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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 PUBLISHED.WREELY Terms of Subscription—Payable in Advance Including Postage-12 Mos. (Otos. Within Continental United States except Alaska $10.00 $6.00 In Dominion of Canada_ 11.50 6.75 Other foreign countries. U. S. Possessions and territories... 13.50 7.75 NOTICE.—On account of the fluctuations In the rates of exchange, remittances for European subscriptions and advertisements must be made In New York funds. Subscription includes following Supplements— COUPINDI OMB— SECTIONS— PUBLIC UTILITY (lle11114/1211WIAII) BANK AND QUOTATION (monthly) RAILWAY & INDUSTRIAL (souil•ano.) (Mini AND MUNICIPAL(semi-annually) RAILWAY EARNINGS (monthly) B•NIIIRS CON YONTION (yearly) Terms of Advertising Transient display matter per agate line • 45 cents Contract and Card rates On reo neat, CRicAno Wilco—In charge of Fred. H. Cray, Western Representative. 208 South La Salle Street. Telephone Harrison 5616. LONDON OFFICE—HdpardN & SM1111. 1 Drapers' tiardens. London. E. 0. WILLIAM B. DANA COMPANY, Publishers, Front, Pine and Depeyster Streets, New York Published every Saturday morning by WILLIAM IS. DANA COMPANY President and Editor, Jacob Seibert; Business Manager, William D. Riggs Tress William Dana Seibert: Sec. Herbert D.Seibert. Addresses of all. Office of Co. 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 1257 / 8; the close yesterday afternoon was at 134/ 1 2. General Motors common, which on June 4 finished at 129%, touched 2 yesterday, with a reaction to 143/ 1481/ 1 2 at the 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 /8. General 216% June 4; it closed yesterday at 2357 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 . Montgomery Ward & Co. rose to 74% yes338/ 1 2 terday, reacting to 71%, which compares with 657 / 8 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 / 8. Even some of the gilt4 of 47, and reacted to 517 edged railroad stocks joined in the upward movement, and Atlantic Coast Line, against a closing 4 yesterday with price of 199 June 4, reached 2241/ 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 951h, to. yield about 5.30%. 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." been influencing Brazil to adopt a strong policy for from 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 Press to an Associated According evening. 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." had been involved even indirectly in the League they In a United Press cable message from Warsaw controversy which resulted recently in Nations of l withdrawa last evening it was stated that "Polish Rumors from the League of Nations was being discussed as a Brazil's withdrawal as a League member. circulation nt in have been involveme possibility here to-day. Political circles understand of American Rio de that in case Poland's demand for a permanent seat both in Geneva, the seat of the League, and the rebefore capital. Even Brazilian the Janeiro, on the League Council is not met, the withdrawal , dispatches n in news Washingto reached had port would take place in September." had Rio, at r the Ambassado American Morgan, V. E. furThe action of the Brazilian Government went denial of ther than at first supposed, according to a special cabled the State Department a categorical BerPresident ted Geneva dispatch to the New York "Herald Tribune" a story that he had congratula League. the from n resignatio Brazil's 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 a formal denial of reports issue to that believe cials the Council of the League, according to the note t had been influencn Governmen Washingto the that handed to Sir Eric Drummond, the Secretary-Gento dignify the unduly be would Brazil ing. 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 brought had way the Pilsudski Outlining do. would for two years hence. It was not expected that Brazil New the of tive representa Warsaw the it about, would take this step, which means absolute sever13 June on dispatch wireless a in said "Times" York adopt ance from League activities, but rather would might the 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 by Marshal Jogained been the League told the 'Herald Tribune' to-day that Rio cial days of the war has on the showdown real first in his de Janeiro's action does not influence the policy of seph Pilsudski of the overthrow armed the in sought he a single Latin-American nation. It also will not objects stated awkwardly His 12. May t Governmen Polish affect Spain's ultimate action, it was said, which of Minister of post the of of acceptance conditions -co-operaat the worst is expected to be merely non debeen War in the Bartel Cabinet have at last tion for the time being." and the President and Cabinet have hastened coded, New the to In a special Geneva cable message will result in the York "Times" the next day (June 14), Brazil's to accept his conditions, which Commanderpermanent as nt appointme action and position were explained in part as fol- Marshal's nearly 300,numbering now armies, the of lows: "Brazil has submitted her resignation to the in-Chief re4,000,000, of strength potential a with and 000, she League of Nations, and at the end of two years tary Parliamen in Government, will cease to be a member of that organization unless gardless of changes nce—an ever-threatening interfere Cabinet or checks resignain the meantime she changes her mind. The 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 through mysterious sinachieved at Rio de Janeyo, to Sir Eric Drummond, the Secre- history and were ion worthy of the manipulat political tary of the League. While the resignation was gen- gle-handed is a mystery doubly It bosses. American Secreshrewdest erally expected here at an early date the First is no single man there that fact the of to because officially veiled, tary of the Brazilian Legation stated 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 them. In reaching for his country to remain in the Assembly if she the method he was to employ in tal Governmen all of reach received satisfaction on the question of seats. This his new position above the 7 Jan. of decree his to reverts declaration misled the greater part of the statesmen agencies the Marshal the of dictator military as served here, who had interpreted it as expressing Brazil's 1921, when he into being, definite intention of withdrawing from the Assem- country until the first Parliament came a demoby dethroned be not will he but time this bly." 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 Eastern of map pression that the United States Government was in over the nation that changing the the involve would which part responsible for the action of Brazil. This situ- Europe, beginning a war Russia Bolshevist on attack an and dispatch world again, 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 are There lead. might processes mental dispatch Marshal's a 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/ 1 2% in Austria; 7% in Belgium and Italy; 6/ 1 2% in Berlin; 6% in Paris; 5/ 1 2% in Denmark and Norway; 5% in London and Madrid; 4/ 1 2% in Sweden, and 3/ 1 2% in 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 41/ 4(04 5-16% for three months' bills, as compared with 4 5-16@43 /8% last week for both. Call money in London closed 1 2%, against 3/ at 3/ 78% last week. At Paris and Switzerland, open market discounts remain at 5/ 1 2% 4%, respectively. and 21/ 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/ 1 2% a year ago and 18% in 1924. Changes in 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 .the corresponding date last year and 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: This shrinkage wiped out last week's $19,140,040. 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 0 bid and 3%% asked for bills running 30 days, 398% bid and 334% 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—. Within 90 Days. 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 4 334 4 4 4 4 4 4 4 4 4 4 Mter 90 Afterib Days. but but Within 6 Within 9 Months. Months. Secured by U. S. gankere Trade Agricul.* Agricull Govern't Accep- Ampand mut • Obliga- lances. towel. Livestock Livestock Hons. Paper. Paper, 4 334 4 4 4 4 4. 4 4 4 4 4 4 314 4 4 4 4 4 4 4 4 4 4 4 4 4 33' 334 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 * Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, &c. 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 0. tous day-to-day developments 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 4%, the foreign exchange market. 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% tween and 43.%, as against 4@438% for sixty 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 0. trading was rather more active than is 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 transfers 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 86 11-16 for cable transfers and 4 83@ 4 865 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/ 2, against 2.923/2; 2; commercial cable transfers at 2.783/2, against 2.933/ 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, unchanged. Lire continue to be quoted at 143/ 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 2.963 8; on Bucharest at 0.42%, / 2 (unchanged), and against 0.42; on Finland at 2.523/ on Poland at 9.00 (unchanged). Greek exchange 2 for cable closed at 1.23 for checks and at 1.233/ 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/ last week. Copenhagen checks closed at 26.47 and2 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 22.133/2, against 22.51 and 22.55 the preceding week. 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. the huge mass of checks which come to the New York Reserve Bank from reflect Far Eastern exchange profited by the all parts of the country in the operatio Federal Reserve System's par collectio n of upturn in the n scheme. These large credit balances however, reflect only a part of the silver; at least, Chinese currency, and Bank's operations with the Clearin. House institutions, as only the Items Reserve trading was the payable in New York City are represented daily balances. The large volume In fairly active. Hong Kong finished at of checks on Institutions located York are not accounted for in arriving outside of 55.80@55.92, New at these , as such checks do pass through not the Clearing House but are depositebalances against 55.67@55.80; Shanghai at 73 d with the Federal Reserve 7-16@731A, Bank for collection for the account of the local Clearing House banks. against 723/2@727A; Yokohama at 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/ 2@567A (unchanged); Bom- lion in the principal European banks: bay, 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 .0284 Bulgaria. ley 007213 007222 007228 .007238 .007219 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 .1936 .017645 .017643 .017663 .017659 ASIAChinaChefoo, 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 3.349.00 0 2,25,5.000 38.245 000 37.945.000 1,831.00 38.938.000 0 39,776.000 3,616.000 14,570.000 10.891.000 3.094.00 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 Representa show that the average of the Senators or the under tives in Congress who have been chosen unprimary system is any higher than the average were chosen those that or der the convention plan, than any more truly representative of public opinion happened has What case. the been had previously 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, Mass., the 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.,,ups and Groups and 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 PricesIncrease 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, hence no comparison for the 13-year period can be given for those cities. [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 $16,May Construction Volume in Slight Decline, According works and utilities; $20,229,700, or 14%, for commercial buildings; 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 decreases of 27% from April and 18% from May of last year. Analysis of record were: $244,587.500, or 44% of all construction, for 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 reported in April 1926. as well as a decrease of 13% hem the amount restruction volume was 20% ahead of last.year's; at the end ported in May of last year. 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 buildings and engineering work last reported for the 37 Eastern States last month amounted to $10,959,100 in contracts for new 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 reported in April and an increase of 9% over the amount important items: $4,432,400, or 40% of all construction, for residential 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 corresidential all 63% of for $88,176,100, or construction, record were: responding period of last year by 13%. 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 of in New total month England reached a last started Construction 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 buildings; 632,000, or 12%, for educational utilities; $5 public works and as 122% above May 1925. $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. Industrial Conditions in Pennsylvania,'New7Jersey Construction started in New England during the past five months has and Delaware Decline in Wages and,Employment. corthe 1% over the figure for increase of an being totaled $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 Leather tanned and products part-time and shutdowns, and the increase is largely due to one plant which 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 decline being in foundries and machinery products. Food industries report EMPLOYMENT AND WAGES IN THE CITY AREAS IN PENNSYLVANIA, 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 the same number of mills and for the same period of from 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.reported 1926 7 June on Ill., Chicago, and C., D. in.gton, 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. April: of month the 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 Minn., 4,868 Minneapolis, 7 of The Northern Pine Manufacturers Association Georgia-Florida Saw Mill 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 Mfrs_ Hardwood & Hemlock 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 reporting, 361,363 mills 163 fewer three Oshkosh, Wis. (In its softwood production) with Southern Pine 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) 130,212,270 132,144,188 141.051.386 156,900,786 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 Nor. Hemlock & Hardwood Mfrs- 42 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. Total Shipments-April 1926, 1,310.234 M ft.; April 1925, 1,276,016 M ft. 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 respec11%, and 12 of gains had May-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 its issued Bureau Census the 1926 14 date ofJune Under 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 livestock of value the in 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. year. last than lower were prices grain 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) duringLocality. 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 for. and 3,779 Am -Eg. in public storage. 10-months consumption, 174,765 Eg., Including Oklahoma, Kansas, North, East Central, West 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 linterskawa, 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 barrels 10,200 barrels; Cotton Valley, 8.700 barrels against against 10,000 Note.-Figures include 7.408 bales of linters exported during May in 1926 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. A new 4-passenger victoria priced at $2,790 with all 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 midoutput will be considerably larger than the average of the past two summer 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 The Southern Pacific added 12,000 tons of rails to its purof gasoline was quoted at 11/ 4c. a gallon on June 15 requisitions. 5 8(4)113 chases of the previous week, making the total 32.000 tons. The Great 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 40. while kerosene 41-43 water white grade 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. of bituminous coal fell off by about 17032,000 output The tons during the week ended June 5 as compared with—TE-e preceding week because of the Memorial Day holiday7v—h7cTi 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 000 195,595 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 . to Date. Cal. Yr. 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 40.663,000 net tons 1925 sssomeess COKE. BEEHIVE _ 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 SystemReports 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. - Ifalia s 111, 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 Government, Austrian as audited by the Court of Accounts, of 17,451,626 pesos, of which counts of the 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. marks. Est 75,000,000 Imports to amounting 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 quarterly second the as received taxes the 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, in made was stallment of principal. amounting to 82.094,160 70. which touching a loan or loans to be made by such bank, corporation. firms, or 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 necescash. in was made which 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, to of interest, amounting 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 debts. foreign 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." Garrard cretary 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 in settlement the ratify to 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. act to determined itself declared 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 immediately take to and report 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 s, is looked upon by Mr. Winston as an recommendation and to investigate to committee's directed and report to authorized the hereby is, it 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 private banking interests or the semi-official Federal from 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 lire. In exchange the Rumanians tional Health Insurance Acts from April 29 1925 to the date have agreed to purchase submarines in Italy for 175,000.000 lire, payable of their seventieth birthday. Persons who become 70 be- in five installments of 35,000,000 lire. The 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 the war and an attempt was made to tion committee was largely responsible for the rubber restric- introduce English banking methods into Austria, the paper 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 before Dec. 1 1936; at 102% thereafter and on or, before Dec. 1 2% thereafter and on or before Dec. 1 1956; 1946; at 1013/ 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. vested in interest-bearing securities. An Act passed by the National Assembly of Panama and signed by the President, provides that this "Constitutional Fund" shall be invested in first mortgages on New York City 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 is the principal circulation medium in Panama. currency Mexican exchange in in taken place the have 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 41308.000 in trust to pay called bonds. f$308.000 called bonds. 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 4/ 1 2% bonds at a price of 101 and interest, to yield over 4/ 1 2% to the redeem1 2% thereafter to redemption or able date (1936) and 4/ maturity. Of the proceeds of the new 4/ 1 2% issue not more 1 2% Federal Land than $40,000,000 will be used to refund 4/ Bank bonds now held by the United States Treasury. The refunding operation, it is stated, means a saving to the Federal Land banks of about UMW)a 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 414% 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 4Y2% interest. 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 the farm board. of hands the in funds," "equalization 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 receive, if the plan worked successfully, a small increase in the price might or fee," the "equalization include must domeetic price which of necessity the bill sets up of his commodities. But in order to accomplish this result the unusual shall have We abroad. surplus he selling In incurred 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 the agricultural industry, Farm Board, but a control on their part over 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 a to time subsidy contributing same the at purchasing power of wages. and 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 co-operatives or "I can see no permanent relief for American agriculture food products. It is provided that, in contracting withpayment of losses or other dealers In these commodities, no through subsidizing foreign competition" says Secretary corporations which, In shall be made by the hoard unless the purchase is made at a price it the bill, if is what opinion, my in and reasonable price, and Mellon,"and that, the opinion of the board, is not in excess of a fair a loss would be sustained unless becomes a law, will do." He also points out that "if a no sale shall be made in respect of which sale Is authorized by the board. Furthermore, it is provided that adsubsidy of this kind is given to five agricultural commodit es such board finds vances by the board shall be payable on demand whenever the the to give same the refuse the Government could not logically "that the market price in the principal markets of the United States for which the of In respect products, or its food treatment to the textile, boot and shoe, coal and other basic agricultural commodity,of a fair and reasonable price." Is made, is In excess industries which are finding some difficulty in disposing of advance Under these provisions it would be necessary for the board to enter into 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 Inspectors. farmer so between the producer and the consumer, that the 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 lose from againse Government Federal 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 guaranty provisions the under 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 levying of an the or the disposal of the surplus. The payment of a subsidy, of the price way other any in increase "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 five to given agricultural is kind this of 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 it would seem desirable to find some method not only of adjusting fee," reason The while "equalization it this country. in purports 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, legislatio n," and with it the demand for, and the price of. said Senator 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 some of its adherents to be more specific. What farmers? Correspondence Between Vice-President Dawes and Sir It proposes tolike increase the price 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 virtually all the While Secretary of the Treasury Mellon has this week proposals for farmers' relief have been approved bythat Congress with little result. "The futility of trying to legislate along the line made plain his opposition to the McNary-Haugen farm in the bill bill when the core of the problem was overproduction",suggested 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 the first factor, the economic validity of any scheme, is the first requisite to real progress. If doubt as to the economic principles can be resolved the discussion of the facts of agriculture and upon involved the practicability be much simplified. 'Li. Discussio ofPopo n of iouwil factor, at ZTp silegi is only an obstacle. "Our manufacturers are able to decrease their unit cost an increased output,the surplus of which they can sell abroad at less than by their American JUNE 19 1926.] THE CHRONICLE American price, as in the Price.. Their sales at world price do not fix their the tariff, which, within case with agriculture. This is made possibleinby the home market. While certain limits prevents foreign competition of the law of supply and operation free the with interfere not does the tariff supply from abroad below a demand within our country, it does limit theduty. determined certain price ttitaeked as such. fi:ttigg' ngrorits tua by 'price elng co noltev ce device which will enable "The agricultural economists are proposing a abroad at the lower world agriculture, at its own expense, to sell its surplus the laws of supply and industry, manufacturing price in order that, as with the tariff wall, which demand will operate in its larger home market behind theoretical Congress has already erected for its theoretical benefit. This benefit they wish to be made practical. of this plan have never "As I understand, the agricultural proponents has emanated from suggested a governmental subsidy. This proposal as to the economic other sources. They have sought fair discussion by soundness as to their underlying propositions. A debate suggested propositions. underlying their of soundness soundness as to the economic the past year between A debate suggested by myself has been carried on for of the world, Sir Josiah them and one of the highest economic authorities intrusted the British Stamp, of England. For many years he has been economicby negotiations, Government with many of its most important of experts, committee first the on representative its Including his service as Reparations Commission. He is now the chief executive of the Londonin England." largest the Railway, Scottish & 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. more fully understands the confusion that country the and 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. all production. wheat over levy a by such a system as provided in the McNary-Haugen good under made is deficiency That 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 benefit to the farmers, with added burdens to the already no e.g., 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. through In other words, the farmer tends to retain a net advantage equal to four- restoring prosperity to those engaged in agriculture, 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. follows: letter 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— advocates for your views upon its merits its by you before placed been has 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. class wages. working of proportion important an not are 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, introwas Bill Dickinson the After this overwhelming defeat in the House, otherwise foreign wheat comes in. (2) (c) above.) If United States averThis as a result of a meeting of farm leaders at Des Moines, Iowa. duced the difference then between 20 cents present, at higher cents age, say 20 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 under placed 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% range. Cotton same the to 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 raised in be likely (up practice to is the price the which to 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 used throughout the country, especially at Washbeing propaganda The the to total bears normal demanded supply which the quantity normally ington, is misleading. under present acreage. If this export balance is small ,I anticipate the en bill would have the country believe the of McNary-Haug advocates The 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 authornot ized 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 agricultur al 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 their authorized farm organizations. of the farming elements that they have not 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, concur "I with views the 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. Confere nce is "to sit in Washington or any other convenient The farmers' business as a whole is the largest of the country. Its money 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-operat ive associatio ns; to prevent speculation and waste in the upon principles marketing of agricultural commoditi that will endure. es: and eliminate, as far as possible, the effect of world prices upon the The enactment of a simple Enabling Law, authorizing prices of the entire domestic production a National Cooperative Marketing System, with no special privileges nor tax upon the of basic agricultural commodities by providing for the disposition of the domestic surplus of such basic agricultur public, under which seventeen standard farm commoditi marketed al commodities. under es, Sec. 2. The agricultural problem a National Commodity Organization, will soil e the is one which affects directly every existing problem for all citizen as well as every group of our people, 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 a solution and five years in ago: "Save America by permitting the farmers providing relief for agricultur e all our people, save themselve to individually and in groups. s." 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 vacate shall 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 , conviction. that time affirmed the Rusks) 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 Hull amendso-called the and banks Reserve Federal the 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 apply to prohibition is permitted—th not is banking branch authorize future the in might even though such States 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 thewhich reported the bill to the Senate on March 12, the by approved been action of the Committee having charters Senate on May 13. The provision for indeterminate of for the Federal Reserve banks, another disputed issue presenting the conferees, was carried in the Senate bill. In the conference report to the House on June 15, Representative 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 Wingo in Opposition. Fadden and King have agreed upon everythin that Representatives Mcg, 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 importance: the McFadden bill, 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 interest of the smaller national banks is little concern. is It splendid proof of the extremes not to be presented in the form in which it was last 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 competiti not believed that the King resolution is particularly of the great on 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 even if voted into the bill, of the so-called King resolution and determine whether it should accompan 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 it as such. A separate vote then would be taken on the Hull amendof the bill was renewed with the presentation by Repre- for ments, which are designed to forever preclude from engaging in branch sentative McFadden of the conference report to the House banking those national banks and State member banks of the Federal on June 15, when he sought permission to have the con- Reserve System as are located in existing nos-branch banking States, even though in future those States may change their laws and permit branch sideration of the report made the order of business the first banking bythe State banks. 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 as amended, 5138 Section amend to 1918; 7 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, to the votes of the two Houses on the amendments of the Senate having agreeing purposes," for other and Act, Reserve Federal the of 24 Section 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 as amended. 5200 section 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; minor clarifying changes. or clerical are 34 out "the and strike 25, 32 31. approval and 27, 24, lines 23, House bill, the of 5 page 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 the in published 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 publication for such publication in addition in a legal newspaper for the 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: where the national bank is situated. That the House recede from its disagreement to the amendment of the by the rules of a court in the county 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: recedes. The Senate 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 State the upon 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 lawmight bank the as branches such 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 House recedes with an amendment making of the House bill, line 4, after "Act," insert a comma and as amended no similar provision, and the and a comma; and on page 26 of the House bill, line I, after "States," clerical changes. Amendment No. 29: The House provision relative to the establishment 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: Federal which 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 of the member bank. The Senate and surplus capital 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 recedes with House the and no provision similar 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 a further with amendment providing for creation of a joint and 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 for an opinion as to whether the Federal Reserve Board now immittee shall serve without compensation in addition to that received for their General 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 the from contingent fund of amendment of the title ny the Senate with a further amendment which one-half shall not exceed $2.000 and shall be paid 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 forgotten—of be to 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 Philippines, and In every hamlet, town and city of this great will replace the U. S. Railroad Labor Board. The four Republic.theOnly a few weeks ago it was 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 the ideals and prinThree-day conference here of general chairmen of American Train Dispatchers 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 ago there was only one nation in this Universe Dedication of Sesqui-Centennial Exposition at Phila- which even approached ayears democracy, while 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 wherever situated, The Philadelphia Sesqui-Centennial Exposition, which and coupled with it we are displaying the world's ware in 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 together in happy and contented unison. Day—June 14—nine Governors of the thirteen original living I reiterate, however, that this exposition also is a personification of States participating in the exercises. A parade, in which the American doctrine of defending at all times our National honor, 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 duration of happiness. For there is nothLig which takes place on earth Sesqui-Centennial Exposition Association, in his dedication more acceptable to the Supreme Deity, who governs all world, than address said that "primarily and necessarily this exposition those councils and assemblies of men, bound together bythis Law, which are termed founders States: preservers the and 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. of Saturday last (page 3298) issue our in item an In , 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 stock of another bank." two-thirds of the outstanding towns too small to support an electric line finds the bus very useful. _•___ "The bus has been responsible for the abandonment of comparatively "Bus trackage," a railway Transportation," leading bus little electric 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." Trust Officer of the Guaranty Trust Co. of New York ment 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 for a merger of the Land Title & Trust Co. with the with a capital of $200,000 and a surplus of $100,000. Presi- West End Trust Co. will not be carried through, William R. Nicholson, dent Heidenreich, will have as his associates in the manage- President of the Land Title Co., announced yesterday following 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 Col. was born in Bolton, Conn., but went to Provi- Secretary of the company. 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 Meetings of the stockholders of the banks have been.called an extra dividend of 2 go 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 a button similar to the one received by Mr. Read,-"And in 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 India British 59,027 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 . Creole Syndicate advanced from reacted finally to 15% 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 ,4. over 234 points to 20%, the close to-day being at 195 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: Clearings-Returns by Telegraph. Week Ended June 19. Mining. Domestic. Porn GM §§§n§ OB. bawaotam .commoollo Ind.&Mts. £290,807 INDIAN CURRENCY RETURNS. 81 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 will appear in our issue of next week. We cannot foregoing our since announced last been have issue: England 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 House the of in announced had Finance Commons that of Minister 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 cooMich.-Adrian.. 305,489 287.788 +6.1 304,530 22'1,646 Ann Arbor__ _ 1,243.963 1,0003,332 +23.1 £613,001 776,879 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 3,081 002 +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 2,567.860 2,708,552 -52 2.648.9(4 2,701 493 The or Des Moine? 10,571.791 11,830,611 Week Ended June 12 1926. -10.7 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 517,392,864 437,733.188 +18.2 430.340,81 480,728,004 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 " 4,683.682 219,038.822 202,347,311 +8.2 182,819,3 Rockford 187,710,503 3,451,323 2,970,378 611, Atlanta +16.2 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 2,476,543 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' nurituta 00 oftlaa 1, +17.1 72 (111, 7 nto ,na nal nci, -1-/1 2 310.444 2v n .1, 338 319 27 otr• el 21 2 Ale. newt Quincy 1,473,448 1,421,10' -23.1 1,504067 1.424.199 Total (8 cities) 223,143,018 We now add our detailed statement, showing last week's 224,003.153 -0.4 204,841,722 72.306.650 Ninth Feder Reserv.: ufs trict -Minn envoi Minn.-Duluth_ figures for each city separately, for the four years: .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 at1..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 -46( 3.475.297 +11.8 2,772.657 558,21 3,309,932 510.970 Lin(oin Mass.-Boston.. 460,000,000 384 000.000 +19.8 382,000 5,572,44 5.254 52, +8 A 4,771.19 000 429,000 000 4,424.830 Omaha Fall River_ _ 40,941,11 43,910 1,999,927 61, 2,360.878 -15.3 - .f 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 Conn.-Hartford 1,225,81 16.833.560 1,487.160 -17.0 13,281.291 +26.7 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 -3.1 6,955.019 +4.5 19,102,818 6,793.884 19,165,983 7,124,231 Pueblo e1,246,44 R.I.-Providence 13,105,200 1.389.472 -10.6 14,108,300 -7.1 990.316 11,427.800 908,125 13,0541 000 796,389 N.H.-M'chester 827,797 -3.8 778,005 852,216 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 strict-De I as430,340,818 480,728,004 Texas- Austin__ 2,100,10 1,885481 +11.4 1,353151 1,735,708 Dallas Second Feder al Reserve D :strict-New York 44 219,12 41,804,185 +5.6 35,832.412 27,375.984 Fort Worth... d15.129,53 5,269,615 10,683 N. Y.-Albany_ _ 42( +41.( 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 ).456 (5 cities) 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 12,131,001 Conn.-Stamford 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 a a N. J.-Montclair 1,080,973 a a 766,634 +41.0 1,060.375 Yakima 694,317 1108,42) Northern N. J. 1,536,548 +4.7 39,141,053 1,151,327 31,648,318 +23.7 1.2111,324 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/ 2849,796 +31.0 Pa.-Altoona__ _ _ 3,485,763 1,7743,100 3,854.157 1,635,904 +8.6 1.398.731 Lon; 1,668,54 B666h_ 4 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 3 001/.298 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 1,214,431 N.J.-Trenton_ _ 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 Ohio-Akron- _ 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 asa 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 Canadaa 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 Pa.-Erie 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 2,673,257 S.C.-Charleston 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 Moose Jaw 6,659.505 +8.1 1,336,324 6,084,527 943,717 6,303,001 +41.4* 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 64,409,933 -11.2 Westminster 52 056.1146 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 '343 Prince Albert._ _ _ 687 20 334,097 +25.0 309,788 340,530 1.,, Mobile 49 , 4 Moncton 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) 378 807 062 3011.781.750 54,349,446 +2.1 45.488,654 47,179,476 +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 4, the highest level in its history. General 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 7.326.514 206.607.90 8 195,424.524 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 di foreign bonds_ 15,464,000 14,744,500 308.781.350 of the State 346,197,400 Railroad dt misc. bonds 38,811,000 40,504,500 1,064,084.700 1.841,201,973 session. The strong stocks in the mercantile group were Total bonds $61.203,65 0 $82,247.55 0 $1.516.412 Woolworth, which swung upward 4 points andMon ,950 $2,376,420.285 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 points 23/i 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 day many prominent issues moved forward from 1 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 were: Saturday, 3.589; Monday, 22,022; Tuesday, week. United States Steel common continu ed its brisk 33,805; Wednesday, 26,102. forward movement and crossed 137, but also advanced still higher the latter part of the week. Railroad shares ENGLISH FINANCIAL MARKETS-PER CABLE. were 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 June 18Sal. Mon. Tues. Wed. Thurs. Frt. advances Silver, per Os d 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, Silver in N. Y., per oz. (cts.): Texas 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 Return s 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. net debt on that date, we append a summary thereof, making Railway 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 America n IONS Car & Foundry and Baldwin Locomotive moving Mar. 31 1926. Mar. 31 1925. briskly Balance end month by daily statement. etc 5486,941,847 1490,733.698 forward to higher levels. Except for the moderate Deduct-Excess or or deficiency of receipts over advance Add or under disbursements on belated Items -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 Deduct outstanding obligations: progress . 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 $139,090,2 87 $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 June 3-2,229-The National Bank of Haverstraw,IN. Y., to INTEREST-BEARING DEBT OUTSTANDING. "The National Bank of Haverstraw and Trust Co." InterestMar. 31 1926. Mar. 31 1925. June 4-5.411-The First National Bank of Mamaroneck,N.Y.. $ $ Payable. Tide of Loanto "The First National Bank and Trust Co.of Mamaro599,724.050 Q.-J, 599,724,050 44.0 21, Consols of 1930 neck." 48.954.180 48.954,180 Q.-F. 2s of 1916-1936 June 7 -The National Bank of Comm:. Pittsburg, 8418 25.947,40C 25,947,400 Q.-F. 2s of 1918-1938 of ComBank National Exchange "American to Kansas, 49.800,000 49,800,000 Q -M. 3s of 1981 merce in Pittsburg." 28,894,500 28,894,500 Q.-J. 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 7-8950-The First National Bank of New Sharon, Iowa _ 850,000 5,156,850 J -D. 45 First Liberty Loan, converted 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. 3,079,978,450 3,083,681,350 Loan, converted June 8-11071-The Farmers National Bank of Valentine, Neb._ 35,000 4.34s Second Liberty 2,885,380,850 M.-S. 2,573,633,450 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-The First National Bank of Lamberton, 50,000 12,540,040 J -.1. 234s Postal Savings bonds J.-D. 1,612,403,600 2,810,272,400 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. St. Louis Stock Exchange.-Record of transactions 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 StocksNat 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• 17 St Louis Pub Serv Co__ -. 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 • Scruggs-V 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 48, C-D 7634 8434 843.5 $2.000 7634 7634 13,000 7534 7634 62,000 Miscellaneous Bonds1935 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 85 May 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. National Banks.-The following information regarding 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. June 10-The First National Bank of Dumas, Texas 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 J June 7-12939--The Labor Nat'l Bank of Jersey City, N.Leeds. President, Theodore M. Brendle; Cashier, C. G. 50,000 Y. N. Tuckahoe, of Bank Nat'l Crestwood June -12940--The President A. M. Dingwall; Cashier, John L. Phelon. 25.000 June 8-12941-First National Bank in Mahnomen, Minn President, 0. S. Hanson; Cashier, M. H. Hanson. 50,000 June 10-12942-The Manville National Bank, Manville, N. President, Frank W. Remsen. 8 , CHANGE OF TITLE. June 2-2,448-The First National Bank of Camden, N. Y., to ""Ilte First National Bank and Trust Company of Camden." Auction Sales.-Among other securities, the following, not actually dealt in at the Stock Exchange, were sold at auction in New York, Boston and Philadelphia on Wednesday of this week: By 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 amountlag 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 ex-div. 3 Naumkeag Steam Cotton Co....155 13234 12 Draper Corp 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 58, May Vermont Ky. Central 25 Boston Wharf Co $100 ex-div. 11434 9034 flat 5 American Glue Co., corn 1930 40 By Wise, Hobbs, & Arnold, Boston: Shares. Stocks. $ per sh. 3 Nat, Shawmut Bank 24034 5 Nat. Shawmut Bank 24034 50 Lancaster Mills, pref 3034 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 lot bonus.$505 corn. ohs, 30 with pfd. 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.(quar.)__ -- 154 qorthem Pacific (guar.) July 2 Holders of rec. June 19 134 Aug. 2 Holders of rec. June 303 Asbestos Corp. of Canada. Pref.(tirmr.)- 14 gorthern Securities Co 15 Holders of rec. July I 4 Julyi 10 June 24 to July 11 Amer. Brown Boveri Elec. Corp., pf Agri) 14 July United N.J. RR.& Canal Cos.(qu.) July 1 Holders 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. Co., (quar.)...- 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.) •134 July 15 "131 July 1 'Holders of rec. June 19 Barnhart Bros.& Spind., 1st& 2d pf.(gu.) '14 Elec. Pub. Serv. (Chic.). prof. (guar.).- 14 July I *Holders of rec. June 30 Aug. 1 *Holders of rec. July 24 Holders of rec. June 20 Bayuk Cigars, first preferred (guar.).- "14 July El Paso Elec. Co.(Del.), pref. A (qu.)_. 14 July 15 15 *Holders of rec. June 30 Holders of rec. July la Convertible second preferred (guar.).- *14 0Preferred B (quar.) 134 July 15 Holders of rec. July la 15 'Holders of rec. June 3() July Eight per cent second pref. (guar.).- '2 El Paso Elec. Co.of Texas, pf. A (qu.)- 14 July 15 Holders July 15 *Holders of rec. June 30 of rec. July la Bowman-Biltm ore Hotels, 1st pf. (qu.). "14 July 1 'Holders of rec. June 16 Preferred B(guar.) 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 to July I July 1 'Holders of rec. June 10 Burt (F. N.) Co., Ltd., corn.(quar.)... •75c July 2 "Holders Gold & Stock Telegraph (guar.) "154 July 1 "Holders of rec. June 30 of rec. June 15 Preferred (guar.) EIackerutack Water, pref. A (guar.) 434 June 30 Holders of rec. June July *14 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 6% participating pref.(guar.) Cement, ordinary (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 8% preferred (guar.) (guar.) 2 July July 1 Holders of rec. June 15 2 Holders of rec. June 25 Century Electric (guar.) Memphis Power & Light. pref.(guar.).- 14 July 11 135 June 22 Holders of rec. June 15 1 Holders of rec. June 19 Mexican Utilities, preferred Chic. Jct. Rys. &Un. Stk. Yds.. com.(gu) "24 July 1 *Holders of rec. June 15 $3.50 July 11 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 Holders of rec. June 22 Missouri Power & Lt.,7% pref.(qu.)..- •14 July C 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 1 Holders Preferred and preferred B (monthly).- •4 Aug. 1 'Holders of rm. July 15 of rec. June 15 Nevada-Calif. El. Corp., pref.(guar.).- 14 Aug. 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 "500 June 30 *Holders of rec. June 20 North Amer. Lt.& Pr., 7% pf.(qu.) - 14 July 1 Holders of rec. June 19 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.) Consol. Mining & Smelting of Canada.- "75e. 1.65 Sept. 1 Holders of rec. Aug. July 15 "Holders of rec. June 30 16. 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 15 if 6.6% preferred (monthly) First and second preferred 55e. Aug. 2 Holders of rec. June 30 June 17 to June 30 3 •6.6% preferred (monthly) Class C 55c. Sept. 1 Holders of rec. July 15 334 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 July *14 *Holders 10 of of rec. July 1 rec. June 30 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 Holders of rec. June 19 14 July I Peoples Gas Co.(N.J.), Prof 3 Detroit Creamery (guar.) 3 I Holders of rec. June •400 July 1 *Holders of rec. June 19 Philadelphia Company, common (qu.).. $1 July 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 • July 134 *Holders of rec. June 24 I 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. 3 Electric Auto-Lite (guar.) July 1 June 25 to July $1.50 July 1 Holders of rec. June 230 I Prior lien'stock (guar.) Equitable Office Bldg. Corp., corn.(cu.) $1.25 14 Ally 1 June 25 to July 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 Famous Players-Lasky Corp, Pf• (an.). 2 Aug. 2 Holders of rec. July 15a 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 Holders of rec. June 50c July 1 Holders of rm. June 15 21a Firestone-Apsley Rubber, Southern Gas & Pow.Corp., class A(qu.)(43540 June prof 15 Holders of rec. May 26 34 June 30 Holders of rec. June 21 Southern Ind. Gas & Elec.,0% pf.(qu.) 154 Fireproofing, General common (guar.).- "30c. July 1 *Holders of rec. June 20 July 1 Holders of rec. June 24 Six per cent preferred (semi-annual)._ 3 Common (extra) July 1 Holders of rec. June 24 *700. July 1 "Holders of rec. June 20 Seven per cent preferred (guar.) Preferred (guar.) 14 July 1 Holders of rec. June July 1 *Holders of rec. June 20 South Pittsburgh NVeter. 7% Pref. (all.) 14 24 General Tire & Rubber. prof.(guar.).- *14 July 15 154 July 1 Holders of rec. June 19 Holders of rec. July 1 Southwest Power, preferred (guar.).- 14 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 2 1 June 30 June 16 to June 30 Holders of rec. Trinidad Electric Co.(guar.) June 15 Preferred (guar.) Ally 10 *Holders of rec. June 30 14 June 30 June 16 to June 30 Turners Falls Power & Elec., corn.(guar) "14 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.) 14 July 1 Holders of roe. June 21a Harris Automatic Press 75c, July 1 Holders of rec. June 19 Utah Gas & Coke, preferred (guar.).- $1.75 July Heath (D.C.)& Co., preferred (quar.) I Holders of rec. June 15 14 June Holders of rec. June 28 Participating preferred (guar.) Hellman (Richard),Inc., partie. pf.(qu.) 6234c Aug. 30 $1.75 July 1 Holders of rec. June 15 1 Holders 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 Hoover Steel Ball (guar.) July 1 •3 Holders of rec. July 1 *Holders of rec. June 24 Juno 24a 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 26 Broadway Central (guar.) 214 July 1 June 20 to July Preferred (quar.) '134 July 1 *Holders of rec. June 15 Capitol National (mar.) 1 Industrial Acceptance, July 134 corn 1 *Holders of rec. June 506. July 1 Holders of rec. June 19 Chemical National (bi-monthly) 4 First preferred (quar.) July 1 Holders of rec. June 24a 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 20a 5 preferred Second July 15 (extra) Holders of rec. June 3n Si July 1 Holders of rec. June 19 Coney Island, Bank of (Brooklyn) 4 Internat. Shoe. prof.(monthly) July 1 June 25 to June Eastern Exchange (guar.) 4 July 1 Holders of rec. June 15 30 1 Island Creek June Coal, 30 corn. (guar.) Holders of rec. June "S4 Franklin National (quar.) July I *Holders of rec. June 24 •1 Pyn reee terr e eo afrled(guar.) digpure July 1 *Holders of rec. June 20a Ka "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.) 30 •3 Kelley Island Lime July de 1 Tmnsp. (quar.). Holders of rec. June 19a 2 Extra 1 La Salle Extension University, eom.(qu.) 11.4 July 1 June 22 to July 1 July 1 Holders of rec. June July 1 Holders of rec. June 21 Municipal (Brooklyn) (guar.) 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 21a 30 Holders of rec. June 21 Park, National (guar.) Lawyers Westchester Mtge.& Title(qu.) 2 6 July I Holders of rec. June 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 30 West New Brighton (Staten Island)._ _ Itlagor Car Corp., corn.(guar.) 3 July 10 Holders of rec. June 50e. June 30 Holders of rec. June 23 Trust Companies. 30a is-referred (guar.) 14 June 30 Holders of rec. June 23 American (guar.) Manning, Maxwell & Moore, Inc.(qu.). 14 134 June 30 Holders of rec. June July 2 Holders of rm. June 30 19a Brooklyn (guar.) 6 Manufactured Rubber, preferred July 1 Holders of rec. June 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 Central Union (guar.) Midway 7 Northern 011 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 July 1 Holders of rec. June 19 4 Equitable (guar.) 19a Missouri-Illinois Stores, corn.(guar.)._ 3 June 30 Holders of rec. 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 Fulton (guar.) Mountain & Gulf 011 (guar.) 214 July 1 Holders of rec. June 30 .2e. July 15 "Holders of rec. July I June 21a Irving Bank-Columbia Trust (quar.)--- 334 July Extra 1 Holders of rec. June 18a 'le. July 15 *Holders of rec. July 1 Lawyers (qar.) Munyon Remedy Co.(guar.) lyi June 30 Holders of rec. June 15c. July 15 19a Midwood (Brooklyn) Gum. 8 Nashua & Coat.Pap.,com.(mthly) 1 2-3 July 15 Holders of rec. July it JUne 30 June 25 to June 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.) .0.154 July 1 *Holders of rec. June 23 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. 30e Preferred (auar.) 1.4f Any 21 Froid......o ...... June 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). 1 Holders of rec. July 150 y 2 Auulg. $12.50 J 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 15 June July 1 Holders of rec. Holders of rec. June 250 2 10 National Refining, pref.((Bum) Michigan Central 1 July rec. of 15 *Holders July Holders of rec. June 251 •1241c July 29 754 New Bradford Oil (quar.) Extra to J une 30 July 1 Holders of rec. June 15 y 29 1 June 2 ju 2 July 2 New England Equity Corp.. pf. (qu.)-& Mobile Prig ilirminghaln. June 21a rec. of of rec. June 18a Holders 1 Holders July June 25e. 28 .75 14S 3 $ (quar.) Oil Fuel England New Mobile & Ohio 20 June rec. of rec. June 70 of *Holders 30 June Holders 1 •50c. 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.) July 12 rec. May 140 of ree. of Holders 1 Holders Aug. 1 500. July (quar.).... New York Air Brake, common N. Y. Chicago a, St. Louis. corn.(qual.) 151 of rec. May 150 July 1 Holders of rec. June 19 4 N. Y.Title dr Mortgage (guar.) Common (from non-operating income) 144 July 1 Holdres of rec. may 150 Holders July 1 Holders of rec. June 19 1 154 July 1 Extra A (guar.) series 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. June 25 of "Holders 1 July 3 Holders of rec. May 290 e 111 51c '62 14 .1 Car (qual.) Corp.(guar.) North American Norfolk & Western, corn. 25a June rec. rec. June 12 of of Holders 1 'Holders July July 25c. Novadel Process Corp., Prof.(No. 1)_ _ Old Colony (quar.) $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.) June 30 July 152 rec. rec. of of Holders Holders 15 2 July Aug. $1.50 151 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 Preferred (guar.) July 1 of rec. June 100 1 Holders July 151 151 July 1 June 19 coin. (qu.) & Chic., Common B (guar.) Wayne Ft. Pitab. 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 . rec. June 21 •13i of rec. June 154 of Holders % 1 Holders 1 July 30 uly o 81.50 Preferred (quar.) Mat.. McKeesport & Youghiogheny rs of rec. July 150 July 1 Holders of rec. June 15 July 31 Holders 51 Pie Bakeries of America, cl. A (Qum.) Fitton & West Virginia, eorn.(quar.)--- 1 Holders of rec. Oct. 15* 8 July 144 141 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 Saratoga Pratt & Lambert, Inc., (guar.) & Aensselaer 15a June rec. of rec. June 150 of Holders Holders 1 1 July July 141 $1 St Louis-San Francisco, corn. (guar.)._ Extra dy. 21 Holders of rec. July 150 itug 2 July 15 Holders of rec. June 25a 151 A Procter dr Gamble.8% prof.(qua!,)---Preferred (qual.) rec. Oct 150 rec. June 21 of of Holders Holders i Nov. 1 July 1% •151 Preferred (guar.) Regal Shoe, Prof.(guar.) 111 June 30 Holders of rec. June 151) $1.50 July 1 Holders of rec. June 21 St. Louis Southwestern. prof.(guar.) Rich nan Brothers(quar.) 15 Holders of rec. May 2s0 154 $1 July 17 Holders of rec. July 10 Pacific Southern (quar.) Co. Royal Typewriter.common 131 Aug. 3 Holders of rec. July 10a 344 July 17 Holders of rec. July 14 Southern Railway, corn. (guar.) Preferred July 1 *Holders of rec. June 26 1st July I Holders of rec. June 25a .2 Preferred (guar.) Bt. Louis Nat. Stock Yards (guar.). a, rec. June 15 of 1 3 *Holders July 1 Holders of rec. June 241) July *2 & Buffalo Foronto Cigar Hamilton (guar.) Schwartz (Bernard) 30 June rec. Holders of rec. June 144 of 251 *Holders lull July 20 Union Pacifie corn. (fluor.) Seagrove Corporation (quar.) If) 23 June June 3 Holders of rec. July 1 Holders of rec. ly 30 . 2 Selbe ling'rire dr Rubb4r prof.(guar.) _ WeeternPacitic RR.Corp.. prof.(guar) 144un June 20 to June 30 June 30e. Illy 1 Holders of rec. June 19 Western Railway of Alabama Sleloff Packing. corn. (quar.) rec. July 20 Silver (Isaac) & Bro. Co.. prof. (qual.). •141 Aug. 2 'Holders of rec. Juno 17 '351 July 1 *Holders of Utilities. Public Southeastern Express 111 July 14 Holders of rec. June 300 75c. June 15 Holders of rec. June 10 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.) July 15 rec. July I Holders of ree. June 15a of 4341c 31 *Holders July (guar.) oil Ms. allotment stock Preferred A Southern Dairies. class (quar.) of rec. Ji.ne 12' 210. June 30 Holders of rec. June 19 American Gas & Electrie, corn.(guar.)._ 250. July 1 Holders of Sparks-Withington, coin. (guar.) 19 rec. June 12 in no par corn. stk.) (n) July 1 Holders 41 June 30 Holders of rec. June 23 (payable Common Preferred (quar.) rec. July 10 June of Holders rec. 2 of Aug. *Holders $1.50 1 July *25c. (qu) com. Preferred (guar.) Standard Commercial Tobacco, rec. June 150 23 of June Holders rec. of 1 July 1% *351 July 1 *Holders American Power & Light, pref. (guar.)._ Preferred 17 1% July 1 Holders of rec. June 15 251 July 1 Holders of rec. June 17 American Public Service, pref. (guar.)._ Standard ;crew. common (guar.) of rec. June 150 July I Holders of rec. June 3 Amer.Public Utilities. panic. pref.(qu.) 141 July 1 Holders of Preferred rec. June 150 141 July 1 Holders •750. July 1 *Holders of rec. June 10 Prior preferred (guar.)' Stanley Co. of America (guar.) rec. June 196 Amer. Superpower,coin. A.& B.(guar.) 30c. July 1 Holders of rec. June la of Holders July 1 2 _ (qu.) pref. (Boston). Co. State Theatre 191 June la rec. of June Holders 1 rec. of $1.60 July Holders 1 July $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 July 1 Holders of rec. Sept.200. rec. 15 211 Oct. of 5'Holders July n1 Quarterly Preferred 211J an 1527 Holders of rec. Dec. 204 July 15 July 1 to July 13 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 to Sc. July 1 Holders of rec. June 100 20 1 June n July corn) (guar.) Arkansas Natural Gas Common A and B(pay.In class B May 31 July 1 June 20 to June 30 2 Gas& Elec.. $7 pref.(guar.)_ r$1.75 July 1 Holders of rec. May 31 Preferred (guar.) June 241 Associated rec. z87 of 34c July 1 Holders of rec. Holders 30 2 June (quar.) series pref. Original (quar.) Textile Banking 31 May 156 rec. of June Holders 1 July rec. of r1214c I July Holders 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.)._ 16 of ree June 15 June Holders 1 red. July $1.25 of Holders June 26 '40c. pref Co. Baltimore Electric Tintic Standard Mining rec. JUDE 10 mi. June 30 Holders of rec. June 21 Bangor Hydro-ElectriC Co.. Prof.(quar) 134 July 1 Holders of Union Twist Drill, Prof.(qual.) rec June 150 June 211 Barcelona'frac., L.& P., panic. Pf.(qu ) 1% June 30 Holders of rutted Alloy S eel Corp., corn.(quar.)__ '50c. July 10 Holders of rec. rec. June 23 of June 20 Holders 15 2 July rec. of 1 Holders July (quar.) "151 of Bell Canada Telephone Preferred (-mar.) rec. June leo 186 of June Holders 15 July rec. 1% $1.75 July 1 Holders of Bell Telephone of Pa..644% Prof• (qu.) United Ice Service. pref. A (guar.) Ploy I Holdens of roc Juno 25 June 30 151 rec. ) pitt of met 15 Holders •141 Electric )(Molt & July Gas Water. Pref. (guar.).Alcohol. U. S. Industrial June 15 rec. of 6 July Holders 1 $1.50 July _ rec. (quar.) of "Holders Aug. 2 Binghamton L., H.& P., pref. United Verde Extuelon Mining (guar.)_ •750. rec. June 12 July 1 Holders of rec. June 21 Birmingham Electric Co.,Prof.(guar.)-. $1 75 July 1 Holders of Universal Leaf Tobacco, pref. (guar.)-. 2 of rec. June 10 30 June Holders 1 July to 134 25 June corn. 15 July (quar.) Ely., 6 Elevated Boston 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.) 18 June 1 Holders Of rec. June 151) July 144 rec. of pref. Holders (guar.).P., July & L. 1 •141 Brazilian Trac.. Preferred (quar.) 1 61 July 1 Holders of rec. June 90. .75c. July 15 Holders of rec. July le Brooklyn Union Gas (quar.) Vivaudou (V.) Inc., common June 1 Holders of rec. June 15a 25e. July rec. corn. (qu.) 21 of Holders Pow., June East di '$1 Niagara Buffalo 011 Wit'hIngtoa . 400. July 1 Holders of rec. June 150 351 June 30 Holders of rec. June 19 Preferred (iu tr.) Welsbach Co., preferred rec. June 14 30 *1.50 July 31 Holders of rec. June Capital TaetIon. Wash., D. C.(guar.).- 141 July 1 Holders of ree. June 14 Westinghouse Air Brake (quar.) 141 July 1 Holders of 25e. July 31 Holders of rec. June 30 Carolina Power & Light. pref. (guar.) Extra 1 rec. June 15 of Holders July mwa 154 to 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.) of rec. Jive. xflo 22 Ill Holders June 41.54) (quar.) rec. pref Sem, of Pub. I Holders Illinois 4 July Central '131 Willvs-Overland Co., pref. (qual.) July 20 250. July 1 Holders of ree. June 10 Central States Electric Corp., corn 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 20 Sept. 1% June 30 June 16 to July 1 rec. of Cite I let. (quar.) Holders RY. '250. Chicago Monthly June 16a 20 '250. Nov. 1 Holders of rec. Oct. Chicago North Shore & Milw.,pref.(qu.) 154 July 1 Holders of rec. June 15a Monthly 141 July 1 Holders of rec. Nov.20 (guar.) rec. of stock 1 Dec. lien Prior "250. Holders Monthly Junedl 5a rec. of Holders 1 July 65e. (mthly) pref. prior Trail., 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) an1% July 1 Holders of rec. June 12 dividends Cleveland Railway (guar.) 151). and not yet paid. This list does not include Power, corn.(qu.). 234 July 1 Holders of rec. June 15a & Electric Columbus table. 141 July 1 Holders of ree. June nounced this week, these being given in the preceding (guar.) B series Preferred Holders of rec. June 151) I 141 July Second preferred (guar.) Holders of rec. June 15a Consol. G., E. L. dz P., Balt.. corn.(qu.) 62410 July 11 !folders of rec. Juue 150. Per Books Closed. When July 2 Series A preferred (quar.) Days Inclusive. Cent. Payable. Holders of rec. June Ilia Name of Company 1 July 154 Series B preferred ((Mar.) 144 July 1 Holders of rec. June 150 Series C preferred (quar.) Railroad. (Steam). Holders of ree. June 15a 1 July 151 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 15 Holders of ree. June 30 Ordinary (extra) July Jersey.. New 12 of July Traction 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 July 1 Holders of roe. June IS 1% 256 7% preferred (guar.) 214 Aug. 2 Holders of rec. June 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 1 Holders of rec. June 15 July 55c. 1541 June (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) 156 June rec. (guar.) Preferred of 1 75e. July Holders Bangor & Aroostook, CO/Q.(guar.) 81.50 July 1 Holders of ree. June 121) Participating preferred (guar.) 141 July 1 Holders of rec. June lha 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 28. May (quar.) ree. Prior preference 214 June 30 Holders of 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 26a June 114 Aug. 2 Holders of rec. Detroit Edison (guar.) 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 80 June rec. Duke Co Power 2 1 July of Holders Chesapeake & Ohio, corn. (guar.) July 1 Holders of rec. June 151) 8a 341 July 1 Holders of rec. June Duluth-Superior Traction. pref.(guar.)% 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 (guar.)._ 26 pref. Share. June 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) JUDE 26a Electric Light & Power Co. of Abington rec. 2 10 of July Holders 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 Preferred of rec. JUDE 16 154 June 30 qu.) ha Pt. let RR., June & Light Water rec. 3 of Elmira Holders June 30 Chicago Rock Island & Pacific,6% prof. Holders of rec. June 16 30 June 151 3% June 30 Holders of rec. June ha Second preferred (guar.) Seven per cent preferred 66 2-3c July 1 *Colder, of rec. June 16 (monthly)' 70 pref. June Fuel, GM& 25 8% rec 4 June of Empire Holders & Cineinnati New On. Tex. Poe.. corn of ree. July 16 Eight per cent preferred (monthly)-•66 2-3c Aug. 2 *Holders July 20 Holders of rec. July 13a 5 rec. June 15 Cincinnati Northern 25s Seven per cent preferred (monthly)._• 58 1-3c July 1 *Holders of rec. July 15 Cleve. Cine. Chic.& St. L.,corn.(guar.) 1% July 20 Holders of rec. June 58 1-3c Aug 2 *Holders of (monthly) 21s June preferred cent rec. per Seven of 111 20 Holders July Preferred (guar.) rec. June 46s of Holders 1 July 51.75 30 (quar.)_ Engineers Public Service, pref. 2 lune 30 June 20 to June Colorado & gout hero first preferred of rec. June 411. June 15a Preferred stock allotment certifs.(qu.) 41 .75 July 1 Holders Consolidated RILL of Cuba, pref.(guar.) 114 July 1 Holders of rec. June 29a of rec. June 150 Holders 1 July 20e. (guar.). corn. Traction, dr Federal rec. Light $1.20 June 30 Holders of of rec. June 150 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.)- --of rec. June 1 Detroit River Tunnel *Holders 1 July '$4.50 Ito (111.) Frank.& Southw.Pass. HY.,Phila. 154 July 1 Holders of ree. June June 1515 Gulf 141oblie & Northern. prof.(guar.) 86 General Gas & El. Corp., corn. A (qu.)- u371cc. July 1 Holders of rec. June rec. of 2 June 30 Holders (otter.) Hocking Valley July I Holders of rec. June 151) $2 2 $8 preferred A (guar.) July 1 June 12 to July 5 rec. June 111) of Illinois Central, leased lines Holders 1 July $1.75 $7 Prof. A (guar.) 144 July 5 Holders of rec. June 25 Joliet & Chicago (guar.) $1.75 July 1 Holders of ree. June 115es $7 wet. 11 Open.) 87%c July 1 Holders of rec. June 120 Lehigh Valley. common (guar.) 2 Holders of ree. July 9 $1.25 UlY 1 Holders of rec. June 12a General Public Service. $6 pref. (guar.). $1.50 Aug. 2 Holders of ree. July 9 Preferred (guar.) $1.75 Aug. rec. July I5o Convertible preferred (quar.) of Aug. 10 Holders 3 Nashville Louisville & 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 Nat. Bank (Brooklyn) 234 July 1 Holders of rec. June 15a Manhattan Ry., mod. guar. stock (qu.). 1% July 1 Holders of rec. June 15a Ozone Park Public National (que.) July 1 Holders of rec. June 21 4 Modified guaranteed stockSeaboard 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.)_ _ July 234 1 Holders of rec. June 26a common Corp., Manila Elec. (guar.). _ 50c. July 1 Holders of rec. June 15a 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. 134 June 30 Holders of ree. June 21 pref.(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 ( agiir um div.) . di: h d Holder,,qroe.r ec Pacific Gas & Electric, corn.(quar.) *2 July 15 *Holders of rec. June 30 p preferred re r.ae 6 Aorpre ly I 134 Pacific Telco. & Teleg., corn. (guar.)._ 151 June 30 Holdeis of rec. June Ise Cigar, preferred (guar.) J Amer. July I 134 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 1'27 Holders of rec. Dee. ira $1 Jan Quarterly. Porte Rico Rys., pref.(guar.) 134 July June 16 to July 1 Amer. Home Products (monthly) 200. July 1 Holders of rec. June 15a Power Corp. of N. Y., o Jin.(quar),,. 21e. July 2 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 ManufacturingPreferred (quar.) 131 July 15 Holders of rec. June 30a common (quar.) 14 July Holders of rec. June 17 Radio Corp. or Allier., pref. (quar.)__,,, 874, Icily I Holder,. of 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 of rec. June 19 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 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 rec. Sept 30a Preferred (guar.) 13.4 July 1 Holders of rec. June Ila Common (payable in common sto/k). f1-200 Jan15'2' Holders of 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., ,,r Sugar a common (quiz.) 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.).- 1% July 1 Holders of rec. June Ina 7.2% first preferred (guar.) 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 First preferred (guar.) 154 Sept. 1 Holders of rec. Aug. 14 New common A & B (guar.) 120. Aug. 2 Holders of rec. July 15a 15a Second preferred (quar.) Preferred class A (guar.) 154 4erit. 1 Holders of rec. Aug. 14 $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. Auburn Automobile (guar.) SI July 2 Holders of rec. Juned22 Utilities Pow.& L. Corp.. class A (qu.)_ OUR. July 1 Holders of rec. June 10 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.) (guar.) 50e. July 1 Holders of rec. June 15a pref. Corp.. Power Western 13( July 15 Holders of rec. June 30a corn. Creamery. Beatrice (quiz.) 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.) July 1 Holders of rec. June 15a 25e. 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 ii, Dec. 10 Holders of rec. Nov.30 ' 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 (guar.)._ pref. corn, and Bucyrus Co., 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 Alee134 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 Aug. 16 Holders of rec. July 31 (guar.) 134 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.) 140 June rec. of (qu.). 1 pref. Holders July 134 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 (guar.). Manufacturing Chesebrough 25c. June 30 Holders of rec. June 100 Extra 6234c July 1 Holders of rec. June 163 Chicago Fuse Mfg.(guar.) Chicago Mill & Lumber, prof.(guar.).- *154 July 1 5Holders of rec. June 22 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.) (quar.) 750. June 30 Holders of rec. June 153 common Corporation, 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 1 234 Holders of rec. June 251 common (guar.) July City Investing, 131 July 1 Holders of rec. June 25 Preferred (guar.) 624e. July I Holders of rec. June 15 Cleveland Builders Supply (quar.) 134 July 1 Holders of rec. June 193 Cluett,Peabody & Co., pref.(guar.) $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 Cohn-Hall-Marx Co.,corn.(guar.) 500. June 30 Holders of rec. June 103 corn. (guar.) Credit, 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 (quar.) 131 July 1 Holders of rec. June 150 preferred first cent per 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 (guar.) corn. Can, 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 .Inc.(guar.) Cots, $4 July 2 June 11 to July 2 Crown Finance Corporation $1.75 July 2 June 11 to July 2 (guar.) Preferred 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 1 Holders of rec. June I94 July 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 (guar.) preferred second 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 (guar.) Ltd. Mines. 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.) la Douglas-Pectin Corporation (guar.).- 250. June 30 Holders of rec. June 15 134 July 1 Holders of rec. June Douglas(W. L.) Shoe. pref.(quar.). 29 May rec. 2 July of 1 Holders (attar.) Corporation 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 (quar.) Mill Rolling Eastern 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 (guar.) corn. Stores. Grocery 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 July 1 June 20 to July 1 Electric Vacuum Cleaner (guar.) July 1 June 20 to July 1 $1 Common (extra) July 1 131 July 1 June 20 to Preferred (aar.) (cu.). July 1 Holders of rec. JUDE 15a B $1.50 com. & com. Co., Elliott Fisher 153 June rec. of Holders 1 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.) Sic. July 5 Holders of rec. June 18a •2 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 1 June 20 to July 1 (guar.) 30e. July Federal Motor Truck Feltman Jr Curie Shoe Stores6234e. 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 Common. classes A and D (extra).- 62Sic. July 1 Holders of rec. June 15a 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.) 1 *Holders of roe. June 15 July 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.) Six per cent debenture. pref.(guar.) . 14 Aug. 2 Holders of rec. July 60 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. Common (in corn. etk.on each 10 shs.) /3-10 Aug. 15 Holders of rec. Aug. 7 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 June rec. 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 July 1 Holders of rec. June 150 Goodyear Tire 6r Rub.,8% prior pt.(qu.) 2 131 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 8234 16 Holders of rec. July 18 Aug. dive.).... accumulated Preferred (acct. 16 Oct. rec. of Holders 18 234 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.) 250. July 31 Holders of rec. July 21 (quar.)_ (Chic.) Hall(W.F.) Print. Co.( 131 July 1 Holders of rec. June 19 Hanes (P. H.) Knitting. pref. (guar.)._ 250. July 15 Holders of rec. June 30 Candy Stores Happiness 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.) ,4• 350. June 25 Holders of rec. June 18 Hibbard. Spencer. Bartlett Co.(1101113 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 June 153 rec. of Holders 134 June 30 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.) 17. June rec. of Holders 50c. June 30 International Nickel, corn. (guar.) JUNE 19 1926.] THE CHRONICLE Per When Cent. Payable. • 3425 X —'rXbaX• ..p0 g5, XXPX- atom= 06. .-. aNa.4MN 404Am ma o 0 xxx . tp rPeP.L.,. Px—,,x?Pbo X . 5”'xxxxX . a o otim moizomo.es x •. 4:i.,p. 0 g. 0 "" xgpp!, xxkx xf, g01149A =4 PXPx XX9x X XX,T XxL,XX X . n na • • XX an AXXA.XX CtoXX:esX:,XX a 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 (guar.) $1.50 July 20 Holders of rec. June 30a Jewel Tea, preferred (guar.) July 1 Holders of rec. June 176 Paraffin Companies, corn.B(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 Kennecott Copper Corp.(guar.) 14 July 1 Holders of rec. June 10 July 1 Holders of rec. June 4a Pettibone-Mu(guar.) lliken CoKeystone 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 Pierce-Arrow Motor Car. pref.(guar.)._ 2 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., Kraft Cheese, coin.(guar.) (qu.) Pf. 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 Oats, common (guar.) Life Savers, the.,(guar.) 75e; July 1' Holders of rec. July la July I Holders of rem June 15a Quaker 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.) $1 Loew's. me.(guar.) July I June 19 to June 30 June 30 Holders of rec. June 12a Preferred (guar.) Long Bell Lumber, class A (guar.) 14 July I June 19 to June 30 June 30 Holders of rec. June 100 Reece Buttonhole Mach.(guar.) Loose-Wiles Biscuit, 1st pref. (quar.) 354. July 1 Holders of rec. June 15 July 1 Holders of rec. June 18a Reece Folding Mach. (guar.) Second preferred (guar.) 50. July 1 Holders of rec. June 15 Aug. 1 Holders of rec. July Reid Ice Cream Corp., corn.(guar.) Lord & Taylor. corn. (guar.) 754. July 1 Holders of rec. June 19a July 1 Holders of rec. June 19a 17a Reis (Robert) & Co., 1st pref. (guar.)._ Lorillard (P.) Co.,common (guar.) 14 July 1 Holders of rec. June 15a July 1 Holders of rem June 15a Reliance mfg., pref. (guar.) Preferred (guar.) 14 July 1 Holders of rec. June 210 July 1 Holders of rec. June 15a Remington Ludlum Steel (guar.) Arms, 1st pref. (guar.) 134 July 1 July I Holders of rec. June 19a Mack Trucks, common (guar.) oiseless Typewr., pf. (qu.) 13$ July 15 Holders of rec. June 30 Holders of rec. June 15a Remington-N 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, Macy (It. H.)Co., pref.(guar.) series S (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 17a Republic Iron & Steel, pref.(guar.)._ Margay Oil Corp.(No. 1) 134 July 1 Holders of rec. June 150 July 10 Holders of rec. June 19 Reynolds (R. J.) TobaccoMarland Oil (guar.) June 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 May Department Stores, corn,(guar.)._ 134 June 30 Holders of rec. June 150 Sept. 1 Holders of rec. Aug 16a Ryan Car, (guar.) Preferred (guar.) preferred (guar.) .2 June 3 *Holders of rec. June 15 July 1 Holders of rec. June 15. 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 15 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 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.)N 25e. June 21 June 10 to June 21 - ov. 1 Holders of 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 St. Extra Regis Paper, common (guar.) 50c. July 1 Holders of rec. June 15 June 30 Holders of rec. June 5a 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 Moto Meter, Inc., class A (guar.) (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 June 20 Holders of rec. June 10a Shredded Wheat Mountain Producers Corp.(guar.) Dorado Pipe Line (guar.) 25c. July 1 Holders of rec. June 30 July 1 Holders of rec. June 15a Shreveport-El 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 to June 30 July 2 Holders of rec. June 15 Simmons Preferred (guar.) Company,common (guar.)... 50e. July 1 Holders of rec June 156 July 2 Holders of rec. June 15 National Dairy Products, corn.(guar.).Simms Petroleum 50e. July 1 Holders of rec. June 15a July 1 Holders of rec. June Preferred (guar.) 24 June 30 June 11 to June 30 July 1 Holders of rec. June ha Singer Manufacturing (guar.) 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 July 1 Holders of rec. June 216 134 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.) Refining Solar 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 Nevada Consolidated Copper Co.(gu.). (guar.) 14 June 30 Holders of rec. June 180 June 30 Holders of rec. June 15a Standard Oil New Jersey Zinc(extra) (Kentucky)(guar.) July 10 Holders of rec. SI June 30 June 16 to June 30 19 Standard 011 of NebraskaNew York Air Brake, Class A (guar.) July 1 Holders of rec. June 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. Holders of re:. May 28 Standard Plate Glass, prior pref. (guar.) 111 July 1 June 30 Nichols Copper Co.. Prof. (guar.) July 1 Holders of rec. June 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 11 Stern Brothers. cons. Extra (guar.) $1 July 1 Holders of rec. June 19 July 1 Holders of rec. June 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 of rec. June 15 July 1 Holders of roe. June 10a Stone(H.O.) & Co.,com.(guar.) 20a Common (payable in common Preferred (guar.) stock). f5 July 1 Holders of rec. June 15 July 1 Holders of rec. June 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 of rec. June 14a Ohio Oil (gear.) June 30 June 6 to June 30 Swed.-Am. Inv. Corp., partie. Pt.(qu.)- 14 July 1 Holders of rec. June 15a Extra June 30 June 6 to June 30 2 011 Well Supply. common (quar.) July 1 Holders of rec. June 10 July 1 Holders of ree. June Ihn Swift &Co.(guar.) Symington Company,class A (guar.)._ _ Preferred (guar.) 50e July 1 Holders of rec. June Aug. 2 Holders of roe• Telautograph Co., pref.(guar.) July 15 134 July 10 Holders of roe. June 15a Omnibus Corporation, pref. (quar.)_._ July 1 Holders of rec. June I8a 75e. June 30 Holders of rec. June 30 Orpheum Circuit, common (monthly)._. July 1 Holders of rec. June itia Texas Company (guar. 40 Thompson (John R.) (monthly) 30e. July 1 Holders of rec. June 23a Preferred (guar.) July 1 Holders of recs. June 1sa 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.) of rec. June 50 Holders 1 July 1,4 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 United Cigar Storesof Amer.. sem.(q11.) 2 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 fury 15 Holders of rec. July la 50e. 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 July 1 Holders of rec. June 25 $1.7 (guar.) pref. 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 June 146 rec. of Holders 1 July 51.75 Preferred (quar July 1 June 22 to J. ly 1 2 Universal Pictures, first Pref. (guar.). - e 15 134 'sly' Holders of rec. J" 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.) Mc. lune 1, Fielders of rec. May 29 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 1 Holders of rec. June 15a July 2% pref Virginia Iron. Coal & Coke. $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.) July 21 Holders uf rec. July 9f1 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.), _ July 1 Holders of rec. June 150 50e. (cm)._ corn. Mineral Seen., 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, Will & Balmer Candle. pref.(quar.)---- 2 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.) 150 June rec. 31) tune of El Folders rom. (guar) 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 4,947 10,054 135,733 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 1:533 31,856 *526.398 559,496 7,412 67.796 39.152 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 Note.-U. S. deposits deducted front net derrand deposits in the genera totals 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 :The Chase National Bank, 52.901.000: Bankers Trust Co. st.7e0 000; Guaranty Trust and date not notice. this further until on ex-divniold 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. stock. In Payable 2 e Correction. dividend. 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. j Erroneously reported In previous issues as On common stock. on the following two tables: 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. for share a of Averages. o Payable either in cash or in class A stock at rate of one-fortieth each share held. b Reserve Cash of cash, one-fortieth of a share of ,Stockholders have option to take. Insteadstock, I Surplus Reserve Total In Reserve one-fortieth of a share of class class A stock for each share held, and class B Reserve. Required. Reserve. Depostlariev Vault. In B stock for each share held. before or on London in received transfers all and share 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 4,435.000 11,274 000 10.938.780 6,839.000 State banks. stockholders 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. 191 000 219 587 000 _ 12_ 9.485 _ June Total 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. ala• 22 Tntsd 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`. of Federal Reserve Bank. members Not • a of 4-100ths 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 Bank 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 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 315.105,22, May $15.021,390; 12, $14,942.310; June 5, $15.138,180: May 29, 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 following we furnish a summary of all the items in the the Boston 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 ^04 046.001 5n4.319.480 -7.411.520 9.361.000 549.986.000 599.367.000 593.713.600 11.728.520 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 deposits In the ease of State banks and trust companies, but in the casenetofdemand 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 House.-The State Banking Department reportsClearing 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 with legal denos-- , 4,619,0 4,619,0 banks trust companies combined with those for the State banks and Reserve with F. R.Bank.. 64.9520 61,952.0 Cash in vault • 10.062,0 1.49/1,0 11.560,0 trust companies in Greater New York City outside of and Total reserve & cash held__ 75.014.0 6.117.0 81131.0 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 not included in the "Clearing House Returns" in the foregoing : RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE. (Stated in thousands of dollars-that is, three ciphers 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 LiabilitiesFerri Reserve notes in actual circulation_ 403.220,000 401.771.000 327,221,000 Deposits-Member bank. reserve &eel 897.555.000 883.300.000 851.090.000 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 NOTE.-Beginning with the statement of Oct. 7 two new were added in order to show separately the amount of balances held abroad items 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, table we present the results for the system the twelve Reserve banks at the close of business on Wednesday. In the first those of the corresponding week last year. as a whole in comparison with the figures for the seven preceding weeks and with banks. The Federal Reserve Agents' The second table shows the resources and liabilities separately for each of the twelve Reserve notes between the Comptroller and Accounts (third table following) gives details regarding transactions in Federal Board's comment upon the returns for the Reserve Agents and between the latter and Federal Reserve banks. The ReserveEvents 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 1,529,234,000 659,899,000 644,552,000 646.954.000 700.106,000 604,820,000 649,124,000 662.400,000 648,347,000 815.686.000 604,515,000 Gold settlement fund with F. R.Board 632,397,000 638,292,000 646.301,000 Gold and gold certificates held by banks_ 655,795,000 654.830,000 632,169,000 2,803.580.000 2.792.536.000 2,797,093.000 2,821,067,000 2,814,662,000 2,816.066,000 2,797,230,000 2,836,625,000 2,833,188,000 Total gold reserves 162,251,000 163,159.000 158.045.000 156,983,000 146,659,000 147,737,000 149,341,000 149.250.000 159,375,000 Reserves other than gold 2,966,739,000 2.950,581,000 2.954.076,000 2,967,726,000 2,976,913,000 2,975.441,000 54,613,000 2,984,362,000 2,982.529,000 2,946,480,000 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 248,122,000 275.223.000 302,280,000 Bills discounted: 251,674.000 260,670.000 284,841,000 233,530,000 Secured by U. S. Govt. obligations_ - 179,301,000 213,484,000 240.116.000 240.413.000 229,191.000 224,740,000 244.901,000 238,445,000 193,842,000 214,029,000 234,679,000 Other bills discounted 441,964,000 489.861.000 476,414.000 547.181,000 513,668.000 246,083,000 393,330,000 448,163,000 524,957,000 473,943,000 Total bills discounted 226,492,000 228,162,000 213,384.000 199,017.000 233,159,000 249,821,000 244,143,000 238,828,000 Bills bought in open market 83,366,000 98,008,000 99,092,000 U. S. Government securities: 97,123,000 102,529,000 100.923,000 191,151,000 109,183,000 103,049,000 103,106,000 167,364,000 Bonds 164,988,000 163,223,000 162,513.000 150,684.000 31,882,000 166,945,000 180,147,000 169,846.000 140,121,000 Treasury notes 133.721.000 132.116,000 131.108,000 206,107,000 135,112,000 131.200,000 130,578,000 Certificates of indebtedness 395.326,000 388.813.000 306,399,000 396,262,000 398,625,000 395.085,000 404,152.000 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 1.128,578,000 686.000 778,000 767,000 691,000 679,000 709.000 811,856,000 645,000 638,910,000 Due from foreign banks (see note) 644,473,000 690.879.000 720,133,000 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 4,897,349,000 4,841,584,000 4,922,689,000 4.908.211.000 4.958.582,000 4,951.259,000 4,854,482.000 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 Deposits2,230.801.000 2,202.831,000 2,212,772,000 2,193.512.000 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 Total deposits 627,899,000 561,175,000 579.167.000 687,156,000 779,434.000 596.619.000 625.602.000 578,476,000 653.606,000 Deferred availability Items 122.186.000 122.129,000 115,543,000 122,464,000 122.408.000 0 122,670,00 122.557.000 122,804,000 122.713.000 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 4,922,689,000 4.841,584,000 897,340.000 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 Maturities86,409.000 108,875.000 123.897.000 136.092,000 126,997.000 98,038,000 105.399.000 100.917,000 1-15 days bills bought in open market408,382.000 381,970,000 330,730,000 390,706.000 00 352.257.000 389.101,0 323,611.000 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 52.318,000 53.373.000 48.717,000 34,825,000 31-60 days bills bought in open market51.743.000 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 2,005,937,000 2,012,406,000 1.990,095.000 1.987.185,000 Issued to Federal Reserve Banks How Secured305.054.000 303.554.000 318.953.000 286,016,000 304.653.000 304,152.000 304.153,000 303,153.000 301.240,000 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 Gold redemption fund 1,060.448.000 ,005,797.000 1,019,348,000 1,109,674,000 1,135,797,000 1,063.530.000 1,041.150.000 1,045,144,000 1,074.384.000 682.765,000 736.862.000 688,773,000 659,395,000 Gold fund-Federal Reserve Board 694.851.000 608,169,000 672.959.000 740,276.000 677.848,000 By eligible paper , .,so,oio,uui, . , . . 2.1. . 0 .l454t57.000 2,i50.4211.0uII,1,901,U0U 2,1..• . otal held abroad and amounts due were added In order to show separately the amount o balances been changed to NOTE.-Beginning with the statement of Oct. 7 1925 two new items assets", now made up of Federal Intermediate Credit Bank debentures, has description of the total So foreign correspondents. In addition, the caption,"All other earning and securities" The latter term has been adopted as a more accurate therein included Items “Other securities," and the caption. "Total earning assets" to "Total bills only the Act, are which of Sections 13 and 14 of the Federal Reserve of the discounts, acceptances and securities acquired under the provisions OF BUSINESS JUNE 16 192* CLOSE AT BANKS RESERVE FEDERAL 12 THP OF 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 2,038,0 Treas. S. U. with fund red'n 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 32.566,0 166,002,0 50,881,0 54,535,0 20,865,0 19,561,0 124,500,0 15,602.0 14.244.0 18.635,0 6.610,0 6,343.0 70,294,0 9,893,0 3,653,0 40,411,0 401,083,0 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 56,169,0 982,0 2,321,0 2,491,0 2,968,0 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 48,258,0 31,152,0 45,473,0 882,869,0 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 2,943,0 4.654,0 All other resources 1,793,0 3,332,0 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 57,003.0 183,647,0 2,260,827,0 Government 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 14,317,0 42,740.0 32.353,0 44,429,0 779.434.0 8,786,0 35,366.0 12,171,0 13,510,0 6,076,0 4.936,0 16,635,0 38.374,0 5,272,0 3,142,0 4.188,0 4,288,0 8,434.0 122,804,0 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 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 F. It. notes on hand (notes rec'd 1,779,0 2,169,0 1.946,0 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 F.R.notes held by F.R.Agent_ 68,850,0 404,236,0 280,360,0 46,440,0 48,680,0 32.960,0 274,932,0 .5- 6 55,450,0 192,617,0 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 7,033,0 3,436,0 94,000,0 231,000,0 102,497.0 150,000,0 12,500,0 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 Federal Reserve Board, giving the principal items of the resourpes and liabilities of the 703 member banks from whichthe weekly returns are obtained. These figures are always a week behind those for the Reserve banks themselves. Definitions of of Dec. 12 1917, published in the "Chronicle" of Dec. 29 the different items in the statement were given in the statement 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 , i U. S. Government securities 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 Time deposits 1,760,685 399,401 220,105 485,686 263,416 758,433 12,980,475 417,907 1,233.758 233,807 811,582 206.235 1.043.498 Government deposits 221,201 215,277 107,473 146,183 100,078 848,516 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 1,994,283,0 2,092,100,0 other 00 loans and discounts All 00 1,955,553,000 593,146,00 8.432.382,000 8,394,273,000 8,054,849,0 00 2,309,372.000 2,292,319,000 2,193,835,000 716,927,000 603,581,000 581,076,000 0 710.648,000 689,964.000 Total loans and discounts 13.904,599,000 13,961,998,000 13,189,613, 000 Investments. 4,352.791,000 4.436,714,000 4,211,467,000 1,325,717,000 1.329,761,0 00 1,291,847.000 Ti. S. Government securities 2.579,249.000 2,586,988,000 2,590,613,000 937,735,000 945.335,00 Other bonds, stocks and securities. 3,144,205.000 3,129.026,0 971,689,000 166,020,000 170.700,000 175,170.000 00 2,930,546,000 922,643,000 898,724,000 0 850,983,000 205,393,000 206,887,000 205,260,00 0 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, 21,391,000 21,965,000 24.839,000 5,087,922,000 5,161,428,000 5,029,378,000 1,169,979,000 1,175.075,0 'Time deposits 5,585,515,000 5,604,206,000 5,161,930,0000 00 1.168,223,0 00 00 816,822,000 826,898,000 817,442,000 503,185,00 Government deposits 184.444,000 0 500,378,000 480,067.000 188,574,000 125,007,000 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 Certificates on the New York Stock Exchange.-Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York Sock Wall Street, Friday Night, June 18 1926. Exchange. The transactions in registered bonds are given Railroad and Miscellaneous Stocks.-The review of the in a footnote at the end of the tabulation. 3419. page on week this given is 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 N Y Rys ctfs stamped_.• 92t 289 June 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 1 5054 May 5934 June 5934June 18 5734June 8.700 _ Light__ & Amer Pow 1434 Apr 27 June 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 15 June 50 171 4954June • 30( Barnet Leather 2954 June * 1.50( 28 June 12 29 hJune 15 28 June 10454 Bloomingdale Bros. June June 15 10434June 10434 15 10494.1une 101 106 Preferred June 40 May 3434 14 39HJune 181 " 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 June 1254 834 16 £334June 16 834June 100 Elk Horn C•tal Corp_ ._• May June10139 9934 17 500 99HJune 17 100kJune Equitable Off Idg p1100 June 534 June Fant Players Lasky Ruh 9.600 534June 14 5HJune 12 454 May 107 Feb 96 15 9754June 15 100 9754June 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 Mar 9954 Jan 9374 16 It June 95 June 94 200 100 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 • 3,700 2/39June 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 117 June 117 June 14 June 11339 I 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 Mullins Body pref.__AGO 81 June 16 84 June 16 8:1 June 85 Apr 200 • 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 Mar 9534 June 17 93 17 June 98 100 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 48 May, 14 42 16 48 14 June 4534June 10,400 Co_25 Thompson (J II) Union Carb & Carbon_ _•22,500 81139June 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 May( 4554 Apr 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 1065 American. 1045 Hanover 450 440 Pee_ Ex 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- 220 230 272 County 262 Bryant Park* 200 225 New Neth*._ 345 353 492 496 Empire Butch de Drov 174 179 Park 273 268 Tr_ 134 Equitable 124 Each... 1Penn 220 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 8 'Seventh , Nat Bk &Tr 363 3 BankIrving 650 600 Standard 247 243 Chelsea Exch• Columbia Tr 318 322 600 610 Chemical_ _ _ _ 7 0 770 State. 157 162 Lawyers Tr.. Trade* _ 550 Colonlal• 513 518 230 Manufacturer 215 United 382 Commerce... 379 Com'nwealth• 300 310 United States* 315 312 Mutual(West- 185 200 cheater) 000 850 Hts... tWasten 181 Continental_ 270 N Y Trust... 514 519 Brooklyn Corn Exch.__ S'S 610 1 __ Title Gu & 'Fr 700 720 Cosmop'tans_ 225 250 Coney Island* 310 Mtg & Tr 410 418 U 7375 400 First Fifth Avenue.2200 400 1750 2550 585 Mechanics's_ 318 325 United St.ategl72S First Tr_ 475 Westches 305 Montauk'... 190 170 Franklin 305 Brooklyn. 295 365 370 MunIcipal• Garfield 766 365 375 Brooklyn Globe Exch.' 220 240 Nassau 570 650 Kings County 2100 2309 People's 350 Grace 270 260 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 Dec. 151926... 354% 100.1.. 10011.. Mar. 15 1927_ 454% 10134 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 10-2-8co 102"os 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 10-2-1;: 1072r88 102"n 10210,, 102203, 102"st 10280n 1022•32 102nn 102":2 16 12 71 io-cias; 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 10-011; 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 1019.3 to 101 tin 103.00 to 108sn to 108In 103', Foreign Exchange,-Sterling exchange was exceptionally 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 days, sixty 853-16: % cables. Commercial on banks. sizht. 4 8504 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 1 for short. German bankers' marks 27334 for long and 2 733402 77% 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 8631 4 4 8631 83 4 week the Low for Paris Bankers' Francs2 94 2 93 2 8731 High for the week 2734 27434 2 6631 Low for the week Germany Bankers' Marks-. 23.81 23.81 week the for 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 Curb Market.-The review of the Curb Market is 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. of New -Conrad H. Liebenfrost has been appointed a Vice-President 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 21 644 Jan 2135/ 1 4 135% 125 135% 13514 133% 13512 1-35 Int 13114 13314 131% A tch Topeka & Santa Fe 203) 122 Mar 30 14112‘11v 23 93% 100 100 100 9972 100 93% 103 9)12 10) 9)2 10) 2.3)1 Do pref 100 941 / 4 Mar ' 103 June 12 12 58 52 % 118 12 54 , 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 9534 9512 91% 9514 9118 95 9134 9112 91 95 912 93 2 116,5)) Baltimore & Ohio 100 8312 Mar 3 9312fune 11 70% 70% 6172 6778 70 70 6114 614 *7) 7) 732 7l's 1,73) Do pref 100 6712 Ian 6 71 8 lune 13 4034 4014 33112 3)z *3314 40 2 3/% 3)18 *3)'2 43 *4034 41 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 6534 I53-4 61% 65% 6312 612 61% 65 2 6118 61% 6114 65 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 1072 107, •1012 1058 1018 1012 10 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 6934 Mar 26 R4 Ian 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 of New Jersey 100 240 Mar tto 305 Mu ,1 13212 133 132 1331 132 1321 13234 13318 131 13138 29,003 Chesapeake 132% 133 & 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 46 6,4 614 *6 61 1,10) Chicago & Alton 100 414M ty IS II% Feb 20 8% 87 94 91 *812 91! *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 St Louis C & C C 100 17314 29 Mar 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 5134 Feb 10 214 9% 9 9% 834 83 9 8% 834 83 MI 87 5,303 Chicago Great Western...100 734 Mar 31 12 Feb 21) 21% 2178 2178 217 22 22 21 21z 2112 221 2134 22% 9.40) Do pref 100 1614 Mar 3(1 28 Jan 2 12% 1112 Hs 12% 12 12 1112 11,2 11% 10 1134 113 9,200 Chicago Milw & St Paul_ _100 29 Mar 9 Jan 6 1412 1114 111 1238 1134 12 *12 1112 1112 *114 Ilt 1112 III 4,000 Certificates 81 / 4 A pr 20 14 Jan 8 100 1912 19% 1914 1934 1812 191 18% 19 1834 19 13% 187 12,301 Do pref 100 1412 Mar 31 224 Jan 9 1 4 183 •1812 19 1918 1912 •1834 19% 18/ 19 •1318 13,t 2,031 Preferred certificates._ 100 14 A or 20 214 Jan 5 19 72% 74% 7312 74% 73 731 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 513s 5012 51,4 5034 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 9332 93,2 9112 93.2 899 Do 7% preferred 96 Mar 4 101 14June 9 10 .86 8714 8534 85% 8672 871 86 *86 86 8634 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 pref Do iL 0 100 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 16034 1611 4,9C0 Delaware & Hudson 100 1604 Mar 34 17414 Mar IS 138 139 139 139 139 139 13812 139 1391 / 4 14112 140 14178 9,210 Delaware Lack & Western. 50 129 Mar 3( 15312 Jan 13 43% 431 *4234 433 *4034 433* *4112 4332 *4314 4332 *41% 43 200 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 / 4 512 .41s 512 *41 *4% 51 / 4 512 *41s 512 *4% 52 538May 19 Preferred 100 814 Jan 18 3512 3578 3412 3514 3414 3514 3412 3478 344 3514 3458 35 34,900 Erie 2212 100 Mar 29 Jan 2 40 4052 4112 4112 4134 4014 41 39% 4012 3934 414 3958 401 19.800 100 33% Mar 31 Do lot pref 4534 Jan 4 37 37 .37 *3712 39 3812 *36% 35% 3714 371 3712 33 2.500 100 30 Mar 30 43 Jan 2 Do 2d pref. 7534 7614 75% 76 7578 761 753s 7534 75% 761 76 7638 13.800 Great Northern pref 100 6812 Mar 30 78.31 Jan 4 2018 203* 2014 21334 2078 21.1% 2134 22 20 20 22 2214 9,200 Iron Ore Properties_.No par 19 June 2 27/ 1 4 Feb 'IS 3534 37 357 35 3512 3734 36% 37% 3534 3734 35 3632 20.500 Gulf Mobile & Northern, 100 2518 Apr 20 3734June 16 105 1 1051 10514 105's x1033, 104 4 104 104 .1031/ 104 104 104 1,200 pre/ Do 95 100 Mar 29 105%June 11 3812 383 3812 387 3812 38% 3812 38% 3832 39 3834 394 5,400 Hudson & Manhattan__ _100 3434 Jan 22 40 Apr 8 751 *7334 751 *7334 751 .7334 7512 •7334 75 *73 *7334 751 Do pref 100 6734 Mar 31 7511 Feb 20 12034 1211 121 12158 12114 12178 12112 121% 12172 12232 12118 12114 5,000 Illinois Central 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 2634 2634 *27% 291 .27 100 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 6434 643 65 65 300 Do prat 100 604 Mar 31 65 June 18 8312 83% 8234 8234 *8234 831 *834 84 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 *9078 91 90% 91 *9072 91 *90 9072 *90 907 90% 907 300 Manhattan Elevated guar 100 84 Mar 3 9254 Apr 211 5712 58% 5718 59 r55% 57 5612 5734 5634 57% 55% 5658 26,400 100 384 Jan 28 6172May 28 Do modified guar 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 pref prior 1,500 Do 100 394June 2 5132 Feb Ill 1512 15 *15 15 15 1512 1512 16% 17 15 •1612 18 700 Do 26 Pre 100 134 an Pi 2212 Feb 10 •134 2 •134 2 *134 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 5212 Feb 3 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 6874 Feb 24 3812 3834 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 9234 93 9214 9234 91% 92 92 9172 9172 1,803 9112 9112 *91 Do pref . 100 82 Mar 2 95 Jan 4 34% 3514 35% 36% 3512 3614 35% 36 3534 3638 354 3632 32,900 Missouri Pacific 100 27 Mar 8 4014 Jan 14 84% 86 8412 85 8434 8514 8414 8512 84% 8534 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% 3 314 332 3 *272 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 13033 1314 13012 131% 12912 130% 12912 13014 13014 13112 12914 13114 72,200 New Yort Central 100 117 Mar 30 13558 Jan 2 17434 17512 175 17512 175 176 175 175% 17578 17734 178 173% 4,100 N Y Chic & St Louis Co--.10 130 Mar 3 181% Jan 12 *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 4434 4334 4458 43% 4438 431s 43% 43% 4432 4318 4412 57.200 NYNEldi Hartford _JO 3032 Mar 30 45% Jan 2 2478 2478 2412 2412 .32438 2412 24% 2412 25 2572 2418 25,8 5,900 N Y Ontario & Western- -.10 I934 Mar 30 2878 Feb 13 N y Railway,. part rtfs.N, pa 296 Jan 4 385 May 8 ;ioi2 15 14 161idoC2 ;i5T2 117 12 2 i61.2 12 117 100 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 *3434 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 7334 7314 7314 73 7358 73 .7312 73/ 1 4 7334 7318 7372 13,700 Northern Pacific 1 4 Jan 2 10 65% Mar 30 76/ 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 5234 53 5234 53,4 52% 53 29,300 Pennsylvania SO 4852 Mar 30 55% Jan 2 .2312 24 .2212 24 *22% 24 2312 24 2312 2334 •2212 2312 700 Peoria & Eastern 101 19 Mar 4 2634 Jan 4 9514 9418 9512 39134 9314 9218 02% 9212 9312 92 95 934 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 80% 803 2 8112 8012 *80 81 8112 81 82 82 600 Do pref__ 100 7034 Mar 29 82 June 18 *14514 •14452 _ *14458 14514 •1445g - - •14458 _ Pitts Ft Wayne & Chia p!.100 14213 Jan 2 1464June 1 108 10912 108 108 108 1-081s 108 110 10612 108 110 11132 4.900 Pittsburgh & West Va....100 85 Mar 30 11932 Jan II 88% 89% 8814 89% 8712 8812 8712 88% 87% 91% 9052 93 96,700 Reading 50 79 Mar 39 93 June 18 *40 4034 4034 4034 4034 4034 4034 4034 .4014 4034 40% 41 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 5238 52% 5312 54 5278 5434 52 1.500 Rutland RR pref 100 42 Apr 8 67 Jau 7 94% 9538 93% 95% 13,400 St Louis-San Francisco__ / 4 95 97% 9612 97 z9412 9514 941 97 ..I00 85 Mar 30 101 14 Jan 2i 9078 91 91 91 490 91 .90 91 *90 *90 *90 91 400 Do prof A 100 Apr I 9112May 24 83% 6718 6758 6612 673s 6634 67 66% 6752 6714 67% 6,300 St Louis Rout hwestern__ 6734 674 100 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 34% 3514 34 Air Line 100 2712 Mar 31 51 Jan 2 3812 37% 37% *3612 3714 38 38 3814 38 38 3712 3812 2,600 Do pref 100 3112 Mar 31 4832 Feb IS 10178 10214 10112 10218 10118 10234 102 102% 10214 10312 103 10412 74,100 Southern Pacific Co 100 9612 Mar 3( 10412June 18 117% 117% 118 118,2 34 117 117% 11714 118% 11612 11814 44,600 Southern Railway 31778 11872 100 10352 Mar 30 1194 Jan 4 9232 •92 923 , 91% 92% 9134 9218 9232 9238 1,700 9238 92% 92 pre! Do 100 8712 Apr 6 93% Jan 2 5512 55% 5414 55% 5334 5434 5312 5418 5312 55 5312 55 10,400 Team & Pacific 100 42I Mar30 61112 Jan 13 3658 3512 36% 3612 37 36 36% *36 36 3612 37 3612 5,700 Third Avenue 100 13/ 1 4 Jan 8 43 Apr 23 *7334 7412 *7214 74 •_ 73 •____ 73 4.7312 75 *71 7338 Twin City Rapid Transit_ 100 68 May 4 7834 Jan 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 3374 Mar 34) 52 Jan 12 7414 74% 7458 7514 7412 7512 7412 75,4 74% 75% 74% 7512 19,000 Do pre! A 100 68 Mar 30 7834 Jan 13 *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 1338 6,200 Western Maryland 1258 12% 1212 1234 100 Ii Mar 3 16/ 1 4 Jan 4 tols 194 lo 1914 le 19 19% 20 1912 1934 3.000 *1932 19'3 too 164 Mar 1n 24 Pan I 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 6272 Ayr 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 2914 Mar 40 Mar 9 Jan 1914 Ma 314 Apr 7 Sep 7 An 1272 Oct Apr 47 10144 Apr 4012 Mar 92 Jan 82 Mar 48 Dec 67 Dec 14012 Dec Dee 98 II', Dec Dee 268 9412 Der 6734 Nuv 5612 Nov 100 001 64 Nor 83% Dee 17% Nov 92% May 59 May 15232 Jan 321 Jan 13012 Dee 130 Dee 10/ 1 4 Feb 1912 Feb Dee. 200 38/ 1 4 Aug 5714 Jan Feb 15 32% Feb 16% Jan 11 Nor 2812 Jan 22 Nov 8072 Dee 120 Dee 5812 Dee 100 Dee 89/ 1 4 Me 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 14734 June 34% Ort 60 Jan 2% Apr 5/ 1 4 Dee 384 Apr 811 Dee 264 May 39/ 1 4 Dec 35 June 46% Jar 34 June 43% Jan 60 Apr 823s Dee 25 Dec 4034 Jan 23 Mar 3018 Sept 8012 Mar 10914 Sept 21% Mar 3832 Auk 6412 Feb 72 July 111 Mar 12512 Dee 11212 Apr 1251 / 4 Dee 6814 Aug 7414 D•41 18 Jan 33% Sept 5912 Jan 66/ 1 4 July 1312 Mar 34/ 1 4 Feb 112 Jan 3/ 1 4 Mat 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 / 4 Dec Apr 192 Dee 143 112 Jun 312 Der 11314 June 13712 Des 11314 Jun 13712 Dee 118 June 183 Dee 8812 Jan 9872 Nov 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 1334 Apr 2154 Dec 6134 Jun 8512 Dee 78 July 89% Dec 6812 AP 79% Dec Jan 144 Nov 139 63 Ma 123 Dee 6934 Ma 9112 June 35% Ma 41 June 361 / 4 Mar 44% June Apr 42 62% Jan 574 Jan 10214 Aug 76 Jan 92/ 1 4 July 4334 June 5914 Dec 7014 June 7834 Dec 2032 Jan 5414 Nov 35 Mar 51 12 Au2 Oct 1092 Jan 06 77% Jan 12012 Dec 83 Jan 9512 Scot 43/ 1 4 Jan 59 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 / 4 Aug 5534 Jan 73% Dec 384 Jan 60% Aug II Mar 18% Aug 14 kis. ' In 11 New York Stock Record-Continued--Page 2 3432 For sales during the week of stocks usually inactive, see second page preceding. HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT. Saturday, June 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 3634 36 36 37 *36 8212 8312 8912 8912 83 834 83% 8312 8312 8312 8232 83 2212 2338 2214 223 23 2312 22 23 2314 2212 2212 22 *431 438 43% 44 44 44 44% *434 44 444 *44 44 Saks for the Week. STOCKS NEW YORK STOCK EXCHANGE PER SHARE Range Since Jan. 1 1926. On basis of 100-share lots 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 22 Apr 5378 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 7514 *7312 7434 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 Mar 18 116 Apr 26 99 11012 100 Adams 200 Express 11012 110 110 113 .10912 113 *10912 114 .113 1131 3111 ' 2,500 Advance RumelY 13 100 10 Mar 19 1834 Jan 29 1112 1112 1112 124 1214 1214 *1112 1212 1212 1338 1278 5112 1,600 Do pref 100 4814May 11 634 Jan 28 5212 51 51 51 35034 5034 51 51 50 50 •48 918 Jan 4 788 Jan 23 1 4,100 838 Lead 3814 Ahumada 812 2 83 812 84 818 8 818 8 818 818 par 10714May 19 11914 Mar 1 Ino____No Reduction, Air 9,800 11334 11334 11312 11478 11312 11412 114 11678 115 11634 11514 116 No par 712MaY 11 16 Feb 934 10% 9,000 Ajax Rubber, Inc 912 10 912 988 934 934 91* 10 988 10 2 Jan 4 138M83r 24 Alaska Juneau Gold Min-- 10 112 .114 112 *I% 112 *114 112 *114 112 *114 112 *114 106 Mar 30 142 Feb 13 12034 12312 122 12388 121 12288 121 12334 12334 12514 122 12538 93.600 Allied Chemical & Dye-No par 1183 4 Mar 20 12218June 14 100 800 Do prat 122 12218 212014 12014 12012 12012 12034 12034 12014 *12112 122 4 5,900 Allis-Chalmers Mfg --100 7814 Mar 26 9458 Jan 14 8814 8734 874 8714 8812 8438 8812 8712 -873 8612 8634 87 100 105 Apr 7 11012May 24 100 Do pref 10914 10914 *10814 10912 *109 10912 10812 10912 *10814 110 .10812 110 1914 1912 2078 1934 2138 12,200 Amer Agricuiturai Chem_100 15 May 20 34% Jan 14 1634 1678 1712 1778 18 1658 17 100 51 May 20 9611 Jan 14 5912 3914 634 6588 6712 6614 6738 12.400 D 59 5714 5734 575, 59 10 3458 Mar 31 437 Jan 8 4034 4034 1,300 Amer Bank Note, new 3934 40 40 40 *3934 40 4134 4012 41 *41 50 55 Jan 15 5718May 6 Preferred --*57 --. *57 55 *5312 *57 __ *57 21 June 2 3888 Feb 5 2412 100 700 32312 2412 Sugar American Beet 2414 14 ii *2212 1412 *2278 -244 2312 2414 2414 100 83 May 27 83 Feb 24 Do pref *6614 72 75 *68 75 *72 75 *72 75 75 .71 *69 16 May 19 345 Jan 4 2212 par 2112 7.000 Amer Magneto_No Bosch 8 217 21 8 217 2012 2012 20 2011 20 *1934 21 312412 12714 4,700 Am Brake Shoe & F....-No par 110 May 19 180 Feb 2 12218 12218 12218 12218 12218 12434 12514 12814 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 4034 4178 41 4018 3934 42 40 6,400 Preferred 96 100 8612 Mar 31 9718 Jan 16 96 9534 9534 9578 97 95 9834 95 9534 .95 *95 325,900 54 25 387 Mar 30 58 Feb 20 4 513 5312 American Can w 1 5288 53 51 52% 51 5214 5014 5014 4938 prat 126 100 121 Jan 4 12614May 19 Do *12512 125 700 125 125 *123 125% 1257 12578 1257g 1258 12578 9912 10058 9988 10112 11,100 American Car dr Fdy__No par 9112 Mar 31 1147 Jam 12 3872 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 2514 2538 2578 2578 28 2514 25 2518 25 25 500 American Chicle No par 374 Mar 31 51 Jan 4 4034 *3834 4034 *3934 40 40 41 *39 40 3912 3912 40 No par 311251er 31 4714 Jan 7 Do certificates 3812 *3814 3882 *38 3812 *3712 3812 *3614 3812 *3614 3812 *37 838June 10 414 Jan 5 74 712 17,600 Amer Druggists Syndicate: 10 712 734 788 77 712 75 71* 778 788 778 800 American Express 100 10578 Mar 31 140 Jan 6 4 11912 11934 1193 4 1193 119 119 120 *11712 4 1193 119 120 •118 Jan 2 2214 42% 2114 8 7 par 19 22 16.600 15i4MaY & Amer new-No Pow 218 Farr' 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 9 914 .984 954 *914 954 *94 954 .914 914 91 9 100 3312May 7 6714 Feb 9 4414 *4412 4512 *4414 4512 1,100 DO pest 44 44% 4434 4412 453 *4412 45 133 13312 3,100 American Ice 134 100 109 Mar 31 136 June 8 133 13312 133 133 13214 13412 133 133% 13334 200 Do pref 100 824 Jan 13 8634June 1 8812 8578 85% 8812 8612 *8512 8838 8812 *85 8612 *85 •85 3678 8,100 Amer International Corp_.100 3334May 20 464 Feb 16 3758 3734 36 3618 3734 3714 38 354 3634 *354 37 1234 13 13 1,700 American La France F E- 10 1212May 21 1578 Jan 4 1234 13 13 13 13 13 13 13 13 100 2814 Apr 21 5278 Jan 4 3334 3634 3438 3488 3,000 American Linseed *3212 34 34 •33 34 34 3358 332 800 Do prat 100 75 Mar 31 87 Jan 4 7912 7912 797 *7678 79 *77 79 7914 7914 7818 7818 79 10634 19482 19778 49,100 American Locom new__No par 9014 Mar 31 11978 Jan 4 105 105 10234 10314 102 10412 8 5 102 102 10212 700 Do pref 100 117 June 17 12014 Feb 11 11738 11712 11712 11712 *11614 11714 *11614 11714 117 11714 .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 11678 *114 100 11312 Apr 15 120 Feb 6 Preferred 114 114 116 4 *1133 116 *11334 •11334 116 *1135 113 3,900 American Radiator 25 10114May 19 1205* Feb 13 10912 110% 109 110 10912 110 z110 11012 109 110 109 109 100 Amer Railway Express--.100 7788 Mar 31 781:Mar 10 80 1712 3 80 *7712 80 *7712 7712 z7712 80 *78 80 *78 800 50 June 15 74 Jan 5 54 par *49 RepublicsNo 54 *49 American 54 *42 53 50 58 55 60 *58 49% 11,400 American Safety Razor-- -100 42 Apr 14 63 Jan 8 5034 49 4814 48 48 50 5014 5034 4934 5034 48 97 512 Jan 2 11% Mar 12 97 par 4.800 97 Amer Comm-__No & Ship 988 8 *95 10 10 918 912 912 91* 91* 12812 13078 115,900 Amer Smelting & Refining_100 10958 Apr 21 14434 Jan 7 12788128', 12812 131 12412 12512 125 1274 126 128 100 11278 Mar 31 119 June 17 11812 11812 800 Do Ore! 11814 118I 1187 11878 119 119 11758 11758 118 118 100 124ismay 27 165 Feb 9 100 American Snail 13334 13334 *130 134 *130 134 *130 134 .130 134 *130 133 4214 4234 4214 4212 4,000 Amer Steel Foundries_No par 40 May 11 4688 Feb 1 4214 415.3 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 -68% -7112 70 -716814 -6814 6812 -1fli 6834 -69 .68 -69 200 100 10014 Mar 30 105 Feb 26 Do pref 10212 *100 10212 *10012 10212 10012 100% *100 10212 •100 10212 *100 818May 1 1738June 14 1512 1614 1,600 Amer Sumatra Tobacco--.100 1434 1434 1612 1738 1658 161* 154 1512 .1214 17 100 pref 129 Do 395 129 *95 129 *95 *95 128 *95 129 *95 130 16 414 Feb 10 3511/lane Cable....100 700 Amer & 3612 Telegraph ---------------368 3678 2512 3634 3612 *3634 38 100 13958June 18 15(44 Feb 15 14158 14212 113958 14018 28,800 Amer Teton & Teieg 14212 14234 14178 14234 1415 1424 1415s 142 1215 Feb 6 8M5131 1115 Tobacco 50 2.300 American 8 1177 1177 11714 117 8 8 1173 11714 1173s 11638 11634 •11612 1174 1175e 100 10618 Jan 4 113 May 26 11178 11178 1117 1117 11034 11034 1,400 Do pref 11118 112 *111 113 *112 113 4,300 Do common class B 50 11018 Mar 31 12012 Feb 6 11612 11618 11614 116 116 11534 115 1157s 11518 1153s 11578 116 American Type Founders-100 114 Jan 22 135 Feb 13 4.117a4 120 •117 120 *11738 120 *117 120 *117 120 *.17% 120 Works & Elea- 20 4334 Ayr 13 74 Jan 4 5412 .5438 5078 5512 574 13,300 Am Water 54 6334 541 *5214 527s 5258 54 100 10112Mar 3 10814 Jan 27 Do let pref (7%) 105 *104 105 *104 105 *104 105 .104 105 •104 105 *104 100 19 June 9 4278 Jan 13 Woolen American 30,500 24 22% 2312 234 2038 22% 2212 2338 2114 2234 217e 2278 7214 100 66 Apr 30 8934 Jan 4 6.200 Do pref 7212 7218 4 723 8 715 5 4 3 70 7212 z71 75 7018 7234 73 Me Jan 13 1% Jan 4 _100 pref Paper Writlng Amer 1,300 3 3 *3 378 334 318 318 38 37 *3 37 43 44 Jan 13 1 Jan 4 certificates-100 Preferred 100 238 238 .158 212 *158 312 .158 3 *158 3 •158 3 518May 19 1218 Feb 4 2,200 Amer Zinc. Lead & Smelt- 25 812 812 8 85 88 812 812 4 3 812 8 818 834 788 8 25 20 May 19 4818 Feb 4 7,100 Do Pre 3412 3518 3514 3578 3434 35 352 34 3434 36 343 32 Copper Mining_ 50 4112 Mar 30 51 Feb 9 467* 4788 474 477e 4678 4714 22,700 Anaconda 46% 465s 475 45% 4614 46 Danis Midi'd_No par 3478June 11 4434 Jan 2 Archer, 1,500 3814 *37 374 37 3814 7 4 3814 *373 36 100 100 Mar 4 105 Jan 4 357 3573 3512 35 200 Do Pre 101 101 *101 102 *101 102 101 101 .101 102 *100 101 100 9014May 21 9778 Jan 13 9312 2,600 Armour & Co (Del) pref 9338 93% 93 93 .9282 9338 9338 94 4.9212 9388 93 A_.. 25 1318May 22 2512 Feb 13 class Illinois of Armour 7,900 4 143 1458 1434 145, 534May 20 17 Jan 4 25 1414 1412 1412 1458 1438 1434 1412 1434 B Class 5,200 712 7 7 • 718 67 68 7 678 678 8 a 6o 100 80 Apr 30 93 Feb 11 8414 2,000 Preferred 8414 85 *80 86 *80 8512 *81 85 Apr 12 3134 Jan 6 85 18 85% .81 Arnold,Consie&Co new No par 2114 *18 21 2114 *18 2112 *18 2118 .18 .18 No par 14 Jan 5 1534 Jan 6 *1814 21 Certificates - _ _ _Jan 2 2312 Jan 26 1918 -10 Art Metal Construction •2012 22 .2012 22 No par 48 May 17 634 Jan 21 ;ill 12-- "i5- I1-71 i2074 -ii- `ii:-)f4 -2-i500 A rtloom 52 z52 52 *51 52 5218 5218 *51 18 11134 Feb 1 Mar 5134 52 108 52 100 *50 pref Do 11014 3'109 11014 *107 11014 *107 11014 *107 11014 *109 11014 *109 4 434 4214 4212 10,600 Associated Dry Goods.......100 374 Mar 30 50 Jan 9 4314 413 96 Mar 25 10212 Jan 6 100 414 4238 4112 4314 4238 4388 43 200 pest Do let 102 10178 10178 10078 1008 *100 102 *100 102 *100 100 102 May 19 108 Jan 28 .101 103 600 Do 2d pre! 103 103 *102 104 10334 10334 103 103 105 105 25 4434 Jan 6 60 Mar 4 *106 108 300 Associated oil 5312 5312 *5312 5412 *5312 55 100 334 Mar 31 6838 Jan 6 Line 5312 5312 *5312 544 *5312 55 SS I W & Gulf At 5,800 8 4278 4134 427 41 42% 4114 4 415 4038 4 423 354 Apr 16 8814 Jan 30 4114 100 42 4118 1,000 Do pref 44 44 .42 44 .43 100 97 Mar 3 12838May 24 4012 4012 4118 4118 4112 4112 42 41,000 Atlantic Refining 11612 11912 1164 119 1154 Apr 21 118I2June 18 100 11834 12038 1184 12114 119 12178 11812 12012 .118 pref 200 Do 11912 11812 11812 No par 54 Mar 4 59 Jan 6 •11634 11834 *11712 11834 11814 11814 *11712 11814 Atlas Powder *5312 5612 56 *55 *5312 56 Jan 8 97 Apr 13 94 100 *5312 56 .5312 56 Preferred *5515 56 908 9638 *95 968 *95 963* *95 9638 *95 912June 18 1712 Jan 30 9718 *95 No par *95 912 912 1.200 Atlas Tack 914 934 934 10 11 May 22 28 Jan 29 *934 10 No par *934 10 .93 10 vto Austin,Nichols&Co 2,200 16 16 1614 1534 1518 •1438 15 100 75 May 25 93 Jan 6 1378 13% 14 14 14 600 1)o pref 77 774 *764 78 75 12 Apr 30 7612 7612 75 2 765 24 Feb 11 76, 77 312 Auto Knitter Hosiery_No par *12 1 *12 1 *12 1 *12 1 e82 1 Wks 100 927 Mar 31 13612 Jan 4 Locomotive *12 1 BsidwIn 56,500 117 11318 11412 11178 31 Mar 114 105 Feb 6 100 10914 11134 11 112 11278 110% 11178 11012 112 Do pref 300 112 *109 112 3'108 10812 10812 10812 *10812 10912 10912 10912 *109 class A..-- 25 2312May 11 3312 Jan 2 2638 2514 2614 7,800 Barnsdall Corp 2534 2614 z2512 2634 2818 2838 26 26 28 25 234 Apr 15 2912 Jan 2 500 Do class B. 2412 2412 .23 2478 323 25- x24% 2478 .24 No par 39 Mar 31 49% Jan 4 25 25 .24 900 Bayuk Cigars, Inc 4012 4012 4112 *4012 42 20 5318 Apr 13 7178 Feb 4 4112 4114 414 *40 41 41 Packing •39 Nut Beech 7,500 6288 60 60 59 5914 5834 59 58 Nu par 30 May 19 391g Jan 4 598 59 58 58 2.300 Belding Bros 318 31 3014 31 3714May 20 5014 Jan 7 100 Corp 3014 3012 3018 3018 .3012 3034 3034 3034 4218 4234 42 4234 26,900 Bethlehem Steel 4132 4212 415 407 41% 41 4074 41 200 Do cum cony 8% vret 100 114 Mar 8 120 Jan 26 11614 11614 *11614 1168 11614 11614 June 1 105 Feb 2 99 100 *11614 117 *11614 1167 *11614 11678 3.200 Do 7% pref 10014 100 10018 100 10018 100 99% 100 418 Mar 24 934 Jan 11 100 100 Ne par 995 100 300 It. oth Fisheries 57 578 88 *6 6 6 3518 Apr 15 5112 Jan 7 100 *534 634 *512 8,2 *578 812 preferred First 47 .37 47 *37 44 *38 45 *37 45 Jan 4 4118 25 May 20 50 A.. class 47 .37 *37 Mills Cons 500 Botany 2512 2514 2512 2512 2558 25% *25 25 May 10 3712 Jan 4 2514 •25 2514 *25 •25 2814 2734 28% 7.700 Briggs Manufacturing-No par 2712 2718 2814 28 Jan 18 3 8 12May 100 274 27 27 *2678 27 Steel Empire British *12 114 *% 112 *12 112 *12 112 100 14 Apr 21 27 Jan 28 34 *12 *12 1 FIrst, preferred 1334 1518 .10 1512 *9 1514 *1012 1514 *9 212May 7 1018 Jan 11 100 • .._ _ 151a .9 Preferred 2d 21 *I 3 *1 3 *2 3 212 212 *2 100 133 Mar 31 1464 Feb 1 4,400 Brooklyn Edison, Inc -*212 27 14212 14234 14234 143 14314140 14112 14112 14214 14214 No par 68 Mar 30 8138June 16 140 140 3 8134 8012 81% 8012 8114 16,500 Bklyn Union Gas 100 2912June 1 485, Jan 7 7814 794 794 8078 794 8014 79 1 w Inc Shoe Brown 3.600 315* 314 31% 315, 3012 3012 .3012 31 317 100 107 June 5 111 Mar 10 3114 31% 31 200 Do pref *107 111 3'107 111 10918 110 *10712 115 *10712 115 *107 115 No par 2438 Mar 30 307 Jan 4 1,300 Brunswick-Balke-Coler 26 25% 26 26 26 *2512 2578 .2512 par 121 Mar 31 14114 Feb 13 2512 2512 2558 26 No Brothers Burns 6.500 1391 13814 140 140 140 138 13818 138 1394 13912 13934 13812 1,700 Do new class B corn No par 297* Mar 31 44 Feb 13 , 37 373 373 364 3614 3688 3634 365 37 36 37 .36 97 Mar 30 103 June 9 100 100 Preferred 4 1023 *101 4 1023 102% •10214 1032, *102 104 *101 10314 *101 10314 9212 943* 9314 94 2.300 Burroughs Add Mach-No Par 774 Apr 13 96 May 26 9414 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 938 Dec 1572 J013 212 Oct Jan 1 80 Mar 11658 Dec Jan 12114 Nov 117 7112 Jan 9714 Dee 10314 Jan 109 Dee 1311 Mar 297 Oct 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 1074 Jan 11458 Dee 4734 Dee 537g Oct 904 Nov 98 Dee 4714 Dec 4934 Dee Jan 1217s Sent 115 974 Apr 11534 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 11458 Apr 142 Sent 14% Dee 812 Mar 5812 Sopt 7578 Jan 83 Mar 139 Dee 7412 Mar 86 July 3218 Mar 4678 Nov 1114 Jan 20 Nov 20 Mar 5914 Nov Oot 53 Jan 89 10412 Jan 1447s Mar 115 Aug 124 Feb 45% Mar 5758 Oct 111 Mar 119 Nov 897* Jan 12212 Nov Jan z76 Sept84 Jan 7954 Dee 48 36% Jan 7634 Nov 54 Dec 1412 Feb 9038 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 28 Apr 12018 Got 3714 June 47 Feb 1305s 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 3514 Apr 5314 Nov 26 Jan 4612 Dte 9012 Jan 105 Oct 9018 Mar 100 Oct 20 Mar 274 Oct 16 Dec 2031 Oct 90 Dec 9314 Nov 8 Jan 175* Oct 27 Dec 30 Dee 15 Jan 2038 Nov 39 June 6034 Dee 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 113 Sent 11734 June 45 June 65 Dee 904 Oct 94 Jan 918 Feb 21 Dec 22 July 324 Jan 8788 Jan 95 Aug 414 May 4 Dec 107 Mar 146 Feb 107 Aug 116% Jan 1834 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 12058 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 Shares. Indus.& Miscall.(Con.) Par 3 P per share 9 per share $ per share I Highest$ we ikon 4,100 Bush Terminal new_ ..._No par 1634 Mar 18 3212May 27 14/ 1 4 June 26 Dee 1,700 Do debenture 100 86 Apr 6 927.June 4 80 May 897. June __ Bush Term Bldgs, pref-100 99/ 1 4 Jan 20 103 June 4 964 Jan 103 Dee 2,800 Butte Copper & Zino 5 434May 26 61 / 4 Feb 10 41g Mar 8/ 1 4 Jan 17,500 Butterick Co 100 1734 Mar 3 32 June 16 17 May 284 Jae 2,209 Butte & Superior Mining 10 714May 18 164 Jan 11 61i May 24% Jan 10,400 Byers & Co par No 28 Mar 29 4112June 18 23 Oct 447 Oct Preferred 100 9814 Mar 20 9954 Feb 18 9514 Oct 100 Oct Caddo Cent Oil & Ref__No par 14 Jan 2 / 1 4 Jan 8 134 13734 138 14074 13834 140 14 Dec 212 Jan 137 1394 137 13812 13812 141 34,300 California Packing____No par 1211 / 4 Mar 30 17914 Feb 4 10014 Jan 3614 Nov 3214 3212 3214 3212 3212 3314 3214 33 324 33 3212 327s 36,300 California Petroleum 25 30/ 1 4 Jan 20 3814 Feb 10 "112 134 *112 134 2374 Jan 3434 Dee 113 112 134 134 11. 134 "11 / 4 134 500 Callahan Zino-Lead 10 138 Mar 26 2/ 1 4 Jan 15 6038 6012 61/ 60 114 Oct 4/ 1 1 4 614 6214 61 4 Feb 62 61 61/ 1 4 6112 64 8,200 Calumet Arizona Mining_ 10 5511 Mar 29 644 Jan 8 •1312 14 45 Apr 6114 Dec 13/ 1 4 14 14 14 14/ 1 4 1434 141. 14/ 1 4 1414 1434 5,100 Calumet & Heels 25 1334 Mar 31 154 Jan 6 9114 9112 9112 94 1214 May 95 97/ 1854 Jan 1 4 98 10413 10134 104 102 104 29,903 Case Thresh Machine 100 6213 Jan 4 10112June 16 *106 108 *10412 106 *10414 106 24 Mar 6814 Der 108 106 *1061 / 4 108 10734 10734 200 Do pref 100 96 Jan 5 107/ "11 1 41une 18 / 4 1038 10/ 111 60 Mar 10713 De, 1 4 .934 10 10 10 10 1010 10 10 2.400 Central Leather 100 714May 3 2012 Jan 5 58 58 14/ 1 4 Mar 23/ 5612 5814 55/ 1 4 (;)(c 1 4 5714 5412 54 5734 5834 5774 58 .12,003 Do pref 4314 Apr 28 683i Jan 5 4914 Mar 71 141s 1414 1334 1434 13 13/ 1 4 *13 1334 1334 1374 134 134 6,003 Century Ribbon Mills_No 100 Orr par 12/ 1 4June 8 32/ 1 4 Jan 8 3034 Sept 4714 Ma, *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 1 4 Jag 66/ 1 4 651. 657. 6534 66/ 1 4 65 6534 17,200 Cerro de Pasco Copper-No par 5712 Jan 22 Feb 11 43/ 4134 42 1 4 Mar 6434 Nov 4174 4212 341 4144 4114 41/ 1 4 4113 4n. 411. 41/ 1 4 3,400 Certain-Teed Produots_No par 3614May 20 6914 494 Jan 5 10012 105 *10012 105 4034 Mar 58/ 1 4 Sept *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 1134May 18 26 Feb 11 32 314 3112 3154 3134 3134 323 32 321 . 34/ 1 4 33 3412 14,000 Preferred No par 28 May 18 4514 Feb 15 11312 113 113 113 11312 11312 113 113 11374 11412 *111 115 700 Chicago Pneumatic Tool, I:.., 9413 Apr 8 120 Jan 2 -8014 Mar 128 51 .51 50/ 1 4 5134 5112 5112 5114 511 Dee 51 5234 52/ 1 4 5412 6.609 Childs Co A "-par 4514May 19 663 .Jan 4 32/ 1 4 3274 327s 3314 33 497. Mar 74/ 33/ 1 4 33 1 4 Oct 333 3314 3312 33 33/ 1 4 15,400 Chile Copper 25 30 Mar 3 3634 Jan 6 22 22 3014 Mar 875s Jan 23 23 23 23 *21 23 *21 23 *21 23 400 Chino Copper 5 16 Mar 3 23 June 14 4212 4334 4212 4212 34212 45 19 Apr 28/ 1 4 Feb 45/ 1 4 4934 4734 4934 48 48 5,200 Christie-Brown certifs_No 32 1 4 Jan 4 3214 3134 33/ 1 4 33234 33/ 6238 Dec 5412 Dee 1 4 33 3434 3434 3514 3354 3538 232,200 Chrysler Corp new____No par 40 Mar 30 63/ par 2813 Mar 30 54/ 100 100 100 101 1 4 Jan 9 ___ _--*99 100 ---9912 991 101 101 101 101 2,000 Do pref No par 93 Mar 30 108 Jan 2 1-00/ 6312 6212 6212 63 *62 1 4 July 1-117;Iles 6314 *6212 64 "63 64 *6213 64 300 Cluett, Peabody & Cen_.--100 6014 Mar 31 6812 Jan 7 •1121211812 "114 120 *114 120 *114 1151 "114 11512 *11214 5812 Mar 2138 Jan 11 514 Preferred 100 10314 Jan 13 115 June 11 1031. Jan 109 Sept 154/ 1 4 1554 15514 15612 315474 155 155 1561 157 163 158 162/ 1 4 19,600 Coca Cola Co 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 -41-14 3914 -99 Jan 10112 Mar 4034 39/ 1 4 -414074 -43 --1 / 4 411. 4454 -132,900 Coonndo Fuel & Iron 100 2734Mar 3 4454June 18 6314 6312 63 6312 621 Apr 4814 Jan 3214 . 6254 *62 63 6314 6312 63 6312 2,003 Columbian Carbon v t e No par 55/ 1 4 Jan 26 69/ 8014 8012 8034 8134 8114 8134 8012 8234 8214 8334 811 45 Mar 62/ 1 4 Feb 21 1 4 Dec / 4 83/ 1 4 43,900 Col Gas & Elea No par 631 •113 11338 "113 11334 113 113 .Mar 29 90 Jan 9 45/ 1 4 Jan 86 Oct 113 11314 11314 11334 113/ 1 4 114 1,400 Preferred 100 112 Mar 30 115 Jan 12 10414 Jan 11415 Dec 29/ 1 4 30 30 30 2912 2912 2914 2913 2814 2914 2812 28/ 1 4 Commercial 3,000 Credit..... -No par *2274 24 26 May 19 474 Jan 14 *2274 24 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 •____ 2534 "23 254 *24 2512 *24 2512 •24 2512 Preferred B 25 25 Apr 19 27/ *60 1 4 Jan 11 62 26/ 1 4 Sept 27/ 6112 6112 *604 645. "601. 64/ 1 4 Dec 1 4 *61 6454 / 1 43014 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 12034 Jan 4 164 June 18 160 160 *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 1834 1934 • 1834 19/ 76 May 189 Jai 1 4 1834 191. 1814 1914 19 1912 19 194 16,600 Congoleum Co new No par 1212May 13 2134 Feb 4 "8 We Nov 4314 Jam 34 "8 34 "8 34 "8 34 "8 34 *1 / 41 % Conley Tin Foil stpd__ _No par %Mar 18 1 Mar 12 6134 6134 601 . 6114 60. 6134 6034 61 14 May 17 Feb 6114 6134 6034 6112 5,800 Consolidated Cigar No par 4514 Apr 15 67 Feb 20 *100 102 *100 102 *100 102 2614 Jan 6334 Dec 100 100 100 1001 .*190 102 300 Do pref 100 91 Mar 31 10214 Feb 11 79 / 334 4 1 4 Jan 96 Dec 334 4 334 4 334 4 334 4 3/ 1 4 4 5,900 Consolidated DIstrib'rs No par 234 Mar 3 9412 9534 95 614 Jan 7 3/ 1 4 Jan 9614 9534 9674 9654 9712 9612 97/ 932 Fet 1 4 9634 9714 61,300 Consolidated Gas(NY)No par 87 Mar 30 10414 Feb 23 2 2 74/ 2 1 4 Mar 97 Dee 2 1/ 1 4 174 •174 2 *174 2 174 174 1,100 Consolidated Textile_ __No par 114May 10 334 Jan 18 7614 77 77 2/ 1 4 June 7838 77 514 Jan 78 7711 7812 7734 79 7734 7812 19,000 Continental Can, Ine__No par 70 Mar 31) 9214 •13212 133 Jan 2 133 1334 *134 13612 *132 133 *132 133 *132 6014 Mar 934 Dee 13374 300 Continental Insurance 25 322 Mar 31 14434 Jan 9 103 1014 1012 1014 1012 103s 1038 104 10/ Jan 140 Dec 1 4 1012 1054 1012 11 15,600 Cont'l Motors tem etfs_No par 9741‘lay 17 13 Jan 5 4434 45/ 1 4 4434 4514 4434 4534 4474 4614 4614 47/ 814 Jan 1512 OM 1 4 4634 4734 182,100 Corn Products Refin w I 25 35/ 1 4 Mar 3C 4734June 18 *12734 129 12713 127/ 3234 May 42/ 1 4 *128 130 *12712 128 1 4 Dec 128 128 *12734 12814 300 Do prof 100 1224 Jan 6 12914 Apr 28 1181 4834 50 *48 / 4 Jan 127 July 49/ 1 4 50 51 50 53 52/ 1 4 5234 35134 511 / 4 2,800 Coty, Inc 4413 No par Mar 29 603 27 4 Jan 35 48 4 •27 Aug 6014 Dec 35 *27 35 *27 35 *27 35 *27 35 Carpet Cron 100 25 Apr 9 63 Jan 2 7234 7334 72/ 36 Mar 6414 Dec 1 4 7334 72/ 1 4 7312 73 7334 7312 75 7334 7454 10,900 Crucible Steel of America _100 64 Apr 15 8112 Jan *99 100 4 *98 100 6412 Mar 8454 Nov *9854 100 *9914 100 "99 100 *99 100 Do prat 100 96 Mar 30 10034 Feb 20 50 5034 50 92 May 102 Dec 5112 5034 5174 5034 5114 5012 5114 5034 5112 11,700 Cuba, Co No par 3912 Apr 15 53 Feb 4 .•834 9 •874 9 4414 Dec 64/ 9 9/ 1 4 1 4 Oct 9 914 914 912 914 934 4,100 Cuba Cane Sugar No par 854May 22 114 Jan 29 734 Oct 1454 _Fet 36/ 1 4 361 / 4 3534 3634 35/ 1 4 3634 3614 3714 3612 39 3712 38 10,300 prat Do ICO 3512June 8 49 / 1 4 Feb 4 2412 25/ *25 374 1 4 Oct 62/ 2434 244 2412 244 25 1 4 Fat 2412 2512 25 25/ 1 4 3.000 Cuban-Amer1can Sugar____10 24 Mar 29 3034 Jan 28 20 *100 102 *100 102 *100 102 *100 102 *100 102 *100 Oct 3312 Mai 102 Do pref 100 9734 Jan 5 104 Feb 5 93/ 1 4 Nov 101 Ma 174 11 / 4 178 178 ---- ---- ---- ---- ---- ---- ---- ---Dominican Cuban Sug_No 200 par 112 Apr 29 37s Feb 8 "1974 20 214 Oct *19/ 1 4 20 638 FOC Do pref 100 1512May 21 2234 Feb 6 16 Dec 444 Jar 85 "8414 85 *84 84 84 "82 85 "83 85 •8274 85 100 Cudahy Packing 100 76 Apr 21 97 Jan 4 9314 Dec 107 9714 "9512 98 *95 Oct 9734 9734 "95 98 964 974 9712 9712 500 Cushman'* Sons No par 7712 Mar 1 100 Mar 4 62 Mar 104 4714 4712 *47 471 / 4 4714 4714 47 041 47 47 47 4738 47 1,400 Cuyamel Fruit No par 4214 Apr 15 51 Jan 14 44 Nov 59 Ma, ---- -- - - - - - - - --Boone Woolen Milla_25 Daniel 34May 38/ 1 4 395. 384 3914 38 Jan 1 13 4 34 Dec 772 Jar 39 3814 3834 3914 41 3854 4012 41,500 Davison Chemical v t o_No par 274 Mar 30 4634 Feb 17 277. Apr 4934 Jar '33 _ . *33 __ *3254 _ •3254 35 "3214 35 *3274 Dc Beers Cons Mines_No par 2734 Apr 20 3114June 7 13314 1-33-12 13312 1-1514 135 13-51. 13412 1344 1344 1341 2014 Mar 29 Dec 13414 13114 3,900 Detroit Edison 3 100 12312 Mar 14114 Feb 1 110 Jan 1594 SW 3554 3554 36 37/ 1 4 3734 38 37 37 371 / 4 3712 *Ws 3754 ' 2.600 Devoe & Raynolds A__No par 3374 Apr 30 15 1041 / 4 Feb 10 2554 26 Oct 9014 Dec 53 2534 2634 26 2654 2544 2644 2613 27/ 1 4 275. 2834 139,400 Dodge Bros Class A..__No par 2114May 17 4714 8412 85 Jan 2 211 / 4 June 48/ 8434 85 1 4 Nos 8474 8512 8454 85 847 s 8514 85 Preferred 3 4 86 certlfs____No par 79121May 17 8814 Jan 8 9,100 "1334 1374 1334 1334 1354 1354 1312 1354 133 7314 May 9114 Oct 4 1334 13/ 1 4 14 3,000 Dome Mines, Ltd No par 1234 Apr 30 20 Mar 13 *20 1234 Apr 1814 Nos 2012 •20 2012 *20 2012 "20 2012 2012 2012 20 20 Douglas Pectin 200 No par 19 Mar 20 2514 Jan 30 •115 116 "115 116 *115 116 14 Feb 2311 Aus 11514 11514 11512 11534 "115 116 400 Duquesne Light lot pref___100 11112 Mar 3 11612 Apr 27 105 Jan 11314 Del 11014 11014 110 11014 11014 110/ 1 4 11014 11014 110 110 11014 11012 1 4 Mar 30 112/ 1 4 Jan 5 10434 July 118 2734 27/ 1 4 2734 2734 274 2712 274 2714 2714 2854 2812 2912 1,900 Eastman Kodak Co._-_No par 106/ Jan 27,200 Azle Eaton & _ _No par 23741May 19 3234 Feb 15 1014 Feb 304 Dv 223 230 230 235 232 23674 23514 241 24112 246 23414 24412 43,800 El du Pont de SpringNem Co__100 1934 Mar 29 246 June 17 13414 Jan 27114 Nos 104 104 104 104 104 104 104 104 10334 104 *10334 104 1,100 prof Do 6% 100 4 Apr 1003 20 Jan 10414 18 94 Jan 10414 No 1914 1934 1914 201 / 4 1914 20 1914 1974 1914 20 1913 20 22,400 Elea Pow & Lt etfs___No par 1534May 19 3414 Feb 10 1734 Apr 401s Jul. *10112 107 "102 107 •102 105 *102/ 1 4 105 *103 105 103 103 100 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 11034 Jun( 93/ 1 4 9314 9312 9334 94 9434 *94 95 / 4 95 941 9474 95 1,100 Do pref Ws 8912 Mar 24 974 Feb 11 8974 Aug 9434 De( 7934 80 7934 8074 7934 8054 7954 8014 8012 81 37934 814 14.100 Elea Storage Battery _No par 714 Mar 3 8112June 18 6034 Mar 80 Dv •114 112 *114 112 11 / 4 14 *114 114 11 114 114 114 800 Emerson-Brantingham Co_100 1 May 20 4 Feb 1 11 / 4 May 534 Jul) *8 9/ 1 4 *8 8 9 8 612 6 64 674 6/ 1 4 712 900 Preferred 100 5 May 20 24/ 1 4 Jan 29 67 8 May 26/ 67 "674 6712 6712 674 6712 671 1 4 Aid 6714 6734 "6614 67 900 Endicott-Johnson Corp 50 6512 Mar 31 721 / 4 Feb 8 •1164 11714 "117 117/ 63/ 1 4 Apr 7474 Sept 1 4 *117 11714 117/ 1 4 *11714 11734 *116 11734 1 4 117/ Do 100 pref 100 114 Jan 7 118 Feb 2 111 May 118/ *47/ 1 4 48 •4734 48 . 48 1 4 0e1 48 4734 48 4734 4734 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 "15/ 1 4 1614 •1514 1612 "15 1612 200 Exchange Buffet Corp_arg par 1514131ay 27 17 Apr 22 *2 134 July 212 *2 1974 Jar 212 "2 212 *2 *2 21 212 "2 Fairbanks 212 Co 25 2 Apr 10 "47 49 "47 313 Feb 25 214 Mar 49 434 Aug 464 49 *48 4834 4914 51 5034 514 3,000 Fairbanks Morse No par 46 Mar 29 5934 Feb 10 *III 113 111 112 *109 111 *109 111 *109 1.1 "109 111 3214 Jan 54/ 1 4 Oct 300 Preferred • :2014 127 10814 Jan 6 115 Feb 9 10612 June 1101 121/ 1 4 12634 312312 12514 12312 12412 12314 12414 123/ / 4 Nos 1 4 12534 35.100 Famous Players-Lasky_No 100 par 1034 Jan 19 12712June 11 .120 12112 12014 12114 *120 121 .120 12112 12014 120/ 90/ 1 4 Feb 11438 Jul] 1 4 121 12134 1.700 Do pref (8%) 100 115 Mar 31 124 Mar 11 103/ 31 31 3012 31/ 1 4 x31 1 4 Feb 120 Jul] 3134 30 3012 30 3014 3012 31 4,100 Federal Light & Trae 15 28 Mar 31 3934 Feb 3 *8514 861 / 4 *8513 8614 *85/ 26 1 4 8614 *8514 8612 *8514 8614 86 Oct 37/ 1 4 Des 86 100 Preferred No par 86 June 18 89 Jan 4 68 6814 6812 6812 69 Sept 89 Dv 8214 7134 7134 7134 7112 72 70 72 1,500 Federal Mining & Smelt'g_100 41/ .72 73 1 4May 22 1111 7234 7234 7234 7534 7438 7512 7.538 7574 *72 / 4 Jan 5 1514 Mar 954 ,Des 74 4,600 Do Prof 100 61 Mar 3 105 Jan 6 "185 189 *185 190 __ __ •187 190 4914 Mar 94/ 1 4 Dv 187 187 *180 190 100 Fidel Pben Fire Ins of N Y__25 160 Apr 15 20014 Jan 23 14714 1912 *17 *17 1912 *17 -13 Jan 179 Dv *17 19 *17 1912 *17 194 Fifth Ave Bus tern etfs_No par 14/ 1 4 Jan 2 2154 Feb 9 / 4 34 33/ *331 1 4 3334 33/ 1 4 3414 34/ 12 Jan 1 4 3434 341 17 / 1 4 / 4 341 Jul, / 4 334 3412 5,400 First Nat'l Stores No par 30 Mar 3i 9012 9134 92 93/ 441 1 4 9212 9434 9334 9554 96 / 4 Feb 5 3814 Dec 40 De, 9814 91 9812 42.900 Fisher Body Corp 25 7814May 15 105/ 1 4 Jan 4 5014 Feb 125 No, 1834 1834 1814 1914 1834 1834 1834 1874 1812 19 18/ 1 4 20 118,900 Flsk Rubber No par 1414May 20 2614 Jan 13 *80 •791 / 4 81 81 8074 8074 "80 1012 Mar 28/ 1 4 Oe 8074 *80 81 80 8074 400 Do let pref stamped._100 76/ 1 4 Apr 19 8414 Mar 16 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 10174 10112 103 100 100 10314 107 22,300 Foundation Co No par 85 May 19 17914 Jan 29 / 4 6412 6414 66 641 6614 6712 671. 6912 69/ lxi Jan 133/ 1 4 No 1 4 6914 69 69/ 1 4 10,300 FOX Film Class A No par 5514 Mar 31 85 Jan 2 3174 3212 3112 3212 3112 3314 3212 3314 3212 33 684 Sept 85 Dv 3214 3274 40,600 Freeport Texas Co No par 19/ 1 4 Jan 13 3412June 3 1 4 35 34/ 1 4 33374 33/ 34/ 1 4 34/ 8 Mar 24/ 1 4 33 33/ 1 4 3214 3312 32/ 1 4 Ow 1 4 33 4,900 Gabriel Snubber A No par 29 Mar 25 42 Feb 11 .6 7 6/ 1 4 674 6/ 1 4 712 28/ 1 4 Aug 3972 Nos 714 714 74 7/ 1 4 74 714 2,700 Gardner Motor No par 512June 9 464 464 464 *45 *45 934 Jan 4 4514 4434 45 41 / 4 Jan 1614 Mar 4412 45 457 100 39 Mar 24 55/ •10112 103 *1011. 103 *100 103 *100 103 *100 103 *100 4 4574 1.300 Cien Amer Tank Car 1 4 Jan 2 4412 Aug 60 Oct 103 Do vet 100 10014 Apr 19 104 Jan 15 93/ 1 4 6954 68/ 1 4 Feb 104 Nos 6834 68/ 1 4 6934 6874 711 68 / 4 7014 7212 69 71/ 1 4 82,400 General Asphalt 100 50 Mar 3 73 Jan 11 •108/ 1 4 109 108/ 4212 Mar 70 De( 1 4 10814 "109 10914 109 1104 11074 112 11011 111 4,200 100 Do Prof 947 4 Mar 3 11334 Jan 11 8614 Mar 109 Dec 52 •5214 53 52 52 *514 5274 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 10-3. Jan 1-1-1-14 -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 116 Do' 328 337 324 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. 11/ 1 4 . 1134 1112 1112 1154 111 / 4 1154 1134 1112 1112 114 5,500 Do special 10 11 Jan 5 1154 Mar 22 401. 404 z407. 407. "4012 41 13/ 1 4 Oct 111 *4034 41 / 4 Jul. *391 / 4 4012 4012 4034 General 500 Elea Gas & A_No par 34 Mar 30 59 Jan 2 584 Dec 61/ 97 97 *9514 9812 *95/ "9434 97 1 4 Dot 1 4 9812 *954 984 *9514 9812 100 Preferred A (7) No par 95 May 11 9914 Jan 4 99 Dee 100 Dv •10612 109 *10612 109 *105 109 *105 109 *105 109 *105 109 Preferred (8) A No par 10512 Apr 8 11014 Jan 15 110 Dec 110 Da 9434 •92 9434 *92 93 93/ 93 1 4 9374 *93 93 *9312 95 300 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 55/ 1 4 Feb 4 .45/ 231, 2838 283 , 2834 2812 2834 2834 2914 2834 2934 2834 28/ 1 4 "Aug - -544 Sept 1 4 2.900 Trust certlficates____No part 26/ 1 4 Mar 30 as Jan A 254 ante 24.1. rue. •Bid and asked prices: no sales on this day. rE,tdlvld nd. es Ks rights • per share $ per share $ per share 5 per share $ per share $ per share *31 37 3014 3038 303 . 3038 30 3134 .3012 3134 31 31 *9212 9234 *9212 9234 9212 9212 924 9212 924 9234 9213 '9234 11102 _ *102 _ _ *103 _ _ *103 _ _ *1011 / 4 _ *10114 _ _ 478 _-41 2 472 -472 472 -478 434 -434 434 174 44 -5 2874 29 2914 2914 2914 31 3012 32 31 32 29 31 *11 11 3914 10/ 1138 11 1 4 104 1012 1012 1034 1014 10/ 1 4 *30 32 *30 32 32 3213 37/ 32 1 4 3814 41 3912 4112 •1003 . ___ *10034 ____ *100/ 1 4 ____ "10034 ____ *10034 _-__ •100/ 1 4 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. Wednesday,i 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 Ors bash Of 100-share lots 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 $ per share per share $ per share 6453 Jai 14934 Nov 151 112 1142 632,40) General •vititors Corp_No par 11314 Mar 29 143121une 115 Dec' 1355 13 514 133 14134 13) 142, 140,y 141,8 1404 143 29 121 .1, 23 102 /an 100 Do 7% 83) pref 11,115 11312 1181 2 / 1181 2 Noy 1 99/ •11818 11878 11812 11878 11378 118% 11312 11812 11838 864 Apr 2 hpr 13 101 8June 2 / 981 101 Deb6% pref 3105 •10334 *105 2 Dec / 591 *10834 4 3 *103 *10334 Jan 42 I. Mar 25 4912 Mar 2 3532 8 6114 6134 6114 61'2 6312 612 21,30) General Petroleum 80% Om 6112 6114 61% 6114 -131-7.31 -7 68 Not Jan 8 31 343 Mar 6012 par new___No Ry Signal (len 23.30) 7334 7313 80'8 73 79 7312 78 7612 76 8 Nov 7612 7612 78 1057 July 9013 IS Jan 14 Air 101 103 on 101 pref *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 *40 *40 -48 *40 42 *40 -42 Ma, 83 Dee 4 47 Jan 8 787 , 3 Mar 4518 pa. No °babel Broa 5,3)) 51 51 5114 55 55 5514 5134 55 2 Nov / 55 52% 5178 53 lot 10333 Apr I 1108 Jan 19 10214 Mat 1141 101 Do pref._ 105 105 •104 103 *105 103 •105 108 *105 108 •105 107 2234 Feb 53 Dec ()Inter Co temp ctfic_No Pa, 40 -Ian 2 44% Jan 4 Dec 2613 Mar 1212 7 Jan 3 4 253 par 2June / 51 No 8-0555 (1lkiden Co 3 1714 _ 173 1158 OM 177 1814 - 1814 1814 ;1,6E8 17)4 17 1 758 -1737 Ma, 51 2 472 9,10) Oold Dust Corps t e__No llo, 41,2343r 31 56% Feb 4 / 44 4534 44% 4712 451 4312 44 7434 Nov 4412 44,. 4412 45 , 3 Ja 4 Feb 363 4 703 20 , , , 21.44 45 par F)____No (B (33odrIch Co 13,10) 53°s 5718 5114 5134 53 51 Nov 102 , 5112 5.318 5114 53 Jan 5318 51.3 92 9 Feb 100 23 Jan 2 / 961 100 1,51) Do prig 9) 2 9312 932 95'2 952 97 1 96/ 2 Oct 1 *15 2 398 / *91 961 97 2 Jan 114/ / 861 98,2 Mar 31 ion34 Feb t 2 10114 105°; 101 1012 3,01) Goodyear T At Rub pf v t 3.100 10538 / 10112 1011 10112 101 105 105., 10134 105 2lune 1 103 1 AM 109 Dee .1a3 22 113/ 1011 411 Do prior pref. 1018 103 2 103 2 •10314 103 / 1081 103'3 10314 3103 103 Der 42 *10413 101 Dee 13 3)1 39 rune 52 2 M sr / 3:31 45h 4114 47,4 4318 .53'4 33,407 Gotham Silk Hosiery-No INV 4314 41 44 0918 Dec 10213 Dec 4114 41,3 41,4 312 100 98 Apr I, 107 June 13 1,10) Prefetred 103 y 101 2 101 103 1 Sept 23 10114 10114 105 103 *105 105/ *101 105 Dec 23 Jan 18% 2113 15 Apr 1812 par A No 733 Gould Coupler 2 131 / 2 / *1318 1814 3181 18 18 2 18 1 •17/ 18 18 1778 18 2178 Dec 13 Mar 2313 Feb 6 2 7,003 Granby Cons M Sm & Pr1011 16,8 Mar 31 / 2918 2078 201 20% 2918 291 Jan 11318 June 1934 1934 23 20% 2314 21 91 Great Wsnern Sugar tern ctf25 8') km 14 10614 Feb 2 3,403 931 95 4 4 933 91 91 *9112 94'8 Apr 11512 Dee 2 9514 9314 394 1 14 107 9678 93/ Jan lel 31 Mar 10413 100 Preferred 115 2 1134 Mar 124 Jan *11412 115 •11.5 115 *11333 11512 •11312 1152 *11338 11512 *11333 9% AM 3 16 June 8 17.51) lreene Cananea Copper. 100 1414 1573 1512 16 14 612 Jan 2 13 1 31 Sept 1114 1114 128 13 s 1112 13/ 2 Jan 5 1078 Feb 1 / 61 63) Guantanamo Sugar,_..No par 734 71 712 734 •7 2 Mar Pa% Nov / 671 734 *7 4 Jan 2 1 / 754 734 *7 • 734 15 Mtv 93 61 Gulf 100 Steel States 7518 31,40) 2 7218 75 8 73 1 71/ Feb 70 71 89 July 7112 7278 z70 4212 71% 7 f. 26 10) Hanna 1st pref class A.__ WO 45 June 13 57 Feb 45 •12'2 4712 45 2 Jan 1 34312 4712 34112 47 .4412 47 3'4112 47 2534 Apr 37/ 26 Mar 31 35 Jan 6 2 10,331 Hartman Corporation__NO par 1 23/ 2 25 / 271 2 2334 271 / 2 Nov 1 49/ 2 2714 23/ 1 2 27 1 2318 23/ 21 Mar *33 30 14 Jan 46 par 301434 18 iv No 3114 3,03) Hayes Wheel 304 3173 34 35 3514 3133 308 35 35 771,4 Jan 8312 35 66 May 2 Feb 11 / _25 63 Mr 2" 741 Heime(0 W) *7014 73 4878 J82 *7334 737 *7014 73 2 *7012 73 1 *7018 7338 *7312 73/ 37 Der 101 Hoe(R)& Co tern Mfg_ No par 1712Msv 27 35 Jan 6 *1312 20 *13h 20 •18•2 20 Jan 20 50 Jan •1812 21) 43 1934 1934 •19 23 Feb 62 4 Jan 100 4713 61) Homestake Mining 51 354 51 *53'2 51 353 5312 53 • 53 5312 5334 53 3418 Jan 4718 Nov 90) Househ Prod,Ine.tem atfNo par 40 Mar 3 We Jan 8 2 4218 1 4134 4124 42/ Jan 4134 *4133 433 Apr 85 4114 *41 41 *4012 41 59 5 Jan 71 31 Mar 51)14 003100 of A; Oil t Tex Houston 62± 3,803 61 63 63 64'2 6334 631 62 6'12 6312 6312 63 WI Jun. 3118 NOV 3534 Mar 10 -No par 27 fan 2 3118 318 3.201 Howe Sound / 3414 311 2 34% 3113 317 1 3178 3178 3178 3178 34/ 3334 Jan 13212 NOV 4 Jan 12314 18 June 55 _ Motor par Car. __No Hudson 273,103 2 1 / 51 2 1 / 55 2 317,8 53 1 2 36514 6338 61134 69/ 1 6114 6518 6134 67/ 1414 Ma. 31 Nov 2 2314 31,10) 31111/13 Motor Car Corp.__ 10 17 Mar 2 2833 Jan 4 1 22/ 2214 23 22 2 2112 2114 21% 22 / 20% 2138 211 1313 Jan 4134 June 2Mar 30 34 Jan 2 1 19/ 2154 2.514 2114 204 31,30) Independent Oil& Gas_No par 2 25 1 25; 21/ 4 Feb 13 Ma, 24 Aug 2 2513 25 1 2113 2133 21/ 2414 6 Jan par No 18 Indian Motoovele 3,503 22 211; 2 21 1 2 2 % 21/ / 23 2212 221 1414 Dec 2 23 1 512 Jan *20 17 Feb 2314 20/ 4 133 31 Mar 9 10 2.591 Indian Refining 912 10 2 10 8 1014 1) 10 1 1258 Dec 1012 1012 1038 1058 1018 10/ 6 Sept Apr 13 1213 Feb It1 8 10 5)1 Certificates 4 81 812 834 814 *,34 9 9 Mar 110 Dec 9 *334 9 77 7 Jan 104 *834 9 14 Mly £0 100 Preferred 30) 90 90 *90 101 3)3 101 393 101 1 De. Nov *93 101 1071 *1)2 101 77 5 Jan 703 Ingersoll Rand new____No Par 8014 Mar 31 104 91 91 902 92 91 91 *8912 92 2 92 1 9173 9178 *89/ 38% May 50 Feb No par 3412May 11 431 Jan 7 Iniaod Steel 5,300 40 40 40 3912 3912 3312 3934 40 3934 4014 3934 40 100 10834 Mar 16 115 Feb 9 10412 Apr 112 Sein Do pref 300 111 11112 ' 2 Ill *111 11112 1 3234 Jan .11078 •____ 1103 1 0/ 11 78 2214 Apr 43 20 2034 Mar 30 2678 Feb lo 2 4,900 Inspiration Cons Copper 1 32314 2334 2318 23/ 24 2 Nov / 7/ 2 Jar, 241 1 2314 ' 2 14 2'312 233< 2334 244 24 par 14•2June 12 2614 Jan 22 No Internat Agrlcul 2,300 16 16 2 1 / 1614 1533 1512 15 Apr 85 No, 40 '7 1412 1534 1534 1534 1512 1. Jan 95 16 8112June MD Prior 400 preferred 84 8112 8112 8112 8112 *82 Nov 17614 Mar +88 83 82 8: 4734 110 83 16 •82 4814June 7,100 int Business Machinee_No par 423818 Ma: 31' 2 1 ' 4314 477 43 4814 47/ 8111 Bern Jan 2 4734 4 34 1 48 4712 47/ 48 52 3,400 international Cement_ No Par 5912May 17 71% Jan 41 59 53 53 58 2 577 / 5778 571 Aug 357 107 Nov 10212 26 5773 5773 5718 53 an 106 17 Mar 100 102 500 Preferred 2 / 133 10312 •102 104 *10212 1041 2 Der 1 *104 105 •104 105 210214 101 5 31% Jan 69/ 2 169,200 Inter Com bus Engine_ _No par 3312 Mar 30 6412 Jan 10 1 2 5114 57/ / 561 2 5312 5513 55 1 9618 Mar 13814 Sept 5312 5214 54/ 53 5312 54 1341 Feb 2 / 29 Mar 11214 _100 Harvester__ 25,50 International 122 12513 12212 12514 12112 122 Nov 2 12178 121 122 1 11912 1191; 119/ 100 118 Jan 5 12234 Apr 9 114 Mar 121 800 Do pref 122 122 *12112 122 132 122 122 122 2 June 1473 Feb / 71 128 121 •12112 122 2 Feb 17 1 12/ 733 Apr 31 3.600 lot Mercantile Marine__ 100 8 8 833 834 *734 834 9 8 *734 8 27 Aug 5234 Feb *734 8 16 Feb 3 463 30 Mar 27 100 Do 0 prof 0 9 0 0.. 7 2 4 738 35 434 8 37 2 6 / 2 38 2 3734 3912 3713 391 1 5658 Dec 6078 Der 38% 3714 3634 3714 36/ 2 Feb 23 1 International Match pref_ 35 5313 Mar 3 66/ 6518 6434 6514 6138 6514 65 611. 6112 65 2414 Mar 4811 Nov 64 2 Jan 5 1 2Mar 30 46/ 1 3318 62,500 International Nickel (The).25 32/ 2 3634 3734 3878 3738 37 / Jan 102 Nov 94 21 3612 3634 3614 3614 3618 371 Apr 10414 29 Jan 2 / 1011 100 Do 100 pref 101 104 '103 104 *10313 104 Oci *103 *103 4814 Mar 76 9 Jan •103_ 6338 15 100 4418 Apr 52% 5414 5234 5414 523 5334 9,200 International Paper 2 53% 5212 53 1 71 Mar 88 Dec 52 -51:1; 52/ Jan 6 86 14 Jan 85 100 Prof Do stamped *80 ___ *80 OM - - *80 9933 80 July 86 _ _ *80 ___. . 2 * Jan 9813 7 May 89 100 700 Do pref (7) 92 92 2 93 1 9218 9218 92/ 93 July 92 2 93 . 1 92/ 90-93 *9212 __ _No par 135 May 6 175 Jan II 108 Feb 199% International 155 8712 A in 144 Aug •149 155 •130 1 15 •149 155 •150 155 *150 155 •150/ _ _100 111 Mar 3 333 Jan 25 & Tel 2 1208 12,103 Internat TelepShoe122/ 2 12514 1221 1 Oct 2 1 / 29 2 12414 124% 123 124 1 July 18 123 123'• 12334 125/ 7 Jan 29 5 400 Inter-type Corp No par 2112 Apr 2312 2312 2312 •2212 23 26% Dee 2234 2234 •2214 2312 *23 1612 July *2214 23'100 25 Jan 4 3614 Feb 10 2 1,100 Jewel Tea, Inc / 35/ 35 2 *3413 351 1 35 35 35 35 355 3533 Dec 11513 Jan 2 Jan 21 125 Feb 9 10218 1 100 115/ Do Prof 123 •118 123 •118 123 •118 123 •118 123 •i1.4 123 •114 1134 Dee 2178 Feb 1,100 Jones Bros Tea,Inc. stpd__100 11 May 24 1913 Feb 5 2 1132 12 1 1118 111 2 1114 .11/ / 3538 Aug 65 Nov •1112 12 •1178 1214 1112 12 • NO par 28 May 17 66 Feb 19 Car Motor 27,400 Jordan 3438 D2 June 33 2 1 / 8 3 32 34 317 2 1 / 33 31% 8 14 May 34 Jan . 3014 3158 3112 2 31 1 30/ Mar 4 10 84 Gulf 600 Kansas 12 •38 12 *38 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 12 115 *110 11014 11014 Dec 4218 112 11014 11014 •11014 116 Mar •112 1834 1121 11212 2 Jan 14 1 2,000 Kayser (J) Co•t a_ --No Par 3314May 20 47/ 3612 3512 37 2 Der / *36 3638 *36 36 2 311 1 2 36/ 1 35/ 2 3814 36 / 83 Mar 1031 No par 100 May 26 105 Jan 16 Do let pref 10134 10314 •10134 10314 . 2 / 211 July Mar 1214 6 Feb 2112 *10 34 1031- •10'34 10314 *10134 10314 •10134 10314 26 1214May 19 6,500 Kelly-Springlield Tires 1414 15 1334 1414 14 1313 137 41 Mar 74 Ally . 13% 1434 1338 1414 14 100 Si May 20 7434 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 Aug 124 Dee *62 70 *6214 4 87 Feb 70 12 128 •6214 100 83 May 98 101 310134 10134 1,400 Kelsey Wheel,Inc 96 -- *9712 98 98 . 98 4613 Mar 5914 NO3 98 ' 58h Feb 10 49% Mar 31 96 No pa 51% 5534 5434 5512 55,901 Kennecott Copper 2 July 1 3/ pt 4 18 2 5412 5418 55 1 S. 2 53/ 1 2 1 .14n t2May 213 53h 5313 5312 53/ 78 1,900 Key'tone Tire & Rubb-No Pa 78 2 1 / 2 1 / 73 2 1 / 78 34 75 Mar 100 004 34 2 Jan 7 1 82/ 34 61 Mar 3( 34 No pa *33 7,100 Kinney Co 2 74 7134 7312 7134 727 27178 73 / 6312 691 69 •68 82 Jan 23 30 Mar 4 423 *67 10 new uo (3 Kresge (3) 74,400 5612 5034 5112 5134 5234 53 Oci 5112 35018 52 49 49 48 100 113 Feb 14 1143 Feb 26 1101, Mar 116 100 Preferred *111 114 *111 114 4554 Jar 2 Der / 281 1518 Mar 25 3338 Jan 14 11312 1131;•11234 114 •111 114 *111 114 3,800 Kresge Dept Stores_ _No pa 24 2438 24 2278 25 Jan 9734 June I 88 Feb 23 9314 Mar 2414 2414 2514 2412 2514 24 2 1 / 24 70 100 301 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 154 154 3150 157 Oct 19 1158 Feb 8% Mar 29 14 Jan 4 *15212 15512 •152 157 *152 157 •150 157 _ No pa 2 / 2 g1 1 0/ 918 914 912 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 3,003 Lebo & Fink 3412 Dec 33h 34 3412 947 3412 92 3412 Mar 34% 57 *3414 25 Jan 35 3414 341 31 3413 Mar 2 / 2 1 1,500 Liggett & Myers Tob new_ _25 72/ 81 81 81 81 2 81 / 1612 Jan 124 Doe 2 8212 1301 1 8034 8018 8114 *80/ 100 11934 Jan 18 12934May 5 *80 40 Do pre( 12214 12214 12314 12334 •12212 124 4.12512 128 •12512 128 3124 128 2 Mar 8978 Der 1 65/ 24 94 Feb 1 Mar 71 25 new 3133 Do 2 Jan 1 2 8014 5,003 1 60 June 74/ 8933 7938 8012 80/ 8014 80 7978 80 •30 No par 5312 Mar 31 6934 Jan 4 •7912 80 Wks Loo Lima 5,103 4454 Nov Feb 4 3 63 6214 62 6'3% 63 8 22 613 16 Mar 623 2 1 / 61 4 2 6212 63 1 63/ .No par 3414 Mar 2 41 63 2 Apr / 91 Jan 3718 3314 3712 3314 19,403 Loew's Incorporated_ No par 6 Feb 10 2 33 / 371 14 11 28 Jan 7 2 3712 38 1 3833 3314 3718 33/ 43 Beni 2 1,801 Loft Incorporated / 71 7 713 7,8 2 / 2 Mar 1 / 718 71 5012 Feb 3 718 3716 738 7 7h 718 A._-No par 4578 vlay Lumber Bell Long 103 4712 Dee 143% *4412 *1413 Fel, Jan 77 •4113 4 14018 4712 4712 2 *4112 43 / 100 88 Mar 30 *4412 4612 4618 461 2.700 Loose-Wiles Biscuit Feb 148 Dec 2 Jan 6 104 / 2 Mar 30 1431 / 11312 11412 *Ill 114 *108 11312 11212 11334 11378 11834 100 12u1 *103 114 49) 2d preferred 130 110 Sept Jan 4 1291; 393 12912 3 129,2 3014 *125 Feb 4214 4 1213 4 31293 4 2 129% 1293 25 3514 Jan *125 130 2 33/ 1 2 6.039 Lorillard 1 2 Apr 5 117 Apr 23 10813 Feb 116 Aug / 3914 33315 3334 3313 3312 3314 3312 33/ 100 1111 2 3918 39 / 391 Do pref 100 11533 11533 115 118 2 Feb 1 23/ 1338 OUP *115 120 3953 Jan 4 *116 120 •117 120 •116 120 temp ctfs_No par 12 Mar 3 261 Louisiana Oil 9,900 1718 1614 1612 17 163 4 23 Der 2638 July 163 4 2 Feb 10 / 1612 16% 31 1612 162 1612 1614 1,40') Louisville 0& El A____No par 22% Mar 3134 Feb 60 Dec 30 5814 Feb 4 2 23% 2314 2314 2334 2334 2334 21 / Mar 3014 par No 2 23% 2312 2334 231 1 •23/ 4014 33912 4018 9.600 Ludlum Steel 1.13 130 May 15 138 Feb 9 114 Mar 141 Sept 3712 33% 3714 3734 3712 3734 37 3614 33 Mackay Companies *130 135 •130 135 *130 135 66 Mar 78% Feb 100 68 Mar 11 7318 Feb 11 2 138 •13214 136 *13214 135 / *1321 20) Preferred 70 70 70 *69 4 117 Jan 242 Nov *6912 72 71 43431 2 71 / 72 72 NO Oar 10312 Mar 30 159 Jan *6912 Mack Trucks, Inc 178.809 8 1221 117 11714 1197 3 11712 11614 Jan 113 Aug 10 June 104 113 4 Jan 2 11512 311312 11758 1 10(1 109% 11258 113% 112/ 203 Do 1st pref 11234 112% 12 112 *112 11213 Jan 10658 Aug 99 100 104 Apr 17 107 Mar 13 •112 113 *112 113 '11034 112 310312 10514 10113 105'2 105 10512 Do 24 pref Oct Jan 112 10 Feb 6913 106 108 29 Mar •10314 par 8612 107 *105 107 •I05 5,409 Mac,(R 11) & Co, Inc-No 100 10012 10012 10214 102 103 11834 Jan 14 11454 Jan 118 Aug 11512 Mar 100 100 10034 100 101 2 101 / 1001 Preferred *11714 113 11714 118 46 Nov •11718 Mar 10 19 Feb 84 118 2 1 / 44 -Apr 311718 34 118 par No •11718 118 *11718 3,400 Magma Copper 2 Jan 1 2 331s 39 1 3914 3312 33/ 2114 Dec 37/ 1518May 19 2818 Jan 6 Pry 3718 371s 3734 3314 3814 3934 3313 1914 11334 1914 2.300 Mallinson (II R1 & C9_370 rep 18 32 Mar 59 Mar 58 Jan 4 78 June 10 13's •I734 1312 1712 13 18 18 •17 2 45.701 Mani)Elea Supptemetfe No 25 2212May 24 3278 Jan 4 1 37114 73/ Na, 76% 76 767 34% 75 8 Mar 2 1 / 20 75% 3 733 8 78 7834 7518 783 2 23/ 1 323/ 2 1.303 Manhattan Shirt 1 2334 23s 2378 21 2114 *2318 24 2 Apr 1 2358 2324 24 2 Mar 49/ 1 28/ Corp ... Aro par 2712 Mar 20 39,2May 17 Manila Electric 209 35 8 *333 Jan *3314 3512 Sept 3612 2 3312 8 3 Feb 20 2 31312 *3314 1 *33/ 2 33 1 •35/ 37 Expl...No par 20% Mar 3 24 37 2174 2574 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 25 373,300 Marland Oil 6112 5914 Oct 8 3278 617 2 1 / 63 63 Mar 6112 II 3 Mar 103 33 29 Mar 6218 Vo par 27 58 5312 5334 5312 5914 1.33) Martin-Rockwell 2912 30 32312 30 29 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 1813 19's 1 51 Jan 2 19 *1814 1812 1812 1812 *1812 7(12 5,903 Mathie8on Alkali Vii7k4temetf50 6212May 12 10618 374 7512 33 2 Dec 1 73 Mar 139/ 2 1 / 7114 2 1 / 137 72 Jan 101 2 *71 72 Stores-50 103781May 17 *7012 7112 *70 mar 124 June 11973 11934 12014 12014 12112 19,693 May Department 4 1193 June 11682 125 11 2 130 Feb 2 1 / 2 1 / 118 8 122 1193 100 4 1143 11414 115% 10 Preferred 2 125 / 4.4221 Oct Nov 125 2 1 / 36 •12214 8 125 *12214 317 1 3 Feb 125 2 / Mar 231 No par 19 125 125 •12214 •124 125 l.503 Maytag Co 21 21 2034 21 21 21 21 79 Mar 13934 001 72 Mar 30 121 Jan 11 2114 21 •21 21 21 84'8 8734 2,903 MeCrory Stores °lass B NO Par 81 34 Oct 22 8212 8218 Jan *8014 15 Feb 16 2 Jan 30 8114 2 1 / 22 *8014 _5 Mines. 8214 2 1 / 7934 78 •78 401 MeIntyre Porcupine *2518 25% 25'8 2518 Jan 2412 Nov 18 2 2512 2513 2518 *25113 27 / •25 2512 *251 1,011 metro-Goldwyn Pictures pf.27 2214 Jan 8 2414 Feb 9 *221; 2314 *2214 23 23 23 9 Dec 3212 ,11113 23 23 6 Feb 25 1212 Jan 4 2312 2212 2234 23 1,801 Mesierm Seaboard OH N0 Wu 712 8 2434 Jan May 4 73 2 1 / 8 7 18 8 8 3 4 4June *73 Mar 8 133 11 2 1 / 8 5 778 *7 1334 2.3,60) Miami Copper 25% Aug 38 Nov 2 2 1218 1313 1314 131; 131; 31 / 1214 1234 1218 121 1233 13 32.111) Mid Continent Petro-No par 28 Mar 30 37 Jan 2 / 311 Apr 9414 Oat 33 32 8314 33 3212 19 May 100 3214 30 3312 Li* M 90 101 327 3214 33 3213 133 Preferred 9312 24 June 9314 *93 58 Apr 9373 *93 9)12 *93 212 Jan 8 99 114 Jan 2 99 *93 99 fiddie States 011 Corp._ _.10 .98 112 4,530‘ 2 Feb 1 138 1/ 2 11; / 11 112 Feb 2 / 2 11 1 1/ 2 Jan 8 / 11 138 112 78 Jan 7 10 2 112 1 1/ 2 los / 11 510 Cert1ficates 2 1 / 2 1 / 2 1 / 2 1 / 78 78 Jan 147 Aug 96 2 I 1 ri/ 23 1 30 Feb *78 13313 Mar 2 1 1 */ 177 1,301 Midland Steel Prod Pre---101 11512 11512 4 Aug 991 116 115 4 AM 1143 4 64 1133 14 6938 Mar 26 8313 Jan 101 11534 11534 313234 115 *114 116 77 7312 4,103 Montana Power 7713 7718 7812 77 41 Mar 844 Nov 77 •7612 7713 77 56 May 19 82 Jan 2 7778 77 7153 708 163,101 Mont* Ward & Co Di corp _ 80 42 DOI 7414 Mar 7218 4 721 223 7112 10 73 Feb 4 2 1 / 713 19121.1av 13 37 73,2 6514 6334 69 91. .18n 13,630 Moon Motors._......No Da M.‘ 11, Ptah a 14 44, 2333 2414 2114 251; 21,2 25 • 111 '...r I •,g. Onalltin, v. 24 't 2412 2378 2414 2314 21 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 23 2234 23 2234 23 23 23 23 No par 23 3914 3912 3934 3938 4038 4,200 Motor Meter A 3934 3934 3934 3934 23912 3913 39 No par 2434 2434 2434 2538 25 253s 5,200 Motor Wheel 24% 2488 2412 2412 2434 25 No par 1312 1312 *12 1312 *12 15 *12 *13 15 .13 13/ 1 4 14 No par 200 Mullins Body Corp 35 35 35 35 *34 *3334 35 35 35 *34 200 Munsingwear Co *3334 35 No par 58 5/ 1 4 538 812 No par 5% 718 612 9% 534 6 712 7 37,600 Murray Body 5414 5478 5412 5612 5578 5638 55 3438 5412 5414 55 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 9078 92 917 91% 93 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 4434 18.200 Nat Cash Register Awl No par 4134 42 26/ 1 4 2634 27 2614 2734 2,500 National Cloak & Suit—.100 2738 2634 2634 26 27 2734 27 *74 80 *75 80 80 *7514 7512 . 100 Do prof •75 76 75 *73 75 100 70% 694 70% 6834 70 68 68 664 6734 6612 6634 66 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 1778 18 *1712 18 18% 183* 18 1734 17/ 1 4 1738 18 900 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 2234 23 .23 2312 .23 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 2034 2114 2034 21% 2088 21 2034 21 20% 21 32.600 Vatlonal Pr & Lt ctfs—No par 60 6012 61 60 61 61 *60/ 1 4 61 6034 6034 61 *60 800 Vattonal Supply 50 *113 115 *114 115 *114 115 *114 115 *114 115 *114 115 100 Preferred 221 - 4520 100 National Surety 155 iii iai 111 iii 14434 145 155 I3,700 National Tea Co No par , 1312 14 21332 1334 1312 1312 1338 1388 1312 138s 5,200 Nevada Consol Copper____ 5 1312 138 42 4212 42 41 4114 *4113 42 433* 434 2414 4212 437 6.806 VY Air Brake tern otts-No par 6144 *603 8 , *6013 6114 .16032 6114 *607'e 6114 *603, 6114 *601 6114 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 3634 3512 36 36 3734 *36 *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 *102•28 2814 2813 -281s *2812 -2814 284 1814 *2818 2814 2818 2118 300 'Niagara Falls Power pi new_25 49 4932 49 51 5012 5214 5112 52 / 4 5212 64,200 North American Co 511 / 4 5178 511 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 •8714 914 87 88, 878 2834 9 1,700 Norwalk Tire At Rubber-- 10 *1512 16 *15 *1512 16 17 *15 17 *15 17 *15 17 Vunnally Co cybe)____No par •3012 3112 *31 311 231 31 *30 31 •3012 31 3012 3013 25 600 MI Well Supply Ontario Silver Mln new No pa - - 87 7i-2 Ili 55 -3134- -iii1 -3-7-12- -5a- -3-6- -iriT2 16 -io- 11- -8-,550 Onyx Hosiery No par *941/4 96 *9413 96 *9412 96 *9412 96 *9412 96 *9412 96 100 Preferred *53 5312 5312 55 54% 5434 548 552s 5514 56 5512 5578 6,400 Oppenheim Collins & CoNo par 2934 30 2912 2912 *2913 30 3014 3034 2304 3032 6,900 Orpheum Circuit. Inc 301 30 1 •10334 104 *10334 104 *102 104 *1037s 104 *1037s 104 1037 1037s 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 *9 914 938 934 2.200 Otis Steel 9 914 914 914 914 93 No par 934 97g 9112 914 92 *9114 93 *91 95 9312 9323 94 *93 944 100 600 Do prat 64 6314 6334 26334 6334 63 64 63 6312 6314 6312 6412 2,000 Owens Bottle 25 *48 49 *47 *4712 49 48 *48 49 *47 49 *47 49 No par Outlet Co *100/ 1 4 10114 *10034 1014 10034 10034 *10012 1011 *10012 10114 *10012 10114 100 100 Preferred 12614 12833 1264 12614 12712 12712 *127 129 *12612 12812 12714 12912 1.828 Pacific Gas & Electrio_100 18g 18g 138 111 las 112 138 127 1 138 11s 112 12.000 Pacific 011 No par 357g 361s 38 384 4018 86,600 Packard Motor Car 363 3634 384 3712 3812 3812 40 10 1634 1634 167s 1712 21634 173* 1634 17 177 1712 17% 1734 13.500 Paige pet Motor Car_No par 724 7214 7212 7378 73 74/ 1 4 7388 741 73 7414 7287 73 6,600 Pan-Amer Petr dr Trans__ _.5 7514 7278 7338 7338 7438 7312 7514 7412 7388 754 73 7378 139,440 Do clam B 50 3834 3918 39 3812 39 398 391 / 4 392 383 394 38 3914 12,500 Pan-Am West Petrol B-No par 1 4 29 294 32 2078 23% 2238 2638 2738 2838 27/ 2838 3178 156,400 Panhandle Prod & Ret_No pa *213, 2314 21 2118 *21 2112 2112 22 2112 2134 22 22 1.000 perk & TlIford tern ctts-No par 64 614 264 6/ 638 638 *618 614 1 4 612 63* 7,300 Park Utah C M 68 638 1 54 5538 5334 5412 5414 563s 5412 55 54/ 1 4 55 No par 551256 6,200 Pathe Exchange A *2112 2178 2134 23 2172 224 2112 22 224 2212 22 22/ No par 1 4 7,600 Penick & Ford 914 914 *9 *94 10 *914 10 10 *9 10 9 9 50 200 Penn Coal * Coke 13 138 138 112 138 112 112 112 112 138 13s 112 8,100 Penn-Seaboard St'l vtc No par •12138 12112 12138 12234 12234 12312 12218 12238 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 4934 4934 50 *494 50 501 *50 5014 50 50 50 900 6% preferred *3812 3838 373 3872 3713 3775 3732 3832 373 3812 39 3978 14,100 pifila ,34 Read C & 1--No par *36 39 3912 3634 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 , 2214 2238 2178 224 2214 2238 22% 2312 2212 23 214 227 10 7.900 Phillip Morris & Co.. Ltd , 96 4612 2451 47 4535 46 4638 474 4634 4738 46 467 114,300 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 2478 271 / 4 268 2734 27 2418s 25 2712 27% 2814 26% 28% 72,100 Pierce-Arrow Mot Car No par 9914 9912 9934 10134 102 10334 10212 103 1024 103 100 2997 1013* 10.400 Do prof *4 72 *% % 34 72 25 *4 72 % 7a 72 % 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/ 1 4 44 *4 41 / 4 2,300 Pierce Petrol'm tern ettsNo par *2912 30 2913 2912 *29 30 *29/ 1 4 30 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 *17 Utilities prof •17 _-__10 1912 1912 Pittsburgh ____ ___ ____ -- __ 10 Do prat certificates - - - -- -- -- -- -— --2 ii. ..iii.. i _ _ wi ..iiiz 94_7; ..ii_ _9i3i 81.400o post viii -_oi-. 10 li_ la --_siii, --Prpm ferred etts new 911 Cer Co Inc new_No par / 4 4112 1,700 Pressed Steel Car new / 4 401 39 39 39 3914 3978 401 39 39 39 39 100 855k 8514 •85 8534 *8514 8512 8514 85% 85% 851, 8512 8512 400 100 Do prof 184 1318 *13 , 1334 1378 1334 1334 1278 127 14 13% 138 900 Producers & Refiners Corp_50 *32 34 *32 34 34 34 3212 3285 3318 3318 *3312 34 50 400 Preferred 844 854 8334 854 8412 8514 8572 8614 86 871 / 4 854 8738 49.100 PubServCorp of NJ newNo par •106 107 *106 10612 106 106 •106 1064 106 106 *106 bOlt 300 100 Do 7% prat •119 120 *119 120 / 4 *119 1194 119 119 *119 11912 *119 1191 100 Do 8% prof 100 *10012 101 10012 10038 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 17414 17632 176 17734 1754 1773s 24.000 Pullman Company 100 341s 344 *34/ 35 *34 1 4 35 3434 3434 3412 3678 .35 35'2 2,700 Punta Alegre Sugar 50 , 2818 2838 2818 283* 2734 2814 32.000 Pure 011 (The) 2818 2714 2832 274 283 28 25 110 11038 *110 112 *108 113 *110 112 *108 112 •108 112 200 Do 8% Plat 100 5 424 43 4434 4318 4378 36,000 Radio Corp of Amer__No par 424 4434 4332 4412 4318 4414 43 465 , 467 , *4612 47 467 , 46/ *464 47 *467 47 1 4 4678 4678 600 Do pref 50 ---- ---- ---- - -- - - - - - -- -- - - - - -- -- - --- -- - - --- - --- Railway Steel Spring new._ _50 Preferred 100 ;35 -3714 3312 3312 *3318 3714 *3332 3714 *33% 3714 *3318 37-14 Rio Rand imam Ltd No par 1334 14 137 14 1334 14 1 4 1418 1334 14 1334 1334 13/ 66.200 Ray Consolidated Copper_10 3 48 4712 47 48 48 49 4015 4878 24814 484 2,500 Reid Ice Cream *4712 48 No par 104 1012 1012 1038 1038 118* •1012 1138 1012 11 1134 111 / 4 1,700 Reis(Robt)& Co No par 1 4 10314 10814 10712 110 106 109 10414 105/ 10514 10534 '105 105 12.000 Rem' n4ton Typewriter_ --100 _ *110 ___ *11014 _ *110 _ •11014_-- *11014 *111 100 --Do let pref *11034 fif 111924 fii 4108 108 *109 11114 10924 112 *111 11-2 800 Do 100 d pref 07, 913 10 10 10 9/ 1 4 1014 914 914 10 1014 3,900 Replogle Steel No par 5212 5112 .5238 5112 527 13,200 Reputote Iron dr Steel 513* 505* 5135 5038 511 1 51 50 100 *93 95 942 95 *9312 9412 *93 9412 *92 *9412 95 9412 100 200 Do pref 612 612 612 658 *633 6114 612 612 *612 634 *634 7 600 Reynolds Spring No par 98 97 064 9734 97 9712 9714 9712 974 9734 290 968 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 5338 53 53 53 53 5212 5234 5212 5234 2,700 Royal Dutch Co(NY shares). *5332 537 417 423* 4012 4214 41 4012 4012 4134 4138 42 411 / 4 10,700 St Joseph Lead 40 10 49 4914 49 49 5 48 34 4912 49% 5038 5038 52/ 49 1 4 8,600 Safety Cable '•48 No par 8234 8314 8238 821s 83 84 8114 80 80 831 / 4 821 / 4 83% 8.100 Savage Arms Corporation_100 4,51, 514 *47 514 514 54 514 512 5/ 1 4 534 512 512 2.700 Seneca Copper No par 6212 63 6314 6414 6212 64 6212 63 6312 64 6234 63 3.600 Shubert Theatre Corp_No par 4712 48 494 434 4834 *4712 4835' 477 48 No par 4712 474 48 6.400 Schulte Retail Storee 118 2116 116 *117 *11712 119 *117 118 .117 118 *117 118 100 Do Pre! 100 , *1338 1312 1312 1312 1.100 Seagrave 1312 1312 1312 1312 133s 131 13 13 No par Corp 5014 5034 51 511* 53/ 1 4 525, 5434 90,500 Sears,Roebuck&Co new No par 4832 49'4 9.'s 1 !.. .9'r. ^ , 1,̀1. sn, 4 VP, 217 Vila aft1," 5 625* 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 3334May 19 22 May 18 1312June 12 8434 Apr 6 3 May 8 52 Mar 24 10612 Jan 4 734May 19 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 1118June 1 3613 Jan 2 554 Jan 6 32 Apr 12 32/ 1 4 Mar 30 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 10234 Jan 18 812May 10 85 May 17 538 Mar 29 44 May 19 9712 Apr 1 118 Mar 31 n1 May 13 31% Mar 31 1338May 14 5618 Mar 31 5678 Mar 31 34 Mar 1 412 Jan 21 1934 Apr 13 072May 14 4518May 17 1672 Jan 28 9 June 18 114May 13 117 Jan 4 5912 Mar 2 475 Jan 4 364 Apr 14 3634June 14 50 Mar 30 16 Apr 3 40 Mar 311 31 Mar 30 94 Mar 25 19 May 15 7612 Apr 15 34MaY 5 1512June 14 338May 20 29 June 9 7014June 14 94 Mar 29 3978May 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 3034May 11 72 Mar 2 10312 Jan 12 115 Mar 2 97 Jan 22 100 Jan 18 14 44 Mar 3 33 Apr 14 2538 Apr 13 106 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 434June 2 52 Mar 4 4212 Mar 30 11212 Jan 6 1212 Mar 3 4414 Mar 29 47 Mgr sn $ per share 23123une 3 5332 Feb 10 337k Feb 15 1934 Feb 1 38 Jan 2 15/ 1 4 Feb20 66 Feb 23 10612 Jan 4 127s Jan 9 9314 Jan 29 13112 Apr 28 64 Jan 6 57 Jan 2 9212 Jan 8 80 Jan 2 42% Jan 7 97 Jan 19 34 Jan 4 731 Jan 4 4013 Jan 2 8934 Jan 4 174% Jan 5 120 May 20 3838 Jan 21 657s Mar 16 114 May 28 227 Jan 20 238 Jan 4 14 Feb 15 4434 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 9832June 18 1512 Jan 14 1712 Jan 7 36 Feb 5 104 Jan 14 44 June 18 99 Jan 12 60/ 1 4 Mar 11 3034June 17 105 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/ 1 4 Jan 4 40 Jan 2 32 June 17 384 Jan 4 913 Feb 5 83 Jan 7 23 June 16 17 Feb 8 214 Jan 4 130 Feb 11 761, Apr 8 50% Mar 30 4832 Feb 13 464 Jan 11 5534 Jan 2g 2312June 17 4912 Feb 13 447g Jan 9 994 Jan 21 4312 Jan 9 10872 Jan 11 11 / 4 Jan 30 2718 Jan 30 7 Jan 30 4213 Jan 5 85 Jan 5 98 Feb 1 6372 Jan 9 9214 Feb 5 2014May 21 20145iay 26 2014May 26 1247, Feb 3 41828tor 19 9534 Jan 7 1712 Jan 2 3614May 27 9212 Jan 19 1087 Apr 19 12012May 20 10114May 6 112 June 3 17734June 17 47 Feb 4 31 Jan 4 11114 Feb 27 4634MaY 26 4778M1151 27 687s Mar 10 123 Feb 20 3412 Feb 5 1418June 14 56 Jan 4 183 Feb 23 127 Feb 3 110 klhy 26 112 June 17 154 Jan 4 635 Jan 7 9514June 10 10% Jan 5 9812 Jan 5 100 Jan 20 6738 Jan 9 4818 Feb 10 54 Jan 14 10212 Feb 10 1014 Jan 4 6572May 12 13812 Jan 23 119 June 4 1434 Mar 12 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 4478 Oct 18 Apr 35 June 13 Aug 2112 Feb 30/ 1 4 Apr 39 Dee 514 Dec 4202 Mar 19312 Jan 488 Oct 10334 Jan 107 July 414 Mar 123, Dec 65 Apr 79 Dee 12313 Mar 12812 MAY I912 Dec 875k Dec 42 Jan 384 Jan 96 Apr 29% Dec 5213 Jan 25 Apr 75 June 13812 Apr 11412 Sent -847 , Oct 104 Jan 8172 Nov 45 May 102 Jan 431 Oct 81 Oct 411s Dee 8914 Jan 174/ 1 4 Nov 119 Bent -5432 -Dec -71 Jan 10432 Jan 110 Apr 206 Jan 222 Oct 201 Dec 250 Dec 1114 Apr 1684 Jan 3112 Oct 564 Jan 50 Sept 67 Jan 311 / 4 Mar 51/ 1 4 Dec 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 3272 July 98 Jan 107 Seta 8738 Feb 14012 Aug 101 Feb 112 July 8 Mar 1514 Aug 5014 Mar 974 Aug 42% Mar 69% Nov 494 Nov 67 Nov 98 Nov 1007 Dec 10213 Jan 1374 Nov 5184 Aug 7812 Dee 15 Jan 4813 Nov 1732May 32 Oat 59/ 1 4 Sept8378 Mar 604 Aug 8412 Mar 3714 Oct6104 Dee 24 Aug614 Dee 25 Sept3511 Jan 70 Nov 17 Dec 1234 Apr 1 Ana 112 Jan 5112 Mar 4512 Jan 8714May 38 July 51 Nov 1214 Mar 3614 Mar 18 Apr 84 Apr 1072 Mar 43 Mar 14 Nov 2014 Dec 44 Dec 3712 May 80 May 94 Mar 30 Apr 79 July 1272 Mar 1214 Mar 1234 Nov 544 Nov 9012 Ger 28 Apr Ws Jan 3 Jan 123 Oct 674 Dee 49 J1317 5212 Jan 5012 Jan 9012 Jan 25% Sent 474 June 8214 July 00 Dee 4714 Got 100 Nov 312 Feb 40 Feb 814 Feb WI Jan 99 Jan 10212 Jan 6384 Jan 8812 Nov 1772 June 16 June 1512 July 121 Dec -7614 Jul; 1212 Aug 27 Sept 6212 Mar 99 Jan 108% Apr 99 Jan 9213May 129 Mar 83 July 2512 Aug 10212 Jan 394 Nay 43 Dec -921-2 Jan 32% Feb 4712 Feb 8772 Aug 106 Nov 119 Oct 106 Nov 10012 Dee 17312 Sept 474 Jan 33/ 1 4 Feb 10812 Sera 7772 Jun 64 Feb 1-14-4 Mar 338g Nov Has Apr Oct 43 10 may 4634 Jan Jan IGO 103 Sept 1212June 424 Apr 8414July 8 July 724 Mar 85 June 4814 Mar 3534 July 48 Dec 4812July 9 Nov 5112 Dec 10134 Sept 114 Jan 134 Nov 122 -Dee 394 Aug 1788 Feb 604 Dee 2814 July 11734 Dee 109/ 1 4 Oct 1184 Am 234 Jan 6412 Jan 95 jail 18 Jan 95% Nov 974 Feb 57/ 1 4 Jan 5218 May 5012 Dee 10835 Mar 11 Nov 5512 Dee 1344 Dee 118 Aug 1634 June -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 4578 *4312 45 *433s 49 *43 44'8 1•4114 444 *43 No par 2538 2512 2512 2534 251 2518 21 2512 254 2512 2514 23,51)Shell Union 011 : 26 23) Do pref._ 10712 10712 1011 106 106 *105 110 ' 111051: 109 10718 10714 *10518 110 29,31)Simms Petroleum 1918 1914 1918 1934 21914 207s 1918 2014 1918 234 1912 20 10 8,51) Simmons CO4114 42 No pa 4212 41 3912 3978 3934 4012 23934 41 40 41 3)) Preferred 10(1 *10812 109 *10312 10378 10312 109 *10312 110 *10312 110 *10313 110 2212 2278 78.5) Sinclair Cons 011 Corp_No pa 2238 2234 2234 2314 2278 2314 2134 2314 2312 23 2,91) Do pref. 10(1 9713 93 97 93'8 94 9314 93 9312 93 93,2 9314 9) 25 34 3112 34 3138 34 3138 3118 3118 3114 3178 3334 3114 31,5)) Skelly Oil co. 8,101 Sloss-Sheffield Steel & Iron 10(1 12812 129 123 12134 127 1238 123 1311± 13114 13112 13) 131 10014 102 100 10112 102 103 102 1022 10234 10) 10318 10778 6,10) South Porto Rico Sugar-- - 100 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 2134 2318 2314 2112 2212 21 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 5134 5514 5513 54 5114 55 Preferred 50 5414 5114 5118 5112 51's 5138 5118 5118 5118 5114 5118 5138 4,791 270 100 73 7134 4,0)) Standard Milling 70 70 6934 70 71 70 70 *6934 70 Do pre! 90 .100 831 *83 *84 *84 90 *84 1184 *84 90 89 90 5314 5338 43,300 standard olio/ cal n3sv _No pp 5812 533 58 5312 5312 537s 53% 591s 5338 59 4114 4138 90,60) Standard 011 of New Jersey 25 4438 451 4414 4478 4434 4538 4438 4512 4434 451 DO pref non-voting__ _100 11712 11738 11712 11734 117 11712 11712 118 11714 1171 11718 1174 5,500 *584 6 200 Stand Plate Glees Co _-No Par *584 6 534 534 6 6 *534 6 *534 6 600 Sterling Products 8112 813 8138 8138 8112 8112 No Par •813s 8178 8112 8112 *8112 82 7434 773s 44.100 Stewart-Warn Sp Corp.No par 7012 7112 7112 73 7412 757 72 7234 7134 731 3,000 Strornberg Carburetor.aro par 6178 *5312 6134 *5912 6114 *61 613 631 61 62 6312 64 84,500 StudebVCorp(The) newNo par 5218 533 4 528 5278 541 307a 5112 5114 5278 5112 5212 52 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 3238 *3212 33 3318 3318 33 3278 33 33 331 218 212 9,000 Superior Oil No par 212 212 238 234 238 212 238 23 •23s 212 Superior Steel 23 *22 100 *22 23 *2114 23 *2114 23 *21 23 *2112 23 503 Sweets Coot America 11 50 *1014 12 11 *1034 1112 *1014 12 *1034 111z 114 113 1,700 Symington temp otte__No par .878 9 878 9 *8•513 834 834 834 *314 812 8,2 878 500 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 1238 12 *1138 1134 1112 1138 1138 1178 12 1218 12 No Par 5334 5438 5418 547 5138 551 5112 5514 5434 5514 5412 55's 159.00) Texas Company (The).- 25 10 13934 13978 13912 14014 13912 143 14214 14414 14338 14514 14212 14478 24.50) Texas Gulf Sulphur 10 1414 1412 1412 1434 1434 15 1478 1478 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 No par *29 2914 2914 2914 2334 29 2914 *29 2914 2914 2914 .29 100 23314 3334 3238 33 3314 3378 3212 3314 2,000 Tidewater 011 •33Iz 34 3334 34 200 Preferred 95 100 9378 94 *94 *194 95 94 94 94 94 *9312 0 52 5234 5134 5278 14,600 Timken Roller Bearing_No par 5114 5112 5018 5112 5012 51311 51 53 100 9934 10038 9978 100313 100 10178 10112 10214 10178 10214 10214 10478 31,700 Tobacco Products Corp 2.300 Do Class A 100 *10638 107 10678 107 107 10712 10712 10712 107 10712 108 108 312 338 4 438 41,200 Transe'V1011temetfnew No par 334 4 338 318 3% 334 312 334 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 4534 4434 4512 4478 45 4414 447s 4434 4514 4538 4512 12,100 Union Bag & Paper Corp__100 25 4318 44 4418 4438 4318 4434 44 4438 454 4758 4614 487s 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 2912 2912 *29 No Par 2938 2912 294 2973 2978 1.000 United Alloy Steel. 25 9014 9013 *189 9238 92 9212 0234 943s 7,000 United Cigar Stores 9012 9012 9134 92 Preferred 100 •122 125 *122 125 *120 125 •I23 125 *123 125 •123 125 100 15313 15312 15414 15812 15512 15734 15634 1581 15378 16012 159 16014 14,300 United Drug 500 Do 1st pref 50 *57 57 *5712 58 5713 57 *5678 57% 5718 571 574 58 United T)yewood 100 •____ 11 11 s_ ___ 11 5____ 11 •___. 11 *___ _ 11 7,000 United Fruit new No par 107 10778 108 10812 108 1081 108 109 110 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 19 2138 2114 24 2338 2412 2334 2514 78,600 Universal Pipe & Rad..Nopar 19% 1938 1934 20 100 67 6714 8812 8812 6811 70 7478 7512 5,200 Do pref 71 75 7334 74 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 10338 10338 •10312 1043s 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 507s 2,400 TJ811off Mach Corp v to No par 4912 4938 4938 491 4912 491 4938 491 5534 5634 8,600 U S Industrial Alcohol-100 55 5512 5412 5518 5412 56 581 5513 56,4 56 700 Do pref 100 *10078 101 •10078 101 *10078 101 101 101 *101 1021 102 102 6214 18,900 USRealty&Improv't newno Par 6034 6138 6014 611 60 6014 6034 6038 62 6014 61 100 5978 5918 8134 593.1 603 59 6073 6234 6134 6412 91,200 United Slates Rubber 5933 603 100 900 Do let pref 106 106 106 106 106 1061 10538 106 *10512 10612 106 10612 50 41 3918 3934 4012 403s 4038 41 417 4178 4212 42 4278 4,700 US Smelting. Ref & Min 50 800 Do pref *4834 4912 4914 4914 *4914 491 4914 493 •481z 50 4978 497s 136 13734 13512 137 13334 137 1351z 139 137% 13934 13412 139 728,801) United States Steel Corp 100 100 12912 1297s 1291z 1291 129 1291 12838 12912 12813 12878 3,200 Do pref 130 130 U S Tobacco No par 83 *61 6334 *61 633 *61 6334 *61 6334 .61 634 *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 3038 3212 3114 3114 313.3s 3134 304 3138 30% 3138 4,000 Utilities Pow & Lt A_ __No par 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 _-_No par *73 . 113 Chem 112 200 Virginia-Caro 1 1 *1 112 *1 34 34 No Par 1334 1378 1378 1438 1433 1458 1438 1434 1412 1434 1412 1172 7,087 New No par Certificates 412 112 *34 114 *34 4'4 *34 1,4 *74 114 *34 112 100 Do pre/ *6 *6 8 .116 *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" .34 114 *34 114 *34 114 . 78 112 *34 114 100 1.400 6% pre/ w I 48 4538 4538 46 •4514 46 4612 4714 4814 4718 4714 48 100 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 31,3 3178 3112 3238 3112 3214 17,900 Vivaudou .V) new 800 Waldorf System 1934 1978 21913 1913 No Par 1973 1978 1978 1978 *1912 20 *191z 20 400 Walwortb & Co No par 144 1434 111141z 1512 •1458 1538 1438 1438 •1412 16 *1412 16 Ward Baking Class A. *95 103 *95 103 Par .98 103 *95 103 *100 106 *100 106 No par 3412 3513 3434 36 33 3514 88.100 Class B 3238 3234 3134 3278 3178 35 600 Preferred (100) 94 *93 95 94 94 No par 93 293 93 *92 93 93 93 1412 2.400 Warner Bros Pictures A__ 10 1218 .1212 1312 *1238 133s 1338 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 14534 4,432 western Union Telegraph.100 14438 1443s *144 14412 144 144 11634 11634 117 11878 11778 11814 1177s 11912 11912 12412 12312 12634 33,400 Westinghouse Air Brake... 50 7038 26,000 Westinghouse Etc.() & Mfg. 50 68 7038 6912 7012 69 6738 68,2 6734 6912 6812 69 6,300 West Elm Instrument 1618 1534 16 1534 1638 1614 1634 1612 1612 1614 1614 16 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 West Penn Electric A__No par Vi- ;iiT2 ii- iiii4 Vi 71.5ii4 94 ;i5i4 If- ;65" if 300 Preferred 100 9934 99 *0013 1004 *9912 10012 *9912 10014 *0012 101 99 99 *11112 _ West Penn Power pref--100 *11112 -*no *110 *11034 -- *Iiii2 No par 2734 281s 2734 2734 7,100 White Eagle Oil 2712 2784 2734 277s 2758 2314 2758 23 50 5012 5512 5312 256 5934 79,700 White Motor 5778 5634 5712 5714 5378 57 56 1,700 White RR, M & S ctfe_No 2 v 2718 2738 2718 284 2814 2934 31 228 2812 *2778 28 31 114 114 118 114 114 1 118 118 4,200 Wickwire Spencer Steel otf... _ 1 1 114 114 2638 2734 2734 28 26 2734 234,800 Willys-Overland (The) 2634 2714 2638 27 5 208 27 600 Do pref _100 •96 9812 97 9638 961z 9634 97 *9538 9614 *96 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 1631 *1512 16 1612 16 16 16114 16378 163 17333 125,900 Woolworth Co (F W) 25 15014 15312 152 1571z 155 15834 15412 158 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 6138 6138 *59 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 5278 No par *5112 5212 52 *5112 5212 *52 52 1,200 Yale & Towne 25 *5531i 63 *6558 68 6778 8778 67 67 65 6612 6514 67 25 241z 2578 x2434 254 23,201 Yellow Truck & Coach__ 100 2212 23 2212 2634 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 4014VIns 10 41158 Jan 4 24 Mar 3 24,4 Tan 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 1914 Apr 13 344 Feb 21 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 1834 Apr 19 3138 Feb 5 101 Jan 12 105 Mar I 1 51 Mar 2 69 Feb 8 5334 Mar 30 5758 Feb 9 6734May 19 11212 Feb 4 80 Mar 2 90 Feb 5 5238May 14 5918May 26 4012 Mar 3 4638 Jan 1 11614 Feb 25 11918May 18 434May 21 107s Feb li 75 Mar 27 8812 Jan 7 6838May 17 9278 Jan 2 5078May 19 7714 Jan 4 47 May 18 6114 Feb 23 11412 Feb 23 121 Feb 1 158 Apr 13 34 Feb 1 304 Mar 30 4158 Jan 4 414 Jan s 2 May 24 1912 Apr 12 27 Apr 29 858 Apr 13 13 Jan 7 24May 14 1412 Jan 4 1614 Mar 31 2078 Feb 4 11 Apr 5 144 Jan IP 1078 Mar 31 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 13334 Jan 7 36 May 21 7114 Jan 5 3714 Jan 20 493, Mar 23 8414 Mar 31 9478June 17 11314May 22 117 June 17 2512 Jan 21 3112 Mar 17 8318 Feb 4 9914 Mar 12 11478 Mar 4 121 Jan 21 134 Mar 30 167 Feb 4 5512 Mar 5 5814May 1 10 Mar 17 12 Jan 11 98 Apr 15 11438 Apr 23 22 May 4 3812Mar 2 90 Mar 8 95 Jan 6 1352 Mar 31 2814 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 4578 Jan 2 4538 Mar 30 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 5938 Feb 4 7512 Jan 13 10434 Jan 13 7178 Jap 4 8814 Jab 23 109 Jan 19 494 Jan 2 50 Jan 4 13934June 17 13018June 11 83 Feb 19 11418 Feb 26 105 Feb 11 37 Feb 15 374 Apr 14 32 Feb 8 75 Feb 11 14 Jan 15 134may 3 254 Feb 3 34May 11 158 Feb 19 10 Jan 30 11 Feb 3 514May 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 4378 Apr 15 53 Apr 20 13412 Mar 30 10514 Mar 31 65 May 19 1378 Mar 31 2714 Jan 4 118 Mar 2 12212 Jan 13 9578 Mar 3 884 Jan 6 951271ay 17 108 Mar 25 2518 Apr 20 511* 5113 Apr 15 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 1734 Sept 3114 Ma 1004 Jan 17 Jan 7834 Jan 2134 Mar 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 2634 Jan 5458 Nov 10618 Dec 2478 Feb 9418 Feb 324 Nov 1434 Dec 10918 Dee 11314 Dec 24 May 92 May 3678 Sept 108 July Oat 61 5618 Nov 88 Dec 8634 Dec g,3 4 Mar -16 538 473k Feb 119 Feb Jan 16 83 Dec 964 Dec 8958 Oct 6858 Nov 125 Sept 12 Mar 434 NOV 618 Feb 4138 Jan 1513 Oct 2078 Sept 2618 Sept 1614 Nov 16 Dec 55 Dee 12178 Dee 2338 Feb 657 Dec 3914 Oct 3678 Dec Oct 101 5938 001 10134 Nov 11038 Nov 578 May 35 Jan 6514 Nov 86 001 4388 Feb 134 June 11718 Mtv 3678 Mar 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 578 Mar 104 Jan 1934 Dec 11 Aug 758 Apr 4234 Jan 9712 Feb 1078 Aug 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 11072 Feb 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 9234 Mar 30 Feb 44 Apr 11238 Mar 12218 May 6112 Mar 10558 Apr 82 Mar 3.) Aug 2558 May 154 Aug 60 Apr 112 Sept 1778 Dec 78 Dee 34 Jan 4 Mar 78 Aug 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 1958 Mar 9714 Sept Oct 107 94 Apr 1-(124;-- -_ 331k Dec 10312 004 5072 Feb 94 Feb 250 Feb 113 Aug 634 Dec 250 Dec 4918 Oct 98 Oot 115 June 971k Nov 10873 Nov 51 Dec 4914 Dec 13914 Nov 12658 Jan 5914 NOV 114 Sept 111 No* 38 Aug 3414 JUly 2672 Nov 80 Nov 834 July 2178 Dec 5 July 2312 July 20 Nov 478 July 6378 Dee 954 Dee 46 Dee 2844 Dec 1978 Jan 244 Dee 198 Dee 9512 Oot 112 Dee 278 Oct 012 July 10012 Dee 14478 Sept 144 Aug Jan 84 2012 Aug 2878 Dec 145 MAI 1112 Jan 7 158 Jan 8 69 Jan 4 9818 Jan 6 50 June 10 3258 Feb 10 2078May 28 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 1255s De) 100 JU1V 101 Mar 11 ........... 97 Feb 11 10018 Feb 19 "iii 112 Jan 18.iri - uri iffi 2 Aug114 Fe 2934 Feb 10 90 Feb 11 5718 Mar 10418 Aug 3311 Dec 4932 Aug 3838 Feb 3 538 May 338 Jan 6 2 Dec 918 Jan 3478 Nov 34 Jan 4 7214 Jan 12378 Deo 99 Feb 4 9 Apr 29 1733May 27 :ol obt 578(i 77680.:814 -Fojjbanao ii; 11 322 Jan 4 44$4 Jan 6 3514 Aug 76 Nov 80 Feb 2 115 Feb 24 58 Aug 36 June 18 16 Mar 3238 July 451n Mar 5034 Feb 11 69 June 8 62 Sept 7014 JUIY 3278 Feb 9 2278 Oct 4014 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 135 101,42 025,32 Cony 431% of 1932-47 .1 0,100253210055321021532.rne'26 24 cony 434% of 1932-47 _I 1015n 021,44 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 1015,321011522 18 100152. 015522 Treasury 35/0 , State and City Securities. 100 101 NY City-434s Corp stock.1960 M 5 10038 101 10058 May'26 1964 M S 10134 ____ 10218 :t 10012 10218 44s Corporate stock 10218 1966 A 0 10134 10214 10158 Felf26 ____ 10012 1014 d43-Is Corporate stock 1972 A 0 10172 1024 10134 June'26 __ 10034 10)34 43(s Corporate stock 4345 Corporate stock 1971 J 0 10614 10634 10558 Apr'26 ____ 10502 106'8 7 10478 10614 4345 Corporate stock_July 1967 J 1 106 10658 10614 10614 4348 Corporate stock 10458 106 106 10658 106 May'26 1963 M S 10578 10692 10578 May'26 ____ 10412 10638 4345 Corporate stock 1959 M N 9858 Sale 9838 4% Corporate stock :. 9_7 7 ,34 0 98, 9838 ___1 14 2 1958 MN 9814 9834 9814 Mar'26 4% Corporate stock 1957 M N 9838 Sale 9858 4% Corporate stock 9838 3 974 98,4 M N stock 1956 Corporate 974 974 4% 9712 _ 9714 Mar'26 1955 M N 4% Corporate stock 9712 9714 Apr'26.__,,-9714 9714 1936 M N 98 99 4% corporate stock 98 _ 99 Mar'26__ _ 1957 M N 10512 11153-4 10538 May'26 -1044 106 434% Corporate stock 431% Corporate stock._ _ _1957 M N 10512 10534 10514 2 10414 :055a 10514 334% Corporate stk_May 1954 M N 8914 8934 884 Mar'26 ____ 874 8834 89488 334% Corporate stk_Nov 1954 M N 8814 8834 , 4 Mar'26 ____ 314 s corporate stock 1955 M N 89 8834 89 Apr'26 ____ 89 1Vew York State Canal Im_461961,1 J ____ 10158 Jan'26 ____ 1014 1014 19621 45 102 May'26 ____ 10134 102 1942 J .1 ____ 4s Canal 101 18 Mar'25 ____ 1964 3 3 ____ 4145 Canal Impt 1 4 102 Apr'26 ____ 1-0-i- 1-1-0 4s Highway impt register'd1958 _ _ _ 10178 Mar'26 __-- 10178 10178 Highway Improv't 4345_1963 M 5 11014 1 1012 11014 May'26 __ Virginia 2-3s 199113 J .:68 -6 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. 1; 1 45 5Q J 55 Sale 50 49 Sale 4814 49 I 81 Assenting 58 of 1899 4 32 412 1 5 49 512 ____ ___ 44 May'26 ----1 38 Assenting 5a large 44 Assenting 58small- . 3712 May:26 5 ________, _iii4 2714 Jan Gold deb 4s of 1904 1954 J o 24 25 2/ ; 1 334 Sale 3034 33 Assenting 4s of 1904 73 204 34 __ 23 4 Aug'25 ----, Assenting 45 of 1904 small__ _ _ --, --- ---Assenting 48 of 1910 .1--J -3134 -33 - 2558 001'25 ----I 3312 Sale 32 Assenting 4s of 1910 large 33'2 57 -2-3-58 -337 2 --------3014 3014 Sale 2918 3014 91 22 Assenting 4s of 1910 small small____ 31 5014i 5 Trees 13s of '31 assent (large)'335014 Sale 4J12 27 1 40 118 53 215 3 50 Sale 49 Small 14 Sale 102 10212 45 96 10212 vlontevldeo 78 1952 Netherlands es (flat prices) .1972 m S 10834 Sale 10812 1084 14 10858 10912 10414 85 10314 10478 30-year external (314 Wal)...1954 A 0 10418 Sale 104 10158 51 1943 F A 10112 Sale 10118 Vorway 20-year exti Os 9934 102 101 12 49 )00 1024 1944 F A 101 Sale 101 20-year external 65 04 1 10 07 112 58 1952 A 0 101)8 Sale 101 04 30-year external 65 998512 10 100 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 10134 10212 15 10012 103 1034 17 10112 105 Peru (Rep of) external 814_1944 A 0 10358 Sale 103 Extl sink Id 734s temp__1940 M NI 9812 Sale 9812 9914 53 97 9912 Poland (Rep of) gold 6s_1940 A 0 6212 Sale 61 78 6212 9 61 6844 P0E m xtiAellenk grefd (Cgity 8son 8412 105 824 91 1950 31 8412 Sale 834 9858 10212 8s__19611.1 D 10112 Sale 10112 10212 26 11312 88 1104 114 Queensland (State) ext s f 78_1941 A o 11312 Sale 11234 25 year external 68 4 10418 106 1947 F A 10538 10534 10512 10558 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 10344 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 10574 47, 103 107 Rotterdam (City)extl 8s 1964 as N 10578 Sale ,105 1 I Sao Paulo (City) a f 85 1952 MN 10438 ____ 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 F rnra alnee wa )te . erilio7 a8n 7s___1956 m S 9712 Sale 9634 9712 64 9612 97,2 SelE nxete 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 8334 8312 Sweden 20-year 68 10438 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 Argentine (Nat Govt of) 78_1927 F A 10138 Sale 10114 10112 l'O 10012 1024 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 10214 106 994 149 9578 9918 Tokyo City 5s loan of 1919_ Extl a 1 613 of Oct 1925 1959 A 0 9834 Sale 9814 733 4 Sale 723 4 7334 21 67 7534 _1952 M 5 99i; 91 1957 m s 9914 sale 9834 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 9544 9914 Upper 9812 92 Sale 924 90 94 9258 62 Extl s ffis of May '26 rcts_1960 M N 9878 sale 99 160 98 99 Uruguay (Republic) ext 8a-_-_1946 . 10812 109 1 10 10712 111 Sale 1' D A 1081 1 Argentine Treasury 55 L 1945 M 8 8958 Sale 8912 85 8934 31 8934 External 516s int rcts____1960 16 N 9658 Sale 9612 9658 97 963 8 97 July 15 1955 J J 9918 sale Australia 30-yr 58_ 9828 994 579 9618 9914 13 10158 Sale 1014 Austrian (Govt) a 178 10158 82 100 10284 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 10058 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 8634 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 1942 M S 9458 -iii 95 95 , 1 9241 96 Eat] 30-yr s 1 78__._____ 1955 J D 9312 Sale 9358 9414 110 92 n14 Ann Arbor 1st g 4s July 1995 Q J 824 8238 8212 12 7572 8213 Bergen (Norway) sf 8s 1945 NI N 11358 Sale 11314 11312 33 113 110 Atch Top & S Fe—Gene 48.1995 I A 0 92,4 da-1-e- 9112 894 934 9214 115 25-year sinking fund 68_1949 A 0 101153 102 10112 June'26 - _ 98 10112 Registered A 0 91 Sale 91 8 88 4:3442 183334 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 9684 193,2 July 1995 M N 8818 8814 88 Stamped 8814 83 Bolivia (Republic of) 88_1947 M N 10134 Sale 10114 9612 102 102 102 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 8838 ____ 8814 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 9434 142 9514 8918 95,2 Cony g 4s Issue of 1910___1960 J D 8758 8614 May'26 ___I 8 861 312 8 8 : 9 6 734a (coffee secur) £(Rat)_1952 A 0 10612 10712 10658 10658 22 10358 1074 East Okla Div 1st g 4s__1928 M S 9938 6;1-e- 9938 9938 6 9844 100 Bremen (State of) extl 7s__ _1935 M N 97 Sale 9638 9212 9734 9734 210 Rocky Mtn Div lst 4a_ _ _1965 J J 8714 8938 8934 June'26 __I Buenos Aires (City) extl 63451955,3 J 10058 Sale ,100 974 101,4 10058 23 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'26 103 12 103 , 2 1929 F A 10238 Sale 10238 10-year 5345 10258 37 10112 103,8 Atl & Cheri A L 1st A 4358__1944 J J 9778 _ _ 9718 May'26 __ 9644 974 1952 M N 105 Sale 105 56 10514 103 10258 10558 1st 30-year 58 Series 13._1944 J 3 10438 1-04-12 10414 10414 2 1024 10414 1936 F A 450 9814 Sale 98 9838 14 98 98,8 Atlantic City 1st cons 4s____19511J J 86 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 -92 4 lii7i hile (Republic) exit 51 88_1941 F A 10714 Sale 10714 C7 8 10714 1094 10834 10-year secured 78 1930 M N 106 Sale 10512 108 32 10514 107 External 5-year 5 1 85_ _1926 A 0 10112 Sale 10118 10158 51 19078 10284 4348 General unified 1964 3 D 977 8 98 973 4 985* 973 4 1 944 20-year exti 78 1942 M N 101 14 Sale 10058 15 100 10212 10114 LA N coil gold 45____Oct 1952 MN 9212 Sale 9214 93 1 56 91 9444 25-year a 1 8s 1946 M N 10812 Sale 10814 10912 49 107 10912 Atl & Deny 1st g 48 1948 J ./ 8012 8133 8158 8158 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 4878 Au & yad 1st g guar 4/3 l949 1 A 0 8138 83 8114 82 , 13 7604 83 Christiania (Oslo) 30-yr s f 6s1954 M 5 10018 10034 100 99 1024 Austin & N W let gu g 5s 1004 5 1941 J J 1003 8 ____ 10114 10114 June'26 ____ 1004 Colombia (Republic )6 1.5 e___1927 A 0 10014 Sale 10018 9914 10058 10013 27 Copenhagen 25-year a f 6348_19443 J 994 Sale , 99 101 36 9814 101 91781 69I, 894 9212 Bait & Ohio 1st g48____July 1948 A 0 9178 Sale 9112 Cordoba (Prey) Argen 7s___1942 J J 9734 Sale I 9714 9734 10 9534 99 Registered July 1948 Q J 9134 Sale 9012 June'26 ___1 8842 9012 Cuba 515 of 1904 1944 M S 10012 102 10012 95 10112 1 10012 974 10-year cony 4345 1933 M S 9634 Sale 9658 94 97 307 External 58 of 1914 Ser A_1949;F A 1004 10114 10014 June'26 98 10014 Registered883 4 Apr'26 ____1 88/ 1 4 8834 External loan 4348 ---19491 F A 914 9214 9114 884 924 9138 11 Refund & gen 5a Series A.1995r ui6 , 8 Sale 9818 9812 203 9313 9814 Sinking fund 5345 19531 1 101 Sale 10078 101 14 20 10034 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 9914 10214 10112 39 10-year 68 103 Sale 10278 10318 65 10212 1034 Sink fund Si'SerB 1952 A 0 10114 Sale 10114 9534 10212 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 9834 Sale1 98 99 78 954 9914 PLEA W Va Sys ref 48_1941 MN 9158 Sale 9158 9134 8912 924 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 8114 813 4 15 Series B e 1 8s 1946 F A 11038 Sale 109 11038 29 10812 112 6218 -_ 6214 Feb'26 __81 624 Battle Cr & Stur 1st gu 38_1989 3 D 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 102,4 ____ 10238 June'26 --_ _ 10112 103 Registered J D 9358 _ 9034 Nov'25 -------Custom Administr 5348.-_1942 M 5 9634 Sale 9634 9738 59 9378 99"8 Beech Cr Ext 1st g 334s____1951 A 0 8012 -82 - 82 May'26 ____ 814 1;2— Dresden (City) exit 78 1945151 N 9514 Sale 954 9214 955* Big Sandy 1st 48 9558 82 1944 J D 8314 897a 9113 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 10578 Sale 10558 10578 86 10334 1054 Bruns & W 1st gu gold 4s___1938 .3 J 9414 9612 9312 Jan'26 ___ 9314 934 30-year extl 53413 1953 M 8 104 Sale 10378 26 10112 104 104 Buffalo R& P gen gold 55_1937 M 5 10212 ____ 10258 1017 8 10258 i 10258 80-year exti 5,148 1953-M N 10378 ____ 10334 8 102 104 104 Coneol 434t3 1957 M N 9178 Sale 914 874 92 9178 115 El Salvador (Rep) 88 19481J J 10812 107 10612 5 103 107 10612 M N _ 4 874 ____ 8714 Feb'26 ........1 87, Finland (Rep) MI 65 1945 M 5 8618 8638 8634 June'26 ___ _I 8434 90 BurltefisierN ed or 1st M 1934 A 0 101- ____ 10112 June'26 __ _I 1004 1014 External at 7s 1950 M S 9738 Sale 9634 95 98 9712 131 Finnish Mun LII 6349 A____19541A 0 91158 Sale 9018 9912 71 8914 9212 Canada Sou cons gu A Os _A962 A 0 10458 105 10458 10541 191 10278 10528 External 6 Ns Serles 13__,,19541A 0 9012 Sale 904 9058 14 8914 92,2 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 10334 5-year gold 414s_Feb 15 1930 F A 9938 Sale 9914 9838 9912 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 1144 11514 11714 1157 8 External 78 of 1924 1949 J D 8914 Sale I 89 7 904 556 8611 914 20-year 5 1 deb Ns_0-year 6348 1946 3 .1 118 Sale 11778 118 1 9 117 11834 gold 4 Feb 15 1935 F A 9714 9738 9714 964 98 974 44 German Republic exti 75_1949,A 0 10434 Sale 10458 10478 4941 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 Cent 1st con g 4s 19381 D 834 8514 8234 May'26 ____, 8112 824 02 Brit & Irel (UK of) 534e-1937 F A 10412 Sale 10413 105,4 252 10322 106, Ca 2 Caro clinch & 0 1st 3-yr 58_1938 J D 10253 104 10258 103 1 3 1014 10378 1929 F A 11834 Sale 11858 10-year cony 534s 11834 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 9858 99 16 9278 99 Cart & Ad 1st gu g 4s __I 8114 88,4 May'26 1981 J D 88, 2 ----I 8814 1984 M N 88 Sale 86 ;Greek Govt 78 8814 178 84 8814 Cent Branch U P 1st g de___1948 J D 8438 Sale I 8438 1 794 84 84, 4 1952 A 0 9712 Sale 9713 Haiti (Republic) e t 135 9814 43 9534 98,4 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 9938 Consol gold 5a 1945 M N 10418 10434 10414 10438 33 10212 1044 Hungarian Muni° Loan 7345 1945 3 I' 9214 Sale 92 924 95 8434 9278 Registered N 10112 _ 10158 Feb'26 ____ 10158 10155 IM Hungary (Kingd of) of 7348_1944 F AI 9834 Sale 98 9834 142 9312 100 10-year secur 6a____June 1929,3 D 10312 104 103 103141 1 10212 10578 Ind Bank of Japan 8% notes1927 F A 100 Sale 100 10018 79 9944 1004 Ref ,k gen 5348 Ser B 1959,A 0 105 10512 105 105121 2 10173 1064 Italy (Kingd of) ext'l 7e____195113 0 8858 Sale 8812 8912 3711 8811 9434 Chatt Div pun money g 45_19511.1 D 8734 89 88 May'26 ____i 884 884 1 Mac & Nor Div 1st g 55 1946 J J 10234 _ I 10234 May'26 Japanese Govt E loan 45___1931 J JI 89 Sale 8778 8914 5 -56 834 89,4 Mobile Division 5a ---1 108 138 1F 1954 F A 97 Sale 9514 5188 , 30-year e f 6 Ns 974 736 9238 874 Cent New Eng 1st gu 413____liall . 741 4 MaY7i1./I 1V538 Sale 1?,1 133 : 2 --a 6 91 Oriental Development 611- 1953 M S 91 Sale 8858 223 85 91 Central Ohio Reorg 434a 1930 M 5 983 4 ____ 995 8 May'26 ____ 9834 9958 Lyons (City of) 15-year 6e__1934 M N 844 Sale 84 85 58 814 87 coil of Ga Cent & B RR 511.1937 M N g 10078 ___ 10134 10134 55 984 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 Mexican Irrigation 4%e____1943 MN ____ ____ 30 Mar'26 30 31 Registered 1987 Q J 1104 ____ 11038 May'26 ____ I 108/ 1 4 1104 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 9138 66 8878 9112 Mtge guar gold 334a k1929 J 13 9714 Sale 9714 974 / 4 9112 8 981 I let Through St L gu 4s___W to 4 i v 4 , ? 8912 894 8914 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 4 ichT5 _- 100% June'26 - - 161 10038 101 1177e104% Sale 10414 10438 16 10236 105% 2 102 10314 101141 10114 Sale 10114 92 97 89 97 97 Sale I 9684 944 9512 904 .Iuly'25 997 166 9918 Sale 9872 Wig -9-9-78 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 8514 -86112 8553 June'26 0834 100 _ _ 100 May'26 9918 70 . 7012 7018 65 3 71 7018 3 70 I 70 6834 Sale 6834 64 51% 6014 5812 100 5832 Sale 58 51 68 5614 -- -- 57 June'26 8612 11 8384 87 8512 8632 8512 844 8434 8412 Feb'26 9188 9412 9234 Sale 9234 4 9234 71 964 10014 100 Sale 9938 100 1 9912 Mar'25 -92% 171 90% WI; 9234 Sale 92 914 92% 9238 Mar'26 _ 271 102% 106 10534 10614 10578 106 11 48 I 48 1' 10614 10712 10712 10712 ioiT4 7912 412 7878 6S-le 78% 2 10514 Sale 10514 10514 64 6934 6838 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 80-year cony Sear A 56..1946 A 0 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 30-year cony be 1935 A 0 111 Sale 11012 11114 83 1 61 8 1015 87'2 92 6 10 10512 1937 M N' 1053* Sale 1053g 16year 534s 1 0 105 7:4z 11090 0553 3 198048 118 10-year secured 78 1930 J D 1075* 108 108 95 Apr'26 13 RR & Bd5e 1st gu 46 g_ _1936 F A 9514 9034 53 Den & R Cl—let cons g 48_1938 J J 9014 Sale 90 9412 3, 89 9412 9412 Sale 94 Consul gold 434s 1936 J 9912 36 D SSta 9912 994 improvement gold 5s__1925 71: 70 62 472 68 44 4 Den & It0 West gen be_Aug 1955 MN 6634 Sale 6738 44 44 4 45 44 Dee M & Ft D 1st gu 48_ _ _1935 47 40 May'26 39 _ 42 44 at Temporary of deposit 9312 Feb'25 N 9378 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 0484 984 1 9812 Detroit River Tunnel 446_1961 N 978* 9814 9812 12 4 1 3/ 01 03:10 100 Dui Miesabe & Nor gen 58_1941 g 3 1035g ____ 10312 Apr'26 : 1 1 1:10004 072 3 185 Di,l & Iron Range 1st iSs_ _1937 A 0 10314 Sale 10314 10312 14 90 Dui Sou Shore & Ati g Se_ 1937 J J 8938 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 1985 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 1:1740 2 38 93:7141 do Series B 882 1110753696 0I 1953 A 0 33144 114 108 0,rt eon, 45 Series D 103 1953 A 0 Erie & Jersey lets f 6s 1956• g 912 278 9,.2 99 8 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 47 457 5314 Fla Cent & Penn 1st extg 56_1930 J 8138 85 Consol gold be 1943.3 j 7014 7234 Florida East Coast 1st 4345-1959 J D 903s 97 1st & ref be Series A 91 9114 Fonda Johns & Glov 44s-195 S 2M N 74 4814 53% Fort St U D Co 1st g 44e-1941 J J 4714 53 _ 12 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 53% GH&SAM&Pletbe 47 1931 MN 4634 5314 2d Wane bs guar 45% 534 Gal, Holm & Bend let 58_19 j A O 13 933 46% 53 Oa& Ala Ry let cons 5s____o1945 J 4712 5332 Ga Caro & Nor 1st gu g 58-1929 J 5•3'2 Georgia Midland let 35 47 1946 A 0 9812 9918 Or R.& text let gu g 446_1941 95% 9974 Grand Trunk of Can deb 76_1940 A 0 9932 9934 15-year 5 f 65 7483 _877 1 Great Nor gen 7s Series A._.1936 .1 1936 M 5 Registered 2 85% let & ref 4%e Series A_-__1961 J 944 4 86 8658 06 General 5%5 Series B 1952 J J General be Series C 104 1084 Green Bay & West deb °Ifs A19 3, _ 3Feb _3 _7 10334 1954 Debentures B Feb' , Greenbrier Ry let gu 44 10334 WV 1940 M N 1 Gulf Mob & Nor let 548_1960 A 0 : 81 03 712 11100 1100 1000 10012 10038 Gull & S I let ref & t g 58-61952 3 2 91:4 9112 915s 1,8 5 10, 9138 93 I 914 3 10034 Sale 10034 10034 10614 Sale 1064 10614 8 10112 10472 10334 1047s 10412 June'26 10 104,4 _--- 10412 June'26 on 10 Iva 2 31 10712 Sale 10712 10712 7912 Sale 7914 74% 8034 8014 86 7112 Dec'25 __I s 7 11 7114 7184 232 64 55 8814 6814 Feb'26 1' 9022 981, 9712 9712 99 98 747 74 87144 1 6 7512 36 7434 75 118 75 7434 Sale 7434 8212 272 8112 82 73% 85 8112 7 32 9, 0424 100 109% 10972 1034 10978 25 104 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 10814 Sale 10714 10834 70 8914 9312 92 Apr'26 7 9714 9614 964 96 5314 2 5314• 5134 53 _ I 98 100 524' 4 52 Sale 1 52 1003s -- 993 Apr'26 984 102 85 19 85 Sale 845 1 101 I 101 10112 101 7314 7412 7234 May'26 _ _ _ 1 12 98. 98 955g .__ 9734 9814 98 97 2004 9484 2 95 i 9453 96 9934 10012 34 5832 647s 9114 Apr'26 _ 59% 99 8 19111 58% 84: 9% 58 9 5312 33 523 Sale 5253 9212 9014 Dec'25 5312 57 53 54 53 107 10712 067g 107 I 13 53 1 30 5214 Sale 5212 9734 May'26•... 9732 98 2 .11 88 9 961 90 0 55 53 5214 5312 5212 371 : 91: 99 108 110 08 0 10814 3 1 104 10414 104 10414 60 53 I 55 5234 Sale 5214 10012 10114 98 98 51 5214 Sale 5214 5234 80 10032 Sale 008* 100% 1I 5234 21 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 4-5312 5214 5212 _ 126 72 71 Mar'26 9972 100 , 9934 June'26 3 974 9612 eve 9775 9734 9972 100 I 9934 June'26 11534 Sale 1512 116 1118300 31 : 141 81 117009012 281:411332 9934 100 10714 Sale 107 9934 June'26 10712 12 108 85 a,2 . 109,18 7714 78 11312 Sale 1134 114 77 8 773 68 76 74 7212 July'25 _ Apr'26 11312 8714 8812 8812 -9-7- 9714 June'26 _ _ _ 8912 17 88 86 107 Sale 103 108 8614 May'26 22 8914 36 8712 8834 8814 10172 10234 10218 10212 22 106 1077s 10712 10712 7614 80 1 8334 Mar'26 106 1077s 1037 June'26 _ _ _ _ 194 Sale 194 20 29 1038 Feb'26 10614 _ 90% --- 9034 May'26 _ _ 106 Sale 106 104 ___ 10318 June'26 106 -- 105 _— 10434 Mar'26 10312 ____ 10053 May'26 - 11118 180! 08719°93 I88:4I: 111: : 10 6902 079213928: 418841 0 10112 ____ 10114 1013g 5 100% ___ 10114 May'26 Ma 9612 10 Oise 90 10114 10114 Hoc kin Reg neVred ig al 1st cone g 4;65.1999 J .1; 964 96% 963 90 10734 Sale 10714 10734 18 90 May'26 4 8 9512 9884 84 1180414 11318 11314 1134 11318 3 3 9812 3 -6/3F2 1-01- 9812 MN 73 39 99 Housatonic Ry cone g 58_ _19 10312 ____ 10353 1035s 12 3 11 2 09 1100213144 H & T C let g int guar 11)37 J J 1.90 90811:4 4 10_ 1182 2 900 Mar'26 87 Sale 87 10 8714 22 Waco & N W 1st 85 964 100 8412 854 Houston Beit & Term let 56_1 99 1 99 I 8538 8612 8512 June'26 939 10 J M N 7J 1 , 1718 2 0 189 114 75 0 .7 June'26 1 9118 Sale 9078 , 181 913 8712 92 IsT152 ---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 2 AP8 97 — gale- 8 02:9534 1041* Adjustment income 55 1957 A 01 8 288 e2276 -2 • A -8 O F C St L de P let cone g ba_ _ _ _1932 A 0 10128 10212 102 Mar'26 1038 Sale 10338 10334 11 D J _1930 6s_ cons 0 & PM Chic St 94 924 May'261 __ 92 9771 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 9978 1004 33 Debenture 58 10034 g g 85 _--8712 8712 I 8314 8712 9311 _ 26 May gold 334e 1951 4 Stamm J J 834 ---- 8234 Jan'25 8612 14 77 „ Registered 90 Chic T H & Po East 1st 56-1960 J D 8614 Sale 8614 4 831* 138777 765 765s 31534 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 10478 Sale 10434 1054 13 10218 1054 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 1944 J D 10234 103 10212 103 Registered Guaranteed g be J 8 1%2 N 1 93 9272 8 85 2 210 93 -907i 9334 3 may 95 71 115% 119 1963 J 119 Sale 11812 119 1955 .2 let refunding 48 ist 641 Series C 8186 8512 10334 10612 Q M 10514 10612 10612 Mar'26 1952 _20 Purchased lines 345 Chic & West I nd gen g 861932 _ 794 Juiy'25 g 81 8414 ---8714 Sale 8634 40 87 J 19523 883i Registered Consol 60-year 46 15 884 8814 Collateral trust gold 45_ 1959 3 MN 884 89 1962 M s 10434 Sale 10434 105 I 48' 10012 105 1st ref 546 tier A N 8434 --- 823* Dec'25 _ _ _ _ 102% 1_04 Registered Choc Okla & Gulf cons 58.-1952 M N 10312 ____ 104 Apr'26 N ____ 10712 10734 June'26 _ 9732 June'26 _ Refunding be 12 ‘. ,... 96 8 Cm H & D 2d gold 434s.._....19373 J 9714 _ Sale 10238 10334 47 1934 J J 10312 933e 88% 15-year secured 545 0I St L & C let g 46..—Aug 1938 Q 13I 9484 _ _ _ 1 9412 May'26 11311 j 2 11312 4 1133 1134 1114 113% 2 6 Dec'25 93 9214 ' F Q 15-year 634s 1936 secured Aug 0 56 g----1193 Registered. 9038 9232 9234 92 1 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 10034 June'26.,_,_ Litchfield 131v 1st gold 32_1951 J J 764 Cm S & CI cons let g 5&.,.,,1928J •882178 5 4 823 4 823 4 83 803 3.1 J 3301953 Loulev Div de Term g 74261.__1_ ' 438 Jan 78 78% 78% 8772 85 8714' 11 Registered Cleve Cln Ch & St L gen 44_1993 J D, 87% 88 874 7312 734 5 99 I 9714.99 19313 3! 99 Sale 99 Omaha Div le gold 39___1951 F A 734 ---- 7334 Apr'26 _ _ _ 20-year deb 445 74% 34 38.1951 J J 7353 -19933 D 10358 ____ 10314 Mar'26 St General bs Series B 814 8714 8714 May'26 ! 1 83 -86 13 1130093373337:4484 2 1951 59 0 oludie 3 Le tG 4r5* Term g 13 Ref & leapt 66 Series A...1929 J J 10318 Sale 10318 10312 27 10, 8212 _ Feb'26 83% J _ 8212 8212 June'26 0 3 J 5 348_1951 10612 J 10612 1941J 10 g Is Div S ringfield Is Series C 8924 89% 012 8934 Feb'26 191 1963 3 J 10312 10378 10382 10334 26 Western Lines 1st g 4j.._ _1951 F A 9018 sal-0 be Series D 84 Aug'25 1939 J J. 934 ____, 934 June'26 Cairo Div 1st gold 4s 5 8534 854 857e AI 88 • 1951 F s184 Cellneg C5hic St L & N 0&e ister tral cm w & M Div let g 41...19913 J' 85 9912 10313 4 824 tit 10234 103121 53 57141 12 3% D 104 3 D 3 .3 061 Joint let ref be Series A__ 195 • L Div let coil Ira g4._1990 M N' 8618 ____ 874 104 1054 4142 JA 102 r:2S pe un 8314 Feb'26 _ N 8314 834 Gold bs Registered 1024 10214 10114 D 90% 89 Opt A col Div 1st g 4s___1940,M S 914 ____ 9053 May'26 _ 8112 90 7812 Feb'26 78% 784 GeRldeglater3S4sed W W Val Div 1st g 46...„19404 J 8814 ____ 8112 May'26 -_---_-_ 12 9 1 7 9 i11 1073 2 3 8 0 2 0 Aug 14 106% 8 i A j 4 '251.... 108 107 _ 107 51 Apr'26 J 40 9 1 46-1 Ind Bloom & West 1st tat 00 C & 1 gen cons g 6e-___193413 ____ 1024 May'26 __- 10112 10234 7,0 Ill & Iowa let g 46 1-91-4 1950 .1 3, 9178 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 t6s 100% 104 J 103 10334 10314 June'26 9934 9632 Mar'26 063* 1935111 N 97 Ind Union Ry gen Si Sec A-1965 Cl & Mar let go g 4346 10112 10112 Gen & ref be Series B 10072 10312 1965 g j 102 103 10314 May'26 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 4 96 28 9 24 1950 F A 8514 ____I 9334 Nov'25 Adjustment 66, Series A-1952 APrl 7212 Sale 734 17 Series D 334s 004 74, 73 Sale r1, 73 31 4 743 4 3 1 100 mApN Sale 100 100 00._.1022 0 A 430.1961 Stamped 132 gu 1st Cleve Sbor Line 78 Sale 23 7813 78% 764 78 8854 88,8 Int clt ts Cent Amer erys 1972 A 0 108% Sale 10814 108%, 2 Cleve Union Term 530 4 low 5814 65% le 5814 a0 812 B6 50 8 6014 4 1043 7 1003 9912 Ra 9814 elC stldgou gl glo 1973A 0 10334 Sale 10334 104541 irna nt ed un ld 5s----1938 J D 6 lit s 56 Bar B 58 65. _ 58 May'26 Deposit 19451,3 D 8832 ____ 8818 Coal River Ry let gu 4s 1834 10 1714 9341 18 9834' 2 A 99 ---- 9834 Colorado & South lit g 41_19291 88% 9114 1 1912 90 8914, 34 7 19 8 B 8914 D 30 3 4 , 97 87 97141 4 963 8713 954 967 J SI 97 N James 1111 1 9 5 Clear & 9 4s-19 Frank let 446_1935 exten & Relund1ng I 1948A 0 8834 _— 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. Conn & NAHUM Rio 1st 48_1943 A 0 8534 ---- 8212 Jan'26 9972 10114 May'213 4 3 100 1003 10014 • A 7J 99 192 9 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% 9272 20 654 73 K C Ft S & M Ry ref g 46_1936 A 0 9212 Sale 9212 Non-conv debenture 421.1955,1 J 70 ---- 72 June'26 -98% 10212 654 79 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 7 75 74 7412 4 3 74 88 0 33 I 9612 96 94 A Bale 34_1950 City 95 gold J let Kansas Son 2-19524 Cuba RR 1st 50-Year 56 93% 9913 41 107883212 199131 8 62311 105 98% 31 Sale 10812 Ref & impt be 1936 3 D 108 10814 108 Atog 195013 J 99 let ref 734s 9214 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 10-year scoured 78 g 15-year secured 634e fr____1936 M 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 River85 8834 53 42 8112 80781 7612 8014 Kansas City Term let 4(9_1960 J J 8812 Sale 8814 81 3 8014 1 19973 8912 Mortgage 339s 86 _ 7638 8054 __ 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 Kentucky Az Ind Term 430_1961 J .1 Sale 9534 9534 1934 4a M gold N Debenture 8714 4 853 883-4 8714 Mar'26 1961 J J 8388 9414 9414 Stamped 9418 Jan'26 M N 9214 Registered 2 10012 102 J 102 Sale 10134 June'26 9234 97 8 94181 4 / Lake Erie & West let g be_ _1937 J 2 1942 3 j 9338 -9418 941 98% 101 30-year debenture 45 2 977k _..- 9978 99% 1941 J 26 gold 58 __ Feb'25'__ 3 9 7 9 _i6,4 ____ Registered 78% 82 3 8034 Lake shore gold 335s 1997 1 D 8012 8078 8034 4 80 7578 41 79 , 79 Lake Shore coll gold 3398_1998 F A 80 77 7812 June'26 1997 J D 78 78 4 Registered 7734 7734 7734 79 1998 F A Registered 98% 99 57 99 84 1928 M S 99 Sale 988 77 Debenture gold 48 June'26 82 80 7918 34s 3 1998 F gold A coil 4 1 Mich Cent 9614 97/ 9712 34 1931 M N 9714 9712 973 80 78 25-year gold 4s _ Apr'26 7812 808 80 1998 F A Registered 96 Dec'25 1931 m N 9234 95 Registered 4 9434 1937 A 0 9434 Sale 9434 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 9838 19374 0 9334 95 95 Registered , June'26 38 838 , 9 8 _ 9911 __ 1940 7 9 68 J 9 435s : g lzu 9312 9734 let Y N 9678 24 Leh Val 1931 m N 9634 Sale 9634 48 debenture 25-year 82% 86 % 102% 105 11 Lehigh Val (Pa) cons g 4s_2003 M N 10314 4 N 1023 'sr 10314 1931 10318 C B A Series 8074 80 2d lis 8012 May'26 4 104% 1 gs/ Registered 10412 104 9614 Refunding 5399 Series A 1974.A 43 10412 Sale 104 92 9614 22 95% 2003 M INI 9534 96 4 10412 / 981 General cons 4395 10412 63 1975 .1 J 104 Sale 104 Refunding 535e Ser B 15 10014 10412 10414 4 Sale 10378 / 92 9634 3 Lehigh Val RR gen be Series_ 2003 M N 1041 4 963 9814 4 9612 963 A 1953 439e y gu A 1st N Y Connect 10212 104 1 4 4 1023 1023 A 5s ____ 4 0 1941 104 A 1023 g su 1st 10018 Ry Term 1 V 104 Leh 98(2 9038 1953 F A 10338 104 104 let guar 58 Series B 8812 May'26 __ 8913 90 Loh & N Y 1st guar geld 4s 1045 NI S May'26 _ 90 9212 N m 91 .1947 43_ gold 110 ext let Erie 4 1 / dr 105 Y N 4 10834 June'24 90181083Lax & East 1st 50-yr be gu_ _1965 A 0 10814 94 Nov'25 _ 3d ext gold 439e 8712 1933 M S 84 8512 Apr'26 1952 MN 87 88 1 155; Little Miami 96 1930 A 0 10018 __ 10038 Mar'26 _ _ _ _ I-06; 4th ext gold 55 1 109 10934 10938 1935 .4 0 1093e ____ 10934 98% 99 Long Dock consol g (is 99 7,-ar'26 _ _ ___ 981 1928 J 10012 49 D gold 1001e 5th ext 2g 2 A„br' 2 Fe 00113 98 94 Long Ism let con gold 5s_D1931 Q j 10034 ____ 194 _ _ _ _ '26 Ma, 98 100 419413 m N 9812 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 N Y Lack & W 1st Az ref 513_1973 M N 99 1 e438 89/ 1949 M S 8812 8914 89 May'26 9938 102 Unified gold 413 101 June'26 1973 M N 100% let & ref 439e 97% 9144 1 9934 1934 J D 10614 10618 4 - - 9934 Debenture gold 59 June'26 4 / 1061 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 20-year I) m deb Ea 1932 F A 100% 10112 10114 Apr'26 903s N Y & Jer3ey 1st 55 m s 8878 Sale 8878 85 16 90 90 90 Guar refunding gold 4s__ _1949 99% 10b34 N Y & Long 13ranch gene 48_1941 m s 9012 9312 90 Mar'26 7712 7012 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 -8-i1; 70Lou dr Jeff Bdge Co gu g 4a 1945 M S 9014 91 70 70 Non-cony debenture 3398_1947 MS 70 1 10212 10612 Louisville & Nashville 58_1937 M N 104% ____ 10512 10512 6134 6014 6634 June'26 Non-cony debenture 3 399_1959 AO (36 9 9314 95% 9512 1940 J J 7514 9514 958 958 68 Unified gold 9s 10 7514 7414 74 76 _1955 4s__ J debenture y 109 1 11 Non-con 1931 M N 101 10178 102 June'26 Collateral trust gold 5e 8754 75 17 7412 7418 7412 Non-cony debenture 439._ _1956 MN 74 14 10512 108 10614 1930 m N 10534 10618 1057g 674 '61 10-year secured 7s 6718 67 67 Sale 1956 11014 debenture 335e 10612 Cony 22 10812 9714 10234 1st refund 539(3 Series A 2003 A 0 108 Sale 108 10234 207 1948 3 102% Sale 102 Cony debenture (Is 14 10412 10814 106 _ 10534 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 229 99 4 1 / 10014 10014 Sate 1940 A0 65 107 trust 104% Collateral 1 1047s 10478 10478 1030 J J 70 58 N 0 & M lat gold fla 70 33 68 8 693 Sale 1957 MN 103% 104 Debenture 4a 1930 J J 10412 105 104 June'26 8414 8814 26 gold 6s 1 8838 88% Harlem It & Pt Ches 1st 481959 MN 91% 9212 2 9212 Paducah & Isdem Div 45_1996 F A ____ 9212 9212 100 100% 1 10034 8 1003 2 1 % 8 0 8 0 10 a 10 8 1114 _1927 _ AO Ss__ g 1st Northern N Y& 2 65,2 68 68 68 St Louis Div 26 gold 35._1980 m s 6614 68 6714 76 53 76 7512 Sale 7514 9878 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 1955 3D 6838 Sale 6838 8512 89 General 45 3 88 South Ry Joint Monon 45_1952 J J 875s 8818 88 Apr'25 8612 4 863 46.1942 AO Boston _ 9014 93,4 NY Providence & 92 June'26 -8-6-1; AU Knoxv & Chi Div 4s_ _1955 M N 917 94 8712 May'26 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 08012 1-0 8.0 1927 MS 18 1-1-4 100 June'211 101% 101114 NY&RBIgt gold 5a 10134 Mar'26 1939 .1 j Mahon Coal RR 1st be 77% 8512 8512 8512 8534 8412 .1 _1937 6013 67 N Y Sum & West let ref 5s_ 6534 67 June'26 64 7012 Manila RR (South Linos) 45_1939 M N 10384 70 70 1937 FA 26 gold 439e 6212 76's 76 76 1959 M N 7214 75 7412 let 4s 63 June'26 7212 2 0 7 8 12 703 88 1940 A P 58 4 gold 100 1003 General ____ 100 May'26 Manitoba Colonization 55 .1934 1 D 100 99 97% Apr'26 8 973 1943 MN 85 85 Terminal let gold be Apr'26 Man 013 & N W let 3 395. _ _1941 .1 J 81% ___ 85 6912 7834 213 77% 4 783 Sale 78 '96 As Sec J 100% 4 I let 102 B & W'ches Y _ N 102 _ June'26 Mich Cent Det & Bay City 58231 M 13 101 101 _ - 101 May'26 10238 M 13 102Registered 7714 8214 8034 46 1950 AO 8014 Sale 80's 8233 95% Nord EY esti(' f 835e 7 9538 1940 .1 J -0-54 Sale 958 Mich Air Line cle 77N 8638 8512 103 80% Norfolk South let SZ ref A 55.1961 FA 8514 Sale 85 79 1951 MS 831279 Mar'26 4 1 100/ .1 I,& S let gold 339a 98 4 1003 June'26 Sale 101 8512 Norfolk & South let gold 58_1941 MN 83 -;85% 1952 MN 84 -i61 1st gold 3395 1 106 106% 10534 9734 9/04 Nonf & West gen gold 68.._..193l MN 10612 Sale 10534 10 1929 A 0 20-year debenture 45 10912 110 10912 May'26 109 110 68_1939 ext FA 95 9012 Ar Improvement 9438 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 9412 Dec'25 9212 MU le Nor let ext 439s(blue)1934 J D 9512 98 89 _ 917 8 May'26 1996 A0 Registered V 08*4 0074 0414 Cons ext 439e (brown)_ _1939 J D 9518 9614 9812 May'26 9334 45 -9354 Sale 9314 43_1994 J J 9112 g gen & lien let Div'l 89 _ May'26 9112 92 91 Mil Spar dr N W lat gu 4a_ 1947 M S 138 15614 65 15014 14912 5 1929 Ni 68 cony -year 10 ____ 8138 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 9312 4 95 943 95 1945 A0 5s -gi5 North Oldo 1st guar g 5734 57% June'26 1934 MN 57 8614 91 let consol gold 58 63 90 8918 Sale_ 8812 4 Nor Pacific prior lien 413..._ _1997 Q 1 63/ 56 6412 56 June'26 M N 57 Temp etre of deposit 88 86 May'26 88 1997 23 18 Q Registered 8 1914 1st dr refunding gold 4/3_ .1949 MS 18 Sale 18 6114 66 6534 50 a2047 Q F -64 Sate 6538 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 F Registered Q 102 Sept'25 1927 JD let guar g 7e 9518 87 9518 10 2047 JJ 9412 951g 9412 8672 9112 Ref & impt 434s sec A 90% 23 .1 89% 9012 8914 Id St P&SSM eon g 4s tnt gu'38 Apr'25 8 1123 ii Registered 97% 9934 9914 May'26 1938 J J 9878 99 4 4 17111let cons be 59 108-1113 11314 11334 gZei ii 2047 B ear 6s Impt k 41 '4 Ref 99 9914 9734 4 11014 1 110/ let cons 55 go as to Int_ 1938 J J 98% Sale 9818 11014 Mar'26 3.3 Registered 13 10214 104 10314 1931 MS 10314 10312 10278 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 8912 9278 9012 9012 Ref & Inapt 55 see D 2 92 1999 MS 89 25-year 5345 10934 10934 4 1 / 1,3 93 Nor Par Term Co let g 8(3_1933 J J 10934 -- 1094 June'26 93 Mar'26 let Chicago Term sf 4s_ 194I MN 9318 10112 10514 / May'26 1041 10414 1938 A0 -be g -guar Cal 4 of 933 No 93 8 933 Apr'26 Mississippi Central 1st bs_ ..1949 J J 94 3 10232 10314 10314 1930 • j 103 104 10314 84% 8734 North Wisconsin 1st 139 87% 36 MO Kan & Tex-Ist gold 4(3_1990 JD 8718 8712 8714 9612 10214 10214 68 82 Mo-K-T 13.11-Pr 1 Ea Ser A.1982 J J 10134 Sale 10134 73 16 82 8118 Sale 8218 J J g-_1948 1st 4s gu Cham L Og & 8012 86 8534 27 1062 J J 85% Sale 8514 r0-year 48 Series B 9034 Dec'25 42 10212 10414 Ohio Connecting Ity 1st 4s_ _1913 NI 104 2 1661 1932 J J 10312 Sale 10312 1 &23-2 . 10-year (is Series C 1936 3D 1015* ____ 10234 June'26 9012 9534 Ohio River RR 1st g 58 9334 .592 Cum adjust 5.9 Ser A Jan_1967 AO 9214 Sale 9238 _ _ 101 10212 8 ____ 102 June'26 1937 AO General gold .Si 10114 Missouri Pacific (reorg Co) 10014 1 10034 100% 1927 .1 3 10012 10034 8914 100 Ore & Cal 1st guar g 511 9914 62 9918 Sale 9838 8914 9212 let dr refunding Ls Sec A._1965 FA 5 9212 9212 9214 1946 3D 92 62 10114 107 Ore RR & Nay con g 9(3 107 lot & refunding 6s Ser D_ _1949 FA 10678 Sale 10638 107141 20 104% 10712 Ore Short Llne-lst cons g 58_'46 J J 107 110 107/ 347 10114 107 10712 1051g let & refund 6s Sec E int_1955 MN 107 Sale 10612 107 1 4 107181 1946 J J 107 1074 1071 7412 65 Guar cons 55 7412 689 1975 MS 7312 Sale 7312 General 4s 96,3 9812 9812 71 93 1929 J O 983 Sale 9818 88 Guar refund 48 88 8334 1938 MN 9214 Sale 9218 June'26 75 Mo Pac 3d 7s ext at 4% I 87 4 863 1961 J J 8634 Sale Oregon-Wash let & ref 48 91% 96 2 9212 9212 94 Pacific Coast Co let g 5s___ _1946 3D 92 9934 ____ 99 Sept'25 1945 J 1 Mob & Blr prior lien g 5s 9312 9112 1 June'26 9312 94 793 9318 003* Par RR of Mo let ext g 419.__1938 FA 8712 June'26 1945 J J 8534 __ Mortgage gold 48 10134' 8 100 10134 1938 J J 10112 Sale 10112 7934 87 26 extended gold bs 86 June'26 199: J J 8214 9614 9814 Small 1 _ 7 --9814 May'26 99 97 1034 Of JJ 10074 let Ills 4396_1955 & 10078 Paducah _ 100% 10218 7312 7812 Mobile dt Ohio new gold 6s_ .1927 J 7534 86 1958 FA 7412 Sale 7434 1007e 10614 Paris-Lyons-Med RR 6s_ lit extended gold lie 51927 Q J 10078 1-01-38 102 June'26 87% 82 85 I 65 92 90 1958 M 5 85 Sale 84 St external 75 9134 May'26 1938 MS 0218 87 General gold 4s 82 48 8' 843 4 1 / 83 8414 8312 101 75 9914 M s 1954 10038 June'26 Paris-Orleans RR 102 100% Montgomery Div 1st g Os 1947 FA 100% 9 1013*1 1942 MS 10114 Sale 101 9912 10012 Paulista Ry 75 _ -;10012 June'26 1927 JO loo 1-003 St Louis Division be 94% 94 1 -- -94781 91 4 943 1 N 87 M RE 91 1943 4s g -cons Pennsylvania 91 9012 1991 54 S 89 Mob & Mar 1st gu gold 4s 4 9934 / 911 4! 6 / 941 .- 9412 109% 1121, 1948 M N 9334 6 11212 May'26 Consul gold 48 1037 J J 11212 _ Mont C 1st gu g 6s 2 9114 95 94121 9334 93% 94 _ 8 1 10112 1027 dol___May 1948,DIN May'26 stpd 8 sterl 1027 45 103 J J 1937 55 let guar gold 9872 10134 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% 10138 19653 D 9814 Sale 98 10034 10034 General 4395 Ser A Naahv Chatt dr St L let 55_ _1928 AO 09 102% 10678 78 167 9852 106 4 1063 Sale 10174 4 D 1017 1013 B May'26 10634 Ser 1958.3 bs 1 General 0 2 PA 00 4 33 1937 1-0-1-1-2 N Fla & S let gu g Ea 10712 40 107 108% 1930 A 0 10712 Sale 10718 30 Sept'25 10-year secured Ts 11312 Nat By of Max pe lien 43912_1957 J J 19 1936 F A 11234 Sale 11112 11338 39 111% Apr'25 15-Year secured 839s July 1914 coupon on....... 11214 11214 11214 May'26 66 A 2134 F -2134 21 15 Saio 22 Registered Assent cash war rct No 3 on 102% 8 983 9 9 102 4 10213 102, Sale 1964 M N 8712 June'25 40-year gold ba 1977 AO Guar 70-year s f 4s ____ 8612 Oct'25 85 1734 26 2434 2314 2734 2434 Pa Co--Gu 34re colt tr A reg 193754 Assent cash war rct No 3 on VV" 2 I 84 84 ____ 84 A F Julv'24 3812 B_1941 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% _ June'26 3414 8334 33% J 838 D 1944 33% ctfs e 334s gUltrust 28'2 -334 Guar on_ 3 Assent cash war rct No 9714 9614 4 / 973 971 June'26 8 973 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 32 2012 13 2012 1914 2012 Assent cash war rct No 3 on 4 / 871 79% 8 8612 86781 Peoria & East let cons 45___1940 AO 8418 8638 4112 35 4114 58 4 96 1990 Apr. 41 Sale 39 / 951 Income Is 1 9712 ---- 96 May'26 1945 New England C011.9 58 104 10014 June'26 103% 104 4 1023 1974 AO May'26 87 As__ 5 let 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 9712 9734 9718 1st 44 Ser B NO& NE mar refArimp 4395 A '52 9312 94% May'26 4 943 ____ 9418 N 20 8714 1943 M 84 8714 Phil& Balt & W let e 431 87 Sale 87 New Orleans Term let Is_ ..1953 10012 23 13 1974 FA 10914 10978 110 June'26 -- 10614 11112 10018 10034 4 1 / 98 Series 1003 10014 4 0 A (is Gen 58_1935 Inc n-e Max & Texas DI 0 45 16 4012 45 1 4414 Sale 4412 68 1 J J 4s f s 1937 10014 30-ye 10034 let Sale 96 Ry 10012 100 A 2 Philippine 1954 let be Series B 4 1047e 44 1021e 10512 Pine Creek regstd 65 / 1932 J 1) 106 18 ____ 10512 Mar'25 10434 Sale 1041 1954 A let 540 Series A ;11661; 1617 9912 10014 May'26 98 0 A May'26 1940 WI 9634 39sA 4 PCC&StLgu4 953 _1995 439e_ guar N & C Mee gen 9658 9734 1942 A 0 9814 ____ 9734 Apr'26 _ 9934 102 8334 ---- 101 May'26 80 AO 10 Series B 439s guar N Y B & 11,1 13 let con g 5a 1935 MN 10738 1-0738 10734 97% 97% 9788 ____ 9738 Apr'26 7 104% 108% 194251 N 10712 4345 C guar &dee 88_1935 deb cony RR Cent 117 Y 4 June'26 / 941 9312 9418 1995M N 944 10612 May'26 10612 10612 Series D 48 guar MN Registered 0214 0313 35 89 1949 F A 9334 ____ 9334 May'26 8534 5014 Series E 33.4s guar gold 1998 FA -8734 Sale 8814 Congo' 48 Series A 9278 Feb.26 ____ 927s 93 47 1953 .1 D 9914 gold 9718 9612 Sale guar 9214 48 9712 0612 AO F Series 2013 "A4 Impt 39a Ref & 9414 93 10534 102 10114 10534 1957 M N 9914 ____ 9414 June'26 Series 0 45 guar Ref & Impt 58 Series 0_2013 AO 10512 Sale 10538 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. 8488e 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 1960 F A 94 8 ---_ 9334 Sept'25 Utah & Nor gold 58 1926j .1 993 4 1 00 10012 Berke I cons guar 444_1963F A 9738 Mar'26 ---- IA kilt; 9712 May'26 9514 Vile 1st extended 4s 1933j 945, j ___ 9512 Mar'26 -- -959 9512 Series J 434s 1964 M N 9749714 June'26 11734 Vandalla cons a 4s Ser A 98 1953 F AI 9834 ---- 8934 May'26 -88 8934 General M 54 Series A 1970 j D 10334 10418 1039 10334 16 100 10334 Congo! 45 Series B 1957 m N, 89 ___- 8818 June'26 -881 , 8818 Gen mtge 5e Series B 1975 A 0 10334 104 10334 1042 999 104% Vera Cruz & Fist gu 414e..1934 j 37 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 24 -21 Apr'26 -Pitt, McK & y let gu 68_1932 j j 106 ____ 106 Aug'25 Assenting let 43-2a 19341____I --__ ---- 31 June'26 -23 31 plus Sh & L E let g544 1940 A 0 10112 ____ 10078 2 1-60% 10314 Virginia Mid 58 Series F__1931 10134 j ji' 100% ____ 100 Dec'25 -let consol gold 54 1943 J j 111038 ____ 10018 Oct'25 General 56 1936 m N 1023, ____ 102 May'26 ---- 101 102 Pitts Va & Char let 48 1943 MN 92 ____ 91 14 May'25 Va dt Southw'n let gu 58_2003,j 3, 10134 10278 100 999 100 Pitts Y & Ash let cone 58_1927 M N 100 ____ 100 Apr'26 Mar'26 ---WR; 1-604 1st cons 50-year 54 1958IA 0 95 Sale 95 96 20 9034 96 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% 10338 38 99% 10312 let gen 54 series B 1029 102, Wabash 1st gold 58 1962 F A 10414 ____ 102% Jan'26 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 10178 Providence Term let 48 2 1956 pa 8! 8612 ____I 8318 Apr'26 8318 8318 Ref 51 548 tier A 1975 m 5 10334 Sale 104 182 9812 105 105 Debenture 13 fis reglatered.1939 m 8 ---- ---- 9334 Feb'25 ----I Reading Co gen gold 44 984 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 1997 j j 97% Sale 9734 9414 98, 9812 21 8 Om Div 1st g 33-is l941'A 0 8112 83 7718 83 81 June'26 0 Warn & Dane deb to stpd_1927 A 0 100 10012 100 June'26 --1 -9934 10414 Tol & Ch Div a 4s 1941 al 8 8934 ..--- 90 2 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 80 --------81 May'26 81 -Richm Term Ry let gu 58_ _ _1952 1 J 10278 ____ 10134 Apr'26 10158 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 8534 ---- 8512 June'26 -- -83 8878 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% Mar'26 Mtge & coil trust 48 A ___ _1949 A 0, 85 Sale 8412 3 85 7418 85 West Maryland lat g 48____1952 A 0 75 Sale 9858 6678 75% 74 753 171 RI Ark & Louis 1st 444_1934 pA iii! 9418 Sale 9414 29 944 West N Y & Pa 1st g 5a__...,1937 a 89 947 J 102 Sale 102 1007s 10215 102 Rut-Canada let gu g 48 83% 8112 8118 1949 1 .11 81 81 18 10 73% Gen gold 45 1943 A 0 8712 Sale 8734 June'26 83% 88 Rutland 1st con g 4 4a 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 8312 16 78% 84 Western Far let Set A 58_1946 m 8 100 Sale 9 957 49 49 534 Felb St Lawr & Adir 1st g 58 0 '2,5 0 2 979 9912 19963 J 9912 ____ 9912 May'26 let gold 138 Series B 1948 m 8 10258 103 103 103 2d gold 6s 1996 A 0 100 ____ 101 Sept'25 West Shore let 48 guar 2361 j ji 8358 Sale 8538 4 86% 86 St L & Catro guar g 48____ _ 1931 1 J 9614 9634 9612 1 9612 ; -9.4C9 I5-3 Registered 2361 a 31 853, Sale 8538 83 8 8512 et I. Ir M & 8 gen con g 58_1931 A 0 10012 Sale 10012 10034 85,2 10 10014 101 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% 9734 9758 100 Wheeling Div let gold 58_1928 j al 9938 100 100% May'26 10014 10212 Registered 93 Sept'25 .1 J Ext'n & impt gold 5s 1930 F A 99% ---- 9958 May'26 98% 99% 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% 9934 May'26 9984 10012 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 7728 8412 Wilk & Ewa 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 93 5 99 Winston-Salem 513 let 48 1960 j a, 8734 8812 88 le 102 1814 Sale 88 8 8514 884 Prior lien Ser C 5s 10212 36 10178 103 : Ms Cent 50-yr let gen 4a 1 21 33 j 10218 Sale 1949 j a 85 8512 8512 17 87 8018 87 Peor lien 54s Her D 102 9914 1039 1942 J 3 1023, 121 Sup & Dill dly & term let m NI 897* 9012 90 8612 91 90 Corn adjust Ser A 84____12195.5 A 0 964 Sale , 964 9212 9712 Wor & Con East 1st 444 48'36 9714 243 1943 j J 1 7734 82 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 10538 Sale 10558 1052 Um 1008 INDUSTRIAL General gold Si 10118 19313 j 101 18 Sale 101 18 1 2 10018 10112 adama Express coil tr gS48_1948 8528 Sale 8538 15 M 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 10334 20 10214 105 St. Louis Sou let gu g 4,3__1931 M S 96 9712 973 May'26 _ 9418 97% 1...aka Gold M deb 6s A____1925 J 5 6 FA 2 49 43 4 5 St LB W 1st g 44 bond ctfe 1989 M N 8634 88i8 8712 5 8418 88 4 8778 Cony deb 88 Series B____1926 M 5 6 4 412 Feb'26 44 2d g 4s income bond cas_2,71989 8134 81 81 J 81 1 75 82 °pine-Montan Steel 78____1955 as ' 9078 91 90 90 4 91 Consol gold 441 9112 1932 .1 D 9434 Sale I 9438 91 95 91% 01' km Agric Chem 1st 58 1928 A 10314 Sale 103 let terminal & unifying 58.1952 .1 J 96% 96% 9614 103,4 22 10234 10414 899 97% 9634 31 lat ref s f 7148 fr 1941 F 104 10414 1035, 10414 34 10318 105 Si. Paul & K C Sh L let 444, 1941 F A 9078 Sale 9034 9112 28 9134 kmer Beet Sufi cony 88 deb 68.1935 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 ____ 10678 105% Mar'26 -- 1055s 106% 1938 St Paul Minn & Man con 42_1933 D 9678 1712 9734 June'26 13 34 Amer Ice deb 7s_ _Ju.y 15 1939 96 120 137 121 May'26 -- 118 13412 Registered J D 9214 July'25 Am Mach & Fdy e f 65 1939 I-6 102 10212 let consol g 44 --- - 10014 103 1933 J D 10834 10934 10918 June'26 10778 101(34 Am Republic Corp deb 134_ _1937 A 0 9978 1001 10112 June'26 997k 4 9978 98 100 1 Registered J J _ 107 Mar'26 107 1b7 Am Sm & K 1st 30-Yr baser A1947 A 0 10, Sale 10034 1015, 74 99 101% Si reduced to gold 444e_ __1933 J 1 RIC 11_14 Iii 9934 June'26 9958 100 1st Series M 6s B 1947 A 0 1002 sate love 10/04 46 106 10834 Registered 1933 J 399 May'26 9812 99 AMIN Sugar Ref I5-yr 64 1937 j j 10312 Sale 10318 10334 60 102 10512 Mont ext let gold 48 1937 1 D -65F8 lii" 94 9412 9 93 951,2 km Telep & Teleg col! tr 413_1929 .1 3 9834 Sale 9814 9834 82 967s 98% Registered 1 D 9214 May'26 9214 929 Convertible 45 1938 m5 92% 9312 9258 924 78 92 94 Pacific ext guar 48(sterling)'40 J J 90 90 91 90 May'26 8914 _ 20-year cony 44a 1933 m 8 10018 101 10018 10018 1 9714 10212 I Paul Union Depot 55___ _1972 J J 10458 Sale 10438 30-year colt tr fat 1043, 38 101% 104% 1948 J D 10318 Sale 10318 10314 29 1009 10312 Registered j 1,00174 10 103 37i 11 10234 103 j J D e ( 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 ____ 10238 May'26 10012 10234 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 sale 1940 j 8744 12 s 894 lr ie 1 3 10 , 04 738 A 0 18 105 62 10314 105 lirt g 5s 1934 A 0 10212 _ 10154 Dec'25 Am Wat Wks & 581934 Elea 97% 29 9534 98 Scioto V & N E let gU 4s 1989 M N 8978 -91-78 00 June'26 16- Am Writ Paper e f 7-6e....1930 A 0 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 10334 Sale 10314 103% 197 1014 10412 Refunding 45 1959 A 0 73,4 Sale 7218 6914 74 7234 203 086 63142 : 15-year cone deb 7s 881 81 18, 1938 F A 189 086 6%12 10658 196 10214 107% 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 9558 239 10014 260 8 96 4 : 7 1 19 08 212 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 9434 Sale 94 0214 9834 kntilla (Comp --zue) 748_1939 3 J 94% 49 89 1 2 " Seaboard & Roan let 54......1926 J J 994 _ _ 997 09% 1003 , Ark & Mein Bridge & Ter 55_1964 M 997 9914 ,--- 9914 June'26 ____ 949 994 So Car & Ca 1st ext 544_1929 M N 101 14 10112 102 102 3 101,4 102 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 10338 1049 Armour & Co of Del 5145. 1943 J 9334 Sale 9318 9218 969 9334 107 Gen cone guar 50-yr 5e_1963 A 0 10818 10534 10858 Associated 0116% gold notes 1935 3 108% June'26 M S 102 8 103 102% 103 I 102 102 1031a So Par Col 4.9(Cent Par co021949 J D 8834 89 851, 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 -26 - ,- I - -__ : t 20-year cony 44 June 1929 M S 9812 Sale 98% 964 98% 98% 82 Stamped Ws of deposit....... 21 19-78 2018 Jan'26 ._ __ 20 3 2 20-year cony 54 1934 J D 10138 1017 101% 1 100 102% Atlantic Refg deb te 10178 1937 J J 1002 Sale 10112 10212 35 998 1023, 99% 20-year g 54 1944 M N 10038 1004 1004 10114 101% 7 , San Fran Termi let 44 1950 A 0 9012 Sale 9014 87 91 Baldw Loco Works 1st 5a-1940 M N 10518 __-- 10518 10518!I 9034 15 2 10214 10534 Registered A 0 83 8512 Mu-ague (reap Az) 744 1937 J J 10434 105 1043 10434 365 103 1089 So Pee of Cal—Gu g 54 1937 MN 10412 Sale L 10134 10314 111; 1g21 412 Barnstiall Corp deb 68 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 9634 Sale 968 65 50 97 9612 1007 So Pao RR let ref 48 93 90 1955J J 9138 Sale 9112 Bell Telephone of Pa 58 9214 343 1948 3 J 1027s Sale 10278 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 10738 10734 44 104 10734 Beth Steel let & ref 55 guar A'42 M N 993 Sale 9938 101 , 37 I 955 101 Registered _ 10134 10612 10612 June'26 30-yr p m & imp f 3a Sale 977 192 I 93 9818 1936 J J 9712 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% 11378 60 1079 11374 Cons3O-year5i.4sSeriesB 1953 F A 9312 Sale 9318 94 24 t 8718 94 Develop & gen 614e 11878 1956 A 0 11838 Sale 1189 112 11878 197 Bing & Bing deb 645 1950 M S 92 93 93 93 I 1 9012 95 Mem Div 1st g 414s-58-1996 J J 104 10412 10412 2 10134 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 909 -9-638 9018 June'26 1951 13 1934 A C 8318 84 824 8414 24 8012 9514 Rut Tenn reorg lien a 54.1938 M S 10038 9978 10, 58 Brier Hill SteelMills 644 100% 100% let 548 02% s 1942 A () 17 Sale e 10214 72 10278 15 101 10314 Mob & Ohio roll tr 48._ 1938 M S 9158 8712 93 93 June'26 Wway & 7th Av 1st c g 58-1943 J 0 7212 18 7635 71 Spokane Internet let g 54_1955 J 8734 81 861 .Sale 8634 9 874 Ctrs of dep stmpd June '25 IntI____ 9 74 1% Sale 5 9 74 158 7134 9 7012 73 Superior Short Line 1st 5s_ .e1930 M S 10018 -- 9912 May'26 9912 999 Brooklyn City RR 55 _ 1941 J J 934 958 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 .1 105 Sale 10414 105 I 43 103 10534 let cona gold 58 1944 F A 101 101 106 10214 June'26 General Ss Series B 1930 J J 10412 Sale 10412 1043, 11 103% 10613 Gen refund 5 f g 4s 1953J J 8718 8712 8718 8434 8738 Bklyn-Man R Tr Sec 6s 2 8718 1988 J .1 97% Sale , 9712 98 312 024 9 982 8 Tex dr N 0 con gold 54 102 1943 3 3 100 101 ,102 Apr'26 Bklyn Qu Co & Sub con gtd 55'41 MN 63 648* 627s 627 , 3 61 6434 Texas dr Par let gald J D 106 Sale :10534 106 11 103 106 let 58 1941 ,3 j 747 79 1 7424 755, 3 711 7712 9934 101 La Div B L let g 58 19313 J 10012 10034 101 June'26 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 ____ 10158 June'26 _ 10018 10138 Ctfe of deposit stamped....... _ 123 alal:25 --------. 34 -, -- - - . , -1, 1009 1014 Bklyn Un Weetern Dly let g 5e_......1935 A 0 101 ____ 100% Mar'26 El let R 4-58 1950 F A -9314 94 i 93 9334 14 9728 1029 General gold 58 1935 J D 101 10112 10138 Stamped guar 4-55 10138 1950 F A 9314 08 1 93 889 9334 7 93 1 Toledo Peoria & West 48 19171J J 84 37% Bklyn Un Gas let cons g 58..1945 M 3514, 377,8 Jan'26 N. 103 104 10312 10312 5 10178 1044 Tol St L & W 50-yr g 4e 1950 A 0 -90% 92 8758 9038 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 149 128 149 307 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 8878 10012 904 Apr'26 ___ 87% 9014 TOr Ham & Buff Ist g 48 I61-4 1946iJ D 90 90 June'26 Conaol 58 1955 3 3 06 `Ale 1 91,2 1 90 00 27, 98I4 Bush Term Bldgs5sgu tax ex 1950 A 0 994 Sale 9812 9912 44, 9534 100 67 80 Ulster & Del 1st eons g 58_19281.1 D 6838 7112 6718 June'26 _ 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 1 23 1004 102 102 7 s Union Pacific 1st g 48 92ls 9512 Cal Petroleum e f g 1947 J J 9334 Sale 9312 9418 67 A 0 10312 10334 10312 1037 14 1034 10534 Registered 8318 9334 Camaguey Bug 1st e6%e...1933 J 9234 Sale 0234 2 9234 f g 74 1942 A 0 98 Sale 98 1(012 9978 99 1 28 999 100 20-year cony 48 1927 J J 9934 Sale 9934 33 100 Canada SS Lines 1st coil ci 70'42 M N 10438 105 1045, 1045, 1 1019 104% Registered. 99 99,2 Cent Dist Tel let J J 9912 May'26 1943 J D 103 2 Sale 103 10312 8 1014 10315 let & refunding 45 86 90% Cent Foundry 1st30-yr 58 e2008 M B 9018 Sale 90 9034 34 a f fla 1931 F A 9478 97 96 9334 9934 96 19 10612 4099 Cent 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 10284 10-year perm secured 08 1928 J 1024 Sale 1023s 10234 ins 10214 103% I3 • 1-0-67; 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 i eefor RaVng Last Sak caQ nge SInce Ra Jan. 1 High No Low Low High 12214 11 11514 12318 1214 7 101 12 103 10234 103 654 81 7314 99 7213 10712 473 10512 10912 107 10238 June'26 ____ 102 1034 1044 10478 76 10212 10512 9514 9554 954 137 954 g2 821s 82 May'26 ____ 9014 9534 2 40 / 951 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 10234 Sale 73 Sale 10714 Sale 10214 103 10434 105 954 Sale 9914 10014 234 9 75 9 2 1:4 89 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.8% -1930 1 J 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 10458 Sale 10412 10478 27 8 10514 10514 Sale 10434 _ 90 May'26 ____ 91 14 _- 9213 June'26 _ 2 -94 1 92/ 8214 36 2 Sale 8112 / 811 10512 Sale 10518 10534 177 2 Mar'26 __ 1 ____ ____ 101/ 7512 . 11 75 Sale , 75 5 10234 ._ 10234 10234 10234 36 10212 Sale 10158 9914 100 100 June'26 ____ ____ 9058 July'25 ____ 99 10 10214 10158 103 102 9234 52 2 Sale 9258 1 92/ 9 103 103 10314 103 181 92 91 18 Sale 91 791 95 95 Sale 94 14 10734 Sale 10734 108 2 81 / 981 98 Sale 98 15, 10218 10214 1024 10218 9534 ____ 9554 9712 9534 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- -1858 1 9818 9858 June'26 9312 9812 9858 17 9814 Sale 984 91 82 8218 ___ 8214 Sale 8218 101 18 10178 10134 June'26 ____ 101 1037a 2 10458 1 10254 37 100/ 1024 Sale 1024 2 1 10218 29 100 104/ 10178 Sale 102 10858 29 106 10912 108 Sale 108 3 10018 104 10212 Sale 10218 10223 101 9712 90 92 92 Sale 92 9412 Sale 94 94'2 2731 9212 975s 6934 83 71 8 70 71 12 70 3914 6254 3914 41 27 40 39 9278 974 9412 14 94 Sale 93 10534 Sale 10514 10.578 75 105 107 2 1 2 Sale 10514 10534 57 105 106/ 1 105/ 10214 105 10458 116 92 90 93 90 7812 86 10414 10513 1044 b 518 7378 82 9814 10234 9712 103 99 10034 __ 103 1004 8254 93 92,8 10318 96 88 92 100 10612 1004 914 9914 10014 10214 9354 9758 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 . - - 107 ; 1e Ed Elec Ill let cons g 5s___1995 J J 107 9 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 10034 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 30-year deb 6s Ser B 1939 1 D88 9012 June'26 __ Federated Metals a 170 158 11514111434 11578 29 1941 151 5 it: 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 9975 93 2 1 103 108/ 8578 9314 9818 10u 9914 9924 101 12 104 98 97 9913 1004 924 9778 2 / 100 1041 93 97 97 90 11312 1164 7514 86 93 88 104 1075a 7912 8224 5 2 ____ 10212 10212 1 Gaa &El of Berg Co cons g 561949 J I) 102/ 3 19394 0 10413 .10412 105 Gen Asphalt cony 68 9018 1942 F A 9018 Gen Electric deb g 348 2 9018 100 Gen Elee(Germany)is Jan 15.'4511 .1 9978 Sale 9954 16 9 I deb 64e with war....1940 J D 1024 Sale 10158 10258 85 Genl Petrol lets f 5s 1940 F A 10013 Sale 10038 10112 267 Gen Refr let s f g 6e Ser A..1952 F A 1024 Sale 10158 1024 7 Goodrich (B F) Co lot 61.4a.1947 J 1 10538 Sale 105 10512 26 Goodyear Tire & Rub 1st 8s..1941 MN 1204 Sale 12054 12114 81 10-year e f deb g fle d1931 F A 11058 Sale 11018 11078 34 Gould Coupler lets? 68...194O F A 88 Sale 8712 88 I 11 5 10034 Granby Cons AI 9& P con65 A'28 M N 10014 101 10034 10012 20 Stamped 1928 M N 1004 Sale 10014 Cony deb 78 1930 M N 10558 Sale 10434 10612 88 2 105 , Gray de Davis let cony of 75_1932 F A 105_ _ _ _ 105 9478 94 9478 Sale 9318 Cit Cone El Power(Japan)75_1944 F A 2 10034 73 1 Great Falls Power lets 1544..1940 111 N 10058 Sale 100/ . 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 10178 6 / 2 Sale 1011 / Hershey Choc let & coll 534s 59803 J 1011 92 Hoe(R)& Co let 04 stemp_1934 A 0 9218 94 1 5 2 80 9 2 1 Holland-Amer Line 6e (lid).1947 MN 804 79/ 80 Hudson Co Gas let g 58 _ _1940 M N 102/ 3 2 Sale 1021 1 2 10234 / 2 Sale 10212 10278 54 1 Humble Oil& Refining 546.1932,1 1 102/ 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 ____ 9934 Dec'25 ____ 19353 J 101 Ingersoll-Rand let 58 1945 51 N 10114 Sale 10114 10113 65 Inland Steel deb 510 102 i 15 Inspiration Con Copper° 48.1931 Ill S 10154 102 10134 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 .___ 7578 313 7512 Sale 75 lnterboro Rap Tran 1st be. _1966,1 J 2 1 7558 559 Stamped75 Sale 74/ 1932/ A 0 77 Sale 77 2 I 158 / 771 10-year (le 2 1 97 140 1932 M 5 9654 Sale 96/ 10-year cony 7% notee 94 95 9338 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 2 1 1955 M S 9854 Sale 98/ 9934 69 Ref 0168 Ser A lot Telep az Teleg cony 554,8 19451 M 5 1084 Sale 10834 10912 518 10032 10212 10418 1064 904 87 95 110,4 994 102.8 984 10212 10012 ith 34 104 107 120 122 2 / 10954 1121 874 9318 100 101 10014 101 100 10912 964 102) 9038 9478 2 1044 1 100/ 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 88 1 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 Co1944 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 8034 _-__ 8054 June'26 2 1 81/ 774 8134 8118 8114 18 8012 9858 100/ 2 1 10012 10134 10012 10012 3 10912 Sale 109 10912 4 106 110 106 2 104 107 106 Sale 106 9614 100 2 9834 1 9914 99/ 9912 11 101 5 100 10114 10058 101 1004 10334 Sale 103/ 2 103/ 1 2 58 102-58 105 1 9954 98 1 994 9934 --- 994 10112 6 10018 10112 10034 Sale 10054 9912 100144 3 9912 9912 Sale 99 2 4013 1 39/ 4114 ____ 4012 Feb'26 20 118 12612 2 12214 / 122 12218 1221 12012 122 ____ 12012 May'26 117 2 1 2 103/ 1 99/ 10214 102/ 2 102 1 10254 10 Oct'25 9818 ____ 98 4 1-1-0-1-2 121. 121 120 12014 121 ____ 11554 Oct'25 115 98s 101 21 10012 Sale 10038 9414 ____ 9614 Oct'25 10012 63 100 Sale 9978 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 1940• J 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 6278 6212 1144 June'26 2 . 954 1 9558 Sale 95/ 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/ 9958 99 2 1 99/ 2 1 2 Sale 99/ 1 99/ 96 96 Sale 9512 2 / 1041 10412 Sale 10458 2 1 99/ 2 99,1 / 994 991 2 102 I / 2 Sale 1011 / 1011 98 9712 Sale 974 2 93 June'26 1 93/ 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 9838 10614 9012 97 100% 105 99 9974 9072 102 9812 9834 1)212 93 88 84 81 80 2 98 1 96/ gals 934 2 103 1 98/ 100 10214 5818 6414 61 I 43 4 18 03 68 Sale 9 97a 8 90 Nassau Elm guar gold 4e___1951 I1 6 98 1004 14 9914 1931 ID National Acme 74e 98711 9511 9812 464 2 1 2 Sale 96/ 1 Nat Diary Prod 8% notes_ _1940 SIN 98/ _ 10018 103 Net Enam & Stampg let 56_1929 ID 101 103 101 June'26 101 994 1 J 9911 9914 1 101 9914 Nat Starch 20-year deb 55-1930 10128 10414 1952 M N 10418 10412 10418 June'26 National Tube let 5e 10012 lova 2 103 1024 June'26 1 1948 J D 102/ Newark Congo' Gm 5e 10078 10312 11 103 New England Tel & Tel 55_1952 2 D 10212 Sale 1024 9432 943g 2 169 1 94/ 1961 M N 9412 Sale 9412 lstg44sSerBwi 103 1004 15 N 103 1033 1.8 102 4 cony lit 68_1928 Brake 2 1 / 102 N Y Air 904 96 2 49 1 95/ New Orl Pub fiery 1st 55 A..1952 A 0 9578 Sale 9512 904 964 9554 26 2 9578 9513 1 19551 D 95/ lot& ref Seger B 811s 8613 8518 12 534 82 85 Sale_ 10 N V Doak 50-year 1st g 46..1951 F A 2 31 115 118 1 117/ NY Edison lat & ref 64e A_1941 A 0 11714 Sale 11714 1044 102 34 0 10412 10413 10418 Sale A 1944 B 5a ref & lien let 2 / 10512 14 104 1051 N Y Gaa El Lt & Pow g 544_ _1948 J D 10538 Sale 10514 8918 92 9 92 9112 ____ 9138 1949 F A Purchase money g 45 10012 Apr'25 _-101 N M 1942 &RR 534e NY I. Eh Weal C 114 lairs 1(May'26 NYLE&WDock&ImP 56_1943 .1 10014 1 10014 10354 1930 F A 100T4 16112 10014 N Y Q El L & P 1st g Sa 60 52 55 J ____ Apr'26 58 N Y Rye let RE & ref 45...,59421 48 5(.52 7 59 58 58 Certificates of deposit 104 5 1 5 10 5 _30-year adi Inc 5&. Jan 1942 A 0 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 1 10034 10254 10214 2 10214 10114 / 1951 M N 1011 NY & Rich Gas 1st 6e 5314 5984 15 57 56 56 NY State Rya let cone 4%6_1962 M N 55 7034 82 4 75 1962 MN 7412 Sale 7412 1st con 64s aeries B 4 1011e 10412 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 11012 41 10973 11114 __Feb 1949 F A 11012 Sale 110 30-year deben f 2 10834 56 10713 1094 1 20-year refunding gold 60_1941 A 0 10834 Sale 108/ 2 100/4 103 2 10214 / 2 Sale 1011 / Niagara Fall Power let 5a..1932 J J 1011 2 10611 1 4 101/ 10612 Jan 1932 A 0 10534 Sale 10554 Ref & gen 6s 99 10154 11 10118 101 Sale 0 A 101 let _1955 pr _ 0 A 5s Mug Lock & 96 100 97,4 21 No Amer Cement deb M A 1940M S 27 1004 105 104 7 Sallee 10 614 94 93 1952 61 9 10 Nur Amer Edison 65 2 106 1 2 10534 28 103/ 1 Secured ole 634e Sec B 1948 M S 10512 Sale 105/ 9254 99 48 98 Nor Ohio Tme & Light 6s....1947 M S 9712 Sale 9712 2 101 1 97/ C) 32 10012 A 100 Sale 1941 10018 Pow 25-yr A 5a States Nor A 0 _ 9314 Jan'25 Registered 2 23 105'e 1061, 1 105/ 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 96'-fi -2 -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 112 855' 79 9 99: Old Ben Coal let 69 1944 F A 19431 F A Ontario Power N F let 58 2 103 / 1001 10112 103 Ontario Tranemisaton Se_.._1945 M N 1941 F A Otte Steel 85 10054 1034 let 25-yr f g 74a Ser B..1947 F A 9454 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 Ii3-4 102- Pan-Amer P & T cony of 65_1934 M N 101 102 1930 F A let 10-year 78 Paramount-loiway let 548_1951 J J .- 13 - Park-Lea et leasehold 84a. _1953 J -13 Pat & Passaic G & El cons 5a 1949 M S -12 -75/ (2. 2 Peop Gas & C lat cone g fht_ _1943 A 0 1 2 1 75/ 1947 M 62 Refunding gold 58 754 Philadelphia Co coll tr Co A.1944 F A 64 1938 M S 2 97 1 15-year cony deb 54a. 85/ 884 9812 Phlla & Reading & I ref 58.1973 I J 821a 90 844 98 Pierce-Arrow Mot Car deb 1451943 911 Dec 15 1931 J D 2 96 / 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 10334 52 1004 10354 1st M 6e Series B 2 106 / 105 Sale 10138 105 1 49 1011 Portland Elm Pow lot 6s B.1947 M N 1935 J J 1 105 10713 Portland Gen Elm let 68 2 10612 10512 10512 1 105/ M N 10412 10 10278 108 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 / 2June'26 ____ 12078 1231 1 2 ____ 123/ 1 123/ let & refund 7340 Ser A 1946 M N 1931 M N Porto Rican Am Tob 8a 2 11234 1 2 Sale 112/ 1 112/ 9 4 2 11012 1 2 Sale 110/ 1 110/ 2 10614 49 1 10558 Sale 105/ 3 91 2 91 1 92/ 91 10 1015g 10112 Sale 10112 9978 ____ 10012 May'26 7 108 2 Sale 10754 1 107/ 8 2 10234 1 10234 103 102/ 10012 72 10018 Sale 10018 10 2 100 1 100 Sale 99/ 6 10214 102 10214 102 10212 63 10218 Sale 10218 10934 475 108 Sale 108 10 106 10554 Sale 10534 46 98 4 974 Sale973 , 12 93 92 Sale 91 2 June'26 ---1 102/ 2 / 1021 8 113 May'26 -112 1147 6 2 10314 1 10314 Sale 102/ 2 10518 17 1 104/ 2 Sale 104/ 1 10114 35 2 Sale 10034 1 100/ 6 101 100/ 2 Sale 10012 1 1124 11812 2 11211 1 110/ 10114 10614 88 974 9935 10212 2 101 1 99/ 1054 10854 10054 10358 974 1004 gins 101 2 1 101 102/ 9878 10213 104 11238 10372 10774 9212 98 8512 96 2 1 100 102/ 1104 113 9812 10314 1034 10654 9858 1011: 9912 1024 10612 Sale 10612 10712 21 18 107 10714 106/ 2 107 1 10178 103 10314 June'26 -9912 9912 994 8 91 9034 -ilia 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 10534 105 103 10814 3034 10778 10114 1041 2 / 9812 100 901a 93 10512 102 10112 10512 99 104 NS, 10212 921e 9512 8812 9434 99 103 10534 10884 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 11234 111 111 ____ 111 10934 11214 11114 104 Sale 10378 10434 183 100 10434 10478 Bale 10434 105 27 10334 10534 10434 Sale 10434 105 25 1037s 10512 10714 Sale 10634 10712 9 106 108 17 104 111 107 Sale 107 107 80% 9112 901 Sale 88 9034 20 100 Sale 9914 26 9714 10014 100 9212 9434 94% Sale 9414 9434 80 95 100 98 Sale 9714 0812 75 88 oo78 8912 Sale 8914 8 8912 56 6812 6012 50 June'26 11114 sale 11114 11158 11114 114 10514 Sale 10514 10514 2 10458 106 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 9734 98 9814 Sale 10612 Sale 9334 Sale 10114 Sale 10118 Sale 9114 Sale 13612 Sale 10034 101 96 96 9538 June'26 7812 79 7612 Apr'26 9714 98 11lJ38 11012 9534 97 10413 10638 108 108 10734 10734 9734 9734 9734 9814 10513 108% 9314 9334 101l 10114 1011 10114 9078 9178 13613 13912 101 101 5 9114 95% 78 7012 97 96 81% 7612 3 oau 98 15 10718 111134 172 9234 97 11 1.9124 10638 1 107%109 10874 10812 36 911s 98 9334 9814 173 737 104 11334 87 94 152 334 10014 10112 23 10034 10112 137 87 9178 48 IlIss 14312 1 10012 1024 7 South Porto Rico Sugar 7s_ _1941 J O 108 Sale 10712 108 9 107 10934 South Bell Tel & Tel let s 15611341 J J 1027 Sale 10234 10318 .18 10118 10312 gm 102% Southern Colo Power ea_ 1947 3, 10034 Sale 1001 10278 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 983s 9854 10112 Standard Milling let 50 1 100 1930 MN 10018 10012 100 let as ref 5345 9774 10114 8 1945 MS 9912 100 100 100 Steel & Tube gen sf78Ser C 1951 ' 3 108 10818 1077* 10814 24 10712 109 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 10158 ____ 10158 May'26 100 101% 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 10534 58 102% 10514 , Third Ave let ref 4e 55% ea.2 1960 J J 6334 Sale 63 6434 75 AdJ Inc be tax-ea N Y___a1960 AO 0 57 712 Sale 9115 97 41% 6578 9 58 732 360 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 1941 MS 10814 Sale 108% 10812 58 10772 10934 Toledo'Pr L & P 534% notes 1930 3' 99 Sale 98 98 9934 9934 249 Trenton G & El 1st g Es 190% 10234 1949 MS 10234 ___ 10234 10234 Trumbull Steel let s 1 6e_ _ _1940 P A 9512 Sale 95 94% 97 9514 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% 9434 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-yr 611 1937 MN 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 1934 .1 .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)'36• J 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 -9434 May'26 -8934 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 9838 9838 18 10714 Sale 107 10714 50 1027s Bale 1027 10358 15 7618 7738 7618 7612 18 93 9034 90 9034 10412 10414 10412 1041 9 9312 Sale 9312 9378 156 1063 Sale 10614 1067 68 106% Sale 106% 107 90 10534 June'26 9312 Sale 93 86 933 99% Sale 9912 9934 41 9914 9912 1021 Apr'26 - _ 10238 10338 10238 10238 1 9838 Sale 9814 9834 41 5514 64 6412 Apr'26 - _ 10712 Sale 10712 10734 12 _ 107 June'26 94 96 90 95 100% 102'4 100% 1025s 100% 10211 7714 85 100% 10112 10038 10814 95% 9834 103% 10712 10112 104 7412 79 90 95 103 105 9134 95 10614 108% 105 10734 10558 10612 84314 94 95 9934 100% 10212 10018 10258 90% 9912 5314 6412 105 108 Iowa 108 10712 Sale 10638 10734 10658 Sale 10738 10734 8412 10658 10734 1071 2 Jan26 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 86 3% a7 le 6 6 86 6 86 Sale 434 10434 108 10412 10934 10678 10812 107 11112 8012 11378 107 107 911 / 4 98 9712 100 8912 9512 Di% 96 801 / 4 100 65 88% 10112.10278 102 103% 100 10258 9974 103 105 10834 99%10314 10438 106 91 81 10278 - 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 10214 48 1001e 10314 10138 Bale 101l 1023g 10234 l021 June'26 101 10338 9614 9858 9812 Sale 981 9838 21 112 Sale 11111 112 16 111 1171s 106 Sale 10534 106 107 105 107 _ 105%10534 10534 June'26 -95 Sale 95 9412 96 95 7 60 7012 60 80 6012 61 36 88 6014 Mar'26 - 6014 604 704 7012 701 Mar'26 -50% 58% 53 Sale 53 5312 13 10214 Sale 102 10212 8 10134 10314 9558 101 9734 Sale 97 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 10334 17 10158 10334 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 1834 Atlantic Coast Line 6. Non-voting stock El *1758 18,4 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 *1358 15 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 *6334 64 Equipment Cs Illinois Pipe Line 100 132 133 Colorado & Southern 68.... Imperial 011 t *3534 36 Delaware& Hudson Os Indiana Pipe Line Co... 50 '66 67 Erie 43.4e & 55 International Petroleum t *3312 3334 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 *5312 Equipment65 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% 5838 Equipment6 Me Standard 011(Indiana)._ 25 *6412 6414 Michigan Central be & 68-Standard 011 (Kansas)_ _ 25 26 2634 MInnStP& SS M 43'4erk 58 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/ 1 4 New York Central 4345 & 519 New *317g 32 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 7 *188 112 St Louis & San Francisco be. Preferred 50 53% 338 Seaboard Air Line 5)15 & Si. Gulf Oil.. 25 *86 8634 SouthernPacific Co 4 Me.Mountain Producers 10 *2478 25 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 3134 Union Pacific 75 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 Bearer *3012 3112 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 10134 ---- Mengel Co 100 36 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 8634 Preferred Preferred B 100 125 128 10 *738 Young (J S) Co Preferred B-B 100 74 100 105 110 Preferred Cities Service BankersShares *2034 _ - I Com'w'Ith Pow Corp new_ t .3714 37% Rubber Stocks (Cleveland) Preferred 8634 Falls Rubber corn 100 (t) 9% Klee Bond & Sbare pref_100 107 10734 25 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 9334 9534 General'Fire & Rub cam. 25 185 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 10034 102 Federal Sugar Be!corn..100. 40 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 10038 100% Sugar Estates Oriente p1.100 56 84 Federal Suit Ref 6e'33.M&N 92 96 Mbisouri Pacific fie '27_3&.1 100% 10058 Indus. & Miscellaneous Sloes-Sheff S&I '29..Feas 102% 10314 American Hardware 25 •83 85 Wle Cent 5348 Apr 15 '27- 10034 101 100 116 118 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..(t) 595 97 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 10234 International Silver pref _100 102 105 4318 Nov 1 1964 opt 1934._ 9912 10034 Lehigh Valley Coal Sales 50 *83 88 4)18 Oct 1 1965 opt 1935.., 9934 10034 Phelps Dodge Corp 100 120 130 Pao Coast of Portland. OreRoyal Baking Pow com_100 160 170 68 opt 1935___M&N 101 10318 Preferred 100 101 103 6. 1954 opt 1934___M&N 101 10234 Slinger Manufacturing-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 HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT. 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 02171 172 *2171 100 77 May 3 8214 Jan II 7912 80 138 Boston Elevated 80 4 -1012 *27812 793 *279 1 4 8012 *278/ / 801 100 89 Feb 27 102 Mar20 pref Do 10 ---98 ---98 9812 *x..-9812 -_ ''S Ms .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 Do 2d preferred 1_- *10312049 104 104 *103 104 *103 104 100 35 Mar 30 57I4June 18 -:5412 -57171 3,630 Boston de Maine 54 5412 54 5412 54% 5424 54% 54 4June 4 / 100 32 Apr 14 511 Do pref 55 *52 55 ____ *52 052 Do series A let pref-100 59 Apr 15 76 June 8 _--- 071 -75 ____ •71 _ *71 *71 June 8 112 15 Apr let 84 pref-100 B aeries ____ Do •105 •103 ____ *103 ____ 0103 ____-__ ...... Do series C let pref___100 74 Apr 15 85 Feb 20 __ *90 ---- *90 ---- *92 *80 June 8 145 29 Jan let 105 -100 prat D series Do -__ . *135 *135*135 ....ifs 0110 94 Apr 16 10038June 14 -991s 1-00 _605 Prior preferred ,- ---- 100 1-0614 1003* 1003e r, 100 217512 Mar 19 182 Jan 2I ___ ____ ____ Boston & Providence _ _ 0181 __ *the *180_ *180 --------235 East Mass Street Ry Co 100 51 Apr 22 61 Jan 6 58 -5812 57 -5812 *-- -59 0_. -59 100 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 adNettnent ii ii DO 42 ioi 42 42 44 *43 4212 44 *42 100 50 Feb10 60 Feb 3 Maine Central 58 *56 58 *56 58 58 *256 0:56 ------ - 1.065 NY N H & Hartford 100 317 Mar 30 4538June 8 4 04338 431 1 4412 4412 *4378 4414 4358 44/ 90 90 --------48 Northern New Hampabire_100 81 Apr 8 90 June 16 90 90 •288 •.288 122 122 *212214 ____6 Norwich & Worcester pret_100 120 Apr 22 125 May 20 *212114 _ __ 120 122 100 111 Jan 6 120 Jan 29 934 iiii- 11-11714 119 414 Old Colony 116 116 115 115 02115 11-6 Vermont & Massachusetts_100 9934 Mar 12 1031* Feb 4 ---- --*101 102 *101 102 *101 102 *101 102 Miscellaneous 38 5 Jan 7 32 31 Mar 29 334 623 Amer Pneumatic Eiervice__25 4 4 414 324 414 *4 4 4 Mar 3 2514June 3 / 50 211 70 Do pref *2412 25 *2412 25 ---- ---*2412 2514 2412 25 213958 14014 1,489 Amer Telephone & Teleg_ _100 213918June 18 15034 Feb15 1412* 142 14258 14234 14078 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 -Art Metal Construe. Inc__ 10 20 Jan 16 2112 Jan 23 -- 018 -21- •18 -21 21 *18 *7521 •18 5212 Apr 14 6334 Jan 19 62 6134 6134 62 210 Arlaa Plywood t e 6114 6114 6114 6114 6114 62 978 Air 27 1714 Jan 2 No par Alias Tack Corp ---- ---- ___ 1413May 11 2012 Jan 14 TO corn Co 011 liBerzon -iiis 230 Ii_-__ ;iii" 17 ;iiisii" ;IC *8412 85 170 Blgelow-Hartf Carpet_No par 8314May 24 9812 Jan 2 8412 -8412 8412 8412 *8412 85 84 84 4 Jan 25 10932May 20 1 _ _ ---- ---. _ •109 _ _ *109 20 Boston Cons Gas prat 6IS %100 105/ 109 109 *109 10 Dominion Stores, Ltd__No par 57 May 8 6812 Feb I 5x5712 5914 *257 -5i12 *25712 5914 5914 1614 100 104 Jan 5 112I8June 9 _ .011312 ____ Do pref A _ __ •113 _ _ *113 ---- ---*113 4 Jan 21 1 3/ 1%May 20 10 214 East Boston Land 114 *2 214 *2 2.14 *2 ---*2 413 Jan 19 4 Mar 8 1 3/ 4 4 --1 03/ Eastern Manufseturing- 5 0312 4% *312 414 •312 414 *312 4% 25 152. Apr 15 8812 Jan 22 6312 64 *6334 6412 6314 6412 65 235 Eastern SS Lines, Ine 65 64 64 No par 3834 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 Apr 26 2512 Feb25 lb 1001 Eleo 15 Galveston-Houston 014 15 *14 15 014 16 ---- ---*14 1134 Apr 12 17 Jan 22 14 General Pub Ser Corp com__ *13 14 *13 14 ___ *13 14 ---•13 par No Apr 20 4058 Jan 12 3414 8 3478 Co 4 343 Gilchrist *3411 347 4 --343 3434 196 343 34% 4 3414 34 4 Mar 30 11312 Feb 6 1 4 9834 1,104 Ghlette Safety Razor No par 88/ 1 98/ 9812 4 98 1 98/ 09612 9712 98 98'l 98 4 Feb 11 1 25 10 May 6 12/ --------115 Greenfield Tap & Die 1014 *1014--- *1014 --- 1014 1014 10 No par 58 Apr 16 6834 Feb 4 258 58 59 58 *58 -59 325 Hood Rubber 58 -59 58 58 ___ ____ ____ ____internat Cement Corp_No par 52 May 17 6814 Feb 9 ___ __ ---45 0.10 .45 - - ------International Produote_No par .10 Jan 2 .25 Mar 24 ---- -. 0.10 .45 0.10 .46 0.10 100 .30 May 19 .55 Jan 5 Do pref • _ 25•_ - 25 •_ - 25 *. _ 25 *95- ,- i-ii 95 i& 95 oi 95 --------202 Kidder,Peab AcceP A pref_100 293 Apr 15 9514 Jan 9 9114 Feb 1 7 Mar 24 10 Libby & McNeill i Libby. 91 8 8 8 8 8 8 -814 8 4 Jan 18 1 25 10 May 11 12/ *912 10 10 1 Loew's Theatres 10 092 10 10 10 8434 85 *8312 85 130 Massachusetts Gas Coe_100 80 Apr 20 8612 Feb26 8312 84 8 14-7*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 02 _ _ _10512 02 ___ _10512 02 _-_ _10512 105 105 20 MergenthalerLinotYpe_NOPOf 1104 June 2 1110 May 1 734 Apr 22 1458May 26 1212 1234 *12 12's Exchange ---- ----95 Mexican Investment, Inc_ 10 13 128 1278 *12 97 0293 9712 0293 __ _ Miss Riv Pow stpd pref-100 89 Apr 9 96 Jan 4 *94 ---97 *94 41 Jan 5 218May 17 10 212 - 2% ___ 160 National Leather 4 971 2/ 4 1 212 212 *212 2/ 23* Closed: 22* 22* 5 1513 Jan 9 2914June 18 .243* 2512 25 2812 2914 17,829 Nelson (Herman) Corp 28 26 26 2534 253 .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 9 712 712 05 4 9 1 *7/ 60 Do pref (tr etts) *711 9 ---- - - - 96 Mar 2 100 Jan 6 _______ Holiday 98 98 98 98 98 85 New England Pub Serv prior p 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 Apr 1 11834 Feb 17 110% 1141 Teleg_100 & Telep Engl'd 2 ii.21 114 11412 114 11411 .--917 New 1131e 11311 11314 114 89 Feb 15 96 Feb25 09134 93 029112 93 029012 92 .9012 92 ---- --- ____ _ _ 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 -iiii.2---37 37 37 468 Pacific Mills 371 3734 3712 372* 37 41 41 __ *41 41 Plant(Thos 0). let pref-100 40 Mar 25 6814 Jan 12 541 --_- _--*41 540 15 Feb 8 17 Jan 12 .51512 -1-6 16 -1-6 *21514 16 0215 1512---- -10 Reece Button Hole I% Apr 28 4 Jan 19 / 11 10 178 02134 4 *2114 / 11 Reece Folding Machine 4 •134 / 11 0134 - _-_ 17 210112 10214 10134 1028 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 11 350 Union Twist Drill ---- - - 25 47 Mar 31 5284 Feb 20 492* 4812 49 24778 4834 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 8378 81 82 8014 -8i4 8114 1 80/ 205 let pref 75% paid 1912 193 193 19/ 21912 1912 19% 1934 4 193* 20 1 852 WaldorfSys.Inc, new ah No par 17 Jan 6 21 MSY 28 *3412 3641Walth Watch el B oom_No par 29 Jan 18 40 Feb 5 3312 3312 *3412 36 35 35 100 52 Jan 23 59 Feb 10 5412 5412____ _.__ 44 Do prof trust CU. 5312 5412 5412 5412 *5412 16 4 Apr 13 / 100 102 Jan 29 1101 104 105 •102 105 *102 10558 Do prior pref •102 106 20 1234May 28 23 Jan 27 -1414 -114 210 Walworth Company 16 15 0.215 1512 1512 1514 1514 15 Feb 18 5012 25 Mar 44 Bros 50 4614 4612 Warren 4612 4614 4614 46 480 4612 46 46 4612 50 39 Apr 15 43 May 24 4134 4134 25 Do 1st prof 42 42 *4134 42 *4134 42 *4134 42 50 42 Apr 16 47 Feb 10 44 --------55 Do 2d pref 4334 4354 4318 4318 *4314 44 . 44 4 Jan 2 1 13 May 12 17/ ____ _-__ Will & Baumer Candle corn__ 15 013 15 *13 15 013 15 •I3 Mining 25 .05 Mar 15 .20 Feb 1 .0.15 .25 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 10 934 10 36 Mince 362* 10 29 June 2 5544 Jan 4 1,450 Bingham 34 35 36 35 4 35 1 35/ 36 36% 1438 147 1,494 Calumet & Heels 25 1314June 7 1513 Jan 7 1378 1378 1378 14 4 1418 1418 1 4 14/ 1 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 1514 143* 1434 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 44.35 .60 *2.35 .60 .2.35 .60 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 4,1 128 112 *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 Jan 4 10213 Jan 26 1 1 99/ 0101 10112 10112 10112 102 102 43 Do prof II -11 010112912June 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 May 19 .75 114 51 .80 .80 •1 Co. 25 Copper 20 Lake .99 .99 1 4 Mar 15 1 2/ 1 0.80 .80 .80 0.80 25 .80 June 12 --------100 La Salle Copper 17 134 •128 *114 I% *I% I% *11 228 Feb20 134 Jan 26 124 *13* 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 3314 25 30 Mar 30 37 Feb 10 3212 3234 3314 3212 33 32 657 Mohawk 333* 33 4 20/ 1 4 20/ / 2014 203 4 2014 1 2018 2018 2018 2014 201 5 1812May 19 2114 Feb 13 1,535 New Cornelia Copper .08 .06 *____ .20 *_ .20 0_. 20 - 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 0:6 ao 0.4.1 50 0;i& 0_ _ 50 50 Do pref _____ 100 50 Jan 4 72 Feb 11 53* 55 *528 53* 5% *514 51 778 Jan 27 :138 534 4 Apr 24 / 51 514 8 * (1 NIpissing MInes 02t2 234 1,145 North Butte Mining 258 234 384 Jan 9 2 Apr 13 15 212 234 *258 234 212 212 1 .02.75 IN *2.75 114 •.75 114 02.75 1 Apr 29 25 .50 Jan 4 4 / 11 02.75 Ojibwa): Mining 4 16i2 1 01614 1658 1514 1512 1512 1614 *15/ 4 Feb 10 1 25 14 May 26 19/ 15 15 840 Old Dominion Co •1212 13 *1218 13 15 Jan 2 *1212 1314 01212 1234 :Mar 29 101 P'd Ceti Pocahontas CoNo par *1212 13 4 1 19 1838 1834 1812 18/ 19 1784 1712 18 •17 25 1512May 24 2178 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 *533 52* 478June 1 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 .65 *.60 .60 • .90 .60 Boston • Mg Mar 1 21 Apr .35 .75 .80 & Superior Copper-10 100 •750 9 4 918 1 8/ 824 834 4 1 13•14 8/ 914 5,520 Utah-Apex Mining 6 812 858 6 Jan 6 1114 Feb I 5144 lh 134 3.200 Utah Metal & Tunnel Ill 13 IN I .50 Jan 8 21844 Mar 13 111 IN lss 1N .40 .40 0.40 .75 *.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 4 Mar 1 75/ Jan 92 109 Mar 94 Mar 10 Apr 1112 Apr 17 Apr 29 Apr 25 Apr 3512 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 7912 Des 116 Dec 99 Nov 180 May 6213 Nov 73 Dec 70 Dee 50 Dec 56 Dec 4614 Dec 510 Dee Oct 125 Oct 113 101 Dec 5 Dec 212 Mar 4 Dec 1 1612 Mar 24/ 13033 Jan 145 Dec 6113 May 87 Aug 7014 May 8614 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 Apr / 11 63* Sept 634 Jan 3 July 4 Dec 1 42 Mar 89/ Jan 4614 Oct 35 Jan 100 July 89 18 Aug 2312 Set/1 Jan 213 May 200 Jan Oct 38 17 43 Jul; -4 -Aug 37334 Jan 11512 Dec 1 57/ 1512 June 11 May Oct 52 May 72 Oct 5212 Jan 80 .05 Dec Jan 2 .10 Dec 1013 Jan 5213 Jan 4 Nos 1 95/ 938 Jan 4 Apr 1 6/ 137 Jan 4 Aug 1 11/ 68 Feb 85 Dec 4 Jan 70 001 1 63/ 167 Ool Jan 197 4 Sept 1 7/ 163* Jatl 871s Jan 961.4 No 314 Dec 63* .73m 11% Dec 17 Dec .10 Dee 9 JIM EN Apr 13 Sept -- ____ ____ ___ 272 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 Jam 1 9914 Dec 101 Del 4 Apt 120 Pet 1 109/ 4513 Apr 7312 Dec 71 Jam 3 001 4 July 50 Nom 1 40/ 2611 Jan 29 Bel 98 Mar 124/ 4 Dec 1 2412 Jan 73 Noll 1984 Jam 4 Aug 1 14/ 5 Jan 34 Dec 1714 Jan 57 Des 65 Jan 105 Deo 163* Jun 2714 July Jan 5012 Jul) 87 3758 Jan 4312 July 4 Jan 48 Dec 1 40/ 11 Mar 217s De .05 Dec .10 Mar .50 Dec 4 Mar 1 9/ 2814 July 1214 June .20 May 18 Dec 8 June Jan .04 .50 June 1512 July 1 Dec 121 Mar 9414 May 978 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 1654 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 1588 Pet 6014 Ool 187s Jar .90 AIM Jar 33 614 Jar 4 Jar 1 1/ 18 Fet Jar 23 4 Pet 1 3/ 165 Dot 100/ 4 Des 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 Jar 1 39/ Jar 48 11 Nol 4 Jar / 11 2 Jai 13NI Jar .98 Jai 114 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 20 500 92" 75 50 50 1,700 6,550 40 175 10 10 300 23 175 2,385 150 10 94e 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 98 100 933.4 101 973.4 933,4 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 300 240 100 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 Bait0100 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 05.-, 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 -“4-.4.-.0.....22 21&&14 0.000, 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 -25 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 1-114 1 W -11121, 21-1 41414221, W*WW2/W . w.-11DCWWWWpW.8-.111.p vep 44.-*W 4.22,2.-.01. w w..,004.m-4,"**0 C0,4 0.c.'"ow -I'vw."0 g-soomwit4 .4.wb2ow .aOQO.44 :co=wo=w o 0,24,b)woob2J ..4m..=4.00,4 ,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 BondsAmer 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 1900 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 53 -ft Beading gen'i 4. 1907 93 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 12034 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 $1,000 101% Jan Bait Sparrows P&C 4548'53 82 82 1,000 80 82 Jan Bait Traction 1st 5s__1924 9934 9934 993.4 3.000 9934 May Bernheimer-Leader 78_194/ 10134 102 2,000 100 Mar Consolidated Gas 5s_1939 10234 102% 1,000 10054 Apr Genem14 Ms 1954 9651 9656 3,000 9434 Jan Conn' G, E L St P6% notes. ser A__ _1941) 10734 10754 3.000 10534 Jan Consol Coal ref 4349_1934 9234 9234 2,000 92% June Elkhorn Coal Corp 654s'32 99 99 1 000 98% June Fair & Clarks Trae 55_1938 5.000 903.4 Feb 9334 933.4 Ga Pou & Florida 5s.1945 101 101 101 1.000 100 Jan Md Electric Ry lat 58_1931 9551 9554 9534 9.000 9434 Jan Monon Valley Trac 5s_1942 9356 9354 9354 13.000 8754 Jan Penna W at P 56 1940 102% 10234 10234 8 000 10254 June Sparrows Point 451s 82 82 1.000 8114 Apr United Ry & E 43._ _ _1949 6951 6954 70 9,000 69 Mar Income 4s 1949 49 4831 49 23 000 48 Mar Funding 5s 19315 7054 7054 7054 1.000 6754 Jan 6% notes 1927 99 99 2,000 9714 Jan 6s. when issued_ _1949 9554 96 2 000 9134 Jan wa•h Balt & Annan 561941 6674 6834 16 000 1161A June • No par value. X 67 8154 86 99 XXXX Low. 6954 135,100 8234 2 000 8851 1.000 6,000 101 110,24, ..QwwW 68 8234 8854 10034 4 Atl G &W I S SL 5s1959 6934 Boston & Albany 3%8_1952 Chie Jet Ry & U S Y 4s1940 58 1940 East Mass St nuSeries B 5.9 1948 Series C 68 1948 86 Gen Pub UM 654s w 1_195( Hood Rubber 7s 1937 100 1934 Income 55 1934 Mass Gas 4%s 1929 554s 1941 103 Miss River Power 5a 1951 New EngT&T 4548 w 1'61 5$ 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 ....00monl.:b2o ,D=A-w : 121 coo 5.4wo0,20.4c..0,25WWWW -40100301010 0O.l030to0l-I 0' 0-4003 wo03.0J.4-w03.a.0010,000 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, W4'4F.gggr,i , V4t4g.1.11 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 345,6 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 3034 June 400 28 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 3014 Jnne 30 30 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 16,550 084 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 5.100 72% Jan 8634 Mar United Biscuit Class A _ _ _• 42 • 41% 42 500 38 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 1.005 134 Apr 24 1534 Feb Preferred cl A w I a_ .....• 34 84 84 241 814 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 15814 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 2314 Feb • 9 Wolff Mfg Corp 84 9 4.0 714 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 2 000 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 BondsChicago City Ry 51._ _1927 Chic City & Con Rya 58'27 Chicago Railways 58_ _1927 45, Series B 1927 Comrronw Edison 58_1043 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 7314 4 000 07 73 Ap• 82 104 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 Banks100 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. St. Louis Stock Exchange.-For this week's record of 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 Assoc bat;& Elec.class A.• 3034 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_• • 3814 Brill Corp(new) mass A_. • 164 Class B • Brillo Mfg., corn 31 Brit-Amer Tob ord bear_.(1 74 11 iirooklyn City RR 100 z22114 Bucyrus Co corn Buff Mug & E Pow com .• 2734 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 CorpCommon.• 3754 Preferred 100 8654 Warrants • 4734 314 Consol Dairy Products_ _ _• Con(kw, E L&P Balt eom• 51 .• 25 Coasol Laundries. w I__- • 78 'Ion t Mental Baking,oomA • 1134 Cemmon B 100 9034 8% Preferred Continental Tobacco_ _ __• 20 Copeland Products, IncClass A with warrants_ • Ll 3314 Courtaulds,Ltd Curtiss Aeropl & M,eom.• 16 2 De Forest Radio Corp___• Dinkier Hotels CoClass 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 3014 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 CoStand 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 Superheater Co 147 / 147 • 50 132 • 147 • 25% 25% 27% 11,100 1734 Jan 28% Freshman (Chas) Co Apr Swift & Co Apr 11634 Feb 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-Luz Day Piet Screen Mar 114 • 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 Jan 304( Mar 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 20% Apr 88 24% 27 400 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 49% June 53% June 52% 150 53% 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 22 300 • 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 June 14 June Byte 1334 1334 Class 13% 100 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 60% Feb White Sewing Mach. Pref-• 47 Mar 38 47 1,200 47% 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 Feb 200 22% June 49 73% 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 8234 Jan 17 1,450 17 June 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 Jan 70% 5 z29 Nelson(Herman)Co 9.500 19% Mar z29 20,900 6434 64% 61% June Standard 011(Indiana)-25 Mar 6534 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% Vow Mex & Aris Land 1 14% 1,500 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 aouum Oil._ .....26 102 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 400 42 ndleare_PetrolCorl).-• 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 48 373( Jan June Mar 011 28% Realty Associates corn_ _• 235 26,300 33)4 Petroleum_.' 245 34% 33% 235 241 ernatIonal 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 • Feb May Richmond Radiator corn.' lion 011 & Refining Jan 23 23% 2234 24% 10,800 20 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 16 June Royal Baking Powd corn 100 Jan Margay 011 new June 15% 160 165 Apr 213 1534 16 20 141 300 :1534 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 25 011 Bank Red Reiter-Foster Oil Corp _ _• Royal-Can Oil Syndirate_• Ryan Consol Petroleum..' Salt Creek Cense!011-10 Salt Creek Producers. li 5 Savoy OH Tidal Osage voting stock.. • .. OH518800 Water Tide 100 Preferred United Oil of Calif Venezuelan Petroleum...5 _• 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 Corp_ A Esperanza 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 7,200 201. 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 BondsAlabama 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 Lt 58-195 4 & Pow 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 Liggett-Winchester 7a_1942 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 Phila. RAMA T,ansi•681092 100% 10034 100% 9,000 9734 Jan 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 Jan Sloss-Shefr St dr I 6s..l923. 103% 103% 103% 32,000 102 104% 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 9334 1942 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 95 102 102 3w1rapriarul Goof'5 4s 1920 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 79.714 *195.701 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. Net Earnings Monthly to Latest Dates.-The table following shows the gross and net earnings for STEAM railroads reported this week: -Gross from Railway- -Net from Railway- -Net after Taxes1926. 1925. 1925. 1926. 1925. 1926. $ Monongahela Connecting43,346 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( 1 % on the value of their property. Hearings were held at various points 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 CommisEdon 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 ' the prosperity of the Northwest so largely depends, Is very much which 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 $15.558.247 ExpensesMaintenance 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 DeductInterest 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 reserve 61.891.419 62.323.502 U 8 Govt 10-year 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. AssetsLiabilitiesS 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 1;4 84 60 7 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 19$24. 5,000,000 1,000,000 1,500,000 4,000,000 7,707 8,336 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 $1,365,000 in sinking fund.-V. 122, p. 1170, 94. 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. CONSOLIDATED BALANCE SHEET DECEMBER 31. [New York Transportation Co. and Subsidiaries.] Assets1924. 1924. 1825. 1925. LiabilitiesFixed assets x$4,173,305 $4,938,458 Capital stock $2,350,000 $2,350,000 Cash 506,401 Acc'ts Payable,&a. 318,345 401,068 259,192 Accts. & notes re. Taxes accr'd, incl. (after reserve)._ 145,283 292.340 58,413 Federal taxes_ 298,742 Materials & supp- 454,119 9,671 713,640 Deposits 6,907 Work in process 1,532,363 290,460 Res've for depree'n 141.409 338,413 Marketable secure, 3,896,942 3,242,220 Other reserves_ _ __ 428,753 Deferred charges 167,123 Surplus 5,931,962 4.992,859 264,458 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.-Interest received 2,917 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 LiabititletProperty, 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 6.41 mile 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 from bus equip Cr.1,095 INCOME ACCOUNT YEARS ENDED DEC. 31 (CHICAGO MOTOR Net 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 - -4,435 $35 per Month.-Wages of train dispatchers now range from $105 to $267 per month. "Times" June 17, p. 31. Chicago Aurora & Elgin Petitions I.-S. C. Commission to Increase Commu2304,936 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 5.828,976 Atlanta Birmingham & Atlantic Ry.-Sale.stock_ _65,838,035 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 See Wellington Grey & Bruce By. below.-V. 122, p. 2644. 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 ExpensesMaintenance 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 valuation has been protested.-V. 106, p. 2650. Chicago Rock Isl. & Pacific Ry.-Construction of Line.- The I.-S. C. Commission on June 9 (1) issued a certificate conditionally 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. The I.-S. C. Commission, in its report. says in part: "It is desirable that 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 a line between those points."-V. 122, p. 3078. 2943. 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 coupons to be a delivery.-V. 120. p. 3062. 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.- The I.-S. C. Commission has approved the issuance of $500.000 2-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. The estimated earnings for the half-year ending June 30 1926, applicable 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.-Balance Sheet was previously without railroad facilities. The completion of the line 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 Cash $356.000), have been called for redemption July 1 at 10 and 4,979,000 4,612,500 interest al Accts. receivable__ 264,381 160,550 Payments by subs. the New York Trust Co., 100 Broadway, New York City.-V.122, p.2643 268,940 for pref. stock Materials & supp_ 187,126 8.178 40,339 Hoboken Manufacturers' RR.-Government Offers Stock. Miscellaneous- _ _ _ 14,484 18,434 Accts. payable96,657 306,329 540,114 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__ 62,987 59,554 at 11 a. m.-V. 105, p. 290. 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 comparative income account was published in V. 122. p. 2648.-V. 122 Louisville & Nashville RR.-Extra Dividend of of p.A2947. 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 par holders of record July 15. The usual semi-annual dividend of 3% is payable on the same date.-V. 122, p. 3335. 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 The I.-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 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. SubIn section 33, village of Golden Valley, thence in a general northerly sequent to April 30 1955, they will be redeemable at 100. Penn. and direction to a connection with the Minneapolis, St. Paul & Sault Ste. Marie Conn. 4-mills tax, Maryland 4% mills tax, Dist. of Columbia personal of section 8, village of Crystal, a distance of approxi- property taxes not exceeding 5 mills per $1 per annum, and Mass, income Ry., in the northallhalf in Hennepin County, Minn. tax on int. not exceeding 6% of such int. per annum refunded. mately 6 miles, Issuance.-Authorized by the Illinois Commerce Commission. Minneapolis St. Paul & S. S. Marie Ry.-Trustee.Data From Letter of Pres. Marshall E. Sampsell, June 3. The Central Union Trust Co. of New York has been appointed trustee Company.-Supplies without competition electrical energy for lighting gold notes, due -year % June 2 10 $1,500,000 1926.-V. 122, and power purposes to 289 communities in central and southern Illinois. for the 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 4.600.000 do do 51.s series D. 1950 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. Note.-Company has jointly and severally with the Inter-Ftate Public 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) $6.289,096 $12.108.189 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 Middle West Utilities.-V. 122, p. 3337, 3080. 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-Month- 925. 1926-5 Moe.-1925. 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. Cities Service Co.-Dividends-Earnings.- 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 the consignee, eliminating two freight handlings.-V. 122, p. 2947. 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.-Notes Offered.-First Illinois 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. Security.-These notes will be secured by deposit with the trustee of all 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 transmission line, teatime and West Point and approximately 15 miles ofearnings 30%. which improvements, it is estimated, will increase net are operated are properties the which under franchises Franchises.-The 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. Nevada-California Electric Corp.-Bonds Sold.-Spencer 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 yield about 5.30%, $23,000,000 first trust mortgage 30-year See Omnibus Corporation under "Financial Reports" above.-V. 121. p. 5% gold bonds, series of 1956. Authorized, $50,000,000. 457. Dated April 11926. maturing April I 1956. Interest payable A. & 0.at Hackensack (N. J.) Water Co.-New Directors.the International Trust Co., Denver. Coln., trustee, or at Bankers Trust Empire Power Corp.-To Receire Diridend.See United Gas & Electric Corp. below.-V. 122. p. 1608. 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 ing Palmer Campbell, deceased, and Myles Tierney. resigned.-V. 122. 2%, which the corporation or trustee may be required or permitted to pay at the source. Denom. c5 $100. $500 and 51,039. and r* $1,000 and mulp. 2190, 1609. thereof. Redeemable, all or part, on any interest date, upon 69 days' Havana Electric Ry., Light & Power Co.-Earnings.- tiples 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. 100 53,888.834 $3,812,139 Operating reveaues Data from Letter of President E. S. Kessler, June 12. 1.936,76/ 1,996,208 Operating expenses and taxes Corporation.-Organized in Delaware. and owns all the outstanding $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 Other income 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 to issue 5570.000 20-year 514% bonds and 5296,600 In connection with the purchase of these companies was also approved.- to come. 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 Kentucky Electric Power Corp.-Pre ident.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 disLone Star Gas Corp.-Initial Dividend.from one plant being immediately caught up and delivered to the charge 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 Star Lone the on share Gas per Co. stock. This is equivalent to 62 ti cents 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 each share. The old stock paid 50 cents quarterly.-V. 122. p. 2496. Into the impounding reservoirs and thence through the power plants. As a of an important contract between the Southern Sierras Power Co., a result Long Island Lighting Co.-Bonds Offered.-W. C. subsidiary company, and the San Diego 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 has been completed, and has been In continu ms use since companies $1,500,000 additional 1st ref. two 1924 in helping 100 and int., to yield to meet requirements in Imperial Valley. This tie Aug. mtge. gold bonds, series B 43%. line pr ovides an additional 12.500 h. p. standby capacity service for the Dateu Sept. 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 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. Transmission and Distributing Systems.-The system has 1.671 miles of 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. circuit steel pole lines, 481 miles of double and single circuit, Business.-Company and Its constituent company, Queens Borough Gas and single volt wooden pole lines, and 204 miles of double and single circuit 33.000 supply substantially the entire electric light and power and & Electric Co., 11,000 volt wooden pale lines. In addition. there are 80S miles and 17.000 gas service on Long Island up to the N. Y. city line and the Rockaway diswooden pole distribution lines of 6.600 volts and under. 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 outgold bonds, series of 1956......x$53,000.000 $23.000.000 standing common stock is owned by Long Island Lighting Co., furnishes First trust mortgage debentures 3,000.000 3.000.000 6% -year 15 of Borough southerly the of Brooklyn. portion The combined gas in the stock (par $100) preferred 25,000,000 9.449.400 cumulative 7% population in the territory served is in excess of 700.000. 25,000.000 stock (par $100) 8.588.300 Purpose.-Proceeds will be used for additions, extensions and improve- Common by conservative the restrictions limited are of trust bonds Additional x ments to the properties of the company. Bonds are issuable in series, which different series may bear Security.-Secured, equally with series A bonds, by a direct mtge. on the indenture. and maturities, such interest rates, such provisions relating to dates such or the of owned now property hereafter company acquired. The entire such sinking fund and other provisions as the directors may indenture provides that the 1st mtge. of the Long Island Lighting Co. and redemptiontoand time determine. All bonds of whatever series shall be equally time the 1st mtge. of Nassau Light & Power Co. shall be satisfied on or before from by the mortgage, except that sinking funds may be secured ratably and their respective due dates, and that no new mtge. prior to the lien of the infor the exclusive benefit of one or more particular series, denture may be executed in renewal or extension thereof or for the refunding established 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 300.000.shs. Interstate Telegraph Co. first mortgage 6% bonds 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. of the subsidiary companies will be deposited as further security The capitalization of Kings County Lighting Co., as of April 30 1926, stocks these first trust mortgage gold bonds. for consists of 55.000.000 funded debt (mortgages closed except for refunding trust indenture will provide that no bonds shall be sold or disposed of The common value par no of shares 50,000 52.316,400 and Purposes), pref. stocks by any 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. Redemption Fund.-The corporation covenants that it will cause to be 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 Gas Rate Situation.-In common with other companies furnishing gas in exceeding the callable price; or (b)for investment in or payment for property 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 earnings__ oper. 84,874.441 Gross law State $4,498,840 53.993,586 $4.536.730 the that prescribing the $1 rate and 650 B.T.U. standard 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 Los Angeles Railway.-Tenders.The Pacific-Southwest Trust & Savings Bank, Los Angeles, Calif., will 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 All of the outstanding first ref. & ext. mtge.5% 20-year sinking fund gold refund this issue; (2) for the purpose of financing the cost to the corporation 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 the issue was originally $620.000, of which $83,000 has been retired by 12 consecutive calendar months within the 14 calendar months immediately of 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 to at least 1)1 times the interest requirements for one year on all outstanding paid for five years, then defaulted.-V. 121, p. 1227. bonds and those proposed to be issued. Mexican Utilities Co.-Preferred Dividend No. 2.Purposes.-The proceeds from the sale of the first trust a declared have semi-annual dividend of $3 50 per share on mortgage gold bonus, series of 1956, and $33.000,000$23,000,000 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. New York Steam Corp.-Tenders.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 at prices not exceeding 105 per share.-V. 122. p. 2330. New York Transportation Co.-Balance Sieet.For balance sheet as of Dec. 31 1925, see Omnibus Corporation under "Financial Reports" above.-V. 122. p. 1763. 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 4 and int., to yield 6.25% $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; Int. payable M. & N. at National City Bank of New York without de10,000 shares of $6.50 cumul. pref. stock, no par value. duction of the normal Federal income tax up to 2%. Four mills tax in Divs. payable Q.-J. Red. all or part on any div. date upon 30 days' 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. • Northern Ohio Power Co.(& Subs.).-Earnings; 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 Note.-Fixed charges include interest charges and dividends on outstanding 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 bonds and 10 shares of capital stock upon receipt of $100 in cash.-V. 122, D. 2330, 612. Northwestern Bell Telephone Co.-Initial Dividend.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 Provisions of Issue.-The indenture provides that not less than 2-3 of include, the outlay necessary for a materially greater capacity. They do recently the common stock of Public Service Electric & Gas Co. at any time outhowever, the earnings for the same period from certain properties shall always be pledged thereunder. Additional bonds may be acquired by the company. Annual interest requirements on the $46,191,900 standing Issued to an amount not exceeding 50% of the cash received by Public mortgage bonds presently to be outstanding amount to $2,541,941. & Gas Co.from additional shares of common stock pledged Electric Service Commission S. P. Valuation.-On the bests of an appraisal by the Oregon under the indenture. Bonds may be issued also to refund bonds of any as of Dec. 31 1916 and subsequent net capital expenditures, the value of outstanding par for par. Future issues may be in one or more series the and $68,000,000, over is alone property utility the company's public and bearing such rates of interest and having value of its property not utilized in the public service, including large real series, in such amounts of over maturity dates and such other provisions within the limitations of the estate holdings, is about $8,300,000, making a total valuation of the corporation may from time to time deterdirectors the as the indenture with public, outstanding debt $76,300,000. The $46,191,900 mortgage incl. the present issue, is less than 61% of this total value.-V.122, p.3341. mine. Peninsular Telephone Co.-Definitive Bonds Ready.- 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. Peoples Light & Power Corp.-New Subsidiary.- See Burlington (Vt.) Traction Co. above.-V. 122, p. 2800. Portland Gas & Coke Co.-Annual Report.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 record. corporation on June 1 1926. This total represents a new highprogress. This increase is a result of the customer ownership campaign now in the campaign sales started, stock present the when 1926, 1 Since April stock. company sold approximately,$3.000.000 of its 6% cum. pref. a gain The 53,000 stockholders now on the company's books represents the books of 2,260% above the total of 2,249 stockholders carried on 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 $480,000,000 gross revenue approximated $95,000,000 in 1925.-V. 122, p. 3211, 2497. Public Service Co. of Colorado.-Acquiiition.- Co. $1,422,442 $1,367,025 $1,222,922 $1,207,128 Total income company has acquired the property of the Rifle Light & Power the local 420,221 atThe 425.748 425,748 425,750 Interest on bonds Rifle, Colo., and plans to erect a, transmission line to connect 23,338 23,638 system 41,340 128,179 Other interest, &c hydro-electric plant at Shoshone, Colo., 40 miles distant. its with 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 Inter-company accounts eliminated.-V. 121, p. 1463. Balance, surplus Public Service Corp. of New Jersey.-Bonds Sold.Drexel & Co. and Bonbright & Co., Inc. have sold at 99 to yield about 5.57% $15,000,000 secured gold and 53i% series due 1956. bit., bonds, Service Ry.(N. J.).-To Retire Bonds.- Public Traction Co.due July The $500,000 5% 1st mtge. bonds of the Brunswick & Co- Phila., Pa., or 1 1926 will upon presentation at the office of Drexel 1 1926. be purchased July on York. New Co., & Bonbright at the office of paid as usual upon be will at par. Coupons of these bonds due July 1 1926 presentation at the Fidelity Union Trust Co., Newark, N. J.-V. 122, P. 2497 Railway & Light Securities Co.-New Common Stock Placed on a $2 Annual Dividend Basis.on the of $1 per share The directors have declared a semi-annual dividend 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 aon the old common stock, par of $3 per share and an extra of $6 per share on a basis offive stock par no new for $100, which was recently, exchanged new for one old. Compare V. 122, p. 2497. Republic R. & Light Co.-Penn-Ohio Output.- 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 for the installaIt is announced that recent financing has provided funds and other extensions tion of 44,000 h. p. additional generating capacity increase in demand which will be required to keep pace with the rapid reflected in the power output figures, V. 122, p. 2043. St. Louis Public Service Co.-Rights.- common stock of this In connection with the subscription receipts for the Louis Stock Exchange. company, which are being traded in on the St. United 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 This 15. June toe the agency on of at payable J.) & int. (J. and Principal $30.000,000. additional shares as have not been subscribed by corporation in New York or at the office of the trustee in Philadelphia, at $12 50 a share, such to St. Louis Transit CO. 5% bonds. The right at the option of the bondholder. Red. all or part at any time on not less holders of certificates in is on the basis of one-tenth of a share for eaek shares additional the purchase therebefore 1943; June or 30 on 8% of a than 40 clays' notice at premium 483. p. 122. recelpts.-V. subscription by % 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 reducSharon (Pa.) Water Works Co.-Control.tion commencing July 1 of each year thereafter, the bonds to be callable See Consumers Water Co. above.-V.98, p. 1465. atar on and after July 1 1954;in each case with accrued interest. Denom. Co., Trust Fidelity $10,000. and r* and $1,000,$5.000 c• 1,000 and $500 Sioux City Service Co.-Definitive Bonds. Philadelphia. trustee. Interest will be payable without deduction for 1951. are now ready for Definitive 1st mtge. gold bonds,6% series due Federal income taxes not exceeding 2% per annum. Any Penn., Maryland, & Co., Inc., Stuart Halsey, of receipts per 30 outstanding $3 or delivery in exchange for 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 482. p. same 122, year. V. the see for same bond bonds the on be will refunded tax state offering of 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. net earns-$838,380 Corporation.-Controls through stock ownership some of the largest Gross earns., $2,183,563;oper. exp.& taxes, $1,345,183; $52,675; depreciasubsidiary Its of world. the public utilities in systems important and most Bond int., $199.284; non-oper. exp. & amort., 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 surplus and dividends street the 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 Opposite Philadelphia,and includes Newark.Jersey City,Paterson,Trenton, Southeastern Power & Light Co. (Me.).-Debentures 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., A. series tures, Public Service Electric Power Co., Public Service RR., Public Service up to and incl. March 1 Dated Sept. 1 1925; due Sept. 1 2025. Red. Production Co., Public Service Transportation Co., Public Service Stock & and int.; thereafter at principal 2020, all or part, upon 30 days' notice at 110 Bond Co. and substantially all of the stock of Public Service Sty. Denons.c* $1,000. City. N.Y. in S.) & (M. Purpose.-The proceeds will be used to reimburse the Corporation's amount and int. Int. payable $10,000. Company will agree to pay int. treasury for advances previously made to Public Service Electric & Gas $500 and $109 and r• $1,000 and Federal but not exceeding to up tax income normal the that and for company, without deduction Co. for additions and betterments to the property of Mass. income tax not exceeding for other corporate purposes. 2% per annum. Penna. 4 mills tax and -Columbia Trust Co., New Bank Irving the corporation and refundable. of obligations annum per direct be will Securiit/.-These bonds 6% 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 & Electric Co., Gas Service Public of stock shares of common 9,500,000 the successor to the Ala Company.-Incorp. in Sept. 1924 in Maine; is a similar business to be presently outstanding, all of which common stock is owned by the on carried which Ltd., Co., Power Light & among other corporation and represents a cash investment at the rate of $10 per share. barna Traction, It controls through common stock ownership, Co., Mississippi The Electric and Gas Co. owns or operates substantially all of the prop- since 1912. Power & Sty. Georgia Co., Power Alabama holdings, erties constituting the electric and gas systems of the corporation. Co. Power Gulf Co. and The earnings of the Electric and Gas Co. system for the year ended Power Co., Gulf Electric furnishes electric The Southeastern company, through these subsidiaries, some 83 April 30, 1926, after depreciation and available for dividends on the common practically the entire State of Alabama. serving stock to be pledged to secure these bonds, were over $9,500,000 or over power and light toincluding (wholesale) Birmingham Mobile, Montgomery, and towns, Gadsden, Hunts434 times the annual interest charges on the $34,698,000 secured gobs citiesthe Anniston. region, industrial Birmingham entire bonds outstanding including this issue. The same earnings, averaged over and to the agriculSelma, Sheffield, Demopolis, Eufaula and Greenville; serving 20 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, tural Gulfport and the charges. Hattiesburg, Laurel, Meridian. including 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 affords Pub. Serv. Newark Term. Sty. 5% 1st mtge bonds (assumed)_ 4,724,000 the Birmingham and Atlanta districts in particular 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. in business railway 15,000,000 Secured gold bonds, 534% series due 1956 (this issue) It also supplies all the street gas busi$21,531,200 Tuscaloosa, Gadsden, Sheffield, Huntsville and Atlanta, and the Preferred 8V cumulative stock Preferred 7 cumulative stock 28.465,200 ness in Montgomery. Anniston, Tuscaloosa, Selma, Decatur and Albany, Ga. Atlanta, and Preferred 6 cumulative stock .954.900 Ala.; Meridian and Hattiesburg, Miss. 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 near There are 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 to contain estimated and other obligations and $77,263,162 stocks of operating subsidiaries and Birmingham. Ala., comprising about 12,000 acres was organized which and coal, recoverable of tons 138,000.000 of lessor companies. upwards primarily to supply the fuel requirements of the Southeastern 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 ser. A,due 2025 (incl. this $91.430,215 $100,850,247 6% gold debs., Gross revenues (including non-operating) shs. 100,000 shs. 100,000 issue)x cumulative no par value,$7 59,911,271 63.456.052 Pref. stock, Operating expenses and taxes None 100.000 shs. Prof. stock, no par value, $6 cumulative 650,000 she. 404,647 shs. pref. stock, no par value $31,518,944 537,394.195 Participating Net earnings before depreciation 4,000,000 shs. 2,021,771 she par value no stock, Common companies subsidiary of 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) of stocks common of its subthe 100% owns company Southeastern The $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 ar .e.g3t .ed by 194,869 shares of common stock, no par value.-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 ore 515,300 98,600 electric plant and grant a franchise to the above company.-V.122, p. 2498. Pig -Iron 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 1 , 28,800 31, 7,600 Union Water Service Co.-Bonds Offered.-G. L. Ohr- Pig-iron Rolled iron 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 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.-V.122,p.2802,1458. thereafter at par and int.; also In the event that any municipal corporation American Agricultural Chemical Co.-7'o Redeem or any Government subdivision acquires all or any part of the property 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, 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.-V.122,p.3213. 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 50 cents a Company.-Through Its constituent properties, will supply without com- share on the participating stock, no par value. payable July of 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, f% on the preferred stock, payable July 1 to holders of record 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 new corporation service is rendered In Ocean City, N. J. Excluding the large summer organized in New Jersey which will acquire the businessaand 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. Some new The water supply of the properties of the constituent companies is divided financing is being arranged in connection with the reincorporation of the old 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 underper day of effective yield of the gravity systems, making a total of over stood to have underwritten the securities the new company. The man32,250.000 gallons effective daily supply. The daily pumping capacity agement of the company will continue inof hands of the men who have through steam and electrical pumping equipment Is over 23,900,000 gallons, conducted the affairs of the organizatlen the for years. with the capacity of the gravity systems this makes a total effective daily The company specializes in mass seating and handles school supplies, capacity of over 34.150,000 gallons compared with a total present daily but more than 80% of the gross 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. and profits of the company have increased steadily during the past The distribution systems of the company consist of over 207 miles of mains sixSales years. Net sales 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 interest and dividends were 31,353.752 Capitalization (Upon Completion of Financing)- Authorized. Outstand'g. in 1925, against $809,565 in 1920. 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% of the preferred stockholders and 92% of the common stockSecurity.-Secured by a 1st lien on all the outstanding bonds and capital holders have deposited their stock under the plan. See also 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 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. Beinghas 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.-V.122, p. 3344. Western States Gas & Electric Co.-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. Inc., which operates ten filling stations in for participating in scheme to defraud, p. 3289. (b) New York Cotton Rhode Island, ofFilling 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, Central West. and on the Pacific Coast.-V. 122, p. 1767. 1174. Bethlehem Steel Co.-Marine Certificates Called.- All the outstanding 15-year 7% marine equipment trust certificates due 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 and Wits. to the date of surrender.-V.122, p. 1459. Black Lake Asbestos & Chrome Co., Ltd.-Bond Exch. 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 against surrender as aforesaid.-V. 121, p. 2756. Borg & Beck Co. Chicago.-Earnings.- 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) Security.-Bonds are secured by a direct first mortgage on all of the 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, all improvements thereon, including the new 200-room hotel and its furnishings. Earnings.-American Hotels Corp. has estimated the annual earningsof 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 Management.-The management of the hotel will be under the supervision of the American Hotels Corp. Cawthra Apartments Ltd. (Yeadon Hall Apts.).Bonds Offered.-W. A. Mackenzie & Co. Ltd., Toronto, Broad View Hotel, East St. Louis, 111.-Bonds Offered.- Can., are offering, at par and int., $425,000 7% 1st (closed) gold bonds. Caldwell & Co., Nashville, Tenn., and Mark C. Steinberg & mortgage & D. Dated June 1 1926; maturing June 1 1946. Principal and Int. Co., St. Louis, Mo., are offering at 99 and int. $850,000 1st payable in gold at the Bank of Nova Scotia, at Toronto. Montreal an 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. Burns Bros. (Coal).-New Director.Thomas F. Farrell, Vice-Presilent, has been elected a director, succeening Mason B.Starring.-V.122,p.3088. 2803. 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. Company.-Incorporated for the purpose of acquiring the property known 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. Sinking Fund.-The trust deed securing this issue provides for a sinking fund of $8.500 per annum, plus interest on canceled bonds: the first payment to the trust company being on June 1 1928. This sinking fund will 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. Valuation.-The land on which the buildings are to be erected has been valued at $200.000. and the completed buildings at $509.000, making a total of $709.000. Revenue.-The gross revenue of the property is estimated at $83,520 per 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%• Central Leather Co.-Committees Formed to Work Out Capistrano Beach Co., Calif.-Bond Offering.-The Capital Readju tment Plan.-President Hiram S. Brown on John M. C. Marble Co. Los Angeles, are offering at par and June 14, in a letter to the stockholders, said: In the report of your President, accompanying the annual report for 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. Valuation.-The property has been appraised for us as follows: Wholesale value of land unsubdivided, $1,454,000; balance due on contracts and mortgages. $296,000: total, $1,750,000. Purpose.-Approximately $200,000 of the proceeds will be used for improvements 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. company.-The Cavalier Hotel, now nearing completion at Virginia Beach, Va., is owned by the Cavalier Hotel Corp., which was incorporated in February 1925 to construct and operate a modern fireproof hotel at 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'& Washington Steamship Co., the Old peake & Ohio Ry., the Norfolk 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• committee on which they are serving.-V. 122, p. 2952. Central Manhattan Properties, Inc.-Bonds Offered.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. Company.-Organized in New York. It has agreed to purchase the 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. Security.-As security for these bonds, Central Manhattan Properties, 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. interest. depreciation 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 $24,375. Stores Corp. exceeds $62.000,000. Net earnings for 1925 applicable to int., deprec. and Fed. taxesare 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. -The this proceeds of bond issue, together with other funds, pany, is the second largest distributor of tobacco products in the United have been used in the acquisition of the property. States. The consolidated earnings statement for the year ended Dec. 31 Sinking Fund.-The trust indenture provides for monthly sinking fund 1925 shows net earnings available for dividends of $6,416,931. The con- Payments of 1-6 of the maturing interest and 1-12 of the maturing principal, solidated balance sheet as of Dec. 31 1925 shows current assets of Schulte excepting only the principal of bonds maturing on Nov. 1 1937. and conRetail Stores Corp. amounting to $9,880,909, while current and deferred tains restrictions upon 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.-The business will continue under the presidency and Inc., and subject to the lease by D. A. Schulte, Inc., are the following: management 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 on 3d Ave.;(2)southwest corner of 72d St.& Broadway. 115.3 ft. on Broad- (Pres., Ohio Cities new directors: Paul B. Hunt. Chairman of the board; & Fuel Co., Dayton. 0., and Pres., Ice & Fuel Co.. way and 94.11 ft. on 72d St.; (3) southwest corner of 86th St. and 3d Ave., Youngstown, 0.); Ice 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 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(Pres.. (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 shares (all outstanding) to 30.000 shares. The additional 20 ‘00 values. These properties before their sale were among the largest holdings shares 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 Life Insurance Co. bears interest at 5.)6 %_per annum for 2 years and Corporation Commission.-V. 122, P. 1175. 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 wil vote June 28(a) on changing the authorized capital first mortgage and of secured sinking fund 5% gold bonds and dividends. stock from shares of $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) on approving the distribution of $100 per share in dends paid and the debt retirement increases each year through the savings cash to stockholders. 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 that over 257 of this issue will be retired by maturity. It is estimated $1.500,000 Issue.-V. 122. p.889. 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 have declared a quarterly dividend of 50 cents per share purchase of bonds under the call price for the sinking fund. It is calculated on the directors common stock, payable June 30 to holders of record June 20. A that net rental payments will be sufficient to amortize entire debt of this stock dividend of 200% was paid in April and prior to the stock dividend corporation at least 17 years prior to expiration of this lease. the issue was on a $6 annual basis.-V. 122. p. 2953. 2504.' Capitalization (Auth. and Outstanding) upon Completion of this Financing. Conlon Corp.-Extra Dividend-Change Par of Common. First mortgage, due May 1 1946 $2,400,000 The directors have declared a quarterly dividend of 25c. per share and an Secured sinking fund 5% gold bonds (this issue) 2.100,000 of 12)4c. per share on the common stock, payable July 2 to holders Class A stock (no par value)x 10.500 shs. extra Class B stock (no par value) • 10,500 shs. of record June 22, and the regular quarterly dividend of 1)6% on the pref. payable July 31 to holders of record July 22. x Preferred as to dividends at the rate of $2 16 per share per annum, stock, The stockholders have voted to change the present no par common stock payable semi-annually(M.& S.) and on distribution of assets in liquidation .er merger is preferred to the extent of $30 per share and thereafter is to to $10 par on the basis of exchange of share for share.-V. 122. p. 2658• share equally per share with class B stock. The class A stock participates Consolidated Mining & Smelting Co. of Canada, Ltd. equally in any year in all dividends, after payment of $1 per share on class B stock in such year. The class A stock and class B stock share equally -Extra Dividend of $3 per Share.-The directors have dein all other rights excepting control of the company which is vested in the clared an extra dividend of $3 per share and the regular semiclass B stock. Value of Class A Stock.-The schedule of amortization, which assumes the annual dividend of 75 cents per share on the outstanding refunding of the 1st mtge. and secured sinking fund 5% bonds at the same capital stock, par $25, both payable July 15 to holders of interest rates and 1% sinking fund on the first mortgage, provides for retirement of the entire issue of secured sinking fund 5% bonds by 1960. or record June 30. An extra dividend of $5 per share was paid In 34 years. In 1969 the first mortgage will be completely retired, on Jan. 15 last.-V. 122, p. 3089. which is 17 years before the expiration of the lease. It is calculated that by 1946 there will have been retired $1,011.094 of debt. The surplus then Consolidated Rendering Co.-Bal. Sheet April 3.available, if paid out in dividends, would entitle the class A stock to receive [As filed with the Massachusetts Commissioner of Corporations.] $5 58 a share. This is equivalent to a guaranteed income of 6% on a 1926. 1925. 1925. 1926. value of $93 a share. Assets3 In 1969, when the entire funded debt is retired, the class A stock will be Real est. & mach_ 5.729,440 6,013,999 Preferred stock_ _ _ 2,000,000 2,500,000 entitled to receive before Federal income taxes or other corporate taxes Merchandise 3,986,196 3,977,025 Common stock. _ 4,728,000 4,729,000 and reserves, $16 57 a share equivalent to a guaranteed income of 6% on a Accts. receivable_ _ 2,624,051 3,394,156 Notes & accts. pay. 3,432,746 4,520,966 value of $276 a share, or $1,380 per five shares of class A stock. Cash 585,956 918,698 !Wised'. reserves_ _ 540,793 431,130 904,400 800,900 Bonds Chicago Mill & Lumber Co.-Forms New Subsidiaru.- Securities 2,088.500 2.144,500 Deferred charges_ _ 112,000 119.000 Surplus 899.182 1,152.005 See Container Corporation of America below.-V.122, p. 1316, 889. Total 13,942.043 15,223,779 Total Chicago Yellow Cab Co.-Earnings.-13,942,043 15,223.779 -V. 118, p. 1017. Quarter Ended March 311926. 1924. 1925. Net after deprec'n & Federal taxes_ _ $555,375 f$605,052 $584,903 Container Corporation of America.-Bond; Offered.Other income 43.951 10,801 Total Dividends 8555.375 400,000 8615,853 400,000 $628.854 400,000 Balance, surplus -V. 122, p. 3089, 486. $155,375 8215,853 $228,854 Chicago Wilmington & Franklin Coal Co.-Balance Sheet Dec. 31.[As filed with the Massachusetts Commissioner of Corporations.] 1924. 1925. 1924. 1925. Assets$ $ Real est. Sr mach_17,044,436 17,017,524 Preferred stock_ _ 780,200 806,200 Mdse. Sz supplies_ 305,653 310,942 Common stock. _x15,607,981 15,644,875 Notes receivable__ 44,306 Accts. payable_ _ _ 549,449 3,898 722,187 Accts.receivable__ 1,577,824 1,466,751 Notes payable__ __ 300,000 300,000 Cash 236.812 Res. for depletion_ 183,586 130.059 135,007 410,597 Securities 343,180 Res. for depree___ 571,371 300,608 Adv. payment& 14.087 Miami!. reserves__ 381,510 8,854 319.721 513,846 Sinking fund 462,147 Mortgages 1,410,000 1,464,000 21.733 Accts. not yet due 54,394 Suspense 22,647 30,357 Suspense 194,528 242,817 20,049,561 19.917.483 Total Total 20,040,561 19,917,483 x Represented by 266.425 shares, no par value.-V. 112, p. 1744. City Ice & Coal Co., Chicago, Ill.-Bonds Offered.Schultz Bros. & Co., Cleveland, Ohio, are offering, at prices to yield from 532% to 63/2%, 3375,000 1st (closed) mtge. 63i% serial gold bonds. Dated May 51926.due serially 1927 to 1937incl. Int. payable(M.& N.) at the Guardian Trust Co., trustee, Cleveland, 0., without deduction for normal Federal income tax not to exceed 2%_o. Tax of any State or other jurisdiction under the sovereignty of the United States not in excess of 5 mills will be refunded. Denominations $1.000, 9500,$100 c*. Red. all or in part in inverse order of maturity upoia30 days' notice on any int. date Up to and including Nov. 1 1932 at 103 and int., and thereafter at 103 less X of 1% for each full year or fraction thereof elapsed between Nov. 1 1932 and the redemption date. Company -Recently organized in Illinois. Has acquired the entire business of the City Ice St Supply Co., Chicago. The predecessor company was incorporated in 1912 with a paid-in capital of 32.500. and has reached its present size largely through the reinvestment Of profits. In addition. substantial dividends have been paid to stockholders. Plant is located on East End Ave., in the centre of the densely populated south side section of Chicago. which provides a most desirable outlet for its product. Security.-This issue is the sole funded debt of the company and is a closed first mortgage upon all of the fixed property of the company, including 167,195 square feet of land on East End Ave.. Chicago, served by the Baltimore & Ohio RR.: well constructed brick and concrete buildings, and efficient ice manufacturing equipment; two railroad sidings. &c. Capacity, 260 tons of ice per day, and storage facilities for 11,500 tons. Properties were appraised as of Dec. 31 1925 by the American Appraisal Co. at a sound value of $675,000 and a reproduction value of $743,200. Capitalization Outstanding May 8 1926 upon Completion of Financing. First mortgage 6X% gold bonds 8375.000 7% preferred stock 250.000 Common stock 20.000 shares 100.000 The National City Co. and E. H. Rollins & Sons are offering at 99 and interest, yielding over 6.08%, $5,000,000 first mortgage sinking fund 6% 20-year gold bonds. Dated June 15 1926; due June 15 1946. Authorized $10,000,000. Denom. $1,000 and $500 O. Interest payable withoutissue, deduction for normai Federal income tax not exceeding 2%. Redeemable, all or part, at the option of the corporation, upon any interest payment date prior to maturity,upon 30 days'priornotice, at 105 if redeemed on or before June 15 1927, and thereafter at face value plus a premium of X% for each year or part thereof intervening between the date of redemption and the date of maturity. Principal and interest (J. & D.) payable in U. S. gold coin at the National City Bank of New York and at the Continental & Commercial Trust & Savings Bank, Chicago, trustee. The corporation will agree to reimburse to owners resident in the respective States, the following taxes paid in respect to the bonds or the interest thereon: The four mills tax in Pennsylvania; any securities taxes in Maryland not exceeding in the aggregate 45 cents on each $100 of assessed value in any year; any personal property or exemption tax in Connecticut not exceeding 4-10% of the principal in any year; any personal property tax in California not exceeding 4 mills on each dollar of the principal in any year, and any Massachusetts income tax not exceeding in any year 6% of the interest on such bonds. Data from Letter of Walter P. Paepcke, President of the Chicago Mill & Lumber Co., who is to be President of the Container Corp. Business and Properties.-The Chicago Mill k Lumber Co. is about to cause the Container Corp. of America to be incorporated in Delaware, and will acquire a controlling interest in its issued share capital. The Container Corp. will acquire the real estate, plants and certain other properties of the Philadelphia Paper Mfg. Co.,and the paperboard and container fabricating plants of the Chicago Mill & Lumber Co. The business of the Philadelphia Paper Mfg Co. originated in 1896, and the paperboard business of the Chicago Mill & Lumber Co. commenced in 1912, although the lumber and wood box business of the latter company dates back to 1881. Both of these companies are engaged in the manufacture of paperboard and paperboard shipping containers. The paperboard mills which will comprise the properties of the corporation, have the following daily capacities: Chicago. 100 tons per day capacity; Cincinnati, 200 tons per day capacity; Philadelphia, 550 tons per day capacity' total,850 tons. In addition to the paperboard mills, the corporation will have facilities for fabricating more than 507 of its paperboard Production into corrugated or solid fibre containers, the remainder of the output being sold as paperboard. It is the expectation of the corporation, however, to increase its fabricating capacity, which involves a relatively small investment. and thereby,increase the percentage of its paperboard production converted into fabricated containers. Purpose.-The proceeds of this issue, together with junior securities, will be used for the acquisition,free ofindebtedness,of the properties comprising this consolidation and for working capital. Security.-Secured by a direct first mortgage upon all the lands, buildings. machinery and equipment of the corporation, which properties have recently been appraised by Day& Zimmermann,Inc.,of Philadelphia,at$14.332,073. reproduction cost, new, less depreciation. This amount includes $2.488,584, representing value of land alone, of which one parcel, excellently located in the northwest industrial district of Chicago, aggregates 723,000 sq. ft. The remainder of the investment embraces the buildings and equipment of the Chicago, Cincinnati and Philadelphia plants. The first mortgage will authorize a total of$10,000,000 of bonds, including this issue. The remaining $5,000.000 of bonds may be issued from time to time in the future, in principal amount equal to but not exceeding 60% of the actual cost or fair value (whichever shall be the lower) of any fixed property acquired by the Container Corp. or by a constituent company. 3459 TRE CHRONICLE Jump 19 1926.] Sinking Fund.-The mortgage will provide for a sinking fund, requiring the deposit with the trustee on Nov. 11926, and semi-annually thereafter. of a sum in each case equal to 134% of the maximum principal amount of bonds theretofore issued under the mortgage, and, in addition thereto, will require the payment on May,1 1927 and on May 1 in each year thereafter, of an additional sum amounting in each case to 20% of the net income of toe corporation (after the payment of preferred dividends) for the fiscal year next preceding the year in which such payment is made; provided, that in no year will such additional payment be required to be in excess of 2%% of the maximum principal amount of bonds theretofore issued. Sinking fund payments may be made,in whole or in part, either in cash or in bonds and any cash deposited with the trustee will be applied to the redemption of bonds. All bonds acquired through the operation of the sinking fund will be canceled. Consolidate c Earnings of the Properties and Business Which Will Be Acquired by the Corporation. Net Inc. Before Deprec.,Int Depreciation Balance. 16 Fed. Taxes. Charged. . Years Ended Dec. 31$322,969 $1,128,808 $.805.839 1923 426,677 569.995 996,672 1924 1,199,512 456.373 1,655.885 1925 120,133 323,711 443,844 1926. 3 months ended March 31_ __ _ 892,018 408,047 Average for period 1,300,065 Aside from the slight recession of earnings in 1924, due to the generally depressed conditions in the industry, the earnings shown reflect a steady growth, and for the period of 15 months ended March 31 1926, the net Income before depreciation. interest and Federal taxes, was at the annual rate of $1,679784, equivalent to over 531 times annual interest requirements on the first mortgage bonds to be outstanding. For the same period net income after depreciation, available for interest and Federal taxes,.was at the rate of $1,218,579 a year, equal to four times such annual interest requirements. Consolidated Balance Sheet March 31 1926 (After Giving Effect to Acquisitions, Including Financing). •• • Land. bldgs. & equip't_-$14,332,073 7% pref. stock (par $100) $2.500,000 Cash 1,190,082 Com.stk., Cl. A (par $20) 4,127,600 Notes & accts. rec. (net). 592,361 Com.stk., Cl. B (no par) x4,792,294 Inventories 1,161,409 First mtge. gold bonds__ 5,000,000 77,051 Investments 4,500 Accrued wages and taxes 10-year 6% gold debs_ __ 1,000,000 Deferred charges, Includ236,910 ing bond discount 453.460 Accounts payable FederallMinin gr&ISmeltingrCo.-Earnings.Tons Shipped-Quarter Ended. April 30 1925 1111 Jan. 31 1926. .. April 30 1926. 13.457 15.086 Feb. 1925 15,386 Nov. 1925 Feb. 1926 14.162 15,416 Mar. 1925 16,284 Dec. 11125 Mar. 1926 13.053 1925 Apr. 17.098 1926 14,655 Jan. Apr. 1926 40,672 47,600 I Total Total 46.325 TotaL Net Earnings before Depletion, Depreciation and Taxes-Quarter Ended. April 30 1925. Jan. 31 1926. April 30 1926. Feb. 1926___ $432,024 Nov. 1925_ $472.928 Feb. 1925___ $318,680 338.174 1925...._ Mar. 442.248 _ _ 1925_ Dec. 384,387 Mar.1926_ _ 264.536 Apr. 1926-. 317.474 Jan. 1926- 493.774 Apr. 1925__ 4921,389 Total Total_ ___b$1.408.590 Total_ _ _ _a$1.133.884 a Before deducting $71.138 construction and equipment. b Before de$103.176 deducting Before cucting $82,737 construct ion and equipment. c construction and equipment.-V.122. p. 2659, 2337. Financial & Industrial Securities Corp.-Ear/mtgs.- This corporation, organized this year to deal in securities of a diversified character, including insurance, bank and trust company stocks, reports net profits for its first four months of business amounting to El .209.679. This is $859.679 in excess of the four months dividend requirements of $350.000 on the 7% cum. pref. stock. See also V. 122, p. 6117. Flint Motor Co.-Proposed Sale of Plant.- The stockholders will vote July 1 on approving the sale of the company's has plant at Flint. Mich. for which, dispatches from Flint state, an offer been made. The purpose of the proposed sale, it is reported is to provide a less expensive plant to produce Fiffit products, which are limited in volume by the present keen competition. The General Motors Corp. reports further state, has concluded negotiations with W. C. Durant for *the purchase of the plants of the Flint Motor Co. at Flint, Mich.,for a consideration understood to be about $4000000. -V.122. p.488. Gardner Motor Co., Inc.--Production-Status.- Pres. Russell E. Gardner says in substance: "The company is making than April. splendid progress and its May shipments were 30% better months this Retail deliveries are running ahead of production, the first six ahead of year indicating an increase in business of approximately 50% first half the for profits indicated with the same period last year, and 50c. a share. The production program for the entire Total $17,733,855 of approximately $17,733,855 Total year calls for a 35% increase over 1925 and will show net profits of over x Represented by 421,300 shares of no par value. $1 a share. "The financial position is in its usual sound condition with current Cuban Dominican Sugar Co.-Off List.- • assets maintaining a ratio of over 4 to 1 to current liabilities and book The New York Stock Exchange has stricken from its list the old common value of stock is equal to approximately $8 a share. Current earnings and preferred stocks of the company.-V.122, p. 2953. are running over 10% on the invested capital, the result of over $1,000.000 spent for national advertising, and sales efforts during the past two years Cuban Dominican Sugar Corp.-Listing.are now beginning to show in the balance sheets. The distributing organThe New York Stock Exchange has authorized the listing of 277,833 ization is increasing rapidly and its size will be doubled during 1926." shares of capital stock, no par value (of a total now authorized to be issued -V.122, p. 2199. of 1,142.836 shares), which have been issued and are outstanding in the General Fireproofing Co.-Extra Div. of 70 Cents.hands of the public, with authority,to add to the list, upon official notice of the issuance thereof, 865,003 shares. See also V. 122, p. 2953. The directors have declared an extra dividend of 70c. a share on the common stock, in addition to the regular quarterly of 30c. a share on the Davis Hotel (Nos. 163 to 173 East Walton Place), common and of 134% on the pref. stock, all payable July 1 to holders of record June 20. On April 1 last an extra dividend of 45c. a share was paid Chicago.-Bonds Offered.-Grelenebaum Sons Investment on the common stock. (Compare V. 122, p. 1771.)-V. 122, p. 2955. Co. is.offering $2,500,000 1st mtge. serial and sinking fund gold bonds at the following prices: Maturities 6 to 15 years incl., at par (100), to net 63%;and maturities 3 to 5 years incl., to yield 6.15% to 6.35%. Dated July 1 1926: maturing annually 3 to 15 years. Principal and int. (J. & J.) payable at office of Greenebaum Sons Investment Co.. Chicago, .Denom.$100.$500 and $1.000c. and collectible at all offices of the company, Red., all or part, on any int. date on 60 days' written notice at 103 and int. The borrower agrees to pay the Federal normal income tax up to 2% and any State's taxes up to 5 mills of the principal amount. security.-Comprises a closed 1st mtge. on land, 200x107 ft., owned in fee, 14-story and basement commercial hotel of fireproof construction to contain 418 rooms, furnishings, equipment and earnings. Sinking Fund.-In addition to the usual serial payments of principal, annually, the trust deed provides that the borrowing corporation shall, beginning in the fourth year, deposit 25% of the net earnings, after principal payments, to be applied to the prepayment, at 102 and accrued int., of bonds in the latest outstanding maturities. Valuation.-Appralsal of the property, when completed, places total value at $3,800,000. Earnings.-Estimates of net annual income from property, allowing for 30% vacancies, placed at $341.705, which is more than twice greatest yearly Interest charges on entire issue. Ownership and Management.-The bonds are a direct obligation of the Davis Hotel Corporation. De Beers Consolidated Mines, Ltd.-35% Dividend.- The company has declared a final dividend of 35% on the deferred shares for the year ended June 30. This makes a total of 60% for the year. compared with 40% the previous year.-V. 122, p. 744. 355. Dominion Stores, Ltd.-May Sales.Increase. Increased 1926-5 Mos.-1925. 1926--May--1925. $1,445,538 *1.122,300 $323,238 I $5,891,522 $4,609,656 $1.281.865 It is announced that 12 new stores were opened during May, bringing the total number in operation to 411, against 378 at the end of May 1925. -V.122. p. 3215. Du Pont Viscoloid Co.-Bal. Sheet Dec. 31 1925.(An Filed with the Massachusetts Commissioner of Corporations.) • • es ta $4,825,393 Capital stock 815.000.000 4,323.364 Accounts payable 161,742 38.666 Miscellaneous reserves_ _ 928.901 4,609,150 Surplus 1.413,385 83.972 Profit and loss 977.820 3,086,420 Accrued div., pref. stock 58.333 774,767 Accrued items 310,660 420,595 88,501 13 Total (each side) 600000 $18,850.841 Real estate Machinery Furn., fixtures & tools Merchandise Notes receivable Accounts receivable Cash Securities Deferred charges Patent rights Call loans -V. 122. p. 756. Electric Refrigeration Corp.-Permanent Notes Ready.The New York Trust Co. is prepared to exchange permanent 10-year 6% convertible gold notes, due Jan. 1 1936, for temporary notes (see offering in V. 122. p. 355).-V. 122, p. 2506. Endicott-Johnson Corp.-Shoe Contract.The St. Louis branch of the company has been awarded the contract by the Department of the Interior for the next fiscal year's shoe requirements of the various Indian reservations. The award is for 47,758 pairs of shoes-V. 122, p. 890. Everett Mills.-Annual Report.Years Ending March 31 Net sales Cost of goods sold Depreciation 1926. $1,883,973 2,311,129 132,413 1925. $2.542,989 3,372.175 130,912 General Motors Corp.-May Sales Set New Record.- Retail sales by General Motors dealers to the public were 141,651 cars in May,compared with 136.643 in April and 106,051 in March. Each of these established new high records over the corresponding months of months 3 preceding years, and also each month as announced established new high records for any month in any preceding year. In the first 5 montns of this year retail sales were 503,014,compared with 320,496 in the same period of 1925 and 315,084 in 1924. This again is a new high level for the first 5 months of any preceding year. Sales by the manufacturing divisions to dealers in May were 120,970 cars, compared with 122,742 in April and 113,341 in March, and further with 77,223 in May last year. For the first 5 months the sales to dealers by the divisions were 524,707 cars, compared with 318,121 in 1925 and 320,115 in 1924. -Dealers' Sales to Users- -Dirisions' Sales to Dealers1924. 1925. 1926. 1924. 1925. 1926. 76,332 30,642 61,398 53,698 25,593 33,574 January 78,668 91,313 49,146 64,971 39,579 50,007 February 75,484 75,527 57,205 113,341 70,594 106.051 March 97,242 89,583 122.742 85,583 58.600 136,643 April 77,223 45.965 141,651 87,488 84,715 120.979 May Totalfor 5 mos- _503,014 320,496 315,084 524,707 318,121 320,115 These figures include passenger cars and trucks sold in the United States. Dominion of Canada and overseas by the Chevrolet, Pontiac. Oldsmobile, Oakland, Buick, and Cadillac manufacturing divisions of General Motors. Number of Stockholders- On June 12 the 32,626 common stockholders of General Motors received dividend checks for the second quarter of 1926. The total number of common and preferred stockholders for the second quarter of 1926 was 53,097. compared with 54,851 for the first quarter of 1926. The total number by quarters for preceding years follows: 4th . 3d Quer. 2d Quar. . 151 Quer. Cal. Years2,902 2,699 2,525 1,927 1917 4.739 3,615 3,737 3.918 1918 18,214 12,358 8,012 12.523 1919 36,894 31,029 26,136 24.148 1920 66.837 65,324 59.059 49.035 1921 65,665 71.331 72.665 70,504 1922 68,063 68.281 67.417 67,115 1923 66,097 69.427 71,382 70,009 1924 50.917 58.118 60,414 60,458 1925 *53,097 54.851 1926 * Senior securities of record April 5 1926; common, May 24 1926.1 122. p.3349. General Petroleum Corp.-Stock Conversion.- The corporation has submitted a circular letter and conversion form to stockholders relative to the exchange of two shares of Standard Oil Co. of New York for each share of General Petroleum stock held. Surrender may be made to Guaranty Trust Co., New York, or the Bank of California, San Francisco, depositaries. The letter states that stockholders of the General Petroleum Corp. will receive no dividends from the Standard Oil Co. of New York until conversion of their stock.-V. 122. p. 3217. Glidden Co., Cleveland, Ohio.-May Sales.Month of MaySales -V.122, p. 3217. 1925.11 1926. $2.321,000 $2,281,348 Gcodall Worsted Co., Sanford, Me.-Complaint Dismissed.The Federal Trade Commission has dismissed its complaint against this company and Albert Rohaut, the company's selling agent. The complaint charged adoption and maintenance, in co-operation with others, of standard prices below which "Palm Beach" clothing was not to be sold to jobbers and dealers.-V. 119. p. 2653. Gotham Silk Hosiery Co., Inc.-Acquisition.- The company has acquired the Largman-Gray Hosiery Mill in Philadelphia. This plant will add 250.000 dozen pairs of hose to the annual production and makes the seventh manufacturing unit of the Gotham $559.569 $960,098 concern. The purchase was made out of current funds without bank Net loss for year -V. 120, p. 2154. loans and no additional financing is contemplated, it is reported. VicePresident R. E. Tiles says: "Sales to date are 45% ahead of last year Farr Alpaca Co.-Extra Dividend of 3%. and sales in May were 60% ahead of May 1925. With demand increasing, An extra dividend of 3% in addition to the regular quarterly dividend of It became necessary to buy a running mill. Plans had been drawn for capital stock, both payable June 30 to holders additions to our Mill No. 6. but we could not spare the time for building. 2% has been declared on the dividend of 3% was also paid on Dec. 31 1925, More machinery is being installed in all units as quickly as it can be secured." of record June 17. An extra -V.122. p.2805. while an extra of 2% was distributed a year ago.-V. 121. p. 3010. 3460 Grace Steamship Co.-To Retire $150,000 Bonds.- The company has announced that bids will oe received by the Grace National Bank, 7 Hanover Square, N. Y. City, until June 23 for the sale to it of marine equipment 1st mtge. 6% serial gold bonds. dated Dec. 1 1919, to an amount aggregating $150,000.-V. 121, p. 2164. Great Southern Lumber Co.-Annual Report.Income Statement for Calendar Year 1925. Gross sales. $6,490,889: lem allowances, $22,395; net sales $6,468,493 Cost of sales. $4,475,568: less Inc. in inventories, $180,958; net 4,294,610 Gross profit, lumber operations $2.173,884 Gross profit from miscellaneous operations 59,711 Net other Income 895.697 Gross income Selling, admin., &c., exp.,$756,163; taxes,$615,270: total [vol.. 122. THE CHRONICLE $3,129.291 1.371.434 Net income for the year $1,757.857 Previous surplus 8.042.206 Surplus credits, $48,895; surplus debits, $23,155: net credit___. 28.740 Total surplus Cash dividends (10%) $9.825,803 1,495,952 Surplus Dec. 31 1925 -V. 108, p. 384. $8,329,851 Groover Stewart Drug Co.-Preferred Stock Offered.The Barnett National Bank, Jacksonville, Fla., is offering at 100 and divs. $200,000 7% cumul. 1st pref. stock. Authorized and to be issued. 2,000 shares. Divs.(payable Q.-J.) exempt from present Federal income tax. Red. all or part on 30 days prior notice at 105 and divs. Company.-Established In Aug. 1900 and is engaged in the wholesale distribution of drugs and druggists' supplies. [See also Groover Stewart Investment Corp. below.] Yam Ended June30-- 9 Mos. End. Resultsfor- ' 1923. 1924. 1925. Mar. 31 '26. Net sales $1.999,204 $2,186.755 $2,784.037 $3,436,996 Net profits 72,000 90.850 105.347 154,108 Balance Sheet March 31 1926 (After Giving Effect to Financing). AssetsLiabilitiesCash $43,736 Preferred stock $200.000 Notes & acc'ts receivable_ 384,519 Common stock x600,000 Inventory 750,469 Reserve for Fed.taxes____ 3,393 Other assets. securs.. &c 262.585 Bills payable 207.928 Equipment 36.213 Accounts payable 192,766 Deferred charges139.289 18.377 Surplus Checks returned 1.585 Undivided profits (9 mos.) 154.108 Total Total $1.497.485 $1.497,485 x Of the outstanding common stock. $100,000 was paid in cash and the balance came from stock dividends from time to time out of earnings. Note.-While any preferred stock is outstanding and not called for retirement, dividends shall at no time be paid on common stock exceeding the rate of 7% per annum quarter-yearly. It is the intention of the directors to declare dividends on the present common stock in the new class A stock in lieu of cash. [Cash dividends at the rate of $2 50 per share per annum were paid from March 2 1925 to June 1 1926, incl.] The board proposes to declare one year's dividends in advance on the present common stock in the proportion of one share of class A stock for every 10 shares of common owned, such dividends to be payable quarterly on regular dividend dates. It is likewise intended to • declare, in an advance, the first year's dividend of $2 per share, in cash. on the new class A stock. The new dividend policy has been adopted to release more working capital for the expansion of the business. , David May, Chairman of the board, in a letter to the stockholders, says in substance: The company, having entirely discontinued its mail-order business, is now operating a chain of 17 retail stores in various cities. Notwithstanding this radical change and the rapidity with which it has been effected, substantial profits have been earned, which have permitted the board, during the transition period, to declare cash dividends without interruption. For the first five months of the current year, net sales totaled $7,776,453. against $6,083,405 for the same period in 1925, an increase of $1,693,048, or 27.83%. For the months of April and May the growth was reported as Particularly gratifying, representing an increase of $1.273,303, a gain of 41.40% over the same months of 1925. Consequently, after mature deliberation, the directors feel that, notwithstanding the strong financial condition of the company, its future growth can best be assured and expedited by retaining and reinvesting temporarily its earnings in the business. The bankers for the corporation have concluded arrangements whereby. without cost to the company, stockholders desiring to sell their new class A stock may have a market for their shares until an open market is established. The present bid price for the class A stock on a "when, as and if issued" basis is $26 a share. It is proposed to apply for the listing of the new class A stock on the New York Stock Exchange.-V. 122. p. 3349. (Richard) Hellman, Inc.-Regular Preferred Dividend.- The directors have declared the regular quarterly dividend of 62Mc. a share on the participating pref. stock, payable Aug. 1 to holders of record July 21. On May f last the company paid, in addition to the rexular dividend, an additional dividend of 12.85c. per share (representing the participating distribution for the second half of 1925) on the pref. stock. Results for Quarters Ended March 311925. 1426. Sales $1,392.584 $1,138,421 Profit after taxes 90,258 140,097 -V. 122, p. 2661. 2050. Holland Land Co., San Francisco.-Annual Report.1925. $12.684 9.708 188.079 97,645 7.648 2,731 1924. $26.445 24.077 201.143 121.748 5.708 3,556 1423. $35.557 970 282.407 95.014 6.898 8.898 1022. $70,119 5.926 226.538 185,201 11,444 11,264 Total $318.690 Admin., oper., &c., expenses 87.845 Depreciation 15.630 Int., loss on equip. sales, &c_ 137l5 $382.678 106.031 15.258 16.314 $429.745 142.084 16,028 72,447 $510,493 154.619 13,179 111,326 Calendar YearsLease rentals Farming operations(net) Profit on land sales (net) Int. on land sales contracts Interest on warrants Miscellaneous income Groover Stewart Investment Corp., Jacksonville, Fla. -Bonds Offered..-The Whitney-Central Banks, New Orleans, and the Barnett National Bank of Jacksonville, Fla., are offering at par and int. $400,000 1st mtge. 6% serial gold bonds. Net prof.beforeFed.inc.tax $201,409 $245,075 $199,184 $231,369 Profit for January and February 1926 amounted to 23,454. compared with $56,664 for the corresponding two months of 1925 and $43,123 for Jan. and Feb. of 1924.-V. 122, p. 1618. (George) Hall Coal & Shipping Corp.-Redemption.- Everything was subject to no general or coal strike being declared; therefore, the great strike having been declared effective midnight, May 3, we met on May 4 and agreed that everything should be considered tentative pending further developments. Nothing definite has been heard from the propsective buyers since May 4, but, as stated in the call sent to stockholders on May 24 (V. 122, p. 3092). we were anxious to have the authority of the stockholders to proceed with and conclude the negotiations, provided they were resumed again and a satisfactory basis could be arrived at. The prospective buyers had also stipulated that they were acting on figures which were the result of the hurried audit of accounts of the Oceanic Steam Navigation Co.,and that they would require among other things, a thorough audit before they would be in a position to take final action and that they would at once carry out their plans to secure this, and would advise us when Holly Sugar Corporation.-Report. - Years Ended 1923. 311926. 1924. 1925. Dated April 1 1926; due serially 1926-1936, incl. Denom. $1,000 and Net profit after March int., depreen, $500 c*. Principal and int. (A. & 0.) payable at the Whitney-Central amortization, &c loex$300,110 $342,531 $972,270 $50,711 Trust & Savings Bank, New Orleans, La., or, at the option of the holder, -V. 122, p. 2805. 1773. at the Barnett National Bank of Jacksonville, Fla., without deduction for normal Federal income tax up to 2%. Callable all or part at 102 and int. Hoover Steel Ball Co., Ann Arbor, Mich.-10% upon 60 days written notice to the trustees and 4 weeks published notice. Whitney-Central Trust & Savings Bank and the Barnett National Bank Stock Dividend. of Jacksonville, trustees. The directors have declared a 10% stock dividend in addition to the regular quarterly cash dividend of 3%, both payable July 1 to holders The bankers, in their circular, say in substance: of record June 24.-V. 119, p. 947. . Corporat.on.-A Florida corporation, organized for the purposes of ownHudson's Bay Co.-Extra Dividend.ing and leasing real estate and for the sale of soda fountain fixtures. All of the stock of the corporation is owned and controlled by the Groover The company announced an extra distribution of 3)1% in addition to the regular annual dividend of 20% on the ordinary shares.-V.122, Pi 757. Stewart Drug Co. Lessar3.-(1) Groover Stewart Drug Co. has been engaged in the wholesale drug business for over 20 years and is one of the largest wholesale drug houses Industrial Acceptance Corp.-Extra Dividend.• In Florida, having its principal office in Jacksonville while branch offices The directoes have declared the regular quarterly dividend of $1 75 Per and wholesale houses are maintained In Miami and Tampa. These branches share on the 1st preferred stock; the regular quarterly dividend of $2 Per were established in 1920 and 1921. respectively. The original capital of share and an extra dividend of 50c. per share on the 2d pref. stock; and a the company was $50,000, while only $50,000 additional cash has been dividend of 50c. per share on the common stock, all payable July 1 to holders paid in. During this 20-year period a capital and surplus amounting to of record as of June 19. On Jan. 2 last an extra of $1 per share on the 2d $739.288 has been built up. Total sales and net profits for the 4 years preferred and a dividend of $1 per share on