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financial

The
INCLUDING
itailway at. industrial Compendium
State & Municipal Compendium
VOL. 122.

brim&

Public Utility Compendium
Railway Earnings Section

SATURDAY, JUNE 19 1926

Ixe Throutcle

2

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The Financial Situation.
During the week money has continued easy,
thouggh with a slight upward turn on Friday. Business remains good and there is evidence of a drift
towards stability in commodity prices, the Irving
Fisher index for the week ended June 11 standing
at 153.6, as compared with 151.8 at the end of the
previous week, and a level slightly above 152 during
the previous month. Bond prices have continued at
or near the recent peak, the Dow-Jones average of
40 industrial bonds having reached a new high on
Saturday, the 12th, at 95.52. On the Stock Exchange the pace has again become fast and furious
and there have been a number of notable advances
of high grade and well sponsored industrial stocks,
such as United States Steel common, General Motors, du Pont, Marland Oil, Atlantic Coast Line, and
others. The situation has become increasingly uncomfortable for speculators with short commitments, and in all probability there has been considerable short covering during the week.
In a number of prominent stocks the advances
during the last two weeks have been of prodigious
proportions. United States Steel common has been
a conspicuous leader in the upward movement, and
on Thursday touched 139%, the highest figure in
its history. This compares with a closing price on
Friday, June 4, two weeks ago, of 12578; the close
/
yesterday afternoon was at 1342 General Motors
/
1
.
common, which on June 4 finished at 129%, touched
/
1481 2 yesterday, with a reaction to 143 at the
/
1
2
close. F. W. Woolworth, as against 149 on June 4,
jumped to 173% yesterday, but reacted to 167%.
E. I. du Pont de Nemours in its sensational advance
got up to 246 on Thursday, against a closing price of
/.
216% June 4; it closed yesterday at 23578 General




Bank and Quotation Sect! L
Bankers' Convention Sem,
NO. 3182.

Electric spurted up to 350 yesterday, against 323%
the closing figure June 4, and closed yesterday at
338 . Montgomery Ward & Co. rose to 74% yes/
1
2
terday, reacting to 71%, which compares with 6578
/
June 4. Mack Truck advanced to 122% yesterday,
with a reaction to 118%,against 114 June 4. American Can yesterday got up to 54, against a close June
/
.
4 of 47, and reacted to 5178 Even some of the giltedged railroad stocks joined in the upward movement, and Atlantic Coast Line, against a closing
/
price of 199 June 4, reached 22414 yesterday with
a reaction to 217%. The equipment stocks were also
conspicuous in the same way and Baldwin Locomotive, which closed June 4 at 105%, advanced to 117
yesterday, though reacting to 113%. These illustrations might be extended to include many other instances of the same kind.
It will have been noted that the relapse yesterday
afternoon was very pronounced. It seems to have
been the result of selling to realize profits made
under the cover of the further sensational advances
established in the morning. The selling was concentrated on share properties like United States
Steel common, General Motors, and some others
which had been so conspicuous in the rise. Even
after this set-back, however, the Dow-Jones average
for industrial shares shows an advance for the week
of about five points. Such a rapid advance in prices
as has occurred the present month is necessarily
accompanied by considerable speculative buying,
which causes price instability. Therefore, even so
good a stock as Steel was no doubt in a vulnerable
position.
Current developments are apparently rather confusing to many with fixed ideas as to future market
movements. There has been is very great improvement in late years in the amount of available data
in respect to bond and stock values, and there are
many security services of real value. However,
both those who take these services and those who
put them out seem too prone to measure the future
by the past, that is, to rely upon charts and to depend upon repetition of market movements. Movements of average prices of bonds or stocks can have
only general significance. The reaching of certain
definite points or the failing to reach these points
is of no real importance. Investors do not buy and
sell averages, but rather individual securities.
Therefore, study of individual situations is far more
significant than the charting of averages. But, of
course, every individual situation is governed not
only by the particular conditions of the business, but
by general conditions affecting all business. Market movements reflect the operation of an almost

3378

THE CHRONICLE

infinite number of causes on a large number of securities. These causes are all brought together and
operate through actual buying and selling orders,
and the preponderance of one or the other of these
determines the direction of a movement in an individual security. Operating causes are constantly
changing. Probably a given combination of these
is never repeated. It is, therefore, illogical to look
for mechanical repetitions.
On the other hand, it is of the greatest advantage
to study available data and general conditions in
order .to determine the tendencies in individual
business enterprises bearing upon the value of individual securities. These individual movements are
of far more moment to investors than mass movements
brought about by speculative trends, which now and
then develop and sometimes acquire great momentum, causing securities to run temporarily to absurdly high or low levels. For some weeks past
mass movements in security prices have not been
conspicuous, but the last few days there has been
strong evidence of them and with the continuance
of easy money they are liable quickly again to become a menace.
The movements in United States Steel and General Motors have been conspicuous during the past
week. These may be speculative movements and
the ground gained may be lost in the near future.
On the other hand, movements in these stocks do
not bear earmarks of the wild speculation which
prevailed in connection with a large number of securities during the winter prior to the break in
March. Still it behooves investors to be cautious.
The week's new financing included several large
public utility issues. On Wednesday a syndicate
headed by Spencer Trask & Co. sold $23,000,000 Nevada-California Electric Corporation first trust
mortgage 5s of 1956 at 951 to. yield about 5.30%.
h,
These bonds represented the entire refinancing of
the bonded debt and replaced a number of issues
bearing a 6% coupon. The corporation is one of the
large Pacific Coast utilities and it generates hydroelectric current in the Sierra Nevada Mountains as
far north as San Francisco, while its distributing
line runs south to the Mexican border. On the same
day Drexel & Co. and Bonbright & Co., Inc., offered
$15,000,000 Public Service Corporation of New Jersey secured 51 2s of 1956 at 99, yielding about 5.57%.
/
These bonds, together with the $19,698,000 6% series
of 1944, are secured by pledge of most of the common stock of the Public Service Electric & Gas Co.
This company represents the most promising portion
of the Public Service properties, namely the gas and
electric utilities, which in recent years have contributed most of the earnings of the system.
The monthly statement of the foreign trade of the
United States for May, issued by the Department of
Commerce at Washington on Tuesday of this week,
is in some respects even more unsatisfactory than
the reports for some of the earlier months of this
year, though this time the trade balance is in favor
of this country. Merchandise exports in May further declined and are again reduced in value, not
only in comparison with the corresponding month
of last year, but they are smaller in amount than for
any month back to last July, with the single exception of the short month of February. Merchandise
imports last month, as it happens, were also less,




[VOL. 122.

showing a considerable falling off in value in comparison with each preceding month this year and
being smaller than the amount reported for May
1925—in fact, being less than for any month since
November 1924. All of this, both as to merchandise
exports and imports, is greatly at variance with
conditions as they have prevailed during the past
year or so. Heretofore the tendency in our foreign
trade has been in the direction of higher values, but
to some extent April, and to a greater degree May,
shows quite a recession. Furthermore, since the
opening of this year the unusual situation of a balance on the import side has marked the monthly
statements of the foreign trade of the United States,
a condition reversed in the May report, which shows
an excess of merchandise exports again.
Merchandise exports last month amounted to
$356,000,000, as against $387,871,000 in April and
$370,945,000 in May 1925. For the short month of
February this year merchandise exports were valued
at $352,905,000, and with this exception no month
since July last has shown as low a value in exports
as the month just closed. Likewise as to imports;
the value for May this year is $318,000,000, for April
it was $397,943,000 and for May 1925 $327,519,000.
It is necessary to go back to November 1924, when
the value of merchandise imports was $296,148,000,
to find lower figures for a single month than appears for May 1926. There was a trade balance for
May this year on the export side of $38,000,000—for
April the excess was on the import side and
amounted to $10,092,500. This was also the case
for each of the three preceding months of 1926, January to March, inclusive, the total import balance
for those three months being $123,450,600, a very
substantial sum, and, as stated above, a very exceptional condition.
So marked was the change in the movement of our
foreign trade in the early months of this year, that
indications seemed to point to some change in our
trade relations with other nations due to the new
economic position assumed by the United States in
recent years, as a result of the World War. And
it is not entirely clear as yet that such may not be
the case. Some rather exceptional trade movements
in certain commodities, however, have contributed
materially to the altered position of our foreign
commerce. Cotton exports tended downward early
in the year, and the heavy loss in cotton values, due
in large measure to a lower range of cotton prices
during the past crop year as compared with the preceding year, contributed very materially to the decline in our export trade. To a slight extent this
has been changed in the past two months. Cotton
exports were larger in quantity in May this year
than they were a year ago,'419,459 bales exported
last month comparing with 330,967 bales in May
1925. In value, however, the loss continues, the
decline for May this year compared with May 1925
for cotton being $284,000. For April this year cotton exports were also larger as to quantity than
they were for the preceding year. The average export price of cotton for May this year, though, was
only 19 cents a pound, whereas it was 24.8 cents per
pound in May 1925, hence the loss in value.
Smaller imports last month are likewise attributable to a reduced movement of certain important
commodities. Merchandise imports in May as contrasted with April declined $80,000,000. Of this
amount the Department of Commerce reports $10,-

JUNE 191926.]

THE CHRONICLE

000,000 is attributable to a decline in quantity and
price of crude rubber brought into the United States
last month. The average import price of crude rubber in May this year was 55 cents per pound, against
62 cents in April, 75 cents in March,80 cents in February, but only 37 cents in May 1925. It further appears that for the month of May this year imports
of coffee into the United States fell off $9,000,000
from the preceding month, and that there was also a
sharp decline in May in importations of jute and
burlap.
. For the eleven months of the current fiscal year,
which ends with June, merchandise exports from
the United States amount to $4,414,901,000, as
against $4,541,233,000 for the same period in the
preceding fiscal year, a loss of $126,332,000. This
is the first year since 1922 that a loss has appeared
in exports. The loss is not large, however, although
it all occurred in the past few months. Imports, on
the other hand, show great expansion, the total for
the eleven months of the current fiscal year being
$4,126,753,000, in contrast with $3,498,912,000 for
the same period of the preceding fiscal year, an increase of $627,841,000. Not since 1920 have merchandise imports exceeded the value reported for the
current fiscal year. The excess of exports for the
past eleven months amounts to only $288,148,000;
for the corresponding period of the preceding fiscal
year the excess of exports was $1,042,321,000.
Exports and imports of gold were reduced last
month, both as compared with the preceding month
and with May of last year. The movement either
way, however, for some time has not been espedaily large. Gold exports in May were $9,342,927
and imports $2,934,665. For the eleven months of
the current fiscal year gold exports have amounted
to $110,092,931 and gold imports $191,846,399, an
excess of imports of $81,753,468. For the corresponding period of the preceding fiscal year there
was an excess of exports of $112,298,277, while the
movement for each fiscal year from 1919 to 1924 has
all been the other way, the excess of gold imports
for each year, excepting alone 1919, being very
heavy. Exports of silver in May were $7,930,810,
and imports $4,860,784.
France was still without a Cabinet, according to
the latest Paris cable advices received before going
to press yesterday. Aristide Briand informed President Doumergue of his inability to form his tenth
Ministry. In doing so it was said that he "advised
the President to call Edouard Herriot to the Premiership." The President accepted the suggestion
and M.Herriot agreed to make the effort. The Associated Press representative in Paris cabled last evening that "M. Briand gave up his own efforts to
form his tenth Cabinet because M. Herriot had refused to bring the support of the Radical Party to
the new combination. M. Briand announced he
had been promised the collaboration of former President Poincare and had hoped, with this good start,
to form a Government in which political quarrels
would be abandoned and a united effort made to
solve France's pressing financial problems."
The following account of the situation was given
by the Paris correspondent of the New York "Evening Post" in a dispatch, also last evening: "The
Socialists having blocked Aristide Briand in his
effort to form a National Union Government, the
Premier failed in a last effort to find a majority




3379

for a broad concentration Cabinet which would include the Republican Socialists, represented by Paul
Painleve and Left -Republicans, headed by Maurice
Bokanowski. Edouard Herriot, after a consultation with Leon Blum and the other Socialist leaders, decided against participating in a National
Union Government because of the Socialists' refusal to enter the combination. M. Herriot named
the conditions on which he would enter any future
Ministry. These include a prior agreement on a
definite finance program which would oppose the
ratification of the Berenger-Mellon debt agreement
and any borrowing abroad. The Chamber of Deputies and the Senate adjourned until Tuesday."
The French Cabinet that resigned on June 15 was
the ninth Cabinet of Aristide Briand. The Associated Press representative in Paris cabled that
"the Ministry's resignation was placed in the hands
of President Doumergue at 7 o'clock this evening"
(June 15). The correspondent added that "a communique said the Cabinet was unanimous in its decision." The resignation of the Cabinet was precipitated finally by the resignation earlier in the
day of Raoul beret, Minister of Finance. According to the Associated Press representative also, "the
direct causes of M. Peret's retirement were Premier
Briand's refusal to form a 'national union' Government, with all parties represented, and resistance
both inside and outside the Cabinet to some of his
projects, which were thought to amount to inflation." It was stated, furthermore, that "M. Peret
resisted the earnest persuasion of President Doumergue to remain in the Cabinet because he felt it
was impossible to continue in the face of increasing
difficulties without sufficient support. The opposition inside the Government came from the radical
Ministers, continually urged by their colleagues in
the radical group of the Chamber to resist M. Peret's
plans. The Chamber never willingly accepted the
Briand Cabinet."
As for M. Peret's plans for stabilizing the financial situation, the Associated Press correspondent
said: "A violent press campaign has been waged
against the inflation which, according to M. Peret's critics, was involved in the scheme to put the
paper money circulation and short-term bonds in
the same basket. M. Peret proposed to announce
that holders of these bonds, if they wanted their
money, would be paid in additional issues of paper
currency; that is to say, the paper circulation would
be increased in the same ratio as bonds were reimbursed. This announcement, he held, would induce
holders to renew their bonds, and if they did not the
Government would simply transform the bonds into
non-interest-paying paper money."
Paris cable dispatches received here soon after
the announcement of M. Peret's resignation indicated that the Cabinet as a whole might not give up.
Still in a later Associated Press cable message it
was made known that "the Ministers, after examining the situation caused by the resignation of Finance Minister Peret this morning, decided it was
best to give President Doumergue full liberty of action."
The situation was outlined in greater detail in
part as follows: "Several of the Ministers, at a
Cabinet meeting this morning, were in favor of a
union of all parties, while others were for a Govern-

3380

THE CHRONICLE

ment chosen exclusively from the Radical-Socialist
coalition. The Chamber of Deputies, ,309 to 195,
had acceded during the day to M. Briand's request
for postponement until Thursday of debate on the
interpellations regarding the financial situation and
M. Peret's resignation. The Chamber adjoured to
Thursday. Premier Briand did not make the postponement of the interpellations a question of confidence. Before the vote, he paid tribute to M. Peret,
saying the latter had done conscientiously everything possible, but certain support upon which he
had counted to protect the franc had not materialized. It was for that reason, the Premier said, M.
Peret had decided to abandon the post." The correspondent added that "the resignation of M. Peret
seemed to have little effect on exchange." It was
suggested that "President Doumergue must now decide whether to ask Briand to form a new Cabinet
or to seek some other. There was discussion to-day
of the possibility that former Premier Edouard Herriott might be selected to succeed to the Premiership."

[vol.. 122.

Word came from Paris Wednesday afternoon that
President Doumergue had asked Aristide Briand to
form another Cabinet—his tenth—and that the veteran statesman had accepted the invitation. As he
left the Elysee Wednesday &ening, after having conferred with the President, he made the following
statement, according to a dispatch from the New
York "Times" correspondent in Paris: "It is my
intention to make my Cabinet very wide and with
this aim to ask all political groups to make a big
effort of abnegation and sacrifice in the interest of
the country, putting behind them the memory of'
their past quarrels and devoting themselves solely to
the work of reforming the financial situation which,
I believe, if not easy, at least very possible, if such
union as I am seeking is realized. I am anticipating that I will obtain indispensable help in the erection of a great Ministry which will derive its force
and its authority from the authority of the personalities who comprise it—a Ministry which will assure a solid majority without which nothing serious
can be done to redeem the financial situation. Without such grouping and without a solid majority behind it there can be no return of confidence in the
country, because there can be no security of Government. If, on the other hand, I succeed in my endeavor, the things which were impossible to me yesterday, whatever my desire for their accomplishment, will become immediately reliable and I shall.
not scruple or hesitate to use all the authority and
force I command to overcome obstacles which were
yesterday insurmountable."
In his own words,the New York "Herald Tribune"
correspondent outlined the situation in part as follows: "Aristide Briand has accepted from the hands
of President Doumergue a mandate to form France's
new 'national union' Cabinet and has begun his
work. The veteran statesman, now engaged in building the tenth Cabinet of his long political career,
was assured by the President, the 'Herald Tribune'
is informed, that Raymond Poincare, war-time Pres.
ident and three times Premier, is ready to collab:
orate with the new Government. Briand announced
that if he succeeds in forming a Cabinet composed
of the leaders of virtually all the political divisions
he will ask the Chamber to vote the new Government
a free hand in working out a solution for the national financial difficulties. He also would favor
the earliest possible ratification of the Franco
American debt agreement and thereafter would suggest that Parliament take a long vacation. France
thus may be looking into the face of a national dictatorship by political and public consent, lack of
which so far has brought the country to the verge of
financial disaster, and even now is threatening the
serious civic disorders due to the precipitate weakening of the franc and the resultant rise in the cost
of living. The Premier at once began to solicit the
loyal co-operation of every prominent political
leader, beginning at the Left with the Socialist, Paul
Boncour, and continuing with M. le Trocquer, Louis
Loucheur, Poincare and others. His calculations
exclude only the Communists and the extreme
Right."

The Cabinet situation shortly before Premier Briand handed in its resignation,was outlined in part
as follows by the Paris representative of the New
York "Times" in a cable dispatch on June 13: "The
fate of the Briand Government for the next fortnight hinges on the exchange rate. Two weeks from
now the Government intends to bring forward the
plans of its committee of experts. If the franc holds
its own fairly well between now and then, the Government probably will be secure during that period,
whereas if the franc slumps badly, there will in all
likelihood be an upset before then. What will happen when the experts present their plan, with all
the sacrifices it will call for, will be another story.
At present the Parliamentary situation is regarded
on all sides as a temporary one."
A day later, on what proved to be the eve of the
downfall of the Cabinet, the same correspondent
cabled that "to-day's sudden fall in franc exchange
seems likely to provoke a lively debate in the Chamber to-morrow, which in the present uncertain situation may easily become dangerous for the Government. Marcel Cachin, Communist leader, has tabled
a demand for an immediate discussion of the exchange situation, its causes and consequences. Probably the Government will ask that the debate be
postponed, but that will not prevent Cachin speaking on the necessity of fixing a date for discussion
and so in a round-about fashion raising the whole
question. M. Briand and M. Peret had several long
conversations to-day on the subject, and to-morrow
the Cabinet will decide whether it will accept M.
Cachin's challenge to a public explanation of the
situation, or will once more seek a postponement.
If the latter course is adopted, as seems probable,
the parties in the Chamber once more will have to
take a decision on how to vote. That is where the
danger lies. The Right, which twice in the past
three weeks has saved the Government, is getting
restless, though it is not yet out of hand. The Left
will make common cause for once with the Communists, or at best abstain under Government presThe latest developments Thursday evening were
sure." As already shown, former Premier Briand
was able to secure a postponement of discussion of outlined in part as follows in a special London cable
this question to Thursday of this week, to which message to the New York "Times" that was made
day the Chamber of Deputies at that time adjourned. available here yesterday morning: "Premier Aristide Briand's efforts to form a national Government




JUNB 19 1926.]

THE CHRONICLE

3381

as widely representative as possible of all shades of the League a• future so black that the most
bitter
political opinion have suffered modification and enemy of the institution could not but feel fully
have not yet entirely succeeded. He has had to satisfied. After retracing her own arguments
in
abandon his ambitious program of a national union favor of her candidature and decrying the fact
that
of all parties in favor of a Cabinet of concentration, she is blamed for exercising the sacred right of
veto,
in which the pivotal men will be Edouard Herriot, whereas Sweden is lauded for exactly the
same acleader of the Radical Socialists, and Raymond Poin- tion, Brazil takes up the Locarno accords and Gercare, former President of the Republic, to whom many's entrance into the League."
would be offered the charge of the Ministry of Finance. M. Poincare, subject to certain conditicns,
As for the manner in which the resignation was
such as that he shall have full liberty and power to received by League officials, the Associated Press
proceed in his financial reforms by decree, agreed to representative at Geneva cabled on June 11
that
take part in the proposed combination. M. Herriot "while active diplomatic negotiations will be begun
is still hesitating and being pulled half a dozen ways immediately in an effort to prevent Brazil and Spain
by the divided elements in his party. To-night, how- from resigning from the League of Nations, League
ever, when at 8 o'clock consultations for the day officials are beginning to realize, with some regret,
ended, M. Briand declared he was still full of hope that the loss of both countries may be the price that
and promised a decision would be taken one way or will have to be paid for the admission of Germany
to
the other by midday to-morrow."
the League, which z expected to take place at the
In the following excerpt from a special Paris dis- September Assembly."
patch to the. New York "Herald Tribune," also
The New York "Times" correspondent at Geneva
Thursday evening, the real difficulty, not only in was inclined to take a hopeful view of Brazil's acthe formation of a new Cabinet, but also in stabiliz- tion, at least from the viewpoint of the League. In
ing the finances of France, was clearly stated: "De- part he said in a wireless dispatch on June 13: "A
spite the pressing need of a political armistice and a careful summing up of the events of the past hectic
common effort to save France financially, Aristide and critical week at Geneva shows a substantial balBriand to-day failed to weld his country's politicians ance in favor of the League of Nations. Brazil has
into a new Government of sacred union. Politics quit the Council, it is true; but in quitting the
beat the old statesman when he discovered in a day League's Board of Directors she saved herself the
of constant consultation with political leaders that humiliation of backing down on her stand in regard
they still were stronger than the national urge to to Germany's entrance, and of being dropped from
bolster the weakening franc. M. Briand admitted at the Council in September to prevent her exercising
9 o'clock to-night that he had failed in the formation the right of veto on Germany. At the same time she
of a Ministry of all the parties except the Commu- has saved the League from the painful task of replynists and the extreme Right elements, but announced ing to her in order to insure Germany's admission
that he would continue his labors to form a Ministry to the Council. She has committed herself to such
in which the two pillars must be the former Presi- an extent that it is almost certain she will have to
dent and former Premier, Raymond Poincare, and withdraw from the League in September. But there
former Premier Edouard Herriot. Failing in this
is a new Government coming into power in Rio de
to-morrow, he indicated that he would notify Presi- Janeiro in November, and it is favorable to the
dent Doumergue of his retirement from the political League. 'Under present circumstances that Governarena."
ment will be able to re-enter the organization of naAs shown in an earlier paragraph, M. Briand in- tions, whereas, had Brazil been expelled from the
formed President Doumergue yesterday that he had Council, her national pride probably would have prenot been able to form another Ministry and sug- vented the Government from returning for many
gested that Edouard Herriot be asked to undertake years, if ever. Therefore, it seems logical to assume
the task. This was done and M. Herriot accepted.
that all that has happened in the case of Brazil has
been for the best, and that Brazil is not lost to the
A brief synopsis was presented in last week's League."
issue of the "Chronicle" of the text of the letter of
He admitted that "the case of Spain is more diffiresignation from the Council cabled by the Brazilian cult, as it appears certain that unless friendly GovGovernment to the League of Nations. In a more ernments succeed in persuading her to change her
complete dispatch from the Geneva correspondent mind,
she will quit the League in September. But
of the New York "Times" on June 11 the following
that is a September and not a June affair. There is
rather picturesque outline was given: "The League
a possibility that the Riffian peace settlement will
of Nations as an institution whose holy ideals are make Madrid see that she will be better off in the
being shadowed by the wings of eagle States, and
League with a non-permanent seat in the Council
Brazil as a martyr to American ideals of justice and
carrying the right of re-election than outside withfair play offering herself on the altar of supreme
out the friendly associations which the League noursacrifice, is the tragic picture portrayed in a volu- ishes."
minous letter from the Brazilian Government to the
Secretary-General of the League announcing her
Definite action with respect to withdrawal from
withdrawal from the Council of that body. The the League appears actually to have been
taken by
letter does its utmost, however, to trace, and to Spain also. In a special Madrid dispatch to the N. Y.
trace at length, and to justify, and to justify at "Times" dated June 17, it was stated that"the Spanlength, Brazil's fight for the honor of carrying the ish Government has now definitely decided to
withbanner for twenty Spanish-speaking States, with draw from the League of Nations, according to
decwhich she shares the South American Continent, and larations made to-day by Professor Yanguas, Minto blame bitterly the nations which stood between ister of Foreign Affairs, at a banquet celebrating
her and her cherished ideal. The letter paints for the promotion of the chief clerk at the Foreign Of-




3382

THE CHRONICLE

[vol.. 122.

lice. The Minister made it clear that Spain will not from Rio de Janeiro saying that the American Amsend a representative to the September meeting of bassador had congratulated President Bernardes
the League Assembly, despite having received many upon Brazil's attitude toward the League of Naappeals, especially from the South American coun- tions. The dispatch revived and gave strength to
reports here that the United States Government had
tries, not to withdraw from the League."
from been influencing Brazil to adopt a strong policy for
According to an Associated Press dispatch
Geneva last evening, "the League of Nations is attainment of a permanent seat on the League Counthe
without official notification that Spain will not cil." Prompt denial came from Washington
evening. According to an Associated Press
send delegates to the Sep,tember Assembly, officials same
said to-day in commenting on Foreign Minister Yan- dispatch from that centre, "American diplomatic
officials made swift andemphatic denial to-day that
guas's speech to that effect in Madrid. yesterday."
they had been involved even indirectly in the League
In a United Press cable message from Warsaw
recently in
last evening it was stated that "Polish withdrawal of Nations controversy which resulted
member. Rumors
from the League of Nations was being discussed as a Brazil's withdrawal as a League
circulation
possibility here to-day. Political circles understand of American involvement have been in
in Geneva, the seat of the League, and Rio de
that in case Poland's demand for a permanent seat both
the reon the League Council is not met, the withdrawal Janeiro, the Brazilian capital. Even before
port had reached Washington in news dispatches,
would take place in September."
Rio, had
The action of the Brazilian Government went fur- E. V. Morgan, the American Ambassador at
special cabled the State Department a categorical denial of
ther than at first supposed, according to a
ted President BerGeneva dispatch to the New York "Herald Tribune" a story that he had congratula
Brazil's resignation from the League.
on June 13. It was claimed that "Brazil is with- nardes upon
other State Department offidrawing from the League of Nations as well as from Secretary Kellogg and
cials believe that to issue a formal denial of reports
the Council of the League, according to the note
t had been influenchanded to Sir Eric Drummond, the Secretary-Gen- that the Washington Governmen
ing. Brazil would be unduly to dignify the
eral, by the Brazilian envoy, the 'Herald Tribune'
learned from a reliable source to-day. This action reports."
completes the step taken when Senhor Mello-Franco
Marshal Joseph Pilsudski has made himself virresigned from the Council and fixes the date of the
expected he
nation's final severance from covenant obligations tual dictator of Poland, as it had been
would do. Outlining the way Pilsudski had brought
for two years hence. It was not expected that Brazil
tive of the New
would take this step, which means absolute sever- it about, the Warsaw representa
adopt York "Times" said in a wireless dispatch on June 13
ance from League activities, but rather would
the might
an abstention policy similar to that of Argentina. that "dictatorial power,even transcending
during the cruProminent South American statesmen attached to of General Ludendorff in Germany
Marshal Jothe League told the 'Herald Tribune' to-day that Rio cial days of the war has been gained by
in his first real showdown on the
de Janeiro's action does not influence the policy of seph Pilsudski
overthrow of the
a single Latin-American nation. It also will not objects he sought in the armed
Polish Government May 12. His awkwardly stated
affect Spain's ultimate action, it was said, which
of Minister of
at the worst is expected to be merely non-co-opera- conditions of acceptance of the post
War in the Bartel Cabinet have at last been detion for the time being."
have hastened
In a special Geneva cable message to the New coded, and the President and Cabinet
conditions, which will result in the
York "Times" the next day (June 14), Brazil's to accept his
as permanent Commanderaction and position were explained in part as fol- Marshal's appointment
of the armies, now numbering nearly 300,lows: "Brazil has submitted her resignation to the in-Chief
potential strength of 4,000,000, reLeague of Nations, and at the end of two years she 000, and with a
in Government, Parliamentary
will cease to be a member of that organization unless gardless of changes
interference—an ever-threatening
in the meantime she changes her mind. The resigna- checks or Cabinet
come, whether military, ecotion, or, properly speaking, the notification of her power over events to
The Marshal's proposals are the
decision to quit the League, was contained in a cable nomic or political.
dictatorship recorded in
from the Minister of Foreign Affairs, Felix Pachece, most adroit assumption of
achieved through mysterious sinat Rio de Janeyo, to Sir Eric Drummond, the Secre- history and were
ion worthy of the
tary of the League. While the resignation was gen- gle-handed political manipulat
Secre- shrewdest American bosses. It is a mystery doubly
erally expected here at an early date the First
is no single man
tary of the Brazilian Legation stated officially to veiled, because of the fact that there
who has ever been
journalists, following the withdrawal of his Govern- or woman, friend or associate,
real aims, nor
ment from the Council, that the door was left open given an inkling of the new dictator's
reaching them. In
for his country to remain in the Assembly if she the method he was to employ in
all Governmental
received satisfaction on the question of seats. This his new position above the reach of
reverts to his decree of Jan. 7
declaration misled the greater part of the statesmen agencies the Marshal
of the
here, who had interpreted it as expressing Brazil's 1921, when he served as military dictator
Assem- country until the first Parliament came into being,
definite intention of withdrawing from the
but this time he will not be dethroned by a demobly."
cratically inclined group of legislators. He, with his
such sway
Apparently an effort was made to convey the im- army, will be supreme, and he will hold
map of Eastern
pression that the United States Government was in over the nation that changing the
the
part responsible for the action of Brazil. This situ- Europe, beginning a war which would involve
dispatch world again, and an attack on Bolshevist Russia
ation was set forth in an Associated Press
the
from Geneva on June 16. It stated that "League of are reckoned within the possibilities to which
a dispatch Marshal's mental processes might lead. There are
Nations circles were stirred to-day by




JUNE 19 1926.]

THE CHRONICLE

3383

two directions in which the tremendous power seized 15 he said: "At last the intentions of the new
by Europe's newest dictator may be exercised."
Polish Government are known. Premier Bartel has
visited Speaker Rataj to arrange for a meeting of the
That Warsaw was somewhat in doubt as to the Diet on June 22, when proposals to modify the conprobable success of the Pilsudski regime was indi- stitution will be laid before it. These, although
cated in a special Warsaw dispatch to "The Sun" on completed, have not been revealed, but they are cerJune 14. It stated that "political interest still cen- tain to include some form of Presidential veto and
tres wholly in Marshal Pilsudski's plans for consti- other extensions of the President's power. Bartel
tutional reform, designed to give wider power to the further has declared that he is definitely opposed
President of the republic. Paradoxically, the Social- to dissolution of the Diet and in favor of prorogaists, who supported the Pilsudski coup d'etat, tend tion, which for some time has been known to have
to oppose these plans, whereas the Right parties, been the wish of Marshal Pilsudski. The Conservawhich opposed Pilsudski, favor reform. Marshal tive parties, which have already pronounced themPilsudski seems to be opposing the demands of the selves in favor of increased powers for the PresiLeft for dissolution of Parliament and a new gen- dent, probably will support the Pilsudski reforms.
eral election. He seems to prefer first to obtain ex- They also are anxiousfor an interval before new electraordinary power and then prolong the present tions are held, as they hope that the public will beParliament for another year."
come disappointed with the Pilsudski regime during
this period and turn toward them_ Pilsudski wishea
A dramatic incident occurred in Warsaw on June a delay because the present Diet already has proved(
15 that added variety to the decidedly unsettled Gov- docile. The Socialists, however, and other progresernmental situation. The New York "Times" rep- sive parties fear any weakening in the power and
resentative, in his account, said in part: "After prestige of the Diet because of the use to which it
being grazed by a bullet from the pistol of General may be put at some future date by the Conservatives.
Count Szeptyski, in their duel at dawn this morn- They therefore demand the maintenance of the presing, former Premier and Foreign Minister, Count ent powers of the Diet and proportionate represenAlexander Skrzynski, with his pistol leveled at the tation in the new elections, in which they hope to
gigantic figure of his adversary, did not fire. In- make large gains, in order to restore the Diet's presstead, after scoring the blustering General for in- tige. The progressive parties further have advovoking the barbaric dueling code, Count Strskynski cated far-going resolutions with which they hope to
strode away from the encounter, which was brought win the friendship of the minorities. These include
about over the General's refusal to shake the states- autonomy for the provinces, where they have a maman's proferred hand in the Cracow Military Club. jority, and the independence of the White Russians
The seconds declared the matter terminated satis- and Ukrainians, meaning, apparently, those in Rusfactorily, but there was no reconciliation between sia. These parties evidently are making great efthe opponents."
forts to impose their will on Pilsudski."
Marshal Pilsudski, virtual dictator of Poland, is
seeking the advice of Americans in the matter of improving the country's financial system. A dispatch
from Princeton, N. J., to the New York "Times" on
June 15 stated that "Dr. Edwin Walter Kemmerer,
Professor of Economics at Princeton University,
Chairman of a special commission invited by General Pilsudski to study banking, currency, taxation,
accounting and Government-owned industries in
Poland and to suggest legislation for the improvement of the country's financial system, announced
to-day the names of the other members of the commission. They are Dr. Herley L. Lutz of Leland
Stanford University, public finance; Dr. Joseph T.
Byrne of Brooklyn, accounting practice and control;
Joseph A. Broderick, Vice-President of the National
Bank of Commerce of New York, practical banking;
Wallace Clark of New York, industrial management; Frank A. Eble of Washington, D. C., customs
administration, and Frank D. Graham, Associate
Professor of Economics at Princeton, General Seeretary of the commission. Frank W. Fetterman of
Princeton will be Secretary to Dr. Kemmerer. The
commission expects to sail for Poland June 23 and
to remain ten weeks, returning to the United States
in October, when Dr. Kemmerer will head another
mission, composed of the same members, to assist
the Governments of Ecuador and Bolivia similarly."
The New York "Herald Tribuune" representative
in Warsaw claimed to have received some definite
information as to Pilsudski's program for a new
form of Government. In a cable dispatch on June




The extent to which the Pilsudski regime in Pa
land proposes to submerge the Parliament and to
take everything into its own hands is further indiacted in the following Associated Press dispatch
from Warsaw under date of June 17: "For eighteen
months after July, or until Dec. 31 1927,Poland will
be in the hands of the executive power and without
any control of the legislative houses under a bill to
be presented to the Diet next week for approval. The
Cabinet last night finished the final wording of the
bill amending the Constitution. The prbposed
amendments increase the Presidential power and
limit Parliamentary importance. Under the bill
the President reserves the right to protest against
laws passed by Parliament, with the understanding
that Parliament has the right to reject a Presidential veto by an ordinary majority. The President
obtains the right to dissolve Parliament, but such
decision by him is to be countersigned by the Premier and all the Cabinet Ministers. For the timebeing the Presidency is in the hands of Ignace Moscicki, but it is possible that Marshal Pilsudski may
take office when the Constitution has been changed."'
The contest and even practical quarrel between
Lord Oxford and Asquith and Lloyd George for
leadership and control of the handful of the Liberal
Party left in the British House of Commons bid fair
at the beginning of the week to continue, with Lloyd
George getting the better of his political opponent.
The contest was suddenly and unexpectedly cut
short, so far as Lord Oxford was concerned, by the
announcement, on June 14, that he was suffering

3384

THE CHRONICLE

from heart trouble. The London representative of
the New York "Times" said in a wireless message
that evening that "Sir Thomas Parkinson, a heart
specialist, called to Sutton Courtenay, in Berkshire,
Lord Oxford's residence, at first diagnosed the illness as a mild attack of angina pectoris, but after
consultation a later bulletin reported the trouble to
be of a functional, not an organic, character, indicating that no serious lesions of heart or arteries
were present."
The "Times" correspondent further outlined the
situation as follows: "Absolute rest for a while has
been prescribed, and there is no possibility of the
invalid taking part in the Liberal Federation meetings at Weston-Super-Mare on Thursday and Friday. At this gathering the quarrel between the two
Liberal leaders seemed certain to come to a head.
Mr. Lloyd George had won the first two rounds of
his fight against the Asquithians by securing the
support of both the Liberal Parliamentary Party
and the Liberal Candidates' Association. This was
the situation last week, but over the week-end an
article comparing the merits of the rival sections
of the Liberal Party, and talking of war all along
the line, arpeared over the signature of Mr. Lloyd
George. This incensed the Asquithians, and it was
said the matter would be raised at the meeting of
the Executive of the Liberal Federation on Wednesday. Now comes Lord Oxford's seizure, to give a
new twist to the whole situation."
Announcement was made in a special London dispatch to the New York "Times" under date of June
17 that "the controversy between David Lloyd
George hnd Lord Oxford and Asquith has ended
nominally in a draw, though, if there were to be a
newspaper decision, the Welsh ex-Premier would
probably win on points." The latest developments
were outlined as follows in the dispatch: "He had
certainly won the first two rounds, fought respectively before the Liberal Parliamentary Party and
the Liberal Candidates' Association. The National
Liberal Federation, which was to have made a final
decision at a meeting at Weston-Super-Mare today, passed a resolution of confidence in Lord Oxford's leadership, but only after it had been explained that the resolution was in no sense a vote of
censure on Mr. Lloyd George. On this understanding Mr. Lloyd George's supporters allowed it to
pass. As they were apparently in a majority in the
hall, if not on the platform, they could have voted it
down if they had wished. This took place in the
morning. In the afternoon it became even more apparent that the honors of the day were to be carried
off by ex-Premier Lloyd George. His appearance
on the platform during a discussion of his land policy was the signal for an enthusiastic welcome from
his supporters. They stood up and cheered while
the opposing section, both on the platform and in
the hall, remained seated, grimly silent and apparently bored by the proceedings. Mr. Lloyd George
then exerted himself to the utmost to win over the
hostile section. It was one of the most effective
speeches he has made for some time and it.looked as
though it would succeed in its object. In the last
analysis, however, it failed signally, a reference by
the speaker to attending Liberal members of the
'shadow Cabinet' recalling all the old hostility."

[VOL. 122.

Baldwin made a speech in the House of Commons on
Tuesday in which he proposed adding an hour to
the working day "as the opening wedge toward a
settlement of Britain's extremely serious coal
strike." The London representative of the Associated Press cabled that evening that "Mr. Baldwin
said he had been influenced in his decision first and
foremost by the interests of the men. The Government proposed to leave the seven-hour act on the
statute books, but to introduce legislation enabling
an extra hour to be worked for a period of time. This
would not prescribe longer hours, but would permit
negotiations on a basis offering the prospect of a far
better scale of wages than that existing, he said."
Continuing his outline of the Prime Minister's
speech the correspondent said: "Mr. Baldwin said
he had received positive assurances from the owners that, on the basis of an eight-hour day, in coal
fields producing approximately half of the country's
output, the men could be offered.continuance of the
existing wages for July, August and September.
Over more than half the remainder of the country,
the reduction, if any, would be materially less than
the 10% drop which was at present requested by the
owners. The new wage could be guaranteed during
July, August and September, he added. During this
period the Government would proceed with reorganization legislation, and the owners would take
all possible steps to make effective such of the Royal
Commission's proposals as. might be necessary to
leave no ground for doubt that the men would get
all that was due to them." As to the effect of the
strike upon the supply of coal in Great Britain, the
correspondent added that "the Government has been
obliged to place orders abroad for maintenance of
essential supplies of coal, Prime Minister Baldwin
said, in opening the debate on the coal strike in the
Commons to-day." •
That the miners were in need of financial assistance was shown by the statement in an Associated
Press dispatch from London on June 15 that "the
Miners' Federation has appealed to all trades unions
for financial aid and asked the transport unions to
forbid their members to handle coal." Evelyn Preston, Treasurer of the British Miners' Relief Committee of this city, announced the day before "receipt
of a message from five English churchmen, endorsing an appeal to the church people of America to
send food to the British miners and their families."
According to the appeal, "four million miners, their
women and children are in the most desperate
straits. Last year they made the pitiful weekly
earnings of from $15 to $11. This year 300,000 men
have been averaging only $730 per week. No chance
to save on such earnings. Strike relief has been
given only in a few areas."

The Prime Minister's plan met with prompt and
determined opposition. The New York "Herald
Tribune" correspondent in London, in a dispatch on
the evening of June 16, said: "That Prime Minister Baldwin's proposal outlined to Parliament last
night to legalize an extension of the coal miners'
working day from seven to eight hours will stiffen
the backs of the miners and prolong the strike is the
unanimous opinion 14 labor circles here to-day. This
view is shared by the Liberals, who will line up with
The British Government has continued its efforts the Laborites in opposing the bill to be introduced
to settle the coal miners' strike. Prime Minister next week. 'The Government is blundering very




JUNE 19 1926.]

THE CHRONICLE

badly and handling the matter clumsily,' said David
Lloyd George, who was present at last night's debate. A statement attacking Mr. Baldwin and asserting that the miners would never yield on the
question of hours was given out by the miner's Secretary, A. J. Cook, following a protracted talk with
Arthur Henderson, the Labor chief whip. 'Baldwin's speech won't bring peace sooner Instead of
:
bringing forth an olive branch it has unsheathed a
sword,' Cook said. A 'word-by-word' fight against
the eight-hour bill in Parliament is promised by
other Labor spokesmen, who said that every known
Parliamentary device will be used to hamper its
passage."
There has been considerable discussion in and out
of the British House of Commons of the reports that
the Soviet Government of Russian,or allied organizations, had contributed large sums of money in support of the striking coal miners of Great Britain.
Word came from Moscow on June 17, through an Associated Press dispatch, that "a resolution protesting against the recent British note to Russia concerning fuunds transmitted to the British coal strikers has been adopted by the Soviet Labor Federation.
The federation declares that Russian workers will
not tolerate interference by the British Government."
The position of the British Government was set
forth in a dispatch from London on the same date,
which stated that "the British Government is satisfied that the Soviet Government waived its regulation concerning the export of money to be transmitted to England during the recent general strike, Sir
William Joynson-Hicks, Home Secretary, said today in the House of Commons. The Government,
however, has no intention, at all events at the present time, of withdrawing recognition of the Soviet
Government, he said. Sir William added that the
British Government is carefully watching the further action of the' Soviet Government and its affiliated organizations. If at any time the British Government became convinced that British interests
needed a change in policy the Government would not
hesitate to take the necessary steps, he added. Inasmuch as the general strike was of short duration
and since the Government had protested in its most
formal manner to the Soviet Government concerning the transferance of money to the British strikers,
Sir William said, the Government did not propose
at present to take the step of withdrawing recognition, as suggested by Oliver Locker-Lampson, Conservative."
The British Board of Trade figures for May, which
were made public on June 12, reflected the effects
of the recent general strike. The falling off of £25,413,000 in .exports, compared with May 1925, was
said to have been due chiefly to the much smaller
coal movements. According to a special London dispatch to the New York "Times" on June 12, "coal
exports last month were about 1,500,000 tons, worth
about $7,000,000, against more than 4,500,000 tons,
worth nearly $25,000,000 in May of 1925. During
the first five months of this year coal exports fell
far below the corresponding period of 1925, aggregating about 19,000,000 tons,worth about $85,000,000
against 22,000,000 tons, worth a:bout $115,000,000 in
the first five months of 1925. The only improvement in British coal exports during May of this year




3385

as compared with May of 1925, was in that sent to
Russia, which aggregated 7,440 tons, as against none
in May 1925.' It was added that, while "coal was
largely responsible for the export set-back, other
lines, notably the textile and manufacturing industries, likewise were hit hard. Compared with May
of last year, cotton goods exports decreased in value
by more than $25,000,000, while machinery exports
decreased more than $5,000,000, and worsted yarns
about $5,000,000. Iron and steel exports showed a
similar decrease."
Imports for May of this year, showed a big decrease in comparison with the corresponding month
of last year—£23,088,000. As against April of this
year the shrinkage was not so large in either item.
Exports were £10,710,000 and imports £19,528,000
smaller. The total figures for May and the first
five months of this year, compared with the corresponding periods of last year, follow:
Imports
E :ports, Britisb goods
Re-exports, foreign goods

1926—May-1925.
1926—Jan. 1 to May 31-1925
£81,190.000 £104,278,466 £503.306.546 £366,569,893
45.760 000
64,204,484 288 094.365 333.765,980
_ 7,530,000
14,498,982
55.838.891
66.848,886

Total exports

£53,290,000 .C78,703.466 E343,933.256 £400.614.866

Excess of imports

£27,900 000 E25,575,000 £159.373.290 £165,955,027

No change has been noted in official bank rates
at leading European centres from 7 % in Austria;
/
1
2
7% in Belgium and Italy; 62 in Berlin; 6% in
/
1
%
Paris; 5 % in Denmark and Norway; 5% in Lon/
1
2
don and Madrid; 4 % in Sweden, and 3 % in
/
1
2
/
1
2
Holland and Switzerland. The open market discount rates in London were a shade'easier and closed
at 4 5-16% for short bills and at 414
/(04 5-16% for
three months' bills, as compared with 4 5-16@438%
/
last week for both. Call money in London closed
/
1
2
at 3 %, against 3/% last week. At Paris and
78
Switzerland, open market discounts remain at 5 %
/
1
2
14
and 2/%, respectively.
Another and much larger gain in gold was shown
by the Bank of England in its statement for the
week ending June 16, namely, £810,166, while at the
same time the reserve of gold and notes in the banking department expanded £1,182,000, partly in response to a further contraction in note circulation
of £372,000. The proportion of reserve to liabilities
again touched a high peak for the current year24.71%—which compares with 24.03% last week,
25 % a year ago and 18% in 1924. Changes in
/
1
2
deposits were again striking. Public deposits increased £4,483,000, but "other" deposits fell off
£2,931,000. Loans on Government securities expanded £1,460,000. In loans on other securities
there was a drop of £1,065,000. The Bank's stock of
gold now aggregates £149,793,333, which compares
with £157,596,429 last year and £128,235,145 in 1924
(before the transfer to the Bank of England of the
£27,000,000 gold formerly held by the Redemption
Account of the Currency Note issue). Reserve
amounts to £29,535,000. This compares with £31,373,964 in 1925 and £22,498,005 a year earlier. Loans
stand at £66,937,000, as against £70,949,551 last
year and £71,224,170 a year earlier, while note circulation is £140,008,000. At this time last year it
stood at £145,972,465 and at £125,487,140 in 1924.
Clearings through the London banks for the week
were £759,069,000, as against £727,681,000 last week
and £703,037,000 a year ago. No change was made
in the Bank of England's official discount rate from
5%. We append herewith comparisons of the dif.

3386

THE CHRONICLE

[Vol.. 122.

ferent items of the Bank of England return for a income taxes. Total bills and securities (earning
assets) showed shrinkage of $9,000,000, although
series of years:
deposits expanded $39,600,000. Member bank reBANK OF ENGLAND'S COMPARATIVE STATEMENT.
1922.
1924.
1923.
1925.
1926.
serve accounts were augmented $36,000,000 and the
June 21.
June 16.
June 17.
June 18.
June 20.
output of Federal Reserve notes rose $4,000,000. At
£
Circulation
6140,008,000 145,972,465 125,487,140 123,740,640 121,372,810 New York parallel changes
are shown. Gold holdPublic deposits
14,258,000 13,368,476 11,328,722 16,981,838 16,801,755
Other deposits
105,283,000 109,626,377 113,236,128 105,255,030 113,156,219 ings increased $900,000.
Rediscounting of all
Governm't securities 40,915,000 38,501,733 48,667,467 45,358,518 45,029.470
Other securities__ 66,937,000 70,949,551 71,224,179 71,177,008 76,801,257 classes of paper decreased $46,900,000, bringing toReserve notes & coin 29,535,000 31,373,964 22,498,005 23,547,511 25,960,416 tal bills discounted down to $67,066,000, as against
Coin and bul1ion_ _a149,793,333 157,596,429 128,235,145 127,538,151 128,883,226
$118,257,000 at this time in 1925. Open market purProportion of reserve
20%
18%
to liabilities
24.71%
1934%
2534%
chases fell $21,800,000. On the other hand, there
334%
5%
4%
3%
Bank rate
5%
were increases in the following items: Total bills
a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion
previously held as security for currency note Issues and which was transferred to and securities, $7,400,000; Federal Reserve notes in
the Bank of England on the 13riths Government's decision to return to gold standard actual circulation, $1,500,000;
member bank reserve
b Beginning with the statement for April 29 1925, Includes £27,000,000 of Bank
of England notes issued In return for the same amount of gold coin and bullion accounts, $34,200,000, and total deposits, $34,700,held up to that time In redemption account of currency note issue.
000. As to the ratio of reserves, the New York institution reported a decline 'of 2.4%, to 79.6%, in conAccording to the weekly statement of the Bank of sequence of increased deposits and no adequate adFrance, a further contraction of 320,827,000 francs dition to gold reserve. For the banks as a group the
occurred in note circulation in the week ending contraction in ratios was trifling, only 0.6%, to
Wednesday, bringing the total outstanding down to 75.0%.
53,032,664,180 francs. This contrasts with 43,053,824,835 francs at . corresponding date last year and
the
Last Saturday's statement of New York Clearing
with 39,742,874,425 francs in 1924. A further small House banks and trust companies was featured by
gain of 14,975 francs in gold brought the total hold- complete elimination of surplus reserve and the esings up to 5,548,550,700 francs, the present week. tablishment of a deficit in reserve of more than
Last year at this period total .gold holdings aggre- $7,000,000. This was brought about mainly by congated 5,546,655,795 francs and the year before traction in member bank reserves, with the Reserve
5,543,076,632 francs. Advances to the State re- Bank, which in turn was attributed to the strain
mained unchanged during the week. The total in- incidental to meeting June 15 obligations. Loans
debtedness of the Government to the Bank of France were reduced $5,629,000. Net demand deposits fell
stands at 36,400,000,000 francs, contrasting with $42,406,000, to $4,381,783,000, a total which is ex25,250,000,000 francs in 1925 and with 23,000,000,000 clusive of $27,967,000 in Government deposits, while
francs in 1924. Changes among the other items time deposits declined $4,837,000, to $565,435,000.
that occurred during the week were: Silver increased Cash in own vaults of members of the Federal Re-'
709,000 francs. On the other hand, bills discounted serve Bank was reduced $1,148,000, to $46,816,000
were decreased by 199,011,000 francs, trade advances (not counted as reserve). State bank and trust comfell off 29,022,000 francs, Treasury deposits were re- pany reserves in own vaults declined $217,000 and
duced 20,271,000 francs and general deposits fell off reserves kept by these institutions in other depos52,375,000 francs. Comparisons of the various items itories decreased $805,000. A decline in the rein this week's return with the figures of last week serve of member banks in the Federal institution
and the corresponding dates in both 1925 and 1924 amounting to $23,735,000 was responsible for a loss
in surplus—notwithstanding smaller deposits—of
are as follows:
$19,140,040. This shrinkage wiped out last week's
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
excess reserve of $11,728,520, and left in its stead a
June 16 1926. June 18 1925. June 20 1124
for Week.
deficit in reserve of $7,411,520. The figures here
Francs.
Francs.
Francs.
Gold Holdings—
Francs.
14,975 3,684,229,793 3,682,334,888 3,678,755,725 given for surplus reserves are based on legal reserve
In France
Inc.
Unchanged 1,864,320,907 1,864,320,907 1,864,320,907
Abroad
requirements of 13% against demand deposits for
14,975 5,548,550,700 5,546,655,795 5,543,076,632
Inc.
Total
of the Federal Reserve System, but
335,929,788
299,614,845 member banks
709.000
313,843,476
Silver
Inc.
BIlls discounted_ Dec.199,011,000 4,482,630,772 3,743,834,912 3,704,190,800 not including $46,816,000 cash in vault held by
Trade advances_ _ _Dec. 29,022,000 2,354,186,352 3,100,489,080 2,681,040,751
Note circulation_ _Dec.320,827,000 53,032,664,180 43,053,824,835 39,742,874,425 these member institutions on Saturday last.
15,520,108
18,333,362
20,735,707
Treasury deposits_Dec. 20,271,000
General deposits_ _Dec. 52,375,000 2,769,806,632 2,117,508,321 2,002,903,562
Unchanged 36,400,000,000 25,250,000,000 23,000,000,000
Advances to State_

The Federal Reserve banks' weekly statements
that were issued on Thursday afternoon revealed
only comparatively minor changes in gold holdings,
but further substantial reductions in rediscounting
as well as open market operations. According to the
report of the System, gold reserves increased $3,400,000. Rediscounts of Government secured and
"other" bills combined declined $54,800,000, reducing total bills discounted to $393,330,000, which
compares with $448,163,000 last week and $441,964,000 a year ago. Holdings of bills bought in the open
market fell $6,700,000. Holdings of Government securities increased $63,900,000, owing to the issuance of $141,500,000 of temporary certificates of indebtedness by the United States Treasury to the Reserve banks pending the collection of the quarterly




Although trading in stocks on the New York Stock
Exchange increased materially, exceeding 2,000,000
shares for three days in succession, and although
the offerings of new securities were on a goodsized scale, call money continued to decline
until yesterday, when it rallied to' 4%. It
loaned at 31 2% on Wednesday afternoon and
/
loaned throughout the session the next day at the
same rate. There was a disposition in speculative
circles to attribute the pronounced ease of the
money market, and likewise the much greater activity in the stock market, largely to the fact that the
Government on June 15 met all its extraordinary
obligations without new financing. So far as the
trustworthy advices received here indicated, the
kind and volume of general business in this country
has not changed sufficiently to affect the money
market greatly, one way or the other. The further

JUNE 19 1926.]

THE CHRONICLE

big rise in the price of United States Steel common
shares was accompanied by the announcement of additional price revisions upward in the case of at
least one important manufactured product. With
regard to a similar degree of activity and price advance in the case of General Motors common stock
it was stated that prodUction and sales in the automotive industry were going forward on a large scale.
In most sections of the United States weather conditions for the crops have been more favorable.
Railway officials are preparing for the movement
of a large volume of traffic in the fall by the purchase of additional facilities on a rather large scale.
Still, some authorities are predicting 'extremely
cheap money during the summer. On the other
hand, it was suggested that money might be firmer
for a short time, beginning early next week. It was
stated in banking circles that in the New York Federal Reserve District the Government has been disbursing more money than it has been taking in. The
reverse was reported to be true in most interior districts. It is said that as checks issued for taxes on
June 15 are presented there it may be necessary for
the institutions on which they were drawn to withdraw temporarily surplus funds now loaned on call
in New York. Naturally, this might cause an advance in rates here until the tax checks are paid
and the funds •find their way back to this market.
Then, again, such a development might be largely
offset by a continuance of liquidation in stocks such
as took place in the late trading yesterday.

3387

The Acceptance Council makes the discount rate on
prime bankers' acceptances eligible for purchase by
the Federal Reserve banks 337 bid and 3%% asked
0
for bills running 30 days, 398% bid and 33
4% asked
for 60 and 90 days, 332% bid and 3%% asked for
120 days, 3%% bid and 332% asked for 150 days,
and VA% bid and 3 8 asked for 180 days. Open
%
market quotations are as follows:
Prime eligible bills

SPOT DELIVERY.
90 Days.
334a.334

60 Days.
330311

FOR DELIVERY WITHIN THIRTY DAYS.
Prime eligible bills
Eligible non-member banks

30 Days.
334a334
3% bid
3% bid

There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
JUNE 18 1926.
Paper Maturing—.

FEDERAL RESERVE
BANK.
Conercial
ApriM &
Livestock
Paper.
n.e.s.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louts
Minneapolis
Kansas City
Dallas
San Francisco

Mter 90 Afterib
Days. but
but
Within 6 Within 9
Months. Months.

Within 90 Days.

4
334
4
4
4
4
4
4
4
4
4
4

Secured
by U. S. gankere Trade Agricul.* Agricull
Govern't Accep- Amp
and
mut
•
Obliga- lances. towel. Livestock Livestock
Hons.
Paper. Paper,
4
334
4
4
4
4
4
.

4
314
4
4
4

4
33'
4
4

4
334
4

4
35‘
4
4

4
4
4
4
4 •
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
* Including bankers' acceptances drawn for an agricultural purpose and secured
by warehouse receipts, &c.
4

4
4
4
4
4
4
4

Referring to money rates in detail, loans on call
this week covered a range of 33/2@4%, which compares with 3%@4% a week ago. On Monday there
Trading in sterling exchange continues quiet, with
was no range, all loans being negotiated at 4%. the market to all appearances in a rut,
and price levels
Tuesday the renewal basis was still 4%,which was the not affected to any perceptible
extent by the momenhigh, but before the close there was a decline to 3%7. tous day-to-day developments
0
that have been causing
Increased ease developed on Wednesday, when re- so serious an upheaval in the
Continental division of
newals were lowered to 3%%; the high was 33 %, the foreign exchange market.
4
Although trading was
with 33/2% the low. On Thursday a further decline dull to the point of
absolute stagnation at times, the
occurred, to 332%, and this was the high, low and undertone was firm
and demand ruled between 4 863'
renewal rate for the day. A slight flurry sent call and 4 86% during
the entire week. Speculative
funds back to 4% on Friday and all loans on call were activity is still a
negligible quantity and trade
put through at this level.
requirements at this season are usually small. OfferTime money showed a disposition to relax and for a ings of commercial bills
against shipments of cotton
while the shorter periods were quoted at 4@.
43/8% and grain are not expected to put in an appearance in
at the close the undertone firmed up slightly and all any considerable volume for a month or more.
There
maturities from sixty days to six months ranged be- was some evidences of a
movement of funds toward
41% and 43.%, as against 4@438 for sixty
tween
%
London, which probably accounted in large measure
days and 41/s@4%.% for ninety days, four, five and for the unwonted
stability that prevailed in British
six months a week ago. The supply of fixed-date funds currency in the
face of an unsettled coal strike and its
was ample, but trading was not active and the mar- unavoidable
corollary—an acute and spreading
ket was a dull, lifeless affair.
unemployment problem. In a word, exchange
Mercantile paper rates continue to be quoted at dealers
appear to be holding off, to await a new lead
39@4% for four to six months' names of choice
before undertaking anything important in the way of
character, unchanged. Names not so well known,
new commitments. As has been pointed out from
however, ruled at 43%, against 4%@432 a week
%
time to time in this column, a currency that does not
earlier. A fairly active inquiry was noted for the
fluctuate frequently and radically, offers little
best names, although as offerings were inadequate, inducement
for speculative activity. The speculative
the week's turnover attained only moderate pro- element is devoting
its attention for the moment to
portions. New England mill paper and the shorter
some of the Scandinavians; also pesetas, which are
choice names continue to be dealt in at 3%%.
said to be showing a degree of strength not warranted
Banks' and bankers' acceptances were steady on a
by recent developments, largely in response to extensmall volume of transactions. A marked falling off sive buying.
in demand was noted and the market was featureless.
Referring to the more detailed quotations, sterling
The supply of bills offering was light. For call loans exchange on Saturday last was steady with
demand
against bankers' acceptances, the posted rate of the fractionally up at 4 863@4 869', cable
transfers at
American Acceptance Council after having been down 4 86%@4 86% and sixty days at
4 83@4 833/;
8
to 33% was yesterday again advanced to 3%7. trading was rather more active than is
0
usual for a




3388

THE CHRONICLE

half-day session. Monday's market was firm but
unchanged; the range remained at 4 863'@4 86%
for demand, 4 86%@4 863 for cable transfers and
%
4 83@4 833/i for sixty days. Trading was less active
on Tuesday and demand bills ruled all day at 4 86%
(one rate), cable transfers at 4 863 and sixty days at
%
4 833. On Wednesday sterling prices shaded off a
trifle, then grew steadier, with the range 4 863@
4 86% for demand, 4 86%@4 863 for cable trans%
fers and 4 83@4 833/i for sixty days;transactions were
on a limited scale. Dulness featured dealings on
Thursday and demand ruled at a flat rate of 4 86%,
cable transfers at 4 86% and sixty days at 4 83.
Friday the tone was a shade firmer, which brought
about an advance to 4 863@4 86 5-16 for demand,
4
4 865 @4 86 11-16 for cable transfers and 4 83@
4 83 1-16 for sixty days; trading was so dull, however,
as to be almost at a standstill. Closing quotations
were 4 83 1-16 for sixty days, 4 86 5-16 for .demand
and 4 86 11-16 for cable transfers. Commercial sight
bills finished at 4 86 3-16, sixty days at 4 82 13-16,
ninety days at 4 81 1-16, documents for payment
(sixty days) at 4 82 13-16 and seven-day grain bills
at 4 85 1-16. Cotton and grain for payment closed
at 4 86 3-16.
No gold wag reported as engaged either for export or
import this week. The Bank of England bought
000,000 in gold bars and announced the import of
£500,000 in gold sovereigns from South Africa; also
the export of 07,000 to Spain, and sale of £5,000 in
gold bars.
The Continental exchanges continue to be swayed
by developments in the French situation, with the
chief topic of discussion the probable outcome of
the present debacle in franc values. As a matter
of fact, there was very little activity anywhere else
in the list, save where quotations moved sympathetically with the ups and downs of French currency. At the opening francs were fairly steady,
ranging between 2.93 and 2.91. By Monday, however, rumors of fresh disturbances in the French
political arena, succeeded shortly afterward by news
of the resignation of Finance Minister Peret, spread
consternation in foreign exchange circles and quotations crashed to another new low point of 2.72,
or 163/b points under the low record level established
last week. Speculation once more reacted disastrously upon values, especially in the absence of
official support, and selling by frenzied holders
for a while brought about conditions of utter demoralization. Exports of capital from France constituted a serious factor in depressing values. This
alarming state of affairs persisted up till Wednesday
when a buying movement was inaugurated in response to news that M. Briand had come to the
rescue and was about to attempt the formation of
a strong cabinet, and there was a recovery to 2.92.
Nevertheless, bankers hold out very little encouragement for genuine improvement, until the perplexing
financial problems of the country are definitely
faced and solved, and until action has been taken
in the subject of debt ratification, and before the
close there was a recession to 2.74%. Rumor persists
that approximately $87,000,000 of the $100,000,000
Morgan credit has been utilized to support the franc
in recent months, which would explain the apparent
sudden cessation of Governmental intervention recently. Antwerp francs followed the lead of the
French unit, though ruling appreciably higher, the




[Vol- 122.

range being 2.99@2.80. A factor w'aich of course
tended to strengthen Belgian exchange was announcement that certain credits granted Belgium last year
had been renewed. Strong efforts, according to the
Finance Minister, are now to be made to stabilize
this currency. Italian lire, on the other hand, suffered a relapse and dropped to as low as 3.543/2,
though later recovering to 3.64. No specific reason
was assigned for the weakness, aside from the influence exercised by the franc, although it was thought
that recent restrictions imposed by the Government
on dealings in lire may have had an adverse effect
on the rate. There is some talk of the possibility of
trading in Italian exchange being limited solely to
the National City Bank of New York. There is
nothing new to report on German and Austrian exchange. Greek drachmae ruled dull and heavy at a
fraction from the low levels of last week-1.23M.
Polish zloties remained all week at 9.00, the figure
established at the close of last week. Rumanian lei
were firm and slightly higher, while Czechoslovakia
and Finland were not essentially changed.
The London check rate on Paris finished at 175.4,
against 168.10 a week ago. In New York sight bills
on the French centre closed at 2.773/, against 2.923/2;
2
2
cable transfers at 2.783/2, against 2.933/; commercial
sight bills at 2.763, against 2.913/2, and commercial
sixty days at 2.72, against 2.87 last week. Antwerp
francs finished at 2.833/ for checks and at 2.843/b for
cable transfers, in comparison with 2.963/b and 2.973'
the previous week. Final quotations on Berlin marks
have not been changed from 23.81 (one rate) for both
checks and cable transfers, while Austrian schillings
s
continue to be quoted at 143/, unchanged. Lire
closed at 3.59% for bankers' sight bills, and at 3.603'
for cable transfers. Last week the close was 3.62%
and 3.633. Exchange on Czechoslovakia finished
at 2.96%, against 2.9638; on Bucharest at 0.42%,
/
2
against 0.42; on Finland at 2.523/ (unchanged), and
on Poland at 9.00 (unchanged). Greek exchange
2
closed at 1.23 for checks and at 1.233/ for cable
transfers, which compares with 1.233 and 1.243
%
the week before.
In the neutral exchanges, formerly so-called, the
most noteworthy feature has been the trading in
Spanish pesetas, which under the stimulus of excited
buying shot up by rapid stages from 15.66 to 15.99,
then 16.24, mainly as a result of speculative activity,
also a shortage of peseta bills. So far as could be
learned, there exists no real reason for this spurt of
strength. Notwithstanding removal of the burden
of the Riffian military campaign, it is felt that general conditions in Spain do not warrant these high
levels. Trading was quite active in the Scandinavians, shifting this week to Swedish krone, which advanced 63/b points to 26.803/i on spirited buying, mostly for speculative account, also short covering. This
is the second time this year that the krone has sold
above par. Danish and Norwegian exchanges were
active and firm, though gains were wiped out frequently. Swiss francs were dull ,and only barely
steady at close to the levels of a week ago. Guilders
were easier and closed weak. Dutch business is
said to be suffering severely as a result of the British
coal strike.
Bankers' sight on Amsterdam closed at 40.143,
against 40.163; cable transfers at 40.16, against
40.179; commercial sight bills at 40.063, against
40.073/2, and commercial sixty days at 39.703.j,

JUNE 191926.]

TUE CHRONICLE

against 39.713/ a week ago. Swiss francs finish
ed
at 19.35 for bankers' sight bills and at 19.36 for cable
transfers, as compared with 19.353 and
/2
19.363/2
last week. Copenhagen checks closed at 26.47 and
cable transfers at 26.51, against 26.52 and 26.56
.
Checks on Sweden finished at 26.80 and cable trans
fers at 26.84, against 26.74 and 26.78, while check
s
on Norway closed at 22.093/ and cable transfers
at
2 .133/2, against 22.51 and 22.55 the preceding week.
2
Spanish exchange finished strong at 16.24 for
checks
and at 16.26 for cable transfers. Last week the
close
was 15.67 and 15.69.

3389
The New York Clearing House banks, in
their
operations with interior banking institutions
, have
gained $4,631,628 net in cash as a result of
the currency movements for the week ended June
17.
Their receipts from the interior have aggre
gated
$5,843,128, while the shipments have reached
$1,211,500, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS
BY NEW YORK BANKING
INSTITUTIONS.
Week Ended June 17.
Banks'interior movement

Into
Banks.

I

85841,128

Out of
Banks.

1

Gain or Loss
In Banks.

81.211.500 Cain 84.831.628

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:

South American exchange was active, excit
ed and
higher, with Brazilian milreis still in the ascen
dant,
mainly on improved internal finances. The
close,
however, was a shade easier at 15.45 for
checks and
at 15.50 for cable transfers, against 15.50 and
15.60.
Argentine pesos were easier and ruled
most of the DAILY CREDIT BALANCES OF NEW YORK
FEDERAL RESERVE BANG
time at or near 40.25 for checks and 40.30
AT CLEARING HOUSE.
for cable
transfers, then steadied and finished at
40.40@40.45. Saturday. Monday. 1Tuesday. Wednestly. Thursday
. Friday.
Aggregedo
Last week's close was 40.27 and 40.32.
June 12. June 14. June 15. June 16.
June 17. June 18.
for Week.
Chilean
exchange remains at 12.00, against
S
8
12.05, while 88 000.000 09.000.000 79.000,000 133,000000 127.000000 110 000
I/00 C.636. 000.041
.
Peru finished lower at 3.68 against 3.74 last
Note.
-The foregoing heavy credits
week.
to the New York Reserve Bank from reflect the huge mass of checks which come
Far Eastern exchange profited by the
all
country in
upturn in the Federal Reserve System's par collectioparts of the These largethe operation of
n scheme.
credit balances.
however, reflect only a part of the
silver; at least, Chinese currency, and
Bank's
with the Clearin
House institutions,
trading was the daily balances as only the Items Reserve in New operations are represented In
payable
York City
. The large volume of checks on Instituti
fairly active. Hong Kong finished at
ons located
York are not accounted
of
55.80@55.92, Newpass through the Clearingfor in arriving at these balances, as such outside do
checks
not
House but are deposited
against 55.67@55.80; Shanghai at 73
7-16@731 , Bank for collection for the account of the local Clearingwith the Federal Reserve
A
House banks.
against 723/2@727 ; Yokohama at
A
46.85@47.00,
against 46.90@47.13, and Manila 49
The following table indicates the amount
3/2@49% (unof bulchanged); Singapore, 563/@567 (unch
lion in the principal European banks:
2
A
anged); Bombay, 36%@363/2, against 36%@36 7-16,
and CalJune 17 1926.
June 18 1925.
Bank of
cutta, 36%@363/2, the same as last week.
Gold.
Silver.
Total.
Gold.
Hirer.
Total.

Pursuant to the requirements of Section
522 of the
Tariff Act of 1922, the Federal Reserve Bank
is now
certifying daily to the Secretary of the
Treasury the
buying rate for cable transfers in the differ
ent countries of the world. We give below a recor
d for the
week just past:
FOREIGN EXCHANGE RATES CERTIF
IED BY FEDERAL RESER
VE
BANKS TO TREASURY UNDER
TARIFF ACT OF 1922.
JUNE 12 1926 TO JUNE 18 1926,
INCLUSIVE.
country and Momtars
EMU.

Neon Buying Rate for Cable Transfer
s in New York.
Value in Untied States Money.

June 12.1 June 14. June 15. June 18.1
June 17. June 18.
EUROPE$
$
S
8
8
Austria,schilling*__-. 14075
8
.14072
.14093
.14082
.14078
Belgium, Irene
.14082
.0298
0288
.0284
.0295
.0288
Bulgaria. ley
007213 007222 007228 .007238 .007219 .0284
Czechoslovakia, kron 029822 .029618
.029619 .029617 .029622 .007206
Denmark. krone
.029618
2654
.2653
.2653
.2652
.2652
.2650
England. pound sterling
4.8664 4.8867
4.8671
4.8668
4.8658
Finland. markka
025209 .025214 .025213 .025209 .025213 4.8661
France,franc
.025214
0293
.0281
.0278
.0291
.0284
Germany, re1chsmark. .2381
.0278
.2181
.2381
.2380
Greece. drachma
.23%)
012382 012397 012402 012380 .2381
012392 012385
Holland, guilder
4018
.4017
.4017
.4017
.4016
Hungary, pengo
.4016
.1756
.1753
.1758
.1758
.1755
Italy, lira
.1758
0363
.0358
.0358
.0383
.0361
Norway, krone
.0360
.2227
.2218
.2218
.2222
.2220
Poland.zloty
.2211
.0918
.0940
.0925
.0935
.0922
Portugal. escudo
.0927
.0513
0512
0515
.0517
Rumania,leu
.0518
.004215 .004275 .004291 .004340 .0515
.004304 .004273
Spain, peseta
1569
.1564
.1575
.1621
.1608
Sweden. krona
.1622
2677
.2677
.2678
.2880
.2683
Switzerland, franc-- 1936
.2683
1936
.1936
.1936
Yugoslavia. dinar-- .017635 .017640 1938
.017645 .017643 .017663 .1936
ASIA.017659
ChinaChefoo, tad
.7496
.7529
.7517
.7546
.7583
Hankow,tael
.7556
7463
.7417
.7442
.7453
.7475
Shanghai, tael
.7477
.7233
.7238
.7235
.7255
.7276
Tientsin, tael
.7271
7533
.7546
.7533
.7558
.7583
Gong Kong, dollar_ .5554
.7873
.5525
.5521
.5534
.5545
Mexican dollar_ _
.5543
.5225
.5223
.5233
.5245
.5248
Tientsin or Pelyang
.5246
dollar
.5179
.5158
.5146
.5163
.5204
Yuan. dollar
.5183
.5329
.5271
.5296
.5317
.5363
India. rupee
.5333
.3629
.3627
.3633
.3633
.3633
Japan, yen
.3630
4675
.4685
.4694
.4671
.4668
singspoce(S.S.),dollas .5625
4674
.5621
.5621
.5621
.5621
NORTH AMER.
.5621
Canada, dollar
1.000859 1.000844 1.001035 1.001031
Cuba, peso
.999258 .998934 .999406 .999250 1.001156 1.001250
.999258 .999375
Mexico, Peso
488333 .490833 .488500
Newfoundland. doliat .998594 .998688 .998469 .488333 488500 .488167
.998625 .998438
SOUTH AMER..99s650,
Argentina. peso (gold) .9169
.9173
.9168
.9168
.9171
.9189
Brazil, mitre's
1536
.1530
.1534
.1560
.1558
.1556
Chile. peso
1205
.1207
.1206
.1205
.1204
.1207
1.0202
Uruguay. Peso
1.0230
1.0209
1.0200
1.0198
1.0181




England__ 149.793,333
Frances-- 147.369.192
Germany c 61.580.000
Aus.-Hun. b2.000.000
Spain
101.487.000
Italy
35,713.000
Netherrds. 35.990.000
Nat. 13e1g. 10.954,000
Switzerl'd. 16.761,000
Sweden.- 12.719,000
Denmark _ 11.400 000
Norway_.- 8.180.000

149.793.333 157.596.429
157.596.429
13.400.000 160.769,192 147,293,396
d994,600 62,574,100 47,958.450 12,520.000 159.813 396
d994.600 48.953.050
b2.000.000 b2.000,000
b2.000.000
26.724.000128,211.000 101,445.000
3.423.000 39,136.000 35.589.000 25,969.000 127,414.000
3.349.000 38.938.000
2,25,5.000 38.245 000 37.945.000 1,831.00
3,616.000 14,570.000 10.891.000 3.094.000 39,776.000
0 13.985,000
3,537,000 20,298,000 19,283.000
3,589,000 22.872.000
12.719.000 13,092.000
,
836,000 12,236,000 11.636,000 1,137.000 13.092.000
12.773.000
8,180.000 8,180.000
8.180.000
Total Week 593,946,525 54,78.5.600648.732,125
592.909.275 52.483,600 845.392.876
Prey. week 593,360.710 54.890.600648,251.
360 593.231.394 52,476.600 645.707.994
a Gold holdings of the Bank of France
held abroad. b No recent figures. c Gold this year are exclusive of £74,572,836
holdings of the Bank of Germany this
year are exclusive of £13,015.000 held abroad.
d As of Oct. 7 1924.

Some Lessons of the Pennsylvania Prima
ries.
The testimony which has been given
before a
Senate committee at Washington regarding
the use
of money in the recent Senatorial primaries
in Pennsylvania is not pleasant reading. As estim
ated to
date about $2,400,000, in round figures, appea
rs to
have been spent on the Republican side in the
triangular contest between Senator Pepper,
Governor
Pinchot and Congressman Vare. Of this
amount
the Pepper interests are credited with
more than
$1,620,000 and the Vare interests with
nearly
$600,000. Governor Pinchot, who appea
rs as a modest spender in comparison with the
lavishness of his
opponents, got off with an outlay estim
ated at some
$195,000. The Republican campaign
expenditures
in the Presidential election of 1924 were
$4,270,469.
The alleged hiring of more than 35,00
0 "watchers" at $10 a head by the Pepper
forces in
Allegheny County, where the Pepper vote
was only
slightly in excess of 80,000, together with
other intimations and allegations of improper
conduct on
the part of representatives of the various
candi
has naturally created the impression that dates,
some of
the expenditure, at least, must have been
corrupt,
but as that phase of the situation is likely
lobe gone
into thoroughly by the Senate
committee in due

3390

THE CHRONICLE

course, judgment may well be deferred until the investigation is completed.
The larger significance of the Pennsylvania case
does not lie in the possible or actual use of money
for corrupt purposes, even though such use be on a
lavish scale, but rather in the distorted political conditions which the whole affair illustrates, and the
attitude of voters, candidates and party workers
which it reveals. Under the best possible conditions, the conduct of an election in a great State
like Pennsylvania cannot be carried through successfully without a very considerable expenditure of
money. The mere cost of providing facilities for
registration and voting, the printing and distribution of ballots, the guarding of the polls and the
like, must always be large if the work is well done,
and large, too, in proportion as the number of voters
to be dealt with is great or small. The total of such
necessary and legitimate expenditure has been appreciably increased by the adoption of woman suffrage, the suffrage amendment having practically
doubled the size of the electorate. Moreover, neither a candidate nor the party which he represents
is fairly to be denied a reasonable expenditure for
advertising, public meetings, travel and other necessary efforts to come into contact with the voters,
and such expenditures will also be large or small
according to the character of the constituency and
the amount or .kind of opposition. . Mere comparison, accordingly, between the total expenditure recently made in Pennsylvania and similar totals for
such States as Maine, Kansas or Idaho is meaningless as evidence of either extravagance or corruption. We must know the details before we can affirm with confidence how expensive, from the standpoint of legitimate cost, the election actually was.
Two aspects of the matter, however, are disquieting. The recent contest in Pennsylvania was a primary at which candidates were nominated. The
actual choice comes later. One cannot help asliing,
in view of the revelations that have been made,
whether the primary as we now have it is an electoral device which it is desirable to retain. In the
days when the abolition of the convention and the
substitution of the primary was being urged, one of
the strong arguments was that the new system would
insure a fuller, more intelligent and more unbiased
expression of the wishes of the voters in the selection of candidates, and that the questionable practices which often attached to the convention system
would be greatly weakened, if not eliminated altogether. A convention, it was said, could be bossed
or bought, but a primary could not. It can hardly
be said that the prediction has been fulfilled. Before
the Pennsylvania display 'of lavishness had attracted
the attention of the country, it had been demonstrated that the primary as well as the convention
could be controlledy and that party funds could be
used, if party managers so wished, for much the
to
same purposes as before. It would be difficult
Representashow that the average of the Senators or
the
tives in Congress who have been chosen under
than the average unprimary system is any higher
were
der the convention plan, or that those chosen
representative of public opinion than
any more truly
had previously been the case. What has happened
t
is a duplication of electoral machinery, a consequen
commensuincrease in electoral costs, and no gain
rate with the added trouble and expense. The recert
experience in Pennsylvania may not show that




[vol.. 122.

the primaries in that State were corrupt, but it
nevertheless goes far to show that the primary system there affords no sufficient safeguard against
possible corruption, and does not tend to discourage
a prodigal use of money in behalf of particular candidates. If the primary system in general is as
powerless at these points as it seems to have been in
Pennsylvania there would appear to be no special
reason for continuing it.
Beyond the apparent breakdown of the primary
lies another serious question, that of the attitude of
the electorate. Foreign observers have more than
once commented upon the extraordinary amount of
attention which the American voter demands in
order to get him to the polls. He insists upon flags
and bands and processions and posters and the
other familiar paraphernalia of popular excitement.
He expects paid watchers at the polls, paid workers
to bring out the vote, paid advertisements in the
newspapers, public meetings in hired halls, and paid
political mechanics to keep the party machine in
order. It is a commonplace that he is usually apathetic, save in times of crisis, if these things are not
provided, and he knows, or ought to know, that they
cost money. The fact that, in recent years, the
larger part of the legitimate expense of an election
has been transferred from candidates or parties to
the State or municipality has not greatly dulled the
appetite of the average voter for electioneering devices for which some one must pay, and more often
than not he takes them all as a matter of course.
When, accordingly, some unwonted display of cash
and credit is made, as has just been done in Pennsylvania, the natural inquiry as to whether sheer
extravagance or positive corruption has not characterized the election is likely to be met by the complacent rejoinder that the election was close, the
contest exciting, or the voters indifferent, and that
under the circumstances the battle was probably
worth all it cost.
Whatever the facts which the Senate investigation
may ultimately bring out, the Pennsylvania episode
will doubtless be widely used as a basis of charges
against the Republican Party, if not against the
Administration. The improper use of money in
former elections will be recalled, and the question
will be asked whether the country has entered upon
another period in which wealth is to dominate politics, and the candidate with the longest purse is to
be the predestined winner. Already it is being said
that the Democrats, who thus far have seemed to
lack a cardinal issue, are preparing to seize upon
this one as well suited to their purpose. The issue
is an unwelcome One, whatever use may be made of
it, but its larger lesson will have been lost if those
upon whom the whole affair most seriously reflects
look only at the surface. The successful working of
a democratic government depends upon the intelligent and spontaneous interest of the individual
voter. There can be no government of the people, by
the people, for the people unless the people are disposed to do their share without being paid or prodded. If individual concern for the welfare of the
State is lacking, party candidates and their managers will continue to pour out money in the efforts
to induce the voter to do what he ought to do of himself, and the story of Pennsylvania will be duplicated, with only local variations, in other Commonwealths. The remedy for the evil is in the hands of
the people, and it is for them to apply it.

JUNE 19 1926.]

THE CHRONICLE

3391

Norman Lombard, Executive Director of the assoStabilizing the Price Level by Stabilizing
ciation, said, among other things: "Originally the
the Monetary Unit.
prime requisite of a sound money was that it should
One of the wonders of legislative legerdemain is be redeemable on demand for a fixed weight of gold.
that if you clamp down a law of control upon one Coupled with this there was the old banking tradipart of an equation you can automatically control tion of a fixed minimum reserve ratio. More rethe other parts and at the same time let them run cently, monetary tradition, particularly in England,
free. It is true that the square on the hypothenuse has been concentrated on a stabilized foreign exof a right angle triangle is equal to the sum of the change. When the Federal Reserve Act was passed,
squares on the other two sides—but there must be a it was uppermost in the people's minds, that there
right angle, and an unchangeable length of line on should be a stabilized rate of interest, at which
the two sides. In stabilizing the "General Price money could be borrowed on prime securities; that
Level" by stabilizing the "purchasing power" of the is, an elastic currency which would rise and fall
"monetary unit," say the dollar, we are put to no with the demands of business;'but the war brought
such trouble. First, the "General Price-Level," made home to-the public consciousness, what had for many
up by averaging countless and sundry special price years been familiar to economists, that the prime
levels, and giving it an "index number," becomes requisite of sotnd business wa's, that we should have
ipso facto a means of determining what a dollar will monetary units of stabilized purchasing power." As
buy, its "purchasing power" at a given time, and we understand, some such way of fixing the general
thereafter everything is easy. At one time it was price level by using the Federal Reserve's power over
proposed to establish price by changing the pur- the interest rate to the banks is contemplated in the
chasing power of the dollar by changing its gold Strong bill now before Congress. As to the state• content; but now by limiting the currency and credit ments of Mr. Lombard, as quoted, there is such a
representatives of the gold dollar, by means of the medley of confusion as to make reply difficult.
•
interest rate fixed by the Federal Reserve Board, it
In the first place the "Gold Standard" still holds
is proposed to "stabilize" the purchasing power— and the countries are returning to its facilities as
without regard to the volume of production in goods, fast as possible. In the second place the fixed
without regard to supply or demand, without regard minimum reserve ratio is one thing for deposits and
to the rapidity of circulation, and without regard a separate thing for currencies or representatives
to the spontaneity of credit incidental to independ- of gold money. In the third place a "stabilized for,
ent normal commerce.
eign exchange" must be sought under any unit of
The logic of law is not the law of logic. And the value and has nothing to do with proposed stabilizagreatest trouble we have to combat in to-day is that tion of price. Nor is the statement as to the Fedstatutes by being arbitrary are illogical in practice. eral Reserve Act a fair one, for what was in the
If one could control the winds and the tides he "people's minds" was an emergency currency, flexcould stabilize the seas. But the wind bloweth ible and sufficient to avoid panics and possibly minwhere it listeth ; and the tides ebb and flow unceas- imize depressions, and not to fix the rate of interest
ingly. And the King who tried to command the —nor are the people now clamoring for a "monetary
waves met the same fate as that of the old woman unit of stabilized purchasing power," since they are
with the broom.
enjoying, admittedly, a reasonable prosperity under
If the monetary unit is unstable in "purchasing the use of the standard gold dollar of a certain
power" and price levels change so that the "Gen- weight and fineness. This whole scheme of a "stabileral Price Level" is unstable, how can you play one ized purchasing power," on the contrary, is a fanagainst the other and produce stability in either? tastic theory. We cannot.in our own analysis pin
If change only is constant, how can calm ever come it down to any stable foundation. The gold standabout?
ard dollar and pound, because they are mediums of
If one day's wage, one bushel of wheat, and one exchange, measures and common denominators of
gold dollar (a unit and medium of exchange) were value (the yard-sticks of commerce, giving effect to
all that existed, they might be made equally inter- currencies, checks, drafts and instruments of credit)
changeable, but under no other conditions. Change are now sufficient for all purposes if trade were northe number of any one of the three and there is a mal, and credit normal, and not still disorganized by
new condition. And the number of each of the three war!
is always changing. No legislative act can avert
Suppose instead of the present gold standard
or control or regulate this change. And it is just dollar and pound (to us a quite impossible supposias practicable to change the contents of the bushel tion) we had an artificially (legislatively) fixed
of wheat or the day's wage measured in work as it "monetary unit of stabilized purchasing power" and
is to change the contents of the dollar. If no one a fixed price level as a supposed consequence—and
will work and no one wants a bushel of wheat the then suppose instead of eight hundred millions of
dollar will be worthless for purposes of exchange. bushels of wheat our American crop should fall to
It takes the three in combination to give what we four hundreds of millions of bushels, would this
call value to each. If you change the quality of one "unit of stabilized purchasing power" hold the price
you change all. If you change the number of one of wheat to the same level as before? Suppose a
you change the relation of each to the other in ex- workman, who formerly could and would lay 2,000
change. But the curious thing is that by circula- bricks in a day, and under this magic new unit of
tion of actual (gold) money by means of representa- value based, as it must be, on the old conditions, contives you can increase the exchangeable service of cludes to lay 500 a day at an increased wage, would
the dollar, but not the quantity or quality of the the cost-price of building remain the same? . Credit,
other two.
being an issue or product of commerce and subject
At a meeting of the Stable Money Association in to' the fluctuations of trade, would a fixed rate of
New York May 3, in the course of the discussion, interest, though it would have some bearing on the




3392

THE CHRONICLE

[vol.. 122.

volume of -credit and trade, serve to control the vol- thrown away for a confusing and confused theory.
ume of trade which would still be controlled by And the bill now proposed to empower the Federal
production and consumption? The gold dollar or Reserve Board to stabilize prices is the old woman
pound (gold standard money) being the denomina- with the broom sweeping back the sea.
tor of value for an immense volume of currency and
credit based thereon and named therein, a currency The Present Outlook of Education for Business
and credit responsible to trade based on supply and
Men.
demand, now unable to fix price, though the most
For some years before the opening of the Tuck
stable unit known to the world, would a "stabilized School at Dartmouth College in 1900 we had called
unit of stabilized purchasing power" obtained attention to the lack of education provided for sons
through the hocus-pocus of index numbers be able to of business men expecting to follow their fathers.
stabilize this inherently unstable price?
Over against the prevailing conception that the best,
Who or what can determine this sought-for "pur- and practically the only, way was to begin young
chasing power" of a gold dollar. If wheat is a dollar and go in at the bottom, with the prevailing opinion
a bushel a single dollar if used often enough may that "college spoiled them," we have called frequent
buy a thousand bushels of wheat. As a matter
of attention to the superior education of French, and
fact the gold dollar does not circulate, but by world- especially German, young business men, the product
wide commercial acceptance, as of a certain weight of their special schools. We had in many cities
and fineness, becomes a "standard" of value, and in "business colleges" which taught penmanship, bookthis standard, by virtue of a banking system,
com- keeping and in time stenography and typewriting,
merce writes its own money in bank notes (national with here and there a school going a little further;
and Federal Reserve), checks, drafts and bills of ex- but with no recognition of the need on the part of
change in amounts to suit every occasion. But in the higher institutions and no break in the opinion
times of panic deposits are diminished, currencies of "the Street."
are put under greater stress, and it was the original
The pressure of a growing necessity, however,
intent of the Federal Reserve System to furnish an made itself felt. The Tuck School was the creation
emergency currency based on the discount by banks of an American banker settled in Paris. Downtown
of commercial paper, a currency that
automatically evening lectures for clerks were arranged by the
retired when the stress of this form of money was University of New York to be delivered by prominent
removed by the return of more normal trade con- business men. The National City Bank opened after
ditions. War amendments changed this and an ex- hours in its own building a school for its clerks.
cessive volume of Federal Reserve notes based on an Men at the head of great business, like the railways,
abnormal gold supply remained, and now remains, for example, began to notice that men who had the
in circulation, causing unusual speculative
activity, general scientific education of the universities and
which, by this means of unnaturally inflated credit, colleges were in the long run more valuable than
affects price but still does not control it. It is not those who came from merely technical schools.
the intent of this System to control price, it cannot
In the United States the association of profesdo so in the nature of things, and therefore, as com- sional schools with universities is, as Professor Powmerce makes at least 90% of its own money in ell of Columbia has pointed out, comparatively rechecks, drafts and bills of exchange, normally, an cent. Engineering won recognition after the Civil
excess of Reserve notes, remaining in circulation, is War, and medical departments were only nominally
redundant, and contrary to the actual stabilization existent before 1890. Pharmacy, education and denof prices through trade, where commercial paper by tistry followed still later, with journalism, archirediscount may come to the relief of currency and of tecture and social service coming more recently.
checks and drafts.
Howard University developing her School of Business
To talk of stabilizing the purchasing power of a Administration set the pace for many, and has not
monetary unit, when there is no way of determining only raised her terms of admission to men of college
price save by the vast, all-inclusive, and ever-chang- graduate standing, but to-day restricts entrance to
ing, supply and demand, is to talk of something no those who have A or B rank. The demand has so inone can define. What is a general price level but an creased of late that within a very few years not only
average of all price levels? Does this change re- • are innumerable colleges offering specific courses in
gardless of methods of computation? And can the business, but the universities have fallen into line,
"purchasing power," so-called, remain stable by be- some with complete graduate departments, some
ing based on or related to this constant changing with two-year and some with four-year undergradaverage of general level? It is a contradiction in uate courses.
The latest stage in the process of recognition was
itself. The gold standard dollar serves as the most
stable measure of value, medium of exchange and reached a few weeks ago when the American Bankcommon denominator of representative money such ers Association in its annual meeting voted to raise
as currencies and checks and drafts for two reasons, $500,000 to endow a department of business adminisbecause of its definite weight and fineness in actual tration in a university, leaving it to a committee to
gold, and because this gold is accepted as the ulti- carry into effect. An academic question had already
mate money of redemption by the commerce of the been raised as to what should constitute a business
world. And therefore being thus stable it can be education, and to where and by what class of instiused as a denominator. What would be stable about tution it should properly be taught. Now that busia "purchasing power" based on price averages? ness men are moving to pay for it they will naturally
What kind of a stable general price level could be want to know what they can get for their money.
named in an artificially valued dollar that had no
Economics has for some time been an established
redeeming quality, no fixed content in gold, no basic course in both colleges and universities and has of
denominating power over other quasi-money? No, late become popular even as a "major." It has many
the monetary experience of centuries is not to be relations and variants as Home Economics, Social




JUNE 19.1926.]

THE CHRONICLE

3393

Economics, Engineering Economics, Legal Econom- years to the larger institutions, it will evidently be
ics, and the like. Business Economics is described some time before a permanent and general curricuby Professor McCrea of Columbia as "judged by lum will be adopted. It may, however, be accepted
current usage, the chameleon specimen in our zoo- as instructive; it will be a guide. Professor Marlogical garden." It appears, he says, in the follow- shall says: "It is directed toward giving students a
ing guises: "As an attenuated summarizer of the background of business statesmanship and a perbusiness curriculum; as a mass of descriptive eco- spective of social values that will enable the gradunomic data divorced from theoretical interpretation; ates to shorten the period of apprenticeship and
as a consideration of the policies of private business make executives out of themselves within a reasonenterprises affecting adjustments to fluctuating able period after graduation."
business conditions; as a series of considerations
The difficulty to-day seems to be to decide between
bearing on the relations of private enterprise to pub- an acquisitive curriculum, to secure pecuniary gain,
lic control; or as a variety of intermixtures of these and a social curriculum to produce general wellvarying modes." This is a situation sufficiently being; or to devise a plan equitably to combine them.
baffling for the outsider, and it is no wonder that In the discussion Professor C. A. Phillips of the
there is some difficulty in deciding whether the School of Commerce of the University of Iowa says:
course in Economics offered in the academic depart- "An augmented livelihood should be viewed as an
ments of the colleges and universities is competent open door to an enlarged and ennobling life." Proto supply all that is reasonably to be expected of the fessor A. B. Wolfe of Ohio State University says:
A. B. graduate in anticipation of his going into busi- "I have been a bit suspicious of the cultural rcsults
ness.
likely to flow from the current type of business trainWith the professions, i. e. with Law and Medicine ing; but I now look for a fruitful co-operation beand the Arts, there is, of course, no question. They tween the academic and the business economists."
require graduate study. The business schools pre- Professor J. C. Bonbright of Columbia University
sent their courses as substantially all that is need- says that "the real difference between the two sciful. Something more does not hurt, provided it is ences of Economics and that of Business is that the
not a waste of time; and time, unfortunately, is of former has a wider angle of vision. The one studies
the essence of the matter. The schools are certainly the general situation while the other studies the
consuming much more time than they used to do, needs of a particular business," and he asks: "How,
and are teaching many more subjects. To "get down for example, shall a graduating student in a social
to business," even in a general sense, there is need school of business make up his mind whetht.-r to beof revision and adjustment.
come a stock broker or to sell fruit? Obviously be
The Tuck School recognized this at the start. Its cannot decid3 lntelligently without a fairly thorphilanthropic founder had certain definite aims. ough knowledge not merely of economics, but of
He wished "business to be taught as worthy of a other social sciences." And Professor E. E..ay of
man's whole-hearted devotion, and the exercise of all the University of Michigan sums un the situation
his powers; also, that he should bind himself to the by saying: "The point of view of an economic curstrictest path of honor and of honesty ;* that he have riculum is essentially social, with particular referperfect confidence in the wisdom of doing right as ence to public policy. The point of view of the busithe surest means of achieving success, and that he ness curriculum is essentially private with specific
should always have in mind that interest in others reference to enlightened profit taking. There. is a
leads to the truest happiness for all." The school difference, and it should be kept clearly in mind."
had the advantage of being organized as a departIn a day when successful business men are conment of Dartmouth College and linked itself at the stantly interesting themselves in public affairs, and
start with the senior year of the academic departare not infrequently called to act without adequate
ment. At the close of the year it takes its students knowledge, it is apparent that the gefieral plan of
with their A. B. degree for the special teaching that educating young men, and especially their own sons,
leads to its own special degree of Master of Commer- for satisfdctory careers both as business men and as
cial Science.
citizens, may well deserve their thoughtful attention
The Economic courses in the universities and coland their aid.
leges are intended as wholly cultural studies, except
for some students who expect to enter the professions or to teach. On the other hand, the business Deliveries of Refined Copper Excced Production
—Stocks on June 1 the Smallest This Year.
colleges and departments have the single purpose of
Copper statistics afford concrete evidet ee of extensive
preparing young people for business. This they do in
varying degree and with distinctive methods. The movements at all the sources of production. May output of
question as to how far the academic college course refined copper in the United States aggregated 227,796,000
in Economics may supersede their own is the open pounds, according to the American Bureau of Metal Statisone. Professor L. C. Marshall of the University of tics. This compares with 232,604,000 pounds in April and
Chicago, a leading authority, has prepared an ideal is a decrease of 4,808,000 pounds. Domestic deliveries last
month were 146,394,000 pounds, with exports of 87,952,000
outline of what should be the course adopted by the pounds, making total shipments in May of 234,346,000
Business Administration Department of the univer- pounds, compared with 237,728,000 pounds during April.
Surplus stocks of refined copper on May 31 amounted to
sities so that full advantage should be taken of the
connection without duplication. But it is only a 138,738,000 pounds. These figures compare with 145,288,pounds on April 30, and show a decrease of 6,550,000
suggested though important project, published in 000
pounds. Stocks of blister copper in North and South Amerthe June number of the "Journal of Political Econ- ica, however, including material in process, increased from
omy." Inasmuch as there are between 200 and 250 531,006,000 pounds at the end of April to 551,808,000 pounds
junior colleges in the United States and almost as at the end of May. The increase of blister copper was 20,many small four-year colleges from which many stu- 802,000 pounds.
Production and shipments of refined copper during the
dents go at the end of Freshman and Sophomore first five months of 1926 were as follows, in pounds:




3394
1926.
January
February
March
April
May
Total

THE CHRONICLE
Production.
227,948.000
221,076,000
243,596,000
232,604,000
227,796,000

Domestic
Exports.
Shipments.
75,082,000 135,658,000
70,928,000 140,812,000
88,746,000 177,146,000
87,668,000 150,060,000
87,952,000 146,394,000

Total
Deliveries.
210,740,000
211,740,000
265,892,000
237,728,000
234,346,000

1,153,020,000 410,376.000 750,070,000 1,160,446,000

Surplus stocks of refined copper in this country at the end
of each period were as follows, in pounds:
1926.
January
February
March
April
May

Quentin/,
163,372,000
172,708,000
150,412.000
145,288 000
138,738,000

1925.
First quarter
Second quarter
Third quarter
Fourth quarter

Quantity.
244,696,000
182,652,000
138,014.000
146.164,000

Combined shipments of refined copper for domestic account
and export for the first five months of this year were at the
monthly average of 232,089,200 pounds, compared with a
month y average for the whole year of 1925 of 235,954,000
pounds. Domestic shipments for the five month period ended
May 31 1926, were at the monthly average of 150,015,000
pounds,against an average monthly rate last year of 138,528,
500 pounds. Exports of refined copper this year were at
the average of 82,075,200 pounds per month, compared with
97,425,500 pounds as the average monthly shipments during
1925. The increase in domestic shipments is indicative of
the broadening out of home consumption. The tapering off
in foreign shipments was more marked early in the year.
There has been a pronounced increase in the tonnage going
to European countries during the last three months.
Plans for European sales of copper on behalf of the new
Copper Export Trading Co., appear to be making headway.
Recent reports were to the effect that British and German
copper interests had decided to participate in the lately
organized company. Representatives of producers in this
country have been in London, Berlin and Paris to arrange a

[VOL. 122.

satisfactory program for the sale and distribution of copper
in European territory. With foreign co-operation secured
copper producers generally are hopeful that there will be a
more stable marketfor copper both at home and abroad. It is
understood that the enterprise will include the great Katanga
mines in the upper Congo, and Australian and European
producers as well as the South American sources of production. This huge combination will have the control of niost
all the copper product of the world. It is probably the largest
joint control of copper in the history of the industry. The
result of the big experiment is awaited with peculiar interest.
The totalcapacity of the electrolytic refineries in the United
States and Canada at present amounts to about 2,825,000,000
pounds per annum. Output for the current year thus far is
at a rate close to this annual potential capacity. Europe is
believed to be 10 years behind hand in the use of copper, and
we .are only entering upon the age of electricity. And
electricity can not get along without copper. Aluminum can
be used for transmitting lines but not for electrical machinery,
hence, it is said, the need of copper in electrical expansion is
evident. But the opinion prevails that there is an enormous
tonnage of mine reserves which can be prepared for the
market at short notice. That fact probably explains why
copper is selling so much below the last 30 year price average.
Consumers are not worrying about supplies as they profess
to see an ample output for all requirements.
There was a stronger tone to the market for copper lately.
The price advanced to the 14 cent level, but the advancing
tendency did not get above that figure and an easier tone has
developed since. There were sales at 14 cents delivered in
the Connecticut Valley, but the market appears to be waiting
for some definite development before resuming activity again
on a large scale.

Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, June 18 1926.
Again low temperatures have interfered with trade
throughout the country. Here in New York the mercury
has been down as low as 53 degrees, something almost without a precedent at this season. And in other parts of the
country temperatures have also been unseasonably low.
Such weather could not fail to have a distinctly prejudicial
effect on trade. In the Southwestern cotton region temperatures on the other hand have been 100 to 110. But in
general the weather has been something abnormal. The
South Atlantic States are still in the throes of a drought.
Parts of the Carolinas have had no rain for two months.
That certainly does not tend to help business. However,
rains in many parts of the country, including the West and
Northwest, have been of benefit to the crops. But aside
from that the effect of spring and almost winter temperatures in a summer month, has been not only to slow down
sales at wholesale and retail, but to make collections
slower. The clothing trades have sufferedl noticeably.
Cotton goods have declined with trade small. There is a
tendency to increase the curtailment of operations in some
of the Carolina cotton mills, and in one case a Fall River
mill closed down for an indefinite period. Wool has been
for the most part quiet, but it is said that Boston has just
made considerable sales of new clip territory wools without
being able, howevel, to advance prices. Cotton has advanced slightly because of drought in the Atlantic States,
the firmness of July delivery and a strong technical position. The July delivery has been carried up to 143 points
over October, which is something unheard of in recent
years. Texas advices have been in the main favorable and
that is also the case with most of the Cotton Belt. In the
last three weeks the percentage of condition has gained, it
Is stated, anywhere from 3 to 12% aside from a drop in the
Carolinas of 7 to 10%. Favorable June crop conditions in
the Cotton Belt are apt to be more or less deceptive and
people are going slow in banking on them this year. Cotton
consumption has been reduced more or less by the British
coal strike, and this, by the way, has also interfered with
the British trade in iron and steel, not to mention other
commodities. On this side of the water pig iron has declined, but at the lower prices it is said there have been
sales of considerable size. Steel sheets are also reported to
have sold rather freely at some reduction in quotations.




The grain markets have been Irregular, but on the whole
lower for Indian corn, partly because of beneficial rains in
the Corn Belt and partly because after Secretary of the
Treasury Mellon's broadside at the expense of the Haugen
bill and its manifest defects, there seems to be a reasonable
certainty that it will be defeated. It is a scheme purely
for the benefit, of the corn farmer, but which would not
operate to his benefit., It would only encourage him to increase his production. That would cause lower prices. He
would travel in a circle and get nowhere. The bill is so
cumbersome that it would be impossible to devise effective
machinery to carry it out. And if the corn farmer may
make a raid on the United States Treasury, why may not
producers of other commodities? The principle is pernicious
from every point of view. Secretary Mellon has done the
country a service in exposing this fact in the clearest light.
And now it appears that corn prices are nearing the export
parity. Wheat prices have advanced somewhat because the
spring wheat crop is not getting the best start imaginable
and, what is more, the outlook for European wheat crops
is anything but favorable. A significant fact is the announcement that the French Government has suspended the
import duty on foodstuffs. Quite a good export business
has been done in wheat in this country this week and it is
significant that of the total export transactions to-day of
1,500,000 bushels 50% was United States new winter wheat
and durum, and not entirely Canadian wheat, as has been
the case for a considerable period. Whether we shall have
any very large surplus of wheat to spare for export during
the season soon to open is another matter. It was noticed
to-day that rye advanced some 3 cents a bushel, with demand from Germany, where for some reason best known
to German officials, there is to be, it seems, an increased
duty levied. Coffee has advanced, partly owing to buying
by European and Brazilian interests and partly because of
rising prices in Brazil itself. Sugar has also risen with a
steady demand. Refined sugar interest has been hampered
by cold weather, but in the ordinary course of things it
cannot be long before there is the usual seasonal increase
in consumption. Taking the industries as a whole, they
might be in better shape. Steel mills are operating at about
the same rate as recently and some reports say that the
orders, even aside from steel sheets, are increasing. But
It appears that the buying is mostly for early delivery.
There is little buying ahead.

JUNE 19 1926.]

THE CHRONICLE

Not only is there curtailment of operations in the textile
trades, but the shoe industry is less active, and so are the
automobile and furniture industries. The minor metals
have shown an upward tendency and sales of zinc and lead
have been large. In retail trade Chicago will benefit from
the big church convention there, unless the weather is unusually bad. Yesterday it was 58 to 80 degrees there, and
clear. The flour trade here has been quiet, but in Kansas
City it is stated the mills are now operating at about 75%,
under the'stimulus of arrivals of new wheat there. The
marketing of spring wheat, by the way, has begun in Texas.
Hog products have been in active demand at rising prices.
The trading in soft wood lumber has been on a larger scale.
Taking commodities in general, advances in prices have
been more numerous than declines.
One of the conspicuous features of the.week has been the
renewal of activity and strength in the stock market, after
a lull in the trading for some weeks. And another significant fact was that the price of United States Steel common
stock on the 17th inst. rose to the unprecedented quotation
of 139%. That attracted wide attention. A reaction in the
stock market to-day was regarded among merchants
as no
more than natural. Money was higher at 4%. Bonds
were
very firm, with a steady demand, and the drift of
prices
was upward with a new peak for 3%% Treasury notes,
and
a good demand also for foreign bonds. London was
very
firm to-day and the feeling there is hopeful that before
long
the Bank of England will reduce its rate of discount,
something which is already stimulating the demand there
for
the better class of Investments. Unfortunately, the
British
coal strike has not yet been settled. And the
Lancashire
cotton mills in some cases are working only in
alternate
weeks. The effect on the British iron industry is such
that
Great Britain is no longer shipping iron to this
country.
The fall of the Briand Ministry in France was not
wholly
unexpected, and it is regrettable to notice that M.
Herriot,
who will endeavor to form a Ministry, is committed
to the
repudiation of the debt pact with the United States.
The
sooner France faces the necessity of heavier taxation,
some
definite arrangement for paying its debts, and
finally balancing its budget, the better will be its standing
in the
family of nations. As the case stands, French
francs have
during the week reached another new low
point, while
Spanish exchange has been at the highest quotation
seen
for six years past. As for general trade in this
country, the
inference is unavoidable that it waits on seasonable
weather.
With that to favor it, there is no reason to doubt
that a
satisfactory business may be expected. United
States foreign trade during May, although smaller in
volume than in
any previous full month of 1926, was the
first month's trade
of the year to result in a merchandise
balance in favor of
this country.
At Fall River, Mass., the Chace mills have
closed down
for an indefinite period. New Bedford, Mass., says
mills
In that district have been curtailing production during
the
last few weeks and present output Is estimated at less
than
75% of normal. New Bedford mill shares have
shown a
tendency to steady, despite the increase in curtailment.
In
Boston the mills of the Carter Co., manufacturers of
knit
underwear, will be closed down from June 26 to July 12
for the annual employees' vacation. At Anthony, R.
I., the
Coventry mill will close June 26 for four weeks.
This is
the first time in 21 years this plant has been closed
for so
long a period. Manchester, N. H., wired further
improvement in the textile industry, both cotton and
wool. At
Southbridge, Mass., the Hamilton Woolen Co.
announces
that it is necessary to run the mill every week,
instead of
every other week, to meet the delivery requirements
called
for on orders. There is a very noticeable
improvement in
demand for some worsteds. At Worcester,
the
Mass., the
M. J. Whittall Associates, carpet mills beginning
Monday
will be operated on a basis of 40 working hours a
week,
compared with the present schedule of 48 hours.
About
1,500 operatives will be affected. Depression in the
carpet
Industry is given as the reason. In the Charitotte,
N. C.,
district yarn output this week is expected to be the
lowest
since curtailment began, more mills having resorted
to
reduced operating schedules. The outlook for another large
cotton crop is expected to retard yarn business for some
time to come. The Southern Power Co. is said to be planning to secure an important interest in many mills which
It now serves in both the Carolinas.
Wages of Chicago bricklayers will be increased to $1 62%
an hour on July 1, though some time ago they renewed their




3395

old agreement which provided for a wage of $130 an hour.
The Associated Builders granted the increase because wages
In the building industry have been increased since bricklayers made their agreement. The scale will be in effect
until May 31 1929. Automobile tire manufacturers are estimated to hold stocks of approximately 20,000,000 tires, valued at $400,000,000.
On June 15 the thermometer was up to 84 degrees here,
the highest thus far. On the 16th inst. came a sudden drop
of 30 degrees to 54 at 5 a. m., the coldest June 16 on record
except for 51 in 1884. It averaged 60, or 9 degrees below
the average for 46 years. The highest on the 16th was 65
degrees. It was so cold that there was a postponement of
the major league baseball games at both the Polo Grounds
and Ebbetts Field, something unheard of on June 16. It
was 50 to 72 at Chicago, 56 to 70 at Cleveland. 64 to 90 at
Kansas City, 54 to 64 at Minneapolis and St. Paul, 48 to 58
at Kansas City. It was 100 to 110 in Texas and 100 to 107
in Oklahoma, with temperatures of 00 to 99 in other parts
of the South. On the 17th the temperature here was down
to 53, the coldest for that date since 1914, when it was 52.
To-day was not quite so cold and at 4 p. m. It was 68 degrees.
Increase in Wholesale Prices in May.
A slight increase in the general level of wholesale prices
from April to May is shown by information gathered 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 151.7 for May compared with 151.1 for April, an
increase of nearly one-half of one per cent. Compared with
May 1925, with an index number of 155.2, there was a decrease of 2%Vo. The Bureau reports further as follows under
date of June 17:
Farm products averaged slightly lower than in April, due to decreases in
grains, sheep, cotton, potatoes and wool. Clothing materials, metals,
building materials and housefurnishing goods also were somewhat cheaper.
In other groups prices were higher than in the preceding month, ranging
from one-third of 1% in the case of foods and chemicals and drugs to 23i%
in the case of fuels.
Of the 404 commodities or price series for which comparable information
for April and May was collected, increases were shown in 84 instances and
decreases in 152 instances. In 168 instances no change in price wasreported.
The large increase reported for fuels was responsible for the net increase in
the general price level.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUB-

GROUPS OF COMMDOITIEs. (1913=100,0)
1925, -1926- 4. , and
Groups and
, ups
1925, -1926-SubgroupsMay.April. May.
Subgroups-May.April. May.
151.9 144.9 144.2 Building materials____173.6 173.2 171.6
Farm products
179.7 154.1 150.7
Lumber
Grains
183.7 186.3 184.4
Livestock & poultry_131.9 133.1 138.2
Brick
208.1 204.9 204.9
Structural steel
Other farm products 156.3 150.4 145.3
132.4 129.1 129.1
153.2 153.2 153.8
Other bldg. mat'is 164.9 161.1 159.3
Foods
150.6 152.8 156.3 Chemicals and drugs 133.1 130.3 130.7
Meats
But'r, cheese& milk 143.6 145.0 142.6
125.1 116.6 117.5
Chemicals
158.5 157.1 157.2
Fertilizer matertals_105.1 113.4 111.9
Other foods
Clothing materials188.4 176.8 176.1
Drugs & pharmacls_179.5 181.5 182.4
186.5 186.0 186.0 Housefurnishing ifds_..170.5 163.4 162.2
Boots and shoes
160.4 164.3 161.5
Furniture
Cotton goods
150.2 142.8 141.5
Wool.& worsted g'cls214.4 196.1 194.8
236.8 230.5 230.0
Furnishings
165.4 149.4 154.2 Miscellaneou.
Silk, &c
131.3 126.5 124.7
168.2 174.0 178.7
Cattle feed
141.4 124.0 114.4
Fuels
212.6 224.9 223.7
Anthracite coal
Leather-___ __
142.7 139.6 137.1
Bituminous coaI
193.2 195.6 196.1
Paper and pulp
185.2 175.3 175.3
143.0 149.6 159.1
Other fuels
Other miscellaneous_110.4 108.5 107.6
155.2 151.1 151.7
Metals & metal prod 127.2 126.5 125.2 All commodities
137.6 135.5 134.2
Iron and steel
Nonferrous metals104.0 106.7 105.3

Decrease"for- Month Shown in Retail Food Prices
Increase Over Figures of Year Ago.
The retail food index issued by the Bureau of Labor
Statistics of the United States Department of Labor shows
for May 15 192,6 a decrease of about three-fourths of 1%
since April 15 1926; an increase of over 6X% sineeMay 1925;
and an increase of 66 2-3% since May 15 1913. The index
number-- (1913=100.0) was 151.6 in May 1925, -162:4 in
April 1926, and 161.1 in May 1926. The Bureau's advices
of yesterday (June 18) also state:
During the month from April 15 1926 to May 15 1926, 13 articles on
which monthly prices were secured decreased as follows: Cabbage, 16%;
potatoes, 10%; butter, 2%; plate beef, oleomargarine, cheese, navy beans,
baked beans, canned peas, and canned tomatoes, 1%, and vegetable lard
substitute, coffee, and bananas. less than five-tenths of 1%. Seventeen
articles increased: Onions, 22%; pork chops and leg of lamb, 5%: ham,
3%;round steak, bacon and granulated sugar, 2%; sirloin steak, rib roast,
chuck roast, hens, strictly fresh eggs, raisins and oranges, 1%; and canned
red salmon, macaroni and tea, less than five-tenths of 1%. The following
12 articles showed no change in the month: Fresh milk, evaporated milk,
lard, bread, flour, cornmeal, rolled oats, corn flakes, wheat cereal, rice,
canned corn, and prunes.
Changes in Retail Prices of Food by Cities.
During the month from April 15 1926 to May 15 1926, the average

cost of food decreased in 39 cities as follows; Boston, Manchester, Portland, Me.. and Providence. 3%; Charleston, So, Caro., New Haven, and
Omaha, 2%; Bridgeport, Buffalo, Butte, Chicago, Denver, Detroit, Fall
River, Houston, Indianapolis, Jacksonville, Kansas City, Milwaukee,
Minneapolis, Mobile, New Orleans, Peoria, Pittsburgh, Portland, Ore.,
Richmond. Rochester, Salt Lake City, and Springfield, III., 1%, and
Altanta, Cleveland, Los Angeles, Memphis, Norfolk, St. Louis. St. Paul.

3396

THE CHRONICLE

Scranton, Seattle, and Washington. D. C., less than five-tenths of 1%.
In the following 11 cities the average cost of food increased: Louisville.
2%; Baltimore, Birimngham, Cincinnati, Dallas, Little Rock, Newark
and Savannah. 1%, and New York, Philadelphia, and San Fl ancisco.
less than five-tenths of 1%. In Columbus there was no change in the
month.
For the year period May 1925 to May 1926, 50 of the 51 cities showed
Increases: Buffalo, Fall River. Indianapolis, Jacksonville, and New
Haven, 10%; Atlanta, Bridgeport, Cleveland. Columbus, Milwaukee.
New York, Norfolk. St. Paul. and Savannah, 9%; Boston, Chicago, Cincinnati, Minneapolis, Newark, Philadelphia, Richmond, Rochester, St.
Louis, and Scranton, 8%; Charleston, So. Caro., Detroit, Kansas City.
Little Rock, Louisville. Manchester, Mobile. Portland, Me.. Providence,
Springfield. Ill., and Washington. 7%; Birmingham, Denver, Memphis,
Omaha, and Peoria. 6%; Baltimore, New Orleans, and Pittsburgh. 5%:
Butte, 3%; Dallas and San Francisco, 2%; and Houston, Los Angeles.
Portland, Ore., and Seattle, 1%. In Salt Lake City there was a decrease
of 3%.
As compared with the average cost in the year 1913, food in May 1926
was 72% higher in Chicago and Richmond, 70% in Birmingham, Detroit,
and Washington; 69% in Baltimore; 67% in Buffalo, New York, and
Scranton; 66% in Atlanta, Charleston, So. Caro., and St. Louis; 65%
In Philadelphia; 64% in Cincinnati, Cleveland, and Milwaukee; 61%
in Minneapolis and Pittsburgh; 60% In Boston. New Haven, Omaha. and
Providence, 59% in Jacksonville. Kansas City, and Louisville; 58% in
Fall River and Indianapolis; 57% in Newark and New Orleans; 56%
In Dallas; 55% in Manchester; 54% in Little Rock, Memphis, and San
Francisco; 49% in Seattle; 46% in Denver and Los Angeles; 40% in Portland. Ore., and 34% in Salt Lake City. Prices were not obtained from
Bridgeport, Butte, Columbus, Houston. Mobile. Norfolk. Peoria, Portland. Me., Rochester, St. Paul. Savannah. and Springfield. Ill.. in 1913,
-year period can be given for those cities.
hence no comparison for the 13

[vol.. 122.

or 12%, for industrial buildings; $4,314,300, or 7%, for commercial buildings; $3,166,900, or 5%, for religious and memorial buildings; $2,875,800,
or 5%, for public buildings, and $2,411,200, or 4%, for educational buildings.
New construction started in the Middle Atlantic States during the first
five months of this year reached a total of $245,362,700, as compared with
$231,994,700, for the first five months of 1925, being an increase of 6%.
Contemplated construction planned for this district, as reported in May,
amounted to $99,745,100, which was 9% more than the amount reported in
April 1926, but 13% less than the amount reported in May of last year.
Pittsburgh District.
May construction contracts in the Pittsburgh District (western Pennsylvania, West Virginia, Ohio and Kentucky) amounted to $64,015,400.
There were increases of 4% over April 1926 and of 5% over May 1925. Included in last month's record were: $22,627,900, or 35% of all construction, for public works and utilities; $20,641,800, or 32%, for residential
buildings; $6,663,000, or 11%, for commercial buildings; $4,185,500, or
7%, for industrial buildings; $3,532,100, or 6%, for educational buildings, and $2,547,000, or 4%, for social and recreational projects.
Building and engineering work started in the district during the first
five months of 1926 amounted to $297,833,700, being a loss of 15% from
the figure for the corresponding period of last year.
Contemplated new work reported in May amounted to $71,203,400, which
was 15% less than the amount reported in April of this year, but 1% more
than the amount reported in May 1925.

The Central West.
Building and engineering contracts were awarded last month to the
amount of $141,617,100 in the Central West (Illinois, Indiana, Iowa, Wisconsin, Michigan, Missouri, Kansas, Oklahoma and Nebraska). The above
figure exceeded April 1926 by 12%, and May 1925 by 1%. The more
important items in last rrionth's record were: $53,720,600, or 38% of all
construction, for residential buildings; $29,637,400, or 21%, for public
May Construction Volume in Slight Decline, According works and utilities; $20,229,700, or 14%, for commercial buildings; $16,534,300, or 12%, for indastrial buildings; $9,526,700, or 7%, for educato F. W. Dodge Corporation.
tional buildings, and $3,992,500, or 3%, for hospitals and institutions.
New construction started in the district during the first five months of
The volume of construction contracts declined again in
this year reached a total of $562,586,300, as compared with $565,214,May, according to F. W. Dodge Corporation. Building and 900 for the corresponding five months of 1925, the decrease being less than
engineering projects contracted for during the month in the 1%.
Contemplated new work reported for the Central West in May amounted
37 States east of the Rocky Mountains (which include about
to $207,772,900, being a 23% decrease from the amount reported in April
91% of the total construction volume of the country) 1926, but an increase of 30% over the amount reported in May of last
amounted to $549,814,800. The decrease from April was year.
Southeastern States.
nearly 4%, but there was an increase of 8% over May 1925.
The total volume of construction contracts let in the Southeastern States
A moderate decrease from April In May Is the normal sea- (the Carolinas, Georgia, Florida, Tennessee, Alabama, Mississippi, Arkansas
sonal trend in building contracts. Included in last month's and Louisiana) during May amounted to $58,941,800. There were derecord were: $244,587.500, or 44% of all construction, for creases of 27% from April and 18% from May of last year. Analysis of
the building record for May showed the following items of note: $22,279,residential buildings; $100,961,200, or 18%,for public works 400, or 38% of all construction, for residential buildings; $12,826,400, or
and utilit:es; $70,891„600, or 13%, for commercial build- 22%, for public works and utilities; $7,061,901, or 12%, for commercial
or
ings;$45,977,100, or 8%, for industrial buildings, and $39,- buildings; $6,921,200, or 12%, for industrial buildings; $5,106,000,and
9%, for educational buildings, and $1,874,400, or 3%, for religious
709,700, or 7%, for educational buildings.
memorial buildings.
Total building and engineering contracts awarded during
Construction started in the district during the past five months amountthe first five months of this year have amounted to $2,565,- ing to $377,091,900, has increased 45% over the corresponding period of
1925.
366,100, th's being an increase of 17% over the correspondContemplated new work reported for the Southeastern States in May
ing period of last year. At the end of April this year's con- amounted to $112,186,100, being a decrease of 9% from the amount rethe amount reported in April 1926. as well
struction volume was 20% ahead of last.year's; at the end ported in May of last year. as a decrease of 13% hem
of March it was 30% ahead. The spread over last year's
The Northwest.
volume is gradually decreasing. Contemplated new work
The Northwest (Minnesota, the Dakotas and northern Michigan) had
reported for the 37 Eastern States last month amounted to $10,959,100 in contracts for new buildings and engineering work last
month. Decreases of 4% from April 1926 and 13% from May of last year
$792,769.000, which was a decrease of 13% from the amount occurred. Included in the building record for May were the following
April and an increase of 9% over the amount important items: $4,432,400, or 40% of all construction, for residential
reported in
buildings; $2,908,500, or 27%, for public works and utilities; $1,115,800,
reported in May of last year. Details are as follows:
or 10%, for commercial buildings; $727,800, or 7%, for educational buildThe total volume of construction contracts let in New York State and ings; $661,100, or 6%, for industrial buildings, and $446,000, or 4%,
Northern New Jersey during May amounted to $139,864,600. This figure for social and recreational buildings.
showed a decrease of 18% from April 1926. However, there was an inConstruction started in the Northwest during the first five months of
crease of 24% over May 1925. The more important items in the May 1926 reached a total of $43,731,200, which exceeded the figure for the cor$88,176,100, or 63% of all construction, for residential responding period of last year by 13%.
record were:
buildings; $17,968,700, or 13%, for commercial buildings; $10,252,200,
Contemplated construction projects were reported for the district in May
or 7%, for educational buildings; $8,325,400, or 6%, for public works to the amount of $12,230,500, being a 32% decrease from the amount reand utilities; $6,988,000, or 5%, for industrial buildings, and $3,486,500, ported last month, but an 11% increase over the amount reported in May
or 2%, for religious and memorial buildings.
1925.
The first five months' construction total for New York State and northTexas.
ern New Jersey was $768,830,000, being an increase of 53% over the
Building and engineering contracts were awarded during May to the
corresponding five months of last year.
amount of $29,108,200 in Texas. The above figure showed a 59% gain over
Contemplated construction projects were reported for the district in May
as a 129% gain over May 1925. Included in
to the amount of $201,512,700, which was a decrease of 14% from the April of this year as well
the May construction record were: $8,625,800, or 30% of all construcamount reported in April 1926, but was an increase of 14% over the
tion, for public works and utilities; $7,947,400, or 27%, for residential
amount reported in May of last year.
buildings; $7,885,700, or 27%, for commercial buildings; $2,521,700, or
9%, for educational buildings; $1,417,400, or 5%, for industrial buildings.
New England.
The first five months' construction total for Texas was $98,510,300, as
Construction started last month in New England reached a total of compared with $68,078,900 in the corresponding five months of last year,
$47,301,100. There were increases of 7% over April 1926 and 2% over the increase being 45%.
May of last year. Included in the May record were: $20,092,900, or 42%
Contemplated new work reported for Texas in May 1926 amounted to
of all construction, fcr residential buildings; $8,257,600, or 17%, for $39,156,300. This was an increase of 38% above April of this year, as well
utilities; $5 632,000, or 12%, for educational buildings; as 122% above May 1925.
public works and
$5,452,500, or 12%, for commercial buildings; $2,757,000, or 6%, for
social and recreational buildings, and $2,191,100, or 5%, for industrial
buildings.
Jersey
Industrial Conditions in Pennsylvania,'New7
Construction started in New England during the past five months has
and Delaware Decline in Wages and,Employment.
being an increase of 1% over the figure for the cortotaled $171,420,000,
responding period of 1925.
Manufacturing industries in Pennsylvania, New Jersey
Contemplated new work reported for the district last month amounted
employment and
to $48,962,000, being a decrease of 25% from the amount reported in and Delaware report a slight decline in
April 1926, as well as a decrease of 4% from the amount reported in May wage payments from April to May, as shown by the figures
of last year.
received by the Philadelphia Federal Reserve Bank from
Middle Atlantic States.

1,244 plants in those States. Reporting this under date of

Building and engineering contracts awarded in the Middle Atlantic States June 15, the Bank says:
(eastern Pennsylvania, southern New Jersey, Maryland, Delaware, District
In Pennsylvania the largest losses are reported by the iron and steel
of Columbia and Virginia) during May amounted to $58,007,500. This
Was a 2% increase over April of this year and an 11% increase over May forging mills and non-ferrous metal plants, both in the metal manufactures
of last year. Analysis of May's construction record showed the following group and also by furniture factories. A number of firms in all of these
some
items of note: $27,296,900, or 47% of all construction for residential Industries report a temporary decrease in business and part-time for
continue
buildings; $7,752,200, or 13%, for public works and utilities; $7,078,500, of their employees. Building construction and building materials




JUNE 19 1926.]

THE CHRONICLE

to increase considerably, and the rubber industry advanced, owing to a resumption of business by one plant which last month reported a partial

3397

EMPLOYMENT AND WAGES IN DELAWARE COMPILED BY FEDERAL
RESERVE BANK OF PHILADELPHIA.

shutdown. Several textile industries were slightly more active, as indicated
Number -Increase or Decrease
of
May 1926 over April 1926.
by larger wage payments. An increase is also reported for novelties and
Plants EmployTotal
Average
jewelry.
IndustryReporting. matt.
Wages.
Wages.
While the whole State of New Jersey shows a slight slackening in manu- All industries
32
-4.0%
-4.9%
1.0%
4
facturing activity, there are several industries which advanced during the Foundries and machinery products
-8.5
-11.0
-2.7
Other metal manufactures
5
-2.4
-1.1
+1.3 I
past month, among them being the woolen and worsted mills and the Food industries
4
+5.8
+6.5
+OM I
printing and publishing plants. In the woolen trade several mills report Chemicals, drugs and paints
3
-6.8
+4.1 i
part-time and shutdowns, and the increase is largely due to one plant which Leather tanned and products
5
-1.9
-3A '
Printing and publishing
4
-1.0
resumed operations after a partial shutdown.
+1.2
+2.2 I
7
-6.8
-11.3
-5.0
Delaware industries report a decrease from April to May, the largest Miscellaneous industries
EMPLOYMENT AND WAGES IN THE CITY AREAS IN PENNSYLVANIA,
decline being in foundries and machinery products. Food industries report
NEW JERSEY AND DELAWARE.
an increase in both employment and wage payments.
(Compiled by Department of Statistics and Research Federal Reserve Bank of
Of the 22 city areas reporting, Altoona is the only one showing an increase
Philadelphia.)
in both employment and wages. The Paterson-Passaic district, while reNumber -Increase or Decrease
porting a slight decline in employment, shows a 7.4% increase in wage
May 1926 over April 1926.
of
payments. The largest decrease in employment is in the Scranton area,
Plants EmployTotal
Average
AreasReporting. meat.
Wages.
Wages.
while the largest decrease in wage payments is in the Wilkes-Barre district. Allentown-Beth
lehem-Easton
85

-1.0%
-1.4%
-0.4%
Altoona
13
+2.4
+3.2
-0.8
Erie
-1.4
12
-1.7
EMPLOYMENT AND WAGES IN NEW JERSEY.
Harrisburg
39
-0.7
-1.1
- +0.4
Hazleton-Pottsville
24
-4.5
-2.0
(Compiled by Federal Reserve Bank of Philadelphia.)
Jersey City
-Hoboken
49
+1.6
+4.3
Increase or Decrease
- Johnstown
12
-1.6
-0.6
-1.0
Lancaster
No. of
MI, 1926 over Ap tl 1926.
31
-3.1
-1.9
-1.2
New Castle. Pa
EmployPlants
Total
Average
12
-3.4
-0.7
Newark Elizabeth
Group and IndustryReporting
mast.
Wages.
Wages
-4.4
101
-2.5
-2.2%
All Industries (37)
310
-1.5%
+4.7
-1.7
50
+0.8% Paterson-Paasale
+6.8
Perth Amboy-New Brunswick
+0.5
Metal manufactures
35
-1.5
89
+2.0
-3.3
-4.9
PhIladelphia-Camden
Automobiles, bodies and parts
283
-0.9
+0.0
+0.9
5
-10.9
-8.8
Pittsburgh
Electrical machinery and apparatus
103
-4.3
-0.9
21
-3.5
-6.5
-1.6
Reading-Lebanon
Engines. machines and machine tools
+1.3
69
-0.6
+1.9
14
-4.1
-3.0
-1.1
Scranton
Foundries and machine shops
34 -11.4
+8.6
-3.7
13
-3.5
-0.3
Sunbury
Steel works and rolling mills
-5.1
27
+1.1
5
+6.5
-0.2
+2.9
+3.2
Trenton
Structural iron works
-5.2
29
-0.9
3
+4.5
-1.8
+0.6
-2.5
Wilkes Barre
Miscellaneous iron and steel products_ _ _ 16
-7.7
23
-18.4
-11.7
-5.5
-3.5
Willlamsnort
24
-6.5
-6.7
Shipbuilding
4
+0.2
-8.1
-6.2
Wilmington
Non-ferrous metals
33
-7.9
-3.0
5
-4.5
+1.5
+6.3
York
Heating appliances and apparatus
47
-2.1
-1.5
3
-0.2
+2.1
+2.3
Textile products
70
+2.3
+4.7
Carpets and rugs
3
+1.4
-0.7
-2.1
Clothing
7
+0.1
Lumber Market Expands Beyond Usual Seasonal
+1.4
Hats, felt and other
4
+03
+8.0
+7.7
Cotton goods
12
Activity.
-0.9
Silk goods
18
-8.0
The lumber industry continues to be characterized by
Woolens and worsteds
9
+12.8
+18.4
+5.0
Dyeing and finishing textiles
11
+8.1
+13.3
more than normal activity for the season, according to the
Miscellaneous textile products
6
-9.2
-0.5
National Lumber Manufacturers Association's telegraphic
Foods and tobacco
10
-5.7
-37
Canneries
7
-1.6
reports of the status of the lumber industry for the week
Cigars and tobacco
3
+5.4
-5.6
-10.4
Building materials
ended June 12 from 391 of the larger softwood, and 152 of
+0.2
23
+0.5
+0.4
Brick,,tile and terra cotta products
+2.3
9
+2.0
-0.2
the chief hardwood, mills of the country. The 377 cornGlass
3
+3.2
+2.2
-1.0
Pottery
11
+1.2
parably reporting softwood mills showed increases in producChemicals and allied products
41
+2.3
+4.3
tion and new business-especially in new business-and a
Chemicals and drugs
23
+1.1
Explosives
9
-3.7
negligible decrease in shipments, when compared with reports
Paints and varnishes
6
-1.7
Petroleum refining
3
+6.3
+7.6
for the previous week, despite the fact that seventeen more
Miscellaneous industries
77
-0.6
mills reported at that time. In comparison with reports
Lumber and planing mill products
3
+0.5
+1.9
Furniture
6
-0.4
-0.0
+0.4
from the same number of mills and for the same period of
Musical instruments
5
-3.7
-1.6
Leather tanning
13
+2.6
-7.7
last year, increases in all three factors were noted. The
-10.0
Boots and shoes
5
-3.2
Paper and pulp products
hardwood operations showed no noteworthy change in com8
+0.1
-0.8
Printing and publishing
7
+12.3
+15.0
+2.4
parison with reports from 155 mills for the week earlier.
Rubber tires and goods
12
-1.5
+5.3
Novelties and Jewelry
8
+4.4
+5.7
+1.2
Unfilled Orders.
All other industries
10
-3.3
+1.8
The unfilled orders of 232 Southern Pine and West Coast mills at the
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
bed of last week amounted to 676.840.317 feet, as against 679.454.593
(compiled by the Federal Reserve Bank of Philadelphia and the Department
feet for 231 mills the previous week. The 124 identical Southern Pine
of Labor and Industry. Commonwealth of Pennsylvania.)

The compilations follow:

-Increase or Decrease
-No. of
May 1926 Orel' April 1926.
Plants EmployTotal
Average
Group and IndustryReporting. meal.
Wages.
Wages
All Industries (46)
902
-1.2%
-1.4%
-0.3%
Metal manufactures
302
-3.4
-1.6
-1.9
Automobiles, bodies and parts
20
-2.8
-0.6
-2.2
Car construction and repair
-0.8
20
-1.3
+0.5
Electrical machinery and apparatus
18
-2.2
-4.8
+2.7
Engines. machines and machine tools_ _ __ 38
+1.1
+1.2
-0.1
Foundries and machine shops
-4.5
-4.1
60
-0.5
Heating appliances and apparatus
17
-1.8
-0.1
Iron and steel blast furnaces
13
-OM
-4.1
Iron and steel forgIngs
-21.1
12 -12.6
-9.7
Steel works and rolling mills
-1.1
41
-3.1
Structural iron works
16
+1.0
+1.1
Miscellaneous Iron and steel products_ __ _ 27
-5.6
-2.5
-3.:3
Shipbuilding
3
+4.4
+3.9
Hardware
8
-2.2
-1.3
+0.9
Non-ferrous metals
9
-8.0
-10.9
-3.1
Textile products
177
-3.2
+2.4
+5.8
Carpets and rugs
10
-2.6
-0.2
+2.4
Clothing
-1.9
34
+1.7
+3.7
Hats, felt and other
+1.4
6
+27.0
+25.2
Cotton goods
17
-3.1
-6.5
-3.4
Silk goods
42
-6.5
-1.7
+5.2
Woolens and worsteds
16
-3.4
-2.4
+1.1
Knit goods and hosiery
42
-1.2
+6.2
+7.6
Dyeing and finishing textiles
10
-1.3
-2.7
-1.4
Foods and tobacco
113
+0.8
+0.2
-0.6
Bakeries
38
+1.5
+3.8
+2.2
Confectionery and ice cream
23
+4.7
+0.9
-3.7
Slaughtering and meat packing
13
+1.4
+5.4
+3.9
Cigars and tobacco
39
-1.5
-3.4
Building materials
73
+0.9
+1.7
+0.8
Brick, tile and terra cotta products
30
+1.3
+0.0
-1.3
Cement
14
+1.5
+3.8
+2.2
Glass
25
+0.2
+0.7
+0.5
Pottery
4
-0.3
-1.9
-1.7
Construction and contracting
37
+25.4
+24.1
1.0
Buildings, commercial, industrial and
residential
25
+4.2
+3.7
-0.4
Street and highway
3
+73.1
+93.1
+11.8
General
9
+30.1
+33.3
+0.1
Chemicals and allied products
38
-5.2
-3.6
Chemicals and drugs
21
-4.3
-3.5
Explosives
-1.2
3
-4.6
Paints and varnishes
9
+2.2
+1.4
-0.8
Petroleum refining
-2.3
5
-6.2
-4.0
Miscellaneous industries
162
-1.3
+0.7
Lumber and planing mill products
27
-3.7
+1.3
Furniture
21
-12.5
-11.8
+0.7
Leather tanning
18
-2.0
+1.0
+3.1
Leather products
-2.1
9
-4.0
-2.0
Boots and shoes
23
-2.6
Piper and pulp products
19
+1.4
-3.0
-4.4
Printing and publishing
-2.3
39
-1.8
+0.5
Rubber tires and goods
+6.2
3
+16.1
+9.3
Noveltlesand leweirY
+7.8
3
+15.8
+7.4




mills in the group showed unfilled orders of 263.624,480 feet last week, as
against 266.374.010 feet for the week before. For the 108 West Coast
mills the unfilled orders were 413.215,837 feet, as against 413.090.553
feet for 107 mills a week earlier.
Altogether the 377 comparably reporting softwood mills had shipments
99% and orders 97% of actual production. For the Southern Pine mills
these percentages were respectively 108 and 104; and for the West Coast
mills 105 and 102.
Of the renorting mills, the 342 with an established normal nroduction
for the Week of 228.446.023 feet, gave actual production 105% shipments
107% and orders 101% thereof.
The following table compares the national softwood lumber movement,
as reflected by the reporting mills of eight regional associations, for the
three weeks indicated:
Corresponding Preceding Week
Past 1Veek.
1Veek-1925. 1926 (Revised).
Mills
377
377
394
Production
'
178.027.584
257.680.763
277.137.547
Shinments
251.073.893
276.641.4,
0
279.413.186
Orders (new business)
269.928.329
256.460.228
243.962.575
The following revised figures compare the softwood lumber movement.
of the same eight regional associations for the first twenty-three weeks of
1926 with the same period of 1925:
Production.
Shipments.
Orders.
1926
5.881.047.695 6.100.901 812 6.056.755.264
1925
5.726.469,033 5.806.889.928 5.654.082.133
The Southern Cypress Manufacturers Association of New Orleans,
(omitted from above tables because only recently reporting) for the week
ended June 9, reported from 14 mills a production of 4,649.084 feet,
shipments 3,940.000 and orders 3.520,000. In comparison with reports for
the previous week, when one more mill reported, this Association showed
some decrease in production and shipments, and a heavy decrease in new
business.
1Vest Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 108 mills reporting for the week ended June 12. was 2%
above production, and shipments were 5% above production. Of all new
business taken during the week 46% was for future water delivery, amounting to 54.554,609 feet, of which 39,228.886 feet was for domestic cargo
delivery, and 15.325.723 feet export. New business by rail amounted to
57.905.106 feet. or 49% of the week's new business. Forty-five per cent of
the week's shipments moved by water, amounting to 54.776.677. of which
40.150,106 feet moved coastwise and intercoastal. and 14,626.571 feet
export. Rail shipments totaled 61.597.703 feet, or 50% of the week's
shipments, and local deliveries 5,703.189 feet. Unshipped domestic
cargo
orders totaled 139.227,67$ feet, foreign 130.033.705 feet, and rail
trade
143.954.454 feet.
Labor.
Log production in the Douglas fir territory has fallen off, according
to.the
Four L Employment Service. At least.tgewierge-eaaaps have
closed down.

[voL. 122.

THE CHRONICLE

3398

and "sides" have been laid off at several others. There are seventeen
fewer "sides" putting logs Into the Columbia River than a year ago, and
about the same proportion holds true on Puget Sound. Grays Harbor and
WlBaps Harbor camps are fully as active as last year at this time. Lumber
manufacturing Is holding at the same level as for some time past, although
plans indicating early repair shut
-downs of sawmills have been made by some
concerns. Both woods and sawmill in the pine districts are below normal
when compared with cutting seasons of the past three years. Several large
plants which ordinarily operate two shifts at this time of the year are
running days only. There has been a like reduction of logging activity.

ment of feeders this year than last year, the increase being 67% for hogs
and 15% for cattle.
Prospective business activity, so far as it may depend upon building
operations, shows no pronounced trend. The total valuation of building
permits issued in May at eighteen representative cities was 3% larger than
last year, but 16% less than in the preceding month, as compared with the
customary decline of 5% at this season. As compared with the preceding
month, declines in the permits were shown in all of our groups of cities,
except the four located in the wheat belt and the four in the mining regions.

Southern Pine Reports.

The Southern Pine Association reports from New Orleans that for 124
Lumber Production and Shipments During April.
mills reporting, shipments were 8.10% above production and orders 3.96%
The "National Lumber Bulletin," published monthly by
above production and 3.84% below shipments. New business taken during
:
the week amounted to 68,926.470 feet, shipments 71.676,030 feet, and the National Lumber Manufacturers' Association of Wash.
production 66,302,550 feet. The normal production of the mills is 76.D. C., and Chicago, Ill., on June 7 1926 reported
.
ington,
036,925 feet. Of the 118 mills reporting running time, 77 operated full
lumber during
time, 23 of the latter overtime. One mill was shut down, and the rest the following production and shipments of
operated from two to five and one-half days.
the month of April:
The Western Pine Manufacturers Association of Portland, Oregon, with
SHIPMENTS AS REPORTED MONTHLY
five more mills reporting showed considerable increase in production, and LUMBER PRODUCTION AND
MANUFACBY MEMBER ASSOCIATIONS TO NATIONAL LUMBER
good increases in shipments and new business.
TURERS' ASSOCIATION FOR APRIL 1926 AND APRIL 1925.
The California White and Sugar Pine Manufacturers Association of
San Francisco, Calif., reported notable increases in all three factors.
April 1926.
The California Redwood Association of San Francisco, Calif., reported
some increase in production and shipments, and a big increase in new
Production.
Shipments.
business.
Association.
Hardw'ds Softw'ds Hardro'ds Softw'ds
The North Carolina Pine Association of Norfolk, Va., with two fewer
M.Ft.
M.Ft.
M. Ft.
Mills M.Ft.
mills reporting, showed considerable decrease In production, a nominal
increase in shipments, and new business about the same as that reported
32,682
33,506
15
California Redwood
106,423
for the previous week.
138,628
California White & Sugar Pine Mfrs_ 24
3,765
4,868
7
of Minneapolis, Minn., Georgia-Florida Saw Mill
The Northern Pine Manufacturers Association
25,711
31,137
40
with one more mill reporting, showed notable increases in production and North Carolina Pine
29,445
20,293
15,785
46,17
41
Hemlock & Hardwood Mfrs_
North.
shipments, and practically a 100% increase in new business.
47,126
42,478
10
Northern Pine Mfrs
10,962
2,072
8,349
The Northern Hemlock and Hardwood Manufacturers Association of Southern Cypress Mfrs
2,009
9
392,191
361,363
163
three fewer mills reporting, Southern Pine
Oshkosh, Wis. (In its softwood production) with
431,915
418.243
103
showed some decrease in production, shipments about the same, with new West Coast Lumbermen's
132,120
146,379
41
Western Pine Mfrs
,
business more than double that reported for the week earlier.
2,349
5,018
1,094
9,794
10
Hardwood Reports.

The hardwood mills of the Northern Hemlock and Hardwood Manufacturers Association reported from 21 mills, production as 4,209,000 feet.
shipments 4,321,000 and orders 3.810.000.
The Hardwood Manufacturers Institute of Memphis. Tenn., reported
from 131 units, production as 20,396,636 feet, shipments 18,619.265 and
orders 19,229.223. The normal production of these units is 21,860,000 feet.
For the past 23 weeks all hardwood mills reporting to the National
Lumber Manufacturers Association gave production 657,214,790 feet,
shipments 621,481,707 and orders 637,507,143.

West Coast Lumbermen's Association.
One hundred and seven mills reporting to West Coast Lumbermen's Association for the week ending June 5 manufactured 109,032,816 feet of lumber, sold 103,228,035 feet and
shipped 121,499,791. New business was about 5% below
production. Shipments were around 11% above production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS
•
May 15.
May 22.
May 29.
June 5.
• Week Ending108
109
106
107
Number of mills reporting
109.032,816 114,141,620 115,012,279 114,627,416
Production (feet)
103,228,035 103,498,570 129,778,652 120,564,138
New business (feet)
121,499,791 112,745,377 133,674,833 107,175,233
Shipments (feet)
Unshipped balances:
146,206,648 152,458,590 156,587,275 154,782,553
Rail (feet)
136.671,635 126,291,949 134,244,695 141,576,065
Domestic cargo (feet)
156,900,786
130,212,270 132,144,188 141.051.386
Export (feet)
Total (feet)
First 23 WeeksProduction (feet)
New business (feet)
Shipments (feet)

413,090,553 410,894,727 431,883,356 453,259,404
1923.
1924.
1925.
1926.
2,321,417,234 2,303,240.318 2.253,230,769 2,259,619,966
2,446,680.665 2,354,646,174 2,136.769,348 2,408,458.028
2,427,262.031 2,378,935,330 2,337,844,516 2,512,110,705

Preliminary Summary of Agricultural and Financial
Conditions in Minneapolis Federal Reserve District.
In its preliminary summary of agricultural and financial
conditions in the Minneapolis Federal Reserve District, the
Federal Reserve Bank of Minneapolis under date of June 14
says:

Lower Michigan Manufacturers____
Individual reports

32
495

Total

16,386

47,647

74.364 1.244 049

16,122

46,614

52.657 1.257.577

April 1925.
Shipments.
Association.

Production.

Harcheds Softw'ds flardw'ds Softio'da
M.Ft.
M.Ft.
M.Ft.
Mills M.Ft.

15
California Redwood
28
California White & Sugar Pine Mfrs
10
Georgia-Florida Saw Mill
58
North Carolina Pine
- 42
Nor. Hemlock & Hardwood Mfrs
10
Northern Pine Mfrs
11
Southern Cypress Mfrs
174
Southern Pine
113
West Coast Lumbermen's
36
Western Pine Mfrs
Lower Michigan Manufacturers_- 11
21
Individual reports

44,732
.3,271

8.001
10.448

31,271
98,551
9,813
37.344
10,156
45.844
12.818
417,265
400,157
152.429
2,155
35.282

22.176
5,168

5,416
6,694

27,468
84,377
8,793
39,281
15,819
33,364
10,451
420,663
428,137
123,290
2,812
42,107

39.454 1,236.562
66.452 1.253 085
529
Total Production-April 1926, 1,318,413 M ft.; April 1925 1,319.537 M ft.
-April 1926, 1,310.234 M ft.; April 1925, 1,276,016 M ft.
Total Shipments

Total

LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY STATES
BY MEMBER ASSOCIATIONS.
April 1926
Shipments
Product on
M ft.
M ft
Mills.
28,268
27.905
18
Alabama
39,508
37.019
17
Arkansas
115,144
142.932
'13
California
21,349
25,518
13
Florida
5,840
3,392
9
Georgie.
46,958
51,963
13
Idaho
107,514
91,631
46
Louisiana
16,985
27,208
19
Michigan
38,013
29,548
a
Minnesota
114.418
106,089
40
Mississippi
23,153
22,364
10
Montana
5,723
6,450
10
North Carolina
8,856
8,11:0
3
Oklahoma
242,450
250,715
56
Oregon
6,378
6,283
12
South Carolina
86,333
77,302
38
Texan
15,940
12.551
13
Virginia
275,435
268,780
71
Washington
41,537
45.844
33
Wisconsin
70,432
76,759
35
Others*
1,310,234
1,318,413
495
Total
• Includes mostly individual reports, not distributed.
•*Includes 1 or 2 Alabama mills.

The money value of business in this district in May, as shown by check
payments through banks in seventeen representative cities, was 3% smaller
volume
than a year ago. Although the district total indicates a smaller
C ensue Report on Cotton Consumed and on Hand in
than last year, It is important to note that the livestock receiving terminal
I
had gains of 12 and 11%, respecMay-Consumption'Again Below a Year Ago.
cities of South St. Paul and Sioux Falls
tively, while the wheat belt group of cities exhibited a gain of 7%. The
Under date ofJune 14 1926 the Census Bureau issued its
physical volume of business, as measured by carloadings. other than
on hand, active
less-than-carload lots, also declined 3%. The groups of commodities report showing cotton consumed, cotton
showing decreased carloadings were grains and grain products, coal and ore. cotton spindles and imports and exports of cotton for the
When the figures for shipments in the several industries and for depart- month of
May 1926 and 1925. Cotton consumed amounted
ment store retail sales are examined for May as compared with a year ago,
It appears that declines predominate. There were declines of 29% in to 516,758 bales of lint and 59,754 bales of linters, compared
linseed products shipments, 26% in iron ore shipments and 1% in sales with 531,668 bales of lint and 61,272 bales of linters in 1V_INT
at retail by department stores, and an increase of 16% in flour shipments.
1 925 and 575,799 bales of lint and 61,952 bales of linters m
Basic agricultural purchasing power created during May by the marketfrom
ings of grain and livestock combined was 7% less than for the same month April 1926. It will be seen that there is a decrease
last year. and 8% less for the first five months of this year as compared May 1925 in the total lint and linters combined of 16,428
in the value of livestock
with the same months of last year. The increase
marketings has helped greatly to sustain agricultural income and business bales, or 28.%.
activity, but has not been sufficient to offset the decline in the total value
DEPARTMENT OF COMMERCE
of the grains marketed. Grain receipts of all kinds were lower than last
Bureau of the Census.
year. except of oats and corn, and all grain prices were lower than last year,
Washington, 100. m., June 14 1926.
grain prices were lower than last year.
except of oats and corn, and all
Cotton consumed, cotton on hand, active cotton spindles, and imports and
Reports of livestock receipts at terminals show, as compared with last
May 1926 and 1925, with statistics of cotyear, a decline of 10% for hogs and an increase of 26% for cattle. The exports of cotton for the month of
exported for the ten months ending May 31 1926.
prices of the various grades of livestock may be characterized as firm, ton consumed,imported and
(The statistics of cotton in this report are given in running bales, counting
there being advances in four varieties and small declines in but two kinds
foreign cotton, which is in equivalent 500-pund
of those( or which medians are computed by this office. Current opinion round as half bales, except
that there is a favorable livestock outlook is indicated by the greater move- bales.)




THE CHRONICLE

JUNE 19 1926.]

COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN
OTHER ESTABLISHMENTS, AND ACTIVE COTTON SPINDLES.
(Linters not included)
Cotton consumed
(bales) during
Locality.

Year
May.

Cotton on hand
May 31
-

Cotton
Spindles
active dur10 months In consuming In public
ing May
establish- storage & at (Number).
ending
compresses
ments
May 31.
(Bales)
(Bales)

United States__ 1021 .516,758 .5,471,561 .1,449,932
192r 531,638 5,215,408 1,343,019

.2,964,824
1,139,652

32,267,410
33.136,926

3399

daily average gross production by districts for the weeks
as indicated:
DAILY AVERAGE PRODUCTION.
(In Barrels)June 12 '26. June 5'26. May 29'26. June 13'25.
Oklahoma
455.850
458.400
462.000
451.600.
Kansas
107,200
107,450
107.850
105,250
North Texas
123,950
121,750
117,400
89,650
East Central Texas
52.160
54,100
55.250
117.650
West Central Texas
87,450
86,100
81.900
95,700
Southwest Texas
36,800
38,450
36,450
53,550
North Louisiana
60,700
61,450
65.100
50.700
Arkansas
170,550
173.350
174,300
356.200
Gulf Coast
90,850
91,000
91,050
114,000
Eastern
106.500
106,500
107,000
104.000
Wyoming
70.950
73,900
71,750
75,950
Montana
28,000
28,000
27,850
12,400
Colorado
7,450
7.750
7,750
1.350
New Mexico
4,350
4,450
3,750
2,500
California
601,100
604,500
603.700
629,500

2,724,835 17,048,474
863,784
Cotton-growing 1921 363.475 3,797,778
733,724
192: 359,010 3,555,202
States
869,000 16,864,058
172,199 13,712,442
499,358
New Eng. States_ 192( 128,582 1,393,734
1921 142,772 1,381,861
525,551
117,723 14,595,352
All other States__ 192. 24,701
280 051
67,690
86.790
1,106,494
1921 29,886
153.029
83.744
278,340
1677.516
Total
2,009,450
2,014,150
2,010,500
2,260,000
.
Includes 17,043 Eg., 5,610 o her for. and 1,520 Am-Fg. consumed 66,042 Eg.,
22,306 other for. and 5,828 Am-Eg.In consuming est., and 29,769 Eg., 15,689 Other
The estimated daily average gross production of the Mid-Continent field
-months consumption, 174,765 Eg., Including Oklahoma, Kansas, North, East Central, West
for. and 3,779 Am -Eg. in public storage. 10
Central and
64,448 other for. and 9,428 Am-Eg.
Linters not included above were 59,754 bales consumed during May in 1926 and Southwest Texas, North Louisiana and Arkansas, for the week ended
61,272 bales in 1925: 165,019 bales on hand in consuming establishments on May 31 June 12 was 1.098.850 barrels, as compared with 1.096.850 barrels for the
1926 and 154,494 bales In 1925; and 83,423 bales in public storage and at compresses preceding week, an increase of 2,000 barrels. The Mid-Continent producIn 1926 and 45,531 bales in 1925. Linters consumed during ten months ending tion, excluding Smackover, Arkansas, heavy oil, was 967.350
barrels, as
May 31 amounted 10 623.689 bales in 1926 and 535,348 bales in 1925.
compared with 964.400 barrels, an increase of 2.950 barrels.
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
In Oklahoma, production of South Braman Is reported at 10,950 barrels
against 11,250 barrels; Thomas, 2,550 barrels against 2.950 barrels; Tonimports of foreign cotton.
Exports of domestic cotton and linters
kawa, 34,800 barrels against 35,200 barrels; Garber. 39,600 barrels against
(500-pound bales)
Running bales (see note for linters)
35,850 barrels; Burbank. 45,650 barrels against 44,800 barrels; Davenport.
10,300 barrels against 10,650 barrels; Bristow-Slick, 29.700 barrels against
10 months end10 months ending
may
Country
29,750 barrels; Cromwell, 17,200 barrels against 17.450 barrels; Papoose.
ing May 31. Country
May.
May 31.
of proto which
10.850 barrels against 10.950 barrels; and Wewoka, 28,200 barrels against
ductton. 1926. 1925. 1926. 1925. exported. 1926. 1925. 1926.
1925.
28,100 barrels.
In North Texas the Panhandle District is reported at 39,750 barrels
Total- _ 13,621 14,219 291,400 283,444 Total__ _ 419,459 130,9677,442,315 7,775,622
against 38.700 barrels, the Archer County 32.900 barrels against 32,80()
Egypt. 9,571 2,717 214,997 177,810 U.HMO 95,829 58,39l 2,133,951 2,471,558 barrels. In East Central Texas, Mexia 12,400 barrels against
12,900
Peru _-_
947 600 14,662 10,933 France_ 38,761 33,306 857,641 873,889
China _
814 3,907 21,577 26,333 Italy ___ 54,535 44,105 647,301 673,901 barrels; Corsicana-Powell 29.650 barrels against 29,400 barrels: Wortham,
Mexico.
13 954 23,287 44,257 Germany 61,414 86,366 1,558,169 1,771,739 7,650 barrels against 9,200 barrels; Reagan County, West Central Texas,
Br.India 2,273 5,697 14,861 20,783 Oth.Eur. 55,443 75,810 874,251 932,983 32,700 barrels against 32,500 barrels, and in the Southwest Texas field,
All
Japan __ 69,144 17,290 1,032,201 810,954
barrels against 20.500 barrels; Lytton Springs, 4,900 barrels
lp. other _
8 344 2.014' 3,271 \11 other 44,328 17,691 338,788 240,598 Luling, 21,900
against 5.000 barrels. In North Louisiana, Haynesville is reported at
10,000 barrels against 10,200 barrels; Cotton Valley, 8.700 barrels against
-Figures include 7.408 bales of linters exported during May in 1926
Note.
and 17,404 bales in 1925, and 85.004 bales for the 10 months ending May 31 8,650 barrels; Urania, 16,400 barrels against 16.300 barrels; and in Arkansas,
In 1926 and 179,883 bales in 1925. The distribution for May 1926 follows: Smackover, light, 16,800 barrels against 17,100 barrels; heavy. 131.500
United Kingdom, 396; Netherlands. 240; France, 974: Germany, 2,863; barrels against 132,450 barrels; and Lisbon, 10,500 barrels against 11,150
barrels. In the Gulf Coast field, Hull is reported at 18,650 barrels against
Belgium, 400; Italy, 430; Spain, 113; Canada, 1,984; New Zealand, 8.
18,950 barrels West Columbia,8,450 barrels against 8.100 barrels; SpindleWORLD STATISTICS.
top, 4,250 barrels against 4,200 barrels; Orange County, 10,900 barrels
The estimated world's production of commercial cotton, exclusive of linters, against 10.500 barrels; South Liberty, 4.750 barrels against 4,600 barrels;
grown in 1924, as compiled from information secured through the domestic and Boling, 3,200 barrels against 2,700 barrels.
and foreign staff of the Department of Commerce, Is 23.825,000 bales of 478
In Wyoming, Salt Creek Is reported at 53,150 barrels against 50,050
pounds lint, while the consumption of cotton (exclusive oflinters in the United barrels, and Sunburst Montana, 25,000 barrels, no change.
States)for the year ending July 31 1925 was approximately 22,640,000 bales of
In California, Santa Fe Springs is reported at 48,500 barrels against
478 pounds lint. The total number of spinning cotton spindles, both active 50,000 barrels; Long Beach, 108,500 barrels against 108.000 barrels; Hunand idle, is about 162,000.000.
tington Beach, 43,500 barrels against 45,500 barrels; Torrance, 29,500
barrels against 28,000 barrels; Dominguez, 21,000 barrels, no change;
Rosecrans. 17,000 barrels against 18.500 barrels; Inglewood, 49,000 barrels
New_ Models of Automobiles.
against 48.000 barrels; Midway-Sunset, 94,500 barrels, no change; and
Reports from Detroit state that the officials of the Ford Ventura Avenue, 34,700 barrels against 33,500 barrels.

Motor Co. have refused to affirm or deny the statement that
the company will soon introduce a new 6-cylinder car.
-passenger victoria priced at $2,790 with all
A new 4
equipment, including a spare tire, has been brought out by
the Franklin company. The Chrysler Corp. has introduced
a new lighter Chrysler "60" with five models priced as
follows: Touring, $1,075; Roadster, $1,145; Club Coupe,
$1,165; Coach, $1,195 and Sedan, $1,295. The special
features are an oil purifier, air-cleaner, full pressure oiling
system, 4
-wheel hydraulic brakes and balloon tires.

Steel Business Shows Good Volume-Pig Iron Sales
Increase.
For another week the balance of steel market developments
has been on the side of betterment, declares the "Iron Age"
in its June 17 market review. New orders and specifications
for finished steel showed an increase. Two producers of
structural steel began quoting at an advance of $2 a ton.
The Steel Corporation's reduction of 218,000 tons in unfilled
orders in May pointed to somewhat larger bookings in that
month than had been commonly reckoned. The week's
Few Price Changes Occur in Crude Oil and Gasoline operating schedules of the leading steel companies were
practically unchanged, observes the "Age," which then adds:
Markets.
With several large producers the second week of June was the beet in
Quiet prevailed in the crude oil and gasoline markets orders since late March, strengthening the opinion lately held that midsummer output will be considerably larger than the average of the past two
throughout the country as far as price changes are concerned.
Throughout the week very few changes were announced years.
Primary markets have been increasingly active. Pig Iron transactions
and those were mostly local in character. Pennsylvania re- in the Middle West amounted to 175.000 tons, and in heavy melting steel
scrap Philadelphia and Pittsburgh transactions were the largest in several
finers on June 12 reduced the price of fuel oil Yic. a gallon
according to reports from Oil City. Kerosene prices fell weeks.
Railroad buying confirmed the better indications of the previous week.
off x,c. being quoted in Chicago June 14 at 83'2(4)8 Yi cents The Pennsylvania RR. came out with inquiries totaling 30.000 tons. including 15.000 tons of plates. 6,000 tons of steel bars and large track supply
for the 41-43 water white grade. The U. S. motor grade
requisitions. The Southern Pacific added 12,000 tons
to its purof gasoline was quoted at 11/
4
5 8(4)113 c. a gallon on June 15 chases of the previous week, making the total 32.000 of rails The Great
tons.
against 11%c. flat previously. Later, on June 17, it fell Northern and the Southern Ry. are each asking for 10.000 tons of rails.
The firmer stand of bar and structural mills on third quarter businezeIs
to 11%@)113 0. while kerosene 41-43 water white grade
4
construed as in part a defensive measure against the sagging tendency
was reported lower at 8 to 8 cents.
of the midsummer months, the expectation being that by mid-August
On June 17 the Magnolia Petroleum Co. reduced the tank crop prospects may be definite enough to insure the further continuance of
wagon price of gasoline 4 cents a gallon in Oklahoma City the present levels.
Structural awards in the past week show a slight decline at 25.000 tons.
and 1 cent elsewhere in Oklahoma.
Bridge lettings of the Pennsylvania RR. and Southern Ry. amounted to
Crude Oil Output-Increases Again.
An increase of 4,700 barrels per day in the crude oil output
in the United States kept the output at almost the same level
as last week's. The daily average gross crude oil production
in the United States for the week ended June 12 was estimated by the American Petroleum Institute as 2,014,150
barrels as compared with 2,009,450 barrels for the preceding
week. The daily average production east of California was
1,410,450 barrels, as compared with 1,404,950 barrels, an
ncrease of 5,500 barrels. The following are estinwes of




4,600 tons. New inquiries total 17,000 tons.
Upward of 40,000. tons of basic iron for a southern Ohio steel company
and 22,000 tons of foundry iron for the Louisville plant of the Standard
Sanitary Mfg. Co. are the largest pig iron transactions of the week. The
low prices recently made in the sharp competition in Ohio, Indiana and
Michigan districts evidently proved attractive to foundry buyers. However, Chicago and Eastern markets have been only moderately active.
In New England both new and established brands of pig iron have
been
pressed for sale. British iron is no longer a market factor and less
German
iron is being offered, in view of the pending complaint under the antidumping Act.
The latest turn in connection with' German iron and steel imports
to the
United States Is the sending of a "note", rather than a "protest,"
from the
German Embassy at Washington to the State Department,
pointing out
that the German steel makers' bonus does not fall under Section
303 of the
Tariff Act of 1922.

3400

[VOL. 122.

THE CHRONICLE

A new turn In respect to German pig iron imports Is an effort by pig Iron tions, and as a consequence the effect upon prices has been almost negliproducers in this country to have the Treasury Department proceed under gible. The export trade at Baltimore has increased noticeably, though
the anti-dumping Act. It Is claimed that the prices at which German pig not to an extent sufficient to exert a marked effect on the home market.
Iron has been sold in this country in recent months,figured back to the point On the other hand. in New England, where the possible effect of demand
of production, would be several dollars a ton below German domestic prices. from consumers usually supplied by British coal was most feared, a disIt is understood, also, that the Treasury Department has been asked to tinctly weaker tone is evident from the standpoint of both demand and
apply the anti-dumping Act to the 15.000 tons of Krupp rails bought price.
In February by the Boston & Maine RR. and now coming in at Boston.
Mid-Western markets reflect such an indifferent attitude on the part of
The paralysis of the British iron and steel Industry resulting from the con- consumers that Illinois and Indiana operators are curtailing running time.
tinued coal stoppage leads makers in Great Britain to believe business is The dulness extends to steam as well as domestic, grades, and prices show
being diverted to the United States. So far it has been a matter chiefly of a wobbly tendency. Kentucky coals are moving with a little more freedom
Increased inquiry, but only for small lots. Japan. to mention one usually and prices are somewhat firmer. Shipments from the Northwest docks
large buyer, appears to be waiting in the hope of low prices when British are no better than normal, but a firmer tone has appeared with the cessa.
resumption will call for a heavy booking of business. An interesting sale tion of price cutting. A backward disposition prevails in regard to conby an American mill is that of 1,000 base boxes of tin plate to a British bottle tracting. The balancing effect of tidewater demand and lake movement,
•Cap maker.
however, has served to preserve some semblance of price stability.
Advance in steel plates Is responsible for an Increase from 2.410c. to 2.417c.
The average spot quotations registered a further decline during the week.
in the "Age" composite price for finished steel. It is still about 1% lower The "Coal Age" index of spot bituminous prices on June 14 stood at 158.
than a year ago. Pig Iron remains at $19 79. according to the "Iron Age" The corresponding price is $1 89. The figures for the previous week were
'composite price. This is 50c. below one month ago, but 58c. (3%) above 157 and $1 90, respectively.
one year ago as shown in the following composite price table:
Lake dumpings during the week ended June 13 totaled 1,038,369 tons
of cargo and 48,885 tons of vessel fuel.
Finished Steel, June 15 1926, 2.417c. per Pound.
The decline of 424,000 tons in anthracite output was a development deEased on prices of steel bars, beams, tank(One week ago
2.410c. voutly to be wished, as distributing channels are hard put to keep pace
plates, plain wire, open-hearth rails.,One month ago
2.403c. with production. As a matter of fact, some of the independent producers
black pipe and black sheets, constituting I One year ago
2.439c.
88% of the United States output.
110
-year pre-war average. 1.689c. have already placed their operations on part time. Though fill-up orders
are far behind the volume usual at this time, some consolation Is felt in
Pig Iron. June 15 1926, $1979 per Gross Ton.
that much business of this character is still to be placed. Demand for
Based on average of basic and foundry fOne week ago
$19 79 stove coal is good and company egg moves without much difficulty. Indeirons, the basic being Valley quotation,.One month ago
20 29 pendents are shading egg a little, and chestnut drags. The steam sizes are
the foundry an average of Chicago.[One year ago
19 21
accumulating. One company shipper is said
Philadelphia and Birmingham.
10
-year pre-war average, 15 72 quite weak and suroluses are
to be willing to shade prices on good-sized tonnages.
Finished Steel
• In the Connellsville coke market production has been more evenly adPig Iron
High.
justed to contract requirements, with prices and demand practically unLow.
High.
Low.
1926___2.453c, Jan. 5 2.403c. May 18 $21 54 Jan. 5 $19 79 June 8 changed.
1925___2.560c. Jan. 6 2.396c. Aug. 18
22 50 Jan. 13 18 96 July 7
1924_2.789c, Jan. 15 2.460c. Oct. 14
22 88 Feb. 26 19 21 Nov. 3
1923___2.824c. Apr. 24 2.446c. Jan. 2 30 86 Mar.20 20 77 Nov.20
Bituminous Coal and Anthracite Production Declines

Heavier buying of iron and steel for third quarter needs
now is reported in all quarters, symbolizing the stronger
confidence among both producers and consumers which has
taken hold of the situation progressively during the past
three weeks, according to the opinion of the "Iron Trade
Review." This stimulation in some part has followed
further settling of prices, as in the case of pig iron, but
mainly it is the logical expression at this time of a continuing condition of large consumption. Current shipments and operations do not reflect this expanded volume
of buying since the material is contracted for largely in
aftticipation of requirements tq be out in the next 60 to 90
days. How these tonnages will be specified later will
determine the final outcome of the present movement among
producers to lift steel prices above their recent unsatisfactory level, observes the "Review," in its June 17 market
summary, which goes on to say:
In keeping with this latter effort, leading mills this week have announced
a $2 per ton advance in standard, structural shapes. Further modifications
In steel bar and plate prices also have been made.
The reduced loss In unfilled tonnage by Steel Corp. in May, which
promises to be further bettered in June. again points to the more stabilized
position of the steel market compared with the same period In 1925, the
high record year. Last month the leading producer, running around
90%. lost 218.726 tons. In May 1925. with its operations not far above
70%. shipments exceeded new orders by 396.768 tons. The five months'
cumulative loss of orders for the Steel Corp. since January this year when
the decline started, was 1.398.114 tons. In 1925. for three months of the
decline it was 1.234,971 tons. These figures show the extent by which
new business and specifications have been running more evenly this year,
causing milder relaxation of the market after the spring bulge.
Covering by miscellaneous users of pig iron for third quarter delivery
the past week reached the proportions of a genuine buying movement. The
week's sales exceed 200.000 tons, bringing the last two week's activity
to over 300.000 tons.
Collapse of British iron and steel production under restrictions imposed
by the unsettled mai strike is told in statistics for May Just made available. Pig iron output that month fell to 86.400 tons from 536.600 tons
In April. At the end of May only 22 stacks out of about 425 were operating.
Steel output in May dropped to 70.000 tons from 661,000 tons in April.
In the Sheffield district, only one-eighth of the iron and steel capacity now
Is active.
The "Iron Trade Review" composite price this week is $37 60. This
Compares with $37 68 last week and $37 84 the week previous.

Seasonal Dulness Evident in Bituminous Coal Markets
But Tardy Lake Movement Keeps Trade Up—
Anthracite Orders Drag.
There has been comparatively slight surface change in
the bituminous coal trade of the country during the last
week, observes the "Coal Age" this week. While the customary seasonal dulness is in evidence in most sections, the
market is holding its own in good style. An important factor, of course, is the steadying influence of the heavy movement of coal to the lakes, which, after a belated start, is
exceeding the weekly flow at this time last year. Last week
13,171 carloads passed through Cincinnati headed lakeward,
an increase of 964 over the total for the corresponding
week of 1925, declares the June 17 market review by this
Journal, which adds further interesting data as follows:
A further factor of favorable effect is the continuance of the British
strike. From a speculative standpoint, however, this development has been
distinct disappointment, for the demand has fallen far short of expecte-




Because of Holiday—Coke Unchanged.
output of bituminous coal fell off by about 17032,000
The
e
tons during the week ended June 5 as compared with—TE—
preceding week because of the Memorial Day holiday7vh7cTi
was celebrated on May 31. Anthracite production also
declined, according to the United States Bureau of Mires
report, showing a loss of 424,000 tons for the week. Further
details from the report follow:
Because of time lost in connection with the Memorial Day holiday,
production of soft coal declined sharply during the week ended June 5.
Total output, including lignite and coal coked at the mines, Is estimated
at 8.651.000 net tons, a decrease of 1.032,000 tons from that In the preceding week. Loadings on Monday. May 31. which amounted to 13.167
cars, indicate that in the bituminous fields, the day was equivalent to
approximately four-tenths of a normal working day.
Estimated U. S. Production of Bituminous Coal (Net Tons)a (Including Coal Coked).
1925
1926
(Jal.Yr.ta Date b
Week,
Week.
Cal. Yr. to Date.
187.454.000
8,451.000
215,062.000
May 22
9,282 000
1,552.000
1,409.000
1,547.000
1,779.000
Daily average
195,595 000
8.141 000
224,744.000
9,683.000
29.c
May
1,550.000
1,508 000
1,771 000
1,614.000
Daily average
203.970.000
8,375.000
233,395.000
8,651.000
June 5.d
1,543,000
1,396,000
1,765,000
1,602,000
Daily average
a Original estimates corrected for usual error, which in past has averaged 2%.
b Minus one day's production first week in January to equalize number of days in
_
the two years. c Revised. d Subject to revision.
Total production of bituminous coal during the calendar year 1926 to
June 5 (approximately 132 working days) amounts to 233.395,000 net tons.
Figures for similar periods in other recent years are given below:
1 920
1 921
1922

223.462.000 net tons 1923
169.708.000 net tons 1924
171.978.000 net tons 1925

241.584.000 net ton
205.524.000 net ton
203,970,000 net ton

ANTHRACITE.
Anthracite production during the week ended June 5 curtailed because
of the occurence. during the week, of the Memorial Day holiday, is estimated at 1.665,000 net tons.
Estimated United Slates Production of Anthracite (Net Tons).
1925-1926—
Week.
Cal.Yr.to Date.a
.
Cal. Yr. to Date.
Week Ended—
Week.
1,708.000
34,566.000
25,213.000
May 22
1.710000
1,681.000
36,247,000
27.302 000
May 29_ b
2,089.000
1,634,000
37,881.000
28,967,000
June 5.c
1,665,000
-a Minus one day's production first week in January to equalize number of days
4
In the two years. b Revised. c Subject to revision.
Total output during the year 1926 to June 5 amounts to 28.967.000 tons
—less by 8.914,000 tons, or 24%, than In 1925. Cumulative figures for
similar periods in recent years are given below:
38.183,000 net tons
1922
02,243.000 net tons 1924
37,881,000 net tons
1923
4
0.663,000 net tons 1925
sssomeess
BEEHIVE COKE.
_
Production of beehive coke during the week ended June 5 Is estimated
at 195,000 net tons, practically the same as in the preceding week. Notwithstanding the downward trend that has been evident for several months,
the current rate of output is higher than In early June 1925, and the total
for 1926 to June 5 is 1,178,000 tons, or 25%. greater than in 1925.....sin
Estimated_Produaion of Beehive Coke (Net Tons).1
1925
Week Ended
1926
to Date.a
June 5'26.b May29'26c June 6 '25. to Date.
92.000 4,854.000 3,671 000
Pennsylvania & Ohio
1.55,000
160.000
345.000
282,000
10.000
West Virginia
14.000
13.000
461.000
380.000
14.000
8.000
Ala.. Ky., Tenn.& Ga
13,000
182,000
4.000
183.000
4.000
• 5,000
Virginia
128.000
100.000 •
6,000
Colorado & New Mexico_ 4.000
5.000
98.000
4,000
82,000
4,000
4,000
Washington a, Utah
United States total
Daily average

195,000
33,000

194,000
32,000

130,000 5,972.000 4,794,000
36,000
22,000
43,000

a Adjusted to make comparable the number of days in the two years.`r b Subject
tokrevision. c Revised since last report.

TELE CHRONICLE

JUNE 19 1926.1

3401

Current Events and Discussions
The Week with the Federal Reserve Banks.
Largely as a result of the June 15 financial operations of
the United States Treasury, the consolidated statement of
condition of the Federal Reserve banks, and which deals with
the results for the twelve Federal Reserve banks combined,
on June 16 shows a decline of $54,800,000 in holdings of discounted bills and of $16,700,000 in acceptances purchased in
open market, and increases of $63,900,000 in holdings of
Government securities and $36,300,000 in member bank reserve deposits. After noting these facts, the Federal Reserve
Board proceeds as follows:

including reductions of $86,000,000 in the New York district,.
$12,000,000 in the Chicago district and $9,000,000 in the
Cleveland district and an increase of $13,000,000 in the
Philadelphia district. Total loans to brokers and dealers,
secured by stocks and bonds, made by reporting banks in
New York City decreased $19,000,000, loans for their own
account being $61,000,000 less and loans for account of outof-town banks and for others $23,000,000 and $19,000,000,
respectively, more than on June 2. Further comment
regarding the changes shown by these member banks is as
follows:

Holdings of U. S. securities were 38.000.000 less than a week ago, only
Discount holdings of the New York bank declined $46,900,000. of Boston
$3,600,000 and of Chicago $2.800.000. while the San Francisco bank shows nominal changes being shown for any of the districts. Holdings of other
an increase of $4.200,000. The New York bank shows a decrease of 221.- bonds, stocks, and securities were $15.000.000 above last week's total for
800.000 in open market acceptance holdings, and the Atlanta bank an in- all reporting banks and $22.000,000 above for banks in the New York
crease of $3.000.000. Treasury certificates on hand increased $71,000.000, district.
Net demand deposits declined 395.000.000. the principal changes includholdings on June 16 Including $141.500.000 of temporary cerrificates issued
by the Treasury to the Federal Reserve banks pending the collection of the ing reductions of $88.000.000 in the New York district and of 311.000.000
quarterly installment of taxes. Holdings of Treasury notes declined $13.- In the Chicago district and an increase of $7,000.000 in the St. Louis
district.
200.000 and holdings of United States bonds increased $6,100.000.
Borrowings from the Federal Reserve banks declined 373.000.000. of
The principal changes in Federal Reserve note circulation during the
week comprise a decline of $4.500.000 reported by the Federal Reserve which $45.000.000 was in the New York district, $8,000,000 each in the
St. Louis and San Francisco districts and $7.000.000 in the Chicago district.
Bank of Cleveland and an increase of $2.800,000 by the Chicago bank.

The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages
-namely, pages 3428 and 3429. A
summary of changes in the principal assets and liabilities of
the Reserve banks during the week and the year ending
June 16 1926 is as follows:

Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U.S. Govt. obligations
Other bills discounted
Bills bought in open market
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits

increase (+) or Decrease (-)
During
Week.
Year.
+31.800.000 +316.600.000
+3.400.000
+15.600.000
-9.200.000 +112.200.000
-54.800.000 -48.600.000
-34.200.000 -68.800.000
-20.600.000
-I- 20.200.000
-16.700.000 -12.900,000
+63.900.000 +175.800.000
+6.100.000
+25.800.000
-13,200.000 -24.200.000
+71.000.000 +174.200.000
-4,800.000
+45,100.000
+39,600.000
+46,300.000
+36.300.000
+48.100.000
+2.000,000
800,000

The Member Banks of the Federal Reserve System
Reports for Preceding Week-Brokers' Loans
in New York City.
It is not possible for the Federal Reserve Board to issue
the weekly returns of the member banks as promptly as the
returns of the Federal Reserve banks themselves. Both
cover the week ending with Wednesday's business, and the
returns of the Federal Reserve banks are always given out
after the close of business the next day (Thursday). The
statement of the member banks, however, including as it
does over 700 separate institutions, cannot be tabulated
until several days later. Prior to the statement for the
week ending May 19, it was the practice to have them ready
on Thursday of the following week and to give them out
concurrently with the report of the Reserve banks for the
new week. The Reserve authorities have now succeeded
in expediting the time of the appearance of the figures, and
they are made public the following week on Mondays instead
of on Thursdays. Under this arrangement the report for
the week ending June 9 was given out after the close of
business on Monday of the present week.
The Federal Reserve Board's weekly condition statement
of 703 reporting member banks in leading cities as of June 9
shows an increase of $7,000,000 in investments and declines
of $57,000,000 in loans and discounts, $95,000,000 in net
demand deposits, $19,000,000 in time deposits and 373,000,000 in borrowings from the Federal Reserve banks. Member
banks in New York City reported an increase of $16,000,000
in investments and reductions of $84,000,000 in loans and
discounts, $73,000,000 in net demand deposits, $10,000,000
in time deposits and $47,000,000 in borrowings from the
Federal Reserve bank. As already noted, the figures for
these member banks are always a week behind those for the
Reserve banks themselves.
Loans on stocks and bonds, including U. S. Government
obligations, declined $95,000,000, the principal changes




On a subsequent page-that is, on page 3129
-we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items as
compared with a week ago and with last year:
Increase (-I-) or Decrease (-)
During
Week.
Year.
Loans and discounts. total
-357.000.000
+3715.000.000
Secured by U. S. Govt. obligations
-5.000.000
-25.000.000
Secured by stocks and bonds
-90.000.000
+362.000,000
All other
+38.000.000
+378.000.000
Investments,total
+7.000.000
+202.000.000
U.S.securities
-8.000.000
.
11.000.000
Other bonds, stocks and securities.__
+15.000.000
+213.000.000
Reserve balances with F. R. banks_
-1.000.000
+40.000.000
Cash In vault
+2.000.000
-2.000.000
Net demand deposits
-95.000.000
+162.000.000
Time deposits
-19.000.000
+424.000.000
Government deposits
-4.000.000
+59.000.000
Total accommodation at F. R. banks
-73.000.000
+3.000.000

Gold and Silver Imported Into and Exported From
the United States, by Countries, in May.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report, showing the imports and exports of gold
and silver into and from the United States during the month
of May 1926. It will be noted that the gold exports were
$9,342,927. The imports were $'2,934,665, the bulk of
which, namely, $712,083, came from Canada, with $712,082
from Mexico. Of the exports of the metal $8,041,873
went to Canada and $617,070 to Mexico.
•
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO THE
UNITED STATES, BY COUNTRIES.
-

If
ali 111,
a
s

Exports. imports.
CountriesDollars. Dollars.
France
332
Germany
294,834
United Kingdom_
2,680
Canada
8,041,873 712.083
Costa Rica
49,151
Guatemala
26,292
Honduras..
179
Nicaragua
41.151
Panama
23.788
Mexico..
617,070 712,082
Bermudu
30
Jamaica
600
Trinidad & Tobago.2,000
35,870
Other British W.Ind.
300
Cuba
19,138
Dutch West Indies..
Argentina
51,000
Bolivia
Brazil
54,800
Chile
102.227
Colombia
115.066
Ecuador
118,764
753
Dutch Guiana
Peru
158,292
Venezuela
61,122
British India
51.841
British Malaya
160
China
50,789
Java and Madura_
228.756 480.000
Hong Kong
Philippine Islands_
200.346
Australia
1,527
22,107
New Zealand
British South Africa_
589
Total

Myer.

Gold.
Total.

Refined BuUton.

Total (Ind. Coin.)

Exports. Imports. Exports. Imports.
Ounces.
63.299
1,123,662
131,730

Ounces.

Dollars. Dollar*.
3.103
41,333
730.562
6.218
133,378 525,627
116,904
75,996

41
108
159,689
2,144.981
116

27
3,640
105,230
74.905 2,744.277
150
1,290
1,250
3,680
980

817
3,215

5,422

.

325,500
1.900
5,241

410

3,387,736

16.957
2.600
1.685
3,739

121,948
987,257
313 395,604
202
2,204.882

6,644,668

9.342,9272,934,665. 11.354.310 2.M5,327

4,340,894
44,968
2,346
7E
25
654
7.930,8104.860,784

3402

T1-1 ill CHRONICLE

Summary of Conditions in World's Markets According
to Cablegrams and Other Reports to the
Department of Commerce.
The Department of Commyrce at Washington releases for
publication to-day (June 19) the following summary of
conditions abroad, based on advices by cable and other means
O!' communication:
CANADA.
Business in the four Western Provinces is much better than at this
time last year, especially in such important lines as agricultural implements and machinery, automobiles, and hardware. The farmer has
become an active buyer and with excellent prospects for the 1926 wheat
crop the commercial trend is definitely upward. General conditions in
wholesale trade are considered normal. Retail trade shows a slight improvement. Automobile plants are active. Cotton mills in the vicinity
of Montreal are well employed. The steel plants in the Toronto district
are reported to have capacity orders for some time.
NETHERLANDS.
Strike conditions in Great Britain and particularly the continuance
of the coal strike have had a depressive effect upon business in the Netherlands. Dutch shipping has been disrupted and foodstuffs industries have
also suffered. Conditions in Germany have also been unfavorable to
Netherlands' trade, exports to that country having been curtailed by
about 36% in the first quarter of the year, as compared with the same
period of last year. Competition from Belgium and France because of
the depreciating currency in those countries continues to be a depressing
factor in Netherlands business.
FRANCE.
Uncertainties as to financial and political developments, together with
the renewed weakness of the franc, are checking the free flow of French
business. Commercial interests are either refusing to make forward quotations or are requiring conditions insuring them against franc depreciation.
Industrial activity is generally maintained based on old orders, despite the
difficulty of undertaking new business. Wholesale and retail prices continued to rise during May. Unemployment is still negligible. The textile
industries, though maintaining a good degree of activity, are hampered by
the uncertainty of replacement costs and are inclined to avoid bookings.
Production of coal, iron and steel is being maintained.

[VOL. 122.

period. No efforts are being made to care for other than the most pressing
salary requirements. Interference with the salt administration by military
leaders in the Tientsin area continues. Funds from the salt revenues paid
to foreign banks for the Hukuang loan service total 950,000 taels (1 tael
equals $0.83). The railways have announced an increase in freight and
passenger rates of approximately 25%, this increase representing a surtax
on the regular basic rates.
JAPAN.
Japan's foreign trade continues to show a preponderance of imports, the
preliminary totals for the first ten days of June having been, exports
51.000,000 Yen and imports 69,200,000 Yen. The demand for funds for
financing the spring cocoon crop is causing a tightening of the Tokyo money
market. The stock market is weak with a declining tendency. The cotton
yarn market is steady.
PHILIPPINE ISLANDS.
All Chambers of Commerce of the Philippines are to hold a joint meeting
in an effort to secure a repeal of the 15•6% sales tax levied on all merchandise.
Filipino legislators have announced plans to introduce at the next session
a new bookkeeping law to replace that recently declared unconstitutional
by the United States Supreme Court, The Philippine copra market of
the week ended June 12 was very active. The abaca market, on the other
hand, continued stagnant until the latter part of the week, when some
local transactions were made in both United States and United Kingdom
grades as a result of a firmer tone in the New York and London markets.
No overseas business has yet been transacted, however, abaca prices are
slightly stronger, grade F being quoted at 29.50 Pesos
Per Plruli I, 28:
JUS, 24; JUK, 18.50; and L, 14.50. Production continues curtailed
because of prevailing market conditions.

AUSTRALIA.
The Australian coal strike, which had its inception in the walkout of
engine drivers in the coal fields of New South Wales, Victoria and Tasmania
early in May and threw out of employment 30,000 men, has resulted in the
operation of a New South Wales legislative Act rationing the supply of
gas and restricting its use beginning June 10. The 5% £5,000,000 Victorian
loan recently floated in London was over-subscribed. Exchange rates on
telegraphic transfer on London-Australia are now (June 10) 5 shillings
Per
cent discount for buying. 2 shillings 6d. per cent premium for selling, while
demand drafts have been reduced to 17 shillings 6d. buying and 5 shillings
per cent discount on selling.
ARGENTINA.
Business has been very quiet in Argentina for the week ended June 12,
BELGIUM.
with an increased pessimistic opinion in business circles. Rural collections
The efforts of Belgium to overcome the difficulties caused by the failure are poor. The volume of exports is good, but prices continue unfavorable.
of the currency stabilization project have culminated in a parliamentary The statistics for the first quarter of 1926 show a decline in the value of
vote of 1,500,000,000 francs in new taxation, most of which is indirect. exports of over 22% of the amount shown for the same period of last year.
Included in the new taxation are an increase of 331,000,000 francs in cus- The official cotton crop estimate for the 1925-26 season indicates a productoms duties, one of 475,000,000 francs in the sales tax, 120,000,000 francs in tion of 150,000 bales of 478 pounds net compared with last season's producthe luxury tax, 175,000,000 francs in the beer and tobacco excises, and 40.- tion of 78,000 bales.
000,000 francs in the tax on automobiles. Belgium has renounced its right
BRAZIL.
to obtain deliveries of coal on reparations account because of the reduced
Exchange improvement has stopped, but the market is still firm.
percentage of reparations to be allowed to Belgium beginning with the third Nominations for the Santos commercial
association representative of the
year of the Dawes Plan, which allows only sufficient credit for other goods.
Coffee Institute resulted in a decisive defeat for the present Santos member.
The Institute's elections will be held June 21. The coffee markets have
GERMANY.
The general situation in Germany during the past month was as favora- been weak with Rio 75 quoted above Santos 4s. .Futures also are weaker.
Santos stocks on June 11 were 1,366,646 bags.
ble as could be expected considering the severity of the recent crisis, with the
number of bankruptcies steadily declining and a noted improvement in
PERU.
many industries. The domestic capital market continues to remain active.
The feeling in commercial circles in Peru was a little more optimistic at
The stock exchange remained firm, as did money rates.
the close of the week ended June 12. Exchange had improved to around
$372 to the Peruvian pound as compared with $367 to the pound on June 4
AUSTRIA.
Austrian foreign trade shows an unfavorable trade balance for the first This improvement has resulted in somewhat better collections.
quarter of this year amounting to $41,700,000, which is nearly double the
URUGUAY.
unfavorable balance for the corresponding quarter of last year. The acThe imports of Uruguay for the first quarter of 1926 reached a total
Austrian Government, as audited by the Court of Accounts, of
counts of the
17,451,626 pesos, of which the United States furnished 4,955,835 pesos,
show actual revenues in the year 1925 amounting to 1,048,500,000 schillings, Great Britain 2.789,826 pesos, and Germany
2.170,068 pesos. The cusor $147,500,000,and actual expenditures,including those on capital account, toms revenues for the month of May were
1,900,000 pesos.
of 998,000,000 schlllings, of $140,400,000, leaving a surplus of 50,500,000
PORTO RICO.
•
schillings, or $7,100,000. This completes the reconstruction of the GovernNo change in business is to be noted and most lines continue quiet. The
ment finances which have shown a continuous improvement since the work
grinding of the current sugar crop is nearing completion with the first
of reconstruction was begun.
mills now ceasing operations and the remainder expected to be finished by
POLAND.
the end of June. Dry weather continues, especially in the Central and
The conclusion of the Presidential election and the organization of the
southern parts of the island, causing considerable pessimism in agricultural
Cabinet has resulted in some improvement in the Polish situation. Heavy
depression in the iron and steel industry continues unabated. Stagnation circles.
MEXICO.
in the building trade has depressed the lumber market. Exports or textile
The situation was about the same during the week ended June 12, with
goods continue to decline. Bank note circulation increases in May.
perhaps a slight improvement. It is too early for the effect of the new autoESTHONIA.
motive duties to be felt, but increased sales are expected, especially of light
Esthonia's foreign trade figures for the month of April show a surplus of cars and trucks.
amounting to 75,000,000 Est marks. Imports were valued at
imports
864,000,000 Est marks and exports at 789,000,000 Est marks. The deficit
Payment to United States Treasury of $77,783,127 on
is ascribed to the unusually heavy importations wLich occurred after the
Account of Foreign War Indebtedness—Governbreaking of the ice in the Gulf of Finland. Esthonia has secured a loan of
E130,000 from England, the loan being handled through a British company
ment Retires $333,600,000 Treasury
and guaranteed by the British Goverfm.ent, on condition that it be used
Certificates.
for the purchase of railway material in England. The interest rate is 5%,
and the loan is issued at 98X, the term of amortization being 10 years in
The payment to the United States Treasury of $77,783,127
yearly installments. Esthonian Government debentures form the security.
by ten foreign nations on account of war indebtedness, and
ITALY.
the retirement of approximately $333,500,000 maturing
The government decree limiting exchange trading to Rome and Milan
was revoked on June 11, but a new restriction has been placed upon trading short-dated Treasury Certificates marked the fiscal operain that it is now confined to Italian banks having a capital of at least tions of the Government on June 15. The foreign debt pay100,000.000lire and to all branches of foreign banks which have been granted ments aided in the
retirement of the maturing certificates,
special authorization by the Minister of Finance. Transactions are under
the supervision of the Treasury and only purchases covering the legitimate and the second installment of income taxes due June 15
needs of business and tourists are permitted.
together with the balances already on hand permitted
SPAIN.
A further decline in general business activity through Spain occurred
during the past month, making it by far the most inactive May in recent
years. Financial as well as industrial activity was curtailed, with money
tight and credits restricted. Retail trade has also been unfavorable.
Exchange developments have favored importation. The iron mining
industry at Bilbao is tindergoing severe depression and shipping in the
port is idle. The metallurgical industry, however, is fairly prosperous.
The textile situation at Barcelona is unimproved although export demand is
slightly better.
CHINA.
The political and military situation in China is becoming increasingly
complicated with the near approach of the conference between the two
leading military leaders. The financial problems of the central government
are becoming more acute on account of approaching mid-year settlement




Secretary Mellon to complete the regular quarterly financing
transaction without the aid of a new issue of securities for
the first time since the war. The New York "Times",
referring to the Treasury's exceptional position in its Washington advices June 15 and the foreign debt payments said:
The Treasury was in an exceptionally strong position because of the
large excess of tax receipts over estimates, and the task of handling the
$333,500,000 of certificates of indebtedness falling due also was simplified
by the fact that in making payment on their war debt Great Britain turned
In, instead of cash, $67,950,000 of these securities, which she had purchased.
and Italy $5,000,000 worth.
Treasury officials said it would be impossible to estimate accurately at
this time either the total of the income and profits taxes expected during the
month or the size of the budget surplus at the end of the fiscal year on June

JUNE 19 1926.1

THE CHRONICLE

of income
30. which will of course be determined largely by the amount
tax
taxes received. It is believed probable, however, that the income
the taxes received as the second quarterly
receipts for the month, including
installment due to-day, will be about $500,000,000 and possibly in excess
of that amount. In that event the budget surplus may be as high as $400.000.000. Reduction of the public debt under such a schedule of developments would be well in excess of $800:000.000 for the fiscal year.

3403

Second, if there is any such agreement or understanding for a loan or
loans, the said Commission is directed to ascertain the amount thereof,
the terms thereof, the persons or corporations negotiating the same, the
amount of interest, discount, commissions, or charges therefor. and all
other pertinent facts connected therewith.
Third. the Commission is further directed to ascertain and report if
any such ban is found to be contemplated or contracted for, then, whether
or not any prior loan made by such bank, corporation, firm, or individual
to the French Government or any one representing the French Government,
or any previously existing indebtedness. Is included or covered by the
contemplated loan, or if such loan is entirely new money to be lent such
Government or its agents, and for what purposes such new money is to
be loaned.

Payments by Ten Nations.
Payments on their war-time debts were made to-day by ten foreign nations, and credit also was given on the books to Latvia, which paid last December an amount in excess of that due at the time, and more than suffident to cover the $30.000 which would have fallen duo to-day. The French
and Ju roslavia agreements not having been ratified, there were no June 15
The reply of Secietary Mellon, addressed to Vice-President
payments made thereunder. The list of payments from foreign nations was:
Great Britain.—The seventh semi-annual payment of interest, amounting Dawes, President of the Senate, follows:
June 16 1926.
to $67.950.000, was made in obligations of the United States, which were
accepted at par. The obligations were $61,950,000 face amount of 334% Dear Mr. President:
Treasury certificates of indebtedness of Series TJ2-1926, and $6,000.000
In response to Senate Resolution 244, on behalf of the United States
face amount of3% Treasury certificates of indebtedness of Series TJ-1926.
Debt Funding Commission, I make the following report:
Italy.—The first annual installment of principal, amounting to 15.000.000.
First: Inquiry has been made of the principal banking houses in this
was made in obligations of the United States, which were accepted at par. country who are likely to be interested in French financing and from
The obligations were S4.450.000 face amount of First Liberty Loan 314% other sources from which information as to new financing would probbonds of 1932-1947. $225.000 face amount of 3% Treasury certificate of ably be had, and so far as can be ascertained there has not been made
Indebtedness. Series TJ-1926. and $325.000 face amount of 3Si% Treasury recently, nor is there being made, any agreement, expressed or implied,
certificates of indebtedness. Seriee TJ2-1926.
between any United States bank, banking corporation, partnership, or
Belgium.—The second semi-annual payment of interest and the first in- individual, with the Government of France or its agents or representatives,
was made in touching a loan or loans to be made by such bank, corporation. firms, or
stallment of principal. amounting to 82.094,160 70. which
cash, of which $870.000 was for interest and $1.221,160 70 for principal, individuals to the French Government or any one representing the French
which, together with $875,839 30 credited on Aug. 18 1925, completes the Government.
principal installment of $2.100,030 due to-day.
Second and Third: There being no agreement or understanding for such
Czechoslovakia.—The second semi-annual inetaEment of principal, loan or loans, the detailed information requested by the resolution neceswhich was made in cash.
amounting to $1,500,000.
sarily could not be furnished.
Esthonia.—The first semi-annual payment, amounting to $50,000. which
Very truly yours,
was made in cash.
WORLD WAR FOREIGN DEBT COMMISSION,
of interest, amounting to
Finland.—The seventh semi-annual payment
By A. W. MELLON. Chairman.
$132,945. which was made in cash.
At the time of the adoption of the resolution Senator
Rungary.—The fifth semi-annual payment of interest, amounting to
$29.442 98, which was made in cash.
Borah indicated to Senator McKellar "that the Finance
Credit to Latvia.
Lab:Ia.—The debt settlement provides for a payment on June 15 1926
of $30,000 from this Government. but it paid on Dec. 15 1925 the sum of
$87,000. which was applied in payment of the installment due to-day, the
installment of $30.000 due Dec. 15 1926, and on account of installment of
$35.000 due June 15 1927.
Lithuania.—The fourth semi-annual payment, amounting to $76,578 38,
of which $46.353 38 was for interest and 130,225 for principal. The payment was made in cash.
Poland.—The third semi-annual payment, amounting to $750,000, which
was made is cash.
Rumania—The first annual installment of principal, amounting to $200,000. which was made in cash.
The obligations of the United States accepted in connection with the British and Italian payments have been canceled and retired and the public
debt reduced accordingly.

Bill to Cut Powers of United States ComptrollerGeneral Withdrawn After Senate Debate.
Under date of June 9 the New York "Journal of Commerce" reported the following from its Washington bureau:
The presence of a considerable amount of oppcsItion in the Senate to-day
prevented consideration of the bill already passed by the House which
would relieve the Comptroller-General of any superviscry powers he may
have or seek to assert over financial matters in the custom service. The
bill was brought up by Chairman Smoot of the Senate Finance Committee, who se rplained its purpose.
It is complained that the Comptroller has asserted the right to pass
finally upon all such matters as the granting of drawback allowances and
that collectors of customs are loath to pay drawback in face of the possibility
of the Comptroller some months later holding that they exceeded their
authority in so doing. There is also said to be involved the question of
the proper assessment of duties upon imported merchandise.
Senator Couzens of Michigan was interested to know whether these
demands of the Comptroller were holding up the Government business.
Senator Smoot indicated that the customs service was not generally comby
plying with his demands and the need for immediate action. as sought
the Finance Committee Chairman, was questioned. Ile indicated that the
action of the Comptroller was in contravention of decisions of the Customs
courts and of the Supreme Court of the United States, and the suggestion
was made by some of the Senators, who engaged in the debate that judicial,
rather than Congressional cognizance should be taken of the matter. Upon
the insistence of the opposition Senator Smoot withdrew the bill for the
present.

Secretary Mellon in Reply to Senate Resolution Reports
That No French Loan Negotiations are Pending.
In response to a resolution of Senator McKellar calling
for a report to the Senate by the Debt Funding Commission
as to whether any loan to France is contemplated, "directly
or indirectly dependent upon the ratification of the debt
settlement with France," Secretary of the Treasury Mellon
reported to the Senate on June 17 that "so far as can be
ascertained" no agreement has been or is being made providing for a loan in behalf of the French Government. The
resolution, which was introduced on June 9, was passed by
the Senate on June 15. It reads as follows:
Resolved, First. Chat the United States Debt Funding Commission be,

Committee has that very matter under consideration."
He, stated that he had "no objection to the adoption of
the resolution, although the Finance Committee will go on
with the investigation irrespective of this resolution." The
New York "Journal of Commerce" in advices from its
Washington bureau June 17, said in part:
It was indicated at the Treasury that upon being advised by the Senate
of a desire for the information in question Secretary Mellon made a hurried
canvass of all the large financial organizations likely to be interested in
such loan negotiatioss. However, Senator McKellar and some of his
colleagues are not quite satisfied with the reply and beginning to-morrow
will seek additional information independent of the communication.
"I think the Commission is just sidestepping the issue for the present,"
said Senator McKellar. "Everyone knows that because there is some
concern in this country that is going to lend the French money just as soon
as the Senate ratifies the settlement.
"Now we want to see what arrangements are made as to the proposed
loan. When the Italian debt was up for settlement there was some dispute
c- ncerning a loan to be made to that country, and it came out that Morgan's
were to receive either 19.000.000 or $15,000,000. it was not determined
which amount, as commission for floating that loan. At this time we want
Congress
to know if there is any influences being brought to bear upon
what is the motive
and to determine its effect if any. We want to know
foreign debts.
behind cancelling so large a part of these
"I am not satisfied with the French debt settlement and do not expect
indebtedness
to vote for it. I voted against every other cancellation of
due the United States, and this is to be no exception."
cretary Garrard
It is stated at the Treasury Department that Under-Se
having
B. Winston, who returned to Washington early this week, after
Governor
traveled extensively through Europe with Benjamin Strong.
possibilities
of the New York Federal Reserve Bank, had not discussed the
clear
of an American loan with French officials. While it has been made
to ratify the settlement in
that the Administration is expecting France
advance of entering into loan negotiations, here, once that step is taken
by Parliament that country would be regarded as in proper position to
proceed with such negotiations in a further move to stabilize the franc.

Return of Under-Secretary of Treasury Winston from
Europe—Says Problem of France Is Restoration of
Confidence in French Institutions—Question
of Loans.
Under Secretary of the Treasury G. B. Winston, who returned to his desk on June 14 after spending some weeks
abroad, is reported as indicating that the big problem of
France is the restoration of confidence in French institutions.
The New York "Journal of Commerce"from which we quote
his expression of view said:

mainThis, he believes, cannot be done by borrowing alone, or by simply
taining a balanced budget. It is necessary to take up all the essential facand
tors involved—balancing the budget, settlement of external obligations
stabilization of the currency.
declared itselfdetermined to act
The fact that the Briand Government has
constructively in financial matters, Mr. Winston regards as reassuring in
of exthe present situation. The Government has employed a committee
perts and their report is expected within a short time. The Government
report and to immediately take
also is expected to act on the basis of this
steps to declare its program.
of
Ratification of the debt to this country, which is regarded as a part
is looked upon by Mr. Winston as an
it is, hereby authorized and directed to investigate and to report to the committee's recommendations,
and
re-establishment of confidence. He believes that the
the Senate at the earliest date practicable whether there has been made absolute necessity for
between any United French Parliament will act to this end,although how soon is still doubtful.
or is being made any agreement, express or implied,
States bank, banking corporation, partnership, or individual, with the
As to the probability of France seeking a loan or credits
or
Government of France or its agents or representatives, touching a loan
from private banking interests or the semi-official Federal
loans to be made by such bank, corporations, firms, or individuals to the
in the United States, Mr. Winston said (so
French Government, or any one representing the French Government, Reserve banks
which loans are directly or indirectly dependent upon the ratification of the New York "Times" reports) he had no information.
heretofore tentatively arrived at by the
the debt settlement with France
The "Times" account added:
United States Debt Funding Commission.




3404

THE CHRONICLE

He wished to emphasize the point, he said, that in any
event the American Government would not be concerned in loans
or credits and that the
Federal Reserve banks were not Government banks.
Mr. Winston believed the questions concerning loans and credits
which
might be desired by France would be answered best when
the program being prepared by the commission of French experts
was made public. Reports here have been that private American banking interests
and the
Federal Reserve banks would be prepared to grant credits if
the war debt
settlement was ratified and a sound program for other fiscal reforms
accepted by the French Parliament. A credit of 9200.000,00 was established
0
by the Federal Reserve banks of this country for Great Britain when that
country went back to a gold basis.
He expressed the opinion that Great Britain had won a notable victory
in the general strike and that the Mussolini Government in Italy was strong
and will succeed in its efforts to stabilize financial and economic conditions
there.
Mr. Winston emphasized the point that these were his opinions as a private citizen, that he had not been in Europe as an official or unofficial
representative of the United States.

[VOL. 122.

Ile said that the moment had not yet arrived for a solution
of Italy's
currency problem on an international basis, because
of the unsettled conditions of the currency of other European nations.
The measures which the Government, after minute
study of the situation.
have decided upon include a constant control by the
Treasury of all operations on the Exchange, Count Volpi said.
The measures reduce to an
absolute minimum the circulation of lire in foreign
markets. They forbid
the purchase or sale of lire without proving need,
forbid banks to buy on
their own account and require the depositing of
securities in lire simultaneously with taking foreign currencies.
Count Volpi announced that the finance budget at the
end of May had
a surplus of 811,000,000 lire, compared with
688,000,000 at the end of April.
He predicted that the surplus would be over
a billion at the end of this
month.

Italian Loan to Rumania—Credit Involves Settlement
of War Debt.
Rome (Italy) Associated Press advices June 16 stated:
Negotiations have been concluded for an

Italian loan of 200,000,000 lira
Contributory Pensions Act of Great Britain.
to Rumania, and systematization of Rumania's
war debt to Italy. The
A notice has just been issued by the Minister of Health in new debt was settled on the basis of 157.000,000 lira, including interest,
payable in fifty years. The annual payments will
include a small amount
Great Britain drawing attention to the conditions on which of interest.
The loan was made to express confidence in
old age pensions may be granted to insured persons who are
the Rumanian Government
of the age of 70 or over, under the Contributory Pensions and arrange for Rumania to furnish Italy with petroleum. It was negotiated through the Italian General Petroleum Agency
and will run for ten
Act. Advkes transmitted to Bankers Trust Co. of New York years at 7% interest.
by its British Information Service state briefly that from
In its advices regarding the loan, the "Wall Street Journal"
July 2 1926 old age pensions at the full rate of 10 shillings of June 16 said:
a week will be payable without any inquiries about means
The Rumanian Government has just concluded
a 200,000,000 lire loan
or nationality, to men and women who are at least 70 years with a group of Italian banks. The loan is for twenty years, 8%, at 85.
The Italians are deducting annuities for
two years, thus reducing the
of age and have been continuously insured under the Na- amount to
Rumania to 158,000,000
tional Health Insurance Acts from April 29 1925 to the date have agreed to purchase submarines inlire. In exchange the Rumanians
Italy for 175,000.000 lire, payable
in five installments of 35,000,000 lire.
of their seventieth birthday. Persons who become 70 beThe first installment is due now,
so that in actual cash Rumania will only get
123,000,000 lire.
tween the 2d of July this year and the 2d of January 1928
and who have been insured from April 29 1925 until the age
of 70, will also be entitled to pensions at the full rate of 10 Rothschilds Absorb Austrian Bank—Take Over the
Anglo-Austrian Bank.
shillings a week on attaining the age of 70.
A copyright cablegram to the New York "Times" from
Death of Baron Stevenson, Chairman of British Rubber Vienna, June 12, said:
Long pending negotiations for the absorption of the
Anglo-Austrian Bank
Investigation Committee.
by the Rothschild Kreditanstalt are finally
and definitely settled, causing
The death is announced on June 10, at Holmbury St. much regret here. Anxiety is also expressed for the increase in the already
Mary, Surrey, England of Baron Stevenson of Holmbury. abnormally large number of unemployed by the 800 bank clerks who are
being thrown out of work.
He was 53 years of age.
The "Allgemeine Zeitung," commenting on this "sad chapter"
financial
He was managing director of John Walker & Sons, Ltd. history, points out that the bank was founded in 1863 and hadofbranches
everywhere in Austria with banking relations in England.
distillers and as chairman of governmental rubber investigaBritish influence was increased after
attempt was
tion committee was largely responsible for the rubber restric- introduce English banking methods the war and anthe paper made to
into Austria,
says, but
without success.
tion scheme which bears his name.

Redemption of Cuban External 532% Bonds of 1923.
Great Britain's Betting Tax to Be Based on Betting
Senor Felix Toboada, Consul-General of Cuba, issued a
Turnover of £300,000,000.
notice this week to holders of Republic of Cuba external loan
The following Associated Press advices were reported from 30
-year sinking fund 53'% gold bonds, dated Jan. 15 1923,
London June 14:
announcing that $2,000,100 principal amount of the bonds
Great Britain's annual betting turnover is probably nearer £300,000,00
0
than the £200,000,000 which was at first taken as a basis for the proposed of this issue have been drawn by lot for redemption. Bonds
betting tax. Chancellor of the Exchequer Churchill told the House of Com- so drawn will be paid on or after July
15 at the office of J. P.
mons this afternoon. Mr.Churchill said he had inspected the books ofsome
Morgan & Co., 23 Wall Street, fiscal agents, at 100%, upon
of the larger firms of turf commission agents, which afforded trustworthy
information regarding the volume of such business. Hence it was possible presentation and surrender with all coupOns maturing
subhe would be able to provide for a reduction in the rate of the new tax below sequent to July 15. Announce
ment is also made that holdthe 5% originally fixed.
ers of approximately $84,300 principal amount of the bonds
Viscount Willingdon Named to Succeed Baron Byng as of this issue drawn previously have failed to present such
bonds for redemption, and are therefore losing the interest
Canadian Governor-General.
on this amount.
London Associated Press cablegrams June 8 announced
that Viscount Willingdon of Ratton has accepted appoint- J. P. Morgan 8c Co. in
Receipt of Funds for Payment of
ment as Governor-General of Canada to succeed Baron Byng
December Interest on Chinese Railway Bonds.
of Vimy, whose term expires next month.
J. P. Morgan & Co. announced on June 15, that, following
the receipt of funds from China, they were prepared beginNew Measures Resorted to by Italy to Protect Lira. ning
June 16, to pay coupon No. 29 on bonds ofthe American,
It was stated under date of June 11, in Associated Press British and French series
of the Chinese Government 5%
cablegrams from Rome, that with the lira again slipping Hukuang Railways
Loan of 1911. This coupon matured
downward, the Government had instituted a new measure of Dec. 15 1925. The
New York "Times" of June 16, stated
control. The accounts said:
that interest payments on this loan usually are received
late,
Revoking its recent decree limiting exchange operations to the Rome and
but in most cases they have arrived after a delay ranging
Milan Stock exchanges, it has ordered the restriction of exchange trading
to
banks having an invested capital of 100,000,000 lire.
from a few days to several months. No funds have been
On their direct responsibility, these banks will be permitted to buy and received
to pay either the interest or the drawn bonds which
sell lire, provided the terms correspond to the real needs of industry
and
commerce, these to be proved by the submission of documents to the matured June 15. The "Wall Street Journal" of June 17,
said:

Treasury. Special penalties are provided for failure to comply with the
regulations.

Finance Minister Volpi, explaining the measures told the
Senate on June 14 that there was no reason to worry over the
slump in the lira. The Associated Press, from which this is
learned, further stated:
The break in the Italian exchange, he said was explained by speculation
abroad and pressure since April, particularly during the general strike in
Great Britain.
Count Volpi said Italy was not the only sufferer in her exchange. He
recalled the steadiness of the lira during the last few months of
1925 and the
beginning of 1926.
"The relative stabilization of our currency which we maintained
while the
international situation permitted without appreciable risk on the part
of
or treasury," he said,"gave Italian commerce
and industry an exceptional
oeriod of calm and kept the price level fixed."




With reference to the notice issued by J. P. Morgan
& Co. that the Dec.
15 1925, coupon of the British, French and American
issues of Imperial
Chinese Government 5% Hukuang Railways sinking fund
gold loan of 1911
will be paid beginning Wednesday, June 15,
Committee on Securities rules
that said portion of said bonds be quoted ex-Interest
2 % on Thursday,
June 17. The committee further rules that said
bonds shall continue to be
dealt in flat and until further notice must
carry June 15 1926, and subsequent coupons to be a delivery.

Purchase of Liberia Bonds by National City Bank of
New York.
The 5% sinking fund gold bonds of the Republic of Liberia
Loan of 1912, due July 1 1952, in the principal amount of
$39,600, have been purchased by the National City Bank'of

JUNE 19 1926.]

THE CHRONICLE

New York, fiscal agent, at prices ranging from 95 to 973/2 •
It is stated that there were originally outstanding in the
hands of the public $1,558,000 of the issue, of which $333,200
have been purchased and are now alive in the sinking fund.
Polish Government to Issue Treasury Notes.
A decree authorizing the Polish Minister of Finance to
issue Treasury notes, Series XI, for a total amount of 30,000,000 zlotys, was published recently in the "Dziennik
Ustaw"(Journal of Laws),according to the European division
of the Department of Commerce. The New York "Journal
of Commerce" in reporting this under date of June 17 adds:
The notes are to be issued in large denominations—of 10,000 zlotys—to
bear interest at the rate of8% annually, payable in advance, and to mature
Nov. 20 1926.
The total amount of uncovered Treasury notes and fractional currency on
May 7 1926, as published in the "Monitor Polski," was 444,000,000 zlotys,
of which only 4,000,000 zlotys were issued in 1926.

Greece Will Seek Supplementary Refugee Loan at
Geneva.
Associated Press cablegrams from Athens June 17 state
thatitis announced that the Greek Government will submit
shortly to the Secretariat of the'League of Nations a request
for a supplementary refugee loan. It will be for £8,000,000
and will be made in September, when the present loan is
exhausted.
Japanese Cabinet's Resolution Relative to Principles
to Pe Adhered to in Framing 1927 Budget.
A translation of a cablegram from the Japanese Government relative to a Cabinet resolution adopted on June 15
indicating the five principles to be followed by the various
executive departments in framing the budget for the coming
fiscal year beginning April 1 1921, has been received as
follows by the Japanese Financial Commission in this city:

3405

Mexico has made pronounced progress in recent monthsfrom a financial
and economic standpoint. The present action is regarded as evidence of
the strength of the bank of issue and its intention to maintain stability for
the peso in all markets. The Mexican dollar, which has a par value of
49.85 cents, was quoted at 50.50 cents in New York yesterday.
0

Offering of $2,600,000 Bonds of Republic of Panama.
Announcement was made on June 14 that the Republic of
Panama has raised a loan of $2,600,000 through New York
bankers for the purpose of extending the Chiriqui Railroad
to the Port of Armuelles, and for construction of additional
wharf facilities there. Kissel, Kinnicutt & Co. and Bauer,
Pond & Vivian underwrote the loan and on June 15 made
a public offering of the $2,600,000 35-year 6M% external
sinking fund gold bonds at 103 and interest, to yield about
5.30% at the minimum redemption price. The bonds will
be dated June 1 1926 and will become due June 1 1961. A
cumulative sinking fund is calculated to retire the entire issue
before maturity. The issue is redeemable in whole or in
part, either at the option of the Republic or through the operation of the sinking fund, on any interest date prior to maturity, on not less than 60 days' notice, at 103% on or be,
fore Dec. 1 1936; at 102% thereafter and on or before Dec. 1
2
1946; at 1013/% thereafter and on or before Dec. 1 1956;
and at 101% thereafter. The bonds, coupon, in denominations of $11000 and $500, will be registerable as to principal only. Principal and interest (June 1 and Dec. 1) will
be payable in New York City in United States gold coin of
the present standard of weight and fineness without deduction for any Panama national or local taxes present or future.
The National City Bank of New York is fiscal agent of the
loan. As to the purpose of the issue, debt of Panama, &c.,
we quote the following summary of advices received by the
bankers from Floyd H. Baldwin, Fiscal Agent of the Repubic, and from official and other sources:
Purpose of Issue,
The act authorizing this loan provides that the purpose thereof shall be
the extension of the Chiriqui National Railroad to the Port of Armuelles,
and the construction of an adequate wharf at the said port.

1. The same retrenchment policy shall be adopted as in the case of
framing of the current fiscal year's budget.
2. No demands for new outlay shall be approved, except those for
Debt.
emergency purposes.
The total external funded debt of the Republic, including this issue,
3. Even those items of expenditure which are found in the current
fiscal year's midget shall strictly be scrutinized and in case any room for amounts to $8,380,000. Of this debt $5,780.000 is secured on the net income of the Constitutional Fund and the annual payments made by the
retrenchment is found such expenditures shall be reduced.
4. Emergency demand for new items of expenditures shall be made United States. For the year 1925 the net income of the Constitutional
on the condition that the utmost retrenchment will be exercised on the Fund, plus the annual payment by the United States, was approximately
other items of expenditures of the demanding departments, so that the $560.000, whereas the service charge on $5,780.000 external debt was only
increase in the total amount of expenditures shall as far as possible be approximately $470,000, leaving a surplus of over $90,000. The Republic
is thus in the unique and advantageous position of carrying the above
avoided. Demands for increase of personnel shall carefully be avoided.
5. Any demands which may practically result in the restoration of those $5,780,000 external obligations wholly with external resources without
Items of expenditures eliminated in the economy program for the fiscal using revenues from home taxation. The total internal debt of the Republic is only $2.694,823, which includes $1,863,818 due the United States
year 1925 shall not be approved.
Government for municipal works constructed by it in the cities of Panama
and Colon.
Total internal and external debt is less than 530 per capita.
Mexican Cotton Tax Fought by Growers—Laguna

Producers Protest to Calles that Export Levy
Is Damaging to Entire Nation.
The following Mexico City advices appeared in the
"Wall Street Journal" of June 17:

Security.
These bonds have been authorized by an Act of the National Assembly
approved by the President. The bonds are the direct credit obligations of
the Republic of Panama and are specifically secured by a first charge on
the net revenues derived from the operation of the railroad and wharf hereBig producers in the Laguna section, in northern Mexico, the heart inbefore referred to, from export duties and from the stamp tax. For the
of the republic's cotton industry and in production rivalled only by Lower past six years, the revenues derived from export duties and from imposts
California, through their association, the Agricultural Chamber of the now levied through the medium of the stamp tax have averaged over $750,Laguna, are seeking by means of a petition to Presiden Calles the deroga- 000 per annum, against a total service charge for interest and sinking fund
tion of the Federal export tax on cotton. They say that unless their on the present loan of $208,000 per annum, or over three and one-half times
request is granted the excellent crops this year will give them no profit the service charge.
Sinking Fund.
and the Mexican surplus will have to be stored in the country instead of
being placed on world markets.
Under the terms of the loan it is provided that on or before the 10th day
The situation in Mexico is different from that in the United States, of each and every month the Republic will remit the sum of $17.333 34 to
for in the United States any cotton held up for lack of purchasers passes the fiscal agent of the loan. After a sufficient sum has been set aside for
into the hands of speculators: but in Mexico, with the exception of two the payment of interest, the balance will be used for the retirement of bonds,
or three strong firms, there are no speculators, and any cotton left over either by purchase at prices not exceeding the redemption price, or, if not
after national factories have purchased their requirements remains almost so obtainable, to the redemption of bonds by lot. Bonds so acquired are
entirely in the hands of the planters.
to be cancelled. This sinking fund is calculated to retire the entire issue
During the last cotton-growing year from Aug. 1 to July 31, cotton before maturity.
production for all Mexico was 283,915 bales, or double Mexican domestic
The following is from the same source:
consumption.
Relations with the United States.
For 1926-1927, a record crop is assured, which will have to be disposed
of at less than cost unless the export taxation is reduced or removed.
In accordance with Article 1 of the treaty between the United States and
Approximate calculations regarding the coming crops are:
Panama, ratified Feb. 26 1904, "the United States guarantees and will
Bales. maintain the independence of the Republic of Panama." The Government
La Laguna
200,000 of the United States not only has the right to regulate sanitary measures in
Lower California
190,000 the cities of Panama and Colon, but also has the right and authority to
Nuevo Leon and Tamaulipas
25,000 maintain public order in these cities, and in the territories and harbors
Chihuahua and Juarez
15,000 adjacent thereto. The United States, under the terms of this treaty, was
Sonora and various
11,000 granted in perpetuity the "use, occupation and control" of the Canal Zone.
In accordance with the terms of Article XIV of the treaty, the United
Total
442.000 States paid $10,000,000 gold to the Republic. The Constitution of Panama
The entire national industry can consume a maximum supply of about stipulates that $6,000,000 of this payment shall permanently be kept in124,000 bales.
-bearing securities. An Act passed by the National
vested in interest
Assembly of Panama and signed by the President, provides that this "ConFund" shall be invested in first mortgages on New York City
stitutional
Mexico to Send Gold Here—Export of 10,000,000 Pesos real estate: and the fund is so invested. During the life of the treaty the
Aims to Keep Currency Stable.
United States also is obligated to pay the Republic $250.000 gold per annum.
The United States Government invested in the Panama Canal over 3350,From the New York "Times" of June 17 we take the 000,000, of which amount, for purposes of accounting, over $112.000.000
following:
was written off to national defense in 1921. The United States GovernThe Mexican Ministry of Finance has authorized the Bank of Mexico, ment has also over $29,000.000 invested in auxiliary enterprises other than
the sole bank of issue of the country, to export up to 10,000,000 gold pesos those conducted with funds of the Panama Railroad.
to New York to be placed in the market to regulate and stabilize Mexican
The United States dollar is legal tender and United States
exchange, It was learned yesterday. It is desired to prevent undesirable
currency is the principal circulation medium in Panama.
have taken place in Mexican exchange in the past.
fluctuations such as




3406

THE CHRONTGLE

Offering of $1,260,000 434% Bonds of Lincoln Joint
Stock Land Bank.

At 101 and interest, to yield 4.37% to the optional date
In 1936, and 434% thereafter, an issue of 43'% farm loans
bonds of the Lincoln Joint Stock Land Bank, of Lincoln,
Neb. to the amount of $1,250,000, was offered on June 15
by the Equitable Trust Co. of New York; the First National
Corporation of Boston, the Old Colony Corporation, the
First Trust and Savings Bank of Chicago, the Central Trust
Co. of Illinois at Chicago, and Brooke, Stokes & Co. of
Philadelphia. The bonds will be dated Jan. 1 1926, will
mature Jan. I 1966, and will not be callable before Jan. 1
1936. They are coupon and fully registered bonds, interchargeable, in denominations of $1,000, $5,000 and $10,000.
Principal and interest (Jan. 1 and July 1) will be payable at
the offices of the bank, the Equitable Trust Company of
New York, and Central Trust Company of Illinois, Chicago.
The Lincoln Joint Stock Land Bank operates in the States
of Iowa and Nebraska. It was chartered in 1918. The
bank's statement of condition as of May 31 1926, follows:
Assets.
Mortgage loans
$34,595,340 00
U. 8. Goya Bonds
(costs)
210.000 02
Notes receivable and
contracts_ _ _
86.125 85
Accounts receivable__
51.893 43
Deposits with basks__ *1,072.959 85
Accrued interest on
loans and securities
583.790 23
Furniture and fixtures
8,669 12
Real estate
437.389 71

Liabilities.
Capital stock paid in_ $2.711.400 00
Surplus
250,000 00
Undivided profits_ ___
413,981 53
Farm Loan Bonds issued
132.090.000 00
Payments on principal
of loans
843.718 57
Avance payments on
principal and lot. _
37.031 31
Reserved for unpaid
bend Coupons
315.755 00
Accrued interest on
Farm Loan bonds._
251.170 83
Accounts payable (due
on incomplete loans)
133.110 97

'Total
Total
$37.046.16821
837,046,16821
1308.000 in trust to pay called bonds. f$308.000 called bonds.
4

President W. E. Barldey also presents as follows the consolidated loan statistics of the bank, as of March 31 1926:
Number of loans in force
3,314
Acres of real estate security
969,649
'Total amount loaned
$33.826,740
Appraised value (laud alone)
$76.487.725
Appraised value (land and buildings)
$87.568.535
Average amount of each loan
210.207 22
Average amount loaned per acre
834 83
Average appraised value per arce and alone)
$78 88
Average appraised value per acre and and buildings)
$90 31
Percentage of loans to appraised value (land alone)
44.22%
Percentage of loans to appraised value (land and buildingsl
38.63%
RECORD OF ACTUAL SALE PRICE OF FARMS LOANED ON'
Actual sale price of land loaned on as compared with appraised
value is shown by the following record as of Mar. 31 1926 of
sales of land by the owners, covering all land on which the bank
has placed mortgage loans and which has subsequently been sold:
Acreage sold
136.993
Appraised value of land and buildings
$18.733.045
Sale price of land and building!'
818.990.783
Amount loaned on real estate sold
$8,016,683
Percentage of loans to sale price
42.2%

Offering of $60,000,000 43,4% Federal Land Bank Bonds
—Books Closed—Issue Oversubscribed.

A country-wide group, composed of the twelve Federal
Land banks, investment houses, institutions, and upwards of
1,000 dealers, publicly offered on June 14 a new issue of
$60,000,000 10-30-year Federal Land Bank 42 bonds at a
/
1
%
price of 101 and interest, to yield over 42 to the redeem/
1
%
/
1
2
able date (1936) and 4 % thereafter to redemption or
maturity. Of the proceeds of the new 42 issue not more
/
1
%
/
1
%
than $40,000,000 will be used to refund 42 Federal Land
Bank bonds now held by the United States Treasury. The
refunding operation, it is stated, means a saving to the Feda
eral Land banks of about UMW) year in interest charges.
The banking group is headed by Alex. Brown & Sons of
Baltimore; Harris, Forbes & Co., Brown Brothers & Co.,
Lee, Higginson & Co., The National City Co. and the Guaranty Co. of New York. The books were closed at 11.15 a. m.
the day of the offering, the issue, it was announced, having
been over-subscribed.
The bonds are exempt from Federal, State, municipal and
local taxation, will be dated July 1 1926 and will become
due July 1 1956. They are not redeemable before July 1
1936, but are redeemable at par and interest at any time
after ten years from date of issue. They are in coupon and
registered form, interchangeable, in denominations of $10,000, $5,000, $1,000, $500, $100 and $40. Interest is payable
Jan. 1 and July 1, at any Federal Land bank or Federal
Reserve bank. The principal is payable at the bank of issue.
Figures made public in connection with the new offering
show that in eight years of active operation the twelve Federal Land banks had on April 30 1926 capital of $55,166,340:
reserve, $7,562,500; undivided profits, $4,955,829, and total
assets, *1,114,694,869. The offering circular says:
The holdings of the United States Government in the capital stock of the
Federal Land banks have been reduced from $9,000,000 at the time of the
Inauguration of the System, to about $1,200,000, as of April 30 1926. Our-




[Vor.. 122.

log the same period the farm loan asseciations acquired approximately
$53,000,000 capital stock, part of the proceeds of which was used to retire
stock owned by the Government as required by the Farm Loan Act.
The United States Government has purchased and now holds over $100,000,000 Federal Land Bank bonds. This amount will shortly be reduced by
not more than $40,000,000 41
/
2
% bonds to be taken down from the United
States Treasury with the proceeds of an equivalent par amount of 41 %
4
bonds included in this offering. The saving to the Federal Land banks
resulting from this transaction will be about $100,000 per annum. While
these bonds are not Government elfigations, and are not guaranteed by
the Government, they are the secured obligations of banks operating under
Federal charter with Governmental supervision, on whose boards of direction the Government is represented.

The following is also from the circular:
Issuing flans,—The twelve Federal Land banks were organized by the
United States Government with an original $9,000,000 capital stock which
has since increased through the operation of the System to over $33,000.000.
Security —These bonds, in addition to being obligations of the Federal
Land banks, all twelve of which are primarily liable for interest and ultimately liable for the principal on each bond, are secured by collateral consisting of an equal amount of United States Government bonds, or mortgages on farm lands which must be:
(a) First mortgages, to an amount not exceeding 50% of the value of the
land and 20% of the value of the permanent, insured improvements as
appraised by United States appraisers;
(b) Limited to $25,000 on any one mortgage;
(e) Guaranteed by the local National Farm Loan Association, whose
stook, which carries a double liability, is owned by the borrower and
member;
(d) Reduced each year by payment of part of the mortgage debt.
Values.—The conservatism of appraisals made for the Federal Land
banks Is indicated by the fact that, for the year ended Nov. 30 1925 8,870
farms against which the hanks had made loans totaling $26,084,771 were
sold hy their owners at private sale for $58,832,240.
Acceptable by Treasury.—These bonds are acceptable by the United
States Treasury as security for Government deposits, including Postal Savings Funds.
Legal for Trust Futvls.—The Federal Farm Loan Act provides that the
bonds shall be lawful investments for all fiduciary and trust funds under
the jurisdiction of the United States Government. They are eligible under
the laws of many of the States for investment of all public and private
funds and have been held eligible for investment by savings banks in 37
States (listed below).
Federal Land Bank bonds have been held eligible for investment by
savings banks in: Alabama,, Prkansas, California, Colorado, Delaware, District of Columbia, Florida, Georgia, Idaho, Indiana, Kentucky, Louisiana,
Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nebraska.,
New Hampshire, New Jersey, North Carolina, Ohio, Oklahoma, Oregon,
Pennsylvania, Rhode Island, South Carolina, South Dakota. Tennessee, Texas,
Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming.

The consolidated balance sheet follows:
CONSOLIDATED STATEMENT OF CO1VOITION OF TOTE TWELVE
FEDERAL LAND BANKS AT CLOSE OF BUSINESS
APRIL 30 1926.
(From official reports of the Farm Loan Board.)
Assets—
Net mortgage loans
$1,033.044,699 47
Interest accrued but not yet due on mortgage loans
16.888,01446
U. S. Government bands and securities
32.092.816 76
Interest accrued but not yet due on bonds and securities
246.441 57
Other interest accrued but not yet due
57.517 16
Cash on hand and in banks
17,606,200 24
Notes receivable, acceptances, ezc
3.079.675 55
Accounts receivable
2.567.902 41
Installments matured (in process of collection)
989,436 77
Banking houses
2,414,210 05
Furniture and fixtures
265.342 41
Sheriffs' certificates, judgments, &c. (subject to redemption)
5.442,61221
*Other assets
Total assets

Al.114.694.869 06
Liabilities—
Farm loan bonds outstanding
$1.021,912,325 00
Interest accrued but not yet due on farm loan bonds__ _ _
18,099,735 60
U. S. Government deposits
Notes payable
622.010 60
Accounts payable
1,420.144 53
Other interest accrued but not yet due
12,242 28
Due borrowers on uncompleted loans
524.620 62
Amortization installments paid in advance
1.760.917 46
Farm loan bond coupons outstanding (not presented)
1,413.2911 46
Dividends declared but unpaid
1,116.920 61
Other liabilities
7.983 51
Total liabilities
81.046,910.19967
Net Worth—
Capital stock held by:
United States Government
$1,180,440 00
National farm loan associations
53.498.955 00
Borrowers through agents
546.810 00
Individual subscribers
115 00
Total capital stock
$55.166.340 00
Reserve (legal)
7,562.500 00
Surplus, reserves, &c
100.000 00
Undivided profits
4.955,82939
67.784.66939
Total liabilities and net worth
81.114.694 869 06
*All real estate acquired through satisfaction of mortrages is charged
off immediately upon acquisition.

The last issue of Federal Land Bank bonds, put out in
December of last year, bore 4Y interest.
2%
Farm Loan Board Reduces Rate on Loans to
Co-Operative Marketing Bodies to 432%.
A reduction in the interest rate on direct loans to co-

operative marketing associations by intermediate credit
banks from 5 to 43 % was announced by the Federal Farm
Loan Board on June 17, says Associated Press dispatches
from Washington. These accounts added:
A cut from 5 to 4,4% in the rediscount rate of the banks, effective
July 1. also was announced.
Easier money rates were ascribed as the reason. The intermediate
credit bank law demands that the interest rate accord with the general
market rate.

Jura] 19 19261

THE CHRONICLE

3407

Subsidy to Foreign Consumers.
We shall have the ;unseal spectacle of the American consuming public
paying a bonus to the producers of five major agricultural commodities,
with a smiting decrease in the purchasing power of wages, and at the same
time contributing a subsidy to the foreign consumers, who, under the
proposed plan, will secure American commodities at prices below the
American level.
Eurepean labor could purchase American products at a lower price and
could live more cheaply than American labor. Foreign industrial costs
would be lowered and the foreign competitor assisted in underselling
American products abroad and in our home market.
I can see no permanent relief for American agriculture through subsidizing
foreign competition; and that,in my opinion, is what the bill, if it become;
a law, will do. The so-called "equalization fee" is in reality a tax on every
bushel of wheat or corn or head of live stuck or bale of cotton sold by the
farmer in this country;and the amount of the tax is to be fixed,levied and
collected by the propoeed Farm Board. The constitutionality of such a
in such a manner
tax, fixed not by the Congress, but by a board, imposed
and for such a purpose, is at least extremely doubtful, and might render
ineffectual any legislation embracing such a feature.
Difficulties in Collection of Tat.
But In any event there would seem to be insuperable difficulties in colmay require every
lecting such a tax. The bill provides that the board
person engaged in processing or in purchasing any of the five basic commodities "to file returns under oath, and to report in respect of his processing
or purchasing of such commodity, the amount of equalization fees payable
payment or collecthereon and such other facts as may be necessary for the
fee from the protion of the equalization fees; to collect the equalization
ducer and to account therefor: and to ietue to the producer a serial receipt
for the commodity." Every person who fails to account for such "equalization fee" shall be liable for such fee and to a penalty of one-half the amount
of such fee.
It Is necessary only to remember the multitude of transactions which
take place each year in the sale of cotton, corn, wheat, cattle and swine,
for the auditing
to realize how vast would be the machinery necessary
such a tax, and for its
of such returns, the collection from the farmer of
"equalization funds," in the hands of the farm board.
transmission to the
The intricacies of the income tax and prohibition enforcement appear simple
by comparison.
What would be the net result of all this effort? In the end the farmer
The net result will be that the American consumer will pay the increased
if the plan worked successfully, a small increase in the price
must include the "equalization fee," or might receive,
domeetic price which of necessity
his commodities. But in order to accomplish this result the bill sets up
incurred In selling he surplus abroad. We shall have the unusual of
the loss
of prices by the
a cumbersome machinery, involving not only the fixing
spectacle of the American consuming public paying a bonus to the producers
Farm Board, but a control on their part over the agricultural industry,
of five major agricultural commodities with a resulting decrease in the and a power in levying taxes never before given to any board or agency of
purchasing power of wages. and at the same time contributing a subsidy to
the Government In this country.
the foreign consumers, who under the proposed plan will secure American
The bill imposes upon the Farm Board the responsibility for determining
commodities at prices below the American level.
their
what is a "fair and reasonable price" for the five basic commodities,and
"I can see no permanent relief for American agriculture food products. It is provided that, in contracting with co-operatives or
dealers In these commodities, no payment of losses
through subsidizing foreign competition" says Secretary corporations or otherhoard unless the purchase is made at a price which,In
made by the
in my opinion, is what the bill, if it shall be
and reasonable price, and
Mellon,"and that,
the opinion of the board, is not in excess of a fair
be sustained unless
becomes a law, will do." He also points out that "if a no sale shall be made in respect of which a loss would is provided that adby the board. Furthermore, it
of this kind is given to five agricultural commodit es such sale Is authorized
subsidy
board finds
vances by the board shall be payable on demand whenever the
the Government could not logically refuse to give the same "that the market price in the principal markets of the United States for the
products, In respect of which the
or
treatment to the textile, boot and shoe, coal and other basic agricultural commodity,of aits food reasonable price."
fair and
made, is In excess
industries which are finding some difficulty in disposing of advance Is
these provisions it would be necessary for the board to enter into
Under
their surplus products." "A way out of the difficulties" or approve a vast number of contrasts, necessitating the employment of
lawyers, auditors and
says Secretary Mellon "lies in the elimination of waste an enormous bureaucratic staff of Government
so that the farmer Inspectors.
between the producer and the consumer,
Determination of Prices by Board.

Secretary of the Treasury Mellon Says McNary-Haugen
Farm Bill Would Increase Domestic Prices and
Contribute Subsidy to Foreign Consumers.
Expressing it as his opinion that the principles contained
in the McNary-Haugen farm bill are unsound, and that the
plan proposed would prove neither workable nor beneficial to
agriculture, Secretary of the Treasury Mellon gives it as his
opinion that"the bill will defeat the very purpose which itseeks
to accomplish." In reviewing the features of the prof osed
legislation he says the purpose intended to be accomplished
"is to raise the prices of wheat, corn, cotton and live-stock
above world prices. A board known as the Federal Farm
Board, for which is appropriated 8250,000,000 plus $300,000.
for immediate expenses, is to arrange with co-operative
associations and other dealers to purchase, store or export
the surplus of these commodities beyond the demand for home
consumption."
"The taking of this surplus off the home market" he says
"is to raise the price in the home market. The surplus is to
be sold abroad even if the foreign price is below cost. The
loss on the storage, or on the sale of the surplus abroad, is to
be paid in the first instance out of the fund appropriated from
the Treasury. It is proposed to reimburse the fund by a fee
(equalization fee) or tax on all of these commodities slid by
the farmer." He notes that "the 'equalization fee' while it
purports to be paid by the farmer, will be included in the
increased price of the commodity, and will in the end be
borne not by the farmer but by the consumer," and he
observes that:

may receive a higher net price and yet the ultimate consumer
may not have to pay more. This purpose can be approached
through more orderly marketing and co-operation. The
second way is to increase the demand for our surplus and thus
raise the price, not to our consumers alone, but to the world."
Secretary Mellon's views on the bill are contained in a letter
under date of June 14, addressed to Representatives Haugen,
Dick nson and Anthony, who called on him the previous
week for an expression of opinion on the proposed legislation.
The secretary's letter follows:

Washington. June 14.
My Dear Congressmem—In accordance with your request made on the
occasion of your receca visit to the Treasury. I am submitting my views
on H it. 7893, as amended and now pending in the Senate, providing for
the establishment of a Federal Farm Board to control and dispose of the
surplus of certain "basic agricultural commodities."
The purpose intended to be accomelished by the bill Is to raise the
prices of wheat, corn, cotton and live stock above world prices. A board
known as the Federal Farm Board, for which is appropriated $250.000.000.
plus $300,000 for Immediate expenses, is to arrange with co operative
associations and other dealers to purchase, store or export the surplus of
these commodities beyond the demand for home consumption. The
taking of this surplus off the home market is to raise the price in the home
market.
"Eoualization Fee."
The surplus is to be sold abroad, even if the foreign price is below cost.
The loss on the storage or on the sale of the surplus abroad Is to be paid
in the first instance out of the fund appropriated from the Treasury. It
is proposed to reimburse the fund by a fee ("equalization fee") or tax
on an of these commodities sold by the farmer.
In other words, it is hoped to raise prices on part of the crop by taking
a loss on a smaller part of it; and the method by which this is to be done
is to divide the clop into two parts—the larger to be sold to American
consumers at high price:, and the smaller part to be sold abroad to foreign
consumers at cheaper prices, or even below the cost of production. The
loss incurred in giving this advantage to foreign consumers Ls to be covered
by money from the Treasury and from the higher prices paid by American
consumers.
Increase in Cost of Living.

no matter
From a practical standpoint, lam unable to see how any board,
of a
how able or efficient, could possibly arrive at a proper determination
questions assigned
"fair and rea.sorable price," and the many other complex
to them.
This is particularly true in view of the variety in quality and standards
bill.
of products which must be dealt with under the terms of this
The purchasers and processors of farm commodities are to be reimbursed
the surplus from
for any "losses, wets and charges" sustained in removing
markets.
the market and mainta'ning In this country a price in excessof world
Federal Government againse lose from
This is. in effect, a guarantee by the
storage at home or sale abroad. As our past average exports alone of the
per
five basic agricultural commodities have been about $1,500.000.000
annum,it is possible to get some idea of the exteat offinancial liability which
under the guaranty provisions
the Farm Board or the Government will incur
ef this bill.
purpose which
In the end it seems to me that the bill will defeat the very
is avowedly
it seeks to accomplish. The chief obstacle to farm prosperity
or the levying of an
the disposal of the surplus. The payment of a subsidy,
increase in any other way of the price
"equalization fee," or the artificial
of farm commodities, will inevitably result both ie stimulating further
on the
production on the part of the farmer and In decreasing consumption
greater surplus of
part of the buying public, thus bringing about a still
of this kind is given to five agricultural
products. Furthermore,if a subsidy
commodities, the Government could not logically refuse to give the same
treatment to the textile, boot and shoe, coal and other industries which
are finding some difficulty in disposing of their surplus products.
In general. a surplus is taken care of by a decrease in production or by
an increase in consumption. The natural result of the proposed bill will
be to increase production through higher prices for the particular commodities dealt with In the bill, and for the same reason to decrease demand.
That is. the bill proposes to correct an economic condition by ignoring two
of the most powerful economic laws, which In the long run must control.
It seems to me that we can advance further in aid to the farmer if we try
to work with and not against the teachings of experience.

Way Out of Farmer's Difficulties.
A way out of the difficulties lies in the elimination of waste between the
producer and the consumer, so that the farmer may receive a higher net
price and yet the ultimate consumer may not have to pay more. This purpose can be approached through more orderly marketing and co-operation.
The second way is to increase the demand for our surplus and thus raise
the price, not to our consumers alone, but to the world.
Farming differs from most Industries in that the output largely fixes the
It is, of course, apparent at once that the effect of the bill will be to
Increase the cost of living to every consumer of the five basic agricultural price, whereas in manufacturing the price largely controls output. For this
in this country. The "equalization fee," while it purports reason it would seem desirable to find some method not only of adjusting
commodities
and marketing products in the most efficient
to be paid by the farmer, will be included in the increased price of the production, but of distributing
commodity, and will, in the end, be borne not by the farmer but by the manner possible.
Perhaps co-operative marketing, to the extent that it can be developed.
consumer. The net result will be that the American consumer will pay
the increased domestic price, which of necessity must include the "equaliza- may help to solve the farmers' difficulties. There are, of course, many
' inherent weaknesses in co-operative marketing, particularly when great
tion fee," or the loss incurred in selling the surplus abroad.




3408

THE CHRONICLE

[VOL. 122.

and widely spread industries, such
as cotton, wheat, corn and live stock, bill, will
bring this consumers' bloc into action quicker than
must be organized. But it is along this
line, in working out the best methods
anything else.
More than a hint of this development
of distributing and marketing, that the
came from Senator Fess, as he
Government can be of most help held the floor
for the second day in succession, pointing
to the farmer.
out with an array
of facts and figures which plainly disconcer
Some of the measures which have been
ted the bill's supporters, the
introduced for this purpose and are fallacies of the
now pending In Congress attempt to
McNary-Haugen measure, or, as the Ohio Senator
place upon the Government too much It, the
designated
"Dawes-McNary-Haugen bill."
financial responsibility for organizing,
capitalizinggand assisting business
"The last, and perhaps the most importan
operations of doubtful merit. If public
t, objection to the bill," said
funds are torbe employed, the same Fess, "is that
it is going to set the producer against the consumer
care should be exercised as would be
taken by the average business man In is to be a
. There
price-fixing of wheat—bread, if you please—i
using his own capital. They should not be
n the midst of a
thrown away as a bonus or sub- political campaign
eddy to promote enterprises which
.
could never succeed on their economic
"While the producer wants higher prices,
merits.
the consumer will want lower.
and if that gets into politics, it should be known
I believe there is a large field for the improvem
that the consumer's vote is
ent of our farm conditions six to one of the
in the improvement of world condition
farmer's."
s. An increased demand abroad
betters prices here without throwing the entire
Will Increase Production.
burden, as the bill proposes
to do, on our own people and in favor of
the foreigner. War increased proStripped of its technicalities and the economic
sophistries of its supporters,
duction in America, but the after effects
have left many of the countries of Senator Fess said the measure amounts, in the end,
to a scheme which will
Europe with currencies of rapidly dminishi
Increase production of farm products in
ng external purchasing power.
which there now is a surplus that
Europe is indeed our best customer. It is
in the real interest of the cannot be disposed of at a profitable price. It fails
American farmer that the American Debt Commissi
utterly, he declared,
on has negotiated settle- to propose a remedy for the farm situation, but actually
ments with the debtor nations clearly within
provides machinery
their ability to pay. This is and money for a purpose which will aggravate the
trouble.
but one step in the restoration of monetary
"It is the old greenback agitation of
stability, but it does represent
1897, populism and free silver, again
a great constructive work, and one which
the Administration has now prac in the new guise," he exclaimed.
tically concluded.
Throughout the afternoon he combatted the
interruptions of the Farm
America's further aid cannot be governmental,
but depends upon the Bloc Senators, declining to be moved from his fundamen
tal position by the
intelligence and courage of our bankers and love
.tors in giving assistance arguments of Senators McNary, Oregon; Gooding,
Idaho; Norbeck, South
to those countries willing to help themselves
with a sound program of sta- Dakota; Norris, Nebraska, and even Senator Cummins
, Iowa, who sought
bilization. I feel confident that within another
year many of the nations to draw a parallel between the proposed bill and the authority
vested in the
whose buying from us is now paralyzed by a demoraliz
ed currency will have Inter-State Commerce Commission for regulating the railroads
and fixing
recognized and adopted plans for permanen
t restoration of stable rates.
money. With this reform the purchasing power
"What Congress has done in transportation
of Europe should increase,
legislation," said Senator
and with it the demand for, and the price of.
Fess, "has been in the interest of the general
our surplus.
public and not in the interest
of a single industry, such as is proposed in the
Principles of Bill Unsound.
bill before us.
"What has got to be done is to limit the
In conclusion, I do not believe the principle
production of farm products
s contained in the bill now which are not profitable.
The weakness of this bill Is in the fact that
under consideration are sound,or that the plan proposed
it
would prove either puts a premium on production,
and the result will be that the Government
workable or beneficial to agriculture. The
unfortunate condition in which will be able to defend
itself by limiting production in the end, a thing
many American farmers find themselves to-da
that
y will be aggravated, not has never been done, and is
almost impossible in private American industry
improved, but unsound legislation. We cannot
successfully oppose funda- or agriculture."
mental economic laws.
Assistance for Senator Fess's general position was
furnished by Senator
Sincerely yours,
Glass, Virginia, who plainly indicated the concern
felt regarding the effect
A. W. MELLON, Secretary of the Treasury.
of the proposed legislation on the Eastern and
Hon. Gilbert N. Haugen, Hon. L. J. Dickinso
Southern farmer.
n, Hon. Daniel R. Anthony
Jr., House of Representatives.
Glass Asks Specific Data.
"This is called a bill for the relief of farmers," drawled
Senator Giese,
"but I would like some
adherents to be more specific. What farmers?
Correspondence Between Vice-President Dawes and Sir It proposes to increaseof itsprice
the
of certain products which enter into the
bills of Eastern and Southern dairy farmers. There
Josiah Stamp on McNary-Haugen Farm Legisare farmers and
farmers."
lation—Views of Senator Fess.
The Senator from Ohio drove home the argument
that virtually all the
While Secretary of the Treasury Mellon has this week proposals for farmers' relief have been approved by Congress with little
result. "The futility of trying to legislate along the line
made plain his opposition to the McNary-Haugen farm
bill when the core of the problem was overproduction",suggested in the bill
he said, "was quite
and its proposed equalization fee,
obvious.

(his views are given in
another item in this issue of our paper) Vice-President Charles
G. Dawes has apparently aligned himself with those who
favor some kind of legislation of the sort. On June 5 VicePresident Dawes was present at a conference of Senate farm
bloc leaders, who, according to the New York "HeraldTribune" Washington advices, decided to force a modified
Haugen farm bill to a vote without the aid of the Southern
Senators, who might have been held if cotton had been
retained in the bill. The account went on to say:

Vice-President Dawes, frequently spoken of as a candidate
against
President Coolidge for the nomination in 1928, was present
at the conference at which this decision was reached. It took the form of luncheon
a
at which Senator James E. Watson of Indiana, a recent convert
to the
Farm Bloc, who is also spoken of frequently as a candidate against
Mr.
Coolidge, was host. Others present included Senators McNary, of Oregon,
co-author with Haugen of the bill of last year; Cummins, of Iowa,
whose
political life will be decided on Monday by the Iowa Republican primary
[this primary resulted in the defeat of Senator Cummins—Ed and Gooding,
of Idaho, and Representative Purnell, of Indiana. and George N. Peck
and
Chester C.Davis of the Committee of Twenty-two.
Outline of Bill Decided On.
The luncheon conference agreed on a farm bill that will:
Create a farm board and advisory council the same as the Haugen bill.
Provide for the collection of an equalization fee when a majority of the
producers of a particular commodity want it.
Create a revolving fund of $150,000,000 from which loans will be made to
Commodity equalization funds, but with the stiplation that there shall
be no loans until the producers of the particular commodity signify their
Willingness to pay an equalization fee.
There will be no subsidy in the bill for cotton or any other commodit
y;
the tariff yardstick and embargo will be eliminated. The referend
um
Provision will be so written that farm organizations representing a majority
of the producers of a commodity must ask for it before the board declares
an operating period and levies an equalization fee, and once
the period
Is declared farm organizations and individual producers will
be given opportunity to protest before it becomes effective.

.1,

Developments which led to the designation of the bill as
the "Dawes-McNary-Haugen bill" were discussed on June 9
in a Washington account of the days proceedings published
in the Philadelphia "Ledger," from which we take the
following:
Evidence was shown to-day upon Capital Hill that some fear exists
of a
new bloc coming over the horizon—coming from where
the sky is thick
with the smoke of factories and mills, the industrial centers
of the Nation.
Senator Fess drew a picture of the consumers' bloc, the one bloc that
digs
down in its jeans and pays the bills of all the other blocks.
Vice-President Dawes also senses the danger of arousing
this sleeping
giant, for he has advised the associates in jamming through the
McNaryHaugen bill that its equalization feature had best be submitte
d for an opinion
as regards its feasibility to Secretary of the Treasury
Mellon, which has
been done. The Farm Bloc is thus adopting the policy
of making haste
slowly.
While all the other blocs have had their day and fun
in Congress, the
consumers' bloc never once raised its head. It is just beginning
to be realized that the present Farm Bloc, crystalizi around
ng
the McNary-Flaugen




"Perhaps a score of measures have been passed by Congress
since the war,
beginning with putting a farther on the
Federal Reserve Board, and none
has shown definite signs of providing the needed
assistance with the exception of the development of co-operative
marketing. I think more can be
done along that line."
Relief Called "Gold Brick."
"It seems to me that it is poor grace
on the part of the farm interests, who
have been given virtually everything they
have asked of Congress, to come
now and propose this weird legislation,
saying what they wanted and got
before was a 'gold brick.'"
The reference to the "gold brick" was for
the benefit of Senator Norbeck,
who some time ago thus characterized existing
farm-relief legislation.
In his effort to show that the bill was an "economi
c pipe dream," Senator
Fess paid his respects to Senators who have
been falling back on the judgment of Sir Josiah Stamp, British economist,
whose approval of the measure
In a correspondence with Vice-President
Dawes, put in the record by
Senator Watson of Indiana, has been made
the basis for the sensation that
Mr. Dawes had split with President Coolidge.
"I do not blame Sir Josiah Stamp," said Senator
Fess, "for wanting to
obtain food for the consuming population of Great
Britain at reduced costs,
no matter what it cost the United States to produce
it. That is statesmanship from the standpoint of leaders who are trying
to solve an unemployment problem and have felled for five years.
"I do not propose to vote for any measure that will feed,
at a lower cost,
the producer of competitive articles that come in competiti
on with American production. That would be transferring the unemploy
ment problem
of Great Britain to the United States, and I for one shall not
fall for any such
thing as that."

The correspondence between Vice-President Dawes and
Sir Josiah Stamp, referred to above, was brought before
the
Senate on May 25 by Senator Watson (Republican) of
Indiana, who in presenting it said that "it is safe to assume
that there is a real agricultural problem, one with which
the
Senate of the United States must deal if it faithfully discharges
its obligations to the people of the land." Continuing
he
said:

About a year ago a correspondence was instituted between
and among
the Vice-President of the United States, the honored presiding
officer
of this body, and various economists of note here and elsewhere
, in regard
to the fundamentals of the economics underlying this legislatio
n. .
His experience as Comptroller of the Currency, as Director of the
Budget,
and afterwards as the Chairman of the great commission that set
on the right way to rehabilitation, is testimony of his ability to Europe
deal with
this problem. . . . The last statement made by the Vice
-President
In regard to this legislation reads as follows:
"The confusion incident to the debate upon the pending measures
for
agricultural relief results somewhat from the concurrent considera
tion of
four factors:
"First. The economic principles involved in the fundamental
device
proposed by the agriculturalists.
'Second. The condition of agriculture.
"Third. The proposed form of practical legislation; and
"Fourth. Partisan and political reaction.
"Unquestionably at this time a consensus of intelligent opinion upon
first factor, the economic validity of any scheme, is the first requisitethe
to
real progress. If doubt as to the economic principles
resolved the discussion of the facts of agriculture and upon involved can be
the practicability
be much simplified.
'Li.
Discussion of
ofPoposilegiiouwil factor, at ZTp
is only an
"Our manufacturers are able to decrease their unit cost obstacle.
output,the surplus of which they can sell abroad at less than by an increased
their American

JUNE 19 1926.]

THE CHRONICLE

price, as in the
Price.. Their sales at world price do not fix their American which, within
tariff,
case with agriculture. This is made possible by the
home market. While
certain limits prevents foreign competition in the
law of supply and
the tariff does not interfere with the free operation of the abroad below a
supply
demand within our country, it does limit theduty. from
determined
certain price
ua
ti
b fi:
'price y tgg' ngrorits t ttitaeked as such.
noleve n
ce t col g
which will enable
"The agricultural economists are proposing a device at the lower world
agriculture, at its own expense, to sell its surplus abroad laws of supply and
manufacturing industry, the
price in order that, as with
wall, which
demand will operate in its larger home market behind the tariff theoretical
Congress has already erected for its theoretical benefit. This
practical.
benefit they wish to be made
have never
"As I understand, the agricultural proponents of this plan
has emanated from
suggested a governmental subsidy. This proposal as to the economic
discussion
other sources. They have sought fair
by
soundness as to their underlying propositions. A debate suggested
underlying propositions.
soundness as to the economic soundness of theirfor the past year between
A debate suggested by myself has been carried on of the world, Sir Josiah
them and one of the highest economic authorities intrusted by the British
Stamp, of England. For many years he has been economic negotiations,
Government with many of its most important
experts,
Including his service as its representative on the first committee ofLondonReparations Commission. He is now the chief executive of the
& Scottish Railway, the largest in England."
Midland

Senator Watson, following the reading of the above, said:
professors, if you please,
agricultural and all other kinds, including professors of economics in some of
the validity and
the colleges, put their minds upon this question and upon
the
upon the soundness of the device set up as described in the letter of
Vice-President.
Not long after this time Sir Josiah Stamp, whom Lloyd George recently
pronounced the leading economist of all Europe, came to this country to
attend the United States Chamber of Commerce gathering recently held in
this city. When here he became a center about which were gathered many
economists, and among the questions discussed was the one relating to
agriculture. Of course he could volunteer no suggestion. Being a foreigner
he answered these problems Just as he would solve one in mathematics, in
algebra, or in geometry, presented to him for his consideration, without
any regard to any application that might be made of the solution. The result
of all these conferences was that he made a statement with regard to this
proposition, and I want to call the attention of the Senate to it because if
we can substantiate the various steps of the argument by which he reaches
the conclusion, then we are absolutely warranted in the assertion that this
device Is not a fly-by-night, that it is not something ephemeral set up for
temporary purposes, but that it is economically sound and grounded upon
the eternal verities that underlie all Just legislation.
As the result of this correspondence the economic

3409

Under the stimulus of the scheme I anticipate assumption 2(b) would
slowly change and the scheme tend to be less effective (and less necessary)
with the lapse of time.
I express no opinion (a) as to whether your political conditions allow in
practice of the requisite "price suction" through cooperative purchasing
for export, or (b) as to the efficiency of the maintenance of price if any
of the assumptions given me are in fact incorrect. Of course, if this arrangement were made for wheat alone the position will be affected by transitions
from other farm products, and it is therefore assumed that some analogous
arrangements are Svallable for those products to prevent such transitions.
These arrangements would naturally not be identical in detail, but directed
to a similar object on like principles. The efficiency of each arrangement
will, economically depend on how far the assumptions are similar for the
product in question.
Obviously this letter is an economic judgment scientifically in Teen°, as
I have not examined any of the bills or documents intended to embody
these principales or schemes which may be before you for consideration.
So I am passing no judgment upon any legislative interpretations of the
idea involved.
Yours very trills'.
J. 0. STAMP.

In a copyright cablegram to the New York "Times"
from London, June 16, it was stated that Sir Josiah Stamp
had written a letter to The London Times to explain, he
states, "why a Briton, non-political even in his own country,
should be the villain of the piece in the Washington Senate."
Sir Josiah the cablegram announced, wrote:

When staying with Vice-President Dawes recently, I heard various discussions by agricultural economists and Senators on schemes for helping
"the farmer's dollar." I was asked by General Dawes to express an
economic judgment, which I did, and for obvious reasons confirmed in writing. I give it to you to make the situation clearer to your readers.
The subject is a burning political one and the average Senator is quite
incapable of seeing its possible study as a non-political problem. I find
Senator Watson has read this letter in the Senate and it has formed the
basis of recent debates. After observing my hypothetical reduction of
world prices by the penny-bushel, your readers may estimate the justice of
the charge made by Senator Fees that I have formulated "a statesmanlike
scheme to secure cheap food for Britain and help her to overcome her economic difficulties at the expense of the United States consumer."

The Senator introduced into the Record the following
B. F. Yoakum in Letter to Secretary Mellon Charges
letter from Sir Josiah to Vice-President Dawes:
Misleading Propaganda on McNary-Haugen Bill—

Washington, D. C., May 13, 1926.
Sees No Benefit to Farmer in Legislation—
Dear General Dawes;—I have been giving some further consideration to
Favors Curtis-Aswell Bill.
the economic aspect of the scheme that has been outlined to me, which I
understand to be as follows:
In a letter on farm legislation to Secretary of the Treasury
1. A competent authority estimates the normal quantity of wheat required for home consumption, the total home production, and therefore, Mellon on June 12, B. F. Yoakum, well-known in railroad
the amount "available" for export. The export balance tends to be the circles, stated that "Congress is being influenced under a
fluctuating amount, the home consumption the steady amount.
realize
2. Centralized purchasing in a comparatively few hands for export misapprehension of the facts; and when its members
draws up the price in the home market beyond the normal level.
and the country more fully understands the confusion that
3. The export sales result in a deficiency, being the excess of the price
would result from a plan to handle the nation's foodstuff
so stimulated above the world price.
That deficiency is made good by a levy over all wheat production. under such a system as provided in the McNary-Haugen
4.
Suppose the ordinary home and world price to be X, and the increased Bill, such a law would be condemned by the country." He
price at home so stimulated to be X plus 30 cents; also, that out of every
also makes the assertion that "a study of the uneconomical,
100 bushels produced 20 are exported, then the position is as follows:
impracticable and fundamentally unsound McNary-Haugen
Present yield to farmer. 100 X.
Now yield to farmer, 100 X plus 3,000 cents first sales.
Bill, when analyzed, shows conclusively that it would be of
Less to export authority at least (20 X plus 600 cents) minus 20X world
e.g., no benefit to the farmers, with added burdens to the already
price, equals 600 cents, or rather more if world price is diminished,say,
2 cents by extra supply equals 640 cents in all.
over-taxed consumer. On the other hand, the Curtis-Aswell
This loss is raised by a levy on farmers which therefore finally nets:
bill provides for a simple, practical and economic method of
100 X plus 3,000 cents minus 640 cents equals 100 X plus 2,360 cents.
- restoring prosperity to those engaged in agriculture, through
In other words, the farmer tends to retain a net advantage equal to four
fifths of the increase in price.
the control and management of their own business. Under
2. I am given the following as statements of fact:
the provisions of the Curtis-Aswell bill there would be estab(a) The agricultural industry is substantially below other industries in
under a
the United States in its yield on capital. It must undergo a very consider- lished farm commodity organizations, operated
able improvement before better conditions attract more capital, and before Federal enabling law, which would permit farmers engaged
It passes the stage of making up serious leeway in comparative position.
the production of the different farm commodities to
(b) The industry is for the most part in an economic condition of decreas- in
.
ing returns; 1. e., stimulus does not bring in new supply at lower average stabilize nationally the prices of their respective commodities
costs.
letter follows:
Mr. Yoakum's
(c) The comparative costs of the wheat industry as against the nearest
June 12 1926.
n Bill
competitor abroad are not more than 42 cents higher.
Dear Mr. Secretary:—The press announces that the McNary-Hauge
(d) The elasticity of demand for wheat by the people is very small—
its merits
has been placed before you by its advocates for your views upon
for your
changes in price make little difference in quantities consumed.
and practicability. The country will look with unusual interest
(e) Wheat costs do not figure prominently in the "cost of living" scale or
opinion concerning this problem of such national importance.
are not an important proportion of working class wages.
index, and
defeated
The McNary-Haugen Bill and the Haugen Bill have twice been
The object, I understand, is to "make the tariff effective." Obviously
Congresses.
in the House of Representatives, during the 68th and 69th
prices can not be forced more than 42 cents (the duty) above world prices,
the Dickinson Bill was introAfter this overwhelming defeat in the House,
otherwise foreign wheat comes in. (2) (c) above.) If United States averThis
duced as a result of a meeting of farm leaders at Des Moines, Iowa.
age, say 20 cents higher at present, then the difference between 20 cents
for price fixing
meeting liberally supplied the country with its proposition
and 42 cents, or 22 cents represents the limit of added price. The question
placed under
and an equalization fee. The basic commodities then to be
is, can such addition to price, if secured, be maintained or will it be defeated
the scheme were wheat, corn and hogs.
on:
farmers'
Owing to many changes in the bill, not to best concerve the
(1) The supply side: (2) The demand side.
but to more effectively influence the political situation of members
Assumption 2(a) and 2(b) indicate that no stimulus to supply to make interests,
of Congress from different sections of the country, the bill now includes
lower price comes from domestic sources: and 2(c) none from outside
cotton, wheat, corn, butter, cattle and swine.
sources.
The total of the commodities now named in the bill that were exported—
Assumptions 2(d) and 2(e) Indicate that no diminution in demand to
based upon the total value of the crops of 1924. approximating twelve bilbring about lower prices will result. The increase in the amount of the
lion dollars—represents lessthan 10% of the total farm value of all agriculpurchase money, which must be devoted to buying wheat will mean a
tural products, made up as follows:
Per Cent Value Exports to
decrease in purchasing power spread over a wide range of products. This
Value of AllFarm Products,
will tend to be made good by the increased purchasing power of farmers
7.6%
Cotton
to the same range.
devoted
1.5
Wheat
The scheme is thus not a price-fixing one,for it merely creates an addition Corn
.18
.02
to a moving world price. This, on the assumption given above, is economi- Butter
.01
Swine
cally feasible and not fallacious.
to which the price is likely to be raised in practice (up to the
The degree
9.31%
Total
limits discussed in No. 3) depends partly on the completeness and effi(Statistics on cattle not available)
ciency of the export buying cooperatives and partly on the proportion
The propaganda being used throughout the country, especially at Washdemanded bears to the normal total supply
which the quantity normally
ington, is misleading.
under present acreage. If this export balance is small ,I anticipate the
The advocates of the McNary-Haugen bill would have the country believe
price can only be slightly raised:, If it is large, then the price might be
that a large majority of those engaged in agricultural pursuits are favorable
is
forced to the limit. But the net advantage to the farmer proportionately
between retaining a small fraction to such legislation. This is not the case. For instance:
less as the proportion rises. The equation
1. Mr. S. S. gnight, representing the California Farmers' Union and the
of a small increase Is of course in-.
of a high increase or a large fraction
California State Grange, in a recent address said: "Certainly all forms of
•determinate.




3410

'HE CHRONICLE

[Vol,. 122.

paternalism and cheap charities should be
scrupulously avoided. Subsidies
and equalization fees constitute no
part of an intelligent answer, nor can Views of B. M. Baruch on Farm Relief Measures—
they be held as sane or possible remedies
when viewed in the light of world
Equalization Fee Would Take Care of Surplus.
conditions."
2. The officers of the National Grange
Bernard M. Baruch of New York, expressing his views on
and the Patrons of Husbandry
have never gone on record in favor of the equalizati
on fee plan or the export the farm relief proposals, is quoted as saying "I, prefer
corporation. On the contrary, its policy
to
has always been opposed to keep
the Government out and leave the matter entirely in
Government interference in any manner with
the farmers and their business.
3. 1 he Fara ers' Educational and Co-onerat
the hands of the farmers, except where it is necessary for the
i ve Union of Amer ca in
some States— rnder a misapprehension of
the facts—has supported the pro- Government to see, in the
interests of all, that a price is
gram of what is known as the "Corn Belt
Committee."
not made that is not justified by the facts." The following
4. The national officers of this organization,
however, have not authorized any off!eta! statement In favor of the
account of the views presented by Mr. Baruch is from the
McNary-Haugen
5. The National Council of the Farmers'
Co-operative Marketing Asso- Washirgton advices to the
New York "World" June 13:
ciations has taken a referendum of the members
of their co-operative orGeorge N. Peek, who has been here for several weeks directing
ganization, and this referendum shows that
the cam1,713 to 238 are against the paign for the Haugen bill,
surplus measures.
is enlisting the influence of Bernard M. Baruch
of New York, and others who have advocated farm relief
0. The National Board of Farm Organizat
for four or five
ions has gone on record as years, for the final show
down this week. He made public to-day this letter
opposed to tbe McNary-Haugen bill and
the National Association of Milk from Mr. Baruch:
Producers is included in this association,
being a member of the National
It was intersting and most agreeable to me to
Boo rd of Farm Organizations.
learn that approval had
been given by such an important economist
The State Farm Bureau organizations
as Sir Josiah Stamp to the
of the "Corn Belt Region" are sup- efforts of the
agricultural interests to take care of their surplus through the
porting the Haugen bill. Executives of the
Farm Bureau of other States use of an equalizati
on fee. As you know, this has met with my heartiest
have not gone on record as favoring it.
support since the matter was first broached some
With the exception of the "Corn Belt Committe
two years or more ago.
e" and those in sympathy,
'Whereas the tariff and the railroad rates affect agricultur
the Haugen bill has not the support of the
al interests
American farmers, as shown by seriously, it is to
the credit of the farming elements that they have not
their authorized farm organizations.
endeavored to pull either of those down, but rather
A study of the uneconomical, impracticable
they have tried to raise
and fundamentally unsound themselves up to the
level of the railroads and the protected industries.
licNary-Haugen bill, when analyzed, shows conclusive
ly that it would be
In order to do this they are assessing themselve
of no benefit to the farmers, with added
s for any loss that may
burdens to the already overtaxed be incurred in selling
the surplus outside of the country. This is the farmers'
consumer.
means,and a proper one, to take advantage of the tariff,
On the other hand, the Curtis-Aswell bill provides
which is a fact and
for a simple, practica- not a theory.
ble and economic method of restoring prosperity
to those engaged in agri"I have never felt that It is necessary to get a revolving
culture, through the control and management of their
fund from the
own business.
Government as the equalization fee would soon take
Under the provisions of the eurtis-Aswell bill
care of the surplus.
there would be established However, a revolving fund
makes certain any doubts upon that point. I
farm commodity organizations, operated
under a Federal enibling law prefer to keep the Governme
nt out and leave the matter entirely in the hands
Which would permit farmers engaged
in the production of the different farm of the farmers,
except where it is necessary for the Government to
commodities to nationally stabilize the prices of their respective
see in the
commodi- Interests of all that a price is not
made that is not justified by the facts.
ties.
'Surely in the interest of fair play a practical solution
The principl-s of farming, viewed from a business
can be worked out
standpoint, do not dif- that will give equality to
agriculture when agriculture is willing to assess
fer from other lines of business where the
prices of manufactured production itself to pay for any loss
in the sellin of its surplus. It is but following out
are stabilized, distributed and marketed under
a uniform system. This of whet all protected interests are
doing.
course is more easily accompli had when
handled through manufacturing
"This is an economic and not a political question."
and commercial enterprises, which present
an entirely different situation to
that of concretely erganizing the
History of the Bill.
distribution and sale of the products of
six million farm units.
In response to Mr. Baruch, Mr. Peek reviewed the history
of farm relief
Farmers for fifty years have been operating
under State and local co-oper- movement. He said:
ative farm organizatiens, of whi h there are
now more than twelve thousand.
"You may recall that Gen. Johnson and I first discussed this subject
with
The State and loud co-or err itives cannot,
however, stabilize or exericie you at a reunion of the War Industries Board in December, 1921. and
any authority over their preduction after
later
their products pass from the ship- during the agricultural conference called by President Harding
in January,
ping station into another State, in seeking
consuming markets. There 1922. That conference, you may recall,,passed a resolution calling upon
is no State law that can permit the regulation
of distributing and marketing Congress and the President to take the necessary steps immediate
ly to
products between the di'ferent States.
restore the fair exchange value of the farmers' dollar.
For instance, the f rmers of Maine, which
State produces about forty
"Opposition developed from the start from certain people high in Adminmillion bushels of pc tatoes annually, two years
ago held their potatoes until istration and business circles and has continued until this day,
whenever
they sprouted in the:r effort to sell at a price that
would pay the cost of pro- the subject of effective legislation for agriculture has been raised.
duction. The low prices paid to the potato
growers of Minnesota. Colo"Now that the soundness of the economics of the solution proposed
rado and other Mid lie and Western States have
been a large factor in forc- appears to have been effectively established, it seems to me ix would be
ing them into ban .ruptcy. The present
well
disastrous financial results would for members of Congress representing both parties to dismiss
partisan
not, under any circumstances, prevail if the
farmers could establish and politics from their minds as suggested by such leaders as Gen. Dawes,
on the
maintain stabiliz d prices for their products, with
a fair profit to themselves one side, and yourself on the other, and proceed to serious considerat
ion of
and at lower cost to the consumers.
a solution already too long delayed.
The existing difficulties in agriculture lie in
the fact that the farmer,
"I concur with the views expressed in your letter except that I think the
under the existing loose, uneconomic farm marketing
conditions, which he emergency confronting cotton may require funds at once to assist
in temis powerless to prevent, receives only ore-third of the
price paid by the con- porarily removing some of it from the market."
sumers for his goods.
The only method under which this can be remedied is
through the eliminaResolution Adopted by House Providing for Congrestion of the four to seven profits and multiplied commissir
ns that are now
taken out of the farmers' investments and labor, between the
sional Co-Operative Agricultural Conference.
farm and the
consumer. 11 hen this is done, farming will become a profitable
business—
A Congressional Co-Operative Agricultural Conference is
unquestionably as profitable as any other line of business
in the country.
with a savirg to the consurnt r of from fifteen to twenty per
cent, thus provided for in a concurrent resolution agreed to by the
reducing the present hi h crst of living.
House of Representatives on June 11. Declaring it "to be
I have talked in almost every State at many farm conventions.
I have
yet to find a single farmer who, after understanding the system of carrying the policy of the Congress to promote the intelligent and
his products as directly to the consumer as practicable, and retaining
his orderly marketing of agricultural commodities in domestic
independence in the control and management of his own business,
did not and foreign markets," the resolution calls for the
creation
unqualifiedly endorse such a plan of marketing. In no instance has there
ever been any hesitancy in endorsing such a plan when the farmers under- of a special joint sub-committee (to consist of five members
stood and realized what it meant to them in added profits.
of the House Committee on Agriculture and five members
What I am tryi g to place before you, Mr. Secretary, Is that Congress is
of the Senate Committee on Agriculture and Forestry),
being influenced under a misapprehension ofthe facts:and when its members
realize and the country more fully understands the confusion that would which "is to prepare a list of recognized farm organiza
tions
result from a plan to handle the Nation's foodstuff under such a system as and to extend
formal invitation to such organizations" to
provided in the McNary-Haugen Bill, such a law would be condemned by
designate a delegate to meet with the sub-committee, such
the country.
If Congress wants to help the farmer on sound and fundamental principles. delegates meeting with the sub-committee to
constitute "a
then give them a law that will enable them to cut out the enormous and Congress
ional Co-Operative Agricultural Conference." The
useless distributing and marketing cost.
Conference is "to sit in Washington or any other conveni
The farmers' business as a whole is the largest of the country. Its money
ent
value is several times greater than the total steel and oil business. How place, and report during
the first week of the second session
long would a managing head of a great Industrial enterprise stand by and of
the Sixty-ninth Congress, by bill, its recomme
see the production of his corporation sold for seven and one-half
ndations
billion
dollars, whose products are sold to the last customer, the consumer, for for the benefit of agriculture and agricultural interest
s."
twenty-two and one-half billion dollars on an average of a thirty-day The following is the
text of the resolution:
turnover? Yet this is exactly what is happening to the American farmer,
HOUSE CONCURRENT RESOLUTION 20.
While the whole country is stirred up over the bankrupt condition
in ahich
Resolved by the House of Representatives (the
he finds himself.
Senate concurring), That for
the best interest of all the people
No kind of theorizing or unsound legislation, that fails
of the United States it is hereby declared
to go directly to
to be the policy of the Congress
the cause of the farmers' trouble, will be of any lasting benefit.
to promote the intelligent and orderly
On the
marketing of agricultural commoditi
other hand, by permitting the farmer and the consumer to cut out
es in domestic and foreign markets;
the enor- to
encourage the organization of the producers
mous middle waste that is destroying one and laying a
heavy burden upon into
of agrirultural commodities
the other, will result in building up the business ofagriculture
co-operative associations; to prevent speculation
upon principles
and waste in the
marketing of agricultural commoditi
that will endure.
es: and eliminate, as far as possible,
the effect
The enactment of a simple Enabling Law, authorizing
a National Co- of basic of world prices upon the prices of the entire domestic production
operative Marketing System, with no special privileges nor tax upon the
agricultural commodities by providing for the disposition of the
domestic surplus of such basic agricultur
public, under which seventeen standard farm commoditi
al commodities.
es, marketed under
Sec. 2. The agricultural problem
a National Commodity Organization, will soil e the
is one
existing problem for all
citizen as well as every group of our people, which affects directly every
time, as it would be constructive and fundamentally sound.
and affects directly or indirectly
every interest and ins...Witten of
I stand firmly by what I said at a forme s' meeting in Texas
the Republic. In seeking solution and
five years in
ago: "Save America by permitting the farmers
providing relief for agriculture all our people, individual a
save themselves."
to
ly and in groups.
and all our interests and institutio
ns must be taken into consideration, to
Yours very truly,
the end that no avoidable injury and no
injustice may be done any citizen
(Signed) B. F. YOAKUM.
or group of citizens or any interest or
The Hon. Andrew W. Mellon, Washingto
institution or group or Interests or
n, D. C.
institutions.




JUNE 19 1926.]

THE CIIttONI6LE

The taking away from any citizen or group of citizens, interest, or institutions, or group of such interests or institutions of any special privilege
or privileges now held by them shall not be construed to be an injury or
injustice to those being divested of such special privileges. Nor shall the
granting of special privileges to agriculture in harmony and commensurate
with special privilege now enjoyed by other groups, classes, interest and
institutions be construed to be either an injury or an injustice to such
groups, classes, interests and institutions.
Sec. 3. To the end that the policy declared in Section 1 hereof may be
carried out in accordance with the principles set forth in Section 2. a special
joint sub-committee is hereby created, to consist of five members of the
House Committee on Agriculture and five members of the Senate Committee on Agriculture and Forestry, to be appointed by the respective
chairmen of said committees.
Sec. 4. The special joint sub-committee is hereby authorized and directed
to organize immediately, and when organized to prepare a list of recognized
farm organizations, and to extend formal invitation to such organizations,
requesting each such recognized farm organization to select and commission
a delegate to meet with the special joint sub-committee, and upon call
such delegates, selected as herein provided, shall assemble at such place as
may be designate i by such special joint sub-committee,and such delegates,
when meeting with such special joint sub-committee, shall constitute a
Congressional Co-Operative Agricultural Conference.
Sec. 5. The said special joint sub-committee, when joined by and
sitting with the delegates selected as herein provided, and forming the
Congressional Co-Operative Agricultural Conference, is authorized and
directed to continue to hold hearings within its discretion, to sit in Washington or any other convenient place, and report, during the first week of
the second session of the Sixty-ninth Congress, by bill, its recommendations for the benefit of agriculture and agricultural interests. The said
special joint sub-committee is hereby authorized to administer oaths, to
send for persons and papers, to appoint the necessary clerks, accountants,
experts, stenographers and legal assistants, and the expenses attendant
upon the work of said special joint sub-committee shall be paid one-halffrom
the contingent fund of the Senate and one-half from the contingent fund
of the House of Representatives, upon voucher of its Chairman: Provided,
That the members of such special joint sub-committee shall receive no
extra per diem for their services: And provided further, That the delegates
selected and serving shall receive their actual and necessary expenses,
including traveling and subsistence.
Sec. 6. All departments, agents, representatives and employees of the
Government shall be subject to call for the furnishing of assistance and
information to such conference.
Sec. 7. The special joint sub-committee shall have the power to make
rules and regulations to carry out the intent of this resolution.

3411

in the "Wall Street News" of June,10, operations of the
Kavanagh firm were confined largely to mining and New
York Curb stocks. This part of the business is understood
to have been successful, but financial difficulties arose from
an industrial security underwriting which overtaxed the firm's
resources. Mr Kavanagh was a member of the Montreal
Mining Exchange and was for a time Chairman of that body.
Following the failure (June 15) the New York Curb Market
Association suspended the firm from associate membership
in that body.
New York Metal Exchange Adopts New Rules Governing
Deliveries, Shipments, &c.
At a special meeting of the Board of Managers of the
New York Metal Exchange on June 10, the following recommendations of the Tin Committee were approved:
First. Effective July 1 the "call" for tin deliveries shall be for five-ton
lots and the "call" for tin shipments shall be for 25-ton lots.
Second. Effective July 15, Paragraph D-2 of Rule No. 5, of Rules Governing Shipments in the tin contract be changed to read as follows:
"When shipments from Far Eastern port or ports is called for, time of
delivery to be not sooner than two calendar months after the earliest date
of shipment and not later than two calendar months after the latest date
provided for in the contract."
Third. That hereafter, commencing with Saturday, June 19, and running up to and inclusive of the Saturday before the first Monday in September, deliveries which, under the rules, fall due on Saturday shall be
deferred until the Monday following. Any charges accruing through this
deferred delivery shall be a buyer's expense unless buyer requests seller to
tender delivery on Saturday. In that event seller shall either make the
delivery on Saturday or assume any expense incurred by the delay.

Sentencing of William R. Jones, Former Head of Failed
Brokerage Firm of Jones & Baker, Deferred—
Court Holds that Recent Reversing of Conviction of Burrill Ruskay by Court of
Appeals Has Wiped Out Trading
Statute.
In the Court of General Sessions on June 10, Judge Rosalsky postponed the sentencing of William R. Jones, former head of the defunct brokerage house of Jones & Baker
of this city, who was convicted on Dec. 14 last of trading
against the order of a customer, pending the outcome of an
appeal to the Court of Appeals taken by Louis Montgomery
Kardos Jr., of the failed brokerage firm of Kardos & Burke,
who is under conviction on a similar charge. The Court set
June 25 as a tentative date for the next arraignment for
sentence of the defendant, explaining that this date was
provisional, on a decision in the Kardos ease having been
rendered by that time. Judge Rosalsky declared that the
recent decision in the Court of Appeals in reversing the conviction of Burrill Ruskay, broker, of the bankrupt firm of
S. S. Ruskay & Co., on a charge of trading against the order
of a customer, had wiped out the statute on which the indictment was based. Ruskay was convicted on March 7 192-1
and subsequently appealed to the Appellate Division, which
confirmed his conviction. He then appealed to the Court of
Appeals with the result as before stated. In his comment
from the bench Judge Itosalsky said:

General Trade Rules—Rule 2--Calls.
Sec. C. This section reads: "The first bid to buy or offer to sell at a
price
price shall be accepted before subsequent bids or offers at the same
at a
may be placed. Subsequent offers to sell at a lower or bids to buy
shall vacate
higher price shall vacate prior bids or offers. A transaction
all previous bids or offers."
The Board of Managers' interpretation of this rule is that the phrase
"subsequent offers to sell at a lower or bids to buy at a higher price shall
offers."
vacate prior bids or offers" means "shall vacate prior bids and
cancels all
In other words, when a lower offer is made it automatically
previous offers, also any outstanding bids, which latter must be reinstated
to become effective."

Under the Ruskay decision, this verdict against Jones must be set aside.
At the time I tried Jones, I stated that I had grave doubt of his guilt,
despite the fact that the Appellate Division of the Supreme Court had at
,
that time affirmed the Rusks) conviction.
I held that :n my judgment, when a sale or a purchase of stock was actually made and paid for, the transaction was complete. In the Jones case,
both purchase and sale had been completed and paid for. Both the Ruskay
case and the Kardos case were stronger, in my opinion, than the Jones case.
The decision of the Court of Appeals wiped out the trading statute.
I would have directed an acquittal of the defendant, Jones, had it not
been that the Appellate Division had already affirmed the Ruskay conviction. I felt at the time, however, in view of the question of law involved,
I would not impose sentence until the Court of Appeals had passed on the
Ruskay case, because of the doubt in my mind whether the conviction was
legal.
A stock broker should be guilty of a felony if he fails to have in his
possession or under his control at all times shares of the same kind of
stock purchased and carried for his customers, so as to meet the simultaneous demands for delivery to all of his customers the stock held for their
account. This is the rule of the Stock Exchange. If this rule is enacted
into law, the crooked brokers will find it difficult to prey on the gullible
public.

Conferees Compromise on House and Senate Provisions
of McFadden Branch Banking Bill.
Tentative agreement on the McFadden branch banking
bill, on which the Senate and House conferees had been
deadlocked for two weeks, was reached on June 14. Two
of the provisions had served to hold up the conference report
charters of
on the bill—those concerning the extension of
Federal Reserve banks and the so-called Hull amendthe
ments. The bill as passed by the Senate on May 13 did
not embody the Hull amendments, which would prohibit
banks or
the establishment of branch banks by national
where
State banks In the Federal Reserve System in States
banking is not permitted—this prohibition to apply
branch
authorize
even though such States might in the future
branch banking. The Hull amendments had been carried
stricken
:n the bill as it passed the House on Feb. 4, but were
.
Currency,
out by the Senate Committee on Banking and
reported the bill to the Senate on March 12, thewhich
action of the Committee having been approved by the
charters
Senate on May 13. The provision for indeterminate
banks, another disputed issue of
for the Federal Reserve
presenting
the conferees, was carried in the Senate bill. In
report to the House on June 15, Reprethe conference
sentative McFadden said:

reports a partial agreement.
The conference report which I have just filed
House of an opportunity
When this bill went to conference I assured the
any compromise proposition
to vote on the so-caned Hull amendments or
is an agreement except
which might be submitted. The conference report
we can consider that I will
on that one proposition; and if things move so
amendments be disposed of and
ask that those things outside of the Hull
the compromise proposithen the House will have an opportunity to vote on
tion in lieu of the Hull amendments.

Summarizing the agreement reached regarding branch
banking, we quote the following from the Washington
dispatch to the New York "Times" June 14:
bank-

branch
The big fight in the conference conunittee revolved around
where branch
ing. The amendment approved provides that in States
banks shall be
banking by State banks is prohibited branches of national
prohibited entirely in all cities of less than 100,000 population.
in the future,
If branch banking is permitted by State law in such States
population of
one branch may be established by a bank in a city with a
506.000, three
100.000 to 250.000; two branches in a city of 250,000 to
in a city of 750.000
branches in a city of 500,000 to 750.000: four branches
cities of more than $1,to 1.000.000, and not to exceed five branches in

Brokerage Firm of Walter Kavanagh & Co., Montreal, 000,000.
the McFadden bill as
In the so-called Hull amendments incorporated in
Fails—Suspended from Associate Membership in
it passed the House. there was a complete prohibition against branch bankNew York Curb Market.
ing by national banks located in States which at the present time deny State
branches.
The brokerage house of Walter Kavanagh Sc Co., Montreal, banks the right to maintain
In their agreement on the question of Federal Reserve
made an assignment last week. According to a press disupon the extension
patch from Montreal in regard to the failure which appeared bank charters the conferees decided




3412

THE CHRONICLE

[VoL. 122.

of such charters for a period of 50 years after
the expiration
of the present charters. The comprom
ise bill is expected
to be brought before the House for consider
ation on Tuesday
next, June 22. While we are giving the conferen
ce report
under another head in this issue of our paper,
we quote
what the New York "Journal of Commerce"
had to say in
its Washington advices June 14 regarding the comprom
ise:

lowing day, but that did not fit in with the engagements
of some of the
members. Indications now are that Tuesday
will be the day on which the
fate of the bill will be decided, unless
other arrangements are entered into
to-morrow.
For Extended Debate.
Under House rules, Mr. McFadden could
limit debate on the conference
report to one hour. but Representative Hull,
sponsor of the so-called Hull
amendments, expressed the hope "In considerin
g a matter which represents
such a distinct difference of opinion and which
is so far-reaching in its scope,
The price of this agreement is the acceptanc
e of the resolution introduced that we might have further discussion."
by Chairman McFadden of the House
Committee on Banking and Currency,
Representative Wingo joined with Mr.
at the insistence of Representative Edward
McFadden in urging that toJ. King of Illinois, providing for morrow be set aside for the conference report
an investigation of the effect of the
because it will not be possible
Federal Reserve Act upon commodity for him to be here Thursday. He
announced his opposition to the agreeprices. Instead of indeterminate charters
the agreement calls for the exten- ment and added he "would like to take part
in the fight in which I have been
sion of existing charters for a period of fifty
years from the date of expiration engaged for several years. and the conferees
In 1932.
do not approve the position
I have taken for several years." He
added that Representatives McWingo in Opposition.
Fadden and King have agreed upon everythin
g, even including the disputed
Representative Wingo of Arkansas, ranking Democrat
ic member of the Items, and the House is going to have an opportunity to vote on those. In
Banking and Currency Committee, and the
Democratic member of the response to the suggestion by Mr. McFadden that he has been consistent
ly
conference committee on behalf of the House,
refused to join with his col- opposed to the bill, he said that he was opposed to the Senate draft and was
leagues in this agreement. He will oppose it
on the floor of the House, it for the House measure.
Is said, and some startling information should
be contained in his remarks
Adverse Vote Predicted.
on the subject.
"I do not want to be in the attitude
of delaying the consideration of the
Representative Ring had heretofore refused to
join with Chairman conference report," continued Mr. Wingo. "As
I have said, I believe there
McFadden on any compromise that would jeopardiz
e the Hull amendments Is legislation in the report other than the disputed
and had stated that he would stand out firm
items which are of vital
for the retention of those Importance to the banks. My objection
only goes to certain features that
provisions. Under the Hull amendments national banks in existing
non- are in dispute. My opinion is that the House will vote
branch banking States would be precluded from ever in
down this report."
One of the provisions aimed at by Mr.
the future engaging
Wingo is the so-called King resoluIn branch banking, even should the States in
which they are located enact tion, as modified, contemplating the
appointment of a joint committee of
legislation permitting State banks to have branches.
three members each from the Seante
and House Committees on Banking
It is indicated that he wrote the terms of the compromi
se, since the and Currency, "to make an inquiry into the
prices of commodities in the
tentative agreement contemplates a prohibition on
branch banks for national United States as affected since the year
1914, if at all, by the Federal
banks and State bank members of the Federal Reserve system
in cities banking laws." This Committee would have
having a population of 100,000 or less. That will take
authority to employ assistcare of a lot of cities ants, sit during the recesses and sessions
of this Congress and require by
In Illinois and other non-branch-banking States.
subpoena or otherwise the attendance of
such witnesses and the production
of such books, papers and documents
Schedule of Cities.
and to take such testimony as it
deems desirable. Reports would be
Where the population is in excess of 100,000 and not more than
made from time to time to both
no more than two branches would be permitted:in cities having a 250,000. Senate and House.
population
With the declaration that the Hull
of between 250,000 and 500,000 not more than three branches
amendments constitute the sole
would be method by which
national banks can be granted the relief
permitted; between 500,000 and 750,000 four branches would
to which they are
be the legal entitled without
at the same time jeopardizing America's independe
complement for each national bank and each State bank
member of the banking system,
nt
Reserve system desiring them, while the banks in the larger
information regarding efforts made to
cities would be to substitute
eliminate them and
permitted to have five branches each.
therefor a limitation against national bank
branch banking
In cities of less than 100.000 has been
Thus it would be that the national banks of Chicago
furnished in a circular sent to members
would each be of Congress.
permitted to establish five branches if in some time
in the future the State
of Illinois should rewrite its banking laws to the
Specific Objections.
extent of providing for
branch banking by State banks. That is the feature
"This proposal." it is declared, "is objectiona
which will cause the
ble and inadequate for many
proponents or the Hull amendments again to oppose
reasons, the following two of particular importanc
the McFadden bill,
e:
but it is not expected that they will be sufficient
"A—The House bill allowed branches in cities
ly numerous to make any
of 25,000 or more. Raising
any impression in the matter, the bill being deemed
now to be in a fair way the population requirement to 100.000 will cause many to believe that such
to become a law over their protests.
a change will make the bill 'more antibranch bank.' Such is not the case.
When the bill was sent to conference it was
with the understanding, By eliminating the Hull amendments, and under the 100,000 provision.
voluntarily given by Mr McFadden, that before the
conferees should Come the advocates of branch banking will be given a splendid opportunity to
to a definite agreement in the matter the House
would have its opportunity establish their objectionable practice in 37 cities located in 18 non-branch
to vote for any substitute for the Hull amendments.
Just how the com- bank States.
promise will be presented to the House is now
"B—The 100,000 provision is inadequate
being considered. In any
and unfair for the reason that
event there are still several things that must first
be straightened out by the the several hundred national banks located in cities of less than 100,000
conferees before the House is officially acquainte
are as much entitled to relief from the
d with what has transpired.
competition of the branches of State
banks as are the few large banks located
in the metropolitan centres. The
One Way Out.
willingness of the opponents of the Hull
amendments to sacrifice in the
The King resolution has given the conferees some
little concern. It is interest of the smaller national banks is splendid
not to be presented in the form in which it was last
proof of the extremes
week introduced in the to which the branch bank group will go in
their determination to get their
House and, further, the conferees are figuring how
to incorporate it in the system of banking established throughout
the country. The situation in
bill in such form as to be acceptable to the House.
Care must be taken many cities clearly demonstrates the inadequacy and injustice
that it is not made the subject of a point of order,
of the 100,000
as being beyond the proposal. Taking Long Beach, Calif., for example,
authority of the conferees to incorporate in the
a city of 90,000. the
conference report. It is national banks of that city are now faced with
the competition of the great
not believed that the King resolution is particularly
palatable to his House branch banking chains of California—the Bank of
Italy, Pacific Southor Senate colleagues, but its acceptance was one way of
settling the whole west Trust & Savings Bank and the Security Trust & Savings Bank.
Each
matter and there is the thought that the investigation he
is seeking will not of these three branch banking systems not only has a Long Beach
branch,
amount to much, since he has himself said the propositio
n was more for a but several branches of that branch.
Congressional inquiry than a real investigation as
"The Bank of Italy has three branches in Lang
such. If what Mr. King
Beach: the Pacific
has stated can be accepted in just the manner in which
he gave his views Southwest Trust & Savings Bank, five: the Security Trust & Savings
upon the resolution, he does not know what will be developed
Bank. three. Under the 100,000 proposal, the national banks of
by it.
this city
In any event, it is probable that the resolution will be revamped, par- could not open a single
branch. Lorain, Ohio, a city of 43,000, is still
ticularly so as to Sec. 17 of the bill as it passed the Senate, contempla
ting another example. The Cleveland Trust Company, a bank with resources
amending the Kern amendment of the Clayton Act, is to be
omitted under of6220,000,000.operating 53 branches.has gone outside of its own county
the compromise agreement.
and in Lorain established one of its branches. The National Bank
of
Commerce of Lorain, a relatively small bank, having deposits
As to Directorships.
of approxiIn effect this section would authorize the Federal Reserve Board to mately $2,500,000, would receive no relief whatsoever under the 100.000
permit one person to serve as a director on the boards of no more than Proposal. These are not isolated cases. There are many, many other
three banks if the board finds such service not incompatible with the cities in which similar situations prevail."
public interest. Under existing law the board must find in such
The same paper, in its account from its Washington
a case
that no substantial competition exists. This amendment had been recombureau June 16, said in part:
mended by the Comptroller of the Currency and by the Federal Reserve
Mr. Wingo yesterday reaffirmed his opposition to the bill
Board.
in its present
form and announced his intention of discussing
There was a difference over the phrase "contiguous territory," which
it at some length. He has
predicted the demise of the measure, so far as this
is to be settled by revamping the Senate provisions. In all
session is concerned, if
there were
about 36 differences between the Senate and House drafts of the bill, coupled with the Senate amendments striking out the so-called Hull amendwhich had to be ironed out by the conferees, but since.any of these were ments and the inclusion, among other things, of the King resolution involvof little or no importance the fight settled down on the matters above ing the operation of the bank laws since 1914 as affecting commodity prices.
This latter is new material, although
referred to.
it is thought probably within the
At the next session of the conferees they will consider further the handling rights of the conferees to insert it. In any event it will be subject to SOITIO
little condemnation in the House, and
of the so-called King resolution and determine whether it should accompan
even if voted into the bill, it will
y be only to keep faith
with itssponsors. Representative Edward King of
the proposal for the extension of the Federal Reserve bank charters
or be Illinois thinks that it
will be adopted.
made to appear elsewhere in the bill.
The motion that will be made by Represent
No time has been fixed for bringing the matter into the House, nor any
ative Louis T. McFadden,in
decision made as to whether the House shall have a chance separately charge of the bill, will be to accept the agreement as to all parts of the
bill other than the Hull amendments.
to vote on the King resolution or be given an opportunity in any way to
If this motion prevails, then the
King resolution will have to be swallowed
Strike it from the bill.
along with the other features.
Mr. McFadden is understood to
be opposed to the resolution, just as is
According to the same paper, the fight against the passage Mr. Wingo, but it has become a part of the agreement and he has to stand
such.
of the bill was renewed with the presentation by Repre- for it aswhich A separate vote then would be taken on the Hull amendments,
are designed to
branch
sentative McFadden of the conference report to the House banking those national banks forever preclude from engaging in Federal
and State member banks of the
Reserve System as are located in existing
on June 15, when he sought permission to have the connos-branch banking States, even
though in the future those
sideration of the report made the order of business the first banking by State banks. States may change their laws and permit branch

thing the following day. The June 15 advices of the "Journal
Advices to Senator Overman opposing the compromise
of Commerce" state:
were indicated in the same paper under date of June 17,
A number of members objected to the granting of unanimous consent, which
said:

one of the main objections being that it might interfere with the Indian
Affairs Committee, which will have about twenty bills to bring up tomorrow. Republican Floor Leader Tlison offered the Committee the fol-




..If cities of 100,000 only can have branch
banks, North Carolina gets
none," the Farmers' National Bank & Trust Co. of Winston-S
alem wired
Senator Overman to-day, adding:1"Unfair to the State
and to our banks

•JUNE 191926.]

THE CHRONICLE

and our cities."
here. We request provisions be made for our banks
Peoples National,
Senator Overman is in receipt of similar telegramsfrom the
as from
Winston-Salem, and the American National at Asheville, as well
Carolina.
a number of persons interested in banking in North

Conference Report on McFadden Branch Banking Bill.
As we indicate in another item, a tentative compromise
was reached on June 14 by the conferees of the House and
Senate on the McFadden Branch Banking Bill. Further
details regarding the action of the conferees are given in
that item; herewith we give the conference report and the
statement of the House conferees:

3413

Representatives.
the Senate and one-halffrom the contingentfund of the House of
report to
upon vouchers signed by the chairman. The joint committee shall
inquiries, together
their respective Houses from time to time the results of its
with such recommendations as it may deem advisable and a period.
And the Senate agree to the same.
of the
That the House recede from its disagreement to the amendment
amendment as
Senate to the title of the bill and agree to the same with an
follows:
national
Amend the title so as to read: "An Act to further amend the
purposes"; and
banking laws and the Federal Reserve Act, and for other
the Senate agree to the same.
numbered
The committee of conference have not agreed on amendment
26.
LOUIS T. McFADDEN,
EDWARD J. KING,
tanagers on the part of the House.
GEO. P. McLEAN,
WALTER E. EDGE,
CARTER GLASS,
Managers on the part of the Senate.

The committee of conference on the disagreeing votes of the two Houses
to amend an Act
on the amendments of the Senate to the bill (H. R. 2)
entitled "An Act to provide for the consolidation of national banking
7 1918; to amend Section 5138 as amended,
associations," approved Nov.
Section 5137, Section 5138 as amended, Section 5142, Section 5150, Section
5155, Section 5190, Section 5200 as amended. Section 5202 as amended. STATEMENT OF THE MANAGERS ON THE PART OF THE HOUSE.
Section 5208 as amended. Section 5211 as amended, of the Revised Statutes
the disThe managers on the part of the House at the conference on
of the United States; and to amend Section 9, Section 13. Section 22,
Houses on the amendments of the Senate to the
Section 24 of the Federal Reserve Act, and for other purposes," having agreeing votes of the two
and
to amend an Act entitled "An Act to provide for the consolimet, after full and free conference, have agreed to recommend and do bill (H. R. 2)
to amend
dation of national banking associations," approved Nov. 7 1918;
recommend to their respective Houses as follows:
amended, section 5137. section 5138 as amended, section
That the Senate recede from its amendments numbered 12. 14. 15. section 5136 as
section 5200 as amended.
5142, section 5150, section 5155, section 5190.
16, and 35.
section 5208 as amended,section 5211 as amended.
That the House recede from its disagreement to the amendments of the section 5202 as amended,
the United States; and to amend section 9, secSenate numbered 1. 2, 3, 4, 5. 6, 7, S. 9. 10, 11, 17, 18, 19, 20, 21, 22, of the Revised Statutes of
for other
tion 13, section 22 and section 24 of the Federal Reserve Act, and
23, 24, 25, 27, 29, 31, 32, 34, and 39, and agree to the same.
the effect of
purposes, submit the following written statement explaining
Amendment numbered 12:
conference committee and submitted in the
That the House recede from its disagreement to the amendment of the the action agreed on by the
report.
Senate numbered 12. and agree to the same with an amendment as follows: accompanying conference
25,
Amendments Nos. 3, 4, 6, 7, 8, 9, 10, 12, 17, 18, 19, 20, 21. 22. 24,
Insert the matter proposed to be inserted by the Senate amendment;
clarifying changes.
page 5 of the House bill, lines 23, 24, and 25,strike out "the approval 27, 31. 32 and 34 are clerical or minor
and on
provide that a
Amendments Nos. 1 and 11: The Senate amendments
of this Act, or from the date of its organization if organized after such
a national bank in any part of the State
date of approval" and insert its organization (whether organized before or State bank may consolidate with
banks to consolidate under the same
after this section as amended takes effect); and the Senate agree to the same. If the State law permitted two State
and the House
conditions. The House bill contained no similar provision,
Amendment numbered 28:
That the HOUSE, recede from its disagreement to the amendment of the recedes.
of the
Amendment No. 2: The House bill provided for the publication
Senate numbered 28, and agree to the same with an amendment as follows:
for the consolidation of a national bank
In lieu of the matter proposed to be inserted by the Senate amendment time, place and object of meetings
published in the
of general circulation
Insert and in the branch or branches, if any, retained or established and oper- with a State bank in a newspaper
is located. The Senate amendment provided
ated by it in accordance with the provisions of Section 5155 of the Revised place where the national bank
in addition in a legal newspaper for the publication
for such publication
Statures, as amended: and the Senate agree to the same.
designated
of legal notices or advertisements, if any such paper has been
Amendment numbered 30:
national bank is situated.
the House recede from its disagreement to the amendment of the by the rules of a court in the county where the
That
Senate numbered 30,and agree to the same with an amendment as follows: The House recedes.
Amendment No. 5: The Senate amendment provides that in case of a
On page 7 of the Senate engrossed amendments, line 23, after "act,"
bank with a State bank that the consolidated
insert a comma and as amended and a comma; ond on page 8 of the Senate consolidation of a national
other property rights, franchises and interests
engrossed amendinents, lines 15 and 16. strike out "of the approval of bank should enjoy, among
of session as trustees, executor., or in
this Act" and insert this section as amended takes effect: and on page 8 of of the constituent banks, the right
The House bill had no provision on the subthe Senate engrossed amendments, line 22, strike out "of the approval any other fiduciary capacity.
of this Act" and insert this section as amended takes effect: and the Senate ject, and the House recedes.
authorAmendments Nos. 13, 14, 15 and 16: The Senate amendments
agree to the same.
The House bill
ize national banks to buy and sell investment securities.
Amendment numbered 33:
The Senate recedes.
That the House recede from its disagreement to the amendment of the contained no similar provision.
bank
Amendment No. 23: The Senate amendment prohibits a national
Senate numbered 33, and agree to the same with an amendment as follows;
sections of a city upon a capitalization
Strike out the matter proposed to be stricken out by the Senate amend- from being organized in the outlying
upon the State
places the same prohibition
ment; and on page 24 of the House bill, line 4, strike out "paragraph 2 of $100,000 if the State law
no similar provision, and the House
thereof" and insert in lieu thereof as amended: and on page 17 of the House banks. The House bill contained
bill, line 20, after "Act," insert a comma and as amended and a comma; recedes.
national
Amendment Ns. 28: The Senate amendment provides that
and on page 21 of the House bill, line 17, after "Act," insert a comma
business not only at the place specified in the
and as amended.' and on page 21 of the House bill, line 21, after "Statutes," banks might transact general
branches as the bank might lawsuch
insert a comma and as amended; and on page 21 of the House bill, line 23. organization certificate, but also at
of the bill. The House bill contained
after "Act," insert a comma and as amended and a comma; and on page 25 fully maintain under the provisions
making
similar provision, and the House recedes with an amendment
of the House bill, line 4, after "Act," insert a comma and as amended no
and a comma; and on page 26 of the House bill, line I, after "States," clerical changes.
to the establishment
Amendment No. 29: The House provision relative
insert a comma and as amended: and the Senate agree to the same.
the Senate, and
of new branches of national banks were stricken out by
Amendment numbered 36:
provisions were included by the Senate
That the House recede from its disagreement to the amendment of the the House recedes. Corresponding
Senate numbered 36, and agree to the same with an amendment as follows: In amendment No. 26.
member
Amendment No. 30: The House bill provided that no State
On page 10 of the Senate engrossed amendments, line 12, strike out
of the bank
bank may establish new branches outside of the home city
"18" and insert 17: and the Senate agree to the same.
The
except upon pain of expulsion from the Federal Reserve System.
Amendment numbered 37:
this provision in a redrafted form, and the
That the House recede from its disagreement to the amendment of the Senate amendment retains
changes.
an amendment making certain clerical
Senate numbered 37, and agree to the same with an amendment as follows: House recedes with
Amendment No. 33: The House provision empowered Federal Reserve
On page 11 of the Senate engrossed amendments, line 4, strike out
equal
banks to rediscount for member banks an amount of eligible paper
"19" and insert 18 and the Senate agree to the same.
for its
to the amount which a national bank could lawfully discount
Amendment numbered 38:
which Federal
of existing law under
That the House recede from its disagreement to the amendment of the customers. This is a liberalization
only eligible paper not
Senate numbered 38, and agree to the same with an amendment as follows: Reserve banks could discount for any one borrower
capital and surplus of the member bank. The Senate
exceeding 10% of the
In lieu of the matter proposed to be inserted by said amendment insert:
House recedes with an
Sec. 19. That subdivision second of the fourth paragraph of Section 4 of the amendment struck out the House provision and the
amendment also striking out the House provision but further making
Federal Reserve Act, as amended, is amended to read as follows;
"Second. To have succession for a period terminating 50 years after the expira- certain clerical changes in matters of citation.
Amendment No. 35: The Senate amendment amended the Clayton Act
tion of its original franchise unless it is sooner dissolved by Act of Congress
by giving the Federal Reserve Board discretionary authority to permit,
or its franchise becomes forfeited for violation of law."
a director of not
Sec. 20. There is hereby created a joint special committee (hereinafter in If the public interest requires, a single person to serve as
such language, and
this section referred to as the "joint committee") to consist of three members of more than three banks. The House bill contained no
the Committee on Banking and Currency of the House of Representatives, to the Senate recedes.
Amendments Nos. 36 and 37: The Senate amendments provide that
be appointed by the Speaker of the House of Representatives, and three members
of less than $100
of the Committee on flanking and Currency of the Senate, to be appointed by national banks may hereafter divide their stock into shares
language, and the House
the Presidet of the Senate, to make an inquiry into the prices of commodities par value. The House bill contained no such
numbers.
in the United States as affected, since the year 1914, if at all, by the Federal recedes with amendments changing the section
Amendment No. 38: The Senate amendment provides for the extension
banking laws. The joint committee is authorized to appoint and fix the comsuch time as the
pensation of such clerical, stenographic, and other assistants, to hold such hear- of the existing charters of Federal Reserve banks until violation of law.
by Act of ongre.ss or forfeited for
(
ings and to sit and act at such places and times during the sessions and recesses charters were dissolved
no similar provision and the House recedes with
of the Sixty-ninth Congress, to require by subpoena or otherwise the attendance The House bill contained
the extension of such charters for a
of such witnesses and the production of such books, papers, and documents, an amendment which provides for
years after the expiration of the present charte-s,
to administer such oaths, to take such testimony, to have such printing and period terminating 50
by Act of Congress or forfeiture for violation
binding done, and to make such expenditures, as it deems advisable. The cost except in case of dissolution
and with a further amendment providing for creation of a joint
of stenographic services in reporting such hearings shall not be in excess of 25 of law;
for witnesses shall be issued upon the special committee to inquire into the prices of commodities in the United
Was per hundred words. Subpoenas
by the Federal banking laws.
request of the joint committee, or any member thereof, under the signature of States as affected since the year 1914
Amendment No. 39: The Senate amendment grants specific authority to
either the Speaker of the House or the President of the Senate, and the Sergeantto discontinue branch Federal Reserve banks in
and directed to the Federal Reserve Board
at-Arms of either the Senate or the House is hereby authorized
definitely to settle the question which is now before the Attorneyserve all such subpoenas and other processes. The members of the joint com- order
in addition to that received for their General for an opinion as to whether the Federal Reserve Board now immittee shall serve without compensation
possesses such power. The House bill contained no similar proservices as Members of Congress: but they shall be reimbursed for travel, sub- plledly
the performance of vision, and the House recedes.
sistence, and other necessary expenses incurred by them in
Amendment to the title: The House recedes from its disagreement to the
of the joint committee
the duties vested in the joint committee. The expenses
of the title ny the Senate with a further amendment which
shall not exceed $2.000 and shall be paid one-half from the contingent fund of amendment




3414

THE CHRONICLE

[VOL. 12.1)

states that the bill is to be entitled "An Act to further amend the national
banking laws ard the Federal Reserve Act, and for other purposes."
The committee of conference have not agreed upon the following amendment of the Senate:
Amendment No. 26: The House bill provided that a State bank upon
converting into a national bank may retain only such branches as the State
bank night have had in operation within the corporate limits of the city
in which the bank WAS situated, with a proviso that no such branches may
be retained which may have been established after the approval of this
Act in a State nide') at the time of the approval of this Act did not permit
branches to the State banks.
The Senate struck out the Hausa provisions and substituted new language which embraced all of the conditions under which a national bank
might have branches. The Senate provision permits the retention of all
existing lawful branches: the retention of any branch in operation for more
than 25 years: the retention of all now existing branches in case a State
bank is converted into or consolidated with a national bank; the establishment of new branches by national banks in certain cities in States which
permit branch barking at the discretion of the Comptroller of the Currency: and the establishment of branches in incorporated contiguous
territery to such cities at the discretion of the Comptroller of the Currency.
The Senate provision further provides that no branch could be established
or moved v ithout the approval of the Comptroller of the Currency: defines
the terms "branch," "State bank,""State banks," "bank," and "banks":
and exempts foreign branches from the provisions of the section.
I GUIS T. McFA DDEN.
EDWARD .1. KING,
Managers on the part tf the House.

hundred and fifty years ago united in one great nation, having a common
cause, a mutual feeling for independence and an unconquerable desire to be
permitted to enjoy life, health and happiness as a free people.
The forbears of these distinguished visitors were the men who staked
their all that democracy might not only be achieved in this new land, but
be perpetuated and hunded down as a heritage to their posterity. Philadelphia greets them with open arms, with cheerful words and with hearty
handclasps, on tho day set aside to pay homage to the Stars and Stripes.
No More Fitting Day.
What day of the year could be more fitting to officially dedicate an exposition such as this than on Flag Day, and what body of men could be more
representative and better typify the American spirit of independence than
the great representatives of the original thirteen States?
One hundred and forty-nine years ago to-day the Congress assembled in
the old State House, now affectionately called "Independence Hall,"
adopted by resolution the Stars and Stripes. It was provided that the flag
should consist of a blue field with thirteen stars and stripes, alternate red
and white, representing the Thirteen Original States.
It is an historical fact that subsequently Congress provided that as
additional States were added to the Union, each should be designated by
a star, so that to-day the Stars and Stripes consist
of forty-eight stars on
a field of blue, with alternating red and white
stripes. To you and to me.
I am sure, it is the noblest and most inspiring
emblem in the world.
This flag, before which we bow in humble veneration, but with a spirit
proud and determined. has,been carried through—we praise God—many
conflicts of arms. It waved triumphantly at the conclusion of the Revolutionary War:it stood in bold relief at the end of our troubles 1812. Its
in
honor remained unsullied and untrampled in 1848.
At the conclusion of
the War among the States, it told a story never
to be forgotten—of a nation
President Coolidge Names Members of Board of
which will stand as a unit against any offending foe.
It spoke of a dauntless
courage which, for all time, makes the forty-eight States.of this nation
Mediation Created Under Watson-Parker Bill.
Inseparable.
On June 14 President Coolidge sent to the Senate the names
First Displayed in 1777.
of four members of the Board of Mediation created under
Our flag waved triumphantly In 1898. and In uprisings beyond our
borSection 4 of the new Railway Labor Act (the Watson-Parker ders. In the World War it was the deciding factor, and its appearance in
France brought new hope to that country and to its allies, to
the end that a
Bill) approved by the President on May 20. The text of cruel antagonist, an enemy of democracy
and freedom, was conquered
the Act was given in our issue of May 29, page 3038. The and punished.
It waves to-day in the great Northwest, in Alaska:
Board of Mediation, which is to consist of five members,
it waves in the Far
East, in the Philippines, and
hamlet, town and city of this great
will replace the U. S. Railroad Labor Board. The four Republic. Only a few weeksIn everywas
ago it
dropped from a carrier which
made its way to the northernmost point of the earth
named this week by President Coolidge are:
through the air, and.
Samuel E. Winslow of Massachusetts (formerly Chairman of the House I am sure, the Stars and Stripes stand this afternoon at the North Pole—
Inter-State Commerce Committee) fcr a term expiring five years after waving to the will of the Arctic winds—along with those of Norway and
Italy.
Jan. 11926.
Our flag was first displayed on Aug.3 1777,
Edwin P. MOITOW, former Governor of Kentucky and a former member
over Port Stanwix, New
of the Railroad Labor Board,for a term expiring four years after Jan. 11926. York, and it was carried in battle at the Battle of Brandywine, just outside
G. Wallace W. Hanger of the District of Columbia, a former member of this city on Sept. 111777.
It is our earnest hope that following this exposition of
ofthe Railroad Labor Board,for a term expiring two years after Jan. 11926.
the arts and of the
Hywel Davies of California, at present in the Division of Conciliation sciences, which will show the progress of th world in the last one hundred
of the Department of Labor,for a term expiring one year after Jan. 11926. and fifty yenrs, there will be born a new declaration of freedom, to the end
that for all tints to come our great flag will be an
emblem of peace, and
that the rumble of the cannon, the flash of the sword
and the report of
the musket will forever cease and will be disassociated
Train Dispatchers Seek Wage Increase.
with the flag of
this and every other peace-loving country.
From Chicago the "Wall Street Journal" reported the
We find solace in the fact, however, that this country and
the people
following in its issue of June 16:
living in it and its possessions at'all times will rally to
its standard in times
of peril. In times of defense and on any occasion when
Three-day conference here of general chairmen of American Train
the ideals and prinDispatchers Association resulted in formulation of plans for establishment ciples laid down in our immortal documents—the Declaration of Indeof standard wage of $275 a month for train dispatchers of all railroads of pendence and the Constitution of the United States—are in danger or
United States and increase for assistant chief and chief dispatchers that threatened.
Primarily and necessarily, this exposition is a peace-offering
would maintain the differential between these positions. This action
to the
places train dispatchers in general wage movement of brotherhoods and world because, as the City in which this flag was made and adopted, where
Involves, it is estimated, annual wage increase of more than $2,000.000• the Declaration of Independence was signed and the Constitution of the
Present smile ranges from $195 to $267 a month. Average increase will United States ratified, it was the first to spread the gospel of peace on
earth, good-will to men.
be about $35 a month for 5,200 dispatchers.
Message of Freedom.
One hundred and fifty years ago there was
Dedication of Sesqui-Centennial Exposition at Phila- which even approached a democracy, while only one nation in this Universe
to-day the reverse is true and.
with one of two exceptions, the voice of the people rules.
delphia on Flag Day—Governors of New York and
This exposition I now formally dedicate to the world and sincerely
Connecticut Dedicate State Buildings—Expositrust that, with the help of an allwise and peace-loving Providence, its
tion Described as "Peace Offering to
message and spirit will be sent throughout the world and permeate.into
the peoples of every land.
World."
Our message Is offreedom to men, women and children
The Philadelphia Sesqui-Centennial Exposition, which and coupled with it we are displaying the world's ware inwherever situated,
an effort to show
was opened on May 31, was formally dedicated on Flag what can and will be accomplished by peoples of all tongues and colors
in happy and
Day—June 14—nine Governors of the thirteen original living togetherhowever, that contented unison.
I reiterate,
this exposition also is a personificatio
States participating in the exercises. A parade, in which the American doctrine of defending at all times our National honor, n of
and
the thirteen States were represented featured the celebration, hero I am reminded of the noble words expressed by the great orator Cicero,
who said:
which included the dedication of the New York and Con- "But that you may be more earnest in the defense
of your country, know
necticut buildings by the respective Governors of those from me that a certain place in Heaven is assigned to all who have preserved,
States. Mayor Kendrick of Philadelphia, President of the or assisted, or improved their country, where they are to enjoy an endless
For there is nothLig
Sesqui-Centennial Exposition Association, in his dedication duration of happiness. Supreme Deity, who which takes place on earth
more acceptable to the
governs all
address said that "primarily and necessarily this exposition those councils and assemblies of men, bound together bythis world, than
Law, which are
termed States: the founders and preservers of those come from Heaven and
is a peace offering to the world, because as the city in which thither
do they return."

this flag was made and adopted, where the Declaration of
In its account of the dedication of the buildings of New
Independence was signed and the Constitution of the
York State and Connecticut, the Philadelphia "Ledger"
United States ratified, it was the first to spread the gospel
said in part:
of peace on earth, good-will to men. The Mayor's address,
The New York State and the Connecticut State buildings were
dedicated
as given in the Philadelphia "Inquirer" follows:
yesterday at the SesquI In the presence of the two State Governors, their
Distinguished Guests—My Fellow Citizens:
Two weeks ago, standing in this Stadium, in the presence of two members
of the Cabinet of the President of the United States, distinguished foreign
diplomats and representatives. Americans prominent in many
walks of
national life and before the great concourse of my fellow-citizens.
I officially
opened the Sesqui-Centennial International Exposition, celebrating one
hundred and fifty years of our independence.
To-day and now, in your presence, I formally dedicate this great exposition and, speaking for more than two million Philadelphians, present it to
the people of the United States and of the world, because, after all, this
great display of the world's goods, this moving picture of world development, this great portrait of achievement, is the handiwork of the peoples
of the world. and Philadelphians sae acting as host to their brother men
from every part of the earth.
Here to-day are present or represented the Governors of the thirteen
original States. These men come from the Commonwealths which one




staffs and Mayor Kendrick. At the same time the Pennsylvania
State
building, previously dedicated, threw open its doors to the public.
Mount
Vernon House also was dedicated.
The Connecticut State building was dedicated at 10
o'clock in the morning. Grouped about the front of the nearly completed structure
were the
State dignitaries and giving a colorful background
were two companies of
the Governor's Foot Guards, garbed In their ancient costume
of blue,
scarlet and buff, surmounted by huge, furry black busbies.
Pledges of closer harmony and friendship between the two States were
exchanged by Governor Trumbull and Mayor Kendrick after the flag was
pulled aloft by Miss Katherine Byrne. of Putnam. The State
flag WAS
raised by Mrs. Clarence H. Wickham. The Rev. Sherrod Saute, clad in
the uniform of the Putnam Phalanx, pronounced the invocation.
In his address Governor Trumbull declared that Connecticut Day
might
be celebrated some time in October. The exercises began with reading of a
report of the Building Committee by Ernest E. Rogers. Connecticut State
Treasurer.

JUNE 191926.]

THE CHRONICLE

Shortly after these ceremonies. Governor Smith, of New York, accompanied by his family and State dignitaries, thrust a shiny spade into the
ground where will rise the official building of his State. An exchange of
compliments followed between the Governor and Mayor Kendrick.
New York will be represented by two bnildings. The ceremonies yesterday took place on the site of the Federal Building, which will be a reproduction of the old Federal Building which stood on the site now occupied by
the Sub-Treasury Building at Broad and Wall streets. The other building,
still to arise, will be a reproduction of Washington's headquarters at
Newburgh-on-the-Hudson.
The buildings will be in readiness for exhibits by July 5, It was said.
Mount Vernon House, headquarters of the Y. W.0. A.,a reproduction of
George Washington's Mount Vernon home, was dedicated at 5 p. m. The
Rev. Dr. Floyd Tomkins pronounced the invocation. Mrs. Charles P.
Hendricks. Chairman of the Property Committee, turned over the key of
the building to Mrs. Harry L. Cassard, President of the Association.
She in turn turned over the building to Mrs. George H.Earle, Chairman of
the Sesqui-Centennial Committee of that organization.

According to the New York "Times," the other Governors
present besides Governor Smith were Gifford Pinchot of
Pennsylvania, Robert P. Robinson of Delaware, A. Harry
Moore of New Jersey, Thomas G.McLeod of South Carolina,
Angus W. McLean of North Carolina, Albert C. Ritchie of
Maryland, Harry Flood Byrd of Virginia and John H.
Trumbull of Connecticut. The "Times" added:
Of the 13 original States Massachusets was represented by Lieut.- Gov.
Frank G. Allen: New Hampshire by Secretary of State Robert Pillsbury;
Rhode Island by Secretary of State Charles Dean Kimball,and Georgia
by Adj.-Gen. Cox.
After the dedication of the New York State buildings in the morning
the visiting Governors were entertained at luncheon at the Union League
Club, At 2 o'clock in the afternoon the head of the parading column
passed in review before the officials on the steps of the club.

3415

as many riders as the electric lines. There is no indication that the electric
lines are going to be seriously affected in urban centers by the bus. There
is every indication that the electric railways will continue to use the bus
as a very helpful supplemental agency.

Annual Convention of New York State Bankers
Association at Chateau Frontenac June 21-23.
The New York State Bankers Association will hold its
forty-third annual convention at the Chateau Frontena.e,
Quebec, next week, June 21 to 23: A special train, carrying
a large delegation of bankers left the Grand Central Terminal
yesterday afternoon (June 18), for the Quebec Meeting,
The speakers at the convention will include William C.
Redfield, former Secretary of Commerce; Colonel William J.
Donovan, Assistant to the Attorney-General of the United
States; William J. Burns; Major-General William M.
Haskell, commander of the New York National Guard;
Sir Arthur William Curry of McGill University; H. V.
Kaltenborn of the Brooklyn "Daily Eagle;" Jason Westerfield of the New York Stock Exchange; Ferdinand Pecora,
Assistant District Attorney of New York; J. F. Atterbury,
Stewart F. Hancock, A. W. Stover and Walter Gordon
Merritt.

Committee of Savings Banks Association of New York
Discusses Reserve Savings Bank.
A committee of the Savings Banks Association of the State
of New York, at a luncheon at the Hotel Commodore, this
The opening of the exposition was referred to in these city, on June 17 discussed the question of forming a reserve
savings bank. The proposed organization would act for
columns June 5, page 3161.
the New York Savings Bank much as the Land Bank of
Bus Adding to Transportation Service—Not Replacing the State of New York acts for savings and loan associations.
Electric Car, Survey Shows.
It is the hope of the committee that its report will be available
Buses are increasing the local transportation service before the next convention of the association.
throughout the United States, but not supplanting electric
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
railway cars in any marked degree, a national survey just
The New York Stock Exchange membership of Joseph
Electric Railway Association
completed by the American
S. Bunting was reported posted for transfer this week to
shows, Lucius S. Storrs, managing director, declared in a William V. Couchman, the consideration being stated as
statement, as follows, issued June 7:
$155,000, the highest at which a membership has ever
The erroneous impression that the bus is supplanting the electric car
above the previous high record. The
widely is doubtless duo in part to the failure of editorial writers and others sold, and $5,000
to give details regarding the size of rail operations abandoned.
last previous transfer was for $149,000.

For instance when it recently was proposed to substitute buses for cars
carrying about 2% of New York City's surface riders, many newspapers
The New York Curb Market membership of James S.
hailed the suggestion as meaning the passing of the trolley in New York.
Minnagh, deceased, was reported sold this week to Michael
Of course this was ridiculous. Trolleys are carrying one-third of all New
York riders. Subways carry most of the rest. A special dispatch to a J. McCann, the consideration being stated as $31,000.
New York paper, the other day, told how buses had been substituted for The last preceding sale was at $30,000.
—•_—_
cars on a Brownsville. Texas, line. The story did not tell that the abandoned property consisted of only two miles of track and two cars.
In an item in our issue of Saturday last (page 3298)
, The bus is finding its place in serving as a supplemental carrier to the
electric and steam car. It cannot carry large numbers of persons as cheaply regarding the reported acquisition of control of the Bronx
or quickly in congested centers as the electric car. Where passengers are Borough Bank by the Bank of the Manhattan Co., we
few and scattered, the bus can give a service, even though uneconomical.
inadvertently, in the beginning of the item, stated that
that otherwise would not be possible.
In attempting to handle mass transportation, the bus adds to traffic the Bronx National Bank was the institution concerned.
congestion, provides slower transportation Ind increases the fares. This The fact that the Bronx Borough Bank was the institution
has been proved repeatedly where cities have attempted to substitute
have been named was palpable in the main
buses for trolley service. Such tests have been made in half a dozen cities which should
affiliaof more than 50.000 populstion. All have gladly rett rned to trolley service. part of the item. The Bronx National Bank has no
These cities include Des Moines, Akron, Saginaw, Mich., Bridgeport and tion whatsoever with the Bank of the Manhattan Co. or
others. The fact that no city of over 50.000 in the world today is being
Bank.
served exclusively by buses proves the necessity for the street car. More the Bronx Borough
than 300 electric railway companies are utilizing the bus in the place where
The Bank of the Manhattan Co. of New Yak, which
it belongs—that of giving supplemental service. Routes operated embrace
more than 12.250 miles, with some 6.000 buses. Most of this service is plans to acquire control of the Greenpoint National Bank
over new routes.
and the Bronx Borough Bank, as indicated in our issues
Since 1915 buses have supplanted only about 2.000 miles of track, mostly
3298, respectively,
in sparsely settled sections. During this same period electric railways of June 5, page 3167, and June 12, page
alone have added, by bus and rail, more than 15.000 miles of service. is contemplating an incresae in capital from $10,000,000
Their total combined service to-day is almost 60.000 nines.
incident to the absorption of the two banks
More new electric railway track has been built in the last ten years than to $10,700,000,
has been abandoned. However, since most of the abandonments have indicated. Of the new stock of the Bank of the Manhattan
been of branch lines, statistics on the number of passenger electric cam Co., $300,000 will be issued to take care of the stockholders
now in use in comparison with former years is a fairer test of the popularity
of the Greenpoint National Bank; the Bank of the Manof electric railway service.
There are 2,658 more closed electric cars in regular daily use to-day than hattan Co. plans to issue three shares of the increased stock
there were in 1919. For instance, Los Angeles alone has 671 more cars
and pay $50 to the stockholders of the Greenpoint National
in regular service than it had in 1919. Detroit 446, Chicago 425, Pittsburgh 175, Zt. Louis 155, Milwaukee 114, Indianapolis 67, Washington 56, Bank for each share. David E. Freudenberger, President
Houston 55, Birmingham 45 and Dallas 31. The total dIscontinuance:3 of the Greenpoint National Bank of Brooklyn, in his letter
have been scattered through about 60 small towns. They occurred in
stockholders in connection with the absorption, states
such places as Albany, Ga., Streator. Ill., Iola, Kans., Hattiesburg, Miss., to
Nelsonville, Ohio, Lykens, Pa., and Waupaca, Wisconsin. The average that the Bank of the Manhattan Co. expects to "further
was the operation of seven street cars to a rown. Generally speaking, increase its stock by $400,000, or 8,000 shares of $50 par
street car service never should have been started in these small cities and
with the acquisition of more than
would not have been if buses were available when the rails were laid. Many value, in connection
two-thirds of the outstanding stock of another bank."
towns too small to support an electric line finds the bus very useful.
_•___
"The bus has been responsible for the abandonment of comparatively
little electric railway trackage," "Bus Transportation," a leading bus
Herbert Turrell and Byard W. Bennett, Treasurer and
magazine says in discussing a survey of abandonments. "In some instances Assistant Treasurer, respectively, of the Oxzyn Company of
the survey showed that a considerable period of time elapsed between the
suspension of rail service and the inception of bus service. Thus it appears New York, have been elected directors of the Century Bank
that the bus was brought in to fill a transportation need created by the of New York. Mr. Bennett was also elected Vice-President
railway suspension and was not itself the cause of that suspension. In
of The Century Bank.
cases where the railways themselves undertook bus operation along routes
formerly served by their cars, there was no gap between the ending of one
Kingsley Kunhardt was on June 17 was appointed Investservice and the beginning of another. In the great majority of these cases,
too, economic factors were the reason for replacement."
ment Trust Officer of the Guaranty Trust Co. of New York
Electric railways during the last year carried approximately 16 billion
Board of Directors.
passengers, or about 43 million a day. At best all of the buses, including by the
the 6,000 run by electric railway companies, probably carried one-eighth




3416

TilE CHRONICLE

[vol.. 122.

The National City Bank of New York announced on June National will be increased by
seven, including six of the
16, the appointment of Charles L. Getz as Assistant Cashier. present directors of the
Third National Bank, to form the
board of the enlarged institution. As regards the banking
The Bank of Washington Heights will establish on July 1
quarters of the institutions, the main office of the Corn
a branch at 4056 Broadway at the Southeast Corner of 171st
St. & Broadway. The bank is located at 1915 Amsterdam Exchange National Bank at Second and Chestnut Streets
will be continued, it is understood, as will the central city
Avenue at 155th St. It also has an office at 181st Street
office at 1510-1512 Chestnut Street, while the present headnear St. Nicholas Avenue.
quarters of the Third National Bank at Broad and Market
The Union Square Savings Bank of this city announces Streets will be abandoned. Announcement was made, acthe election of Charles R. Voorhees of the real estate firm cording to the Philadelphia"Ledger" of yesterday, June 18,
of Cammann & Voorhees asa member of the board of trustees. that no plan for disposing of the Third National Bank Building had yet been considered. The building, it was said,
The Citizens Bank of Brook-lyn has been authorized by the was carried on the books of the Third National Bank at a
State Banking Commission to begin business. The bank value of $1,300,000.
will open on Monday next, June 21; it is located at 80
A proposed union of the Land Title & Trust Co. of
Jamaica Ave., corner of Pennsylvania Ave. The new inPhiladelphia and the West End Trust Co. of that city
stitution is headed by Frederick J. Heidenreich, President
of the Guaranteed Title & Mortgage Co. On March 20, has been abandoned, according to the Philadelphia "Ledger"
page 1565, we announced the organization of this bank, of June 15, which said:
Reported plans
with a capital of $200,000 and a surplus of $100,000. Presi- West End Trust for a merger of the Land Title & Trust Co. with the
Co. will not be carried through, William R.
dent Heidenreich, will have as his associates in the manage- President of the Land Title Co., announced yesterday followingNicholson,
a meeting
ment, the following: Carl S. Heidenreich, Henry M. Feist, of the bank's directors. The merger, if carried through, would have
created a bank with resources of more than $66,261,050, the Land Title
and John J'. Smith, Vice-Presidents, and George L. Porter, at present having resources of $42,427,869 and
the West End Company
Cashier.
$23.833.181. J. Willison Smith is President of the latter company.
The Union National Bank of Carnegie, Pa. (newly
organized) will begin business to-day (June 19). The
charter was granted by the Comptroller of the Currency
on May 26. The officers are: F. 0. Reed, PresidentDr. I. B. Reed, Vice-President, and Bente S. Luce, the
Cashier. In our issue of May 29, page 3041, we indicated
that application had been made for permission to organize
the bank. It has a capital of $100,000 and surplus of
From the New York "Sun" of last night (June 18) we take $25,000.
the following Buffalo advices:
J. H. Duncan, Vice-Preside- nt and Secretary of the Title
•Manufacturers & Traders Trust Co. of Buffalo has acquired control of
the stock of the National Exchange Bank of Lockport, N. Y. The Lock- Guarantee & Trust Co. of Baltimore, was elected President
port institution has a capital, surplus and undivided profits of $800,000, and
a director of the Old Town National Bank of that
and total resources of $7,500.000. It. was established in 1844 and has
been controlled by capital in Hartford, Conn. Plans are being made to city on June 16, to succeed Henry 0. Redue, who was made
convert the bank into a trust company.
Chairman of the Board of Directors, according to the Baltimore "Sun" of June 16. Mr. Duncan will assume the
Col. H. Martin Brown, Vice-Chairman of the board of Presidency of the Old Town National
Bank on July 1, when
directors of the Industrial Trust Co. of Providence, and for- he will sever his connection
with the Title Guarantee &
mer President for twelve years of that institution, died Trust Co. He will be
succeeded as Secretary of the latter
on June 9 after a prolonged illness. He was in his 77th year. insitution, it is said, by Alexander
Kinniard, now Assistant
Brown was born in Bolton, Conn., but went to Provi- Secretary of the company.
Col.
dence nearly fifty years ago when he entered into partnership
•
At the annual dinner meeting of the Savings Association with his brother, D. Russell Brown (afterwards Governor
of Rhode Island) and Charles H. Child, in the firm of Brown of Loop Banks in Chicago on June 10, F. G. Murbach,
Bros. & Co., dealers in mill supplies, which later was incor- Assistant Cashier and Manager of the savings department
porated under the name of Brown Brothers Company. of the Union Trust Co., Chicago, was elected President for
Col. Brown was Secretary of the organization until 1899; the ensuing year.
when he resigned to become Treasurer and GeneralManager
According to the Chicago "Journal of Commerce" of
of the United States Bobbin & Shuttle Co. In 1912 he retired from the company in order to become President of the June 12, the Liberty Trust & Savings Bank of that city,
Industrial Trust Co., of which he had been a Vice-President following its general policy of making promotions from the
for many years. He served as President until January 1924, inside, announced the election of three new Vice-Presidents
when he refused re-election and thereupon was made Vice- as follows: Benjamin Levison, formerly Trust Officer,
Chairman of the board of directors, the position he held at was made Vice-President and Trust Officer Harry Wiersema,
heretofore Cashier, was elected Vice-President and Cashier,
the time of his death.
while Milton Rosenthal, formerly an Assistant Cashier,
Philadelphia's third large bank consolidation so far for was made a Vice-President.
the year was virtually effected on Thursday of this week,
At a meeting of the director- s of the Chicago Title & Trust
June 17, when the respective directors of the Corn Exchange
Co. on June 9, $1,000,000 was transferred from undivided
National Bank and the Third National Bank agreed upon
a plan to merge the institutions, bringing to a close negotia- profits account to surplus account. At the same time the
tions that had been under way for more than a month. directors declared the regular quarterly dividend of 4% and
o
Meetings of the stockholders of the banks have been.called an extra dividend of 2 g in cash to be paid on July 1 to
for July 27 to approve or disapprove the proposed consoli- stockholders of record at the close of business on June 19.
dation. Under the terms of the agreement reached on
The staff of the bond depa-rtment of the Lit erty BanIr &
Thursday by the directors of the two banks, one share of Trust Co. of Savannah,
Ga., has 1 een recently augmented
Corn Exchange National Bank stock will be given for each
y the addition of Davis Freeman, Jr., to the sales force
two shares of Third National stock. In addition Third Na- and Elton
E. Wright to the accounting department. Mr.
tional Bank shareholders will receive $45 a share in cash. Freeman was formerly
with the sales force of the Citizens &
The consolidated bank will be entitled the Corn Exchange Southern Co., and
Mr. Wright has had consideral le experiNational Bank of Philadelphia. It will be capitalized at ence in local financial institutions.
$2,700,000 with surplus and undivided profits of $8,130,000,
Its deposits will total about $75,000,000 and its resources
The "Quarter Century Clu- b" of the Hibernia Bank &
will approximate $88,000,000. Charles S. Caldwell, Presi- Trust Co. of New Orleans, was inaugurated
June 8, when
dent of the Corn Exchange National Bank, will continue R.S.Hecht, President of that institution,
made the personal
as head of the new institution, while Lewis R. Dick, Presi- presentation of emblems to those officers
and employees who
dent of the Third National Bank, will be made a Vice-Presi- have been at the Hibernia for twenty-five
years or more.
dent. Some of the other officers of the Third National Bank Mr. Hecht said:
When an employee has been with an institution as
will also be given places on the official staff of the new bank,
.
long as you gentlemen
4 18 said. The present directorate of the Corn Exchange have,it is up to that institution to indicate its appreciation and loyallty not
only by usual and normal means but by something extraordinary. So we
The Clinton Trust Co. of Newark, N. J., intends to increase its capital stock from $400,000 to $500,000, and its
surplus from $200,000 to $350,000. Recommendations to
bring about this increase will be voted on at a stockholders'
meeting on June 24. If the proposal is approved, the new
stock will be offered at $250 a share to holders of record
as of June 24.




have felt that we should establish the Quarter Century Club, membership
In which shall be signified by these gold buttons.

Mr. Hecht presented a special pin to John W. Read,
Manager of the St. Charles Avenue Branch who entered the
Hibernia Bank on Jan. 1 1874-fifty-two years ago, and
expressed a desire that twenty-five years from now someone
also whould present all the other members of the Club with
-"And in
a button similar to the one received by Mr. Read,
five years,he continued,some one may present me with one
of your Quarter Century buttons."
The Banca Italo Britanica, with head office at Milan,
Italy, has cabled its correspondents, Lee, Higginson & Co.
that the name of that bank has, by special decree, been
added to the list of seven banks which alone are permitted
to negotiate foreign exchanges. This bank is connected with
the British Italian Banking Corp. in London and holds a
leading place in the financing of Italy's foreign trade.

were less than halfthe remarkable absorption of 1924-25,which was74crores.
The net imports of silver during the past five years were very uniform
(15-18-18-20-17, respectively), averaging 17.6 crores per annum. The
Southern Rhodesian gold output for April 1926 amounted to 51.928 ounces,
as compared with 46,902 ounces for March 1926 and 47,386 ounces for
April 1925.
SILVER.
The market has been very quiet and supplies have been rather sluggish
in forthcoming. Hence prices have not shown much tendency to move.
Indeed, the cash price remained at 30 1-16d. for the five days preceding
to-day, when a slight advance of I-16d. was recorded. We have to go back
about 28 months before such a stagnation involving five days unchanged
spot quotations took place. Both spot and forward prices have been
identical during the week, except on Saturday, when forward silver commanded I-16d. premium. The steadiness was occasioned by bear covering,
mostly from India. There have been moderate sales from China. America
and the Continent have not been active. United Kingdom imports and
exports of silver during the week ending the 26th ult. were:
Exports.
Imports.
£32,300
£176,590 Hungary
U. S. A
453,894
59,027 British India
Mexico
1,915
Anglo-Egyptian Sudan_ _ _ _ 50,000 Other countries
5,190
Other countries

THE CURB MARKET.
Trading in the Curb Market was more active and there
was a stronger turn to prices about the middle of the week.
There was a slight reaction thereafter and considerable
irregularity but the undertone was firm. Oil shares were the
centre of activity with the South American oils the leaders.
American Maracaibo Oil sold up from 6 to 734 and closed at
6%. Carib Syndicate gained almost two points to 1634 and
3
reacted finally to 15%. Creole Syndicate advanced from
1134 to 133 and finished to-day at 13. Gulf Oil ran up
from 85% to 88 and closed to-day at 8734. Standard Oil
shares were also active. Chesebrough Mfg. improved from
6934 to 7134. Galena-Signal Oil common moved up from
17 to 2034 and ends the week at 20. Humble Oil sold up at
first from 64% to 6634 but dropped to-day to 633. Standard Oil (Kentucky) gained over two points to 12234 and sold
finally at 122. A feature among the utility issues was an
advance in American Light & Traction common from 209
to 238, with a final reaction to 220. American Gas & Electric common rose from 80 to 84% and reacted finally to 8134.
Among Industrials, Foundation Co., foreign shares, sold up
,
over 234 points to 20%, the close to-day being at 1954.
Consolidated Laundries was up from 2234 to 2534, the final
figure to-day being 25. Continental Baking, class A, lost
about four points to 763/8, recovered to 7834 and closed to-day
at 78.
A complete record of Curb Market transactions for the
week will be found on page 3445.

Total

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

173.135
181,460
115,880
107,540
121.570
154,800

55,565
118.640
102,526
169,060
248,640
131,100

Total

854.385

825,531

27,800
74,500
87,600
71.300
65.210
49,800

£488,109

Total

COURSE OF BANK CLEARINGS.
Bank clearings the present week will show a small increase
compared with a year ago. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ending to-day
(Saturday, June 19) bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns' will aggregate 1.4% more than in the corresponding
week last year. The total stands at $10,346,438,935,
against $10,207,671,658 for the same week in 1925. At
this centre there is a decrease for the five days of 2.5%.
Our comparative summary for the week is as follows:
-Returns by Telegraph.
Clearings
Week Ended June 19.

Mining. Domestic. Porn GM

§§§n§

OB.

bawaotam
.commoollo

Ind.&Mts.

£290,807

INDIAN CURRENCY RETURNS.
1
8
kazi12.
May 15.
May 7.
/n Lacs of Rupees18516
18492
Notes in circulation
8,537
8472
8449
Silver coin and bullion in India
___ _
Silver coin and bullion out of India
H5i
.
H2
2232
Gold coin and bullion in India
____
- ___
Gold coin and bullion out of India
5713
5712
5711
Securities(Indian Government)
2100
2100
2100
Securities(British Government)
No silver coinage was reported during the week ending the 22d ult.
The stock in Shanghai on the 29th ult.consisted of about 58.800,000 ounces
In sycee, $60,800.000 and 8,180 silver bars, as compared with about 58,300.000 ounces in sycee, $64.000.000 and 8,830 silver bars on the 22d idem.
Quotations during the week:
-Bar Silver per or. std.- Bar Gold
.
per or. Fine.
Two Mos.
Cash.
84s. 11 )ici.
301-188.
301-154.
May 27
845. 11%d:
301-188.
30 1-16d.
May 28
84s. 11)4d.
30Hd.
301-188.
May 29
84s. 11)0.
301-188.
301-188.
May 31
84s. 11 Md.
30 1-188.
30 1-164.
June 1
84s. 110.
30Hd.
30Hd.
June 2
845. 11.54.
30.083d.
30.072d.
Average
The silver quotations to-day for cash and two months' delivery are each
3-16d. above those fixed a week ago.

DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
•
BONDS (Par Value).
STOCKS(No. Shares).
Week Ending June 18.

3417

THE CHRONICLE

JUNE 19 1926.1

8257,000
632,000
754,000
486,000
711,000
221,000

376.210 87.220.000 $3.061,000

THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
June 2 1925:

1926.

1925.

Per
Cent.

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

$4,803,000,000 $4,926,626.801
599,886,088
598.118,342
547.000,000
510,000,000
368,000,000
384,000,000
118,775,747
128,412,558
143,000,000
141,400,000
150,994,000
174,708,000
130,000,000
154,187,000
154,299,514
153,799,315
165,327.723
176,810,631
117,910,573
117,119,671
115,620,523
117,526,452
55,503,839
56,934,492

-2.5
-0.3
-6.8
+4.3
+8.1
-1.1
+15.7
+18.6
-0.3
+6.9
-0.7
+1.7
+2.6

Total 13 cities, 5 days
Other cities, 5 days

$7,516.014,461
1.106,017,985

$7,592,944,808
1.077.831,420

-1.0
+2.8

-0.6
88,622,032,446 88,670,776,228
Total all cities, 5 days
1,536,895,430 +12.2
1,724,406,489
All cities, I day
GOLD.
+1.4
The Bank of England gold reserve against notes on the 26th ult. amounted
$10,346,438,935 $10,207,671,658
Total all cities for week
to £147,826,815. as compared with £147,711,785 on the previous Wednesday. The £50,000 gold available in the open market this week was abComplete and exact details for the week covered by the
sorbed by the trade and India. The following movements of gold to and
foregoing will appear in our issue of next week. We cannot
England have been announced since our last issue:
from the Bank of
May 27. May 28. May 29. May 31. June 1. June 2. furnish them to-day, inasmuch as the week ends to-day
Nil
Nil
Nil
Nil
Nil
Nil
Received
Nil £15,000 £46.000 £56,000 (Saturday), and the Saturday figures will not be available
£87,000 £17,000
Withdrawn
The destinations of the £149,000 sovereigns included in the withdrawals until noon to-day. Accordingly, in the above the last day
mentioned above were as follows: £62,000 to Egypt, £20.000 to Argentina, of the week has in all cases had to be estimated.
£34,000 to Holland, E16,000 to Spain, £6,000 to Brazil and £12,000 to India.
In the elaborate detailed statement, however, which we
- The withdrawal during the week under review amounted to £221,000,
decreasing the net influx since Jan. 1 to £4,479,000. The net efflux since present further below, we are able to give final and complete
the resumption of an effective gold standard now stands at £7,116,000. results for the previous week-the week ended June 12. For
United Kingdom imports and exports of gold during the week ending the
that week there is an increase of 3.7%, the 1926 aggregate
26th ult. were:
Exports.
Imports.
of the clearings being $9,460,370,568 and the 1925 aggregate
Russia
£31,172
£1,057,000
British West Africa
277,665 Netherlands
17,253 $9,121,383,789. Outside of New York City the increase
British South Africa
2,456 British India
71,000
Other countries
at this centre having recorded
Other countries
4,114 is 10.3%, the bank exchanges

£311,293

Total
E1,149,367
Total
The Exchange Telegraph Co. telegraphed from Ottawa on the Monday
Minister of Finance had announced in the House of Commons that
that the
afternoon that Canada would return to a gold standard on July 1. The
official returns of India's trade during the financial year 1925-26 evidence
afresh the prosperity of that Empire. Exports of merchandise valued in
rupees (385 crores) exceed imports (224 crores) by 161 crores, as compared
with an average pre-war excess of 78 crores. Against this large total
gold, 17 silver), as compared with the
52 crores were taken in treasure (35
pre-war average of 36 crores (29 gold and 7silver). The gold net imports




a gain of only 2.3%. We group the cities now according
to the Federal Reserve districts in which they are located,
and from this it appears that in the Boston Reserve district
there is an improvement of 18.2%, but in the New York
Reserve district (including this city) of only 2.5%, while in
the Philadelphia Reserve district there is a falling off of
1.4%. In the Cleveland Reserve district the totals are
larger by 5.1% and in the Richmond Reserve district by

3418

THE CHRONICLE

8.2%, but in the Atlanta Reserve district the totals are
smaller by 4.3%. The Chicago Reserve district has an
increase of 4.1% and the Minneapolis Reserve district of
2.0%, while the St. Louis Reserve district has a slight
decrease, namely, only 0.4%. The Kansas City Reserve
district has a gain of 2.1%, the Dallas Reserve district of
13.3% and the San Francisco Reserve district of 11.5%.
In the following we furnish a summary by Federal Reserve
districts:

[VDT.. 122.
Week Ended June 12.

Clearings at
1926.

1925.

Inc.07
Dec

1924.

1923.

$
Seventh Feder al Reserve r istrict-C hi coo
Mich.
-Adrian..
305,489
287.788 +6.1
304,530
22'1,646
Ann Arbor__ _
1,243.963
1,0003,332 +23.
1
£61
3,001
776,879
Detroit,.
168,075.674 160,996,754 +4.4 133,860,105
143,929,957
GrandRapid-.
8,789,901
8,589,772 +1.4
7,825.334
8,424.180
Lansing
2,704.963
2,987182 -9.5
2,2 2 02/
,
2 031 000
Ind.
-Ft. ay ne
3,494,824
3,081 0
02 +13.4
2,619,582
2122.704
Indian ipolls_ _ _
24,472,000
17.949,000 +36.3
20 018 000
23,431 000
South Bend...3,162,100
3,129 000 +1.1
2,348 COO
2,677400
SUMMARY OF BANK CLEARINGS.
Ten e Haute
6.861,205
5,575,519 -1-230
5,412 483
5,518.315
Wis.-Milwaukee
46,055.881
41,046,166 +12.2
39.310,89f
39,089.015
Ia.-Ced. Rapid
2,567.8 0
6
2,708,552 -52
2.648.9(4 2,701 493
The or
Des Moine?
10,571.791
11,830,611 -10.7
Week Ended June 12 1926.
11.670 418
13,145,756
1928.
1925.
Sioux CitA'...
Dec.
1921.
1923.
7,401,678
7,091,843 +4.4
0,6V017
8,101,715
Weterloo
1,292,727
1,289,378 +0.3
Federal Reserve Districts.
1,749,632
1,571.462
$
$
111.-13l000,ing61
%
$
$
1,739,10
,
1,586,367 +9.6
let Boston
1,522.298
1,584,420
12 cities 517,392,86 437,733.188 +18.2 430.340,81 480,728,004
4
Chicago
723,763,906 103,401,133 +2.9 612,341.2ff
2nd New York
620.543,602
11
5,287,895,7715,141.016,170 +2.54.756.823.9214.167.521.428
Danville
a
a
3rd Philadelphia
a
a
10 "
a
563.229,855 571,150,851 -1.4 530,157.85 545 10 957
Decatur
,
1,506,701
1,579,871 -4.f
4th Cleveland
1,545.284
1,434,761
' 8 "
406,666,213 386,754,367 +5.1 352,933,441 402.353,173
Peon'
5,732,372
5,761,293 -0.5
6th Richmond
4.280.751
6 "
4,683.
219,038.822 202,347,311 +8.2 182,819,3
682
Rockford
187,710,503
3,451,323
2,970,378 +16.2
611, Atlanta
2,55512?
2.743,189
13 "
219,699,156 229,447,388 -4.3 175,794,541 168,429,1 qi
Sp.inglield__ _ _
2,939.933
2,975,812 -12
7th Chicago
2,592,432
2,476,54
3
20 " 1,026.133,912 935,844,343 +4.1 862,515,23 885,797,769
8th St. Louis
9 "
223,143,018 224,003,153 -0.4 204,814,721 72,306.650
T /tal(20 cities) 1.026,133,912 985,844243
9th Minneapolis
+4.1 862.545.238 885,977,769
7 "
131,695,723 129,044,838 +2.0 117,739,028 131,112.084
Eighth Federa 1 Reserve Dis trict-St. 1.e
UIs10th Kansas City
12 "
253,403,375 243,128,709 +2.1 224,310,469 237,640,872 Ini.-Evansville
5,916,811
6,781,701 -12.8
11th Dallas
5,207,33
(
5,310,05
5 "
74,349,828 65,629,292 +13.3 57,698,350 49.340,755
1.40 11 4_ _
,,
142100,000 142,800 000 -0.2 138,200 OOP
12th San Francisco__ _17 "
557,722,030 500,284.179 +11.5 457.214,8181 467,952,445 Ky.-'
35,814,15P
39,370,801 -9.0
32271.804
34.052,209
Owe laboro_
346.338
395.973 -12.5
Grand total
410,411
129 cities 9,460,370,568 9,121,383,789 +3.7 8,353,180,5957,996,001,780 Tenn.-Mem,his
391.437
22,541,371
19,042.874 +18.4
Outside New York City
16.416,85'
20.093.189
4 519,052,178 4,096,531.497 +10.3 3,700.886,92313,745,546.363 Ark.
-Little Rocl
14,016.912
13,320.066 +5.2
10,493,761
10.696.547
I11.-Jacksonville
433,974
370,59' +17.1
nurituta
00 oftlaa 1 72 (111 7 nto ,na nal nci, -1-/1 2 2v n .1, otr•el 21 2 Ale.
,
,
310.444
338 319
27
newt
Quincy
1,473,448
1,
421,10' 23.1
1,504067
1.424.199
Total(8 cities)
223,143,018 224,003.153 We now add our detailed statement, showing last week's
0.4 204,841,722
72.306.650
Ninth Feder
Reserv.: ufs trict -Minn envoi Minn.
figures for each city separately, for the four years:
-Duluth_
.09.917
16,589.72' 32.4
9.032,649,572.389
Minneapolis_ _
81.229,218
75,178,444
69,586,911
+80
75,
639,151
St. Paul
31,313.749
31,472 217
33,201,41
'
38,854.589
N. D.
-Fargo..
1,955,262
1,689,060 +15.7
Week Ended June 12.
1.501,8"
2.1(18 096
S.D.- P
een
Clearings at
1..0,
1.46.1,,987
+8.6
1,261,19'
1,454,121
Mont.-Billinrs
634,4
4*11 21
Inc. or
-I-• .9
619.1*
477.403
He1ena
2,85121
19211.
3 019,116 -S.f
1925.
Dec.
1924.
2,535,77.
2.925,735
1923.
Tctal(7 cities)
111,695,
129 044 81
+2 (' 117,739.02
131,112.084
Teeth Feelers Reserve If
First Federal Reserve Dist rict-Prston
I t Kar is Cit7
Neb.-Fremont
Me -Bangor.._
6593,41
858.705
454 97( +30
794,457 +8.1
881.595
517,37
609,401
770 058
Hastings
Portland
367,61
3,885,499
680 Of
- (
3.475.297 +11.8
46
2,772.657
558,21
3,309,932
510.970
Lin(oin
-Boston.. 460,000,000 384 000.000 +19.8 382,000
Mass.
5,572,44
5.254 52
,
+8 A
4,771.1
9
000 429,000 000
4,424.830
Omaha
Fall River_ _
40,941,11
43,910 61, - .f
1,999,927
2,360.878 -15.3
38.522,71'
1,855,161
44,354.414
2.323.486 Kan.-Topeka._
Holyoke
d3,649,51
4,047 4"
a
-9.f
a
3.023,14
a
3.037.990
a
Wichita
Lowell
8,195,01
1;36,137
7,914 19
1,305,095 -5.3
+3.5
13.524 04
1,267,661
9 019.000
1,578,304 M1 -Woo. City. 133,133,7'
.
Lynn
a
128 893 10.
a
a
+3." 120,981.29
a
126122.217
a
St. Joseph_ _
New Bedford_ _
d8, 60,7
1.476.697
8 834 365 -2.1
1,592,293 -7.3
1,354,9(0
11,903.105
8469.384
1,883,746 Okut.-Okla.CU: &if:1,742,37
Springfield5,962,033
25 579.112 +20.:
5,430.108 +9.8
20,549,411
5279,358
19,031,189
5,288.402
Tulsa
Worcester
a
3,971.028
a
3102.653 +10.2
a
a
3,812,966
3,785 000 Colo.
-Col,Spas
-Hartford
Conn.
1,225,81
16.833.560
1,487.160 -17.
13,281.291 +26.7
0
1,313.259
11.616,771
1,287,699
11,706,579
Denver
New Haven__ _
19.075,0"
7,217,699
19,1,82,301 6,955.019 +4.5
3.1
19,102,818
6,793.88
4
19,165,983
7,124,231
Pueblo
-Providence
e1,246,44
R.I.
13,105,200
1.389.472 14,108,300 -7.1
10.6
990.316
11,427.800
908,125
13,0541 000
796,389
N.H.-M'chester
827,797 -3.8
778,005
852,2 6
1
Total(12 cities) 253.403.37
248,128.709 +2.1 224,310.489 237,640.872
Eleventh Fedi. ,al Reserv.
Total(12 cities) 517,392,864 437,733,188 +18.2
-De I as
strict
430,340,818 480,728,004 Texas- Austin__
2,100,10
1,885481 +11.
4
1,353151
1,735,708
Dallas
Second Feder al Reserve D :strict
44 219,12
41,804,185 +5.6
-New York
35,832.412
27,375.984
Fort Worth... d15.129,53
-Albany_ _
5,269,615
10,683 42( +41.(
N. Y.
6,103.714 -13.7
10,181.704
9,519.535
5,73411,185
6,166,840
Galveston
Binghamton_ _
7.501,001
1,141,591
6,039,800 +24.2
1,137 028 +0.4
5,527,917
5,843,919
982 026
1,319,500
Houston
Buffalo
a
a
52,028,572
48.338,477 +7.6
a
a
42,638,494
46,427.448 La.
-Shreveport_
5.4000'
Elmira
5216296
1,003.097
-r3.5
1,152.354 -13.0
4.800,658
5.065.809
851.387
• 918,717
Jamestown_
c1,471,423
1,522,765 -3.4
1,273,768
1,541
Total(5 cities)).456
74,349,82
New York_ _ _ 5,141.318.392 5,024,852,292 +2.3 4,652,293,675
65,629,292 +13.3
57,696,350
49,340,755
4,250,438.417
Twelfth Feder al Reserve I lstrict-San Franci
Rochester
14,338,600
co-15,434,132 -7.1
12.358,700
12.021 053 Wu/b.-SeattleSyracuse
68.805,08
43,385.704 +581
6,416,982
43,707,919
5,472,871 +17.2
40,658.189
5,07,518
4,747,426
Spokane
-Stamford
12,131,001
Conn.
11,300,000 +7.3
c4.585,425
11,524,000
4,587,535 -0.1
11,282,000
3,197,792
2,761.904
Tacoma
-Montclair
a
a
N. J.
1,080,973
a
a
766,634 +41.0
1,0
60.375
Yakima
694,317
1108,42)
Northern N. J.
1,536,548 +4.7
39,141,053
1,151,327
31,648,318 +23.7
1.211,324
1
31,273,963
Ore.
40,476,432
-Portland
42,239,191
42,559,142 -0.8
36,663,214
37,017,809
Utah-S.L. City
16,902.321
Total(11 cities) 5,267,895,771 5,141,016.170 +2.5
15,807,262 +6.9
14,955,904
14.699,533
4,756,823,921 4,367,521,420 Nev.-Reno
a
a
a
a
a
A ris.-Phoenix
a
a
Third Federal Reserve Dist rict-Ph ilad elphia
a
a
a
Cal.-Fremo
3232,48/
-Altoona__ _ _
2849,796 +31.0
Pa.
3,485,763
1,7743,100
3,854.157
1,635,904 +8.6
1.398.731
Lon; B666h_
1,668,544
6,489,24/
6,637,37:
1
Bethlehem
+0.8
7,1'0,134
4,040,8843
8,509.700
4,392,676 -8.0
3.927.222
Los 3, ngeles_ _ _ 178,932,000 157,895,000 +12.3
6,238.159
Chester
137.347.000 145.125,000
1,356,295
1201,549 -20.3
Oakian
1.279.100
1,502.842
20,383,421
20,805,072 -2.0
Lancaster
1,,,783.747
2,638,710
2.856,765 -7.6
16,348,080
3 00 /.298
1
Pasadena-3,383.178
6,524 511
6,238,048 +4.1
Philadelphia.... 532.000 000 539.000,000
5,313,910
5.445.352
-1.3 500 000 000 513 000 000
Sacramen o.
d8.254 540
7,943.821
+3.9
Reading
7,457.542
4,264.232
6,740.475
3,741.441 +14.0
San Diego-3.461,170
3,824,235
6,479 0 1
6,183,470 +4 8
Scranton
4,710.927
6,137,517
4,543.364
6,498,778 -5.6
San Francisco. 175,096.000 168,797,000 +3.7 159 000 000
5,787.512
5,710,198
Wilkes-Barre
d3,933,979
1641.290,000
3236,620 +5.3
3.908 044
San lose
3,333.626
2,885.127
2,316,991 +24.5
York
2.072,459
1,808,150
2,223.738
1.821,270 -0.8
1,818.984
Santa Barbara.
1,930./02
1,594.811
1,265,427 +26.0
-Trenton_ _
1,214,431
N.J.
1,374,824
5,274,137
5,765,848 -8.6
Santa Monica_
2,799,841
5,455,073
4,629,138
2,159,720 +29.6
2.256.840
Del.-Wliming'n.
a
a
a
a
c2,663,800
Stockton
a
2.602,900 +2.3
2,359100
2.718.900
Total(10 cities) 563,229,856 571,150,851 -1.4
530.157,852 545,108,957
Total(17 cities) 557,722,030 500,284,17' +11.5 457,214.818 467,952,445
Gram' total (139
Fourth Feder al Reserve D strict-Cl.' veland
9.460.370,568 9,121,383,779 +3.7 8,353,180,591
/WV
-Akron- _
Ohio
P.996,001,780
d5.821,000
5.912 000 -1.5
7.279.000
7,569 000
Canton
4,723,335
4,780.474 -1.2
4,908.870
6,204 076 Outside N.Y.__ 1.519,052,178 4.096.531,497 +10.3 3.700.8811.920 3 745.546.363
Cincinnati _
72.736,7511
72.455.403 +0.4
1O3284
71.624.405
Cleveland
121,527,545 117.361,113 +3.5 103.948,747 129,683.601
Columbus
18.134,300
Week Ended June 10.
16,705,900 +8.5
15,835,800
17,612,400
Dayton
a
Clearings as
a
a
a
a
Lima.
a
a
Inc. or
a
a
Mansfield
d2,037,56.2
2,033,959 -;(1.2
1925.
1926.
Dec.
1924.
1,809,063
2,076,789
1923.
_
Springfield
a
a
a
a
a
Toledo
a
Canada
a
6
a
$
a
%
$
$
Youngstown. 5,688,252
Montreal
4,865,920 +16.8
112,942.489
94,587,899 +19.4
4,824.090
94,480,321 107,686,184
5:02,946 Toronto
-Erie
Pa.
a
a
115,288,645
94,818,138 +21.1
a
94,100,320
a
97.142,
164
Pittsburgh-175,999,473 162,639,548 -r-8.2 153,265,422
Winnipeg
62,337,871
40,600.919 +531
162,580.056
48,115,754
42,719,102
Vancouver
17,869,613
15,529,504 +15.1
15,131,944
14,327,420
Total(8 cities). 406,666,213 388,754.367 +5.1
8,407,457
7,704,825 +9.1
352,923,441 402,383,173 Ottawa
7,264,08:
7,239,394
Quebec
6,257,220
6,926.304 -9.7
5,844.304
15,700,000
Fifth Federal Reserve Dist rict-Rlchm ondHalifax
3,358,705
3,233,415 +3.8
2,872.368
W.Va.-Hunt'g'n
3,146,831
1,733,744
Hamilton
1,775,170 -2.3
5.811,232
1,984,524
5,313,792 +9.4
2,132.209
5,205,613
Va.-Norfolk_
5,986,872
9,223.052
8.031,884 +14.8
6,723,144
7,138.492
5,858,820 +14.7
7,432.772 Calgary
6,371.181
Richmond
4,194,126
49,678,000
49,918,000
3,089,229
2,582,524 +19.8
51,648 000
49,785 000 St. John
3,621,761
-Charleston
2,673,257
S.C.
2.561,742
Victoria
2,952.814 -13.3
2,471,808
2,194,231 +12.6
2,578.3/0
2,753,264
2,082.761
Md.-Baltimore. 125,216,071 110,706,265
1,984,252
+13.1
2,602,174
3,149,986 -17.4
92,757.020 100.556.267 London
3,472,349
fl,,-Washing'n
3,304,411
30,626,213
28,963.173 +5.7
5,543,795
4,873,857 +13.7
26,888.000
25,050,991 Edmonton
3,987,065
4,369,216
Regina
5,667,212
3,655,772 +55.0
3,135239
3,185,763
Total(6 cities). 219,038,822 202,347,311
+82 182,819.396 187,710,503 Brandon
674,227
608,243 +10.8
475,417
530,282
Lethbridge
514.612
513.573 +0.2
469,036
627,667
Sixth Federal Reserve Dist rict-Atlan taSaskatoon
2,111,422
1,612,802 +30.9
1,589,952
Tenn.-Chatega
1,567,618
7,202,457
6,659.505 +8.1
1,336,324
6,084,527
943,717 +41.4*
6,303,001 Moose Jaw
1,036,945
962,464
Knoxville
4,133.280
3.207,209 +28.9
1,235,129
3,187,621
3,293.978 Brantford
1,110,776 +11.2
1,022,151
1,075,817
Nashville
23.554 088
23.520,696
+0.1
1,248,558
19,404.1/0
20.537,662 Fort William_
841,279 +48.4
941,413
837.975
Georgia-Atlanta
57.208.337
New Westminster
64,409,933 -11.2
52 05
6.1146
805,171
50.2163.166
747,331 +7.7
686,608
585,570
Augusta
1,965,621
2,025,986 -3.0
318,350
1,755,707
1,279,844 Medicine Hat
285,726 +11.4
312,074
255,986
Macon
Peterborough
2,117,740
1.630,849 +29.8
972,081
1.279.844
848.504 +14.6
823,708
804,812
Savannah
a
Sherbrooke _1,75.0
a
a
948,280
921,059 +2.9
779,013
909,846
28,032,577
26,217,887 -r-6.9
1,547,910
14,906.733
14;88,272 Kitchener
1,356,303 +14.1
1,286,995
1,108,968
Miami
Windsor
12,811,653
18,326,074
30 1
3.790,440
6,392,584
3.820,274 +67.3
3,359,183
4,288,545
Ala.-Birming'm.
23,124,919
25.412 067
24101,224
417.761
20 687 , Prince Albert._ _ _
334,097 +25.0
309,788
340,530
1.,, '343 Moncton
Mobile
49 4
2.154.141
2,214.103
2.7
1,041,855
1,8133,328
955,874 +9.0
771,659
1,111.018
Miss.
-Jackson_ _
1.485.000
1,125.000 +32.0
1,054,236
872,181
n
'914:486 Ki gston
852,206 +2.3
687,184*
696,132
Vicksburg
423.224
348,653 +21.4
381,212
280.279
La.-NewOrleans
55.486,119
Total(29 cities) 378 807 0
54,349,446
+2.1
45.488,654
47,179,476
62 3011.781.750 +23.4 310,136.704 319,412 722
Total(13 citle61 219.669,1M 229,447,388
a No longer report clearings b Do not respond
175,794.541 1038.429.148
to
ended June 9. d Week ended June 10. e Week ended equests for figures. c Week
June 11 • Estimated.




JUNE 191926.]

THE CHRONICLE

3419

THE WEEK ON THE NEW YORK STOCK EXCHANGE. feature of the day was
the advance of United States Steel
Speculative activity in the New York stock market common to 1393 , the highest level in its history. General
4
continued at a rapid pace the' present week, and hosts of Motors also was particularly conspicuous in the forward
new high records have been established in all parts of the movement.
Noteworthy among the more active stocks were the raillist. The outstanding features of the week were the specroad issues which were in strong demand at improving
prices.
tacular advance of United States Steel common to the Interest centred largely
around Reading, but there was alto
highest point in the history of the corporation, and the vigor- a brisk demand for Atlantic Coast Line
which advanced 4
ous and consistent forward movement of General Motors. points to 217. Louisville & Nashville closed with a net gain
Railroad stocks have shown considerable improvement and of 2% points and Nickel Plate and Wabash moved vigorously
except for one or two periods of recession oil shares have also forward to new levels. The market continued strong during
the forenoon on Friday, but the heavy realizing sales during
made substantial progress. The trend of the market has
the day brought about a sharp reaction in the final hour, and
been upward throughout the week except that on Tuesday most of the early
gains were lost. In the downward sweep
the movement of prices was somewhat confused during the United States Steel dropped more
than 4 points to
early forenoon and again on Friday when the market turned and Atlantic Coast Line, the leader among the rails 13434,
during
the forenoon, lost nearly 7 points from its early high. Gendownward in the final hour. Further advances in
many
eral Motors yielded more than 5 points to 143, and Mack
of the leading stocks characterized transactions in the two
hour session on Saturday. United States Steel common Trucks receded 5 points to 117.
TRANSACTIONS AT THE NEW YORK STOCK
continued to lead the upswing and many of the motor
EXCHANGE.
and
DAILY. WEEKLY AND YEARLY.
industrial issues moved forward from 2 to 8 points.
The
sharpest advance among the industrials was made by Du
Stocks.
Railroad,
Stale,
United
Pont
Week Ending June 18.
Shares.
&c.
Municipal &
States
which bounded forward 8 points to 230, followed by
Bonds.
Foreign Bds
Bonds.
General
-Saturday
Motors, which gained 3 points to 137. Heavy
858.573
$4,648,000
$1,320,000
$246,000
buying in Monday
2,024,136
7,086,000
2.415,500
800,550
Tuesday
such stocks as Allied Chemical & Dye, Baldwin Locomot
1,910,848
7,595,000
2,793,500
1.806,300
ive, Wednesday
2,014,777
7.377.000
3.240.000
1,782.800
Thursday
American Smelting and American Can pushed those
2.429,750
6.777.000
3.217,000
1.060,000
issues Friday
2.357.900
5,328,000
2,478,000
1,233,000
forward to higher levels. Railroad stocks were
strong, Total
11.595,4 $38,811.000 $15.464 000
$6,928,650
particularly Chicago & North Western, which
gained 2
Sales at
Week Ending June 18.
Jan. 1 to June 18.
points, and.New York Central surged forward 1
New York Stock
point to
Exchange.
1926.
1925.
1926.
1925.
131%. Oil shares made further progress, Pan
American Stocks-No,of shares_ 11,595,984 7.326.514
206.607.908
195,424.524
Producing & Refining making a gain of 3 points in the
Bonds.
opening Government bonds_ _ _ $6,928,650 $6,998,550
$143,546,900
$189,020,910
hour though it lost part of this gain before the end
15,464,000 14,744,500
of the State di foreign bonds_ 38,811,000 40,504,500 308.781.350 346,197,400
Railroad dt misc. bonds
1,064,084.700 1.841,201,973
session. The strong stocks in the mercantile group
were
Total bonds
$61.203,650 $82,247.550 $1.516.412,950 $2,376,420.285
Woolworth, which swung upward 4 points andMon
tgomery
DAILY TRANSACTIONS AT THE BOSTON. PHILADE
Ward, which gained more than 3 points and closed
LPHIA AND
8
at 68%
BALTIMORE EXCHANGES.
on that day. General Electric made a net gain of
23/i points
and closed at 3243/2.
Boston
Philadelphia.
Baltimore.
Bull.sh activities continued in the stock market on
Week Ending
MonJune 18 1926.
Shares. Bond Sates. Shares Bond Sates. Shares. Bond
.
Salat.
and many prominent issues moved forward from 1
day
to 5 Saturday
9,518
310,150
28,375
59,000
points to new high levels for the year. Oil shares were
287
58,000
20,941
20,500
again Monday
30,243
32,100
1,498
9100
Tuesday
notable for their unusual activity and strength,
24,90q
28,100
24,671
101,800
1,475
28,000
Marland Oil Wednesday
40,013
9,000
32,450
14,000
1,111
24.000
shooting forward 1 point and crossing 59 and Pan
Thursday
HOL1 DAY
35,854
22,731
940
Handle Pro- Friday
23,400
15,459
13,000
13,273
20,000
1,528
ducers & Refiners making a new top on an advance of 4
30,200
points
Total
70,840
580,750 164,86C $199,631
to 263/2. General Motors sold at 140 and reached its
6,844 $123,200
highest Th.01, wprk revised 05
5100 8175 750 151 408 1212 COO
price since last November, but moved still higher later
8723 5138 con
in the
In addition, sales of rights
week. United States Steel common continu
ed its brisk 33,805; Wednesday, 26,102. were: Saturday, 3.589; Monday, 22,022; Tuesday,
forward movement and crossed 137, but also
advanced still
higher the latter part of the week. Railroad shares
ENGLISH FINANCIAL MARKETS
were
-PER CABLE.
somewhat less prominent than on Saturday,
though Atlantic
The daily closing quotations for securities, &c., at London,
Coast Line made further progress and scored a net
gain of as reported by cable, have been as follows the past week:
2 points to 212. General Electric crossed 329. On
&mit"
Tuesday
June 12. June 14. June 15. June 16. June 17. June 18.
movements were somewhat confused, with alternate
Week Ending
Sal.
Mon. Tues.
Wed. Thurs. Frt.
advances Silver, per Os June 18d 304
and declines featuring transactions until the final hour,
3084
3084
3084
30 9-16 307-16
when Gold, per fine ounce
84.1184 84.1184 84.1184 84.1134 84.1184 84.1184
a wave of buying spread to all parts of the list. Speculat
ive Consols, 234 per cents
55H
5584
5584
5584
5584
interest shifted to the oil shares, Pan American B moving British,5 per cents
10084
10034 10084
10081
10034
95H
above 76, and Marland scoring a net gain of 2 points at 61%. British,4% per cents
953.4
9534
9534
9581
Rentes (In Paris), tr- ---46.45
46.50
46.25
46
45.04
General Motors made a new high at 1429-, but on Friday French
FrenchWar Loan(lnParis),fr ____
51.60
51.25
51.60
51.70
51.15
rose nearly 6 points higher. The strong stocks of the
The price of silver in New York on the same days has been:
day
also included Du Pont, Case Threshing Machine,
Texas Silver in N. Y., per oz.(cts.):
Foreign_
Gulf Sulphur, Federal Mining & Smelting, Ward
6584
6584
6584
6584
6584
6684
Baking B,
and United Drug.
United States Steel common again assumed the
leadership !loutsacrctat at ad IA isceIlanconsgews
of the upward movement on Wednesday and rapidly
ahead to a new high level of the year at 138. General forged Public Debt of United States
-Completed Returns
was another conspicuous feature of the trading andMotors
Showing Net Debt as of March 31 1926.
in the
last hour scored a new high above 144. The
The statement of the public debt and Treasury cash holdstrength of
General Motors stimulated interest in other
issues in the ings of the United States as officially issued March31 1926,
group, particularly Hudson Motors, Mack Trucks,
delayed in publication, has now been received, and as interFisher Body, Jordan, Chrysler and Studebaker, all Packard, est attaches to the details
of which
of available cash and the gross and
were in strong demand at advancing prices.
Railway net debt on that date, we append a summary thereof, making
Equipment shares also were in active demand, such
comparisons with the same date in 1925.
General Railway Signal, American Brake Shoe, stocks as
CASH AVAILABLE TO PAY MATURING OBLIGAT
American
IONS
Car & Foundry and Baldwin Locomotive moving
Mar. 31 1926. Mar. 31 1925.
briskly Balance end month by daily statement. etc
forward to higher levels. Except for the moderate
Deduct-Excess or deficiency of receipts over 5486,941,847 1490,733.698
or
advance Add under disbursements on belated Items
or
-1,374,326
of New York Central which moved up 1 point and
-4,050,883
Wabash
which advanced 2 points, railroad shares made little
8485,567.521 1486.682,815
progress. Deduct outstanding obligations:
United States Steel common made a further gain of one
Treasury warrants
$5,318.692
point
Matured Interest obligations
47,752,072
61,067,914
to 139 and General Electric bounded forward 8 points to
Disbursing officers' checks
77,694.634
337.
69,604,984
Discount accrued on War Savings Certificates
Thursday brought another record-breaking day of
11,829,785
18,108,985
Settlement warrant checks
1,813,796
activities and more than 35 prominent issues in the bullish
•
Total
general
$139,090,287 $144,100,575
list surged forward to new high levels. The outstanding
Balance.deficit(-)or surplus +)
(
+346,477,234 +$342,582,240




[VOL. 122.

THE CHRONICLE

3420

-The National Bank of Haverstraw,IN. Y., to
-2,229
June 3
-BEARING DEBT OUTSTANDING.
INTEREST
"The National Bank of Haverstraw and Trust Co."
InterestMar. 31 1926. Mar. 31 1925. June 4
-The First National Bank of Mamaroneck,N.Y..
-5.411
$
$
Payable.
Tide of Loanto "The First National Bank and Trust Co.of Mamaro599,724.050
-J, 599,724,050
Q.
44.0
21, Consols of 1930
neck."
48.954.180
48.954,180
-F.
Q.
2s of 1916-1936
June 7 8418
-The National Bank of Comm:. Pittsburg,
25.947,40C
25,947,400
-F.
Q.
2s of 1918-1938
to "American Exchange National Bank of ComKansas,
49.800,000
49,800,000
Q -M.
3s of 1981
merce in Pittsburg."
28,894,500
28,894,500
-J.
Q.
Si Conversion bonds of 1946-1947
565,581,500
821,002,000
VOLUNTARY LIQUIDATIONS.
J -J
Certificates of indebtedness
Capital.
5$ 1,402,143,100 1,409,997,450
Ms First Liberty Loan, 1932-1947
8,210,150 June 7
5,156,850
J -D.
45 First Liberty Loan, converted
-The First National Bank of New Sharon, Iowa _ 850,000
-8950
531,821,900
J -13. 532.874,200
434:5 First Liberty Loan, converted
Effective June 1 1926. Liquidating Agents, P. T. Cope
3,492,150
3,492,150
J -D.
431s First Liberty Loan,second converted
and A. W. Palmer, New Sharon, Iowa. Absorbed by
24,587,150
20,851,950
-N.
M.
45 Second Liberty Loan, 1927-1942
Citizens State Bank, New Sharon, Iowa.
3,083,681,350 3,079,978,450 June 8
Loan, converted
4.34s Second Liberty
-The Farmers National Bank of Valentine, Neb._ 35,000
-11071
2,885,380,850
-S. 2,573,633,450
M.
4345 Third Liberty Loan of 1928
Effective May 20 1928. Liquidating Agent, J. E. LoveA -O. 6,324,474,450 6,324,488,850
44d0 Fourth Liberty Loan of 1933-1938
joy, Valentine, Nebr.
763,948,300 June 9--2155-The Peoples National Bank of Rockland, Ill..... 100.000
763,948.300
4340 Treasury bonds of 1947-1952
1,047.087,500 1,047,088.500
4s Treasury bonds of 1944-1954
Effective May 15 1926. Liquidating Agent, Central
494,898,100
334s Treasury bonds of 1946-1956
Trust and Savings Bank, Rock Island, m. Absorbed by
390,188,412
Matured 362.218.810
4s War Savings and Thrift Stamps
Central Trust and Sayings Bank, Rock Island, Ill.
11,995,880 June 11-7221
50,000
12,540,040
J -.1.
-The First National Bank of Lamberton,
234s Postal Savings bonds
-D. 1,612,403,600 2,810,272,400
J.
Effective June 8 1926. Liquidating Agents, Charles
5348 to 53(8 Treasury notes
Chester. Lamberton, Minn. and Willard Krinide, Man19.813.725.980 20,608,330,072
kato. Minn. Succeeded by New First National Bank in
Aggregate of interest-bearing debt
296,390,278
248.365,359
Bearing no interest
Lamberton. No. 12844.
c27.557,790
20,678.670
Matured, interest ceased
a20,082,770,008 20.932,278,140
Total debt
Deduct-Treasury surplus or add Treasury deficit.-- +346,477,234 +342,582,240
519,736,292,774 20,589,695,900

Net debt

a The total gross debt Mar. 31 1926 on the basis of daily Treasury statements was
*20.082.740,991 60, and the net amount of public debt redemption and receipts
In transit, &c., was $29,016 75.
S No deduction is made on account of obligations of foreign Governments or
other investments.
e Includes $3,490,050 4% Loan of 1925.

-Record of transactions
St. Louis Stock Exchange.
at St. Louis Stock Exchange June 12 to June 18, both
inclusive, compiled from official sales lists:
Sales
Friday'
Last Week's Range for
Week.
ofPrices.
Sale
Per. Price, Low. High. Shares,

Stocks-

Range Since Jan. 1.
Low.

High.

Bank Stocks
Nat Bk of Commeroe_100

167

167

5 155

Jan 171

Feb

Trust Company Stocks100
Mercantile Trust

420

420

5 410

Jan 425

Mar

20

May

Street Railway Stocks.
St Louis Pub Serv Co__ - • 17
Miscellaneous Stocks
•
Best Clymer Co
•
Boyd-Welsh Shoe
100
Brown Shoe,com
Century Electric Co_ -_100
Chicago Ry Equip pref__25
100
EL Bruce, pref
Ely & Walker D G corn_ _25
100
First preferred
Fulton Iron Works corn...'
100
Preferred
Hamilton-Brown Shoe_.25
•
Hussman Refr corn
100
Hunk;S dr D pre(
Hydraulic Pr Brick com 100
100
Preferred
Independent Pack com__.•
International Shoe com__•
100
Preferred
•
Mo-Ills Stores corn
Mo Portland Cement....25
100
Nat Candy corn
•
Pedigo-Weber Shoe
Polar Wave I & F"A" •
Rice-Stlx Dry Goodi corn •
-V
Scruggs B D G com_ _100
•
Sheffield Steel,cons
•
Skouras Bros A
Sou Acid & Sulphur com *
Southwest'n Bell Tel pf.100
St. Louis Amusement A_.•
100
St Louis Car pref
•
fitly, Baer & Fuller
Wagner Elec Corp pref.100
•
Wm Waltke corn

38
114
25

34
103
8534
15034
5834
30
3234
2434
50
43
11534
50
93
30
67
49

17

1734

793

60
57
38
3834
3134 3134
114 114
26
26
100 100
2934 30
108 108
20
20
90
90
45
45
34
3434
103 103
5
5
8534 87
25
25
149 15034
10734 10734
1434 1434
57
56
79
78
2934 30
3234 3234
2134 22
2434 2434
25
2534:
50
49
44
43
115 11534:
50
50
93
93
2934 30
68
67
4734: 4934

173
185
135
2
75
29
370
50
105
75
5
35
10
5
65
15
50
8
30
51
205
135
85
65
175
15
655
95
40
20
20
35
50
340
389

Mining StocksConsol Lead & Zinc Co__ _"

24

2334 2434

Street Railway Bonds
East St L & Sub Co 58.1932
United Railways 4s_ _1934
1934
-D
48, C

7634

8434 843.5 $2.000
7634 7634 13,000
7534 7634 62,000

Miscellaneous Bonds
1935
Houston Oil 6%s

vr,.......... r...... n,,,. ,e. 4..461

100 100
eau oate

6,000
1 Ann

17

June

Mar
57 June 66
3534 Mar 4434 Feb
2934 June 4434 Feb
Apr 115
May
110
June
25 June 26
9934 May 10134 Mar
2834 May 3334 June
Apr
10734 Mar 109
20 June 3634 Feb
Jan
90 June 99
Jan
43 May 57
Jan
34 June 41
May 103 June
101
334 Apr
63.6 Feb
85 May 9734 Jan
Feb
25 June 29
135 May 17534 Jan
107 May 11134 Jan
1434 June 1734 Jan
Jan
4834 Mar 67
Feb
Apr 92
70
Jan
27 May 39
3134 May 37ti Feb
2134 May 2534 Feb
Jan
25 May 30
24 May 2934 Jan
Jan
Mar 59
46
43 June 5334 Feb
11234 Apr iissi June
Apr 5934 Jan
46
Jan
90 May 97
Mar. 3034 Jan
29
Jan
May 85
6534
Apr 4934 June
40
23

June

8334 Feb
Jan
75
Jan
74

28

Mar

Mar
85
7634 Apr
7834 Apr

993.4 June 100 June
Ism June 10034 Jan

•No par value.

-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the,
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
June 10
-The Pocahontas National Bank, Pocahontas, Iowa
Correspondent, F. J. Lorge, Pocahontas, Iowa.
-The First National Bank of Dumas, Texas
June 10
Correspondent, J. C. Phillips, Dumas, Texas.
June 12
-The First National Bank of Okeechobee, Fla
Correspondent, J. R. DeHerry, Okeechobee, Fla.

Capital.
850.000
25,000
25.000

APPLICATION TO ORGANIZE APPROVED.
840.000
June 10
-The National Bank of Monticello. Indiana
Correspondent, Lawrence D. Carey, Monticello. Ind.
CHARTERS ISSUED.
8200,000
--The Labor Nat'l Bank of Jersey City, N. J
-12939
June 7
President, Theodore M. Brendle; Cashier, C. G. Leeds. 50,000
Crestwood Nat'l Bank of Tuckahoe, N. Y.
--The
June -12940
President A. M. Dingwall; Cashier, John L. Phelon.
25.000
-12941-First National Bank in Mahnomen, Minn
June 8
President, 0. S. Hanson; Cashier, M. H. Hanson.
50,000
-The Manville National Bank, Manville, N.
June 10
-12942
President, Frank W. Remsen.

8

,
CHANGE OF TITLE.
-The First National Bank of Camden, N. Y., to
June 2
-2,448
""Ilte First National Bank and Trust Company of Camden."




-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Adrian H. Muller & Sons, New York:
Shares. Stocks.
$ per sh.
170 Hanna Furnace Co., corn _2205 lot
460 Eastern Steel
ist pref___ 1
_
50 Eastern Steel Co.,
1
Co.,st pref
570 Eastern Steel Co.,common_ _ _810 lot
Sundry accounts receivable amount
lag to approx. 52,564 50
$55 lot
800 Standard Silver-Lead Mining
Co., par $1
$44 lot
200 Kerr Lake Mines,Ltd.,par $4 $150 lot
Per Cent.
Bonds510,000 Idaho Irrigation Co., Ltd.,
adj. 68, 1928; Jan. 1915 and sub. $45
coupons attached
lot
44 Idaho Irrigation Co., Ltd., corn.
trust certificates

Per Cents
Bonds$1,000 Great Eastern Lumber Co.
$1
lat fis, June 1 1921
$500 Great Eastern Lumber Co. lot
lst 6s, June 1 1916
$1,000 Olean Bradford & Salamanca
Ky.let & Ref. 78, ser. A,Sept.'51 MOO
120 Olean Brad. dz Sal. Ky., com_ lot
50 Olean Brad. de Sal. Ky., pref. _ _
2500 North Shore Country Club income bond. due May 1 1964._ _ _265 lot
$350 Freundachaft Society of the
City of N. Y. 4% mtge, bonds,
now known as Metropolis Club _2201 lot

By R. L. Day & Co., Boston:
$ per sh.
Shares. Stocks.
$ per sh. Shares. Stocks.
135
1 American Trust Co
5 Plymouth Cordage Co
421
3 Naumkeag Steam Cotton Co.
13234 ex-div.
12 Draper Corp
...155
25 West Boylston Mfg. Co., pref.. 85
5 Dennison Mfg.,2d pref _101% ex-div.
25 American Felt Co., pref
25 Hood Rubber Co., 734% pref,_102
110
27 Lawrence Mfg,Co., Par $80-- 66
50 Quincy Market Cold Storage &
48%-48%
45 Union Mills, Inc
Warehouse Co., corn
3734
50
5 Ludlow Mfg. Associates
163
80 B.L. Patch Co.. par $50
15
16 units First Peoples Trust_ .7234 ex-div 21 H. D. Foss Co., new pref
10 Maas. Ltg, Cos.,8% pref
11934 6 units First Peoples Trust-723( ex-div.
4 units First Peoples Truat__72% ex-div. 4 units First Peoples Trust_ .7234: ex-div.
145 Sullivan Machinery
53%-53% 9 special units First Peoples Trust_ 534:
$ per Right.
Rights.
7 Mass. Ltg. Cos.,8% pref
11934
1434
2 units First Peoples Trust. 72% ex-div. 50 Tampa Electric Co
Percent.
Bonds.
10 Dennison Mfg,Co., lot pref.133 & div
25 Boston Wharf Co
ex-div. $100 Central Vermont Ky.58, May
11434
9034 flat
5 American Glue Co., corn
1930
40

By Wise, Hobbs, & Arnold, Boston:
Shares. Stocks.
$ per sh.
3 Nat, Shawmut Bank
4
2 034
5 Nat. Shawmut Bank
24034
50 Lancaster Mills, pref
3
034
50 Connecticut Mills, lot pref
64
21
55 Connecticut Mills 2d Prof
10 Lawrence Mfg. Co., par 880.-- 6634
825 Canadian Conn. Cotton Mills.
7130.
corn,class A,par $10
20 Canadian Conn. Cotton Mills,
760.
corn,class B par $10
170 Union Mills, Inc., corn
37-3734:
55
20 Ipswich Mills, corn
90-95
10 Ipswich Mills, pref
6
10 Mechanics Mills
10 Naumkeag Steam Cotton Co_ _ _155
4534
10 Nashua Mfg. Co., corn
8334:
10 Nashua Mfg. Co., pref

$ per sh.
Shares. Stocks.
4534
80 Nashua Mfg. Co., corn
35 Ludlow Mfg. Associates_ _ _163-163%
10 Merrimac Chemical Co.. Par
7734 ex-d1v.
$50
1 W. L. Douglas Shoe Co., pref.
8231 ex-div.
10 Massachusetts Ltg. Cos., corn.. 7254:
16 units First Peoples Trust.7234 ex-div.
23 Greenfield Tap & Die Corp.,
9434 ex-div.
pref
6 Puget Sound Power & Light.
10334 & div.
prior pref
11 Turners Falls Pr. & Elec_181 ex-clIv.
1 Edison Elec. III. Co. of Brockton,
58
par $25
7234:
5 units First Peoples Truat
9 special units First Peoples Trust_ 551

By Barnes & Lofland, Phladelphia:
$ per sh.
Shares. Stocks.
124 Guarantee Tr. dr S. Dep. Co._240
Int. of Robt. J. Darrah in 280 ohs.
stock of Lendon Bldg. dr L. Assn.
of Phila., amt. paid in being
$6,500 as per book No. 1325.16,111 lot
334
85 Miliville Impt. Co
20 Franklln-Fourth St. Nat. Bank_543
406
16 Market St. Nat. Bank
130
5 Mutual Trust Co., par $50
200
7 Oak Lane Trust Co
20 United Security Life Ins. ..k
201
Trust Co
865
•
8 Fidelity Trust Co
5 Jefferson Title &Tr.Co., par $50_ 74
5 Market St.Ti. de Tr.Co., par 250_400
776
4 Land Title dr Trust Co
21 Land Title & Trust Co
775
20 Lawndale Bk.& Tr. Co., par $50 56
12 Philadelphia Bourse, corn.,
15
Dar $50
50 Horn & Harden Baking Co..
27731
Philadelphia, no par
60 Horn dr Hardart Baking Co.,
277
Philadelphia, no par
33 Phila.& Camden Ferry.Par $50_145
30 Phila. Life Ins. Co., par $10.___ 14
5 Fairmount Park dr Baddington
42
Pass, RV
3 Ilestonville Mantua & Fairmount
39
Pass. Ky., pref
50
2 Pilgrim Title & Trust Co

$ per sh.
Shares. Stocks.
100 Pure Cold Products of America
1234:
Inc., par $10
93
50 Hare & Chase, Inc., pref
9234
40 Hare & Chase, Inc., pref
16 Hare dr Chase,Inc.,corn., no par 2534
Per Cent,
Bonds.
$2,000 Mooslc Borough, Leckewarms Co., Pa., S. D. 55, May
10031
15 1943
$3,000 Mt.Carmel Twp.,Pa.,S.D.
58 Oct. 11927, series of 1917_10034
$1,000 Baldwin Twp.. Allegheny
Co., Pa., S. D.4345, July 1'3710034
$4,000 Borough of Conshohocken,
.
Pa., funding 45, Aug. 1 1936_ ._ 9954
$3,000 Chanters Twp., Allegheny
Co., Pa., Sch. Bldg. 434e, July 1
10131
1939
$1,000 Upper Darby Twp,., Pa..
sewer 434s, May 1 1943, series of
102
1913
$500 Borough of South Fork, Cambria Co., Pa., S. D. 4345, May 1
10034
1936
$1,000 Borough of Juniata, Blair
Co., Pa., munic.(rapt. 55, ninth
10034
issue, July 1 1944
Rights.
20 Republic Trust Co
32 Republic Trust Co

$ per right.
7031
69X

By A. J. Wright & Co., Buffalo:
$ per th.
$ per sh. Shares. Stocks.
Shares. Stocks.
634c. 9 Tucker Rubber Corp. Class "A"
1,000 Night Hawk, par $1
pfd. with 30 ohs, corn. bonus.$505 lot
2734
3 Buff. Niag. & E. Pow., no par
2,000 Preston East Dome, par $1., 4c. 3 Buff. Mag.& E., pfd., par $25_ 2434:
1,000 Kirkland-Hunton, par $1_ ... _ /4c.

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:

JUN1G 19 1926.]

THE CHRONICLE
Per
When
Cent, Payable.

Boots Closed.
Days IntNaive.

3421

Per
When
Books Closed.
Name of Company.
Cent. Payabl
,
f
Days Inclusive.
Railroads (Steam).
-__
Fire Insurance.
;real Northern, preferred
24 Aug. 1 Holders of rec. June 25a Continental
iansas City Southern, prof.(guar.)._
$
3
July 10 Holders of rec. June 30
I
July 15 Holders of rec. June 30
Fidelity-Phenix.
$3
July 10 Holders of rec. June 30
Attie Schuylkill Nay.RR.& Coal
•$1.25 July 15 *June 19 to July 15
...ouisville & Nashville (extra)
4 Aug. 10 Holders of rec. July 15a
Miscellaneous.
siorthern Central
*82 July 15 *Holders of rec. June 30
Abitibi Power & Paper, pref.
qorthem Pacific (guar.)
154 July 2 Holders of rec. June 19
134 Aug. 2 Holders of rec. June 303 Asbestos Corp. of Canada. (quar.)__ -Pref.(tirmr.)- 14
gorthern Securities Co
Holders
4
Julyi 10 June 24 to July 11
Amer. Brown Boveri Elec. Corp., pf Agri) 14 July 15 Holders of rec. July I
United N.J. RR.& Canal Cos.(qu.)
July 1
of rec. June 25
*21.4 July 10 *Holders of rec. June 20a
Participating stock
500. July 20 Holders of rec. July 10
American Coal
$I
Public Utilities.
Aug. 1 July 12 to Aug. I
American Rolling Mill. pref.(guar.). _ .... '134
tlabama Power Co., prof.(guar.)
July 1 *Holders of rec. June 15
14 July 1 Holders of rec. June 19
Amer.Sales Book (quar.)
american G88 (guar.)
*S1
July 1 *Holders of rec. June 17
2
July 13 Holders of rec. June 30
Amer. Smelt. & Reg., corn.(guar.).- 14
fokansas Central Power
pref. (qu.) $1.75 July 1 Holders of rec. June 21
Aug. 2 July 10 to Aug. 1
Preferred (guar.)
14 sot. 1 Aug. 7 to Aug. 31
Central Power & Light, pref.(quar.)...
Co.,
- 14 Aug. 2 Holders of rec. July 15
American Surety (guar.)
Zihickasha Gas & Elec. Co.,corn.(qu.)
$2
2 ' July I June 25 to
June 30 Holders of rec. June 19a
July 1
Amer. Typefounders, corn. (guar.)
Preferred (guar.)
2
July 15 Holders of rec. July 3a
154 July I June 25 to July 1
Preferred (guar.)
Cincinnati Street Ky.(guar.)
14 July is Holders of rec. July 3a
'6234e July I 'Holders of rec. June 25
Austin Nichols & Co., pref.(guar.)
Cincinnati Gas & Electric (guar.)
*14 Aug. 1 'Holders of rec. July 15
154 July I
Balaban & Katz. common (monthly)... '250
Coast Valleys Gas & Elec., A pref.(qu.) $1.50 July 1 June 15 to June 21
. Aug. 2 'Holders of rec. July 20
Holders of rec. June 15
Common (monthly)
* Preferred series B (guar.)
•25c. Sept. 1 'Holders of rec. Aug. 20
$1.75 July 1 Holders of rec. June 15
Common (monthly)
East Bay Water, pref. A (guar.)
"25c• Oct. 1 *Holders of rec. Sept.20
*114 July 15 "Holders or rec. June 30
Preferred (guar.)
Preferred B (guar.)
13
'Holders
•134 July 15
" 1
Barnhart Bros.& Spind., 1st& 2d pf.(gu.) '14 July 1 *Holders of rec. June 19
Elec. Pub. Serv. (Chic.). prof. (guar.).- 14 July I *Holders of rec. June 30
of rec. July 24
Aug. 1
Holders of rec. June 20
Bayuk Cigars, first preferred (guar.).- "14 July 15
El Paso Elec. Co.(Del.), pref. A (qu.)_. 14 July 15
*Holders of rec. June 30
Holders of rec. July la
Convertible second preferred (guar.).0Preferred B (quar.)
*14 July 15 'Holders of rec. June 3()
134 July 15 Holders of rec. July la
Eight per cent second pref. (guar.).El Paso Elec. Co.of Texas, pf. A (qu.)
- 14 July 15 Holders of rec. July
July 15 *Holders of rec. June 30
la Bowman-Biltmore Hotels, 1st pf. (qu.). '2
Preferred B(guar.)
"14 July 1 'Holders of rec. June 16
134 July 15 Holders of rec. July la Brunswick
Site Co
English Elec. Co. of Canada. pref
50e. July 1 Holders of rec. June 16
h354 June 30 Holders of rec. June 15
Buckeye Incubator
Georgia Ky.& Power,7% pref. WO
750. July 1 Holders of rec. June 19
'14 July 1 'Holders of rec. June 10
Bulkley Bldg. (Cleveland), pref. (guar.) 1
8% preferred (guar.)
"2
July 1 June 21
July 1 'Holders of rec. June 10
Burt (F. N.) Co., Ltd., corn.(quar.)... •75c July 2 "Holders ofto July I
Gold & Stock Telegraph (guar.)
"154 July 1 "Holders of rec. June 30
rec. June 15
Preferred (guar.)
EIackerutack Water, pref. A (guar.)
434 June 30 Holders of rec. June
*14 July 2 *Holders of rec. June 15
24a Canada Bread, 1st pref.(guar.)
Illinois Power & Light,7% prof.(guar.). 1.34 July 1
•14 July 1 *Holders of rec. June 15
Holders of rec. June 10
Canada Cement, ordinary (guar.)
6% participating pref.(guar.)
14 July 16 Holders of rec. June 30
154 July 1 Holders of rec. June 10
Canada Dry Ginger Ale (guar.)
Illinois Traction, prof. (guar.)
*50c. July 15 *Holders of rec. July 1
134 July 1 Holders of rec. June 19
Canadian Canners, pref. (guar.)
Iowa Power & Light, prof.(guar.)
•134 July 1
1
July 2 Holders of rec. June 19
Canadian Salt (guar.)
Jersey Central Power & Lt., pref.(qu)- 14 July 1 *Holders of me. June 10
2
July 1 Holders of rec. June 24
Canfield 011, corn.(guar.)
Lone Star Gas Corp.(Del.) new (No. 1)- '3754e June 30 Holders of rec. June 17
134 June 30 June 20 to July 4
Preferred (guar.)
Manhattan Ky.,guaranteed stock (qu.)- 14 July 1 *Holders of rec. June 21
14 June 30 June 20 to July 4
Massachusetts Ltg. Cos., corn.(guar.).- 75c. June 30 Holders of rec. June 226 Central Aguirre Sugar (guar.)
"$1 50 July 1 *Holders of rec. June 25
.
Holders of rec. June 18
Central Steel, corn.(guar.)
6% preferred (guar.)
134 July it Holders of rec. June 25
$I
July 10 Holders of rec. June 25
Preferred (guar.)
8% preferred (guar.)
2
July 11 Holders of rec. June 25
July 1 Holders of rec. June 15
2
Century Electric (guar.)
Memphis Power & Light. pref.(guar.).- 14 July 1
Holders
135
rec. June
Holders of rec. June 19
Mexican Utilities, preferred
Chic.Jct.Rys.&Un.Stk.Yds..com.(gu) "24 June 22 *Holders of rec. June 15
$3.50 July 11
of
15
July 1
Midland Utilities, prior lien (guar.).- 14 July ( Holders of rec. June 30
Preferred (guar.)
*154 July 1 *Holders of rec. June 15
Holders of rec. June 22
Cities Service, common (monthly)
Preferred Class A (guar.)
14 July
•14 Aug. 1 'Holders of rec. July 15
Missouri Power & Lt.,7% pref.(qu.)..- •14 July C Holders of rec. June 22
Common (payable In common stock). *114 Aug. 1 "Holders of rec. July 15
1 !Holders of rec. June 19
Municipal Gas (of Texas), pref. (guar.). $1.75 July
Preferred and preferred B (monthly).- •
4 Aug. 1 'Holders of rm. July 15
Nevada-Calif. El. Corp., pref.(guar.).- 14 Aug. 1 Holders of rec. June 15
Cleveland Union Stock Yards (guar.)... 2
2 Holders of rec. June 30
July 1 June 20 to July 1
New England Investment& Secur., prof. $2
Conley Tank Car, corn. (guar.)
July 1 Holders of rec. June
"500 June 30 *Holders of rec. June 20
19
North Amer. Lt.& Pr., 7% pf.(qu.) - 14 July
Conlon Corporation, corn.(guar.)
"25c. July 2 *Holders of rec. June 22
1 Holders of rec. June 19
Northern Ohio Pr.& Lt.,7% pf. WO
Common (extra)
14 July 1 Holders of rec. June 15
*124c July 2 *Holders of ree. June 22
Ohio Edison Co.,6% pf.(guar.)
Preferred (guar.)
134 Sept. 1 Holders of rec.
"134 July 31 *Holders of rec. July 22
Aug. 16
6.6% preferred (guar.)
1.65 Sept. 1 Holders of rec. Aug. 16. Consol. Mining & Smelting of Canada.- "75e. July 15 "Holders of rec. June 30
7% preferred (guar.)
Bonus
14 Sept. 1 Holders of rec. Aug.
"S3
July 15 "Holders of rec. June 30
16
6.6% preferred (monthly)
Craddock-Terry Co., common (guar.).- 3
55e. July 1 Holders of rec. June
June 30 June 17 to June 30
if 6.6% preferred (monthly)
First and second preferred
55e. Aug. 2 Holders of rec. July 15
June 30 June 17 to June 30
3
15
•6.6% preferred (monthly)
Class C
55c. Sept. 1 Holders of rec.
334
June 17 to June 30
Aug. 16
Oklahoma Natural Gas(guar.)
Creamery Package Mfg., corn.(guar.).- •50c June 30
.50c. July
July 10 *Holders of rec. July 1
Penn-Ohio Secur. Corp.,$6 pref. (qu.)._ $1.50 July 20 'Holders of rec. June 30
Preferred (guar.)
15 Holders of rec. June 30
*14 July 10 *Holders of rec. July 1
Penna. G.& El. Company, Corm (titian). 14 July
Crucible Steel, corn. (guar.)
1 June 19 to June
14 July 31 Holders of rec. July 15
Peoples Gas Light & Coke (guar.)
Curlee Clothing (St. Louis). prof.(qu.)
'2
July 17 'Holders of rec. July 30
14 July I Holders of rec. June 19
Peoples Gas Co.(N.J.), Prof
Detroit Creamery (guar.)
3
July I Holders of rec. June 3
•400 July 1 *Holders of rec. June 19
Philadelphia Company, common (qu.).. $1 July
31 Holders of rec. July 22a Detroit Steel Products, pref.(guar.).- "14 July I *Holders of rec. June 20
Providence Gas Co. (guar.)
1
Dodge Bros.. pref. (guar.)
$1
July
14 July 16 Holders of rec. June 28
Pub. Seri. Corp. of N. J., corn.(guar.). '$1.25 Sept. 1 Holders of rec. June 15a Dominion Storm, preLB
30 *Holders of rec. Sept. 3
34 July
Holders of rec. June 300
, Eight per cent preferred (guar.)
Eastern Steamship Lines, pref.(guar.).- '8754c July 2
'2
Sept.30 *Holders of rec. Sept. 3
15 "Holders of rec. July 8
1 Seven per cent preferred (guar.)
First preferred (guar.)
*14 Sent.30 "Holders of
•
134 July I *Holders of rec. June 24
rec. Sept. 3
II Six Per cent preferred (guar.)
Eider Mfg., 1st prof.(guar.)
*14 Sent.30 *Holders of rec.
2
July 1 Holders of rec. June 19
Public Sere.Co.of Oklahoma, com.(qu ) 2
Sept.
Electric Auto-Lite (guar.)
July 1 June 25 to July 3
$1.50
Prior lien'stock (guar.)
Equitable Office Bldg. Corp., corn.(cu.) $1.25 July 1 Holders of rec. June 230
14 Ally 1 June 25 to July I
July 2 Holders of rec. July I
PPreferred (quar.)
I
Preferred (guar.)
154 July 1 June 25 to
14 July 1 Holders of rec. June 24
Railway & Light Securities, com.(no Par) $1
July I
Aug. 2 Holders of rec. July 15a Famous Players-Lasky Corp, Pf• (an.). 2
Aug. 2 Holders of rec. July 154
Preferred
3
Farr Alpaca (quar.)
Aug. 2 Holders of rec. July
*2
June 30 "Holders of rec. June 17
Republic Ky.& Light,6% prof.(guar.). 134
15a
Extra
July 15 Holders of rec. June 30
'3
June 30 *Holders of rec. June 17
Roanoke Gas Light, Prof
Faultless Rubber, corn. (quar.)
314 July 1
50c July 1 Holders of rm. June 15
Southern Gas & Pow.Corp., class A(qu.)( 3540 June 15 Holders of rec. June 21a Firestone-Apsley Rubber, prof
4
34 June
Holders of rec. May 26
Holders of rec. June 21
Southern Ind. Gas & Elec.,0% pf.(qu.) 154
General Fireproofing, common (guar.).- "30c. July 30
July 1 Holders of rec. June 24
1 *Holders of rec. June 20
Six per cent preferred (semi-annual)._ 3
Common (extra)
July 1 Holders of rec. June
*700. July 1 "Holders of rec. June 20
Seven per cent preferred (guar.)
Preferred (guar.)
14 July 1 Holders of rec. June 24
*Holders of rec. June
July
South Pittsburgh NVeter. 7% Pref. (all.) 14
24
General Tire & Rubber. prof.(guar.).- *14 July 1 Holders of rec. June 20
154
19
1
Southwest Power, preferred (guar.).- 14 July 15 Holders of rec. July 1
Gibson Art, corn. (guar.)
July 1 Holders of rec. June 15
*14 June 30 'Holders of rec. June 19
Springfield (Mass.) Railway Cos., corn-.
Preferred (guar.)
$1.60 July 1 Holders of rec.
"
14 June 13 'Holders of rec. June 19
Preferred
June 19
Goulds Pumps, Inc.. corn.(guar.)
July 1 Holders of rec. June 19
14 July I Holders of rec. June 19
Standard Gas Light of New York, met _ _ $2
Preferred (guar.)
2
134 July 1 Holders of rec. June 19
Superior Water, Lt. & Pow., Prof. (qtr.) 14 June 30 Holders of rec. June 19
Grasselli Chemical, corn. (guar.)
JulY 1 Holders of rec. June 15
2
June 30 June 16 to June 30
Trinidad Electric Co.(guar.)
Preferred (guar.)
14 June 30 June 16 to June 30
Turners Falls Power & Elec., corn.(guar) "14 Ally 10 *Holders of rec. June 30
Grennan Bakeries, corn.(quar.)
$2
JuneI30 Holders of rec. June 15
*25e. July 1 *Holders of rec. June 15
Employees' stock (guar.)
Preferred (guar.)
*14 July 1 *Holders of rm. June 15
Union Gas Corp. (Independence, Kan.) 20e. JuneA30 Holders of rec. June 15
Hall(C. M.) Latin)(guar.)
*25c. June 30 *Holders of rec. June 28
Preferred (guar.) (No. 1)
Hamilton-Brown Shoe (monthly)
*14 July 1 *Holders of rec. June
•1
July 1 *Holders of rec. June 23
15
United Gas & Elec. Corp., corn.(No. 1) $I
HammermIll Paper. prof.(guar.)
June 19 Holders of rec. June 18
"14 July 1 *Holders of rec. June 19
United Utilities, preferred (guar.)
Harris Automatic Press
14 July
75c, July 1 Holders of rec. June 19
Utah Gas & Coke, preferred (guar.).- $1.75 July 1 Holders of roe. June 21a Heath (D.C.)& Co., preferred (quar.)
I Holders of rec. June 15
14 June
rec. June 28
Holders
Participating preferred (guar.)
Hellman (Richard),Inc., partie. pf.(qu.) 6234c Aug. 30 Holders of
$1.75 July 1 Holders of rec. June 15
1
of rec. July 21
Washington Water Power,Spokane(qu.) 2
Hibernia Securities Co., corn
July 15 Holders of rec. June 25
5
June 15 Holders of rec. June 10
Preferred (guar.)
14 July 1 Holders of rec. June 26
Banks.
Holly 011(guar.)
25e. June 30 Holders of rec. June 12
American-Exchange-Pacific Nat.(guar.) 4
July 1 Holders of rec. Juno 24a Hoover Steel Ball (guar.)
•3
July 1 *Holders of rec. June 24
Amer. Exch, Sever, Corp., class A (qu.) 2
Stock dividend
July 1 Holders of rec. June 24
*010
July 1 *Holders of rec. June 24
Class B
Huttlg Sash & Door, prof.(guar.)
50c. July 1 Holders of rec. June 24
14 July 1 Holders of rec. June 19
American Union
Hydraulic Press Brick, prof.(guar.).- 154 July 1
11.4 July 1 Holders of rec.
Holders of rec. June 25
Bowery-East River National (guar.)._
•34 June 30 'Holders of rec. June 20a Ideal Cement, corn. (guar.)
.$1
July 1 "Holders of rec. June 15
June
Broadway Central (guar.)
214 July 1 June 20 to July 26
Preferred (quar.)
'134 July 1 *Holders of rec. June 15
Capitol National (mar.)
1
134 July 1 *Holders of rec. June 24a Industrial Acceptance,corn
506 July 1 Holders of rec. June 19
Chemical National (bi-monthly)
.
4
First preferred (quar.)
July 1 Holders of rec. June
14 July I Holders of rec. June 19
Colonial (guar.)
24a
Second preferred (guar.)
3
July 1 Holders of rec. June
2
July 1 Holders of rec. June 19
Commonwealth
5
Second preferred (extra)
July 15 Holders of rec. June 20a
Si July 1 Holders of rec. June 19
Coney Island, Bank of (Brooklyn)
4
Internat. Shoe. prof.(monthly)
July 1 June 25 to June 3n
Eastern Exchange (guar.)
4 July 1 Holders of rec. June 15
1
Island Creek Coal, corn.(guar.)
June 30 Holders of rec. June 30
"S4
Franklin National (quar.)
July I *Holders of rec. June 24
•1
Preee ed prer ed
July 1 *Holders of rec. June 20a Kaynterreo ig uaf l (guar.)
"11.50 July 1 'Holders of rec. June 24
GreenPoint National (Brooklyn)
6
July 1 June 20 to June 21
14 July 1 Holders of rec. June 19
Mechanics (Brooklyn) (guar.)
•3
Kelley Island Lime de Tmnsp.(quar.). 2
July 1 Holders of rec. June 30
July 1 June 22
Extra
19a La Salle Extension
July 1
1
July 1 Holders of rec.
University, eom.(qu.) 11.4 July 1 Holders of to June 21
June
Municipal (Brooklyn) (guar.)
rec.
2
Preferred (guar.)
June 30 June 20 to June 19a
134 July 1 Holders of rec. June 21
Mutual (guar.)
3
Lawyers Mortgage Co.(guar.)
July 1 Holders of rec. June 30
34 June 30 Holders of rec. June 21
21a Lawyers Westchester
Park, National (guar.)
6
July I Holders of rec. June
Mtge.& Title(qu.) 2
July 1 Holders of rec. June 16
Richmond Hill National (Brookiym
. 3
June 30 June 29 to June 18a Lion Oil Refining (guar.)
*50c. July 27 *Holders of rec. June 30
South Shore of Staten Island
mumithelys ,N* Forbes, corn.
2
July 1 Holders of rec. June 30
(guar.)... 65c. July 15 Holders of rec. June 300
20a
State (guar.)
4
Preferred (guar.)
July 1 Holders of rec.
14 July 15 Holders of rec. June 300
Washington Heights (Bank of) (guar.)._
14 July 1 June 29 to June 18.2 Magma Gopper Co. (guar.)
75e. July 15 Holders of rec. June 30
June
West New Brighton (Staten Island)._ _
Itlagor Car Corp., corn.(guar.)
3
July 10 Holders of rec. June 30
50e. June 30 Holders of rec. June 23
Trust Companies.
30a
isreferred (guar.)
14
American (guar.)
Manning, Maxwell & Moore, Inc.(qu.). 14 June 30 Holders of rec. June 23
134 June 30 Holders of rec. June
July 2 Holders of rm. June 30
19a Manufactured Rubber,
Brooklyn (guar.)
6
July 1 Holders of rec. June
preferred
3
July 10 Holders of rec. June 300
Extra
3
July 1 Holders of rec. June 24a Merck & Co., prof.(guar.)
$1
July 1 Holders of rec. June 17
24a Midway Northern 011
Central Union (guar.)
7
July 1 Holders of rec. June
lc. June 30 Holders of rec. June 19
Empire (guar.)
3
June 29 Holders of rec. June 2Ia Mill Factors Corp. (guar.)
14 July I Holders of rec. June 19
Extra
1
Extra
June 29 Holders of rec. June lfla
4 July 1 Holders of rec. June 19
Equitable (guar.)
19a Missouri-Illinois Stores, corn.
3
June 30 Holders of rec.
(guar.)._
200. July 1 Holders of rec. June 20
Fidelity (guar.)
214 June 30 June 19 to June 18a Mortgage-Bond Co. (guar.)
2
June 30 Holders of rec. June 21
June 30
Fulton (guar.)
Mountain & Gulf 011 (guar.)
214 July
.2e. July 15 "Holders of rec. July I
Irving Bank-Columbia Trust (quar.)--- 334 July 1 Holders of rec. June 21a
Extra
1 Holders of rec. June
'le. July 15 *Holders of rec. July 1
Lawyers (qar.)
lyi June 30 Holders of rec. June 18a Munyon Remedy Co.(guar.)
15c. July 15 Holders of rec. July it
Midwood (Brooklyn)
8
JUne 30 June 25 to June 19a Nashua Gum.& Coat.Pap.,com.(mthly) 1 2-3 July 15
Holders of rec. June 10
New York (guar.)
Preferred (quiz.)
5
June 30 Holders of rec. June 30
k151 July 1 Holders of rec. June
Tulle Guarantee & Trust (guar.)
21
4
June 30 Holders of rec. June 19a Nashua Mtg., prof.(guar.)
..154 July 1 *Holders of rec. June 23
0
22
Extra
National Biscuit, corn.(guar.)
5
June 30 Holders of rec. June
Oct. 15 Holders of rec. Sept. 300
SI
22
Extra
Common (extra)
5
Sept.50 Holders of rect. Sent.22
50e. July 15 Holders of rec.
Preferred (auar.)
1.4f Any 21 Froid......o ...... June 30e
e.... 1,.
Name of Company.

r




[vol.. 122.

THE CHRONICLE

3422
When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Name of Company.
Railroads (Steam)(Concluded).
Auy 1
$12.50 J ulg. 2 Holders of rec. July 150
Miscellaneous (conchae).
Mahoning Coal RR., corn. (qual.)
Holders of rec. June 22a
*11.1 June 30 *Holders of rec. June 15'.
$1.25
National Casket, preferred (quar.)
Preferred
June 15
July 1 Holders of rec.
Holders of rec. June 250
2
10
National Refining, pref.((Bum)
Michigan Central
•1241c July 15 *Holders of rec. July 1
July 29 Holders of rec. June 251
754
New Bradford Oil (quar.)
Extra
to J une 30
July 1 Holders of rec. June 15
ju y 29 June 2
2
July 1
2
New England Equity Corp.. pf. (qu.)-Mobile & ilirminghaln. Prig
25e. July 1 Holders of rec. June 21a Mobile & Ohio
3.75
$14S June 28 Holders of rec. June 18a
New England Fuel Oil (quar.)
1 Holders of rec. June 70
•50c. June 30 *Holders of rec. June 20
July
Newton Steel, corn.(qual.)
Morris & Essex
•1% June so *Holders of rec. June 20
154 Aug. 2 Holders of ree. June 250
Preferred (quar.)
New York Central RR.(guar.)
rec. July 12
May 140
New York Air Brake, common (quar.).... 500. Aug. 1 Holders of rec. June 19
N. Y. Chicago a, St. Louis. corn.(qual.) 151 July 1 Holders of ree. May 150
of rec.
Holders of
July 1
4
N. Y.Title dr Mortgage (guar.)
Common (from non-operating income) 144 July 1 Holdres of rec. may 15
0
July 1 Holders of rec. June 19
154 July 1 Holders
1
Extra
series A (guar.)
Preferred
60c. July 15 Holders of rec. June 30
$2.50 July 1 Holders of rec. June 15a
Newmont k.Ming Corp
New York & Harlem. corn. dr pref
rec. June 14a
July 2 Holders of rec. June 12
New Orleans Coal Storage & Warehouse 5
New York Lackawanna & West.(guar.) 151 July 1 Holders of rec. May 290
3
e 111 Holders of
'6251c July 1 "Holders of rec. June 25
14
.1
North American Car Corp.(guar.)
Norfolk & Western, corn. (qual.)
'Holders of rec. June 12
July
25c. July 1 Holders of rec. June 25a Old Colony (quar.)
Novadel Process Corp., Prof.(No. 1)_ _
$1.25 July 25 Holders of rec. June 21a Pere Marquette, common (guar.)
144 July 1 Holders of rec. June 150
Ogilvie Flour Mills (guar.)
$1.50 July 15 Holders of rec. June 30
151 Aug. 2 Holders of rec. July 152
Otis Elevator. corn.(guar.)
Prior preferred (guar.)
to July 1
111 Aug. 2 Holders or rec. July isa
Overman Cushion Tire, conc. A (qual.). 151 July 1 June 19 to July 1
Preferred (guar.)
151 July 1 Holders of rec. June 100
151 July 1 June 19
Common B (guar.)
Pitab. Ft. Wayne & Chic., coin.(qu.)
Aug. 2 Holders of rec. July 15
•62
141 July 6 Holders of rec June 101)
Philadelphia Insulated Wire
Preferred (quar.)
*40e. Aug. 2 Holders of rec. July 26
$2.50 Aug. 2 Holders of me. July 16a
Pick (Albert) & Co.. corn.(guar.)
Pittsburgh & Lake Erie
•13i
%.
1
July 30 Holders of rec. June 154
uly 1 Holders of rec. June 21
81.50 o
Preferred (quar.)
Mat.. McKeesport & Youghiogheny
rs
July 1 Holders of rec. June 15
July 31 Holders of rec. July 150
51
Pie Bakeries of America, cl. A (Qum.)
Fitton & West Virginia, eorn.(quar.)--- 1
144 July 8 Holders of rec. Oct. 15*
141 July 1 Holders of rec. June 15
Seven per cent preferred (guar.)
Common (guar.)
July 1 Holders of rec. June 15a
2
134 Jan. 31 Holders of reclan.16'27a
Common (guar.)
Pittsburgh Plate Glass (gum.)
Holders of rec. June 21a
July 3 Holders of rec. June 30
*2
Prairie Pipe Line (quar.)
Reading Company. 2nd prof (guar.).- 50c.
4
July 1 Holders of rec. June 15a
75e. July 1 Holders of rec. June 15a
Pratt & Lambert, Inc., (guar.)
Aensselaer & Saratoga
July 1 Holders of rec. June 15a St Louis-San Francisco, corn. (guar.)._
141 July 1 Holders of rec. June 150
$1
Extra
i dy
2
July 15 Holders of rec. June 25a
151 Atug. 21 Holders of rec. July 150
Procter dr Gamble.8% prof.(qua!,)---Preferred (qual.)
21
1% Nov. i Holders of rec. Oct 150
•151 July 1 Holders of rec. June 21
Preferred (guar.)
Regal Shoe, Prof.(guar.)
1 Holders of rec. June
111 June 30 Holders of rec. June 151)
$1.50 July
St. Louis Southwestern. prof.(guar.)
Rich nan Brothers(quar.)
10
15 Holders of rec. May 2s0
154
$1
July 17 Holders of rec. July
Southern Pacific Co.(quar.)
Royal Typewriter.common
131 Aug. 3 Holders of rec. July 10a
344 July 17 Holders of rec. July 14
Southern Railway, corn. (guar.)
Preferred
rec. June 26
July 1 *Holders of
1st July I Holders of rec. June 25a
.2
Preferred (guar.)
Bt. Louis Nat. Stock Yards (guar.).
a,
3
July 1 Holders of rec. June 241)
July 1 *Holders of rec. June 15
*2
Foronto Hamilton & Buffalo
Schwartz (Bernard) Cigar (guar.)
Holders of rec. June 144
251 lull
*Holders of rec. June 30
July 20
Union Pacifie corn. (fluor.)
Seagrove Corporation (quar.)
June 23
June If)
of rec.
July 1 Holders of rec.
l
.3
2
Selbe ling'rire dr Rubb4r prof.(guar.) _
WeeternPacitic RR.Corp.. prof.(guar) 144uny 30 Holders
June 20 to June 30
June
30e. Illy 1 Holders of rec. June 19
Western Railway of Alabama
Sleloff Packing. corn. (quar.)
141 Aug. 2 'Holders of rec. July 20
Silver (Isaac) & Bro. Co.. prof. (qual.). •
17
'351 July 1 *Holders of rec. Juno 10
Public Utilities.
Southeastern Express
111 July 14 Holders of rec. June 300
75c. June 15 Holders of rec. June
All-America Cables (Ouar.)
Southern Acid (guar.)
July 1 Holders of rec. June 17a American & Foreign Power, pref.(quar.) Si 75 July I Holders of rec. June 15a
2
Southern Baking, pref.(guar.)
ree. June 15a
July 31 *Holders of rec. July 15
oil
Preferred stock allotment Ms.(guar.) 4341c July I Holders of rec. Ji.ne 12'
A (quar.)
Southern Dairies. class
of
210. June 30 Holders of rec. June 19
American Gas & Electrie, corn.(guar.)._ 250. July 1 Holders of rec. June 12
Sparks-Withington, coin. (guar.)
19
41 June 30 Holders of rec. June 23
Common (payable in no par corn. stk.) (n) July 1 Holders
Preferred (quar.)
$1.50 Aug. 2 Holders of rec. July 10
(qu) *25c. July 1 *Holders of rec. June
Preferred (guar.)
Standard Commercial Tobacco,com.
June 23
1% July 1 Holders of rec. June 150
*351 July 1 *Holders of rec. June 17
American Power & Light, pref. (guar.)._
Preferred
1% July 1 Holders of rec. June 15
251 July 1 Holders of rec.
American Public Service, pref. (guar.)._
Standard ;crew. common (guar.)
July I Holders of rec. June 17
pref.(qu.) 141 July 1 Holders of rec. June 150
3
Amer.Public Utilities. panic.
Preferred
rec. June 10
141 July 1 Holders of rec. June 150
•750. July 1 *Holders of
Prior preferred (guar.)'
Stanley Co. of America (guar.)
July 1 Holders of rec. June 196 Amer. Superpower,coin. A.& B.(guar.) 30c. July 1 Holders of rec. June la
2
State Theatre Co.(Boston). pref. (qu.)_
$1.60 July 1 Holders of rec. June la
July 1 Holders of rec. June 191
$1
First preferred (quar.)
Stern Bros., class A (guar.)
234 July 15 Holders in rec. June 191)
•$2.50 July 5'Holders of rec. July 1
American Telep. & Teleg. (guar.)
Stetson (John B.) Co.,common
211 Oct. 15 Holders of rec. Sept.200.
July 5'Holders of rec. July 1
n1
Quarterly
Preferred
to July 13
211J an 1527 Holders of rec. Dec. 204
July 15 July 1
Si
Quarterly
Sullivan Machinery (guar.)
June 30
251A pr15'27 Holders of rec. Mar. 1541.
Quarterly
Symeuse Wash. Mael.,com.A dr II(qu.) 750. July 1 June 20 to June 30
Sc. July 1 Holders of rec. June 100
July 1 June 20 to
Arkansas Natural Gas (guar.)
Common A and B(pay.In class B corn) n
of rec. May 31
July 1 June 20 to June 30
2
Associated Gas& Elec.. $7 pref.(guar.)_ r$1.75 July 1 Holders of rec. May 31
Preferred (guar.)
z8734c July 1 Holders
2
June 30 Holders of rec. June 241
Original series pref.(quar.)
(quar.)
Textile Banking
r1214c July 1 Holders of rec. May 31
July I Holders of rec. June 156
3744c
Original series pref.(extra)
Traveler Shoe(guar.)
(o) Aug. 2 Holders of ree. June 30
114 July 1 Holders of rec. June 19
Class A (guar.)
Tru sb "1-cliffs Ftp•nale, pref.(guar.)._
$1.25 July 1 Holders of ree June 15
'40c. June 26 Holders of red. June 16
Baltimore Electric Co. pref
Tintic Standard Mining
JUDE 10
mi. June 30 Holders of rec. June 21
Bangor Hydro-ElectriC Co.. Prof.(quar) 134 July 1 Holders of rec. June 150
Union Twist Drill, Prof.(qual.)
June 211
Barcelona'frac., L.& P., panic. Pf.(qu ) 1% June 30 Holders of rec June 23
rutted Alloy S eel Corp., corn.(quar.)__ '50c. July 10 Holders of rec. June 20
2
July 15 Holders of rec.
"151 July 1 Holders of rec.
Bell Telephone of Canada (quar.)
-mar.)
Preferred (
1% July 15 Holders of rec. June leo
$1.75 July 1 Holders of rec. June 186 Bell Telephone of Pa..644% Prof• (qu.)
United Ice Service. pref. A (guar.)
Juno 25
June 30
)(Molt Water. Gas & Electric met pitt ) 151 Ploy I Holdens of roc June 15
U. S. Industrial Alcohol. Pref. (guar.).- •141 July 15 Holders of rec. July 6
(quar.) _ $1.50 July 1 Holders of rec.
Aug. 2 "Holders of rec.
Binghamton L., H.& P., pref.
United Verde Extuelon Mining (guar.)_ •750.
of rec. June 12
June 21
July 1 Holders of rec.
Birmingham Electric Co.,Prof.(guar.)-. $1 75 July 1 Holders of rec. June 10
Universal Leaf Tobacco, pref. (guar.)-. 2
134 July 1 Holders
July 15 June 25 to June 30
6
Boston Elevated Ely., corn.(quar.)
Universal Ui ilitiel, common
July 1 Holders of rec. June 10
4
July 15 June 25 to June 30
3
• First preferred
Preferre"
345 July 1 Holders of ree. June 10
July 1 Holders of rec. June 18
•1
Preferred
Utah-Idaho Sugar, corn. (quer.)
June 151)
L. & P., pref. (guar.).-- 144 July 1 Holders Of rec. June 90.
•141 July 1 Holders of rec. June 18
Brazilian Trac..
Preferred (quar.)
1
61 July 1 Holders of rec.
.75c. July 15 Holders of rec. July le
Brooklyn Union Gas (quar.)
Vivaudou (V.) Inc., common
rec. June 15a
June 21 Holders of rec. June
'$1
Buffalo Niagara di East Pow.,corn.(qu.) 25e. July 1 Holders of rec. June 150
011
Wit'hIngtoa
.
400. July 1 Holders of
351 June 30 Holders of rec. June 19
Preferred (iu tr.)
Welsbach Co., preferred
June 14
- 141 July 1 Holders of rec. June 14
*1.50 July 31 Holders of rec. June 30
Capital TaetIon. Wash., D. C.(guar.).
Westinghouse Air Brake (quar.)
141 July 1 Holders of ree.
25e. July 31 Holders of rec. June 30
Carolina Power & Light. pref. (guar.)
Extra
Holders of rec. June 15
154 mwa
to July 1
July 1 June 25
$1
Central Illinois Light, 6% pref. (guar.).
Westmoreland Coal (quar.)
141 July 1 Holders of rec. June 15a
.14/ July 1 Holders of rec. June 18
Seven per cent preferred (guar.)
Whitman (William) Co.(quar.)
Ill Holders of rec. Jive. xflo
4
Central Illinois Pub. Sem, pref (quar.) 41.54)
'131 July I Holders of rec. June 22
Willvs-Overland Co., pref. (qual.)
July 20
250. July 1 Holders of ree. June 10
corn
Central States Electric Corp.,
Wrigley(Wm.)Jr.& Co.(mon hly)..... "250. Aug. 2 Holders of rec. Aug. 20
131 July 1 Holders of ree. June 10.
Preferred (quar.)
"250. 4ept. 1 'Holders of rec.
Monthly
1% June 30 June 16 to July 1
'250. let. I Holders of rec. Sept.20
Chicago Cite RY.(quar.)
Monthly
June 16a
'250. Nov. 1 Holders of rec. Oct. 20
Chicago North Shore & Milw.,pref.(qu.) 154 July 1 Holders of rec. June 15a
Monthly
141 July 1 Holders of rec.
Prior lien stock (guar.)
"250. Dec. 1 Holders of rec. Nov.20
Monthly
Trail., prior pref.(mthly) 65e. July 1 Holders of rec. Junedl 5a
Chicago Rapid
650. Aug. dl Holders of rec. July 20a
Prior preferred (monthly)
weeks
65e. Sept. 1 Holders of rec. Aug.d170
Below we give the dividends announced in previous
Prior preferred (monthly)
1% July 1 Holders of rec. June 12
dividends an- Cleveland Railway (guar.)
and not yet paid. This list does not include
1 Holders of rec. June 151).
table. Columbus Electric & Power, corn.(qu.). 234 July 1 Holders of ree. June 15a
141 July
nounced this week, these being given in the preceding
series B (guar.)
Preferred
141 July I Holders of rec. June 151)
Second preferred (guar.)
Holders of rec. June 15a
Consol. G., E. L. dz P., Balt.. corn.(qu.) 62410 July 1 !folders of rec. Juue 150.
Per
Books Closed.
When
July 1
2
Series A preferred (quar.)
Days Inclusive.
Cent. Payable.
Name of Company
154 July 1 Holders of rec. June Ilia
Series B preferred ((Mar.)
144 July 1 Holders of rec. June 150
Series C preferred (quar.)
Railroad. (Steam).
151 July 1 Holders of ree. June 15a
Series D preferred (guar.)
$1.75 June 28 Holders of rec. May 24
Alabama Great Southern, ordinary
8744c Aug. 2 Holders of rec. June 15a
Consolidated Gas. N. Y.. pref.(guar.) - .2
32.50 June 28 Holders of rec. May 24
Ordinary (extra)
July 15 Holders of ree. June 30
July 12
Traction of New Jersey..
Consolidated
$1.75 Aug. 16 Holders of rec.
Preferred (quar.)
1% July 1 Holders of rec. June 16
Consumers Power. 8% prof.
$2.50 Aug. 16 Holders of rec. July 12
Preferred (extra)
1.65 July 1 Holders of rec. June 15
6.6% preferred ((Mar.)
414 July 1 Holders of rec. June 15
Albany & Susquehanna
1% July 1 Holders of roe. June IS
7% preferred (guar.)
214 Aug. 2 Holders of rec. June 256
Atchison Topeka & Santa Fe. °ref
50o. July 1 Holders of rec. JUDE 15
6% preferred (monthly)
4
June 3(1 June 20 to June 30
Atlanta & West Point
55c. July 1 Holders of rec. June 15
June 1541
(monthly)
3% July 10 Holders of rec.
6.6% preferred
Atlantic Coast Line RR.,!common
July 1 Holders Of ree. June 121)
151 July 10 Holders of rec. June 1541 Continental Gee & Elec.. common (qu.)_ $1.10
Common (extra)
$1.50 July 1 Holders of rec. June 121)
Preferred (guar.)
75e. July 1 Holders of rec. June 156
Bangor & Aroostook, CO/Q.(guar.)
81.50 July 1 Holders of ree. June 121)
lha
(guar.)
Participating preferred
141 July 1 Holders of rec. June
Preferred (quar.)
34 July 1 Holders of rec. June 12
Participating prof. (extra)
600. July 1 Holders of rec. June 15a
Beech Creek (qual.)
July 1 Holders of rec. June 1241
Prior preference (quar.)
214 June 30 Holders of ree. May 28.
Boston & Albany (qnar.)
June 30 Holders of me. May 295
144 July 1 Holders of rec. June 110 Continental Passenger Ry., Philadelphia
Boston Revere Beach dr Lynn (qual.)
July 1 Holders of rec. June 151)
2
June 30 Holders of rec June 150 Denver Tramway Corp., Prof. (guar.)
Buffalo dc Susquehanna. preferred
July 15 Holders of rec. June 210
June 26a Detroit Edison (guar.)
114 Aug. 2 Holders of rec.
Canada Southern (guar.)
July 15 Holders of rec. June 191)
2% June 30 Holders of rec. June la Diamond State Telma.. 634% Pt.(910- Canadian Pacific corn. (quar.)
July 1 Holders of rec. June 15
2
July 1 Holders of rec. June 80 Duke Power Co
Chesapeake & Ohio, corn. (guar.)
July 1 Holders of rec. June 151)
8a Duluth-Superior Traction. pref.(guar.)341 July 1 Holders of rec. June
% preferred. series A
July 1 Holders of ree. June 41)
5
rune '15 Holders of rec. June lea Eastern Texas Elec. Co., pref. ((111.)- Chicago Berlirurton & Qitiney
Aug. 2 Holders of rec. July 10
Share. pref.(guar.)._
June 26
Electric Bond &
Chicago Indianapolis& Louisville,corn. _ 251 July 10 Holders of me. June 26
July 15 Holders of ree. June 16
Electric Bond & Share Securities (guar.).
1
July 10 Holders of rec.
Common (extra)
2
July 10 Holders of rec. JUDE 26a Electric Light & Power Co. of Abington
Preferred
50c. July 1 Holders of rec. June 161)
& Rockland (guar.)
June .40 Holders of rec. June lo
Chicago & North Western, common.... 2
Holders of rec. June 121)
344 June 30 Holders of rec. June 16 Electric Power & Light Corp., prof.(qu.) $1.75 July 1 Holders of rec. JUDE 16
Preferred
3
Holders of rec. June ha Elmira Water Light & RR., let Pt. qu.) 154 June 30
June 30
Chicago Rock Island & Pacific,6% prof.
151 June 30 Holders of rec. June 16
3% June 30 Holders of rec. June ha
Second preferred (guar.)
Seven per cent preferred
of rec. June 16
4
June 25 Holders of rec June 70 Empire GM& Fuel,8% pref.(monthly)' 66 2-3c July 1 *Colder, of ree. July 16
Cineinnati New On.& Tex. Poe.. corn
-•66 2-3c Aug. 2 *Holders
Eight per cent preferred (monthly)
July 20 Holders of rec. July 13a
5
Cincinnati Northern
1 *Holders of rec. June 15
25s
Seven per cent preferred (monthly)._• 58 1-3c July
Cleve. Cine. Chic.& St. L.,corn.(guar.) 1% July 20 Holders of rec. June 21s
58 1-3c Aug 2 *Holders of rec. July 15
Seven per cent preferred (monthly)
111 July 20 Holders of rec. June
46s
Preferred (guar.)
51.75 July 1 Holders of rec. June 411.
Engineers Public Service, pref.(quar.)_
2
lune 30 June 20 to June 30
Colorado & gout hero first preferred
of rec. June
June 15a
Preferred stock allotment certifs.(qu.) 41 .75 July 1 Holders
rec. June 150
Consolidated RILL of Cuba, pref.(guar.) 114 July 1 Holders of rec. June 29a
Federal Light dr Traction, corn.(guar.). 20e. July 1 Holders of rec. June 150
rec.
$1.20 June 30 Holders of
of
Cuba RR.(quar.)
Common(amble in common stock)._ fl5e. July 1 Holders of ree. June 15
234 June 21 Holders or rec. May 2so
Delaware & Eredson Co.(guar.)
111 July 1 Holders
3
July 15 Holders of ree. July 8a Florida Public Service, pref.(guar.)- --1
Detroit River Tunnel
Ito Frank.& Southw.Pass. HY.,Phila.(111.) '$4.50 July 1 *Holders of rec. June 1515
154 July 1 Holders of ree. June
Holders of rec. June
Gulf 141oblie & Northern. prof.(guar.)
2
June 30 Holders of rec. June 86 General Gas & El. Corp., corn. A (qu.) u371cc. July 1 Holders of rec. June 151)
(otter.)
Hocking Valley
July I
$2
2
$8 preferred A (guar.)
July 1 June 12 to July 5
111)
Illinois Central, leased lines
$1.75 July 1 Holders of rec. June 115es
$7 Prof. A (guar.)
144 July 5 Holders of rec. June 25
Joliet & Chicago (guar.)
$1.75 July 1 Holders of ree. June
$7 wet. 11 Open.)
87%c July 1 Holders of rec. June 120
(guar.)
ree. July 9
Lehigh Valley. common
June 12a General Public Service. $6 pref. (guar.). $1.50 Aug. 2 Holders of ree. July 9
$1.25 UlY 1 Holders of rec.
Preferred (guar.)
$1.75 Aug. 2 Holders of
Convertible preferred (quar.)
Aug. 10 Holders of rec. July I5o
3
Louisville & Nashville




Jura'19 1926.]
Name Of Continue.

THE CHRONICLE
Per
When
Cent. Payable.

Books Closed,
Days Inclusive,

Name of Company.

3423
Per
When
Cent. Payable

Books Closed.
Days Inclusive.

Public Utilities (Concluded).
Banks.
Hackensack v,liter. 7% pref. Close A___ 87 Mc. lune 30 Holders of roe. June 20
America, Bank of (guar.)
3
July 1 Holders of rev. June 15a
Haverhill Gas Light (guar.)
560. July 1 Holders of rec. June 18a Bank of N. Y.& Trust Co.(quar.)
July 1 Holders of rec. June I8a
5
Illinois Bell Peleptione (guar.)
2
rune 30 Holders of rec. June 21)0
Extra
July 1 Holders of rec. June 18a
1
Illinois Power, 6% pref. (guar.)
151 July 1 Holders of rec. June 15
Chase National (quar.)
331 July 1 Holders of rec. June 16a
Seven per cent preferred (guar.)
1M July 1 Holders of rec. June 15
Chase Securities (guar.)
$1 July 1 Holders of rec. June 160
International Telep. & Teleg.(quar.)
1% July 15 Holders of rec. June 28a Chatham & l'henix Nat. Bk.& Tr.(qu.) 4
Juiy 1 June In
to June 30
Interstate rower, preferred (guar.)
$1.75 July I Holders of rec. June
Chelsea Exchange (guar.)
151 July 1 Holders of rec. June 18a
Jamaica Public Service, pref.(quar.)_, 154 July 2 Holders of rec. Juue 12
Commeree National Bank of (guar.)
4
hilt, 1 Borders of rec. June 1151
Kan.City Pow.& Lt., 1st pr. A (guar.). $1.75 July 1 Holders of roe June 15a Fifth Avenue (guar.)
6
July 1 Holders of roe. June 30a
Kansas Electric Power, Pref.(guar.)..._
131 July 1 Holders of rec. June 15
Special
26
July 1 Holders of rec. June 300
Renato Gas & Electric, Pref.(guar.)... _
131 July 1 Holders of rec. June 15
First National
July 1 Holders of rec. June 306
20
Kentucky Hydro-Electric. prei. (guar.). 134 June 21 • Holden, of rec. May 200 First Securities(guar.)
Co.(guar.)
5
July 1 Holders of rec. June 30a
Kentucky Securities, common (guar.)._ .154 July 1 *Holders of rec. June 21
Greenwich (quar.)
July 1 Holders of rec. June 19a
3
Preferred (quar.)
July 15 *Holders of rec. June 21
Lebanon Natter:lel
July 1 Holders of rec. Jcne 24
3
Laurentide Power (guar.)
151 July 15 Holders of rec. June 30
Manhattan Co., Bank of the (guar.)._
July 1 Holders of rec. June 18a
$2
Long Island Lighting, pref.(guar)
1% July 1 Holders of rec. June 21
National City (guar.)
July 1 June 20 to June 24
4
Louisville taus CC Elec., eittas A dr B (au./ 4314c Julie 25 Holders of rec. May 3110 National City Co.(guar.)
July I June 20 to June 24
4
Mackay Companies, corn.(guar.)
1% July 1 Holders of rec. June ba
New Netherland (guar.)
2
July 1 Holders of rec. June 190
Preferred (quar.)
1
Icily 1 Holders of rec. June 50
234 July 1 Holders of rec. June 15a
Manhattan Ry., mod. guar. stock (qu.). 1% July 1 Holders of rec. June 15a Ozone Park Nat. Bank (Brooklyn)
Public National (que.)
July 1 Holders of rec. June 21
4
Modified guaranteed stock
Seaboard National iquar.)
4
July 1 Holders of rec. June 24
Account def. div. Oct. 1 1925
50c. July 1 Holders of rec. June 15a Standard (guar.)
234 July 1 Holders of rec. June 26a
Account del. div. Jan. 1 1926
98e. July 1 Holders of rec. June 15a Standard National Corp.,corn.(guar.)_ _
234 July 1 Holders of rec. June 26a
Corp., common (guar.). _ 50c. July 1 Holders of rec. June 15a
Manila Elec.
Preferred (guar.)
134 July 1 Holders of rec. June 260
Common (guar.)
50c. Jet. 1 Holders of rec. Sept. 15a United States, Bank of (quar.)
234 July 1 Holders of ref/. June 2111
Common (guar.)
50c. Dec. 31 Holders of rec. 1)ec. 150
Metropolitan Edison, 37 pref. (guar.)._ 51.75 July 1 Holders of rec.
June 15
Trust Companies.
$6 preferred (guar.)
31.50 July 1 Holders of rec. June 15
Middle Weed Utilliles. pref. (guar.)._
154 July 15 Holders of rec. June 301 Bank of Europe Trust Co.(guar.)
251 July 1 Holders of rec. June 21a
Minnesota Power & Light, pref.(guar.). 1% July 1 Holders of rec.
June 15
Bankers (otter.)
5
July I Holders of roe. June 15
Mohawk Valley Co.(guar.)
50e. July 1 Holders of rec. Juned2la ',imitable (cm .r.)
iccuce lid Holden of rev June 18a
3
,
Monon. West Penn P.S., pref.(quar.)
4341c. July 1 Holders of rec. June 15
Guaranty
June 30 Holders of rec. June 18
3
Montana rower, common (guar )
Os July 1 Holders of rec. June I la Manufacturers (guar.)
5
July 1 Holders of ree. June lOg
Preferred (guar.)
13( July 1 Holders of rec. June 1 la United States(guar.)
1234 July 1 Holders of rec. June 100
Montreal Tramways(quar.)
251 July 15 Holders of rec. June 30
Extra
July 1 Holders of rec. June 19a
10
Mountain States Power, pref. (quar.)_ _ _
131 July 20 Holders of rec June 30
Narragansett Electric Lighting (quar.)
51
July' 1 Holders of rec.
Fire Insurance.
National Electric Power Co.. pref. (qu.) 13( July 1 Holders of rec. June 121
June 2I0 Rossia of America (guar.)
51.50 July 1 Holders of rec. June 15a
National rower & Light, Prof. (guar.)._ 51.75 July 1 Holders of rec.
June 12
Nat.Pub. Sere. Corp., Spc'l (guar.)
_ $1.75 July 1 Holders of rec. June 17
Miscellaneous.
Participating preferred (guar.)
$1.75 July 1 Holders of rec. June 17
New e neutral Telep. & 'icing. (guar.)._
2
Juice 2! Holders of rec. June Ms Acme Steel (guar.)
6234c July 1 Holders of rec. June 20a
New Jersey Power & Light. part. pf.
(gm) 13i July 1 Holders of rec. June 15
Ada ins Express (guar.)
81 .50 lone 30 'Lumen. ol rem June ISO
Newport News & Hanquan Hallway.
Adams Royalty (guar.)
50e. July 1 Holders of rec. June 18a
Gas & Electricity, coin. (guar.)
July 1 Holders of rec .June 15a
Advauce-lt mely Co.(guar.)
78c. iuuly 1 Heidercc of fee. Julie I50
Preferred (guar.)
July 1 Holders of rec. June lta Aeolian Company. pref.
134 June 30 Holders of ree. June 21
(guar.)
New York Cent. Elec. Corp.. Prof.(qu.)
July 1 Holders of rec. June 21
Aeolian Weber Piano & Phtnola. Pf.(qu.) 151 June 30 Holders of rec. June 21
New 'sort c,ieali, Corp., pref. (quar.)
July 1 Holders of rec. J me 15a Aetna Rubber,common
25e. July 1 Holders of rec. June 15
New York Telephone, preferred (quar.).
July 15 Holders of rec. June 19
Preferred (guar.)
151 July 1 Holders of rec. June 15
Niagara Falls rower, corn. (guar.)
June 21, Holders of rec. June 150 Ahumada Lead (guar.)
734c. luly 5 Holders of rec. June 18a
Preferred (guar.)
July 11 Holders of rec. June 300
Extra
1714c luly 5 Holders of rec. June I Sa
Niagara Lockp.& Out. Pow., corn.(qu.)
June 30 Holders of rec. June 15a Air Reduction
July 15 Holders of rec. June 30a
Co.(guar.)
$1
Preferred (guar.)
July 1 Holders of rec. June 150
Shied ('lieu,.& I /ye Corp.. pref.(guar.) 134 Icily 1 Holder,. of rec. June lha
North American Co., common (quar.)_ _
July I Holders of rec. Jane 56 Allis Chalmers Mfg..
pref.(guar.)
134 July 15 Holders of rec. June 240
Slit per cent preferred (guar.)
July 1 Holders of rec. June Its Aluminum
Co.of Amer.. pref.(guar.)
1 M July 1 Holders of rec. June 150
NortheasternPower, class A (quar.)_
July 1 Holders of rec. June 15
American An w orlot. coin. & pref igu.1
Ix Oily If Holder,. cci rev. June 30
Northern New York Utilities (quar.)._
J ne d2t Holders of rec. June 15a
Atnerlea ft Bank Note. common (quar.)_. 40e
July 1 Holders of rec. June 156
Northern Ohio Pow. dr Lt..6% PI. HIM)
July 1 Holders of rec. June 15
Preferred (guar.)
d75c July 1 Holder- of rec. June 150
Northern States Power,class A com.(qu.)
Aug. 2 Holders of rec. June 30
Amer. Beet Sugar. pref.(guar.)
134 July 1 Holders of rec. June 19a
Seven per cent preferred (guar.)
July 20 Holders of rec. June 30
Amer. Brake Shoe & Fdy., corn.(qu.)
51 50 J ne 30 Holders of rec. June I8a
Six per cent preferred (guar.)
July 20 Holders of rec. June 30
Preferred (guar.)
151 June 30 Holders of rec June 18a
Northport Water Works, pref.(guar.)._
July 1 Holders of rec. June 21
erican Can. preferred (guar.)
14. holy 1 Holders or re. June Ills
North*es,ern Telegraph
July 1 June 16 to June 30
Amer. Car & Foundry, common (guar.). $1.50 July 1 Holders of re,. June 156
Northwest. Utilities, prior lien pf.(qu.)_
July 1 Holders of rec. June 15
151 July 1 Holders of rec. June 15a
Preferred (qUM%)
Ohio Bell Telepuone, pref.(guar.)
July 1 Holders of rec. June 21
Amer. Cellulose & Chem. Mfg., hat pf
*354 June 31 *Holders of rec. June 15
Ottawa L.. H.at I ow., common (guar.)
June 30 Holders of rec. June 15
American Chain. class A (guar.)
50c. June 211 June 20 to Joe 30
Preferred (quar.)
July 1 Holders of rec. June II
Ati.erlean Chicle, cool.(No. 1) (guar.).- 760. July 1 Holtims of rue J Lie I 5a
Ottawa Traction (Qua..)
July 2 Holders of rec. June 15
( um div.)
agiir
. di:
h d
Holder,,qroe.rec
Pacific Gas & Electric, corn.(quar.)
*2
July 15 *Holders of rec. June 30
preferred
6
Aor pre
prer.ae
ly I
134
Pacific Telco. & Teleg., corn. (guar.)._
151 June 30 Holdeis of rec. June Ise
J Amer. Cigar, preferred (guar.)
134 July I Holders of rec. June 15a
Preferred (guar.)
154 July 15 Holders of rec. June 30a Amer. Cyanamid. old
com.(par3100)(qu) 1
July 1 Holden of rec. June 15
Panama Power & Light. pref.(guar.)._
1% July I Holders
Old common (Par $100) (extra)
M July 1 Holders of rec. June 15
Penn Central Lt.& Pow.. pref.(quar.)_. El .25 July 1 Holders of re. June 15
of rec. June 15a
New "A" corn. and "B"corn.(guar.). 30c. July 1 Holders of roe June 15
Penna. Gas & Elec. CO., Prof. (gu.)
1)1 July 1
Preferred (guar.)
154 July 1 Holders of rec. June 15
penuo!vaunt Pow.& 14.. peel. (guar.). 31.75 July 1 June 19 to June 30
Holders of rec. June 15
American Express (guar.)
51.50 July 1 Holders of rec. June 100
Pennsylvania Water & Power (quar.r.... 2
I tily 1 Holders of rec. June 18
huterlean Hardware Corp. (Outer.),..Si
July I June 17 to June SO
Portland Electric Power. 1st pf. (qu.)
1)4 July 1 Holders of rec. June 15
Quarterly
St
Oct. i Holders. of rec. Sept. lea
Prior preference (guar.)
151 July 1 Holders of rec. June 15
$1
Jan 1'27 Holders of rec. Dee. ira
Quarterly.
Porte Rico Rys., pref.(guar.)
134 July
Amer. Home Products (monthly)
200. July 1 Holders of rec. June 15a
Power Corp. of N. Y., o Jin.(quar),,. 21e. July 2 June 16 to July 1
Amer. La France Fire Eng.,com.(qu.)
250. Aug. 16 Holders of rec. Aug. 2a
Public bervice Corp.oi . J., tom.(qu.) 21.25 rune 1 Holders of rec. June 15
30 Holders oi rec. June 9a
Preferred (quar)
131 July I Holders of rec. June 156
Six per cent preferred (guar.)
134 June 80 Holders of rec. June 4a
American Linseed. preferred (guar.)._
134 July 1 Holders of I'm Juiuie ISO
Seven per cent preferred (guar.)
1% lune 30 Holders of rec. June 90
I% Oct
Preferred (guar)
1 Holders of roc Sept. 170
Eight per ceut preferred (guar.)
2
lune 30 Holders of rec. June 46
Preferred (guar )
134 .l,n3'27 Holders of rec. Dee I70
Public Service El. ,Sc Gas,6% pf.(qu.)
151 June 30 Holders of rec. June 4s
Preferred (guar.)
134 Aprl'27 Hold . of ree.Mar.IR '27a
Seven Per cent preferred (guar.)
151 lune 30 Holders of rec. June 40 American Locomotive, com.(guar.)
June 30 Holders of rec. June 110
$2
Public Service Elec. Power, pref.(quar.) Si
Aug. 2 Holders of rec. July 151
Preferred (guar.)
151 June 30 Holders of roe. June 110
Quebec Power, common (guar.)
1)1 July 15 Holders of roe. June 30a
American Manufacturing
Preferred (quar.)
131 July 15 Holders of
common (quar.)
14 July
Holders of rec. June 17
Radio Corp. or Allier., pref. (quar.)__,,, 874, Icily I Holder,. of rec. June 30a
rec. Juice lu
Common (guar.)
154 Oct.
Holders of rec. Sent. 17
Reading Traction
755. July 1 June 16 to July 1
Common (guar.)
1
131 Dee. 3 Holders of roe. Dec. 17
Ridge Ave. PAHL Ry., Phila.(guar.).
- *33
July 1 *June 16 to July 1
Preferred (char.)
July
Holden of rec. June 17
Savannah Elec. & Power, deb. A (qu.).
2
July 1 Holders of rec. June 11a
Preferred (q
III Oct.
Holders of rec. Sept. 17
Debenture Series B (guar.)
1% July 1 Holders of rec. June 14a
Preferred (quar.)
131 Dee. 3 Holders of rec. Dec. 17
Shawinigan Water ,k Power (guar.)
2
July 10 Hol ers of rce. June 21
American Plano, common (quar.)
2
July
Holders of rec. June 15
Southern Canada Power, pref.(guar.) _
1M July 18 Holders of rec. June 2.5a
Preferred (guar.)
134 July
Holders of rec. June lba
Southeastern row.& Lt.. $7 pref.(qu.). $1.75 July I Holders of rec.
June 19
Amer. Radiator. corn. (guar.)
SI
June 30 Holders of roe June 154
Participation Prof. (No. 1) (guar.)._ $1
JU1Y 1 Holders of rec. June 19
American Railway Express (guar.)
51.50 June 31 Holders of rec. June 154
Southwestern Bill Telep., pref. (guar.).
15( July
Holders
Amer. Rolling 151111. coin.(quer.)
50c. July It Hoiders of rec. Jinx 300
Southwestern Gas at Elec.. pref.(guar.). •1,1 July 1 *Holders of rec. June 19
of rec. June 15
Common(pay.in eon).stock)
f5
July 15 Holders of rec. July la
Springfield Ry.& Light. pref.(guar.)._
.
154 July 1 Holders of rec. June 15
Preferred (guar )
134 July I Holders of rec. June 150
Standard Gas & Electric, corn,(quer
750. July 28 Holders of rec. June 3116
American Safety Ram, (quit'.)
'
75e. July 1 Holders of rec. June 100
Common (Payable In common stock). II-100 July 25 Holders of rec.
June 350 American Snuff, common (utter.)
3
July 1 Holders of rec. June Ila
Common (payable In common stock). fl 200 Oct. 25 Holders of
Preferred (guar.)
13.4 July 1 Holders of rec. June Ila
Common (payable in common sto/k). f1-200 Jan15'2' Holders of rec. Sept 30a
rec. Dec 3Ia Amer. Steel & Foundries, cone.(guar.)._ 75e.
7% preferred (guar.)
July 15 Holders of rec. July la
1)1 July 2 Holders of rec. June 30
Preferred (guar.)
151 June 30 Holders of rec. June 15a
Tennessee East. El. Co., corn.(guar.)._ $1
July
Holders of rec. June 21a
American Store, Corporation (luar.)--- 50e. July 1 June la to July 1
$7 preferred (guar.)
$1.75 3ept.
Holders of rec. Aug. 2a
s
A Quarterly
6% preferred (guar.)
50e. Oct. I Sept. 16 to Oct. 1
154 dept.
Holders of rec. Aug. 20
.,rRote.,common (quiz.)
,,r
Sugar
a
Tennessee Elec. Power,6% list preflgu.) 131 I uly
134 July 2 Holders of rec. June IS
Holders of rec. June 15
Preferred (quar.)
Seven per cent first preferred (quar.)
154 July 2 Holders of roe. June 1
134 July
Holders of rec. June 15
American Tobacco. preferred (guar.).
7.2% first preferred (guar.)
- 1% July 1 Holders of rec. June Ina
1.80 July
Holders of rec. June 15
Amer. Wholesale Corp., prof.(quar.).. 134 July 1 Holders of rec. June 21a
Six per cent first preferred (monthly) 50e
luly
Holders of rec. June 15
Amer. Window Glass, com.(quar.)
13-4 July 1 Holders of rec. June I8a
7.2% first preferred (monthly)
60e. rely
Holders of ref .1,
, ine I
Preferred (quiz.)
Toledo Edison Co., prior pref. (guar.)._ 2
154 July 1 Holders of rec. June 18a
July
Holders of rec. June 15
American Woolen, pref.(guar.)
TwinCity Rap.Tr Minneap.,corn.(qu.) 114 July
151 July 15 June 16 to June 24
Holders of rec. June 15a
Armour & Co., Ill., pref. (guar.)
Preferred (guar.)...
134 July 1 Holders of rec. June 100
13‘ Icily
Holders of rec. June 15a
Armour Ar Co. of Del., pref. (guar.)_ _
151 July I Holders of rec. June 100
Union Passenger Hy., Philadelphia_ __
/c54.75 July
*Holders of rec. June 15
Armstrong Cork, eons.(guar.)
Union Traction (Phila.)
$1.50 July 1 June 18 to July 1
•51.50 July
*Holders of rec. June 16
Preferred (guar.)
131 July I June 18 to July 1
United Gas tit Elec. Corp., pref.(quar.). 134 July
Holders of rec. June 16
Art loom Corporation. corn. (Outer.).... 75c, July 1 Holders of rec. June 190
United Gas Improvement (guar.)
SI
July 15 Holders of rec.
United Lt. & Pow., old corn. A & B(oL) 60c. Aug. 2 Holders of roe. June 301 Associated Dry Goods, corn.(qua?).... 63c. Aug. 2 Holders of rec. July 10
July 15a
First preferred (guar.)
154 Sept. 1 Holders of rec. Aug. 14
New common A & B (guar.)
120. Aug. 2 Holders of rec. July 15a
Second preferred (quar.)
Preferred class A (guar.)
15 4erit. 1 Holders of rec. Aug. 14
4
$1.62 July 1 Holders of rec. June 15a
50e. June 25 Holders of roe. June 104
Preferred class B (guar.)
51
July 1 Holders of rec. June I5a Associated 011 (guar.)
Extra
400. July 24 Holders of rec. June a(la
Utah Power & Light, pref. (guar.)
1% July 1 Holders of rec. June 10
Auburn Automobile (guar.)
SI
July 2 Holders of rec. Juned22
Utilities Pow.& L. Corp.. class A (qu.)_ OUR. July 1 Holders of rec.
Juno
Stock dividend
ei5
Aug. d Holders of rec. July 20
Class B stock (guar.)
p25c. July 1 Holders of rec. June
5a
Stock dividend
05
Nov. ill Holders of rec. Oct. 20
Seven per cent preferred (guar.)
1.4 July 1 Holders of rec. June 5a
Babcock * 55 fleet (quar.)
I% July I Holders of rec. June 200
Virginia Public Service. pref. (guar.)
July 1 Holders of rec. June 15a
13
Quarterly
134 Oct. I Holders of rec. Sept.204
West Chester Street Hy.. prof. (quar.)..
134 'Sept. 1 Holders of roe. Aug. 22
Quart erly
151 Jan2 27 Holders of rec. Dec. 200
Preferred foliar
144 Dee. 1 Holders of rec. Nov. 21
Quarterly
151 A prl'27 Holdersofrec.Mar.20•276
West Penn Elec. Co.. class A (quar.)___ 51.75 June 30 Holders of rec. June
15a
Balaban & Katz, common (monthly)._ 250. July 1 Holders of rec. June 19a
West Penn Power Co.,7% pref.(guar.). 13( Aug. 2 Holders of rec. July 15a
Preferred (guar.)
154 My 1 Holders of rec. June 104
Six per cent preferred (guar.)
1(4 Aug. 2 Holders of rec. July 15a
Baldwin Locomotive Works, corn. de pf
334 July 1 Holders of rec. June 50
West Phila. Pass. RY
*1/55 July 1 *Holders of rec. June 15
Barnsdall Corp. class A & B (quay.)
50e. July 1 Holders of rec. June 15a
Power Corp.. pref. (guar.)
Western
13( July 15 Holders of rec. June 30a
Creamery. corn.(quiz.)
Beatrice
41.25 July 1 *Holders of rec. June 20
Western States Gas & El., Pref.(guar.). 14 July 15 Holders ot rec. June
30
Preferred (guar.)
.151 July 1 *Holders of rec. June 20
Western Union Teleg. (guar.)
2
July 15 Holders of rec.
60e. July 10 Holders of rec. June 256
Winnipeg Electric Co., pref.(guar.)- . 13( July 1 Holders of rec. June 260 Beech-Nut Packing, common (guar.).
June 15a
Preferred B(Ouar.)
154 July 15 Holders of rec. July la




Name of Company.

Per
When
Cent. Payable.

Books Closed
Days I7IZIUSIVS.

MIscelisneous (Continued).
750. July 1 Holders of rec. June 21s
Belding-Hemingway Co.(guar.)
134 July 10 Holders of rec. June 30
Belgo-Canadian Paper,corn.(guar.)-131 July 2 Holders of rec. June 5
Preferred (guar.)
Bendix Corporation, class A (guar.).
- 500. July 1 Holders of rec. June 15a
500. July I Holders of rec. June 20
Berry Motor(quar.)
131 July 1 Holders of rec. June 1
Bethlehem Steel.7% pref.(quar.)
July 1 Holders of roc. June 1
2
Eight percent. pref.(quar.)
25
June 29 Holders of rec. June 22a
Big Lake Oil
$1
June 30 Holders of rec. June 19a
Bingham Mines (quar.)
25e. July 1 Holders of rec. June 15a
Bohn Aluminum dz Brass (guar.)
75c. July 1 Holders of rec. June 18a
Borg Jr Beck (guar.)
June 30 Holders of rec. June la
3
Boston Wharf
131 July 1 Holders of rec. June 20
Bridgeport Machine, pref.(guar.)
50c. July 1 Holders of rec. June 150
BrIllo Manufacturing, pref. A (quar.)
6234c. July 2 June 18 to June 30
British American 011(guar.)
British-Amer. Tobacco. ord'y (interim). (I) June 30 Holders of coup.No.111s
Ordinary (Payable in ordinary stock)_ (z)
British Columbia Fish & Packing (guar.) 134 Sept.10 Holders of rec. Aug. 31
, Dec. 10 Holders of rec. Nov.30
ii
'
Quarterly
Brown & Williamson Tobacco,corn.(qu.) 155 July 1 Holders of rec. June 19
134 July 1 Holders of roe. June 19
Preferred (guar.)
Brunswick-Balke-Collender, pref.(guar.) 134 July 1 Holders of rec. June 21
134 July 1 Holders of rev. June 19
Bucyrus Co., corn, and pref.(guar.)._
July 1 Holders of rec. June 150
Burns Bros., pref.(guar.)
131 Aug. 2 Holders of rec. July 15a
Prior preferred (guar.)
Burroughs Adding Mach com.(guar.). 75e. June 30 Holders of rec. June 15
131 June 30 Holders of rec. June 15
Preferred (guar.)
3
July 15 Holders of rec. June 303
Bush Terminal, pref
131 July 15 Holders of rec. June 303
Debenture stock (guar.)
131 July 1 Holders of rec. June 170
Bush Terminal Buildings, pref.(guar.)
624c Aug. 16 Holders of rec. July 310
Butler Bros.(guar.)
50c. June 30 Holders of rec. June 153
Butte & Superior Mining (quar.)
$1 Juned21 Holders of rec. June 5
By-Products Coke Corp.. old common_ _
50c. June 21 Holders of rec. June 5
New common
21( July 1 Holders of rec. June 213
Preferred (guar.)
*100 Aug. 2 *Holders of rec. June 30
California Packing (stock dIvidend)_
$1.50 June 21 Holders of rec. June 40
Calumet & Arizona Mining (quar.)-Canada Dry Ginger Ale
e134 July 15 Holders of rec. July 1
Stock dividend (guar.)
el 3j Oct. 15 Holders of roe. Oct. 1
Stock dividend(guar.)
e134 JanI5'27 Holders of rec.Jan 1'27
Stock dividend(guar.)
134 July 10 Holders of rec. June 25
Canadian Car & Fdy.. pref. (guar.).
July 2 Holders of rec. June 16
Canadian Conn. Cotton Mills. pi.(qu.). 1
(guar.)
134 Aug. 16 Holders of rec. July 31
Canadian Converters
15
Canadian General Electric. pref. (quar.) 131 July 1 Holders of rec. June 20
134 July 1 Holders of rec. June
Canadian Locomotive, Prof. (quar.)
pref.(qu.). 134 July 1 Holders of rec. June 140
Case (J. I.) Thresh. Mach..
14 July 1 Holders of rec. June 25a
Casey & Hedges Co.. pref (guar.)
Certain-teed Products,common (guar.). $I July 1 Holders of rec. June 153
134 July 1 Holders of res.. June 150
First and second pref.(guar.)
July 1 Holders of rec. June 213
Chandler-Cleveland Motor, pref. (guar.) $1
750. JUDE 30 Holders of rec. June 100
Manufacturing (guar.).
Chesebrough
25c. June 30 Holders of rec. June 100
Extra
6234c July 1 Holders of rec. June 163
Chicago Fuse Mfg.(guar.)
prof.(guar.).
- *154 July 1 5Holders of rec. June 22
Chicago Mill & Lumber,
33 1-3c July 1 Holders of rec. June 190
Chicago Yellow Cab Co.(monthly)
331-30 Aug. 2 Holders of rec. July 200
Monthly
33 1-3c Sept. 1 Holders of rec. Aug. 200
Monthly
624c. June 28 Holders of rec. June 2a
Chile Copper Co. (guar.)
750. June 30 Holders of rec. June 153
Corporation,common (quar.)
Chrysler
June 30 Holders of rec. JUDE 15a
$2
Preferred (quar.)
Sept.30 Holders of rec. Sept.153
$2
Preferred (guar.)
an.3'27 Holders of rec. Deo. 15a
$2
Preferred (guar.)
*Si July 1 Holders of rec. June 15
Cities Service Co., corn.(monthly)
./4 July 1 *Holders of rec. June 15
Common (payable In common stock)._ .
•34
:Holders of rec. JUDE 15
Preferred and pref.B (monthly)
.3JulyJuly
City Housing Corp
234 July 1 Holders of rec. June 251
common (guar.)
City Investing,
131 July 1 Holders of rec. June 25
Preferred (guar.)
624e. July I Holders of rec. June 15
Cleveland Builders Supply (quar.)
pref.(guar.)
134 July 1 Holders of rec. June 193
Cluett,Peabody & Co.,
$1.75 July 1 Holders of rec. June 15r
Coca-Cola Co.. common (guar.)
34 July 1 Holders of rec. June 150
Preferred
$1.75 July 1 Holders of rec. June 15a
Coca-Cola International Corp.(No.1)
70c. July 5 Holders of rec. July 6
-Marx Co.,corn.(guar.)
Cohn-Hall
500. June 30 Holders of rec. June 103
Credit, corn.(guar.)
Commercial
4334c. June 30 Holders of rec. June 10a
7% first preferred (guar.)
$16234 June 30 Holders of rec. June 10a
634% first preferred (guar.)
50c. June 30 Holders of rec. June 100
8% class B preferred (guar.)
CommercialInvestment Trust,corn.(qu.) 90c. July 1 Holders of rec. June 150
131 July 1 Holders of rec. June 150
per cent first preferred (quar.)
Seven
134 July 1 Holders of rec. June 15a
634% first preferred (guar.)
July 1 Holders of rec. July la
Commercial Solvents, class A (quar.).- - $1
2
July 1 Holders of rec. July In
Preferred (guar.)
750. July 1 Holders of rec. June 15a
Congress Cigar (guar.)(No. 1)
624c July 1 Holders of rec. June 15
Consolidated Lead & Zinc A (guar.)-.
July 1 Holders of rec. June 140
Continental Baking,corn., class A (qu.). $2
$2
July 1 Holders of rec. June 140
Preferred (guar.)
$1.25 Aug. 16 Holders of rec. Aug. 5a
Can, corn.(guar.)
Continental
134 July 1 Holders of rec. JUDE len
Preferred (guar.)
2
July 1 Holders of rec. June 153
Converse Rubber Shoe, common (qu.)__
June 30 Holders of rec. June 19.
$1
,
Cots.Inc.(guar.)
$4
July 2 June 11 to July 2
Crown Finance Corporation
$1.75 July 2 June 11 to July 2
Preferred (guar.)
June 30 Holders of rec. June 15.
134
Crucible Steel, pref. (guar.)
43
Cuban-American Sugar, corn.(guar.)._ _ 50c. July 1 Holders of rec. June 4n
I94 July 1 Holders of rec. June
Preferred (quar.)
234 June 30 Holders of rec. June 15
Cuban Tobacco(No.1)
13; June 26 Holders of rev. June 120
Davis Mills (guar.)
July 1 Holders of rec. June 15a
Detroit di Cleveland Navigation (guar.). $1
30
Devoe & Raynolds,Inc., corn. A & B qu 600. July 1 June 20 to June 30
131 July 1 June 20 to June
second preferred (guar.)
First and
200. July 1 June 11 to June 30
Devonian Oil (special)
2
June 15 Holders of rec. May 20a
Diamond Match (guar.)
2
July 15 Holders of rec. June 30
Dictograph Products Corts•,Pref.(qu.)._
131 July I Holders of rec. June 181
Doehler Die-casting. prof. (guar.)
50c. July 20 Holders of rec. June 30a
Mines. Ltd. (guar.)
Dome
131 July 2 Holders of rec. June 15
Dominion Glass, corn. & pref. (quar.)_
60c. July dl Holders of rec. June 103
Dominion Stores, common (guar.)
4
July 2 Holders of rec. June 303
Preferred A
$1.25 July 2 Holders of rec. June 15
Dominion Textile, common (guar.)
131 July 15 Holders of rec. June 30
Preferred (guar.)
- 250. June 30 Holders of rec. June la
Douglas-Pectin Corporation (guar.).
134 July 1 Holders of rec. June 15
Douglas(W. L.) Shoe. pref.(quar.).
2
July 1 Holders of rec. May 29
Corporation (attar.)
Draper
Dunham (James H.)& Co.,corn.(guar.) 14 July 1 Holders of rec. June 160
134 July 1 Holders of rec. June 163
First preferred (guar.)
134 July 1 Holders of rec. June 164
Second preferred (guar.)
July 3 Holders of rec. June 13
duPont(El.) de Nem.&Co.com.(extra) 4
14 July 26 Holders of rec. July lOn
Debenture stock (guar.)
400. Sept. 1 Holders of rec. Aug. 15
Eagle-Picher Lead,common (guar.)...400. Dee, 1 Holders of rec. Nov.15
Common (guar.)
3740 July 1 June 16 to July 1
Eastern Rolling Mill (quar.)
124c. July 1 June 16 to July 1
Extra
$1.25 July I Holders of rec. May 291
Eastman Kodak. COMMOD (guar.)
76o. July 1 Holders of rec. May 290
Common (extra)
114 July I Holders of rec. May 290
Preferred (guar.)
250. July 15 Holders of rec. June 25
Grocery Stores. corn.(guar.)
Economy
Edmunds dr Jones Corp.,corn. (quar.).... *76e. July 1 *Holders of rec. June 20
*134 July 1 *Holders of rec. June 20
Preferred (guar.)
Egyptian Portland Cement,corn.(qu.). 400. July 1 Holders of rec. June 19
131 July 1 Holders of rec. June 19
Preferred (quar.)
214
Eisenlohr (Otto)& Bros.. pref.(ouar.)_. 134 July 1 Holders of rec. June 18a
Electric Storage Battery, cons.& pf.(qu) $1.25 July 1 Holder., of rec. June 1
$1
July 1 June 20 to July
Electric Vacuum Cleaner (guar.)
July 1 June 20 to July 1
$1
Common (extra)
July 1
131 July 1 June 20 to
Preferred (aar.)
JUDE 15a
Co., com.& com. B (cu.). $1.50 July 1 Holders of rec.
Elliott Fisher
1 Holders of rec. June 153
July
31
Common and common B (extra)
I% July 1 Holders of rec. June 150
Preferred (qua.'.)




[VoL. 122.

THE CHRONICLE

3424

Name of Company.

When
Per
Cent. Payable

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
Electric Controller & Mfg.,corn.(qu.)__ $1.25 July 1 Holders of rec. June 19a
131 July 1 Holders of rec. June 19a
Preferred (quar.)
334 July 15 Holders of rec. July 4
Ely-Walker Dry Goods,first preferred
3
July 15 Holders of rec. July 4
Second preferred
144 July 1 Holders of roe. June 20
Emerson Elec. Mfg., pref.(quar.)
134 June 30 Holders of rec. June 220
Empire Safe Deposit (quar.)
50c. Juno 24 Holders of rec. June 1
Emporium Corporation (guar.)
Endlcott-Johnson Corp.,common(quj_ $1.25 July 1 Holders of rec. June 180
131 July 1 Holders of rec. June 18a
Preferred (guar.)
734c. July 5 Holders of rec. June 180
Erupcion Mining (guar.)
•2 Sic. July 5 Holders of rec. June 18a
Extra
200. July 1 Holders of rec. June 19a
Fair (The), oom.(monthly)
20e. Aug. 1 Holders of rec. July 2015
Common (monthly)
131 Aug. 1 Holders of rec. July 200
Preferred (guar.)
Fairbanks-Morse Jr Co., corn. (guar.)._ 75e. June 30 Holders of rec. JUDE 164
750. Sept.30 Holders of rec. Sept.154
Common (guar.)
75c. Dec. 31 Holders of rec. Oct. 15a
Common (guar.)
131 Sept. 1 Holders of rec. Aug. 140
Preferred (guar.)
131 Dec. 1 Holders of rec. Nov.15a
Preferred (guar.)
July 1 Holders of rec. June 153
Famous Players-Lasky Corp., com.(qu.) $2
$2
Oct. 1 Holders of rec. Sept.153
Common (guar.)
5$2
Aug. 10 Holders of rec. June 30a
Common (extra)
Fanny Farmer Candy Shops, pref. (qu.) 60e. July 1 Holders of rec. June 1511
(guar.)
30e. July 1 June 20 to July 1
Federal Motor Truck
Feltman Jr Curie Shoe Stores
6234e. July 1 Holders of rec. June 1
Common,class A (quar.)
$1.75 July 1 Holders of rec. June 1
Preferred (guar.)
16o. July 16 Holders of rec. July 2.
Fifth Avenue Bus Securities (quar.)
*50c. July 15 *Holders of rec. July 1
Fifth Avenue Coach Co.(guar.)
25e. July 1 Holders of rec. May 31
Financial Investing, Ltd
July 1 Holders of rec. June 15a
First National Pictures, first pref.(guar.) 2
(guar.)
3734c July 1 Holders of rec. June 18.
First National Stores, cons.
*2
July I *Holders of rec. June 18
Preferred (quar.)
First preferred (guar.)
*1July 1 *Holders of rec. June 18
50c. July 1 Holders of rec. June 150
Fleischmann Co.. common (guar.)
25e. July 1 Holders of rec June 15a
Common (extra)
134 July 1 Holders of rec. JUDE 15a
Preferred (guar.)
Foote Bros. Gear & Mach., corn.(guar.) 25e. July 1 June 21 to June 30
June 30
to
134 July 1 June 21
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 20
Preferred (guar.)
Preferred (guar.)
134 Janl'27 Holders of roe. Dec 20
25o. July 1 Holders of rec. June 15a
Forhan Company,common (guar.)
40e. July 1 Holders of rec. June 150
Class A (guar.)
July 15 Holders of rec. June 300
Fox Film Corp., corn. A and B (quar.). $1
Gabriel Snubber Mfg., corn. A & B (qu.) 1324c. July 1 Holders of rec. June 15a
- 62Sic. July 1 Holders of rec. June 15a
Common. classes A and D (extra).
2
June 30 Holders of rec. June 10.
Galena-Signal Oil, old & new pref.(qu.)
General American Tank Car, corn.(qu.) $1.50 July 1 Holders of rec. June 153
131 July 1 Holders of roe. June 150
Preferred (guar.)
$1.25 July 1 Holders of rec. June 17
General Baking,class A (guar.)
$2
June 30 Holders of rec. June 190
•
Preferred (guar.)
194 July 1 Holders of rec. June 240
General Cigar, debenture pref. (guar.)
General Electric, new no par com.(quar.) 76e. July 16 Holders of rec. June 70
e$1
July It Holders of rec. June 70
New no par corn. (in special stock)
Ito. Tilly IA Holders of rec. June 70
Special stock (guar.)
July 1 *Holders of roe. June 15
General Leather, pref. (guar.)
$4
July 2 Holders of rec. May 240
General Motors Corp., corn. (extra)_
134 Aug. 2 Holders of rec. July 50
Seven per cent prof (guar.)
(guar.) . 14 Aug. 2 Holders of rec. July 60
Six per cent debenture. pref.
14 Aug. 2 Holders of rec. July 5a
Six per cent pref.(quar.)
Gen'i Outdoor Advertising. corn.(NO. 1) 50e. July 15 Holders of rec. July 30
July 1 Holders of rec. June 100
General Railway Signal, COM.(guar.)--- $1
500. July 1 Holders of rec. June 100
Common (extra)
14 July 1 Holders of rec. June lOts
Preferred (guar.)
tqm Aug. 1 *Holders of rec. July 17
Gimbel Grothers. pref.(quar.)
0.0.Spring & Bumper Co.
each 10 shs.) /3-10 Aug. 15 Holders of rec. Aug. 7
Common (in corn. etk.on
8
Common (in corn,stk.on each 10 she.) /2-10 Nov. 15 Holders of rec. Nov. 17
Common (In corn.stk.on each 10 sin.) /3-10 Feb1527 Holders of rec. Feb.824
rec. June
2
July 1 Holders of
Preferred (guar.)
$5
June 21 Holders of rec. June 10a
Glen Alden Coal
50c. July 1 Holders of rec. June 16a
Glidden Company, corn. (guar.)
134 July 1 Holders of rec. June 160
Preferred (quar.)
114 July 15 Holders of rec. June 300
Globe Wernicke Co., pref.(guar.)
(quar.)_
134 July 1 Holders of rec. June 150
Goodrich (B. F.) Co.. preferred
(qu.) 2
July 1 Holders of rec. June 150
Goodyear Tire 6r Rub.,8% prior pt.
131 July 1 Holders of rec. June la
Preferred (guar.)
Goodyear Tire Jr Rub. of Can., Pt (an.) 134 July 2 Holders of rec. June 15a
Goseard(H.W.)Co.,cons.(monthly)_-* 33 1-3c July 1 *Holders of rec. June 21
331-3e Aug. 1 *Holders of rec. July 21
Common (monthly)
•33 I-3c Sept, 1 *Holders of rec. Aug. 21
Common (monthly)
Gotham Silk Hosiery Co., Inc. (quar.;.. 624c. July 1 Holders of rec. June 150
131 June30 Holders of rec. June 15
Great Lakes Towing,common (quar.)
134 July 1 Holders of rec. June 15
Preferred (quar.)
32
July 2 Holders of rec. June 150
Great Western Sugar. corn.(guar.)
131 July 2 Holders of rec. June 15a
Preferred (guar.)
Greenfield Tap Jr Die.6% pref.(quar.)- 14 July 1 Holders of rec. June 154
2
Filly 1 Holders of rec. June 150
Eight per cent preferred (guar.)
Greif Bros. Cooperage, class A (guar.)._ 800. July 1 Holders of rec. June 15
$250 July 10 Holders of rec. July 1
Group No. 1 011 Corp.(monthly)
2
July 1 Holders of rec. June 15a
Guantanamo Sugar, pref. (quar.)
16
Guenther Publishing. preferred (guar.)- 24 Aug. 16 Holders of roe. July 18
accumulated dive.).... 8234 Aug. 16 Holders of rec. July
Preferred (acct.
18 Holders of rec. Oct. 16
234 Nov.
Preferred (guar.)
h234 Nov 16 Holders of rec. Oct. 18
Preferred (acct. accumulated dive.)
- 3734c. July 1 June 20 to June 24
Gulf Oil Co. of Pennsylvania (qua.'.)
134 July 1 Holders of rec. June 150
Gulf States Steel, common (guar.)
134 July 1 Holders of roe. June Ha
Preferred (guar.)
13( Oct. 1 Holders of res. Sept.15a
Preferred (guar.)
134 Jan 2'27 Holders of rec. Dec. 150
Preferred (guar.)
(
Hall(W.F.) Print. Co. (Chic.)(quar.)_ 250. July 31 Holders of rec. July 21
131 July 1 Holders of rec. June 19
Hanes (P. H.) Knitting. pref. (guar.)._
250. July 15 Holders of rec. June 30
Happiness Candy Stores
450. July 1 Holders of rec. June 21
Jlarbauer Company (guar.)
Harbison-Walker Refrac.. prof. (guar.). 1% July 20 Holders of res. July 10a
Helme (George W.) Co.. cons.(qUarJ -- 75e. July 1 Holders of rec. June 140
131 July 1 Holders of rec. RUM 14a
Preferred (guar.)
2
June 25 June 16 to June 25
Hercules Powder,common (guar.)
113 4
Hibbard. Spencer. Bartlett Co.(1101 , • 350. June 25 Holders of rec. June 18
20c. June 25 Holders of roe. June 18
Extra
50c. June 25 Holders of rec. June 19a
Homestake Mining (monthly)
June 30 dJune 20 to June 30
SI
Hood Rubber, common (guar.)
31.75 Aug. 1 July 21 to Aug. 2
Preferred (guar.)
31.87 Aug. 1 July 2 to Aug. 2
Preference stock (guar.)
8740 July 1 Holders of rem June 1511
Hudson Motor Car (guar.)
300. July 1 June 17 to June 30
(quar.)
Humble Oil Jr Refining
20c. July 1 June 17 to June 30
Extra
134 July 1 Holders of rec. June 26
Hydraulic Press Brick, pref. (guar.)._
2.4 July 15 Holders of roe. July 3
Illinois Brick (quar.)
2.4 Oct. 15 Holders of rms. Oct. 4
Quarterly
6
June 30 May 28 to June 27
Illinois Pipe Line
14 June 29
Imperial Tobacco of Canada, ordinary
25c. July 19 Holders of rec. June 284
Independent Oil Jr Gas (guar.)
July 1 June 22 to June 30
Independent Pneumatic Tool (guar.)._ _ $1
50c. July 1 Holders of rec. June 213
Indian Motocycle, corn.(guar.)
15( July 1 Holders of roe. June 213
Preferred (quar.)
India Tire Jr it., new no par com.(No.1) 624c July 1 June 22 to June 30
131 July 1 Holders of res. June 21
Preferred (guar.)
July 1 Holders of rec. June 100
Ingersoll-Rand Co., common (special)._ $1
3
July 1 Holders of rec. JUDE 100
Preferred
131 July 1 Holders of rec. June 15
Inland Steel, preferred (guar.)
50c. July 6 Holders of rec. June 170
Inspiration Consol. Copper (guar.)
$1.25 July 1 Holders of rec. JUILE 19
Interlake Steamship (guar.)
75e. July 10 Holders of rec. June 22a
(guar.).Internat. Business Machines
June 15
Internat. Buttonhole Sew. Mach.(qu.)_ 15e. July 1 Holder of rec. June 15a
June 30 Holders of rec.
International Cement, common (guar.). Si
134 June 30 Holders of rec. June 153
Preferred (guar.)
25a
134 July 15 Holders of rec. June 250
International Harvester, corn. (guar.).80c. July 15 Holders of rec. June
Internet.Match Corp., par tic pref.(qu.)
50c. June 30 Holders of rec. June 17.
International Nickel, corn. (guar.)

JUNE 19 1926.]

THE CHRONICLE
Per
When
Cent. Payable.

•

3425




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Books Closed.
Per
When
Name of Company.
Books Closed
Days Inclusive.
Name of Company.
Cent. Payable.
Days luau:toe.
Miscellaneous (Continued).
Miscellaneous (Continued).
Internat. Paper,6% pref.(guar.)
July 15 Holders of rec. July 20 Onondaga Silk, pref.(guar.)
*2
Seven per cent pref.(guar.)
July 1 *Holders of rec. June 25
July 15 Holders of rec. July 2a Overman Cushion Tire,
Prof.(guar.).- 134 July 1 June 19 to July 1
Internat. Projector Corp.. corn.(guar.).
July 1 Holders of rec. June 15
Ovington Bros., common
300. July 1 Holders of rec. June 15
$7 preferred (guar.)
July 1 Holders of rec. June 15
Participating preferred
40e July 1 Holders of rec. June 15
International Salt (quar.)
July 1 Holders of rec. June 150 Owens Bottle,corn.(guar.)
75e July 1 Holders of rec. June lEss
International Shoe, coin.(guar.)
July 1 Holders of ree. June 150
Preferred (guar.)
14 July 1 Holders of rec. June 15.
Common (guar.)
Oct. 1 Holders of ree. June 15a Packard Motor Car, coin.(guar.)
50c. July 31 Holders of rec. July 15a
Internat. Silver, corn. (guar.)
July 1 Holders of rec. June 150 PaIge-Detroit Motor Car.corn.(guar.)._
445e. July 1 Holders of rec. June 150
Preferred (guar.)
July 1 Holders of ree. June 15a
Preferred (guar.)
Intertype Corp., 1st pref. (guar.)
134 July 1 Holders of rec. June 15a
July 1 Holders of rec. June 15
Pan-American Petrol.& Transp.Second preferred (guar.)
July 1 Holders of rec. June 15
Common and common B (guar.)
$1.50 July 20 Holders of rec. June 30a
Jewel Tea, preferred (guar.)
July 1 Holders of rec. June 176 Paraffin Companies, corn.(gusr.)
$1.50 June 26 Holders of rec. June 176
Pref.(account accumulated dividends)
July 1 Holders of rec. June 170
Preferred (guar.)
14 June 26 Holders of rec. June 17a
Jones & Laughlin Steel, pref. (guar.)...
July 1 Holders of rec. June 15a Parke Davis & Co.(guar.)
50e. June 30 June 20 to June 30
Jordan Motor Car, common (quar.)
June 30 Holders of rec. June 21a
Special
Preferred (guar.)
$1.50 June 30 June 20 to June 30
June 30 Holders of rec. June 21
Park Utah Consul. Mines (guar.)
Kaufman Dept. Stores, pref.(quar.)
15c. July 1 Holders of rec. June 154
July I Holders of rec. June 210 Peabody Coal. oref.
58e July 1 Holders of rec. June 1921
Preferred (guar.)
Oct. 1 Holders of rec. Sept.20. Penick & Ford, Ltd.,(monthly)
pref.(guar.)
Preferred (guar.)
114 June 30 Holders of rec. Juned19
Jan 227 Holders of rec. Dec. 20.
Preferred (acct. accum. dividends)... f6
Kayser (Julius) & Co., pref.(guar.).June 30 Holders of rec. Juned19
July 1 Holders of rec. June 18a Penney (J. C.) Co., 1st
pref.(quar.)
Kellogg Switchboard & Supply134 June 30 Holders of rec. June 190
Pennok Oil Corporation (guar.)
New common ($10 par)(No. I)
50e. June 25 Holders of rec. June 15a
July 31 Holders of rec. July 3
Quarterly
New preferred (No. 1)
50e. Sept.25 Holders of rec. Sept. 15a
July 31 Holders of rec. July 3
Pet Milk Co., common (guar.)
Kelsey Wheel, common (guar.)
750 July 1 Holders of rec. June 10
July 1 Holders of rec. June 18a
Preferred (guar.)
Kennecott Copper Corp.(guar.)
14 July 1 Holders of rec. June 10
July 1 Holders of rec. June 4a Pettibone-Mulliken Co
Keystone Watch Case (guar.)
July 1 Holders of rec. June 19a
First and second preferred (guar.)..._ 14 July I Holders of rec. June 226
King Philip Mills (guar.)
July 1 Holders of rec. June 19a Phelps
-Dodge Co.(guar.)
Kinney (G.It.) Co.. Inc,. corn.(guar.).
14 July 2 Holders of rec. June 220
July 1 Holders of rec. June 19a Phillips Petroleum
Corp.(guar.)
Kirby Lumber (guar.)
75e. July 1 Holders of rec. June 154
Sept.10 Sept. 1 to Sent. 10
-Arrow Motor Car. pref.(guar.)._ 2
Pierce
Quarterly
July 1 Holders of rec. June 18a
Dec. 10 Dec. 1 to Dee. 10
Pittsburgh Steel, common (guar.)
Knox Hat, prior pref.(guar.)
July 1 Holders of rec. June 254
1
July 1 Holders of rec. June 15a Pittsb.Steel Foundry
Corp.,Pf.(qu.)
Kraft Cheese, coin.(guar.)
14 July 1 June 16 to June 30
July 1 Holders of rec. June 180 Plymouth
Oil (monthly)
50e. June 30 June 23 to June 24
Common (payable in common stock).
July 1 Holders of rec. June 184
Extra
Kresge Dept. Stores, pref.(guar.)
25c. June 30 June 23 to June 24
July 1 Holders of rec. June 15a Pratt & Whitney,
pref.(for 1st half 1926) 3
Kresge (S. S.) & Co., ttom.(guar.)
June 21 Holders of rec. June 70
June 30 Holders of ree. June 15a
Preferred (acct. accum. dividends)... 614 June 21 Holders of rec. June 7a
Preferred (guar.)
June 30 Holders of reo. June I5a Pressed Steel Car,
preferred (guar.).- 14 July I Holders of rec. May 29a
Kress(S. H.)& Co., pref.(guar.)
July 1 Holders of ree. June 19a Price Bros. common
(guar.)
Kuppenheimer (B.) dc Co., common
14 July 2 Holders of rec. June 15
July 1 Holders of rec. June 240
Preferred (guar.)
'
Laclede-Christy Clay Prod., pref.(go.).
134 July 2 Holders of rec. June
July 1 Holders of rec. June 21
Pro-phy-lac-tic Brush, common (guar.). 50c. July 15 Holders of rec. July 15
Lake Torpedo Boat, 1st preferred
la
J'ne d30 Holders of rec. June 19a
Common (extra)
Lambert Company, common
50c. July 1 Holders of ree. June 19a
July 1 Holders of ree. June 190 Provincial Paper
Mills, common (qu.)._
Preferred
134 July 2 Holders of rec. June 15
July 1 Holders of rec. June 19
Preferred (guar.)
Laurentide Company (guar.)
134 July 2 Holders of rec. June 15
July 2 Holders of rec. June 17
Oil Co. 534% pref. (guar.)
Lawyers Title & Guaranty (guar.)
134 July 1 Holders of rec. June 10
July 1 Holders of rec. June 190 Pure
Six per cent pref (guar.)
Lehigh Valley Coal Sales (guar.)
14 July 1 Holders of rec. June 10
July 1 Holders of rec. June 17
Eight per cent pref. (guar.)'
Libby,'McNeill & Libby, pref
2
July 1 Holders of rec. June 104
July 1 Holders of rec. June 11
Life Savers, the.,(guar.)
75e; July 1' Holders of rec. July la
July I Holders of rem June 15a Quaker Oats, common (guar.)
Preferred (gtutr.)
Liggett & Myers Tobacco, pref.(quar.)_
14 Aug. 31 Holders of rec. Aug. 2.
July 1 Holders of rec. June Ito Real Silk
Hosiery Mills, common (guar.) $1
Loew's. me.(guar.)
July I June 19 to June 30
June 30 Holders of rec. June 12a
Preferred (guar.)
Long Bell Lumber, class A (guar.)
14 July I June 19 to June 30
June 30 Holders of rec. June 100 Reece Buttonhole
Mach.(guar.)
Loose-Wiles Biscuit, 1st pref. (quar.)
354. July 1 Holders of rec. June 15
July 1 Holders of rec. June 18a Reece Folding Mach.
(guar.)
Second preferred (guar.)
50. July 1 Holders of rec. June 15
Aug. 1 Holders of rec. July
Lord & Taylor. corn. (guar.)
754. July 1 Holders of rec. June 19a
July 1 Holders of rec. June 19a Reid Ice Cream Corp., corn.(guar.)
17a Reis (Robert) &
Lorillard (P.) Co.,common (guar.)
14 July 1 Holders of rec. June 15a
July 1 Holders of rem June 15a Reliance mfg., Co., 1st pref. (guar.)._
pref. (guar.)
Preferred (guar.)
14 July 1 Holders of rec. June 210
July 1 Holders of rec. June 15a Remington
Ludlum Steel (guar.)
Arms, 1st pref. (guar.)
134 July 1
July I Holders of rec. June 19a
Mack Trucks, common (guar.)
June 30 Holders of rec. June 15a Remington-Noiseless Typewr., pf. (qu.) 13$ July 15 Holders of rec. July.. 1
Remington Typewriter, first pref.(guar.) 132 July 1 June
First & second pref. (guar.)
16 to July 1
June 30 Holders of rec. June 15a • First
preferred, series S (guar.)
Macy (It. H.)Co., pref.(guar.)
134 July 1 June 16 to July 1
Aug. 1 Holders of re:. July 17a
Second preferred (guar.)
Mallinson(H. R.) dr Co., Prof.(quar.)
2
July 1 June 16 to July 1
July 1 Holders of rec. June 21a Reo
Motor Car (guar.)
Manhattan Electrical Supply (guar.).200. July 1 Holders of rec. June 154
July 1 Holders of rec. June 19c:
Extra
Manhattan Shirt, pref. (guar.)
10c. July 1 Holders of rec. June 15a
July 1 Holders of rec. June
Republic
Margay Oil Corp.(No. 1)
134 July 1 Holders of rec. June 150
July 10 Holders of rec. June 17a Reynolds Iron & Steel, pref.(guar.)._
19
Marland Oil (guar.)
(R. J.) TobaccoJune 30 Holders of roe. June 19a
Common
Marlin-Rockwell Co., corn. (guar.).$1.25 July 1 Holders of rec. June 18
July I Holders of rec. June 21a Reynolds & common B (quar)
Preferred (guar.)
Spring. pref. A & B (guar.)
134 July 1 Holders of rec. June 150
July 1 Holders of rec. June 21a Richardson
Mathieson Alkali Works, corn.(guar.)._
& Boynton Co.,part.pf.(gu.) 75e. July 1 Holders of rec. June 15
July I Holders of rec. June
Preferred (guar.)
2
June 30 Holders of rec. June 150
July 1 Holders of ree. June 180 Royal Baking Powder. corn.(quar.)..
18a
Preferred (guar.)
May Department Stores, corn,(guar.)._
134 June 30 Holders of rec. June 150
Sept. 1 Holders of rec. Aug 16a
Preferred (guar.)
.2
June 3 *Holders of rec. June 15
July 1 Holders of rec. June 15. Ryan Car, preferred (guar.)
Preferred (mar.)
$1
July 15 Holders of rec .June 30
Oct. 1 Holders of rec. SePt.15a Safety Cable(guar.)
Maytag Co.(guar.)
2
July 1 Holders of rec. sum: 140
Sept. 1 Holders of rec. Aug. 190 Safety Car Heat. & Ltg. (guar.)
Quarterly
$1.75 July 1 Holders of rec. June
Dee. 1 Holders of rec. Nov. 150 Safeway Stores. preferred (No. 1)
St. Maurice Valley Corp., pref.(guar.). 14 July 2 Holders of rec. June 15
McCord Radiator & Mfg., el. A Wei
July 1 June 19 to June 30
15
Joseph Lead (guar.)
McCrory Stores, preferred (guar.)
50e. June 21 June 10 to June 21
Aug. 1 Holders of rec. July 20a St.
Extra
Preferred
(guar.)Nov. 1 Holders of
25e. June 21 June 10 to June 21
tea. Oct 20,
Quarterly
Medart (Fred) Mfg., pref. (guar.)
50c. Sept.20 Sept.10 to Sept.20
July 1 Holders of rec. June 20
Extra
Meletio Sea Food Co., corn
25c. Sept.20 Sept.10 to Sept.20
July 1 Holders of rec. June 25
Quarterly
Merchants & Mfrs. &cur., partie. pref._
50e. Dec. 20 Dec. 10 to Dec. 20
July 1 Holders of rec. June 15
Extra
Participating preferred (in stock)._
25e. Dec. 20 Dec. 10 to Dec. 20
July 1 Holders of rec. June 15
St. Louis Rocky Mt.&Pac.Co.,com.(gu)
Merch. & Miners Tramp., com.(qu.)
4 June 30 Holders of rec. June 15
June 30 Holders of rec. June 15,
Preferred (guar.)
Mergenthaler Linotype (guar.)
134 June 30 Holders of rec. June 15
June 30 Holders of rec. June 5a
Extra
50c. July 1 Holders of rec. June 15
June 30 Holders of rec. June 5a St. Regis Paper, common (guar.)
Preferred (guar.)
Merrimack Chemical (quar.)
$1.76 July 1 Holders of rec. June 15
June 30 Holders of rec. June 12
Salt Creek Congo'. Oil (guar.)
Metropolitan Paving Brick, pref. (oU.).
20c. July 1 Holders of rec. June 15a
July 1 June 16 to June 30
Savage Arms, first preferred (quar.)____ *14 July 1 *Holders
Mexican Petroleum, common
of rec. June 15
(guar.).July 20 Holders of rec. June Ma
Second preferred (guar.)
Preferred (guar.)
*14 Aug. 16 *Holders of rec. Aug. 2
July 20 Holders of rec. June 30a Schulte Retail
Midland Steel Prod., corn,(guar.)
July 1 Holders of rec. June 150
July 1 Holders of ree. June 15a Scruggs-Vand Stores, preferred (guar.). 2
Common (extra)
ervoort-Barney
July 1 Holders of rec. June 15a
Dry Goods, 1st pref
Participating pref. (guar.)
3
July 1 Holders of rec. June 20
July 1 Holders of rec. June 15a
Second preferred
Participating pref. (extra)
34 July 1 Holders of rec. June 20
July 1 Holders of rec. June 15c: Shaffer 011
& Refining. preferred
Mining Corp. of Canada (interim)
114 July 26 Holders of rec. June 30
July 15 June 30 to July 13
Shattuck
Montgomery Ward & Co.,class A (qu.).
50c. July 10 Holders of rec. June 216
July 1 Holders of rec. June 19a Shawmut(Frank G.) Co.(guar.)
Manufacturing, corn. (guar.). 14 June 30 Holders of rec. June 216
Preferred (guar.)
July I Holders of rec. June 19a
Preferred
Morgan Lithograph, common
134 June 30 Holders of rec. June 21a
June 30 Holders of rec. June I8a Shell Union (guar.)
(guar.).Oil. common (guar.)
Mother Lode Coalition Mines
35e. June 30 Holders of rec. June 2a
June 30 Holders of rec. June lb a Sherwin Williams
Motion Picture Capital Corp., pref.(qu.)
Co., Can., corn. (qu.) 14 June 30 Holders of rec. June 15
July 15 Holders of rec. July 1
Preferred (guar.)
Moto Meter, Inc., class A (guar.)
I% June 30 Holders of rec. June 15
July 1 Holders of rec. June 150
Motor Wheel Corp., corn.(guar.)
75e. June 30 June 22 to June 30
June 20 Holders of rec. June 10a Shredded Wheat
Mountain Producers Corp.(guar.)
July 1 Holders of rec. June 15a Shreveport-El Dorado Pipe Line (guar.) 25c. July 1 Holders of rec. June 196
Quarterly
National Biscuit. common (guar.)
25e. Oct. 1 Holders of rec. Sept.200
July 15 Holders of rec. June 30, Silver
National Breweries, common (guar.).King Coalition Mines (guar.)
250. July 1 Juned22
July 2 Holders of rec. June 15
Simmons Company,common (guar.)... 50e. July 1 Holders to June 30
Preferred (guar.)
July 2 Holders of rec. June 15
of rec June 156
National Dairy Products, corn.(guar.).Simms Petroleum
50e. July 1 Holders of rec. June 15a
July 1 Holders of rec. June
ha Singer Manufacturing (guar.)
Preferred (guar.)
24 June 30 June 11 to June 30
July 1 Holders of rec. June
21a
Nat. Enamel.& Stmt., pref.(guar.).Extra
2
June 30 Holders of rec. June
June 30 June 11 to June 30
National Grocer, preferred
July 1 June 20 to June 10a Sloss-Sheffield Steel & Iron, cont.(guar.) 14 June 21 Holders of ree. June 100
'29
Preferred
Preferred (guar.)___
Jan1'27 Dee. 21 to Dee. 81
134 July 1 Holders of rec. June 216
National Lead. common (guar.)
June 30 Holders of rec. June ha Smith(L.C)& CoronaTypewr.,com.(qu.) *50e. July 1 *Holders of rec. June 19
National Licorice, common
Preferred (guar.)
July 9 Holders of rec. June 23
'PIM July 1 *Holders of rec. June 19
' Preferred (guar.)
Solar Refining
5
June 30 Holders of rec. June 23
June IS
National Standard Co.(guar.)
South Penn OIL new $25 par stk.(qu.)_ 3715c June 30 May 30 to June 10
July 1 Holders of rec.
June 13 to June 30
Juned18
National Sugar Refining (guar.)
South Porto Rico Sugar, corn. (guar.)._
July 2 Holders of rec. June
14 July 1 Holders of rec. June 100
Preferred (guar.)
National Supply. pref.(guar.)
2
July 1 Holders of rec. June 10a
June 30 Holders of rec. June 7.
National Surety (guar.)
$I
July 1 Holders of rec. June 19, Southwest Pa. Pipe Lines(var.)
July 1 Holders of rec.June 15
National Tea, common (guar.)
2
July 1 Holders of rec. June lfie Spicer Mfg., pref. (guar.)
July 1 Holders of rec. June 210
Nelson (Herman) Corporation (guar.).14 June 30 Holders of rec. June 180
July 1 'Holders of rec. June 19a Standard Milling, COM. (Cluttr.)
18
Preferred (guar.)
Nevada Consolidated Copper Co.(gu.).
14 June 30 Holders of rec. June 180
June 30 Holders of rec. June
15a Standard Oil (Kentucky)(guar.)
New Jersey Zinc(extra)
July 10 Holders of rec.
SI
June 30 June 16 to June 30
Standard 011 of Nebraska
New York Air Brake, Class A (guar.) July 1 Holders of rec. June 19
ne
New stock. $25 par (No. 1)
New York Transit
$1.25 June 21 May 25 to June 21
July 15 Holders of rec. June aa
New Mock,$25 par (extra)
New York Transportation (guar.)
50e. June 21 May 25 to June 21
July 15 Holders of rec. July 18
la Standard Oil (Ohio). corn.(guar.)
Niagara Share Co.(No. 1)
24 July
July 15 *Holders of rec.
Standard Plate Glass, prior pref. (guar.) 111 July 1 Holders of re:. May 28
June
Nichols Copper Co.. Prof. (guar.)
July 1 Holders of rec. June 30
1 Holders of rec. June 1110
Steel Products Corp., corn.(guar.)
Northern Pipe Line
3
July 1 Holders of rec. June 21
July 1 Holders of rec. June 21
Stern Brothers. cons. (guar.)
Extra
$1
July 1 Holders of rec. June 19
July 1 Holders of rec. June 11
Stlx-Baer-Fuller Co., pref.(guar.)
11
North American Provision, pref.(guar.)
134 July 1 June 19 and June 20
July 1 Holders of tee. June
Norwalk Tire & Rub., common (guar.).
$1.25 July 1 Holders
July 1 Holders of roe. June 10a Stone(H.O.) & Co.,com.(guar.)
Common (payable in common stock). f5 July 1 Holders of rec. June 15
Preferred (guar.)
July 1 Holders of rec. June 20a
of rec. June 15
Preferred (guar.)
Nunnally Company
111 July 1 Holders of rec. June 15
June 30 Holders of rec. June 20a
19a Stromberg Carburetor (guar.)
11.50 July 1 Holders
Ohio Oil (gear.)
June 30 June 6 to June 30
Swed.-Am. Inv. Corp., partie. Pt.(qu.)- 14 July 1 Holders of rec. June 14a
Extra
June 30 June 6 to June 30
of rec. June 15a
(guar.)
2
011 Well Supply. common (quar.)
July 1 Holders of rec. June 10
July 1 Holders of ree. June Ihn Swift &Co.
Symington Company,class A (guar.)._ _
Preferred (guar.)
50e July 1 Holders of rec. June 15a
Aug. 2 Holders of roe•
July 15
134 July 10 Holders of roe. June
Omnibus Corporation, pref. (quar.)_._
July 1 Holders of rec. June I8a Telautograph Co., pref.(guar.)
75e. June 30 Holders of rec. June 30
Orpheum Circuit, common (monthly)._.
July 1 Holders of rec. June itia Texas Company (guar.
40
30e. July 1 Holders of rec. June 23a
Preferred (guar.)
July 1 Holders of recs. June 1sa Thompson (John R.) (monthly)
Monthly
30e. Aug. dl Holders of rec. July 23a
Otis Elevator, prof.(qUar.)
July 15 Holders of ree. June 30a
Monthly
(quar.)
30e. Sept. 1 Holders of rec. Aug.
preferred
Oct. 15 Holders of rec. Sept. 30e Thompson-St
23a
arrett Co., corn
86
Preferred (guar.)
July 1 Holders of rec. June 190
Jan15'27 Holders of rec. Dee. 31. 1
Tide Water Oil(oust.)
37340 June 30 Holders of rec. June 156

3426
Name of Company.

•

When
Per
Cent. Payable.

[VOL. 122.

THE CHRONICLE
Books Closed.
Days Int-lustre.

Miscellaneous. (Concluded).
Tide Water Associated Oil, corn.(No.1)_ 30c. Aug. 2 Holders of rec. June 10a
1
July 1 Holders of rec. June 10a
Preferred (guar.) (No. 1)
Tlaken-Detrolt Axle, corn. (quar.)___ - 1H July 1 June 21 to July 1
131 July 15 Holders of rec. June 25a
Tobacco Products Corti., corn.(quar.)_ _
June 21 Holders of rec. June 50
$1
Todd ,hioyards Corp.(guar.)
Torrington Company, common (quer.)- 75c. July •1 Holders of rec. June 18a
$1.25 July 1 Holders of rec. June 18a
Common (extra)
3734c July 1 Holders of rec. June 150
Tower Manufacturing
July 15 Holders of rec. June 300
I
Tuckett Tobacco, coin. (guar.)
141 fuly 15 Holders of rec. June 300
Preferred (guar.)
4
July I Holders of rec. June 21
Ulen Company, preferred
Underwood t.omputing Mach.. pf.(au.) 144 July 1 Holders of rec. June 15
134 Oct. 1 Holders of rec. Sept.15
Preferred (guar.)
July
Holders of rec. June 50
Underwood Typewriter, corn.(guar.)-- $1
Oct. 1 Holders of rec. Sept. 40
81
Common(guar.)
1,4 July 1 Holders of rec. June 50
Preferred (guar.)
154 Oct. 1 Holders of rec. Sept. 40
Preferred (guar.)
$1.25 July 1 Holders of rec. June 4‘,
Union Carbide & Carbon (quar.)
June 30 Holders of rec. June 10a
2
United Cigar Storesof Amer.. sem.(q11.)
Common (payable In common stock). 1134 June 30 Holders of rec. June 10a
87)4c Aug. 2 Holders of rec. July 150
United Drug. 1st pref.(guar.)
134 July 1 Holders of rec. June 150
United Dyewood. pref.(guar.)
July I Holders of rec. June 50
United Fruit, new no par stk.(No.1)(q11) $1
50e. fury 15 Holders of rec. July la
United Paperboard, common (guar.)--July 15 Holders of rec. June 15a
/5
United Profit Sharing, corn.(par El)._
July 15 Holders of rec. June 15
Corn., no par (pay In no par rom.stk.) (t)
114 July 2 Holders of rec. June 24
United Securities, preference (guar.).-United Shoe Machinery,corn.(guar.) -- 8214e July 8 Holders of rec. June 15
31)4c July 6 Holders of ree. June 15
Preferred (guar.)
U.S. Bobbin & Shuttle. pref.(quar.)_.. 15.4 June 30 Holders of rec. June 9
21.11 -Sept. 15 Holders of rec. Sept la
U.S. Cast Iron Pipe & Fdif.. cow.(qu.)2% Dec. If Holders of rec. Dec. la
Common (guar.)
111 Sept. If Holders Of rec. Sept. la
Preferred (guar.)
141 Dec. It Holders of roe. Dec. la
Preferred (guar.)
3% July 1 Holders of rec. June 11a
U. S. Distributing Corp., pref
40c June 30 June 18 to June 30
U.S. Gypsum, corn.(guar.)
144 June 30 June 18 to June 30
Preferred (,uar.)
35e. July 1 June 16 to July 1
U.S. Light & Heat. non-cum. pref
25e. July 1 Holders of rec. June 15/1
Cumulative preferred A
$1.7 July 1 Holders of rec. June 25
pref. (guar.)
United States Rayon.
Jone 3
to
r
I ..,, lone 21 Illrn• 2
_
-reel Corporation. eom
U
United States Tobacco.common (quar.)_ 75e. July 1 Holders of rec. Juno 14
51.75 July 1 Holders of rec. June 146
Preferred (quar
July 1 June 22 to J. ly 1
2
Universal Pictures, first Pref. (guar.).
134 'sly' Holders of rec. J"e 15
Up.on co.. pref. (guar.)
$1.25 June 30 Holders of rec. June 150
Utah Copper (quar)
50e. June 1' Holders of rec. May 29
Vac turn 011 (quar.)
, Fielders of rec. May 29
Mc. lune 1
e:xtra
July 1 Holders of rec. June lra
2
Valvoline Oil, preferred
July I Holders of rec. June 150
Virginia-Carolina Chem., prior pref.(1211.) /17
2% July 1 Holders of rec. June 15a
Virginia Iron. Coal & Coke. pref
$1.75 Aug. I Holders of rec. July 15
Vrvaudou (V.), Inc.. pref. (guar.)
81 75 Nov • Holders of rec. Oct. 15
Preferred (guar.)
134 July 21 Holders of rec. July 90
Vulcan Definning, preferred (quar.)
1
July 21 Holders uf rec. July 9f
Preferred (acct. scrum. dividends)___ la
134 July 21, Holders of rec. July 90
Preferred A (guar.)
July 2 Holders of rec. June 15
$I
Wabasso Cotton (guar.)
31 40. July 1 Holders of rec. June 180
Waldorf System. cont. (quar.)
First preferred and nreferred (guar.)._ 2110. inlv 1 Holders of roe. Jure 10
75e. June 30 Holders of rec. June 19a
Walworth Co., pref.(guar.)
July I Holders of rec. June 15a
32
Ward Baking.class A (No. 1)
144 July I Hoydens of rec. Pine ISO
Preferred (guar
500. July 2 Holders of rec. June 160
Warner-Quinlan Co.(quar.)
SI
July 1 Holders of rec. June 21a
Warren Bros.. common (guar.)
750. July 1 Holders of rec. June 21
First preferred (guar.)
873.4c July 1 Holders of roe. June 211
&tenni preferred (gnarl
6Ce. July 1 Holders of rec June 181
Waverly 011 Works, class A
,
tune 30 Holder. of rec. June Hia
,,,,,
v, eber & Hein, er ,,,,,mon (guar 1_ II
June 30 Holders of rec..lune 190
Welsbach Company, common (annual). 52
.51.50 July 6 *Holders of rec. June 25
West Coast 011. preferred (guar.)
°$8.50 July 6 •Holders of rec. June 25
Preferred (extra)
Inly 1 Holders of rec. June IS
2
West Point Mfg.(quar.)
*$2.50 June 30 •Holders of rec. June 28
Western Electric, common (guar.)
lone 20 Holders of rec. June 15
Western Exploration (route.)
July 31 Holders of rec. June 300
Westinghouse Elec. & Mfg.. corn. WO- SI
SI
July 15 Holders of rec. June 300
Preferred (guar.)
Weston Electrical Instrument. el. A(qu.) 50e. July 1 Holders of rec. June 161
July 1 Holders of rec. June 120
2
Wheeling Steel Corp.. pref. A (quar.)
234 July 1 Holders of rec. June 120
Pref •rred B (gnarl
50e. July 20 Holders of rec. June 301
White Eagle Oil & Refg. (guar.)
lone 30 wader. of rec. June 110
$1
u'hit Moo or (gusr
1% June 30 Holders of rec. June 15
White Motor Securities. pref. (guar.), _
Mineral Seen., corn.(cm)._ 50e. July 1 Holders of rec. June 150
White Rock
131 July 1 Holders of rec. June 15
First preferred (quar.)
214 July 1 Holders of rec. June 15
Second preferred_
July 1 Holders of rec June 21,
2
Will & Balmer Candle. pref.(quar.)---2
July 1 Holders of rec. June 190
Williams Tool Corp.. pref. (guar.)
2
Oct. 1 Holders of rec. Sept.20a
(guar.)
Preferred
134 filly 1 Holders of rec. June 1
Winnsboro Mills. pref. (quar.)
15c tune 30 Holders of roe. June 15
Woodley Petroleum (guar.)
Holders of rec. June 190
Worthington Pump & Mach.. pf. A (ciu.) 1% July
114 July 1 Holders of rec. June 100
Preferred B (guar.)
190
ittly 1 Holders of ree.
Wrigley(Wm Jr A. Po.(monthly)._ 25e
July 1 Holders of rec. June 20
Wurlitzer (Rudolph) Co..7% pref.(qu.)
July 1 Holders of rec. June Ira
Yale dr Towne Manufacturing (guar.)._ El
65c luly 1 Holders of rec. June lfa
Yates American Machine, partie. pf.(qu)
190
Yellow Truck & Coach. class B (guar.)._ 18e. July 1 Holders of rec. June 190
134 fitly 1 Holders of rec. June
Preferred (guar.)
tune 31) Folders of rec. June 150
rom.(guar) El
Youngstown Sheet & Tube.
131 tone 30 Holders of rec. June 15a
Preferred (guar.)

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 12. 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
.
Capital Profits. Loans,
Discount
Week Ending
June 12 1926 Nat'l, Apr. 12 InvestState, Mar.25 merits,
•
rtc.
(000 omitted.) Tr.Cos.Slar.25

Cash
in
Vault

Reserve
Time Rani.
Net
frith
De- elms
Legal Demand
Deposi Deposits. liosils. 10.140n.
tortes.

Members of Fed. Res. Bank. Average. Average Areraor Average. Averagt Awe.
s $
s
s $
Bank of N Y A
s
8
$
53.669 7,818
471 7,142
74.885
Trust Co____ 4,001 12,90
131,068 25,251
Bk of Manhat'n 10,000 14.965 163.169 3,305 17.822
85,877 4,518 ...78.352 1,889 11.534
Bank of America 6.500 5,25:
85
National City__ 50.011 65.824 622,602 4.415 66,991 *655,836 85,503
348
116.817 3,457
Chemical Nat__ 4,500 18,310 138.183 1,292 15,440
135,733 10,054 4,947
Am En-Pair Nat 7.600 12,963 148,737 2,221 18.403
-325,737 13,991
826 42,543
Nat Bk of Corn. 25.101 41.528 366,690
189,580 40,227 5,963
Chat Ph NB&T. 13.500 12,834 216.825 2,484 24,105
-- ---104,762
508 13.797
Hanover Nat.._ 5.000 25,677 122,061
180,438 32,502 ...208,747 7,110 25.071
Corn Exchange. 10.000 14,79
123,267 8,304 3,514
818 16,203
National Park... 10,11, 24.114 166,211
16.168 1,126
54,611 1,598 5,218,
3,151
Bowery &E.R. 3.0
608 2665) 202,156 12,922 5,841
First National__ 10.011 72.737 299,985
28,943 289.359
Irving Bk-ColTr 17.5 I 14.017 289.640 2.693 35,908
425 -6,019
134 1,001
8,029
.
Continental_ _ _ 1.0 t 1 1,198
39.152 559,496 7,412 67.796 *526.398 31,856 1:533
Chase National 40,01
.
- -- -24,157
770, 3,124
25,734
First Avenue Bk
500 3,031
9,969 8,012 --555' 1,455
14.145
8C I 1,320
Commonwealth.
377 --16,610
438 2,44
16.907
Garfield Nat'l__ 1.000 1,788
44
113,853 2.322
Seaboard Nat'l_ 6.000 10.104 119,168 1.067 14.948
BankersTrust_ 20.000 31,707 348,482 1.028 37.972 *308.077 42.184 ---5,774 -776 7,518
56,784
U 8 Mtge & Tr_ 3.000 4,915 63.306
Guaranty Trust 25.000 22.588 413,703 1.541 45,388 .399.614 53,612 -748 5.089
42,932
37.981 3,849
Fidelity Tnist„ 4 000 3.174
634 18,748
138,428 17.603 ---New York Trust 10.001 20.312 165,832
480 14,161 *107,199 19.764 ---Farmers L & Tr 10.000 18,963 142,419
Equitable Trust 23,000 14.43e 273.172 1,476 30,105 *293,918 25.643 ---Total of averages 320.800 ;11,5(1: 5,1(0,403 47.375578,581 c4.297,573 498.07723.401
Totals, actual cc idition June 125.149.595 46,816561.884c4.263.907495,493 23,456
Totals, actual co ulltion June 55,156.228 47,984595,619 c4,305,784500,271 23,231
Totals, actual cc idition slay 29 5,189,213 45,271 578,112c4,289,038506,389 22,916
I
State Banks Sot Mi nbers of Fed'll Res've Bank.
22,095 2,599 ---23,744 2.065 2,039
Greenwich Hank 1,00( 2,00
38,676 64,544 -- -.
5.00( 5 324 107,621 4,774 2.396
State Bank._
Totalofaverages

8.000

7.921

131,365

6.839

4.435

60.771 67,143

----

61.814 67,124 ---Totals, actual co idition June 12 132,559 6.734 4,183
59.956 87,152 ---Totals, actual en Wition June 5 130,3111 6,744 4.708
83,398 86,729 ---Totals, actual cr. edition May 29 132,984, 6,909 4,714
I
Trust Comps ales dot Me,,'bets of Fed'I Re s've B.nk.
40,434 1.915 -Title Guar & Tt 10.000' 18,10' 65.329, 1,747 4,361
887 ---17,858
899 1.842
22.4751
Lawyers Trust. 3,900 3,231
.
87,804: 2,646 8,203
58,292 2,802 ---Total of average 13.009 21.331
'
86,4971 2,421 8.089
56,262 2.813 --Totals, actual on idition June 12
58.449 2,849 -Totals, actual co adit Ion iJune 5 87.743 2.624 6.351
63,573 2,769 ---91.792 2,472 7.160
Totals, actual co ndition 'May 29
Gr'd aggr., awe 139.800 540.841 5,359,572 56.860587.219 4,416.638 568.02223.401
Comparison with prey. Isveek _ .. 52.533+1,436-5,080 -24,554-6,138 +447
Or'd aggr., act'l cond'n June 125,368.651 55.971 572,136 4,381.783585,431,23.456
Comparison wit le prey. week.. -5,629,-1.365-24.540 -42.406-4,837 +225
Gr'd
Gr'd
Gr'd
Gr'd
Cr'd
Gr'd

aggr., act',cond'n
aggr., act'l concril
aggr., act'l cond'n
agrr., °al cond n
aggr., oatcond'n
agrr., act'l cond'n

June 55.374.280
May 295.413 989
May 225.328,512
May 11 5,364,937
May 85,352 210
May 15,472,045

57.336596.676
54.652589.986
55,807638 070
55.902817.015
58 616 607,827
53.263818,558

4,424,189570.272 23.231
4,416.009575.88722,918
4.395.534565,97722.830
4,375.995581.69922.372
4,351.870589.402 22.293
4.458.983 592,67822,306

-U. S. deposits deducted front net derrand deposits in the genera totals
Note.
above were as follows: Average otals June 12, 527,907.000. Actual totals June 12
527.967,000; June 5, 827,000090: Slay 20, 827,969 000: May 22, 527.969 000:
May 15, 333.215.000. Bills payable. rediscounts, acceptances and other liabilities
average for week June 12.5594.927.000: June 5,5628.923,000; May 29,3614,526.000
May 22, 8626,479000: May 15, 5625.110.000. Actual totals June 12. 8623.985,000
June 5, 3315,424,000: May 29. 3657.932,000; May 22, $643,853,000: May 15,
5871,813,000.
* Includes deposits In foreign branches not included In total footings as follows:
National City Bank. $156,039,000: Chase National Bank, 511,934.000: Bankers
Trust Co., 526.679.000; Guaranty Trust Co., $63.766,000: Farnrers' Loan & Trust
Co.. 52,818.000; Equitable Trust Co., 869.812.000. Balances carried In banks in
that stock foreign countries as reserve for such deposits wore: National City Bank. $23.178 000:
•From unofficial sources. fThe New York Stock Exchange has ruled
ex-divniold on this date and not until further notice. :The Chase National Bank, 52.901.000: Bankers Trust Co. st.7e0 000; Guaranty Trust
will not be quoted
quoted ex- Co. $2.244,000; Farmers' Loan & Trust Co., $2,818,000; Equitable Trust Co..
New York Curb Market As•ociation has ruled that stock will not be
36401,000.
dividend on this date and not until further notice.
C Deposits In foreign branches not Included.
f One-fiftieth of a share of Class B common stock.
dividend. 2 Correction. e Payable In stock.
a Transfer books not closed for this
accumulated
The reserve position of the different groups of institutions
IPayable In common stock. g Payable In scrip. h On account of
dividends. m Payable in preferred stock
on the basis of both the averages for the week and tho
of one
In lieu of cash holders may take additional class A stock at the rate
actual condition at the end of the week is shown in the
share for each 40 held.
reported In previous issues as On common stock.
j Erroneously
following two tables:
on the
k Declared monthly dividends for six months of f 2-3% each, payable
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
fifteenth of each month.
AND TRUST COMPANIES.
1 Payable either 30 cents In cash or 2)4% In common stock.
n Dividend Is one-fiftieth of a share of no par common stock.
of a share for
Averages.
o Payable either in cash or in class A stock at rate of one-fortieth
each share held.
b
Reserve
Cash
one-fortieth of a share of
,
I Stockholders have option to take. Instead of cash,
Surplus
Reserve
Total
In
share of class
Reserve
class A stock for each share held, and class B stock, one-fortieth of a
Reserve.
Required.
In Vault. Depostlariev Reserve.
B stock for each share held.
share and all transfers received in London on or before
Dividend is 10 ponce per
$
$
$
$
$ •
Members Federal .
June II will be in time for payment of dividend to transferees.
576,581,000 576,581.000 573,026,800 2.954,200
Reserve Bank._
335.220
C Also on 7007„ paid allotment eertilleates. being 70% of Cl 75
6,839.000 4,435.000 11,274 000 10.938.780
stockholders State banks.
105.200
s To be pald In common stock or in the event of the (allure of the stock, then Trust companies._
2,846,000 6.203.000 8 849.000 8,743.800
at a meeting to be held Ju^e 25 to approve the increase in the common
1.704 000 593.309,380 3,394.020
the dividend is to be paid In cash.
9.485 000 587 219 000 191
Total June 12_ _ _
8 Dividend is one new share of no par common stock for each 20 shares outstanding.
9.448 000 592.279 000 ^01.727 000 500.718.590 5,008,410
Total Jone 5._
to
is Holders of elms A com. stock are given the right, on or before June 21,
Total May 29_ .._ 9.497,000 584,926,000 594.423,000 591.171.580 3.251,420
a 224 nnn 554 771 Ma 1104 lna 0011 588.343.180 5.261.820
subscribe to additional clam A stock to the extent of the dividend. tax.
Tntsd ala• 22
o Less 38c. per share for first and second Installment of 1925 Income
ner share for first and second Installment of 1925 income tax.
Le`.
• Not members of Federal Reserve Bank.
4-100ths of a
C Payable either in cash or stock: on original series pref. at rate of
b This is the reserve required on net demand deposits in the case of State banks
share of Maas A stock for each share original series pref.. and on $7 dividend series and trust companies, but in the ease of members of the Federal Reserve Bank
prof. 6.75-100ths of a share of class A stock for each share of $7 dividend series pref. includes also amount of reserve required on net time deposits. which was as follows:
p Less $2 per share for expenses In connection with extending second mortgage June
12, $14,942.310; June 5, $15.138,180: May 29, $15.021,390; May 22, 315.105,bonds and first and second installment of 1925 income tax.
270; May 15. 515.413.760.
x Dividend is one share of ordinary stock for each four shares.




131

JUNE 19 1926.]

THE CHRONICLE
Actual Figures.

Cash
Reserre
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank__ _
State banks*
Trust companies
Total
Total
Total
Total

June 12
June 5
May 29..._
May 22

6,734 000
2.421.000

Total
Reserve.

Reserve
Required.

Boston Clearing House Weekly Returns.
-In
lowing we furnish a summary of all the items in the the folBoston
Clearing House weekly statement for a series of weeks:

Surplus
Reserve.

BOSTON CLEARING

561,884.000 561.884.000 •S39,172,700 -7,288,700
4,183,000 10.917.000 11.090,520 -173,520
6.069.000 8,490.000 8,439.300
50.700

9,155.000 572.136 00n N81.291 000 188.702,520
9.372 00e 506.076 003 ^0 046.001 5n4.319.480 -7.411.520
4
11.728.520
9.361.000 549.986.000 599.367.000 5
93.713.600 5.345,990
9 150 nnn 618.076 000 847 415.000 5s1) 781 710 84 451
260

•Not members of Federal Reserve Hank.
a This is the reserve required on net
and trust companies, but in the case ofdemand deposits In the ease of State banks
members of the Federal Reserve Rank includes also amount of reserve required on net time deposits,
which was as follows
June 12. 514.864.790; June 5. $15,008,130; May 29, $15,191,070 May
;
22, $14,892,570; May 15, 515,361.380.

State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST
COMPANIES IN GREATER
NEW YORK; NOT INCLUDED IN CLEARING HOUSE
STATEMENT.
(Figures Furnished by State Banking Department.
)

3427

June 16
1926.

HOUSE MEMBERS.

Changes from
previous week.

June 9
1926.

Capital
69.500.000 Unchanged
69,500.000
69,500.000
Surplus and pronts
93.768,000 Unchanged
93,768.000
93.768.000
Leans, disets & invest. 1,051,003,000 Inc. 1,379 000
1.049,624,000 1.047.574.000
Individual deposits___ - 705,042,000 Inc. 13,138.000 691,904.000
687.513.000
Due to banks
136.910,000 Inc. 1,316,000 135,594,000 134,207 000
Timedeposits
239,196.000 Dec. 1,931.000 241,127,000 236,110.000
United States deposits.
29,638,000 Dec.
4.000
29.642 000
29.623.000
Exch's for CI'm House..
34,414,000 Inc. 3.101,000
31.313.000
35.127.000
Due from other banks
89,899,000 Inc. 6.488.000
83,411.000
83.395.000
Res've In legal depots._
81.974.000 Inc. 1,123,000
80.846.000
79.842.000
Cash in bank
11,095,000 Inc.
11,035.000
30,000
10.555.000
Res've excess in F.R.Bk
447,000
310.000

Philadelphia Banks.
-The Philadelphia Clearing House
return for the week ending June 12, with comparative figures
for the two weeks precedirg, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust comparies not members of the Federal Reserve System the reserve required is
10% on demand deposits and ircludes "Reserve with legal
depositaries" and "Cash in vaults."

Differences from
June 12.
Pier ass Week.
Loans and investments
$1.163.919.400 Dec.$11260300
Gold
4.591,400 Dec.
12.400
Currency notes
23,711,100 Inc.
500.300
Deposits with Federal Reserve Bank of New York
96,288,200 Inc.
967 000
Time deposit.'
Deposits. ellir inating amounts due from reserve de-1,212,736,400 Dec. 12,110,600
positaries and from other banks and trust companies in N. Y. City, exchange & U. S. deposits_1,1
43,417,300 Dec. 1,781.000
Reserve on deposits
169,406,600 Dec. 3,504,500
Percentage of reserve, 21.2%.
Week Ended June 12 1926.
RESERVE.
Two Ciphers (00)
omitted.
-State BanksMembers al
Trust
1926
-Trust Componf
Cash in vault
*S39.4•8,100 16.56%
F.R.System Companies
Total.
$85,121,000 15.19%
Deposits in banks and trust cos____ 11,524,800 04.84%
33.292.700 05.94%
Capital
$44.775.0 85000.0 549,775,0
Total
$50,592,000 21.40%
131.612.0 17.405.0 149,017.0
$118.413.700 21.13% Surplus and profits_ _._
Loans.(Mete A investmits 869.980.0 50.572.0 920.552.0
*Includes deposits with the Federal Reserve Bank of
State banks and trust companies combined on June 12 New York. which for the Eashsnce:-. for Clear.House 33.714,0
426.0 34,140,0
was $96.286,200.
Due from hanks
108.480.0
17.0 108.506.0
Bank deposits
141.549.0
824.0 112.373,0
Indlviduld deposits
598.951.0 31.752.0 630,703.0
Time deposits
134.274.0
Banks and Trust Companies in New York
2.034.0 156.3080
-The Total deposits
874.774.0 34.610.0 909,384.0
averages of the New York City Clearing HouseCity.
Resive
4,619,0
4,619,0
banks and Reservewith legal denos-- ,
with F. R. Bank.. 64.9520
trust companies combined with those for the State banks
61,952.0
Cash
•
10.062,0
1.49/1,0 11.560,0
trust companies in Greater New York City outside of and Totalin vault& cash held__ 75.014.0 6.117.0 81131.0
reserve
the Reserve required
Clearing House are as follows:
65.326,0
4.921.0 70.247.0
w.,,,,...rns .6 moth in vault
0 AAR 0
1 106 0 19.8140
COMBINED RESULTS OF BANKS AND
•Cash In vault not counted as reserve for Federal Reserve
TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments
Week EndedFeb. 13
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar.20
Mar.27
Apr. 3
Apr. 10
Apr. 17
Apr. 24
May 1
May 8
May 15
May 22
May 29
June 5
Ions.. 12

Demand ' *Total Cash
Deposits.
in Vaults.

$
6.551.1172.500
6.539.198.100
6.538.928.200
6.574.532.600
6.501,862 000 •
6,559.2113,300
6.524.460.200
6.5112.817.200
6.551 614.500
6.477.226.100
6.461.079 100
6.593,194.1110
6.441.815.1300
6,581.019.200
It 58'2.412.800
6.521,167.600
6,587.304.700
A h9.1 A01 Ann

$
5.617.024.100
5.572.396.500
5.628.105.200
5.621.468.900
5.562.16(1.300
5.624.406.300
5.539.714.200
5.616.040.800
5.532.964,000
5.494.518.600
5.513.745.200
5.576.964.600
5.581,188.700
5.578.175,700
5.5/0.921,100
6.540.622.800
1,585,988,300
g Ron ngg gnn

Reserve in
Depositaries,

s
89.198.200
85.608.600
87.174.800
84,322.400
85.376.300
83.752.000
82.310.600
79.710.300
87.360 600
85,630.000
83.366 600
83,980,500
84.575.100
87.041.300
84 134 900
84.670,600
83 211 000
Os inn nnn

$
732.243.100
732.631.000
732.989.600
744.749.500
726.793.200
717.864 500
726.143.200
765 192.600
725.290.000
723,682.400
722.736.606
731.028.700
730,815.505
731.342 4011
711 071 70(1
722.498.60(
736,347,10f

,no non ,n,

New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing
House by clearing non-member institutions and which are
included in the "Clearing House Returns" in the foregoingnot
:
RETURN OF NON-MEMBER INSTITUTIONS OF
NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars
-that is, three ciphers 10001 omitted.)
Loans.
CLEARING
Div•
NON-MEMBERS Capital.
Net
counts.
Profits. InvestWeek Ending
ments,
June 12 1926.
&c.
Members of
Fed'I Res've Bank.
Grace Nat Bank..._
Total
State Banks.
Not Members of tie
Federal Reserve Bank
Bank of Wash. Hts_
Colonial Bank
Total
Trust Company.
Not Member of the
Federal Reserve Rank
Mech Tr, Bayonne.

Cash
In
Vault.

Reserve
with
Net
Net
Legal Demand Time
bepost-'Deposits. Deposits,
tortes. I

Average. Average. Averaged A
verage]Average.
Sim
$
13.080
59
1,030
6.771
3.861
1,867 13,080
59
1,030
6,771
3,801

1.000

1.867

1,000

3811

200
1.200

616
2.967

9.008
31.700

7611
3,377

1,606

6.360
26,860

2
.823
5,080

1,400

3.583

40.708

4,145

1,987

1

33,220

7,903

500

589

9,688

561

37

4.124

5,989

500

589

9.688

561

37

4.124

5.989

Grand aggregate_ _
2.900
Comparison with prey. week

6,040

63,476
717

4.765
+262

3.054 a44.115
-83 -192

17.753
-21

Gr'd agar., June
Grid aggr., May
Gr'd aggr.. May
Gr'd aggr.. May

6,040 64,1931
6,040 64.211
6.040 65.114
040 65.909

4.501
4.481
4,440
4.702

3.137
3.15.5
3.254
3.422

17.774
17.791
17.778
17.774

Total

5
29
22,
15'

2.900
2.000
2.900
2.900

a44.307
a43,381
a44.66.5
a46.391

a United States deposits deducted. $101,000.
Bills payable, rediscount• acceptances, and other liabilities. $1.809,000.
Excess reserve $218,360 increase,




June 2
1926.

June 6
1926.

May 29
1926.

849.775,0
149.017.0
914.668,0
39.663.0
111.782.0
144,135.0
632,825.0
137,323.0
914.283.0
5.205.0
66.520.0
11 439.e
83.1840
70.4320
12 712 0

849,775.0
140.017,0
913.573.0
37021.0
10°,891.0
138,455,0
630,273,0
135,355,0
904.0830
4,854,0
64.312.0
11,506.0
80.6720
70 052 0
1 n 820.0

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 16 1926 in
comparison with the previous week and the corfesponding
date last year:
June 16 1926. June 9 1926- June171925.
Resources$
Gold with Federal Reserve Agent
428,176.000 363.264.000 356.159,000
redemp. fund with U.S. Treasury_
Gold
8,022.000
9.294.000
6.610.000
Gold held exclusively nest. F. R notes_ 436.198.000
Gold settlement fund with F. R Board_ 166.002.000
Gold and gold certificates held by bunk. 401.083.000

377.553.000
226.462.000
398,353.000

362,769.000
257,668,000
333,481,000

Total gold reserves
Reserves other than gold

1,003.283.000 1.002.373.000
41,346,000
44.160.000

953.918,000
35,870,000

Total reserves
Non reserve rash
Bills discountedSecured by U. S. Govt. obligations
Other bills discounted

1 044,629.000 1.046.533.000
15,443,000
16.206.000

989.758.000
17,658,000
1
89,035,000
29.222,000

45.727.000
21.339.000

74.650.000
39,363.000

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

67.066,000
44.070.000

114.013 000
65.898.000

13.305 000
39.722,000
107.266.000

11.762.000
44.004.000
28.089.000

118,257,000
30,858,000
-I
8.542,000
40,452,000
9,276.000

Total U. S. Government securities
Foreign loans on gold

160.293 000
2,055,000

83,859 000
2.302.000

58,270,000
2.835.000

Total bills and securities (See Note)

273,484,000

266.072.000

210.220.000

Due from foreign banks (See Note)
Unsollected items
Bank Premises
All other resources

645.000
227.073,000
16.715.000
4,524,000

709.000
148.621.000
16.715.000
6.538.000

734,000
204,762.000
16,890.000
5.144.000

Total resources

1.582,513,000 1,501.394.000 1,445,196,000
Liabilities
Ferri Reserve notes in actual circulation_ 403.220,000 401.771.000
327,221,000
Deposits-Member bank. reserve &eel
897.555.000 883.300.000 851.090 0
.00
Government
852.000
665.000
217,000
Foreign bank (Set Note)
3,018.000
2.911.000
4,149,000
Other deposits
8.026,000
7.953.000
9,745,000
Total deposits
909.451.000 874.734.000 865,201.000
Deferred availability Items
171.019.000 126.073.000 155.907.000
Capital paid In
35.366.000
35.335.000
31.570,000
Siarplus
59.984.000
59.964.000
58,749.000
All other liabilities
3,493.000
3.517.000
3.543,000
Total liabilities
1,582.513,000 1.501.394.000 1.445.196,000
Ratio of total reserves to deposit and
Fed'I Reeve note liabilities combined.
79.6%
82.0%
83.0%
Contingent liability on bills purchased
for foreign correspondents
14,718.000
15.520.000
8,528.000
-Beginning with the statement of Oct. 7 two new
NOTE.
order to show separately the amount of balances held abroad items were added in
and amounts due to
foreign correspondents. in addition, the caption. "All other
earnings assets." now
made up of Federal intermediate credit bank debentures, has
been changed to
"Other securities." and the caption, "Total earning assets" to
"Total bills and securities." The latter term has been adopted as a more accurate
total of the discounts, acceptances and securities Required underdescription of the
the provisions of
Sections 13 and 14 of the Federal Reserve Act, which are the
only items included
erein.

[VOL. 122.

THE CHRONICLE

3428

Weekly Return of the Federal Reserve Board.

June 17 and showing the condition
The following is the return issued by the Federal Reserve Board Thursday afternoon, present the results for the system
we
the twelve Reserve banks at the close of business on Wednesday. In the first table of the corresponding week last year.
as a whole in comparison with the figures for the seven preceding weeks and with those
banks. The Federal Reserve Agents'
The second table shows the resources and liabilities separately for each of the twelve notes between the Comptroller and
Accounts (third table following) gives details regarding transactions in Federal Reserve
Board's comment upon the returns for the
Reserve Agents and between the latter and Federal Reserve banks. The Reserve
Events and Discussions."
latest week appears on page 3401, being the first item in our department of "Current
RESERVE BANKS AT THE CLOSE OF BUSINESS JUNE 16. 1926.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL
171925.
19 1926. May 12 1926. May 5 1926. Apr11281926. June
June 161926.June 9 1926. June 2 1926. May 26 1926. May

s
3
$
$
$
$
$
$
$
RESOURCE'S.
1,475.470,000 1,471,677,000 1,414.141,000 1,437,742.000 1,500,333,000
38,062,000
1,530,551,000 1,472,698,000 1,450,150.000 1,455,119.000
52,247,000
Gold with Federal Reserve agents
45,892.000
46,657,000
48,330,000
52,701,000
52,511,000
56.536.000
45,459,000
Gold redemption fund with U.S. Treas.
1,489,989,000 1,538,395,000
1,502.661,000 1,507,820.000 1,523.809,000 1,518,334.000 1.460,033,000 691.418,000 678,157,000
Gold held exclusively agst. F. R.notes 1.576,010,000 1,529,234,000
659,899,000 644,552,000 646.954.000 700.106,000
604,820,000 649,124,000 662.400,000 648,347,000 646.301,000 638,292,000 632,397,000 815.686.000 604,515,000
Gold settlement fund with F. R.Board
Gold and gold certificates held by banks_ 655,795,000 654.830,000 632,169,000
2,821,067,000
2,814,662,000 2,803.580.000 2.792.536.000 2,797,093.000
2,836,625,000 2,833,188,000 2,797,230,000 2,816.066,000 162,251,000 163,159.000 158.045.000 156,983,000 146,659,000
Total gold reserves
147,737,000 149,341,000 149.250.000 159,375,000
Reserves other than gold
2,967,726,000
2,976,913,000 2,966,739,000 2.950,581,000 2.954.076,000
54,613,000
2,984,362,000 2,982.529,000 2,946,480,000 2,975.441,000
57.937.000
Total reserves
57.198,000
60,486,000
57.851,000
53.234,000
47,134,000
57,227.000
56,169,000
Non-reserve cash
248,122,000
Bills discounted:
260,670.000 251,674.000 302,280,000 275.223.000 193,842,000
284,841,000 233,530,000
Secured by U. S. Govt. obligations_ - 179,301,000 213,484,000 240.116.000 240.413.000 229,191.000 224,740,000 244.901,000 238,445,000
214,029,000 234,679,000
Other bills discounted
441,964,000
489.861.000 476,414.000 547.181,000 513,668.000
393,330,000 448,163,000 524,957,000 473,943,000 226,492,000 228,162,000 213,384.000 199,017.000 246,083,000
Total bills discounted
233,159,000 249,821,000 244,143,000 238,828,000
Bills bought in open market
83,366,000
98,008,000
99,092,000
U. S. Government securities:
97,123,000 102,529,000 100.923,000
109,183,000 103,049,000 103,106,000 167,364,000 164,988,000 163,223,000 162,513.000 150,684.000 191,151,000
Bonds
31,882,000
166,945,000 180,147,000 169,846.000
Treasury notes
131.108,000 132.116,000 133.721.000 140,121,000
206,107,000 135,112,000 131.200,000 130,578,000
Certificates of indebtedness
388.813.000 306,399,000
404,152.000 395.085,000 398,625,000 396,262,000 395.326,000
2,250,000
4,635,000
Total U. S. Government securities-- 482,235,000 418,303,000
4,635.000
4,635,000
3,885.000
3.885,000
3,885.000
3,885,000
10,500,000
3,200,000
8.100.000
7,500,000
Other securities (see note)
7.401,000
7.401,000
7,901.000
8.900,000
8,401,000
7,502,000
Foreign loans on gold
1,007,196,000
1,186,037.000 1.119,122.000 1.126,264.000 1,112,874,000 1,168.028.000 1.114,233.000
734,000
660.000
Total bills and securities (see note)--- 1,119,426,000 1.128,578,000
686.000
778,000
767,000
691,000
679,000
709.000
645,000
Due from foreign banks (see note)
690.879.000 644,473,000 638,910,000 811,856,000
720,133,000
60,162,000
882,869,000 654,385,000 693,424,000 628,953,000
59,537,000
Uncollected Items
59.554.000
59.651.000
59 657,000
59,661.000
59,665,000
59.665.000
20,402,000
59,735,000
16,231,000
Bank premises
16,831,000
16.804,000
16.997.000
17,828.000
17.392,000
18,691,000
16,142,000
All other resources
4,922,689,000
4,951.259,000 4,854,482.000 4.958.582,000 4.908.211.000 4,897,349,000 4,841,584,000
5,119,348,000 4.901.784.000
Total resources
LIABILITIES.
1,675.535.000 1,872,016,000 1.661.982,000 1,643,047,000
1,688,150,000 1,692,939,000 1.704,136.000 1.672,817.000 1,665.240.000
F. R. notes in actual circulation
Deposits
2,193.512.000 2,230.801.000 2,202.831,000 2,212,772,000
5,364,000
2,260,827,000 2.224.486.000 2,225.270.000 2,195,200,000 2.236.640,000
Member banks-reserve account
16.412.000
27.785,000
27.484,000
19,750,000
15.792,000
24.269,000
4.113.000
6,456,000
6.136,000
Government
5,009.000
5.227.000
4,955,000
4.295.000
4,798.000
4.950.000
6,200.000
20,010,000
6,307.000
Foreign bank (see note)
17,874,000
22,225,000
19,733.000
19,303,000
15.833.000
18,870.000
17,616,000 s 16,464,000
Other deposits
2.286,038.000 2.242.126.000 2,244,602,000
2,290,886,000 2,251.263.000 2.261.190,000 2,243,137.000 2,280,643.000 2,245,684.000 561,175,000 579.167.000 687,156,000
Total deposits
627,899,000
779,434.000 596.619.000 625.602.000 578,476,000 653.606,000 122.408.000 122.186.000 122.129,000 115,543,000
Deferred availability Items
0 122.557.000 122,464,000
122,670,00
122,804,000 122.713.000
Capital paid in
220.310.000 220.310.000 220,310.000 217,837,000
14,504,000
220,310,000 220.310,000 220,310.000 220.310.000 220.310.000
Surplus
15.870.000
15.624,000
16.375,000
16,319,000
17.351,000
17,185.000
17.940.000
17,764,000
All other liabilities
897,340.000 4.841,584,000 4,922,689,000
4.008.211,0004.
0
5.119,348,000 4,901,784,000 4.951,259.00 4,854,482,000 4,958.582.000
Total liabilities
72.5%
Ratio of gold reserves to deposits and
71.6%
70.5%
71.4%
71.3%
71.9%
70.5%
71.8%
71.3%
F. R. note liabilities combined
76.3%
Ratio of total reserves to deposit and
75.7%
74.5%
75.7%
75.4%
76.0%
74.3%
75.6%
75.0%
F. R. note liabilities combined
33.482,000
Contingent liability on bills purchased
66.568,000
65.509,000
64,735,000
61.974,000
62.647.000
81,347,000
60.219,000
55,088,000
for foregin correspondents
$
$
5
3
$
$
$
$
86,923,000
5
Distribution by Maturities86,409.000
123.897.000 136.092,000 126,997.000
98,038,000 105.399.000 100.917,000 108,875.000 352.257.000 390,706.000 408,382.000 381,970,000 330,730,000
1-15 days bills bought in open market389.101,000 323,611.000
8.094,000
259.881,000 313.665.000
1-15 days bills discounted
1.720.000
1,120.000
600.000
57.489,000
650.000
61.345,000
1-15 days U. S. certif. of Indebtedness- 141,500,000
45,275,000
1-15 days municipal warrants
56,093.000
36,959.000
36,946,000
38.335,000
56.109.000
49.157.000
53.419.000
52,537,000
23,860,000
16-30 days bills bought In open market30,154.000
33.955.000
32,237.000
31.552.000
30,644.000
32.089,000
33.502.000
32,207.000
16-30 days bills discounted
4,689.000
4.689,000
58.330.000
57,835.000
16-30 days U. S. certif. of indebtedness_
65,788,000
16-30 days municipal warrants
38,275.000
33,098.000
54.232.000
42.920.000
60,064,000
0
52.318,00
53.373.000
48.717,000
31-60 days bills bought in open market51.743.000 34,825,000
55.799.000
51.145.000
40,407.000
62.144,000
46.761.000
43.770.000
41.357,000
31-60 days bills discounted
68,036.000
55,166.000
52.527.000
31-60 days U. S. certif. of Indebtedness_
41.417,000
14,192.000
31-60 days municipal warrants
12,669,000
10.019.000
8.341.000
19,490,000
32,431.000
34.524,000
30,827,000
23,988,000
28,445.000
61-90 days bills bought in open market_
27.379.000
25,574.000
26.983.000
27.698,000
25.801.000
27,393,000
26.237.000
10,805,000
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
6,680,1100
4.048.000
3,661.000
61-90 days municipal warrants
2.685,000
1,687.000
1.242.000
2,368.000
3.106,000
3,040,000
29,061,000
21,356.000
23.716.000
Over 90 days bills boughtlin open market
25.393,000
28.071.000
29,843.000
31,205.000
30.089.000
12,983,000
32,492,000
72.085.000
72,144,000
Over 90 days bills discounted
73.780.0(10
72.178.000
72,093.000
73,731,000
73.767,000
64,607,000
Over 90 days certif. of indebtedness_ __ _
Over 90 days municipal warrants
2,856.089,000 2,963,134,000
2,850,398.000 2,848,922,000 2 842,659.000 2,837.464.000 2,848.364.000
F. R. notes received from Comptroller 2,870,904,000 2,872,284.000 860.303.000 861.737,000 857.338.000 839.157.000 847,386.000 855,082.000 1,007,826,000
874.057,000 859,878.000
F. R. notes held by F. R. Agent
1,985,321,000 1.998.307,000 2.000.978.000 2.001.007.000 1,955.308,000
0
2,005,937,000 2,012,406,000 1.990,095.00 1.987.185,000
Issued to Federal Reserve Banks
318.953.000 286,016,000
How Secured
304.153,000 304,152.000 304.653.000 305.054.000 303.554.000
303,153.000 301.240,000
99.441,000 104,643,000
By gold and gold certificates
96.442.000 106,175,000 104,790.000
91,801.000 104.928.000 104,847,000 105,823.000 1,074.384.000 1,060.448.000 ,005,797.000 1,019,348,000 1,109,674,000
redemption fund
Gold
1,135,797,000 1,063.530.000 1,041.150.000 1,045,144,000
Gold fund-Federal Reserve Board
694.851.000 682.765,000 736.862.000 688,773,000 659,395,000
608,169,000 672.959.000 740,276.000 677.848,000
By eligible paper
,
.,so,oio,uui,
.
,
. .
2.1. . 0 .l454t57.000 2,i50.4211.0uII,1,901,U0U 2,1..• .
otal
In order to show separately the amount o balances held abroad and amounts due
been changed to
-Beginning with the statement of Oct. 7 1925 two new items were added
NOTE.
assets", now made up of Federal Intermediate Credit Bank debentures, has
the total
So foreign correspondents. In addition, the caption,"All other earning
securities" The latter term has been adopted as a more accurate description of
“Other securities," and the caption. "Total earning assets" to "Total bills and
Act, which are the only Items included therein
of Sections 13 and 14 of the Federal Reserve
of the discounts, acceptances and securities acquired under the provisions
192*
OF THP 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE 16
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH

fr

Two ciphers (00) omitted.
Federal Reserve Bask of-

Boeton.

S
RESOURCES.
Gold with Federal Reserve Agents 138.404.0
red'n fund with U.S.Treas. 2,038,0
Gold
Gold held excl. agst. F.R. notes 140,442,0
Gold settle't fund with F.R.Board 54.811,0
36,551.0
Gold and gold certificates
Total gold reserves
Reserves other than gold

231,804,0
15,900,0

St. Louie. Aftnneap. Kan. atry
Phila. Cleselanet. RRhmond Atlanta Chicago.
3
$
$
3
3
3
3
$
3
20,887,0 55.560,0 40.507,0
428.178,0 112,005,0 169,537.0 40.083,0 155,270,0 159,081,0
619,0 2,303.0 3,331.0
8,022,0 13.930.0 2,476,0 2,962,0 3,048,0 3,315,0
21,506,0 57,883,0 43,838,0
436,198,0 125,935.0 172,013,0 43,045.0 158,318,0 162,396,0
166,002,0 50,881,0 54,535,0 20,865,0 19,561,0 124,500,0 15,602.0 14.244.0 32.566,0
40,411,0 9,893,0 3,653,0 70,294,0 18.635,0 6.610,0 6,343.0
401,083,0 21,322,0
55,743,0 78,717,0 82,747,0
1,003,283.0 198,138,0 266,959,0 73.803,0 181,532.0 357,100,0 19,215,0 3,156,0 4.787,0
41,346,0 4,537,0 8,051,0 7,377,0 8,217,0 19,891,0
New YOrk,

247,704,0 1,044,629,0 202,675,0 275,010,0 81,180,0 189,749,0 377,081,0
Total reserves
3,754,0
15,443,0 1,016,0 3,480,0 4,394,0 4,385,0 10,590,0
Non-reserve cash
Bills discounted:
45,727,0 25,904,0 32,014,0 13,091,0 2,822.0 18,702,0
See. by U. S. Govt. obligations 10,434,0
8,519,0
21,339,0 17,160,0 12,345,0 32,347,0 33,788,0 24,853,0
Other bills discounted
18,953,0
67,066,0 43,064,0 44,359,0 45.438,0 36,610,0 43,555,0
Total bills discounted
44,070,0 14,755,0 22,328,0 11,647,0 27,939,0 32,267,0
14,123,0
Bills bought in open market
U. S. Government securities:
285,0 25,886,0
13,306,0 5,702,0 11,064,0 2.513,0
2,536,0
Bonds
281,0 20,940,0
39,722,0 4,704,0 20,977,0 4.531.0
6,900.0
Treasury notes
1,242,0 1.283,0 20.857,0
Certificates of indebtedness- 12,372,0 107.265,0 16,424,0 16.866,0
21 8080 I(tri 2030 28 82(50 48 007 11 8.286.0 1.8400 117 483 0
n.,...1 IT a nnvi. annnritiaa




Dallas. San Fran

Total.

I
3
3
21,124,0 189,917,0 1.530,551,0
45,459.0
1,337,0 2,078,0
22,481,0 191,995,0 1,576.010,0
11,912,0 39,341.0 604.820,0
12,430,0 28,570,0 655,795,0
46,803,0 259.906,0 2,836,625,0
6.483,0 8.777,0 147,737,0

74.958,0 81,873,0 87,534,0 53.286,0 268,683,0 2,984,362,0
56,169,0
2,968,0
982,0 2,321,0 2,491,0
3,895,0
1,394,0 14,445,0
9,915,0 22,833,0

179,301,0
214,029,0

22,912,0 4,149,0 18.637,0 11,309,0 37,278,0
6,432,0 10,713.0 12,768,0 10,974,0 25,143,0

393,330,0
233,159,0

9,585,0 14,026,0 9.112.0 6.706,0
6,71E1,0 14,461.0 13,903,0 23,473,0
1,905,0 4,764.0 3,943,0 14,329,0

109,183,0
166,945,0
206,107,0

23853.0 18.209.0 33261.0 280580 44.508.0

482.235.0

8,881,0
14,031,0

8,462,0
10,334,0
5,057,0

989,0 4,898.0
3,160,0 13,739,0

JUNE 19 1926.1
RESOURCES (Concluded)
Two Ciphers (00) omitted).

THE CHRONICLE
Boston.

New York.

3429

Phila.

Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. BanFran.
Total.
$
$
a
$
$
$
$
$
$
$
700,0
500,0
3,200,0
570,0
2,055,0
803,0
397,0
300,0 1,028.0
323,0
240,0
292.0
263,0
518.0
7,502,0
Total bills and securities
55,454,0 273,484,0 87,362,0 116.397,0 65,768,0 67,398.0 144,333,0 53,520,0
33.811,0 64,948.0 49,504,0 107.447,0 1,119,426,0
Due from foreign banks
845.0
Uncollected items
645,0
78,767,0 227,073,0 79,684,0 83,667,0 69,186,0 36,918,0 127,265,0 39,436,0
Bank premises
4,068,0
16,715,0 1,567,0 7,409,0 2,364,0 2.846,0 7,933,0 4,111,0 15,990,0 48,258,0 31,152,0 45,473,0 882,869,0
2,943,0 4.654,0 1,793,0 3,332,0
All other resources
59.735,0
34,0
4,524,0
437,0
992,0
388,0 1,344,0 1.713,0
608,0 2,248,0
529,0
372,0 2,953,0
16,142,0
Total resources
389,781,0 1,582,513,0 372,741,0 486,955,0 223,280,0 303.090.06
68,915,0 176.528,0 137,847,0 208,244,0 138,598,0 430.856,0 5,119,348.0
LIABILITIES.
F. R. notes in actual circulation. 140,928,0 403,220,0 127,628,0
188,898,0 71,315,0 185.013,0 181,848,0 41,215.0 59,908,0 62,305,0 35,614,0 190,258,0
Deposits:
1,688,150,0
Member bank-reserve acc't- 146,067,0 897,555,0 136,467,0
183,755,0 66,356,0 68,699,0 322,748,0 80,313,0 50,249,0 87,968,0
Government
57,003.0 183,647,0 2,260,827,0
297,0
852,0
75,0
305,0
806,0
95,0
255,0
286,0 1,174,0
Foreign bank
694,0
730,0
567.0
6,136,0
344,0
3.018,0
430,0
485,0
240,0
620,0
181,0
195,0
145.0
Other deposits
177,0
159,0
313.0
6,307.0
99,0
8,026,0
351.0 1.083,0
98.0
87,0 1,156,0
304,0
281,0
210,0
79,0 5,842,0
17.616,0
Total deposits
146,807,0 909,451,0 137,323,0 185,628,0 67,500,0 69,062,0 324.779,0
Deferred availability items
75,385,0 171.019,0 74,274,0 74,402,0 65,273.0 34,393.0 112,475,0 81.098,0 51,849,0 89,049,0 57.971,0 170,369,0 2.290,886,0
Capital paid in
8,786,0
35,366.0 12,171,0 13,510,0 6,076,0 4.936,0 16,635,0 38.374,0 14,317,0 42,740.0 32.353,0 44,429,0 779.434.0
5,272,0
Surplus
17,020,0
59,964,0 20,464,0 22,894,0 11,919,0 8,700,0 30,613,0 9,570,0 3,142,0 4.188,0 4,288,0 8,434.0 122,804,0
All other liabilities
7,501,0 8,979,0 7,615,0 15,071,0 220,310,0
855,0
3,493,0
881,0 1,623,0 1,197,0
986,0 2,565,0
999.0 1,130,0
983,0
757,0 2,295,0
17,764,0
Total liabilities
389,781,0 1,582,513,0 372,741,0 486,955.0 223,280,0 303.090,0
668,915,0 176,528,0 137.847.0 208,244,0 138,598.0 430,856,0 5,119,348,0
Memoranda.
Reserve ratio (per cent)
86.1
79.6
76.5
73.4
58.5
74.4
74.7
Contingent liability on bills pur61.3
73.3
57.8
58.9
74.5
75.0
chased for foreign correspond'ts 4,226,0
14.718,0 5,283,0
5,950,0 2,947,0 2,224,0 7,618,0 2,391,0 1,779,0 2,169,0 1.946,0
F. It. notes on hand (notes rec'd
3,837,0
55,088,0
from F. R. Agent less notes in
circulation)
20.713.0 105_950_0 34.177.11 18.451.0 13 002 n 24 460 n 207710
4.731.0 5.820.0 5.749.0 4472.0 38.483.0 317.787.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL
RESERVE AGENTS AT CLOSE OF BUSINESS JUNE 16 1926.
Other securities
Foreign loans on gold

$

$
2,000,0
713,0

$

Federal Reserve Agent a/Boston. New York. Phila. Cleveland. Richmond
Atlanta. Chicago.
(Two Ciphers (00) omitted.)
$
$
$
$
S
F.It. notes rec'd from Comptroller 230,491,0
$
$
789,539,0 208,245,0 256,029,0 118,267,0 274,932,0 404,236,0
F.R.notes held by F.R.Agent_ 68,850,0
280,360,0 46,440,0 48,680,0 32.960,0 55,450,0 192,617,0
.5- 6
FF.R.notes issued to F.R.Bank
161,641,0 509,179,0 161,805,0 207,349,0 85.307,0
:Iollateral held as security for
219,482,0 211,619,0
F. It. notes issued to F.R.Bk.
Gold and gold certificates._ 35,300,0 171,698,0
8,780,0 25,655,0
Gold redemption fund
9,104,0
25,478,0 9,508,0 10,757,0 1,928,0 14,237,0
Gold fund-F.R. Board
94,000,0 231,000,0 102,497.0 150,000,0 12,500,0 7,033,0 3,436,0
Eligible paper
33.078,0 102,851.0 50,384.0 65,718,0 56,281,0 134,000,0 155,645,0
64,394.0 75,696,0
Total collateral
171.480.0 531.027.0 162.389.0 235.255.0 96.3640 910 aa4 n 924
777 n

St. Louts. Minneap Kan. City Dallas. SaaFran.

Total.
S
$
s
$
$
s
67.046,0 85,101,0 112,584,0 54.923.0 278.801,0 2.879.994,0
21,100,0 19,373,0 44,530,0 13,837.0 49,860,0 874,057,0

45,946,0 65,728,0 68,054,0 41.086,0 228,741,0 2,005,937,0
8,045,0 13,212,0
16,226,0 10,000,0 303,153.0
2,342,0 1,348,0 3,147,0 3,398.0 14,122,0
91,601.0
10,500,0 41,000,0 37,360,0 1,500.0 165.795,0 1,135,797,0
29.148,0 14,823,0 31,261.9 22.278.0 62,259,0 608.169,0
58 ARA n 70 393 0 71 7118 0 43.402.0 252.178.0 2.138.720.0

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 resourpes
and liabilities of the 703 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
for the latest week appears in our Department of "Current 1917, page 2523. The comment of the Reserve Board upon the figures
Events and Discussions," on page 3401.
I. Data for all reporting member banks in each Federal

MFederal Reserve District.

Boston. New York

Reserve District at close of business JUNE 9 1926.

(Three ciphers (000) omitted)

Phila.

Cleveland. Richmond Atlanta. Chicago. St. Louis. /litmus,.
Kan. City Dallas. San Fran
Total
--Ntifn)er of reporting banks
38
97
52
75
68
Loans and discounts, gross:
99
36
33
24
67
$
48
66
$
703
s
$
$
,. Secured by U.S.Gov't obligations
$
3
a
$
$
$
8,517
$
53,398
$
11,497
19,033
4,797
7,577
21,170
Secured by stocks and bonds
9,805
2,573
3.824
3,953
7,634
326,165 2,280,192
153.778
All other loans and discounts._ _ _ 653,190 2,648.844 417,896 538,448 138,788 100.207 796.739 190,974
65,474 105,681
72.910 284,965 5.318.439
370,385 795,672 374,629 397.783 1,274,739 301,384 161,427
321,120 226,315 906,894 8,432,382
% Total loans and discounts
987,872 4,982,434 799.778 1,353,153 518,214
Investments:
505,567 2,092,648 502,163 229,474 430,625 303,178 1.199.493 13,904,599
, U. S. Government securities
i
152.451
93.548 289,701
67.845
41.146 313,714
1, Other bonds, stocks and securities 247,825 1,061.811
63,950
71.711 107,243
52.608 263,521 2.579.249
1,231,019 263,600 355,254
55,289 441,933 117,304
65,127
45,236
87,362
23.481 210.775 3,144,205
Totalinvestments
400,276 2.292.830 357,148 644.955 132,972
96,435 755,647 181.254 118.947 194,605
76,089 474,296 5.723,454
Pr Total loans and investments
Reserve balances with F. R.Bank 1,388,148 7,275,264 1,156.926 1,998 108 651.186 602,002 2,848.295 683.417 346,421 625.230 379,267 1.673.789 19.628,053
98,633 763,148
83,403 128:629
Cash in vault
42273 248,893
40.003
44,482
23,614
53,112
30,125 105,293 1,659,608
22,014
81,345
16,902
33,033
13,691
Net demand deposits
49,536
10,995
7,584
12.854
5,982
10,020
20.433
284.389
890,503 5,674,448 780,732 1,033,350 363,090 345,626 1,760,685
Time deposits
399,401 220,105 485,686 263,416 758,433 12,980,475
417,907 1,233.758 233,807 811,582 206.235 221,201 1.043.498
Government deposits
215,277 107,473 146,183 100,078 848,516 5.585,515
29.778
36,744
22,503
22,614
8.591
9,136
Billsjpay. & redisc. with F. R. Bk.:
16,531
6,415
3,099
5,561
6,360
19,114
184.444
Secured by U.S.Gov't obligations
.1,875
56.369
4.750
18,189
6,507
10,150
2,095
All other
4,968
2,030
5.171
949
9.379
122,432
5,138
27,897
6,845
5.761
9.390
P
15.647
11.072
7,336
415
5.279
2,863
12.011
109,654
PI Total borrowings from F.R.Bank
7,013 • 84,266
10,511
25.034
15.897
21,222
17,742
Bankers' balances of reporting mem12,304
2.445
10,450
3,812
21.390
232,086
ber banks in F. R. Bank cities:
Due to banks
123,256 1,045,214 175,189
44.171
30.985
16,230 382,170
Due from banks
80,797
49,814
99,182
25,174
97.689 2.169.871
34.538
08.127
85.144
27.029
16.224
12 038 167.058
28.004
20 895
33.188
25.133
48.702
574.070
2. Data of reporting member banks In New York City. Chicago, and
for the whole country.
AU Reporting Member Banks.

Reporting Member Banks in N. F. Mg.
Reporting Member Banks n Chicago
June 10 1925. June 9 1926. June 2 1926. June 10
1925 June 9 1926. June 2 1926. June 10 1925.
Number of reporting banks
703
703
733
Loans and discounts. gross:
59
59
62
46
$
46
46
$
$
$
Secured by U. S. Gov't obligations
$
$
$
153,778,000
$
158,876,000
$
178.730,000
49,136.000
Secured by stocks and bonds
52,295,000
62,079,000
5.318,439,000 5.408,849,000 4,956,034,000
15,644,000
15,532,000
20,807.000
1,994,283,000 2,092,100,000 1,955,553,000 593,146,000 603,581,00
other loans and discounts
All
8.432.382,000 8,394,273,000 8,054,849,0
0 581,076,000
00 2,309,372.000 2,292,319,000 2,193,835,000 716,927,00
0 710.648,000 689,964.000
Total loans and discounts
13.904,599,000 13,961,998,000 13,189,613,
000 4,352.791,000 4.436,714,000 4,211,467,000 1,325,717,000
Investments
.
1.329,761,000 1,291,847.000
Ti. S. Government securities
2.579,249.000 2,586,988,0
Other bonds, stocks and securities. 3,144,205.000 3,129.026,000 2,590,613,000 937,735,000 945.335,000 971,689,000 166,020,000 170.700,000
175,170.000
00 2,930,546,000 922,643,000 898,724,000
850,983,000 205,393,000 206,887,000 205,260,000
Totalinvestments
5,723,454,000 5,716,014,000 5,521,159,000
1.860,378,000 1,844,059,000 1,822,672,000 371,413,000 377,587,00
0 380,430,000
Total loans and investments
19,628,053,000 19,678,012,000 18,710.772,000
Reserve balances with F. R. Banks
1,659,608.000 1,660,099,000 1,619,400,000 6,213,169,000 6,280.773,000 6,034,139,000 1,697,130,000 1.707,348,000 1,672,277,000
699,280,000 729.631,000 688,236,000 174,484,000 151,168.000
Cash in vault
284,389,000
282,039,000
157,002,000
286,025,000
63.354.000
65,545,000
Net demand deposits
64,335,000
12.980,475,000 13,075,701,000 12,818,319,000
21,391,000
21,965,000
24.839,000
'Time deposits
5,585,515,000 5,604,206,000 5,161,930,000 5,087,922,000 5,161,428,000 5,029,378,000 1,169,979,000 1,175.075,000 1.168,223,000
816,822,000 826,898,000 817,442,000 503,185,000 500,378,00
Government deposits
184.444,000
0 480,067.000
188,574,000
125,007,000
32.812,000
32,812,000
Dille payable and rediscounts with
21,701.000
7,060,000
7.060,000
9,646.000
Federal Reserve Banks.
Secured by U. S. Govt. obligations
122,432,000
190,832,000
150,869,000
37,340,000
85,850,000
75,515,000
All other
109,654,000
2,075,000
6,904.000
114,439,000
2,290,000
78,509,000
21,105.000
23,085.000
17,519,000
290,000
1,254,000
750,000
Total borrowings from F. R.bks232.086,000
305,271,000
229,378,000
60,425.000 106,955,000
93,034,000
2,365,000
8,158,000
3,040,000
Loans to brokers and dealers (secured by stocks and bonds) made by 59
reporting
member banks in New York City:
For own account
898,824,000 959.976.000
For account of out-of-town banks
968,790,000 945,220.000
For account of others
606,561,000 587,653,000
Total
2,474,175,000 2,492,849,000
On demand
1,799.275,000 1.800,488,000
On time
874.900.000 692.361.000




June 9 1926.

June 2 1926.

[VOL. 122.

THE CHRONICLE

3430

United States Liberty Loan Bonds and Treasury
-Below
Certificates on the New York Stock Exchange.
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York Sock
Wall Street, Friday Night, June 18 1926.
bonds are given
-The review of the Exchange. The transactions in registered
Railroad and Miscellaneous Stocks.
in a footnote at the end of the tabulation.
is given this week on page 3419.
Stock Market
The following are sales made at the Stock Exchange this Daily Record of U. S. Bond Prices June 12 June 14 June It June it June 17 June 18
week of shares not represented in our detailed list on the
First Liberty LoanHigh 100nn 1018n 101"oo 101"oo 10- 1ns, 101,131
pages which follow:
1932-47_ _{Low _ 1001 n 1001en toil,, 1018n 1011.1 101"n

azetit

Aiatitter

STOCKS.
Week Ended June 18.

Sales
for
tVeel:

Range Since Jan. 1.

Range for Week.
I

Lowest.

Highest.

Lowest.

Highest.

$ per share. I $ per share. $ por share $ per share.

Par share
Railroads.
10C III June
C CC & St Louis, pf_100
10€ 634June
Nat Rys Men, 1st 61_100
221. 1.8934June
50
N Y & Harlem
• 92t 289 June
N Y Rys ctfs stamped_.
1.90€ 17 June
Reoing rights
20( 9634June
Vicks Shreve & Pac_ _100

14 111 June
14 634June
17 194hJune
12312 June
14 18hJune
15 9634June

14 111
14 454
14 175
16 255
18 1634
15

June 125
Apr 854
Apr 205
Apr312
Marl 2234
Jan 9654

Mar
Jan
Jan
June
Feb
June

1
Industrial & MIscell.
Feb
May 50
20C 4539-lune 15 4534June 15 43
Abraham & Straus_ _ _ _•
May
I01, 109 June 15 109 June 1510454 Mar109
100
Preferred
Mar
50
• 20C 47 June 18 4854June 17 47 June 2914 June
Alliance Realty
16 2434 May
Amerada Corporation...' 21.401 2734June 18 2854.June 14 2494 May 2694 Apr
Amer Home Products_ _• 1,50( 2534June 14 2554June
June
8.700 5734June 18 5934June 1 5054 May 5934 June
& Light__ _
Amer Pow
1434 Apr 27
AmSurnTob OptA ct f100 9.60( 2239June 12 27 June lb 594 May 659 May
Amer Tel & Tel rights_ 119292 6 June 15 63.4June 12 40
May 5734 Feb
• 30( 4954June 171 50 June 15
Barnet Leather
2954 June
* 1.50( 28 June 12 29 hJune 15 28 June 10454 June
Bloomingdale Bros.
101 10494.1une 15 10434June 15 10434 June
106
Preferred
181 39HJune 14 3434 May 40 June
" 1.40( 3734June
Collins & Alkman
906 10034June 16 101 June 14 9834 May 10134 June
106
Preferred
Apr
Mar 126
101 122%June 17 122.34:Tune 17 117
Continental Can pref 100
June
• 4,400 4134.1une 1 44 June 12 4054 May 4454 June
Congress Cigar
2054
• 40( 19 hJune 18 1954June 16 1954 June 109
Cub Dom Sug new
Jan
300 107hJune 18 108 June 17 10454 Mar
100
Deere & Co pref
Feb
25 4.100 12 June 12 133lJune 17 1154 June 2014 Feb
Eisenlohr & Bros
• 2 500 6434June 14 71 June 17 6154 Mar 8254 Feb
El Auto Lite
Mar 834
• 11.400 635June 15 7hJune 12 4
Electric Boat
June
•33.300 7194.1une 12 7734June lb 6254 May 7734 Feb
El Refrigeration
834June 16 £334June 16 834 June 1254
100
Elk Horn C•tal Corp_ ._•
17 9934 June10139 May
500 99HJune 17 100kJune
Equitable Off Idg p1100
June 534 June
Fant Players Lasky Ruh 9.600 534June 14 5HJune 12 454 May 107
Feb
100 9754June 15 9754June 15 96
First Nat Plc 1st pi_ .100
Jan 10954 Mar
100 107 June 17 107 June 17 106
Franklin-Simon pref_100
8794 June
General Electric new._• 104200 8034June 12 8799June 18 79 June 2134 Feb
May
Intercontinental Rub..* 9,500 1634June 1: 17 June 14 1339
THJune 15 7 June 8 June
Internal Tel &Tel Rte._ 10,200 7 June It
200 94 June It 95 June 16 9374 Mar 9954 Jan
100
Kinney Co pref
Lago 011 & Transport_ _•1"•100 2234June 1 2439June 15 1054 May 2439 June
48 June 17 3934 May 48 June
•16,600 4334June
Lambert ctfs
/3
• 3,700 2 9June If 21 June 17 1734 May 2154 May
Life Snvers
Apr 5034 Jan
100 200 28hJune 1. 29 Jute 15 27
Manzi Sugar
Feb
360 1 %June 1 57 June 17 55 June 82
100
referred
I 117 June 14 11339 June 117 June
125 117 June
Manhattan Shirt pref 100
1 YoJune 14
34 June( 1'4 June
HJune 1
Manila Electric Rts____ 1,700
• 1,100 34 June 1. 35HJune 18 30 Slay 44h Feb
Miller Rubber
100 116 June 1. 116 June 1411254 Jan 11954 Jan
Montana Power pref_100
Jan 9154 Feb
100 9O54June I( 9054Jme 16 88
__AGO
Mullins Body pref.
Apr
June 85
200 81 June 16 84 June 16 8:1
•
N Y Canners nref
•14 0 0 16 hJune It 1754June 16 1439 Mar 2254 Feb
Omnibus Corp
Mar 117 June
100117 June 14 117 June 14 112
Owens Bottle pref _ _100
Jan 9934 June
Panhandle PbR ',refill() 1.600 8639June 12 9934June 16 51
Pub Ser of NJ6% pf_100 300 97 June It 9* June 15 9634 Apr 16034 Jan
Jan
100 98 June 17 93 June 17 9534 Mar 100
Reid Ice Cream pref_100
100 104 June 171)4 June 17 10054 Jan 10454 May
Sloss Shef St'l & I pf_100
June
South Calif Edison_..25 7,500 3039June 14 3139June 17 3054 June 32 June
Mae 5354
Southern Dairies CI A _ _• 15,900 51 June 14 5354June 18 43
Mae 3534 June
•45.100 32%June 15 3539June 18 22
Class B
June
Co_25 10,400 4534June 14 48 June 16 42 14 May, 48
Thompson (J II)
3
Union Carb & Carbon_ _•22,500 811 9June 12 843lJune 18 7734 Mar 8639 Mar
inn
100 339June 15 339June 15 334 June 4
100
U S Express
Feb
Vlvaudou Preferred. _100 600101 June 18 103 June 12 9434 Jan 10354 Apr
May( 4554
200 45 June 17 45 June 17 42
Wilson & Co pfd new_100
• No par value.

New

ork City Banks and Trust Ccmpanies•
)
.,1 ..•vvo dolln•• ••••

Bid. Ask. Trust Cos. Bid. Ask
Banks.
Banks-N.Y. Bid. Ask.
New York.
205
America..-- 360 370 Hamilton_ _ _ _ 195
1045 1065 American.
Ex Pee_ 440 450 Hanover
Amer
551 575 Bank of N Y
Amer Union*. 210 215 Harriman_
& Trust Co 615 625
Manhattan. _ 227 232
_
__Bowery Eau
500 600 Bankers Trust 624 630
Broadway Cm n 335 375 Mutual*
300 325
Bronx Som....1300 1400 Nat American 180 195 Bronx Co Tr_ 845 855
4.0 National City 614 618 Central Union
Bronx Nat- 220 230
262 272 County
Bryant Park* 200 225 New Neth*._
345 353
492 496 Empire
Butch de Drov 174 179 Park
220 1Penn Each... 124 134 Equitable Tr_ 268 273
Capitol Nat_ 210
. Farm L & Tr_ 530 538
225
Cent Mercan_ 280 290 lPort Morris
560 570 Fidelity Trust 287 294
423 428 Public
Chase
390 410
600 610 Fulton
Seaboard
Chath Phenix
170 180 Guaranty Tr_ 384 388
,
Nat Bk &Tr 363 3 8 'Seventh
600 650 Irving Bank243 247 Standard
Chelsea Exch•
Columbia Tr 318 322
600 610
Chemical_ _ _ _ 7 0 770 State.
157 162 Lawyers Tr..
Trade*
_
550
Colonlal•
215 230 Manufacturer 513 518
382 United
Commerce... 379
Com'nwealth• 300 310 United States* 315 312 Mutual(West 185 200
cheater)
Continental_ 270 181 tWasten Hts... 850 000
N Y Trust... 514 519
Brooklyn
Corn Exch.__ S'S 610 1
__ Title Gu & 'Fr 700 720
Cosmop'tans_ 225 250 Coney Island* 310
7375 400 U Mtg & Tr 410 418
Fifth Avenue.2200 400 First
1750
2550 585 Mechanics's_ 318 325 United St.ategl72S
First
Westches Tr_ 475
170 190 Montauk'... 305
Franklin
Brooklyn.
295 305
365 370 MunIcipal•
Garfield
766
365 375 Brooklyn
Globe Exch.' 220 240 Nassau
570 650 Kings County 2100 2309
People's
350
Grace
260 270
Greenwich•._ 530 550 Queensboro• 200 215 Midwood
si tt amnions,
()New stack.
• bans. markeu (*) are State beats
p

New York City Realty and Surety Companies.
Bid.
45
173
328
282

Alliance R'Ity
Amer Surety_
Bond & MC.
Lawyers Mtge
Lawyers Title
& Guarantee 283
(1) Sea Mock

All priers dollars per share
Bid. Ask.
135 141 Realty Assoc.'
(Bklyn)com
218 221
1st pref____1
2d pref_ ___
1445 451
310 330 Westchester
& Tr_

Ask.
47 Mtge Bond_ 176 Nat Surety__
335 N Y Title &
Mortgage__
286
US Casualty_
2F8

Bid. Ask.
278
90
88

244
93
91

500

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

Int.
Rate.1 Bid. !Asked.

Maturity.

/nt.
Rate.

Btd.

Dec. 15 1927._. 414% 10188
Sept. 15 1926... 434% 100ste 10054
.. Mar. 15 1927_ 454% 10134
Dec. 151926... 354% 100.1.. 10011




Asked.
10188n
ill',,

334% bonds of
Close
(First 33430
Total sales in 61,000 units,..
Converted 4% bonds of llIgh
(Low.
1932-47 (First 45)
Close
Total sales in 61,000 units...
Converted 434% bonds {High
01 1932-47 (First 434s) Low_
Close
Total sales 35 81.000 units...
Second Converted 434 %illigh
bonds of 1932-47 (First Low_
Close
Second 434s
Total sales in 61,000 units...
Second Liberty Loan
(High
4% bonds of1927.42
Low_
Close
(Second 4s)
Total sales in 61.000 units...
Converted 434% bonds High
Low.
01 1927-42 (second
Close
4318)
Total sales in 61.000 units._.
Third Liberty Loan
(High
Low_
4344 bonds of 1928
Close
(Third 434s)
Total sales in $1.000 units..
Fourth Liberty Loan
{High
434':. bonds of 1933-38._ Low_
(Fourth 4345)
Close
Total sales in 61,000 units.. _
(High
Trea5liry
434s, 1947-52.
Low.
Close
.
Total saes in 61,000 units _
4s. 1944-1954
(High
Low_
Close
Total sales in 111,090 units_ _ _
{High
354s, 1946-1956
Low_
Close
Total sales in 81.000 units_ __

101"3, 101"ao
227
194
100"n
100",s
10088n
7
- -8co 102"os
102
102".: 102"os
10218n 10228n
30

1002ln 1018.2 101"n 101"st
190
272
2
150
100"oo
100"ao
100"oo
3
102"n
102-1;: 107 88
2r
102"n 10210,, 102203, 102"st
10280n 1022•32 102nn 102":2
16
12
71

iocias;
100":1
100•13,
87
10111.1
101 11..
101",,
91
.,
1031
1031n
57

104•.,
104T,,
10

10088n
10088so
134
10118st
10188st
101"os
130
1038n
1038so
103•st
169
1088so
108Tao
108Tso
9
104"so
104.00
1048ss
16
101•2.1
10188n
10188,,
2

100"oo
100"n
107
1018
'n
)01"n
101"st
39
103'st
1038st'
1038so
419
108woo
108zon
1088n
1
104"os
1048n
104"st
8
101"st
101"31
1011.31
10

100.0ot
100"ot
20
1002812
19088,1
100"oo
367
10188n
101"st
101"ss
277
1038n
1038so
103811
667
1088ot
1088n
1088so
11
104%,
104Tst
1048ar
123
101"st
10188so
1018812
3

10011; loirsis;
10087n
100"n
143
10188n
101":1
101,82:
130
103.so
1038so
1038n
310
108812
108812
1088so
1
104"so
1048st
104 1:
,
4
10118so
10188so
10188d
1

100un
100"n
SS
1018811
10188as
1019n
86
1038ss
1038:s
1038os
344
108"os
1088os
1088os
18
104":1
104"os
1049,11
381
101"ss
101"os
101Ion
2

Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
101 1st 3Sis
11 1st 434s
12 2d 434s

10113. to 1101',,7 3d 4348
102"ao to 102"so 81 9th 43(5
113. to 10016.1 50 Treas. 434s

.3
1019 to 101 tin
103.00 to
108sn to 108In
103',

-Sterling exchange was exceptionally
Foreign Exchange,
quiet, yet withal firm, at a fraction above par throughout
the week. Continental exchange showed marked irregularity, with trading usually of a speculative character and
confined to a few currencies. French francs suffered a
fresh collapse, while Scandinavian and Spanish exchangeS
were strong and higher, the latter being fairly active.
1-16
To
-day's(Friday's) actual rates for sterling exchange were 4 8'304 83 for
for sixty days, 4 86 3404 85 5-16 for checks and 4 81%04 85 11-16
sixty days,
%
cables. Commercial on banks. sizht. 4 8504 853-16:
82 9-16: ninety days. 4 8104 81 1-16, and documents for pay48254
ment sixty days), 4 82h @4 82 13-16; cotton for payment, 4 86%0
4 86 3- 6, and grain for payment. 4 85%04 853-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 2 693458
marks
1
27334 for long and 2 733402 77% for short. German bankers'
are not yet quoted for long and short bills. Amsterdam bankers' guilders
were 39.6954039.71 for long and 40.0554040.07 for short..
Exchange at Paris on London, 175.45 fr.; week's range. 170.95 fr. high
and 175.45 fr. low.
Cables.
Cheeks.
Sixty Days.
Ste-ling Actual4 8531
4 86%
4 8354
High for the wees
4 8631
4 8631
4 83
the week
Low for
Paris Bankers' Francs
2 94
2 93
2 8731
High for the week
2734
27434
2 6631
Low for the week
Germany Bankers' Marks-.
23.81
23.81
for the week
High
23.81
23.81
Low for the week
Amsterdam Bankers' Guilders
40.19
40.17
39.73
week
High for the
40.1531
40.1331
39.6931
Low for the week
81,000
Domestic Exchange.-Chicago par; St. Louis, 15025c. per
discount. Boston, par. Saa Frsticisi.o. par. Montreal, 81.250 Per 81,000
premium. Cincinnati, par.

r4

-The review of the Curb Market is
The Curb Market.
given this week on page 3417.
A complete record of Curb Market transactions for the
week will be found on page 3445.
CURRENT

NOTICES.

Lewis.
Minton, Lampert & Co.. Chicago, announce that Benjamin F.
become
formerly Second Vice-President of the Northern Trust Co., has
associated with them as Vice-President.
-Eastman. Dillon & Co., Chicago, announce that George N.Buffington
has become associated with them in their buying department.
become
First Illinois Co., Chicago, announce that John Cullen has
associated with them in charge of their trading department.
Pa..
-W.J. B. Smith has opened an office at 357 Market St., Sunbury,
to deal in investment securities.
New
Conrad H. Liebenfrost has been appointed a Vice-President of
York Empire Co., Inc., 120 Broadway, New York.
Harry
-J. R. Schmeltzer & Co., 14 Wall St., announce the admission of
E.Petersen to general partnership.
distribution a
-Clinton Gilbert. 2 Wall St., New York, has issued for
descriptive circular on Continental Casualty Co. of Chicago.
office at
-Shapker, Stuart & Co., Chicago, have established a branch
Des Moines, Iowa, in the Insurance Exchange Building.
dividend
-The Equitable Trust Co. of New York has been appointed
disbursing agent for stock of Ovington Bros. Co.

3431

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SIR PAGES
For sales during the week of stocks usually Inactive, see preceding page.
HION AND
Saturday.
It.

unv

SALE PRIERS-PE? SW 4.12g.

Monday.
.1 pie 14.

ruesdey.
14,5 15.

Arm

PE?

Wectnerdiy. Thread ty.
./ I re 17.
.1 tie It.

$ per share $ per share $ per share $ per share

csvr.
PrId 27,
see 18.

per share $ per share

SVCS
for
the
(Feet.
Slates.

STOOKS
NEW YORK STOCK
EXCHANGE

PER SHARI%
Range Since Jan 1 Hetet
On traits of 100-242e2 Iota
Lowest

Highest

$ per share

$ per share

Railroads.
Par
*4412 43 •4112 45
*4412 48
*1112 45
4111s 45
44'2 412
103 Ann Arbor.
44 Jan 19 45 Jan 11
10(
*8312
*61'2_
*312
*6912
- 06912
*51'2
Do pref.
115
6412 Jan 21 64 Jan 24
1354 135% 125 135% 13514 133% 13512 135 Int 1311 1331 131%
/
1
4
4
A tch Topeka & Santa Fe 203) 122 Mar 30 1411
2‘11v 23
93% 100
100 100
997 100
2
93% 103
9) 10)
12
9)2 10)
2.3)1
Do pref
100 941 Mar ' 103 June 12
/
4
12
5
8
52
%
118
12
5
4
,
13
1,1)) Atlanta Birm & A tlantio._ 104
12M iv 24 10 Jan
20912 210 20312 212 z23512 210'2 20') 2122 213 217
216 2 21114 13,51) Atlantic Coast Line RR
104) 181 12 Mar 311 26212 Tao
953 9512 91% 9514 9118 95
4
913 9112 91
4
95
912 93 2 116,5)) Baltimore & Ohio
100 8312 Mar 3 9312fune 11
8 70
2
70% 70% 617 677
70
611 614 *7) 7)
4
732 7l's
1,73) Do pref
100 6712 Ian 6 71 8 lune 13
40 4 401 33112 3)z *331 40 2 3/% 3)8 *3)'2 43
*403 41
3
4
4
4
1
33) Bangor & Aroostook
50 33 Mar 2 In Feb
*101 -- .914 __...
*101
*3)14 1008 •)114 101
Do pref
100 97% Feb 8 10012 Apr 29
653 I5 4 61% 65% 6312 612 61% 65 2 611 61% 611 65
34
8
4
22,311 Skin Mash Tr v t o....No par 54% Mar 31 6914 Feb 5
81
*84
8112 81'2 *31
8112 84
81'2. 8112 812 811g 81'2
43) Do pre?vto
No par 78 Mar 31 8614 Jan 29
1034 108
10 2 107, •1012 1058 1018 1012 10
7
10
10
10
803 Brunswick Term & Ry See 100
812 Mar 4
144 Mar 18
72
*7012 76
73
*7012 76
754 7514 .74
73
*74
76
85 Buffalo Rochester & P111*,100 693 Mar 26 R4
Ian 4
4
•5912 6114 45912 6114 *5912 61.14 *5912 6114
61
60
60
*59
71 Canada Southern
100 58 Jan 15 61 Juno 1
162 1621r 16144 1621: 16112 16214 16134 162
162 1621 16112 1623
6,903 Canadian Pacific
100 14812 Jan 9 1624June 13
285 235 *275 235 *270 235 •270 290 *230 290
290 290
531 Central RR
Mu ,1
13212 133
132 1331 132 1321 13234 13318 131 1313 29,003 Chesapeake of New Jersey 100 240 Mar tto 305
132% 133
8
& Ohro
100 112 Mar 2 1364 Mar 12
•13212 135 *13212 135 *132 135 •132 135 *13234 135 •132 135
Do prof
100 119 Jan 20 136 Mar 12
6
6
*6
61
6% •6
614 4
6 4 614 *6
,
6
61
1,10) Chicago & Alton
100
414M ty IS
II% Feb 20
8% 8
94 91
*812 91
7
! *8% 912 *812 91
812. 81
70) Do prof
100
13,2M4y 18 184 Feb 13
*200 225 .200 225 *200 225 *201 225 *200 225 4200 225
C C C & St Louis
100 17314 Mar 29 227 Apr 29
3374 33% 3312 34
*3338 34
3418 341
3374 317
*33% 31
703 Chic & East Illinois RR_ _.100 3014May 10 37 Feb to
4312 4312 4312 *43
*43
44
•13
43's 431
44
424 427
50) Do pref
100 364 Mar:31 513 Feb 10
4
214 9%
9
9%
83
4 83
8% 9
83
4 8
3
MI 87
5,303 Chicago Great Western...100
73 Mar 31
4
12 Feb 21)
21% 2178
2178 217
22
22
21
21z 2112 221
213 22% 9.40) Do pref
4
100 1614 Mar 3(1 28 Jan 2
12% 1112 Hs
12% 12
12
1112 11,
113 113
2 11% 10
4
9,200 Chicago Milw & St Paul_ _100
9 Mar 29 1412 Jan 6
4
1114 111
123
*12
8 113 12
1112 1112 *114 Ilt
1112 III
4,000 Certificates
81 A pr 20 14 Jan 8
/
4
100
1912 19% 1914 193
4 1812 191
18% 19
183 19
4
13% 187 12,301 Do pref
100 1412 Mar 31 224 Jan 9
/ 18
1
4
3
1918 1912 •18 4 19% 18
3 •1812 19
19
•1318 13
,t 2,031 Preferred certificates._ 100 14 A or 20 214 Jan 5
19
7312 74% 73
72% 74%
731
73% 73
73
741
7314 73% 16,100 Chicago & North western,100 6514 Mar 30 81% Jan 2
12334 124 .122 125
*12212 125 •12212 125
125 125 *123 126
5)0 Do pref
Ion 11812 Jan 4 12612 Apr 30
51
s 5012 51,
3
513
4 50 4 511
5012 50% 504 511
5012 5112 9,303 Chicago Rock fel & Pacifie_10
404 Mar 3 41044 Jan 15
98% 98% 93
*9814 99
931 *98
9312 933 93 2 9112 93.2
2
,
899
Do 7% preferred
96 Mar 4 101 14June 9
10
.86
8714 85 4 85% 867 871
3
2
86
*86
86
863
4 8612 8612
803 Do 6% prefernd
100 83 4 Mar 31
,
90 Jan 29
*50
55
55
*50
.50
55
*50
55
55 .50
*50
55
Chic St Paul Minn &OM__100 48 Apr 5 53 Jan 26
.100 115 •100 115 *100 115 *100 115 *100 115 •100 115
Do pref
iL0 100 Mar 11, 114 Jan t
,
*58
59
60
*59
*53
59
58
50
60
*59
05812 59
100 Colorado & Southern
1110 52 Mar lt 65 Jan 10
*6714 69
*6712 ---- *6712 70
*6714 6812 *6714 6312 .66
6312
100 62 Mar 2 6412J une 7
Do let Prat
6312 *6212 6312 *6212 6312 *62% 6312 *6212 631
*63
*6312
100 89 Jan 11
Do 2d pref
62 Ma. 14
161 fit 160 161
160 160% 15914 16012 15912 16138 1603 1611
4
4,9C0 Delaware & Hudson
100 1604 Mar 34 17414
138 139
139 139
139 139
13812 139
1391 14112 140 14178 9,210 Delaware Lack & Western. 50 129 Mar 3( 15312 Mar IS
/
4
Jan 13
43% 431 *4234 433 *40 4 433* *4112 433 *4314 4332 *41% 43
3
2
200 Deny Rio Or & West pref.100 3712May 19 47 Jan 2
*212 312 *212 312 .212 312 *212 3 2 *21t
*212 31
,
Dusuab Sou Slicre & Atl....100
3 May 21
5% Jan 23
*41 512 .41s 512 *41 512 *41s 512 *4% 52
/
4
*4% 51
/
4
53
Preferred
100
8May 19
814 Jan 18
3512 357
8 3412 3514 3414 3514 3412 3478 344 3514 345 35
8
34,900 Erie
100 2212 Mar 29 40 Jan 2
4112 413
4 4052 4112 4014 41
39% 4012 393 414 395 401 19.800
4
8
100 33% Mar 31
Do lot pref
45 4 Jan 4
3
37
37
.37
*3712 39
3812 *36% 35% 3714 371
3712 33
2.500
100 30 Mar 30 43 Jan 2
Do 2d pref.
753 7614 75% 76
4
75 8 761
7
75 s 75 4 75% 761
3
3
76
7638 13.800 Great Northern pref
100 6812 Mar 30 78.1 Jan 4
3
2018 203* 2014 21 3
20
20
4
34 2078 21.1% 213 22
22
2214 9,200 Iron Ore Properties_.No par
19 June 2 27 Feb 'IS
/
1
4
3534 37
357
35
3512 3734 36% 37% 353 373
4
4 35
363 20.500 Gulf Mobile & Northern, 100 2518 Apr 20 373
2
4June 16
1051 105 105's x1033, 10414 104 104 .1031/ 104
10514
104 104
1,200 Do pre/
100 95 Mar 29 105%June 11
3812 38
3812 387
3
3812 38% 3812 38% 383 39
2
383 394 5,400 Hudson & Manhattan__ _100 3434 Jan 22 40 Apr 8
4
751 *733 751 *733 751 .73 4 7512 •733 75
4
*73
4
3
4
*733 751
4
Do pref
100 673 Mar 31
4
7511 Feb 20
8
120 4 1211 121 1215 12114 1217 12112 121% 12172 1223 12118 12114 5,000 Illinois Central
3
2
8
100 11312 Mar 3 124 Jan 2
122 12218 *122 124 *122 125
•119 123
122 122
122 122
500 Do pref
100 11512 Mar 30 1234 Jan 2
*755, 76
76
75% 78
76
76
76
•761,1 761
76
7618
270 Railroad Sec Series A..100(1 7114 Jan 6 7614MaY 17
291 *2612 291 *26% 2912 2312 2912 263 263
*27% 291 .27
4
4
100 Int Rye of Cent America_ _ 100 2514 Mar 30 31 Feb 13
66
*64
66
*6412 66
*64
*64. 66
*6412 66
*6412 66
Do pref
100 62 Mar 30 65 Apt 9
4518 463
4312 447
4414 461
4512 47
4512 461
45
461 50,400 Interboro Rap Tran V t 0-.100 244 Jan 15 5214May 25
•__ _
11
112 •____
2
100
Iowa Central
114MaY 12
34 Jan 15
441
43
4314 44
43
43% 437
4312 44% 43% 441 27,500 Kansas City Southern
431
100 344 Mar 3 494 Jan 11
64
641 *62
•64
*63
65
6453 6458 64 4 643
3
65
65
300 Do prat
100 604 Mar 31 65 June 18
8312 83% 823 82 4 *8234 831
4
*834 84
3
8312 8438 84
847
4,100 Lehigh Valley
50 7512 Mar 3 87 Feb i
13514 135% 13514 1361 13214 13514 133% 133% 13412 1361 136 1361
3,500 Louisville & Nashville
WO 118 Mar 3t 143 Jan 4
*90 8 91
7
90% 91
*907 91
2
*90
907 *90
2
907
90% 907
300 Manhattan Elevated guar 100 84 Mar 3 9254 Apr 211
5712 58% 5718 59
r55% 57
5612 573
4
4 563 57% 55% 565 26,400
8
100 384 Jan 28 617
Do modified guar
2May 28
61
*618 612 *6
.6
612
612 6%
6% 61
*612 7
200 Market Street Ry.....1(10
612June 9 10 Feb 9
•25
30
*25
*25
30
30
*25
*27
35
30 .25
30
Do pref
100 3514 Jan 5 40 Feb 9
3912 3912 39% 40
*3912 40
4012 4012 42
43
4212 44
1,500 Do prior pref
100 394June 2
513 Feb Ill
2
1512 15
*15
15
15
1512 1512 16% 17
15
•1612 18
700 Do 26 Pre
100
134 an Pi 2212 Feb 10
•13
4 2
•13
4 2
*13
4 2
2
2
2
2
2
2
500 Mlaneap & St Louts
134June 4
100
3% Jan 11
*40
42
*40
42
40
40
*38
42
*35
38
384 3314
623 Minn St Paul & 88 Marle_100 34 Apr 21 52 Feb 3
12
67
*66
66
*62
65
*63
66
66
*62
66
*62
66
203 Do prat
100 55 Mar 243 79 Feb 3
*65% 66% 65
66
66
6512 6514 6514 6514 6512 •65
66
950 Leased lines
100 6212 J In 4 687 Feb 24
4
3812 383
4 38
3814 3714 37% 37
37% 37
33% 3712 38 8 9,200 Mo-Kan-Texas RR--__No par 32 Mar 3 47% Feb 9
,
923 93
4
9214 923
4 91% 92
92
917 917
2
9112 9112 *91
2 1,803
Do pref .
100 82 Mar 2 95 Jan 4
34% 3514 35% 36% 3512 3614 35% 36
353 363
4
8 354 363 32,900 Missouri Pacific
2
100 27 Mar 8 4014 Jan 14
84% 86
8412 85
8434 8514 8414 8512 84% 853
4 8411 851 20.700
Do pref
100 714 Mar 3 8914 Jan 4
*163 175 •163 178 •160 177 •160 170 *160 175 *155 178
Nash, Chatt & St Louts-- -100 150 Apr 3 188 Jan 14
3
314
314 3%
3
314 33
2
3
*27
2 3
3
3
2,100 Nat Rye of Me: 2d pref-100
2 Mar 18
412 Jan 7
•124 130 •128 129
129 132
130 130
130 130 •120 130
500 New On Tel & Mexico-100 120 Mar 30 13212 Jan 9
1303 1314 13012 131% 12912 130% 12912 13014 13014 13112 12914 13114 72,200 New Yort Central
3
100 117 Mar 30 135 8 Jan 2
5
1743 17512 175 17512 175 176
4
175 175% 17578 1773 178 173% 4,100 N Y Chic & St Louis Co--.10 130 Mar 3 181% Jan 12
4
*10112 10312 10212 10212 102 10214 102 10212 102 102
10218 10212 1,700
Do pref .
1(:0 93 Mar I I 10212June 14
44
443
4 43 4 4458 43% 4438 431s 43% 43% 4432 4318 4412 57.200 NYNEldi Hartford _JO
3
303 Mar 30 45% Jan 2
2
247 247
8
8 2412 2412 .
32438 2412 24% 2412 25
257
2 2418 25 8 5,900 N Y Ontario & Western- -.10
,
I934 Mar 30 287 Feb 13
8
N y Railway,. part rtfs.N, pa 296 Jan 4 385 May 8
;ioi2 15
14
- 2 ;i5T2 12
161idoC2 12
117 117
i612
.
100 Preferred certIncates_ vo par
6 Jan 25 2014 Feb 5
24
'22
*22
24
*22
24
22
*22
2214 2214
2314 22
300 New York State Railways.101) 22 Mar 24 2812 Jan 14
4
*343 36
*34% 35
3452 3458 .3414 35 .3414 35
*34
35
100 Norfolk Southern--------200 274 Apr 15 3718June
149% 150
1497 15114* 150 15034 14912 15012 14912 15012 14934 15012 13,800 Norfolk & Western
10 13914 Mar 30 1574 Jan 19
*84
86
484
8512 .84
*84
8512 .84
*34
85
85
85
Do pre!
84 Jan 7 85 Jan 7
101
734 733
4 7314 7314 73 735
8 73 .7312 734 733
/
1
4 7318 7372 13,700 Northern Pacific
/
1
10
65% Mar 30 764 Jan 2
28
•24
24
26
425
24
*23
28
*22
27
022
28
100 Pacific Coast
1043 24 June 15 48 Jan 6
53% 52% 53
534 531
: 53
523 53
4
523 53 4 52% 53
4
,
29,300 Pennsylvania
SO 4852 Mar 30 55% Jan 2
.2312 24 .2212 24
*22% 24
2312 24
2312 233 •2212 2312
4
700 Peoria & Eastern
101
19 Mar 4 263 Jan 4
4
9514 9418 9512 3913 9314 9218 02% 9212 9312 92
95
4
934 9,600 Pere Marquette
100 67 Mar 3 9941une 11
89 .85
8912 *85
*85
8912 *85
8712 *85
8712 *85
8712
Do prior pref
100 79 Mar 3 37,2 Feb vl
81% .80
803
2 80% 8012 8112 8112 81
*80
81
82
82
600 Do pref__
100 703 Mar 29 82 June 18
4
*14514
•14452 _
8
*14458
14514
•1445g
- - •1445 _
Pitts Ft Wayne & Chia p!.100
108 10912 108 108
108 1081s 108 110
10612 108
110 11132 4.900 Pittsburgh & West Va....100 14213 Jan 2 1464June 1
2
85 Mar 30 1193 Jan II
8814 89% 8712 8812 8712 88% 87% 91% 9052 93
88% 89%
96,700 Reading
50 79 Mar 39 93 June 18
3
3
3
*40
4
4 403 40 4 .4014 40 4 40% 41
40 4 40 4 40 4 40 4 403
3
3
3
1,800 Do let pref
ao 40 Jan 5 42 Apr 26
421g 42% *4134 4212 *4134 4212 4112 41% 4212 4278 42
4314 1,900
Do 2n pref.
40 40 Mar 36 4314Junc 18
54 .5012 53
*5012 5212 523 52% 5312 54
4 52
52 8 543
8
7
1.500 Rutland RR pref
100
94% 953
/
4
97% 9612 97 z9412 9514 941 95
97
8 93% 95% 13,400 St Louis-San Francisco__ ..I00 42 Apr 8 67 Jau 7
85 Mar 30 101 14 Jan 2i
9078 91
91
91
490
91
.90
91
*90
*90
*90
91
400 Do prof A
s 6634 67
66% 6752 6714 67% 6,300 St Louis Rout hwestern__ 100 83% Apr I 9112May 24
673 674 6718 6758 6612 673
4
100 57% Mar 19 79 Feb
78
7812 *77
*77
78
•77
78
*77
78 2 7812 78
,
78
500
Do pref
100 72 Mar 19 7812June 12
35
33% 31% 3314 33% 33% 3452 3418 3512 20,200 Seaboard Air Line
34% 3514 34
100 27 Mar 31 51 Jan 2
12
3812 37% 37% *3612 3714 38
38
3814 38
38
3712 3812 2,600
Do pref
100 3112 Mar 31
483 Feb IS
2
10178 10214 10112 10218 10118 1023 102 102% 10214 10312 103 10412 74,100 Southern Pacific Co
4
100 9612 Mar 3( 10412June 18
117% 118 2 117% 118 4 117 117% 11714 118% 11612 11814 44,600 Southern Railway
3
,
31778 11872
100 1035 Mar 30 1194 Jan 4
2
923 •92
2
92, 91% 92% 913 9218 9232 9238 1,700
3
4
92 8 92% 92
3
pre!
Do
100 8712 Apr 6 93% Jan 2
5512 55% 5414 55% 533 5434 5312 5418 5312 55
4
5312 55
10,400 Team & Pacific
100 42I Mar30 61112 Jan 13
365
8 3512 36% 3612 37
36
36% *36
36
3612 37
3612 5,700 Third Avenue
100 13 Jan 8 43 Apr 23
/
1
4
*733 7412 *7214 74 •_ 73 •____ 73
4
4.7312 75
*71
7338
Twin City Rapid Transit_ 100 68 May 4 783 Jan 4
4
149% 150% 15012 151
150% 151
iio 15012 15018 151
15018 151
12,500 Union Pacific)
100 14112 Mar 30 15112June 11
79% 7912 7918 79% 7914 7912 70
79
*79
7912 1,300 Do prat
79% 791
100 74% Jan 6 80 May 26
2612 *2412 2618 *2412 2618 *2412 2612 *2412 2618 21% 2412
100 United Railways Invest. 10)) 194 Mar 3 2712 Apr 7
91
*75
90
*75
.75
91
.75
91
*75
91
*6212 91
Do pref
100 85 Mar 2 8634 Apr 6
47% 4652 4814 89,700 Wabash
4414 44% 44% 4512 44% 44% 4414 45% 46
100 337 Mar 34) 52 Jan 12
4
8
74% 745 7514 7412 7512 7412 75 4 74% 75% 74% 7512 19,000 Do pre! A
,
7414
100 68 Mar 30 78 4 Jan 13
3
*6012 63
65
6014 60 4 63
63
*60
65
ego
,
63
63
300 Do pref B
100 57 Mar 29 72 Jan 29
1212 1252 1212 1212 1214 1338 13
4
133
8 6,200 Western Maryland
8
125 12% 1212 123
100 Ii Mar 3 164 Jan 4
/
1
tols 1914 lo
194 19
le
19% 20
1912 193
4 3.000
*193 19
2
too 164 Mar 1n 24 Pan I
'3
Do 26 nr.4.... .
•Bid And asked prices.

Ex-dividend. b Ex-rights.




dti lich
Range for Puritans
Year 1925.
totem

Ofliken

840 * $ per shaft
,
Feb
22
40 Mar
11614 Jan
9212 Feb
3
Jan
14714 Jan
71 Mar
627 Ayr
2
3514 Mar
89 Juno
3518 Jan
72% Jan
3 Feb
Apr
48
Jan
56
13612 Mar
265 Mar
8914 Mar
10514 Apr
34 Apr
518 Apr
140 May
291 Mar
4
40 Mar
9 Jan
1914 Ma
314 Apr
7 Sep
7
An
127 Oct
2
Apr
47
1014 Apr
4
4012 Mar
92
Jan
82 Mar

48
Dec
67
Dec
14012 Dec
Dee
98
II', Dec
Dee
268
9412 Der
673 Nuv
4
5612 Nov
100
001
64 Nor
83% Dee
17% Nov
92% May
59 May
15232 Jan
321
Jan
13012 Dee
130 Dee
104 Feb
/
1
1912 Feb
Dee.
200
384 Aug
/
1
5714 Jan
Feb
15
32% Feb
16% Jan
11 Nor
2812 Jan
22 Nov
807 Dee
2
120 Dee
5812 Dee
100
Dee
89 Me
/
1
4
11
33% Apr
514k Ji n
734 Apt 12018 Dee
4412 Jan
70.2 Sept
50 Mat 6634 Dee
54
Jan 6212 Aug
13312 Mar 155
Apt
125 Mar 147 4 June
3
34% Ort 60
Jan
2% Apr
5 Dee
/
1
4
384 Apr
811 Dee
264 May
39 Dec
/
1
4
35 June 46% Jar
34 June 43% Jan
60 Apr 823 Dee
s
25 Dec 4034 Jan
23 Mar 3018 Sept
Mar 10914 Sept
8012
21% Mar 3832 Auk
6412 Feb 72 July
111 Mar 12512 Dee
11212 Apr 1251 Dee
/
4
6814 Aug 7414 D•41
18
Jan 33% Sept
5912 Jan 66 July
/
1
4
1312 Mar 34 Feb
/
1
4
112 Jan
3 Mat
/
1
4
28% Mar 51
Dee
57
Jan 6314 Dee
69 Mar 8812 Dee
106
Jan 148 Dee
64 May 119% Sept
324 Mar 5114 Feb
6 Nov
12 Sept
20
Jan 4614 Sept
4214 Nov 6514 Sept
15
Dec 35% fappt
24 Oct
4 Mat
3058 Apr 57 NOT
40 Mar 8614 Nov
5712 June 63 Feb
2814 Jan 45% Sept
74% Jan 9212 Dec
30% Jan 41% Dee
71 Mar 911 Dec
/
4
Apr 192 Dee
143
112 Jun
31 Der
2
11314 June 13712 Des
11314 Jun
13712 Dee
118 June 183 Dee
8812 Jan
987 Nov
2
28 Ma
47
Der
2052 AD
344, Aug
262 Aug 310
Om
5 Dec
12 June
21
Dee 36 July
21% AP
45 Sept
12312 Ma 151
Dec
7512 Jan
86 Dee
5814 Apr 7814 Der
20 Aug 4012 Der
4212 Apr 5514 Dee
4
133 Apr 2154 Dec
613 Jun
4
8512 Dee
78 July 89% Dec
6812 AP
79% Dec
Jan 144 Nov
139
63 Ma 123 Dee
69 4 Ma
3
9112 June
35% Ma
41 June
361 Mar 44% June
/
4
Apr 62% Jan
42
574 Jan 10214 Aug
76
Jan 924 July
/
1
433 June 5914 Dec
4
7014 June 783 Dec
4
2032 Jan 5414 Nov
35 Mar 51 12 Au2
Oct 109 Jan
06
2
77% Jan 12012 Dec
83
Jan 9512 Scot
434 Jan 59
/
1
Doe
712 Apr 15% Sept
58
Jan 7814 Dee
13314 Apr 1534 Jan
72
Jan 7714 July
18 Aug
33% May
4812 Mar 83% Dee
1912 Mar 471 Aug
/
4
553 Jan 73% Dec
4
384 Jan 60 Aug
%
II
Mar 18%
14 kis. ' Aug
In
11

New York Stock Record-Continued--Page 2

3432

For sales during the week of stocks usually inactive, see second page preceding.

-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
June 12.

Monday,
June 14.

Tuesday,
June 15.

Wednesday, Thursday,
June 17.
June 16.

Friday,
June 18.

$ per share 4 per share $ per share 5 per share 3 per share $ per share
351 364 35% 36
37
*36
36
4 36
363
36
37
*36
8212 8312
8912 8912 83
834 83% 8312 8312 8312 8232 83
8
2212 233
2214 223 23
2312 22
23
2314 2212 2212 22
*431 44
43% 438
44
44
44% *434 44
444 *44
44

Saks
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1 1926.
-share lots
On basis of 100
Lowest

Highest

Lowest

Highest

Shares
Par $ per share 3 per share S per share 5 per share
Railroads(Con.)
1944 July 394 Dee
100 3314 Mar 30 3914 Jan 2
1,500 Western Pacific new
72 July 81 Dee
100 7712 Jan 15 83125une 15
3.700 Do prat new
105 Mar 32 Dee
.
9,900 Wheeling & Lake Erie Ry _100 18 Mar 30 32 Jan 2
8
22 Apr 537 Dec
100 37 Mar 30 5012 Jan 4
1.100 Do met

Indust.lal & Miscellane..us
8413 Feb 1
7414 2,200 Abitibi Power & Paper..No par 7034May 21
3
7514 *7312 74 4 74
72
7114 714 7112 714 72
71
100 131 Jan 6 142 Apr 20
All American Cables
•1404 142 *14014 142 *14012 142 *14012 142 *14012 142 *14012 142
7
100 99 Mar 18 116 Apr 26
200 Adams Express
11012 11012
110 110
3111 1131 .113 114 *10912 113 .10912 113
'
4
2,500 Advance RumelY
100 10 Mar 19 183 Jan 29
8 1278 13
1112 1112 1112 124 1214 1214 *1112 1212 1212 133
5112 1,600 Do pref
100 4814May 11 634 Jan 28
5212 51
51
51
4
3503 50 4 51
51
50
3
50
•48
918 Jan 4
788 Jan 23
1
2 812 3814 838 4,100 Ahumada Lead
83
84 812
818
8
818
8
818 818
9,800 Air Reduction, Ino____No par 10714May 19 11914 Mar 1
4
7
4
1133 11334 11312 11478 11312 11412 114 116 8 115 1163 11514 116
No par
712MaY 11 16 Feb
4
93 10% 9,000 Ajax Rubber, Inc
912 10
912 988
93
4
4 93
91* 10
988 10
8M83r 24
2 Jan 4
13
Alaska Juneau Gold Min-- 10
112 .114
112
14 112 *114 112 *114
*I%
112 *1
112 *114
30 142 Feb 13
106
4
4
4
1203 12312 122 12388 121 12288 121 1233 1233 12514 122 12538 93.600 Allied Chemical & Dye-No par 1183 Mar 20 12218June 14
4 Mar
100
800 Do prat
4
3
122 12218 212014 12014 12012 12012 120 4 1203 12014
*12112 122
4
100 7814 Mar 26 9458 Jan 14
873
3
4
8814 873 874 8714 8812 84 8 8812 8712 ---- 5,900 Allis-Chalmers Mfg
3
8612 86 4 87
100 105 Apr 7 11012May 24
100 Do pref
10914 10914 *10814 10912 *109 10912 10812 10912
*10814 110 .10812 110
8
4
1914 1912 2078 193 213 12,200 Amer Agricuiturai Chem_100 15 May 20 34% Jan 14
8 18
7
4
163 16 8 1712 177
1658 17
8
100 51 May 20 9611 Jan 14
5912 3914 634 6588 6712 6614 673 12.400 D
59
4 575, 59
5714 573
4 1,300 Amer Bank Note, new
10 3458 Mar 31 437 Jan 8
4034 403
4
393 40
40
40
4
*393 40
4 4012 41
413
*41
50 55 Jan 15 5718May 6
Preferred
- - ----- *57
.
*57
*5312 55
*57
__
*57
2412
100 21 June 2 3888 Feb 5
700 American Beet Sugar
2412 32312 - 14 2414 ii
7 244 2312 2414 2414
*2212 1412 *22 8 100 83 May 27 83 Feb 24
Do pref
*6614 72
75
*68
75
*72
75
*72
75
75 .71
*69
8 2112 2212 7.000 Amer Bosch Magneto_No par 16 May 19 345 Jan 4
217
8 21
2012 2011 2012 217
20
20
4
*193 21
12814 312412 12714 4,700 Am Brake Shoe & F....-No par 110 May 19 180 Feb 2
3
12218 12218 12218 12218 12218 124 4 12514
122 122
200 Do pref
100 11014 Mar 24 12814 Feb 18
117 117 *11214 120
115 115 *11314 117 *11318 117
•114 116
43
42
35,300 Amer Brown Boyer'El_No par 3014 Mar 29 487 Jan 9
4134 4182 43
8 41
4034 417
4
40 4018 393 42
6,400 Preferred
96
100 8612 Mar 31 9718 Jan 16
96
8
3
4
953 95 4 957 97
95
4 95
983
4
953 .95
*95
7
25 38 Mar 30 58 Feb 20
4
5288 5312 513 54 325,900 American Can w 1
53
52% 51
8
493 5014 5014 5214 51
100 121 Jan 4 12614May 19
700 Do prat
125 125 *12512 126
*123 125
8
8
125% 1257 1257 1257g 1258 1257
9912 10058 9988 10112 11,100 American Car dr Fdy__No par 9112 Mar 31 1147 Jam 12
7
38 2 101
9912 10012 9972 10012 29814 99
*12712 129
100 12312 Apr 7 129 Apr 24
Do prof
*128 129 *128 129 *12614 129 *12814 12888 *12714 129
x2518 2534 6,100 American Chain,class A.._. 25 2314 Mar 30 26 June 17
8
8 257 28
3
2514 25 8 257
2514 25
2518 25
25
4
500 American Chicle
No par 374 Mar 31 51 Jan 4
4
4
4
403 *383 403 *393 40
40
41
*39
40
3912 3912 40
14
No par 311251er 31 47 Jan 7
Do certificates
3812 *3814 3882
3812 *3712 3812 *3614 3812 *3614 3812 *38
*37
8June 10
83
414 Jan 5
74 712 17,600 Amer Druggists Syndicate: 10
4
712 73
8
788 77
712 75
8
71* 77
788 77
8
800 American Express
4
100 1057 Mar 31 140 Jan 6
4
4
1193 1193 11912 1193
119 119
4
119 1193 *11712 120
120
•118
7
218 22 8 2114 2214 16.600 Amer & Farr'Pow new-No par 15i4MaY 19 42% Jan 2
23
22
2212
22
2112 23
2112 217
2,400 Do pref
91
No par 89 Mar 27 98 Feb 13
9112 90
91
91
91
91
9112 9112 9114 9112 *90
Do 25% paId
108 Mar 30 131 Jan 2
*814 9
200 American Hide & Leather_100
7 May 10 17 • Feb 9
4
914
4 *914 954 *94 954 .914 91 91 9
.984 95
100 3312May 7 6714 Feb 9
*4412 4512 *4414 4512 1,100 DO pest
4414
44
44% 4434 4412 453
*4412 45
133 13312 3,100 American Ice
100 109 Mar 31 136 June 8
133 13312 133 134
133% 133 13412 13214 133
4
1333
8
200 Do pref
100 824 Jan 13 8634June 1
7
8812 85 8 85% 8812 8612 *8512 883
8812 *85
8612 *85
•85
3678 8,100 Amer International Corp_.100 333
4May 20 464 Feb 16
3758 3734 36
3618 3734 3714 38
4
354 363 *354 37
8
1234 13
1,700 American La France F E- 10 1212May 21 157 Jan 4
1234 13
13
13
13
13
13
13
13
13
7
100 2814 Apr 21 52 8 Jan 4
8
4 343 3488 3,000 American Linseed
4
333 363
*3212 34
34
•33
34
34
5
33 8 332
800 Do prat
100 75 Mar 31 87 Jan 4
8
7912 7912 797 *767 79
*77
79
7914 7914 7818 7818 79
4
8
105 1063 19482 19778 49,100 American Locom new__No par 9014 Mar 31 1197 Jan 4
5
102 10212 102 8 10412 102 10314 10234 105
700 Do pref
100 117 June 17 12014 Feb 11
8
11712 11712 *11614 11714 *11614 11714 117 11714 1173 11712
.11614 119
4,700 American Metals
53
No par 47 Mar 30 575* Feb 16
52
5112 5288 5212 .537
5112 5112 5114 52
5014 51
100 Preferred
100 11312 Apr 15 120 Feb 6
114 114 *114 11678
4
4
1133 116 *1135 113 *11334 116 *1133 116
•
3,900 American Radiator
25 10114May 19 1205* Feb 13
10912 110% 109 110
10912 110 z110 11012 109 110
109 109
:Mar 10
100 Amer Railway Express--.100 7788 Mar 31 781
1712 80
3
*7712 80
z7712 7712 *7712 80
80
*78
80
*78
800 American RepublicsNo par 50 June 15 74 Jan 5
54
*49
54
*49
54
*42
53
50
58
55
60
*58
49% 11,400 American Safety Razor-- -100 42 Apr 14 63 Jan 8
3
50 4 49
4814 48
48
50
3
4
03
5014 5 4 493 50 4 48
12
5 Jan 2 11% Mar 12
4.800 Amer Ship & Comm-__No par
97 10
988 97
8 97
*95
918 10
912 912
91* 91*
3
8
8
12812 1307 115,900 Amer Smelting & Refining_100 1095 Apr 21 144 4 Jan 7
12788128', 12812 131
12412 12512 125 1274 126 128
7
100 112 8 Mar 31 119 June 17
11812 11812
800 Do Ore!
8
11814 118I 1187 1187 119 119
8
8
1175 1175 118 118
100 124ismay 27 165 Feb 9
100 American Snail
134 *130 134 *130 134 .130 134
4
4
1333 1333 *130
*130 133
4214 4234 4214 4212 4,000 Amer Steel Foundries_No par 40 May 11 4688 Feb 1
.3
4214 415 42
413 424 4214 4214 42
100 111 Apr 9 115 Feb 23
Do prat
._ .•112
_ *H2
___ *112
___ *112
•113___ .114
8,400 American Sugar Refining_100 6514 Apr 14 828 Feb 5
-71
71
68% - 12 70 - 1fli
6814 6812 6814 4 69
683 69
.68 200 Do pref
100 10014 Mar 30 105 Feb 26
10212 *100 10212
*10012 10212 10012 100% *100 10212 •100 10212 *100
818May 1 1738June 14
1512 1614 1,600 Amer Sumatra Tobacco--.100
5
8 16 8 161* 154 1512 .1214 17
4 1612 173
4
143 143
100
Do pref
395 129
*95 129
*95 129
*95 128
*95 129
*95 130
700 Amer Telegraph & Cable....100 3511/lane 16 414 Feb 10
3612 -------3
7
--------368 36 8 2512 36 4 3612
3
*36 4 38
8June 18 15(44 Feb 15
100 1395
8
1415 14212 113958 14018 28,800 Amer Teton & Teieg
s
4
8
4
14212 1423 1417 1423 1415 1424 1415 142
8M5131 1215 Feb 6
50 1115
8 2.300 American Tobacco
8 117 1177
8
4
8
s
11714 1173 1163 1163 •11612 1174 1175e 1173 11714 1177 11034 1103
100 10618 Jan 4 113 May 26
4 1,400 Do pref
11178 11178 1117 1117
11118 112
*111 113 *112 113
50 11018 Mar 31 12012 Feb 6
116 11614 11618 11612 4,300 Do common class B
8
4
1153 116
3
s
115 1157 11518 115 s 1157 116
American Type Founders 100 114 Jan 22 135 Feb 13
.117a4 120
4
3
•117 120 *117 8 120 *117 120 *117 120 *.17% 120
4
20 433 Ayr 13 74 Jan 4
7
8
5412 .543 508 5512 574 13,300 Am Water Works & Elea-100 10112Mar 3 10814 Jan 27
3
4
5
63 4 541
s 525 54
8
527
*5214
Do let pref (7%)
*104 105
*104 105 .104 105 •104 105 *104 105 *104 105
100 19 June 9 4278 Jan 13
30,500 American Woolen
24
8 22% 2312 234
4 217e 227
8 2114 223
3
20 8 22% 2212 233
4
100 66 Apr 30 893 Jan 4
4 7218 7212 6.200 Do pref
8 7214 723
3
7212 70 4 715
755 z71
4 73
7018 723
Me Jan 13
1% Jan 4
1,300 Amer Writlng Paper pref_100
3
3
334 378 *3
318 318
38
37
*3
37
43
44 Jan 13
1 Jan 4
100 Preferred certificates-100
8 212 *158 312
238 238 .15
.158 3
*158 3
•158 3
1218 Feb 4
518May 19
812 812 2,200 Amer Zinc. Lead & Smelt- 25
8
88 85
812 812
3
812 8 4
3
818 8 4
788 8
25 20 May 19 4818 Feb 4
7,100 Do Pre
4
8 343 35
3412 3518 3514 357
352
34
4
343 36
343
32
e 46 8 4714 22,700 Anaconda Copper Mining_ 50 4112 Mar 30 51 Feb 9
7
*
467 4788 474 477
65s 475
46% 4
46
3
45% 4614
3814 1,500 Archer, Danis Midi'd_No par 3478June 11 44 4 Jan 2
374 *37
4
3 3512 357
3814 *373 3814 37
36
100 100 Mar 4 105 Jan 4
357 357
200 Do Pre
101 101 *101 102 *101 102
101 101 .101 102
7
*100 101
100 9014May 21 97 8 Jan 13
9312 2,600 Armour & Co (Del) pref
8 9338 94
9338 93% 93
93 .9282 933
4.9212 9388 93
4 7,900 Armour of Illinois class A_.. 25 1318May 22 2512 Feb 13
4 1412 1434 145, 1434 1458 143
8
3
5 4May 20 17 Jan 4
25
1414 1412 1412 1458 143 143
712 5,200 Class B
7
7 • 718
67
68 7
8
8 67
67
8 a 6o
100 80 Apr 30 93 Feb 11
8414 8414 2,000 Preferred
85
*80
86
8512 *80
*81
4
85
85
18 Apr 12 313 Jan 6
85%
.81
Arnold,Consie&Co new No par
2114
*18
21
2114 *18
2112 *18
3
2118 .18
.18
No par 14 Jan 5 15 4 Jan 6
*1814 21
Certificates
- _
_ _-10 1918 Jan 2 2312 Jan 26
Art Metal Construction
•2012 22
)
4 ii- `ii: f4 -2i- .2012 22
-7
-No par 48 May 17 634 Jan 21
;ill 12 "i5- I1 1 i207 500 A rtloom
52
z52
52
*51
52
4
5218 5218 *51
4
513 52
52
100 108 Mar 18 1113 Feb 1
*50
Do pref
'109 11014
11014 *107 11014 *109 11014 *109 11014 3
Goods.......100 374 Mar 30 50 Jan 9
*107 11014 *107
4
413 434 4214 4212 10,600 Associated Dry
4314
8
100 96 Mar 25 10212 Jan 6
414 4238 4112 4314 423 4388 43
200 Do let pest
102
7
8
1017 10178 100 8 1008 *100 102 *100 102 *100 104
100 102 May 19 108 Jan 28
.101 103
600 Do 2d pre!
103 103 *102
4
4
1033 1033 103 103
4
105 105
25 443 Jan 6 60 Mar 4
*106 108
300 Associated oil
5312 5312
*5312 5412 *5312 55
3
100 334 Mar 31 68 8 Jan 6
5312 5312 *5312 544 *5312 55
8 5,800 At Gulf & W I SS Line
7
4278 4134 42
4 4114 42% 41
4 4038 415
4114 423
100 354 Apr 16 8814 Jan 30
42
4118
1,000 Do pref
44
44 .42
44 .43
42
8May 24
100 97 Mar 3 1283
4012 4012 4118 4118 4112 4112
41,000 Atlantic Refining
119
11912
8
100 1154 Apr 21 118I2June 18
8
11834 1203 1184 12114 119 1217 11812 12012 11612 11912 1164 11812
200 Do pref
11812
No par 54 Mar 4 59 Jan 6
4
•11634 11834 *11712 1183 11814 11814 *11712 11814 .118
Atlas Powder
*5312 5612
56
*55
*5312 56
100 94 Jan 8 97 Apr 13
*5312 56 .5312 56
Preferred
*5515 56
908
8
963 *95
968 *95
963 *95
*
3
96 8 *95
912June 18 1712 Jan 30
9718 *95
No par
*95
912 912 1.200 Atlas Tack
4
914 93
3
9 4 10
11 May 22 28 Jan 29
4
*93 10
4
*93 10
.93 10
2,200 Austin,Nichols&Co vto No par
16
1614 16
4
153
1518 •1438 15
100 75 May 25 93 Jan 6
8
137 13% 14
14
14
600 1)o pref
77
64 78
774 *7
75
12 Apr 30
7612 7612 75
,
24 Feb 11
762 765
77
12
3
Auto Knitter Hosiery_No par
*12 1
*12 1
*12 1
*12 1
e82 1
7
*12 1
56,500 BsidwIn Locomotive Wks 100 92 Mar 31 13612 Jan 4
8
1117 11412 11318 117
8
8
100 105 Mar 31 114 Feb 6
10914 11134 11 112 1127 110% 1117 11012 112
Do pref
300
112 *109 112
12
'108 10812 10812 10812 *10812 10912 10912 10912 *109
3
class A..-- 25 2312May 11 33 Jan 2
8 2514 2614 7,800 Barnsdall Corp
263
8 26
4 2818 283
3
25 4 2614 z2512 263
26
28
25 234 Apr 15 2912 Jan 2
500 Do class B.
2412
2412 .23
2478 323
8
25- x24% 247 .24
No par 39 Mar 31 49% Jan 4
25
25
.24
900 Bayuk Cigars, Inc
4012 4012
4112 *4012 42
8
20 5318 Apr 13 717 Feb 4
4112 4114 414 *40
41
41
•39
6288 7,500 Beech Nut Packing
60
60
59
3
5914 58 4 59
1g
58
Nu par 30 May 19 39 Jan 4
598 59
58
58
2.300 Belding Bros
318
31
3014 31
3
3
3
100 3714May 20 5014 Jan 7
Corp
3014 3012 3018 3018 .3012 30 4 30 4 30 4 4218 4234 42
4234 26,900 Bethlehem Steel
2
413 4212
415
407 41% 41
4
407 41
cony 8% vret 100 114 Mar 8 120 Jan 26
200 Do
8 11614 11614 *11614 1168 11614 11614 3.200 Do cum 7%
100 99 June 1 105 Feb 2
*11614 117 *11614 1167 *11614 1167
pref
100 10018 100 10018 100 10014
99% 100
5 100
418 Mar 24
3
9 4 Jan 11
100 100
Ne par
99
300 It. oth Fisheries
57
578
8
8
*6
6
6
7
100 3518 Apr 15 5112 Jan 7
,
4 *512 8 2 *5 8 812
4 63
*53
First preferred
47
.37
47
*37
44
*38
45
*37
45
47 .37
*37
Cons Mills class A.. 50 20 May 25 4118 Jan 4
500 Botany
2512
5
2514 2512 2512 25 8 25% *25
25 May 10 37 Jan 4
12
2514 •25
2514 *25
•25
4
2814 273 28% 7.700 Briggs Manufacturing-No par
2712 2718 2814 28
3 Jan 18
12May 8
100
274 27
27
8
*267 27
British Empire Steel
*12 114
*% 112
*12 112
*12 112
100 14 Apr 21 27 Jan 28
4
3
*12
*12 1
FIrst, preferred
4
133
1518 .10
1512 *9
*1012 1514 *9
1514
212May 7 101 Jan 11
8
100
• .._ _ 151a .9
-- 2d Preferred
21
*I
3
*1
3
*2
3
12 212 *2
2
7
100 133 Mar 31 1464 Feb 1
4,400 Brooklyn Edison, Inc
4-*212 2
4
14234 1423 143 1431
8June 16
140 14112 14112 14214 14214 14212
No par 68 Mar 30 813
140 140
Gas
793 8134 8012 81% 8012 8114 16,500 Bklyn UnionInc w 1
7
100 2912June 1 485, Jan 7
7814 794 794 80 8 794 8014
314 31% 315, 315* 3.600 Brown Shoe
3012 3012 .3012 31
317
100 107 June 5 111 Mar 10
3114 31% 31
200 Do pref
'
*107 111 3 107 111
8
10918 110 *10712 115 *10712 115 *107 115
1,300 Brunswick-Balke-Coler No par 243 Mar 30 307 Jan 4
25% 26
26
26
8
*2512 257 .2512 26
5
2512 2512 25 8 26
No par 121 Mar 31 14114 Feb 13
6.500 Burns Brothers
13814 1391
140 140
140
3
138 13818 138 1394 13912 139 4 13812
7
1,700 Do new class B corn No par 29 * Mar 31 44 Feb 13
,
4 365 37
373 373
364 3614 3688 363
37
36
37
.36
100 97 Mar 30 103 June 9
100 Preferred
4
4
1023 *101 1023
•10214 1032, *102 104 *101 10314 *101 10314 102% 943* 9314 94
2.300 Burroughs Add Mach-No Par 774 Apr 13 96 May 26
9414 9212
93
94
*93
94
*93
94
.93
.
•Bid and asked prim; no sales on tbl day 0




PER SHARE
,
Range for Fruit iii
Year 1925.

62 Jan 7614 Dec
119 Jan 13388 Oot
90 Apr 11714 Oct
Oct
13 Apr 20
47 Feb 6214 Oot
74 Oct 12% May
8634 Jan 117% Dec
2
3
9 8 Dec 157 J013
212 Oct
Jan
1
80 Mar 11658 Dec
Jan 12114 Nov
117
14
7112 Jan 97 Dee
10314 Jan 109 Dee
Mar 297 Oct
1311
3612 Mar 8212 Dec
3912 Dec 4488 Dee
534 Jan 5813 Sept
Jan
2958 Oct 43
78 Dec 87% June
2618 Mar 5412 Jan
9014 Mar 156 Dee
8
1074 Jan 1145 Dee
7
4734 Dee 53 g Oct
904 Nov 98 Dee
3
4714 Dec 49 4 Dee
Jan 1217 Sent
s
115
4
974 Apr 1153 Sept
12034 Apr 128 JulY
2212 Oct 27 Feb
Jan 62 APT
37
37 Jan 584 Apr
6% Jan
44 Dec
Jan
125 Apr 166
2714 Apr 5188 Bent
Jan 94 Feb
87
1145 Apr 142 Sent
8
14% Dee
812 Mar
7
5812 Sopt 75 8 Jan
83 Mar 139 Dee
7412 Mar 86 July
8
3218 Mar 467 Nov
1114 Jan 20 Nov
20 Mar 5914 Nov
Oot
53 Jan 89
10412 Jan 144 s Mar
7
115 Aug 124 Feb
45% Mar 5758 Oct
111 Mar 119 Nov
7
89 * Jan 12212 Nov
Jan
z76 Sept84
5
Jan 79 4 Dee
48
4
36% Jan 763 Nov
54 Dec 1412 Feb
3
90 8 Mar 1444 Dec
1054 Jan 1154 Oot
13814 Apr 154 Nov
3758 June 474 Dee
Jan 11318 Oct
108
4788 Jan 7738 Dee
914 Jan 10414 Nov
6 May 244 Feb
8
28 Apr 1201 Got
4
371 June 47 Feb
5s
130 Jan 146 Dee
85 Feb 1214 Oct
1044 Jan 110 Nov
844 Feb 1194 Oot
103 Apr 135% Nov
34% Jan 7614 Dec
9714 Aug 103 Feb
34%May 6414 Jan
6914 May 9618 Jan
74 Jan
14 Dec
Jan
4
4 Dec
7 May 124 Jan
24% May 4478 DeO
14
3514 Apr 53 Nov
26 Jan 4612 Dte
9012 Jan 105 Oct
8
901 Mar 100 Oct
20 Mar 274 Oct
16 Dec 203 Oct
1
14
90 Dec 93 Nov
8 Jan
175* Oct
27 Dec 30 Dee
8
15 Jan 203 Nov
39 June 60 4 Dee
3
10112 Aug 110 Dec
464 Aug 615e Nov
Oct
94 Jan 102
101
Jan 10814 Feb
32 Mar 4714 Dec
20 Jan 77 Sept
Jan 60 Sept
31
9511 Jan 11712 Feb
3
113 Sent 117 4 June
45 June 65 Dee
904 Oct 94 Jan
918 Feb 21 Dec
22 July 324 Jan
8
878 Jan 95 Aug
414 May
4 Dec
107 Mar 146 Feb
107 Aug 116% Jan
4
183 Aug 334 Dec
16 Aug 30 Dec
3814 Sept 534 Feb
60 Mar 77% Aug
87 Sept 418* Dee
37 June 531 Jan
109 Mar 1164 Feb
Jan
9314 June 102
8% Oct
44May
23 June 52 Oct
4058 Aug 46 July
27 Oct 4412 MaY
Oct
1l May ' 5
Oct
22 July 36
Oct
14
63 July
5
120 8 Jan 1584 Nov
734 Dec 10014 Nov
46 Dec 4614 Dec
Oct
98 Mar 109
24 June 4988 Jan
9212 Feb 136 1300
17 Mar 39 Pet
Oco
9112 July 99
65 Jan 103 Sept

New York Stock Record-Continued-Page 3

For sales during the week of stooks usually inactive, see third page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June 12.

Monday,
June 14.

Tuesday,
June 15.

Wednesday,1 Thursday,
'June 16.
June 17.

Friday,
June 18.

Sates
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Sines Jan. 1 1926
On bast: of 100-share lots

3433
PER SHARE
Ewe for Previous
Year 1325.

Lowest
Highest
Lowest
per share $ per share $ per share 5 per share $ per share $ per share Shares.
Indus.& Miscall.(Con.) Par 3 P share 9 per share $ per share I Highest$
per
*31
37
we ikon
3014 3038 303 303
.
8 30
3134 .3012 313
4 31
31
4,100 Bush Terminal new_ ..._No par 163 Mar 18 3212May 27
4
*9212 923 *9212 923
144 June 26 Dee
/
1
4
4 9212 9212 924 9212 924 923
4 9213 '923
4 1,700 Do debenture
100 86 Apr 6 927.June 4
11102
80 May 897. June
_ *102
_ _ *103
_ _ *103 _ _ *1011 _
/
4
*10114 _
_ __
Bush Term Bldgs, pref-100 99 Jan 20 103 June 4
/
1
4
478 _- 1
964 Jan 103 Dee
42
47 - 2
2 4747
2 - 8
47
43
4 - 4
43
43 17
4
4
44 -5
2,800 Butte Copper & Zino
5
43
4May 26
61 Feb 10
/
4
41g Mar
287 29
4
2914 2914 2914 31
8
/ Jan
1
4
3012 32
31
32
29
31
17,500 Butterick Co
100 173 Mar 3 32 June 16
4
*11
17 May 284 Jae
11
3914 10
1138 11
/ 104 1012 1012 103
1
4
4 1014 104 2,209 Butte & Superior Mining
/
1
10
714May 18 164 Jan 11
*30
32
61i May 24% Jan
*30
32
32
32
3213 37
/ 3814 41
1
4
3912 4112 10,400 Byers & Co
par 28 Mar 29 4112June 18
No
•1003 ___ *1003 ____ *100 ____ "1003 ____ *1003 _-__ •1004
.
23 Oct 447 Oct
4
/
1
4
4
4
/
1
Preferred
100 9814 Mar 20 9954 Feb 18
9514 Oct 100
Oct
Caddo Cent Oil & Ref__No par
14 Jan 2
/ Jan 8
1
4
134 13734 138 1407 1383 140
14 Dec
2 2 Jan
1
4
4
137 1394 137 13812 13812 141
34,300 California Packing____No par 1211 Mar 30 17914 Feb 4 10014 Jan
/
4
3214 3212 3214 3212 3212 3314 3214 33
3614 Nov
324 33
3212 327 36,300 California Petroleum
s
25 30 Jan 20 3814 Feb 10
/
1
4
"112 13
23 4 Jan 343 Dee
7
4 *112 134
4
113 112
13
4 13
11. 134 "11 13
4
/
4
4
500 Callahan Zino-Lead
10
138 Mar 26
2 Jan 15
/
1
4
6038 6012 614 614 6214 61
60
114 Oct
44 Feb
/
/
1
1
62
61
614 6112 64
/
1
8,200 Calumet Arizona Mining_ 10 5511 Mar 29 644 Jan 8
•1312 14
45 Apr 6114 Dec
13
/ 14
1
4
14
14
144 143
/
1
4 141. 14
/ 1414 1434 5,100 Calumet & Heels
1
4
25 1334 Mar 31 154 Jan 6
9114 9112 9112 94
1214 May
95
97
185 Jan
/ 98 10413 1013 104
1
4
4
4
102 104
29,903 Case Thresh Machine
100 6213 Jan 4 10112June 16
*106 108 *10412 106 *10414 106
24 Mar 6814 Der
108 106 *1061 108
/
4
1073 1073
4
4
200 Do pref
100 96 Jan 5 107 1une 18
"11
/
1
4
/
4
111 1038 10
60 Mar 10713 De
/ .93 10
1
4
,
4
10
10
10
1010 10
10
2.400 Central Leather
100
714May 3 2012 Jan 5
58 58
144 Mar 23 (;)(c
/
1
5612 5814 55
/
1
4
/ 5714 5412 54
1
4
57 4 583
3
4 577 58 .12,003 Do pref
4
100 4314
3
4914 Mar 71
141s 1414 133 143
4
4 13
13
/ *13
1
4
133
Orr
4 133 13 4 134 134 6,003 Century Ribbon Mills_No par 124 Apr 28 68 i Jan 5
4
7
/
1June 8 32 Jan 8
/
1
4
30 4 Sept 4714 Ma,
3
*8213 85
*824 85 •8212 85
*8211 85
*8212 85 "824 85
Do pref
100 83 May 25 90 Jan 21
94 Dec 98
6412 65
6412 6512 65
/ Jag
1
4
66
/ 651. 657. 6534 664 65
1
4
/
1
653
4
12
43 Mar 643 Nov
4134 42
/
1
4
417 4212 341
4
4144 4114 414 4113 4n. 411. 414 17,200 Cerro de Pasco Copper-No par 57 Jan 22 6914 Feb 11
4
/
1
/ 3,400 Certain-Teed Produots_No par 3614May 20 494 Jan
1
5
10012 105 *10012 105
40 4 Mar 58 Sept
3
/
1
4
*991. 105
"9914 105
"9913 105
*9912 105
lot Preferred
100 100 May 22 1054 Jan 21
894 Jan 110 Sept
13
1318 "12
13
1211 1212 *12
13
13
1414 14
14
2,500 Chandler *I•veland MotNopar 113
4May 18 26 Feb 11
32 32
314 3112 3154 313
4 313 323
321 344 33
. /
4
1
3412 14,000 Preferred
No par 28 May 18 4514 Feb 15
11312 113
113 113
11312 11312 113 113
1137 11412 *111 115
4
700 Chicago Pneumatic Tool, I:.., 9413 Apr 8 120 Jan 2 8014 Mar 128 Dee
51
.51
50
/ 513
1
4
4 5112 5112 5114 511
51
52 4 52
3
/ 5412 6.609 Childs Co
1
4
A "-par 4514May 19 663 Jan 4
.
32
/ 32 4 32 s 3314 33
1
4
497. Mar 74
7
7
33
/ 33
1
4
/ Oct
1
4
333
3314 3312 33
331 15,400 Chile Copper
/
4
25 30 Mar 3 363 Jan 6
22
4
22
3014 Mar 87 s Jan
23 23
5
23
23
*21
23
*21
23
*21
23
400 Chino Copper
5 16 Mar 3 23 June 14
4212 433
4 4212 4212 34212 45
19 Apr 28 Feb
/
1
4
45
/ 493
1
4
4 473 493
4
4 48
48
5,200 Christie-Brown certifs_No par 40
/
32
1
4
3214 313 33 3323 33
4
/
1
4
6238 Dec 5412 Dee
4
/ 33
1
4
343
4 343 3514 33
4
54 353 232,200 Chrysler Corp new____No par 2813 Mar 30 63 Jan 4
8
100 100
Mar 30 54 Jan 9
100 101
/
1
4
___ _--*99 100
-- --9912 991 101 101
101 101
2,000 Do pref
No par 93 Mar 30 108 Jan 2 100 July 1117;Iles
6312 6212 6212 63 6314 *6212 64 "63
*62
- /
1
4
64
*6213
300 Cluett, Peabody & Cen_.--100 6014 Mar 31 6812 Jan 7
•1121211812 "114 120 *114 120 *114 1151 "114 11512 *11214 64
5812 Mar 2138 Jan
11514
Preferred
100 10314 Jan 13 115 June 11 1031. Jan 109 Sept
154 1554 15514 15612 31547 155
/
1
4
4
155 1561 157 163
158 162
/ 19,600 Coca Cola Co
1
4
No par 128 Mar 24 163 June 17
"100
*100
80 Jan 17738 Nov
_ _ *100
_ *100
_ _ *100
_ "100 . - __ _
Preferred
100 99 Jan 14 10114 Mar 24
40 40
40 99 Jan 10112 Mar
41-14 3914 -- 3
40 - 39 - 4
/ 41
1
4
407 ---1 411. 4454 132,900 Coonndo Fuel &
4 434
/
-Iron
100 273
4Mar 3 4454June 18
6314 6312 63 6312 621 6254 *62
3214 Apr 4814 Jan
.
63
6314 6312 63
6312 2,003 Columbian Carbon v t e No par 55 Jan 26 69 Feb 21
/
1
4
8014 8012 803 813
45 Mar 62 Dec
/
1
4
4
4 8114 813
/
1
4
4 8012 823
4 8214 833
4 811 83
/
4
/ 43,900 Col Gas & Elea
1
4
No par 631 Mar 29 90 Jan 9
•113 11338 "113 11334 113 113
.
45
/ Jan 86
1
4
Oct
113 11314 11314 1133 113 114
/
1
4
4
1,400 Preferred
100 112 Mar 30 115 Jan 12 10414 Jan 11415 Dec
29
/ 30
1
4
30
30
2912 2912 2914 2913 2814 2914 2812 28
/ 3,000 Commercial Credit.....
1
4
-No par 26 May 19 474 Jan 14
*227 24
4
*227 24
4
3814 Sept 554 Dec
*23
24
*23
24
•23
24
"23
24
Preferred
25 23 Apr 20 2614 Jan 13
2514 Sept 2714 Oct
•24
26 •____ 253 "23
4
254 *24
2512 *24
2512 •24
2512
Preferred B
25 25 Apr 19 27 Jan 11
*60
/
1
4
62
264 Sept 27 Dec
/
1
6112 6112 *604 645. "601. 64
/
1
4
/ *61
1
4
6454 /
1
4
3014 64
/
1
4
100 Comm Invest Trust___No par 55 Apr 12 72 Jan 11
"97
50
Jan 8418 Nov
9712 "97
9712 *
9514 9712 *9514 9712 *
9514 9712 *9514 9712
7% preferred
100 97 June 7 104 Jan 28 100 Nov 10714 Nov
•155 165 *155 160 "157 159 *154 157
157 160
164 164
200 Commercial Solvents A No par 1203 Jan 4 164 June 18
4
160 160 *157 16212 15912 15912 157 157
80 May 190 Jan
15812 16214 161 166
3,700
Do
B
No par 11814 Jan 4 166 June 18
183 193 • 18 4 194 1834 191. 1814 1914 19
4
4
76 May 189 Jai
3
/
1
1912 19
194 16,600 Congoleum Co new
No par 1212May 13 213 Feb 4
"8
4
We Nov 4314 Jam
3
4
"8
3
4
"8
3
4
"8
3
4
"8
3
4
*1
/
4
1
%
Conley Tin Foil stpd__ _No par
%Mar 18
1 Mar 12
613 613
4
.
14 May 17 Feb
4 601 6114 60
. 6134 603 61
4
6114 613
4 603 6112 5,800 Consolidated Cigar
4
No par 4514 Apr 15 67 Feb 20
*100 102 *100 102 *100 102
2614 Jan 63 4 Dec
3
100 100
100 1001 *190 102
.
300 Do pref
100 91 Mar 31 10214 Feb 11
79 Jan 96 Dec
/
34 4
1
4
3
33
4 4
33
4 4
334 4
34 4
3
3
/ 4
1
4
5,900 Consolidated DIstrib'rs No par
234 Mar 3
9412 953
614 Jan 7
3 Jan
/
1
4
4 95
9614 953 967
9 2 Fet
3
4
4 9654 9712 9612 97
/ 9634 9714 61,300 Consolidated Gas(NY)No par
1
4
87 Mar 30 10414 Feb 23
2
2
744 Mar 97 Dee
2
/
1
2
1
/ 174 •174 2
1
4
*17
4 2
17
4
17
4
1,100 Consolidated Textile_ __No par
114May 10
334
7614 77
77
2 June
/
1
4
78 8 77
3
514 Jan
78
7711 7812 773 79
4
773 7812 19,000 Continental Can, Ine__No par 70 Mar 31) 9214 Jan 18
4
•13212 133
Jan 2
133 1334 *134 13612 *132 133 *132 133 *132
6014 Mar 934 Dee
13374
Continental Insurance
300
25 322 Mar 31 14434 Jan 9 103
1014 1012 1014 1012 103 1038 104 10
Jan 140 Dec
s
1012 1054 1012 11
/
1
4
15,600 Cont'l Motors tem etfs_No par
9741‘lay 17 13 Jan 5
4434 454 443 4514 443 453
/
1
4
814 Jan
4
1512 OM
4 447 4614 4614 47
4
/ 4634 473 182,100 Corn Products Refin w I
1
4
4
25 35 Mar 3C 4734June 18
/
1
4
*1273 129
4
12713 1274 *128 130 *12712 128
323 May 42 Dec
4
/
1
/
1
4
128 128 *12734 12814
300 Do prof
100 1224 Jan 6 12914 Apr 28 1181 Jan 127 July
4834 50
*48
/
4
49
/ 50
1
4
51
50
53
52
/ 523 35134 511 2,800 Coty, Inc
1
4
4
/
4
No par 4413 Mar 29 603 Jan 4
27
4
35
48 Aug 6014 Dec
•27
35
*27
35
*27
35
*27
35
*27
35
Cron Carpet
100 25 Apr 9 63 Jan
723 733
4
36 Mar 6414 Dec
/ 7334 72
1
4
4 72
/ 7312 73
1
4
733
4 7312 75
73 4 7454 10,900 Crucible Steel of America _100 64 Apr 15 8112 Jan 2
3
*99 100
4
*98 100
6412 Mar 8454 Nov
*9854 100
*9914 100
"99 100
*99 100
Do prat
100 96 Mar 30 1003 Feb 20
4
50 503
92 May 102 Dec
4 50
5112 50 4 517
3
4 50 4 5114 5012 5114 503 5112 11,700 Cuba, Co
3
4
No par 3912 Apr 15 53 Feb 4
.•8 4 9
3
•87
4414 Dec 64
4 9
9
91
/
4
/ Oct
1
4
9
914
914 912
914 93
4 4,100 Cuba Cane Sugar
4May 22 114 Jan 29
No par
85
7 4 Oct 1454 _Fet
3
36
/ 361 353 363
1
4
/
4
4
4 35
/ 363
1
4
4 3614 3714 3612 39
3712 38
10,300 Do prat
ICO 3512June 8 49 Feb 4
/
1
4
254 2412 2434 244 2412 244 25
*25
374 Oct 62 Fat
/
1
/
1
4
2412 2512 25
254 3.000 Cuban-Amer1can Sugar____10 24 Mar 29 303 Jan 28
/
1
4
20
*100 102 *100 102 *100 102 *100 102 *100 102 *100
Oct 3312 Mai
102
Do pref
100 973 Jan 5 104 Feb 5
4
934 Nov 101 Ma
/
1
17
4
11
/
4
17
8
17 ---- ---- ---- ---- ---- ---- ---- ---8
200 Cuban Dominican Sug_No par
112 Apr 29
37 Feb 8
s
"1974 20
214 Oct
*194 20
/
1
638 FOC
Do pref
100 1512May 21 223 Feb 6
4
16 Dec 444 Jar
85 "8414 85
*84
84 84
"82
85 "83
85
•827 85
4
100 Cudahy Packing
100 76 Apr 21 97 Jan 4
9314 Dec 107
9714 "9512 98
*95
Oct
973 973 "95
4
4
98
964 974 9712 9712
500 Cushman'* Sons
No par 7712 Mar 1 100 Mar 4
62 Mar 104
4714 4712 *47
471 4714 4714 47
/
4
041
47
47
47
4738 47
1,400 Cuyamel Fruit
No par 4214 Apr 15 51 Jan 14
44 Nov 59 Ma,
---- -- - - -- - - ---Daniel Boone Woolen Milla_25
34May 13
384 395. 384 3914 38
/
1
1 Jan 4
3 Dec
4
7 2 Jar
7
39
3814 38 4 3914 41
3
3854 4012 41,500 Davison Chemical v t o_No par 274 Mar 30 463 Feb 17
277. Apr 4934 Jar
4
'33
_ . *33
__ *3254
_ •3254 35
"3214 35
4
Dc Beers Cons Mines_No par 273 Apr 20 3114June 7
4
13314 133
2014 Mar 29 Dec
- -12 13312 11514 135 1351. 13412 1344 1344 1341 *327
3 13414 13114 3,900 Detroit Edison
100 12312 Mar 30 14114 Feb 1 110 Jan 1594 SW
35
54 35 4 36
5
37
/ 373 38
1
4
4
37
37
371 3712 *Ws 3754 ' 2.600 Devoe & Raynolds A__No par 33 4 Apr 15 1041 Feb 10
/
4
7
/
4
2554 26
Oct 9014 Dec
53
253 2634 26
4
2654 2544 2644 2613 27
/ 275. 283 139,400 Dodge Bros Class A..__No par 2114May 17 4714
1
4
4
8412 85
Jan 2
211 June 484 Nos
/
4
843 85
/
1
4
847 8512 8454 85
4
847 8514 85 4 86
s
3
9,100 Preferred certlfs____No par 79121May 17 8814 Jan 8
"133 137
7314 May 9114 Oct
4
4 1334 1334 1354 13
54 1312 13
54 133 133
4
4 13
/ 14
1
4
3,000 Dome Mines, Ltd
No par 1234 Apr 30 20 Mar 13
*20
123 Apr 1814 Nos
4
2012 •20
2012 *20
2012 "20
2012 2012 2012 20
20
200 Douglas Pectin
No par 19 Mar 20 2514 Jan 30
•115 116 "115 116 *115 116
14 Feb 2311 Aus
11514 11514 11512 1153
400 Duquesne Light lot pref___100 11112 Mar 3 11612 Apr 27 105
Jan
11014 11014 110 11014 11014 1104 11014 11014 110 110 4 "115 116
/
1
11014 11012 1,900 Eastman Kodak Co._-_No par 1064 Mar 30 112 Jan 5 10434 July 11314 Del
/
1
/
1
4
273 27
4
118
/ 273 273
1
4
Jan
4
4 274 2712 274 2714 2714 2854 2812 2912 27,200 Eaton Azle &
_ _No par 237
41May 19 323 Feb 15
4
1014 Feb 304 Dv
223 230
230 235
232 2367 23514 241
4
24112 246
23414 24412 43,800 El du Pont de Nem Co__100 1934 Mar 29 246 June 17 13414
Spring104 104
Jan 27114 Nos
104 104
104 104
104 104
1033 104 *1033 104
4
4
1,100 Do prof 6%
100 1003 Apr 20 10414 Jan 18
4
94
Jan 10414 No
1914 193
4 1914 201 1914 20
/
4
1914 197
4 1914 20
1913 20
22,400 Elea Pow & Lt etfs___No par
153
4May 19 3414 Feb 10
173 Apr 401s Jul.
4
*10112 107 "102 107 •102 105 *102 105 *103 105
/
1
4
103 103
100 40% Pr Pd
9912 mar 30 115 Feb 11 100 Mar 110 JUN
*10214 108 "10214 107 *10214 107 *10214 107 *10214 107 *10214 107
Pref full paid
103 Apr 17 11014 Feb 26 10014 Mar 1103 Jun(
4
93
/ 9314 9312 93 4 94
1
4
9434 *94
3
95
/
4
941 95
947 95
4
1,100 Do pref Ws
8912 Mar 24 974 Feb 11
897 Aug 943 De(
4
4
7 4 80
93
793 807
4
4 793 80
4
54 795 8014 8012 81
4
3793 814 14.100 Elea Storage Battery _No par 714 Mar 3 8112June
4
18
4
603 Mar 80 Dv
•114
112 *114
112
11 14 *114
/
4
114
11
114
114
114
800 Emerson-Brantingham Co_100
1 May 20
4 Feb 1
11 May
/
4
53 Jul)
*
4
8
9
/ *8
1
4
8
9
8
612
6
64 67
4
6
/ 712
1
4
900 Preferred
100
5 May 20 24 Jan 29
/
1
4
67
8 May 264 Aid
67 "674 6712 6712 674 6712 671
/
1
6714 673 "6614 67
4
900 Endicott-Johnson Corp
50 6512 Mar 31
721 Feb 8
/
4
•1164 11714 "117 1174 *117 11714 1174 1174 *11714 1173 *116 1173
63
/ Apr 747 Sept
1
4
4
/
1
/
1
/
1
4
4
100 Do pref
100 114 Jan 7 118 Feb 2 111 May 118
*47
/ 48 •4734 48 . 48
1
4
/ 0e1
1
4
48
4734 48
473 473
4
4 48
48
1,100 Eureka Vacuum Clean_No par 43 May 19 5334 Jan 8
"1514 1614 "1512 1614 16
4812 Nov 574 Da
16
"154 1614 •1514 1612 "15
/
1
1612
200 Exchange Buffet Corp_arg par
15141 1ay 27 17 Apr 22
3
*2
134 July
212 *2
197 Jar
4
212 "2
212 *2
*2
21
212 "2
Fairbanks Co
212
25
2 Apr 10
"47
49 "47
313 Feb 25
214 Mar
49
43 Aug
4
464 49
*48
483
4 4914 51
503 514 3,000 Fairbanks Morse
4
No par 46 Mar 29 59 4 Feb 10
*III 113
111 112 *109 111 *109 111 *109 1.1 "109 111
3
3214 Jan 544 Oct
/
1
300 Preferred
•
100 10814 Jan 6 115 Feb 9 10612 June 1101 Nos
:2014 127
121 1263 312312 12514 12312 12412 12314 12414 123 12534
/
1
4
/
4
4
/
1
4
35.100 Famous Players-Lasky_No par 1034 Jan 19 12712June 11
.120 12112 12014 12114 *120 121 .120 12112 12014 120
904 Feb 11438 Jul]
/
1
/ 121 1213
1
4
4 1.700 Do pref (8%)
100 115 Mar 31 124 Mar 11 103 Feb 120 Jul]
31
31
3012 314 x31
/
1
/
1
4
313
4 30
3012 30 3014 3012 31
4,100 Federal Light & Trae
15 28 Mar 31 393 Feb 3
*8514 861 *8513 8614 *85
/
4
4
26
/ 8614 *8514 8612 *8514 8614 86
1
4
Oct 37 Des
/
1
4
86
100 Preferred
No par 86 June 18 89 Jan 4
68
6814 6812 6812 69
8214 Sept 89 Dv
713
4 713 713
4
4 7112 72
70
72
1,500 Federal Mining & Smelt'g_100 414May 22 1111 Jan 5
.72
73
/
1
723 723
4
/
4
4 723 753
1514 Mar 954 ,Des
4
4 7438 7512 7.538 757 *72
4
74
4,600 Do Prof
100 61 Mar 3 105 Jan 6
"185 189 *185 190
__
__ •187 190
4914
/
1
4
187 187 *180 190
100 Fidel Pben Fire Ins of N Y__25 160 Apr 15 20014 Jan 23 14714 Mar 94 Dv
1912 *17
*17
1912 *17 13
Jan 179 Dv
*17
19
*17
1912 *17
194
Fifth Ave Bus tern etfs_No par
144 Jan 2 2154 Feb 9
/
1
/
4
33
*331 34
/ 333
1
4
4 33
/ 341
1
4
12
/
Jan
1
17 Jul,
4 341 341 334
4 344 343
/
1
4
/
4
/
4
3412 5,400 First Nat'l Stores
No par 30 Mar 3i
4 92
9012 913
93
441 Feb 5
/ 9212 943
1
4
/
4
4 933 95 4 96
3814 Dec 40 De,
4
5
9814 91
9812 42.900 Fisher Body Corp
25 7814May 15 105 Jan 4
/
1
4
5014 Feb 125 No,
183 183
4
4 1814 1914 1834 183
4 183 187
4
4 1812 19
18
/ 20 118,900 Flsk Rubber
1
4
No par 1414May 20 2614 Jan 13
*80
•791 81
/
4
81
80 4 807 "80
1012 Mar 28
7
4
/ Oe
1
4
807 *80
4
81
80
807
4
400 Do let pref stamped._100 764 Apr 19 8414 Mar 16
/
1
4534 4612 4612 4712 x46
474 4634 4714 4634 47
4614 47
34,400 Fleischman Co new
No par 3214 Mar 29 5611 Feb 1
9812 9934 99 10211 100 1017 10112 103
100 100
4
10314 107
22,300 Foundation Co
No par 85 May 19 17914 Jan 29
/
4
641 6412 6414 66
6614 6712 671. 6912 69
lxi Jan 133 No
/
1
4
/ 6914 69
1
4
69
/ 10,300 FOX Film Class A
1
4
No par 5514 Mar 31 85 Jan 2
317 3212 3112 3212 3112 3314 3212 3314 3212 33
4
684 Sept 85 Dv
3214 327 40,600 Freeport Texas Co
4
No par 19 Jan 13 3412June 3
/
1
4
/
1
344 344 3337 33
/
1
344 35
/
1
4
8 Mar 244 Ow
/ 33
1
4
33
/ 3214 3312 32
1
4
/
1
/ 33
1
4
4,900 Gabriel Snubber A
No par 29 Mar 25 42 Feb 11
.6
7
6
/ 674
1
4
6
/ 712
1
4
284 Aug 397 Nos
/
1
714 714
2
74 7
/
1
4
74 714 2,700 Gardner Motor
No par
512June 9
464 464 464 *45
*45
934 Jan 4
4514 443 45
41 Jan
/
4
1614 Mar
4
4412 45
457
4 1.300 Cien Amer Tank Car
100 39 Mar 24 55 Jan 2
•10112 103 *1011. 103 *100 103 *100 103 *100 103 *100 4 457
/
1
4
4412 Aug 60
Oct
103
Do vet
100 10014 Apr 19 104 Jan 15
93 Feb 104 Nos
/ 6954 68
1
4
/
1
4
4 68
683
/ 693
1
4
68
4 68 4 711 7014 7212 69
7
/
4
714 82,400 General Asphalt
/
1
100 50 Mar 3 73 Jan 11
•1084 109
/
1
108 10814 "109 10914 109 1104 110 4 112
4212 Mar 70 De(
/
1
4
7
11011 111
4,200 Do Prof
100 947 Mar 3 11334 Jan 11
4
8614 Mar 109 Dec
52
•5214 53
52
52
*514 527
4 52
52
531. 524 5314 5,300 General Cigar. InenewNo
par 46 Mar 29 5914 Feb 11
11412 11412'111 120 •111 120 *111 120 *111 120
•111 120
100 Preferred (7)
100 109 Jan 11 11513 Feb 18 103 Jan -- - Mal
•11312 11712 *11312 11712 *11312 11712 *1134 11712 *11412 11712
-.
*11312 11712
Debenture preferred (7)_100 10914 Apr 12 1184 Fab 10 104 July 11114 328 337
116 Do'
324 32412 32414 32912 32714 329
3374 34834 33812 350
30,500 General Electric
100 285 Apr 15 3844 Feb 19 22714 Feb 33714 Aus
114. 114 . 1134 1112 1112 1154
/
1
111 1154
/
4
1134 1112 1112 114 5,500 Do special
10 11 Jan 5 115 Mar 22
4
401. 404 z407. 407. "4012 41
13
/ Oct 111 Jul.
1
4
4
*403 41
/
4
*391 4012 4012 403
/
4
4
500 General Gas & Elea A_No par 34 Mar 30 59 Jan 2
584 Dec 61 Dot
97
97
4
*9514 9812 *954 9812 *954 984 *9514 9812
"943 97
/
1
4
/
1
100 Preferred A (7)
No par 95 May 11 9914 Jan 4
99 Dee 100
•10612 109 *10612 109 *105 109 *105 109 *105 109 *105 109
Preferred A (8)
No par 10512 Apr 8 11014 Jan 15 110 Dec 110 Dv
4
943 •92
943 *92
4
4
93
93
93
/ 937 *93
1
4
93
*9312 95
Da
300 Preferred B (7)
No par 9214 Apr 27 96 Jan 4
"5212 5312 *524 5312 5314 5312 5312 5312
53
53
53
53
500 Gen Outdoor Adv A
No pari 51 Mar 30
/
1
4
454
231, 2838 283 283
,
1
4 2812 283
4 283 2914 283 293
- 544 Sept
4
4
4 2834 284 2.900 Trust certlficates____No part 264 Mar 30 55 Feb 4 . / "Aug /
1
/
1
as Jan A
254 ante
24.1. rue.
•Bid and asked prices: no sales on this day. rE,tdlvld nd. es Ks rights
•




New York Stock Record -Continued-Page 4

3434

For sales during the week of stocks usually inactive, see fourth page preceding.
HIGH AND tOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
Jaae 12.

Monday.
J tae 14.

Tuesday,
.1 sae I I.

i
Wednesday, Thursday. • Friday,
Jise 18.
j4,e 11.
J 4 te Li.

Ss'es
for
the
West.

8T00K8
NEW YORK STOCK
EXCHANGE

Pisa SH 4ftit
lunge State Jan 1 1920
-share lots
Ors bash Of 100
Lowest

Iftphest

t ton st And
Naive tor Preotos.
Year 1925.
Lowest

Heyhest

,
per share $ per slims
per share s ow char.
per share $ per share 5 per share Shares. Indus. & viiscell.(Con.) Par 11314 Mar 29 143121une 151
$ per share
4
per share $ per share
6453 Jai 1493 Nov
112 1142 632,40) General •vititors Corp_No par
8
115 Dec'
1355 13 514 133 14134 13) 142, 140,y 141, 1404 143
100 11,115 /an 29 121 .1, 23 102
83) Do 7% pref
2
/
1181 11312 1181
8
7
2
1
/
8
8
99 Noy
•11818 1187 11812 1187 1138 118% 11312 11812 1183
864 Apr
2
/
981 hpr 13 101 8June 2
101
Deb6% pref
3105
•10334
*105
2
/
591 Dec
*108 4
3
*103 4
3
42 Jan
- *10334
2
25 4912 Mar 2 353 Mar I.
4 6114 61'2 6312 612 21,30) General Petroleum
131 8
80% Om
6112 6114 61% 6114 - -7- 6114 613
.31 -68 Not
8
343 Jan 7
6012 Mar 31
3
73 733
4 731 80'8 23.30)(len Ry Signal new___No par 103 Air 14 101 Jan IS
79
7312 78
7612 76
8
7612 7612 78
9013 July 1057 Nov
on pref
101
*10113
310112 --*10112 _
•10113
Or! 5813 Jan
•10112 - - 1 10112
42
General Refractories___No par 36 MAV 27 49 Jan 4
42
43
*40
*10
42
48
*40
*40 *40
42
42
*40 47 Ma, 83 Dee
8
787 Jan 4
,
No pa. 4518 Mar 3
5,3)) °babel Broa
51
51
5114 55
4
55
4 513 55
551
2
/
8 53
55
52% 517
3
lot 1033 Apr I 1108 Jan 19 10214 Mat 1141 Nov
101 Do pref._
105 105 •104 103
*105 103 •105 108 *105 108 •105 107
4
223 Feb 53 Dec
()Inter Co temp ctfic_No Pa
, 40 -Ian 2 44% Jan 4
1212 Mar 2613 Dec
4
2June 3 253 Jan 7
/
51
No par
3 1714 80555
173 1158
177 1814 - 1814 1814 ;1,6E8 17)4 17 1 758 -17- 472 _ -- (1lkiden CoCorps t e__No llo 41,2343r 31 56% Feb 4 37 Ma 51 OM
,
,
9,10) Oold Dust
2
/
44
453
4 44% 4712 451
4312 44
4
743 Nov
4412 44,
. 4412 45
,
4
363 Ja
4
,
,
45 21.44, 20 703 Feb 3
53°s 5718 5114 13,10)(33odrIch Co (B F)____No par 961 Jan 23 100 Feb 9
513
51
4 53
, 5112 5.318 5114 53
Jan 102 Nov
1
53 8 51.3
92
2
/
100
1,51) Do prig
9)
1
/
962 9312 932 95'2 952 97
1
/
*15
2
/ 98
*91
961 3
97
t
Jan 1142 Oct
4
2
/
861
98,2 Mar 31 ion3 Feb
4
2
/ 1011 105°; 101 1012 3,01) Goodyear T At Rub pf v t 3.100 10538 .1a3 22 113 lune 1 103
10112 1011
10112 101
105 105., 10134 105
2
1
/
AM 109 Dee
1011
411 Do prior pref.
1018 103
2
/
1081 103 2 •10314 103
103'3 10314 3103 103
*10413 101
39 Dee 42 Der
2
/
3:31 M sr 3)1 52 rune 13
8
4
,
45h 411 47 4 431 .53'4 33,407 Gotham Silk Hosiery-No INV
4 41
431
,
3
44
0918 Dec 10213 Dec
4 41, 41 4 312
411
100 98 Apr I, 107 June 13
1,10) Prefetred
103 y 101
103
1
/
10114 10114 105 103 *105 1052 101
*101 105
18% Dec 23 Sept
1812 Apr 15 2113 Jan 23
No par
733 Gould Coupler A
2
/
2
/
*1318 1814 3181 131
18
18
2
1
/ 18
•17
18
18
8
177 18
8
217 Dec
13 Mar
2313 Feb 6
8
16, Mar 31
2
/
2918 207
8 201 20% 2918 291 7,003 Granby Cons M Sm & Pr1011 8') km 14 10614 Feb 2
23
Jan 11318 June
193 193
20% 2314 21
4
4
91
931
4 3,403 Great Wsnern Sugar tern ctf25
4 95
933
91
94'8 *9112 91
Apr 11512 Dee
2
1
/ 9514 9314 394
8
967 93
lel Jan 14 107
100 10413 Mar 31
Preferred
2
8
3
1134 Mar 124 Jan
*11412 115 •11.5 115 *1133 11512 •11312 1152 *1133 11512 *11333 115
9% AM 3 16 June 8
17.51) lreene Cananea Copper. 100
1414 1573 1512 16
14
612 Jan
2
1
/ 13
31 Sept
1114 1114 128 13 s 1112 13
8
2
/
61 Jan 5 107 Feb 1
63) Guantanamo Sugar,_..No par
4
73
4 •7
71
712 73
2
/
671 Mar Pa% Nov
4 *7
73
4
2
1
/
5
7 4 734 *7 • 73
Gulf States Steel
100 61 Mtv 15 93 Jan 4
7518 31,40)
1
1
/
712 72 8 75 8 73
70
71
7112 7278 z70
4212 July 89 Feb
71% 7 f.
26
10) Hanna 1st pref class A.__ WO 45 June 13 57 Feb
45
•12'2 4712 45
2
1
/ Jan
34312 4712 34112 47 .4412 47
'4112 47
3
3
25 4 Apr 37
26 Mar 31 35 Jan 6
1
/
232 10,331 Hartman Corporation__NO par
2
/
4
271 233 271 25
2
/
1
/
2
1
/ 2714 23
2
1
/ 27
2318 23
21
*33
30 Mar 492 Nov
301434 iv 18 46 Jan 14
No par
3114 3,03) Hayes Wheel
304 3173 34
35
3
3514 313 308 35
4
35
771, Jan
May
8312 35
66
2
/
_25 63 Mr 2" 741 Feb 11
Heime(0 W)
4
*701 73
4
8
487 J82
3
*73 4 737 *701 73
2
1
/ *7012 73
*7018 73 8 *7312 73
37 Der
3
101 Hoe(R)& Co tern Mfg_ No par
1712Msv 27 35 Jan 6
*1312 20
*13h 20 •18•2 20
Jan
20
4
Jan 50
•1812 21)
43
4
193 193 •19
Jan 4 62 Feb 23
100 4713
61) Homestake Mining
51
354
*53'2 51
51
4718 Nov
53 5312 353
•
53
5312 533
4
53
3418 Jan
90) Househ Prod,Ine.tem atfNo par 40 Mar 3 We Jan 8
8
2
1
/ 421
4
413 4124 42
Jan
4
413 *4133 433
Apr 85
4114 *41
41
*4012 41
59
Houston Oil of Tex t A;003100 51)14 Mar 31 71 Jan 5
62± 3,803
61
63
63
8
4
64'2 633 631
12 6312 6312 63
62 6'
WI Jun. 311 NOV
4
353 Mar 10
-No par 27 fan
2
/
3414 311 3118 318 3.201 Howe Sound
2
1
/ 34% 3113 317
3
8
317 317
33 4 Jan 13212 NOV
8 3178 3178 34
1
/
512 273,103 Hudson Motor Car._ __No par 55 June 18 12314 Jan 4
2
1
/ 55
8
134 69
2
1
/ 317, 53
8 61
2
1
/ 36514 633
4
6114 6518 613 67
1414 Ma. 31 Nov
3
1111/13 Motor Car Corp.__ 10 17 Mar 2 283 Jan 4
1
/
222 2314 31,10) 3
2214 23
4
2
/
20% 2138 211 2112 2114 21% 22 22
1313 Jan 413 June
1
/
192Mar 30 34 Jan 2
2154 2.514 2114 204 31,30) Independent Oil& Gas_No par
2
1
/ 25
25; 21
13 Ma, 24 Aug
3
2
1
/ 2513 25
2113 21 3 21
No par 18 Jan 6 2414 Feb 4
3,503 Indian Motoovele
22
;
211
1
/
2
/
23
2212 221 2 % 212 21
1414 Dec
1
/
512 Jan
*20
2314 202 23
4
133 Feb 17
Mar 31
9
10
2.591 Indian Refining
912 10
2
1
/ 10 8 1014 1) 10
1258 Dec
5
3
1012 1012 10 8 10 8 1018 10
6 Sept
8 Apr 13 1213 Feb It1
10
5)1 Certificates
4
812 81
4
4 81
83
4 9
*,3
9
9
3
*3 4 9
77 Mar 110 Dec
84 9
*3
100 £0 Mly 14 104 Jan 7
30) Preferred
90
90
*90 101
3)3 101
393 101
1
*93 101
*1)2 101
77 Nov 1071 De.
Jan 5
703 Ingersoll Rand new____No Par 8014 Mar 31 104
91
91
902 92
91
91
*8912 92
1
/
8
3
917 917 *892 92
38% May 50 Feb
No par 3412May 11 431 Jan 7
5,300 Iniaod Steel
40
40
3912 3912 3312 40
4
393 40
3
3
39 4 4014 39 4 40
4
100 1083 Mar 16 115 Feb 9 10412 Apr 112 Sein
Do pref
300
'
2
1
/
3
32 4 Jan
.110 8 •____ 1103 1 0 Ill *111 11112 111 11112 4,900 Inspiration Cons Copper
7
11 78
3
2214 Apr
4
8
4
20 203 Mar 30 267 Feb lo
2
1
/
8
32314 233
4 231 23
24
2
/
7 Jar, 241 Nov
2
1
/
2314 ' 2'312 233< 2334 244 24
2 14
No par 14•2June 12 2614 Jan 22
2,300 Internat Agrlcul
16
2
1
/ 1614 16
3
153 1512 15
Apr 85 No,
40
1412 1534 1534 1534 1512 1.
MD 8112June 16 95 Jan '7
400 Prior preferred
84
8112 8112
+88 83 82 8: 4734 4814 8112 8112 *82 43 7,100 int Business Machinee_No par 423818 Ma:31' 4814June 16 110 Mar 17614 Nov
83
•82
2
1
/
47 ' 4314 477
4
8111 Bern
Jan
2
1
/ 4734 4 3
48
4712 47
48
52
3,400 international Cement_ No Par 5912May 17 71% Jan 41
59
53
53
58
2
/
5778 571 577
357
3
577 577
an 26 10212 Nov 107 Aug
3 5718 53
100 102 Mar 17 106
500 Preferred
2
/
133 10312 •102 104 *10212 1041
1
/
Jan 692 Der
*104 105 •104 105 210214 101
Jan 5
31%
6412
2
1
/
2
/
561 5114 57 169,200 Inter Com bus Engine_ _No par 3312 Mar 30
1
/
9618 Mar 13814 Sept
5312 5214 542 5312 5513 55
53
10
5312 54
2
/
122 12513 12212 12514 25,50 International Harvester__ _100 11214 Mar 29 1341 Feb 9 114 Mar 121 Nov
12112 122
8
1
/
11912 1191; 1192 1217 121 122
4
118 Jan 5 1223 Apr
100
800 Do pref
122 122 *12112 122
132 122
122 122
3
2
/
71 June 147 Feb
128 121 •12112 122
2
1
/
12 Feb 17
3
73 Apr 31
3.600 lot Mercantile Marine__ 100
8
8
4 4
4 *73 83
3 83
83
9
8
4
*734 8
27 Aug 523 Feb
4 8
*73
3
100 27 Mar 30 463 Feb 16
0
4
37 8 7 0 0 Do prof
2
/ 34
4
2
1
/ 38 2 373 3912 3713 391 6734 853 20..9 0
8
4
8
565 Dec 607 Der
38% 3714 363 3714 36
5313 Mar 3 662 Feb 23
1
/
International Match pref_ 35
4
6138 6514 65 6518 643 6514
. 6112 65
611
2414 Mar 4811 Nov
64
1
/
2
1
/
.25 32 Mar 30 462 Jan 5
3318 62,500 International Nickel (The)
8
37
387 373
8
4
4
2
/
Jan 102 Nov
4 3618 371 363 373
94
4 3614 361
3612 363
2
/
100 1011 Jan 29 10414 Apr 21
100 Do pref
101 104
'103 104 *10313 104
Oci
*103
*103
4814 Mar 76
•103_
100 4418 Apr 15 6338 Jan 9
4 9,200 International Paper
4
52% 5414 523 5414 523 533
2
1
/ 53% 5212 53
71 Mar 88 Dec
51:
52 - 1; 52
100 85 Jan 14 86 Jan 6
Do stamped Prof
*80
_ __
*80
- - *80
9933 OM
80
86 July
_ _ *80 ___. .
*
89 May 7 9813 Jan 2
100
700 Do pref (7)
92
92
1
/
9218 9218 922 93
93
July
92
2
1
/ 93 .
92
90*9212 93
__ _No par 135 May 6 175 Jan II 108 Feb 199% Aug
International
155
8712 A in 144
•149 155 •130 1 15 •149 155 •150 155 *150 155 •150 1208 12,103 Internat Telep & Tel
Shoe- _ _100 111 Mar 3 333 Jan 25
2
1
/
122 12514 122
2
1
/
2
1
/ Oct
29
2
1
/ 12414 124% 123 124
4
18 July
123 123'• 1233 125
5 29 Jan 7
400 Inter-type Corp
No par 2112 Apr
2312 2312 2312 •2212 23
26% Dee
2234 223 •2214 2312 *23
4
1612 July
*2214 23'100 25 Jan 4 3614 Feb 10
2
/
35
35
2
1
/ *3413 351 1,100 Jewel Tea, Inc
35
35
35
35
355 3533
Dec
2
1
/
100 115 Jan 21 125 Feb 9 10218 Jan 11513 Feb
Do Prof
123 •114 123
•118 123 •118 123 •118 123 •118 123 •i1.4
4
113 Dee 2178
1,100 Jones Bros Tea,Inc. stpd__100 11 May 24 1913 Feb 5
1
/
1118 111 1114 .112 1132 12
2
/
3538 Aug 65 Nov
19
•1112 12 •1178 1214 1112 12
Feb
D2 June
2
1
/ 3438 33
3
34 8 27,400 Jordan Motor Car • NO par 28 May 17 6634 Jan .
2
1
/ 32
8
14 May
8 3112 31% 317 33
3014 315
2
1
/ 31
30
10
84 Mar 4
600 Kansas Gulf
12
8
•3
12
8
*3
12
Jan 1095s Sept
13
12
99
2
/
*1
h
2
/
*1
300 Kan City Lt & P 1st pf.No par 10714 Mar 29 11212June 12
11014 11014 11014 11014 *110 115
1834 Mar 4218 Dec
1121 •112 116 •11014 112
11212
1
/
2,000 Kayser (J) Co•t a_ --No Par 3314May 20 472 Jan 14
3612 3512 37
2
/
*36
363 *36
8
36
2
1
/ 311 3814 36
2
1
/ 36
35
2
/
83 Mar 1031 Der
No par 100 May 26 105 Jan 16
Do let pref
•10134 10314
10134
.
4
2
/
4
1214 Mar 211 July
*10 34 1031- •10'34 10314 *1013 10314 •1013 10314 133 10314
26 1214May 19 2112 Feb 6
6,500 Kelly-Springlield Tires
1414 15
14
4 1414
1434 1338 1414 14
Mar 74 Ally
1313 137
41
. 13%
4
100 Si May 20 743 Feb 5
600 Do 8% pref
59
57
57
*51
57
*51
57
*51
57
43 Mar 72 July
5' *51
*51
63 June 4 7314 Feb 5
101
200 Do 6% prof
65'8
•62
70
65
70
*62
70
*62
*6214 70
87 Aug 124 Dee
•6214 70
100 83 May 12 128 Feb 4
4 1,400 Kelsey Wheel,Inc
98 101 310134 1013
-- *9712 98
96
98 .
98
4613 Mar 5914 NO3
' 98
58h Feb 10
49% Mar 31
96
No pa
4
51% 553
4 543 5512 55,901 Kennecott Copper
2
1
/
3 July
4
18 S. pt
2
1
/ 5412 5418 55
2
1
/ 53
t2May 1
213 .14n 2
53h 5313 5312 53
8 1,900 Key'tone Tire & Rubb-No Pa
7
8
7
2
1
/
2
1
/
3
7
2
1
/
8
7
4
3
75 Mar 100 004
4
3
1
/
822 Jan 7
4
3
61 Mar 3(
4
3
No pa
*33
7,100 Kinney Co
8
4
4
2
713 7312 713 727 2717 73
/
691 74
6312
69 •68
4
*67
10 423 Mar 30 82 Jan 23
74,400 Kresge (3(3) uo new
5612
4
4 53
3
50 4 5112 513 523
Oci
5112 35018 52
49
49
48
100 113 Feb 14 1143 Feb 26 1101, Mar 116
100 Preferred
114 *111 114
4554 Jar
2
/
281 Der
;
1518 Mar 25 3338 Jan 14
11312 1131 •11234 114 •111 114 *111 114 *111
3,800 Kresge Dept Stores_ _No pa
24
8
2438 24
227 25
4
Jan 973 June
88
2414 2414 2514 2412 2514 24
1
/
24
100 702 Mar 23 9314 Feb I
301 Preferred
82
83
82 .
73
*73
83
*75
x82
14 11014 Jan 178 Mat
87
86
88
*84
100 Laclede Gas I.. (St Louis)_ A00 146 Mar 29 138 Jan 4
154 154
3150 157
Oct
19
8
115 Feb
8% Mar 29 14 Jan
*15212 15512 •152 157 *152 157 •150 157
_ No pa
2
/
1
/
02 g1
9 18
914 912 1,600 Lee Rubber & Tire_ __ No Par 30% Mar 30 4118 Jan 2
9
9
9
3714 Dec 4412 00
2
1
/
914 9
914
*9
3412 33h 3412 3,003 Lebo & Fink
57 Mar 92 Dec
*3414 34% 3412 3412 34
3414 341 3413 35
Mar 31 947 Jan 25
2
/
2
1
/
1,500 Liggett & Myers Tob new_ _25 72
81
81
81
81
2
/
1612 Jan 124 Doe
1
/
4May 5
3
3
80 4 8018 8114 *802 8212 1301 81 •12212 124
100 119 4 Jan 18 1293
*80
40
Do pre(
12214 12214
4
12314 1233
4.12512 128 •12512 128 3124 128
8
1
/
652 Mar 897 Der
25 71 Mar 24 94 Feb 1
Do 3133 new
1
/
1
/
8
4 5,003
60 June 742 Jan
3 793 8012 802 801
893
8014 80
30
8
797 80 •
No par 5312 Mar 31 6934 Jan 4
•7912 80
4454 Nov
3
63 4 6214 6'3% 5,103 Lima Loo Wks
62
8
22 Feb
613 63
Mar 16
2
1
/ 623
61
4
2
1
/ 6212 63
63
.No par 3414 Mar 2 41
63
2
/
91 Apr
Jan
3718 3314 3712 3314 19,403 Loew's Incorporated_ No par
6
2
/
371 33
7 Jan 28 11 14 Feb 10
8
2
1
/ 3712 3
3833 3314 3718 33
43 Beni
2
/
71 1,801 Loft Incorporated
7
713 7,8
2
/
2
1
/ Mar
718 71
5012 Feb 3
8
718 3716 73
7
457 vlay
7h 718
103 Long Bell Lumber A._-No par 88 8 Mar 30 14018 Jan 4
77 Fel, 143% Dee
•4113 4712 *1413 4712 *4412 4712
2
/
100
*4412 4612 4618 461 *4112 43
4 2.700 Loose-Wiles Biscuit
8
Feb 148 Dec
4
2
/
2
/
11312 11412 *Ill 114 *108 11312 11212 1133 1137 1183
100 12u1 Mar 30 1431 Jan 6 104
*103 114
49) 2d preferred
4
3014 Jan 393 Sept
4
4
4
129% 1293 31293 1213 *125 1291; 12912 129,2 110 130
25 3514 Jan 2 4214 Feb 3
*125 130
2
1
/ 33
33
2
1
/ 6.039 Lorillard
3
2
/
3914 33315 33 4 3313 3312 3314 3312
100 1111 Apr 5 117 Apr 23 10813 Feb 116 Aug
2
/
391 3918 39
Do pref
100
11533 1153
3
115 118
2
1
/
23 Feb
1338 OUP
•117 120 •116 120 *115 120
par 12 Mar 3 3953 Jan 4
*116 120
1614 1718 9,900 Louisiana Oil temp ctfs_No par 22% Mar 31 261 Feb 10
8
4
23 Der 263 July
4 1612 17
2
/
1612 16% 163 163
1612 162 1612 1614
1,40') Louisville 0& El A____No
4
4 233 21
4
313 Feb 60 Dec
2
/
4 231 23% 2314 2314 2334 233
No par 3014 Mar 30 5814 Feb 4
2
1
/ 23% 2312 233
•23
8 9.600 Ludlum Steel
4
401 33912 401
4 37
4 3712 373
3714 373
130 May 15 138 Feb 9 114 Mar 141 Sept
1.13
3712 33%
3614 33
Mackay Companies
*130 135 •130 135 *130 135
66 Mar 78% Feb
100 68 Mar 11 7318 Feb 11
2
/
*1321 138 •13214 136 *13214 135
20) Preferred
70
70
70
*69
4 117 Jan 242 Nov
*6912 72
71
43431 72
2
71
/
NO Oar 10312 Mar 30 159 Jan
*6912 72
8
3
11614 11712 11714 1197 117 1221 178.809 Mack Trucks, Inc
Jan 113 Aug
Jan 4 113 June 10 104
1
/
10(1 109%
5
112 8 113% 1122 11512 311312 11758 11234 112% 12 112 *112 11213
203 Do 1st pref
Jan 10658 Aug
99
4
100 104 Apr 17 107 Mar 13
•112 113 *112 113 '1103 112 310312 10514 10113 105'2 105 10512
Do 24 pref
Oct
6913 Jan 112
par 8612 Mar 29 108 Feb 10
107 •10314 106
*105 107 •I05
(R 11) & Co, Inc-No
5,409 Mac,
4
100 10012 10012 1021 102 103
4
4
1183 Jan 14 1145 Jan 118 Aug
4
100 11512 Mar
100 1003 100 101
2
/
1001 101
Preferred
*11714 113
11714
84 Mar 46 Nov
2
1
/
No par 34 -Apr 19 44 Feb 10
118 •11718 118 311718 118 •11718 118
*11718
3,400 Magma Copper
2
1
/ Jan
2
1
/ 331s 39
2114 Dec 37
4 3313 3914 3312 33
1518May 19 2818 Jan 6
4
Pry
3718 371s 373 3314 3814 393
1914
4
1133 1914 2.300 Mallinson (II R1 & C9_370 rep 58 Jan 4 78 June 10
18
32 Mar 59 Mar
4
13's •I73 1312 1712 13
18
18
•17
2
1
/ 45.701 Mani)Elea Supptemetfe No 25 2212May 24 32 8 Jan 4
76% 37114 73
767
8 76
7
2
1
/
20 Mar 34% Na,
3
8 733 75% 75
78
4 7518 783
783
2
1
/ 232 1.303 Manhattan Shirt
323
1
/
8
233 23s 237 21
4
2114 *2318 24
1
/
5
23 8 2324 24
1
/
282 Mar 492 Apr
39,2May 17
209 Manila Electric Corp ... Aro par 2712 Mar 20 24 Feb 2
8
3
20 8 Sept 3512 Jan
2
1
/ 31312 *3314 3612 *3314 3312 *333 35
*33
2
1
/ 33
•35
37
Expl...No par 20% Mar 3
37
2174 257
4 2514 2514 13,300 Maracaibo 011
25
3238 Mar 6012 Dee
2June 17
/
3514 21
No par 4914 Mar 30 631
2412 2514 21
25 25
8
617 63
2
1
/ 5914 6112 373,300 Marland Oil
6112 63
3
103 Mar 3278 Oct
Vo par 27 Mar 29 33 Mar II
3
58
5312 53 4 5312 5914 6218 29
1.33) Martin-Rockwell
2912 30
32312 30
29
19 Dec 3718 Jan
30
17 May 20 2134 Mar 12
3018 30
30
30
30
5.533 Martin- Parry Corp..._ No par
1918 21
Jan 10714 Dec
1875 13
2
1
/ 1813 19's
51
1812 *1812 19
k4temetf50 6212May 12 10618 Jan 2
*1814 1812 1812
374
7512 5,903 Mathie8on Alkali Vii7
33
1
/
7(12 7114 722 73
1
/
1
/
81May 17 1372 Jan 2 101 Mar 1392 Dec
*71
72
Department Stores-50 1037
*7012 7112 *70
4
4
1193 11973 1193 12014 12014 12112 19,693 May
1
/
2
1
/
8
100 1222 Feb 2 125 June 11 11682 mar 124 June
4
1143 1193 118 130
11414 115%
10
Preferred
2
/
2
1
/ Oct
36
8
317 Nov
125 *12214 125 •12214 125 4.4221 125
2
/
Mar 3 231 Feb 1
No par 19
125 125 •12214
•124 125
l.503 Maytag Co
21
21
4
4
203 21
21
21
21
79 Mar 1393 001
72 Mar 30 121 Jan 11
2114 21
•21
21
21
4 2,903 MeCrory Stores °lass B NO Par 22 Jan 2 30 Feb 15
84'8 873
3
8212 81
Jan 22 4 Oct
16
2
1
/
1
/
4 782 8214 *8014 8114 *8014 8218 *2518 25% 25'8 2518
793
78
•
401 MeIntyre Porcupine Mines. _5
Jan 2412 Nov
*25113 27
Feb 9
18
2
/
25
•
2512 *251 2512 2513 2518
1,011 metro-Goldwyn Pictures pf.27 2214 Jan 8 2414
;
*221 2314 *2214 23
23
23
9 Dec 3212 ,11113
23
23
6 Feb 25 1212 Jan 4
3
2312 2212 22 4 23
1,801 Mesierm Seaboard OH N0 Wu
712 8
3
4
2
1
/ 73
8 May 24 4 Jan
7
8
4 8
4June 18
*73
8
1
/
82
5 11 Mar 3 133
8
77
*7
4
1314 131; 131; 133 2.3,60) Miami Copper
25% Aug 38 Nov
2
2
/
4 1218 121 1218 1313
1214 123
1233 13
32.111) Mid Continent Petro-No par 28 Mar 30 37 Jan
31
4
2
/
311
33
32
8314 Apr 941 Oat
3214 3312 3212 33
90 M Li* 30 100 May 19
101
3214 327
33
3213
133 Preferred
9312
24 June
9314 *93
58 Apr
9373 *93
12
9) *93
212 Jan 8
99
114 Jan 2
99
*93
99
f
.98
112 4,530‘iddie States 011 Corp._ _.10
8
2
1
/
13
1 Feb
;
2
/
11 11
112 Feb
2
/
1
/
12 11
2
/
11 Jan 8
8 112
13
8
7 Jan 7
10
1
/
12 112
2
/
11 los
510 Cert1ficates
2
1
/
2
1
/
2
1
/
2
1
/
78
78
Jan 147 Aug
96
2
/
ri1 I
1
*78
2
1
/ 1
*
177 Mar 30 13313 Feb 23
11512 11512 1,301 Midland Steel Prod Pre---101
4
4
AM 991 Aug
4
64
1133 1143 115 116
4
8
693 Mar 26 8313 Jan 14
4
101
1153 11534 31323 115
*114 116
77
7312 4,103 Montana Power
7713 7718 7812 77
41 Mar 844 Nov
77
•7612 7713 77
8 77
777
Mont* Ward & Co Di corp _ 80 56 May 19 82 Jan 2
7218 7414 7153 708 163,101
4
223 Mar 42 DOI
7112 721
4
2
1
/
19121.1av 13 37 Feb 10
73,2 713 73
6514 63 4 69
3
91. .18n
13,630 Moon Motors._......No Da
M.‘
2
; 21, 25
11, Ptah a
14
44,
3
233 2414 2114 251
• 111 '
8
g.
24
't
2412 237 2414 2314 21
...r I •, Onalltin, v.
v. 3
•rs,
31, 3
3
6
Ex-drvidend.
•1310 and Wiled prices; no gales on this day.
•




New York Stock Record—Continued—Page 5

3435

For•vie* during the week of stocks usually inactive, see fifth page preceding.
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday,
June 12.

Monday,
June 14.

Tuesday,
June 15.

Wednesday, Thursday,
June 17.
June 16.

Friday,
June 18.

Sales
for
the
Week.

STOCKS
NEW YORK STOOK
EXCHANGE

$ per share $ per share $ per share $ per share $ per share 8 per shase Week Indus. & Miscall. (Con.) Par
2218 2212 1,900 Motion Picture
23
4
23
223 23
4
223 23
23
23
23
No par
23
4 393 393 23912 3913 39
8
4
4
3914 3912 393
8 4,200 Motor Meter A
393 393
4
No par
4 393 403
4
8 25
243 243
4
253
s 5,200 Motor Wheel
4 243 253
24% 2488 2412 2412 2434 25
No par
1312 1312 *12
1312 *12
15
*12
*13
15 .13
134
/
1
14
No par
200 Mullins Body Corp
35 35
35
35
*34
*333 35
35
4
35
*34
200 Munsingwear Co
*333 35
4
No par
58
5
/ 538
1
4
812
No par
5% 718
612 9%
53
4 6
712
7
37,600 Murray Body
5414 547
8
3438 5412 5414 55
8 55
8 5412 5612 557 563
5612 65,500 Nash Motors Co
No par
100
.-- -- - - --- - ---- ---- ---- -- - - -- - - -- -- -- -- -- -- - --Do plat
100 National Acme stamped_100
778 778 *8 812 *8 812 *8 812
*8
84 *8
812
91
9212 9014 9138 9018 9114 907 92
917
91% 93
8
91
44.600 National Biscuit
25
__ *13112 133 *132 133 *132 13214 *13012 13212
•131 133 *13012
Do prat
100
41 12
4134 417s 4112 4212 4112 4214 4212 443 18.200 Nat Cash Register Awl No par
4
413 42
4
26
/ 2634 27
1
4
4 26
2614 273
4 2,500 National Cloak & Suit—.100
273
8 263 263
27
4
273
4 27
*74
80
*75
80
80
*7514 7512 . 100 Do prof
•75
76
75
*73
75
100
70% 694 70% 683 70
68
68
4
4 66
664 673
4 6612 663
30.600 Nat Dairy Prod tem ottsNo par
26
26
*2512 27
26
26
*2514 26
*2512 26
*2514 26
200 Nat Department Stores No par
90
90
*9012 92
92
91
91
90
*90
90
*9012 9212
400
Do prat
100
18
177 18
8
*1712 18
8
18% 183* 18
173 17
4
/ 173 18
1
4
900 Nat Distill Products—No par
50
*45
49
48 •45
*46
4512 4712 *45
*45
49
49
400 NatDIstilProdpfteMizt1No par
2312 2213 2212 2218 2214 2234 2278 223 23
.23
2312 .23
4
1,200 lat Enam & Stamping_100
81
*78
81
*77
*77
•78
81
81
•77
81
81
*78
100
Do prat
161 161
15312 15712 15714 15714 *153 15714 157 157% 158 161
2.400 National Lead
100
118 *11718 11812 *11713 11811 11812 11812 *11812 119
•117 11712 118
300 Do pref
100
21
2114 203 2114 203 21% 2088 21
20 4 21
4
3
20% 21
4
32.600 Vatlonal Pr & Lt ctfs—No par
60
6012 61
60
61
61
*60
/ 61
1
4
603 60 4 61
4
*60
3
800 Vattonal Supply
50
*113 115 *114 115 *114 115 *114 115 *114 115 *114 115
100
Preferred
221
- 4520
100
National Surety
iii 155 iii iai 111 14434 145
155
I3,700 National Tea Co
No par
, 1312 14
21332 133
1312 138
4 1312 1312 1338 1388 1312 138s 5,200 Nevada Consol Copper____ 5
42
4212 42
41
4114 *4113 42
433* 434 2414 4212 437
6.806 VY Air Brake tern otts-No par
8
, 6114 *603 6144
160 2
*60 3 6114 . 3 6114 *607'e 6114 *603, 6114 *601
1
No par
Do Class A
39
3972 3934 41
4038 42
4113 42% 42
43
42
4312 19,600 1 Y Canners temp otts_No par
*35
36
36 4 3512 36
3
36
373 *36
4
*36
37
*36
37
1,000 lei* York Dock
100
*8812 70
*6812 70
*6812 70
*6312 69
*6812 70 .6812 69
100
Do pref
_ _ •102
___ *102
___ •102
_ __ 102 102 *102 -_
100 1 Y Steam 1st pref.- _No par
2814 284 1814 *2818 2814 2818 21
281s *2812 *102•28
2814 2813 18
300 'Niagara Falls Power pi new_25
49
4932 49
51
5012 5214 5112 52
8 511 5212 64,200 North American Co
/
4
511 517
/
4
10
5012 5012 50
513
50
50
*50
51
51
5018 5018 51
1,100 Do prof.
50
06
0614 *06
9614 96
96
96
9614 963, 1,000 No Amer Edison prat_ _No par
*96
96% 96
87
9
9
944 9
•87
14 914
87
4 9
88, 878 283
1,700 Norwalk Tire At Rubber-- 10
*1512 16
*15
*1512 16
17
*15
17
*15
17
*15
17
Vunnally Co cybe)____No par
•30
12 3112 *31
311 231
31
*30
31
•3012 31
3012 3013
25
600 MI Well Supply
Ontario Silver Mln new No pa
- - 87 Ili
7i-2
55 -3134 -iii1 - -- - -5a- -- - -iriT2 16 -io- 11- - - 550 Onyx Hosiery
3
6
3712
No par
8,
*941/4 96
*9413 96
*9412 96
*9412 96
*9412 96
*9412 96
100
Preferred
*53
5312 5312 55
54% 54 4 548 55 s 5514 56
3
2
5512 557
8 6,400 Oppenheim Collins & CoNo par
2934 30
2912 2912 *2913 30
3014 30 4 2304 3032 6,900 Orpheum Circuit. Inc
3
301
30
1
•10334 104 *10334 104 *102 104 *103 s 104 *1037 104
s
7
1037 1037
s
100
100 Preferred
11314 1138 114 114
117 11722 11714 119
•11212 114
1144 118
50
3,300 Otis Elevator (2)
107
108 108 •106 108
/
1
4108
*105 108 *105 103
10813 10812
100
700 Preferred
g
*9
914
938 9 4 2.200 Otis Steel
9
914
914 914
914 93
No par
934 97
3
9112 914 92
*9114 93
*91
95
9312 9323 94
*93
944
100
600 Do prat
64
6314 63 4 2633 63 4 63 63
3
64
6312 6314 6312 6412 2,000 Owens Bottle
4
3
25
*48
49
*47
*4712 49
48
*48
49
*47
49
*47
49
No par
Outlet Co
4
*100 10114 *1003 1014 1003 1003 *10012 1011 *10012 10114 *10012 10114
4
/
1
4
4
100
100 Preferred
12614 1283 1264 12614 12712 12712 *127 129 *12612 12812 12714 12912 1.828 Pacific Gas & Electrio_100
3
18g
18g
138 111
las
112
13
8 127
1
138
11
s
112 12.000 Pacific 011
No par
g
357 361s 38
384 4018 86,600 Packard Motor Car
363
363 384 3712 3812 3812 40
4
10
4 167 1712 21634 173* 163 17
s
163 163
4
4
177 1712 17% 173 13.500 Paige pet Motor Car_No par
4
8 73
724 7214 7212 737
74
/ 7388 741
1
4
73
7414 7287 73
6,
600 Pan-Amer Petr dr Trans__ _.5
7514 7388 754 73
727 733
8
8 733 7438 7312 7514 7412
8
737 139,440 Do clam B
8
50
38 4 3918 39
3
3812 39
398 391 392 383 394 38 3914 12,500 Pan-Am West Petrol B-No par
/
4
/ 29
1
4
294 32
8
8 2738 2838 27
20 8 23% 223 263
7
283 3178 156,400 Panhandle Prod & Ret_No pa
8
*213, 2314
21
2118 *21
2112 2112 22
2112 213
4 22
22
1.000 perk & TlIford tern ctts-No par
64 614 264 6
63
8 63
*618 614
8
8
/
1
4
612 63* 7,300 Park Utah C M
68 63
1
54
553
8 533 5412 5414 563
4
544 55
/
1
s 5412 55
No par
551256
6,200 Pathe Exchange A
*2112 2178 2134 23
217 224 2112 22
2
224 2212 22
22
No par
/ 7,600 Penick & Ford
1
4
914 914 *9
*94 10
*914 10
10
*9
10
9
9
50
200 Penn Coal * Coke
13
138
138
112
138
s
112
112
112 112
138
13
112 8,100 Penn-Seaboard St'l vtc No par
4
8
3
•1213 12112 12138 1223 12234 12312 12218 122 8 12214 12214 12178 12212 1.700 People's 0 L & C (Chic)_100
7284 7114 7112 72
72
*71
728 7112 7112 *7114 72
72
50
900 Philadelphia Co (Pittsb)
4978 4978 493 493
*494 50
4
4 50
501 *50
5014 50
50
50
900 6% preferred
*3812 38 8 373 38 2 3713 37 5 373 38 2 373 3812 39
3
7
7
2
3
3978 14,100 pifila ,34 Read C & 1--No par
4
*36
39
3912 363 37
*37
40
*37
*37
40
*37
40
400 Certificates of Int___No par
52 .50
52
*47
*47
52
*47
52
*47
52
*47
52
Phillipe-Jones Corp____No par
8 217 224 2214 2238 22% 2312 2212 23
7
214 22, 2214 223
8
10
7.900 Phillip Morris & Co.. Ltd
, 47
96
4612 2451
4535 46
4638 474 463 4738 46
4
467 114,300 phtilipa Petroleum
No par
*47
52
*36
3712 •38
37 .36
38
38 '36
5
3772 3932 1,000 Phoenix Hosiery
*93 100
*30
88
*98 100
*98 100
*98 100
100
*98 100
Preferred
247 271 268 273
8
/
4
24
18s 25
4 27
2712 27% 2814 26% 28% 72,100 Pierce-Arrow Mot Car No par
4
4
9914 9912 993 1013 102 1033 10212 103
4
1024 103
100
2997 1013* 10.400 Do prof
*4
7
2
*%
%
3
4
7
2
25
*
4
7
2
%
7
a
7
2
% 2.700 Pierce 011 Corporation
*15
19
1512 153* •15
19
16
16
*1512 17
16
16
100
400 Do prof
44 418
4
41
/
4
4
41
/
4
44 44
4
/ 44 *4
1
4
41 2,300 Pierce Petrol'm tern ettsNo par
/
4
*2912 30
2913 2912 *29
30
*29
/ 30
1
4
31
31
30
100
30
900 Pittsburgh Coal of Pa
*70
71
7014 7014 •70
71
*70
71
71
71
*70
73
100
300 Do pref
.96
98
*96
98
*96
98
*96
98
*96
9912 *9614 98
100
Pittsburgh Steel prof
*4012 43 •40
43 •40
43
•40
43
43
44
43 43
100
900 Pitts Term Coal
*85
87
8612 8612 .85
.86
87
87
87
200 Preferred
8614 8614 *85
100
194
•14
20
*17
20
•17
1912 *17
Utilities prof _-__10
•17
1912 *17
1912
Pittsburgh
____ ___ ____ -- __
10
Do prat certificates
2 ii ..iii.. iw ..iiiz --- --- --- ---- 94_ ; ..ii_ _9i3i 81.400o postpferred etts new
_
.
_ i — li_ _siii, viii _oi -- -- ---- -- -. 7
10
la
Pr m
911
Cer Co Inc new_No par
/
4
/
4
8
39
39
39
3914 397 401 401 4112 1,700 Pressed Steel Car new
39
39
39
39
100
85 k 8514 •85
5
85 4 *8514 8512 8514 85% 85% 851, 8512 8512
3
400
100
Do prof
8
184 1318 *13
,
8
4
4
4 127 127
133 1378 133 133
14
13% 13
900 Producers & Refiners Corp_50
*32
34
*32
8
34
34
34
3212 32 5 3318 3318 *3312 34
50
400 Preferred
844 854 8334 854 8412 8514 85 2 8614 86
871 854 8738 49.100 PubServCorp of NJ newNo par
/
4
7
•106 107 *106 10612 106 106 •106 1064 106 106 *106 bOlt
300
100
Do 7% prat
•119 120 *119 120
/
4
119 119 *119 11912 *119 1191 *119 1194
100 Do 8% prof
100
8
*10012 101
10012 1003
10012 10012 *100 10012 *100 1003* 10012 101
800 Pub Sem Flee & Gas p05_100
,
•11018 112 *11018 112 *11018 112 *11018 112 *11018 112 *11018 112
Pub Service Eleo Pr prat _100
17334 17612 174 176
17314 175
4
17414 1763 176 1773 1754 1773 24.000 Pullman Company
2
s
100
341s 344 *344 35
35
*34
/
1
343 343
4
4 3412 367 .35
8
35'2 2,700 Punta Alegre Sugar
50
3
2818 2714 283
3
2 274 28, 2818 28 8 2818 283* 273 2814 32.000 Pure 011 (The)
28
4
25
110 1103 *110 112 *108 113 *110 112 *108 112
8
•108 112
200 Do 8% Plat
100
5 443
4 433 4412 4318 4414 43
424 43
2
4 4318 437 36,000 Radio Corp of Amer__No par
424 443
8
465 467 *4612 47
, ,
467 464 467 467
, /
*464 47
*467 47
1
8
8
600 Do pref
50
---- ---- ---- - -- - -- - - ---- -- - - -- -- - --- -- - - --- - --- Railway Steel Spring new._ _50
Preferred
100
3714 3312 3312 *3318 3714 *3332 3714 *33% 3714 *3318 37
;35 -14
Rio Rand imam Ltd
No par
1334 14
137 14
4
1334 14
/ 1418 133 14
1
4
133 133
4
4 13
66.200 Ray Consolidated Copper_10
3
4712 48
47
48
5
48
49
401 487 24814 484 2,500 Reid Ice Cream
*4712 48
8
No par
104 1012 1012 103
8 103 118* •1012 1138
8
1012 11
113 111 1,700 Reis(Robt)& Co
4
/
4
No par
/
1
106 109
10414 1054 10314 10814 10712 110
10514 1053 '
4 105 105
12.000 Rem' n4ton Typewriter_ --100
_ *110
___ *11014
_ *110
_•
11014_-- *11014
*111
100
--Do let pref
*11034 fif 111 fii 4108 108 *109 11114 10924 112 *111 11-2
800 Do
100
d pref
924 07,
913 10
10
10
9
/ 1014
1
4
914 914
10
1014 3,900 Replogle Steel
No par
8
5212 5112 .5238 5112 527 13,200 Reputote Iron dr Steel
513* 505* 5135 503 511 1 51
50
100
*93
95
942 95
*9312 9412 *93
9412 *92
*9412 95
9412
100
200 Do pref
4
612 612
612 65
8 *633 6114
612 612 *612 63
*63
4 7
600 Reynolds Spring
No par
98
97
064 9734 97
9712 9714 9712 974 973 290
4
968 12,800 Reynolds (NJ) Tob Class B 25
*89
8912 *8612 91
91
*8612 90
*8612 91
*8612 90
*88
20
Russia insurance Co
532
533
8 53
7
53
53
53
5212 523
4 5212 523
4 2,700 Royal Dutch Co(NY shares).
*533 53
2
417 423* 4012 4214 41
4 413 42
8
4012 4012 413
411 10,700 St Joseph Lead
/
4
40
10
49
4914 49
5 49
48 4 49
3
4912 49% 503
8 503 524 8,600 Safety Cable
8
/
1
'•48
No par
8234 8314 82 8 821s 83
84
3
8114 80
80
831 821 83
/
4
/
4
% 8.100 Savage Arms Corporation_100
451, 514 *47
,
514
514 54
514 512
5
/ 53
1
4
4
512 512 2.700 Seneca Copper
No par
6212 63
6314 6414 6212 64
6212 63
6312 64
623 63
4
3.600 Shubert Theatre Corp_No par
4712 48
4
4 483 *4712 4835' 477 48
494 43
No par
4712 47
4 48
6.400 Schulte Retail Storee
*11712 118 2116 116 *117 119 *117 118 .117 118
*117 118
100 Do Pre!
100
1
s
1312 1312 1312 1312 133 13, *133 1312 1312 1312 1.100 Seagrave Corp
8
13
13
No par
/ 525, 543
4
4
483 49'4 9.'s 1 !..
2
.9'r. 511* 5014 5034 51 531 5217 625* 90,500 Sears,Roebuck&Co new No par
^
, `1. sn,
1,
4
Vila VP,
aft1,"
9,600 Rhatturk (F 01
.
Nn nem
en.
•Bid and asked Mown no isle. on this diy. s




PER SHARE
Range Sines Jan. 1 1926.
Oa basis of 100
-shari jogs
Lowest

Highest

$ per share
19 Jan 26
4May 19
333
22 May 18
1312June 12
843 Apr 6
4
3 May 8
52 Mar 24
10612 Jan 4
7 4May 19
3
74 Jan 8
126 Jan 27
38 May 22
2012May 21
7212June 7
53 Apr 14
2514May 25
90 Jan 14
1212May 18
38 May 7
2212June 16
78 May 21
138 Apr 15
116 Jan 16
164 Mar 2
554 Jan 4
10414 Mar 30
208 Mar 31
119 May 15
8June 1
111
3613 Jan 2
554 Jan 6
32 Apr 12
324 Mar 30
/
1
69 May 13
99% Apr 13
271,Mar 31
42 Mar 30
49 Jan 2
9113 Mar 31
814May 18
1332 Mar 1
3014 Apr 26
10 Jan 8
31% Feb 2
95 Apr 17
47 Jan 12
2713 Mar 25
101 Jan 13
106 May 20
1023 Jan 18
4
812May 10
85 May 17
8
53 Mar 29
44 May 19
9712 Apr 1
118 Mar 31
n1 May 13
31% Mar 31
133
8May 14
5618 Mar 31
567 Mar 31
8
34 Mar 1
412 Jan 21
1934 Apr 13
072May 14
4518May 17
2
167 Jan 28
9 June 18
114May 13
117 Jan 4
5912 Mar 2
5
47 Jan 4
364 Apr 14
4June 14
363
50 Mar 30
16 Apr 3
40 Mar 311
31 Mar 30
94 Mar 25
19 May 15
7612 Apr 15
3
4MaY 5
1512June 14
338May 20
29 June 9
7014June 14
94 Mar 29
397
8May 20
83 Mar 26
1412 Mar 3
15 Mar 20
15 Jan 22
7512 Mar 30
34187.lay 19
82 Mar 4
11 Mar 29
303
4May 11
72 Mar 2
10312 Jan 12
115 Mar 2
97 Jan 22
100 Jan 18
14 44 Mar 3
33 Apr 14
253 Apr 13
8
106 Apr 14
32 Mar 30
44% Mar 31
534 Mar I
115 Apr 9
3214 Apr 30
1C12 Mar 3
46 May 28
914 Mar 31
8312 Apr 20
106 Apr 21
105 Apr 1
872May 20
44 May 19
9114 Mar 30
512 Feb 24
90 Mar 30
86 Mar 2
50 Mar 3
3638May 11
4218 Mar 31
73 Mar 31
43
4June 2
52 Mar 4
4212 Mar 30
11212 Jan 6
1212 Mar 3
4414 Mar 29
47 Mgr sn

$ per share
23123une 3
533 Feb 10
2
k
337 Feb 15
1934 Feb 1
38 Jan 2
15 Feb20
/
1
4
66 Feb 23
10612 Jan 4
127 Jan 9
s
9314 Jan 29
13112 Apr 28
64 Jan 6
57 Jan 2
92 Jan 8
12
80 Jan 2
42% Jan 7
97 Jan 19
34 Jan 4
731 Jan 4
4013 Jan 2
89 4 Jan 4
3
174% Jan 5
120 May 20
3838 Jan 21
657 Mar 16
s
114 May 28
227 Jan 20
238 Jan 4
14 Feb 15
4
443 Mar 11
603*June 1
8434 Jan 29
4578 Feb 5
74 Feb 5
103 Apr 28
2812 Jan 22
67 Jan 14
51 June 18
983
2June 18
1512 Jan 14
17 Jan 7
12
36 Feb 5
104 Jan 14
44 June 18
99 Jan 12
60 Mar 11
/
1
4
30 4June 17
3
105 Apr21
12914 Feb 6
10812June 18
1412 Jan 19
107% Feb 17
6814 Feb 8
52 Apr 5
1014 Jan 16
1324 Jan 29
8312 Feb 13
433 Jan 4
2812 Jan 4
7612 Jan 2
78 Jan 4
/
1
4
40 Jan 2
32 June 17
384 Jan 4
9 Feb 5
13
83 Jan 7
23 June 16
17 Feb 8
214 Jan 4
130 Feb 11
761, Apr 8
50% Mar 30
483 Feb 13
2
464 Jan 11
553 Jan 2g
4
2312June 17
4912 Feb 13
g
447 Jan 9
994 Jan 21
43 Jan 9
12
1087 Jan 11
2
11 Jan 30
/
4
2718 Jan 30
7 Jan 30
4213 Jan 5
85 Jan 5
98 Feb 1
63 2 Jan 9
7
9214 Feb 5
2014May 21
20145iay 26
2014May 26
1247, Feb 3
41828tor 19
953 Jan 7
4
1712 Jan 2
3614May 27
9212 Jan 19
1087 Apr 19
12012May 20
10114May 6
112 June 3
4June 17
1773
47 Feb 4
31 Jan 4
11114 Feb 27
463
4MaY 26
47 8M115 27
7
1
687 Mar 10
s
123 Feb 20
2
341 Feb 5
1418June 14
56 Jan 4
183 Feb 23
127 Feb 3
110 klhy 26
112 June 17
154 Jan 4
5
63 Jan 7
9514June 10
10% Jan 5
9812 Jan 5
100 Jan 20
673 Jan 9
8
4818 Feb 10
54 Jan 14
10212 Feb 10
1014 Jan 4
6572May 12
13812 Jan 23
119 June 4
143 Mar 12
4
54%June 18
9988 Jan 4

PER SHARE
Range for Pretious
Year 1925.
Lowest

Highest

$ per share $ per shirt
192 Dec 2012 Dee
40 Nov 447 Oct
8
18 Apr 35 June
13 Aug 2112 Feb
30 Apr 39 Dee
/
1
4
514 Dec 4202 Mar
19312 Jan 488
Oct
103 4 Jan 107 July
3
414 Mar 123, Dec
65 Apr 79 Dee
12313 Mar 12812 MAY
I912 Dec
875k Dec
42 Jan
384 Jan
96 Apr
29% Dec
52 Jan
13
25 Apr
75 June
13812 Apr
11412 Sent

- , Oct
847
104
Jan
8172 Nov
45 May
102
Jan
1
43 Oct
81
Oct
411 Dee
s
8914 Jan
174 Nov
/
1
4
119 Bent

- 2543 Dec 71 Jan
1043 Jan 110 Apr
2
206
Jan 222
Oct
201 Dec 250 Dec
1114 Apr 1684 Jan
3112 Oct 564 Jan
50 Sept 67
Jan
311 Mar 514 Dec
/
4
/
1
18 Mar 454 Nov
5212 Jan 76 Dee
97
Jan 102 June
273, Oct 29
Jan
4112 Jan 75
Oct
468s Jan 5013 Sept
941 Dec 904 Dee
1212 Sept 184 Aug
8 Jan 1E4 Nov
333, Dec 88 Nov
54 Jan
11
Oct
188, Jan 89 Dee
78% Mar 97 Nov
stig Sept53 Dee
25% Jan 327 July
2
98
Jan 107 Seta
8738 Feb 14012 Aug
101 Feb 112 July
8 Mar 1514 Aug
50 Mar 974 Aug
14
42% Mar 69% Nov
494 Nov 67 Nov
98 Nov 1007 Dec
10213 Jan 1374 Nov
5184 Aug 7812 Dee
15
Jan 4813 Nov
173
2May 32 Oat
59 Sept83 8 Mar
/
1
4
7
604 Aug 8412 Mar
3714 Oct6104 Dee
24 Aug6 Dee
14
25 Sept35 Jan
11
70 Nov
17 Dec
1234 Apr
1 Ana
112
Jan
5112 Mar
4512 Jan
87 4May
1
38 July
51 Nov
12 4 Mar
1
3614 Mar
18 Apr
84 Apr
107 Mar
2
43 Mar
14 Nov
2014 Dec
44 Dec
37 2 May
1
80 May
94 Mar
30 Apr
79 July
127 Mar
2
121 Mar
4
123 Nov
4
544 Nov

9012 Ger
28 Apr
Ws Jan
3 Jan
123 Oct
674 Dee
49 J1317
52 Jan
12
50 Jan
12
9012 Jan
25% Sent
474 June
8214 July
00 Dee
4714 Got
100 Nov
3 Feb
12
40 Feb
814 Feb
WI Jan
99 Jan
102 Jan
12
6384 Jan
88 2 Nov
1
17 2 June
7
16 June
1512 July
121 Dec

- Jul;
7614
1212 Aug
27 Sept
62 Mar
12
99 Jan
108% Apr
99 Jan
9213May
129 Mar
83 July
25 Aug
12
10212 Jan
394 Nay
43 Dec

- 2 Jan
92132% Feb
4712 Feb
8772 Aug
106 Nov
119
Oct
106 Nov
10012 Dee
17312 Sept
474 Jan
33 Feb
/
1
4
10812 Sera
77 2 Jun
7
64 Feb

1144 Mar
- 338 Nov
g
Has Apr
Oct
43
10 may
4634 Jan
Jan
IGO
103 Sept
121
2June
424 Apr
8414July
8 July
724 Mar
85 June
4814 Mar
353 July
4
48 Dec
4812July
9 Nov
5112 Dec
4
1013 Sept
114
Jan
134 Nov

122 Dee
394 Aug
17 8 Feb
8
604 Dee
28 July
14
1173 Dee
4
109
/ Oct
1
4
1184 Am
234 Jan
64 2 Jan
1
95 jail
18
Jan
95% Nov
974 Feb
57
/ Jan
1
4
5218 May
5012 Dee
10835 Mar
11 Nov
5512 Dee
1344 Dee
118 Aug
163 June
4

4014 - 114;e

Pi- Aug

New York Stock Record -continued-Page 6

3436

For sales during the week of stocks usually Inactive, see sixth page precedine.
HIGH AND LOW SALE PRICES
-PER SHARE NOT PER CENT
Saturday,
June 12.

Monday.
June 14.

Tuesday,
I me 15.

Wednesday
June Ii.

Thursday,
J me 17.

Friday,
June IS.

Sales
for
the
Week.

STOOKS
NEW YORK STOOK •
EXCHANGE

pet share
per share $ per share $ per share Shares. Indus & MIscell.(Con.) Par
ti Per share $ per share
Shell Transport & Trading.i2
4118
*441z 457 *4312 45
*433s 49
8
*43
44'8 1•4114 444 *43
No par
2538 2512 2512 25 4 251 26
251 21
8
2512 254 2512 251 23,51)Shell Union 011
4
:
3
23) Do pref._
10712 10712
1011
106 106 *105 110 '
111051: 109
10718 10714 *10518 110
29,31)Simms Petroleum
1918 1914 1918 193 21914 207
10
8
4
s 1918 2014 191 234 1912 20
8,51) Simmons CO4114 42
No pa
4212 41
3912 397
8 393 4012 23934 41
40
41
4
3)) Preferred
10(1
*10812 109 *10312 1037 10312 109 *10312 110 *10312 110 *10313 110
8
8
2212 227 78.5) Sinclair Cons 011 Corp_No pa
223 223
8
4 2234 2314 2278 2314 2134 2314 2312 23
2,91) Do pref.
10(1
4
9713 93
97
93'8 94
9314 93
9312 93
93 2 931 9)
,
25
34
3112 34
313
8 34
313
8 3118 3118 3114 3178 333 3114 31,5)) Skelly Oil co.
4
8,101 Sloss-Sheffield Steel & Iron 10(1
12812 129
123 12134 127 1238 123 1311± 1311 13112 13) 131
4
8 6,10) South Porto Rico Sugar-- - 100
10014 102
4
100 10112 102 103
102 1022 1023 10) 10318 1077
Preferred
112 119
*112 119 *112 119 *112 119
100
112 119 *112 119
Spear dr Co
1412
1112 *11
No par
*11
14
*11
14
*11
1412 *II
1112 *11
Do pref
*711z 89
*7112 89
100
*7413 80 •7412 80
*7412 81
*7412 80
15,10) Spicer Mfg Co
2112 22
No par
22
213 2318 2314 2112 2212 21
4
2212 2112 23
Do pref
100
*103 105 *103 105 *103 105 10103 105 *103 105 *103 105
5512 511s 41,901 Standard Gas & El Co_No par
54
5112 5114 55
513 5514 5513 54
4
5114 55
8 4,791
Preferred
50
5414 5114 5118 5112 51's 5138 5118 51
18 5118 5114 5118 513
270
100
73
713
4 4,0)) Standard Milling
70 70
693 70
4
71
70
70
*693 70
4
Do pre!
90
.100
831 *83
*84
*84
90
*84
1184
*84
90
89
90
8
5314 533 43,300 standard olio/ cal n3sv _No pp
5812 53
3
58
8
5312 5312 53s 53% 591s 533 59
7
8
4114 413 90,60) Standard 011 of New Jersey 25
8
443 451
8 4434 4538 4438 4512 4434 451
414 447
4
DO pref non-voting__ _100
11712 1173 11712 11734 117 11712 11712 118
11714 1171 11718 1174 5,500
8
*58
4 6
200 Stand Plate Glees Co _-No Par
*584 6
53
4 53
4
6
6
*53
4 6
*53
4 6
600 Sterling Products
8112 813
8
813 8138 8112 8112
No Par
•813 817
s
8 8112 8112 *8112 82
743 773 44.100 Stewart-Warn Sp Corp.No par
4
s
7012 7112 7112 73
7412 757
72
723
4 7134 731
3,000 Strornberg Carburetor.aro par
6178 *5312 613 *5912 6114 *61
613
631
61
62
6312 64
4
5218 533 84,500 StudebVCorp(The) newNo par
4
528
7
52 8 541
8 5112 5212 52
30 a 5112 5114 527
7
Do pref
100
•121 12312 *12112 12312 •12112 12312 *12113 1231 *12112 12312 *1211.z 12212
*2
214 2,201 Submarine Boat
No par
214
214
2
2
2
2
*214 212
218 218
33's 3,300 • un Gil
No par
3233 323 *3212 33
3318 3318 33
8
327 33
8
33
331
218 212 9,000 Superior Oil
No par
212 212
238
234
238 212
238 2
3
•2 s 212
3
Superior Steel
23
*22
100
*22
23
*2114 23
*2114 23
*21
23
*2112 23
503 Sweets Coot America
11
50
*1014 12
11
*10 4 1112
3
*1014 12
*1034 111z 114 113
1,700 Symington temp otte__No par
.878 9
88 9
7
*8•13 8 4
5
3
83
4 83
4 *314 812
8 2 87
,
8
500 Class A temp ctfs _ _ _ _No par
*171z 1814 *1712 18
*17
18
1738 17313 1712 1713 *1714 18
1212
Telautograph Corp.__.No par
•11
121 *11
1212 *11
1212 •11
1212 *11
1212 *11
1214 5,30)Tenn Copp & C
123
8 12
*113 113
1218 12
No Par
8
8
4 1112 1138 113 1178 12
4
53 4 54 8 5418 547
3
5138 551
5112 5514 543 5514 5412 55's 159.00) Texas Company (The).- 25
3
8
10
8
1393 1397 13912 14014 13912 143
14214 14414 1433 14514 14212 1447 24.50) Texas Gulf Sulphur
4
8
10
1414 1412 1412 1434
1434 15
147 147
8
8 1418 1478
1414 1438 11,101 Texas Pacific Coal dr OIL
901 949 *870 910 . 292 Texas Pacific Land Trust_100
909 930 933 955 *900 950
915 945
300 The Fair
3
No par
*29
2914 2914 2914 23 4 29
2914 *29
2914 2914 2914 .29
100
23314 333
3314 3378 3212 3314 2,000 Tidewater 011
•33Iz 34
33 4 34
3
3
4 32 8 33
200 Preferred
95
100
9378 94
*94
*194
95
94
94
94
94
*9312 0
4
7
52
523
5114 5112 501 5112 5012 51311 51
53
4 513 52 8 14,600 Timken Roller Bearing_No par
8
100
8
8
993 1003
4
8 9978 100313 100 10178 10112 10214 1017 10214 10214 1047 31,700 Tobacco Products Corp
2.300 Do Class A
100
*1063 107
8
10678 107
107 10712 10712 10712 107 10712 108 108
312 33
8
4
438 41,200 Transe'V1011temetfnew No par
334 4
338 3 8
1
3% 3 4
3
312 3 4
3
Tran8ue& Williams SVI No par
21
•19
•19
2412 *19
21
251z *19
2512 4119
2512 *19
554 2.800 Underwood Typewriter... 25
55
551z 5513 5513 5514 5512 55 55
55
554 55
45
45 4 4434 4512 4478 45
4414 447
4
3
s 443 4514 4538 4512 12,100 Union Bag & Paper Corp__100
25
4318 44
4 44
s
4418 4438
4318 443
4438 454 4758 4614 487 89,800 Union Oil, California
900 Union Tan_ Car
100
9478 9412 9412
*92
94
*92
94
94
93
*92
9312 931
500 Do pref
100
*11412 115 *11412 115
117 117
115 116 .116 1161 117 117
2912 2912 2912 *29
8 1.000 United Alloy Steel.
2912 2912 *29
No Par
293
8 2912 294 2973 297
25
s 7,000 United Cigar Stores
9014 9013 *189
9238 92
9212 0234 943
9012 9012 9134 92
Preferred
100
•122 125 *122 125 *120 125 •I23 125 *123 125 •123 125
100
15313 15312 15414 15812 15512 1573 15634 1581 1537 16012 159 16014 14,300 United Drug
8
4
500 Do 1st pref
50
*57
57
*5712 58
5713 57
*567 57% 5718 571
8
574 58
United T)yewood
100
•____ 11
11 s_ ___ 11 5____ 11 •___. 11 *___ _ 11
7,000 United Fruit new
No par
107 1077 108 10812 108 1081 108 109
8
110 11312 11012 112
300 United Paperboard
100
*2312 2412 *2312 2412 *2312 2412 *2312 24
24
25
*2312 25
Universal Pictures let pfd 100
94
95
*93
*93
*93
95
*93
*93
95
95
*93
95
8
4 20
19
213
8 2114 24
233 2412 233 2514 78,600 Universal Pipe & Rad..Nopar
8
4
19% 193 193
100
67 6714 8812 8812 6811 70
7478 7512 5,200 Do pref
71
75
73 4 74
3
33,500 U S Cast Iron Pipe & Fdy_100
*16912 170
17014 174
17112 1731 173 18312 182 192
187 192
100 Do pref
100
•101 104 •103 104 *103 104 *103 104
s
1033 103 8 •10312 1043
8
3
5114 52
5114 53
51% 523
5112 521
52
551s 36.400 D 8 Distrib Corp tern al No par
5212 521
Do pref
100
*190 250 *190 250 *18612 250 *18612 250 *18613 250 *18612 250
*4912 50
4938 507
s 2,400 TJ811off Mach Corp v to No par
4912 493
8 4938 491
4912 491
4938 491
5534 563
55
4 8,600 U S Industrial Alcohol-100
5512 5412 5518 5412 56
581
5513 56 4 56
,
700 Do pref
100
*100 8 101 •10078 101 *100 8 101
7
101 101 *101 1021 102 102
7
6214 18,900 USRealty&Improv't newno Par
8
60 4 6138 6014 611
3
60
6014 603
4 603 62
6014 61
100
597
8 5918 813
59
607 62 4 613 6412 91,200 United Slates Rubber
3
4 593.1 603
593 60
3
3
3
4
100
900 Do let pref
106 106
106 106
106 1061 1053 106 *10512 10612 106 10612
8
50
41
7
3918 393
s 4038 41
417
417 4212 42
8
42 8 4,700 US Smelting. Ref & Min
4 4012 403
50
800 Do pref
*483 4912 4914 4914 *4914 491
4
4914 493 •481z 50
497 497
8
s
136 1373 13512 137
1333 137
4
4
1351z 139
137% 1393 13412 139 728,801) United States Steel Corp 100
4
100
12912 1297 1291z 1291 129 1291 12838 12912 12813 1287
s
8 3,200 Do pref
130 130
U S Tobacco
No par
83
*61
63 4 *61
3
63
3 *61
6334 *61
633 .61
4
634 *81
Preferred
100
*112 116 *112 118 •112 116 *112 116
*115 116 *112
Utah Copper
10
*97 110
*97 110
*97 105
*97 110
•97 110
*97 110
32
*31
30 8 3212 3114 3114 313.s 313
3
8 30% 313
8 4,000 Utilities Pow & Lt A_ __No par
3
4 304 313
No par
35
35
368 5,900 Vanadium Corp
35
3518 3412 351s 3518 351s 3518 371/ 36
van Raalte
No par
1.312
*12
1312 •12
16
1312 •12
1312 •12
1312 *12
•12
100
Do let pref
69
69
*60
69
69
*60
69
*57
*60
69
*60
*60
*73 .113
112
200 Virginia-Caro Chem _-_No par
1
1
*1
112 *1
3
4
3
4
No Par
7
1334 13 8 13 8 1438 1433 1458 1438 14 4 1412 1434 1412 117
3
2 7,087 New
7
No par
Certificates
41
2 112
*34 114 *34 4'4 *34 1,4 *74 114
4 112
*3
100
Do pre/
*6
*6
8
.6
11
*8
*6
8
8
*6
8
8
8
Frei ctfs
No par
*6
*6
*6
8
*6
8
8
*6
8
8
•6
8
sr, 112
No par
Do "B"
.3
4 114
*34 114
*34
114
.
7
8 112
*3
4 114
100
1.400 6% pre/ w I
48
4538 45 8 46
•4514 46
4612 4714 4814 4718 4714 48
3
100
8812 8812, 1.700 7% pref w I
89
8812 89
9612 289
961z 9612 96
8912 4188
Virginia Iron Coal & Coke.100
•47
*47
*47
50
*47
*47
55
55
50
*47
50
55
No par
3111 32
32
3214 3138 32
31, 3178 3112 3238 3112 3214 17,900 Vivaudou .V) new
3
800 Waldorf System
193 197 21913 1913
No Par
8
1973 1978
4
1978 197 *1912 20
8
*191z 20
400 Walwortb & Co
No par
144 1434 111141z 1512 •1458 153
•1412 16
8 1438 1438
*1412 16
Ward Baking Class A.
*95 103
*95 103
Par
.98 103
*95 103
*100 106 *100 106
No par
3412 3513 343 36
4
33
3514 88.100 Class B
32 8 323
4
3
8 3178 35
4 313 327
600 Preferred (100)
94
*93
95
94
94
No par
93
293
93
*92
93
93 93
8
8
1412 2.400 Warner Bros Pictures A__ 10
1218 .1212 1312 *123 133
s 133 1312 14
1218 1212 12
100 Warren Bros
No par
4614 *46
4614 4614 4614
4614 4146
*4512 4614 *451z 4614 *46
700 Weber & Fielibr, new _c No par
55
55
55
55
*54
55
55
54
55
*54
56
54
144 14412 14312 14312 144 1453
4 4,432 western Union Telegraph.100
14438 1443 *144 14412 144 144
s
4
8
1163 1163 117 1187 1177 11814 1177s 11912 11912 12412 12312 1263 33,400 Westinghouse Air Brake... 50
4
8
4
703 26,000 Westinghouse Etc.() & Mfg. 50
8
68
703
8 6912 7012 69
673 68 2 673 6912 6812 69
4
8
,
6,300 West Elm Instrument
4
1618 153 16
1534 163
4 1612 1612 1614 1614 16
8 1614 163
31
23014 3012 *3018 30 4 *30
3012 1,700 Class A
31
31
,
30
3112 31
West Penn Co
No par
C.ertifIcates
Do 7% pf tern et! new_100
4
West Penn Electric A__No par
Vi- ;iiT2 ii- iiii Vi 71.5ii 94
4
;i5i If- ;65" if
4
300 Preferred
100
993
99
*0013 1004 *9912 10012 *9912 10014 *0012 101 99 99 *11112 _ 4
West Penn Power pref--100
*11112 -*no
*110
*1103 -- *Iiii2
4
No par
273 281s 273 273
4
4
4 7,100 White Eagle Oil
2712 2784 273 277
8
4
s 275 2314 2758 23
50
5012 5512 5312 256
4
593 79,700 White Motor
4
577
8 563 5712 5714 5378 57
56
1,700 White RR, M & S ctfe_No 2 v
2718 273
8 2718 284
2814 29 4 31
228
2812 *2778 28
31
3
114
114
118
114
114
1
118
118 4,200 Wickwire Spencer Steel otf... _
1
1
114 114
2638 273
26
273 234,800 Willys-Overland (The)
4
4 2734 28
263 2714 2638 27
5
4
208 27
600 Do pref
_100
4 97
•96
9812
97
9638 961z 963
*953 9614 *96
8
9614 96
1,500 Wilson & Co. Inc. new_No par
7
8
*7
714 *7
714
*7
714 *7
714
714 *7
600 Do Class A
No par
15
1514 1514 15
*15
16
163 *1512 16
1
1612 16
16
3
16114 16378 163 1733 125,900 Woolworth Co (F W)
25
15014 15312 152 1571z 155 1583 15412 158
4
4,100 Worthington P & M
3112 33
100
3218 3214 32
3314 321z 3312 3212 3334 3278 33
Do pref A
78
100
*69
73
*8712 73
*69
*70
77
75
*69
73
*69
400 Do pre? B
100
61
*59
60
*5712 60
58
6112 *59
587
.1 613 6138 *59
8
10,800 Wright Aeronautical___No par
3312 34
3312 36
35
34
3414 33t2 34
3512 34
35
200 Wrigley(Wm Jr)
5212 5212 5212 *52
527
8
No par
*5112 5212 52
*5112 5212 *52
52
1,200 Yale & Towne
8
25
*5531i 63
*655 68
67 8 877
7
8 67 67
65
6612 6514 67
25
241z 257 x243 254 23,201 Yellow Truck & Coach__ 100
4
8
2212 23
2212 263
4 2512 2612 24
4994 190
1,700 Preferred
100
9914 9914 9914 9914 9914 9914 9914 9914 9912 140
1 4 non V.rol,er-sm Sheer ar T Nrs on.
751. set
•Bid

uad

asked




pricte,

no gales on Ude I ay

La-divalaua.

P8R 3114.RII
Range Sines Jan. 1 1926
Ors basis of 100 share lots
Lowest

Highest

per share 8 Per share
4 4VIns 10 41158 Jan 4
01
24 Mar 3 24, Tan 4
4
103 Mar 3 107 2June 18
,
18 Nd 11 7 2338 Jan 2
,
381251ty 14 544 Jan 4
10714 Jan 29 109 Jan 14
191 Apr 13 344 Feb 21
4
90 Mar 30 99 June 18
2652 Mar 30 3318 Sp,29
103 Apr 12 13611 Jan 4
92 Apr 15 11712 Feb 2
112 May 4 11718 Feb A
11 June 2 1784 Feb 19
72 Apr 20 8212 Jan 13
183 Apr 19 3138 Feb 5
4
101 Jan 12 105 Mar I 1
51 Mar 2 69 Feb 8
533 Mar 30 575 Feb 9
4
8
673
4May 19 11212 Feb 4
Mar 2 90 Feb 5
80
523
8May 14 591
8May 26
4012 Mar 3 4638 Jan 1
11614 Feb 25 11918May 18
434May 21
10 s Feb li
7
75 Mar 27 8812 Jan 7
8May 17 92 8 Jan 2
7
683
507
8May 19 77 Jan 4
14
47 May 18 611 Feb 23
4
11412 Feb 23 121 Feb 1
15 Apr 13
8
34 Feb 1
304 Mar 30 4158 Jan 4
414 Jan s
2 May 24
1912 Apr 12 27 Apr 29
8 8 Apr 13 13 Jan 7
5
24May 14 1412 Jan 4
8
1614 Mar 31 207 Feb 4
11 Apr 5 144 Jan IP
10 8 Mar 31
7
16 Feb s
48 Mar 3n 5514June 15
11912 Jan 12 14514June 17
124 Mar 2 1912 Jan 7
510 Mar 19 1035 May 27
2718 Mar 31 34 Jan 14
3014 Apr 12 3914 Jan 25
90 Mar 31 103 Jan 25
444 Mar 3 564 Feb 10
954 Apr 12 1104 Feb 23
103 Mar 3 113 Feb 20
3 Mar 4
434 Jan 4
19 June 5 27 Jan 28
5118 Mar 30 1333 Jan 7
4
36 May 21 7114 Jan 5
3714 Jan 20 493, Mar 23
8June 17
8414 Mar 31 947
11314May 22 117 June 17
2512 Jan 21 3112 Mar 17
8318 Feb 4 9914 Mar 12
1147 Mar 4 121 Jan 21
8
134 Mar 30 167 Feb 4
5512 Mar 5 5814May 1
10 Mar 17 12 Jan 11
8
98 Apr 15 1143 Apr 23
22 May 4 3812Mar 2
90 Mar 8 95 Jan 6
1
1352 Mar 31 28 4 Jan 5
52 Mar 36 7812 Jan 5
150 May 19 21014 Jan 4
1004 mar 8 105 May 28
39 Mar 30 6112 Feb 13
457 Jan 2
8
453 Mar 30
8
9914 Apr 22
4818 Mar 29
5014MaY 19
10112 Mar an
3658 Apr 21
4734 Apr 9
117 Apr 15
12412 Mar 3
5612 Jan 4
112 Mar 19
93 Apr 1
2814 Mar 81
29 Mar 3
1214A pr 20
60 June 10
Feb 26

593 Feb 4
8
7512 Jan 13
1043 Jan 13
4
7178 Jap 4
8814 Jab 23
109 Jan 19
494 Jan 2
50 Jan 4
13934June 17
13018June 11
83 Feb 19
1141 Feb 26
8
105 Feb 11
37 Feb 15
374 Apr 14
32 Feb 8
75 Feb 11
14 Jan 15

134may 3 254 Feb 3
34May 11
15 Feb 19
8
10 Jan 30 11 Feb 3
51
4May 24
I Apr 13
4514May 4
8812June 17
40 May 15
20 Mar 30
17 Jan 12
1214June 2
100 Apr 23
2414May 18
Po Apr 15
12 June 11
437 Apr 15
8
53 Apr 20
13412 Mar 30
10514 Mar 31
65 May 19
137 Mar 31
8
2714 Jan 4
118 Mar 2
12212 Jan 13
957 Mar 3
8
884 Jan 6
951271ay 17
108 Mar 25
2518 Apr 20
511* Apr 15
5113
28 Mar 27
1 June 10
18 May 17
9118 Jan 19
6 May 20
14 May 21
13514May 19
204 Mar 30
68 May 27
53 Mar 29
2'44 Mar 30
47 Apr 3
6012 Mar 4
20 May 24
9112 Apr 3
an Ms.. 14

PER SHARE
Range for Prestos.
Year 1925.
Lowest

Highest

Per that,
3938 Sep
2158 Ant
9912 Jan
173 Sept
4
3114 Ma
1004 Jan
17
Jan
783 Jan
4
213 Mar
4
8014 Mar
62
Jan
9934 Jan
1318 Dec
7814 Dec
1512 Feb
92 Apr
4014 Jan
5012 Mar
62 May
81
Jan

per share
49 Dee
2812 Dec
10614 Nov
263 Jan
4
8
545 Nov
10618 Dec
2478 Feb
9418 Feb
324 Nov
1434 Dec
10918 Dee
11314 Dec
24 May
92 May
8
367 Sept
108 July
Oat
61
5618 Nov
88 Dec
8634 Dec

g4
- 6 3 Mar
1,
538

473k Feb
119 Feb
Jan
16
83 Dec
964 Dec
8958 Oct
685 Nov
8
125 Sept
12 Mar
434 NOV
618 Feb
4138 Jan
1513 Oct
8
207 Sept
2618 Sept
1614 Nov
16 Dec
55 Dee
1217 Dee
8
233 Feb
8
657 Dec
3914 Oct
3678 Dec
Oct
101
5938 001
1013 Nov
4
1103 Nov
8
578 May
35 Jan
6514 Nov
86 001
4388 Feb
134 June
11718 Mtv
367 Mar
8
11512 Nov
1334 Dee
1624 001
584 Nov
20 Mat

11

6214 Mar
55 Mar
61 Mar
4114 Jan
113 Mar
3 Oct
3818 Nov
2 Dec
20 May
7
5 8 Mar
104 Jan
193 Dec
4
11 Aug
75 Apr
8
42 4 Jan
3
9712 Feb
107 Aug
8
355
Apr
324 Sept
304 Sep
99 Nov
3714 Ma
70
Jan
934 Jan
312 Sept
2412 Sept
3818 Mar
36
Apr
33
Oct
94 Dec
11314 June
24 May
6014 Jan
115 Dec
1107 Feb
2
52
Jan
9 Dec
-184 Apr
9478 Dec
26 Dee
65 July
1314 Apr
91 July
3018 Feb
130 Mar
23
Jan
704 Dec
102 Dec
13-1-2 Mar
923 Mar
4
30 Feb
44
Apr
1123 Mar
8
12218 May
6112 Mar
1055 Apr
8
82 Mar
3.) Aug
255 May
8
154 Aug
60
Apr
112 Sept
8
177 Dec
78 Dee
34 Jan
4 Mar
7 Aug
8
5614 Nov
924 Nov
30 June
714 Jan
1412 Aug
214 Dec
116 Apr
374 Mar
9412 Feb
1714 Dec
43 June
Apr
51
11614 Jan
97 Apr
6614 Mar
914 Apr
195 Mar
8
9714 Sept
Oct
107
94 Apr
1-(124;-- -_

331k Dec
10312 004
507 Feb
2
94 Feb
250 Feb
113 Aug
634 Dec
250 Dec
491 Oct
8
98
Oot
115 June
971k Nov

1087 Nov
3

51 Dec
4914 Dec
13914 Nov
1265 Jan
8
5914 NOV
114 Sept
111 No*
38 Aug
34 4 JUly
1
26 2 Nov
7
80 Nov
3
8 4 July
217 Dec
8
5 July
2312 July
20 Nov
478 July
63 8 Dee
7
954 Dee
46 Dee
284 Dec
4
1978 Jan
244 Dee
198 Dee
9512 Oot
112 Dee
27 Oct
8
012 July
10012 Dee
1447 Sept
8
144 Aug
Jan
84
2012 Aug
8
287 Dec
145 MAI

1112 Jan 7
15 Jan 8
8
69 Jan 4
9818 Jan 6
50 June 10
325 Feb 10
8
8May 28
207
2314 Jan 27
195 Jan 2
05e Feb 1
11012 Jan 15
1812 Jan 6
5018 Feb 18
8512 Jan 13
14738 Feb 4
12814 Feb 9
791z Feb 10
19 Feb 16
314 Feb 24
130 Jan 27
1244 UP 6
125 s De
5
)
100 JU1V
101 Mar 11
...........
97 Feb 11
10018 Feb 19
"iii
112 Jan 18.iri iffi
- uri
1
2 Aug1 4 Fe
29 4 Feb 10
3
90 Feb 11
5718 Mar 10418 Aug
2
3311 Dec 493 Aug
383 Feb 3
8
8
53 May
338 Jan 6
2 Dec
8
918 Jan 347 Nov
34 Jan 4
8
7214 Jan 1237 Deo
99 Feb 4
9 Apr 29
173
3May 27
167 80.1 banao
7 4 obt
ii; 175 8(i:8 -Fojj:ol
322 Jan 4
44$4 Jan 6
3514 Aug
76 Nov
80 Feb 2
115 Feb 24
58 Aug
8
36 June 18
16 Mar 323 July
451n Mar
5034 Feb 11
69 June 8
62 Sept 7014 JUIY
4
7
327 Feb 9
8
22 8 Oct 401 003
Oet
Oct 100
90
100 June 17
...u7. Inn 4
113 Mar 9214 Noy

1-1-2.; -

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

3437

Jan. 1 1909 the Ezchange method of twang bonds was changed and prices are now "and interest"—except for income and defaulted bonds.
BONDS
N.Y.STOCK EXCHANGE
Week Ended June 18.

Price
1"8
Friday.
8r
....5,.. June 18.

IB10

r.
Week's
Range or
Last Sale

tt
,
,..,.
aitZ

Range
Since
Jan. I

U. S. Government.
Ask Low
High N 0. Low
High
First Liberty Loan—
D 101 1532 Sale 1005734101,732 1085 991,22 01.'32
3)4% of 1932-1947
.1 13 1005532 Sale 1005421005532 10 995522 el",,
Cony 4% 011932-47
.1 D 102142 Sale 10215221025532 135 101, 025,
42
Cony 431% of 1932-47
32
.1 0,100253210055321021532.rne'26
24 cony 434% of 1932-47
_I 1015n 021, 4
4
Second Liberty Loan—
I
M N 100 100,522 100,532100,032 20 99542 001744
4s of 1927-1942
M N 100",, Sale 1005732100542 924 100142 101
Cony 431% of 1927-1942
,
Third Liberty Loan-M 5 1011532 Sale 101113210115n 745 100"4401144
.
44% of 1928
.
Fourth Liberty Loan—
A 0 103532 Sale 103532 103532 2033 101"34 03.34
431% of 1933-1938
1947-1952 A 0 108,532 Sale 108732 108,032 50 10642 085532
Treasury 43431
1944-1954 J D 1011022 Sale 101742 1041222 532 102'43 04"32
Treasury 48
1946-1958 M S 1015532 Sale 1015,
Treasury 35/0
321011522 18 100152. 015522
,
State and City Securities.
100 101
NY City-434s Corp stock.1960 M 5 1003 101 1005 May'26
8
8
1964 M S 10134 ____ 10218
:t 10012 10218
44s Corporate stock
10218
1966 A 0 1013 10214 1015 Felf26 ____ 10012 1014
d43 Corporate stock
-Is
4
8
1972 A 0 10172 1024 1013 June'26 __ 1003 10)3
4
4
43(s Corporate stock
4
4345 Corporate stock
1971 J 0 10614 10634 10558 Apr'26 ____ 10502 106'8
7 1047 10614
4345 Corporate stock_July 1967 J 1 106 1065 10614
8
8
10614
8
4348 Corporate stock
1045 106
106 1065 106 May'26
8
1963 M S 10578 10692 1057 May'26 ____ 10412 1063
4345 Corporate stock
8
8
1959 M N 985 Sale 9838
4% Corporate stock
8
: 9_73 9 ,
7
,
814
9838 ___1 .4 08 2
1958 MN 9814 9834 9814 Mar'26
4% Corporate stock
1957 M N 983 Sale 985
4% Corporate stock
8
8
9838
3
974 98,
4
1956 M N
974 974
4% Corporate stock
9712 _
9714 Mar'26
1955 M N
4% Corporate stock
9712
714 9714
-9
9714 Apr'26.__,,
1936 M N
98
99
4% corporate stock
98
_
99 Mar'26__ _
1957 M N 10512 11153- 1053 May'26 -1044 106
434% Corporate stock
4
8
431% Corporate stock._ _ _1957 M N 10512 1053 10514
4
2 10414 :055a
10514
334% Corporate stk_May 1954 M N 8914 893 884 Mar'26 ____
874 8834
4
89
334% Corporate stk_Nov 1954 M N
8814 88 4
3
4884 Mar'26 ____
,
314 s corporate stock
1955 M N 89
883 89
4
Apr'26 ____
89
1Vew York State Canal Im_461961,1 J ____
1015 Jan'26 ____ 1014 1014
8
19621
45
102 May'26 ____ 1013 102
4
1942 J .1 ____
4s Canal
101 18 Mar'25 ____
1964 3 3 ____
4145 Canal Impt
-i
04
102
Apr'26 ____ 10 - 1-1-1
4s Highway impt register'd1958 _ _ _
8
1017 Mar'26 __-- 1017 1017
8
8
Highway Improv't 4345_1963 M 5
11014 1 1012
11014 May'26 __
Virginia 2-3s
199113 J
.
6:68 -7612 Feb 25 ---

BONDS
N. Y STOCK EXCHANGE
Week Ended June 18.

rI
iE
...a.

Price
Friday.
June 18.

Bid

4reers
Range or
Last Sale

4 1
E:g1
;
twos

Range
Jan. 1

Ask bow
High N o .1 Low
MO
55
5
54exico(US)eat! 5a of 1899 .3;5 Q J
.4
11 45
55 Sale 50
49 Sale 4814
49 I 81
Assenting 58 of 1899
4212 5512
34 1 49
____ ___ 44 May'26 ----1 38
Assenting 5a large
44
Assenting 58small- . 3712 May:2 _______
2
6
5
_, _iii4
2714 Jan
Gold deb 4s of 1904
1954 J o 24 25
2/
;
1
334 Sale 303
4
33
Assenting 4s of 1904
73
204 34
__
23 4 Aug'25 ----, --- ---Assenting 45 of 1904 small__ _ _
--,
8
4 33
Assenting 48 of 1910
.1--J -313 - - 255 001'25 ----I
3312 Sale 32
Assenting 4s of 1910 large
33'2 57 -- -5- -- 2
2 8 337
3
3014
3014 91
22
Assenting 4s of 1910 small--------3014 Sale 2918
small____
31
14
50
014i 57
Trees 13s of '31 assent (large)'3350 Sale 4J12
21
4118 5315
0
5 13
2
50 Sale 49
Small
14 Sale 102
10212 45
96 10212
vlontevldeo 78
1952
Netherlands es (flat prices) .1972 m S 1083 Sale 10812 1084 14 1085 10912
4
8
10414 85 10314 1047
30-year external (314 Wal)...1954 A 0 10418 Sale 104
8
1015
8 51
1943 F A 10112 Sale 10118
Vorway 20-year exti Os
9934 102
10112 49 )00 1024
1944 F A 101 Sale 101
20
-year external 65
4
10758
0
112
1952 A 0 101)8 Sale 101
30
-year external 65
998512 0 0
100 104 1
2837
5
40
-year 8 1 534s temp____1965 1 13 97 2 Sale 97
,
Oslo (City) 30
-year s 1 6s1955 M N, 10014 Sale 10018 10012 21
1
Panama (Rep) extl 5 Na____1953 .1 DI 10212 Sale 1013
4 10212 15 10012 103
1034 17 10112 105
8
Peru (Rep of) external 814_1944 A 0 1035 Sale 103
Extl sink Id 734s temp__1940 M NI 9812 Sale 9812
9914 53
97
99
12
Poland (Rep of) gold 6s_1940 A 0 6212 Sale 61 7
8
6212
9
61
684
4
P0m e egrefd g 8son
ExtiA ll nk (City
8412 105
824 91
1950
31 8412 Sale 834
10212 26
985 10212
8
8s__19611.1 D 10112 Sale 10112
11312 88 1104 114
Queensland (State) ext s f 78_1941 A o 11312 Sale 1123
4
25 year external 68
4 10418 106
1947 F A 10538 1053 10512 10558
4
Rheinelbe Union 75 with war 1946 .1 J 103 Sale 101
897
9512 103
103
Without stk pure) warts_1946 .1 31 --------9602 May'26____
,
96
964
Rio Grande do Sul ext,18185_1946 A 0 10212 Sale 10214
1031219
9848 103
44
Rio de Janeiro 25-yr s 1 88_1948 A 0 104 Sale 10318
104
974 104
27
25-yr extl 88
97 10212
1947 A 0 10214 Sale 10112 10214 33
1057
4 47, 103 107
Rotterdam (City)extl 8s
8
1964 as N 1057 Sale ,105
1
I
Sao Paulo (City) a f 85
8
1952 MN 1043 ____ 104
105
5 10012 105
San Paulo (State) ext s f 8s__1936 J J 105 Sale 104
105 I 33 1024 10012
External s f 8s tot rects_1950 J .7 10514 Sale 10412 106
45 1014 106
Fralnee terilo78 7s___1956 m S 9712 Sale 963
rn a wa . an
)e i
4
9712 64
9612 97 2
,
Selnxte
Ee(
8712 88
1942 3 1 87 Sale 87
84
904
Serbs, Croats & Slovenes 88_1962 M N 91 14 Sale 904
8713 94
9114 90
3
82
85
Solssons (City) extl Os
8312
1936 M N 8312 833 8312
4
Sweden 20-year 68
1043
8 54 104 1054
1939 3 13 10414 Sale 104
Foreign Govt. 82 Municipal's.'
External loan 534s
1954 M N 104 Sale 10312 10414 57 10113 104,
4
I l'O 10012 1024
Argentine (Nat Govt of) 78_1927 F A 1013 Sale 10114
8
10112
Swiss Conted'n 20-yr 5 1 814._1940 J 3 115 Sale 11418
11512 58 11314 11714
s 16801 June 1925
1959 J D 9914 Sale 9812
9914 224
96
9904 Switzerland Govt ext 5;423_1946 A 0 10414 Sale 104
10412 41 1021 106
4
994 149
957 9918 Tokyo City 5s loan of 1919_
8
Extl a 1 613 of Oct 1925
1959 A 0 983 Sale 9814
4
4
4
733
4 21
67 75 4
_1952 M 5 733 Sale 723
3
4
99i; 91
1957 m s 9914 sale 983
Sinking fund 68 Ser A
9614 100
2
994 101
Trondhjem (City) extl 631,.1944J J 10012 Sale 10012 1004
External (3s Series B_.Dec 1958 1 0 9918 Sale 98141945
9914 137
954 9914 Upper
9812
4
92 Sale 924
90 94
925
8 62
Extl s ffis of May '26 rcts_1960 M N 987 sale
8
99
160
98
99
Uruguay (Republic) ext 8a-_ _1946 . D 1081 Sale 10812 109 1 10 10712 111
1' A
1
Argentine Treasury 55 L
1945 M 8 895 Sale 8912
8
85
8934 31
893
4
External 516s int rcts____1960 16 N 965 Sale 9612
8
965
8 97
963 97
8
Australia 30-yr 58_ July 15 1955 J J 9918 sale 982
8
994 579
9618 9914
13 10158 Sale 1014
Austrian (Govt) a 178
10158 82 100 1028
4
Railroad
I
194313
Ala CR Sou 1st cons A 58,,_19431J 0 10312 1-tii_ 10318 May'26 ____ 10178 1034
Belgium 26-yr ext e 1 73411 g_1945 J D 109 Sale 109
10918 50 105 111 24 Ala Mid 1st guar gold 58.—_1928.M N 1005
8
102
102 1
1, 10038 102
20
1941 F A 107:4 Sale 107
-years f 88
10712 51 105241085* Alb eiG Suet! cony 33411
1946 A 0 8612 _____ 8612
8812
1' 844 863
4
25
-year ext 6348
1949 M 5 90 Sale 8912
88
95
9012 75
Alleg & West late 48 gu____1998 A 0 86
8412 May'26 ____1 8234 8413
Extl a f Os
1955 J J 8312 Sale 8214
8112 874 Alleg Val gen guar g 45
8418 107
8 iii 95
1942 M S 945 95 ,
1
9241 96
Eat] 30-yr s 1 78__.
_____ 1955 J D 9312 Sale 935
9414 110
92
n14 Ann Arbor 1st g 4s
8
21
July 1995 Q J 824
823
8
8212 12
75 2 8 3
7
Bergen (Norway) sf 8s
1945 NI N 1135 Sale 11314
11312 33 113 110
8
Atch Top & S Fe—Gene 48.1995 I A 0 92, da e- 9112
894 934
19214 115
4 25-year sinking fund 68_1949 A 0 101153 102 10112 June'26 - _
98 10112
Registered
A 0 91 Sale 91
84:42 183334
8834
8
4
Berlin (Germany) 6Sis1950 A 0 91 Sale 9014
91 14 454
854 9124
Adjustment gold 4s__July 1995 Nov 88 Sale 88
E141 10
Bogota (City) ext'l a f 88..„1945 A 0 10312 sale 10112 10312 22
968 193,
4
2
July 1995 M N 8818 8814 88
Stamped
8814 83
Bolivia (Republic of) 88_1947 M N 1013 Sale 10114
9612 102
4
102
102
Registered
MNI
8212 88
8314 Jan'26 __I 8314 834
Bordeaux (City of) 15-yr 68.1934 M N 84
41
814 87
8514 8418
85
Cony gold 4s 1909
1955 1 13 883 ____ 8814
8
8814
1
844 884
1941 J 13 10412 Sale 10412 105
Brasil U iii, external 88
74 10012 105
Cony 48 1905
1955 J 13 874 ____ 88
88 I 10
844 88
78 (Central Ry)
19521 13 9518 Sale I 943
142
4
9514
8918 95,
2
Cony g 4s Issue of 1910___1960 J D 875
8
8614 May'26 ___I 83 2 89
861 86
12 :
734a (coffee secur) £(Rat)_1952 A 0 10612 10712 1065
8 10658 22 1035 1074
8
East Okla Div 1st g 4s__1928 M S 9938 6;1-- 9938
e
993
8
6
9844 100
Bremen (State of) extl 7s__ _1935 M N
97 Sale 963
9212 973
8
9734 210
4
Rocky Mtn Div lst 4a_ _ _1965 J J 8714 893 893 June'26
8
4
__I
Buenos Aires (City) extl 63451955,3 J 10058 Sale ,100
974 101,
10058 23
4
Trans-Con Short L 1st 48_1958 J J 9118 Sale 91 18
9114 36
92
88
I
1
Cal-Artz let & ref 4348 A.1962 M S 96
97
96 June'26 ___I 9478 9912
_
Canada (Dominion Of) 514_1931 A 0 10113 Sale 110112 10234 38 10114 1034 Atl Knoxy & Nor 1st g 58_ —1946 J 0 10318
10312 Apr'26
10312 103 2
,
1929 F A 1023 Sale 10238
10-year 5345
8
1025
8 37 10112 103,8 Atl & Cheri A L 1st A 4358__1944 J J 977
8 _ _ 9718 May'26 __
964 974
4
1952 M N 105 Sale 105
56
10514 103 1025 10558
8
8 - -12
1st 30-year 58 Series 13._1944 J 3 1043 104 10414
10414
2 1024 1041
4
1936 F A
450
9814 Sale 98
983
8 14
98 98, Atlantic City 1st cons 4s____19511J J 86
8
8512 July'25 „....'
Carlsbad (City) 5 188
1954 J J 1024 104 10212 10212 16 10114 10312 Atl Coast Line let cons
48_51952 M Ell 93 2 6;1-e- 934
94 1 20 - 7 liii
,
92 4
hile (Republic) exit 51 88_1941 F A 10714 Sale 10714
C 1077
8 10714 1094
1083
4
10
-year secured 78
1930 M N 106 Sale 10512 108
32 10514
External 5-year 5 1 85_ _1926 A 0 10112 Sale 10118
1015
8 51 19078 10284
General unified 4348
1964 3 D 977 98
8
973
4
973
4
1
944 985*
20
-year exti 78
1942 M N 101 14 Sale 1005
15 100 10212
8
10114
LA N coil gold 45____Oct 1952 MN 9212 Sale 9214
93 1 56
91
944
4
-year a 1 8s
25
1946 M N 10812 Sale 10814
10912 49 107 10912 Atl & Deny 1st g 48
1948 J ./ 8012 813 815
3
8
815
8
5
76 8213
Chile Mtge Bk 630 June 30'1957 I D 9712 Sale ; 974
944 5804
9734 105
7412
65
1948,3 J
7312 Sale 7212
2d 4s
744 17
Chinese (Hukuang RY) 511_ _1951'1 D 4912 Sale 3934
4314 45
3912 487 Au & yad 1st g guar 4/3
8
l949 1 A 0 813 83
8
8114
82 , 13
7604 83
Christiania (Oslo) 30-yr s f 6s1954 M 5 10018 1003 100
4
99 1024 Austin & N W let gu g 5s
1004
5
1941 J J 1003 ____ 10114 June'26 ____ 1004 10114
8
Colombia (Republic )6 1.5 e___1927 A 0 10014 Sale 10018
4
991 10058
10013 27
69I
Copenhagen 25-year a f 6348_19443 J 994 Sale , 99
101
36
9814 101
91781
Bait & Ohio 1st g48____July 1948 A 0 917 Sale 9112
8
, 894 9212
Cordoba (Prey) Argen 7s___1942 J J 9734 Sale I 9714
9734 10
95 4 99
3
Registered
July 1948 Q J 913 Sale 9012 June'26 ___1 884 9012
4
2
Cuba 515 of 1904
1944 M S 10012 102 10012
95 10112
1
10012
974
10-year cony 4345
1933 M S 963 Sale 965
4
94
8
97
307
External 58 of 1914 Ser A_1949;F A 1004 10114 10014 June'26
98 10014
Registered883 Apr'26 ____1 88
4
/ 883
1
4
4
External loan 4348
---19491 F A 914 9214 9114
884 924
9138 11
Refund & gen 5a Series A.1995r
ui6, Sale 9818
8
9812 203
9313 9814
Sinking fund 5345
19531 1 101 Sale 1007
4
8
101 14 20 1003 103
let g 55
1948 A 0 104 Sale 104
10412 27 1024 105
Czechoslovak (Repub of) 88_1951 A 0 10114 Sale 101 14
99 4 10214
1
10112 39
10-year 68
103 Sale 1027
8 10318 65 10212 1034
Sink fund Si'SerB
1952 A 0 10114 Sale 10114
953 10212
4
1014 56
Ref & gen 88 Ser C
1955 3 D 10814 Sale 108
109 I 97 104 109
Ext'l of 734e Ser A
1945 A 0 983 Sale1 98
4
99
78
95
4 9914
PLEA W Va Sys ref 48_1941 MN 9158 Sale 9158
913
89
12 924
4
9
I
Southw Div 1st 5s
19503 J 101 Sale 101
10112 110
98 102
Danish Con MunIcip 88 A__1946 F A 11012 Sale 109
11912 45 10812 112
Tol & CM Div 1st ref 48 A.1959 J 3 81 Sale 8138
744 811
4
813
4 15
Series B e 1 8s
1946 F A 1103 Sale 109
8
11038 29 10812 112
Battle Cr & Stur 1st gu 38_1989 3 D 6218 -_ 6214 Feb'26 __81 624
Denmark 20
-year 68
1942 J 3 10418 Sale 104
1044 84 102 10414 Beech Creek 1st gu g 4s____1936 J J 94 16 - 9414 Apr'26 __
93 95 ,
Dominican Rep Con Adm a f 5s58 F A 102, ____ 1023 June'26 --_ _ 10112 103
4
8
Registered
J D 9358
_
903 Nov'25 -------4
Custom Administr 5348.-_1942 M 5 963 Sale 963
4
4
973
8 59
937 99 8 Beech Cr Ext 1st g 334s____1951 A 0 8012 - - 82 May'26 ____
8
"
82
814 1 —
;2
Dresden (City) exit 78
1945151 N 9514 Sale 954
9214 955* Big Sandy 1st 48
9558 82
1944 J D 8314
897 9113
a
9018 June'26
Dutch East Indies extles___194713 J 106 Sale 1054
106
99 10334 108
Bost 0, N Y Air Line let 45_1955 F A
7834 ____ 7612
7812 12
7314 7812
60
-year 65
1962 M S 1057 Sale 10558
1057
8 86 1033 1054 Bruns & W 1st gu gold
4
8
4s___1938 .3 J 9414 9612 9312 Jan'26 ___
9314 934
30
-year extl 53413
1953 M 8 104 Sale 1037
26 10112 104
8
104
Buffalo R& P gen gold 55_1937 M 5 10212 ____ 1025
8
i 1017 10258
8
10258
80
-year exti 5,148
1953-M N 1037 ____ 10334
8
8 102 104
104
Coneol 434t3
1957 M N 917 Sale 914
8
874 92
917 115
8
El Salvador (Rep) 88
19481J J 10812 107 10612
5 103 107
10612
M N
_
,
____ 8714 Feb'26 ........1 87 4 874
Finland (Rep) MI 65
1945 M 5 8618 8638 863 June'26 ___ _I 843 90
4
4
Burlt i Nor 1st M
efis ered
1934 A 0 101- ____ 10112 June'26 __ _I 1004 1014
External at 7s
1950 M S 973 Sale 963
8
4
95
98
9712 131
Finnish Mun LII 6349 A____19541A 0 9115 Sale 9018
8
9912
71 8914 9212 Canada Sou cons gu A Os _A962 A 0 10458 105 10458 10541 191 1027 10528
8
External 6 Ns Serles 13__,,19541A 0 9012 Sale 904
905
8 14
8914 9
2,2 Canadian Nat 4345_Sept 15 1954 M 5 9514 Sale 95
934 9514
9514 16
French Repub 25-yr eat! 8e_1945,M 5 102 Sale 10158
10212 209
9811 1033
4
5
-year gold 414s_Feb 15 1930 F A
9938 Sale 9914
983 9912
8
9912 34
20-yr external loan 7348_1941 J D 97 Sale 9614
9212 994 Canadian North deb a 1 7s 1940 J 0
9712 339
11512 Sale 11514
1157
8
External 78 of 1924
1949 J D 8914 Sale I 89
7 1144 11714
904 556
8611 914
20-year 5 1 deb 6348
Ns_0-year
1946 3 .1 118 Sale 1177
8
118 1
9 117 1183
4
gold 4
Feb 15 1935 F A
4941
9714 973 9714
8
964 98
974 44
German Republic exti 75_1949,A 0 1043 Sale 1045
4
8 10478
10128 105
Canadian Pac Ry 4% deb stock_ J J 8414 Sale I 84
8412 69
804 8614
681132811 Cent Agric Bk 7s_1950 M 5 9934 Sale 9912 100
99
94 100
Carb & Shaw let gold 48
1932 M S 94
94 94
9712 94
94 1
1
1954 M N 98 Sale 97
-Graz (Municipality) 8s
98
13
9618 9812 Care
19381 D 834 8514 823 May'26 ____, 8112 824
4
02 Brit & Irel (UK of) 534e-1937 F A 10412 Sale 10413 105, 252 10322 106, Ca Cent 1st con g 4s
4
2 Caro clinch & 0 1st 3-yr 58_1938 J D 1025 104 1025
3
8
103 1
3 1014 1037
8
1929 F A 1183 Sale 1185
10-year cony 534s
4
8
1183
4 88 11712 119
1st & con g 6s Ser A
1952 J 0 1084 Sale 10818
10811' 17 1074 10912
Greater Prague (City) 730_1952 M N 99 Sale 985
8
99
16
9278 99
Cart & Ad 1st gu g 4s
4
1981 J D 88, ----I 8814 May'26 __I 811 88,
2
4
1984 M N 88 Sale 86
;Greek Govt 78
8814 178
84
8814 Cent Branch U P 1st g de___1948 J D 843 Sale I 843
8
1
794 84
8
84 4
,
1952 A 0 9712 Sale 9713
Haiti (Republic) e t 135
9814 43
953 9
4 8,4 Central of Ga 1st gold 58._471945 F A 105
____ 10518 June'26 ____. 1034 10512
Heidelberg(Germany)ext 7345'50 J J, 99 Sale 98
9938 211 9618 993
8
Consol gold 5a
1945 M N 10418 1043 10414
4
1043
8 33 10212 1044
Hungarian Muni° Loan 7345 1945 3 I' 9214 Sale 92
924 95
843 9278
4
Registered
_ 1015 Feb'26 ____ 1015 1015
8
8
5
IM N 10112
Hungary (Kingd of) of 7348_1944 F AI 983 Sale 98
4
983 142
4
9312 100
10-year secur 6a____June 1929,3 D 10312 104 103
103141
1 10212 1057
8
Bank of Japan 8% notes1927 F A 100 Sale 100
Ind
10018 79
994 1004
4
Ref ,k gen 5348 Ser B
1959,A 0 105 10512 105
3
105121
2 1017 1064
Italy (Kingd of) ext'l 7e____195113 0 8858 Sale 8812
8912 3711 8811 943
4
Chatt Div pun money g 45_19511.1 D 873 89
4
88 May'26 ____i 884 884
1
Mac & Nor Div 1st g 55 1946 J J 1023 _
I
4
1023 May'26
4
Japanese Govt E loan 45___1931 J JI 89 Sale 877
8
8914 5
-56
83
4 89 4
,
Mobile Division 5a
---1 1013 1F88
8 8 51,
1954 F A 97 Sale 9514
30
-year e f 6 Ns
974 736
923 874 Cent New Eng 1st gu 413____li ll . 1V538 Sale 741
8
a
./I
1?,1:MaY - --a
1334
7i12
6
8
91
Oriental Development 611- 1953 M S 91 Sale 885
223
85
91
Central Ohio Reorg 434a
1930 M 5 983 ____ 995 May'26 ____
4
8
983 995
4
8
Lyons (City of) 15-year 6e__1934 M N 844 Sale 84
85
58
814 87
Cent RR & B of Ga coil g 511.1937 M N 1007 ___ 1013
8
4
1013
4 55
9
84 10184
8514 84
Marseilles (City of) US-yr 66_1934 M N 84
85
23
8111 87
Central of N J gen gold 54_198713 J 1114 113 111 18
11113
'
7 10813 1114
Irrigation 4%e____1943 MN ____ ____ 30 Mar'26
Mexican
30
31
Registered
1987 Q J 1104 ____ 1103 May'26 ____ I 108 1104
8
/
1
4
19431
38
3938 3714
Aleenting of 4,10
374
1
284 40
Cent Pac let ref go g 45__1949 F A 91 14 Sale 914
913
88 8 9112
7
8 66
Mtge guar gold 334a
k1929 J 13 9714 Sale 9714
974
/
4
8 981 9112
I
Through St L let gu 4s___W4 i, ? 8912 894 8914
to v
4
8914
I
4
87
90
I
(
blarantosed e Sn
101 14 Sale 10118 10158 212
974 102
$5=-6. &Due July. 5 Due Aug. p Due Nova a Option Bale.

J




J 13 .102

J

t; -;I.:7

3438
BONDS
N.Y.STOCK EXCHANGE
Week Ended June 18.

New York Bond Record—Continued—Page 2

ft

Price
Friday,
June 18.

BarWe
Since
Jan. 1

gears
Range or
Last Sale

BONDS
N.Y.STOCK EXCHANGE
Week Ended June 18.

High
High N o Low
Ask Low
_ 11212 Feb'25
1
1
8
1003 101
1177e- _- 100% June'26 - - 16 4 ichT5
8 16 102 6 105%
3
104% Sale 10414 1043
2 102 10314
101141
10114 Sale 10114
92
97
89
97
97 Sale I 9684
944 9512 904 .Iuly'25
997 166
9918 Sale 987
Wig -9-9-72
8
2 124 1501
.
13212 Sale 13212 13212
129 1434
_ 129 Apr'26
10018 100%
ioors 150314 loots June'26
__
I 88 May'26
87
83 88
8814 _ _ 8814
8514 883*
2
8814
8272 8612
86112 8553 June'26
8514 4
083 100
_ _ 100 May'26
9918
70 . 7012 7018
65
3
71
7018
3
70 I
0
7
6834 Sale 6834
64
51% 6014
5812 100
5832 Sale 58
51
68
5614 -- -- 57 June'26
8612 11
83 4 87
8
8512 863 8512
2
4
844 843
8412 Feb'26
8
918 9412
9234 Sale 9234
4
4
923
71 964 10014
8 100 1
100 Sale 993
9912 Mar'25 -92% 171 90% WI;
9234 Sale 92
914 92%
8
923 Mar'26 _
271 102% 106
4
1053 10614 10578 106
11
48 I
48
1' 10614 10712
10712
10712
ioiT4
7912 412
8 787 6Sle 78%
2
10514 Sale 10514 10514
64
3
69 4
8
683 Sale 6812
6984 380

Bid
Charleston & Savannah 75__1936J I
Cites & Ohio fund & impt 58_1929 J J
let consol gold be
1939 M N
Registered
1939 M N
General gold 434e
1992 M El
Registered
1992 IN S
20
-year cony 448
1930 F A
-year cony Sear A 56..1946 A 0
80
A 0
Registered
Craig Valley let g 65
19403 J
Potte Creek Branch let 45_1946 J J
L, & A Div 1st con g 4e_ _1989 J J
1989.3 J
2d collect] gold 45
v. arm Springs V lst g 5s_ _1941 M B
Oslo & Alton RR ref g 3s1949 A 0
Ctf dep Nix! Apr 1926 hit_________
Railway first lien 3%s
1950 .
Ctfs dep Jan 23 & sub coup_____
Chic Burl & Q—II1 Div 3%6_1949 J J
Registered
J J
Illinois Division 4s
1949 J 1
1927 M N
Nebraska Extension 4s
M N
Registered
19581W 8
General 46
M S
Registered
1971 F A
let & ref 5s
Chic City dr Conn Rye 5e_ _1927 A 0
Chicago & East III Is 6e1934 A 0
O & EDI RY (new co) gen be_ 1951 MN
1982 MN
Chia & Erie let gold be
Chicago Great West let 4e 1959 M S

P I

Price
Friday.
June .

I

Week's
or
Rang
LastSale

I .3
3,11

I

Range
Since
Jan. 1

11012
IBM
Ask Low
High No, Low
& Mich let cons 4%8.-1931 J J 9738 9838 0838 9838 2 gra 9832
27
94
90% 96
Del & Hudson 1st & ref 46,._1943 M N 934 Sale 9318
-year cony be
30
1935 A 0 111 Sale 11012 11114 83
1
28
9 2 61
6 1087' 1015
10512
1937 M N' 1053* Sale 1053g
16year 534s
1
7
553
0 :4z 10900
3 198048 1 105
118
*
10
1930 J D 1075 108 108
-year secured 78
95 Apr'26
13 RR & Bd5e 1st gu 46 g_ _1936 F A 9514
4 53
903
Den & R Cl—let cons g 48_1938 J J 9014 Sale 90
9412
3, 89
94 12
9412 Sale 94
Consul gold 434s
1936 J
9912 36
D SSta 9912 994
improvement gold 5s__1925
7
70
62 4 1:
472
68
44
Den & It0 West gen be_Aug 1955 MN 663 Sale 673
4
8
44
44
4
45
44
Dee M & Ft D 1st gu 48_ _ _1935
47
39
_ 40
42
44 May'26
at of deposit
Temporary
9312 Feb'25
8
N 937 96
Dee Plaines Val let 434s_ _ _ _1947
72
70
2
75
71 I
71
Del & Mack—let lien g 45_1995 g D 71
65 66
65 May'26
69
Gold 4e
1995 J D 65
4
048 984
1
9812
Detroit River Tunnel 446_1961
N 978* 9814 9812
1
/
03: 0312
100 1014
Dui Miesabe & Nor gen 58_1941 g 3 1035g ____ 10312 Apr'26
1
72
01: 0:
3 185 10041
Di,l & Iron Range 1st iSs_ _1937 A 0 10314 Sale 10314 10312
14
90
8
Dui Sou Shore & Ati g Se_ 1937 J J 893 Sale 8814

Rut By Minn Nor Div let 4s_'48 A 0
Ear T Va & Ga Div g be_ _ _1930 J J
Cone let gold 58
1956 3,2 N
Elgin Joliet at East let g 52_ _1941 M N
Paito & B W 1st be
8
19 5 A 0
Er te 151 consol gold 76 ext 1930 M S
let eons g 46 prior
1996• J
Registered
1997 J J
let conaol gen lien g 4s
1996 .1 J
Registered
1996 .1 J
Penn roll trust gold 46_. 1951 F A
5e year eon, 48 Ber A_..-1953 A 0
1743:7141882 0
1:10 2 1110753696 I
938
do Series B
1953 A 0
4
83
0,rt eon, 45 Series D
13
10114 10314
1953 A 0
Erie & Jersey lets f 6s
1956• g
912
9
9 78 9
82 9,.2
Genesee River let s I 5E4_1957• g
Erie & Pitts 1311 g 334s13
1940
Series C 3Hs
1940• g
9134 Est RR extle f 72
95
1954 MN
5314
47
7 5314 Fla Cent & Penn 1st extg 56_1930
45
J
8
813 85
Consol gold be
1943.3 j
4
7014 723 Florida East Coast 1st 4345-1959 J D
3
90 s 97
1st & ref be Series A
91
9114 Fonda Johns & Glov 44s-1 54 M N
7
9 2 MS
4814 53% Fort St U D Co 1st g 44e-1941 J J
4714 5312 Ft W & Den C 1st g 5 Me_ _ _1961 J D
_
4712 102 Ft Worth & Rlo Or let g 4s.19283 J
53
47
Frem Elk & Mo Val let 86—.1933 A 0
10212 108
% GH&SAM&Pletbe
53
47
1931 MN
4
463 5314
2d Wane bs guar
3
45% 5 4 Gal, Holm & Bend let 58_19 3 3 O
3
9 1 A j
46% 53
Oa& Ala Ry let cons 5s____o1945
J
2
4712 533 Ga Caro & Nor 1st gu g 58-1929
J
3
•
5 '2 Georgia Midland let 35
47
1946 A 0
9812 9918 Or R.& text let gu g 446_1941
4
95% 997 Grand Trunk of Can deb 76_1940 A 0
2 93
993 9 4
15-year 5 f 65
74 3 _ 7 Great Nor gen 7s Series A._.1936 M 5
7
8 81
.1
1936
Registered
2
85%
let & ref 4%e Series A_-__1961
J
9
6
8658 8
064 8 44
General 5%5 Series B
1952 J J
General be Series C
104 1084 Green Bay & West deb °Ifs A19_3 3 3,
_7_ Feb
4
1033 1954
Debentures
B
Feb'
,
4
1033 WV Greenbrier Ry let gu 44
1940 M N
:
712 81
1100 1003
1000 110 1 Gulf Mob & Nor let 548_1960 A 0
8
10012 1003 Gull & S I let ref & t g 58-61952
3

2
9112
915s 91:
5 10, 1,8 4
8
913 93 I 914
3
4
4
1003 Sale 10034 1003
10614 Sale 1064 10614
8
2
10112 1047
4
1033 1047 10412 June'26
s
10 o
4
104, _--- 10412 June'26
n
Iva 2
31 10
10712 Sale 10712 10712
7912 Sale 7914
74% 8034
8014 86
7112 Dec'25 __I
7
7114 7184 232 64 11 s
55 8814
6814 Feb'26
1' 9022 981,
9712
9712
99
98
747
8 4 7
6714 14
7512 36
4
743 75
118
75
4
743 Sale 7434
8212 272
8112 82
73% 85
8112
7
932
04 00
8 25 10424 10 ,
109% 1097 1034 1097
2
3
10912 Bale 1094 10912
gg
92
8818
89 June 26
8818
8912 Mar'26 ____1 89 8912
%
8312 Sale 8284
82% 84
itti I 30

1134
113 June'26 _10334 ____ 10314 June'26 _ _ _
80
Jan'26 _
904
9912 Sale 9884
9912 207
4 70
10814 Sale 10714 1083
8914 9312 92 Apr'26
7
9714 9614
964
96
5314
2
5314•
5134 53
_ I 98 100
524' 4
52 Sale 1 52
s
1003 -- 993 Apr'26
984 102
85
19
85 Sale 845
1
101 I
101 10112 101
5 98
7314 7412 7234 May'26 _ _ _
1
.
98
95 g .__ 12
4
973 9814 98
97 2004
9484
2
95 i
9453 96
9934 10012 34
s
2
583 647
9114 Apr'26
_
99
59%
8
5984 8 19111
9 %: 58%
5312 33
523 Sale 5253
9212
9014 Dec'25
5312 57
53
54
53
107 10712 067
107 I 13
g
53 1 30
5214 Sale 5212
4
973 May'26•...
2
973 98
8
9
96 .11
9012
55
53
5214 5312 5212
9
9937
108 110 08
01 :
10814
3 1 1: 0 8
104 10414 104
10414 60
4
53 I 55
523 Sale 5214
10012 10114 98
98
51
5214 Sale 5214
4 80
523
2
1003 Sale 008* 100%
1I
4 21
523
5212 Sale 5212
9712 9814 98
2
98
53
5214 Sale ' 5214
112
9814 _--- 9814
1
984
521
1
5214
30
53
100
100 Sale 00
53
45212 5312 5214
_
126
72
71 Mar'26
9972 100 , 9934 June'26
3
2
974
961
5
eve 977
9734
9972 100 I 9934 June'26
1153 Sale 1512 116
11141 11700901
18300 8 1 281:411332
31 : 2
4
9934 100
10714 Sale 107
9934 June'26
10712 12 10885 a,
.
109,18 2
7714 78
11312 Sale 1134 114
77
8
773
68
76
74
7212 July'25 _
- 11312 Apr'26
8714 8812 8812
97
- - - 9714 June'26 _ _ _
8912 17
88
86
107 Sale 103
108
8614 May'26 22
4
2
8914 36
8712 883 8814
1017 1023 10218 10212 22
4
106 1077s 10712 10712
7614 80
1
4
833 Mar'26
106 1077 1037 June'26 _ _ _ _
194 Sale 194
20
29
s
1038 Feb'26
10614
_
_
90% --- 9034 May'26 _
106 Sale 106
104
___ 10318 June'26
106 -- 105 _— 10434 Mar'26
10312 ____ 10053 May'26 - 1 88I: 07001 69 2 0 9282931 : 4
111181°18097 93I8:4 111 :
0
:
! 18
841
10112 ____ 10114
1013g
5
100% ___ 10114 May'26
9612 10
Oise Ma
10114 10114 Hockingered 1st cone g 4;65.1999 J .1; 964 96% 963
Regin V al
90 90
10734 Sale 10714 1073
4 18
90 May'26
8
4
8
9512 98 4
84 1180414 Housatonic Ry cone g 58_ _193 3 N -6/3F2 101- 9812
11318 11314 1134 11318
3
3
9812
7
9
9 9M 3
10312 ____ 10353 1035
s 12
2
.9093
1100213144
H & T C let g int guar
11)37 J J 1011
1
24
9008 9081
Mar'26
87 Sale 87
10112 10_:4
8714 22
Waco & N W 1st 85
964 100
8412 854 Houston Beit & Term let 56_19 9 J N
99
1
99 I
3
85 8 8612 8512 June'26
07
1 3 M J
18
0, 11
.775
June'26
10114 18927
9118 Sale 907
,
913 181
8
12 92
87
15
IsT2 ---Houston E & W Tex
it be.
8814 9015 1st guar bs red let
---- 10112 Mar'26
9012 June'26 _
971 146
Hud & Manhat 58 Series A-1957 F A 9712 Sale 974
D, 8714 8912 90 May'26-8884 90
Registered
Cb SL&NO Mem Div 45 __1951
97
02:95
0134 1041* Adjustment income 55 1957 A O -8— gale- 82 AP82 8 288
e276
•
F A -2
C St L de P let cone g ba_ _ _ _1932 A 0 10128 10212 102 Mar'26
8
4 11
PM & 0 cons 6s_ _1930 J D 103 Sale 10338 1033
Chic St
1
94
924 May'261 __
92 977
2
95 1
Illinois Central let gold 4s...1951 g j 93
Cons 68 reduced to 3}4s1930J D 95 Sale 95
g j 9114 _--- 93 Mar'26
9814 101
93 93
1930 M S 100 10014 997
8 1004 33
Debenture 58
g g 85 _--- 8712
8712
I
831 8712
9311 10034
4
May 26 _
gold 334e
1951
4
Stamm
4
J J 83 ---- 823 Jan'25
4
8612 14
77 „
Registered
90
Chic T H & Po East 1st 56-1960 J D 8614 Sale 8614
8831* 134
777 765
4
765s 3153
Dec 1 1960 M si 77
Extended let gold 3/46-1951 A 0 854 86% 8334 Mar'26
774 31
Inc gu Si
71
044 9712
71
97121 25
1st gold 3e sterling
97
1951 MS 6614 ---- 71 Feb'26 _ _ _ _
Chic Un Sta'n 1st gu 442 A.1963 J JI 9784 98
1963 J .1 1047 Sale 10434 1054 13 10218 1054
8
8812 92
Collateral trust gold 48-1952 A 0 914 9212 9112 June'26
let Is Series B
A 0 8414 ---- 8034 Nov'25
2 100 103
4
1944 J D 1023 103 10212 103
Registered
Guaranteed g be
4
1%2 J 9
3
927 93 may 22
85 2 8
0
931
907i 933
5
71 115% 119
1963
J 119 Sale 11812 119
1955 .2 N 81
let refunding 48
ist 641 Series C
8186 8512
4
1033 10612
1952
_20
Purchased lines 345
Chic & West I nd gen g 861932 Q M 10514 10612 10612 Mar'26
_
g 794 ---- 8414 Juiy'25
81
8714
40
87
J 883 Sale 8634
19523
i
Registered
-year 46
Consol 60
884 15
8814
Collateral trust gold 45_ 19 9 MN 884 89
5
93
1962 M s 10434 Sale 10434 105 I 48' 10012 105
1st ref 546 tier A
4
N 843 --- 823* Dec'25 _ _ _ _
102% 1_04
Registered
Choc Okla & Gulf cons 58.-1952 M N 10312 ____ 104 Apr'26
N ____ 10712 10734 June'26
_
2
973 June'26 _
Refunding be
‘.
,...
96 8 12
Cm H & D 2d gold 434s.._....19373 J 9714 _
4 47
1934 J J 10312 Sale 10238 1033
3I 9484 _ _ _ 1 9412 May'26
3
93 e 88%
15-year secured 545
0I St L & C let g 46..—Aug 1938 Q 1
j 11311 1133 11312 1134
2 1114 113%
4
6
' 9214 Dec'25
15-year secured 634s g----19 6
Aug 1936 Q F 93 2
5
3
1 90
Registered.
2
8
903 923
923 92
1
4
92 I
5913 1072
D 92
9012 May'26
1942 MN 9012 _
Cairo Bridge gold 45
CmnLeb&Norgu4sg
Jan'26
-- 74
74
74
1004 10112
10034 101 1003 June'26.,_,_
4
Litchfield 131v 1st gold 32_1951 J J 764
Cm S & CI cons let g 5&.,.,,1928J
5
4
823
4
823
4
803 83
3301953 J 3.1 •882178
Loulev Div de Term g
7 261.__1
'
88
743 Jan4
_
%
78% 78
8772
85
8714' 11
Registered
Cleve Cln Ch & St L gen 44_1993 J D, 87% 88 874
7312 734
3
3
5
99 I
14 99
97 .
19313 3! 99 Sale 99
Omaha Div le gold 39___1951 F A 7 4 ---- 73 4 Apr'26 _ _ _
-year deb 445
20
74%
34
J 7353 -38.1951 J
19933 D 10358 ____ 10314 Mar'26
St
General bs Series B
814 8714
8714 May'26
86
!
1 83 9
1951
5
013
Le die 13 r
tGolu 34 * Term g
5
Ref & leapt 66 Series A...1929 J J 10318 Sale 10318 10312 27 10,2 1130093373337:4484
_
_
8212 8212
5 10
10612 June'26
1941J J 10612
S30 ringfield Div Is g 348_1951 J J 83% - - 8212 Feb'26
Is Series C
4
892 89%
0
4
9-1
8
4 26
1963 3 J 10312 1037 10382 1033
Western Lines 1st g 4j.._ _1951 F A 9018 sal01 12 893 Feb'26
be Series D
84 Aug'25
1939 J J. 934 ____, 934 June'26
Cairo Div 1st gold 4s
5
4
7
85 e
1951 •
s184
llegisterChic
Central & e5 St L & N 0- F AI 88
cm w & M Div let g 41...19913 J' 85 853 854
9912 10313
4
824 tit
10234 103121 53
57141
3
0%
6
0 33 D
Joint let ref be Series A__ 1951 .3 D 10412
• L Div let coil Ira g4._1990 M N' 8618 ____ 874
104 1054
04 2 unr
1 214 JA pe 2S
:
8314 Feb'26 _
N
4
831 834
Gold bs
Registered
1024 10214
10114
D
%
90
89
,M S 914 ____ 9053 May'26 _
Opt A col Div 1st g 4s___1940
8112 90
7812 Feb'26
4
78% 78
GeRldeglater3S4sed
W W Val Div 1st g 46...„19404 J 8814 ____ 8112 May'26
79
8814
0
i
4
'251....
_ 106% 1073 Ind Bloom & West 1st tat 46-1951 j 3
40
1 9 A i11 9112 -_---_-_ 02 Aug 2
C
0 0 & 1 gen cons g 6e-___193413 J 107 108 107 Apr'26
10234 7,0 Ill & Iowa let g 46
____ 1024 May'26 __- 10112
-1914
1950 .1 3, 917
8
Ulev Lor & W con 1st g 53_1933 A 0 102
798s 8014
-- -- 804 May'20
98% Dec'25
md & Louisville let go 46_ _ _1956 J J
Cleve & Mahon Val g 56_19383 3 10014
4
100% 104
J 103 1033 10314 June'26
4
993 963 Mar'26
063* t6s Ind Union Ry
2
1935111 N 97
Si Sec
6
Cl & Mar let go g 4346
7
10112 10112 Gen & ref begen B A-19 5 g j 102 103 10314 May'26
100 2 10312
1965
Series
CI & P gen gu 41.45 Ser A__1942
103 1064
8312 86
1948 M N 8518 87 I 86 May'26
Int & Grt Nor let 86 See A 1952 J J 1054 Sale 10514
Series C 334e
74
gg
6
9
284
29
1950 F A 8514 ____I 9334 Nov'25
Adjustment 66, Series A-1952 APrl 7212 Sale 734 174
Series D 334s
004 74,
r1,
4 31
743
3
1
100
Stamped
132 00._.1022 mApN 73 Sale 73 4
Cleve Sbor Line 1st gu 430.1961 A 0 100 Sale 100
78 Sale 78
78% 23
764 7813
8854 88,8 Int lt ts Cent Amer
cerys
1972 A 0 108% Sale 10814 108%, 2
Cleve Union Term 530
4
5814 65%
0
6
8
0
5
8
6014
4
7 1003 1043 low elundtral gstdgold 5s----1938 J D 6 12 Bale 5814
41
4
Ra Cening lol u
9814 9912
1973A 0 1033 Sale 10334 1045
lit s 56 Bar B
.
58 65
_
58 May'26
2
,3
Deposit
19451 D 883 ____ 8818
Coal River Ry let gu 4s
4 10
183
1714 9341
18
4' 2
983
4
A 99 ---- 983
Colorado & South lit g 41_19291
88% 9114
1
1912 8914
8914,
4
,
97141 30
4
8713 97
954 87 3 James Frank & Clear let 4s-19 5 SI D 8734 90
967
51
9 9 J B 19
& exten 446_1935 1111 N 963 97
Relund1ng
3
I
1948A 0 88 4 _— 874 Jan'26
Col & BY lst ext g 46
101 101
Apr'26 __
87% 90 Ks A & OR 1st gu g be
1955 F A 8812 -___ 90 May'26
1938
19234 ---- 101
Col & Tol let ext 45
83
8885
86% June'26
81
824 Kan AM let gu g4.
3
48_1943 A 0 85 4 ---- 8212 Jan'26
Conn & NAHUM Rio 1st
9972 10114
4 10014 May'213
7 •
1 99 A
992 J 3 100 1003
2d 20-year Se
4 9014 ---- 82 Mar'26 -1930,
Coneol Ry deb 46
10214 13 1004 103%
K C Ft S & M cons g 68-1928 M N 10214 Sale 10214
1954I3 .1 70 ---- 67% Mar'26 _--Non-conv 45
894 92%
2 20
927
3 K C Ft S & M Ry ref g 46_1936 A 0 9212 Sale 9212
654 7
1
Non-conv debenture 421.1955, J 70 ---- 72 June'26 -98% 10212
654 7
9 KC&MR&B lit go 6a__
A 0 998 10012 102% June'26 -Non-conv debenture 48.1956,J 3 70 -- 72 June'26 -76
74
37
75
3
88 4 9612 Kansas City Son let gold 34_1950 A 0 74 7412 74
96 I 33
2-19524 J 95 Bale 947
Cuba RR 1st 50
-Year 56
93% 9913
8
62311
31 105 107883212
Sale 98% 199131 41
10812
Ref & impt be
1936 3 D 108 10814 108
Atog 195013 J 99
let ref 734s
4
921 9814
9814 29
Cabs Northern 117 let 88-196813 J 9814 Sale 9712
Chic Ind & Loulev—Ref 68_1947.33
1947 33
Refunding gold 58
Refunding ee Series C_A947 .33
1966 MN
General 511 A
May 1966 JJ
General tis B
Chic Ind & Sou 50-year 48_1956
Chic LB & East let 446___1969
M & Puget Rd 1st gu 48__-1949 33
Certificates of deposit
Ch M & St P gen g 4eSer A-61989
General gold 3345 See B--e1989 33
Gen 448 Series C—May 1989 33
Registered
Gen & ref Series A 434e_ _a2014 AO
Certificates of deposit......
Gen ref cony Ber B be_ —02014 FA
Certificates of deposit......
1935 JJ
tat see fie
1932 3D
Debenture 4345
Certificates of deposit......
1926
Debenture 411
Certificate, of deposit......
1934 JJ
/5
-year deben ure 45
__
Certificates of deposit_
Chic & Mo Riv Div 5s_ _ _1926 ii
Chic& N'weet Ext45..__1886-1926 FA
1886-1926 FA
Registered
1987 MN
General gold 3366
Q F
Registered
1987 MN
General 45
Q F
Registered
1987 MN
Stamped 46
1987 MN
General be stamped
1879-1929 AO
Sinking fund 66
AO
Registered
1879-1929 A 0
Sinking fund 56
1879-1929 A 0
Registered
1933 M N
Sinking fund deb be
MN
Registered
D
1930
-year scoured 78 g
10
-year secured 634e fr____1936 M
15
MAY 2037 3D
tut & ref g bs
Chic R I & P—RatImay gen 481988
J J
Registered
1934 A 0,
Refunding gold fs
AO,
Registered

18016

Ji

183:11

I

10513 10838

I
a Due Jan. b Duo Feb. ODINI May, 0 Due Oct. p Due Dec




8 OptIon

sale.

3439

New York Bond Record-Continued-Page 3
r.
BONDS
N.Y.STOCK EXCHANGE
Week Ended June 18.

"s2

5

a.

Price
Friday,
June 18.

Week's
Range 0,
Last Sale

Range
Since
Jan, 1

BONDS
N.Y.STOCK EXCHANGE
Week Ended June 18.

Price
Friday,
June 18.

Week's
Range or '
a
Last Sale I ez,

Range
Since
Jan. 1

High
High N o Low
Ask Low
Bid
High
High WI, Low
Ask Lots
Bid
8834 N Y Central & Hudson River
85
4 53
883
80781 42
7612 8112
8014
Kansas City Term let 4(9_1960 J J 8812 Sale 8814
1
19973 3 8014 81
8912
Mortgage 339s
86
_
4
8
763 805
__
Kentucky Central gold 9s__1987 J J 8912 ____ 8912 June'26
7912 June'26
1997.3 3 ____ 81
91
Registered
81
91 May'26
__
9414 9614
9534 32
4
Kentucky Az Ind Term 430_1961 J .1
1934 M N 9534 Sale 953
Debenture gold 4a
4
853 8714
4
883
1961 J J 83- - 8714 Mar'26
88
9414 9414
Stamped
9418 Jan'26
9214
M N
Registered
2 10012 102
4
J
4
923 97
8
94181
4
/
Lake Erie & West let g be_ _1937 J 2 102 Sale 1013 June'26
8 9418 941
1942 3 j 933 98% 101
30-year debenture 45
2
977k _..- 997
99%
8
1941 J
26 gold 58
73
_i6,4 99 Feb'25'__ __
____
Registered
78% 82
3
4
4
803
8
Lake shore gold 335s
1997 1 D 8012 807 803
7578 - 4 80
41
79
,
79
Lake Shore coll gold 3398_1998 F A
80
77
7812 June'26
1997 J D
78
78
4
4
Registered
773
4
773
4
773 79
1998 F A
Registered
98% 99
57
99
84
1928 M S 99 Sale 988
77
Debenture gold 48
82 June'26
7918 80
4
1
/
Mich Cent coil gold 334s 1998 F A
9614 97
9712 34
1931 M N 9714 9712 973
80
78
-year gold 4s
25
Apr'26 _
7812 808 80
1998 F A
Registered
96 Dec'25
1931 m N
4
923 95
Registered
4
4
943
4
1937 A 0 9434 Sale 943
102 10414 NY Chic & St L 1St g 45._
1954 F A 104%-__ _ 104 June'26
94%
92
9314 Ma '26 ____
Lab Vol Harbor Term 5s
4
8
983
19374 0 933 95
95
Registered
,
,
9 38
4
9
68 9911 8838 June'26
9312 973
N Y let lzu g 435s 1940 J : 9 7 __ _
8 24
967
4
Leh Val
4
1931 m N 963 Sale 963
25-year debenture 48
82% 86
%
Lehigh Val (Pa) cons g 4s_2003 M N
10314 11 102% 105
4
1931 'sr N 10318 10314 1023
Series A B C
80 8074
2d lis
8012 May'26
4
1
/
gs 104%
Registered
10412 104
3
1974.A 4 10412 Sale 104
9614
Refunding 5399 Series A
92
9614 22
95%
4
2003 M I I 953 96
N
4
/
981 10412
General cons 4395
10412 63
1975 .1 J 104 Sale 104
Refunding 535e Ser B
15 10014 10412
10414
8
4
/
92
963
4
3
Lehigh Val RR gen be Series_ 2003 M N 1041 Sale 1037
4
963
4
9612 963 9814
N Y Connect 1st gu 439e A 1953 y A
1 10212 104
4
4
1023
4
1 10018 104 A
V Term Ry 1st su g 5s 1941 A 0 1023 ____ 1023
104
Leh
8
98(2 903
1953 F A 1033 104 104
8
let guar 58 Series B
8812 May'26
__
8913 90
Loh & N Y 1st guar geld 4s 1045 NI S
9212 90 May'26 _
1
/
1054 110
N Y dr Erie let ext gold 43_ .1947 m N 91
4
4
9018- Lax & East 1st 50-yr be gu_ _1965 A 0 10814 1083 1083 June'24
94 Nov'25 _
3d ext gold 439e
8712
1933 M S
84
8512 Apr'26
1952 MN 87
88
1
- ;
Little Miami 96
8
1930 A 0 10018 __ 1003 Mar'26 _ _ _ _ I06 155;
4
4th ext gold 55
1 109 1093
1093
8
1935 .4 0 1093e ____ 10934
98% 99
Long Dock consol g (is
___ 99 7,-ar'26 _ _
1928 J D 981
10012
gold 49
1001e
5th ext
r2
0012 A„'
98
94
Long Ism let con gold 5s_D1931 Q j 10034 ____ 19413 Feb 2g
'26 _ _ _ _
98 Ma,
419413 m N 9812 100
9412 95
N Y & Greenw L gu g ba
51931 Q J
7914 7914
1st consol gold 45
2000 MN 7912 ____ 7914 Apr'26
90% 9134 N Y & Harlem gold 3As
1938 J D 915 9238 91'8 June'26
General gold 45
97
97
Apr'26
1
1932 J D 927 ____ 97
-Gold 45
80 Jul '25
4
1
/ N Y Lack & W 1st Az ref 513_1973 M N 99
8
e43 89
1949 M S 8812 8914 89 May'26
8
993 102
Unified gold 413
101 June'26
1973 M N 100%
let & ref 439e
97% 9144
1
4
993
1934 J D
4
10618 10614
4 - - 993
Debenture gold 59
4
/
1061 June'26
1930 M 5 10618 11112
NY L E & W let 7e ext
94 100
8
9912
4
/
1937 M N 9914 9912 9912
100% 1011
-year I) m deb Ea
20
1932 F A 100% 10112 10114 Apr'26
s
903 N Y & Jer3ey 1st 55
m s 887 Sale 887
85
16
90
8
8
90
90
Guar refunding gold 4s__ _1949
4
99% 10b3 N Y & Long 13ranch gene 48_1941 m s 9012 9312 90 Mar'26
7012 7712
Nor Sb B 1st con g gu 58_01932 Q J 100 10034 10034 June'26
7712
7712
99% 101
N Y N 11 & Hart n-c deb 4(91947 m 8 7512
9
10014
1.•011181ana Jr Ark 1st g 5(3_1927 M S 100 10012 10018
60 Juno 25
•S
Registered
86% 9012
6
9012
9012
8i1; 70-Lou dr Jeff Bdge Co gu g 4a 1945 M S 9014 91
70
70
Non-cony debenture 3398_1947 MS 70
1 10212 10612
4
4
Louisville & Nashville 58_1937 M N 104% ____ 10512 10512
613 601
4
663 June'26
Non-cony debenture 3 399_1959 AO (36
5%
9
9314 9
9512
1940 J J
7514
9514 958 958
68
Unified gold 9s
10
7514
7414
74
76
y debenture 4s__ _1955 J
109
1 11
Non-con
1931 M N 101 10178 102 June'26
Collateral trust gold 5e
8754 75
7412 17
7418
7412
Non-cony debenture 439._ _1956 MN 74
14 10512 108
10614
4
1930 m N 1053 10618 1057g
61
674
'
-year secured 7s
10
67 18
67 Sale 67
1956
Cony debenture 335e
10812 22 10612 11014
4
9714 1023
1st refund 539(3 Series A 2003 A 0 108 Sale 108
4
1023 207
1948
3 102% Sale 102
Cony debenture (Is
14 10412 10814
106
4
_ 1053
2003 A 0 10534
98
96
let & ref be Series B
98 May'26
.1 .1
98 10014
Registered
10014 46
2003 A 0 10014 Sale 10018
9812 10012
let Ar ref 4395 Series C
4
1
/ 10014 229
1940 A0 10014 Sate 99
104% 107
Collateral trust 65
1
1047s
8
10478 1047
1030 J J
70
58
N 0 & M lat gold fla
70
33
8
1957 MN 693 Sale 68
103% 104
Debenture 4a
1930 J J 10412 105 104 June'26
4
8414 881
26 gold 6s
1
8
883
88%
Harlem It & Pt Ches 1st 481959 MN
91% 9212
2
9212
Paducah & Isdem Div 45_1996 F A ____ 9212 9212
1 100 100%
10034
8
8
8 % 10
0
Northern 1st g Ss__ _ _1927 AO 10012 8a1114 1003
N Y&
2
,
65 2 68
68
St Louis Div 26 gold 35._1980 m s 6614 68 68
6714 76
53
76
7514
7512 Sale
8
987 99% N Y 0& W ref 1st g 4s_June 1992 51
Mob & Montg lst g 4 As 1945 M S 9938 10012 998 Apr'26
6212 6912
6912 53
8
8
1955 3D 683 Sale 683
8512 89
General 45
3
88
South Ry Joint Monon 45_1952 J J 875s 8818 88
8612 Apr'25
4
,
_
014 93 4 NY Providence & Boston 46.1942 AO 863
9
92 June'26
6
8 1;
--AU Knoxv & Chi Div 4s_ _1955 M N 917 94
May'26
8712
9914 100
NY & Putnam let con gu 45_1993 A0
9934 ____ 998 May'26 _
Lousy On & Ulm Div g 4349'32 M N
100 10034
0812 - 0 4
8.
1927 MS 180 101-1- 100 June'211
101% 101114 NY&RBIgt gold 5a
10134 Mar'26
1939 .1 j
Mahon Coal RR 1st be
77% 8512
8512
.1 8412 8534 8512
_1937
6013 67
N Y Sum & West let ref 5s_
4
653
64
7012
Manila RR (South Linos) 45_1939 M N 103- 67 June'26
84
70
70
1937 FA
26 gold 439e
6212 76's
76
76
1959 M N 7214 75
7412
let 4s
63
012
703 72 7212 June'26
1940 P A 88 8 7
4
100 1003
General gold 58
____ 100 May'26
Manitoba Colonization 55 .1934 1 D 100
97% 99
8
973 Apr'26
1943 MN
85
85
Terminal let gold be
Apr'26
Man 013 & N W let 3 395. _ _1941 .1 J 81% ___ 85
69
12 783
4
4
783 213
78 Sale 77%
100% 102
_ _ 102 June'26
N Y W'ches & B let Sec I 4 As'96 J
Mich Cent Det & Bay City 58231 M 13
101 101
_
10238
M 13 102- - 101 May'26
Registered
7714 8214
4 46
803
1950 AO 8014 Sale 80's
823 9 % Nord EY esti(' f 835e
3 5
7
9538
54
1940 .1 J -0- Sale 958
Line cle
Mich Air
8
77N 863
8512 103
80% Norfolk South let SZ ref A 55.1961 FA 8514 Sale 85
79
1951 MS 831279 Mar'26
1
/
.1 I,& S let gold 339a
98 1004
4
8512 Norfolk & South let gold 58_1941 MN 101 Sale 1003 June'26
83
i-;
1952 MN 84 - 61 85%
1st gold 3395
1 106 106%
4
4
1053
4
973 9/04 Nonf & West gen gold 68.._..193l MN 10612 Sale 1053
10
1929 A 0
-year debenture 45
20
10912 110
9012 95
Improvement Ar ext 68_1939 FA 109 110 10912 May'26
8
943 June'26 _
1940 A 0 9412 95
Mid of N 3 lat ext 5a
107 107%
1932 AG 10712 10812 10734 June'26
New River 1st gold
5 10018 10138
10114
Milw L 83 & West Imp g 5(3_1929 F A 10114 Sale 10114
9014 9314
4
/
,
92 2
1996 40 9212 Sale 921
NA W Ry let cons g 4a
Dec'25
9412
9212
MU le Nor let ext 439s(blue)1934 J D 9512 98
89
_
917 May'26
8
1996 A0
Registered
V 08*4
4
007 0414
Cons ext 439e (brown)_ _1939 J D 9518 9614 9812 May'26
4 45
933
4
9112
Div'l let lien & gen g 43_1994 J J -935 Sale 9314
89
_
9112 May'26
92
91
Mil Spar dr N W lat gu 4a_ 1947 M S
15014 65 138 15614
14912
1929 Ni 5
-year cony 68
10
8
____ 813 Dec'25
03
Milw & State L 1st gu 3198_1941 .1 .1 83
91
31
93
1911 JO 9234 di;19- 92%
Pocah C A: C joint 46
100% 10314
11312 Apr'26
1979 MS 10412
V_ Nor Cent gen & ref Ea A
1927 ID 99 102 103 Nov'25
Senn & St Louis let 7s
974
88
8
4
95
943
1945 A0 9312 95
5s
-gi5
North Oldo 1st guar g
4
573 57% June'26
1934 MN 57
8614 91
let consol gold 58
63
90
8918 Sale_ 8812
1
/
634 Nor Pacific prior lien 413..._ _1997 Q
56
6412 56 June'26
M N 57
Temp etre of deposit
88
86
88 May'26
1997 Q
23
18
Registered
8
1914
/
1st dr refunding gold 43_ .1949 MS 18 Sale 18
4
611 66
4 50
8
653
64 Sate 653
a2047 Q F 12% 1614
General Ilen gold 3s
1314 June'26
6311
Ref & ext 60-yr 58 Ser A__1962 Q F 1314 14
8312 Apr'26 ____1 60
a2047 Q F
Registered
102 Sept'25
1927 JD
let guar g 7e
9518
87
9518 10
2
2047 JJ 9412 951g 9412
867 9112
Ref & impt 434s sec A
90% 23
.1 89% 9012 8914
Id St P&SSM eon g 4s tnt gu'38
8
1123 Apr'25
ii
Registered
97% 9934
9914 May'26
8
1938 J J 987 99
1let cons be
-111334 59 108 4 1711 4
2047 ii 11314 gZei 113
41
'4
Ref k Impt 6s ear B
99
4
9914
973
4
1
/
110 11014
let cons 55 go as to Int_ 1938 J J 98% Sale 9818
11014 Mar'26
3.3
Registered
13 10214 104
8
10314
1931 MS 10314 10312 1027
984 104
(.0-year coil trust 639s
29
103
2047 J J 102 Sale 10212
Ref & impt 55 ser C
6 100% 103%
102
102 10214 102
1946 J
let de ref 65 Series A
9814 10314
7
2047 J J 10212 Sale 10212 103
8
8912 927
9012
9012
Ref & Inapt 55 see D
2
92
1999 MS 89
25
3
-year 5345
4
1093 109 4
4
1
/
4
1,3
93
Nor Par Term Co let g 8(3_1933 J J 1093 -- 1094 June'26
93 Mar'26
let Chicago Term sf 4s_ 194I MN 9318
10112 10514
/
1938 A0 10414 -- -- 1041 May'26
4
93 933 No of Cal guar g be
8
933 Apr'26
Mississippi Central 1st bs_ ..1949 J J 94
2
3 1023 10314
10314
• j 103 104 10314
1930
4
84% 873 North Wisconsin 1st 139
87% 36
MO Kan & Tex-Ist gold 4(3_1990 JD 8718 8712 8714
9612 10214
10214 68
4
82
Mo-K-T 13.11-Pr 1 Ea Ser A.1982 J J 1013 Sale 10134
73
16
82
Og & L Cham 1st gu 4s g-_1948 J J 8218 Sale 8118 Dec'25
8012 86
4 27
853
1062 J J 85% Sale 8514
-year 48 Series B
r0
4
903
42 10212 10414 Ohio Connecting Ity 1st 4s_ _1913 NI
104
2 1&231661 . 2
1932 J J 10312 Sale 10312
-year (is Series C
10
1936 3D 1015* ____ 10234 June'26
4
9012 953 Ohio River RR 1st g 58
8
933 .592
4
Cum adjust 5.9 Ser A Jan_1967 AO 921 Sale 923
4
_ _ 101 10212
8 ____ 102 June'26
1937 AO
General gold .Si
Missouri Pacific (reorg Co)
1 10014 10114
10034
4
1927 .1 3 10012 1003 100%
8914 100
Ore & Cal 1st guar g 511
9914 62
8
9918 Sale 983
8914 9212
refunding Ls Sec A._1965 FA
let dr
5
9212
9212 9214
1946 3D 92
4
62 1011 107
RR & Nay con g 9(3
Ore
107
8
lot & refunding 6s Ser D_ _1949 FA 10678 Sale 1063
107141 20 104% 10712
107 110 107
4
Ore Short Llne-lst cons g 58_'46 J J
347 1011 107
let & refund 6s Sec E int_1955 MN 107 Sale 10612 107
1 1051g 10712
4
/
1946 J J 107 1074 1071 107181
7412
65
Guar cons 55
7412 689
1975 MS 7312 Sale 7312
General 4s
3
96, 9812
9812 71
93
1929 J O 983 Sale 9818
88
Guar refund 48
8334 88
1938 MN 9214 Sale 9218 June'26
Mo Pac 3d 7s ext at 4%
87 I 75
4
1961 J J 8634 Sale 863
Oregon-Wash let & ref 48
91% 96
2
9212
9212
94
Pacific Coast Co let g 5s___ _1946 3D 92
Sept'25
4
993 ____ 99
1945 J
1
Mob & Blr prior lien g 5s
9112 9312
9312 June'26 1
793 003* Par RR of Mo let ext g 419.__1938 FA 9318 94
8712 June'26
4
4
1945 J J 853 __
Mortgage gold 48
4' 8 100 1013
1013
4
1938 J J 10112 Sale 10112
793 87
26 extended gold bs
86 June'26
199: J J 8214
9614 9814
Small
9814 May'26 --- _ 1
10074 1034 Paducah & Ills let Of 4396_1955 JJ 977 99
10078
_ 100%
10218
7312 7812
Mobile dt Ohio new gold 6s_ .1927 J
4 86
753
4
Sale 743
1958 FA 7412
1007e 10614 Paris-Lyons-Med RR 6s_
- lit extended gold lie
51927 Q J 10078 10138 102 June'26
87%
82
85 I 65
92
90
1958 M 5 85 Sale 84
St external 75
4
913 May'26
1938 MS 0218
87
General gold 4s
82
8' 48
843
1
/
8312 8414 834
9914 101
1954 M
10038 June'26
Paris-Orleans RR s 75
100% 102
Montgomery Div 1st g Os 1947 FA 100%
9
1013*1
1942 MS 10114 Sale 101
9912 10012 Paulista Ry 75
_
;
- 03
1927 JO loo 10- 10012 June'26
St Louis Division be
94%
94
1
81
947
91
4
1
87
91
-cons g 4s 1943 M N 943 -- -Pennsylvania RE
91
9012
1991 54 S 89
Mob & Mar 1st gu gold 4s
4
/
911 9934
! 6
4
/
941
.4
109% 1121,
1948 M N 933 6 9412
11212 May'26
Consul gold 48
1037 J J 11212 _
Mont C 1st gu g 6s
2
9114 95
94121
4
933
_ 10112 1027
8
8
1027 May'26
45 sterl stpd dol___May 1 1948,DIN 93% 94
1937 J J 103
55
2
let guar gold
4
987 1013
1
6
77% 81%
7914
1960,F A 10012 101 10012 10012'
Consol 435e
Morris & Essex 1st go 339a...2000 JO 7914 6;1; 7914
9414 9918
3 lop% 1013
8
19653 D 9814 Sale 98
1003
1003
4
4
General 4395 Ser A
Naahv Chatt dr St L let 55_ _1928 AO
8
9
8 0
98 7
10652 167 102% 1067
4
4
1013 10174
1958.3 D 10634 Sale 1063
General bs Ser B
02 --111937 PA 100334 10 - 2 1017 May'26
N Fla & S let gu g Ea
10712 40 107 108%
1930 A 0 10712 Sale 10718
30 Sept'25
-year secured Ts
10
Nat By of Max pe lien 43912_1957 J J
8 39 111% 11312
19
1936 F A 11234 Sale 11112 1133
Apr'25
15-Year secured 839s
July 1914 coupon on.......
11214 11214
11214 May'26
2134 66
F A
15 -2134
22 Saio 21
Registered
Assent cash war rct No 3 on
%
8
983 102
4 99
10213 Sale 102
102,
1964 M N
8712 June'25
-year gold ba
40
1977 AO
Guar 70-year s f 4s
____ 8612 Oct'25
85
1734 26
4
4
243
2314 273 243
4
Pa Co--Gu 34re colt tr A reg 193754
cash war rct No 3 on
Assent
2 V" V84 I
____ 84
3812 Julv'24
B_1941 F A 84
Guar 334s coll trust Ser
8418
NM RR M ex prior lien 4398_1926 J J
84
2
84181
____ 84
24 Sept'25
1942 J D 84
Guar 3354 trust Ws C
J J
July 1914 coupon on
82
83%
8334 June'26 _
33%
838
1944 J
e
28'2 3414
-334 gUl- 33%
Guar 334s trust ctfs D
Assent cash war rct No 3 on_
9614 9714
4
/
8
973 973 971 June'26
28
Apr'25
Guar I5-25-year gold 4a-1931 A 0
1951 AO
consol 45
4
/
8615 881
89I 8814 May'26 -18123=0'26
1812 1812
1952 M N 88
AO
Guar 4s Ser E
April 1919 coupon on
2012 32
13
2012
1914
2012
Assent cash war rct No 3 on
4
/
79% 871
8
8612
8
81
867
Peoria & East let cons 45___1940 AO 8418 863
4112
35
4114 58
4
1990 Apr. 41 Sale 39
/
951 96
Income Is
1 9712 ---- 96 May'26
1945
New England C011.9 58
10014 104
4
May'26
87
let 5 As__ 1974 AO 1023 104 103% June'26
81
831887
Peo & Pektn Un
1945
Consol 45
10412 29 10118 10412
8412 8514 Pere Marquette lot Set A 58.1956 33 10414 Sale 1044
8514 Apr'26
8518 1
A
N J June RR guar 1st 4s__ _ _1986
85% 88%
1
8812
9788 14
1956 3' 8812 Sale 8812
9214 9738
4
9712 973 9718
1st 44 Ser B
NO& NE mar refArimp 4395 A '52
9312 94%
4
N 9418 ____ 943 May'26
20
8714
1943 M
84
8714 Phil& Balt & W let e 431
87 Sale 87
New Orleans Term let Is_ ..1953
8
10012 23
1974 FA 10914 1097 110 June'26 -- 10614 11112
4
1
/
98 1003
4
Gen (is Series 13
Texas & Max n-e Inc 58_1935 A 0 10014 10034 10018
DI 0
45 1 16
4012 45
96 10034 Philippine Ry let 30-ye s f 4s 1937 J J 4412 Sale 4414
10012 Sale 10014
10012 68
A
1954
let be Series B
4
/
1932 J 1) 106 18 ____ 10512 Mar'25
1043 Sale 1041 1047e 44 1021e 10512 Pine Creek regstd 65
4
1954 A
let 540 Series A
;
7
;
161 11661
9912 10014 May'26
1940 A 0 98
WI 9634 PCC&StLgu439sA
4
953 May'26
guar 439e_ _1995
N & C Mee gen
8
965 9734
4
1942 A 0 9814 ____ 973 Apr'26 _
9934 102
8833
AO 100 4 ---- 101 May'26
Series B 439s guar
N Y B & 11,1 13 let con g 5a 1935 MN 1073 10738 10734
8
97% 97%
9788 ____ 973 Apr'26
7 104% 108%
194251 N
10712
8 &dee C 4345 guar
Cent RR cony deb 88_1935
117 Y
4
/
941 June'26
9312 9418
1995M N 944
10612 May'26
10612 10612
Series D 48 guar
MN
Registered
4
0214 031
4
3
35
89
1949 F A 933 ____ 933 May'26
85 4 5014
3
Series E 33.4s guar gold
1998 FA -8734 Sale 8814
Congo' 48 Series A
8
26
927 Feb. ____
927 93
s
1953 .1 D 9914
9718 47
9214 9712
Series F 48 guar gold
2013 AO 0612 Sale 9612
Impt 4 39a "ARef &
9414
93
10534 102 10114 10534
8
1957 M N 9914 ____ 9414 June'26
45 guar
10512 Sale 1053
Series 0
Ref & Impt 58 Series 0_2013 AO
10318 Apr'26
10314 10314
AO
Registered

98% 98% 98%

Apr'26
9888

Sale

Ion sale,
a Due Jan. d Due AprU. p Due Dee, sOp




3440

New York Bond Record—Continued—Page 4

BONDS
N.Y.STOCK EXCHANGE
Week Ended June 18.

Price
I
Friday,
June 18.

Week's
Range of
Last Sale

Range
Since
Jan, 1

LI

:
BONDS
Price
1
Week's
I
Ranee
N.Y STOCK EXCHANGE '
t
Since
FridaY.
8
488e Or
1
Week Ended June 18.
g,,:t June 18.
Last Sale
la
Jan. 1
—
Ask Low
IBM
High No. Low
Rifth
Bid
Ask Low
High No. Low
Pitts On Chic & St L (Concluded)
High
CI NJ RR & Can gen 48____1944 m S 93
__ 9212 Dec'25 -Series H 48
4
1960 F A 94 8 ---_ 933 Sept'25
Utah & Nor gold 58
1926j .1 993 100 10012 Mar'26 ---- IA kilt;
4 Berke I cons guar 444_1963F A 973
8
9712 May'26
9514 Vile
1st extended 4s
1933j j 945, ___ 9512 Mar'26 ---959 9512
Series J 434s
1964 M N 9749714 June'26
1173 Vandalla cons a 4s Ser A
98
4
1953 F AI 983 ---- 8934 May'26 -4
88
89 4
3
General M 54 Series A
4
1970 j D 1033 10418 1039 1033
4
4 16 100 1033
Congo! 45 Series B
1957 m
881 8818
,
Gen mtge 5e Series B
4
1975 A 0 1033 104 1033
999 104% Vera Cruz & Fist gu 414e..1934 j N, 89 ___- 8818 June'26 -37
4 1042
a ______ 20 Sept'25 ---Fitts & L Erie 2d g 54
41928 A 0 ____ 1007 1008 June'26
100% 101
July 1914 coupon on
j J, 2912 31 1 24
21
24 - Apr'26 -Pitt, McK & y let gu 68_1932 j j 106
____ 106 Aug'25
Assenting let 43-2a
19341____I
23 31
plus Sh & L E let g544
1940 A 0 10112 ____ 1007
2 160% 10314 Virginia Mid 58 Series F__1931 j ji' --__ ---- 31 June'26 -8
1013
4
100% ____ 100 Dec'25 -let consol gold 54
8
1943 J j 11103 ____ 10018 Oct'25
General 56
1936 m N 1023, ____ 102
Pitts Va & Char let 48
1943 MN 92 ____ 91 14 May'25
Va dt Southw'n let gu 58_2003,j 3, 1013 1027 100 May'26 ---- 101 102
4
8
999 100
Pitts Y & Ash let cone 58_1927 M N 100 ____ 100 Apr'26
Mar'26 ---WR; 1604
1st cons 50
-year 54
1958IA 0 95 Sale 95
96
20
90 4 96
3
let gen 48 series A
1948 j D 914 9414 9112 Mar'26
9112 Virginian ist 58 Series A
91
1962 m N 103 Sale 102% 1033
99% 10312
8 38
let gen 54 series B
, Wabash 1st gold
1029 102
1962 F A 10414 ____ 102% Jan'26
58
1939 m N 103 Sale 103
10318 14 10114 104
Providence Secur deb 4s
1957 m NI 67
____ 6812
2
63 6812
6812
2d gold 58
1939 y A 10114 Sale 10112 10112
9812 1017
8
Providence Term let 48
2
1956 pa 8! 8612 ____I 8318 Apr'26
8318 8318
Ref 51 548 tier A
1975 m 5 1033 Sale 104
182
4
9812 105
105
Debenture 13 fis reglatered.1939 m 8 ---- ---- 933 Feb'25 ----I
Reading Co gen gold 44
4
984 96 Mar'26
1997 a.71 98
951s 8714
let lien 50-yr g term 4B
195413 J 83% ---- 86 June'26 ---1:1- 86
j j ____ ____ 44% May'25
Reghltered
Det & Chi ext 1st g 5a__1941 J a 102
____ 10218
102 8
2 101 1029
Jersey Central coil g 4a_ _ _1951 A 0' 929 9212 9214
5 -9"6" .9234
9214
Des Moines Div let g 48 1939 a j 90 Sale 89
844 90
Gen & ref 44e Ser A
12 21
1997 j j 97% Sale 973
4
9414 98 8
98
,
Om Div 1st g 33
-is
l941'A 0 8112 83
7718 83
81 June'26 --10
Warn & Dane deb to stpd_1927 A 0 100 10012 100 June'26
993 10414
4
Tol & Ch Div a 4s
1941 al 8 893 ..--- 90
2
4
87
90
90
Rich & Meek let g 48
1948 j..4 N 78
____ 80 May'26
80 80
Warren 181 ref gu g 348
2000 y A --------81 May'26 -80
81
Richm Term Ry let gu 58_ _ _1952 1 J 1027 ____ 1013 Apr'26
8
4
8
1015 111212 Nub Cent let gold 4a
84
1948 Q par 86
8512
88
Apr'26 ---84
Rio Grande June let gu 54_1939 J D 101
9512 101
__— 101
101
1
Wash Term 1st gu 3414
1945 y A 853 ---- 8512 June'26 -- -83 887
4
8
Rio Grande Sou let irold 44 1940 j j --_7 1 512 Dec'25
let 40-year guar 4a
1945 y A 9118 ---- 913, Apr'26 ---83 9114
Guaranteed (Jan 1922 coup on) j a ---------6 May'25
--Rio Grande West 1st gold 40_1939 .1 J 9114 0212 9112
RR% 92
6
92
W Min W & NW let gu 58_1930 F A 98 100
96% 98%
985 Mar'26
8
Mtge & coil trust 48 A ___ _1949 A 0, 85 Sale 8412
3
85
7418 85
West Maryland lat g 48____1952 A
75
667 75%
8
753 171
RI Ark & Louis 1st 444_1934 pA iii! 9418 Sale 9414
29
944 West N Y & Pa 1st g 5a__...,1937 a 0 102 Sale 74
89
947
J
Sale 102
s
1007 10215
102
-Canada let gu g 48
Rut
83%
8112 8118
1949 1 .11 81
81 18 10
73%
Gen gold 45
1943 A 0 8712 Sale 873 June'26
83% 88
Rutland 1st con g 4 4a
4
9212 91 June'26
1941 .1 j 91
87
919
Income g 58
Apr 1 1943 Nov
St. Joe & Grand 151 let g 4a.._1947 J .1 834 Sale 83
83 12 16
78% 8
4
Western Far let Set A 58_1946 m 8 100 Sale 9534
957
49
St Lawr & Adir 1st g 58
Fe0'2,5 49
lb 0 2
979 9912
19963 J 9912 ____ 9912 May'26
let gold 138 Series B
1948 m 8 1025 103 103
8
103
2d gold 6s
1996 A 0 100 ____ 101 Sept'25
West Shore let 48 guar
2361 j ji 83 8 Sale 85 8
5
4
86%
3
86
St L & Catro guar g 48____ _ 1931 1 J 9614 963 9612
4
1
9612
-3 9
I5; - .
4C9
Registered
2361 a 31 853, Sale 853
83
8
8512
et I. Ir M & 8 gen con g 58_1931 A 0 10012 Sale 10012 1003
8
85 2
,
10 10014 101
4
Wheeling & L E 1st g 5a
1926 A 0! 997 101 10014 June'26
99% 10014
Unified & ref gold 44
1929 J J _ 972 Sale 9714
95% 973
975 100
8
4
Wheeling Div let gold 58_1928 j al 993 100 100% May'26
8
10014 10212
Registered
93 Sept'25
.1 J
Ext'n & impt gold 5s
1930 F A 99% ---- 995 May'26
98% 99%
8
Riv & 0 Div 1st g 48
933 128
1933 M N 93 Sale 93
94
89
Refunding 44s Series A 1966 m 8, 8812 Sale 8812
804 8913
883,
ER L M Bridge Ter gil g 581930 A 0 997 100% 993 May'26
998 10012
4
4
RR let consol 4s
1949 M Si 873, 8812 88
81
7
St L & Ban Fran (reorg co) 4s 1950 J J 834 Sale 834
894
88 2
,
772 8412 Wilk & Ewa
8
843, 550
1st gu g 55
1942 J DI 71 Sale 71
7
6414 731s
Registered
7112
J J --------54
7
80 84
Will & 8 F let gold 58
1938 j D, 102 2 -- -- 10212 Apr'26
,
102% 10212
Prior lien Ser B 58
9912 87
1195 Winston-Salem 513 let 48
93
5
1960 j a, 873 8812 88
le 99 10212 36 10178 103 Ms
4
1814
88
8 8514 884
Prior lien Ser C 5s
: 33 j 10218 Sale 102
1 21
Cent 50-yr let gen 4a
1949 j a 85
8512 8512
17
87
8018 87
Peor lien 54s Her D
Sale 102
9914 1039
1942 J 3
1023, 121
Sup & Dill dly & term let
*
8612 91
90
Corn adjust Ser A 84____12195.5 A 0 964 Sale , 964
9212 9712 Wor & Con East 1st 444 48'36 m NI 897 9012 90
9714 243
1943 j J 1 773 82
4
7614 Mar'26
Income Series A fis
784 7614
/11960 Oct
9318 192
92% Sale I 9212
84% 939
StLouls & San Fran RY gen 68 '31 j j 1053 Sale 1055
8
Um 1008
8 1052
INDUSTRIAL
General gold Si
10118
19313 j 101 18 Sale 101 18
1
2 10018 10112 adama Express coil tr gS
48_1948 M
852 Sale 8538
8
15
85
8712
86
13t. I.Peo & N W let gu 513_1948 J J 1035,1043,103
104
5 10212 104
Max Rubber let I5-yr s f 88_1936
10312 Sale 10312 1033
St. Louis Sou let gu g 4,3__1931 M S 96
4 20 10214 105
9712 973 May'26
_
9418 97% 1 ..aka Gold M deb 6s A____1925 J
.
5
6
FA
2
49 5
43
4
St LB W 1st g 44 bond ctfe 1989 M N 863 88i8 8712
5
4
8418 88
4
877
8
Cony deb 88 Series B____1926 M
5
6
4
412 Feb'26
44
2d g 4s income bond cas_2,71989
813 81
81
4
J
81
1
75
82
°pine-Montan Steel 78____1955 as ' 907 91
8
90
90
4
91
Consol gold 441
9112
1932 .1 D 943 Sale I 943
4
8
91
95
91% 01'
km Agric Chem 1st 58
1928 A
10314 Sale 103
let terminal & unifying 58.1952 .1 J 96% 96% 9614
4
103 4 22 1023 10414
,
899 97%
963
4 31
lat ref s f 7148 fr
1941
104 10414 1035, 10414 34 10318 105
Si. Paul & K C Sh L let 444, 1941 F A 907 Sale 9034
9112 28
8
913 kmer Beet Sufi cony deb 68.1935 F
4
88
F
9312 Sale 9312
9012 10112
941z 11
Rt. Paul & Duluth let 54
1931 Q F 1013s
9914 Mar'25
kmerican Chain deb 5 f 6a 1933 A10112 Sale 1019 102
,
9814 102
23
lit consol gold 48
1968J D 8912 ---- 8912 May'26
87 1103 km Cot Oil debenture 58
1931 M
93
947 95 June'26 9312 9714
St Paul E Or Trunk 4448_ _ _ 1947 a J 9218__ 91
9018 91
Jan'26
km Dock & Impt gu 85
____ 1067 105% Mar'26 -- 1055 106%
1938
8
St Paul Minn & Man con 42_1933
s
D 967 1712 973 June'26
8
4
13 3 Amer Ice deb 7s_ _Ju.y 15 1939
4
96
120 137 121 May'26 -- 118 13412
Registered
J D
9214 July'25
Am Mach & Fdy e f 65
6
1939 I- 102 10212
let consol g 44
1933 J D 1083 1093 10918 June'26
4
4
1077 101(34 Am Republic Corp deb 134_ _1937 A 0 997 1001 10112 June'26 --- - 10014 103
8
997k
8
4 997
98 100
1
8
Registered
J J
_ 107 Mar'26
107 1b7
Am Sm & K 1st 30-Yr baser A1947 A 0 10, Sale 1003
4 1015, 74
99 101%
Si reduced to gold 444e_
__1933 J 1 RIC 11_14 993 June'26
Iii
8
4
995 100
1st M 6s Series B
1947 A 0 1002 sate love
10/04 46 106 1083
Registered
4
1933 J 399 May'26
9812 99
AMIN Sugar Ref I5-yr 64
j
Sale
1937
60
Mont ext let gold 48
1937 1 D -65F8 lii" 94
9412
9 93 951,2 km Telep & Teleg col! tr 413_1929 j 3 10312 Sale 10318 10334 82 102 s 10512
983
4
9814
.1
983
4
967 98%
Registered
1 D
9214 May'26
9214 92
9
Convertible 45
1938 m5 92% 9312 9258
924 78
92
94
Pacific ext guar 48(sterling)'40 J J 90
91
90 May'26
8914 90
_
20-year cony 44a
1933 m 8 10018 101 10018
10018
1
9714 10212
I Paul Union Depot 55___ _1972 J J 1045 Sale 1043
8
8 1043, 38 101% 104%
30
-year colt tr fat
1948 J D 10318 Sale 10318 10314 29 1009 10312
Registered
13
103
11 1023 103
j D 1,00174
J j
e (07i
4
SA & A Pass 1st gu g 4s__1943 j
8812 Sale 8814
89
84
89
28
35-yr a t deb bte
Sale
1960
130
101
97% 101
Santa Fe Free & Phen 5s__1942 M S 10212 ____ 1023 May'26
10012 1023
4
8
20
-year f 54s
N 100 Sale 106
1943
10612 80 103 106%
ea. Fla & West Ist g 6e____1934 A 0 10814
110 110
110
Jan'26
Am Type Found deb 6e
6313
1940 j 0 108744 s ie 10418 105
lr
738
A 3 89412 sale ,
62 10314 105
lirt g 5s
1934 A 0 10212 _
1015 Dec'25
4
Am Wat
97% 29
95 4 98
3
Scioto V & N E let gU 4s 1989 M N 897 - -- 00 June'26
8 917
8
16- Am Writ Wks & eElea 581934 A 0
Paper f 7-6e....1930
23
56
5612
42
Seaboard Air Linea 4s
7814 82
1950 A 0 81 18 82
8112
8112
1
Temp interchangeable etre deP
5414 e aIe 538,
5512 26
4118 55%
Gold 4s stamped
1950 A 0 8118 Sale 8118
7814 82
8118 12
Adjustment 58
Oct 1949 F A
80 Sale 7914
8012 172
76
87
% Anaconda Cop Mln Ist 68_A953 F A 1033 Sale 10314 103% 197
4
1014 10412
Refunding 45
1959 A 0 7 4 Sale 7218
6914 74
3,
723 203
086 142 8 1 086
15
-year cone deb 7s
4
881
8
1938 F A 18963 : 18,
6%12 1065 196 10214 107%
8
1st & cons 68 Series A
1945 M S 95 Sale 95
91
95
% Andes Cop Min deb 75,30% p6'43 J J 10014 Sale 9934
955 239
8
10014 260
8:0212
9 7 19
61
4
8
AU & Birm 30-yr 1st g 48.61933 M 8 9112 Sale 92
8812 94
92
2
knglo-Chilean Nitrate 7s
1945 M N
94
9514 10018
Seaboard-All Fla let go 6s A_1935 F A
4
943 Sale 94
4
0214 983 kntilla (Comp --zue) 748_1939 3 J
94% 49
89
2
"1
Seaboard & Roan let 54......1926 J J 994 _ _ 997
09% 1003 Ark & Mein Bridge & Ter
,
997
55_1964 M
9914 ,--- 9914 June'26 ____
949 994
So Car & Ca 1st ext 544_1929 M N 101 14 10112 102
4
102
3 101, 102
Armour & Co 1st real eel 4401939 3 D 92 Sale 9112
903 9278
923, 73
II&NAlaconagug 5s
1936 F A 10414 106_ 10414 June'26
1033 1049 Armour & Co of Del 5145. 1943
8
J 9334 Sale 9318
9218 969
933 107
4
Gen cone guar 50-yr 5e_1963 A 0 10818
8
4
1053 1085 Associated 0116% gold notes 1935 3 S 102 8 103 102%
108% June'26
M
103 I 102 102 1031a
So Par Col 4.9(Cent Par co021949 J D 883 89
,
4
851 904 Atlanta Gae 1. lit 55
8812
88% 23
10018 _ - - - 99% Mar'25 ____
1947 J
Registered
8438 8512 Atlantic Fran 7s etfs dep___1934 J D 15
J D 81 18 88
8.512 May'26
D
28
Jan'26 - -__
-6- - :
2, I
t
20
-year cony 44
June 1929 M S 9812 Sale 98%
964 98
%
98% 82
Stamped Ws of deposit.......
21 19 8 2018 Jan'26 ._ __
-720 3 2
20
-year cony 54
1934 J D 1013 1017 101%
8
1 100 102% Atlantic Refg deb te
1017
8
1937 J J 1002 Sale 10112 10212 35
998 1023,
99% 101%
20
1944 M N 1003 1004 1004 10114
-year g 5
8
4
7
I ,
San Fran Termi let 44
1950 A 0 9012 Sale 9014
87
91
Baldw Loco Works 1st 5a-1940 M N 10518 __-- 10518 10518!
903
4 15
2 10214 10534
Registered
A 0
83
8512 Mu-ague (reap Az) 744
1937 J J 10434 105 1043
1043 365 103 1089
4
So Pee of Cal—Gu g 54
1937 MN 10412 Sale L; 1g2412
10314 10134 Barnstiall Corp deb 68
111
1
99% Sale 999 100 I 54
10403
97 101
SO Pao Coast let gu g 4e
1937 J J 0414 9512 9414 Jan'26
9414 9414 Belding Hemingway
1936 3 J 963 Sale 968
4
65
50
97
9612 1007
So Pao RR let ref 48
93
90
1955J J 913 Sale 9112
8
Bell Telephone of Pa 58
9214 343
1948 3 J 1027 Sale 1027
s
8 10314 175 100% 103%
1st & ref 58 Ser C
1960 A 0 10314 Sale 10318
10312 37 100 103%
Southern—let cons g 58
1994 J J 107% Sale 1073
4
8 1073
4 44 104 1073 Beth Steel let & ref 55 guar A'42 M N 993 Sale 9938
101 , 37 I 955 101
Registered
4
_
1013 10612
10612 June'26
30-yr p m & imp f 3a
Sale 9712
977 192 I 93 9818
1936 J J
Develop & gen 4e Ser A__1956 A 0 8512 Sale 8514
8114 89 8
85% 100
Cons 30-year 6e Series A...1948 F A 9
9977'84 Sale 9938 100 1 170
9518 100
Develop & gen 6s
1956 A 0 11314 Sale 112%
1137
8 60 1079 11374
Cons3O-year5i.4sSeriesB 1953 F A
9312 Sale 9318
94
24 t 87 94
18
Develop & gen 614e
1956 A 0 11838 Sale 1189
112 11878 Bing & Bing deb
1187 197
8
1950 M S 92
93
645
93
93
I 1 9012 95
Mem Div 1st g 414s-58-1996 J J 104
4
10412
10412
2 1013 1059 Booth Fisheries deb a f 68_1926IA 0 88 Sale 86
88
70
9
97
86
St Louis Div let g 4e
0014 Botany Cons Mills
909 - 1951 13
9638 9018 June'26
644
1934 A C 8318 84
824
8414 24
8012 9514
8
Rut Tenn reorg lien a 54.1938 M S 1003
9978 10, 5 Brier Hill Steel
8
100%
100%
let 548
0
1942 A () 172% s e 10214
Sale 72
8 15 101 10314
1027
Mob & Ohio roll tr 48._ 1938 M S 915
8
8712 93
93 June'26
Wway & 7th Av 1st c g 58-1943 J 0
7212 18
763
71
5
Spokane Internet let g 54_1955 J
4
873
81
861 Sale 863
.
4
9
874
Ctrs of dep stmpd June '25 IntI____
91% Sale 9158
74
5
74
713
9
4
7012 73
Superior Short Line 1st 5s_ .e1930 M S 10018 -- 9912 May'26
9912 999 Brooklyn City RR 55
_
8
1941
934 95
94 1
9
Term Assn of FR L lst g 448.1939 A 0 9712 9812 9718 May'26 _
9514 97
% Ilklyn Edison Inc gen 58 A 1949 J J 105 Sale
J .1
10414
105 I 43 103 105 4
3
let cona gold 58
1944 F A 101
101 10
6
10214 June'26
General Ss Series B
1930 J J 10412 Sale 10412 1043, 11 103% 10613
Gen refund 5 f g 4s
8
1953J J 8718 8712 8718
4
843 873 Bklyn-Man R Tr Sec 6s
2
8718
1988 J .1 97% Sale , 9712
98
312
024 9
982 102
8
Tex dr N 0 con gold 54
1943 3 3 100 101 ,102
Apr'26
Bklyn Qu Co & Sub con gtd 55'41 MN 63
*
648 627
627
, 3
61
643
4
s
Texas dr Par let gald
J D 106 Sale :1053
4
106
11 103 106
let 58
1941 ,3 j 747 79 1 742
755,
3
4
711
7712
993 101
4
La Div B L let g 58
19313 J 10012 1003 101 June'26
4
Brooklyn R. Tr let cony g 48_2002 J J 88
__ 1 92 June'25 ------------994 105
Tex Par-Mo Par Ter 510_ _ 1964IM S 10412 ____ 105 June'26 _
3-yr 7% secured note/...l9211J
13612
Tol & Ohio Cent la RU 08.-193513 J 10158 ____ 1015 June'26
8
_ 10018 10138
Ctfe
_
123 alal 25 ---------34
,
:25 ---- ., -.
1,
1009 1014 Bklyn of deposit stamped.......
Weetern Dly let g 5e_......1935 A 0 101
____ 100% Mar'26
Un El let R 4-58
1950 F A -9314 94 i 93
933
4 14
972 1029
8
General gold 58
1935 J D 101 10112 1013
8
Stamped guar 4-55
1013
8
1950 F
9314 08
889 933
7
93 1
4
Toledo Peoria & West 48
19171J J
84
37% Bklyn Un Gas let cons g 58..1945 M A 103 104 1 93
3514, 377, Jan'26
8
N.
10312 10312
5 1017 1044
8
Tol St L & W 50-yr g 4e
1950 A 0 -90% 92
875 903
8
8
1st lien & re/ 6s Series A_1947 M N 11212
113
11314 12 110 113%
Tol W V & 0 gu 048 A
1931i3
071a 98
98
98 Mar'26
Cony deb 545
10363 J 14518 Sale 14434 149
307 128 149
Series B 4)48
19333
98
96% Dec'25
Buff & Snag Iron e f 58
1932 J D 91
_ _ _ 92 Mar'26 _ __I 92
92
Series C ea
I942.M S 917
Bush Terminal let 48
90 Nov'25
1952 A 0 887 10012 904 Apr'26 ___
8
87% 9014
TOr Ham & Buff Ist g 48
I64
11946iJ D 90
90 June'26
Conaol 58
1955 3 3 06 `Ale 1 91,2
00 1 27, 90
98I4
Bush Term Bldgs5sgu tax ex 1950 A 0 994 Sale 9812
3
9912 44, 95 4 100
67 80
Ulster & Del 1st eons g 58_19281.1 D 683 7112 6718 June'26
8
_
let refunding g 44
I
I
37
1952 A 0 38
48
41
Cal0& E Corp unit & ref 54_1937 M N 10134 ____ 101
41
41
7
s 102 1 23 1004 102
Union Pacific 1st g 48
92ls 9512 Cal Petroleum e f g
1947 J J 933 Sale 9312
4
9418 67
4
14 1034 1053
4
Registered
8318 933 Camaguey Bug 1st e6%e...1933 A 0 10312 1033 10312 1037
J
4
923 Sale 023
4
2
4
923
4
f g 74
1942 A 0 98 Sale 98
1(012 997
8
99 1 28
999 100
20
-year cony 48
1927 J J 993 Sale 993
33
4
100
4
Canada SS Lines 1st coil ci 70'42 M N 10438 105 1045, 1045,
1 1019 104%
Registered.
99
99, Cent Dist Tel let 30-yr 58
J J
2
9912 May'26
1943 J D 103 2 Sale 103
10312
8 1014 10315
let & refunding 45
86 90% Cent
e2008 M B 9018 Sale 90
903
4 34
1931 F A 947 97
8
96
93 4 99 4
96
19
3
3
10612 4099 Cent Foundry 1st a f fla
let lien & ref 58
e2008 M El 108 109 108 June'26
Leather 1st lien s f 65._1945 J J 1015, Sale 10112 1025, 136 100 1028
4
10
-year perm secured 08 1928 J
1024 Sale 1023
s 1023 ins 10214 103%
4

I3

•

1-067;
100.410611
83%

-

-.

a Due Jan

j al

I
d Due May. e Due June. 6 Due July. 8 Due Aug. p Due Nov. a Option gale.




3441

New York Bond-Record-Continued-Page 5
Price
Friday.
June 18.

BONDS
N.Y.STOCK EXCHANGE
Week Ended June 18.
Central Steel 1st g f 88___1941 MN
Ch 0 L&Coke let gu g 58 1937 1 J
1927 F A
Chicago Rye let be
1932 A 0
Chile Copper 6e Ser A
Cincin Gas & Elec let & ref 5e '58 A 0
1981 A 0
411 Ser B due Jan 1
Cities Serv Pow & L e f 6s __1944 M N
Clearfield Bit Coal let 4.e___1940 1 J
Cabo F & I Co gen a 1 58_1943 F A
Col Indus let & coil 55 gu___1934 F A
1927 1 J
Columbia Cl & E let 5e
1927 1 2
Stamped
19613 M 8
Col & 9th Av let gu g 5a

f
Vee i
Rang or
Last Sak

caQ

SInce
Range
Jan. 1

High No Low
Low
High
12214 11 11514 12318
1214
7 101 12 103
4 103
1023
654 81
7314 99
7213
10712 473 10512 10912
107
10238 June'26 ____ 102 1034
8 76 10212 10512
1044 1047
9514 955
954 137
954
4
g2
821s
82 May'26 ____
9014 953
2
/
951 40
4
9014 Sale 9014
3
91
8354 91
91
9014 91
10012 12 100 10114
1004 Sale 10014
2 100 101
10012
10014 10012 10014
Oct'25 ------------------10

Ask
Bid
12112 Sale
4
1023 Sale
73 Sale
10714 Sale
10214 103
4
1043 105
954 Sale

9914 10014
5 89 2
7
9234 9 :4
1
98 100..

1932 3 J
Columbus Gas let gold 5a
Commercial Cable let g 0_2397 O .1
1934 M N
Commercial Credit at 6e
1935 1 J
Col trot 531% notes
1947 M N
Commonwealth Power 6e
Computing-Tab-Rec e f 68_1941 J J
Conn Ry & L let & ref g 44141951 1 J
1951 1 J
Stamped guar 44s
Cons Coal of Md let & ref 118_1950 1 D
Consol Gas(N Y) deb 548..1945 F A
1943 1S1 El
Coined Pr & Ltg let 64s
Coot Pap & Bag Mills 6)4e_ _1944 F A
Consumers Gas of Chic go 681938 1 J
1952 'ON
Consumers Power let 5a
Copenhagen Telep ext 68_1950 A 0
1931 M N
Corn Prod Refg s f g 5e
1934 M N
let 25-yearetla
Crown Cork & Seal lets I 65_1943 P A
Cuba Co cony aS 8e____._1935 1 J
_1930 1 J
Cuba Cane Sugar cony
Cony deben stamped7s.- -1930 1 J
8%
Cuban Am Sugar let coil 88_1931 M El
Cuban Dom Sue let 74e1944 M N
Cumb T & T let & gen 614. .1937 1 J
Cuyamel Fruit let 68 int itfe '40 A 0

9914 100 10018 June'26 ____
8112 10
8113 8113
80
4
99
99 8ale 99
10
94
941
93
94
8 27
8
1045 Sale 10412 1047
8
10514
4
10514 Sale 1043
_ 90 May'26 ____
91 14
1
/ 94
922 - _- 9213 June'26 _
8214 36
2
/
811 Sale 8112
4
10512 Sale 10518
1053 177
1
/
____ ____ 1012 Mar'26 __
7512 . 11
75 Sale , 75
5
4 10234
4
1023 ._ 1023
8
1023
4 36
10212 Sale 1015
9914 100 100 June'26 ____
8
____ 905 July'25 ____
99
10
10214
8
1015 103 102
9234 52
8
2
1
/
92 Sale 925
9
103
103 10314 103
181
92
91 18 Sale 91
791
95
95 Sale 94
14
4 108
4
1073 Sale 1073
2
/
981 81
98 Sale 98
15,
10218 10214 1024 10218
4
4
953 ____
4
955 9712 953

Den. City Tramw let con 681933 A 0
Den Gaa & EL 1st& ref gig 56'51 M N
M N
Stamped
Den Corp(D 0) 1st a I 76_1912 M S
Detroit Edison let coll tr Se..1933 J J
lot & ref 58 Series A.July 1940 M 8
Gen & -ef Ess Series A
1949 A 0
1st & r 168 Series B_ _July 1940 M 8
Gen & elSe aer B
1955 1 0
Det United let ^one g 454.._1932 1 J
1941 M N
Dodge Bros deb 6e
Dold (Jacob) Pack let 68_1942 M N
Dominion Iron a4 Steel 58.__1939 J J
1942 J J
Donner Steel let ref 78
Duquesne Lt let & coil 6a_ __1949 1 J
let coll trust648 Series B_1949 J J

---- ii;lw 9218 Aug'25 __ ._
91 18 8
- - - 5
1
8
9818
985 June'26
9312 9812
8 17
985
9814 Sale 984
91
82
8218 ___
8214 Sale 8218
a
4
101 18 1017 1013 June'26 ____ 101 1037
8
8
1
/
10254 37 1002 1045
1024 Sale 1024
1
/
10218 29 100 1042
8
1017 Sale 102
8 29 106 10912
1085
108 Sale 108
3 10018 104
10212 Sale 10218 10223
101 90
9712
92
92 Sale 92
9412 Sale 94
94'2 2731 9212 975s
4
693 83
71
8
70
71 12 70
4
3914 625
3914
41
27
40
39
8
927 974
9412 14
94 Sale 93
8 75 105 107
1053 Sale 10514
10.57
4
2
1
/
4 57 105 106
1
/
1052 Sale 10514 1053

10214 105
8
1045 116
92
90
93
90
6
7812 8
10414 10513
1044 b 518
8
737 82
4
9814 1023
9712 103
99 1003
4
__
103
1004
4
825 93
,
92 8 10318
96
88
92 100
0
10612 10 4
914 9
914
10014 10214
8
4
935 975

20
105
East Cuba Sus 15-yr a f g 746'37 M 5 10414 Sale 104
2
951
2
1
/
895
Ed El Ill Bkn let con g 45.„1939 1 J 947
2
107
.
;
1e
Ed Elec Ill let cons g 5s___1995 J J 107 9 - - 107
9314 17
Elea Pow Corp (Germany)648'50 M 9 93 Sale 9114
7
984
Elk Horn Coal 18t & ref 848.1931 J D -___ 9914 9824
9914 May'26 ____
Deb 7% notes (with wareta '31 J D 974 99
84
1(13
Empire Gas az Fuel 71.48.. _ _1937 M N 10234 Sale 10154
.
9754 46
1st az ref 64e(witb warr'ts)'41 A () 9712 Sale 974
4
1003
5
&mit Gas Light let can 58_1932 M 9 100 Sale 100
9634
7
Federal Light & Tr let 58_1942 M 8 9612 Sale 9612
103i
4
1942 M S 103 Sale 10278
let lien 6a clamped
9634 96
2
97
1954 J D 96
-year deb 6s Ser B
30
1939 1 D88 9012 June'26 __
Federated Metals a 170
158
4
1157
1941 151 5 it: 1151411143
8 29
Fisk Rubber let at 8s
8318
37
84
Ft Smith 14 & Tr let g 5a_ 1936 M S 8314 85
9012 32
Fratneric Ind az Dev 20-yr 7411'421J J 90 Sale 894
2
Francisco Sugar let sf 74e. 1942 M N 10418 Sale 10418 10514
8012 28
French Nat Mall SS Lines 7e 194911 I) 80 Sale 7912

104 106½
5
997
93
2
1
/
103 108
8
857 9314
9818 10u
9914 9924
101 12 104
98
97
9913 1004
8
924 977
2
/
100 1041
93 97
97
90
11312 1164
7514 86
93
88
104 1075a
7912 8224

5
1
/
Gaa &El of Berg Co cons g 561949 J I) 1022 ____ 10212 10212
3
19394 0 10413
.10412 105
Gen Asphalt cony 68
9018
1942 F A
9018
Gen Electric deb g 348
2
9018
8
100
Gen Elee(Germany)is Jan 15.'4511 .1 997 Sale 9954
16
9 I deb 64e with war...
8 1025
8 85
.1940 J D 1024 Sale 1015
Genl Petrol lets f 5s
8 10112 267
1940 F A 10013 Sale 1003
Gen Refr let s f g 6e Ser A..1952 F A 1024 Sale 1015
8 1024
7
Goodrich (B F) Co lot 61.4a.1947 J 1 1053 Sale 105
10512 26
8
Goodyear Tire & Rub 1st 8s..1941 MN 1204 Sale 1205
4 12114 81
10
-year e f deb g fle
d1931 F A 11058 Sale 11018
1107
8 34
Gould Coupler lets? 68...194O F A 88 Sale 8712
88 I 11
5
4
1003
Granby Cons AI 9& P con65 A'28 M N 10014 101 1003
4
10012 20
Stamped
1928 M N 1004 Sale 10014
8
Cony deb 78
4 10612 88
1930 M N 1055 Sale 1043
2
105 ,
Gray de Davis let cony of 75_1932 F A 105_ _ _ _ 105
8 94
947
9478 Sale 9318
Cit Cone El Power(Japan)75_1944 F A
1
/
4 73
8
Great Falls Power lets 1544..1940 111 N 1005 Sale 1002 1003
.
I
88 June'26 ____
Hackensack Water let 411_1952 J 1
1930 M 5 8634 _ _. _ 9312 Aug'25 ____
Hartford St Ry let 4s
17
98
Havana El Ry L & P gen 5s A'51 M 5 98 Sale 98
9712 10018 June'26 _ _
Havana Elec coneol a 5e_ _ _1952 F A 96
2
/
8
2
/
Hershey Choc let & coll 534s 59803 J 1011 Sale 1011 1017 6
92
Hoe(R)& Co let 04 stemp_1934 A 0 9218 94
1
5
80
92
1
/
Holland-Amer Line 6e (lid).1947 MN
804 792
80
Hudson Co Gas let g 58 _ _1940 M N 102 Sale 1021 1023
3
2
1
2
/
/
4
8 54
2
1
/
Humble Oil& Refining 546.1932,1 1 102 Sale 10212 1027
1
1034 53
Illinois Bell Telephone 5a
1956 .1 D 103 Sale 103
17
98
Illinois Steel deb 434s
1940 A 0 98 Sale 9712
1936 M N 9618 9813 98 June'26 ____
Ind Nat Gas & 01158
105 I 32
1952 M N 10.5 Sale 101 14
Indiana Steel let 55
____ 993 Dec'25 ____
4
19353 J 101
Ingersoll-Rand let 58
1945 51 N 10114 Sale 10114
10113 65
Inland Steel deb 510
102 i 15
4
Inspiration Con Copper° 48.1931 Ill S 10154 102 1013
Apr'25 ___.
Interboro Metrop coll 4IM_ _1956 A 0 ____ 1978 11
13 May'26 ____
15
Guaranty Tr Co elle dep
Ctf dep stpd mad 16% sub.__ ___. ____ ____ 1012 Mar'25 .___
8
757 313
7512 Sale 75
lnterboro Rap Tran 1st be. _1966,1 J
1
/
8
755 559
Stamped75 Sale 742
1932/ A 0 77 Sale 77
2
/
771 I 158
10-year (le
1
/
97
140
1932 M 5 9654 Sale 962
-year cony 7% notee
10
94
95
8
933
9822 32
lot Agile Corp let 20-yr M_ _1932 M N
8713 88
8714
88 I 10
Stamped extended to 1942_ _ __ M N
954 298
Inter Mercan Matinee f 65 19411A 0 944 Sale 9114
954 57
1947 1 .1 9435 Sale 9413
International Paper Ss
1
/
1955 M S 985 Sale 982
4 69
993
4
Ref 0168 Ser A
4 10912 518
lot Telep az Teleg cony 554,8 19451 M 5 1084 Sale 1083

10032 10212
10418 1064
904
87
,
5 110 4
9
994 102.8
984 10212
10012 ith 34
104 107
120 122
2
/
10954 1121
874 9318
100 101
10014 101
100 10912
64 102)
9
8
8
903 947
2
1
/
100 1044

Jurgena Works 6a Mal Price)_194711 1
Hams City Pow & Lt 5a...1952 M 5
1952 M 8
Kansas Gas & Electle 65
Envier (Julius) &Co let of 7a'42 F A
Kelly-Springf Tire8% notee_1932 M N
Keystone Telop Co let 55.__1936 J 1
Kings County El & P gi5e--.1937 A 0
1997 A 0
Purchase money 1318

d DUO May. 8 0111190 WO.




2
1
/ 88
88

BONDS
N.Y.STOCK EXCHANGE
Week Ended June 18.

Kings County El iota 4s___1949 F A
1949 F A
Stamped guar 40
Kings County Lighting 5111_1954 J 1
19543 .1
let & ret 13 Sig
Kinney(0 R)& Co7K% notes 36 J D
Lackawanna Steel lot Ifai A_ .1950 M 8
Lac Gas L of St L ref&ext 5a_1934 A 0
1953 F A
Coll & ref 640 Series C
Lehigh C & Nay a f 44a A 1954 J J
Leldgb Valley Coal lit g 53_19331.1 -I
1954, F A
1st AC ref s 158
Lea Ave & P F let gu g 55_1993 M S
Liggett & Myers Tobacco 75A944 A 0
A 0
Registered
1951F A
be
F A
Registered
1944 A 0
Lorillard Co(P)7e
A 0
Registered
1951 F A
55
F A
Registered
Louisville Gas & Electric 58_1952 M N
1930 .1 J
Willey Ry let con 58
Lower Ausarten Hydro-Elec Co
1944 FA
late f 649

Week's
Range or
Last Sale

Price
Friday,
June 18,

tt

11

Range
Since
Jan. I

High
Fliah No Low
Ask tow
Bid
7714 8034
4
4
803 _-__ 805 June'26
1
/
774 812
8134 18
8114 8118
8012
985 100
8
2
1
/
10012 1013 10012 10012
4
3
10912 Sale 109
10912
4 106 110
106
2 104 107
106 Sale 106
9614 100
1
/
4
9914 992 983
9912 11
101
5 100 10114
10058 101 1004
1033 Sale 103
4
2
1
/ 103
2
1
/ 58 102-58 105
5
99 4
98
1
994
4
94
993 --- 9
10112
6 10018 10112
4
1003 Sale 10054
9912 100144
3
9912
9912 Sale 99
1
/
392 4013
4114 ____ 4012 Feb'26
20 118 12612
2
/
122
12218 1221 12214
12012 122
____ 12012 May'26
117
2
1
/
2
1
/
99 103
10214 1022 102
1
/
10254 10
Oct'25
9818 ____ 98
-- -14 1 10 2 121.
121
120 12014 121
____ 11554 Oct'25
115
98s
101
21
8
10012 Sale 1003
9414 ____ 9614 Oct'25
10012 63
8
100 Sale 997
9214 May'26
9112 94

1942 AO
%lame Sugar 748
Manhat Ry(NY)cons g 49_1990 A0
2013• D
2d48
1942 MN
Manila Electric 7e
Manila Elec Ry & Lts f 58..1953 M
•J
1940
Market St Ry 78 Series A
Met.' Ed let & ref gas Ser B..1952 FA
1953 J J
1st & ref 544 Series C
1953 ID
Metropolitan Power 65
Met West Side El (Chic) 0.1938 FA
1940 MS
Mid-Cont Petr 1st640
Midvale Steel az 0cony of 58 1936 M S
5111w Elec Ry&Ltref&est4 As'31 J J
D
1951
General Sr ref fa A
1901 ID
18t az ref 5a B
1953 MS
1st & ref g 13s Series C
1927 MN
Milwaukee Gaa Lt let 4a
Montana Power let fse A _ 1943 J
Montreal Tram let & ref 5a_1941 31
1955 AO
Gen & ref else Ser A
434o..1939 ▪ 1
Morris & Co let
Mortgage-Bond Co 4.5 Ber 2_1966 A0
.1
1025 year 58 Series 3....1932
1934 3D
Murray Body let 61.40
Mu Fuel Gas let gu g 5s__1947 MN
Mut Un gtd bonds ext 4%__1941 MN

85

Sale

84

85

9814
9723
6814
6718
8
627
6212
1144 June'26
1
/
8
955 Sale 952 . 954
98
98 Sale 9714
10712 108 10712 10712
10012
10018 Sale 10018
10418 ____ 10518 May'26
2
1
/
73
7312 74
7314
10112
10412 Sale 104
9714
9654 Sale 9654
99
2
1
/
98
8
995 99
2
1
/
99
1
/
1
/
992 Sale 992
96
96 Sale 9512
2
/
1041
10412 Sale 10458
1
/
992
1
2
/
994 991 99,
2
/
2
/
1011 Sale 1011 102 I
98
9712 Sale 974
2
/
931 93 June'26
93
87
8612 Sale 864
81 May'26
81
80
9612
9612
9612
91
9012 Sale 90
103 1
103
103
____ 100 May'26
101
9712 Sale
6718 Sale
6212 Sale

20
19
52
14
10
35
2
34
2
118
142
5
1
36
25
11
14
14
_
46
1
33
2

934 102
594 6913
53 63
102 1154
8911 97
97 9912
104 10814
9634 1014
1024 1054
714 744
1014 1047g
9234 98
9654 99
983 10614
8
9012 97
100% 105
4
99 997
9072 102
3
9812 98 4
1)212 93
88
84
81
80
2
1
/ 98
96
gals 934
2
1
/
98 103
100 10214

5818 6414
61 I 43
4
6018
9
0
9 a Sl
Nassau Elm guar gold 4e___1951 I1 6 7 8ale 983
98 1004
14
9914
1931 ID
National Acme 74e
11
9511 987
9812 464
1
/
1
/
Nat Diary Prod 8% notes_ _1940 SIN 982 Sale 962
_ 10018 103
Net Enam & Stampg let 56_1929 ID 101 103 101 June'26
994 101
1
J 1 9911 101
9914
9914
-year deb 55-1930
Nat Starch 20
10128 10414
1952 M N 10418 10412 10418 June'26
National Tube let 5e
10012 lova
1
/
1948 J D 1022 103 1024 June'26
Newark Congo' Gm 5e
11 10078 10312
103
New England Tel & Tel 55_1952 2 D 10212 Sale 1024
2
943 943g
1
/
942 169
1961 M N 9412 Sale 9412
lstg44sSerBwi
15 1004 103
4
1
/
N Y Air Brake lit cony 68_1928 1.8 N 102 1033 1022 103
904 96
2
1
/ 49
95
8
New Orl Pub fiery 1st 55 A..1952 A 0 957 Sale 9512
904 964
4 26
955
8
1
/
19551 D 952 957 9513
lot& ref Seger B
811s 8613
8518 12
82
85 Sale_ 10534
-year 1st g 46..1951 F A
N V Doak 50
1
/
1172 31 115 118
NY Edison lat & ref 64e A_1941 A 0 11714 Sale 11714
10412 34 102 1044
1944 A 0 10413 Sale 10418
lien & ref 5a B
let
2
/
10512 14 104 1051
8
N Y Gaa El Lt & Pow g 544_ _1948 J D 1053 Sale 10514
8918 92
9
92
8
9112 ____ 913
1949 F A
Purchase money g 45
10012 Apr'25 _-&RR 534e 1942 M N 101
NY I. Eh Weal C
1
lairs 1( 14
May'26
NYLE&WDock&ImP 56_1943 .1
4
10014
1 10014 1035
1930 F A 100T4 16112 10014
N Y Q El L & P 1st g Sa
52 60
J 58
____ 55
Apr'26
N Y Rye let RE & ref 45...,59421
48
2
5(.5
7
59
58
58
Certificates of deposit
104
5
1
5
10
5 _-year adi Inc 5&. Jan 1942 A 0
30
MI 104
7 Apr'26
10
5
Certificates of deposit.........
37
22
319
31
2912 Sale 2912
Y Rye Corp Inc 6s_ ___Jan 1965
82 8812
86
53
1965 J J 8312 Sale 8312
Prior lien Os Series A
4
5
1 1003 102 4
10214
2
/
1951 M N 1011 10214 10114
NY & Rich Gas 1st 6e
98
5314 5 4
15
57
56
56
NY State Rya let cone 4%6_1962 M N 55
4
703 82
4
75
1962 MN 7412 Sale 7412
1st con 64s aeries B
412
4 1011e 10
10312
NY Steam 1st 25-yr 6a Ser A 1947 M N 10312 104 10314
9911
97
9812 48
984 Sale 984
NY Telep lat & gen s f 445.1939 MN
3
11012 41 1097 11114
__Feb 1949 F A 11012 Sale 110
-year deben f
30
1094
1
/
4
4 56 10713
-year refunding gold 60_1941 A 0 1083 Sale 1082 1083
20
2 100/4 103
2
/
2
/
Niagara Fall Power let 5a..1932 J J 1011 Sale 1011 10214
1
/
4 1012 10611
10612
4
4
Jan 1932 A 0 1053 Sale 1055
Ref & gen 6s
4
99 1015
11
10118
0 pr let 5s A _ _1955 A 0 101 Sale 101
Mug Lock &
96 100
4 21
97,
No Amer Cement deb M A 1940M S
27 1004 105
104
6
97 S l e 9 14
1952 61 9 104 Sale 103
Nur Amer Edison 65
1
/
4 28 1032 106
2
1
/ 1053
Secured ole 634e Sec B 1948 M S 10512 Sale 105
5
92 4 99
48
98
Nor Ohio Tme & Light 6s....1947 M S 9712 Sale 9712
2
1
/
97 101
10012 32
States Pow 25-yr 5a A 1941 A C) 10018 Sale 100
Nor
A 0 _
9314 Jan'25
Registered
1
/
1052 23 105'e 1061,
10512
let & ref 25-yr 6a Ser B_1941 A 0'
964 98
9814 9712 May'26
9612 .
North W T let id g 44e 21/1_1934 J J

fi 2 96'- - -9412 10018 Ohio Public Service 740 A__1946 A 0
991s iuz
1947 F A
let az ref 7.5 aeries B
1948 J J
Ohio River Edison let 6s
79
9112 855' Old Ben Coal let 69
:
99
1944 F A
19431 F A
Ontario Power N F let 58
2
/
1001 103
10112 103
Ontario Tranemisaton Se_.._1945 M N
1941 F A
Otte Steel 85
5
100 4 1034
let 25-yr f g 74a Ser B..1947 F A
4
945 98
Pacific 0& El gen & ref be_ _1942 J J
914 08
Pac Pow & 1st lataref 20-yr 6s'30 F A
10114 105
1937 J J
Pacific Tel & Tel 15158
19,521.5 N
Ref M aa series A
4
Ii3 102- Pan-Amer P & T cony of 65_1934 M N
101 102
-year 78
1930 F A
let 10
Paramount-loiway let 548_1951 J J
.13
- - 13 - Park-Lea et leasehold 84a. _1953 J
Pat & Passaic G & El cons 5a 1949 M S
- 2 2 - / Peop Gas & C lat cone g fht_ _1943 A 0
1
( . 752
1
1
/
752
1947 M
62
Refunding gold 58
754 Philadelphia Co coll tr Co A.1944 F A
64
1938 M S
2
1
15
/ 97
85
-year cony deb 54a.
884 9812 Phlla & Reading & I ref 58.1973 I J
821a 90
844 98
Pierce-Arrow Mot Car deb 1451943
911 96
Dec 15 1931 J D
2
/
lerce 011 a fie
9612 100
Pillsbury Fl Mills 20-yr So....1943 A 0
10812 11624 Pleasant Val Coal 1st g I f 68.19282 J
Pocah Con Collieries lot if 581957 J J
116 I 55 100 116
116 Sale 11018
PortArtburCau&Dk68Al953 F A
1953 F A
l0358 Sale 10314
4 52 1004 10 4
1033
1st M 6e Series B
35
2
/
8 105 1 49 1011 106
105 Sale 1013
Portland Elm Pow lot 6s B.1947 M N
1935 J J
1 105 10713 Portland Gen Elm let 68
1
/
1052 10612 10512 10512
M N
10412 10 1027 108
8
10412 10413 104
Portland Ry let & ref
91
90
91
92
2
92
91
Portland Ry Lt & P let ref 581942 F A
1947 M N
10318 ____ 10314 May'26 ____ 102 1034
let I & ref (le Ser B
2
/
1
/
8
2
1
/ ____ 1232June'26 ____ 1207 1231
123
let & refund 7340 Ser A 1946 M N
1931 M N
Porto Rican Am Tob 8a

2
1
/ 1123
2
1
/
112 Sale 112
4
9
4
1
/
1
/
1102 Sale 1102 11012
1
/
10558 Sale 1052 10614 49
3
91
1
/
922 91
91
10
1015g
10112 Sale 10112
8
997 ____ 10012 May'26
7
4
108
1
/
1072 Sale 1075
8
2
1
/ 1023
4
4
1023 103 102
10012 72
10018 Sale 10018
10
1
/
100 Sale 992 100
6
10214
102 10214 102
10212 63
10218 Sale 10218
10934 475
108 Sale 108
10
106
4
10554 Sale 1053
46
98
4
974 Sale973
,
12
93
92 Sale 91
2
1
/
102 June'26 ---2
/
1021
8
47
112 11 -- 113 May'26
6
2
1
/ 10314
10314 Sale 102
1
/
1042 Sale 1042 10518 17
1
/
10114 35
4
1
/
1002 Sale 1003
6
101
1002 Sale 10012
1
/

1124 11812
2
1
/
110 11211
10114 10614
88 974
9935 10212
2
1
/
99 101
1054 10854
8
5
100 4 1035
974 1004
gins 101
2
1
/
101 102
7
98 8 10213
3
104 112 8
10372 107 4
7
9212 98
8512 96
2
1
/
100 102
1104 113
9812 10314
4
1034 1065
5
98 8 1011:
9912 1024

10612 Sale 10612 10712 21
18
107 10714 1062 107
1
/
10178 103 10314 June'26 -9912
9912
994
8
91
4 ilia
903 91
5
1054
10412 105 10514
10418 10512 10512 May'26
71
10214
10214
104
5
10114
101 10112 10114
4
9514
95 Sale 95
9278 18
923g 9212 9235
20
103
10214 10234 10214
3
107 10714 10612 107
5
105
105 1053 105
4

4
103 1081
3034 107 8
7
10114 1041
2
/
9812 100
901a 93
102 10512
10112 10512
99 104
NS, 10212
1e
92 9512
8812 9434
99 103
1053 108
4
84
105 1064

.,

3442

THE CHRONICLE

New York Bond Record-Concluded-Page 6

[VOL. 122.

Quotations of Sundry Securities
All bond prices are"and Interest" except where marked ..t."

BONDS
N.Y.STOCK EXCHANGE
Week Ended June 18.

Price
Fiday.
r
June 18.

Premed Steel Car cony g 5&A933 J J
Prod dr Ref s f 8a(with war'nts)'31 J D
Without warrants attached__ ID
Pub Serv Corp of NJ sec 8s_1944 FA
Pub Serv Elec & Gas let 53 81959 AO
18t & ref 5Ms
1984 AO
Pub Serv El Pow & Ltsi 66_1948 AO
Punta Alegre Sugar deb 75_1937 J J
Remington Arms 6e
1937 MN
Repub I & S 10-30-yr be et-1940 AO
Ref & gen 5348 Ser A
1953 J
Rhine-Westphalia Elec Pow 7s'50 MN
Rims Steel let 75
1955 P A
Robbins & Myers s f 78
1952 in
Rochester Gas& El 7e Set B_1946 MS
Gen Mtge 5M s Series C__ _1948 MS
Rogers
-Brown Iron gen & ref is'42 MN
Stamped
MN
St Joe Ry Lt Ht & Pr be__1937 MN
St Joseph Stk Yds 1st 4 Ms_193t. J J
St L Rock Mt dr P5* atm pd _1955 ▪ J
St Louis Transit gen imp 58_1924 AO
St Paul City Cable cone 55._1937• J
Saks Co s f 75
1942 FA
Saxon Pub Wks(Germany) 761'45 M
Ban Antonio Pub Serv let 88_1952• J
Sharon Steel Hoop let Ss Sec A'41 MS
Sheffield Farm i let & ref 6315.'42 AO
Sierra & San Fran Power 58_1949 FA
Sinclair Cons 011 15
-year 78-1937 MS
let In col tr es C with warr 1927 J O
let lien 63'5s Set B
1938 J D
Sinclair Crude 011 3-yr es A..1928 P A
8-yr 8% notes B Feb 15 1926 P A
Sinclair Pipe Line e f 55
1942 AO
Skelly Oil 614% notes
1927 AO
Smith (A 0) Corp let 0118-1933 MN

Rang.
since
Jan. I

Week's
Range or
Last Sak.

High
Bid
Ask Low
High No Low
94% 945 94
984)
9414 12
94
111 Sale 111
11014 1123
4
111
111
____ 111
1093 11214
4
11114
4
104 Sale 10378 1043 183 100 1043
4
1047 Bale 10434 105
8
27 1033 105 4
4
3
1043 Sale 10434 105
4
25 1037 10512
s
10714 Sale 10634 10712
9 106 108
17 104 111
107 Sale 107
107
80% 9112
901 Sale 88
903
4 20
100 Sale 9914
26
9714 10014
100
9212 943
4
94% Sale 9414
943
4 80
95 100
98 Sale 9714
0812 75
88
oo7
8912 Sale 8914
8
8912
8
56 6812
6012 50 June'26
11114 sale 11114 11158
11114 114
10514 Sale 10514 10514
2 1045 106
8
5814 73%
10
5114 Sale 5114
55
521 Sale 5114
4
53
5114 6512
96

97

7812 Sale
98 Sale
1103g Sale
97 Sale
10614 Sale
10734 108
10734 108
973 98
4
9814 Sale
10612 Sale
93 4 Sale
3
10114 Sale
10118 Sale
9114 Sale
13612 Sale
1003 101
4

96
96
953 June'26
8
7812
79
7612 Apr'26
9714
98
11lJ3
8 11012
9534
97
10413 1063
8
108
108
1073
4 1073
4
973
4
973
4
973
4
9814
10513 108%
9314
9334
101l
10114
1011
10114
907
8
917
8
13613 13912
101
101

5

9114
95%
78
7012

97
96
81%
7612
3
oau 98
4
15 10718 11113
172
92 4 97
3
.91 4
8
11 1 2 1063
1 107%109
1087 10812
4
36
911s 98
933 9814
4
173
737 104 1133
4
87 94
152
334 10014 10112
4
23 1003 10112
137
87 9178
48 IlIss 14312
1 10012 1024
7

South Porto Rico Sugar 7s_ _1941 J O 108 Sale 10712 108
4
9 107 1093
South Bell Tel & Tel let s 15611341 J J 1027 Sale 1023
4 10318 .18 10118 10312
gm 102%
Southern Colo Power ea_
4
1947 3, 1003 Sale 1001
1027
8 41
S'weet Bell Tel let dr ref 51 1954 FA 10278 Sale 10234 103
63 100%103
Spring Val Water g Is
9914 9914
1948 M
9914 Apr'26
983
s
9854 10112
Standard Milling let 50
1
100
1930 MN 10018 10012 100
let as ref 5345
977 10114
4
8
1945 MS 9912 100 100
100
Steel & Tube gen sf78Ser C 1951
' 108 10818 1077* 10814 24 10712 109
3
Sugar Estates (Oriente) 78_ _1942
89% 100
5
98
9812 98
9814
96 9714
Superior 011 let s1 78
1929 FA95
96
9514 June'26
Syracuse Lighting let g 55_1951 J D 1015 ____ 1015 May'26
100 101%
8
8
Tenn Coal Iron & RR gen 68_1951 3, 10238 10514 104
1 10218 104
104
Tennessee Elec Power let 66_1947 ID 105 Sale 105
1053
4 58 102% 10514
,
Third Ave let ref 4e
55% ea.2
1960 J J 633 Sale 63
6434 75
4
AdJ Inc be tax-ea N Y___a1960 AO 0712 Sale 9
8
57
9
115
41% 657
7
9 32 360
5
8
7
Third Ave Ry let g be
4
1937 J J
9258 9812
Toho Elec Pow let 78
1955 MS 9414 _
93
90% 93
9338 15
%
Tokyo Elec Light 6% notes_1928 FA 9814 Sale 9814
96 98%
9812 28
Toledo Edison let 75
4
1941 MS 10814 Sale 108% 10812 58 107 2 1093
7
Toledo'Pr L & P 534% notes 1930 3' 99 Sale 98
98 993
4
993 249
4
Trenton G & El 1st g Es
190% 1023
4
1949 MS 1023 ___ 10234 1023
4
4
Trumbull Steel let s 1 6e_ _ _1940 P A 9512 Sale 95
94% 97
95
14 61
Twenty-third St Ry ref Ss_ _19132 ii 65
61
75
7038 6918 June'26
Tyrol Hydro-El Pow 7%8_1955 MN 9412 95
5
9458 97%
943
4
95
Underged of London 4)16_1933 J J
Income es
1948
'
3
Union Mee Lt dr Pr 181 g 58_1932 MS
Ref & ext be
1933 MN
let g 5)18 Series A
'
3
1934
Union Elev Ry (Chic) 58_1945 AO
Union Oil let lien 8 f 5e__ _1931 J 2
30-yr 65 Ser A
May 1942 P A
let lien f 58 Fier C
'1935 P A
United Drug 20-yr 66.0et 161944 AO
United Fuel Gas 1st s I 6s
1936 ii
United Rye St L let g 411_1934 ii
United SS Co 15
1937 MN
-yr 611
United Stores Realty 20-yr Se '42 AO
US Rubber let & ref be Sec A1947 J
10-Yr 7Si% see notes
1930 L A
U 8 Steel Corp(coupon__ _d1963 MN
I 10-60-yr 581 registered _61963 MN
Utah Lt & Trac 1st & ref 5s_.1944 AO
Utah Power & Lt 1st 5is__1944 P A
Utica Elec L & P 1st 59_ _1950 J J
Utica Gas & Elec ref & ext 5e 1957 J J
.Vertientes Sugar let re/ 75_1942 J O
Victor Fuel let s f 56
1953 J J
Va-Caro Chem 151 78
1947 ID
Certificates of deposit
.-._ _
filtpd as to payt 40% of prin
let 75
1967
CU of deposit
Ctf of deposit utpd
7148 with & without war__1937 JO
Certifs of dep without warr%
Celli!s of dep with warraote.
Va Iron Coal & coke 18t g 5s 1949 MS
Va Ry Pow let & ref 55
.1
1934 .1
Walworth deb 6.115(with war)'35 A 0
let sinking fund 6s Ser A 1945 A0
Warner Sugar Refin let 78_1941 J O
Warner Sugar Corp 1st 78.._ _1939 J J
Wash Wat Power e t Is.,.. _1939 3,
Weetches lag g 56
gtd 1950 3D
West Ky Coal 1st 7e
1944 MN
West Penn Power Sec A 66_1946 MS
let 78 Serial D
1946 MS
let be Series E
1963 MS
let 5313 Series F
1953 AO
West Va C & C let 6s
1950 j
Western Electric deb 5s_
1944 AO
Western Union coil ti cur 58.1938 .1 J
Fund & real estate g 4345_1950 MN
15
-year 6lie g
1936 FA
Westinghouse E dr M 7s
1931 MN
MN
Registered
White Sew Mach 6e(with warr) • J
'36
Wickwire Spen Steel let 75_ _1935 ▪ 3
Certificates of deposit
Certificates of delimit stamped MN
Wickwire Sp Steel Co 78 Jan 1935 MN
Willys-Overland 5 f Ms_ __1933 MS
Wilson & Co let 25-yr f 68_1941 AO
Registered
10
-year cony e 1 65
1928 J O
Certificates of deposit
10-yr cony I f 731s
91931 FA
Certificates of deposit
Winchester Arms 7 M s
1941 AO
Tonne% Sheet & T 20-yr 64_1943 J J

9114 ____ 96 Apr'26 -943 May'26 -4
893 4
10214
10138 Bale 102%
9
10078 10112 1011
7
10138
10011 102 1017
1017
12
8314 85
84 June'26
10318 103 10138 May'26
108 Sale 10734
10814 14
9811 Sale 983
8
9838 18
10714 Sale 107
10714 50
s
1027 Bale 1027
10358 15
7618 7738 7618
7612 18
93
90 4 90
3
903
4
10412
10414 10412 1041
9
9312 Sale 9312
937 156
8
1063 Sale 10614 1067
68
106% Sale 106% 107
90
105 4 June'26
3
9312 Sale 93
86
93
3
99% Sale 9912
99 4 41
3
9914 9912 1021 Apr'26 - _
10238 1033 10238 10238
8
1
9838 Sale 9814
983
4 41
5514 64 6412 Apr'26 - _
10712 Sale 10712 1073
4 12
_
107 June'26

94 96
90 95
100% 102
'4
100% 1025
s
100% 10211
7714 85
100% 10112
8
1003 10814
95% 98 4
3
103% 10712
10112 104
7412 79
90 95
103 105
913 95
4
10614 108%
4
105 1073
105 8 10
5 612
84314 94
95 993
4
100% 10212
10018 1025
8
90% 9912
5314 6412
105 108
Iowa 108

10712 Sale 1063
8 1073
4
10658 Sale 10738 10734
1065 1073 1071 2 Jan26
4 8412
8
110 Feb'26
May'26
- 107
Jan'26
"oi" 96 9114 May'26
9914 Sale 9914 100
8912 9012 8912
8912
94%
Owe Sale 9312
6
ale 8
7
6434
86
6
8
6 Sale 63%

104 4 108
3
10412 1093
4
10678 10812
107 11112
8
8012 1137
107 107
911 98
/
4
97 100
12
8912 9512
Di% 96
801 100
/
4
65 88%
10112.1027
8
102 10 %
3
100 10258
997 103
4
4
105 1083
99%10314
10438 106
91
81

1027
8
- 10212 102%
10234 -_- 10238 May'26
101 10114 10034 June'26
10212 Sale 10213 103
10518 Sale 10519
10534
10138 Sale 10112 103
10514 Sale 10514
10538
8312 Sale 8312
84

37
5
7
24
26

9
18
9
8
13

1e
10214 48 100 10314
10138 Bale 101l
1023g 1023 l021 June'26
4
3
101 103 8
9614 9858
9812 Sale 981
9838 21
112 Sale 11111 112
16 111 1171s
4 106
106 Sale 1053
107 105 107
_
105%1053
10534 June'26 -4
95 Sale 95
9412 96
95
7
60 7012
60
80
6012 61
36
88
6014 Mar'26 - 6014 604
704 70
701 Mar'26 -12
50% 58%
53 Sale 53
5312 13
4
10214 Sale 102
10212
8 1013 10314
95 8 101
5
973 Sale 97
4
98
47
_ 93 Feb'25
4313 71
4312 May'26
41 May'26 ---41
72
___
41 May'26 - 40 83
72
41
4218 June'26 -103% Sale 103
8
4
10334 17 1015 1033
10418 Sale 10338 10414 253 101% 10414

a Due Jan. d Due April, pDue Dee. a Option sale.




46
13

Standard Oil Stocks Pat Mg
44
Railroad Equipments
Anglo-Amer 011 vol st__-81 *1814 183 Atlantic Coast Line 6.
4
Non-voting stock
El *175 18 4
,
8
Equipment 634s
Atlantic Refining
100 116 11612 Baltimore & Ohio 65
Preferred
100 11712 11814
Equipment 434e & 5e_ -.
Borne Serymser Co
100 230 240 Buff Roth 42 Pitts equip 61
Buckeye Pipe Line Co_ _ _ 50 *51
5112 Canadian Pacific 434e &
Chesebrough Mfg new.. 25 *71
72 Central RR of NJ 66
Continental 011 v t o _
10 *2038 2074 Chesapeake at Ohlo 64
Crescent Pipe Line Co
50 *135 15
8
Equipment 8 Me
Cumberland Pipe Line_ _100 108 109
Equipment bs
Eureka Pipe Line Co
100 5138 53 Chicago Burl & Quincy 68..
Galena Signal 011eorn..100 20
2012 Chicago& North West 65..
Preferred old
100 71
75
Equipment634e
Preferred new
100 70
75 Chic R I & Pac 4318 & 58...
Humble Oil& Ref
25 *633 64
4
Equipment Cs
Illinois Pipe Line
100 132 133 Colorado & Southern 68....
Imperial 011
t *35 4 36 Delaware& Hudson Os
3
Indiana Pipe Line Co... 50 '66
67 Erie 43.4e & 55
International Petroleum t *3312 333
4
Equipment65
National Transit Co_.12.50 *147 15 Great Northern (is
New York Transit Co _100 4814 4912
Equipment 515
Northern Pipe Line Co_ _100 *7314 7412 Hocking Valley 5.
Ohio 011
25 *5738 58
Equipment 613
Penn Mex Fuel Co
25 20
21
Illinois Central 434s ar 5*...
Prairie 011 & Gas new... 25 *5
Equipment65
312
Prairie Pipe Line new,
..100 12412 12512
Equipment 75 & 6 MeSolar Refining
100 190 195 Kanasha & Michigan 65.
Southern Pipe Line Co new. 27
30
Equipment 4 Ms
South Penn Oil
25 •36
37 Kansas City Southern 534s
Southwest Pa Pipe Linee.100 *4812 493 Louisville& Nashville 68
Standard 011 (California)_ _ _ *58% 583
8
Equipment6 Me
Standard 011(Indiana)._ 25 *6412 641 Michigan Central be & 68-4
Standard 011 (Kansas)_ _ 25 26
2 4 MInnStP& SS M 43'4erk 58
63
Standard Oil (Kentucky) 25 *121 123
Equipment 6345 & 78--Standard 011(Neb) new. 26 *48
49 Missouri Kansas & Texas 6s..
Standard 01101 New Jer_ 25 44% 4412 Missouri Pacific es & 6348
Preferred_
100 117 11712 Mobile& Ohio006 56
,
Standard 011of New York 25 *32
32
/ New York Central 4345 & 519
1
4
New
*317 32
g
Equipment65
Standard 011 (Ohio) _ _100 300 305
Equipment 7e
Preferred
100 11812 120 Norfolk & Western 4)45....
Swan & Finch
100 16
1712 NorthernPacific 75
Union Tank Car Co--100 93
9412 Pacific Fruit Express 713- Preferred
100 117 11712 Pennsylvania RR eq be & Os
Vacuum 011 new
25 10112 10214 Pitts & Lako Erie 63.45
Washington 011
10 *
Equipment65
Other Oil Stocks
Reading Co 43.65 & be
Atlantic Lobos OH
8 112 St Louis & San Francisco be.
7 *18
Preferred
50 53% 338 Seaboard Air Line 5)15 & Si.
Gulf Oil..
25 *86
86 4 SouthernPacific Co 4 Me.
3
Mountain Producers
10 *247 25
8
Equipment 7e
Mexican Eagle 011
5 *434 612 Southern By 4 Ms & Si
National Fuel Gas
100 146 150
Equipment68
Salt Creek Cons Oil
10 *8% 9 Toledo & Ohlo Central es„
Salt Creek Producers
10 •
3138 313 Union Pacific 75
4

Per Cl Baru
5.05 4.90
4.80 4.70
5,10 4.95
4.75 4.60
5.10 4.90
4.85 4.55
5.05 4.90
5.10 4.95
4.95 4.75
4.75 4.60
5.10 4.95
5.10 4.95
4.90 4.75
4.85 4.70
5.15 5.00
5.15 5.00
5.05 4.90
5.00 4.75
5.15 5.00
5.10 4.95
4.80 4.65
4.75 4.65
5.10 4.95
4.70 4.55
5.05 4.90
4.80 4.70
5.10 4.95
5.00 4.80
5.10 4.85
5.05 4.90
4.85 4.70
4.95 4.75
5.10 4.85
5.20 4.90
5.25 5.05
5.20 4.90
4,90 4.70
4.70 4.55
5.05 4.90
4.80 4.70
4.60 4.50
4.95 4.75
4.95 4.75
5.00 4.60
5.00 4.75
5.10 5.00
4.70 4.55
4.85 4.65
5.20 5.00
4.75 4.60
4.80 4.70
4.85 4.65
5.10 4.95
5.10 4.95
4.80 4.70

Public Utilities
Tobacco Stocks
Amer Gas & Else
t *82 84 American Cigar common 100 116 118
6% pref new
t 59212 9312
100 297 100
Preferred
Deb (la 2014
M&N •10012 10112 Amer Mach & Fdy new-100 70
72
Amer Light it Trao com_100 220 222
Preferred new
112 115
Preferred
100 1071110 Britleh-Amer Tobao ord. LI *30
3112
Amer Power & Lt pref-100 9312 9412
el *3012 3112
Bearer
Deb 65 2016
el&S 98% 9912 Imperial Tob 01 GB & Ivied *27
29
Amer Public Util corn...100 70
80
nt Cigar Machinery--100 95
98
7% prior preferred.. _ 100 92
94% ohnson Tin Foil & Met_100 60
4% partic pref
100
7 90 MacAndrews & Forbes..100 40
43
Associated Gas & El pf___t 49
100 101 104
51
Preferred
Secured g Ms 1954_ _J&J 1013 ---- Mengel Co
100 36
4
39
Blackstone Val G&E com 50 *98 100 Porto Rican-Amer'Fob..100 68
73
Cities Service common__ 20 *41% 4214 Universal Leaf'Fob oom-100 69
72
Preferred
100 98 100
100 8614 863
4
Preferred
Preferred B
100 125 128
10 *73
8
Young (J S) Co
Preferred B
-B
100 74
100 105 110
Preferred
Cities Service BankersShares *203 _ - I
4
Com'w'Ith Pow Corp new_ t .3714 37% Rubber Stocks (Cleveland)
Preferred
863 Falls Rubber corn
4
100
(t)
9%
Klee Bond & Sbare pref_100 107 1073
25
4
Preferred
19
Klee Bond & Sh Secur
89
70 1 Firestone'lire & Rub corn 10 113 114
Lehlgb Power Securities_t •15
1512
e% preferred
100 102
Mississippi My Pow corn 100 60
70 1 7% preferred
100 99
9911
Preferred
100 93 4 953 General'Fire & Rub cam. 25
3
4
185
First mtge 6s 1951_ ..J&J 10012 10112
100 11414
Preferred
8 F g deb 70 1935__M&N 102 103 Goodyeat Tire & R corn.100
3814
Nat Pow & Lt pref
t *100 102 I Goody'r T &R of Can p1100
Income 7s 1972
J&J 10212 10312 India Tire & Rubber new ill *30 if
North States Pow com__100 10714 108 , Mason Tire & Rub corn-(t) *50o 750
Preferred
100 10212 10312
100
Preferred9
Nor Texas Elea Co com_100 18
22 Miller Rubber preferred-100 997 101
Preferred
100 45
50 1 Mohawk Rubber
100
37
Pacific Gas& El let pref_100 9814 9914
Preferred
70
73
Power Securities com
t *3
SeiberlIng Tire & Rubber (1) *2412 2511
Second preferred
•15
18
100 93
Preferred
Coll trust 6s 1949__J&D *89
91
Incomes June 1949__F&A *79
82
Sugar Stocks
Puget Sound Pow & Lt_ _100 31
32 Caracas Sugar
ao •112 212
6% preferred
1
83
86 Cent Aguirre Sugar corn. 20 *80
82
7% preferred
100 d103 106 FaJardo Sugar
100 135 137
let & ref 5MS 1949_ _J&D 1003 102 Federal Sugar Be!corn..100. 40
4
ao
Republic Ry & Light_ _100 83 87
Preferred
100' 60
75
Preferred
100 10612 109 Godschaux Sugar, Ino (t) 4.114 3
South Cal Edison 8% pf 100 125 135
100
9
Preferred
17
Standard G&E17% pr pf 100 10214 10312 Hoily Sugar Corp corn..It)•28
32
Tenn Elee Power let pf 7% 101 102
100 78
Preferred
83
Western Pow Corp pf _100 94
96 NatIonal Sugar Refining_100 10512 07
West Missouri Pr 7% pref__ 94
97 New Niquero Sugar_..i00 60
75
Santa Cecilia Sug Corp P1100
Short Term Seemettles
Savannah Sugar corn-(t)*130 far
Anaconda Cop Min 68'29 J&J 102% 103
100 109 113
Preferred
Chic RI & Pao Sc 1929.J&J 1003 100% Sugar Estates Oriente p1.100 56
8
84
Federal Suit Ref 6e'33.M&N 92
96
Mbisouri Pacific fie '27_3&.1 100% 1005
8 Indus. & Miscellaneous
Sloes-Sheff S&I
'29..Feas 102% 10314 American Hardware
25 •83 85
Wle Cent 5348 Apr 15 '27- 1003 101
4
100 116 118
Babcock & Wilcox
Bliss(E W)Co new
23
(t) *21
Joint Stk Land Bk Bonds
Preferred
ao •53
5111 Nov 1 1951 opt 1931.. 10214 104
Borden Company corn..
97
(t) 595
58 Nov 1 1951 Opt 1931__ 10012 10214 Celluloid Company
100 19
21
53 May 1 1952 opt 1932_
101 102%
Preferred
100 68
71
43.4s Nov 1 1952 opt 1932_ 10014 0112 CUM Company prat._ -100 114 118
434c Nov 1 1952 opt 1932
99
0014 Hercules Powder
100 145 150
elle May 1 1963 opt 1933-- 10014 10112
Preferred
100 112 114
5e Nov 1 1963 opt 1933__ 10114 1023 International Silver pref _100 102 105
4
4318 Nov 1 1964 opt 1934._
9912 1003 Lehigh Valley Coal Sales 50 *83 88
4
4)18 Oct 1 1965 opt 1935.., 993 1003 Phelps Dodge Corp
4
4
100 120 130
Pao Coast of Portland. Ore
Royal Baking Pow com_100 160 170
68
opt 1935___M&N 101 10318
Preferred
100 101 103
6. 1954 opt 1934___M&N 101 1023 Slinger Manufacturing
4
100 355 360
Singer Mfg Ltd
Al *514 7

•Per share. t No Dar vs ue. b Basis 4 Purchaser also pays accrued div dead.
I New stock. /Flat price. k Last sale. n Nominal. x Ex-dividend.
Ex-rightai
a Ex-50% stock dividend. a Sale price. r Canadian quotation.

3443

BOSTON STOCK EXCHANGE-Stock Records..VerSPage
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
June 12.

Monday.
June 14.

Tuesday,
June 15.

Wednesday, Thursday,
June 16.
June 17.

Friday,
June 18.

Sales
for
the
Week.

STOCKS
' BOSTON STOCK
EXCHANGE

Range &nes Jan. 1 1928
Lowest

Highest

Railroad.
100 189 Jan 9 175 Feb 13
171 171
134 Boston & Albany
171 171
171 171
2171 172 *2171
0
100 77 May 3 8214 Jan II
7912 80
138 Boston Elevated
80
1
/ 1012 *27812 793 *279
4
/
801 8012 *2784 100 89 Feb 27 102 Mar20
10 Do pref
98
---- ---Ms ''S _ -- 9812 *x..-- 9812 98
.s98
100 11518 Jan 16 122 Jan 7
____ ____
5 Do let pref
52116 ---- '
*2114 11612 116 116 *2116
100 9812 Jan 9 112 Jan 2
_049 Do 2d preferred
104 104 *103 104 *10312 1
*103 104
57
100 35 Mar 30 57I4June 18
-:5412 - 171 3,630 Boston de Maine
54
5412 54
4
5412 54% 542 54% 54
4
/
100 32 Apr 14 511June 4
Do pref
55
*52
55
____ *52
052
Do series A let pref-100 59 Apr 15 76 June 8
75
_--- 071 ____ •71
_ *71
*71
Do aeries B let pref-100 84 Apr 15 112 June 8
•105 ____
•103 ____ *103 ____ 0103
____-__ ...... Do series C let pref___100 74 Apr 15 85 Feb 20
__ *90 ---- *90 ---- *92
*80
Do series D let prat-100 105 Jan 29 145 June 8
-__
.
0110 ifs *135*135 ....- *135
8June 14
94 Apr 16 1003
-991s 100
_605 Prior preferred
- 14
3 ,1003* 100 e r , ---- 100 106
100 217512 Mar 19 182 Jan 2I
___
____ ____
Boston & Providence
_ _ 0181
__ *the
*180_ *180
59
--------235 East Mass Street Ry Co 100 51 Apr 22 61 Jan 6
. 59 0_
5812 *-- 5812 57
58 100 5912 Apr 29 71 Jan 2
84
64 •__
30 Do lot prof
*62
---- ---64
64
*63 65
100 56 May 6 69 Jan 13
Do pref B
64 *____ 6312 *---. 6312
- ___
- *62
63
*61
100 40 Apr 29 4914 Jan 2f
ii ii
42
ioi DO adNettnent
42 42
44
*43
4212
44
*42
100 50 Feb10 60 Feb 3
Maine Central
58
*56
58
*56
58
58 *256
:56
0
------ - 1.065 NY N H & Hartford
1
8June 8
100 317 Mar 30 453
8
3
1
/
5
4412 4412 *437 4414 43 8 444 043 8 43
90
90
--------48 Northern New Hampabire_100 81 Apr 8 90 June 16
90
90 •288
•.288
125 May 20
122 122 *212214 ____6 Norwich & Worcester pret_100 120 Apr 22
*212114 _ __ 120 122
100 111 Jan 6 120 Jan 29
4
93
iiii- 11-11714 119
414 Old Colony
116 116
115 115
2115 116
0
*
3
Vermont & Massachusetts_100 99 4 Mar 12 1031 Feb 4
---- --*101 102 *101 102 *101 102 *101 102
Miscellaneous
38
5 Jan 7
32
31 Mar 29
3
34
623 Amer Pneumatic Eiervice__25
4
4
414
2
34
414 *4
4
4
/
50 211 Mar 3 2514June 3
70 Do pref
*2412 25
*2412 25
---- ---*2412 2514 2412 25
3
213958 14014
1,489 Amer Telephone & Teleg_ _100 213918June 18 150 4 Feb15
1412* 142
8
4
5
142 8 1423 1407 14214 14112 142
No par 50 Apr 20 71 Jan 2
53
53
224 Amoakeag Mfg
55
5312 54
5212 53
5412 .54
54
No par 7312 Jan 27 78 Feb 23
75
_
75
28 Do pref
_ _ *75
_ *75
75
75
21
21
Art Metal Construe. Inc__ 10 20 Jan 16 2112 Jan 23
21
*18
*75--- 018 - - •18 --21
18
•
3
5212 Apr 14 63 4 Jan 19
4
62
613 613
4
62
210 Arlaa Plywood t e
6114 6114 6114 6114 6114 62
14
8
97 Air 27 17 Jan 2
No par
Alias Tack Corp
---- ---- ___
1413May 11 2012 Jan 14
230 Berzon 011 Co corn TO
_-__
-sii" ;iii- -17 - ;iii" Ii- -iiis li;IC
*8412 85
170 Blgelow-Hartf Carpet_No par 8314May 24 9812 Jan 2
8412
8412 8412 8412 *8412 85
84 84
3
1
/
_ _
---- ---. _ •109 _ _ *109
20 Boston Cons Gas prat 6IS %100 1054 Jan 25 109 2May 20
109 109 *109
5914 5914 16
10 Dominion Stores, Ltd__No par 57 May 8 6812 Feb I
14
5i
5x5712 5914 *257 - 12 *25712
100 104 Jan 5 112I8June 9
_ .011312 ____
Do pref A
_ __ •113
_ _ *113
---- ---*113
4
1
/
3 Jan 21
1%May 20
10
214
East Boston Land
14 *2
1
214 *2
.14 *2
2
---*2
413 Jan 19
4
1
/
3 Mar 8
4
1
/ 4
03 --Eastern Manufseturing- 5
312 414 *312 4%
% *312 414 •
312 4
0
25 152. Apr 15 8812 Jan 22
6312 64
4
*633 6412 6314 6412
65
235 Eastern SS Lines, Ine
65
64 64
3
No par 38 4 Apr 15 45 Jan 6
Do prof
04112 4212 04112 4212 *4112 4212 *4112 4212
---- ---100 95 Apr 22 9912 Jan 9
96
*91
ion ht pr f
96
96
98
*96
--- ---98
096
20 Mar 31 26 Feb 5
-21
2114
2012 21
21
21
430 Economy Grocery Stores
2114
21
*2012 21
10012207 Jan 15 250 Feb 11
227 227
225 227
169 Edison Electric Ilium
227 228
22712 229
227 229
15
Galveston-Houston Eleo 1001 lb Apr 26 2512 Feb25
014
15
*14
15
014
16
---- ---*14
4
113 Apr 12 17 Jan 22
14
General Pub Ser Corp com__
*13
14
*13
14
___
*13
14
---•13
5
No par 3414 Apr 20 40 8 Jan 12
4 343
343 ---4
3434 347 *3411 3478
196 Gilchrist Co
4
3414 34% 343 348
1
/
4
1
/ 983
98
4 1,104 Ghlette Safety Razor No par 884 Mar 30 11312 Feb 6
9812
4
/
09612 9712 98 981 98
98'l 98
4
1
/
25 10 May 6 12 Feb 11
--------115 Greenfield Tap & Die
1014 *1014--- *1014 --- 1014 1014
10
4
No par 58 Apr 16 683 Feb 4
258
58
59
58
59
*58 59
325 Hood Rubber
58 58
58
___ ____ ____ ____internat Cement Corp_No par 52 May 17 6814 Feb 9
___ __
---45 0.10 .45
.10
---- -.- - ------International Produote_No par .10 Jan 2 .25 Mar 24
0.10 .45 0.10 .46 0
100 .30 May 19 .55 Jan 5
Do pref
• _ 25•_ - 25 •_ - 25 *. _ 25
14
*
95
i&
95
oi 95
--------202 Kidder,Peab AcceP A pref_100 293 Apr 15 95 Jan 9
ii
95- ,- i
9114 Feb 1
7 Mar 24
10
i
91 Libby. McNeill & Libby
8
8
8
8
8
8
814
8
1
/
25 10 May 11 124 Jan 18
*912 10
10
1
Loew's Theatres
10 092
10
10
10
4
843 85
*8312 85
130 Massachusetts Gas Coe_100 80 Apr 20 8612 Feb26
8312 84
4-71 8
*8314 84
100 65 Jan 8 7018 Feb 20
Stock
67
67 67
87
67
95 Do prof
6713
*6612 6712 6612 67
•105 107
2
2
02 _ _ _10512 0 ___ _10512 0 _-_ _10512 105 105
20 MergenthalerLinotYpe_NOPOf 1104 June 2 1110 May 1
734 Apr 22 1458May 26
1212 123 *12
8 12 8 *12
12's Exchange ---- ----95 Mexican Investment, Inc_ 10
13
4
7
12
100 89 Apr 9 96 Jan 4
97 0293
9712 0293
__ _ Miss Riv Pow stpd pref
*94
---97
*94
41 Jan 5
218May 17
10
212 - 2% ___ 160 National Leather
4
1
/ 23* Closed:
2 974
1
/
212 212 *212 2
22* 22*
5 1513 Jan 9 2914June 18
.243* 2512 25
2812 2914 17,829 Nelson (Herman) Corp
3
28
26
26
3
25 4 25
.40 .50
.35 .35 0.35 .50 BunkerHill
460 New Eng Oil Ref Co It otfs___ .20 Jan 2 .95 Apr 29
0.35 .50 •.35 .50
712May 19 1012 Jan 8
ion
9
12 712 05
7
4
1
/ 9
*7
60 Do pref (tr etts)
*711 9
---- -- - 96 Mar 2 100 Jan 6
_______
Holiday
98 98
98 98
85 New England Pub Serv prior p
98 98
98
98
2 May 11
8 Feb 18
- 102
2
212
01
New Eng South Mills_No par
2
*1
2
*1
100 15 May 11. 29 Jan 29
*1212 15
15
*121215-___
010
Do pref
15
*10
4
Engl'd Telep & Teleg_100 110% Apr 1 1183 Feb 17
ii.212--114 1141
114 11411
. 11412
917 New
1131e 11311 11314 114
89 Feb 15 96 Feb25
913
0 4 93
29112 93 029012 92 .9012 92
0
---- --- ____ _ _ No Amer Util let pf full paid__
18 Feb 1 27 Feb25
19
19 .19
Ho: 19
19% 19
29 lot pref 25% paid
•19
100 36 Apr 24 55 Jan 2
37
-iiii2---37
37
. 37
468 Pacific Mills
4 3712 372* 37
371 373
4
41
41
__
*41
41 Plant(Thos 0). let pref-100 40 Mar 25 681 Jan 12
541
--_- _--*41
40 15 Feb 8 17 Jan 12
5
Button Hole
.51512 -*21514 16 0215 1 2---- -16
16 -16
51
10 Reece
I% Apr 28
4
/
11 Jan 19
10
2134
178 0
4
/
11 *2114
4
Reece Folding Machine
4
/
11 •13
0134
- _
17
2-- _
10112 10214 1013 1028
4
101 103
1,191 Swed-Amer Inv par prof _100 08 May 28 106 Feb 19
102 102
1024 104
100 111 Apr 21 117 Feb 20
112 11212 11134 112
112 11212
486 Swift A Co
112 11214 112 112
25 54 Mar 31 70 Jan 4
6734
67
67
67
6612 6612 67
67
381 Torrington Co
66
266
7 Jan 5 1513 Feb 11
5
11
1112 11
*11
11
11
11
11
Union Twist Drill
350
---- - -4
25 47 Mar 31 528 Feb 20
3
8
492* 4812 49
2477 48 4 47% 4812
48
49
4814
1,471 United Shoe Mach Corp
25 28 Jan 2 281s Jan 25
2814 2814 2814 2812 2812
28
28
28
28
28
408 Do prof
105 105 *100 109_
105 105
0105 109
60 U 5 & Foreign See Ist pref 1 p_ 100 May 19 135 Feb 16
60 May 30 90 Apr 3
83% 8012 82
7
83 8 81
82
8i8014 1
/
804 8114
205 let pref 75% paid
3
1912 19
3
3 19
19
21912 1912
19% 19 4
4
1
/ 193* 20
852 WaldorfSys.Inc, new ah No par 17 Jan 6 21 MSY 28
Walth Watch el B oom_No par 29 Jan 18 40 Feb 5
*3412 3641
3312 3312 *3412 36
35 35
100 52 Jan 23 59 Feb 10
.
5412 541
44 Do prof trust CU.
2____ _ __
5312 5412 5412 5412 *5412 16
4
/
100 102 Jan 29 1101 Apr 13
104 105 •102 105 *102 10558 Do prior pref
•102 106
4May 28 23 Jan 27
20 123
114
1414 210 Walworth Company
16
15
.215
0
1512 1512 1514 1514 15
50 44 Mar 25 5012 Feb 18
4614 4612
4612 4614 4614 46
480 Warren Bros
4612 46
46
4612
50 39 Apr 15 43 May 24
4134 413
25 Do 1st prof
42
4
42
*4134 42
4
*413 42
*4134 42
50 42 Apr 16 47 Feb 10
44
--------55 Do 2d pref
54 4318 4318 *4314 44 . 44
4
433 43
4
1
/
13 May 12 17 Jan 2
____ _-__
Will & Baumer Candle corn__
15
013
15
*13
15
013
15
•I3
Mining
25 .05 Mar 15 .20 Feb 1
.15 .25
.0
Adventure Consolidated
•.10 .20 0.10 .20 *.15 .25 0.15 .25
25 .10 Feb 2 .10 Feb 2
•.05 .20
Algomah Mining
•.05 .20 0.05 .20 0.05 .20 0.05 .20
.75 .75
25 .25 Mar 27 .90 Jan 4
51) Arcadian Consolidated
*2.70 .80 *2.70 .80 *2.70 .75 *0.70 80
1012 11
2,615 Arizona Commercial
914MaY 25 123* Jan 2
5
1018 11) • 103*
10
10
10
3
9 4 10
36
362* 1,450 Bingham Mince
10 29 June 2 5544 Jan 4
34
35
36
35
4
1
/ 35
35
36
36%
1438 147
1,494 Calumet & Heels
25 1314June 7 1513 Jan 7
1378 1378 1378 14
1
/
4
1
/ 144 1418 1418
13
0.30 .35
1 20 June 10 .50 Jan 2
Carson Hill Gold
5.30 .35 0.30 .35 0.30 .35
0.30 .35 '
15
25 13 May 20 20 Jan 4
15
15
4
1514
143* 143
1412 15
143* 15
1.380 Copper Range Co
4 Feb3
312 312
28iMay 18
21548 3
3
3
3
3
314
4
1
/
3
690 East Butte Copper Mining- 10
0.36 .60
1% Jan 20
.35 .35
25 .35 May 21
4.35 .60 *2.35 .60 .2.35 .60
4
1
/
50 Franklin
1
.50 •.50
.50
•.50 .51
1
5.50
1 '
25 .50 Feb25 .80 Feb 13
'.50
5 Hancock Consolidated
162 17h
17
17
17
17
17
1 14 Mar 29 2114 Jan 4
17
17
1714
295 Hardy Coal Co
,
41
128
112 *1
2 Jan 11
•I
112 'Ps
112 *1
Helvetia
25 .80 Mar 27
112
179 180
180 181
180 180
177 177
*17614 180
1 141 Mar 29 184 June 8
295 Island Creek Coal
.
10112 10112
4
1
/
1 99 Jan 4 10213 Jan 26
0101 10112 10112 10112 102 102
43 Do prof
II
11
010112- - 912June 7 1314 Feb 10
1012 1014 1014 1012 1012 1011 11
25
*210
435 Isle Royale Copper
114 •1
114 *1
*1
114 Apr 28
1
114
1
25 50 Jan 2
100 KeireellaW Conner
114
I
•
14 5.80
114
114 Jan 4
51
lh
114 51
.80 .80
•1
25 .75 May 19
Copper Co.
20 Lake
.99
.99
1
4
1
/
2 Mar 15
.80
1 0
.80 .80 0.80
25 .80 June 12
--------100 La Salle Copper
17
134
•128
*114 I% *I% I% *11
8
22 Feb20
4
13 Jan 26
4 *13*
12
5
Ma•on Valley Mine
.25 .50
.25
.25
*25 .60
25 25 Mar 16 .70 Feb 13
0.25 .50 0.25 .50
40 Mass Consolidated
.75 .90
.90 .90 1,120 Mayflower-Old Colony
.75 .90
I 02.70 20
112 Jan 8
25 .55 May 17
*2.70
33
3
3314
25 30 Mar 30 37 Feb 10
3212 32 4 3314 3212 33
32
657 Mohawk
333*
33
1
/
4
/
2014 203
1
/
2018 2018 2018 2014 201 204 204 2014
5 1812May 19 2114 Feb 13
1,535 New Cornelia Copper
.08 .06 *____ .20
. 20
*_ .20 0_
.06 .06 1.100 New Dominion Copper
05 Jan 30 20 June 10
22 *
_ 22
*__ 22
• ___ 22 • . 22 °..
100 24 Apr 20 25 Feb 4
New River Company
50
045
:6
0
ao
.4
0 .1
50
0;i&
0_ _ 50
50
Do pref
_____
100 50 Jan 4 72 Feb 11
53* 514
55
*528
53* 5% *514 51
3
7
7 8 Jan 27
:138 5 4
4
/
51 Apr 24
8
*
(1 NIpissing MInes
02t2 23
3
5
28 2 4
4
5
3 4 Jan 9
2 Apr 13
8
15
4 *2 8 23
212 23
4 1,145 North Butte Mining
212 212
1 .02.75
IN *2.75
114
.75
•
114 02.75
1 Apr 29
25 .50 Jan 4
4
/
11
02.75
Ojibwa): Mining
1
/
01614 165
1514 1512 1512 1614 *154 16i2
8
4
1
/
25 14 May 26 19 Feb 10
15
15
840 Old Dominion Co
•1212 13
*1218 13
15 Jan 2
*1212 1314 01212 12 4
:
101 Mar 29
3
P'd Ceti Pocahontas CoNo par
*1212 13
4
1
/
19
8
183 183
4 1812 18
4 1712 18
8
19
178
•17
25 1512May 24 217 Feb25
1,095 Quincy
28
28
2712 2712 2812 2814 2814
27
27
27
615 St Mary's Mineral Land___ 15 2512May 25 3812 Feb 10
95 Jan 4
6
3
*5 3 52*
8June 1
47
5412 513 54114 53* 0434 524 .5
Seneca Mining
55
.57
.57
40
10 .35 May 18 .80 Jan 6
.50 .50 1,300 Shannon
.55 .57
• __ .55
.65
.65
.60 .75
•
.60 .90 *.60 .65
Mg Mar 1
100 Superior & Boston Copper-10 .35 Apr 21
•750 .80 •
9
4
1
/ 918
8
4
4 83
82
4
1
/
1
13• 4 8
5
4
914 5,520 Utah-Apex Mining
6
812 8 8
6 Jan 6 111 Feb I
5144
lh
4 3.200 Utah Metal & Tunnel
13
Ill 13
IN
I .50 Jan 8 21844 Mar 13
111 IN
lss 1N
.40 0.40 .75
.40
*.40 .75
.35 .50
25 .40 May 24 .75 Feb 23
.41
300 Victoria
.41
•
.15 .25
.16 .16
.15 .16 5.15 .16
5.15 .16
25 .15 Jan 23 .25 Feb 9
280 Winona
22 .40 Feb I .45 Mar 22
Wyandot

-iiis

PER SHARI
Range for Previous
Year 1925.
Lowest
156 Feb
1
/
754 Mar
Jan
92
109 Mar
94 Mar
10 Apr
1112 Apr
17 Apr
29 Apr
25 Apr
12
35 Apr
96 Dec
167 Feb
26 Sept
60 July
51 Aug
85 Sept
23 May
28 Mar
70 Feb
Jan
100
Jan
96
87 Feb

Highest
16454 Jan
Jan
86
10414 Dec
130 Dec
116 Dee
4913 Dec
46 Dec
65 Dec
8712 Dec
12
79 Des
116 Dec
99 Nov
180 May
13
62 Nov
73 Dec
70 Dee
50 Dec
56 Dec
4
461 Dec
510 Dee
Oct
125
Oct
113
101 Dec

5 Dec
212 Mar
1
/
1612 Mar 244 Dec
3
1303 Jan 145 Dec
6113 May 87 Aug
4
7014 May 861 Aug
16 Aug
Jan
14
4612 Aug 6712 Dec
912 Aug 21 Dee
_ __
_ __ ___
4
1
_- /
2713 Nov 109
Oci
Jim 10814 Aug
103
Oct
2814 Jan 74
99 _June 100 Dec
4
/
11 Apr
63* Sept
4
63 Jan
3 July
4
1
/
42 Mar 89 Dec
Jan 4614 Oct
35
Jan 100 July
89
18 Aug 2312 Set/1
Jan 213 May
200
Jan
Oct 38
17
7 4 Aug 43 Jul;
333- - -4
1
/ Jan 11512 Dec
57
1512 June
11 May
Oct
52 May
72
Oct
12 Jan 80
52
.05 Dec
Jan
2
.10 Dec 1013 Jan
5213 Jan
1
/
954 Nos
3
9 8 Jan
4
1
/
6 Apr
137 Jan
1
/
114 Aug
68 Feb 85 Dec
4
1
/ Jan 70 001
63
167
Ool
Jan 197
4
1
/
7 Sept
163* Jatl
.4
871s Jan 961 No
314 Dec
63* .73m
11% Dec 17 Dec
.10 Dee
9 JIM
EN Apr 13 Sept
- ____ ____ ___
7
2 2 Dec 11 Fell
20 Dec 55
Jam
29 Apr 12212 Nos
90 Sept100 May
20 May 28 Mai
50 Dec 8118 Jam
32 Aug 75
Col
1514 Aug 18 Api
11 Nov
2
4
1
/ Jam
9914 Dec 101 Del
1
/
1094 Apt 120 Pet
4513 Apr 73 Dec
12
71 Jam
3 001
4
1
/
40 July 50 Nom
2611 Jan 29 Bel
98 Mar 1244 Dec
1
/
2412 Jan 73 Noll
8
19 4 Jam
1
/
144 Aug
5 Jan 34 Dec
1714 Jan 57 Des
65
Jan 105 Deo
163* Jun
14
27 July
Jan 5012 Jul)
87
8
375 Jan 43 July
12
4
1
/ Jan 48 Dec
40
11 Mar 217 De
s
.05 Dec
.10 Mar
.50 Dec
4
1
/
9 Mar
2814 July
4
121 June
.20 May
18 Dec
8 June
Jan
.04
.50 June
1512 July
1 Dec
121 Mar
9414 May
7
9 8 Apr
.50 June
Apr
1
1 Dec
95 Sept
.40 May
.50 Nov
2512 June
18 Mar
.10 July
25 Apr
40 June
43* July
.89 June
.15 Nov
4
165 Dec
1012 June
19 Apr
21112 Apr
71 Nov
.50 May
.70 May
ais Jan
.40 July
.22 Nov
.10 Dec
.05
Apr

Jae
28
Jae
25
3 .Tea
8
15 8 Pet
6014 Ool
s
187 Jar
.90 AIM
Jar
33
614 Jar
4
1
/ Jar
1
18 Fet
Jar
23
4
1
/
3 Pet
165 Dot
100 Des
4
1
/
2013 Jan
Dalt:int
3 Jan
114 Jaz
234 Jan
114 Jar
3 Jar
41
Jar
Jar
25
.85 Fat
31 Atli
65 Aui
614 Jar
37 Nol
114 Jar
27
Jar
187 Beg0
4
1
/ Jar
39
Jar
48
11 Nol
4
/
11 Jar
2
Jai
13NI Jar
.98
Jai
4
11 Jai
.48
Jai
.21
Fs1

•Bld and asked Prices: no sales on this day. a Assessment paid. b Ex-stock dividend. 8 New stock. s Ex-dividend. I Ex-rights. s Ex-dividend and rights,




THE CHRONICLE

Boston Bond Record.
-Transactions in bonds at Boston
Stock E'.xchanpe June 12 to June 18, both inclusive:
High.

Mar 74
Mar 8254
Jan 8934
Jan 101

Feb
June
May
Mar

7654 7654
550 65
Mar 7634
86
86
2.000 77
Apr 8654
98
15 000 9756 May 9834
98
10534 106
7.000 10434 Jar 109
1,000 9234 Mar 9414
9434 9451
9731 9931 6,500 9734 June 9934
9934 9954 5,000 9854 Jan 9934
103 10334
7.000 9934 Feb 10534
101
10131 2,000 99
Mar 1013.4
9454 9454 5 010 944 June 95
101 101
1,000 10034 Feb 102
9951 16054 7 000 993.4 June 101
8534 855.6
1,000 82
Apr 8554
inn. In,
,
2 non 9854 Mar 10154

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

Philadelphia Stock Exchange.-Becord of transactions
at Philadelphia Stock Excharge, June 12 to June 18, both
inclusive. nomoilerl from nffieial sales lists:




535
550
25
80
20
5
00
92"
75
50
50
1,700
6,550
40
175
10
10
300
23
175
2,385
150
10
9
4e
1,230
10
50
3,505
1,115
485
245
280
9,510
1,035
435
1 ARA

June
June
June
Feb
June
Apr

10756
98
100
933.4
101
973.4
9334
,
10254
8234
7134
5054
72
99
96
7334

May
Feb
Apr
June
June
Mar
June
June
May
Star
Mar
May
June
Mar
Feb

CJ0012.- 14
,
WW:00-4WWV

High.

z.!V<',i41.4 M;Els,4gTvar.iVAg1W4Ulgs%,1tv.tgg.Ing4V<"447,g

E14

1
04000

tiro

1,625
110
15

4=

High.
Feb
101
Jan
:16
26234 Jan
Feb
154
Feb
55
Jan
40
Jan
27
284 Feb
11434 June
4654 Jan
263.4 Jan
2754 Jan
Feb
99
5754 Feb
Mar
105
11134 June
11.354 June
12834 Feb
Feb
53
751 June
Feb
48
Feb
124
Mar
92
Jan
89
.60 May
683.4 Feb
Jan
23
241.4 Feb
Jso
25

1,1935
30
0
240
100
7e0

o

Low.
99
Apr
2834 Mar
190
Mar
130
Apr
4034 Apr
3734 May
2634 Jan
2651 Mae
110.14 Jar
MaY
26
2354 June
2456 Apr
91
May
Jan
45
102
Jan
10834 mar
109
Mar
124
Jan
Mar
38
551 Apr
3054 Apr
11756 Mar
89 June
81
mac
.40 Feb
May
51
2054 Apr
2154 Apr
Mar
20

no

15,900
3,535
220
200
2'0
15,495
14,125
780
375
188
38"
25
gas
1.800
1,0'0
1,100
171
635
32"
22"
350
e8
58"
975
120
251
71
75
10
20

Low.

XXXX

5
380
53
70
1
30
85
50
10
320
120
142
50
138
55
67
2
21
31
700
570
80
50
5
100
77
77
54
20

1,625
100
1(0
11
150
10
1.900
475
900
1 444
985
200
50

X

9934
993.4 9034
3454 36
35
231
22434 231
13456 135
135
4034 4054
3834 3851
2651 27
27
27
11451 11451
30
29
29
2354 25
24
25
24% 25
91
91
52
51
10351 10354
110 111 34
11351 113%
127 127
37
37
754 734
31
3034 3131
12054 122
90
90
AO
86
86
54
54
5334
62
2051 2154
2154 224
20% 20%

10256
82
993.4
10254
10234
98

Range Since Jan. 1.

tZ
0000woosw-a0owo.a

Amer Wholesale pref._ _100
Arundel Corp new stock_ _•
Atlan Coast L(Conn)._ _50
Baltimore Trust Co
50
Baltimore Tube pref_ _100
Beneath (I)com
•
Preferred
25
Central Fire Ins
10
Ches dr Po Tel of Bait0
100
Commercial Credit
•
Preferred
21
Preferred B
21
634 Preferred
100
COnsol Gas, EL & Pow_ •
6% preferred
100
100
634% preferred
7% preferred
100
8% preferred
100
Consolidation Coal__ _100
Delion Tire & Rubber__ •
East Roll Mill new stock.*
Fidelity dr Deposit
50
Hare & Chase, pref _ .... _100
Houston 011 pf tr ctfs_ _100
Lorraine Pet Co_ _1e shares
Manufacturers Finance.25
1st preferred....
25
26 preferred
25
Trust preferred
23

Range Since Jan. 1.

Apr
Jan
June
Jan
Mar
Jan
Jan
Jan

.
.
XX

Stocks-

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

May 83
Mar 5634
Jan 82
May 171
Jan 1954
Mar 21934
Mar 1556
May 2534

•-.A5.1
0
5.- W
,
44o;o-a0

Baltimore Stock Exchanye.-Pecord of transactions at
Baltimore Stock Exchange June 12 to June 18, both inclusive, compiled from official lists:

30 653.4
85 49
60 784
1 141
462 17
137 187
100
8
40 22

XXX

•No par value.

Jan
Mar
Feb
Apr
Jan

4

May
May
Feb
Feb
Feb
June
MaY
Jan
May
June
Apr
June
June
June
Feb
May
June
Jan
June
June

.-..05,0110WWWW
.
0000
0.000 -“4-.4.-.0.....2 21&&
2
,
14

10134
99
6551
5634
9354
1334
10034
6854
9954
99
10354
10454
108
108
10834
103
93
65
9834
9654

Feb
Am
Jar
June
Jar
May
Apr
Feb
Jar
June
Jan
Mar
Mar
Mar
Mar
Apr
June
June
June
Jan

Adams Royalty Co com--• 2734
All American Radio el A _ _5
1334
American Pub Fen pref 100
,
Am Pub IRS Co par pfd 100
American shipbuilding _100
Preferred
'
100
Amer States Seeur Corp A*
354
Class B
•
254
Warrants
94
Armour & Co(Del) pret 100 93
Arrrour & Co pref
100 8454
Common el A v t c__25
Common cl B v t e__ _25
Assoc Investment Co com * 35%
Auburn Auto Co com -2
5 5651
Balaban & Eats v t c..25 73
Preferred
100
Beaver Board v t c B._ --•
3%
Preferred certificates_100 37
Bend's Corp el A
10 33
Borg dr Beek co-n
10 3554
Drach dr Sons(E J) com.-• 3254
Central Ill Pub Serv pre_• 8834
Central Ind Power pref-100 88
Central SW 7% pref.
•
•
Prior lien pret
Warrants
185
(
Cent Pub Serv (Del) corn_• 1554
Chic City & Con Ry pt sh•
54
•
Preferred
334
Chicago Fuse Mfg Co_
•
Chic N S & Milw com__100 50
Prior lien pref
100
Chic Rye part ens ser 2_100
Part ett series 3
100
Chicago Title & Trust _100
Commonwealth Edison_100 142
Consumers Co new
1
6
Continental Motors
• 1034
21
Crane Co
Pretence
100
Crown ('Wn)
Pap 1st pfd* 9854
Cudahy Packing Co_ 100
Cuneo Press A
50
Decker (Alf)dr Cohn,Inc
"A" commor
• 3054
Deere & Co pref
100 108
Diamond Match
100
Eddy Paper Corp (The)._' 21
El Household Mil Corp_10
Elec Research Lab
• 134
Evans & Co, Inc, el A_ -.5 27
Fair Co (The)
• 29
Preferred
100
Fits Simons & Connell__
Dock dr Dredge Co
Foote Bros(G & M)Co.' 1234
Preferred
100
Gill Mfg Co
10
Godchaux Sugar
*
Gossard Co (H B)
" 3334
Great Lakes 13 & D___100 152
Greig Bros Coop'ge A con)* 3734
Hammen ill Paper Co _ _10 3454
,
Hart.fichaftner dc Marx 100
Hupp Motor
10 23
Illinois Brick
21 4854
Illinois Nor Utilines pf _100 91
Interstate Power Co pret
•
Jaeger Machine
•
Preferred
New
1654
Ky Hydro-Elec pfd__ _ -100 9354
Kentucky Util Co pref_.50 5054
Kraft Cheese Co
25 60
Kup'heirrer dr Co(B)Inc _5
Laclede0& E prior lien100 100
La Salle Ext Univ (III)_ _10 104
Libbv,MeN&Libby.new.10
854
McCord Radiator Mtg A.•
MeQuay-Norris Mfg
• 1534
Middle West Utilities_ --• 11434
.
Preferred
100
Prior lien preferred_ _100 11574
Midland Steel Products_ ...
Midland UtII prior lien_100 10054
Morgan Lithograph Co_ _• 57
Nati Elec Power A w I_ _• 2134
.
National Leather
10
2%
•o...• a.........a -......
• ocu

e0.2114
0003

8934
91
5751
50
91
10
9754
6334
9654
99
102
102
10334
10'354
10754
10054
93
57
983.4
054

Stocks-

XXX XXXX
XX X X 44X X
XXX
XXXX
1- 4 W -111 1, 1 4 414221 W*WW2/W
11 1
2 211
. w.-11DCWWWWpW.8-.11
44.
-*W
w..,004.m-4,"**00.c.'"ow,
C0,4
1.p
-I'vw."0.4.wb2ow.aOQO.444.22,2.-.01. w o
g-soomwit4
:co=wo=w
0,24,b)woob2J..4m..=4.00,-4vep
,w
itg
X X X
XX XXXX XXX X
XX XXX X
X
g
ggg ggg gg g
gg g
Og g g
g g XXXX X4 X

$2,200
500
29.100
2000
33001)
7 (100
12 000
1 000
4 000
1 000
9,100
15 100
fl 000
14 000
5 000
30 000
4000
6 500
1,000
7 000

May 102
Feb 2256
Apr 5354
Apr 2334
June 2334

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

XXXXX

Bonds
Amer Gas & El 5s..2007
95
96
Small
2007
95
95
Elec & People• tr etts 49'45 (03.4 PO
6051
Inter-State Rys roll 481943 52
52
52
Keystone Teiep 1st 5s _ I MF
91
92
Lake Superior Corp Ss 1924
12
1234
Lehigh C&Nav gen 4538'24
9951 100
Peoples Pass tr ctfs 4s_1942
(4
64
Phila Co stmpd s 1 & red '51 99% 11951 9951
Unstamped
99
99
Phila Klee 56
19
00 10334 103 10334
1st 58
1906 10454 10254 10454
1047
534s
108 108
10751 108
1953
550
1141
10751 107%
6s
1972 10254 10234 10234
53ft
Beading gen'i 4.
19 7
93
0
93
United Rys gold tr en 4s'40
62
BO
West N Y & Pa gen 44_1942 9834
9834 983
(
York Priimp•-• VI 50_1437
06
9634

High.

94
19
4134
20
354

475
104
66
60
289

Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange Jrno 12 to June 18, both inclusive,
compiled from official sales lists:

.21
0.0022,-.m...
-.1;402,....0=w0

9454 Jan
11351 June
Mar
40
Feb
21
2634 Feb
2051 Feb
8034 June
Jan
68
7254 June
6414 Jan
73 May
451 Jan
12
034 Feb
8434 June
3354 Jan
Feb
91
5534 Jan
Feb
91
7634 Apr
39 May
Mar
50
673.4 Jan
Apr
5
Feb
55
5734 Feb
Feb
65
1654 MaY
May
37
108 June
9034 June
65 June
434 JAn
754 Feb
4354 Jan
14414 Jan
3851 Mar
8534 June
47
Jan
Jan
56

X

Mar
(0
1093.4 Mar
3854 Jan
1351 May
Mar
25
June
12
Jan
73
Apr
55
Mar
58
Mar
49
Jan
60
234 June
9754 Mar
8034 Apr
Mar
25
Mar
71
4834 Mar
Jan
71
6654 Feb
37
Mar
4814 Apr
4151 Apr
351 Apr
50
Jar
51
Jan
5834 Jar
Mar
11
3434 Jar
108 June
82
Apr
55 May
21t• APT
4111, Jar
38
Jar
8434 Mar
33 June
80
Mar
43
Mar
Apr
49

XX4 XX X

High.

6,181
84
100
30
70
235
428
10
321
491
262
10
2,243
105
1,520
10
31,425
385
20
35
141
45,740
3,540
20
1,124
25
100
5
100
125
9.220
11.010
6,791
1.335
22,48°
5
COQ
11
156

X

Low.

7334 7134 75
11134 11151 1133.4
3954 3955
1934 1934
26
26
1254 1331
7934 8051
55
55
6851 7234
5454 55
71
71
234 254
11334 11354 11554
84
8414
26
2051
7254 7254
52
5354
753
74
76
7154 7134
38
3814
4954 4934
4951 4951 5034
434
4
5234 5234
5654 57
5834 5834
1454 1456
37
37
108 108
8751 9054
65
643-4 61
3
334
534 854
4034 4034 4136
109
108 111
33
33
80
8534
4654 47
51
51

Amerimn Stores
`
Bell Tel Co of Penn, pref
Cambria Iron
54
Congoleum Co Inc
East Shore G & E 8% pf 2'
Eisenlohr (Otto)
101
Electric Storage Batt'y _100
Fire Association new_ _ le
General Asphalt
100
Insurance Co of N A_ ___10
Keyattme Watch Case_
•
Lake Superior Corp_ ___100
Lehigh Navigation
ro
Lehigh Valley
50
Lit Brothers
10
Pa Cent Lt & Pr cum pf- •
Pennsylvania RR
50
Penna Salt Mfg
no
Phila Co (Pitts)
50
Preferred (5%)
50
Preferred (cumul 6%)_50
Phila Elec of Pa
21
Power receipts
21
Phila Insulated Wire
•
Phila Rap Transit
50
Phila Traction
60
Phila & Western
10
Preferred
50
Pitts & West Va
100
Reading Company
50
Stanley Co of America__ -•
Tono-Belmont Devel__ _1
Tonopah Mining
1
Union Traction
50
United Gas Impt
50
US Dairy Prod "A"
1
.
Victor Talking Mach_
•
West Jersey & Pea Shore_50
Westmoreland Coal new _ 50

XXX

Range Since Jan. 1.

XXXXXX

Stocks-

QW011,21,
-.01.122.01.2.WW&W

ler,uay
Sales
Last Week's Range for
We
ofPrices.
Week.
Par. Price. Low. High. Shares.

.

since Jan. I.

Low.

BondsBalt Electric stpd 5s _ _1947 10254 10256 10254 $1,000 101% Jan
Bait Sparrows P&C 4548'53 82
82
1,000 80
82
Jan
Bait Traction 1st 5s__1924 9934 9934 993.4 3.000 9934 May
Bernheimer-Leader 78_194/
10134 102
2,000 100
Mar
Consolidated Gas 5s_1939
10234 102% 1,000 10054 Apr
Genem14 Ms
1954
9651 9656 3,000 9434 Jan
Conn' G, E L St P6% notes. ser A__ _1941)
10734 10754 3.000 10534 Jan
Consol Coal ref 4349_1934
9234 9234 2,000 92% June
Elkhorn Coal Corp 654s'32
99
99
1 000 98% June
Fair & Clarks Trae 55_1938
5.000 903.4 Feb
9334 933.4
Ga Pou & Florida 5s.1945 101
101 101
1.000 100
Jan
Md Electric Ry lat 58_1931 9551 9554 9534 9.000 9434 Jan
Monon Valley Trac 5s_1942 9356 9354 9354 13.000 8754 Jan
Penna W at P 56
1940 102% 10234 10234 8 000 10254 June
Sparrows Point 451s
82
82
1.000 8114 Apr
United Ry & E 43._ _ _1949 6951 6954 70
9,000 69
Mar
Income 4s
1949 49
4831 49
23 000 48
Mar
Funding 5s
19315 7054
7054 7054 1.000 6754 Jan
6% notes
1927
99
99
2,000 9714 Jan
6s. when issued_ _1949
9554 96
2 000 9134 Jan
wa•h Balt & Annan 561941
6674 6834 16 000 1161 June
A
• No par value.

X

67
8154
86
99

XXXX

Low.

6954 135,100
8234 2 000
8851
1.000
6,000
101

110,24 ..QwwW
,

68
8234
8854
10034

4

Atl G &W I S SL 5s1959 6934
Boston & Albany 3%8_1952
Chie Jet Ry & U S Y 4s1940
58
1940
East Mass St nu
Series B 5.9
1948
Series C 68
1948 86
Gen Pub UM 654s w 1_195(
Hood Rubber 7s
1937 100
1934
Income 55
1934
Mass Gas 4%s
1929
554s
1941 103
Miss River Power 5a 1951
New EngT&T 4548 w 1'61
5$
1932
Swift & Co as
1944 1003.4
United Ind Corp 13s_ _ _194t
W•st•••• -",•"" 14
"
""._. .

Range Since Jan. 1.

KXXX

Bonds-

Maryland Casualty CO__25 9533
9554 97
Md Mortgage Co
•
20
20
Merch & Miners new_ __ _* 4334 4351 44
Monon Val Trac pref _ _ _25 2151 2156 2254
Mtge & Acceptance cont._•
334
334 5
Mt V-Woodberry Mills.
Preferred v t r
69
100
69
New An3sterdam Cas'y_ _10
50
50
Northern Central
50
8134 8154
Penna Water & Power 100
145 145
United Ry & Electric_ _.50 1851
1854 1854
US Fidelity & Guar._..50 19956 19854 19931
Wash Balt & Annap____50
8
8
8
Preferred
22
22
50

Range

00
: 2
1 1
coo
-w
5.4wo0,20.4c..0,25WWWW
-40100301010 0O.l030to0l-I 0' 0-4003 ....00monl.:w03.a.0010,000
wo03.0J.4- b2o ,D=A
XX
XXXXXA XXX XXX X XA X X X
XXX X X X
X

Outside Stock Exchanges
Frutay
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High Week.

[Void. 122.

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price Low. High. Shares.

VLI!*,?,EV4g4,4'4F.gggr,i ,4t4g.1.11
W
V

3444

3731 Feb
1954 Jan
98 MaY
Feb
91
953.4 Jan
10334 Alm
834 Feb
534 Feb
x Feb
Mar
98
9274 Mar
2554 Feb
Feb
17
3754 Mar
723-4 Mar
7654 June
103
Feb
454 Apr
Feb
40
3354 June
June
36
3774 Feb
Jan
91
Jan
93
95
Apr
Feb
100
2234 Feb
1551 June
51 Jan
7
Jan
35
Jan
6134 Feb
Mar
101
156 Jan
51 Feb
585
Jan
144
Jan
1034 Feb
1334 Jan
60
Jan
11754 Jan
10034 Jan
9511 Jan
50
Feb
31
10934
129%
25
25
3256
3056
3316
107
32
1551
90
5
7
39
171

June
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb

June
Jan
June
Feb
Feb
Jan
Jan
4014 Feb
3456 June
,
125
Jan
2834 Jan
5251 June
92
Mar
9455 June
2934 Feb
10014 June
17 June
9.5
Jan
Mar
51
9014 Jan
Feb
35
Mar
100
1434 Jan
Feb
10
Jan
42
1956 Feb
13456 Jan
11154 Feb
12354 Feb
4954 Feb
10014 June
Feb
65
Jan
26
434 Jan
2521% June

JUNE 19 1926.]

THE CHRONICLE

Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par Price. Low. High. Shares

Range Since Jan. 1
Low.

High.

North American Car,corn•
Mar 32
200 26
Jan
2834 28%
Nor West UHL 7% pref.100
45 9154 May 96
9254 9254
Mar
Novadel ProCess, pref___-* 2634 2634 28
1,350 26% June 28 June
Omnibus v t ctfs, w I a_ _ _• 16%
110 1434 May 2134 Feb
1654 16%
Orpheum Circuit, Inc_ _ _ _1 3034 294 3054
Mar 3
400 28
034 June
Penn Gas & Elec w i
• 1934 1934 1934
340 194 June 24
Feb
Pick, Barth & Co, pref A_• 20
140 19 May 224 Feb
20
20%
_Pines Winterfront A
5 -----43
275 33% Mar 594 Jan
444
Pub fiery of Nor Illinois_ _• 138
136 138
450 1284 Apr 138 June
Tub Serv of Nor IllInois.100
136 137
68 12954 Apr 137 June
Preferred
100 10454 104 10454
121 100% Jan 1044 June
7% preferred
100
Jan 11634 Mar
115 115
10 112
Quaker Oats Co, pref_ _100
20 105
Feb 1074 Apr
1044 104%
Real Silk Hosiery MIlls_10 3134 314 4354 1,035 311( June 584 Jan
nee Motor
10
778 194 Mar 2554 Jan
20
2014
Ryan Car Co (The)_ _ _ _25 II% 114 12
170 114 June 16
Jan
So Colo Pr Elec A, com_25
75 22
23
24
Apr 2511 Jan
Southw Gas& El,7% pf100
94
944
70 93
Apr 98
Mar
Sprague
-Sells Corp. cl A 30
100 29 May 3
30
30
014 Jnne
Standard Gas& Electric_ *
100 544 June 64% Feb
544 8454
Preferred
.0
100 54
Jan 5615 Jan
544 8434
Stewart
-Warner Speeder • 75
,
70% 774 16,550 0
84 May 93
Jan
Swift & Co
100 11254 112 11234
970 110
Apr 117
Feb
Swift International
15 1754 1734 1834 5.200 14% Apr 22% Jan
Thompson (J 10
29 4454 454 48
12.150 42
Apr 48
Feb
Union Carbide & Carbon_• 84
82
844 5.10
0 72% Jan 8634 Mar
United Biscuit Class A _ _ _• 42 • 41% 42
5 0 38
0
Mar 584 Jan
United Iron Works v t c _50
2
2
2
25
4 Mar
3% June
United Lt & Pr A w 1 new.• 1514
18
1.00
5 134 Apr 24
1534
Feb
Preferred cl A w I a_ .....• 34
84
84
2
41 814 Mar 92
Mar
Preferred cl B WI a_ _ _•
.
44
50
1.000 4234 Apr 51
Feb
'United Paper Board._ _100 24
24
25
225 22
Mar 38
Mar
VS Gypsum
20 151
148 1581
4 7,300 125
Mar 1414 Jan
Preferred
100
30 11334 Apr 117
11034 11054
Mar
Vesta Battery Corp
10 1154 11% 12
240
8% May 25
Jan
Wahl Co
320
84 9
74 June 1434 Feb
Ward (Montg)& Co_ _ _10
COO 584 Mar 814 San
704 73
Class A
* 1044 1004 115%
2'0 1074 May 112% Mar
Williams Oil 0 Mat com_• 19
1734 1934 1,615 144 May 231
4 Feb
•
9
Wolff Mfg Corp
84 9
4.0
71
4 Apr 104 Feb
14
Vot trust certificates
*
50
754 May 1034 Feb
834 8
Wrigley Jr
• 11234 52
52" 1.I'0 44
Apr 55
Jan
Yates Machines part pfd.
• 2834 28
2831 2 0
00 26
Mar 32
Feb
Yellow Tr & Co Mfg II_ _10 25
:22% 2434 3,450 21
Mat
33
Feb
Preferred
106
94 100
i220 91
Apr 100 Jim(
Yellow Cab Co Inc (Chic) * 4434 4454 '46
1,505 4254 Mar 5034 Feb
Bonds
Chicago City Ry 51._ _1927
Chic City & Con Rya 58'27
Chicago Railways 58_ _1927
45, Series B
1927
Comrronw Edison 58_10
43
HousGGCoafg634s1031
Metr W Side El 1st 4a _10115
Northwestern Elev 5•_ loll
Old Dom lst m 5s GB A '.51
Peonies G T. ,e.. c rote API 97

734
48
7251
3034

7334 734'83)000 57
Mar 794
48
48
22,000 474 Mar 544
731
4 4 000 07
73
Ap• 82
1
04 1054 11 000 10
Mar 40
10311 10334 1 000 100% Mar 104
974 9814 51 000 9514 Apr 99
11 000 73
Mar 75
7334 74
82% 8334 10 000 80
Jan 834
95
95
2 000 94
Ma, 95
ins 'ins
'soon mill we-. •ns

Jay1
Jar1
Jar1
Jar1
Ma
,
Fel
JaiII
Jun
Jun
• _

* No par value.

Pittsburgh Stock Exchange.
----Record of transactions
at Pittsburgh Stock Exchange Juno 12 to Jme 18, both
inclusive, compiled from officials sales lists:
Stocks-

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

Am Vitrified Prod com..50
26
27
Preferred
93
93
Am Wind Glass M8,4'11_100
0654 e3654
Am Wind Glass Co pf_ _100
111% 11114
Arkansas Nat Gas corn_ _10
54
514 6
Devonian Oil
1434 134 14%
Duquesne Light pref. _100
1144 11434
8
•
Houston Gulf Gas
654 8
Indep Brewing, pref._ _SO
it4 654
Lone Star Gas
25 3114 3034 3214
Nat Fireproofing com _51)
134 1314
Preferred
50
34
3434
Ohio Fuel Corp
25 3054 36
37
Oklahoma Natural Gas_ -25 2954 29
3054
Peoples Say & Tr
100
372 372
Pittsburgh Brew,tom _ _50
A
8
Preferred
90
124 13
Pittsburgh Plate Glass.100 275
275 278
Salt Creek Con 011
10
84 94
Stand Plate Glass pr pf _100
78
78
Stand Sanit Mfg com......25 101 , 101 10134
II 8 Glass
25 16
14
16
117 12534
West'house Mr Bodo._ _ 50 195

CO
20
210
20
5,149
500
10
2,404
10
2,98.
1.0
28.
5,09'
1,850
7
775
50
44
550
20
327
220
145

Range Since Jan, 1.
Low.
24
90
11014
1004
54
124
112
554
54
30
12
324
33
28
372
3
11
273
8
76
100
1514
Ina

June
Apr
June
Jar
Feb
Affr
Mar
Apr
Feb
Arir
May
May
Apr
Mar
Apr
Jan
Jan
Mar
Apr
June
May
June
Mar

High:
334
94%
80
112
7
17
115
10
8
544
1834
39
37
34
500
8
15
310
10
85
118%
1914
19754

Jan
Jan
Jan
Feb
Jan
Jan
Apr
Feb
Feb
Jan
Feb
Feb
June
Jan
Feb
June
Feb
Jan
Feb
Jan
Jan
Jan
Fab

* No,par value.
Note.
-Fold last week and not reported: 30 A. M. Byers dr Co. pref. at 10134;
3 Birmingham Fire Ins. Co. at 86: 25 Carnegie Metals at 10 50 Federated Metals
:
ett 15; $1,000 Pitts. McKeesp. & Connellsville 5s, 1931, at 9734.

Cincinnati Stock Exchange.
-Record of transactions at
Cincinnati Stock Exchange June 12 to June 18, both inclusive, compiled frcm official lists:
Stocks-

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

Am Laundry Mach com_25 116
American Products
• 25
Amer Rolling Mill corn_ _2F 50
Preferred
100
Amer Seeding Mach pf.100 67
American Themes corn_ •
Preferred
•
Baldwin con
100
100
New preferred
Buckeye Incubator_ _100
Carey (Philip) com
_100
Cambell (J B) Mfg_ ..100
Churngold Corp
• 5434
City Ice & Fuel
Cooper Corp new pref_ _ 100
Dalton Add Mach com.100 5454
Eagle-Picher Lead com..20 284
•
Early & Daniel corn
100
Fag dc Egan pref
•
Formica Insulation
* 3754
Gibson Art corn
Globe Wernicke100 100
Common undep
100 100
Preferred dep
• 404
Gruen Watch com
100
Preferred
20
Kahns (Panic)
20 _ .....
Kodel Radio pref
10 1144
Kroger com
100 112
New preferred
McLaren Cone
•:..,..ene A fIranco PAM 0.3
•
,




11234 116
25
254
494 50
10954 111
67
67
144 15
40
40
210 210
1054 10514
3054 3234
175 175
98
98
5454 55
2434 2434
100 101
8434 6414
274 284
444 45
59
59
2434 2434
3754 3754
100 100
100 100
40
404
106 107
444
44
204 2054
11234 11534
112 11254
18
18
714 754

667
452
1,662
74
30
50
32
10
10
244
34
3
317
145
221
r
894
10
9
20
159

Range Since Jan, 1.
Low.
108
2434
4754
109

High.

Mar 14514 Jan
May 274 Mar
Mar 59
Feb
Mar 111
Mar

1354 May
40 June
210 June
104
Jan
30
Jan
175 June
98 June
534 Apr
214 Apr
9954 June
60
Mar
2654 Mar
3754 Feb
55
Mar
20
Mar
3654 Feb

204
44
248
10654
3314
181
103
78
2554
108
714
35
46
80
27
39

Mar
Mar
Feb
Feb
Feb
Apr
Islay
Feb
Jan
Jan
Feb
Feb
May
Jan
Apr
Mar

50 924 Mar 100 June
44 90% Feb 100 June
214 36
Jan 41
Mar
27 1034 Feb 107 June
48 42% May 45
Apr
20 2054 Mar 2114 Feb
57' 104% Mar 1354 Jan
35 110
Mar 11214 June
50 18 June 2054 Apr
4154 Maw
244
014 r....

3445

Sales
Friday
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Coneuded) Par Price. Low. High Shares.
Procter & Gamble com_ _20 157
6% Preferred
100 11254
100 97
Pure 0116% pref
8% Preferred
100
Putnam Candy pref__ A00
• 48
U S Can cow
20 13534
U S Playing Card
U El Print & Litho com.100
•
U S Shoe corn
100
Preferred

155 158
11234 11254
9654 97
1074 109
100 100
4554 48
1354 137
814 85
54 6
45
45

Banks
100
Citizens National
Fifth-Third-Union un54s100

220
321

-Public Utilities
Cincinnati & Sub TeL 50
100
Cinc Gas & Elec
CM Gas Transportation 100
CN & C Lt &Tree com.100
100
Preferred
100
Ohio Bell Tel pref
Tractions50
eine Street Sty
Ohio Trac corn(endep)_100
100
Preferred (dep)
*
Dep

85
89
118
904 8854
70
1004
89

3454

Railroadsrt IsT 0 Ar 1',P COT__ -100 102%

220
321
8534
904
118
9054
70%
11014

34
3434
634 635
70
70
73.4
734
102 V 1024

282
40
394
30
2
101
44
10
150
85

Range Since Jan. 1.
Lots.
13934
11054
854
10534
99
46
135
81
534
45

1 212
tO 31$

High.

Mar
Feb
Jan
Jan
Apr
Mar
May
Jan
May
May

160
1164
98
11054
100
63
145
8134
854
58%

Jan 223
May 330

4 31
Apr 8554
Mar 9354
350 88
37 11254 Jan 118
38 8154 Jan 93
Apr 70%
291 e34
Apr 11154
143 109
297
5
100
10

32
6
70
74

Mar
May
June
May

20 161

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

Feb
35
Jan
11
Apr
80
734 may

Mar 102

Feb

• No par value.

-For this week's record of
St. Louis Stock Exchange.
transactions on the St. Louis Stock Thcchange see page 3420.
New York Curb Market.-Beksw is a record of the
transactions in the New York Curb Market Aran Jtme 12 to
June 18, both inclusive, as compiled frum the official lists.
Sales
Friday
Last Week's Range for
Week
ofPrices.
Sale.
Par. Price. Lbw. Hioh. Shares.

Week Ended June 18.

Range Sent. Jan. 1.

Stocks-

Low.

Indus. & Miscellaneous.
Ala Great South. com_ _ _50
50 113
Preferred
Allied Packers,co iimon_ _•
Alpha Portl Cement...100 129
* 74
Aluminum Co.corn
•
100
Preferred (6%)
Amalgam Leather, con_ _• 144
Amer Electrice Corp v t c_•
Amer Gas & Elec,com___• 814
* 9334
Preferred
Amer Lt & Tree. com_..100 220
100 108
Preferred
Amer Pow & Lt pret.... _100 9334
Amer Pub Intl 7% pr pf100 95
• 21
Amer Rayon Prod
Amer Rolling Mill com_ _25
American Seating Co_ _100 335
Amer Sum Tob (new co)
2434
Voting tr errs w 1
Amer Su perpow Corp. A • 2654
• 274
Class B
25 2434
Prior preferred
5
Amer Thread pref
• 3034
Assoc bat;& Elec.class A.
Atl Birm & Atl Ry new pref
114
Atlantic Fruit & Sugar_ _ _•
Atlas Portland Cement_._• 44
Auburn Automobile.com25 58
Babcock & Wilcox Co_ _100
BalabandiKatzcomvte_ _25
Beaverboard Cos, pref _100
Blackstone V G & E,com 50
•
Bliss(E W)& Co
Blyn Shoes Inc, com___10
50 9554
Borden Company
554
Botany Consol blills corn..
Bradley Fireproof Prod_ _1 61e
Bridgeport Machine corn_•
.
Brill Corp(new) mass A_ • 3814
• 164
Class B
•
Brillo Mfg., corn
31
Brit-Amer Tob ord bear_.(1
74
11
iirooklyn City RR
100 z22114
Bucyrus Co corn
• 2734
Buff Mug & E Pow com .
By-Prod Coke com (old)100
*
Common (new)
rue ury Ginger Ale ____ • 51
134
Car Lea & Power. coin_ _25
Celluloid Co
100 20
Central Aguirre Sugar_ .50
Central Steel common_ -100
Centrifugal Pipe Corp.._• 2114
44
Chic Nipple Mfg CI A __5(
.
Class II
.6(3 274
Cincinnati Car Co, w 1_ _ ..*
20 414
cities Service corn
Preferred
100 8654
Preferred B
10
Bankers shares
Clinehfleld Coal, com--100
34
...folomblan Syndicate_ _ _
Comwealth-Edlson Co 100
Oom'wealth Power Corp
Common.• 3754
Preferred
100 8654
Warrants
• 4734
314
Consol Dairy Products_ _ _•
Con(kw, E L&P Balt eom• 51
.• 25
Coasol Laundries. w
I__- • 78
' t Mental Baking,oomA
Ion
• 1134
Cemmon B
100 9034
8% Preferred
Continental Tobacco_ _ __• 20
Copeland Products, Inc
Class A with warrants_ •
Ll 3314
Courtaulds,Ltd
Curtiss Aeropl & M,eom.• 16
2
De Forest Radio Corp___•
Dinkier Hotels Co
Class A with porch warr•
Dixon (Jos) Crucible._ _100 14314
•
Doehler Die-Casting
•
Dominion Stores, Ltd_
Dresdner Bank. Amer she
•
Dubiller Cond & Rad_
Dunhill International__ •
5
4
r,..•..... .........• Tnn

108 109
1124 114
3
3
125 129
7334 75
994 9954
14
1434
934 93.4
8454
80
924 934
209 228
10654 108
924 94
9554
95
2034 21
50
50
30054 340

600
190
100
280
1,500
200
200
200
8,600
700
2,575
50
940
80
700
25
220

05
9434
14
115
5454
9854
12
9
64
904
195
105
92
89
20
484
250

High.

Mar 18(334
Mar 115
354
Apr
Jan 138
Jan 76
May 101
May 164
Mar 114
Mar 9934
Apr 953.4
Mar 269
Mar 11534
Apr96
Mar 9554
June 3554
Apr 5954
Mar 340

Feb
June
Feb
Feb
Feb
Mar
Feb
Feb
Jan
Jan
Jan
Jan
Jan
June
Jan
Feb
June

2454
900 15
22
Apr 2454 June
900 1954 Mar 374 Jan
25
264
254 2734 8.700 214 Mar 39
Jan
700 23
Mar 2634 Feb
2434 2554
314 314
4
100
Jan
39.4 May
1,700 253j Ma
3554 Jan
3014 31
Mar 94 June
25 89
9154 9154
254 Feb
Jan
14 14 8.700 89c
Apr 55% Mar
1,400 45
40
44
Mar
564 5914 1,100 4154 Mar 73
Jan
Apr 149
30 114
118 122
Mar 764 June
200 64
734 74
Mar 3954 Feb
100 34
364 364
100 9034 Apr 1184 Jan
694 994
224 1.900 1634 May 2234 June
21
654 Feb
354 Mar
100
34 34
1,600 9154 Mar 110
Jan
9234 97
Mar
4 May 13
300
534 534
1,100 50c May
134 Jag
57c 61c
100
63.4 June 154 Jan
7
7
400 3334 May 574 Jar
3854 39
Jar
400 144 May U
1654 1614
li4 June
654 Apr
100
9
9
1,200 264 Feb314 June
3014 31
94 Fet
7
May
74 754 5,200
Feb
Jan 335
600 179
206 z225
2754 1,000 2314 May 3814 Feb
27
June 110 June
35 103
104 104
800 5134 June 5454 June
517.4 5234
504 5234 19,200 104 Jan 524 Juni
234 Ma
June
1
1
134 3,200
140 15
Feb 26
API
20
20
Fet
150 781e June 95
7914 80
Mar 7454 Jar
100 60
6454 6434
Jaz
10,300 BM May 27
184 22
Feb 4434 Juni
434 444 1,200 42
264 274 1,200 255.4 Apr 2734 JIM,
100 15 June 15 Juni
15
15
7,600 3754 Feb 4234 Ma
4154 42
864 864 1,300 8254 Apr 8634 Juni
714 Juni
714 Feb
300
754 79.4
Jan 204 Juni
400 19
2014 2014
200 29 June 364 Jai
3534
35
334 Jai
2
Mar
2.14 314 153,100
Fel
Mar 143
20 137
1409.4 1403.4
3574
8634
45
34
51
2234
75
114
8934
18

3734 9,400
100
864
4954 1,805
454 1,300
2.400
52
2534 30,900
4,000
80
15,400
12
9134 2,600
204 15,800

29
82
301
4
2%
4434
22
65
89.4
864
114

Mar 4234 Jai
Jai
Mar 88
Feb
Mar 76
54 Jai
June
Fel
Jan 58
Mar 2834 Fel
Mar 12134 Fel
May 3034 in]
Fel
Mar 101
May 204 Jun

100
2,500
200
3.100

17
2934
154
14

Apr
May
May
Apr

1734 1714
3254 33%
16
1754
134 24
20
1384
14
5911
10634
6
21
4

20
14434
14
5954
109
7
2154
A

300 194
90 130
200 1154
50 57
1,010 101
454
1,600
200 18
254
1700

2734
3414
2354
104

Jai
Jai
Jai
JO!

May 2534 Jai
Mar 159
Jai
Jim
May 18
May 6754 Jar
Jun
May 109
jai
Apr 11
May 26, Ja
1.11,/ la,
Max

3446

THE CHRONICLE

Friday
Sales
Last Week's Rang
for
Sale
0/Prices.
Week.
Stocks (Continued) Par Price. Low. High Shares.

Range since Jan. 1.
Low.

High.

Sales
Friday
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par
Low. High. Shares.

[vol.. 122.
Range Since Jan. 1.
Low.

Ptah.

Dux Co. class A
13
• 13
13
May 21
Feb Seiberling Tire & R cons...* 253( 24% 253(
100 10
May 2854 Jan
300 20
Class A vol trust ars • 14
1134 14
914 May 22
Feb Serve! Corporation A---• 22% 21% 23
600
2,000 1534 Mar 30% Jan
Eitingon-SchIld Co, corn..' 34
34
400 33
3431
Mar 37% Jan
Certificates of deposit... 23
20% 23
5,400 16)4 Mar 23% Mar
elee slum a Share, pi 1000 107
107 10734
550 104% Jan 1083a Jan Shredded Wiest new50
50
300 45% May 50% June
•
Elec Bond & Share See_-• 68% 68% 7134 15,400 5634 Mar 86
Jan Sierra Pat Elec Co,corn 100 27
26% 27
Mar 2834 Jan
400 23
Elea Investors without ware 3934 38% 40% 14,100 80% Mar 74% Jan Silica Gel Corp, corm v t c_
18% 18
18% 1,300 1134 Mar 22% Jan
Electric Railway Secure_ •
Jan
Jan Singer ManufacturIng_100
5% 5%
100
434 Jan 10
345 360
140 295 May 385
Empire Power Corp
2434 28% 2,300 21
• 28
Feb Singer Mfg Ltd
May 32
Jan
9
£1
5 May
6
6% 1,700
634
Engineers Public Serv corn' 2234 22
23
2,800 21% Apr 29% Jan Snia Viscose, ord (200 lire)
Prof allot etfs(70% Pd) 104
104 104
200 9534 Mar 10414 Feb
flop recta Chase Nat 131t.
•
934 9%
934 May 13% June
200
Preferred 7%
• 93% 92% 93% 1.800 86
Arm 94% June Sou Calif Ed new pf A..21
31% 3134
100 27% June 33 June
Estey-Weite Corp class A.• 27
27
Jan 28
27% 2.600 24
Jan
New pref series B_ _25
24% 2434
300 2434 June 25 June
Fageol Motors Co. corp.lit
434
4
414 2,600
June 1034 JaY
Jan
Apr 49
4
44
Southern Cities CBI_ _100
4634
400 27
Fajardo Sugar
100 136% 134 136%
50 12434 Apr 169
Feb
Voting trust ctfs__ _100
38
Mar 40 June
500 25
40
Fall River Elec Light_ .. _25 43
41% z43
June yrs/them(I* P Cuss A • 22% 22% 2334 1,300 22
300 41% June z43
Mar 2734 Feb
Federal Motor Truck_ _10
45%
44
Mar 49 June Southern Ice & UtlI. CIA.' 26
Mar
900 32
May 32
26
26
100 24
Fed'I Purchasing Corp A.
31
3234
600 30
May 32% June S'eastern Pr & Lt. com.
• 27% 27% 28% 4,500 2134 Mar 4634 Jan
12
Class B
13%
13M
900 10
May 13% June
Mar 66% Apr
Participating preferred.'
6434 6534
300 59
Federated Metals
12
12%
Jan
500 12 June 22
Mar 154 Feb
9% 934 2,400
Warrants to pur corn stk.
934
7
Firestone T kIt,7% Pf•100
98
98
Jan Southwest Bell Tel pref 100
25 97% May 100
115 11514
70 1114( Jan 115% June
Ford Motor Co of Can_100
488 497
340 440
Mar Sparks-Withington Co _ _•
APr 055
May 283.4 Jan
14% 14%
100 10
Forhan Co. class A.
17
• 17%
17% 3.300 13H Mar 20
2% Mar
Jan Stand Motor Comnruo_100
2%
234
234
134 June
300
Foundation Co
Stand Publishing CI A._25 17
15
1914 18,080 1234 June 19% June
18
20% 7,900 15
Foreign shares Class A.* 19%
Jan Stanley Co of America_ *
MaY 55
Mar 66)6 May
6214 62%
100 49
Fox Theatres. Cl A. corn.' 2534 23)4 2634 11,400 19)4 Mar 8444 Jan Stromberg-Carla Tel Mfg •
Apr
Mar 38
34
34
100 28
Franklin(H H)Mfg.corn:. 21% 21% 22
Jan Wins Motor ear
300 19% MaY 33
• 31% 3134 3234 6,200 19% Mar 8734 Jan
100 80% 78% 80%
Preferred
75 78% June 8614 Feb Sullivan Machinery
5434 54%
25 54)4 June 6434 June
•
Freed-Eisemann Radio...'
5
500
534
534
334 Mar
Apr 148 May
834 Jan
147 / 147 •
50 132
• 147
• 25% 25% 27% 11,100 1734 Jan 28% Apr Superheater Co
Freshman (Chas) Co
Apr 11634 Feb
Swift & Co
3
110
100 11214 11134 112%
Galy-Iloust El Co preL 100
43
43
Mar Swift International
10 4234 May 62
10 1714 17% 1814 3,300 1434 May 22% Jan
•
Oared Corporation
May
4% 5
1.100
Jan Tampa Electric new._ _100
2% Feb
June 67
49
100 48
49
General Baking class A_ ._• 5434 5434 56% 11,900 4434 Apr 79)4 Jan Thompson(RE)Radio yte •
6% Jan
114 1%
800
134 Mar
•
614 634 13.900
Class B.._
6%
5% Mar 17% Jan TImken-Detrolt Axle_ 10
9
700
934
834 Mar 11% Jan
52
General Fireproofing eorn_•
52
100 44
434 Jan
Jan Tobacco Prod Exp Corp..
Mar 57
3% May
600
3% 4
Gen'!Gas& El of Del 13__• 32% 32% 3334
Mar 49
200 28
Jan Todd Shipyards Corp_
40 June
39
800 29
40
Jan
•
97
Gillette Safety Razor.- -..• 98
98% 4,906 89
Feb Trans
Mar 114
-Luz Day Piet Screen
• 162% 160% 164
Jan
Glen Alden Coal
2.500 138% Jan 171
May
•
634 8
Class A Dom
8
7.300
6% June 14
Goodyear Tire & R.com100 37% 37
38.34 28,000 28 May 50
Mar Trumbull Steel common_25 10%
8% Jan 13% Feb
9% 1054 3,900
Grand (F W)5-10-25c St..' 65% 5934 6734 1,000 • 50
Jan Truscon Steel
Mar 85
Mar 304( Jan
24
200 22
25
10
2%
1% 3
Grimes Ra & Cam Rem ..•
8,500
Jan
1% Apr
7
Jan Tubize Artlf Silk CI B _• 190
190 197
130 161
API' 240
•
Happiness Candy St cl A.
6% Apr
0% 6%
100
83.4 Jan Tung Sol Lamp Wks cl A
18% 18% 1814 1,800 1734 May 1814 June
634
5% 614
900
Founders shares
514 June
7H Jan United Elec Cod! Cos v t c• 32
Mar 44% Feb
30
400 23
32
Havana Eiec & CBI v t c _ -• 3546 30
37
1.600 30 June 44% Jan United Gas Improvem't 60 107% 107% 11134 16,100 84
Mar 14434 Jan
10
400
Hazeltine Corporation_ _• 10%
Feb
10%
8% Apr 17% Feb United Lt &P corn A new.. 15
14% 15% 19,000 12% May 28
14
14
100 14 June 19
Hellman(Richard).eom--* 14
Feb
Preferred A
100 85 June 5734 Apr
• 85% 8534 85%
Partic pi with warrants_• 31% 31)4 31%
Mar 36% Feb United Profit Sharing....! 10%
200 30
9% June 14% Jan
9% 1034
600
112 112
10 109
Hercules Powder pref 100
Apr 114% Feb United Shoe Mach coca.. _25
Feb
Apr 50
48
100 47
48
1
13(
Heyden Chemical
700
1
June
234 Jan
27
Preferred
25
100 27 June 27 June
27
Hires(Chas E)Co
June
US Dairy Products el A__
32% 3234
100 3254 June 41
23% 2334
200 23 June 26
C1888.* Min
Jan
Jan
Mar 158
S Gypsum corn
155 155 •
20
200 125
115 116
20 105
Horn& Hardart pref
Apr 116
June OS Light & Heatcom._ _10
254( APT
Ma
2094 2034
100 16
5134 51%
25
Illinois Brick
200 48)4 June 51% June
7% May
5% Ma
_10
Preferred.....
7
63( 7%
800
600 24
Imp Tob of G B .41red_LI
27% 27% 27%
Feb 28 June U S Rubber Reclaiming. _•
14
100 1334 May 21% Feb
14
934 11
3,800
Industrial Rayon Class A.• 103.4
9% June 19% Jan Universal Pictures
Feb
3044 3034
300 2934 Apr 41
5% 534
Internat Utilities class B.
300
454 Mar
Feb
9% Jan Utilities Power & Lt el B _•
Apr 18
14)4 15%
600 14
138 139
•
Johns-Manville Inc
100 130
Mar 159
Jan Utility Share Corp
7% May 14% Feb
100
•
8% 8%
75
Jones& Laughlin St corn 100 78
78
30 70% Jan 80
6
Feb
Feb
Option warrants
23( 2%
100
2% June
Keiner Williams Stamp •
17% 18
200 15
Mar 18% Jan Valley Mold & Iron
11
Apr 15% Jan
100 10
•
11
Kellogg Switchboard dr
MaP
Van Camp Packing. pref.50 27
24% 27
400 20% Apr 88
17
10
Supply new
17
100 17 June 17
Jan Victor Talk Machine_ _100 8314 79
Apr 66% Jan
85% 2,500 68
10 39c
Keystone &Other
35c 45c 13.100 10c Apr 45e
Jan Warner Quinlan Cow I.. • 28
28
29% 6,000 23% Mar 30% June
25
Kraft Cheese
58% 61
650 5414 May 88% Jan Wesson Oil & Snowdrift vtc
52% 53%
150 49% June 53% June
Lake Torpedo Boat. 1st P15
334 314
500
1% Feb
2% Jan
Preferred
30 92)4 June 94 June
92% 92% 94
83
Landers. Frany & Clark.25
83
10 83 June 83% June Western Auto Supply part
Landover Holding CorpJan
Prof with warrants
25
Mar 28
300 22
•
25%
34
1 34
34
Claes A
100 27% Apr 35
Feb Western Dairy Prod cl A__ ...... 46% 46%
100 45% June 46% June
Class A stamped
934 9% 2,200
8
Apr
934 Apr
1334 1334
Class Byte
100 13% June 14 June
La Salle Extension UnIv.10 z1034 :1034 1034
Jan
100
934 May 13
Jan Western Power pref____100 9434 9434 9534
130 9114 Mar 66
113 114
Lehigh Coal & NaVnen._50
200 103
Mar 120% Feb White Rock Min Spgs new.
27% 27%
100 2634 May 303i Mai
Lehigh Power Securttles
White Sewing Mach. Pref-• 47
Mar 60% Feb
47
47% 1,200 38
New Cons Corp
• 14)4 14% 15% 31,500 10
Mar 22
Jan Yellow Taxi Corp. N V • 16
Mar 17% AP+
16
1614 3,100
9
Lehigh Valley Coal Sales.50
8534 8534
125 80
Mar tog Feb
4314 43% 44% 7,500 3614 Mar 4534 June
Lehigh Vali Coal errs new
Rights. '
8
Libby. McN & Libby... _10
8
May
600
734 Mar
9% Feb Tampa Electric Co
14% 14
300 18% May 16
1434
/Abby °wenn SheetGlase 25
138 142%
160 133 May 219
Jan
1
1
Marconi Wirel of Canada.!
1,100 82c May
134 Jan
Former Standard Oil
5%
5% 5%
Marconi Wire!of Londonfl
700
5% Mar
6% Jan
Subsidiaries.
42% 45
McCall Corporation
• 45
400 37
Mar 45 June Anglo-Amer 011 (sot sh).S1 18% 18% 18% 6,000 1634 May 1914 Jae
38
Mengel Company
100 38
3854
250 34
Jan
Apr 52
Non-voting sharee_ _ _ El
Mar 1844 Jan
18
100 16
18
111 119
Mercantile Stores
100
Mar
300 100 June 145
Jan Borne Scrymser & Co.
.100
Jan 255
10 226
235 235
34% 36
Metrop Chain Stores_ _ -.• 36
2.100 2534 Mar 4934 Jan Buckeye Pipe Line
50 51
51
300 49
5134
May 59% Jan
33
Metropol 5 & 50e St p1_100
38
200 22% June 49
73% Feb
Jan Chesebrougb Mfg
25 7134 6934 7134 1,100 65
Jan
rs/Mimes. - 11434 114 115
Mamie w
1,200 107)4 May 135
Jan Continental Oil•t
20% 2014 21
23,000 19)4 Ain 2514 Jan
116 116% 1,030 98
Prior lien stock
100 116
Feb
Jan 122% Feb Crescent Pipe Line
25
13% 1334
200 13% Apr 16
106 107
T.:ferret'
_101
1,770 97
Jim
Jan 111% Feb Cumberland Pipe LIne_100 109
109 109
30 108 May 137
23% 23%
•
Midvale Co
100 2154 MAY 25% Mar Eureka Pipe Line
100
50 473( May 63% an
52
52
95% 95%
Miss River Pw 6% pf__100
100 92
Jan Galena-Signal Oil, com_106 20
Apr 96
17
1,450 17 June 8234 Jan
20%
23
Mohawk & Bud Pow eons_• 24
2434 4,500 2034 Mar 28% Feb
API'
New preferred
75
100
225 70 May 85
78
Mohawk Valley Co
• 34% 33% 34% 2,600 30
100 74
Old preferred
Mar 3754 Jan
73 • 78
370 70
May 9714 Jan
6234 62%
Moore Drop Forg class A _•
100 61
Jan Humble Oil & Refining-25 63% 6334 6634 22,300 53)4 Mar 6831 A,!
Mar 67
24
24
24
Motion Pic Cap Corp, p1.25
100 24 June 27
Feb Illinois Pipe Line
132 13734
100 132
100 181
June 14434 Apr
Municipal service Corp_ • 12% 12% 13
2,500 1234 Mar 13% Mar Imperial 011 (Can).
• 35% 35% 3634 9,600 8234 May 384( Jan
79% 79%
Mar
Narragansett Elec Ltg_ _50
100 75
50
66
Feb 8614 Feb Indiana Pipe Lines
Jan 70
200 58
6634
53% 54
100 4934 June 5814 Jan National Tranalt. _ _12.50 1434 14% 15
Nat Casket new common.•
700 1414 June 20% Jan
Nat Elec Power class A. • 2134 2134 2234 2,400 1534 Mar 2634 Jan Ohio 011_
2,400 57% June 67% Jan
25 5774 57% 59
Jan
2% 2%
National Leather
10
100
2034 21
Mar 23
25
400 15
2% May
434 Jan Penn Mex Fuel
•
99% 100%
725 97
54
Nat Pow & Lt Pre
Mar 603( Feb
25 54
Prairie Oil& Gas__ ..
55% 13,100 48
Mar 102% Jan
19
1934
1.600 1534 Mar 24
Nat Pub Serv CIA corn. • 19
950 122 14 Mar 12734 Mar
Jan
100 12534 125 12534
Prairie Pipe Line
Jan
11% 12
500 10
•
20 184)4 June 212
Common class B
190 191
100 191
Mar 12% Apr Solar Refining
Jan
105% 105%
i5 105% June 105% June South Penn 011
Nat Sugar Refining_ _ _100
25
700 37
37% 3814
May 50
25% x29
5 z29
Nelson(Herman)Co
9.500 19% Mar z29
64% 6434 6534 20,900 61% Mar 70% Jan
June Standard 011(Indiana)-25
23% 2434
300 23% June 2534 Jan Standard 011 (Kansas)-25 26 •
Neptune Meter, class A. •
26
1,400 25
Mar 8814 Jan
27
25
Nevada-Calif Elec corn _100
30
12014 12234 1,600 108
400 18% Mar 44% Jan Standard 011(KY)_. _ _26 122
Mar 134% Jan
13% 14% 1,500
Vow Mex & Aris Land
1
4731 49
400 42
Jan Standard 011 (Neb) new _25
Apr 5156 May
9% Apr 17
32
200 110)4 Apr 115% June Standard 011 of N Y....26 32
N Y Telep.634% Pref-100 :11434 114 11534
3214 37.400 30% Apr 4714 Jan
32
32
Northeast Power com
• 19% 19% 2034 11,300 17% May 3634 Jan
32% 38,700 3034 May 33% June
New w
vorthern (Iran Pnwer ro • 1334 13
Jan
13% 5,700 11
303 308
60 292% May 862
Mar 20)4 Jan
itandard 011(0)coin 100 303
72
72
May
118 118%
100 45
Nor Ontario L & P.corn 100 72
Apr
100
60 11634 Feb 120
Mar 74
Preferred
84
Jan
84
100
20
10 78
Preferred
100
20 15)6 Mar 23
Feb 84% Jan Swan & Finch
20
106% 107% 3,800 98% May 186% Jan
Nor states P Corp corn. 10 107
10134 102% 5,100 9434 Mar 10934 Jan
26 102
aouum Oil._
.....
10234 102%
25 9914 Apr 102% May
100
Preferred
10% 11
700
Ovington Bros panic pt. •
June
Other 011 Stocks.
9% June 11
12c June
13
13
200 11
12c 12c
Pacific Steel Boller
1
5c May
Apr 1634 Feb Allen Oil
1,000
•
644 Feb
1%
28% 28%
200 23
Pender(David) Grocery 13"
1% June
11,700
Apr 36% Feb
134 2
steer Co= Oil Fields- _.6
6%
Penn Ohio Occur Corp.--•
744 8% 2,800
kmer Maracaibo Co
7%
634 May
5
Mar 1434 Jan
7% 42,500
•
8% June
314 Apr
27% 27%
100 20
10
Peoples Drug Stores
231 2%
100
214 May
•
Mar 34% Mar Argo MCorp
64( Jan
5% 5%
Phlla Elec. common_ .25
50
700 40
300
5034
Jan Arkansas Natural Gas 10
5% June
Mar 67
3% Mar
1%
1% 1%
800
Pick (Albert).Barth &Co
134 Apr
Atlantic Lobos Oil corn _•
- 4% Feb
1134 11% 1134 1,700 10
334 3%
200
Common vot tr ctf
3% May
Apr 11% June
Preferred
Pie Bakeries of Amer cl A.' 4734 46% 47)4
• 1734 16% 1754 9,800 14% Mar 1914 Jan
400 4614 June 47% June Beacon Oil Co corn
334 Feb
41% 42%
49e 50c
Feb Cardinal Petroleum Corp10
200 36
3.300 49e June
Pillsbury Flour Mills_ _50
Feb 48
15% 14% 16% 32,200
'arils Syndicate
9% Mar 22% Feb
60 130
Pitts L E RR corn
Mar 162% Jan
-50 150% 150 15014
844 Mar 1034 Feb
934 934
200
1
Pratt & Lambert, Inc__ • 57% 5734 60
1,200 51
Mar 60% Feb Consol Royalties
1134 1334 11,800 10
155% 158%
Mar 15)4 Jan
40 142)4 Jan 168
Procter & Gamble corn..20 157
•coie sty
Jan
-* 13
74( Jan
1% Mar
234 334 19.900
4414
33(
43
Pro- phy-lac-tie Brush corn•
Feb 44% June Crown Cent PetrolCorl).400 42
ndleare_•
3% Jan
1% May
234 3% 1,400
Puget Sound P & L coin 100 31% 31
32
334
June 8834 Jan Derby 011 dr Ref corn__ _•
1.200 28
1,100 1234 Mar 19 June
18
Purity Bakeries Class A_25 42
19
4134 42
Jan
• 18
Preferred
1,200 35
Mar 42
3% Feb
lit. 1% 4,900 880 Mar
Claes B.
13(
33% 35% 2,700 24
•
Euclid Oil_
Mar 89% Jan
734 May
59,200 95e Mar
5%
534 6
Preferred
mar 99 June Ilb•nn Oil Corp
300 91
9654 99
100 99
Jan.
2
13( 1,300 63c Mar
Pyrene Manufacturing. 10
11%
1% 71c
11
500 10% Mar 11% Apr Gilliland Oil Co corn v t c..*
Apr 93% Jan
Jan
8,800 82
25 8634 85% 88
Rand-Kardez It new w1_• 3934 3734 40
Gulf 011 Corp of Pa
4,300 3434 Apr 48
June 011 ernatIonal Petroleum_.' 33% 33)4 34% 26,300 28% Mar 373( Jan
Realty Associates corn_ _• 235
245
235 241
180 235 June
334 Feb
too 111()tor Car
2% Jan
2% 2% 1,200
•
Kirby Petroleum
10 2034 20
20% 1,700 19% Apr 2534 Jan
6% Apr 12% Feb
Republic Motor Truck v t c•
8% 9% 5.400
.eouard 011 Oevelopm1.25
8%
5
May
1,500
5% 6
6
1694 Jan
25% Feb
• 23% 2234 24% 10,800 20
Feb
May
Richmond Radiator corn.'
lion 011 & Refining
Jan 23
1634 1614
100 13
Jan
June 56
ttickenbacker Motor. .•
31
9% Jae Lone Star Gas
25
200 31
3 MAY
3% 334 5,400
3%
3134
June
Royal Baking Powd corn 100
Jan Margay 011 new
160 165
Apr 213
20 141
300 15% June 16
:1534 1534 16
3% Jan
Feb Marland 011 of Mexica_ _1
Preferred
234 Apr
40 99% Apr 103
2% 2)4
10034 10034
100
100
5% Feb
Safety Car Heat dr Ltg..100
4%
131 13134
Jan 132 June Hexican Panuco 011 _10
30 123
344 Mar
43( 4% 7,200
• 49
1% Jan
St Regis Paper. corn
Jan Mountain & Gulf 011_ _1
1%
49
120 3954 May 90
5034
134 Mar
1,100
134 1%
Jan
Schwartz (Iler'd)-Cig A...•
Feb
Apr 26
11
Mountain Produce
11
100 1034 Mar 13
25
, 10 25
2534 9,200 23




•

Sales
Friday
Last Week's Range for
Sale
ofPrices.
Week.
Other Oil Stooks
Par Price. Low. High. Shares.
(Concluded)
100
National Fuel Gas
5
New Bradford 011
New England Fuel 011_ •
1
On
Northwest
01110 Fuel Corporation_28
•
Pandem Oil Corp
•
Peer 011 Corn
•
Pennock 011 Corp
25
Bank 011
Red
Reiter-Foster Oil Corp _ _•
-Can Oil Syndirate_•
Royal
Ryan Consol Petroleum..'
Salt Creek Cense!011-10
Salt Creek Producers. li
5
Savoy OH
Tidal Osage voting stock..
Water 518800 OH- .. •
Tide
100
Preferred
United Oil of Calif
..5
Venezuelan Petroleum.
_•
Wilcox Oil & Gas new
Woodley Petroleum Co...'
1
"Y"011 dr Gas

%,

90(

log
2154
87c
7
9

25
97%
6%
34
6%
25c

145% 145%
0% 631
5% 6
7e
5e
36
36%
9% 9%
50c 55e
1631 18%
29
31%
21% 22%
66c 950
6% 731
8% 9
3034 32
3% 4
8% 8%
24% 25
97% 97%
67
67%
6% 7%
29% 3634
0% 6%
210 28e

Range Since Jan. 1.
Low.

I

H igh.

Feb
Apr 159
20 131
651 Jan
1,100
5% Mar
6
May
Mar
2
200
7c June
3o May
6,000
Mar 36% June
600 33
831 May
8.100
93-4 May
2% Feb
2,000 50e May
3,700 16% June 22% Feb
8% Feb 38
May
1,200
5,400 14% Jan 24% Feb
Apr 95e June
71,300 200
73( Jan
4% Apr
2,800
Feb
Apr 10
2,600
8
Jan
4,400 28% Apr 88
134 Feb
4 June
800
Jan
7% Apr 10
100
Apr 27
Mar
16,700 21
800 9714 Mar 99% Mar
200 66% June 67% June
7% Mar
6,800
4% Jan
31.400 22
Mar 36% June
7% June
60
454 May
50
Jan 35e May
62,00

Mining Stocks.
_Arizona Globe CoPPer----1
1
Beaver Cense'
Calumet & Jerome Cop_ A
10
Carnegie Metals
Consol Copper Mines__ -.1
3
C.onsol Nevada Utah
1
Cortez Silver Mines
Cresson Con Gold M & M
Esperanza Corp_ A
Delores
Engineer Gold MInes,Ltd 5
Eureka Croesus
First Thought Gold Mtn_ _1
Forty-nine Mining Co----1
Golden Centre Mines_ 6
Golden State Mining_10c
Goldfield Consol Mines...1
Hawthorne Mines. Inn.-_1
5e
Heels Mining
Hollinger Consol CI M.
1
Kay Copper Co
5
Mason Valley Mines
National Tin Corp_ _50c
New Cornelia Copper_ _..5
100
New Jersey Zinc
Newmont Mining Corp.10
Niplssing Mines
•
NOranda Mines Ltd
15
North Butte
Ohio CoPper
Parmae-Poreupine Min_ _1
Plymouth Lead Mines_ _ _1
Premier Gold Min. Ltd_l
1
Red Warrior Mining
South Amer Gold & Plat_ _1
Southwest Metals
1
Spearhead Mining
Standard Silver-Lead
1
Took litigneS
Tonopah Belmont Devel_ 1
1
Tonopah Extension
1
Tonopah Mining
Tr -Bullion Sm & Dev _10(
United Eastern Mining__ _1
United Verde Extens__50c
_ _6
Utah Alma
Wenden Copper Mining- 1
West End Consolidated_ _5
West End Extension alin_l

90
11e
331
60
Vis
12%
100
Sc
12e

200
17%
19%
134
20
56
5%
14%
231
600
29e
x234
5%
Sc
Sc
3%
6%
2734
9

90
90
70c 700
8c 110
16
16
3
334
60
70
6c
(Se
2118 234
39c 390
10% 12%
70 100
50
6c
120 160
154
30
(30
150 15e
17c 20c
16% 17%
19% 19%
134 134
1% 1%
40
40
20
20%
191% 193%
55% 58%
(531
534
14% 15%
23.4
60c 62c
28c 29e
25e 27c
231 2%
21c 21c
4% 5%
1
1
40
6c
00
7c
3% 311,
3
3%
400 45e
5% (331
60 13c
33c 33c
2731 27%
834 934
3% 334
113c 20c
50
5e

1,000
7e May 310 Feb
Jan 96c Feb
300 45e
11,000
85 June 16o Feb
June 21
Jan
500 16
9,700
a% May
Apr
11,000
30 May
To June
2,000
8e Mar
50 May
800
2;1 Jan
1% Jun
1,000 39c Jun
84c Mar
7,800 11
Ma
18% Feb
65.000
30
Apr 100 June
8,000
10c Apr
50 Ma
23,000
190 Apr
60 Fe
1,900
1
Mar
3 May
9,000
Jan
20
60 June
1,000
4c Feb 22e June
20.000 12e
AD
7,200 15% Mar 194 Mar
1,200 17% Jan 19% June
15,100
154 Jun
2% Mar
100
1% June
254 Feb
2,000
Jan
4c Mar
70
1.500 18% May 21% Feb
300 180
Mar 210
Jan
2,100 4654 Jan 57% Feb
700
5% Apr
7% Jan
2,900 12% Mar 18% Feb
200
May
2
3% Jan
7,900 47e Mar 7be
Jan
3,000 200 Mar 35c Feb
Jan 28c Mar
2,000
8c
1,000
2518 May
2,1 Mar
1,000 20c
Feb
Jan 35c
8,100
3% Feb
5% June
1,100
June
1
1% May
87.000
tic May
20 Feb
2.000
Jan 120 Jan
7c
7,200
2
01. Jan
a% Feb
3,800
2% Apr
4% Jan
2,000
8c May
111 Jan
2,100
5
Jan
7% Feb
26,000
30 May 13c June
1,000 33c June 47c
Jan
600 27
Mar 33
Feb
4,200
83( Feb 11% Feb
2,20
3% Jan
234 May
5,00
160 June 300 Feb
7.00
3c Ma
170
Jan

Bonds
Alabama Power 68._ _1951
allied Pack. deb 85, _ _19311
Aluminum Co of Am 70.931,
Am G & El 6s, new_ _ _2014
-American Power & Ugh)
68. old without warr-2016
2016
6s, new
Amer Rolling M111613_1938
American Thread 65..1928
Amer V) Wits & El 68.1970
Anaconda Cop Min 613.1921.
Andian Nat Corp 65-1940
With warrants
Without warrants
Appalach El Pow Os w I '56
Assoc Gas & Flee 68_1955
A esoe'd Sim Hardw 6%is 33
1949
Atlantic Fruit 88
Atl & W 1E3 L 5(3_1959
Belt & Ohio RR 6s...2000
Beaver Board Co Ss ...1933
Bell Tel of Canada 58.1955
Berlin CityaElec.6%8_1928
1929
6%e
Beth Steel equip 73__ .1935
Boston & Maine RR 6s1933
Brunner Turb & E3 7348'55
Buffalo Gen Elec 55_1956
Canadian Nat Rya 78_1935
Carolina Pow & Lt 643.19561
1987
Chic & NW 4515
._1966
Cities Service tie
New. when issued
Cities fiery 75. Ser 0..1966
CO1280, EL &P 6sA.1949
1965
5s Series F
Consolidated Textile 8s '41
Cosg-Meeli Coal 634s 1954
Crown Will Paper 64-1951
Cuban Telep 704e--1941
Cudahy Pack deb 5%5.1937
1946
5s
Detroit City Gas 65_11147
Detroit Edison 55 B_ -1955
1932
Cony deb 65
1930
75
Duke-Price Pow 1st 6s 1966
East Term Off Bldg 6 345'43
Eltington-Schild Co 65 1935
Elec Refrigeration 65..1936
EurOp'n Mtg & Inv 73413'50
1933
Federal Sugar 13s
1931
Fisk Rubber 5%s
4
Pow & Lt 58-195
Florida
Gair (Robert) Co 78_1937
Galena-Signal 011 78-1930
General petroleum 66-1928
Goodyear T & R 58 _1928
Goody'rT&Rof Ca1534s '31
Grand Trunk By634a-1936
loti:
Great Clone Flee

3447

THE CHRONICLE

JUNE 19 1926.]

104%
76
106%
1003.4 100
77

104%
77
106%
101%

•
$2,000 104% June 104% June
20,00
Jab
Ms
10% May
14,000 106% Jan 107% Feb
287,00
98% Apr 101% June

99% 9934 10034 285,00
96
9934 993.4 100% 278,00
98
103
103 103
7,00 101
102% 102% 2,00 102%
9531 9451 9534 54,00
9234
102% 102% 36,000 102%
145
1,000
145 145
100 101% 7,000
100
97% 41,000
9731 97
95% 97% 93,000
96
9534 9534 9554 49,000
24% 2531 37,000
69% 68% 69% 26.000
97% 9751 98 166,000
94
21,000
94
100% 100% 101% 76.000
98% 98% 3.000
9831 21,000
9914 98
102% 102% 102% 17,000
100% 10031 100% 9,000
85
85
8534 44,000
103% 103 103% 17,000
112
112 112% 43.000
90% 99% 99% 107,000
10234 102% 56,000
9331 9334 9331 329,000
93% 93% 9331 11,000
104% 104% 105
49,000
107 107% 5,000
Rag 102% 21,000
80
80
80% 10,000
92
92
1.000
9931 99
99% 58,000
110% 110% 110% 4,000
91% 9131 92
26,000
9534 9534 95% 9,000
10631 106% 106% 19.000
102% 102% 102% 181,000
132 132
1,000
130 130
3,000
102% 102 102% 158,000
100 100
8,000
95% 9534 8,000
104
103% 105
51,000
9731 95% 97% 3,000
86% 87
14,000
96% 96% 38.000
95% 9434 96% 188,000
103% 103% 104
8,000
92% 91% 9234 24,000
101% 10134 101% 52,000
97% 97% 9831 76,000
98% 98% 9834 6,000
108% 108% 109
13,000
87% 8534 88 166,000




Jan
May
Jan
Feb
Mar
Mar

135
Feb
Mar
98
97
May
92% Mar
Jan
95
Mar
19
Mar
63
94% Mar
9354 Feb
9931 Jan
98
Mar
97
Mar
102% June
94% Jan
85 June
9951 Ja
110
Jan
97% may
102% June
91% Apr
9154 Apr
101% Jan
105% Feb
100
Jan
80
June
90
Apr
98% May
108% Jan
91% May
0434 Jan
104% Jan
102 June
124% Apr
124% Apr
100% Apr
100
May
9554 Apr
100% Mar
92% Jan
85
May
95% Apr
91% Mar
103
May
84
May
101% Mar
97% June
97% June
107% Mar
RIS
nr

100% June
100% June
103% Apr
10355 Jan
95% June
103% Jan
148%
101%
97%
97%
98%
3354
75
99
98
101%
100
98%
104%
101
101%
103%
112%
100%
102%
93%
94
105
108
102%
92
96%
99%
112
95%
96
HMV
10254
135
138%
102%

wog
98%
107
97%
98%
98%
96%
105%
104
103%
Oa%
99
10934
88

Jan
June
May
June
Feb
Jan
Feb
Apr
Feb
June
May
Apr
Jan
June
Feb
May
June
May
June
Mar
Mar
June
May
June
Feb
Jan
June
Mar
Jan
May
Fer
June
Jan
Feb
May
May
Jan
Jar
June
Feb
Jan
June
Mar
Mar
Jan
Jar
Apr
Apr
June

Bonds (Concluded)

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

Range Since Jan. 1.

34,000 98% Feb
101 101
1937 101
Gulf 011 of Pa 5s
Jan
9734 9934 25.000 94
Hamburg Elec Co Th.. 1938
105% 10534 6,000 104% Jan
193(
Hood Rubber 73
Mader Steel Corp 75 _1946 95% 94% 9534 88,000 94 June
98
98% 58,000 9554 May
(Eiden Oil& Gaa 6%8.-1931 98
May
17,000 99
99
99
Indiana Limestone 68.1941
May
10,000 98
98
98
Indianapolis P & L 65.1936
56.000 99% June
Keith (B F) Corp 8s.1946 9954 99% 100
Kresge Foundation 65_1936 100% 100% 100% 150.000 10054 June
98 100,000 90% Jan
97
Krupp (Fried), Ltd. 751926
Jan
loco% wog 10,00 98
Laclede Gas L 530-1935
Mar
94% 190,000 93
Lehigh Pow Scour 8s..2026 9456 94
Leonard Tlets Inc 7345'46
18,000 93% Mar
96
97
with stock much warr'ts 96
103% 10434 9,000 103% June
Libby. MeN & Lib 7e..1011
2,000 106% May
108 108
-Winchester 7a_1942
Liggett
Loews Inc tis with war 1941 9934 99% 99% 95,000 11934 Apr
Long Island Ltg Co Os 1945 102% 102 102% 27,000 99% Mar
97 97% 42,00 94% Apr
97
Manitoba Power 555e-1951
Mansfield Min & Smelting
32,000 94 May
1941 97% 9731 98
(Germany)Is
99% Jan
Maul Gas Cos 530-1940 102% 102% 10331 13.00
Ma
100% 100 34 9.000 100
1927
Mo Pac RR Ets
Morris & Co 7 s_-_1930 10331 103% 103% 16,00 103% June
June
64.00
96
95
97
Nat Dist Prod 634s._ -1946
1,00
100 100
98% June
Nebraska Power 65_ _2022
Nevada-Calif Elec 55_1956 95% 95% 9554 27.000 95% June
1941 92% 9254 93% 119.000 9234 June
Nevada Cons 58
56,000 Rig
Mar
.
Nor States Pow 6%5-.1931 113% 113 114
10334 103% 25,000 1023( Mar
1933 103
6345 gold notes
99% 101% 247,000 94
Jan
riblo Power Is Ser l 1951 100
Ohio River Edison 50_1951 93)4 9.534 9631 141,000 94% June
1941 98% 9834 9834 22.000 97% Ma
Otis Steel 55
10051 100% 10134 59,000 9931 Apr
Pan Amer Petrol Os
Park Ave Bldg. Mayfair
101 101
10,000 100% May
1940
Y 65
House N
10234 103
48.000 98
Apr
Penn-Ohio Edison Os_ _19511
100 100
11,000 97% Ma
Penn Pow & Light 55_ _195. 100
18,000 97% Jun
99% 100
1953 100
68 Series D
107% 10731 17,000 106
1941
Jan
Phila Elec Os
1947 108% 10734 10834 2,000 106% Jan
55-65
1953 107% 10734 10755 1,000 10611 Ma
•
534e
Phil& Elec Power 534e.1972 102% 10254 102% 82,000 t00% Ma
,ansi•681092 100% 10034 100% 9,000 9734 Jan
Phila. RAMA T
100 100
5,000 100 Jun
Porter(H.K.)Co 65._1946
Pub Sere Corp NJ 5345 56 9954 9931 99% 285,000 99% June
19311 10334 103 103% 12,000 102% Jan
Pure Oil Co 0341
107% 109
73,000 10154 Mar
Rand-Kardex Bir 5348 '31 109
Rhine-Main-Danube Core
1950 98% 98% 9934 21,000 94
Jan
7a Series "A".
Mar
96% 29,000 94
and, Falls Co 55. _1956 96% 96
1946 10034 loo pi 100% 14,000 100% June
Schuler( CO 6345
19.3' 9534 92% 9634 106,000 42
Apr
lean••.. it F Ca 68
84% 87
99,000 83
Apr
(is without comstock1935
10134 102
1931 102
95,000 99% Mar
Servel Corp 68
97% 29,000 96
May
Shawshecn Mills 78_ _ _1931 9751 97
99
9931 29,000 98% Jan
alemans & Haiske 75_ _192t 99
1936
9754 98
61,000 94
Jan
.l923. 103% 103% 103% 32,000 102
Jan
Sloss-Shefr St dr I 6s.
104% 10431 9,000 102
1934
Jan
Solvay & Cie 68
Southeast P & L Os.-2026
9454 9431 953.4 513,000 89
Mar
Without warrants..95
2025
95% 7.000 95 June
Os new
101% 101% 37,000 96% Jan
Sou Calif Edison 58_ _1944
1951 98% 98% 99 139,000 98% June
5s
1935 99% 98% 100% 28.000 95
Mar
Southern Gas6Ae
+land 06 of N Y 6348_193: 10034 106 106% 42,000 1051.4 Mar
113% 114
5.000 10134 Apr
Stutz Motor of AM 7548'37
1939 100% 100 10035 23,000 97% Jan
Sun Oil 5548
Swift & CO 35 Oct 15 1932 9734 975-4 9831 74,000 98% Jan
Texark & Ft Smith 5345'50 10334 103% 103% 133,000 10031 Mar
Jan
Thyssen (Aug) I&S 781931.101% 100 101% 329,000 93
103)4 104
25,000 10334 Jan
Tidal Osage 011 78...1931
91
June
13,000 91
92
Trans-Cont'l 011 7*..A930
United Eleo Weetph Pawer
91 215.000 84
May
Corp(Germany) OH!
'50 89% 89
32
32
7,000 30% Jan
United 011 Prod 8s_ _ _ _1931
110 111
10,000 10934 Jan
United Res of Hav 7%5'36 111
S Rub ear 6%% notes'27 10104 101 54 101% 3,00 10034 Mar
10134 101% 9,000 101% June
Serial 634% notes_ _1928
10134 10131 101% 18,00
Mt% June
-.erall 6 % notes.
Mar
Serial 6f4% not,es__1931 1013.4 101% 101% 9,000 101
101% 102
9,00 1004 Mar
Serial 635% notes..1932
101% 10134 8,00 1001.4 Mar
Serial 834% notes...1933
10.000 10031 Mar
Serial 03.6% notes 1934 101% 10131 102
10131 101%
1.000 101
Mar
Serial %% noteti_ _1935
101% 101%
1,000 10034 Mar
Serial 63-6 % notes_ _193(
101% 102
3,000 100% Mar
Serial 554% notes_ _1937
5,000 10034 Mat
% notes _ .193t 101% 10134 102
serial
Serial 034% notes_.193f 10154 101% 101% 9,000 10034 Mar
101% 102
Jan
5,000 100
Serial 5 54% notes_ _194(
101 34 10134 27,000 100
Jan
37 SSmelt & Ref IS 4s.1935
United Steel Workallurlach.
lueembura.78
1951 9454 92% 9454 144,000 924 May
104 104
1,000 10334 Jan
1937
Valvoline Oil 8.
92
9258 16,000 9054 May
Webster Mills 6345-1933

high.
101
Feb
99% June
105% June
94% June
10054 Feb
99 Slay
98% May
100% June
10154 May
98
June
10()% May
953( Feb
97%
105
108%
99%
102%
98

Apr
Jan
Apr
May
June
Apr

98
10334
100%
105%
99
10031
95%
93%
131
1044
101%
9631
98%
104%

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

101%
108
100
100
108
108%
107%
10334
10131
10334
99%
10331
115

June
Jan
May
June
Apt
June
May
May
May
May
June
Feb
Jan

100 June
% June
10034 June
55% Jan
87 June
104% Apr
10254 Jan
(81 34 Jan
98 June
103% June
104% May
9514
9514
101%
99
100%
1.07 fig
120
10034
98%
103%
101)(
105%
98

June
June

June
June
June
Jan
Jan
June
Apr
tor
June
Mar
Jan

91
June
45
Feb
111 June
102% Mar
11234 Jan
1023( Apr
1021.4 Jan
102% Apr
102% APt•
10204 Apr
102% May
102% Feb
102% May
102% May

10234 Alir

102% APr
102
Feb
9494 June
May
105
Jan
101

Foreign Government
and Municipalities.
Antloqula (Dept of) Col
91% 93 $25.000 90
1945 93
Jan 93 June
78 Ser A
9131 92)4 77,000 9134 Apr 92% June
1945
7s. Series B w i
Austria (Prov of Lower)
1950 9835 9834 9834 25,000 9834 Mar 9834 Mar
754s
Baden (Germany) 71). _1951 94% 9356 96 214,000 93
F'el, 96 June
Brazil(US of)654s.....1957 90% 90
90% 121,000 90
May 9034 June
38,000 9934 Jan 10134 Feb
Buenos Alres(Prov)734s '47 99% 99% 100
1936 99% 99
Apr 100% Apr
9934 38,000 99
75
1952 96% 96% 9734 78,000 9634 An, 9774 May
78
Caldas(Dept), Col 730'46 96
37,000 9534 Mar 97 June
9514 97
89% 883,4 90 231,000 85
Gologne (City) 8%e.1954
90 June
Jan
Danish Cons Munie 5345'55 97% 973-4 98
53,000 96 May 9954 Feb
Denmark(Kg)5345 ..1965 99% 9934 9934 70.000 98
May
Mar 100
10034 1003.4 2,000 9934 Jan 1014 Jan
1970
68
German Cons Munk 75'47 97% 9631 9734 173,000 9454 Mar 9734 June
Hungarian Land Mtge Inst
1961
95
7548 series A
9531 10,000 95 June 95% June
Indust Mtge Bk of Finland
1944
98% 9831 15,000 9834 Jan 99
1st M coIls f 7s.
Jan
Italian Pub Util Inst 76'52 87% 8734 88 152.000 87 May
93
Mar
1947 95
Apr
Leipzig 75
9534 June
9454 95% 131,000 92
Medellin (Colom) 8s.1948 101
Jan 101
June
10034 10134 5.000 98
Nether'ds (Kingd) Os B '72
10834 10834 20.000 10834 Mar 10934 Feb
9531 9531 14.000 98
1046
Mar 9734 Mar
Oslo (City)5345
Roman Catholic Church of
9331 94 135.000 9331 May 94 June
1946 94
Bavaria 6348
12
1331 24.000 12
Russian Govt 5348_ _ _ _1921 1234
June 17Feb
12
1234 4,000 12 June 17
5%% certificates_ _ _1921
Feb
1919
3.000 13
1434 15
Mar 1734 Feb
634s
1234 1231 22.000 12 June 17
634% certificates_ _ _1919
Feb
1942 9334 9334 9354 2,000 9034 Jan 9454 Feb
Santa Fe(Argentine)75
9631 55.000 9234 Mar 9631 June
Saxon State Mtge Inv 713'45 9858 95
0
102 102
3w1rapriarul Goof'5 4s 192
32,000 tont Mar 10254 Jan
Listed on the Stock Exchange this week, where
•No par value. k Correction.
additional transactions will be found. o New stock. a Option sale. o Ex-caali and
stock dividends. to When lamed. s Ex-dividend. V Ex-rights. r Ex-stock dlr.

3448

puesturtnt and taUrut1intelligauto

Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the second
week of June. The table covers 5 roads and shows 16.68%
increase over the same week last year:

Balance,
Fixed
Gross
Net after
Charges. Surplus.
Earnings.
Taxes.
Companies.
Detroit Edison Co May '26 *3,437,152 1,057,682 e332.551
725.131
'25 *2.884,138
554.346.
e355,085
909.431
5 mos ended May 31 '26 *18,966,661 6.378.7581 1,659,789 4.718.969
,
'25 *15,820.989 5.317.731 e1,729,958 3,587.773
Second Week of June.
1926.
Increase. Decrease. Lake Shore El By Apr '26 - 272.184
1925.
-784
34,885
--35,669'
System
25
15.521
267,329
37,276
52.797
4 mos ended Apr 30 '26 1,053,180
26.774
$
140,419
167,193
Buffalo Rochester & Pittsburgh
317.366
301,793
15.573
'25 1,043,938
44.118
192.988 1148.870
CanadianNational
5.080.339 4.049.129 1.031.210
Market St By
May '26
87.589.
842,645 *164,296
76.707
Canadian Pacific
3.342.000 2.813.000 529.000
Co
'25
115.987
827,055 *195.701
79.714
St Louis
-San Francisco
1.753.594 1.739.533
14.061
5 mos ended May 31 :
26 4.077,095 *781.858
388.768
393,090
Texas & Pacific
630.445
628.267
2.178
25 4,059,607 *899,583
499.093
400.470
Mass Lighting Cos May '26
49.385
299,219
Total (5 roads)
11.123.744 9.531,722 1592,022
'25
49,110
281.961
Net increase (16.68%)
1.592.022
5 mos ended May 31 '26 1,616,405
302.272
'25 1,491.168
285,315
In the table which follows v‘e also complete our summary
* Includes other income. e Includes amortization of debt'discount and
of the earnings for the first week of June:
expense.
c After depreciation;includes guaranteed dividends on stock ofsub. cos.
First Week of June.
Increase. Decrease.
1926.
1925.
Previously reported (5 roads)_.
Canadian National
Duluth South Shore & Atlantic..
Georgia & Florida
Great Northern
Mineral Range
Mobile & Ohio
Nevada California & Oregon__ _
St Louis Southwestern
Southern Ry System
Western Maryland

3
6.301.307
5.048.860
99.250
31.000
2,256,000
4,397
334,902
14.123
433.000
3.927.666
423.508

i
3
5.79E1.064 525.010
4,029,141 1,019.719
113.391
29.400
1,600
2,324.687
11.969
338,388
7.053
7,070
452.921
3.735.237 192.429
352.369
71.139

FINANCIAL REPORTS.

3
21.767

Financial Reports.
-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will he found in the issue of
May 29. The next will appear in that of June 26.
Total (15 reads)
18.874.013 17,192,610 1.816.967 135.564
Kansas City Southern Railway Co.
Net increase (9.75%)
1.681.403
(26th Annual Report-Year Ended Dec. 31 1925.)
In the following we bi ow the weekly earnings for a number
The remarks of President J. A. Edson will be found under
of weeks past:
"Reports and Documents" on subsequent pages.
The usual comparative income account, comparative- balCurrent
Previous
Increase or
Year.
Week.
Year.
Decrease.
%
ance sheet, and general traffic statistics, were published in
V. 122, p. 2485.-V. 122, p. 2647.
$
$
$
+861.386 5.17
bit WI'ek Feb. (15 ma-- 17.503,007 16,641.621
+503,889 2.91
3 1 week Feb. ‘15 roads)___ -17.767.644 17.263 755
,
Minneapolis & St. Louis RR. Co.
+723.510 4.27
17.874,105 16.950.595
3d week Feb. (15 roadsL__
(Annual Report-Year Ended Dec. 31 1925.)
4th week Feb. (15 roads)___ 17.941.175 16.783.658 +1.157,517 6.90
+816.586 4.96
186 week Mar. il4 roads).- 17.011,616 18.195.029
Receiver W. H. Bremner reports in brief:
+728.540 4.35
2d week Mar. 14 roads)._ 17.403.986 16.675.446

3d week
4th week
1st week
2d week
3d week
4th week
1st week
2d week
3d week
4th week
1st week
2d week

Mar. 14 roads)---_
Mar.(15 roads)_ __.
Apr. (15 roads)---.
Apr. (14 roads)--Apr. (15 roads) Aim% (15 roads).May (15 roads)__.-.
May (15 roads)____
May (14 roads)____
May (15 roads)_ _ _ _
June (15 roads)____
June ( 5 roada0____

17.723.131
26.826.156
17.678.425
17.043.787
17.401.207
23,063.433
17.468.131
18.443.528
18.124.630
26.040.097
18.874.013
11.123.744

16.555.077
23.116.172
16.549.262
15.953,491
16.231,233
21.891.860
16.994.994
16.581.018
15.950.455
21,984,062
17.192.610
9.531.722

14,141
68.687
7.562
3.486
--- - 19.921
---

+1.168.054 7.05
+3.709,984 16.09
+1,135.163 6.88
+1,090.296 6.83
+1,169.974 7.21
+1.171,573 5.34
+473.137 2.78
+1.862.510 7.23
+2.174.175 13.63
+4,056.035 18.45
+1.681.403 9.75
-1-1 692 022 16.63

We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), these being very comprehensive.
They include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Gross M37111A08.
Mouth
1925.

1924.

Increase or
Decrease.

Ns gaming,.
1925.

1924.

Increase or
Decrease.

3
3
$
3
$
$
May - 487.664.385 476.549.801 +11.114.584 112,859,524 98,054.494 +15.805.030
June - 506.002,036 464.774,329 +41,227.707 130,837.324 101,487.318 +29,350,006
July.- 521,538,604 480,943,003 +40.595.601 139.606,752 111,786.887 +27.819.865
Aug..- 554.559,318 507.537.554 +47.021,764 166,558,666 134,737.211 +31,821,455
Sept__ 584,443,591 540,063,587 +24,381,004 177.242.895 159.216,004 +18.026.891
Oct -- 590,161.046 571,576,038 +18.585008 180,695,428 168,640,671 +12,054.757
Noy_ 531,742,071 504.781,775 +26.960,296 148,157,616 131.381,847 +16,775.769
Deo__ 523,041.764 504,450,580 +18.591.184 134,445.634 124,090.958 +10,354,676
192o.
1925.
1926.
1925.
ian _ 480.062.657 484,022.695 -3,960,038 102,270.877 101,323.883 + 948,994
-38.008
Feb__ 459.227.310454.198.055 +5.029,255 99,480,650 99,518.658
attar_ 528.905,183 485,236,559 +43,668,624 133.642,754 109.081,102 +24,561.652
Anril_ 98.448.3091472.629.820 +25.818.489 114.685.151 102.920.853 +11.764.296
Note.
-Percentage of Increase or decrease in net for atove months has been
May, 7.49% Inc.; June, 18.91% Inc.; July,24.88% Inc.; Aug.,23.26% inc.; Sept.,
11.327 inc.; Oct., 7.14% Inc.; Nov., 12.77% inc.; Dec., 3.69% inc.; Jan., 1926,
0.93% Inc.; Feb.,0.04% dec.; March,22.50% Inc.; Apr11, 11.43% Inc.
In May the length of road covered was 236,663 n lies in 1925, against 236.098
miles in 1924; in June, 236,779 miles, against 236,327 miles: in July, 236,762 miles.
against 236.525 miles:in August,236,750 miles, against 236,546 miles; In September,
236,752 miles, against 236,587 miles; In October, 236,724 miles, against 236,564
miles; in November, 236,726 miles. against 235,917 miles: In December. 236,959
miles, against 236,057 miles; in January 1926, 236,944 miles, against 236,599 miles
In 1925; in February, 236,839 miles, against 236,529 miles; In March,236,774 miles,
against 236,500 miles; In April, 236.518 miles, against 236,526 miles.

-The table
Net Earnings Monthly to Latest Dates.
following shows the gross and net earnings for STEAM
railroads reported this week:
-Gross from Railway- -Net from Railway- -Net after Taxes
1926.
1925.
1925.
1926.
1925.
1926.
$
Monongahela Connecting
43,346
36,188
May
166,919
178,213
36,007
31,765
997,890
225,881
142,914
From Jan 1- 950,393
197,292
119,073

Electric Railway and Other Public Utility Net
Earnings.
-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
Gross
Earnings.
Companies.
$
Carolina Power & Apr '26
629,753
'25
Light Co
555,487
12 mos ended Apr 30 '26 7.275,745
'25 6,150.024
May '26
Central Maine
371,317
Power Co System
'25
372,044
12 mos ended May 31 '26 4.940.239
'25 4.765.060
May '26 2.328.364
Cities Service
'25 1,960,819
12 mos ended May 31 '26 21,202,592
'25 17,971,738




Net after
Taxes.
*314,975
*272,880
*3,404,435
*3.028,180
c154.428
c157,663
c2.169.048
c1,863,809

Fixed
Charges.

Balance,
Surelus.

220,909
94,066
175,564
97.316
1,187.031 2,217,404
1,096.814 1,931,366
71.502
82.926
69,078
88,585
1.045.318 1,123.730
816.186
1,047,623
2,040,314
1,721,804
17,826,687
15,283,682

For a number of years we have been carrying on an intensive campaign
to reduce our claims account of lost and damaged freight. Our total payments on account of loss and damage in 1925 were 862.037, as compared
with $98,225 in 1924 and with $364.913 in 1920. The amount paid per
thousand ton miles in 1925 was 3.051 as compared with 3.0814 in 1924 and
3.2741 in 1920. The very heavy payments in 1920 reflect the very high
prices prevailing during that and preceding years and also the very bad
condition of equipment following Ste period of Federal control.
In April 1925 the railroads of the Western District, which includes all
of the railways operating west of Chicago, Peoria and St. Louis, flied a
Petition with the Inter-State Commerce Commission asking that they be
permitted to increase their freight rates so that they might be able to earn
58(% on the value of their property. Hearings were held at various points
1
at various times, commencing in the fall of 1925 and continuing until
Jan. 1926. The printed briefs and arguments of all parties interested have
now been filed and the case is set down for oral argument before the Commission on May 19 1926. Your receiver is very hopeful that the Commis
Edon will grant some relief.
It is very difficult to make any forecast of future business in this territory. but in general it may be said that the condition of the farmers, upon
'
which the prosperity of the Northwest so largely depends, Is very much
better than it was a year ago, and the movement of farm machinery into
the territory served by your railroad was much greater in 1925 than in 1924,
Indicating the improved financial condition of the farming community.
ROLLING STOCK OWNED-BRIDGES. BALLAST. RAILS
-DEC. 31.
ocowotives-- Passenger -Freight EquipTent- Work
No. Tractive Power. Equipment. No.
Capacity. Equip.
1925----x219
131
7.016.290 lbs.
7.161
258.490 tons
309
1924.....x239
7,010.190 lbs.
134
7.424
266.290 tons.
274
1923----x222
6,911.530 lbs.
136
7.687
273.205 tons
266
1922----x226
7,126,760 lbs.
138
8.421
294.555 tons
304
1921.-- 229
7,162.580 lbs.
138
8.640
300,905 tons
358
1920-219
6.435.710 lbs.
139
8.800
305.370 tons
368
1919---- 219
6.445,890 lbs.
145
8.793
300.730 tons
347
1918.
219
6.434.390 lbs.
145
8.668
293,525 tons
357
xIncludes 15 freight locomotives leased from the National Railway
Service Corp. under Equipment Trust. Series "A. lease basis.
CLASSIFICATION OF FREIGHT
-PRODUCTS OF (TONS).
Agriculture. Animals. Mines.
Forests. Menu ac. Misc.
1925
2,086.245 308.590 1.797.114 433.994 896.595
988.461
2,138,243 325.533 2.070.263 399.804 789.104
1924
921.982
2,071.916 350,294 2.611.478 416,600 940.351
1923
920.550
1922
2.073.477 330,871 1,941.355 357,265 805,636
857.596
1921
1,949,620 293.442' 2.109,998 335.101 650.778
823.969
1920
1,827.280 310,348 2.725.161 523,641 817.463 1,068.866
1919
2,059.551 333.623 1.698.820 308.143 714.427
807.371
1918
1,894,595 320.570 2.071.769 294.698 613,794
850,489
STATISTICS FOR CALENDAR YEARS.
1925.
1924.
1923.
1922.
Average miles operated1.635
1,647
1.650
1,650
Passengers carried
708,435
936.396 1,139.239
1,292,065
Pass. carried one mile--- 39,867,893 42,010.156 48.144.979 52,555,237
Rate per pass. per mile.._ 3.139 cis. 3.367 cts. 3.410 cts. 3.495 cts.
Revenue freight, tons
8,510.999 6,642.929 7.311.189 6,386.000
Ref.fgt. car. 1 m.(000)- 1,216.604 1,207.204
1.276.675
1,132,286
Rate per ton per mile... 1.070 cts. • 1.063 cts. 1.105 cts. 1.136 cts.
Earns,per pass. tr. mile$0.92
$1.01
$1.21
31.10
Earns. per fgt. tr. mile
$4.62
$4.71
$4.50
$4.78
INCOME ACCOUNT FOR CALENDAR YEARS.
Corporate.
sCombined
Earnings1925.
1924.
1922.
1923.
Passenger
$1,251,268 31.414.677 $1,641.911 $1,835,373
Freight
13,021.838 12.833.062 14.103.634 12,865,023
Mail, express, &c
801.167
857,851
848.133
859.576
Total oper. revenue. 315.074,273 315,095.872 $16,605.121 $15.558.2 7
4
Expenses
Maintenance of way,&c. $2,442,591 $3.041.889 $2.315,954 32.245.452
Maint. of equipment_ _ _ 3.256,075 3.854,847 3,807,346 2,921,073
Transportation expenses 6,571.801 6,783,123 7,329.828 7,398.718
Traffic expenses
291.703
389,170
314,084
337.935
General, &c
521,993
480.764
560,532
535,656
Taxes
829,186
790.483
760.858
728.955
Total exp. & taxes__ _313,981,028 315,280.184 315.079,688 $14.166,875
Net operating revenue... $1.093.247 def$184.312 $1.525.433 $1,391.372
Divs,on stock owned4.144
84,144
24.144
24.144
291,502
Rentals,leaseofroad,&c
218.742
330.031
361.870
Total net income
$1,336.133
3201,702 $1.939,608'$1,687,018
Deduct
Interest on funded debt_ $2.055,160 $2,079.994 $2,126.620 $2.092,
226
2,759
Int., disc't & exchange
89,434
125.159
88.361
357,488
362,111
Miscellaneous charges
433.001
364,041
396,399
Hire of equip., balance.494.864
628.022
672.619
Total fixed, &c.,chges 33,241.342 $3,205,015 $3,073,029 $2,848,942
Balance, deficit
$1,905,210 $3.003,314 $1,133,422 31.161.924
x Combined income account, corporation and receiver.
'

THE CHRONICLE

JuNn 191926.]

3449

Automatic Train Control.
-On June 13 1922 the I.
-S. C. Commission
issued its Order No.1 to a certain group ofrailroads requiring the installation
of automatic train control over one complete passenger operating division
on each railroad; later on, I.
-S. C. Commission Order No. 2 was issued
to an additional group of railroads. The Pere Marquette By. was included in both orders. As the result of application submitted to the
Commission, the orders with respect to the Pere Marquette were subsequently amended to provide for installations from Seymour (Grand Rapids)
to North Lansing, 61.99 miles, and from Lansing to Pennsylvania Junction
(Detroit). 78.49 miles, or a total of 139.39 miles. The roadside equipment
was installed as well as the equipment for 65 locomotives with the apparatus
involved necessary for the operation of this division. The device manufactured by the General Railway SiTnal Co., known as the "Automatic
Train Stop. Intermittent Inductive Type" was installed. The work was
commenced during the year 1925 and completed on Jan. 31 1926. The
expenditures made during the calendar year 1925 on account of this work
amounted to $125,942. The total exnense of the completed wo-k, a
portion of which was done in 1926. was $151,911. The apparatus installed
is giving satisfactory service and with certain minor modifications as to
detail, it is expected, will meet the requirements of the Commission.
Number of Employees.
-During the year ended Dec. 31 1925, the average
number of employees was 10,844, as compared with 11,085 in 1924.
Group Life Insurance.-Conapany's contract with the Equitable Life
Assurance Society of the U. S. was continued in effect and further extended
during 1925. This contract, dated July 1 1923. covers group insurance
protection for the employees. At Dec. 31 1925 there were 5,900 lives
insured under the contract, with a total amount of insurance in effect
on that date of $10,570,010. From the date of this contract. July 1 1923,
Total
91,096,577 88 759.890
Total _
91,096.557 88.759.890 to Dec.311925 inclusive,there were 95 deaths ant disability claims reported
to the insurance company, for which payments in the amount of $164,000
x Funded debt, $48 891,670, less $4.989,044 refunding and extension have been or will be
made.to the beneficiaries of the employees' individual
for company.
-V. 122, p. 2489. 2187.
5% bonds held by or
policies.
Under the group insurance arrangement in force at the end of the year,
International Telephone & Telegraph Corp.
the company pays one-half of the cost of the premium on insurance up to
a maximum of $2,000 carried by the employees. The latter pay the full
(Annual Report-Year Ended Dec. 31 1925.)
amount of premium on all insurance over 32,000 carried by them. The
The remarks of President Sosthenes Behn, together with maximum amount of individual coverage permitted under the contract is
$7.000, and this maximum is available only to certain employees.
account and

BALANCE SHEET DECEMBER 31.
1924.
1925.
1924.
1925.
LiabitdtesAssets
$
25,792,600 25,792.600
Capita stock
Cost of road. Iran.,
Funded debt ____:43,821,626 44,313,826
equip., &c., less
-year
reserve
61.891.419 62.323.502 U 8 Govt 10
1,362,000 1,382,000
6% loan
Securities owned
369.435
369,435
2.932,838 2,949,875
563.266
426,426 Bills payable
Cash
4111 261 Direetor-Gen'i of
Agts.& conductors 438.483
Railroads. Fed'I
Individuals & cos. 2,645,399 2,618,899
control 6% note 625,000
625,000
143,993
26.897
U. S. P. 0. Dept_
950 000
3,167
Loans & bills rec
3,167 Receiver's certifs_ 1,950.000
Audited vouchers_ 4,492.008 5,204.629
Tmftic and car ser632.708
592,206
385,802 Unpaid wages _ _ _ _
vice balances_ _ _ 369,858
35,298
53.382
Material & supers 1,731.912 1,869,020 Agents' drafts_ ___
474,480
Unadj. frt. claims_
29,274
25,924 Mac (wets pay__ 511,570
Mat'd int unpaid_ 4.526,552 2.609,292
Insurance prem'ms
12,713
19,728 Traf & car ser bat 1.335,607 1,329,997
paid in advance.
42,292
63o,624
Work.funds & adv
32,385 Taxes accrued__ _ _ 648,035
46,371
193,766
485,896
46,392 Unmat Int" acer'd
Oper. ballast pits_
Oner & other res_
399,366
393,964
Est. forwAnterline
75.000
freight unsettled
75,000 Misr def'd credits 1,403,790
814.356
U.S. Govt. guar... 2.872,819 2,872.819 Rehabilitation and
adjustment acc't
64,156
Misc. def'd chges_ 2,510,042 2,027,246
64,156
Addins to property
Unexting. disc't on
thru. inc & stir_
72,054
63,188
securities sold.. _10.234,907 10,347,696
7,116,207 4,873.270
Deficit

balance sheet for 1925, will be
the income
found under "Reports and Documents" on subsequent
pages. Our usual comparative income atcount tables and
comparative balance sheet were given in V. 122, p. 2650.V. 122, p. 3339.
Philippine Railway Co. •
(Annual Report
-Year Ended Dec. 311925.)

TRAFFIC STATISTICS FOR CALENDAR YEARS.
1925.
1924.
1923.
1922.
Total no. pass. carried__ 1,786,910
1.877.455
1.597.443
1,564,609
No. carried 1 kilometer_ 40,225,646 41,112 753 34,775,182 36,125,197
Av.dist. carr. p. km_ _
22.5
1.9
21.8
23.1
Av. receipt per pass_ _ __
$0.1954
80.1976
30.2123
30.2323
Av.rec. p. pass. p. km__
30.0087
$0.0090
30.0097
30.0100
Total no. tons fet carr__
273,343
207.254
139,065
132,067
No. tons carr. 1 km ._ _ _ 10,190,882
7,537,1341
5,252,107
5,052,147
Av.dist. carr. p. km_ ___
37.3
36.4
37.8
38.0
Aver. rec. per ton
31.2197
$1,3995
31,5792
31.6663
30.0327
Av. rec. per ton p. km....
$0.0385
30.0418
80.0436
INCOME ACCOUNT FOR CALENDAR YEARS.
Revenue-1925.
1924.
1923.
1922.
Passenger
$349,117
$371,023
$339,054
$363,432
Freight
333.394
290.107
219,617
220,067
Mail, express, &c
19,814
20.235
18,812
21,652
Incidental
44.418
41,171
41.188
38,081
Total revenue
$746,742
$722.536
$618,672
$643,232
ExpensesMaint.of way & struct_
$153,036
$141,628
$139,308
$137,151
Maint. of equipment.._ _
109,026
119,132
90,310
92.749
Traffic
3,278
3.479
3,185
2.987
Transportation
225.811
233,759
208,788
193,209
General
50.063
46.876
47.397
47,370
Total oper. exp
$04 t.2 L3
$544.873
$488,990
$473,465
Net operating revenue
$205,529
$177,662
$129,682
$169,767
By. tax accruals
6,133
3,995
3,509
3,594
Uncollectibles
21
1,162
150
417
By. oper. income
$199,376
$172,505
$126,023
$165.755
Non. oper. income
2.418
4,036
3,138
4,150
Gross income
$201,794
$176,541
$129,161 • $169.905
Int. on funded debt
341.960
341,960
341,960
341,960
Misc. income charges.
-7.767
5.856
4,126
4,276
Additions & betterments
43.485
25,480
Cr.680
1,115
Def.transf'd to p. &I_
$191.399
$196,755
$216,245
$177,446
BALANCE SHEET DEC. 31.
1925.
1924.
1924.
1925.
Assets
LiabilitiesS
Invested in road
Capital stock, corn 5,000,000 5,000.000
and equipment_ 9,300.107 9,256,641 First mtge. bonds_ 8,549,000 8,549.000
Contractual rights 4,999,000 4,999.000 Philipp. Govt.adv.
Liberty bonds_
11.350
for bond interest 3,897,808 3,706,409
Cash
53,110
32,265 Accts.& wages pay.
49,212
55,928
Agts.&conduc.bal_
1,171
3,759 Other def'd liabil's
3,476
2.730
Materials & supp_
199.701
218,490 Tax liabilities.... _
2,611
7,772
Misc. accts. reels.
10.768
11,650 Operating reserves
443
443
Prepaid insur.. &c_
15.491
13,858 Accrued depreciaP.& L., debit bal_ 2,927,036 2,779,102
3,835
tion, equipment.
3,835
Total
17.506,385 17,326,116
-V. 120, p. 2678.

Total

17,506,384 17,326,116

Pere Marquette Railway Co.
(Annual Report
-Year Ended Dec. 31 1925.)
The report signed by Pres. F. H. Alfred and Chairman
E. N. Brown says in substance:
Long Term Debt.
-The following changes in long term debt occurred
during the year ended Dec. 31 1925: Notes amounting to $672.000,
Issued under equipment trust agreement dated Jan. 15 1920, were retired
at maturity on Jan. 15 1925. Mortgages held by William D. La Point
and Dennis La Point for $40,000 and 37.000, respectively, on certain
land purchased at Erie, Mich., for yard purposes, were discharged during
the year.
Securities Acquired and Disposition of Securities Owned.
-During the
year the company received from the Flint Belt RR. 342,500 capital stock
in payment of cash advances made to that company prior to Jan. 1 1925.
ThLs, together with $692,600 previously reported, makes a total of $735,100
capital stock of the Flint Belt RR. owned by the Pere Marquette By.
as of Dec 31 1925.
There were received from the Toledo Terminal RR. as of May 1 1925,
$107,000 1st mtge. 434% bonds. These bonds were accepted at a discount of 8% in payment of certificates of indebtedness amounting to
$98 440. winch were received from the Toledo Terminal RR. prior to
1913, and which were carried in the accounts of the Pere Marquette By.
at a nominal value of $1. These bonds were recorded on the books of
the company at 92% of their face value or $98,440. Additional Toledo
Terminal RR. certificates of indebtedness amounting to $33.560 were
retired by cash payment on Oct. 1 1925.
On Jan. 1 1925 the company owned $500,000 U. S. Treasury 4% certificates which matured March 15 1925 and which were redeemed on
that date. In order to increase the interest rate on current cash, the
company purchased during the year $3,000,000 additional Government
securities at a total cost of $2,996,156. These securities mature June 15
1926, and draw interest at the rate of 3 % per annum, and all of them
were held by the company as of Dec. 31 1925.
Additions 80 Betterments.
-During the year 1925 charges amounting to
$1,414,587 were made to "investment in road" and $270,084 to "investment in equipment"; the net charge to "investment in road and equipment"
for the year being $1,684,670.




GENERAL STATISTICS FOR CALENDAR YEAR.
1922.
1923.
1924.
1925.
Average miles operated_
2.238
2,217
2.288
2,264
Passenger revenue
34.275.249 34.878,906 $5,341,020 34.946.787
Passengers carried
2.441.140
1,674,112
2.390.985
2,101.666
Pass. carried 1 mile_ _ _ _131,420.899 146.352.884 161.698.514 146.705,763
Earns, per pass, per mile 3.253 eta.
3.303 cts.
3.372 eta.
3.334 eta.
Earns. p. pass. tr. mile
$1 60364
$I 62129
31.55673
$1 57667
Freight revenue
$35,503,610 533.552,524 $36.345 A28 $29.896.583
Revenue tons carried..,. 17.951.924 17.700.538 18 577.556 13.910.640.
Rev, tons car'd 1 mile.-3072925361 2970688245 3252137428 2423036810
Earns. p. rev, ton p. mile 1.155 as.
1.232 eta.
1.129 eta.
1.118 cts.
Rev,tons per train mile_
626
596
606
584
Earns. p. freight tr. mile $7.00359
87.10143
$7.25712
36.97153
Gross earns, per mile_ _ _
316.237
$15,685
$14.663
$13.445
INCOME ACCOUNT FOR CALENDAR YEARS.
1925.
1924.
1923.
Freight revenue
$35.503,610 333.559.524 $36,345.428
Passenger
4,275,249
4.878.996
5,341,026
Mail
465.541
481.281
499,038
Express
991.666
938,098
985,543
Miscellaneous
1.474.624
1.948.016
2.794.708
Total oper. revenue
$42,710,690 $41.797,915 $45.965.737
Maintenance of way & structures...._ 4.850.274
5.084.399
5.949.529
Maintenance of equipment
9.104.647
8,693.760
9,841.414
Traffic
640,320
623
629,430.
Transportation
14.928.248 15,381.093 17,352.107
Miscellaneous
1,339.017
1.380.970
1,420,643
Transportation for investment
Cr137.250
Cr206,723 Cr291.221
Total oper. expenses
Net operating revenue
Railway tax accruals
Uncollectible railway revenues
Equipment rents (net)
Joint facility rents (net)

330.725.256 330.962.930 334.871,096.
$11.985.434 $10,834.985 311.094.646
2,064.675
2.028.020
1,848.821
18.330
7,803
13.604
459,833
919.635
1,625.246
672.374
678.697
520.593

Net railway operating income
Other income (net)

$8,770,220 37.200.828 $7.086,372
288.642
406.053
357,191

Total
89,058,863 87.606.881 $7,443,563
Interest on bonds
2,197,960
2,197.960
1,664.974
Interest on equipment notes
404,880
445.246
485.881
Miscellaneous interest
15,640
28.653
89,898
Dividends on prior pref.stock(5%).
560.000
560.000
560.000
do do preferred stock
(5%)621.450 (5)621.450 (7)870.030
(4%)1,801.840(4)1.80l.840(3)1.351.380
do do common stock
Balance, surplus

$3.457,092

81.951.732

$2,421,400

The usual comparative balance sheet as at Dec. 31 1925
will be found in V. 122, p. 2325.-V. 122 p. 32J8.
Indianapolis Street Railway.
(Annual Report-Year Ended Dec. 31 1925.)
INCOME ACCOUNT YEARS ENDED DECEMBER 31.
1922.
1925.
1923.
1924.
Pass. receipts, city limits $4,930,720 85,051.001 $4,982,421 $5,000,556
Track rentals
215,329
164,977
192,220
207,850
Rent terminal bldg., stations, equipment, &c_
271.323
286.288
289.127
267.579
Miscellaneous income_ _
69.059
36.432
166.444
38,240
Interest, discount, &c
4,573
12.330
3,718
6,650
Gross earnings
35,536,370 $5,588.177
Maint. way & structures $631.679
$631,202
Maint. of equipment_ _ _
517,988
516.272
Special maintenance_
20,708
122,911
Oper. of power plant_ _ _
734,466
771.997
Operation of cars
1,682.517
1,616,029
General expense
445,462
425,338

85,527.131 $5,545,164
$636,159
$643,950
528,326
516,798

Total oper. expense
Net earnings
Taxes

850,845
1,594,879
427.887

915,409
1,553,811
423.657

$44,032.821
$1,503,549
386,624

34.083.749
$1,504,428
384,355

54,034,360 $4,341 81
:
$1.492,771 $1
419.868
437,360

Net, after taxes
31,116,924
Bond interest:
Citizens St. RR. Co.,
$4,000.000 5s
$200.000
Ind. Street By. Co.,
$4,664,000 4s
188,030
Ind. T. & T. Co.,
33,635,000 53
181.919
Broad Ripple Traction
Co., 3260.000 5s- _ 10.000
Trust equipment notes
3.798
Ind. Car Equip. Co.,
preferred stock_ __ _
5,450
Notes
39,985

31,120,073

81.072.903

$1,050,442

$200,000

$200,000

$200,000

193,947

197,497

199.480

185,073

188,478

191.650

10,000
3,566

10.000
2,742

10,000
4,404

6,650
35,872

7,850
32.219

9,050
32.759

$629,183
$487,742

3635,102
3484,965

3638,787
8434.116

$647,343
$403,099

$76,667

$70,000

$70.000

$70.000

69,900
300.000

60.000
300.000

60,000
300.000

60,000
300.000

341.175

$54,965

$4.118

de1S28.900

Total deductions__ _
Balance, surplus
Deductionsfrom surplus:
Sinking fund not paid,
but expended for
construction, year.._
Ind. T. & T. Co., for
construction, year._
Prof. dividends (6%)Balance

3450

For.. 122.

THE CHRONICLE

GENERAL BALANCE SHEET DECEMBER 31.
1925.
1924.
1925
AssetsLiabilities$
$
$
property, plant &
Preferred stock___ 5,000,000
equipment
22,357.427 22,357,427 Common stock.. 1,000,000
Trust equipment
42,500
51.000 Common stock
Sinking funds_ _ _ _
held in trust_ _ _ _ 1,500,000
70,536
61,186
Road and equipCit.St. RR.Co.5s 4,000,000
ment
1,111,823
721,538 Real estate mtge_
Proceeds from sale
St. Impt. assess_ _ _
16 840
1;467
of Fairview Park 203,000
203,000 Motor bus condiIndianapolis Car
tional contracts_ 173,909
k Equipment Co.
Track elev. agree..
30,000
common stock
44,378
44,378 Ind. St. By. 45..- _a4,664,000
Cash
97,980
80,863 Ind.T.&T.Co.5s_ b3,635,000
Cashier's working
Car trust certifs._
55,500
, fund
6,100
6.100 Ind. Car Equipm't
Emergency fund
Co. contract_ __
9,417
7,892
80,000
Depreciation fund,
T. H. I. & E. Tr.
i buses
13,604
Co. notes, 1933_ 700,000
Accts.receivable
208,882
194,958 Notes& accts. pay. 672,031
Material and
Wages payable_ __
35.722
supplies
300,656
338,780 Accrued int., &c_
85,556
Prepaid items. &c_
29,075
10.370 Deferred liabilities 415,743
Suspense
113,636
13,141 Operating reserves Cr.33,601
Profit and loss_ _ _ _ 2,576,848

CONSOLIDATED BALANCE SHEET DECEMBER 31.
[New York Transportation Co. and Subsidiaries.]
Assets1924.
1924.
1825.
1925.
Liabilities5,000,000 Fixed assets
x$4,173,305 $4,938,458 Capital stock
$2,350,000 $2,350,000
1,000,000 Cash
506,401 Acc'ts Payable,&a. 318,345
401,068
259,192
Accts. & notes re.
Taxes accr'd, incl.
1,500,000
(after reserve)._ 145,283
292.340
58,413
Federal taxes_ 298,742
4,000,000 Materials & supp- 454,119
9,671
713,640 Deposits
6,907
7,707 Work in process
1,532,363
290,460 Res've for depree'n
141.409
8,336 Marketable secure, 3,896,942 3,242,220 Other reserves_ _ __ 428,753
338,413
Deferred charges
167,123 Surplus
5,931,962 4.992,859
264,458
19$24.

4,774,000
3.699,000
76,000
100,000
700,000
511.173
28,187
85,819
475,226
Cr.2.580
2,127,769

Total
24,609,014 24,090,636
Total
24.609,014 24,090,636
a After deducting $1,336,000 in sinking fund. b After deducting
-V. 122, p. 1170, 94.
$1,365,000 in sinking fund.

Omnibus Corporation.
(Annual Report
-Year Ended Dec. 31 1925.)
President John A. Ritchie says in brief:
The Omnibus Corporation is a holding company. It owns all the capital
stock of the Chicago 1Vicitor Coach Co. and the Gray Line Motor Tours Co.
of Chicago. Corporation also owned as of Dec. 31 1925, 549,535 shares of
Fifth Avenue Bus Securities Corp., which latter company owned, as of that
date, 190,293 shares of New York Transportation Co. The New York
Transportation Co. owns all of the capital stock of the Fifth Avenue Coach
Co., operating coaches in New York City. This ownership gives Omnibus
Corporation approximately a 75% interest in the outstanding stock of the
New York Transportation Co., whose net profit for the year ended Dec. 31
1925 was $1.409,102.
The Omnibus Corporation's interest in the Fifth Avenue Bus Securities
Corp. is carried in the balance sheet as an investment and there are, therefore, credited to the Income account merely the dividends received. In
looking. at the surplus profit of $85,563 for the year, after preferred dividends. it should be borne in mind that there have accrued to common stock
additional profits for the year of $711,218, representing this corporation's
share of the undistributed profits earned this year by the Fifth Avenue Bus
Securities Corp. through its owilership of 80.975% of the New York Transportation Co.

A comparative income account was published in V. 122, p.
1763.

Total
$9,334,709 $9,916,715
$9,334,709 $9,916,715 Total
x After deducting $2,094,840 reserve for depreciation.
The income account of New York Transportation Co. was given in V.122.
P. 1763.
INCOME ACCOUNT YEAR ENDED DEC. 31 (PEOPLE'S MOTOR-BUS
COMPANY OF ST. LOUIS).
1924.
Income from operation of buses
$2,396,836 $1,273,474
Operating expenses
1,191.990
2,339.772
Other deductions, including taxes
71,739
93,018
2,043
Interest paid (net)
45,445
Fire loss
4,257
Interest and discounts
Cr.1,018
$3,445
Surplus
$80,381
INCOME ACCOUNT YEAR ENDED DEC:31 1925 (ST. LOUIS MOTOR
COACH CORPORATION).
880,381
Peoples' Motorbus Co.of St. Louis
-Loss for year
St. Louis Motor Coach Corp.
2,917
-Interest received
1.387
Taxes, 2450; corporate expenses, 2937; total
Consolidated net loss for year
Previous surplus

"

$78,851
37,324

$41,527
Deficit, Dec. 31 1925
BALANCE SHEET DEC. 31 1925 (ST. LOUIS MOTOR COACH CORP.)•
[Consolidating People's Motorbus Co. of St. Louis
-100% owned.]
Asset
Liabititlet
Property, equipment, &e
$2,051,718 Class A capital stock (no par)'($1,400,000
Cash
119,306 Class B capital stock (no par)J
Accounts receivable
52,505
42,722 Accounts payable
Due from employees
105,084
4,255 Accruals
Inventories of mat'ls & SUPP-397,327
77,224 Notes payable
Def. Install. on sale of real est_
66,333
21,000 Real estate mortgages
Prepaid Insur., int., taxes, &c_
27,899 Reserved for depreciation, &c_ 483,304
Sinking fund real est. mortgage
41,527
5,019 Deficit
Organization and development
franchises, &c
113,883
Total
82,463.026
-V. 122, p. 2800. 1763.

Total

$2,463,926

United Railways Co. of St. Louis.
BALANCE SHEET DECEMBER 31 (OMNIBUS CORPORATION).
(Consolidating Chicago Motor Coach Co. 100% owned, and for 1925
(26th Annual Report
-Year Ended Dec. 31 1925.)
Gray Line Motor Tours Co.]
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1924.
1925.
1924.
'1925.
1922.
1925.
1924.
1923.
$
S
Assets$
490,257
712,501 Accounts payable.
Cash
278.267 Revenue passengers_ __ _270,105,400 279.222,520 292,671,781 286,076,475
92,174
Transfer passengers_ __ _145,698,764 149.555,651 155.343,193 152,261,868
163,985
55.009 Preferred dividend
Acc'ts receivable
22,743
28,747
payable
Due from employ's
176,888
176,358
Total passengers
415,804,164 428.778,171 448.014,974 438,338,343
6,908
6.026 Accruals
Accr. int. receivle
243,624
238,496
Percentage of rev, pass.
87,926
87,483 6% equip't trust
Divs.receivable_ .._
53.22
using transfers
53.94
53.56
53,08
227,795
244,911
certifs., series A 1,500,000
Inventories
Aver, fare per pass. (inDeferred pay'ts on
Special depos. with
4.49c.
cluding transfers) _ -4.50c.
4.49c.
4.48c.
80,250
75,250 coaches mirth's_
Park boards_
1,053,751
6.89c.
6.89c.
6.89c.
6.90c.
Notes payable_ _ _
Prepaid int., Ins..
597.049 Av. fare per rev. pass7,000
42,440,837 43,911,064 45,652,714 44,229,300
34,552
60,808 Reserves
taxes. ke
1,168,166
696,820 Passenger car miles
6.47
Rev. pass. per car mile
6.41
6.36
6.36
Investments
07,756,443 7,698,103 8% pref.stock____ 8,844.410 8,817,239
9.91
' 9.81
9.80
. 9.76
Prop., equip., &c_136,919,910 6,658,718 Common stock___c3,202,106 3,190,158 Total pass, per car mile_
92,581
Surplus
Unamort.debt disc
654,109
574,290
INCOME ACCOUNT FOR CALENDAR YEARS.
1922.
1925.
1924.
1923.
15,883,350 15,627,556
Total
Total
15,883,350 15,627,556 Rev,from transport'n_ _218,669,776 $19,288,744 $20,220,765 $19,740,118
a Fifth Avenue Bus Securities Corporation, 549,535 shares, 87,289,763; Rev.from other ry. oper.
223,483
224.799
226,532
232,680
St. Louis Motor Coach Corp., class A, 11,667 shares, class B, 5.834 shares. ()per. exps.(incl. depr.)_ 14,684,077 15,093.195 15,123,183 14,895,508
2466,680. b Land, $203,901: buildings as appraised Dec. 31 1923, with Taxes
1,845,723
1,810,701
1,772,134
1.832,603
Subsequent additions at cost,$1,604.533: motor coaches,$3,728,522; service
equipment,$94,333;shop tools and machinery. $63.350; sundry equipment,
Income from oper
$2,399,797 $2,649,946 $3.497,659 $3,222,325
2103.515; office furniture and fixtures, $35,738; equity in leased premises. Inc. from other sources_
202,831
285,450
287,870
225,701
840,708; organization and development, franchises, &c., $1,044,309.
shares no par value.
Gross income
594,015
$2,685,247 82,937.816 33,723,360 33,425,155
Cr.1,095
INCOME ACCOUNT YEARS ENDED DEC. 31 (CHICAGO MOTOR Netfrom bus equip
Deductions from income 2,892,515
2,907,939
2,913,615
2.912.063
COACH CO.)
1924.
1925.
Surplus
2513,092
loss$206,174
$29877,
$809.745
Total gross earnings
25,853,268 $4,990,434
BALANCE SHEET DEC. 31.
Operating expenses
4,874,037 4,175,659
265,701
312,166
Taxes
1924.
1924.
1925.
1925.
LiabilitiesAssEls$549,075 Road & equip_ _106,222,410 106,025,377 Pref. she, issued 16,383,000 16,383.000
Net operating income
$667,065
18,840 Investments in
Non-operating income
23,883
Corn. shs. issued 24,913.0011 24.913,000
affiliated cos_ 1,001,583 1,001,583 Funded debt__. 50,690,000 50,690,000
$567,915 U.S. Governm't
Gross income
2690,948
Rec. certificates 4,200,000 4,200,000
105,980
114.353
Interest
627,202
obligations_ _ 7,461,150 5,561.150 And.vouch.,&c. 644,817
61,170 Mat'l & suppl._ 1,125,479 1,164.527 Coupons due_ _
Federal income tax accrual
58,215
1,752.051 2,076,690
Cash
759,854 1,018,275 Rec. ctfs. mat.'d
$400.764 Cash for coup.,
Net profit for year
$518,379
presented
2,000
2,000
982,017 Outst'g tickets_
152,883
149,321
657,358
are
INCOME ACCOUNT YEAR ENDED DEC.31 1925(GRAY LINE MOTOR
• 79,357 Sundry accounts
111,343
Sundry accts.re3
TOURS CO.)
Payable
54,102
73,862
$145,517 Int. accr. on U.
Gross earnings
61,330 Accrued taxes
405,132
397,546
S.obligations_
60,046
158,067
Operating expenses
Employees' Lib.
Def. charges and
763
Taxes
188,785
Loan subscrip.
2,736
2.820
116,814
unadi. debts_
25,453 Employees' 0th.
24,853
$13,313 Other assets. __ _
Net operating loss
32.567
22,446
deposits
22,188
11,465
513 Special deposit_
Non-operating income
23,610 Accrued interest 3,347,438 2.017,319
23,810
Working funds_
6,700,241 5,986,226
Dep. reserve_
loss$12.800 Agents and conTotal income
66,451 Mill tax (city)_ _ 2,396,322 2,396,322
62.271
ductors' acc'ts
1,013
Interest on notes payable
Other reserves_ 1,919,103 2,017,385
Prof. & loss sur_ 4,040,991 4.285,777
Net loss for year
$13,813
INCOME ACCOUNT YEAR ENDED DEC. 31 (FIFTH AVENUE BUS
117,638,436 116,228.483
117,638,436 116.228,483 Total
Total
SECURITIES CORPORATION).
-V. 121, p. 190.
1924.
1925.
$308,486
Dividends
-New York Transportation Co
8380,586
83
Interest
35

GENERAL INVESTMENT NEWS.

Total
Expenses (net)

$380,621
626

2308,568
6,067

Net income
Adjustment of reserve for expenses
Previous surplus

$379,995
1,000
810

2302,501

STEAM RAILROADS.

American Train Dispatchers' Association Seeks Pay Increases Averaging
-Wages of train dispatchers now range from $105 to $267
-4,435 $35 per Month.
per month. "Times" June 17, p. 31.
-S. C. Commission to Increase CommuChicago Aurora & Elgin Petitions I.
2304,936
Total surplus
$381,805
306,126 tation Rates Out of Chicago 15%, Effective July 15. "Wall Street Journal"
377,677
Dividend declared
June 16, p. 13.
Matters Covered in "Chronicle" June 12.-(a) Gross and net earnings for
2810
24.129
Surplus
April, p. 3287-3270. (b) W. Emlen Roosevelt finds traffic density of
BALANCE SHEET DEC.31(FIFTH AVENUE BUS SECURITIES CORP.) Northwestern roads proves need of better rates; interesting comparison with
1924.
1924. 141,falrflities1925.
lines in South and Southwest, p. 3297.
1925.
Assets.$95,553
$96,363 Current liabilities_ $94,438
Current assets___.. $98,567
Common stock_ _65,838,035 5.828,976
Atlanta Birmingham & Atlantic Ry.-Sale.Y.
Invested in N.
4,129
810
Sale of this road, originally set by the Court to take place June I&
l'ransport'n Co_05,838,035 5,828,976 Surplus
has been postpone,(1 until June 22, and hearing on confirmation of the
Total
$5,936,602 $5,925,339 sale will be held the following day.
-V. 122, p. 3206.
$5.936,602 $5.925,339
Total
a 190,293 shares representing ownership of 80.975 of outstanding shares
Canadian National Ry.-Interest Payments.
at approximate market value at dates of acquisition. b 590,129.494 shares
-V. 122, p. 2644.
See Wellington Grey & Bruce By. below.
to par value.




JUNE 191926.]

THE CHRONICLE

Chicago Milwaukee & St. Paul Ry.-7'o Buy Bonds.
The receivers have filed an application with the U. S. District Court at
Chicago for authority to purchase $3,083,000 of Chicago & Missouri River
Division first mortgage 5% bonds, which mature July 1 1926.

Construction of Line.
See Chicago Rock Island & Pacific Ry. below.
Results for Calendar Years.
1923.
1924.
1922.
, 1925.
Operating Revenues$
$
$
$
125,671,654 120.070,603 127,953,106 116,005.731
Freight
Passenger
19.966.178 21,768,171 24,175.892 24.261,499
116,382,860J 13,766,295 14.506,350 13,968,081
Mail, express, &c
Incidentals, &c
1 2,761.389
2,992,990 2.715,317
Total oper.revenues.. _162.020,692 158.366,458
Expenses
Maintenance of way,&c. 22,141,286 22,449,379
Maint. of equipment_ -- 39,680,381 34,120.037
Traffic expenses
2,720.645
2.425,579
Transportation
61.074.468 61,880,508
1 5.093,254J 3,908,563
General expenses
Miscell. operations__ _
1
930.175
Transp. for investme it- Cr.260,402 Cr.164.181

169,628,338 156,950.628

3451

Misaouri-Kansas-Texas RR.
-Tentative Valuation.
-The
I.
-S. C. Commission has placed a tentative valuation of
$81,000,884 on the total owned and used properties of the
Missouri Kansas & Texas Ry. as of June 30 1918.-V.
122, p. 3079.
Pearl River Valley RR.
-Notes Authorized.
The I.
-S. C. Commission on June 5 authorized the company to issue
not exceeding $29.000 of unsecured promissory notes in renewal of certain
notes and (or) $29,000 of unsecured promissory notes to be sold at not less
than par and interest.
-V. 121, p. 837.

Pennsylvania Ohio & Detroit RR.
-Tenders.
Bids for the sale of 1st mtge. 4%% bonds of the Cleveland & Marietta
Ry. to an amount sufficient to absorb $11,090 will be received by the
Farmers' Loan & Trust Co., 22 William St.. N.Y. City. until June 30.
at a price not exceeding par and interest.
-V. 122. p. 2489.

23,063.613 19,798,385
38,375,029 36.987.240
2,506,007
2,231.245
66.545,638 66,068,029
3,826,697
3,754,239
963.097
910.583
Cr.280.854 Cr.153.024

The I.
-S. C. Commission has placed a tentative valuation of $22,852,368
on the total owned and $22,855,640 on total used property of the company,
as of June 30 1917.-V. 122, p. 2647.

Total oper. expe St s 130,449,632 125,550,061 134,999,228 129,596,696
Net operating re. nes_ 31,571,000 32,816,398 34.629,110 27,353,932
-V. 122. P. 3. • 3078*

The I.
-S. C. Commission has placed a tentative valuation of $2.517.650
on the owned and used property of the company as of June 30 1918. This
-V. 106, p. 2650.
valuation has been protested.

Chicago Rock Isl. & Pacific Ry.-Construction of Line.
-

-S. C. Commission on June 9 (1) issued a certificate conditionally
The I.
authorizing the company to construct and operate a line of railroad extending from a connection with its Iowa-Minnesota division at or near the
station of Clark's Grove in a general easterly direction through Hollandale
to Maple Island, a distance of approximately 9.3 miles, all in Freeborn
County, Minn. Permission to retain excess earnings was denied.
(2) Issued a certificate authorizing H. E. Byram. Mark W. Potter and
Edward J. Brundage, Joint receivers of the Chicago Milwaukee & St. Paul
Ry., to construct and operate a line of railroad beginning at a point on the
Southern Minnesota division of the Chicago Milwaukee & St. Paul Ry.,
and extending In a general northerly direction to Hollandale,thence westerly
approximately 2 miles, with a branch leaving the main line of the proposed
extension near Hollandale and extending easterly to Maple Island, a total
distance of about 10.5 miles, all in Freeborn County,Minn. The request of
the receivers for permission to retain excess earnings was denied.
-S. C. Commission, in its report. says in part: "It is desirable that
The I.
the construction of these lines be completed as soon as possible in order to
move this season's crops. Our certificate will contain a provision to the
effect that both the Rock Island and the receivers shall commence construction on or before July 1 1926, and that the construction of both lines
shall be completed on or before Sept. 15 1926. If it be shown that the
Rock Island will be unable to complete its line between Hollandale and
Maple Island before Sept. 15 1926, we will give further consideration to
the question whether or not the receivers should be wirmitted to construct
-V. 122, p. 3078. 2943.
a line between those points."

Chinese Railways.-Int. on Hukuang Ry. Bonds.
-

Morgan & Co., on June 15 announced that following the receipt of
I.
funds from China they will be prepared, beginning June 16 to pay coupon
29 which matured Dec. 15 1925 on bonds of the American British and French
series of the Imperial Chinese Government 5% Hukuang Rys. Gold Loan of
1911. No funds have been received to pay either the interest or the drawn
bonds maturing June 15.
The Committee on Securities of the New York Stock Exchange on June 17
ruled that said portion of said bonds be quoted ex-interest of 2%% on that
date. The Committee further ruled that said bonds shall continue to be
dealt in flat and until further notice must carry June 15 1926,and subsequent
-V. 120. p. 3062.
coupons to be a delivery.

Delaware Lackwanna & Western RR.
-New Line.
-

Pittsburgh & West Virginia Ry.-Tentative Valuation.
-

Puget Sound & Willapa Harbor Ry.-Valuation.-

Reading Co.
-To Lea e the Lehigh & New England RR.
-

See Lehigh Coal & Navigation Co. under "Industrials" below.
-V.
122, p. 3336.

Savannah & Atlanta Ry.-Receiver's Certificates.
-

-S. C. Commission has approved the issuance of $500.000 2
The I.
-year
7% receiver's certificates, dated July 1 1926, at not less than 98% of par.
Denom. $10,000. Of the proceeds, $150.000 will be used to retire a certificate now held by the Citizens & Southern Bank, maturing on June 29 1926.
approximately $200.000 to take up certain 60-67 pound worn out rails, and
replace them with 85 pound rails, and the remainder will be used to cut
down certain grades on the line between Newington and St. Clair. No
contracts have been made with respect to either of the two latter items.
-V. 122, p. 1023.

Seaboard Air Line Ry.-Adjustment Mortgage Interest.
-

The directors declared and ordered paid on Aug. 1 the regular 24%
installment of interest on the adjustment mortgage (income)' bonds represented by Feb. 1 1924 coupons Nos. 55 and 56, for $12 50 each.
-V. 122,
It• 3336.

Toledo Peoria & WeAtern Ry.-Sale.The road was sold at public auction at Peoria, Ill., on June 11 to George
P. McNear Jr., of New York, a minority bondholder, for $1,300,000. The
sale must be approved by the Government, but it is expected that Mr.
McNe,ar, or the group which he may represent, will be in possession of the
road within ninety days. The purchaser deposited $45.000 in checks with
the Master in Chancery, Edward P. Allen. See also V. 122, p. 3079.

Wellington Grey & Bruce Ry.-Interest Payments, &c.

-year ending June 30 1926, applicable
The estimated earnings for the half
to meet interest on the bonds, will admit of the payment of £3 13s. per
£100 bond. This payment will be applied as follows, viz.: £1 95.5d.in final
discharge of Coupon No. 82, due July 1 1911, and £1 7s. 8d. on account of
coupon No. 84. due July 1 1912, and £2 3s. 7d. on account of coupon No.
85, due Jan. 1 1913, and will be made on and after July 1 next at the offices
of the Canadian National Ry. Co., Orient House, 42-45, New Broad St.,
London, Eng. The coupons must be left three clear days for examination.
Last January £4 2s. 11d. per £100 bond was paid.
Fifty-one (£5,100) 1st mtge. 7% bonds have been called for payment
July 1 at par and int. at the offices of the Canadian National Ry. Co. in
Montreal, Canada, and London, Eng.-V. 122, p. 881.

President J. M. Davis announced the opening on June 16 of a new
line, which has just been completed at a cost of $2,000,000, to provide a
short connection between the Morris & Essex Division of the road at
Harrison, N. J., a suburb of Newark, and the Boonton Line and adjacent
PUBLIC UTILITIES.
freight yards at Manhattan Transfer. The "cut-off,' which is about
six miles long, was built to expedite the handling of through fast trains
American Utilities Co. (Del.).
-Bonds Sold.
in the congested area of Manhattan Transfer, destined to Newark or
nearby points in New Jersey, or moving in the reverse direction. In
The $621,000 additional 1st lien & ref. gold bonds, series A, 6%, whidh
addition to facilitating the movement of freight to and from Newark, were offered last week by J. G. White & Co., Inc.; Parsley Bros. & Co.,
Harrison, Bloomfield, Montclair and the Oranges, the line opens up a and Paul & Co. at 98 and int., to yield 6.18%, have been sold. See V.
new territory in the metropolitan area for the location of factory sites. 122, p. 3336.
The six-mile stretch covered on the westerly edge of the Jersey meadows
Binghamton Light, Heat & Power CO.
was previously without railroad facilities. The completion of the line
-Balance Sheet
also offers the Lackawanna a new facility for handling suburban passsenger Dec. 31.trains around the drawbridges over the Hackensack River in case one of
1924.
1925.
LiabilitiesAssets1925.
1924.
the bridges should be crippled by a passing vessel.
-V. 122. p. 2179.
$7,332,380 $6,288,801 7% pref. stock_ _81,809,500 81,454.400
Property
390,662 6% pref. stock.....
Duluth Missabe & Northern Ry.-Redemion.Funds dep. with tr.
48,200
48.200
23,178 Common stock_ __ 500,000
Certain general mortgage 5% gold bonds, due Jan. 1 141 (aggregating Skg.& Oh.funds_
500.000
93,349
44,250 Funded debt
$356.000), have been called for redemption July 1 at 10 and interest al Cash
4,979,000 4,612,500
160,550 Payments by subs.
the New York Trust Co., 100 Broadway, New York City.
-V.122, p.2643 Accts.receivable__ 264,381
268,940
for pref. stock
Materials & supp_ 187,126
8.178
40,339
Hoboken Manufacturers' RR.
14,484
18,434 Accts. payable-Government Offers Stock. Miscellaneous- _ _ _
96,657
306,329
540,114 Consum. deposits_
The U. S. Government, through the Secretary of War,is offering for sale Unamor.disc.&exp. 564,538
79,052
63,129
Adv. by consum.
the entire capital stock of the company. Sealed bids are to be opened Unamor. adi. of
380,000 for extensions
Property mete__ 430,408
2,378
Aug.3 1926 at the office of the company,foot of Fifth St., Hoboken, N. J.,
5,617
53
25,618 Int. on fund. debt
Undistrib. debits__
-V. 105, p. 290.
62,987
59,554
at 11 a. m.
Taxes
58,162
40,705
Miscellaneous_ _ _
11,839
7,762
Lehigh & New England RR.
-Lease.
Deprec. reserve_ _ _ 699,020
533,424
See Lehigh Coal & Navigation Co. under "Industrials" below.
-V.
Miscell. reserve.. _ _
52,088
51,991
122, p. 3207.
Total (each side)..$5.886,719 $8,138,547 Surplus
479,656
414,595
Louisville & Nashville RR.
-Extra Dividend of
of p.A comparative income account was published in V. 122. p. 2648.-V. 122
2947.
June 17

1%.
-The directors on
declared an extra dividend
of
of 1% on the outstanding $117,000,000 capital stock,
8100, payable Aug. 10 to holders of record July 15. The
par
usual semi-annual dividend of 3% is payable on the same
-V. 122, p. 3335.
date.
Mexican Ry. Co., Ltd.
-Report Half Year Ended Dec. 31.
(Mexican Currency)1925.
1924.
1923.
1922.
Pass. rev. (incl. luggage) $1,975,055 $2,037,723 $1,668,208 $2,060,904
Goods and livestock rev_ 3,401.034
3,837,984 3,084,132
3,693.895
Express, pulque and sun854,809
963,183
dry earnings
861,412
999,359
$6,230,898 $6,838,889 $5,613,753 $6,754,158
Total revenue
594,529
Maint. of way & struc
678,696
656,921
736.345
1.798.620
Maint. of equipment_ _ _ 1.961,674
1.510.044
1,602,676
Conducting transport'n_ 3,307,995
3,566.250 3,070,199
2.788,515
476,580
General expenses
492,230
396,055
377,538
Balance, sur. or def__def$109,879 sur$303,093 def$19.466 sr$1,249,084
The net revenue account as of Dec. 31 1925 shows: Balance, deficit for the
half year to date. $109,879; which at 24d. equals a deficit of £10,988; less
transfer fees, £95; total, £10,892; add differences in exchange, £3.754.
Previous deficit, £649,080; interest on debentures. £82,696; general interest,
£6,449; deficiency carried to balance sheet, £752,872.-V. 122. p. 1165. 92.

Boston Elevated Ry.-Tenders.

Treasurer Henry L. Wilson, 31 St. James Ave., Boston, Mass., will until
June 23 receive bids for the sale to the company of 2nd pref. stock to an
amount sufficient to exhaust $108,659.-V. 122. p. 2648.

Burlington (Vt.) Traction Co.
-Sale.
The sale of the Burlington Traction Co.,the Military Post Street By.and
the Vergennes Electric o.by Vermont interests to the W. B. Foshay Co.
of Minneapolis was announced on June 14. They are to be merged into a
new company, the People's Vermont Hydro-Electric Co., which will be owned
by the People's Light & Power Corp., recently organized by the Foshay
interests.
The three Vermont companies generate all their power in hydro-electric
plants. They supply Burlington and points between that place and Vergennes. The value of the properties is about$2,000.000, which is between
one-fourth and one-fifth of the total value of properties now being consolidated with the People's Light & Power Corporation.
-V.112, p. 161.

Central Illinois Public Service Co.
-Bonds Offered.
Halsey, Stuart & Co., Inc., are offering at 96 and int.,
yielding 5.25%, 451,230,000 1st mtge. & ref. 5% gold bonds,
series E.
Dated May 1 1926; due May 1 1956. Interest payable M. & N. 1 at

Halsey, Stuart & Co., Inc.. Chicago or New York, without deduction for
Federal income taxes not in excess of 2%. Denom.$1.000.$500 and $100c5
.
Red, all or part upon 30 days' notice at following prices and int. to May 1
Minneapolis Northfield &Southern Ry.-Construction. 1936 at 105; on and from May 1 1936, to May 1 1946 at 103; on and from
-S. C. Commission on June 5 issued a certificate authorizing the May 1 1946 to May 1 1951 at 102%; on May 1 1951 at 102 and thereafter
The I.
company to construct an extension of its present line with Western Avenue at 102 less % of 1% for each full year elapsed after April 30 1951. Subsection 33, village of Golden Valley, thence in a general northerly sequent to April 30 1955, they will be redeemable at 100. Penn. and
In
-mills tax, Maryland 4% mills tax, Dist. of Columbia personal
direction to a connection with the Minneapolis, St. Paul & Sault Ste. Marie Conn. 4
of section
of Crystal, a distance of approxi- property taxes not exceeding 5 mills per $1 per annum, and Mass, income
Ry., in the north half Hennepin 8, villageMinn.
County,
miles, all in
tax on int. not exceeding 6% of such int. per annum refunded.
mately 6
-Authorized by the Illinois Commerce Commission.
Issuance.
Minneapolis St. Paul & S. S. Marie Ry.-Trustee.Data From Letter of Pres. Marshall E. Sampsell, June 3.
-Supplies without competition electrical energy for lighting
The Central Union Trust Co. of New York has been appointed trustee
Company.
-year
% gold notes, due June 10 1926.-V. 122, and power purposes to 289 communities in central and southern Illinois.
for the $1,500,000 2
Other forms of public utility services are also rendered to a number of
p. 3335.




3452

[VOL. 122.

THE CHRONICLE

communities. Most of the communities served are situated in the Illinois
corn belt or coal mining districts of the state. Company through its contracts for the purchase of power and from its own generating stations, has a
total available capacity of 122.215 k.w. including the capacity of its Grand
Tower plant of 50,000 k.w. initial capacity. Through the development of
the mining and drainage business, the company Ls able to utilize its investment during hours of off-peak, thus serving a total connected load far in
excess of its aggregate available capacity.
Security.-Mortzage securing these bonds covers all property now owned
or hereafter acquired and is now a direct first lien on physical property
representing expenditures of approximately $12,500,000 (including the
company's 50,000 k.w. electric generating station on the Mississippi River),
and will be a direct first lien on substantially all important future additions
constructed by the company. Moreover, through the pledge of bonds with
the trustee, the mortgage shares to the extent of over .53% in the lien of the
first and refunding mortgage which is a first lien on the balance of the
company's present property, subject only to $3,358,500 divisional underlying bonds.
Purpose -Proceeds will be used to partially reimburse the company for
additions, extensions and improvements to its property and for other
corporate purposes. [Construction is now under way on a new 66 000 volt
transmission line which will complete a super-power line extending from
Wisconsin to Kentucky and which will result in substantial benefits to the
territory served by the central Illinois Public Service Company, it was
announced on June 14. The new transmission line will extend from Muddy
Power Station. near Harrisburg. Ill., in Southern Illineis. North to Olney,
distance of approximately 85 miles. where this line will make connection
with the 66,000 volt line extending from Olney to Effingham, a distance of
40 miles. The link will close a gap in a continuous transmission system
extending from the water powers of Central Wisconsin, of the Wisconsin
Power & Light Co. through the Chicago District of the Public Service Co.
of Northern Illinois through the lines of the Central Illinois I ight Co. and
Illinois Electric Power Co. to Springfield where connection is made with
the Central Illinois Public Service Co. through Central and Southern
Illinois and finally to the West Kentucky system of the Kentucky Utilities
Co. The total transmission line distance of this interconnection is about
600 miles.]
Corattlidated Capitalization Outstqnding with Public (Upon Completion of
Presmt Financing.)
•
176.068 shs.
Preferred stock $6 cumulative
152.984 shs.
Common stock
$3.850.000
1st mtge. & ref. 610 series A. 1943
8.000.000
do do Os series C. 1944
.s series D. 1950
4.600.000
do do 51
1.230.000
do do 5% series E, 1955 (this issue)
Underlying divisional bonds (mortgages closed):
x3.358.500
Various issues maturing from 1927 to 1942 incl
Central 111..Pub. Ser. Co. (former co.) 1st & ref. mtge 5s,
x7,595.000
due Aug. 1 1952
205.5no
Equipment trust certificates and real estate mortgages
2,800.000
Unsecured serial gold notes, due 1926-1928 inci
Bonds of comnanles whose entlee canital stocks are owned by
3.008.030
company. maturing from 1929 to 1942 Ind
x Not including $9,132,500 pledged under the mortgage securing the 1st
mtge.& ref. gold bonds, of which $8.787.000, or 53.6% of the total amount
outstanding are let & ref. mt-e. 5% gold bonds. due Aug. 1 1952.
-Company has jointly and severally with the Inter-Ftate Public
Note.
Service Co. gouvanteed the payment of principal. interest and sinking fund
of the $3,000.000 1st mtge. 30 year sinking fund gold bonds, due Dec. 1
1951. of the Indiana Hydro-Electric Power Co.
Consolidated Statement of Earnings 12 Months Ended April 30.
1926.
1925.
Gross revenue (incl. other income)
$ .2 096 $12.108.189
6 89,
Operating expenses, maintenance and taxes
5.799,745
7.315.433
Net earnings before depreciation
$3.489,51 $4.7e2.75e
Annual int, on total bonded debt,incl. present issue. requires__ $1,807,020
Manaopment.-The operations of the company are controlled by the
-V. 122, p. 3337, 3080.
Middle West Utilities.

Central Maine Power Co.
-Bond Application.
-

Capitalization (Upon Completion of This Financing).
First collateral mortgage gold bonds, series A
8500,000
100 000
First preferred stock, 7% cumulative
200.000
Preferrec. stock
10.000 shs.
Common stock (no par value)
Valuation of Properties.
-The property of the Penobscot County Water
Co., based on a decision of the Maine P. U. Commission on Oct. 31 1922,
plus actual cash expenditures for additions and improvements since that
date, is valuen at $939,600, and the property of the Sharon Water•Works
Co. has been valued on a present day reproductive basis by Philip Burgess
of Burgess & Niple, engineers, of Columbus, 0., at $1.500,000. Therefore
all of the bonds, including this issue, represent a debt of approximately
60% of the total value of the properties.
Consolidated Statement of Earnings for the Year Ended Dec. 31 1925.
$367,772
Gross earnings
Oper. exp, and taxes, incl. income taxes and maint. and deprec'n
199.324
equal to 12%% of gross earnings
58.542
Interest charges subsidiary companies
Balance$109,906
$30,000
Annual interest charge first collateral mtge. 6s, this issue
Security.-rhese bonds will be secured by the specific pledge to the
Union Safe Deposit & Trust Co.. as trustee, of all of the capital stock,
except directors' qualifying shares, of the Penobscot County Water Co.,
the Sharon 'Water Works Co., and the South Sharon Water Co.
Sinking Fund.
-On May 1 1927, and annually thereafter, the company
shall deposit with the trustee not less than 1% of the amount of all bonds
issued and outstanding in bonds of this issue or cash to be used to purchase
ponds of this issue. The bonds in the sinking fund shall be held alive and
interest on same shall be added to the sinking fund. It is estimated that
this sinking fund will retire 25% of this series of bonds before maturity.
Consolidated Balance Sheet (After Giving Effect to This Financing).
Assets
$100,000
Plant and property
$2,151,606 First preferred stock
200,000
Cash and receivables
113,061 Preferred 7% stock
x199.646
Materials and supplies.51,655 Common stock
500,000
Special deposits
15,345 Funded debt
Deferred charges
91.100 Funded debt (subsidiaries) 938,000
Bills payable (subsidiaries) 124,522
23,659
Interest and taxes accrued
17,516
kccounts payable
319,423
Total (each side)
112,422.767 Reserves
x Represented by 10,000 shares of no par value

Cumberland County Power F.- Lirht Co.-Finonoing.It is announced that Harris. Forbes & Co. and A. C. Allyn & Co. have
purchased and will shortly offer $9,000.000 first mortgage 4ki% bonds, due
1956.-V. 122. p. 3209.
Detroit Edison Co.(& Constituent Cos.).
-Earnings.
Period Ended May 31- 1926
-1925.
1926-5 Moe.
-Month- 925.
Total oper. revenues__ _ $3.315.789 82.748.419 $17,316,381 514,428.690
Non-oper. revenues_.,_ _
1.332.299
121.362
1.619,281
135.719
Gross revenues
$3,437.152 82.881.138 818.966.661 815,820,989
Oper. St maint. charges,
reserves and taxes_ _ _ _ 2,379,469
1,974,707 12,587.904 10,503.258
1,550,964
Interest
1,523.118
305.217
319.836
Amortization, &c., and
178,994
miscell. deductions
35.279
136.669
27,334
Net income- -- - ----- $725,131
-V. 122. p. 3337. 3209.

East Bay Water Co. (Calif.).
-Annual Report.Cakmar l'Cars192o.
1924.
Grtss oper. revenues.-- $3,694,376 $3.478.811
Oper.exp., taxes. depr._ 1,843,975
1,812,161

Net revenue
Interest-...
Class A pref. divs
Class 11 pref. divs
Federal income tax

'Chicago, North Shore & Milwaukee RR.
-New Division.

Net to surplus
-V. 120. p. 2146.

-Dividends-Earnings.
Cities Service Co.
-

of 1%
Regular monthly dividends of .14 of 1% on common stock and
In cash have been declared on the common stock, together with the usual
monthly cash dividends of ;4 of 1% on the preferred and preference B
stocks, all payable Aug. 1 to holders of record July 15. Like amounts are
payable July 1.
1923.
12 Mos. End. May 31- 1926.
1925.
1924.
Gross earnings
821,202.593 $17,971.739 $16,970,500 $16,158.220
492.873
Expenses
833,377
753.633
537.913
Net earnings
820.369.216 817,218.106 $16,432.587 $15.665.347
2,575.166
Int.& disc, on debts.... 2,542.538
1,934.424
2,318.599
Balance
$17,826,678 $15,283,682 $14,113.988 $13.090.181
4.944.993
5,022,672
Preferred dividends_-_ 5,526,078
5.153.355
Net for com.stk.& res.$12,300.600 $10,130.327 $9,091,316 $8,145,188
-V. 122, p. 3337. 3080.

Consolidated Gas Co., New'York.
-Expansion

Expansion of company has been outlined by President George B. Cortelyou in a letter issued to stockholders with the quarterly dividend checks.
11,1(r. Cortelyou.announces that the company has an investment of $600,000,000 in land, plants, buildings and equipment. He added:"In addition
to our already great manufacturing stations, which are among the largest
in the world, there is being constructed at Hunt's Point in the Bronx a gas
plant, the first unit of which will have a daily capacity of 20,000.000
cubic feet. At Fourteenth Street and the East River, Manhattan, there is
being built a giant central station which, when completed, will have a total
capacity of approximately 1,000.000 h.p. Finally, the growth of our
clerical force makes it necessary to extend our present general office building
-V. 122. P. 1761
.

Consumers Water Co.
-Bonds Offered.
-H.M.Payson &
Co., Portland, Me. and G. L. Ohrstrom & Co. New York,
are offering at 98A and interest, to yield 6A,$500,000
first collateral trust mortgage 6% gold bonds, series A.

1922.
19.na,
$3,202,441 $2,887,160
1.453,590
1.597.059

Net oper. revenue_ _
$1,850.400 $1.666.650 $1.605.382 $1,433,570
Non-oper.rev.(net)__.
25.786
70.382
19.622
9.776

The company has applied to the Maine P. U. Commission for permission
to issue $5.500.000 5% bonds and $1.000.000 7% preferred stock. The
Commission was asked to defer action on $3,000.000 of the bond lasue, this
amount being intended for refunding the 75' bonds. The remaining
$2,500,000 of bonds is for construction work.
-V. 122. p. 3080. 2947.
On June 5 service was begun on the new Skokie Valley Division of the
above company, a line which represents an investment of $10.000,000 and
will shorten the running time between Milwaukee and Chicago by 30
minutes. Dining, parlor, and refrigerator cars are operated, as well as
cars to carry motor truck trailers. The latter can be loaded at the manufacturer's door, shipped by the electric line, and unloaded at the door of
-V. 122, p. 2947.
the consignee, eliminating two freight handlings.

8554.346 81.718,969 $3,587,773

$1,920,783 $1,686,272 $1,615,158 $1,459,356
894,219
1,116.820
961.148
919,354
387,016
454.128
444,208
404,516
112,020
149.3(0
149,360
149.3(0
50,033
53,568
52,184
60,349
$146,907

$70,707

$89,743

$16,068

East Coast Utilities Co.
-First Illinois
-Notes Offered.
Co. Chicago, Ill. are offering at 99 and int., to yield 6%,
$256,000 1-year e% collateral gold notes.

Dated June 11926: due June 11927. Int. payable J. & D. without deduction for normal Federal income tax not exceeding 2%. Denom. $1,000
and $500 C. Red. on 30 days' notice at 101 and.int. Principal and int.
payable at the Central Trust Co. of Illinois, Chicago. trustee.
Data from Letter of President
F. Straw.
Company.
--A Delaware corporation. Will own and operate, through its
subsidiary companies, the electric light and power properties in the towns
of Chincoteague, Hopewell, City Point, Waverly, Ivor, West Point and
Port Richmond, Va., and upon the completion of a high-tension line, now
under construction, will serve the additional town of Zuni. Will also own
and operate through a subsidiary an artificial ice plant at Chincoteague,
operating 12 months a year and selling its entire output at wholesale. The
total population served is estimated in excess of 20,000.
All of the properties to be owned by the company are located in the tidewater section of Virginia,and all but one are within a radius of 50 miles from
Richmond. The communities served are in the heart of one of the best
agricultural districts in the South. In addition to the properties located
In the cotton, peanut, berry and sweet potato sections, the Chincoteague
properties, located on the Atlantic Coast, serve one of the largest fish and
oyster communities in the country. The industries are sufficiently diversified to assure the continuous profitable operation of the properties.
Applications are in hand for sufficient new customers to increase the number of meters by more than 20%. In addition. operating costs will be materially reduced through contracts for the wholesale purchase of electrical
energy from the Virginia Electric & Power Co. to serve Waverly, Ivor
and Zuni.
-These notes will be secured by deposit with the trustee of all
Security.
of the preferred and common stocks except directors' qualifying shares of
all of the company's subsidiaries and by deposit with the trustee of $50.000
1st mtge. bonds of one of the subsidiaries. The properties of the subsidiary
companies are free from any bonded indebtedness. except $25,000 of bonds
outstanding of one of the subsidiary companies and the mortgage securitig
the bonds deposited. Additional notes may be issued against the acquisition
of additional securities in principal amount not exceeding 75% of the cost
or fair value, whichever is less, of such additional securities, and then only
when consolidated net earnings for a period of 12 consecutive calendar
months within the 15 calendar months immediately preceding such issuance
shall have been equal to not less than two times the annual int. charges
on all the notes outstanding and those proposed to be issued.
The value of the subsidiary properties as recently appraised by Day &
Zimmermann, Inc. will be, upon completion of improvements, extensions
and additions now in process, in excess of $400,000.
Capitalizatton (After Giving Effect to Financing)- Authorized. Outstand.
One-year 5% collateral gold notes(this issue)
$500.000 $250,000
cumulative preferred stock
250,000
120,000
2,500 she, 2,500 shs.
Common stock (without par value)
Consolidated Income Account of the Properties to Be Owned by the East Coast
Utilities Co.for the 12 Months Ended Dec. 311925.
Gross earnings
$89,178
Oper. exp., incl. maint., taxes & int, on underlying bonds
57,723

Dated May 11926, due May 1 1946. Interest payable M. & N. at the
Union Safe Deposit & Trust Co.. Portland, Me., trustee, or at the agency
of the company in Boston, Mass. Denom. $1,000 and $500 c*. Interest
payable without aeciuction for that portion of any normal Federal income
tax not in excess of 2%. Penn. and Conn. 4 mills tax and Mass. income
tax not in excess of 6% refunded. Redeemable, all or part, on 30 Ws'
notice, at 102 and interest.
Data from Letter of President of the Company.
Company.
-Organized in Maine to own and operate water-works proper
ties. It now owns all of the capital stocks, except directors' qualifying
Net earnings
shares of the Penobscot County Water Co., supplying water to the cities of
$31453
Annual interest requirements on notes (this issue)
Oldtown, Brewer and Ellsworth and the towns of Milford, Orono and
12,500
Veazie, Me., and the Sharon Water Works Co., supplying water to the
Balance
cities of Sharon and Farrell, and the towns of Masury and Petrolia. Pa.,
818,953
Purpose.
-The proceeds will be used for extensions, additions, new conand the township of Wheatland, Ohio. These subsidiary companies are
serving a population of approximately 75.000 with water for domestic,Indus structlon and other capital expenditures, including new substations at
Waverly and Ivor, new ice machinery and electrical equipment for Chinco,trial and fire protection purposes.




JUNE 19 1926.]

THE CHRONICLE

teatime and West Point and approximately 15 miles of transmission line,
which improvements, it is estimated, will increase net earnings 30%. are
-The franchises under which the properties are operated
Franchises.
without burdensome restrictions, and extend beyond the life of these notes.

3453

initial dividend of like amount for the 6 months' period ending Dec. 31
1925 was paid on the preferred stock on Jan. 15 1926.-V. 122. p. 3340.

-Spen-Bonds Sold.
Nevada-California Electric Corp.
cer Trask & Co., Blyth, Witter & Co., New York, and International Trust Co., Boettcher & Co., and United States
National Co., Denver, have sold at 954 and interest, to
-year
mortgage 30
-V. 121. p. yield about 5.30%, $23,000,000 first trust
See Omnibus Corporation under "Financial Reports" above.
5% gold bonds, series of 1956. Authorized, $50,000,000.
457.
Dated April 11926. maturing April I 1956. Interest payable A. & 0.at
-New Directors.
Hackensack (N. J.) Water Co.
the International Trust Co., Denver. Coln., trustee, or at Bankers Trust
-To Receire Diridend.Empire Power Corp.
-V. 122. p. 1608.
See United Gas & Electric Corp. below.
Fifth Avenue Pus Secur"ties Corp.-An.nunl

F. B. Plympton and J. Ii. P. Reilly have been elected directors, succeed- Co., New York, without deduction for Federal income tax not exceeding
-V. 122. 2%, which the corporation or trustee may be required or permitted to pay
ing Palmer Campbell, deceased, and Myles Tierney. resigned.
at the source. Denom. c5 $100. $500 and 51,039. and r* $1,000 and mulp. 2190, 1609.
- tiples thereof. Redeemable, all or part, on any interest date, upon 69 days'
-Earnings.
Havana Electric Ry., Light & Power Co.
notice, at 102% and interest to and including April 1 1954; thereafter at
1925.
1926.
Three Months Ended March 31and interest; all bonds So redeemed to be canceled.
53,888.834 $3,812,139 100
Operating reveaues
Data from Letter of President E. S. Kessler, June 12.
1.936,76/
1,996,208
Operating expenses and taxes
-Organized in Delaware. and owns all the outstanding
Corporation.
$2.892,596 $1,875,372 capital stocks, except directors' qualifying shares, and upon completion of
Net revenues
106,862 present financing will own all the bonds of the Southern Sierras Power Co.,
105.327
income
Other
the Nevada-California Powtr Co., Interstate Telegraph Co., Hillside
$1.997.923 $1,982,234 Water Co.. Cain Co.. and the Imperial Ice St Devel-pment Co.
Total income
269.433
263.961
Interest charges
The system is engaged in generating hydro-electric power on the eastern
slope of the Sierra Nevada M -untains and in transmitting such power over
51,733.962 51.712.801 an extensive transmission system, extending throughout southwestern
Balance.surplus
122, p. 3338, 3081.
Nevada and the entire eastern section of California from the middle of the
State south to the Mexican line.
-A ranisit(ens.Liniet Co.
Jersey Central Power
The system owns and cperates 11 hydro-electric plants having a total
The New Jersey P. U. Commission has approved the acquisition of the installed generating capacity of 93,420 h. p.. together with supplementary
Wildwood Gas Co. and the Boonton Gas Light & Improvement Co. by the steam and gas plants which bring the total generating capacity up to
Jersey Central Power & Light Co. The application of the latter company 106,620 h. p. Fu-ther development of water rights now owned or controlled
cumul. pref. stock will, it is estimated, adequately provide power requirements for many years
-year 514% bonds and 5296,600
to issue 5570.000 20
- to come.
In connection with the purchase of these companies was also approved.
The main hydro-electric plants are located In California. on Bishop Creek,
V. 122. p.2191.
In Inyo County. and on Owens River, and Leavining. Rush and Mill Creeks
-Pre ident.Kentucky Electric Power Corp.
in Mono County. These developments are among the best examples of
Ezra B. Whitman. a member of the Maryland Public Service Commis- true hydro-electric conservation to be found to-day. The Bishop creek
sion, has been made President. See also V. 122. p. 3339.
water, by means of connecting pipe lines. passes consecutively through five
generating plants (aggregating 43,520 h. p. generating capacity), the dis-Initial Dividend.
Lone Star Gas Corp.
charge from one plant being immediately caught up and delivered to the
The directors have declared an initial dividend of 37Si cents per share on next. There is, therefore, a minimum loss in flowage and in energy. Both
the capital stock (par $25). payable June 30 to holders of record June 21. the Bish-p Creek and the Mono County water sheds are situated well up
This is equivalent to 62 ti cents per share on the Lone Star Gas Co. stock. in the Sierra Nevada Mountains where the deep winter snows furnish natuwhich received 1 2-3 shares of Lone Star Gas Corp. stock in exchange for ral reservoirs which the summer sun melts, causing th wat r to run down
-V. 122. p. 2496.
each share. The old stock paid 50 cents quarterly.
Into the impounding reservoirs and thence through the power plants. As a
result of an important contract between
-Bonds Offered.
-W. C. subsidiary company, and the San Diego the Southern Sierras Power Co., a
Long Island Lighting Co.
Consolidated Gas & Electric Co.,
Langley & Co. and Bonbright & Co., Inc., are offering at executed in 1924. a tie line making physical connection of properties of the
companies has been completed, and has been In continu ms use since
$1,500,000 additional 1st ref. two 1924 in helping to meet requirements in Imperial Valley. This tie
100 and int., to yield
Aug.
mtge. gold bonds, series B 43%.
line pr ovides an additional 12.500 h. p. standby capacity service for the
1 1925; one Sept. 1 1Vod. Int. payable M.& S. at the office southern part of the system and will also permit the sale of surplus power to
Dateu Sept.
or agency of the company in New York. Red.. all or part. on 30 days' the San Diego company.
notice at 107 on or prior to Sept. 1 1929, and at 1% less during each period
Surplus power is interchanged with the Southern California Edison Co.
of 4 consecutive years tnerealter up to and incl. Sept. 1 1951, and at par through physical connections at Colton and San Bernardino. The system
thereafter to maturity, plus int. In each case. Denom. c* 51.000. 5500 and also transacts a general telegraph and telephone business, operating 650
$100 and r* $1.000. 55.000. 510.000 and multiples of 510,000. Company miles of line paralleling the power system. In addition, It operates an
agrees to pay the normal Federal income tax to the extent of 2% and to extensive ice manufacturing business In southern California.
-The system has 1.671 miles of
Transmission and Distributing Systems.
refund the Penna. and Conn. personal property taxes not exceeding 4 mills
per annum, and the Mass. Income tax not exceeding 6% per annum on in- high-tension transmission lines, of which 238 miles consist of a double circuit
The remaining transmission
come derived from the bonds. American Exchange-Pacific National three phase 140.000 volt steel tower line.
Bank. New York. trustee.
lines cover 83 miles of 140,000 volt single circuit wooden and steel pole
Issuance.-SubJect to authorization by the New York P. S. Commission. lines, 332 miles of 88.000 volt single circuit wooden pole lines, 317 miles of
55,000 volt single circuit wooden pThe lines. 16 miles of 33.033 volt double
Data from Letter of President E. L. Phillips.
-Company and Its constituent company, Queens Borough Gas and single circuit steel pole lines, 481 miles of double and single circuit,
Business.
and single
supply substantially the entire electric light and power and 33.000 volt wooden pole lines, and 204 miles of double there are circuit
& Electric Co.,
80S miles
11,000 volt wooden pale lines. In
gas service on Long Island up to the N. Y. city line and the Rockaway dis- 17.000 and pole distribution lines of 6.600 voltsaddition.
and under.
wooden
trict of the Borough of Queens. except the gas service in a portion of the of Capitalization (upon Completion of Financing)- Authorized. Outstanding.
County of Nassau. Kings County Lighting Co.. over 96% of whose outseries of 1956......x$53,000.000 $23.000.000
standing common stock is owned by Long Island Lighting Co., furnishes First trust mortgage gold bonds,
3,000.000
3.000.000
-year 6% debentures
15
gas in the southerly portion of the Borough of Brooklyn. The combined 7% cumulative preferred stock (par $100)
25,000,000
9.449.400
population in the territory served is in excess of 700.000.
25,000.000
8.588.300
-Proceeds will be used for additions, extensions and improve- Common stock (par $100)
Purpose.
x Additional bonds are limited by the conservative restrictions of trust
ments to the properties of the company.
which different series may bear
-Secured, equally with series A bonds, by a direct mtge. on the indenture. Bonds are issuable in series,rates, such provisions relating to
Security.
maturities, such interest
entire property of the company now owned or hereafter acquired. The such dates and such sinking fund and other provisions as the directors may
redemption and
indenture provides that the 1st mtge. of the Long Island Lighting Co. and
time to time determine. All bonds of whatever series shall be equally
the 1st mtge. of Nassau Light & Power Co. shall be satisfied on or before fromratably secured by the mortgage, except that sinking funds may be
their respective due dates, and that no new mtge. prior to the lien of the in- and
established for the exclusive benefit of one or more particular series,
denture may be executed in renewal or extension thereof or for the refunding
seeuritg.-W ill be secured by deposit with the trustee of all the outstandthereof. Upon the satisfaction of the first two mtges. the 1st ref. lenge.
ing bonds of the subsidiary companies, thus making the first trust mortgage
will become a 1st mtge.
gold bonds the only secured debt of the corporation and its subsidiaries
Capitalization Outstanding with public as of April 30 1926 (incl. Present outstanding in the hands of the public. and, in effect, a first mortgage on
Financin0)•
all the fixed properties comprised in the system. The following bonds are
1st mtge. 5s. 1936
$4,873,300 to be deposited with the trustee:
Nassau Lt. & Power Co. 1st mtge. 51. 1927 (closed)
756,000 The Southern Sierras Power Co. first mortgage 6% bonds_ ___511.297.000
let ref. mtge. gold bonds, series A,6s.1948
3,000,000 The Nevada-California Power Co. first mortgage 6% bonds__ 7,184.000
do Series B. 5s, 1955 (Including this issue)
2,500.000 The Imperial Ice & Development Co. first mortgage 6% bonds 2,399.000
8% secured gold bonds, 1945
3,867.000 Cain Co. first mortgage 6% bonds
1,591.000
7% cumulative preferred stock, par $100
695.000
Hillside Water Co. first mortgage 6% bonds
Common stock, no par value
shs. Interstate Telegraph Co. first mortgage 6% bonds
300.000.
384.000
Note.
-The capitalization of Queens Borough Gas & Electric Co., as of
April 30 1926, consists of 54,450.000 funded debt. $2.450,000 pref. stock
523.550.000
Total first mortgage bonds pledged
and 52.000.000 common stock, of which latter over 99% is owned by Long
In addition, a total of 516.455.800 par value (99% or over) of the capital
Island Lighting Co.
the subsidiary companies will be deposited as further security
The capitalization of Kings County Lighting Co., as of April 30 1926, stocks of first trust mortgage gold bonds.
for these
consists of 55.000.000 funded debt (mortgages closed except for refunding
indenture will provide that no bonds shall be sold or disposed of
The
52.316,400 pref. stocks and 50,000 shares of no par value common by anytrust
Purposes),
underlying company for any purpose whatsoever, unless such bonds
stock, of which latter over 96% is owned by Long Island Lighting Co.
shall be acquired forthwith by the Nevada-California Electric Corp., and
Combined Earnings.
pledged as security for its first trust mortgage gold bonds.
-The corporation covenants that it will cause to be
Redemption Fund.
Twelve Months EndedDec. 31 '24. Dec. 31 '25. Apr. 30 '26.
Gross income
58.658.178 59,774,741 510.413.274 deposited with the trustee to the credit of such fund, on or before May 1
Oper. exp., maintenance & taxes
5,964,455 6,335,392 and Nov. 1 of each of the years 1927 to 1931. inclusive, a sum equal to or
5,291,734
greater than 45 of 1% of the aggregate pri ,cipal amount of the bonds of
Net income
$3,366,444 53,810,286 54,077,882 this wades outstanding in the hands of the public two months prior to said
Interest, dividends and other deductions of sub. companies- _ 1,004.428 respectiverdates, and on or•before May 1 and Nov. 1 in each year thereafter
of 1%
up to the maturity of the bonds, a sum equal to or greater than
Balance before reserves & int. on L. I. Ltg. Co. bonds
$3,073,454 of the aggregate principal amount of bonds of this series outstanding in the
Annual int. on L. I. Ltg. Co. 1st ref. mtge. bonds (incl. this
hands of the public two months prior to such respective dates.
Issue) and underlying bonds, $586,465; 6% secured gold
The redemption fund shall be used at the option of the corporation, either
bonds, $232,020; total
$818,485 (a) for the purchase and (or) redemption of bonds of this series at not
-In common with other companies furnishing gas in exceeding the callable price; or (b)for investment in or payment for property
Gas Rate Situation.
the City of New York, Kings County Lighting Co. and Queens Borough of the corporation or underlying companies, against which no bonds of the
Gas & Electric Co. have been granted injunctions by the Federal Court corporation may be certified.
12 Mos.end
Calendar Years
restraining the enforcement of a rate of $1 per 1,000 cu. ft. of gas and a
1925.
1924.
Apr.30'26.
1923.
minimum heat unit standard of 650 B.T.U. per cu. ft. It is confidently
that the State law prescribing the $1 rate and 650 B.T.U. standard Gross oper. earnings__ 53.993,586 $4,498,840 84,874.441 $4.536.730
believed
will be declared confiscatory and unconstitutional. The earnings, as set Oper. & gen. exp., incl.
2,390,463
maintenance and taxes 2,035.336
2,389,473
2,201,303
forth above, so far as they concern ICings County Lighting Co.. are on the
basis of$1 30 gas.
-V.122,p. 2496.
Net operating profits_ $1,958,250 $2,109,366 $2,483.978 $2,635,428
Non-oper. earnings (net)
31.731
119.231
51.159
46.144
-Tenders.
Los Angeles Railway.
-Southwest Trust & Savings Bank, Los Angeles, Calif., will
The Pacific
Earns. applic. to int.
until June 25 receive bids for the sale to it of first and refunding mtge. 5%
chges., deprec'n, &c. $2,077,481 $2.160,526 52,515.709 $2,681,572
bonds,due Dec. 1 1940,to an amount sufficient to exhaust 559.045.-11. 121,
Annual interest requirements of 523,000,000 first trust mortp. 3131.
gage gold bonds
$1,150,000
Mexican Telephone & Telegraph Co.
-Redemption.
Additional Bonds.-Addltional bonds may be issued (1) par for par to
-year sinking fund gold refund this issue; (2) for the purpose of financing the cost to the corporation
All of the outstanding first ref. & ext. mtge.5% 20
bonds, dated Feb. 11910, have been called for payment Aug. 2 at 105 and or its underlying companies of new or additional properties, betterments
interest at the Old Colony Trust Co.. 17 Court 8t. Boston, Mass.
and extensions, or other property, rights, privileges and franchises, but only
As the interest on these bonds has been in default since Aug. 11915. the to the extent of 80% of the actual cost or fair value thereof. and then only
total payment will be 160. or $1.600 for each $1,000 bond. The amount when the net earnings of the corporation and its underlying companies for
f
of the issue was originally $620.000, of which $83,000 has been retired by 12 consecutive calendar months within the 14 calendar months immediately
fund. The bonds were Issued as of Feb. 1 1910, and interest was preceding the application for issuance of such additional bonds shall be equal
-V. 121, p. 1227.
to at least 1)1 times the interest requirements for one year on all outstanding
paid for five years, then defaulted.
bonds and those proposed to be issued.
-Preferred Dividend No. 2.
Mexican Utilities Co.
-The proceeds from the sale of the
Purposes.
have declared a semi-annual dividend of $3 50 per share on mortgage gold bonus, series of 1956, and $33.000,000$23,000,000 first trust
The directors
15-year debentures will
the preferred stock, payable July 15 to holders of record June 30. An
be used to retire $9,341,800 6% first lien series "A" bonds and $8,804,000




3454

THE CHRONICLE

[VOL. 122.

6% first lien series "B" bonds of the Nevada-California Electric Corp..
Ohio Public Service Co.
-Tenders.
$1,289,000 first mortgage 6% bonds of the Nevada-California Power Co.
Offers for the sale of Alliance Gas & Power Co. 1st & ref. mtge. 5% gold
and $1,774,500 first mortgage 6% bonds of the Southern Sierras Power Co.,
bonds dated June 1 1907, due June 1 1932, to an amount sufficient to
which now constitute the total bonded debt of the system in the hands of
the public, to defray the cost of new construction and for general corporate exhaust $13,604 will be received by the Guardian Trust Co., 623 Euclid
Ave., Cleveland, 0., on or before July 9 1926 at a price not to exceed 105
purposes.
-%r. 122. P. 3340.
and int.-V. 122, p. 2949.

Natural Gas & Fuel Corp.
-Suit.
An El Dorado, Ark., dispatch June 8 states: "Alleging that they had
been defrauded in a deal by which H. L. Doherty & Co., New York City,
entered the Arkansas oil fields two years ago, William Coates and J. B.
Sowell, wealthy local oil men, have filed suit for $1,000,000 judgment
against their former partner, T. H. Barton of this city, H. L. Doherty &
Co. and the Natural Gas & Fuel Corp.
"The complaint alleges that two years ago when Coates. Sowell and
Barton, then operating the El Dorado Natural Gas Co., found themselves
heavily involver., Barton was chosen to go to New York to sell their interests.
He returned, according to Coates and. Sowell, with the proposal that all
three sell out for $100,000 each, which the plaintiffs agreed to do. Subsequently, Coates and Sowell allege, they discovered that Barton had not sold
his share, but was remaining in the local field with a one-third in terest as
Doherty's partner and sharing in 'the immense profits'of the new company."
-V. 122, p. 883
.

New Jersey Gas & Electric Co. Dover, N. J.-Redemp'n
All of the outstanding first mortgage shildng fund 25
-year gold bonds,
due Jan. 1 1941, have been called for payment July 1 at 105 and interest
at the Logan Trust Co., trustee, 325 Chestnut St., Philadelphia, Pa.
V. 122. p. 1026.

New York Railways Participation Corp.
-Cash Distribution of $200 per Share to Be Made.
The corporation has determined to make its second distribution of "liquidating assets" to stockholders. The distribution will be made in cash
at the rate of $200 for each share of stock of participating corporation.
This second distribution will be payable at the office of Guaranty Trust
Co., 140 Broadway, New York City, on and after July 7 1926, to holders
of record upon the presentation of stock trust certificates (on which no
endorsement is necessary) for stamping together with receipts duly signed
by holders of record. (Receipts may be obtained upon request at the office
of Guaranty Trust Co.). Signatures to such receipts must be guaranteed
by a bank or trust company located or having a correspondent in New York
City or by a firm a member of the New York Stock Exchange. The first
liquidating distribution was $100 in bonds per share, made on April 5.
See also V. 122, p. 1763.

-Tenders.
New York Steam Corp.
Tenders will be received by the National City Bank of New York June 22
1926 for thc sale to it as fiscal agent, for delivery on July 1 1926, series A
pref. stock of the N. Y. Steam Co. to an amount sufficient to absorb $41,930
-V. 122. p. 2330.
at prices not exceeding 105 per share.

-Balance Sieet.New York Transportation Co.
For balance sheet as of Dec. 31 1925, see Omnibus Corporation under
-V. 122. p. 1763.
"Financial Reports" above.

North American Co.
-Production Breaks Records.
Output of the North American system for the week ending June 10 was
92,808,484 k. w.h., the largest weekly output in the history of the company.
For the 3 previous weeks output ran as follows: Week ending June 3, 85,726,473; May 27. 90.387,379; May 20, 90,366.704. The increase of electric output over the same period of last year for the same companies, it is
announced, has been running considerably in excess of 15% for the past
month.
-V. 122, p. 3341.

Peoples Telephone & Telegraph Co.
-Bonds Sold.
Rutter & Co., have sold at 1023 and int., to yield 6.25%
4
$400,000 1st mtge. 6M% sinking fund gold bonds.

Dated May 1 1926; due May 1 1946. Denom. $1,000 c* Principal
and interest (M. 84 N.) payable at the Chemical National Hank, N. Y.
City, or at the Bankers Trust Co., trustee, Knoxville, Tenn. Callable as
a whole only, except for sinking fund at 105 and int. less 31' of 1% for each
Year outstanding on any int. date on 30 days' notice. The company agrees
to pay Federal income tax up to 2% and will refund Pennsylvania 4 mills
tax and Connecticut 4 mills tax.
Issuance.
-Subject to the approval of the Tennessee P .U. Commission,
Data from Letter of J. C. Duncan, President of Company.
Business.
-Company incorporated in Tennessee on Feb. 3 1894, and
supplies telephone service in Knoxville, Tenn., and throughout the eastern
part of the State within a radius of 50 miles from Knoxville. The population served is estimated at 450,000 and the company reported 9,263 stations
in Feb. 1926. Company owns and operates 16 exchanges in Knoxville,
Clinton, Coal Creek, Dandridge, Jefferson City, Loudon, La Follette,
Fountain City, Maryville, Morristown, Mascot, Oliver Springs, Sevierville,
Philadelphia, Russellville and White Pine. Long distance service to all
parts of the United States is supplied over the toll lines of the Bell system
under contract with the Cumberland Telephone & Telegraph Co. The
company's franchise in the City of Knoxville is unlimited as to time and
without restr.ctions.
Security.
-Secured by direct first mortgage on all the property, rights
and franchises of the company now owned or hereafter acquired. A sinking
fund of 2% will be used to retire bonds on May 1 of each year. No additional bonds may be issued under this'mortgage except for not to exceed
75% of the cost or fair value of additions, extensions, and improvements,
and then only when net earnings after depreciation for the next preceding
12 months shall have been at least twice the interest charges. on all bonds
outstanding and those about to be issued. The company's fixed assets are
greatly in excess of all bonded indebtedness.
Earnings.
-The earnings for the last five years ending Dec.31,as reported
to the I.
-S. C. Commission have been as follows:
1925.
1924.
1923.
1922.
1921.
Operating revenues
$275,967 $272,737 $250,473 $230,475 $213,985
Oper. exp., inc. maint. and
taxes
165,897 163.112 156,511 132,353 128,281
Net operating revenues__ _$110,070 $109.625 $93.962 $98,122 $85,703
Depreciation
53,621
48,547
43,629
42,430 38,354
Avail, for fixed charges__ $56,449 $61,078 $50,333 $55.692 $47,349
For the last 5 years the net earnings available for fixed charges and
depreciation have averaged $99.497 or 3.82 times the annual interest charges
on the entire bonded debt to be presently outstanding,amounting t 426,000.
After appropriation for depreciation reserve equal to 5% annually on all
depreciable property net earnings for the last 5 years have averaged 2.10
times the interest charges on all bonds to be presently outstanding and
for 1925, earnings were 2.17 times interest charges. The company operates
under the supervision of the Tennessee P. U. Commission and reports annually to the 1.-S. C. Commission.

Portland (Ore.) Electric Power Co.
-Bonds Offered.
The National City Co. and Halsey, Stuart & Co., Inc., are
Northern Connecticut Power Co.
-Preferred Stock Sold. offering at 97 and int., yielding over 5.70%, $3,750,000 1st
-J. G. White & Co., Inc. and E. H. Rollins & Sons have lien & ref. mtge. gold bonds, series C, 5M%,dated May 1
due May 1 1951.
sold at 983/ per share and divs. to yield about 6.60%, 1926;payable M. & N. at National City Bank of New York without deInt.
10,000 shares of $6.50 cumul. pref. stock, no par value.
duction of the normal Federal income tax up to 2%. Four mills tax in

-J. Red. all or part on any div. date upon 30 days'
Divs. payable Q.
notice at 105 and diva. Exempt from present normal Federal income tax
and from the Connecticut property tax.
Data From Letter of President Walter P.Schwabe, June 3.
Company.
-Has been formed by the merger and consolidation of a group
of public service enterprises in Northern Connecticut. It owns and operates
properties which supply electric light and power, water and gas to a stable
and prosperous territory on both sides of the Connecticut River between
Hartford, Conn., and the Massachusetts state line. The population of the
territory served is estimated to be about 40,000. Of the present net earnings
of the combined properties, approximately 68% is derived tom electric
light and power business, including water power, 18% from water works,
and 14% from gas business. In addition to its developed properties, the
company owns the water rights,franchises and necessary adjacent lands for
hydro-electric development of the Connecticut River in the vicinity of
Windsor Locks. These water rights,in the opinion ofindependent engineers,
make possible the future installation of 34,000 h.p. of additional hydroelectric capacity.
.
C
Authorized. Out
First mortgage and refunding bonds
$2,100,000
a
Underlying bonds (closed)
241,000
b
Preferred stock, no par value
10.000 shs. 10,000 abs.
Common stock, no par value
25,000 abs. 25,000 abs.
a Issuance of additional bonds restricted by the provisions of the mortage.
b There are also $71,000 bonds in the sinking fund and $13,000 held by the
trustee for the 1st mtge. & ref. bonds.
Consolidated Earnings for 12 Months Ended April 30 1926.
$588,433
Gross earnings
302,342
Operating expenses & taxes except Federal income taxes
Annual interest charges on outstanding bonds
127,550
65,000
Preferred dividend requirements
$93,541
Balance avail, for deprec., Fed. taxes & common stock diva.
Available earnings as above amount to over 2.43 times annual dividend
requirements of this issue. See also V. 122, p. 1610.

•

-Earnings;
Northern Ohio Power Co.(& Subs.).
1926.
x1924.
1925.
12 Months Ended April 30$11,828,094 $10,601,435 $9,833,240
Gross earnings
7,634,630
Oper. exp., incl. taxes & maintenance 8,617,606 8,164,015
Gross income
Fixed charges (see note)

$3,210,488 $2,437,420 $2,198,610
1,915,882
2,229,271
2,145,892

4981,217
$282.728
$291,528
y Net income
-Fixed charges include interest charges and dividends on outstandNote.
ing pref. stock of subsidiary companies.
x In Feb. 1924 earnings were adversely affected by non-operation of Akron
City lines for •27 days. y Available for replacements, depreciation and
corporate purposes. z Before deducting provision for retirement reserve
for 1925 of $700,000.
Balance Sheet May 31 1926.
Liabtlittes
Assets.
x$3,732,209 Cap. stk.(491,070 she. no par) $491.070
Securities owned
355,414 Options on capital stock
y8,930
Cash on deposit
325,334 10-year 7% gold bonds, due
Adv.to N.O.P.&L.Co
Feb. 1 1935
3,410.700
6,780
Accounts receivable
Notes payable(paldJunell'26) 250,000
Accrued & reserve accounts_ _ _ 221,604
37.433
$4,419.738 Surplus
Total (each side)
xConsisting principally of $9,998,100 common, $100,000 7% pref. stock,
$581,500 gen. & ref. mtge. WY gold bonds of Northern Ohio Power & Light
Co. y 8.930 shares deliverable upon exercise of 8,930 options expiring
Aug. 1 1926, each 10 of which calls for the delivery of $100 10-year 7 gold
-V. 122,
bonds and 10 shares of capital stock upon receipt of $100 in cash.
D. 2330, 612.

-Initial Dividend.
Northwestern Bell Telephone Co.
The directors have declared an initial quarterly dividend of 194% on the
% preferred stock, payable July 15.-V. 122, p. 2041.




Penna. and Conn. personal property or exemption tax not exceeding 4-10%
of principal in any year refunded. Denom. c* $100. $500 and $1,000 and
r* $1,000, $5.000 and $10,000. Red., all or part, either at the option of
the company or by the sinking fund on any int, date on 30 days notice
at 105 to and incl. May 11936: at 104 thereafter to and incl. May 11941;
at 103 thereafter to and incl. May 1 1946; at 102 thereafter to and incl.
May 1 1948, and at 100 thereafter.
Data from Letter of Franklin T. Griffith, President of Company.
Company.
-Organized in 1906. Supplies electric light and power in
Portland and nearly 70 other communities in western Oregon; does the gas
business in Salem and operates city and interurban railway lines in Portland
and adjacent territory. Population served is approxmately 400.000. The
combined electric generating capacity of the system aggregates 160.000 h.P.,
of which 110,000 h.p. is in hydro-electric plants and 50,000 h.p. in reserve
steam stations. The new hydro-electric station recently constructed by
the company on the upper Clackamas River has a capacity at present of
35,000 h.p., but is designed for an ultimate capacity of 105,000 h.p. For a
period of over 17 years company has generated from water power over
85% of its total electric output. Steam power, when required, is produced
largely from supplies of wood waste available from the large saw mills in
this territory. Transmission system embraces over 550 miles of high-tension
lines interconnecting its hydro and steam electric generating stations with
over 20 substations, and as such forms an integral part of an extensive
super-power system which extends from Portland, Ore., to San Diego, Calif.
Company supplies more than 75% of the electric energy consumed in Portland and operates exclusively in the other communities served in Oregon.
The railway property includes about 303 miles measured as single track,
of which 190 miles comprise the city railway system in Portland and 113
miles are interurban lines.
Capitalization upon Completion of Present Financing.
Common stock
$11.250,000
6% 2d preferred stock
5,000,000
67 1st preferred stock
6,250,000
7.2% 1st preferred stock
a2,669,700
7% prior preference stock
6,798,700
1st lien & ref., series A 751s, due 1946
4.208,000
do series B 6s, due 1947
12,129,600
do series 0 55•513, due 1951 (this issue)
3,750,000
1st & refunding 54
b11,310,300
Underlying divisional bonds (3 issues)
c14.794,000
a Incl. $329,800 stock for which subscriptions have been received on a
partial payment plan, but does not incl, sales made locally by the company
since April 30 1926. b In addition, $20,136,000 are pledged under the 1st
lien & ref. mtge. and $4,867,700 are held alive in a sinking fund. c $2,098,000 additional bonds of one of these Issues are held alive in a sinking fund.
The 3 underlying divisional mortgages are closed, and no further 1st &
ref. mtge. bonds may be issued to the public,but as issuable under the terms
of that mortgage they must be pledged under the 1st lien & ref. mtge.
Furthermore, the aggregate amount of 1st & Ref. mtge. bonds and underlying bonds outstanding in the hands of the public will be substantially
reduced from year to year through the operation of their respective sinking funds.
Purpose.
-The proceeds will reimburse the company in part for the cost
of acquiring certain properties in the Tualatin Valley and other territory
contiguous to that now served by the company;for the cost ofimprovements,
extensions and additions to the properties necessitated by the rapid growth
of its business, including the interconnection with the present system of
the new properties acquired; for the retirement of debt, and for other corporate purposes.
Calendar YearsGross.
Int.Chges.
*Net.
1920
$9,542,678 $3,396,021 $1,576,970
1921
1,740,291
9,902,520 3,708,521
1922
1,895,576
10,100,007
3,878,152
1923
2.072,769
10,825.380 4,329,703
1924
2,283,714
10,841,618
4,383.618
1925
2,347,816
•11,045,063 4,487,414
1926 (12 months ended April 30)---- 11.413,380 4,628,625
2.356,660
*After oper. exp. current maint. & taxes (excl. income taxes).
Note.
-The above earnings for the 12 months ended April 30 1926 do
'
not reflect to the full extent the earning power of the company's substantial
investment in a new hydro
-electric station having a present installed ca pacity of 35.000 h.p., inasmuch as the initial cost included a largo part 0 1

THE CHRONICLE

JUNE 19 1926.]

3455

-The indenture provides that not less than 2-3 of
Provisions
include,
the outlay necessary for a materially greater capacity. They do recently the common of Issue. Public Service Electric & Gas Co. at any time outstock of
however, the earnings for the same period from certain properties
be pledged thereunder. Additional bonds may be
acquired by the company. Annual interest requirements on the $46,191,900 standing shall always not exceeding 50% of the cash received by Public
Issued to an amount
mortgage bonds presently to be outstanding amount to $2,541,941.
P. S. Commission Service Electric & Gas Co.from additional shares of common stock pledged
-On the bests of an appraisal by the Oregon
Valuation.
may be issued also to refund bonds of any
as of Dec. 31 1916 and subsequent net capital expenditures, the value of under the indenture. Bonds
Future issues may be in one or more
the company's public utility property alone is over $68,000,000, and the outstanding series par for par.
large real series, in such amounts and bearing such rates of interest and having
value of its property not utilized in the public service, including
other provisions within the limitations of the
maturity
estate holdings, is about $8,300,000, making a total valuation of over indenture dates and such of the corporation may from time to time deteras the directors
$76,300,000. The $46,191,900 mortgage debt outstanding with the public,
-V.122, p.3341. mine.
incl. the present issue, is less than 61% of this total value.

-Definitive Bonds Ready.
Peninsular Telephone Co.

The Irving Bank-Columbia Trust Co. is prepared to deliver definitive
1st mtge. 5;.6% gold bonds, series due 1951, in exchange for outstanding
temporaries (see V. 121, p. 3132).-V. 122. p. 95.

-New Subsidiary.
Peoples Light & Power Corp.

-V. 122, p. 2800.
See Burlington (Vt.) Traction Co. above.

-Annual Report.
Portland Gas & Coke Co.
Calendar YearsGross earnings
Oper. exp., incl. taxes

1922.
1923.
1924.
1925.
54,037,896 $3,748,510 $3,402,192 $3,383,536
2,186,496
2,218,457
2,423,898
2,660,737

Net earnings
Other income

$1,377,159 $1,324,612 $1,183,735 51,197.040
10,088
39,187
42,413
45,283

Number of Stockholders.

The names of 53,000 stockholders were carried on the books of the
corporation on June 1 1926. This total represents a new high record.
This increase is a result of the customer ownership campaign now in progress.
Since April 1 1926, when the present stock sales campaign started, the
company sold approximately,$3.000.000 of its 6% cum. pref. stock. a gain
The 53,000 stockholders now on the company's books represents
of 2,260% above the total of 2,249 stockholders carried on the books
Dec. 31 1920. The current total compares with 47,122 stockholders
reported on Dec. 31 1925, 41,263 on Dec. 31 1924. 29,310 on Dec. 311923.
16,433 on Dec. 31 1922, and 6.042 on Dec. 31 1921.
population of more than 3.000,000 in 239
The corporation serves
municipalities with electric light and power, gas, and street railway
and
and bus transportation. Its total assets aggregate $480,000,0002497.
gross revenue approximated $95,000,000 in 1925.-V. 122, p. 3211,

Public Service Co. of Colorado.-Acquiiition.-

$1,422,442 $1,367,025 $1,222,922 $1,207,128
Total income
has acquired the property of the Rifle Light & Power Co.
420,221 atThe company and plans to erect a, transmission line to connect the local
425.748
425,748
425,750
Interest on bonds
Rifle, Colo.,
23,338
23,638 system with its hydro-electric plant at Shoshone, Colo., 40 miles distant.
41,340
128,179
Other interest, &c
293,319
226,840 -V.122, p. 3084.
356,868
375.376
Divs. on pref. stock_ __ _
325.000
200,000
350,000
250,000
Renewal & replace. res
$211,429
$280,517
$193,069
$243,137
Comparative Balance Sheet Dec. 31.
1924.
1925.
1924.
1925.
$
$
Liabilities$
I
AssetsPlants & invest... _19,811,526 17,061,100 Preferred 7% stock 5,402,300 5,338,500
35,526 Common stock.. 3,000,000 3,000,000
133,151
Cash
5,999 Northwest Gas ;1:
392
Notes & loans rev.
Elec. Equip. Co.
852,678
846,376
Accts. receivable
300
300
capital stock_ _ _
362,309
Mat'l & supplies... 401,435
9,505 1st & ref. Mtge. 58 8,724,000 8,724,000
18,904
Prepaid accounts_
1st ln.& gen. M.7s 1,050,000 1,050,000
Reacquired secure.
Portl. Gas Co..1st
1,300
(pref. stock),..
371.000
371,000
mtge. 5s
x Treasury bonds_ 2,050,000 2,050,000
257,950
' Notes & loans pay_y2,857,000
4,633
Trust funds
487,215
Accounts payable_ 480,016
Unamortiz. bond
137,995
377,008 Consumers'depos_ 132,240
disct. & win_ .. 335,514
359,110
66.523 Accrued accounts_ 407,179
7,425
Deferred debits. _ _
681,736
771,898
Reserves
412,840
414,722
Tot.(each side)_23,610,656 20,820,646 Surplus
x Of this amount. $1,050,000 pledged with trustee under first lien and
general mortgage trust indenture.
y Represents largely advances for construction not yet funded.
Note.
-These are consolidated balance sheets of Portland Gas & Coke
Co. and its subsidiary, Northwest Gas & Electric Equipment Co., with
-V. 121, p. 1463.
Inter-company accounts eliminated.
Balance, surplus

-Bonds Sold.
Public Service Corp. of New Jersey.
Drexel & Co. and Bonbright & Co., Inc. have sold at 99
to yield about 5.57% $15,000,000 secured gold
and
bit.,
bonds, 53i% series due 1956.

-To Retire Bonds.
Service Ry.(N. J.).

Public
due July
The $500,000 5% 1st mtge. bonds of the Brunswick Traction Co. Pa., or
Phila.,
1 1926 will upon presentation at the office of Drexel & Co- be purchased
Bonbright & Co., New York. on July 1 1926.
at the office of
usual upon
at par. Coupons of these bonds due July 1 1926 will be paid as
-V. 122, P.
presentation at the Fidelity Union Trust Co., Newark, N. J.
2497
-New Common Stock
Railway & Light Securities Co.
Placed on a $2 Annual Dividend Basis.
on the

share
The directors have declared a semi-annual dividend of $1 per
Aug. 2 to holders of record
new common stock of no par value, payableregular semi-annual dividend
July 15. On Feb. 1 last the company paid a the old common stock, par
of $3 per share and an extra of $6 per share on
on a basis offive
$100, which was recently, exchanged for new no par stock
new for one old. Compare V. 122, p. 2497.

-Penn-Ohio Output.
Republic R. & Light Co.

Co. and
The Penn-Ohio System, controlled by the Republic Sty. & Light
the Penn-Ohio Securities Corp., reports:
1925. Increase
1926.
K.W. II. Output28,215,800 28.3%
36,221.102
Month of May
448.843.436 352.646,337 27.3%
12 months to May 31
the installaIt is announced that recent financing has provided funds for extensions
tion of 44,000 h. p. additional generating capacity and other in demand
which will be required to keep pace with the rapid increase
reflected in the power output figures, V. 122, p. 2043.

-Rights.
St. Louis Public Service Co.

of this
In connection with the subscription receipts for the common stock
Louis
company, which are being traded in on the St. UnitedStock Exchange.
Railways Co. of
notices from the reorganization committee for the
to holders of record of such subscription receipts
Dated July 1 1926; due July 1 1956. This series will be limited to St. Louis are being mailedinvites holders to purchase on or before July lb,
notice
$30.000,000. Principal and int. (J. & J.) payable at toe agency of the on June 15. This such additional shares as have not been subscribed by
50 a share,
corporation in New York or at the office of the trustee in Philadelphia, at $12
Transit CO. 5% bonds. The right to
at the option of the bondholder. Red. all or part at any time on not less holders of certificates in St. Louis the basis of one-tenth of a share for eaek
shares is on
than 40 clays' notice at a premium of 8% on or before June 30 1943; there- purchase the additionalby subscription recelpts.-V. 122. p. 483.
% on or before June 30 1944; said premium to be 134 shares represented
after at a premium of
reduced by 34 of 1% commencing July 1 1944, with a like additional reduc-Control.
Sharon (Pa.) Water Works Co. 1465.
tion commencing July 1 of each year thereafter, the bonds to be callable
-V.98, p.
See Consumers Water Co. above.
atar on and after July 1 1954;in each case with accrued interest. Denom.
and r* $1,000,$5.000 and $10,000. Fidelity Trust Co.,
c• 1,000 and $500
-Definitive Bonds.
Sioux City Service Co.
Philadelphia. trustee. Interest will be payable without deduction for
ready for
Definitive 1st mtge. gold bonds,6% series due 1951. are now
Federal income taxes not exceeding 2% per annum. Any Penn., Maryland,
or $3 30 per delivery in exchange for outstanding receipts of Halsey, Stuart & Co., Inc.,
Conn. or Mass, taxes not exceeding in each year $4, $4 50, $4
Co.. Chicago. Ill. For
$1,000 bond respectively will be refunded, but not more than one such for the said bonds at the Illinois Merchants Trust
state tax will be refunded on the same bond for the same year.
offering of bonds see V. 122, p. 482.
Listing.
-Application will be made to list these bonds on the New York
Stock Exchange.
Southern Counties Gas Co. of Calif.-Earnings.Data from Letter of Pres. Thomas N. McCarter, June 15.
Earnings for Four Months Ended April 30 1926.
-Controls through stock ownership some of the largest Gross earns., $2,183,563;oper. exp.& taxes, $1,345,183; net earns-$838,380
Corporation.
depreciaimportant systems of public utilities in the world. Its subsidiary Bond int., $199.284; non-oper. exp. & amort., $52,675;
and most
478.061
companies provide the electric power and light, gas, street railway and motor
tion. $226,102; total
bus services in the larger cities and more populous sections of New Jersey,
060.3111
dividends and surplus
the street
excepting the shore resorts, the gas service in Elizabeth and
Balance available for
railway in Trenton. The territory served extends from the Hudson River -V. 122, p. 1764, 483.
opposite New York City, southwest across the State to the Delaware River
-Debentures
Opposite Philadelphia,and includes Newark.Jersey City,Paterson,Trenton,
Southeastern Power & Light Co. (Me.).
Camden Elizabeth, Bayonne, Hoboken, Passaic, the Oranges, Perth Am- Sold.-Bonbright & Co. have sold at 95 and int. to
boy, Union City and New Brunswick.
gold debenThe Corporation owns all of the common stock. except directors, qualify- yield over 6.30%, $12,500,000 additional 6%
ing shares, of the following companies: Public Service Electric & Gas Co.,
tures, series A.
Public Service Electric Power Co., Public Service RR., Public Service
to and incl. March 1
Dated Sept. 1 1925; due Sept. 1 2025. Red. up thereafter at principal
Production Co., Public Service Transportation Co., Public Service Stock &
2020, all or part, upon 30 days' notice at 110 and int.;
Bond Co. and substantially all of the stock of Public Service Sty.
(M.& S.)in N.Y.City. Denons.c* $1,000.
-The proceeds will be used to reimburse the Corporation's amount and int. Int. payable $10,000. Company will agree to pay int.
Purpose.
treasury for advances previously made to Public Service Electric & Gas $500 and $109 and r• $1,000 and Federal income tax up to but not exceeding
Co. for additions and betterments to the property of that company, and without deduction for the normal
income tax not exceeding
for other corporate purposes.
2% per annum. Penna. 4 mills tax and Mass.
-Columbia Trust Co., New
Securiit/.-These bonds will be direct obligations of the corporation and 6% per annum refundable. Irving Bank
will be secured ratably with the outstanding 519,698,000 secured gold York, trustee.
of the Company.
bonds 6% series due 1944, by pledge with the trustee of 7,005,000 of the
Data from Letter of Thomas W. Martin,President
successor to the Ala
9,500,000 shares of common stock of Public Service Electric & Gas Co.,
Company.-Incorp. in Sept. 1924 in Maine; is the on a similar business
to be presently outstanding, all of which common stock is owned by the
Power Co., Ltd., which carried
corporation and represents a cash investment at the rate of $10 per share. barna Traction, Light & through common stock ownership, among other
Co., Mississippi
The Electric and Gas Co. owns or operates substantially all of the prop- since 1912. It controls
&
holdings, Alabama Power Co., Georgia Sty. Co.Power
erties constituting the electric and gas systems of the corporation.
Gulf Power
The earnings of the Electric and Gas Co. system for the year ended Power Co., Gulf Electric Co. and
furnishes electric
The Southeastern company, through these subsidiaries, serving some 83
April 30, 1926, after depreciation and available for dividends on the common
the entire State of Alabama.
stock to be pledged to secure these bonds, were over $9,500,000 or over power and light to practically
including Montgomery, Mobile, Birmingham (wholesale)
Gadsden, Hunts434 times the annual interest charges on the $34,698,000 secured gobs cities and towns,
the entire Birmingham industrial region, Anniston.
bonds outstanding including this issue. The same earnings, averaged over and
to the agriculSelma, Sheffield, Demopolis, Eufaula and Greenville;
a period of 3 years, were over $7,650,000 or over 3.75 times such interest ville, and industrial regions in eastern and southern Mississippi, serving 20
tural
and the
charges.
including Meridian. Laurel, Hattiesburg, Gulfport
communities,
Capitalization in the Hands of Public upon completion of Present Financing entire Mississippi Gulf Coast; to West Florida, including Pensacola and
in the northern
(and not Including Intercompany Obligations).
Panama City and directly and indirectly to 72 municipalities in general and
Perpetual 6% interest-bearing certificates
$19,001,639 half of Georgia, including the city of Atlanta. Its territory a large and
Pub. Serv. Newark Term. Sty. 5% 1st mtge bonds (assumed)_
4,724,000 the Birmingham and Atlanta districts in particular affords
co's subs.
19,698.000 diversified market at reasonable rates for power produced by the Anniston,
Secured gold bonds,6% series due 1944
Montgomery.
15,000,000
Secured gold bonds, 534% series due 1956 (this issue)
It also supplies all the street railway business in
$21,531,200 Tuscaloosa, Gadsden, Sheffield, Huntsville and Atlanta, and the gas busiPreferred 8V cumulative stock
Preferred 7 cumulative stock
28.465,200 ness in Montgomery. Anniston, Tuscaloosa, Selma, Decatur and Albany,
Preferred 6 cumulative stock
.954.900 Ala.; Meridian and Hattiesburg, Miss. and Atlanta, Ga.
owns valuCommon stock, no par value (present div. rate $5 p.sh. p.a.)-1,192.425 she,
The company also controls the Southeastern Fuel Co., which
also outstanding in the hands of the public $184,509,652 bonds able holdings of coal deposits in the heart of the Warrior coal fields near
There are
estimated to contain
and other obligations and $77,263,162 stocks of operating subsidiaries and Birmingham. Ala., comprising about 12,000 acres which was organized
lessor companies.
upwards of 138,000.000 tons of recoverable coal, and of the Southeastern
primarily to supply the fuel requirements
Consolidated Earnings of Public Service Corp. and its Subsidiary Companies in 1924 Light System.
Power &
(after Elimination of Intercompany Items).
Outstanding.
Authorized.
Capitalization1925.
1926.
Years Ended April 30-$39,738.900
2025 (incl. this
$91.430,215 $100,850,247 6% gold debs., ser. A,due $7 cumulative issue)x shs. 100,000 shs.
Gross revenues (including non-operating)
100,000
no par value,
59,911,271
63.456.052 Pref. stock, no par value, $6 cumulative
Operating expenses and taxes
None
100.000 shs.
Prof. stock,
650,000 she. 404,647 shs.
no par value
$31,518,944 537,394.195 Participating pref. stock,
Net earnings before depreciation
4,000,000 shs. 2,021,771 she
Common stock, no par value
of subsidiary companies
12,960,114
Income deductions
473,378
Opt. warrants to purch. coin. stk. at $50 p.sh. 473,378
Annual int. on funded debt of Public Service Corp. of N. J.
x Limited by the restrictions of the debenture agreement.
3,383,178
(including this issue)
Southeastern company owns 100% of the common stocks of its subThe
$21.050.903 sidiary companies (with the exception of Georgia Ry.& Power Co.,in which
Balance for depreciation and dividends




3456

THE CHRONICLE

there is a minority interest of less than 1%), which as of April 30 1926 had
outstanding with the public funded debt and mortgages aggregating $108,555,047 and 351,544 shares of pref. stocks.
Purpose.
-Proceeds will reimburse the company for expenditures in connection with the acquisition of properties, and wfil provide funds for other
corporate purposes.
Consolidated Statement for the Year Ended April 30 1926.
Gross earnings from all sources
$35,915,399
Oper. exp.(incl. maint.,taxes & res. for renewals & replacem'ts) 22,228.535
Net earnings
$16,686,864
Interest and dividends on subsidiaries' securities now held by,
public, and other prior charges incl. minority Interests
9,108,604
Balance accruing to Southeastern company
$7,578,260
Annual int. requirements of $39,738.900 debs., incl. this issue.. $2,384,334
-V. 122. p. 3212.

[You 122.

Consolidated Balance Sheet (Company and Subsidiaries).
Apr. 3026 Dec.31'25
Apr. 30'26 Dec.31'25
Assets$
$
, $
LiabilitiesxPlant, equip., &c. 5,721,075 5,762.796 7% pref. stock__ _ 3,543,318 3,548,318
Cash
549,526 Com.stk.equity __ y874,470 1,015,969
534.055
Accts. receivable
30,246
27,345 First mtge. bonds_ 3,935.500 3,945,500
Inventories
3,713,576 4,279,363 Acceptances pay'le 1,234.030 1,261,830
Prepaid Maur., &c.
47,806
711,015
48.249 Accts. pay'le. 5:c _
308,140
Sinking fund cash_
92,062
495
9,587 Accr. tnt. payable_
45,914
Deferred charges
7,449
113,521
11,350 Res. for conting„ 108,330
Total
10,054,702 10.688,215 Total
10.054,702 10,688,215
x After deducting reserves for depreciation and plant contingencies.
2l er eg3ted by 194,869 shares of common stock, no par value.
ar . .
.
-V.

r

Alpine Montan Steel Corp., Austria.
-Production, ctc.

Production (in Tons)May 1926. 5 Mos. '26.
Southwestern Light & Power Co.
-Acquisition.
442,000
80,100
The citizens of Lone Wolf, Okla., recently voted to sell the municipal Coal
Raw iron
515,300
98,600
electric plant and grant a franchise to the above company.
-V.122, p. 2498. Pig-Iron ore
162,800
28.900
Steel ingots
164,700
32,100
Union Gas Corp.
-Initial Quarterly Dividend.
Rolled iron
125,300
23.600
The directors have declared an initial quarterly dividend of $1 75 a share
6,400
1,100
on the pref. stock, payable July 1 to holders of record June I5.
-V. 122, Workshop manufactures
Shipments (in Tons)
p. 2950.
Coal to customers other than subsidiaries
1
167 11 ,
28,800
31,
7,600
Union Water Service Co.
-G. L. Ohr- Pig-ironiron
-Bonds Offered.
Rolled
105,800
22,300
strom & Co., Inc. are offering at 97M and int., to yield
Orders Received (in Tons)
Coal
146,500
27,600
about 5.70%,$2,5130,000 1st lien
% gold bonds, series A. Pig-Iron
20,800
2,400
Dated May 1 1926: due May 1 1951. Principal and int. (M. & N.) Steel ingots
132,700
31.000
payable in N. Y. City. Denom. $1,000 and $500 c*. Red. on any int.
Total of outgoing invoices
$1.104.000 $5,481,000
date upon 30 days' notice: to and incl. May 1 1929 at 105 and int.: thereAt the end of May 1926 there were at work in the company's plants 7,870
after to and incl. May 1 1934 at 103 and int.: thereafter to and incl. May 1
-V.122,p.2802,1458.
1942 at 102 and Int.; thereafter to and incl. May 1 1950 at 101 and int.: miners and 5.342 mill-hands,a total of 13.212 people.
thereafter at par and int.; also In the event that any municipal corporation
American Agricultural Chemical Co.
or any Government subdivision acquires all or any part of the property
-7'o Redeem
of any constituent company,all or any part of the bonds,in principal amount $3,000,000 of First Refunding
Mortgage Bonds, Series "A."
not exceeding the price so paid for such property may, at the election of
lc was announced this week that the company has elected to redeem on
the company, be declared due and payable at par and int. Int. payable
Without deduction of any Federal Income tax not in excess of 134%;P'enna., Aug. 1 1926 $3,000.000 of its outstanding 1st ref. mtge. sinking fund gold
Conn., Kansas and Calif. taxes not to exceed 4 mills; Maryland taxes not bonds, series A, at 10334 and interest. Holders of bonds of the serial
to exceed 434 mills- Kentucky and Dist. of Col taxes not to exceed 5 mills; numbers drawn by lot for redemption are asked to surrender them with the
Mich. exemption tax not to exceed 5 mills; Virginia taxes not to exceed Feb. 1 1927 coupons, and all coupons maturing subsequent to that date,
.-V.122,p.3213.
534 mills, and Mass, income tax not to exceed 6% to resident holders upon at one of the offices of Lee, HiggInson & Co.,for pay ment
timely and properly application, refunded. New 'York Trust Co., trustee.
American Brown Boveri Corp.
-Dividend No. 2.
Data from Letter of President of Company.
The directors have declared a regular quarterly dividend of 50 cents a
Company.
-Through Its constituent properties, will supply without com- share on the participating stock, no par value. payable July 20 to holders
petition water for domestic and industrial purposes to 13 communities of record July 10. On April 20 last an initial dividend of like amount was
located In New York, New Jersey, Pennsylvania and Ohio. The communi- paid on this issue. The directors also declared the regular quarterly divities served with water at retail include Ocean City, West Paterson, Butler, dend of 13 % on the preferred stock, payable July 1 to holders of record
,
f
Little Falls, Bloomingdale, Smith-Mills, N. J.; Massillon, 0.: Punxsu- June 25.-V. 122. p. 3213.
tawney, Big Run, Pa. In addition, NA hlte Plains, N. Y., and Pompton
Lakes, N. J., are served with water at wholesale; and Pompton Lakes in
America nSeatingCo.(N.J.)-Organized-NewFinancing.
turn serves at wholesale Haskell, Riverdale and Wanaque, N. J.; and sewer
Announcement was made this week of the formation of
service is rendered In Ocean City, N. J. Excluding the large summer organized in New Jersey which will acquire the businessa new corporation
and assets of the
population of Ocean City, the total population served is approx. 105.000.
American Seating Co., which has been in business since 1906.
The water supply of the properties of the constituent companies is divided financing is being arranged in connection with the reincorporationSome new
of
between 22,000,000 gallons per day of well capacity and 10,250.000 gallons company and Bedell & Co., and Prince & Whitely of New York are the old
underper day of effective yield of the gravity systems, making a total of over stood to have underwritten the securities
company.
32,250.000 gallons effective daily supply. The daily pumping capacity agement of the company will continue inof the new of the men The manwho have
through steam and electrical pumping equipment Is over 23,900,000 gallons, conducted the affairs of the organizatlen the hands
for years.
with the capacity of the gravity systems this makes a total effective daily
The company specializes in
capacity of over 34.150,000 gallons compared with a total present daily but more than 80% of the gross mass seating and handles school supplies,
volume of business is confined to the manuconsumption of 5.300.000 gallons. The total storage capacity both for facture of schoel desks and seats, and theatre seating.
reserve purposes and Impounding reservoirs is over 304.o00.000 gallons.
Sales and profits of
The distribution systems of the company consist of over 207 miles of mains six years. Net sales the company have increased steadily during the past
aggregated $9,111.410 In 1925, against $7,115,
684
and serve a total uf 17 A34 active consumers.
in 1920, and net profits available for
Capitalization (Upon Completion of Financing)- Authorized. Outstand'g. in 1925, against $809,565 in 1920. interest and dividends were 31,353.752
Ist lien 534% gold bonds,series A, 1951 (this Issue)
$2,500.000
x
Common stock (no par value)
A meriepn Sumatra Tobacco Co.-PParganization.10,000 shs. 10.000 shs.
x Additional 1st lien bonds may be issued to refund an equal amount of
The stockholders will vote June 28 on concluding the reorganization
bonds of future constituent companies or to refund bonds of different series and transferring the assets of the
company to the new company as of Aug. 1.
Issued under the trust indenture.
About 96%
the
Security.
-Secured by a 1st lien on all the outstanding bonds and capital holders haveof the preferred stockholders and 92% ofalso common stockdeposited their stock under the plan. See
V. 122. p. 2951.
stock, except directors' qualifying shares, of the present constituent companies. These tat lien bonds are, therefore, in effect equivalent to 1st
American Woolen Co.
-No New Financing Planned.
mtge. bonds. The securities so pledged include all of the 1st mtge. bonds
of said constituent companies, which 1st mtge. bonds are equal in principal President A. G.Pierce has authorized the followir g statement:
amount to the principal amount ofthe 1st lien bonds of this issue. The trust
The company is not now considering, nor has it at any time considered,
indenture will provide that any additional bonds or stocks which may be the sale as rumored of a bond issue. Being amply supplied with working
Issued by constituent companies in the future shall likewise be pledged as capital, it has no reason to and does not contemplate new financing of any
additional security under the trust indenture. The issuance of the M a.ssillon description.
Water Service Co. 1st mtge. bonds is subject to approval by the Ohio P. U.
Notwithstanding the continuation of a generally depressed condition of
Commission, and the issuance of the Ocean City Water Service Co., the the textile industry, the company has booked substantially greater business
Ocean City Sewer Service Co. and the Mountain Water Service Co. 1st than a year ago to this date. The volume of sales in the current heavymtge. bonds is subject to approval by the New Jersey P. U. Commission.
weight season Is ahead of last year, and despite substantially lower prices
Valuation.-The value of the various properties, based on the average for goods, dollar and cents volume is in excess of 1925.
cost prices for the past 10 years, is estimated to be in excess of $4,780,000.
The manufacturing staff has given careful attention to and has put in
Consolidated Earnings of the Properties of Constituent Companies.
operation many economies in the production of the eempany's merchandise,
Years Ended
Dec. 31 '25 June 30'26x Which are being tangibly realized in the Income account.
Gross revenues
While final results cannot now be accurately estimated, If operations
$524,638
$490.232
Oper. exp., maintenance and taxes
231.997 are continued on the present basis, and indications are that they will im218,134
prove, our expectation that the preferred dividend will be fully earned will
Balance
$292.641 be realized.
$272,(.98
Annual int. on entire funded indebtedness (this issue)
Nothing can be added to the statement of the preferred dividend policy
137,500
x Month of June 1926 estimated.
contained in the 1925 annual report(V. 122, p. 1448), which reads as follows:
The above statements do not reflect the increased earnings which will
"The dividend on the preferred stack has been paid without interruption
accrue to the company during the coming year, due to rate increases recently I and the amount of the surplus of the company together with the present
put into effect.
Prospects for profitable business, lead the directors to believe that the mainPurpose.
-The proceeds will be used to retire all funded indebtedness tenance of the preferred dividend is secure. Under normal conditions the
against the properties outstanding in the handsfof the public and to partially Company's system of fifty-five plants is capable of earning a substantial
reimburse the company for necessary Improvements, betterments and ex- balance over and above its charges and preferred dividends and it is hoped
tensions to the properties and for other corporate purposes.
that the return of normal conditions is close by."
There are many real indications that the end of the depression in our
United Gas & Electric Corp.
-Initial Dividend.
business has been reached. and If that is so, a return to normal conditions.
The directors have declared an initial dividend of $1 per stmt.a on the Is close at hand.
-V. 122, p. 1614.
common stock, no par value, payable June 19 to holders of record June 18.
More than 95% of this stock is owned by the Empire Power Corp.
Arnold Print Works.
-Definitive Bonds Ready.
Treasurer J. A. McKenna says: "When, on or after June 19 1926 com.
The Chase National Bank announces it Is prepared to deliver definitive
stock of this corporation is issued In exchange for any of the securities of the 1st mtge.6% sinking fund gold bonds in exchange for outstanding Interim
old corporation, pursuant to the agreement for consolidation dated June 21 receipts. See also V. 122. v. 1173. 1459.
1923, therein provided to be so exchangeable, then holders ofsuch exchangeable securities will be entitled to receive an amount in cash equal to $1 per
Asbestos Corp., Ltd.
--Offer Made to Bondholders of Asbesshare of the corn, stock o ..thls corporation so issued."
-V.122, p. 2499.
tos Corp. of Canada, Ltd.
See that company below.
Western States Gas & Electric Co.
-V.122, p. 3344.
-Tenders
.The Girard Trust Co., trustee, Philadelphia, Pa., will until July 7 1926
A sbestos Corp. of Canada, Ltd.
-Exchange Offer.
receive bids for the sale to It of 1st & ref. mtge. 5% gold bonds, due June 1
The holders of 1st mtge. 30
-year 5% sinking fund gold coupon bonds
1941, to an amount sufficient to exhaust $135,142 at prices not exceeding
have been notified that the Asbestos Corp., Ltd., offers to exchange such
105 and interest.
-V. 122, p. 2500.
bonds for an equal aggregate principal amount of 1st & ref. mtge. 15
-year
6% sinking fund gold coup n bonds of Asbestos Corp., Ltd.(new company
bonds). The exchange will be effected on and after July 1 1926 by the
Royal Trust Co.. 105 St. James St., Montreal, P. Q. This right of
INDUSTRIAL AND MISCELLANEOUS
exchange expires on Nov. 1 1926.-V. 122, p. 2951.
Refined Sugar Prices.
-.On June 16 Arbuckle reduced price 10 pts. to 5.50c.
for prompt shipments, but on June 17 returned to 5.60c. firm.
Barnet Leather Co., Inc.
-Obituary.
Price of Lead Advanced.
-American Smelting & Refining Co. advanced
Treasurer Mortimer H. Heyman died on June 5.-V. 122, p. 2802.
prices as follows: June 15, 15 pts. to 8.15c. per lb.; June 16, 10 pts. to
8.25c. per lb.
Beacon Oil Co., Boston.
-Acquisition.
Matters Covered in "Chronicle" June 12.-(a) W. A. Sillcworth, former
The Colonial Filling Stations division of the Beacon Oil Co. has acquired
President of Consolidated Stock Exchange. begins 3 months' prison sentence the Narragansett
stations in
for participating in scheme to defraud, p. 3289. (b) New York Cotton Rhode Island, ofFilling Stations. Inc., which operates ten filling
which eight are In Providence -V. 122. v. 1614.
Exchange elects officers, p. 3289.

Belding Heminway Co.
-Consolidating Mills.
-

Amalgamated Silk Corp.(& Subs.).
-Earnings.
The company announces that two of its smaller mills have been con4 Mos.End.-6 Months End.- solidated with larger units. This action, it is pointed out, is in line with
PeriodApr.30'26. Dec. 31 '25. June 30'25. the policy of effecting economies in the production of both broadoilk and
Gross income after deprec. & taxes__
$611.884 silk thread, announced at the time of the consolidation of the Belding
$685,495
$103.281
Interest on bonds
138.092
91,945
138.092 and Heminway companies. General E. C. Young, President of the comInterest and commission to factors...
195.494
152.835
224,151 pany, stated that the move does not Indicate any reduction in output.
4
The mills which have been closed are located at Winsted, Conn.,Cand
Net Income-added to surphui____Ioss$141,499
$351,908
$249,641 Haverstraw, N. Y. The former was a thread mill and the latter a broad




eTTINH

19 1926.]

THE CHRONICLE

silk mill. Belding Heminway mills now total 11, located in the East,
-V. 122, p. 1767. 1174.
Central West. and on the Pacific Coast.

-Marine Certificates Called.
Bethlehem Steel Co.

-year 7% marine equipment trust certificates due
All the outstanding 15
Oct. 1 1935 have been called for redemption July 9 at 102X and dive. at
the Guaranty Trust Co., 140 Broadway, N. Y. City.
The trust company has been authorized by the company to purchase
any of the above-mentioned certificates on any date prior to July 9 at 1023's
-V.122, p. 1459.
and Wits. to the date of surrender.

-Bond Exch.
Black Lake Asbestos & Chrome Co., Ltd.
The National Trust Co., Ltd.. trustee. 153 St. James St. Montreal,
Quebec, Canada,is prepared to deliver a share of non-cumulative 7% pref.
stock of the Asbestos Corp., Ltd., in exchange for each $1,000 of 2d mtge.
income bonds surrendered for cancellation with coupon No. 12. due Sept.
1919. and No. 16, due Sept. 1921, and subsequent coupons attached.
Holders of $500 bonds will be entitled to fractional certificates of interest
-V. 121, p. 2756.
against surrender as aforesaid.

-Earnings.Borg & Beck Co. Chicago.

3457

Outstanding..
Authorized.
Capitalization1st closed mtge. 6)4% bonds due 1926 (this
$650.000
$650,000
issue)
841,600
1.400.000
7% cumulative preferred stock
8.416 shs.
14,000 Abs.
Common stock (no par)
-Bonds are secured by a direct first mortgage on all of the
Security.
corporation's fixed assets consisting of 60 acres of land at Virginia Beach,
Va., with frontage of over 1,800 ft. on the Atlantic Oecan, together with,
-room hotel and its furall improvements thereon, including the new 200
nishings.
-American Hotels Corp. has estimated the annual earningsEarnings.
of the hotel as follows;
$631,924
Gross earnings
Operating expenses (incl. taxes, maintenance and depreciation) 419,133
Net earnings available for bond interest
Annual interest on this entire issue of 1st mtge. bonds

$212,791
42.250'

$170.541
Balance
-The management of the hotel will be under the superManagement.
vision of the American Hotels Corp.

Cawthra Apartments Ltd. (Yeadon Hall Apts.).-W. A. Mackenzie & Co. Ltd., Toronto,
Bonds Offered.
-Bonds Offered.
- Can., are offering, at par and int., $425,000 7% 1st (closed)
Broad View Hotel, East St. Louis, 111.
Caldwell & Co., Nashville, Tenn., and Mark C. Steinberg & mortgage gold bonds. June 1 1946. Principal and Int. & D.
maturing
Dated June 1
Co., St. Louis, Mo., are offering at 99 and int. $850,000 1st payable in gold 1926; Bank of Nova Scotia, at Toronto. Montreal an
at the
New York City. Denom. $100. $500 and $1,000. The Toronto General
mtge. (closed) 6M% serial coupon gold bonds.
or part on 30 days notice

Net income for the first quarter of 1926, after all charges and Federal
taxes, amounted to $382,870.-V. 122, p. 2951. 1315.

Dated May 1 1926; due serially May 1 1928-41. Principal and int.
(M. & N.) payable at the Liberty Central Trust Co., trustee, St. Louis,
Mo., or at the Chemical National Bank of New York, at the option of the
bondholder. Red. at 102 X and int. on any int. payment date on 90 days'
notice in the inverse of their numerical order. Normal Federal income tax
up to 2% paid by borrower. Company will refund Maryland 4 X mills
tax. Conn. and Penna. 4 mills taxes, Diet. of Col. and Ky. 5 mills taxes,
and Mass. income tax not to exceed 6X% per annum. Denom. of $1,000.
$500 and $100 c*.
Security.-Secured by a direct clesed 1st mtge. on (1) the land, owned in
fee, appraised at $210.000;(2) the hotel building now being erected thereon
at a cost of $1,020,000; and (3) all of the hotel furniture and equipment,
to cost not less than $150,000, making the total value of the security $1,380.000• Each $1.000 bond will be secured by property valued at more than
$1,600. The building will cover the entire block on the north side of
Broadway between 4th and 5th Sta., having a frontage of 210 ft.
Earnings.
-Annual net earnirgs of the Broadview Hotel. available for
interest and amortization charges on this issue, are estimated by the Broadway Central Hotel Corp. at $161,900. Th-s amount is approximately
3 times the greatest annual interest requirements of this issue.
Building Corporation.
-The hotel will be operated by the Broadway
Central Hotel Corp., builder of the hotel and mortgagor for this issue of
bonds.

-New Director.
Burns Bros. (Coal).
Thomas F. Farrell, Vice-Presilent, has been elected a director, succeening
-V.122,p.3088. 2803.
Mason B.Starring.

Trusts Corp., trustee, Toronto. Ont. Red. all
on any int, payment date up to and incl. June 1 1934 at 105 and int..
after June 1 1934 and up to and incl. June 1 1939 at 103 and int.; and'
June 1 1939 at 102 and int.
-Incorporated for the purpose of acquiring the property known
Company.
as "Yeadon Hall,' for many years owned by the Cawthra family, and for
the purpose of erecting buildings thereon to be known as "Yeadon Hall
Apartments." The new company is controlled by the original owners, who
still retain a large investment in the property. The first mortgage (closed)
at $425.000 represents 60% of the value of the finished property, the balance being represented by preferred and common shares.
-The trust deed securing this issue provides for a sinking
Sinking Fund.
fund of $8.500 per annum, plus interest on canceled bonds: the first paythe trust company being on June 1 1928. This sinking fund will
ment to
retire more than one-half the issue before maturity.
securuy.-consututes a first (closed) mortgage on the property on the
south side of College St. In Toronto, lying between Beverly St. on the east
and Ross St. on the west, having a frontage of 253 ft. on College St. and
running back to a depth of 200 ft. On the property will be erected modern
apartment houses containing 312 rooms and comprising 72 suites.
-The land on which the buildings are to be erected has been
Valuation.
valued at $200.000. and the completed buildings at $509.000, making a
total of $709.000.
-The gross revenue of the property is estimated at $83,520 per
Revenue.
annum, operating expenses at $24.360, and net income of S50.810. or nearly
twice the amount needed to meet the interest charges on the first mortgage
bonds after allowing for vacancies at 10%•

-Committees Formed to Work Out
Central Leather Co.
Capistrano Beach Co., Calif.
-Bond Offering.
-President Hiram S. Brown on
-The Capital Readju tment Plan.
John M. C. Marble Co. Los Angeles, are offering at par and June 14, in a letter to the stockholders, said:
report of your President, accompanying the annual report for the
In the
int. $400,000 1st (closed) mtge. 7% s. f. gold bonds.
17561 it was stated that the
Dated June 1 1926; due June 1 1936. Denom. $1,000 and $500 c.
Red. on any int. payment date on 30 days' notice at 103 and accrued int.
Principal and int. (J. & D.) payable at Pacific Southwest Trust & Savings
Bank, trustee, Los Angeles. 2% normal Federal income tax paid by company. Exerrmt from personal property tax in California.
Security.
-Secured by 1st mtge. on the property of the company,located
adjoining the town of Serra on the east and south, known as Capistrano
Beach, and having a frontage of 3.5 miles on the Pacific Ocean. There
being about 100 acres lying between the Santa Fe RR.right-of-way and the
ocean, and 800 acres of Mesa land overlooking the ocean with 100 acres
of bottom lands in San Juan Creek. The company owns approximately
1,000 acres of land as above described. Approximately 170 acres of Mesa
land have been subdivided and 763 lots have been sold to 386 buyers for a
total of approximately $473,582, of which sum approximately $296,000 is
represented by balance due on contracts of sale. These contracts as well
as all contracts and mortgages created by future sales will be issued and held
by a trustee as additional security for this issue of bonds.
-The property has been appraised for us as follows: WholeValuation.
sale value of land unsubdivided, $1,454,000; balance due on contracts and
mortgages. $296,000: total, $1,750,000.
-Approximately $200,000 of the proceeds will be used for imPurpose.
provements on the property, together with money accrued from additional
sales of land.
Sinking Fund.
-A sinking fund has been provided which is anticipated
will retire all bonds at or before maturity. All present contracts have been
issued by and are payable to the First National Bank of Santa Ana as trustee,
and the proceeds will be used as follows: Out of the first $120,000 to be
paid in one-half will be used to retire bonds, the other half for general corporate purposes. The balance of the outstanding contrcts will be used
to retire bonds. The proceeds of all future sales after an allowance of 30%
for sales expense will be divided equally between the sinking fund and the
company.
The company has agreed that no dividends will be paid on common stock
so long as any bonds are outstanding, which makes available for improvements all money not used to retire bonds, and pay dividends on $200,000
preferred stock.
It is the intention of the company to proceed at once to subdivide and improve the remaining acres of land on the beach and Mesa together with an
active selling and advertising campaign.

Carnegie Steel Co.-Bal. Sheet March 31.
[As filed with the Massachusetts Commissioner of Corporations.]
1926.
1925.
1926.
1925.
3
AssetsLiebtlittes$
Real estate, maCapital stock_ .._ 65.250,000 65.250,000
chinery, &o.._110,176,093 97,697,198 Accts. payable__ 45,330,179 57,926.992
Merchandise.,.. 16,895,178 17,439,536 Notes payable__ 31.738.337 11,738,337
Notes recelv......
97,920
205.301 Misc. reserves__ 68,688.968 62.167.190
Accts. recelv__ _142,957,673 134,062,330 Surplus
130,487,753 125,704,895
Cash
8,630.291 8.449,633
Securities
4,710,989 4,796,067
Deferred charges
1,101
1,101
Miges. reeelv
171,744
101,084
Materials for use 57.924,908 89.964,504 Total(each side)341,495,238 322.787,414
-1). 122, p. 1316.

Cavalier Hotel Corp.
-Bonds Offered.
-J. A. W.Iglehart
& Co., Baltimore, and The Trust Co. of Norfolk are offering
at 100 and int. $650,000 let (closed) Mtge. 10
-year 63%
gold bonds.
Dated July 1 1926; due July 1 1936. Int. payable J. & J. at Century
Trust Co., Baltimore, Md. Denom. $1,000. $500 and 5100c5 Red.
.
as a whole, or in part for sinking fund, upon 30 days' notice at a premium
of 1% for each year or f action thereof to maturity.
at the rate of
Maryland 4X-ro Ils, Virginia 5)4-mills, and District of Columbia 5
-mills
taxes refunded upon application. Century Trust Co., Baltimore, Md.,
trustee. Graduated sinking fund payments beginning in 1928 will retire
approximately 50% of the entire issue prior to maturity.
-The Cavalier Hotel, now nearing completion at Virginia
company.
Beach, Va., is owned by the Cavalier Hotel Corp., which was incorporated
February 1925 to construct and operate a modern fireproof hotel at
in
Virginia Beach, to provide additional hotel facilities for the NorfolkPortsmouth district and to afford much needed first-class accommodations
at this popular resort. The preferred and common stock of the corporation
are held by leading business men and corporations of Norfolk and Portsmouth. The Pennsylvania RR. the Norfolk & Western Hy., the Chesa'
peake & Ohio Ry., the Norfolk & Washington Steamship Co., the Old
Dominion Steamship Co., and the Baltimore Steam Packet Co. are among
the largest holders of this stock.




fiscal year ended Dec. 31 1925 (V. 122. p.
directors had been giving serious consideration to the matter of capital
readjust-nent, and since that date much further study has bee devoted to.
the problem.
The financial position of the company has considerably further improved
so that, as of June 1 1926, the origi raal issue of $15,000,000 first lien sinking
fund gold bonds has been reduced through the operation of the sinking fund
to $13,868,000; the company has made payments into the slaking fund for
the retirement on July 1 1926 of additional bonds aggregating approximately
$675,000; the compahy has also acquired and hold.in its treasury $400.000
of its bonds; and it has in cash, including call loans, approximately .$7,324,
000.
The directors have come to the conclusion that,in the interest of both the
preferred and common stockholders, it is desirable that it should have the
benefit of the views of representatives of each class of stock in order that a
program acceptable to both may be evolved. The board has, therefore,
after consultation with its bankers Kuhn, Loeb &Co., and the Bankers
Trust Co., suggested to representatives of some of the large holders of the
preferred stock and of the common stock that they form committees to
consider the subject and in conjunction with the directors to endeavor to
agree upon some program, fair to both classes of stock, to be submitted to
the stockholders.
The following have consented to act as members of the preferred stockholders' committee: Gayer G. Dominick, of Dominick & Dominick. Chairman; D. W. Dilworth, of E. F. Hutton & Co.; Charles S. Haight. director
ttossbach,
ot the company; Harold M.Lehman of Lehman Bros.; Max .1.
director of the company, and Frank Altschul of Lazard Freres, and the following have consented to act as members of the common stockholders' committee: Andrew J. Miller of Paligarten & Co.lhainnan; qamuel L. vuller of
of Harris, Winthrop.
Kissel, Kinnicutt & Co., and Henry Rogers Winthrop.W
& Co. Other names may be added to the committees, or either of them.
frbm.time to time. All of the above membersof the co nmittees either own
or represent substantial amounts of the class of stock represented by the•
-V. 122, p. 2952.
committee on which they are serving.

-Bonds Offered.
Central Manhattan Properties, Inc.
Edmund Seymour & Co. Inc., J. A. Ritchie & Co., Inc.,
M C )vn & Co.. Porter (CZ Co. and Sawyer Bros., Inc., are
offering $2,100,000 secured sinking fund 5% gold bonds
(with class A stock). At a price of $1.000 ler In t, the
purchaser will receive bonds at 85 and int., to yield over
6.33%, and 5 shares of class A stock at $30 per share, to.
yield 7.20%.

Dated March 11926' due March 1 1946. Authorized and outstanding,
$2.100,000. Denom. $1,000 and $100 c*. Interest payable M. & S.
without deduction for Federal income tax up to 2%. Penna.. Conn.. Md.,
Calif., Minn., Kan., Mich. and Ky. personal property tax not exceeding
5 mills per annum; Virginia and Dist. of Columbia tax not exceeding 5)4
mills per annum and Mass,income tax on int. not exceeding 6% on such int.
refunded. Red. all or part at 100 and int, on any int. date upon 30 days
notice. Chatham Phenix National Bank & Trust Co., N. Y., trustee.
Data from Letter of President George R, Coughlan, June 8.
-Organized in New York. It has agreed to purchase the
Company.
various properties described below, all of which are lead to D.A.Schulte,
Inc. for a period of 60 years on absolute net rentals.
Leases.
-I). A. Schulte, Inc', will lease these properties for 60 years
from June 15 1926 at a net rental of $282,500 per annum for the first 20
Years. $302.500 per annum for the succeeding 20 years and $336,000 per
annum for the final 20 years. The lease will terminate on June 15 1986
unless D. A. Schulte. Inc., exercise their option to renew for a further
period of 20 years at $350.000 per annum. The rentals are absolutely net
and will be payable direct to the trustee. Leases require D. A. Schulte,
Inc., to pay all maintenance expenses, taxes, insurance and cost of renewals
and as further security to create a fund by semi-annual payments of $3,000
in addition to the above rental, to be applied toward amortization of the
first mortgage, which advances are to be repaid after maturity of this issue.
Upon termination of the leases, the buildings on the demised premises
together with all improvements made by the lessee become the property of
Central Manhattan Properties, Inc. The rental payments aggregate
$18,420,000, which is over four times the total funded debt.
-As security for these bonds, Central Manhattan Properties,
Security.
Inc., will deposit with the trustee the D. A. Schulte, Inc., lease and assignment of its right to receive the net rentals under these leases, so that all
rental payments will be made direct to the trustee. The deeds to all the
properties will also be deposited with the trustee. The indenture provides
that no additional mortgages may be placed upon these properties during
the life of the secured sinking fund 5% bends,
These rental payments rank as a direct operating charge of]), A.Schulte,
Inc. The performance of the lease is guaranteed by Schulte Retail Stores

3458

THE CHRONICLE

[vol.. 122.

Corp. and all its subsidiary companies. The yearly rental payments,
-Net earnings for the years 1922-1923-1924-1925 applicable
therefore, come ahead of all dividends on the capital stock of these com- toEarnings. depreciation
interest.
and Federal taxes averaged $87,695 per annum,
panies. The present market value of the capital stock of Schulte Retail whereas maximum
annual interest charges on this entire issue are $24,375.
Stores Corp. exceeds $62.000,000.
Net earnings for 1925 applicable to int., deprec. and Fed. taxes were $106.
D. A. Schulte, Inc.
-Operates over 268 stores in 93 cities engaged in the
sale of tobacco products. Schulte Retail Stores Corp., the holding comPurpose.
pany, is the second largest distributor of tobacco products in the United have been -The proceeds of this bond issue, together with other funds,
used in the acquisition of the property.
States. The consolidated earnings statement for the year ended Dec. 31
Sinking Fund.
1925 shows net earnings available for dividends of $6,416,931. The con- Payments of 1-6 -The trust indenture provides for monthly sinking fund
of
solidated balance sheet as of Dec. 31 1925 shows current assets of Schulte excepting only thethe maturing interest and 1-12 of the maturing principal,
Retail Stores Corp. amounting to $9,880,909, while current and deferred tains restrictions principal of bonds maturing on Nov. 1 1937. and conupon the payment of dividends until all sinking fund proliabilities totaled 53,913.358 with no funded debt. The total net assets visions have been complied
with and adequate charges for obsolescence,
amounted to $31,182,547.
depreciation, and all taxes have been made.
Properties.
-The properties owned by Central Manhattan Properties.
Management.
Inc., and subject to the lease by D. A. Schulte, Inc., are the following: management -The business will continue under the presidency and
of Lewis S. Roth, President of the predecessor company,
(1) Northwest corner of 42d St. & 3d Ave., 100 ft. on 42d St. and 100.5 ft. and the following new directors: Paul
B. Hunt. Chairman of the board;
on 3d Ave.;(2)southwest corner of 72d St.& Broadway. 115.3 ft. on Broad- (Pres., Ohio Cities
way and 94.11 ft. on 72d St.; (3) southwest corner of 86th St. and 3d Ave., Youngstown, 0.); Ice & Fuel Co., Dayton. 0., and Pres., Ice & Fuel Co..
Joseph M. Murphy (Pres., Citizens Necessities Co.,
100 ft. on 86th St. and 51.1 ft. on 3d Ave.;(4) northeast corner of 65th St. Toledo, 0.); Geo. C.
Shepard, Secretary (Citizens Necessities Co. Toledo,
and Columbus Ave., 100 ft. on 65th St. and 50.5 ft. on Columbus Ave.; 0.); Walter H.Thomas
(Pres.. Stoney Island State Savings Bank, Chicago,
'
(5) southeast corner of Washington and Vesey Sts., 88.5 ft. on Vesey St. Ill.); and S. M. Schultz (Schultz Bros.
& Co., Cleveland. 0.).
and 49.5 ft. on Washington St.; (6) northwest corner of 118th St. and 3d
Ave., 181.5 ft. on 3d Ave. and 82 ft. on 118th St.
City of Paris Dry Goods Co.
-Control, etc.
These properties comprise over 46.876 sq. ft. of land and the buildings
The stockholders on May 24 increased the authorized common stock from
thereon. All of these properties have locations enjoying high store rental
10,000
values. These properties before their sale were among the largest holdings shares shares (all outstanding) to 30.000 shares. The additional 20 ‘00
have been acquired by B. F. Schlesinger Ss Sons, Inc., for approxiof Schulte Real Estate Co., Inc. During the last 3 years they have purmately $1,600.000. A stock dividend of X of 1 share of preferred stock
chased over $36,000,000 of real estate and have yet to take their first loss of
the Schlesinger company will be paid to the original City of Paris common
on any property in the City of Greater New York.
FinanciaL-The first mortgage of $2.400,000 held by the Metropolitan stockholders. These actions are subject to the approval of the California
-V. 122, P. 1175.
Life Insurance Co. bears interest at 5.)6 %_per annum for 2 years and Corporation Commission.
5% thereafter and matures May 1 1946. The mortgage is amortized at
'
Cleveland (0.) Stone Co.
-Distribution of $100.p3r Share
the rate of 1 X % per annum, payable semi-annually which will retire 25%
of the first mortgage by maturity. The net rentals are applied by the Proposed-To Change Par Value of Shares.
trustee to the payment of income taxes, interest charges, amortization of
The stockholders
first mortgage and of secured sinking fund 5% gold bonds and dividends. stock from shares ofwil vote June 28(a) on changing the authorized capital
$100 par value to shares of no par value (on a share for
The amount of funded debt retired will always exceed the amount of divi- share basis) and
(b)
dends paid and the debt retirement increases each year through the savings cash to stockholders. on approving the distribution of $100 per share in
This action follows the sale of the Indiana Quarries
In interest.
Co., a subsidiary, to the Indiana Limestone Co. (V. 122. p. 2805).
Sinking Fund.
-The indenture will provide a semi-annual sinking ford
In addition the company will retire the $375,000 Cleveland Stone-Indiana
commencing Sept. 1 1926, which will purchase bonds of this issue up to Quarries Co. 1st ref. joint
6% bonds remaining outstanding of an original
100 and int. or redeem them by call by lot at that price. It is calculated
-V. 122. p.889.
that over 257 of this issue will be retired by maturity. It is estimated $1.500,000 Issue.
that about 101 additional of this issue will be retired by maturity through
Conley Tank Car Co.-Duarterlv Divilen4 of 50 Cents.
the application of surplus reserves, bank interest and the savings in the
The
purchase of bonds under the call price for the sinking fund. It is calculated on the directors have declared a quarterly dividend of 50 cents per share
common stock,
that net rental payments will be sufficient to