec. June 20
Washington Oil
*51
June 20 *Holders of rec. June 14
Waverly Oil Works, class A (guar.)
75c. July 1 Holders of rec. June 20a
West Coast 011 (guar.)
*$1.50 July 5 *Holders of rec. June 25
July 5 *Holders of rec. June 25
Extra
513
Western Electric, new corn. (No. 1)...._. *500. June 3 *Holders of rec. June 28
Western Grocers, Ltd.(Canada). pf.(qu) 154 July 15 Holders of rec. June 30
Westinghouse Air Brake (guar.)
$1.75 July 30 Holders of rec. June 30
Westland Oil (guar.)
June 30 *Holders of rec. June 20
*152
Weston Electrical Instrument (quar.)_ *500. July 1 *Holders of rec. June 23
White Motor Securities, pref. (guar.)_ _ _
June 30 Holders of rec. June 15
Zellerbach Corporation (guar.)
*50c. July 15 *Holders of rec. June 30

134

*134

134

134

Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Railroads (Steam).
Alabama Great southern, ordinary
Ordinary (extra)
Preferred
Preferred (extra)
Albany & Susquehanna
Atoll. Topeka & Santa Fe, pref
Atlanta & West Point
Atlantic Coast Line RR., corn
Common (extra)
Bangor & Aroostook, corn. (guar.)
Preferred (guar.)
Beech Creek (guar.)
Boston & Albany (guar.)
Boston & Providence
Boston Revere Beach de Lynn (quar.)....
Buffalo & Susquehanna, pref
Canadian Pacific. corn (guar.)
Chesapeake & Ohio. corn. (guar.)
Preferred (guar.)
Chicago Burlington dr Quincy
Chicago Indianap. & Leuisville, com_
Common (extra)
Preferred
Chicago & North Western, common_ _
Preferred
Chic. R. 1. & Pacific, common (quar.)
Seven per cent preferred
Six per cent preferred
Ctn. N.0.& Texas Pacific. common_
Colorado Southern, first preferred
Consolidated RIM. of Cuba, pref.(guar.)
Cubs Railroad. common
Delaware dr Hudson Co. (quar.)
Great Northern, pref. (guar.)
Gulf Mobile & Northern, pref. (quar.)-Hocking Valley, com.(guar.)
Illinois Central, leased lines
Lehigh Valley, common (guar.)
Preferred (guar.)
Little Schuylkill Nay. RR. & Coal
Maine Central, com.(guar.)
Mobile & Birmingham, preferred
Mobile & Ohio
Morris & Essex
N.Y.Chicago & St. Louis, corn.(quar.)
Common (in Chesapeake Corp. stock)
Preferred (mar.)
New York & Harlem. coin. & pref
N. Y. Lackawanna & Western (guar.)._
Norfolk & Western,common (quar.)
Northern Pacific (guar.)
Northern Securities
Pere Marquette, common (guar.)
eCommon (in common stock)
Prior preference (quar.)
Five per cent preferred (guar.)
Pittsb. Ft. Wayne & Ohio, corn. (qu.)
Preferred (quar.)
Pittsb. McKeesp. & Yough. (guar.)..._
Reading Company,second pref.(quar.)_
Renssalaer & Saratoga
St. Louis-San Francisco,common (guar.)
Common (extra)
Preferred (guar.)
Preferred (guar.)
St. Louis Southwestern, pref. (quar.)
Southern Pacific Co. (guar.)
Southern Railway, corn. (guar.)
Preferred (guar.)
Union Pacific. common (guar.)
Wabash Ry. preferred A (guar.)
of Alabama
Western Hallway
Public Utilities.
Alabama Power, 87 pref. (guar.)
$6 preferred (guar.)
Amer.& Foreign PowerPreferred allot. ctfs. 25% paid (qu.)
Preferred (guar.)
Amer. Gas & Elec. common (guar.)
Common (payable in common stock)_
Preferred (guar.)
Amer.Light & Tree..coin.(pay.in corn.)
Preferred (guar.)




3593

THE CHRONICLE

JUNE 18 1927.]

Per
When
Cent. Payable.
34
3
334
3
434
24
4
334
154
75e.
154
500.
234
234
134

June 28
June 28
Aug. 15
Aug. 15
July 1
Aug 1
June 30
July 11
July 11
July 1
July 1
July 1
June 30
July 1
July 1
June 30
234 June 30
24 July 1
354 July 1
June 25
5
24 July 11
1
July 11
2
July 11
2
June 30
334 June 30
154 June 30
354 June 30
3
June 30
4
June 25
2
June 30
134 July 1
$1.20 June 28
234 June 20
24 Aug. 1
154 July 1
234 June 30
2
June 30
8734c July I
31.25 July 1
31.25 July 15
1
July 1
2
July 1
334 June 28
$1.75 July 1
254 July 1
(s) June 10
134 July 1
$2.50 July I
134 July 1
June 18
2
154 Aug. 1
4
July 11
134 July 1
f20 Oct. 1
15( Aug. I
154 Aug. I
151 July 1
154 July 5
$1.50 July 1
50c. July 14
July 1
July 1
250. July 1
14 Aug. 1
14 Nov. 1
134 June 30
14 July 1
14 Aug. 1
134 July 15
234 July 1
14 Aug. 25
4
June 30
$1.75 July
$1.50 July

Books Closed.
Days Inclusive.
Holders of rec. May 24
Holders of rec. May 24
Holders of rec. July 11
Holders of rec. July 11
Holders of rec. June 15a
Holders of rec. June 24a
Holders at ree. June 20
Holders of rec. June 15a
Holders of rec. June 15a
Holders of rec. June 3a
Holders of rec. June 3a
Holders of rec. June 15
Holders of rec. May 31a
Holders of rec. June 20
Holders of rec. June 15a
Holders of rec. June 15a
Holders of rec. June la
Holders of rec. June 8a
Holders of roe. June 8a
Holders of rec. June 18a
Holders of rec. June 25
Holders of rec. June 25
Holders of rec. June 250
Holders of rec. June la
Holders of rec. June la
Holders of rec. June 3a
Holders of rec. June 3a
Holders of rec. June 3a
Holders of rec. June 11
June 19 to June 30
Holders of rec. June 100
Holders of rec. June 28a
Holders of rec. May 280
Holders or rec. June 25a
Holders of rec. June 15a
Holders of rec. June 8a
June 19 to June 30
Holders of roe. June lla
Holders of rec. June lie
Holders of rec. June 17a
Holders of rec. June 15
June 2 to June 30
Holders of rec. June 17
Holders of roe. June 7a
Holders of rec. May 16a
Holders of rec.May(k)31
Holders of rec. May 16a
of rec. June 15a
Holders of rec. June 140
Holders of rec. May 81a
Holders of rec. June 250
June 25 to July 11
Holders of rec. June 14a
Holders of rec. Sept. 7a
Holders of rec. July 14a
Holders of rec. July I4a
Holders of rec. June 10a
Holders of rec. June 10a
Holders of rec. June 15a
Holders of rec. June 20a
June 16 to June 30
Holders of rec. June 8a
Holders of rec. June 8a
Holders of rec. July 150
Holders of rec. Oct 15a
Holders of rec. June 110
Holders of rec. May 27a
Holders of rec. July la
Holders of rec. June 21a
Holders of rec. June la
Holders of rec. July 23a
Holders of rec. June 20

nolders

1 Holders of ree. June 15
I Holders of rec. June 15

43 Mc July 1
154 July 1
25e. July 1
July I
(if
81.56 Aug. 1
f59 June 20
154 Aug. 1

Holders of rec. June 15
Holders of rec. June 15
Holders of roe. June 11
Holders of rec. June 11
Holders of rec. July 9
June 19 to June 30
Holders of rec. July 15

Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive

Public Utilities (Concluded).
Amer. Public Service Co., met (guar.)_
154 July 1 Holders of rec. June 15
Amer. Public Utilities, prior Df. (quar.)_
151 July 1 Holders of rec. June 15
Participating preferred (quar.)
154 July 1 Holders of rec. June 15
Am.Superpower Corp.. corn. A & B(gm) 30C. July 1 Holders of roe. June 1
31.50 July 1 Holders of rec. June 1
First preferred (guar.)
American Telep. & Teleg. (guar.)
24 July 15 Holders of rec. June 200
12c. July 1 Holders of rec. June 150
Arkansas Natural Gas (guar.)
Arkansas Power & Light. $7 pref. (gu.). $1.75 July I Holders of rec. June 15
Associated Gas dr Elec., $7 pref. (guar.)_ n$1.75 July 1 Holders of rec. May 31
Associated Telep. Util.. prior pref. (qu.) $1.75 June 15 Holders of rec. May 31
Bangor Hydro-Elec., 7% pref. (guar.)_ _
154 July 1 Holders of rec. June 10
Six per cent preferred (guar.)
134 July 1 Holders of rec. June 10
Barcelona Tr.. L. & Pow., ordinary_ -- 50c. June 30 Holders of rec. June 210
Preferred (guar.)
154 June 30 Holders of rec. Jane 211
Preferred (extra)
June 30 Holders of rec. June 2I0
I
2
July 15 Holders of rec. June 23
Bell Telephone of Canada (guar.)
Bell Telep. of Penna., pref.((mar.)
134 July 15 Holders of rec. June 206
Binghamton L., H.& P.36 pref.(guar.) 31.50 July 1 Holders of rec. June 15
Birmingham Electric Co.,$7 pref.(Mi.). 31.75 July I Holders of rec. June 15
$1.50 July 1 Holders of rec. June 15
$6 preferred (guar.)
154 July 1 Holders of rec. June 10a
Boston Elevated Ry., corn.(quar.)
354 July 1 Holders of rec. June 100
Preferred
4
July 1 Holders of rec. June 100
First preferred
Brazilian Trac., Lt.& Pow.. pref.
1'4 July 1 Holders of rec. June 15
31.25 July 1 Holders of rec. June 90
Union Gas (guar.,
(qu.)Broklyn
154 July 15 Holders of rec. June 30
Canada Northern Power. pref.(quar.)
Capital Trac.(Washington, D. C.)(qu.) 154 July 1 Holders of rec. June 14
Central Ill. Public Serv., pref. (guar.).• $1.50 July 15 *Holders of rec. June 30a
Central States Elec. Corp., coin. (guar.) 25c. July 1 Holders of rec. June 10
154 July 1 Holders of rec. June 10
Preferred (guar.)
Chic., No. Shore & Milw., pref. (guar.) 154 July 1 Holders of rec. June 15a
154' July 1 Holders of rec. June 150
Prior lien stock (guar.)
Chic. It. T., prior pref. class A (mthly.)_ 650. July 1 Holders of rec. June 210
Prior preferred class A (monthly)---- 650. Aug. 1 Holders of rec. July 196
65c. Sept. 1 Holders of rec. Aug. 16a
Prior preferred, class A (monthly)
60c. July 1 Holders of rec. June 210
Prior preferred, class B (monthly)
60c. Aug. 1 Holders of rec. July 196
Prior preferred. class B (monthly)
Prior preferred, class B (monthly)... 600. Sept. 1 Holders of rec. Aug. 160
Cleveland Railway, corn.(guar.)
134 July 1 Holders of rec. Junedlla
Coast Valleys Gas & Elec., 7% ef. (qu.) 154 July 1 Holders of rec. June 15
14 July 1 Holders of rec. June 15
Six per cent preferred (guar.)
Columbia Gas Sc Elec. Corp., corn.(qu.).. $1.25 Aug. 15 Holders of rec. July 200
14 Aug. 15 Holders of rec. July 200
Preferred (guar.)
Holders of rec. June 10a
Columbus Elec. dc Power, corn. (quar.)_ 50c. July
Holders of rec. June 100
Common (1-40 share in tom. stock)._ (f) July
Holders of rec. June 100
$1.75 July
Preferred series B (guar.)
Holders of rec. June 100
1.6254 July
Preferred series C (guar.)
Holders of rec. June 100
31.75 July
Second prefered (quar.)
Holders of roe. June 154
Cons. G., E. L. & P., Bait., corn. (qu.). 625Ic July
Holders of rec. June 156
July
Eight per cent pref., series A (quar.)... 2
Holders of roe. June 156
Seven per cent pref., series B (quar.)- 14 July
Holders of roe. June 156
hi4 JulyJuly
654% preferred, series C (guar.)
Holders of rec. June 156
Six per cent preferred, series D (guar.)
Holders of rec. June 306
Consolidated Gas, New York, pref.(qu.) $1.25 Aug.
Holders of reo. June 16
154 July
Consumers Power,6% pref.(quar.)
Holders of rec. June 15
1.65 July
,'6.0% preferred(guar.)
Holders of rec. June 15
154 July
Seven per cent preferred (guar.)
Holders of roe. June 15
50c. July
Six per cent preferred (monthly)
Holders of rec. June 15
55c July
6.6% preferred (monthly)
Holders of rec. June 13
Continental Gas & Elec. Corp.,com.(qu.) $1.10 July
14 July
Holders of rec. June 13
7% prior preferred (guar.)
154 July
Holders of rec. June 13
Participating preferred (guar.)
51 July
Holders of rec. June 13
Participating preferred (extra)
Holders of rec. June 13
154 July
6% preferred (guar.)
June 30 Holders of roe. May 31a
_ $3
(2) Continental Passenger Ry..
Denver Tramway Corp., pref. (quar.)_ _ $1.25 July 1 Holders of rec. June 150
2
July 15 Holders of rec. June 20a
Detroit Edison Co.(guar.)
154 July 15 Holders of rec. June 200
Diamond State Telep., pref. (quar.)_
July 1 Holders of rec. June 15
Duke Power (guar.)
1
Eastern Texas Electric Co., pref. (guar.) 14 July 1 Holders of rec. June 60
Electric Light & Pow. Co. of Abington
50c. July 1 Holders of rec. June 150
& Rockland (guar.)
Elec. Pow.& Lt. allot. ctfs. full pd.(qu.) 154 July 1 Holders of rec. June 16
(quar.)
paid
70c. July 1 Holders of rec. June 15
ctfs.
40%
Allotment
81.75 July 1 Holders of rec. June 15a
Preferred (guar.)
Empire Gas& Fuel,8% pt. (m'thly)___ 662-3o July 1 Holders of rec. June 15a
58 1-3e July 1 Holders of rec. June 150
Seven per cent preferred (m thl )
50e. July 1 Holders of rec. June 16
Empire Power Corp., panic. pref
31.50 July 1 Holders of rec. June 16
$6 preferred (guar.)
51.75 July 1 Holders of rec. June 6a
Engineers Public Service, pref.(quar.)
Federal Light & Traction. com.(quar.)._ 200. July 1 Holders of rec. June 136
Coin.(In corn. stk.[1-100 of a share)) (1.5e, July 1 Holders of rec. June 13a
134 July 1 Holders of rec. June 15
Florida Public Service, pref. (quar.)___ _
Frankford & Southwark Pass. Ry.(qu.)_ 34.50 July 1 June 2 to June 30
General Gas & Elec. Corp., coin. A (:111.) 3754c July 1 Holders of rec. June 110
July 1 Holders of rec. June ha
$8 preferred class A (guar.)
32
$1.75 July 1 Holders of rec. June ha
37 preferred class A (guar.)
31.75 July 1 Holders of rec. June lla
Preferred class B (guar.)
31.50 July 1 Holders of rec. June 10
Georgia Power, $6 preferred (quar.)_
14 July 1 Holders of rec. June 306
Gold & Stock Telegraph (guar.)
4354c June 30 Holders of rec. June 186
Hackensack Water, pref., class A (qu.)_
June 30 Holders of roe. June 29a
Illinois Bell Telephone (guar.)
2
Illinois Power.6% Preferred (guar.)._ 14 July 1 Holders of rec. June 15 •
Seven per cent preferred (guar.)
154 J1119 1 Holders of roe. June 15
14 July 1 Holders of roe. June 100
Illinois Power & Light, 7% rd. (guar.)._
134 July 1 Holders of rec. June 100
6% Preferred (guar.)
154 July 1 Holders of rec. June 10a
6% panic. pref. (guar.)
Indianapolis Power & Light, pref. (qu.)_
154 July 1 Holders of rec. June 66
Indianapolis Water Co., pref. (guar.)._
154 July 1 Holders of rec. June 15a
Interstate Power Co., Prof. (guar.)
$1.75 July 1 Holders of rec. June 6
International Power,first pref. (guar.)._
14 July 1 Holders of rec. June 15
International Telep. & Teleg. (quar.)_
154 July 15 Holders of rec. June 27
Jamaica Public Service, pref. (guar.)... 154 July 2 Holders of rec. June 15
Kansas City Pow.& Lt. it Dl. A (guar.) 6110 July 1 Holders of rec. June 140
Kansas Gas dc Electric, pref. (quar.)
154 July 1 Holders of rec. June 15
Kentucky Hydro-Elea Co., pref. (guar.) 154 June 20 Holders of rec. May 310
Kentucky Securities Corp., corn. (guar.) 14 July 1 Holders of rec. June 200
Preferred (guar.)
154 July 15 Holders of rec. June 200
Laurentide Power (guar.)
154 July 15 Holders of roe. June 30
Lone Star Gas Corp. (guar.)
80e. June 30 Holders of rec. June 206
Long Island Lighting, pref., ser. A (qu.) 154 July 1 Holders of rec. June 17
Preferred. ser. B (guar.)
14 July 1 Holders of rec. June 17
Louisville Gas & Elec.. class A (guar.)_ 4354c June 25 Holders of rec. May 314
Mackay Companies, common (guar.)._
154 July 1 Holders of rec. June 40
Preferred (guar.)July 1 Holders of rec. June 46
1
Manhattan Ry., 7% guar. (guar.)
154 July 1 Holders of rec. June 100
Modified guar. (guar.)
154 July 1 Holders of rec. June 106
Memphis Power & Light. pref. (guar.)
31.75 July 1 Holders of rec. June 18 •
Metropolitan Edison,$7 pref.(guar.)__
51.75 July 1 Holders of rec. June 15
154 July 1 Holders of rec. June 15
Six per cent preferred (guar.)
Middle West Utilities. pref. (guar.)
154 July 1 Holders of rec. June 30
Holders of rec. June 22
Midland Utilities, 7% prior lien (guar.)_
134 July
Holders of rec. June 22
Seven per cent pref., class A (guar.)._
154 July
Holders of rec. June 22
154 July
Six per cent prior lien (guar.)
Holders of roe. June 22
154 July
Six per cent pref., class A (guar.) _
Holders of rec. July 200
Milwaukee El. Ry. dr Lt..6% pref.(an.) 114 Aug.
Holders of rec. June 15
Minnesota Power & Light, pref. (guar.) 14 July
Holders of rec. June 15
Monongahela W.Penn.P.S. 7% Pf. (au.) 4354c. July
I54 July
Holders of rec. June.10a
Montana Power Co., cont. (guar.)
Holders of rec. June.30a
154 July
oPreferred (guar.)
2
Holders
July
of rec. June 30
154
Power.
pref.
(quar.)_
States
Mountain
Holders of rec. June 17
154 July
Nassau & Suffolk Ltg.. pref. (quar.)
Holders of rec. June 20
131 July
National Electric Power. pref. (guar.)._
51.75 July
Holders of rec. June 15
National Power & Light. pref. (quar.)
July
*Holders of rec. June 20
New England Investment & Security. Pf *2
New England Power Assoc.. corn. (qu.) 37340. July 1 Holders of rec. June 30a
154 July
Holders of rec. June 18a
Preferred (guar.)
New England Pub.Sem.. corn.(quar,)._ 45e. June 3 Holders of rec. May 31a
2 ' June 8 Holders of rec. June 10
New England Telep. & Teleg. (quar.).
Holders of rec. June 15
New Jersey Pow.& Lt.. $6 pref.(quar.)- $1.50 July

3594

THE CHRONICLE

Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Name of Company.

Public Utilities (Concluded).
New York Central Elec. Corp.. Pref.(qu) 1% July 1 Holders of rec. June 17
New York Steam Corp.,$6 pref.(quer.). $1.50 July 1 Holders of rec. June 15a
$7 preferred (quar.)
$1.75 July 1 Holders of rec. June 15a
New York Telephone, pref. (guar.)
1% July 15 Holders of rec. June 20a
Niagara Felts Power, cont. (quar.)
60e, June 30 Holders of roe June 150
Preferred (guar.)
4334e July 15 Holders of rec. June 300
Niagara Lockp..4 Ont. Pow., corn.(qu.) 750. June 30 Holders of rec. June 15
Seven per cent preferred (quar.)
1( July I Holders of rec. June 150
North American Co., corn. (guar.)
r23 July 1 Holders of rec. June 6a
Six per cent preferred (guar.)
750. July 1 Holders of rec. June 6a
North Amer. Light dr Power, pref. (qu.) 1% July 1 Holders of rec. June 250
Northeastern Power Corp., corn.(No. 1) 150. July 1 Holders of roe. June 150
Class A (quar.)
$1.50 July 1 Holders of rec. June 15a
Northern Mexico Power & Devel., corn
1
June 30 Holders of rec. June 15
Preferred (quar.)
I% June 30 Holders of rec. June 15
Northern Ohio Pr.& Lt.,6% pref. (qu.)_
1)'( July I Holders of rec. June 15
Seven per cent preferred (guar.)
181 July 1 Holders of rec. June 15
Northern Ontario Light & Power. pref._
3
July 25 Holders of rec. June 30a
Northern Penna. Pow. Co., $7 pf.
$1.75 July 1 Holders of rec. June 15a
$6 preferred (quar.)
$1.50 July I Holders of rec. June 15a
Six per cent preferred
3
July 1 Holders of rec. June 15a
Northern States Pow., corn., cl. A (qu.)_ 2
Aug. 1 Holders of rec. June 30
Six per cent preferred (quar.)
134 July 20 Holders of rec. June 30
Seven per cent preferred (guar.)
181 July 20 Holders of rec. June 30
Northport Water Works, pref. (quar.)
181 July 1 Holders of roe. June 17
Northwest Utilities, prior lien (quar.)_
$1.75 July 1 Holders of rec. June 15a
Northwestern Telegraph Co
June 30
$1.50 July I June 16 to
Ottawa Light, Heat & Power, corn.(qu.) 134 June 30 Holders of rec. June 15a
Preferred (quar.)
134 July 1 Holders of rec. June I5a
Ottawa Montreal Power, pref. (guar.).- 134 July 15 Holders of rec. June 30
Ottawa Traction (quar.)
1
July 2 Holders of rec. June 15
Panama Power dr Light Corp., pref.(qu.) 134 July I Holders of rec. June 15
Penn Central Light & Pow., pref. (qu.)- $1.25 July 1 Holders of rec. June 15a
Penn.-Ohio Pow. & Lt., 8% pref. (qu.). 2
Aug. 2 Holders of rec. July 20
Seven per cent preferred (guar.)
134 Aug. 1 Holders of rec. July 20
600. July 1 Holders of rec. June 20
7.2% preferred (monthly)
7.2% preferred (monthly)
60e. Aug. I Holders of rec. July 20
55e. July I Holders of rec. June 20
6.6% preferred (monthly)
55c. Aug. 1 Holders of rec. July 20
6.6% preferred (monthly)
Penna. Pow. & Light, $7 pref. (quar.)
$1.75 July 1 Holders of rec. June 15
$6 preferred (quar.)
$1.50 July I Holders of rec. June 15
Penna. Water & Pow., new stock (quar.) 50e. July 1 Holders of rec. June I70
Peoples Gas Co.. (N. J.) preferred
3
July 1 Holders of rec. June 15
Portland Electric Power,6% lot pf.(q1.1.) 134 July 1 Holders of rec. June 15
Prior preference (quar.)
131 July I Holders of rec. June 15
Porto Rico Railways, 7% pref. (quar.)_
131 July 2 Holders of rec. June 15
I Si July 15 Holders of rec. June 30
Power Corporation of Canada. pref
Public Serv. Corp. of Long Isl.. Pf.(Om) 134 July 1 Holders of rec. June 17
Public Serv. Corp. of N. J.. corn.(POW 50e. June 30 Holders of rec. June 30
50c. June 30 Holders of rec. June 30
Six per cent preferred (monthly)
134 June 30 Holders of rec. June 30
Seven per cent preferred (quar.)
2
Eight per cent preferred (guar.)
June 30 Holders of rec. June 30
Pub.Sem Elec. & Gas, 7% pref.(guar.) 134 June 30 Holders of rec. June 3a
134 June 30 Holders of rec. June 30
Six per cent preferred (quar.)
131 July 15 Holders of rec. June 30
Quebec Power (quar.)
Radio Corp. of America. pref. A (quar.). 8734c July 1 Holders of rec. June la
Preferred A (guar.)
87340 Oct. 1 Holders of rec. Sept. 1
Reading Traction
75c. July 1 June 19 to dJune 30
Roanoke Gas Light, preferred
334 July 1 Holders of rec. June 15a
Savannah Elec. & Power, deb. A (quar.) 52
July 1 Holders of rec. June 200
1.8734 July 1 Holders of rec. June 200
Debenture series B (quar.)
Second & 3d Sts. Pass. Ry., Phila.(qu.). $3
July 1 June 2 to June 30
Shawinigan Water & Power (quar.)
50e. July 11 Holders of rec. June 24
Southeastern Power dr Light, corn. (qu.) 25e. July 20 Holders of rec. June 30
$7 preferred (guar.)
$1.75 July 1 Holders of rec. June 15
$1.50 July I Holders of rec. June 15
$6 preferred (quar.)
Southern Canada Power, pref. (quar.)
134 July 15 Holders of rec. June 250
Southern N.E.Telep., corn.(quar.)._
2
July 15 Holders of rec. June 30a
Southwestern Bell Telep., pref. (quar.)-.. 134 July I Holders of rec. Juned20
Southwestern Gas & Elec., pref. (quar.). *134 July 1 °Holders of rec. June 15
*2
Eight per cent preferred (quar.)
July I *Hrlders of rec. June 15
214 July 1 Holders of roe. June 15
dSouthwestern Lt. & Pow., corn.. el. A
Springfield Railway & Light, pref. (qu.) 1% July 1 Holders of rec. June 15
8734c. July 25 Holders of rec. June 30a
Standard Gas & Electric, corn. (quar.)
Prior preference (guar.)
131 July 25 Holders of rec. June 30
2
Standard Gas Light, New York, corn_ _ _
June 30 Holders of rec. June 18
3
Preferred
June 30 Holders of rec. June 18
Superior Water, Light & Pow., pref.(qu.) 134 July 1 Holders of rec. June 15
Tennessee Elec. Power 6% lot pf.(qM.). 134 July I Holders of rec. June 15
134 July 1 Holders Of roe. June 15
Seven per cent first pref. quar.)
1.80 July 1 Holders of rec. June 15
7.2 per cent first pref. (qua:.)
50c. July 1 Holders of rec. June 1$
Six per cent first pref.(monthly)
7.2 per cent first pref. (monthly)
60a. July 1 Holders of rec. June 15
July 1 Holders of rec. June 15
Toledo Edison, prior preferred (quar.)-- 2
July 1 Holders of rec. June I5a
Twin City Rap. Tran., Minneap.(qu.). 1
134 July 1 Holders of rec. June 15a
Preferred (quar.)
(2) Union Passenger Railway. Phila.__ $4.75 July 1 Holders of rec. June 15a
$1.50 July 1 Holders of rec. June 90
Union Traction. Philadelphia
United Gas Improvement (quar.)
$1
July 15 Holders of rec. June 30a
United Light & Power. corn. A & B (qu.) 120. Aug. 1 Holders of rec. July 15
$1.62 July 1 Holders of ree. June 15
Preferred A (qua:.)
Preferred B (quar.)
July 1 Holders of roe. Juno 15
$1
Utah Gas* Coke. pref.& part. pref.(qu.) $1.75 July 1 Holders of rec. June I5a
Utah rower & Light. $7 pref. (quar.)--- $1.75 July 1 Holders of rec. June 10
$6 preferred (qua:.)
$1.50 July 1 Holders of rec. June 10
Utilities Power & Light, class A (quar.) z50c. July 1 Holders of rec. June 60
Class B (quar.)
0250. July I Holders of rec. June 60
Preferred (quar.)
134 July I Holders of rec. June 6
Virginia Electric & Power,6% pref.(qu.) 13.5 June 20 Holders of rec. Slay 310
Seven per rent preferred (quar.).._.
134 June 20 Holders of rec. May 310
West Penn Electric Co., class A (quar.).
134 June 30 Holders of rec. June 180
West Penn Power Co.. 7% prof.(guar.). 1% Aug. 1 Holders of rec. July 50
Six per cent preferred (qua:.)
1% Aug. I Holders of rec. July 50
Wee Penn Rya prof. lunar.)
1% June 15 Holders of rec. May 25
(2) West Philadelphia Passenger Sty_ _ $5
July I Holders of rec. June I 50
Western States Gas dr Electric. pref.(qu.) 134 July 15 Holders of rec. June 30
Winnipeg Electric Co., pref. (guar.).- 134 July 1 Holders of rec. June 6
Wisconsin Public Serv.634% Prof.(qu.)_
154 JULIO 20 Holders of rec. May 31
Seven per cent pref. (quar.)
154 June 21 Holders of rec. May 31
Banks.
America (Bank of) (guar.)
3
July
Holders of rec. June I5a
Chase National (guar.)
334 July
Holders of rec. June 135
Chase Securities Corp.(quar.)
$1
July
Holders of rec. JUDO 13a
Chatham & Phenix Rank & Trust(guar.) 4
July
June 16 to June 30
Chelsea Exchange (qua:.)
2
July
Holders of rec. June 170
Commerce (National Bank of) (Quar.)
July
4
Holders of rec. June 17a
Commercial Exchange (quar.)
234 June 30 Holders of rec. June 15
July
Manhattan Co.(Bank of the)(quar.)__. $2
Holders of rec. June 17a
4
National City (guar.)
July
Holders of rec. June 18a
National City Company
July
3
Holders of rec. June 18
4
July
Public Nat. Bank & Trust Co.(guar.)
Holders of rec. June 20
4
Seaboard National (qua:.)
July
Holders of rec. June 24
3
July
Standard Bank (quar.)
Holders of rec. June 250
3
July
Standard National Corp.. corn.(quer.).Holders of rec. June 250
t4 Jolly
Preferred (guar-)
Holders of roe. June 250
4
July
State (guar.)
Holders of rec. June 17a
July
United States(Bank of)(quar.)
3
Holders of rec. June 20a
Joint Stock Land Bank.
Denver

4

July

1

July
June
July
June
July
July

I
30
1
30
1
1

Holders of rec. June 255

Trust Companies.
5
Bankers (guar.)
3
Equitable (guar.)
Europe(Bank of) Trust Co.(quar.)_„.. 234
4
Guaranty (guar.)
1234
United Stew ((War.)
$10
Extra




Holders of rec. June
Holders of rec. June
Holders of rec. June
Holders of rec. June
Holders of rec. June
Holders of rec. June

150
200
20
17
20a
200

Fire Insurance.
Rossia (quar.)

[Vox.. 134.
Per
When
Cent. Payable
$1.50 July

Books Closed.
Days Inclusive.

I Holders of rec. June 14a

Miscellaneous.
Acme Road Machinery, pref. (quar.)--21.30 JuLye 30
1 June 9
to June 30
Adams Express (quar.)
$
Holders of rec. June 15a
Adams Royalty (quar.)
50c. July 1 Holders of rec. June 15a
Aetna Rubber,common (quar.)
250. July 1 Holders of rec. June 15
Preferred (quar.)
1% July 1 Holders of rec. June 15
Air Reduction (guar.)
$1.25 July 15 Holders of rec. June 300
Alberta Pacific Grain Co., Ltd., PI.(qu.) 1% July 1 Holders of rec. June 15
Allied Chemical & Dye Corp., pref.(qu.) 1% July 1 Holders of rec. June 105
Aloe (A. S.) Co., corn. (quar.)
63e.
Ply 1 Holders of rec. June 18
Preferred (quar.)
L
uly
y 1 Holders of rec. June 18
Aluminum Co. of Amer., pref. (quar.)_
134
Holders of rec. June I56
Aluminum Manufactures, corn. (guar.). .50c. June 30 *Holders of rec. June 15
Common (quar.)
*50c. Sept.30 *Holders of rec. Sept. 15
Common (guar.)
*500. Dec. 3 *Holders of rec. Dec. 15
Amalgamated Laundries, pref.(mthly.). 58e. July
Holders of rec. June 15
Preferred (monthly)
*58c. Aug.
*Holders of rec. July 15
Preferred (monthly)
*58e. Sept.
*Holders of rec. Aug. 1
Preferred (monthly)
*58c. Oct.
*Holders of rec. Sept. 15
Preferred (monthly)
*58e, Nov.
*Holders of rec. Oct. 15
Preferred (monthly)
*58c. Dec.
°Holders of rec. Nov. 15
Preferred (monthly)
*58e. Jan 228 *Holders of rec. Dec. 15
Preferred (monthly)
*58c. Feb 128 *Holders of rec.Jan.I5'28
Preferred (monthly)
*58e. M'r 1'28 °Hold. of rec. Feb. 15'28
Preferred (monthly)
*58c. A pr 1.28 *Hold. of rec. Mar.15'28
Preferred (monthly)
*58e. M'yl'28 *Hold. of rec. Apr.I5'28
Preferred (monthly)
.58e. Jun 128 °Hold. of rec. May 15'28
American Art Works, COM.& pref. (qu.)_
1% July 15 Holders of roe. June 30
American Bank Note. corn.(quar.)
50c. July I Holders of rec. June 130
Preferred (guar.)
750. July 1 Holders of rec. June 13a
American Can. pref. (quar.)
1% July 1 Holders of rec. June 16a
American Car & Foundry, corn.(quar.)- $1.50 July 1 Holders of rec. June 16a
Preferred (quar.)
134
Holders of rec. June 164
American Chain, preferred (quar.)
154 j
Juul y
; 11 June 21 to June 30
American Chicle, common (guar.)
Holders of rec. June 150
Prior preferred (quar.)
73°
134
. j
Ju
ully 1 Holders of rec. June 154
Six per cent preferred (quar.)
134 July I Holders of rec. June 150
American Cigar, preferred (guar.)
Holders of rec. June 15
Amer. Cyanamid, corn. A & B (quar.)-- 30T. liut y
Holders of rec. June 15
Common A & B (extra)
10e. July I Holders of rec. June 15
Preferred (guar.)
1% July 1 lIolders of rec. June 15
°American Druggists Syndicate
d40c. June 30 Holders of rec. June 154
American Express (guar.)
$1.50 July 1 Holders of rec. June 164
American Home Products (monthly)_-. 20e. July 1 Holders of rec. June 140
Amer. La France Fire Eng.. pref. (qua:.) 1% July 1 Holders of rec. June 176
American Locomotive, common (quar.)_ $2
June 30 Holders of rec. June 13a
Preferred (guar.)
1% June 30 Holders of rec. June 13s
American Mfg. Co.. corn. (quar.)
Holders of rec. June lea
Common (qbar.)
Holders of rec. Sept. 160
Common (qua:.)
75
1!
! jj,ielity
.
cyy. 311111 Holders of roe. Doe. 160
Preferred (quar.)
1% luly I Holders of rec. June 165
Preferred (quar.)
1
14
% Oct. 311 Holders of rec. Sept. 16a
Preferred (guar.)
Holders of rec. Dec. 164
American Piano, new cont. (quar.)
Holders of rec. June 15a
Preferred (quar.)
134 July 1 Holders of rec. June 150
American Radiator, corn. (quar.)
$1.25 June 30 Holders of roe. June 155
Amer. Railway Express (quar.)
$1.50 lime 30 Holders of rec. June 15a
Amer. Rolling Mill, corn. (quar.)
50c. July 15 Holders of rec. June 300
Common (payable in common stoek)- /5
1% July 30 Holders of rec. July la
Preferred (quar.)
Holders of rec. June 156
American Safety Razor, corn. (quar.).
75c. July 1 Holders of rec. June 10a
Common (payable in common stock)
fI
July 1 Holders of rec. June 10a
American Seating. cont. (qua:.)
750. July 1 Holders of rec. June 204
Common (extra)
250 July 1 Holders of rec. June 205
Common (extra)
25c Oct. I Holders of roe. Sept. 20a
American Snuff, corn.(quar.)
3
July 1 Holders of rec. June 100
Preferred (guar.)
134 July 1 Holders of rec. June 104
Amer. Steel Foundries, corn.(quar.)
Holders of rec. July la
Preferred (quar.)
73
1%
g j
J ulnye 3
10
3 Holders of rec. June 15a
American Stores (quar.)
June 16 to July 1
50c. July
American Sugar Refining, corn.(quar.)._
1% July
Holders of rec. June la
1% July
Preferred (quar.)
Holders of rec. June la
American Thread, preferred
12%c. July
Holders of rec. May 31a
American Tobacco, pref. (quar.)
134 July
Holders of rec. June 100
Amer. Wholesale Corp.. pref. (quar.)._
131 July
Holders of rec. June pa
Armour dr Co. (111.), pref. (quar.)
134 July
Holders of rec. June 106
Armour & Co. of Delaware, pref. (guar.)
Holders of rec. June 100
Armstrong Cork, corn. (quar.)
1% j
le
ul y
Julie 19 to July 1
Preferred (quar.)
June 19 to July 1
134 July
Artloom Corporation, corn. (quar.)
75c. July
Holders of rec. June 17a
Associated Dry Goods. Qom.(quar.)__
63c. Aug.
Holders of rec. July 90
First pref. (quar.)
134 Sept.
Holders of rec. Aug. 13
Second preferred (guar.)
1% Sept.
Holders of rec. Aug. 13
Associated 011 (qua:.)
50c. lupe 25 Holders of rec. June 41
Extra
40c. June 25 Holders of rec. June 44
Atlas Plywood (guar.)
$1 July 15 Holders of rec. July la
Auburn Automobile (quar.)
$1
July 1 Holders of rec. June 315
Autosales Corp.. pref.(quar.)
$1.50 June 30 Holders of rec. June 150
Babcock & Wilcox Co. (quar.)
I% July
Holders of rec. June 200
Quarterly
134 Oct.
Holders of rec. Sept. 2030
Quarterly
1% Janl '2 Holders of rec. Dec. 204
Quarterly
1% Apr1'28 Hold. rec. Mar. 20 '280
Balaban & Katz,corn.(monthly)
25o, July
Holders of rec. June 20
Preferred (quar.)
134 July
Holders of rec. June 200
Baldwin Locomotive, cont, and pref.-July
Holders of rec. June 44
Bamberger (L.) & Co., pref. (quar.)Sept.
Holders of rec. Aug. 13a
Preferred (quar.)
1% Dec.
[Solders of rec. Nov. 12a
Bancroft (Joseph) & Sons (quar.)
6234c June 30 Holders of rec. June 156
Capital Corp., prel.(guar.)._
$2
July 15 Holders of rec. June 30
Clt
P r red
Bankersref
$2
Oct. 15 Holders of rec. Sept.30
Preferred (quar.)
$2
Jan16.27- Holders of rec. Dee. 31
Barnadall Corp., class A and 14 (guar.).- (1234c July 15 Holders of rec. June 244
Beatrice Creamery, corn. (quar.)
*$1.25 July I °Holders of rec. June 20
Preferred (quar.)
°15( July 1 *Holders of rec. June 20
Beech-Nut Packing, cont. (quar.)
60e. July 9 Holders of rec. June 2545
Preferred (quar.)
1% July 15 Holders of rec. July la
Belding Hendnway Co., common (quar.) 50c. July I Holders of rec. June 20e
paper, common (quar.)_
1 44 j
Jul y 12
2 Holders of rec. June 30
Beig
PrefC
erared
nadi(aqnua
Holders of rec. June 3
Bendlx Corporation. class A (quar.).
Me. July 1 Holders of rec. June 154
Berry Motor (quar.)
Holders of rec. June 20
Bethlehem Steel, preferred (quar.)
30e
1% j
J ul y
Holders of rec. June 35
Blc
oe0kmlimr0
oen.(
T
goubaac
rj
co, common(guar.)-- 3734(3. Aug. 15 Holders of rec. Aug. 10
3734e. Nov. 15 Holders of rec. Nov.10
Preferred (quar.)
1% June30 Holders of rec. June 25
Preferred (qua:.)
134 Sept. 30 Holders of rec. Sept.25
Preferred (quar.)
134 Dee, 31 Holders of rec. Dee. 26
Bohn Aluminum & Brass (guar.)
3734c. July 1 Holders of rec. June 154
lion Anti Co.. corn."A"(guar.)
$1
July 30 Holders of rec. July 156
Common "B"
50c. July 1 Holders of rec. June 15
Bos
rtgon
&‘
B
vec
haltd(quar.)
$1
July 1 Holders of rec. June 204
3
June 30 Holders of rec. June la
Brandram-Henderson Ltd., pref.(qua:.) 1% July 2 Holders of rec. June 1
Brewers & Distillers (Canada) corn
5
July 15 Holders of rec. June 30
Brill Mfg_ class"A"(guar.)
500. July 1 Holders of rec. June 150
British American 011 (quar.)
20c. July 4 June 12 to July 3
British-Amer.Tob.. ordinary (interim)
.
- (I) June 30 Holders of couP.No. 118
British Columbia Fishing. corn. (quar.)
$1.25 Sept. 10 Holders of rec. Aug. 31
Common Omar.)
$1.25 Dee. 10 Holders of rec. Nov. 30
Common (qua:,)
$1.25 3 10-28 Holders of roe. Feb.28'28
Preferred mar.)
Holders of roe. Aug. 31
Preferred (guar.)
1% S
Deeo
Pt.. 1°
0 Holders of rec. Nov. 30
Preferred (quar.)
154 3-10-28 Holders of rec. Feb.28'2
Brunswick-Balke-Collender, pf. (quar.)_ 730.
Holders of rec. June 20
aly
134 Ju
Buckeye Incubator, corn. (quar.)
Holders of rec. June 20
Preferred (guar.)
2
July 1 Holders of rec. June 20a
Bucyrus Company, corn,(quar.)
75c. July 1 Holders of roc. June '20
Preferred (qua:,)
1% July 1 Holders of rec. June 20

3131

JUNE 18 1927.]
Name of Company.

THE CHRONICLE
When
Per
Cent. Payable.

Books Closed.
Days Industre.

Miscellaneous (Corutnited).
Budd Wheel. 7% lot pref. (guar.)
June 30 Holders of rec. June 10
Burns Brothers, preferred (guar.)
July 1 Holders of rec. June 13a
Prior preferred (guar.)._.
18t Aug. 1 Holders of ree. July lba
Burroughs Adding Machine, special_ ___ $1
June 30 Holders of rec. Slay 27a
Bush Terminal, preferred
July 15 Holders of rec. June 30a
3
Debenture preferred (guar.)
134 July 15 Holders of rec. June 30a
Bush Terminal Buildings, pref. (quar.)_
134 July 1 Holders of rec. June 17a
Butte & Superior Mining (guar.)
50e, June 30 Holders of rec. June 170
Byers (A. M.) Co., preferred (quar.)_
15( Aug. 1 Holders of rec. July I5a
By-Products Coke Corp., corn.(quar.)__ 50c. June 20 Holders of rec. June 6a
Preferred (guar.).
2% July 1 Holders of rec. June 20a
Calumet & Arizona Mining (guar.)
81.50 June 20 Holders of rec. June 3a
so4 July 1 *Holders of rec. June 15
Canada Bread, preferred (guar.)
Preferred B (quar)
*1% July 1 *Holders of rec. June 15
Canada Steamship Lines, 6% prof. (on.) 1)4 July 2 Holders of rec. June 15
Canadian General Electric, pref. (guar.)
July 1 Holders of rec. June 15
Canadian Locomotive. pref. (guar.) ____
1% July 1 Holders of rec. June 20
Canadian Westinghouse
c30e. June 30 Holders of rec. May 20
Canfield Oil.Common (guar.).
1)4 June 30 June 21 to July 4
Common (guar.)
134 Sept. 30 Sept. 21 to Oct. 4
Common (quar.)
1% Dec. 31 Dec. 21 to Jan. 4
Preferred (guar.)
1% June 30 Jan. 21 to July 4
Preferred (guar.)
Sept.30 Sept. 21 to Oct. 4
Preferred (guar.)
I% Dec. 31 Dec. 21 to Jan. 4
Case (J. 1.) Thresh. Mach., corn.(qu.)_
134 July 1 Holders of rec. June 13a
Preferred (guar.)
134 July 1 Holders of rec. June 13a
Celanese Corp. of Amer.. let partic. pref. 3% June 30 Holders of rec. June 15
First peal°. pf. (acct. accum. div.)___ h334 June 30 Holders of rec. June 15
Celotex Co.,com. (guar.)
75c. July 1 Holders of rec. June 15a
Preferred (quar.)
1% July 1 Holders of roe. June 150
Central Aguirre Sugar (guar.)
$1.50 July 1 Holders of rec. June 20
Extra
July 1 Holders of rec. June 20
51
Central Alloy Steel, corn. (guar.)
50c. July 10 Holders of rec. June 250
Preferred (guar.) •
1% July 1 Holders of rec. June 13a
Century Electric Co., com. (guar.)
1)4 June 22 Holders of rec. June 15a
Preferred (guar.)
134 July 1 Holders of rec. June 15a
Certain-teed Products Corp., com. (qu.) $1
July 1 Holders of rec. June 15a
First and second preferred (guar.) _
1% July 1 Holders of rec. June 15a
Chandler-Cleveland Motors, pref. (qu.) 6234e. July 1 Holders of rec. June 20a
Chesebrough Mfg. Cons. (quar.)
$1 June 30 Holders of rec. June 10a
Chicago Electric Mfg., class A (guar.)._ 50e. July 1 Holders of ree. June 21a
Chicago Fuse Manufacturing (guar.)._
6234 c July 1 Holders of rec. June 16a
Chicago Mill & Lumber, pref. (quar.)___
134 July 1 Holders of rec. June 220
Chicago Yellow Cab Co. (monthly)____ 33 1-3c July I Holders of rec. June 30s
Monthly
33 1-3c Aug 1 Holders of rec. July 20a
Monthly
33 1-3c Sept. 1 Holders of rec. Aug. 190
Childs Co.,com.(pay.in no par corn stk.) fl
July 1 Holders of rec. May 27a
Common (payable in no par com. stk.) fl
Oct. 1 Holders of rec. Aug. 26a
Common (payable in no par corn. stk.) fl
Dec. 34) Holders of rec. Nov 250
Chile Copper Co.(guar.)
6254c June 30 Holders of rec. June 30
Chrysler Corporation, corn.(guar.)
75c. June 30 Holders of rec. June 15a
Preferred A (guar.)
82
June 30 Holders of rec. June 150
Preferred A (guar.)
*2
Sept.30 Holders of rec. Sept. 15a
Preferred A(,ear.)
$2
Jan 328 Holders of rec. Dec. 150
Cities Service, common (monthly)
33 July 1 Holders of rec. June 15
Common (payable in common stock)_
f34 July 1 Holders of rec. June 15
Preferred and preferred BB (monthly)
34 July 1 Holders of rec. June 15
Preferred B (monthly)
Sc. July 1 Holders of rec. June 15
City ice & Fuel (guar.)
Soc. Sept. 1 Holders of rec. Aug. 10a
Cite Investing, common
234 July 1 Holders of rec. June 27a
Preferred (quan)
1% July 1 Holders of rec. June 27
Cleveland Stone (guar.)
50c. Sept.15 Holders of rec. Sept. 50
Cluett, Peabody & Co., pref. (guar.)... 1% July 1 Holders of rec. June 20a
Coca-Cola Co., new no par stock (guar.) $1.25 July 1 Holders of rec. June ha
Coca-Cola International (guar.)
52.50 July 1 Holders of rec. June 110
Colt's Patent Fire Arms Mfg.(guar.)... 50e. June 30 Holders of rec. June lla
Commercial Credit, com.(quar.)
25e. June 30 Holders of rec. June 20a
Seven per cent preferred (guar.)
4334c June 30 Holders of rec. June 200
Preferred class B (guar.)
50c. June 30 Holders of rec. June 20a
634% first preferred (quar.)
*1% June 30 Holders of rec. June 20a
Commercial Investment Trust,com.(qu.) 90e. July 1 Holders of rec. June 150
First preferred (guar.)
1% July 1 Holders of rec. June 150
1% July 1 Holders of rec. June I5a
6)-b% first preferred (guar.)
Commercial Solvents class 13 (quar.)..__ $2 July 1 Holders of rec. June 20a
Conde Nast Publications, Inc.(No. 1)__ 50e. July 1 Holders of rec. June 170
Congress Cigar (guar.)
$1
June 30 Holders of rec. June 14a
Conlon Corporation (guar.)
*154 July 30 *Holders of rec. July 20
Consolidated Cigar Corp., corn. (guar.) $1.75 July 1 Holders of rec. June 150
Consolidated Min. & Smelting
$1.25 July 15 Holders of rec. June 30
Bonus
$5
July. 15 Holders of rec. June 30
Continental Baking, corn., class A (qu.) Si
July 1 Holders of rec. June 13a
Preferred (quar.)
2
July 1 Holders of rec. June 13a
Continental Can. Inc.. Prof. (guar.)._
134 July 1 Holders of rec. June 20a
Cooper Corporation, common (guar.)__. $1
July 15 Holders of rec. July la
Coegrove-Meehan Coal. pref. (guar.)._
134 July 1 Holders of roe. June 27a
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 28a
Preferred (guar.)
1% Dec. 21 Holders of rec. Dec. I9a
Coty Inc. (guar.)
$1.25 June 30 Holders of rec. June 15a
Crown Finance Corporation, corn
$4
July 2 Holders of rec. June 15
Preferred (guar.)
154 July 2 Holders of rec. June 15
Crown-Willamette Paper, 1st pref. (qu.) 81.75 July 1 Holders of rec. June
13a
Crucible Steel. pref. (guar.)
1% June 30 Holders of rec. June 153
Cuban-American Sugar, corn.(quar.)___ 25c. July 1 Holders of rec. June
4a
Preferred (guar.)
1% July 1 Holders of ree. June 4e
Cuban Tobacco, corn. (No. I)
$1.50 June 30 Holders of rec. June 30a
Preferred
234 June 30 Holders of roe. June 15
Curlee Clothing. pref. (guar.)
1% July 1 Holders of rec. June I
Cushman's Sone, Inc.Common (payable In $8 pref. stock)
451.50 Sept. 1 Holder.) of rec. Aug. 15a
Davis Mills (guar.)
1
June 25 Holders of rec. June 110
Detroit & Cleveland Navigation (quar.)- 2
July 1 Holders of rec. June I5a
Devoe & Reynolds, corn. A & B (guar.). 60c, July I June 21
to June 30
First and second preferred (quar.)..... 1% July 1 June 21 to June
30
Dome Mines. Ltd. (guar.)
25c, July 20 Holders of rec. June 30
Dominion Glass. corn, and pref. (quar.)
I% July 2 Holders of rec. June 15
Stores
Dominion
(quar.)
60e. July 1 Holders of rec.
Dominion Textile, common (quar.)____ 31.25 July 2 Holders of rec. June 15
June 15
Preferred (guar.)
1% July 15 Holders of rec. June 30
Donner Steel. Inc., prior preference
4
June 30 Holders of rec. June 20
Douglas (W. L.) Shoe. pref. (quar.)____
I% July 1 IIolders of rec. June 15
Douglas-Pectin Corp.(guar.)
50e. June 30 Holders of rec. June la
Extra
25c. June 30 Holders of rec. June la
Draper Corporation (guar.)
1
July 1 Holders of rec. May 28a
*334 July 1
Drayton Mills, preferred
Dunham (Jas. IL) & Co.,corn.(quar.)
134 July 1 Holders of rec. June 170
First preferred (guar.)
134 July 1 Holders of rec. June 170
Second preferred (guar.)
134 July 1 Holders of rec. June 17a
Du Pont(E. I.) de Nemours & Co.
Common (extra)
$1.50 July 6 Holders of rec. June la
Debenture stock (guar.)
134 July 25 Holders of rec. July 9a
Eagle-Picher Lead, corn. (guar.)
40c, Sept. I Holders of rec. Aug. 15a
Common (guar.)
40e. Dec. 1 Holders of rec. Nov. lba
Preferred (guar.)
1)4 July 15 Holders of rec. June
Preferred (guar.)
134 Oct. 15 Holders of roe. Sept. 30a
Preferred (guar.)
134 Jan15'2 8 Holders of rec. Dee.30a
31
Early & Daniels. common (guar.)
62 34c July 1 Holders of rec. June 200
Common (extra)
25e. July 1 Holders of rec. June 20a
Common (guar.)
62340 Oct. 1 Holders of rec. Sept. 20a
Common (extra)
25e. Oct. 1 Holders of rec. Sept 200
Common (guar.)
6234c Jan 1'28 Holders of rec. Dec. 20a
Common (extra)
25c. Jan 128 Holders of rec. Dec. 20a
Preferred (guar.)
81.75 July 1 Holders of rec. June '200
Preferred (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 20a
Preferred (guar.)
$1.75 Jan 1'28 Holders of rec Dee. 200
Eastern Steamship, pref. (guar.)
8734c July d15 *Holders of rec.dJuly 6a
First preferred (guar.)
134 July dl *Holders of rec. dJune 240
Eastman Kodak, corn. (guar.)
51.25 July 1 Holders of rec. May 31a
Common (extra)
75c. July 1 Holders of rec. May 31a
Preferred (guar.)
1% July 1 Holders of rec. May 3Ia




134

Name of Company.

3595
TI7hers
Per
Cent. Payable.

Boots Closed.
Days Inclustre.

Miscellaneous (Continued).
Elsenlobr (Otto) & Bros., Inc.. pf. (qu.) 13.4 July 1 Holders of rec. June 20a
Electric Controller & Mfg., corn, (qu.)__ $1.25 July I Holders of rec. June 200
Common (extra)
25c. July 1 Holders of rec. June 200
Electric Storage Batt., corn. & pf. (qu.)_ $1.25 July 1 Holders of rec. June 66
Electric Vacuum Cleaner, corn. (quar.) 51
June 30 Holders of rec. June 20
Common (extra)
July 1 Holders of rec. June 20
$1
154 June 30 Holders of rec. June 20
qPreferred (guar.)
Ely-Walker Dry Goods, 1st preferred___
334 July 15 July 4 to July 14
Second preferred
July 15 July 4 to July 14
3
Emerson Electric Mtg., pref.(guar.)
134 July 1 Holders of rec. June 20
Emporium Corporation (guar.)
50c. June 24 Holders of rec. June la
Endicott-Johnson Corp., corn. (quar.)-- 51.25 July 1 Holders of rec. June 20a
134 July 1 Holders of rec. June 20a
Preferred (guar.)
Equitable Office Bldg.,common (guar.)- $1.75 July 1 Holders of rec. June 15
1% July 1 Holders of rec. June 15
Preferred (guar.)
Slureka Vacuum Cleaner_
Common (payable in common stock).
Aug. 1 Holders of roc July 20a
I'S
Evans Auto Loading. A & B (quar.)____ 75c. July 1 Holders of rec. June 200
25c. July I Holders of rec. June 20a
Classes A & B (extra)
.40e. Juno 30
Ewa Plantation Co.(extra)
Fairbank.. Morse si Co.. core (quar.)__ 750. lone 30 Holders of rec. June lba
20c. July 1 Holders of rec. June 200
Fair (The). common (monthly)
20c, Aug. 1 Holders of rec. July 21a
Common (monthly)
1% Aug. 1 Holders of rec. July 21a
Preferred ((uar.)
Fanny Farmer Candy Shops. pf. (qu.)._ 60e. July 1 Holders of rec. June 15
Faultless Rubber, corn. (guar.)
50c. July 1 Holders of rec. June 160
*I% July 1 *Holders of rec. June 16
Preferred (guar.)
20c. July I Holders of rec. June 18
Federal Motor Truck (guar.)
e234 July 5 Holders of rec. June 18
Stock dividend
Feltman & Curme Shoe St's,com.A(qu.)- *50c. July 1 *Holders of rec. June 1
I6c. July 16 Holders of rec. July 20
Fifth Avenue Bus Securities (quar.)._
Financial & Industrial Securities (guar.) 750. July 1 Holders of rec. June 15
Me. July 1 Holders of rec. June 15
Extra
Financial Invest. Co. of N.Y.. com.(qu.) 30c. July 1 Holders of rec. June 4
2
July 1 Holders of rec. June 13a
First Nat. Pictures. let pref. (quar.)_
3734c July 1 Holders of rec. June lla
First National Stores, corn. (guar.)
1% July 1 Holders of rec. June 11
First preferred (guar.)
20c, July 1 Holders of rec. June lba
Preferred (guar.)
Fleischtnann Company, common (qu.)._ 75e. July 1 Holders of rec. June 130
30c, July I June 21 to June 30
Foote Bros. Gear & Mach..com.((u.)
30e. Oct. 1 Sept. 21 to Sept.30
Common (guar.)
Common (guar.)
30e Jan 1'28 Dee 21 to Doe. 30
Preferred (guar.)
1% July 1 June 21 to June 30
1% Oct. 1 Sept.21 to Sept.30
Preferred (guar.)
Preferred (guar.)
134 fan 1'28 Dec 21 to Dec. 30
Forhan Company. Corn. (guar.)
25c. July 1 Holders of rec. June 15a
40e. July 1 Holders of rec. June 15a
Class A (guar.)
Formica Insulation (attar.)
250. July 1 Holders of rec. June 15
Extra
10e. July 1 Holders of rec. June 15
Quarterly
250. Oct. 1 Holders of rec. Sept. 15
Extra
10c. Oct. 1 Holders of rec. Sept. 15
250. Jan 1'28 Holders of roe. Dec. 15
10c. Jan.I'28 Holders of rec. Dec. 15
Srnliyibber Mfg., corn. A & B (qu.) 8734c July 1 Holders of rec. June 13a
riterrlaVe
GatlEbxua
Garfield Safe Deposit
4
June 27 June 9 to Jude 27
General Amer. Tank Car, common
$1.50 July 1 Holders of rec. June 150
Preferred (guar.)
1% July 1 Holders of rec. June I50
General Baking Corp., class A (guar.)._ $1.25 July 1 Holders of rec. June 16
Preferred ((uar.)
$2 June 30 Holders of rec. June 180
General Cigar, debenture pref. (quar.)__
1% July 1 Holders ef rec. June 240
General Electric (guar.)
July 29 Holders of rec. June 170
Si
Extra
July 29 Holders of rec. June 17a
51
Special stock (quar.)
I5c. July 29 Holders of rec. June 17a
General Motors Corp., com. (extra).- 52
July 5 Holders of rec. May 21a
Six per cent preferred (quar.)
134 Aug. 1 Holders of rec. July ba
Six per cent debenture stock (quar.)_ _
134 Aug. 1 Holders of rec. July 5a
Seven per cent debenture stock (guar.) 1% Aug. 1 Holders of rec. July 50
General Railway Signal, com.(quar.)___ $1.25 July 1 Holders of rec. June 10a
Preferred (guar.)
134 July 1 Holders of rec. June 10a
,,Bpref,
.
Ginter
C. G rsC
utnp (quar.)
pro., 8%p
200. July 1 Holders of rec. June 11
Spring
July 1 Holders of rec. June 10
2
(On.)
Glen Alden Coal (guar.)
$2.50 June 20 Holders of rec. June 90
Glidden Company, pref. (guar.)
154 July 1 Holders of rec. June 16a
Goodrich (B. F.) Cu., pref. (guar.)
1% July 1 Holders of rec. June 150
Goodyear Tire & Rub., Canada, pf.(qI.) 1% July 2 Holders of rec. June 15
Goodyear Tire & Rubber, prior pref.(qu.) 2
July 1 Holders of rec. June 13a
Seven per cent preferred (guar.)
July 1 Holders of rec. June la
Gossard (H. W.) Co.. corn. (mthlY.)--- 33 1-3c July 1 Holders of rec. June 20a
6234c July 1 Holders of rec. June 150
Gotham Silk Hosiery (gear.)
Goulds Pump,Inc., corn.(guar.)
2
July I Holders of rec. June 20
1% July 1 Holders of rec. June 20
Preferred (quar.)
July 1 Holders of rec. June 15a
Granby Consol. Min., Sm.& Pow.(qu.) SI
51.25 June 30 Holders of rec. June 15
Great Lakes Towing, corn. (guar.)
1% July 1 Holders of rec. June 15
Preferred (guar.)
$2
July 2 Holders of rec. June 150
Great Western Sugar, corn.(guar.)
pultrp
GreenfieidTa
.)
1% July 2 Holders of rec. June 15a
Preferred (g
le Corp.,6% pf.(gu.) 134 July 1 Holders of rec. June 15
July 1 Holders of rec. June 15
2
8% preferred (guar.)
Greif Bros. Cooperage, class A (qu.)____ 80c. July 1 Holders of rec. June 15
Guantanamo Sugar. preferred (quar.)___
July 1 Holders of rec. June 15a
2
Guenther Publisning
Aug. 20 Holders of rec. Jan. 2041
5
Preferred (guar.)
Nov 20 Holders of rec. Jan. 20a
5
Preferred (guar.)
i34 July 1 Holders of rec. June 15a
Gulf States Steel, corn. (guar.)
1% July 1 Holders of rec. June 150
First preferred (quar
First preferred (guar.)
1% Oct. 1 Holders of roe. Sept. 154
First preferred (guar.)
Is' Jan.3'2* Holders of rec. Dec. lba
Hamilton Bank Note
Aug. 15 Holders of rec. Aug. 1
6c
1% July 1 Holders of rec. June 200
Hamm ermil I Paper, pref. (quar.)
Hendon Boller Corp., corn.(guar.)
250. July 1 Holders of rec. June lba
uani
r
(qK
134 July 1 Holders of rec. June 150
re
.du.)
e. fe p
Ha
Pnref
Knitting. pref.(guar.)... 1% July 1 Holders of rec. June 20
liarbison-Walker Refrac., pref. (quar.)_
1% July 20 Holders of rec. July 90
Hathaway Baking, class A. pref. (guar.) $2
July 14 Holders of rec. July la
Heath (D.C.) & Co., Pref.(guar.)
1% June 30
June 30
Heinle (George W.)common (guar.). -- $1
July 1 Holders of rec. June Ila
Preferred (guar.)
1% July 1 Holders of rec. June Ila
Hercules Powder, common ((uar.)
2
June 25 June 16 to June 2.5
Hibbard. Spencer, Bartlett Co.( ..onthlY) 30e. June '24 Holders of rec. June 17
Hibernia Securities, preferred (quar.)___
1% July 1 Holders of rec. June 25
*1
Home Service, common ((uar.)
Aug. 20 *Holders of rec. Aug. 1
First & second preferred ((uar.)
*2
July 20 *Holders of rec. June 30
Homeetake Mining (monthly)
50e. June 25 Holders of rec. Juned206
Horn & Hardart Baking,,Phila. (guar.). *51.25 July 1 *Holders of rec. June 20
Hudson Motor car (quar.)
87(4e July 1 Holders of rec. June lla
Humble Oil & Refining (guar.)
*30c. July 1 *Holders of rec. June 11
Extra
*200. July 1 *Holders of rec. June 11
Press
Brick,
prof. (quar.)___. 134 July 1 Holders of rec. June 23
Hydraulic
(w)Ullnols Brick (quar.)
60e July 15 July 3 to July lb
(w)Quarterly
60e. Oct. 15 Oct. 5 to Oct. 113
Illinois Wire & Cable (guar.)
50c. July 1 Holders of rec. June 150
Imperial Tobacco of Can., ord.(interim) 134 June 29
Independent Pneumatic Tool (quar.)
July 1 June 21 to June 30
$1
Industrial Acceptance Corp., common
50c. July 1 Holders of rec. June 17
First preferred (guar.)
1% July 1 Holders of rec. June 17
Second preferred (guar.)
July I Holders of rec. June 17
2
Second preferred (extra)
50c. July 1 Holders of rec. June 17
Ingersoll-Rand Co., common (extra).... Si
July 1 Holders of rec. June 10a
Preferred
53
July 1 Holders of rec. June 10a
Inland Steel, pref. (guar.)
1% July 1 Holders of rec. June I50
Intercontinental Rubber (guar.)
250. June 30 Holders of rec. June 18a
$I
July 1 Holders of rec. June 230
Internat. Business Machines (quar.)
Internat. Buttonhole Sew. Mach. (qu.)- 150. July 1 Holders of rec. June 15
International Cement, common (guar.). $1
June 30 Holders of rec. June Ila
1% June 30 Ilolders of rec. June Ila
Preferred (guar.)
International Harvester, common ((u.).. 1.4 July 15 Holders of rec. June 250
July 25 Holders of rec. June 250
Commou (payable in common stock). f2
,50e. June 30 Holders of rec. June 160
International Nickel, corn. ((uar.)
134 July 15 Holders of rec. July la
Lnternat. Paper. 7% prof. (guar.)
Six per cent preferred (guar.)
1)4 July 15 Holders of rec. July la

Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Cont(nued).
International Salt (guar.)
1% July 1 Holders of rec. June 15a
International Shoe, corn. (guar.)
$1.75 July 1 Holders of rec. June 15a
Preferred (monthly)
50e. July 1 Holders of rec. June 15
International Silver, pref. (guar.)
July I Holders of rec. June I3a
Interstate Iron & Steel, common (quar.) $1
July 15 Holders of rec. July 8
Oct. 15 Holders of rec. Oct. 8
Common (guar.)
$1
Common (guar.)
Jan.1518 Holders of roe. Jan. 9'28
$1
Intertype Corporation, let pref. (guar.) 82
July 1 Holders of rec. June 15
Second preferred
July 1 Holders of rec. June 15
$3
Jewel Tea. pref. (guar.)
13i July 1 Holders of rec. June 17a
Preferred (acct. accum. dIvIdends)--- 117
July 1 Holders of rec. June 17a
Johns-Manville. Inc.. corn.(guar.)
750. July 15 Holders of rec. July la
Preferred (guar.)
1% July 1 Holders of rec. June 15a
Jones & Laughlin Steel. pref. (quar.)---- 1% July 1 Holders of rec. June 150
Kaufman Department Stores. pf.(guar.) 1% July 1 Holders of rec. June 20
Keith (Geo. E.) Co., 1st As 2nd pf. (au.) 18( July 1 Holders of rec. June 15
Kelsey Wheel, Inc.. com.(guar.)
$1.50 July 1 Holders of rec. June 66
$1.25 July 1 Holders of reg. June 3a
Kennecott Copper Corp.(guar.)
July 1 Holders of rec. June 45
Keystone Watch Case (guar.)
1
July 1 Holders of rec. June 200
King Philip Mills (guar.)
Sept.10 Holders of rec. Aug. 31
Kirby Lumber, common (guar.)
Dec. 10 Holders of rec. Nov.30
Common (guar.)
$1.75 July I Holders of rec. June 15
Knox Hat, Inc.. prior pref. (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 15
Prior preferred (guar-)
$3.50 Aug. 1 Holders of res. July 15
Second preferred
37%c July 1 Holders of roe. June 10a
Kraft Cheese. com.(guar.)
Common (in common stock)
11% July 1 Holders of rec. June 10a
300. June 30 Holders of rec. June Ila
Kresge (S. S.) Co., corn. (guar.)
June 30 Holders of rec. June Ila
Preferred (guar.)
July 1 Holders of rec. June 24a
Kuppenheimer (B.) & Co., Inc., com___ $1
Laclede-Christy Clay Prod., pref. (qu.) 1% July 1 Holders of rec. June 20
$1.25 July 1 Holders of rec. June 200
Lambert Company, corn. (quar.)
135 July 2 Holders of rec. June 17
Laurentide Company (guar.)
2% July 1 Holders of rec. June 180
Lawyers Title & Guaranty (guar.)
$2 July 1 Holders of rec. June 16
Lehigh Valley Coal Sales (guar.)
3' July 1 Holders of rec. June 170
Libby, McNeil & Libby, preferred
July 1 Holders of rec. June 20
Liberty Baking Corp., pref. (quar.)___
40e. July 1 Holders of rec. June 14a
Life Savers, Inc. (guar.)
July 1 Holders of rec. June 106
Liggett & Myers Tobacco, pref. (guar.).
July 1 *Holders of rec. June 18
Loew's Boston Theatres. pref. (quar.)-- *2
100. June 30 Holders of rec. June 173
Loew's. Incorporated (guar.)
June 30 Holders of rec. June 100
Long Bell Lumber, com. Cl. A (qU.)---- $1
Loose-Wiles BiscuitOld com.(one share of new no par corn) 25 July 1 Holders of rec. June xis
New no par common (guar.)(No. 1)._ 400. Aug. 1 Holders of rec. July lla
1% July 1 Holders of rec. June 170
First preferred (quar.)
Aug. 1 Holders of rec. July 180
Second preferred (guar.)
2% July 1 Holders of rec. June 17a
Lord & Taylor. common (guar.)
1% July 1 Holders of rec. June 153
Lorillard (P.) Co., pref. (guar.)
50c. July 1 Holders of rec. June 18a
Ludlum Steel, corn. (guar.)
$1.50 June 30 Holders of rec. June 17a
Mack Trucks, Inc., corn. (guar.)
1% June 30 Holders of rec. June 176
First and second preferred (quar.)--$1.25 Aug d15 Holders of rec. July 29a
Macy (R. H.) & Co., (guar.)
250. July 15 Holders of roe. July 5
Madison Square Garden Co. (quar.)__
250. Oct. 15 Holders of rec. Oct. 5
Quarterly
Malson Blanche (New Orleans). pref - 3% July 1 Holders of rec. June 29
MallInson (H. R..) & Co., Inc., pref.(411.) 13 July 1 Holders of rec. June 20a
Mandel Brothers. Inc.(No. 1) (quar.)_ _ 62%c July 1 Holders of rec. June la
Manhattan Electrical Supply (quar.)--- $1.25 July 1 Holders of rec. June 20a
1% July 1 Holders of rec. June 16a
Manhattan Shirt, pref. (quar.)
210. July 9 Holders of rec. June 20
Margny Oil (guar.)
Marion Steam Shovel, corn.(qu.)(No.1) 75c. July 1 Holders of rec. June 15
July 1 Holders of rec. June 15
1
7% preferred (guar.)(No. 1)
80c. July 1 Holders of rec .June 20
Marvel Carburetor Co
July 1 Holders of rec. June 173
Mathieson Alkali Works, cons. (quar.)_ - $1
1% July 1 Holders of rec. June 176
Preferred (guar.)
Sept. 1 Holders of rec. Aug. 15a
May Department Stores, com.(quar.). $1
3734c July 1 Holders of rec. June 100
May Drug Stores Corp. (guar.)
Aug. 1 Holders of rec. July 20a
McCrory Stores Corp.. pref. (quar.)_ _
Nov. 1 Holders of roe. Oct. 20e
Preferred (guar.)
McLellan Stores, com. A and B (guar.). 250. July 1 Holders of roe. June 20
250. Oct. 1 Holders of roe. Sept. 20
Common A and B (guar.)
25e. Jan 228 Holders of rec. Dec. 20
Common A and B (guar.)
Merchants dr Miners Transportation(qu) 62;40. June 30 Holders of rec. June 156
$1.25 June 30 Holders of rec. June 4a
Mergenthaler Linotype (guar.)
25c. June 30 Holders of rec. June 4a
Extra
81.25 June 30 Holders of rec. June 11 a
Merrimac Chemical (guar.)
July 1 June 16 to JUDO 30
Metropolitan Pavrng Brick, pref. (guar.)
July 1 Holders of rec. June 180
Midland Steel Products. com. (quar.)_ $1
480. July 1 Holders of rec. June 18a
Common (extra)
July 1 Holders of rec. June 18a
$2
Preferred (guar.)
$1
July 1 Holders of rec. June 18a
Preferred (extra)
250.
July 1 Holders of rec. June 18a
Midvale Company
50c. July 25 Holders of rec. July 53
Miller Rubber, common (guar.)
15 July 1 Holders of rec. June 20
Mill Factors Corporation (guar.)
July 1 Holders of rec. June 20
Extra
Aug. 15 Holders of rec. Aug. 4a
Montgomery Ward & Co., corn.(quar.)_ $1
$1.75 July 1 Holders of roe. June 200
Class A (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 20a
Class A (guar.)
81.25 July 1 Holders of rec. June 206
Morgan Lithograph. com.(guar.)
250. June 30 Holders of rec. June 10a
Mother Lode Coalition Mines
July 15 Holders of rec. July la
Motion Picture Capital Corp.. pref.(qu.) 2
Moto Meter Co., Inc., class A (guar.)-- 900. July 1 Holders of rec. JUDO I46
50c. June 20 Holders of roe. June 10a
Motor Wheel Corp., corn. (guar.)
Mount Vernon-Woodberry Mills. Drat _
23-6 June 30 Holders of rec. June 15a
Mountain Producers Corp. (guar.)
650. July 1 Holders of rec. June 150
National Biscuit, com.(guar.)
$1.25 July 15 Holders of roe. June 300
National Breweries, corn. (guar.)
July 1 Holders of rec. June 15
$1
Preferred (guar.)
ii' July 1 Holders of rec. June 15
National Cash Register, class A (guar.). 75c. July 15 Holders of rec. June 300
Nat Dairy Prod Corp.,n.stk.(qu.)(No.1) 750. July 1 Holders of rec. June 220
National Enamel & Stamping, pf. (qu.) 1)i June 30 Holders of rec. June 16a
/National Lead, new corn.(guar.)
155 June 30 Holders of rec. June 10a
Class B com.(guar.)(No.1)
1% Aug. 1 Holders of rec. July 8a
National Standard Co.(guar.)
750. July 1 Holders of rec. June 20a
National Sugar Refining (guar.)
1% July 1 Holders of rec. June 6
National Supply, pref. (guar.)
1% June 30 Holders of rec. June 200
National Surety (guar.)
2% July 1 Holders of rec. June 170
National Tea,common (quar.)
July 1 Holders of rec. June 150
St
Nelson (Herman) Corp. (guar.)
300. July 1 Holders of roe. June 20
Stock dividend
el
July I Holders of rec. June 20
Quarterly
300. Oct. I Holders of roe. Sept.4
Stock dividend
el
Oct. 1 Holders of rec. Sept. 19
Nevada Consolidated Copper (guar.)._ 37 5t. Joe 530 Holders of rec. June 17a
Novadel Process Co., corp. (guar.)
250. July 1 June 21 to July 1
Preferred (guar.)
500. July I June 21 to July 1
250. July 1 Holders of rec. June 15a
New England Fuel Oil (guar.)
2
July 9 Holders of rec. June 20a
New Jersey Zinc (extra)
50c. July 15 Holders of rec. July la
New York Transportation (guar.)
134 July I Holders of roe. June 20
Nichols Copper,7% pref. (guar.)
,
4 July 1 *Holders of rec. June 10
North American Provision. pref. (qu.)_ •11
3
July 1 Holders of rec. June 10a
Northern Pipe Line
500. June 30 Holders of rec. June 15a
Nunnally Company
0-Cedar Corp.. class A corn. (quar.).. 545c. July 1 *Holders of rec. June 20
500. July 1 Holders of rec. June ha
Oil Well Supply. com. (quar.)
1% Aug. 1 Holders of rec. July 12a
Preferred (guar.)
Oklahoma Natural Gas, pref. (quar.)--- 1% July 1 Holders of rec. June 15
2
July 1 Holders of rec. June 17a
Omnibus Corporation, pref. (quar.)__ _
Orpheum Circuit, Inc., com.(mthly.)._ _ 16 2-3 July 1 Holders of rec. June 20a
2
July 1 Holders of rec. June 170
Preferred (guar.)
134 July 15 Holders of rec. June 30a
Otis Elevator, preferred (guar.)
191 Oct. 15 Holders of reo. Sept. 30a
Preferred (guar.)
134 Jan15'28 Holders of rm. Dee. 31s
Preferred (quar.)
191 July 1 Holders of rec. June 15a
Otis Steel. preferred (quar.)
Overman Cushion Tire, corn. A &B (qu.) 37340. July 1 Holders of rec. June 24
1% July 1 Holders of rec. June 24
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept.24
Preferred (quar.)
Ovington Bros. Co.. panic. preferred__ 40c. July 1 Holders of rec. June 15
750. July 1 Holders of roe. June 16a
Owens Bottle, common (guar.)
191 July 1 Holders of rec. June 15a
Preferred (quar.)




rifou

THE CHRONICLE

3596

Name of Company.
Miscellaneous (Continued);
Package Machinery, 1st pref.(quar.)
First preferred (guar.)
Packard Motor Car, monthly
Monthly
Monthly
Page-Hershey Tubes, corn. (guar.)
Preferred (guar.)
Paige-Detroit Motor, pre/. (guar.)
Paraffine Cos., new stock (No. 1)
Paramount Famous Lasky Corp.
Common (guar.)
Park-Utah Consol. Mines CO. (guar.).Parke Brothers (guar.)
PaE
rtta
eiDavls & Co.(guar-)

Per
When
Cond. Payable
1%
191
20c.
20c.
20o.
750.
1%
191
75c.

Aug. 1
Nov. 1
June 30
July 30
Aug. 30
July 1
July I
July 1
June 27

Books Clouds
Days Inclusive.
Holders of rec. July 20
Holders of rec. Oct. 200
Holders of rec. June 15a
Holders of rec. July 15a
Holders of rec. Aug. 150
Holders of rec. June 18
Holders of rec. June 18
Holders of rec. June 15a
Holders of rec. June 17a

82
July 1 Holders of rec. June 15a
200. July 1 Holders of rec. June 250
*25e. June 30 *Holders of rec. June 12
250. June 30 Holders of rec. June 18a
10c. June 30 Holders of rec. June 180
Penick & Ford, Ltd.. com. (guar.)
250. July 1 Holders of rec. June 15a
134 July 1 Holders of rec. June 150
Preferred (guar.)
Penney (J. E.) Company, pref
391 June 30 Holders of rec. June 20
250. June 25 Holders of rec. June 153
Pennok Oil, common (guar.)
Pennsylvania-Dixie Cement corn. (an.).. 800. July 1 Holders of rec. June 15a
Peoples Drug Stores, Inc., corn.(guar.).
250. July 1 Holders of rec. June 8
75c. July 1 Holders of rec. June 10
Pet Milk Co., corn. (guar.)
Preferred (guar.)
1% July 1 Holders of roe. June 10
Pettibone Mulliken Co. 1st & 2d pf.(qu.) 1% July 1 Holders of rec. June 200
Phillips Petroleum (guar.)
75c. July 1 Holders of rec. June 14a
Pick (Albert) & Co., preferred (guar.).- 191 July 1 Holders of rec. June 20
Pierce-Arrow Motor Car, pref. (quar.)_ _
2
July 1 Holders of rec. June 130
400. Sept. 1
Pillsbury Flour Mills, corn. (No. 1).
2
July 1 Holders of rec. June 15a
Pittsburgh Plate Glass (guar.)
1% Juned30 June 16 to June 30
Pittsburgh Steel Foundry, pref. (quar.)_
July 1 Holders of rec. May 31
Plymouth Plan Finance Corp.(annual). 6
Porto Rican Am.Tob.,cl. A (qu.)(No.1) 81.75 July 11 Holders of rec. June 200
Pratt & Lambert Inc., common (quar.)- 750. July 1 Holders of rec. June 15a
Pressed Steel Car, preferred (quar.)____
191 June 30 Holders of rec. June la
Price Bros. & Co., Ltd., corn. (quar.)__ 50c. July 2 Holders of rec. June 15
1% July 2 Holders of rec. June 15
Preferred (guar.)
2
July I Holders of rec. June 106
Pure 011, 8% preferred (guar.)
Six per cent preferred (guar.)
191 July 1 Holders of rec. June 100
July 1 Holders of rec. June 100
191
(guar.)
preferred
53.1%
$1
July 15 Holders of rec. July la
Quaker Oats, common (guar.)
134 Aug. 31 Holders of rec. Aug. la
Preferred (guar.)
15c June 15 Holders of rec. June la
Q. R. S. Music (monthly)
15c July 15 Holders of rec. July la
Monthly
July I Holders of rec. June 15a
Real Silk Hosiery Mills, com.(guar.)._ $1
191 July 1 Holders of rec. June 15a
Preferred (guar.)
July 15 Ilolders of rec. July 5
Realty Associates, 1st preferred
Reece Button Hole Machine (quar.)__-- 350. July 1 Holders of rec. June 15
Sc. July 1 Holders of rec. June 15
Reece Folding Machine (quar.)
750 July 1 Holders of rec. June 200
Reid Ice Cream Co., corn. (guar.)
Reis (Robert) Co.. first pref. (quar.)- - 1% July 1 Holders of rec. June 15a
Reliance Manufacturing. pref. (guar.).- 1% July 1 Holders of rec. June 200
Remington Noiseless Typewr., pf. (qu.). 134 July 15 Holders of rec. July la
400 July 1 Holders of rec. June 10a
Remington-Rand Co., corn. (guar.).--1
July 1 Holders of rec. June 100
Common (payable in common stock)__
191 July 1 Holders of rec. June 10a
First preferred (guar.)
2
July 1 Holders of rec. June 10a
Second preferred (guar.)
$1.25 July 1 Holders of rec. June 15
Remington Typewriter, com. (guar.).
1% July 1 Holders of rec. June 15
First preferred (guar.)
2
July 1 Holders of rec. June 15
Second preferred (guar.)
200. July 1 Holders of rec. June 15a
Reo Motor Car (guar.)
131 July 1 Holders of rec. June 14a
Republic Iron & Steel, pref. (guar.)._ _ _
Reynolds (R. J.) Tobacco$1.25 July 1 Holders of roe. June 18a
Common and Common B (guar.)
Richardson & Boynton Co., part. pf.(qu) 750. July 1 Holders of rec. June 15
June 30 Holders of rec. June 15a
Royal Baking Powder, corn. (quar.)---- 2
yi June 30 Holders of rec. June 15a
Preferred (guar.)
81
July 16 Holders of rec. June 300
Safety Cable (guar.)
$2.50 July 1 Holders of rec. June 17
Safeway Stores, com. (guar.)
1% July 1 Holders of rec. June 17
Preferred (guar.)
2
July 1 Holders of rec. June 15a
Safety Car Heat & Ltg. (guar.)
500. June 20 June 10 to June 20
St. Joseph Lead (guar.)
250. June 20 June 10 to June 20
Extra
50e. Sept. 20 Sept. 10 to Sept. 20
Quarterly
25e. Sept. 20 Sept. 10 to Sept.20
Extra
500. Dec. 20 Dec. 10 to Doe. 20
Quarterly
250. Dec. 20 Dec. 10 to Dec. 20
Extra
2
July 1 June 21 to June 30
St. Louis National Stock Yards (quar.)__
St.Louls Rocky Mt.& Pac.Co.,can.(qu) 50c. June 30 Holders of rec. June 15a
Preferred (guar.)
191 June 30 Holders of rec. June 150
St. Maurice Valley Cons., pref. (guar.). 191 July 2 Holders of rec. June 15
Salt Creek Consolidated 011 (guar.)._- .200. July 1 Holders of rec. June 15
Savage Arms, 1st preferred (guar.)
.13£ July 1 *Holders of rec. J.ne 15
Second preferred (guar.)
•1% Aug. 15 *Holders of rec. Aug. 1
:Schulte Retail Stores, common ((man)_ _ 8794c Sept. 1 Holders of rec Aug. 15a
Common (guar.)
87% Dec. 1 Holders of rec. Nov 150
Preferred (guar.)
2
July 1 Holders of rec. June 110
Schulze Baking Co., pref. (guar.)
1% July 1 Holders of rec. June 15
Convertible preferred (quar.)
750. July 1 Holders of rec. June 15
Scovill Manufacturing (guar.)
750. July 1 Holders of rec. June 290
Second Internat. Sec. Corp., 1st pf.(qu.) 750. July 1 Holders of rec. June 15
Shaffer Oil & Refining, pref. (guar.)._ _ _
1% July 25 Holders of rec. June 30
Shattuck (Frank G.) Co.(guar.)
50c. July 10 Holders of rec. June 200
Sheffield Steel (quar.)
50c. July 1 Holders of rec. June 20
Shell Union Oil, com.(quar.)
35c. June 30 Holders of rec. Juno 2s
Sherwin-Williams of Canada, com.(qu.)_
1% June 30 Holders of rec. June 15a
Preferred (guar.)
1% June 30 Holders of rec. June 15a
Shreveport Eldorado Pipe Line (quar.)__
50c. July 1 Holders of rec. June 150
Simmons Company,common (guar.).-- 50c. July 1 Holders of rec. June 15a
Singer Manufacturing(guar.)
*2% June 30 'Holders of rec. June 10
*534 June 30 *Holders of rec. June It
Sloss-Sheffield Steel & Iron, com.(qu.)
1% June 20 Holders of rec. June 100
Preferred (guar.)
1% July 1 Holders of rec. June 200
Smith (Howard) Paper Mills, prof. (qu.) 2
July 11 Holders of roe. June 30
Solar Refining
5
June 20 June 1 to June 10
South Penn Oil (guar.)
50c. June 30 June 16 to June 30
tioputrhef
do
Co., corn. (qu.) 1% July 1 Holders of rec. June 15a
Preferred (quar.)
2
July 1 Holders of rec. June 15a
South West Penna. Pipe Line (grusr.).-- 1
July I Holders of rec. June 15
Spicer Manufacturing, pref. (guar.).--- 2
July 1 Holders of rec. June 200
Sprague-Sells Corp.. class A (quar.)
*6234c July 1 *Holders of rec. June 20
Standard Milling, cons. (guar.)
191 June 30 Holders of rec. June 170
Preferred (guar.)
194 June 30 Holders of rec. June 17
Standard Oil (Kentucky)(guar.)
June 30 Juno 16 to June 29
Standard 011 (Neb.) (quar.)
620. June 20 May 29 to Juno 30
Standard 011 (Ohio), common (guar.)... 62%c July 1 Holders of rec. May 270
Stanley Co. of America (guar.)
$1
July 1 Holders of roe. June 180
Stern Brothers, class A (quar.)
July 1 Holders of rec. June 15a
Stromberg Carburetor (guar.)
50c. July 1 Holders of rec. June 130
SwedIsh-Am.Inv.Corp.,com.(gu.)(No.1)5 1 .62% July 1 Holders of rec. June 150
swi
Pfatrt
ei,cc
ipo.
a(
tig
nu
gaprr.e)ferred (guar.)
1% July 1 Holders of rec. June 150
2
July 1 Holders of roe. June 10
Texas Corporation (guar.)
75c. July 1 Holders of rec. June 3a
Texas Pacific Coal & Oil (guar.)
150. June 30 Holders of rec. June 10a
Thompson Products, common (guar.)._ $3
July 1 Holders of rec. June 200
$2.40 July 1 Holders of rec. June 180
Thompson-Starrett Co., new stock
Tide-Water Associated Oil. pref.(quar.)134 July 1 Holders of rec. June 100
Tide-Water Oil Co., common
200. June 30 Holders of rec. June Ila
Timken Detroit Axle (quar.)
150. July 1 June 521 to June 30
Extra
5c. July 1 June 52 to June 30
Tobacco Products Corp., corn. (guar.)._ $1.75 July 15 Holders of rec. June 24
Todd Shipyards Corp. (guar.)
$1
June 20 Ilolders of rec. June 6a
Torrington Co. (guar.)
750. July 1 Holders of rec. June 17
Extra
$1.25 July I Holders of rec. June 17
Traveler Shoe, corn. (guar.)
37%e. July I Holders of reo. June 15
Truscon Steel, com. (guar.)
300. July 15 Holders of rec. July 5a
Tublze Artificial Silk, common (guar.)._ $2.50 July
Tuckett Tobacco, corn. (guar.)
1
July 15 Holders of rec. June 306
1% July 15 Holders of rec. June 30a
Preferred (guar.)
Holders of rec. June 20
July
Ulen & Company.8% preferred
4
Holders of rec. June 20
7,34% preferred
3% July

JUNE 18 1927.]
Name of Company.

THE CHRONICLE
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
Underwood Comput. Mach., pref. (qu.) 1
July
Holders of rec. June 220
Underwood Typewriter, common (rm.) _ _ $1
July
Holders of rec. June 45
Common (guar.)
$1
Oct.
Holders of rec. Sept. 3a
Preferred (guar.)
July
Holders of rec. June 4a
Preferred (quar.)
1% Oct.
Holders of rec. Sept. 3a
Union Carbide & Carbon (guar.)
$1.50 July
Holders of rec. June 45
Union Storage (guar.)
62Sic Aug. 1
Holders of rec. Aug. la
Quarterly
Holders of rec. Nov. la
6254c Nov. 1
United Cigar Stores, corn.(guar.)
50c. June 3 Holders of rec. June 10
Common (payable In common stock) _ _ 11% June 3 Holders of rec. June 10a
United Drug, 1st preferred (quar.)
1% Aug.
Holders of rec. July 150
United Dyewood, preferred (guar.)
July
Holders of rec. June 130
United Fruit (guar.)
July
Holders of rec. June 45
$1
United Paper Board, pref. (guar.)
July 1
Holders of rec. July la
Preferred (quar.)
1 Yi Oct. 1
Holders of rec. Oct. la
Preferred (guar.)
1% Jan16'2 Holders of rec.Jan.2 '28a
Preferred (quar.)
13. Apr16'2 Holders of rec.Apr.2 '28a
United Profit-Sharing, corn. (In stock). .f5
July 1
Holders of rec. June 150
United Shoe Machinery, corn.(quar.)-- - 62%c July
Holders of rec. June 14
Preferred (guar.)
Holders of rec. June 14
375ic July
U. S. Bobbin & Shuttle, corn. (quar.)
June 3 Holders of rec. June 8
$1
Preferred (quar.)
I
June 3 Holders of rec. Juno 8
U.S. Cast Iron Pipe & Fdy.. corn.(qu.)_
Sept. 1 Holders of rec. Sept. is
Common (guar.)
254 Dec. 1 Holders of rec. Dec. is
Preferred (guar.)
June 1 Holders of rec. June is
Preferred (quar.)
1% Sept. 1 Holders of rec. Sept. is
Preferred (guar.)
Dee. 1 Holders of rec. Dec. la
U. S. Distributing Corp., old pref
Holders of rec. June ha
3)4 July
New preferred (No. 1)
3)4 July
Holders of rec. June 11
U.S. Gypsum, corn.(quar.)
40c. June 3 June 16 to June 30
Preferred (guar.)
1% June 3 June 16 to June 30
U. S. Industrial Alcohol, pref. (quar.)
1.% July 1 Holders of rec. June 30a
U S L Battery Corp., pref. A (guar.)
25c. July
dJune 11 to July 1
Preferred B (quer.)
173,6c July
dJune 11 to July 1
United States Steel Corp., corn. (quar.)_
1% June 2 Holders of rec. Juno 70
Tobacco,
United States
common (quar.)_ 750. July
Holders of rec. Juno 13a
Preferred (guar.)
1)4 July
Holders of rec. June 13a
Universal Pipe & Radiator. corn. (guar.) 600. July
Holders of rec. June 15a
Common (extra)
25e. July
Holders of rec. June 15a
Preferred (quar.)
Holders of rec. July 15s
1% Aug.
Preferred (guar.)
1)4 Nov.
Holders of rec. Oct. 154
Utah Copper Co. (guar.)
$1.50 June 3 Holders of rec. June 17a
Vacuum 011 (guar.)
50c June 2 Holders of rec. May 31
Extra
50c. June 2 Holders of rec. May 31
Valvoline Oil, preferred (guar.)
2
July
Holders of rec. June 20a
V. Vivaudou. Inc., corn. (guar.)
75c. July I
Holders of rec. July is
Preferred (guar.)
1)4 Aug.
Holders of rec. July 15a
Van Dorn Iron Works, pref. (quar.)__ _ _ *1% July
*Holders of rec. June 22
Virginia Iron, Coal Az Coke, preferred.. _
21,5 July
Holders of rec. June 15a
Vulcan Detinning, preferred (quar.)_
1)4 July 2 Holders of rec. July Oa
Preferred (account accumulated dive.)
July 2 Holdrrs of rec. July Oa
Preferred A (guar.)
1)4 July 2 Holders of rec. July 9a
Waba.sso Cotton, Ltd. (guar.)
$1
July
Holders of rec. June 15
Bonus
500. July
Holders of rec. June 15
Wahl Company, pref.(account accum.)_ *tali July
*Holders of rec. June 23
Waldorf System, corn. (guar.)
37%c July
Holders of rec. June 20a
Preferred (guar.)
20c July
Holders of rec. June 20
Walworth Company, preferred (guar.) _ _ 75c. June 3 Holders of rec. June 20a
Ward Baking Corp., com. cl. A (quar.). _ $2
July
Holders of rec. June 15a
Preferred (quar.)
186 July
Holders of rec. June 15a
Warner-Quinlan Co. (quar.)
50c. July
Holders of rec. June 15a
Warren Bros. Co., corn. (guar.)
July
$1
Holders of rec. June 20
First preferred (quar.)
750. July
Holders of rec. June 20
Second preferred (guar.)
87Sic July
Holders of rec. June 20
Waukesha Motor, common (guar.)
6286 c July
Holders of rec. June I5a
Weber & Hellbroner, common (quar.)
$1
June 3 Holders of rec. June 17a
Preferred (guar.)
1% Sept.
Holders of rec. Aug. 17
Welsbach Company,common
2
June 3 Holders of rec. June 200
Preferred
386 June 3 Holders of rec. June 200
Wesson Oil& Snowdrift Co., Inc., Corn... $1
Holders of rec. June 15
July
West Point Manufacturing (guar.)
2
July
Holders of rec. June 150
Western Exploration (quar.)
2 Sic. Juno 2 June 16 to June 20
Westinghouse Elec. ,k klfg., corn. (qu.). $1
July 3 Ilolders of rec. June 300
Preferred (guar.)
$1
July 15 Holders of rec. June 300
Wheeling Steel Corp., pref. A (quar.)_ _ _
2
July 1 Holders of rec. June ha
Preferred B
286 July 1 Holders of rec. June Its
White Eagle 011 & Refining (quar.)
.500. July 20 *Holders of rec. June 30
White Motor (quar.)
$1
June 3 Holders of rec. June 150
White Rock Mineral Spgs., corn. (qu.)_. 50c. July
Holders of rec. June 20a
First preferred (guar.)
1)4 July
Holders of rec. June 20
Second preferred (Quar.)
July
Holders of rec. June 20
Will & Baumcr Candle, pref.(quar.)
2
July
Ilolders of rec. June 15
Willys-Overland Co., pref. (guar.)
1)4 July
Holders of rec. June 220
Wire Wheel Corporation, preferred
$3.50 July
Holders of rec. June '20
Woodley Petroleum (guar.)
I5c. June 30 Holders of rec. June 15
Wrigley (Wm.) Jr. & Co.(monthly) . 25e. July
Holders of rec. June 200
Monthly
25c. Aug.
Holders of rec. July 20
Monthly
25c. Sept.
Holders of roc. Aug. 20
Monthly
250. Oct.
Holders of rec. Sept. 20
Monthly
210. Nov.
Holders of rec. Oct. 20
Monthly
25c. Dec.
Holders of rec. Nov. 20
Yale A, Towne 1511g. (quar.)
$1
July
Holders of rec. June 100
Yellow Truck de Coach, pref. (guar.)._
1 % July
Holders of rec. June 20a
Youngstown Sheet & Tube, corn. (guar.) $1.25 June 30 Holders of rec. June 14a
Preferred (guar.)
186 June 30 Holders of rec. June 14s
• From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ox-dividend on this date and not until further notice. t The
New York Curb Market Assoclatlon has ruled that stock will not be quoted oxdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
I'Payable in common stock. p Payable In scrip. h On account of accumulated
dividends. m Payable in preferred stock.
Cushman & Sons common stock dividend is payable in $8 preferred stock on the
valuation of $100 for preferred stock.
I Declared at meeting on May 19.
k New York Stock Exchange rules New York Chicago & St. Louis shall be exstock dividend June 14.
!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 31 1927.
p This dividend MO declared payable March 16 1926, but held up on account
Of legal proceedings.
g Called for redemption Juno 30 at $110.
a N. Y. Chicago & St. Louis dividend is 1 7-10 shares of Chesapeake Corp. stock.
North American Co. dividend is payable In stock at rate of 1-40 of a share of
Oommon stock for each share held.
e Called for redemption July 1.
to Payable also on increased capital.
x New York Stock Exchange rules ex-dividend on July 1.
y Subject to approval of Inter-State Commerce Commission.
•Payable In cash or class A stock at rate of one-fortieth share of class A for each
Share held and on class 11 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 transferees.
(2) Less following amounts to cover legal expenses and first and second installments of 1926 ncome tax: Continental Pass. Ry., 50C.; Union Pass. Ry., 75e.; Welit
MIL Pass. Ity., 75c.




3597

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 11. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers (000) omitted.)
New
Capttal. Profits. Loans,
Week Ending
Discount
June 111927. Nat'l, Mar.23 IncestState. Mar.23 ments,
(000 omitted.) Tr.Coe.Mar.23
cEc.
Members of Fe U. Res.Bank.
Bank of N Y &
6,000 12,401
Trust Co_ 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 Ilk of Corn_ 25,000 42,881
ChatPh NB &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 B._ 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 38.761
500, 3,215
Fifth Avenue...
Garfield Nat'l- 1,00Ch 1,887
Seaboard Nat'l- 6.000 11,445
Bankers Trust_ 20,000 36.945
U S Mtge & Tr_ 3,000' 1.053
Guaranty Trust 30,000, 31,854
Fidelity Trust__ 4,000: 3,285
New York Trust 10,000 22,550
Farmers I. dr Tr 10.0001 20,260
Equitable Trust 30,000 23,927

Reserve
with
Cash
Net
Time Rauh
in
Legal Demand
DeVault. Depostposits. Posits. latida.
tortes.

Average. Average Average Average. Average
3
79,380
475 7,340
54.440 8,267
170,461 3,311 18,013
132,329 25.896
90,12
1,082 11,155
84.489 4.414
834,359 4,031 87,632 '854,436164.422
141,361 1,241 15,738
119,611 3,874
366 43,664
380,555
328,122 29,001
220,609 2,792 22,797
163.456 44,525
139.564 1,778 17,024
125,492 2,755
218,451 4,907 26.523, 188.764 31,214
940 15,984' 123.084 7,312
159,536
74.066 2,114 7,432'
51.382 21,600
301,934
541 26,7871 202,537 13,743
445,015 3,889 53,865
405,258 37,321
125
8,543
834
5,825
520
612,865 6,796 92,817 *592,773 41,499
28,344
711 3,371
26,233
16,613
499 2,215
15,767
658
132,890
711 16,203
122,999 2.817
354,037
873 38,179 *320,178 41,600
681 6,944
57.518
51,982 5,990
466,067 1,428 50.982 *450.603 59.468
44,457
668 5,115
38,276 4,02:1
175.610
669 18.749
137,847 24.98
148,024
566 14,444 •106,901 24,630
289,754 1,657 31,329 *322,941 47,431

96
348

iJii
4,702
2,992
6.585
2.468
47

Total of averages 368.200554.974 5,590,140 42,851 635,136c4,550,281 647.97023.364
Totals, actual condition 1 June 115,594.371 41,938579,784 c4.518,416 644.492 23.285
Totals, actual condition June 45,656,023 43,045613,995 c4,609,623 641,40123.314
Totals actual co nclition May 28 5,600,454 42,500674,262 c4,498,333645,13923,250
State Banks Not Members of Fed 1 Reeve Bank.
State Dank......1 5,000 5,817 105,611 4,605 2,232
Colonial Bank.. 1,400 3,270
35,363 3,737 1,741

36,630 63.528
29,594 6,125

Total of are-reveal 6,400 9,088
1
Totals, actual condition June 11
Totals, actual condition June
Totals, actual condition May 28

1

140,974

8,342

3,9731

66.224 69.653

141,911
140,129
142,690

8,175
8,471
8,523

4.267
3,006
3,996

67.073 69.613
65,512 69,622
68,342 69,614

Trust Companies Not Members of Fed I Res've Bank.
66.711 1,817 4,248
Title Guar & Tii 10,000 20,237
23,720
913 1.963
Lawyers Trust.. 3,000 3,463

40,271
18.800

1,355
1.075

Total of average:al 13,000 23,701

90,431

2,7301

6,211

59,071

2,430

Totals, actual condition June 11
Totals, actual condition June 4
Totals, actual condition May 28

89,140
91,261
92,375

2,596' 6,314
2,725 6.785
2.646, 6,781

58,357
60.726
62,433

2,843
2.350
2,352

1

Gr'd &NT., awe.387,600587,764 ,821,545 53,923645,320 4,675,576 720,053 23,364
Compar.son with prey. week _ -39,153, -113 +16451 -28,622 +9.036 +62
Gr'd agar., act'lcond'n June 11 5,825,422 52,709 590,365
Comparison with prey. week _ _ -61,091-1,533-34,231
1
Or'd aggr.. aelcond'n June 45,887,413 54,242624,686
Gr'd aggr., ad'I cond'n May 28 5,835,519 53.669685.039
cond'n May 215,768.465 55.161 583,045
Gr'd agar.,
Gr'd aggr.. aceleond'n May 145,724.266 55,484 634.586
Gr'd aggr.. act'lcond'n May 75,771,361 56,671 573.685

4,643,846 716,948 23,285
-92,015 +3,575 -29
4,735,861 713.373 23.314
4,629,108 717.10523.250
4.554.627 714.003 23.459
4.486.905 706,809 23.315
4,520,742690,942 23,28(3

Note.-U. S. deposits deducted from net demand deposits in the general total
above were as follows: Average total June 11, 513,877.000. Actual totals, June 11.
511,494,000; June 4, $17,346,000; May 28. $16,273,000; May 21, $23,703,0001
May 14. $29,299,000; May 7, $33,717,000. Bills payable, rediscount, acceptances,
and other liabilities, average for week June 11. 5631.081,000; June 4, 5635,454,000;
May 28, 5638.911,000; May 21, $652.373,000; May 14, $689,822,000; May 7
5665,761,000. Actual totals June 11, 8606.703,000; June 4, 8627,598.000; May 28.
$730,366,000; May 21, 5634,280,000; May 14, 5712,175.000; May 7, $691,596.000a
* Includes deposits in foreign branches not included in total footings, as follows:
National City Bank, $246,747,000; Chase National Bank, $13,478,000; Bankers
Trust Co. 536,648.000; Guaranty Trust Co., 578,221,000; Farmers' Loan & Trust
Co., $2,119,000; Equitable Trust Co., $98,231,000. Balances carried in banks in
foreign countries as reserve for such deposits were: National City Bank, 538,793,000:
Chase National Bank, 51.378,000; Bankers Trust Co.. 51,948,000; Guaranty Truitt
Co., 52,976,000; Farmers' Loan & Trust Co., $2,119,000; Equitable Trust Co..
$9,717.000.
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
a,ctual condition at the end of the week is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES,
Averages,
Cash
Reserve
Reserve
Ste
in Vault. Depositaries
Members Federal
Reserve Bank_
State banks.
Trust companies._ __
Total
Total
Total
Total

June h1........
June 4......
May 28____
May 21...._

$
8.342.000
2,730,000

b
I Reserve
Total
Reserve, I Reeutred.

Sf.rplits
Reserve.

$
$
$
$
635,136.000 635,136,000 610,975.630 24,160.370
394.680
3,973,000 12,315.0001 11,920.320
80,350
6,211.000 8,941.000 8,860,650

11,072,000 645.320.000 656,392.000 631,756,600 24,635,400
11,157,000 628,869,000 640,026,000 635.317,700 4,708,300
11,327,000 611,870.000 623,197.000 619.615.860 3,581,140
11,377,000 609,318,000 620,695,000 615,274,900 5,420,100

•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies. but In the case of members of the Federal Reserve Bank,
Includes also amount of reserve required on net time deposits, which was as follows:
June 11, $19,439,100; June 4, $19,171,710; May 28, $19,097,070; May 21. $19,192,160; May 14, $18,763,410; May 7, 518,642,510.

[VoL. 124.

THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
On
On Vault. Depositaries
--- —
Members Federal
Reserve Bank_
State banks*
Trust companies

•
Reserve
Required.

Total
Reserve.

Surplus
Reserve.

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

$
579,784,000 579.784,000 606,728,840 -26,944,840
368.860
8,175.000 4,267,000 12,442,000 12,073,140
156,450
2,596,000 6,314,000 8,910,000 8,753,550

Total June 11
10.771,000 590,385,000 601.136,000 627,555,530 -26,419,530
Total June 4_...... 11,197,000 624,686.000 635.883,000 639.394.080 —3.511,080
Total May 28
11,169,000 685.039,000 696,208,000 625,803,970 70.404.030
Total May 21_.
11,425.000 583,045.000 594.470.000 616.038,780 -21.568.780
•Nbt 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 Fedseal Reserve Bank Includes also the amount of reserve required on net time deposits. Which was as follows:
June 11, 319.334,760: June 4, $19,242,030: May 28, $19,354,170: May 21. 519,261.620: May 14, 519,051,500; May 7, $18,576,780.

June 15
1927.

June 1
1927.

June 8
1927.

Changes from
Previous Week.

$
$
$
$
76,900.000
76,900,000
Unchanged
Capital
76,900,000
99,316.000
97,893,000 Dec. 1,423,000
99.316,000
Surplus and profits
Loans, ;Heels & invest_ 1,029.357,000 Dec. 2,032.000 1,031.389,000 1,030,550,000
Individual deposits_ __. 485,341.000 Inc. 5,603,000 879.738.000 609,098.000
965,000 150,151,000 141,268,000
151,11(3,000 Inc.
Due to banks
661,000 236,804,000 236.155.000
Time deposits
237,485,000 Inc.
8,515,000
6,558.000
United States deposits_
8,262,000 Inc. 1,704,000
32.150,000
38,540.000
Exchanges for Cl'g Haw
37,119,000 Dec. 1,421,000
81,506,000
83,968.000
Due from other banks..
85,663,000 Inc. 1.695,000
79,555,000
80,697.000
Res've in legal deposles
436,000
81,133,000 Inc.
8.825.000
9,485,000
30,000
Cash in bank
9,515.000 Inc.
133.000
494.000
100.000
Ree've excess in F.R.Bk
594.000 Inc.
*Cash in vault not counted as reperve for Federal Reserve members.

State Banks and Trust Companies Not in Clearing
House.—The State Banking Department reports weekly
Philadelphia Banks.—The Philadelphia Clearing House
figures showing the condition of State banks and trust com- return for the week ending June 11 with comparative figures
panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given below. Reserve
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. N()T INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Ranking Department.)
to be kept with the Federal Reserve Bank. "Cash in vaults"
Differences from
Previous Week. is not a part of legal reserve. For trust companies not
June 11
$1,372,747,400 Ine.$39,779,100
Loans and Investments
143.800 members of the Federal Reserve System the reserve required
5,248,300 Dec.
Gold
25.802,250 Inc. 2.134,500 is 10% on demand deposits and includes "Reserve with
Currency notes
116,700
Inc.
Deposits with Federal Reserve Bank of New York_ 112,645,300
1,408,491,600 Inc. 23,715,500 legal depositaries" and "Cash in vaults."
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y. City, exchange and U.S. deposits_1,332,853,100 Inc. 36,945,100
185,157.800 Dec. 3,442.400
Reoarve in deposits
Percentage of reserves, 10.9%.
RESERVE.
—Trust Companies—
—State Banks—
$103,249,700 16.08%
$40,446,100 16.79%
Cash in vault*
29,727,600 , 4.63%
11,734,400 4.87%
Deposits In banks and trust cos
$52,180,500 21.66%

Total

3132,977,300 20.71%

•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on June 11 was $112,645,300

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

Week Es684-Feb. 11
Feb. 19
Feb. 26
Mar. 6
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
June] 14

Loans and
Investments.

Demand
Deposits.

$
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
7.041,639.900
7.081.208.600
7.104,398,300
7,193.666.300
7.194.292.400

$
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
6.000.106.000
6.008.429.100

Reserve in
DeposUarics.

Total Cash
in Vaults.
$
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
83.095,800
84.973.500

$
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
752.031.00C
753,215,800
752,785.900
763,161.10C
761.432,000
788,409.40C
799.427.300

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 thousand, of dollars, that fs, three ciphers [0001 omitted.)

CLEARING
NON-MEMBERS Capital.
Week Ending
June 11 1927.
Members of
Fedi Ree've Bank
Grace Nat'l Bank__
State Banks.
Not Members of the
Federal Reserve Bank
Bank of Wash. 11 14•4
Trust Company.
Not Member of the
Federal Reserve Bank
Mech. Tr., Bayonne

Loans,
DOsNet
COUPUS.
Profits. Investmeat*.
rite.

Cash
in
Vault.

Reserve
Net
Net
with
Time
Legal Demon
Deposi- epostts Deposits.
tories.

Average. Average. Average iverage.
8
4,064
8,007
1,184
73

1.000

1.940

14,508

400

1.060

11,193

912

461

7,696

3.568

500

693

9,579

392

206

4,115

5,835

1.900
Ord aggr., June 11
Comparison with prev, week

3.693

35,280
—803

1.377
+7

1,851 al9,818
—77 —1,050

13,467
+65

1.900
1.900
1.900
1.900

3.403,
3.693
3,693
3.693.

36,0831
35,9131
35,770,
35,3511

1,307
1,379
1,335
1,412

1,928 a20,86
1,873 20,192
1,854 19,95
1,763 19,67

13,402
13.365
13,328
13,284

•United States deposits deducted. $10.000.
Bills payable rediscounts. acceptances and other liabilities. $2,831,000.
o reserve. $118,650 increase.

Deneit

Ord aggr., June
Oro aggr., May
lar.6 aggr.. May
Gr'd aggr.. May

4
28
21
14




Week Ended June 11 1927.
Two Ciphers (00)
omitted.
Capital
Surplus and profits
Loans, dIsc'ts & invmtm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Res've with legal deposits_
Reserve with F.R.Bank
Cash in vault*
Total reserve & cash held
Reserve required
..............e. ......h in .aott -

Trust
Membersof
F.R.Syttem Companies
550,225,0
154,878,0
939,041,0
34,454,0
96,226,0
137,347.0
625,133,0
153,156,0
915,636,0

$5,000,0
17,849,0
47,801,0
430,0
19,0
1,160,0
26,480,0
2,847,0
30,127,0
3,719.0

69,653,0
9,994,0
79,647,0
68,925,0
in 799.n

1,284,0
5,003,0
4,202,0
ern 0

1927
Total.
555.225,0
172,727,0
986,842,0
34.884,0
96,245,0
138,507,0
651,613,0
155,643,0
945,763,0
3,719,0
69,653,0
11,278,0
84,650,0
73,127,0
11.513.0

June 4
1927.

May 28
1927
$55,225.0
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
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

•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 15 1927 in
comparison with the previous week and the corresponding
date last year:
June 15 1927. June 8 1927. June161926
Resources—
4,36,944,000 411.944.000 428,176,000
Gold with Federal Reserve Agent
8,022,000
11,649.000
10,322,000
Gold redemp. fund with U.S. Treasury_
Gold held exclusively eget.F.R.notes. 467,266,000
162,819,000
(313Id settlement fund with F. R.Board
Gold and gold certificates held by bank.. 500,737,000

423.593.000
208,979,000
485.704.000

436,198,000
166,002,000
401,083,000

Total gold reserves
Reserves other than gold

1,130,822,000 1.118.276.000 1,003,283,000
41,346,000
35,324,000
35,103,000

Total reserves
Non-reserve cash
Bills discounted—
Secured by U.S. Govt. obligation._
Other bills discounted

1,165,925.000 1,153,600.000 1,044.629,000
15,443.000
16,020,000
14,620,000
39,899,000
19,045,000

54,379,000
33.834.000

45,727,000
21,339,000

58,944.000
32,256,000

88.213.000
64.489,000

67,066,000
44,070,000

23,008,000
17,844,000
158,172,000

23,536.000
30.605.000
35,241,000

13,305,000
39,722,000
107,266,000

Tote! 11.S. Government socurttle!".- 199,024,000
Foreign loans on gold

89,382.000

160,293,000
2,055,000

Total bills discounted
Bills bought in open market
U.S. Government securitiesBonds
Treasury notes
Certificates of Indebtednese

Total Mlle and securities (See Note)

290,224,000

242,084,000

273,484,000

Gold held abroad
Due from foreign hanks ;see Note)
Uncollected items
Bank premises
All other resources

17,334,000
662,000
220,628,000
16,276,000
3,655,000

16,495,000
651.000
154,723.000
16.276.000
4.594.000

645,000
227,073,000
16,715,000
4,524,000

Total resources

.1,729,344,000 1.604.453.000 1,582,513,000

Liabilutes—
Fedi Reserve notes in actual circulation. 403,807,000
Deposits—Member bank, reserve acci-- 997,932,000
561,000
Government
1,131,000
Foreign hank (See Note)
33,064,000
Other deposits

408,274,000
936,807.000
3.478,000
2,206,000
18.720,000

403,220,000
897,555,000
852,000
3,018,000
8,026,000

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

961.211.000
130,927.000
38.832.000
61.614.000
3.505.000

909,451,000
171,019,000
35,366,000
59,964,000
3,493,000

Tout, Ilabillti

1,032,688,000
188.592,000
38,843.000
61,614,000
3,800.000

1,729,344,000 1.604,453,000 1.582.513.000

Ratio of total reserves to deposit and
I
79.6%
84.2%
Fedi Res've note liabilities combined
81.2%
Contingent liability on bills PUrehawl
14,718,000
41.695.000
Mt foreign correspondence
40,692,000
NOTE—Beginning with the statement of Oct. 7 1925, two new Items were add.°
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." preeviously 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 dl.'
00001..repeptancee and securttlee acquired under the provisions of Sections 13 and 14
of the Federal Reserve Lot. which It was stated. are the onli Items I ncluded therein.

JUNE 18 1927.]

THE CHRONICLE

3599

Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, June 16 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 3560 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 15 1927.
June 15 1927. Jane 8 1927. June 1 1927. May 25 1927. May 18 1927. May 11 1927. May 4 1927. Apr. 27 1927. June 161926.
RESOURCES.
3
•
3
3
$
3
$
3
8
$
1,678,233,000 1,634,388,000 1,610.437,000 1,651,246,000 1,637.863,000 1,631.543.000 1,571,158.000 1,628,235,000 1,530,551,000
Gold with Federal Reserve agents
49,272,000
46,765,000
Gold redemption fund with U.S. Treat'.
54,626,000
50,456,000
40,618,000
47,130,000
50,294.000
49,235,000
45,459,000
Gold held exclusively 5881. F. R.. note, 1,727,505,000 1,683,153,000 1.665,063.000 1,698,376,000 1,688,157,000 1,680.778,000 1,621,614,000 1.618.853,000 1,576,010,000
531,377,000 579,600,000 601,472,000 552,216,000 628,496,000 640,522,000 694,657,000 638.802,000 604,820,000
Gold settlement fund with F.R.Board
Gold and gold certificates held by banks_ 757,763,000 743,138,000 726,503,000 761,385,000 740.217,000 748,854,000 727,632,000 733,202.000 655.795,000
Total gold reserves
Reserves other than gold

3,016,645,000 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 2.836,625,00e
168,713,000 164,010,000 160,747,000 165,848,000 166,281,000 164,199.000 162,728.000 166,501,000 147,737,900

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

3,185,358,000 3,169,901,000 3,153,785,000 3,177.825,000 3,223,151.000 3,234.353,0003,206.631.000 3.207,358.000 2,984,362,000
60,546.000
61,276,000
53,222.000
63,724,000
63,106,000
56.169,000
60.197.000
60,430,000
65,769.000
190,139,000
170,803,000

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

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

360,042,000
182,504,000

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

256,588,000 179,301.000
186,965,000 214,029,000
443.553.000 393,330,000
241,899,000 233,159,000

147,534,000
105.857,000
293,833,000

143,104,000
139,031.000
155,928,000

116,862,000
120.953,000
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

109,183,000
166,945,090
206,107,000

Total U. S. Government securities
Other securities (see note)
Foreign loans on gold

547,224,000
1,300,000

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

482,235,000
3,200,001
7,502,000

'
Total bills and securities (see note)._,.. 1,091,970,000 1,060,781,000 1,089,797,000
Gold held abroad
62,233.000
59,548,000
59,548.000
Due from °reign banks (8ee nets)
662,000
661.000
660,000
Uncollected items
839,940.000 653,969,000 702.734.000
Bank premises
59,133,000
59,094,000
58,882.000
All other resources
13,614.000
15,007,000
13.898,000

988.510.000
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 1,119,426,000
59,548,000
645,000
660,000
660,000
660.000
658,512,000 676.857,000 653,714,000 882,869,000
58,883,000
58,614,000
58.588.000
59.735.000
16,142,000
12,743,000
12,998,000
12.954.000

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

2,421,163,000 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 2,260,827,010
5,548,000
27,591,000
25.895,000
6,136,000
24,185,000
17,432,000
13,445,000
24,138.000
25,373,000
4,378,000
5,453,000
4,687,000
6,307,000
4.913.000
4,494.000
4,945.000
5,757,000
5,188,000
42,577,000
25,963,000
27.857,000
17,616,000
27,787,000
44,684,000
27,858.000
32,352,000
15.296.000

Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities

2,473,666,000 2,390,467.000 2,366,579,000 2.325.562.0002.353.300.000 2.325,769.000 2,389,296.000 2,313.860,000 2.290,886,000
768,683,000 600,724,000 653,689,000 595.189,000 680,228.000 601,162 000 605,250,000 601.649.000 779,434,000
129,365,000 129,108,000 129,036,000 129.030,000 128,878,000 128,888,000 128.962.000 128.806.000 122,804,000
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
14,673,000
14,384,000
14,015,000
17.764,000
13,590,000
13,050.000
14,154,000
13,620,000
13,317,000

5,313,456,000 5,080,237,000 5,132.526,000 4,998,514,000 5,116,276,000 5,0113,529,000 5.086,087,000 5,004,664,000 5,119,348,000
1,698,294,000 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 1,688,150,000

5,313,456,000 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 5,119,348,000
Total liabilities
Ratio of gold reserves to deposit and
F. R. note liabilities combined
72.3%
73.2%
72.8%
71.3%
74.2%
74.1%
75.1%
75.9%
75.4%
Ratio of total reserve to deposit and
.
F. R. note liabilities:combined
76.4%
77.2%
76.8%
75.0%
78.0%
78.8%
79.3%
79.5%
80.0%
Contingent liability on bills purchased
for foreign correspondents
148,535,000 149,539,000 159,777,000 159,674,000 161,137,000 156.828,000 148,990,000 140.943,000
55,088,000
Dfsfrttnefon by Maturities$
$
$
$
$
8
$
$
$
1-15 days bills bought in open market_
84,555,000 122,251,000 129,924,000 132.322,000 127.839,000 123.201.000 129.307.000 121,147.000
98,038.000
1-15 days bills discounted
268,414,000 304,393,000 381,040,000 329,889,000 304,381,000 352,486,000 416,986,000 351.538,000 259,881,000
1-15 days U.S. certif. of indebtedness. 185,032,000
19,991,000
50,186,000
•
141,500,000
5,524,000
301,000
300,000
1-15 days municipal warrants
16-30 days bills bought in open market
44,800,000
47,147,000
50,757.000
48,906,000
52,537,000
58,539,000
52,939.000
59,553,000
68,003,000
16-30 days bills discounted
23,793,000
23,463,000
26,053,000
22,044.000
32,207,000
24,429.000
21,260,000
21,037.000
20.942,000
16-30 days U. 8. certif. of indebtedness.
6,810,000
61,584,000
58,029,000
16-30 days municipal warrants
81-60 days bills bought in open market_
37,669,000
38,072,000
34,021,000
36.401.000
48,717,000
32,390,000
43.831.000
41,594,000
38,412,000
31-60 days bills discounted
30,695,000
33,729,000
34,988,000
43,438,000
36,602,000
41.357,000
34,265,000
35,094,000
38.778.000
81-60 days U. S. certif. of Indebtedness.
.55.774.000
53,877,000
50.387,000
81-60 days municipal warrants
61-90 days bills bought in open market_
12,261,000
10,046,000
11,379,000
8.654,000
10,016,000
9,424,000
30,827,000
10,906,000
10,815,000
61-90 days bills discounted
18,299,000
18,484,000
26,563,000
20,797,000
19,480,000
27,393,000
18,764.000
21,561,000
19,205,000
11-90 days U. S. certif. of indebtedness_
570.000
01-90 days municipal warrants
Over 90 days bills bought in open market
3.219,000
4,119,000
2,912,000
3,693,000
2,903.000
3,656.000
3,040,000
2,860.000
3.522.000
Over 90 days bills discounted..
19,741,000
19,214.000
19,413,000
17,342,000
16,903,000
15.202,000
32,492,000
15,415,000
12.639.000
Over 90 days certif. of Indebtedness
108,801,000
57.962,000
67.686,000
44.061,000
55,661.000
35.669,000 111,847,000 107.954,000
64,607,000
Over 90 days municipal warrants
F. R. notes received from Comptroller- 2,954.967,000 2,951,128,000 2,954,660,000 2,963,818,000
2,959,293,000 2,962,273,000
F. R. notes held by F. R. Agent
868,250,000 844,043,000 848.895,000 852,523.000 862,553,000 860,978,000 2,967,460,000 2,978.801,000 2,879,994,000
857,388.000 859.783.000 874,057,000
Honed to Federal Reserve Banks
2,086,717,000 2,107.085,000 2,105,774,000 2.099,295,000 2.098,740.000
2,101,295,000 2,110,072,000 2,119.018,000 2,005,937,000
How SecuredBy gold and gold certificates
390,901,000 390,901,000 390.301,000 390.400,000 411,604.000
411.804,000 409.805.000 409.605.000 303,153,000
Gold redemption fund
105,931,000 101,422,000
99,663.000
99,284,000 100,416,000 107,624,000
92,139,000 101.375.000
91,601,000
Gold fund-Federal Reserve Board
1,181,401,000 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 1,135,797,000
By eligible paper
525.947.000 607,560,000 703,210.000 631.963,000 653,181.000
649,557,000 715,324,000 654.902,000 608,169.000
Total
2,204,180,000 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 2.138.720.000
NOTE.-BeginnIng with the statement of Oct. 7 1925, two new
were added in order to show separately the amount of balances held abroad and amounts du
rerfeceign correfaxmdenta. In addition, the caption, "All other earn tams
ng assets," previously made up of Foreign Intermediate Credit Bank debentures,
was changed 40
I'Other securities, and the caption." "Total earning wets- to "Total bills and
securities." The hate item was adopted as a more accurate description of the total Of
the discounts, acceptances and securities acquired under the provisions of
Sections 13 and 14 of the Federal Reserve Act. which, It was stated. are the only items included.
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF
THE 12 FEDERAL RESERVE BANKS AT CLOSE
Two elphers (00)nti1ted.
Boston. New York, Ma. Cleveland Richmond
Federal Reserve baix ofAtla,.,ta. cstcaoo. St. Louis. blinneap./Cm CBI
RESOURCES.
S
$
$
$
S
S
S
$
S
$
Gold with Federal Reserve Agents 125,665,0 456,944,0 118,244,0 195,729,0
54.631,0 151 294,0 244,050,0 16,387,0 53.852,0
Gold red'n fund with U.S. Treas. 6,903,0
10,322,0 13,325,0 4,736,0 3,143,0 1:908,0 1,055,0 1,587,0 1,269,0 50,383,0
1,458,0
Gold held excl. agst F.R.notes 132,568,0 467,266,0 131.569,0200.465,0
153.202,0 245,105.0 17.974,0 55,121.0 51.841,0
Gold settle't fund with F.R.Board 45,415,0 162,819,0 36,845,0 30,447,0 57,774,0
26,682,0
111,365,0 22,925,0
Gold and gold certlficatee
31,584.0 500,737,0 27.758,0 61,174.0 5,347,0 8.240,0 55,131.0 18,177,0 8,195,0 26,169,0
010
7,447,0 7,728,0
Total gold reserves
209,567,0 1,130,822,0 196,172,0 292,086,0 89.803,0
243 0 411,601.0 59,076,0 70,673,0 85,738,0
86481•766 other than gold
21,889,0
35,103,0 5.340,0 10,576.0 8,935,0 165
14:95
6
:0 25,241.0 18,509,0 • 4,337,0 5,856,0
Total reserves
231.456,0 1,165,925,0 201.512,0 302,662,0 98,738.0
180
199
0 436,842,0 77,585.0 75,100,0 91,594.0
Non-reserve cash
14,620,0 1,336,0 4,872,0 6,005,0
6,330,0
4:776:0 8,426,0 4,070,0 1,522,0 2,531,0
Bills discounted:
13,860,0
See. by U.S. Govt. obligati°
39,899,0 25,561,0 51,441,0 5.994,0 4
068 0 21,969,0 8,075,0 2,599,0 2,105,0
9,642,0
Other bills discounted
19,045,0 13,665,0 7,677.0 13.596,0
27;40
6
;0 22.552.0 8,951,0 3.553,0 13,494,0
_
23,302,0
Total bills discounted
58,944,0 39,226.0 59.118,0 19,590,0 31
474
0 44,521,0 17,026,0 6,152,0 15,599,0
32,256.0 13,364,0 17,701,0 8.329,0
Bile bought In open market- _ 18,652,0
9:860:0 29,079,0 11,427.0 7,013.0 9,175.0
U. S. Government securities:
5,701,0
23,008,0 5,132,0 16,941,0 4,657,0 2
Bonds
023,0 8,883,0 8,842,0 15,536,0
717 0
3,415,0
Treasury notes
17,844,0 8.664,0 18,683,0 2,383,0 13270
9119,0 11,159,0 5,959,0 6,249,0
: : 33:
Cell !Nate.. of Indebtedness- 16,291,0 158,172,0 18,177,0 10.727,0 3,302,0 5:547:
8,788,0 8,814,0 12,068.0
: 330230,
0
25.407.0 199.024.0 20.973_0 46.351.0 10 042 nTotal U.S. Gov.. securities_
ci col n ,
m 17a n 95 Ran n 93013.0 33.1353.0




OF BUSINESS JUNE 15 1927
Dallas. Boa Pros

Total,

S
$
S
27,581,0 183,473,0 1,678,233,0
1,148,0 2.418,0
49,272,0
28,729.0 185,891,0 1,727.505,0
13.809,0 38.466.0 531,377,0
9,166,0 29,713,0 757,763,0
51.704,0 254.070.0 3,016,645,0
7,667,0 10,304,0 168,713,0
59,371.0 264,374,0 3.185.358,0
2,834,0 3,224,0
60,546,0
2,008,0 12,760,0
3,7340, 27.488.0

190,139,0
170,803.0

5,742,0 40,248,0
8,629,0 17,019.0

360.942.0
182.504,0

12,801,0 10,893,0
5,645,0 17,410.0
7,970,0 10,747,0

147,534,0
105,857.0
293,833,0

213.416.0 39.050.0

547.224 fl

T HP: CHRONICLE

3600
RESOURCES (Concluded)Two ciphers (00) miffed.

B01110S.

New York.

$

$

Total bills and securities
Gold held abroad
Due from foreign banks
Uncollected items
Bank premises
Al, other resources
Total resources
LIABILITIES.
Id, R. notes in actual circulationDeposits:
Member bank-reserve noel
Government
Foreign bank
Other deposits
•
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities

Cleveland. Richmond Atlanta. Chicago. Si. Louts. Minneap. Kan. City Dallas. San Fran.

Phila.

$

$
1,000,0

Other securitia,

[VoL. 124.

$

a

$

$

$

s

$

Total.

a

$

300.0

1,300,0

290,224,0 83,563,0 123,170,0 38,261,0 51,225.0 148,972,0 57,283.0 36,180,0 58.627.0 40,787,0 96,317,0 1,091,970.0
62,233.0
17,354.0 5,974,0 6,597.0 3,236,0 2,552,0 8,588,0 2,561,0 1,867.0 2,303,0 2,178,0 4,356,0
662.0
662.0
220,628,0 75.359.0 78,978,0 66,987,0 32,804,0 111,723.0 39,351,0 14,767,0 44,026.0 27,217.0 48.182,0 839,940.0
59.133.0
16,276,0 1,738,0 7.118,0 2,336,0 2,900,0 8,297.0 3,957.0 2,774,0 4,459,0 1,827.0 3,505,0
717,0
585,0 1,239,0
309,0 1,632,0 1,515,0
879,0 1,798,0
13.614,0
195,0 1,054,0
3.655,0

67.361,0
4,667,0
79.918,0
3,946,0
36,0

393,714,0 1.729,344.0 369,677,0 524,451,0 215,872.0 276,088,0 724,363,0 185,686.0 134,008,0 204,257.0 134,799,0 421,197,0 5,313,456.0
140,085.0

403,807,0 127,054,0 211,807,0 61,880,0 161,384,0 221,503.0 40,922,0 59,757,0 63.485,0 34,959,0 171,651,0 1.698.294,0

148.033,0
217,0
337,0
1,116.0

997.932,0 139,020.0 197,152,0 70,888.0 67,137,0 349,072.0 88,194.0 48,587.0 87.498,0 57,490.0 170,160,0 2,421.163.0
442.0
300,0
142.0
934,0
566.0
335,0
300,0
979,0
392,0
5.548.0
380,0
561,0
166.0
157,0
476,0
234.0
135.0
314.0
184.0
620,0
193.0
431,0
4.378,0
1,131,0
61,0 3,786,0
437,0
264,0
262,0
89.0
361,0 1,128,0
42,577.0
140,0 1,869,0
33,064,0

149.703,0 1,032.688.0 139,971,0 199.797,0 71,353,0 68,616,0 351,799,0 89,216,0 49,552.0 88.368.0 58.008,0 174,595.0 2,473,666.0
76,652,0 188,592,0 67,767,0 73.652,0 63,444,0 30,681.0 99,331.0 39,246.0 13.161,0 38,422.0 28,833.0 48.902,0 768.683,0
9,145,0
38,843.0 13,063,0 13,853.0 6,206,0 5,103,0 17.250.0 5,289,0 3,005,0 4,217,0 4,247.0 9,144,0 129,365.0
61,614.0 21,267.0 23,746,0 12,198,0 9,632,0 31.881,0 9.939,0 7,527.0 9,029,0 8,215.0 16,121.0 228.775,0
17,606,0
791,0
537,0
784,0
672,0 2,599,0 1,074,0 1,006,0
736,0
14,673,0
555,0 1,596,0
3,800,0
523,0

Total linbillties
393,714,0 1,729,344,0 369,677,0 524,451,0 215,872,0 276,088.0 724,363,0 185,686,0 134,008,0 204,257,0 134,799,0 421,197,0 5,313,456,0
Memoranda.
74.1
78.3
60.3
63.9
73.5
76.2
59.6
68.7
76.4
76.4
Reserve ratio (per cent)
79.9
81.2
75.5
Contingent liability on bills pur40,691,0 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 10,441,0 148,535,0
chased for foreign correspondle 11,187.0
at. notes on hand (notes ree'd
from F. R. Agent less notes In
22,567,0 125,775.0 36,190,0 26,114,0 14.087,0 30,852,0 57,003,0 3,680,0 4.112,0 10,375,0 5,162,0 51,606,0 388,423,0
Circulation)
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS JUNE 15 1927

Federal Reserve Agent al-

Botton.

New

Phila.

York.

Cleveland Rtchmond Atlanta. Chicago. St. Louis. Minneay. Kan. City Dallas. San Fran.

Total.

(Two ciphers (00) °Wiled.)
S
1ert.notes ree'd from Comptroller 247.752,0
II.R.notes held by F. R. Agent__ 85.100,0

$
$
$
$
$
$
$
$
$
$
3
$
821,662,0 199,344,0 275,061,0 100,591,0 269.416.0 456,106,0 66,362,0 85.238.0 108.000,0 57,778,0 267,657,0 2,954,967,0
292,080.0 36.100,0 37,140.0 23,724,0 77,180,0 177,600,0 21,760,0 21,369,0 34.140,0 17,657,0 44,400,0 868,250,0

F.R.notes issued to F. R.Bank 162,652,0
Collateral held as security for
F.R. notes issued to F. R. Bk.:
Gold and gold certificates__ 35.300.0
16,365,0
Gold redemption fund
74.000,0
Gold fund-F.R.Board
41,954.0
Eligible paper

529,582,0 163,244,0 237,9210 76.867.0 192.236,0 278,506,0 44,602,0 63,869,0 73,860,0 40.121,0 223,257,0 2,086,717,0

167,619,0

Total collateral

8,780,0 36,468.0 17.058,0
215,150,0
7,650.0 12,267,0
18,228.0
21.794,0 12,167,0 11,949,0 4,163.0 9,136,0 2,050,0 1,237,0 1,585.0 3,523,0 3,353,0
220,000,0 106,077,0 175,000.0 14.000,0 125,100,0 242,000,0 7,500,0 40,000,0 46,860,0 6,000,0
82,802,0 46,187,0 75,619,0 27,484,0 41,183,0 73,147,0 28,301,0 13,086,0 24,646.0 14,350,0

40,000,0 390.901,0
18,609,0 105,931.0
124,864,0 1,181.401,0
57,188,0 525,947,0

539.746.0 164,431,0 271,348,0 82.115,0 192,477,0 317,197,0 44.688,0 66.938,0 75.029.0 41.931.0 240.661,0 2,204,180,0

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. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our department of "Current Events and Discussions," on page 3560.
I. Data for all reporting member banks In each Federal Reserve District at close of business June 8 1927
Federal Reserve Digna.

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.Total loans and discounts.
Divestments:
U. S. Government securities....
Other bonds. stocks and securities
Total Investments

91

36

Phila.
49

$

67

$

34

Total.

4,659
118,789
292,455

2,891
80,481
228.367

993,098 5.392,149

803,021 1,431,205

521,013

492,279 2,199,177

483,430

232,848

415,903

311,739 1,304,627 14,580,489

136,496 1,056,211
287.965 1.302,832

87,747
281.801

261.703
395,698

65.336
75.639

79.489
126,440

63,402
57,077

105,077
101,145

424.461 2,359,043

369,548

657,401

140,975

433!

107,763

776,492

205,929

120.479

206,222

600,042 2,975.669
39,659 247,022
11,279
46,197
328,418 1.811,795
241,665 1,098.539
2,394
4.817
73,491 220.282
112,375 497,112

689,359
47,773
8,325
402,013
230.869
1,242
62,262
128,498

353,327
26,337
5,599
209,525
127,166
321
46.394
86,236

622,125
53,584
12,588
483,124
151.917
315
112.941
204,047

$

668

4,189
74.824
153,835

308,911
467,581

$

58

4,525
190,504
288,401

48,721
59,042

a

45

5,239
21,480
105.904 933,235
381,136 1,244.462

411 250

s

Datias. San Fran.

65

4.385
157.374
359.254

1.1 one_

$

24

19,557
624.215
787,433

an on,

$

31

9.683
407,483
385.855

1 A nng:

$

97

5
$
6,808
42,489
349,138 2,461.443
637.152 2.888.217

a

$

71

Total loans and investmentd
1,417.559 7,751,192 1,172,569 2,088,606 661.988
41,749
86,101 138,287
Reserve balances with F. R. Bank
96.446 822,525
13,628
31,470
19.781
15,611
73,483
Gash in vault
903,914 5,897,255 774.881 1,090,225 384.290
Net demand deposits
865,781
225,319
437,368 1,495,214 259.915
Time deposits
1,653
3.474
4,486
13,565
5,186
Government deposits
99.498
56,872
60,599
50.874 132,964
Due from banks
142,370 1,163,913 171,269 237,338 116,387
Due to banks
Bills pay. & redis. with F. R. Bk.:
39,459
2.094
7,489
Secured by U.S.Gov*t obligations
4.165
40,745
8,791
2.237
6,405
All other
10.830
19,882
TrA9.1 fin.......,1....... ....... v. it 1,...,...

(Three c pliers (000) omitted.)

Cleveland Richmond Atlatila. Chicago. St. Louis. Minneap Kan. City

8.000
133.905
329.260 5.832.650
697,367 8.613.934

59,727
27,847

259.556 2,532,376
240,522 3,423,589

87,574

500,078 5,955.965

399,313 1,804,705 20,536,454
29.067 107.124 1,735,674
21.746
269.444
9.737
272,257 782,422 13,340,119
108.668 952.595 6,195.016
44,283
1.461
5.369
60.735 149,067 1,125,979
95,349 213,090 3.167,984

607
14,323

16,947
10.528

4,816
8,094

3,455
212

5.237
6,068

1.330
1.215

13.120
14.622

139,464
103,207

14 owl

97470

19 91 11

/ g147

11 9110

9 SAS

97 749

242 R7I

2. Data of reporting member banks in New York City. Chicago. and for the whole country.
All Reporting Member Banks.
June 8 1927.

June 1 1927.

June 9 1926.

Reporting Member Banks In N. Y. City.

Reporting Member Banks in Chicago.

June 8 1927. June 11927. June 9 1926. June 8 1927. June 11927. June 9 1926.

703
Number of reporting banks
54
54
59
668
668
8
5
Latina and discounts, gross:
8
$
3
5
153.778.000
49.136.000
Secured by U.S. Gov't obligations
39,861.000
41,798.000
134.982.000
133,905.000
Secured by stocks and bonds
5.832,650,000 5,831.177.000 5,318,439,000 2.135.097,000 2.189,798.000 1,994,283,000
All other loans and discounts
8.613,934,000 8.659.026,000 8.432,382.000 2.539,326,000 2,576.064.000 2,309,372,000

45
$
15.140.000
709.066.000
678.780,000

45
$
13.529,000
681.115.000
686.839,000

48
$
15.644.000
593.146.000
716,927,000

Total loans and discounts
14,580.489,000 14,625,185.000 13.904,599,000 4,714,284,000 4,807,660,000 4.352,791.000 1,402.986.000 1.381.483,000 1,325.717,000
investments
D. 8. Government securities
2.532,376,000 2,529,239.000 2.579.249,000 960,863,000 920.808.000 937,735.000 173,609.000 184.203.000 166.020.000
Other bonds. stocks and securities_ 3,423.589.000 3.448,067.000 3,144,205,000 967.381,000 963,543,000 922,643.000 219.564.000 217.192.000 205,393,000
Total investments

5.955.965.000 5.977,306,000 5,723.454,000 1,928.244,000 1,884,351,000 1,860,378,000

393,173,000

401,395,000

371,413,000

Total loans and Investments
.0.536.454,000 20,602,491.000 19,628.053.000 6,642,528,000 6,692,011.000 6,213,169,000 1,796.159,000 1.782,878.000 1,697.130,000
Reserve balanced wit]] F. FL Banks
1.735.674.000 1.725.229.000 1,659.608,000 761,364,000 757.996,000 699,280.000 169,207.000 176.157 000 174.484,000
20,140,000
65.545,000
284.380.000
19.774,000
59.156.00056.498.000
21,391,000
Cash In vault
260.199,000
269,444,000
demand
deposits
13,340,119,000 13.413.940,000 12,980.475.000 5,292,156.000 5,414,640.000 5,087,922.000 1,219,617,000 1,195,256.000 1,169,979.000
Net
Time deposits
6,195.016.000 6,156,447.000 5,585,515.000 1.040.349,000 970,813,000 816.822.000 539.664.000 532.818.000 503.185.000
32,812.000
2.904,000
184.784,000
21,357,000
4.604.000
Godernment deposits
7,060.000
44,283.000
73.537.000
12.805.000
98,127,000 134.952.000 160,537,000 167,058.000
1,125.979.000 1,200,761,000
Due from banks
93,481,000 105,945,000
Due to banks
3,167,984,000 3,297,140,000
1.100,279,000 1,211,289,000 1.045,214,000 351,289,000 354,153,000 382,170.000
Bills payable and rediscounts with
.4
Federal Reserve Banks:
37,340,000
59,650,000
5.033,000
139,464,000
122,432,000
14,870.000
190,775,000
2,075,000
34.600,000
Scoured by U.S. Gov't obtigattons„
23,085,000
2,424,000
109.654,000
24,020,000
19,728.000
103,207,000
290,000
139.296.000
17,613.000
All other
83,670,000

60,425,000

Leans to brokers and dealers (secured by stocks and bonds) made by reporting
member banks In New York City:
1.034,772.000 1,076,332,000
For own account
1,216,934,000 1,134,018,000
For account of out-of-town banks
866,723,000 851.541,000
For account of others

898,824,000
968,790.000
606,561,000

Total borrowings from F. R. bks_.

Total
On demand
On time




242,671.000

330,071.000

232,086,000

52,213,000

3.118,429.0003.081.891.000 2,474,175.000
2,396.395,000 2,349,308,000 1.799.275,000
722,034;000 712.583,000 674,900,000

7,457,000

34,598.000

*Revised figures.

2,365,000

JUNE 18 1927.]

THE CHRONICLE

New York City Banks and Trust Companies.

Vanhers' 6azette.
Wall Street, Friday Night, June 17 1927.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 3587.
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 17.

Sales
for
Week.

Par. Shares

Range for Week.
Lowest.

Highest.

per share.

RailroadsBaltimore & Ohio rights_ 58,181 2%June
Buff Koch & Pitts pf _100
50 10534June
Chic & Alton pr chs_100
110 11 June
C C C & St Louis pt_ _100
10 107 June
Cuba RR preferred_ _100
80 83 June
Detroit & Mackinae_100
130 35 June
Preferred
100
40 55 June
Great North pf ale_ _100 1,400 88%June
Havana El Sty pref_ 100
300 76 June
Hocking valley
100
170 280 June
N Y dr Harlem
50
60 174 June
Northern Central _ _ ....50
100 8434June
Northern Pacific ctfs.100 1,900 86 June
Twin City Rap Tran_100
100 5234June
100
Preferred
100 102 June
V1cks Shreve & Pac _ _100
20 99 June
100
Preferred
150 9934June

Range Since Jan. 1.
Lowest.

Highest.

$ per share. $ per share.$ per share.

15 2%June
15 106%June
16 1135June
11 107 June
15 85 June
16 351:June
16 55 June
14 90 June
17 77 June
16.299 June
15'l75 June
14 84%June
14 877dJurie
14 52%June
14 102%June
15 99 June
15 9934June

11 234 June 2% June
1510234 June 110
Mar
16 11
June 11% June
11 100
Ap 107
Slay
14 7934 Ap 85 June
11 35 Jun 35% June
16 55
Ma 55
Mar
16 8534 Ma 91% Slay
16 76 Jun 82% Apr
17 200
Jan 299 June
14 168% Mar 185
Apr
11 81
Mar 85 June
17 8434 Apr 89 June
14 4934 June 65% Feb
13 99
Apr 106% Mar
15 9734 Jan 99% Slay
15 9834 May 101% Slay

Industrial &
Albany Pert Wrap Pap_.
40 23 June 15 23%June 16 18
Apr 23% June
Amaig Leath pref _
100 92 June 17 92 June 17 92 June 108
Feb
American Ice rights
2,300 4 June 15 4%June 15 4 June 4% June
FireEng
France
Amer-La
100
7% preferred
100 68 June 16 68 June 16 62% June 9034 Jan
American Piano
5,500 42 June 15 423:June 11 42 June 4311 June
Preferred
100
20 105 June 14 105 June 14 101% Jan 1101: Mar
Amer Radiator prof. _100
10 137%June 14 137%June 14 13334 Mar 13734 June
Amer Shipbuilding_ _100
10 84 June 16 84 June 16 80
Jan 8434 Feb
American Snuff pref.100
40 100 June 16 100 June 16 9434 Jan 10134 June
200 1113:June 14 112 June 14 10734 Feb 11334 Slay
Am Type Found pref.WO
Rights
2,800 83:June 16 10%June 14 834 Jun 1234 Slay
Am Writ Pap pf ctt _ _100 7.600 39 June 14 42 June 16 2534 Ap 42%
June
Bayuk Bros 15t pref.100
350 106 June 14 107%June 14 101
Jan 10834 June
Beech Nut Pack pref.100
10 11634June 15 116%June 15 114% Janl119
Mar
British Empire Steet_100
100
(4June 16
%June 16
% Apr( 13.4 Feb
British 2d prof. _ _ _100
100 134June 15 134June 15 1
Apr 334 Feb
Burns Bros prior pret.100
10 120 June 16 120 June 16 115
Mar 120 June
Byers & Co rights
14,500 1 %June 11 2%June 11 1% June 23: Juno
Cert-Teed Prod 2d p1.100
100 103 June 14 103 June 14 100% Ap 103
June
Chesapeake Corp
25,300 691:June 14 75 June 11 693: Jun 763: June
Chicago Yellow Cab_ _ _*
20 413:June 15 413:June 15 39
Apr 45
Mar
City Stores class 13...
2,600 44%June 17 47%June 1 4134 Apr 4874 June
Continental Can pref.100
310125 June 17 125 June 17 120
Jan 126
June
100
Deere & Co pref
290 115 June 11 116 June 1 10534 Jan 11834 June
Devoe & Rayn 1st p1.100
40 106 June 16 107%Juno 14 101
Jan 108
Apr
Eastman Kodak pre(_100
10 124 June 16 124 June 16 119% Jan 124
May
700 1034June 15 12 June 14 9
Elk Horn Coal Ccrp___*
Jan 15% Slay
50
Preferred
150 18 June 16 20%June 15 18 June 27% May
• 100 13%June 17 13%June 17 12% Jan 14% May
Filth Avenue Bus
Franklin Simon prof._100
120 1131:June 14 113%June 14 109% Jan 114% Feb
General Baking pref
*
70 130 June 14 130 June 14 118% Jan 130
May
Gen Gas & El class B.
400 41 June 14 41 June 14 35% Apli 43
May
Glidden Co prior pref.100 2.10 94%June 17 101 June 14 88
May 101
June
Gull States St'l let pf.100
100 1013:June 17 102%June 15 99% Jan 108% Mar
Indian Motorcycle p1.100
50 94%June 14 ii5 June 11 92
Jan 96
Apr
Indian Refining prof.100
100 110 June 14 110 June 14 102
Feb 112
Mar
Internat Paper rights _ 19,500 10%June 14 13 June 15 9% May 13% June
International Salt _ _100
70 6S June 14 68 June 14 64% Mar 72
Jan
Internal Silver prof.. _100
20 11634June 14 116%June 16 109
Mar 118
June
Kelsey Wheel Inc p1.100
140 111 June 17 111%June 11 106% Slay 11634 Jan
New
24'
30
June 17 24 June 17 24
June 24
June
Kress Co new
10 65 June 17 65 June 17 59
Jan 74% Mar
Kuppenheimer
121 38 June 11 38 June 11 34
Jan 40
Mar
Laclede Gas pref. _ _ _100
40 111 June 16 113 June 17 95
Jan,130
May
McCrory Stores prof.100
200 102 June 15 103 June lb 97
Mar 11634 Jan
Macy Co
200 1723AJune 15 172%June 15 124
Jan 182
Slay
Monett Sugar pref...100
100 69 June 14 69 June 14 69
Apri 77
Feb
Mandel Brothers
• 800 4434June 16 45 June 11
4434 June, 45 June
Mathieson Alkali pref100
30 109%June 16 1093:June 15 103
Jan 110
May
Mullins Body pref...100
70 9634June 11 97 June 11 80
Jan 97
May
Nat Dairy Prod new._.• 6,400 6234June 15 63%June 11
May 6434 June
National Lead pref A.100
700 132 June 14 132%June 15 5934 June
13234
13134
June
Preferred B
100
700 10534June 14 106 June 15 10474 June 10934
May
National Supply pref.100
1)0118 June 17 118 June 17 11434 Jan
120
May
National Surety rights__ 1,540 35 %.fune 15 38 June 11
3234 June 3834 June
Snag Lock & Ont P pf100
10 114 Juno 14 114 June 14 11234
Jan
116
Apr
Northwestern Toles_ _50
40 483:June 17 50 June 17 4731 Jan
6254 Mar
60 343:June 14 34%June 15 3434 June
Norwalk T & R prof.100
Jan
310 108 June 11 108 June 11 1023: Ma 75
Oil Well Supply pref _100
110
June
Omnibus pref A
100
500 94%June 16 96%June 11 81
Jan
Outlet Co
600 57 June 14 57%June 14 5234 Jan 9934 May
61
Feb
100
Preferred
10 110 June 15 110 June 15 107
Jan 110
Apr
Owens Bottle pref...100
31 117 %June 17 118 June 11 115
Jan 120
May
Pacific Tel & Tel_ _ _ _100
60 137%June 14 1383:June 15 124
Mar
145
June
100
Preferred
110 113 Juno 17 113 June 17
10334 Mn 113
June
Pattie, new
400 11 June 17 12 June 17 11
June 12
June
700 42%Juno 17 433jJune 17 4234 June 4334
A, new
June
Penick & Ford prof. _100
190 1043:June 14 105 June 14 10034 Ap
106
May
50
10 43 June 16 43 June 16 40
Ma,Co 5% pref
Jan 45
Apr
Phillips Jones Corp_ _ _
100 47 June 17 47 June 17 47
Jan
52
Mar
Coal.
_ _ _100
Plttsb Term
800 413:Juno 16 4234June 11 3034 Ap
55 June
Preferred
100
50 81 June 14 81 June 14 74
Ap 83
Mar
Pullman Co eertifs__ 100
900 180 %June 15 184 June 14 175
May
Purity Bakeries pref.100
100 10534June 15 10574June 15 10134 Jan 19334 May
10574 June
Shattuck (F 0)rights. _ _ 19.000 134June 14 24June 11
134 Jun
234 June
Snider Packing prof. _100
100 46 June 17 46 June 17 46
June 4854
So Porto Rico Sug now 6.800 3634June 14 39 June 16 3634 Jun 4234 June
May
Rights
4,200 2%Juno 14 3%June 11 234 Jun
43.4 May
Spalding Bros 1st p1.100
20 107 June 11 107 June 11 103
Jan 110
Mar
Stand Plate Glass p1.100
50 15%June 11 15%June 11 10
Ma 1
Tex Pac Land Trust.100
37 3500 June 17 3510 June 17 1500 Jan 534 June
3650 June
Underwood Typew pf 100
10 123%June 17 123 %June 17 120
Jan
12334
May
United Dyewood _ _100
110 31:June 11 5%June 14
334 Jun 10
Feb
33,500 1714June 14 2074June 17 1434
US Distribution
Slay 2034 June
Preferred
100 3,400 883:June 11 92 June 17 81
May 9334 May
Preferred
100
90 41 June 17 41 June 17 39 Jun,
. 49
Jan
200 108 June 14 108 June 14 108
Va Elm & Pow p1 (7)_100
May
Vulcan Detinning_ ..100 5,500 27 June 11 39 June 16 1634 Jan 10834 Apr
39
June
Preferred
100 620 106 June 16 118 June 16 00
Jan
Warren Fdy & Pipe_ _....• 1.600 23 June 15 25 June 11 23 Jun 118% Apr
June
._100
200 105%June 11 107 June 14 1003.4 Jan 27
W Penn Pow 6% pf.
108
June
5 No par value.

Quotations for U. S. Treas. Ctfs. of Indebtedness,
&c.
Maturity.

int.
Rate.

334%
Sept.15
Dec.15 1927... 434%

Bid.
100
1009"




Maturity.

Rate.

Sept. 15 1927_ _ _ 334%
Mar. 15 1928_ _ 354%
Mar. 15 1930-32 334%

3601

Bid.
991316
0911 1e
9911..

Asked
100
100
100'33

Banks-N.Y Bid
Ask.
America'__.. 377 385
Amer Union._ 220 230
Bowery EastR 635 615
Bronx Boro... 535 545
Bronx Nat...500 520
Bryant Park• 215 230
Capitol Nat.
Rank &Tr__ 220 226
Cent Merc.Bk
& Trust Co 306 312
150 156
Central
489 492
Chase
Chath Phenix
Nat Bk & Tr X447 452
Chelsea Exch•x285 295
Chemical _ _ _ 935 945
Colonial*. _ _ _ 1000
Commerce_ _ _ z480
igi
Com'nwealth• 510
Continental.'275
Corn Exch... 575 580
Cesinoplan•_ 320 335
Fifth Avenue 2275 2400
First
3125 3225
Franklin
230 240
Garfield
430 450
Globe Each'. 250 -_Grace
325
Hamilton_ _ _ _ 218 224
Hanover
1300 1315
All prices doll art Ps r shar

Banks.
Bid.
Harriman.... 665
Manhattan'.9289
Mutual*
645
National Cityz552
New Neth'ds• 440
Park
z551
Penn Each...
_ _ 168
Port Morris.. 375
Public
595
Seaboard
840
Seventh
180
Standard
825
State.
585
Trade*
225
United
190
United States. 465
Wash'n 111445_ 700
Yorktown •_ _ 140
Brooklyn.
Coney Island. 350
Dewey •
240
First
385
Mechanics"
340
Montauk 5.._ 475
Municipal
348
Nassau
350
People's
750

Ask.
293
657
460
556
178
605
850
190
695
200
475
900
150

400
350

ii
375

8.

• Banks marked (*) are State banks. I New stock.
It Ex-rights.

I rust Co.. Bid. Act.
New York.
Am Ex try Tr 373 374
Bank of N Y
& Trust Co y640 656
Bankers Trust 835 840
Bronx Co Tr_ 320 335
Central Union 1110 1125
County
330 350
Empire
435 442
Equitable Tr_ 364 '368
Farm L & Tr. 635 640
Fidelity Trust 310
Fulton
500 520
Guaranty Tr_ 482 486
Interstate.... 237 247
Lawyers True
Manufacturer
Murray Hill__ 22
-6
2 90
2
i
Mutual(Westchester) ___ 265
N Y Trust...4z655 662
Terminal Tr.I 195 205
Times Squar,.I 142 147
Title Gu dr Tn 725 732
U 8 Mtg & Tr. 475 482
United States.2160 2190
Westchest'rTrl 900
__Brooklyn.
Brooklyn.._.10l0
Kings Co_ __ _ 2300 gm:.
kildwood_ _
255 I 270
z Ex-d1v. o Ex-stock di,.

New York City Realty and Surety Companies.
.411 prices dollars per share.
Alliance R'Ity
Amer SuretyBond &
13_
Lawyers Mtge
Lawyers Title
& Guarantee

Bid. Ask
48
53
246
235
245 252
297 302
295

Mtge Bond., 143
Nat Surety _. z252
N Y Title &
Mortgage__ 450
U S Casualty. 320

300

Ask.
I Bid. Ask.
155 Realty ASSOC'S
255
(Bklyn)cum 240 246
1s1 pref____ 95
07
455
2d pref____ 00
93
340 Westchester
Title & Tr_ 550
625

United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
-Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. June 11 June 13 June 14 June 15 June 16 June 17
First Liberty Loan
____
1111gb
100",, 1002'11 1001.22 100"31
3%% bonds of 1923-47._ Low
____
100,1,. 10011.1 10011
.100"..
(First 314s)
____
Close
100,1.1 100,3., 100,11., 100",,
Total sales in 51.000 units ___
____
162
66
7
137
Converted 4% bonds of.
._ _ _
(Iligh
1932-47 (First 4s)
_ __ _
Low_
Close
--- ____
Total sales in $1,000 units_ __
____
Converted 434% bondrigh 103
103,3, 1031.1 103,33 10-3of 1932-47 (First 44s) Low_ 103
10213,, 10230.. 10230:. 1021,..
Close 103
10233., 1023.is 102"ii 102"st
Total sales in 51.000 units._ _
6
10
31
14
4
Second Converted 4 q % High
--__
bonds of 1932-47 (First( Low_
Second 454,
Close
____
Total sales in $1,000 units
Second Liberty Loan
{high
____
10-1431;.-_-_-_-_ 104.3----4% bonds of 1927-42._ Low_ ____
100.31
---- 100'33
(Second 45)
Close
_--. 100.33
---- 100,33
Total sales in $1,000 unizs___
____
2
Converted 4%% bonds High 10014
HOLI- 1001.o 100-1,., 10011., 100".;
.
Low. 100'233 DAY
of 1927-42 (second
100,43 100,,31 100,131 100"33
450)
Close 1001,,,
10011,1 1001,., 1001,., 10011.,
Total sales in $1.000 units.__
94
406
777
169
289
Third Liberty Loan
High 100,,,,
1001.., 100,..1 100":3 100..al
Low_ 100,1n
451% bonds of 1928_
100,1., 1001,., 10011.1 10013.,
(Third 4345)
Close 100",,
100"it 100"ii 1002•as 100"11
Total sales in $1,000 units _ __
12
62
153
14
105
Fourth Liberty Loan
High 103"4.
103,,.. 103”ii 103"as 103'.i,
103,,., 103"31 103"I3 103,1n
434% bonds of 1933-38..(Low_ 103"s,
(Fourth 4110
Close 1032.31
103"31 1032,33 103"33 103"31
Total sales in $1,000 units._ _
316
643
325
166
417
Singh
Treasury
____
113•1is 113,1ii 11316a 113‘111
(Low52113111.1 113,
434s,1947” 1133.. 1121,..
____
113,,i, 113'n 113,is 112%.
Total sales in $1,000 units _ ____
{Hi h
____
108,1113
J 108"151 1081.32 108,
g
4
4s, 1944-1954
low_
____
1082,:i 108"ai 108•12 108
Close
_--108,42 102"ii 108'si 103
Total sales in 51.000 U/11/3_ __
____
1
26
:
thigh
____
1052.33 1052.33 1052.3 105"3
39133, 1946-1956
105,231 105,1.33 105,', 105'33
(Close
___
105"33' 105"33' 105": 105,33
TIIIIIZ Rain in 81.000 unit.,
/I
Insi
'
'
2

Note.-Tho above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 1st 4145
10 2r1 45
185 2d 44:5

102,1., to 10221..148 3d 4545
100`., to 1001.2 39 4th 448.
1003., to 10011.. 4 Treasury Is

100,,o to 100,1s
1030.33 to 103,,s,
1061,s. to 1051,41

Foreign Exchange.To-day's (Friday's) actual rates for sterling exchange were
4.85 3-16@
4.85 5-16 for checks and 4.8554 for cables. Commercial on banks.
sight,
4.853.4: sixty days. 4.81 5-16; ninety days. 4.7934, and documents for
payment, 4.81 3-16. Cotton for 'payment, 4.85A. and grain for payment. 4.8554.
To-day's (Friday's) actual rates for Parts bankers' francs were 3.9134
for short. Amsterdam bankers' guilders were 40.05 for short.
Exchange at Paris on London, 124.02; week's range, 124.02 high and
124.02 low.
The range for foreign exchange for the week follows:
Sterling, ActualCables.
Checks.
High for the week
4.8534
4.85 A
Low for the week
4.85 3-16
4.8534
Paris Bankers' FrancsHigh for the week
3.9134
3.9134
Low for the week
3.9134
3.9134
Germany Bankers' MarksHigh for the week
23.70
23.70
Low for the week
23.68
23.6934
Amsterdam Bankers' GuildersHigh for the weak
40.07
40.0534
Low for the week
40.03
40.0534

The Curb Market.-The review of the Curb Market is
given this week on page 358T.
A complete record of Curb Market transactions for the
week will be found on page 3617.

New York Stock Exchange -Stock Record, Daily, Weekly and Yearly
OCCUPYING Sig PAGES
For sales doling tbs nook of stocks usually Inactive. sea pomading page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
June 11.

Monday,
June 13.

Tuesday.
June 14.

Wednesday, Thursday,
June 16.
June 15.

Friday.
June 17.

$ per share $ per share $ per share $ per share S per share $ per share

Sales
for
the
Week.
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

PHU Alti AKE

rign at1 A tgl5

Range Since Jan. 1 1927
On basis of 100-share 1618

Range for Previous
Year 1926

Lowest

Highest

$ per share

$ per share

Par
Railroads.
16134 Jan 6 18638 Apr 23
177 ISO
178 18014 180% 18212 18012 18134 23,f00 Atch Topeka & Santa Fe__100
18012 18114
160 9938 Jan 5 103 Apr 25
Preferred
1,700
4 10238 10212 10214 103
1
10238 1023, *10214 102/
*102 10238
100 1747 Apr 6 205 Jan 3
185 18738 1858 1874 6,700 Atlantic Coast Line RR
186% 19234 z185 187
194 195
100 10612 Jan 4 12478May 31
4 11914 11814 11878 42,400 Baltimore & Ohio
1
4 11834 118/
1
117/
11738 119
11914 11934
100 7314 Jan 3 81 June 7
Preferred
8134 8134 8112 8112 8112 8112 1,000
82
83
82
82
50 44 Jan 6 10312May 27
Aroostook
&
Bangor
13,500
964
94
4
973
9012
98
97
100
97
4
/
1011
99
10112 Jan 10 11434May 27
100
Preferred
330
113
112 11234 112 11234 112 11378 113
112 112
59 May 19 707s Jan 20
par
8,900 Bkln-Manh Trao v t o_No
4 63
1
6334 62/
61
6012 61
62
4 61
1
60/
62
8512June 11 88 Jan 4
par
No
to
v
Preferred
000
86
86
86
4
1
/
85
86
86
86
86
8512 8512
9% Jan 25 1518 Jan 7
Seo_100
By
&
Term
Brunswick
2,000
1112 1134
11
11
11
litz 1112 117
107s 11
170 Buffalo Rochester & Pitts_100 8014, Jan 8 115 Mar 10
*3712 101
9914 9914
98
97 100
974 9712 *97
Jan 18 6234:May 11
59
100
Southern
Canada
63
8
*607
•60711 63
*6078 63
1116078 63
*6078 63
_100 165 Jan 6 19212 Feb 28
4 1774 17614 17718 17612 17712 5,400 Canadian Pacific
1
175/
17512 178
17612 17734
Jan 4 348 June 1
285
Jersey_100
New
of
200 Central RR
333 334 *325 330
*315 352 *320 330
*330 335
100 15134 Jan 25 190 May 26
19.900,Chesapeake & Ohio
4 178 18218 18134 18234 18212 184
/
178 1811
18138 18212
Jan 8 1018 Feb 9
4
43
100
Alton
,ft
Chicago
5,600'
834
8
812
8
734 77
734 8
8
8
712 Jan 5 15 May 27
100
1414 9,1001 Preferred
4 13
1
1278 1214 1217 1212 12/
12
•123, 13
Jan 10 457sJune 7
3012
100
Illinois
RR
East
dt
Chic
1,300
4312
4212
4
1
43/
42
*4012 41
40
40
*43
4312
100 43 Jan 6 69 June 7
6512 65/
4 6712 6712 6734 5,200 Preferred
1
4 6514 64
1
63/
67
6718
812 Jan 6 22; May 2
Great Wastern_100
Chicago
20,700
1914
8
183
1834
18
1814
17
1814
17
183,
18
100 2314 Jan 7 4478June 2
3812 3934 3914 4114 51.700 Preferred
3614 381
4 40
1
34/
4
/
394 411
9 Jan 4 1733 Feb 9
4 12,606 Chicago Mllw & St Paul_ _j
1
1418 1412 141s 1434 1434 1538 1514 15/
1412 1412
9 Jan 4 1714 Apr 6
100
14,300
Certificates
8
153
4
1
/
14
8
147
1312 1418 1312 1414 1414
*1414 14/
4
1
4June 17
1
4 Jan 3 27/
1
/
18
100
27% 41,100 Preferred
2514 2614 2612 2738 27
254 26
2534 2618
100 1878 Jan 3 2712June 17
certifIcates
13,300
Preferred
2712
4
1
/
26
27
2612
2612
4
1
/
24
2612
25
*2512 2534
27 9212June 6
Jan
784
Western_100
North
&
Chicago
50,100
9018
4 8838
1
4 88/
1
8814 8612 8814 87/
86
8712 88/
4
1
_100 1244 Jan 3 139 May 23
Preferred
*134 138 *134 138 *134 138 *134 138
*136 138
4 115 June 16
4 11478 113,700 Chicago Rock 1s1 & PacIfia_100 684 Jan
1
113/
4 115
1
4 113/
/
1074 10934 109 1121
10818 10934
100 10234 Jan 4 11114June 2
1,200
preferred
7%
10712 10734 107 10734
10612 10612 107 107
*10613 107
4June 2
1
100 9514 Jan 28 103/
800 8% Preferred
10014
10014
10012
8
997
100
100
4
993
994
100 100
100 84 Jan 3 135 June 2
2,400 Colorado & Southern
124 126
123 128
119 121
117 128
126 128
2June I
771
4
Jan
70
100
First Preferred
*7712 80
*7712 80
*7212 80
*7712 80
*7712 80
100 69 Jan 14 73 May 27
Second preferred
84
*74
84
*74
84
*74
84
•73
84
*73
May 6
77
6
Apr
68%
100
of
RR
prer
Consul
cube
1,300
4
704 7012 7014 703
71
7112 71
71
*7112 7214
100 1714 Jan 28 230 June 6
27,300 Delaware & Hudson
218 224
21114 22012 21334 22012 21812 220
21934 22212
Mar 23
173
165 16612 7,100 Delaware Lack dc Western_ 50 14014 Jan 27
16412 165% 165 166
164 166
16734 169
4 5.400 Deny & Rio Or West pref_100 414 Jan 5 6731June 9
1
6418 65/
65
63
62
6114 6412 62
6412
94
2
8June
573
3
Jan
394
100
544 44,200 Erle
4 5317 5414 53
1
61% 6334 524 53/
534 54
100 5238 Jan 4 6214May 26
4 5914 5878 5912 5812 5912 15,600 First preferred
1
4 5914 57/
1
57/
5938
59
6114May
26
4
Jan
49
100
Second
1,500
preferred
5714 5712 5712 5734
58
*56
*564 68
58
58
4 13,400 Great Northern preferred...100 7938 Jan 4 0278June 2
/
911
9014 9034 9012 9138 91
9014 91
91
91
1812June 16 234 Feb 4
4 194 4,800 Iron Ore Properties-No par
1
184 1878 18/
1918 1834 19
19
19
19
13,100 Gulf Mobile & Northern 100 3518 Jan 6 7612May 26
6712 7014 7012 7234 71 12 72
6838 70
72
71
100 105 Jan 14 11214 Apr 27
Preferred
200
111
*10712
111
*10712
109
*105
109
10812
*109 110
100 4012 Jan 3 657sMay 10
4 6034 15,300 Hudson & Manhattan
1
541 5718 5312 55/
4 5512 5918 58/
1
5712 577
100 78 Jan 6 9012May 10
Preferred
87
*82
87
*82
87
*82
86
*83
88
•85
100 1214 Jan 10 13114June 9
5,900
Central
Illinois
130
*129
4
1
/
129
4
13012
1283
12912
12878 130
Stock
13014 132
100 1201 Jan 12 132 June 9
500
Preferred
12914 130 *129 132 *129 132 *129 132
*130 133
50 Railroad Sec Series A-1000 74 Jan 4 80 Alm 12
81
*80
81
*80
80
80
81
*79
Exchange
81
*7912
23 Apr 20 32 June 3
Amerlea_100
lot
500
of
Rye
Cent
2912
2912
2912
2912
*2812
*2812 2914 *2811
29
29
100 62 Apr 29 73 June 2
230 Preferred
*6878 6912
69
694 6912 6914 694 69
4 6912 Closed;
1
*69/
6,500 Interboro Rapid Tran v t 0_100 33 May 19 523, Feb 26
4018
39
4014
39
39
*37
3712
4
363
1
3812
38
100 4114 Jan 4 6212 Apr 11
42,200 Kansas City Southern
5812 5812 60
53/
4 55
1
55
5512 5612 Lindbergh 5414* 56
100 64% Jan 7 7018June 17
6912 6934 704 1,400 Preferred
6834 6812 6812 69
*68
6834
*68
50 9934 Jan 6 13712June 9
Lehigh
15,900
Valley
127
12414
12714
125
123
1294
12712
12714
Day
12838 13034
4May 28
1
100 12838 Jan 14 144/
Nashville
1,700
Louisville&
1373, 13918 13812 140:2 142 14238 14212 14212
*1424 14312
guar_100 85 Jan 210 90 Feb 11
Manhattan
Elevated
8812
*85
8812
*85
8812
*85
8812
*85
Holiday
8812
*87
Feb 28
14
June
44
548
100
5,000
Modified
guaranty
47
4414 444 454 4414 4712 *46
44
4612
•46
638 Mar 25
412 Feb 2
Market Street Railway--100
*412 5
.4% 5
*4% 5
*412 5
*412 5
4
2112May
10
Feb
18
100
Preferred
25
*17
25
*17
25
*17
25
•17
25
*17
100 41% Feb 7 48o2May 4
600 Prior preferred
4518 4518 4512 4512
45
45
45
45
46
•45
Mar 30
16
15
Mar
,
115
100
preferred
Second
19
*12
19
*12
19
•12
19
•12
19
•12
438 Feb 3
138 Jan 13
4,800 Minneapolis & St Louls_100
318 33
318 318 *278 3
3
3
3
27
Jan 8 40 Feb 4
3734 3734 1,600 Minn St Paul & El 13 Marle_100 27 Apr 28 6014June 10
36% 38
38
*35
36
35
39
38
50
100
600 Preferred
go
so66
55.4
58
5912
*54
59
58
5712 591
100 5814 Mar 25 635,June 2
20 Leased lines
*6112 63
63
6112 63
63
*6112 63
.6112 63
Jan 6 5612June 17
5138 5412 54% 5612 71,000 Mo-Kan-Texas RR____No par 3112 Jan 4 10538June 2
4914 52
48% 52
514 521
100 9534
10338 1037s 10334 1037g 10334 10412 10414 10414 3,600 Preferred
10334 1031
Jan 4 62 A pr 23
4
1
/
37
100
44,700
Pacific
Missouri
4
583
5712
4 5712 554 5738 5614 5832
1
54/
574 5818
100 904 Jan 4 1114 Apr 23
10638 107% 25,200 Preferred
10414 10612 105 10614 10614 108
107 1075
230 New Orl Texas & Marloo_100 121 Jan 8 1597sJune 3
156
156
152
155
152
153
157
152
*1454 150
100 13714 Jan 27 15638June 1
4 16378 92.400 New York Central
1
4 15312 154/
1
4 152/
1
150 154/
14912 151
15014 151
29,100 NY Chic & St Louis Co__. 100 8110 June 14 24012May 26
x110 121
11934 124
1214 12438 11912 122
236 2374
102 Mar 8 10978June 15
100
1,000
Preferred
10814
8
1073
10818
1097
10814
10818
109
8
109
108 108
100 415 Jan 4 58,8 Feb 16
4834 6034 4838 50'2 5012 5232 5172 5432 201,800 N Y N H & Hartford
5038 514
100 2314 Jan 15 3812June 17
99,800 N Y Ontario ,k Weatern
3812
3718
37
33
4
1
/
34
35
4
333
3
325,
3538
34
8 May 24 1534 Jan 14
600 NY Railways wet Otfe-No Par
*834 914
*834 9
84 9
10
*9
10
59
100 374 Jan 14 6412June 10
60
59
60
59
633, 624 6234 4.500 Norfolk Southern
*56
61
*60
100 156 Jan 4 18714May 26
2,600 Norfolk & Western
18314
182
179
4
1813
177
8
1797
179
175
179 18214
100 84 Feb 3 8612May 6
Preferred
86
*80
*80
86
86
*94
86
*84
108412 86
100 78 Jan 3 9112 Feb 18
4,800 Northern Pacific
8838 883s 89
865* 88% 86% 874 88
874 8838
100 1514 Feb 3 2714 Feb 15
'Pacific Coast
20
*17
•17
20
20
•17
21
•17
20
*17
50 5634 Jan 3 65 May 28
6,000
Pennsylvania
64
4 6312 644 6312
1
6338 644 634 63/
637 64
100 20 Jan25 3934June 7
3712 3.900 Peoria & Eastern
3612 373 *36
344 37
824 36
*3614 38
4,300
Pere
11411 Jan 6 14012May 28
100
Marquette
13012
129
132
130
1303
13212
129
s129 132
132
4,000r Prior preferred
_100 93 Jan 22 9734Nlay 28
*9612 97
Ms 9634 9612 99's 59512 97
9611 9612
5
893.4 Jan 4 96 May 26
1,000
100
94
Preferred
9412
947
9412
95
94
9438
94
9412
*94
100 12212 Jan 18 174 May 24
6.700o Pittsburgh & West Va
149 15234 154 154
15012 155
14734 153
147 153
9
54) 94 Jan 4 12334June
35,8001 Reading
1184 1194 1164 1181 1183s 1191 11838 119
11878 1201s
6001 First preferred
60 404 Jan 13 424 Feb 16
4112 411 .4112 4134
4112 421
3,1112 42
42
*41
16
Feb
50
12
Jan
4
433
500
50
4
473
Second
preferred
4734
4734 473
4734; 4738 473
*47
*47 or 4734
400 Rutland RR pref
100 43 Jan 7 69 May 27
6214 6214
62 .4 62
62
62
6114 6114 *5912 62
26.6004,3t Louis-San Franolsoo--100 10034 Jan 8 11714June 2
115 116
1127 11514 11518 116
112% 114
1137s 1134
200 Preferred A
100 96 Jan 26 101 June 6
*9912 100
9912 100
*ggly 101
*994 101
*9911 10114
100 61 Jan 8 93 June 17
74,200 St Louis Southwestern
93
7912 885s 89
7741 79
79
76
778 787
100 76% Jan 8 9078June 17
8812 893s 9038 9012 90% 1,000 Preferred
*86
89
•87
89
1186
100 2818 Mar 31 4114 Feb 17
3738 27,500 Seaboard Ali Line
3514 3714 36% 3738 36
344 37
353 3638
4 Feb 4
1
2,830
100 3212 Apr 28 43/
2
403
Preferred
394
4012
2
397
3834 384 3912
38
3938 395*
100 10614 Jan 28 11638May 26
34,300
Southern Pacific Co
4 11414 11538
1
4 114 114/
1
1127s 11438 11234 114/
11412 115
100 119 Jan28 13012May 27
14,000
8
1273
Southern
12714
SAMMY
12814
1261*
12712
126
1267
128
128
8
1273
600 Preferred
100 94 Mar 10 9918June 8
9812 99
9812 9812 9812 9812 9814 9814
•98% 99
100 537s Jan 7 10178June 9
9914 28,100 Texas & Pacific
9812 9912 97
98
941s flg
96
9612 9912
100 30 May 19 41 Feb 8
3312
1,700,ThIrd
Avenue
*3212
33
33
3314
3312
30
3238
33
*31
16912 Jan 37 18114May 20
100
11,200
Colon
17512
Pacific,
1724 17412 17412 1753s 174%
1711s 175
175 1758
pm 77 mar 6 8412may 20
600 Preferred
*8214 824 8238 83
83
*824 83
83
83
83
100 4012 Jan 4 81 June 9
7312 7634 7412 7732 771s 7812 7734 7912 88,200 Wabash
77181 78
100 76 Jan 3 101 June 9
7,200 Preferred A
10012 101
995k 984 10014 100 101
98
100,101
100 65 Jan 15 98 June 9
98
Preferred B
*95
98
98
*96
*95
98
*95
9812
*96 •
4 Jan 6 6778June 0
1
100 13/
6312 138,700 Western Maryland
6112
4
623
641g
58
4
6212
613
58
605s 6312
100 23 Jan 7 6712June 9
4,000 Second preferred
6112 63
6312 63
64
5934 60'l 58
6214
62
100 2518 Apr 26 3912 Feb 9
5,900 Western Pacific new
8
343
34
3412
3212
3212
33
344
315s
' 3338 3418
100 55 Apr 28 7638 Feb 7
63% 1,600 Preferred new
63
62
62
624 63
63
62
64
*63
Wheeling &LakeErteRy__i00 274 Jan 3 130 Feb 8
90
*80
90
*80
90
*80
60
•80
*80 ; 90
100 4712 Jan 7 97 May 13
94
Preferred
*804
85
8018
88
*80
88
*82
*80 js 88
lt MI .
Industrial & Miscellaneous.
4,500 Abitibi Power & Paper_No par 83 Jan 27 97114May 27
95
924 933, 924 944 933 9433 95
9334794
300 Abraham & fitraus-___No par 6214 Mar 26 8214 Apr 20
73
*68
72
70
*68
*68
70
70
70 o 70
100 11011 Feb 1 11312 Feb 30
120 Preferred
112
11112
*11132
11212
112
11112
11212
•112
0112 -11212
100 124 Jan 5 1394May 23
400 Adams Express
138
138
•13712 13912 x13712 13712 *13712 138
13712 13712
94 Jan 3 1534 Feb 9
100
1214 1212 1,400 Advance RumelY
1214
1214
12
12
1212
1212
124, 12
3412 34%
100 Advance Rumely pref
100 3014 Jan 25 41 Feb 9
•3212 35
*3211 36
36
•33
1032 . 35
512 Mar 5
1
234June 2
34 318 *31s 314 2,900 Ahumada Lead
314
3
316 34
3 I- 3
17014 7,500 Air Reduction. Ino____No par 1344 Jan 26 1727,June 10
1684 17134 167 16978 16812 1697s 1693,
17010724
15 138 Mar 25
712June
8
71
par
4
7l
812
No
7%
11,800
Ajax
8
7os
Inc
Rubber.
is
8
84
8
214 Feb 18
118May 24
los
Alaska Juneau Gold Min__ 10
118 *I
Ps *1
114 *1
*14
*11414e 114
1
13811 1413s 13918 1408 14034 1423s 141 14214 43,800 Allied Chemical & Dye_No par 131 Jan 25 14714June
14112 142
[dock.
shares
9
17
of
Corp.
Ex-dly.
Chesapeake
S
En-rlirlitai
a
-dividend.
Rs
•Big and &eked prime.

r




Lowest

Highest

I per share 8 per share
122 Mar
944 Mar
18112 Mar
8312 Mar
6712 Jan
33 Mar
97% Feb
544 Mar
78 Mar
812 Mar
6934 Mar
Jan
58
14612 Jan
240 Mar
112 Mar
414 Sept
618 May
30 Dec
3612 Mar
734 Mar
1614 Mar
814 Dec
734 Dec
1418 Mar
14 Apr
6514 Mar
11812 Jan
4012 Mar
96 Mar
8314 Mar
52 Mar
62 Mar
59 Jan
6834 Nov
15014 Mar
129 Mar
37': May
2212 Mar
4 Mar
1
33/
30 Mar
6812 Mar
18 Dec
2518 Apr
95 Mar
348 Jan
6734 Mar
11312 Mar
11512 Mar
7114 Jan
24 Dec
62 Mar
2412 Jan
3414 Mar
4 Mar
1
60/
7512 Mar
118 Mar
84 Mar
384 Jan
418 July
1912 Oct
394 June
1134 Oct
118 Dec
4 Dec
1
25/
50 Dec
Oct
60
2912 Oct
82 Mar
27 Mar
714 Mar
120 Mar
117 Mar
130 Mar
93 Mar
30% Mar
4 Mar
1
19/
Jan
6
277 Apr
13914 Mar
8312 Nov
654 Mar
Oct
15
485, Mar
1578 Oct
67 Mar
79 Mar
704 Mar
85 Mar
79 Mar
3934 Dec
40 Mar
42 Apr
85 Mar
8312 Apr
574 Mar
72 Mar
2712 Mar
314 Mar
9618 Mar
4 Mar
1
103/
8711 Apr
424 Mar
1312 Jan
1414 Mar

172 Des
102 Dec
26212 Jan
10934 Sept
73% Aug
46 • Feb
103 Dee
4 Dec
1
77/
8934 Deo
183, Nov
8734 July
61 June
17014 Dec
305 Jan
4 Sept
1
178/
113, Feb
1814 Feb
37 Feb
5134 Feb
12:8 Sept
313, Sept
1412 Jan
14 Jan
24 Aug
4 Aug
1
23/
4 Sept
1
83/
12612 Apr
7114 Dee
108 Dec
98 Nov
9614 Oct
Oct
74
72 Sept
724 Dec
18312 Sept
15312 Jan
Jan
47
42 Deo
6614 Dee
5014 Dec
8418 Dee
2714 Feb
414 Sept
109% Sept
4112 Dec
80 Dec
131 Sept
12912 Sept
77 June
Feb
31
66 June
5334 Deo
4 Sept
/
511
6838 Sept
106 Deo
144 Sept
4 Apr
1
92/
61% May

74% Jan
4 Mar
1
33/
68 Mar
57 Mar
11 Mar
163, Mar
274 Dec
72 Dec
18 Mar
37 Mar

10 Feb
40 Feb
5134 Feb
224 Feb
37 Jan
524 Feb
79 Feb
66% Feb
474 Feb
9638 Dec
45 Sept
95 Sept
13212 Jan
14712 Sept
20412 Sept
106 July
483s July
2872 Feb
2014 Feb
44% Sept
170% Oct
8538 AUS
8212 Aug
Jan
48
574 Oct
2634 Jan
122 Dec
96 July
9178 July
1354 Deo
10114 Deo
42 Apr
4534 Deo
6114 Aug
1034 Dec
97% Del
74 Feb
8014 July
51 Dee
4838 Feb
11214 Dec
1314 Sept
95% Aug
6118 Jan
43 Apr
16838 Oct
814 Aug
52 Jan
7814 Jan
72 Jan
165* Jan
2438 Sept
3914 Jan
86% Sept
32 Jan
5011 Jan

703 May
43 May
1041s Mar
997s Mar
8 Dec
287a Dec
434 Nov
10714 May
74 Oct
741 Oct
106 Mar

98 Sept
72 Deo
112 Deo
136 Sept
22 Bete
654 Sept
91s Jan
14654 Des
16 Feb
2 Jill]
1487s Dec

New York Stock Record-Continued-Page 2 '

3603

For sales during the week of stocks usually inactive. see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
June 11.

Monday,
June 13.

Tuesday,
June 14.

Wednesday, Thursday, 1 Friday,
June 15.
June 16.
June 17.

Sales
for
the
Week

STOCKS
NEW YORK STOCK
EXCHANGE

rISK OHAXE
Range Sines Jan. 1 1927
On basis of 100-share loge
Lowest

Highest

I

PER •11149.Kff
Range for Previous
Year 1926
Lowest

Maul

8 per share 8 per share 8 per share $ per share 8 per share $ per share Shares Indus. & Mises'. (Goo.) Par $ Per Mare $ per share $ per share $ per skirt
100 Allied Chemical &Dye pref_100 120 Mar 11 12214June 4 11834 Mar 12234 Dec
*12034
*12034 --- *12034 12112 121 12112
*12034 --100 88 Jan 25 11134May 31
7814 Mar 9458 Jar
10512 10712 106 1-07
10712 10712 10634 10718 2,800 Allis-Chalmers Mfg
10712 1-074
100 109 Feb 9 11212 Apr 21 105 Apr 11112 Dec
*11112 113 *11112 11218 11118 11118 11118 11118
200 Preferred
*11112 112
1424 Oct 21 Sept
16
1612 1534 16
17
17
1558 1558 1,700 Amalgamated Leather_No par 1538May 20 2418 Feb 11
*17
1712
2414 May 327
3112 317
3114 3158 3158 317g 3112 314 7,400 Amerada Corp-r- to.sx-,_No par 2758 Apr 28 3758 Feb 7
Aug
3134 32
912 94
914 978
94 912
94 912
818 Apr 6 144 Feb 14
9
9% 93
Oct 3438 Jar
2,700 Amer Agricultura Sitcom-100
100 2814 Apr 6 514 Jan 10
358a Oct 9612 ,111/
3234 3312 33
3318 334 1,100 Preferred
33
33
33
*3234 3314
10 41 Jan 6 5114June 17
3418 Mar 46
4812 4812 *4712 49
Ow
4812 5114 8,900 Amer Bank Note
48
49
49
48
50 5612 Jan 4 60 May 7
55
Jan 6812 July
400 Preferred
59
5914
5834 588 5818 58% 5812 59
*5834 59
201: Sept 388* Feb
21
21
400 American Beet Sugar__No par 1818 Apr 28 2334 Mar 14
2114 2114 *2034 2112 2034 2078
23
*21
100 48 May 4 6018 Jan 3
55 Nov 83 Feb
500 Preferred
5134 5134
51% 5158 *5112 56
52
52
52
5212
16 May 3438 Jar
14
14
14
1418 1418 15
*1312 1334
154 1738 9,300 Amer Bosch Magneto _No par 13 Jan 20 1838 Feb 28
15,100 Am Brake Shoe & F nevf No par 351:May 2 4314June 8
3934 4114 3918 41% 41
41
42
43
4238 42
100 11714 Feb 7 128 Mar 12 11014 -Mar 1284 -let
124 124
200 Preferred
124 124 *124 125
*124 125
*124 125
3014 Mar 50 An'
12 June 17 394 Jan 5
1214 41,600 Amer Brown Booed El_No par
1534 1638 16
1512 12
16
13
17
17
100 5014June 17 98 Feb 1
8612 Mar 974 Jam
1,500 Preferred
6018 6612 5014 63
68
70
65
65
75
76
25 4358Mar 31 5518June 14
3872 Mar 684 Ang
52% 554 5314 5414 5318 5438 5378 55 186,600 American Can
5318 5412
100 126 Jan 14 133 June 7 121
Jan 1804 Dec
Preferred
*133 •
__
*133 135
-- *13134 133
4
911s Mar 11472 Jam
104 10414
103 10412 4,000 American Car & Fdy---N0 Par 994 Jan 28 10914May 27
-_104 105
10378 10414 x103 10314
100 12618May 12 13434June 8 12012 Oct 18014 Dec
*133 135
200 Preferred
133 133 *12934 132 *12934 132
*133 135
No par 36 Jan 26 62 Mar 17
31
48
Oct 51
1,100 American Chicle
474 48
x4714 48
48
*4814 4812
Jam
4734 48
414 Jan 1032 Aug
938 Apr 20 1514June 9
1412 15 :14
1458 14% 1434 144 1434 44,900 Amer Druggists Syndloate_10
1418 15
100 127 Jan 17 144 June 1 10678 Mar 140 Jam
136 137
13512 1354 *13312 137 *134 135'2
800 American Express
137 13712
Power__No
par
1414 Nov 4288 Jam
1878 Feb 17 2512Mar 20
2212 23
22
23
8,200 Amer & For'n
2212 2318 22% 23
2314 2314
No par 8612 Feb 15 10134June 6
79 Oct 98 Feb
100 100
9934 10018 2,200 Preferred
x9812 99
9978 997
100 100
984
7 May 171: Feb
788 Apr 26 1012 Feb 8
200 American Hide & Leather_100
*912 10
*9
934 *9
9
9
912 912
100 48 Mar 1 6212June 8
3312May 674 Feb
1,100 Preferred
61
6158 60% 6018 61
6012 6114 61
62
62
2358 Oct 3058 Dec
x3834 39
3834 394 394 39% 39% 39'z 4,700 Amer Home Products-No par 3038 Jan 3 3912June 17
388 3918
100 11418 Jan 26 13714May 10 109 Mar 136 Julie
*13034 131 *131 132
300 American Ice
13012 131
131 131
*13034 132
100 84 Jan 7 96 May 7
8112 Oct 8634Junt
93
944 *94
600 Preferred
94
95
*9312 95
95
*9414 95
3134 July 4634 Feb
18,100 Amer Internat Corp___No par 37 Mar 23 5512June 7
50
5234 5014 5212 61
5118 54
54
5218 5212
57
978 Dec 1678 Jar
4 June 4 10 Jan 3
6
64 5,800 American La France F E___10
618 614
534 6
638
658 7
100 2018 Apr 5 34 June 10
2834 3134 2814 31
2558 Oct 6278 Jap
2634 2814 27
3134 32%
2834 23,500 American Linseed
100 46% Mar 19 74781une 10
6734 Oct 87 Jam
65
6934 63
67
674 594 5812 6084 10,000 Preferred
724 728
9014 Mar 1197 Jab
10818 110
9,000 American Locomodve_No par 10534 Jan 19 116 May 18
1084 10914 10834 10912 10934 110
10934 11078
100 11912 Feb 23 124 Apr 2 116 Aug 12414 Dec
12112 122 *122 124
*12014 122 *12014122
500 Preferred
12258 12258
6514 Oct 801
:Aug
1,000 Amer Machine & Fdy--No par 7314 Jan 3 8658June 10
87
.86
87
8434 8434 8434. 8434 *85
*844 87
100 12518 Jan 6 149 Mar 29 114 July 125 Dec
Preferred
*14012 14434 *1404 14434 *14012 14434 *14012 14484
*14012 14434
4314 Dec 571a Feb
4032 4052 *4012 41
4014 4014 *4012 41
*40% 41
500 Amer Metal Co Ltd---No par 4014June 16 44 Jan 20
100 108 Jan 6 11212May 17 1134 Arm 120 Feb
Preferred
*108 110 *108 110 *108 110 15108 110
*108 110
504 May 7212 Sept
8,000 Am Power de Light---No par 54 Jan 27 67 June 3
63%
631
6212 6212 6312 63
6114 63% 61
63
25 1104 Jan 21 131 May 26 1014 May 1224 Aug
1
4 12434 12414 12414 3,300 American Radiator
12112 123 :122 1238 124/
123 124
8712
Apr 4 9714May 23
7738 Mar 90 Dec
*95
9612 *9312 95
97
*95
100 Amer Railway Exprees___-100
9312 9312 *9234 95
3978 Nov 74 Jam
5412 59
5534 57
58
5934
5638 58
56
56
5.600 American HepublIce___No par 354 Jan 4 6212June 10
42 Apr 704 Aug
47
4734 4784 1,000 American Safety Rasor-100 47 June 14 6111 Mar 28
4812 49
49
49
48
*48
50
No par 45 June 10 48 May 12
46
4512 47
4614 4614 2,100 Am Seating v t c
4612 458 46
46
47
538 -Dec Ilia itlai
634 Jan 7
No par
42 484 1,000 Amer Ship & Comm
44 412
412 412
*412 458
3': Mar 23
418 458
155 16078 156 158% 15814 16114 15934 16118 95,200 Amer Smelting & Reflning_100 13258 Jan 25 16718June 2 109% Apr 152 Aug
16014 16134
100 11914 Mar 16 12678May 4 11278 Mar 12288 Dec
125 125 *124 125
125 125
125 125
*12478 125
600 Preferred
100 11932 Jan 17 130% Mar 10 12134 Oct 185 Feb
12612 1264 *12514 129 *12518 129
*125 12812
128 128
204 American Snuff
40 May 47 Aug
4814 4658 477 26,200 Amer Steel Foundries_No par 4112 Apr 29 4814June 16
4534 46% 46
45% 4614
478 47
100 113 Jan 7 115 Jan 13 1104 Sept116 Feb
Preferred
*11314 114
*11314 114 *11112 114 *11114 11358 *11112 114
100 79 Jan 25 9534May 26
6514 Apr 8714 Nos
8714 884 8834 90
87
89
8718 89
89
8912 7,000 Amer Sugar Refining
100 10778Mar 3 11612May 26 100 June 11012 Not
*112 11414 *112 11414 '5112 11414 11218 11218
Preferred
*110 113
2914 Aug44 Dec
5118 5214 50% 52
Stock
20,300 Am Sum Tob v t frt.-No par 4118 Jan 3 58% Apr 16
62
6218
5218 5388 5318 56
254 July 4118 Pet
31
*29
3112 31
31
*29
3112 31
3112
200 Amer Telegraph & Cable 100 26 Apr 1 34 May 9
*29
100 1494 Jan 3 172% Apr 8 139*3June 151 Dec
16758 168 Exchange 16612 16734 1664 167
16618 16678 1667* 26738 10,600 Amer Telep & Telea
1354 13614 2,200 American Tobacco 00M----50 120 Jan 7 13912MaY 20 11138 Mar 12434 Sept
13314 13312 13434 135
13554 136
135 135
60 11914 Jan 5 13834May 20 11018 Mar 124 Sept
13414 13514 3,100 Common Class B
13318 135
*1334 136
13314 13514 133 133
Closed;
100 11018 Jan 4 11678 Mar 9 10618 Jan 113 Mal
114 114 *11312 11412
100 Preferred
*114 11512 *114 115
*114 115
Jan 135 Fel
13018 13018
700 American Type Foundera_100 125 Jan 7 146 Feb 18 114
1311s 13114 Lindbergh 13034 13112 *130 13034 130 130
435 Apr 74 lax
924 9234 93
13,500 'km Water Works & Elea_.. 206214 Jan 3 98 June 6
88
9112 89% 9134 92
9112 9212
10412
100
1107
8
Jan
21
Mar
1
10814 Jai
10112
Mar
preferred
(7%)
1st
11012
110
11012
110
1,900
11014
110
10912
Day
10912
1094
100 1612June 7 3338 Jan 6
19 June 4278 lax
17% 1734 1734 1838 1838 1812 1812 1834 6,300 Ai-writ:an Woolen
171* 18
100 467aJune 1 8612 Jan 7
66 Apr 9014 Dec
48
4818 4838 4812 4.400 Preferred
4714 488 473k 48
48
4914 Holiday
978May 26 1538June 15
137 1412
1314 1434 135 1538 1412 1538 1412 1458 25,100 Am Writing Paper ctfs_No par
it,May "lila -.
Yeti
712 Apr 28 1014 Feb 17
*8
812
700 Amer Zino, Lead & Smelt---2
74 78
784 73
734 734
734 8
20 May 54 Dec
25 42 Jan 5 514 Feb 18
1,000 Preferred
45
46
4534 4612 454 4512 4518 4514 45
4618
Feb 9 4912 Jan 12
45
MtnIng_50
411
:Mar 51% Au!
Copper
45
45% 45
4518 5,400 Anaconda
45
4518 45
45
45
4518
7
34 June 4434 Jai
200 Archer, nulls, Midl'd_No par 88 Mar 12 42 Jan 18
41
*4034 4112
*4034 4112 4034 4034 *4034 4138 41
100 106 Jan 4 10812May 10 100 Mar 108
Oa
*107 10712
30 Preferred
10712 10712 *107 10712 *107 10712 *107 10712
9014 May 977 Jai
874 874 1,100 Armour & Co (Del) prel-100 86 Apr 13 964 Feb 18
*88
90
8812 *8734 88
8918 894 88
1318 May 251
814May 4 1578 Jan 7
: Fel
912 914 10
94 912
912 934
1038 4,200 Armour of Minnie Class A..25
*94 10
94 Jan 6
518May 5
25
Jill
54 May 17
3,200 Class B
614 614
6
618
6
6
64 61
6
618
80 Apr 93 Fel
100 60 Apr 13 8614 Jan 27
6812 8812
--------100 Preferred
*65
70
*66
70
'
564
67
18 Apr 3154 Jic
*2658 2734
28
27
2634 2634 27
308 29% 3034 11,200 Arnold Constable Corp_No par 21 Apr 1 307sJune 16
1918 Jan 2334 Cc
1525
2512
2518 2518 *2518 254 *2518 254 254 27% 1,100 Art Metal Conertructlon____10 22 Jan 11 2758June 17
464 Sept 631
No par 49 Apr 4 544 Jan 6
: Jai
*48
50
Artloom Corp
*4812 49
*4812 49
5148
*474 49
50
108
113
Feb
8
11114May
31
100
Mar 113 De
112 112
Preferred
*112 113 *112 113 *11214 113 *11214 113
70
No par 3912 Feb 9 448 Apr 11
374 Mar 547s Jai
*4118 4112
41
41
4052 41
414 4112 4114 428* 6,600 ASSOC Dry Goods
96 Mar 10212 Jai
100 974Mar 3 104 May 23
*104 105
'
510312 105 *103 105 *1034 105 *10312 105
let preferred
100 105 Mar 28 109 June 9 102 May 110 De
*108 110
*107 110 *107 111 *107 111 *107 111
2d preferred
4434 Jan 60 Ma
25 42 June 14 5014 Feb 19
*43
42
4912
*40
42
*40
49
*40
49
49
100 Associated OU
29
Oct 6832 Jg
39
394 3812 39
*3814 39
394 3912
2,900 Atl 0 & W 1 S S Line--No par 3088 Mar26 42 Jan 5
39
39
100 2934 Mar 26 4114June 7
8814 Oct 5614 Jai
384 3818 *38
39
39
39
3814 384 *384 3934
500 Preferred
100 107 Jan 28 12558June 10
118 12334 1184 12214 120 12212 120 12034 17,700 Atlantic Refining
97 M
12214 12478
12834 Ma
100 11512 Feb 1 118 Mar 11 1154 Oct 120 Jun
1
4 117 *11614 1164 116/
11612 11612 *116/
*11614 117
1
4 11614
300 Preferred
54 M
No par 61312 Mar 17 70 June 9
663* 66% 6682 66% *6612 67
6712 6712
64 No
67
67
500 Atlas Powder
*10312 10414 *10312 104
100 98 Jan 6 105 May 5
10312 10312 103/
94 Jan 9712 De
1
4 10314
*10314 1031
150 Preferred
Apr
7
*834 10
8
Oct
1218
73
8
Mar
14
No
par
*85i 10
*834 10
174 Pa
81.1 88
*Pi 10
Atlas
Tack
400
518 54 *5
518 518
711 Oct 28 Ja
414 Mar 22 104 Jan 3
51
*434 5
*5
518
200 Austin, NIchola&CO xte No par
*30
311 *30
*30
32
32
100 3014June 7 81 Jan 5
*30
3112
*30
311
54 Nov 98 Ja
Preferred
21614 220
21312 2221 21318 218
21812 221
9272 M
22114 223
16734 De
94,200 Baldwin L000mOUYe Wks_100 14312 Jan 18 228114June 1
*11812 122 *11812 1214 *118/
1
4 1211 *11812 12114
100 116 Jan 14 12334June 2 105 M
*11812 1211
11914 N.
Preferred
510712 108'l 10814 10814 10834 10834
*10712 10834'
*10732 1087
200 Bamberger(L)& Co pref.- 100 10634 Mar 30 11012May 10
4912
52
51
51
5214 5234 523
521
No par 40 Jan 6 59% Feb 9
5112 1,200 Baunett Leather
52
28'z 28
2634 2778 27
2812 2734 28
25 2318 Apr 29 364 Feb 26 -234 May -331i Ja
2612 28
31,800 Hamadan Corp class A
2784 27
271 *2658 28
26
26
26
*2512 26'4
2212 Oct 3912 Ja
25 22 Apr 30 324 Feb 28
2,000 Clang B
7112 7112 7014 7112 1,800 Bayuk Cigars, Ina
701
6912 694 70
71
39 M
No var 494 Jan 25 7434May 10
71
5532 NO
17
*16
171
*16
171
17
1712 17% 1,100 Beacon 011
1814June 7
No par 1514May 31
174 171
5112 511 *5112 53
52
52
514 5114
62
20 5014 Apr 29 60% Feb 15 -524 Oct -71752
500 Beech Nut Peeking
8 -Fe
2014 2012 2014 2038 *2014 2112 2012 21
2014 201
26 Dec 3934 Ja
1,100 Belding Hem'way Co__No par 1834 Apr 29 274 Jan 7
4918 50
494 50
49% 497 12,400 Bethlehem Steel Corp
494 50
4934 5088
100 4354 Jan 27 664 Apr 7
374 May 614 set
11012
1104 110 110 *110 1103 *110 110%
*110 1107
100 10434 Jan 3 11112June 2
400 Preferred (7%)
99 June 10572 De
*34
*34
35
35
*35
3512 34
3512
35
35
700 Bloomingdale Bros---No par 34 June 15 41% Jan 11
28 June 42 Di
*11112 11178 *11112 1117 11112 1111 *11112 11178
*11112 1117
100 1091: Jan 20 1134 Anr 18 10414 June 110 De
10 Preferred
*57
*57
58
*57
58
57
57
58
6318 Jan 5 5934June 1
*574 581
No par
500 Bon AMI, class A
531
: Dec 5618 De
*714 8
*714 8
714 71
*7
8
*714 8
614 Jan 28
No par
100 Booth Fisheries
8% Apr 14
94 Jii
418 Mar
*51
*51
55
*61
56
55
*51
57
57
*51
100 45 Jan 11 5714May 27
344 Oct 6112 Ja
1st preferred
181 *18
18
*1812 19
19
19
19
21
*19
300 Botany Cons Mills class A.
20 May 4118 Ja
18 May 4 281
:Jan 5
2812 2834 1.300 Briggs Manufacturing-No par 2814 Apr 23 3838 Feb 23
2812 284 2838 283
29
29
*2812 284
24 Oct 374 Is
16414 16612 167 167
16634 1664 3,600 Brooklyn Edison, Inc
16378 167
166 166
100 14812 Fen 11 176 June 7 133 Mar 163 Set
11414 11512 11414 1141 11412 11514 7.500 Bklyn Union Gas
113 114
114 114
68 Mar 98 De
No par 8952 Apr 4 118 June 6
3682 367g
3534 3612 364 364 354 3614 4,400 Brown Shoe Inc
3518 37
294 June 485s Ja
No par 301s Feb 1 37 June 14
2812 2812
*2812 20
*2812 29
*2858 29
300 Brunsw-Balke-Collan'r_No par 27 May 14 387 Jan 10
152858 29
2438 Mar 3954 Set
9212 9212 918 924 86
9138 8512 88
*924 94
7,000 Burns Bros new clAcom No Par 8512June 17 1254 Jan 20 121 Mar 144 Jul
: 2118 19
2118 181
21
2114 21
1934 4,700 New class B com___ _No par
23
*21
2612 Nov 44 Fe
1614 Mar 18 345 Jan 27
591
94
*9212 961
/
4 '59212 9612 *9112 9612 '
97 Mar 10312 Ale
.9212 0612
100 9412 Apr 16 100 Jan 3
Preferred
924 928 9212 9212 928 9234 1,000 Burroughs Add Mach__No par x90 Mar 2 12634 Feb 24
9212 93
774 Apr 124 De
9234 9278
57
591
/
4
6112
6212
61
6018 6234 6014
6138
164 Mar 344 Jul
21,30 Bush Terminal new____No par 294 Jan 12 6234June 7
60
10212 10212
102 10318 103 10388 10212 103
86
Apr 93 Au
380 Debenture
100 9114 Jan 5 104 May 31
10214 10234
11214 11212
11212 113
113 113 *11212 113
110 Bush Term Bldg& pref
9918 Jan 104 No
100 10388 Feb 14 115 Apr 11
11212 1124
1
4 *414 412
4/
1
4 4/
412
412 4/
1
4 *4
614 Fe
4 Dec
300 Butte Copper & Zino
512May 2
334 Mar 19
6
5.4% 412
5158 5134 *5134 5212
5238 523* *5112 53
17% Mar 71 Set
303 Butterick Co
53
100 6012 Jan 3 614 Feb 15
*52
97
91
918 934 xl)
91: *9
918 1.200 Butte & Superior Mining_ 10
718 May
1614 Ja
75* Apr 4 1134 Jan 7
914 814
8412 8412 8212 8312 2,800 By-Products Coke_ _ __No par 66 Jan 29 921:June 2
85
83
81
82
53 June 90 Set
844
83
784 818 8112 838 83
857 25,100 Byers & Co (A M)___ _No par
78
82
28 Mar 4478 No
42 Jan 3 94 June 2
78
814
63
63
6314 63
62
6378 63
6614 Oct 17912 Fe
64
2,800 California Packing_ _ _ _No par 604 Apr 1 70 Jan 6
6212 6212
2414 24
2418 2438 2353 2418 24
294 Oct 3818 Fe
2438 5,600 California Petroleum
25 2112 Apr 28 327 Jan 18
2438 2412
112
112 *112
112
112 *112 162
11
:Mar
258 Jan 17
118
112 Jan 3
218 Ja
10
300 Callahan Zino-Lead
112 14
6512 6512 1,200 Calumet Arizona Mining
6518 664 654 6512 6518 66
5512 Mar 73% Au
10 614 Apr 13 70 Apr 21
*66
6612
15
1518
1514
*15
17
Apr
20
4
*15
•15
15%
15
3
8
1812
Au
Mar
Jan
141
:
25
500
133*
Hecht
&
Calumet
1518 15'5
4212 4534 4518 464 17.800 Canada Dry Ginger Ale.No par 38 Jan 5 4812 Apr 5
414 434 4212 43
3212 Oct 49 Be
43
42
222 226
215 225
205 213
6212 Jan 176 Au
205 214
100 132 Jan 27 23412May 21
10,500 Case Thresh Machine
214 216
a een I ant ex-rightt.
•Bid and a.ked prices; no sales on this day. s Ex c. den




3604

New York Stock Record -Continued

Page 3

For sales during the week of stocks usually Inactive, see third page prate
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
June 11.

Monday,
June 13.

$ per share $ per share
*11212 116
2878 2938
*14
15
*138 14
*__ __ 75
*66 6612
12
1212
*7512 79
60 60
5338 54
*112 11438
958 958
221 2214
130 132
60% 8018
351 3518
*22
25
57 5714
4958 4934
11012 11012
58
53
*117% 119
11712 11778
10114 10258
8612 8738
731 7312
9378 9438
10614 10614
51
5134
1512
15
1878 19
19
19
570
78
*47
50
*9512 99
*8838 9012
339 346
1938 1934
63 6314
.18
14
78% 78%
*9834 101

Tuesday,
June 14.

Wednesday, Thursday,
June 15.
June 16.

Friday.
June 17.

STOCKS
Sates
NEW YORK STOCK
or
EXCHANGE
the
Week. '

$ per share $ per share $ per share $ per share Shares Indus. &Mlscell.(Con.) Par
*11214 116 *11214 118 *11214 116 *11212 116
Preferred
100
29
2912 2934 6,100 Central Alloy Steel___-No par
29312 2912 2912 29% 30
*14
15 .13
14
*13
15
*13
15
Central Leather
100
1312 1334 1314 133s 1338 1334 *1338 1312 1,100 Certificates
100
74
*M
645 *70
*72
7612 *70
Preferred
74
100
66 66
6714 5,300 Preferred certlficates
6514 6514 66
100
6714 65
12
13
12
12
*12
1234 1214 1214 1,600 Century Ribbon Mllis-No par
*7514 79 *75% 79 *7514 79
*7514 79
Preferred
100
5,400 Cerro de Pasco copper _No par
5934 60
5938 5934 5934 60
60 60
53 5334 x5218 5312 52% 5314 52133 5234 19,900 Certaln-Teed Products-No par
114%
*111714 11438 *11013 114% *11018 11438 *111
1st preferred
100
91
97
914 9/
1
4
914 914
914 914 1,400 ChandlerCleveland MotNo par
2158 22
22 22
2212 2212 2218 2218 2,900 Preferred
No par
12312 13018 12334,126
2,800 Chicago Pneumatic Tool., 100
127 127
1281 127
60 6012 5912 5912 60
61
5958 6034 2,600 Childs Co
NO Par
3434 35
34/
1
4 3518 3478 3518 3412 3434 3,500 Chile Copper
25
*2214 25 *22% 25 *22
*2214 25
Chino Copper
25
5
5512 58% 5812 637
627 658 6312 65% 20,400 Christle-Brown tern etfs No par
4612 4612 x4634 4812 48% 49% 4812 5038 199,900 Chrysler Corp
No par
500 Preferred
111 111 x108 108 *10612 108 *107 108
NO par
56
56
5112 2,700 Cluett Peabody & Co No par
*55
51
57
5114 55
11712 117%
30 Preferred
119 119
11712 11712 *117% 120
100
11478 11612 115 1187 11578 11834 115 11578 11,900 Coca Cola Co
No par
102 10634 103 10512 105 10512 104 10478 13,700 Collins & Altman
No par
100
83% 8812 8334 8512 84
8534 8414 8514 72,700 Colorado Fuel & Iron
73
1,800 Columbian Carbon v t0 No par
72
7114 73
7114 72
73
73
9434 9478 18,500 Colum Ore;& Elee new-No par
92
94
9258 935
9312 95
100
106 108
10512 10512 10512 10534 10512 10558 1.400 Preferred new
50% 5134 5118 5238 517 528 5258 537 31,200 Commonwealth Power_No par
151 1538 1514 1512 1514 1512 1518 1538 2,300 Commercial Credit----No par
21
260 Preferred
*20
19
19
*1912 20
20
20
25
2234
800 Preferred B
*1812 1878 1878 19
19
2212 22
25
151 preferred (6)4%)----100
*75% 78
*70
78
*70
78 *75112 78
500 Comm Invest Trust___No par
*47
50 14812 49
1
4 5058
5012 5012 50/
7%A/referred
*9334 100
100
*9512 100
*9334 100
*9334 100
90
100 Preferred (6)0
9038 9038 .1.8634 9012 *89 90
*89
100
331 33412 334 350 35034 354 349 35114 12,000 Commercial Solvents B No Pos
198 15,000 Congoleum-Nalrn Ino_No par
19% 197
1918 1938 1918 1912 19
No par
63% 63% 9,400 Congress Cigar
z6034 6214 62 6212 8234 64
100 Conley Tin Foil stpd
No par
14
---14
14 ---14
14 *--- 7612 782 57618 7712 7618 77
6,100 Coneolidated Cigar
No par
764 793
Preferred
100
*9634 101
*9834 101
*98 101
*99 101

PER SHARE
Range Sines Jan. 1192?
On basis of 100-share 101,S
Lowest

Highest

$ per share
111 Feb 28
24 Apr 1
8/
1
4 Jan 3
714 Jan 3
54 Jan 14
54 Jan 3
1012 Jan 26
70 Jan 24
59 Apr 28
42 Jan 25
106 Feb 1
818 Jan 6
21% Jan 25
12012 Jan 3
4838 Mar 31
34/
1
4 Jan 3
2218 Jan 7
3472 Jan 5
38/
1
4 Jan 28
10218 Apr 11
51 June 17
1111 Jan 6
89612 Apr 27
63 Jan 4
4238 Jan 4
66% Jan 3
8278 Feb 11
9912 Jan 24
4858May 25
1438 Feb 1
17 June 10
18781une 15
74 May 9
411
/
4May 4
95 Apr 21
8812MaY 17
223 Jan 3
1714 Jan 26
47 Mar 11
14 Feb 1
757 Apr 30
99 Mar 22

$ per share
12412May 21
31 Apr 14
1778May 25
1512May 26
7712June 1
6778May 26
1612 Mar lb
83 Apr 22
6312 Feb 24
5534May 11
11034Mar 7
14 Mar 22
2814May 6
13714 Mar 2
6234May 24
3914 Mar 21
24 Apr 11
6578June 16
5134June 8
111 June 14
6634 Jan 24
120 May 4
19912 Apr 22
10812June 7
9112June 2
8512 Mar 18
9834May 27
10712May 16
5438June 7
2058 Feb 21
23 Mar 10
23 Jan 7
8518 Jan 12
5634 Mar 14
9812 Jan 27
95 Mar 14
383 June 3
2238May 4
64 June 10
38 Jan 5
8512 Feb 17
10212 Feb 2

PER SHARE
Fangs for Profess
Year 1926
Lowest

Highest

I Per share $ per share
96 Jan 11812. Aug
2812 Oct 3314 Aug
7 Nov 2012 Jan
834 Nov
7 Dec
4314 Apr 6834 Jan
50 Nov 5412 Dee
1014 Oct 3278 Jan
7814 Dec 90 Jan
571 Jan 7312 Aug
3618 May 491 Jan
100 May 10614 Nov
812 Nov 26 Feb
208 Dec 4514 Feb
9418 Apr 12814 Dee
4518 May 66% Jan
30 Mar 3638 Jan
16 Mar 26 Nov
2912 Oct 63,11 Jan
2812 Mar 5478 Jan
93 Mar 108 Jan
60 Dec 6812 Jan
10314 Jan 118 Sept
128 Mar 17434 Dec
3434 May Ms Dec
2738 Mar 4938 Oct
5558 Jan 703 Dec
8538 Nov 91 Dec
98/
1
4 Nov 101% Nov
_ ---- -161-2 Nov -471i Jan
2114 Nov 2614 Jan
20 Nov 2734 Jan
8512 Dec 9912 Feb
54% Dec 72 Jan
97 June 104 Jan
89 May 100 Jan
11814 Jan 237 Nov
1212May 2938 Sept
4012May 57 Dee
38 Dec
1 Mar
4514 Apr 871 Dee
91 Mar 10738 July
812 Jan
112 Aug
212 Feb 4
1 June 10
118 118
1
118
118 11
/
4
1
2,100 Consolidated Distrib're No par
118 118
1
87 Mar 11538 Aug
10338 10334
102 1048, 102 1033
, 1025 10312 10218 10212 27,100 Consolidated Gas(NY)No par 94 Mar 9 10912 Jan 10
978
97
9714 9714 7,100 Preferred
No par 93 Mar 18 97%June 1
9714
988 9758 9638 978 97
114 May
512 552
7 May 7
-414 Nov
31s Mar 14
558 558
538 618 17,800 Consolidated
_ -No par
514 538
514 512
5012 Oct 937 Aug
3538 395 11,700 Continental Baking
3512 3634
3534 36
3534 3612 3558 36
TextileolANo par 3312 Apr 30 747 Jan 6
Jan
5
1014
Oct
Sept
May
19
414 438
414 458
4
414
414 5 20,800 Class B
4
738
414 412
1558
No Par
87 Oct 9653 Aug
80% 8012
8134 1,600 Preferred
7912 80
7934 8012 8012 807* 81
100 72 Apr 1 971 Jail 13
70 Mar 9258 Jan
6812 6978 6812 6912 8934 7114 70
718 17,000 Continental Can,Ino_No par 583 Apr 9 7312 Jan 3
6812 6934
17178 172%
168% 17014 16712 188
16912 170
16912 16912 2,300 Continental Insurance
25 135 Jan 27 174 May 25 122 Mar 1443 Jan
97 May 1378 Dee
.
1112 1014 11
1112 117s 11
108 1118 47,900 Continental Motors- -No par 1014June 16 1314 Jan 6
1134 12
548 5512 54% 5512 5512 56% 5512 5578 23,100 Corn Products RefinIng____25 467 Jan 12 6318May 14
3538 Mar 5138 Dec
55
5512
3
12212
Jan 13014 Dec
9.32 135
*132 13212 *132 133 *132 135
- ---- -- Preferred100 128 Jan 11 13214June
4412 Mar 62 Dec
Stock
1.200 CotY, Inc
7914 7914 x79
13281
-No par 56 Jan 3 8378June 2
*80 8134
*80
8034 8012 81
64 Apr 823 Dec
*88 87
8518 86
8512 86
86
3,000 Crucible Steel of Amerloa_100 77 Jan 4 9634 Mar 4
*8534 87
86
96 Mar 104 Dec
.107 112 Exchange •107 112 *107 111 *107 111
107 111
100 103 Jan 18 110%May 31
Preferred2814 0 t 533 June
2812 2912
2914 2934 *2914 2912 2914 2912 29% 2914 3,000 Cuba Co
No par 2614 Feb 2 341 Jan 8
8% May 1112 Jan
Closed;
*834 9
834 834 *81
84
400 Cuba Cane Sugar
No par
8 Apr 11 105 Jan 5
858 8%
838 8%
900 Preferred
37% 3914 3914 3914 *3814 3914 *3814 39
35's June 5038 Dee
38% 388
100 3634June 10 5038 Jan 4
2014 Aug 3038 Jan
1,700 Cuban-Amerlean Sugar.-- 10 2214June 15 28/
*2234 23
1
4 Jan 3
23
23 Lindbergh 2212 23
23
22'4 2212 23
97/
1
4 Jan 105 Nov
100 Preferred_
'102 10512
*102 10512 *102 10512 10312 10312 *10134 108
100 102 Jan 31 10514June 1
1512 Sept 2014 June
1414 *14
14
300 CubanDom'eanSugnewNopar 1358 Apr 29 18 Jan 21
Day
147 1478 *14
1414 14
*1414 147
Nov 55 Dec
497
5118
2,000
50
4312
Apr
Feb
23
4958
Cudahy
Packing
new
8
5278
4812 50
4812 4812
4934 50
4938
4938
7712 Mar 108 Dec
13(8) Cusiuman% Sons
Holiday
109 109
107 10714 107 107 10812 10812
No par 103 Apr 4 11812May 10
.109 114
32 Nov 51
Jan
3612 1,900 Cuyamel Fruit
No par 30 Apr 28 37 June 16
*35 36
36
36
3612 3658 3612 37
*36
3012 30I2
2318 Oct 485 Feb
3,000 Davison Chemical V to-No rI 26% Apr 28 3412May 24
30
3058 2934 30
30
30
30
30
1001 133% Jan 21 157 June 2 12312 Mar 1411k Dec
14612 148
147 147
14612 14878 147 14812 4,000 Detroit Edison
14814 14914
31 Oct 104% Feb
1,100 Devoe & Raynolda A_No part 3718June 14 4288 Feb 2
3718 3712 3718 3712 3718 377 *37% 38
*3712 38
128 128
430 Diamond Match
12712 128
126 12714 126 126
1001 115 Feb 28 133 May 12
127 12712
2212 36,900 Dodge Bros Class A___No par 1758 Apr 22 2712 Jan 5 -2-1-14 May -4758 Jan
20
2034 2018 2058 2012 21
21
2038 207s
NO par 70 Apr 28 85 Feb 14
7912 May 90 July
7312 74
741s 74% 7458 75% 3,700 Preferred cert f
7234 73
7234 7412
No par
714June 10 1114 Jan 4
8 Oct 20 Mar
738 712
738 758
714 712 *738 712 3,000 Dome Mines, Ltd
*738 712
No van 46 Jan 3 72 June 9
19 Mar 46 Nov
1,500 Douglas Pectin
70
7058 7012 6934 7012 70
70
70
*70% 71
300 Duquesne Light let preL__i00I 11414 Mar 2 11634June 1 11112 Mar 11634 Aug
11534 11534 *116 118
11512 11512
116 116 *116 120
146 14614 14512 146
145 153
146/
1
4 14614
151 15318 7,700 Eastman Kodak Co__ ..No par 12614 Jan 28 15318June 17 106% Mar 13634 Dee
No pars 241s Mar 21 2812 Mar 28
267 2734 275g 2778 27% 28
14,200 Eaton Axle & Spring
23 Oct 3234 Feb
2858 277
2712 2778
236 242 23534 23938 2395* 24458 24218 246 22,900 El du Pont deNem new-No par 168 Jan 25 25378 Apr 22 1548 Nov 18112 Dec
243 244
300 6% non-vot deb
1001 10512 Feb 5 11218May 10 10034 Apr 1101s Dec
11112 1111s
*11112 11178 *111% 1113 11112 1111 *11112 11134
1214 1212 .1214 1234 121s 1214 12
251 1178 Jan 3 1612 Feb 15
1318 2,100 Elsenlohr & Bros
1212 1212
1034 Oct 2013 Feb
4,300 Electric Antoine
No pai 6312 Jan 13 8518May 17
8214 8234
82
8214 8234 8338 827g 84
8034 83
613 Mar 82 Feb
171 1914 18
2038 48.500 Electrio Boat
No pool 1312Mar 2 21 May 21
1878 1818 19
19
1834 19
4 Mar 16 Dee
2118 2114 228 27,100 Electric Pow & Lt
No par 1612 Jan 27 2358May 23
2012 2114 2012 2114 21
2112 22
15% Oct 341k Feb
*11312 ___ *112 114 *111% 11334 *112 11334
11414 11412
200 Allot etfs for Pre 40% pd__J 1037s Jan 28 115 May 21
9912 Mar 116 Feb
300 Preferred
*10412 106 *10234 10334 103 103
No par 96 Jan 14 10614June 10
10314 10314
105 106
89/
1
4 Mar 98/
1
4 Sept
20/
1
4 2114 21
2312 2234 238 2118 23 33,500 Electric Refrigeration-No par 1912June 9 37/
2034 2114
3338 Dec 7812June
1
4 Jan 3
68 6814
6634 68
70
70
1
4 Aug
6834 684 68% 6834 2,500 Eleo Storage Battery-No par 6314May 3 7912 Jan 6
711
/
4 Mar 94/
100 Emerson-Brant ClassANopanI
71 Jan 4 13 Apr14
*8
10
8
8
•13
9
*8
9
*8
9
61
/
4 Dec
8/
1
4 Dec
3,200
7112 711
701 71
7058 71
703
4
Endicott-Johnson
/
4
72
/
1
4
Feb
70%
Corp-- 50 84/
70
71
1
4 Jan 28 7238June 10
65% Mar
*120
__ *120--_ •120
_ ____
- - - - ___ Preferred.
120 12112
100 116% Jan 5 12112Mar 28 114 Jan 120 Sept
2678 --2738 7,000 Engineers Public Seri, No par 21/
27
27
2714
2614 17
26% 263-4 263 --1
4 Jan 11 2878May 24
19/
1
4 Oct 2412 July
800 Preferred
104 104
1037 104 *104 10434 10334 10334 1044 10434
No par 9334 Jan 8 10612June 2
9214 Nov 961s Aug
3014 307
30
3138 30% 3138 3118 3234 3114 3234 64,200 Erie Steam Shovel
5 24/
1
4 Jan 3 3234June 16
2112 Oct 2558 Nov
700 Preferred
107 10734
1073 10734 *10612 108
108 108
107 108
100 10112 Jan 8 108 June 17 100 Oct 102 Nov
*170
__
300 Equitable Office Bldg pfd-100 11814 Feb 5 17512June 11
_ 172
175/
1
4 17512
.*170
9978 June 13214 July
4 20,800 Eureka Vacuum Clean-No Par 60/
7238
72
*1747012 72
-71 -73
-73% 1.13
; 73% -74343 May 683s Dec
1
4 Jan 26 7434June 17
1912 *19
1912
*19
20
19/
1
4 1938 *19
100 Exchange Buffet Corp_No par 1518 Jan 25 1914May 21
*19
20
1458 July 17 APT
39
800 Fairbanks Morse
*3912 40
3812 39 13712 3712 3738 375* *38
No par 3714May 2 4312May 11
3738 Dee 5914 Feb
110 112
*110 112 *110 112 *110 112 *110 11112
Preferred
100 1071,Feb 7 112 Mar 2 10812 Nov 115 Feb
105 10614
10338 10614 510218 10418 10234 1038 10318 10438 35,600 Famous Players-Lsaky_No par 10218June 15 11434 Feb 24 10318 Jan 1271sJune
11812 11912
200 Preferred (8%)
118 118 *11711 118 *11712 11812 *11712 11812
100 116 Apr 25 1243, Jan 12 115 Mar 124% Dec
415* 42
4112 4134 4114 4134 4112 4112 43/
1
4 43% 5,100 Federal Light & Tree
15 37% Jan 17 47 May 3
28 Mar 4712 Dee
99
240 Preferred
*97 98
98
98
99
9812 9812 99
99
No par 9112 Feb 23 9912 Mar 31
86 June 94 Dec
171 171
1,700 Federal Mining & Smelt1-100 60 Feb 9 187 June 16
15212 15212
159 160
161 170
178 187
41 May 11134 Jan
95
4,600 Preferred
94 94
9412 94% 9412 97
9678 94
96
100 7512 Jan 28 97 Mar 12
61 Mar 105 Jan
2312 2378 2334 24
2414 2412 12234 2284 2,200 Federal Motor Truck __No par 22 June 4 3078 Jan 10
2318 2314
23 Oct 3438 Aug
300 Fidel Phan Fire Ins of N Y. 25 93% Feb 23 193 Jan 6 160 Apr 20014 Jan
116 116
117 117
116 116 *115 116 *115 118
10012 10412
*10012 10412 *10012 103 *103 10412 *103 104'2
First Nat'l Pio, let pref-100 9712 Jan 13 108 Mar 4
96 May 107 Feb
2212 2212 22
1,400 First Nat'l Stored
0224 2334
No par 19%May 11 30 Feb 7
2238 2214 2214 *2238 23
28 Nov 495 Feb
1514 15
15/
1
4 1514 15
1514 1512
1514 1478 1512 10,800 Flak Rubber
No par 1478June 17 20 Apr 20
1414 May 2614 Jan
8712 8712 8634 87/
86
2,100 let preferred stamped-100 81 Jan 5 8988June 2
86
8712 8712
1
4 857 87
76% Apr 8414 Mar
*9712 977 *97% 105 *971 105
200 1st preferred cony
98/
1
4 987s
100 9634June 11 101 Apr 21
9634 9634 '
94 June 107 Mar
54
5518 54
5434 55
/
4 Mar 56% Feb
5814 5518 56% 35,900 Fleischman Co new___-No Par 46's Feb 1 59 May 19
321
5434 55%
5912 61
11,500 Foundation Co
5812 61
5914 8138 55% 58
5618 58
No par 5518June 9 8838 Apr 1
73/
1
4 Dec 1795 Jan
5634
5734
58%
11,200
57
58
58%
57%
Fox
Film
No
par
5412
74
/
1
4
Jan
6
59
Class
A
Apr25
55
/
1
4 Mar 85 Jan
5734 50
6878 72
70
71 114,100 Freeport Texas Co_ _._No par 34/
73
69
72
74
7114 72%
1
4 Jan 4 7434 Apr 9
1958 Jan 36 Dee
4134 4412 4212 44% 4412 46
4512 4812 37,000 Gabriel Snubber A
1
4 Jan 3 47 June 8
Ns par 29/
44 4438
255* Nov 42 Feb
834 91
*914 10
/
4
834 9
2,400 Gardner Motor
834 9
954 Jam
612 Jan 27 110k Apr 22
5% Nov
9
914
No par
5118 53 z51
5112 48/
1
4 5112 50
5112 5,500 Gen Amer Tank Car
39 Mar 5538 Jan
No par 46 Jan 3 55 June 9
5218 531
/
4
*111 115 *110 113 *110 114 *108 110
9912June 109 Des
100 106% Mar 1 11012June 8
[11 115
Preferred
76
7518 7634 757 775
75
753 7834 15,700 General Asphalt
50 Mar 9414 Aug
100 7212 Apr 28 9638 Mar 2
76
7714
*115 119 116 116
*112 119 *11012 116
200 Preferred_
94% Mar 14018 Aug
113 119
100 113 Apr28 14478 Mar 2
62
8212
62%
6212
83
8312
6378
6414 5.700 General Cigar. Inc new_No par 52 Jan 26 89% Feb 24
46 Mar 59/
1
4 Feb
6312 635*
*120 121 *120 121 *120 121 •120 121
Preferred (7)
100 116 Jan 6 134 Feb 24 109 Jan 118 Deo
120 121
5714 5712 571 5738 5712 1,200 Gen Outdoor Adv A__ _No par 5438 April 5812 Feb 9
*5714 5712 57
51 Mar 56% Aug
55714 5712
48
4712 48% 4712 4812 49
4814 483 14.200 Trust certllicates____No par 37 Jan 18 55 May 31
1
4 Dee
265* Mar 39/
4618 4712
105% 10612 z104 10412 57,000 General Electric New__No par 81 Jan 27 10812June 2
101 10414 1021s 105
79 June 95% Aug
03 1041/4
111
/
4 1158 z111;1 1114 4.000 General Electric special
1118 114 11% 115
Jan 1134 Dec
11
/
4 Jan 5
1118 1118
_10 11%June 2 111
Jan
69
40
40
40
41
39
39
38
39
1,800 General Gas ar Elea A__No par 34 Apr 1 4712 Feb 2
34 Mar
nil 40
95 May 100 Dec
10634 10634 *107 110 *107 110 *10714 109
100 Gen Gas et Elea pf A (7)No par 100 Jan 3 10934June 9
0658110
1211/4
113
*11712
1211
/
4
*119
Apr
soot
12112
*117
*11812
12112
10512
1
Mar
22
120
June
No par 1131
/
4
Preferred A (8)
17 12112
•102 106 *102 106 *102 106 *102 106
9214 Apr 96 Jan
Preferred B (7)
No pas 98 Jan 13 10412June 6
02 106
195 20212 198% 19938 199 20438 20314 20512 586,800 General Motors Corp No par 14512 Jan 25 20512June 17 11314 Mar 22534 Aug
0215 20358
12312
12312
12312
12312
2.000 7% preferred
100 11812Mar 9 12414June 1 11312 Jan 12214 Dee
12338 12338 12312 12312
2338 123%
..... .... -eked nen., no sales on this dap, g Ex-dieldands a Ex-rights, I Ex-dividend MOM In stork.




New York Stock Record-Continued -Page 4

3605

For sales during the week of stocks usually Inactive. see fourth pass preceding
rda WI.1%.

HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
June 11.

Monday,
June 13.

Tuesday,
June 14.

Wednesday, Thursday,
June 15.
June 16.

Friday,
June 17.

Sates
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

Range Since Jars. 1 1927
On bask of 100-share lots
Lowest

Highest

ran on a1ISA
Range for Previous
Year 1928
Lowest

Highest

$ per share $ per share $ per share $ per share Shares Indus. & Miscall. (Con.) Par $ per share 8 per share $ per share $ per share
9814 Apr 105 June
100 General Motors Corp6% Of 100 104 Mar 7 108 June 14
*108 108 *107
*106
- *106
6012 Mar 9378 AUS
106 1-0914 18,600 Gen Ry Signal new ____No par 8218 Jan 14 12014 Apr 6
-10512 10834 10512 1-6678 10812 10914
Jam
36 May 49
6612 7312 41,200 General Refraotories-No par 38 Jan 14 75 June 1
67
67
6812 6774 6812 66
4114 Nov 787 Jan
No par 3712 Mar 24 4934 April
41
42
4014 4134 MI
41
42
418 1,700 Gimbel FOOS
100 9932 Mar 18 10578 Apr 30 100 Nov 1118* Jam
200 Preferred
*105 10514 *105 10512 105 105 *105 10514
1538 June 2544 Jam
No par 1412May 21 22 Mar 10
17% 1814 1712 1712 1712 1712 173 1712 7,900 Glidden Co
4112 Mar 56% Fell
11,900 Gold Dust Corp v t o No par 42 Mar 9 5938June 2
5518 57
5678 5512 56
5534 56% 56
No par 4284 Jan 3 5874 Mar 3
3912 Nov 7034 Feb
53% 5412 10,800 Goodrich Co (B F)
.53
5334 5312 5434 5314 54
100 95 Jan 3 10312June 8
9412 Deo 100 Feb
400 Preferred
*10112 103 *100 10112 *9914 10112 98
9914
9612 Dec 10978 A1111
1114 11234 112 11212 11114 11212 113 11338 2,400 Goodyear T & Rub 111 v t 0-100 9818 Jan 27 11778May 16
100 105 Jan 7 112 June 6 19414 Dec 109 SW
1,000 Prlor preferred
10978 1098 10978 10978 10978 10978 10934 110
3314 Mar 6912 Nof
6312 2,200 Gotham Silk Hosiery-No Par 578 Jan 12 8778 Mar 25
6234 634 z6212 63
6318 6312 *63
4712 July 68% Nof
No par 58 Ian 12 6738 Feb 24
6314 6312 1,300 New
63
6214 6318 *6234 6312 63
100 104 Jar 26 110 May 18
10612 10612 *10614 107
400 Preferred new
107 107 *10614 107
8 Mar 18 10 May 25
No par
2 Jaz
2 Oct -21-1*85* 812 *85* 811 *83* 812 *85* 812
Gould Coupler A
1618 Mar 36% Dec
13,500 Granby Cons M Stn & Pr_100 314 Jan 27 45 May 26
383* 3978 z3714 38
377 3814 374 38
89 Apr 11312 De(
6,800 Great Western Sugar tern otf25 109 Jan 26 12512May 25
11534 116
116 1187 x1144 11512 11614 117
100 11612 Feb 26 122 June 3 10812 Mar 11814 Jul,
60 Preferred
121 122 *11912 120 *11912 11934 *11914 120
934 Apr 3434 De,
45
4512 4434 45
6.900 Greene Cananea Copper-100 2914 Jan 27 4834May 21
445* 45
4412 45
518 Jan 1078 Fat
8 Jan 25 1114May 31
2,600 Guantanamo Sugar- _No par
914 914
914 958
834 9
88 912
515* Oct 933* Jet
100 49 May 18 64 Feb 28
700 Gulf States Steel
*4914 50
5078 51
4914 4914 4914 4924
45 June 6012 De(
380 Hanna 1st pref class A-100 56 Jan 31 87 Jan 19
59
5712 5712 5712 574 567* 5712 *56
26
Oct2812 Noi
300 Hammen Corp class A_No par 2418June 15 2714 Mar 29
2412 2412 2418 2418 *2418 25
*2414 2512
243* De, 30 Sept
No par 2312 Feb 9 29% Apr 18
2412 25
900 Claw B
255* 253* 243* 25
*2434 2514
1718 Dec 46 Jet
1512 Feb 15 2812 Mar 31
No par
2514 2514 2514 2514 2412 255* 26
1,200 Hayes Wheel
26
68 Mar 88 De(
25 7612 Jan 14 10178 Mar 17
*97 100
*98 1015* *97 10112 '
Helms(G W)
598 100
1712 May 3512 Aul
No par 22 Jan 31 4134June 17
36
3714 3518 361
374 38
383* 4184 7,100 Hoe (It) & Co
*3284 3414 *33
33'h 3314 3334 334 34'8 1,800 Hollander & Son (A)___NoPar 3114June 3 3578May 7
100 60 Jan 25 6318 Jan 15 -471-2 Jan -63 Oct
400 Homestake Mining
62
62lz
6112 6112 *61
62
64. *61
40 Mar 485* Sax
5218 5378 5318 537
53% 538g 1,600 Houeeh Prod,Ino.tem ctfNevar 4314 Jan 3 56 June 6
54
54
Sat
5014 Mar 71
15134 162
1544 15784 99,900 Houston 01101 Tex tern othil00 6018 Jan II 16612June 9
15334 15538 15314 158
27 Jan 45 Sept
417
8
Apr
18
355
8May
31
No
par
3734 3734 38
Sound
38
38
3878 3872 3914 2.800 Howe
4034 Oct12314 Jai
No par 4814 Jan 24 8878May 11
8234 85'l 8438 868 8412 8534 213,100 Hudson Motor Car
823* 86
17 Mar 2838 Jas
1938 l98 1978 1984 1938 2014 1938 20
18,800 Hupp Motor Car Corp---10 19 Apr 22 2358 Jan 10
19% Mar 34 Jet
19
1938 1914 191
1914 195* 1914 1912 2,200 Independent Oil & Gae_No par 1758May 20 3234 Feb 1
1412 Dec 2414 Fel
No par 13 Mar 30 2312June 15
2238 231
2034 22
2218 2222 2214 2284 7,300 Indian Motocyoie
734 Oct1334 Fel
712May 12 114 Mar 14
10
85
.814 812 1,800 Indian Refining
834
812 83
838 87
74 Oct1212 Fel
738May 5 l012Mar 14
10
*532 812 1,700 Certificates
814 81
812 8'2
83* 81
Jet
8014 Mar 104
Ingersoll Rand new_-__No par 8978May 23 9612 Apr 2
*89
93
*8812 91
*89
93
*89
93
3412
5314June
6
par
41
Feb15
No
May 4374 De
473* 50
Steel
49
5034 19,000 Inland
4912 505
494 51
100 111 Jan 3 117 June 8 10834 Mar 115 Fel
*117
*117
Preferred
_ *117
_ *117
2074 Mar 2858 Not
1412 -1412 1412 -1112 1414 -141
1414 -1412 2,600 Inspiration Cons Copper-20 1414June 16 2512 Jan 12
12 Dec 2114 Fel
1238 1278 1214 1212 1134 121 x114 12
4,900 Intereont'l Rubber-No par 1112 Jan 3 1574 Mar 12
94 Dec2614 Jai
618 Apr 23 1078 Feb 23
No par
658
65*
*612 7
100 Intamat Agricul
•64 7
*612 7
100 33 Mar 20 6612May 26
5638 Dec 95 Jai
3414 3434 *3418 35
500 Prior preferred
344 3414
*3418 35
3818
Mar 5678 De
10
4May
89
3
5318
Jan
13
par
83
83
85
85
83% 847
8312 8412 5.000 lot Business Machines_No
4438 Oct7178 Jai
5912 61
5914 60
5712 6018 584 5834 12,100 International Cement-No par 4514 Jan 21 653 May 31
Jai
*107 110 *107 110
100 10214 Jan 21 11014May 19 10178 Oct 106
10912 10912
109 109
200 Preferred
334 Mar 6412 Jai
4458 4558 4434 47
4534 4718 4434 458 36.700 Inter Comb Eng Corp _No par 434 Jan 28 64 Mar 1
17418 18078 17434 179
100 13578 Jan 18 188 May 23 11214 Mar 1584 De
17812 18012 179 181
14,600 International Harveeter
12934 131 *130 13034 130 130
*12934 131
100 12634 Jan 12 133 May 18 118 Jan 129 De
400 Preferred
712 712
738 738
6 Sept 123* Fel
834May 27
614 Jan 4
100
712 8
75* 75*
3,500 lot Mercantile Marine
27 Mar 46% Fel
45% 4812 46
4834 475g 4834 488 5214 38,800 Preferred
100 3718 Jan 6 5538May 31
5312 Mar 66,
7218 73
2 Fel
7258 74
11,100 International Match pref. 35 62 Mar 2 77581une 7
7312 74
725* 74
6434 9914 034 6738 x6672 6812 67
328 Mar 4614 Sal
Stock
6918 173,300 International Nickel (The)_25 3814 Jan 3 75 May 31
444 Apr 6334 Au
4234 413* 4234 4214 4278 17,700 International Paper__ _No par .23912May 18 60% Mar 7
40
4112 41
89 May 100 De
99
99
99
Exchange
9914 99
99
100 9612 Jan 3 10114May 24
99
99
3,000 Preferred (7%)
•180 185 *17814 185 *17814 185 *17814 185
International Shoe-No par 160 Jan 21 185 June 3 135 May 175 Ja
164 166
163 163
Closed;
100 13514Mar21 175 May 9
165 165
166 166
900 International Silver
13812 14078 1394 1397g 13714 13918 29,600 Internet Telep & Teleg_100 12214 Jan 25 146 June 7 11-1 liar 123 Ja
13934 142
Lindbergh 3118 32% 3134 3218 32
1812 July 29 Ja
1912 Jan 31 38 June 17
3212 3212 38
No par
13,600 Intertype Cory
*5912 60% *60
*59
61
1 4812Mar 11 61 May 27
200 Island Creek Coal
6038 6014 61
2 -De
60
60
6134 58
Day
5778 5814 5814 581
No par 5312 Jan 3 6612May 10 25 Jan -5614,800 Jewel Tea. Inc
*122 124 *11314 120 '
511314 125 *11314 120
100 117 Mar 18 12512Mar 15 11512 Jan 1274 No
100 Preferred
Jan 120 Au
12234 12234 x1223* 1228 12014 12134 *12012 12112
Holiday
100 Jones & Laugh Steel pref 100 117 Feb 2 12274May 21 114

$ per share $ per share
*106
_
10812 1683
_-4
684 69
42
42
*105 10514
18
1812
.568 57
54
54%
10112 102
1.1278 11278
11197g 10978
625* 6312
63
63
10612 107
*83* 812
39
3914
11718 119
12174 122
45
4512

912 934
51
51
5734 5734
•24
26
2518 2518
*25
2612
*96 10112
3712
33
33
*60
63
5312 5418
1613* 16414
3734 38
8258 8614
197 20
1914
19
2012 223
*858 9
84 813
*89
93
50
51
*1151
1412
4-144
•127 13
*612 67
*3414 3484
8514 86
59
60
'107 110
4514 457
182 183
1512934 131
*738 734
4814 4934
7318 74
6834 6934
418 4134
9914 9914
*180 185
*165 16812
14134 14278
32
325*
*80
6012
6158 62
123 123
•122 12234
*2212 23
*23
2312 2312 2538 7,700 Jones Bros Tea. Inc. __No par
23
2234 23
23
1634 17
17
1714 17
No par
1712 1758 18
17
2,800 Jordan Motor Car
19
*115 116
200 Kan City P&L let pf A_No par
*114 11518 1147* h147 '115 1151 115 115
5274 533*
5212 5414 5314 54
5378 541g 5414 5538 4,400 Kayser (J) Coy t c___8-No par
1924 19
2078 2114
21
1812 2114 19
2114 24
26
67.500 Kelly-Springfield Tire
100
43412 68
•13412 68
*6412 es
900 8% preferred
6512 68
*6412 68
*6412 89
100
*6412 69 '
*6412 69
300 6% Preferred
6712 68
56412 69
*75
85
100
*75
85
100 Kelsey Wheel,Ins
66
*65
85
*65
85
66
6318 631
No par
6234 631
6234 63'i 6258 63
15,900 Kennecott Copper
6234 63
58
par
14
500 Keystone Tire & Itubb
%
4
1
*12
12
12
*27
30
274 2788 *25
30
No oar
*26
27
*2514 27
100 Kinney Co
'79
791
100
7812 793 *78
7812 7812 7812 7814 784
120 Preferred
3
*50
5134
5134 513
26
49
50
49
2,700 Kraft Cheese
50
503* 50
5234 5338
523* 5284 5214 53
1
5234 5434 54% 5514 25,60 Kresge (13 El) Co new
114 114
*114
*114
100
_ _ 114 116 *114
150 Preferred
_ __
*1438 143
1412 14 *141 1-438 1418 1418 •14
200 Kresge Dept Stores-__No par
17412
•46
55
*50
53
*50
100
53
55
55
100 Preferred
*50
56
*248 255
24478 24512 244 244
245 253 *245 250
1,900 Laclede Gas L (St LouLO 100
*2612 27
2612 27 - 27
3014 2914 3078 2812 298 24,100 Lego Oil & Transport-No par
7514 7712 7714 794 784 7978 7712 7812 39,000 Lambert Co
7314 7413
No par
84 818
818 81
84 818 *8
818 3,300 Lee Rubber & Tire-- _No par
814 *8
354 351
3518 3518 35
3512 3434 3518 2,700 Lehn & Fink
3518 35
No pox
52218 2218 22
*2212 23
22
22
22
22
No par
22
700 Life Savers
116 11612 11614 117
*117 1181z
117 11734 1164 11618 1,300 Liggett & Myers Tobacco_ _25
116 11878 11712 118
118 119
11712 1187s 116% 1171
25
9,200 Series B
*128 131 *128 131 *128 131 *128 131
*128 131
100
Preferred
65
66
6612 67
6512 66
66
No par
*66
67
67
1.800 Lima Loo Wks
53
5112 5314 52
53
5278 5234 5318 53
5384 4,700 Liquid Carbonic certifs_No par
517 533* 533* 545* 25212 54
5138 537
5312 54
No par
18,600 Loew's Incorporated
6
64
64 64
*64 65*
64 618
No par
64 64 1.800 Lott Incorporated
____
___ *3712 38
3712 3712
3712 3712 3712 371
400 Long Bell Lumber A _ _ _No par
43 -4314 4138 4258 424 4234 4278 4314 2,700 Loose-Wiles Biscuit new __ _ _25
4314 44
100
20 preferred
- - - - - - -- - - - - - - - - - - -- -- - - -- -- ----- - --3014 3114 30
31
30
3112 3118 3112 31
3178 24,000 Lorillard
25
113 113 *109 11312 113 113
113 113
112 112
100
600 Preferred
1214 1238 1214 1214 1214 1214 12
1212 1212
1218 3,000 Louisiana 011 temp otte_No par
*9134 93
914 9134
913 9134 *9134 9512 *9134 9512
100
300 Preferred
26
2614 2618 2618 26
2614 2638
2614 28
264 2,400 Louisville 0& El A----Ne par
'24
24
24
2434
24
24
*23
24 '
523
24
No pat
200 Ludlum steel
*11714 11912 *11714 11912 *11714 11912 *11714 11912
*11714 11912
100
Mackay Compardee
*7118 7114
7118 7118 7134 7134 *7012 7112 7114 7114
100
300 Preferred
10818 11212 10814 111
11258 11312
11012 11178 x1088 1104 71,500 Mack Trucks, Ino----Plo sor
*111 113 *11114 113
•111 113
11112 11112 *110 11012
100
100 1st preferred
*10512 10834 *10512 10834 •10512 10712 *10412 10712
'10512 108%
100
26 preferred
3614 3678 3612 3612 3612 368 3658 3634 2,900 Magma copper
364 37
No par
,
*1474 15
144 1512 1538 1538 1512 1612 157 1578 1,500 MallIneon(H R)& Co_No par
7312 7312
7012 7212 7078 7134 72
73
721
7314 3,200 Manh Else SuPPly----No par
2812
28
*28
2814 2818 2812 *288* 2834 *294 2938 1,000 Manhattan Shirt
25
*432 46
*433 45
*4374 45
*434 45
*4334 45
Manna Electric Corp_No par
1412 1412
1412 1412 *1334 1412 14
1418 •14
1412
400 Maracaibo 011 Expl--No par
3514 3614 3538 362
3552 3618
3512 365* 3534 3618 46,000 Marland OU
No par
4438 47
468 4678
4412 46
4534 46
46
4612 6,900 Marlin-Rockwell
No par
*1712 19
17
17
17
17
17
*1638 17
17
800 Martin-Parry Corp--No par
104 10522 10212 1077 10314 10734 510312 10412 3,200 Mathleson Alkali WorkeNo par
*104 10612
70
694 70
8912 70
6914 891
70
6918 7038 6,000 May Dept Stored new
25
2734 2734 2734 297
27% 28'I
2934 3018 2978 305 14,500 Maytag Co
No par
*65
654 66
6512 651 *644 70
70
*6638 70
400 McCrory Stores Class B No par
*25
26
26 .525
26
•25
*25
26
*25
26
McIntyre Porcupine Minee_5
2512 251r 2512 251 *2538 26
*254 2534
*254 2534
300 Metro-Goldwyn Pictures pf_27
51
512 S'z
53
514 55's
512 54 1,200 Mexican Seaboard OU_No per
538 532
1434 1478 *145 1478 145 145
*1478 15
1438 1434 2,000 Mlaml Copper
8
317
31
31
3112 3118 311
3118 3134 8,600 Mid-Continent Petro_No par
3118 314
*97 10212 *97 10223 97 1021 '
597 10212
*97 10212
100
Mtd-Cont Petrol pref
24
24
24
212
28g
25*
23* 234 9,100 Middle States OU Corp__-10
*258 22
2
2
178 2
*178 2
2
18 2
2
10
1,200
Certificates
111- 11112 *11012 11121 110% 112 •111 112
*112 115
900 Midland Steel Prod pref___100
3484 35
3418 *33
345* 3434 34
3378 1,200 Miller Rubber citfs_-__No par
3434 34%
9714 9938 98
9878 9814 9834 98
100
9858 3,200 Montana Power
99
99
65
661, 674 26 Ann er............4 4. cu.. VI enrn__10
6534 661
6518 66
60
RR
87
•Bid and asked prices. no Was on this nays sEtodivinands •Er-rianiss




--_

10% Jan 3
1512 Mar 3
112 Feb 10
49 Apr 29
94 Jan 27
35 Feb 2
44 Jan 19
65 Mar 25
60 Feb 9
If Jan 3
214 Feb 11
70 Apr 5
49 June 16
45% Jan 28
1101
.Feb 9
14 Apr 14
52 June 9
17374 Jan 27
2012 Jan 13
66 Jan 28
7 Jan 4
32% Apr 27
2114 Apr 16
*8712 Feb 10
*8638 Feb 10
1242 Jan 27
82 Jan 6
48% Mar 15
4678 Jan 4
6 Feb 23
3212 Apr 26
4138June 15
157 Mar 11
2312May 2
108 May 17
1112June 4
90 Apr 6
2358 Jan 3
22 May 16
11712June 3
70 Mar 17
8814 Jan 24
109 Jan 25
102 Jan 18
2918 Feb 9
1112 Apr 7
5318 Jan 25
2414 Jan 18
40 .1411 22
1314May 23
3514June 14
27 Jan 10
17 May 20
82 Jan 6
6714 Jan 27
2338 Jan 15
5812 Mar 4
2412 Mar 14
2414 Jan 3
5 May 18
1438Junc 16
29 Apr 29
97 Apr 28
158 Jan 3
Ito Jan 25
106 Apr 11
313* Jan 25
8112 Jan 28
acirs Feb 8

9 Dec 1912 Fe
2714 Apr 6
it*
12 Nov 66
2212 Jan 5
11518May 27 10714 Mar 115 No
3314 May 514 De
5714 Jan 31
9 Oct2112 Fe
285 Apr 21
4312 Oct7434 Fe
758 Apr 21
45 Dec734 Fe
76 Apr 21
764 Nov126 Fe
90 Mar 31
4954 Mar 6414 No
6678 Apr 22
24 Je
12 May
1 Mar-No 11
39 NOv 824 Ja
45 Jan 5
85 Sept 9914 5a
802 Apr 8
565 Deo 68 No
6278 Feb 25
82 Ja
4234 Ma
5514June 17
1
4 Fe
116 June 16 11212 Nov114/
1518 Mar 3388 Js
1712 Feb 8
7014 Mar 9314 Fe
80 Jan 4
26712June 2 146 Mar 196. Di
1918 May 2412Juz
3212 Apr 9
391 May 72 bra
7978June 16
93 Mar 14
314 Dec 14
Ja
30% Mar 414 MI
38 May 27
1714 May 25 DI
2478 Feb 17
7218 Mar 103 Di
123 May 24
71 Mar 7274 Di
12234May 24
131 June 3 11974 Jan 12934 Ms
5312 Mar 6914 .14
76% Apr 26
4312 Oct 587s N(
5932 Feb 14
344 Mar 48% Di
6378 Mar 17
6 Oct 114 111
75* Jan 20
43 Mar 7
4134 Dec 5012 Fu
4812May 14
4 -Mar 175 13,
171 May 7 12012734 Oct 4214 14
3414June 7
11812 Jan 13 11118 Apr 120 Al
1818 Jan 5
12 Mar 1973 Jul
97 Feb 5
93 Dec 98 D,
228* Mar 2618 Fi
28 May 10
334 Mar 18 223* Oct5814 Fi
12738 Feb 25 122 Oct138 Po
72 Jan 27
68 Mar 7318 Fi
89% Nov 159 Ji
11834May 23
11112 Apr 22 10712 Nov 113 Stu
10712June 9 102 Oct10534 Be
34 Apr 44,
37785une 6
7 Pi
128 Nov 2818 Ji
18 May 2
44 Oct 8734 Ju
7514June 9
2178 Oct3278 Ji
318 Apr 22
2712 Mar 454 Se
46 Mar 10
1612 Oct 28 Fl
2234 Jan 18
4914 Mar 6338 JUJ
584 Jan 17
2412 Oct 33 M
4812June 2
17 May 23 Jul
2434 Feb 24
8212 May 10812 Ji
110 June 8
6912 Dec 70 D
7378May 23
19 Mar 2412 Se
3234May 10
72 Mar 121
Ji
7512 Jan 3
2712 Feb 28 '2214 Oct 30 F,
2214 Jan 2512 Ni
2614 Feb 21
131 Ju
6 Feb
914 Feb 16
11 Mar
1612 Feb 28
1758 0
ji
2712 July 37
39% Jan 21
90 Mar 10414 13
105 Feb 3
34 Nov
24 Ji
314 Feb 8
214 Feb 8
la Oct
13* D
11912 Feb 17 107 Mar 1334 F
30 May 444 F
36k4 Apr 12
6938 Mar 864 N,
10414May 20
56 May 82 .1
70 Apr 22

3606
For

New York Stock Record-Continued-Page 5

‘les during the week of stocks usually inactive. see fifth page orecerding

HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
June 11.

Monday,
June 13.

Tuesday,
June 14.

Wednesday, Thursday,Friday,
June 15.
June 16. I June 17.

Salm
for
the
Week,

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1 1927
On basis of 100-share tots

Lowest
Highest
$ per share $ per share $ per shore $ per share $ per share I $ per share Shares Indus.& Miscall.(Con.)
Par g per share 8 Per shwa
'734 8
*714 8
2,900
77
73
814
Moon Motors
8
834
734 814
No par
Apr 13 12/
1
4 Jan 5
234 234
212 274
254 27
1,600 Mother Lode CoallUon_No par
27
274 3
43 Jan 3
3 I
212May 13
*912 10
918 988
918 958
912 958
918
912
800 Motion Picture
No par
810one 10 16/
1
4 Mar 18
38
363
334
3512 *3314 3334 *3314 34
3214 3312 5,400 Motor Meter A
No par 3214June 17 3854 Apr 18
*2412 25
2412 2412 2412 2434 2434 25
3,200 Motor Wheel
*2434 25
No par 2034 Jan 3 2774 Mar 20
24
2534
2412 2512 25
2712 2514 2774 2534 26% 11,100 Mullins Body Corp
No par 10 Jan 5 2774June 16
*3512 37
36/
1
4 3612 *3512 3812 *36
100 Munsingwear Tile
381 *38
3612
No par 3534May 17 397 Jan 11
2814 2834
28
2814 28
2814 2834 3014 30
3074 4,200 Murray Body new__ _No par 28 June 14 43 Feb 23
64/
1
4 65
6312 65/
1
4 63% 6412 64
64/
1
4 6434 6434 26,300 Nash Motors Co
1
4 Jan 5
No par 6014 Apr 25 73/
*013 6
512 512
512 512
700 National Acme stamped- _ 10
512 512
512 512
5 Feb 15
674May 18
3612 3812
3814 3612 3634 3678 3634 37
3634 3834 1,900 Nat Hellas Hess
No par 36 June 10 4414 April
9112 9112
91
*9078 9112 '389
200
91
911
/
4 91
*90
Preferred
100 91 May 26 97 Apr 19
133 133
12914 131
12914 13034 10912 13012 *12914 131
6.200 National Biscuit
25 9434 Jan 27 138 May 9
*134 138
*134 138 *134 138 *134 138 *134 138
Preferred
100 130 Jan 10 138 June 8
43
43
43
43/
1
4 43
43
1
4 4312 5,300 Nat Cash Register A WI No par 397 Jan 3 457 Mar 21
1
4 43/
4314 43/
8314 8318
827s 8434 8312 8414 8334 84
1
4 4,600 Nat Dairy Prod tern etfeuVo par 7034 Jan 3 8512May 23
8314 84/
*2412 25
2312 2412 23/
1
4 2334 •23
2314 2314 2,100 Nat Department Mores No par 2314June 17 2734 Mar 1
24
*90
91
90
90
90
let preferred
*90
200
*904 91
90
91
100 90 Apr 18 9414 Jan 10
4314 46
4312 4574 4412 4814 4554 4814 44
4714 46,200 Nat Distill Prod otts___No par
17 Feb 8 5134June 6
60
6114
5914 5934 5912 648 59
Preferred
3,800
temp
5914
otf__No par 43 Mar 22 6934June 6
6234 59
30
3112
2914 3013 293* 31
31
33/
1
4 5,500 Nat Enam d• StampIng_100 19/
3212 32
1
4 Apr 29 3538June 6
*82
84
83
83
x83
1.200 Preferred
841
/
4 844 85
84% 84%
100 6914 Apr 29 85 June 16
10014 10112
10012 10214 101 103
991
/
4 102
10154 101544,800 National Lead
100 095 May 31 20234May 10
---- --Preferred
---- ---- -- --- ---- --- •
100 11714 Feb 3 135 May 14
-ilia 12-1.4
2114 22
2134 2134 2112 2174 211
/
4 13,900 National Pr & IA otle__No par 1954 Jan 28 2374 Mar 24
/
4 221
*79
8014
7812 791
7912 7912 80
8014 8012 8012 1,000 National Supply
50 76 May 11 9534 Feb 18
258/
1
4 261
25534 25984 253 255
460 National Surety
252 25412 25314 25314
100 238 Feb 19 269 May 13
131 131
12934 134 212934 134
131 13934 2,200 National Tea Co
130 130
No par 108 Apr 18 13934June 17
1414 1434
14
1414 14
1414 14
1414 51354 1334 16,300 Nevada Como!Copper_No par 1354June 17 15 Jan 3
4674 4712
46/
1
4 48
46% 4712 4612 4712 46
4612 8,200 N Y Al? Brake
No par 4034 Jan 8 50 June 9
_ .
No par 1314 Apr 21 2174 Jan 3
_
_
Preferred
___- ____ ____ _ _ _ _ ---No par 43 Mar 30 72 Jan 13
-iii2 -------------------------493--11,100 New York Doak
--100 34 Jan 14 5012June 16
no
80
79/
1
4 80
500 Preferred
83
79
8354 8354 *80
79
100 7214 Feb 9 8354June 16
*29
2912
29
29
300 Niagara Falls Power pf new_25 27/
*29
29
291 *29
2912 29
1
4 Jan 31 2954May 2
4934 4973
4818 4974 4834 4913 4912 50
16,700 North American Co
4912 50
10 4554 Jan 14 5212June 3
5114 5111
600 Preferred
*51
5112 *51
511
/
4 5114 5114 5112 5112
50 60 Jan 10 5214May 28
11)112 10112
10112 10112 *10012 10112 10112 10112 10134 10134
500 No Amer Edison prof-No par 9654 Jan 6 10154May 20
434 5
43* 434
51 Feb 10
214 4
174 274
23* 314 23,700 Norwalk Tire & Rubber___ _10
11
/
4June 16
•10
11
*10
11
Nunnally Co (The)____No par 10 May 21
*10
11
*10
11
11
*10
13 Jan 19
37
3834
3612 3734 37
3812 37/
1
4 3834 3734 3832 24,100 011 Well Supply25 3114 Jan 28 4434June 3
1634 1714
1434 1514 15
1412 1412 32,700 Omnibus Corp
No par 11 Mar 25 1718June 11
1514 1414 15
6454 6434
64
6412 *64
600 Oppenhelm Collins & CoNo par 9912 Feb 8 6774 Feb 28
6412 *64
1
4
6414 6414 64/
*30
31
*30
3012 30
500 Orpheum Circuit, Inc
3018 *30
30/
1
4 3012
31
1 29 May 26 35 Apr 7
*10612__
*10812 _ _ *10812
Preferred
- --- _
- *10812 111 *10412
100 10312Mar 23 10812June 2
124 1-2-5
123 12-3 •12212 11312 12234 12234 123 123%
900 Otis Elevator
-50 x103 Feb 2 131 Jan 18
•114 116
*11414 116
10
11414 11414 *114 11512 *114 11512
Preferred
100 108 Feb 16 11814 Mar 22
1114 1111
1054 112 1014 11
1034 Ills
10% 1074 6,900 °till Steel
No par
714 Feb 10 1212June 6
77
773
7512 77's 416
76li 76
7634 57534 7534 2,500 Prior prat
100 8112 Feb 8 7934June 9
*7814 80
788 7884 27712 7734 78
7712 7814 1,400 Owens Bottle
78
25 7514 Jan 18 8412 Mar 14
3784
3734
4,000 Pacific Gas & Eleo new
37
3634 37% 3834 3714 363* 3714 37
25 31 Feb 18 3938June 1
118
118
118
118
118
118
112 13,300 Pacific 011
118
118
118
1 May 25
No par
17 Jan 7
3512 3534
35/
347 35
1
4 3434 35
35
3534 13,800 Packard Motor Car
35
10 3334 Apr 28 3712 Mar 14
11
113g
1134 1284 1134 1334 13
/
4 26.900 Paige Det Motor Car__No par
138 1233 131
774 Mar 22 1412May 4
5812 5758
Stock
5838 561 *5712 5812 5814 59
6,200
4
583
Pan-Amer Petr & Trans
5812
50 5814 API' 5 65% Jan 19
5654 572
5612 59
5814 588 581
1
4 51,300
Claw B
/
4 6014 5914 59/
50 5634 Apr 5 66% Jan 20
2034 21
Exchange
21
21
21
22
21
2112 2178 1,800 Pan-Am Weet Petrol B_No par 19 Mar 30 377 Jan 24
22
10
97 1014
934 1014
1011
1012 10*2
2,500 Panhandle Prod & Ref _No par
0/
1
4 10
8 Apr 29 1874 Jan 17
*51
65
Closed;
*51
84
*51
65
65
Preferred
*51
*51
65
100 63 May 9 8134 Jan 17
33
373
3812 40'2 40
42
3812 42/
1
4 3812 41 105,000 Park & Tilford tern etts_No par 20 Jan 27 4214June 16
'67
7 Lindbergh
634 684 x674 6%
6/
1
4 634 .63s 634 1,100 Park Utah C M
1
6 Jan 3
8 Mar 4
47
473
4614 48
47
482 48
48/
1
4 ------20,200 Paths Exchange A..- No Pa
87 Feb 14 50 Apr 18
2174 217
Day
21
2114 218 217
1.700 Patin° Mines & Enterpr pr_25 20 Mar 23 2774 Feb 2
2114 2114 21
2514 2612
25
2534 2514 26
4,400 Peerless Motor Car
*2514 26
2412 26
50 20 Apr 29 32 Jan 8
24/
1
4 2434 Holiday
24
2434 x2414 2414 2434 2573 2512 2612 9,300 Penick & Ford
No par 21 Jan 17 2774May 9

Lowest

Highest

$ per share $ per share
984 Nov 37% Feb
4 Nov
7/
1
4 Feb
1034 Dec 2312 June
3384 May 5334 Feb
1914 Nov 3373 Feb
8 Nov
1934 Feb
3434 Apr 3834 J1117
-52 Mar
5 Nov

-7074 'Wei
1274 Jan

-74 Jan
126
Jan
3712 Oct
53 Apr
24 Oct
8934 Oct
12'3 May
3712 Aug
211
/
4 July
76 July
138 Apr
116 Jan
1634 Mar
5512 Jan
.208 Mar
11612 Nov
11a June
3612 Jan
2014 Nov
7014 Dec
Oct
32
69 May
27/
1
4 Mar
42 Mar
49 Jan
911s Mar
1
4 Oct
4/
1234 Dec
30 July
12
Oct
47 Jan
2712 Mar
101
Jan
106 May
10244 Jan
8 Oct
133 Nov
5334 Mar

1-02 Dec
13112 Apr
54 Jan
80 Jan
4234 Jan
97 Jan
34 Jan
73/
1
4 Jan
4812 Jan
8944 Jan
181 Dee
120 May
383 Jan
88 Dee
237 Dec
238 Jan
16/
1
4 Nov
46/
1
4 Sept
8434 Jan
85 Apr
4574 Feb
77 Dee
2912 Dec
67
Jan
52,
4 Aug
97 Dec
15/
1
4 Jan
17/
1
4 Jan
3634 Oct
2214 Feb
6354 Sep
3314 Nov
105 Apr
136 Dee
1091
/
4 Aug
14/
1
4 Jan
74 Sept
903 Dee

ril May
3134 Mar
9 Nov
5614 Mar
5674 Mar
30
Oct
412 Jan
51
Jan
1834 Oct
5/
1
4 Sept
32/
1
4 Nov
--- ---2334 Nov
1674 Jan
7 Aug
88 Dec
99 Nov
52 Oct
117 Jan
591
/
4 Mar
45 Oct
36/
1
4 Apr
3634 June
16 Apr
40 Mar
31 Mar
94 Mar
19 May
7612 Apr
12 Oct
1114 Nov
2/
1
4 Aug
29 June
70 June
94 Mar
75/
1
4 Mar
34/
1
4 May
77/
1
4 Dec
11 Mar
3034 May
3114 Oct
9612 Apr
10314 Jan
115 Mar
97
Jan
145/
1
4 Mar
33 Apr
2514 Oct
108 Apr
Oct
47
411
/
4 Nov
32 Mar
443* Mar
3234 AM
1012 Mar
3712 Nov
9314 Dec
3934 Dec
712 July

ills -Feb
4514 My
2812 31111
7612 Jan
78/
1
4 Jan
Jan
46
32 June
9933 June
28/
1
4 Jan
812 Feb
83 Jan
- ---81-1-2 Nor
24 Dee

*1712 18/
1
4
17
1712 *1634 183* *1634 1912 *1634 1812
200 Penn Coal & Coke
50 1014 Jan 19 2512May 27
19 Oct
34
3414
3334 34
x3254 33
5,100 Penn-Dixte Cement.._No par 3258 Apr 7 391 Jan 13
33
3312 323* 33
41 Dec
*96
27
*97
981
9812 27
284 06
*9812 go%
300
Preferred
100 9512June 16 100 May 14
10012 Nov
ei
,
iii
2
4
6
2
118
2,100
53
53
33
34
Penn-Seaboard St'l vto No par
54 Jan 3
114 Feb 14
34
214 Jan
14212 14212
140 142
14134 14134 14112 14212 *142 142/
1
4 1.600 People's 13 L & 0 (Chic)-100 126 Jan 14 14534May 20
131 Dec
*103 105
*98 104 *100 104 *100 105 *100 105
Philadelphia Co (Pittsb)-50 8514 Jan 18 110 Mar 23
91 Dec
517k 5174
.5112 5214 *5134 5212 *5134 5214 *511
100
50 50 Jan 8 53 Feb10
/
4 5214
6% preferred
511
/
4 July
411 4258 413* 4214 402 42/
1
4 4112 4234 18,200 Phlla & Read C & 1.-No par 41 May 20 4738 Mar 4
418 4214
4833 Feb
*4114 43
411
/
4 4134 4114 4114 *41
800
4212
41
43
Certificates of Int___No par 4034 Apr 11 47 Mar 4
4612 Jan
*2712 28
2612 27'2 2614 27
28
2814 2,200 Phillip Morris & Co. Ltd.. 10 2614June 6 4118 Jan 10
2814 28
41 Dec
4312 437
x4212 43
1
4 30,700 Phillips Petroleum____No par 39/
1
4 44/
4234 437
43/
43/
1
4 44
1
4 Apr 28 6014 Feb 18
573e Dee
•46
47
46
4514 4514 *4534 47
46
300 Phoenix Hosiery
5 42 Jan 7 51 Mar 17
468 467k
4814 Nor
*105 10874
*105 10874 *105 10874 *105 108% *105 108%
100 103 Jan 5 10812June 1
103
Oct
1412 194
15
-1512 1518 1534 1512 1614 16
Pierce-Arrow Mot Car No par
17% 22,000
1278 Apr 27 2318 Mar 8
43111 Jan
6118 8512
10,500
6234 6374 63
Preferred
64
637 8534 8512 67
100 58 Apr 27 10212 Jan 3
12714
Aug
ay
72
34
is
78
72
78
78 5,800 Pierce 011 Corporation
34
%
12Mar 25
25
1 June 9
178 Jan
*19
•18
20
20
*19
2112 20
Preferred
2134 2112 2174 1,000
100 1312 Mar 24 217sJune 17
2718 Jan
334 334
334 378
412 434 22,800 Pierce Petrol'm tern otfeNo par
412
334 378
4
212 Mar 22
434June 17
AO
7
60
64
54
60
54
5734 4934 5314 5114 5934 50,700 PlUsburgh Coal of Pa
100 3234 Mar 22 7412June 7
4212 Jan
83
85
85
4,000
85
89
8412 8434 8312 8534 86
Preferred
100 7054 Mar 10 9312June 8
85 Jan
*9832 981 1
*98
9814 *96
9814 *97
9814
Pittsburgh Steel pref
9814 *97
100 9512 Apr 11 101 Jan 18
1
4 Dee
100/
9914 1011 1
98 10014 9812 100
100 10114 10012 10214 23,400 Postum Co, Inc
No par 9254 Mar 16 10234 Jan 14
12474 Feb
58
5812 58
6112 59
5812 60
61
61
•58
1,100 Pressed Steel Car new
100 3612 Feb 6 70 Mar 28
44 Nov
89
891,
2,200
88
88
88
90
*89
88
8874 90
Preferred
100 7612 Feb 5 9212May 12
9533 Jan
2934 30
2978 2834 2914 2814 2918 2814 2878 17,700 Producers & Refiners Corp_50 1634 Jan 5 3374May 16
28
2034 Oct
*44
45
4234 44
120
*4214 44
411
/
4 4234 *42/
1
4 44
Preferred
367
4
50
41% Get
Jan
6
50
9
Feb
41
4134
40
411
/
4 4034 411
411
/
4 4134 25,400 PubServCorp ofN J new No par 32 Jan 6 4514June 1
/
4 4012 42
333* Nov
*10012 101
101
10012 10012 *10012 101
300
*10012
6% preferred
10012 101
100 9812 Feb 19 10114May 10
Got
101
114 114
114 114
11434 11434 *112 11434 *112 11418
400
7% preferred
100 10812 Jan 5 115,
4 Mar 23
110 Nov
*130 132
*130 132 *130 13112 *130 13112 *130 1311
8% preferred
100 125 Jan 10 13112May 6
12434 Nov
10654 10654
10634 106% 10812 10612 10612 10678 10612 1061z 1,200 Pub Serv Eleo & Gas p02_100 102 Jan 4 10834May 20
1041s Sent
18518 185*3
180 185
18014 18434 18412 18412 18434 18434 3,400 Pullman Company
100 17214 Apr 12 19512May 25
199/
1
4 Sept
40
40
3914 40
3912 3912 3814 39
3814 5,100 Punta Alegre Sugar
38
/
4 Mar 22 4674 Jan 3
BO 341
4914 Deo
2812 283
2612 27
Mg 2634 2612 2634 2612 2658 11,700 Pure 011 (The)
Apr
28
28
25
3312
Jan
31
Mar
4
•112 115
1123* 11254 *11212 114 *112/
100 8% preferred
1
4 114 *11212 114
100 11134 Jan 11 114 May 25
11234 June
*5414 55
100 Purity Bakeries class A__ _25 42/
.5414 54/
1
4 5414 5414 *53
*5314 54
54
3 Nov
Mar
31
1
4
58
May
49
3
*6812 7112
6834 69
1,900
683* 69% 6912 7018 6974 70
Class B
No par 4134 Jan 3 7512May 19
44 Dec
4914 5034
4914 821
/
4 5114 5234 52
1
4 9134 5258 137,100 Radio Corp of Amer
53/
/
4 Apr 13 5654 Mar 1
No par 411
611
/
4 Nov
*51
5134
511
/
4 5112 514 517
900
51/
1
4 5134 5112 3112
Preferred
49
3
60
May
53
Feb
28
537g Deo
*4274 433*
*4254 4612 4214 4214 *41344 4812 *4134 43
30 Rand Mines, Ltd
No par 40 Jan 5 461
/
4 Apr 25
4134 Oct
15
15
15
200
15
15
Ray
*143
4
*1434
15
*1438 15
Consolidated Copper-_10 1412 Feb 7 1512Mar 1
1884 Nov
3014 301
30
303* *3012 3212 2934 3412 2018 2934 2,800 Real Silk Hosiery
10 2812June 7 49 Apr 20
5014 Oct
92
*89
*89
92 '38714 90 '
*8712 89
38712 90
Preferred
100 80 June 1 99 Mar 2
100 Nov
46% 46s
4534 46% 4654 483a *45
4812
300 Held Ice Cream
4834 *45
No par 8812 Jan 24 4778May 27
58
Jag
*812 7
*612 714
7
612 612 *8
100 Rale (Robt) & Co
*0
7
6 Mar 19
No par
9 Jan 10
1834 Feb
4312 44
42
4334 42
44
4318 4334 34,800 Remington-Rand
4314 44
No pot 3738 Apr 14 4714June 9
99
99
*98
99
9878 99
900
99
9914
9914 *98
First preferred
100 9834 Apr 19 10212 Apr 25
*101 105
*101 105 *101 105 *101 105 *101 105
Second preferred
100 99 June 3 110 Apr 25
*
•__ 117 *__ 117 *__ 116 *____ 11612
1171
Benfirtn Type 7% let pf_100 110 Feb 18 11712 Feb 10 106 Apr 1-18
Oct
e11312 1161
*____ 117 •____ 117 •__ 116 *____ 110
8% 2d preferred
100 III Jan 6 128 Apr 25 106 Apr 11514 Aug
-- -- ---Replogle Steel
9/
1
4 Apr 30 1312 Jan 10
No par
8 Oct 1574 Jan
67
67
66
8734 68
662 6612 67
66
6618 3,100 Republic Iron & Steel
100 5612 Jan 4 757s Mar 11
44 May 8354 J1311
:10314 10314 *10312 105 *10312 105
*105 108
300
105 105
Preferred
100 9658 Jan 3 106 May 26
9114 Mar 99 Bell
73* 734
714 77
714 734
7/
1
4 8
712 734 6,000 Reynolds Spring
No par
4 Feb 21
8 June 10
414 Oct 1058 Jab
13712 13734
137 13712 137 138
5.500 Reynolds (11j) Tob Class 13 25 981
1363* 13712 513614 137
/
4 Feb 24 13974May 24
90 Mar 12174 NOV
r9312 9412 9312 93'2 9212 94
97/
1
4 9738
9212 93
1.000 Rossi& Insurance Co
26 74 Jan 13 99 June 7
Jam
7614 Dec 100
49
4918 4912 49
49
49
4914 1,200 Royal Dutch Co(N Y shares), 4812 Apr 27 5412 Feb 9
49
49
1
4 Jam
47% Oct57/
.
3814 3838 38
3812 381
38
38
38
3814 38
1,400 St Joseph Lead
May
10
23
36
431
/
4
Mar
4
3654
481*
May
Feb
8518 88
6814 681
88
881
8612 6811 6712 8812 9,500 Safety Cable
No par 6234 Jan 3 7174June 6
4214 Mar 5512 No•
*5012 5112 51
51
*5212 531
*5212 532 51
51
400 Savage Arms Corporation-100 48 May 16 7212 Mar 5
6714 Nov 10212 Feb
314 3's
315 314
Ws 31
318 314
3
314 4,100 Seneca Copper
No par
172 Mar 30
3/
1
4 Jan 10
212 Dec 1014 Jail
57
58
57
57
5812 5612 56
58
56'2 57
1,000 Shubert Theatre Corii_No par
58 June 15 66 Mar 10
52 Mar 70118 July
51t2 53
5134 542 543 55'2 54
5214 5212
545 67,000 Schulte Retail Stores
No par 47 Jau 18 5512June 16
Mar 18812 JAE
4212
*11734
- *11734 120 *118/
1
4 120 *119 120
Preferred
100 11614 Jan 22 120 May 5 11212 Jan 120 1345P1
11
11
•11
•11734-1-1-12 11
1114
•11
11
*11
1112
400 Seagrave Corn
No par
1078 Apr 25 1338 Ian 3
Max 1434 Mall
1212
5578 564 5614 5678 5678 5914 41,000, Seare,Roebuek & Co newNopar 51 Jan 17 5914June
5534 57
5778
57
1
4 Sept
1
4 Mar 58/
44/
17
7312 7414
721
/
4 •7212 731 a70
71
71
71
7258 1,800' Mutual( (F CO
No gar
563a Jan 17 7578June 9
47 Mat 698 Jaz
*4538 4512 4512 451 *4514 4832 4912 4512
*4519 4513
200 Shell Transport & Trading-112 4358 Apr 28 477 Feb 10
4854 Jaz
July
4012
0716 973.
273,1 27e4 2734 2778 2734 277a
278* 2734 5,000 Shell Tinton 011
24 Mar 81 No*
.Anr 29 313, Feb 7
3,3* en• 253
Ex-right.. a Itailividend one share of Standard Oil of California now.
•Bld and asked 'oleos: no We,on Me day. I Es-dividand.
share
one-half
common stock and One-half share preferred B stock.
Distributed
--Prefer

red

•

PER SHARE
Range for Previous
Year 1928




3607

New York Stock Record-Continued-Page 6
For sales during the week of stocks usually inactive, see sIxtb page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
June 11.

Monday,
June 13.

Tuesday, 'Wednesday,' Thursday,
June 16.
June 15.
June 14.

Friday,
June 17.

Saks
for
the
Week.

PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots

•
STOCKS
NEW YORK STOCK
EXCHANGE

Lowest

Highest

PER SHARE
Range for Prestos.
Year 1926
Highest

Lowest

Per

share $ per share
Shares Indus. & Miscall.(Con.) Par $ pa share'8 per share 8
$ per share $ per share $ per share $ per share $ per share $ per share
1518 Aug 2853 Jan
10 154May 26 2234 Feb 16
1612 1614 164 1612 4,161g 1612 164 1658 3,500 Simms Petroleum
*1614 1638
2838 Oct 5412 Jan
No par 334 Jan 6 51 June 7
45% 48
x4538 4814 4714 47% 47
48% 27,500 Simmons co
4714 4812
100 10714 Jan 4 110 Feb 10 10512 Nov 10912 July
10
110 110 *110 11014 +.110 11014 *1110 1104
41110 11014
16% Oct 2478 Feb
17
173
174 1714 1712 16,600 Sinclair Cons Oil Corp_No par 1612 Apr 29 2238 Jan 20
17
1732 17
1738
17
90 Mar 994 June
100 97 Jan 6 10314 Jan 31
*9912 100
100 100
300 Preferred
9912 9912 *99 1004 *9912 9934
21
26%
Mar 3712 June
Apr
29
373
8
Feb
25
25
6,100
2714
2712
2738
273
4
2714
273
4
Skelly
Oil
Co
273
2714
4
27%
2718
126 126
1,000 Sloss-Sheffield Steel & Iron 100 12314 Jan 20 13414 Apr 6 103 Apr 1424 Aug
12334 124
126 12614 •125 127
124 124
1218June 15 1418May 23
No par
1212 13
1218 1238 1218 1218 1218 1218 1,500 Snider Packing
1238 1238
92 Apr 1-13-9Y3 Dec
6,300 South Porto Rico Sugar_100 154 Jan 25 19712May 2
155 161 x155 162
161 16314 160 164
163 166
Oct 121 Dec
150 Preferred
100 11812Mar 4 130 May 21 110
128 128 *124 128
128 128 *129 13034
*128 129
30 Dec 33 July
3412 3538 34% 35
35
3538 3514 3538 I0,500,Southern Calif Edison
25 3138 Jan 3 36781u0e 3
3512 353
41
Oct 5512 July
Jan
13
May
20
453
8
15
2138
A_No
par
1912 20
6,300113outhern Dairies al
1934 214 21
19% 197
1712 Oct 3554 Mar
7 May 18 20 Jan 7
No par
*814 812
812 834
812 834 *814 812 1,4001 Class B
812 81
10 Dec 1734 Feb
834May 13 13 Jan 20
*1018 12
12
12
*1134 1313 *1218 1312
100 Spear & Co
No par
*1012 12
72 Apr 8212 Jan
80
4801 Preferred
80
*79
80
*79
100 73 Feb 24 80 Feb 14
811
80
80
80
*80
3138 Feb
1834 AD
25
26
25
26
2538 2578 2558 2558 4,500'Spicer Mfg Co
No par 2012 Jan 27 28781May 25
2612 261
101
Jan 10714 Dee
Mar
19
Feb
21
110
104
110
110
3001
*10934
110
110
Preferred
100
*10912
110
*10914
10934 110
51 Mar 69 Feb
6018 611
6038 613g 61
618 6114 6158 19,400iStandard Gas & El Co_No par 54 Jan 25 6634June 16
6112 62
5334 Mar 5752 Feb
5001 Preferred
50 5718 Jan 3 64 May 16
624 6234 62% 6258 6234 627s 6278 6278
*6258 63
6718 Oct 924 Feb
100 704 Jan 4 8938June 2
2,800 Standard Milling
8214 841
8334 8334 8412 85
x834 85
851
85
80 Mar 90 Feb
96
961 *9478 9634 9518 96
94
94
100 84 Jan 5 98 June 2
60 Preferred
*9614 961
525 May 63% Sept
54
5458 5312 545* 5312 5338 5338 5378 6,400 Standard Oil of Cal new.No par 5038 Apr 28 6034 Jan 19
54% 543
3738 Dec 4632 Jan
3612 368 31,000 Standard Oil of New Jersey _25 3518 Apr 29 4138 Feb 5
3612 3714 3658 368 3612 37
3758
37
3212 Dec 3314 Dee
3014 301
3038 305* 3012 3058 23,600 Standard 011 of New York_ _25 2978May 2 3418 Jan 18
3014 301
30% 301
342 Nov 1078 Feb
312 31
438June 9
*312 4
*34 4
312 4
2 Mar 29
1,200 Stand Plate Glass Co__No par
4
41
9614 Nov
75 Ma
No par 9012 Jan 4 107I2June
10312 1051 10412 105
10558 10558 *10434 10614 1,400 Sterling Products
106 106
61 Nov 9278 Jan
6012 637
6114 63
6218 6278 6214 634 8,500 Stewart-Warn Sp Corp_No par 5114 Mar 15 6814 Apr 20
6212 623
774 Jan
Dec
301
474
3012
Mar
1
2618June
1
5412
30
30
3018
301
Carburetor_No
par
301
3014
1,100
2
Stromberg
29
29
47 May 62 Sept
4912 501
5012 5034 28,800 Studeb'rCorp(The) new No par 4914 Mar 18 57 Apr 8
4978 503
5012 51
4958 50,2
*118 1211 *118 1211 *118 1211 *118 12112
100 118 Feb 10 122 Feb 23 11412 Feb 1224 June
Preferred
*118 12112
334 Feb
112 July
212 Feb 28
818May 12
6
61
618 7
No
13,800 Submarine Boat
614 612
3018 Mar 4152 Jar
No par 30 Mar 21 3478 Jan 17
*3113 3138 *31
*31
32
*31
32
800 Bun 011
32
3112 3218
514 Dec
1
July
41
18
Feb
3
3
4
Mar
30
612
418
438
4
43
8
4
43
4
11,000
No
par
414
Superior
011
44 414
3478 Sept
1911 AP
100 1938 Jan 25 28 May 18
22
22
22
2138 22
22
1,300 Superior Steel
2178 22
*22
2412
1738 Sept
898 AD
7 Apr 27 13% Feb 3
50
*9
10
10
*9
10
*9
Sweets Co of America
*9
10
*93 10
144 Jan
4 No
312 Apr 12
6 Jan 14
*312 41
*312 412
200 Symington temp ctfa_No par
*312 414
312 3,2 *312 41
10% Oct 2078 Feb
1338 Jan 14
812 Mar I
11
11
*10
11
*10
11
100 Class A temp oth__ -No par
11
1118
*10
*10
Apr 14% Jan
11
1112 Mar 9 1412 Apr 8
1234 1234 *1212 123
1212 121 *1212 123
200 Telautograpn Corp____No par
*1234 13
16
Feb
1038 De
No par
818June 10 1314 Jan 13
812 812
84 812
812 81
8% 832 1,600 Tenn Copp & 0
812 834
5778 Dee
534 No
25 45 Apr 19 58 Jan 17
48
481s 48
4818 4814
484 4812 4858 4818 494 20,700 Texas Corporation
39 Oct 5238 Nov
40 Jan 3 6634June 16
6434 6638 505,500 Texas Gulf Sulphur new No
6134 6312 6252 6534 6518 663
61% 6212
12 Oct 194 Jan
14
1478 14
28,500 Texas Pacific Coal at OIL _ _10 12 Apr 29 1878June 8
1434 1518
16% 158* 1658 1512 16
40 June 7
1512 Jan 2
28. 3074 2914 3412 3334 3512 335 3538 230,500 Texas Pao Land Trust new__
284 3112
WE; Dec 84 Jan
3438May 7
No par 2414 Jan 1
3218 3218 3212 3258 3252 325
3252 3252 1,200 The Fair
3232 324
4214 May
25 47 Jan 26 5478May 19
52
5212 5334 3,400 Thompson (.1 It) Co
52
5218 5214 5214 52
*524 5284
1712 1778 1718 1734 1712 1778 174 1778 15,000 Tidewater Assoc 011___No par 1512June 2 194June 9
1714 1814
9034June 1
100 89 June I
*8912 9014
8978 8978 *8912 90
89
8912 8934 8934
500 Preferred
-14114 -inn
2918 Jan 13
100 2234May 1
24
*23
24
23
23
*23
24
*23
1,100 Tide Water Oil
*2312 24
Nov 103 Jan
100 87 May 6 89% Apr 25
_
88
881s *88
90
88
88
88
88
800 Preferred
*88
89
85s8
Nov
8
Mar
447
3
10614June
Jan
78
Bearing-No
Roller
Par
97 10012 9818 10238 9918 10134 9938 10114 56,300 Timken
100 10114
9514 AD 11652 Sept
100 10114 10114 102
10134 10214 10134 10234 11,000 Tobacco Products Corp....100 9312 April 11038 Jan 5
10112 102
100 108 Apr 1 11612 Jan 18 103 Ma 1185s Sept
113 113 .0112 11234 11258 11218 11234 11314
700 Class A
113 113
3 Ma
512 July
914June 17
342 Apr 3
612 7
638 784
738 838
818 914 435,500 TranacTI 011 temetf newNopar
612 67s
15 Au
27
Jan
1538MaY 31
1334 1412
*1334 1414 *1412 143 *1334 141
200 Traneue & Williams 511 No Par 10 May
*1334 15
Nov
6354
Jan
43
14
Apr
18
607
8
Jan
29
45
--21)
Typewriter
551
5414
Stock
5534 5714 5612 5712 6,900 Underwood
5578 56
5334 551
35 May 7114 Jan
63
6414 64
66
62
647
6238 64
12,600 Union Bag & Paper Corp 100 3812 Jan 25 7314June 1
65
6538
7712 Mar 10054 Dec
11778 119
20,800 Union Carbide & Carb-NO Dar 9918 Jan 26 123341)fay 19
11738 1177s Exchange 11434 11714 1155* 1163 11718 119
3714 Jan 083s Bent
25 3934 Apr 27 5612 Jan 6
4234 43
4238 4214 4258 42s 4212 4212 2,800 Union 011 California
*4234 43
93 De
954 Dee
100 94 Jan 3 11512June 9
113 113
300 Union Tank Car new
Closed;
11214 1121 *11134 1143 114 114
1111414 117
109% Aug
8313 Fe
100
Jan
6
Apr
4
82
25
Stores
864
881
873
8
88
10,300
Cigar
83
84
8234 851
United
.
84
8512
100 125 Jan 5 14034May 12 11478 Ma 125 June
Lindbergh ---------------------------------------Preferred
100 159 Jan 25 18278 Apr 20 134 Mar 174 Dec
ll Unitd Drug
1
2I
_.___
167
1653 17
*le/ 169
5513 Mar 59 July
50 5812 Jan 6 60 Jan 12
*59
5942
5914 *5914 5912
700 lot Preferred
Day
*5918 5958 5958 5958 59
98 AD 126 Nov
p
m
ar 1134 Jan 28 I3512May 27
12812 12934 2,400 United Fruit
12912 130
128 12934 127 12734 129 129
90 Mar 9812 Dec
26
103%
Apr
14
Jan
98
let
p
i
g
Picture*
*10012
Universal
105
105
•101 105
Holiday *101 103 *100 105 *1004
135s Mar 3412 Dec
3012 2938 3038 19,000 Universal Pipe & Rad-No par 2713 Jan 25 3714 Mar 29
2934 30
2812 3012 32734 3012 30
52 Mar 9012 Dec
100 8154 Jan 27 96 May 7
Preferred
89
*8713 89
90
*87
8834 *87
•8712 8812 *87
150
May 24813 Aug
May
20
25
246
Jan
Fdy_100
202
Pipe
&
229 230
225 23178 228 23134 230 23312 21,100 US Cast Iron
22012 227
100 112 Mar 14 116 June 17 1004 Mar 118 Dec
300 Preferred
*115 116
11512 11512 11512 116
*115 116 *115 116
39
Mar 6111 Feb
June
17
par
14
65
No
5114
Feb
Mt
tem
Corp
Distrib
1,000
U
S
63
65
*61
62
83
62
62
6212 6212 *60
4578 Jan 598 Feb
2,900 US Hoff Mach Corp vteNo pat 5138 Feb 1 6338May 19
60
60
5914 5914 5912 5912 5814 5912 5834 59
4538 Mar 8412 Dee
7834 18,400 US Industrial Alcohol-100 69 Mar30 89 Feb 28
7734 7812
7534 7714 75% 78% 78
7914 78
9914 Apr 11478 Nov
100 1074 Apr 4 11112June 9
1010912 114
100 Preferred
*10912 114 *109 114
11012 11013 *110 114
484 Mar 7178 Jan
7
5618 5618
5578 56
5534 56
6212 45,600 US Realty & Bain new.No par 54 Apr 6 6638 Feb
5534 5912 59
504 May 8814 Jan
100 37141une 16 6758 Feb 28
4118 4138
4034 4112 3814 4238 3714 3878 3812 4072 60,300 United States Rubber
10112
Mar 109
Jan
Apr
8
16
1113
8
853
4June
100
9512 9614
93
1st Preferred
8858 9018 9434 8534 89% 88
9034 20,100
30
Oct 4978 Jan
50 3338 Jan 13 42 Mar 24
*3538 36
35% 3538 3512 3512 3518 354 *3514 36
1,000 U S Smelting, Ref & Min
42
Oct
50
Jan
16
4914June
8
Jan
18
60
4511
491
*4812 4914
4812 49 ' 4812 49
4914 494 *4812
600 Preferred
2
Apr 16013 Dee
vi ates Steel Corp..10015312 Jan 28 176 May 31 117
ited
ev2 Sti
UnN
11138 Jan 28 12578June 1 11378 Dee 117 Dee
1214 1-ii33
Hi/is 1-2-1-73 120T8 1-21-7-8 12138 123
12118 12278 149,500
12412
Mar
7
13035 Dec
100
13312June
129
Jan
28
13212 132/2
132 133
13234 13234 13278 133
13234 133
1,400 Preferred
5612 Jan 67 Dee
No par 87 Jan 4 8612June 16
85
*83
85
*83
84
86
8612 8612 *8612 87
500 U El Tobacco
100 123 Jan 14 125 Feb 16 112 Mar 123 Dee
*12314 12634 *12314 12634 *12313 12534 *12314 12634Preferred
•12314 12634
93
Apr 116 Nov
10 111 Feb 11 11518 Apr 20
*115 120 *115 120 *115 120 z115 115
*115 120
900 Utah Copper
2752 Dec 87 Feb •
3012 3078 3038 31
3012 31
31
318
3012 32
6,700 Utilities Pow & Lt A---No par 27 Jan 8 34 May 19
29
Mar
43 Aug
30
Mar
No
par
37
Jan
20
5212
4612
471
4614
4712
4734 48
4818 4813 2,300,Vanadium Corp
4734 4734
4314 July 62 Aug
No par 48 Jan 3 6338June 6
5912 8058 5838 6034 6018 61
5918 607s 8,600,Vick Chemical
6018 6012
3338 3538 34
3434 3414 3512 35
3512 3512
3538 9,300 Victor Talk Machine_.No par 3338June 14 41 Apr 12
4,8812 90
No par
90 Jan 29 9614 Apr 13
90
90
*90
901 *90
9018
9O'a 90
600 6% preferred
100 97 Feb 5 10012 Apr 13
9814 9858 98
98
98
*98
98
98
98'8 98
1,200 77 prior preferred
712may 23 1034 Feb 14
▪ -141-2
par
8
8
778 77
778 77
8 8No
*712 8
400 Virg-Caro Chem
Oct 69 Jan
2738 2738 274 271 *274 281 *2738 2814
100 2018 Apr 4 3634 Feb 14
2758 28
6% preferred
83 Oct 9818 Jan
100 73 June 8 8734 Feb 11
*73
75
•73
75
•73
74
75
73
73
100 7% preferred
*73
40 May 6012 Nos
*45
47
*45
47
*45
47
45
*45
57
45
100 Virginia Iron Coal & Coke _100 43 Feb 9 51 Jan 4
28 Mar 3612 Dec
No par 3212 Jan 24 3778June 17
3514 3638 347 36
3512 361
3638 3778 54,400 Vivaudou(V)
3538 3612
*108 110 *107 110 *107 110
9454 Jan 11012 Dec
100 104 Mar 30 11318June 17
110 1134
•109 112
800 Preferred
17 Jan 23 Dec
*21
2112 2034 203 *21
No par 2034May 14 25 Feb 7
213 *21
2112
100 Waldorf System
1214 June 2314 Jan
1852 1852 *1854 20
18 Jan 14 2412 Apr 1
187g 19
No par
1878 1878
;i8500 Walworth Co etfs
*92
99 June 195 Jan
*1g12 12
95
*92
95
20
412 16.3
98
30
*92
00 Wa
crld
ass
BaBkIng Class A-No par 8918 Apr 13 10512 Mar 17
1712 18
2114 Oct 8528 Feb
1712June 14 333 Feb 18
1818 19
11g34 N381
No par
1734 18
*85
88
*85
861 *86
8812 Oct 11012 Jan
88
87
87
No par 84 Apr 9 '9534 Feb 3
8614 8714
300 Preferred(100
)
2913
2918
30
289s
283
4
12 June 6914 Sept
24
June 6 4513 Jan 6
A_..10
29'4
288
s
Pictures
3312
2952 3014
11,900 Warner Bros
2618 2618 x26
2658 *2612 27
*26
27
No par 24 June 6 2812May 26
27
*26
400 Warner Quinlan
437k Apr
*82
85 Jan 14 9014 Feb 18
*80
86
*82
86
831 *82
No pa
86
86
•80
Warren Bros
71
7114 7112 *70
711
7138 72
z71
71
53 Apr 8512 Jan
564 Jan 5 734May 31
71
1,300 Weber & Helibr, new o_No pa
16812 16614
163 166
16334 166
164 16712 *164 166
2,800 Western Union TelegraDh -100 1444 Jan 8 17012June 8 13412 Mar 15772 Sept
166 174
166 1683 16818 16918 170 17012 14,100 Westinghouse Air Brake...50 13312 Jan 4 17938June 6 10514 Mar 145 Dee
17214 17214
7312 7414 7318 74
7434 75
7412 7434 9,100 Westinghouse Else & Mfg_ .50 6758 Jan 4 7734May 31
65 May 7912 Feb
7412 7478
15
15
*1434 15
*1434 15
1344 May 1912 July
*1434 15
15 Jan 8 1838 Feb 15
15
15
500 Weston Else Instrumlo
*313 32
*315g 32
*3112 32
*3134 32
274 Jan 324 (Set
No par 3014 Jan • 6 3454 Apr 20
3112 3112
100 Class A
107 107
10514 105'2 105 106 *10518 10514
8812 Jan 9812 Oct
100 West Penn Elea ol A vtf No Par 974 Jan 4 110 May 4
107 107
9512 May 1021/ Des
10978 1104 10912 11014 110 11034 110 110
100 102 Jan 4 110 June 16
10934 10934
480 Preferred
115 115
11112 11112 *1.0978 110
115 115
290 West Penn Power met---100 111 Jan 15 118 May 27 108 Mar 115 Seln
11518 11518
2518 Apr 2934 Feb
*2312 24
*2312 24
2313 2312 *2312 24
ZOO White Eagle 01182Refg.No par 22 Apr 25 274 Feb 15
4,2312 24
5118 Apr 90 Feb
4614 47 z4518 4534 4514 46
4534 46
8,000 White Motor
50 4518June 15 58% Feb 28
4612 4858
22 Oct 3838 Feb
347
8
3514
34
2
347
8
353
8
3412
35
3434 7,000 White Rock Min Si, MEM)par 26 Jan 26 3612 Apr
3412 3535
44
4334 4478 44
4712 61,500 White Sewing Machlne_No par 2112 Mar 24 4712June 17
4014 4112 41
4134 43
4513
5438 5414 5412 55
5338 5412 54
55% 4,400 White Sewing Mach pt_No par
Feb 18 59 Jan 17
5438 5485
38 Dec ▪338 Jan
*58
112 Feb 14
14
58
%
4
34
58
1,000 Wickwire Spencer ott_No pa
1842jJ
ua
nn
4
a 28
*38
34
Jae
18 May 34
1878 1918 1878 2018 60,700 Willya-Overland (The)
2434 Mar 3
1834 1814 1834 19
18,2 1878
Oct 99 Feb
8812
11
90
Jan
90
91
90
90
904
9018
91
90
1,700 Preferred
100 87 June 11 95
87
6 May 14% Dee
1118 1118 *11
1118 1114 1112
1112 11
5
200
00 Wi
111
c
leon&Co.Inc new_No par 10 May 5 17% Feb 21
•11
14 May 3052 Dee
23
*2114 2112 2114 2114 •21
*2134 23
1614May 5 3278 Feb 23
Class A
No par
2114 211
42 May 8138 Dec
*62
63
63
63
63
63
*62
65
63
20 Apr 27 8434 Feb 23
100 58,3
600 Preferred
63
13918 14212 13938 141% 14138 14174 14134 1433g 20,100 Woolworth (F W) Co
100
25 11734 Jan 11 14534May 23 12014 Dec 128 Dee
14218 1427
19 Nov 4434 Jan
40
3712 4112 3778 42
46 June 7
414 3934 4012
Jan
.
421
Worthington P & M
42
44 Nov 80 Feb
6112June 9
*57
*59
61
60
60
*5912 61
60
200 Preferred A
130
0 :(
0
1 Ii.%l 2
62
*60
3714 Nov 65 Feb
7
5412June
*52
55
5
213
521
*52
53
*52
53
100
Preferred
B
•5212 54
2412 Mar 3934 July
4234June 6
38% 40
38
4034 3878 4078 3938 40
18,200 Wright Aeronautics2___No par 2412 Apr
4718
40
47 Apr 5934 Feb
534 534
5414May 19
5314 5313 5314 534 *5338 5312
400,Wrigley (Wm Jr)
5312 5358
Mar 724 Aug
6012
1
June
81
7912
7912
80
80
80
801
80
797
8
0
N
°
..25
°°°
5
73
4
7
j
Ja
a
n
Yale & Towne
7812 7858
20 May 3918 Sept
2838 2814 3238 3138 3334 316,900 Yellow Truck & Coact/ Cl B_10
8334June 17
2634 2734 27
27% 27s
96
9112 Apr 10711 Sept
9612 9714 98
99 Jan 8
96
96
95
95
25 April
ja
3,000 Preferred
100 8912
*9514 96
69 May 051* Aug
8618 8514 8614 8614 8614 8538 86
z86
3.200 Youngstown
T Ah'i par 854 Jan 29 9714 Mar 24
864 8114
•Bid and asked arias; no Was an this dal,. it Ex-dividend and at-right* s Ex-dividend a Ex-rights. z Ex-dividend.

6

638

par

pa

5018 Sept

If" Nov
8714

"1- Oct
alga

III




Dec69

45

sheet &

Oct

3608

New York Stock Exchange-Bond Record, Friday, Weekly and Yearly

Jan. 1 1909 tie &Mange method of gaoling bonds was clanged and wises are sow
"gad interest '-ezeept for income dad defaulted bonds

r.

BONDS
• 1f STOCK EX .1HANCIE
Week Ended J Lise 17.

9
t
ask

Pries
Friday,
June 17.

Week's
Range or
Last Sale

1,..1.
al si.

Range
SitICI
Jan. 1.

r.

BONDS
N. Y. STOCK EXCHANGE
Week Ended June 17.

3...
.
rr,,.
ssaT,

Prtea
Friday.
June 17.

Week's
Range or
Last Sale

;
_
,..
12 -3
.„
alo •O

Range
Since
Jan. I.

U. S.0
mint.
Bid
High Ni, Low
Ask Low
MOA
BM
ElgoA No. Low
Ask Low
Heed
tint Liberty LoanJapanese Dort g loan 4a----1931 J J 8912 9014 90
90
76
8814 924
334% of 1932-194 I
J 13 10014,Sale 100"u100',, 372 10024110121,s
/30-year if 6348
9978 Sale 9934 100
1954 F A
178
98/
1
4 102
Cony 4% of 1932-41
3 D 101
____ 1011%10112s,
2 100141 102
Oriental Development 66.-1983 fd 8 9314 Sale 9314
9412 71
9218 98
Cony 414% of 193 1-47
.1 D 10230,, Bale 10221/n 1032n
65 102174,103744 Leipsig (Germany)a f 78. _1947 F A 10118 Sale 10038
10118 25 1004 102/
1
4
Sd Sony
% of 1 332-47
3 D 10ponl03
0217sa'ne'27 --- 10212n103
Lower Austria (Prov) 7356- _1950 .1 0 99 Sale 99
2
9734 100
9912
Second Liberty LoanLyons (City of) 15-year 6a 1934 M N 9734 Sale 9713
98/
1
4 94
9313 98/
1
4
as of 1927-1942
MN 100 10010n 1007,s 1002,,
13 100 101
Marseilles
MN
(City
88-1934
of)
15-yr
973
4
Sale
9738
9812
102
9314 9813
Cony 44% of 192 F-1942
Hale 10011,,10014,2 1642 1004t 10124, Mexican Irrigation
MN 100
4341-- _1943 MN -------- 30 Mar'26 -- - Third Liberty Loan •
Assenting 8 I 4348_ -..
.1943
_ -. 3614 Sale 3618
_
3614 10 __30 - _-dljd % of 1928_____
M 5 100le
100",, Sale 10023,210020,, 850 10024110111n Mexico(US)eat'53 of1899
Z'45 Q- J 46__ 50 Feb'27 --,,
50
60
Fourth Liberty LoanAssenting 58 of 1899
1945 ---- 39 10
3934
4012 23
3712 50
Qs(% of 1933-1938
A 0 10322,, Sale 10334,10327n 1528 108142104"n
Assenting 58 large
42 May'27 ---39/
1
4 42
Treagury 448
_1947-1952 A 0 11223,2 Sale 11224111322,, 26 11041114"n
Gold
deb
46
of
1904
1954
J 0 2513 29
34 July'26 ---- --- - .
Treasury 46
•_1944-1954 J 0 108
Sale 108241 10824, 38 10623'10912n
Assenting 4s01 1904
2512 27/
2718 41
1
4 2534
2434 -114-13
Treasury 34s
_1948-1956 SI S 054, Sale 0542 105242 109 103281106 332
Assenting 48 of 1904 large
---- -___ ____ 27 Dec'26
State and City S ,eurithm.
Assenting 4801 1904 small
Sept'26 ---- _--------------2538
_.
Y City-44s Corp stock_1960 10 13 --------10114
10114
5 10038 10114
Assenting 4 of 1910
J .1 --------2738 Jan'27 --, 273s -27-33
43(5 Corporate a k
1964 M El 10414 ____ 0418 May'27 --- 1024 10512
Assenting 4s of 1910 large..... ---- ___.. ____ 254
2634 15
2512 811,
413ts Corporate sloek
1966 A 0 10438
102/
1
4 10213
0238 Mar'27
Assenting 46 of 1910 small
2328
24/
1
4 40
223s 274
448 Corporate sloek
1972 A 0 10458
1
4 10514
__ 0438 June'27 ---- 102/
Trews 6s of'13 assent (large)'SE 1 J 4028 4113 41
4118 15
40
461s
435s Corporate sto k
1971 3 0 109 fio 10918 June'27 10712 10912
Small
41
41
6
41
4812
4358 Corporate sto lk_July19137 I 1 10834 10912 1093, May'27 --- - 10623 10912 Milan (City. Italy) ext'l 6343
'52 A 0 914 Sale 904
92 1145
9014 9214
4348 Corporate °toek
igJ D 10812 ____ 10914 May'27 --- - 1062s 10914 Montevideo (City of) 78--.19523 D 10234 Sale 10234 10278
31
99/
1
4 103
4355 Corporate sloek
1983 M 8
.. 09 May'27 --- - 1083a 109
Netherlands(is (flat /mice:)-1972 M 13 10712 Sale 10712 10778 30 10512 1081,
4% Corporate stoc 2
1959 MN 10814101 10113
- 10114 May'27 ---,
99 10172
30-year external 13s (firg)-1954 A 0 10312 Sale 10338
10458 21 10314 104/
1
4
4% Corporate stool2
1968 M N 101 1011
5
99 10034 Norway 20-year extl fla
1
4
/
4 0034 100/
1943 F A 103 Sale 10213 103
21 10114 104
4% Corporate stool
1957 SI N 101 10113 101 May'27 9872 10114
20-year external (is
1944 F A 10234 Sale 10228 • 103
31
101
/
1
4
104
4% Corporate stoc 2
1956 M N 100 10114 9812 Nov'26 30-year external(is
1952 A 0 10278 Sale 10212 103
10 100 10178
4% Corporate stoc 2
1955 M M 100
98/
1
4 Oct'26 --- 40-year 8 f 5318
1965 1 C 100 Sale 99/
1
4 10014 108
9834 10114
434% Corporate et ack._ _1957 M N 10734 108/
- 8 Oslo(City)30-year 8 f 68
1
4 0812 June'27 --_- 10588 1082
1955 M N 101 Sale 9978
10112
31
9978 10812
414% Corporate s sok.. _1957 MN 10734 10838 108 June'27 ---- 10534 10814
Sinking fund 5348
99/
1
4
1948 F A 9914 Sale 9878
4
97 100
334% Corporate st _:May 1954 M N 93 ____ 93 May'27 ---8978 93 Panama (Rep) mil 534s_ _1953 J D 10212 103 10212 10238
6 100 103
834% Corporate st c_Nov 1954 MN 94
8971 91/
____ 9114 Mar'27 ___1
4 Peru(Rep of) MI 8s(of'24)A944 A 0 10314 Bale 10314
104
12 10314 107
8343 Corporate stock
1955 MN
89 Apr'26 ---- ---- ---Extl 88 (ser of 1926)
1944 A 0 104 Sale 101314
104
5 103 105
New York State Cana I 1m48.1961 3 J -__- ____ 0212 Oet'28 --- - -,,,
1/4_Rini sink rd 7%is
1940 MN 101 Sale 0014
39
99/
101
1
4 103
48 Canal
1980 ------------10238 Mar'27 _--- 10222 1 _-_Ent 3 f sec 746 (of 19263.195658 S 10014 Sale 10018
10028 61
9834 101
634s Canal 'met _
1964
102
1
Apr'26 ---- --,,- Poland (ReP of) gold 66
•
1040 A 0 8212 Sale 8212
83
191
7612
88
Highway improv't .48
$
--------11213 June'27 ---- 11212 11212
1963 M
Eat'//Ink fd g 81
1950 3 J 9512 Sale 9513
9712 710
9314 994
Foreign Gov't and hankies''s
Porto Alegre(City of)8s
1961 J D 10512 10512 105
10512
6 10314 108
Antioqula (Dept) Col 76 A _1945 J J 9514 Sale 9444
9512 48
94
9712
Exti guar sink fd 735s
1966 J J 101 Sale 9912 101
15
9912 101
External S f 7s ser B
1945 JJ 9512 Sale 95
94
9512 45
9713 Queensland (State)ext1 s I78 1941 A 0 113/
1
4 114 11313 11334
6 111 114
Argentine Govt Pub as65_1960 A 0 9914 Sale 99
9938 57
97711 100
25-Year external 68
1947 F A 10558 10578 10512
10578
2 104 106'4
Argentine Nation (Govt of)Rio Grande do Sul extl If 83_1946 A 0 10512 Sale ;105
10512 13 103/
1
4 1064
Sink fund 612 of Jun i 1925-1959 3 D 9912 Sale 9878
132
9724 100
100
Rio de Janeiro 25-yr s 188_1946 A 0 105 Sale '104
105
21 1021
/
4 106
Exti s f fa of Oct 1925
1959 A 0 9912 Sale 99
9912 59
9714 100
25-yr extl 88
1947 A 0 104 Sale 1.0434
18
10514
10214
1054
Sink fund Os Series A__ _1957 M 5 9912 Sale 9914
9733 1007s Rome (City) ext16348
54
100
1952 A 0 9038 Sale 8928
9034 324
8912 9234
External 8s eerie/ B __Deo 1958 J 0 9914 Sale 9878
9912 90
9788 10036 Rotterdam (City) extl 68_1964 FA N 10414 Sale 10378
10434 15 1033, 106
Fat, f els of May 1926
994 25
1960 IM N 99 Sale 9878
97/4 100
Sao Paulo(City)s f M_Mar 1952 MN 11214 113 11212 113
7 10712 113
Ertl ISs Sanitary W 610_1981 F A 98% Sale 9814
109% 173
98 100
San Paulo (State) esti a f 83_1936 3 J 105 Sale 105
10512 10 10412 107
Extl 65 Pub wks( ay '27) _'61 MN 9918 Sale 9878
9878 9914
9914 42
External sets 3!Els
19503 J 10513 106 10534 10714 11 10434 108
Argentine Treasury 5 I £
89
14
1945 M 8 9078 9112 9078
91
9234
External a f 7s Water L'n_1956 58 111 9834
9934 31
9814 1004
Australia 30-yr
9812 141
_ uly1-5 1955 J 3 9838 Sale 9734
9714 984 Banta Fe (Prov, Arg Rep)781942 M 11 9412 Sale 99
Sale 9418
9412 11
93/
1
4 9668
Austrian (Govt)
1043 A D 10338 Sale 10314
5 f75
58_103/
1
4 66 10114 10512 Seine, Dept of (France)extl Ts'42 J J 10134 Sale 1011
/
4
10238
40
9723 10312
Bavaria (Free State)
983
9834
4
Hale
9912
_ -1945 F A
50
981s 100'4 Serbs, Croats & Slovenes 8s-1982 MN 101 Sale 100
101
1
4
24
9714 102/
Belgium 25-yr ext s f F4s
Ms;2.1945 11 D 11278 Sale 11278 1134 42 111 114
Soissons (City of) extl 6/3___..1936 MN 9538 9534 9538
9534
9114 97
6
1941 F A 10834 109/
20-year s f 88
1
4 10938 10912 44 108 11014 Sweden 20-year 6s
J D 10412 Sale 10414
1939
35
10318
10413
105
25-year external 834,8
1949 M II 10138 Sale 100/
1
4 10112 77
94314 1021
/
4
External loan 534s
1954 M N 10478 Sale 10428
10478 32 102/
1
4 10516
External a f es..
9712 215
1955 3 3 97 Sale 97
92/
1
4 98
Swim Conted'n 20-yr of 88_1940 1 1 113 Sale 113
11312 52 11114 1184
External 30-year s l 7/1_1955 3 C 10434 Sale 10413 105
213 1024 10514 Switzerland Govt ext 541_1948 A 0 10558 Sale 1043
46 10228 106
8
1958 M N 10314 Sale 103
Stabilization loon
10334 99 10138 10418 Tokyo City 58 loan of 1912 1952 M S 7514 Sale 75 4 106
7514 16
75
797s
Bergen (Norway) 8 f a
1945 MN 11312 113/
1
4 11338
11338 29 1121s 114
Ertl s 1 54s guar
1981 A 0 8612 Sale 86
86
8612 65
9012
25-year sinking fun I 68_1949 A 0 10012 101 10012 101
37
9914 1014 Trondhjem (City) exti 841_1944 J J 9978 100
9978
9912 10114
9978
9
1550 A 0 9778 Sale 97
138211n (Germany) 835s
97 10034 Upper Austria (Prov) 78___ _1945 3 13
72
98
9614 Sale 964
94
9612 48
97/
1
4
Bogota (City) ext'l
86_1945 A 0 10414 Sale 10338
10414 12 10234 1041
/
4 Uruguay (Republic)ext186_1946 F A 111 Sale 11078
5 10828 112
111
Bolivia (Republic of))
-- n47 M N 10418 Sale 104
10412 57 102 1054
External 81 ge
1980 M N 9512 Sale 9512
9412 984
9614 71
1958 J J 9412 Sale 9412
Extl sec 78 tem
25
9418 98
95
Yokohama (City) extl tis_ _ _1961 1 D 9312 Sale 9314
9334 108
9214 974
Bordeaux (City of) 1 -Yr 68-1934 M N
9734 Sale 97/
1
4
933s 9813
9838 106
Railroad
Brasil(US of)externai gs
1941 1 D 106 Sale 10534
10618 39 104 10812 Ala Gt Sou let cons A 52_ __ _1943 3 0 10438 10512 10434 June'27 --- - 10223 10414
Externals f 6343 of 1926 1957 A 0 9114 Sale 91
131
89
92
96
Ala Mid 1s1 guar gold 5s. _ 1928 MN 10014 102 101
101
1 10014 101
78 (Central Railway)
1952 1 D 9538 Sale 95
9528 35
9412 9912 Alb A Sum 1st guar 3348 _1946 A 0 891
/
4 ____ 8934 June'27 ____
8738 8934
734o (coffee secur) (flat).1952 A 0 10534 106 10518 10534 19 10234 107
Alleg & West let g gu 4s.._..1998 A 0 8738
85 Mar'27 ____
8478 85
Bremen (State of) ext I 78__A935 M S 102 Sale 102
10214 15 102 105
Alleg Val gen guar g 48
1942 M S 96/
1
4
9614
97
97
1
9514
97
Buenos Aires (City) e ti 6461955 3 .
1 10014 Sale 10018
10013 81
9914 102:4 Ann Arbor 1st g 48
July 1995 Q 3 81
8178 8112 June'27 ____
7912 82
Bulgaria (Kingdom) t 7s_1967 3 J 91 Sale 91
9118
6
91
91.4 Atoll Top & B Fe-Gen g 48_1995 A 0 9514 Sale 95
9528 77
923
4
9714
Calcias Dept ot(Colom bia)748'46 1 J 9738 Sale 9714
9713 18
0634 92124
A 0
Registered
9314
94
14
92 96
Canada(Dominion 01) 58-1931 A 0 10114 Sale 10114
10112 16 10014 102
Adjustment gold 4a__July 1995 Nov 89
8913 88/
1
4
88/
1
4
4
874 914
10-year 5345
1929 F A 102 Sale 1011
36 10122 10278
/
4 102
Stamped
July 1995 M N 8934 9014 8934
897
8
7
117
/
1
4 91
An
1952 ID N 10512 Bale 10512 10614 100 104 10612
Registered
MN 8718 ___ 85 May'27 - _85 884
1938 F A 99 Bale 9818
415's
9914 90
9814 9978
Cony gold 48 of 1909
19553 13 884 Sale 8858
884
1
85
WA
Carlsbad (City) at 8s.
1081
10512
10312
Sale
34
2
1954 J J
10514
106
Cony 45 of 1905
1966 J D 89
8912 8914 June'27 ____
8734 8034
Cauca Val(Dept) Col no no .46 A 0 97 Sale 97
97
9734 18
9912
Cony g 4s issue of 1910.-1960 1 D 901
___ 8934 Apr'27 ..-88
89
44
Calls(Republic)ext'l if 81_ _1941 F A 107/
1
4 10778 11 10614 10934
1
4 Sale 107/
East Okla Div 1st g 48____1928 M S 9934
2100 100
100
I
9914 100
20-year external 8 f 78-__1942 MN 100 Sale 100
994 10114
10012 38
Rocky Mtn Div lst _ __1965 J J 91
92• 91
91
8812 91
25-year external s f Els_ _ _1946 MN 10778 108 iO7I2 108
7 10614 109
Trans-Con Short L 48let
46_1958 J J 92
9214 0214
924
2
9012 924
External sinking fu O 68_1960 A 0 90 Sale 90
90
911
/
4 83
9312
Cal-Ara 1st & ref 4348 A_.1962 M 8 99/
1
4
99/
1
4
9914 16
9718 9514
1961 F A 90 Sale 8934
Externals f 68
8914 934 All Knoxv & Nor let g 5$-1946 J 0 10678
9034 68
107/
1
4 June'27 ___ 10434 107/
1
4
Chile Mtge Bk 634s J ine 30 1957 3 D 9412 Sale 9312
9612 All & Char'A L ist A 4345._1944 J J 984 -99
93
941
/
4 30
9834
9834
1
98 100
9878 79
96
645 of 1926_ _J Ins 30 1961 1 D 9678 Sale 984
9814
181 30-year Se series B____1944 J J 105 Sale 105
5 10314 106
105
Chinese(Hukuang Ry , 68_ _1951 J D 2712 Sale 26182912 63
24
304 Atlantic City lot cons 4s___1951 3 J 90
89
9038 89
89
89
3
102
8
9934 1024 Atl Coast Line let cons 4s
Chriatiania (031o)80-7r sf;81954 M S --------102
July '52 M S 96/
1
4 Sale 964
9678 40
9334 97/
1
4
Cologne(City) Germa )y6461950 MI 8 9618 Sale 96
96 101
65
98
General unified 434s
1964 J D 9758 Sale 9634
9614 100
9756 34
Colombia (Republic)8 y4e_1927 A 0 10018 Sale 0018
1
9912 10118
/
4
1001
I. & N coil gold 4a____Oot 1952 MN 92/
914 9318
1
4 Sale 924
9234 59
Copenhagen 25-years , 6%8_1944 J J 10018 Sale 0018
10034 36
9914 10112 Atl & Dana,Ist g 46
1948 1 1 81 Sale 81
787s 8134
8118 43
Cordoba (Prov) Argen Elna 781942 J J 98
9914 98/
1
4
9912
8
9712 994
24 43
1943 J J 7212 7314 7213
7114 7534
73
3
Cuba 58 of 1904
1944 id S 101 10138 101
4 100 10112 All & Yd 1s$9 guar 4s--194P A 0 8412 85
101
8513
May'27
____
82
/
1
4 86
External 5s of 1914 ser A_1949 F A 101 10134 10114
2 100/
1014
1
4 102
Austin & NW 181 gu g 58_ -1941 J 3 10134 104 10214 June'27 ____ 10214
105/
1
4
External loan 441 er C 1949 F A 9514 95/
3
93/
1
4 96
9514
1
4 9514
Balt & Ohio let g 48___July 1948 A 0 9312 Sale 9312
971s
9312
945
8
17
Sinking fund 5348_ _
1014
21
102
1033s
Sale 102
10212
1953 J J
Registered
July 1948 Q J --------93 June'27 -___
92
944
Cundlnamarca (Dep Coo ye .46 J 0 93 Sale 93
9314 13
93
96
20-year cony 43.4,
1933
M
S
9834 Sale 9812
991s
97
9834 78
Cseehosloyakia(Rep o F) 88_1951 A 0 107 10758 10714
77 105 110
108
Registered
WI B - --- ---- 9818 Apr'27 __
1
4
981
/
4 98/
Sinking gund ths ser B
1
4 109
1952 A 0 10714 Sale 10714
10818 24 104/
Refund & gen 53 series A._1995 J 11 102 Sale 10138
10214 101 10032 1041
/
4
External 8(748 serfes A 1945 A 0 10514 Sale 105
1st g 58
1
4
10514 10 10414 108/
1948 A 0 10614 Sale 10614
107
1
43 10434 108/
4
Danish Cons MuniciP Is A _1948 F A 11034 Sale 11034 11114 51 10(8 11134
10-year 63
1929 J 1 10318 Sale 03
10314 120 1004 1031
/
4
Series B f Ss
28 109'.. 1114
1948 F A 111 sale 1104 in
Ref
&
gen
Oe
serles
C
1995
1
0
10913
Sale
109
11034 28 107/
1
4 III
Denmark 20-year (18_
26 10328 10578
1942 3 3 10478 Sale 10434 105
P L E & W Ya By.ref 46_1941 M N 94
95
94
8
92/
94
1
4 98
Dominican Rep Cued k6 ,,,44 *42 SI El 9812 Sale 9812
3
9812 1004
984
Southw 134 let 5s
1950 J .1 10314 Sale 1O218
1
4 1034
10314 46 101/
let sec 5358 of 1926 .
1940 A 0 9914 9812 9812
99
36
9823 100
Tol
&
Cin
Div
let
ref
42
.4_1959 1 1 8514 Sale 85
8514
Dresden (City) externiil 79_1045 M N 102• Sale 102
7
82
864
10238 15 1004 1044
Ref & gen 53 series D
2000 M S 10178 Sale l0l58 102
42 10033 104
Dutch East Indies eat166_1947 1 J 10234 Sale 10234
32 10214 10474 Bangor & Aroostook 58
103
1943 J J 10238 __
0218 Apr'27 --- 10218 10218
40-year Os external_
_1962 IN 5 10234 Sale 102/
55 10214 103_13
1
4 103
Con
ref 4a
1951 J J 8334 -8476 844
841 1 87
8414 10
80-yeas external54 0
1953 AI 8 10138 Bale 10118
4 1004 10224 Battle Crk &(Nur lidgu 311-1989 J 10 6512
10138
68
68
2
64
50-year external 534 s
1953 M N 10118 Sale 10118
10138 16 10062 103 Beech Creek let stu g 4s.......1936 J 1 934 67 68
95
964 May'27 _
El Salvador (Repub) O _
9513 9612
l948 J 3 10812 Sale 10813 10812
10614 W912
1
Registered
--------943, Mar'27 ____
J
J
9412
9512
Finland (Republic) ex 2 5$_ 5945 M 5 9414 944 94
9413 22
93
97
2d guar g Si
Ma J J 100
99
Jan'27 ____
99
External sink fund a _ _ _ _1950 M S 100 Sale 100
99
9814 102
10034 15
Beech Crk Ext let g 3%6-1951 A 0 82 -8512 8128 Mar'27 ___ _
812
3
814
1055 M S 974 Sale 9712
External el f 6341
.
9734 26
96 10072 Big Sandy 301 48
1944 3 0 91
9214 924 June'27 ____
91
9333
Finnish Mun Loan 634is A_ _1954 A 0 9734 Sale 9734
9734
9
94
991
/
4 Bost & N Y Air Line 1st 43_1955 F A 824 8314
8212
78/
8212
1
4 84
1
External 8348 series B
1954 A 0 9734 98
9734
9734
1
9571 994 Bruns & W hat gu gold 421-1938 3 1 ---- 97
96/
1
4 Apr'27 ____
9534 9613
*Tench Repub 25-Yr e A188_1945 M 5 11012 Sale 110
1104 107 10814 11114 Buffalo
R & P gen gold 63-1937 M 5 103 10334 lO37s May'27 ____ 101 1037
,
20-year external lea .7120-1941 J D 11258 Sale 11214
11234 162 106 11372
Consul 4.146
907 Bale 9638
1057 PA N
9713 117
External 7s of 192
944 99's
1949 1 0 10434 Sale 1044 105/
99 10514
1
4 1283
M N 88
96
95 Mar'27 ____
95
98
German Republic ext' 7s
1949 A 0 10534 Sale 10534 10612 191 10534 10912 BurlRegistered
C R & Nor let 58
1934 A 0 10118 102 10134
German Cent Agra Bank 78.1950 M S 10212 Sale 10134
10212 31 101 103/
1
4 Canada Sou cons gu A 5s_1962 A 0 1064 107 10612 May'27 ____ 101 1024
10612
3 105 107/
1
4
1964 MN 103 Sale 103
10314 47 10113 104
Gras (Municipality) 8 I
Canadian
Nat
1954
448-Sept
M S 9734 Sale 9734
15
99
9834 205
95
01 Brit & Irel(UK of) 5346_1937 F A 10412 Sale 10414 105
185 10413 1054
5-year gold 4348. _Feb 15 1930 F A 100 Sale 9928
9918 100
48
100
1929 F A 118 Sale 118
10-year cony 534a
118
10 11634 1191s Canadian North deb of 70.19403
0 11518 Sale 154
11514 56 11434 11614
GreaterPrague(City) 110_1952 MN 10478 Sale 1041
/
4 10478 19 10368 107
25-year at deb e3.4e
19463 J 11914 11914 11914
8 11738 1194
11914
Greek Government 76
1
4 9614
1964 MN 9614 97/
9612 12
93/
1
4 99
10-yr gold 448_ _ _ _Feb 151915 F A
9712 99
98
9814 98/
1
4 June'27 __
Ham (Repubile) I f Its
1
4 10014 20
1952 A 0 99/
1
4 Sale 99/
99 10012 Canadian Pao Ry 4% deb stock__
.1
.1
85
Sale
84
/
1
4
8316 864
iii
853
3
10414
Sale
(Germany)
Heidelberg
104
ext 74850 3 J
10414 14 1034 106
Col tr 4348
1946 M 5 9714.S5le 9718
9534 984
9712 117
Hungarian Munk/ Loa I 7141.1945 3 .1 98 Sale 98
16
97/
99
1
4 10178 Carb & Shaw let gold 4e
1932 M 8 9712 99
984 May'27 __-95215 9812
954 99
96
31
External 6 f7s
lept 11946 J J 9513 Sale 9512
Caro Cent 1st cons g 48
1949 J J 86
83/
1
4 80
87
86 May'27 ____
Hungary Mined of) of 7341_1944 F A 100 102 102
10213 34 100/
1
4 105
Caro Clinch & 01st 30-Yr 5819381 0 10238 103
1
4 10314
0212 June'27 ____ 102/
100
1
4 100
17
lud Bank of Japan 6% notes 1927 P A 100 100/
1/912 10078
let & con g 68 Series A-.1952 J 0 107/
1073
8 109
1
4
10812
0812
3
10812
Italy ,Kingdom of) ext'*7. ION J 0 9414 Sale 94
477
9234 974 Cart & Ad 1st rug
95
19813 0 91
4s
904 9234
93
9134
2
924
Italian Cred Consortiu n 76 A1937 M S 9334 Sale 93
9438 79
9234 9678 Cent Branch UP let g 4.---1948 I 13 85/
8613
83
1
4 8614 8614 May'27 __._
1
4 Sale 924
1947 M S 93/
75
Ertl sec s f 76 ser B
94
92
97
Central of Ga 1s1 g 6s_Noy 1945 F A 106_ 10534 May'27 ____ 1044 10571
95
169
Italian Public Utility xi 75.19523 J 94 Sale 94
9058 101
Co_ i id
1945 MN ____ 1-0538 102
102_S _102 _ 10614




3609

New York Bond Record-Continued-Page 2
BONDS
19. Y.STOCK EXCHANGE
Week Ended June 17.

Pries
Friday,
June 17.

Week's
Range or
Last Sale

11

Range
Singe
Jab. 1.

BONDS
N.Y.STOCK EXCHANGE
Week Ended June 17.

Pries
Friday,
June 17.

Week's
Range or
Last Sale

11

Range
Sines
Jan. 1.

NOS
Bid
Ask Low
HOD No, Low
Blob No. Low
Ask Lose
H478
Bid
Central of Georgia (Coneluded)A 94%
8238 Dec'26
'
1930
10-year secured 66. June 1929 in 10174 Sale 10173 10218 14 10176 10214 C wool Ry deb 48
4
-7-8-1J 724 7512 7412 June'27
1954
45
106%
Non-cony
1044
10614
INN
7
Sale
3
1083
B___1969
*0
series
5745
Ref & gen
8
74'2 72%
72
72%
694 7714
Non-cony debenture 44-.1955
102% 10 102 10312
1959 AO 10134 10314 102
Ref &gen 58 series C
.
77
J
•
7512
7212
76
1391s
1956
June'27
Non-cony debenture 4s_
8853 92
Chatt Div pur money g 48-1951 3D 90% ____ 92 June'27 --33
96
9412 98
Cuba RR let 50-year 550-19523, 96 Sale 9514
3 10113 ____ 10112 June'27 ---- 1014 105
'
Mao lc Nor Dly let g 54 1946
3
109
109
10912
D
Sale
•
107
10912
1938
A
ser
102 104
1st ref 730
1946 J
1031g _ _ 104 Apr'27
Mobile Division 54
15
9933 10212
9934 101
1938• D 10012 101
5
1st Ilen & ref 64 ser B
7812 86
844
Cent New Eng let gu 45.._1961 '.3 8412 86 8412
9914 104%
9914 9934 Cuba Northern Ry 1st 65-4968 3, 104% 105 1047s June'27
9713 May'27 ---Central Ohio reorg 4344_1930 MS 994 100
953,993
9918
98%
3
May'27
99%
'
)48-1931
9912 10114 Day & Mich let eons4
Central RR of Oa coil g 54-1937 N 100% 1011% 1005 June'27 --9434 10
934 97
9414 9414
8 112 118% Del& Hudoon 1st & ref 48...1943 MN 94
Central of NJ gen gold 58_ 1987• J 116% Sale 11613 11638
88 11414 153
1935 A0 149 Sale 14158 149
112% 116
30-year cony 54
_ 116 June'27
11559
1987 Q
Regletered
2 103 106
1937 MN 10434 10512 10434 10434
-9338 _45
9114 9358
I5-year 530
Cent Pao let ref gu g 48-.4949 F A 925 93 9212
10814 10774
1930 J D 10618 106% 1065 June'27
10-year secured 75
9034 9218
✓ A 9134 93 92% May'27
Registered
0614
96
9714 9834 D RR & Bdge 1st gu 2-1936 ✓ A 9614 ---- 9614 Apr'27 49
Mtge guar gold 3 Hs_ _Aug 1929 3D 9812 ___. 9812 June'27 ---9114 9053
91
91
93
91
89H 93 Den & R GI 1st eons g 44_ 1938 J
5
9034
Through St L let gu 46_1954 AO 90% Sale 90
97
June'27
94
9412
-J
94%
1938
44
430
gold
Consol
10112
1033e
103%
10212
A
10234 Sale
1960 ✓
Guaranteed g 54
9913 10012
Improvement gold 513-A928 J D 10018 Sale 99% 10012 28
_ 11812 Oct'28 ---11814
Charleston & Savn'h let 74_1936 J
8778 267
73% 8973
1130; 10172 Den & RU West gen /54_Aug 1955 MN 87% Sale 8678
_-- 10053 June'27 -101
Jhes & Ohio fund & lmpt 58_1929.33
35
Apr'27
36
37
34
3513
3
'
1
48-4935
gu
1st
108
D
Ft
10332
&
M
Des
1939 ▪ N Thais Bale 1068 1067s
let cense' gold 58
2
33
33 Sale 33
35
33
Temporary ctfs of deposit..
105 May'27 - --- 10213 105
1939 N
Reghitered
Aug'26
4
963
9812
MB
4)01947
gu
1st
Val
9934
13
971s
Plaines
Dee
984
98
Sale
98
MB
1992
General gold 4346
7534
.
-3-4
/5
May'27
74
-iore
4
743
p
'
-1995
40g
lien
9634 9634 Bet & Mack 1st
9634 May'27 ---M
Registered
65 6513
inps 10112
1995 J D 62 65 65 May'27
Gold 44
1930 P A 10014 gr;1-e- 10014 10012 63
20-year cony 43.48
1
99%
100
____
9713
9914
99%
N
▪
4355_1981
101
Tunnel
10034
-River
Feb'27
Detroit
10078
____
1940 3' 1014
Craig Valley let 511
10334 10434
_
__12
90
8938 92
Dul Missabe & Nor gen 56_494] J J 10334 -- 10434 Apr'27
J 90_ 8934 May'27_
Fotte Creek Branch let 44 1948
2 10134 103
103
88% 9018 Dul & Iron Range let 55_ __ _1937 A0 10214 103 103
1%
09
18
14 -0034 567g
R & A Div let con g 4s---1989 J
7
754 88
85
84
85
84
3
'
_1937
_
56_
a
Atl
_
&
_
_
_
Shore
8534
8712
May'27
Dul Sou
1989
3 89% _ ____ 8814
'
2d coneol gold 46
94
9413
99% 10014 East Ry M11111 Nor Div let 43248 A0 94% _ _ _ 9418 June'27
10013 Feb'27
__
Warm Springs V let g 54_ _1941 MS
10112 June'27
10034 10213
10113
101
3'
54-A930
g
Div
528
9514
9714
Ga
&
95
Va
95
T
Sale
East
9518
MN
May
'47
55
15
Champ Corp cony
5
107
107
196%
106
108
10678
MN
1956
71
72
7333
72 72
Cons 1st gold 55
ale & Alton RR ref g 34._ _1949 AO 71
102 10434
7
71
71
7234 Elgin Joliet & East let g fa_ _1941 ▪ N 10334 10434 104 May'27
73 71
71
Ctf dep stpd Apr 1926 Int__
1 10414 108%
1985 AO 10.534 Sale 10534 10534
1
64
61% 6814 El PEL90 & 8 W 1st IN
84 Sale 64
gatlway first lien 3Hs---1950
4
106 107%
4
1063
106%
Sale
106%
M
8 60 67 Erie let consol gold 74 ext 1930
6314
63
632 63
Ctts dep Jan '23 & eub coup
8412 71
8113 86
3 8414 Sale 84
'
1996
2
89
1st cons g 44 Prior
8833 894
8774 89 89
hie Burl & Q-III Div 83.0-1949 J
79
79
79
Jan'27
3
'
1997
Registered
8612 Dec'26
3' 854 _
Registered
731.2 78
73% 791g
3 7533 Sale 754
'
1996
1
9433 98
let consol gen lien g 4.5
9712
1949 3.3 97% Sale 9712
Illinois Division 4e
72
7512
7613
May'27
3
'
1996
40
9312
96
9613
Registered
9712
951g
MS
95s
1968
General 48
984 1004
10034 61
9818 196
9734 9914
Penn coll trust gold la_ _ _ 1951 P A ioo" Rif 100
1977 FA 9734 Sale 9712
let & ref 43.4s see B
7814 8512
8334 39
5 10538 10718
50-year cony 44 series A....1953 *0 8312 Sale 83
1971 P A 10534 107 10534 10534
let & ref 56 series A
8312 49
79
8534
8313 83
1953 A0 83
106 106
Series B
Chicago & East III let 64._-1934 AO 106 ___ 106 June'27
8418 1131g
1953 *0 107 Sale 10414 10833 610
Gen cony 46 series D
8034 8712
8714 130
N 8612 Sale 8614
& E III Ry (new co) con 561951
9434 9434
9454 246
9412 Sale 9412
N
M
1967
10814
55
lrapt
June'27
105
10714
&
10712
Ref
104
MN
54
1982
gold
let
Erie
Ohio &
23 11112 11414
11378 Sale 11378 114
6914 7414
7214 242
Erie & Jersey lat 66-1955.1
Chicago Great West 1st 44_4959 MS 71 Sale 71
11 11138 11412
11374 11614
Genesee River let s f 58_1957 3 J 114 11414 11378 114
Chla Ind & Loulov-Ref 64-1947 3, 114% 117 11614 May'27
8812
Nov'26
____
8914
J
1940
B
3748
10314
June'27
10314
Pitts
&
10414
gu
Erie
10314
54
10353
1047 3,
Refunding gold
89 89
89
_
_
Apr'27
_
8914
J
1940
91
9114
___ 9114 May'27
Series C 3)0
1947 3,
Refunding 45 Series C
9514 10114
1954 M N 9934 Sale 9912 1001, 123
1
102
9973 103 Est RR ext1 f 78
10212 102
90121986 MN 1017
General 54 A
9978 101%
June'27
8
997
98
10012
J
J
1930
6
54
g
ext
lst
1095
109%
Penn
&
108%
109
Cent
10912
Fla
May 1966 J J 109
General 136 13
4 10114 1017
__ 101% 101%
.
0814
1943.3 J
1
d 511
9218 96
Conaol
Chic Ind & Sou 50-year 4&1956.3 J 0814 0614 0814
3 9714 981a
9814
981
98%
9814
10113D
J
4
4345_1959
let
Coast
East
9734
May'27
96%
97
_-Florida
965
J
D
let
43.4s1969
Ohio L & East
67
10116
9414
96
96
9612
9613
MS
1974
2
6138
15533 84
___ 613
611
1st & ref 54 series A
0 M & Puget Sd 1st gu 58-1949 J
3 60 68
603s
9 854 6413 Fonda Johns 53 Glov 4 Hs__ _1952 MN 6014 6073 6014
6114
611 -6212 61
U S Tr certifs of deposit
91 9512
__ 9512 May'27
87
88 Fort St U D Co lst g 4 Hs_ _ _1941 J J 9512
135
& St P gen g 44 Ser A_61989 J J 8634 87 8634
Ch
10713
10812
10634
10614 10614
Mar'27
D
8314 84 Ft W &Den C let g 5)0_4961 J
8412 84 May'27
84
Q
Registered
3 971e 99
987g 99 99
99
J
J
4s.4928
Or
g
ist
May'27
Rio
78
7634
3
5
&
76
7612
76
Worth
Ft
J
B__41989
ser
330
gold
General
10712 1081.
9614 10
94% 98 Frem Elk & Mo Val 1st 64- _ _1933 A 0 10614 109 108 Apr'27
Gen 43'44 Berke C-May 19893 3 9614 Sale 96
57 8512
6314 19
Gen & ref ser A 4 Hs_ _Jan 2014 A 0 83 Sale 6212
101
10012 10114
101
101
Sale
MN
54_1931
let
P
&
M
8554
190
58%
63
BA
6314
&
Sale
6212
H
G
Guar Tr certlfs of deposit.......
10018 10212
1931 3, 10034 102 10213 May'27
5512 6454
6114 18
2d extens 54 guar
(tenref cony ser B 5s_Jan 2014 F A 8134 6214 61
gala 10114
82
80
5534 64ln ()My Eons & Bend let 58_ 1933 *0 9714 99 98% June'27
82 Sale 61
Guar Tr certits of deposit_
98 (197s
24 10314 10613 Ga & Ala Ry Moons 58.00t 1945 33 981g 99 99 June'27
19343 J 10334 Sale 10334 104
1st sec 88
12
99
10018
10012
10034
1004
6214 34
5613 6434 Gs Caro & Nor 1st gu g 66..1929 3, 10014
1932 J D 8214 Sale 6134
Debenture 43.55
7414 10
7212 .7578
1946 *0 7314 7512 74
56
6434 Georgia Midland let 35
8214 57
6214 6274 8174
Bankers Tr certils of deposit
12
97
9814
98%
May'27
97/8
98
3J
_1941
Hs_
4
g
gu
611
31
5812 6459 Or R & I eat 1st
1925J D 6212 Sale 6112
Debenture 46
9 11411 116
11513
621
74
9613 6512 Grand Trunk of Can deb 714940 A0 115 Sale 115
U S Mtge & Tr etto of dep...... 624 Sale 811
25
10718
106s
1081
5
Sale
10718
10712
0414
5512
MS
1936
165
June'27
8118
15
63
-years
1934 J J 8178
lb-yeardebenture 48
9514 Mar'26
62
13
NI 641 Grays Point Term let Ss_ __1947 3D 9814 _-_ 114
Farm L & Tr ctfs of dela- --- 6218 Sale 6134
111
1-1011412
Sale
11413
-1
1936
series
A
74
821
gen
84
7813
8212
Nor
2
4
823
Great
4
803
MN
1987
Cala & N'west gen g 834s
114 114
114 May'27
_
I J
7413 7613
7412 Jan'27
Registered
Q F 7818
Registered
40
97 100%
94
1st dr ref 4345 serle6 A._1961 3, ioo Sale 98% 100
22 9013 9634
1987 M N 9234 9414 93
General 45
3
109
108 112
10912
10913
Sale
J
•
B
1952
series
Sis
92
9214
5
General
92
May'27
Q F 8912 94
Registered
3 10434 105 10412 10478 53 10014 105%
'
1973
General 54 series C
9012 9413
Stpd 48 non-p Fed in tax '87 MN 9334__ 9414 June'2
941a 9914
9712 23
1976 I, 974 Sale 97
105 109
General 4Sis series D
Gen 4644 stpd Fed Inc tax_1987 MN 108 11014 10812 June'2
831e 851s
112
12 10814 11414 Green Bay & West deb ctfs A___ _ Feb 8512
-14 8518 May'27 30
11314 112
ii
Gen 55 stpd Fed Inc tax__ _1987 MN
21
2412
2512
2412
Feb 2412
Debentures etre B
10114 10353
1879-1929 A 0 10213 103% 103 May'2
Sinking fund 84
9312 9813
9313 May'27
101 102% Greenbrier Ry 1st gu 44.-1940 MN 9312
A 0 102 ____ 102% May'2
Registered
10612
10614
June'27
10512
1
10438
8
C17
10014 10314 Gulf Mob & Nor 1st 534s.1950 A0
linking fund 55
1879-1929 A 0 10112 __ 10134 May'2
1950 AO 10013 10078 10012 10013 10 10014 10214
10018 10214
101 June'2
let M Is series C
Registered
1879-1929 A 0 10013
107 10712
102
3 101 1027g Gulf & El I let ref & ter g 56_51952• 3 107% _ _ 10712 June'27
1933 M N 102 10212 102
Sinking fund deb 54
10114 102
__ 102 June'2
Registered
M N 102
9 971e 10414
10314
Hocking Val 1st cons g 434 1999• J 103 Sale 103
8 106 107
10-year secured Ti g
1930.3 13 106 10814 1064 1061
9514 9534
9534 Mar'27
1999 3,
Registered
11253 Sale 11212 11233 35 11153 11312
15-year secured 63.18 g
1936 M
3 9812 9914
99
99
1937 MN 9814 100
1st & ref g 54
May 2037 J D
5 10212 11258 Housatonic HY 5005 g 511
10778107 11238 11238
1s 102
100
June'27
102
_
___
102
1937
Int
g
3,
jet
guar
981
9734
Sale
4
973
9814
2037.3
9912
May
H&TC
43.0
ref
94
D
let &
10134 Mar'26
waco N W (liv Ist 68 _1930 MN 10212
8934 90 90
90
Chia R I& P Ratlway gen 44_1988 .3
87 '8734 9133
99's 1011.
a y 888813 May'27
861g 8812 Houston Belt & Term let 54_1937 3' loott Sale 10014 10034 26
Registered
10 1001a 10114
101
101
933 212
N lows
9214 95 Houston E & W Tex 1st g 54_1933
1934 A 0 9313 gale- 92%
Refunding gold 411
10018 10112
_
101 May'27
1933 MN 101
92% 9378
93% May'27
A0
Registered
1st guar 54 red
98 101
9934 49
_
89% 91
C7h St L & N 0 Mem Div 48_1951 J 12 898 ---- 9012 May'27
Hud & Mantua 54 series A._1957 P A 99% Sale 99
189
84 9314
88%
Feb
1031,
53
90
9014
10238
1967
Sale
income
AO
10238 10 1014 10258
Adjustment
L & P 1st cons g 58-1932 A 0 10233
•
94
9614
4 10234 104
IlUnois Central 1st gold 4s--1951 J J 954 ____ 9614 May'27
Uhl° St P M & 0 eons 64_ _ _1930 J 13 10234 Sale 10234 10234
9255 9241
957
92%
Apr'27
9614
96
9614
1951
9612
J
May'27
D
J
to
3348_1930
reduced
Registered
Cons 64
87
8714
9912 11
1951
3
'
4 90 8714 Jan'27
9912 100
1930 M 13 9912 997 9913
Debenture 54
1st gold 3155
8814 8914
8833 Apr'27
9913 100 100 May'27
99% 10014
Stamped
Extended let gold 334e..195l *0 8712 _
2
73
7513
7518
7513
9734
Marling
Sale
754
M
9713
1951
9354 9912
9814 68
CbioTH&SoEaetlst5a1980j I)
1st gold 34
9012 gg
1
9113
9218 17
Deo 1 1960 M S 92 Sale 92
Collateral trust gold 48-.1952 AO 91It sale 9113
Inc gu 58
8754 9534
8913
8913
Mar'27
8913
Sale
99%
994
9938
24
A0
9714
J
J
Hs
4
3
gu
995
A..1988
let
Ste'n
Registered
0100 Un
9314 97%
95% 28
5 10312 106
1951 MN 94I 95 9413
19683 .1 10413 10513 l04l2 106
18t refunding 48
1st 58 series B
85 88%
_ 88% Apr'27
10334 12 10113 105%
1952 3, 9518
19443 D 102% 10378 102l
Purchased lines 814e
Guaranteed g 55
904
12
11614
88
89
Sale
11813
117
4s_
88
8
16
MN
88%
11614
gold
-34
8
..1953
C
J
trust
1983
11834
Collateral
let 6348 series
0534 Mar'27
8613 June'27
MN
8613 8812
10513 106
Registered
Ohio & West Ind gen g 65-21932 Q M 10513
107 108%
8813 17
1956 MN l061 109 107 June'27
1952 3 J 8734 gale- 8734
86% 90
Refunding ba
Consol 50-year 48
23 10014 10313
10412 16 10312 10512
1934
3 101 10113 10073 101
'
1962M5 104 10413 104
15-year secured 5140
1st ret 5Hs fier A
4 11812
/
9 1111
3 10314 104%
Oboe Okla & Gulf cone 56.-1952 MN 1043s Sale 10438 1043*
15-year secured 8XI g---1936 Ii 112% Sale 112% 112%
192
9614 9914
June'27
98
973s9738
Aug
97%
1
A
Sale
4
973
97%
1969
J
F
.__l937J
9714
OtnH&D2dgold44e
40-year 44311
1088 3D 9418
9212 9318
99
-- 9712
9338 Mar'27
964 99
Cairo Bridge gold 45
0 I St L & C 1st g 44..-Aug 1936Q F 9712 g;1e
7512 7814
Aug 1938 Q F 961s9518 Jan'27
4 77% May'27
954 954
Litddield Div lit gold 38.1951'3 7733 -f3.3Regletered
4 ' 8814 8412
8373
1942 M N 91 -90- 9314 May'27
904 93%
Oln Leb & Nor gu 44 g
Louisv Div & Term g 3Sis_1983 3, 833e 85 83%
100 1110%
8118 Aug'26
3,
Cln & CI cons list g 54_ _ _1928 J J 100120038 June'27
Registered
89 9638
9412 42
7814 7678 June'27
Cleve Cln Ch & St L gen 46_1993 J D 9334 Elide- 9312
Omaha Div let gold 38_ _ -1951 P A
9312 May'27
92
78% Apr'27
79
9312
Registered
St Louis Div & Term g 38_1951 J J 77
997
1
9833 100
1931 J J
1951 .3, 85% 87 8612 Mar'27
20-year deb 4'4e
Gold 3344
9% May'27
13
1907184 Sale 9
113
84 Sept'213
107% 10314
1993 J D 19
General 53 Belles It
Springfield Div let g 8141,1961 J
10218
32
93 9113 June'27
1
Ref & impt 64 series A _ _1929 .1 J 10233 10i- 0234 1027
Western Lines let a 46.- 1951 P A
__ 07 May'27
1941 J J
Os series C
106% 108
III Central es Chic OIL& NO23 1034 10als
- lO3ti
104
10334 10378
1963 3D 10413 Sale 10412 105% 22 10314 10514
1963 J J 106Is series D
Joint let ref 56 series A
9712 9714
2
94
975s 95
9312 9514
1963 3D 9713 Sale 9713
Cairo 131v let gold 4s___ _1939 J J 94 Sale 94
1st & ref 4)4s ser C
10444 107
8814 90 89 June'27
9912
80
1951 J o 10612 - - - - 10613 Mar'27 CthW&MDIvletg4e_1991J
Gold 5e
- 10312 10813
1
901g
8752 AI
B 103% 107 10313 Mar'27
'
Registered
St L Div lst coil tr g g 44_ _1990 MN 9018 Sale 9018
_ 7813 Feb'28
1951 in 79%
M N 86148714 May'27
Registered
8714 874
Gold 33.0
933, -131a
9714
91% 9714 Ind Bloom lc West lot 0:1 44 1940 *0 9312 ___ 935s May'27
epr & Col Div let g 44_1940 bi 5 9434 -67-- 9714
981, 9442
9613 Apr'27
1980 3, 9234 9512 945s May'27 _9712 Ind Ill 53 Iowa 1st g 46
91
W W 1/al Div 1st g 44_ _ _1940 J J
87
84
): 1083; 10812 June'27
)
(
8614 8712 8614 June'27 - _ _ _
10714 10918 Ind & Louisville let gu
4956 J
OCC&Igenconsges____19343 3 11
_
_
_
1024
1034
May'27
10213
10273
1033
8
102%
102
1033
May'27
102%
10133
Ind Union Ry gee 54 eer A._1965 J
Clay Lor & W con letg 55_4933 A 0
_ 10214 10274
3 101% 10212 10278 Apr'27
'
1985
10012 10012
Gen & ref 56 series B
Cleve & Mahon Val g be. .1938.3 J 100340012 Apr'27
5 1063s 10716
- 9854 Apr'27
-0034
1935 M N
• & Mar 1st gu g 445
9814 98% Int & Oct Nor 1st 86 ser A_ _1952 3' 10613 Sale 10618 1061t
83% 98
9534 61
904
9:8 __ 99% Aug'26
Adjustment 64 ser A July 1952 Aprl 9513 Sale 95
Cleve & P gen gu 4I4 e ser B.1942 A 0 10
S114 8818
851g 12
- - 01 Mar'27
8878 8518
loin- tiff'
Apel 85
1942.3 J 10014 103
Stamped
Series A &Hs
98%
41
9934
100%
99
Sale
8933
2
____
994
8933
8933
J
•
N
1958
1948 M
4 89% 1st 5s series B
/
991
Serial C 370
75 81/
8012 48
4
1
89% 8914 lot Rye Cent Amer let 58...1972 MN 80 Sale 7934
1950 F A 885s8914 May'27
Bailee D 3 He
6
4
1
92
9933
951a
9533
93%
9313
102
MN
10i
10234
1023
4
1941
0
A
101%
let
4745_1961
gu
Line
194
let coil tr 6% noted
Cleve Bbor
5134 17
111312
5013
50
Cleve Union Term 54e_ .._ _1972 A 0 108 10912 10912 10934 11 10813 110% Iowa Central let gold 56...4938 J o 5012 Sale
4912 56
5138 11
7 10311 10552
1973A 0 104% 105 10412 10434
504 52 5112
Certificates of deposit......
le$11515er8
17 3112
1
1834
1834
1951 MS 1713 18
1945 J 13 9034 9212 9053 May'27 _ _ _ _
885/1 9053
Refundinggold 44
Coal River Ry let gu is_
91114 94
7
96
96 Sale 94
9012 James Frank & Clear Let 494959
98
9912 55
Colorado & Wirth. 1st g 48..1929 F A 99 Sale 99
_ 108 103
_
_
_
May'27
03
1023
J
4
9733
1958
9734
s
973
9734
18
N
M
--_1935
99
tis_
96%
4
exten
KaA&GBistg11856
Refunding &
8514 88
8712 June'27
1990 A()
9173 94% Han dr M ist Ku X 49
19481A 0 94%9438 May'27 _ _
Col & Et V 1st ext g 44
9914 10012
9978 _ _ _ _ 997 June'27 _ _
1027
9013 9613
1955 F A 90%94 9912 Mar'27 -_
21 20-year M
Col & Tol 1st ext 48
10171
10114
10112
2
10112
10114
1011g
____
May'27
MN
8813
--I
8813
8818
()
5s__.1928
A
g
cons
4..-1948
8818
K C Ft s & M
Conn & Paseurn Rly let
5 Due Feb. e Due May. p Due Des.




3610
BONDS
N.Y.STOCK EXCHANGE
Week Ended June 17.

New York Bond Record-Continued-Page 3
Price
Friday,
June 17.

Weers
Range or
Lan Sale

Bang.
Sines
Jan. 1.

BONDS
N.Y.STOCK EXCHANGE
Week Ended June 17.

Pries
Friday,
June 17.

Week's
Range or
Last Raid

11

Range
Sines
Jan. 1.

BM
Ark Low
High No. Low
High New York Central (Concluded).
BM
Ask Low
High No. Low
High
K C Ft 13 M Ry ref g 45_1936 A0 9312 Sale 9312
94
92
Canso' 48 series A
9334 42
92% 9314 9278
9312 24
90
95%
M R de B let gu 58-1929 AO 10018 _ _ 9978 June'27
9912 1014
Ref &impt 441 series A-2018
P
A
O
A
199
100
8
3
8
Sale
10018
1003
4 33
9778 10178
City Sou 1st gold 38_1950 * 0 7334 Sale 7312
56
74
Ref&lmpt5seerIeeO2O18A 0 10614 Sale 10512 10614 65 1051
7318 75355
4 108
Ref & Imps 88
Apr 1960 J
9978 Sale 99%
10038 17
994 101
Registered
A 0
10512 Jan'27
10518 1054
Kansas City Term let 45_1960 J
9038 Sale 9038
9058 26
88
914 N Y Central de Hudson RiverKentucky Central gold 45__1987 J J 9018 Sale 9018
5
814 9013
901s
Mortgage 345
1997 J J 8318 Sale 8234
8313 13
8018 sal:
Kentucky & Ind Term 450-1961 33 8514 _ _ _ _ 9458 June'27
85% 9458
Registered
1997 .1 J
_ 8214May'27
me 8312
Stamped
1961'3 9018 9012 9014 Mar'27
8812 9012
Debenture gold 45
1934 M N 968 9714, 9654
978 45
964 9814
Lake Erie & West lit g 51 1937 J
4 101 103
10158 Sale 101% 103
Registered
MN
96 Feb'27
96
96
20 gold 55
4 1004 102
1941 33 10034 103 10158 101%
30-year debenture 48
9712
1942 .1 J 9412 712 9712
2
944 9838
Lake Shr & Mich S g 3348_1997 3D 85 Sale 83
13
801/ 8513
85
Registered
.1 J
93 Feb'28
Registered
1997 3D
_ 82 Apr'27
8214
80
Lake Shore coll gold 348_1998 F A 83
83' 8234
8314 24 "firs -ill;
Debenture gold 48
1928 MS 9912 Sale 9912
9814 100
Registered
9934 44
1998 F A
81 Mar'27
7834 81
25-year gold 45
1931 MN 9834 9878 98%
MIReiri
ch .
9878 79
Cete
97% 99%
nrted
coll gold 345..1
1998 F A 8214 85
8212 June'27
7954 8518
Registered
1931 MN
96 Dec'25
82 May'27
78%
8214
Leh Val Harbor Term 58..._1954 FA 10538 106 105%
5 10411 106
10534
N Y Chic & St L let g 455_1937 A 0 -65" 9584 95
7
9518
9434 95.
Leh Val N Y let gu g 4Sis_ _1940 3' 9978 ____ 99%
4
9812 10014
100
1937 A 0
94 June'27
94
9513
Lehigh Val (Pa) cons g 48_2003 MN 88
7
90
89
8814 91%
debenture41:
Re
8913
25-year
19
93
31mN
1 M N 9834 -__ 99 •
7
9914
96% 991s
Registered
MN
84 .8912
2d 65: series A B C
89 May'27
10234 Bale 10234 103
46 1021e 10314
General eons Cis
2003 MN 99 Sale 99
97 100
Refunding 5%s series A _ _1974 A 0 10578 Sale 10512 106
9912 21
34 10413 10673
Registered
MN
97
97
97 June'27
Refunding 51is series B _1975 J J 106 Sale 1057
32 104% 107
106
Lehigh Val RR gen 55 series.2003 MN
N Y Connect 1st gu 410 A 1953 P A 9714 Sale 964
:108
S-81;- 106
10612 13 1031
17
98
94% 139
Leh V Term Ry lit an g 55.1941 AO 10378 104 10378 May'27
10212 10518
lit guar 5e series B
1953 F A 10412 10512 1043* June'27
10333 105
Registered
AD
_
10218 10212 N Y de Erie lst ext gold 4a_ _1947 M N 91
10218 Mar'27
9134 Oct'26
Leb N Y let guar gold 4i_1945 MS 9034 9212 905s Feb'27
3d ext gold 4%5
90%
90
1933M S 9812 ____ 9878 Mar'27
9813 98%
Lax & East lit 50-yr 56 fru_ _1965 *0 1111: 1121: 11354 June'27
10934 11334
4th ext gold 55
1930 A 0 10088 ____ 100% Mar'27
9838 10018
Little Miami gen 4s Bar A ..1962 MN 8753 9134 90 May'27
5th ext gold 45
8853 9012
19283 D 99% ____ 99 Nov'26
Long Dock consol g 65
2
1935 AO 10878 110 10878
108% 10912 N Y& Greenw L gu g 5e__1946 M N 997
108%
___ 100 June'27
"a;fthrli
Long Isld lit con gold 5aJuly1931 Q J 10114
5 10088 10112 N Y& Harlem gold 8Lis_......2000 M N 82 -85 85
10112 10112
2
85
8134 8638
let consol gold 45___ _July1931 Q
98
98
9614 -- 98 Feb'27
Registered
M N
8212 Mar'27
824 824
3D
General gold 4e
3
1938
92% 9818 N Y Lack de W lat & ref 58._1973 M N
9314 ---- 93%
9312
_
80
July'25
Gold 45
1932 3D 9512 _
93% 9534
9534 May'27
First & ref 4 tie
1973 M N H15
-18
. ____ 10413 June'27
103 1O4'
Unified gold 45
8914 91
1949 M
8934 June'27
90
89
NYLE&W 1st 78 ext_1930 M S
106 Feb'27
106 106
Debenture gold 56
1934 3D 9934
_ 10012 June'27
99 10084 N Y & Jersey let 58
105%1932 F A 101
10114 10034 May'27
10058 1014
20-year p m deb 58
1937 MN 9914 9934 9978 June'27
981e 10014 NY & Long Branch gen a 451941 M
9014 __ 90 Dec'26 - Guar refunding gold 48_ _1949 MS 8814 9014 90
90
8834 91
NY&NEBoat Term 411_1939 A 0
_ _ 91
Apr'27 - 91
91
Nor Sh B let con au 5a_ Oct '32 Q
9912 10012 10012 June'27
100 101
81
M S 908238
- 81
81
3
7483
Louisiana & Ark lit g 5a-1927 M s 100 10018 100 June'27
100 10034
Non-cony debenture 3lis_1947 M S 723
___ 76 Apr'27 --7218 78
Non-cony debenture 3%8_1954 A 0 6912
8-7014 70 June'27 -694 784
Lou & Jeff Edge Co gu g 4i_1945 M
89% 9034 9034 June'27
8958 9213
Non-cony debenture 4a
1955 J J 7612 7812 7834
76
8034
7884
3
Louisville & Nashville 55_1937 MN 106
_ _ 10612 107
10 10618 107
Non-cony debenture 4e
1956
78
M
Sale
21
N
79
78
7714 8034
Unified gold 49
1940 3, 96% 9778 96
: Cony debenture 3%a
954 981
9614 12
19
94
56
8 .31 3 6812 70
6834
10
70
6834 7314
Registered
3,
95
96% May'27
96%
Cony debenture (18
107 Sale 10634 10712 37 10518 10914
Collateral trust gold 58_ _ _1931 MN 10112 102 10234 May'27
10115 10234
Reglatered
107 Apr'27
3 J
108 107
10-year secured 78
1930 MN 104% 105 10478
9 1031e 106
105
Collateral trust 6s
1940 A 0 104 Sale 10314
37 108 10514
104
let refund 545 aeries A....2003 A0 107 Sale 107
6
110
105
107%
Debenture 4s
1957 M N 7158 7212 7112
72
9
894 79
let de ref 55 series B
*0
10712 Sale 10712 10712
2003
7 10534 10884
Harlem R & Pt Ches lit 481954 M N 8912 ____ 8958
8938
5
89
9015
let & ref 445 seriee C_2003 AG 10134 Sale 10112 101% 13
9934 10338 N Y& Northern 1st g 5&_l927 A 0 100 ___ 100 May'27
997s 100
N 0& M let gold 615
10338 103% 10378 June'27
1930
103% 10373 NY 0& W ref lit g 4s_June 1992 M S 7812 Sale 7814
30
79
7614
7918
2d gold 65
1930 33 103% 105 10334 May'27
103% 10334
Registered $5,000 only
7218 Dec'26 M S
Paducah & Mem Div 45,1948 P A
9358
9358 95
9358 June'27
General 4s
7512 76 June'27 -1955 3 D 75
78
St Louis Div 2d gold 30_1980 MS
6612 69
69 June'27
N Y Providence & Boston 46.1942 A 0 8934 ____ 8612 Dec'26
Mob de Montg let g 4%3_1945 MS 10038 103 10011 June'27
1003e 10118 N Y de Putnam lst con gu 48 1993
901
9213 May'27 -- 7408 -93.1;
South R7 Joint Monon 48_1952 3, 8812 9014 8853
8
8712 9012 N Y R B lat gold 50
8838
1927 M 5 9934
210012 997 May'27
997s 100
Atl Knox,
:& Cin Div 4a 1955 MN 95% Sale 951s
5
9312 9714 N Y Susq & West let ref 55,19373 J 923 Sale 9234
951s
93
7
874 944
Lousy Cin & Lex Div g 4545'31 MN 100 10012 10018 June'27
100 10012
2d gold 4Sie
1937 F A 7912 85
8034
7354 8034
803
4
8
Mahon Coal RR let Si
10313 10312 10358 Apr'27
1934 J
10318
103%
General gold 5.3
7714 18
1940 F A
77 Sale 77
711s 80
Manila RE(South Linea) 48_1939 MN 6812 70 6918
4
66
70%
6918
Terminal lit gold 58
1943 M N 10012 1024 101 June'27
984 101
let 4a
1959 MN 7612 82 78
73% 84
2
78
N Y W'chea & B lat ser I 430'46 J J 8112 Sale 8138
49
82
7818 8314
Manitoba SW Celoniza'n 58 1934 3D 100 101 100 June'27
100 101
1
Man GB &N W let 3%5-1941 33
8312 Feb'26
Nord Ry ext'l if 648
1950 A 0 9734 Sale 9714
96
98
9814 984
Mich Cent Det & Bay City 5s.'31 8 M 10112
Dili
1013
*
4
fills;
May'27
Norfolk South let & ref A 58.1981 F A 9238 9278 9158
18
93
9014 9314
QM ____ ---- 101 Dec'26
Registered
Norfolk de South let gold 5s.1941 MN 10112 10212 10158 June'27
1004 10158
Mich Air Line 45
'
3 9538 97
1940
4 -9
9512
-574 I578 Norfolk & West gen
9512
gold 68.1931 RI N _ _ _ 10512 10514
10514 12 10814 1064
• J
Registered
_ 92 Nov'26
Improvement de ext 85_1934 F A 10814 109 10812 108%
3 1084 110
J L & S lst gold 8Iie
1951 MS 8534 87
79 Nov'26
New River 1st gold 6s_ _ 1932 A 0 10612 -- 107 May'27
10814 107
let gold 3%a
1952 MN 88% 8912 8534 June'27
04 -96N & W Ry let cons g 40.__1996 A 0 95% 9614 92%
4
9218 97
9614
20-year debenture 45
*
0
9912 99% 9912
1929
9838 99%
9958 12
937s 95
Registered
095
1996
95
May'27
A
Mid of N J let ext 5e
1940 * 0 9614 97
95
98%
9834 June'27
Div'l lit lien & gen g 48.1944 J 3 9378 Sale 938
34
94
9538
93
Milw L S & West imp g 5i1929 PA 10034 _
100% 10158
01 June'27
10-yr cony. fis
1 158 185
1929 MS --------180
180
Mil & Nor lit ext445(1880)1934 3D 9612 98
9512 Dec'26
Pocah C & C joint 455_ _ _1941 3 D 9414 95
39
9434
95
92
7
8
90
Cons ext 445 (1884)
1 76; -91- North Cent gen & ref re A_ _1974 M S 107 ____ 106
1934 J D 9618 97
98
98
Jan'27
10558 106
MII Spar & N W lit gu 453__ _1947 M
9318 94
3
93
9214 954
93
Gen .Se ref 4%s series A ___1975 M 8 -- ____ 9918 June'27
99
9934
'
Milw & State L lit gu 358..1941
3 8418 ____ 8313 Dec'25
North Ohio let guar g 5a _ _ _1945 A 0 96
9714 977k
5
9418 100
978
North Pacific prior lien 45...1997 Q 1 9334 Sale 1 9338
137
94
9114 97
Minn & St Louis let cons 53_1934 MN 5412 5712 5633 June'27
5114 57
Registered
1997 Q J 92
93
93 June'27
9058 9434
MN 53% 56
Temp ctfe of deposit
5114 55
Gen'l lien gold 38_ __Jan 2047 Q F 6712 Sale 6614
5373
5414 12
8712 41
0558 8912
let & refunding gold 49__ _1949 M
1978 Sale 1978
174 23
Registered
2078 39
Jan2047 Q F 6414 6612 6613 June'27
63
5e 6751
Ref de ext 50-yr 56 ser A_ _1962 Q
1314 15
13
Ref & impt 4%s serlea A-2047 J J 99% 9958 99
1514
1312 June'27
9912 37
96 10114
M St P & 8 S M con g 48 int 311'38 ▪ .1 85% 8758 8718
87
17
887a
Registered
88
.1 J 9514 ____ 98 May'27
98
98
•
J
lit cons 58
9612
Sale 9612
98
Ref & impt 65 series B._2057 J 3 11314 Sale 113
1
9833
1938
9613
11373 44 118 116
let cons 55 gu as to Int_
9612 9818 97
984 98
1938 J
Registered
3 3 11233 ____ 11014 Mar'26
9714 28
10-year coil trust 6 Lie___ _1931 MS 9834 Sale 9713
102
9712
Ref
111
& Inapt 58 series C _2047 .1 J 10414 1051
99
:107 June'27
1-0
.
74
let & ref fle seriee A
9814 102
Ref & impt 5e series D...2047 3 1 10412 1057 106 June'27
7
1946
,_ 9812 Bale 9814
9812
1034 10714
35-year 5 tie
8412 10
8213 89
1949 M 0 8218 8314 8412
Nor Pac Term Co lit g 8e_1933 J J 10934 __ _. 10978 May'27
10914 1094
1st Chicago Term a f 4s_ _ _1941 MN
97% 9734 Nor Ry of Calif guar g 58 _1938 A 0 106
9734 Jan'27
____ 108 June'27
1051s 10014
150651551PIII Central lit 5s
9512 974 North Wisconsin 1st 6e
1949 J. ...,,
96 June'27
1
1930 J J 102% ____ 10318 Mar'27
1027s 1031s
Mo Kan de Tex lst gold 48 1990 1 :
8812 8834 8838
8633 89%
3
8812 12
1110-11-T RR pr lien Si ser A _1962
103 Sale 103
10312 40 101 10312 Og de L Chum lit an 45 g___1948 J 3 84 Sale 1 8312
84
5
815* 864
40-year 45 series B
851z 8834 Ohio Connecting Ry let 48_1943 M 5 9514 ____ 9458
43
1962'
. J_ 8712 Sale 8714
88
10-year 6e series C
Oho
7 10258 104
loeR
,ery
1932 3 3 10278 103 10234
I aer
l KRA m
10234
ist a 5e
1936 J D 10338 1041s 10318 Mar'273
10318
1
01%
18:1ss
Cum adjust Si ser A Jan_1967 A 0 10412 Sale 10312 10412 160
96 106
1037 A 0 1024 ____ 103 May'27 ____ 1014 103
Missouri Pacific
Oregon & Cal 1st guar g 58._1927 J 1 9978 100
99% 100%
5
99% June'27
let & refunding 55 ser A_ _1965 F A 99 Sale 99
9838 101
Oregon RR & Nay con g 45.19463 II 9312 9412 9312
9912 10
9312
88% 944
4
lit & refunding (la ser D1949.F A 10712 Sale 1071e
Ore
G orctL
10713 32 1064 109
o,
,
Ine
m let cons g 58.1948 3 J ____ 109 108 June'27 ____ 107 1094
General iis
76
7914
Guar
1975 M 8 . 76 Sale 76
7612 83
1946 1 3 108 10814 10912 June'27 ____ 1071s 110
lert & ref 551 ser F
1977M 8 9838 Sale 98
98 1001:
Guar refunding 45
983s 245
1929 J D 99% Sale 9918
9914 57
9814 9'34
Mo Pac 3d 78 ext at 4% July 1938 MN 9312
9258 95
9312 May'27
Oregon-Wash let & ref 48_ _ _1961 3 J 9058 Sale 90
91
77
86711 91
Pacific Coast Co 1st g 5a
8813
Sale
D
1
1948
8812
8813
8812
J
93
Mob & Sir prior lien g 5e___19453, 10018 _ _ _ _ 9734 June'27
9714 99
Pao RR of Mo let ext g 4.5 ..1938 F A 9312 95
94
94
18
9358 95
let m gold 45
33
864
8814
June'27
87%
2d extended gold 58
1945
8814
3 102 1024
19383 J 10214 ___ 10238 10238
Small
82
824 Paducah & Ills let a 1 4 Sie..1955 3 J 094 .___ 9912 June'27
1945• J 8312 -- 8212 Apr'27
994
98
Mobile & Ohio new gold 68_1927 J O 10034 101 10078 June'27
1004 10154 Parts-Lyons-Med RR 6a_
8718 0884
1958 F A 9312 Sale 93
9438 iis5
let extended gold (is__ July1927 Q J 99% 10014 10018 May'27
9914 10013
Sinking fund external 71_1958 M 5 10034 Sale 108%
30
101
984
1024
General gold 431
93
9518 Paris-Orleans RR a 1
9412 95
1938 M
9412 May'27
10112 34
1954 M $ 10018 Sale 100
9514 10*.
Montgomery Div lit g 58_1947 P A 10012 102% 100% Mar'27
10038 10114 Paullsta Ry 1st de ref 75
10 1014 10313
103
s f 78_ -1942 M S 10214 103 1024
Bt Louie Division Si
99% 100% Pennsylvania RR eons g4e_1943'M N 97
1927 J O 99% 101
997 June'27
98 97 May'27 __.
9512
98
Mob & Mar lit gu gold 45_1991 M S 91% 9114 9712
94% Apr'27
Consol gold 45
1948 M N 9814 ____ 98
98
6
9414 98
Mort C 121 ea g Si
11112 11312
1937 J J 113 11314 11314 June'27
As sterl etpd dollar_May 11948 M N 96
97
96
4
94
5
1
974
Registered
3 I
Ill% 11112
11112 Mar'27
Consolidated 4%i
1960 F A 10438 Sale 10314
4 14Z 18 102 105.:
let guar gold 58
1031s 104
104 10513 104 Mar'27
1937 J
General 445 aeries A-- 19853 D 10134 Sale 1004 10134 43
994 10218
Morris de Essex let au 84e_ _2000 J O ---- 8312 8312 June'27
8012 85
General 5s series B.1968 J P 10818 Sale 1071
. 10818 44 100
0674 107
1158
Nashv Chatt & St L 1st EA._1928 * 0 10014 10012 10014
5 100% R1112
10-year secured 75
10014
1930 A 0 10612 Sale 10633 106% 53
Nipia&Sistaug 5a
1937 FA 10238
102% 10312
10312 Apr'27
15-year secured 6 tie
11214 41 11114 111114
1936 F A 11118 ____ 11233
Max
3,
Ry
pr
of
Nat
lien 4%1..11187
30 Sept'24
F A 10312 10378 11134 June'27 ___ 1114 11114
Registered
Assent cash war rot No 4 on
1434 Sale 1434
14 1640-year secured gold 53._.1964 M N 10334 Sale 103%
15% 18
104
56 102 10418
Guar 70-year s f 40
1977 AD
8712 Aug'25
Pa Co gu 345 coil tr A reg_1937 M 9 8718 _ _ _ _ 89 Mar'27 ___
89
89
Assent cash war rdt No 5 on
18
1818 28
20
2
20
20
Qua. 3Lis roll trust ser 8.1941 F A 8813 89
867 May'27 _ _
86
894
Nat RR Mee pr I 4 Lis Oct -1928
3812 July'25
Guar 8348 t:ust ate C._ -.1942 3 0 8618 Sale 8612
8613
5
85
864
33
July 1914 coupon on
24 Sept'25
851: _ __ _ 8534 June'27 ___
Guar 3lis trust etfe D....1944
8458 864
2114 Sale 2114
Assent cash wwr rot No 4 on_
9
22
Guar 16-25-year gold 48_ _1931 A 0 9938 9834 9858
9834 25
97% 9914
lit canoe! 455
1951 AD
28 Apr'26
Guar 48 series E
9053
1952 MN 904
9038 60
88
9038
AO
Aprli 1914 coupon on
1812 June'26
Pa Ohio & Bet 1st. dc ref 4%a A'77 A 0 97 Sale 1/612
97% 61
9611 9814
1313 Sale 1318
Assent cash war rot No 4 on_
1-81; Peorcoe
5
1318
la tErern ist eons 48_1940 A 0 9018 9012 901s
9012
5
864 9114
Income
April 1990 Apr. 47 Sale 47
47
17
41% 48%
New England eons 58
1945 J J. 10014 10113 10058 June'27
994 10034 Peoria & Pekin Co let 5145.1974 F A 10314 10512 10512 10512
5 104 low,
Consul guar 43
19453 3 87% ____ 88% Apr'27
8778 89
Pere Marquette let ser A 515_1966 J 3 10434 Sale 10334
1043
4
43
108
/
1
2 106
F
A
_1986
N 3 Juno RR guar let 4:1_.
8512 Jan'27
85% 8512
let 4.3 series B
1956 3 3 9034 _ _._ 9034
911
: 2
89
924
9612 9774 Pbila Bait & Wash
97% 97
97
N 0& N E let ref&Imp 4%5 A'152 J J 97
1
let sr 48._1943 MN 97 100
9818 June'27 __ _
We 984
1
J
Sale
Orleans
_1953
lit
88
Term
48_
_
8914
New
871s
88
88
2
General 55 series B
11078 111 11078 June'27 ___ _ 1104 11314
I
A
1974
_ _ 10014 June'27
N 0Texas de Max n-o Inc 68.1935 A 0 10014
Ph
ppicnilaic
- 100 101
p
cp
l
iee
ns
ektRLry
eggist 30-yr s f 48 1937 .1 J 424 424 4212
42
4314 16
434
1954 A 0 10012 Sale '0018
let 5a seed: B
10012 17 10014 IOU:
iuste
ui
reicil Al A 61 19323 D 10658 ___. 10658 Mar'27 ____' 1004 1004
1956 F A 10314 10312 10314
1st Is series C
10358 16 10314 10458
19-40 A 0 10075 _ _ _ _ 10114 May'27 _ _ _ _ . 995* 10 i le
1954* 0 10514 10512 10518 10558
let 6Lie series A
Series B 4 tie guar
9 10414 10554
3 10014 10112
101 I
1942* 0 10054 Sale 10054
9714 9814
N & C Bdge gen guar 4 48..1945 J 1 9734 ---- 9714 Mar'27
Series C 4 4s guar
2 100 4 MI 4
1942 MN 10034 10278 10034
100341
NYB&MBIstcong551-1935 A 0 101 102 101 June'27 _ - 10034 102
Series D 45 guar
9714
1
9612
96
1945 M N 9653 9778 9612
10038 10873
N Y Cent RR cony deb 51,_ _1935 M N 10712 Sale 1074 10814
Series E 3345 guar gold- _1949 F a 9638 ____ 965*
3
9658
98% 9658
N
11614
M
Registered
Mar'26
uar
a, gold
8
(
F
..
1I
C.
q...
e431;11
gn
19633 0 964 -- 974 Apr'27 ____
974 1151 31
19)57 MN 9658 ____ 965s May'27 .. -06..8 er

VA




inai,

4i=re

3611

New York bond Necord—Continuea —Page 4
BONDS
N. Y STOCK EXCHANGE
Week Ended June 17.

Price
Friday,
June 17.

Week's
Range or
Last Sale
HOD No

Range
Sings
Jan. 1.

BONDS
N. Y.STOCK EXCHANGE
Week Ended June 17.

Prigs
Friday.
June 17,

Week's
Range or
Last Sale

cl3Q

Ranks
Ana
Jan, 1

BM
Hfob
Ask Low
Mob No. Low
High
924 974
Vandalia cons g 4a serial A-1955 F A 0312 0712 96 Mar'27
1957 MN 9312 9712 904 Oct'26
10012 100,4
Conaol 48 series B
0052 103,4 Vera Cruz & P lst gu4 H EL-1934
J J 23
24
28
Apr'213
100 10312
July 1914 coupon on
1934
8 10634 11014 Assenting let 450
2414 May'27
10034 _ _ 100/
4 May'27
1
10034 10034
Virginia Mid ba series F.-__ 1931
76 lOSli 111
1938 M N 10238 ____ 10238 June'27
10235 1027s
General 5e
1
J 10114
10238 June'27
102 10255
99 10078 Va & Southw'n let go 58-2003
1958 A 0 954 -98
96 June'27
9433 98
10575 106
let cone 50-year be
10512 29 10212 10738
Virginian Sty let 58 series 4_1982 MN 105 Sale 105
23 103 10415
1939 M N 104 108 10334 104
10112 foil; Wabash let gold 68
10234 12 100,s 10334
1939 F A 10238 Sale 10238
10012 10012
26 gold be
10412 Sale 10414
10474 139 10318 10514
1975 M
Ref f 5I.4e eertes A
117
1976 F A 100 Sale 994
100
9918 10178
Ref & gen 53 series B
___ 8314 Feb'25 -132i4 94
Debenture B 8e reglatered_1939 J
10458 107
874 8812 8734 May'27
Iirit 881,
1st lien 50-yr g term 48._ _ _1954 J J 992 1031/ 106
1941 J J 10334 ____ 10334 10334
75
71
Det & Chl ezt let g be.
9254 June'27
_
8812 931a
Dee Moinea DI, let g 4a_ _1939 J J 924
1941 A 0 8512 -86
8612 June'27
8334 87
Om Div 1st g 3 kis
91
90
9
___ 904 Feb'27
9478
1941 M 8 911
Beading Co Jersey Con coil 481951 AO 94/
92 100
4 Sale 9458
1
Tol & Chic Div g 411
80
78 4-834 8314 June'27
*0
Registered
8314
Warren let ref gu g 3H8_ _2000 F A
1
8714 884
163-4 15 -98 lOOli Wash Cent let gold 411
1948 Q M 8812 8912 8838
Gen & ref 4)45 aeries A_ _ _1997 33 -66i2 gi;fe8834
87 May'27
8555 87
7912 825
1945 F A 874 90
1948 MN 7914
Rich & Mack let g 45
, Wash Term let gu 314e
8014 May'27 _
8714 924
___ 874 May'27
_1945 F A 913
RIM= Term Ry let gu ba _.1952 J J 102 103 10258 Apr'27 -- 102 103
let 40-year guar 48.
984 994
100
49874
9914 May'27
Rio Grande June let gu 50_1939• 12 9818 ____ 101 May'27' -- 1004 10114 W Min W & N W let gu 58_1930 F A
110
83
82
764 844
1952 A 0
Rio Grande Sou let gold 48_ _1940 J
718 Dec'26
West Maryland 1st g 4e
2 10112 1024
Balle 10112 10112
111 Sa
'
82
1937 J J 10
Guaranteed (Jan 1922 coup on) J J
734 --- 6 May'25 - West N Y & Pa 1st g 5s
20 'Ws ill;
90
88
93
1943 A 0 8914 _-- 89¼ June'27
93 Sale 9278
Rio Grande West let gold 48_1939 J
Gen gold 48
Feb'25
45
let con & colt trust 48 A _1949 AO 86,3 Sale 8618
Apr 1 1943 Nov
84
875s
8612 18
Income g be
99 Wei
9912 Bale 99
9438 9712 Western Pao let ear A 5s_1948 M
MS 9612 Sale 9534
9934 39
9678 46
ft I Ark & Louis let 4
1948 M 8 10312 Sale 10212 10312 17 10213 1044
8212 8534
J 84
Rut-Canada 1st gu g 48— —1949
8534 85 June'27 -let gold Bs series B
881s 91
1
1941 J
8734 Sale 8712
3nt1and let con g 4148
914 9512 West Shore let 4e guar
8854 18
9512
9212 954 9512
2361 1
89
86
J J 8718 _--- 8814 June'27
8834 8914
2361
St Joe & Grand Iel let g 45_1947 33 8812
8914 June'27 -- -Registered
1998 3, 100
100 1001a Wheeling & Lake Erie
____ 10018 May'27
St Lawr & Adlr tat g 58
9934 101
1996 AO
10534 Mar'27 -- 10514 10714
26 gold 88
_
Wheeling Div let gold 66_1928 J J 10014 ____ 10014 May'27
994 10014
00 2 ---- 1004 May'27
1931 J J 10696/
1
97 I
1930 F A
St L & Cairo guar g 48
4 9712
1
9678 973
4 97
-Ext'n & Inapt gold 55
9012 94
101181 12 10014 10134
924 9312 9218 June'27
St L Sr Mt &13 gen con g 55_1931 A0 10112 Sale 101
Refunding Vie serial 4_1986 M
10012 10012
10014 101 10012 Apr'27
1986 M
1931 AO
Stamped guar 58
- 10038 Sept'28 Refunding batteries B
8714 9014
894 44
1929 ii 9878 Sale 9834
9738 99
Unified & ref gold 48
1949 M S 894 Sale 8914
984 77
RR let comic)! 48
11
7914 8035
78
7714
RP,& ODiv lat g 48 .. 1933 MN 9434 Sale 944
9313 95
Wllk&Esst1etgug5e..l942J D 7534 78
9458 69
104
104111
D
Mar'27
4
1043
4
1033
19383
100 101
St 1, M Bridge Ter aug 55. _ _1930 AO 10012 10134 10012 June'27
be
gold
Will & S F 1st
4 90
1
88/
8934 89 June'27
St L & San Fran (reorg CO) 451950• J 8614 Sale 8534
84,
3 '02 Winston-Salem El B let 45_ _ _1980 J J 89
8618 281
6
8175 884
82
J J
Registered
87
87 May'27
87
Wls Cent 50-yr let gen 46_1949 3 J 814 8234 8178
2
88% 92
91 Sale 91
91
Prior Hen series B 56
1950 3 J 10014 Sale 99/
4 10012 41
1
994 102
Sup & Dul dist & term lat 48'38 M N
89
89
Jan'27
Prior lien series C 115
89
1928 J J 10138 Sale 10114
10112 20 100 10258 Wor&ConEa8t.1et4'e._.l943J 3
Prior lien 634e series D -1942
3 10258 Sale 10238
'
INDUSTRIALS
10238 20 10112 103
89
921s
11
901
Cum adjust ser A 6.__JitlY 1955 A0 100 Sale 100
9012 8912
99 102
90
10038 210
Adams Express coll tr g 48..1948 M
1061±
Income series A fis__JulY 1960 Oct
7 105718 1094
10612 Sale 106
9714 Sale 9714
9514 9914 Ajax Rubber let 16-yr If 88_1936 J
9754 209
4
M
Feb'27
St Louts & San Fr Ry gen 812_1931 3, 10414 105 10434
1925
312
318
512
8,
1043
314
A_
68
4
deb
10434
10575 Alaska Gold M
84 312
1 10012 10178
General gold be
312 Apr'27 -5
J 10114 ___ 10114
1931
3
10114
1926 M
Cony deb (is series B
9112 9712
181
95
L Peor & N W let gu 5e-1948 J J 10414 1-0712 10412 June'27
9138 Sale 9112
1044 10512 Alpine-Montan Steel 1st 7s_1955
9715 10435
St Louis Sou 1st gu g 0...A931 MS 9738 98
100 Sale 100
1003s 8
9812 Apr'27
96.8 9812 Am Agric Chem 1st ref 5 f 7340 '41 F
9214 98
St L 8 W 1st g 48 bond MI5_1989 MN 8778 8834 8778
93 Sale 93
8812 89
883s 18
Amer Beet Sug cony deb 89.1935 F
dd g 4s Inc bond Attie Nov 1989 J
4
1
7 101 108/
103 Sale 10278
2318 16
103
_ 8312 May'27
81
83
8312 American Chain deb s f 68_1933 A
10
9844
95
Coneol gold 48
9714 97
97
1932 3D 9538 Sale 9514
9418 9615 Am Cot Oil debenture 58_1931 M
957a 89
10512 10684
7
let terminal & unifying Se. 1952
4 106 10532 June'27
1
105/
3 9718 Sale 9758
'
19363
9813
9934 Am Dock & Impt gu 86
95
10812 104
4
Eit Paul & K C Sb L 1st 4558_1941 P A 0312 944 9212
10338 10412 10311 June'27
1939 A
9212 96
93
Am Mach & Fdy s Se
99 100
St Paul & Duluth let be
1014 102
3
1931 F A 101114 l0212 10134 Apr'27
9912 994 9912 100
Am Republic Corp deb 68_1937 A
35
101
10012
1013
1024
Sale
4
1013
A
let consol gold 48
'47
A
1968• D
sec
92 June'27
93
92
58
30-yr
let
R
&
Am Sm
10734 Sale 10734 lO81s 11 1074 109
3 98
'
St Paul E Or Trunk 4 Lis_ _ _1947
98
98
Jan'27
1947 A
_ 98
let M Si series B
59 104 10535
974 9812 Amer Sugar Ref 15-yr 68-1937 J J 105 Sale 10434 105
St Paul Minn & Man con 48_1933 J J 0634 -0814 9712 June'27
991 125
9814 994
let coneol g 88
1933 3, 10734 10814 10814 May'27
1077s 10838 Am Telep & Teleg coll tr 48 1929 J J 9914 Sale 994
9584
4
9814 97
9534
J J 10612
1938 M 13 9534 96
10714 10714
Regletered
1074 Apr'27
Convertible 45
981s 1004
10038
8
1007
S
M
10014
994
3
3
1933
9934 10058
6s reduced to gold 44e_1933 J J 100 Sale 100
4148
cony
10018
20-year
67 10234 105
1043
1948 .1 D 10414 Sale 104
Mont ext let gold 45
9512 9814
1937 3D 9612 97
9634 June'27
80-year coil tr 68
110 101 10358
103
3D 0412 _
19603 J 1024 Sale 10238
954 954
9512 Jan'27
Registered
85-yr e 1 deb 5a
10654 99 1054 1074
4 Sale 10838
1
1943 M N 106/
91
Pacific ext guar 48 (sterling)'40 J J
9212 May'27
9212
20-year f 51,is
4 1034 10612
1051
2 1054 10712 Am Type Found deb 68
1940 A 0 10478 Sale 10478
St Paul Un Day 1st .1c ref Se 1972 J
10714
10714
9954 16
98 1014
9934 99
Am Wat Wks & El col tr 56-1934 A 0 99
10034 10311
28
103
10212
Sale
10212
S A & Ar Pass let gu g 4e_ _ _ _1943 .1 J 8914 9038 9058 June'27
N
M
1975
888s 9258
Deb g ffs ser A_
88
83
83
863
4 Bale 86
1
1947 1 J 86/
Santa Fe Pree & Phen be_ _1942 M
10218 10314 Am Writ Pap let g 68
102 10314 10314 June'27
1041 128 1(1338 1047s
Say Fl 42 West let g (18
10834 10912 Anaconda Cott MID let 68-1953 F A 10334 Sale 10334
1934 A 0 10834 110 10912 May'27
94 10611 1094
1083
1938 F A 10812 Sale 108
let gold ba
10234 104
1934 A 0 103
_ 104 May'27
15-year cony deb 75
105'8 120 10312 1084
Scioto V & N E let gu g 48-.1989 M N 92
95
91
94 June'27
98
Andes Cop Min cony deb 7s_1943 J J 10512 Sale 104
981 363
864 964
4
Seabrard Air Line R 4s
1950 A 0
814 84
8278
Anglo-Chilean 79 without war-'45 M N 98 Sale 9412
8234
984 100
66
98 Bale 9812 100
tiold 4s stamped
6
81
1950 A 0 804 -81-12 8034
8034 8778 Antilla(Comp (Aisle) 7t4s-1939 J J
4 19014 1024
Adjustment 5s
191
Oct 1949 F A 8478 Sale 8378
85
8315 8812 Ark & Mem Bridge &Ter be-1984 NI El 10012 ____ 10012 10013
8812 981s
90¼ 96
Refunding 45
1959 A 0 70 Sale 70
70
7038 26
764 Armour & Co let real eat 4541'393 D 8934 Sale 89
87315 9534
8935 66
tat & cow 89 series A
S 9512 Sale 95
194F
9434 9938 Armour & CO of Del 5346„ _1943 J 3 8834 Sale 8812
9534 168
4t1 & B1rm 30-yr lat g 4841933 M
10235 Sale 10212 1024 10, 10034 104
--__ 9212 934 June'27
9114 94
Associated 011614 gold notes 1935 M
102 10835
Seaboard All Fla let gu Gs A _1935 F A 9512 Sale 95
____ 10238 May'27
1947 3 D 103
94
9858 Atlanta Gae L 1st 5a
9534 81
Series B
155a 15311
1558 __L. 1558 June'2 __ __I
1935 F A
9534 9534 951
11
9612 Atlantic Fruit 78 ctfa dep-1934 J
94
953
lb
Seaboard & Roan 55 extd„ _1931 J
18
Jan'27 -__ 1
J D 2118 ____ 18
100 1003.4 100 Apr'27
100 10058
Stamped ate of deposit
So Car & Ga 1st ezt5Sic _.1929 MN 1014 10112 10114 June'27
13
_ 73
704 71371
75
7318
10034 1015a AtiGulf&W ISSLeoltr 58_1959 J
El At N Ala cons gu g be
24
10118
4
193(1 F A
1003
Sale
1001,1025.
101
J
1937
105 May'27
1037s 105
Atlantic Refg deb 58
Gen cons guar 50-yr 5e_ _ _1963 A 0 11112 112310734
4 11158 11184 23 11014 11214 Baldw Loco Work. let 59.1940 MN 107 Bale 107
9 106 198
So Pac 0011 48(Cent Pac roll) F49 J D 91
10712 15 10812 10a14
9714 ____ 10714
914 91
8814 93
914 19
Baragua(Comp As) 748...1937 3
Registered
J„D 87
9814 10884
10038 201
88 May'27
89
88
86
Corp 88 with warr_1940 3 D 9978 Sale 9914
Barnadall
20-year cony 45
June 1929 ER El 9914 Sala 9918
8914 9412
9034 33
90 Sale 90
9938 134
984 994
Deb fla (without warrant).1940 J
20-year cony 58
1934 J D 10212 Sale 102
20
9412
944
4
943
94
10212 10 10014 103
9412 9814
J
1938
68
Beld3ng-Hemingwa7
20-year gold be
1944 MN 100 101 10078
8 10284 10514
10458
101
19483 J 10312 104 104
100 103
Bell Telephone of Pa be
San Fran Terml 1st 4e_ _1950 A 0 9138 9378 9112
92
4 1054 51 10274 1054
1
4 Sale 104/
1
1980 A 0 104/
9018 9414
let & ref 5e eeries C
Registered
IA 0 88 90 90 June'27
95
9734
87
93
9734 90
Berlin Elec El & Undg 6545_1956 A 0 9514 Sale 95
SO Pac of Cal 1st on ,;11 g 55.1937 MN 107 ____ 107 May'27
15 100 10214
102
10412 107
Beth Steel tat & ref be guar A '42 M N 101 10158 10038
So Pao Coast let gii g 44_ .._1937 J J 954 _
9512 Mar'27
Sale
8
997
27
1004
4
1003
101
8
983
J
J
_1936I
__
5e_
954 9512
f
imp
&
m
p
30-yr
19563 J 95 Bale 9434
So Pan RR let ref 4e
9514 59
103 . 77 10115 10614
934 9778
Cone 30-year (le series A _ _1948 F A 10212 Sale 10214
J J
Registered
9618 May'27
10078 88
974 102
9514 9814
Com 30 year 5 kis series B _1953 F A 10038 Bale 100
South on Ry tat cone g 68_1994 J J 10712 Sale 10612 10712 370 10612 10974 Bing & Bing deb 8 Si s
94 June'27
92
944
1950 M 8 9312 95
J J
geglatered
108 June'27
1034 108
1014 1011s
Fisheries deb 8 f 88_ _ _1926 A 0 10214 ____ 10118 Feb'27 _
Booth
Dave!& gen 48 aeries A....1958 A 0 8734 Sale 864
8734 77
8112 22
92
8914 Botany Cons Mille 6)5a___ _1934 A 0 81
8112 80
80
88
Develop & gen Se
1956 A 0 11514 Sale 11514
11584 37 1134 11812 Brier Hill Steel let 5Ste_ _ _1942 A 0 104 10478 104
1047
30 1034 1054
Devel & geu 8 Ste
1958 A 0 12134 Sale 121
12134 33 11914 123
7235 794
& 7th Av let c g be__ _1943 J D 7312 7438 7412 June'27 - _ _
B'sray
Mem Div let g 5s
.19963 3 10714 10834 10738 Mar'27
1084 108
7318 7455 74 May'27 _ _
7238 76
Ctfa of day stmPd Dee.'28 int
19513 J 914 Sale I 9112
5
St Louie Div lat g 4a
8934 9234 Brooklyn City RR be
9134
9278 95
1941
East Tenn reorg Hen 85.._1938 M S 102 - - - -I 94
Apr'27
94
5 13a3
16--2
94
1e38°4
10434
4 10312 1054
944 37
105
Bkiyn Edison Inc gen ba A _ _1949 33 Mob .12 Ohio coil tr 44_ 1938 M
2
93
9254 94 1 93
92
8
033
1930 J J 10334 ____ 10518 June'27 _ _ _ 10234 1054
General 88 series B
891:
Spokane Internat let g 55.. _1955 J
844
8518 857s3. 8578 June'27
:
994 91
1968 3, 99 Sale 9878
9812 1013
Bklyn-Man P. T see Gs
Sunbury & Lewiston 1st 48_ _1936 J J 9334 ____ 9312 May'27
924 931: Bklyn Qu Co & Sub con 814 68'41 MN 8158 Sale 614 . 8218 11
6158 66
Superior Short Line 151 55..81930 M
9935
10012 Sept'28
1941 3, 754 8012 8
1 M
7881
7818 794
7
ay:26
Aug
let 58
_.Brooklyn R Tr let cony g 4a_2002 J,
Term Awn of St L let g 41is_1939 A 0 9918 Sale 991$
4 20
1
99/
984 100
13812 Nov'25
- -_-_
8-Yr 7% secured notes_ _ _ _1921 33
let cone gold be
1044 F A 10312
1 1023s 10334
10312
_ 103¼
94 Nov'25
4
94l948
12812
stamped
deposit
CM
of
45
Gen refund f g 421
19533 J 88 Sale 8734
88
8758 90
98
94
Sale
fi
3
944
Un El let g 4-58
1950 PA
Texarkana & Ft S let Sits A 1950 F A 16334 Sale 104
45 10334 10834 Bkiyn
104
971s
94
1950 PA
8
944
Stamped guar 4-55
19433 J 9978
Tex & N 0con gold bs
10014 May'27
100 101.12 Bklyn Un Gas let cone g 58_49415 MN 106 Sale 108
1024 106
106
7
Texas & Pao let gold 56_ _2000 J D 10614 Sale 10578
10618 27 10518 10812
2 11332 11514
115
115
let lien & ret 85 series A. 1947 MN 115
Den & ref 58 series 13
1977 A 0 9878 Sale 9878
150
9914
9878 1005:
1938'3 197 Sale 19512 19778 22 156 199
Cony deb 6-se
La Div B L ist it be
19313 3 10014 Sale 99
10014 23
09 10078 Butt
9212
92
3D 904 9312 92 June'27
& susa Iron e 58
1932
Tax Pac-Mo Pac Ter 534e.1064 M S 10434 10512 105 June'27 - _ _ _ 11 1.4 10114 Binh Terminal
904 92
let 45
1952 AO 914 9312 9158 June'27 _1st
Cent
Ohio
gu 5s_ 1985 J
1 110 10212
10014
Tol &
10112 ___ 1004
9512 9912
J
1955
975
Bale
8
9
973
a
977
8
ba
Consol
Western Div ist g fla
1935 A 0 10012 ____ 10012 May'27
1001 1 102
9914 10235
A
9
1024
Bush Term 111.1a8 M an tax-ex
101 102 102
General gold 65
1935 3 D 10018 101 1004 June'27
10018 10114 By-Prod Coke let 5145 A
1945 M N
west 1st 11.19173
Toltsm Peorth
16 May'27
18
15
15
15
9 101's 1U2'
foil:
101T2
t;orp unit rel M 1937 al
foiii
E
&
0
cal
Tol Si L & W 50-yr g4.._ _1950 A 0 894 9012 8978
7
9012
9678
92
891,8 91
37
94
Cal Petroleum cony deb sf 551939 F A
9334 Sale 93
Jan'27
19313 J
To1WV&0gu41484
99
9714 10214
99
99
63
98
N 98 Sale 9712
Cony dabs f 6,4,s .
lstguar43ssserIeel1..1933J J
9858 Dec'26
101
4
3
95
2
4
3
99
4
993
Sale
993
4
0
A
Camaguey Suit Mats 7s_ _1942
let guar 44. series C___1942 M S
9578 May'27
94
4 Cent Diet Tel let 30-yr 5e.1943 J 0 10312 ____ 10314
1
95/
3 10214 1035a
10314
9114
9114
2
Tor Ham & Buff ist 4a ____1948 J D 9138
9834 99
I
99
9112 Cent Foundry let a f 6e_ M a31931 F A
90
99 Sale 99
82 June'27
62
Ulster & Del 151 eons 5s_ —15126 J D 61
10334 12 101 10334
5812 84
Cent Leather I st lion f f8_1945 .1 ) 10334 Sale 10312
45
g
0
refunding
A
1952
_
May'27
4
393
8
397
42
let
8934 42
15 1188, 125
123
12234 12312 123
MN
.1941
44
s
let
Steel
15961
44
97
Onion Pacific 1st RR& Id gt 419'47 J 1 97 Sale 9814
9814 20312
947s 9934 'impede@ Sugar Co lets f 714a '39 M 5 99
7
9938
9914 99
J
Registered
94
954 95 June'27 _ __I 9375 961:
72
58
4
64 I
64
73
Mc City & Conn Rya 58.1a111927 A 0 61
1927 J
9978
9978 100
9
100 I
so-year COW,45
9958 1004
10214 10234 10238 June'27 _ _ _ 102 103
b 0 L & Coke let gu g 5e_ _1937
J
9934 May'27 Registered
4
3
74
8512
190
844
7812
Sale
944 9934
1927 F A, 81
mango Rye let 51..
9434 53
& ref 46.- —June 2008 MS 9334 Sale 9358
4 9614
1
93/
112
lig
94
9134 9812 Chile Copper Co deb 55
J 9358 Sale 9314
1947
June 2008 A e 110 112 112 June'27 _ 101 1024
tot Ileo & ref 68
10855 113
.0015 Osa & Klee ist & ref be '56 A 0 102 10212 102 June'27
1928
10114 Bale 10114
6 1043s 1054
Ill-year secured 85
105
1015/1 38 1(1114 103
____ 105
614. ear B due.--Jan 1 1961 A 0 105
_I 944 9,14
984 May'27
97% 104
1014 88
N RR ea Can gen 4a_ _ _1944 M 8 94
Mee fiery Pow & Let 68_ _ _1944 M N 100 Sale 100
1933 3 1 9614 9712 98
Apr'27 - 8512 8512
8512 Mar'27
97
Utah & Nor let eat 4it
99
't•sartisid Mt Coal 151 48
l9403J
d Due May. e Due June. It Due Aug
Sid

Pitts Cin Chic & St L (Coaclutted)
1960 P A
Series H con guar 4s
4erlee 1 cons guar 448_ _ _1963 FA
Series J cons guar 4 yie__ A964
N
General M Is aeries A__ _ _1970 3D
Reglatered
3D
Gen mtge guar 5s series B..1975 AO
Pitts & L Erie 2d g 5e_ _ _Jan 1928 AO
Pitts Meg & Y let fru Ila____1932
1934 J J
2nd guar 68
1940 AO
Pitts Sh & L E let g 511
1943• j
let consol gold 54
1943 MN
PRO Va & Char let 4s
Pitts Y & Ash let cone 5e. _1927 MN
1948 3D
let gen 45 series A
1962 FA
let gen be series B
Providence Secur deb 45_ _ _1957 M
1956 MS
Providence Term let 40




Ask Low

10012 Jan'27
9634
10014 102 10134 June'27
10234 10312 10254 May'27
10812 109 10812 10914
Oct'26
102
10834 Sale 10818
4
1
108/
100 10014 10014
10014
10418 10612 106 May'27
____ 10134 1'ov'26
104
_ 10112 June'27
102
10012
_ 10012 Apr'27
9114 May'25
9318
9934 100 10014 Dec'26
___ 94 Mar'27
108 107 May'27
9312108
69I 72
7134
7134
8418 ---- 8438 Aug'26

Low

-ir 77-4

3612
'BONDS
N.Y.STOCK EXCHANGE
Week Ended June 17.

New York Bond Record -Continued Pries
Friday.
June 17.

Week's
Range or
Lost &as

hangs
dingo
Jam. 1.

Page

BONDS
N.Y.STOCK EXCHANGE
Week Ended June 17.

Price
Friday.
June 17.

Week's
hangs or
Last dais

ft

Rang.
Sines
Jan. 1

Btd
High
Asa Low
Iltoh No. Low
814
High
Ask Logo
Hto) No. Low
Colo F & I Co gen f re- _1943 PA 10012 10112 10014
1
96 10034 Kresge Found'n coil tr 68_1936'ID 104 Sale 10334 104
10014
35 102 104
Col Indua 10t& coll 58 Su--1934 P A 9638 Sale 95%
934 9612 Lackawanna Steel let 5e A1950•B 10112 102 10114
96% 10
3
10114
9914 102
Col de 9th Ay let au g 58--1993 MS
_
Oct'25
_
10
Lac Gas Lot St L ref&ext 50_1934 * 0 10112 Sale 10114
13 10012 10214
102
Columbus Gas lit gold 50
6
1932 J J 9778 Sale 97
9638 977k
97%
Coll & ref 5344 aeries C___1953 P A 10412 Sale 10412 105
21 10334 106
Commercial Cable lit g 45_2397 Q J 78
5
8134 79
77
79
82
Lehigh C & Nay s f 410 A__1954
'
3 9914 10014 9912 June'27
9712 9975
Commercial Credit s f 611_1934 MN 96
5
93
9934 Lehigh Valley Coal 1st g 15e1933
97
9534
9534
'
3 10112 10134 10112 10112
2 101 102
Col tr I 54% notee
1935I, 9212 Bale 9212
9012 92,2
9212 10
let 40-yr gu lot red to 4% 1933
'
3 9514
95% 97
-- 9558 May'27
CommonwealtS Power 80_1947
7 1044 10512
N 10434 104% 10434 105
let dr ref s f 58
P
A
1934
100%
10118 June'27
101 104
Computing-Tab-Rea i I 88_1941 33 10512 106 10538 106
15 10414 10812
let & ref s f 58
1944 P A 10138
_ 10138 June'27
9978 10112
Conn Ry & L let dr ref a 43401961 J
961e 97
97 June'27
let & ref 58
1954 FA 9934 10012 100 June'27
904 1014
Stamped guar 4340
1951 ii 97%
9434 9812
9714 June'27
let & ref 58
1964 FA 22
1
100
,
100
4
10112
995e
Consolidated Cigar if 68_1936 A0 9914 Sale 9912 100
58
9833 1014
let & ref s f 5s
1974 P A _101 101 June'27
997s 101
Consolidated Hydro-Elea Works
Leg Ave & PP let gu g 55_1993 MS aLi2
37 May'27
37
37
Of Upper Wuertemberg 78_1958 3, 9912 Sale 9914
19
99
101
9912
Liggett dr Myers Tobacco 70_1944 AO 12312 Sale 12134
12312 38 120 1234
Cons Coal of Md let& ref 5,3_1950 J O 8134 Sale 8034
76
8318
8114 43
58
1951 P A 104 Sale 103
15 1024 101314
104
Consol Gaa(NY)deb 534e 1945 P A 106 Sale 106
57 10512 10612
1063
P A
Registered
101
1014 10114
Feb'27
Cone Pap dr Bag Mille(3348 1944 P A 75 Sale 75
8118 Liquid Carbonic Corp 88_1941 P A 10614 fir;le 10534
4
75
75
10612 31 104 112
Coneumers Gas of Chic gu 511936 ID 10114 ____ 10114
1 10114 10214 Loew's Inc deb (is with warr_1941 * 0 10314 Sale 10314
10114
10414 o2 101 10578
Consumers Power let 58_..1962 MN 10278 Sale 10278 1027i
9 102 10334
Without stock pur warrants_
40
9712 Sale 97
96
98
99
Container Corp let 6s
97
98% Lorillard (P) Co 78
1946 in 9812 Sale 9712
9812 22
1944 115 11578 Sale 11514
9 115 120
11578
Copenhagen Telep ext 68_1950 AO
9912 101
100 June'27
68
1951 FA 9712 98
9712
9634 1004
983e 15
Corn Prod Hera let 25-yr 81 Si'34
N 102 1-03 102 June'27
1011s 103
Registered
FA
9712 Apr'27
9634 9734
Crown Cork & Seal let 81 86_1942 P A 1034 Sale 10212 10378 55
9334 1037e Lord/wine Gas & Eifel (KY) Si 52 MN 101 Sale 10078 10112 45
9958 102
Crown-Willamette Pap 813
.• 1 10038 Sale 100
994 10114 Louisville Ry let cons 58....._1930 3, 95% Sale 95%
10038 14
1951
7
94
96
99
Cuba Cane Sugar cony 7s
'
3 9518 Sale 95
31
95
96
9934 Lower Austrian Hydro Elec Pow1930
Cony deben stamped 8%.i930 J
9814 102
9812 Sale 9812 100% 64
let f 6 lie
, _1944 P A 9138 Sale 9138
9212 21
8970 954
Cuban Am Sugar let coil 80_1931 MS 108 Sale 108
10712
12
10834 McCrory Stores Corp deb 5543'41 JO
10814
97 Sale 97
97
9712 29
974
Juban Dom Bug let 7346_1944 MN 9934 Sale 9934 10014 17
99 101
Mental Sugar let s f 7348- --1943 *0 104 Bale 10314
104% 31 10234 108
Cumb T & T lst & gen 50
9 10013 10214 Manhat By(NY)cone g 48.1990 *0 72 Sale 7112
134 sale
195
212
04
1314 102
9512
1937 ▪ J 10
10214 19
6714 7372
16
72
Cuyamel Fruit 1st s f as A __ _1940 *0 95'z
9334 9612
21
2d 48
2013 3D 5812 6114 6812
5
58,2 (13
5834
Davison Chemical deb 81481931 • J 961s Sale 9612
5
90
99
9772
Manila Eleo By & Lt if 581953 M
1
9614
9614
9384 98
Den Gee & EL let & refitg 50'51 MN 9914 100
3
98 10112 Mfrs Tr Co ctN of panic In
9912
995
Stamped as to Ps tax
MN 9912 100
1
9814 10112
9912
A I Namm & Son let 68_1943 3D 10512 ___ 10512 June'27
9912
105 10512
Dory Corp(D 0) let if 7s__1942 MS 7014 74
88
81
70 June'27
Market St By 7e set A Apri11940 Q 3 9978 Sale 9834 100
32
9814 10012
Detroit Edison let roll tr 58_1933
'
3 1015g 102 10158 101%
3 10114 103
Metr Ed let & ref g 68 eer B-1952 P A 10734 Sale 10734
2 10512 10834
10814
let & ref 58 series A-July 1940 M
103 ___ 1027e
22 10212 1034
103
lst & ref 5s series C
1963• J 10138 Sale 10138 10178 11 100 10173
Den & ref Si series A
1949 AO 103 Sale 103
10312 18 1024 10414 Metropolitan Power let 6e A1963 3D 10658 107. 10614
2 10514 10670
10614
let & ref (Se Berke B.-July 1940 MS 10812 Sale 10734 10812 17 10712 10812 Metz Wait Side El(Chic)48_1938 P A 78
78
80
7812 7834 June'27
Oen & ref 50 ser B
1955 3D 10314 Sale 10318 10314 15 10114 10358 Miag Mill Mach 73 with war.1956 3D 9812 9934 105 May'27
10334 105
9212 9812 Mld-Cont Petrol let 634s_ _ _1940 M
Get United let cons g 4.348-1932 33 9312 Sale 9312
9312
1
104 10414 10334 104
12 1034 105,4
Dodge Bros deb 68
N 8934 Sale 8912
89
96
201
90
1940
Midvale Steel &0cony If 611036 MB 9814 Sale 9814
16
9714 994
99
Geld (Jacob) Pack let 6s
81
1942 MN 76
8958 Milw Elea Ry&Lt ref&ext 43031 ▪ I 9858 Sale 9858
8612 81
ogle 9978
8314 24
101
99
Dominion Iron dr Steel 5s-1939 MS 75 Sale 6658
48
76
13
76
991, 10174
General di ref 543 A
1951 3D 10018 10058 10034 June'27
Certificates of deposit
49% 75
76 Sale 67
25
75
let & ref 50 B
1981• D 10038 Sale 100
22
98
10012
10012
Donner Steel let ref 78
9314
9514 Sale 931
95
98
8
1942 J
Montana Power let 55 A-19433' 10214 Sale 10214
10258 15 10112 1034
Duke-Price Pow let 6s nor A '66 MN 10312 Sale 10312 104
32 10312 10512 MontecatIni Min dz Agrie1
.▪ 11 1047s Sale 1047
Duquerme Lt let & con 6e
1949
15 10478 1084
1047
Deb 78 with warrants__ 1937
'
3 99% Sale 9878
98% 1017s
9958 10
let coil trust 53.40 series B_1949• J 111478 105 10478
3 1047s 10812 Montreal Tram let & ref 50_1941 3' 98
10478
6
95% 908
98% 9838
9858
Met Cuba Sue 15-yr if g 7148'37 M S 10614 107 107
1071a 58 10512 108
Gen dr ref 8t 55 write AI955 *0 96 Sale 96
98 10034
96
34 12
961 97
ICI El Ill Bkn let con g 41__ _1939 J
5
947s 98311 Morrie dr Co let if 4lie_ _ _1939 3' 84 Sale 8312
9638
963e
83
8914
8412 40
EC Eleo Ill let cons g 58
10678 10814 Mortgage-Bond Co 411 see 2_1988 * 0 83_ 81 Dee'26
1995 3, 10834 ___ 10858 Mar'27
glee Pow Corp(Germany)634e'50 M
95 Sale 95
9534 9912
23
96
10-25-year 5e series 3
1932
'
3 9712 -98
-51314 18-1.
2
98 June'27
Elk Horn Coal Ist & ref 8348.1931 3D 9934 Sale 9934
7
100
98
16
Murray Body let 8348
99
11 9534 9812
1934 3D 942g 9534 96
96
Deb 7% notes (with warets'31 3D 97
98 9934 June'27
95
904 Mutual Fuel Gas let 211 161.1947 MN 10134 103 10172
2 101% 102
1017
2
empire Gas & Fuel 7lie_ _ _1937 MN 1097 Sale 10978
110
92 1084 11912 Mut lJn Tel god b ext 4% ._1941 MN
101% 102
102 May'27
1st & ref (3140(with warele)'41 *0 10538 Sale 105% 10534 85
98 11034 Namm (A I) & Son-See Mfrs Tr
equip Gas Light let con 5a 1932 M
10012 Sale 10034 June'27
9934 101
Nassau Elea guar gold 41
11
.1
5918 (121s
60
1951
595
8
593
4
Sale
Federal Light dr Tr let 543_1942 MB 9634 Sale 9634
95
97
National Acme Islet 7548.193* J D 10212 103 10218
9634 10
984 1031a
10318 16
let lien s f Se stain ped _
9514 96
1942 M
97
9514
95
7
96
Nat Dairy Prod 6% notes.-1940 MN 103 Sale 1024
38 100 10314
103
let lien 13e stamped
104
1942 M
104
2 103 1044 Nat Enam & Stamps let 50.1929 3D 102 104 10212 May'27
104
10138 10‘
30-year deb fle ser B
_ 10114
97 10138 Nat Starch 20-year deb 50_1930 3, 1001s --- 10014
1954 3D
2
10138
9934 100,4
10014 10
Federated Metals if 78
89
96 89
1939 3D 1015 89 91 National Tube lit if be__ 1952 MN 10414 Sale 10414 10414
89
10 10338 10514
Mat deb 78 (with warr)
924 10812 Newark Consol Gas cons 51_1948 3D 10
1946 Ii 9812 Sale 98
9912 66
s June'27
1025e 1034
03
08 sa
_l_e_ 102
04,
74
Without stock purch warrants..
9112
gg
9112 Sale 9112
New England Tel & Tel Si A 1952• D
5 103 1047e
9212 52
FM Rubber let if 8.
1941 MS 118 Sale 118
118
118
8 115 1174
1st g 434s serles B
9558 9814
98
1961 MN 9712 9734 9712
Ft Smith Lt dr Tr let g
88
8712 90,4 New On Pub Ben, let 58 A 1952 A0 95 Sale 95
89% 8914 June'27
-1938
3
9358 98
9512
Frameric Ind & Dev 20-yr 734:3'42• J 10314 Sale 103
9812 10514
42
10378 44
First & ref 55 series B.-1955 ID 95
93% 97
953
9538 9514
Francisco Sugar let if 730_1942 MN 107 110 10718 10718
1 108 10912 N Y Mr Brake lst cony 80-1928 ▪ N 10112 10214 10214
7 10012 10234
10212
9424 10014 N Y Dock 50-year
French Nat Mall SS Lines Te 1949 3D 98 Sale 98
44
5
981
8612
8438 87
let g 48-1951 FA 8612 8714 8612
Gas & El of Berg Co cons g 561949 3D
1025eJtme'27
4 102% 10278 N Y Edison let dr ref 6348 A-1941 A0 11512 Sale 11538 11578 30 11518 11654
Den Asphalt cony (is
10734 1-087e 108 June'27
108 11212
1939 AO 10258Flrst lien & ref 5s II
1944 AO 104 Sale 10334 10418 12 10258 10412
Gen Electric deb g 334s_ _ _1942 P A 927
93
9212 June'27
91
9 108 108
NY Gas El Lt dr Pow g 5&.1948 J D 107% 108 10758 10734
Gen Elec(Germany)7e Jan 15_'45 ii 10414 Sale 104
9313
9324 11
Purchase money gold 48_1949 P A 9312 94
10414 66 103 10512
9214 94
131E103 8,341 with war
1940 3D 1247e Sale 1247
125
N 103 10412 101 July'26
5 11312 1884 NYLE&WC&RR548_1942
Without warete attaclfd '40 3D 100 Sale 100
9914 102
NYLE&WDock&Imp 581943 3'
10034 22
10178 Mar'27
ioiii
foTis
Gen Mot Accept deb 88
9912 10112 N Y& QEIL & P let 050-A930 P A 10118 103 101 June'27
1937 P A 101 Sale 9912 10112 111
10012 10112
Lien! Petrol let s I Si.
1940 FA 10034 Sale 10012 10034 13 10012 102
NY Rye 1st R E & ref 4s
1942 J • .1
13712 Dec'26
Gen Refr late!g 68 ser A _ _ _1952 P A 105 107 10412 105
Certificates of deposit
3 10112 105
62 Mar'27
82 "sr
41912 10312
Good Hope Steel & I sec 7s_ _1945 AO 10018 10112 10114
50-year adj Inc Si....Jan 1942 A 0 ____
10114 44
578 7 Dec'28
Goodrich (B F) Co let 6340_1947 J J 107 Sale 107
Certificatee of deposit..........
10712 47 1057e 108
512 Mar'27
-572
-51-2
Goodyear Tire & Rub let 80_1941 MN 12058 Sale 120% 12034 65 12014 12214 N Y Rye Corp Inc Be. __Jan 1965 Apr
2212 Sale 2214
2214 3,
2234 73
378
10-year if deb g 8e.May 1931 PA 11014 Sale 11014
Prior lien Be series A
11038 31 11011 1114
1965 .1 J 82 Sale 82
82
7
81
804
let M coil tr 58
97
971s N Y& Richm Gas let ea.__ _1951 M N 1054 ____ 10438 10438
1975 MN 97 Sale 07
122
97
3 102 106
Gotham 8111t Hosiery deb 68.1936 3D 9938 Sale 9938
984 1004 NY State Rye let cons410-1962 MN 51312 Sale 56
6
9912
28
5314 5912
584
Gould Coupler let i f 68_ _ _1940 P A 79 Sale79
79
87
82
5
lat cone 834s serieeB
1982 M N 7318 Sale 731s
82
2
7318
71
Granby Cone MS& P con tis A'28
N 101 10158 101 May'27
101 102
NY Steam 1st 25-yr fleser A.1947 M N 107 Sale 107
10718 38 10514 1074
Stamped
101 102
____ 101 May'27
1928 MN 101
N Y Telep lst & gen is f 4348_1939 MN 994 Sale 99
9848 10012
9934 47
Cony deb 78
1930 MN 151 154 158
156
30-year deben s f as__ _Feb 1949 F A 110 Sale 110
5 127 175
11012 35 110 1118
Registered
143 Mar'27 _-- 143 143
20-year refunding gold 133_1941 A 0 10814 Sale 1074 10814 94 10774 109
GS Cone El Power(JaPan)7e_1944 FA 9558 (11;11
9450 9912 N Y Trap Rock let 68
29
98
974 9854
19463 D 98
9814 98
9838 10
let & gen if 6348
9434 Niagara Falls Power let Si_ _1932 J
91
1950 J , 91 Sale 995114
9 10014 10314
10238 Sale 102
1025s
Great Falls Power lit s 58._1940 MN 10334 ____ 104 June'2710254 101312
_
9
e2
27 29
Ref di gen 6s
Jan 1932 A 0 106 Sale 106
8 10314 106
106
Hackensack Water let 48_.._1952 J J 88
8612 8838 Niag
89 88 May'27
&0 pr let 5e A__1955 A 0 10234 Sale 10214
34 10014 103
103
Hartford St By let 48
9312 95
1930 MS 95 ____ 95 May'27
No Amer Cement deb(1340 A.1940 M S 91 Sale 91
9514
20
90
92
Havana Elea consol g Si _ _.1962 FA 97
954 98
97 June'27
No Am Edison deb Sneer A_1957
9814
97
9714 Sale 97
106
9712
Deb 534s series of 1926__ _1951 MS 8812 Sale 8812
8838 9014 Nor Ohio Tree & Light Be._ A947 M
8812 17
7
9614
Sale
96
9612
9614
98
34
Hershey Choc let & coll 5%s 1940 3, 10258 Sale 10212 10234 55 101114 10334 Nor% States Pow 25-yr 58 A.1941 * 0 10112 Sale 101
10158 22 100 10152
Hoe(R)& Co let8lie ser A _1934 AO 10018 Sale 100
98
10112
26
1007
lit & ref 25-yr 6e series 13_1941 * 0 10518 Sale 10518
5 1041e 106
10518
Holland-Amer Lined.(Ilan _1947 MN 9838 988 9838
914 10112 North W T let fd g 4tie gtd_1934
9812 18
'
3 9734 9958 10012 Apr'27
98 10012
Hudson Coal let s f Si ser A..1962 in 9812 Sale 9812
9812 9834 Ohio Public Service 7340 A__1946 A0 115% Sale 11558
9858 75
2 114 118
1153
Hudson Co Gas let g 50._ _1940 MN 10234 10334 10312 June'27
102 10358
let & ref 78 series B
P A 11412 11612 114
4 11812
1947
1188
116
12
Humble Oil & Refining 5340_1932 33 10134 Sale 10134 10238 138 10134 10234 Ohio River Edison bit
14 10514 10722
68_1948 3, 1061± 10714 10614
107
Deb gold Si temp
97 10014 Old Ben Coal let tls
9734 65
1937 * 0 9712 Sale 9712
FA 924 93
024
90
1944
9312
4
9212
fillnois Bell Telephone 56_1956 3D 10414 Sale l0414
10438 17 10234 10434 Ontario Power N F let 50.-1943 P A 10234 Sale 10234 103
9 101 103
Illinois Steel deb 434e
9634 9978 Ontario Tranamlesion Se__ _1945
39
99
1940 * 0 987 Sale 98%
N 10112 10212 101% June'27
10084 1014
['seder Stee 1Corp e f 72
gals 9612
3 100 103
1946 *0 99 101 10034 10034
Otis Steel 1st M Be eer A _ _1941 M
95% Sale 9412
55
951
Ind Nat Gas & 011 58
98
N 9812 Sale 9812
987e Pacific Gas& El gen & ref 58.1942
1938
987s 10
'
3 10034 Sale 00%
9914 HIM
48
101
Indian. Steel lit Si
1952 MN 10414 10434 10411 10412 10 10312 10514 Pao Pow & Lt let&ref 20-yr 58'80 FA 101 Sate 10012 101
9944 10114
5
Ingersoll-Rand let 5e Dec 311935 33 10012 ___ 10011 May'27
10012 1004 Pacific Tel & Tel let 58
'
3 102 10238 102
1937
,
4 10114 1627
102
Inland Steel deb 554e
1945 MN 10312 Sale 103
10312 32 10110 10414
Ref mtge 5a series A
1952 MN 10238 Sale 10212 103
60 10112 10314
Inspiration Con Copper64s 1931 MS 100 Sale 100
10018 31 100 10158 Pan-Amer P & T cony if 89_1934 NI N 1038 Sale 103
25
10253
1033
4
106
,
Interboro MetrOP coil 44e 1956 * 0
18
11
Apr'25
let lien cony 113-yr 7s.._ 1930'CA 10518 10514 10518
4 10412 10512
10514
Guaranty Tr Co ctfe dip
12% 13 Nov'26
Pan-Am Pet Cotof Callcony 68'40 3D 9312 Sale 93
92 100',
9334 34
interboro Rap Tran let 58-1966
'
3 78 Sale 77%
Tar: Ws; Paramount-Bway
78
26
987 Sale 98
lot 545-1951 J
9858 27
98 101
ii 7712 Sale 77%
Stamped
7538 7914 Park-Lex at leasehold 6358-195,
78
250
83
834
9214 Sale 91
9214 35
10-year es
784
1932 AO 8012 Sale 7938
82
5
8
Pat & Passaic0& El cons 58.1949
8038 27
a 10234 ____ 103 June'27
10214
10884
10-year cony 7% notes-1932 MS 97 Sale 9612
908 99
Penn-Dixie Cem•mt Is A _ _ .1941
977 159
10012 Sale 9934 1007s 33
9918 101
Int Agri° Corp let 20-yr 5a_ _1932 MN 85
8158 90
86
86
8612 10
Poop Gas & C let cone g (18_ _1943
114 11412 11358 June'27
11313 115
MN 7218 74
Stamped extended to 1942_
6712 83
74 June'27
Refunding gold Si
10214 10212 10214
1917
6 10154 10234
10212
cm% 10278
Inter Mercan Marine if 68...1941 AO 100 Sale 100
10014 93
Registered
9918
9914 9914
99% Apr'27
'
international Paper 58
3 98 Sale 9714
97
9912
1947
9812 71
Philadelphia Co coll tr Be A_1944
A 10338 Sale 10312 104
26 10312 10474
Refif6eserA
9753 103
1955 ▪ B 10012 Sale 10012 102
52
15-year cony deb 5340... _1938
10218 12 10012 10412
8 10158 Sale 1013
Cony deb 68
9714 102
1941 *0 9812 Sale sn
9812 151
Phila & Reading CA I ref 68.19733 J 1015 1017 10178 10214
994 1021s
6
Lot Telep & Teleg cony 530 .945 MS 10912 Sale 10834
11614 1734 10834 118
Pierce-Arrow Mot Car deb 881943 N S 99 Sale 99
9112 10714
9934 41
Jurgene Works Gs(flat I1 iss)-1947 ▪ J 10914 Sale 109
110
78 10414 11114 Pierce 011 deb s f 84. _Dec 15 1931 J D 10012 105 10018
10412
994 10412
5
Kansas City Pow & Lt 50._ _1952 MS 10412 Sale 104
10414 20 103 105% Finsbury 'Cl Mille 213-yr Be. _1943 A 0 105 Sale 105
14 10214 10511
105
Kansas Gas & Electric 13e_...1952 M
106 Sale 10558 106
23 10334 106
Pleasant Val Coal lit g if 58_1928 .1 J 99
9934 100 May'27
9912 100
Kayser (Julius) & Co let e f 713'42 P A 10758 Sale 10738 10234
8 10614 10812 Pocah Con Collieries let s 1561957 J
9115 921s
9212 94
921s June'27
Cony deb 534s
96
9738 Port Arthur Can & Dk Be A.1953 F A 10434 10518 10434 10434
1947 MS 9638 Sale 96
9612 195
1 10338 1054
Keith (B F) Corp let (Se _ _1946 M
98
9918 34
9978
9812 Sale 9812
let M 68 serlea B
1953F A 10434 Sale 10434
5 10414 108
10434
99 10814 Portland Elec Pow let 8e 13_1947 M N 10014 Sale 10014
Kelly-Springf Tire8% notes.1931
3
N 1047 Bale lO4li
105
10014 10 10018 102
Keyston Telep Co lit 58_1935 J J 9514 9534 9514
93
98
Portland Gen Eleo let 514.. _1935 J J 10058 101% 1004 June'27
9514
3
100 101
Kings County El & Pg 5s
_ 1034 1034 Portland By let & ref 58_ _1930 MN 96
1937 AO 104% ____ l037 Mar'27
9412 9
5
"
961
9634 9612
Purchase money Si
12414
June'27
AO
1204 Porttand By L & P lit ref 58.1942 F A
1997
___ 2634
9155 964
955 Sale 9512
9618 15
Kings County Elev let g 48_1949 FA 821883
82
88
let lien & ref fin eerie'
8 - 38 8312 June'27 -2 100,8 102
_ -1947 MN 1001s 10078 10012 10034
81
80
Stamped guar 48
LilA refund 7144 series A_1948 MN 10512 107 10714 June'27
1949 FA 8112 Sale 8112
82%
7
10812 108
Kings County Lighting 5s
94
1954• 1 10412 Sale 10412 10412
9738
1 1014 10412 3ressed Steel Car cony g U.-19331 J 9412 95
35
943
94
First & ref 6 Ms
1 1124 118
118
1111e 11312
1954• 1 118 Sale 118
°rod & Ref
816wI(h warts)'31 J D 11318
11312 June'27
inney(OR)& Co 754% notes *311 3D 10412 Sale 10412 10412
4 1007s 1054
Without warrants attanhavt_. J D 111 Sale 111
110 11112
111




JUNE 18 1927.]

THE CHRONICLE

New York Bond Record-Concluded-Page 6
BONDS
W. T.STOCK EXCHANGE
Week Ended June 17.

Pylgi
Friday.
17.

4
1
444/
1
11/
Range or
Last &le

Range
Since
Jan. 1.

3613

Quotations of Sundry Securities
All bond price,/ sore "and Interest" except where marked "1

Per Cf. Baal
Alt
Public Utilities
Standard Oil Stocks Par id
Anglo-Amer Oil vol etock-gl 1.1838 1914 American Gas A Electric_ _1 •8812 5913
*10212 10312
19
*1812
Preferred
£1
8%
Non-voting stock
614 12034
10
12
MAN 105 1051:
Deb 6s 2014
FRO N o. Low
High Atlantic Refining
Ask Logo
BM
255 260
11615
100
coos.
Trao
&
Light
Amer
Preferred
10712 49 10334 10712
Fab Serv Corp of N J sec 82_1944 F A 10714 Sale 101314
100 115 118
Preferred
91z 60
11nu! 57
ke
rn
Boeee
cBhue
Co
ernge0C06::
besmu
m
804,cmugp
eyb13ry
10258 29 102 103
1956.1 J 10258 Sale 102
Sec g 5%8
5734 Amer Pow A Light pref 100 105 106
42
10514
10434 100
FM Sem Elea & Gm le S514.1959 A 0 10514 Sale 10518
4 105
1
107 110
Deb 6s 2018 ' M&S 104/
10512 16 104 10634
1964 A 0 10514 Sale 10514
11t & ref 5148
1818 Amer Public Util com
100 57
10 *18
Continental Oil•to
1965 J 13
1st & ref 5s
94
93
91
109
preferred
Prior
CumberlandPipeLine1
7%
3
107 1111:
l; f - 10812 10812
Punta Alegre Sugar deb 78_1937 .7 J .1 oi
60
100 87
88
Perth, preferred
10212 19018 Eureka Pipe Line Co_ ___100 5811
109 May'27
Rana Karam 5 Me (with warr)'31
MAO 9914 99/
,
834 Associated Elm 514s'
8
4
1
Galena Signal 011com__ _100
Without stock pur warranty_ _ _
104
- 102 June'27 23 100 102
20
4312 48 Associated Gas & Elec com.t *18
100
old
Preferred
951s 98
9714
1937 M N 97 Sale 98
Remington Arms 613
*511 53
37
35
Original preferred
Preferre t new
6 1001:
&pub I A S 10-30-yr bs s f 1940 A 0 100/4 Sale 10034 10034
*d92
9412
514 5912
1® *59
$6 preferred
9518 10214 Humble 011 &Refining_ __2
10114 42
Ref & gen 534s series A_ 1953 J .1 10114 Sale 101
*98 10012
100 14412 147
3854 preferred
11614 20 113% 12614 Althoff! Pipe Line
11534 Sale 11514
Rheinelbe Union 75 with war 1948 J
*100 104
$7 preferred
t *4312 4378
9812 10412 Imperial 011
9912 147
Without stk Dutch waets_1946 J .1 9834 Sale 9812
,.80 *89 6912 Blackstone Val GAR corn.50 *127 131
102 1041
4 Indiana Pipe Line Co
/
Rhine-Main-Danube 7e A._...1950 M S 101 10238 10284 June'27 98
International Petroleum_ _.t nsh 30 Com'w'Ith Pr Corp pref _100 97
4 105
1
Rhine-Westphalia Elea Pow 78'50 M N 10312 Sale 10314 10312 17 101/
*1518 1534 Eleo Bond & Share pref-100 108 10814
Co-12.50
Transit
National
5
98
4
3
93
__ 1955 F A 9512 Sale 954
Rims Steel 1s1 a 7 7s
9612
*z741 75
38
t
&cur
Share
&
36
Bond
_100
Elea
Co_
Transit
York
New
1
59
05
59
59
60
Robbins & Myers let ii 7e1952 J D 55
714 8812 Lehigh Power Securities-1 1814 1834
88
20 6
4 III 112/
11114
4 Northern Pipe Line Co-10
1
Rocheater Gas & El 78 ser B_1946 M 8 11118 112 11118
5812 Mississippi Riv Pow pref.100 101 103
1 105 10614 Ohio 011
10512 10512
Gm mtge 515s series C1948 M 5 10512
2934
*29
25
First mtge be 1951___Jda 1011 10215
4 Penn Mex Fuel Co
1
92/
90
9212 90 May'27
Roth dc Pitts Cagle m be_ _1948 M N 90
97
MAN 96
Deb bs 1947
3
2478 4978 Prairie 011A Gas new.- -25 *4814 49
2478
25
36
24
Rogers-Brown Iron gen&ref 78'42 M N
18412
184
_100
Pow Alight Pref-t *z1051 1061:
National
new.
Line
Pipe
Prairie
50
24 May'27
24
M N 2514 28
Stamped
1171 119
com-_100
182
100
Pow
180
States
North
4 9712 Solar Refining
1
/
95
St Joe By Lt & Pr 1st 5e____1937 M N 96
9614 13
4 9614
1
97/
100 1051 107
19
Preferred
9714 9714 Southern Pipe Line Co-50 *18
973* - - 9734 May'27
St JoSelib Stk Yds 1st 4Si8-1930
26
2 *3.5
'
3534 Nor Texas Elea Co com.100 23
15
79
7558 8114 South Penn 011
St L Rock Mt A PS.eUnpd.1955 .1 .1 7834 Sale 7834
67
74
100 65
*70
Preferred
9634 June'27
9514 9634 Southwest Pa Pipe Lines.100
St Paul City Cable cons 58_ _1937 3 .3
4 Ohio Pub Seri', 7% pref_100 d10712 10812
1
8 53/
*535
_t
(California)_
011
Standard
1 10812
105:
10714 Sale 10714
10812
San Antonio Pub fiery lst 68_1952 J
2612
4 Pacific Gas& El let pref- -25 *26
1
tandard 011 (Indiana)__25l *6714 67/
Salon Pub Wks(Germany) 78'45 F A 10134 Sale 10112 10278 75 101 104
10
corn
1818
t .7
120
97
98
: tandard 011 (Kansas)_ _ _2 *16 11312 Power Securities
991
1951 ¶1 N 9714 Sale 97
Gen ref guar 6348
*2912 3012
preferred
(KentuckY)25Isll2l4
Second
tandard
011
10134 19
1940 J J 10138 Sale 101%
4 10134
1
99/
Schulco Co guar 6Ms
96
25 .443, 4434
Coll trust 115 1949_ _ J&D *93
tandard 011(Neb)
23
98 102
102
Guar e f 814e Series B._ _ _1946 d 0 10034 Sale 1004
87
Incomes June 1949_.FAA 85
tandard 011 of New Jer_ _25 *3634 3678
4 10712 10912
Sharon Steel Hoop 1st 8s ser A '41 M S 10814 10812 10812 10812
35
tandard Oil of New York.251 3012 3058 Puget Sound Pow A Lt_ _100 34
1 107 10838
Sheffield Farms 1st & ref 6545'42 A 0 10734 108 10734 10734
89
: 77
100 87
25 *741
8% preferred
9914 9934 Standard 011(Ohio)
9924 298
1947 M N 99/
4 Sale 9914
1
Shell Union Olin f deb 5a
120
100 *108 110
119
preferred
100
7%
Preferred
10212 10312
Siemens ic Halske•I 713-A935 J J 100 10212 10312 June'27
18
1st & ref 53-4. 1949_ _JAD 1001 10112
1001 16
Swan & Finch
4 106
1
S f 6 Ms allot ctfe 5% pd....1951 MS 104 Sale 10312 10414 48 102/
1001 112 114 South Cal Edison 8% pf__25 *361 38
Union Tank Car Co
20
99
96 100
9878 9812
Sierra & San Fran Power 6s.1949 F A 96
128
OAR 7% pr pf--100 10914 110
251
Struid
4
1281
011
Vacuum
2
94
94
_ _ _1946 F A _ _ 9438 94
9814
Silesia Elm Corp s f 6
:
10
Tenn Elm Power let prof 7% 10534 1061
4 55
1
98/
Silesian-Am rap col tr 7s__ _1941 F A 97 Sale 9634
9634 1011: Washington Oil
-100 10714 10814
Edison 7% pref,
Toledo
10
9812
9812
9814 105
Shame Petrol 6% notes__1929 M N 9812 99
1171 1181:
100
preferred
Stocks
8%
011
Other
87
4
9714 102,
Sinclair Cons 011 15-year 76_1937 M 9 9934 Sale 9912 100
t *75c 1 Ig Western Pow Corp prof _100 1001 102
9978 38
4 10214 Atlantic Lobos Oil
/
991
letl'n col tr fis C with war_1927 J 0 9978 Sale 9938
3 Chic Jt Stk Ld Ok Bends
Preferred
am4 10238
83
98
1938 3 13 9512 Sale 95
let lien 13128 series B
101
50
2
*79
5
2 93 510 Nov 11961 opt 1931_
13
•2
Gulf 011
10014 62
clair Crude 011 3-yr 6e A_1928 F A 10018 Sale 100
991/4 1011. Mountain Producers
100
10 *2418 2438 58 Nov 1 1951 opt 1931_
28
93
9312
4
1
9112 96/
1942 A 0 93 Sale
Sinclair Pipe Line 5158
100
1932_
opt
1952
1
*231
May
100
4
233
Si
Gm
Fuel
National
1 1011
102
102
4 10234
/
Smith (A 0)Corp let 8141_1933 MN 10112
100
4 107 10914 Salt Creek Consol 011--10 *614 612 45es Nov 1 1952 opt 1932..
10838
South Porto Rico Sugar 75_ A941 J D 10858 Sale 10858
98
2912 434iNov 1 1952 opt 1932_ _
29
_10
Producers..._
Creek
Salt
13
10312
4 Sale 10314
1
4 10414
1
102/
South Bell Tel & Tel 1st s 1591941 1 .1 103/
100
_
1933_
opt
1963
1
May
44i
Southern Colo Power 6e A 1947 J J 10312 Sale 10312 10414 14 10018 10412
100
Equipments
Nov 1 1963 opt 1933_
be
Railroad
9
10412
104
Sale
104
A
let
4
F
1023
_1954
5a_
ref
&
10412
S'weet Bell Tel
98
5.00 4.85 414s Nov 1 1964 opt 19349934 June'27
9812 10038 Atlantic Coast Line (is
Spring Val Water 1st g 5a_....1943 MN 9958 100
98
4.65 4.60 4148 Oct 1 1965 opt 1935_
Equipment634s
3 100 10214
1930 MN 10112 Sale 10112 101N
Standard Milling let be
5.00 4.90 Par Coast of Portland.Ore65
Ohio
&
Baltimore
1031
10314 June'27
1945 M S 10234
1017a 10334
let & ref 5145
10114 103
4.50
4.60
1935...MAN
opt
1955
&
be
A
4348
Equipment
10214 142 101/
4
1
4 102/
1
Stand 011 of N J deb bs.Dec lb'4a F A 10214 Sale 102
4
1
5s 1954 opt 1934___MAN 1011 102/
Buff Roch A Pitts equip 68_ 4.85 4.70
9412 284
96
94
Stand Oil of N Y deb 4Ma_ 1951 J D 9414 Sale 94
Sugar Stocks
Canadian Pacific 434e A 6s_ 4.70 4.50
10058 28
99 102
Stevens Hotel 1st 611 ear A.,..1945 J .1 100 Sale 100
3
5.00
50 •1
fis
4.85
Sugar
Caracas
J
N
1
9812 1001: Central RR ofOhio 6a_
Sugar Estates (Oriente) 71_1942 11 S 9934 1001 9934
9934
5.00 4.90 Cent Aguirre Sugar cone_ _20 *8105 107
Chesapeake dz
9934 103
1929 F A 10134 103 103 June'27 Superior 011 lets 17*
4.70 4.60 Fajardo Sugar
100 *159 161
Equipment634s
10418 June'27
4
1
10234 104/
4
/
_1951 J D 1041
SYraCtOre Lighting let g
37
4.55 4.45 Federal Sugar Ref oom100 30
Equipment di
15
10378
1037
103
8
10514
e
10312
5
J
105
J
5s_1951
gen
RR
&
Tenn Coal Iron
4.90
100 55
65
Quincy
5.00
Preferred
6$1.
&
Burl
Chicago
9912
6
9814 101/
4
1
Tenn Copp & Chem deb 6s 1941 A 0 9912 Sale 99
*1
3
4.90
t
di
Inc
West
Sugars.
5.00
Godchaux
North
4 Chicago dr
/
4 1071
1
Tennessee Elea Pow let 68_ 1947 .1 D 10658 Sale 10578 10634 26 105/
19
100 14
4.70 4.60
Preferred
Equipment6348
24
69
71
83
Third Ave let ref 4s
1960 3 J 6834 Sale 6834
36
com____t *32
4.65
Corp
4.80
Sugar
Holly
4145
Par
&
RI
Chic
5918 123
: 6212
561
Adi Inc ft tax-ex N Y Jan 1960 A (3 5918 Sale 58
85
100 80
5.05 4.95
Preferred
Equipment65
5
100
97 100
Third Ave By let g 5a
1937 1 J 9934 100 100
Southern 6I.... 5.10 5.00 National Sugar Reflning_100 150 151
941
9634 35
4 9934 Colorado & Hudson di
/
Soho Elec Pow 151 7.
1955 NI S 9614 Sale 96
70
100 65
4.90 New N1quero Sugar
5.00
Delaware&
9914
9638 23
96
0% gold notes _ _ _ _July 15 1929 I J 9612 Sale 96
5.00 4.75 Santa Cecilia Bug Corp pf100
Erie 4145 & 58
9
9818
9714 100
Tokyo Elea Light 8% notes 1928 F A 98 Sale 9734
138 141
5.15 5.00 Savannah Sugar corn
66
Equipment
10812 15 10714 10834
Toledo Edison 181 78
1941 tel S 108 Sale 108
100 *118 121
5.00 4.90
Preferred
Northern 6s
4 10012 Great
1
98/
Toledo Tr L & P 534% notes 1930 J J 10192 Sale 10014
10012 26
75
4.65 4.55 Sugar Estates Oriente pf _100 70
Equipment be
Trenton G & El 1st g be___ _1949 M S 1025* 1031 1023* Apr'27
10238 10238 Hocking Valley Cef
100 65
75
4.70 4.55 Vertientes Sugar pf
9712 10114
Trumbull Steel let s I 6s___ _1940 114 N 10014 Sale 9912 10018 60
Tobacco Stocks
5.01 4.90
6a
Equipment
ref
82
Ry
6712
St
61
1982
5e
Twenty-third
J 61 Sale 81
4.50 4.40 American Cigar corn_ _ 100 114 119
Central 4348 A 58
Illinois
9
Tyrol Hydro-Elec Pow 730-1955 NI N 10078 Sale 10078
101
99 10214
100
5.00 4.90
Preferred
Equipment65
*2458 2514
4.70 4.60 British-Amer Tobac ord....LI 100Equipment 75 A 6348
ripsaws El Pow s f 75
1945 M E3 9838 Sale 9758
9838 35
9512 100
El •2458 2514
Bearer
Michigan 88_
5.00 4.90
&
Kanawha
Undersea of London 4348_1933 j J 9534 9634 96
4
98
4 98
1
95/
•2314
2415
Irel'd
&
B
Ci
4.85
of
Tob
934s_
Imperial
5.10
Kansas City Southern
Income 68
1948
14
9718 991 98
98
9678 98
53
Nashville 6e
5.00 4.85 Int Cigar Machinery New100 *51
Union Elea Lt & Pr(Mo)55-1932 H S 102 10212 102
1 10114 10212 Louisville A 83411
102
75
Tin Foil & Met.100 60
Johnson
4.60
4.63
Equipment
1933Ps1N 10134 Sale 10134
Ref & cat be
10214 10 10114 10214
4212
Michigan Central fa A 65.._ _ 4.95 4.75 MaeAndrews & Forbes_ _100 41
▪ E L&P
lsto 5%a ser A1954 1 .1 10314 ____ 10334 10314
4 105
/
3 1011
100 102
511
&
Preferred
4345
4.85
BM
5.10
S
&
P
St
Minn
1945 A 0 85 Sale 85
1
Union Elev By(Chic) bs..
851t
85/
81
4
1
27
100 24
Equipment 634* & 75._.... 5.10 4.80 Mengel Co
1931 1 J 102
4 10112 102
____ 10134
Union 011 lst lien 51 5*
10134
48
MissouriPacific 69 A 834s.- 4.90 4.75 Universal Leaf Tob corn -t *46
May 1942 F A 10712 108 10712 10712
4 10712 109
80-yr 135 series A
105 107
100
Preferred
4.60
fq
4.75
Ohio
&
Mobile
let lien 8168 series C Feb_1935 A 0 9834 Sale 9814
9758 15
9634 99/
4
1
100 100 110
& 511 4.50 4.40 Young (J 13) CO
23 10612 1081: New York Central 4
United Drug 20-yr 6a_Oct 15 1944 A. 0 10678 107 10878 107
100 104 108
4.95 4.85
Preferred
Equipment6s
6 102/
United Fuel Gas let s f tie__ _1936 I J 10478 Sale 10478 10478
4 105
1
suotaen)
(Clere'd
Stks
Rubb
4.60
78
4.65
Equipment
8034 10
United By.St L let g 4s_ __ _1934 3 1 8034 Sale 7934
76
81
•
10
4.40 Falls Rubber corn
Western 4148
4.50
di
Norfolk
1937 M N 9438 Sale 94
4 18
1
94/
nutted SS Co 15-yr fle
971:
90
25 *8
4.70 4.60
Preferred
Northern Pacific 7s
200 1021
106
TM Steel Works Corp 614s A_1951 J D 10412 Sale 10414
4 106
/
711---. 4.65 4.60 Firestone Tire dc Rub com.10 140 1-45 1
9834
Without stock pur warrants_ __ 3 D 9812 Sale 9634
9834 9738 Pacific Fruit Express
100 10614
4.95 4.50
6% preferred
D 10458 Sale 10412 10578 22 103 10578 Pennsylvania RR NI tal &
Series C with warrants
100 104 1047
---7% preferred
e
4.70 4.80
Pittab & Lake Erie 6%8
8
101
98
Wthout stock pur warts_ J D 97
98
97 101
150
4.50 4.40 General Tire & Rub com_ _25
8 100 10214 Reading Co 454s AS.
United Steel Wks(Germany)7s'51 A 0 10034 Sale 10012 101
fo.
4
1
/
110
Francisco
_
100
Preferred
4.55
San
4.70
&
Louie
St
Dulled Stores Realty 20-yr 65'42 4. 0 10512 Sale 1051s
105/
4 mai2
1
4 51 103/
1
Air Line 5348 & 1319 5.15 4.90 Goody'r R & R of Can of 100 1100 101
1:1 S Rubber 1st & ref ba ser A 1947 1 J 9112 Sale 9038
924 187
4 967s Seaboard Pacific
1
130/
Co 434s_ _ 4.50 4.40 India Tire & Rubber new.._t ns
24
9438 Feb'27 - 1
Registered
4 9438 Southern
1
94/
4.65 4.60 Mason Tire & Rubber com_t *214 3
Equipment?.
10-yr 7 M % secured notee_1930 F A 1043* Sale 10434 10512 85 10334 10834
434s A be
4.80 4.50
Preferred
23
100 20
▪ El Steel Corp(coupon Apr 1983 MN 10712 Sale 10834 10712 317 106/
4 10812 Southern Ry
1
5.00 4.90 Miller Rubber preferred_100 •100/
Equipment 615
4 10112
1
10678 June'27
10534 108
St 10-60-yr belregist. _ A pr 1983 MN
100
Toledo & Ohio Central Os._. 5.05 4.90 Mohawk Rubber
8917
D 891g Sale 8834
Universal Pipe & Had deb 8111936
8714 90
9
75
Preferred
4.65 4.60
100
9434 37
Utah Lt& Tract 1st & ref 68_1944 A 0 9434 Sale 94
4 9558 Union Pacific
1
93/
&Merlins Tire A Rubber__ t *2484 2512
1944 F A 9912 Sale 98%
9912 73
Utah Power A Lt Ist 5s
973s 9934
100 10012
Preferred
Short Term Securities
19503
_ 10278 Oct'26
10278
Mks Elea L & P 151 58
m 8 100
258 10214
Water Bonds.
Anaconda Cop Min 6e29J:c1
1 .
3.1518
Utica Gas & Elec ref & ext 581957 I J 10312 104 10312 10312
1
95:
Par be 1929-J&J 10012 10034 Arkan Wet 1:1 5*'56 A.A&O 95
Chic It IA P
Vertlentes Sugar let ref 78..1942 J D 10014 Sale 9934 10012 10
9834 101
101
5% notes 1929
Birm WW lat15143A'54.A&O 103 104
65 June'27
1953 1 J 83
70
Victor Fuel let s f be
5614 65
J&D
10012
1928
100
100
MS.
let
B__JA13
ser
1954
notes
412%
91
5k
9
4
13
94
9358 Sale 93
V airon Coal & Coke 1st g Sa 1949 M
93% 9534
90
Butler Wat Coil Si'27.J&1
17
19341 J 9978 Sale 9934 100
98% 10014 Federal Sug Ref 65'33 MAN 85
Vs RI Pow 1st & ref be
0014
58 Sept 2 1931_ __M&S 1 9612 98
9312 June'27 _
94
96'2 Missouri Pacific 55'27_ _J&J 100
92
Walworth deb 6128(with war)'35 A 0 . 89
:103 CityW(Chat05 Me'54A JAE. 10314 104
Sloss-Sheff S & I 6s'29_F&A 1021
3
9512
9312 9112
9112 97
let sink fund& series A_1945 A 0 75
99
98
Jdi
let M be 1954
6
105
Warner Sugar Refin let 78..1041 .1 0 105 Sale 10478
9178 10712
Indus. & Miscell
City of New Castle Water
9314 12
Warner Sugar Corp let 78,,,l939 J J 92 Sale 92
78% 9814
95
25 .80
82
bs Dec 2 1941---JAI) 1 93
American Hardware
_ 10234 103
J 103 ____ 103 Apr'27
Wash Water Power s I 59_ _ _1939
9812 9712
100 119 121
Clinton WW let 58'39_F&A
10218 10312 Babcock & Wilcox
Westches Ltg g 5e stmpd gtd 1950 3 D 10312 10412 1034 June'27 104
103
'47
MBA
Bliss
5
lat
Co
Wat
*2115
NV)
(E
Com'w'th
2215
2 10112 10234
1944 M N 10212
10212
_ 10214
West Ky Coal 1st 78
9312
Si) .58
Preferred
85 COnnellsv W 5s0ct2'39A&01 92
10234 13 100% 10234
West Peen Power ser A 58._ _1946 M S 10214 Sale 10214
97
10212 10 10014 10312 Borden Company oom_ _50 .11212 11412 E St LA lot Wet be '42 JAI 96
1983 M
10134 102 10134
1st ba series E
104
103
J&J
1942
100 39
43
let M Os
2 10411 105% Celluloid Company
1953 A 0 105 10514 10514
10514
ist 5 Ms series 1"
Huntington let 68'54- M&S 104
100 92
Preferred
11 100 102/
102
1948 J 13 10134 Sale 10134
1st sec 58 masa 0
4
1
1954 9612 9717
Childs Company Prof., _ _100 120 122
58
19501 J 7711 Sale 77
7712 34
80
77
West Va C & C 1st (is
Fink (A) & Sons, IncMid States WW 66'36 N1&N 101
1944 A 0 10212 Sale 10212 10234 46 1011e 103
Western Electric deb 55
de66AJ&D 9414 9514
let
MonmConW
May
(iSis
f
s
1st
2'42MAN
9814
J
1
10312
58_1938
Sale
10312
9914
1011
cur
tr
coil
4
/
Union
10312
3
Western
10514
Hercules
rred
Powder
100 188 197 Monm Val Wt 51e9 '50 J&J 9912
9914
2
9838 9914
1950 Psi N 98
9712 100
Fund A real eel g 454e,
117 120 Muncie WW be Oct 2'39 A01
193fi F A 11234 Sale 11112 11234 13 11114 113/
15-year 615/1
4
1
7%
Silver
Internat
pref
® 118 120 St Joseph Water 1361941A&O 9734 9814
_1100
J
102
101
1951
Sale
102
10234 60
103/
4
1
25-year gold Se
9415
94 Shenango YalWat 58 56A&0 94
10258 75 101 10314 Lehigh Valley Coal Balea-50 .92
Westhouse E & M 20-Yrg 511-1946 MS 10238 Sale 102
: 99
113 118 So Pitts Wat 1st 56 1960 J&J 971
9578 57
9414 991: Phelps Dodge Corp
Weetphalla Un El Pow 6148_1950 J D 95 Sale 9434
99
:
971
FAA
1955
be
M
let
Royal
Baking
Pow
1®
oorn_100 208 215
9812 Sale 98
9938 42
9834 100
Wheeling Steel Corp let 5345 19483
Preferred
103 105 Ter H WW 68 '49 A-J&D 102 ___ _
12334 Sale 11812 12311 240
9714 12312
White Sew Mach 65(with war)'36.8
let M 501956 ser BF&A 951: _ _
1® 387 373
44 J
44
2512 46
40 as Singer Manufacturing--100
Wickwire Spen Eit'l let 75._ _1035
Singer Mfg Ltd_
1
*434 512 Wichita Wat lit 6.'49_M&S 103
3512 25
52
34
Wickwire Op FRI Co 75 Jan 1935 MN 44 Sale 35
:
M fie 11156 eer B._F&A 951
S
M
13
Sale
8
1017
1024
8
1017
101/4
_1933
4
1
/
103
__
44/
Millis-Overland s 61
9934 19
9734 1027:
Wilson&Co 1025-yr f 68_1941 A 0 9912 Sale 99
•Per share t No par value. 0 Basis. d Purchaser also pays accrued dividend.
106
Sale
106
1041s
1941,A
10814
10612
7
Arms
7348
Winchester
I New stock. IFlat price. k Last sale a Nominal. z Ex-dividend. g Ex-t1gb to
10478 98 10314 105
J 10434 Sale 10414
weasel)Sheet & 'I' 20-yr fie 1843
Canadian Quotation. a Sale Dace.

.,k.June




3614

BOSTON STOCK EXCHANGE Stock Record

HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Jane 11.

Monday,
June 13.

188 185
8112 82
':9912 100
*z11212_- *10414 106
6012 61
*O
_
* . if
iii 134
*117 120

Tuesday,
June 14.

Wednesday,I Thursday,
June 15.
June 16.

Friday,
June 17.

186 18614 )5z18214188
184 186
82
82
8212
8212 8212 82
100 100
9812 9812 9812 100
113 113 5:113__ •x113 - -10414 10414 10412 1-0412 104 16412
60
61
____ ____ 6014 6212
*70
•66
_ _ •66
_*8612 -87
86 -8612 86 -86
*131 134 •131 134 *131
*118 120 *120 120 •120 1-2-1-12
'161-11184 1-1-1-11-4 11112 1-1-1-3.4 112 11-2
5200 210 *200 210
200 200
30
•30
30
3112 2914 2914
7012 7012 *6712 70
68
68
*61
6612 *61
6612 65
65
4512 4512 45
4512 4512 47
69
69
x68
68 •z68_ 49
5438 4812 5012 5038 -52
102 102
102 102 *101
__-)5:140 141 •z140 145
140 140
13412 135
135 135
135 135
*113 114
113 113 *111 114

1111
/
4 11154
•1605.200 210
30
31
*7012 71
.63
68
4514 4514
69
69
5012 5114
*102
____
':140
*2133121-34
*113 114

*234 318*234 314
234 21
/
4 *234 314
19
19
•1812 1912 *1812 19
•1812 10
16734 16814
16614 168
166 16634 16638 166/
1
4
60
60
5912 60
59
59
5812 59
'
58112 82
80
8112 •80
82
*81
82
41
4012 41
4114
4034 41
4034 40/
1
4
.5314 54
*5314 54
*5314 54
*81
/
4 912 *812 912 i81
*812 912
.2 -6.12
*___ _ 1712
•____ 171 •____ 1712 *___ 1712
83
82
82
82
83
83
84
8412
'.50
1
.5.50 .75 '5.50 .75 •.50 .75
+74
7512
*74
78 '5:73
74
7312 7434
*112 2
•112 2
/
4 112
*112 2
11
•
_
434
*314 434 *314
434 *314 434
73
*71
*71
73
70
72
7114 72
.41
42
*41
42
*4114 42
42
42
•96
*95
96
*96
97
•95
97
.1212 1-31212 1212 *1212 13
1212 1212
251 25112
249 252
250 25138 24834 25114
3112 3214
3112 3218 311
/
4 3234 3158 33
26
26
2612 2734 28
2812 2812 32
*14
15
*14
15
*14
15
•14
15
__
20
20
*20
2012 20
20
•19*34/
1
4 3512
35
351
/
4 3434 3434 3412 3434
8812 89
88
88's 8778 881s 8818 8858
'9
10
.9
10
*9
10
*9
10
•12
14
12
12
*12
14
*1112 13
37
38
37
372 3712 38
38/
1
4 38/
1
4
9412 9412 .
9412 9414 9412 9412 *9414 -_ _
9
9
*9
*854 912
912 *824 ell
*633 612
658 61
658 612
614 6/
1
4
91
Stock
9212
92
921
9212 97
Stock
96
9914
*7314 7412
73
7314 7314 74
7314 74
1121
/
4 112)8 Es.h•nge 113 113
112 112
112 112 Exchange
*101. _
*101
_ __ '5:100
- +z10012 _ *3/
1
4 -638
Closed
3
-3
314 _-314
Closed
118
3
2912 2912
2912 2958 29
29/
1
4 2914 2912
•_ .. _ _
.24 Lindbergh •------- - ------- ------24 Bunker
*. 312
*3,2•
312•
312
ii
98
Day
iiis 9784 ;
-_ - ;9784 _ _ _
11111
'x10014101 .
10012 10012 100
kid10914
- '5100 16012
1
'.25
•.25
•
.25
1
Holiday
.1
Holiday
•25
1
*312 5
*312 5
•312 5
*3/
1
4 5
1281z 12914
12612 12812 12612 12734 127 129
92/
1
4 9234 •90
*19234 ---9234 •90
9234
*4414
4414 4414 •4412
_
*4412
_
38 li
3814 3814 3712 -371
4 3712 -3-712
32
*30
*30
32
30
30
2812 281/4
*1534 16
1534 1534 *71514 16
1514 1512
*1__ *.r 114
*114
112
112
138
138
11518 11512 711312 11312 114 114
116 116
11712 11712
117 11734 11614 117
11614 117
71
71
7134 711
/
4 71
71 *2'69 '7112
*512 6
512 5/
1
4 *514 5/
1
4
5i
514
.17
18
18 •z1718 18 *x1718 18
18
•10
1012 10/
1012
1
4 *1012 11
1012 1012 '
5734 5814
15714 57.34 5712 57/
1
4 5734 5812
*29
*12858 2918 29
291
/
4
2054 29
2914
88
*8712 88
88
*8712 88
88
88
7912 79/
7912 7912 79
1
4
79/
1
4 7812 7911e
*51
/
4
5
/
1
4
*5
512
*5/
1
4 5/
1
4
512
*518
2112
+21
2112 2112 21
21
2138 211/4
6012 5012
*5012 5212 *5012 5212 5212 5212
73
73
*7112 75
*7112 7.5
73
73
113 113
*113 118 *113 118
117 118
5x1812 1912
19
19
1812 1812 *1814 1912
•83
8312
8218 8312 83
83
83
83
46
4614
4512 4512 .4512
- *4512 4712
5-- _ _ 51
45
45/
1
4 46 -4847
47
•1614 1718
*1614 171
/
4 171s *1614 1718
/
4 *161
•.25
*_
.25 *__
.25 1...
.25
-;.-30
- .so
47.-io .50 .-3-0 .30 47.-3-0 .50
1
4
573 5/
*534 6
5/
1
4 5/
1
4
5/
1
4 61s
46
46
4512 46
+45
4512 *4412 4512
5:1518 1512
1518 1514
15
15
15
1514
1).25 .50
•.25 .50 +.25 .50 '
s
5.12 .50
1258 13
1212 12/
1
4 1238 12/
1
4 1214 1212
134 2
•112 2
134 134
112
112
56.25
.60
•a.25
.60 *a.25
.60 •6.25 .60
.5.30 .50
•.30 .50 +.30 .50 •.30 .50
•1812 17
'51614 17
*1612 17
•1612 17
•.65 .95
'5.60 .85 '5.60 .85 •.60 .85
60
60
59
6014 59
59
59
60
5105 107
•I05 107 *105
__ *105
- 1014 1014
•1014 1012 101i 1-61 1
10 -1614
*112 2
*112 134 *112
184 *Ds
134
'.90
'
5.90
1,s
11
/
4 •.90
11
/
4 '5.90
11
/
4
)5.75 .90
'5.75 .90 +.75 .90 1).75 .90
*Ds
112
'
,pa
112
118
138 •.75
11
/
4
'5.30 .50 '5.30 .50 '
'.30 .50
5.30 .519
)5.75 .95
•.75 .95
.60 .60 •.70 .80
40
*40
4-0
4012
*3812 40
.3812 40
2012 2012 *1912 2012 *1912 20
2014 21
•.05 .15 • *65 .15 •.05 .15
'.05 .15
•18
*18
1912
1912 518
1912 18
18
631* 6312
63
63 .62
64
*63
64
6
57s 57s ' 512 578
6
514 512
*Us
112
1 1X, 118
112'114
1
118
114
•.95
•.99
11
/
4
.95
1
)5.95
1
+12
1134 12
1214
1134 1134 1178 12
*1314 14
14
141
/
4 15
1414
1412 1458
16
16
1558 16
1512 1512 1514 1512
2212 2212 2114 2114 •2012 22
2212 2212
314
*3
338 *3
314
314
3/
1
4 3/
1
4
•.35 .40
.3.5 .35
.30 .35 •.35 .40
•.25 .30
.25 .25 •.25 .30
.25 .25
1
4
434 434
414 4/
412 415
41
/
4 434
lig
llg
1A 1 ;fe
114
*118
Pl. 1 18
•.84
'.84
1
'5.84
1
1
'5.84
1
*.1() .
„ .20
'
5.10 .20 .5.10 .20
.10 .10

Sates
for
the
Week.

STOCKS
BOSTON STOCK
EXCHANGE

Lowest

Highest

PER SHAKE
Range for Previous
Year 1926
Lowest

Highest

Shares
Railroads.
90 Boston & Albany
100 171 Jan 7 188 May 27 159 Jan 17151s Dec
271 Beaton Elevated
100 81 May 10 94 Jan 16
77 May 85/
1
4 July
Preferred
35
100 9812 Apr 27 103/
1
4
...lune 9
89 Feb 103 Dee
5 let preferred
100 109 Mar 30 118 May 23 11212 Dec 122
Jan
129 26 preferred
100 101 Jan 20 1071
/
4 Feb 28
Jan
98/
1
4 Jan 112
3,709 Boston & Maine
100 5118 Mar 7 84 May 13
35 Mar 5813 July
Preferred
100 56 Jan 22 65 Apr 26
82 Apr 6112 Dee
176 Series A let pref
100 76/
1
4 Jan 15 87 June 1
59 Apr 86 Dec
Series B lst prof
100 125 Jan 8 139 May 3
84 Apr 130 Dee
100 Sallee C lst pref
100 104 Feb 15 116 May 26
74 Apr 110 Bent
Series D let pref
100 155 Jan 15 165 Apr 21 105 Jan 185 Dee
155 Prior preferred
10412May 6 113 May 21
94 Apr 10712 Dee
411 Boston & Providence
100 196 Jan 18 205 Mar 30 x175/
1
4 Mar 207/
1
4 Dee
438 East Mass Street Ry Co
100 25 Feb 4 3114June 4
28
Oct 61
J1111
35 let preferred
100 64 Feb 8 72 June 11
5912 Apr 71
Jan
5 Preferred B
100 60 Mar 14 67 Jan 5
68 May 69
Jan
1,221
Adjuitment
100 42 Apr 1 4814 Jan 4
40
1
4 Jan
Apr 49/
212 Maine Central
100 4712 Jan 13 74 Mar 29
49 Sept 60 Feb
4,376 N TN H & Hartford
100 411
/
4 Jan 6 5834 Feb 16
3178 Mar 48/
1
4 July
10 Northern New Hampshire..100 9215 Jan 13 102 June 14
81 Apr 9811 Deo
3 Norwich & Worcester prat _100 127 Jan 4 142 May 17 120 Apr 132 Dec
103 Old Colony
100 122 Jan 4 137 June 7 111
Jan 125 Sept
14 Vermont & Masisehusetta_100 107 Jan 6 116 Jan 31
9934 Mar 107 Dec
Miscellaneous.
5 Amer Pneumatic Service___25
214 Jar 3
4/
1
4 Mar 1
2 Nov
5 Jan
53 Preferred
50 1512 Jan 12 21 Mar 17
18 Dec 2414 June
865 Amer Telephone & Teleg-100 149/
1
4 Jan 3 172 Apr 7 13912June 15034 Feb
1,410 Amoekeag Mfg
No par 48 Jan 17 70 Mar 14
48/
1
4 July 71
Jan
108 Preferred
No par 73/
1
4 Jan 10 85 Mar 7
72/
1
4 Nov 78 Feb
655 Assoc Gas & Elec class A ____
3634 Jan 25 42 June 3-Atlas Plywood tr Mfg
5314June 9 59 Feb 10 -52/
1
4 -Apr -6314 Jars
Atlas Tack Corn
No pas
8 Jan 22 12 Apr 7
814 Oct 1714 Jan
Beacon 011 Co corn tr etfe___
15/
1
4 Apr 5 2012 Jan 3
1418 May 2012 Jan
305 Blgelow-Hartd Carpet-No par 77 Feb 17 8612 Jan 7
74 Nov 981
/
4 Jan
Coldak Corp., Cia,
8 A T C ___ .50 May 17
5 Jan 3
130 Dominion Stores. Ltd__No par 67 Jan 26 84 Apr 22 -57 May 'if Dec
135 East Boston Land
112 Jan 26
10
334 Feb 3
11
/
4 Dec
3/
1
4 Jan
Eastern Manufacturing
3/
1
4 Jan 11
5
734 Mar 17
3/
1
4 Mar
7/
1
4 Oct
660 Eastern SS Linea, Inc
25 45 Jan 4 74 May 19
44 Nov 8812 Jan
5 Preferred
No par 35 Feb 15 43 May 10
Jan
34 Nov 45
1st preferred
100 8754 Feb 17 9812May 9
1
4 Jan
9014 Oct 99/
125 Economy Grocery Stores
1(4 June 1
1414 Jan 18
14 Nov
26 Feb
841 Edison Electric Illum
100 217 Feb 18 267 May 23 8207 Jan 250 Feb
19,595 Federal Water serv corn
27 Apr 26 33 June 1
770 Galveston-Houston Eleo__100 2212 Apr 20 32 June 1
Oes
14 June -27
General Pub Serv Corp corn- 111
/
4 Jan 11 1434June
Jars
11 Dec 17
25 Germ Cred & Inv let prof
19 Feb 2 2112 Jan
105 Gilchrist Co
No par 3412June 16 38 Mar 1
3414 Apr 4058 Jan
1,130 Gllette Safety Rasor
Ne par 8412 Mar 22 9514 Jan 1
8812 Mar 113/
1
4 Feb
Greenfield Tap & Die
25 10 May 27 1212 Mar
10 May 14 Sept
10 Hathaway Baking corn
12 Jan 17 13 Marl
-1,193 Hood Rubber
No par 36 May 5 47 Jan
1614 Dec -6654 Feb
74 Kidder,Peab Awe')A pref..100 94 Apr 26 9512 Feb
293 Apr 98 July
32 Libby, McNeill & Libby__ __10
9 June 3 101s Jan
613 Aug 1054 Dee
393 Loew's Theatres
26
12/
6 Jan 3 10 Jan 1
1
4 Jam
6 July
1,514 Massachusetts Gas Coe___ 100 84 Mar 25 9914June 1
80 Apr 9412 Nov
203 Preferred
100 70 Jan 3 75 Jan 2
/
4 Feb
65 Jan 701
35 Mergenthaler Linotype-No par 108 Feb 18 z115114June
(104 June 1110 May
Miss Riv Pow stpd pref___100 95 Jan 22 101 May 11
89 Apr 98 Jan
186 National Leather
214 Mar 24
10
2 Aug
4/
1
4 Jan 20
4/
1
4 Jan
350 Nelson (Herman) Corp__
/
4 July
5 2312 Feb 14 3118 Apr 16
1512 Jan 291
New Eng Oil Ref Co tr MA-- .20 Feb 1 .25 May 7 .20
Jan .95 Apr
Preferred tr etfe
1012 Jan
lee
312 Jan 11
5 Mar 30
3 July
40 New England Pub Serv 87 pref 91 Jan 18 98 Apr 18
63 Prior preferred
9714 Jan 26 103 Mar 18 -95 Sept 101- Sept
New Eng South Mllls_No par .60 May 21
314 Feb 23 .50 Dec
8 Feb
Preferred
100
2 Apr 1
8/
1
4 Feb 2A
2 Dec 28 Jam
332 New Eng Telep & Teleg
100 11512 Jan 4 132 June 6 11078 Apr 11854 Feb
20 No Amer Utll let pf full paid__
90 Jan 5 95 Feb 29
89 Feb 96 Feb
22 let pref 50% pald
40 Jan 6 4612 Feb 23
14/
1
4 Dec 27 Feb
225 Pacific Mills
100 3512 Mar 28 4312 Jan 7
351g July 65 Jan
30 Plant (Thos 0), let prat-100 20 Feb 5 4258 Jan 3
40 Mar 6814 Jan
98 Reece Button Hole
10 15 Mar 17 1612 Feb 10
15 Feb
1714 Aug
100 Reece Folding Machine
10
1 Mar 4
11
/
4 Jan 11
11
/
4 Dee
2 Nov
275 Swed-Amer Inv part pref....100 10512 Jan 6 119 May 9
98 May 110 Aug
216 Swift & Co
100 115 Jan 3 120 Feb 24 111
Apr 11814 Dec
65 Torrington Co
25 66 Jan 3 72 May 25
54 Mar 72 Sept
105 Tower Manufacturing_
4 Mar 3
922 Jan 31
10 Traveller Shoe Co TO
1622 Jan 4 1812 Mar 22
75 Union Twist Drill
5 10 June 1
1412 Jan 24
7 Jan
15/
1
4 Feb
2,279 United Shoe Mach Corp.._ 25 50 Jan 3 51112May 17
47 Mar 53/
1
4 Aug
327 Preferred
25 28 Jan 3 2914 Apr 7
28
Jan 30 June
35 US & Foreign Sec let prof f pd 83 May 3 89 Jan 3
82 Nov 135 Feb
435 let pref 75% paid
74 Apr 30 82 Feb 4
Apr
60 May 90
Venezuela Holding Corn
518 Jan 28 11 Apr 30
60 Waldorfsys,Ine, new eh No par 2034June 3 271
4 Oct
/
4 Feb 23 17 Jan -221
160 Walth Watch el B oom..No par 4012 Jan 21 54/
1
4 Apr 21
29 Jan 41 Dee
50 Preferred trust ctfe
100 61 Jan 3 77 May 12
4818 Nov 61 Deo
60 Prior preferred
100 110 Mar 14 118 May 20 101 Sept 112 Die
15 Walworth Company
20 1714 Jan 18 2434 Apr 1
1234 May 23 Jan
620 Warren Bros
60 8514 Jan 13 91 Feb 18
44 Mar 69 Dee
193 let preferred
60 44 Jan 5 50 Feb 16
39 Apr 46 Dec
57 2d preferred
50 45 Jan 17 62 Apr 14
42 Apr 47 Feb
Will & Baumer Candle oom--14 Jan 12 1714 Mar 16
1
4 Jan
1014 Aug 17/
Mining.
Adventure Consolidated- .25 05 Jan 14 .20 Feb 10 .05 Mar .40 July
20 Aroacllan Consolidated-- 26 .25 May 5 .89 Jan 15 .25 Mar
las Aug
780 Arizona Commercial
6
512May 19 1014 Jan 6
9/
1
4 May 1234 Jan
210 Bingham Mined
10 30 Jan 3 49 Apr 21
29 June 5534 Jan
701 Calumet & Heels
25 1458 Jan 7 17 Apr 20
1
4 Aug
13/
1
4 June 18/
Canton Hill Gold
1 .10 Jan 7 .60 Apr 29 .10 Dec 60
Jan
433 Copper Range Co
25 1178May 20 1434 Jan 19
Jan
13 May 20
440 East Butte Copper Mining- 10
112 Apr 29
4 Feb
234 Jan 4
214 Oct
Franklin
25 .05 Feb 1 .80 Mar 17 .25 Nov
114 Jan
Hancock Consolidated_-_ 25 .25 Apr 16 .75 Jan 13 .27 Dec
114 July
Hardy Coal Co
1
14 Apr 28 18 Jan 7
14 Mar 2114 Jan
Helvetia
26 .60 Apr 26 .85 Jan 6 .76
2 Jan
Oct
235 Island Creek Coal
1 47 Feb 26 61 Mar 16
...
.... --Preferred
1 105 Feb 16 107 Apr 13
99/
1
4 -iiin 106 Jule
290 Me Royale copper
25
9/
1
4 Feb 19 111
/
4 Jan 19
912 June 14 Aug
Keweenaw Copper
25
11
/
4 Jan 6
278 Feb 4 .60 ,an
2/
1
4 Sept
Lake Copper Co
2 .80 Jan 7
11
/
4 Mar 18 .60
138 July
Oct
La Salle Copper
25 .50 Mar 28 .90 Apr 22 .80 June
2/
1
4 Mar
30 Mason Valley Mine
6
138May 5
2 Jan 4
11
/
4 Jan
2/
1
4 Sept
Mass Consolidated
25 .16 Apr 8 .85 Jan 3 .16 Dec .75 July
15 Mayflower-Old Colony -115 .25 May 3 • 11
/
4 Jan 11 .40 Dec
112 Jan
167 Mohawk
25 37 Feb 18 411
OM
/
4 Apr 20
30 Mar 46
100 New Cornelia cooper
5 2012June 14 24 Jan 20
181
/
4 May 24 Alla
New Dominion Copper
.05 May 26 .06 Feb I
06 Jan .20 June
100 New River Company
100 17 May 14 10/
1
4May 12
18 DeC1 26 Feb
36 Preferred
100 68 Apr 14 76 Feb 8
45 Julyl 72 Feb
790 Niplasing Mines
6
514June 16 101
1012 Dec
/
4 Feb 2
5 July
995 North Butte Mining
10 .99 June 2
37g Sept
338 Jan 5
2 AprI
175 Ojibwa, Mining
Nov
25 .75 Apr 7
Jan
114 Jan 26 .60
200 Old Dominion Co
25 11 May 26 15 Apr 1
13 Dee! 20 July
1,920 P d Cr'k Pocahontas Co No par
11 Jan 4 15 June 15
10/
1
4 Marl 15
Jan
1,300 Quincy
25 1414 Feb 17 1918 Apr 22
I5',Mayl 26 July
50 St Mary's Mineral Land- 25 2014 Feb 17 2614 Jan 6
1
4 Feb
26 Deol 38/
600 Seneca Mining
9/
1
4 Jan
2/
1
4 Dccl
1/
1
4 Apr 1
3/
1
4 Jan 14
1,280 Shannon
Jan
10 .15 May 9 .40 Jan 12 .16 Dccl 80
225 Superior & Boston Copper- 10 .15 Mar 23 .40 Feb 23 .20 NOVI 154 Mar
255 Utah-Apex Mining
/
4 Feb
6
414June 7
7/
1
4 Feb 24
424 Oct 111
2,550 Utah Metal & Tunnel
26 Deo 2% Mar
1 Jan 8
2 Feb 2
1
114May 3 .40 MaYi 35 Feb
Victoria
25 .51 Feb 10
50 What=
•
iis .08 Mar 9 .70 June 3 .10 Sent .40 July

14.1 *tam no sae • on Ole day- •Assesanent Paid. 6 1111 Mock dividend. I New Meek




Range Sines Jan. 1.

•Ex-dividend. pEx-rIglits. •23-dIvIdena and tightsa

'may
MILT
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Continued) Par. Price. Low. Yigh. Shares.




200
975
325
300
75
100
1,600
20
110
350
22
27
23
325
30
400
2,126
50
765
550
7,765
110
4,150
1,110
689
983
240

96

200
1,42.5
235
958
3,095
150
83
70
100
274
11,575
100
25
50
828
60
85
25
665

High.

2031 Apr 3231 Feb
Apr 9834 June
93
1931 Mar 233.4 June
94
May
Jan 104
73
Jan 8834 June
May 96 June
93
Feb
7934 Jan 86
274 Apr
434 Jan
3
Apr
434 Jan
% Mar
1
Jan
86
Apr 9634 Feb
5934 Apr 8634 Jan
87,4 May 16
Jan
35
Apr 3834 Feb
6834 Jan 116 34 May
60
Mar 63
Jan
100
Feb 10634 May
25 June 2534 June
3534 May 48 June
3631 Jan 54
Apr
53
Jan 6334 Apr
2334 June 35 34 Jan
17
Jan 233$ Feb
6934 Apr 85 June
Apr 91 34 Mar
87
2534 June 2731 May
8834 Jan 9534 Apr
8534 Jan 93
May
17
Jan
183.4 May
5634 Jan 6734 Feb
9354 Jan 97 34 Apr
9834 Jan 103
Apr
31 Jan
234 June
33.4 Jan
1934 June
May 26
23
Mar
Apr 3634 Jan
30
9834 June 1013 Mar
Apr 72
67
Feb
May 1043,4 Feb
102
34 Feb6 June
34 Apr
13,4 May
34 June
34 June
138
May
Jan 155
1034 June 1334 Jan
Apr 52
47
Jan
Feb 121
117
May
25
Mar 2834 May
106
Jan 118
June
116
Jan 133
May
11
Jan 1554 May
May
734 Apr 15
923.4 Mar 9834 June
10034 Mar 107
May
May
2834 Jan 41
247.4 Jan 40 June
2234 Mar 3431 May
105
Feb 110
May
2634
12
31%
140
38
1934
4034
92
24
12 34
5034
45
88%
41
9834
534
874
1%
37
16
41
17
108
105%
117 34
38
98
9234
9234
58
2334
234
3034
2234
9731
94%
24
8
1134
19
1931
40
13034
132
101 34
112%
32%

Apr
Jan
May
Mar
June
Apr
June
Jan
Mar
May
Apr
Mar
Mar
Feb
June
Mar
May
Mar
Apr
May
May
June
Apr
Jan
Jan
Apr
Jan
May
May
Jan
Feb
Apr
Jan
Jan
Mar
Mar
Apr
June
Mar
Jan
Jan
May
Jan
Jan
June
Apr
Jan

29
1434
56
172
41
23%
55%
97
25%
19 34
51 34
70
92
63
10014
9
1074
234
40
21
43
31
117%
113%
122 34
473,4
10934
102
94
6834
2.5%
434
36
30
101
100
27 34
9
17
21
28
5134
143
142
105%
11634
39%

Jan
Jan
Jan
May
June
Jan
mar
Feb
Feb
Mar
Jan
June
Jan
Feb
Mar
Jan
Jan
Apr
Jan
Jan
May
Jan
may
Feb
May
Feb
June
June
June
May
Jan
Jan
Apr
Jan
Jan
Feb
Feb
Apr
June
Feb
June
Jan
May
May
Apr
Apr
Feb

17
3254
41

BondsCairo Bdge & Term 1st M
98 34
1334% 20-yr SF GB.1947
83
Cal & So Ch Ry lst 58_1927
8034
Chicago City Ry 5s_ _.1927 85
•85
First mtge 58 ctf dep 1927
58
Chic City & Con Rys 511'27 66
Chicago Railways 55_1927 8034 8034
80
1st M ctf of dep 5s_ _1927 80
58
1927
5s series A
1927 44% 38
5s series B
38
Purchase money 5s-1927
10531
Commonw Edison 5s. _1943
1st M 4 Ms series C_1956 9554 9534
Great Lakes Util CorpF L C T 534s g b..1942 95% 9534
Hous G G Cos(BOO 1931 10534 10434
77
Met W Side ext g 48--1938
Bo United Gas 151 lien 6%
98
1937 98
gold bonds A
102
Swift & Co 1st s f g 58.1944
Un P 13 Co 15-Year 6%9734
1942
CT
T GB "A"
2-year 6% G N_ _ _1929 9934 9934
9834
Un P U 1st 6% "A"..1947
AO IA
,.. A t45 1010 9911
,......,A,I

987,4 $5,000 9834
84 • 28,000 74
8834 118.000 75
76,000 85
87
73 329,000 5234
8434 25,000 74 34
15,000 7434
83
6954 45,000 58
50 135,000 35
15,000 29
50
10534
1,000 103
1,00Q 9534
9554
9531 5,000
10634 61,000
2,000
77

June 98 34
Jan 84
Jan 883.4
June 88
Jan 7334
Jan 8634
Jan 8374
June 71
Jan 5131
Jan 5134
Jan 105 34
June 9634

June
June
June
June
Jun(
May
June
May
June
Jun(
Ap
Mat

9554 June 9354 Jun(
Jan 11034 May
96
May
Jan 78
75

•
May
May 98
24,000 98
98
10234 20,000 10134 Jan 1023.6 May
-.
073.4 17,000 9734 Apr 97% .tip
9934 26,000 9931 Apr 9931 Ap
May
9934 29,000 9834 June 101
9011 17.000 9911 Aor 9915 M,.*

* No par value. S Ex-dividend

Cincinnati Stock Exchange.-Record of transactions
at Cincinnati Stock Exchange June 11 to June 17, both
inclusive, compiled from official sales lists:
Stocks-

Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High, Shares.

Amer Laund Mach com_25 125
• 2436
Amer Products pref
Amer Rolling Mill com _ _25 5531
100 11134
Preferred
Amer'Memos Bottle"A"•
50 4034
Preferred
100
Baldwin common
•• 4834
Buckeye Incubator
134
Rights
• 1934
Burger Bros
Ea
Preferred
Cent Ware St Rettig "A"20
100
Central Trust
Champ Coated Pap pfd 100
*
Churngold con)
60 26
Clue Car Co
100
CNO&TP
100 9854
Cinc Gas & Klee
C N & C Lt & Tr com_100 9734
100
Preferred
50 4274
Cinc Street RY
50
Cin & Sub Tel
Cin Union Stock Yds_100
• 2934
City Ice & Fuel
• 34
Coca Cola"A"
100
pref
1st
Col Ry Pr
Cooper Corp (new)..-100 72
100 100
New preferred
Eagle-Picher Lead com...20 2674
Early dr Daniel Pre1 - -100
Fifth-Third-Union Tr..100 32554
100 34534
First National
Fleischman preferred_ _100 12034
• 1934
Formica Insulation
French Bros -Baud' p1_100 92
• 41
Gibson Art common
Globe Wernicke pref- _ _100
Gruen Watch common._ _•
100
Preferred
• 34
Hobart Mfg
• 2934
Jaeger Machine
Johnston Paint pref_ _100
• 2434
Kodel Radio"A"
20 2454
Preferred
10 119%
Kroger common
•
Lunkenheimer
100 12034
Nash(A)
•
AlcLaren Cons"A"
Mead pulp special prof _100 103
100
Ohio Dell Tel pref
8%
Paragon Refining corn...25
100
Preferred
Procter & Gamble com _ _20 201
8% preferred
100
100 110
6% preferred
100
Pure Oil 6% pref
100
8% preferred
U S Can common
• 4154
100
Preferred
US Playing Card
10
U 8 Ptg & Lith corn- ._100
100
Preferred
US Shoe common
734
•
100 40
Preferred
Vulcan Last pref
100
Whitaker Paper corn__ __•
100 100
Preferred
BondsAmer Roll Mill6% notes'3:
So Cov & Cin 1st 6s_ _1932
•No par value.

1,031
12434 126
276
2434 2534
54
5534 2,672
261
III 11331
100
1174
11
380
4034 41
20
190 190
801
4834 51
1,246
134
134
300
1934 2134
20
213 214
20
134 134
15
260 260
10
11334 11334
20
36
37
1,027
257.4 26
35
330 330
677
9634 99
127
9634 9734
20
7234 7334
677
43
42
39
103 104
4
13734 13736
628
28% 2954
6
34
34
10
10234 102%
25
72
71
36
100 10054
1,117
2634 27
10
104 104
21
32554 326
34534 34534
50
207
11854 12034
1934 1931
25
92
5
92
3934 41
201
90
90
2
48
48
5
11434 11434
10
34
3431
698
2934 2934
38
12
2954 30
1834 25
2,551
2234 2434
200
11934 12034
1,336
2834 2854
195
120 121
44
163.4 1634
27
10234103
177
50
11174 112
734 83.4
1,478
83
50
83
199 201 34
456
17536 17536
4
110 11034
490
45
9931 10034
6
11231 11234
230
4134
39
70
9934 100
22
98
98
65
623.6
60
21
9834
90
109
731 734
2
40
40
253
101 103
54
58
58
51
9834 100
10434 104 34 $2,000
102 34 102 yi 2,000

Range Since Jan. 1.
Low.

High.

,400v,,,,,..?-48,342,47.1LINVa4r4842,14gggVgC41:4P4g4n14gVerIg4ggaggn.4ggcTrg

695
570
190
180
256
110
330
1,075
1,886
275
365
1,050
200
165
7,375
327
50
1,365
85
2,250
4,050
195
1,620
7,925
720
910
237
52
1,620
1,160
599
565
11,990
28,150
290
20
344
10
30
1,800
400
100
2.176
1,615
389
130
460
10
115
1,070
1,765
365
105
1,370
725
1,695
20

Low.

1734
114
45
1234

x x

Adams Royalty Co com__• 22% 22% 23%
Am Fur Mart Bldg Prof.100 98% 9734 9834
233,4 2334
Amer Multigraph corn. •
9834 101%
Amer Pub Serv pref...100
87 34 88
Am Pub Util Co par pfd100
100 95
93% 95
Prior lien
American Shipbuilding_100 84% 8414 85
3%
3% 33.4
Amer States Secur Corp A •
3% 33.6
Class B
334
Warrants
34
• 34
86 34 88
Armour & Co(Del) prof 100 87
100 66
68%
65
Armour;Co pref
9% 10%
Common class A v t c. 25 1031
Associated Investment Co• 35% 3534 35%
104 111
Auburn Auto Co corn. .25 104
60%
60
Balaban & Katz v t o..25
100
105 105
Preferred
2534
Bastian-Blessing Co com.• 2534 25
46
46
Beaver Board pref v to 100
Bendix Corp class A_ _10 51% 50% 5234
10 60% 59
60%
Borg & Beck cony
2434
Brach & Sons(E J) corn_ _• 24% 24
20 20
19% 20
Butler Brothers
• 85
85
81
Celotex Co corn
100 89
8834 91
Preferred
25% 26%
Cent Dairy Pa Corp A pfd•
903.4 91
Central III Pub Serv pref.* 91
903,4 9234
Cent Ind Power pref...100
1734 18
Central Pub Serv (Del)___• 18
62
Central S W Util com_-__• 6134 60
•
96% 9734
Preferred
101
100
101
_•
_
_
preferred_
lien
Prior
1
1%
234
Chic City & Con Ry pt sh •
93.4 18
Participation preferred.* 13%
23%
2334 23
Chicago Elec Mfg "A"..
33
33
Chic N S & Milw com _ _100 33
100 98% 98% 101
Prior lien pref
100
68
68
Preferred
102 34 103
Chic Rap'Fran pr pref A100
4
Chic Rya part ctf ger 2.100
6
3
100
Part ctf series 3
54
54
100
Part ctf series 4
34
34
Commonvtealth Edison _100 151,4 150% 153%
Continental Motors com_*
1034 12
25 47,4 4734 4731
Crane Co cony
100
119 120
Preferred
Decker (Alf)& Cohn,Inc_• 27% 27
2731
100
Deere dr Co pref
115 115
Diamond Match nom_ _100
128 128
El Household Util Corp_10 1334 13% 13%
1334
12
Else Research Lab,
13%
9731 9834
Empire G & F Co 7% Pf100 98
100
105 10534
8% preferred
41
Evans & Co, Inc, cl A.---5 4031 40
39%
Class "B"
3934 39
• 32% 32
33
Fair Co(The)corn
100 110
110 110
Preferred
Fitz Simons & Connell
2731 28
Dk & Dredge Co com_20
13%
1334 13%
Foote Bros(G & M)
34
32
Gossard Co (II W) nom... 33
100 158 34 153 162
Great Lake(' D & D
38%
38
Greif Bros Coop'ge A com •
1934 193.4
Hupp Mot Car Corp corn10
25
54034 52
Illinois Brick Co
95
94
Illinois Nor Utilities pf _100
25
25
Ill Wire & Cable Co com_10
1234 1334
Kellogg Switchb'd corn- _10 13
5134 51%
Kentucky UM Jr cum pf.50
70
65
Keystone St& Wire corn 100 70
100
91
91
Preferred
4934 50
Kraft Cheese Co corn. -25
Laclede G & E pr lien_ _100 98% 98% 98%
7
634 7
La Salle Ext Univ nom_ _10
9
9%
9
Libby. McNeill& Libby_10
10
2
2
Lindsay Light corn
39
McCord Radiator Mfg 1,._8 3834 38
*
17
17%
McQuay-Norris Mfg
41
4234
Marvel carburetor (Ind)10 42
17
18
Mer & Mfrs Sec part pf_25 18
Middle West Utilitlea____* 111% 111% 113
100 110% 110 11031
Preferred
120 12036
Prior lien preferred. 100
41
43
Midland Steel Prod coin... 41
Midland Util prior lien _100 105 34 105 105 34
100 10234 102 10234
Preferred A
100 94
Prior lien 6%
64% 63% 65
Morgan Lithograph corn.
24% 24 34
Nat Mee Power A part_ •
334
334
3
_10
corn.
Leather
National
34%
3436 33
National Standard cony_
28% 28%
• North American Car corn *
Nor West UM pr In pref 100 9834 x9834 10034
96 34 97%
100
7% preferred
24
24
Novadel Process Co pref..*
834 8%
Common
Omnibus vot tr ctfs B_ _• 14%
19% 1934
Penn Gas dr Klee A corn_ •
24% 24%
Pick, Barth & Co part pr.*
4434
4431
com.5
A
Brinterfront
Pines
141 14114
Pub Serv of Nor Ill com_.• 141
141 141
100
Common
101;4 104
100
6% preferred
11534 115%
100
7% preferred
__•
36% 38
373'
corn
Co
Q-R-S Music

Range Since Jan. 1.

17
9534

0.WW

Stocks-

Friday
Sales
Last Week's Range for
Sale
ofPrices.
Waft.
Par. Price. Low. High. Shares.

4734

Mar
May
Feb
May
June
Mar
Feb
Apr
Mar
May
Mar
May
May
June
June
June
June
Apt
Jan
Jun(
May
Feb
June
May
May
Fen
June
Mat
June
Jan

x xxx x

Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange June 11 to June 17, both inclusive,
compiled from official sales lists:

53

190
113
4834
24
5634
28
98
6831
12031
2434
13
5474
122
473.4
9734
5334
17
18
109
122 34
1734
37
1734
11734
46
1634
5434
2754
3234
5534

Jan
Jan
June
Mar
Jan
Jan
Jan
Mar
May
Mar
Mar
Apr
Jan
Jan
Jan
Jan
Mar
May
Jan
Mar
Apr
June
Jan
Mar
Mar
Apr
Jan
May
Mar
Mar

xxxxxx

$1,000 96
96
96
June 96 June
Jan
May 75
3,000 70
73
73
May
9034 9034 1,000 8934 Feb 91
10234 10234 4,000 10034 Jan 10234 May
Jan 70 34 June
6934 70 34 3,000 65
Jan 7834 May
75
7774 3,150 69
3,000 83
Apr 9034 June
9034 9034
300 9834 June 9934 June
9834 9834
Jan
Apr 104
102 34 102 34 17.000 101
100 100
2,000 99 June 10034 Jan
1,000 97 34 Feb 10034 June
99
99
June
10334 10334 2,000 10334 Mar 104
10134 10134
1,000 10034 Apr 10134 Jan
108 109
Jan 110
May
12,000 102
Feb 10234 Mar
10134 10234 4,000 101
May 101 34 Jan
10134 10134 2,000 100

6231
117
2334

Yigh.

Low.
180
107
30
1934
52
2554
94 34
5431
11534
1834
11 34
40
99
3934
87
50
1234
15
9234
115
1431
2734
834
11234
3436
11
51
1654
2534
38

X= =XX X

High.

Low.

22 34
5674
2634

180 188
600
110 110
377
30
35
3054
2234 22 34
200
5634 5614
25
280
2634 27
80
9634
96
61
1,105
6334
116 118
1,000
22
2334 6,390
10
1134 1134
5234 53
410
75
11736 11736
1,600
47 34
44
6434 6734
220
17
52
52
275
17
14
110
17
17
1,794
9434 97
51
121 12234
160
1634 1634
100
293$ 2934
1,495
13
1734
140
114 115
25
45
45
1,150
123.4 13
53
5334 1,025
810
18 •
17
1,355
27
3234
1,695
4036 41

XX

Assoc Electric Co 5345 1946
Atl GI & W 188 L 55_ _1959
Chic Jet Ry dr US Y 45'40
1940
55
East Mass St RF4 434s A•48
1948
55 B
1948
65 C
1928
6s C
1937
Hood Rubber 7s
1929
Mass Gas 434s
1931
4 345
1946
5345
Miss River Power 5s_ _1951
PC Pocah Co 75 deb._1935
1944
Swift & Co 55
Western Tel & Tel 5s_ _1932

Range Sit&C.4 Jan. 1.

188

XX

P mazy
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.

.
Quaker Oats Co COM
100
Preferred
Real Silk Hoe Mills corn 100
10
Ken Motor Car Co
Sears Roebuck corn
•
So Colo Pr Elec A com_25
7 pf._100
So•w G Jr El Co 7,
Stewart-Warner SPeedom *
100
Swift & Co
15
Swift International
Tenn Prod Corp corn....'
Thompson (J R) com___25
Union Carbide & Carbon.*
United Biscuit class A...'
United Lt & Pr cl A pref__•
•
Class B preferred
Common class A new_ _•
Common Class B new..'
20
U S Gypsum
100
Preferred
Utilities Pr & Lt el B v t c.•
Vesta Battery Corp com_10
•
Wahl Co corn
Ward (M)& Co class A_ _•
Waukesha Motor Co corn.*
Williams Oil 0 Mat corn.*
Wrigley(Wm Jr) Co corn.•
Yates Machines part pf__*
Yellow Tr & Coa Mfg B _10
Yellow Cab Co Inc (Chic) *

.W W
W
.WW.
000W M0W0W.0.0.40 .w.Ow.W 0WW0A.MWV..W00W000WWWVw-400www.o.
.0010,WOCA-40,W.1t443-4 Ca 000005000000000 11.. 0,00 wao ww0 OW0-4W00000 .00
XX
X X
X

Boston Bond Record.-Transactions in bonds at Boston
:Stock Exchange June 11 to 16, both inclusive (Friday the
17th being Bunker Hill Day and a holday on the Exchange):

Range Since Jan. 1.

00
Wa•

Outside Stock Exchanges

Bonds-

3615

THE CHRONICLE

gg

JUNE 18 1927.]

134
May
2534 Apr
56 June
113 June
1134 June
41
June
198
Apr
51
Apr
154 June
22
May
120
Jan
254 Feb
262
June
114
June
45
Mar
2654 Apr
Jan
365
99 June
99 Slay
Feb
78
45
Apr
June
106
150
Jan
2934 June
34% Jan
104
Jun(
73
Jan
103
May
31
Slay
Mat
105
330
1119.1
June
346
12034 June
25
Jar
Apt
95
44
Fet
9334 May
5534 Jan
114
Jun(
333,4 Jun(
3434 Jun(
Jar
102
25 June
2454 Jun(
13334 Fet
Apt
30
Apt
129
Slay
18
Fet
109
Mat
114
834 Jun(
83 Jun(
May
204
17534 June
Mat
116
June
101
1143.4 June
Fen
42
Mal
100
Apt
100
78 34 Feb
98 34 Jun(
736 Jun(
45
Mat
101% Jun(
Apt
65
10034 May
104 34 Jun(
10234 Jun(

TITF CHRONICLE

3616

Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, June 11 to June 17, both
inclusive, compiled from official sales lists:
Stocks-

Friday
Last Week's Range Sales
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.

Almar Stores
14
Alliance Insurance
10 54
American Pipe Cons
American Stores
• 6635
Bell Tel Coot Penn, pref __ ______
Catawissa 1st preferred_ _ _ ___ __
Cramp Ship & Engine
435
Fairm't Pk Trans Co corn _*
Fire Association, new_ _10
General Asphalt
100
GlantPortlandCementpret. 50_ _
Horn & Hardart(Phila)com
Horn & Hardart(N Y)com
Insurance Co of N A_ _10 61
Keystone Telephone, pref50
Lake Superior Corp_ _100
Lehigh Navigation
50 10734
Lehigh Pr Sec Corp com' 1835
Lit Brothers
10 2334
Man Rubber
10
Mark Shoes Inc corn
* 1734
Preferred
100
North Pennsylvania_
50
Penn Cent I.& P cum pref *
Pennsylvania RR
zo
Pennsylvania Salt Mfg_ _50 7635
Philadelphia Co (Pitts)_ _50 '
Preferred (cumul 6%)_ 50
25 5134
Phila Electric of Pa
25 1634
Power receipts
Phila Rapid Transit_ _ _ _50 5434
7% preferred
Philadelphia Traction_ _ _50 5534
50
Phila & Western
Shreve El Dorado Pipe L 25
Scott Paper Co, pref_ _ _100
South Earn Pr & Lt corn_ •
Stanley Coot America_ _ _* 69%
Tono-Belmont Devel__ _1
1
Tonopah Mining
50
Union Traction
50 10634
United Gas Impt
Victor Talking Mach, new
7% cumul preferred.. _*
West NY & Pa
West Jersey & Sea Shore_50 4234
Westmoreland Coal, new.50
York Railways, pref_ --_50

1231 1434 3,419
M
54
135
75
75
5
65
6734 1,883
114% 115
90
43 A 4335
8
434 494
75
920
8
9
52
54
225
10
7635 7674
145
4035 43
237 237
10
5234 5334
421
59
6134 1,490
124
1735 18
135
134
85
107 10734
735
18
1835 7,035
2334 2334
489
1
1
200
1534 1734 1,590
9635 9734
185
32
84
84
z74
7434
95
63
6435 15,400
76
77
237
102 102
100
28
5134 5234
4834 5235 42,091
16
562
1634
5234 5434
861
660
5134 5234
110
55% 5534
13
13
545
21
21
145
40
99
99
38
400
3634
7,690
69
71
134
750
1%
234 234
570
3634 3734
282
104% 10734 20,092
3434 .3535
100
15
9735 9836
25
25
60
4235 43
370
55
55
5
42
20
42

Range Since Jan. I.
Low.

High.

10
May
48
Feb
75 June
6234 May
11234 Jan
Apr
43
334 June
534 Mar
Mar
51
7234 Apr
Jan
34
May
208
5034 Apr
5135 Jan
1734 June
131 Jan
10534 Apr
1534 Jan
23
May
A Apr
1234 Mar
May
96
8134 Mar
7135 Jan
5634 Jan
7534 Jan
8735 Jan
4935 Jan
4635 Feb
Jan
9
Apr
52
50 June
Mar
53
1134 Jan
May
20
9734 Feb
3055 Mar
6734 Mar
134 June
2% Apr
Jan
36
8935 Feb
3334 Feb
Jan
97
25 June
Jan
40
Mar
51
3734 Mar

1734 Jan
Apr
55
75 June
.7334 Jan
115 June
4434 Jan
5
May
9 June
55
Jan
9535 Mar
4835 Jan
261
Jan
55
Jan
6134 June
1934 Mar
231 Mar
11935 Jan
2034 Apr
28
Jan
134 Apr
1734 June
101
Mar
8434 May
75
Mar
6834 Jan
7934 Apr
10634 Mar
5234 May
54
Jan
1635 May
5534 June
5235 June
69
Mar
1535 Mar
2434 Jan
10034 Apr
38
June
9034 Feb
2% Mar
235 Apr
3934 Mar
108% May
Apr
41
10034 Apr
25 June
4736 Mar
5834 June
May
42

[VOL. 124.

Bonds (Concluded)-

Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.

Commercial Credit 60_1934
Con Gas gen 431s,,_1954 9934
Consol G,EL&P4340_1935 100
534% notes, Ser E1952
Elkhorn Coal Corp 630'32
Header Creamery 6s....'46
Houston 011654s
1935
Lexington (Ky) St 50_1949
Md Elm Ry 6As
1952
Poulson & Son(C W)634eSodus Gas & El Co 68
Stand Gas Equip let 601929
tIn Porto Rican Sag 7% '31
United Ry & E 40_ _ _1949 77
Income 4s
1949 58
Funding 50
1936
5% notes
1930
80, when Issued_ _ _ _1949 101
Wash Balt & Annan 501941
West Md Dairy 60_ _ _1946

96
96
99% 99%
100 100
10634 107
9934 9934
100 100
10335 10334
10134 10134
101 10i54
95
95
10231 10234
10034 10034
101
10134
7634 7734
58
58
8634 87
99% 100
101
10134
8534 8734
10434 10434

$1,000
24,000
1,000
3,000
2,000
5,000
5,000
2,000
6,000
1,000
2,000
2,000
4,000
21,000
6,000
11,600
7,000
11,000
28,000
1,000

Range Since Jan. 1.
Low.

High.

94
May
9834 Jan
9834 Jan
106
Jan
98
Jan
100
Mar
103
Feb
98
Jan
91
Jan
95 June
10234 June
100
Jan
looy, Mar
7034 Jan
51
Jun
7534 Jan
9934 Mar
100
Jan
85
Jan
10034 Jan

9634 Mar
100
May
100
Apr
107 June
10034 June
101
Jan
104
Feb
102 June
102
May
95 June
10234 June
101
Apr
10234 May
7935 May
60
Apr
89
May
10034 May
10134 June
9034 May
10431 May

* No par value. z Ex-dividend.

Cleveland Stock Exchange.-Record of transactions at
Cleveland Stock Exchange June 11 to June 17, 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.

Aetna Rubber corn
17
19
60 17 June 19;4 Jan
Amer Multlgraph com_ _ _* 2334 2335 23%
1,645 1934 Apr 24 June
Amer Ship Bldg corn_ _ _100
85
Jan 8534 Feb
85
20 80
Bessemer Limest & C corn *
33
3334
Feb 35
95 32
Apr
.5
Buckeye Incubator corn.
49
51%
Jan 53
300 43
Apr
Byers Machine A
* 3834 3835 3854
Apr 3934 May
310 35
Central Alloy Steel pref.100 10835 107% 10835
17 10634 Feb 10934 Jan
City Ice & Fuel corn
* 2935 2834 29%
1,604 2331 Jan 29% May
Cleve Bldrs S & B corn_ _ _*
3234 3334
331 2435 Mar 3334 June
Cleveland-Cliffs Iron corn.*
83
83
100 74
Feb 8334 June
Cleve Elec Ilium pref _10
11
1m
A 111 11134
00 10
279 108
Feb 11134 June
Cleveland Ry com
101 10134 1,059 9634 June 10134 June
Cleveland Secur p 1 pref.
_10
134
134
134 June
200
1% Mar
Cleveland Stone corn
*
60
67.
115 47
May 67 June
Cleveland Trust
100
300 305
11 300 June 315
Feb
Dow Chemical corn
• 9134 9134 9134
20 70
Mar 9134 June
Preferred
100
10234 10234
10 100
Feb 10635 Mar
Electric Contr & Mfg corn.*
226 63
Feb 67% June
0831 6731
Elyria Iron & Steel com_25
52
53
84 49% Apr 55
Feb
Falls Rubber cora
10
4
May
635 635
634 June
Faultless Rubber corn-_
4235 43%
265 3534 Mar 45 June
Fed Knitting Mills com1_0
_•
0
30
30
200 28% Apr 3134 May
Firestone T & R corn_ _ _ _10 140
135 148
160 117 June 148
June
Bonds6% preferred
10
36% 10634 10634
10 10134 Jan 106% Apr
Feb 10135 June
Amer Gas St Elea 50_ _ _2007 101
98 101 $17,200 95
7% preferred
100
103 104
963 99
Feb 104 June
Jan 89. May
Consul Trac NJ 1st 501932 8534 8535 8634 19,000 62
145 155
May Gen Tire & Rubber com_25
20 145 June 158
May
Jan 69
55
57
26,500 54
Elec & Peoples tr ale 40'45
100 9534 9531 100
889 84
Jan 100 June
10734 107% 2,000 10734 June 10734 June Glidden prior pref
Harwood Electric 6s_ _1942
Goodyear
T
&
R
corn
..
5
45%
29
Jan
May
4535
106
58
9634
May
Feb
Keystone Telep 1st 50_1935
93
9535
8,000
9534
Grasselll Chemical corn_100
133 133
100 12734 Jan 134
May
Lehigh C & Nay fund
Preferred
26 10234 Apr 107 June
10634 10634
1948 9434 9431 9435
1,000 9434 May 9534 May
& impt 45
1
Jan 330 June
101 330
330 330
8 260
Jan Guardian Trust
1954
Consol 434s
9934 99% 6,000 9834 Mar 100
Halle
Bros
pref
10134
June
11 9935 Apr
100 10131 10134 10134
5,000 6234 May 71
Peoples Pass tr ctfs 40_1943
Jan.
6231 63
12 28)4 June 30% Feb
29
29
10035 100% 2,000 9934 Jan 102% May Harris-Seyb-Potter com_ •
Phila Co stpd sk fd & red'51
260 2735 Feb 3235 May
• 2931 29% 3034
PB&W 40
1943
9734 9734 10,000 9731 June 9734 June Jaeger Machine corn
Jan 2834 Mar
26
25 23
26
26
Jan 10435 May Kaynee corn
._1960 104
104 104
3,000 103
Phila Elec (Pa) 50_.
Feb
237 10034 May 106
_100
100% 101%
May Miller Rubber pref
1966 105
10434 10535 33,000 10334 Feb 106
1st 55
May 45
Mar
10 35
40
40
Feb 10734 Mar Mohawk Rubber pref...100 40
1953 10634 106% 10634 4,000 105
5358
190
5
Feb
034 June
635 634
Jan 10834 Feb Murray Ohio Mfg corn. *
1941 10734 10734 10734 6,000 107
80
20 35% Apr 4134 Jan
3635 36%
Jan 105% Feb National Refining corn_ _25
Phila Elec Pow Co 5348'72 10434 104 10434 12,000 103
775 33 June 35% May
33
33
95
95
25,000 95
May 9534 May National The com
Phila. Sub Co 4 As_ __ .1957
Reading gen 4 350 _ _ _ _1997
9934 9954 2,000 9935 June 9954 June Nineteen Hundred Washer
260 25
Apr 2635 June
Common
* 2694 2634 2634
Mar
Jan 79
6634 6634 10,000 63
United Rys gold tr ctf 40'49
106 11034 June 114
Mar
9634 9634
1,000 9634 June 9631 June Ohio Bell Telep pref _ _ _100 111% 111% 11234
West Jersey & Seashore 4s
45 76
Jan 85
8335 84
Apr
9634 9634 6,000 9335 June 9635 Mar Ohio Brass "B"
York Railways let 50_1937
25
25
42 25 June 34;4 Mar
Ohio Seamless Tube com_* 25
dividend.
734
734 935
1,417
6
Apr
25 88
* No par value. z Ex
9)4 June
Paragon Refining com_i00
87
250 66
May 87 June
83
Preferred
Baltimore Stock Exchange.-Record of transactions at Peerless
25
25
Motor corn
50 25
100 2134 Apr 32
Jan
20134 212
Bros corn
* 212
925 142% Mar 212 June
Baltimore Stock Exchange June 11 to June 17, both in- Richman
River Raisin Paper con) *
150
734 735
6% Apr
734 June
clusive, compiled from official sales lists:
Rubber Service Laboratory 31
3034 31
265 3034 June 31 June
Selberling Rubber com
* 2534 2534 27
635 21
Jan 30
May
Friday
Sales
10031 10034
Preferred
100
7 96
Jan 10035 June
Last Week's Range for
Range Since Jan. I.
Sherwin-Williams com_ _25 54
53% 54
301 44
Feb 54% May
Sale
of Prices.
Week.
Preferred
100 107
107 10735
37 106
Feb 109
Jan
High.
Par. Price. Low. High. Shares.
StocksLow.
Smallwood Stone corn_ _ _• 3434 3334 3434
415 30
Apr 34 June
Stan
Textile
Prod
A
pf_100
4234
43%
135
25
June
Feb
4334
May
3534
3634
696
Jan
3634
stock_
_*
new
3134
3531
Arundel Corp
634 6%
92
835 Jan
634 June
Apr Stearns Motor corn
50 137
137 13731
31 12935 Feb 144
Baltimore Trust Co
290 36
Mar 4834 May
4535
100
9
9
Jan Telling-Belle Vernon corn.8 4534 45
9 June 12
20
Baltimore Tube
201 201
Jan
6 115
Jan 201
28
2834
May 3634 Jan Thompson Prod cam_ _100
100
45 25
Preferred
May
115 115
15 114% Jan 117
25% 2535
40 2534 June 2535 June Toledo-Edison prior pf_100 115
Black & Decker Mfg pref _6
June
rumbull
Steel
com
12
12
13
•
1235
645
Jan
934
37
Feb
1
3334
3334
Jan
26
50
Ins
aentral Fire
May
Preferred
100 8534 8534 8735
382 7235 Feb 90
184 184
Feb
Jan 198
50
23 170
L'entury Trust
Ilion Metal Mfg, corn_..*
4234 4231
Apr 4334 June
95 40
117 11734
Jan 11734 June
55 115
:3hes & Po Tel of Balt pf100
Mar
Ilion
6134
Mortgage
com_
58
59
53
5135
Feb
_100
*
1534
1534
29
Feb
1534 1,148 1435 Feb
-Jommercial Credit
Jan
First preferred
55 76
Apr 85
100
8135 8135
25 2134 1934 2134
434 1934 June 2234 Jan
Preferred
Juno
252 252
10 218
Jan 252
100
Jan 1Union Trust
25 2135 1834 2134
453 1831 June 23
Preferred B
Wellman-Seaver-Morgan75
Jan '
75
May 82
100
59 74
834% preferred
Feb
Preferred
85
85
6 84
May 98
100
Jan 5934 May
265 51
Z1onso1 Gas, EL & Pow_ _* 5834 5734 5835
Apr
106 10634
65 0934 May 107
111% 112
100 112
48 11034 May 11234 Mar ' ite Motor Sec, pref _PM 106
634% preferred
100 11334 11335 11334
7% preferred
50 11234 Mar 11554 Feb
* No par value.
32
32
20 3034 Mar 3734 Jan
:Ionsolldation Coal__ _100
Jan
25.5 255
Mar 255
100
10 240
Dontinental Trust
St. Louis Stock Exchange.-Record of transactions
Mar
51
51
Mar 51
10 51
F W Crook
I t St. Louis Stock Exchange June 11 to June 17, both
May
31
Mar
33
Minnow
stk.•
30
30
21
410
Roll
Kestern
78
85
25 79
Feb 85 June jnclusive, compiled from official sales lists:
25 71
v.quitable Trust Co
50 229
22334 229
298 13535 Jan 230 June
?Meaty & Deposit
934 934
934
1034 Feb
Friday
Sales
25
iliaance Co of America.._25
931 Jan
1635 16%
Last Week's Range for
Range Sines Jan. 1.
42 1634 June 1834 Jan
Pinance Service, class A 10
Jan
10 17
17
1734
ofPrices.
June 18
Sale
Week.
60 17
Class B
Jan
Bank Stocks10
934 931
934 Apr 10
Par Price. Low. High. Shares.
Low.
High.
84
Preferred
98
99
Jan 9934 June
200 88
Iouston Oil pf v t ctfs_100 98
May
31
Mar 32
31
May 1 rst National Bank_ _ _100
275 275
11 251
Jan 285
25 29
•
Iumphreys Mfg Co
Jan
2634 2634
Apr 1 Tat Bank of Comm_ __ _100 151% 15135 152
145 150
25
Jan 30
May 163
25 25
Preferred
44
Apr
26
26
June
Jan
E
tate
Finance_25
2634
National
Bank_
_
_100
25
164
Jan
168
1,271
26
16731
16735
danufacturers
167%
3
z21
2134 1,192 19
Apr 2235 Feb
25 21
1st preferred
x18
Jan
Trust Co Stocks25 18
844 1634 Apr 22
1834
2d preferred
17
Apr 2131 Feb 1 ercantile Trust
100
430 430
25 428
25
1735
May 430% Jan
89 17
Trust preferred
112 116
Mar
Jan 116
1,003 98
daryland Casualty C0_25 114
41
4134
43
Jan
Street
Railway
Stocks
Apr
.*
90
3735
new_
Miners,
derch &
Feb E Louis Pub Serv com___. 25
2434 25
2434 25
338 1834 Mar 26
204 2334 Mar 25
May
donon van Trac, pref_25 25
84
84
1 7834 Jan 87 June
dt V-Woodb M pf v t r 100
73
June
Miscellaneous Stocks7054
7235
1,473
Jan
71
Co_10
5234
Teri Ameterd'm Cas
May .1 mer Credit Indemnity _25
60
60
108 50
May 60 June
85
2 81
Jan 85
85
50 85
lorthern Central
May
20
3534 3535
360 32
Feb 37
300 4834 June 49 June )S Aloe Co corn
4854 4831
'emit Water & Power new
Jan
125 125
15 10034 Mar 10234 June
Preferred
100
10235 10234
4 125 June 130
Leal Estate Trustee _100
200 20
Apr 2235 May
99
50 99 June 99 June 1 aer, Sreimb & Cohen,com•
2135 21A
99
choeneman pf with warr'te99
Mar
s 16
let preferred
16
1635
110 15
Jan 19
Mar
100
96
96
20 96 June 98
Inca Gel Corp
Jan
100 36A May 44
40
May 1 erry Motor
27
27
50 20
May 41
40
•
corn *
in Porto Rico Sug co
Jan
3434
3134
Mar
260
10
240
Feb
260
June
1
rown
100
50
260
Shoe,
corn
3634
60
36%
inion Trust
June
118
Feb
23
20
20
Jan
24
June
100
11
118
35
108A
Preferred
23
734
rafted Ry & Electric.„50
June
923 205
Feb 112
Feb 325 June (ertain-teed Prod let pf 100
15 105
325
112 112
300
325
_50
Gnar_
_
_
Fidelity
&
r9
June
June 101
1934 1834
110
20 101
101 101
834 Jan 22 May 1 iseru3tadt Mfg, pref_ _ _100
7a811 Bait & Annan-50 1834
Jan
61 35 June 36
51 50
Feb 5334 June 1 L Bruce, com
35
35
• 35
5235 5235
T Md Dairy, Inc pr pf _ _50
Apr 107 June
20 100
1 ider Mfg, 1st pref. A00
10554 107
I lder Mfg "A"
100 67
215 66 June 0831 JUIN
66
68)4
Bonds-May
10,000 8434 May 86 June 1 merson Electric, pref _100
10935 10934
5 108% Apr 110
86
85
entury ParkwaY COLT 68840 3134 June 3834 Apr
ante 997A 6.000 9831 Feb 9934 June I ly & Walker DO,com _25
3131 32
Charles uon fly,




JUNE 18 1927.]

Fulton Iron Wks, coni_e
100
Preferred
•
F Burkart Mfg units
Hamilton-Brown Shoe__25
•
Hussman Refr, corn
*
Huttig S dr D, corn
100
Preferred
HydraulicPressBr,com _100
100
Preferred
*
Indep Packing, corn
100
Preferred
International Shoe, nom_ e
Preferred
100
Johansen Shoe
*
Mo Portland Cement__ _25
Nat Candy, corn
100
26 preferred
100
•
Pedigo-Weber Shoe
Polar Wave I & F"A"_*
Rice-Stix Dry Goods, come
100
2d preferred
Scruggs-V-B D G,corn.. _25
Scullin Steel, pref
*
Securities Inv, corn
*
Sheffield Steel, corn
*
Skouras Bros "A"
e
Southwest Bell Tel, pf_100
St Louis Amusement"A" •
St Louis Car, corn
10
Preferred
100
Wagner Electric, com__•
Preferred
100
Mining StocksGranitelli-MetallIc
10
Consol Lead & Zinc'A"*
Street Railway BondsEast St L & Sub Co 5s_1932
United Railways 45._ A934

951
4754

23
98
454
75

10934
42
10854
107
36
1951
37
2734
39
11854

37
89

1251
8954

Range Since Jan. 1.
Low.

High.

954 951
4534 4754
3054 3054
3634 37
31
31
23
23
97
98
434 454
74
75
21
21
110 110
17834 182
10954 110
2634 2634
42
42
107 11054
107 107
35
36
3234 3254
1954 1954
99
99
1934 20
37
37
3454 3454
2754 2754
39
39
118 119
43
43
18
18
100 100
3654 38
89
90

140
40
41
85
105
60
135
90
61
25
80
150
28
15
260
440
55
670
11
385
35
70
40
105
200
10
260
5
125
10
802
69

8 June
45 June
30 June
May
38
31
June
23 June
97 June
4
May
69
May
20
May
10834 Jan
158
Feb
108
Feb
26 June
4034 May
84
Feb
100
Feb
30
Apr
32
Jan
1954 June
99 June
1934 June
37
June
34 June
2554 Feb
39 June
11454 Mar
41
Mar
16
Mar
9654 Apr
1854 Jan
68
Feb

12
Jan
60
Jan
3134 May
40
Mar
36
Jan
30
Jan
10134 Feb
7
Jan
8154 Jan
25
Feb
110 June
185 June
11034 May
30
Mar
54
Apr
11054 June
107
June
36
June
34
Apr
2234 Jan
100 June
2254 Feb
39
Mar
40
Feb
2854 Apr
48
Jan
119 June
46
Ma/
1854 June
102
Ape
3951 May
90 June

.30
.30
1234 1254

1,321
235

.30 Jun
1254 June

.30 June
17
Jar

8954 9034 510,000
8051 8054
1,000

8634 Jan
75% Mar

9254 May•
8034 June

Miscellaneous BondsKinloch Long Dist 55_1929
10034 10051
Houston 0116%a
1935 103% 1035410354
Scullin Steel (Is
1941
109 Ino

2,000 100
6,000 103
3.000 ion

Feb 10054 Ain
Jan 104
Apr
Jona 1n1
Apr

* No par value.

Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange June 11 to June 17, both
inclusive, compiled from official sales lists:
Stocks-

Friday
Sales
Last Week's Range for
Sale
ofPrizes.
Week.
Par. Price. Low. High. Shares.

Am Wind GI Mach,com 100
Arkansas Nat Gas, corn 100
Bank of Pittsburgh
50
Blaw-Knox Co
25
Byers(AM)Co, pref _ _100
10
Carnegie Metals
Citizens Traction
50
100
Colonial Trust Co
Columbia Gas Sr Elec,come
Preferred
100
Conley Tank Car, pref_100
Consol Ice, corn
50
50
Preferred
Devonian Oil
10
Fidelity Title dr Trust_ A00
Harb-Walker Ref, corn 100
Houston Gulf Gas
e
Indep Brewing corn
50
• Preferred
so
Jones Jr L Steel pref __AO°
Lone Star Gas
25
May Drug Stores Corp _ _
Nat Fireproofing corn_ A00
Preferred
100
Okla Nat Gas Ws of dep.
Penn Federal corn
Preferred
Pittsburg Coal corn_ _100
Pittsburgh Plate Glass 100
Pittsb Screw dr Bolt Corp__
Salt Creek Consol OIL _ _10
Stand San Mfg com
25
Tidal Osage 011
100
Union Steel Casting nom_ •
Waverly 011 Works el n. *

3617

THE CHRONICLE

Friday
Last Week's Range Sala
Sale
ofPrices.
Week.
Misc. Stocks(C'neded)Par Price. Low. High. Shares.

35
734
110
1334
9551
106
454

150
1034

43
19
6

230
39
8354
23

35
35
731 7%
200 200
70
70
110 110
12
1351
38
38
258 258
95
9551
106 106
10434 10454
454 434
1754 18
1054 1054
435 435
150 150
1051 1054
254 251
434 454
12234 12234
43
4334
1854 19
6
6
2654 27
2234 23
5
5
94
94
52
5954
22834 235
36
4054
634 654
8334 84
2054 2354
3554 3554
421.4 4.91.4

120
3,545
5
90
110
1,680
87
10
45
200
10
535
20
84
20
50
85
25
210
10
1,757
585
25
280
180
100
50
95
40
5,666
50
365
6,592
110
inn

Range Since Jan. 1.
Low.
35
6%
175
70
10634
11%
38
252
8354
9954
103
234
14
954
435
131
6
2
454
118
3734
1854
6
2654
2054
5
94
3754
225
36
6
81
17
3254

May
Apr
Jan
June
Jan
Jan
June
May
Feb
Jan
Mar
Jan
Jan
May
June
Mar
Feb
Apr
May
Jan
Jan
June
June
June
Jan
June
June
May
May
June
May
Apr
Apr
Jan

High.
52
834
200
73
110
1354
38
260
9834
107
105
474
20
15
435
150
1234
4
6
12254
4651
20
9
3054
2334
5
94
7234
270
4034
8
9254
2634
40

Jan
Feb
Feb
Jan
June
Jan
June
Jan
June
May
Jan
June
Jan
Jan
June
June
Apr
Feb
Feb
June
Mar
May
Feb
Mar
May
June
June
June
Jan
June
Feb
Jan
Mar
Apr

Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Lou'. High. Shares.
Westinghouse Air Brake_50
West Penn Rys pref---100
BondsMonon River C & C 6s '49
Pittsburgh Brewing 6s '49
PIttsb McK dr Conn 55 '31

169 169
9934 9934
107
97
98

107
97
98

Range Since Jan. 1.
Low.

High.

96 137
Jan 178
10 9734 Mar 101

June
May

55,000 107 June 107
2,000 9554 Feb 98
4,000 98 June 98

June
May
June

* No par value.

San Francisco Stock and Bond Exchange.-Record of
transactions at San Francisco Stock and Bond Exchange
June 11 to June 17, both inclusive, compiled from official
sales lists:
Stocks-

Friday
Sales
Last Week's Range for
Sate
ofPrices.
Week.
Par. Price. Low. High. Shares.

American Trust Co
355
Anglo & London P Nat Bk_
Associated Oil
Bancitaly Corp
12054
Bank of California N A_ _ _ _
Bank of Italy
175
Calamba Sifgar pref
California Copper
Calif Oregon Power pref
______
California Packing Corp_ _ _ 6354
California Petroleum corn_
24
Caterpillar Tractor
2854
East Bay Water A pref.._ _ _ 96
B preferred
Emporium Corp (The)____
Ewa Plantation Co
16
Federal Brandeis
9034
Firemen's Fund Insurance_
Foster & Kleiser common
1231
Great Western Power pref. 10154
Haiku Fruit &Pack (Free)_
30
Hale Bros Stores
______
Hawaiian Com'l & Sugar
Hawaiian Pineapple
Hawaiian Sugar
30
Home Fire & Marine Ins.
3554
Honolulu Cons Oil
Hunt Bros Pack A nom_
14
Hutchinson Sugar Planta'n
Illinois Pacific GlassA____ ______
Key System Transit pr pref
Langendorf Baking
1254
LA Gas & Electric pref.__ 10154
Magnavox Co
1854
Magnin (I) common
95
Nor Am Investment pref
363-4
North American Oil
3654
Oahu Sugar
Pacific Light Corp 6% pref 101
Pacific Lighting Corp corn.
1.05
Pacific 011
Pacific Tel & Tel corn
Preferred
6554
Paraffine Co's Inc cora _ _ _ _
FhillIps Petroleum cora _ _ _ _
}Ugly Wiggly W States A_
2354
Pig'n Whistle prof
Pioneer Mill
Richfield 011
2034
El J Lt dr Pr prior pref
B 6% preferred
A 7% preferred
Schlesinger(B F)A com _ _ _ ______
9154
Preferred
273-4
Shell Union 011 com
Sherman & Clay 7% pref_ _____
Sierra Pacific Electric pref_
Southern Pacific
53
Sperry Flour CO COM
97
Preferred
10254
Spring Valley Water
5334
Standard 011 of Calif
Texas Consolidated Oil _ _ _ .51
______
Traung Label & Litho Co
Union Oil Associates
4054
4254
Union 011 of California__
Union Sugar corn
Walalua Agricul Co Ltd_
West Coast Life Insurance_ 3.40
9
Yellow .k checker Cab....
Zellerbach Paper6% pref__ 99%
32
Zellerbach Corp

Ranite Since Jan. 1.
Low.

High.

353 360
10 300
Jan 398
Feb
Jan 232
Feb
65 195
2135421754
44
44
20 44 June 4954 Feb
120 12434 29,462 8951 Jan 12554 June
249 250
20 245
May 270 June
Apr 687
Apr
175 17834 6,500 171
85
105 80
Apr 85 June
83
5
Jan
2 2.50
65
2 June
Mar
103% 10351
65 10254 Jan 105
Apr 6954 Jan
62
6354
942 61
Jan
2354 2454 1,312 2154 Apr 33
2754 2854 5,895 2634 Feb 30
Feb
9654
131 96
Jan 9854 Feb'
96
5 10454 Jan 111
Apr
10554 10554
31
32
205 31
Jan 39
Mar
42
42
20
15
16
1,080 97
Feb 18
Apr
Mar 9234 Jan
8934 9034 1,000 88
535 12
Apr 1354 Jan
1234 1254
10134 102
651 101
June 10434 Mar
9
9
125
834 Feb 10
Mar
30 .3134
40 31
Apr 3654 Jan
50
5051
300 48
Apr 5034 Jan
50
5034
290 4931 Feb 5551 Feb
42
24
35 4034 Feb 4234 Feb
2954 30
30
3554 36
420 3334 Apr 4234 Feb
2334 2354
20 2334 June 2631 Jan
14
14
165
33% 3334
230 3134 Apr 3551 May
30
30
540 30
Apr 65
May
1254 1254
10
100% 10154
487 9834 Jan 10154 June
.30
.30
3,000 30c May 75e June
1834 1854
170 163-4 Apr 2834 June
95
95
100
3531 375-4 4,775 2834 Apr 48
Feb
3634 37
245 35
Jan 39 June
100 101
375 97
Feb 101
June
420 420
60 311
Feb 420
May
1.05 1.05
100
13854 140
166 123
Mar 143
Feb
114 114
25 102
Mar 11434 Feb
6534 6634
700 6434 Apr 13951 Mar
4251 44
210 40
Apr 5934 Mar
2231 2354
565 1934 Jan 2351 May
16
16
130 1551 Jan
1654 May
2934 2951
100 2554 Apr 2951 June
2051 21
5,685 1451 Mar 2654 Jan
10654 107%
81 10654 Jan 10954 Feb
98
9954
68 97
Jan 100
Feb
105 105
5 103
Jan 10554 May
22% 23
100 20
May 2334 June
9051 93
175 8934 May 93 June
2754 2754
575 26
Apr 31% Feb
96
96
20
20 87
Jan 8931 Feb
8934 8951
114 11434
80 10654 Jan 115% June
260 44
Jan 53 June
4831 53
97
97
50
10231 limy,
175 10154 Jan 10834 June
53
*5454 4,876 5054 Apr 6054 Jan
.48
.51
1,500 .40
May .95
Feb
140 20
20
20
May 2154 Feb
4051 40%
808 3751 Apr 5631 Jan
42
43
1.080 3954 May 5631 Jan
16
16
100 16
Jan
19
Jan
4134 4254
79 3734 Jan 43 June
3.40 3.65
1.078 3.65
June
434 p Jan
9
9
970
8% Mar
934 ?Jan
155 9551 Feb 101% May
9934 100
3154 33
2.275 28
Jan 33 rJune

•No par value.

New York Curb Market--Weekly and Yearly Record

In the following extensive list we furnish a complete record of the transactions on the New York Curb Market for the
week beginning on Saturday last (June 11) and ending the present Friday (June 17).. It is compiled entirely from the daily
reports of the Curb Market itself, and is intended to include every security, whether stock or bonds, in which any dealings
occurred during the week covered.
Friday
Sales
Lan Week's Range for
Sale
ofPrices.
Week
Par. Price. Low. High Shares.

Week Ended June 17.
Stocks-

Indus. & Miscellaneous.
Ala Great Sou RR,ord_50
Preferred
50 131
•
Aluminum Co cora
Preferred
100
100 95
American Arch Co
Am Brown Boveri El Corp
*
Founders' shares
614
634
Founders* share* t 0-*
Amer Cigar Co, com_ _ _100
Amer Cyanamid. pref -100
Amer Electrice Corp v t c_*
American Hawaiian SS_ _10 1714
Amer Laund Mach com_ _ ..* 12454
American Mfg Co com_100 8451
*
American Meter Co
8
Amer Rayon Products_ _ _*
951
Amer Road Mach'y____100
Amer Rolling Mill com _ _25 5534
100
Preferred
5
3%
Amer Thread prof
*
Amoskeag Company
2
Corp_*
Anglo-Chile Nitrate
554
*
Arundel Corporation
Atlantic Fruit Jr Sugar__.•
*
5374
Atlas Plywood
Atlas Portland Cement...• 4.534
Auburn Automobile com.25
B Jr 0 new full pd rots WI.
Bancitaly Corporation_25 12034




129
13054
7854
104
9254

129
131
8154
104
9634

6
6
116
87
2
1754
124
8434
106
8
454
5454

8
754
11954
87
2
1834
125
87
110
8
1051
56

loom 1113%

35-4
59
5954
2534 2751
3354 3534
850 984
5354 54
4334 4534
10734 10954
11534 11554
12054 124%

Range Since Jan. 1.
Low.

200 123
260 12451
2,100 67%
400 10134
1,000 85

May
Feb
May
Mar
Mar

1.600
6 June
5,700
6 June
325 r115
Apr
100 8534 Apr
100
2 June
4,800
9
Jan
225 111
Jan
250 82 June
125 8954 Jan
600
334 Mar
3,600
2
Jan
2,600 4451 Feb
140 10954 June
100
334 Jan
400 59
June
1,800 14
Feb
100 3154 Jan
1,300 81c May
1.000 5334 June
1,300 40
Jan
525 69
Jan
500 11554 June
26,000 8534 Jan

High.
132
132
8134
10434
11151

June
June
June
Apr
Apr

21
Jan
21
Jan
r125
Mar
89
Jan
5
Mar
2054 May
128
May
90 June
110 June
10
May
1051 June
56
June
113
Apr
3mieMar
6854 Mar
3134 May
36 June
1% 3
-au
55
May
4534 June
11634 May
11554 June
1253( June

Friday
Saks
Last Week's Range for
Sale
ofPrices.
Week.
Stoics (Continued) Par. Price. Low, High. Shares.
* 53
Best Jr Co, Inc, corn
53
53%
Bliss(E W)Jr Co corn--:*
2134 2154
10
454
Blyn Sboes Inc com
454 454
Bohn Aluminum Jr Scald.*
1954 2054
50 114
Borden Co common
11251 11434
Nat City rats for new stk 111
110 11134
Bowman-Biltmore Hotels
Common
e
9
954
954
Brill corporation class A_ _• 3751 3734 3954
* 1754 17
Class B
17%
Brit-Amer Tob ord bear_ £1
2434 24%
Bucyrus Co corn
25 56.15
54
5634
Preferred
100
11254 11231
Budd (Edw G) Mfg com_ *
32
32
Bullard Machine Tool_
•
3854 3854

Range Since Jan. 1.
Low.

3,100 53
100 20
600
33Z'
600 13
800 101
1,200 102

High.

June 5334
Jan 2434
Jan
951
Feb 2034
Jan 117
Apr 11254

June
Apr
Apr
June
June
June

500
9 June
934 June
1,300 3751 June 4751 Jan
1,200 1554 Apr 2254 Feb
3,300 2354 Feb 2554 Mar
3,700 50 June 5954 Jan
75 10254 Mar 11231 June
100 20
Apr 3334 June
100 3551 Feb 44
May

Canada Cement Ltd_ _100 150
10 130
150 150
Caterpillar Tractor
•
100 2754
2854 2854
Celanese Corp of Am corn •
1.825 175
284 299
New common
• 71
7051 7434 14,000 44
First preferred
152 z150 15554 6,100 131
Celluloid Co corn
500 17
40
43
100 43
200 6531
Preferred
100
92
94
Celotex Co COM
2,300 70
• 83
8034 83
600 8631
91
7% preferred
100 89
89
600 9754
Central Aguirre Sugar-50 s10554 z1051S 108
Cent Leath (new) CIA vtc.* 24
1,100 1951
24 .25
100
Voting trust certifs_
951
•
1334 1954
Prior pret v t c
100 92
1.400 7334
9034 93
Centrifugal Pipe Corn____• 1231 1231 1274 1.600 1054

Feb
Feb
May
May
May
Feb
Jan
Apr
Apr
Jan
Jan
Jan
Jan
May

154 May
31
'Jan
302
June
7654 June
15834 June
45 June
95 June
83
Jan
91
Mar
11234 June
2754 May
1354 June
93
June
1874 Jan

3618
Friday
Last Week's Range Sales
Sale
ofPrices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.

THE CHRONICLE
Range Since Jan. 1.
Low.

High.

C M & St P (new co) WI.. 2434 2334 2435
2,700 20
Mar 25
Apr
3635 34% 36% 9,700 27% Mar 3631 June
New preferred w I
48% 48%
Chic Nipple Mfg class A.50
100 433-4 Jan 49
Apr
50 3534 3331 3535
Class B
200 31
Jan 3534 June
100 11855 11855 119%
Childs Co pref
110 117
Apr 12235 May
Cities Service common_ _20 4634 z4651 46% 13,900 4034 Mar 5831 Feb
Preferred hew
8831
88% 89% 2,700 8834 June 9034 June
•
Preferred B
8%
10
8% 831
600
835 Feb
755 Mar
Preferred BB
100
83% 8335
100 81
Apr 8535 Mar
2831 29
City Ice & Fuel (Cleve). *
75 2331 Jan 2931 May
13% 1311
Coats (J & P) Ltd ord'y.£1
100 13 June 1454 June
*
22% 2355
Cohn-Hall-Marx Co
500 1851 Mar 23% June
•
Colombian Syndicate_
234
2% 12,700
2
1% Apr
334 Jan
Conde Nast Publications_* z4134 37% z42
3,000 3051 Mar z42
June
3
Consol Dairy Products_ _ _*
2% 3% 2,800
134• Jan
3% May
Consol Laundries
2051
4,300 18
May 2231 Apr
2034 20
Copeland Products, Inc14% 15
Class A with warrants * 15
300
May
734 Apr 22
9
Cosgrove Meehan Coal__ _• 10
may
10
100
13
10
Feb
£1 3235 3254 33
Courtaulds Ltd
1,000 24% Jan 3334 June
*
49% 51
300 40
Cuban Tobacco v t c
Apr 60
Feb
10 42% 40
500 30
Cuneo Press com
Jan 46
May
4234
Curtiss Aeropl & M corn _ _• 21% 2034 2231
900 19
Jan 2534 Mar
100
Preferred
100 8434 Jan 94
93
93
Mar
173
170 179
350 170
Curtis Pub Co com
Feb
June 180
11314 11334 113%
200 113% June • 118
Jan
87 preferred
• 54
5054 5535
1,100 47
Davea Inc
May 5734 June
25
25
25
Davenport Hosiery
400 25 June 3034 Apr
39
37
40
375 27
Davies(Wm) class A__
Jan 44
May
3,710 70
15854 172
Jan 18631 June
Deere & Co common-_ _100 161
4
5% 1,100
De Forest Radio Corp...'
May 1031 Jan
3
4
3% 415
1,500
Voting trust certif of dep
334 June 1035 Jan
10 151
160 180
Dixon (Jos) Crucible__ _100 160
Mar 17234 Feb
• 1835 1855 19
800 18
Doehler Die-Casting
Jan 2211 Mar
* 7436
100 66
Dominion Stores Ltd
7436 7434
Jan 8335 May
International_
49
4834 5055 31,500 22
Dunhull
Jan 5035 June
•
934 11
8,400
934
1435 Mar
Durant Motors Inc
534 Jan
•
5
5
5
100
Jan
Duz Co class A v tc
4 June 11
34% 3434
Eitingon-Schild Co cora •
400 3331 Jan 35
May
Equitable Office Bldg corn' 8835 X8434 88% 17,100 67% Apr 88% June
6% 735 2,900
Estey-Welte Corp class A.*
6%
634 June 1031 Apr
3% 3%
300
Class B
3
Apr
1831 Jan
100 180
440 15031 Mar 16534 May
15834 182%
Fajardo Sugar
fit_*
28
28
2931
1,500 25
Fanny Farmer Candy
Jan
Mar 33
900 27 June 2934 June
2834 29
Fedders Mfg Inc cl A....* 2834
431 411
200
Film Inspection Machine.*
434 June
831 Feb
Financial & Indus Ser corn' 9834 97 10334 114,200 8234 May 106% June
100 106
105 10754
1,400 10434 May 10835 May
Preferred
135 142%
340 115
Firestone T & R com___10
Feb 150 June
100
102% 103%
1,200 99
7% preferred
Jan 105 June
100 SeeNofe below.
8% preferred
Can_100
445 445
40 339
Ford Motor Co of
Feb
Apr 500
• 18
1734 1834
1,400 17% Jan 19
Forhan Co class A
Jan
Foundation Co1135 13•
2,000 10 June 20% Mar
Foreign shares class A.• 1235
18
2,900 17 June 2154 Apr
Fox Theatres cl A corn_ _ _• 1735 17
100 12% Apr 1931 Jan
Franklin (II H) Mfg corn.'
1734 1734
100
80
80
Preferred
50 72
Feb
Apr 80
2311
Freed Eisemann Radio___*
334 2,200
7% Jan
2% June
•
Co
1431 1534 2,000
Freshman (Chas)
9% May 2355 Jan
46% x5031 5,500 39% Jan 51% June
x50
Fulton Sylphon Co
56
Gamewell Co, cora
56%
100 53% Jan 5931 Jan
1%
Garod Corporation
1,100 40c May
13/ 1%
3% Jan
5935 z58
General Baking el A
593-4 11,800 52% Apr 63% Jan
•
531
B
Class
5% 19,300
4% Mar
5
7% Jan
4035 4035
Gen'i Elec(Germany) tr rec
100 40
Apr
Jan 41
80
84%
Gent Fireproofing corn. •
300 51
Jan 84% Mar
2034 2034 4,700 2051 June 21% June
Gent Laundry Mach com •
89
8734 89
Gillette Safety Razor__
4,200 8835 Mar 95
Jan
1034 10%
CO Spring & Bumper corn* 11%
400
Apr
931 Jan 12
8
834
Gleasonite Prod corn.---10
931
1,400
Mar 1234 Jan
8
• 175% 175 176
Glen Alden Coal
800 15935 Apr 182
Apr
4015 1,900 25% Jan 40% June
Gobel (AdolP) Inc com • 39% 39
Goodyear T & R com- _100 5034 44
8034 17,200 2834 Jan 5831 May
Grand(F&W)5-10-250 St• 7731 77
400 60
7731
Feb 79% June
100
118 118
7% preferred
25 110
May
Apr 120
2634 2615
Great Lakes Transit Corn *
May 2835 June
100 24
Wire.*
&
21%
Cable
2134 21%
Habirshaw
400 15
21% June
Jan
Happiness Candy St cl A_*
5% 6
1,100
Jan
7
4% May
25
5735 5735
Hazel-Atlas Glass
100 5731 June 5754 June
•
Heyden Chemical
1% 1%
2% May
131 Jan
100
Hires(ChasE)Co cl A corn'
21 34 2134
200 21
June 2234 Feb
• 3631
3835 37
Hood Rubber Co
Feb
200 3835 June 46
Horn & Hardin% corn- _• 5534 5431 5531
700 5035 Apr 55% June
100 110
110 110
Preferred
Jan 110 June
100 107
A..•
class
6
531 6
Industrial Rayon
1,100
835 Feb
4% Jan
59% OM
Insur Co of North Amer_10 61
Feb 6134 June
2,300 51
5231 5234
International Cigar Mach'
Apr 53% June
200 46
7634 8255 19,060 5535 Jan 86
June
Johns-Many new nom_ -1_4
18
1235
8
1183511834
New preferred
150 11434 Jan 11935 May
29
29
Kawneer Co
Jan 293£ Mar
,200 29
18
18
Heiner-Williams Stmpg-*
Mar 22% Apr
100 17
16
16
Kruskal & Kruskal,
June 1831 Jan
200 16
19
Jan
19%
Land Co of Florida
300 18 June 36
33
Landay Bros Inc clue A.-*
33
Feb 3531 June
200 30
Landover Holding Corp1
1634 1734
Class A stamped
Jan 1734 Apr
200 14
Lanston MonotYPe M-100
102 102
June 102
June
50 102
Lehigh Val Coal ctfs new._
3931 3951 39.36
Jan
2,200 38% Mar 46
Lehigh Val Coal Sales..50 92% z9235 97
Mar
585 8935 Mar 100
Libby Owens Sheet Glass25 126
Apr 15931 Jan
12331 128
• 180 116
MacAndrews&Forbes corn'
4134 41.34
100 4034 Jan 4331 Mar
Madison Sq Garden v t c_*
Mar 19
.18
May
1834
1,000 16
*
Magill (I) & Co coin
18% 1934 1,500 1831 May 19% May
Marmon Motor Car corn.'
5231 54
700 4751 Jan 6231 Jan
*
McCall Corporation
Mar
June 60
52
50
400 50
McCord Had Mfg v t 0...'
Jan
17
1731
200 1634 May 21
Mead Johnson & Co cora.* 50% 4834 5034 3,200 3951 Jan 52
May
Mercantile Stores cora-100
Feb 112
Mar
100 100
100 100
Mercurbank Vienna Am -May
431 May
4
4
4
100
Metro') Chain Stores__
41% 3834 4131
Feb 45
May
1,800 30
Met 5 & 50c Stores, pref100
Feb 4131 May
37
37
50 30
• 4131 4131 4131
Midland Steel Prod
100 3934 Apr 4535 Jan
•
Midvale Co
28
28
300 23% Jan 30% Apr
Miller Rubber pref _ _ -100 100% 100% 10034
20 10054 June 10531 Feb
Murphy (G C) Co
June 40 June
39
40
400 39
corn....'
National Baking
100
8% 8%
731 June 10% Mar
Nat Fireproofing. pref. 50
28
June
28
200 28 June 28
4%
Nat Food Products cl B__*
Apr
3% June
9
354 43j 1.700
100 150
149% 151
Nat Sugar Refg
155
May
126
Mar
525
58
Reimer Bros Inc cora _ __* 58
58
100 3635 Feb 64% May
100
Preferred
Jan 100% May
99
99%
120 96
2935 2934
Nelson (Herman) Corp...5
100 2334 Feb 30% Apr
106 106
. 108
Newberry (i J) commonJune
Jan 106
25 85
_1
12%
1134 1231 7,600
New Mex & Ariz Land_ _
9% Apr 18 June
34
35
New On Gr Nor RII 100
200 1935 Jan 41% Apr
common.*
33
34
Co
34%
900 3154 June 3411 June
New Process
32% 35
Jan 35
New York Merchandise..' 35
Apr
300 27
44
44
June 45
100 44
New York Transporen_ _10
Jan
2534 26
Nichols & Shepard Co_ _ _ _* 26
700 2131 Mar 3031 Apr
17
17
100 16% May 2334 Mar
Niles-Bement-Pond coin.*
Boiler
1031 1031
9% May 1231 Jan
1,000
Pacific Steel
* 1031
Apr 7951 May
7531 7536
Palmolive Peet Co cora _ _ _*
300 69
44
44
June 48
300 44
Fender (David) Grocery A* 44
Jan
Jan 10331 June
10 100
Penney (J C) Co cl A pt 100 10331 10334 10331
114 114
June 13234 Mar
25 114
Phelps-Dodge Corp__ _100
2,600 1234 Apr 20% Jan
Phillip-Morr Cons Inc corn' 16
1334 16
Pick (Albert) Barth & Co3,900
1434
12% Jan 1431 June
1354
Common vot tr ctf._ _ _1
1434
Apr 28% June
2234 2434 18,500 20
Pref cl A (panic pre!)..' 24
48
48
250 40
Feb 49 June
Piedmont et Nor Ry-..100




[Vox.. 124

Friday
Sake
Last Week'8.Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Prior. Low. High. Shares.
Pillsbury Flour Mills__ _ _50 89%
Common new
30
635% corn cony pref_100 103%
Mast, dr Lake Erie com_50
Pittsb Plate Glass Co_ _100
Pratt & Lambert
Procter & Gamble, com_20
6% preferred
100
Prudence Co 7% pref_ _100 10331
Pullman Co (new corp) w 1* 74
Pyrene Manufacturing_ _10
Realty Associates corn...' 243
Reo Motor Car
10 2234
Republic Motor Truck
*
211
Richman Bros Co
Richmond Radiator cora.• 2531
41
7% cony pref
Royal Bak Powd com _ _100
Preferred
100
Safeway Stores cora
44%
St Regis Paper Co
Seeman Bros com
Selfridge Prov Stores LtdOrdinary
£1
5%
4%
Servel Corp (Del) com._'
Sherwin-Williams corn_ _25 54
Silica Gel Corp corny t c__* 1635
Silver (Isaac)Bros Inc corn.
£1
Singer Mfg Ltd
Sala Viscose). ord (200 lire)
Dep rcts Chase Nat Bk.. -----Southern Grocery Store, A*
Stand Com'l Tob corn...'
Stand Motor Constr..100
Stand Publishing cl A...25
Stand Sanit Mfg, nom_ _25
Stanley Co of Amer
Stern brothers class A...'
1354
Stutz Motor Car
100
Swift & Co
15 2331
Swift International
Thatcher Mfg new corn..'
Convertible preferred..' 43
Timken-Detrolt Axle_ _10
100 100
Preferred
Tobacco Prod Exports- *
Todd Shipyards Corp....' 55
Trans-Lux Day Pict Screen
Class A com
25
Trumbull Steel corn
10
Truscon Steel
Tub's° Artificial Silk cl B_* 235
Tulip Cup Corp, corn____*
Tung-Sol Lamp Wks cl A.' 233,1
1031
Common
Union & United Tob cam.*
United Artists Theatre Co
Allot ctf for com & pref.. 100
United Biscuit, class A _* 47%
Class B
Un Gig Stores new com _ _10 35%
United Elec Coal Cos v t C * 2531
United Shoe Mach com _ _25
U S L Battery com flew..' 3731
10
Preferred class B
U 8 Dairy Prod class B___.
•
U El Freight Co
20
US Gypsum com
S Stores Corp class B. •
Univ Leaf Tobacco com__* 4531
Universal Pictures
7
Van Camp Pack prof ...50
Warner Brothers Pictures.* 23
*
Wesson 0& S D, pref..
Western Auto Supply pref•
West Dairy Prod class A._*
• 19%
Class Bvt c
West Md Ry 1st pref__100
50 56
Westmoreland Coal
Williams 011-0-Mat Heat.' 14
Wolverine Portl'd Cem_10
Yellow Taxi of New York_* 19%
Zellerbach Corporation_ _ _•
RightsHall(W F) Ptg Co
St Regis Paper
White Sewing Mach deb rts

534
Sc
10%

Range Since Jan. 1.
Low.

86
1,500 5235
90
28% 30% 5,800 2855
103 103% 1,100 103
167 17134 1,300 167
233 233
10 23031
48% 51
500 48
201 201
25 178
11134 111%
120 111
25 10231
10335 103%
73
74% 2,700 69
931 935
9
500
241 244
50 225
21% 22%
4,200 1931
100
331 3%
2
50 153
207 211
20% 2531 11,000 20
3931 4135
500 37%
280 161
204 214
103 . 103
50 59934
190 232
280 270
4435 45% 2,800 37
100 2535
2635 2635

Jan
June
June
June
May
Mar
Feb
Mar
Jan
Apr
Feb
Jan
Mar
May
Apr
May
May
Feb
Mar
Feb
Apr
May

High.
94 June
31
June
104% June
181% Feb
Jan
269
53% Jan
202
May
113% Mar
105
Jan
78% May
1435 Jan
257
May
2331 May
531 Jan
211
June
2531 June
4134 June
240
May
10431 June
301
Apr
48% May
28
Jan

5% 4,900
5 June
5
535
3% 534 10,100
3% June 1031
100 44
54
Feb 54
54
300 1334 Mar 19
1631 1634
Apr 3734
30
31
500 26
Jan m531
100 , 5
535 554
Jan 11
5
200
931 934
Jan
600
5
11
9% 9%
210 30% May 3534
31
3131
28
400 19% Jan 2935
29%
135
1
1
June
500
134
500
35,
1 Apr
331 331
6%
8434 8454
25 8334 May 91
50 6735 May 90
7035 7054
Feb 52%
75 42
5036 5034
500 1234 May 21
1334 1335
117 117
200 115% May 12034
2,500 1834 Mar 24%
21% 2335
14% 14%
200 14
June 18
43
4334
900 4134 Apr 46
13
500 1134 Mar 14
1331
10 86
100 100
May 100
3%
700
3
Mar
3
3%
4931 55
1,800 45
Apr 55
4
1131
24%
22531
1014
2331
1031
7235

631 15,400
335
900
934
12%
100 24
2445
280 145
239
100 10
10%
24% 5,800 17%
1134 1,900
8%
100 64
72%

100 100
45
4731
835
8
35% 37
25% 26
5854 58%
3735 3931
851 9
13% 13%
76% 77%
9531 95%
2
2
4535 46
33
33
7
7
2131 23%
97
9731
24% 2435
50
50
18% 1955
135 135
56
56
14
1434
8% 6%
1431 1934
32
32

500
400
300
7,600
400
300
1,300
800
100
700
50
400
1,400
100
100
2,210
100
100
700
1,500
50
50
200
300
4,600
25

200
53i
531
40 100 16,000
7% 10% 11,700

9535
38
7
353,1
23
51
32
831
931
89%
94
1
37%
29%
535
15%
95
2154
4734
15
98
49
12
5
10
2916

June
814
Jan 1354
Jan 2635
Jan 255
Feb 15
Jan 2434
Feb 13
May 90

June
Feb
Mar
Feb
May
May
Ayr
Apr
Feb
June
May
Jan
Jan
Feb
May
Mar
Mar
May
Mar •
Mar
May
May
Jan
June
Jan
June
Jan
May
Feb
June
May
Feb

Jan 10135 June
Mar 4735 June
Jan 13
Feb
June 37
June
Apr 3334 May
Jan 5931 May
June 395.4 June
May
May
9
Mar 1354 June
Mar 79% June
Jan 110
Jan
June
5% Jan
Jan 48
Mar
Jan 45% Mar
Apr
1635 Jan
Mar 3331 Jan
May 9955 Jan
Apr 2531 Jan
Feb 51
Mar
Feb 2055 May
Jan 145
May
Feb 58
June
May 16% Feb
Apr
7 June
May 3431 Jan
Feb 32 June

54. June
4e June
May
4

6
June
50c June
10% June

Public UtilitiesAmerican Gas & Electric85% 8931 6,300 6831 Jan 92% June
Cora (new ex stock div).* 89
• 103
300 9535 Feb 10431 June
102 103
Preferred
350 222
Amer Lt & Trac com _ _ _100 257% 256 258
Mar 265 June
172 17335
225 167
Common new
June
May 176
620 9731 Jan 106% June
Amer Pow & Light pref.100 105 z104 10535
Amer Superpower Corp A.* 38
3731 38% 3,200 27% Jan 38% June
Class B
• 38% 37% 3934 3,550 2835 Jan 3934 June
300 26% Jan 29% June
2934
Participating pref.-25 29% 29
300 9335 Jan 98 June
97
97
First preferred
• 97
100 22
24
24
Arizona Power com
.100
Jan 3735 Apr
Assoc Gas dc E'en class A_* 40% 4035 4134 3,400 35
Mar
Jan 43
450 898
125 135
Blackstone V G&E,com _50
Feb 154% May
50 130 June 130 June
Stock trust certificates.. ------ 130 130
435 1,400
4
4
Brooklyn City RR
10
3% May
6% Jan
300 2531 Mar 32% June
Buff Niag & East Pr com-• 31% 31% 3135
100 2531 Jan 26% June
2634 2634
25
Preferred
20 92% Jan 98 June
97
97
Cent States Elec 8% pf_100
1,675 102
Cities Ser PrdeLt7% pf_100 102% 102% 102%
June
June 103
200 9231 June 9234 June
92% 9234 9231
16 preferred w
200 6731 Feb 80
Columbus Eleo & Power • 7231 72% 72%
May
15035
740
15535
153
Com'w'th-Edison Co_ _100
139
Jan 15534 June
Com'wealth Power Corp600
97
9934
100 97
Preferred
Jan 100 June
25 7854
7631 7831
Conn Elec Serv cony pref _•
9134763 June 76% June
1,400 10
55735 59
Con Gas E L& P Balt corn'
50
531
% Jan 5935 May
180 10834 1,150
Elec Bond & Share pref_100 108
Mar 109% May
19,800 6631 Mar 75% June
7151 s75
E'en Bond & Share Secur_* z75
Elec Invest without warn_• 37% 3731 3831 6,000 3254 Feb 40% June
300 8931 Mar 97% June
9634 9731
Elec Pow Se Lt 2d pref A. •
500
9% 9%
Option warrants
6% Jan
9% June
675 104% May 106% May
Empire Gas dr F8% pref100 105% 105% 105%
33
1,800 26
Empire Pow Corp part stk•
33%
Jan 38% May
1,700 22
31
Galv-Hous El Co corn. _100 30% 28
June
Aor 31
1431 14% 2,000 1135 Jan 15
General Pub Serv corn..' 1431
June
9631 9731
Ga Pow (new corn) $6 pref•
200 94
Mar 9735 May
40 328
368 373
Hartford Electric Light.100 368
Apr
Apr 381
38% 4131 4,300 24
Internat Utilities class A.* 41
Apr 41% June
Class 13
Jan
6% 7% 7,200
7% June
10 1037
108 108
Kansas Gas & Elec pref.100 108
May 108 June
Apr
Lehigh Power Securities..' 1831
1854 1834 9,900 15
Jan 20
Long Isl Ltg, 7% pref__100
May
40 107% Jan 112
11131 111%
151
Marconi Wirel Tel of Can_l
1% June
Jan
1%
600 79c
555 June
Marconi Windl Tel of Lon£1
1,100
33-1 Jan
531
551
June 14934 June
Massachusetts Ltg Cos-- _• 14934 146 14935
330 146
June
6% preferred
116 116
100
10 11431 June 116
Feb 117% May
Middle West Utilities corn• 111% 11134 112%
1,600 108
Prior lien stock
100
200 117% Jan 12154 May
119% 120
7% preferred
100
850 10531 Jan 11331 Feb
110 11035
66 preferred
150 93 'June 9451 June
93
9354
93

JUNE 18 1927.]

THE CHRONICLE

Friday
Saks
Last Week's Range for
Public Utility Stocks-, Sale
ofPrices.
Week
(Concluded)
Par.I Price. Low. High. Shares.

'

Mohawk & Bud Pow corn.*
Second preferred
Mohawk Valley Co
*
Monon W Pa P 837% pf_ 25
Nat Elm Power class A_ *
Preferred
160
Nat Power & Light pref__'
Nat Pub Serv corn class A.•
Common class B
*
Warrants
New Eng Pow Assoc new.*
New Eng Pub Serv pr lien_
New Eng Tel Sr TeL _ _100
NY Telep
% pref_100
Nor Amer Util Scour corn.*
First preferred
Northeast Power corn..-*
Northern Ohio Power Co_*
Nor States P Corp corn -100
Preferred
100
Ohio Bell Telep 7% pref100
Penn-Ohio Edis new cora.*
7% prior preferred___100
Warrants
Penn Ohio Scour Corp__ •
Penns G & El cl a part stk
Penns Pow & Light pref..'
Penn W & P new corn.---•
Phila Electric Co com_ - _25
•
Power Securities com
Puget Sound P&L com_100
100
7% preferred
100
6% preferred
South Calif Edison pf B_25
Sou Colo Power class A._25
Sou Gas & Power class A.'
Southeast Pow & Lt corn_•
Common vol trust ctfs_*
$7 preferred
•
Participating preferred.*
Warrants topur corn ink*
Southwest Bell Tel pref 100
Stand Gas & Elec 7% pf 100
Standard Pow & Lt, corn 25
Tampa Electric Co
5
Texas Pow & Lt.7% p1.10t)
United Gas Impt
United Light& Power A..'
Preferred A
Utilities Pow & Lt classB'
*
Western Power, pref. _100

25
46
2535
2434
2331
1934

129

17
11834
3534
102
15

48
5134

25
26%
3631

9%

60
14
17%

Former Standard Oil
Subsidiaries.
Anglo-Amer 011 (vol sh) El
Non-voting stock_ _ _ £1
Borne Scrymser Co_--100 5934
50 57
Buckeye Pipe Line
Chesebrough Mfg Cons_25
Continental Oil v t c._ _ _10 18
Cumberland Pipe Line.100
100
Eureka Pipe Line
Galena-Signal Oil old pf 100 4334
Humble 011 & Refln1ng_25 5934
100
Illinois Pipe Line
Imperial Oil (Canada).--• 4334
Registered
50 69
Indiana Pipe Line
National Transit. __12.50 15%
New York Transit
100
Northern Pipe Line. _100
Ohio 011
25 58%
Penn-Mex Fuel Oil
25 29
Prairie Oil .4 Gas
25 49
Prairie Pipe Line
100 184
100 150
Solar Refining
25
South Penn Oil
Standar Oil (Indiana)...25 6734
Standard Oil (Kansas) _ _ 25
Standard Oil (Kentucky)25
Standard 011(0)new corn 25
Vacuum 011
25 128

Range Since Jan. 1.
Low.

24% 25% 2,600 2054 Jan
98
98
25 94
Jan
4454 46
1,600 37
Feb
25% 25%
Feb
50 24
24% 24%
200 23% Feb
9734 9754
Feb
100 96
106 106
Jan
50 101
21% 23% 13,200 18% Jan
18
1934 1,900 14
Jan
1% Mar
1% 1%
200
59
59%
60 4934 Feb
100 100
25 100 June
129 129
Jan
200 115
114 11431
50 11234 Apr
5% June
100
634 634
86% 87%
700 86% June
16% 17
5,700 1434 Apr
11
1154 6,600
934 Jan
116% 11831
900 109% Jan
10634 10634
50 10034 Jan
112 112
Jan
20 111
3434 36
Feb
900 27
101% 102%
125 9734 Jan
1.890 1034 Jan
1434 16
8% Feb
690
11
12
Jan
19% 19%
900 19
Jan
109 110
25 106
Mar
48
48
200 45
4954 5134
800 46% Mar
6 June
100
6
6
Apr
3434 3534
700 28
111 111
190 10334 Jan
88
88
10 8334 Jan
25
2534
500 24% Jan
Feb
200 26
2634 2635
19
19
100 18% Mar
35
36% 9.000 29% Mar
Jan
32
32
200 28
400 101% Jan
104% 106
7834 79%
300 67% Jan
8% Jan
800
9% 934
118% 118%
200 11334 Jan
10934 10934
150 104% Jan
Jan
24% 24%
200 22
Jan
60
61
300 49
Feb
10834 108%
10 107
Feb
105 10734 6.800 89
13% 1434 12,400 1234 Mar
Jan
9634 97%
300 85
16
17% 2,400 1334 Jan
Jan
101 101
200 98

19
1834
5834
57
10934
1754
91
57
4334
57%
144
43%
43
69
15
36
8634
56%
26%
48
170%
180
35%
66%
16
112%
75
124

3% May
150 Apr
14% May
8 June
934 June
May
1
7 June
4% Jan
10
Jan
1% Mar
86% Apr
8% Apr
1 June
28% May
634 May
22
Apr
51c May
37
Jan
1% Mar
12
Mar
7% June
10%0 Apr
22% Apr
2334 Mar
4% Mar
9% Mar
5 May
9% June
6% June
5 May
lie June
4% May
6 May
27% Apr
3
Jan
15
Apr
17
Apr
63% Jan
4% June
1634 May
20% Apr
534 Apr
1% May

Mining Stocks.
Amer Com'l Min dr M111._
AmeriCan Exploration_ _1
Arizona Globe Copper-1
Bunker Hill & Sullivan_ _10
10
Carnegie Metals
Consul Copper Mines. _1
Cons Nevada-Utah Corp_3

Sc
40c
3e
67%
12
2%
3c

30




27
Feb
98 June
4934 May
2534 June
25% Feb
97% June
108% May
23% June
203$ Mar
3% Jan
62
Apr
100 June
133 June
115% Mar
634 Apr
90 May
1874 Jan
13% Feb
124 June
107 May
114 May
40% May
104% May
18% May
13% Apr
21% Feb
110 June
48% May
53
Jan
6 June
3534 June
111
June
88 May
25% May
27% Mar
22% Apr
38% June
35% June
106% June
80% June
10% May
11834 June
110% June
24% Jan
64 May
108% June
109
May
15% Jan
97% May
19 May
102
Feb

19
I6o 1851 June 2134
1834
100 1734 Apr 20%
Apr 69
150 50
63
Jan 59
900 45
59
110
400 76% Jan 115
18
5,700 17% May 22%
Mar 137
1515 090
93
Jan 56%
57
50 47
4334
June
4334
10
6134
Mar 62%
5934 7.300 54
145
200 123% Jan 150
37%
Jan
47
44
3.700
43
100 43 June 44%
Jan 7254
70%
600 61
15%
800 13% Jan 17
250 3134 Jan 36
36
Jan 91
91
850 70
Apr 643(
5834 2,600 52
Apr 31
29% 1,800 12
3,200 4554 Apr 55%
49
Jan 184
4,600 132
184
Apr 201%
180
20 180
36
Soo 34% Apr 4134
67% 18,300 64% May 7434
16
100 1534 Mar 20%
113% 1,200 11154 June 122%
Apr 87%
76
550 73
131
15,300 9534 Jan 134

Other Oil Stocks.
Amer Contr Oil Fields__-5 880
85c 95c 20,100
•
Amer Maracaibo Co
3%
3% 3% 2,400
Arkansas Natural Gas_ -10
734
734 735
800
corn.
_
.•
Lobos
Oil
Atlantic
76c
76c 80c
200
Barnsdall Corp stk purch
warrants (deb rights)_ _ _ -----5%
4%
3,500
Cardinal Petrol Corp_ _ _10
30c 350
3,000
17%
Carib Syndicate new corn.
1734 16% 17% 5,800
Consolidated Royalties_ _1
8
8
8
100
1034 10
Creole Syndicate
1034 21,500
Crown Cent Petrol Corp_
134 1% 1,200
•
cora
Crystal Oil Refining
8
8
100
•
Darby Petroleum
734 731
500
Derby Oil& Ref Corp pr..* 10
10
1034
300
Gibson Oil Corporation_ _1
134 2% 5,100
Gulf Oil Corp of Penna_ _25 292
91% 93
4,300
Houston Gulf Gas
1031
934 10% 5,200
Intercontinental Petroleum
134
1
134 1,100
International Petroleum._* 29% 29% 30% 8,000
Leonard 011 Developm't..25
7
734
700
• 23% 23% 24
Lion 011 & Refining
600
*
Livingston Petroleum_
550 55c
100
Lone Star Gas Corp.--25 x4234 x4254 4334
300
Magdalena Syndicate_ -..'
134 13$ 1,800
Margay 011
1734 1734
300
9%
Mexico-Ohio Oil
8
9% 6,900
Mexico 011 Corporation.10
24c 300 22,000
Mountain Producers..._10 24% 24
2434 2,600
23% 23% 2434 1,200
Nat Fuel Gas, new
5
New Bradford 011
5
5
1,600
25 1334 1034 1334 6,000
New York Oil
534
Pandem Oil Corporation.*
534 6
4,600
Panterec 011 of Venezuela• 1034
93£ 103( 2,600
6%
Pennok 011 Corporation. s
6% 734
600
534
Reiter Foster On Corp_ _
534 534
400
Royal Canadian 011 Synth• 12c
110 140
4,000
Ryan Consul Petroleum •
531 6
2,500
011_10
634
Salt Creek Consol
6% 634
600
Salt Creek Producers_..i0 2934 293$ 29%
700
Savoy Oil Corporation_ _ _5
3% 3%
500
rid-Osage Oil non-vot stk' 2334 21% 2334 59,300
• 23% 2034 24
Voting stock
18,600
79
Oil
7%
pref
100
Transcont'l
77
80
1,150
434
Venezuela Petroleum- -..1
4% 454 1,400
17
1734
V 0 C Hold Co Ltd corn _ El
200
Gas_
•
2354 2334 2354 1,200
Wilcox (H F) Oil &
•
7
5% 7
Woodley Petroleum
1,600
2
2%
Gas
Oil &
400

800
4c
98

High.

7c
80
5,000
600 800
3,100
40
Sc
4,000
9534 100
3,600
13
13
100
2% 2%
100
30
4c 10,000

770
334
6%
75c

Apr
June
Apr
May

Jan
Jan
Feb
June
June
Jan
Jan
May
Jan
Jan
May
Mar
May
May
May
Feb
June
Feb
June
Jan
June
Feb
Jan
Jan
Jan
Jan
Apr
June

2, Jan
73( Jan
8% Feb
Jan
7%
370
17%
93(
14%
3
103$
12
16%
963$
12%
2
34%
10%
2734
99c
46%
2%
18%
12%
38c
2634
2634
534
1334
954
12%
133$
153$
350
7
8
32
7
23%
26%
83
7%
173$
32%
8
6

Feb
June
June
Mar
Jan
Jan
Jan
Mar
Apr
Jan
Jan
Apr
Mar
Feb
Feb
Feb
Feb
Mar
Jan
May
Jan
Jan
Jan
May
Apr
June
Apr
Mar
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Mar
Feb
June
Jan
June
Jan
Jan
Jan

Jan 10c
May
I%
Mar
80
Feb 103
Jan 1334
Feb
3%
Feb
4c

Mar
Mar
Apr
June
Jan
Mar
Feb

3619

Friday
Sales
Last Week's Range for
Mining StocksSale
ofPrices.
Week.
Par Price. Low. High. Shares.
(Concluded)
Cresson Consol G M & M_1
2
East Butte
10
134 1%
Engineer Gold Mines,Ltd 5
2% 3
3
Eureka Croesus
1
3c
40
Falcon Lead Mines
1 ' 50c
500 50c
First Thought Gold Mines*
2c
20
2c
Golden Centre Mines.- _5
134 134
134
Golden State Mining._ _10c
40
Sc
Sc
Goldfield Consol MInes_l
80
8c
Goldfield Florence
1
40
40
Hawthorne Minos, Inc_ _ _1
2c
2c
2c
Heels Mining
250 143$ 1454 1434
Hollinger Cons Gold Min_5
19% 1934
Iron Cap Copper
10
234 3%
334
5
Kerr Lake
650 65c
100 12c
Mammoth Divide
12c 120
Mason Valley Mines
5
1
134
New Cornelia Copper220
20%
100 182
New Jersey Zinc
178 182
Newmont Mining Corp_10 80% 73
8034
5
NipissIng Mines
5% 534
5%
Noranda Mines, Ltd
• 21% 2131 22%
10
1
North Butte
134
1
1 850
Ohio Copper
590 850
Parmac Porcupine Mines_l 15c
100 260
Plymouth Lead Mines_ .1
60
6c
Pond Creek Pocahontas * 1434 14
14%
_1
2
Premier Gold Mining
2
1
San Toy Mining
Sc
Sc
Sc
3
South Amer Gold & Plat_l
3
20
lc
Spearhead Gold MinIng_l
1
Teck-Hughes
754
154
Tonopah Belmont Devel_ 1
1% 154
28c 28o
Tonopah Extension Min_ _1
United Eastern Mining_ _1
35c 350
2334 2354
United Verde Extension 500
1
200 25c
Unity Gold mines
5
454 434
Utah Apex
454
2% 2%
2%
Wendell Copper Mining_l
1
West End Extension
Sc
Sc
Sc
Wright-Hargreaves M Ltd*
534 6
6.
BondsAdriatic Electric 7s___1952
Alabama Pow 1st 5s_ _1956
First & refunding 65.1951
Allied Pack deb Pa.__ -1939
1939
Debenture 68
AllLs-Chal Mfg 55._.1937
Aluminum Co a f deb as'52
2014
Amer & El 65
American Power Er Light6e, without warr_ _2016
Amer Radiator deb 4345'47
Amer Roll Mill 6s_ -1938
1936
Amer Seating 68
Anaconda Cop Min 65.1929
Andian National Corp _ _ _
65 without warrant 1940
Appalachian El Pr 58.1956
Arkansas Pr & Lt 5s--1956
Assoc'd Sim Hardw 6393 33
1949
Atlantic Fruit 85
Batavian Petr deb 4345 '42
Beacon 011 6s, with warr'36
Beaverboard Co 88_1933
Beaver Products 7358.1942
Bell Tell of Canada 55.1955
Berlin City Elec 6348.1951
1928
634% notes
1929
% notes
Boston Consol Gag 58_1947
Boston & Maine RR 65 '33
Brunner Tur & Eq 734555
Buffalo Gen Elec gen 5s'56
Burmeister & Wain Co of
Copenhagen 15-yr 68-'40
Canadian Nat Rys 78.1935
1957
30-year 4348
Carolina Pr & Lt 55_ _1956
Cent Had G & E lst 5s 1957
Chic Milw & St P (new co)
50-year 55 w I
Cony wit w I
Chic Rys 58 ctf dep._-1927
Cincinnati St Ry 5345 A '52
1956
Cities Service 58
1966
6s
Cities Service Gas 55451942
Cleve Elec III 5s, ser A.1954
Clev Term Bldg ea.__ _1941
Columbia G & E deb 58.52
Commander-Larabee 65 '41
1951
Conn Lt dr Pr 7s
Cons G,E L & P58 F_1965
Publishers
'36
631s
Consol
1941
Consol Textile 88
Continental Scour 5s A1942
with warrants
Cuba Co 6% notes_ _1929
Cuba North'n Rys 5355 '42
Cuban Telephone 7345 1941
Cudahy Pack deb 53581937
1946
58
Detroit City Gas 65-1947
1950
55, series B
E Term Off Bldg 6348.1945
Eitington Schild Co 68 1938
Elec Refrigeration 65.1936
Empire 011 & Refg 5545'42
Europ Mtg & Inv 7345 1950
Fairb'ks, Morse & Co 5s'42
1933
Federal Sugar 65
First Bohemian Glass Wks
1st 75 with stk Pur war's?
Fisk Rubber 5345_ _1931
Florida Power de Lt 56.1954
Gair (Robert) Co 78..1937
1942
1st mtge 53413
Galena-Signal 011 78-1930
Gatineau Power 58.-1956
1941
13s
Gen Amer Invest 58-1952
General Petroleum 68_1928
Georgia & Fla RR 6s A 1946
Georgia Power ref 55..1967
Goodyear T & R 53-1928
Goodyear T&R Cal 5348'31
Grand Trunk Ry 63-45_1936
Gulf Oil of Pa 58
1937
Sinking fund deb 55_1947
Gulf States Utils 55.--1956
Debenture 534s_ -.1942
Hamburg Elec Co 75_1935
Hood Rubb 534s.Oct 15'36
75
1936
Indep Oil & Gas deb 65 1939
Indiana Limestone 68_1941
Indian'p's P & L 5s ser A'57
Int Pow Sec 78 ser E_ _1957
Int Rys Cent Am 6345 1947

Range Since Jan, 1.
Low.

High.

I% May 2i,ir Jan
500
100 75c May
1% June
800
234 June
534 Jan
9,000
3c June
7c Feb
700 500 Apr 78o
Jan
2,000
2c
Jan
40 Jan
400
134 Feb
2
Mar
2c May
5,000
80 Feb
2,000
50 Feb 19c I Mar
1,000
40 June
8c War
28,000
2c May 11c Jan
900 12% Feb 15% Jan
400 19 June 22% Feb
1,000
134 Feb
354 June
300 65c June 950 Feb
1,000 12c Apr 24c May
1,300
1
June
2% Jan
500 20 June 24
Jan
270 178 June 193% Mar
10,000 67% Jan 81
Apr
2,000
554 June 1034 Feb
2,100 19% Jan 25 May
May
900
1
334 Jan
39,700 40c Mar 67c June
20,000 10c June 25c June
1,000
6c June 150 Feb
1,600 1134 May 14% May
400
1% Jan
25is Feb
40 Apr
3,000
6c Jan
2% June
1,000
3% Jan
lc June
3,000
40 Jan
5% Jan
500
834 May
134 Feb
700
23ir Jan
Jan 32c Mar
1,000 24c
2,000 35c May 530 Jan
1,000 2254 Jan 28
Feb
3,000 20c June 50c Apr
4% June
200
7% Feb
234 Mar
2,000
3% Jan
30 Jan
2,000
70 Apr
1,000
554 June
6 June

96
100
10534
5334 53%
54
54
99
99
9934 9934
10634 105%

96 837,000 96
May 96% May
100
2,000 98% Mar 100% Apr
10534 2,000 10434 Feb 105% May
5634 14,000 40% May 76
Jan
56
19,000 43
Mar 66
Jan
99
63,000 99 May 99% May
9954 33,000 99 June 100% iMar
10634 25,000 101% Jan 107 June

106% 104%
95
104%
10434
105
10234 10234

10634
9534
104%
10534
102%

92,000
45,000
3,000
61,000
14,000

100
95
103
10154
10134

Mar
June
Jan
Jan
Jan

107
96%
104%
10634
102%

June
Apr
June
May
Feb

104 104
9554 96
9334 94%
90
90
1834 1834
92% 93
9854 9834
9754 9834
109 109
10154 10154
96% 97
100 100%
98% 99
100% 101
102% 10234
67
68
103 103

1,000
78,000
21,000
28,000
3,000
23,000
21.000
39,000
2,000
57,000
151,000
20,000
2,000
26,000
5,000
4,000
8,000

101
95
93%
90
1734
92
98%
9534
107%
101
9634
100
9854
100%
10034
63
102%

Jan
Feb
May
May
May
May
June
Mar
Apr
Feb
June
June
June
June
Jan
May
Mar

10434
97%
97
97%
20%
963(
103%
99
109
103
9934
101
101
103
103
92%
103%

May
Apr
Apr
Jan
June
Jan
Jan
Jan
Mar
Apr
Jan
Mar
Mar
Feb
Mar
Feb
Apr

Jan 97%
Feb 113