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The.
UIuntrrc ti
financial
rim
INCLUDING
Public Utility Compendium
Railway& Industrial Compendium
Railway Earnings Section
State & Municipal Compendium
VOL. 124.
SATURDAY, JUNE 25 1927.
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•
SPECIAL FEATURES
OF OUR
STATE AND MUNICIPAL COMPENDIUM
In the semi-annual number of the above publication, a copy of which goes to every one of
our subscribers, there are several special
articles which have a wide degree of interest.
(1) Our customary annual analysis of the
municipal bond sales for the preceding calendar
year, this time 1926.
(2) Something never attempted before
by any publication, a study of the amounts
of the municipal bonds redeemed or retired,
the totals of which now run up into the hundreds of millions annually.
(3) An elaborate tabular statement, comparing the totals of the municipal sales, under
leading heads, for the past 26 years.
The Financial S:tuation.
Brokers' loans and the temporary overbought position of some of the bond houses have continued to
occupy attention in market circles, with prices for
the most part showing a declining tendency, accompanied,,however, by conspicuous strength in a number of individual stock issues. The Dow-Jones average of 40 investment bonds reached its recent high
point on May 10 at 97.78. Bond offerings at that
time were conspicuous in number and in size, and
were characterized by relatively high prices or low
yields, especially if the quality of some of the issues
was taken into consideration. The investing public
finally balked, apparently not because of lack of
irk
Bank and Quotation Section
Bankers' Convention Section
NO. 3235.
funds, but because a number of issues were offered
at yields warranted only by seasoned investments,
whereas investors sensed certain risks which should
have been compensated for by more tempting prices.
As a result a few bond houses have a portion of
recent issues on their hands.
This has been reflected in declining prices in active listed bonds, the Dow-Jones average reaching a
low of 96.86 on June 15, then recovering to 97.00 on
Monday .of this week, the 20th, and subsequently declining somewhat below the low point of June 15.
In all this there is not much to be worried about, as
far as bonds are concerned. It is probably a very
salutary incident. Most of the unsold new issues
are still held at the original offering prices. Probably it would be a wise thing to let them find their
proper level in the market.
It is, of course, quite possible that new offerings
recently have been in greater volume than investment funds have been accumulating. However, it is
far more probable that the present situation is
based simply upon a mis-pricing of a few issues and
doubtless the mistake will be a matter of history as
soon as thee have found their true market level
and been absorbed by investors for what they are
worth.
The Dow-Jones industrial average reached its recent high point on May 31 at 172.96, but more cor
rectly speaking it stood at a still higher point on
June 1, the following day, when the record figure
was 171.98, but would have been 174.47 had not the
average been reduced on that day by 2.49 on account
of the 40% stock dividend on United.States Steel
Corporation common. On recent days of market
weakness, when there have been marked losses in
the case of a number of leaders, the average has
ruled only two to four points below the high point
of June 1.
The railroad average reached its recent high on
June 6 at 138.18; subsequently, on days of weakness
it hag ranged only two or three points below this
level. Many investment authorities have recently
pointed out the relative safety of investments in railroad stocks at this time, on acount of their high
asset value and the strong position of the roads at
present, both as to efficiency of operation and financial cOndition, the position of stocks of this class
being enhanced by reason of the fact that their market advance has not been as great in relation to improvement in earning power as has been the advance
of many conspicuous industrial stocks. It is also
hoped that the railroad law, if changed, will be improved, that certain rate decisions will be rendered
before the end of the year on a basis favorable to the
3674
THE CHRONICLE
railroads and that the matter of valuation and rate
regulation will eventually be worked out on a basis
which will make possible market prices for railroad
shares more nearly in accord with the actual investment behind the stocks.
Brokers' loans have definitely climbed above the
previous high point of Jan. 6 1926, when the Reserve
authorities themselves were so concerned over the
situation that they deemed it best to give publicity
to the figures, hoping that this would work a corrective, which it did, the loans undergoing sharp
contraction within a short time. Now we have got
back to and even above the original danger line. This
week's return showed a further increase in these
loans of $41,447,000, bringing them $18,751,000 above
the peak of 1926 and no less than $751,181,000 above
the low point of last year reached on May 19 1926,
after the Reserve Board's policy of publicity had led
to much-needed contraction. Even granting that
some of the more recent increase may be due to the
inability to find a ready market for some new issues
of securities, the situation is nevertheless full of
menace and it is time to call a halt.
With it all the banking situation remains sound,
though a continuation of present tendencies might
nevertheless imperil the existing strength even in
that respect. In the bond market it is plain to see
what has happened. Bond selling has been so comparatively easy for a long period of time that a few
weeks ago some careless pricing was done. The
whole matter is probably no more serious than a
case of indigestion. But it serves to indicate
forcibly the high responsibility of investment bankers in selecting their issues and in rightly pricing
them.
A distinct note of discord between France and
Germany was sounded last Sunday when M. Poincare, Premier of France, launched into one of his
old-time speeches of denunciation of Germany. The
speech came as a surprise to Europe in view of the
Locarno Treaty, the Geneva Conferences and the continued presence of M. Briand, with his more pacific
leanings, in the French Cabinet. Ceremonies at
Luneville, in the war area, were the occasion of the
oration, in the course of which M. Poincare implied
that Germany had failed to fulfill all the conditions
of defeat and to show that humility of spirit which
the French Premier thinks she ought to show.
"France," said the Premier,"has sought nothing for
herself outside of treaties. She has asked for nothing and will ask for nothing other than the security
of her frontier and payment of reparations. At Locarno, as at Geneva, she has given, I suppose, striking enough proof of her will for peace. But why on
her side has Germany within the past fifteen days
ostentatiously sent to Lisbon a warship which is
still called 'Elsass'? Why, in speeches delivered on
the 1st and 3d of November 1925, that is to say after
Locarno, did a Minister of the Reich who is not unimportant, say that renunciation of armed force had
been merely imposed on Germany because Germany
no.longer possesses armed force? Why did he say
there was no moral renunciation of any kind of the
lost Provinces or of its German populations? And
why has another German Minister more pointedly
added that he considers Alsace still a German Province and that in renouncing violence Germany had
not in any way renounced any German country?
Why, moreover, do German financial authorities
[VoL. 124.
spread now a report that before two more years Germany will ask a revision of the Dawes Plan payments and will not pay any more on the present
scale? Is that kind of talk on two questions which
are most vital to France, wise and conciliatory?
The speech was criticized in Paris, according to a
dispatch to the New York "Times," as not dealing
with realities, which should always be the prime
consideration of the true statesman. Moreover,it was
said, it is not constructive. The dispatch said further: "In Berlin the speech seems likely to do more
harm to M. Briand's policy of reconciliation than
anything that has happened for many months, and
here in Paris it is interpreted to-night by all except
dyed-in-the-wool Nationalists as hopelessly impolitic, for the form of the speech was the same as the
Premier used to make every Sunday five years ago
during the Ruhr occupation."
In reply to M. Poincare's animadversions it was
pointed out in Berlin that the speech referred to by
the French Premier was made two years ago by the
Bavarian Premier and could hardly be considered as
a pronouncement by the German Government. The
cruiser "Elsass" (Alsace), it was said, is an old
vessel commissioned beforethe war. Moreover, German officials pointed out, France had named the
cruiser Alsace in 1913, when the Province was still
under German rule. An official reply to M. Poincare was made Thursday by Dr. Stresemann, the
German Foreign Minister, in the course of a speech
before the Reichstag. Dr. Stresemann said he could
refute many of the French Premier's accusations,
but added he would not do so. "We will not get far
by resurrecting the old differences, and then, too,
the world is already too far advanced in its knowledge of the fact. If M. Poincare desires relations
with Germany to improve, he will find a grateful
echo here. He has no right to question our sincerity,
as Chancellor Marx and his Cabinet are pledged to
continue their peaceful policies."
Tactical moves of a political nature again have
become prominent in the civil war between the North
and South in China. Both sides apparently are endeavoring to consolidate their scattered forces for a
resumption of the military struggle. Marshal Chang
Tso-lin, head of the Ankouchun,or Alliance of Northern Military Governors, on June 17 achieved a consolidation of his own Manchurian troops with those
of Chang Tsung-chang, Governor of Shantung, and
Sun Chuan-fang, previously defender of Shanghai.
Receiving the foreign newspaper correspondents on
that day, an official spokesman for the Peking Government explained that the new title of Marshal
Chang Tso-lin will be "Generalissimo of the Forces
for the Suppression of Communism." This office,
according to the report of the Peking correspondent
of the New York "Times," approximates that of
Chief Executive, but not President of China. The
latter office, it was explained, is an electoral one,
and no parliament now exists to do the voting. The
change was made, the dispatch added, owing to the
need of unifying the military command and reorganizing the civil government. Some indication of the
cause of the unification of the Northern forces was
given by the spokesman, who said that undue importance had been attributed to the negotiations of
the Northerners with Chiang Kai-shek, who was evidently determined to invade Shantung. Marshal
Chang Tso-lin was installed in office on the follow-
JUNE 25 1927.]
THE CHRONICLE
3675
ing day with much kowtowing and a salute of 108 was replaced by that of Jon Bratiano, brother-inlaw of Prince Stirbey. M. Bratiano is recognized
guns.
Additional light was thrown on the situation be- as the real power in Rumanian politics and the setween the North and the South Thursday when the lection of Prince Stirbey.as Premier when the Aveso-called Christian General, Feng Yu-siang, who rescu Ministry fell a fortnight ago was looked upon
has been the chief military support of the radical only as a preliminary to the accession of Bratiano
Hankow faction, joined the moderate Nanking Gov- himself. The reasons for such a maneuver are sugernment of Chiang Kai-shek. By this means the gested in a Bucharest dispatch of Tuesday to the
military strength of the Kuomintang or Southern New York "Times": "It would soften the fall of
Nationalist movement will be united, and this cir- General Averescu, in Western eyes, if he were succumstance, probably, is behind the break in the ne- ceeded first by a coalition instead of by M. Bratiano
gotiations between Cheng Tso-lin and Chiang Kai- outright. It would, and this is more important
shek and the determination of the latter to invade greatly aid the Liberals in the elections if they could
the northern Province of Shantung. Announcement once get the Nationalist-Peasant Party, or a branch
of the adherence of Feng Yu-siang to Nanking was of it, in a coalition with them, temporarily, and then
made by Chiang Kai-shek, who explained to corre- drop them on one pretext or another. The fact that
spondents that Feng had issued a practical ulti- the Nationalist-Peasant Party had consented to join
matum to Hankow. Feng, it was said, demanded, hands with the Liberals, whom they have so often
firstly, the return to his own country of Borodin, and so bitterly denounced, would muffle much of
the Russian Communist adviser of the Hankow re- their campaign thunder. This would be especially
gime, and secondly, that "those members of the Cen- useful to M. Bratiano, since the Nationalist-Peasant
tral Executive Committee of the Hankow Govern- Party has been the foremost supporter of his enemy,
ment who wish to go abroad for a rest should be al- former/ Crown Prince Carol. Moreover, the conflictlowed to do so." Commenting on this development, ing reports about the King's health arouse the suspiGeneral Chiang Kai-shek said, according to the Nan- cion that the question of the succession to the throne
king correspondent of the New York "Times,""I am may again come up soon." The new Cabinet was
most happy over this firm stand by Marshal Feng Yu- formed Wednesday and is as follows:
siang. We are planning to continue the Northern
Premier and Foreign Minister—JON BRATLANO.
Minister of Finance—VINTILA BRATIANO.
campaign as soon as possible. Now we do not fear
Minister of the Interior—JON 0. DUCA.
that our rear will be cut off at Soochow from the
Minister of Agriculture—M. ARGETOIANU.
Minister of Education—M. LETU.
west."
Minister of Religion—ALEXANDER LAPEDATU.
Minister of Justice—STELIAN POPESCU.
Minister of Public Health—JONEL INCHLETZ.
The general European apprehensions of further
Minister of Labor—NICOLAI LUPU.
Minister of Communications—M. AGLESCU.
difficulties at this time with Soviet Russia were
Minister of Public Works—M. MOSOIN.
Minister of War—GENERAL PAUL ANGELESCH.
somewhat allayed in the past week. The recent reMinister of Commerce—M. MRAZEC.
sumption of the "Red Terror" during which 20 members of the old Czarist regime were summarily exeDoubt as to the formation of a Government in the
cuted in Moscow, coming on top of the severance of
Wildiplomatic relations between Britain and the Soviet Irish Free State was dispelled Thursday, when
the
of
President
re-elected
was
Cosgrave
T.
liam
and the assassination of Peter Voikoff, Russian
in
new
22
the
to
68
of
vote
a
by
Council
Executive
Minister to Poland, had led to acute apprehensions
in that regard. Settlement of the difficulties raised Dail Eireann. His party being in the minority in
by the murder of M. Voikoff had been made excep- the new Parliament, President Cosgrave had said
tionally troublesome by a series of intransigeant last week that it was the duty of the opposition and
notes addressed to Warsaw by the Soviet. The cen- not of himself to form a Government at Dublin. Much
tre of the discussions over this incident was trans- political excitement prevailed for that reason when
ferred to Moscow June 18, when M.Patek, the Polish the Dail Eireann convened Thursday. De Valera
Minister, called on M. Litvinoff at the Foreign Of- led his 44 Fianna Fail Deputies to Leinster House,
fice and conferred with him for an hour and a half. where they demanded their seats as duly elected
M. Zaleski, the Polish Foreign Minister, informed members of the Dail. But they refused to take the
press representatives on June 21 that "there existed oath of allegiance to King George, whom they termed
no insurmountable conflicts between Poland and a "foreign King," and they were barred from the
Soviet Russia, and that neither country was inter- Chamber. The formalities of opening the Dail and
ested in complicating relations." The executions in the re-election of President Cosgrave were then carMoscow, though horrifying to the rest of the world, ried out behind the locked and guarded doors of the
were defended in Communist journals throughout Dail Chamber while De Valera and his followers
Russia as reprisals for "the signal for terroristic paced the corridors outside. The latter finally reacts which had been given from London." No fur- tired to their headquarters, where they declared that
ther executions of a similar nature were reported. the demonstration at the Dail was only the first
Moreover, steps taken by the Powers for the curtail- step in the campaign for the removal of the oath of
ment of Russian Communist propaganda abroad allegiance to the British Sovereign.
gained greater significance Thursday when Dr.
A proposal for the reform of the British House of
Stresemann, the German Foreign Minister uttered
an unmistakable warning to Moscow in the course of Lords, breaking up its hereditary basis, possibly
a speech before the Reichstag. Dr. Stresemann de- limiting its numbers and adding to its power and
usefulness, was favorably considered by that body
manded that such propaganda cease.
Thursday. The proposal, sponsored by the ConserA further change in the Rumanian Government vative Government of Premier Baldwin, purposes to
was announced in Bucharest June 21, when the make the seats elective rather than hereditary, and
short-lived Ministry of Prince Barhu Stirbey fell and to give the Lords power regarding financial meas-
3476
•
TITE CHRONICLE
ures and constitutional matters. A storm of criticism was aroused by the action, both Labor and Liberal leaders voicing determined opposition. At a
meeting of Liberals a manfesto was issued denouncing the reform measure. "These proposals, the enactment of which appears to be contemplated without previous submission to the country, will undermine the supremacy of the representative Chamber,
which was secured by the Liberal Party after a long
struggle, culmating in the Parliament Act," reads
the resolution. They permit interference by the
House of Lords in matters of finance and leave the
House of Commons in a weaker position than it has
been for centuries. By taking away the royal prerogative to create Peers in case of a deadlock, they
might force the nation to choose between an uncontrolled hereditary Chamber and revolution."
The British Government's Trade Union Bill, designed to make general strikes illegal, passed its
third and last reading in the House of Commons
Thursday. The majority for the bill was 215 on the
division, many Liberals voting for it. During the
final debate Sir John Simon, one of the Liberal leaders, agreed that the bill was much improved and
stated that he would support it. The next Socialist
Government, he added, would find it far too useful
to be dispensed with. The Laborites, however, continued to the end their bitter opposition to the measure, which they declare is a check on the onward
march of the working classes. As they could not obtain rejection of the bill, they were determined to
make the final proceedings as lively as possible, and
accordingly hurled epithets and vituperation at Sir
Douglass Hogg, Attorney-General, who was in charge
of the bill. The measure was sent to the House of
Lords for further debate, but it is expected that it
will become operative substantially in its present
form.
• [vol.. 124.
gories of combatant vessels of the three Powers."
Mr. Gibson then proceeded to outline the specific
proposals of the United States Government, which
are given at length on a subsequent page.
The British proposals at the opening of the Naval
Disarmament Conference in Geneva were then outlined by W. C. Bridgeman, First Lord of the Admiralty. Mr. Bridgeman, saying expressly that he
would use "plain, blant words instead of rhetoric,"
informed the assembly that "to-day it will be better
to confine ourselves to our own aspect of the question and not discuss proposals which other countries
have made.' The British Empire's position was defined by Mr. Bridgeman as resting on the insularity
of the mother country, making her very existence
dependent on the free passage of food and raw materials, on the length of British trade routes, and on
the extensive coast lines of all parts of the Empire.
Nevertheless, he added, "we feel that there are limitations in naval armament, beyond those which
have been accepted in the Washington Conference,
to which we could safely agree if the other Powers
found themselves able to consent." Mr. Bridgeman
named the limitations he had in mind, which will
also be found on a subsequent page. The object of
his proposals, Mr. Bridgeman said, was to secure
economy in the replacement of ships as they became
obsolete, and to eliminate the danger of rivalry in
new vessels by stabilizing their size and armament.
He reserved, however, the right of reconsideration
of any agreement that might be reached in view of
the Empire's position in relation to Europe, it being necessary to guard against an increase in naval
strength on the part of Powers not signatory to an
agreement reached by the United States, Great Bri tam n and Japan. Mr. Bridgeman expressed the hope
that European Powers would find it possible to give
their adherence to the agreement, thereby reducing
this danger and perhaps making it possible to go
more fully into the question of limiting numbers in
other categories.
The second Conference for the Limitation of Naval Armament, called by President Coolidge and attended by representatives from the United States,
Great Britain and Japan, and by observers from
The Japanese proposals for naval limitation at
France and Italy, opened at Geneva June 20. Hugh the Geneva Conference were read
by Viscount Saito,
Gibson, head of the American delegation, delivered Plenipotentiary for Tokio. Admiral
Saito urged the
the opening statement wherein he conveyed a mes- "traditional policy of the
Japanese Government to
sage from President Coolidge expressing gratifica- give the heartiest support
to all measures and ention over the meeting and hope for its successful ter- deavors which in whatever
form aim at the promomination. In outlining the scope of the delibera- tion of the peace of the world
and the welfare of
tions Mr. Gibson touched on the bearing their suc- mankind." True to that spirit,
he added, the Japancess or failure will have upon the general problem ese Government whole-heartedl
y agreed to the
of limitation of land and air armaments. The Wash- American invitation to
hold the present conference.
ington agreement of 1922, he pointed out, made the The plan. of limitation
suggested by Viscount Saito
present task easier, as it furnished basic principles was summarized in a
statement given out by the
which have stood the test of five years' practical ap- Japanese Legation in Washington,
and which we replication. "Further," added Mr. Gibson, "we can produce on a subsequent page.
start with assured agreement on the following
points: (1) That in the interest of international
The second day's proceedings of the three-Power
understanding there should be no competition be- Conference for Naval Armaments
Limitation were
tween the three Powers in the building of naval given over to the formation of a technical committee
armaments; (2) that our respective navies should to make a complete study of the meanings and imbe maintained at the lowest level compatible with plications of the three plans submitted. The Amerinational security and should never be of a size or can and British plans were considered on prelimicharacter to warrant the suspicion of aggressive in- nary consideration, according to the Geneva corretent; (3) that a wise economy in government dic- spondent of the New York "Times," to be far apart
tates that future naval construction should be kept both in actual proposals and in the apparent likeliat a minimum; (4) that the methods and principles hood of compromise. The Japanese proposal, it was
of limitation set forth in the Washington Treaty are stated, was regarded by both the British and Amenboth effective and should be extended to all cate- can delegates as occupying somewhat of a middle
JUNE 25 1927.]
THE CHEONICLI
3677
of economy and practical expedienty.
ground. The nature of the fundamental differences the viewpoint
however, was considered inadvisprocedure,
a
Such
was
delegations
British
and
between the American
representatives, as the Trindicated to some extent by the press conferences able by the American
could
not, it was urged, revise a
which featured the day. The American delegates Power Conference
and
Italy were parties.
France
which
suggested, in a conference with correspondents, that treaty to
the British suggestion for reducing cruisers from
A treaty of amity between the Governments of
10,000 to 7,500 tons, with 6-inch instead of 8-inch
and Turkey was concluded June 23, accordMexico
guns, would automatically turn the huge British
announcement made in Mexico City on that
an
to
ing
reply
In
merchant marine into an auxiliary navy.
preliminary to the conclusion of
Negotiations
day.
is
delegation
British
to this, Admiral Field of the
in Rome. The treaty, it
concluded
were
pact
the
"Why,
ships,
merchant
the
reported to have said of
peace and amity bethey art only big egg shells! They would be a big was said, establishes a state of
republics, and proMexican
and
target with guns inconveniently placed and with no tween the Ottoman
relations between
consular
and
diplomatic
fire controls and which any cruiser would quickly vides for
the pact by the
of
Ratification
nations.
put out of business." Admiral Hilary P. Jones, ad- the two
and Turkey reMexico
both
of
bodies
legislative
viser to the American delegation, said in reply to
is anticipated
trouble
no
but
obtained,
be
to
mains
this, "Egg shells, eh? Well, give me their 'Majeswill, in all
Senate
Mexican
The
regard.
this
in
and
guarantee
I
tic' with thirty 6-inch guns aboard
in Sepit
meets
when
treaty
the
discuss
probability,
Adlaunched."
ever
to sink any 7,500-ton cruiser
Governments,
both
by
approval
Following
tember.
connavy
American
further:
"The
said
miral Jones
and, fifsiders it needs thirty cruisers of 10,000 tons with an exchange of ratifications will be made,
will
autotreaty
the
exchange,
8-inch guns. We have two building of eight author- teen days after this
will
Turkey
Thereupon,
effect.
into
ized by the last Congress. Britain proposes to re- matically go
Mexico
and
Mexico,
to
Consuls
and
Minister
duce to a smaller size, which, inasmuch as she is so name a
is
well supplied with naval bases, would quite meet will act likewise in regard to Turkey, although it
resident
a
designate
will
Mexico
that
improbable
her needs. We are willing to discuss the point, but
that does not mean that we will accept it. It is im- Minister in Constantinople. Diplomatic relations
possible to accept discussion of anything already between the two countries have existed, it is pointed
decided at the Washington Conference and the out, in a sporadic fashion in the past, a condition
American navy would never permit us to scrap ships which the treaty will normalize. Mexico, however,
for a size unsuitable to our needs. Vessels of smaller has virtually no interests in Turkey and the Mexisize would not have a sufficient cruising radius to cans living in that country are few. Turkish intergive us that same protection which the British state ests in Mexico, on the other hand, are of some conis their reason for launching their new program." sideration. Moreover, a certain amount of comAdmiral Saito, in his statement to the press, con- merce is carried on between the two countries.
curred in the American viewpoint, saying,"Admiral
The National Bank of Belgium on Wednesday
Jones is correct in his statement that a merchant
2to 5%.
1
22) reduced its discount rate from 5/
(June
worthy
a
be
marine armed with 6-inch guns would
April 27.
since
effect
in
been
had
figure
higher
The
size."
of
same
the
guns
opponent of cruisers carrying
An official communique was issued by the Execu- It is the third reduction made the present year by
tive Committee of the Conference Tuesday regard- this bank. The Imperial Bank of India, which on
ing the Technical Committee, which was formed to June 2 had reduced from 7 to 6%, on June 23 restudy the plans with a view to clarification of their duced further to 5%. On the other hand, the Bank
2to 6%.
1
real purport. According to this statement, the com- of Danzig on June 21 raised its rate from 5/
week in
this
change
no
been
has
there
Otherwise
mittee would "exchange agreed statistics of the presEuropean
centres,
leading
rates
at
discount
and
official
destroyer
cruiser,
submarine
tonnage" of
ent
each of the three Powers and of the designed ton- which remain at 7% in Italy;6% in Berlin and Aus2% in
1
nage of ships of those classes comprised in the naval tria; 5% in Paris, Denmark and Madrid; 4/
2% in
1
programs now authorized and for which money has London and Norway; 4% in Sweden, and 3/
been appropriated. The first meeting of the Tech- Holland and Switzerland. In London open market
8% for short
/
nical Committee on Wednesday morning was taken discounts closed yesterday at 45-16@43
8% for three months' bills, the same as
/
up largely with an argument concerning the basis bills and 43
of tonnage measurements. The British method on Friday of last week. Money on call in London
2%,but closed yes1
would seem to allow of considerably higher tonnage early in the week was down to 3/
rating
on Friday. of last
31
than
given
the
8%
/
American
against
3%%,
method.
On terday at
on a
the American basis, it is said the total of British cap- week. At Paris open market discount rates con8%.
/
ital ships would rate 685,000 tons, against 525,000 tinue at 214%, and in Switzerland at 33
allowed under the Washington agreement. A further essential difference between the American and
The Bank of England's gold reserve declined £102,British delegations centred around the British effort 146 for the week ended June 22. Total gold holdings
to reopen and rediscuss the Washington Naval now stand at £152,008,789, against £150,085,001 one
Treaty. In continuing her efforts in that direction, year ago and £157,183,840 in 1925. The proportion
said an Associated Press dispatch of Thursday, of the bank's reserve to liabilities for this week is
Great Britain brought forward one of the most 30.71%. On June 15 it was 30.21%, and two weeks
skilled and experienced diplomats in the Empire. ago 30.04%. Reserve of gold and notes in banking
Lord Cecil, who laid before Hugh S. Gibson, head of department increased £101,000, notes in circulation
the American delegation to-day the great desirabil- having fallen off £203,000. Loans on Government
ity of reducing the size of battleships, aircraft car- securities declined £975,000, and loans on "other"
riers and cruisers, which was definitely fixed at the securities £685,000. Public deposits rose £1,054,000,
Washington parley. Lord Cecil stressed this from but "other" deposits declined £2,633,000. Notes in
3678
THE CHRONICLE
circulation amount to £136,297,000, compared with
£140,388,370 at the same time last year and E145,270,460 in 1925. The Bank's official discount rate
remains unchanged at 4/
1
2%, to which it was reduced on April 20. Below we furnish comparisons
of the various items in the Bank of England return
for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1923.
1924.
1927.
1925.
1926.
June 27.
June 25.
June 22.
June 24.
June 23.
Circulation
6136,297,000 140,388,370 145,270,460 126,509,200 125403.275
Public deposits
20,167,000 18,625,459 13,559,121 19,592,817 13,969,233
Other deposits
95,289,000 100,338.427 118,254,314 112,702,890 114,072,490
Governm't securities 49,410,000 40,160,328 39.031,733 47,587,467 42,973,731
Other securities_ _ _ _ 48,476,000 67,261,350 79,023,183 81,092,286 80,681.961
Reserve notes dt coin 35,461,000 29,446,631 31,663,380 21,501,964 22,267,300
Coln and bullion__2152,008,789 150,085,001 157,183,840 128,261,164 127,620,575
Proportion of reserve
to liabilities
1754%
24%
24.75%
16X%
30.71%
Bank rate
3%
4%
5%
5%
4ii%
a Included beginning with April 29 1925 £27,000,000 gold coin and bullion, previously held as security for currency notes issued and which was transferred to the
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, includes £27,000,000 of Bank
of England notes issued in return for the same amount of gold coin and bullion held
up to that time in redemption account of currency note issue.
The Bank of France in its weekly statement as of
June 22 showed a decrease in note circulation of
274,107,000 francs. As a result, total notes in circulation fell to 52,107,332,925 francs, against 53,073,190,850 francs in 1926, and 43,000,139,735 francs
the previous year. The State made a repayment of
300,000,000 francs to the Bank of France. Accordingly, advances to the State now stand at 26,650,000,000 francs, compared with 36,600,000,000 francs a
year ago and 25,650,000,000 francs in 1925. Gold
holdings at home, abroad available and abroad nonavailable, remained unchanged. Trade advances declined 33,321,000 francs, while Treasury deposits
recorded a gain of 174,262,000 francs. General deposits increased 675,918,000 francs, and bills discounted 195,655,000 francs. Silver remained unchanged. Total gold holdings stand at 5,546,833,343
francs, against 5,548,572,795 francs in 1926, and
5,546,682,128 francs in 1925. Purchases of gold and
silver coins to June 22 under the law of Aug. 10 1926
now total 2,176,366,961 francs, against 2,170,566,961 francs to June 15. Comparisons of the various
items in the Bank of France statement for three
years are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
June 22 1927. June 23 1926. June 25 1925.
for Week.
Gold Holdings—Francs.
Francs.
Francs.
Francs.
IniFranee
3,682.507,441 3,684,251,888 3,683,361,221
Unchanged
Abroad availableUnchanged
462,771,47811.864,320.,907 1.864.320,907
Abroad,non-avail- _ Unchanged
1,401,549,425f
Total
Unchanged
Sliver
Unchanged
Bills discounted
Inc.195,655.000
Trade advances
Dec. 33,321,000
Note circulation _ _Dec 274,107.000
Treasury deposits_Inc.174,262,000
General deposits—Inc.675,918,000
Advances to State
300,000,000
5,546,833,343 5,548,572,795
344,544,015
337,157,943
1,829,213,775 4,743,716,841
1,653,427,164 2,310,768,770
52,107,332.925 53,073.190,850
17,691,160
298,904,205
12,678,678,564 2.908,644,870
26,650,000,000 36,600,000,000
5,546.882,128
312,936,752
3,835,297,971
3.052,191,460
43,000.139.735
36.127.063
2,409,434,277
25,650,000,000
A reduction in note circulation of 347,172,000
marks was recorded by the Bank of Germany for the
week ended June 15. Other liabilities, however, expanded 41,438,000 marks, while other maturing obligations showed an addition of 108,727,000 marks.
Total notes in circulation now stand at 3,342,137,000 marks, against 2,612,839,000 marks in 1926 and
2,362,933,000 marks twb years ago. The items on the
asset side of the account showed for the most part
decreases: Reserve in foreign fell 11,660,000 marks,
but silver and other coin showed a gain of 11,321,000 marks. Holdings of bills of exchange and checks
decreased 221,304,000 marks, but notes on other German banks increased 6,877,000 marks. Investments
[Vox,. 124.
increased 178,000 marks and other assets 55,845,000
marks. Advances declined 26,356,000 marks and deposits abroad fell off 11,250,000 marks. A decrease
of 11,908,000 marks in gold and bullion holdings
caused the total amount of gold to descend to 1,803,588,000 marks, against 1,492,161,000 marks a year
ago and 1,040,194,000 marks two years ago. Below
we give a detailed comparative statement of the various items of the Bank of Germany return for three
years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
Week.
June 21 1927. June 22 1926.
Assets-Retchstnarks.
Retchsmarks. Retchrmarks.
Gold and bullion
Dec. 11,908,000 1,803,588.000 1,492,161,000
Of which depos. abroad.Dec. 11,250,000
57,876.000 260,435,000
Res've in for'n curr'y Dec. 11,660,000
75,234,000 205,388.000
Bills of each. St checks_Dec 221,304,000 2,116,893,000 1,283,110,000
Silver and other coin Inc. 11,321.000
102,405,000 107,347,000
Notes on oth. Ger. bks_Inc. 6,877,000
28,784.000
21,403,000
Advances
28,500,000
Dec.26,356,000
6,449.000
178.000
Investments
Inc.
89,020,000
93,059,000
Other assets
Inc. 55,845,000 520,794,000 680,891,000
LfaSllUfes—
Notes in circulation_Dec347,172,000 3,342,137,000 2,612,839,000
0th.daily matur. oblig.Inc.108,727,000 759,633,000 763,01R,000
Inc. 41,438,000 294,015,000 157,427,000
Other liabilities
June 23 1925.
Retehsmarks.
1,040,194,000
75,745,000
346,731,000
1,402,532,000
69,895,000
22,286,000
8,874,000
201.165,000
1,078,845,000
2,362,933,000
717,261.000
776,097,000
The elimination of the results of last week's United
States Treasury operations controlled the character
of this week's return of the Federal Reserve banks
issued on Thursday. Last week, it will be recalled,
the Federal Reserve banks purchased $185,000,000 of
temporary certificates of indebtedness from the
Treasury, which the latter had sold pending the collection of the quarterly installment of the Federal
income taxes. This week these holdings of temporary certificates of indebtedness have disappeared,
the Treasury having redeemed them. Accordingly,
the grand total of certificates of indebtedness has
fallen from $293,833,000 to $126,211,000. This reduction in the certificate holdings has, at the same
time, pulled down the aggregate holdings of United
States Government securities of all kindsfrom $547,224,000 to $309,341,000. In part, but only in part,
the diminution in holdings of Government securities has been offset by an expansion in the volume
.
of discounts, indicating increased borrowings on
the part of the member banks. These discounts have
risen during the week from $360,942,000 to $438,684,000. Open market purchases of acceptances are also
somewhat larger, having been increased from $182,504,000 to $183,217,000. On account, however, of
the big contraction in the holdings 'of Government
securities, total bill and security holdings (formerly
known as earning assets) are down to $992,542,000
from $1,091,970,000 a week ago. The reserve account of the member banks fell from $2,421,163,000
to $2,307,056,000, and total deposits, including these
reserves, from $2,473,666,000 to $2,364,778,000. The
amount of Federal Reserve notes in actual circulation also diminished, the aggregate this week being
$1,689,347,000, against $1,698,294,000 last week.
Gold reserves have 'risen from $3,016,345,000 to
$3,028,261,000.
The item, however, which will perhaps attract
more attention than any other, is the reduction in
the amount of gold held abroad and which is not included in the computation of gold reserves. This
item is down for only $40,333,000 the present week,
against $62,233,000 last week. It will be recalled
that the item appeared for the first time in the statement for May 11, when the Reserve Board explained
it by saying that during that week the Federal Reserve Bank of New York had purchased abroad $59,548,000 of gold, the purchase having been partici-
Jtna 25 1927.]
THE CHRONICLE
3679
to wipe out the
pated in by all the other Federal Reserve banks, and 279,000, but this proved insufficient
further expana
was
as
there
inasmuch
deficiency
earheld
that this newly acquired gold was now
which was atof
$26,359,000,
item
loan
the
in
sion
the
of
s
correspondent
marked by one of the foreign
net demand deposits of $41,New York Reserve Bank. It was understood at the tended by an increase in
time
deposits fell off $2,858,000.
time that the metal was part of the gold released a 929,000, though
the member banks of the
of
vaults
short time before by the Bank of England to the Cash in own
$1,710,000. State banks
decreased
Bank of France. The item remained unchanged at Federal Reserve
of the Federal
members
not
companies,
trust
$59,548,000 until a week ago, when it was increased and
of
in reserve in
$132,000
decrease
a
showed
Reserve,
to $62,233,000, only to be reduced the present week
of
$363,000 in
decrease
further
a
and
vaults
own
in
item
to $40,333,000. At the same time another
depositaries.
with
kept
reserve
banks,"
foreign
from
the return, namely, sums "due
has suddenly risen during the week from the relaFunds were again in plentiful supply in the New
tively insignificant figure of $662,000 to $14,118,000.
Judging from these circumstances it would seem York money market in the past week notwithstandthe New York Clearing
as if the Reserve banks had sold some $21,900,000 of ing last Saturday's return of
showed a deficompanies
trust
and
banks
their gold held abroad to a foreign bank or banks, House
time. The
successive
third
the
for
reserves
in
ciency
which had made part payment for the purchase, but
has been
loans
demand
for
rate
Exchange
Stock
Whether
still owed $13,500,000 on account of it.
0
47
both for
at
,
week
the
throughout
maintained
defibe
cannot
this is the correct explanation or not
in
the
Only
outside
business.
new
for
and
renewals
official
explanaof
absence
nitely affirmed in the
noticeable
indication,
any
there
was
market
street
or
injustifiable
a
be
to
seems
certainly
that
tion, but
small changes
ference. Why the Reserve banks should suddenly so far as rates are concerned, of the
Monday, and
On
day.
to
day
from
occurred
engage in dabbling in gold abroad, making purchases that
on this
arranged
were
call
loans
yesterday,
and sales, is another mystery that deserves explana- again
were
loans
of
$10,000,000
Only
470.
33
at
market
tion. Have not the Reserve banks got troubles
with
demand
and
Monday,
on
banks
the
by
called
enough of their own without going abroad and hunting for new ones? At all events, a vigorous protest otherwise very light, funds overflowed into the outside market. A slightly firmer tone was apparent
ought to be made against the practice.
Tuesday on calling of between $15,000,000 and $20,The changes in the return of the Federal Reserve 000,000 of loans. Time funds showed a slight hardBank of New York, considered by itself, are on all ening Thursday, fair-size blocks lending at 45/8%
fours with those in the return for the twelve banks for maturities of 90 days to six months. This was
combined. Of the $185,000,000 of temporary cer- maintained yesterday, though a larger supply of
tificates of indebtedness purchased last week by the funds was offered. Brokers' loans on stock and
twelve banks, the New York Reserve Bank took bond collateral by the Federal Reserve member
$135,000,000 and these, of course, have disappeared banks in New York City again increased considerthe present week, with the result that the aggregate ably over the previous week. The advance was $41,of certificate holdings of the New York Reserve 447,000, and coming on top of similar heavy infigure to a
Bank have fallen from $158,000,000 to $27,137,000, creases in previous weeks, sent the total
not
welwas
exactly
news
and the total holdings of Government securities of new high record. This
marstock
in
the
break
a
occasioned
all kinds from $199,024,000 to $65,100,000. The dis- comed and it
counts have risen from $58,944,000 to $95,025,000, ket.
while the holdings of acceptances have remained
Dealing more specifically with the changes from
virtually unchanged. Total bill and security holdto day,the call loan rate on the Stock Exchange,
day
ings have declined from $290,224,000 to $192,346,000,
in the above, has remained entirely
indicated
as
bank
also
reserves
member
have
but
diminished, declining from $997,922,000 to $925,058,000, carrying unchanged throughout the week. At the opening on
down aggregate deposits from $1,032,688,000 to $951,- Monday the renewal rate was fixed at 470 and all
195,000. The amount of Federal Reserve notes in other transactions were at the same figure, and this
actual circulation at the local institution decreased state of things was repeated on each succeeding day,
from $403,807,000 to $401,780,000. Reserve ratios without the slightest change. In the time loan
have risen—that of the Federal Reserve Bank of branch of the market, however, there was a distinct
New York from 81.2 to 88.4 and that of the twelve advance not only for the longer maturities but also
for the shorter dates. On Friday of last week the
banks combined from 76.4% to 78.8%.
0 for 30 to 90-day money and
4@4%7
range was 41/
Last Saturday's return of the New York Clearing 4%@4I/2 for loans running from four to six months.
27
0 for 30 to 90 days and
House banks and trust companies was again a sur- Now the quotations are 41/
prise, in showing continued impairment of reserves. 4%70 for four to six months.
The commercial paper market has also been someOn June 4 there was a deficit below the required legal reserve of $3,511,080. In the statement for June what firmer, without, however, any distinct change
11 the deficiency had increased to $26,419,530. Last in rates. The range for four to six months' names
0, with the
47
Saturday improvement came, but only to the extent of choice character continues at 4@41/
of exceedcase
the
in
only
from
figure
$26,419,530 to $13,887,- inside
available
of reducing the deficit
the
well
known
less
names
that
choice
the
For
ingly
paper.
supposed
large
been
140. It had
Treasury
4@4y2%, which is also the quopayments in redemption of maturing obligations, range remains at 41/
along with the interest payments on Government tation for New England mill paper.
In the market for banks' and bankers' acceptbonds would be sufficient to enable these Clearing
House institutions to make good the entire impair- ances, the only change has been the marking up of
0
ment of reserves. They did increase their reserves the rate on 90-day bills from 33470 bid and 3%7
This
occurred
asked.
470
33
0 bid and
787
with the Federal Reserve Bank of New York by $18,- asked to 3/
3680
THE CHRONICLE
on Tuesday. For call loans against bankers' acceptances the posted rate of the American Acceptance
Council has remained unchanged at 334%. The
Acceptance Council now makes the discount rate
on prime bankers' acceptances eligible for purchase
by the Federal Reserve banks at 35
1
2%
/
8% bid and 3/
asked for bills running 30 days; 334% bid and 3%%
asked for 60 days; 37870 bid and 334% asked for
90 and 120 days, and 4% bid and 37
/8% asked for 150
and 180 days. Open market quotations follow:
FoL. 124.
Reserve Bank reduce its rate, or the Bank of England
increase its rate, more money would flow to London
for short-term investment, and it is possible that
there would be less drain on London gold. Formerly
the approaching cotton, grain and other produce
bills, which are still some weeks off, had the effect
of threatening the future position of sterling, but it
is believed that some of these transactions now take
the form of dollar acceptance credits. Some reports
have it that a part of last year's cotton and grain
SPOT DELIVERY. bills was not settled until very late and some of them
Bid. Mi
lked. only finally disposed of in April of this year.
Big.° Da
lsked.
Bid. Da
ls
Asked.
s
Prime eligible bills__
4
4
3%
3%
3%
The gold movement in and out of the Bank of
—90 Dolls— —80 Days— —30 Days—
Asked.
Bid.
Asked. England the past week has been inconsiderable,
Bid.
Asked.
Bid.
Prime eligible bills— 3%
3%
331
331
3%
3%
amounting to only £5,000 in sovereigns sent to
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
331 bid India. The New York Federal Reserve Bank, howEligible non-member banks
3% bid
ever, in its statement for the week ending Wednesday,
There have been no changes this week in Federal June 22, showed a loss of $21,900,000 in gold held
Reserve Bank rates. The following is the schedule abroad and "ear marked" with the Bank of England,
of rates now in effect for the various classes of paper and an increase in the item "duefrom foreign banks"
at the different Reserve banks:
of approximately $13,456,000. Whether or not these
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL
changes in the Federal Reserve statement disguise
CLASSES AND MATURITIES OF ELIGIBLE PAPER.
some gold balancing transaction as between the two
Rate in
Preview
Date
Effect on
Federal Reserve Bank.
Established.
Rate.
centres or as between the New York Federal Reserve
June 24.
Bank and some Continental central institutions, reBoston
4
3%
Nov. 10 1925
New York
4
3% mains
Aug. 13 1928
to be seen. In its weekly statement on
Philadelphia
4
3%
Nov. 20 1925
4
3%
Cleveland
Nov. 17 1925
Thursday
the Bank of England showed a loss of
4
Richmond
June 14 1924
4%
Atlanta
4
June IS 1924
4%
£102,146
in
bullion. According to Samuel Montagu
Chicago
4
June 14 1924
4%
Bt. Louis
4
June 19 1924
,Sz Co., London, £603,000 gold was available in the
Minneapolis
4
VS1
Oct. 15 1924
Itansas City
4
July 1 1924
4%
Dallas
4
4% open market, of which £513,000 were purchased for
July 16 1924
San Francisco
4
3%
Nov.23 1925
an unknown destination, believed to be Hungary and
Sterling exchange was under slight pressure during France. The remainder was divided between India
the week and quotations were a trifle lower, some and the trade, India taking £35,000. At the Port
trading being done on Monday from 4.853 down'to of New York the gold movement for the week ended
4.853's. The weakness was only temporary, however, June 22, as reported by the Federal Reserve Bank of
and on Thursday and Friday trading was done at New York, consisted of imports of $2,597,000, of
4.85 5-16. Business in sterling is always low with which $2,425,000 came from The Netherlands.
the approach of summer. Political and monetary Gold exports were $173,000, sent to Mexico, Germany
uncertainties together with the fact that British trade and Brazil. There was no Canadian movement of
is dragging are largely responsible for the occasional the metal either to or from the United States.
Canadian exchange continues to fluctuate. On
Weakness. The English unemployment figures inSaturday
last it opened fractionally stronger, but the
with
creased to 1,029,000 as of June 13, compared
998,300 on May 9 last. The dulness of trade must discount was,.nevertheless, 9-64 of 1%. It was the
be attributed chiefly to the seasonal influence of same on Monday, sold at 1-64 of 1% premium
summer, for conditions are improving, and a year on Wednesday, but reacted to 1-32 of 1% discount in
ago the unemployment figure was larger by more the afternoon. On Thursday it ranged around
than 600,000. There is a nation-wide attempt on 1-16% discount. Yesterday it was weak at 9-64 of
the part of the major industries of Great Britain to 1% discount, but slightly firmer towards the close at
of 1% discount. Canadian trade is forging ahead
change and modernize plants on the pattern of
American productive methods, and until this is com- rapidly, and while there is still complaint that merpleted, and a great deal will be accomplished during chandise imports are. too large, especially from the
the summer, there must be some noticeable unem- United States and Great Britain, nevertheless
ployment. The fact that Thursday, June 23 was Dominion exports are considerably in excess of imsettlement day in London caused some restriction ports. It is customary for Canadian exchange to be
in exchange transactions. Bankers in •New York at a discount in the early summer months, followed
are strongly of the opinion that the trend of sterling by a good premium in the autumn.
exchange will be in the direction of firmness, unless
Referring to day-to-day quotations, on Saturday
untoward events should occur on the Continent, last the market was quiet and steady with demand at
especially with regard to Russia and Poland. Con- 4.85 3-16®4.853.. On Monday, sterling was under
siderable New York funds continue to go to London slight pressure and sold off, demand ranging between
for investment in short-term markets, London handl- 4.85Y8@4.85%. Tuesday the range was 4.85 3-16®
ing the American funds and lending again in the 4.85 5-16, Wednesday 4.85 3-16@4.853, Thursday
Continental markets. Offsetting this, however, is a 4.85 3-16®4.85 5-16 and Friday 4.853@4.85 1-16.
steady flow of British capital to this side seeking Closing quotations were 4.85 5-16 for demand and
permanent investment in American securities and 4.85 11-16 for cables. Commercial sight bills finbusiness ventures. There is less talk of a reduction ished at 4.853, sixty-day bills at 4.81%, ninety-day
in the Bank of England rediscount rate and expecta- bills at 4.79 8, documents for payment (sixty days)
2.
tion even exists that the rate will be increased unless at 4.813,, and seven-day grain bills at 4.843/
the Federal Reserve Bank of New York should decide Cotton and grain for payment closed at 4.853..
to reduce its rate. Should either the New York
JUNE 25 19271
THE CHRONICLE
3681
Poland
In the Continental exchanges the feature of the 2.96;on Bucharest at 0.593,against 0.593.;on
2.52,
at
Finland
on
and
11.45;
against
at
11.40,
demand,
for
to
lire
in
rise
sharp
5.803
week was the
1.353
at
% for
the highest since 1920. The former 1927 high against 2.52. Greek exchange closed
against
transfers,
at
for
1.36
cable
/. The rise was the checks and
reached on April 25, was 5.671
cumulative result of widespread speculative opera- 1.36% and 1.37 a week ago.
tions in London, New York and other markets.
In the exchanges on the centres of the countries
Most of these operations, the wisdom of which is
during the war, the feature of the week was
neutral
many
and
York,
New
questioned, took place in
in Holland guilders and the weakness
steadiness
corthe
London
from
cables
received
New York banks
peseta. The peseta closed around
Spanish
the
in
bull
to
intended
centre
this
if
asking
respondents
down over a cent from the year's
for
checks,
16.95
idea
the
conveyed
they
time
same
the
At
lire.
during the speculative movereached
that London is not at all bullish with regard to the high at 18.13,
The position of New York
ago.
months
few
a
ultimate prospects of economic recovery for Italy ment
bullish as regards Spanish
rather
is
traders
exchange
New
through Fascist policies. Exchange traders in
factors which have despeculative
the
and
exchange
been
have
York were inclined to believe that lire
for the most
originate
lately
currency
this
or
pressed
on
manipulati
rushed up through Italian official
The
Spanish
banking
intermarkets.
other
in
part
Exchange
t
Governmen
the
encouragement and that
of
an
attitude
t
take
indifferGovernmen
the
and
the
at
ests
profit
a
reap
later
or
Institute will sooner
it
expense of overlong speculators. It is certainly ence toward the lower quotation, as is favoring their
financial
Spanish
position folThe
the policy of Italy to enhance the value of its cur- export business.
on
and
consolidati
operations
debt
floating
the
rency, but it is not to be believed that a too rapid lowing
is
position
than
better
budgetary
the
in
nt
improveme
advance in exchange quotations would promote
the military
official ends. French francs were on the whole very it was at this time a year ago. Besides
an
longer
no
important
are
in
Morocco
operations
of
tone
steady and little dealt in. The underlying
some
of
was
interest,
exchange
Norwegian
factor.
French
The
both exchanges is one of firmness.
have
not
been
market
this
ns
in
transactio
although
since
time
any
at
than
position is much stronger
of
le
buying
Norconsiderab
been
has
There
large.
t
financing,
Governmen
regards
as
the war, both
general business conditions and the economic temper wegian krone, based on the prevailing opinion that a
of the people. Money is returning to France and rise to around parity will take place soon. Norway
it is generally believed that very soon there will has been going through a deflation crisis recently,
declining steadily, and
be a disposition on the part of French capital to trade has been dull, prices
labor trouble. Neverof
deal
great
a
been
has
there
lend abroad, especially in short-term markets. The
nt in the economic
improveme
steady
a
is
there
theless
the
during
Paris check rate did not change much
it quite probamakes
which
country
the
of
position
for
demano.
3.913'
week, varying from 3.913'I to
will
not
be
long delayed.
parity
to
return
the
that
ble
for
checks,
23.69
around
German marks were steady
on Friday
finished
Amsterdam
on
sight
Bankers'
New
and
Berlin
between
trading
with rather more
cable
last
Friday;
transfers
40.05
2, against
York than in recent weeks. Nearly two weeks ago at 40.043/
l
sight
Commercia
and
bills
40.07,
against
the Reichsbank increased its rediscount rate from at 40.06%,
Swiss
at
francs
40.02.
closed
against
5% to 6%, and this is expected to induce a flow at 40.02,
at
for
and
19.25
cable
bills
sight
bankers'
for
of gold to Germany, or at least to arrest any export 19.243'
n with 19.23 and 19.23 a
movement from there. The higher discount rates transfers, in compariso
n checks finished at 26.73,
Copenhage
earlier.
week
in Germany are certainly attracting funds from
against 26.72 and 26.73.
26.74,
at
transfers
cable
and
France, Switzerland and Holland, and as previously
and cable transfers
26.80
at
closed
Sweden
on
Checks
On
London.
stated, from New York through
while checks on
26.80,
and
26.79
against
26.81,
at
raised
Danzig
of
Bank.
22,
the
June
Wednesday,
at 25.89,
transfers
cable
and
25.88
at
finished
Norway
it
had
where
53'%,
from
to
6%
rate
discount
its
Spanish
at
pesetas
closed
been since July 29 1926. The advance was largely against 25.85 and 25.86.
for
cable
16.96
transfers,
at
and
if not altogether, due to the close connection existing 16.95 for checks
between Danzig and Berlin in matters of business which compares with 17.12 and 17.13 a week earlier.
and finance. A more important change was the
In the South American exchanges Argentine, is
reduction of the Belgian central bank rate on June 22
that
the past few weeks, continued to occupy the
the
is
rumored
It
during
Netherto 5%. from 53'%.
interest, though with no change in rates.
will
bank
of
Swiss
centre
advance
their
the
and
lands bank
pesos are subject to pressure at
Argentine
have
which
been
of
Usually,
mainboth
rates,
rediscount
this time of the year, but now exports have been so
tained at 33'% since October 1925.
The London check rate on Paris closed at 124.02 on extraordinarily large that the seasonal weakness has
Friday of this week, against 124.02 on Friday of last failed to develop. Argentine exports in the first
week. In New York sight bills on the French centre quarter of 1927 were nearly 25% greater than in
finished at 3.913', against 3.913'; cable trasnfers at 1926. Many Argentine authorities favored and
3.919(, against 3.91%; and commercial sight bills at expected a return to the gold standard this summer,
3.91, against 3.91. Antwerp francs finished at but official Argentine still opposes such a measure as
13.88 for checks and at 13.89 for cable transfers, the Finance Minister is of the opinion that a budget
as against 13.883' and. 13.893' last week. Final surplus, the consolidation of the floating debt, and at
quotations for Berlin marks were 23.69 for checks least two good harvests are necessary before such a
and 23.70 for cable transfers, in comparison with step is warranted. Brazilian milreis have been easier.
23.69 and 23.70 a week earlier. Italian lire closed Argentine paper pesos closed at 42.42 for checks, as
at 5.793/2 for bankers' sight bills and at 5.80 for cable compared with 42.42 last week, and at 42.47 for
transfers, against 5.54 and 5.543/2 last week. Aus- cables, against 42.47. Brazilian milreis finished at
trian schillings have not been changed from 14%. 11.74 for checks and at 11.75 for cables, against 11.84
Exchange on Czechoslovakia finished at 2.96, against and 11.85. Chilean exchange closed at 11.99,
3682
THE CHRONICLE
against 11.99, and Peru at 3.73, against 3.73 last
week.
In the Far Eastern exchanges outstanding matters
of importance have been the firmness in yen toward
the end of the week and the reduction in the Bank
of India rediscount rate from 6% to 5%. The 6%
rate had been in effect only since June 2. The
Japanese business situation, while still precarious
owing to the many difficulties which resulted from
the earthquake, is nevertheless improving, and the
export season is approaching. For the first two
weeks in June, exports totalled over 52,000,000 yen,
an increase of 4,460,000 yen over the corresponding
period last year. It is true that business is artificially
assisted to a large extent by Government dictation,
and encouragement price agreements and many other
stimuli which may be only a means of postponing
a more severe reckoning. It is, of course, apparent
to all that the yen, as well as Japanese business,
is greatly dependent upon conditions in China.
Closing quotations for yen were 4732, against
46%
3 on Friday of last week. Hong Kong closed at
4938@4934., against 49@49%; Shanghai at 62%,
against 623/
2; Manila at 493/2, against 4932; Singapore
at 563/
A@56%; Bombay at 36 58@,56%,against 561
16, against 363.,and Cal6utta, 36 5-16, against 363.
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 different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
JUNE 18 1927 TO JUNE 24 1927, INCLUSIVE.
Noon Buying Rate for Cable Transfers to New York.
Value in United States Money.
Country and Monetary
Unit.
•
June 18. June 20. June 21. June 22. June 23. June 24.
EUROPEAustria, whining
14058
Belgium. belga
1389
Bulgaria, lev
.007200
Czechoslovakia, krone .029615
Denmark krone
.2672
England. pound sterling
4 8554
Finland, markka
025191
France. franc
0391
Germany, reichsmark 2369
Greece, drachma
013607
Holland, guilder
4006
Hungary, pengo
.1744
Italy. lira
.0556
Norway, krone
.2585
Poland, zloty
1123
Portugal, escudo
0503
Rumania.leu
.005939
Spain, peseta
1703
Sweden. krona
.2678
Switzerland, franc_
.1923
Yugoslavia, dinar_ _
.017578
ASIAChinaChefoo„ tadl
.6479
Hankow,tadl
6444
Shanghai, tael
.6245
'Ilentsin, tadl
6546
Hong Kong, dollar_ .4895
Meldcan dollar_ _
.4488
Tientsin or Peiyang
dollar
.4446
Yuan, dollar
4413
India, rupee
3615
Japan, yen
.4677
Singapore(S.S.),dollar .5596
NORTH AMER..998585
Canada, dollar
999031
Cuba, peso
464650
Mexico, peso
Newfoundland, dollar. .996188
SOUTH AMER.Argentina, peso (gold) .9648
.1182
Brazil, milreis
.1204
Chile. peso
1.0028
Uruguay. peso
.14059
.1389
.007205
.029615
.2672
.14073
.1389
.007211
.029615
.2673
8
.14059 1 .14063
.1389
1 .1389
.007209 .007214
.029615 .029618
.2673
.2673
.14058
.1389
.007218
.029619
.2673
4.8551
4.8555
4.8553
4.8562
4.8556
.025191 .025191 .025196 .025188 .025193
.0391
.0391
.0391
.0391
.0392
.2369
.2369
.2369
.2369
.2369
.013567 .013530 .013528 .013566 .013561
.4006
.4006
.4006
.4006
.4006
.1744
.1744
.1744
.1744
.1744
.0563
.0558
.0565
.0574
.0578
.2584
.2589
.2590
.2590
.2591
.1124
.1125
.1128
.1123
.1123
.0503
.0503
.0503
.0503
.0503
.005968 .005948 .005939 .005937 .005923
.1715
.1713
.1691
.1707
.1701
.2679
.2680
.2680
.2680
.2680
.1923
.1923
.1924
.1925
.1925
.017585 .017572 .017577 .017572 .017577
.6479
.6438
.6229
.6546
.4890
.4485
.6458
.6409
.6205
.6525
.4877
.4458
.6473
.6433
.6233
.6540
.4892
.4478
.6467
.6416
.6211
.6538
.4886
.4485
.6475
.6431
.6233
.6542
.4890
.4476
.4442
.4408
.3614
.4688
.5596
.4408
.4375
.3615
.4724
.5596
.4421
.4388
.3616
.4715
.5596
.4425
.4392
.3617
.4745
.5596
.4427
.4394
.3615
.4735
.5596
.998824
.999156
.464650
.996563
.999292
.999094
.464333
.997031
.999798
.999125
.463667
.997375
.999393
.999156
.463833
.997063
.998897
.999094
.463833
.996500
.9649
.1181
.1204
1.0023
.9654
.1179
.1204
1.0010
.9653
.1181
.1204
1.0033
.9651
.1181
.1204
1.0025
.9645
.1179
.1204
1.0025
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $4,539,511 net in cash as a result of the
currency movements for the week ended June 23.
Their receipts from the interior have aggregated
$5,442,171, while the shipments have reached $902,660, as per the following table:
[VOL. 124
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ended June 23.
Banks' interior movement
Into
Banks.
Out of
Banks.
$5,442,171
Gain or Lou
to Banks.
$902,660 Gain $4,539,511
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday,
June 18. June 20.
Tuesday. Wednesd'y, Thursday, Friday,
June 21. June 22. June 23. June 24.
Aggregate
for Week.
$
114,000 000 95,000,000 101.000 000 94.000,000 84,000.000 87,900,000 Cr.
575,000,000
Note.-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation
of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on Institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
June 23 1927.
Banks of
Gold.
Silver.
June 24 1926.
Total.
I
Gold.
SUrer.
Tote.
£
£
£
England _ _ 152,008,789
152,008,78 150,085,001
150,085,001
France a_ _ 147,300,268 13.760,000 161,060,268 147,370,076 13,480,000 160,850,076
Germany b 87,285,600
c994,600 88.280.200 61,580,000
994,600 62,574,600
Spain _
103,896,000 28,077,000131,973,000 101,500,000 26,778,000 128,278,000
Italy
46,286,000 3,967,000 50,253,000 35,713,00
3.423,000 39,136,000
Netherrds 34,591,000 2,320,000 36,911,000 35,990,000 2,255,000 -28,245,000
Nat. Belg _ 18,397.000 1,166,000 19,563,000 10,954,000 3,594,000 14,548,000
Switzerl'd_ 18,326,000 2,854,000 21,180,000 16,769.000 3,552,000 20,321,000
Sweden_ _ _ 12,316,000
12,316,000 12,714,00
12,714,000
Denmark _ 10,703,000
736.000 11,439,000 11,400,000
836,000 12,236,000
Norway _ _ 8,180,000
8,180,000 8,180,000
8,180,009
Total week 339,289,657 53,874,600 693,164,257 592,255,077 54,912,600647,167.677
Prey. week 339,317,703 53,920,600 693,238,303 591.946,525 54,785,600 646,732.125
a Gold holdings of the Bank of France are exc usivo of gold held abroad, amounting
the present year to £74,572,836. b Gold holdings of the Bank of Germany are
exclusive of gold held abroad, the amount of which the present year Is E2,893,800.
C As of Oct. 7 1924.
The Geneva Conference for Limitation of
Naval Armaments.
The differences of opinion and policy which have
developed among the three Powers represented at
Geneva in the Conference for Limitation of Naval
Armaments, while not unexpected, nevertheless afford another striking illustration of the perplexities
which beset the whole question of disarmament, and
the difficulty of isolating any particular phase of
the general issue and dealing with it by itself. The
purpose of the Conference, as stated in the letter
from President Coolidge which was read by Mr.
Gibson at the opening session on Monday, is "to
consider measures for the further limitation of naval
armaments through the extension of the principles
of the Washington Treaty." Mr. Gibson, in amplifying President Coolidge's statement, felt warranted
in assuming that the Conference would "start with
assured agreement on four points: (1) that in the
interest of international understanding there should
be no competition between the three Powers in the
building of naval armaments; (2) that our respective navies should be maintained at the lowest level
compatible with national security, and should never
be of a size or character to warrant the suspicion of
aggressive intent; (3) that a wise economy in government dictates that future naval construction
should be kept to a minimum; (4) that the methods
and principles of limitation set forth in the Washington Treaty are both effective, and should be extended to all categories of combatant vessels of the
three Powers."
The Washington agreement, it will be remeimbered, related only to capital ships, notwithstanding
JUNE 25 1927.]
THE CHRONICLE
3683
armathat the American Government had desired to in- any agreement for the restriction of naval
BridgeMr.
which
detailed
indications
The
proments.
-American
The
clude auxiliary vessels as well.
gun
posals submitted at Geneva provide for the division man submitted regarding the number, size and
vessels,
auxiliary
of
different
the
classes
deof
cruisers,
calibre
classes,
four
into
vessels
of auxiliary
stroyers, submarines, and other vessels "of negli- some of them apparently sharply at variance with
gible combatant value"; the imposition, in the case those submitted by Mr. Gibson, all turn, in the main,
of vessels of the first three classes, of restrictions upon the contention that British needs are peculiar,
in tonnage and speed, and the allocation to each of and hence must be met by peculiar treatment of a
the three Powers, for vessels of the same classes, of favored kind. Whether the differences between
total tonnage at substantially the 5-5-3 ratio already Great Britain and the United States, all things bein force for capital ships. For the cruiser class the ing considered, are as great as Mr. Bridgeman's emproposed tonnage is, for the United States and the phasis would seem to imply, is fairly open to quesBritish Empire, 250,000 to 300,000 tons each, for tion. It is obvious that the widely scattered and
Japan 150,000 to 180,000 tons; for the destroyer strategically placed naval bases and coaling stations
class, 200,000 to 250,000 each for the United States of Great Britain greatly facilitate the use, in time
and the British Empire and 120,000 to 150,000 for of war, of vessels of relatively small tonnage and
Japan; and for the submarine class, 60,000 to 90,- coal-carrying capacity, and that the naval bases are
000 each for the United tSates and Great Britain, themselves a powerful protection to trade routes.
The United States, on the other hand, with few
and 36,000 to 54,000 for Japan.
Government
naval bases or coaling stations, and with its Pacific
American
the
of
• To these proposals
possessions at a great distance from the continental
and
the
Admiralty
of
First
Lord
Bridgeman,
W.C.
including
latter
United States, has an obvious need of naval vessels
(the
delegation
British
the
of
head
the Dominions as well as Great Britain), immedi- of large tonnage and wide steaming range, able to
ately opposed an elaborate program which appears, keep the sea for long periods. The position of the
at least on the surface, to be of a radically differ- United States in the matter of food is certainly more
ent nature. Instead of accepting the principle of advantageous than that of Great Britain, but as
the Washington Treaty, with its 5-5-3 ratio, and long as the United States is dependent upon foreign
applying it, albeit with variations, to auxiliary ves- sources of supply for raw materials essential to
sels, Mr. Bridgeman placed in the forefront of his some of its most important industries, it can hardly
statement the special difficulties of Great Britain be claimed that the protection of trade routes and
due to "the insular position of the mother country, lines of communication is a naval need which Great
dependent for raw materials, food, and her very ex- Britain alone is entitled to urge.
Again, the British proposals regarding the restricistenceonn the free passage of the seas," the length
of her trade routes, "the extensive coast lines of all tions to be imposed upon the tonnage and armament
parts of the Empire," and "the long lines of commu- of cruisers seem to open the way to a disproportionnication to be protected against any danger." To ate advantage, for Great Britain, in the use of merthis was then added a detailed schedule of proposals chant vessels as auxiliary cruisers. After all, there
regarding the tonnage, gun calibre, etc., of various should be no magic in the word cruiser. The smaller
classes of vessels. The Japanese spokesman, in a the cruiser, the lighter its protective armor, the
cautious speech, pointed out that "the requirements smaller the calibre of the guns that it can mount,
of each nation in regard to auxiliary craft are re- and the more limited its cruising range. Ocean
flected in what that nation possesses actually or in liners, of course, are not armored, but naval authoriauthorized programs," and proposed that neither of ties appear to be agreed that a modern liner, such
the three Powers "shall, for such period of time as as Great Britain possesses in far greater number
may be agreed upon, adopt new building programs than the United States, when equipped with the sixor acquire ships for the purpose of increasing its inch guns which most of them can carry, and with a
naval strength," naval strength being defined in speed and cruising range in excess of those of most
terms of total tonnage, actual or under construc- cruisers, would be able to give a very creditable account of itself in a fight with a cruiser whose guns
tion.
So complicated and apparently contradictory were were of equal or even larger calibre.
The Conference appears to have perceived in the
the detailed proposals of the three Powers, that the
Conference agreed at once to refer them to a com- British proposals, further, an intention to reopen
mittee of technical experts for study and compari- questions which the Washington Treaty has been
son. , Until the committee shall have analyzed the understood to have closed. Mr. Coolidge, in calling
proposals and made a report of fact, it would be the Conference, sought to deal only with auxiliary
presumptuous for those who are not experts to at- ships, applying to them the principles of restriction
tempt to say precisely in what respects, or to what agreed upon at Washington. Mr. Bridgeman placed
extent, the British and Japanese programs run at the head of his list of specific proposals the extencounter to that of the United States, or whether or sion of the life of existing capital ships from twenty
not the three sets of views can be harmonized. On to twenty-six years, together with a reduction of the
the surface, the American and Japanese plans do tonnage of future capital ships to some figure benot seem to be necessarily antagonistic. The Brit- low 35,000 tons. The former proposal, if adopted,
ish plan, on the other hand, diverges from the Ameri- would apparently require the United States to keep
can at so many points as to invite comment upon in commission for six years longer capital ships
certain of its provisions.
fewer in number, and with lower gun elevation and
that
example,
for
Great
clear,
seems
It
Britain, in range, than British vessels of the same class, while
laying stress upon its insular position and the prob- the latter proposal would permit Great Britain to
lems of trade routes, coast lines, and lines of com- retain its two new battleships, the "Rodney" and
munication between the various parts of the Em- "Nelson," which rank as the most powerful fighting
pire, is prepared to claim preferential treatment in craft in the world. Mr. Coolidge proposed to re-
THE CHRONICLE
[VoL. 124.
strict naval armament further by restricting the statement was made that "throughout the country
total tonnage of auxiliary vessels, on the basis of to-day 5,000,000 school children were participating
the 5-5-3 ratio with an agreed allocation of tonnage in school savings organizations, as compared with
to each of the three Powers. Mr. Bridgeman's al- 300,000 in 1915."
When we look upon the orgy of spending by our
ternative is a complicated scheme of reductions in
tonnage and gun calibre whose exact significance adult population now going on we can only comawaits the determination of a committee of technical mend this conference for the place given to thrift in
experts, and, in addition, a scale of life for existing its proceedings. For the spenders of to-day are not
vessels appreciably in excess of the American pro- setting a good example for the savers of to-morrow.
posal. The United States, in short, stands commit- But thrift is much more than the saving of money.
ted to the proposition that the only way to restrict It is the saving of character. It is the conservation
naval armament is to restrict it, and that the most of personal power. It is the cumulation of knowlpracticable form of restriction at the present time edge and the accumulation of wisdom. Thrift is the
is the application to auxiliary vessels, in regard to wise use of possessions, be they material, mental or
which there is no international agreement, the same moral. It is temperance in all things. It is work
principles and methods to which the Powers assented for work's sake; is of the fibre of growth, and the
at Washington. The British rejoinder, while not development of fruitage.
A statement has recently been made that one of
an out and out rejection of the Washington principles and methods, is a plea for special considera- the notable changes in the professional educational
tion whose actual effect in restricting naval arma- outlook is that the schools have come to the conclusion that in loco parentis is not sufficient, that the
ment is, for the moment, problematical.
Marked as such divergences appear to be, however, teacher simply cannot succeed without the actively
they should not, at this stage of the Geneva pro- interested support of the home. The teaching there
ceedings, be exaggerated or made the occasion of must co-operate with that in the classroom. The
recrimination. Most international agreements are bulwark of the nation is no longer alone the "little
the result of bargaining, and it is entirely possible red schoolhouse." In fact, this symbol of strength
that Great Britain and Japan, in submitting their is giving way to the consolidated school, even in the
initial statements, have claimed more than they are country districts. And then, there is the newspaper
prepared to accept. Mr. Gibson, in turn, is quoted —flaunting the doings of the wide world before the
as intimating that the American proposals are not an eyes of the child as soon as it can read. So many,
absolutely fixed quantity. It is easy to understand complex and continuous, are the impressions seekthat Great Britain, with its Imperial responsibilities ing out the child mind, that it cannot be said of any
on the one hand and its intimate relations with con- institution or agency of to-day that it is reibonsible
tinental Europe on the other, should hesitate to ac- for the life of a maturing generation. Conversely,
cept equality of naval strength with the United fathers and mothers who do not themselves practice
States, especially in view of the fact that the United thrift are chargeable with its failure to properly
States, since the Washington Conference, has been attract youth. Whatever the elementary or the adfar from energetic in naval matters. On the other vanced or continuation schools may be able to do
hand, what the peoples of the three conferring Pow- will be a great gain. But in the midst of a quarter
es will be grateful for is a prompt and substantial century noted above all others for its extravagances
reduction of naval expenditures, an assurance that the problem assumes tremendous proportions. And
competitive naval construction of all classes of ves- it is of prime economic importance. For what is
sels has been banned,and a limitation of naval arma- heedlessly spent now cannot be spent in after years.
ments to the plain requirements of national defense. Unless our vaunted and much misunderstood prosThey will willingly acquiesce, we feel confident, in perity can continue in an increasing ratio, the child
any reasonable arrangements regarding such tech- of the following quarter century will have less to'
nical matters as the allocation of naval tonnage, the spend because of the exhaustive and careless spendclassification of combatant vessels, the calibre or ing of this. In a word, if the child of the present
elevation of guns, or the size of aircraft carriers, does not learn to depend upon its own saving the
if the present weight of taxation for unnecessary child of the future will suffer from a lack of proper
inheritance in the ways of saving.
naval purposes is lifted from their shoulders.
It is far from our purpose to attempt to suggest
Thrift—Its Many Aspects.
methods to teachers or parents. An intensive study
The fourth annual conference of directors and of thrift in its relation to life is within our privisupervisors of vocational education, having in charge lege. Thus, if we go to nature for our guide we find
consideration of continuation schools, which met at that amid t all the multitudinous changes
about us
the State Chamber of Commerce, 65 Liberty Street, "nothing.is lost." Out of the barren earth the wood,
discussed, May 27, at its morning session the sub- out of the wood the flower, out of the
flower the
ject of "Thrift," under the general topic of "Train- fruit and out of the fruit the seed. A continuous
ing for Economic Citizenship." Here are some of round of growth and fruition, followed by a
renewal.
the statements reported from the discussion:"Money Change in thought and action in life is not, thereis the result of thrift. As soon as the child learns fore, waste, if the guiding purpose be not forgotten.
not to waste he will save. . . . All children pos- Wisdom is the resultant of the contemplation of
sess a natural saving instinct. Therefore, thrift knowledge. Often we are asked to explain the value
teaching involves encouragement of natural tenden- of certain subjects in common courses of study, a
cies. Co-operation between banks and continuation somewhat difficult task. And an experiment is now
schools can do much to encourage thrift. . . . under way to create for freshmen and sophomores
Thrift is a habit, and if it is instilled In the minds in a university a series of colleges where all subof young people they will not forget it." A further jects will be open for choosing and will be taught in
JUNE 25 1927.]
THE Cli4ONICLE
3685
an inductive way by a faculty in intimate contact to gather memories that never bring regrets. As
with a family of students. Applying this sugges- there is release from routine in harboring a fad, so
tion of our premise—thrift in life is the selection there is rejoicing in knowing another business when
out of our vast intellectual environment not only the the current one fails. To linger a little over the
useful in a practical sense but the beautiful in an flowers and sunsets, the green fields of the countryaesthetic way. No experience or knowledge is lost to side and the massive towers, shadowy and serene in
us, whatever be the conditions of our lives, which a mighty city, this chastens the spirit and stirs the
we grasp and assimilate. Perhaps this is why young soul. He has not lived in vain who knows the trees
men often succeed without a college education over of his vicinage. He is not a failure who can look
others. Thus, the accumulation of capital is only upon his changing times without rancor or sorrow
half the problem, its wise commercial and financial —as upon a panorama made for his own delectation.
use is the other. And above and beyond this is the He is never a fossil or a dud who advises kindly,
splendid form of thrift that teaches us that he who patiently, at the proper time. Neglecting one's own
has always done his best has never failed, whatever affairs to run the world is waste at the source. He
the outcome. Thrift becomes by this definition a who has one friend is not a bankrupt. He who has
sense of the relative importance of things. Gather- one talent is not poor. He who conserves his own
ing the honey from all impressions, hungerings, and thought has a home not built with hands, supreme
accomplishments, this is the thrift that conquers in the heavens.
The teacher and the parent, not less than the
waste in effort and in enterprise. Money and capias
they
are,
are
the
least
of
the
and the institution, in our civilization, have
necessary
things
helper
tal,
we ought to save. To teach the child this form of a duty to youth, to inculcate thrift in the immatethrift lays the foundation for a better economic and rial things of life. The child should be taught, and
civic life. With all our resources, energies, accom- taught by example, that not the most but the best in
plishments as a people, there is a despairing note in life is the true aim and object. What if the hovel
our progress. Yet the gift of a life, that fails by totters beside the palace, there may be more laughter
common standards,is a sublime boon.
in the hovel. Inequality, contrast, these will ever
Along, then, with the teaching of thrift in money prevail. But why discontent if we count our inner
and capital teach thrift in the appreciation of life riches? "Better living conditions" lie not so much
—its opportunities for helpfulness; its triumphs in externals as in the sanctuaries of hearts. Let it
over circumstances through interpretation; its ac- not be said our teaching by example is wholly negcumulations of wisdom through experience. This lected. In countless admonitions, loves, and sacriwill react upon society. It will still the tumult of fices, parents everywhere are sowing the seeds of
unfeeling competition; it will draw the stings of spiritual thrift, not entirely unconsciously, and yet
comparison; it will make the poor rich, and take not perhaps definitely as a lesson in the conservation
naught from them. Class warfare in to-day is of self as contrasted with success.
"All the world's a stage!" But if the men and
largely because there is not a proper realization of
women
players would only drop their masks, would
thrift in the essentials of true living. What matters
in
daily contacts all make-believe, what a
forego
it that one has more money or culture or knowledge
or wisdom, or place or power, than another, when change there would be! If in national diplomacy it
there is that within which passeth show, when the is better not to dissimulate, it is better in personal
soul is uplifted in that it draws all things unto it. affairs to be simple and direct. Talking too much,
Half that we do in school, in life, in business, seems or not enough, does not conserve good-will. So that
useless. Yet nothing is lost. Even failure becomes in the little things of society, business, and civic
success when we read it aright. The social, the eco- affairs, there is a form of thrift in smoothing down
nomic, the political order, these, too, can practice the differences and difficulties of the common interthrift. First the individual, then the community. course. As the dollar in the savings bank grows by
Trying to possess everything, to enjoy everything, the addition of interest earned and paid,so the word
in the present, is mortgaging the future. Society is spoken kindly and truly lives on, gathers new power
made up of individuals. Living "as well" as the in remembrance, some time to bloom in returning
neighbors takes no note of thrift, thrift that turns kindness and generosity ten-fold when opportunity
saving to good purpose. Towns that demand all the shall come. A day would be insufficient to record the
appointments of a citj before they are able are not advantages of this kind of thrift.
thrifty. Following fashion, uplift, public spirit,
To encourage the saving of money by the young
without exercising judgment or counting the cost, without transforming it into the countless uses to
leads many a community into untimely debt. And which it may be put for the betterment of mankind
unless there is cause in need debt is not a friend to is not quite the full lesson. Money in itself is little.
thrift. Individual thriftiness does not vote bonds In its uses it is great. A million easily transforms
upon another generation simply because of popular into a factory that employs labor and manufactures
demand. Who really practices thrift in his own articles of use, comfort and beauty. Rightly interaffairs is schooled to practice it in public affairs. preted, every business is a benefactor. "Wall
Teaching by example is a good way to bring up a Street" is not a den of thieves and gamblers, but a
child. Are we not socially and economically pro- centre of financial resource and power, its centripgressing fast enough when we take care of the nat- etal and centrifugal forces extending to the antipoural increase?
des, and by the necromancy of credit giving life to
In conserving the love of truth and beauty we trade and industry. To use dollars saved as tools
lay by store for satisfaction, gladness and content with which to build a civilization in which culture
as the years of life pass by. To read good books is and contentment grow from more to more through
to lay by treasure that the moth and rust of age can- and by each man making the best of his one life, this
not destroy. To do good deeds of loving kindness is is the apotheosis of thrift.
360
THE CHRONICLE
/
7
•
The Indications of Cotton Acreage in June 1927
There has been a general reduction in cotton acreage the present season throughout the entire South.
The reports are absolutely uniform in that respect
—barring some minor local exceptions to the rule.
The percentage of decrease naturally varies in the
different States as conditions themselves vary, but
at this date every State in the Cotton Belt has less
area in cotton than it had at the completion of
planting last season. Such a result seems logical
enough, of course, when we recall that in comparing
with 1926 we are comparing with the year of largest
cotton acreage in the country's history and which
yielded a cotton crop of overwhelming size—so much
so as to create gloom and consternation in the cotton producing world and cause a collapse last
autumn in the market price of the staple that
aroused at the time the deepest alarm and threatened general disaster to the whole Southland, though
fortunately, the price has sharply recovered in the
interval since then.
But while the lower price has unquestionably
played some part in holding cotton acreage down—
and it certainly exercised a wholesome restraint in
preventing additions to acreage where local circumstances or conditions might have warranted such a
step—it should be distinctly understood that the
falling off in acreage is not the result of any concert
of action on the part of agricultural bodies or others
to bring about such a result. Last winter, after the
great collapse in the market price of the staple, there
was much conferring among the heads of agricultural societies and others with a view to ensuring
united action for reducing acreage for the new crop
—the moving instinct in this being the law of selfpreservation—and it was then suggested that the
1927 acreage be cut down one-quarter or one-third,
and it was also suggested that local bankers who had
made advances on cotton bring pressure to bear upon
planters with a view to compelling them to take such
action, in order to bring recovery in price so vital
for the existence of the cotton producer. But these
were desperate expedients meant to deal with an
apparently desperate situation. No real endeavor
was ever made to carry them into execution, and,
as a matter of fact, subsequent developments have
made them unnecessary. A substantial recovery in
price has occurred without resort to any such extreme measures, and compared with the proposed
reduction in acreage of one-quarter or one-third, the
actual reduction, as now disclosed by our investigations, appears moderate indeed. Between Aug. 1
and Dec. 1 1926 middling upland spot cotton in
New York dropped from 19.20c. to 12.60c.; June 1
1927 saw the price back to 16.95e. Similarly, the
average price of cotton on the farm for the South as
a whole dropped from 16.8c. Sept. 15 to 10.0c. Dec.
15, but had recovered to 13.9c. by May 15 and to a
still higher point on June 15, though this last-mentioned figure is not yet available.
The most important feature about this recovery in
the price of the staple has been that there was nothing
spasmodic or speculative about it—indeed, market
operators were inclined to think that the price must
go still lower—that it came entirely in response to
normal developments which completely changed the
aspect of the situation. The 1926 crop proved of
enormous size, reaching almost 18,000,000 bales, and
the supposition in the trade was that it would be
impossible to find a market or an outlet for it. Had
this proved true, depression would have reigned
supreme. Instead, a demand for cotton developed
at the lower values both at home and abroad, that
has excited the wonder of the world and proved an
eye-opener as to the possibilities of expansion in
the use and consumption of American cotton. The
foreign consumer has been particularly avid in his
takings of the staple at job-lot prices. He knew a
good thing when he saw it. For the season to date,
that is from Aug.1 1926 to June 17 1927, the exports
of cotton from the United States (not including the
movement to Canada) reached no less than 10,407,
639 bales, against only 7,514,314 bales in the corresponding period of the preceding season and 7,804,712 bales in the same period of the year previous.
Germany took 2,854,672 bales, against 1,645,746
bales in 1925-6; Great Britain 2,514,815 bales, against
2,216,785 bales; Japan and China, 1,716,146 bales,
against 1,122,971 bales; France, 987,966 bales,
against 877,579 bales; Italy, 747,648 bales, against
666,634 bales, and the rest of the world 1,195,654
bales, against 809,987 bales. What a wonderful,
what an enviable record! In face of such figures
who will say that Cotton to-day is not as supremely
king as it ever was. Let the Southern planter stand
up, as of old, and proudly survey his wide domain,
for it is evident that with his product he is conquering the whole world. Simultaneously the domestic
demand for cotton has further increased. The more
glory to the Southern planter! The United States
Census returns show that for the ten months ending
May 31 1927 the amount of lint cotton consumed in
the United States was 5,970,844 bales, as against
5,475,502 bales in the corresponding period of the
previous season. And the figures for the month of
May were the best of the whole series, showing 633,024 bales consumed, against 516,376 bales in May
last year.
These figures certainly tell a wonderful story, and
our object in introducing them as part of our investigation of the present season's cotton planting is
to emphasize the point that the decrease in acreage
which our returns disclose, must be looked upon
mainly as being the result of certain adverse happenings and not as the result of design on the part
of planters. There was nothing deliberate about
it. Southern planters no doubt everywhere, guided
by their innate common sense, felt that it was not
wise to plant too much cotton the present year, and
in their action were governed accordingly. But the
really substantial decreases, where any occur, have
not been the outgrowth of any such impulses or sentiments.
The long and short of the matter is that the decreases have been the work of nature, and thus have
been forced upon the planter. The floods caused by
the overflow of the Mississippi River and its tributaries, are a conspicuous instance of the kind. Arkansas, Mississippi and Louisiana have been the
worst sufferers on that account, but several other
States have likewise suffered to a greater or less
JUNE 25 1927.]
TH 141
CHRONICLE
3687
extent. The overflow of the Mississippi was the worst quite wide strip of territory in the central part of
in history. But it is not necessary Pi), enlarge upon the Belt has suffered from excessive rains—we mean
this point, since the daily papers by picturing the ex- outside of and apart from the floods in the Missistent of the distress and recounting the huge relief sippi Valley—and these rains have been sufficient
measures necessary to deal with it by means of the to reduce acreage in not a few instances, though in
Red Cross and through Governmental and other this strip there has been nothing in the nature of
agencies, have made everyone acquainted with the overflows of minor streams which in some past seafacts. In the upper reaches of the Mississippi and sons have done so much harm. On the other hand,
its tributaries the overflow reached an acute stage in a small fringe of cotton land on the Atlantic
as early as April, and then the water passed slowly Coast very dry weather has been an obstacle to full
off so that planting could be begun in great num- •planting, though this has not played any great part
bers of cases the latter part of May on many of the in affecting the general result, besides which, late
submerged areas, but unfortunately, in June, the rains have come in here to relieve the situation in
spring freshets caused a second overflow, which did that respect, with little likelihood that they will
new damage, and though this second overflow did modify the reduction in acreage to any extent.
Without further comment we now present our esnot cover so wide an area, it covered a substantial
or approximation of the planting in the diftimate
land
twice-submerged
this
portion of it and much of
and for the country as a whole. In
States
ferent
Down
this
of
writing.
time
the
at
water
under
is still
we wish to reiterate what we have
figures,
the
giving
the
of
did
inundation
the
stages
worst
Louisiana
in
not occur until June, and here, also, the waters have said in previous years, namely that we make no prenot yet passed off; and while planters in the afflicted tense to exactness, that there are always many undistricts are sowing seed in the mud as the water certainties involved in the collection and compilarecedes, it is still a question how far the process can tion of the returns and that precautions against
be carried, since the season is now well advanced and imperfections and deficiencies, based on long expeconsiderable time must elapse before the whole of the rience, often prove futile; furthermore, that the
inundated territory will be entirely free from water. present year, no less so than in preceding years
In Arkansas the overflowed area in April aggre- —in fact even more so, as explained at length above
gated 1,838,000 acres, of which 1,112,000 acres were —special factors have operated to increase the unin cotton last season. In that State the planted certainties and to augment the difficulty of the
acreage this year seems to be about 12% smaller undertaking. In the circUmstances our figures and
than it was last year. In Mississippi 735,000 acres statements cannot be considered anything more than
were at one time under water, of which 550,000 acres estimates and approximations—approximations, to
were in cotton last season. The acreage of this State be sure, as cloRe as it is possible to make them by
shows a decrease, according to the best judgment calling to our aid every source of information at
of our correspondents, of about 10%. In Louisiana command, but subject, nevertheless, to greater or
the submerged area is not so extensive and it is the smaller modification as the uncertainties referred
sugar parishes that have been the worst sufferers, to are resolved into actual facts, thereby removing
but here much of the cotton area affected will suffer the elements of conjecture and doubt.
It seems proper to add that in applying our pera total loss. Accordingly the cotton acreage of the
State seems destined to show a decrease of 20%, and centages of increase or decrease in acreage we alsome put the figure still higher. Missouri is only a ways follow the practice of using the latest revised
very small cotton producing State, but here, also, figures of acreage for the previous season as put out
there appears to be a loss in acreage of 20%,as much by the Department of Agriculture at Washington.
of the cotton land borders on the Mississippi and As we have previously explained, there seems no
reason why these revised figures of the Agricultural
was submerged a second time in June.
floods,
The Mississippi
however, have not been Department should not be regarded as absolutely
serving
to
only
influence
reduce cotton acreage correct, considering the pains taken to make them
the
the present season. The big State of Texas has en- so, and it is our understanding, furthermore, that
countered drought over a portion of its area; central the Department always acts in collaboration with
and western Texas are the sections chiefly affected. the Census authorities.
The Texas Panhandle in the extreme northwestern
Estimate for
Acreage
1927—
Planted 1926—
part of the State was harder hit than any other.
Probable
Increase
Department
This will appear when we say that a correspondent
Acreage,
or
of
1927.
Agriculture.
States—
Decrease.
at Amarillo, Texas, reports to us that in the 26 coun90,000
Virginia
95,000
Decrease
5@6%
ties comprising the Panhandle, no cotton of
1,874,000
North Carolina 2,015,000 Decrease 7%
up
to
planted
been
the
1st of June South Carolina 2,716,000 Decrease 4%
consequence had
2,608,000
3,824,000
except in the extreme lower tier. The drought was Georgia
4,025,000 Decrease 5%
92,000
108,000 Decrease 15%
fortunately broken June 10 to June 12, but as this Florida
3,366,000
Alabama
3,699,000 Decrease 9%
was late in the season, and it takes time to plant, it Mississippi
3,428,000
3,809,000 Decrease 10%
is purely a matter of conjecture how much of the Louisiana
1,616,000
2,019,000 Decrease 20%
17,034,000
19,140;000 Decreaes 11%
affected area will be saved for cotton and how much Texas
3,403,000
3,867,000 Decrease 12%
will go to other crops. An idea of what is involved Arkansas
1,084,000
Tennessee
1,178,000 Decrease 8%
in the question will be gained when we note that Missouri
378,000
472,000 Decrease 20%
4,626,000
one of our correspondents in Hale County, which Oklahoma
5,083,000 Decrease 9%
150,000
a167,000 Decrease 10%
borders on the Panhandle, ventured the opinion just California
151,000
Decrease 10%
Arizona
before the rains came that while the county last sea- New Mexico__ _ _ 168,000
113,000
125,000 Decrease 10%
40,000
44,000 Decrease 10%
son had produced 45,000 bales of cotton, 5,000 bales All other
would be the limit if rains failed to come soon.
Total
48,730,000 Decrease 9.96% 43,877,000
In some other parts of the Cotton Belt nature has a Doeenot include135.000 acres planted in 1926 in Lower California.
Mexico): the.1927 acreamin Lower California is likely to be much
also come in as an influence to reduce plantings. A (Old
smaUernthan this.
3688
THE CHRONICLE
[VOL. 124.
It will be seen from the foregoing that we make one factor bearing upon the probable size of the
the acreage in cotton the present season 43,877,000 crop. The crop last season attained such huge diacres, as against 48,730,000 acres last season, being mensions, not alone because the acreage was the
a decrease of 4,853,000 acres, or close to 10%—the largest on record, but because the yield per acre
exact amount of decrease being 9.96%. Besides the was the best in any year since 1914. The yield was
qualifying remarks already made, we wish to say 181.9 pounds per acre, against 167.2 pounds in 1925,
that we submit our present estimate with less con- 157.4 pounds in 1924, 130.6 pounds in 1923 and no
fidence than is ordinarily our wont, because of the nore than 124.5 pounds back in 1921. Had the yield
special uncertain factors already outlined. The seen no larger than that of the last mentioned year,
main point at issue is the extent to which the flooded there would have been a different story to tell. Had
areas in the valley of the Mississippi that still re- the yield been no higher than in 1924 the crop on the
main submerged may be replanted. Quite likely 1926 acreage would have been 2,300,000 bales less
more of this submerged land will be reclaimed than than it proved to be. That year (1921) belongs, of
our returns indicate, in which case the decrease in course,in a class all by itself. It was the year when,
acreage will be smaller than we put it, or it may owing to the great tumble in prices which then
happen that less will be reclaimed than our corre. occurred, planters combined, and, unlike what hapspondents are Inclined to think, in which event the ?ened the present year, entered on a deliberate plan
decrease would be larger than what we show. State- lo restrict acreage with a view to restoring prices
ments to the effect that it is too late to plant cotton, to a higher level again. The acreage was then cut
even when the season is as far advanced as at pres- from 37,043,000 acres to 31,678,000 acres, and, as it
ent, are always to be received with a certain degree happened, the Southern farmer then succeeded in
of skepticism. In Louisiana some farmers, as noted raising prices beyond his fondest expectations, a
further above, are planting in the mud as the water general crop disaster having come along with the
recedes, and many other cotton farmers similarly big reduction in acreage, with the result that the
situated may have the same happy thought. just 1921 crop proved the smallest in 30 years.
as likely as not, too, the effort may bear fruit. AcThe question therefore arises, what have been the
cordingly, we are not inclined to think the decrease elements that have contributed to bring about the
will run above 10% for the South as a whole, though increase in yield by acreage in recent years. We
the percentages for the .different States may vary think three of these stand out pre-eminently: (1)
somewhat from the figures given by us.
The diminishing activities of the boll weevil; (2)
Even a decrease, however, of 10% is a substan- the use of fertilizers as aids to soil fertility, and
tial reduction, representing, as it does in this case, (3) the long open season in the autumn making it
4,853,000 acres. Hence, it is not to be lightly dis- possible to raise a substantial "top" crop. At this
missed though it falls far short of the reduction the juncture it is well to recall what the Agricultural
country was told was imperative a few months ago, Deparment at Washington said on Dec.8 last, when
before it began to appear that the cotton consuming presenting the final estimates of the season, in exworld had such an insatiable appetite for the staple planation of the magnitude of the year's production
at low prices that it was literally prepared to gobble and the influences responsible for it. Here are the
up all that could be obtained. Nevertheless, the comments of the Department:
fact should not be overlooked that even after the
The cotton season of 1926
decrease of the 4,853,000 acres indicated the acre- sharp contrasts. The season has presented some
opened with by far
age in cotton will yet be the largest on record, bar- largest cotton acreage ever planted, with the
good
ring only the two seasons immediately preceding stands generally reported, with sales of fertilizers
in each of which the area planted ran in excess of the third highest on record, with an ample supply
48,000,000'acres. In order to bring out that fact we of surface and subsoil moisture in Texas and Oklaintroduce here the following table showing the area homa, where drought is often the limiting factor,
and production of cotton in the -United States in and with a relatively small number of boll weevils
emerging from hibernation.
each of the past 17 years.
This combination of favorable factors seemed to
ACREAGE AND PRODUCTION OF COTTON IN be largely offset, however, by the cool weather which
continued from March through July, by early sumUNITED STATES, 1910-1926.
Acreage— Avg.Yield Production mer drought in the southern Piedmont area, and by
Planted.
(Census) the cotton hopper, which insect was unusually prevaPicked.
per Acre
Year—
(Acres)
(Acres)
(Pounds) 500-/b.bales lent over nearly the whole Belt.
1910 ____33,418,000
The cool weather during the spring and early
11,608,616
32,403,000
170.7
1911 ____36,681,000
15,692,701 summer delayed the growth and fruiting of the plant,
36,045,000
207.7
1912 ____34,766,000
13,703,421 and the hoppers, which attacked the squares as soon
34,283,000
190.9
1913 ____37,458,000
14,156,486 as formed, prevented the setting of the usual num37,089,000
182.0
1914 __ _ _37,406,000
36,832,000
16,134,930 ber of early bolls.
209.2
1915 ___ _32,107,000
11,191,820
31,412,000
170.3
It was feared that the activities of the weevil fol1916 ____36,052,000
34,985,000
11,449,930 lowing those of the cotton hopper would
156.6
take many
1917 ____34,925,000
33,841,000
11,302,375 of the late bolls, but while the
159.7
weevil
was
present
1918 ____37,217,000
36,008,000
12,040,532 over most
159.6
of the cotton area the actual damage from
1919 ____35,133,000
33,566,000
11,420,763 the
161.5
activities of this insect was surprisingly small.
1f 20 ___ _37,043,000
35,878,000
13,439,603
178.4
After the 1st of August the crop was favored by
1921 ____31,678,000
30,509,000
124.5
7,953,641
1922 ____34,016,000
33,036,000
9,762,069 warmer weather, and in the Cotton Belt as a whole
141.5
1923 ____38,709,000
37,420,000
130.6
10,139,671 temperatures continued above normal until late in
41,360,000
1924 ___ _42,641,000
157.4
13,627,936 October. During this period few sections suffered
46,053,000
1925 _ _48,090,000
167.2
16,103,679 from either excessive moisture or from drought and
47,087,000
1926 __.._48,730,000
17,977,374 the cotton plants put on and matured a crop larger
181.9
than was thought possible earlier in the season.
1927 _ _ _ _43,877,000
(?)
(?)
(?)
Only a cursory glance at the foregoing suffices to
As to the boll weevil, they do not seem to present
make it plain that the extent of the acreage is only any ground for alarm. None of our correspondents
JUNE 25 1927.]
THE CHRONICLE
3689
but that is the present
stress their presence, though in some isolated in- The situation may change,
everywhere have
s
nearly
temperature
stances they say that the indications are that they status. But
because of the
and
for
that
reason
and
will be more active than in 1926 and 1925, when they been too low
has been
growth
Valley,
Mississippi
the
in
wrought comparatively little mischief. Of course, floods
review,
This
is
backward.
season
the
and
retarded
definite
it is too early in the season to say anything
the exwith
entirely
deals
years,
previous
all
in
as
But
there
about the probabilities in that respect.
show
to
does
not
undertake
and
acreage,
the
of
and
tent
reports
such
regarding
are other reasons for
in
as
expressed
the
crop
of
condition
present
similar
the
other
of
case
the
in
As
suggestions lightly.
And
yet,
any
statement
plagues in the past, we seem to have passed the pe- percentages of the normal.
that did not
be
meaningless
would
acreage
the
great
in
of
move
insects
pestiferous
these
when
riod
crop, in point of
swarms from State to State or from one end of a attempt to indicate whether the
to disclose the
or
failed
late,
or
early
is
State to the other. They originated in Mexico, maturity,
upon
the possible
bearing
s
circumstance
attendant
crossed the Rio G-rande, then moved in swarms up
that
reason
for
that we
is
It
outcome.
probable
or
Georgia,
through Louisiana, Mississippi, Alabama,
late
and
is
stage
backward.
this
at
crop
the
that
the
note
Carolina,
North
South Carolina, and finally
northern limit of the Cotton Belt. Therefore we But these are handicaps that are easily and quickly
of hot weather and
are inclined to ask, as we did a year ago, may not remedied with the development
the
test will come in
years,
that mark the culmination of the movement, and the sunshine. As in other
for cotton.
months
vital
the
decline of the weevil now follow, much in the same July and August,
but that did not
too,
year,
last
late
was
The season
way that the grasshopper plague, which a generathe country's
in
crop
biggest
the
growing
tion ago worked such havoc in the grain raising prevent
has been late
crop
the
fact,
of
matter
As
a
history.
States west of the Mississippi for successive seasons
it was exwhen
1925,
in
except
years
recent
all
in
has
farmer,
the
and threatened the complete ruin of
for much,
counts
start
A
favorable
early.
tremely
a
and
become
long since completely disappeared
it is
crop,
present
The
everything.
not
is
it
but
boll
opthe
weevil
events,
all
At
thing of the past.
the
as
was
late
as
not
is
out,
point
to
enough
well
as
same
cut
the
areas,
local
within
only
erates now
there
late,
so
uniformly
worms, grasshoppers and other insects. Their dep- crop last year, and it is not
redations therefore will be correspondingly circum- being some a reas where it is fully up to the average.
We have referred above to the collapse in cotton
scribed: This is an important consideration, because in some of the earlier years, and particularly values which occurred last autumn, and to the subin 1923, the boll weevil virtually destroyed large sequent recovery. For the purpose of making the
portions of the crop in some of the biggest cotton record complete we now introduce our usual comparative tables showing the monthly fluctuations for
producing States in the country.
long series of years. •We give first the price of
a
in
some
of
importance
are
As to fertilizers, these
upland spot cotton on the New York Cotmiddling
where
farmintensive
Carolina,
States, like North
for each month back to 1915.
Exchange
ton
in
whatever
consequence
no
of
and
ing is practiced,
a
are
virtually
they
where
Texas,
like
other States,
PRICE OF MIDDLING UPLAND COTTON IN NEW YORK ON DATES
GIVEN AND AVERAGE FOR SEASON.
stranger to the planter. In 1921 many planters who
ordinarily enrich the soil with fertilizers abandoned
192641925- 1924-1923 1922- 921-1920-11919-191 1b17 191. 19151927.11926. 1925.1924. 1923 922.19214920.1919.1918.1917.1916.
their use altogether, since with cotton on the farm
"
19.20124.65 30.95 23.65 22.55 12.90 40.0935.70 29.70 25.65 13.2 9.30
down below 10c. a pound it simply did not pay to Aug. 1
118.9022.35 25.65 25.95 22.25 17.50 30.2832.05 36.50 23.30 16.3' 9.75
Sept. 1
34.30 25.25 16.00 1.09
25.0132.25
20.021.10
14.3023 55 25.90 29.50
use them. This year the consumption of fertilizers Oct. 1
12.8519.90 23.6931.25 24.45 18.L3 2.50 38.65 24..05 28.78 18.75 11.95
Nov. 1
28.10 30.90 20.35 12.55
16.65,39.7.5
17.55
23.1537.652&.30
12.6020.75
on cotton plantations diminished sharply at the be- Dec. 1
12.80 20.85 24.2035.40 26.45 18.65 14.75,39.25 32.60 31.75 17.25 12.40
Jan. 1
31.20 14.75 11.95
14.15139.0026.75
17.20
27.40
24.5634.00
20.75
13.65
of
got
cotton
the
1
price
of
when
the
season,
Feb.
ginning
28.25 30.40 18.70 11.6540.25 26.10 32.70 17.00 45
14.86 19 4526
Mar. 1
111
14.40 19.35 24.9928.50 28.55 18.10 12.00141.75 28.80 34.96 19.20 12.00
April 1
down to such low figures, but in some of the States May
15.45 18.95 24.40;30.30 27.50 18.9 12.9041.2529.4028.7020.7012.30
1
16.95 18.85 23.6 '32.75 27.55 21.0012.90 40.0083.15 29.00 22.65 12.70
1
increased again when the price of the staple im- June
; _ _ 18.40 24.7030.90 27.85 22.05 12.00139.25134.15 31.9027.25 12.90
July 1
Iproved, though not enough to make up for the pre- •wapelosa otrouonn'
9n R1cI2F 14.11 11 9/1 Rn IR A217 RORR 251:11 114 2I1 AR 141 1 11 OR
vious loss. However, we do not think the applicaIt will be seen that while the price on June 1 got
tion of fertilizers has diminished sufficiently, treating the South as a whole, to affect the general result back to nearly 17c. (being 16.95c.) and later in the
month actually went above 17c., this still left the
in any important degree.
and
lower than last year at the corresponding
third
final
quotation
the
point
remains
as to
There
whether the South is again to be blessed with a long date and much below other recent years, excepting
open season in the autumn and the absence of early only the disastrous year of 1921. Thus on June 1
frosts of a severe character. Formerly a larger or 1926 the price was 18.85c.; on June 1 1925 23.65c.,
smaller "top" crop used to be quite the ordinary and on June 1 1924 32.75c. On the other hand, on
thing. Then for a number of years it seemed to drop June 1 1921 the quotation was only 12.90c. That,
out of the planters' vocabulary. Suddenly, in 1925, it as already pointed out, was followed by an upward
was revived and again in 1926 it became a factor of reaction to extremely high prices owing to the crop
great prominence. Will history repeat itself in that disaster, which came that year concurrently with
respect in 1927? On that point one man's guess the big cut in acreage. To complete the story we
is as good as another's, and we hazard no predic- also add the following table, showing the farm price
for cotton for each month of every year back to the
tion.
As to the general outlook for the crop, there is beginning of the season of 1915. These farm prices,
really nothing seriously the matter with it, now that it should be stated, are those of the Agricultural Dethe drought has been relieved in central and western partment at Washington, and as to the methods emTexas and that needed rains have fallen in the ployed in arriving at the averages, the Department
South Atlantic States, where it had been rather dry. explains that the prices are "averages of reports of
At the present time drought is not a serious feature county crop reporters, weighted according to relain any part of the South, nor are excessive rains. tive importance of county and State."
1
3690
THE CHRONICLE
[VOL. 124.
AVERAGE PRICE OF COTTON ON THE FARM.
NORTH CAROLINA.-In this State conditions the present season have not been unfavorable, unlike the experience
In many other parts of the South, and in sharp contrast
Aug. 15
23.4 27.8 23.8 20.9 11.2
8.3 with a year ago, when the North Carolina crop was in a
31.4 30.0 23.8
Sept. 15
22.5 22.2 25.6 20.6 16.2
9.8
30.8 32.0 23.4
Oct. 15
21.5 23.1 28.0 21.2 18.8
11.4 decidedly backward condition because of prolonged drought.
33.9 30.6 25.3
Nov. 15
18.1 22.6 29.9 23.1 17.0
11.4
36.0 28.4 27.5
Dec. 15
17.4 22.0 32.1 24.2 16.2
11.4 Writing under date of May 14, the Crop Reporting Service
35.8 28.2 28.3
Jan. 15
17.4 22.7 32.5 25.2 15.9
11.4 of the United States Department of Agriculture at Raleigh,
36.0 26.8 29.3
Feb. 15
17.6 23.0 31.4 26.8 15.7
11.3
36.2 24.4 30.0
Mar. 15
16.5 24.5 27.7 28.0 16.0
11.3 N. C., stated that while the spring generally over the United
36.8 24.2 31.0
April 15
16.6 23.7 28.7 27.6 16.0
11.5
37.5 25.2 30.2
May 15
16.0 23.0 28.1 26.2 17.3
11.8 States was backward, with unfavorable weather conditions
37.4 27.8 28.0
June 15
16.1 23.0 27.8 25.9 19.6
12.4 prevailing in
37.3 30.3 28.0
many sections, "North Carolina has been
July 15
15.4 23 4 27.3 24.9 20.6
12.6
37.1 31.8 26.2
blessed this spring in comparison with many other sections
In this case it is not possible to bring the prices of
the country. The spring has been fairly early and moisdown to quite as late a date, but on May 15 this year ture conditions have been fairly good, except recently in a
the average farm price was 13.9c., against 16.0c. on few southeastern counties, where trucking suffered. AlMay 15 1926; 23.0c. May 15 1925; 28.1c. in 1924, but together the spring farm conditions are up to the usual, if
not ahead. Certainly the conditions are much better than
only 9.6c. on May 15 1921.
those that prevailed a year ago." Later the drought in the
We now present in detail our summaries for the southeastern part of the State was relieved
by beneficial
different States:
rains, with some complaints even of excessive rains. On
VIRGINIA.-Not much land is devoted to cotton in Vir- June 14, the North Carolina weather bureau, speaking with
ginia. The State lies in the extreme northern fringe of the reference to meteorological conditions in North Carolina
Cotton Belt. The United States Department of Agriculture said: "Progress of cotton excellent; condition good to exIn its final report for 1926, issued on May 17 1927, made the cellent; squares forming in south; weevil reported locally."
area in cultivation at the beginning of the season last year Our own correspondents in their returns confirm these gen95,000 acres and the area picked 93,000 acres, which was eralizations. North Carolina has an enviable record for
somewhat less than in either of the two preceding years. high yield, and intensive methods of cotton cultivation are
The State accordingly ranks with such small cotton pro- pursued, The yield per acre last season was 290 pounds, or
ducing States as Florida and Missouri. Intensified meth- in excess of that of every other State in the Cotton Belt,
ods, however, are applied to such lands as are l• cotton and barring only the irrigated areas of California, Arizona and
therefore the yield per acre is high. Last yi ,r the yield New Mexico. Fertilizers have always played an important
was 260 pounds per acre, or larger than in any Aber cotton part in the North Carolina crop and this makes it important
producing State except North Carolina and he irrigated to note that many of our correspondents report a decreased
areas of New. Mexico, Arizona and California. At 260 use of commercial fertilizers the present season. The Compounds the product, it will be seen, was over a half a bale missioner of Agriculture makes the fertilizer sales in the
an acre. Still, even on that basis the entire crop of the five months to May 31 1927 1,050,942 tons, against 1,126,222
State was only 51,329 bales, slightly less than in 1925, when tons in the first five months of 1926 and 1,145,262 tons in
the crop was 52,535 bales. At the best, Virginia cotton pro- the same period of 1925, but this means, of course, the sales
duction cuts a small figure in the total crop of the United for all purposes, and as much fertilizing material is applied
States, which last season was (according to the revised to other crops, these comparisons are not necessarily concluginning returns of the Census made public June 3 1927) 17.- sive as to the relative extent of the use of these aids to pro977,374 bales. However, the influences which have been ductivity in connection with cotton raising. We should be
dominating the entire cotton world ever since the great col- inclined to think, however, that the figures might be taken
lapse in the price of the staple last autumn, have been op- as indicating a general tendency to the lessened use of fererative in this small cotton raising Commonwealth the same tilizers, even in the case of cotton, except that some reliable
as elsewhere, By that we mean more especially the ten- correspondents, accustomed to gauging such things with
dency to decrease acreage. From the reports we have re- unusual accuracy, think that quite as much commercial ferceived it would seem that the acreage planted will be 5 or tilizers have been applied to cotton the present year as last
6% less than in 1926, though where the acreage is so small year. The use of homo-made manures seems to have been
the giving of definite percentages is hazardous. Probably about the same as in other years, though the general pracwe shall not be wide of the mark if we put the total acre- tice of farmers in that State is to use manures in truck farmage planted at 90,000 acres instead of 95,000 in 1928. Plant- ing, which is carried on on an extensive scale in North Caroing began about April 25, and extended to May 15, being lina, and in the garden. Stands are nearly everywhere, and
about the same as in an average season, but earlier than In all parts of the State, reported good, in striking contrast
last year, when the season was backward. Very little re- with the situation last season, when stands were almost
planting has been found necessary, though the weather uniformly poor. The fields, too, are clear of weeds and
has been somewhat too cool, and was rather wet grass, though one or two correspondents in the western part
the early part of May, though dry later.
Good of the State say that fields are somewhat grassy because of
stands are generally reported, and the fields are clear of too much rain. Planting b‘gan somewhat earlier than in
weeds and grass almost without exception. Cotton lands in 1926--say about April 15, and was completed about May 20.
Virginia, as already indicated, are fertilized in a high de- Yet one correspondent says that in his section it was not
gree, but apparently the application of commercial fertilizers finished until about June 1. The seed came up well and
has been somewhat smaller than last year, though on the very little replanting was required. Some weevil are noted
other hand, there has been a somewhat larger use of cotton in the eastern counties, but it is too early to estimate the
seed meal and home-made manures. The tax tag sales re- probabilities of injury. There has been a general tendency
turns of the Commissioner of Agriculture show 295,955 tons to decrease acreage-in some cases a very pronounced deof fertilizer sold in Virginia in the five months from Jan. 1 crease (one correspondent who we know from past expeto May 31 in 1927, against 323,130 tons in the same five rience is inclined to exaggerate, saying that in his vicinity
months of 1926 and 242,386 tons in the corresponding period the reduction was fully 40%); in other cases only a minor
of the previous year. Obviously these figures are pertinent decrease. For the State as a whole we are inclined to think
only as showing the trend in the use of fertilizer, since the the decrease will average about 7%.
bulk of the whole was doubtless for account of truck farmera and others with only a relatively slight portion conYield of
Production,
NORTH CAROLINA
Area,in
Area
Lint CoUon 500-lb. Gross
sumed on cotton plantations.
Cultivation.
Picked.
per
!P.N003..10.40000001W
o,.&.ctano4.04obb,
c4nats.2.-oo-••••coco
ioLainCnb.b6:4Co:-
ww..www
nmoccw..momoo.t.
1926- 925-1924-11923-1922-1921 1920-1919-1918-1917 191. 19151927 928.1925.1924 1923.1922 1921.1920 1919.1918. 917.1916.
Acre.
VIRGINIA.
Crop Year1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1014
Area in
Cultivation.
Acres.
95,000
101,000
107.000
74,000
57,000
34.000
43.000
43,000
45,000
53.000
42,1300
34,000
45 00f1
Area
Picked.
Acres.
93,000
100,000
102,000
74,000
55.000
34,000
42,000
42,000
44,000
10.000
42.1)00
34.004)
4500))
Yield of
Lint Cotton
per Acre.
Pounds,
260
250
180
325
230
230
230
255
270
180
310
225
265
Production,
500-lb. Gross
Bales.
Bales.
51,329
52.535
38,748
50,581
26.515
16,368
21,337
22,523
24,885
18.777
27.127
15,809
25 292
Crop Year1926
1925
1924
1923
1922
1921
1920
1919
1918
1947
1916
1915
1914
Acres.
2,015,000
2,037,000
2,099,000
1,687,000
1,654,000
1,417,000
1,603,000
1,525,000
1,615,000
1,562,000
1,460,000
1,300.000
1.550.000
Acres.
1,985,000
2,017,000
2,005,000
1,679,000
1,625,000
1,403,000
1,587,000
1,490,000
1.600,000
1,515,000
1,451,000
1,282,000
1.527 000
Pounds.
290
261
196
290
250
264
275
266
268
194
215
260
290
Bales.
Bales.
1,212,819
1,101,799
825,324
1,020,139
8.51,037
776,222
924,761
830,293
897,761
617,989
654,603
699,494
930.631
SOUTH CAROLINA.-Planters in South Carolina have
had little occasion for complaint thus far the present sea-
JUNE 25 1927.1
THE CHRONICLE
3691
Georgia, next to Texas and Oklahoma, is, in point of area
devoted to cotton, the largest State in the Cotton Belt. It
planted last season 4,025,000 acres in cotton and picked 3,965,000 acres. The State's yield per acre, however, is relatively
light; consequently, as regards size of its crop, the State
has to yield precedence to several other States besides Texas
and Oklahoma. And yet this has not always been the case.
Back in 1914 Georgia had 5,510,000 acres in cotton, and with
a yield of 239 pounds per acre had a crop to its credit of
2,718,037 bales. But a great slump followed and in 1923,
with the area reduced to 3,844,000 acres and the yield
(under the ravages of the boll weevil and other adverse
circumstances) down to 82 pounds per acre, the crop of the
State amounted to no more than 588,236 bales. Marked
recovery from this low depth ensued and in 1926, with the
yield 180 pounds per acre, the crop was back almost to one
and a half million bales, it being 1,496,105 bales. This indicates tremendous progress in the short space of three years,
but, after all, represents a recovery of only about one-half
of the loss sustained as compared with 1914. In these circumstances further recovery in 1927 under the favorable
start of the season, would not be strange. Whereas a year
ago the crop was everywhere from 10 to 15 days late, the
situation the present year is the exact reverse, and the crop
is about a week earlier than the average.
In the southern part of the State planting began about
March 10 and was completed towards the latter part of
April. In the northern part it began about April 1 and was
completed about May 10. Early planted cotton came up
well, but in the case of the late plantings drought interfered
with germination. The later rains, however, changed the
situation, as already explained, and the prospect now almost everywhere is highly satisfactory. Stands generally
are good, though there are occasional exceptions to the rule.
The fields are free from grass and weeds and weather has
been generally favorable for cultivation. In the southern
part of the State plants are generally blooming and apparently fruiting well. Even late plantings are doing well,
though stands in a few cases are not altogether good. Not
much harm apparently is to be feared from the weevil the
present season, though our accounts are somewhat conflicting. One correspondent says that in a few localities where
cotton was planted early "weevils are showing up, laying
eggs in new squares," and he adds that early planting promotes weevil growth. On the other hand, the early drought
over large sections of the State seems to have been detrimental to the weevil and to have greatly reduced the probability of injury from them. One of our correspondents says
that "large quantities appeared, but hot, dry weather practically exterminated them." Another report says that weevils appeared in quantities, laid their eggs in squares, which
were very small at the time, and having completed their
work died. At present, he adds, there are practically no
weevil, though the first crop of new weevils, if they survived the hot, dry weather, have yet to appear. He expresses the opinion, however, that very few of them did
survive. As to the use of fertilizers, all accounts agree in
saying that there has been a decrease in the consumption
of "regular commercial goods." But this is supplemented
by the remark that much cotton seed meal and plain acid
Yield of
Production,
been used, so that the total application of fertilizing
has
Area in
Area
SOUTH CAROLINA.
Lint Cotton 500-lb. Cross
Cultivation.
Picked.
per Acre.
Bales.
material has been the same as a year ago. The tax-tag sales
Acres.
Acres.
Crop Year—
show 686,037 tons of fertilizers sold in Georgia in the five
Pounds.
Bales.
2,648,000
2,716,000
1926
180
1,008,068
months ending May 31 1927 for all purposes, against 761,353
2,708,000
2,654,000
1925
160
888,666
2,491,000
2,404,000
1924
160
806.594
tons in the five months of 1926 and 770,479 tons in the same
2.005.000
1,965,000
187
1923
770,165
1,951.000
1,912,000
123
1922
period of 1925. Acreage may show some falling off, but,
492,400
140
2,623,000
2,571,000
1921
754,560
according to the information we gather, it is not likely to
3,000.000
2,964,000
1920
260
1,623,076
2,900,000
2,835,000
240
1919
1,426,146
be large. A few of our returns give estimates of substan3,040,000
3,001,000
250
1918
1.569,918
2,880,000
2,837,000
1917
208
1,236;871
tial decreases, but most of them express the opinion that
2,950,000
2,780,000
160
1916
931,830
2,555,000
2,516,000
215
1915
the acreage this year will be about the same as in 1926.
1,133,919
2.890.000
1914
2.881.000
255
ion's sin
One correspondent, surveying the whole State, notes that
some sections decreased their acreage while others increased,
GEORGIA.—This State suffered from drought the early
leaving the net result about the same as in 1926. That
part of the season. The drought was general and severe.
Production
The last week of May, however, the situation changed, and
Yield of
Lint Cotton 500-lb. Cron
GEORGIA.
Area
Area in
during June complete relief has come. The rain the latter
Bales.
per Acre.
Picked.
Cultivation.
part of May, while beneficial, was irregularly distributed
Pounds.
Bales.
Crop Year—
Acres.
Acres.
1,496,105
180
3,965,000
4,025,000
and insufficient to break the drought which had up to that 1926
155
1,163,885
3,589,000
1925
3,662,000
time prevailed, especially in the southern part of the State. 1924
157
1,003.770
3,046.000
3,099,000
588,236
82
3,421,000
3,844,000
On June 6, further favorable rains came, but still leaving 1923
714.998
3,418,000
100
1922
3,636,000
787,084
4,172,000
90
1921
4,346,000
over
much
of
the State. In the second
the drought severe
1,415,129
138
4,900,000
1920
5,000,000
1,659,529
152
5,220.000
week of June numerous and widely distributed additional 1919
5,404,000
2,122,405
5,341.000
190
5,425,000
1918
showers furnished virtually complete relief over most of the 1917
1,883,911
173
5,195,000
5,274.000
165
1,820.939
5,277.000
1916
5,450,000
State and caused generous and marked improvement, since 1915
189
1.908.673
4,825000
4,925,000
239
5.433.000
2.718.037
5.510 000
which time the progress of the crop has been excellent. 1914
son. Weather conditions have been mostly favorable. In
certain sections in the northern part of the State the soil
was at one time too dry for satisfactory germination of the
seed and early growth, but in such cases relief has since
come through needed rain, and the crop generally is in good
shape and making satisfactory progress. During June there
have been intermittent rains which have proved highly beneficial, and though in a few instances more rain is needed,
this is true only of quite small areas. Until 1926 South
Carolina had been doing poorly within recent years, but
the past season the State managed to retrieve its position
In some degree, and the indications now are that further
Improvement will be achieved the present season. Formerly the State had about 3,000,000 acres in cotton and
could be counted upon for a crop of 1,500,000 bales or over.
In 1920, for example, with 3,000,000 acres planted and
2,964,000 acres picked, the State's product was 1,623,076
bales, from an average yield of lint cotton per acre of 260
pounds. Two years afterwards, in 1922, it had only 1,951,000 acres in cultivation, with 1,912,000 acres picked and a
crop of only 492,400 bales, the yield per acre having dropped
to 123 pounds. In 1926 the area planted was 2,716,000 acres,
the area picked 2,648,000 acres, and with a yield of 180
pounds per acre the crop for the first time since 1920 exceeded a million bales, being 1,008,068 bales. As compared
with the record for 1920, there is, it will be seen, still room
for further substantial improvement; and considering
the favorable start the crop has had in that State the present year and the generally favorable conditions that are
prevailing further progress towards better results appears
likely unless untoward developments should come later in
the season. In the southern part of the State, planting
started in some cases as early as March 15 and was completed about the middle of April. Generally, planting may
be said to have extended over the period from April 1 to
May 15. The seed came up well nearly everywhere and
only a trifling amount of replanting was necessary. Stands
are nearly everywhere fine, and the fields clear of weeds
and grass. Chopping was practically finished about the
1st of June, and the first bloom was reported near Barnwell on June 2. During June progress has been excellent,
with squares and blooms becoming quite numerous. Some
emergence of the weevil is noted at a number of different
points, though none in the northwestern portion of the
State. Indications, however, in that regard are no more
pronounced than at the same time last year, when little
Injury resulted. The crop is in advance of the average and
far in advance of that of last season at the present stage—
fully ten days in advance of this last instance. All our returns agree in saying that there has been a denreased use
of commercial fertilizers. Some of the reports luso say that
home-made composts have been less freely used. As for acreage, there is very little evidence, less so than in any other
large producing State, of a decrease. A few of our correspondents, always 'pone to over-emphasis, estimate decreases of 10% or over in their particular districts, but the
preponderating proportion of the returns put the acreage at
about the same figure as a year ago. Altogether we do not
feel warranted in making the decrease larger than 4%.
3692
THE CHRONICLE
FLORIDA.
Area in
Cultivation.
Crop Year1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
Acres
108,000
103,000
82,000
171,000
122,000
70,000
110,000
122.000
175,000
188,000
201.000
197,000
994 nnn
Area
Picked.
Acres.
105,000
101,000
80 000
147,000
118,000
65.000
100,000
103,000
167,000
183,000
191.000
193,000
221000
Pounds.
145
180
130
40
102
80
86
74
85
100
105
120
175
Bales.
31,954
38,182
18,961
12,345
25,021
10,905
18,114
15,922
29,415
37,858
41,449
47,831
81 255
ALABAMA.-In Alabama a sharp distinction must be
made between conditions in the northern part of the State
and those in the southern part. In this last instance, particularly in the extreme southeast, farmers for a good part
of the season had to contend with severely dry weather,
amounting in many cases to drought, and though latterly
beneficial rains have fallen it is not altogether certain that
even now complete relief has come from the previous
droughty state of things. In the northern part of the State,
on the other hand, there has been far too much rain, especially in the extreme northwest, and the weather all through
has been too cool and too wet, besides which, late frosts
have been another drawback. Latterly weather conditions
have been mostly favorable all over the State except that
some of the western areas are still receiving more rain than
needed. Planting in the northern part of the State began
about April 15 and continued to about May 15. In the
southern part it began in some instances as early as March
15 and continued until towards the latter part of May.
Stands vary considerably, especially in the southeastern
part of the State, where many are poor, though in most
other parts of the State they may be said to be quite fair,
and in some instances pretty good. In the south some late
planted cotton had not yet germinated up to the middle of
"Al
Production,
500-16. Gross
Bales.
ALABAMA.
o
Yield of
Lint Cotton
per Acre.
June, but early planted cotton was then blooming and
squares forming. In the southern 'part of the State about
10 to 15% of replanting was required on account of the
drought, but this replanted cotton is now giving a good account of itself and promises good results. The crop in all
parts of the State appears to be about ten days later than
the average, but a few days earlier than it was last year,
when it was extremely late. Fields are as a rule well cultivated, though in the northern part of the State there are
some complaints of weeds and grass. Fertilizers of the commercial sort have been apparently much less freely used
than a year ago. Virtually all of our correspondents report
substantial reductions, but the inclination not to apply them
in the usual quantities, or to omit their use altogether,
seems to have considerably weakened as the season has progressed, probably due to the sharp recovery in the price of
the staple. At least that seems to be a reasonable deduction from what the tax-tag sales show. These tax-tag sales,
of course, cover purchases for all the different crops and
all the various agricultural products, and do not show the
quantities going to cotton planters alone, but are nevertheless interesting and no doubt carry considerable significance. From the figures furnished us by the Department
of Agriculture and Industries of the State it appears that
the sales of fertilizers in January 1927 were 46,050 tons,
against 78,450 tons in January 1926; in February 67,700
tons, against 188,450 tons, and in March 218,200 tons, against
256,300 tons, but that in April they were 118,600 tons,
against 52,700, and in May 7,500, against 4,250 tons. For
the five months the total this year is, however, well below
the amounts for the two preceding years, being 458,050 tons,
against 580,150 tons in the five months of 1926 and 564,350
tons in the same period of 1925. The State has been greatly
Increasing its yield per acre during the last three years,
though this doubtless reflects as much the diminished activities of the boll weevil as greater fertility of the soil.
The yield of lint cotton per acre in 1926 was 196 pounds as
against 185 pounds in 1925, 154 pounds in 1924 and only 91
pounds in the very poor year 1923. As a result of this and
an increase in acreage Alabama's crop in 1926 aggregated
1,497,821 bales, against only 586,724 bales in 1923. Back in
1914, however, the yield per acre was 209 pounds. There
has been a general disposition to curtail acreage in this
State. In the southern part of the State estimates of decrease are so large as to appear incredible. In the northern
part of the State, however, most of the returns say that the
acreage is about the same as it was last year. For the State
as a whole we should judge the reduction will be 8 to 10%,
and we therefore place the figure at 9%.
02,
40VDCZCOOOV=C,c0t0c3
1..2..iNt•atJEJC)
4.010-4COODO.-,b2420.0 0,"
'if
planters in Georgia should be inclined to recover losses in
acreage does not appear strange, in view of the figures given
above showing that even after the increase of the last two
years Georgia's acreage in cotton in 1926 was only a little
over 4,000,000 acres, whereas in 1919 and 1918 it was over
5,400,000 acres. To be on the safe side, we put this year's
Georgia acreage 5% less than that of last year, though we
are inclined to think the decrease will not be as much as
this, if, indeed, there is any decrease at all.
FLORIDA.--This State does not produce much cotton
and therefore merits very little notice. It had altogether
only 108,000 acres of cotton last year, of which 105,000 acres
were picked at the end of the season. The yield per acre
was only 145 pounds and the crop no more than 31,954 bales.
Like the other Atlantic States, Florida, or at least that
portion of it where cotton is grown, had to endure severe
drought the early part of the season. Planting began about
April 10 and was finished about 30 days later. A well-informed correspondent writing from that part of the State
where the bulk of the crop is produced tells us that only one
fairly good shower was had after planting had begun, and
as a consequence only about 15% of the seed came up. Then
the weather became very dry and so continued until June 5,
when it began raining and it has been raining every day
since, so this correspondent puts it. He ventures the remark that a large proportion of the crop kept underground
for want of moisture will now come to the surface and make
rapid growth along with weeds and grass. However, as
there is ample labor available for the purpose, it should not
be difficult to put and keep the crop in fairly good condition
from now on. But the late planting, he adds, will have to
run the gauntlet of the boll weevil and a wet summer. Most
of our reports, however, say that the boll weevil are not
displaying any great activity, notwithstanding the rears
expressed by this correspondent and they indicate that the
extreme hot and dry weather up to the beginning of June
completely killed them off. The crop is about ten days
late. Stands are poor and the fields far from clean because
of the recent heavy rains. Commercial fertilizers have apparently been applied in greatly diminished amount the
present season, though fertilizer sales for the State as a
whole, and for all crops combined, according to the Florida
Commissioner of Agriculture, continue to increase, having
aggregated 204,285 tons for the first five months of 1927,
against 195,173 tons in the same months of 1926; 195,548
tons in the first five months of 1925 and only 154,190 tons
In the corresponding period of 1924. The acreage would
appear to average about 15% less than in 1926.
[Vora. 124.
Area in
Cultivation.
Acres.
3,699,000
3.539.000
3,114,000
3,190,000
2,807,000
2,269,000
2.898,000
2.900,000
2,600,000
2.017.000
3.469.000
3,400.000
4.075.000
Area
Picked.
Yield of
Lint Cotton
per Acre.
Acres.
Pounds.
3,651,000
196
3,504,000
185
3,055,000
154
3,149,000
91
2,771.000
142
2,235 000
124
2.858.000
111
2,791,000
112
2,570,000'
149
125
1,977,000
3,225,000
79
3.340.000
146
4.007.000
209
Produaion
500-18. Gross
Bales.
Bales.
1,497,821
1,356,719
985,601
566,724
823,418
580,222
602,699
713,236
800,622
517,890
533.402
1.020,839
1,751.375
MISSISSIPPI.-Planters in this State have had an unusually severe situation to contend with the present season.
The overflow of the Mississippi has, of course, been a serious matter, but in addition, excessive rains have made the
lot of the farmer a hard one. More land was overflowed in
Mississippi than in any other State, with the single exception of Arkansas. The counties totally or partially inundated embraced Bolivar, Sunflower, Leflore, Holmes, Yazoo,
Warren, Humphreys, lssaquena, Sharkey and Washington.
According to the Crop Reporting Board of the Department
of Agriculture, the flooded area in Mississippi comprised
735,000 acres, of which 550,000 acres were in cotton, with a
yield the past season of 278,000 bales. As the total product
of the State the past season by the Census ginning returns
was 1,887,787 bales, the flooded portion does not seem very
formidable. Unfortunately, after the water had largely
receded from the flooded area the June freshets brought a
new overflow in the north portion of the southern delta
region. It had been expected that planting in the flooded
area would continue until about June 20, but it seems
likely now that some of the acreage in the twice-flooded districts will have to be definitely abandoned. Still, a good
portion of the flooded area was reclaimed in time for the
new crop, so the loss at the worst will be far from a total
one. It must not be forgotten that certain incidental benefits usually flow from these floods. When the water subsides, it generally leaves behind a rich sediment which adds
greatly to the fertility of the soil and increases the product
per acre. Presumably this will be the case on the present
occasion, offsetting to that extent any loss by reason of late
planting or complete inability to plant. The State of Mis-
JUNE)25 1927.]
TRE CHRONICLE
Area
Picked.
Yield of
Lint Couon
per Acre.
Acres.
3,809,000
3,501,000
3,057,000
3,392,000
3,076,000
2,667,000
3,100,000
3,000,000
3,160,000
2,814.000
3,310.000
2.700,000
3.100.000
Acres.
3,762,000
3,466,000
2,981.000
3,170.000
3,014,000
2,628,000
2,950,000
2,848,000
3,138,000
2,788.000
3.110,000
2,735,000
3.0c4.000
Pounds,
240
275
176
91
157
148
145
160
187
155
125
167
195
Production
500-lb. Gross
Bales.
Boles.
1,887,787
1,990,537
1,098,634
603,808
989,273
813,014
895,312
960.886
1,226,051
005,554
811,794
953,966
1.24.c can
LOUISIANA.-This State has suffered severely from
the overflow of the Mississippi and the various other streams
like the Red River and the Atchafalaya, and, unfortunately,
the floods have been prolonged to a very late date, making
it extremely questionable how much of the flooded areas
can be reclaimed for crops of any kind. Newspaper accounts
have indicated that it is mainly the sugar parishes that
have been inundated and these certainly have fared badly,
but much cotton land has likewise been submerged. The Crop
Reporting Board of the Department of Agriculture has recently put out figures showing that in 15 parishes of north
Louisiana 432,000 acres were flooded, of which 288,000
acres were in cotton with a product of 145,000 bales. We
notice, however, that the State Commissioner of Agriculture
reports that the floods affected about 20 parishes in the
cotton section of the State, and he expresses the opinion
that the Louisiana cotton crop the present year will not be
Crop Year1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1014
Area in
Cultivation.
Area
Picked.
Acres.
2,019,000
1,903,000
1,666,000
1,464,000
1,175.000
1,192,000
1,555,000
1,700,000
1,700,000
1,465,000
1,260,000
1,010,000
1.340 000
Acres.
1,979,000
1,874,000
1,616,000
1,405,000
1,140,000
1,168,000
1.470,000
1,527,000
1,683,000
1,454,000
1,250,000
990,000
1.299.000
Yield of
Lint Cotton
per Acre.
•
Crop Year1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1014
Area in
Cultivation.
LOUISIANA.
C44104.0,0mt...001ne,
{0•1.tvo .N.
oc.t..ccc
ci .....
MISSISSIPPI.
over 500,000 bales, which would be a big loss as compared
with last year's crop of 829,407 bales and the 1925 crop of
910,468 bales. But this is obviously taking an extreme
view of the situation, which is far from hopeless and certain
to show rapid improvement with favorable weather conditions the remainder of the season. Even as it is, good accounts come from certain parts of the State, and it is plain
that planters mean to reclaim every acre of submerged land
they possibly can. This is evident from the fact that they
have recently been planting cotton in the mud as the waters
have been subsiding, and this process is sure to continue
for some time to come. Possibly there will be more or less
cotton land in the northeastern part of the State where the
waters will not recede until the season is too far advanced
to admit of planting with any prospect of raising a crop,
and yet many farmers may be depended upon to take chances
in that respect, counting on the probability of a long open
season as was the case in. 1926 and 1925. Outside the
flooded districts the accounts are pretty good as a rule, and
in the western half of the State the outlook is quite promising, though the crop everywhere seems to be ten days to
two weeks later than the average, and to the same extent
later than a year ago. Of late the crop has been progressing quite satisfactorily nearly everywhere. Stands are
variable, though in most cases quite good and the same is
true of the fields, weeds and grass being absent in most
cases, though with some marked exceptions to the rule.
Commercial fertilizers are not used to any great extent in
Louisiana and the present season they have been applied in
smaller quantities than ordinarily. The tax-tag sales indicate a consumption of 74,049 tons in the first five months
of 1927, against 97,070 tons in the same period of 1926 and
92,551 tons in the corresponding period of 1925. As to acreage, our returns show decreases running from 10 to 30% in
the overflowed parishes, with virtually no change elsewhere
in the State. We put the decrease for the entire State at
20%, which may prove somewhat too high should the waters
in the still submerged areas pass off more quickly than now
seems likely.
1§
sissippi, anyway, is one of the most fertile cotton producing
States in the entire Cotton Belt. To be sure, in 1923, that
extremely poor season when the boll weevil were at the
height of their destructiveness, the yield, it is true, fell to
91 pounds per acre and the crop of the State amounted to
only 603,808 bales, but in 1925 the product was back to 275
pounds per acre and the crop of the State (on a tomewhat
larger acreage) closely approached 2,000,000 bales, being
1,990,537 bales. The past season the result was not quite
so good, and yet the yield was 240 pounds per acre and the
crop (on a further increase in acreage) 1,887,787 bales.
Apart, however, entirely from the injury inflicted by the
overflow of the Mississippi, conditions in the State the present season have been the reverse of favorable. The Commissioner of Agriculture reports that planting in 1927 began
earlier than usual and (on account of the flood) will continue later. In other words, it began in the middle of
March and in the twice-flooded area is not yet completed
even now. As might be supposed, on account of the overflow and also on account of frost, a great deal of replanting
had to be done. For several weeks it was both too cold and
too wet,,though it is pleasing to note that during the last
two weeks the weather has been very favorable and should
this fortunate situation continue, the outlook would quickly
improve. As a matter of fact, prospects cannot be regarded
as unsatisfactory, provided only meteorological conditions
do not again take a bad turn. The situation throughout
the State is in many respects quite peculiar. Due to the
extreme earliness at which some of the cotton was planted
and the extreme lateness at which some will be planted, the
State will have considerable very early cotton and also
some very late cotton. It is therefore in a position where
It may be benefited in a double way or injured in a double
way. Stands generally speaking are good. The state of
cultivation is somewhat uneven. The Commissioner of
Agriculture says that, in the southeastern part of the State,
known as the cut-over piney woods, the fields are thoroughly
clean and well worked, but in the entire northern part of
the State, on account of incessant rains, there is a great deal
of both grass and weeds. In a broad way the crop in the
northern half of the State may be said to be about two
weeks late, the same as last year, but in the lower half
about of average maturity or in advance of a year ago,
when the crop was backward through almost the whole
State. As to the boll weevil, the Commissioner of Agriculture, in answer to our question, notes that the weevil have
begun work earlier than usual, and that there seem to be
a considerable number of old weevils that have lived
through the winter. .The extent of the harm they may inflict is a matter for the future to determine. All our returns are uniformly to the effect that there has been a
considerable decrease in the use of commercial fertilizers.
In the two years preceding, the use of such fertilizers had
considerably increased. The tax-tag sales indicate a consumption of only 202,177 tons of fertilizers in Mississippi
In the period from Jan. 1 to May 31 1927 for all agricultural
purposes, against 268,760 tons in the same period of 1926
and 246,128 tons in the first five months of 1925, but comparing with only 191,581 tons in the corresponding months
of 1924. As to acreage, any definite, precise estimate is
out of the question at this time. The Commissioner of
Agriculture, of course, has not yet put forth any figures.
In these circumstances all that it is possible to affirm with
any degree of positiveness is that apparently there has been
a quite substantial reduction from last season. Our guess
is-and it is nothing more than a guess in the complete
absence of reliable data-that the decrease will reach about
10%.
3693
Productions.
500-1b. Oros
Bales.
Bales.
829,407
910,468
492,654
367,882
343,274
278,8.58
387,683
297.681
587,717
638,729
443,182
341,063
449.458
TEXAS.-The most important recent development with
reference to Texas has been the news which came on Monday, June 13, saying that over the week-end there had been
heavy rains in west and north central Texas, definitely breaking the drought which had so long prevailed in that part
of the State. Drought is perhaps the most serious drawback that cotton producers have to fear. If pronounced and
widespread, experience shows the Texas crop in any given
year may easily be cut down from 1,000,000 to 2,000,000
bales. That this season's drought has been definitely broken
is therefore a circumstance of the highest importance. The
central portion of the State appears now to have had adequate rains, though possibly in the extreme northwest in
the Texas Panhandle, where the drought has been particularly severe, further rains may be needed to furnish complete relief. Texas produces over 30% of the entire cotton
crop of the country, having contributed in 1926 5,630,831
bales to the country's total production of 17,977,374 bales.
It is a State of such vast domain that harvesting of the crop
may be in progress at one end of the State, while seed is
still being sown at the other end. That is precisely what
happened the present season. In our issue of June 4 we
reported that the first bale of the 1927 crop had reached the
Houston Cotton Exchange on May 30. This bale, as is invariably the case, came from the Rio Grande Valley section.
At that very time seeding had not been finished in the
northern part of Texas. Because of the immense size of the
State, it is necessary, in discussing and analyzing conditions, to divide the State up into geographical parts and
consider the conditions in each part. separately in order to
arrive at an understanding of the true situation. Even with
such subdivision, however, widely varying results are found
In some sections. Taking up first the eastern part of the
State we find one correspondent saying that the crop is
earlier than usual and another saying that it is later than
usual. Generally, however, the statement for this part of
Texas is that weather conditions were too wet and too cold.
Along the Trinity and Neches rivers floods inundated considerable acreage from April 20 to May 1. The seed, however,
as a rule came up quite well and no large amount of replanting was required, though there are occasional exceptions to the rule. Stands in this part of the State are good
and the fields clean, with little grass or weeds. As far as
acreage is concerned, there appears to have been little decrease along the Gulf in the vicinity of Houston, but as we
proceed further north, decreases of 5 to 10% are reported.
THE CHRONICLE
3694
[VoL. 124
that seeding can be
The weather at first seems to have been rather wet in the to our question 'when it is expected year," From Ashley
greater part of this territory, but later became dry. In the done, he replies, laconically, "Next
are covered
northeastern portion of the State planting extended over County, where 85 to 90% of the alluvial lands
that the area submerged at
say
reports
water,
our
with
later
somewhat
is
1
which
May
15,
to
June
from
period
the
this year, though it may
than usual, and the crop is two to three weeks late. The present cannot be planted to cotton
correspondent
weather the greater part of the time appears to have been be possible to make a late corn crop. This
breaks in the Arkansas
the
by
caused
the
floods
that
avers
satisfacin
are
plants
but
recently,
until
quite
dry
rather
so that the crop is now 30 to
tory shape. Here the reports indicate decreases in acreage River levees delayed planting,
was not begun in that
Planting
section.
in
days
late
that
40
to
5
15%.
running from
on June 15.
completed
been
not
had
and
15
May
until
county
Abilene
from
returns
our
of
one
Texas,
As regards central
the plants are
of
that
some
reports
also
This
correspondent
April
began
planting
cotton
that
10
says under date of June
while saying at the same time
15, though approximately 15% still remains to be planted. being damaged by cut worms,
give any evidence of weevil
to
yet
as
small
the
too
is
plant
year
last
than
earlier
more
This, it is stated, is two weeks or
A correspondent in Indeexist.
to
it
supposing
damage,
crop
the
of
Most
average.
and somewhat earlier than the
had high water on all
have
they
that
says
County
pendence
average.
the
of
ahead
in that vicinity is a week or ten days
that a good deal of
and
days
60
for
rivers
and
creeks
the
with
stands,
good
to
fair
The early planted cotton shows
will be planted In
in
cotton
planted
usually
is
land
that
had
course,
of
cotton,
fields reasonably clear. Late planted
County in the
Sebastian
From
year.
this
else
something
done
be
to
had
not yet come up. Considerable replanting
another phase
present
returns
our
State
the
part
of
western
weather
dry
and
soil
on account of heavy rains packing
in April,
early
severe
floods
that
noting
the
in
of
situation
early
of
amount
following. Frost on April 22 killed a small
preparation
and
planting
delayed
28th,
the
receding
about
about
10%
reported
is
cotton on low ground. Acreage here
to some extent, but also increased acreage, inasmuch as
less than last year, though some returns estimate the demuch land usually planted to other crops was put in cotton
been
has
crease at only 5%. The weather in that locality
as a last and best chance. This correspondent reports an
favorable since May 20, though before that it was dry. In increase in acreage in his section of 5 to 10%. Returns
the extreme western part of the State it was until lately from other parts of the State report decreases in their revery dry and also too windy. In the vicinity of El Paso
spective sections running from 5 to 20%. Arkansas, howplanting began about April 20 and extended to May 15. Furever, is a State with a large cotton area, having had the
ther east in the western part of Texas there are instances past season 3,867,000 acres in cotton, and the percentage of
where, on account of drought the start was much later;
must be adjusted accordingly. Notwithstanding
still, plants came up well and fields are clean. One corre- decrease
extent of the submerged area, we should judge that a
spondent at Midland, Texas, says they had the worst spring the
reduction of 12% will be sufficient to cover all adverse
dry spell since 1917-1918. In the extreme northwest in the
circumstances and conditions. The crop is everywhere late
Panhandle of Texas the situation appears to have been —not to the extent indicated in Ashley County, in fact in
extremely bad until recent rains furnished welcome relief. some parts of the State not more than ten days late, but
A correspondent in Hale County ventures the opinion that
weeks late. It is to be noted, however, that
not over 10% of the acreage had been planted up to June perhaps two
the last few weeks conditions have been extremely favor10 and adds that while a good stand had been obtained on
able, nearly all over the State, so that outside the districts
the portion of the crop actually planted, moisture was lack- which have been inundated a second time, the outlook is
ing for growth. How pessimistic this correspondent felt
more than ordinarily promising. Previously it was too wet,
when he sent his report, just before the recent rains came with temperatures unduly low at times. Thus on May 31
and broke the drought, is evidenced by the fact that he says, the
weekly weather report of the Department of Agriculture
while Hale County produced 45,000 bales in 1926 it looked said:
"Progress of cotton excellent, except some northern
as if 5,000 bales might be the limit in 1927, unless the situa- and eastern portions, where soil is still wet," and on June 7,
tion changed, which It did. How threatening the outlook
14 and June 21 the reports were much to the same
was in the Texas Panhandle before the change appears from June
are generally good, with the growth quite
the fact that in the twenty-six counties comprising the Pan- effect. Stands
even, and at least 60 to 70% of the crop is now well cultihandle, no cotton had been planted of any consequence up
with the fields clean, but with the rest of the area
to the begining of June except in the extreme southern tier vated,
still a little grassy. There has been a decreased applicaof these counties. Speaking of the State generally, the crop tion of commercial fertilizers, though these have never cut
is perhaps a little later than the average, particularly in
any great figure in this State. The actual shipments for the
North Texas, but stands are better than the ordinary and five months of 1927 to May 31 have been only 58,483 tons,
grass
little
with
well
cultivated,
are
places
fields in most
against 103,697 tons 'in the same five months of 1926 and
or weeds. Under favorable weather conditions the rest of 122,331 tons in the corresponding period of 1925.
Panhandle,
the
in
Texas
moisture
adequate
the season and
the prospect cannot be regarded as otherwise than favorProduction,
Yield of
Lint Cotton 500-lb. Gross
Area
able. The Texas Commissioner of Agriculture, who is inArea in
Bales.
Acre.
per
Picked.
CuUiration.
often
have
in
ARKANSAS.
the
which
past
views,
clined to take gloomy
Bales.
been found unjustified, estimates the decrease in acreage for
Pounds
Acres.
Acres.
Crop Year—
1,547,932
195
3.790,000
3,887,000
the entire State at 11%, and we adopt this as being an out- 1926
1,604,628
205
3,739,000
3,814.000
1925
alhas
side figure. The Commissioner points out, what
1,097,985
169
3,094.000
3.173 000
1924
627,535
98
3,026.000
3.120,000
ready been indicated above, that extreme dry weather In 1923
1,018,021
173
2,799.0110
2.827.000
1922
planting
western and northwestern Texas had prevented the
796.936
160
2.382.000
2,418,000
1921
1.214.448
195
2.980.000
3.055,000
of a good portion of the crop in that section up to June 1. 1920
884,473
155
2.725,000
1919
2,865,000
midOn the other hand, however, he also points out that in
987,340
158
2,991,000
1918
3,035,000
973.752
170
2,740,000
dle and north Texas some of the oat stubble is being planted 1917
2,810,000
1,134,033
209
2,600.000
2,630.000
in cotton, which will increase the acreage in those parts. 1916
816,002
180
2,170.000
1915
2,260.000
1.016.170
196
Fertilizers cut no part in cotton raising in Texas.
2.480 000
1914
2.550.000
Yield of
Lint Colton
per Acre.
Production.
500-lb. Gross
Bales.
OKLAHOMA.—As far as area is concerned, Oklahoma is,
next to Texas, the largest cotton State in the Cotton Belt.
Both last season and the previous season it had over 5,000.Bales.
Pounds.
Acres.
Crop Year—
Acres.
5,630,831
146
18,374,000
19,140,000
000 acres in cotton, the area in 1926 having been 5,083,000
1926
4,165,374
113
17,608.000
1925
19,139,000
acres and in 1925 5,320,000 acres, The area picked, how4,951,059
138
1924
17,175,000
17,706.000
4,342,298
147
ever, was only 4,676,000 acres in 1926, against 5,214,000 acres
14,150,000
1923
14,440.000
3,221,888
130
1922
11,874.000
12,241,000
in 1925 and with a yield of 180 pounds of lint cotton per
2,198,158
98
11.193,000
1921
10,745,000
4,345,282
acre in 1926, against 155 pounds in 1925, the crop was 1,772,174
11,898,000
12,265.000
1920
3.098,967
140
11,025.000
1919
10,476.000
784 bales in 1926, comparing with 1,691,000 bales in 1925.
2,696,561
115
11,950,000
11,233,000
1918
3,125,378
The present season there has been somewhat too much rain
135
11,676,000
11,092,000
1917
3,725,700
157
11,525.000
11,400,000
1916
in the eastern half of the State with the exception of some
3,227,480
147
10.725,000
10,510.000
1915
4_592.112
184
11.931 000
12.052 000
southeastern sections, and not enough in the western half,
1914
with pronounced drought in the extreme northwest. But
ARKANSAS.—No State has suffered as much as Arkan- the drought has recently been relieved in great degree by
sas from the overflow of the Missippi River and its tribu- rains and during the last two or three weeks the crop has
taries and the breaks in the levees. Nowhere else have made satisfactory progress in nearly all parts of the State,
greater areas been submerged, nor more people been ren- leaving the outlook at this time quite promising. It has,
dered homeless or greater general damage done. The floods though, been decidedly cool most of the time and the crop
began in April and extended into May. According to the is late, say, eight to ten days late in the southern part of
Crop Reporting Board of the Department of Agriculture, the State, but of about average maturity in most )ther parts.
1,838,000 acres of crop land in Arkansas were flooded, of Planting began as early as April 15 in some sections, , ut
which 1,112,000 acres were in cotton, with a yield of 500,000 generally not until about May 1, and was completed bebales. By May 15 the waters had sufficiently receded in tween June 1 and June 5. Except in some isolated instances
the submerged districts to permit planting, but early in seed came up well and only limited replanting was found
June there came a second overflow, the effects of which necessary. Stands are nearly everywhere fine and fields
or
have not yet passed away. What complete havoc this has well cultivated and as a rule clean, with little grtss to
created is made plainly apparent by the returns of several weeds. There has been apparently a general tendencylueof our correspondents. Thus, from Desha County the re- decrease acreage, but estimates of the extent of the re,
not a
port is that the entire county has been overflowed a second tion seem to our correspondents to be exaggerated in will
time and is now under water. This man says no cotton can few instances. We are inclined to think the decrease
cornedbe produced in that county the present year and in response, not exceed 9%, which, however, represents quite a
TEXAS.
Area in
Cultivation.
Area
Picked.
erable item in the case of a State with a total cotton acreage running the last two seasons, as already stated, in 4,xcess of 5,000,000 acres. Commercial fertilizers are not used
to any great extent in Oklahoma, nor home made composts.
Very little mention is made of the boll weevil, the general
statement being that it is too early to know mach libout
them. •
are good. Cultivation has been delayed by frequent showers and considerable grass remains to be eliminated. No
fertilizers of consequence are used on cotton in Missouri.
For obvious reasons the decrease in acreage is hard to estimate. We put it for the State as a whole at 20%.
MISSOURI.
Area in
Cultivation.
OKLAHOMA.
Acres.
5,083,000
5,320,000
4,022,000
3,900 000
3.052.000
2,536,000
2,988.000
2,512,000
3,190.000
2,900.000
2,614.000
2,000 000
2.920 000
Crop Year—
1928
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
Area
Picked.
Acres.
4,676,000
5,214,000
3.861.000
3,197.000
2,915.000
2,206,000
2,749.000
2,424,000
2,998,000
2,783,000
2,562,000
1,895.000
2,847 000
Yield of
Lint Cotton
per Acre.
Pounds.
180
155
187
98
103
104
230
195
92
165
154
162
212
Crop Year—
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
,
-
Area in
Cultivation.
Acres.
1,178.000
1,191,000
1,016.000
1,221,000
994,000
640,000
870,000
798.000
910,000
908,000
895.000
780,000
935.000
Area
Picked.
Acres.
1,143,000
1,173,000
996.000
1,172,000
985,000
634,000
840,000
758,000
902,000
882,000
887,000
772,000
915.000
Yield of
Lint Cotton
per Acre.
Pounds.
188
210
170
92
190
228
185
195
175
130
206
188
200
Area in
Cultivation.
Area
Picked.
Yield of
Lint Cotton
per Acre.
Production,
500-1b. Gross
Bales.
Production.
500-W. Wass
Bales.
Boles
1,772,784
1,691,000
1.510.570
655.558
627,419
481.286
1,336,298
1,016,129
576,886
959,081
823,526
639.626
1.262.176
TENNESSEE.—This State has had the present year altogether too much rain, besides which, temperatures have
been unseasonably low. The Commissioner of Agriculture
says the season has been the worst in twenty years—altogether too cold and wet. However, during the last two
weeks there has been fair growing weather and conditions
have improved. The crop appears to be fully three weeks
late. Planting began about April 25 and has not yet been
entirely completed. In the extreme western part of the
State planters have suffered from the Mississippi floods.
There were, we believe, no levee breaks, but the land was
flooded by back water from local streams. The Crop Reporting Board of the Department of Agriculture recently
stated that 195,000 acres altogether had been flooded in
Tennessee, of which 90,000 acres were in cotton in 1926, with
a yield of 45,000 bales. Our reports from Lauderdale County
say that about one-third of that county—that is, all bordering on the Mississippi River—was overflowed during the
April floods. The water receded early in May in time to
permit replanting, but in June there came a second rise and
practically all the land in the Mississippi bottom of that
county was, at latest accounts, under water, and the crop
there, it is stated, will be a total loss, since it will be too
late for another planting when the water disappears. In
the hill land in the county, however, we are informed there
will be as much cotton planted as last year, and in all probability slightly more. Some other of our correspondents
also indicate that the area devoted to cotton in their localities may show some increase, though most of our reports
speak of reductionsef 5% and in a few exceptional instances
as high as 15%. After a careful examination of all the returns, and weighing what our correspondents have to say
In qualification of local estimates, and allowing for the
increases reported, we make the result for the whole State
a decrease in acreage of 8%. Fair stands have been secured as a rule, but cultivation is backward, especially
In some western counties, on account of the excessive rain.
Therefore, there is still some grass and weed to contend with
on some plantations, though, as one correspondent puts it,
considering the constant rains, fields are remarkably well
worked. Virtually no fertilizing material in the ordinary
acceptance of the term is used on Tennessee cotton, and total
fertilizer sales in the whole State for all purposes for the
five months from Jan. 1 to May 31 aggregated only 82,687
tons in 1927, against 124,460 tons in 1926 and 111,867 tons
in 1925.
TENNESSEE.
3695
THE CHRONICLE
JUNE 25 1927.]
Production,
500-lb. Gross
Bales.
Bales.
451,533
517,276
356,189
227,941
390,994
301,950
325,085
310,044
329,697
240,525
382,422
303,420
383.517
Crop Year—
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
Acres.
434,000
520,000
493,000
355.000
198.000
103.000
136,000
125.000
148,000
153,000
133,000
96.000
145.000
Acres.
472,000
542,000
524,000
394,000
201.000
104.000
143.000
132.000
155.000
161,000
136,000
105,000
148,000
Bales.
217.859
294,262
189.115
120,894
142,529
69.931
78,856
64,031
62,162
60,831
62,699
47.999
81.752
Pounds.
240
275
185
171
360
325
275
257
200
190
225
240
270
CALIFORNIA, ARIZONA AND NEW MEXICO.—In
these States also, there seems to be a decrease in cotton acreage, say, about 10%, with a reduction of perhaps twice that
amount in Lower California (the Mexican side of the Imperial Valley), which latter we do not include in our totals.
Exceptionally cool nights have retarded growth, and the
crop in California is two to three weeks late, and in Arizona about one week late. Seed came up well as ground
was in good condition following heavy winter rains. Stands
are generally in satisfactory shape, with fields in a normal
state of cultivation. The Agronomist of the University of
Arizona, who thinks the decrease in that State may reach
15%, expresses the opinion that there will be a limited
acreage of late planted cotton—planted even as late as
July 1. Many farmers, he says, believe that cotton will
produce better returns this year than any other field crop.
Commercial fertilizers are not used to any extent in this
territory.
CALIFORNIA
CYO Year—
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
ARIZONA.
Crop Year—
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
ALL OTHER
STATES.
Crop Year—
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1(114
UNITED
STATES.
Area
Picked.
Area in
Cultivation.
Acres.
162,000
169,000
130.000
233.000
202,000
140 000
275,000
185.000
173.000
136.000
52.000
39.000
47.000
Acres.
a167,000
a171,000
a130,000
a235.000
a210.000
a140.000
a278.000
a185,000
a192,000
155,000
55,000
41,000
47.000
Area in
Cultivation.
Acres.
168,000
162,000
183.000
130.000
105,000
94,000
235.000
112,000
100.000
46,000
Area in
Cultivation.
Acres.
169 000
197,000
172 000
92 000
48 000
20,000
25 000
10 000
13 000
16 000
825 000
515 000
890 non
Area in
Cultivation.
Area
Picked.
Acres.
167,000
162.000
180.000
127.000
101.000
90.000
230.000
107.000
95.000
41,000
Area
Picked.
Acres.
163,000
164.000
142,000
73.000
44.000
18,000
24.000
10.000
12.000
• 15,000
925,000
b15.000
520 000
Area
Picked.
Yield of
Lint Cotton
per Acre.
Production.
500-/b. Gros
Bales.
Boles.
131,211
121,795
77,823
54,373
28,423
34,109
75.183
56,107
67.351
57,826
43.620
28.551
49.835
Pounds.
386
340
284
285
188
258
266
268
270
242
400
380
500
Yield of
Lint Cotton
per Acre.
Production.
500-1b. Gross
Bales.
Pounds.
348
350
285
292
222
242
224
270
280
285
Yield of
Lint Cotton
per Acre.
Pounds.
244
256
215
228
208
231
252
250
250
175
___
___
Yield of Production
500-Lb.
Lint
Gross
Cotton
Bales.
per Acre.
Bales.
122,902
118.588
107,F06
77,520
46,749
45.323
103.121
59,849
55,604
21,737
Production,
500-1b. Gros
Bales.
Bales.
87,032
87,965
67.305
33.672
19,310
8.715
13,239
4,947
6.157
5,666
813.604
87.149
814.045
Linters
Eetrifraleal
500-Lb.
Bales.
MISSOURI.—This State does not raise much cotton, but,
unfortunately, the limited areas that do engage in cotton
Bales.
Bole:.
Pounds.
Crop Year.
Acres.
Acres.
1.078.642
17.977.374
181.9
48,730,000 47.087,000
production border mostly on the Mississippi, and as a con- 1926
1,114,877
16,103.679
167.2
1925
48,090,000 46.053,000
quence suffered severely from the April overflows and again 1924
897.375
13.627,936
157.4
42,641,000 41,360,000
668.600
10,139,671
130.6
from the new overflow in June. As a result of this second 1923
38.709,000 37.420.000
607.779
9.762.069
141.5
1922
33.036.000
34,016,000
overflow, much land still remained submerged at latest ac- 1921
7,953.641
397,752
124.5
31,678,000 30,509,000
13.439.603
440, 13
178.4
counts. For instance, in New Madrid County it is esti- 1920
37,043,000 35,878,000
11,420.763
607.969
161.5
33,566.000
1919
35,133.000
mated that nearly 200,000 acres were originally overflowed 1918
929.516
12,040,532
159.6
37.217.000 36,008.000
11.302.375
1,125,719
159.7
and that about 50,000 acres were again submerged by the 1917
34.925,000 33,841,000
1,330.714
11,449.930
156.6
34,985,000
1916
36.052.000
second flood. When the water from this second deluge has
931,141
11,191.820
170.3
1915
32,107,000 31,412,000
856.900
16.134.930
209.2
passed away it is expected it will be too late for replanting 1914
37.406 non 36.832.000
and part of the land will be devoted to corn and other late
a California figures embrace the entire Imperial valley. Including about 135,000
140,000 ac es in 1924, 150.000 acres In
crops. In the county mentioned rains delayed planting acres in Mexico in 926, 150,000 acres in 1925,
1923.
140,000 acres in 1922, 85.000 acres in 1921, 125.000 acres In 1920. 100.000
until May 20 and it continued in progress until the new acres
of
which
Is counted In the grand total tor
none
1918;
in
100
acres
thee inl919
6t
,a
8t
8
,
United
floods came to interrupt work once more. In that section
1914-1915
and 1916.
years
the
for
S Includes Arizona figures
the crop is twenty to thirty days late. Elsewhere in the
State, where cotton plantations exist, the season is a week
of February,
months
the
for
record
The thermometer
to ten days late. Stands in the river bottoms are poor, March, April and May at the principal cities in the South
with many "drowned spots." On high ground the stands for three years is as follows:
3696
THE CHRONICLE
[Va.. 124.
THERMOMETER RECORD AT SOUTHERN CITIES FOR THREE YEARS.
February.
VIERMarch.
May.
April.
MOMETER. 1927. 1926. 1925. 1927. 1926. 1925. 1927. 1926. 1925. 1927, 1928. 1925.
THERFebruary.
March
April.
May
MOMETER. 1927. 1926. 1925 1927 1926. 1925. 1927. 1926. 1925. 1927 1926 1925
Virginia.
Louisiana.
Norfak.
New Orens.
Highest 77.0 72.0 74.0 82.0 82.0 82.0 ____ 84.0 92.0 ____ 89.0 94.0
Highest 81.0 78.0 80.0 83.0 77.0 85.0, 87.0 87.0 88.0 92.0 90.0 90.0
33.0 21.0 28.0 25.0 22.0 16.0 -___ 33.0 40.0 ____ 45.0 44.0
Lowest
Lowest
40.0 36.0 39.0 36.0 34.0 36.0 49.0 48.0 54.0 59.0 58.0 54.0
Average 48.3 44.2 49.2 51.6 44.2 51.4 ---- 55.3 59.2 ____ 66.0 64.0
Average 65.4 58.8 61.2 63.5 57.6 65.21 73.0 67.0 72.4 77.6 74.8 74.8
No. Caro.
Shreveport.
Wilmington
Highest 84.0 77.0 82.0 84.0 81.0 83.0, 87.0 85.0 91.0,1 94.0 98.0 92.0
Highest 81.0 72.0 74.0 82.0 76.0 81.0 85.0 82.0 93.0 89.0 93.0 90.0
Lowest
32.0 32.0 33.9 31.0 33.0 31.0 44.0 40.0 46.0 57.0 48.0 44.0
Lowest
34.0 28.0 30.0 27.0 21.0 24.0 38.0 34.0 40.0 49.0 45.0 46.0
Average 58.6 55.4 56.2 59.0 54.0 60.71 70.2 62.4 70.91 75.8 72.8 73.0
Average 57.6 50.2 54.2 55.6 49.1 56.6 61.4 60.6 64.0 71.6 68.8 87.9
Or'd Coteau
Weldon.
Highest 82.0 76.0 79.0 84.0 78.0 85.0 89.0 83.0 90.0 92.0 9I.0 92.0
Highest 80.0 75.0 82.0 86.0 82.0 84.0 92.0 89.0 97.0 94.0 95.0 98.0
Lowest
39.0 32.0 31.0 34.0 33.0 33.0 41.0 39.0 50.0 54.0 49.0 45.0
Lowest
27.0 20.0 24.0 12.0 12.0 17.0 28.0 28.0 36.0 32.0 37.0 40.0
Average 64.4 57.1 60.0 62.6 56.9 64.4 72.2 65.5 71.6 76.6 72.7 72.9
Average 50.5 46.0 49.2 52.9 46.0 53.0 58.2 58.4 62.3 68.0 68.0 66.4
Mississippi
Charlotte.
Columbus.
Highest 79.0 73.0 73.0 83.0 77.0 83.0 89.0 85.0 96.0 93.0 96.0 96.0
Highest 83.0 80.0 77.0 85.0 80.0 85.0 90.0 86.0 93.0 96.0 99.0 97.0
Lowest
30.0 23.0 27.0 23.0 16.0 17.0 36.0 33.0 34.0 44.0 46.0 41.0
Lowest
29.0 24.0 22.0 25.0 19.0 20.0 34.0 29.0 39.0 45.0 45.0 38.0
Average 53.4 46.2 50.6 53.6 45.0 54.2 61.4 58.5 63.9 70.6 69.9 66.2
Average 57.6 52.2 54.0 57.0 50.6 .58.7 88.6 61.0 69.4k 73.4 70.8 71.0
Raleigh.
Vicksburg.
Highest 78.0 74.0 75.0 84.0 79.0 85.0 89.0 85.0 93.0 93.0 93.0 04.0
Highest 80.0 78.0 80.0 83.0 78.0 83.0 84.0 84.0 89.01 92.0 93.0 93.0
Lowest
29.0 23.0 24.0 24.0 16.0 17.0 35.0 31.0 38.0 43.0 43.0 43.0
Lowest
34.0 29.0 31.0 32.0 26.0 28.0 45.0 37.0 47.0 55.0 50.0 47.0
Average 51.6 46.2 50.6 52.8 45.2 53.4 58.5 57.8 62.0 69.4 68.2 64.8
Average 59.2 54.5 55.8 58.6 53.1 60.8 89.2 62.2 70.6 73.8 72.0 72.0
Morganttm.
Brookhaven.
Highest
77.0 71.0 70.0 82.0 78.0 83.0 91.0 85.0 04.0 94.0 95.0 93.0
Highest 82.0 81.0 78.0 84.0 78.0 87.0 90.0 88.0 95.0 96.9 97.0 47.0
Lowest
25.0 17.0 18.0 17.0 15.0 13.0 30.0 29.0 29.0 42.0 39.0 36.0
Lowest
30.0 26.0 29.0 27.0 25.0 26.0 37.0 33.0 47.0 51.0 48.0 40.0
Average 50.5 45.4 48.2 51.8 44.5 52.2 59.6 57.2 61.8 68.2 67.5 62.8
Average 61.2 55.8 57.4 59.9 54.0 62.4 70.9 63.4 72.2 75.8 73.5 73.6
So. Caro.
Waynesboro
Charleston.
Highest 82.0 80.0 --_ 84.0 78.0 ___ 86.0 87.0 91.0 95.0 96.0 92.0
Highest 82.0 72.0 72.0 80.0 77.0 83.0 90.0 84.0 92.0 95.0 95.0 90.0
Lowest
30.0 25.0 ___ 23.0 22.0 ___ 40.0 31.0 38.0 49.0 45.0 38.0
Lowest
43.0 32.0 32.0 32.0 25.0 30.0 44.0 41.0 40.0 55.0 53.0 51.0
Average 61.6 52.5 ___ 59.6 52.5 --- 69.6 62.4 68.6 75.4 71.3 70.8
Average 61.2 52.9 55.6 58.0 52.4 50.2 66.3 62.8 66.8 74.6 72.6 71.0
Arkansas.
Columbia.
Mule Rock.
Highest 81.0 73.0 75.0 84.0 78.0 86.0 89.0 86.0 94.0 96.0 100.0 93.0
Highest 80.0 72.0 76.0 81.0 80.0 83.0 88.0 83.0 90.0 89.0 96.0 92.0
Lowest
34.0 26.0 29.0 27.0 20.0 24.0 39.0 38.0 34.0 49.0 50.0 45.0
Lowest
27.0 27.0 23.0 26.0 27.0 23.0 38.0 36.0 47.0 60.0 46.0 44.0
Average 57.6 50.4 53.8 57.0 48.4 57.8 64.3 62.1 66.8 73.4 72.6 69.3
Average 52.2 49.2 50.0 54.0 48.7 56.8 66.2 59.2 68.2 71.8 70.8 69.1
Anderson.
Fort Smith.
highest 30.0 75.0 75.0 82.0 78.0 86.0 89.0 80.0 90.0 90.0 90.0 93.0
Highest 77.0 74.0 78.0 82.0 82.0 85.0 89.0 86.0 89.0 96.0 96.0 92.0
Loa est
32.0 24.0 25.0 22.0 16.0 27.0 37.0 33.0 32.0 45.0 42.0 42.0
Lowest
25.0 27.0 24.0 25.0 28.0 19.0 38.0 32.0 43.0 47.0 46.0 43.0
A4 erase 55.0 48.2 51.5 54.9 46.1 55.9 82.4 59.5 65.2 71.0 70.8 67.8
Average 50.6 48.4 48.3 52.8 47.6 56.2 65.3 58.4 67.6 72.2 70.8 68.5
7reenwood.
Camden.
Highest 78.0 75.0 75.0 83.0 73.0 85.0 90.0 79.0 91.0 95.0 100.0 93.0
HIghest 84.0 76.0 80.0 84.0 81.0 84.0 87.0 8.5.0 92.0 92.0 95.0 95.0
Lowest
29.0 24.0 26.0 25.0 16.0 20.0 34.0 33.0 34.0 42.0 45.0 44.0
Lowest
30.0 25.0 22.0 26.0 27.0 24.0 38.0 30.0 37.0 44.0 44.0 35.0
Average 53.6 46.1 51.2 53.8 45.1 54.6 64.5 58.3 65.6 70.9 70.8 66.7
Average 53.4 50.9 50.8 54.8 49.8 55.7 66.8 58.4 68.0 72.8 69.5 68,8
Georgia.
Tennessee
4uousta.
Nashrille.
Highest 80.0 75.0 75.0 84.0 80.0 87.0 90.0 86.0 94.0 99.0 100.0 95.0
Highest 78.9 70.0 73.0 77.0 78.0 80.0 87.0 84.0 90.0 87.0 93.0 93.0
Lowest
36.0 14.0 28.0 29.0 23.0 26.0 42.0 39.0 37.0 48.0 51.0 46.0
Lowest
26.0 22.0 20.0 24.0 18.0 16.0 35.0 31.0 38.0 45.0 45.0 42.0
Average 58.8 51.9 54.0 58.4 50.0 58.6 68.4 62.8 67.7 74.2 72.7 70.2
Average 50.7 44.4 47.4 51.4 43.2 52.8 62.6 55.8 64.2 60.6 68.0 64.0
Atlanta.
Memphis.
Highest 76.0 73.0 71.6 80.0 75.0 81.0 86.0 81.0 03.0 90.0 02.0 91.0
Highest 77.0 70.0 72.0 79.0 77.0 80.0 83.0 81.0 88.6 91.0 94.0 90.0
Lowest
28.0 26.0 20.0 25.0 18.0 18.0 40.0 32.0 39.0 48.0 48.0 42.0
Lowest
28.0 27.0 26.0 28.0 23.0 24.0 39.0 35.0 44.0 52.0 47.0 44.0
Average 55.0 47.2 51.1 54.8 45.5 55.3 64.2 59.0 66.4 71.1 70.0 68.0
Average 51.8 48.4 49.7 53.4 47.4 56.6 65.2 58.3 68.2 71.8 71.0 68.0
kwannah.
Ashwood.
Highest 81.0 78.0 78.0 83.0 77.0 86.0 90.0 88.0 94.0 98.0 98.0 91.0
Highest 79.0 72.0 72.0 78.0 77.0 82.0 84.0 83.0 89.0 88.0 93.0 90.0
Lowest
39.0 30.0 28.0 32.0 27.0 31.0 44.0 42.0 38.0 52.0 53.0 47.0
Lowest
25.0 22.0 19.0 21.0 15.0 15.0 32.0 27.0 33.0 40.0 37.0 39.0
Average 62.8 54.8 58.0 60.8 53.8 61.4 68.4 64.8 68.2 75.2 73.1 71.4
Average 50.9 46.2 49.0 51.4 43.6 53.0 63.4 65.6 63.8 69.0 67.0 64.0
rlorida.
Texas.
racksonville
Galveston.
Highest 81.0 79.0 77.0 83.0 78.0 8.5.0 ---- 87.0 88.0 96.0 94.0 89.0
Highest 73.0 71.0 78.01 74.0 75.0 78.0 84.0 80.0 83.0 86.0 81.0 86.0
Lowest
42.0 32.0 30.0 32.0 28.0 33.0 --- _ 45.0 42.0 57.0 55.0 51.0
Lowest
34.0 38.0 42.01 39.0 38.0 50.0 52.0 52.0 46.0 63.0 57.0 53.0
Average 64.9 58.0 60.2 64.2 58.0 64.6 ____ 66.6 69.0 76.0 73.8 72.5
Average 62.8 58.8 GOAl 62.8 58.9 66.2 72.3 66.6 72.2 77.9 73.8 75.2
2'antya.
Palestine.
Highest 83.0 82.0 82.0 86.0 83.0 87.0 ___ 87.0 91.0 93.01 90.0 91.0
Highest 84.0 77.0 82.0 82.0 80.0 84.0 86.0 82.0 90.0 94.0 92.0 93.0
Lowest
47.0 38.0 38.0 37.0 36.0 45.0 -- 54.0 52.0 61.0 60.0 54.0
Lowest
26.0 31.0 30.0 30.0 32.0 34.0 41.0 39.0 49.0 53.0 48.0 45.0
Average 68.9 61.8 64.2 67.6 62.8 68.3 _-__ 69.8 71.9 78.8 75.4 75.6
Average 57.2 56.4 56.6 59.0 53.9 62.4 69.6 61.8 70.8 75.8 71.6 73.0
'allahassee
Abilene.
Highest 83.0 77.0 76.0 87.0 80.0 86.0 ---- 86.0 80.0 99.0 96.0 94.0
Highest 82.0 82.0 83.0 87.0 82.0 90.0 97.0 90.0 102.0 106.0 9..0 99.0
Lowest
34.0 28.0 29.0 28.0 ---- 29.0 ---- 41.0 44.0 53.0 49.0 50.0
Lowest
24.0 26.0 25.0 24.0 26.0 26.0 33.0 35.0 43.0 53.0 44.3 42.0
Average 63.7 54.0 57.6 62.2 ____ 63.6 ____ 66.0 70.0 77.2 73.7 74.2
Average 52.2 .54.4 51.7 56.9 52.2 62.7 68.4 59.6 70.7 78.6 72.0 71.4
AJabruna.
SanAntonto
Afontgornery
Highest 89.0 81.0 83.0 90.0 84.0 87.0 91.0 84.0 95.0 103.0 92.0 101.0
Highest 81.0 78.0 77.0 84.0 79.0 85.0 87.0 83.0 91.0 94.0 94.0 93.0
Lowest
31.0 38.0 36.0 31.0 36.0 42.0 45.0 42.0 47.0 56.0 62.0 46.0
Lowest
35.0 29.0 26.0 29.0 24.0 26.0 40.0 38.0 46.0, 52.0 51.0 48.0
Average 61.6 61.2 61.5 63.2 58.6 67.6 73.2 65.7 74.2 80.4 74.6 77.2
Average 60.6 53.2 55.2 59.0 51.6 60.4 69.3 62.8 69.61 74.4 72.2 72.0
Huntsville.
(Mit.
Highest 38.0 88.0 75.0 ____ 79.0 83.0 84.0 81.0 91.0 95.0 90.0 94.0
I
Highest 80.0 77.0 81.0 79.0 79.0 83.0 86.0 79.0 89.0 92.0 91.0 89.0
Lowest
28.0 32.0 30.0 31.0 33.0 36.0 43.0 31.0 48.0 54.0 50.0 42.0
Lowest
38.0 31.0 33.0 31.0 29.0 31.0 43.0 42.0 51.0 56.0 56.0 49.0
Average 58.4 55.1 56.4 --__ 56.0 62.4 68.8 62.8 71.21 77.3 72.1 73.6
Average 63.0 55.8 57.4 60.8 55.2 62.2 71.0 64.5 70.0 75.2 72.8 72.3
Longview.
ufaula.
Highest 81.0 ____ 83.0 84.0 ____ 81.0 88.0 86.0 00.0 ____ 97.6) 92.0
Highest 85.0 76.0 75.0 87.0 76.0 84.0 93.0 80.0 89.0 99.0 02.0 94.0
Lowest
31.0 ____ 31.0 29.0 ____ 31.0 ____ 33.0 48.0 ____ 45.0 48.0
Lowest
30.0 26.0 26.0 27.0 22.0 25.0 39.0 35.0 39.0 43.0 43.0 43.0
Average 55.5 ____ 54.7 57.6 ____ 61.1 __ 61.1 70.71 --- 71.8 73.2
Average 61.2 50.6 53.0 59.8 49.9 57.6 70.8 61.0 67.1 76.0 70.0 70.9
Oklahoma
Inning/ram
Okla. City.
1
,1
Highest 78.0 76.0 75.0 82.0 78.0 82.0 86.0 82.0 90.0 91.0 93.0 92.0
Highest 81.0 78.0 76.6 76.0 79.0 85.0 89.0 86.0 96.0 96.0 94.0 03.0
Lowest
29.0 26.0 23.0 25.0 19.0 21.0 37.0 32.0 41.0 47.0 48.0 42.0
Lowest
12.0 23.0 19.0 19.0 20.0 19.0 34.0 27.0 40 0, 46.0 45.0 43.0
s......s. no o to a ao n KS Ft AR 9 S7 9 nn R ti9 o 602 721 59.6 69.3
Average 46.6 47.8 40.21 50.0 46.5 56.0 63.7 54.0 6)03 'HA 70.5 67.0
RAINFALL RECORD AT SOUTHERN CITIES FOR THREE YEARS.
February.
March.
April.
May.
RAINFALL. 1927. 1926. 1925. 1927. 1926. 1925. 1927. 1926. 1925. 1927 1926. 1925.
Virginia.
Norfolk.
RuintalLin. 3.24 2.50 1.31 2.18 3.11 3.29
Days rain. 13
8
9
9
7
12
No. Caro.
Wilma.
Rainfall,In.
Days rain.
Weldon.
RaintalLin.
Days rain.
Charlotte.
RaintalLin.
Days rain.
Raleigh.
RaintaiLin.
Days rain
'
Morrie,
Raintall.in.
Days rain
So. Caro.
Charles'n
Rainfaihin
Days rain.
Columbia
RaintalLin
Days rain
Anderson
RainialLin
Days rain
Gramm'd
ELainfaiLin
Days rain
2.45 1.74
10
8
1.89 1.72
10
10
2.15 3.98 2.52 2.30 4.19 2.19 0.19 3.34 1.16 0.19 3.37 3.08
8
9
6
7
10
3
7
7
6
10
3
11
3.85 4.11 2.43 2.97 3.66 2.3.5 5.28 2.45 1.02 1.93 1.49 5.81
10
9
9
9
13
6
10
5
8
6
3.84 4.06 1.91 3.83 4.80 2.39 3.04 1.28 2.34 1.44 2.40 1.64
10
9
13
11
7
12
9
9
6
8
7
3.00 4.20 1.70 2.78 5.17 2.31 4.39 1.64 2.57 2.69 0.35 4.11
10
5
12
10
13
9
5
10
11
8
8
7
4.06 3.82 1.16 2.54 3.20 2.17 2.94 2.24 1.57 2.86 2.40 2.05
7
9
7
9
7
11
7
7
8
8
8
2.17 3.03 1.84 2.97 3.61 1.28 0.63 2.48 1.89 0.71 2.33 1.96
10
12
7
5
6
3
5
4
4
8
8
3.69 3.16 1.08 3.82 5.00 0.87 1.55 1.94 1.24 1.60 0.60 3.18
13
6
7
9
6
10
8
4
9 6
7
3.75
10
.76 1.02 4.29 5.11 3.37 1.70 1.54 3.37 1.22 0.60 1.08
5
10
6
7
8
8
6
3
5
5
6
5.03 3.89 2.12 4.86 5.17 2.161 1.34 2.43 1.47 2.90 0.23 1.21
10
31 7
8
10
S 5 6 2
10
4
Georgia.
Augusta
RainfaiLin 4.91 3.38 1.14 3.34 5.79 0.86 1.20 2.02 3.23 1.36 0.31 2.73
11
6
8
8
6
8
10
9
6
10
Days rain
Atlanta.
RainfalLin 6.20 4.46 1.70 3.31 4.97 3.68 1.84 0.96 1.171 1.24 0.89 2.00
9 9 5
9
9 12 13 9
7
7
9
12
Days rain
Savannah
RaintalLin 1.45 3.37 2.80 2.81 4.74 0.04 1.69 2.24 2.37 0.71 2.67 2.43
10
2
II
7
6
7
7
6
7
6
Days rain.
February.
March.
April.
May.
RAINFALL. 1927. 1926. 1925 1927 1926. 1925 1927. 1926. 1925. 1927. 1926. 1926.
Florida.
Jacksonv.
RaintalLin 3.54 1.66 0.90 1.67 2.20 1.14 ____ 3.89 1.54 0.09 1.66 4.75
Days rain
8
7
7
7
9
8 ____
7
3
4
2
9
Tampa.
Raintall.in 3.96 0.85 1.63 2.55 5.47 0.54 ____ 5.75 1.09 0.38 1.70 6.58
Days rain.
6
6
6
8
8
3 -9
5
3
8
10
Tallahas.
RaintalLin. 5.17 5.13 5.IS 2.13 5.30 1.13 ____ 4.80 0.90 0.70 2.68 1.32
Days ruin.
8
9
7
6
8
6 -_-4
7
2
7
3
Alabama.
Afontgom
Rainiall.in. 5.99 4.26 3.97 3.28 5.65 0 24 1.26 1.47 1.71 2.95 2.50 1.83
Days rain.
8
10
7
9
12
8
5
7
3
10
7
6
Mobile.
[taint:Min. 7.93 7.06 2.53 6.27 9.42 0.78 1.80 3.69 0.43 1.49 1.77 4.18
Days rain.
7
5
7
9
11
5
9
4
4
4
7
7
Eufanla.
RaintalLin. 5.03 4.85 1.85 3.85 8.23 3.41 0.60 2.45 1.68 2.34 4.00 1.11
Days rain.
9
6
7
6
9
8
9
3
5
7
6
5
Birm'h'ns
Rainiall.ln. 5.41 3.23 3.32 6.14 4.88 5.47 2.25 1.77 1.15 3.53 4.31 2.44
Days rain. 13
9
11
11
9
7
9
9
7
8
12
0
Louisiana.
New On.
Etaintall,in. 10.15 3.02 1.64 7.90 15.95 1.04 14.94 6.39 0.70 3.14 13.66 4.51
Days rain.
7
6
6
8
14
4
4
8
4
7
5
8
Shterep9.
RaintalLin. 2.94 1.89 0.83 5.02 6.17 4.19 7.70 5.14 0.76 4.59 3.61 1.45
Days rain.
8
4
3
9
10
9
7
8
2
10
9
6
34. Coteau.
RaintalLin. 10.53 4.79 3.89 5.95 9.93 3.71 3.35 10.49 2.31 16.38 5.30 1.38
Days rain
7
4
8
5
12
4
2
8
7
7
4
0
Mississi pp'
Columbus
RaintalLin. 7.10 3.15 3.22 8.06 4.29 4.34 1.58 2.66 1.21 7.42 4.62 4.68
Days rain.
6
5
10
5
6
4
6
6
6
8
4
2
Vicksburg
RaintalLin. 10.43 1.42 2.77 8.57 5.05 1.97 4.74 3.28 2.49 6.21 2.79 6.17
Days rain.
7
4
7
11
6
11
5
8
9
3
8
4
Brookh'n.
Raintalhin. 11.45 4.27 3.67 5.20 11.37 1.93 1.02 6.25 0.22 6.07 6.44 2.57
Days rain.
9
4
8
10
5
14
6
6
7
3
7
10
Waynestr
FtaintalLin. 9.37 5.09 5.24 4.55 9.25 2.13 4.64 3.44 0.75 2.60 3.08 5.09
Days rain.
7
4
6
7
11
6
3
7
1
7
6
5
JUNE
RAINFALL
Arkansas.
LittleRock
Raintall,in.
Days rain.
Helena.
Raintall,in.
Days rain.
Ft. Smith
Raintall,in.
Days rain.
Camden.
Rainfallyin.
Days rain.
Tennessee
Nashville
Raintall,in.
Days rain.
Memphis
February.
3697
THE CHRONICLE
25 1927.]
RAINFALL.
May.
April.
March.
1927. 1926. 1925 1927 1926 1925. 1927. 1926 1925. 1927 1926 1925.
3.03 3.52 3.78 6.89 5.11 0.52 14.81 3.11
11
12
1
10
4
10
12
16
1.08 6.82 1.56 1.42
4
6
10
8
1.88 2.67 3.97 13.38 7.63 2.72 11.28 2.61 1.67 5.82
5
15
11
4
10
9
13
13
6
12
1.44
8
2.15 1.32 1 66 2.93 2.80 0.85 9.67 1.86 5.01 6.41 2.86 1.26
9
10
5
10
16
7
5
11
4
4
10
10
3.10 2.08 2 6' 6.52 8.73 1.64 8.51 2.94 1.25 4.63 4.01
5
9
12
7
5
10
12
3
11
4.26 2.06 4.88 9.66 3.88 3.34 7.38 2.45 3.74 3.63 2.15 1.95
11
5
10
12
17
10
10
12
12
11
11
16
2.89 2.76 4.52 13.04 5.79 1.48 13.13 1.67 0.89 5.40 1.20 1.36
3
4
11
6
8
16
5
15
10
7
10
Days rain. 13
Ashwood.
10 3.80 1.50 3.15
Raintall,in. 3.45 1.75 5135 11.35 3.60 3.25 8.15 1.35 3.95
4
6
7
71 13 4
10
14
6
10
Days rain
February.
May.
April.
March.
1927. 1926. 1925. 1927. 1926. 1925. 1927. 1926. 1925.,I1927. 1926. 9125.
Texas.
Galveston
Rainfall,in
Days rain.
Palestine.
Rainfall,in
Days rain.
Abilene.
Rainfall,in.
Days rain.
San Ant.
Raintall,in.
Days rain.
Huntsville
Raintall,in.
Days rain.
Longview
Rainfall,in
Days rain.
Oklahoma
Okla City
Rainfalt.in.
Days rain.
1.74 1.27 0.20 0.96 9.39 0.07 2.58 5.49 1.58 0.12 4.08 1.37
3
4
3
3
14
7
6
6
9
3
3
3.98 0.49 0.96 3.41 9.38 0.43 5.15 4.35 1.05 2.36 6.1S 1.21
7
3
6
15
9
7
5
5
2
6
10
0.07 0.99 3.65 0.02 3.87 3.86 5.03 0.78 2.65 5.40
6
1
6
2
9
12
7
7
2.28
11
1.96 0.08 0.09 2.02 4.77 0.24 2.05 7.06 0.18 2.04 3.33 2.85
5
3
17
11
8
3
2
2
2
10
8
7.90 8.80 0.60 4.90 8.90 1.05 3.50 4.00 2.20
1
4
3
3
8
7
2
8
3.70 0.40
1
5
2.61
5
1.47 5.99
6
3
4.09
6
2.70 2.16
4
4
4.34 2.65
7
1.07 0.04 0.69 2.23 1.81 0.28 4.59 2.66 4.02 1.94 2.09
2
10
7
9
4
7
2
5
8
2
7
The fortgoing tables of rainfall and thermometer, covering as they do-and necessarily so on account of lack of spaceonly a very few stations in the cotton belt, give only a very partial idea of the meteorological conditions.that have prevailed
this spring at the South. The following compilation, however, which covers the official averages of rainfall and the departure from normal in each State for each month from January to May, both inclusive,,lor the last eight years, and the highest,
lowest and average thermometer for the like periods, furnishes data that should not only be of considerable interest but of
aid to the reader in drawing conclusions.
TEMPERATURE.
RAINFALL.
January.
March.
February.
April.
May.
May.
April.
March.
February.
January.
7 51A
88
87 -7 43.7
89 -5 52.2
8 46.6
84
5 61.2
86
87 18 52.0
91 17 58.6
88 -7 48.3
9
90
99
92
91
96
92
93
20
S
18
5
7
23
17
13
58.9
56.1
61.4
56.6
57.1
60.4
60.0
56.7
100
102
99
94
90
94
95
92
18
261
201
24
25r
291
26
261
68.0
66.3
63.5
63.9
64.8
67.2
64.1
62.5
16
6
9
19
17
24
28
10
55.2
48.8
55.0
61.0
56.2
55.5
62.5
52.3
95
94
99
91
94
95
91
94
29
26
25
24
18
33
27
26
63.2 103
60.3 103
65.9 100
61.6
96
61.5 94
98
64.5
98
63.3
61.4
95
36
38
31
93
31
38
36
42
71.4
70.6
68.3
6.80
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+0.84
+0.61
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0.89 -2.61 4.24
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8.54 +4.95 1.60
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4.34 +0.88 3.54
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2.74 -0.70 3.83
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3.53 +0.07 6.62
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10.84 +6.90 2.10
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5.39 +1.45 3.96
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4.01 +0.07 4.81
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2.98 -0.96 4.43
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1Florida0.42 -2.41 3.50
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4.12 +1.25 3.30
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1.75 -1.05 1.63
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1921
1.37 -1.49 1.77
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Alabama1.14 -3.92 6.45
1927
1928
8.23 +3.17 4.42
1925
9.59 +4.68 3.51
1924
6.67 +1.73 4.65
1923
3.99 -0.89 5.93
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7.08 +2.30 6.12
1921
3.23 -1.65 5.21
1920
6.80 +2.20 4.11
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1927
663 +2.08 2.67
1926
7.56 +3.01 2.38
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6.39 +1.84 4.94
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4.21 -0.34 5.63
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5.96 +1.70 5.37
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3.09 -1.27 2.04
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6.73 +2.29 3.41
1920
Eillostealppl2.42 -2S0 6.26
1927
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8.58 +3.46 3.81
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6.56 +1.59 4.51
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4.47 -0.47 6.43
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6.52 +1.49 6.48
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3.04 -2.00 4.25
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6.70 +1.75 3.07
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1927
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2.68 -1.55 3.37
1925
3.19 -1.04 2.26
1924
5.78 +1.55 4.66
1923
2.60 -1.69 4.89
1922
2.07 -2.08 3.59
1921
6.99 +2.09 1.26
1920
Tennessee3.78 -1.00 4.62
1927
430 -0.72 2.67
1926
3.51 -1.42 4.48
1925
5.87 +0.92 3.99
1924
6.19 +1.19 4.64
1923
4.36 -0.70 4.36
1922
3.34 -1.56 5.37
1921
6.34 +1.86 3.59
1920
Texas1.24 -0.59 2.07
1927
3.11 +1.28 0.34
1926
1.39 -0.44 0.46
1925
1.73 -0.02 2.49
1924
1.88 +0.13 4.50
1923
2.47 -0.72 1.77
1922
1.79 +0.04 1.51
1921
4.03 +22.8 0.77
1920
Oklahoma2.18 +0.76 1.49
1927
2.24 +0.80 0.52
1926
0.94 -0.39 0.85
1925
0.72 -0.65 0.93
1924
2.00 +0.80 1.11
1923
1.50 +0.26 1.31
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2.00 +0.84 1.52
1921
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41.7
47.4
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45.2
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47.5
47.9
47.8
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39.4
44.2
45.1
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86
9
96
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87
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94
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3698
THE CHRONICLE
VoL. 124.
Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
occur on the 28th inst., when the July notices may,it is surFriday Night, Junr 24 1927.
mised, approximate 200,000 bales.
If anything, trade is even quieter than it was recently.
Provisions have declined with grain and the cash demand
Mid-summer is approaching, and it is a time when busi- has been slow, both for lard and meats. Cottonseed oil
ness usually slackens. The iron and steel trades are slow has also declined with July tenders on the 28th expected
and prices have declined. In a way, this seems to be to be large.
symptomatic of the general situation. Other metal have
Rubber has advanced about 1lie. this week following the
declined somewhat. The business in coal is not at all recent drastic liquidation here, in London and Singapore.
active. Soft coal in fact meets with very little demand. The London "Times" has come out plainly in favor of doing
Nobody pays much attention to the meetings of oper- away with the restriction of shipments from British possesators and union miners. The automobile industry is com- sions. July notices are due on the 27th inst. and there is
paratively quiet, though exports increase. The weather, some curiosity as to the outcome. The rubber manufachowever, is more favorable for the industry. There is less turers' pool is said to have bought of late, but in a cautious
business in the furniture manufacturing trade. A fair way, as well it may until the outlook clears. The Dutch
business is in progress in hardware, machinery and electrical production seems to have increased materially under the
goods. The shoe business is quiet. Sales of jewlery are smaller fostering policy of the British Government's restriction plan.
Stock speculation has continued remarkably active, althan at this time last year. There is less building than there
was a year ago. The natural result is some decrease in the though there has latterly been a falling off as prices have
trade in lumber as compared with last year, although there &lined. Yet, Baldwin Locomotive to-day rose more than
has been some recent improvement. The textile industries 5 points, and there were signs that the short interest in various
are irregular. Cotton manufacturing is active, although parts of the list had considerably increased. At the same
coarse yarn cloths of late have not met with much demand. time money was abundant at 4%. A check to the recent
For a time cool weather in many parts of the country hurt protracted rise in securities is not to be deprecated; it is only
the sale of finished cottons, but of late retail business has natural and tends to clarify the atmosphere. Brokers loan
improved with warmer weather. A backward spring mili- had reached totals hitherto unknown. Grain speculation
tated against business in light weight worsteds. but with had been hectic also. The crops are promising better, with
temperatures higher it is natural to expect some improve- warmer weather and the fall of beneficial rains. London
ment from now on. There has been a better business in to-day was firmer. On this side bonds have been steadier
broad silks. But raw silk has met with only a moderate sale if the trading has not been so active as recently.
At Manchester, N. H., in addition to a four day holiday
even at some decline in prices. Raw wool has been in moderate demand and rather steadier. The foreign sales have been over July 4th, the Amoskea,g Co. employees, numbering
in general at rather firmer prices for the better qualities, 10,000, will be given a vacation of about two weeks later
both in Liverpool and at Sydney, Australia. Coffee has on in the summer. At Biddeford, Me,. three leading
declined during the week in response to lower prices at Brazil industrial concerns have announced July vacations. The
and there is a growing impression here that in face of a Pepperel Manufacturing Co. mills will shut down July 2 and
large crop Brazil will find it difficult to maintain present reopen July 11. The York Manufacturing Co. will close its
prices. Sugar on the other hand has advanced somewhat. mills in Saco July 2and will reopen them July 18. The SacoThe season is becoming more favorable for refiners. And Lowell Co. will close its plant for two weeks beginning July 2.
July notices for nearly 40,000 tons to-day were on the whole At Greenville, S. C., dividends of more than $4,000,000 will
be disbursed by the cotton mills of South Carolina on July 1.
very well handled.
Wheat has declined 3 cents with better crop prospects in Anderson, S. C., manufacturers say textile industry in that
different parts of the world. The crop outlook is better in section is far ahead of this time last year. Charlotte, N. C.,
this country. Argentina has had needed rains and in Aus- reported that the yarn situation is developing favorably and
tralia the weather has latterly been better. Meanwhile the that carded and combed yarns recently have been advanced
export demand in this country has generally been small, with many evidences that mills may succeed in stabilizing
though Europe took 200,000 bushels of hard wheat at the prices for present at about existing levels. All Texas mills
Gulf to-day. The tendency at Chicago seems to be to report full time operations and a satisfactory margin of
overdo the short side. Corn has dropped 3 to 3%c. with profit for the month of May. It is true that in the duck
the weather better. Cash corn has been dull and receipts manufacturing branch competition is keen. That is the
rather large. Rye has fallen some 3 cents and oats 2 cents, only drawback.
The weather in the forepart of the week was rather
with crop news better and demand not at all pressing, though
unseasonably cool but on the 22nd and 23rd inst. it was
to-day Norway took 200,000 bushels of American rye.
Cotton has been irregular, but ended a shade higher for the unconfortably warm. The temperature did not go above
week, mostly on something of a weevil scare, and multiply- 84 on the 23rd inst. but the humidity was high and caused
ing evidences of a big consumption. The striking weekly some prostrations. In parts of the West it was cool. Chicago
spinners' iakings, though not synonymous with actual con- had a maximum temperature on the 23rd inst. of 57, Clevesumption, imply a disposition at least to secure supplies and gand 70, Detroit 64, and Milwaukee 60, though Cincinnati
are stressed as one of the gratifying signs of the times in this had 78, Kansas City 82, Montreal 76 and St. Paul 74. It
branch of trade. It is too soon to become alarmed over the was 110 at Phoenix, Ariz. Heavy rains have prevailed in
weevil. The real test of their pepredations will come later. Georgia and in parts of the Southwest, accompanied by the
But there is undoubtedly some uneasiness from the wise- rising of Kansas, Missouri and Arkansas rivers. To-day it
spread prevalence of the pest coincident with persistent rains was 69 degrees here at 3 p. m. The forecast is for fair and
in the Eastern belt and parts of the Southwest. Recent cooler weather to-night and increasing cloudiness to-morrow.
rains on both sides of the Mississippi River were beneficial.
Now,however, the belt as a whole needs dry, warm weather. Colonel Ayres of Cleveland Trust Co. Expects only
It will need some dry hot weather in July and August to keep
Seasonal Business Decline During Summer Months
down the weevil. On the whole, however, the crop is be—Commerce and Industry Going Forward in
lieved to be making good progress. The favorable tenor of
Exceptionally Steady Fashion.
the last weekly report emphasized that fact. This newsIn the June 15 "Business Bulletin" of the Cleveland Trust
paper estimates the acreage at 43,877,000 acres, the largest Co., Colonel Leonard P. Ayres, Vice
-President of the comever known with the single exception of last year, andshow- pany, presents as follows an optimistic view
of business
ing a decrease as compared with that of 1926 of alittle less conditions:
than 10%. Manchester's yarn mills using American cotton
The summer months of June, July and August are normally a time when
will reduce their working time 15%, making it 60% of ca- general business slows down somewhat, and apparently the present summer
season will be no exception to the rule. Nevertheless it does not seem
pacity. Manchester feels the loss of the China trade, and it likely that such slowing down of trade and industry as may take
place will
is said that Calcutta will curtail or discontinue purchases for be greater than that which is to be expected because of purely seasonal
reasons. Commerce and manufacturing are going forward in exceptionally
In
any
case,
days.
India's
bids
for
next
60
British
cloths
the
steady fashion, and they promise to continue In about the same way In the
are too low for business. An interesting event here will months just ahead. The agricultural situation Is spotty,
with flood troubles
JUNE 25 1927.]
UTE CHRONICLE
of the most serious sort in the south, and exceptional backwardness in some
other parts of the country, but it is yet too early to make many generalizations about the agricultural prospects.
The steady and ample supply of credit available on easy terms has been
perhaps the most important single factor in making possible the present
protracted period of national prosperity. This condition will probably continue for some time to come. During the past two years the rates for the
highest grades of commercial paper and time loans have fluctuated a little
above and a little below the 4 % level. It now seems likely that they will
continue to do so during the rest of 1927 with a normal seasonal advance
getting under way in July, and resulting in the average of short time
interest rates being higher for the second half of this year than for the
first half. There is no likelihood that such an.advance will be of enough
magnitude to exercise any restraining effect on the ordinary transactions of
business, although it might well result in bringing about a decline in an
overbought stock market next fall.
Building construction continues to go forward in almost record volume,
and the work now in progress, together with contracts placed or pending,
are a sufficient guarantee that this most important industry will continue
to be a supporting force in general business activity during the rest of the
year. In the automobile industry activity, which has been great so far this
year,is now slackening off as the different companies reduce their production
schedules because the press of the spring demand has passed, or to prepare
for the making of new models for presentation to the public during the
summer. The really stirring developments for the industry this year may
be expected later on after the appearance of the new Ford cars.
All in all the current developments of business continue to be those of
large volumes of production, transportation, and trade, stability of conditions, and keeness of competition. There is little unemployment, but no
competition fcr labor. Wages are high and wage disputes few. The railroads continue to carry great amounts of freight, and to do it with marked
efficiency. It seems likely that substantially these same conditions will
maintain for some months to come.
3699
Loading of merchandise and less than carload lot freight for the week
totaled 258,389 cars, a decrease of 2,044 cars under the same week last
year but 1,337 cars above the corresponding week two years ago.
Coal loading amounted to 158,989 cars. This was a decrease of 18.218
cars under the same week last year, and a decrease of 309 cars compared
with the same period two years ago.
Grain and grain products loading totaled 40,806 cars, an increase of
1.406 cars over the same week in 1926 and 5,109 cars above the same period
in 1925. In the western district alone, grain and grain products loading
totaled 26.579 cars, an increase of 3,223 cars above the same week last
year.
Livestock loading amounted to 26,805 cars, a decrease of 1,311 cars under
the same week last year but 764 cars above the same week in 1925. In
the western districts alone, livestock loading totaled 20,064 cars, a decrease
of 1,319 cars under the same week last year.
Forest products loading totaled 69.890 cars. 6,773 cars below the same
week last year and 3,579 cars under the same week in 1925.
Ore loading totaled 66,516 cars, 2,223 cars below the same week in 1926
but 5.235 cars above the corresponding period two years ago.
Coke loading amounted to 10,683 cars, a decrease of 819 cars under the
same week in 1926 but 1,476 cars above the same period in 1925.
All districts reported decreases in the total loading of all commodities
compared with the corresponding period in 1926, except the Pocahontas.
Southern and Northwestern, but all reported increases, except the Central
Western and Southwestern compared with the corresponding period in
1925.
Loading of revenue freight this year compared with the two previous years
follows:
1927.
1926.
1925.
Five weets in January
4.524.749 4.428.256
4,456.949
Four weeks in February
3,823.931
3,677,332
3,623,047
Four weeks in March
4,016,395 3,877.397
3.702,413
Five weeks in April
4,890,749
4,791,006 4.710,903
Four weeks in May
4.096,742
4,145.820
3.869.306
Week of June 4
911,298
944,864
998,243
Week of June 11
1,028,305
1.052,471
989.873
National Bank of Commerce in New York Expects
Reasonable Activity of First Half of Year
Total
23,292,169 22,917,146 22,350.734
to Continue.
That the reasonable activity of the first half of the year
Increase in Retail Food Prices in May.
will continue in the second half seems well indicated by the
The retail food index issued by the Bureau of Labor
position of the great producing industries, says the National
Bank of Commerce in New York, under date of June 21. Statistics of the United States Department of Labor shows
for May 15 1927 an increase of slightly over 1% since April 15
The bank goes on to say:
The steel industry has operated at a very good rate, and output for 1927, a decrease of more than
33
,% since May 15 1926 and
the first half of 1927 will fall only slightly below the record figure of a
an increase of a little less than 61% since May 15 1913.
year ago. Current curtailment Is a trifle more than of seasonal proportions, but even so the industry is continuing at a satisfactory rate, with The index number (1913 =-- 100.0) was 161.1 in May 1926,
a steady flow of small order exercising a stabilizing influence. Buying 153.6 in April 1927 and 155.4 in May 1927. Under date of
by the heavy steel-consuming industries—the railroads, automobile makers,
construction and oil industries—seems likely to be well sustained in the June 17 the Bureau adds:
latter half of the year, though there is little reason to expect largely increased buying.
The bank describes business as "in the midst of one of
those moderate and orderly readjustments by which production and consumption have been kept closely in balance
for the last five years." and says:
Activity is not so great as it was at this time in 1926, and the first half
of 1927 has not equaled the high records which were being established
last year. But this is a reason for confidence rather than pessimsim,
for it is by precisely this sort of orderly readjustment in previous years
that stability has been so successfully maintained.
As a matter of fact, the volume of business done has probably exceeded
what was really anticipated at the beginning of the year. Particularly
in view of such untoward events as the Mississippi floods, generally unseasonable weather and the bituminous coal strike, the persistently sustained flow of goods through production into consumers' hands reveals
a thoroughly sound °coition. The present outlook is for a good and
moderately expanding rate of business activity during the second half year.
leo This middle-of-the-road sort of prosperity which is indicated for the
balance of 1927 is not one of easy profits. On the contrary, even if the
volume of business is at a high average level, when it is still far short of
pressing on productive capacity competition grows kzener and keener as
marginal producers struggle to maintain themselves by more active operations. That is the present condition, when even moderate recessions from
record levels of activity intensify the competitive struggle.
Some enterprises because of their unique efficiency or skill of management,
or because of certain inherent advantages, make money through bad
times and good. Some others can earn little even under favorable conditions. The majority lie within these extremes. Again. it is happening
all the time that changes in demand or technical improvements and inventions are altering the competitive position not simply of individual
enterprises but of large branches of production. This has been repeatedly
illustrated in recent years by tbe development of synthetic materials—
dyestuffs, solvents, textiles, nitrates and so on.
Business, therefore, is almost never prosperous in its entirety. Under
our competitive organization it must be counted prosperous when the
efficient are making real money and when the larger section of enterprises
is getting along.
By this criterion, 1927 is prosperous.
Railroad Revenue
Freight Loading Again Exceeds One
Million Cars Per Week.
During the month from April 15 1927 to May 15 1927, 10 articles on
which monthly prices were secured increased as follows: Cabbage, 58%;
potatoes, 22%; onions, 18%; leg of lamb and oranges, 3%: round steak,
2%;sirloin steak, rib roast,chuck roast and evaporated milk, 1%. Twentyone articles decreased: Butter, 9%;pork chops, bacon, ham, hens. canned
salmon, fresh milk, oleomargarine, lard, strictly fresh eggs, cornflakes,
rice, navy beans, canned corn, canned peas, coffee and prunes, 1%. and
cheese, vegetable lard substitute, tea and bananas, less than five-tenths of
1%. The following 11 articles showed no change: Plate beef, bread,
flour, corn meal, rolled oats, wheat cereal, macaroni, baked beans, canned
tomatoes, sugar and raisins.
Changes in Retail Prices of Food by Cities.
During the month from April 15 1927 to May 15 1927 the average cost of
food increased in 40 of the 51 cities as follows: Cleveland, Columbus,
Detroit, Indianapolis, Milwaukee, Pniladelphia, Rochester, St. Paul,
Salt Lake City and Seattle, 3%; Baltimore, Buffalo, Chicago, Denver.
Fall River, Manchester, Minneapolis, Newark, New Haven, Omaha,
Peoria, Portland, Me., St. Louis and Washington,2%; Boston, Bridgeport,
Butte, Cincinnati, Kansas City, Louisville, Memphis, New York. Norfolk,
Pittsburgh, Portland, Ore., Providence, Richmond, Scranton and Springfield, Ill., 1%, and Little Rock less than five-tenths of 1%. In 10 cities
there was a decrease: Charleston, S. C., Dallas, Houston, Jacksonville,
Mobile, New Orleans and Savannah, 1%, and Atlanta, Birmingham, and
Los Angeles, less than five-tenths of 1%. In San Francisco there was no
change in the month.
For the year period May 15 1926 to May 15 1927. 50 cities showed
decreases: Jacksonville and Savannah, 7%; Birmingham and Charleston,
S. C., 6%; Atlanta, Buffalo, Cincinnati, Houston, Kansas City, Louisville,
Memphis. Mobile, New York and Richmond, 5%; Baltimore, Cleveland,
Fall River, Little Rock, Los Angeles, Milwaukee, Minneapolis, Newark,
New Orleans, Omaha. Rochester, St. Paul, Scranton and Washington.
4%; Boston, Bridgeport, Chicago, Columbus, Dallas. Denver, Detroit,
Indianapolis, New Haven, Providence, St. Louis and San Francisco, 3%;
Butte. Manchester, Norfolk, Philadelphia, Pittsburgh, Portland, Me., and
Springfield, Ill., 2%, and Peoria, Portland, Ore., and Seattle, 1%. In
Salt Lake City there was an increase of 2% in the year.
As compared with the average cost in the year 1913, food on May 15
1927 was 67% higher in Chicago; 65% in Detroit. 63% in Baltimore.
Richmond and Washington; 61% in Philadelphia, 60% in Birmingham.
Buffalo, St. Louis and Scranton; 59% in New York. 58% in Atlanta.
57% in Cincinnati, Cleveland, Milwaukee and Pittsburgh; 56% in Boston
and Providence,55% in Charleston. S.0., and New Haven;54% in Minneapolis and Omaha,53% in Fall River, 52% in Indianapolis, Louisville and
Manchester. 51% in Dallas, Kansas City, Newark and New Orleans.
49% in San Francisco, 48% in Jacksonville and Little Rock;47% in Seattle.
46% in Memphis, 41% in Denver and Los Angeles, 39% in Portland.
Ore., and 36% in Salt Lake City. Prices were not obtained in Bridgeport,
Butte, Columbus, Houston, Mobile, Norfolk. Peoria, Portland, Me.,
Rochester, St. Paul, Savannah and Springfield, 111., in 1913. hence no
comparison for the 14-year period can be given for these cities.
For the ninth week this year, loading of revenue freight
exceeded the million mark for the week ended on June 11,
according to reports filed on June 21 by the carriers with the
Car Service Division of the American Railway Association.
The total for the week was 1,028,305 cars which was an increase of 117,007 ears over the preceding week, when freight Canadian Business Conditions as Viewed by
Bank of
traffic was somewhat reduced owing to the observance of
Montreal.
Decoration Day. Compared with the corresponding week
Noting that more currency is in circulation than a year
last year, the total for the week of June 11 was a decrease of
24,166 cars but it was an increase of 38,432 cars over the ago, the Bank of Montreal in its business summary dated
corresponding week in 1925. The statement goes on to say: June 23, otherwise finds improved conditions, as indicated
Miscellaneous freight loading for the week of June 11 totaled 396,227 in the following:
cars, an increase of 5,816 cars over the corresponding week last year and
28.399 cars over the same week in 1925.
Commercial loans of the banks are up about 15%, railways are moving
more merchandise, foreign trade has grown, and the thrift of the people
3700
THE CHRONICLE
is exhibited in an increase of upwards of $80,000,000 in notice deposits in
the banks. Bank debits in May amounted to 82,986,235,000, being very
largely in excess of the corresponding month a year ago. A slight improvement in the lumber trade, long sluggish, is recorded, significant of which is
a recent shipment from the Port of Montreal to Great Britain of a cargo of
high grade lumber, the first of its kind in fifteen years. Anthracite coal
imports from Great Britain have been resumed on a large scale, upwards of
250,000 tons having been landed at the Port of Montreal this season, and it
is expected that all previous records will be exceeded.
Retail business in summer goods has been retarded by cool, wet weather,
which has also delayed tourist traffic. The season, however, is still at the
threshold, and a large tourist influx is confidently counted on.
The newsprint industry maintains its volume of output, but the erection
of new and enlargement of old mills have reduced the percentage of sales
to capacity.
Building operations throughout Canada continue extensive. It may be
noted that both the Canadian Pacific and Canadian National Railways
will this summer extend branch lines in the Northwest.
With the opening of inland navigation, the foreign trade of Canada expanded largely. In the two elapsed months of the current fiscal year,
aggregate foreign trade was larger than in 1926 by $50,500,000, imports
rising nearly $15,000,000 and exports 535,600,000. To this increment
agricultural products, mainly wheat, contributed $29,450,000, and wood
products and paper $1,200,000; while on the import side the notable increase
is in manufactures of iron and steel. As a result of the larger exports an
adverse balance of trade of $2,300,000 in April and May of last year has
been replaced by a favourable balance of 518.400.000 this year.
Despite adverse seeding conditions caused by continuous rain, crop
prospects in the Prairie Provinces are now considered excellent, and with
favourable weather throughout the summer, a large harvest is anticipated.
The area sown with wheat is about 2,200,000 acres less than last year.
against which is to be set an increase in coarse grain acreage of about the
same amount. Reports from the other provinces are also favouraale.
Cut of 10% in Salaries by Paramount-Famous PlayersLasky Organization Followed by Salary Reductions
by Fifteen Other Motion Picture Producing Companies.
It was made known on June 22 that an order calling for
a 10% reduction in salaries in the case of employees of the
Paramount-Famous Players-Lasky organization, whose salaries exceed $50 a week had been issued by Vice-President
Jesse L. Lasky. This action was followed by the announcement of salary cuts by fifteen other motion picture producing companies, the agreement providing, it is stated, for immediate reduction of salaries of all persons in their organizations, from executive heads down to $50 a week employees,
and including their high-salaried actors and actresses. The
Associated Press advices from Hollywood, Cal., on June 22,
reporting this agreement, said:
The agreement was made at a conference of executives of the producing companies. A statement was issued announcing the retrenchment,
which embraces salary reductions of 10 to 25% for executives, department
heads and producers. All persons under contract, such as stars, directors,
actors, writers and other artists, are asked to consent to the 10% salary
reduction.
The producing companies affected are Christie, Cecil De Mille, F. B. O.,
First National, Fox,Samuel Goldwyn, Inc.; Metro-Goldwin-Mayer, Metropolitan Pictures, Harold Lloyd Corporation, Hal Roach Studios, Mack
Sennett, United Artists, Universal, Warner Brothers and Jack White
•
Comedies.
Paramount-Famous Players-Lasky announced the salary cuts yesterday.
No formal announcement was made by the Paramount-Famous-Lasky
Corporation, but it was learned on good authority that its salary reductions
began at the top. Adolph Zukor, President of the corporation, accepted
a 25% reduction in his salary, and the other highly paid executives did likewise. It was said these cuts brought the annual salaries of these men to
the following figures:
Adolph Zukor, President, $150,000; Jesse Lasky, Vice Prseident, $150,000; Sidney R. Kent, General Manager, $75,000; Walter Wenger, General Production Manager, $75,000; E. J. Ludvigh, Treasurer, $50,000.
Expenses have been reduced in other directions, too. Employes whose
services were not considered necessary have been let out and other items
of overhead have been abolished or reduced.
The reason for this wave of economy, it was said, is realization by the
executives of the industry that investment and expenditure have been out
of proportion to returns. This, it was reported, had impressed Wall Street
bankers especially. Picture companies seeking funds there have been told
that they would be considered better customers if their books showed larger
figures on the profit side of their ledgers. One calculation printed recently in a trade paper was that on a total investment of 52,500,000,000
in the production, distribution and exhibition of motion pictures in the
United States the net profit was less than 2%.
The action of Paramount-Famous-Lasky in ordering a reduction of 10%
In salaries for all employes making $50 a week or more brought prompt
reflection on the Stock Exchange yesterday. Moving-picture stocks of all
sorts quoted on the Stock Exchange and other exchanges were exceptionally
weak.
Paramount opened at 100, which was 1 3g points below the previous
close; had a feeble rally, broke to 953 and closed the day at 98, with
a net loss of 3X points. In other section of the list, Fox Films A lost 131
points and closed at 56%, while Pathe was down fractionally
Warner Brothers Pictures A shares on the big board lost 1% points, while
the B shares, quoted on the Curb, were down 1% points. This weakness
extended to practically all of the theatrical stocks.
[Ver... 134.
84% of the total outstanding business in Canada. This is
the highest record ever made in any month with the exception of December 1926, and May sales are only $2,813,000
below the December record, says the Bureau under date of
June 18. It adds:
All of the provinces in the Dominion, with the exception of Saskatchewan
and Manitoba,show gains for the month of at least 15%. Prince Edward
Island leads the provinces with its monthly increase of 38%. Quebec and
Ontario, in which provinces $29,800.000 of insurance was purchased during
the month, indicate gains of 17% and 29% respectively.
The sales in the first five months of the year are 9% higher than in the
same period 1926. The highest gain of 20% in Prince Edward Island is
followed closely by Nova Scotia with a 19% increase.
Figures for the reporting cities show large gains for the month. Ottawa
continues to lead both the monthly and year-to-date increases by a large
margin.
The average increase in Canada in the twelve months ended May 31 1927
over the preceding twelve months 18 10%. Every province with the exception of Manitoba shows a gain ofat least 6%,and Quebec leads the provinces
with its increase of 17% in the twelve-month period.
New Models and Prices of Automobiles.
Reports from Detroit dated June 17 indicated that an
entirely new line of cars is expected to be announced by the
General Motors Corp. The new car, it is said, will supplant
the smaller Buick and the Oakland. Body lines are to be
changed, the wheel base will be lengthened to 117 inches and
smaller wheels with larger balloon tires will be introduced.
A light four-cylinder car will shortly be introduced by
Dodge Bros., Inc., according to available information. It is
said to have a 108-inch wheel base and will be priced around
$750.
The price of the new four-passenger sport phaeton La
Salle, mentioned last week on page 3555, is $2,995.
The Chrysler Motor Corporation has brought out an entirely new line of cars known as the "62," to replace the
present "60." The line includes a sedan, coach, phaeton,
coupe with rumble seat, roadster and landau sedan. Detroit dealers quote the same prices as for the "60". The
landau sedan is an entirely new model, on which delivered
price in Detroit is $1,425.
Uncertainty continues to veil the new Ford car. Newspaper reports giving the principal specifications and describing new equipment, models and improvements, which
appeared as early as Tuesday of this week were later denied
in a statement issued on behalf of Edsel Ford, President of
the company, by the advertising agents, N. W, Ayer & Son.
The earlier statement dated June 21 at Detroit, and published in the New York "Times" of the 22d, said:
Information from an unusually authoritative source circulated in Detroit,
divulged what purport to be the specifications and equipment of the new
Ford car, whose coming was publicly announced by Henry Ford and his
son, Edsel, nearly a month ago. The official announcement,then disclosed
no details, explaining that specifications would probably be announced in
July.
The present report, though branded as unauthorized by Ford representatives, has received wide credence.
Prices on the new model which replaces the former model T, according to the information, will be substantially less than at present, particularly for the sedan and coupe. In addition to the standard closed
models there will be, it is said, a sport roadster and a cabriolet, to cost
less than the present closed and open models of corresponding design.
All of the cars will be available in a wide variety of color combinations and
with a scratch-proof or pyroxlyn finish.
It is also said that standard equipment will include self-starter, five
wire wheels, speedometer. windshield wiper, ammeter, gasoline gauge, oll
gauge, dashlight, shock absorbers and four wheel brakes on a 104-inch
wheelbase.
The four-cylinder engine for the new model will be rated, the report
goes, at thirty-five horsepower and designed to operate at 2,400 revolutions
a minute, being capable of a speed of sixty miles an hour. The gasoline
consumption, it is predicted, will establish new economies, varying from
thirty to thirty-five miles per gallon. Acceleration will also be rapid.
Standard three-speed gearshift will replace the former two-speed planetary transmission which was used on 15,000.000 model Ts, having three
forward speeds and one reverse, with an additional feature of roller bearings,
continues the description.
Four-wheel brakes of the mechanical, expanding type designed by Henry
Ford will embody entirely new principles of construction, it is said. There
are two brake shoes on each drum,or eight in all giving a combined braking
surface of 144 inches.
Among the other unusual features accredited to the new car will be a
tandem or doublefly wheel which reduces vibration,a new type of generator,
an especially designed irreversible steering gear which will not deflect
or rebound on rough roads, a new force feed type oiling system, new water
Pump, heavier front and rear axles, heavier and wider frame and a transverse type of springs similar to those now in use on expensive foreign cars.
The "Times" then reports a statement issued by N. W.
Ayer & Son, advertising agents, on behalf of Edsel Ford, as
Life Insurance Sales in Canada—May Sales 18% follows:
Higher Than Last Year.
I have just bad brought to my attention a statement issued by a news
Eighteen per cent more ordinary life,insurance was pur- bureau purporting to give the details of designs and equipment of the new
model Ford automobile. Any statement of this sort at this time is unchased in Canada during the month of May than in May authorized
and apt to be misleading. No statement as to the details of new
1926, according to figures just issued by the Life Insurance cars has been made by the Ford Motor Co., and none can be made at this
Sales Research Bureau. During the month $44,553,000 of time. As a matter of actual fact, the specifications for the new models
are
yet complete, and it would be impossible for any one, even in the
new business was paid for by companies having in force Fordnot
organization, to &suss them with accuracy and with authority.
JUNE 25 1927.]
THE CHRONICLE
The following dispatch, addressed to the editor of the
New York "Times" from Philadelphia, was published in the
issue of June 23:
N. W. Ayer & Son, advertising counsel for Ford Motor Company, advise you that a theft has taken place from their offices in Philadelphia of
certain preliminary and experimental advertisement in regard to the new
Ford car, material used therein a aich in many particulars is fictitious
and imaginative, has been issued as authentic news by a news agency.
N. W.Ayer & Son state that the car is not complete, therefore any alleged
specifications have uo warrant of truth. We hope no newspapers will
puolish these stories. This wire is sent to all newspapers in the United
States and Canada.
Automobile Production Continues Smaller Than a
Year Ago.
May production (factory sales) of motor vehicles in the
United States, as reported to the Department of Commerce,
was 396,441, of which 352,268 were passenger cars and 44,173
were trucks, as compared with 397,629 passenger cars and
trucks in April and 417,211 in May 1926.
The table below is based on figures received from 156
manufacturers in the United States for recent months, 53
making passenger cars and 121 making trucks (18 making
both passenger cars and trucks). Data for earlier months
Include 95 additional manufacturers now out of business,
while May data for 24 small firms, mostly truck manufacturers, were not received in time for inclusion in this report.
Figures for passenger cars include taxicabs and those for
trucks include ambulances, funeral cars, fire apparatus,
street sweepers and busses. Canadian figures have been
supplied by the Dominion Bureau of Statistics since January 1926.
AUTOMOBILE PRODUCTION.
(Number of Machines.)
United States.
Total.
Canada.*
Passenger
Cars.
Truck*.
Total.
Passenger
Cars.
Truett.
1926.
January
February
March
April
May
300,612
354,431
422,728
430,523
417,211
272,922
819,763
381,116
383,907
373.140
27.690
34,668
41,612
46,616
44,071
15,479
18,838
22.374
21,502
24,934
11,781
14,761
17,999
17,929
21,429
3,698
4,077
4,884
3.573
3.505
Total (5 months)._ 1,925,505 1.730.848
June
July
August
September
October
November
December
Total (Year)
1927.
January
February
March
April
May
194,657
103,127
83.889
19.238
339,570
317,006
380,282
350,923
289,665
219,504
137,361
40,802
37,388
42,012
42.433
39.577
31,446
26,068
21,751
15,208
15,235
17,495
14.670
9,828
7.752
18,818
12,953
12,782
12.624
10,595
6,774
6,052
2,933
2,255
2,503
4,871
4,075
3,054
1,700
4,219.442 3,765.059
454,383
205,116
164,487
40.629
*234,216
*298,750
*380,721
.397.629
396,441
37,243
*38.118
45,165
*44,553
44,173
15,376
18,655
2,263
24,611
25,708
11,745
14,826
19,089
20,890
21.991
3,631
3,829
3,534
3,721
3,717
380,372
354,394
422.294
393,356
329,142
250,950
163,429
3701
Building during the first 5 months of 1927 showed an increase over the
corresponding months of 1926 amounting to 16.8% for the State (exclusive
of Joliet, for which complete figures are not available), and 20.3% for Chicago. Outside Chicago 12 cities showed gains over a year ago. They are
Berwyn. Evanston, Waukegan, Wilmette and Winnetka, in the metropolitan region, and Canton. Danville, Decatur, East St. Louts. Rockford.
Rock Island and Springfield, outside the metropolitan area. The total for
the State for the first 5 Months of 1927 (exclusive of Joliet) is $224.594,631.
as compared with 2192,232,699 for the first 5 months of last year. Chicago's total for the first 5 months of 1927 is $182.356.655, as compared with
$151,571,331 for the corresponding months of 1926. During this period
in 1927 Chicago has provided housekeeping dwellings for 4,454 families. In the metropolitan area, outside Chicago, Evanston leads all other cities
in value of building authorized during the first 5 months of 1927. with a total
of $8,899.550; Berwyn Is second with $3,986,400; Waukegan is third, with
33.614,499. Evanston also leads this district in home-building, with provision for 895 families, and Berwyn is second, with 682 families.
For the first 5 months of 1927, outside the metropolitan area, Rockford
leads in value of building with a total of 33.054,801. Decatur is second,
with $2,667,490; Springfield is third, with $2,496,416; East St. Louis is
fourth, with $2.364,251. In home-building during this period Rockford
leads the down-State cities with provision for 380 families, Decatur is second with 275 families, and East St. Louis is third with 274 families.
The following statistics are supplied by the Bureau:
NUMBER AND ESTIMATED COST OF BUILDINGS AS STATED IN PERMITS ISSUED IN ILLINOIS CITIES IN MAY 1927.
May 1927.
April 1927.
Cities.
No.
Mos.
Estimated
Cost.
No.
Bldgs.
Total (5 months)._ 1.713,912 1,504.658 209.254 106.973
18,432
88,541
(I) Reported uy Dominion Bureau of Statistics since January 1928. (2) Not
yet
available. •Revised.
Falling Off in Building Construction in Illinois During
May.
During May building fell off 27.0% from the previous
month, as shown by building permits in 28 cities of Illinois.
May building showed a total value of $41,217,598, as compared with $56,483,363 in April, a decrease of
$15,265,765.
May of this year also showed a decline of 6.9% from the
value
.of building authorized in the same cities during May a
year
Chicago
showed
ago.
a drop from $44,773,245 in April to
$29,130,680 in May, a loss of 34.9%, and also decreased
by
$3,781,615 from May 1926. The Bureau of
Industrial
Accident and Labor Research of the Illinois Department
of
Labor, through S. W. Wilcox, Chief of the Bureau, in
making the foregoing statement June 20 adds:
Of the 28 cities reporting building figures, 10 showed increases over April
and 11 cities showed increases over May 1926. Berwyn, Highland
Park,
Rockford, Rock Island, Springfield and Waukegan, were the only
cities
which reported gainsfor May both over Apriland over May a year ago.
The
cities which showed a gain over April but a loss as compared With May
a
year ago are Canton, Cicero, Moline and Quincy. Those which showed a
loss as compared With April 1927 but a gain over May a year ago are
Danville, Elgin, Evanston, Freeport and Wilmette.
In the metropolitan area outside Chicago, Evanston leads all other
cities
With a total of $2,049,850. Waukegan is second, with $1,567,689, and
also
ranks fourth in the State if Chicago figures are excluded. Berwyn
has
authorized building to the value of $759,400 during May, and
Cicero is
next in rank with $646,962. In home-building within the same region,
Evanston again leads, with provision for 201 families in housekeeping
dwellings; Berwyn is second, with accommodations for 117 families; Cicero
is
third, with 71 families.
Outside the metropolitan area Rockford is in first place, with buildings
valued at $1,706,893, and Springfield is second, with $1,658,229. These
cities rank second and third, respectively, in the entire State. not including
Chicago. In home-building outside the metropolitan area, Rockford also
leads with provision for 86 families; Decatur is second, with 52 families:
Springfield is third, with 46 families.
May 1926,
No.
Ridge.
Estimated
Cost
Whole State
4,971 841,217,598 5,268 $50,483.363 6,580 $44,284.277
Chicago
2.714 29,130,680 2,831 44,773,245 3,711 32,912.295
Outside Chicago
2,257 12,086,918 2,437 11,710,118 2,849 11,351.982
Aurora
143
284,690
102
242
308.110
501,219
Berwyn
176
759,400
153
217
707,400
746.700
Bloomington
71,300
22
23
77,800
27
227.000
Blue Island
50
76.392
65
157,892
78
124,145
Canton
32,900
7
3
980
4
34,600
Cicero
64
546,962
78
121
596.509
801,400
Danville
26
72.600
35
192,000
15
71,500
Decatur
502,175
158
156
1,216,540
165
617,925
East St. Louis
103
181,930
127
259,950
145
1,278.485
Elgin
96
216,685
160
298,393
183
212,837
Evanston
174
2,049,850
141
2,357,800
137
1,701.050
Freeport
39
138,081
25
189.400
28
94,400
Glen Ellyn
24
37
84,350
386.720
19
176.900
Highland Park-.
42
309,815
43
189,670
50
248.107
Joliet 1
64
154,300
74
201,400
80
186,42
Maywood
48
223,950
75
252,075
96
285,31
Moline
99
108,298
101
85,960
134
133,59
Murphyabore
__
3
5
9.000
75,60
93
Oak Park
480,814
94
1,142,014
131
845,90
Peoria
221,525
160
190
303,420
237
569,31
Quincy
54
24
97,360
43,500
48
100,47
Rockford
198
1,706,893
301
587.680
243
835,93
Rock Island
136
172,705
116
104.221
86
102,50
Springfield
149
1,658.229
136
228.955
175
625,96
89
Waukegan
1,567,689
110
1,435,724
134
483.03
Wilmette
24
164,175
34
213,275
30
131,72
Winnetka
19
103.850
20
163,750
21
139.921
NUMBER AND ESTIMATED COST OF BUILDINGS AS STATED BY PERMITS ISSUED IN ILLINOIS CITIES FROM JANUARY THROUGH
MAY,1927, BY CITIES, ACCORDING TO KIND OF BUILDING.
Total
January-May,
1927.
Total
Jan.-May,
1926.
Cities.
*196,989
*250,632
*341,665
*353,076
352,208
Estimated
Cost.
Na.
Bldgs
Estimated
Cost.
Estimated
Cost..
Residential Buildings
January-May.
1927.
No. Estimated
Mos.
Cost.
Whole State____ 21,546 5225,586,281 5192,232,699 8,037 5147,098,240
12,596 182,358,655 151,571,331 5,111 119,276,250
Chicago
Outside Chicago 8,950 43,229.626 40,661,368 2,926 27,821,990
Aurora
425
1,089,742
1,749.912
146
780,350
_ _
733
3,986,400
3,861,000
409
3,696,000
Berwyn_Bloomington _
72
250,100
522,250
33
166,000
Blue Island
196
451,002
555,625
51
349,150
Canton
15
106.160
46,475
Cicero
279
2,174,421
2,290,307
128
1,626,700
Danville
99
520,800
441,300
81
414,600
Decatur
669
2,667,490
1,927,800
284
1,455,700
East St. Louis
549
2,364,251
2,265,910
179
990,700
Elgin
482
825.683
1,043,158
102
489,400
Evanston____
611
8,899,550
6,883.670
200
6,693.500
100
Freeport
586,801
468,492
29
207.400
Glen Ellyn._
97
663,300
1,011,100
52
488,375
Highland Park
164
936,536
1,075,859
68
759,540
Joliet •
248
991,650
86
618,600
1,030,475
a.
Maywood"-. 266
2,106,615 .•
Moline
361
376,015
501,913
34
188,950
Murphysboro
7
17,500
132,900
4
15,100
Oak Park._
415
2,591.978
2,716,703
96
2,020,700
Peoria
628
1,115,095
2,843,110
141
734,350
Quincy
152
313,581
516,916
54
222,650
Rockford .....
910
3,054,801
2,227,485
284
2,329.300
Rock Island
409
557,209
544,554
73
334,375
Springfield_ _ _
465
2,496,416
1,862,051
148
749.650
Waukegan
374
3,614,499
1,881,484
179
1,163,000
Wilmette
123
750,261
594,974
54
653,300
1A1
el, .......
AO". one
n•
on. onn
Families
Providedfor
liouseknO.
Dwellings.
24,900
20,370
4,530
148
682
34
aa
272
82
275
274
102
895
40
63
68
90
.
S
34
4
243
143
54
380
89
153
247
54
..-,
•Figures for Joliet not available before April 1926. •• Detailed figures for Maywood not available.
Reports of Change in British Rubber Exports Restrictions Again Denied.
On June 22 it was stated in press cablegrams from London
that rumors of a change in the pivotal price of rubber, on
which changes in restriction under the Stevenson scheme are
based, were denied by Colonial Secretary Amery in the
House of Commons. If any change should become necessary, he stated, he would try to give as long notice as possible. On June 17, as indicated in our issue of a week ago
(page 3556), Col. Amery took occasion to state that the rubber export restrictions would be continued. Under dat of
June 2 the New York "Journal of Commerce" announced the
following from London:
The Landon "Times" to-day came out flat-footedly against rubber
restriction. The paper charged in an editorial that the Government's
3702
Pah CHRONICLE
Rubber Control Act has only led to a formidable expansion in Dutch production and recommended that plans be drawn up without delay, "providing
some prospect that the Act will be withdrawn." The "Times" felt, however, that restriction should be abandoned under the most favorable conditions possible for the British growers.
"The longer its existence the greater the threat against the ultimate position of the British rubber industry," the article said.
The restriction Act is being assailed daily in influential sections of the
London press. The London "Statist". a leadfng financial publication,
which appeals particularly to shareholders in Colonial enterprises, has been
opposed to rubber restriction ever since its enactment.
On June 18 Associated Press accounts from London said:
The Stevenson scheme for restriction of crude rubber exports is not
aimed at Americans and British growers do not want it abandoned. Eric
MacFayden, Chairman of the Rubber Growers' Association, was quoted as
saying to-day.
Since the scheme is proving ineffective in maintaining high prices, some
are inclined to urge further expert restrictions, while others are for a reconsideration of the whole'restriction policy, he said.
Although the Government's assurance that it intended to maintain the
Stevenson Act gave some confidence to the rubber market and the prices
recovered 2 cents, uneasiness still is widespread. The Beaverbrook papers,
with the tacit approval of several dealers, continue,their campaign against
the scheme. The London "Times" is only lukewarm for its maintenance.
While growers and Most dealers still favor restriction, they see they overemphasized the value of the restriction on output in boosting the price of
the commodity.
Rubber Pool Active.
The following is from the "Wall Street Journal" of
June 22:
The so-called American Rubber Pool came into the market definitely
Wednesday for the first time since the break in crude rubber prices started
some ten days ago, according to rubber dealers. While the pool has
done some emergency buying recently, it has only purchased small lots
offered at very low prices. On Wednesday, however, there were strong
Indications that the pool was attempting to strengthen the price of crude
and to prevent a runaway bear market.
As a result of this activity on the part of the pool prices were firmer,
In spite of the fact that the London market was weak. Around 130
p. m. Wednesday spot was quoted at 36;4 cents a pound, compared with
low of 34 cents established during the recent decline. At the same time
July sold at 36.10, compared with Tuesday's low of 34.30; while August
sold at 36.20, against a low of 34.70 the day before.
Some rubber dealers believe the pool will attempt to stabilize the price
of crude around 36-37 cents for the time being.
There is much nervousness about the market, how ever with a wide
variety of opinions as to the future trend.
Readjustment of Lumber Industry Continues.
Reports from approximately 500 of the chief lumber
mills of the country to the National Lumber Manufacturers
Association indicate that the readjustment of the lumber
industry to generally altered economic cond tions is still
in process. Although business has been for several months
less than last year, and production has decreased accordingly,
the curtailment continues. For the week ended June 18
the reporting softwood mills showed a decrease of about
.1,000,000 feet in new business, as compared with the
immediately preceding week, and production fell off about
a million feet, although there was an increase of 5,000,000
feet in shipments. As compared with a year ago, and
making calculations for a smaller number of reporting
mills, new business is about 10% under last year's at this
time. This year's current production bears about the same
relation to last year's, while shipments have not fallen off
quite so much.
Hardwood production and new business show some weekly
increase, while shipments fell off a little. As compared with
and orders a true more, declared the National Lumber
Manufacturers Association, adding:
Unfilled Orders Decrease.
The unfilled orders of 176 Southern Pine and West Coast mills at the
end of last week amounted to 477,775,726 feet, as against 500,236,777 feet
for 174 mills the previous week. The 104 identical Southern Pine mills
in the group showed unfilled orders of 193.425,000 feet last week,as against
206,464,424 feet for the week before. For the 72 West Coast mills the
unfilled orders were 284.350,726 feet, as against 293,772,353 feet for
70 mills a week earlier.
Altogether the 289 comparably reporting softwood mills had shipments
103%, and orders 88%, of actual production. For the Southern Pine
mills these percentages were respectively 115 and 89; and for the West
Coast mills 103 and 94.
Of the reporting mills, the 265 with an estabilished normal production
for the Week of 185.556,295 feet, gave actual production 94%, shipments
97% and orders 84% thereof.
The following table compares the lumber movement, as reflected by
the reporting isilic of seven softwood and two hardwood regional associaions, for the three weeks indicated:
- (Vol- 124
The mills of the California White and Sugar Pine Association make
weekly reports, but not being comparable, are not included in the foregoing
tables. Nineteen of these mills, representing 60% of the cut of the Call.
fornia pine region, gave their production for the week as 28.974,000 feet,
shipments 23.610.000 and new business 20,275,000. Last week's reportfrom
17 mills, representing 51% of the cut was: Production, 23,883,000 feet.
shipments, 18,337,000 and new business, 16,159,000.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 72 mills reporting for the week ended June 18 was 6%
below production, and shipments were 3% above production. Of all
new business taken during the week 46% was for future water delivery,
amounting to 32,842,709 feet, of which 19,112,755 feet was for domestic
cargo delivery, and 13,729,954 feet export. New business by rail amounted
to 36.408,182 feet, or 51% of the week's new business. Forty-five per cent
of the week's shipments moved by water, amounting to 34,960,233 feet.
of which 25,925,907 feet moved coastwise and intercoastal, and 9,033.326
feet export. Rail shipments totaled 41.230,033 feet, or 52% of the week's
shipments, and local deliveries 2,486,653 feet. Unshipped domestic cargo
orders totaled 107,168,212 feet, foreign 79,351.238 feet and rail trade
97,831,276 feet.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 104
mills reporting, shipments were 14.90% above production and orders were
10.72% below production and 22.30% below shipments. New business
taken during the week amounted to 45,431,664 feet (previous week, 51,457,308); shipments, 58,471,088 feet (previous week 53,398,314), and
production 50,886,367 feet (previous week, 58,526,306). The normal .
production of these mills is 68,172,474 feet. Of the 103 mills reporting
running time, 75 operated full time, 19 of the latter overtime. Four mills
were shut down,and the rest operated from three to five and one-half days
The Western Pine Manufacturers Association of Portland, Oregon,
with four more mills reporting, shows considerable increases in production
and shipments, and new business well in advance of that reported for the
preceding week.
The California Redwood Association of San Francisco, Calif., reports a
notable increase in production, a nominal decrease in shipments and considerable reduction in new business.
The North Carolina Pine Association of Norfolk, Va., with one more
mill reporting, shows a material increase in production, a substantial increase in shipments and nearly 100% increase in new business.
The Northern Pine Manufacturers Association of Minneapolis, Minn..
reports production about the same, a little increase in shipments and new
business slightly below that reported for the previous week.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis. (in its softwood production), with two fewer mills reporting.
shows a marked increase in production, a material decrease in shipments
and a substantial gain in new business.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., reported from sixteen mills (two fewer mills than reported
for the week earlier) production and shipments about the same, and a
slight decrease in new business.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
from one hundred and fifty mills (four more mills than reported for the week
before) a nominal increase in production, a small decrease in shipments and
a good gain in new business. The normal production of these units is
25.200.000.
West Coast Lumbermen's Association Weekly Report.
Seventy mills reporting to the West Coast Lumbermen's
Association for the week ended June 11 manufactured
72,578,949 feet, sold 78,864,499 feet and shipped 80,774,947
feet. New business was 6,285,550 feet more than production and shipments 8,195,998 feet more than production.
COMPARATIVE TABLE SHOWING PRODUCTION. NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
Week Ended—
June 11.
June 4.
May 28.
May 21.
Number of mills reporting
70
69
72
70
Production (feet)
72,578,949
63,100,682
71,531,242
78,147,237
New business (feet)
78,864,499
52,212 736
86,373,977
81,249,687
Shipments (feet)
80,774,947
62,208,926
82,766,950
79,441,557
Unshipped balances:
Rail (feet)
99,134,548 100,311,476 107,858,928 114,605,293
Domestic cargo (feet)
121,815,943 116,119,077 127,978,764 112,280,515
Exports (feet)
72,821,862
71,574,541
73,593,968
70,939,180
Total (feet)
293,772,353 288,005,094 309,431,660 297.824,988
First 23 Weeks of—
1927.
1926.
1924.
1925.
Average number of mills_
105
76
119
127
Production (feet)
1,878,503,798 2.392.439,604 2,355,741,155 2,284,848,043
New business (feet)
1,780,591,757 2,494,165,299 2,404,278,089 2,146,615,376
Shipments (feet)
1,736,418,713 2,480,324,609 2,416,186,828 2,358,728,391
President Machado of Cuba to Continue Sugar
Restrictions.
President Machado of Cuba, in a new pronouncement on
June 16 declared that he would continue to enforce restriction on sugar production for the new crop and asserted that
the 1926-27 yield would approximate 4,500,000 tons. This
Is learned from a special cablegram from Havana, June 17,
to the New York "Journal of Commerce," from which we
also take the following:
He also held that he would follow closely the world sugar situation during
the present year, and should prices then be below the cost of production he
would exercise his "exceptional powers" to maintain "eocnomic stabilizaCorresponding
Preceding Week
Weelc 1926.
Past Week.
1927 (Revised).
tion" of the commodity.
The President's message also points out that only one mill now is grinding
Softwood. Hardwood. Softwood. Hardwood. Softwood. Hardwood.
and will conclude operations shortly. Stressing the fact that he intends
353 ' 149
164 enforcing•the curtailment program with the utmost vigor until such time
289
166
288
Mills*
Production_ 188,028,000 21,020,000 239,993,000 25,712,000 189,143.000 19,675,000 as relief Is in sight, the head of the island Republic took
the position the
Shipments _ 193.774,000 22,616,000 230,528,000 22,155,000 188,450,000 23,966,000 step is
vitally important to aid the development of the country. He also
166,040.000 20.290,000 244,059,000 19,655,000 176,865,000 19,359,000
Orders
said he is determined to continue in force for another year the prohibition
•Fewer West Coast mills are reporting this year; to make allowance for this against clearing forest lands for further planting.
add 25,000,000 to production, 28,000,000 to shipments and 24,000,000 to orders
In comparing softwood with last year.
Decree Set Forth.
The announcement was issued through Dr. Viriato Guterrez, Secretary,
Because of considerably smaller number of West Coast mills making
statistical reports this year, cumulative figures comparing production, following a conference the President had with former President Menocal
shipments and orders for 1927 and 1926 are discontinued.
and Senor Molinet. The announcement reads:
JUNE 251927.]
"The practical termination of the 1926-27 sugar crop is at hand, as there
The total
yield approximates 4,500,000 tons, which proves conclusively to the world
that the measures, adopted by my Government regarding the chief industry
of Cuba have been carried through and enforced in the most exacting
manner. This step was warranted, as the Cuban Government is fully
aware of the fact that the prosperity of the sugar industry is of utmost
importance to the development of this country.
"I adopted a well defined economic policy and I intend to continue
applying it with the utmost energy.
Outlines Aim.
"The principal aim of this policy is to cut off Cuba's contribution to the
world's sugar over-production in order to enable the product to obtain in
world markets a price above the cost of production.
"The measures adopted for this purpose are known by all, namely:
"Restriction of the last two crops, delaying of commencement of the crop
and prohibition against clearing of forests for planting cane. The beneficial
results of these provisions have led me to order in a recent decree that the
coming crop be not started before Jan. 1 and extending for another year
prohibition against cutting forests. Therefore I deem it advisable to state
most emphatically that I intend to continue applying this economic policy
and I shall watch sugar developments the world over during the next few
months and during the beginning of the last quarter of the present year if
circumstances and stocks of sugar in all countries make it advisable I will
make use if necessary of the exceptional powers conferred on me for the.
purpose of maintaining the economic stabilization of sugar and to prevent
its sales below cost of production with the consequent harm to our national
wealth. Therefore I want to reassert that I intend to maintain the policy
used to such good purpose as hereinbefore set forth."
is only one mill grinding, which will finish operations shortly.
New Members Cotton Textile Institute, Inc., More
Than 21,000,000 Cotton Spindles Represented in
Membership.
Eight new members have just joined the Cotton Textile
Institute, Inc., George A. Sloan, Secretary, announced on
June 21. With these the membership of the Institute now
represents more than 21,540,000 cotton spindles. The new
members are: Neely Manufacturing Co., York, S. C.;
Travora Cotton Mills, York, S. C.; Bourne Mills, Fall River,
Mass.; Carolina Textile Corporation, Dillon, S. C.; Davidson
Cotton Mills, Davidson, N. C.; Flint Mills, Fall River,
Mass.; Dana Warp Mills, Westbrook, Me., and Gem Yarn
Mills, Cornelius, N. C. Twenty-three members, representing 821,246 spindles, have been added to the membership of
the Institute since headquarters were opened at 320 Broadway, Nov. 1 1926.
Activity in the Cotton-Spinning Industry for May 1927.
The Department of Commerce announced on June 21
that according to preliminary figures compiled by the Bureau
of the Census, 36,874,608 cotton spinning spindles were in
place in the United States on May 31 1927, of which 32,906,580 were operated at some time during the month,compared
with 32,892,442 for April, 32,919,288 for March, 32,872,102
for February, 32,633,550 for January, 32,496,250 for December,32,275,036 for May 1926. The aggregate number of
active spindle hours reported for the month was 9,001,712,285. During May the normal time of operation was 25%
days (allowance being made for the observance of Memorial
Day in some localities), compared with 25 2-3 for April, 27
for March, 23 2-3 for February, 253 for January and 26
for December. Based on an activity of 8.78 hours per day,
the average number of spindles operated during May was
40,205,960, or at 109.0% capacity on a single-shift basis.
This percentage compares with 105.8 for April, 109.7 for
March, 106.8 for February, 102.3 for January, 100.3 for
December, and 88.9 for May 1926. The average number of
active spindle hours per spindle in place for the month was 244.
The total number of cotton spinning spindles in place, the
number active, the number of active spindle hours and the
average spindle hours per spindle in place, by States, are
shown in the following statement:
Spinning Spindles.
State.
3703
THE CHRONICLE
In Place
May 31.
Active
Durin7 May
Active Spindle Hoursfor May.
Total.
Average per
Spindle in Place.
United States
36,874,608 32,906,580 9,001,712,285
244
Cotton-growing States_ _ _ _
New England States
All other States
18,158,432 17,685,944 5.796,861,811
17,047,972 13,752,092 2,901,968,387
1,668,204 1,468,544 302,882,287
319
170
182
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New Jersey
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
1,516,642
1,170,920
2,969,814
1,118,316
10,703,650
177,842
1,427,646
387,044
871,640
6.208,324
2,482,632
5,381,754
583,604
268,848
711,378
894,554
296
183
305
175
165
239
175
169
180
331
182
344
290
.312
230
206
Production in the United States was 127.395 tons and shipments 126.894
tons, making a total United States and Canadian newsprint production
of 299,214 tons and shipments of 297,482 tons. During May 15.828
tons of newsprint were made in Newfoundland and 1,586 tons in Mexico.
so that the total North American production for the month amounted to
316,628 tons.
The Canadian mills produced 90,931 tons more in the first five months
of 1927 than in 1926, which was an increase of 12%. The United States
output was 54,986 tons, or 8%,less than for the first five months of 1926:
that in Newfoundland 32,742 tons, or 48% more, and in Mexico 1,285
tons, or 25% more, making a total North American increase of 69,982
tons, or 5%.
During May the Canadian mills operated at 86.7% of rated capacity
and the United States* mills at 83.8%. Stocks of newsprint paper at
Canadian mills totalled 27,520 tons at the end of May and at united
States mills 24,233 tons, making a combined total of 51,753 tons, which
was equivalent to 3.9 days' average production.
Production.
Avge.
Tons
per
Day.
Shipments.
Actual P. C.
Actual
Tons Act. to
Tons
per
A vge.
Tons.
per
Oper. (Total Month.
Month. Day. Mnth)
P. C.
Awe.
Produelion.
Canadian Mills7,625 171,819 7,031 86.7
170,468
1927-May
813,471
Five months...... 7,435 826,083 6,813 86.8
731.165
5,895 735,152 5,674 97.4
1926-Five months
___ 623,143 ______
617,936
1925-Five months__
____ 570,822 -------564,044
1924-Five months__ _
1923-Five months_ __. ____ 312,841 -------506,239
1922-Five months_ __ _ ____ 422,533 -------428,016
____ 317,496 -------307,607
1921-Five months_ _ _ _
____ 365,086 -------358,055
1920-Five months_ _
United States Mills126,984
5,844 127,395 5,012 83.8
1927-May
634,293
5,794 646.874 5,113 86.5
Five months
•
697,147
5,689 701,850 5,456 95.6
1926-Five months
_'___ 634,106 -------625,617
1925-Five months_._ _
1924-Five months_ __. ____ 636,374 -------624,576
___
625,36
1923-Five months__ _ - ____ 626,944 ____
____ 562,912 -------562,065
1922-Five months_ _ _ _
____ 528,678 ___ ___
522,24
1921-Five months_
621,790
.
____ 629,244 ______
1920-Five months_.
U. S. et Canadian Mi lls297.452
13,469 299,214 12,043 85.4
1927-May
13,229 1,472,957 11,926 86.7 1,447.764
1-, 'Five months
11,584 1,437,002 11;130 96.8 1,428,312
1926-Five months
. ___ 1,257,249 -------1,243.553
1925-Five months_ _.
1924-Five months_ _ _. ____ 1,207,196 -------1.188,620
1923-Five months_ _ _ _ -___ 1,139,785 -------1,131,604
___ 985,445 -------990,081
1922-Five months_ _
____ 846,174 -------829,850
1921-Five months_._ _
lnaa--TIvn nnnntha
004.3311
979.845
1927-May
Five
1926-Five
1925-Five
1924-Five
1923-Five
Mill
Stocks.
86.0
85.5
96.9
27,520
27,520
14,331
___
___
___
___
___
20,746
13,561
8,313
20,920
14,471
83.6
84.9
95.0
___
___
___
___
___
___
24,233
24,233
18.187
32,037
34,708
20,832
24,781
31,198
22,822
84.9
85.2
96.0
___
__
___
___
___
___
51,752
51,752
32,51E
58,881
55,454
34,392
33,094
52,111
37.294
NORTH AMERICAN PRODUCTION.
Netordland. Mexico.
Canada.
U. S.
15,828
1,586
171,819
127,395
, 6,330
646,874
102,046
826,083
months
701,850
69,304 ' 5,045
months.._
735,152
634,106
27,850
-5,357
months.... 623,143
636,374
4,790
27.074
months.... 570,822
- 5.000
626,944
26,356
months
512,841
Total.
316,828
1,581,333
1,511,351
1,290,456
1,239,060
1.171,141
EXPORTS OF NEWSPRINT FROM CANADA.
(Figures from Department of Trade and Commerce.)
April
Four Mos. Four Mos'
April
1926.
1927.
1926.
1927.
United Kingdom
Cuba
Jamaica
Argentina
Other Latin America
South Africa
Australia
New Zealand
All other
Overseas countries
United States of America
rIlronr1 tntal
Tons.
560
167
63
Tons.
1,201
633
59
1,278
Tow.
5,722
2,499
321
5,864
Tons.
1,201
2,494
291
5,478
419
4,186
1,636
42
722
542
25
2.872
12,664
6,469
388
3,953
4,243
4,465
103
7,073
118,376
4,460
108,368
36,799
554,679
22,228
518,735
12S440
112.828
591.478
540.963
EXPORTS OF NEWSPRINT FROM THE UNITED STATES.
Canada
Central America
Mexico
Cuba
South America
China
Japan
Philippine Islands
Other countries
Total
.
.
Four Mos. Four Mos
1926.
1927.
April
1927.
April
1926.
Tons.
150
26
10
354
123
18
355
36
Tons.
190
115
50
375
531
248
193
528
159
Tons.
543
102
115
907
1,108
143
30
1,732
274
Tons.
266
304
212
1,415
1,723
1,659
644
1,094
447
1.072
2,389
4,954
7,764
Crude Oil Prices Remain Unchanged-Further
Reductions Occur in Gasoline Prices.
The price lists of crude oil in the fields throughout the
country have remanied unchanged during the week just
closed. Further reductions, however, mainly local in character, have taken place in the gasoline prices. Effective
June 18, the Standard Oil Co. of Ohio reduced prices of gasoline at its bulk or railroad service stations in Cleveland,
Ohio, 2c. per gallon, making prices 19c., including 3c. State
tax. With this cut, prices at railroad service stations are
2c. below those at regular service stations.
Newsprint Production in Canada in May 171,819 TonsThe Pure Oil Co., the Sinclair Refining Co. and some inUnited States Output in Same Month 127,395 Tons.
dependent oil companies in Southern Ohio on June 18 and
From the Montreal "Gazette" of June 16 we take the June 20 reduced their general service station price of gasofollowing:
line 2c. a gallon to 19c., meeting the price which Standard
For the month of May the Newsprint Service Bureau reports news- Oil Co. of Ohio established at its bulk or railroad service
print production in Canada amounted to 171,819 tons and shipments
stations. The Standard on June 21 sold at the unchanged
170.468 tons.
to
1,467,614 448,252,334
1,048,806 214,811,116
2,902,778 906,984,240
949,622 195.705,470
8,441,818 1,764,280,504
143.186
42,551,720
1,091,096 249,411.425
364,444
65,301,888
736,968 157,088,633
8,028,526 2,055,290,462
2,104,534 452,766,007
5,330,978 1,848,703,845
573,628 169,049,626
250,176
83,915,644
691,302 163,491,534
781.104 184,107,837
3704
THE CHRONICLE
price of 21c. at its regular service stations throughout Ohio
and 19e. at its bulk or railroad service stations.
On June "..:2 the Atlantic Refining Co. reduced tank wagon
aryl st.r% :ce etation prices of gasoline 2c. per gallon at Erie
to 12c. Ind 15c., respectively, exclusive of State tax.
Wholesale prices in the Chicago markets on June 24 were
reported as follows: United States motor grade gasoline,
6%c.; kerosene, 41-43 water white, 4@44c.; fuel oil, 24-26
gravity, 92%@97%c.
1927
June I. May 1. Apr. 1. Jan. 1.
United States
Canada
Australia
Germany and Poland
Belgium
France
Great Britain
Scandinavia
Far East
Elsewhere
Total
New High Record Made in Crude Oil Production.
Another new high record in crude oil production was
established
in the
of June 18 when the daily average
------.
__._week
gross crude oil output in the United- Stags ai:Ose 11,200
barrels to 2,509,650 barrels. This surpassed the previous
record of 2,507,300 barrels per day in the week of June 4
by 2,350 barrels per day, according to estimates furnished
by the American Petroleurn Institute. The largest increases occurred in the Seminole field in Okla_homa. The
daily average production east of Californiawis-1,863-,650
barrels, as compared with 1,854,650 barrels, an fric
-rease of
9,000 barrels. The following are estimates of daily average
gross produ
ction b--y districts for-the
w
eekiliTin:
DAILY AVERAGE PRODUCTION.
(In Barrels)June 18'27. June 11 '27. June 4 '27. June 19'26.
Oklahoma
765,750
750.700
751,500
458,900
Kansas
112,250
112,750
113.750
Panhandle Texas
125.450
129,550
140.450
49,000
North Texas
87,150
88,100
87.450
84,500
West Central Texas
75,450
75,550
75,600
51,900
West Texas
117.250
120,100
117.800
30,300
East Central Texas
36,650
37,500
38.500
51.750
Southwest Texas
32.850
33,900
34,400
38.300
North Louisiana
49,300
48,350
47.500
59.250
Arkansas
112.600
111,750
113,000
165.200
Coastal Texas
137,350
134,000
136,100
73,800
Coastal Louisiana
14.950
15,350
14,500
12,350
Eastern
111,000
112.500
114,000
106.500
Wyoming
59,650
60.750
61,950
71,950
Montana
15.450
13,600
13,700
28,000
Colorado
7,350
7.400
7,150
8.250
New Mexico
3,200
2,800
3.550
4,400
California
646.000
643.800
636,400
609,500
Total
q. 2,509,650
2,498,450
2,507,300
2.011,600
The estimated daily average gross production of the Mid-Continent
field including Oklahoma, Kansas, Panhandle, North, West
Central,
West Texas. East Central and Southwest Texas, North Louisiana
and
Arkansas, for the week ended June 18 was 1.514,700 barrels, as
compared
with 1,508.250 barrels for the preceding week, an increase of
6,450 barrels.
The Mid-Continent production, excluding Smackover, Arkansas
heavy
oil, was 1,426.150 barrels as compared with 1,420,750 barrels, an
increase
of 5,400 barrels.
In Oklahoma, production of North Braman is reported at 4.750 barrels,
against 4,850 barrels; South Braman, 3.450 barrels, against 3,700
barrels;
Tonkawa 21,750 barrels, against 21,650 barrels; Garber 14.050
barrels,
against 14,250 barrels; Burbank 44.150 barrels, against 45,700 barrels;
Bristow-Slick 26,650 barrels, against 26,800 barrels; Cromwell
13.000
barrels, no change; Wewoka 19.750 barrels, against 18,750 barrels; Seminole
311,700 barrels, against 298,300 barrels. and Earlsboro 67.800 barrels,
against 64.050 barrels.
In Panhandle Texas, Hutchinson County is reported at 99,600 barrels.
• against 102.700 barrels, and Balance Panhandle 25,850 barrels,
against
26,850 barrels. In East Central Texas, Corsicana Powell 17.150 barrels.
against 11,600 barrels; Nigger Creek 3.850 barrels, against 3,950
barrels;
Reagan County, West Texas, 26.750 barrels, against 26.250 barrels; Crane
and Upton counties 72,700 barrels, against 70,850 barrels; Pecos County
5,000 barrels, against 9,750 barrels; Brown County, West Central Texas,
28,850 barrels, against 29,050 barrels, and in the Southwest Texas field,
Luling 16,150 barrels, against 16,300 barrels; Laredo District 12,900
barrels, against 13,750 barrels; in North Louisiana. Haynesville is reported
at 7,750 barrels, against 7,800 barrels; Urania 9.150 barrels, against 8,600
barrels, and in Arkansas, Smackover light 11,050 barrels, against 11.200
barrels; heavy 88.550 barrels, against 87,500 barrels. In the Gulf Coast
field, Hull is reported at 18.550 barrels, against 18,050 barrels; West
Columbia 9.950 barrels, against 9,850 barrels; Spindletop 58.050 barrels,
against 56,050 barrels; Orange County 5,500 barrels, against 5,600 barrels,
and Pierce Junction 7.950 barrels, against 7,750 barrels.
In Wyoming, Salt Creek is reported at 41,050 barrels, against 42.950
barrels, and Sunburst, Mont.. 13,000 barrels, against 11,200 barrels.
In California, Santa Fe Springs is reported at 41.000 barrels, no change;
Long Beach 94.000 barrels, against 95,000 barrels; Huntington Beach 73,500
barrels, against 76,500 barrels; Torrance 23,500 barrels, no change; Dominguez 16.500 barrels, against 17.000 barrels; Rosecrans 10.000 barrels.
no change; Inglewood 35,000 barrels, no change; Midway Sunset 89,500
barrels, no change; Ventura Avenue. 38,000 barrels against 37.300 barrels,
and Seal Beach 74,000 barrels, against 68.000 barrels.
.[VoL. 124
1926
Oct. l.
July 1.
38,100 37,500 33,000 19.800 14,200 23,400
2,400 3,200 3,000 3,200 2,200 2,100
2,800 2,800 2,500 2.400 2,200 2,200
6,300 6,600 6,800 9.500 5,000 6,500
3,000 3,100 3,000 4,000 2,100 1.800
1,200 1,500 1,200 1,500 1,000 1,200
1,100 1,400 1,200 1,000 1,000 1,200
200
200
200
200
200
200
500
500
500
500
500
500
1.500 1,700 1,500 1,500 1,500 1,500
57,100 58,500 52,000 43,600 30,100 40,600
Mr. Sharpe, discussing the world situation, sees condit ons improving
slowly. In discussing conditions in detail as they appeared in the first
week of June he says:
"May was a black month in the European zinc industry and gave both
ore producers and smelters much to think about. The month opened with
prompt shipment selling at £29 7s. 6d. a ton and closed with this position
commanding £28 7s. 6d. Just before the end of the month, however, May
shipment sold as low as 127 17s. 6d. and August delivery as low as 28
58. These chanced to be the turning point and at time of writing June 7,
prompt has stiffened to £28 17s. 6d. and the 3-months' position is priced
at £28 18s. 9d.
St. Louis Slump Affects London.
"If the course of the St. Louis market during May is studied, it will be
found that the slump at that center had much to do with the weakness in
London. and that immediately rates hardened at St. Louis the London
market benefltted accordingly. Indeed, markets in all the principal base
metals have taken a turn for the better in the past 10 days, and not only is
sentiment stronger but actual business is on a much improved scale.
"While it Is true Europe 1121 now producing slab zinc on a higher scale than
at any time since 1914, it will be appreciated from the situation of stocks
that consumption also has gained, and is to-day taking care of not only
the European output but also of the quantities of high-grade zinc imported
from North America and from Australia. This high-grade is particularly
favored by the brass trade.
"It is considered unlikely that the European output of common zinc
will be further advanced until there is another lift upwards in consumption.
It must be borne in mind that the majority of smelters in Europe are
dependent upon purchased ores for their raw requirements, these being
mainly supplied under long-peroid contracts, with the price based on the
ruling monthly averages of slab zinc in London. For this reason the
forcing of the zinc market to an unprofitable level would carry its own
corrective, just as in the case of the Tri-State field and the St. Louis selling
price of metal. In other words, when the ore oroducer is unable profitably
to dispose of his output he will suspend or curtail operations, which in
turn would not be long in being reflected in a lessened production of metal.
Speaking generally, a selling price of £29 a ton in London is regarded as
the lowest point at which the general run of ore producers and smelters
find it profitable to operate so that whenever the market is below that
level output of both ore and metal is likely to be affected.
British Supplies Specially Priced.
"British production of slab zinc was 4,200 long tons in May butlthis
of course, wholly originated from Australia concentrates, which are supplied
to the various British smelters on specially-favored price terms. Were
this not so, it is unlikely that any smelter would be operating in Great
Britain to-day.
"So greatly are the Continental smelters undesirous of enlarging their
existing ore commitments that the returning charge has been raised by
at least .C1 per ton of concentrates, with the result that fresh businesslis
on the smallest possible scale because sellers of ore do not see their;way
to accept the revised terms. As already potted out, the bulk of ore
supplies are delivered under period contracts and probably when these
commence to run out stiffer rates for renewals will be imposed, which
will, in turn, restrain the ore supplies which have in recent months exceeded all expectations.
"The British galvanizing industry is enjoying a fair business so that
British consumption of slab zinc is by no means unsatisfactory. On the
Continent a fair amount of zinc is used by the rolling mills which complained of the dearth of fresh bookings a fortnight ago, but which are
now stated to be in a much happier position in this respect. The brass
trade also is picking up a little, so that the consumption outlook in Europe
is, all things considered, satisfactory."
•
Increase in United States Zinc Stocks in May.
The American Zinc Institute reports zinc stocks on hand
in the United States on May 31 of 42,046 tons, compared
with 41,208 tons May 1. The production in May amounted
to 51,296 tons, comparing with 51,626 tons in April and
56,546 tons in March. The Institute's statement for May,
issued June 9, follows:
ZINC, ALL COMPANIES, MAY 1-31 1927.
(/n Tons-2,000 Lbs.)Stock May 1
Produced
41,208
51,296
Shipped
92,504
50.458
Stock May 31
42.046
Shipped
from plant for export
4,898
World Zinc Stocks Reduced 1,400 Tons-Sharpe Esti- Total retort capacity
136,844
at end of period
Number of idle retorts available within sixty days
53,749
mates Total June 1 at 57,100 Tons-Believes
Average number of retorts operating during period
79,846
Number of retorts operating at end of period
78,057
General Situation Slowly Improving.
A. J. M. Sharpe, Honorary Secretary of the American Zinc
Institute, estimates world stocks of zinc June 1 at 57,100 Steel Demand Continues to Decline-Rate Under
That of Last Year-Prices Unchanged.
metric tons of 2,204.6 pounds each, compared with 58,500
Steel business is at a slow pace and no quickening is extons May 1, decrease of 1,400 tons, first reduction in several months. The "Wall Street Journal" of June 20, in re- pected before August, declares the "Iron Age" of June 23,
in summarizing current events in the markets. Last year
porting this, also Says:
Stocks April 1 came to 52.900 tons, March 1, 50,800; Feb. 1, 50,800; at this time the outlook began to brighten and prices began
Jan. 1, 43,600; Dec. 1, 33,100; Nov. 1, 31,500; Oct. 1, 30.100; Sept. 1, to strengthen, although demand did not require for some
33,200; Aug. 1, 37,200; July 1,40.600; June 1,40,200; Jan. 1 1926, 26.150; weeks expansion
in production. Reduction in output this
Jan. 11925, 26,130, and Jan. 1 1924. 58,050 metric tons.
Following table gives in metric tons, Mr. Sharpe's estimates of zinc week has brought the industry some 10% under the operating
stocks in the various countries:
position it held a year ago, observes the "Age," adding:
JUNE 25 1927.]
Rail inquiries then proved to be a favorable stimulus, and now this
year they have again appeared and for larger amounts. In general,
however, steel consumers have enought on order to cover them into the
next quarter, and fresh buying, with no broadening activity discernible
in major consuming industries, will accordingly be light for some time.
Definite rail inquiries, coming as the rail mills are within two or three
weeks of completing lets fall's contracts, are for 95,000 tons, and those in
the making add 45,000 tons more. Included are 50,000 tons for the
Pennsylvania, with perhaps 15,000 tons of accessories 37 000 tons for the
Southern Ry., 7,000 tons for a Northern line and 13,000 tons for a fourth
road.
The Pennsylvania is asking also for 25,000 tons of plates, shapes and
bars, and 24,000 rolled stel wheels. Tie plate production in the Chicago
district is at a 100% rate, and added to liberal specifications are fresh
orders for 2,500 tons.
The contraction of demand, indicated now by a 65% of ingot capacity
in the Pittsburgh district and a banking of two Steel Corp blast furnaces
in the Chicago district, is increasing the difficulties of steel mills to maintain
prices. Sporadic cases of sharp cuts in structural material have produced
quotations below 2c. delivered, both New York and Philadelphia, or
$2 and $3 a ton below ruling levels. Although efforts are being made to
hold steel bars at an equivalent of 1.80c. Pittsburgh, for large attrative
lots, the so-called preferential buyers are demanding 1.75c. and even lower.
Weakness has developed also in cold finished bars, and Chicago producers, facing a marked recession in demand, have made a reduction of
$2 a ton, or to 2.30c. per pound.
Large specifications of sheets on low price contracts point to a wide
acceptance of the present market levels. They will sustain high sheet
mill production for July, and fresh buying is expected to be somewhat
meager in the coming month, just as bookings in May fell off sharply
from those of April (81,000 tons drop, or 2731 %), when covering prior
to the price advances was effected.
Some business in the wider hot-rolled strips has been done at a concession of $2 a ton. Tin pito and pipe remain firm and prices of wire
products are, if anything, more stable.
Shipments of allot steel bars are in excess of bookings, and price variations of $1 and $2 a ton are occasional.
Pig iron has been most active at Cleveland, with bookings of 49,000
tons, as compared with 30.000 tons in the previous week. Nowhere,
however, are there signs of a developing third quarter buying movement.
The decline in mill operations is bringing more steel company pig iron
•
Into the genral market.
The contract price on furnace coke for the third quarter and the last
half has been definitely established by purchases, calling for 50,000 tons
a month, at $3.25, ConnelLsville.
Heavy melting steel scrap at Birmingham, following recent declines
in other market centres, has declined $1.50 a ton. Unattractive prices
have sharply reduced the movement of scrap out of New England to
the usual domestic destinations, and this week several thousand tons of
yard steel is being shipped to Italy. A Wisconsin producer of plate scrap
has made a direct sale of 75,000 tons to a Chicago mill for delivery at the
' rate of 2,000 tos a week.
Steel building awards of 27,600 tons include 7,000 tons for agrandstand
at Arlington, Ill., and 4,000 tons for a Chicago office building. Fabricated
structural steel business fell off 16% in May from April, but the five
months' bookings are 1% ahead of last year's 1,036,680 tons for the same
period. Among new inquiries is an extension for Philadelphia subways
taking 5,900 tons.
Concrete reinforcing bar business was swelled by 4,000 tons for a Minneapolis mall order warehouse, awarded to three companies.
Demand for steel castings this year has tapered in the miscellaneous uses
as well as for the railroads. Both production and bookings have fallen
13% comparing the five months' periods of this and last year.
Improvement in demand in Canada has absorbed a production of pig
iron in the Dominion so far this year of 15% in excess of the output of the
corresponding period of 1926,on top of imports arriving at a 20% increased
rate.
In the face of general improvement in finished steel in Great Britain,
tin plate is weaker. About 30% of the Welsh mills are now idle.
Both of the "Iron Age" composite prices are unchanged from last week,
that for pig iron at $18.96 a gross ton and that for finished steel at 2.367c.
a pound, as shown in the tables following:
Pig Iron.
Finished Steel.
June 21 1927, $18.96 per Gross Ton.
June 211927. 2.357 Cents per Pound.
2.367e. One week ago
One week ago
$ 8.96
2.3 ,70. One month ago
One month ago
19.04
2.4310. One year ago
One year ago
19.79
1 6890. 10-year pre-war average
10-year pre-war average
15.72
Based on average of baste iron at ValBased on steel bars, beams,tank plates.
Plain wire, open-hearth rails, black pipe ley furnace and foundry Irons at Chicago,
and black sheets, constituting 87% of the Philadelphia, Buffalo. Valley and Birmingham.
United States output.
Low.
High.
High.
Low.
1927_2.453e., Jan. 4 2.339c., Apr. 28 1927_319SL Jan, 4 318.98, Feb. 15
1928..2.4530., Jan. 5 2.403c., May 18 1926_ 21.54, Jan, 5 19.46, July 13
1925„2.5800., Jan. 6 2.396c., Aug. 18 1925.- 22.50. Jan. 13 18.96, July 7
1924__2.789e., Jan. 16 2.4800., Oct. 14 1924._ 22.88, Feb. 26 19.21, Nov. 3
1923_.2.824o., Apr. 24 2.446e., Jan. 2 1923._ 30.86, Mar. 20 20.77, Nov.20
Secondary buying of track material accelerated inquiry
for the third quarter pig iron, and brisker contracting in
coke brightens the iron and steel market that is otherwise
lapsing rapidly into summer quietude, reports the "Iron
Trade Review" of Cleveland on June 23. Industry is drifting
into the third quarter with interest from consumers lagging
beyond expectation. Production has been further curtailed,
the Steel Corp. subsidiaries reducing their steel-making rate
to 78%, while independent operations have shrunk to about
70. Two steel-works stacks were blown out at Chicago,
making four dropped in three weeks. At no time in the
first half of the year have producers retrenched so sharply
as in the past fortnight. The spotty price situation is a
sequel to the scanty buying of consumers,says the "Review,"
adding:
Pig iron prices are off 25 to 50 cents a ton in eastern Pennsylvania and
No. 2 foundry in Mahoning Valley is down 75 cents to a range of $17.75
to $18. Quotations in almost all other districts are easy. Some third
quarter contracts for heavy finished steel are being written up at S1.80,
base, Pittsburgh, on attractive lots, while $1.85 applies to small business.
Contracting for cold finished steel for third quarter detivery is being done
at 2.50c., base, Pittsburgh. The price of 2.45c., base, Pittsburgh, on wire
nails is an increasing factor in the market,this representing another recession
of a dollar a ton. Slight shading that has developed in black and blue
annealed sheets is ascribed by mills wholly to exceptional circumstances.
3705
THE CHRONICLE
Chicago mills are entertaining inquiry for 120,000 tons of rails,including
50,000 tons for Pennsylvania, and accompanying 35,000 tons_of track
fastenings.
Two more Buffalo blast furnace interests have closed on their coke requirements for the last half and another for third quarter, each order calling for
approximately 15,000 tons monthly. It is understood that 3.25c. was the
minimum price quoted. The spot market for beehive furnace coke is up
10 cents, to $3. and supplies are scarce.
Specifications to strip mills against second quarter contracts that are
carrying prices in effect prior to the recent advance have been heavy. A
fair portion of this business comes from the automotive industry. On the
other hand, the shrinking of specifications for sheets from the automotive
industry have prompted lighter mill schedules in the Mahoning Valley.
Thirty-six thousand tons of pipe will be required for a gas line from.
Louisiana to Texas, with additional tonnage in prospect for extensions
Demand for iron and steel scrap along the Atlantic seaboard for export to
Europe have reached fair proportions in the past week and have aroused
dealers' hopes that the tide of receding prices may be turned.
Report of Bureau of Business Research Regarding
Employment in Ohio Blast Furnace Industry,
Steel Works and Rolling Mills, &c.
Data for the month of May regarding employment and
wages in the Ohio blast furnace industry, the Ohio foundries
and machine shops, the Ohio steel works and rolling mills,
and the construction industry, are furnished as follows by
the Bureau of Business Research of the Ohio State
University:
OHIO FOUNDRIES AND MACHINE SHOPS.
Index of Employment by Months-Number of Wage Earners.
93.5 February
89.8 November
July
98.1
192694.7 March
89.7 December
100.4
93.7 August
April
April
96.2 1927100.7
91.5 September
May
94.1 May
94.9 January
95.7
91.1 October
June
May employment in foundries and machine shops declined 5% from
April. The May index of 95.7 shows, however, an increase of 4.8%
from the index of May 1926. The changes occurring in five cities of
Ohio are shown in the table below.
City.
Cincinnati
Cleveland
Columbus
Dayton
Toledo
State
Number of Wage Earners.
No. of
Reporting
Firms
May '27.
April
1927.
May
1927.
9
18
4
3
4
64
112.7
122.4
84.3
92.0
74.8
100.7
107.1
123.9
65.3
93.7
46.2
95.7
Change from Change from
April 1927. May 1926.
-5.0
+1.2
-23.4
+1.8
-38.2
-5.0
-7.2
+36.2
-1.8
-6.6
-52.9
+4.3
OHIO BLAST FURNACE INDUSTRY.
Index of Employment by Months-Number of Wage Earners.
110.1 November
99.1 February
July
97.6
1926101.6 December
51.9 March
94.6
102.7 August
April
98.7 1927April
94.5
103.5 September.
May
94.3i May
100.3 January
92.9
110.8 October
June
The May reports from seven Ohio blast furnaces show a slight decline
In employment. As compared with April, the decline amounts to 1.7%.
The May index shows a decrease of 10.2% from the index for May 1926.
OHIO STEEL WORKS AND ROLLING 'MILLS.
Index of Employment by Months-Number of Wage Earners.
100.4 November._ _112.9 February
99.9
July
1926106.6 December_ _101.2 March
104.7
102.8 August
April
April
103.7
98.0 September. ...109.9 1927May
101.4 May
105.1
110.6 January
99.7 October
June
The May reports from 13 Ohio steel works and rolling mills show very
little change in the employment situation. The curve shows an increase
of 1.4% from April in number of wage earners employed. The May
employment index shows an increase of 7.2% from the index for May
1926. It will be noted from the chart [this we omit-Ed.] that employment conditions have been steady for three months.
OHIO CONSTRUCTION INDUSTRY.
Index of Employment by Months.
Apr. May June July Aug. Sept. Oct.
1926. 1926. 1926. 1926. 1928. 1928. 1926.
Number wage earners, actual
Corrected for seasonal variation
Number wage earners, actual
r•nrrorteirt One spnannAl vartntinn
70.6
77.1
Nov
1920
81.7 100.0 107.7 108.0 112.1 101.4
82.3 89.9 90.6 89.4 92.2 85.5
Dec Jan Feb. Mar. Apr. May
1926 1927 1927 1927 1927 1927.
93.6 85.2 62.1 69.4 65.7 64.5 69.3
54.4 90.0 85.4 103_2 57.7 70.5 ROA)
Indices of Employment in the Ohio Construction Industry.
In each merles average month 1923 equals 100.
Citg.
Number of
Number of Wage Earners.
Reporting
Firms.
Per Cent
Change from
May 1927. April 1927.
May 1927.
May 1928.*
-54.8
Akron
59.5
17
68.0
-43.4
Canton
14.9
8
21.4
Cincinnati
+87.7
5
137.2
145.8
+55.7
Cleveland
20
61.1
55.4
-21.5
Columbus
9
89.3
85.4
+63.3
Dayton
175.6
8
218.4
-47.9
Toledo
55.3
5
44.5
-11.9
105.1
Youngstown
5
88.6
-15.1
69.3
90
64.5
All State
* Minus (-) indicates per cent decrease
The reports from 90 general contractors of Ohio show an increase in
construction employment of 7.4%, as compared with April. The normal
increase from April to May is about 8%. The May level of employment
shows a decrease of 15.1% from the level of May 1926. The construction
employment situation in the several cities is shown in the table above.
Bituminous Coal Prices Weaken as Demand WanesAnthracite Market Dull.
Despite the fact that current production of bituminous
is running behind that of a year ago, the buying public refuses
to be alarmed by the labor situation and feels secure in the
3706
THE CHRONICLE
belief that present output plus stockpiles, which even now
are above the seasonal average, will take care of the fuel
requirements of the country, the "Coal Age" reports in its
June 22 review of the industry adding:
[VOL. 124.
The total quantity of coal consumed at coke plants during May
was
about 6,442,000 tons, of which 5,448.000 tons was charged in by-product
ovens and 994,000 tons in beehive ovens.
ESTIMATED MONTHLY CONSUMPTION OF COAL IN THE
MANUFACTURE OF COKE (NET TONS).
The Head of the Lakes alone presents evidence of buying activity.
Elsewhere the producer is exerting sharp pressure to induce consumers to
Consumed in Consumed in
take in coal-and spot prices suffer in the process.
Total
The heart of the region
By-Product
Beehive
Coal
where the suspension of union operations has been most effective exhibits
Ovens.
Ovens.
Consumed.
less concern over the situation than communities adjacent to strong non1924
-Monthly
average
4,060,000
union producing fields. Spot prices have weakened all along the line dur- 1925-Monthly
1,272,000
5,332,000
average
4,759,000
1,452,000
6,211,000
ing the past week. Possibly the most striking change has been in the Pitts- 1926-Monthly average
5,334,000
1,509,000
6,843,000
burgh district where the average has declined 10 cents. "Coal Age" index
ofspot bituminous prices on June 20 was 152 and the corresponding weighted February 1927
4,935,000
1,189,000
6,124,000
March 1927
5,573,000
average price was 61.84. This was a decline of 2 points and 2 centsfrom April
1,404,000
6,977,000
1927
5,327,000
1,230,000
6,557,000
the figures of June 13.
May 1927
5.448.000
994.000
6.442.000
Consumer interest in anthracite purchases is temporarily at least on the
Of the total production of by-product coke during
wane. Stove and egg still retain something of their former strength, but
May 3.133.000 tons,
nut and pea are in disfavor. Steam sizes too are dragging. .Many operators or 82.6%,was made in plants associated with iron furnaces and 659,000 tons,
are curtailing production to bring it in line with the current buying and re- or 17.4%. was made at merchant or other plants.
ports from the region indicate a disinclination on the part of a number of PER CENT OF TOTAL MONTHLY OUTPUT OF
BY-PRODUCT COKE
THAT WAS PRODUCED BY PLANTS ASSOCIATED
producers to put coal into storage.
WITH IRON
FURNACES AND BY OTHER PLANTS 1922-1927.
In
In the bituminous trade the center of interest will be in the outcome of the
Philadelphia conference on June 21 between the central Pennsylvania
operatcrs and the miners, who have endeavored to continue work under the
temperary agreement since the expiration of the Jacksonville scale, Apri
1. It is believed there will be a "show down" at this conference that will at
best climax or terminate the continuation of an impossible situation. What
will be the effect of the conference on the balance of the central competitive
field, now In a condition of innocuous desuetude or harmless cessation, can
only be conjectured.
Many believe it may turn an imitation strike. In so far as it affects consumers, into a real strike that will spread its tentacles to fields which have
so far escaped: which, in fact, have been able to carry on with a production
at such attractive prices, that accumulated stocks have slowly decreased.
However, the figures published last week as coming from the Purchasing
Agents' Association, indicating a present stock of 72,000,000 tons, are
believed to be considerably high. Perhaps the "wish is father to the
thought," as they are reported as still buying for current needs.
But can you blame them when the price temptations and the uncertainties are so great_
There are no changes of consequence in the West, either in production or
market. The operators are simply continuing to watch developments in
fields working under temporary agreements, while the miners are watching
the operators, many of them picking up other work available.
Conditions in general show an increasing inquiry for low-volatile mine-run
which augurs a better market. Demand for prepared sizes continues with
le.ss intensity. Price changes might be called fractional.
Output of Coke During Month of May.
The output of by-product coke for the month of May
amounted to 3,792,000 net tons, an increase of 85,000 tons,
or 2.2%, when compared with the April production, according to estimates furnished by the U. S. Bureau of Mines.
It was the largest output ever shown for May, being 1.4%
and 15.6% higher than 1926 and 1925, respectively. The
daily rate for the 31 working days in May was 122,323 tons,
1% less than the rate of 123,567 tons for the 30 days in
April. The 77 active plants produced about 84% of their
capacity.
According to the ".ron Age" the production of coke pigiron for the 31 days of May was 3,390,940 gross tons, or
109,385 tons per day, as compared with 3,422,226 tons, or
114,074 tons per day for the 30 days in April. The daily
rate in May was therefore 4,689 tons per day, or 4.1% less
than that of the preceding month.
The output of beehive coke during May shows a eecided
drop in comparison with April, the total being estimated at
630,000 tons, a decrease of 150,000 tons, or 19%. The
daily rate of 24,231 tons was also 19% lower than the rate
for April.
Output of all coke was 4,422,000 tons, of which 86% was
produced in by-product ovens and 14% in beehive ovens.
The following tables were also contained in the report of
the Bureau of Mines:
MONTHLY OUTPUT OF BY-PRODUCT AND BEEHIVE COKE IN THE
UNITED STATES (NET TONS)a.
By-Product
Coke.
Beehive
Coke.
1924-Monthly average
1925-Monthly average
1926-Monthly average
2,833,000
3,326,000
3,712,000
806.000
946,000
957.000
3,639,000
4,272,000
4,669,000
February 1927
March 1927
April 1927
m,•., 1Q97
3,435,000
3,879,000
3,707,000
3.792.000
754.000
890,000
780,000
630,000
4,189,000
4,789,000
4,487,000
4.422.000
Excludes screenings and breeze.
Total.
Month.
January
February
March
April
May
June
July
August
September
October
November
December
1922.
1923.
1924.
1925.
1926.
FurFurFurFurFurnace. Other nace. Other nace Other once. Other once. Ott
82.4
83.3
83.3
83.7
85.5
85.7
86.0
80.3
82.7
83.3
83.1
82.9
17.6
16.7
16.7
16.3
14.5
14.3
14.0
19.7
17.3
16.7
16.9
17.1
82.8
82.3
82.6
82.6
82.7
83.1
83.3
82.7
82.2
82.2
82.2
82.6
17.2
17.7
17.4
17.4
17.3
16.9
16.7
17.3
17.8
17.8
17.8
17.4
wwww-Immmoomooml
.wwwc000w
o.ww
6;0.bizC.6o6n6b,'=,bo
the anthracite trade there is now a natural seasonal
slowing up of the steady pace at which the mines have been
• working since the latter part of March declares the "Coal &
Coal Trade Journal" on June 23. Unless there should be
untoward developments as a result of the rather unusual
bituminous situation, it is believed there will be several weeks
of lighter production. The outlook is considered favorable
to the industry. The apparent increase in co-olieration of all
branches of the trade is already showing the helpful effect
of such effort, continues the "Journal" in summarizing
conditions affecting the markets. From this source we quote:
17.2
16.4
16.0
16.4
20.0
19.2
19.2
20.5
18.0
17.1
16.6
15.4
84.8
83.7
83.7
83.7
83.2
83.1
82.6
82.1
82.2
82.3
83.0
82.9
15.2 82.9
16.3 81.7
16.31 82.5
16.31 82.6
16.81 82.5
10.91 82.5
17.41 83.2
17.91 83.0
17.81 82.7
17.71 82.6
17.01 82.5
17.11 81.8
17.1
18.3
17..
17.4
17.5
17.5
16.8
17.1
17.
17.
17..
18.2
1927.
Furnace Other
81.1
81.5
83.0
83.5
82.6
18.9
18.5
17.0
16.5
17.4
83.6 16.4 82.6 17.4 82.3 17.7 83.1 iTI 82.6 17.4
Recovery from Holiday Shown in Bituminous Coal and
Anthracite Output-Coke Recedes.
The output of bituminous coal for the week ending June
11 shows a recovery from the loss of the preceding holiday
week and reached the highest total recorded since the strike
began on April 1, according to figures released by the U. S.
Bureau of Mines. Anthracite output for the June 11 week
also increased over the holiday week, reaching 1,732,000 net
tons, or a gain of 161,000 net tons. Output of beehive coke
during the same period fell off by about 9,000 net tons to
139,000 net tons, the Bureau reports, adding the following
details:
The total production of soft coal during the week ended June ills estimated at 8.522,000 net tons. Following a week in which working time
was
curtailed by observance of a holiday, the week of June 11 shows the highest
output recorded since the beginning of the suspension on April 1. Compared with the weekly rate of production in May, there is an increase of
1.9%.
Estimated United States Production of Bituminous Coal (Net Tons)
(Includin(, Coal Coked)
1927
1926
Cal. Year
Cal. Year
Week.
to Dale.
Week.
to Date.a
May 28
8,476,000 237,961,000
9,683,000 222,924,000
Daily average
1,413,000
1,890,000
1,614,000
1,771,000
June 4 b
7,379,000 245,340,000
8,660,000 231,584,000
Daily average
1,366,000
1,869,000
1,443,000
1,764,000
June 11 c
8,522,000 253,862,000
9,624,000 241,208,000
Daily average
1,420,000
1,849,000
1,604,000
1.757,000
a Minus one day's production first week in January to equalize
number of
days in the two years. b Revised since last report.
c Subject to revision.
The total quantity of soft coal produced during the
calendar year 1927 to
June 11 (approximately 137 working days) amounts
to 253,862,000 net tons.
Figures for corresponding periods in other recent years
are given below:
1926
241,208,000 net tons11924
211,376,000 net tons
1925
209,518,000 net tonsI1923
250,643,000 net tons
WEEKLY PRODUCTION OF SOFT COAL BY STATES.
Production of soft coal in the week ended June 4, as already
indicated by
the revised figures above, amounted to 7.379,000
net tons, a decrease of
1,097,000 tons from the output in the preceding week. The loss
was due to
the holiday observance of Memorial Day. The following
table apportions
the tonnage by States and gives comparable figures for other
years:
Estimated Weekly Production of Soft Coal by States (Net Tons).
-Total Production for Week EndedJune
June 4
May 28
June 5
May 30 Average,
State1927.
1927.
1926.
1925.a
1923.b
Alabama
• 279,000 316.000 359,000 326,000
388,000
Ark., Kan., Me. and
Oklahoma
98,000 107,000 144,000 114,000
199,000
Colorado
159,000 155,000 135,000 134,000
176,000
Illinois
58,000
61,000 855,000 900.000 1,247,000
Indiana
104,000 127,000 261.000 309,000
417,000
Iowa
6,000
6,000
73.000
95,000
89,000
Kentucky-East
710,000 1,037,000 881.000 787,000
664,000
West
415,000 410,000 209.000 170,000
183,000
Maryland
45,000
55,000
57,000
35,000
47,000
Michigan
12,000
11.000
4,0009,000
12,000
Montana
39,000
50,000
34,000
33.000
38,000
New Mexico
48,000
56,000
48,000
43,000
51,000
North Dakota
10.000
14,000
12,000
13,000
14,000
Ohio
108,000 110,000 351.000 422,000
891,000
Pennsylvania
1,929,000 2,203,000 2,086,000 2,040,000 3,625,000
Tennessee
86,000
86,000 105,000
86,000
114,000
Texas c... 24,000
22,000
13,000
16,000
21,000
Utah
69,000
66.000
90,000
53,000
89,000
Virginia
245,000 270,000 230,000 233.000
240,000
Washington
37,000
41.000
33,000
35,000
45,000
West Virginia
2,823,000 3,195.000 2,590,000 2,157.000 2,243,000
Wyoming
73.000
76,000
86,000
105,000
82.000
Others
2,000
2.000
4,000
5,000
4,000
7,379,000 8,476,000 8,660,000 8,096,000 10,903,000
a Revised. b Weekly rate maintained during the entire month. c Revised beginning weekly report No. 517.
JUNE 25 1927.]
3707
THE CHRONICLE
ANTHRACITE.
The total production of anthracite during the week ended June 11 is estimated at 1,732,000 net tons. This is a gain over the output in the preceding
week, which was curtailed by the Memorial Day holiday: but is less by about
6% than the output in the full-time week ended May 28.
Estimated United Slates Production of Anthracite (Net Tons).
1926
1927
Cal. Year
Cal. Year
to Date.a
Week.
to Date.
Week.
Week Ended27,295,000
2,089,000
35,147,000
1,844,000
May 28
28.973,000
1,678,000
36,718,000
1.571,000
June 4 b
31,056,000
2,083.000
38,450,000
1,732,000
June 11 c
Estimated Production of Beehive Coke (Net Tons).
1926
1927
Week Ended
to
to
June 4 June 12
June 11
Date.a
Date.
1926.
7.c
114,000 163,000 3,237.000 4.977,000
Pennsylvania and Ohio-110,090
356.000
372.000
13,000
14,000
13.000
West Virginia
383,000
6,000
130,000
7,000
Ala., Ky., Tenn. & Ga_ 4,000
187.000
162,000
5,000
6,000
6.000
Virginia
132.000
90,000
5,000
4,000
4,000
Mexico
New
&
Colorado
84,000
4,000' 87,000
3,000
2,000
Washington and Utah
a Minus one day's production first week in January to equalize number
of days in the two years. b Revised since last report. c Subject to revision.
BEEHIVE COKE.
Production of beehive coke declined during the week ended June 11. The
total output is estimated at 139,000 net tons, a decrease of 9,000 tons, or
6.1%,from the revised estimate for the peceding week.
United States total_ _ _139,000
23,000
Daily average
148.000
25,000
196.000 4,078,000 6,119,000
44,000
29,000
33,000
a Minus one day's production first week in January to equalize number
of days in the two years. b Subject to revision. c Revised since last report
Figures prepared by the National Coal Association from
preliminary car loading reports show that the total production of bituminous coal in the United States during the week
ended June 18 was about 8,350,000 net tons.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on June 22, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Federal Reserve banks combined, shows declines for
the week of $99,400,000 in total bills and securities, of
$114,100,000 in member bank reserve deposits, of $8,900,000
in Federal Reserve note circulation, and of $21,900,000 in
gold held abroad,and increases of $8,400,000 in cash reserves
and of $13,500,000 in amounts due from foreign banks.
Holdings of discounted bills increased $77,700.000 during
the week while holdings of Government securities declined
$177,900,000, following the redemption of $185,000,000 of
temporary certificates of indebtedness issued by the Treasury
to the Federal Reserve banks on the previous report date.
All of the Federal Reserve banks report larger discount
holdings except Cleveland, which shows a decline of $27,700,000. The principal increases in discounts during the
week were: New York $36,100,000, Chicago $31,200,000,
St. Louis $9,200,000, San Francisco $7,500,000, Philadelphia
$7,400,000, Richmond $5,000,000 and Boston $4,600,000.
The System's holdings of United States bonds increased
$12,400,000, while holdings of Treasury notes declined
$22,700,000, and of Treasury certificates $167,600,000, the
latter amount being $17,400,000 less than the amount of
temporary certificates held by the Federal Reserve banks on
the previous report date.
The principal changes in Federal Reserve note circulation
comprise an increase of $4,300,000 reported by the Federal
Reserve Bank of Chicago and a decline of $3,800,000 by
Philadelphia.
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 3743 and 3744.
A summary of changes in the principal assets amiliabilities
of the Reserve banks during the week and the year ending
June 22 1927 is as follows:
Increases(+)or Decreases(-)
During
Week.
Year.
Total reserves
+$8,400.000 +$198,200,000
Gold reserves
+11,600,000
+181,600.000
Total bills and securities
-99,400,000 -126,900,000
„
Bills discounted, total
-40,500,000
Secured by U. S. Govt. obligations.-- +44,800.000
00,000
Other bills discounted
+32.900.000
-49,600,000
Bills bought in open market
+700,000
-64,000,000
U. S. Government securities, total
-177,900,000
-13,800,000
Bonds
+12,400.000
+51,300.000
Treasury notes
-22,700,000 -122,200.000
Certificates of indebtedness
-167,600,000
+57.100,000
Federal Reserve notes in circulation
-8,i,00,000
+6.600,000
Total deposits
-108.900.000
+106,600.000
Members' reserve deposits
-114,100,000
+81.800,000
Government deposits
+21,300,000
+15,000,000
The Member Banks of the Federal Reserve SystemBrokers' Loans in New York City.
The Federal Reserve Board's condition statement of 668
reporting member banks in leading cities as of June 15 shows
increases of $67,000,000 in loans and discounts, $220,000,000
in investments, $383,000,000 in net demand deposits,
$165,000,000 in Government deposits, and a decline of
$43,000,000 in borrowings from the Federal Reserve banks.
Member banks in New York City reported increases of
$24,000,000 in loans and discounts, $87,000,000 in investalents, $243,000,000 in net demand deposits, and a reduction
of $28,000,000 in borrowings from the Federal Reserve Bank.
Loans on stocks and bonds, including United States
Government securities, were $32,000,000 above the June 8
total, the principal increases being $11,000,000 in the Kansas
City district and $10,000,000 each in the New York and
Chicago districts. "All other" loans and discounts increased $35,000,000 during the week, larger figures being
reported by all districts except Cleveland and Richmond.
Loans to brokers and dealers, secured by stocks and bonds,
made by reporting member banks in New York City were
$41,000,000 above the amount reported on June 8, loans for
their own account and for out-of-town banks having increased $36,000,000 and $17,000,000, respectively, while
loans for account of others declined $12,000,000. As previously explained, the figures for these member banks are
always a week behind those for the Reserve banks themselves. The statement goes on to say:
Holdings of United States Government securities, largely due to the
Government financing on June 15, increased $176,000,000. of which
$59,000,000 was in the New York district, $22,000,000 each in the Boston
and San Francisco districts. $19,000,000 in the Philadelphia district.
$18,000,000 in the Cleveland district, 814,000,000 in the Chicago district.
and $11,000,000 in the Atlanta district.
Holdings of other bonds,stocks and securities increased $35,000,000 at reporting banks in the New York district and $44,000,000 at all reporting
banks.
Net demand deposits were larger than a week ago at banks in 10 of the
reserve districts, the principal increases by districts being as follows:
New York, $258,000,000: Chicago, $41,000.000: St. Louis, $21,000,000:
Cleveland, $20,000,000, and Boston, $19,000,000. Time deposits declined
$27,000,000 at banks in the New York district and $20,000.000 at all reporting banks. Government deposits increased $165,000,000, principally
in the Boston. New York, Philadelphia, Cleveland, Atlanta, Chicago and
San Francisco districts.
On a subsequent page-that is, on page 3744-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 (-1-1 or Decrease (-)
During
Year.
Week.
+$67,000,000 +$592,000,000
Loans and discounts, total
-5,000.000 -21,000.000
Secured by U. S. Govt. obligations
+37,000,000 +504,000,000
Secured by stocks and bonds
+35.000.000 +109,000.000
All other
+220.000.000 +493.000.000
Investments, total
U. 5.securities+176.000,000 +166.000,000
+44.000,000 +327.000,000
Other bonds, stocks and securities
+80.000.000+129,000,000
Reserve balances with Fed. Reserve banks
-14,000,000 -16.000,000
Cash in vault
+383,000.000 +597,000,000
Net demand deposits
-20,000,000 +572,000,000
Time deposits
+24.000.000
+165,000,000
Government deposits
+23.000,000
Total borrowings from Fed. Reserve banks -43,000,000
Summary of Conditions in World's Market According
to Cablegrams and other Reports of the
Department of Commerce.
The Department of Commerce at Washington releases for
publication to-day (June 25 the following summary of conditions abroad, based on advices by cable and other means
of communication:
CANADA.
Wholesale and retail trade continues above last year's levels, except
In drygoods and wearing apparel, which cool weather has affected unfavorably. A good demand for windmills and pumps is reported from the
Prairie Provinces, where sales of building materials are also increasing.
Recent price reductions include 10 cents per hundredweight on wire nails
and one-half a cent per pound on sheet lead.
Wheat seeding has been completed in Western Canada and general crop
prospects at this time are considered to be fairly good. May exports of
wheat 26,698,000 bushels, valued at $39,000,000. were 51% larger than last
year,and the quantity offlour exported 804,000 barrels valued at $5,000,000
increased about 11%.
The traffic through the Sault St. Marie, Welland and St. Lawrence
canals in May was the heaviest on record, the total freight handled exceeding 14.700,000 tons. Railway equipment manufacturers report that orders
approximately fifteen million dollars have been received so far this year.
UNITED KINGDOM.
The uneasiness in British coal circles over the recent French decree
subjecting the importation of coal to license has been somewhat mitigated
by an official report that French import licenses have been granted for the
delivery of 2.800,000 tons of British coal during June, July and August.
These licenses allow for a larger monthly average than the monthly ship-
3708
THE CHRONICLE
ments of coal from the United Kingdom to France so far this year. The
situation so developed is restoring confidence in the British coal trade and
the outlook is considered much more favorable. A further increase in
general unemployment was shown by the unemployment registers on June
7 at which time the total was 1,089,700 persons as against 985,500 the
previous week and 978,200 on May 23. Board of Trade data covering
British foreign commerce during May place exports of United Kingdom
products at £63,276.000 and imports at E96,394,000. Exports are £10.666,000 greater than the April aggregate of United Kingdom exports and
only £929,000 below that for May 1925. (Figures for May. 1926 were
much smaller owing to the coal stoppage.) Imports declined from the
April valuation of £100,751.000 by £4,357.000 and from May, 1925 by
£7,872,000.
IRISH FREE STATE.
Except the usual seasonal drop in imports, no outstanding change is
Indicated in Irish Free State trade figures for April. Exports totaled
E2,816.000 and imports £4,890.000, both slightly under 1926 figures, a
tendency reflected also in the cumulative totals for the first four months of
1927. Changes in imports of staple grains are probably to be attributed
either to local crop supplies or to price trends in the world market. Heavier
imports of tobacco and petroleum products are to be accounted for by the
operation of branch factories, and decreasing purchases of sugar probably
likewise from the activity of the subsidized beet-sugar factory at Carlow.
Imports of apples and oranges increased, which is believed due to increased
consumption rather than to price inducements. Imports of motor cars
and parts also increased substantially. The most significant trend in
exports is the decline in the bacon movement in favor of larger exports
of live pigs and fresh pork. Exports of potatoes and wool registered gains
in both quantity and value which are encouraging in view of the favorable
effect of the comparatively wide distribution of returns.
[VoL. 124.
May. At the present time excellent growing weather prevails and crop
reports from various districts indicate approximately an average yield.
Local grain markets are very firm in sympathy with the international
trend, particularly of rye and barley. The usual decline in unemployment
is proceeding satisfactorily; on May 15 the number of subsidized workers
totaled 165,850, as compared with 181,175 on April 30.
CZECHOSLOVAKIA.
There have been no outstanding changes in industrial activities during the
pas;two weeks. An upward price tendency was noted in all branches of the
cotton industry as a result of higher prices of raw cotton; the closer cooperation of foreign artificial silk manufacturers also led to a rise in prices of
the domestic commodity. The plate glass industry, one of the few which
has not been making some progress, is still suffering from the effects of
slack domestic demand and Belgian competition in foreign markets; these
conditions threaten to bring about a further restriction of activity.
RUMANIA.
According to preliminary data on Rumanian foreign trade, operations
for April, 1927, resulted in a favorable balance of 17,078.000 lei (3,216,225.000 lei of imports against 3,233,303,000 lel of exports) compared with a
surplus of 500.456,000 lei in April, 1926. The less favorable foreign trade
situation in 1927 is believed traceable chiefly to the marked increase in
Imports during March and April (6,494,115,000 let) as compared with the
first two months of the year (5,275,200.000 lei) in anticipation of the new
high tariff which became effective in the middle of April, 1927.
ICELAND.
Rich deposits of aluminum clay and iron ore have been reported discovered in the large mountain "Sodarnaes" between Ontmdarfjord and
Sugundafjord. The aluminum deposits are said to consist of a stratum
two meters thick in the center of the mountain, which upon analysis in
Scotland was found to contain from 35 to 50% of aluminum exide. The
layer lies about 300 meters above sea level and is about 7 kilometers in
length and 33 kilometers in width.
BELGIUM.
With the maintenance of the generally satisfactory conditions that have
prevailed for several months,the approach of the period of seasonal calmness
is viewed in Belgium without apprehension. The item of invisible receipts
EGYPT.
Is expected to be much increased as a result of the international convention of
Rotary clubs and the prospects for heavy tourist travel. The national
Preliminary figures of foreign trade for the first four months of 1927
financial situation is very satisfactory. Government receipts are exceeding further reflect the decreased purchasing power of the population. Imports
expenses and the position of the Treasury and of the National Bank is show a decline of 20% and exports are 3% lower than for the corresponding
improving daily. Further improvement is noted in foreign trade with ex- period of 1926. The Ministry of Finance has drafted a bill providing
port values during the first four months of 1927 amounting to 65% of for larger native representation on the boards and among the personnel
the value of imports, a gain over 1926. The Government is co-operating of foreign companies operating in Egypt, and also requiring that a portion
with producers and shippers to eliminate wasteful competition and to of their capital be offered for subscription in the country.
develop new markets. It is also interested in the rectification of the
BRITISH INDIA.
Liege-Antwerp canal so as to give a better outlet from the industrial interior
The passing without disorder of this year's Mohammedan festivals has
to the sea. Further projects include Government reorganization of the
Lloyd-Belge line. The success of the reorganization of the railroads is inspired considerable confidence in all trades throughout India. As a
stimulating similar action in connection with the telephone and telegrapn result of this, it is expected in India that up-country dealers will lay in
services. Prices are stable and unemployment is practically non-existent. heavier stocks and that clearneances of agricultural products from backFreight car loadings are higher. Bourse prices have declined steadily over country sections will improve. Both export and import business is exthe past month. Money is very plentiful and rates are low. American pected to improve during the coming months. The Government's failure
capital has been investing heavily in Belgian State and Industrial securities, to grant assistance to the cotton mill industry as recommended by the
although the Government is endeavoring to limit the influx of foreign Tariff Board is reported to be a general disappointment to the Bombay
capital and to encourage the use of domestic capital. Strong protests mill community. The proposal to abolish the present nominal customs
have been made against the proposed new French tariff which is regarded duty on textile machinery and mill stores is regarded in India as scant
in Belgium as bearing heavily on Belgian industry. The demand for iron relief, and it is anticipated in India that wage cuts or shutdowns may occur.
and steel continues slack. Conditions in the coal industry are also dull The Tariff Board's recommendation that Indian mills follow the example
and stocks are still accumulating. The plate glass and cement industries of Japan and use a larger proportion of American cotton. to permit the manuare prosperous. Conditions in the textile industry are very satisfactory, facture of finer counts, is of interest to American exporters.
while the demand for leather has revived sharply due principally to heavy
NORTH CHINA.
orders. Automobile sales are fair and should improve progressively.
North China trade continues brisk, although the outlook for future
Crops have been injured by the cold dry weather that prevailed during business swears uncertain owing to reported
impending drive into that
May.
territory by forces of the Nationalists from Nanking. Declared exports
THE NETHERLANDS.
from Tienstin in May totaled $3,960,000. compared with $2,693,000 in the
Business conditions in the Netherlands are generally good. Sales in corresponding month of 1926. Principal export items included skins and
most lines are fairly active and though competition is keen, there is little furs valued at approximately $2,000,000, and carpet and sheeps wool
complaint with regard to profits. Money conditions are easy. The Neth- worth 5870,000. Hankow exports for the same period increased in value
erlands bank is now extending to German banks established at Amsterdam from $1,200,000 in May of 1926 to $1,750,000 in May of this year. Of this
the same foreign bill rediscount facilities as those accorded to Dutch amount, wood oil accounted for 51.075.000. which was about four fold
banks, thus enabling the German banks to extend their local business greater than for May, 1926. Exports of bristles from Hankow were
valued
greatly. Foreign exchanges have been maintained through the action of at $140,000, as against $93.000 for the corresponding month
of 1926.
the Netherlands bank in selling foreign bill holdings. The stock exchange It is estimated, however, that due to heavy exports of wood oil, and the
at Amsterdam was calm during May, but the general tendency was favor- calling of German steamers at Hankow, the volume of May exports
was
able. The uncertainty of the German stock exchange has not influenced equivalent to that of May in the previous year. Imports at Hankow were
the local market except in rayon shares. Annual reports of various 60% below normal volume. May declared exports from Hong Kong
companies published during May show generally favorable results. With reached $1,060,000, a large increase compared with $425,000 in May of
only one exception, all issues of bonds and shares during May were fully 1926.
absorbed or oversubscribed. The demand for Coal is dull despite lower
JAPAN.
prices and the outlook is uncertain. Conditions in the textile industry are
Japan's May trade was dull but of a steady tendency. Extreme cautiouspromising, but due to high prices of raw materials shoe and leather manu- ness marked
buying, largely on account of the low exchange value of yen
facturers are withholding purchases and are restricting production. Stocks and general
inactivity of trade and particularly that with China. May
of lumber are heavy and the general demand is slack. Due to low tern- Imports were lower than
the previous year, and exports increased only
temperatures and heavy rains, the condition of crops is slightly below slightly. Of
the banks which closed during financial crisis few had reopened,
normal. Grain prices are tending upwards with a good demand and de- and financial
conditions were quiet. A heavy flow of funds to stronger
creasing stocks and the outlook is favorable owing to the reported exhaustion banks
continued with indications of lower dividend rates by banks and
of European native grain supplies. Wholesale prices during May were trust companies. Sales of American electrical machinery suffered
due to a
slightly higher, but this development is regarded as temporary inasmuch tendency of
buying on a price basis, rather than quality and other consideraas the general tendency of prices is downward. Unemployment sl owed tions. Sales
of industrial machinery and automotive lines were lower,
a further decline at the end of May. Foreign trade improved somewhat except in light passenger cars and trucks. Larger shipments of
raw silks
during May. Imports for the first five months of 1927 were at about the increased exports to United States, aided by
a much larger increase in tea
same level as during the corresponding period of last year, but exports exports. Owing to lower domestic consumption, and low
exports of cotton
Increased by about 12%.
yarn, stocks of raw cotton continued to pile up. The general tone of the
ITALY.
silk market was steady, with increased exports and large stocks on hand.
The decree prohibiting an increase in rents and requiring reductions on Reelers experienced difficulties in financing purchases of cocoons, and
July 1 has been approved. The Minister of Finance announces that funds cocoon prices fell. Decreases were noted in exchange, in stock and bond
are already available for the 1,400.000,000 lire coupons due July I and that flotations and bank clearings.
payment will be made to depositors in postal savings banks June 25 and to
INDO-CHINA.
others on June 28. May imports amounted to 1,811,000,000 lire and exWith a calm rice market, trade of Indo-China remained quiet throughout
ports to 1.229.000,000 lire.
May. Deliveries of paddy to the mills continued to be irregular, with a
GERMANY..
resulting upward tendency in rice prices. Exports of rice in May were
The action of the Reichsbank in raising rediscount rate from 5 to 6% below normal for the month. Shipments aggregated 144,992
metric tons
on June 10 could not be averted in view of the present financial conditions of which 93,841 tons were white rice. The piaster sold on May 31 at
in Germany. The volume of bills held by the bank had reached record 50.505. The official exchange rate on that date was 12.85 francs to the
levels and the expected lowering of rates on the domestic market, as a piaster.
result of the curtailment of credits, had not materialized. The stock exNETHERLANDS EAST INDIES.
change is recovering from he effects of the recent fall. Industrial condiBusiness was good in May although trade was somewhat affected by the
satisfactory,
with
progress
further
continue
reported
in cutting the recent decline in
tions
sugar prices. Sugar estates were unaffected, as they
unemployment figure. It is reperted that poor weather is harming winter had
made forward sales in practically all cases. Rubber demand continued
crops.
good but dealers were not inclined to sell at the lower prices and the market
AUSTRIA.
fluctuated. A large rice harvest has materially reduced rice imports.
The upward trend in industry and trade continues on a very moderate Sales of textiles improved and automotive trade continued favorable,
scale with hopeful signs for the next few months. The crop prospects, how- although some disturbance in the trade was caused by general price reducever, are believed somewhat less favorable than 1st year. particularly for tions. Labor regulations have been revised to permit freer emigration
fruits which suffered front unreasonable cold weather in the month of from Java to the Outer Possessions.
JUNE 25 1927.1
'ME CHRONICLE
PHILIPPINE ISLANDS.
May business was seasonally quiet, with the normal slackening in wholesale trade which follows the close of the sugar milling SeaS011. The early
part of June, retail trade became more active, preparatory to the reopening
of schools. Supplies of copra continued scarce in May,limiting the operation of oil mills, and the copra market was strong. Abaca trade was quiet
throughout the month. Sugar output totaled 535,000 tons, according
to latest estimates. Textile trade showed improvement, with advanced
prices. Sales of light cars, continued excellent. The market for imported
foodstuffs was generally fair.
AUSTRALIA.
A meeting of the Premiers of the six Australian States is being held in
Melbourne on the proposal to take over conditionally on July 1, 1929,
all State loans and that a Loan Council consisting of representatifes from
each State shall have jurisdiction over the outstanding State debts and
pass on all new commitments. Under the plan proposed, State debts
would be cleared off in 58 years, it is believed in Australia. Business in the
large trading centers is seasonally dull, as the wool crop has been disposed
of largely and wheat is again moving slowly. It is estimated in Australia
that about 40,000,000 bushels of the ex ortable surplus remain to be disposed of. Reported dry conditions make it probable there may be a reduction in the next wool clip.
ARGENTINA.
The general economic situation continues to be good, as evidenced
by the unusually brisk trading on the local stock exchange. The Cala de
Conversion recently added two million esos to its gold reserve. The
1926,27 cotton cro is officially estimated for the first time to be 42.000
metric tons. The Tucuman sugar mills continue the cutting of sugar cane.
but the strike of the workingman is still unsettled and the President has
been asked to arbitrate the dispute. The total value of Argentina's export
during the first five months of 1927 amounted to 476,707,494 gold pesos, as
against 380,932,696 gold pesos during the corresponding period of 1926.
During the same period exports of wheat amounted to 2,800,000 metric tons
while exports of linseed for the first half of 1927 are estimated in Argentina
at one million metric tons.
BRAZIL.
Business in Brazil continues slow. Coffee prices are still declining
and most import lines are dull, although textile imports are somewhat
improved. Rio de Janeiro customs receipts to date are below those for
1926. The 64,000,000 group municipalities loan to Rio Grande do Sul
was floated in New York at 97 with 6% interest.
' URUGUAY.
May imports of coal amounted to 16,000 tons, all of which came from
Great Britain, of fuel oil 17,000 tons; of gasoline 204,000 cases; of kerosene
96.000 cases; of automobiles 324, of which 308 were American; of trucks 77,
of which 72 were American; of tractors to 16, all of which were American;
exports of wool to 5,298 bales, of which Germany took 2,327 bales, France
1.168 bales, Belgium 1,041 bales. the United States 37 bales, and all other
countries 725 bales; of dry hides to 59,000 pieces; of wet salted hides to 128.000 pieces, of which the United States took 2,959 pieces. Declared exports
to the United States for May according to consular reports, amounted to
6684,000, of which $23,000 represented wool exports; customs revenues to
2,124.000 pesos; and slaughters of cattle to 110,812. of which 81.478 were
killed by the frigorificos, 27,973 by the abattoir of Montevideo, and the
remainder by the other meat establishments of the country.
PERU.
Although Peruvian cotton and sugar crops have been in the market for
some days, there has been little change in the retail trade situation, nor
have collections improved. Exchange on June 17 was $33.72 to the
Peruvian pound, as compared with $3.79 on June 3 and $3.63 on May 3.
PANAMA.
Business conditions in Panama during May remained at about the same
level as for April. Sales were fair, and construction activities, especially
in public improvement, increased sales. Sales to the American fleet have
fallen below what was expected. Imports during May were valued at
$1,144,000 as compared to $1,100.000 for April. The United States supplied
75% of the imports, or 6858,000 in May,as compare.: to $857.000 in April.
Native products exported through the port of Colon were valued at $166,577,
of which $122,657 represented banana shipments for May, as compared
wity $137,500 for the month of April. Also, a total of 525,500 coconuts
was shipped during the month, as compared with 712,000 during April.
Other exports during May were as follows: tortoise shell 317 pounds valued
at $1,981; ivory nuts, 1,440 pounds valued at $433; and 199 pounds of
sarasaparilla valued at $200. So far the rains this year in the Boquito
district have been light. Crop prospects are good, and a fair coffee crop
is predicted in Panama. The old crop is all in, and shipments are moving
at the rate of two cars per week.
MEXICO.
No improvement was noted in the depressed business situtation in
Mexico during the week ended June 18. The mining industry is reported
to be feeling the effect of the decline in price of the principal metals,together
with the increased cost of operation brought about the mining law.
PORTO RICO.
Business conditions in Porto Rico during the week ending June 18 showed
more activity than May, but were slightly less than in June 1926. The
economic outlook has suffered somewhat from the recent recession of sugar
prices. Tobacco liquidations are preceeding very slowly. Tobacco buyers
are reported showing more interest in the crop. About half of the sugar
mills have finished grinding and the production estimate still stands at
approximately 617,000 short tons. Some sugar mills have already started
negotiations with the banks regarding the financing of the next crop.
Present indications point to a smaller coffee crop next year, it is believed
in Porto Rico. Excessive rainfall is reported to have damaged the tobacco,
pineapples, citrus fruits, coffee, and other crops in some sections, but
drought in the Guayama district, although from Aguirro westward- the
lack of rain is still severely felt. Prices of grapefruit and pineapples are
firmer. San Juan bank clearings for the first 17 days of June totaled
$15,512,000 as compared with $17,613,000 for the corresponding period cf
1926.
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 1927. The gold exports were only $1,510,398. The
imports were $34,211,764, $26,053,848 of which came from
3709 •
United Kingdom, $2,433,000 from Australia and $2,000,000
from Japan. Of the exports of the metal, $664,752 went to
Hongkong and $509,909 to Mexico.
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO THE
UNITED STATES, BY COUNTRIES.
(Figures subject to revision.)
GOLD.
Total.
SILVER.
Refined Bullion.
Total (Ind. Coin).
Countries.
Exports. Imports.
Exports, Imports. Erports. Import*.
Dollars. Dollars. Ounces. Ounces. Dollars. Dollars.
645
Belgium
France
2.754
40 227,371
70,664
Germany
129,223
2,184
734,000
Netherlands
2,020
Portugal
• 360
Sweden
4.455
26.053.848
United Kingdom_.
6,355
528,246
106,152 377,865 135,431 431,808
37,955
Canada
•
34,884
849
Costa Rica
467
34,260
Guatemala
2,395
20,677
357,362
Honduras
201.089
34,079
4,260
2.211
Nicaragua
13,545
2,020
Panama
1,205
484,401
509,909
2,827,036 141,881 3,310,893
Mexico
Bermuda
1,498
290
Jamaica
1,000
3,300
Trinidad & Tobago.
2.660
788
895
Other Brit. W.Ind_
9,189
Cuba
.24.085
2,000
Dutch West Indies_
41
6,840
4.42
Argentina
1.975
20,000
Brazil
35,960
9,947
Chile
247.930
300
5,212
106,395
9,006
Colombia
181
Ecuador
495
2,006
Dutch Guiana
7,807
240,915
702.756
Peru
20,941
Venezuela
3,259,229
5,785,211
British India
British Maoaya-_-_ 150,000
672 2,348,321
1,026,721 4,169,116
China
376
198.112
87,118
241,440
Java and Madura__
112.546
664,752
Hong Kong
2,000,000
Japan
121,099
Philippine Islands.
1.641
2,433,000
Australia
43
24
22,086
New Zealand
Belgian Congo
2,689
3,600
3,832
14,885
Brit. South Africa_
I CIA ./I10 9.4 011 7AA 111 *AV/ IMA 0 'AA
•I
i
AAA 2,01 C IWO CAA
Coming Conference of Officials of Banks of England,
France and Germany with Governor Strong of
Federal Reserve Bank of New York.
The departure from Germany on June 23 of Dr. Hjalmar
Schacht, President of the German Reichsbank, for the
United States to participate in meeting of bank governors
was announced in Associated Press cablega.ms from Berlin
that day. Vice-Governor Rist of the Bank of France is
also on his way to this country, according to the following
Paris advices appearing in the "Wall Street Journal" of
june 23:
Premier Poincare has demanded authority from Parliament to issue
rentes or Treasury ponds at home, or abroad, for reimbursement of the
foreign commercial debt. This encourages the belief that he is meditating
on measures for redemption of American War stock loan. Vice-Governor
Rist,of the Bank of France, has sailed to New York to confer With Governor
Strong of the New York Federal Reserve Bank, but his visit concerns purely
monetary questions. The French Ambassador at Washington and financial
attache are in Paris and Poincare's move probably Is a result of discussions
with them.
Proposal for Retirement of Debt of Dominion of Canada
Made by R. A. Daly, President of Investment
Bankers' Association of Canada.
A plan of retirement showing how a sinking fund of $23,447,000 per annum, together with the interest on bonds redeemed, would retire the whole of the outstanding net debt
of the Dominion of Canada in a period of 40 years, was presented by R. A. Daly, President of the Investment Bankers
Association at the annual meeting of the organization held
at Ottawa on June 9. Mr. Daly in his remarks drew attention to what has been accomplished in the United States
and Great Britain in the way of debt retirement and tax
reduction, stating that "perhaps it will be poosible to draw
some conclusions from these observations that will be helpful in working out a solution of our own problem." In part
Mr. Daly's address was as follows:
In Canada we have been in a position somewhat between that of Great
Britain and of the United States. We resemble Great Britain in that our
war effort was for the full term of the war. Our national debt in proportion to population is greater than that of the United States, but less than
that of Great Britain. Our position resembles that of the United States,
however, in this, that our country has great natural resources, developed
and undeveloped, and for that reason we can recover more rapidly from the
effects of the war. It would seem logical, therefore, that Canada's position
is more favorable than that of Great Britain, and that we should snake a
more rapid reduction in our debt and taxation.
Our net debt reached a maximum in 1923 of $2,453,000,000. The net
debt in each of the succeeding four years was as follows:
1926
$2,395,000,000
$2,417,000,000
1924
1927
2,364,000,000
2,417,000,000
1925
or a total reduction in four years of $89,000,000. This represents a total
of 3.6% of the debt at its peak in 1923. Great Britain's reduction during
those four years amounted to £198,000,000, or about 2.6%. United
States' reductions during the past four years have been $3,327,000,000, or
3710
THE CHRONICLE
about 15% of the total debt existing in 1922. These various rates of debt
retirement in the three countries seem to mark the relative prosperity of
these countries.
Debt reduction is really a question of taxation and is inevitably tied up
with taxation. The public cannot ask for reduction in taxes at the expense
of debt retirement. On the other hand, reduction in taxes stimulates business and makes possible a larger collection of taxes at a lower rate. I think
it has been more important in a growing young country such as ours to
reduce taxes than to reduce the debt, in view of the fact that some stimulus
must be given to the country to gather momentum after the inertia,following the war. This momentum is now happily increasing in Canada, and
while it is still as important as ever to reduce taxation as rapidly as possible, it now becomes important to work out some definite plan of debt retirement. It is to be presumed that no one will seriously argue that the
debt should not be reduced, although there are always those who would
like to place the burden on future generations rather than to assume it
themselves. But one can never tell when another national emergency might
arise and we could not meet it properly if we were heavily in debt as we
are to-day.
The rewards of debt retirement are obvious. In the first place the credit
of the country is at once raised when a definite policy of debt retirement
is undertaken. Moreover, it is apparent that if large blocks of our Government bonds are taken off the market each year the price of other Government obligations on the market will be improved to a material extent
and the way is paved for the more advantageous refunding of maturing
Issues. The beneficial effect, therefore, of debt retirement is cumulative
in that each year refunding operations become less expensive to the Government and over a long period of years a great saving in interest is made.
It is,. of course, perfectly obvious, too, that the longer loans are left outstanding the greater the cost to the country by way of interest. Retiring a
debt of $2,400.000,000 uniformly over a period of 20 years at an average
interest rate of 4% will cost about $1,210,000,000 in interest; retiring
the same debt in 30 years at the same rate of interest will cost about
$1,801,000,000 in interest, while to retire the debt in 60 years would increase the interest cost to about $4,300,000,000, in addition to the principal
of the redeemed securities. It is very clear, therefore, that no real saving
could accrue to the public by extending the time of debt payment.
In view of the trying conditions that have existed in Canada for the
greater part of the period since the close of the war the Government has
been wise in not attempting to reduce the debt at a specific rate, but now
that it is apparent that there is a real improvement in conditions in Canada, and that a pervading feeling of optimism exists throughout the whole
country, it' do.tt become important that some definite plan of debt retirement should b. set up by the Government with a view to retiring the debt
In a period of, say, 30 or 40 years
The following r1 to of retirement shows how a sinking fund of $23,447,000 per annum. t -.Tether with the interest on bonds redeemed, would retire
the whole el the outstanding net debt of the Dominion in a period of 40
years:
Amount of Annual Retirement.
Balance
Through
Through
of Outstanding
Year—
Sinking Fund. Saving of Int.
Total
Net Debt.
1927
$2,364,000,000
$23,447,000
1928
_
$23,447,000
2,340,552,000
23,447,000
1929
T997,000
24,444,000
2,316,108,000
23,447,000
1930
2,035,000
25,482,000
2,290,626,000
1931
23,447,000
3,118,000
26,565,000
2,264,061,000
1932
23,447,000
4,247,000
27,694,000
2,238,367,000
1933
23,447,000
5,424,000
28,871,000
2,207,496,000
1984
23,447,000
6,651,000
80,099,000
2.177,397,000
1935
23,447,000
7,943,000
31,390,000
2,146,007,000
1936
9,265,000
23,447,000
'32,712,000
2,113,295,000
1937
23,447,000
10,655,000
34,102,000
2,079,193,000
23,447,000
1938
12,104,000
35,551,000
2,043,642,000
1939
23,447,000
13,615,000
87,062,000
2,006,580,000
1940
23,447,000
15,190,000
88.637,000
1,907,943,000
1941
23,447,000
16,832,000
40,280,000
1,927,663,000
1942
23,447,000
41,991,000
18,544,000
.1,885,672,000
1943
23,447,000
20,329,000
43,776,000
1,841,890,000
1944
23,447,000
22,189,000
45,637,000
1,796,259,000
1945
23,447,000
24,129,000
47,576,000
1,748,683,000
1946
23,447,000
26,151,000
49,598,000
1,699,085,000
1947
23,447,000
28,259,000
51,706,000
1,647,380,000
1948
23,447,000
30,456,000
53,903,000
1,593,477,000
1949
23,447,000
56,393,000
32,946,000
1,537,084,000
1950
23,447,000
58,591,000
35,143,000
1,478,493,000
1951
23,447,000
61,081,000
37,634,000
1,417,412,000
1952
23,447,000
40,280,000
1,353,735,000
63,677,000
1953
23,447,000
42,936,000
1,287,352.000
66,383,000
1954
23,447,000
45,757,000
1,218,148.000
69,204,000
1955
23,447,000
48,699,000
1,146,002.000
72,146,000
1956
23,447,000
1,070,790,000
51,765,000
76,212,000
1957
23,447,000
54,961,000
992,382,000
78,408,000
1958
23,447,000
910,641,000
58,294,000
81,741,000
1959
23,447,000
825,426,000
61,768,000
85,215,000
1960
23,447,000
736,950.000
65,389,000
88,836,000
1961
23,447,000
643,978,000
69,165,000
92,612,000
1962
23,447,000
547,430,000
96,548,000
73,101,000
1963
23,447,000
100,651,000
446,799,000
77,204,000
1964
23.447,000
341,850,000
81,482,000
104,929,000
1965
23,447,000
232,462,000
109,388,000
85,941,000
1966
23,447,000
118,425,000
90,590,000
114,037,000
1967
22,989,000
118,425,000
95,436,000
The above amount of $23,447,000 per annum would represent the minimum amount to be retired each year, and as this amount is no greater than
the average amount of debt that has been retired in each of the last four
years it is apparent that the plan is perfectly feasible, especially when we
consider that we are now running into what should be a much more prosperous period. It is, of course, desirable that the plan of retirement should
not be too rigid and for that reason the minimum retirement for each year
should be well within the bounds of possibility, for a sinking fund created
out of borrowed money is worse than none at all. On the other hand, if
there is a substantial surplus over and above sinking fund requirements,
such surplus could be used for additional debt retirement, and further reductions could be made in taxes from time to time. In that way a very
comfortable flexibility could be maintained not only in the rate of debt
retirement, but also in the relationship between debt retirement and tax
reduction.
Gentlemen, there is no mystery about debt retirement. It is simply a
matter of setting oneself a task and sticking to it until it is done. The important thing is the decision. To-day, Canada is on the threshold of greater
expansion and of fuller national autonomy within the Empire. Just recently, she has attained her coming of age, so to speak, in the establishment at Washington of a Minister Plenipotentiary. Still more recently,
she has acted on her own in severing diplomatic relations with a Government found breaking faith with the Mother Country. It should give us
all a thrill of pleasure to be living at this particular time of Canada's
Diamond Jubilee. Canada has proved her citizenship gloriously and nobly
in the Great War--and in her recent recovery. Let us as men on the practical, yet necessary, plane of business do our share to lay at this time sound
foundations for the future.
[voL. 124.
Reginald McKenna, Former Chancellor of Exchequer,
Favors Inquiry into British Credit System—Countries Adopting New Currency Systems Have
Copied Federal Reserve System.
According to copyright advices June 19 from London to
the New York "Herald-Tribune," Reginald McKenna,
Chairman of the Midland Bank of London, renewed his attack on British credit and currency last week in an address
before the British Engineers' Association. The account says:
The speech revealed that all is not peaceful in financial circles and it set
observers to speculating as to the extent of the disagreement between
McKenna and Winston Churchill, Chancellor of the Exchequer.
The Associated Press cablegrams from London on June 17
in stating that Mr. McKenna contended that the British
Government should have acted without delay in conducting
an inquiry, reported his further remarks as follows:
McKenna, who preceded Churchill as Chancellor of the Exchequer in
Baldwin's first Ministry, has a reputation in the City second to none and
wields a proportionate influence.
Addressing the engineers, McKenna recalled that early this year the association had passed a resolution asking for an inquiry into the theoretic basis
for the practical technique of the English credit and currency system, including the position of the Bank of England as custodian of her monetary
resources. The latter part of January McKenna himself startled City circles by proposing exactly the same thing, but nothing has come to pass relative to either McKenna's or the Engineers' Association suggestion.
He disclosed in his address what had not generally been known, that
Churchill had blocked the way to an inquiry on the ground that it would be
an unsettling influence. "I would remind Churchill," said McKenna,"that
since the war there have been inquiries and reforms instituted in Albania.
Austria, Chili, Colombia, Czechoslovakia, Danzig, Ecuador. Germany,
Hungary,Latvia, Poland, Russia and South Africa."
Mr. McKenna mentioned a large number of countries which had reformed
their central banking institutions by adopting the principles of the American
Federal Reserve system. These countries were Albania, Austria, Chill,
Colombia, Czechoslovakia, Danzig, Ecuador, Esthonia, Germany, Hungary and India. Other countries which projected such reform were Lativa.
Lithuania, Peru, Poland, Russia and South Africa.
"It has all been done under the compelling influence of a single idea—the
necessity of providing an elastic currency by economy in the use of gold
reserves, with the effect of giving greater freedom to the central bank in
control of credit." said Mr. McKenna. "These countries have not copied
the Bank of England,but have adopted in principle the Federal Reserve Act.
"Does not that suggest that there is something to inquire about, something for us to learn_ Was the great inflation during the war and for 18
months after really inevitable? Would a better understanding of the principles on which credit should be controlled enable us to avoid much if not all
of this disastrous inflation?
"Perhaps, if the question had been thoroughly understood by financial
authorities and the public, we might have been spared some of the worst excesses. I am personally of the opinion that this is a proposition capable of
mathematical demonstration, and an inquiry would surely be most valuable.
"It is a delicate matter to talk about—it might look like criticism, though
none is intended, of persons we all respect—but in dealing with the past we
can allow ourselves some freedom. Knowledge of this extends year by year,
particularly in the United States, but unfortunately in Great Britain there
is a generally accepted body of opinion. An inquiry would help us to form
public opinion and upon the basis of public_opinion we canl'establish the
finest system in the world."
Old Vienna Firm Fails—Neurath Bankruptcy Due to
Anglo-Russian Break.
Vienna advices June 11 to the New York "Times" (copyright) said:
Financial reaction of the Anglo-Russian"conflict was seen here to-day in
the failure of Jacob Neurath, one of the oldest and largest Austrialn metal
firms. Herr Neurath Is reported to be insolvent in the sum of about
£800,000. The firm had been doing several hundred thousand pounds'
business annually with Russia,and the failure was due to the refusal of English banks further to discount Russian bills. The banks also recalled credits.
£5,000,000 Loan for Berlin to Be Floated in London.
The City of Berlin has accepted the offer of a London
banking group to furnish a long-term loan of £5,000,000, according to a Berlin cablegram (copryight) to the New York
"Times" June 23. The advices state:
The Financial Committee of the Common Council to-day adopted a resolution perfecting the deal by fifteen against nine votes, after declining the
offer of a German private bank which wanted to supply the same amount
at a slightly higher rate.
The only opponents of the acceptance of the London offer were Mayor
Schulz and the Communists and Nationalists. The latter objected because
any possible dispute between the city and the English banks is to be settled according to British law.
The bonds will be issued at 93% and the city guarantees to redeem them
at 102. The interest rate is 6%%.
It is reported that the bonds will be issued by J. Henry
Schroeder & Co., N. S. Rothschild & Son and Baring Bros.
Dr. Curtius, German Commerce Minister Declares
Stability of Reich Currency is Assured—Reparations Will not Interfere with It Remarks of
Max Warburg.
"The stability of the German currency is absolutely assured and will never be again endangered," said Dr. Curtius,
Minister of Commerce, at the annual convention in Hamburg on June 22 of the Central Organization of German
Chambers of Commerce. The New York "Times" reports
JUNE 251927.]
THE CHRONICLE
this in copyright advice, and indicates as follows his further remarks:
3711
speculative credits has quite disappeared. Restriction of contangos and
of advances on stock collateral will be pushed no further.
Whereas the commercial banks on May 12 declared that they would reduce such credits 25% by the middle of June and still further after that
date, the volume of outstanding business credits has already declined more
than 50%. merely as a result of the fall in stock quotations. Through
the Boerse liquidation considerable sums of loanable money has been set
free for ordinary business purposes.
"Not even the reparations obligations will be able to interfere with this
stability," Dr. Curtius added. "The forces for execution of the Dawes
Plan, especially the reparations agent, have various means of enforcing the
fulfillment of the German political obligations, but they cannot take any
measures at the expense of the stability of the Reich's currency."
In the course of his speech the Minister said that Germany will be dependent for a long time on foreign credits and that repayment of the
President Schacht's measures against speculation were
necessary loans might mean a certain danger, but that it could be easily
referred to in these columns May 14, page 2834, and May 21,
averted by increasing the rate of discount.
This step would not only bring back German capital which temporarily page 3005.
went abroad in search of higher profits, but would also attract foreign investments, he said. In order to bring in still more foreign capital, the Redempti
on of German Bonds and Exchange of
Minister pointed out that it would be necessary to abolish the temporary or
Holdings—Warning Against Disposing of
suspended tax on capital earnings entirely.
Further on he took a decided stand against the proposed coal and iron
Certificates To Unauthorized Persons.
price increases, which, in his estimation, would cripple German industry
The Special Commissioner for the Redemption and ReIrreparably. Turning to the problem of international commerce, Dr. Curtius said that it was necessary to nationalize industries beyond the borders valuation of German Government Bonds at 42 Broadway,
of the various States and to form international combinations.
this city issued the following notice on June 16:
Nothing was more deplorable, the speaker continued, than the fact that
I have been informed that former holdings of German Government
an economic and industrial understanding between France and Germany
had bonds who have exchanged their bonds for Loan Liquidation Debt and
not yet been reached. Should the German efforts to reach such an agreeDrawing Certificates under the recent exchange offer are disposing of their
ment be in vain, the Paris Government must know it is responsible if
the certificates to unscrupulous persons who are profiting by the ignorance of
developments in European economic conditions become still
worse, he such holders in regard to their value.
asserted.
I therefore wish to emphasize that the Drawing Certificates atts. hod
Regarding German customs policy, Dr. Curtius said the World
Economic to the Loan Liquidation Debt received in exchange for old possession bonds
Conference has pointed out three ways to lower the tariff walls.
First, will be redeemed over a period of thirty years atfive times their face amount
action by the League of Nations to reduce all duties; second, the conclu- plus 4%% interest
from January 1st 1926 to the end of the calendar year
sion of commercial treaties of long duration; third, voluntary reduction
of in which the certificate may be drawn. For example, a drawing certificate
their tariffs by individual States.
of a face amount of Reichsmark 100. will be redeemed with Reichsmark
"Germany is determined to work faithfully in all three directions,"
the 500. plus interest. The present market value for such certificates in
Minister added. "We shall do everything in our power to bring
about the Germany is approximately 573.
gradual reduction of tariffs and make possible the reaching of
It must be clearly kept in mind that in order to secure redemption of
the goal
advocated by the World Economic Conference as soon as possible."
the Drawing Certificates a Loan Liquidation Debt Bond for the same face
In conclusion, the Minister said:
amount must be surrendered with the respective Drawing Certificates,
"We have been censured because we were the first to try to
carry out and that the present market price of $73.—appr. for Reichsmark 100.—
the doctrines of the Economic Conference, Mit we shall continue on
the road Drawing Certificates in the example mentioned above includes the Loan
we have taken. We are determined to reduce import duties with
few ex- Liquidation Debt.
ceptions, because we are convinced that Europe's fate will be
German banks are prepared to inform holders of Drawing Certificates
that of Germany, and that the economic depression of the European
States can only when their numbers have been drawn, provided the securities are deposited
be overcome if all the countries drop hyper-protectionist
with
them.
policies and return to free economic competition."
I am informed that the National City Bank of New York, official DeAt the same meeting Max Warburg, the Hamburg banker, positary for the revaluation of German Public Bonds, and other American
Banks with Departments for the safe keeping of securities will also attend
brother of Felix Warburg of New York, speaking on
"Credit to this matter on behalf of all persons depositing their bonds with them.
In Business Life and the Credit of States," also stressed
At the same time attention is being drawn to the early expiration of the
the
stability of the German currency and declared that Conti- time limit set for exchange of Government bonds. All Mark Loans of the
German Reich (I. e. either direct issuess of the German Reich, or such
nental countries make a mistake in placing their fate in
the bonds of the following German States;
hands of the Bank of England. Herr Warburg insisted
Prussia, Bavaria, Saxony, Wuerttemberg, Baden, Hessen,
Mecklenburgthat
Schwerin, Oldenburg
all business transacted within Germany must be on the
as have been taken over by the Reich) which have not been delivered
basis of a stable German mark. He added, according to the for exchange in the revaluation procedure provided for "Old
Holdings,"
will have to be exchanged before the end of this month through delivery
"Times":
at
one
any
of
the
Exchange
Agencies.
European markets are not sufficient for us. We need America,
but how
Bonds which have not been submitted during this time become void and
are we to accomplish an increase in our exports, as demanded by
the rep- no longer represent any claim against the German
Government.
arations agents, if the United States closes its doors against our
products?
Compulsory Loan (issued July 20th, 1922) which was supposed to
The
Our exports are not only hindered by tariff walla but also by
our enor- replace certain taxation has for this reason been
mous debts. The Dawes Plan burdens makes our position
excluded from revaluation
almost impos- and cannot be accepted for exchange.
sible.
The
time
Will the Reparations Commissioner wait until it is shown
limit
for
the
exchange
of bonds will expire
to him that
money transfers cannot be made permanently without
continually increas- it is stated on June 30.
ing our Indebtedness? I am of the opinion that
the reparations agents
Following the issuance of the above statement, Zimmerare too intelligent not to know this and not to
understand that our present
bad and burdensome situation is largely due to
mann & Forshay gave out a statement on June 22 in which
the Dawes Plan,
they said:
Since the appearance of the respective news items, numerous holders of
German Government bonds(War loans and prior issues), Prussian Consols,
&c.,called on us or addressed inquiries to our firm, as they could not under
stand the incomplete and ambiguous statement of the Special Commissioner, who practically dwelled solely on the subject of the value of the loan
liquidation bonds and drawing rights combined. Most poeple are of the
opinion that the final time limit—June 30 1927—set for the exchange of
German Government bonds. &c., is an additional extension or renewal of
the time limit set for the revaluation of "old possession." This erroneous
presumption was brought about by the fate that the German Special Commissioner did not enlighten the readers that the securities which were
not
surrendered for revaluation up to about the middle of the
year 1926 as socalled "old possession," will now be "revalued" only as "new possession,"
at
the rate of 25 reichsmark in new bonds for each 1,000 mark surrendered:
furthermore,that these new certificates are neither redeemable nor interestA communique issued reads
bearing until all reparation payments had been met.
"The President, Board of Governors and the State
While the market value of the loan liquidation debt bond with the drawing
the Berlin Stock Exchange have had occasion to discussCommissioner for
the present mar- certificate attached, received in exchange
for recognized "old possession," is
ket situation with Dr. Schacht. It was stated with
satisfaction that for some time past less than the figure named
contingent and deposit advantes have been reduced
by the Special Conunissioner,
50% as compared with the market value of the loan
liquidation debt bond, which "new possesthe end of April. This means that the purpose of the stop
taken
on
May
sions"
are
receiving
for
each 1.000 mark bonds surrendered, is hardly one
12 has already been accomplished.'
dollar per 25 reichsmarks of such new bonds.
That purpose was to bring stock quotations down to
a proper level
We feel impelled—in the interests of the public at large—to address this
and to discourage wild speculation, which had been
made easy by for- communication to you, for the
purpose of enlightening the holders of Gereign money advances. As result of the measures ordered
by Dr. Schacht, man Government bonds (war
loans and prior issues), Prussian Consols,
quotations on principal stocks have dropped.
&c., of the actual status, so that they do not spend much time and money
The same paper in further advices from Berlin,
June 19, In order to have their securities revalued as "new possession."
We again wish to emphasize that such holdings will be "revalued" at the
(copyright) said in part:
rate of 25 reichsmark loan liquidation bond—hence without drawing cerThe firm undertone which developed on the Berlin Stock
tificate
attached—which has a market value of hardly one dollar at present.
Exchange early
last week notwithstanding a good deal of continued
unsettlement, was Since the public was induced to surrender their bonds for revaluation, all
credited largely to foreign buying. The monthly report
of the Disconto "old holders" who were unable to furnish sufficient proofs—to the entire
Gesellschaft Bank declares that stocks have now nearly
reached the level satisfaction of the debtors—as to the purchase prior to July 1 1920 and
at which they should again be attractive to investors.
continuous possession of the identical bonds since, and those who surrender
At the end of the week, as a result of the smooth mid-month
their bonds as "new possession" are sustaining an additional pecuniary loss
and of the announcement that credit restrictions by the bank settlement by reason of the
depreciation in market value of more than 50%•
are terminating, prices rose sharply all around,though they weakened
slightly later.
The average dividend yield of the 150 most active stocks as of
June 10 was
3.73%. This compares with a yield of 3.47 a fortnight earlier.
Payment to Foreign Holders of Austrian
The
committee has decided to close the Stock Exchange on Saturdays Boers°
throughand Hungarian Bonds.
out July and August.
Foreign holders of bonds of the Austrian and Hungarian
Relief on the Money Market.
The money market situation improved greatly during the past
pre-war public debt and of the 3% bonds of the Austrian
week,
and nervousness as to the outcome of President Schacht's campaign
against chartered company of State railways, issues of the former
Berlin Boerse Stronger as Result of
Restrictions on
Credit—Restrictions Ending.
The result of the curtailment of contingent
advances and
credits to brokers on deposit of securities, which
was forced
through by Dr. Fljalmar Schacht, President of
the Reichsbank, and which caused the "Black Friday" of May
13, was
officially announced on June 16, with the
statement that
the plan to continue the restrictions another
month has
been canceled, according to a copyright message
from Berlin June 16 to the New York "Times," which
adds:
3712
THE CHRONICLE
[vol.. 124
The total for the lawyers is considerably less than it would have been
Austrian-Hungarian Imperial Government, will receive payments upon presentation of these bonds to the Caisse Com- had their claims not been scaled down by the Court.
Henry Wellman for instance, asked
for the work performed by
mune, at 22 Boulevard de Courcelles, Paris, according to himself and his associates, one of whom$560,000
was Frank P. Walsh,in behalf of the
information received at the State Department from the Hearn committee of the bondholders. He and his colleagues were awarded
American Embassy in the French capital on June 16, Wash- $90,000.
Justice Peters appointed three receivers to disburse the fund to the
ington advices that day to the New York "Journal of Com- bondholders. They are Peter J. Brady of the Federation Bank & Trust
Co., the "labor bank"; J. Edward Murphy, 165 Broadway, lawyer, and
merce" said:
The Caisse Commune, which was constituted with the approval of the State Senator John L. Buckley. 220 Broadway, also a lawyer.
He also named former Congressman Henry M.Goldfogle, 291 Broadway.
'Reparations Commission in Paris to represent various bond-holding group
in the matter of the recoupement and resumption of interest payments to act as referee in disputes that may arise Over the amounts due to individual
holders of the securities.
.cm certain classes of pre-war Austrian and Hungarian unsecured bonds,
The Federation Bank & Trust Co. and the National City Bank were
has fixed a delay of one year, expiring on October 6 1927, for the presentadesignated as the new depositories for the fund.
tion of the public debt bonds and the railroad bonds.
The counsel awards, in addition to Mr. Wellman's, were: Martin Conboy
and John Finerty, who represented Eamon de Valera and Stephen O'Mara.
Supreme Court Decision Regarding Obligation of an trustees, $110,000; counsel for Bishop Michael Fogarty of Ireland, another
trustee. $10,000; George Gordon Battle, counsel for the Noonan committee
Austrian Bank to Repay a Pre-War Kronen Bank
of bondholders, $10,000: counsel for the Harriman National Bank, Central
Balance Payable in Austria—Action of ZimmerUnion Safe Deposit Co. and Garfield Safe Deposit Co., depositories. 22,000
each.
mann & Forshay Against Alien Property
The receivers are directed to set up an office to handle the business of
Custodian and Wiener Bank Verein.
settling the fund and to advertise to bondholders the details of the reA suit to apply property in the hands of the Alien Property demption process.
Custodian or the Treasurer of the United States seized as toIn May Justice Peters decided the bondholders had the only legal claim
the $2,500,000.
the
property of the Wiener Bank Verein as allowed by
amendment of the Trading With the Enemy Act of June 5
1920, was the subject of a decision by the United States
Supreme Court on May 16, when it affirmed the conclusions
of the United States Circuit Court of Appeals. The case
came before the Supreme Court upon the appeal of Leopold
Zimmerman, Louis J. Rees and others, co-partners, doing
business under the firm name of Zimmerman & Forshay. In
upholding the Circuit Court in its ruling against the firm,
the United States Supreme Court, in its conclusions read
by Mr. Justice Holmes, said, according to the "New York
Law Journal" of June 1:
The appellants were the plaintiffs. Before the late war they were depositors in the Wiener Bank Verein, and on April 6 1917 had on deposit
2,063,799.03 kronen. The war intervened, and after cessation of hostilities
the plaintiffs demanded the amount of said kronen on deposit as of April 6
1917, at the average call rate of exchange for the month preceding the
outbreak of war between the United States and Austria-Hungary, viz.,
11.18 United States cents for each Austrian krone.
The General Civil Law of Austria, Section 1425, provided that if a debt
could not be paid because of dissatisfaction with the offer or other important
reasons, the debtor might deposit in court the subject matter in dispute,
and that if legally carried out, and if the creditor was informed, this measure
should discharge the debtor and place the subject matter delivered at the
risk of the creditor. The creditor not being satisfied with what the bank
was willing to do, the bank on April 1 1920 deposited the amount stated to
be due in the proper court, with interest at 2%%,and notified the plaintiffs. It relies upon the deposit as a defense, and the Circuit Court of
Appeals held it to be one (7 Fed., 2d, 443, overruling the decision of the
District Court, which allowed a recovery at the rate of exchange of Aug. 12
1919, on the ground that the plaintiffs showed that they wanted their
money, although they made no adequate demand on that day (2 Fed.,
2d, 629).
The decision of the Circuit Court of Appeals was right, and in view of
the recent case of Deutsche Bank, Filiale, Nurenberg, against Humphreys,
Nov. 23 1926. does not need extended reasoning. Here, as there, the debt
was due and payable in the foreign country. The only primary obligation
WaS that created by the law of Austria-Hungary, and if by reason of an
attachment of property or otherwise the courts of the United States also
gave a remedy, the only thing that they could do with justice was to enforce
the obligation as it stood, not to substitute something else that seemed to
them about fair. The distinction between the Deutsche Bank case and
Hicks vs. Guinness (269 U. S., 71) is not, as argued, that the plaintiff in
Hicks vs. Guinness was in the United States, but that as the court understood the facts, the debt was payable in New York and subject to American
law,so that upon a breach of the contract there arose a present liability in
dollars. As the preSent debt was governed wholly by the law of AustriaHungary on April 1 1920, when the deposit was made, it was discharged
by the deposit which was substituted as the only object of the creditor's
claim.
An elaborate argument is made that the original contract between the
parties was dissolved by the war. Such considerations are immaterial when
it is realized that in any view of all that had happened the only obligations
of the Wiener Bank Verein were those imposed by the law of AustriaHungary, and that if that law discharged the debt the debt was discharged
everywhere.
The plaintiffs argue that they had rights under the treaty of Aug. 24
1921, between the United States and Austria. But a short answer is that
their rights against the bank were ended before that treaty was made.
They also urge that this is a suit under the Trading With the Enemy Act.
But so was Deutsche Bank vs. Humphrey. That Act did not turn an
Austrian into an American debt and impose a new and different obligation
upon the Austrian bank.
Decree affirmed.
Three Receivers Named to Disburse Funds Subscribed
for Bonds Issued to Establish Irish Republic—
Lawyers' Fees of $226,000 Awarded Out
of $2,500,000 Funds.
The $2,500,000 proceeds from the sale of bonds issued in
this country for the purpose of establishing a Republic of
Ireland and which in May was ordered returned to the
original subscribers, was reduced on June 17 by $226,000,
which will go to counsel who appeared in the suit over the
money before Justice Peters in the New York Supreme
Court. According to the New York "Evening Post" of June
17, the awarding of attorneys' fees was part of the judgment in the case filed in the County Clerks' office by Justice
Peters. That account also said:
Justice Peter's conclusions were noted in these columns
May 14, page 3853.
Luigi Criscuolo on Effect of European Politics on
Foreign Securities.
In an article bearing on American investments in foreign
Government bonds, Luigi Criscuolo discusses the effect of
European politics on such securities. The article appeared
in a recent issue of the "Wall Street Journal," and we
reproduce it herewith:
Criticism has been directed by some authorities toward the severe
competition among American banking houses in bidding for foreign government financing. One banker referred to reports of competition as being on
almost a "violent scale for the purpose of obtaining loans in various foreign
money markets overseas."
There is a phase of the situation which apparently is not receiving the
amount of attention that is warranted, in the opinion of Luigi Criscuolo,
and that is the moral risk. M. Criscuolo is a prominent representative of
that portion of our citizens of Italian descent and is a close student of
European affairs. His views may differ decidedly from those of others as
to the soundness of European government securities but as they may open
other avenues of thought than those generally accepted they are here
presented as he sets them forth. Mr. Criscuolo, says:
"The average American banker who deals in European securities is a
novice as to economic and political conditions in Europe at the present
time. Bankers who discuss financing for corporations place a great amount
of stress on the question of management and moral risk. Those who deal
in foreign bonds are apparently so anxious to purchase securities that they
make absolutely no investigation of the moral risk behind foreign government or municipal securities. As a matter of fact, the most important
factor regarding the safety of such securities is the moral risk. In the
event any foreign countries should default in the payment of interest and
principal of securities owned by American investors, it is not likely that the
United States government would employ its army or navy to collect the
amounts due. The Department of State has said repeatedly that it assumed
no responsibility for financing of this nature.
Three Classifications.
"In view of this. investors are naturally anxious to know what types of
foreign securities are immune from danger of default. In studying the
political situation, European countries may be divided into three classifications, namely:
1. Where reasonably established political conditions exist.
2. Where political conditions are uncertain or present reasonably dangerous complications
3. Where conditions are hazardous on account of the existence of difficulties with minority populations which have been absorbed unwillingly.
"In Classification 1 we can include the Nordic countries, such as Norway,
Sweden, Denmark—as well as Great Britain. Switzerland, Belgium, Holland
and Spain.
"In Classification 2 can be included France,Italy, Germany and Portugal.
In France the politicians have been using unusual means to maintain the
dignity of France as a great nation. They have been depleting its resources
by indulging in adventures in connection with the 'Little Entente' which
are far beyond the means of France in view of her sacrifices during the war.
"Italy is similarly indulging in extremes. While in the first two years
Fascism had a wonderful effect on Italian morale and credit abroad, recent
excesses are bad. While Fascism is a majority proposition at the present
time,it was a minority question several years ago. An accident to Mussollai
or a change in the government, for one reason or another, might easily put
Fascism in the minority, With a possibility of its disappearance in the
future. Italians are passive during an upheaval, but have latent political
ideas which break out over night at the psychological moment. That which
would cause an upturn in Italy comes from economic causes, such as unemployment due to the efforts to stabilize the lira at a higher price than in
the past few years.
Wavering Portugal.
"In Portugal the people are continually wavering between a monarchy
and a republican form of government, but have not yet succeeded in
learning how properly to govern themselves. Germany, perhaps, belongs
in a category between 1 and 2—although the situation is still uncertain.
"In Classification 3 there are Poland, Lithuania, Latvia, Russia, Rumania, Czechoslovakia, Jugoslavia, Bulgaria, Albania, Greece and Turkey.
These are countries where either political chaos exists, as in Russia, or
countries which came out of the Treaty of Versailles, such as Poland,
Lithuania, Latvia, &c. Political disturbances are common in such countries, and industrial stabilization has not yet been realized. Furthermore,
Poland, Latvia and Lithuania are always in peril of invasion from Communist Russia. To the south there is the 'Little Entente' including
Czechoslovakia, Rumania and Jugoslavia, where the most dangerous
factors lie in the minorities.
Cases Where Minorities Rule
"These conditions are overlooked by Americans who have been brought
up in an atmosphere where there is no difficulty between States and who
JUNE 251927.]
TTTE CHRONICLE
cannot understand the mentality of European politicians. There is a condition in Europe where a group of countries embracing a territory not as large
as one of our own States will startle the world by warlike preparations every
now and then. The claim is made that in Czechoslovakia 4,000.000 Czechs
rule the country, with no practical representation for 9,000,000 Slovaks.
In Jugoslavia the Serbs centralize their power at Belgrade and attempt to
dictate to people who desire autonomy, such as in Croatia, Bosnia, Herzegovinia and Slovenia, which came out of the Austrian Empire as well as
'Montenegro, which for many years before the war was an independent
kingdom, and was forcibly absorbed by Jugoslavia. This question has not
been settled. In Rumania there is the Bessarabian question as well as the
Hungarian minorities in Transylvania, aside from the much discussed
persecution of the Jews. In Bulgaria there is a state of continual disturbance, particularly with Jugoslavia over the Macedonian question.
"One feature might well be dwelt upon: Whereas a banker would not
hesitate to force a board of directors to eject from the management a president or a group of officials who were wrecking a corporation, the same
banker might hesitate to dictate terms to a government where unhappy
political conditions existed. If a banker has the right to control an industrial
corporation, he has also the right to tell a sovereign State in Europe, or
elsewhere,that it must clean its political house, use its money for production
purposes and treat its subjects like human beings. Otherwise such a
country might face a situation where the money of American investors
would not be available.
"The report is current that some of the countries which borrowed money
in the United States in the course of the past few years have used the funds
borrowed, in whole or in part, for the purpose of buying war munitions.
This can hardly be considered productive enterprise. Other countries have
used these funds to stabilize their foreign exchanges. This action was taken
in spite of the fact that the money had been originally intended for the building of railroads and for public works in general.
"It seems to me that if the investment banking fraternity is not sufficiently interested In their clients' funds to refuse to participate In such
issues, then the Department of State might some day decline to embroil
the American people in future discussions over the necessity of collecting
interest and principal from countries which may have to repudiate their
obligations. The minorities of to-day may overthrow the majorities of
to-day and refuse to recognize the validity of bonds issued for non-productive
purposes.
"It is notorious that banking houses are falling all over each other in a
mad scramble to secure foreign business and in the rush they are quite prone
to overlook the most important factor in government financing—namely—
the moral risk."
Reports Regarding Mexican Loan.
Mexico City advices June 22 to the New York "Times"
(opyright) said:
American bankers will lend the Mexican Government 5,000,000 pesos, according to a statement of the Treasury Department. The statement says
that the International Committee of Bankers has offered a short-term loan
at low interest. The loan will enable the Treasury to develop its plan to
regulate the value of the Mexican silver peso in relation to gold. At present the rate of exchange is fluctuating between 8 and 10% against silver.
3713
exceed 25,000,000 colones or its equivalent in dollars for public works, in
accordance with the loan agreement entered into with banking interests of
New York City.
The bonds will be exempt from all present or future ordinary or extraordinary imposts or taxes. New series of bonds may be issued with the approval of the Legislature in a sum or sums not in excess of the sum total
of the revenues assigned for their service, or in accordance with the same
authorization other revenues or a larger proportion of those already provided may be assigned for the service of any new issue of bonds.
For the service of the bonds there is provided: (a) A surcharge of 0.25
colones on each litre of liquor produced by the National Liquor Factory (a
Government monopoly). (b) The net receipts of the territorial tax. Bonds
shall be sold as funds become necessary for the carrying on of the work.
These bonds are redeemable by means of a 2% accumulative amortization
fund plus the interest otherwise payable on bonds, which may be redeemed
before maturity. The bonds shall bear 8% per annum interest,
Chilean Restrictions Against Exports of Nitrates to End
July 1—Increased Consumption Looked For.
Large exports of Chilean nitrate at lower prices are expected for the last half of this year, according to W. Arthur
Murphy, a member of the Chilean Nitrate Producers Association and President of the committee for increasing the
consumption of nitrate of soda. Mr. Murphy says:
The Chilean Government and the producers have joined hands in an
effort to offset last year's declines in nitrate sales. Abrogation of the
twenty-five-year-old agreement limiting the amount of nitrate exported
from Chile will permit the delivery of large quantities at reduced prices.
In addition, the development of new processes of nitrate extraction is
achieving a radical reduction of cost. The Government announced last
month that the Prudhomme and Guggenheim processes have cut the cost
of nitrate production by a substantial amount.
Without doubt, world consumption, and particularly United States consumption, will expand in response to these factors. Although the United
States is the largest single consumer of Chilean nitrate, its use of fertilizer
per acre Is far less than in Europe. As a result, the soil has steadily been
decreasing in fertility. This loss in fertility must be counteracted by
better fertilization.
Reports from Germany that synthetic nitrate has soured the soil and
reduced the unit yield per hectare in the past five years have again emphasized the superior qualities of natural Chilean nitrate. The American
farmer, now faced with the need of more intensive cultivation, is beginning to take advantage of the lower price of Chilean nitrate, and American
consumption is expected to show a marked expansion.
The unlimited export of nitrate will be permitted after July 1, which is
the beginning of the new nitrate year. Sales for delivery after that date
already amount to over 500.000 tons, which is an encouraging indication
of the importer's confidence in the market.
In printing Associated Press advices from Mexico City Bankers' Committee Asks Holders of Russian Government Bonds to Further Extend Protective
reporting the semi-official announcement of the conclusion
Agreement.
of an arrangement with a group of international bankers for
a short-term low interest 5,000,000 peso loan to the Mexican
Notice has been issued (under date of June 20) to holders
Government the New York "Herald Tribune" of June 23 of participation certificates and certificates of deposit for
said in part:
participation certificates in the $50,000,000 61/2% three-year
No information relative to o loan to Mexico was available last evening at Imperial Russian Government credit, dated July 10 1916,
the offices of J. P. Morgan & Co.
A foreign loan to Mexico would be an event of first importance at this asking them to grant an extension of the protective agreetime, but the text of the dispatch from Mexico City would suggest that the ment now in force for another three years. The notice says:
transaction now concluded is not a foreign loan in the full meaning of that
The last extension of the protective agreement under which holders of
term. The amount, equal to about $2,500,000 in American dollars, is too participation certificates in the Imperial Russian Government $50,000,000
small to have any important bearing on Mexico's foreign debt situation, 61
/
2% three-year credit; dated July 10 1916, have deposited their certifithat country owing now about $700,000,000 in face value to foreign cred- cates with the undersigned committee expires on July 1 1927. This comitors, principal and interest. It is too small a sum to figure in Mexico's mittee serves the interests of depositors of participation certificates withrailroad and highway problems. That the loan runs for a short period and
out compensation and the expenses to date are nominal. In the interest of
bears a low rate of interest would suggest a banking operation, probably depositors we ask an
extension for a further period of three years and
with collateral security. It would appear improbable that any securities
append hereto form of extension agreement which we ask the certificate
in denomination of Mexican pesos would be floated publicly abroad at this
holders to sign and return to the Secretary of the committee.
time.
The committee has no report of progress to make at this time. The conditions prevailing in Russia and the status of the existing Government are
Mexico:Plans to Reduce Silver in Circulation.
constantly commented upon in the public press and are undoubtedly fato you. While no step has been taken by the Soviet Government
Two decrees have been presented for the approval of miliar
with respect to a settlement of the obligations of the Imperial Russian
President Calles by Secretary of Finance Luis Montes de Government, as represented by the certificates of participation of this issue,
Oca, the purpose of which is to bring the Mexican silver it is obvious that the present Government will fail of credit status in this
country until such time as satisfactory provision has in some way been
peso to par as against gold, according to Mexico City ad- made
on the old account. Your committee stands ready to defend this povices June 22 published in the New York "Journal of Com- sition in the interest of depositing bondholders.
The committee already represents $41,836,000 of the above $50,000,000,
merce." The account also states:
The seen of 6,000,000 pesos would be employed for the withdrawal from but it does not have authority to act for holders who have not deposited
circulation and demonetization of all silver pesos and half pesos in excess their participation certificates. Therefore it has been decided to extend
the opportunity to those who have not deposited their participation cerof the minimum demands of business.
This action was taken after a consultation with Alberto Mascarenas, tificates to make such deposit now under the terms of the original agreeManager of the Bank of Mexico, and other financial experts. Funds would ment.
Deposits made be made by sending certificates to one of the depositaries,
be secured through a 2,000,000-peso cut in the appropriation for irrigation
and 1,000,000 from the highway appropriation. The Bank of Mexico would either The National City Bank of New York, 55 Wall Street, New York
also advance 1,000,000 against credits which are to become due the Fed- City, or the Old Colony Trust Co., 17 Court Street, Boston, Mass. Certificates must be endorsed in blank by the registered holders and the signature
eral Government during the course of the year.
The silver retired would be sold as bullion on the open market, the guaranteed by a bank with a correspondent in New York City, or by a
member
of the New York or Boston Stock Exchange, or acknowledged befunds being devoted to further retirement of silver until the desired balfore a Notary Public with a County Clerk's certificate attached, showing
ance is obtained.
the authority of the Notary.
The Protective Committee is composed of Charles E.
Mitchell, President The National City Bank of New York,
Chairman; Thomas Cochran, of J. P. Morgan & Co.; Harold
Stanley, President Guaranty Co. of New York; Lloyd W.
Smith, of Harris, Forbes & Co.; Charles S. Sargent Jr., of
Kidder, Peabody & Co.; Frederic W. Allen, of Lee, Higginson & Co., and Albert H. Wiggin, Chairman of the board of
directors of Chase National Bank, New York. William W.
Eighty per cent of the total sum will be devoted to roads. This issue is
Secretary for the comprovided
for
in
those
Article
5
of
Decree
of
No.
first
46
of Dec. 24 Hoffman, of 55 Wall Street, acts as
the
1926, wherein was stipulated a total issue of bonds in an amount not to mittee.
Costa Rica Authorizes $2,500,000 Bond Issue,
The Government of Costa Rica has authorized a bond
Issue of 10,000,000 colones ($2,500,000) to finance construction and improvement of existing roads and existing water
pipe lines, according to the Washington correspondent of the
New York "Journal of Commerce," who, in his advices
June 22 adds:
3714
THE CHRONICLE
Financial Showing of State Railroads of Chile.
Under date of June 3, Kissel, Kinnicutt & Co. state:
[vex- Mt.
in the International Chamber. In his statement Mr. Young
said:
The Stockholm Congress is a business man's meeting. It is not a diploState railroads of Chile, which have shown a constant improvement in
efficiency and financial stability during the last five years, in 1926 re- matic conference. It is not a political convention. It will bring together
a
thousand
business men of the 43 countries represented in the Chamber.
ceived a gross income of 238,500,000 pesos, as compared to 223,500,000
pesos in 1925 and 168,000,000 in 1922. This figure is the highest reached They will discuss international business and economic problems with frankin the history of the service in Chile. The net profit in 1926 was 18,- ness and entire freedom. They will suggest solutions based on practical
knowledge and practical experience.'
800,000 pesos, or more than twice the amount of the previous year.
These business men realize that the problems in which they are interested
The improvement of last year was made in spite of the almost complete
elimination of agricultural freight occasioned by a depression in the and concerned will have to be settled formally in the chanceries and parlianitrate industry, which was offset by increased activities in the mining ments of the world. They have no desire or intention of infringing on the
fields of the northern provinces. With unlimited export of nitrate to be prerogatives and functions of their Governments. They wish only to be
permitted after June 30, production and exports are expected to show a helpful to them.
They are not content with pious resolutions. Resolutions are to them
marked expansion. A number of nitrate plants are reopening, and this will
expressions of common agreement which must be translated into common
in time require a considerable increase in freight traffic.
action.
The record of the Chamber's work is tangible proof of resultant
The Chilean Government owns 3,772 miles of road, or 61% of the total
mileage in the country, thus being one of the few South American countries action. The resolutions of the Rome and Brussels meetings played a most
important part in the creation of an informed public opinion on the probwhose roads are not largely controlled by European interests.
lems of reparations and the transfer of international debt payments, which
aided greatly in the progress made in the solution of these thorny questions.
In the international economic field nothing can be done without the support
of public opinion. Nothing can be done right without the support of an
President Ibanez on Chile's Improved Financial
intelligent opinion. On economic and business questions no one is in a
Condition.
better position to help in the formation of an intelligent and informed opinSpeaking before the Congress of Chile, Carlos Ibanez, now ion than the business men grouped in the International Chamber.
The reparations problem is on its way to final settlement. International
President of the Republic, discussed the improved financial debts
are in most part funded. Currencies have been largely stabilized.
condition of that country, resulting from the balanced In all these forward movements the Chamber has played a part in helping
to
create
an international public opinion supporting constructive action.
budget and the stable currency. He pointed out.in particuHowever, other problems remain to be solved. Artificial obstructions and
lar that a financial expert from the United States has been unnecessary
impediments to international trade, largely the outgrowth of
appointed to advise concerning the new position of Comp- post-war economic disorganization, still hinder the full development of
world
commerce
and the full restoration of the producing and consuming
troller-General; that the legal assets of the Central Bank,
power of the world.
Including gold deposited in foreign countries, represent a
It is on the subject of "trade barriers" that the Stockholm meeting will
larger proportion of note circulation than in any other coun- centre its work. That subject was chosen before the Geneva Economic
Conference was called. It is a big subject in which American business
try; and that the Government proposes to facilitate the Is keenly and
directly interested. It groups such important questions
granting of credit to industry by establishing an institution as the free movement of raw materials, import and export restrictions,
of industrial credit. His statement, as furnished June 1 by discriminatory treatment of foreign nationals, companies and capital.
obstacles to transportation, international cartels and complicated and
Kissel, Kinnicutt & Co., follows in part:
wasteful customs procedure.
Regarding the 1927 budget, the Government expects that the receipts
In preparation for this discussion at Stockholm competent committees
will meet the expenditures.
have been at work for two years in all the member countries, gathering
The actual yield of fiscal receipts in the first quarter of 1927 has ful- Into a common pool facts as to the difficulties and hindrances encountered
filled the estimates for budget receipts. In the Customs Service there is a in international trade and practical suggestions for their elimination.
considerable increase in exportation and importation receipts for the first
In addition to trade barriers the meeting will consider such questions
quarter. Exportation amounted to 68,233,229 pesos, and importation, of important practical interest as commercial arbitration, international
83,940,576.
protection of patents and trade marks, uniform commercial letters of
The necessity of providing an effective form of control of the national credit, communications, multiple taxation of the same income in more
revenue and for correct expenditure of funds, added to the unhappy events than one country, enforcement of foreign judgments and highway transand numerous embezzlements ascertained in several public services, moved portation. All these subjects have had the same careful preparation by
the Government to decree the creation of a Comptroller-General's office. International experts, who will present to the business men at Stockholm
The arrival of an expert, contracted for in the United States, only is the result of their work and their recommendations.
awaited that this important service may start to exercise the high controlling
In addition to Mr. Young, the following will serve as
power with which it is invested.
The Government thinks it necessary to refer to the action of the Central Chairman of delegations from others of the countries repreBank of Chile on the monetary and economic situation. Firstly, the Cen- sented at the Congress:
tral Bank has been able to maintain the stabilization of the currency
Sir ARTHUR BALFOUR, Capital Steel Works, Sheffield, England.
within the limits of exportation and importation of gold, and thus the gold
MAURICE DESPRET, President of the Bank of Brussels. Belgium.
standard has been maintained under very satisfactorfy conditions. SecALBERTO PIRELLI, former member of the Dawes Committee, Italy.
ondly, the Central Bank, acting on rediscount, has permitted a lowering
JOHN
SYZ,former President of the International Federation of Cotton
of the rate of interest, helping thereto, to meet the needs of industry, production and commerce. Starting from an initial 10%, the Central Bank Spinners, Switzerland.
FRANZ VON MENDELSSOHN, Berlin banker, Germany.
has been able to reduce its rediscount rate successively to 9, 85 and 7%,
ETIENNE CLEMENTEL,former French Minister of Finance, France.
that is to-day's interest.
H. WALLENBERG, President of Stockholms Enskilda Bank, former
According to the last weekly balance, the outstanding bank notes
amounted to 356,000,000 pesos, a value lower than the one which existed Minister of Foreign Affairs, Sweden.
W.WESTERMAN,President Rotterdamsche Bankvereeniging, Netherwhen the Bank was established, but the deposits have increased considerably.
lands.
The legal assets of the bank, including gold deposited at 30 days in forDr. Julius Klein, director of the Bureau of Foreign and
eign countries, amount to 110%, a proportion unsurpassed by any central
bank in any country.
Domestic Commerce of the Department of Commerce, and
The Government proposes to submit to your consideration a number of
measures for the development of national production, among them the crea- Normal F. Titus, Chief of the Transportation Division of
tion of an institution of industrial credit, offering our industrial men the Bureau, will represent the Department of Commerce.
credit facilities necessary to the development of their business facilities,
which is to-day only granted in a very restricted form by the banking
To Pay Off Ottoman Debt.
institutions of the country. The Government thinks of giving the industrial men the same facilities the farmers get to-day through mortgage
London advices June 22 published in the New York "Evecredits.
ning Post" state:
Owen D. Young, Head of United States Delegation to
Stockholm Meeting of International Chamber of
Commerce, Says Trade Barriers Will Be Chief
Subject of Discussion.
On the eve of his departure for Europe on June 14 on the
steamer "George Washington," Owen D. Young, Chairman
of the Board of the General Electric Co., and Chairman of
the American delegation to the Stockholm meeting of the
International Chamber of Commerce, stated that the meeting would centre its work on the subject of "trade barriers."
The Stockholm meeting will be held June 27 to July 2 and
the American delegation is comprised of 150 business men,
the organizations which they represent including the Chamber of Commerce of the United States, the American Bankers Association, the New York State Chamber of Commerce,
National Fertilizer Association, Illinois Chamber of Commerce and Illinois Manufacturers Association, Boston Chamber of Commerce, Los Angeles Chamber of Commerce, Merchants' Association of New York, Philadelphia Chamber of
Commerce, Associated General Contractors of America,
Pennsylvania State Chamber of Commerce, American Petroleum Institute, National Association of Manufacturers
and other trade and commercial bodies holding membership
The "Financial News' has a Paris dispatch stating that with the exception of a few minor details arrangements have been completed for the settlement of the Ottoman debt. The Turkish Government is to deposit by
Oct. 1 the amount stipulated by Sir Adam Block in behalf of foreign bondholders.
£4,500,000 Loan for Palestine Guaranteed by Great
Britain.
From the New York "Times" we take the following Jerusalem advices, June 20 (Jewish Telegraphic Agency):
A Governmental ordinance authorizing the floating of the Palestine Government loan for the amount of £4,500,000 guaranteed by the British
Exchequer has been published in the "Official Gazette."
Under the ordinance, £1,640,000 will be used by the Government for the
purchase of the Palestine Railways and other capital assets from the British Government. The sum of £1,000,000 will be used for the Haifa harbor construction and other port improvements, £1,115,000 for public
buildings and a telephone system and £745,000 for other works.
The ordinance authorizes the High Commissioner to issue stock or bonds
through the Bank of England for £4,500,000. Payment of principal and
interest is to be made from Palestine Government revenues.
Hallgarten & Co. and Associates, Successful Bidders
for Colombian Loan of $25,000,000.
It is stated that Hallgarten & Co. and associates were the
successful bidders for an ssue of $25,000,000 6% Republic
of Colombia loan. The bonds are part of a total issue of
$60,000,000. According to the New York "Times," those
JUNE 251927.]
THE CHRONICLE
3715
associated w th Hallgarten & Co. are: Kissel, Kinnicutt & Guaranty Trust Co Trustee for Bonds of Hungarian
Mutual Credit Institute.
Co.; Halsey, Stuart & Co.,Inc.; Lehman Brothers; Cassatt &
Co.; the William R. Compton Co., and a group of European
The Guaranty 'Trust Co. of New York has been appointed
banks. No date has been set for public offering of the bonds. trustee, registrar and paying agent of an authorized issue of
Hungarian Central Mutual Credit Institute 7% land mortOffering of $5,900,000 Bonds of City of Sao Paulo gage sinking fund gold bonds, series A, dated Jan. 1 1927,
(United States of Brazil)—Books Closed—
and due Jan. 1 1937. The issue was referred to by us on
Bonds Oversubscribed.
page 3288, June 4.
A new issue of $5,900,000 City of Sao Paulo (State of Sao
Paulo, United States of Brazil) 30-year 6M% external se- Forthcoming Offering of $5,000,000 Bonds of Province
cured sinking fund gold bonds of 1927 was offered on June 23
of Upper Austria.
by the First National Corporation of Boston, Harris, Forbes
financing in some time in this market
Austrian
first
The
issue
& Co. and Stone & Webster and Blodget, Inc. The
come with the early offering by Blyth, Witter & Co. of
will
Sub6.65%.
about
yield
to
and
98
interest,
at
offered
was
0 Province of Upper Austria thirty-year external
scription books were closed shortly after their opening, an $5,000,00
fund 63% gold bonds authorized by and
sinking
secured
oversubscription being announced. The proceeds of the loan
the approval of the Austrian Government.
with
issued
the
city,
of
debt
the
floating
te
consolida
to
used
be
are to
Austria is an autonomous State of the Austrian
equivalent to about $2,400,000, and to finance various mu- Upper
and one of the oldest political units in Central
Republic
nicipal improvements. The bonds will be dated May 15
It is the chief agricultural Province of Austria and
Europe.
redeemawill
be
They
1957.
15
May
1927 and will mature
coal deposits and important water power
large
contains
ble as a whole on May 15 1928 or on any interest date therefrom the sale of these bonds will be
Proceeds
.
after upon 90 days' notice at 1023t and accrued interest. resources
Communal and Mortgage banks, for
the
to
loans
for
used
e
sinking
a
cumulativ
It is stated that the city will provide
internal and external floating
existing
of
t
retiremen
the
fund calculated to be sufficient to retire all these bonds at
productive provincial purposes. It is stated
for
and
debt
by
at
ally
drawings
semi-annu
operate
to
or before maturity,
Province of Upper Austria has had a balanced
par. In coupon form in denominations of $1,000 and $500, that the
the past six years with the exception of 1923,
for
budget
the bonds will be registerable as to principal only. Principal
deficit was reported. Revenues last year
small
a
when
at
be
payable
the
will
15)
15
and Nov.
and interest (May
2 and expenditures, $4,768,834.
$4,867,86
to
amounted
office of the First National Corporation, paying agents, in
New York City, in United States gold coin of the present
standard of weight and fineness, without deduction for any Exchange of Interim Receipts for Definitive Bonds
of Mortgage Bank of Chile.
Brazilian Federal, State, municipal or other taxes, present
or future. Dr. J. Pires do Rio, Prefect of the City of Sao
Kuhn, Loeb & Co. announced, June 20, to holders of
Paulo, says:
interim receipts representing Mortgage Bank of Chile
These bonds are the direct obligation of the City of Sao Paulo, which
4% gold bonds, due June 30 1961,
d sinking fund 63
guarantee
of
prinpayment
and
punctual
due
the
for
credit
and
pledges its full faith
their holdings for definitive
a
exchange
by
secured
specifically
now
are
may
the
bonds
they
addition,
In
that
interest.
cipal and
first charge and lien on the municipal fees,license and publicity taxes as well bonds on or after June 20 1927 at the trust department
as by a lien and charge, subject only to the liens now existing, upon the
Guaranty Trust Co., 140 Broadway, New York.
professions,transportation,sanitary and vehicle taxes. After of the
Industries and
deducting all prior charges, these pledged revenues produced in 1926 the
equivalent of $2,819,100, or more than six times the annual requirements
from these pledged
for interest and sinking fund. For 1927 the revenues
at about
taxes, after deducting such prior charges, are officially estimated
s of this issue.
$3,220,000,or more than seven times the annual requirement
As to the finances of the city he says:
having increased
The revenues of the city have shown a steady growth,
and expenditures
from $2,327,000 in 1921 to $5,143.000 in 1926. Revenues
the six years
For
for 1927 are officially estimated at abotit $5,380,000.
. against
ended Dec. 31 1926 the total aggregate revenues were $20,317,000
total expenditures of $22,068.000.
g
The floating debt of the city amounts to about $2,400.000, representin
principally the aggregate deficit for the last six years. As of May 31 1927,
1. e., before the present issue, the city's total debt was $19,197.000, of which
$13.143.000 represents externalfunded debt.$3,654,000 Internal funded debt
and the remainder floating debt. The city has at all times met the service
of its external and internal funded debt promptly and in full.
The municipally owned properties, including markets, abattoirs, theatre
and other real estate, are estimated to be worth in excess of $13,200.000.
The valuation of privately owned real estate in the city has been officially
estimated at $528.000,000.
New French Consolidation Loan—Opening of Books
June 27.
tion loan, through which it is
Consolida
French
new
The
proposed to redeem some 10,000,000,000 francs of bank
notes and national defense bonds now in circulation, will be
offered next week. Regarding the new loan, Paris advices
to the "Wall Street Journal," June 21, said:
n books opening
Issue price of recently announced loan is 92, subscriptio
rentes are currently quoted at
June 27 and closing July 23. The 1920 6%
rentes will be redeemable
87, but these are perpetual, whereas the new
within fifty years by annual drawings.
from 5,000.000,000 to
vary
will
ns
Expectations are that cash subscriptio
large portion of idle
10,000,000,000 francs. It is doubtful whether any
, but the loan is expected
funds in Paris is amenable to long-term investment
Co-operation of the banks has
to command support of the Provinces.
thus been guaranteed.
been secured, and a minimum, therefore, has
on Progress of CoThe purchase of the bonds by the bankers offering them Secretary of Agriculture Jardine
Farmers.
Among
n
Operatio
3290.
4,
page
une
columns
these
in
noted
was
Before the American Institute of Co-operation at Chicago.
$2,000,000 Bulgarian Loan in London Soon
Illinois, on June 20, Secretary of Agriculture, W. M. Jarfor Stabilizing Leva.
dine stated that over 150 co-operative associations each
dollars annually. In
With the Esthonian 7% loan a complete success in its handle business exceeding a million
he said, co-operative
country,
the
of
section
every
y
York
of
"Evening
Post"
New
practicall
the
says
offering,
London
in efficient marstandards
new
setting
day
that
are
that
a2,000, organizations
June 21, reports reached New York
added:
in
d
he
being
part
considere
was
at
London
In
keting.
Bulgaria
for
loan
000
more profitThe aims of co-operative marketing are to make farming a
the same rate. It would be redeemable in 30 years said the able,
respected and self-respecting profession. To accomplish these aims,
invested cap"Post," which further stated:
It must bring the farmer an adequate return for his labor and
The Bulgarian financing is needed, it was said, to enable the National ital. However, the effect of co-operation cannot be measured by comparithe
of
loan
department
national
leva,
bank,
the
stabilize
marketing. The
Bank of Bulgaria to
Is negotiating a loan for £2,000,000.
Oversubscription of Estonia Loan in London in
Advance of Public Offering.
d on June 18 that London advices reannounce
It was
ceived by Hallgarten & Co. stated that although the prospectus would not be offically advertised until Monday June
20, the sterling issue of the international loan to Estonia,
under the auspices of the League of Nations, had already
been many times oversubscribed. The sterling issue is in
the amount of £700,000. Subscriptions in London were
received by Midland Bank, Ltd. and Royal Bank of Scotland, while in Holland they were received through Amsterdamsche Bank and other leading institutions. The dollar
issue, amounting to $4,000,000 was offered in the American
market on June 17 by Hallgarten & Co and was referred to
in these columns a week ago. page 3568.
sons between co-operative and non-co-operative methods of
non-co-operaeffect of efficient co-operation is to stabilize marketing and
production
tors share in the benefits thereof, in so far as they adapt their
co-operative
and marketing practices to the improvement initiated by the
system.
must begin with
In carrying out their aims, the co-operative associations
co-operative marketproduction. In fact, one of the strongest features of
a way that is posing is that it co-ordinates production and marketing in
production, which
sible under no other system. We must have economical
varieties suitable to the
means the proper choice of land, of crops, and of
processes.
production
all
of
land and the climate, and the systematizing
market demands, which means
Also, we must produce in accordance with
crops and breeds of liveimprovement and standardization of varieties of
of crops, and correct
stock, correct fertilization, spraying and cultivation
elimination of waste in production
feeding of livestock and poultry. The
problem.
formidable
will make marketing a much less
co-operation is taking up the
There Is every indication, I think, that
of fruit are being eliminated.
slack in production. Worthless varieties
throughout the corn States. The
One type of hog is becoming standard
in the production of cotSouth is moving toward one-variety communities
by the federated creameries
ton and a new standard for butter has been set
s in the growth of a marketof Minnesota. These are natural development
the farmers.
ing system which is operated for and by
3716
THE CHRONICLE
[vol.. 124.
The co-operative marketing program includes also standardization of
buyers and sellers of export grain, began on June 22 trade
grades, of packs and handling methods. This eliminates wastes and helps
to stabilize market conditions. While grade standards for agricultural in domestic cash wheat for export, regardless of whether
products have been developed by Government agencies, much of the recent c.i.f. or f.o.b. Atlantic or Gulf ports, or c.i.f. Eastern Lake
progress in this phase of marketing can be traced to the activities of the
associations. Co-operative organizations, from the very nature of their ports or Montreal—on the basis of New York futures. In
relation to their members, must have grade standards in order to make a letter sent to the grain trade on June 20 William Beatty,
equitable returns under a pooling system. There is the further considera- President of the Exchange, said the Grain Futures
Market,
tion, of course, that good merchandising must be based on standard
which was opened for trading last August, is now suffiproducts.
With products of the highest market quality, made so by the joint efforts ciently established to warrant a more extended use of its
of the producers and their marketing agency, market outlets, market in- facilities, prominent among which
is serving as a hedging
formation and skilled salesmen are the third step in the program.
Co-operative associations cannot create a fictitious demand for farm market for cash grain bought or sold for export. President
products. They can influence only to a relatively small degree the basic Beatty's letter said in part:
economic conditions that determine demand and price. Their aim should
In order to convince outside business friends of the advantages and the
be rather to adapt production and marketing to these conditions. First in usefulness of the New York market, it is felt that an actual test on their
this program, as I have pointed out, comes economic production; second, part is necessary, and to bring this about in a practical way the grain trade
standardization, and finally skillful merchandising. In carrying out a mer- of New York has decided, beginning June 22 1927, to trade in United States
chandising program, information regarding the supply of and demand for cash wheat for export—whether c.i.f. or f.o.b. Atlantic or Gulf ports, or
a particular product handled by an association and regarding competing c.i.f. Eastern Lake ports or Montreal—on basis of New York futures.
products, a knowledge of conditions influencing demand, and of the price
We earnestly solicit your co-operation in this matter, particularly by
of the product in relation to supply and demand over a period of years are your making all your offers of cash wheat for export on basis of New York
the necessary equipment of up-to-date sales service. It is this type of ser- July, September or December wheat, and we feel assured that any futures
vice that is being developed in the most efficient co-operative organizations. orders sent to the New York market will be executed in a satisfactory
Market research is also essential, and several of the larger co-operative manner.
associations are setting up research departments to study their peculiar
problems, supplementing and giving more practical application to the work John
Kellogg Suspended from Chicago Board of Trade
of the State and Federal institutions engaged in economic research.
for Two Years—George E. Thompson Expelled—
The interest of the co-operatives in marketing studies extends beyond the
functions which they themselves perform. Because they represent the
Action Outgrowth of Failure of Grain Marketproducers, they are interested in preventing every waste or excessive cost
ing Company—Acquittal of K. V. R. Nicol.
which deducts something from the net returns to the farmer or serve to
restrict the demand for his product.
On June 18 John Kellogg, former President of the ArMichigan co-operative associations marketing potatoes, for example, have mour Grain
Co., and Vice-President of the defunct Grain
a vital interest in the fact that it costs more to transport a sack of potatoes from the freight yards in Jersey City to the store of a retailer in the Marketing Co., was on June 17 found guilty by the GoverBronx than to move the same sack from the shipping point in Michigan to nors of the Chicago Board of Trade of a charge of dishonthe Jersey City terminal. Terminal facilities and practices which make orable
conduct. The verdict carried with It suspension from
charges of this kind necessary have as much effect on the welfare of the
Michigan potato growers as the costs and practices of their local associa- the Exchange for two years. The Chicago Board of Trade's
tions. If retailing margins are large and retailing practices are inefficient, statement in the matter says:
the producers of the farm crops handled by these agencies suffer ultimately,
Kellogg's trial grew out of the failure of the Grain Marketing Co.,formed
and co-operatives that study these problems are strictly within their field.
by a merger of elevator interests of the Armour Grain Co. and the RosenIn order that the associations may carry out these aims successfully, it
baum
Grain Co. It was alleged the Armour Co. misrepresented grades of
is necessary that they have adequate finances. Associations not only need
money for their own requirements, but oftentimes have to provide market- wheat delivered to the Grain Marketing Co., and an arbiter, after a year's
Investigation,
held the Armour company guilty.
ing and to some extent production credit for their members. There is,
When the arbiter's finding was made public the Board of Trade named a
therefore, a double necessity for strong financial organizations which can
special committee,headed by L. F. Gates,former President of the Exchange,
command credit on equal terms with any other business enterprise.
and this committee first asked denial of trading privileges to the Armour
Co-operative marketing organizations are expanding and assuming new
functions. For this reason also financial strength is essential. The mem- company, which was then barred from the Exchange, and later brought
bers should be brought to realize that in providing the necessary capital charz,es against three officials of the company holding membership on the
they are making an investment in marketing facilities which will serve Exchange
George E.Thompson,the first to be tried, was expelled from the Board of
them more and more effectively. As they gain in financial strength, in Trade,
June 13,after a trial of nearly a month. He had been accused by the
volume of business and in business experience, the co-operative organiza- Gates
committee of dishonesty when "the Armour Grain Co. defrauded the
tions, I believe, will come ever closer to a realization of the objectives Grain
Marketing Co. by misrepresenting the character of wheat hi the
which they have set up.
•
•
Northwestern elevator." The committee accused Kellogg. who succeeded
In the development of the co-operative movement, the part which re- George E.
Marcy as President of the Armour company, with having known
search, educational and extension organizations can play appears to be of the alleged frauds
without taking action to protect the Grain Marketing
clear-cut. First of all, the co-operatives need assistance in working out Co.
technical and economic problems connected with marketing. Their peculiar
Regarding the acquittal of K. V. R. Nicol, who was also
and special interest in all phases of marketing makes them ready to welcome the assistance which research agencies can give. In order to be most placed on trial on similar charges, the Board under date of
helpful, I believe that research work should be practical and should have June 18 stated:
a direct bearing on the current and long-time problems of the organizaK. V. R. Nicol, former Vice-President of the Armour Grain Co., to-day
tions. There are demands for such assistance beyond the present capacity
was acquitted of charges of dishonorable conduct by the directors of the
of the experiment stations and the Department of Agriculture.
Secondly, there is need for a national summarization and evaluation of Chicago Board of Trade.
Nicol was the last of the three former Armour officials to be tried by the
our knowledge of co-operation and co-operative marketing practices. This
Exchange as a result of charges that the Armour Grain Co. defrauded the
need the American Institute of Co-operation is meeting admirably.
Grain
Marketing Co. by misrepresenting grades of wheat.
There is a further need for the extension of the principles and practices
The Nicol verdict ended, at least for a time, a sweeping Inquiry by the
of co-operation among farmers. They need direction and instruction as to
what constitutes good marketing and regarding their own responsibilities Exchange that has continued for months. It began when the findingeof
an arbiter in the private money dispute of the Armours and Rcsenbaums
as producers in bringing about better marketing conditions.
This is work which devolves largely upon the extension services of our were published. A special committee headed by former President L. F.
agricultural colleges. Their responsibilities as educators in approved mar- Gates was named by the Exchange to determine the conduct of the Armour
keting practices are fully as great as their responsibilities with respect to officials who held Board of Trade memberships. Scores of witnsesses were
production problems. With few exceptions, the efforts of the extension ser- heard, the Armour Grain Co. was barred from the Exchange, and the former
vices to make the farmers better producers are incomplete unless they can officials brought to trial.
Meantime a special legislative committee from Springfield which hacCheld
at the same time assist in developing better marketing.
All this points to the need of complete, up-to-date information by the hearings in Chicago for weeks, filed a report exonerating Kellogg, who,
extension people, and of a close co-ordination of the work of extension and nevertheless, was tried by the Exchange and suspended for two years.
Thompson was formerly General Superintendent of the
research men in the field of marketing. The United States Department
of Agriculture is attempting to meet this need by promoting, in co-opera- Northwestern Elevator
at South Chicago, operated by the
tion with the agricultural colleges and the associations, short-time schools
of co-operative marketing. The schools in which the department partici- Armour Grain Co. He was expelled from the Board by a
pates are designed for the leaders in the various States—directors of co- vote of 13 to 5. The vote suspending Kellogg for two years
operative associations, managers, county agents, and others. It is hoped was 11 to 7.
The Governors of the Chicago Board of Trade
that local schools giving instruction directly to members and other producers may be developed later, largely on the initiative of the State people. began hearing testimony in the cases on May 20.
Finally, if we are to have a generation of farmers trained in co-operative
marketing, the study of its principles and practices should be part of the Inquiry by New York Stock Exchange
into Trading in
curriculum of primary and secondary schools in rural districts. ApproxiCommon Stock of Norwalk Tire & Rubber Co.
mately 5% of the agricultural high schools are at present offering special
courses in co-operation. Many more are studying co-operation incidentally
Under date of June 20 the following letter calling for inin general courses, or in connection with commodity projects. All are
formation.regarding transactions in the common stock of the
handicapped, however, by lack of full unbiased information regarding the
Norwalk Tire & Rubber Co., was addressed to members of
possibilities and accomplishments of the co-operative organizations.
The development of such work in the rural schools is fundamental. With the New York Stock Exchange by Secretary E.
V. D. Cox:
background
of early systematic instruction we can hope that the farmers
a
June 20 1927.
of the future will accept co-operation not only as an efficient method of To the Members of the Exchange:
marketing farm products, but as a type of organization which intergrates
The Committee on Business Conduct directs me to request you to furnish
and harmonizes the whole business of farming. They will accept it also it by noon, Monday, June 27 1927, with
a list of all full lot transactions
as a way of living which will give rural life the satisfaction and dignity made by you from May 24 to June 18 1927,
inclusive, in the Norwalk Tire
which it should enjoy.
& Rubber Co. common stock, giving the volume and prices, the names of
the members or firms with whom the transactions were made,
and the
for whom you acted. Kindly use trade dates and not blotter
New York Produce Exchange Begins Trading in Cash customers
dates.
Wheat for Export on Basis of New York Futures.
Please send this information in a sealed envelope addressed to the ComThe Grain Futures Market of the New York Produce Ex- mittee on Business Conduct, Room 601.
Very truly yours,
change, in an effort to further meet the requirements of
E. V. D. COX, Secretary.
JUNE 25 1927.]
TH-E CHRONICLE
3717
the part which Wall Street and organized finance
With reference to the inquiry, the New York "Times" of described
in the creation of national prosperity, and the
played
have
June 22 stated:
Exthe
of the nation during the last century.
on
development
stocks
economic
lowest-priced
the
Norwalk Tire common is one of
change, but it has attracted attention recently because of its fluctuations. In his remarks he said:
It held fairly steady yesterday, closing at 3, with a net gain of %. On
Without large accumulations of capital, easy of access and mobile in
June 16 it touched a new low of 1%, after rising to 4% on the day before. form the miracle of American progress could not have happened; the loco10.
Feb.
on
The stock's high for the year is 5%, established
motive would have remained a laboratory dream; the railroads would never
It was reported yesterday that the Committee on Business Conduct had have been constructed and woven into the marvelous network which now
been made suspicious by the stock's action and started the investigation brings every section of the United States into a close and prosperous
for the purpose of determining the responsibility, if any exists, for the relationship. Our nation would have comprised a sparsely settled area
unusual price movements.
bounded on the west by the Mississippi River and dotted here and there
The action of the preferred of the Norwalk Tire & Rubber Co., which by a few cities enjoying the tenuous economic and social interrelations to
stock
This
investigation.
under
not
is
violently,
more
even
has fluctuated
which they were limited by the buggy and stage coach methods of transporbroke 15% points on June 15, touching a low of 344. Its high for the tation.
year of 75 was reached on Jan. 5. The company announced last week the
Production and distribution are economic Siamese twins, and it would
omission of the quarterly dividend of $1.75 due on the stock at that time.
indeed be futile to attempt to form great corporations necessary for the
concentration of capital into great productive units unless the means for
distribution of corporate securities were ready at hand. Thus has the
Removal of Stock of Financial and Industrial Securities the
New York Stock Exchange, by providing the complete machinery for the
Corporation From New York Curb Market—Action
marketing of corporate stocks and bonds become one of the necessities in
the economic progress of the nation. By means of its ample facilities, and
Taken at Instance of Stockholders and not at
surrounded and safeguarded by its numerous protective regulations, AmeriRequest of Unlisted Security Dealers.
can business has found in Wall Street and the New York Stock Exchange
Unthe
of
President
Hatch,
the means by which steady and continuous progress is possible.
On June 19, Frederick H.
listed Security Dealers' Association, issued a statement
pointing out that the association had nothing whatever to
do with the removal on June 17 of the shares of the Financial & Industrial Securities Corporation from trading on the
New York Curb Exchange. Ralph Jonas, the Chairman of
the Board of the Financial & Industrial Securities Corporation, confirmed Mr. Hatch's statement, and added that the
stock was removed solely because a large percentage of the
stockholders of the company preferred it to be dealt in
"over the counter." Following is the statement made by
Mr. Hatch:
Mr. Westerfield referred to attacks which have been centred against Wall Street as a result of the operations of
swindlers and fraudulent promoters who were at no time a
part of legitimate organized finance. This same legitimate
business, however, has for years been a leader in the fight
to stamp out dishonest practices and each year, he declared,
further marked progress is being made. To this end the
New York Stock Exchange has established a Fraud Bureau,
which works in close co-operation with Better Business Bureaus and agencies of Government all over the country.
Moreover, he pointed out, the Exchange has tried with a
large measure of success to have laid before the investors
of the nation the essential facts coneerning enterprises into
which they propose to put their money in order that they
may determine from these facts whether or not the proposed
investment is a proper one to fit their own individual needs.
Our association played no part whatsoever in connection with the request made to the Curb to drop from unlisted trading privilege the securities of the Financial & Industrial Securities Corporation. Published accounts with reference to the action of the Curb which have been brought
to my attention are misleading in that they convey the thought that unlisted dealers wish to monopolize dealings in insurance, financial and institutional securities, leaving dealing in industrial and certain other types of
securities to the organized exchanges. This is a mistaken impression,
since one of the primary functions of the "over-the-counter" dealers is to Record Expansion of Brokers' Loans Laid to Bond
provide a market for securities of all classes, whether they be of insurance,
Issues—Bankers Estimate $700,000,000 of Recent
investment trusts, banks, public utilities, industrials or any other type.
Offerings Still Unabsorbed—Foreign
It is a well-known fact that it would frequently be difficult for owners of
many sound securities to find a ready and favorable market were it not for
Issues Fared Worst of All.
dealers.
the "over-the-counter"
The persistent rise in the volume of loans made to brokers
There have been numerous previous instances in which the curb market
has admitted securities to unlisted trading privileges upon the request of during the past few months has been caused by the large
a member of the Curb over the insistent protest of the officials of comvolume of undigested bond issues overhanging the market,
panies whose stocks have been so introduced to Curb trading.
Therefore, the present action of the New York Curb Market in dropping and not by extensive stock speculation on the part of the
the Financial & Industrial Securities stocks from unlisted trading privileges public, a careful survey of the current situation in Wall
is in line, as I understand it, with a recently established precedent, and
revealed yesterday, according to the New York "Jourseems to indicate an attitude manifestly fair in refraining from maintain- Street
ing trading privileges for securities of companies which prefer to have nal of Commerce" of June 22. In its further comment that
trading in their securities confined to the "over-the-counter" market.
paper said:
Bond house officials placed the total of securities offered during the
On June 19 Mr. Jonas, Chairman of the Financial & Inyear and unsold at upward of $700,000,000, and practically all of
dustrial Securities Corporation, confirmed the fact that the present
these bonds are being carried through brokers' loans.
Unlisted Security Dealers' Association had nothing whatThe weekly figures of brokers' loans issued by the Federal Reserve Bank
ever to do with the request made to the New York Curb that of New York have shown a steady rise week after week. For the week
June 15 they amounted to $3,159,876,000, a rise of $41,000,000, a recthe stock of Financial & Industrial Securities Corporation ndedfigure
within seven days and a gain of nearly $500,000,000 from the
ord
be dropped from trading on the curb, and again stated that low point of the year.
No Marked Stock Rise.
was
solely
very
because
made
a
the reason the request was
An expansion in brokers' loans, it is pointed out, may arise from two
large percentage of the stockholders preferred it to be dealt
primary sources. Extensive stock speculation would make larger loans
in "over-the-counter" in manner similar to that which bank, necessary, and a large volume of unsold bonds on dealers' hands would
insurance and trust company stocks are dealt in. A state- contribute to a similar result. While stock trading has been active in the
last few weeks, there has been no marked sign of public participation, and
ment previously given out by Mr. Jonas (June 17) said:
average of prices has not made any significant headway in either direcAt the request of the Financial & Industrial Securities Corporation, its the
stock has been removed from the unlisted trading privileges of the Curb. tion.
On the other hand, new financing has gone on at a record pace. In May
Its shares, on May 19 1927, were admitted to the privileges of unlisted
of new bond offerings reached -946,769,379, the highest monthly
trading at the request of a member of the Curb Association, who was also the volume
total ever attained. For the five months the total of new offerings
a stockholder. The great majority of our stockholders regard their invest$4,374,329,245.
amounted
to
ment in the view that, since this company's holdings consist BO largely of
If these new offerings are absorbed by the public they would have no
bank, insurance company and trust company stocks, its shares should be
appreciable effect upon brokers' loans, for the bonds are then paid for, and
treated and traded in similarly to the over-the-counter trading in bank,
bankers turn the money of investors over to liquidate the loans they
insurance company and trust company stocks; accordingly, this company the
incurred from the banks to pay for the issue. But unsold bonds, whether
made the request to remove such listing, which was granted to-day.
carried by the issuing syndicate or individual houses, are generally turned
over to the banks as collateral for loans.
Jason Westerfield of New York Stock Exchange on
Necessity of Clearer Understanding of Functions of Wall Street.
A clearer understanding of the character and functions of
Wall Street and,a closer co-operation between that financial
centre and other equally important and interdependent sections of the country are essential to continued progress and
prosperity, Jason Westerfield, Director of Publicity of the
New York Stock Exchange, declared in an address before
the Trenton Rotary Club on June 16. Mr. Westerfield spoke
on "The Real Wall Street" and declared with emphasis that
the delusion and suspicion which exist toward the financial
centre are due in large measure to a failure to understand
Wall Street as it really exists and to recognize the difference between legitimate, necessary economic enterprise and
fraudulent financial operations of swindlers. The speaker
Many Unsoth Foreign Issues.
The total of unsold bonds is estimated at $700,000,000, or upward of 16%
of the total of new flotations, whether for new capital or refunding purposes. Of this total it is estimated that foreign bonds account for about
$250,000,000. In all about $450,000,000 of foreign issues have been floated.
so that the foreign bonds market is in a much poorer state relatively than
is the domestic market.
A survey in the financial district showed that relatively few of the recent
large offerings have been well absorbed by investors. The recent oil
financing probably has taken least well of any. The $40,000,000 Phillips
Petroleum issue, brought out on a 5.33% yield basis, is still largely in the
hands of the selling syndicate. Dealers also report poor distribution of
the $30,000,000 serial note issue of the Harland Oil Co., with yields varying from 5.30 to 5.50%. Others in this group which have not enjoyed a
satisfactory distribution were the $50,000,000 Sc issue of the Shell Union
Oil Corporation and the 815,000,000 issue of Skelly Oil Co. 556% debentures.
Another large industrial issue where considerable difficulty is reported
in distribution is the Goodyear Tire tc Rubber $60,000,000 issue of 5%
mortgage bonds, which were sold on a 5.20% basis. Although a substantial amount of these bonds have been sold, the syndicate has a sizable block
3718
THE CHEONICLE
in its hands still. Another issue put out earlier in the year
which is not
as yet distributed is the $50,000,000 of Erie Railroad refunding
55. RuInerous smaller offerings remain in large part
in the dealers' hands, such
as Distribution Terminal Cold Storage
61
/
2s and Florida West Coast Ice 6e.
On the other hand, the $48,000,000 Chesapeake
Corporation 5s, more liberally priced, appear to have been thoroughly
absorbed.
Among the foreign issues, great difficulty
is being met in passing on to
Investors the $50,000,000 of New South Wales
5s offered earlier in the year,
the $30,000,000 of Milan 6%s, the last
$42,500,000 Chilean loan, the
$20,000,000 loan to the City of Budapest and the
last offering of the Province of Buenos Aires 7s. The $15,000,000
of Canadian National Railways
4%s and the $25,0000,000 of Batavia], Petroleum
4%s are also reported to
have been left in large part in the dealers'
hands.
Regan in February.
It is the general opinion that the present state of
indigestion in the bond
market dates from February and March of this year. An
active and rapidly advancing bond market in the first two months
of the year had led
bankers to accept numerous new issues and price them rather
high. Investors became more wary, the demand did not prove as large
as anticipated and as a result the offering syndicates were left
with large portions
of their issues.
In several quarters the hope has been expressed
that the large July reinvestment demand will correct this situation. Many observers
on the Street
do not think this optimistic view is justified. They
do not think the new
offerings are attractive enough and of the right quality to be
absorbed
within so short a period. In their opinion the situation may not right
itself until the end of the year, and in the meanwhile the large volume
of
unsold bonds will go to swell the total of brokers' loans.
Good Guessers in Wall Street, According to Federal
Reserve Official, Commenting on Bear Raids
on Heavy Loan Figures.
Officials of the Federal Reserve Board expressed themselves as skeptical on June 21 that any one should have advance information regarding the Board's weekly reports on
the amounts loaned by New York bankers to brokers. In
stating this, the Washington correspondent of the New York
"Times" adds:
The coincidence of market raids late on Mondays in several consecutive
weeks, when the post-closing Reserve Board figures showed huge increases
ia loans attracted mine attention in Wall Street yesterday.
One Federal Reserve Board official made the statement to-day that if
there had been activities in the market which seemed to indicate that some
operators might have had the benefit of inside information as to the showing on brokers' loans for last week or any preceding week it was due
to
shrewd guessing rather than authentic knowledge.
"In a market where the turnover has run as high as 2,000,000 shares
a
day," this official said, "it would be a simple matter for one familiar with
what is going on to figure out with pencil and paper the approximate loans
for a given period. In the case of a broker with big accounts the matter
would be more simple. Such a broker could tell by the trend in his
own
office what others were doing.
"In this way a broker, or one in the confidence of a broker, might
be
able to determine approximately the probable total of loans for a weekly
period. I do not believe that there have been any leaks on these
reports.
I have seen nothing that could possibly lead to such a conclusion."
Practice of Announcing Bond Oversubscriptions Irrespective of Whether They Have
Actually
Moved Out of Financial District.
The following is from the New York "Times" of June 19:
[VOL. 124.
(21 Free enterprise.
(3) Competition.
•
The Socialist and Communist attack all three of these. The
scientific
defender of the existing social order defends ali thren.
The capitalist system based on these three great fundamentals
does not
Imply the absence of political control or the negation of government.
There
must be government, and government must perform very. important
functions if capitalism Is to be successful. There must be law and
order and
social tranquillity. There must be contract law and the enforcement
of
contracts. There must se bankruptcy law in order that the inefficient
business man, who is unable to make his balance sheet balance, may
surrender the control of the industry which he has mismanaged into
the hands
of those more competent to manage it. There must be law to prevent fraud.
Capitalism presupposes an elaborate system of commercial law. Capitalism presupposes sound money, which usually depends on governmenta
l
regulation.
Capitalism presupposes also a level of commercial morality such that men
may make plans for dealing with one another and for co-operating
with one
another with confidence that other men will keep their engagements
.
Modern capitalism assumes a government which will act as an umpire,
supplementing morality by law where necessary' to make the rules
of the
game satisfactory. It assumes a government which wit; regulate
the levet
of competition in cases where morality and trade practices are
inadequate.
It assumes a government which will regulate weights and measures,
which
will standardize qualities of commodities in a good many cases,
which will
protect trade-marks and brands, and which, in the public interest,
will protect new discoveries by patent rights and the like. It assumes
a government which will check the business man who seeks to stifle
competition—
a government which, on the one hand, will prevent monopoly,
and which
will, on the other hand, maintain such a level of competition
as to prevent
success in competition by unfair practices and by the substitution
of inferior for standard grades.
From the summary of his speech- we also take the following:
Socialism in Post-War Europe.
The post-war history of Continental Europe gives a
striking demonstration of this weakness of Socialism. Following the
war, Socialists
came into power throughout much of Continental Europe,
and Communism
was in control in Russia and for a time in Hungary.
In Germany, the
Socialists, under the able and upright President Ebert, were
in complete
control, as they were in Austria. In Czechoslovakia,
Professor Masaryk.
a distinguished Socialist, was elected President. Socialists
were strong in
Sweden and came into office in 1920. They had
their opportunity in
many important places to inaugtuns a Socialist regime,
and this was
notably true in Germany. Sobered by power and
responsioillty, facing
the immense difficulties of the constructive problem, they
recognized that
their thought and planning had been given only to agitation
and propaganda,
and they did not know what to do. Socialism in practice
left capitalism
intact, and contented itself with labor legislation, &c.,
to improve the
conditions of the workers under the wage system.
I hold this to be no reproach to the responsible
Socialist authorities.
It was rather an exhibition of a fine sense of
responsibility and concern
for the general welfare. I take this occasion
also to credit the Socialists
In Europe since the war with having done very much
to re-establish a
genuine spirit of peace and friendly international relationships.
Socialism Versus Communism,
The Socialist believes in democracy and he proposes to reach his Socialist
state by legal methods, the winning of elections and parliamentar
y majorities, and the transformation of Socialist institutions by legislation.
The
present day Communist, on the other hand, has grown weary of politics.
He has seen Socialist leader after Socialist leader rise to power and "turn
respectable." The Communist has lost hope in the responsiveness of
the
masses of the people. He sees that they are easily frightened into reaction
by radical proposals and revolutionary measures. He proposes, therefore,
to abandon politics and to turn to revolution. He wishes to establish
a
dictatorship of an aggressive, militant minority of class-conscious
workingmen and their leaders.
Mr. J. Ramsay MacDonald, the distinguished head of the
British Labor
Party and former Prime Minister of England, says:
"This has presented very troublesome and unpleasant
various Socialist Governments established since the war. problems to the
In Germany a
Socialist Government formed by the Majority
Social Democrats was faced
by a Communist conspiracy, armed and
y, determined to overthrow it by bloodshed. In Georgia andrevolutionar
elsewhere Socialist Governments
have been faced with the same opposition.
. . . But the issue which the
Communist parties in States like Germany and
Georgia raised was not that
of free speech, but of free action for
bloodshed.
by that, a Government.has either to prohibit or resign and refuse toFaced
carry out its responsibill-
The present stagnation in the bond market, due to the great mass of
new issues, some of which are clogging dealers' shelves, has brought directly
to the fore the practice of almost all investment bankers of announcing
complete subscriptions to their new issues whether or not the bonds have
actually moved out of the financial district. Some investment firms would
like to see this old custom changed because of the fact that, in the first
place, the purpose is very obvious, and that in the second place it fools no
one. It sometimes does more harm than good, particularly so far as the
retail bond salesmen are concerned. Some of the bankers would like to see
the methods of the London banking houses in this respect introduced here.
I am not as a practical matter afraid of Communism in any
If an issue does not go so well and is not fully subscribed, it is the custom
society where
for the London bankers to give the percentage of total subscriptions which the masses of the people have anything to lose. The masses of men will
support constitutional government in its defense of law and order against
have been received.
revolutionary violence and eConomic chaos.
I have no fear that Communism may be successful, but rather that
it will
Discussion of"Types of Social Radicalism" by Benjamin breed
reaction and increase the difficulties of moderate men who are trying,
M. Anderson Jr. of Chase National Bank
piecemeal, by legal methods, to bring about needed social reforms.
of New York Before Bond Club.
Communism in Russia.
The Bolshevist experiment in Russia, so far from constituting a vindicaAccording to Benjamin M. Anderson Jr., Ph. D., econotion of Communism, demonstrates to the extent that it demonstrates any-,
mist of the Chase National Bank of the City of New York, thing, the superiority of capitalistic methods over
communistic methods.
"the great challenge which capitalism is entitled to make to So long as the Bolshevist authorities tried to substitute the conscription of
the requisition of grain from the peasants, and the rationing of prodSocialism and Communism centres about the problem of labor,
ucts to consumers,
the processes of the markets, Russian economic life
guiding and controlling the industries of a country, putting went steadily downfor
hill, reaching an appalling disorder and chaos in 1921.
the proper amounts of labor and capital in different indus- Lenin candidly recognized the facts, and announced in 1921 the "New
Economic Policy," which he said is "nothing more nor loss than the
tries, producing goods of the right kinds, in the right amounts; re-establish
direct
ment of capitalism." The policy involved the redeveiopement
and at the right times, keeping the proper co-ordination be- of money held as closely as possible at a parity with gold,
the use of market
machinery, liberty to buy and sell on the part of the peasants and a
tween production and consumption—keeping industry
many private middlemen, especially in retail trade, and concessions great
to outgoing concern." Mr. Anderson's remarks on the subject, side
capitalists. Agriculture, the overwhelmingly important industry,
was
under the head "Types of Social Radicalism," were presented In private hands. The State remained dominant in
the field of manufacbefore the Bond Club of New York at a luncheon at the turing, and retained a monopoly of foreign commerce, but the State itself
capitalistic methods, creating business corporations whose stock
Bankers' Club of America June 21. The address appears in used
it
held, creating banks which could lend to these corporations as
well as deal
the "Chase Economic Bulletin" issued this week. Mr. An- with private customers, &c.
Beginning with 1921. Russia began rapidly to regain lost
derson observed that "Social radicals have often been effecground in
economic matters. Production increased both in industry
and in agricultive in their criticisms of evils under the capitalist system, but ture, reaching
in a good many cases magnitudes not far from pre-war
they have been woefully weak in their constructive planning." magnitudes and in some cases exceeding pre-war magnitudes. Foreign
trade revived and is now approximately one-half of pre-war
He added:
volume.
But capital is desperately scarce in Russia. A State loan
of 100.000.000
The Capitalistic System.
rubles issued last year yields 14%. State loans, moreover,
have
been largely
The great legal fundamentals of the capitalistic system of society are:
subscribed to by the Government's own institutions, banks,
syndicates
and
(I) Private property in the instruments of production, including land.
trusts, a borrowing from Peter by Paul. It is doubtful, in
the opinion of
a
JuNra 25 1927.1
T H ill CHRONICLE
M. Rykoff, Chairman of the Council of Commissars, and M. Quibisheff,
Chairman of the Economic Council, whether the new capital has been adequate to make good the deterioration in equipment during the same period.
M. QuibLsheff says:"In all the preceding years and partially in 1925-26, the
development of industry was carried through the utilization of exisdng
reserve capital which is at present almost entirely used up." M. Rykoff
says: "It is supposed that the Communist Party has been existing on the
resources amassed by the bourgeoisie."
Russia's great problem is such an amendment of her relations with the
world outside as to make possible the obtaining on reasonable terms of an
adequate volume of foreign capital. It is a curious anomaly that nowhere
else is capital so tyrannous as in Bolshevist Russia. It is tyrannous because
It is scarce and timid.
Guild Socialism Versus State Socialism.
Among the Socialists themselves there has been great discontent with
the picture of one great economic organization regulated by a central brain
under the authority of the State. Many of them have felt that it would
destroy the libert4 of the individual, breed stagnation, ignore the personal
wishes of consumers, and destroy the individual's freedom of choice of an
occupation. In England an interesting movement in thought, known as
Guild Socialism, has arisen, which would seek to obviate these difficulties.
It would reduce the State to a subsidiary position, and would organize each
industry into guilds, largely self-governing. It has devised an intricate
scheme of checks and balances,involving negotiations among guilds, regulations- of prices and incomes by communes, parliamentary legislation, &c.,
for bringing about some sort of harmony and co-ordination among the
different groups. Where capitalism relies upon the automatic, unconscious workings of the markets to bring about a social crder. and where
State Socialism must rely upon a central brain, Guild Socialism would rely
upon a diffused and interminable debating society.
3719
Trade Journal," "The Oil, Paint and Drug Reporter," and the "Newsprint
inService Bureau," furnish an intimate view of happenings within an
dustry or the condition of a particular market. . . .
business,
For Canada, in which the bank is carrying on its main banking
both the executive officers and clients expect the library to maintain
complete files of information and statistics concerning the situation in
each industry. Canada stands on the verge of a period of wonderful expansion. In each industry there are remarkable opportunities. In agriculture, the annual crops are worth about one and one-half billion dollars,
and there must be complete statistics concerning acreage, crop condition,
crop yield, prices and markets. Dairy products alone have a value of
more than $250,000,000. The recent marvelous discoveries'in the mining
areas of the country are attracting attention throughout the world. Canadian manufacturing is branching out in many new directions, and there
is a constant demand for new statistics and for data of various types. The
pulp and paper industry of Canada now leads the world. Inquiries come
to the bank both from home and abroad as to the investment opportunities
offered in many lines of manufacture.
To assist in answering such inquiries concerning Canada, every possible
index of business conditions must be kept up to date. Railroad earnings,
freight loadings, employment and building statistics, production of automobiles, newsprint, steel and flour each have their place in assisting one
to secure a clear viewpoint concerning the general situation. One of the
most important industries in the country is electric power production and
the Roykl Bank of Canada maintains the most complete figures in the
country on the generation of electric energy. The growth of energy consumption indicated by these figures constitutes a most important index
of the expansion of the manufacturing industry. •A bank with 700 branches•
scattered throughout the country is able to supplement this general information with regular reports from managers in every part of the country,
and thus secure a much more complete picture of the situation as a whole
than would be possible from general indices.
Donald M. Marvin of Royal Bank of Canada on Work
of Bank Library.
Comptroller of Currency McIntosh Announces that 34
On June 21 Donald M. Marvin, Ph.D., Economist of the
State Banks With Resources of Over a Billion
Dollars Have Entered National System Since
Royal Bank of Canada, delivered an address before the
Enactment of McFadden Bill—Review of
Special Library Section of the American Library AssociaBanking Conditions in Maine.
tion at Toronto, in which he treated of the work of the bank
library in supplying information concerning Canadian and
In an address before the Maine Bankers' Association at
foreign business conditions to officers and clients of the Poland Springs, Maine, on June 18, Comptroller of the
bank. In part he said:
Currenty J. W.McIntosh stated tha duping the four months
The keynote of modern industrial economy is interdependence. . . .
the McFadden Bank Act has been on the statute books
Naturally, the economic relationships between nations have become treGreat
Britain
are
to
Canada
"18 State banks have consolidated with national banks under
mendously complex. The surplus exports of
roughly balanced by the surplus of exports from the United States to Can- the national charter and 16 State banks have converted into
ada. The change of tariff in one country may distort the flow of trade in national banks, bringing in aggregate resources for the 34
totally different commodities in other countries. It has become an ecomore than one billion dollars."
nomic truism that sweeping changes in economic policy are likely to do State banks considerably
more harm than good since they usually produce a series of unforeseen In picturing banking conditions in Maine, Comptroller
dislochtions.
McIntosh noted that for every dollar of gross income in 1926
Whatever helpful contribution to European economic stability was made
the State) distributed 45.3 cents to
by the recent International Economic Conference at Geneva was due to you (the bankers of
success in dealing with a number of apparently insignificant practical depositors as interest. This he said is higher than the
problems and not to the great orations on the theory of free trade. Con- aggregates of National banks in any other State. Compstructive work is rarely spectacular. Sound development must be achieved
referred to the fact that in 1926, for
after the careful study of ultimate relationships and by means of the deadly troller McIntosh also
routine of a series of minor adjustments. In the great international bank- every dollar of gross income, the Maine bankers had distriing institution there is a wide variety of topics of special significance. buted 13.6 cents to officers and employees as salaries and
Through the library, the bank may keep its finger on the pulse of interbeing the lowest of any State
national events, the changes in tariff or taxation or Government monetary wages, this, he added,
policy which may result in the inflation or contraction of currency, a change aggregates. The remarks of the Comptroller follow:
in the channels of trade or an impetus to the development of new indusThe most popular topics discussed at bankers' conventions last season,
tries. The appreciation on the part of the executive officers of their need and so far this season, are those built around the slogan "Better Banks
the
for
accounts
for varied and detailed information is the factor which
and Better Banking" and many a sermon is being preached relative to the
rapid increase in the number of financial libraries in the trading centres investment accounts, secondary reserves, credit controls, reduction of costs
of the world..
that very annoying subject of interest paid on deposits.
The banking system of Canada consists, in the main, of eleven chartered and
in reviewing the banking conditions in Maine and the position
However,
the
counbanks with nearly four thousand branches located in all parts of
banks in Maine, especially National banks, with which I am most
try from Halifax on the Atlantic to Vancouver on the Pacific. The Royal of
familiar, I feel that it would be presumptuous on my part to preach a
Bank of Canada is the one of these banks which has the largest number of
sermon to you on any topic relating to "Better Banks and Better Banking."
branches, both in Canada and abroad. The Royal Bank has more than 700
I endeavored to discover something unique and unusual in the Maine
branches in Canada, and has branches throughout South America and the
banking situation. One proof that you are good bankers is that Maine is
and
New
York.
Paris,
Barcelona
in
and
London,
Naturally,
Indies,
West
one of the few States in the Union in which there has not been a single
it is necessary for a bank with such wide connections to keep in touch with failure of a National bank; it is one of the few States which has not come in
business conditions throughout the world. One aid to the solution of this contact with our Division of Insolvent National Banks, and I trust that
problem is the library at head office for the collection and dissemination
no hank in Maine will ever find it necessary to have a contact with that
of publications dealing with problems of world commerce.
Division.
from
books,
but
the
obtained
most
be
may
information
up-to-date
Much
In the aggregate. the Investment Accounts of the National Banks of
material on economic conditions and commercial and financial statistics is Maine are conservative and strong; the great majority of investments are
found in current periodicals. For this reason, the library receives over representedrby U. S. Government, State, County and Municipal. Railroad
150 periodicals and newspapers, a large number of which are circulated and Publict Service Corporation bonds—another proof that you Maine
among members of the staff; articles which would be of special interest bankers are scientists in the investment of moneys.
are brought to the attention of the proper officials of the bank, and those
You have educated the people of your State in the services of banking
which contain valuable reference material are indexed. A number of these and in habits of thrift as witnessed by the following:
periodicals are bound, others are kept unbound, and the rest eventually
The per capita individual deposits are 1489.62—only eight other States
discarded.
outrank you in this.
up
been
and
built
have
reports
these
of
and
files
pamphlets
are
Useful
The per capita savings deposits are $359.67—only seven other states
Indispensable in answering reference questions. The necessary reference outrank you in this.
books, such as encyclopedias, dictionaries, year books, directories, together
You National bankers submit reports of earnings and dividends to the
with books on commodities and countries, constitute the backbone of the Comptroller and perhaps you have asked yourself as to what use dime are
library.
placed outside of a check on your institutions. Our Statistical Department
The great national newspapers and periodicals, such as the Manchester compiles therefrom aggregates of sources of income, expenses and profits
"Guardian," the New York "Times," the "Economist" and the "Commer- of National Banks arranged according to States and Reserve Cities. Thus
cial and Financial Chronicle," are valuable sources of reference concerning compiled they serve as a valuable barometer of banking results in all parts
foreign conditions, but banks frequently require more detailed information ot the Country. These are submitted in my annual report to the Congress
than that which is available in these sources, and for this reason the library and are available to you.
needs a wide variety of foreign periodicals. Important decisions may hinge
These figures serve as a basis for disclosing the results produced by the
upon the question as to whether a country is in a position to return to the National Banks of Maine as compared with those of other States. It is
gold standard. Provision must be made to finance the expanding com- stated that the true test of management ability is the relative stability,
merce of Latin America, and detailed market information concerning cof- consistency and degree of net profits produced. The aggregate net profit
fee, rubber and cocoa must be available. While the library may have a to capital and surplus of Maine National Banks each year. for the past
considerable amount of material which will throw light upon some gen- six years, has been about the most consistent of any State aggregates.
has
eral trend, it frequently happens that letters from foreign representatives Fluctuations each year have been relatively slight. The net profit ratio
other New England State, and the
or the first-hand reports of experienced foreign observers will be of been consistently above that of any
power.
greater value than any published material. In such cases, the library may New England Banks as a group have always reflected good earning
earnings, the better its
supply supplementary information or statistics which will throw added The sounder the bank, and the more stabilized its
light upon these reports. Excellent compilations of production and con- position to serve its community.
The factors which make up this net profit are interesting and some of
sumption statistics and prices are available in such reports as those of
basis, are rather unique. For example: for every
Standard Statistics, Inc., the New York "Journal of Commerce," and the them, on a comparative
distributed 45.3 cents to depositors as
"Statist." Special trade papers, such as the "Iron Age," "The Sugar dollar of gross income in 1926 you
3720
T H /44 CHRONICLE
interest. This is higher than the aggregates of National banks in any other
State. The New England average is 37.6 cents and the National average
Is 32.5 cents.
In 1926, for every dollar of gross income, you distributed 13.6 cents to
your officers and employees as salaries and wages. This is the lowest of
any State aggregates. The New England average is 17.2 cents and the National average is 19.3 cents.
For every dollar of gross income, you disbursed 4.2. cents for taxes.
This is very near the New England average of 4.4 cents, but below the
National average of 5.8 cents.
For every dollar of gross income, you spent 8.9 cents for other expenses,
that is, expenses other than interest paid, salaries, taxes and losses. This
factor is about as low as can be found in any State. The New England
average is 10.4 cents and the National average 11.4 cents.
For every dollar of gross income, you had net charge offs of 5.7 cents.
This is about as low as can be found in any State. This factor for New
England States is 7.5 cents and the National average is 8.5 cents. This
again proves that you are good bankers.
For every dollar of gross income, 21.6 cents remained as net additions to
profits. When we consider that your interest paid factor is decidedly above
the average, this is a splendid showing. The New England average is
21.3 cents and the National average 20.9 cents.
I believe, and have also been told by students of banking, that the
Annual Report contains the most comprehensive and complete data on
banking conditions and results which can be found anywhere. it is extremely valuable to all bankers who wish to gain a comprehensive picture
of banking conditions and trends and determine the position of their
institution with the general field.
The foregoing statements indicate that it is unnecessary for me to discuss
for you any topic on the subject of "better banking," hence I will take this
opportunity to turn briefly to a discussion of recent developments in the
National banking system in the country as a whole.
It was a well known fact that during the period immediately following
the World War the growth of the resources of National banks fell off each
year in proportion to the annual growth of State bank resources. This
was due largely to the fact that there was a strong tendency among National
bankS to do business under State charters, either by consolidation with
State banks or directly giving up their National charters. This situation
had become so serious as to attract nation-wide attention in banking
circles and it was the general consensus of opinion both among State and
National bankers that the National banking system should be maintained
in full strength as a Federal instrumentality. The passage of the McFadden
Bank Act was the answer of Congress to this question.
This Act has more than justified itself as an aid to the National banking
system. It has been upon the statute books less than four months during
which time eighteen State banks have consolidated with National banks
under the National charter and sixteen State banks have converted into
National banks, bringing in aggregate resources for the 34 State banks
considerably more than one billion dollars. This statement includes pending
consolidations and conversions of State banks which have been brought
to my attention. This gain in National bank resources by additions from
the State banks is greater than the total losses in resources suffered by the
National system through relinquishment of National charters in favor of
State charters for the entire period from October 21 1923, to October 1
1926.
These conversions and consolidations of State banks since the passage of
the McFadden Act are not confined to any one section of the country.
Nine of them were on the Pacific Coast,6 in the Southern States, 17 in the
middle West and two in New England.
These figures are enough to show that the effect of the McFadden Act
will be to restore completely in the near future the equilibrium between the
State and the National banking systems.
Samuel Untermyer Disputes Senator Glass onl Au
thorship of Federal Reserve Act—Credit Given to
Senator Owen by Mr. Untermyer—Latter
Claims Legislation Resulted from Pujo
Investigation in Which He Participated.
The contention that "Senator Glass is not the chief author
of the Federal Reserve Act, nor is he justly entitled to the
main credit for its enactment, but that on the contrary that
credit belongs to Senator Owen," is contained in a pamphlet
just issued by Samuel Untermyer, under the caption, "Who
Is Entitled to the Credit for the Federal Reserve Act? An
Answer to Senator Carter Glass." Mr. Untermyer furthermore contends that the Federal Reserve Act was the outcome of the investigation conducted by the Pujo Committee,
for which he acted as counsel and investigator. Mr. Untermyer's statement in the matter is presented in the following foreword in the pamphlet:
During the past winter, while the undersigned was absent from this
country on a world tour, the New York "Evening Post" published a series
of articles by Senator Carter Glass of Virginia, who was Chairman of a
Sub-Committee of the House of Representatives at the time of the framing
of the Federal Reserve Act. These articles have now been embodied by him
in a book entitled "Adventures in Constructive Finance." The manifest
purpose was to picture Senator Glass in the role of the sole author of
that historic piece of legislation and all others as at best assistants or
supernumeraries.
In order to accomplish that purpose and to emphasize his importance
in the results achieved, Senator Glass saw fit not only to bitterly assail the
integrity of Colonel House and to belittle and grossly misrepresent the
work of the undersigned, but to minimize the important part played 'by
Mr. McAdoo, to ignore the influence of Colonel Bryan and, above all, to
take from Senator Robert L. Owen of Oklahoma the credit to which he
more than any other man is entitled of being in effect the true author
and draftsman of the present bill and by far the chief and overshadowing
figure of all of us who had the good fortune to be identified with that
historic accomplishment.
The accompanying letters between the undersigned and Senator Owen
(who was Chairman of the United States Senate Committee on Currency
and Finance when the Federal Reserve Act was under consideration and
passed) and the attached exhibits are largely self-explanatory.
It is believed that they fully establish:
1. That the Federal Reserve Act Is the direct outcome of theidisclosures of the
dangerous concentration of the control of money and credits by the Poi° Investigating Committee of the House cf Representatives of the 1912-13 Congress, for which
[Vox.. 124.
the undersigned had the honor of acting as counsel and investigator, and that proved
the existence of a vast money trust which it was the design of the Federal
Reserve
Act to destroy.
2. That Senator Glass Is not the chief author of the Federal Reserve Act, nor Is
he Justly entitled to the main credit for its enactment, but that on the contrary that
credit belongs to Senator Owen, who had deeply studied the subject and equipped
himself for the difficult task over a long period of years.
3. That the references of Senator Glass to the part of the undersigned in the
preparation of the so-called Treasury Bureau bill or in the efforts to have it substituted for the Federal Reserve Act are fiction pure and simple from beginning
to end; that the undersigned (a) at no time knew or heard of any such bill until
the appearance of Senator Glass's interesting work of Imagination; (b) that
the entire record of the undersigned and his writings and speeches on currency
legislation are diametrically opposed to every principle of this Treasury Bureau
bill and were at all times in support of the plan and principles of the Federal
Reserve Act, which was in line with all that he ardently and openly supported at
every stage; (c) that he actively collaborated with Senator Owen in the Federal
Reserve Act in substantially the form as passed and had consistently opposed every
thing for which the Treasury Bureau bill stood, the authorship and championship
of which are baselessly sought to be attributed to him by Senator Glass.
4, That Senator Glass's fable of a scheme on the part of Colonel House and Mr.
McAdoo or anyone else to have the undersigned slipped into the White House at
night to argue with the President in favor of the Treasury Bureau bill should not
have imposed upon the credulity of a newborn babe and should
not have
been swallowed by Senator Glass as the undersigned had access tocertainly
the White House
whenever he so chose.
5. That it was upon the urgent insistence of the undersigned that Colonel William
Jennings Bryan went to the President and demanded that the fundamental policies
that were finally retained in the Federal Reserve Act, after a struggle to the death
with the powerful banking interests for (1) regional banks as against a central bank;
(2) Government money as against bank money, and (3) Government control of the
system as against banking control, be so retained.
6. That Mr. McAdoo, so far from having advocated this so-called Treasury
Bureau bill does not appear ever to have seen or heard of it—that at least is what
he has told Senator Owen;and that Mr. Tumulty has no record or recollection of any
such
7 incident
pit n as thate
rraed tob, Senator Glass.
credulity and carelessness I.accepting rumor and hearsay, Senator
Glass was manifestly imposed upon as was the President, In attributing to the
undersigned either the paternity, championship or knowledge of this Treasury
Bureau bill which he had never seen or heard of, but that when confronted with the
facts Senator Glass has lacked the courage to confess and correct his error. And
so he has now, after due warning, deliberately chosen to put forth over his name a
work of fiction In the guise of a historical survey of a great event In the history of
our country.
That attitude seems quite consistent with the other parts of his book in
which he by indirection and implication undertakes to filch from Senator
Owen and others and to take unto himself credit for accomplishments to
which he is not entitled and which history will not accord him. He had
an honorable and creditable part in the legislation within the limitations
of his powers, but by reason of want of familiarity with the many details
connected with the complicated subject of currency reform and his consequent necessity for reliance upon others, he had a decidedly subsidiary part
and if left to his own devices would unintentionally have wrecked this great
adventure in constructive legislation.
Whether or not it was the revelations by the Pujo Committee of the
stranglehold of the great banks and financiers (which had stirred the nation to its very depths as had no other disclosures in a generation) that
made possible the Federal Reserve Act against the wild protests and warnings of financial disaster by the leading bankers of the country, must be left
to others to say. There can, however, be no doubt that next to President
Wilson, Senator Owen primarily and then Mr. McAdoo, are mainly responsible for the structure of the Federal Reserve Act.
President Wilson deserves the everlasting gratitude of the country for the
resolute manner in which he put all the power of his Administration behind the currency reform and for his wise decisions, first in supporting
Senator Owen in giving the Government control of the system through a
Reserve Board consisting exclusively of Government officials; second, in
having the money furnished the Reserve banks consist of United States
Treasury notes, secured by commercial bills with gold redemption.
Several letters which passed between Mr. Untermyer and
Senator Owen in May with regard to the statements in Senator Glass's book, are presented by Mr, Untermyer, one of
which—that addressed to Mr. Untermyer by Senator Owen,
we quote herewith:
May 14 1927.
Samuel Untermyer, Esquire, 120 Broadway, New York City.
My dear Mr. Untermyer: Your letter of May 10 referring to the statements published in a book by Senator Carter Glass, entitled, "An adventure in Constructive Finance," is received.
I note the cable sent you by your son, and your cabled reply. I am
utterly at a loss to understand how Mr. Glass could have been so misled,
unless, perhaps, he overlooked the fact, that after demolishing Colonel
House as a witness against himself, with my help, he could not, in common
fairness, use the annihilated Colonel as a witness to discredit me or you
either.
You express your desire of setting the record straight, and in answer to
your request that I furnish you with a statement of my connection with
the Federal Reserve Act and of your association with the matter as far as
I personally knew of it, I gladly comply.
I have just read the chapter in Mr. Glass's book, Chapter 6, entitled
"A
Threatening Flank Movement—An Intrigue to Wreck the Measure—President Wilson Puts an End to it," in which Colonel House appears to have
sent and supported a bill to create a Bureau Bank in the United
States
Treasury with all the elements of a central bank involving a tremendous
Issue of Treasury notes to supersede outstanding greenback and gold certificates, and seeming to contemplate a seizure of the gold in trust behind
the certificate.
George M. Reynolds, of Chicago, is quoted as referring to this measure
as a bill sponsored by the people in the Treasury Department,
with a basis
of "fiat" money.
Mr. Glass describes Colonel House as tiptoeing on the scene
as an advocate of this "central-bank-greenback scheme," and pressing
the President
for a personal interview for you, in order that this scheme
might be presented "in all its alluring aspects," "and the Federal Reserve
Bill ditched,"
etc. He states that Mr. McAdoo insisted on this
Treasury Bureau plan
and said it had the endorsement of eminent bankers and
urged its substitution for a bill Mr. Glass favored. Mr. Glass recites that
Mr. McAdoo told
him that I thoroughly approved this so-called Treasury
bill. Mr. Glass
says he could readily believe this because of expressions
akin to it which
he had heard me use.
I never heard of the bill as far as I know. My files show
no record of it.
My then Secretary, Mr. James W. Beller, advises me
that he never heard
of it. The proposal of a central bank and fiat
money flatly contradict
everything that I have bclieved in. I was always consistently
opposed to a
central bank and to fiat money.
In reading this chapter, I think the impression would
be left on the mind
of the ordinary reader that you, Mr. McAdoo, Colonel
House and myself
were then engaged in an intrigue to ditch the bill
Mr. Glass favored; that
the President did not seem especially impressed, but
conceivably had given
tacit permission for the experimental attempt at the rival plan.
JuNn 25 1927.]
THE CHRONICLE
3721
Finance ComThe Committee on Committees on my request divided the
the House bill the Presijurisdiction on banking and currency to a new commitits
gave
Mr. Glass narrates that on his protest against
and
mittee
.
acquiesced
associates
Mr. McAdoo graciously
"The Committee on Banking and Currency." My
dent gave his decision against it, and
favored a central bank, or that tee called as its Chairman on the sole ground of qualifications, already
The imputation that I ever at any time
selected me
bank
unsecured
or
s
ng a
greenback
or
representi
money
established on the floor of the Senate, and in spite of my
I ever at any time favored fiat
whatever, and from what I knew of
population and wealth.
small
vely
comparati
of
State
notes for money has no foundation
new
that you could have done so.
the hope I might
your views, it is inconceivable to me
I had entered the Senate with this end in view and in
the United States began in
whose
My own connection with the banking Acts of
real service to my country in improving the banking laws
of
be
Act
Bank
National
the
to
t
to keenly
1890, when I sought and obtained an amendmen
deficiencies as a practical banker I had had many concrete reasons
organized
thereupon
I
Territory.
Indian
extending its provisions to the
largest bank in then eastern appreciate.
myself to
the first national bank in Indian Territory, the
Immediately, and to the exclusion of everything else, I devoted
have been a director of it for
years,
1913.
ten
it
of
President
was
I
.
Oklahoma
bill and gave it any entire time until it was signed Dec. 23
this
sucpolicies
its
g
conductin
print made of
thirty-seven years, have directed its policies;
I framed a bill in March and April and had a committee
never failed to pay its dividends
providing in Section 2 for eight
cessfully through several panics. It has
banking it the 27th of May 1913 (copy enclosed)
practical
had
had
I
now.
by national
model
a
be
provided
is
to
with perfect regularity, and
Reserve banks, with corporate powers, capital
the Senate.
banks, with six directors representing the member banks
experience for over twenty years befcre entering
member
as
banks
mastering
of
object
the direct
appointed by the President on the suggestion of a GovI studied the principles of banking with
c platform at Chicago in and three directors
them. I demanded a plank in the Democrati Hon. Charles S. Thomas erning Board. The banks were distributed from Boston to San Francisco
by
assisted
was
1896 for emergency currency, and
and from Chicago to New Orleans,
Thurman.
seven persons, including
of Colorado, William J. Bryan and Allan
Section 6 provided for a Board of Governors of
of the Bank of EngGovernor
the
of
visited
and
Europe
to
went
I
In 1898
of the Treasury and Comptroller of the Currency, but all
Secretary
the
officials
the
and
France,
the Reland, the Governor and directors of the Bank of
Government officials, with general supervisory power over
them
credit
g
stabilizin
for
methods
their
of the Reichsbank of Berlin, and studied
serve System.
of United States
and preventing panics.
Section 13 provided for a note circulation consisting
principles worked
these
how
explaining
articles
of
series
a
wrote
In 1899 I
to the Reserve Bank, redeemable on demand in gold
issued
notes
Treasury
system
bank
national
to the
of the Reserve Bank and
out by these European banks could be applied
and secured by a first lien "upon all the assets"
as collateral security" for
In the United States.
further protected by "prime commercial paper
"Congresthe
in
seen
be
can
1899,
in
Some of these articles, published
notes to the United States Treasury. "Prime commercial
advocating an elastic currency the return of such
l bill, payable within four
sional Record" of Feb. 25 1908 (p. 2453),
paper" was defined in Article 1 as "a commercia whom shall be good for
adequately secured by collateral.
at least two persons, either of
by
signed
months,
Demothen
Jones,
K.
On Feb. 6 1900 (Cong. Rec. 1534), Hon. James
whom shall be a member bank, such commercial bill
an amendment to the such bill and one of
l transaction and not to be based
cratic leader of the United States Senate, offered
with to be based upon an actual commercia
secured,
adequately
currency,
emergency
Aldrich bill proposing an
notes were upon a permanent investment."
These
inflation.
prevent
to
provisions
for regional banks, a Government
n
13
automatic contractio
These principles of Sections 2, 6 and
t.
United States Treasury notet. I drew the amendmen two months after any controlled Board and Treasury notes secured by collateral became the law.
United States Senate
On Feb. 25 1908 (Cong. Rec. 2429), within about
When this draft was written I was Chairman of the
"Record" a letter of
and had the committee prints made
admission to the United States. Senate, I put into the
t, a Committee on Banking and Currency
amendmen
this
of
authorship
my
ging
and to submit to
acknowled
members
Hon. James K. Jones,
the use of the committee
in 1899 above re- about May 1 1913, for
I had no reason to
copy of the amendment itself, and the article written
various citizens qualified to make useful suggestions.
fundamental principles and did not do so.
ferred to.
2427), I discussed the change my views on these
brought to my
On this day in a three-hour speech (Cong. Rec.
About June 1 1913 W. Parker Willis, of New York,
conmany
made
and
pending
then
ns
by him under
Aldrich bill for currency associatio
residence at Leroy Place, Washington, D. C., the draft made
Chairman
example,
made,
For
be
s.
to
then, or about
Glass,
structive suggestion
Carter
Mr.
of
direction
the
be
not
should
1st. That the volume of such emergency elastic currency
Currency Committee of the House of Representatives.
and
Banking
the
of
2435)
(p.
commerce.
Committee until
limited except by the actual requirements of our
Mr. Glass did not become Chairman of the Banking
Office had printed
This was accomplished by the Federal Reserve Act.
June 3 1913, seven days after the Government Printing
United
but
notes,
bank
national
be
not
should
2d. That this currency
and the credit of the my bill.
Wilson and
States Treasury notes based upon collateral security
I was advised that this bill had been submitted to President principle.
of the United States.
banks, and supported by the taxing power of the people
McAdoo and that it met their general approval in
Secretary
Act.
draft I was disturbed to find that while the
This was accomplished by the Federal Reserve
bank notes and the When I examined the Willis
banks it put
3d. The retirement of the bond secured national
bill provided for twenty Reserve cities and twenty Reserve
in
payable
to
referred
above
notes
forty of
Treasury
of
Issuance in lieu thereof
them all under one controlling directory of forty-three members, Reserve
Act.
Reserve
Federal
the
into
written
was
plan
Federal
This
twenty
the
2436).
of
the directors
by
gold (p.
elected
be
to
were
whom
currency
as such elastic
4th. The issuance of Treasury notes (p. 2436)
three ex-officio members representing the United States,
together with the other securi- banks and only
of a
using gold as cover of the sew currency,
putting the effective control of the credit system in the hands
thus
Act.
Reserve
Federal
the
ties. This has been accomplished in
central banking board of private persons. (Section 10.)
be
would
they
so
that
2444)
(p.
reserves
praccash
three
of
5th. This readjustment
An Executive Board was proposed to consist of nine members,
done in the Federal Reserve
three esreal reserves and actually available. This was
tical bankers, three named for long terms by the President, and
Act.
the Secretary of the Treasury, the Comptroller of the
members,
icio
off
govshould
which
principles
of Agriculture.
6th. I stated at that time the fundamental
of vital importance to be Currency and the Secretary
to tworen the statutes on banking and that the objects
The Executive Committee to be under the by-laws and subject
attained were:
thirds vote of the full board. (Section 11.)
business
of
stability
the
national
c
commerce,
Democrati
our
the
with
of
e
The prevention of panic, the protection
I did not regard this plan as a complianc
of the productive energies of
a central bank"i
conditions, and the maintenance In active operation
platform which had declared against "the establishment of
exclusively
the Nation.
was
and I insisted on the plan I had drawn of a board consistingconcur with
Aldrich bill
Vreelandthe
of
defect
vital
the
that
out
Mr. Glass to
7th. I pointed
banks and making the of Government officials. Being unable to induce
House in
White
the
at
In putting the currency system in the control of the
were all corrected my views, we submitted the matter to Mr. Wilson
currency difficult of access and expensive. These errors
had a conference of about two hours in the Cabinet Room
We
1913.
June
violently proIn the Federal Reserve Act.
of the and Mr. Wilson decided to support my views. The bankers
book "An
The Vreelahd•Aldrich Act, upon my demand made on the floor
and Mr. Glass gives an account of their protest in his
Bankers
United States Senate, March 25 1908, p. 3874, and accepted by Senator tested
"The
n Adventure in Constructive Finance," in Chapter 7, entitled
Aldrich provided for the National Monetary Commission. The Commissio
"
Excluded.
of
a
report
made
volumes,
of
2,500
sat for four years, collected a library
Reserve
The Willis draft, also Section 23, provided that the Federal "Said
33 volumes, and brought in a bill in 1912 proposing to repeat many of the
be bank notes instead of Treasury notes and proposed
errors I had pointed out, such as bank control, bank notes for currency, a notes should
bank notes except
notes shall be in all respects similar to existing national
central bank, etc., and to which I was unalterably opposed.
they
shall not bear any legend or superscription indicating that
The objections I had pointed out Feb. 25 1908 (p. 2433 and 2435) on that they
notes were to be
these
and
or other bonds,"
States
United
by
of
5
3
secured
and
are
and
1
s
of
Sections
the
limitation
that
the issuance of currency,
amount not to
and printed and delivered to any national Reserve bank in an
the Vreeland-Aldrich Act were unwise, proved to be very real indeed,
the
"a sum equal in the aggregate to double the face value of
on Friday, July 31 1914, when the European War broke out; I drew and exceed
stock of such bank."
offered an amendment suspending limitations imposed. On Wednesday, capital
over
This provision was not acceptable to me because:
Aug. 4, both Houses had agreed on Hu bill and in the meantime
make it sufficiently
1st: Making the money of the country more bank notes did not
$300,000,000 of emergency currency was shipped to New York and a dansecure.
s
of
Sections
the
of
limitation
suspension
the
by
prevented
country.
panic
the
of
war
money
gerous
2nd: It gave the National banks control of theSystem.
1, 3 and 5, against which I had protested Feb. 25 1908.
f 3rd: It expanded their power over the Credit
on the issue.
In this action Mr. Glass and Mr. McAdoo co-operated and Frank A. Van- 1[4th: It put an unnecessary restriction
bills or collateral.
it 6th: They were not secured by commercial and
derlip and Charles C. Glover were very active advocates.
the Party Platforms.
doctrine
democratic
to
6th: It was contrary
When the National Monetary Commission drew up its bill in 1912 to
that the "Currency should
declared
example,
for
1908,
of
The platform
establish a central bank under bank control with bank notes for money, a
on adequate
be issued and controlled by the Federal Government and loaned
propaganda was put on to secure public approval. The Democrats resisted
banks."
State
and
national
to
security
Trust."
this plan and opposed the so-called "Money
My own draft had followed the national platform and what I conceived
The House of Representatives under Resolutions 405, 429 and 504 authorthis
be the better policy. You will recall how tenaciously I defended your
to
to
the
Sees.)
facts
ascertain
2d
Cong.,
ond
(Sixty-sec
ion
investigat
ized an
in
position in a six-hour conference with Paul Warburg at Greystone
to enable the Congress to determine what legislation was needed. On
presence where he took the opposing positions.
obtained
May 16 1912, the sub-committee of which Mr. Pujo, of Louisiana, then
I immediately called on William J. Bryan at Calumet Place and
Chairman of the Committee on Banking and Currency, was Chairman, met
to correct this grave error on the currency of the Willis
on
co-operati
his
trust."
"money
the
of
to consider the subject
to the Presidraft. Be assisted me and Joseph P. Tumult,. then Secretary
You conducted this inquiry, and in my judgment you were the best
dent, co-operated, and my views prevailed.
on June 26
qualified man in America to do it.
myself
These fundamentals being reconciled, Mr. Glass and
The hearings continued to Feb. 26 1913. The "Record" makes 2226
as a basis for discussion in Congress.
bills
identical
introduced
1913
a
impression
made
profound
Trust"
pages and your report on the "Money
On Sept. 17 1913 the House passed the bill.
Banking and Curon Congress and on the country. It did you great credit and contributed
On Tuesday, Sept. 2 1913 as Chairman, I called the
in the most important way to crystalize public opinion in support of the
the Senate Bill, conrency Committee of the Senate to begin hearings on
of 3,100 pages.
Wilson Administration in passing the Federal Reserve Act, I certainly
testimony
taking
cluding the hearings on Oct. 27 1913,
felt grateful to you for this valuable and patriotic service, and for that I presided at these hearings.
I
sought
advice
views,
your
liberal
e
and
, which conreason, knowing your progressiv
On Oct. 25 1913 the hearings before the Senate Committee
frequently in working on the currency bill. You were certainly generous
closed and were followed
sisted of seven Democrats and five Republicans,
In the extreme. At your home you made various engagements for me to by various executive sessions, which demonstrated that it was impossible
because Mr. Hitchcock,
meet severally Frank A. Vanderlip, A. Barton Hepburn, Paul Warburg and
to obtain a committee report in the usual manner,
others whose intimate views I desired in framing the Federal Reserve Act. of Nebraska, joined the Republicans against his Democratic colleagues,
in
part
I
took
1913
organizMarch
in
met
Senate
When the Democratic
and 6. I then endeavored to get the six
select a more sympathetic dividing the Committee In 6
to obtain the sympathetic
ing the more progressive Democrats in order to
Democratic members together, but was only able
chairman of the Democratic Conference and thus control the Committee co-operation of three of them, two of them not fully approving my views.
on Committees, of which I became a member.
.722
THE CHRONICLE
These three authorized me, however, to frame the bill, which I did, with
constant collaboration with them. When we had finished this task, the
other two Democratic members consented to join the four members referred to and I made various concessions in order to get a bill which we
could present to the Democratic conference, reserving the right, however,
to bring up in conference any point upon which we had disagreed. Thereupon, the Democratic members of the Senate, excepting Senator Hitchcock,
met daily and for three weeks I defended the bill in conferences frequently
extending all day. The result was a bill with which I was completely satisfied, and which was acceptable to the Democratic conference and was put
through the Senate of the United States as a Democratic Party measure.
The original bill upon which Mr. Glass and myself tentatively agreed and
introduced June 26, passed the House with sane modifications, but the
changes in the Senate were so numerous when we had finished this work,
that I moved to strike out the House bill and substitute the Senate bill
which I had prepared and worked out in the Democratic conference
.
Senator Hitchcock, who took the pains to examine into it, said on Nov.
25 1913 (Cong. Rec., p. 6783) that only 40% of the House bill remained.
I think this is quite unimportant, as the fundamental principles upon which
Senator Glass and myself had agreed on June 26 remained in the bill, except that I recall I insisted on having the United States Treasury retain
its independence in making deposits.
On Dec. 19 1913 my substitute for the House bill was agreed to, yeas
54, nays 34. I found it expedient to have nine conferees appointed on
behalf of the Senate in order that I could control as a party matter the conferees. This I did by having four out of the six Democrats in active sympathy with me, and having the conference report treated as a Democratic
Party measure in which we did not permit the Republican members to
divide the Democrats and thus block or change the legislation. This explains why the conference report was signed only by Democrats.
On Dec. 20 the House appointed its three conferees. The conference
report was agreed to in the House by 298 to 60, and in the Senate at 2.30
p. m. on Dec. 23 1913 by 43 yeas and 25 nays.
The House conferees struck out two items I thought of special value,
one on domestic acceptances, which was written into the bill subsequently,
Sept. 7 1916, and one providing for exchange of Reserve notes for gold.
This latter provision was subsequently accepted by Congress
and proved
useful.
That same afternoon, Dec. 23, the President signed the bill and
presented me with one of the gold pens with which he signed the bill and
a
letter of appreciation for my services in which he was gracious enough
to
say:
The whole country owes you a debt of gratitude and admiration. It has been
a
lessure to have been associated with you in so great
a piece of constructive
gbdation.
[voL.
dation was made to the Board relative to the Cuban agency
of the Federal Reserve Bank of Atlanta:
The Federal Advisory Council recognizes that it is not advisable to discontinue the Cuban agency at this time. The Council, however, wishes to
reiterate the view to which it has given expression on several occasions in
the past, to wit: That it does not believe it to be good policy for the
Federal Reserve banks to establish agencies of the character of the Cuban
agency outside of the continental United States. The Council, therefore,
suggests to the Federal Reserve Board that it study the whole problem to
the end that, if possible, some plan be devised which may be an effectual
substitute for the present arrangement.
Dallas Federal Reserve Bank Commended by Stockholders' Association.
Commendation for the work of the Federal Reserve Bank
of Dallas in handling finances during the period of business
depression was voted on June 15 by the newly organized
Stockholders' Association of the bank, it is learned from
the Dallas "News," from which we also quote the following:
Officers were elected and a permanent organization formed with an advisory committee to confer throughout the year with the directors of
the
bank. More than 500 bankers attended the meeting, which was held
in the
crystal ballroom of the Baker Hotel.
W. W. Woodson of Waco was elected temporary .President, A. R. Davis
of Garland, temporary Secretary, and the association later voted to
continue them for the ensuing year. The advisory committee, consisting
of
seven men from Texas and one each from Louisiana, Oklahoma, Arizona
and
New Mexico, consists of the following:
A. F. Jones, Portals, N. M.; J. Melton Oakes, Homer, La.; F. 11.
Sherwood, Hugo, Okla.; Bracey Curtis, Nogales, Aria.; John Yantis, Brownwood
;
R. A. Underwood, Plainview; Ed Schmidt, Eagle Pass; Barlow
Roberts,
Sherman; Nathan Adams, Dallas; Ewing Norwood, Navasota,
and Harry
Baker, Paris.
The morning session was largely of an organization nature.
The general
banking and credit situation in the district was discussed
in the afternoon,
Lynn P. Talley, Governor of the bank, taking a prominent
part and answering many questions as to reasons tor various regulation
s in force. Both
sessions were executive.
Bank's Operations Reviewed.
Colonel C. C. Walsh, Federal Reserve Agent, explained
that the purpose
of the meeting was to form an unofficial organizatio
n which would bring
the member banks into closer touch with the
Reserve Bank. Governor
Talley gave.a review of the bank's operations
for the last year, showing
that operating costs have been cut materially, being
1500,000 less for 1926
than they were in 1921. Be also spoke of
the rapid improvement in business conditions over the district.
Credit problems of the bank were discussed by Governor Talley
and many
of the questions asked during the afternoon were
on this phase of operations. E. B. Stroud, legal counsel, told what
negotiable paper offered by
member banks is acceptable to the Reserve Bank and explained
the contractual relations, particularly as to collection of checks.
In addition to the resolution complimenting the Reserve
Bank for its
success, the association passed a resolution declaring
that too cheap credit
might result in harm to general business.
Many of the bankers felt that much had been accomplish
ed, they said,
that the formation of the advisory committee will enable
them to air grievances against the Reserve Bank and to suggest changes
in modes of operation. The advisory committee also is to meet and arrange
for the date and
program for the annual meeting. Each member bank is to
have one vote
in the association.
I was presented with a copy of the Act on vellum, identical in
form with
the bill which the President signed, and containing the signatures
of the
officers of the United States Senate and of the House of Representa
tives
and of the President, also a full set of the first Federal
Reserve notes
properly framed.
I thought Mr. McAdoo entitled to great credit in the
matter. The action
of President Wilson in making it an Administration measure,
throwing his
full strength behind it, settling disputes between parties
to the legislation
was splendid and vital to success.
I wrote a reminiscence of my personal connection
with the Federal Reserve Act in 1919 after it had proved its worth, a copy
of which I enclose. You will find in this little book that I gladly gave
Mr. Glass full
credit for his services as Chairman of the House Committee
, and that I
also recognized the work done by the committee members
of both the
House and the Senate and of the great bankers, business men
and counselors
who helped perfect the measure.
It would be extremely distasteful to me to engage
in any controversy
with Mr. Glass as to who rendered the greater service.
He did his utmost
to be of service, and so did I. Under the circumstan
ces, since it was your
wonderful work in conducting the Pujo investigation that
exposed the money
trust, and since I personally framed and had printed, as
Chairman of the
Committee on Banking and Currency of the United
Legal Reserve Requirements of Central Banks.
States Senate, the Federal Reserve bill, whose fundamental principals were
afterwards written
A summary of the legal reserve requirements of the
into the Act, and did this before Mr. Willis ever presented
Central
his first draft,
which I rejected, and which was never printed, it
seems somewhat un- banks in European and other countries appears in the June
gracious for my lifetime friend, Mr. Glass, to portray me
as approving an number of the Federal Reserve "Bulletin," which
intrigue to wreck the measure, or to belittle, in any
we quote
way,
me, in his narrative. I still retain in a vault the original either you or as follows:
Willis bill with
Legal
provisions prescribing the reserve requirements of the
Mr. Glass's notes on it, in his own handwriting, as a
part of my voluminous banks in
central
16 European countries and four other countries are
records of this interesting legislative experience.
summarized
below. The principal purpose of the summaries is to
Mr. Willis did a perfectly natural thing in following
Indicate for each
the National Monte- bank the amount
of reserve required by law, the character of those
tary Commission bill in making his preliminary draft
and Mr. Glass did of the bank
assets
which may be legally counted as reserves, and the extent
a natural thing in supporting his expert, for whom he had
to
great respect, in Which the required
reserve must consist of gold or may consist of foreign
yielding something to the bankers' views in order to reconcile
them to en- assets of liquid character.
ter the new system. We were all feeling our way
The summary also indicates whether reserves
with a patriotic end are required only
against the notes of the bank, or against its
in view.
demand
deposits as well.
There is enough credit in the whole performance to
do honor to all the
The
extent
to which gold and liquid foreign assets are in fact
leading participants without questioning the loyalty
held at
or in any way dis- present either as required reserves
crediting any who tried to help.
or operating reserves,
of liabilities involved, are discussed in the leading article and the volume
I sympathized, however, with Mr. Glass's displeasure
in this issue of the
with Colonel House's "Bulletin" (this we give in another
very unfair references to him and gave him a
item—Ed.1.
letter which he used in his
England.—Reserve of 100% required against Bank of
book to discredit Colonel House, as a witness against
England notes
him. Naturally, I do (except for the authorized fiduciary
not relish this witness then being used by him to
issue, L19.750,000). It must consist
discredit me, or to dis- of gold to the extent of at
least 80%. (Ever since 1853 it has been the
credit you.
practice of the bank to include no silver in its reported
I know of my own knowledge that your views
reserve.) There is
were substantially the same no specified reserve requireme
nt against currency notes.
as mine, and the photograph of Mr. Wilson's
memorandum referring to
France.—The law does not impose specified reserve
"Mr. Untermyer's paper" is not in the least
requireme
nts on the
convincing to me that the Bank of France. It does, however, Impose
paper referred to in any way contradicts what
a maximum limit on note
I personally know of your Issue; since Dec. 4 1925 this limit has
been 58,500,000.000 francs.
attitude. Your patriotic services in this matter
were very extraordinary
Oermany.—Reserve of 40% required against
and deserve the admiration of the country.
less than three-quarters of this reserve must no notes in circulation. Not
in
Yours very respectfully,
sion of any office of the bank or deposited with gold—gold in the possesforeign banks of Issue in
such manner as to be at the free disposal of the
ROBT. L. OWEN.
bank; the remainder may be
The pamphlet also contains the purported "Willis
In
exchange—bank notes, bills of exchange having
draft," 14 foreign
not more than
days to run, checks and other claims (payable on
which, according to Senator Owen, was rejected
demand in foreign
and never currency) against banks of known solvency
in foreign financial centres.
printed.
Japan.—Reserve of 100% required against notes
(except for the authorized fiduciary issue, 120,000,000 yen).
Not less than 75% of the required
reserve must consist of gold; the balance may be
in
silver.
Advisory Council of Federal Reserve Board RecomAustria.—At the present time a reserve of 20% is
required against notes
In circulation (less issue covered by
mends Continuance of Cuban Agency—Study
State debt to the bank) and demand
of
deposits. It may consist of gold,foreign
Question of Establishing Agencies Outside
currency,
foreign bills of exchange.
and credits or deposits available on demand
at leading banking centres in
United States Suggested.
Europe and America. The law provides
for
a
gradual
increase of the reserve
to 33 1-3%.
The Federal Reserve Board in its June "Bulletin"
makes
Belgium.—Reserve of 40% required against all liabilities
payable on
known the fact that at the meeting of the Federal Advisory demand, including both notes
in circulation and demand deposits. Threequarters of this reserve must be in gold; the
Council in Washington on May 20 the following recomme
balance may be in foreign exn- change con,vertibl
e into gold.
JUNE 25 1927.]
THE CHRONICLE
Bulgaria.—Reserve of 33 1-3% required against all liabilities payable on
demand, including both notes in circulation and demand deposits. It
may consist of gold, sliver at its current value in gold, and foreign exchange
and bank notes convertible into gold. (The law states that the bank will
endeavor to increase its reserve to 40%.)
Chile.—Reserve of 50% required against notes outstanding and deposits
combined. It may consist of gold (either in vault or earmarked abroad)
and demand deposits in foreign banks of high standing.
Czechoslovakia.—At the present time a reserve of 21% is required against
notes in circulation (less State notes debt balance) and all other demand
liabilities. It may consist of gold, silver, foreign currency, and foreign
exchange. The law provides for a gradual increase of the reserve to 35%.
Denmark.—A gold reserve of 33 1-3% is required against notes in
circulation.
Hungary.—At the present time a reserve of 20% is required against notes
In circulation (less issue covered by State debt to the bank), and all other
liabilities payable on demand. It may consist of gold, silver, stable foreign
currency, stable foreign bills of exchange, and credits and cash deposits
available on demand at leading banking centres in Europe and America.
The law provides for a gradual increase of the reserve to 33 1-3%.
Netheriands.—Reserve of 20% required against all liabilities payable on
demand, including both notes in circulation and demand deposits. It
may consist of gold and silver. (It is not the practice of the bank to
include any appreciable quantity of silver In its reported reserve.)
Norway —A gold reserve of 100% Is required against notes in circulation
(except for the authorized fiduciary issue, 250,000,000 kroner).
Peru.—Reserve of 50% required against all liabilities payable on demand
including notes in circulation and demand deposits. It may consist of gold
(at home or abroad) and bills of exchange on or balances in New York and
London.
Poland.—Reserve of 30% required against notes in circulation. It may
consist of gold, a limited amount of silver counted at its value in gold, and
specified foreign assets readily convertible into gold—foreign bank notes,
net balances abroad payable at sight or within 30 days, bills of exchange,
drawn on foreign banks of known solvency, and checks and claims payable
on demand in foreign currency.
Russia.—Reserve of 25% required against notes in circulation. It may
consist of gold, other precious metals, and foreign exchange.
Spain.—The requirement is that a reserve of 45% shall be maintained
for note circulation up to 4.000,000.000 pesetas and a reserve of 60% for
note circulation in excess of 4,000,000.000 pesetas. The required reserves
may consist of gold, silver, and balances held abroad at the immediate
disposal of the bank. Of the 45% reserve. 37 must be in gold, 3 may be in
balances abroad. and 5 may be in silver: of the 60% reserve 47 must be in
gold, 3 may be in balances abroad, and 10 may be in silver.
Sweden.—Reserve of 50% required against notes (except for the author
!zed fiduciary issue, 125,000.000 kroner). The entire 50% must consist
of gold, which must belong to the Riksbank and be located in Sweden.
Switzerland.—Reserve of 40% required against notes in circulation. It
may consist of gold coin and bullion. Swiss silver 5-franc pieces, and a
limited amount of silver 5-franc pieces of other countries of the Latin
Monetary Union (at the value of their silver content). (It is not the
practice of the bank to include any appreciable quantity of silver in its
reported reserve.)
Treasury Department Closes Offer to Purchase Second
Liberty Loan Bonds from Holders—Proposals
Aggregating $63,000,000 Accepted.
Secretary of the Treasury, Andrew W. Mellon, announced
on June 23 that the privilege of tendering second Liberty
4% bonds for sale to the United States
Loan 4% and 41
expired at the close of business on June 22. According to
reports received from the Federal Reserve banks, about
$72,000,000 face amount of bonds were tendered, including
$324,000 of 4% bonds. The proposals accepted by the
Treasury aggregated about $63,000,000 face amount at -an
average price for the 4%% bonds of par plus 15 -32nds.
The maximum price was 100
The bonds which failed of
acceptance by the Treasury were rejected because the price
at which the bonds were offered was considered too high.
The Treasury Department's offer to purchase the bonds
direct from the holders was noted in our issue of June 18,
page 3571.
Seymour Lowman Named Assistant Secretary of
Treasury, Succeeding L. C. Andrews, Resigned.
President Coolidge on June 10 appointed Seymour Lowman of Elmira, N.Y., as Assistant Secretary of the Treasury
to take the place of Lincoln C. Andrews, resigned. The
appointment will become effective Aug. 1. Mr. Andrews
resignation was referred to in our issue of May 28, page 3153.
Three-Power Naval Conference at Geneva—Statement
by Hugh Gibson Presenting Message of President
Coolidge—American Naval Limitation Proposal.
The three-Power conference at Geneva, designed to bring
about the further limitation of naval armaments in which
the participants are the United States, Great Britain and
Japan, was formally opened on June 20 with the presentation
of the American proposals by Hugh S. Gibson, head of the
American delegation. In indicating that the United States
proposed to hold to the 5-5-3 naval ratio proposed at the
Washington Conference in 1921, the Associated Press
accounts from Geneva June 20 said:
Hugh S. Gibson, who was o acted President after the adoption of a cordial message of greeting to President Coolidge for convoking the conference,
proposed in behalf of the American delegation maximum and minimum
total tonnage figures slightly under the(misting strength, but on the basis of
the ratio five tor the United States and Great Britain and three for Japan.
3723
and pledged an American welcome for the lower figures of the other nations
so desired.
Though carefully avoiding talking terms and figures, Japan virtually recommended the maintenance of the status quo in cruisers, destroyers and
submarines, with prohibition of the building of additional warships.
Reopening the Washington conference decisions, Great Britain urged reducing the size of battleships, cruisers and aircraft carriers and also the size
of their guns. W. C. Bridgeman, First Lord of the British Admiralty,
argued that the British proposals would involve a genuine reduction of armaments and bring great economies.
The first American reaction to the recommendation of Japan is that it
would strangle future American freedom in naval construction, and to the
recommendations of Great Britain that it would at least be difficult to have
any thought of accepting them. It is admitted that the British suggestions
mean limitation downward, not upward. But aside from the objection of
reconsidering the Washington treaty, with France and Italy, co-signatories,
absent, the Americans gravely doubt the wisdom of decreasing the size of
battleships and cruisers, and especially cruiser guns, which was fixed .t
Washington after due regard for the needs of American national safety and
with the approval of the five participating Powers.
The proposals of all three delegations will be combined if possible into
a single harmonious project.
The delegates to the conference sent the following message, proposed by
Admiral Viscount Saito of Japan, to President Coolidge:
"To the President of the United States
"Profoundly and cordially appreciating the humane and wise initiative of
the President of the United States In convening the present conference with
a view to the further reduction of the burden and danger of naval armaments,
the delegates assembled desire to tender him this expression of their highest respect and their strong hope sof a most satisfactory result."
The State Department at Washington was advised on •
June 21 by Ambassador Gibson of the suggestion at the
Conference that a technical committee be formed to exchange statistics, Mr. Gibson's advices being as follows:
With a view to the proper consideration of the proposals submitted by the
governments of the United States, of the British Empire and of Japan
on June 20, it is suggested that a technical committee be formed to exchange agreed statistics of the present cruiser, destroyer and submarine
tonnage of each of the three powers and of the designed tonnage of ships
of these classes comprised in programs now authorized and appropriated
for, and any other information tending to clarify the proposals of the three
governments. In this manner the conference will be in position to start Da
deliberations on an agreed basis of fact.
In Geneva advices (Associated Press) the same date
(June 21) it was announced that the Executive Committee
of the conference, under the presidency of Mr. Gibson had
decided to convoke a meeting of the technical experts of
Great Britain, the United States and Japan. Continuing
these advices stated:
The experts were instructed, first, to exchange views and reach an agreement on the existing status of the three navies, including building programs
and second, to begin study of the three sets of proposals placed before the
conference yesterday, with a view of clarification of their real purport.
An official communique was issued saying the Executive Committee had
adopted a resolution in which it suggested that a technical committee be
formed to "exchange agreed statistics of the present cruiser, destroyer
and submarine tonnage" of each of the three powers and of the designed
tonnage of ships of those classes comprised in the naval programs now
authorized and for which money has been appropriated: also "any other
information tending to clarify the proposals."
The resolution concluded with the hope that in this manner the conference
would be in a position to start its deliberation on "an agreed basis of fact::
The same cablegram said:
Admiral Saito in a statement to The Associated Press tonight, hi which
he explained the purport of the Japanese proposals, threw an entirely
new light on some of Tokio's intentions and justified the belief of the
American delegation that an agreement would be more possible on a basis
of the Japanese plans than the British. He made it clear that in America's
future cruiser building program she could under the Japanese project scrap
some of her numerous destroyers and put the tonnage thus saved into
cruisers.
As any low limitation scheme would undoubtedly involve the scrapping of
American destroyers because of their superior numbers, the head of the
Japanese delegation declared that by the transfer of destroyer tonnage
American cruiser power could be brought up to meet any American requirements.
But Admiral Salto emphasized that Japan wanted to keep her existing
or contracted-for strength in cruisers, numbering thirty-two with a total
tonnage of 200,000. It is evident that on these figures the United Stetes
would be ob.iged to possess eventually some thirty high-powered cruisers
of 10,000 tons each,if she desired to keep the parity of 5-5-3, which was fixed
at the Washington Conference for battleships.
The Admiral admitted that the Japanese plan allowed the construction
ofsmall submarines without limit, but that these were purely for the defense
of Japan's extensive island coast line.
It was stated on June 22 that the State Department
had been informed that day by Ambassador Gibson that the
following communique had been issued by the conference:
The technical committee, established on June 21 by resolution of the
executive committee of the conference, met today to exchange information
with a view to elucidating in a more detailed manner the respective proposals.
The Geneva accounts on June 21 indicated that a possible
solution was shaping of the problem presented at the Conference by Great Britain's desire to reopen and transform
at Geneva the fundamental provision of the Washington
naval treaty, including the size of battleships, cruisers and
aircraft carriers. It was further observed by the Associated
Press:
As a measure of conciliation it is not impossible that the American
delegation will propose the adoption by the conference of a resolution
that any agreement reached at Geneva will not prejudice the agents of the
second Washington conference, to be held in 1931. This, by the very
terms of the Washington Treaty itself, must convene to determine Whether
the developments of science justify any modification of the decision relative
to the size of battleships, cruisers and sircraft earners.
3724
THE CHRONICLE
In this connection it is pointed out that the recent transatlantic flights of
Lindberg and Chamberlin have raised the question whether aircraft carriers
should not be increased in size and number to meet the rapidly developing
speed of intercontinental air communication.
The American delegation is clearly opposed to any direct reconsideration
of the Washington agreements with France and Italy, the two signatories
not parties to the present parleys, but may attempt to meet British ambitions half Way by suggesting such a resolution as the foregoing, with the
idea that a building program on which no immediate speed was necessary
could be held in abeyance until the second Washington conference.
[VOL. 124
I am sure that I vo'ce the feel ng of all the members of the conference n
expressing regret that all the powers parties to the Wash ngten Treaty have
not felt that they could participate fully in our work. We have no doubt,
however, that both France and Italy share our desire that naval building
programs should be limited, and I am confident that the result of our work
here will be of a character to facilitate their future co-operation with us
in a task which the five powers initiated and 'which I trust will be carried
forward by the five powers as a common enterprise in the interest of peace.
Pending the time that this may be possible we are glad to welcome the
representatives of France and of Italy who have been sent here to follow the
of the conference.
It was noted in the Washington dispatch June 22 to the work
In view of the work which has been initiated here by the Preparatory
New York "Herald-Tribune" that no "take it or leave it" Commission for the Disarmament Conference, it is entirely fitting that
attitude is assumed by the American government. This the consideration of further naval limitation should take place in Geneva,
and I desire to express the appreciation of my Government for the courtesy
dispatch went on to say:
of the Swiss Government, whose hospitality we are enjoying, and our thanks
The early stages of an international conference from which much is hoped to the Secretary General of the League of Nations for the facilities so kindly
could hardly be helped by an ultimatum. There is no desire, therefore, placed at the disposal of the conference.
on the part of the United States to decline to give the most careful considOur deliberations will have a farreaching influence, as they will serve to
eration to any proposals offered by the other parties to the conference in the determine not only the feasibility of further progress in naval limitation,
hope that some arrangement can be reached in line with the American pro- but will also have an important bearing upon the practicability of the
gram.
endeavor to deal with the general problem of armaments.
We must recognize that we are dealing with the least intricate phase of
At the Geneva sess:on June 23 Lord Cecil, on behalf of the problem of armaments.
If we should fail to make definite progress, a
Great Britain who laid before Ambassador Gibson the de- serious blow would be dealt to efforts which are being made to limit land
and air armaments. On the other hand, our success would materially aid
sirability of reducing the size of battleships, aircraft carriers the Preparatory
Commission in its task of
general
and cruisers, which was definitely fixed at the Washington conference on the limitation of armaments. opening the way for a
Representing as we do the powers which now lead in naval armaments, it
parley. Lord Cecil stressed this from the viewpoint of
appropriate that we should assume all responsibility for Initiating further
economy and practical expediency says the Associated Press, is
naval limitation. If we were not prepared to limit we could not expect
which added:
others to do so.
Fortunately our task is made easier by the fact that we are here to comThe British spokesman later informed The Associated Press correspomdent that the British were convinced that reduction in the size of plete a program successfully Initiated at Washington in 1921 and that we
warships would not only mean economy to the taxpayers but would be have as a basis for our work principles which have stood the test of five
a real step toward outlawing wars. He made it clear that the British years' practical application.
Further, we can start with assured agreement on the following points:
idea is that each power represented at the present conference should justify to the others whatever requests are made for tonnage in the various
1. That in the interest of international understanding there should be
classes of warships. He doubted exceedingly whether the United States no competition between the three powers in the building of naval armaments.
2. That our respective navies should be maintained at the lowest level
could prove America's necessity for haying as many cruisers as Great
Britain, as, for instance, to protect trade routes, because it was generally compatible with national security and should never be of a size or character
to warrant the suspicion of aggressive intent.
recognized that a large part of American trade was transported on British
3. That a wise economy in government dictates that future naval conships.
struction should be kept to a minimum.
4. That the methods and principles of limitation set forth in the WashingThe same thing could be said for Japan, despite the fact that Japanese
ton Treaty are both effective and should be extended to all categories of
have sometimes to voyage afar to transport merchandise and acquire combatant
vessels of the three powers.
raw material.
The four points I have indicated should consitute a valuable basis
From the Associated Press cablegrams yesterday (June 24) agreement from which we can approach the consideration of the special
it is learned that Great Britain will accept parity with the requirements of each of the powers here represented.
with your permission, it may be well for me to take this occasion
United States in 10,000-ton cruisers according to the British to Here,
state briefly the general views of the American Government.
delegate, Mr. Bridgeman. Yesterday's Cablegram (AssoThe proposals made by the American Government at the Washington
Conference covered auxiliary vessels as well as capital ships. At that time
ciated Press) also said:
we might have been justif ed in insist ng that before we sacrifice capital
If the British project is agreed to the 10,000-ton category would disappear ships where we
had assured preponderance there should be a general limitawhen the time comes for replacement of the vessels, and the maximum of all tion of all classes
of vessels. It was the desire of the American Government
would then be 7,500 tons.
that there should be.a general limitation on tile ground that any failure to
The American delegates continue absolutely opposed to the British make
the agreement comprehensive would leave one or more classes open to
suggestion for discussion during the present meeting of the agreement the continued evils of competitive
building.
reached at the Washington Naval Conference in 1922.
Practical obstacles were encountered, however, in making such a comThe delegates met and decided to ask Mr. Bridgeman to act as chairman prehensive agreement, and the American Government
felt that to insist
of the executive committee. They decided to ask the naval advisers to upon the adoption of its original proposals in
regard to auxiliary vessels
form groups to study from a technical viewpoint the question of limitations would jeopardize the success of the conference and lead to the
indefinite
of cruisers, destroyers and submarines.
postponement m any naval limitation.
The British scheme for reducing the tonnage of cruisers built hereafter
We therefore consented to restrict the field of agreement, and directed
frcm 10.000to 7,500tons necessarily involves the question of the competency our efforts toward achieving limitation of capital ships and aircraft
carriers.
of the conference to reopen questions decided at the Washington conference. We recognize that all powers parties to the
Washington Treaty made
The maximum tonnage for cruisers was fixed at Washington at 10,000, substantial concessions in order to make possible
a limitation of these
which figure the American delegation is seeking to maintain.
classes of vessels and the fact that our sacrifices in 1921 were numerically
The Associated Press was informed to-day the Japanese delegation has of- more considerable than those of other
powers is not to-day a cause of regret
ficially notified the British group that the reopening of the Washington to us.
agreements would exceed the mandates of the present conference.
The results achieved amply Justified them. I feel, however,that I should
It v as aoved to-day that any formulas drawn up by the subcommittees point out that our present
naval situation as regards auxiliary vessels is
of the conference will be subject to review by the executive committee.
due in large measure to our reluctance to embark upon an extensive building
More hopeful opinions were expressed unanimously by the delegates this program so long as there
Is any hope that an early agreement may be reached
afternoon.
for the limitation of such vessels. It Is well known that the President has
Reiterating that the reduction in the size of warships, outlined in the recently exerted his
influence to postpone construction by the United States
British proposals would mean not only a saving for the taxpayer, but would in the hope that it
may be possible at this time to reach an agreement:which
signify a definite move toward outlawing wars, the British spokesman said will obviate the
need or inducement for further competitive building.
Great r Main,from the very nature of her acceptance of President Coolidge's
Our policy with respect to naval armaments is guided solely by the desire
invitation, had a right to reopen the Washington discussions.
for adequate defense. We have no intention of maintaining a naval force
It was recalled the acceptance said the British Government was "prepared which
could be regarded as a threat to any power. Neither have we any
to consider to what extent the principles adopted at Washington can be desire to
initiate a competitive building program In any class of vessel which
carried further either regarding the ratio in different classes of ships be- might
influence others to lay down more vessels than they would otherwise
tween various Powers,or in any other important ways.
consider necessary.
France and Italy, which participated in the Washington
Pursuant to this policy the United States is prepared to accept a general
conference, are interested in the present parley to the extent program providing for as low a total tonnage in each class of auxiliary
vessels on the basis of the Washington treaty ratio as will be acceptable to
of having "observers" present. Elsewhere in this issue we the
other powers here represented. The American delegation has come to
give the British and Japanese proposals submitted at this the conference with an estimate of what we consider equitable
tonnage
week's conference. The statement made at the opening allocations in the various categories of vessels, but with no rigid quantitative
proposals. We are prepared to discuss the question of tonnages fully and
session by Mr. Gibson (who, besides being head of the Amer- frankly in the light of our several legitimate needs. It is
our desire to have
a real limitation which would oblate the necessity for extensive building
ican delegation, is Ambassador to Belgium) follows:
It it my agreeable duty to convey to you the following message from programs in the future and we feel that we should therefore keep in mind
that the fixing of unduly high tonnages for various classes of auxiliary
the President of the United States:
I am deeply gratified that the representatives of the British Empire and vessels would not be calculated to achieve this result.
the
meeting
representatives of the United States to conwith
of Japan are
American Suggestions.
sider measures for the futher limitation of naval armaments through the
The American suggestions are based on the following considerations:
extension of the principles of the Washington Treaty.
An agreement rendering impossible any form of naval competition
1. That the ratios and principles of the Washington treaty be applied
between the three powers will have a lasting influence in cementing the
cruisers, destroyers and submarines.
present relations of good understanding between the three countries and to2.
That any agreement concluded here by the three powers to limit the
constitute a definite step in advance toward the common objective of a building
of auxiliary vessels should be made coterminous with the Washinggeneral limitation of armaments.
ton
treaty
and contain the same general provisions for extension or modifiPlease assure the representatives of the British Empire and of Japan that cation.
It may be desirable to include an additional provision respecting
I am only interpreting the overwhelming sentiment of the American people revision
in the event of an extensive building program by a power not a
in stating that the United States will do its utmost to make such an agree- party
to any agreement we may conclude.
ment possible.
3. That for the purpose of the future limitation of naval armaments.
CALVIN COOLIDGE.
auxiliary vessels be divided into four categories, three of which,
Your Government's response to the President's proposal and your cruisers, destroyers and submarines, shall be subject to limitation,namely,
with a
presence here make it clear that you share the President's desire to extend fourth category of negligible combatant value not subject to limitation, as
follows:
the principles of the Washington Treaty and thereby avoid a recurrence of
(A) Cruiser class, including surface naval combatant vessels between
the evils of competitive naval building. Our work Is thus beginning under 3,000 tons and 10,000 tons.
(B) Destroyer class, including all surface naval combatant vessels between
favorable conditions,and we are fully justified in feeling that with a common
purpose,a common interest and mutual good-will we shall find a satisfactory 600 and 3,000 tons with a speed greater than 17 knots.
(C) Submarine class, including all vessels designed to operate below the
solution to the problem wh'ch has been entrusted to us.
surface of the sea.
THE CHRONICLE
JUNE 25 19271
(D) An unrestricted class, including other naval vessels of negligible
combatant value, the definition of vessels failing in this class to be subject
to technical agreement.
Before suggesting tonnage allotcations in the various classes, I desire to
state that we frankly recognize that naval requirements are relative, that
building programs on the part of the one power may well require corresponding programs on the part of the other, and that if these limits were adjusted
for one of the three powers,they should be so adjusted for all.
The tonnage allocations suggested by the American delegation as a basis
of discussion are the following:
Cruiser Class.
xTonnage.
250,000 to 300,000
United States
250,000 to 300,000
British Empire
150,000 to 180,000
Japan
Destroyer Class.
xTonnage.
200,000 to 250,000
200,000 to 250.000
120,000 to 150,000
United States
British Empire
Japan
Submarine Class.
xTonnage.
60,000 to 90,000
United States
60,000 to 90,000
British Empire
36,000 to 54,000
Japan
x Total tonnage limitation.
If any of the powers represented here feel justified in proposing still
lower tonnage levels for auxiliary craft, the American Government would
welcome such proposals.
In order to obviate the scrapping of comparatively new vessels in one
class and the simultaneous building of vessels in another,a wasteful method
of procedure, the American proposals contemplate an adjustment over a
period of years between the cruiser and destroyer classes.
If it should eventually be possible to reach a general agreement between
all naval powers to abolish submarines, the United States would not be
unfavorable to its consideration. My Government realizes, however, that
such action in order to be acceptable, must necessarily be universal.
The technical details of the foregoing proposals are being submitted to
you in written form.
We must not underestimate the difficulties of the task we have before us
but I feel that we may approach it with optimism. The difficulties we may
encounter will result primarily from the difference in the character of the
technical naval problems with which our countries are faced. Problems of
this character we shall be able to take up and determine on their merits in
a spirit of mutual accommodation, each having due regard for the needs of
the others.
We have none of us a right or interest to maintain a naval force which
would constitute a threat to any one of us. We have every right to maintain
a naval force sufficient for our legitimate requirements of national defense.
The relations of friendship which exist between our peoples make it unthinkable that we should any of us contemplate a naval program which
would be a just cause of apprehension to the others.
We have only faithfully to translate into written agreement the feeling
of cordial understanding between our countries and our peoples and thus
make it impossible, in so far as this can humanly be done, that naval
rivalry should ever disturb the relations between us.
According to Washington Associated Press advices, June
20, the official American memorandum circulated at the
opening session of the Conference for the Further Limitation
of Naval Armament at Geneva, containing the technical
details of the American proposals, was as follows:
Outline of American Proposals.
1. The proposed new treaty to supplement the Washington Treaty should
be conterminous with it and contain provisions for extension or modification
similar to those of the Washington Treaty. It might be desirable to provide
for the possibility of reconsideration in the event thac the requirements of
national securitY of any contracting power in respect of naval defense are,
In the opinion of that power, materially affected by any change of
circumstances.
2. Provisions for the limitation of auxiliary naval armament should be
by classes of vessels as follows:
(a) The cruiser class.
(b) The destroyer class.
(c) The submarine class.
(d) An exempt class, not subject to a limitation.
3. Limitation by total tonnage in each of the several classes should be
modified as necessary to provide for transition from the status quo to the
final tonnages in each of the several classes.
4. The United States, while suggesting tonnage limitations at various
classes, will accept as low a total tonnage limitation in each of the several
classes of auxiliary vessels, on the basis of the principles of the Washington
Treaty ratio, as the British Empire and Japan will accept.
Definitions.
The cruiser class shall include all surface naval combatant vessels which
are of standard displacement of more than 3.000 tons and not exceeding
10.000 tons and not carrying guns exceeding eight inches in calibre.
The destroyer class shall include all surface naval combatant vessels of
standard displacement of 600 tons and not more than 3,000 tons, which
have a designated speed greater than 17 knots.
The submarine class shall include all vessels designed to operate below
the surface of the sea.
An unrestricted class to include vessels of limited combatant value. The
technical definition of vessels to fall within such a class should be the subject
of future agreement.
Replacenunt.
The ago limit for replacement in the several classes shall be as follows:
1. Cruisers, 20 years.
2. Destroyers, 15 to 17 years.
3. Submarines, 12 to 13 years.
Proposals for tonnage limitations by classes:
Cruiser Classes.
For the United States, 250.000 to 300.000 tons.
For the British Empire, 250.000 to 300.000 tons.
For Japan, 150,000 to 160.000 tons.
Destroyer Classes.
For the United States, 200,000 to 250.000 tons.
For the British Empire, 200,000 to 250,000 tons.
For Japan, 120,000 to 150,000 tons.
3725
Submarine Class.
For the United States, 60,000 to 90,000 tons.
For the British Empire, 60,000 to 90,000 tons.
For Japan. 36,000 to 54,000 tons.
In order to provide for the transition from the status quo to the proposed
definitive tonnage limitation in the cruiser and destroyer classes, it is
suggested that during the transition period existing cruiser and destroyer
tonnage be considered together and that the tonnage to be scrapped be the
excess over the comtined cruiser and destroyer tonnage limitations. Replacement in each class should, however, only be permitted within the
allowed maximum tonnage of that class. As applied to cruisers on the
basis *of a total tonnage of 300,000 tons and to destroyers on the oasis of a
total tonnage of 250,000 tons, the proposal would work out as indicated
below:
(a) The total combined tonnage of both cruiser and destroyer classes of
vessels of all ages shall not exceed at any time:•
For the United States. 550,000 tons.
For the British Empire, 550,000 tons.
For Japan, 330.000 tons.
(b) The total tonnage of tne cruiser class, less than 20 years old from
date of completion, shall not be augmented so as to exceed:
The United States, 300,000 tons.
The British Empire. 330,000 tons.
Japan. 180,000 tons.
(c) The total tonnage of the destroyer class, less than 15 years old from
date of completion, shall not be augmented so as to exceed:
The United States. 250,000 tons.
The British Empire. 250,000 tons.
Japan, 150,000 tons.
(d) All excess in the allowed combined tonnage of vessels of the cruiser
and destroyer classes now existing shall be scrapped. The choice of vessels
to be scrapped shall be made by the power whose vessels are to be scrapped.
Within the allowed tonnages no vessels scrapped shall be replaced until the
date when she would have reached the age limit of her class.
According to the New York "Times" the effect of the
American proposals at Geneva for further scrapping of
warships was outlined in an explanatory statement given
out at Geneva and Washington, as follows:
If the plan outlined in the American proposal were adopted on the basis
of 300.000 tons of the cruiser class for the United States and the British
Empire, and 180,000 tons of Japan. and 50,000 tons in the destroyer
class for the United States and the British Empire, and 150,000 tons of
Japan, the following is an approximate estimate of the tonnage that would
have to be scrapped, provided existing programs of construction were
brought to completion:
The United States would have to scrap immediately about 60,000 tons of
auxilliary combatant surface vessels and 80,000 additional tons of such
vessels upon the completion of the present building program.
The British Empire would have to scrap about 60.000 tons of auxiliary
combatant surface vessels upon completion of the present building program.
Japan would have to scrap about 40,000 tons of auxiliary combatant surface
vessels upon the completion of her present building program.
If the plan outlined in the American proposal were adopted on the basis
of 90,000 tons of submarines for the United States and the British Empire,
and 54,000 tons of submarines for Japan, no scrapping of submarines would
be necessary until present building programs are brought to completion.
Most of all vessels to be scrapped under the American plan are now or
soon will be obsolete.
This plan stops competitive building, which is the chief objective of this
conference, avoids scrapping of new construction and permits moderate
replacement and building programs within clearly defined limits. .
If a lower limit of total tonnage of (he cruiser, destroyer and submarine
classes were agreed to, the scrapping programs would be correspondingly
increased and the possible building programs would be curtailed.
Three-Power Naval Conference at Geneva-British
Proposals.
As we indicate in another item, the three-power conference
on limitation of naval armament, was opened at Geneva on
June 20 by Hugh S. Gibson,head of the American delegation,
and the proposals presented by him in behalf of the United
States are given in that item. We give here the proposals of
Great Britain submitted by W. C. Bridgeman, First Lord of
the British Admiralty. In referring to the British proposals
it was stated on June 20 by the Geneva correspondent of the
New York "Herald-Tribune" that Great Britain reopens
questions settled at the Washington conference of 1921 by
suggesting a further limitation of the number of battleships
that may be built thereunder, suggests reducing the size
and armament of both battleships and cruisers and accepts
the 5-5-3 ratio ta apply to 10,000-ton cruisers, but does not
mention its application to smaller types." The summary of
Mr. Bridgeman's speech embodying the British proposals,
(as made public at Washington, June 20) is taken as follows
from the "Herald-Tribune:"
After thanking the President of the United States of America for the
invitation to the conference, and the League of Nations for their kindness in
affording facilities, Mr. Bridgeman mentioned that the Admiralty proposals
intended to be laid before the Washington powers were actually in the hands
of Mr. Baldwin when President Coolidge's invitation was received. He
said:"It is a matter of deep regret to His Majesty's government that Franca
and Italy have not found themselves able to take part. But it is my earnest
hope that any agreement which may be reached in this conference will be of
such a nature as to make it easier for them to consider adherence at no very
distant date."
Urges Complete Frankness.
Mr. Bridgeman then drew attention to the great achievements of the
Washington conference which put an end to the danger of ruinous competition in naval armaments which seemed then imminent and moreover proved
the possibility of limiting them by agreement. The time was now ripe for a
further extension of this principle, he said, and "I am quite convinced that
we are all animated by a strong desire to reach agreement and a readiness
to appreciate the special conditions which differentiate our respective
positions. And I think our deliberations are more likely to reach a success-
3726
THE CHRONICLE
[VoL. 124
Cul conclusion if each country adopts an attitude of complete frankness in inaugurated in such auspicious circumstances. The Japanese
delegation
stating what naval force they want and why they want it. I am assuming firmly believe there ought to be nothing to prevent
that desired end from
that none of the countries represented here to-day requires a navy for being attained if proper and sympathetic
consideration be given to the
aggressive purposes and that we have come together to consider what we peculiar conditions and requirements of
the respective nations and if the
require respectively for the defense of our existing interests and are prepared interested States are determined upon
frank and sincere co-operation and
with arguments in support of these requirements based on purely defensive are guided by a spirit of accommodations.
considerations."
In the admirable speeches to which we hat's just had the privilege of
Defines Britain's Position.
listening, both the American and British delegates have expressed their
The British Empire's position was then defined by the First Lord as views on the question of auxiliary vessels. While declaring our readiness to
resting on the following factors:
accord the most careful and sympathetic consideration to any proposals
1. On insular position of the mother country, dependent for raw materials, that have been or will be made, we may be permitted to submit to the
food and her very existence on the free passage of the seas. This made their conference an outline of our views in this matter.
position unique and made discussion of naval disarmament more difficult
The purposes for which auxiliary craft may be employed are manifold
than for any other power.
and their utility and value to each respective country vary according to the
2. Length of trade routes.
3. Extensive coast lines of all parts of the empire and the long lines of special conditions of that country. It may be said, however, that the
communication to be protected against any danger.
requirements of each nation in regard to auxiliary craft are reflected in what
The position was of vital seriousness to them; but at the same time he that nation possesses actually or in authorized programs. For that reason,
said: "We feel that there are limitations in naval armament, beyond those in any discussion concerning auxiliary vessels, adequate consideration must
which have been accepted in the Washington conference, to which we be given to the existing status of each nation in that particular respect.
could safely agree if the other powers found themselves able to consent."
The most important object of an agreement looking to limitation of
Mr. Bridgeman then proceeded to lay the British proposals briefly before armaments lies in preventing the expansions of armaments without at the
the conference as follows:
same time endangering the national security of any power party to that
1. The extension of the accepted life of existing capital ships from 20 to agreement.. Such radical departures from existing conditions, therefore, as
26 years and a consequent waiver by the three powers of their full rights may be calculated to shake the foundation on which the sense of security
under the replacement tables agreed upon at Washington. Such an arrange- of a nation rests should be carefully
avoided.
ment would naturally have to provide for some little elasticity on each side
of that figure.
Japanese Proposals.
2. The fixing of the life of other vessels:
The Japanese delegation ventures to submit here a practical plan of
Eight-inch gun cruisers at twenty-four years.
B) Destroyers at twenty years.
limitation which may be summarized as follows:
C) Submarines at fifteen years.
IN. B.—Capital ships and air craft carriers covered by the Washington
3. The reduction in the size of any battleships to be built in the future
from the present limit of 35,000 tons displacement to something under naval treaty are not included in this proposal.
1. None of the conferring powers shall, for such period of time as may
30.000 tons.
4. Reduction in the size of guns in battleships from the present limit be agreed upon, adopt new building programs or acquire ships with the
of 16-inch to 13.5-inch.
5. Limitation of the displacement of aircraft carriers to 25,000 tons in- purpose of increasing its naval strength.
2. By the term "naval strength" used in Article 1, is meant the total
stead of 27,000 tons.
6. Reduction of guns on aircraft carriers from 8-inch to 6-inch.
tonnage comprised in the category of surface auxiliary craft and the total
7. Acceptance of the existing ratio 5-5-3 for cruisers of 10,000 tons dis- tonnage comprised in the category of submarines to be agreed upon on the
placement carrying 8-inch guns.
The numbers of these larger cruisers which each of the three countries basis (a) of the tonnage of completed ships actually possessed by each
Power which have not reached the replacement age specified in Article 4,
require can be the subject of further discussion.
8. A limitation of 7,500 tons and 6-inch guns to be placed on all future and (b) of the designed tonnage of ships now in course of construction by
cruisers after the number of 10,000-ton cruisers has been decided upon.
that Power.
9. Limitation of displacements of (a) destroyer leaders to 1,750 tons;
In determining the naval strength to be allotted to each power. (a) the
(b) destroyers to 1,400 tons.
designed tonnage of ships not yet laid down, but which are embodied in
10. Guns on destroyers to be limited to 5-inch.
authorized building programs, and (b) the tonnage of ships which will
Question of Submarines.
11. Submarines. We have not changed our mind since the Washington pass the replacement age during the execution of such programs, shall
conference, when our delegates expressed their willingness to agree to also be taken into consideration.
the discontinuation of the use of submarines in warfare. But we recognize
3. The following ships are excluded from the application of the foregoing
that powers which possess fewer of the larger vessels of war regard the two
articles.
possession of submarines as a valuable weapon of defense.
(a)
Ships not exceeding 700 tons in displacement.
At the same time we feel that if the proposals we have put forward for
limitation of battleships and other more powerful vessels of war should
(b) Surface ships carrying no gun exceeding 3 inches in caliber or carrybe accepted it would not be unreasonable to suggest some limitation in ing not more than four
guns exceeding 3 inches and not exceeding 6 inches
the size and perhaps also in the number of submarines.
We,therefore, propose that the tonnage of the larger type of submarines in caliber, with or without any number of guns not exceeding 3 Inches in
be limited to 1,600, and of the smaller type to 600 and the armament of each caliber, provided, however,that the speed thereof shall not exceed 20 knots.
to five-inch guns. We also think it would be desirable to discuss the pos(c) Aircraft carriers under 10,000 tons.
sibility of limiting the number of submarines according to our varying re4. Each power may replace ships which shall have passed the ages herequirements; and it must be borne in mind that any limit placed on the
number of submarines would make it easier to limit the number of destroy- under specified or which shall have been lost, by the construction or acers,and if agreement were reached on these points with other powers it might quisition of ships of the corresponding category within the limits of the
be possible also to consider the numbers of cruisers each of us should naval strength prohibition under Article 2.
possess. It will be noted that we have not made any definite proposals with
Surface auxiliary craft: Above 3.000 tons, 16 years; under 3,000 tons.
regard to miscellaneous vessels, such as mine layers, small aircraft carriers,
torpedo boats, mine sweepers, fleet auxiliaries and purely local defense 12 years: submarines, 12 years.
vessels. We have, however, prepared a comprehensive classification table
Provided that although the normal ages for the replacement of ships are
which includes all types of vessels with suggestions for the limitation of their
tonnage and armaments designed solely with a view to preventing their de- those above specified, exceptions may be permitted in case the conditions
velopment in such a way as to jeopardize the security arising out of any at present prevailing call for any special adjustments to be made.
5. Any tonnage in excess of the naval strength prescribed in accordance
agreement we may reach in regard to the more Important types of vessels.
After outlining his proposals, the First Lord made it clear that he spoke with the provisions of Articles 1 and 2, as also any ships replaced by others
with the consent of his colleagues there who were plentipotentiaries for under the provisions of Article
4, shall be disposed of according to the
the Dominions,and explained that the plenipotentiaries of Great Britain and
the Dominions were all appointed as representatives of His Britannic Maj- provisions to be agreed upon.
6. Appropriate regulations shall be provided in respect of replacement
esty, and he added that as regards the form of the treaty which may result
from the deliberations of this conference. 'It is our desire, in accordance construction in order to avoid sudden displacements of naval strength as
with the resolutions of the Imperial Conference which met last year, and between
the conferring Powers and to equalize, as far as possible, the
the statement made by Sir Austen Chamberlain at the March meeting of
the Council of the League of Nations, that such treaty should be made in the amount of annual construction undertaken by each.
name of the heads of States."
•
The object of his proposals, Mr. Bridgeman said, was to secure economy
in the replacement of ships as they become obsolete and to eliminate the
danger of rivalry in new vessels by stabilizing their size and armament.
Bill for Danish Arms Cut Defeated—Landsting Rejects
He made, however, one reservation. Owing to the position of Great
Army and Navy Reduction by Vote of 39 to 24.
Britain in relation to Europe. it was necessary to guard against an increase
of naval strength on the part of Powers not signatory to an agreement
The Danish Landsting on June 8 by 39 votes to 24
reached relating to the United States, Japan and the British Empire in
which, accordingly, provision for reconsideration would be needed. He
hoped most earnestly, however, that European powers would find it possible rejected the disarmament bill which caused much stir when
to give their adherence to the agreement, thereby reducing the danger and introduced by the late Social-Democratic Government, says
perhaps making it possible to go more fully into the question of limiting
numbers in other categories. His proposals had been framed with that in copyright advices from Copenhagen to the New York
view.
In conclusion, he assured the conference of the deep feeling amongst his "Times," the account adding:
countrymen in favor of a further agreement and his most fervent hope that
The bill, which was carried in the Kolketing in March 1928, provided
what he had said might lead to a satisfactory result.
for a reduction In military costs from over 560,000,000 to 117,500,000
annually, the Army to be replaced by a military guard corps and the navy
home waters and to inspect fisheries, and also called
Three-Power Naval Conference at Geneva—Japan's to be only a guard for
for the abolition of the general conscript system and the dismounting of
Proposals.
fortifications.
In its proposals presented at the Geneva three-power
conference held this week, the Japanese Government,
through Admiral Viscount Minoru Saito, made the suggestion
, that "none of the conferring powers shall, for such period of
time as may be agreed upon, adopt new building programs
• or acquire ships with the purpose of increasing its naval
strength." Viscount Saito's address, delivered at the
opening session on June 20, was given out as follows by the
Japanese Embassy at Washington:
It is the traditional policy of the Japanse government to give the heartiest
support to all measures and endeavors which, in whatever form, aim at
promotion of the peace of the world and the welfare of mankind.
It was in keeping with that fundamental policy that they gladly participated in the Washington Conference of 1921-1922, Which presented an
epochmaking treaty to the world.
It was in this spirit also that they have from the outset freely and loyally
co-operated In all the efforts and labors of the League of Nations directed
to the object of general disarmament, especially in those made by the
preparatory Committee, which recently sat in this room.
True to that spirit again, the Japanese government most promptly and
wholeheartedly agreed to the American proposal to hold the present conference. The people and government of Japan sincerely desire that an arrangement fair and satisfactory to all may result from the conference now
Coolidge
Addresses National Editorial
Association.
At the summer White House, in the Black Hills, South
Dakota, President Coolidge last week addressed the members of the National Editorial Association, in a brief
speech delivered on the lawn of his summer quarters. The
President's remarks follow:
President
It is a great pleasure to welcome your association to South Dakota. It
is true that I have been here only two or three days, but the people have
extended to us such a hearty welcome that I feel like one of the oldest
Inhabitants and consider myself endowed with the privilege of extending
a welcome to you in behalf of the State.
Some of you I have seen at other times in Boston and Washington, and I
am glad to see you are taking the opportunity of looking over our wonderful State in the tour you are now making. I doubt if you will find anything more inspiring than this locality and State. Other places may have
developed more industrially and have a longer history, but none is more
romantic, and I do not know any that has made such a development in such
a short time. When you write your dispatches I want you to advertise this
wonderful country. I am going to do all I can to advertise it.
Many of you are a long way from home. I myself am 1,800 miles from
my base, yet I am in intimate touch with Washington as if I were in Bab
3-Ina 251927.1
Tab CHRONICLE
timore, Cleveland or Philadelphia. Reports are coming to me from Washington all the time telling what is going on.
I am especially interested to-day in receiving a report on the Conference
on Naval Armament which is assembling in Geneva next Monday. I will
watch the outcome of this conference with a great deal of interest and
with the hope that our country and those interested will receive great
benefits.
It is not my purpose to make an extended address, but I did want to tell
you how glad Mrs. Coolidge and myself have been to welcome you to our
summer home.
Gov. Young of California Grants Pardon to Charlotte
A. Whitney, Convicted of Violating Criminal
Syndicalism Act.
On June 20 Governor C. C. Young, of California, issued a
complete pardon to Charlotte A. Whitney, who had been
convicted of violating the California Syndicalism Act. The
constitutionality of the Act was upheld by the United States
Supreme Court on May 16, and the conclusions of the court
were given in these columns May 28, page 3157. As a result
of the pardon granted by Governor Young, Miss Whitney is
spared from a one to fourteen-year term in San Quentin
Prison. According to Associated Press accounts from Sacramento June 20:
Governor Young gave as his reasons for the issuance of the pardon:
"Because I do not believe that under ordinary circumstances this case
would ever have been brcught tu trial.
"Because the abnormal conditions attending the trial go a long way toward explaining the verdict.
"Because I feel that the Criminal Syndicalism Act was primarily intended
to apply to organizations actually known as advocates of violence, terrorhan
or sabotage, rather than to such organizations as a Communist labor party.
"Because the judges connected with the case as well as the authors and
some of the strongest advocates unite in urging a pardon.
"Because not only the evidence but also the testimony of all Miss Whitneys' acquaintances show her to have the utmost respect for law and to be
adverse to violence in any form; because her imprisonment might possibly
serve a harmful purpose by reviving the warring spirits of radicals, through
making her their martyr.
"Because whatever may be thought as to the folly of her misdirected sympathies, Miss Whitney, lifelong friend of the unfortunate, in any true sense,
Is not a criminal and to condemn her at sixty years of age to a felon's cell
Is an action which is absolutely unthinkable."
Hoover, Secretary of Commerce and Chairman of the
Cabinet Relief Committee appointed by President Coolidge.
Such losses, said Mr. Hoover, in a statement in the New
Orleans "Daily States," probably will run from $200,000,000
to $400,000,000. Engineering plans for flood control must
be changed, Mr. Hoover added, indicating that the levee
system must be strengthened and supplemented. The
statement said:
In human terms, this Mississippi River flood of 1927 means 750,000
people flooded, 600,000 driven from their homes or made derendent upon
relief.
The economic loss will probably run from $200,000,000 to $400,000,000.
That 1,500,000 of our countrymen should continue to live in such Jeopardy
is unthinkable.
America will spend more than $30,000,000 in flood relief in one form
or another this year, and that is but a small part. Every worker, every
farmer, every investor in the United States will bear some part ofthe shock.
All engineering plans for flood control of the river mrst be revised against
any possible combination of floods from their tributtries.
The main thing is a plan, bold and strong enough to deal with the question
of finality. For we must live with the river for thousands of years yet.
As an engineer I have a technical interest in this problem; as a citizen
my mind is filled with recollections of suffering and misery I have seen.
The levee system must be revised and strengthened. Above all we must
have some safety devices to relieve the strain on the levee system in periods.
of superfloods and make them absolutely sure once and for all.
Spillways in Louisiana are proposed. There are approximately three
spillway locations: The Atchafalaya River; some spot on the Mississippi
east bank above New Orleans, opening direct into Lake Pontchartrain;
some spot on the Mississippi east bank.below New Orleans, approximately
where the levee was dynamited at Caernarvon. Reservoirs in the upper
reaches of all tributaries are also proposed.
I believe that we can give secrity to the people living below the levees.
We cannot abolish the levee system. We can strengthen the levees and
supplement them strongly with safety devices of one kind or another.
Petition Before United States Supreme Court for Rehearing of Conclusions Affecting Criminal
Syndicalism Act.
A petition for a rehearing and for stay of mandate has
been filed before the Supreme Court of the United States
in the case of William Burns, who was convicted under the
Criminal Syndicalism Act of California. As stated in these
columns May 28 (page 3157) the Supreme Court of the
United States on May 16 affirmed the judgment of the lower
court. The "United States Daily" of June 20, in indicating
that a petition for a rehearing had been filed, said:
As a ground for the petition the petitioner seeks to show that, in the
decision of the court, the court erred in failing to hold that the statute, for
prosecuted and convicted
error, violates the Fourteenth Amendment to the Constitution of the United States in that the
plaintiff in error has been held responsible for the unlawful'
doctrines and
precepts of an organization without proof that he had any knowledge of
and
precepts.
doctrines
such unlawful
It is contended that this point was duly reserved in the District Court,
presented in the Transcript of Record in the Supreme Court of the United
States, and argued before the Supreme Court.'
It is stated that in the case of Harold E. Fiske against the State of
Kansas, it was held that displaying and distributing the Preamble to the
Constitution of the Industrial Workers of the World, soliciting members
of that organization, and being authorized to organize members into that
organization imparts no such criminality as to constitute an offense punishable by the State.
On this basis it is contended that, in the instant case, this plaintiff in
error did exactly, knew exactly and had exactly the game authority in the
Yosemite National Park as Harold E. Fiske did and had in the State of
Kansas.
The argument is advanced that if the acts of Fiske did not show any
criminality, then the identical acts of Burns could not show any knowledge
on his part of the unlawful purpose of the organization to which he belonged. Thus, it is raid'
"We have a case where this statute has been applied to convict a man
for adherence to unlawful doctrines and precepts of which he had no knowledge."
The petitioner seeks to point out that the court failed to consider one of
the most substantial objections to the statute as applied to this ease. It is
conended that the statute is in violation of the Fourteenth Amendment.
And it is said:
"When said objection to the statute is fully considered, it must be held
that the statute as interpreted in this case attempts to write into the law the
principles of guilt by association, and to establish the crime of constructive
conspiracy; that that principle and that crime violate the guaranty of the
Fourteenth Amendment to the Constitution of the United States hat no
citizen shall be deprived of his liberty except by due process of law."
a violation of which this plaintiff in error was
as applied in the prosecution of the plaintiff in
Mississippi Flood Loss Estimated at $200,000,000 to
$400,000,000 by Secretary Hoover—Present Task of
Rehabilitation to be Hastened—Consideration
of Flood Control Problem Begun.
The first official estimate of the losses occasioned by the
recent Mississippi floods was made June 18 by Herbert
3727
Supplementing this statement early this week in Washington, Mr. Hoover asserted that little or no effect would be
exercised on the prosperity of the country as a whole by the
floods. The losses, though vast, are but a small percentage
of the national income, he pointed out.
The refugees, meanwhile, are steadily returning to the
homes despoiled by the muddy torrent. The water level in
the entire valley is dropping and as more land reappears,
boats take the farmers back to the nearest levee where
trucks wait to complete the journey. All are anxious to
make crops, it is said, and enter upon the work with promising determination.
A further statement was given out in Washington by
Secretary Hoover on June 19, in which the need for speeding
the work of rehabilitation was emphasized. The problem of
flood control will come later, Mr. Hoover said, urging that
immediate attention be given the great present task of replacing on farms and industries the army of unfortunates
who were forced to flee. His remarks, reported in the New
York "Times," were as follows:
At this moment we have Just one great task demanding immediate attention, and that is the replacement on farms and in industry of this great
army of unfortunate people.
The problem of flood control will come later. There is no minimizing
the size of the Job facing those who are giving their time, without remuneration or hope of reward, except that of gratitude and the consciousness of
duty well done, to this task, involving as it does the greatest peace-time
calamity in the history of our country.
Personally, I have no doubt but we are going to master the situation.
The personnel of the organizations created to handle the job is alone a
guarantee of success. It includes the very best of the citizenship of the
States, counties and municipalities that were in the path of the deluge.
Just how long it is going to take, I cannot say, but it will probably be
many months before the word "end" is written to the last chapter in this
heart-breaking and pathetic story of suffering, destitution and homelessness.
Mr. Hoover returned to the flood district Wednesday to
resume active charge of the work. He indicated that
arrangements have been completed for a systematic health
program over the flood States, especially directed against
malaria, typhoid, &c. In the meantime, engineers of the
army, headed by Major-General Edgar Jadwin, are studying
every angle of the complicated engineering problem of
flood control. The House Committee on Flood Control,.
of which Representative Frank R. Reid of Illinois is Chairman also will begin a survey of the flood zone in the next
few weeks.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The New York Stock Exchange membership of Arthur S.
Wheeler was reported posted for transfer this week to Robert
H. Loeb, the consideration being stated as $210,000. Last
preceding sale was for $220,000.
Stockholders of the Drovers' SE Mechanics' National Bank
of Baltimore will shortly be asked at a special meeting to
authorize a proposed increase in the bank's capital from
$600,000 to $1,000,000 as recommended by the directors of
the institution on June 21. The new stock, according to the
Baltimore "Evening Sun" of June 21, the par value of which
is $100 a share, will be offered to the stockholders at $200 a
3728
TTEFI CHRONICLE
share. The last sale of the bank's stock in the open market
was $425 a share. Shareholders will have the right to
subscribe for the new stock to the extent of two-thirds of
their present holdings. Of the proceeds of the sale(3800,000)
$400,000 will be added to capital and $400,000 to surplus,
giving the institution a capital of $1,000,000 and combined
surplus and undivided profits of $1,500,000. Deposits
approximate $17,000,000. During the Presidency of Heyward Boyce—a period of less than nine years—the deposits
of the institution have increased approximately $7,000,000;
surplus and undivided profits have practically doubled, and
the dividend rate has been increased from 10% per annum
to 18%.
[Vox,. 124.
Berry will take up his new duties on July 1. Mr. Berry was
connected with the Hong Kong & Shanghai Banking Corporation for eighteen years and has been Vice-President of
the Baltimore Trust Co. for the past seven years.
Guy E. Tripp, Chairman of the board of directors of the
Westinghouse Electric & Manufacturing Co., a director of
the Chase National Bank of New York, and various other
organizations, died on June 14. He was in his 63d year.
During the war Mr. Tripp served as Chief of the Production
Division of the Ordnance Department, U. S. A. He entered the military service in January 1918 with the rank of
Major in the Ordnance Department and within ten months
had been made a Brigadier-General and Assistant to the
The directors of the Bank of the Manhattan Company Chief of Orddnance of the United States Army. When he
of this city have recommended to their shareholders that the retired, after the armistice, he received the Distinguished
capital be increased from $10,700,000 to $12,500,000, the Service Medal for "particularly meritorious service."
enlarged capital to consist of 125,000 shares with a par value
of $100. The stock has heretofore consisted of shares having
a par value of $50. The additional stock is to be issued for
the purpose of acquiring the Bank of Washington Heights
at 1915 Amsterdam Ave., which is to be merged with the
Bank of the Manhattan Company. It is announced that
the stockholders of the Bank of the Manhattan Company
will be given the right to subscribe to 10% of the par value
of their holdings at $250 a share for each share of the new
$100 par stock. The Bank of thc Manhattan Company is
one of the last of the old New York banks to change the par
value of its shares from $50 to $100. Special legislation was
enacted for this purpose at Albany. The old $50 shares are
selling at $290, or at the rate of $5580 for the new shares.
The meeting of shareholders to approve this increased
capitalization and the merger with the Bank of Washington
Heights has been called for Aug. 2. The main office of the
Bank of the Manhattan Company is at 40 Wall St., with
branches in Manhattan at Union Square and 16th St.; also
at 43d St. and Madison Ave. In addition it maintains
39 offices covering Queens and a large section of Brooklyn.
With the acquisition of the four branches of the Bank of
Washington Heights the bank will have 46 offices in New
York City. The Bank of Washington Heights was organized in 1901. Besides its main office at Amsterdam Ave.
and 155th St., it has branches at 171st St. and Broadway,
181st St. near St. Nicholas Ave., and Dyckman St. and
Sherman Ave. It is planned to continue the present staff
of the Bank of Washington Heights in charge of their respective offiges. When the new stock has been issued the
Bank of the Manhattan Company will have a capital of
$12,500,000, a surplus of $12,500,000 and undivided profits
in excess of $6,000,000.
In order to maintain a proper ratio between capital and
deposits in conformity with conservative banking practice,
the directors of the Bowery & East River National Bank of
this city have called a special meeting of stockholders for
July 28 at its main office, 1451 Broadway, for the purpose
of approving an increase in the capital of the institution. It
is proposed to issue 10,000 additional shares of stock to
stockholders at a price of $450 a share. Deposits of the
bank now total more than $82,000,000, whereas at the end
of last year the aggregate reported was $67,238,269. It is
proposed to add $1,000,000 realized from the sale of the new
stock to capital, bringing it up to $4,000,000. The balance,
$3,500,000, will be allocated to the surplus account, thereby
Increasing surplus and undivided profits to $7,273,828. Total capital, surplus and undivided profits will stand at $11,273,828, as compared with $6,773,828 on March 23 1927.
Last week the bank increased its dividend rate from $14 to
$16 annually.
•
John T. Pratt, a member of G. M. P. Murphy & Co. and a
director of the Delaware & Hudson Co., International Acceptance Bank, J. G. White & Co., Inc., the New York New
Haven &,Hartford RR., etc., died suddenly in his office at
26 Broadway, this city, on June 18. Mr. Pratt was a son of
Charles Pratt, founder of the Pratt Institute of Brooklyn,
and co-founder of the Standard 011 Co. Among his numerous other interests Mr. Pratt had served as a trustee of
Pratt Institute. He was in his 54th year.
On June 17 John J. Daly was elected a Vice-President of
the Madison State Bank of this city. Mr. Daly was formerly an Assistant Secretary of the Fidelity Trust Co.
The board of directors of the Chase National Bank have
appointed Jose Emilio Obregon a manager of the Havana,
Cuba, branch. Mr. Obregon, who has been associated with
the Havana branch of the Chase bank since April, has for
many years been identified with financial affairs in Cuba.
The newly organized West Hempstead National Bank, of
West Hempstead, N. Y., is slated to begin business about
July 15. The proposed formation of the bank was noted in
these columns April 16, page 2233. The application to
organize was approved by the Comptroller of the Currency
on April 12. The bank will start with a capital of $50,000
and surplus of $25,000. It will be under the direction of
Stephen A. Bedell, President, E. N. Townsend and Howard
S. Brower, Vice-Presidents, and George Langdon, Cashier.
Vice-President Townsend is a partner in the firm of Curtis
& Sanger.
Carrying out its program of extension of services, The
First National Bank of Jersey City on June 22 opened a
branch bank in the Old Bergen District, at 89 Monticello
and Harrison Avenues. This is the second branch to be
opened by this institution within the past ten days and,
with the main office at Number 1 Exchange Place, gives
The First National three offices.
A special meeting of stockholders of Provident Trust Co.
of Philadelphia will be held on July 6, for the purpose of
voting upon the agreement between Provident Trust Co. of
Philadelphia and The Commonwealth Title Insurance &
Trust Co., for the purchase of the stock of the latter by the
Provident Trust Co. At the same time the plans to increase
the Capital Stock of Provident Trust Co. from $2,000,000
to $3,200,000 will be acted upon, the increase in capital to
become effective immediately. The par value is $100, and
the stock is to be exchanged on the basis of four shares of stock
of Provident Trust Co., of Philadelphia for five shares of
stock of The Commonwealth Title Insurance & Trust Co.
of Philadelphia. An item regarding the negotiations apAt a meeting of the board of trustees of the Equitable peared in our issue of April 16, page 2235.
Trust Co. of New York on June 21 Thomas M. Debevoice
was elected a trustee of the company. Mr. Debevoise is
attorney for John D. Rockefeller Jr. and the Rockefeller
Foundation. He is a native of New York City, a graduate
of Yale University, and New York Law Schools, and a director of a number of corporations.
John L. Merrill, President of All-America Cables, Inc.,
was elected a director of the Grace National Bank at a
meeting of the board of directors on June 22.
The directors of the Interstate Trust Co. of this city have
elected E. Milton Berry, Vice-President of the Baltimore
Trust Co., a Vice-President of the Interstate Trust Co. Mr.
In Its Issue of June 9 the Philadelphia "Ledger" stated
that the directors of the Broad Street Trust Co. of that city
had recently voted to increase the capital of the institution
from $500,000 to $1,000,000 and a special meeting of the
stockholders has been called for Aug. 8 to vote on the proposition. According to a statement made the previous day
(June 8), the new stock will be allotted to present stockholders' share for share at a price to be determined upon before the shareholders meet. The bank's last statement showed
surplus of $300,000; undivided profits of $39,000; contingent
reserve fund of $38,000, and deposits of $2,400,000. The
company, whose main central city office is at the northeast
corner of 12th and Arch streets, and which maintains branch
JUNE 25 1927.]
THE CHRONICLE
streets,
offices in the Majestic Hotel at Broad and Girard
according to the "Ledger," is about to erect a bank and
the
office building on the site of the old Cramp Mansion at
northeast corner of Broad and Stiles streets, which the
company has just purchased. The lot is 77 by 160 feet and
is believed to have been acquired for approximately $325,000. The plans for the new building call for banking rooms
on the first floor of the building facing on the Broad Street
front and eitending 100 feet in the rear. The rest of the
structure will consist of a ten-story office building, with its
entrance on Broad Street, north of the entrance to the bank.
In architecture the building will be Philadelphia Colonial,
of brick, the bank and main floor to be ornamented with
stone and the skyline with terra cotta. The officers of the
Institution are: Joseph W. Salus, President; S. C. Kraus
and Hubert J. Horan Jr., Vice-Presidents; H. J. McCaully,
Secretary and Treasurer; Louis E. Mill and Aiken C. Mueller, Assistant Secretaries and Treasurers, and Francis K.
Hammon, Title Officer.
3729
Co. and other Cleveland institutions to form the Union
Trust Co. in 1921, Mr. Hale became a Vice-President
of
of the new organization, the position he held at the time
his death. Mr. Hale was fifty-eight years of age.
Edwin V. Hale, Vice-President of the Union Trust Co., of
Cleveland, died on May 18 at the age of 58, after a lingering
illness. Born in Cleveland in 1869, he was the son of E. B.
Hale, the founder of one of the first banking firms in Ohio,
known as E. B. Hale & Co. He started his business career
with the old Western Reserve Bank, and in 1898 was made
Secretary and Treasurer of the American Trust Co. After
the formation of the Citizens Savings & Trust Co. he was
made Treasurer of that organization, in 1903. Ten years
later he was named Vice-President, and when that bank
merged with other Cleveland banks to form the Union Trust
Co. he went into that institution, where he remained until
his death.
Formal merging of the Commonwealth-Federal Savings
Bank of Detroit and the Commercial State Savings Bank of
A merger plan under which Mitten Management, Inc., of that city to form the Commonwealth-Commercial State
Philadelphia was to assist in the direction of the banks of
the Brotherhood of Locomotive Engineers in various parts
of the country and which, it was said, would have linked the
9,000,000 total resources of the Brotherhood banks with a
substantial amount of new capital, was withdrawn from,
by the Philadelphia corporation yesterday (June 24),
according to the following dispatches by the Associated
Press from Philadelphia and Cleveland yesterday, printed
in the New York "Evening Post" last night:
Bank (the proposed consolidation was referred to in our issue
of May 7, page 2704) takes place to-day (June 25). The
consolidated bank, according to the Detroit "Free Press" of
June 19, will have combined capital and surplus of $2,000,000
and total resources in excess of $23,000,000. It will maintain
twenty-two branches throughout the city. Beginning Monday, June 27, the new organization will have its main downtown office in the former head office of the CommonwealthFederal Savings Bank in the Hammond Building. Pending
the remodeling of the banking quarters and the installing of
new fixtures and furniture—alterations which, it is said, will
require at least a month to complete—the former main office
of the Commercial State Savings Bank will be operated as a
downtown branch. The roster of the new bank is as follows:
Elbert H. Fowler, Chairman of the Board; J. W. McCausey,
Mitten Management, Inc., of Philadelphia, to-day withdrew from the
proposition to assist in the direction of the banks of the Brotherhood of
Locomotive Engineers.
The proposition had been before the national convention of the Brotherhood of Locomotive Engineers for more than a week. It provided for
Mitten Management, Inc., of which Thomas E. Mitten is the head, to
direct Brotherhood banks in various parts of the country.
A bank in Philadelphia controlled by the Mitten interests and one owned
by the Brotherhood here recently were merged under Mitten Management.
aent and Chairman
The following telegram was sent to-day to William B. Prenter, President President; Martin E. Galvin, Vice-Presi
of the Brotherhood, by Dr. A. A. Mitten, Vice-President of Mitten Man- of the Executive Committee; C. R. McLaughlin, Frank Wolf,
agement and a son of Thomas E. Mitten.
H. Talbot, G. W.J. Linton, W. W.Smith and T. Allen
"The apparent impossibility of there being a sufficiently unanimous Fred
Vice-President
accord of the convention in approval prompts us now to request that the Smith, Vice-Presidents; Howard P. Parshall,
proposition by which our organization agreed to assist in the development of and Cashier; and Arnold Baenziger, W. R. Seawright, Bert
your banks and, at the request of your advisory board, Mitten personally
over Owen, Arthur 0. Dahlstrom and Earl A. Robinson, Assistant
act as trustee in the working out of Venice and your other slow assets
your
by
n
further
consideratio
from
withdrawn
now
be
period,
Cashiers. The board of directors includes the following:
an extended
B.
Frank Hooker Alfred, David H.Barnett, James R. Blackwood, James
convention."
in
E.
development
estate
Venice, mentioned in the telegram, is a real
Bradley. Alexander Freeman, Thomas Forman, M.E. Galvin, Clarence
Frank G.
is
Gittins. John S. Haggerty, Benton F. Hall, Alfred E. D. Allan,
Florida, in which an investment company controlled by the Brotherhood
W.
Baxter, Elbert H. Fowler, James H. Garlick, Lewis G. Gorton, George
interested.
H.
Announcement from Philadelphia that the Mitten Management, Inc.. Graves, George G. Harvey, Ernest 0. Knight, C. R. McLaughlin, Paul
LocoRobert
of
King, H. Wm. mare, Joseph W. McCausey, T. J. W. McCausey,
has withdrawn from a proposed alliance with the Brotherhood
A.
a
while
Comfort
comes
Talbot,
enterprises
H.
Fred
business
Oakman, W. W. Smith, Daniel P. Markey,
motive Engineers in the operation of its
Guy W.
special finance committee of the engineers was still studying the proposal.
Tyler, Frank Wolf, Albert E. Manning, Frederick C. Mathews,
Clyde I.
The committee announced yesterday it hoped to make a recommendation Moore, Charles P. Sieder, William H. Steger, Carl 'I'. Storm,
to the convention "in a short time."
Webster, Arthur E. Wood, and Fred L. Woodworth.
Dr. A. A. Mitten appeared twice before the convention to explain the
plans for the affiliation, but the convention had taken no direct action pendThe Guardian Group of banks in Detroit announces that,
lag the recommendation of its committee.
Guardian
through an oversight in the preparation of the
At a meeting of the directors of the First National Bank Group Booklet (now being distributed), the name of Howard
of Philadelphia on June 16, Carl H. Chaffee, Cashier, was M. Smith, who is Vice-President of the Guardian Detroit
elected Vice-President. He will continue as Cashier also.
Company,in charge of its New York office, was not included.
According to the Philadelphia "Ledger" of June 16, S. Y.
Ramage has resigned as a Vice-President and a director of
the Oil City National Bank, Oil City, Pa., and E. C. McFate
has been elected to the office of Vice-President, while John
L. Vaughn and Walter W. Faller have been appointed Cashier and Assistant Cashier, respectively.
A charter was issued by the Comptroller of the Currency
to the Economy National Bank of Ambridge, Pa., on June 7.
The institution which began business June 20 has a capital
of $100,000 and surplus of $15,000. Its officers are F. C.
Schroeder, President, L. C. Beal, Vice President and J. H.
Murdock, Cashier,
Edwin V. Hale, a Vice-President of the Union Trust Co.
of Cleveland and proinent in the business and social life
of that city, died on June 18 after a prolonged illness.
Mr. Hale, who was the son of E. B. Hale, founder of one of
the first private banking firms in the State of Ohio was born
in Cleveland and received his education at the Central
High School of that city, Brooks Milit'ry Academy and at
Yale University. His banking career began with the old
Western Reserve Bank of Cleveland. In 1898 he was
elected Secretary and Treasurer of the American Trust Co.
of Cleveland and in 1903 when the Citizens' Savings &
Trust Co. was organized he became Treasurer of that
institution. Ten years later he was made a Vice-President.
Upon the amalgamation of the iitizens' Savings & Trust
The Guardian Group of financial institutions is composed of
the Guardian Detroit Bank, the Guardian Trust Co. of Detroit and the Guardian Detroit Co.
S. Ross, Manager of the foreign division of the National
Bank of the Republic, Chicago, sailed this week on the
"Aquitania."
An application to organize the Blackstone National Bank
of Chicago, Ill., was received by the Comptroller of the Currency on June 7. The institution will have a capital of
$200,000 and surplus of $50,000. The stock will be in shares
of $100 and will be placed at $125. The proposed location of
the bank is 1365 East 47th Street.
According to the Louisville "Courier-Journal" of June 21,
a meeting of the stockholders of the Louisville National Bank
of that city will be held on July 18 at which time they will be
asked to vote on a proposed increase of 50% (from $500,000
to $750,000) in the capital stock of the institution; the
changing of the bank's name from Louisville National Bank
to Louisville National Bank & Trust Co., and the investment
of $150,000 in the stock of the Louisville National Co., a new
affiliated organization. An explanation of the questions to
be submitted, accompanying the notice of the rneeting sent
to the stockholders by Richard Bean, the bank's President,
as printed in the "Courier-Journal," said in part as follows:
department, as we want to
We are building up the personnel for a trust
Therefore, we think it
engage actively in the handling of trust business.
3730
THE CHRONTOLE
advisable to change our name as suggested, for that
will call the public's
attention to the fact that we are now serving in all
trust capacities.
Our banking business has increased so enormously
that it seems advisable
to make an increase in our capital stock. Furthermore,
we need $150,000
to put into the new affiliated company—the Louisville
National Co. That
will be the bond investment and real estate
lending department cf our
business. We already have an experienced real
estate man organizing that
department and we look forward to a profitable
history for it.
Now as to the new capital stock, our suggestio
n is that we Fell the 2,500
shares to the stockholders at $200 a share,
which will produce $500,000.
We will take $150,000 of that for the capital
of the Leuimille National Co.
We will take $250.000 of it for increased capital
stock of our bank, and add
the remaining $100,000 to surp(us. Our financial
structure will then show.
in round figures, these amounts: Capital stock,
$750,000; surplus, $500,000;
and undivided profits, $150.000.
In addition to these figures, each share of bank
stock will call for one-fifth
of a share of stock in the Louisville National
Co.
[VoL. 124.
a city of outstanding prominence and business
future in the Southwest
as well as a most desirable place of residence. He
will mimediately take
up his duties with the Second National Bank with
the firm belief in the
future destinies of Houston and will bring to the
management of the bank
the benefit of an unusually wide and diversified business
experience.
The following has been issued by the Bank of Italy
of Italy National Trust & Savings Association), San (Bank
Francisco, in regard to the increase made last week in the bank's
dividend rate and to which we referred in last Saturday's
"Chronicle" (June 18), page 2586:
Increase in the annual dividend rate of the Bank of Italy
to $5.24 per
share of $25 par value—equivalent to $21 on the old $100
par value stock
has been approved by the institution's board of directors.
The dividend Is payable quarterly at the rate of $1.31 on
each share.
On the basis of the present capitalization represented by
1,200,000 shares
of stock, the bank will distribute more than $1,500,000 in
dividends each
three months' period.
Prior to the stock split of 4 to 1, with a reduction in par value
from $100
to $25 per share, which occurred immediately after the
nationalization
of the Bank of Italy last March. the annual dividend was
$18, or the
equivalent of $4.50 on the new stock. The present increase
of approximately $3 per share therefore gives the stockholders an
additional yearly
return of 16%.
Dividends are payable on the combined shares of the Bank
of Italy National Trust & Savings Association and its affiliated organizat
ion, National
Bankltaly Company (formerly Stockholders Auxiliary
Corporation) the
stock of which is owned share for share by the bank stockhold
ers.
"The present Increase in the dividend was determined
upon as a result
of the sustained earnings of the institution," said
James A. Bacigalupl,
President of the bank, in commenting upon the board's
action. "Since
our consolidation with Liberty Bank of America in
the spring, there has
been an eminently satisfactory growth in net profits,
and it is our expecattion
that these shall not only be sustained, but also
materially increased.
"The policy of the bank has always been to maintain
the dividend in
proper relation to the earnings, so that the stockhold
ers might participate
in the prosperity their investment has fostered.
Whenever it has become
evident that the profits have reached a permanent
ly higher level, the dividend has correspondingly increased. That Is our
purpose to continue
this policy is evidenced by the present action."
The Bank of Italy has paid dividends continuou
sly, and on a steadily
ascending scale, since the first six months of its
organization in 1904. The
original dividend was $5 a share, and this has
been advanced successively
through subsequent years, reaching its high point
in the increase authorized
yesterday.
A special meeting of the stockholders of the American
Trust & Savings Bank of Birmingham, Ala., has been
called
for July 9 to take action upon the proposed consolidation
of
the institution with the Traders' National Bank of that
city under the title of the American-Traders National Bank,
reference to which was made in these columns on June 11.
Four months ago the Bar-nett National Bank of Jacksonville, Fla., announced the opening of new and much
larger offices in an 18-story building owned by and constructed
for the bank. The present month the bank announces a
further extension of its facilities. The earlier home of the
bank, which adjoins its new offices, has been completely
remodeled and is now open as an annex to the main banking
rooms. Thus the banks extends for a full block in length
and has entrances on three of Jacksonville's principal thoroughfares—Adams, Laura and Forsyth. W. R. McQuaid,
President of the bank, said that with its recent additions
and enlargements the Barnett National Bank now offers a
banking Service than which there is none morecomprehensive
in the entire South. The savings departments has been
tripled in size and the collection department considerably
The Standard Bank of Canada (General Manager
enlarged. The bond department has been augmented both
's Ofin personnel and in the space allotted to it. A. C. Biese, fice, Toronto) has declared a dividend for the current quarter
ending
July 31 at 3%, being at the rate of 12% per anVice-President of the bank and formerly Vice-President of
the Rombinson Humphreys Co. of Atlanta, is in charge. num, upon the paid-up capital stock of the bank, and which
The trust department, under the supervision of Vice- is to be payable on and after Aug. 1 to shareholders of recPresident Curtis P. Kendall, has been enhanced by the ord July 16.
addition of private offices for consultation purposes. Another augmentation of the Barnett service is the mortgage THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The speculation for higher prices met with somewhat of a
and loan department, which will handle first mortgages on
setback the present week, though the market improved very
improved residences and business property.
materially on Friday. While certain groups of stocks have
The application to organize the First National Bank in at times displayed moderate strength, price
movements
Palm Beach, Fla., was approved by the Comptroller of the generally have been irregular and confused, and a
number of
Currency on June 4. The institution will have a capital of new low records for the year have been establis
hed. The
$100,000 and surplus of $50,000. Plans to organize the bank worst break came on Thursday, when a wave of selling
carried
were noted in our issue of June 4, page 3306. The bank is nearly every active stock to lower levels. Market
moveexpected to begin business about Oct. 15 next.
ments were somewhat mixed and the tone uncertain
during
the greater part of the two-hour session on Saturday,
declines
The Northwood Bank & Trust Co. of West Palm Beach, and advances occurring
simultaneously in various parts of
Fla., one of the banks of that place which closed last March, the list. Lehigh Valley was
one of the outstanding features
reopens to-day (June 25) without loss to its depositors, ac- of the trading and moved
briskly forward 5 points to 1323,
cording to special advices from West Palm Beach on June 22 though it lost about
3 points later in the day. Chicago
to the New York "Herald-Tribune." The bank, which is a Milwaukee & St. Paul
issues attracted considerable attention,
suburban institution located in the northern section of West the preferred gaining
nearly 2 points and crossing 29 and
Palm Beach, had several hundred thousand dollars on de- practically all of the
merger socks were higher. Colorado
posit when it closed. The dispatch also reported that the Fuel & Iron was
unusually active and advanced 5 points to
First Bank & Trust Co. of Lake Worth, Fla. (a city seven above 89. In the
specialties group Baldwin Locomotive was
miles south of West Palm Beach), had announced on that the outstanding
strong feature and bounded forward 3
day (June 22) that arrangements had been made to reopen points to 221. Industri
al Alcohol was also strong and at
the institution very soon.
80% was nearly 2 points above the precedi
ng close. The
That Beverly D. Harris, former Houston banker, was market continued unsettled on Monday,some stocks moving
elected a Vice-President and a director of the Second National widely in different directions, General Motors, after selling
Bank of Houston at a meeting of the directors on June 14 at 2045, receded to 201, Hudson Motors yielded nearly 2
and would assume his new duties on June 16, was reported points and Houston Oil declined more than 5 points from its
in the Houston "Post" of June 15. In regard to Mr. Harris's early high. In the railroad group, Hocking Valley and
Kansas City Southern were strong for a time and
career, the paper mentioned said in part:
Nickel Plate
advanced more than 5 points to the highest level
Harris is 'well known in Houston. as well as throughout the Southwest
reached since
,
through long residence in Texas and as an executive in the past of
it
sold ex the Chesapeake securities dividend.
some
Baldwin
of the more prominent banks of Dallas and Houston. He began his Locomotive
ranged from 2203t to 228 at its high for the day,
banking career with the Ity National Bank, Dallas, leaving that
institu- but reacted
5 points in the recessions of the final hour.
tion in the capacity of Cashier and coming to the Commercial National
Bank, Houston. He was later First Vice-President and a director
On Tuesday stocks opened irregular and in
of the
many cases
South Texas Commercial National Bank, and also served as Chairman
weak, but improved as the day advanced and
of the Houston Currency Association. He left Texas to accept a Viceclosed with
substant
ial gains ranging from 1 to 5 points. General
Presidency in the National City Bank, New York, with which institutio
n
Motors
he was connected for more than seven years in charge of business in four moved to the front and held
a strong position during the early
Federal Reserve districts in the West. He later served as President
part
of
the
day, but, following the announcement of the deand Chairman of the Executive Committee of the Mansanto Chemical
Works of St. Louis, affiliated with the Groessner-Mansanto Chemical tails of the new Ford car, lost all of its gain
and closed with
Works of Ruabon, South Wales, and as Senior Vice-President and Man- a loss of 2 points.
Hudson Motors, White and Chrysler
aging Director of the American Foreign Credit Underwriters of New York
moved
in the same way. Most of the railroad shares
and Chicago. For the past four months Harris has been taking a vacation
lost
and rest in the Lower Rio Grande Valley, and has decided to return to ground, though Wabash continued in strong
demand and
Texas and make his permanent home in Houston. which he regards an closed with a ne
lgain of more than a point. Specialties as
JuNn 25 1927.]
THE CHRONICLE
a group were fairly strong, General Railway Signal moving
up 5 points to above 114, followed by Postum Cereal, with
an advance of 3 points to a new high record above 105.
Baldwin Locomotive reached a new top at 229, but reacted
3 points in the closing hour. The best gains of the day were
made by United States Distributing, Commercial Solvents
"B," General Railway Signal, International Harvester and
Air Reduction. United States Steel common closed lower.
Prices continued unsettled on Wednesday and the majority
of changes at the closing hour were toward lower levels. The
Milwaukee & St. Paul issues, particularly the preferred, were
in strong demand at improving prices, the preferred making
a new top for the year on an aMance of 2 points to 33.
Western Pacific advanced 5 points to 46, and New Haven
and Missouri Pacific were in strong demand at advancing
•
prices.
On Thursday, the market was definitely reactionary in
the forenoon and in the last half-hour an avalanche of selling
precipitated a sharp break, which swept practically every
active stock to lower levels. The downward movement
gained such momentum that the stock tickers were unable
to keep the pace and it was nearly twenty minutes after the
close before the final quotations were recorded on the tape.
The break was due in part to the announcement of the
Paramount-Famous-Lasky Corporation of a 10% reduction
in the salaries of employees and in part to the advance in
the time-money rate to 4%%, the highest since Jan. 1.
• In the early trading motor stocks and oil issues were the
weak spots, General Motors receding about 3 points, followed by Hudson Motors and White, the latter reaching a
new low for the year at 565
%. The market developed a
better tone on Friday and much of the loss of the preceding
day was recovered. Baldwin Locomotive led the upswing
and reached a new high at 230%, followed by EastmanKodak, American Express and Adams Express, which also
moved into new high ground. Colorado Fuel & Iron gained
2% points to 87% and du Pont advanced nearly 2 points to
240. Specialties were in good demand at iipproving prices,
General American Tank Car advancing 5 poInts to 55% and
General Railway Signal 13/i points to 119%4
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.1
•
Week Ended June 24
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
Stocks,
Number of
Shares.
Railroad,
cte.,
Bonds.
Stale,
Mwsicipaland
Foreign Bonds.
979,940
1,896,410
1,729,455
1,754,948
2.087,044
1,480,700
82.895,000
6,382,000
6.458,500
6.047.500
6,178,000
5,516,000
81.337,000
2,322,000
2.677,000
2.496.000
2.681,000
1,498,000
$1,320.050
692,350
806,150
503.200
758,850
913,000
9,928.497
$33,477,000
$13,011,000
$4,993,600
Week Ended June 24.
Stock.-No. of shares_
Bonds.
Government bonds_ _ _
State and foreign bonds
Railroad & misc. bonds
United
States
Bonds.
Jan. 1 to June 24.
1027.
1926.
9.928,497
8.970,517
264,700,804
215.578,425
$4,993,600
13,011,000
33,477,000
26.199.400
14,333,000
36.911,000
$169,792,000
439.220.700
1.132.355,550
$149,746.300
323,114,350
1,100,995,700
1927.
1926.
Total bonds
851,481.600 857,443.400 81.641.368,250 81.573.856,350
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
June 24 1927
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Shares. Bond Sales
*15.303
*26,972
*32.243
*26,043
*25,562
8,644
$7,590
23.250
26,050
55,700
28,800
27,0(10
Philadelphia.
I
$14,600
23,500
54.500
25400:
11,400:
47,000
1,207
2,072
1,856
2,391
1,637
1.677
$22.200
26,800
10,600
19,500
19,000
64.000
Total
134,7671 8167,890 106.080 3176,500
10,840 8162.100
Prey, week revised 119,996
$70,600 116,625 8206,400
14,348 8174.700
•In addition, sales of rights were: Saturday. 3,920; Monday. 8.426; Tuesday.
16,379; Wednesday, 18,376; Thursday, 15,386.
THE CURB MARKET.
An uncertain tone characterized trading in the Curb Market in the fore part of the week, the large increase in brokers'
loans being a deciding factor. Later prices turned weak,
though declines were not large. Amer. Arch declined from
95% to 913/i and sold to-day at 92. Amer. Mfg. com, was
off from 84% to 81, recovering finally to 83%. Bancitaly
Corp. was strong, advancing from 120 to 123%, the close today being at 123. Celanese Corp. new corn. after an advance from 70 to 73% dropped to 68%, the final figure today being 70. Central Leather (new company) was active
and strong, the class A and prior pref gaining some six points,
the former to 30 and the latter to 97%. The close to-day
was at 29 and 96, respectively. Curtis Publishing com,sold
up from 173% to 190 and down finally to 184 ex-dividend.
Deere & Co. was conspicuous for a drop from 163 to 134,
with a final recovery to 145. Ford Motor of Canada moved
up from 449 to 490, the close to-day being at 456. Fulton
Sylphon was a strong feature, advancing from 49 to 53 and
reacting finally to 513'. General Baking, class A, also
gained appreciably, advancing from 59 to 63,the close to-day
being at 613
%. Richmond Radiator com. gained some
seven points to 323/ and sold finally at 31. Oils were firm
with changes slight. Vacuum Oil rose from 128 to134% and
closed to-day at 133%.
A complete record of Curb Market transactionsfor the week
will be found on page 3761.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS (No. Shares).
Week Ended Juno 24.
lizel&Misc
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Oil.
71,925
131,840
132,100
165,861
192,425
139,865
46,760
46,605
43.550
45,510
56.540
46,750
834,006
285,715
•
Mining.
31,310
48,020
50,110
60.410
32,470
19,300
BONDS (Par
value).
Domestic. IForefon Goof,
81.231.000
1.996.000
2,639,000
3.279,000;
2,625,000.013.000i
2
3434,000
440,000
304,000
351,000
454,000
359,000
241,620 $13,783,000' 22,342,000
ENGLISH FINANCIAL MARKETS-PER CABLE.
• The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Sal.,
Mon., Tues., Wed., Thurs., Fri.;
Week Ended June 24.
June 18. June 20. June 21. June 22. June 23. June 24
Silver, per oz
d 2634
26 1-16 26
26 1-16 25 15-1626 1-16*
Gold, per fine ounce
a 84.1134 84.1134 84.11
84.1134 84.1134 84.1134
Consols, 234 per cents______
54
54
.54
.54
5434
Biltish, 5 per cents
10034
10034
10034
1003(
10034
British 434 per cents
95%
95%
9534
9535
9534
French Rentes (in Paris)._fr_
_
59.25
59.25
59.25
59
58.40
French WarLoan(InParis)Jr.
76.25
76.05
76.10
75.75
75.40
The price of silver in New York on the same days has been:
Silver in N.Y., per oz. (cts.):
Foreign
5614
5614
5634
5634
5634
5834
COURSE OF BANK CLEARINGS.
Bank clearings this week also show an increase compared
with a year ago. Preliminary figures compiled by us,
based upon telegraphic advices from the chief cities of the
country, indicate that for the week ending to-day (Saturday.
June 25), bank exchanges for all the cities of the United
States from which it is possible to obtain weekly returns will
bell.8% larger than those for the corresponding week last
year. The total stands at $9,507,098,597, against $9,338,648,390 for the same week in 1926. At this centre there is.
a gain for the five days of 3.8%. Our comparative summary
for the week is as follows:
Clearings-Returns by Telegraph.
Week Ended June 25.
1927.
1926.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
84,466,000,000
548.878,774
446.000.000
409.000,000
114,980.173
116,200,000
161.166.000
140,870,000
149,295,577
154.472.483
104,642,737
89.205,571
53,399,053
$4,303,000,000
513.711,841
459,000.000
393,000,000
117.038.039
119,000,000
156,150,000
140,856.000
149.896,191
154,380,764
93,730,291
101,187,387
53,154,329
+3.8
+6.8
-2.8
+4.1
-1.8
-2.4
+3.2
+0.01
-0.4
+0.1
+11.8
-11.9
+0.6
Thirteen cities,5 days
Other cities. 5 days
$6.954,110,368
1,001,805,130
$6,754,104,842
999.480,830
+3.0
+0.2
Total all cities, 5 days
All cities, 1 day
97,955.915,498
1,551.183,099
87,753,585,672 '+2.8
1,585.062,722
-2.1
SA no7 OAR RA7
SO R:IR R4R 390
Baltimore.
Shares. BondSales.1 Mares. Bond Sales.
9.655
19.465
18,281
14.723
22.13
21,823
3731
Tntal oil rill. Mr WPAIr
4.1.5
Complete and exact details for the week covered by the.
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available.
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended June 18. For
that week there is an increase of 5.2%, the 1927 aggregate
of clearings being $10,933,429,777, and the 1926 aggregate
$10,394,679,296. Outside of New York City, the increase
is only 0.8%, the bank exchanges at this centre having
increased 8.6%. We group the cities now according to the
Federal Reserve districts in which they are located, and from
that it appears that in the Boston Reserve District there is
a gain of 6.5%,in the New York Reserve District (including
this city) of 8.5%, and in the Cleveland Reserve District of
11.9%. The Philadelphia Reserve District shows a loss of
5.6%, the Richmond Reserve District of 9.9%, and the_
Inc.or
Dec.
1925.
$
%
Federal Reserve Diets.
S
536,383,830 +6.5
670,131,337
let Boston _ __12 cities
6,4,375,174 5,986,054,180 +8.5
2nd New Yori_11 "
639,510,690 -6.6
603,932,151
3rd Philadelphial0 "
440,487,286 +11.9
493,115,365
4th Cleveland__ 8 "
829,489,993 -9.9
206,984,345
6th Richmond.6 "
229,908,956 -7.0
213,788,672
8th Atlanta_ __ A3 "
1,065,771,003 1,035,591,159 +2.9
7th Chicago --_20 "
246,536,833 +0.3
247,305,532
8th St.Louis_ __ 8 "
131,702,496 -0.5
131,082,559
9th Minneapolis 7 "
-3.1
270,585,584
262,275,769
10th Kansas Ci1y12 "
77,048,160 -6.8
71,790,945
5 "
11th Dallas
672,379,129 +0.1
572,876,925
12th San Fran_ _17 "
1924.
$
$
424,707,956
493,495,081
6,917,058,989 5,179,072,634
566,846,577
682,029,452
370,262,105
432,021,581
194,705,495
827,279,442
178,237,358
233,967,778
884,684,919
1,007,715,799
213,758,996
829,501,235
114,981,874
134,627,678
823,421,107
255,310,762
59,161,320
69,475,704
467,229,011
611,108,160
129 cities 10,933,439,777 10,394.679,296 +5.2 10,203,591,661 8,877,069,362
Total
4,583,507,566 4,548,703,599 +0.8 4,417,131,200 3,819,062,642
Outside N. Y. City
295.205.469
285.682.850
349.996.739 4-7.9
377.629_633
ClAnazin _ _ _ __ __Xi Citiffl
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended June 18.
Clearings at1927.
1926.
Inc. or
Dec.
First Federal Reserve Dist rict-Boston
1925.
657,065 +16.1
762,566
Maine-Bangor
4,251,892 -9.2
3,861,586
Portland
513,000,000 478,000,000 +7.3
Mass.-Boston
2,031,518 +9.0
2,214,668
Fall River_ _
a
a
a
Holyoke
1,189,335 +15.5
1,373,384
Lowell
a
a
a
Lynn
1,279,776 +2.9
1,316,826
New Bedford_ _
6.109,209 -12.9
5,320,362
Springfield.. _ _ 3,884,935 -0.2
3,877.758
Worcester
16,065,509 -4.5
15,337,114
Conn.-Hartford.
7,328,045 +3.5
7,587.390
New Haven_ _ _
13,868,100 +6.4
14,750,700
R.I.-Providence
719,446 +1.3
728.983
N.1L-Manches.
$
757.153
3,445,802
439,000,000
2,117,985
a
1,284,065
a
1,380,783
5,456,824
3.582,762
13,952,223
7,593,702
14,207,700
716,082
+6.5
493,495,081
570,131,337
535.384,830
1924.
771,934
2,596,580
378,000.000
2,171,371
a
1,250,967
a
1,176,090
5,192,430
3,704,000
11,714,756
6,099,098
11,360,400
670,330
424,707,956
Second Feder al Reserve D istrict-New
8,103.257
6,067,945
N. Y.-Albany._
1,070,900
1,227,000
Binghamton_ _
56,735,281
59,772,884
Buffalo
1,093,876
1,195,769
Elmira
1,656,865
c1.556,995
Jamestown_ _ _ _
New York__ _ _ 6,349,922,212 5,845.975.697
13,610.211
14,269,291
Rochester
5,829,646
6,522,541
Syracuse
4,181,336
c3,873.443
Conn.-Stamford
1,199,118
1,061,299
-Montclair
J.
N.
46,597,993
48,905,795
Northern N.I.
York
4,958,301
6.009,016
-25.1
1,050.400
1,117,200
+14.6
47,952,728
58,973,674
+5.4
739,866
919,888
+9.3
1,371,788
1.643.922
-6.0
+8.6 5,786,460,461 5.057,996,710
10.985,196
12,473,325
+4.8
6,451,764
5,792,544
+11.9
3,471,657
-7.4
4,216,521
943,135
634,358
-11.5
43,151,089
38,818,100
+5.0
Total(11 cities) 6,494,375,174 5,986.054,180
+8.5 5,917,058,989 5,179,072.634
Third Federal Reserve Dist rict-Philad elphla-1,381,515
1,621,955 +1.8
1.651,223
Pa.-Altoona__ _ _
4.538,442
4,612,072 +0.1
4.615,549
Bethlehem _ _ _
1,640,548
-0.9
1,395,627
1,383,754
Chester
2,616,836
2,028.361 +4.5
2,118,930
Lancaster
Philadelphia_ _ 571,000,000 606,000,000 -5.7 649,000,000
3,840,152
-1.5
4,427.156
4,360,937
Reading
6,263,601
6,350,351 +1.2
6,428,480
Scranton
4,392,395
-14.0
4,588,361
3,947,817
_
Wilkes-Barre_
1.924,251
1,964,866 +0.6
1,976,389
York
6,431,712
6,522,041 -1.1
6,449,072
N.J.-Trenton._
a
a
a
a
Del-Wilming'n.
1,507,738
3,508,962
1,563.765
2,755,780
537,000,000
3,114,710
5,681,342
4,022,707
2,359,182
5,332,391
a
682,029,452
566,846,577
Total(10 cities)
603.932.151
639.510,690
-5.6
Fourth Feder al Reserve D strict-Cley eland7,103,000 + 11.5
7,921,000
Ohio-Akron..
4,440,599 +20.9
5,366,859
Canton
83,316.082 +2.6
85,514,196
Cincinnati... _
153,937,991 137,564,200 +11.9
Cleveland
16,868,300 +13,7
19,185,200
Columbus _ _ _
a
a
a
Dayton
a
a
a
Lima
2,393,199 +6.4
2,546,449
Mansfield
a
a
a
Springfield..
a
a
a
Toledo
6,489,268 +0.1
6.495,580
Youngstown _ _
a
a
a
Pa -Erie
Pittsburgh...-. 212,148,090 182,312,638 +16.4
180280,639
7,444,000
4,711,916
66.383,736
111,433,877
12,775,600
a
a
1,633,131
a
a
4,385.838
a
161,494,007
440,487,286 +11.9
432,021,581
870,262,105
Fifth Federal Reserve Dist rict-Richm ond1,516,867 -10.0
1.364,489
W.Va.-Hunt'g'n
8,690,548 -32.7
d5.847,627
Va.-Norfolk _ _ _
49.487.000 -3.3
47.869,000
Richmond _ _
2,550,642
d2,444.876
S.C.-Charleston
Md.-Baltimore _ 120,880,048 135,685,091 -10.9
31,559,845 -9.8
28,578.305
D.C.-Washing'n
1,646,234
8,171,049
51,132,000
2,059,204
136,611,449
27,659,506
2,030,497
7,232,715
52,931,000
2,284,888
104,549,395
25,677,000
Total(8 cities).
493,115,365
6,034,000
4,338.006
79,868,421
137,524,783
15,572,200
a
a
2,266,803
a
a
5,436,729
-9.9
227,279,442
194,705.495
Sixth Federal Reserve Dist rict-Atlant a8,586,131 +6.5
d9,143.939
Tenn.-Chatt'ga _
. 3,882,725 +3.0
*4,000,000
Knoxville
+4.5
23,711,878
24,777.029
Nashville
59,630,967 +0.5
59,925,929
.Ga.-Atlanta....
1,633,501 +14.7
1,874,445
Augusta
1,880,453 +2.6
1,929,143
Macon
a
a
a
Savannah
30,884,268 -33.8
20,453,635
Fla.-Jack'nville_
11,298,638 -60.2
4,493,026
' Miami
24.480,576 +4.5
25,571,372
Ala.-Birming'm
23.3
2,204,864
1,690,246
Mobile
1,596,000 + 12.5
1,795,424
Miss.-Jackson _
+44.5
352.635
509,444
_
_
Vicksburg
50,766,520 +13.5
57,625,040
La-New Orleans
8.250,287
2.930,786
22,541.207
65,422,092
1,707,000
1,506,683
a
27,279,090
18,900,627
25,996,821
1,918,394
1,305,157
288,286
55,921,348
7,154,847
3,100,000
16.351,285
62,595.450
1,397,109
1,331,119
a
16.437,777
3,175,791
25,001,742
1,650,404
1,140,952
276,934
48,623,888
-7.0
233.967,778
178,237.358
Total(6 cities) _
Total (13 cities)
208,984.345
213,788,872
229,489,993
229,908,956
Inc. or
Dec.
$
S
%
Seventh Feder al Reserve D istrict-C is i cago301,083 +5.0
316,183
Mich.-Adrian __
1,058,105 +17.0
1,238,130
Ann Arbor_ __ _
210,153,922 203,710,015 +3.2
Detroit
8,573,026 +8.6
9,311,696
Grand Rapids_
2,824,000 -2.4
2,757,489
Lansing
3,546.829 -11.0
3,155,361
Ind.-Ft. Wayne
21,920,000 +10.9
24,305,000
Indianapolis...
3,039,700 +3.4
3,143,300
South Bend...
4,746,154 +8.2
5,135,827
Terre Haute_
45,713.109 +4.3
47,665.262
Wis.-Milwaukee
2.784,070 +10.4
3,074,657
Iowa-Cod. Rap_
10,899,010 -3.7
10,493,705
Des Moines...
7,331,071 -14.5
6,265,996
Sioux City_ _ _ _
1,564,453 -13.1
1,359,409
Waterloo
1,880,448 -12.6
1,644,287
Ill.-Bloomingt'n
722,499,551 703,069,044 +2.8
Chicago
a
a
a
Danville
1,322,407 +9.8
1,451,424
Decatur
5.403,400 -4.7
5,149,856
Peoria
3.928.619' 3,275,022 +19.9
Rockford
2,630,213 +3.5
2,723,329
Springfield_ __.
1925.
1924.
3
$
225,221
904,970
189,562,683
8,290,876
2,757,268
2,765,380
17,380,000
2,908,000
4,353,804
40,779,742
2,689,493
11,033,300
7,237,901
1,171,328
1,667,200
701,571,417
a
1,535,745
5,276,338
3,076,944
2,588,189
260,749
887,621
149,910,304
6,866,603
2,167,000
2.105,524
17,753,000
2,780,000
4,606,242
35,585,846
2,532,299
10,238,571
6,016,221
1,465,392
1,296,078
629,854,751
a
1,281,962
4,311,807
2,609,855
2,353,094
1.007,715,799
884,684,919
5,065,225
162,000,000
39,139,883
314,956
19,248,344
11,774,234
420,734
1,537.851
4.574,157
147,000.000
33,997,127
336,574
15,876,425
10,384,511
296,199
1,294,003
Total(8 cities). 247,305,532 246,536,833 +0.3 239,501,231
Ninth Federal Reserve Dist rict-Minne a polls8,793.720
7,955,621 +12.0
8,908,328
Minn.-Duluth
85,462,338
82,125.895 -1.3
81,067,143
Minneapolis...
33,921,680
34,888,157 -2.4
34,041,698
St. Paul
1,726,650
1,788,008 +16.6
2,082,773
No. Dak.-Fargo
1,351,950
1,523,424 -12.4
1,335.382
S. D.-Aberdeen.
550,610
517,136 +3.1
533,235
Mont -Billings.
2,811,697
2,904,175 +7.2
3,114,000
Helena
213,758,996
Total(7 cities). 131,082,559 131,702,496 -0.5 134,627,678
Tenth Federal Reserve Dist rict-Kansc s City- 503,520
434,991 -3.8
d418,318
Neb.-Fremont
535,296
485.030 -16.7
404,233
Hastings
4,686,690
5.346,656 -11.2
4,744,641
Lincoln
43.252,63(
43.091.414 -3.2
41,724,988
Omaha
3.235,772
3,241,670 -5.1
3,075,524
Kans.-Topeka.
10,920,001
8,440,000 -3.0
d8,183,949
Wichita
137,790,175
-0.5
148.911,963
,olo.-Kan. City_ 148.234,766
7,439.878
7,981,817 -21.5
St. Joseph_ _ _ _
6.268.436
24,871,922
29,652,922 -9.0
)kla.-Okia.City d26,990,049
a
a
a
a
Tulsa
1,211,175
1,314,621 +12.8
1,482,384
jolo.-Col. Spgs.
19.722,012
20,467,949 -15.3
19.385.151
Denver
1,141,084
1,210,543 +12.1
1,363.330
Pueblo
114,981.874
255,310.762
223,421,107
1,683,358
43,782,144
10,600,240
8,684,539
a
4,745,423
1.346,266
39,005.642
9.763.839
4,201.640
a
4,843,933
69,475,704
77,048.160 -6.8
71,790,945
Total(5 cities).
Twelfth Feder al Reserve D strict-San Franci sco-43,684,935
+4.2
47,045,962
49,002,418
Vash.-Seattle
12,051,000
12,526,000 +5.6
13,229,000
Spokane
a
a
a
a
Tacoma
1,353,840
1,653,240 -15.7
1,393,057
Yakima
40.921,878
42.735,231 -9.3
38,744,287
)re.-Portland. _
16,354,329
18,076,720 -3.6
17,433,998
Jtah-S. L.City.
a
a
a
a
ieb.-Reno
a
a
a
a
Lriz.-Phoenix _ _
3,156,855
-6.2
3,894,077
3,653,646
;allf.-Fresno...
6,630,685
7.299,525 +2.4
7.473,076
Long Beach._ _
Los Angeles... 197,058,000 183,707,000 +7.3 163,038,000
20.979,447
21,781,176 -9.8
19,654.559
Oakland
6,163,146
7,264,172 +3.5
7,518,928
Pasadena
8,320,493
7,984,497 -4.3
7,643,340
Sacramento...
5,162,555
6,341,711 -11.4
5,616,335
San Diego_ _ _ _
174,815,000
-3.2
201,735,000
195,204,000
San Francisco_
2,386,748
2,755,051 -15.5
2,328,671
San Jose
1,256,816
1,507,876 +4.2
1,571,025
Santa Barbara.
2,103,233
2,994,291 -12.3
2,626,985
Santa Monica_
2,725,400
3,077,600 -11.4
2.725.600
Stockton
44.302,233
10,970,000
a
1,143,009
38.168,046
16,032,822
a
a
2,484,982
7.171,937
143,488,000
15,067,210
5,217,323
7.381,248
3,778,733
164,500,000
2,070,113
977,967
2,078,008
2,399,400
511,108,160
467.229,011
Total(20 cities) 1,065,771,003 1,035,591,159
Eighth Federa I Reserve Dis trict-St. Lo
6,283,533
9,644,641
Ind.-Evansville_
159,600,000 164,600,000
Mo.-St. Louis
39,048,110
39,936,468
Ky.-Louisville _
304,849
319,409
_.
21,120,832
21,608,634
-Memphis
Owensboro_Tenn.
13,265,643
14,339,181
Ark.-Little Rock
359.398
328,827
Ill.-Jacksonville
1,554,468
1,528.372
Quincy
ts3 CAI
1926.
1926.
60
1927.
1927.
.7+
I ++++1 +-
Week End. June 18 1927.
Week Ended June 18.
Clearings at- I
•—•GO GO k..2
Atlanta Reserve District of 7.0%, the latter due mainly
to the decrease at the Florida points, Miami recording a loss
of 60.2%, and Jacksonville of 33.8%. In the Chicago
Reserve District the clearings are larger by 2.9%, in the
St. Louis Reserve District by 0.3%,and in the San Francisco
Reserve District by 0.1%. The cities in the Minneapolis
Reserve District fall 0.5% behind, those in the Kansas City
Reserve District 3.1%, and those in the Dallas Reserve
District 6.8%.
In the following we furnish a summary by Federal Reserve
districts:
Total(12 cities)
[VOL. 124.
THE CHRONICLE
3732
Total(12 cities) 262,275,769 270,585.584 -3.1
Eleventh Fede ral Reserve District-Da Iles1,632,443 -14.5
1,396,285
Cexas-Austin__ _
47,095,132 +0.1
47,133,711
Dallas
12,387,507 -6.3
11,611,410
Fort Worth_ _ _
10,388,000 -34.7
6,774,000
Galveston
a
a
a
Houston
5.455,078 -12.1
4.875,539
a.-Shreveport_
+0.1
9,194,590
68.609,032
31,256,969
1,532,322
1,165,336
540,203
2,683,422
459,022
428,496
3,799,556
39,478,074
2,880,322
7,033,000
121,199,532
6,383,172
20,602,564
a
998,113
19,235,333
923,923
59,161,320
Total(17 cities) 572.876,925 572,379,129
irand total (129
10933429,777 10394679,296
cities)
+5.2 10203591,661 8,877,089,352
outside N.Y___ 4,583.507,565 4,548.703.599
+0.84,417,131,2003,819,062,642
Week Ended June 16.
Clearings at1927.
1926.
Inc. or
Dec.
1925.
1924.
$
$
$
$
%
Canada96,788,084
89,475,783
123,818,133 116.487,797 +6.3
Montreal
83,383,242
91,536,789
+21.6
100.919,042
122,746,759
Toronto
44,041,765
36.633,493
52.671,746 -14.7
44,909,825
Winnipeg
15,116,521
13,508,088
17,967,436 -2.0
17,615,029
Vancouver
6,755,209
6,602,698
7,263,996 +3.5
7,517,964
Ottawa
5,109,623
5.462,549
5,255,288 +35.8
7,134,180
Quebec
2,964,794
2,785,067
+16.0
2,669,813
3,098.027
Halifax
5,098,215
4,685.088
5,996,240 +1.8
6,102,945
Hamilton
6,588,573
5,397,541
+52.9
5,620,316
8,595,197
Calgary
2,464,009
2,609.565
3,103,583 -12.5
2,715,462
St. John
1,995,683
2,009,674
2,542,766 -9.5
2,300,036
Victoria
3,597,378
3,069,891
+5.9
3,316,438
3,511,104
London
4,143,804
3,933,619
4,415,864 +9.4
4,833,072
Edmonton
2,949,574
3,085,642
4,101,830 -2.0
4,018,280
Regina
461,247
585,201
564,012 -8.7
514,811
Brandon
472,001
624,801
503,697 -7.6
465,367
Lethbridge
1,516,455
+8.0
1,483,248
1,765.144
1,905,547
Saskatoon
1,039,842
993,981
1,138.885 +1.8
1,159,162
Moose Jaw
976,727
989,977
1,217,823 -9.9
1,096,768
Brantford
771,219
716,514
928,180 +9.9
1,020.115
Fort William_ __ _
579,003
574,518
763,072 +9.9
838,657
New Westminster
357,577
261,221
252,853 +27.1
321,409
Medicine Hat_ _ _
790,370
813,553
706,649 +23.3
871,634
Peterborough._ _ _
999,518
755,324
953,502 +0.1
954,348
Sherbrooke
934,024
949.914
+26.3
911,214
1,151,064
Kitchener
3,488,679
4,314,584
5,343,131 -8.3
4,899,287
Windsor
297,790
308,760
364,595
+9.8
400,450
Prince Albert....
783,401
743,994
786,734 +7.0
841,817
Moncton
743,142
711.773
755,101 +4.5
788,768
Kingston
-11.9
804,870
709,429
Chatham
709,992 +9.2
774,987
Sarnia
295,205.469
Teta!(31 cities) 377,629,633 349,996,739 +7.9 285,682.850
figures. c We
a No longer report clearings. b Do not respond to requests for
Estimated.
'
4
17.
June
ended
Week
e
16.
endtd June 15. d Week ended June
JUNE 25 1927.]
THE CHRONICLE
Public Debt of United States-Completed Returns
Showing Net Debt as of April 30 1927.
The statement of the public debt and Treasury cash holdings of the United States as officially issued April 30 1927,
delayed in publication, has now been received, and as interest
attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making
comparisons with the same date in 1926.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
April 30 1927. April 30 1926.
Balance end month by daily statement, dze
$236,212,774 5334,771,857
Add or Deduct-Excess or deficiency of receipts over
or under disbursements on belated items
-2,467,711
+1,092,987
• Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates._ _ _
.Settlement warrant checks
Total
5233,745,063
3385,864,844
$56,765,233
76,173,345
8,102.235
2,347,810
360,238,396
73,950.313
11,260,105
1,186,227
$143,388,623
$146,635,041
+890,356,440
INTEREST-BEARING DEBT OUTSTANDING.
Interest AprU 30 1927.
Title of LoanPayable.
8
28 Consols of 1930
Q.-J. 599,724,050
.2s of 1916-1936
Q.-F.
48,954.180
28 of 1918-1938
Q.-F.
25,947,400
35 of 1961
49,800,000
Q.-M.
3s Conversion bonds of 1946-1947
Q.-J.
28,894,500
Certificates of indebtedness
J -J. 1,123,135,000
334s First Liberty Loan, 1932-1947
3-3 1,397,687,000
45 First Liberty Loan, converted
J.-D.
5,155,700
4Xs First Liberty Loan, converted
J -D. 532,873,350
43is First Liberty Loan, second converted_ .J.-D.
3,492,150
45 Second Liberty Loan. 1927-1942
M -N.
20,848,550
43is Second Liberty Loan converted
1,676,389,950
4s Third Liberty Loan of 1928
M.-S. 2,157,998,350
445 Fourth Liberty Loan of 1933-1938
A.-0. 6,314,456,950
4s Treasury bonds of 1947-1952
763,948,300
45 Treasury bonds of 1944-1954
1,047,087,500
3Hs Treasury bonds of 1946-1956
494,898,100
45 War Savings and Thrift Stamps
Matured 326,736,096
21.15 Postal Savings bonds
.1-3.
13,229.660
5 yis to 511s Treasury notes
J.-D. 2,044,144,600
+189,229,803
Balance, deficit (-) or surplus(+1
Aggregate of interest-bearing debt
Bearing no interest
Matured, interest ceased
April 30 1926.
$
599,724,050
48,954,180
25,947,400
49,800,000
28,894,500
819,302,000
1,402,143,100
5,156,850
532,874,200
3,492,150
20,850,700
3,083,679,600
2,570,106.000
6,324,472,450
763,948,300
1,047,087,500
494,898,100
361,294,566
12,540,040
1,612,403,600
18,675,401.386 19,807,569,286
240,754,896
246,486,268
25,012,255
15,193,980
Total debt
a18,941,168,537 20,069,249,534
Deduct Treasury surplus or add Treasury deficit__ +90,356,440 +189,229,803
Net debt
318,850,812,097 19,880,019,731
a The total gross debt April 30 1927 on the basis of daily Treasury statements was
318,941,170,993.33 and the net amount of public debt redemption and receipts in
transit, drc., was 32.455.75.
b No deduction is made on account of obligations of foreign Governments or other
investments.
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 8 1927:
3733
No silver coinage was reported during the week ended the 31st ult.
The stock in Shanghai on the 28th ult. consisted of about 74,400,000
ounces in sycee, 73,600,000 dollars and 5,500 silver bars. No fresh figures
have come to hand.
-Bar Silver,Per Oz. Std.Bar Gold,
Quotations During the Week- Cash.
Per Oz. Fine.
2 Mos,
June 2
26;id.
84s. 114(1.
26 3-16d.
June 3
267-16d.
84s. 11%d.
26%d.
June'4
2634d.
263id.
84s. 111.d.
June 7
26316d.
263-16d.
84s. 1130.
June 8
263-16d.
263-16d.
84s. 11 md.
Average
26.287d.
26.262d.
84s. 11.4d.
The silver quotations to-day for cash and two months' delivery are,
respectively, 3-16d. and Mid. below those fixed a week ago.
Sommercial nuaraisceilaneonsgems
Breadstuffs figures brought from page 3797.-All
the statements below regarding the movement of grainreceipts, exports, visible supply, &e., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years.
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.196lbs. bush. 60 lbs bush. 56 lbs.bush. 32 lbs. bush.481bs.bush.561bs.
Chicago
190,000
349,000 1,467,000
596,000
74,000
18.000
Minneapol1s_
1,211,000
798,000
37,000
208,000
379,000
Duluth
538,000
5,000
10,000
45,000
157,000
Milwaukee_ _.
52,000
133,000
378,000
313,000
108,000
32,000
Toledo
207,000
81,000
54,000
2,000
Detroit
24,000
9.000
16,000
1,000
9,000
Indianapolis_
49,000
146,000
90,000
2,000
St. Louis_
114,000
240,000
759,000
270,000
Peoria
55,000
9,000
773,000
142,000
29,000
Kansas City
698,000
560,000
46,000
Omaha
206,000
740,000
150,000
St. Joseph__.
77,000
158,000
52,000
Wichita
267,000
7,000
6,000
Sioux City _ _ _
20,000
264,000
16,000
Total wk. '27
Same wk. '26
Same wk. '25
411,000
370,000
414,000
4,028,000
3,510,000
4,615,000
6,145,000
4,620,000
3.149,000
1,969,000
3,047,000
4,345,000
638,000
627,000
728,000
255,000
261,000
159,000
Since Aug.121,425,000315,050,000 206,635.000 133,125,00020,296,00029,551,000
1926
1925
20,065,000,311,860,000 218,379,000 207,456.00068,488.000 22,544,000
109,0
911 Wig 1111111,1711 na9 000 997 9f10 nnn9sa 191 01111 Ail 13112 nni1 55 520000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, June 18, follow:
Receipts al-Flour.
Wheat.
Corn.
I
Oafs.
Barrels.
Bushels.
Bushels.
Bushels.
185,000;
New York.._
628,000
21,000
348,000
37.000
76,000
11,000
38.000
Baltimore_ _
24,000
66,000
13,000
19,
N'port News_
1,0001
Norfolk
2,0001
New Orleans•
60,000
18,000
72,000
12,000
Galveston
216,000
Montreal ___ _
60,000 4.209,000
1,000
815,000
Boston
22,0001
2,000
1,000
20,000
Barley.
Eye.
Bushels.
225,000
1,000
2,000
225.000 3,357,000
GOLD.
The Bank ofEngland gold reserve against notes amounted to £150,939,790 Total wk. '27 391,000 5,215,000
119,000 1,252,000
414,000 3,585,000
on the 1st inst., as compared with £150,877,625 on the previous Wednesday. Since Jan.1'27 10,358,000 120,368,000 5,399,000 12,745,000 18,502,00014,462,000
Of the £650,000 bar gold available in the open market this week £525,000 Week 1926_ -- 459,00d 6,946,000
265,000 1,730,000
870,000
540,000
was taken for a destination not disclosed, the balance being divided between Since Jan.1'26 11,155,000 84,573,000 8,757,000 23,762,000 12,514,000 6.634,000
the Continent, Egypt, India and the trade. The following movements of
* Receipts do not include grain passing through New Orleans for foreign ports
gold to and from the Bank of England have been announced:
on through bills of lading.
June 2. June 3. June 4. June 7. June 8.
The exports from the several seaboard ports for the week
Received
E250.000
Withdrawn
£7,000 £500,000
10,000 £191,000 ending Saturday, June 18 1927, are shown in the annexed
statement:
The receipt of £250,000 yesterday was announced as sovereigns
released
from "set aside on account of the South African Reserve
bulk of the withdrawals was in bar gold, the destination of Bank.' The
Exports fromWheat.
Flour.
Corn.
Oats.
Eye.
Barley.
which was not
revealed. The £208,000 sovereigns withdrawn were destined
Holland, £110,000; India. E91,000, and Spain, £7,000. Duringas follows:
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
the
week
under review £458,000 on balance has been withdrawn from
York
New
1,345,337
60,446 119,385
48,471 156,609
the Bank,
making a net efflux this year of £182,000. Since the restoration
24,000
38,000
of an Boston
effective gold standard there has been a net efflux of £5,506,000
200,000
1,000
as set out Philadelphia
in the daily bulletins at the Bank.
Baltimore
136,000
12,000
The following were the United Kingdom imports and exports
Norfolk
2,000
of gold Newport
registered in the week ended the 1st inst.:
News
2,000
Imports-
Belgian Congo
British South Africa
Other countries
Exports-
£24,100 Germany
35,704 Netherlands
9,953 Belgium
British India
Other countries
£129,653
33,100
102,501
154,025
15,770
£69,757
£435,049
It was announced on the 2d inst. that the Imperial Bank of
India had
reduced its rate of discount from 7 to %•
The Southern Rhodesian gold output for April 1927 amounted
to 48,290
ounces, as compared with 50,407 ounces for March 1927
and 51,92g ounces
for April 1926.
SILVER.
•
Despite some vacillation, the market keeps fairly steady.
India gave
some support, but bear covering and an occasional demand
have been the chief factors. China has been more of afrom America
buyer. The tone is rather unsettled. As the pressure for seller than a
ment is relaxed, the difference between cash and two months'prompt shipdelivery has
disappeared.
An official forecast issued from Simla yesterday states that
the monsoon
rainfall in India during 1927 is likely to be normal or In excess
of normal in
the Peninsula and the northwest of India, and normal to the
northdast
of India.
The following were the United Kingdom imports and
exports of silver
registered in the week ended the 1st inst.:
ImportsExportsUnited States of America- £50,633 Iraq
E100,000
Mexico
130,397 British India
147,105
Other countries
4,129 Other countries
20,756
New Orleans
Galveston
Montreal
14,000
260,000
3,879,000
40,000
Total week 1927__ 5,858,337
Same week 1926_ __ _ 7.402.183
40,000
107.000
25,000
4,000
85,000
23.000
667,000 2,262,000
30,000
927,000
179,471 846,609 2,322,446 1,114,385
244.518 1.581.962 646,645 698,392
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 17-New First National Bank in Leonia, N. J
Correspondent, Samuel S. Lefkowitz, 345 Broad
SCapital.IG°,000
Leonia, N. J
Ave.'3100,000
June 17-The National Bank of Lake Ronkonkoma, N. Y
25.000
Correspondent, George C. Raynor, Lake Ronkonkoma,
N.Y.
APPLICATIONS TO ORGANIZE APPROVED.
June 17-The Williston Park National Bank,Williston Park.N.Y- 50.000
Correspondent, Henry H.Tredwell,East Williston,N.Y.
J
June 17-Hartshorne National Bank, Hartshorne, Okla
60,000
Correspondent, M. L. Harris, Wister, Okla.
June 17-Third National Bank in Nashville, Tenn
600.000
Correspondent, Frank M. Farris, 210 Independent Life
Building, Nashville, Tenn.
CHARTERS ISSUED.
June 13-Bolton National Bank of Bolton Landing N.Y
$51000;000000
President, Fredk. S. Braley: Cashier, Waiter 0.Rehm.
June 15-First National Bank in Palm Beach, Fla
£185,159
President,F.A.Shaughnessy; Cashier, D.K.Worcester.
E267.861
INDIAN CURRENCY RETURNS.
June 17-The American National Bank of Aberdeen, Wash
400,000
President,
Gaylord Adams; Cashier, Jas. H.Fuller.
lacs of rupees.)
' May 15. May 22. May 31.
Notes in circulation
TITLE.
17075.
CHANGES
OF
17086
17144
Silver coin and bullion in India
10343 10354
10412 June 14-The Kalamazoo National Bank, Kalamazoo, Mich.. to "KalaSilver coin and bullion out of Isdia
mazoo National Bank & Trust Co."
Gold coin and bullion in India
2976
2976
Bank,Port Washington.N.Y.,to
NM June 14-The Port Washington
Gold coin and bullion out of India
'The Port Washington National Bank & Trust Co."
Securities (Indian Government)
3546
3546
5546 June 15-The American National Bank of Mount Vernon, N. Y.. t "The
Securities (British Government)
210
210
American National Bank & Trust Co. of Mount Vernon."
210
•
THE CHRONICLE
3734
VOLUNTARY LIQUIDATION.
$25,000
June 17-The First National Bank of Wyndmere, No. Dale
Effective June 10 1927. Liquidating Agent, John R.
•
Jones, Hankinson, No. Dak. Absorbed by Bank of
Wyndmere, No. Dak•
In Weekly Bulletin No. 1780, issued on May 31 1927, voluntary liquidation of the First National Bank of Pixley, Calif., No. 11371, was announced
and the statement made that it had been absorbed by the Growers Security
Bank of Selano, Calif. It now appears that the liabilities of the national
bank were not assumed by any other bank and that its business is being
liquidated by the bank itself.
BRANCHES AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
June 10-The National Park Bank of New York, N. Y. Location of
Branches-Vicinity of corner of Broadway and West 74th St.,
N. Y.: vicinity of corner of Madison Ave. and 26th St., N. Y.
June 16-The Union National Bank of Lowell, Mass. Location of Branch
-Vicinity of 421 Middlesex St., Lowell.
June 16-The First National Bank of Union City, N. J. Location of
Branch-Vicinity of Bergenline Ave. and 17th St., Union City.
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.
265 A.J. Bozarth Corp., class A, no
par
$5 lot
181 Chas. Stutz Co., Inc., com_$2,500 lot
.5 Braisted Realty Corp.. no par__$26 lot
100 Hydro Refrigerator Co., Inc_ _$43 lot
80 New Diamond Point Pen Co., Inc.
$9,500 lot
5 Asbestos Corp. of Amer., pref., &
$1 lot
5 shares common as bonus
40 Denver & Rio Grande RR.Co.
pref., certif. of deposits
$4,000 Chic. & Indiana Coal Ry. $3 lot
Co. 1st 55. 1936, stamped, July
1914 & sub. coupons attached_
Shares. Stocks.
$ Per sh.
5 Asbestos Corp. of Amer., pref., &
St lot
5 shares common as bonus
Per cent.
Bonds.
$5,000 Hydro Electric Co.6% gold
$125 lot
notes. Oct. 1 1927
$100 2061 Broadway Office Bldg.
1st 6148, leasehold, Jan. 1 1937_ 90
$100 Bernade Apartments7% 1st 75,
90
May 1 1932
$100 Mosholu Parkway Apartment
90
Bldg. 1st r. e. 78, Feb. 1
1935__$1,000 Kay Bldg. 1st 75 leasehold,
90
March 15 1934
By Wise, Hobbs & Arnold Boston:
$ per sh.
Shares. Stocks.
5 National Shawmut Sank,. _286 x-div.
6 Fitchburg Bank & Trust Co
14531
ex-div.
5 National Shawmut Bank_ 28634_
23
18 York Manufacturing Co
6234
100 Harmony Mills, pref
8 Everett Mills
1234
15
10 Saco Lowell Shops, 1st prof
10 Wm. Whitman Co., Inc., preforced
8334 flat, ex-div.
7531
40 Nashawcna Mills
1034
50 Saco Lowell Shops, 2d pref
20 Nashua Mfg. Co., common_ __ _ 50
7 Pepperell Manufacturing Co_ _ _ _ 11111
11 Merrimack Mfg. Co., common_ _12531
10 Nashua Mfg. Co., pref....95 & div.
35 Nashua Mfg. Co., common_ __ _ 50
195
2 Essex Co., par $50
10
4 Saco Lowell Shops, 2d pref
125' Merrimac Chemical Co., par
76-78 ex-div.
$50
18 New Bedford Gas & Edison Light
10254
Co., undep., par $25
12 Lowell Elec. Light Corp.,
70,
undep., par $25
9051
10 Andrews Real Estate Trust
28 Heywood Wakefield Co. cons_ 41
100 North Boston Lighting *Proper1223412344
ties. pref., v t e
Spec sh.
Shares. Stocks.
58
8 units First Peoples Trust
50 Bay State Fishing Co., pref____ 1734
29 New Bedfcrd Gas & Edison
Light, undep., par $25
10234
8 Holyoke Water Power Co
55031
10 Franklin Co. Power Co., pref_ 101
Metropolitan
Filling
Stations,
100
class A, par $10
431 ex-div.
22 special units First Peoples Trust- 5
102 Massachusetts Lighting Cos.,
6% pref., undep
11734-11734
Assignment of the interest of
Harold Coleman of Brookline in
the estate f Cornelius A. Coleman
$1,695 lot
Bonds.
Per cent.
83,000 Middlesex & Boston St. Ry,
4931
434s, Jan. 1932
$50,000 Boston Jr Worcester St. Ry.
Co. 1st 430, Aug. 1 1923 ctf. of
dep. of the Amer. Trust Co. cartying unpaid coupons due Aug. 1
1923 and subsequent coupons, deposited under the reorganization
plan dated March 24 1927._ _$3,600 lot
$2,000 Hotel Bellevue Trust 68,
Oct. 1940
91
By R. L. Day & Co., Boston:
$ per sh. Shares. Stocks.
$ per sh.
Shares. Stocks.
15 National Shawmut Bank. 287 ex-div. 5 Old Colony Invest. Trust,com_ _ _ 33
100 National Shawmut Bank--287 ex-div. 25 Bay State Fishing Co., common_ 40
-287 ex-div. 5 Insurance & Bank Stock Trust,
2 National Shawrout
3934
Class A
Bank_4834
7 Lancaster Mills, preferred
Class B
12
20 Naumkeag Steam Cot. C0_184 ex-div.
152 ex-div. 15 Mass. Ltg. Cos., corn.. undo10 Farr Alpaca Co
posited
55-60
14651 ex-div.
13.5 Arlington Mills
111
500 Intermountain Water Jr Power
20 Pepperell Mfg. Co
Co.. V. t. c., par $1
35c.
3351
7 Salmon Falls Mfg. Co
7331 ex-div.
$10 lot 10 Draper Corp
50 Hamilton Mfg. Co
10 Wilson Jones Co., common
38
7 Boston Revere Beach az Lynn
7931 ex-div. 10 Walter M.Lowney Co
134
RR
140
4 Quincy Mkt. Cold Storage Jr
2 Nashua & Lowell RR
Warehouse Co., common
3631
634
10 Northampton St. Ry. Co
140
10 Nicholson File Co
24031 ex-div.
3 Nashua & Lowell RR
6 units First Peoples Trust..5834 ex-div.
20 Fitchburg Gas & Elec. Co.,
special
units
Trust_ 5
10
First
Peoples
122
undePosited. Par $50
19031
5031 9 Essex Co., par $50
4 Sullivan Machinery Co
65 ex-div. 100 Nor. Bost. Ltg. Prop., com1 State Theatre, prof
Men. V. t. C
16331
b New England Fire Ins. Co., par
20 Western Mass. Cos
44
5535 ex-div.
$10
6 Mass.Ltg. Cos.,8% pref., undep_1373r 26 Mass. Ltg. Cos., 8% pref.,
undeposited
13935
5 Baxter D. Whitney & Sons, Inc.,
97
8% 1st pref
Per Cent.
Bonds5 Home Bleach & Dye Works, pref. 20c.
8 units First Peoples Trust___58 ex-div. $2,000 A. E. Little Co. let 8. f. 78,
63
Oct. 1942
1 Greenfield Tap & Die Corp., 8%
preferred
91131 ex-div. $5,000 Middle States Oil Corp. 75,
Feb. 1928, series P. coup. Aug.
1 Gorton-Pew Fisheries Co., Ltd.,
3831 flat
common
1924 and sub. on
9734
By Barnes & Lofland, Philadelphia:
$ per sh.
Shares. Stocks.
$ per sh. Shares. Stocks.
705
SO Nat. Ry. Publication Co
4534 3 Fidelity Phila. Tr. Co
703
15 Fidelity Phila. Tr. Co
70 Van Sciver Corp., pref., par $25.. 25
1,370
5 Girard Trust Co
25 Knickerbocker Lime Co.. pref..100
301
531 7 Hamilton Trust Co
20 Hayes Hunt Corp., no par
10 Farmers St Mechanics Trust Co.
5 Frankford dr Southwark Pass. Ry _ 225
Continetal
Equitable
Title
&
125
of
West
Chester.
Pa
15
270
50 John C. Winston Co., corn..
Trust Co., par $50
511
4534
par $50
2 Market St. Nat, Bank
442
50 John C. Winston Co., pref.,
13 Southwark National Bank
635
par $50
4031
1 Penn National Bank
310
25 Nipissing Mines Co., Ltd
531
25 Union National Bank
15
5 Nat. Bank of North Philadelphia_32531 24 De Long Hook & Eye Co
47931 5 Pocono Manor Assoc., common,
22 First Nat. Bank of Phila.
par $50
45
734 Corn Exchange Nat. Bank_ _ _736%
10 Phila. Germantown & Norris680
6 Central National Bank
town RR
128
10 Union Nat. Bk. of Wilmington,
161
4 John J. Fenn Co., common
111
Del
10 Lumbermen's Ins. Co., par $25 85
15 Union Nat. Bk. of Wilmington,
Towne
Securities
5
Corp.,
pref._
1$15
15831
Del
16 Towne Sec. Corp., corn., no par.I lot
5 Manayunk Trust Co., par $25 166
50 Gen. Mtge. Finance Corp., pref. 8
5 Manayunk Trust Co., per $25_ 165
182
20 Wharton Title & Tr. Co.. par $50 4031 14 Citizens Passenger Ry
11 2d & 3d Sts. Pass. Ry
155
Shares of Brotherhood of Loco.Eng.
56 Independence Fire Ins. Security
Title Jr Tr. Co.as follows:
31
Co.. par $25
1 at 7031; 10 at 70; 25 at 65; 16
12
2 Library Co. of Phila.,dues paid
at 65; 50 at 64; 20 at 6431;
Hills
Buck
Falls
Co
125
15
70 at 6514.
25 Independence Fire Ins. Co.,
10 Girard Ave. Title & Trust Co.,
23
par $10
322
par $50
95
22 Brill Corp., pref
27 Mitten Men de Mgt. Bk. &
150
4 Philadelphia Bourse, common.-- 2631
Trust Co., par 850
Rights.
S per right.
3 West Phila. Title & Trust Co.,
24534 Overbrook Nat. Bank, as follows:
par $50
20;
61-100
at
10.
152
20
at
20;
2-3
at
$50
par
Co.,
Trust
Mutual
18
a
[Vol,. 124.
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ per sh.
2 Buff. Niag.& East. Pow., no par_ 3231
20 Robertson Cataract Electric Co.,
no par
$5 lot
Shares. Stocks.
$ per eh.
5e.
500 Night Hawk, par $1
2 Buff. Mag.& East. Pow., par $25 2634
60.
100 March Gold, Inc., par 10c
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current. week. Then we follow with a second table,' in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
Cent
Railroads (Steam).
3
Allegheny & Western
Belt RR.& Stock Yards, Ind., com.(qu.) 2
134
Preferred (quar.)
Boston & Maine, prior preferred
334
234
First preferred A
4
First preferred B
3%
First preferred C
5
First preferred D
231
First preferred F
Carolina Clinchfield & Ohio, corn. (qu.).
31
131
Stamped stock (guar.)
3
Central of Georgia Ry
2
Central RR. of New Jersey (quar.)
2
Extra
$1.61
Elmira & Williamsport, preferred
234
Georgia Railroad & Banking (quar.)_ _
154
Joliet & Chicago (quar.)
231
New London Northern (User.)
6
New Orleans & Northeastern
412
Northern Central
Pittsburgh Cincinnati Chicago & St. L._ 2%
*$1
Reading Company. corn. (quar.)
*50c.
First preferred (quar.)
*50c.
Second preferred (quar.)
When
Payable.
BoOks Closed.
Days Inclusive.
July 1 Holders of rec. June 205
July 1 June 21 to June 30
July 1 June 21 to June 30
July 1 Holders of rec. June 210
July 1 Holders of rec. June 210
July 1 Holders of rec. June 210
July 1 Holders of rec. June 2I0
July 1 Holders of rec. June 210
July 1 Holders of rec. June 210
July 10 Holders of rec. June 30a
July 10 Holders of rec. June 30a
June 30 Holders of rec. June 30a
Aug. 15 Holders of rec. Aug. 5a
July 15 Holders of rec. July 50
July 1 Holders of rec. June 20a
July 15 July 2 to July 14
July .5 Holders of rec. June 240
July 1 June 16 to June 30
June 27 Holders of rec. June 200
July 15 *Holders of rec. June 30
July 20 Holders of rec. July 90
Aug. 11 *Holders of rec. July 14
Sept. 8 *Holders of me. Aug. 22
Oct. 13 *Holders of rec. Sept.20
Public Utilities.
Adirondack Pow.& Lt., corn.(monthly) 10c. June 30 Holders of rec. June 20a
10e. July 30 Holders of rec. July 2Ia
Common (monthly)
10c. Aug. 31 Holders of rec. Aug. 20a
Common (monthly)
1% July 1 Holders of rec. June 20a
Seven per cent preferred (quar.)
Eight per cent preferred (quar.)
2
July 1 Holders of rec. June 20a
$1.50 July 1 Holders of rec. June 200
$6 preferred (quar.)
American Gas (quar.)
2
July 13 Holders of rec. June 300
x June 28 *Holders of rec. June 14
Amherst Gas (guar.)
Arizona Power, 7% Preferred (quar.)... al% July 1 *Holders of rec. June 25
*2
Eight per cent preferred (guar.)
July 1 *Holders of rec. June 25
Brooklyn Borough Gas, common (guar.) $1.50 July 11 Holders of rec. June 300
Preferred (guar.)
134 July 1 Holders of rec. June 200
Bklyn.-Manhattan Transit, corn. (au).. $1
July 15 Holders of rec. July 10
Preferred. series A (quar.)
$1.50 July 16 Holders of rec. July Itz
$1.50 Oct. 15 Holders of rec. Oct. la
Preferred, series A (quar.)
$1.50 Jan16.28 Holders of rec. Dec. 31a
Preferred, series A (quar.)
Preferred, series A (quar.)
$1.50 Apr16•28 Holders of rec. Apr 1'280
Cincinnati Car Co. (quar.)
350. July 1 Holders of rec. June 200
250. July 1 Holders of rec. June 150
Buff. Mag. & East. Pow., corn. (qu.)
40c. July 1 Holders of rec. June 150
Preferred (quar.)
City Ry. (Dayton, Ohio), corn. (qu.)._ 134 June 30 June 17 to June 30
135 June 30 June 17 to June 30
Preferred (quar.)
234 July 15 Holders of rec. July 10
Cleveland Elec. Ill., common (guar.)
Six per cent preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 150
Commonwealth Power,common (guar.). 623rc. Aug. 1 Holders of rec. July 140
Six per cent preferred (quar.)
134 Aug. 1 Holders of rec. July 14a
Dobry(D. A.) Secur. Co., corn.(annual) 15' July 1 Holders of rec. June 1
131 July 1 Holders of rec. June 15
Seven per cent preferred (quar.)
July 1 Holders of rec. June 15
Seven per cent pref.(participating div.)
Dominion Power Jr Transmission (quar.) 134 July 15 Holders of rec. June 23e
Eastern N.J. Power 634% prof. (quar.). 79%0 July 1 June 24 to June 30
Eastern N. J. Pow. Co., 7% pref. (qu.)_ 1% July 1 June 24 to June 30
2
July 1 June 24 to June 30
8% preferred (quar.)
Elmira Water Light & RR., COM.(guar.) 135 June 30 Holders of rec. June 17a
131 Juno 30 Holders of rec. June 170
First preferred (quar.)
Second preferred (quar.)
134 June 30 Holders of rec. June 170
El Paso Elec. Co.(Del.), common (au.). $1.75 June 15 Holders of rec. June 60
Preferred, series A (quar.)
151 July 15 Holders of rec. July 1
134 July 15 Holders of rec. July I
Preferred, aeries B (quar.)
$1.30 June 13 Holders of rec. June 100
El Paso Electric Co.(Texas).(quar.)
•250.
Fairmount Transit, corn. (No. 1)
Preferred (quar.)
Fall River Electric Light Co. (quar.)_
500. July 1 Holders of rec. June 200
Federal Water Service Corp.,$7 pf.(qu.) $1.75 July 1 Holders of rec. June 200
$ 1.6214 July 1 Holders of rec. June 20a
$634 preferred (quar.)
Foshay (W.B.) Co., common (monthly) 67c. July 11 Holders of rec. June 30
Seven per cent preferred (monthly).-- 580. July 11 Holders of rec. June 30
Eight per cent preferred (monthly).-- 670. July 11 Holders of rec. June 30
34 July 1 Holders of rec. June 150
Gas & Electric Securities, corn. (mthly.)
Common (payable in common stock). f3i July 1 Holders of rec. Jan. 150
7-12 July 1 Holders of rec. Jan. 15a
Preferred (monthly)
General Pub,Serv. Corp.,cony. Pt.(qu.) $1.75 Aug. 1 Holders of rec. July 8a
$1.50 Aug. 1 Holders of rec. July firs
$6 preferred (guar.)
Harrisburg Light & Power, pref.(guar.). 1% June 30 Holders of rec. June 18
50e. June 30 June 15 to June 30
Hartford City Gas L., corn.& pf.(qu.)
Havana Elec. & Utilities, let pref. (flu.)- $1.50 Aug. 15 Holders of rec. July 20
$1.25 Aug. 15 Holders of roe. July 20
Cumulative Preference (guar.)
134 June 30 Holders of rec. June 170
Houston Gas & Fuel, pref.(quar.)
1% July 1 Holders of rec. June 20
Illinois Traction, preferred (quar.)
1% July 1 Holders of rec. June 20
Inland Pow.& Lt. Corp., 7% Pr.(WO
Internat. Utilities Corp., class A (quar.). 8734e July 15 Holders of rec. July 20
Kings County Lighting, com.(quar.)... $1.25 July 1 Holders of rec. June 18a
1% July 1 Holders of rec. June 180
Seven per cent preferred (quar.)
4
July 1
Eight per cent preferred
Marcoll Wirel. Teleg. of London, pref._ *r334 July 1 *Holders of rec. June 24
Massachusetts Gas Cos., corn. (quar.).. .4131 Aug. 1 *Holders of rec. July 15
June 30 Holders of rec. June 170
2
Michigan Bell Telephone (guar.)
Missouri Gas & Elec., prior lien (guar.) _ *$1.75 July 15 *Holders of rec. June 30
Jrily 1 Holders of rec. June 20
$1.75
Service,
$7
pref.
(Guar.).
Missouri Public
500. July 1 Holders of rec. June 210
Mohawk Valley Co. (quar.)
Montreal L., H.& P. Consolidated (qu.) 50c. July 30 Holders of rec. June 30
r868. July 15 Holders of rec. June 300
Montreal Telegraph (quar.)
154 July 1 Holders of rec. June 20
New Orleans Pub. Serv., pref. (quar.)
July 1 Holders of rec. June 15a
Nera York & Richmond Gas, corn.(qu.)_ 2
1% July 1 Holders of rec. June 150
Preferred (quar.)
Northern Connecticut Power, pref. (qu.) 81.6231 June 30 Holders of rec. June 23
154 July 1 Holders of rec. June 210
Ohio Bell Telephone, pref.(quar.)
Ohio River Edison, 6% pref. (quar.)._
134 Sept. 1 Holders of rec. Aug. 15
$1.65 Sept. 1 Holders of rec. Aug. 15
6.6% preferred (quarterly)
134 Sept. 1 Holders of rec. Aug. 15
7% preferred (quarterly)
50c. July 1 Holders of rec. June 15
6% preferred (monthly)
500. Aug. 1 Holders of rec. July 13
6% preferred (monthly)
6% preferred (monthly)
50c. Sept. 1 Holders of rec. Aug. 15
6.6% preferred (monthly)
550. July 1 Holders of rec. June 15
550. Aug. 1 Holders of rec. July 15
6.6% preferred (monthly)
55c. Sept. 1 Holders of rec. Aug. 15
6.6% preferred (monthly)
Pacific Gas & Elec. Co., corn. (guar.)._ 500. July 15 Holders of rec. June 300
Penn-Ohio Edison Co., corn. (quar.).... 25c. Aug. 1 Holders of rec. July 15
Penn-Ohio Securities Corp., COM. (quar) 18c. Aug. 2 Holders of rec. July 15
Pennsylvania Gas dc El. Co., corn. (qu.) 134 July 1 June 21 to June 30
July 11 *Holders of rec. June 22
Philadelphia dr Camden Ferry (quar.).. *$2
Philadelphia Rap. Transit, corn.(quar.)- $1
Aug. 1 Holders of rec. July 15
1% July 15 Holders of rec. June 300,
Philadelphia & Western Ry., pr.(quar.)
July 1 Holders of rec. June 210
Portland (Me.) Gas Light (quar.)
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
I,
Public Utilities (Concluded).
Public Service Co. of Okla., corn.(guar.)
y% prior lien stock (guar.)
6% prior lien stock (guar.)
Quinte & Trent Val. Pr., Ltd., Pf. (au.)Securities Management Corp.,c1. A(MO
Southern Calif. Edison, original pf.(qu.)
Southern Indiana Gas& El.7% p1.(qu.)
6% preferred (quar.)
6% preferred (semi-annual)
6.6% preferred (quar.)
Tennessee Eastern Elec. Co.(guar.)
Union Electric & Gas, cola.(guar.)
United Gas Sr Elec. Co., corn. (quar.).
Preferred
Virginia Electric & Power,6% pf.(guar.)
7% preferred (guar.)
Western Power Corporation, pref. (qu.)
Worcester Electric Light (quar.)
York Railways, corn. (guar.)
Preferred (guar.)
July 1
2
1$1 July 1
1;5 July 1
131 July 1
1.35 July 15
50c. July 15
135 July 1
135 July 1
July 1
3
$1.65 July 1
July 1
$1
135 July 1
June 30
81
235 July 15
135 Sept.20
155 Sept.20
135 July 15
June 30
31
750. July 16
62340. J1113, 31
June 25 to July 1
June 25 to July 1
June 25 to July 1
Holders of rec. June 24
Holders of rec. July 1
Holders of rec. June 20
Holders of rec. June 24
Holders of rec. June 24
Holders of rec. June 24
Holders of rec. June 24
Holders of rec. June 200
June 15 to June 21
Holders of rec. June 160
Holders of rec. June 306
Holders of rec. Aug. 31a
Holders of rec. Aug. 310
Holders of rec. June 30a
June 21 to June 30
July 7 to July 15
July 16 to July 24
Banks.
American Union (guar.)
Bryant Park (guar.)
Colonial (guar.)
Coney Island (Bank of)
Franklin National (guar.)
Garfield National (quar.)
Hanover National (guar.)
Harlem Bank of Commerce (guar.)
Jamaica National (guar.)
Lebanon National
Mechanics (Brooklyn) (guar.)
Extra
Mutual (guar.)
Nassau National (Brooklyn) (quar.)Ozone Park National(Brooklyn)
Peoples National (Brooklyn)(guar.)._
Extra
Richmond Hill National
South Shore of Staten Island
Washington Heights (Bank of) (guar.)
West New Brighton (Staten Island).-
134 July 1
July 1
3
July 1
3
4
July
2 . June 29
June 3
3
6
July
135 July
1
July
July
3
July
3
July
1
3
July 1
3
July 1
235 July 1
July 1
3
5
July 1
June 30
3
July 1
2
135 June 30
3
July 10
Holders of rec. June 240
Holders of rec. June 206
June 21 to June 30
Holders of rec. June 300
Holders of rec. June 200
June 25 to June 30
June 22 to June 30
June 15 to July 1
Holders of rec. June 226
June 21 to July 1
Holders of rec. June 184
Holders of rec. June 18a
Holders of rec. June 23a
Holders of rec. June 296
Holders of rec. June 76
Holders of rec. June 140
Holders of rec. June 146
June 28 to June 30
Holders of rec. June 206
Holders of rec. June 306
Holders of rec. June 306
Trust Companies.
American (guar.)
Central Union (guar.)
Empire Trust (quar.)
Extra
Federation Bank dr Trust(guar.)
Midwood (Brooklyn)
Mutual of Westchester County
Extra
Title Guarantee & Trust (guar.)
Extra
Extra
135
7
3
1
2
3
3
1
4
5
5
Holders of rec. June 200
Holders of rec. June 236
Holders of rec. June 256
Holders of rec. June 256
Holders of rec. June 306
June 25 to June 30
Holders of rec. June 29
Holders of rec. June 29
Holders of rec. June 22
Holders of roe. June 22
Holders of rec. Sept. 22
June 30
July 1
June 29
June 29
June 30
June 30
July 1
July 1
June 30
June 3
Sept.30
Miscellaneous.
151 Aug. 1 Holders of rec. July 150
Abraham & Straus, Inc., pref. (au ar.)
6230 July 18 Holders of rec. July 9
Alliance Realty (quar.)
131 July 1 Called for red. July 1
vAllis-Chalmers Mfg., pref.(guar.)
500. July 30 Holders of rec. July 15a
Amerada Corporation, corn. (quar.)_ _
135
July 1 Holders of rec. June 20
Mortgage
Co.,
pref.
(q11.)
Amer. Bond &
$1
July 1 Holders of rec. June 27
American Credit Indemnity (guar.)._
July 1 June 16 to June 30
4
American Hardware Corp. (guar.)
American Home Products Corp.(quar.). 200. Aug. 1 Holders of rec. July 14a
Amer. Pneumatic Serv., 1st pref.(guar.) *8735c June 30 *Holders of rec. June 27
*50c. June 30 *Holders of rec. June 27
Second preferred (quar.)
July 2 Holders of rec. June 15a
81
American Sales Book. Ltd.(guar.)
July 1 Holders of rec. June 21a
1
American Screw (guar.)
Aug. 1 Holders of rec. July 150
2
American Shipbuilding, corn. (guar.)
134 Aug. 1 Holders of rec. July 150
Preferred (guar.)
$2.50 Jane 30 Holders of rec-June 25a
American Surety Co. (guar.)
131 July 1 Holders of rec. June 220
American Thermos Bottle, pref. (guar.)_
Amer. Vitrified Products, corn. (quar.). 50c. July 15 Holders of rec. July 5a
131 Aug. 1 Holders of rec. July 20
Preferred (quar.)
Amer. Window Glass Mach., pref. (qu.) 131 July 1 Holders of rec. June 24a
Asbestos Corporation. Ltd., pref.(guar.) 134 July 15 Holders of rec. June 30a
July 1 *Holders of rec. June 20
Atlantic Ice & Coal (guar.)
*81
July 1 Holders of rec. June 23a
2
Atlas Portland Cement, pref. (quar.)_
Baltimore Acceptance Corp., corn. (qu.) 250. July 1 Holders of rec. June 200
131 July 1 Holders of rec. June 200
Preferred (guar.)
*560. July 1 *Holders of rec. June 15
Bancltaly Corporation (guar.)
July 15 Holders of rec. June 30
Bankers Capital Corp., corn
84
Bankstocks Corp. of Maryland, pl. (qu.) 135 July 1 Holders of rec. June 24a
135 July 1 Holders of rec. June 25
Beck & Corbit, preferred (guar.)
335 July 15 Holders of rec. June 30
Beans Corporation, preferred
July 5 Holders of rec. June 27a
Bingham Mines Co. (guar.)
El
Blaw-Knox Co., common (guar.)
315c. Aug. 1 Holders of rec. July 21
135 Aug. 1 Holders of rec. July 21
First preferred (guar.)
*25c. July 1 *Holders of rec. June 21
Bliss(E. NV.) Co., corn. (guar.)
First preferred (quar.)
July 1 *Holders of rec. June 21
"El
*8735c July 1 *Holders of rec. June 21
Second preferred, class A (quar.)
*150. July 1 *Holders of rec. June 21
Second preferred, class B (guar.)
Borg at Beck (guar.)
July 1 *Holders of rec. June 18
*81
135 June 26 Holders of rec. June 24a
Boston Morris Plan Co. (guar.)
June 30 Holders of rec. June la
3
Boston Wharf
Bowman-Biltmore Hotels, 1st PI. (qu.)
131 July 1 Holders of rec. June 22a
131 July 1 June 21 to June 30
Brockway Motor Truck, pref. (guar.)._
60c. July 15 Holders of rec. June 30
Brompton Pulp & Paper (guar.)
135 July 1 Holders of rec. June 20a
Browning Crane Co., corn. (guar.)
151 July I Holders of rec. June 20a
Preferred (guar.)
6235c July 1 Holders of rec. June 20
Bruce E. L.) Co., corn. (guar.)
131 July 1 Holders of rec. June 20
Preferred (guar.)
July 1 June 21 to July 1
Bulkley Building (Cleveland), pref.(qu.) 1
3735c June 30 Holders of rec. June 2Ia
Bullard Machine Tool (guar.)
135 July 16 Holders of rec. June 30
Canada Cement (guar.)
The. July 15 Holders of rec. July la
Canada Dry Ginger Ale (guar.)
Canadian Canners, pref. ((mar.)
i3 July 2 Holders of rec. June 25
July 5 Holders of rec. June 24
2
Canadian Cottons, Ltd., corn. (guar.)._
135 July 5 Holders of rec. June 24
Preferred (guar.)
135 July 1 Holders of rec. June 24
Canadian Paperboard, Ltd., pref.(WO Canadian Fairbanks Morse, pref.(guar.) 135 July 15 Holders of rec. June 30
Canadian Industrial Alcohol (quari_ _ 32c. July 15 Holders of rec. June 30
July 1 Holders of rec. June 15
2
Canadian Westinghouse (guar.)
33
June 30 Holders of rec. June 254
Canton Company
51
June 30 Holders of rec. June 25a
Extra
33( July 30 Holders of rec. July 15a
Cartier, Inc., preferred (guar.)
Chicago Railway Equip., corn. (guar.)-- 3735c. July 1 June 21 to July 4
131 July 1 June 21 to July 4
Preferred (guar.)
3
July 1 Holders of rec. June 300
City Housing Corporation
July 1 June 21 to June 30
Cleveland Union Stock Yards(guar.)... 2
July 1 Holders of rec. June 16
Columbus Manufacturing Co. (guar.)._ 2
June 30 *Holders of rec. June 20
Commercial Finance Corp., common.... *82
s33.5 June 30 *Holders of rec. June 20
Preferred
June 30 June 21 to June 30
$2
Commercial Finance Corp., corn
335 June 30 June 21 to June 30
Preferred
135 July 1 Holders of rec. June 30
Cohn-Hall-Marx Co., pref. (guar.)
50e. June 30 June 21 to June 30
Conley Tank Car. corn. (guar.)
June 30 June 21 to June 30
Preferred (guar.)
2
25c. July 25 Holders of rec. July 15
Consolidated Royalty Oil (quar.)
July 1 Holders of rec. June 21a
1
Cornell Mills (guar.)
Corn Products Refining, corn. (guar.)._ *556. July 20 *Holders of rec. July 2
*250. July 20 *Holders of rec. July 2
Common (extra)
•131 July 15 *Holders of rec. July 2
Preferred (guar.)
June 30 June 16 to June 30
Craddock-Terry Co., 1st and 2d pre
335 June 30 June 16 to June 30
Class C preferred
Creamery Package Mfg., corn. (quar.).. .50c. July 10 *Holders of rec. July 1
•1h July 10 *Holders of rec. July
Preferred (quar.)
1
July 15 Holders of rec. July 5
Si
Cudahy Packing, conc. (guar.)
3735
THE CHRONICLE
JUNE 25 1927:]
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
*50e. July 2
Curtis Publishing, corn. (monthly)
*500. July 2
Common (extra)
3131 July 1
Preferred (guar.)
*25c. Aug. 1 *Holders of rec. July 15
Davega, Inc. (guar.)
*284. Aug. 1 *Holders of rec. July 15
Extra
•135 July 15 *Holders of rec. June 30
Detroit Motor Bus (guar.)
79.53c July 1
Diversified Trustee Shares
2
June 30 Holders of rec. June 22
Dixon (Joseph) Crucible (guar.)
131 July 1 Holders of rec. June 20
Dohler Die Casting, pref. (guar.)
New 50% paid,$7 pref.(guar.)(No.1) 8735c. July 1 Holders of rec. June 20
2
June 30 Holders of rec. June.25
Dominion Engineering Works, Ltd
131 June 30 Holders of rec. June 240
Dominion Rubber, pref. (guar.)
51.75 Aug. 1 Holders of rec. June 30
Eastern Bankers Corp., pref. (guar.)
51.75 Nov. 1 Holders of rec. Sept. 30
Preferred (guar.)
51.75 Feb. 1 Holders of rec. Dec. 31
Preferred (guar.)
*50e. Aug. 1 *Holders of rec. July 15
Eaton Axle & Spring (guar.)
25c. July 15 Holders of rec. July la
Economy Grocery Stores (guar.)
135 July 1 Holders of rec. June 20
Edwards(Wm.)Co., pref.(guar.)
256. July 1 Holders of rec. June 19
Elder Mfg., common (guar.)
2
July 1 Holders of rec. June 19
First preferred (guar.)
135 July 1 Holders of rec. June 19
Class A (guar.)
•13235c Aug. 1 *Holders of rec. July 18
Elgin National Watch (guar.)
135 July 1 Holders of rec. June 226
Elliott-Fisher Co., corn.& corn. B (qu.)_
1
July 1 Holders of rec. June 22a
Common & common B (extra)
134 July 1 Holders of rec. June 220
Preferred (guar.)
131 July 1 Holders of rec. June 25
Elyria Iron .3r Steel, pref. (guar.)
.31.31 July 15 *Holders of rec. June 30
Empire Bond & Mtge., pref.(quar.)
*735c. July 5 *Holders of rec. June 25
Erupcion Mining (quar.)
*2
July 15 *Holders of rec. July 5
Federal Terra Cotta (guar.)
Filing Equipment Bureau, pref. (guar.). 51.75 July 1 Holders of rec. June 20
$1
July 15 Holders of rec. July 2
pref.
(ext.)
Amer.,
Inc.,
58
Mills
of
Flour
Fox Film Corp., class A & B (guar.) _- 31 July 15 Holders of rec. June 30a
*50c. July 15 *Holders of rec. July 5
General Outdoor Advertising (guar.)
3150. July 15 *Holders of rec. July 7
General Refractories (quar.)
141 Aug. 1 Holders of rec. July 15a
Gobel (Adolf) Inc., pref. (guar.)
155 Aug. 1 Holders of rec. July 15
Gotham Silk Hosiery, pref. (guar.)
'81.50 July 1 *Holders of rec. June 20
Great Lakes Steamship (guar.)
*250. July 1 *Holders of rec. June 23
Hamilton-Brown Shoe(monthly)
25c. July 1 Holders of rec. June 25
Harbauer Co., common (guar.)
*135 July 1 *Holders of rec. June 20
Preferred (guar.)
Hibbard, Spencer, Bartlett Co.(mthlY.) 356. July 29 Holders of rec. July 22
30c. Aug. 26 Holders of rec. Aug. 19
Monthly
300. Sept. 30 Holders of rec. Sept 23
Monthly
135 July 15 Holders of rec. June 30
Hillcrest Collieries, corn. (guar.)
131 July 15 Holders of rec. June 30
Preferred (guar.)
10c. July 15 Holders of rec. June 29
Hollinger Consolidated Gold Mines
335 July 1 Holders of rec. June 24
Holmes(D. H.) Co., Ltd.(guar.)
131 July 2 Holders of rec. June 28
Holt,Renfrew Co., Ltd.(guar.)
Hoover, Owens, Rentschler Co-Pf.(qu.) 135 July 1 June 21 to June 30
*8735c Sept. 1 *Holders of rec. Aug. 15
Household Products (guar.)
51
July 15 Holders of rec. July la
Howe Sound Co.(guar.)
July 1 Holders of rec. June 28
Hudson River Nay Corp., pref. (guar.) 2
Hussman (Harry L.) Refr., corn.(guar.) 6235c. July 1 Holders of rec. June 20
3735c. July 1 Holders of rec. June 20
Huttig Sash & Door, corn.(quar.)
131 July 1 Holders of rec. June 20
Preferred (guar.)
335 July 1 Holders of rec. June 24
Insurance Securities (guar.)
8735c. July 1 Holders of red. June 256
Int. Equities Corp.. class A (quar.)
Internat. Match, com.(guar.)(No. 1) *856. July 16 *Holders of rec. June 26
*800. July 16 *Holders of rec. June 26
Participating preferred (guar.)
250. Aug. 15 Holders of rec. Aug. 1
Intertype Corporation, corn.(guar.). _
25c. Aug. 15 Holders of rec. Aug. 1
Common (extra)
135 June 30 June 21 to June 30
Kalbfleisch Corp., pref. (guar.)
Kellogg Switchboard & Supp.. com.(nu.) 3234c July 30 Holders of rec. July 9
131 July 30 Holders of rec. July 9
Preferred (quar.)
*7
July 1
He stone Bond & Mortgage, corn
July 1
.81
Common (extra)
July 15 *Holders of rec. July 5
*21
Keystone Steel & Wire, corn. (quar.)
*131 July 15 *Holders of rec. July 5
Preferred (quar.)
2
July 1 Holders of rec. June 24
Laclede Steel (guar.)
50c. July 15 Holders of rec. June 30
Lake Ontario Brewing Co
135 June 30 Holders of rec. June 246
Lawton Mills (guar.)
July 1 Holders of rec. June 16
Lawyers Westchester Mtge.& Title(qu.) 2
51
Aug. 31 Holders of rec. July 30
Lehigh Coal & Navigation (guar.)
250. Aug. 31 Holders of rec. July 30
Extra
Leverich Realty Corp., corn. A & B (qu.) 235 June 21 June 17 to June 21
June 21 June 17 to Jame 21
2
Preferred (guar.)
.90c. Aug. 1 *Holders of rec. July 20
Liquid Carbonic Co.(quar.)
(Canada)
Loew's London Theatres
250. July 15 Holders of rec. June 30a
Common (annual)
Sc. July 15 Holders of rec. June 300
Common (extra)
335 July 15 Holders of rec. June 30a
Preferred
Aug. 1 Holders of rec. July 15a
Lord & Taylor, second pref. (guar.).- 2
Lowenstein (M.)& Sons, first pref. (qu.) 131 June 30 Holders of rec. June 30(1
•250. July 15 *Holders of rec. July 5
Madison Square Garden (guar.)
Manning, Bowman & Co., class A (qu.)_ 37.50 July 1 Holders of rec. June 256
13.4 July 18 Holders of rec. July 3
Maple Leaf Milling, Prof. (guar.)
135 July 1 Holders of rec. June 21
McCaskey Register, pref. (guar.)
*400. July 6 *Holders of rec. July 1
McQuay Norris Co. (guar.)
July 1 Holders of rec. June 16
Metropol. Fill. Sta'ns, Inc., corn. (qu.). 1
July 1 Holders of rec. June 16
1
Class A participating common
July 1 Holders of rec. June 16
2
Preferred (guar.)
*250. July 1 *Holders of rec. June 15
Muir head's Cafeterias, pref. (quar.)
*82.50 July 1 *Holders of rec. June 30
Nash (A.) Co. ((Mar.)
*135 July 15 *Holders of rec. June 30
National Fireproofing. pref. (guar.).
July 1 *Holders of rec. June 23
Naumkeag Steam Cotton Co.(guar.)._ _ '3
$1. July 15 Holders of rec. June 30
Newtnont Mining Corp.(guar.)
July 2 Holders of rec. June 15
5
New Orleans Cold Storage & Warehouse_
*235 July 15 *Holders of rec. July 5
New York Dock, preferred
July 1 Holders of rec. June 23
5
New York Title & Mortgage (guar.)_ _ _ _
July 1 Holders of rec. June 23
1
Extra
Noe-Egul Textile Mills, Inc., Cl. A (qu.)_ 5635e. July 1 Holders of rec. June 22
July 15 Holders of rec. June 30
$1
Ohio Brass, class B (guar.)
135 July 15 Holders of rec. June 30
Preferred (guar.)
*Holders of rec. July 7
'O
Paraffine Cos., Inc., stock dividend
*5c. July 1 *Holders of rec. June 20
Peabody Coal. common (monthly)
*58c. July 1 *Holders of rec. June 20
Preferred (monthly)
6235c July 1 Holders of rec. June 24
Pedigo-Weber Shoe (quar.)
81.25 July 15 Holders of rec. June 306
Pennsylvania Salt Mfg. (guar.)
135 July 1 Holders of rec. June 184
Phelps. Dodge Corp. (guar.)
Pierce,Butier&Pierce,com.,225 par(qu.)_ 3.500. July 15 *Holders of rec. July 5
July 15 *Holders of rec. July 5
*2
Common ($100 par) (guar.)
Aug. 1 *Holders of rec. July 20
*2
Eight per cent preferred (guar.)
Seven per cent preferred (guar.)
...114 Aug. 1 *Holders of rec. July 20
Pittsb. Screw & Bolt,com.(qu.)(No. 1).. *50c. July 12 *Holders of rec. July 1
Providence Ice, 1st pref.(quar.)
15 July 1 Holders of rec. June 27
.25c. Aug. 1 *Holders of rec. July 5
Richfield Oil, common (guar.)
*4331c Aug. 1 *Holders of rec. July 5
7% preferred (guar.) (No. 1)
*131 Aug. 1 *Holders of rec. July 15
Russell Motor Car (guar.)
75e. Aug. 1 July 27 to July 31
Rome Wire, class A common (guar.).
256. Aug. 1 July 27 to July 31
Class B common (guar.)
July 18 Holders of rec. July 9
Royal Typewriter, corn
81
July 18 Holders of rec. July 9
$1
Common (extra)
335 July 18 Holders of rec. July 16
Preferred
Scruggs-Vandervoort-Barney Dry Goods
July 1 Holders of rec. June 21
3
First preferred
335 July 1 Holders of rec. June 21
Second preferred
July 15 Holders of rec. June 30
750.
Scullin Steel, pref.(guar.)
Se,agrave Corporation, common (quar.)- 30c. July 20 Holders of rec. June 300
134 July 20 Holders of rec. June 300
e eri cd (guar r
6234e. July 1 Holders of rec. June 20
Securities Inv., common (guar.)
131 July 1 Holders of rec. June 20
Preferred (guar.)
Securities Management, class A (qu.)_ _ _ *135 July 1 *Holders of rec. June 15
Seeman Brothers, Inc., corn.(guar.).- 50c. Aug. 1 Holders of rec. July 15
*500. July 1 *Holders of rec. June 21
Shaler Company (quar.)
500. July 1 June 26 to July 1
Sharon Steel Hoop,common
July 1 June 26 to July 1
2
Preferred (guar.)
Sheriff St. Mkt. dr Stor.(Cleve.) (quar.) 134 July 1 Holders of rec. June 25
*25e. July 1 *Holders of rec. June 20
Silver King Coalition Mines (quar.)Spanish Riv. Pulp & P. Mills, com.(ccuj 135 July 15 Holders of rec. June 30
155 July 15 Holders of rec. June 30
Preferred (quar.)
3736
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable.
Miscellaneous (Concluded).
Southern Baking, preferred (quar.)
2
Standard Comm'l Tobacco, corn. (au.). 25c.
Preferred
314
Standard Screw, corn. (guar.)
2
Preferred
3
Steel Co. of Canada. corn. & pref. (qu.) 131
Sullivan Machinery (guar.)
$1
Tidloute Refining Co. of Canada (guar.) P4
Tooke Bros., Ltd., pref. (guar.)
1
Trumbull-Cliffs Furnace, pref. (quar.)
114
Tulip Cup Corp.. corn. (guar.)
.25c.
Preferred (guar.)
Upson Company, corn. A & B (quar.)
40c.
Common A & B (extra)
10c.
Preferred (guar.)
Union Metal Manufacturing, pref.(gm) 2
Union Steel Casting. corn.(guar.)
*50c.
Preferred (guar.)
*1.f4
U. S. Bond & Mortgage, pref. (guar.).- *I%
U. S. Leather, prior preference (No. 1)
*7
U. S. Radiator, common (guar.)
*50c.
Preferred (quar.)
*1u
United Verde Extension Mining (guar.) _ *75c.
Wellman-Seaver-Morgan Co., pref.(qu.) 1'4
Western Auto Supply, part. pref.(quar.) 500.
Western Paper Goods, class A & B (qu.)- *50c.
Westmoreland Coal (guar.)
SI
Whipple (J. R.) Corp., pref. (guar.).
1'4
Whitman (William) Co., pref. (quar.)_ _
Ill
Wolverine Petrol. Corp., corn. (quar.)_ _ 50c.
Woods Manufacturing, pref. (quar.)__
1'%
Yellow Cab, Inc., Newark (guar.)
25c.
Books Closed.
Days Inclusive.
Name of Company.
'
When
Per
Cent. Payable.
[VOL. 124.
Books Closed.
Days Inclusive.
Public Utilities (Continued).
July
Holders of rec. June 2I0 Amer. Gas & Elec., common(quar.)_
250. July 1 Holders of rec. June 11
July
(i) July 1 Holders of rec. June 11
Holders of rec. June 27
Common (payable in common stock)_
July
Holders of rec. June 27
Preferred (guar.)
$1.50 Aug. 1 Holders of rec. July 9
July 1 Holders of rec. June 21
Amer. Light & Trac..com.(pay.in com.)- f50 June 20 June 19 to June 30
Holders of rec. June 21
July
Preferred (Outer.)
1% Aug. 1 Holders of rec. July 15
Aug.
Amer. Public Service Co.. pref. (guar.)_
Holders of rec. July 8
1% July 1 Holders of rec. June 15
July 15 Holders of rec. June 30
Amer. Public Utilities, prior pt. (quar.)_
131 July 1 Holders of rec. June 15
July
Participating preferred (guar.)
Holders of rec. June 22
1% July 1 Holders of rec. June 15
July 15 Holders of rec. June 30
Am.Superpower Corp.,com. A & B (qu.) 30c, July 1 Holders of rec. June 1
Holders of rec. June 20
July
First preferred (guar.)
$1.50 July 1 Holders of rec. June 1
*Holders of rec. June 28
July
American Telep. & Teleg. (guar.)
2% July 15 Holders of rec. June 20a
*Holders of rec. June 28
July
Arkansas Natural Gas (guar.)
120. July 1 Holders of rec. June 150
Arkansas Power & Light. $7 pref. (gu.)- $1.75 July 1 Holders of rec. June 15
July 15 Holders of rec. July 1
Associated Gas & Elec., class A (guar.) k50c. Aug. I Holders of rec. June 30
July 15 Holders of rec. July 1
July 1 Holders of rec. June 15a
$7 preferred (guar.)
n$1.75 July 1 Holders of rec. May 31
July 1 Holders of rec. June 20a Bangor Hydro-Elec., 7% pref. (quar.)-- 1% July 1 Holders of rec. June 10
July 11 *Holders of rec. July 1
Six per cent preferred (guar.)
134 July 1 Holders of rec. June 10
July 11 *Holders of rec. July 1
Barcelona Tr.. L. Sr Pow., ordinary
50c. June 30 Holders of rec. June 210
Preferred (guar.)
June 30 *Holders of rec. June 20
131 June 30 Holders of rec. June 210
Preferred (extra)
Aug. 1 *Holders of rec. July 15
1
June 30 Holders of rec. June 210
July 15 *Holders of rec. July 1
Bell Telephone of Canada (quar.)
2
July 15 Holders of rec. June 23
Bell Telep. of Penna., pref. (guar.)
July 15 *Holders of rec. July I
131 July 15 Holders of rec. June 20a
Aug. 1 *Holders of rec. July 6
Binghamton L., it. & P. $6 pref. (guar.) $1.50 July
Hoiders of rec. June 15
Birmingham Electric Co., $7 pref. (qu.)_ $1.75 July
July 1 July 22 to July 1
Holders of rec. June 15
56 preferred (quar.)
July 1 Holders of rec. June 20
$1.50 July
Holders of rec. June 15
Boston Elevated Ity., com.(guar.)
July 15 *Holders of rec. June 30
1% July
Holders of rec. June 10a
July 1 June 28 to July 1
Preferred
334 July
Holders of rec. June 10a
First
June
Holders
23a
rec.
preferred
of
4
July
July
Holders of rec. June 10a
Holders of rec. June 2Ia Brazilian Trac., Lt. & Pow., pref. (au.)_
July
114 July
Holders of rec. June 15
Brooklyn Union Gas Mar.)
June 29 Holders of rec. June 21
$1.25 July
Holders of rec. June 9a
Canada Northern Power. pref. (quar.)
July 2 Holders of rec. June 27
1'% July 15 Holders of rec. June 30
July
Holders of rec. June 20a Capital Trac.(Washington, D. C.) (qu.)
4, July 1 Holders of rec. June 14
Carolina Power & Light, $7 pref. (qu.)_ $1.75 July 1 Holders of rec. June 16
Below we give the dividends announced in previous weeks
$6 preferred (guar.)
$1.50 July 1 Holders 01 rec. June 16
Illinois Light, 6% pref. (guar.) _
1% July 1 Holders of rec. June 15
and not yet paid. This list does not include dividends an- Central
7% preferred (guar.)
P4 July 1 Holders of rec. June 15
nounced this week, these being given in the preceding table. Central III. Public Serv., pref. (quar.)- $1.50
July 15 Holders of rec. June 30a
Central & S. NV. Utilities, corn. (guar.)._ 75c. July 15 Holders of rec. June 30
Central States Elec. Corp., com.(guar.) 25e. July
Holders of rec. June 10
Per
When
Books Closed.
Preferred (aunt.)
1% July
Holders of rec. June 10
Name of Company.
Cent. Payable.
Days Inclusive.
Chic., No. Shore Sr Milw., pref. (guar.) 134 July
Holders of rec. June 15a
Prior lien stock (guar.)
1% July
Holders of rec. June 154
Railroads (Steam).
Chic. It. T., prior pref. class A (mthly.) 65c. July
Holders of rec. June 210
Alabama Great southern, ordinary
3% June 28 Holders of rec. May 24
Prior preferred class A (monthly)___ _ 650, Aug.
Holders
of rec. July 19a
Ordinary (extra)
3
June 28 Holders of rec. May 24
Prior preferred, class A (monthly)
65e. Sept.
Holders of rec. Aug. 16a
Preferred
331 Aug. 15 Holders of rec. July 11
Prior preferred, class B (monthly)._ _ 600. July
Holders of rec. June 2Ia
Preferred (extra)
3
Aug. 15 Holders of rec. July 11
Prior preferred, class B (monthly)._ 60c. Aug.
Holders of rec. July 190
Albany & Susquehanna
414 July 1 Holders of rec. June I5a
Prior preferred, class B (monthly)._
60c. Sept.
Holders of rec. Aug. 160
Atch. Topeka & Santa Fe, prof
2% Aug. 1 Holders of rec. June 240 Cincinnati Gas & Electric (guar.)
1".1 July
June 15 to June 21
Atlanta & West Point
4
June 30 Holders et rec. June 20
Cincinnati & Suburban Bell Teter).(au.)- $1.12 July
Holders of rec. June 18
Atlantic Coast Line RR.. corn
331 July 11 Holders of rec. June 15a Cleveland Railway, corn. (guar.)
Holders of rec. June 110
134 July
Common (extra)
1% July 11 Holders of rec. June 15a Coast Valleys Gas & Elec., 7% pf. (qu.) 134 July
Holders
of rec. June 15
Bangor & Aroostook, corm (guar.)
75c, July 1 Holders of rec. June 3a
Six per cent preferred (guar.)
Holders
131 July
rec. June 15
Preferred (guar.)
14 July 1 Holders of rec. June 3a Columbia Gas& Elec. Corp., corn.(qu.)_ $1.25 Aug. 15 Holders of rec.
July 200
of
Beech Creek (guar.)
50c. July 1 Holders of rec. June 15
Preferred (guar.)
134
Holders
Aug.
15
of
rec.
July 200
Boston & Albany (guar.)
231 June 3(1 Holders of rec. May 31a Columbus Elec. & Power, corn. (guar.). 50c. July
1 Holders of rec. June 100
Boston & Providence
231 July 1 Holders of rec. June 20
Common (1-40 share in com. stock)
(f) July 1 Holders of rec. June 100
Boston Revere Beach & Lynn (allax.)-1% July 1 Holders of rec. June 15a
Preferred series B (guar.)
$1.75 July 1 Holders of rec. June 100
Buffalo & Susquehanna, pref
2
June 30 Holders of rec. June I5a
Preferred series C (guar.)
1.6234 July 1 Holders of rec. June 10a
Canada Southern
114 Aug 1 Holders of rec. July la
Second prefered (guar.)
51.75 July 1 Holders of rec. June 100
Canadian Pacific. corn (guar.)
231 June 30 Holders of rec. JUDO la Consumers Gas, Toronto (guar.)
2% July 2 Holders of rec. June 150
Chesapeake dr Ohio. com. (guar.)
231 July 1 Holders of rec. June 8a Cons. G., E. L. & P., Halt., com.(qu.) 62% c July
Holders of rec. June 150
Preferred (guar.)
3% July 1 Holders of rec. June Sa
Eight per cent pref., series A (quar.)_ _
2
Holders of rec. June 150
July
Chicago Burlington & Quincy
5
June 25 Holders of rec. June I8a
Seven per cent pref., series B (quar.)_
Holders of rec. June I5a
1% July
Chicago Indianan.& Louisville. com__ _ _
2% July 11 Holders of rec. June 25
% preferred, series C (quar.)
Holders of rec. June 15a
131 July
Common (extra)
1
July 11 Holders of rec. June 25
Six per cent preferred, series D (guar.) 1)4 July
Holders of rec. June I5a
Preferred
2
July 11 'folders of rec. June 25a Consolidated Gas, New York, pref.(qu.) 51.25 Aug.
Holders of rec. June 30a
Chicago & North Western, common__ _
2
June 30 Holders of rec. June is Consumers Power,6% pref. (guar.).- _
131 July
Holders
of rec. June 16
Preferred
3% June 30 Holders of rec. June la
6.6% preferred (guar.)
1.65 July
Holders of rec. June 15
Chic. R. I. & Pacific, common (guar.)._
1% June 30 Holders of rec. June 3a
Seven per cent preferred (guar.)
154 July
Holders of rec. June 15
Seven per cent preferred
3% June 30 Holders of rec. June 3n
Six per cent preferred (monthly)
Holders of rec. June 15
500. July
Six per cent preferred
June 30 Holders of rec. June 30
3
6.6% preferred (monthly)
Holders of rec. June 15
550. July
CM. N. 0. & Texas Pacific. common._
4
June 25 Holders of rec. June 11
Continental Gas & Elec. Corp.,com.(gu.) $1.10 July
Holders of rec. June 13
Cincinnati Northern
5
July 20 Holders of rec. July 130
7% prior preferred (guar.)
Holders of rec. June 13
13-4 July
Cleve. CM. Chic. & St. Louis, corn
2
July 20 Holders of rec. July la
Participating preferred (guar.)
Holders of rec. June 13
134 July
Preferred (quar.)
Participating preferred (extra)
131 July 20 Holders of rec. July la
% July
Holders of rec. June 13
Colorado Southern, first preferred
2
June 30 June 19 to June 30
6% preferred (guar.)
Holders of rec. June 13
134 July
Consolidated Fills. of Cuba, pref.(guar.) 134 July 1 Holders of rec. June 100 (2) Continental Passenger Ry.. Phila.- _ $3
June 3 Holders of rec. May 31a
Cuba Railroad. common
$1.20 June 28 Holders of rec. June 280 Denver Tramway Corp., pref. (guar.)... $1.25 July
Holders of rec. June 150
Detroit River Tunnel
3
July 15 Holders of rec. July 80 Detroit Edison Co. (guar.)
July 15 Holders of rec. June 200
2
Great Northern, pref. (guar.)
234 Aug. 1 Holders or rec. June 250 Diamond State Telep., pref. (guar.)...- 1% July 15 Holders of rec. June 200
.Gulf Mobile ts Northern, pref. (guar.)._
135 July 1 Holders of rec. June 15a Duke Power (guar.)
July 1 Holders of rec. June 15
1
Hocking Valley, corn.(guar.)
2% June 30 Holders of rec. June 8a Duluth-Superior Traction, corn
July 1 Holders of rec. June 13
1
Illinois Central,leased lines
June 30 June 19 to June 30
2
Preferred (guar.)
1
July 1 Holders of rec. June 13
Kansas City Southern, pref. (quar.)__
1
July 15 Holders of rec. June 300 Eastern Texas Electric Co., pref. (guar.) 134 July 1 Holders of rec. June 60
Lake Erie & Eastern
July I Holders of rec. June 290 Electric Bond dc Share Co.. pref. (guar.) 134 Aug. 1 Holders of rec. July 12
2
Lehigh Valley, common (guar.)
Electric Bond & Share Securities (guar.) 25e, July 15 Holders of rec. June 18
8731c July 1 Holders of rec. June 1 I a
Preferred (guar.)
$1.25 July 1 Holders of rec. June 110 Electric Light & Pow. Co. of Abington
Little Schuylkill Nay. RR. & Coal
$1.25 July 15 Holders of rec. June 170
& Rockland (guar.)
50c. July
Holders of rec. June 150
Louisville & Nashville
331 Aug. 10 Holders of rec. July 15a Elec. Pow.& Lt. allot. ctfs. full pd.(qu.) 1% July
Holders of rec. June 15
Mahoning Coal RR.,corn.(guar.)
$12.50 Aug. 1 Holders of rec July 150
Allotment ctfs. 40% paid Mar.)._ 70c. July
Holders of rec. June 15
Preferred
$1.25 July 1 Holders of rec. June 250
Preferred (guar.)
$1.75 July
Holders of rec. June 15a
Maine Central. com.(guar.)
July 1 Holders of rec. June 15
Electric Public Service. pref. (quar.)_
1 1 July
Holders of rec. June 200
Michigan Central
July 29 Holders of rec. July la Empire Gas & Fuel,8% pf.(m'thly)
20
2-3c
July
66
Holders of rec. June 150
Missouri-Kansas-Texas, prof. A (guar.). 1% Aug. 1 Holders of rec. July 15a
Seven per cent preferred (ra thl )
58 1-3c July
Holders of rec. June 15a
Mobile & Birmingham, preferred
Empire Power Corp.. panic. pref
July 1 June 2 to June 30
2
50c. July
Holders of rec. June 16
Mobile & Ohio
334 June 28 Holders of rec. June 17
56 Preferred (guar.)
51.50 July
Holders of rec. June 16
Morris & Essex
$1.75 July
Holders of rec. June 7a Engineers Public Service, pref.(guar.) _ _ $1.75 July
Holders of rec. June 6a
New York Central RR.(guar.)
2
Holders of rec. July la Federal Light & Traction, com.(guar.)
Aug.
20c. July
Holders of rec. June 13a
N.Y. Chicago & St. Louis, corn.(quar.)_
Corn.(in corn. stk 11-100 of a share)).. r15c. thly
2% July
Holders of rec. May I60
Holders of rec. June 13a
Preferred (guar.)
1;4 July
Holders of rec. May 160 Florida Power & Light, $7 pref. (guar.)_ $1.75 July
Holders of rec. June 16
New York & Harlem, corn. & pref
Holders of rec. June 150 Florida Public Service, pref.(quar.)-131
$2.50 July
July
Holders of rec. June 15
N. Y. Lackawanna dc Western (guar.)._
Holders of rec. June 14a Frankford & Southwark Pass. Ky.(qu.)_ $4.50 July
si July
June 2 to June 30
Northern Pacific (guar.)
Holders of rec. June 250 General Gas dc Elec. Corp., com. A (qu.) 3731c July
131 Aug.
Holders of roe. June Ila
Northern RR.of N. H.(guar.)
$8 preferred class A (guar.)
1% July
Holders of rec. June 13
July
$2
Holders of rec. June Ila
Northern Securities
4
$7 preferred class A (guar.)
July 1 June 25 to July 11
$1.75 July
Holders of rec. June 110
Norwich & Worcester, pref. (guar ). _
Preferred class B (quar.)
2
Holders of rec June 11
July
$1.75 July
Holders
of rec. June 110
Old Colony RR.(guar.)
General Public Utilities. $7 pref. (guar.) $1.75 July
Holders of rec. June 11
131 July
Holders of rec. June 15
Pere Marquette, common (guar.)
1% July
Holders of rec. June 140 Georgia Power, 56 preferred (guar.). _ _ $1.50 July
Holders of rec. June 10
yCommon (in common stock)
120 Oct.
Holders of rec. Sept. 70 Gold & Stock Telegraph (guar.)
Holders of rec. June 300
134 July
Prior preference (guar.)
1% Aug.
Holders of rec. July 14a Hackensack Water, pref., class A (qu.)._ 43%c June 3 Holders of rec. June 180
Five per cent preferred (guar.)
134 Aug.
Holders of rec. July 140 Haverhill Gas Light (guar.)
560. July
Holders of rec. June 200
PIttsb. Ft. Wayne & Ohio, cons. (qu.)
1)4 July
Holders of rec. June 100 Illinois Bell Telephone (auar.)
June 3 Holders of rec. June 290
2
Preferred (guar.)
1% July
Holders of rec. June 100 Illinois Power,6% preferred (quar.).134 July
Holders of rec. June 15
Pittsburgh 4. Lake Erie
$2.50 Aug.
Holders of rec. July la
Seven Per cent preferred (quat.)
131 JUIY
Holders of rec. June 15
PIMA). McKeesp. & Yough. (guar.)._ _ _ $1.50 July
Holders of rec. June 150 Illinois Power & Light, 7% p1. (quar.).._
Holders of rec. June 10a
134 July
Providence & Worcester (guar.)
2% June 3 Holders of rec. June S
6% Preferred (guar.)
131 July
Holders of rec. June 10a
Reading Company, second pref. (quar.)_ 50c. July 1 Holders of rec. June 20a
6% panic. Prof. (guar.)
134 July
Holders of rec. June 100
Rensselaer & Saratoga
4
July
Indianapolis Power & Light, pref. (qu.). 134 July
June 16 to June 30
Holders of rec. June 60
St. Louis-San Francisco, common (guar.) 131 July
Holders of rec. June 80 Indianapolis Water Co., prof. (quar.)_. _
134 July
Holders of rec. June 15a
Common (extra)
25c. July
Holders of rec. June 80 Interstate Power Co.. pref. (guar.)
$1.75 July
Holders of rec. June 6
1% Aug.
Preferred (quar.)
Holders of rec. July lba International Power, first pref. (guar.)._
134 July
Holders of rec. June 15
Preferred (guar.)
131 Nov
Holders of rec nct 154 International Telep. & Teleg. (guar.).- 131 July 1
Holders of rec. June 27a
St. Louis Southwestern, pref. (quar.)
I% June 30 Holders of rec. June ila Jamaica Public service, pref. (guar.).
131 July 2 Holders of rec. June 15
Southern Pacific Co. (guar.)
134 July
Holders of rec. May 270 Jersey Central Power & Light. nf. (qu.)
. 131 July 1 Holders of rec. June 17
Southern Railway corn. (guar.)
1% Aug.
Holders of rec. July la
Kansas City Pow.& Lt. 1st pf.
.A (guar.) $1.75 July
Holders of rec. June 140
Preferred (guar.)
Holders of rec. June 2Ia Kansas Electric Power. pref. (quar.)____
134 July 1
114 July 1 Holders of rec. June 15
Toronto Hamilton & Buffalo
3
Holders of rec. June 27a Kansas Gas & Electric, pref. (guar.).July
134 July 1 Holders of rec. June 15
Union Pacific. common (guar.)
Holders of rec. June la Kentucky Securities Corp., corn. (mar.) 1E4 July 1 Holders of rec. June 200
231 July
Virginian Railway, preferred
3
Holders of rec. July 23a
Aug
Preferred (guar.)
134 July 15 Holders of rec. June 200
Wabash Ry., preferred A (guar.)
1% Aug. 25 Holders of rec. July 230 Laurentide Power (guar.)
134 July 15 Holders of rec. June 30
Western Railway of Alabama
June 3 Holders of rec. June 20
4
Lone Star Gas Corp. (guar.)
50c. June 30 Holders of rec. June 200
Long Island Lighting, pref., set. A (qu.) 134 July 1 Holders of rec. June 17
Public Utilities.
Preferred, ser. B (guar.)
134 July 1 Holders of rec. June 17
Alabama Power, $7 pref. (guar.)
$1.75 July
Holders of rec. June 15
Louisville Gas & Elec.. class A (guar.)._ 4334c June 25 Holders of rec. May 31a
$6 preferred (guar.)
Holders of rec. June 15
$1.50 July
Mackay Companies, common (guar.)... 134 July 1 Holders of rec. June 4a
All-America Cables (guar.)
1% July 1 Holders of rec. June 270
Preferred (guar.)
1
July 1 Holders of rec. June 40
Amer.& Foreign PowerManhattan Ky., 7% guar. (guar.)
134 July 1 Holders of rec. June 100
Preferred allot. ctfs. 25% paid (qu.)_ 43)ic July
Holders of rec. June 15
Modified guar. (guar.)
1% July 1 Holders of roe. June 100
Preferred (quar.)
1% July
Holders of rec. June 15
Manila Electric Co. (auar.)
6234c Aug. 1 Holders of rec. Juno 303
American Power & Light, pref.(guar.)- 134 July
Holders of rec. June 16
Memphis Power & Light. pref.(aunt.)
$1.75 July 1 Holders of res. June 18
Name of Cornpany.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Continued).
Massachusetts Lighting Cos., corn. (qu.) 75c. June 30 Holders of rec. June 20
1M July 15 Holders of rec. June 25
Six per cent preferred (guar.)
July 15 Holders of rec. June 25
2
Eight per cent preferred (guar.)
$1.75
July I Holders of rec. June 15
Metropolitan Edison, $7 pref.(quar.)
July 1 Holders of rec. June 15
Six per cent preferred (guar.)
$3.50 July 15 Holders of rec. June 30
Mexican Utilities, preferred
1( July 15 Holders of rec. June 30a
Middle West Utilities, pref. (quar.)__ _
$1.50 July 15 Holders of rec. June 30a
$6 preferred (guar.)
14 July 6 Holders of rec. June 22
Midland Utilities, 7% prior lien (guar.) _
I K July 6 Holders of rec. June 22
Seven per cent pref., class A (quar.)__
116 July 6 Holders of rec. June 22
Six per cent prior lien (guar.)
14 July 6 Holders of rec. June 22
Six per cent pref., class A (quar.)_ _ _ _
Milwaukee El. Ry.& Lt..6% Pref.(qu.) 16 Aug. 1 Holders of rec. July 200
Minnesota Power & Light, pref. (guar.) Ui July 1 Holders of rec. June 15
Ui July 1 Holders of rec. June 15
Mississippi River Power, pref. (guar.). _
Monongahela W.Penn.P.S. 7% pi. (qu.) 43 Mc July 1 Holders of rec. June 15
M July 1 Holders of rec. June 10a
I
(guar.)
corn.
Co.,
Montana Power
Ui July 1 Holders of rec. June 30a
°Preferred (guar.)
1K July 20 Holders of rec. June 30
Mountain States Power, pref. (guar.)._ _
Municipal Serv. Corp., pref., conv.(qu.) 50c. July 1 Holders of rec. June 15
iii July 1 Holders of rec. June 17
Nassau & Suffolk Ltg.. pref. (quar.)--1K July 1 Holders of rec. June 20
National Electric Power. pref. (guar.)._
National Fuel Gas, new stk.(cm.)(No.1) 25c July 15 Holders of rec. June 36a
National Power & Light. pref. (guar.)._ 51.75 July 1 Holders of rec. June 15
National Public Service CorporationPref.,series A. and panic. pref.(quar.) $1.75 July 1 Holders of rec. June 17
1 K Aug. 1 Holders of rec. June 30
Nevada-Calif. Elec. Corp.. pref. (guar.) _
July 1 *Holders of rec. June 20
New England Investment & Security, pf *2
New England Power Assoc.. corn, (qu.)_ 374c. July 15 Holders of rec. June 30a
July 1 Holders of rec. June 180
1(4
(guar.)
Preferred
1
July 1 Holders of rec. June 18
New England Power Co.. pref. (quar.)_ _
New England Pub.Serv.. corn.(guar )._ 45c. June 30 Holders of rec. May 3I0
2
June 30 Holders of rec. June 10
New England Telep, & Teleg. (guar.)._
624c. June 30 June 17 to June 30
New Haven Gas Light (Qum.)
_
(guar.)
pref.
$6
July 1 Holders of rec. June 15
31.50
Lt.,
&
Pow.
Jersey
New
New York Central Elec. Corp., pref.(qu) 1K July 1 Holders of rec. June 17
New York Steam Corp.. $6 pref.(guar.). $1.50 July 1 Holders of rec. June 150
51.75 July 1 Holders of rec. June 150
$7 'referred (guar.)
Holders of rec. June 200
1)4 July 1
New York Telephone, pref. (guar.)
60c. June 3 Holders of rec June 150
Niagara Falls Power, corn. (guar.)
Holders of rec. June 30a
43Kc July 1
Preferred (guar.)
Niagara Lockp.& Ont. Pow., corn. (411.) 75c. June 3 Holders of rec. June 15
Holders of rec. June 15a
Seven per cent preferred (guar.)
ifi July
Holders of roe. June 6a
12M July
North American Co., corn. (guar.)
Holders of rec. June Its
75c. July
Six per cent preferred (guar.)
(qu.)
Holders of rec. June 20a
pref.
1(4
Power,
July
dr
North Amer. Light
Holders of rec. June 150
Northeastern Power Corp., corn.(No. 1) 15c. July
Holders of rec. June 15a
$1.50 July
Class A (guar.)
Holders of rec. June 30
Northern Indiana Pub. Serv.. pref. (qu.) 1K July 1
1
June 3 Holders of rec. June 15
Northern Mexico Power & Devel., corn__
1(4 June 3 Holders of rec. June 15
Preferred (guar.)
Holders of rec. June 15
1)4 July
Northern Ohio Pr.& Lt.,6% pref.(qu.)
Holders of rec. June 15
ig July
Seven per cent preferred (guar.)
Holders of rec. June 30a
July 1
Northern Ontario Lt. & Pow., com.(qu.) 1
July 2 Holders of rec. June 30a
3
Profen ed
Holders of rec. June 150
Northern Penna. Pow. Co., $7 pf. (qu.)_ 11.75 July
Holders of rec. June 150
$1.50 July
$6 preferred (guar.)
Holders of rec. June 15a
July
3
Six per cent preferred
2
Holders of rec. June 30
Aug.
Northern States Pow., corn., cl. A (qu.)
1% July 2 Holders of rec. June 30
Six per cent preferred (guar.)
1% July 2 Holders of rec. June 30
Seven per cent preferred (guar.)
Holders of rec. June 17
1)4 July
Northport Water Works, pref. (quar.)_ _
Holders of rec. June 15a
Northwest Utilities, prior lien (quar.)__ _ $1.75 July
(quar.)_
Holders of rec. June 28a
2
corn.
3
June
Telep.,
Bell
Northwestern
Holders of rec. June 200
14 July 1
Preferred (guar.)
June 16 to June 30
$1.50 July
Northwestern Celegraph Co
Holders of rec. June 20a
1(4 July
Ohio Electric Power. pref. (quar.)
Holder of rec. June 15a
Oklahoma Natural Gas Corp.. pref (qu.) 1°% July
Holders of rec. June 15a
(qu.)
corn.
3
June
154
Power,
&
Heat
Ottawa Light,
Holders of rec. June 15a
IX July
Preferred (guar.)
Holders of rec. June 30
July 1
Ottawa Montreal Power, pref. (guar.)._
Holders of rec. June 15
1
July
Ottawa Traction (guar.)
IX dJunc3 Holders of rec. Juned27a
Pacific Telep. & Teleg., corn. (quar.).._
of rec. June 30a
Holders
1
July
154
Preferred (quar.)
Holders of rec. June 15
Panama Power & Light Corp., pref.(au.) 14 July
Holders of rec June 15a
Penn Central Light & Pow., pref. (qu.)_ 51.25 July
to June 30
June 21
July
Pennsylvania Gas & Elec., pref. (quar.)_
Holders of rec. July 20
_
Aug.
2
Penn.-Ohio Pow. & Lt.,8% pre!.
Holders of rec. July 20
1% Aug.
Seven per cent preferred (guar.)
Holders of rec. June 20
60o. July
7.2% preferred (monthly)
Holders of rec. July 20
60c. Aug.
7.2% preferred (monthly)
Holders of rec. June 20
6.6% preferred (monthly)
550. July
Holders of rec. July 28
55o. Aug.
6.6% Preferred (monthly)
Holders of rec. June 15
Penna. Pow. & Light, $7 pref. (guar.)._ $1.75 July
$6 preferred (guar.)
81.50 July
Holders of rec. June 15
Penna. Water & Pow., new stock (quar.) 500. July
Holders of rec. June 170
July
Holders of rec. June 15
3
Peoples Gas Co.,(N. J.) preferred
2
July 1
Holders of rec. July La
Peoples Gas Light & Coke (guar.)
Philadelphia Company, corn. (quar.)_ _ _ $1
July 3 Holders of rec. July la
Common (1-120 share of Corn, stock)_ _
July 3 Holders of rec. July 1
81.25 Sept.
5% preferred
Holders of rec. Aug. 10a
Holders of rec. June 15
Portland Electric Power,6% let pf.(qu.) 1)4 July
1% July
Holders of rec. June 15
Prior preference (guar.)
IX July
Holders of rec. June 15
Porto Rico Railways, 7% pref. (quar.)_ _
Holders of rec. June 30
Power Corporation of Canada, pref.(qu.) 14.5 July I
$1
July
Holders of rec. June 15
Providence Gas Co. (guar.)
Holders of rec. June 17
Public Serv. Corp. of Long Isl., pf.(qu.) 1M July
Public Serv. Corp. of N. J.. corn. (guar.) 50c. June 3 Holders of rec. June 3a
50c. June 3 Holders of rec. June 3a
Six per cent preferred (monthly)
1M June 3 Holders of rec. June 30
Seven per cent preferred (guar.)
2
June 3 Holders of rec. June 3a
Eight per cent preferred (guar.)
Pub. Serv. Elec. & Gas, 7% pref. (guar.) 1(4 June 3 Holders of rec. June 30
1(4 June 3 Holders of rec. June 3a
Six per cent preferred (guar.)
Holders of rec. June 20a
Puget Sound Pow. & Lt., prior pf. (qu.) 1% July 1
1)4 July 1
Holders of rec. June 20
Preferred (guar.)
1(4 July 1
Holders of rec. June 30
Quebec Power (guar.)
Holders of rec. June la
Radio Corp. of America, pref. A (guar.)- 874c July
874c Oct.
Preferred A (quar.)
Holders of rec. Sept. 1
June 19 to June 30
75c. July
Reading Traction
June 16 to June 30
Ju'y
Ridge Avenue Pass. Ry., Phila. (quar.)_ $3
3% July
Holders of rec. June 15a
Roanoke Gas Light, preferred
July
Holders of rec. June 20a
Savannah Elec. & Power, deb. A (guar.) $2
1.874 July
Holders of rec. June 200
Debenture series B (guar.)
June 2 to June 30
Second & 3d Sts. Pass. Ity.. Phila.(OIL)- 33
July
Holders of rec. June 24
Shawinigan Water & Power (quar.)--- 50c. July 1
Southeastern Power & Light, corn. (qu.) 25c. July 2 Holders of rec. June 30
Holders of rec. June 15
$1.75 July
$7 preferred (quar.)
81.50 July
Holders of rec. June 15
$6 preferred (guar.)
Si
July
Holders of rec. June 150
Participating. pref. (guar.)
Holders of rec. June 25a
Southern Canada Power, pref. (quar.). 1(4 July 1
July 1
Holders of rec. June 30a
Southern N.E. Telep.. corn. (quar.)---.
Southern Wisconsin Elec., pref. (quar.)_ +1% July 1 *Holders of rec. June 30
1% July
Holders of rec. June 15
Southwest Power Co., pref. (quar.)____
1)4 July
Holders of rec. June 20
Southwestern Bell Telep., prof. (guar.)
July
*Holders of rec. June 15
Southwestern Gas & Elec., pref.(guar.).
*2
July
*Holders of rec. June 15
Eight per cent preferred (guar.)
2(4 July
Holders of rec. June 15
Southwestern Lt.& Pow., corn.. cl. A.._ _
Holders of rec. June 15
Springfield Railway & Light, pref. (qu.) 1(4 July
Standard Gas & Electric, corn. (guar.)_. 874c. July 2 Holders of rec. June 30a
1(4 July 2 Holders of rec. June 30
Prior preference (guar.)
June 3 Holders of rec. June 18
Standard Gas Light. New York, corn._
3
June 3 Holders of rec. June 18
Preferred
Holders of rec. June 15
Superior Water, Light & Pow., preL(gu.) 1(4 July
Holders of rec. June 15
134 July
Tennessee Elec, Power 6% lot Pl.(WI.).
14 July
Holders of rec. June 15
Seven per cent first pref. guar.)
Holders of rec. June IS
1.80 July
7.2 per cent first pro!. (guar.)
Holders of rec. June 15
50e. July
Six per cent first pref.(monthly)
Holders of rec. June 15
60e, July
7.2 per cent first pref.(monthly)
Holders of rec. June 15
2
July
Toledo Edison, prior preferred (guar.)._
July
Holders of rec. June 15a
Twin City Rap. Trim., Minneap. (qu.)1K July
Holders of rec. June 150
preferred (guar.)
3737
THE CHRONICLE
JUNE 25 1927.]
Name of Company.
Whe t.
Per
Cent. Payable
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
(2) Union Passenger Railway. Phila.- _ _ $4.75 July 1 Holders of rec. June 150
$1.50 July 1 Holders of rec. June 90
Union Traction, Philadelphia
June 30 *Holders of rec. June 15
United Electric Light (Springfield) (qu.).11
United Gas & Electric Corp.. pref. (qu.) °l(4 July 1 *Holders of rec. June 16
15 Holders of rec. June 300
July
$1
(quar.)
United Gas Improvement
United Light & Power, corn. A & B (qu.) I2c. Aug. I Holders of rec. July 15
$1.62 July 1 Holders of rec. June 15
Preferred A (guar.)
July 1 Holders of rec. June 15
$1
Preferred B (guar.)
1.4 July 1 Holders of rec. June 22
United Utilities, first pref. (guar.)
1 Holders of rec. June 150
July
$1.75
pref.(qu.)
part.
de
pref.
Coke.
&
Gas
Utah
$1.75 July 1 Holders of rec. June 10
Utah Power & Light, VT pref. (quar.)_
51.50 July I Holders of rec. June 10
$6 preferred (quar.)
Utilities Power & Light, class A (guar.) z50e. July 1 Holders of rec. June 6a
5250. July 1 Holders of rec. June 6a
Class B (guar.)
131 July 1 Holders of rec. June 6
Preferred (quar.)
1% July 1 Holders of rec. June 170
Virginia Public Service. pref.(guar.).
July 15 Holders of rec June 240
Washington Water Power, Spokane (qu.) 2
1K July 2 Holders of rec. June 27
West Kootenay Power, pref. (guar.). _
West Penn Electric Co., class A (guar.). 151 June 30 Holders of rec. June 180
1% Aug. 1 Holders of rec. July Sa
West Penn Power Co.. 7% pref. (quar.)_
134 Aug. 1 Holders of rec. July 56
Six per cent preferred (guar.)
$5
July 1 Holders of rec. June 15a
(2) West Philadelphia Passenger Ry_
500. June 30 Holders of rec. June 14
Western Massachusetts Cos.(quar.)_
Western States Gas & Electric, pref.(qu.) 1% July 15 Holders of rec. June 30
July 15 Holders of rec. June 250
2
Western Union Telegraph (guar.)
1M July 1 Holders of rec. June 6
Winnipeg Electric Co., pref. (guar.)._
Banks.
America (Bank of) (guar.)
Bowery & East River National (quar.) _ _
Capitol Nat. Bank & Trust Co. (quar.)_
Chase National (guar.)
Chase Securities Corp. (guar.)
Chathatn & Phenix Bank & Trust (guar.)
Chelsea Exchange (guar.)
Chemical National (bi-monthly)
Commerce (National Bank of) (guar.)._
Commercial Exchange (guar.)
Fifth Avenue (guar.)
Special
First National (guar.)
First Security Co. (guar.)
Manhattan Co.(Bank of the) (quar.)._
Municipal(Brooklyn)(guar.)
National City (guar.)
National City Company
New Netherland (guar.)
Park National (guar.)
Public Nat. Bank & Trust Co.(quar.)
Seaboard National (guar.)
Standard Bank (guar.)
Standard National Corp., corn.(guar.). _
Preferred (guar.)
State (guar.)
United States (Bank of)(quar.)
Joint Stock Land Bank.
Menver
July
June
July
34 July
July
$1
July
4
July
2
July
4
July
4
24 June
July
6
July
26
July
20
July
5
July
82
July
2
July
4
July
3
July
2
July
6
July
4
July
4
July
3
July
3
1(4 July
July
4
July
3
1 Holders of rec. June 15a
30 *June 24 to June 30
1 Holders of rec. June 20
1 Holders of rec. June 130
1 Holders of rec. June 13a
1 June 16 to June 30
1 Holders of rec. June 17a
1 Holders of rec. June 22a
I Holders of rec. June 17a
30 Holders of rec. June 15
1 Holders of rec. June 300
1 Holders of rec. June 300
1 Holders of rec. June 290
1 Holders of rec. June 290
1 Holders of rec. June 170
1 Holders of rec. June 20
1 Holders of rec. June I80
I Holders of rec. June 18
1 Holders of rec. June 180
1 Holders of rec. June 176
1 Holders of rec. June 29
1 Holders of rec. June 24
1 Holders of rec. June 250
1 Holders of rec. June 250
1 Holders of rec. June 250
1 Holders of rec. June 17a
1 Holders of rec. June 200
July
1 Holders of rec. June 250
3
04
In
4
Trust Companies.
American Exchange Irving Trust (guar.) 34
Bank of New York & Trust Co.(quar.)_ _ 44
5
Bankers (guar.)
6
Brooklyn (guar.)
3
Extra
3
Equitable (guar.)
Europe (Bank of) Trust Co.(quar.)__- 24
24
Fidelity (guar.)
23.4
Fulton (guar.)
4
Guaranty (guar.)
14
Lawyers (guar.)
5
Manufacturers (guar.)
5
New York (guar.)
124
United States (guar.)
810
Extra
Fire Insurance.
Continental
Fidelity-Phenix Fire
Rossla (guar.)
July 1
July 1
July 1
July 1
July 1
June 30
July 1
June 30
July 1
June 30
June 30
July I
June 30
July 1
July 1
Holders of rec. June 176
Holders of rec. June 24a
Holders of rec. June 150
Holders of rec. June 25a
Holders of rec. June 250
Holders of rec. June 20a
Holders of rec. June 20
June 23 to June 30
Holders of rec. June 20a
Holders of rec. June 170
Holders of rec. June 18a
Holders of rec. June 15
Holders of rec. June I80
Holders of rec. June 200
Holders of rec. June 200
July 11 Holders of rec. June 30a
53
July 11 lidders of rec. June 300
82
$1.50 July 1 Holders of rec. June 140
Miscellaneous.
rec. June 20
Abitibi Power & Paper, pref.(guar.)...- 1M July 4 Holders of
to June 30
July 1 June II
2
Acme Road Machinery, pref.(quar.)_
rec. June 30
of
+Holders
I
July
575c.
Acme Steel (guar.)
$1.50 June 30 Holders of rec. June 150
Adams Express (guar.)
June 15e
rec.
of
Holders
1
July
50c.
(guar.)
Adams Royalty
1M June 30 Holders of rec. June 20
Aeolian Company, preferred (quar.)_ _ _
June 20
Aeolian, Weber Piano & Pianola, pf.(qu.) 1% June 30 Holders of rec. June
15
25c. July 1 Holders of rec.
Aetna Rubber, common (guar.)
1% July 1 Holders of rec. June 15
Preferred (guar.)
rec. June 300
of
Holders
15
July
$1.25
(guar.)
Reduction
Air
July 1 June 21 to June 30
2
Alabama Fuel & Iron (guar.)
to June 30
Albany Pert. Wrap. Paper, corn. (qu.) 50c. June 30 June 24
June 30 Juno 24 to June 30
1K
Preferred (guar.)
15
Alberta Pacific Grain Co., Ltd., pt.(qu.) 1K July 1 Holders of rec. June
50c. July 1 Holders of rec. June 20
Alles & Fisher, Inc. (guar.)
100
June
rec.
of
Holders
1
Allied Chemical dr Dye Corp., pref.(qu.) 1(4 July
63c, July 1 Holders of rec. June 18
Aloe (A. S.) Co., corn. (guar.)
1% Ju.y 1 Holders of rec. June 18
Preferred (quar.)
150
Aluminum Co. of Amer., pref. (guar.).- 1)4 July 1 Holders of rec. June 15
Aluminum Manufactures, corn. (guar.). •50e. June 30 *Holders of rec. June
15
Sept.
rec.
of
*Holders
30
Sept.
*50e.
Common (guar.)
*50c. Dee. 3 *Holders of rec. Dec. 15
Common (guar.)
15
June
rec.
of
Holders
July
580.
pref.
Amalgamated Laundries,
(mthly.).
*Holders of rec. July 15
.58c. Aug.
Preferred (monthly)
*Holders of rec. Aug. 1
.58c. Sept.
Preferred (monthly)
*Holders of rec. Sept. 15
Oct.
*58c.
Preferred (monthly)
*Holders of rec. Oct. 15
.58c. Nov.
Preferred (monthly)
*Holders of rec. Nov. 15
*58c. Dec.
Preferred (monthly)
*58c. Jan 228 *Holders of rec. Dec. 15
Preferred (monthly)
*580. Febl'28 *Holders of rec.Jan.15'28
Preferred (monthly)
*580. M'r1'28 *Hold. of rec. Feb. 15'28
Preferred (monthly)
.58c. Apr 1'28 *Hold. of rec. Mar.15'28
Preferred (monthly)
.58c. M'yl'28 *Hold. of rec. Apr.15'28
Preferred (alordbly)
*580. Jun 128 *Hold. of rec. May 15'28
Preferred (monthly)
American Art Works, corn. dr pref.(qu.). 14 July 15 Holders of rec. June 30
corn.
Note,
50e. July 1 Holders of rec. June 130
(guar.)
Bank
American
75e. July 1 Holders of rec. June 130
Preferred (guar.)
240
Amer. Brake Shoe & Fdy.,corn.(guar.)_ 400. June 30 Holders of rec. June
June 30 Holders of rec. June 246
Common (payable In common stock)._ 12
1M June 30 Holders of rec. June 240
Preferred (guar.)
1% July 1 Holders of rec. June 160
American Can. pref. (guar.)
16a
American Car & Foundry, corn.(guar.)- $1.50 July 1 Holders of rec. June
1.4 July 1 Holders of rec. June 160
Preferred (guar.)
June
to
30
21
June
1
July
1%
American Chain, preferred (guar.)
756. July 1 Holders of rec. June 15a
American Chicle, common (guar.)
1M July 1 Holders of rec. June 15a
Prior preferred (guar.)
1A July 1 Holders of rec. June 150
Six per cent preferred (guar.)
July 1 Holders of rec. June 15
1
American Cigar, preferred (guar.)
July 1 Holders of rec. June 15
300.
(guar.)._
A
corn.
B
&
Cyanamid.
Amer.
10c. July I Holders of rec. June 15
Common A & B (extra)
14 July 1 Holders of rec. June 15
Preferred (guar.)
Holders of rec. June 15a
1 Holde
e 30
0..
$150
40
°American Druggists Syndicate
Holders of rec. June 160
July
American Express (guar.)
American Furniture Mart Bldg., pf.(qu.) 1% July 1 Holders of rec. June 20
Holders of rec. June 140
1
July
20c.
American Home Products (monthly)._
Amer. La France Fire Eng.. prof. (guar.) 1(4 July 1 Holders of rec. June 170
Holders of rec. June 136
30
June
(guar.)_
82
common
Locomotive.
American
1M June 30 Holders of rec. June 13a
Preferred (guar.)
3738
THE CHRONICLE
Per
When
Cent. Payable.
Boob Closed.
Days Inclusive.
[Va.124.
Per
When
Boob Closed.
Name of Company.
Cent. Payable
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
American Mfg. Co.. Corn. (quar.)
14 July 1 Holders of roe. June 160 Canfield 011 (Continued).
Common (guar.)
14 Oct. I Holders of rec. Sept.160
Common (guar.)
14 Dec. 31 Dec. 21 to Jan.
y
Common (guar.)
14 Dec. 31 Holders of rec. Dec. lea
Preferred (guar.)
131 June 30 Jan. 21 to July 4
Preferred (guar.)
13/ July 1 Holders of rec. June 160
Preferred (guar.)
14
Sept.30 Sept.21 to Oct. 4
Preferred (mar.)
14 Oct. 1 Holders of roe. Sept. 150
Preferred
(guar.)
154 Dec. 31 Dee. 21 to Jan. 4
Preferred (oust.)
1M Dec. 31 Holders of TOO. Dec. lea Carey (Philip) Mfg., pref.(guar.)
134 June 30 June 21 to June 30
American Plano, new corn. (quar,)
7543. July 1 Holders of roe. June 15a Case (J. I.) Thresh. Mach., corn.(qu.).. 131 July 1 Holders
of rec. June 18a
Preferred (guar.)
144 July 1 Holders of rec. June lba
Preferred
(guar.)
134 July I Holders of roe. June 130
American Radiator. cons. (quar.)
$1.25 June 30 Holders of rec. June lba Celanese Corp. of Amer., 1st partie. prof. 331 June 30 Holders of rec.
June 15
Amer. Railway Express ((mar.)
$1.50 June 30 Holders of rec. June 15a
First partic. pf. (acct. accum. dIv.)
5331 June 30 Holders of roe. June 15
Amer. Rolling Mill, corn. (quar.)
500. July 15 Holders of rec. June 30a
Celotex Co..com. (guar.)
750. July 1 Holders of rec. June 150
Common (payable in common stock). 15
July 30 Holders of rec. July la
Preferred (quar.)
lf( July 1 Holders of rec. June 153
Preferred (quar.)
1 M July 1 Holders of roe. June 15a Central Aguirre Sugar (quar.)
$1.50 July 1 Holders of rec. June 20
American Safety Razor, corn. (quar.)
750. July 1 Holders of roe. June 10a
Extra
$1
July 1 Holders of rec. June 20
Common (payable In common stock)
11
July 1 Holders of rec. June 10a Central Alloy Steel, corn. (quar.)
50c. July 10 Holders of rec. June 250
American Seating, corn.(quar.)
750. July 1 Holders of rec. June 20a
Preferred (guar.)
lf( July 1 Holders of rec. June 13a
Common (extra)
250 July I Holders of rec. June 200 Central Dairy Prod., class A (quar.)---- 50e. July 1 solders of roe. June
20a
Common (extra)
250 Oct. 1 Holders of rec. Sept. 20a Century Electric Co., pref. (quar.)
134 July 1 Holders of rec. June 156
Amer.Smelting & Refining, corn.(quar.) 2
Aug. 1 Holders of rec. July 8a Certain-teed Products Corp., corn. (qu.) $1
July 1 Holders of rec. June I50
Preferred (quar.)
1% Sept. 1 Holders of rec. Aug. 5a
First and second preferred (quar.)ln July 1 Holders of rec. June 150
American Snuff, corn.(guar.)
July 1 Holders of rec. June 10a Chandler-Cleveland Motors, pref. (qu.) 62310, July 1 Holders of roe. June
3
200
Preferred (quar.)
114 July 1 Holders of rec. June 10a Chesebrough Mfg. Cons. (quar.)
81
June 30 Holders of rec. June 10a
Amer. Steel Foundries, corn.(quar.)
750. July 15 Holders of rec. July la Chicago Electric Mfg., class A (guar.)
.
- 50c. July 1 Holders of rec. June 210
Preferred (quar.)
13 June 30 Holders of rec. June 153 Chicago Fuse Manufacturing (guar.).
6231c July 1 Holders of rec. June 16a
.American Stores (gar.)
500. July 1 June 16 to July 1
Chic. June. dr Un.Stk. Yds.,coin .(qu.)- 234 July 1 Holders of rec. June 15
American Sugar Refining, corn.(oust.)
13( July 2 Holders of rec. June la
Preferred (guar.)
131 July1 Holders of rec. June 15
Preferred ((mar.)
1% July 2 Holders of rec. June la Chicago Mill & Lumber, pref.(quar,)... 134 July 1 Holders
of rec. June 220
American Thread, preferred
12340. July 1 Holders of roe. May 310 Chicago Yellow Cab Co.(monthly)._ 33 1-3e July 1 Holders of
rec. June 30a
American Tobacco. pref. (Guar.)
134 July 1 Holders of rec. June 10a
Monthly
33 1-3e Aug. 1 Holders of rec. July 200
Amer. Type Founders, corn. (guar.)...- 2
July 15 Holders of rec. July 56
Monthly
331-30 Sept. 1 Holders of rec. Aug. 190
Preferred (guar.)
134 July 15 Holders of rec. July 50 Childs Co..irom.(Pay.in no par corn.stk.) 11
July 1 Holders of rec. May 270
Amer. Wholesale Corp., pref. (guar.)._
134 July 1 Holders of rec. June 20a
Common (payable in no par corn. stk.) fl
Oct. 1 Holders of roe. Aug. 260
Amoskeag Cu.. preferred
s$2.25 July I *Holders of rec. June 20
C0111111011 (payable In no par corn. stk.) fl
Dec. 80 Holders of rec. Nov.250
Arctic Dairy Products (guar.)
50e. July 1 Holders of roe. June 20
Chile Copper Co.(quar.)
62310 June 30 Holders of rec. June 30
Stock dividend
e25
July 15 Holders of rec. July 1
Chrysler Corporation, cons.(guar.)
750.
June
30 Holders of rec. June 15a
Armour & Co. (lila. Pref. (guar.)
131 July 1 Holders of rec. June 10a
Preferred A (guar.)
$2
June 30 Holders of roe. June 15a
Armour & Co. of Delaware. prof.(guar.) 13( July 1 Holders of roe. June 100
Preferred A (guar.)
$2
Sept.30 Holders of roe. Sept. 150
Armstrong Cork, corn.(quar.)
1
June 19 to July 1
134 July
Preferred A (mar.)
$2
Jan 328 Holders of rec. Dee. lba
Preferred (quar.1
1% July 1 June 19 to July 1
Cities Service, common (monthly)
34 July 1 Holders of
June 15
Artloons Corporation, corn. (guar.)
75e. July 1 Holders of rec. June 170
•4 Aug. 1 *Holders of roe.
Common (monthly)
rec. July 15
Metal
Construction (quar.)
Art
3734o June 30 Holders of rec. June 20
Common (payable in common Stock). 134 July 1 Holders of rec.. June 15
Associated Dry Goods, gem.(guar.)._ 63c. Aug. 1 Holders of rec. July 96
Common (payaule In common stock). *f31 Aug. 1 *Holders of rec. July
15
First pref. (quar.)
131 Sept. 1 Holders of rec. Aug. 13
Preferred and preferred BB (monthly)
14 July 1 Holders of roe. June
Second preferred (guar.)
1% Sept. 1 Holders of roe. Aug. 13
Preferred and preferred BB (monthly) •M Aug. 1 *Holders of ree. July 15
15
Associated Laundries of AmericaPreferred B (monthly)
5o. July 1 Holders of roe. June 15
Class A participating pref. (quar.)_.... 25e.
Holders of roe. June 1
Preferred 13 (monthly)
'Sc. Aug. 1 *Holders of rec. July 15
Associated 011 (War-)
50c. June 25 Holders of rec. June 40 City lee & Fuel (ouler.)
500 Sept. 1 Holders of rec. Aug. 100
Extra
40e. June 25 Holders of rec. June 40 Cite Investing. common
24 July 1 Holders of rec. June 27a
Atlas Plywood (quar.)
$1 July 15 Holders of rec. July la
Preferred (guar.)
194 July 1 Holders of rec. June 27
Auburn Automobile (guar.)
July 1 AHolders of rec. June 210 Cleveland Stone (quar.)
81
50c. Sept. 15 Holders of roe. Sept. ba
Autoeales Corp., pref.(quar.)
51.50 June 30 Holders of rec. June lba Cluett, Peabody & Co., pref. (quar.)... If( July
1 Holders of rec. June 200
Babcock & Wilcox Co. (quar,)
1% July. 1 Holders of rec. June 200 Coca-Cola Co., new no par stock (guar.)
$1.25 July I Holders of rec. June lla
Quarterly
1% Oct. 1 Holders of rec. Sept.200 Coca-Cola International (guar.)
$2.50 July 1 Holders of rec. June 110
Quarterly
134 Janl'28 Holders of roe. Dec. 206 Colt's Patent Fire Arms Mfg.(guar.)...
50c. June 30 Holders of rec. June 110
Quarterly
144 Aprl'28 Hold. roe. Mar. 20 '280 Commercial Credit, coca.(guar.)
250. June 30 Holders of rec. June 200
Balaban & Katz,corn.(monthly)
25e. July 1 Holders of rec. June 20
Seven per cent preferred (guar.)
43)(0
June 30 Holders of roe. June 200
Preferred (quar.)
1% July 1 Holders of roe. June 200
Preferred class B (guar.)
50e. June 30 Holders of ree. June 206
Baldwin Locomotive, corn, and pref
331 July 1 Holders of rec. June 40
•194 June 39 Holders of roe. June 200
634% first preferred (guar.)
Bamberger (L.) & Co.. pref. (quar.)---- 1% Sept. 1 Holders of rec. Aug. 13a Commercial
Investment Trust.com.(au.) 900. July 1 Holders of rec. June 150
Preferred (guar.)
I% Dec. 1 Holders of rec. Nov. 12a
First preferred (guar.)
134 July 1 Holders of rec. June 150
Bancroft (Joseph) & Sons (quar.)
6231c June 30 Holders of roe. June I50
635% first preferred (guar.)
134 July 1 Holders of roe. June Iba
Bankers' Bond & Mtge..8% preferred
4
June 30 June 16 to June 30
Commercial Solvents class B (guar.)..
$2 July 1 Holders of roe. June 200
7% preferred (quar.)
334 June 30 June 16 to June 30
Condo Nast Publications, Inc.(No. l)._ 50o. July 1 Holders of rec. June 176
Bankers Capital corp., prof.(quar.) _ _ _ $2
July 15 Holders of rec. June 30
CongressCigar (quar.)
June 30 Holders of rec. June 140
51
Preferred (guar.)
$2
Oct. 15 Holders of roe. Sept. 30
Conlon Corporation Kilian/
'194 July 30 *Holders of rec. July 20
Preferred (quar.)
$2
Jan16'28 Holders of roe. Dec. 31
Consolidated Cigar Corp. corn. (quar.) 81.75 July 1 Holders of rec. June 150
Barnet Leather. pref. (guar.)
July
1 Holders of rec. June 290 Consolidated Min.& Smelting
131
$1.25 July 15 Holders of roe. June 30
Barnhart Bros. & SpindlerBonus
July 15 Holders of roe. June 30
$5
First and second preferred (quar.)
131 Aug. 1 Holders of roe. July 23a Continental Baking, corn,, class A (qu.)_ $1
July 1 Holders of rec. June 136
Hamadan Corp., class A and B (quar.)
6235c July 15 Holders of rec. June 243
Preferred (quar.)
2
July
1 Holders of rec. June 130
Bayuk Cigars. Inc., let pref.(quar.)__
o134 July 15 sHolders of rec. June 30
Continental Can, Inc.. pref. (guar.)-- 134 July 1 Holders of roe. June 200
7% second pref. (quar.)
.
134 July 15 sHolders of rec. June 30
Cooper Corporation. common (guar.)... Si
July 15 Holders of rec. July la
8% second pref. (quar.)
*2
July 15 sHolders of rec. June 30
Cortgrove-Meehan Coal. pref. (gtuu%).__
131 July I Holders of rec. June 27a
Beatrice Creamery, corn.(quar.)
$1.25 July 1 June 21 to Juno 30
Preferred (quar.)
194 Oct. 1 Holders of rec. Sept. 280
Preferred (quar.)
1% July 1 June 21 to June 30
Preferred (guar-)
144 Dec. 21 Holders of rec. Dec. 19a
Beech-Nut Packing. corn. (guar.)
60c. July 9 Holders of rec. June 250 Coty Inc. (guar.)
$1.25 June 30 Holders of rec. June 150
Preferred (guar.)
1% July 15 Holders of roe. July la Crown Finance Corporation, eons
July 2 Holders of rec. June 15
34
Belding Bernie way Co., common (guar.) 50c. July 1 Holders of rco. June 20a
Preferred (quar.)
131 July 2 Holders of rec. June 15
Belgo Canadian Paper, common (quar.)_
13-I July 12 Holders of rec. June 30
Crown-Willamette Paper, 1st pref. (cu.) $1.75 July 1 Holders of rec. June I30
Preferred (guar.)
1% July 2 Holders of rec. June 3
Crucible Steel. common (guar.)
1 31 July 30 Holders of rec. July 150
Bendlx Corporation, class A (quar.)---- 500. July 1 Holders of rec. June 150
Preferred (guar.)
134 June 30 Holders of rec. June 154
Berry Motor (quar.)
300. July 1 Holders of rec. June 20
Cuban-American Sugar, corn.(guar./- 25c. July 1 Holders of rec. June 40
Bethlehem Steel. preferred (quar.)
1% July 1 Holders of rec. June Ja
Preferred (guar.)
134 July 1 Holders of rec. June 40
Block Bros. Tobacco, common (quar.).. 3731c. Aug. 15 Holders of reo. Aug. 10
Cuban Tobacco, corn.(No. I)
$1.50 June 30 Holders of rec. Juned200
Common (guar.)
3731e. Nov. 15 Holders of rec. Nov. 10
Preferred
234
June 30 Holders of rec. June 15
Preferred (lean)
1% June 30 Holders of rec. June 25
Curios Clothing, pref. ((Mar.)
14 July 1 Holders of rec. June 1
Preferred (quar.)
134 Sept.30 Holders of roe. Sept. 25
Cushman's Sons, Inc.Preferred (quern)
1% Dec. 31 Holders of rec. Doe. 26
Common (payable In $8 pref. stock)
451.50 Sept. I Holders of roe. Aug. 150
Bohn Aluminum & Brass (quar.)
3731c. July 1 Holders of rec. June 15a Davenport Hos. Mills. pf.(au.)(No. 1). 134 July
1 Holders of roe. June 200
Bon Arai Co., corn."A"(quar.)
$1 July 30 Holders of rec. July 150 Davis Mills ((loan)
I
June 25 Holders of rms. June lla
Common "B"
50e. July 1 Holders of rec. June 15
Detroit & Cleveland Navigation (guar.). 2
July 1 Holders of rec. June 150
Borg & Beck (guar.)
$I
July 1 Holders of roe. June 20a Detroit Creamery (quar.)
*400. July 1 *Holders of rec. June 20
Boss Manufacturing, corn,(guar.)
2% Aug. 15 Holders of rec. July 30
Devoe & Reynolds, corn. A & B (quar.). 600. July 1 June 21
to June 30
Common (extra)
5
Aug. 15 Holders of rec. July 30
First and second preferred ((Mar.).- 134 July 1 June 21 to June 30
Preferred (amar.)
1% Aug. 15 Holders of rec. July 30
Dodge Brothers, Inc. pref.(guar.)
134 July 15 Holders of rec. June 270
Boston Wharf
3
June 30 Holders of rec. June la Dome Mines, Ltd. (quar.)
250. July 20 Holders of rec. June 30
Brandram-Henderson Ltd., pref. ((mar.) 134 July 2 Holders of roe. June 1
Dominion Glass. com, and pref. (guar.). 134 July 2 Holders of rec. June 15
Brewers & Distillers (Canada) corn
5
July 15 Holders of rec. June 30
Dominion Stores (quar.)
60c.
July 1 Holders of roe. June 15
Bridgeport Machine. pref.(guar.)
1% July 1 Holders of rec. June 20
Dominion Textile, common (quar.)
$1.25 July 2 Holders of rec. June 15
Brill Mfg.. class"A"(guar.)
50e. July 1 Holders of rec. June 150
Preferred (quar.)
134 July 15 Holders of rec. June 30
Brill° Manufacturing. class A (quar.)_. 50c. Julyi 1 Holders of rec. June 153 Donner Steel, Inc., prior preference
4
June 30 Holders of rec. June 20
British American Oil (guar.)
20c. July 4 June 12 to July 3
Douglas(W. L.) Shoe. pref. (guar.).- 131 July 1 Holders of rec. June 15
British-Amer.Tob.,ordinary (interim).- (I) June 30 Holders of coup.No. 118
Douglas-Pectin Corp.(quar.)
50c.
June 30 Holders of rec. June la
British Columbia Fishing, corn. (quar.) 51.25 Sept. 10 Holders of rec. Aug. 31
Extra
250. June 30 Holders of roe. June la
Common (guar.)
$1.25 Dec. 10 Holders of rec. Nov.30
Draper Corporation (guar.)
I
July 1 Holders of rec. May 280
Common (guar.)
$1.25 3-10-'28 Holders of rec. Feb.28'28 Drayton Mills, preferred
'334 July 1
Preferred (guar.)
134 Sept. 10 Holders of rec. Aug. 31
Dunham (Jas. II.) & Co., corn.(guar,)
131 July 1 Holders of rec. June I70
Preferred (guar.)
134 Doe. 10 Holders of rec. Nov.80
First preferred (guar.)
14 July I Holders of rec. June 170
Preferred (quar.)
134 3-10-'28 Holders of rec. Feb.28 '2
Second preferred (guar.)
134
July I Holders of roe. June 170
Brunswick-Balke-Collender. pf. (quar.)_
134 July 1 Holders of rec. June 20
Dunhill International, corn,
El
July 15 Holders of rec. July la
Buckeye Incubator, corn. (guar.)
750. July 1 Holders of rec. June 20
Common (guar.)
$1
Oct. 15 Holders of ree. Oct. la
Preferred (quar.)
2
July 1 Holders of rec. June 200
Common (quar.)
Jan, 15 Holders of rec. Jan. 1'280
51
Bucyrus Company, corn.(quar.)
75c. July 1 Holders of rec. June 20
Common (guar.)
$1
Apr. 15 Holders of rec. Apr. 1'285
Preferred ((roar.)
131 July 1 Holders of rec. June 20
Du Pont(E. I.) de Nemours ds Co.
Budd Wheel,7% 1st pref.(guar.)
134 June 30 Holders of rec. June 10
Common (extra)
$1.50 July 6 Holders of reo. June la
Burkart (F.) Mfg., common
37Ho. July 1 Holders of rec. June 20
Debenture stock (quar.)
134 July 25 Holders of rec. July 95
Preferred (guar.)
550. July 1 Holders of rec. June 20
Eagle-Picher Lead, eons. (guar.)
400. Sept. 1 Holders of rec. Aug. 150
Burns Brothers, preferred (guar.)
134 July 1 Holders of reo. June 13a
Common (quar.)
400. Dee. 1 Holders of rec. Nov. 150
Prior preferred (guar.)
1% Aug. 1 Holders of rec. July 150
Preferred (guar.)
134 July 15 Holders of rec. June 30a
Burroughs Adding Machine, special__ _ $1
June 30 Holders of rec. May 27a
Preferred (quar.)
134 Oct. 15 Holders of rec. Sept. 300
Bush Terminal Co.(qu.) (in corn. stock) 12
July 15 Holders of rec. June 300
Preferred (guar.)
134
Jan15'2 8 Holders Of roe. Doe. 31
3
Preferred
July 15 Holders of rec. June 30a Eagle Warehouse & Storage (guar.)131 July I June 28 to June 30
134 July 15 Holders of rec. June 300
Debenture Preferred 011.150
Extra
1
July 1 June 28 to June 30
Bush Terminal Buildings, Pref. (titlar.)- 1% July 1 Holders of roe. June 170 Early & Daniels. common (quar.)
62340 July 1 Holders of rec. June 205
50e. June 30 Holders of rec. June 170
Butte dc Superior Mining (quar.)
Common (extra)
250. July 1 Holders of roe. June 200
Byers (A. M.) Co., preferred (guar.).-- 194 Aug. 1 Holders of rec. July 150
Common (guar.)
62350 Oct. 1 Holders of roe. Sept.200
Byers Machine,class A (quar.)
800. July
Holders of rec. June 20
Common (extra)
250. Oct. I Holders of too. Sept.200
By-Products Coke Corp., pref.(guar.).- 234 July 1 Holders of roe. June 200
Common (guar.)
624e Jan 1'28 Holders of reo. Dec. 205
1% July 1 Holders of rec. June 15
Cambridge Rubber (oust.)
Common (extra)
250. Jan1'28 Holders of roe. Dec. 200
Canada Bread, preferred (guar.)
•1% July 1 *Holders of rec. June 15
Preferred (guar.)
$1.75 July 1 Holders of rec. June 21/0
Preferred B (guar.)
*1% July 1 *Holders of rec. June 15
Preferred (quar.)
$1.75 Oct. 1 Holders of roe. Sept.200
Canada Salt (guar.)
July
2
1 Holders of rec. June 24
Preferred (guar.)
$1.75 Jan 1'28 Holders of rec. Dec. 200
Canada Steamship Lines,8% pref.(qu) 134 July 2 Holders of rec. June 15
Eastern Rolling Mill (quar.)
3731e. July 1 June 16 to July 1
Canadian Car & Fdy., pref.(quar.)
1% July 9 Holders of rec. June 25
Extra
1234e.
July 1 June 16 to July 1
Canadian Conn. Cotton Mills, partic.pf_
1
July 1 Holders of rec. June 15
Eastern Steamship, pref. (guar.)
87310 July 15 Holders of reo. July 64
Canadian General Electric, pref. (guar.) 194 July
Holders of rec. June 15
First preferred (quar.)
191 July 1 Holders of rec. June 24a
Canadian Locomotive, prof. (quar.).....131 July 1 Holders of rec. June 20
Eastern Theatres, Ltd.(Toronto). prof
334 July 30 Holders of rec. June 30
Canadian Westinghouse
0300. June 30 Holders of roe. May 20
EastmanKodak, corn.(guar.)
51.25 July 1 Holders of roe. May 3I0
Canfield 011.Common (extra)
75o.
July 1 Holders of roe. May 31a
Common (guar.)
1% June 30 June 21 to July 4
Preferred (guar.)
131 July 1 Holders of rec. May 310
Common (guar.)
134 Sept.80 Sept.21 to Oct. 4
Elsenlohr (Otto) & Bros., Inc., pf. (qu.) 134 July 1 Holders of rec. June 200
Name of Company.
JUNE 25 1927.]
THE CHRONICLE
Per
When
CCU. Payable.
Name of Company.
Books Cloaca.
Days Inclusive.
Miscellaneous (Continued).
Electric Auto-Lite (guar.)
31.50 Tuly 1 Holders of rec. June 230
Electric Controller & Mfg., corn. (au.)
$1.25 July 1 Holders of rec. June 200
Common (extra)
25c. July 1 Holders of rec. June 200
Electric Storage Batt., corn. & pf.(qu.)
. $1.25 July I Holders of rec. June 6a
Electric Vacuum Cleaner. corn. (guar.). $1
June 30 Holders of rec. June 20
Common (extra)
July 1 Holders of rec. June 20
$1
Preferred (quar.)
1 Si Juno 30 Holders of rec. June 20
Ely-Walker Dry Goods, lot preferred... 33. July 15 July 4 to July 14
Second preferred
3
July 15 July 4 to July 14
Emerson Electric Mfg., pref. Mani_ __ _
1( July 1 Holders of rec. June 20
Empire Safe Deposit (quar.)
2
June 30 Holders of rec. June 23
Endicott-Johnson Corp., corn. (quar.)
$1.25 July 1 Holders of rec. June 20a
Preferred (guar.)
1H July 1 Holders of rec. June 20a
Equitable Office Bldg., common (guar.). $1.75 July I Holders of rec. June 15
Preferred (guar.)
1St July 1 Holders of rec. June 15
Eureka Vacuum CleanerCommon (payable in common stock)... 15
Aug. 1 Holders of rec. July 20a
Evans Auto Loading, A & B (guar.).--- 750. July 1 Holders of rec. June 20a
Classes A & B (extra)
25c. July 1 Holders of rec. June 200
.40e. June 30
Ewa Plantation Co.(extra)
Fairbanks, Morse & Co., core. (quar.)-. 75c. June 30 Holders of rec. June 15a
Fair (The). common (monthly)
20e. July 1 Holders of rec. June 200
Common (monthly)
20c. Aug. 1 Holders of rec. July 210
Preferred (guar.)
141 Aug. 1 Holders of rec. July 21a
Fanny Farmer Candy Shops, Pf.
60e. July 1 Holders of rec. June 15
Farr Alpaca (guar.)
*2
June 30 *Holders of rec. June 16
Extra
*2
June 30 "Holders of rec. June 16
Faultless Rubber, corn. (guar.)
50e. July I Holders of rec. June 160
Preferred (guar.)
1M July 1 Holders of rec. June 160
pFederal Min.& Smelt., corn.(special) $10
June 29 Holders of rec. June 25
Federal Motor Truck (guar.)
20e. July 1 Holders of roe. June 18
Stock dividend
e23. July 5 Holders of rec. June 18
Feltman & Currne Shoe St's,com.A(qu.)- 50c. July 1 *Holders of rec. June la
Fifth Avenue Bus Securities (guar.).- _ 16c. July 16 Holders of rec. July 2a
Financial & Industrial Securities (guar.) 760. July 1 Holders of rec. June 15
Extra
35e. July 1 Holders of rec. June 15
Financial Invest. Co. of N.Y.. com.(qu.) 30e. July 1 Holders of rec. June 4
Firestone Tire & Rubber, corn.(quar.)
$1.50 July 20 Holders of rec. July 100
Six per cent preferred (guar.)
1Si July 15 Holders of rec. July la
Seven per cent preferred (guar.)
1Si Aug. 15 Holders of rec. Aug. la
First Investment Co., class A (guar.).- 75e. July 1 Holders of rec. June 15
Class A (extra)
12Sie. July 1 Holders of rec. June 15
First Nat. Pictures. let pref. (guar.).
2
July 1 Holders of rec. June 130
First National Stores, corn. (guar.)
37S4c July 1 Holders of rec. June 110
First preferred (guar.)
1St July 1 Holders of rec. June 11
Preferred (guar.)
200. July 1 Holders of rec. June 110
Fleisehmann Company, common (qtr.)._ 75c. July 1 Holders of roe. June 130
Flint Mills (guar.)
*1Si July 1 *Holders of rec. Juno 15
Flour Mills of Amer., Inc.. $8 rat. A (qu.) $2
July 1 Holders of rec. June 15
Foote Bros. Gear & Mach..corn.(qu.)_ 300. July 1 June 21 to June 30
Common (guar.)
300. Oct. 1 Sept. 21 to Sept.30
Common (guar.)
30o Jan 1'28 Dec. 21 to Dee. SO
Preferred (guar.)
1M July 1 June 21 to June 30
Preferred (guar.)
I Si Oct. 1 Sept. 21 to Sept.30
Preferred (quar.)
14 Jan 1'28 Dec 21 to Dee. 30
Forhan Company, corn. (quar.)
25c. July 1 Holders of rec. June 15a
Class A (guar.)
40e. July 1 Holders of rec. June 15a
Formica Insulation (guar.)
25e. July 1 Holders of rec. June 15
Extra
10e. July 1 Holders of rec. June 15
Quarterly
25e. Oct. 1 Holders of rec. Sept. 15
Extra
10e. Oct. 1 Holders of rec. Sept. 15
Quarterly
250. Janl'28 Holders of rec. Dec. 15
Extra
10c. Jan.1'28 Holders of rec. Dec. 15
Foster (W. C.) Company, Pref. (quer.). I M July I Holders of rec. June 20
Fraser Companies, Ltd. pref. (quar.)
134 July 1 Holders of rec. June 25
Freeport Texas Co.(guar.)
.$1
Aug. 1 *Holders of rec. July 15
Extra
*25e. Aug. 1 *Holders of rec. July 15
Gabriel Snubber Mfg., corn. A & B (qu.) 8734c July 1 Holders of rec. June 13a
Garfield Safe Deposit
4
June 27 June 9 to June 27
General Amer. Tank Car, common
$1.50 July 1 Holders of rec. June 156
Preferred (guar.)
1 Si July 1 Holders of rec. June 15a
General Baking Corp.. class A (guar.)._ $1.25 July 1 Holders of rec. June 16
Preferred (guar.)
$2 June 30 Holders of rec. June 18a
General Cigar, debenture pref. (guar.)._
luly 1 Holders et rec. June 240
General Electric (guar.)
$1
July 29 Holders of rec. June 170
Extra
$1
July 29 Holders of rec. June 170
Special stock (quar.)
15e. July 29 Holders of rec. June 17a
General Fireproofing, corn. (quar.)___._ *S1.25 July 1 *Holders of rec. June 20
General Motors Corp., corn. (extra).- $2
July 5 Holders of rec. May 210
Six per cent preferred (guar.)
1 Si Aug.
Holders of rec. July Iles
Six per rent debenture stock (guaro_
154 Aug.
Holders of rec. July So
Seven per cent debenture stock (guar.) Iii Aug.
Holders of rec. July 5a
General Railway Signal, corn.(guar.)._ $1.25 July
Holders of rec. June 100
Preferred (guar.)
134 July
Holders of rec. June 100
General Tire & Rubber, pref. (guar.)._
13i July
Holders of roe. June 20
Ginter Co., 8% pref. (guar.)
20e. July
Holders of rec. June 11
G.0.Spring & Bumper, pref.(qu.)
2
July
Holders of rec. June 10
Glidden Company, pref. (guar.)
1 Si July
Holders of rec. June 160
Goodrich (B. F.) Co., pref. (guar.)
lli July
Holders of rec. June 15a
Goodyear Tire & Rub., Canada, pf.(qu.) 1M July 2 Holders of me. June 15
Goodyear Tire & Rubber, prior pref.(qu.) 2
July
Holders of rec. June 13a
Seven per cent preferred (guar.)
134 July
Holders of rec. June la
Gossard (H. W.) Co.. corn. (mthly.)
331-3c July
Holders of rec. June 20a
Gotham Silk Hosiery (guar.)
6254e July
Holders of rec. June 15a
Goulds Pump,Inc., corn.(guar.)
2
July
Holders of rec. June 20
Preferred (guar.)
144 July
Holders of rec. June 20
Granby Consol. Min.. Sm.& Pow.(au.) $1
July
Holders of rec. June 15a
Grant(W.T.) Co., common (guar.).... 25c. July
Holders of rec. June 20a
Grasselli Chemical, common (quar.)
2
June 3 Holders of rec. June 15
Preferred (guar.)
1 Si June 30 Holders of rec. June 15
Great Lakes Towing, corn. (guar.)
$1.25 June 30 Holders of rec. June 15
Preferred (quar.)
July 1 Holders of rec. June 15
Great Western Sugar, cons. (guar.)
$2
July 2 Holders of rec. June 15a
Preferred (guar.)
15i July 2 Holders of rec. June 150
Greenfield Tap & Die Corp..6% PL(qM.) 13i July 1 Holders of rec. June 15
8% preferred (guar.)
2
July 1 Holders of roc. June 15
Greif Bros. Cooperage. class A (qu.)
60e. July 1 Holders of rec. June 15
Guantanamo Sugar, preferred (guar.)... 2
July 1 Holders of rec. June 15a
Guenther Publishing Go.Preferred (guar.)
5
Aug. 20 Holders of rec. Jan. 20a
Preferred (guar.)
5
Nov.20 Holders of rec. Jan. 200
Gulf Oil Corp. of Pennsylvania (quar.)
371.40. July 1 June 21 to June 23
Gulf States Steel, corn. (quar.)
134 July 1 Holders of roe. June 15a
First preferred (guar.)
134 July 1 Holders of rec. June 150
First preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 16e
First preferred (guar.)
1(5 Jan.3"2.6 Holders of rec. Dec. 16a
Hamilton Bank Note
6c, Aug. 15 Holders of rec. Aug. 1
Hammermll'Paper, pref.(guar.)
It( July 1 Holders of rec. June 20a
Hendon Boller Corp., corn. (quar.)
25e. July 1 Holders of rec. June 156
Preferred (guar.)
134 July 1 Holders of rec. June 15a
Hama (P. II.) Knitting, pref.(guar.)._
July 1 Holders of rec. June 20
Harbison-Walker Refrac., pre( (guar.).
July 20 Holders of rec. July 9a
Harris-Seybold-Potter Co.(guar.)
750. July I Holders of rec. June 200
Hathaway Baking, class A. pref. (guar.) $2
July 14 Holders of rec. July la
Hazel-Atlas Glass (guar.)
50c. July I June 19 to June 20
Heath (D. C.) Jr Co.. Pref.(quar.)
134 June 30
June 30
Helme(George W.)common Mani__ _ _ $1
July 1 Holders of rec. June Ila
Preferred (guar.)
July 1 Holders of rec. June ha
Hercules Powder, common (guar.)
2
June 25 June 16 to June 25
Hibernia Securities, preferred (quar.)
134 July 1 Holders of rec. June 25
Hood Rubber Co., 734% prof. (guar.)._
134 Aug. 1 July d21 to Aug. 1
Hood Rubber Products, met (quar.)
134 Sept. 1 Aug. 21 to Sept. 1
1Si Aug. 20 Holders of rec. Aug. 1
Horse Service, common (guar.)
2
First & second preferred (guar.)
July 20 Holders of rec. June 30
Homeetake Mining (monthly)
500. June 25 Holders of rec. June 20a
Horn Jr Hardart Baking, Phila. (guar.). .51.25 July 1 *Holders of rec. June 20
i'lM July 1 •Holders of rec. June 15
Hovey (C. F.) Co.. pref. (guar.)
87 Sic July 1 Holders of rec. June Ito
Hudson Motor Car (guar.)
300. July 1 June 12 to June 30
Humble Oil & Refining (guar.)
200. July 1 June 12 to June 30
Extra
Hunt's Limited, Preference (guar.).- 1(4 July 1 Holders of rec. June 15
WO
134
134
134
154
134
Name of Company.
3739
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Hydraulic Press Brick, pref. (quar.)____
Holders of rec. June 23
154 July
(w)Illinois Brick (guar.)
60e. July 1 July 3 to July 15
(w)Quarterly
60o. Oct. 1 Oct. 5 to Oct. 16
Illinois Wire & Cable (guar.)
Holders of rec. June 156
50c. July
Imperial Tobacco of Can., ord.(interim) 1Si June 2
Independent Pneumatic Tool (quar.).... Si
July
June 21 to June 30
India Tire & Rubber, common (quar.)_ _ *45e. July
•Holders of rec. June 20
Preferred (guar.)
513-4 July
*Holders of rec. June 20
Indian Motocycle, corn.(guar.)
Holders of rec. June 250
550e. July
Preferred (quar.)
Holders of rec. June 250
1(4 July
Industrial Acceptance Corp., common
Holders of rec. June 17
500. July
First preferred (quar.)
Holders of rec. June 17
1(4 July
Second preferred (guar.)
Holders of rec. June 17
July
2
Second preferred (extra)
Holders of rec. June 17
50e. July
Ingersoll-Rand Co., common (extra)._ _ $1
July
Holders of rec. June 100
Preferred
$3
July'
Holders of roe. June 100
Inland Steel. pref. (guar.)
Holders of rec. June 150
134 July
Intercontinental Rubber (guar.)
25e. June 3 Holders of rec. June 18a
Interlake Steamship (guar.)
Holders of rec. June 20
$1.50 July
Internat. Business Machines (guar.)._ $1.
July
Holders of rec. June 236
Internat. Buttonhole Sew. Mach. (qu.)- 15e. July
Holders of rec. June 15
International Cement, common (guar.). $1
June 3 Holders of rec. June lla
Preferred (quar.)
134 June 3 Holders of rec. June Ila
International Harvester, common (gu.). 134 July 1
Holders of rec. June 250
Comnlon (payable In common stock)- 12
Jelly 2 Holders of rec. June 256
International Nickel, cora. (guar.)
50e. June 3 Holders of roe. June 166
Internat. Paper, 7% pref. (guar.)
1% July 1
Holders of rec. July la
Six per cent preferred (guar.)
Holders of rec. July la
154 July 1
Internat. Projector Corp.. corn. (guar.). 250. July
Holders of rec. June 21
E1.75 July
Holders of rec. June 21
$7 preferred (guar.)
International Salt (guar.)
154 July
Holders of rec. June l5a
International Shoe, corn.(guar.)
$1.75 July
Holders of rec. June 150
Preferred (monthly)
50e. July
Holders of rec. June 15
International Silver. pref. (guar.)
Holders of rec. June 13a
134 July
Interstate Iron & Steel, common (quar ) $1
July 1
Holders of rec. July 8
Common (guar.)
$1
Oct. 1
Holders of rec. Oct. b
Common (quar.)
$1
Jan.111.28 Holders of rec. Jan. 9'28
Intertype Corporation, let pref. (guar.) $2
July 1 Holders of rec. June 15
53
Second preferred
July 1 Holders of rec. June 15
Island Creek Coal. corn. (guar.)
51
July I Holders of rec. June 23a
Preferred (guar.)
$1.50 July 1 Holders of rec. June 230
Jewel Tea. Pref.(guar.)
134 July 1 Holders of rec. June 17a
Preferred (acct. accum. dividends)._ 57
July 1 Holders of rec. June 17a
Johns-Manville. Inc., corn.(guar.)
75c. July 15 Holders of rec. July la
134 July 1 Holders of rec. June 150
Preferred (guar.)
Joint Investors. Inc., prior preferred_
$3
July 1 Holders of rec. June 18
Jones & Laughlin Steel. pref. (guar.).- 134 July 1 Holders of rec. June 150Jordan Motor Car, pref. (guar.)
134 June 30 Holders of rec. June 230
Kaufman Department Stores. pf. (guar.) 134 July
Holders of rec. June 20
Kaynee Company, corn. (guar.)
50c. July
Holders of roe. June 206
Preferred (guar.)
Holders of rec. June 20a
134 July
Keith (Geo. E.) Co., let & 2nd pf.(qu.) 134 July
Holders of rec. June 15
Kelley Island Lime &Transport (quar.)_
2
July
June 21 to July 1
Kelsey-Hayes Wheel. pref. (qu.)(No. 1) $1.75 Aug.
Holders of rec. Julyd2la
Kelsey Wheel, Inc.. corn.(guar.)
$1.50 July
Holders of rec. June fla
Kennecott Copper Corn. (guar.)
51.25 July
Holders of roe. June 60
Keystone Watch Case(guar.)
1
July
Holders of rec. June 44
King Philip Mills (guar.)
135 July
Holders of rec. June 20a
Kirby Lumber, common (guar.)
141 Sept. 10 Holders of rec. Aug. 81
Common (guar.)
134 Dec. 10 Holders of rec. Nov.30
Kirshbaum (A. B.) Co.. pref. (guar.)... 134 July 1 Holders of rec. June 20a
Knox Hat, Inc.. Prior Pref. (guar.)...
$1.76 July 1 Holders of rec. June 15
$1.75 Oct. 1 Holders of rec. Sept. 15
Prior Preferred (guar.)
Second preferred
53.50 Aug. 1 Holders of rec. July 15
3754c July 1 Holders of rec. June 106
Kraft Cheese, COM.(guar.)
Common (in common stock)
11Si July 1 Holders of rec. June 10a
Kresge (S. S.) Co.. corn. (guar.)
30e. June 30 Holders of rec. June Ila
104 June 30 Holders of rec. June Ila
Preferred (guar.)
Kuppenheimer (B.) & Co., Inc..
$1
July 1 Holders of rec. June 24a
Laclede-Christy Clay Prod., pref. (au.) 134 July 1 Holders of rec. June 20
Lake Erie Bolt & Nut, corn. (quar.)_
25e. July 1 June 25 to
June 30
Lambert Company. conc. (guar.)
$1.25 July 1 Holders of rec. June 20a
La Salle Extension Institute. corn.(qu.)_
134 July 1 Holders of rec. June 21
Preferred (guar.)
134 July 1 Holders of rec. June 21
Laurentide Company (guar.)
134 July 2 Holders of rec. June 17
Lawyers Mortgage Co.(quar.)
354 June 30 Holders of rec. June 21
Lawyers Title dr Guaranty (guar.)
Holders of rec. June 180
254 July
Lehigh Valley Coal Sales (guar.)
Holders of rec. June 16
$2 July
Libby, McNeil & Libby, preferred
Holders of rec. June 170
354 July
Liberty Baking Corp., pref. (guar.)_._. 134 July
Holders of rec. June 20
Life Savers, Inc. (quar.)
Holders of rec. June 140
40c. July
Liggett & Myers Tobacco, pref. (guar.). 104 July
Holders of rec. June 100
Lion 011 Refining (guar.)
50c. July 27 Holders of rec. June 300
Loew's Boston Theatres. Prof. (guar.).- .2
July 1 *Holders of rec. June 18
Loew s. Incorporated (guar.)
50c. June 30 Holders of rec. June 17a
Long Bell Lumber, corn. el. A (au.)_ _ _ $1
June 30 Holders of rec. June 106
Long Island Safe Deposit
4
July 1 Holders of rec. June 25
Loose-Wiles BiscuitOld corn.(one share of new no par corn) 25 July 1 Holders of rec. June zles
NeW no par common (quar.)(NO. 1)-- 40c. Aug. 1 Holders of rec. July lla
First preferred (guar.)
134 July 1 Holders of rec. June 170
Second preferred (quar.)
134 Aug. 1 Holders of rec. July 184
Lord Jr Taylor, common (guar.)
254 July 1 Holders of rec. June 17a
Lorillard (P.) Co.. pref. (guar.)
IM July 1 Holders of rec. June 15a
Ludlum Steel, corn. (guar.)
50c. July 1 Holders of rec. June I86
MacAndrews Jr Forbes. new corn. (au.) 65c. July 15 Iloiders of roe. June 30a
Preferred (guar.)
1 Si July 15 Holders of rec. June 30a
Mack Tru-ls, Inc., corn. (quar.)
$1.50 June 30 Holders of rec. June 176
First and second preferred (guar.)._
1St June 30 Holders of rec. June 176
Macy (R. H.) Jr Co., (guar.)
$1.25 Aug 15 Holders of rec. July 29a
Madison Square Garden Co. (guar.)._ 25o. July 15 Holders of rec. July 6
Quarterly
25c. Oct. 15 Holders of rec. Oct. 5
Magma Copper Co. (guar.)
75e. July 1: Holders of rec. June 300
Matson Blanche (New Orleans), pref. _
354 July 1 Holders of rec. June 29
MallInson (H. R.) Jr Co.. Inc., pref.(qu.) 134 July 1 Holders of rec. June 20a
Mandel Brothers. Inc.(No. 1)(guar.). _ 62Sic July 1 Holders of rec. June la
Manhattan Electrical Supply (guar.)... $1.25 July 1 Holders of rec. June 206
Manhattan Shirt, pref. (guar-)
134 July 1 Holders of rec. June 160
Manning, Maxwell Jr Moore. Inc.(qu). 154 July 2 Holders of rec. June 30
Manufactured Rubber, pref.(guar.) _ _
13-4 July 11 Holders of rec. June 300
Marcus Loew's Theatres (Canada), pref. 31.4 July 15 Holders of rec. June 30
Margay 011 (guar.)
25e. July 9 Holders of rec. June 20
Marion Steam Shovel, corn.(qu.)(No. 1) 75o. July
Holders of rec. June 15
7% preferred (guar.)(No. 1)
Holders of rec. June 15
134 July
Marlin-Rockwell Corp., corn. (quar.).__ .50e July
Holders of rec. June 200
Common (extra)
*50c. July
Holders of rec. June 200
Marvel Carburetor Co
Holders of rec June 20
80e. July
Mathleson Alkali Works. corn. (guar.)._ $1
July
Holders of rec. June 17a
Preferred (guar.)
1(4 July
Holders of roe. June 17a
May Department Stores, corn (guar.)._ $1
Sept.
Holders of rec. Aug. 150
May Drug Stores Corp. (guar.)
Holders of rec. June 106
373-ic July
McCall Corporation (guar.)
Holders of rec. July 20
50c. Aug.
McCord Radiator Jr Mfg class A (qu.). 750. July
Holders of rec. June 23
McCrory Stores Corp.. pref. (quar.)
Holders of rec. July 20.
134 Aug.
Preferred (quar.)
Holders of rec. Oct. 20a
134 Nov.
McLellan Stores, corn. A and B (guar.). 25e. July
Holders of rec. June 20
Common A and B (guar.)
Holders of rec. Sept. 20
250. Oct.
Common A and B (guar.)
Jan 22 Holders of rec. Dec. 20
25e
Mead-Johnson Co.. corn.(guar.)
*Holders of rec. June 15
*75c. July
Meletio Sea Food, corn. (quar.)
July
Holders of rec. June 25
$2
Merch. & Mfrs. Co., panic. pref. (qu.)_ 37Sic July
Holders of rec. Juned15
Prior preferred (quar.)
134 July 15 Holders of rec. July I
Merchants Jr Miners Transportation(qu) 6254c. June 30 Holders of rec. June 15a
Merck Sr Co.. preferred (guar.)
July 1 Holders of roe. June 17
$1
Mergenthaler Linotype (guar.)
$1.25 June 30 Holders of rec. June 40
25e June 30 Holders of rec. June 40
Extra
Merrimac Chemical (guar.)
$1.25 June 30 Holders of rec. June lla
Metropolitan Paving Brick, pref.(guar.) 134 July I June 16 to June 30
Mexican Petroleum Corp., corn. (guar.) $3
July 20 Holders of rec. June 300
July 20 Holders of rec. June 300
Preferred (guar.)
$2
- 75c. Aug. 1 Holders of rec. July la
Mid-Continental Petroleum (guar.)
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Midland Steel Products, corn. (guar.).- $1
Holders of rec. June I8a
July
Holders of rec. June 18a
Common (extra)
480. July
Holders of rev. June I8a
Preferred (guar.)
July
$2
Holders of rec. June 18a
Preferred (extra)
July
$1
Midvale Company
Holders of rec. June 180
250. July
Miller Rubber. common (guar.)
500. July 2 Holders of rec. July 56
Mill Factors Corporation (guar.)
Holders of rec. June 20
14 July
Extra
Holders of rec. June 20
Si July
Mining Corp. of Canada, Ltd. (Interim) 1234c July 1 June 29 to July 14
Holders of rec. June 20
Missouri-Illinois Stores, corn. (guar.).20c. July
Holders of rec. July 20
Preferred (guar.)
Aug.
2
Montgomery Ward elv Co., com.(guar.). El
Aug. 1 Holders of rec. Aug. 4a
Holders of rec. June 20a
Class A (guar.)
$1.75 July
Class A (guar.)
Holders of rec. Sept. 20a
$1.75 Oct.
Holders of rec. June 20a
Morgan Lithograph, corn. (guar.)
$1.25 July
Mortgage-Bond Co. (guar.)
June 3 Holders of rec. June 23
2
Mother Lode Coalition Mines
250. June 3 Holders of rec. June 10a
Holders of rec. July la
Motion Picture Capital Corp.. Pref.(qu.) 2
July 1
Holders of rec. June 140
Moto Meter Co., Inc., class A (quar.).. 90c. July
Mount Vernon-Woodberry Mills, pref
2)4 June 3 Holders of rec. June 15a
2c July 1
Holders of rec. June 30a
Mountain & Gulf 011 (guar.)
lc. July 1 Holders of rec. June 306
Extra
Holders of rec. June 15a
Mountain Producers Corp. (guar.)
650. July
Holders of rec. June 20
July
Murray Ohio Mfg., pref. (guar.)
$2
*Holders of rec. Jane 20
Participating preferred (guar.)
*I0c July
Holders of rec. June 23
131 July
Nashua Manufacturing, pref. (guar.) _
Holders of rec. July 15
Aug.
$1
National American Co. (guar.)
Holders of rec. Aug. 19a
National Hellas Hess Co., pref.(guar.)-- 1.4 Sept.
$1.25 July 1
Holders of rec. June 300
National Biscuit, corn. Mar./
$1.25 Oct. 15 Holders of rec. Sept. 300
Conan on (guar.)
1)4 Aug. 31 Holders of rec. Aug. 170
Preferred (guar.)
July 1 Holders of rec. June 15
$1
National Breweries, com. (guar.)
131 July I Holders of rec. June 15
Preferred (quar.)
July 1 Holders of rec. June 13
15c.
(guar.)
corn.
Assn.,
Credit
National Cash
Corn.(one-twentieth share com.stock) (f) July 1 Holders of rec. June 13
15c. July 1 Holders of rec. June 13
Preferred (guar.)
Pref. (one-twentieth share corn, stock) (1) July 1 Holders of rec. June 13
National Cash Register, class A (guar.). 750. July 15 Holders of rec. June 30a
Nat Dairy Prod Corp.,n.stk.(qu.)(No.1) 750. July 1 Holders of rec. June 220
31 .75 July 1 Holders or roe. June 21:u
Preferred A and B (guar.)
National Enamel & Stamping, pf. (qu.) 1,i June 30 Holders of rec. June 15a
14 June 30 Holders of rec. June 10a
(guar.)
/National Lead, new corn.
134 Aug 1 Holders of rec. July 8a
Class B corn,(guar.)(No. 1)
2)4 July 13 Holders of rec. June 15
National Licorice, corn
1% Juno 30 Holders of rec. June 15
Preferred (guar.)
2
July 1 Holders of rec. June 15
National Refining, pref. (guar.)
75o. July 1 Holders of rec. June 200
National Standard Co.(quar.)
14 July 1 Holders of rec. June 6
National Sugar Refining (guar.)
134 June 30 Holders of rec. June 20a
National Supply, pref. (guar.)
24 July I Holders of rec. June 17a
National Surety (quar.)
$1
July 1 Holders of rec. June 150
National Tea,common (guar.)
1% Aug. 1 Holders of rec. July 15a
Nelsner Brothers. pref. (guar.)
30e. July 1 Holders of roe. June It
Nelson (Herman) Corp. (guar.)
July 1 Holders of rec. June 20
el
Stock dividend
300. Oct. 1 Holders of roe. Sept.
Quarterly
el
Oct. I Holders of rec. Sept le
Stock dividend
Nevada Consolidated Copper (guar.).- 3714c. rue 30 Holders of rec. June 17a
1 June 21 to July 1
July
25c.
Novadel Process Co., corn. (guar.)
50c. July 1 June 21 to July 1
Preferred (guar.)
*124c July 15 *Holders of rec. July 1
New Bradford 011 (guar.)
250. July 1 Holders of roe. June 15a
New England Fuel Oil (guar.)
2
July 9 Holders of rec. June 20a
New Jersey Zino (extra)
750. Aug. 1 Holders of rec. July 7a
New York Air Brake, corn. (guar.)
500. July 15 Holders of rec. July la
New York Transportation (guar.)
*50c. June 30 *Holders of rec. June 20
Newton Steel, common (guar.)
June 30 *Holders of rec. June 20
•1
Preferred (quar.)
14 July 1 Holders of rec. June 20
Nichols Copper,7% Pref.(guar.)
734c. July 20 Holders of rec. June 300
Nipissing Mines Co., Ltd.(guar.)
62Sic July 1 Holders of rec. June 27
North American Car Co. (guar.)
North American Provision. pref. (qu.)._ *14 July 1 *Holders of rec. June 10
_
(guar.)
pref.
Refining,
Oil&
134 July 4 Holders of rec. June 15
North Star
3
July 1 Holders of rec. June 10a
Northern Pipe Line
50c. June 30 Holders of rec. June 15a
Nunnally Company
0-Cedar Corp.. class A corn.(quar.)... *45c. July 1 *Holders of rev. June 20
I% July 1 June 16 to June 30
Ohio Seamless Tube. prof.(guar.)
50c. July I Holders of rec. June lb
011 Well Supply. corn. (quar.)
1)4 Aug 1 Holders of rec. July 120
Preferred (guar.)
Oklahoma Natural Gas, pref. (guar.).-- 14 July I Holders of rec. June 15
2
July 1 Holders of rec. June 17a
Omnibus Corporation. pref. (guar.)_ _ _
16 2-3 July 1 Holders of rec. June 200
Orpheum Circuit, Inc.. com.(mthly.)
2July
I Holders of rec. June I76
(guar.)
Preferred
$1.50 July lb Holders of rec. June 30a
Otis Elevator, corn. (guar.)
154 July 15 Holders of rec. June 30a
Preferred (guar.)
1)4 Oct. 15 Holders of roe. Sept. 304
Preferred (quar.)
JanI518 Holders of rec. Dee. Ina
Preferred (guar.)
1% July 1 Holders of rec. June 150
Otis Steel. preferred (guar.)
Overman Cushion Tire, coin. A & B (qu.) 3740. July 1 Holders of rec. June 24
134 July 1 Holders of rec. June 24
Preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 24
Preferred (quar.)
40c. July 1 Holders of rec. Juse 15
Ovington Bros. Co., Panic. preferred75e. July 1 Holders of rev. June 150
Owens Bottle, common (guar.)
134 July 1 Holders of rec. June 15a
Preferred (guar.)
Pacific Coast Co.. first pref.(quar.). 14 Aug. 1 Holders of rec. July 23a
131 Aug. I Holders of rec. July 20
(rtuar.)
prof.
Package Machinery, 1st
1)4 Nov. 1 Holdere of rec. Oct. 20a
First preferred (quar.)
200. June 30 Holders of rec. June 150
Packard Motor Car, monthly
200. July 30 Holders of rec. July 16a
Monthly
200. Aug. 30 Holders of rec. Aug. 150
Monthly
July 1 Holders of rec. June 18
750.
Page-Hershey Tubes, cum. (guar.)
154 July 1 Holders of rec. June IR
Preferred (guar.)
131 July I Holders of rec. June 150
Paige-Detroit Motor, pref. (guar.)
Pan-American Petroleum & Transport's
51.50 July 20 Holders of rec. June 300
Common and common B (guar.)
750. June 27 Holders of rec. June 17a
Paraffine Cos., new stock (No. 1)
Paramount Famous Lasky Corp.
July 1 Holders of rec. June 15o
$2
Common (guar.)
=lent. 20 Holders of rec. July 28a
Common (extra)
132
Aug. I Holders of rec. July 15a
2
Preferred (guar.)
20c. July 1 Holders of rec. June 25a
Park-Utah Consol. Mines Co. (quar.)
.250. June 30 *Holders of rec. June 12
Parke Brothers (guar.)
250. June 30 Holders of rec. June 18a
Parke, Davis & Co.(guar.)
10c. June 30 Holders of rev. June 18a
Extra
25c. July 1 Holders of rec. June 150
Penick & Ford, Ltd., com.(guar.)
134 July I Holders of rec. June 15a
Preferred (guar.)
Penn Federal Corp., pref.(qu.)(No. 1)_ *31.75 July 1 *Holders of rec. June 22
d3
June 30 Holders of rec. June 20a
Penney (J. C.) Company, pref
250. June 25 Holders of rec. June 15a
Pennok 011, common (quar.)
Pennsylvania-Dixie Cement corn. (qu.). 80c. July 1 Holders of rec. June 15a
250. July 1 Holders of rec. June 8
Peoples Drug Stores, Inc., com.(guar.).
75c. July 1 Holders of rec. June 10
Pet Milk Co., corn. (quar.)
14 July 1 Holders of rec. June 10
Preferred (quar.)
Pettibone Mulliken Co. 1st & 2d pf.(qu.) 14 July 1 Holders of rec. June 20s
Ph a. Dairy Products, prior pref.(guar.) $1.6234 July 1 Holders of rec. June 200
Aug. 1 Holders of rec. July 156
$2
Philadelphia Insulated Wire
750. July 1 Holders of rec. June 140
Phillips Petroleum (guar.)
Pick (Albert) & Co., preferred (quar.)-- 14 July 1 Holders of rec. June 200
July 1 Holders of rec. June 15
Pie Bakeries of America, Inc., class A.... $1
134 July 1 Holders of rec. June 15
Preferred (guar.)
July I Holders of rec. June I3a
Pierce-Arrow Motor Car, pref. (guar.)._ 2
Pillsbury Flour Mills, corn. (No. 1)--- 400. Sept. 1
2
July 1 Holders of rec. June 15a
Pittsburgh Plate Glass (guar.)
Pittsburgh Steel Foundry, pref. (quar.). 14 June 30 June 16 to June 30
July 1 Holders of rec. May 31
Plymouth Plan Finance Corp.(annual). 6
Porto Rican Am.Tob.,cl. A (qu.)(No.1) $1.75 July 11 Holders of rec. June 20a
Julyd30 Holders of rec. June 30a
2)4
(guar.)
Line
Pipe
Prairie
Pratt & Lambert,Inc.. common (guar.)- 750. July 1 Holders of roe. June 150
Sc. July 5 Holders of rec. June 14
Premier Gold Mining
Pressed Metals of America, com.(guar.)• 750. July 15 Holders of rec. June 25a
14 June 30 Holders of rev. June la
Pressed Steel Car. Preferred (quar.)
Price Bros. & Co., Ltd.. eon). (quar.).. 50e. July 2 Holders of rec. June 15
14 July 2 Holders of rec. June 15
Preferred (guar.)
[Val- ist.
THE CHRONICLE
3740
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
July 15 *Holders of rec. June 25
*2
Procter & Gamble,8% pref. (quar.)_
500. July 15 Holders of rec. June 30a
dPro-phy-lac-tic Brush (guar.)
Aug. 1 Holders of rec. July 20a
51
dExtra
July 1 Holders of rec. June 100
2
Pure Oil, 8% preferred (guar.)
14 July 1 Holders of rec. June 106
Six per cent preferred (guar.)
14 July 1 Holders of rec. June 10a
54% preferred (guar.)
July 15 Holders of rec. July la
$1
Quaker Oats, common (guar.)
134 Aug. 31 Holders of rec. Aug. la
Preferred (quar.)
150. July 15 Holders of rec. July la
O. R. B. Music (monthly)
July 1 Holders of rec. June 15a
Real Silk Hosiery Mills, com. (quar.)_._ $1
134 July 1 Holders of rec. June 15a
Preferred (quar.)
July 15 Holders of rec. July 5
3
Realty Associates, 1st preferred
Reece Button Hole Machine (guar.).- 35c, July I Holders of rec. June 15
Sc, July 1 Holders of rec. June 15
Reece Folding Machine (quar.)
134 July 1 June 22 to June 30
Regal Shoe, preferred (guar.)
Holders of rev. June 20a
75c.
Reid Ice Cream Co., corn. (guar.)
1;1 July 1 Holders of rec. June 150
Reis (Robert) Co., first pref. (guar.).
1)4 July 1 Holders of rec. June 20a
Reliance Manufacturing, pref. (quar.)
July 1 *Holders of rec. June 20
Remington Arms, 1st pref. (quar.)
Remington Noiseless Typewr., pf.(qu.). 134 July 15 Holders of rec. July la
400. July 1 Holders of rec. June 100
Remington-Rand Co., coin. (quar.)__
1
July 1 Holders of rec. June 100
Common (payable in common stock)_
First preferred (quar.)
13.4 July 1 Holders of rec. June 10a
July 1 Holders of rec. June 10a
2
Second preferred (guar.)
Holders of rec. June 15
Remington Typewriter, corn. (quar.). $1.25 July
1% July
Holders of rec. June 15
First preferred (quar.)
Holders of rec. June 15
July
2
Second preferred (guar.)
20c, July
Holders of rec. June 150
Reo Motor Car (quar.)
Holders of rec. June 14a
131 July
Republic Iron & Steel, pref. (quar.)_ _
Reynolds(R. J.) Tobacco$1.25 July 1 Holders of rec. June 18a
Common and Common B (quar.)
Richardson & Boynton CO., part. pf.(qu) 750. July 1 Holders of rec. June 15
Richman Brothers Co., corn. (quar.)__ _ 31.50 July 1 Holders of rec. June 21
July I Holders of rec. June 21
55
Common (extra)
373.ic. Aug. 1 Holders of rec. July 15
Rice-Stix Dry Goods, corn. (guar.)
1% July 1 Holders of rec. June 15
First and second preferred (quar.)
June 30 Holders of rec. June 150
2
Royal Baking Powder, corn. (quar.)
14 June 30 Holders of rec. June I5a
Preferred (guar.)
June 30 *Holders of rec. June 15
*2
Ryan Car Co., pref. (quar.)
July 16 Holders of rec. June 300
$1
Safety Cable (guar.)
July 1 Holders of rev. June 150
2
Safety Car Heat & Ltg. (guar.)
32.50 July 1 Holders of rec. June 176
Safeway Stores, corn. (guar.)
14 July 1 Holders of rec. June 17a
Preferred (quar.)
50c. Sept.20 Sept. 10 to Sept.20
Bt. Joseph Lead (guar.)
Sept. 20 Sept. 10 to Sept.20
25c.
Extra
50e. Dec. 20 Dee. 10 to Dec. 20
Quarterly
250. Dec. 20 Dec. 10 to Dee. 20
Extra
July 1 June 21 to June 30
St. Louts National Stock Yards (guar.).- 2
St.Louls Rocky Mt.& Pac.Co.,ccm.(qu) 50c. June 30 Holders of rec. June 150
134 June 30 Holders of rec. June 150
Preferred (guar.)
St. Maurice Valley Corp.. pref. (guar.). 134 July 2 Holders of rec. June 15
200. July 1 Holders of rev. June 15a
Salt Creek Consolidated 011 (quar.)
•1% July 1 *Iloiders of rec. June 15
Savage Arms, 1st preferred (quar.)
'134 Aug. 15 *Holders of rec. Aug. 1
Second preferred (guar.)
Schulte Retail Stores, common (guar.)._ 87340 Sept. I Holders of roc Aug. 150
8734e Dec. 1 Holders of rec. Nov 150
Common (quar.)
July 1 Holders of rec. June Ila
2
Preferred (guar.)
1% July 1 Holders of rec. June 15
Schulz Baking Co., pref. (quar.)
750. July 1 Holders of rec. June 15
Convertible preferred (guar.)
750. July 1 Holders of rec. June 24a
Scovill Manufacturing (quar.)
Second Internat. Sec. Corp.. hat pf.(au.) 750. July 1 Holders of rec. June 15
.1% July
1 *Holders of rec. June 22
Sefton Manufacturing (guar.)
July 1 Holders of rec. June 200
2
Selberling Rubber. pref. (quar.)
Holders of rec. June 30
25
13.1 July
Shaffer Oil & Refining, pref. (guar.)- 50c. July 10 Holders of rec. June 200
Shattuck (Frank G.) Co.(guar.)
Holders of rec. June 20
1
July
500.
Steel
Sheffield
(quar.)
350. June 30 Holders of rec. June 2a
Shell Union 011, corn.(guar.)
Sherwin-Williams of Canada, com.(qu.). 13.4 June 30 Holders of rec. June 150
134 June 30 Holders of rec. June 150
Preferred (guar.)
*75c. June 30 *Holders of rec. June 21
Shredded Wheat (guar.)
50c. July 1 Holders of rec. June 15a
Shreveport Eldorado Pipe Line (guar.).50c. July 1 Holders of rec. June 150
Simmons Company,common (quar.)__
24 June 30 June 11 to June 30
Singer Manufacturing (guar.)
54 June 30 June 11 to June 30
Extra
14 July 1 Holders of rec. June 200
Sloss-Sheffield Steel & Iron, pref.(qu.) _ _
Smith Corona Typewriter, com.(guar.)_ *75c. July I *Iloiders of rec. June 22
*14
July 1 *Holders of rec. June 22
Preferred (guar.)
July 11 Holders of rec. June 30
Smith (Howard) Paper Mills, pref.(au.) 2
50c. June 30 June 16 to June 30
South Penn 011 (guar.)
South Porto Rico Sugar Co., COM. (qU.) 14 July 1 Holders of rev. June 156
July 1 Holders of rec. June 15a
2
Preferred (guar.)
July 1 Holders of rec. June 15
- 1
.
South West Penna, Pipe Line (guar.)
Southern Stores Corporation CIA(quar.) 50c. July 1 Holders of rec. June 256
25e. June 30 Holders of rec. June 20
Sparks-Withington Co., corn. (quar.)
1 Holders of rec. June 20
ulnye 30
134
2
Preferred (quar.)
Holders of rec. June 200
Spicer Manufacturing, pref. (quar.)
1 June 21 to July 1
July
6234c
(quar.)
A
class
Sprague-Sells Corp.,
134 June 30 Holders of rec. June 17a
Standard Milling, corn. (quar.)
134 June30 Holders of rec. June 17
Preferred (quar.)
June 30 June 16 to June 29
$1
Standard 011 (Kentucky)(quar.)
Standard Oil (Ohio), common (quar.)._ 6234c July 1 Holders of rec. May 270
July 1 Holders of roe, June I8a
El
(guar.)
of
America
Stanley Co.
51
Holders of rec. June 150
July
Stern Brothers, class A (guar.)
*32.50 July 15 *Holders of rec. July 10
StetsJii (John B.) Co., common
of rec. July 10
*4
*Holders
July
15
Preferred
50e. July 1 Holders of roe. June 130
Stromberg Carburetor ((war.)
75c. July 1 Holders of rec. June 156
Stroock (S.) & Co., Inc. (quar.)
Holders of rec. Juno 300
Sundstrand Corporation, prof. (quar.)
1 .50 lu
81M
ul y 15 Holders of rec. July 5
Superheater Company (guar.)
of rec. June 15a
.624
1
July
Holders
1
Swedish-Am•Inv•Corp.,com.(qu.)(No.1)3
14 July 1 Holders of rev. June 150
Participating preferred (guar.)
2
July 1 Holders of roe. June 10
Swift & Co.(guar.)
dJune3O Holders of rec. June 20
Telling Belle-Vernon Co., corn.(guar.)_ _ $1
1%
June30 Holders of rec. June 20
Preferred (quar.)
75c150.
1 Holders of rec. June 36
30
Texas Corporation (guar.)
June
Holders of rev. June 100
Tana Pacific Coal & 011 (guar.)
*2
June 30 *Holders of roc. Juno 23
Textile Banking (quar.)
Thompson (John It.) Co. (monthly)_ _ 30c. July 1 Holders of rec. June 236
30c. Aug. 1 Holders of rec. July 226
Monthly
30e. iept. 1 Holders of rec. Aug. 236
Monthly
July 1 Holders of roe. June 200
Thompson Products, common (guar.)._ $3
$2.40 July 1 Holders of rec. June 18a
Thompson-Starrett Co., new stock
Tide-Water Associated Oil. pref.(guar.). 14 July 1 Holders of rec. June 106
20c. June 30 Holders of rec. June 116
Tide-Water 011 Co., common
150. July 1 June 21 to June 30
Timken Detroit Axle (guar.)
50. July 1 June 21 to June 30
Extra
$1.75 July 15 Holders of rec. June 240
Tobacco Products Corp.. corn. (guar.)
Holders of rec. June 30
July
Tooke Bros., Ltd.. 7% pref. (quar.) _ _
1
:
July 15 Holders of rec. June 17
751
Torrington CO. (qum.)
$1.25
of rec. June 17
July
Holders
1
Extra
Holders of rec. June 15
Traveler Shoe, Corn. (quar.)
3711
e. '1
lilly 1 Holders of rec. June 18
Ju
Traymore, Limited, pref. (quar.)
300. July 15 Holders of roe. July 50
Truscon Steel, corn. (quar.)
1 Holders of rec. June 20
y 15
uly
Tubize Artificial Silk, corn. B (quar.) _ _ 321.50 J ul
Holders of rec. June 300
Tuckett Tobacco, com.(guar.)
1% July 15 Holders of rec. June 30a
Preferred (guar.)
4
July
Holders of rec. June 20
Ulen de Company.ri% preferred
3% July
Holders of rec June 20
734% preferred
Holders a rec. June 220
Underwood Comput. Mach., pref. (an) I% July
July
Holders of rec. June 40
31
Underwood Typewriter, common (au.)
Holders of rec. Sept. 30
Common (quar.)
1% O
$1
J ucity.
Holders of rec. June 40
Preferred (guar.)
14
Oct.
Holders of rec. Sept. 3a
(quar.)
Preferred
Holders of roe. June 40
July
Union Carbide & Carbon (quar.)
Holders of rec. June 206
Union Metal Manufacturing, corn. (qu.) 5%50. July
25c. July
Holders of rec. June 200
Common (extra)
6240 Aug. 10 Holders of rec. Aug. la
Union Storage (guar.)
624c Nov. 10 Holders of roe. Nov. la
Quarterly
14 June 30 Holders of rec. June 200
Union Twist Drill, pref.(guar.)
500. June 30 Holders of rec. June 10
United Cigar Stores, corn.(guar.)
/14
common
June 30 Holders of rec. June 10a
In
(payable
stock)
Common
A
JUNE 25 1927.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days inclusive.
Miscellaneous (Concluded),
United Drug, let preferred (guar.)
1 96 Aug. 1 Holders of rec. July 15a
United Dylwood, preferred (guar.)
151 July 1 Holders of reo. June 13a
United Fruit(guar.)
$1
July I Holders of rec. June 4a
United Ice Co., oref., series A (qua:.)_ $1.75 July 1 Holders of rec. June 20
United Paper Board, pref. (guar.)
1.34 July 15 Holders of roe. July la
Preferred (guar.)
151 Oct. 15 Holders of rec. Oct. la
Preferred (guar.)
151 Jan16'28 Holders of reolan.2 '250
Preferred (guar.)
195 Apr16'28 Holders of ree.Apr.2'28a
United Profit-Sharing, corn. (in stock)
July 15 Holders of rec. June 15a
16
United Securities. Ltd., pref. (quar.)_ _
1 M July 1 Holders of rec. June 18
United Shoe Machinery,corn.(guar.)
62 Mc July 5 Holders of roe. June 14
Preferred (guar.)
37)4c July 5 Holders of rec. June 14
U. S. Bobbin & Shuttle, corn. (Qua:.)... $1 June 30 Holders of rec. June 8
Preferred (guar.)
1% June 30 Holders of recs. June 8
U.S. Cast Iron Pipe & Fdy.. corn.(qui. 254 Sept. 15 Holders of rec. Sept. la
Common (guar.)
234 Dec. 15 Holders of rec. Doe, la
Preferred (guar.)
1% Sept. 15 Holders of rec. Sept. la
Preferred (guar.)
1% Dec. 15 Holders of rec. Doe. la
U. S. Distributing Corp.. old prof
334 July 1 Holders of rec. June ha
New preferred (No. 1)
366 July 1 Holders of rec. June 11
U.S. Gypsum,coin.(guar.)
40e June 30 June 16 to June 30
Preferred (guar.)
151 June 30 June 16 to June 30
U. S. Industrial Alcohol, pref. (quar.)
1% July 15 Holders of rec. June 306
17 S L Battery Corp.. pref. A (guar.)
25c. July 1 June 11 to July 1
Preferred B (guar.)
17)6c July 1 June 11 to July 1
U. S. Realty & Improvement, corn
$1
Sept. 15 Holders of rec. Aug: 25a
United States Steel Corp., coin.(guar.). 15( June 29 Holders of rec. June 70
United States Tobacco,common (quari_ 750. July 1 Holders of roe. June 130
Preferred (guar.)
19( July 1 Holders of rec. June 130
Universal Leaf Tobacco, pref.(quar.) _
2
July 1 Holders of rec. June 21
Universal Pictures. Inc., first pref.(qui 2
July 1 June 21 to July 1
Universal Pipe dr Radiator, corn.(qua:,) 50e. July 1 Holders of rec. June 15a
Common (extra)
25e. July 1 Holders of roe. June 150
Preferred (guar.)
1% Aug. I Holders of reo. July 15a
Preferred (guar.)
151 Nov. 1 Holders of rec. Oct. 15a
Utah Copper Co.(guar.)
$1.50 June 30 Holders of rec. June 170
Valvoline Oil, preferred (guar.)
2
July 1 Holders of rec. June 200
V. Vivaudou, Inc., corn. (qmar.)
75e. July 15 Holders of rec. July la
Preferred (guar.)
15( Aug. 1 Holders of rec. July 15a
Van Dorn Iron Works. pref. (quar.)___ _
151 July
Holders of rec. June 22
Virginia Iron, Coal & Coke, preferred_
254 July
Holders of rec. June 15a
Vulcan Detinning. preferred (guar.)._ _
151 July 20 Holders of rec. July 9a
Preferred (account accumulated diva.) 2
July 20 Holders of rec. July 90
Preferred A (guar.)
1
July 20 Holders of roe. July 9a
Wabasso Cotton, Ltd. (guar.)
$1
July
Holders of roe. June 15
Bonus
500. July 2 Holders of reo. June 15
Wahl Company. pref.(account accum.)_
% July
Holders of rec. June 23a
Waldorf System, corn, (guar.)
3755o July 1 Holders of rec. June 20a
Preferred (guar.)
200. July 1 Holders of roe. June 20
Waltham Watch & Clock, prior of.(qu.) •151 July 1 *Holders of rec. June 20
Prior pref. (acct. accum. dive.)_ _*h $19.60 July 1 *Holders of rec. June 20
Walworth Company, preferred (guar.).- 750. June 30 Holders of rec. June 200
Ward Baking Corp.. corn. cl. A (guar.).. $2
July 1 Holders of rec. June 15a
Preferred (guar.)
151 July 1 Holders of rec. June 15a
Warner-Quinlan Co.(guar.)
500. July 2 Holders of reo. June 15a
Warren Bros. Co., coin.(guar.)
$1
July 1 Holders of rec. June 20a
First preferred (guar.)
750. July 1 Holders of rec. June 20a
Second preferred (qua:.)
875(c July 1 Holders of rec. June 20
Waukesha Motor, common (guar.)
625(c July 1 Heide= of roe. June 150
Waverly Oil Works, class A (guar.)
75e. July 1 Holders of rec. June 20a
Weber dr Helibroner, common (qua:.)... $1
June 30 Holders of roe. June 170
Preferred (qua:,)
15( Sept. 1 Holders of rec. Aug. 17
Welsbach Company,common
2
June 30 Holders of rec. June 20a
Preferred
351 June 30 Holders of rec. June 200
Wesson Oil dr Snowdrift Co..Inc.. corn.. $1
July 1 Holders of rec. June 15
WestCoast 011 (guar.)
*31.50 July 5 *Holders of rec. June 25
Extra
.$3
July 5 *Holders of rec. June 25
West Point Manufacturing (guar.)
2
July 1 Holders of roe. June 15a
Western Electric, new corn.(No.
50e. June 30 Holders of rec. June 28
Western Grocers, Ltd.(Canada), pf.(qu) 151 July 15 Holders of rec. June 30a
Westinghouse Air Brake (guar.)
$1.75 July 30 Holders of rec. June 300
Westinghouse Elec. & Mfg.. cam.(ciu.).
July 30 Holders of roe. June 30a
Preferred (qua:.)
$1
July 15 Holders of reo. June 300
Westland Oil (guar.)
June 30 June 21 to June 29
52
Weston Electrical Instrument (guar.)._ 50c. July 1 Holders of rec. June 23a
Wheeling Steel Corp., pref. A (guar.)... 2
July 1 Holders of rec. June ha
Preferred B
255 July 1 Holders of rec. June Ila
White Eagle 011 & Refining (guar.)
50o. July 20 Holders of rec. June 30a
White Motor (quill.)
$1
June 30 Holders of rec. June 15a
White Motor Securities, pref. (guar.). _ _
1% June 30 Holders of rec. June 15
White Rock Mineral Spas., corn.(qu.)
500. July 1 Holders of roe. June 200
First preferred (guar.)
1)4 July 1 Holders of rec. June 20
Second preferred (qua:,)
2)4 July 1 Holders of rec. June 20
Will dr 11aumer Candle, pref.(guar.).- 2
July 1 Holders of rec. June 15
Willys-Overland Co., pref.(qua:.)
19( July 1 Holders of rec. June 22a
Wire Wheel Corporation, preferred
$3.50 July 1 Holders of rec. June 20
Woodley Petroleum (guar.)
150. June 30 Holders of roe. June 15
Wrigley (Win.) Jr. & Co.(monthly)
25o. July
Holders of rec. June 204
Monthly
25e. Aug. 1 Holders of roe. July 20
Monthly
250. Sept. 1 Holders of rec. Aug. 20
Monthly
250. Oct. 1 Holders of rec. Sept. 20
Monthly
25o Nov. I Holders of rec. Oct. 20
Monthly
25o. Dec. 1 Holders of roe. Nov.20
Yale & Towne Mfg. (guar.)
11
July 1 Holders of rec. June 100
Yellow Truck dr Coach, pref.(qua:.)
15( July 1 Holders of rec. June 200
Youngstown Sheet & Tube, Com.(guar.) $1.25 June 30 Holders of rec. June 140
Preferred (guar.)
191 June 30 Holders of rec. June 140
Zellerbach Corporation (guar.)
*50c. July 15 *Holders of rec. June 30
•From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. f The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
IPayable in common stock. g Payable in scrip. h On account of accumulated
dividends. m Payable in preferred stock.
f Cushman dr Sons common stock dividend is payable in $8 preferred stock on the
Valuation of $100 for preferred stock.
'Declared at meeting on May 19.
k Payable either in cash or class A stock.
American Gas & Electric stock dividend is one-riftleth of a share of common
stock for each snare of common held.
n Payable in cash or class A stock at rate of 467-100 of a share of class A stook
for each share held.
3741
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 18. 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 WEEILY CLEARING HOUSE .RETURNS.
(Stated in thousands of dollars-that is, three ciphers 1000) omitted.)
New
Capital. Profits. Loans,
Revere
Discounl Cash
with
Net
Time Bank
Mar.23 Investin
Legal Demand
De- CircuMar.23 meals, Vault. Deport Deposits. posits. latfon.
(000 omitted.)
tortes.
Mar.23
etc.
Week Ending
June 18 1927.
Members of Fed. Res. Bank. Average. Average Averag
Bank of N Y
$
$
$
Trust Co_ _ _ _ 6,000 12,401
479 7,406
78,534
Bk of Manhat'n 10,700 16,204 172,252 3,046 18,225
Bank of Americ
88,974 1,097 11,53
6,500 5,412
National City__ 75,000 66,126 830,612 3,965 84,176
Chemical Nat'l_ 5,000 18,91
138,989 1,209 16,177
NatBk of Comm 25,000 42,881 337,135
415 43,692
13,500 13,655 220,475 2,575 25,23
ChatPh N B &
Hanover Nat'l. 5,000 26,811 140,704 1,654 17,444
16,550 217,707 4,629 26.407
Corn Exchange.. 11,
161,135
9511 16,714
National Park__ 10,000 24,98
Bowery & E Riv 3,000 3,686
74,597 2,026, 7,986
First Naticnal_ 10,000 77,890 298,479
494 26,375
32,000 29,170 440,966 3,812 53,499
Am Ex Irving
Continental Bk.. 1,000 • 1,286
8,39
12e 859
Chase National_ 40,000 38,761 638,064 6,6411 78,923
500 3,215
Fifth Avenue__
28,918
684 3,284
Garfield Nat'l__ 1,000 1,887
16,396
465 2,461
Seaboard Nat'l. 6,000 11,445 131,755
681 16,292
Bankers Trust _ 20,000 36.945 362,541
897, 39,457
696 7,326
U S Mtge & Tr_ 3,000 5,053 60,440
Guaranty Trus 30,000 31,854 471,154 1,360 50,080
Fidelity Trust__ 4,000 3,28
43,629
6211 5,116
New York Trust 10,000 22,550 179,085
662 19,085
Farmers L & Tr. 10,000 20,260 145,707
600 14,860
Equitable Trus 30.000 23,927 302,225 1,666 31,733
_
.._
96
348
6.
- H1
4.679
2,984
6,588
2:iEi
46
Total of arerages,368,200 554,9745,628,852 41,451024,340 e4.600,222039,68023.315
State Banks Not Members of Fed
'
. Res've Bank.
State Bank.. _ .._ 5,000 5,817 106,253 4,591 2,332
Colonial Bank__ 1,400 3,270
35,377 3,549 1,879
Total of averages
6,400
9.088 141,630
Totals, actual condition June 18
Totals, actual condition June 11
Totals, actual condition June 4
140,844
141,911
140,129
Trust Companies Not Members of Fed
Title Guar & TIl 10,000 20,237
66,343
Lawyers Trust_ 3,000 3,463 23,199
37,121 63.519
29,434 8.131
8.140
4,211
66,555 69,650
_
8,041
8,175
8,471
4,008
4,267
3,906
65,3831 69,661
67,073 69,613
65,512 69,622
_
_ __
_
Res`v e Bank.
1,737 4,155,
910 1,917
39,116
18,270
1,774
1,081
Total of averagesl 13,000 23,701
89,542
2,647
6.072
57,386
2,855
Totals, actual condition June 18
Totals, actual cOndition June 11
Totals, actual condition June 4
89,158
89,140
b1,261
2,598
2,596
2,726
6,210
6.314
6,785
57,046
58,357
60,726
2,885
2,843
2,350 ....-
Gr'd aggr., am 387,600 587,7645,860,024 52,238 634,623 4,724,163 712,18523.315
Comparison with prey. week__ +38.479-1.685 -10,69
+48,587--7,868 --49
Gr'd aggr., act' concrn June 18 5,851,781 50.807608.281 4,685,775714,09023,454
Comparison with prey. week.... +26.359-1.842 +17916 +41,929--2,858 +169
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr., act'lloond'n
aggr., actlicond'n
aggr., acrl1cond'n
aggr., act!cond'n
aggr., acrkond'n
June 115.825,422
June 45,887,413
May 28 5,835,519
May 21 5,768,465
May 145.724.266
42,709590.365
54,242624,686
53.669685.039
55,161 583,045
55.484 634,586
4,643,846 716,94823.288
4,735,861 713,373 23,314
4,629,108717,105 23,250
4,554,627 714,00323,459
4,486,905706,80923,315
Note.-U. S. deposits deducted from net demand deposits In the general total
above were as follows: Average total June 18, 517,175,000. Actual totals. June 18,
$23,763,000: June 11, 511.494,000: June 4. $17,346,000; May 28. $16,273,000:
May 21,$23,703,000; May 14, 529,299,000. Bills payable, rediscount, acceptances,
and other liabilities, average for week June 18, $604,723,000: June 11, $631,081,000;
June 4,5635,454,000; May 28, 5638,911,000; May 21, $8652,373,000; May 14, $689,822,000. Actual totals June 18, $599,863,000; June 11, $606,703,000; June 4,
$627,598,000; May 28, 5730,366,000; May 21, $634,280,000; May 14, $712,175,000.
* Includes deposits in foreign branches not Included in total footings, as follows:
National City Bank, $248,574,000: Chase National Bank. $13,200,000. Bankers
Trust Co., $38,200,000; Guaranty Trust Co.. $77,564,000; Farmers' Loan & Trust
Co., $2,235,000; Equitable Trust Co., $97,656,000. Balances carried in banks in
foreign countries as reserve for such deposits were: National City Bank $41,260,000;
Chase National Bank, $1,402,000; Bankers Trust Co., $2,682,000; Guaranty Trust
Co. $3.480,000; Farmers' Loan & Trust Co., 52,235,000; Equitable Trust CO..
$9,196,000.
C Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
Reserve
In
in Vault. Depositaries
g Called for redemption June 30 at $110.
r Less income tax.
to Payable also on increased capital.
x New York Stock Exchange rules ex-dividend on July 1.
y Subject to approval of Inter-State Commerce Commission.
s Payable in cash or class A stock at rate of one-fortieth share of class A for each
share held and on class!)stock one-fortieth of a share of class B for each share held.
(1)DIvidend is ten pence per share. All transfers received In order in London
an or before June 8 will be In time for payment of dividend to transferees.
(2) Less following amounts to cover legal expenses and first and second installments of 1926 ncome tax: Continental Pass. Ry., 50e.; Union Pass. Ry., 750.: West
Phila. Pass. Ry., 75c.
Arge.
Totals, actual condition June 18 5,621,779 40.228598,063c4,563,346641,54423,454
Totals, actual condition June 11 5,594,371 41,938 579,784 c4,518,416644.49223,285
Totals, actual condition June 45,886,023 43,045 613,995 c4,809,623641,401 23,314
o Declared at meeting held May 311927.
p This dividend was declared payable March 16 1926, but held up on account
of legal proceedings.
North American Co. dividend Is payable in stock at rate of 1-40 of a share of
common stock for each share held.
r Called for redemption July 1.
Average. Averag
$
$
54,64
8,16
133,445 26,012
87.04
4,297
*850,770 158.588
121,980 3,891
326,683 27,284
172,490 44,571
127,430 2,772
157 fl1 31,256
127,492 7,32
54,08 23,592
199,822 12,78
402,09 36,147
520
5,602
*603,562 41,65
26,343
15,547
857
123,744 2,
: I
*331.291 42,192
54,536 5,854
.452,317 58,878
37.759 4,026
140,714 25,09
*109,859 23,301
.331,335 47.76
Members Federal
Reserve Bank..
State banks*
Trust companies*. _
Total, June 18
Total June 11_ _ _
Total June 4_ _ _
Total May 28-
8,140,000
2,647,000
Total
Reserve.
Reserve
Required.
624,340,000 624,340,000 617,219,260
4,211,000 12,351,000 11,979,900
6,072,000 8,719.000 8,607,900
Surplus
Reserve.
8
7,120,740
371,100
111,100
10,787,000 634,623,000 645,410,000 637,807,060 7,602,940
11,072,000 645,320,000 656,392,000 631,756,600 24,635,400
11,157,000 628.869,000 640.026,000 635,317,700 4,708,300
11,327,000 611,870,000 623,197,000 619.615.860 3,581,140
* Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank,
includes also amount of reserve required on net time deposits, which was as follows:
June 18, 819,190,400: June 11, $19,439,100; June 4, 519,171,710; May 28, $19,097,070: May 21, 519,192.560; May 14, $18,763,410.
3742
[Vor,. 124.
THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank_
State banks*
Trust companies_ __
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
8,041,000
2,598,000
598,063,000 598.063,000 612,481,300 -14,418,300
280,060
4,008,000 12,049,000 11,768,940
251,100
6,210,000 8,808,000 8,556,900
Total, June 18_
10,639,000 608,281,000 618,920,000 632,807,140 -13,887,140
Total June
10,771,000 590.365,000 601,136,000 627,555,530 -26,419,530
Total June 4.. _ _ _ 11,197.000 624,686,000 635.883,000 639,394,080 -3,511,080
Total May 28_ _
• 11,169,000 685,039,000 696,208,000 625,803,970 70.404,030
• Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also the amount of reserve required on net time deposits, which was as follows:
June 18, $19,246,320; June 11, $19,334,760; June 4, $19,242,030; May 28, $19,354.170; May 21, $19,261,620; May 14, $19,051,500.
June 22
1927.
June 15
1927.
Changes from
Previous Week.
June 8
1927.
$
$
$
$ '
76,900,000
76,900,000
76,900,000 Unchanged
Capital
99,316,000
97,893,000
97,893,000 Unchanged
Surplus and profits__
Loans, disc'ts & invest_ 1,054,249,000 Ins. 24,892,000 1,029,357,000 1,031,389,000
673.438.000 Dec. 11,903,000 685,341,000 679,738.000
Individual deposits...
160,469,000 Inc. 9.353,000 151,116,000 150,151.000
Due to banks
240,681.000 Inc. 3,216,000 237,465,000 236.804.000
Time deposits
6,558.000
8,262,000
28,441,000 the. 20,179,000
United States deposits_
37,119.000
38,540.000
682,000
37,801,000 Inc.
Exchanges for Crg H'se
83,968,000
89,987,000 Inc. 4,324,000
85,663,000
Due from other banks
80,697,000
81,133,000
80,664,000 Dee. 469,000
Res've in legal depos'ies
9,485,000
9,196,000 Dec. 319,000
9,515,000
Cash in bank
494,000
543,000 Dec.
51.000
594.000
Res've excess in F.R.Bk
State Banks and Trust Companies Not in Clearing
Philadelphia Banks.-The Philadelphia Clearing House
House.-The State Banking Department reports weekly
return for the week ending June 18 with comparative figures
comtrust
and
figures showing the condition of State banks
for the two weeks preceding, is given below. Reserve
panies in New York City not in the Clearing House as follows: requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER are 10% on demand deposits and 3% on time deposits, all
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in vaults"
(Figures Furnished Si, State Banking Department.)
Differences from is not a part of legal reserve. For trust companies not
Previous Week. members of the Federal Reserve System the reserve required
June 18.
Loans and Investments
$1,392,959,200 1nc.$20,211,800
119,900 is 10% on demand deposits and includes "Reserve with
Gold
5,128,400 Dec.
24,937,500 Dec. 864,700
Currency notes
112,305,400 Dec. 339,900 legal depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New York
Total deposits
1 443,278,500 Inc. 34,786,900
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y. City, exchange and U.S.deposits_1,359.912,000 Inc. 27,058,900
185,720,600 Inc.
562,800
Reserve in deposits
Percentage of reserves, 20.5%.
RESERVE.
State Banks
-Trust Companies$41,214,600 17.13%
S101,156,700 15.24%
Cash in vault*
Deposits in banks and trust cos.__ 12,548,800 5.21%
30,800,500 4.64%
$53,763,400 22.34%
Total
3131,957,200 19.88%
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on June 18 wits $112,305,400.
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week EndedFeb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Mar.26
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
May 28
June 4
June 14
June 18
Loans and
Investments.
Demand
Deposits,
$
6,657,735,000
8,682,585,900
6,770.284,900
6,769,161,600
6,932,195,300
6,947,733,100
6,954,724.700
6,981,549,800
6,921,592,500
6,938,221,200
6,997.642,400
7,073,334,000
7,061,639.900
7,081,208,600
7,104,398,300
7,193,666,300
7,194,292,400
7,252,983.200
$
5,545,046,000
5,549,193,800
5,645,318,300
5.635,476,400
5.793,224,500
5,788,391,100
5,799,657,600
5,757,598,200
5,691,228.400
5,748,649.000
5,795,187,800
5,841,843,700
5.795,647,000
5,849,461,000
5,883,509.200
6,000,106,000
6,008.429.100
6.084,075.000
Total Cash
In Vaults.
Reserve in
Depositaries.
$
84,366,800
86,470,300
83,732,500
83,956,400
82,581,000
82,657,800
83,196,200
83,475,800
83,546,900
83,285,000
83,996.400
82,302,800
89,252,700
84,400,900
84,839,100
83,095,800
84,973,500
82.303,900
$
726,327,800
715,260,100
732,128,700
731,343,200
757,650,300
751,432,108
755,811,608
750,173,40C
745,625,308
743,109,508
752,031,008
753,215,805
752,785,90(
763.161.101
761,432,001
788,409,40(
799,427,301
790,267,701
New York City Non-Member Banks and Trust Companies.-T he following are the returns to the Clearing
House by clearing non-member institutions and which are not
ncluded in the "Clearing House Returns"in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Mated in thousands of dollars, that is, three ciphers 10001 omitted.)
CLEARING
NON-MEMBERS Capital.
Week Ending
June 18 1927.
Members of
Fed'I Res've Bank.
Grace Nat. Bank...
State Bank
Not Member of the
Federal Reserve Bank
Bank of Wash. Hts_
Trust Company
Not Member of the
Federal Reserve Bank.
Mech. Tr., Bayonne
Loans,
MsNet
counts,
Profits. Investtnents,
rte.
Cash
in
Vault.
Reserve
Net
with
Net
Time
Legal Deman
Deposi- Deposits.Deposits.
tortes.
Average. Average. Average. Average.
$
$
$
$
57
1,161
7,707
4,046
$
1,000
$
1,940
$
13,811
400
1,060
11,068
905
452
7,542
3,565
500
693
9,537
341
203
4,066
5,834
1,900
Gr'd agar., June 18
Comparison with pr ev. week
3,693
34.416
-864
1,303
-74
1,816 a19,315
-35 -51)3
13,445
-22
3,693
3,693
3,693
a ens
35,280
36.083
35,913
18 770
1,377
1,307
1,37i
1_33.
1,851
1,928
1,873
1.854
13,467
13,402
13,365
18 128
Gr'd
Gr'd
Gr'd
!Wel
aggr., June
agar., June
aggr., May
anar AzInv
11
4
28
91
Week Ended June 18 1927.
Two Ciphers (00)
omitted.
Capital
Surplus and profits
Loans,(Heels & investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Res've with legal deposit'y
Reserve with FR. Bank_ _
Cash in vault*
Total reserve & cash held
Reserve required
Excess res.& cash in vault_
19,818
20.868
20,192
11)1)80
a United States deposits deducted, $7,000.
Bills payable, rediscounts, acceptances and other liabilities, $2,531,000. Deficit
n reserve, $18,390 de:ream.
$50,225,0
154,878,0
943,565,0
33,121,0
102,128,0
138,180,0
620,415,0
153,038,0
911,833,0
$5,000,0
17,849,0
48,045,0
565,0
18,0
1,138,0
27,328,0
2,485,0
30,951,0
4,182,0
68,285,0
9,890,0
78,175,0
68,002,0
10.173,0
1,299,0
5,481,0
4,306,0
1,175,0
1927
Total.
$55,225,0
172,727.0
991,610,0
33,686,0
102.146.0
139,318,0
647.743,0
155,523,0
942.584,0
4,182.0
68,285.0
11,189,0
83,656.0
72,308,0
11,348,0
June 11
1927.
June 4
1927.
$55,225,0
172,727,0
986,842,0
34,884,0
96,245,0
138,507,0
651,613,0
155,643,0
945,763,0
3,719.0
69,653,0
11,278,0
84,650,0
73,127,0
11.513,0
$55,225,0
172,727,0
987,201,0
41,353,0
105,461,0
141,012,0
655,836.0
154,488,0
951,336,0
4,565,0
89,020,0
10,883,0
84,468,0
72,677,0
11,791,0
•Cash in vault not counted as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business June 22 1927 in
comparison with the previous week and the corresponding
date last year:
June 22 1927. June 15 1927. June 23 1926
$
$
$
416,821,000 456,944.000 388,061,000
Gold with Federal Reserve Agent
6,503,000
9,104,000
10,322,000
Gold redemp.fund with U. S. TreasuryGold held exclusively asst. F.R.notes- 425,925,000
Gold settlement fund with F. R. Board- 220,642%000
Gold and told certificates held by bank- 514,692,000
467,266,000
162,819.000
500,737.000
394,564,000
236,515,000
410,228,000
Total gold reserves
Reserves other than gold
1,161,259,000 1,130,822,000 1,041,307,000
34,296,000
35,103,000
40,164,000
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations
Other bills discounted
1,195,555,000 1,165,925,000 1,081,471,000
14,116,000
14,620,000
15,514,000
73,791,000
21,234,000
39,899,000
19,045,000
65,706,000
26,559,000
Total bills discounted
Bills bought in open market
U. S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
95,025,000
32,221,000
58,944.000
32,256,000
92,265,000
61,393,000
25.871,000
12,092,000
27,137,000
23,008,000
17,844,000
158,172,000
13,306,000
53,058,000
12,745,000
Total U.S. Government securities...
Foreign loans on gold
65,100,000
199,024,000
79,109,000
1,836,000
Total bills and securities (See Note).- 192,348,000
290,224,000
234,603,009
17,354,000
662,000
220,628,000
16,276,000
3,655,000
645,000
156,954,000
16,715,000
4,953,000
Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
-.Total resources
9,413,000
5,263,000
176,061,000
16,276,000
3,801,000
1 612,831,000 1,729,344,000 1,51.0,855,000
LIabitltIesFed'I Reserve notes in actual circulation_ 401,780.000
Deposits-Member bank, reserve acct... 925,058,000
Government
5,645,000
Foreign bank (See Note)
1,916,000
Other deposits
18,576,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
Total liabilities
1,900
1,900
1,900,
1 (pint
Mernbersof
Trust
F.R.System Companies
403.807,000
997,932,000
561,000
1,131,000
33.064,000
951,195,000 1,032,888,000
155,709,000 188.592.000
38,859,000
38,843,000
61,614,000
61,614,000
3,674,000
3,800.000
400,027,000 •
864,550,000
8,223,000
1,332,000
6,792,000
880,897,000
130,987,000
35,375,000
59,964,000
3,605,000
1,612,831,000 1,729,344,000 1,510,855,000
Ratio of total reserves to deposit and
Fed'I Res've note liabilities combined_
88.4%
81.2%
84.4%
Contingent liability on bills purchased
for foreign correspondence
13.213.000
40.529,000
40,692,000
NOTE.-Beginning with the statement of Oct. 7 1925, two new items were added
in order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption, "All other earning assets," previously made ot Federal intermediate credit bank debentures, was changed to "Other
securities." and the caption "Total earning assets" to "Total bills and securities."
The latter term was adopted as a more accurate description of the total of the discounts, acceptances and securities acquired under the provisions of Sections 13 and 14
of the Federal Reserve Act, which, It was stated, are the only items included therein.
JUNE 251927.]
THE CHRONICLE
3743
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, June 23 and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 3707 being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JUNE
22 1917.
June 22 1927 June 15 1927. June 8 1927 June 1 1927. May 25 1927. May 18 1927. May 11 1927. May 4 1927. June 23 1926
RESOURCES.
$
$
s
$
3
$
3
I
$
3018 with Federal Reserve agents
1,619,569,000 1,678,233,000 1.634,388,000 1,610,437,000 1,651,246,000 1,637,863,000 1,631,543,000 1,571.158,000
1,467,699,000
3.0Id redemption fund with U.S. Treas.
43,618.000
49,272.000
46,765,000
54,626,000
47,130,000
50,294,000
49,235,000
50.456.000
44,189,000
Gold held exclusively agst. F. R. notes 1,663,187,000 1,727,505,000 1,683,153,000 1.665,063,000 1,698,376.000 1,688,157,000 1,680,778,000
1,621,614.000 1,511,888,000
awn settlement fund with F. R. Board
591,047.000 531.377,000 579,600,000 601.472,000 552,216,000 628,496,000 640,522,000
662,190,000
°Vold and gold certificates held by banks_ 774,027,000 757.763,000 743,138,000 726,503,000 761,385,000 740,217.000 748,854.000 694,657,000
727.632.000 672,563,000
Total gold reserves
3,028,261.000 3.016,645,000 3,005,891,000 2.993,038.000 3,011,977,000 3,056,870,000 3,070,154,000 3,043,903.000 2,846.641,000
Reserves other than gold
165,466,000 168,713,000 164,010,000 160.747,000 165.848.000 166,281.000 164,199.000 162.728.000 148,892,000
Total reserves
3,193,727,000 3,185,358,000 3,169,901,000 3,153,785,000 3,177,825,000 3,223,151.000 3,234,353,000 3.206.631,000 2,995,533,000
Non-reserve cash
59,844,000
60,546,000
61,276,000
53,222,000
60,197,000
63,724,000
63,106,000
60,430,000
56.301,000
Bills discounted:
Secured by U. S. Govt. obligations
234,997,000 190,139,000 203.461,000 262,819.000 228,715,000 249,203,000 257,083.000 308.583.000 225,848,000
Other bills discounted
203,687,000 170.803,000 195,822,000 233,688,000 199,905,000 209,032,000 184,894,000 199,059,000 253,310,000
Total bills discounted
438,684,000 360,942,000 399,283,000 496,507,000 428,620,000 458,235,000 441.977.000 507,642,000
Bills bought in open market
183,217,000 182,504,000 221,635,000 228,993,000 236,170.000 225.493,000 233.051,000 244,220.000 479,158.000
247,236,000
O. S. Government securities:
Bonds
159,944,000 147.534,000 143,104,000 116.862.000 105,173,000
75,871,000
71,214.000
69,598.000 108,620,000
Treasury notes
83,186,000 105,857,000 139.031.000 120.953,000
93.978,000
90,789.000
90,369,000
90,957,000 205,401,000
Certificates of indebtedness
126,211,000 293,833.000 155,928.000 124,682,000 122,769,000 102,391,000
92.313,000 155.724,000
69,077,000
Total U. S. Government securities
369,341,000 547,224,000 438,063.000 362,497,000 321,920,000 269,051,000 253,896,000 316,279,000 383,098,000
Other securities (see note)
1,300,000
1,300,000
1,800.000
1,800.000
1,800.000
1,800,000
1,800,000
1,800,000
3,200,000
Foreign loans on gold
6,700,000
Total bills and securities (see note)
992,542,000 1,091,970,000 1,060,781,000 1,089,797,000 088,510,000 954,579,000 930.724.000 1,069.941,000 1,119,392,000
Gold held abroad
62,233,000
40,333,000
59,548,000
59,548.000
59,548.000
59,548,000
59,548,000
Due from ()reign banks (see note)
662.000
14,118,000
661.000
660,000
660,000
660,000
660.000
645,000
660,000
Uncollected items
683,052,000 839,940,000 653,969.000 702.734,000 639,383,000 742.211.000 656,512,000 676.857,000
654,976,000
Bank premises
59,133,000
59.136,000
59,094,000
58,882.000
58,882,000
53,883.000
58.883.000
58,014.000
59,739,000
All other resources
13,614,000
13,724,000
15.007,000
13.898,000
13,509.000
13,520,000
12.743,000
12,954,000
16,272,000
Total resources
5,056,476,000 5,313,456,000 5,080,237,000 5,132,526,000 4,998,514,000 5,116,276,000 5.016,529,000 5,086,087,000
4.902,858,000
LIABILITIES.
B.It. notes in actual circulation
1,689,347,000 1,698,294,000 1.716,779,000 1,740,432,000 1,705,804,000 1,711,385,000 1,718,345,000 1,720,754,000
1,682,769,000
Deposits—
Member banks—reserve account
2,307.056,000 2,421,163,000 2,331,460,000 2,308,140,000 2,207,762,000 2,295.042,000 2,271,491,000 2,326,222,000
2,225,306,000
Government
26,831,000
5,548,000
27,591,000
25,895,000
24,185,000
25,373,000
17,432,000
13,445.000
11,835,000
Foreign banks (see note)
4,378,000
5,163,000
5.453,000
4,687,000
5,757,000
5,188.000
4,494,000
4,945,000
5,910.000
Other deposits
25,728.000
42,577,000
25,963,000
27,857,000
27.858,000
27,787,000
32,352,000
44,684,000
15.173,000
Total deposits
,364,778,000 2,473,666,0002.390,467.000 2,366,579,000 2,325,562,000 2.353.390.000 2.325.769.000 2.389,296,000
Deferred availability items
629,142,000 768.683,000 600.724.000 653,689,000 595,189,000 680,228,000 601,162.000 605.250.000 2,258,224,000
600,319,000
Capital paid in
129,375,000 129.365,000 129,108,000 129.036,000 129,030,000 128.878,000 128.888.000
128.962,000 122,785,000
Surplus
228,775,000 228,775,000 228,775,000 228,775,000 228,775,000 228,775,000 228,775.000 228,775,000
220.310,000
All other liabilities
15,059,000
14,673,000
14,334,000
14,015,000
14,154,000
13,620,000
13,590.000
13.050,000
18,451,000
Total liabilities
5,056,476,000 5.313.456,000 5.080,237,000 5.132.526,000 4,998,514,000 5,116,276,000 5,016.529,000 5,086,087,000
4.902,858,000
gold
reserves to deposit and
Ratio of
F. R. note liabilities combined
72.3%
74.7%
73.2%
72.8%
74.2%
75.1%
75.9%
74.1%
72.2%
Ratio of total reservs to deposit and
F. It. note liabilities oombined
76.4%
78.8%
77.2%
76.8%
78.8%
79.3%
80.0%
78.0%
76.0%
Contingent liability on bills purchased
for foreign correspondents
146.954,000 148.535,000 149,539,000 159.777,000 159,674,000 161,137,000 156.828.000 148,990,000
53,583,000
Distribution by Maturities—
$
I
$
a
$
$
1
$
$
1-15 days bills bought in open market_
84,555,000 122,251,000 129,924,000 132,322,000 127,839,000 123,201,000 129.307,000
64,146,000
1-15 days bills discounted
330,475,000 268,414,000 304.393,000 381,040,000 329,889,000 364,381,000 352,486.000 416,986,000 113,420,000
329,474,000
1-15 days U. S. certif. of Indebtedness_
185,032,000
19,991,000
50.186,000
5,524.000
301,000
300,000
820,000
1-15 days municipal warrants
18-30 days bills bought in open market
51,198,000
44,800,000
47,147,000
50,757,000
58,539,000
48.906,000
52,939.000
59,553,000
50,908,000
16-30 days bills discounted
23,793,000
29,280,000
23,463,000
26,053,000
24,429.000
22,044,000
21,260,000
20,942,000
33,388,000
16-30 days U. S. certif. of indebtedness_
6,810,000
61.584,000
58,029,000
16-30 days municipal warrants
31-60 days bills bought in open market..
45,481,000
37,609.000
34,021,000
38,072,000
32,390,000
36.401,000
43.831,000
41,594,000
51,812,000
81-60 days bills discounted
37,227,000
30,695,000
33,729,000
43,438,000
36,602,000
34,988,000
34,265,000
35.094,000
49,928,000
81-60 days U. S. certif. of indebtedness_
55,774,000
53,877,000
81-60 days municipal warrants
01-90 days bills bought in open market_
12,261,000
18,628,000
11,379,000
10,046,000
10,016,000
8,654,000
9.424.000
10,906.000
28.393,000
01-90 days bills discounted
21,951,000
18,299.000
18,484,000
26,563,000
20,797,000
18,764.000
19.480,000
19,205,000
33,207,000
01-90 days U. S. certif. of Indebtedness.
31,043,000
570,000
01-90 days municipal warrants
Over 90 days bills bought in oven market
3,764,000
3.219.000
4,119,000
2,912.000
2,903,000
3,693,000
3.656.000
2,860.000
2,703,000
Over 90 days bills discounted
19,751,000
19,741.000
19.214.000
19,413,000
16 903.000
17,342,000
15,202,000
15.415.000
33,161,000
Over 90 days certif. of Indebtedness
95,168,000 108,801,000
57,962,000
67,686,000
55.661.000
44,061,000
35.669,000 111,817,000
68,257,000
Over 90 days municipal warrants
F. It. notes received from Comptroller
F. R. notes held by F. It. Agent
Issued to Federal Reserve Banks
How Secured—
By gold and gold certificates
Gold redemption fund
Gold fund—Federal Reserve Board
By eligible paper
2,949.476,000 2,954,967.000 2,951,128,000 2,954,669010 2,953,818.000 2.959,293.000
2,962.273.000 2.967.460,000 2,860,535,000
870.600,000 868,250,000 844.043,090 848.895,000 852,523,000
862,553,000 860,978,000 857,388,000 869,526,000
2,078.876,000 2,086,717,000 2,107.085,000 2.105,774.000 2.099,295.000 2.096.740.000 2,101,295,000
2,110,072,000 1,991,009,000
392,900,000 390,901,000 390,901.000 390,301,000
390,400,000 411,601,000 411.604.000 409,605.000 303,153,000
99,181,000 105,931.000 101,422,000
99,663.000
99,284,000 100,416.000 107.624.000
92,139,000
98,971,000
1,127,488.000 1,181,401.000 1,142,065,000 1,120,473.000 1.161,562,000 1,125.843,000
587,585,000 525,947.000 607,560.000 703,210.000 631.963.000 653,181,000 1.112.315.000 1,069.414.000 1,065,575,000
649.557.000 715,324,000 699,216,000
Total
2,207,154,000 2,204,180,000,2,241,948.000 2.313.647.000
2.293.209.000 2.291.044.000 2.281.100.000 2.286.4112.000 2.166_915.000
NOTE.—BegInning with the statement of Oct. 7 1925, two new
Items were added in order to show separately the amount of balances
reforeign correspondents. In addition, the caption. "All other
held abroad and amounts due
earning assets," previously made up of Foreign Intermediate Credit Bank
Other securities, and the caption," "Total earning assets" to "Total bills
debentures, was changed to
and securities," The latter item was adopted as a more accurate
the discounts, acceptances and securities acquired under the provisions of
description of the total of
Sections
13 and 14 of the Federal Reserve Act, which, it was stated, are the only items included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES
OF EACH OP Tile 12 FEOER M. RESERVE BANKS AT CLOSE
OF BUSINESS JUNE 22 1927
Two ciphers (00) omitted.
Boston. Now York. Phila. Cleveland. Richmond
Federal Reserve Bank of—
Aaanta. Chicago. Si. Louis. Alinneag. Ran. City Dallas. San Fran.
Total.
-—
--- -RESOURCES.
—
$
$
S
5
5
$
I
$
$
a
$
Gold with Federal Reserve Agents 123,293,0 416.821.0 116.713.0 195,843,0
$
$
53.199,0 143,925.0
11.618,0 53.531,0 49.825.0 28.917.0 176,885.0 1,619.569.0
Gold redo fund with U.S. Treas. 8.571.0
9.104.0 5.006.0 3.529,0 3,669.0 2,274.0 243.999,0
3,229,0 1.469,0 1,440.0
1,777,0 1,374.0 2.176,0
—
43.618,0
Gold held excl. eget. F.R. not 131,864.0 425.925,0 121.719.0 199.372,0
Gold settle't fund with F.R.I3oa
55.807,0 220,642.0 37.841,0 50,779.0 58,868,0 151,109.0 247,228.0 13.087,0 54.971.0 51.602,0 30.291,0 179,081.0 1,663.187.0
7.077.0 88.538,0 15.395,0 11,818.0 29,7820 16,529.0 35.151.0 591.047,0
Gold and gold certificates
33.599.0 514,692,0 26,998.0 61,638.0 21.688.0
5,376.0 3,976.0 56,719.0 17,620.0 7.093,0 7,399,0 9,206.0 29.711,0 774,027.0
—
reserves
Total gold
221.270.0 1.161.259,0 186.558,0 311,785.0 83,932.0
162.252,0
46,102.0 73.882,0 88.783,0 56.026.0 243,923,0 3,028,261.0
Reserves other than gold
19,946.0
34.296,0 5.637,0 10,544.0 8,581,0 15,815.0 392,485,0
24,561,0 18,550.0 4,372,0 6.074,0 7,638,0 9.452,0 165,466,0
Total reserves
241,216,0 1,195.555.0 192,195.0322,333.0 92,513,0
178.067.0
5,912.0
Non-reserve cash
14.116,0 1,247,0 4.582,0 5,805,0 5,319,0 417,046.0 64,652,0 78,254.0 94.857,0 63.664,0 253.375,0 3,193.727.0
9,512,0 3,8270 1,239.0 2.620,0 2.540.0 3.035.0
59.844,0
Bills discounted:
Sec. by U. S. Govt. obligation 15.3411.0
73.791,0 32,164,0 21,831.0 5.705,0
12.596,0
Other bills discounted
21,234,0 14,432.0 9,582.0 18,932,0 5.295.0 43,525,0 14,683.0 3.377,0 4.823,0 1,908,0 12,549,0 234,997,0
27.341.0 32,207,0 11.536,0 3,496,0 13,041,0 4.107.0 35.183.0 203,687.0
—
Total bills discounted
27.942.0
95.025,0 46.596.0 31,413.0 24.637,0
32.636.0
75.732.0 26,219,0 6.873.0 17,864,0 6,015,0 47.732.0 438,684,0
18,606,0
Bills bought in open market
32,221,0 13,625,0 18,181.0 8,825.0
10,220,0 28,352,0 11,123.0 7,498,0 9,330,0 8,149,0 17,087,0 183,217.0
O. S. Government securities:
6,308.0
Bonds
25.871,0 5.652,0 17,854.0 5.077.0
35,147,0 9,693.0 8,724.0 16.117,0 14.393,0 12,246.0 159,944.0
2 194.0
Tre1951117 notes
12.092,0 5621,0 16,891.0 1,541,0 2,862,0
877.0 6.053,0 9,772.0 4.991,0 4.480,0 3.981.0 14.693.0
83,186,0
5.739.0
27,137.0 15.487,0 9,618.0 3.956.0 5,843,0
Cart "cotes of indebtedness
14.507,0 9,865.0 4,565.0 8.940.0 7,699,0 12.855.0 126.211.0
14.241.0
Total U. S. Ocv.. securities
65.100.0 26.76(1.0 44 363 n 1007,00 0 Se. n SK ono n on oon n i5 g011 n 90 0570 95 (17.1 n 90 705(4
900 955 n
3744
[VOL. 124.
THE CHRONICLE
RESOURCES (Concluded)Two ciphers (00) omitted.
Boston.
New York.
$
8
PAUL
Other securitle.
Total bilis and securities
Gold held abroad
Due from foreign banks
Uncollected items
Bank premises
Al. other resources
Cleveland. Richmond Atlanta. Chicago. St. Louts. Minnsap. Kan. City Dallas. San Fran.
3
1,000,0
$
$
$
300,0
$
$
$
$
$
Total.
8
8
1,300,0
192,346,0 87,981.0 93,957,0 44,036,0 52,738,0 159,791,0 66,672,0 32,651,0 56,731,0 40,237,0 104,613,0
9,413,0 4,106,0 4,533.0 2,224,0 1,753,0 5,902,0 1,839,0 1,283,0 1,582,0 1,497,0 2,994,0
857,0
637,0
502,0 1,690,0
453,0
429,0
367,0
5,263,0 1,176,0 1,298,0
527,0
176,061.0 60,464,0 69,085,0 56,086,0 27,049,0 84.214,0 29,863,0 13,333,0 38,646,0 23,365,0 38,687,0
16.276.0 1.738,0 7,119,0 2,336.0 2,900,0 8,297,0 3,957.0 2,774,0 4,459,0 1,827,0 3,507,0
304,0 1,606,0 1,480,0
692,0
649,0 1,014,0
207,0 1,075,0
3,801,0
879.0 1,979,0
60,789,0
3,207,0
919,0
66,199,0
3.946.0
•
38,0
992,542,0
40,333,0
14,118,0
683,052,0
59,136,0
13,724,0
Total resources
382,226,0 1,612,831,0 349,114,0 503,982,0 204,031,0 269,934,0 687,932,0 172 216 0 131,880,0 200,040,0 134,208,0 408,082.0 5,056,476,0
LIABILITIES.
7. R. notes in actual circulation. 138,122,0 401,780,0 123,259,0 210.110 0 60,749,0 159,549,0 225,774,0 40,791,0 59,373.0 62,893,0 35,097,0 171.850,0 1,689,347,0
DaWelts:
Member bank-reserve
- 147.115.0 925,058.0 133.360,0 187,487,0 69,445,0 67,907,0 334,347,0 81,800,0 47,726.0 87 476 0 58 097 0 167,238,0 2,307,056,0
26,831,0
860,0 1,642,0 2,866,0 1,274,0
Government
4,474.0
5,645,0 1,612,0 1,260,0 1,655,0 2,013,0 1,692,0 1,838,0
476,0
234,0
314,0
5,163,0
431,0
184,0
157,0
1,916,0
620,0
193,0
135.0
166.0
Foreign bank
337,0
103,0
44,0 3,799,0
25,728,0
18,576,0
121,0 1,174,0
76,0 1,036,0
367,0
142,0
157,0
133,0
Other deposits
Total deposits
Deferred availability items
Capital paid in
larPlus
AU other liabilities
152,059,0
64.735,0
9,145,0
17,606,0
559,0
951,195,0 135,524,0 190.390,0 71,437,0 70,180.0 337,695,0 84,198,0 48,863,0 89,441,0 61.164,0 172,625,0 2,364,778,0
155,709,0 55,414,0 64,303,0 52,637,0 24,758,0 72,592,0 30,869,0 12,081,0 33,669,0 24,926,0 37,449.0 629,142,0
38,859,0 13,033,0 13,864,0 6,204,0 5,103,0 17,245,0 5,287,0 3,005,0 4,215,0 4,249,0 9,1660 129,375,0
61,614,0 21,267,0 23,746.0 12,198,0 9,632,0 31,881,0 9,939,0 7,527,0 9,029,0 8,215,0 16,121,0 228,775,0
806,0
617,0 1,562,0
712,0 2,745,0 1,132,0 1,031,0
15,059,0
3,674,0
793,0
557,0
871,0
382,226,0 1,612,831,0 349,114,0 503,982,0 204,031,0 269,934,0 687,932,0 172,216,0 131,880,0 200,040,0 134,208,0 408.082.0 5,056,476,0
Total !Lab'litles
Memoranda.
70.0
77.5
74.3
80.5
83.1
88.4
74.0
51.7
72.3
73.6
78.8
Reserve ratio (per cent)
62.3
66.1
Contingent liability on bills our40,529,0 14,131,0 15,603,0 7,654,0 6,035,0 20,314,0 6,330,0 4,416,0 5,446,0 5,152,0 10,304,0 146,054,0
Chased for foreign correspondls 11,040.0
notes on band (notes rec'd
from F. R. Agent less notes In
22.157.0 124.167.0 39.454.0 27.925.0 15.186.0 31.403.0 13.167.0 3.5420 5 nsn.n In ano n 6.060.0 40.5711.0 360.129.0
circulation)
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS JUNE 22 1937
Federal Reserve Agent at-
Phila.
Boston. New York.
Cleveland. Richmond Atlanta. Chicago. St Louis. Minneap. Kan. City Dallas. SanFran
$
$
$
Total.
$
818,427,0 198,813,0 275,175,0 99,159,0 268,007,0 453,641,0 66,573,0 84,917,0 112,442,0 57,114,0 269,829,0 2,949,476,0
292,080,0 36,100,0 37,140,0 23,224,0 77,055,0 174,300,0 22,240,0 19,864,0 39,140,0 15,957,0 48,400,0 870,600,0
F.R.notes Issued to F. R. Bank 160,279,0
Collateral held as security for
P.R. notes issued to F. R. Bk.:
Gold and gold certificates__ 35,300,0
13,993,0
Gold redemption fund
74,000,0
Gold fund-F.R.Board
46,548,0
Eligible paper
526,347,0 162,713,0 238,035,0 75,935,0 190,952,0 279,341,0 44,333,0 65,053,0 73,302,0 41,157,0 221,429,0 2,078,876,0
.
169,841,0
532,385,0 163,514,0 242,995,0 83,723,0 191,366,0 346.670,0 48,516,0 67.617,0 76,677,0 42,814,0 241,036.0 2,207,154,0
Total collateral
$
$
s
(Two ciphers (00) omitted.)
11141.notes reo'd from Comptroller 245.379,0
FIR.notes held by F. R. Agent__ 85,100,0
$
$
s
$
$
$
215,150.0
8,780,0 36,468,0 17,057,0
9,650,0 12,267,0
18,228,0
21,671.0 9,636,0 12,063,0 5,731.0 6,968,0 1,999,0
968,0 1,264,0 2,965,0 3,689,0
180,000,0 107,077,0 175,000,0 11,000,0 124,900,0 242,000,0 1,000,0 40,000,0 46,860,0 7,000,0
115,564,0 46,801,0 47,152,0 30,524,0 42,441,0 102,671.0 36,898,0 14,086,0 26,852,0 13,897,0
40,000,0 392,900,0
99,181,0
18,234,0
118,651,0 1,127,488,0
64.151,0 587,585,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 668 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our department of "Current Events and Discussions," on page 3707
1. Data for all reporting member banks In each Federal Reserve District at close of business June 15 1927. (Three ciphers (000) omitted
Federal Reserve District.
Boston. New York
Number of reporting banks
Loans and discounts, gross:
Secured by U.B.Gov't obligations
Secured by stocks and bonds
All other loans and discounts
s
36
$
Phila.
91
s
Cleveland Richmond Atlanta. Chicago. St. Louts, Miranda. Kan. City
49
$
71
$
67
s
34
s
97
•
s
31
s
24
s
Dallas. San Fran.
65
$
45
Total
58
a
s
668
19,132
622,125
780,432
3,590
159,923
356,527
5,214
21,262
106,354 943,224
381,216 1,247,779
4,426
193,590
295,787
4,136
75,375
156,540
4,348
129,665
295,760
2,907
81,974
231,319
802,293 1,421,689
520,040
492,784 2,212,265
493,803
236,051
429,773
316,200 1,309,596 14647693
107,154
282.787
279,428
398,836
69,856
76.177
77,536
125,676
64,911
56,651
103,852
102,069
389,941
678,264
1,445,778 7,868,982 1,192,234 2,099,953
Total loans and investments
84,705 140,785
100,140 881,080
Reserve balances with F.It. Bank
29,372
19,819
67,556
14,810
Cash In vault
923,262 6,154,754 768,544 1,109,982
Net demand deposits
441.597 1,467,731 260,827 868,010
Time deposits
21,985
27,691
35,162
26,819
Government deposits
70,732 142,459
63,885 163,672
Due from banks
168,773 1,336,957 173,948 244,954
Due to banks
Bills pay. & recite. with F. R. Bk.:
42,551
3,940
9,775
27,200
Secured by U.B.Gov't obligations
4,492
4,795
6,112
5,889
All other
6,847
39,840
347,706 2,474,621
643,114 2,901,071
997,667 5,415,532
Total loans and discounts
Investments:
U. B. Government securities__ . 158,834 1,115,356
Other bonds, stocks and securities 289,277 1,338,094
448,111 2,453,450
Total investments
,,...•...,
4...-.....-...... •.......
I, 1, On..
noon
00 910
9,657
402,128
390,508
IA
.
M 111
21,
niq
59,968
61,053
322,704
467,973
146,033
121,021
790,677
666,073
42,520
13,038
385.965
225,567
5,839
59,288
113,191
613,805 3,002,942 37,948 261,976
10,642
44,663
327,912 1,856,355
239,008 1,100,743
15,272
24,368
76,577 248,360
102,769 490,568
203,212
121,562
205,921
697,015
52.037
8,012
423,040
230,801
3,634
53,026
138,392
357,613
24,267
5,602
210,748
127,337
2,555
48,913
85,333
635,694
53,884
11,718
494,854
155,436
2,706
114,192
201,784
7,570
128,929
333,313 5,869,998
968,713 8,648,766
66.564
28,551
281,873 2,708,036
240,665 3,467,809
95,115
522,538 6,175,845
411,315 1,832,134
29,081 107,579
9,434
20,606
278,343 792,870
109,059 949,316
32,471
10,598
60,684 147,436
90,808 208,489
20823538
1,816,002
255,272
13726629
6,175,432
209,100
1,249,224
3,355,966
1,782
2,992
2,977
12,776
13,089
11,224
4,971
2,458
2,140
146
1,323
7,366
1,385
160
13,604
16,881
124,737
75,291
4 774
It ',XI
04 010
,
7 ion
•
0 non
•
000n
I
90
nnn noO
•
cA 0
AO.
r
3. Data of reporting member banks in New York City, Chicago, and for the whole country.
All Reporting Member Banks.
June 15 1927.
June 8 1927.
Reporting Member Banks in N. Y. City.
Reporting Member Banks in Chicago.
June 16 1926. June 15 1927. June 8 1927. June 16 1926. June 15 1927. June 8 1927. June 16 1926.
703
54
668
54
59
Number of reporting banks
668
s
s
$
s
Loans and discounts. gross:
$
$
150,281,000
37,382,000
39,861,000
43,410,000
133,905,000
Secured by U. B. Gov't obligations
128,929,000
Secured by stocks and bonds
5,869,998,000 5,832,650,000 5,365,579,000 2,149,423,000 2,135,097,000 2,015,314,000
All other loans and discounts
8,648,766,000 8,613,934,000 8.539,391,000 2,551,157,000 2,539,326,000 2,398,823,000
45
3
14,996,000
716,947,000
673,984,000
s
45
15,140,000
709,066,000
678,780,000
s
46
18,219,000
614,888,000
719,261,000
Total loans and discounts
14,647,693,000 14,580,489,000 14,055,251,000 4,737,962,000 4,714,284,000 4,457,547,000 1,405,927,000 1,402,986,000 1,352,368,000
Investments
U. B. Government securities
2.708,036,000 2,532,376,000 2,541,976,000 1,018,227,000 960,863,000 936,140,000 183,752,000 173,609,000 165,928,000
Other bonds, stocks and securities- 3,467,809,000 3,423,589,000 3,140,587,000 997,457,000 967,381,000 909,760,000 220,962,000 219,564,000 203.219,000
Teta! Investments
6,175,845,000 5,955,965,000 5,682,563,000 2,015,684,000 1,928,244,000 1,845,900,000
404,714,000
393,173,000
369,147,000
20,823,538,000 20,536,454,000 19,737,814,000 6,753,646,000 6,642,528,000 6,303,447,000 1,810,641,000 1,796,159,000 1,721,515,000
Total loans and investments
1,816,002,000 1,735,674,000 1,687,468,000 814,989,000 761,364,000 730,103,000 180,107,000 169,207,000 162,207,000
Reserve balances with F. R. Banks
271,261,000
255,272,000
60,481,000
19,272,000
20,488,000
269,444,000
54,515,000
59,156,000
20,140,000
Gash in vault
13,726,629,000 *13344 015,000 13,129,797,000 5,535,228,000 5,292,156,000 5,120,343,000 1,245,685,000 *1223513,000 1,186,407,000
Net demand deposits
6,175,432.000 6,195,016,000 5,603,876,000 1,010,197,000 1,040,349.000 823,027,000 536,810,000 539,664,000 504,833,000
Time deposits
185,165,000
32,812,000
209,100,000
12,805,000
15,236,000
7,060,000
44,283,000
29,161,000
2,904,000
Government deposits
1,249,224,000 *1,126,122,000
93,481,000 105,939,000 152,303,000 134,952,000 192,862,000
97,915,000
Due from banks
1 271,782,000 1,100,279.000 1,065,951,000 342,732,000 351,289,000 380,999,000
3,355,966,000 3,167,984,000
Due to banks
Bills payable and rediscounts with
Federal Reserve Banks:
92,995,000
124.737.000
34,600,000
14,650,000
4,975,000
5,918,000
139,464,000
21,400,000
5,033,000
&toured by U.S. Gov't obligations83,938,000
7,000,000
75,291,000
870,000
17,613,000
3,320,000
2,424,000
103,207,000
3,133,000
AU other
52,213,000
21,740,000
Loans to brokers and dealers (secured by stocks and bonds) made by reporting
member banks In New York City:
1,071,158,000 1,034,772,000
For own account
1,233,572,000 1,216,934,000
For account of out-of-town banks
855,146,000 866,723,000
For account of others
Total borrowings from 7.10. bks-
926,394,000
981.788,000
609,228,000
Total
On demand
On time
200,028,000
242,671,000
176,933,000
24,533,000
3,159,876,000 3,118,429,000 2,517,410,000
2,434,667,000 2,396,395,000 1,843,232,000
725,209,000 722.034,000 674,178,000
8,293,000
7,457,000
*Revised figures.
6,788,000
JUNE 25 1927.j
THE CHRONICLE
glaniurs'
Quotations for U. S. Treas Ctfs. of Indebtedness, &c.
mutt&
Maturity.
Wall Street, Friday Night, June 24 1927.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 3731.
The following are sales made at the Stock Bxchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended June 24.
Sales
for
Week.
Range for Week.
Lowest.
I
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par. Shares $ per share. I $ per share. $ Per share.$ per share.
RailroadsBaltimore & Ohio Rio- 119683 1 %June 23 274June 18 134
10 105 June 23 105 June 23 10234
Buff Koch & Pitts pf _10
Buff & Susquehanna_100 100 53 June 20 53 June 20 45
10 90%June 22 9034June 22 8334
Carol Clinch & Ohlo_100
Stamped
100
70 101%June 22101%June 22 9834
Chicago & Alton ctfs.100 100 8 June 20 8 June 20 5
86 1334June 22 15 June 22 11
Preferred Ws
100
10 78%June 20 7814Jime 20 73
Cleve & Pittsburgh _50
Duluth S S & A
100 2,400 3%June 22 4 June 22 2%
Preferred
100 1,600 6%June 22 714June 22 4
Great North Pr ctfs_ _100 4,000 88%June 24 91%Jtuae 23 8514
Havana & Eke Ry_• 200 22 June 24 22 June 24 22
Preferred
100 300 76 June 18 7934June 23 76
100
150 282%June 24299 June 20 200
Hocking Valley
70 374June 20 314June 20 1
Iowa Central
100
100 4 June 20 4 June 20 1
Min & St L ctf
100
Nat Rys of Mex 2d pf100 200 1%June 20 134June 23 134
30 174 June 24174%June 23 16834
N Y & Harlem
50
100 100 14 June 23 14 June 23 14
NY State Rys
100 38%June 211 3834June 21 3434
100
Preferred
100 2,500 87 June 24 8814June 22 8434
North Paoli ctfs
Pacif Coast let pref _ _100 200 25 June 23 25 June 23 25
90136 June 24136%June 22 136
Rensselaer & Saratoga100
40 10034June 22 101 June 21 90
Twin City Rap Trans100
•
3745
Jun
2%
Jun 110
Apr 60
Jan 9014
Feb10234
Jan 8
Jun 15
Feb 7834
Apr 5%
Mar 734
Mar 91%
May 26%
Jun 8234
Jan 299
Jan 634
Fe. 4
Jun
234
Mar 185
May 22
Jan 5034
Apr 89
June 3814
May 13834
Apr 10634
June
Mar
May
June
May
June
June
June
Jan
Feb
May
Jan
Apr
June
Feb
June
Feb
Apr
Feb
Mar
June
Feb
Apr
Mar
Rate. I Bid.
Sept.15 1927= 334%
Dec. 15 1927-- 454%
Asked.
Maturity.
ltd.
Role.
BM.
Sept.15 1927_
334% 100
100
10011* Mar.15 1928...
% 99111e
100,1e 1002131 Mar. 15 1930-'32 334%
9911*
Asked.
100,,s
100
100
New York City Banks and Trust Companies.
Banks-N.Y. Bid Ask.
Banks.
Bid. Ask,
America._ _ 435 445 Harriman.... 665 685
Amer Unions_ 202 212 Manhattan S. 284 288
Bowery East
645 ___
635 650 Mutual.
Bronx Boro*_ 540 550 National City 544 548
Bronx Nat_
510 530 New Neth'ds. 465 4E0
Bryant Park• 215 230 Park
542 547
Capitol Nat.
Penn Exch... 165 175
Bank &Tr_
220 230 Port Morris... 375 CentMere.Bk.
Public
585 595
z858 865
& Trust Co. 298 305 Seaboard
145 152 Seventh
180 190
Central
_
825
Chase
472 478 Standard
State*
Chath Phenix
580 8913
___
230
Nat Bk &T
440 447 Trade*
195 210
Chelsea Exch* x280 290 United
Chemical.... :940 950 United States* 460 470
750 900
Wash'n
Colonial._- 1000
Commerce... z468 473 Yorktown 11_ 140 148
Com'nwealth* 625 700
Brooklyn.
Continental.. 275 __- Coney Island* 350
240 _
Corn Exch... 560 670 Dewey•
Cosmoplan*
320 335 First
385 400
Fifth Avenue* 2275 2400 Mechanics'._ 334 338
:31003150 Municipal
328 335
First
350 375
Franklin
230 235 Nassau
Garfield
430 450 People's
750 Globe Exch._ 250 -Grace
325 --•
222 229
Hamilton
Hanover
12851300
AU prices doll ars as r //Jar .
•Banks marked (a) are State banks. t New stock.
y Ex-rights.
Trust Co.. 1314. Ask
New York.
Am Ex Iry Tr. 355 360
Bank of N Y
& Trust Co. 35 645
Bankers True 810 817
Bronx Co Tr. 320 835
Central Union 1080 1100
County
320 830
433 440
Empire
Equitable Tr_ 345 352
Farm I. & Tr_ 625 634
Fidelity Trust 325 335
Fulton
500 520
Guaranty Tr_ 478 482
Interstate.... 233 240
Lawyers Trust _
Manufacturer 798 804
Murray Hill_ 222 230
Mutual(Westcheater) ___ 265
_
N Y Trust__ 655 662
Terminal Tr_ 195 205
Times Square. 144 149
Title Gu dc Tr 715 772
U13 Mtg & Tr. 470 480
United States 2120 2165
WeetchesVrTr 900
_
Brooklyn.
Brooklyn_ _ __ 1040
Kings Co..... 2270 9350
Midwood_ _ _ :260 270
x Ex-div. • Ex-stock di,.
Industrial & Misc.
New York City Realty and Surety Companies.
60 2234June 241 23 June 18 18
Alb Pref Wrap Pap_ __ _*
Apr 2334 June
American Ice Rts
3,300 3%June 231 4 June 18 334 June 434 June
AU prices dollars per share.
100 7034June 23, 7034June 23 6234 June 9034 Jan
Am-La Fr FE 7% pf 100
Bid. Ask.
Ask
Bid. Ask.
American Piano
100 33,800 3834June 24 42 June 18 3834 June 43% June
Preferred
100 540 100 June 24 105 June 18 100 Jun 11034 Mar Alliance R'Ity 4914 CO Mtge Bond.. 148 155 Realty ARROO.P
Surety.. 240 245
Nat
242
2159
(Bklyn)
tom
Surety.
240 248
Amer
70 81 June 22 85 June 18, 80
Amer Shipbuilding_ _100
Jan 85 June
1st pref_ _ _ _ 96
98
60 99 June 21 100%June 18 94% Jan 10134 June Bond & M CI- 340 350 N Y Title &
American Snuff pref_100
Mortgage.. 445 449
26 pref _ _ _ _ 90
93
40 112 June 20 113 June 2210734 Feb11314 May Lawyers Mtge 294 300
Am Type Found pref.100
U S Casualty. 325 340 Westchester
1,900 8%June 211 934June 18 8% Jun 1234 May Lawyers Title
Rights
Title & Tr. 650 625
& Guarantee 287 205
Am Wat Wks & El ctf_20 200 91%June 22! 9134June 22 9134 Jun 9134 Juen
Am Writ Pap pf etfs..100 .5,500 37! June 24' 41 June 2 2534 Apr 4234 June
30 108 June 21 108 June 21101
Bayuk Bros 1st pref.100
United States Liberty Loan Bonds and Treasury
Jan 10834 June
Blumenthal & Co pf_100
60 60 June 231 61 June 24 44
Jan 72 May
on the New York Stock Exchange.
100 109 June 22 110 June 20 10534 May 110 May Certificates
Byers;& Co, prof... ..100
13,700 1 June 231 2%June 18 1
Rights
June 2% June -Below we furnish a daily record of the transactions in Lib100 103 June 22 103 June 22 10034 Apr 103 June erty Loan bonds and Treasury certificates on the New York
Cert-Teed Prod 2d pf.100
Chesapeake Corp
*12,000 6634June 24! 72%June 20 6634 Jun 7634 June
City Stores class B___ _• 1,500 43%June 211 45 June 20 4114 Apr 4874 June Stock Exchange. The transactions in registered bonds are
Colo Fuel & Iron pref.100 100 126 June 18 126 June 18 116
Jan 13234 May
iven in a footnote at the end of the tabulation.
Conde Nast Public'ns * 700 421.4June 24 4334June 23 4234 June 4334 June
90 123%June 22 12334June 22 120
Continental Can pref.100
Jan 126 June
Record of U. S. Bond Prices. June 18 June 20 June 21 June 22 June 23 June 24
Daily
Cushman's pref 7% _ _100 100 110 June 20110 June 20 107
Apr 11034 Apr
*
20 110 June 21 110 June 21 103
Feb 111
Preferred 8%
May
lEigh 1002sn 10011n 101
10011,1 101
Liberty Loan
First
101712
Deere& C pref
100 330 115 June 22 115%June 20 10534 Jan 11834 June
334% bonds of 1923-47._ Low 10028n 10077n 10011n 10018.1 1007% 10011n
170 107 June 23 107%June 18 101
Devoe & Reyn, lst pf 100
Jan 105
Apr
Close 1001rn 1002*** 10077n 10011n 10010* 101
(First 3Stis)
Eastman Kodak pref _100
70 124 June 20 124 June 2011934 Jan 124 May
6
11
34
7
Total sales in 91.000 units__
7
79
Elk Horn Coal Corp___* 1,400 10%June 22 1234June 2
9
Jan 1534 May
Converted 4% bonds of{High
Preferred
50 200 20 June 211 2034June 21 18 Jun 2734 May
Emerson-Brant class B_* 100 3 June 20 3 June 20 3 May 5
Apr
Close
Emporium Corp
100 33 June 23 33 June 23 32 June 3734 Mar
*
____
____
___.
--__
-___
__
Total sales in $1,000 units___
Equitable Office Bldg..* 8,300 9034June 23 9214June 23 9034 June 9214 June
bondsrigh
10210** 1021012 103
_Converted
4%
%
102",,10214 102,1s;
Franklin Simon pref_100 280 113%June 18 113%June 18 10914 Jan114% Feb
of 1932-47 (First 41‘s) Low. 10210n 10221n 1022% 10211n 10271* 10211,1
Gen Gas& Elec class 13_* 500 41 June 20 4334June 22 35% Apr 4334 June
Close 10210n 102110,1 103
102110n 10214 103
Gen Motors pref (6)_100 100 10734June 21.107%June 21 10434 Feb10734 Jan
33
20
Total sales in $1,000 units._
45
8
6
2011
Gen Railway Sig pf_ _100
10 106%June 21•10614June 21 10134 Mar 12034 Apr
Second Converted 41i% High
Glidden Co prior p1. _100 920 95 June 211 96 June 20 88 May 101
June
____
____
___.
Low.
____
____
____
bonds
of
1932-47
(First
20 100 June 24102%June 23 9534
Guantanamo Sug pf_100
June
Jaa1104
Second 434s
Gulf States St lot 0_100
70 101 June 24 102%June 22 9934 Jan
10834 Ma
____
____
Total sales in 51,000 units.__
____
____
____
-___
Indian Alotocyele pf _100
10 9434June 231 9434June 23 92
Jan 96
Apr
Loan
righ 100141 10011n
------- 100%
---.
Indian Refining pref_100
100 105 June 21 105 June 21 102
Feb 112
Mar Second Liberty
Low_ 1001182 100cn
Internat Nickel pref_100
4% bonds of 1927-42_ _
------- 100In
....
200 109 June 23 109%June 2310334 Mar 10914 June
Close 100% 10011**
(Second 45)
-_-International Salt...l00
---- 100%
---10 66 June 20 66 June 20 6434 Mar 66 June
8
7
Total sales in 51,000 units__
Internat Silver pref_ _100
150 116%June 20 120 June.24 109
Mar 120 June
Kelsey Hayes Wheel_ --• 500 23%June 24 25 June 20 2334 June 25 June
Converted 434% bondsrigli 1001111 10011n 101-1-lin 10I)-an 100% 1001ct
Low. 10011n 10011,1 10011n 10011n 1001s* 100%
Kress Co new
of 1927-42 (second
* 900 6534June 20 6734June 23 59
Jo.7494 Mar
Kuppenheimer
Close 10011n 10011n 10011,1 10015n 10014a 100"1:
41‘s)
200 393June 18 3934June 18 34
Jan 49
Mar
209
331
267
251
82
177
Laclede Gas Pr
100
Total sales in $1,000 units...
20 111 June 22 111 June 22 95
Jan 130 May
High 10025n 100,912 100"ss 10081,, 100", 100851:
Lambert Co rights
13,300 1 June 24 1%June 20 I
June 134 June Third Liberty Loan
130 61 June 23 65 June 21 55
McCrary Stores C A...*
Low_ 10011* 1001en 10011,1 10027n 1001cr 100,1s:
414% bonds Of 1928
Mar 75
Jan
McCrory Stores pref_100 200 103%June 22 105 June 22 97
(Third 434,)
Close 10018* 10027,2 10025as 1000,1 100", 100"31
Mar 116% Jan
21
Macy Co
Total sales in $1,000 units__
209
131
150
57
86
* 300 172 June 21 17434June 21 124
Jan 182 May
Mandel Bros
High 10321, 10321n 10316** 1037681 10321* 1031cr
*
700 43%June 23 44%June 18 4334 Jun 45 June Foutth Liberty Loan
Manhattan Shirt pref 100
40 120 June 21 120 June 21 119
434% bonds of 1932-38..1 Low_ 103", 103"as 103"ss 10322, 103", 103",
Jan 120 May
Mathleson Alkali pref100
(Fourth 434s)
Close 1032k2. 103,in 103"s, 103", 103", 103",
80 109 June 21 110 June 22 103
Jo.110
May
Mullins Body pref._ _100
110
13
120 96 June 24 97%June 21 80
Total sales in 41,000 units _ _ _
248
84
84
71
Jan 9714 June
Nat Dairy Prod new.,.
{High 1131n 11211n 113",,1131111 113',,113203
8,400 61%June 23 6374June 21 59% May 6434 June Treasury
National Lead pref B 100 2,200 tossoune 18 108 June 20 10434 Jun 10934 May
Low_ 11218* 11221.11 112",,113111 11311* 113%
4g s, 1947-52
National Supply pref 100
Close 11278* 11211n 113,
,, 113in 113% 113"s
10 1173June 23 117%June 2311434 Jan 120 May
National Surety rights_ 5,830 3134June 24 3534June 18 3134 June 3834 June
Total sales in $1,000 units__
22
8
29
2
15!
NY Steam 1st pf(7)_ _.* 100 107%June 21 107%June 21 105
{Higi, 1081n 108
1081n 1087,, 1087,1 108"s
Jan 110 May
6% preferred
4s, 1944-1954
Low 1072/* 107",, 107"n 108',1 108,81 108h,
* 100 96%June 22 96%June 22 9334 Feb 0834 may
Niag Lockp &0Pr 91100
Close 108
108
108in 1087o 108To 108"a
20 112%June 23 112%June 23 11234 June 116
Apr
557
Northwestern Teleg-50
Total sales in $1,000 units__
3
173
30
100 51 June 21 51 June 21 47% Jan 6234 Mar
7
11:
{High
40 108 June 21 108%June 22 10234 Mar 110 June
Oil Well Supply pref.100
-___ 10104",,1051**
-___ 1056n 10105",
Low.
100 500 92 June 22 92 June 22 81
-_-_ 104711n 105
Omnibus pref A
33(s, 1946-1956
____ 105',,%
105
Jan 9914 May
Close
____ 10421,1 1051,1
Outlet Co
* 200 57 June 23 58 June 22 5234 Jan 61
____ 10511,1 105208
Feb
Total sales in 31.000 unto_ _ _
____
I
R
1
RI
Owens Bottle pref__100
50,115 June 23 11934June 21 115
Jan 120 May
Pacific Tel & Tel.__ _100 400:134%June 22 140 June 24 124
Mar 145 June
Pathe Exchange new-7* 2,5001 8 June 22 10%June 18 8 Jun 12 June
-The above table includes only sales of coupon
Note.
Penick & Ford prof..100
60103%June 18 103%June 21 10014 Apr 106
May bonds. Transactions in registered bonds were:
Phillips Jones Corp___,...• 7,5001 47 June 18 5674June 24 47
Jan 56%
10021n to 10011n 93 2d 434,
2 1st 37411
10010n to 100uss
Pitts Term Coal
100 800 41 June 24 48 June 18 30% Apr 55 June
June
101
to 101
38 3d 454
1 1s1 4s
10071,1 to 100%
,
Preferred
100
20,1 81 June 22 81 June 22 74
Apr 83
Mar 5 1st 4101
10221,r to 10271n 24 4th 474s
10310n to 103,1n
Porto Rican-Am Tob B.• 6001 16 June 21 18 June 20 15% Jun 25 May
1001n to 1001n
Pullman Co et
100 1,300180 June 18 181%June 21 175 May 19334 May 2 2d 45
Reld•Ice Cream pref.100 100104 June 21 104 June 21 97 May 104 June
Foreign Exchange.
Shattuk (F G) rts
16,200! 1%June 23 2%June 18 134 June 234 June
To-day's (Friday's) actual rates for sterling exchange were 4.8534@
Snider Packing pref_100
2oo: 48 June 22 4834June 24 46 June 48%
5-16 for checks and 4.85 11-16 for cables. Commercial on banks,
4.85
So Porto Rico Sug new_* 4,200; 37%June 20 39 June 24 3634 June 4234 June
May
Rights
4,500 2%June 20 314June 23 2% Junei 4% May sight, 4.85g; sixty days, 4.8194; ninety days, 4.79%; and documents for
payment, 4.8134. Cotton for payment. 4.8.534, and grain for payment,
Spalding Bros 1st p1.100
10 104%June 22 104%June 22 103
Jan 110
Mar
Stand Plate Glass p1_100
10 14%June 23 1434June 23 10
Mar 1534 June 4.85%•
To-day's (Friday's) actual rates for Paris bankers' francs were 3.9194 for
Texas Pacific Ld Tr...100
143000 June 243125 June 22 1500 Jan 3650 June
100
The Fair pref
10 107%June 20 10714 June 20 10734 June 107% June short. Amsterdam bankers' guilders were 40.0494 for short.
at Paris on London, 124.02 francs; week's range, 124.02 high
Exchange
United Cig St new w 1_10 12,500 3634June 24' 37%June 22 3634 Jun 3774 June
and 124.02 low.
United Dyewood_ _ _100
30 6%June 20 634June 20 3% June 10
Feb
for foreign exchange for the week follows:
range
The
Preferred
100 120 42 June 18' 42 June 18 39 June 49
Jan
Checks.
Cables.
Sterling, ActualUS Distributing flew..* 34,000 19 June 21 21%June 18 14% May 2194 June
4.85 5-16
4.85 11-16
Preferred
100 1,700 90%June 23 92 June 18 81
May 9334 May High for the week
week
the
4.85 9-16
for
4.8514
Low
100
200 314June 21 314June 21 254 Feb 334 June
U Express
Paris Bankers' Francs10 5314June 21 5334 June21 50
Vanliaalft 1st pref_ 100
Apr 6734 Jan
3.9194
High for the week
3.9154
40 7034June 20 7274June 20 70% June 76
Va Coal & Coke pref.100
Feb
3.9134
3.9194
24 1634 Jan 42 June Low for the week Marks
Vulcan Detinning.. _ _100 3,720 36%June 21 42 J
Germany Bankers'
100 120 112%June 18,116%June 24 90
Preferred
Jan 118% Apr
week
the
High
for
22.70
23.6994
Foundry
&
Pipe
*
4,000 21 %June 231 23%June 20 21% June 27 June
Warren
Low for the week
23.68
23.6994
20 109 June 20,109 June 20 10734 Jan 109
Washburn Crosby pf._100
Feb
Amsterdam Bankers' GuildersWestinghouse El 1st pf 50 200 89 June 231 89 June 23 82
Mar 90 May
High for the week
40.07
40.0594
•No par value.
Low for the week
40.04
40.06
ilew York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING Sit PAGES
Pot sales dotted the week of stocks usually Inactive. sea oreeirdlan nags
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
June 18.
Monday,
June 20.
Tuesday,
June 21.
Wednesday. Thursday,
June 22.
June 23.
$ per share $ per share $ per share $ per share
5 per share
Friday,
June 24.
Sales
for
the
Week.
$ per share
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARK
Range Since Jan. 1 1927
On baits of 100-share lots
Lowest
Highest
5 per share
$ per share
Railroads.
Par
18012 18178 179 18114 17818 180
17912 181
178% 17978 14,300 Atoll Topeka de Santa Fe_100 16134 Jan 6 18638 Apr 23
17812 180
10234 10234 102 10213 102 10233 10212 10212 10212 10234 x9934 100
2,300 Preferred
100 9938 Jan 5 103 Apr 25
1,700 Atlantic Coast Line RR ..A00 17478 Apr 6 205 Jan 3
187 187
185 18612 18512 18512 186 18612 18334 186
184 185
100 10612 Jan 4 12478May 31
11818 11812 11778 11833 11718 118
117,8 11778 11612 11712 11614 11678 21,400 Balthnore & Ohlo
100 7314 Jan 3 81 June 7
8113 8112 8113 8113 8112 8112 8012 8012 7938 8014 *79
1,200 Preferred
80
94
94
18,000 Bangor & Aroostook
94
95
9114 95
8412 7934 82
50 44 Jan 6 10312May 27
8512 9034 77
100 10112 Jan 10 122 June 22
*11214 113
650 Preferred
11278 113
11212 115
11312 11312
117 122
114 116
6258 6234 5912 6114 5912 6012 5812 60
6032 15,300 BkIn-Manh Tree v t a_No par 5312June 22 707.2 Jan 20
60
5812 59
86
8614 86
No par 85 June 23 88 Jan 4
8614 86
86
8514 86
85
8512 8514 8512 2,900 Preferred v to
600 Brunswick Term & By See.100
1134 1134
M12 10' *1038 11
912 Jan 25 1518 Jan 7
*1012 11
1012 1012 1012 1012
80 Buffalo Rochester & Pitts_ 100 8014 Jan 8 115 Mar 10
*9712 101
*9712 100
*9713 99
*9712 98
9712 9712 9712 97,2
890 Canada Soutnern
61
61
*6078 6234 6118 6118 *60
6234
100 59 Jan 18 6234May 11
6234 *60
6234 *60
_100 165 Jan 6 19212 Feb 28
17734 17814 17712 178141 17718 17714 178 180'z 179 18018 17858 17934 8,100'Canadian Pacific
Central RR of New Jersey_100 285 Jan 4 348 June I
*320 330 *315 330 *315 330 *315 325 *315 335 *315 335
100 15134 Jan 25 190 May 26
183 18378 18234 18234 18014 18178 18012 18114 17812 18014 17858 17938 10,700 Chesapeake & Ohio
66,400 Chicago & Alton
100
434 Jan 8 1058June 21
834 878
9
1033
934 1038
978 1012
918
978
914 10
100
712 Jan 5 1712June 21
1338 1338 14
1434 1718 75,100 Preferred
1614 1514 1712 1614 1718
1412 1614
44
*4113 43
900 Chic & East Illinois RR
100 3013 Jan 10 45,4une 7
*42
4312 *42
41
38
4178
4234 4234 41
100 43 Jan 6 6978June 7
*6612 6712 6733 673s 6412 6614 65
66
6214 6412 62% 6578 6,600 Preferred
1758 1812 12,700 Chicago Great Western
100
812 Jan 6 2210May 2
1813 1878 1818 1834 1758 1814 1758 1812 1753 1814
100 2314 Jan 7 4478.1une 2
3934 4078 39
3734 3878 32,200 Preferred
4038 3718 3958 3838 3934 3734 40
9 Jan 4 1778June 24
1614 1714
1658 1714
1658 1758 17
1778 71,700 Chicago Milw & St Paul_ 100
1513 1612 1614 17
1678 59,400
9 Jan 4 1714 Apr 8
100
1538 16
1612 10
1653 16
Certificates
1578 1614 1578 1614 16
100 1858 Jan 3 3458June 23
3438 196,100 Preferred
28
3134 3034 3314 3134 3433 33
2973 2914 3114 30
2714 2838 2858 30
29
3038 298 3134 3034 3278 3034 3214 93,700 Preferred certificates___ _100 1878 Jan 3 3278June 23
89
9018 8838 9034 88
86,8 8752 8614 8738 38,900 Chicago & North Western_100 7838 Jan 27 9212June 6
8912 8778 89
100 12414 Jan 3 139 May 23
Preferred
*134 138 *136 138 *136 138 *136 138 *134 136 *133 136
11114 11234 21,200 Chicago Rock Iel & pacific_100 6812 Jan 4 115 June 16
11314 114
113 114
11212 11334 11258 11358 11118 113
1,000 7% preferred
100 10234 Jan 4 11114June 2
10778 10778 10714 10714 10634 10634 *10634 10714 107 10714 107 107
100 9514 Jan 28 10378June 2
10014 10014 10014 10014 *100 10012 10014 10038 10014 10014 10014 11038 1,400 6% preferred
300 Colorado & Southern
100 84 Jan 3 135 June 2
124 124
123 124 *122 126 *120 125 *120 125
4125 130
*7512 77
*7512 77
First preferred
100 70 Jan 4 7712June I
*7512 80
*7512 77
317512 80
*7512 80
84
84
*73
84
*73
Second preferred
100 68 Jan 14 73 May 27
*74
84
*73
80
*73
*74
84
100 6812June 21 77 May 6
6934 7038 09
6978 0812 6834 68% 69
6812 6853 6834 7038 5,400 Consol RR of Cues prer
22112 224
100 17118 Jan 28 230 June 6
221 22312 220 22112 21812 22012 215 21773 21514 21612 9,400 Delaware & Hudson
16214 16214 162 162
164 164
1,500iDelaware Lack & Weetern_ 50 14014 Jan 27 173 Mar 23
.418512 16712 16512 16512 163 165
,
64
Deny & BM Or West pref 100 4118 Jan 5 673,June 9
6434 6578 64
6434 64
6414 6518 6314 6514 6414 65
5218 5318 52
5278 27,500 Erie
100 3912 Jan 3 5738June 2
5312 5173 5313 5134 5212 5218 532
53
3g
58
5812
573
7,300
583
8
4
583
8
573
4
58
First preferred
100 5238 Jan 4 6214May 26
5818
5812 59
5818 58
100 49 Jan 4 6114May 26
*5634 5712 2,400 Second preferred
*5612 5712 5634 5634 5658 5634 5634 5634 5634 57
9134 9214 9138 92
x8918 8938 13,900 Great Northern preferred..100 7958 Jan 4 9278June 2
9138 92
9112 9278 9114 92
1878 1878
1834 19
19
1834 1834 2,000 Iron Ore Properties__No par
1013 19
1812June 16 2314 Feb 4
19
1938 *19
6,300 Gulf Mobile & Northern....100 3518 Jan 6 7612May 28
6714 69
70
68
7034 7034 6912 71
69,8 7212 71
71
Preferred
100 105 Jan 14 11214 Apr 27
410713 111 *108 11012 *109 111 *108 110 *108 1101 *108 11012
5634 58
5614 5813 5614 5773 5,100 Hudson & Nlanhattan
59
6038 5912 6018 5812 59
100 4012 Jan 3 6578May 10
87
3182
87
*80
86
*8312 8610
*80
8612 *80
8612 *83
Preferred
100 78 Jan 6 9012May 10
4129 130 *129 12912 12912 12934 12914 12912 12814 12918 12838 12838 2,292 Illinois Central
100 121 18 Jan 10 13114June 9
4129 132 *128 131 *128 131 *129 132 *128 130 *128 132
Preferred
100 12078 Jan 12 132 June 9
*7914 81
*7934 81
8014 8014 8014 8014 *79
8212 8018 8012
100 Railroad Sec Sertee A__1000 74 Jan 4 8014June 21
34
34
2,600 let Rys of Cent America 100 23 Apr 20 34 June 22
3118 34
33
34
*29
2914 2878 2914 *3018 31
170 Preferred
*6814 69
69
69
*69
6934 6934 71
136873 6913 *6873 69
100 62 Apr 29 73 June 2
3712 3712 3738 38
3812 3812 2,400 Interboro Rapid Tran v t 0.100 33 May 19 5218 Feb 28
38
38
3734 38
40
40
595 6134 6114 6312 6053 6214 6038 6178 5858 6078 5918 6058 39,400 Kaneas City Southern
100 4114 Jan 4 6312 Apr 20
*7034 71
*70
7078 71
71
71
7112
700 Preferred
*70
71
7078 71
100 6178 Jan 7 7112June 24
26,100 Lehigh Valley
127 12912 124 12712 127 12778 125 126
125 126
12712 133
60 9934 Jan 6 13712June 9
140 140
600 Louisville& Nashville
14214 14214 14212 14212 *140 14212 *141 14212 142 142
100 12838 Jan 14 14438May 26
Manhattan Elevated guar.100 85 Jan 26 90 Feb 11
*8514 8812 *8514 8813 *8514 8812 *8514 8812 *8514 88,2 *8514 8812
2,400 Modified guaranty -----100 44 June 14 5473 Feb 28
•46
47
4512 4534 46
4534 46
4634 46
46,2 4534 46
618 678
6
6i8 2,500 Market Street R.ailway____100
612 612
6
5
673June 23
*413 512
412 Feb 2
*412 6
2412 2518 24
2412 *21
600 Preferred
25
2018 '22
27
*17
25
3117
100 18 Feb 10 2518June 22
50
4778 4834 6,300 Prior preferred
4558 4558 4538 4534 4513 4734 4734 5018 48
100 4158 Feb 7 5018June 22
800 Second preferred
1712 *13
17
*13
17
•12
19
*12
19
15
1612 17
_100 1138 Mar 15 1712June 22
12 Jan 13
4,
. Feb 3
4
418
313 418 *334 4
28,000 Minneapolis & St Louls__100
313 312
312 433
378 414
4118 4212 22,600 Minn St Paul ASS Marle_100 27 Jan 6 4434June 22
38
3712 4078 39
4038 3938 4434 3914 44
*37
1,800 Preferred
6312 60
6012 60
60
100 50 Apr 28 6312June 22
60
5912 6078 5934 61
60
60
20 Leased lines
100 5814 Mar 25 6338June 2
6212 *61
6212 *6114 6212 6114 6114 *6114 6212
*6113 6212 *61
5234 543g 52
53
51
5218 5118 5210 66.500 Mo-Kan-Texas RR____No par 3112 Jan 6 5612June 17
5518 5638 54
55
100 9534 Jan 4 I0558June 2
10458 10478 10434 10478 10414 10434 104 10414 4,700 Preferred
10414 10478 10438 105
100 3778 Jan 4 62 Apr 23
5714 58
57
5734 5618 5834 5678 5838 5614 5758 5618 5718 33,200 Missouri Pacific
100 9018 Jan 4 11113 Apr 23
107 10712 107 10734 10618 10812 10678 108
10614 10712 10618 10678 20,200 Preferred
40 New Orl Texas & Mexico_100 121 Jan 8 15978June 3
1315318 155
155 155 *15318 154 *15318 154
15318 15318 15318 153,8
100 13714 Jan 27 15638June 1
15214 15312 15113 15234 15158 15234 15114 15238 15114 1521, 25,700 New York Central
15214 153
12,000 NY Chic & St LOUIS CO-100 6110 June 14 24012May 26
12010 12234 120 122
11914 120
11934 125
12112 12558 124 124
200 Preferred
100 102 Mar 8 10978June 15
107 108 *107 10734 *107 10712
*107 108
10713 10718 107 107
100 4138 Jan 4 58Is Feb 18
5312 5433 5314 5434 5278 5334 53
5412 53,2 5518 5334 5513 252,000 N Y N El & Hartford
100 2814 Jan 15 3912June 18
3818 3912 3718 3918 36
3812 3612 381s 36
3734 3614 3734 72,100 N Y Ontario & Western
100 NY Railways prof cthr_No par
8 May 24 1534 Jan 14
*814 9
*814 9
*814 9
813 812 *814 9
*814 9
100 3718 Jan 14 6412June 10
6114 5912 60
*6134 6212 6112 6214 59
5673 6012 5713 5914 3.800 Norfolk Southern
100 156 Jan 4 18714May 26
184 18412 184 185
18012 18012 5,600 Norfolk & Western
182 18234 182 18312 18018 181
100
85
Preferred
100 83 June 23 8612May 6
8412 83
*82
*80
*80
8414 *80
83
86
1380
88
100 78 Jan 3 9112 Feb 18
8758 9,900 Northern Pacific
8834 89
89
8934 8814 8914 8812 8878 8778 88,2 x87
100 1514 Feb 3 2714 Feb 15
20
!Pacific Coast
*17
20
*16
20
*16
20
*16
*17
20
•17
20
8
30,600
50 5634 Jan 3 65 May 28
6314 6378 63
6378 6313 6358 627s 6353 6258 6318 6238 627
PennaYlvanla
100 20 Jan 25 3934June 7
3812 37
3712 9,000 Peoria & Eastern
*3613 3712 3612 3883 3612 3914 3773 3838 .37
100 11412 Jan 6 14012Nlay 28
1,300 Pere Marquette
•129 12934 128 129
126 126
127 127
12612 12612 127 127
100 Prior preferred _____
MO 93 Jan 22 973451ay 28
9634 9634
*9612 97
*9612 97
*9634 97
*0634 97
*96
97
400 Preferred
100 8934 Jan 4 96 May 26
*9412 9434 9434 9434 *94
9434 *94
9434 *9312 94
9434 94
100 12213 Jan 18 174 Slay 24
15434 15938 157 15714 154 155
15038 15212 15014 15014 3,000 Pittsburgh di Weet Ya
153 153
11814 12014 118 11878 11634 11818 11714 11838 11538 11714 11538 11658 24,700 Reading
50 94 Jan 4 12334June 9
1,200 First preferred
*4113 4134 *4113 4134 4112 4113 4134 4178 4138 42
42
50 4012 Jan 13 4212 Feb 16
42
*47
4734 *4612 4712 *4612 4712 4712 4712 4612 4612 *4512 4612
200 Second preferred
50 4334 Jan 12 50 Feb 16
400 Rutland RR pref
100 43 Jan 7 60 May 27
6112 62 .60
6214 *5912 6218 *5912 6214 *5912 6112 5912 62
100 10034 Jan 6 11714June 2
11414 11514 11312 11478 11318 11412 11234 11313 11238 11318 10,200 St Louis-San Francisco
11414 115
100 Preferred A
100 90 Jan 20 101 June 6
*9912 10012 *9912 10012 *9912 100
*9912 100
9934 9934
*9912 100
100 61 Jan 6 93 June 17
9134 8914 92
90
8734 9153 89
8658 8878 34,800 St Louis Bouthwestern
9013 86
89
*8912 9013 *88
100 Preferred
90
100 7678 Jan 8 9073June 17
8978 8978 .89
91
*88
8912 *8812 8912
18,200 Seaboard Air Line
3614 3714 3638 3712 38
100 2812 Mar 31 4114 Feb 17
3612 3618 3634 3534 3612 3512 36
*3934 40
3934 3934 3878 3878 *3812 39
100 3212 Apr 28 431 Feb 4
2,500 Preferred
3714 3812 3714 38
113 11312 11313 11334 11318 116
100 10014 Jan 24 11633May 20
11438 11538 25,700 Southern Pacific CO
11334 11413 11338 114
100 119 Jan 28 13012May 27
127 12712 12612 12738 12618 127
12614 12714 12618 12634 12618 12614 6.900 Southern Railway
100 94 Mar 10 9913June 8
9913 9918 9918 9918 29788 98
98
98
9778 98
9778 98,2 1.000 Preferred
100 5378 Jan 7 10212June 21
9634 9914 99 10112 98 10212 100 10214 9812 10134 99 10134 37,200 Texas & Pacific
3434 3434 3418 341.3 *3212 3412 *3212 3412 2,700 Third Avenue
35
100 30 May 19 41 Feb 8
3318 3514 35
17312 17334 173 174
17214 17333 17112 17212 17012 17112 9,200 Union Pacific
100 15912 Jan 27 18114May 20
17334 175
8238 8212 *8214 83
*8214 83
850 Preferred
100 77 Mar 5 8412May 20
83
83
8214 8212 8218 8218
100 4012 Jan 4 81 June 9
7614 7712 7434 7714 7558 7612 7358 7538 74
7518 30,600 Wabash
78
77
10012 10012 10014 10014 9912 100
100 76 Jan 3 101 Juno 9
1003 101
9918 4,400 Preferred A
101 101
99
3195
98
*95
98
100 65 Jan 15 98 June 9
98
*94
*94
98
Preferred B
*95
98
98
*95
6078 5938 6058 5312 5038 5513 5734 60,300 Western Maryland
100 1334 Jan 6 6778June 9
6034 6178 59
62
61
60
*57
60
6014 55
100 23 Jan 7 6712June 9
62
5734 2,500 Second preferred
5578 56
*6014 6312 *61
100 2518 Apr 26 4712June 22
4712 87,900 Western Pacific new
3434 3734 3612 3858 3712 4138 4118 4712 4234 4678 43
6938 6512 6778 6634 68
67
13,900 Preferred new
100 55 Apr 26 7633 Feb 7
64
6614 6413 661s 6433 68
100 Wheeling & Lake Erie Ry 100 2712 Jan 3 130 Feb 8
*85
90
90
1385
86
86
*85
90
90
*80
90
*85
200 Preferred
88
8018 8018 80
80
100 4712 Jan 7 97 May 13
*8012 8934 *8013 8934 *8018 8934 *80
9478 9512 9413 9412 9318 9314
73
*68
*68
73
*68
75
11212 112'2 *11112 112 *Ill12 112
•137 13912 *135 13912 13812 13812
1212
1212 *12
*1214 1234 3112
3314 3314
35
*3318 3412 *33
3
318
31it
3
*318 314
170 17118 170 17414 17334 17612
818 858
81
9
813 878
114
1
1
1
1
*1
4012 14114 140 14111 13014 1421,
93
94
9234 9234
72
*70
6812 6812
11112 11112 *11112 112
139 147
146 15012
1214 12
*12
12
*3318 3412 *3318 3412
313 334
333 334
17212 17614
175 178
814 812
8% 838
1
1
1
1
142 14312 53912 14233
•Bid and sailed prices. s Es-curiaenq. a Ex-righter
Industrial & N11scellaneous.
9312 9412 2,800 Abitibi Power & Paper_No par
200 Abraham & Straus_ ___No par
*6812 72
100 Preferred
100
11112 11112
5,800 Adams Express
100
151 155
300 Advance Rurnely
12
12
100
100 Advance Rumely pre(
100
*3318 3412
1
318 31s 6.700 Ahumada Lead
173 17534 16,300 Air Reduction..Ino____No par
814 814 4,100 Ajax Rubber, Inc
No par
1
118 5,100 Alaska Juneau Gold Mtn_ 10
14014 14134 26.900 Allied Chernlesl Ar Dye_ 310 par
11 Ex-dly. 171, shares of Chesapeake Corp. stock.
83 Jan 27
6214 Mar 26
11012 Feb 1
124 Jan 5
9,2 Jan 3
3014 Jan 25
234June 2
13412 Jan 28
712June 15
1 June 18
131 Jan 25
9784May 27
8214 Apr 20
11312 Feb 30
155 June 24
1534 Feb 9
41 Feb 9
512Mar 6
178 June 22
1334 Mar 25
214 Feb 18
14714June 1
PER SHARE
Range for Prestos.,
Year 1928
Lowest
Highest
$ per share $ Per share
122 Mar 172 Dee
9418 Mar 102 Dee
18113 Mar 26213 Jan
8312 Mar 10934 Sept
6712 Jan
7378 Aug
33 Mar 46 Feb
9778 Feb 103 Dec
5418 Mar 777g Dec
78 Mar 8934 Dec
812 Mar 1858 Nov
6934 Mar 8734 JulY
58 Jan 61 June
14612 Jan 17014 Dee
240 Mar 305
Jan
112 Mar 17838 Sept
414 Sept 1153 Feb
618 May 1814 Feb
30 Dec 37 Feb
3612 Mar 5134 Feb
734 Mar 1218 Sept
1614 Mar 3158 Sept
814 Dec 1413 Jan
734 Dec 14
Jan
1418 Mar 24 Aug
14
Apr 2358 Aug
6514 Mar 8334 Sept
11812 Jan 12612 Apr
4012 Mar 7114 Dee
96 Mar 108 Dec
8314 Mar 98 Nov
52 Mar 9614 Oot
62 Mar 74
Oct
Jan 72 Sept
59
6834 Nov 7212 Dec
15014 Mar 18312 Sent
129 Mar 15313 Jan
37's May47 Jae
2212 Mar 42 Dee
3334 Mar 5514 Dee
30 Mar 5014 Dee
6812 Mar 8418 Dee
18 Dec 2714 Feb
2518 Apr 4114 Sept
95 Mar 10912 Sept
3433 Jan 4113 Deo
6734 Mar 80 Dec
11312 Mar 131 Sept
11513 Mar 12912 Sept
7114 Jan 77 June
24 Dec 31 Feb
62 Mar 66 June
2412 Jan 5314 Dec
3414 Mar 5138 Sept
6058 Mar 6838 Sept
7512 Mar 106 Dec
118 Mar 144 Sept
84 Mar 923i Apr
3812 Jan 6178 May
418 July 10 Feb
1912 Oct 40 Feb
3918 June 5138 Feb
1134 Oct 2212 Feb
378 Jan
118 Dec
2578 Dec 5212 Feb
50 Dec 79 Feb
60
Oct 6678 Feb
2912 Oct 4718 Feb
82 Mar 9638 Dec
27 Mar 45 Sept
7112 Mar 95 Sept
120 Mar 13212 Jan
117 Mar 14712 Sept
130 Mar 20412 Sept
93 Mar 106 July
3058 Mar 4838 July
1934 Mar 2878 Feb
6
Jan 2014 Feb
277e Apr 447 Sept
13914 Mar 17078 Oct
8313 Nov 8538 Aug
6534 Mar 8212 Aug
15
Oct 48 Jan
4858 Mar 5713 Oct
1578 Oct 2634 Jan
67 Mar 122 Dec
79 Mar 98 July
7034 Mar 9178 July
85 Mar 13514 Dec
79 Mar 10114 Dec
3934 Dec 42 Apr
40 Mar 4534 Dec
42 Apr 6114 Aug
85 Mar 10313 Dee
8313 Apr 9712 Dec
5712 Mar 74 Feb
72 Mar 8014 July
2712 Mar 51 Dec
3113 Mar 4838 Feb
9618 Mar 11214 Deo
10358 Mar 13114 Sept
8712 Apr 9511 Aug
4218 Mar 8158 Jan
1312 Jan 43 Apr
14113 Mar 18838 Oat
7434 Jan 8114 AtIg
3378 Mar 1311
Jan
68 Mar 7834 Jan
57 Mar 72
Jan
11 Mar 1658 Jan
1638 Mar 2438 Sept
2712 Dee 3914 Jan
72 Dec 8634 Sept
Jan
18 Mar 32
37 Mar 5012 Jan
7034 May
43 May
10418 Mar
9978 Mar
8 Dec
2878 Dec
434 Nov
10714 May
718 Oct
78 Oct
106 Mar
98 Sept
72 Dee
112 Dee
136 Sept
22 Sept
8534 Sept
918 Jan
14634 Dee
16 Feb
Jan
2
14878 Dec
New York Stock Record-Continued--Page 2
3747
Poe sales during the week of stocks usually Inactive. see second page preceding
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
June 18.
Monday,
June 20.
Tuesday,
June 21.
Wednesday, Thursday,
June 23.
June 22.
Friday,
June 24.
Sales
for
the
Weelc
STOCKS
NEW YORK STOCK
EXCHANGE
1,111 OrI AR.
r6IS J.17,1116
Range Since Jan. 1 1927
On basis of100-share lots
Range for Preview
Year 1926
Lowest
Highest
Lowest
MOM
$ per share $ per share $ per share $ per share $ per share S per share Shares Indus- & Mace'. (Con.) Par $ per shard $ per share $ per share $ per than
*12118 ____ *12112
*12112
*121
*122
*122
____ ______ AlliedChemlcal&Dyepref-100 120 Mar 11 12214June 4 11834 Mar 12234 Dec
106 106% *10612 107
10614 10612 106 10612 10312 106
10334 10434 2,400 Allis-Chalmers Mfg
100 88 Jan 25 11134May 31
7814 Mar 943* Ja0
11138 11138 *11138 11214 *11158 114
*11133 _ _1_
111% 11138 *11133
200 Preferred
100 109 Feb 9 11212 Apr 21 105 Apr 11112 Dec
1614 1614 *1614 17
1618 1634 1634 1634 1534 16
1614 168 1,900 Amalgamated Leather_No par
1558May 20 2418 Feb 11
1434 Oct 21 Sepl
3112 3113 3114 318 3112 3134 31
3112 3013 31
No par 27% Apr 28 3758 Feb 7
2414 May 327 Aug
303* 3078 8,800 Amerada Corp_
9% 912
912 912
978 1138 1012 1212 1212 1312 12,000 Amer Agriculture PCbem_100
938 938
813 Apr 6 1434 Feb 14
9
Oct 3438 Jar
*33
3312 338 38
37
4013 3914 4112 10,900 Preferred
3334 3334 *3314 34
100 2814 Apr 6 5134 Jan 10
353* Oct 9612 Jar
511
/
4 52
5214 5518 5114 5378 5314 5314 54
54
5312 5358 7,200 Amer Bank Note
10 41 Jan 6 5518June 20
343* Mar 46
Om
5934 5934 5934 5934 *5913 6012 *5812 5912 *5813 59
5812 5813
110 Preferred
50 5612 Jan 4 60 May 7
55 Jan 5812 July
*2034 2134 *2034 2118 2012 2012 *2014 2013 20
2014 20
20
800 American Beet sugar_No par
1818 Apr 28 2334 Mar 14
2012 Sept 3834 Feb
5113 5112 5112 52
5314 5314 *5113 54
*5112 54
*5122 54
400 Preferred
100 48 May 4 6018 Jan 3
55 Nov 83 Pet
1578 1638 15
1538 15
1579 1534 1612 1514 1514 1534 1678 7,500 Amer Bosch Magneto__No par 13 Jan 20 1838 Feb 28
16 May 343 Jar
4218 4234 42
428 4114 4134 4113 42
41
418 23912 4034 7,700 Am Brake Shoe & F new No par 3512May 2 4314June 8
*122 125 *122 125 *121 125 *121 125
12414 12414 *120 125
100 Preferred
100 11714 Feb 7 128 Mar 12 11014 Mar 12814 Yet
1238 128 1213 1234 1234 141
/
4 1318 14
1358 14
14
1512 25,200 Amer Brown Bayed El_No pan
12 June 17 3913 Jan 5
3014 Mar 50 Aug
5213 5212 5413 64
64
64
6313 6313 *55
60
*60
63
575 Preferred
100 5014June 17 98 Feb 1
1
4 Jam
8613 Mar 97/
5312 54
5358 5412 5338 5534 5514 5614 5334 5512 5414 55 150,800 American Can
25 431,8 Mar 31 5614June 22
38% Mar 6318 Aug
*13134 134 *13134 133
13112 13112
13214 13234 *13114 134 *13114 132
300 Preferred
100 126 Jan 14 133 June 7 121
Jan 13018 Dec
103 103
103 10412 103 1037 10258 103
102 103
10159 102
5,300 American Carla Fdy___No par 9912 Jan 28 10914May 27
9113 Mar 1147 Jar
*12934 132 *12934 132 *12934 132
12934 12934 *12714 130
12738 12738
300 Preferred
100 12618May 12 13434June 8 12012 Oct 13014 Dec
4734 4813 4812 51
5014 5133 51
5338 52
5358 5134 5318 20,500 American Chicle
No par 36 Jan 26 53581une 23
31
Oct 51
Jar
14
1438 14
1412 14
1438 14
93 Ap220 1514June 9
14
1378 1413 138 14
33,200 Amer Druggists Syndicate_l
414 Jan
103* Aug
*134 135
134 134
13334 13412 137 13912 138 141
140 14312 6,600 American Express
100 127 Jan 17 144 June 1 10578 Mar 140
Jam
2214 2238 2212 2212 22
2214 22
2314 22
2238 2134 2214 5,500 Amer dc For'n Power__No par
1878 Feb 17 2512 Mar 29
1414 Nov 423* Jam
997 100
9934 100
9934 10014 10014 102
10114 10112 10114 10112 6,300 Preferred
No par 8612 Feb 15 102 June 22
79
Oct 98 Feb
*9
934
918 91
/
4
1012 1,400 American Hide & Leather _100
7 May 1712 Feb
98 1012 *1014 1012 *978 1014 *10
738 Apr 26 1013 Feb 8
3313 May 6714 Feb
6312 63
6112 6238 6178 6178 62
63
63
634 64
6513 4,700 Preferred
100 48 Mar 1 65121une 24
401
/
4 3918 398 3912 3978 39
39
3812 3834 8,100 Amer Home Products__No par 303* Jan 3 4038June 18
398 4038 40
233* Oct 303* Dec
*131 132
131 132 *131 132
131 131
12812 13012 *129 13034
1,100 American lee
100 11418 Jan 28 13714May 10 109 Mar 136 June
95
95
95
*94
95
*94
95
*94
9412 *94
*9412 95
300 Preferred
100 84 Jan 7 96 May 7
8111 Oct 8634 June
5034 52
5113 53
508 5138 51
52
50
5138 507 5112 6,600 Amer Internet Corp___No par 37 Mar 23 5512June 7
3134 July 46% Feb
97 Dec 157 Jam
6
614
614 614
6
6
6
618
6
614
6
618 2,800 American La France F E___10
4 June 4 10 Jan 3
2718 2678 2814 2734 3012 2812 3078 29
27
2714 27
2934 10,500 American Linseed
100 2018 Apr 5 34 June 10
253* Oct 5278 Jam
59
5912 60
6114 6034 6212 6212 6212 4,000 Preferred
5814 5814 5812 59
100 46% Mar 19 7478June 10
6734 Oct 87
Jam
10934 11012 10978 11038 10912 110
10912 1098 108 109
10814 10814 3,200 American LocomotIve_No par 10534 Jan 19 116 May 18
9014 Mar 1197 Jar
*122 124 *12212 12418 *12212 12378 *122 12334 *122 123
100 11913 Feb 23 124 Apr 2 116 Aug 12414 Dec
122 122
200 Preferred
*86
87
86
86
8512 8512 *8512 87
*85
87
*85
87
6514 Oct 8012 Aug
200 Amer Machine di Fdy-NO par 7314 Jan 3 8658June 10
*14012 14434 *14012 14434 *14012 14434 14434 14434 *14434 149 *14434 149
100 12518 Jan 6 149 Mar 29 114 July 125 Dec
10 Preferred
*4014 41
4018 4014 40
40
3934 3973 3914 3914 39
4314 Dec 573* Feb
398 1,550 Amer Metal Co Ltd___No par 39 June 24 44 Jan 20
*108 110 *108 110 *108 110 *108 110
108 108 *108 11018
100 108 Jan 6 11212May 17 11312 Apr 120 Feb
100 Preferred
62% 6234 62
6213 62
6259 6218 63
61
6278 6118 6134 5,300 Am Power & Light____No par 54 Jan 27 67 June 3
5034 May 7212 Sept
124 12414 123 12334 12212 12314 12218 123
122 12212 12113 12212 4,800 American Radiator
25 11013 Jan 21 131 May 20 10114 May 1223* Aug
*9234 95
*9234 95
94
9512 97
98
9814 10113 101 105
5,100 Amer Railway Exprees___100 8712 Apr 4 105 June 24
7759 Mar 90 Dec
56
5812 5459 5634 52
54
56
66
5578 557
53
3978 Nov 74 Jai
5513 3,700 American Republica__No par 3518 Jan 4 6212June 10
4718 4712 47
48
4712 4712 *47
48
45
47
42 Apr 705 Aug
4434 45
4,700 American Safety Razor----100 4434June 24 6113 Mar 28
*4514 4513 4514 4514 *44
4512 44
*4558 46
45
No par 44 June 23 48 May 12
*4378 448
400 Am Seating v t c
459 43*
434 434
413 412
4% 413
413 413 *412 434 1.700 Amer Ship & Comm
313 Mar 23
634 Jan 7
538 Dec 1178 Mai
No par
15934 16014 15812 160
1573* 15878 15718 15978 15612 15814 15634 15778 36,100 Amer Smelting & Refining-10 13258 Jan 25 16718June 2 10958 Apr 152 Am
125 125
124 124 *12312 125
*124 125 *124 125
100 .11914 Mar 16 12678May 4 11278 Mar 1223* Dec
12312 12414
600 Preferred
*127 12834 *127 12834 *12714 128
12734 12734 12734 12734 *125 12712
100 1193* Jan 17 130% Mar 10 12134 Oct 165 Fel
200 American Snuff
4734 4812 4814 484 47
48
4738 48
47
4713 46% 4713 12,200 Amer Steel Foundries_Ne par 4112 Apr 29 4834June 20
40 May 47 Aug
*11112 114 *11112 114 *11112 114 *11112 114 *11112 114 *11112 114
100 113 Jan 7 115 Jan 13 11014 Sept 115 Fet
Preferred
8813 9014 8812 8853 3,500 Amer Sugar Refining
8918 8918 898 8912 8918 9014 90
90
100 79 Jan 25 9534May 26
6514 Apr 8714 Noi
100 10778 Mar 3 11612May 26 100 June 11012 Noi
*112 11414 112 11214 11214 11214 *112 11312 11212 11212 *110 112
400 Preferred
5434 5614 5518 5518 55
553 56
5534 53
5514 5334 5412 7,500 Am Sum Tob v t 0-__ _NO par 4113 Jan 3 5838 Apr 16
2914 Aug 44 Dec
32
*31
*30
32
3112 3112 *31
32
34 May 9
2512 July 4118 Fel
*31
3178 3112 3113
600 Amer Telegraph & Cable_100 26 Apr 1
16718 16712 x1641
/
4 16518 16358 1643 16358 16418 16312 164
100 14914 Jan 3 17238 Apr 8 13958 June 151 Del
16313 16434 11,600 Amer Telep & Teleg
13514 13514 13512 13578 135 13514 13312 135
13334 13334 133 1331
2,100 American Tobacco com_-_50 120 Jan 7 13912May 20 11138 Mar 12434 Seim
50 11914 Jan 5 13834May 20 11018 Mar 124 SePI
135 135
13334 134
13334 13412 133 13312 13218 1331
*13312 135
3,200 Common Class B
100 11018 Jan 4 11573 Mar 9 1061
11312 11312 11312 11312 1,500 Preferred
11314 11312 11312 11312 *11312 11412 11312 114
/
4 Jan 113 Mai
13018 13114 *130 131 *13018 131 *130 131 *130 131
131 131
500 American Type Founders_100 125 Jan 7 146 Feb 18 114 Jan 135 Fel
91
92
91
9114 904 93% 91
93
91
4334 Apr 74 Jai
92
927
91'z 9,400 5 m Water Works & Elec___20 6214 Jan 3 98 June 6
111 11134 111 111
100 10412 Mar 1 11134June 22 10112 Mar 10814 Jai
11078 111
let preferred (7%)
11012 11012 11038 11034 11078 111
5,700
100 1612June 7 333* Jan 5
1812 181
1814 1814
1818 1818 1814 20
1878 2018
19 June 427 Jai
183* 1914 5,500 Aoerican Woolen
4818 4818 48
4834 472 4859 3,100 Preferred
100 4678June 1 8612 Jan 7
66 Apr 9014 De
484 477 478 4734 4878 48
1418 1314 1334 9,000 Am Writing Paper ctfs_No par
143 1412 1413 1434 1418 15
1414 1434 14
978May 26 1538June 15
714
*712 8
*734 8
*712 8
714 712
714 71
718
600 Amer Zino, Lead di Smelt.._25
718June 24 1014 Feb 17
51,May 1218 Fel
46
25 42 Jan 5 511
/
4 Feb 18
20 May 54 Dec
46
*4614 47
*45
46
4458 45
4312 441_ 4313 4313 1,400 Preferred
4334 14,600 Anaconda Copper Mining_50 42 June 24 491 Jan 12
4112 Mar 5178 Au,
447 45
4434 45
44
4412 4334 44
43
4378 42
347 June 4411
4034 4034 4034 4034 4034 4034 40
4014 *40
4112 40
/
4 Jai
40
800 Archer, Dan'le. Midl'd_No par 38 Mar 12 42 Jan 18
10712 1071 *107 10712 *107 10712 107 107 *107 10712 *107 1071
100 106 Jan 4 10812May 10 100 Mar 108 00
30 Preferred
9014 May 977 Jal
*8714 8734 88
100 86 Apr 13 9618 Feb 18
88
8778 8778 8712 8712 *88
500 Armour & Co (Del) pref
8834 8734 8858
101
5,400 Armour of Illinois Class A__25
814May 4 1578 Jan 7
1318 May 2512 Fel
1018 10'8 1018 1038 1014 1034 1014 1012 104 1034 10
5Z May 17
Jim
*614 61
618 612
25
518May 5
638 634 *612 614
638 638 2,200 Class B
918 Jan 6
612 612
Preferred
*6614 70
*6612 70
*65
6812 *66
68
*64
100 CO Apr 13 8614 Jan 27
80 Apr 93 Fel
68
*64
63
30
30
2912 297
2918 30
29
2912 *2858 29
2812 2912 4,900 Arnold Constable Corp_No par 21 Apr 1 3078June 16
18 Apr 3142 Ja,
2614 267 22612 2612 2512 2512 2612 2612 27
2834 29
32
7,500 Art Metal Conetamotion----10 22 Jan 11 32 June 24
191
/
4 Jan 2324 Or
*4734 49
*4734 49
4734 4734 4714 4714 47
No par 47 June 23 5434 Jan 5
4714 *47
463 Sept 6313 Ja
49
500 Artioom corp
*11214 113
113 113 *11214 11312 *11214 11312 *112 113
100 11114May 31 113 Feb 8 108 Mar 113 De
112 112
70 Preferred
4218 4238 4218 42% 4212 42228 4159 4233 4213 42's 7,400 Assoc Dry Goods
42
42
No par 3912 Feb 9 448 Apr 11
3714 Mar 5478 Ja
*10334 105 *10312 10412 10334 10334 *104 105 *103 106 *103 106
100 9712Mar 3 104 May 23
96 Mar 10212 Ja
100 188 preferred
*107 110 *107 110 *107 109 *108 109 *107 109 *107 110
2d preferred
100 105 Mar 23 109 June 9 102 May 110 De
*40
49
*40
48
*40
48
*40
48
*40
48
Associated Oil
25 42 June 14 5014 Feb 19
*40
48
4454 Jan 60 Ma
3814 3814 384 384 3818 3812 3734 3814 *3712 38
29
Oct 6833 Ja
1,900 Atl a & W I 55 Line_ _No par 3039 Mar 25 42 Jan 5
378 33
39
38
*3814 3914 3814 3814 *38
38
3814
100 2934 Mar 25 4114June 7
*35
3314 Oct 5614 Ja
3812 *36
300 Preferred
11818 120
11734 12014 11812 11934 115 11834 114 11534 114 1141 14,600 Atlantic Refining
100 107 Jan 28 12558June 10
97 Mar 1283s Ma
11614 11614 *11614 117 *11614 117 *11614 117
117 117 *11614 119
100 11512 Feb 1 118 Mar 11 11518 Oct 120 Jun
300 Preferred
67
67
67
66
66
*66
6714 07
*66
6658 *66
668
No par 5612 Mar 17 70 June 9
54 Mar 64 No
500 Atlas Powder
10334 10334 *10312 105 *10312 104 *10312 104
10358 104
104 104
100 98 Jan 6 105 May 5
40 Preferred
94 Jan 973* De
eg
912
734 8
*712 812 *712 813 *712 812
712 712
No par
300 Atlas Tack
Pe Mar 14 1218 Apr 7
8
Oct 1713 Ja
*5
518
*478 518
5
5
5
5
5
48 5
5
900 Austin, Nichols&Co vto No par
4/
1
4 Mar 22 1014 Jan 3
7/
1
4 Oct 28
Ja
32
*26
32
*2614 32
3014 3014 3018 3018 *26
*2614 32
300 Preferred
100 3018June 20 al Jan 5
54 Nov 93 Ja
223 229
22514 22838 22514 22913 227 23014 210,400 Baldwin Locomotive Wk5_100 14318 Jan 18 23014June 24
22014 228
218 221
9278 Mar 1673* De
12114
12114
12114
*11812
*11812
11834 11914 11612 11834
*11812 12114 *11812
400 Preferred
100 116 Jan 14 12334June 2 105 Mar 11914 No
10878 10878 1087 108% 10812 10812 10812 10812 10834 10834
*10812 109
500 Bamberger(L)& Co wet _ 100 10634 Mar 30 11012May 10
5138 *51
52
*50
52
*50
*5114 5112 51
52
*50
52
No par 40 Jan 6 59% Feb 9
300 Barnett Leather
2878 2734 2812 2713 28
2778 2534 28
2718 2712 22618 2612 41,000 Hamadan Corp class A
1
4 Apr 29 3512 Feb 26
25 23/
2312 May 3312 Ja
*2658 2778 2658 2658 *24
27
2712 28
28
*2714 28
26
900 Class B
25 22 Apr 30 3212 Feb 28
2212 Oct 3912 Ja
7312 7613 7312 753* 74
73
7112 7334 72
*70
71
74 • 8,400 Bayuk Cigars,Inc
No par 4912 Jan 25 7612June 22
39 Mar 5532 Na
17
*16
17
*16
1712 *1613 1714 17
17
16
*17
16
200 Beacon Oil
No par 1514May 31 1814June 7
53
52
5312 5234 5234 *5212 5314 25112 5112
*52
*5114 53
800 Beech Nut Packing
20 5012 Apr 29 6078 Feb 15
5214 Oct 7178 Fe
1914 1914 *1918 193s 1918 191
20% 2059 *1924 2014 1914 195
/
4
700 Belding Hem'way Co__No par 184 Apr 29 2714 Jan 7
26 Dec 39% Ja
5914 4914 497
4812 4914 488 49
49
4914 50
508 49
30,300 Bethlehem Steel Corp
100 4334 Jan 27 5614 Apr 7
371
/
4 May 5118 Set
1097s 10978 10914 1097s 10014 10912 109 10914 2,700 Preferred (7%)
11018 1103* 110 110
100 10434 Jan 3 11112June 2
99 June 10578 De
3534 *34
3514 3414 3414 *34
*34
3612 *34
3534 *34
3512
100 Bloomingdale Bros____No par 34 June 15 4138 Jan 11
28 June 42 De
11178 11178 *112 11212 4'112 11212'112 11212 *112 11212 *112 11212
100 109% Jan 20 113/
1
4 Apr 18 10414 June 110 DE
10 Preferred
57
57
*57
5712 *5612 578 50
56
56
5614 5614 5614
No par 5318 Jan 5 5934June 1
500 Bon Amt. class A
53% Dec 5618 De
*714 8
*714 734
738 73* *714 8
714 724
714 714
No par
300 Booth Fisheries
614 Jan 28
8% Apr 14
418 Mar
932 Ja
55
5118 5118 *51
5118 5118 5118 5118 *51
55
*51
55
100 45 Jan 11 5714May 27
400 1st preferred
344I Oct 51% Ja
*18
19
*18
*18
19
1912 1814 1814 *1814 19
*18
19
100 Botany Cons Mills claw A__50 18 May 4 2812 Jan 5
20 May 4118 Ja
2814 28
2812 28
2818 28
2818 2818 2818 3,600 Briggs Manufaeturing_No par 28 June 20 3659 Feb 23
2814 2814 28
24 Oct 3712 Ja
164 16634 165 16612 165 16634 16334 16414 164 16412 1,800 Brooklyn Edison, Inc
*163 167
100 14813 Feb 11 176 June 7 133 Mar 163 Set
11412 115
11414 115
•115 11512 115 11614 11458 11458 115 115
10,300 Bklyn Union Gas
No par 8958 Apr 4 118 June 6
68 Mar 98 De
36
3558 36
35
3578 357s *35
*3512 361 3578 357
No par 30% Feb 1 37 June 14
1,700 Brown Shoe Inc
3534
2918 June 483* Ja
*2834 29
29
2813 288 288 29
2913 1,200 Brunsw-Balke-Collan'r_No par 27 May 14 388 Jan 10
*2812 2912 2834 29
2438 Mar 398 Set
91
9018 9018 *9018 92
9134 91
90
89
89
88
88
1,300 Burns Bros new clAoom No par 85123une 17 12534 Jan 20 121 Mar 144 Jul
1914 19
21
20
2014 20
*19
2014 2014 2014 3,400 New class B oom
20
18
No par 16% Mar 18 3444 Jan 27
2613 Nov 44 Fe
*90
94
*9013 9412 *9012 93
90
90
90
9112 9112 90
300 Preferred
100 90 June 20 100 Jan 3
97 Mar 10312Jui3
9334 94
*9213 9414 *9212 9414
93
93
*92
*92
93
*92
7712 Apr 124 De
300 Burroughs Add Mach_No par 40 Mar 2 12634 Feb 28
59
5712 5812 5618 5712 5612 5912 14.100 Bush Terminal new ____No par 2942 Jan 12 62s4June 7
6012 56
6034 604 59
1644 Mar 3412 Jul
86 Apr 93 Au
*10212 10234 *10212 10334 10212 10234 10234 10234 10213 10234 102 1025
210 Debenture
100 9112 Jan 5 104 May 31
110 Bush Term Ridge. pref
11059 11012 11034 11112 *11014 11034 11134 11134 110 11014 *11012 11034
100 10338 Feb 14 115 Apr 11
9912 Jan 104 No
4
418 418
418
414 412 2,000 Butte Copper & Zino
4
414
314 Mar19
4 Dec
413 438
459 43
518May 2
614 Fe
5
5178 51% 5112 5112 51
51
5034 5034
178 Mar 71 Set
100 5012 Jan 3 6124 Feb 15
*5134 5212 *5134 52
600 Butterick Co
*812 9
812 812
834 9
88 88 *812 9
7/
1
4 May 1614 Ja
88 87
600 Butte & Superior Mining_ 10
734 Apr 4 11% Jan 7
8214 8214 8138 8314 8218 8212 *82
84
8112 828 8112 82
1,500 By-Products Coke____No par 66 Jan 29 9212June 2
53 June 90 Set
807
78
7959 7814 7914 8,200 Byers & Co (A 51)_ __No par
28 Mar 44% No
8478 08114 8314 7818 8114 80
42 Jan 3 94 June 2
83
*63
64
63
638 63
6334 62
6212 62
62
6214 6214 2,400 California Packing..__No par 6014 Apr 1 70 Jan 5
6614 Oct 17912 Fe
2418 234 24
2259 2312 2214 2234 228 2314 7,850 California Petroleum
2934 Oct 3818 Fe
24/
1
4 2414 24
25 2113 Apr 28 32% Jan 18
112
1E8
134
178
178 2
*112 158 *112 188
218 218 9,000 Callahan Zino-Lead
23* Jan 17
112 Mar
10
11 Jan 3
23* Ja
1
4 65
*6514 6512 64/
6334 6414 6312 6312 1,800 Calumet Arizona Mining_ 10 6312June 24 70 Apr 21
5512 Mar 733* Au
*6514 66
86
*65
*15
151
15
15
1434 1434 1,300 Calumet & Beale
15
*1434 15
138 Mar 1812 Au
15
25 1412 Jan 4 17 Apr 20
15
15
4618 48
4614 4634 30,800 Canada Dry Ginger Ale.No par 36 Jan 5 48 June 22
321 Oct 49 Set
457 4612 468 4712 4714 48
4514 457
219 219
217
211 217
212 2,800 Case Threeh Machine
100 132 Jan 27 23412May 21 .6212 Jan 176 Au
21734 21734 215 220
220 220
*-Bid and asked prices; no sales on this day. x Ex-dI'iidencl. o Ex rights.
3748
New York Stock Record ---Gontinued
Page 3
For sales during the weak of stocks usually Inactive. seo third page prace
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
June 18.
Monday,
June 20.
Tuesday,
June 21.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARK
Range Sines Jan. 1 1927
On basis of 100-share IOU
PER SHARE
Range for P780491,1
Year 1926
Wednesday, Thursday,
Friday,
June 22.
June 23.
June 24.
Lowest
Lowest
Highest
Highest
$ per share
Per share $ per share $ per share $ per share $ per share Shares Indus. & Miscall.(Con.) Par
Per share $ per share $ Per share $ Per share
*11212 116 *11212 116 *11212 116 *11212 116 *11212 11412 '112's 116
Preferred
100 111 Feb 28 12412:81ay 21
96
Jan 11812 Aug
2912 2958 2918 2918 2918 207
2912 30
29
29l3 s2834 2938 3,300 Central Alloy Steel__ _.No par 24 Apr 1 31 Apr 14
2812 Oct 3314 Aug
*1334 1412 14
14
*1312 14
14
1539 1512 1534 *1514 1512 1,900 Central Leather
838 Jan 3 1778May 25
100
7
Nov
2012 Jan
*13
1312 1312 1312 1338 14
1414 1412 1412 1412 1434 1473 2,700
Certificates
714 Jan 3 1512May 26
100
7 Dec
834 Nov
*72
7334 73
7314 7214 7214 72
7214 7534 7534 *74
800 Preferred
76
4314 Apr 6834 Jan
100 54 Jan 14 7712June 1
6634 6634 66
6634 6634 7014 70
7212 7238 75
7312 7414 28,500 Preferred certificates___.100
54 Jan 3 75 June 23
50 Nov 5412 Dec
•12
13
12
12
12
1218 *1112 13
*1112 13
*1112 13
600 Century Ribbon Mllls__No par
1012 Jan 26
1612 Mar Its
1014 Oct 3278 Jan
*7514 ____ *7514 90
*7514 79
*7514 79
*7514 79
Preferred
*7514 79
100 70 Jan 24 83 Apr 22
7814 Dec 90 Jan
*5934 60
*5934 60
5978 60
5934 598 59% 5934 59
5914 2,900 Cerro de Pasco Copper _No par 59 Apr 28 631 2 Feb 24
5712 Jan 7312 Aug
5218 5214 52
53
5173 523* 5134 53
5112 5278 5112 52,2 23,700 Certain-Teed Products_No par 42 Jan 25 5534May 11
3618 May 4912 Jan
*111 11458 *111 11458 *111 11458 *111 11433 *111 11458 *111 11438
1st preferred
100 106 Feb 1 11034 Mar 7 100 May 10614 Nov
*9
10
788 918
914 938
778 858
9
9
8
5,800 Chandler Cleveland Mot No par
8
758June 22 14 Mar 22
812 Nov 26 Feb
*22
:2158 217
21
2133 1714 21
1814 1934 1858 1214 14,300 Preferred
1714June 22 2614May 6
No par
2034 Dec 4514 Feb
124 125
126 126
12384 124
126 126
12612 131 *129 130
3,800 Chicago Pneumatic Tool_ _100 12012 Jan 3 13714 Mar 2
9412 Apr 12814 Deo
59% 5958 5934 6038 5334 5934 59
597
48%
Childs
Mar
3,540
Co
31 6234May 21
59
No par
5812 5933 59
45% May 6638 Jan
3412 3412 3412 348 3412 3478 3412 3453 3353 3434 3358 34
7,200 Chile Copper
25 3358June 23 3914 Mar 21
30 Mar 3638 Jan
*2214 25 . *2214 25
*2214 25
*2214 26
Chino Copper_
*2214 25
*2214 25
5 22% Jan 7 24 Apr 11
16 Mar 26 Nov
64
62
6212 64
61
639 61
62
6034 61
628 3,300 Christie-Brown tern etre No par 3478 Jan 5 6578June 16
60
2912 Oct 6334 Jan
4814 48% .48
4914 4712 4838 4712 4853 4634 48
No par 3818 Jan 28 5134June 8
4612 4714 82,600 Chrysler Corn
2812 Mar 547g Jan
*107 108
108 108
108 10812 109 109
1,000 Preferred
No par 10238 Apr 11 111 June 14
109 10914 •109 110
93 Mar 108
Jan
*52
54
54
54
*5312 5412 *5312 5412 *54
400 Cluett Peabody & Co No par 51 June 17 6634 Jan 24
5412 53
5412
60 Dec 6812 Jan
•11712 120 x116 116
115
,
,
4 11534 *115
4 117 *11534 117
120 Preferred
11534 11534
._100 11114 Jan 8 120 May 4 10314 Jan 116 Sept
115 11614 11558 116% 115 11512 11514 116
No par c913'2 Apr 27 19912 Apr 22 128 Mar 17434 Dec
11314 11518 11218 11378 8,700 Coca Cola Co
10412 105
10312 10412 102 104% 103% 104,
4 103 10512 102 104
10,400 Collins & Alkrnan
No par 63 Jan 4 10S12June 7
3434 May 6912 Dec
8412 8938 86
89
85,4 87,
3 86
8718 8412 87
100 4258 Jan 4 9112June 2
85% 88 119,100 Colorado Fuel & Iron
2738 Mar 4938 Oct
*71
73
72
73,2 7312 7312 73% 73% 7312 731 *72
1,000 Columbian Carbon v to No par 667.s Jan 3 8512 Mar 18
73
55% Jan 7084 Dec
9418 94% 9438 9434 93
,
4 9438 9378 9412 9312 941
9314 93% 9,400 Colum Gas & Cleo new.No par 82% Feb 11 9834May 27
8558 Nov 91 Doc
106 106
105% 10578 10578 10578 105 105% 10514 10534 10514 105,4
800 Preferred new.
100 9912 Jan 24 10712May 16
9878 Nov 10158 Nov
5334 5458
,
4 5314 541s 5212 5312 25.500 Commonwealth Power.No par 4858May 25 5458June 18
8 53
4 080
4 53,
4
*15
1514 :1538 1538 15
4 15%
1528 *14,
1434 15
15
800 Commercial Credit____No par
-16ii Nov 4712 Jan
1138 Feb I 20,8 Feb 21
15%
2112 :20
*20
*20
2014 *1912 21
21
*20
50 Preferred
21
21
*20
26 17 June 10 23 Mar 10
21% Nov 2614 Jan
22
22
*1912 2173 *20
217 *20
21% *20
20 Preferred B
21% *20
21%
25 18%June 15 23 Jan 7
20 Nov
2734 Jan
7514 7514 *7338 7712 *74
150 1st preferred (635 %)
78
7712 7412 7412 *7312 78
*74
100 74 May 9 8518 Jan 12
8512 Dec 9911 Feb
*49
5014 50,8 5018 49
*4834 49
49
*4618 4818 *4618 50
200 Comm Invest Trust.__No par 4118May 4 5614 Mar 14
6412 Dec 72
Jan
*93,
4 100
*9334 100
*9512 100
95,2 95,2 9512 9512 *90 100
300 7% preferred
100 95 Apr 21 9812 Jan 27
97 June 104
Jan
.89
90
*89
*89
90
90
90
*89
Preferred (6
90
*89
.89
90
100 8812May 17 95 Mar 14
89 May 100
Jan
350 35334 z345 345
339 347
Commercial
349 352
5,000
13
Solvents No par 223 Jan 3 383 June 3 11814 Jan 237 Nov
33934 347
34219 34514
19
1938 1812 19
1814 1912 1812 19
1814 1812 1818 18% 24,400 Congoleum-Nairn Inc_.No par
1714 Jan 26 2288May 4
1212 May 2938 Bent
63
6318 63
6378 63
6212 63% 6212 62% 5,800 Congress Cigar
634 6312 64
No par 47 Mar 11 64 June 10
4012 May 67 Dec
•__
14
*18
14
100 Conley Tin Foil stpd_ No par
14
14
14 Feb 1
Jan 5
3
3
38 Dec
1 Mar
80
81
8118 833
8212 83
8278 8438 8118 85
82
8338 49,000 Consolidated Cigar
No par 7578 Apr 30 8512 Feb 17
4514 Apr 8714 Dee
09
99
101 101
100 101
101 101 *100 102
10184 10134 1,200 Preferred
100 99 Mar 22 10212 Feb 2
91 Mar 10738 July
118
114
1
1
118
118
1%
114
1
1
lig
118 2,900 Consolidated DIstrib're No par
1 June 10
212 Feb 4
112 Aug
612 Jan
10218 10258 10133 10212 10119 10212 10114 10278 10118 10178 10118 10134 22,500 Consolidated Gas(NY) No par 94 Mar 9 10912 Jan 10
87 Mar 11638 Aug
9678 9738 9718 9714 97
9714 9753 9753 9718 9753 9714 9714 4,500 Preferred
93 Mar 18 9734June 1
No par
638 718
612 7
618 638
614 63*
6
614
6
614 53.000 Consolidated Textile
No par
3,8 Mar 14
414 No,
718June 18
114 May
37
3818 38
4012 39
4038 39
4078 40
4184 4034 42'8 42,300 Continental Baking Cl ANo par 3312 Apr 30 7478 Jan 6
5012 Oct 9378 Ants;
. 412 434
453 512
5
5% 5,2
514
58 534
58 534 65,800 Class B
4 May 19 1014 Jan 5
No par
1518
75
8
Sept
Oct
!380
82
85
82
8312 84
8334 85% 8434 86
85
8514 13,800 Preferred
100 72 Apr 1 9714 Jan 13
87
Oct 9612 Aug
71
7238 71
7112 7078 72
7114 7134 70
7114 6914 70
10,900 Continental Can, Inc._No par 5834 Apr 9 7312 Jan 3
70
Mar
9212
Jan
*16734 170 •168 16934 169 16912 168. 17038 •170 172 *170 1713*
1,200 Continental Insurance_ _ _ _ 25 135 Jan 27 174 May 25 122 Mar 14434 Jan
1078 11
11
1114 11
1114
11
1138 11
1114 11
1118 10,200 Continental Motors__.No par
1014June 16 1334 Jan 6
978 May
1378 Dee
55
,
8 55% 548 5512 5312 5412 5334 54
5378 5412 5334 55
38,500 Corn Products Refining____25 4678 Jan 12 6318May 14
35,
8 Mar 5138 Deo
*132 133 *132
_- 132 132 *132
•132
*132
200 Preferred
100 128 Jan 11 13214June 3 12212 Jan 13014 Dec
8012 8118 8034 8178 8034 8078 80
81
79
80
7934 81
2,500 Coty, Inc
No par 56 Jan 3 8378June 2
4412 Mar 62 Dee
85
843
*85
4
86
8512
87
85
8518
8412 8434 8418 85
2,400 Crucible Steel of America.100 77 Jan 4 9634 Mar 4
64 Apr 8234 Dec
•105 11012 •106 11012 1'105 11012 *105 11012 10912 10912 *107 110
100 Preferred
100 103 Jan 18 11018May 31
96 Mar 104 Dec
2858 29
2714 2914 28
2814 2734 2814 2712 2734 2712 2812 7,800 Cuba Co
No par 2614 Feb 2 3414 Jan 8
2814 0 t 5338 June
*8,
833 858 *858 834
8 8,
4 *858 834
833 858 *838 832
300 Cuba Cane Sugar
No 9131
8
Apr
11
103
4
1112 Jan
Jan
5
858 May
*3814 3912 *3812 3914 3812 39
373 3814 364 375
4,400 Preferred
368 37
100 3638June 24 5024 Jan 4
3512 June 5038 Dec
23
23
2353 2312 2314 24
23
2314 2312 23121 2314 2312 4,000 Cuban-American Sugar__ _ 10 2214June 15 2812 Jan 3
2014 Aug 3038 .b.n
*101,
4 108 *10134 108 *10134 105 •10134 108 *10134 108 •10134 103
Preferred
100 102 Jan 31 10514June 1
2734 Jan 105 Nov
•1334 14
14
14
14
1414 *1334 14
1334 1334 *1358 14
400 Cuban Dom'can Sug new No par
1358 Apr 29
18 Jan 21
1512 Sept 2014 June
4938 49,2 4814 4812 *4812 49
*4812 49
4834 4834 49
1,100 Cudahy Packing new
49
50 4312 Apr 8 5278 Feb 23
5118 Nov 55 Dee
*10814 114 *10814 114
10312 10812 *109 114 *109 114 *109 114
100 Cuahman's Sons
No par 103 Apr 4 11812Nlay 10
7712 Mar 108 Dec
3612 3612 *3514 3612 36
37
*35
36
*35
36
*3512 36
300 Cuyamel Fruit
No par 30 Apr 28 37 June 16
32 Nov 51
Jan
2958 30
2934 30341 298 30
30
32
3012 3178 31
31
6.800 Davison Chemical v t e_No Par 2614 Apr 28 3412May 24
2318 Oct 4634 Feb
14812 14812 314714 14714 14734 14734 14614 14614 14334 14534 14334 14334 2,100 Detroit Edison
100 13312 Jan 21 157 June 2 12312 Mar 14112 Doe
*3718 38
z37
37
3734 398 39
4138 39
4112 3912 3912 13,300 Devoe & Raynolds A__No par 37 June 20 42% Feb 2
31
Oct 10418 Feb
127 127
•126 128 *127 128
127 127 *127 12712 127 127
40 Diamond Match
100 115 Feb 28 133 May 12
2138 2153 22
, 20
21
'21
2134 2014 207
2012 2038 21
37,200 Dodge Bros Class A___No par
1758 Apr 22 2712 Jan 5
2153 Stay -411-4 Jan
7458 7514 7412 7514 7434 7514 7433 7434 7378 7478 74
8,500 Preferred cart f
75
7912 May 90 July
No par 70 Apr 28 85 Feb 14
7% 738
714 712 *738. 712
73* 712
7,2 712
7% 734 3,200 Dome Mines, Ltd
714June 10
No par
1114 Jan 4
8
Oct 20 Mar
70
*7012 71
70
7114 7114 717 75
7414 75
7414 76% 3,000 Douglas Pectin
No par 46 Jan 3 7618June 24
19 Mar 46 Nov
116 116
116 116
116 11618 •116 117 *116 11634 116 116
600 Duquesne Light let pref___100 11414 Mar 2 11634June 1 11112 Mar 11634 Aug
15118 15214 151 15178 15014 15112 15114 15334 15234 1598 15818 167
15,000 Eastman Kodak Co_ _ _No par 12614 Jan 28 167 June 24 10653 Mar 13634 Dee
2834 29
2834 2934 2812 2933 2814 2914 2718 2812 2712 29
43,200 Eaton Axle & Spring
No par 2418 Mar 21 2934June 20
23
Oct 3234 Feb
24212 244
24312 245
24012 2437 23812 24278 23638 24014 23714 240
10,900 E I du Pont de Nern new.No pa, 163 Jan 25 2537 Apr 22 15434 Nov 18112 Dec
*11112 11134 •11112 11134 11112 11112 .111 1113 *111 11134 *111 11134
400
6% non-VOt deb
100 10512 Feb 5 112185lay 10 10(134 Apr 11018 Dec
1212 12,2 1278 13
1212 1318 *123* 1212 1212 1212 1232 12%
1,100 hisenlohr & Bros
25 1178 Jan 3 1612 Feb 15
1034 Oct 2012 Feb
838 8412 84
84
8312 84
84
8512 :8234 8412 83
8312 12,900 Electric Autolite
No par 6312 Jan 13 8512June 22
6134 Mar 82 Feb
1912 20
1834 1912 1814 19
1812 1834 177 1812 1712 18% 17,500 Electric Boat
No par
1312 Mar 2 21 May 21
4 Mar 16 Dec
2178 22
2114 2218 2058 2118 2053 22,8 21
215
2114 2158 16,900 Electric Pow 414 Lt
No par
1612 Jan 27 2358May 23
1514 Oct 3412 Feb
*112 113,
4 11334 11418 *113 11418 11212 11212'113
*113
500 Allot ctfs for prof 40% pd._ 10378 Jan 28 115 May 21
9912 Mar 115 Feb
10334 10384 104 10414 104 104
10334 10334 10333 10333 10312 10312
800 Preferred
No par 96 Jan 14 10614June 10
8912 Mar 9814 Sept
21
2112 2118 2212 2034 21,2 21
2114 2012 21
18
2012 38,400 Electric) RefrIgeration No par
18 June 24 3788 Jan 3
3338 Dec 7812 June
673g 6838 6712 673 67,8 6718 6618 6753 6618 67
66% 67,4 5,000 Klee Storage Battery No par 6314May 3 7911 Jan 6
7118 Mar 9418 Aug
3
1
*7 4 884
9
7 2 734 *7
734 734 *7
400 Emerson-Brant ClitasA.Na pa;
9
*7
9
7% Jan 4 13 Apr 14
614 Dec
814 Dec
7038 7038 *69
6912 69
6914 69
69
6814 6834 68% 6812 3,100 Endicott-Johnson Corp__ - 50 6484 Jan 28 7238June 10
6512 Mar 7232 Fob
*120 122 *11814 122 *120 12114 •120 12014 *120 122 *120 122
Preferred
100 11638 Jan 5 12112 Mar 28 114
Jan 120 Sept
2712 275
2612 2753 2618 2612 2614 2634 2813 2614 26
2,700 Engineers Public Serv__No Par 2134 Jan 11 2878May 24
26
1914 Oct 2412 July
10413 10112 *104 10434 104 104
104 104 .10334 10334 10334 10334
600 Preferred
No par 9334 Jan 8 10812June 2
9214 Nov 9612 Aug
3134 3218 3058 32
3058 3134 3084 3153 3014 3158 3014 31 18 22,300 Erie Steam Shovel
5 2434 Jan 3 3234June 16
2112 Oct '2538 Nov
*107 108
108 108
10814 10814 *106 108 .108 104 *106 108
300 Preferred
100 10112 Jan 6 10814June 21 100
Oct 102 Nov
*178 189 *178 189 *172 189 *172 189 *178 189 *178 189
Equitable Office Bldg Dic1-100 11814 Feb 5 17512June 11
9978 June 13214 July
7314 737
7314 74
72% 7314 7212 7284 72
72,2 7238 7258 6,400 Eureka Vacuum Clean_No par 6078 Jail 25 74343une 17
43
May
6838 Dec
*19
1912 *19
1912 *19
1912 *19
1912 1319
1912 *19
Exchange Buffet Corp_No par
19%
1514 Jan 25 1934May 21
1434 July
Apr
17
39
*38
•38
39
3734 38
*33
39
3314 3838 3812 3812
600 Fairbanks Morse
No par 3714May 2 4312May 11
3758 Dee 5934 Feb
*110 11112 *110 111 *110 111 *110 111
110 110
110 Preferred
110 110
100 107% Feb 7 112 Mar 2 10612 Nov 115 Feb
10312 10334 10258 104
10212 103% 10118 10339 9512 10014 98
9934 53,400 Famous Play ere-Lasky _No par 9512June 23 11414 Feb 24 10318 Jan 12712 June
*11714 11912 *11712 11812 118 118
117 11718 11612 11612 11812 11812
700 Preferred (8%)
100 116 Apr25 12438 Jan 12 115 Mar 12412 Dec
43
44
42
44
43
43,
4 4218 4318 4218 4314 4218 43
3,700 Federal Light dt Trac
15 3712 Jan 17 47 May 3
28 Mar 4712 Dec
*9812 99
9812 98,2 9812 9812 9814 9814 9814 9814 *97
100 Preferred
9824
No par 9112 Feb 23 9912 Mar 31
88 June 94 Dec
157 158 *145 160 •145 160 2148 148 *120 150
170 170
400 Federal Mining & Suielt'g.100 60 Feb 9 187 June 18
41
May 11134 Jan
3
94 4 95
94
94
94,8 9418 *94
2,100 Preferred
95
94
94
*93
95
100 7512 Jan 28 97 Mar 12
61 Mar 105
Jan
22
2234 22
*22
2184 22% 2212 2334 2234 2358 2284 2312 5,700 Federal Motor Truck __No par 2134June 21 3078 Jan 10
23
Oct 3438 Aug
116 117 *115 11612 *115 116
*115 116
600 Fidel Phen Fire Ins of NY. 25 9312 Feb 23 193 Jan 8 160 Apr 20014 Jan
11534 11534 115 115
*10012 10314 *103 10314 103 103 *103 10312 102 103
400 First Nat'l Pie, 1st pref
10012 10012
100 9712 Jan 13 103 Mar 4
96 May 107 Feb
23
23
22$8 2238 23
23
*2212 2234 2212 23
228 2234 1,200 First Nat'l Stores
No par
1914May 11 30 Feb 7
28 Nov 49% Feb
1512 1512 15,8 158 15
1512 1514 1578 15
1514 1514 15,2 4,200 Fisk Rubber
1478June 17 20 Apr 20
No par
1414 May 2614 Jan
85
8614 85
*8614 8712 85
85
85
1,500
lst preferred stamDed___100 81 Jan 5 89esJune 2
84
8412 8414 8414
7678 Apr 8414 Mar
*9834 102
97
06
*95 105
*9712 --__
1st
*95 105
300
97
97
preferred conv
100 96 June 20 101 Apr 21
94 June 107 Mar
5514 5458 5512 54
5512 54
5458 5512 55
5514 5434 5514 16,900 Fleischman Co new____No par 4618 Feb I 59 May 19
3214 Mar 5612 Feb
5714 5734 5714 5712 5712 5712 56% 5712 5634 60
4,700 Foundation Co
5818 60
No par 5518June 9 8858 Apr 1
7314 Dec 17934 Jan
5753
57
57
,
8
5712
5712 5758 5638
5814 5512 5712 56
No par 5418 Apr 25 7412 Jun 6
5678 10,200 Fox Film Class A
Mar 86
5518
Jan
6834 68% 6933 66
6933 7034 6811 6958 88
6812 6638 6734 39,500 Freeport Texas Co
No par 3414 Jan 4 7434 Apr 9
1938 Jan 36 Dec
45
4534 4478 46
4439 4584 4514 4612 44
45
4418 4478 41,100 Gabriel Snubber A
No par 2912 Jan 3 47 June 8
Nov
255
8
Feb
42
*914 912
97
938 912
9
912 10
912 934
234 934 3,000 Gardner Motor
612 Jan 27 1138 Apr 22
No par
538 Nov
904 Jan
51
5514 32,4
5138 5112 4914 51
52
51
5112 5218 5012 51
100
00 Gepnre
Afr
r Tank Car_ No par 46 Jan 3 5514June 24
red
39 Mar 5532 Jan
*108 110 *108 110
110 110 *10912 11212 *109 110 *10912 110
8 Mar 1 11012June 8
100
1063
9012
June
109
Den
7638 7612 7612 7634 7513 7733 7514 7612 7339 7514 73
17,100 General Asphalt100
74
red
7212 Apr 28 9634 Mar 2
50 Mar 9414 Aug
•11012 118 .11012 118 *110 120 *11012 120 *120
____ *11012 120
100 113 Apr28 1443 Mar 2
9478 Mar 14018 Aug
6612 6512 6614 6514 6678 6512 66
6414 6414 6412 6558 65
22,200 General Cigar, Ina new _No par 52 Jan 26 891e Feb 24
46 Mar 5912 Feb
*120 121 *120 122 .120 122 *120 122 .120 122 .120 122
200 Preferred (7)
100 116 Jan 5 134 Feb 24 109
Jan 118 Dec
*5714 5712 5738 5758 5739 5733 *5712 5734 5784 58
400 Gen Outdoor Adv A.__No par 5458 Apr 11 5312 Feb 9
.5753 5778
51 Mar 56.18 Aug
49
4938 49
4938 4834 4953 *477 4834 4718 4834 46% 4718 3,400 Trust certificatee____No par 37 Jan 18 55 May 31
2638 Mar 3978 Dec
10414 10434 10312 10458 10314 105
10378 10612 104 10638 10334 106
65,600 General Electric, New__No par 81 Jan 27 10812June 2
79 June 9512 Aug
1118 1118 1118 1114 11
1114 1118 1114 1113 1114 1118 1114 6,500 General Electric special-___10 11 June 21
1138 Jan 5
1104 Dec
11
Jan
4084 41
42
*40
41
41
41
42
4112 4112 2,200 General Gas & Elea A__No par
3933 40
34 Apr 1
4712 Feb 2
Jan
94 Mar 59
*10714 110
10814 10814 *10612 109 *10612 109 *10612 10814 10612 10734
100 Gen Gas 4.14 Elec pf A (7)710 par 100 Jan 3 10084June 9
95 May 100 Deo
•11712 12112 *11712 121 12 *11712 12112 *11712 120 *11712 120 .117 120
Preferred A (8)
No par 11314 Mar 22 120 Juno 1 10512 Apr 113 Sent
*102 106 *102 106 *102 106
105 105
*103 105
100 Preferred B (7)
No par 98 Jan 13 105 June 22
Jan
9214 Apr 00
20258 20458 20034 20412 190 20214 20018 20214 19712 20034 198 20014 365,400 General Motors Corp No pnr 14512 Jan 25 20512June 17 11314 Mar 22634 Aug
1233* 1237 12312 12358 12312 12358 123 123
123 12318 123 12314 5,300 7% Preferred
100 11812 Mar 9 12414June 1 11312 Jan 12214 Dec,
*Bid and asked prices; no sales on this day. S Ex-dividends a Ex-rights. s Ex-dividend 100% In stock.
New York Stock Record-Continued -Page 4
3749
For sales during the week of stocks usually inactive. see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
June 18.
Monday,
June 20.
Tuesday,
June 21.
Wednesday, Thursday,
June 22.
June 23.
Friday,
June 24.
Sales
for
the
Ireek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SFIARE
Range Since Jan. 1 1927
On ia413 of 100-shard lots
Lowest
Highest
PER SHARE
Range for Precious,
Year 1026
Lowest
Highest
Per share $ per share $ Per share $ per share
$ per share $ per share $ per share $ Per share $ per share S per share Shares Indus. & 51hicell. (Con.) Par
9814 Apr 105 June
General MotorsCorp6% p111)0 104 Mar 7 108 June 14
*107
*107
*107
*107
*107
*106
6012 Mar 934 Aug
10634 10814 109 11438 11412 11814 117 1-1-9-34 11712 11934 124,700 Gen Ry Signal new___No par 8218 Jan 14 12014 Apr 6
10712 108
36 May 49
Jan
6718 50,500 General Refractories_ __No par 38 Jan 14 75 June 1
66
6812 66
6912 6534 68
70
7212 6734 7012 67
4114 Nov 784 Jan
No par 3712 Mar 24 4934 Apr 11
42
4212 42
1,200 Gimbel Bros
4238 4212 4118 4114 4118 4118
4134 4134 42
100 9938 Mar 18 10612June 23 100 Nov 11138 Jan
10514 10578 106 10612 *106 10634 2,100 Preferred
10512 10512 *105 10512 10,512 106
1412May 21 22 Mar 10
No par
1658 17
1538 June 2534 Jan
1634 1634 1612 1612 1612 1678 4,100 Glidden Co
17
1714 1714 17
42 Mar 11 5938June 2
4112 Mar 5678 Feb
5458 5534 55
56
564 5512 5678 5512 5612 17,100 Gold Dust Corp v t e No par
5514 5512 55
3912 Nov
7034 Feb
No par 4234 Jan 3 58,4 Mar 3
54
5438 53
5278 5312 6,100 Goodrich Co (B F)
5414 5458 5418 5412 5338 5418 54
9412 Dec 100 Feb
100 95 Jan 3 10312June 8
*99 100
*98 100
98
98
400 Preferred
100 100
99
99
"98 100
9612 Dec 1094 Aug
11312 11358 11212 11414 113 11334 11358 11334 11334 11334 113 11318 2,500 Goodyear T St Rub pf v t e_100 9818 Jan 27 1174May 16
100 105 Jan 7 112 June 6 10414 Dec 109 Sept
11018 11018 1,200 Prior preferred
10934 10934 10934 109% 10978 110
*10934 110 *10934 110
334 Mar 6912 Nov
63
6412 6318 6438 6334 6334 6318 6334 6212 6314 3,000 Gotham Silk Hosiery_No par
63
63
5738 Jan 12 674 Mar 25
63
4712 July 684 Nov
No par 58 Jan 12 6738 Feb 24
64
6432 64
63
1,900 New
6312 *6238 63
6334 6334 63
*62
100 104 Jar 26 110 May 18
200 Preferred new
*10614 107 *10612 10712 *10614 10712 *10612 10712 *10614 10712 10612 10652
912 *812 912
712,june 24 10 May 25
Oct
- "tiff;
812 812
710 par
700 Gould Coupler A
818 818
834 834 *818
712 712
1618 Mar 364 Dec
3658 3712 37
3612 364 16.300 Granby Cons M Sm & Pr_100 31 18 Jan 27 45 May 26
3712 3718 3738 3652 37
3612 37
89 Apr 11311 Dec
115 11534 .111514 11512 115 11514 3,400 Great Western Sugar tern etf25 109 Jan 26 12512May 25
116 11612 11558 11638 11512 116
120 120
100 11612 Feb 26 122 June 3 10812 Mar 11814 July
11934 120 *11934 12034 *11034 120
120 120 *11934 120
161 Preferred
934 Apr 3484 De
4412 4434 4414 44% 4314 4438 4134 4212 6,600 Greene Cananea Copper
4434 45
100 2914 Jan 27 4834May 21
4434 45
8 Jan 25 1114May 31
518 Jan
9
918
104 Feb
9
9
*9
038
878 9
958 958
8% 872 1,100 Guantanamo Sugar___No par
50
514 Oct 9338 Jan
4912 50
*49
1,200 Gulf States Steel
100 4834June 23 64 Fel,28
5012 50
4834 4914 4834 491
*4914 50
5614 *56
45 June 6012 Dec
59
5614 5614 56
60 Hanna let prof class A_ __ _ 100 56 Jan 31 67 Jan 19
*56
57
*56
58
57
*56
26
2414 2414 *2414 25
*2414 25
Oct '2812 Nov
*2414 25
*2414 25
*2414 25
100 Hartman Corp class A_No par 2418June 15 2714 Mar 29
2458 Dee 30 Sept
2458 2434 2458 2458 2458 245g 2458 2434 2,400 Class B
2312 Feb 13 2938 Apr 18
*2434 2514 2434 25
No par
171* Dec 46
1512 Feb 15 2812 Mar 31
Jan
26
2518 2518
254 254 2512 2512 *25
600 Hayes Wheel
NO Par
68 Mar 88 Dec
100 100
*97 101
*97 100
25 7612 Jan 14 10178Mar 17
;oi" 161-*99 101
200 Hahne (G WI
97 -9-7
1712 May 3512 Aug
39
40
4134 3912 4114 3912 40
No par 22 Jan 31 4134June 17
3912 37
6,600 Hoe(R) & Co
37
3834 36
3312 3312 3312 3678 3558 3638 3614 37
3378 3512 3412 344 37,700 Hollander & Son (A)__ _No par 3114June 3 37 June 22
621 *61
Wiz -Jri; 83
Oct
62
.61
6212 *61
100 60 Jan 25 6318 Jan 15
62
62
*61
62
Homeetake Mining
*61
*61
40 Mar 4832 Ian
54
5312 5334 5312 5312 53
54
5358 54
5312 5312 5312 1,400 Honest' Prod,Ino.tem ettNopar 434 Jan 3 56 June 6
5014 Mar 71
15814 16278 15818 16212 155 160
Jan
155 15634 155 164
83,500 Houston 01101 Tex tern ctfs100 6018 Jan 11 16612June 0
15614 159
27
Jan 45 Sept
414 Apr 18
No par 3558May 3
3714 3714 3634 36%
3812 3714 374 3612 37
3814 3814 38
1,400 Howe Sound
8412 8234 8414 8018 83
83
8May 11
4034 Oct 12314 Jan
8314 8538 8334 855
No par 4814 Jan 24 88,
80
8218 150,300 Hudson Motor Car
1914 1912 1938 4912 1918 194 1918 1912 8,400 Hupp Motor Car Corp.,.. A0 19 Apr 22 2358 Jan 10
17 Mar 2838 Jan
1958 194 1938 191
Jan
1958 Mar 34
1912 2018 1912 1934 1914 191
1912 191
*1938 20
1914 1912 8,700 Independent Oil & Glae_No par 1758May 20 3234 Feb I
2234 23
2234 23
23
1412 Dec 2414 Feb
23
23
13 Mar 30 24 June 24
3,500 Indian Mutocycle
No par
2334 2312 233 22314 24
814 812
712may 12 1118 Mar 14
838 838
734 Oct 13 Feb
10
8% 81
800 Indian Refining
8
8
812 812 *814 81
7l4June20 1012 Mar 14
712 Oct 1212 Feb
10
712 734 *712 814
714 81
83s 838
*8
838 5,300 Certificates
8
8
94
8014 Mar 104
Jan
*89
9312 *8978 94
*S9
94
Ingersoll Rana new ____No par 8978May 23 9612 Apr 2
*89
*89
91
*90
94
84"Stay 4334 Dec
50
4938 5034 5012 503
No par 41 Feb 15 5314June 6
5018 4912 4934 49
4858 49
491
6,300 Inland Steel
117 117 *11314 11738 *11314 114 "11314 114 *11314 114
_
*11314
10 111 Jan 3 117 June 8 10834 Mar 115 Feb
200 Preferred
1414
14
14's
1412 -1-41-2 1418
2034 Mar 2858 Nov
1318 1358 4,600 Inspiration Cons Copper-20 1318June 24 2512 Jan 12
1334 14
1312 135
•12
1212 1112 1112 1138 1112 1212 1218 1112 115 *12
12 Dec 2134 Feb
1138June 2
1534 Mar 12
1238
600 Intercont'l Rubber... No pa
sei2 7
*812 7
918 Dec 261* Jan
No pa
618 Apr 23 1078 Feb 23
2,800 lnternat Agricul
812 9
734 81
*834 7
678 712
3612 3812 391
Jan
3412 3412 3414 3414 35
5638 Dee 95
*3412 35
100 33 Mar20 6612.May 26
40
4234 4,200 Prior preferred
*84
8412 84
3818 Mar 5638 Dee
57
312 83
8512 8418 8534 8412 8538 x8
534 Jan 13 8934May 10
53
43
184 8
8312 5,800 Int Business Machines_No pa
4438 Oct 7172 Jan
5818 5812 5818 5312 5734 58
454 Jan 21 6538May 31
5758 58
55
5534 10,100 International Cement_ No pa
Jan
•109 110 *109 10914 *109 10914 *109 10914 *109 10914 109 109
100 1024 Jan 21 11014May 19 10178 Oct 106
200 Preferred
3312 Mar 6412 Jae
4518 4614 4414 4512 431g 45
4514 46
4318 Jan 28 64 Mar 1
454 464 62,400 Inter Comb Eng Corp-No Pa
434 46
179 17912 179 18012 17858 18414 18334 186
181 18314 217612 17712 13,700 International Harvester
100 13538 Jan 18 188 May 23 11214 Mar 15818 Dec
Jan 129 Dec
130 130
130 13012 130 130
100 12634 Jan 12 133 May 18 118
130 130
1,400 Preferred
12912 12934
12934 130
6 Sept 1238 Feb
834May 27
7,
614 Jan 4
4 74
8
8
714 712 4,600 Int Mercantile Marine___ _100
734 7,
8
734 8
778 778
27 Mar 4638 Feb
5112 5238 5014 5112 4912 513
4912 5112 4838 5014 4834 504 31,400 Preferred
100 3718 Jan 6 5538May 31
5312 Mar 664 Feb
7318 7334 7314 7434 7234 7378 73
62 Mar 2 7758June 7
7378 7214 73
37112 7238 7,500 International Match pref__3
3814 Jan 3 75 May 31
3238 Mar 4614 Jan
6412 6314 6512 6014 64
6612 6714 6458 6614 63
6018 6212 142,000 International Nickel (The)_2
4418 Apr 6334 Aug
424 4178 4234 4134 4218 4118 42
4112 4212 42
42
434 28,700 International Paper_ _ _No pa a3912May 18 804 Mar 7
89 May 100 Dec
99
99
99
99
100 9612 Jan 3 10114kfay 24
99
9938 99
99
99
9918 99
2,900 Preferred (7%)
99
Jan,
17812 17812 *17812 184
•17814 185 *17814 185
180 180 *181 18312
200 International Shoe____No pa 160 Jan 21 185 June 3 135 May 176
100 13512Mar 21 175 Slay 9
160 161
161 161 *157 160
164 164 *16118 164
160 165
1.700 International Silver
- 133
Jan
13734 13914 138 13914 138 13812 13718 13838 13658 1374 13614 13712 22,400 Internat Telep & Teleg __ _100 12214 Jan 25 146 June 7 fif" Marr
1 1113 Jan 31 3912June 18
1812 July 29
Jan
No pa
3538 3618 3614 3712 18,300 Intertype Coro
3712 3912 3718 3814 3534 3714 3512 36
4812 Mar 11 61 May 27
I
61
*59
61
61
61
61
*GO
61
6012 6034 *60
300 Island Creek Coal
*59
561-2 Dec
534 Jan 3 6612klay 1(1
25
Jan
No pa
*59
5912 5914 5914 5914 60
59
5934 60
60
60
59
1,006 Jewel Tea, Inc
100 11314June 24 12512 Mar 15 11512 Jan 12712 Nov
*11314 120 *113 120 *114 120 *11314 116 *112 119
11314 11314
100 Preferred
Jan 120 Aug
*12012 12112 11912 12034 11914 11914 11814 11814 119 119
119 119
700 Jones & Laugh Steel pref 10 117 Feb 2 12234May 21 114
1038 Jan 3 2714 Apr 6
9 Dec 194 Feb
pa
2418 2518 2314 2412 2358 2418 '2372 2512 24,8 25
2412 261 11,200IJones Bros Tea, Inc. _Na
151251ar 3 2212 Jan 5
12 Nov 66
P,b
No pa
18
18
1818 18
1712 1714 17
1718
1612 1612 1612 1612 1,500 Jordan Motor Car
11478 11478 *11478 11518 *11478 11512 115 115 *11472 115 *114,
200IKan City P&L let pf A _No Pa 112 Feb 10 11518May 27 10714 Mar 115 Nov
8 115
3314 May 5134 Dec
49 Apr 29 574 Jan 31
5458 5634 5534 56,
16,800 Kayser (J) Co v t a_ _ No pa
8 55
557s 5438 5534 5358 5412 5312 54
9 Oct 2112 Feb
2258 2334 2238 2338 23
2234 24
2
24
912 Jan 27 283* Apr 21
8 2238 59,700 Kelly-Springfield Tire
2218 234 21,
434 Oct 7434 Feb
35 Feb 2 7518 Apr 21
*66
10
68
6812 70
*681g 69
08
69
900 8% preferred
66
69
*66
68
45 Dec 734 Feb
100 44 Jun 19 76 Apr 21
*65
69
69
*6612 6812 68
100 6% preferred
6812
*6412 6812 *65
68
*66
7634 Nov 126 Feb
*7012 85
100 65 Mar 25 90 Mar 31
Kelsey Wheel Inc
4934 Mar 6414 Nov
60 Feb 9 683s Apr 22
-62'2 -6276234 63
62
NO 17a
WiCs 6134 62'4 15-,666 Kennecott Copper
8 -5ZT2 Wis; -6iF2 625
12
12
12May
12
1,
1 Mar 11
24 Jan
1, 1,600 Keystone Tire & Rubb_No pa
1,
12 Jan 3
*12
58
39 Nov 8212 Jan
45 Jan 5
2114 Feb 11
*26
.26
32
.26
32
No pa
25I2 255
32
*26
32
32
300 Kinney Co
4 *24
85 Sept 9914 Jan
*7734 7812 78
78
100 70 Apr 5 8412 Apr 8
7812 75
360 Preferred
76
7812 74
78
7812 *78
49
49
5638 Dec 68 Nov
*49
*49
51
51
25 49 June 16 624 Feb 23
*49
*49
51
49
400 Kraft Cheese
4934 49
54
5458 55
4234 Mar 82
Jan
5412 5312 5412 5378 5538 5312 553g 54
10 454 Jan 28 5538June 22
5412 18,300 Kresge (3 E3) Co new
*114
*115
*115
_
100 11018 Feb 9 116 June 16 11212 Nov 11484 Feb
*115 116 *115 116 *115 116
Preferred
1412 14
14
*14
14
14
14 Apr 14 1712 Feb 8
1518 Mar 334 Jan
*14
1412
1484 *14 1412 514
300 Kresge Dent Storm_ ___No par
55
56
55
*50
7014 Mar 9314 Feb
*50
65
100 52 June 9 80 Jan 4
*55
65
555
65
*55
65
100 Preferred
24812 24812 *237 250 *230 245 *230 245
*241 248
230 230
400 Laclede Gas L (St Louls)....100 17334 Jan 27 26712June 2 146 Mar 196 Dec
30
Apr
9
284 2834 2812 2918 28
2912 2978 29
3212
2012
Jan
13
19'o May 244 June
par
Transport_No
2838 *2734 28
4,500 Lago 011 &
7512 75
7612 7738 27512 7612 74
3912 May 72 Nov
76
No par 66 Jan 28 794June 16
7558 7434 77
75
16,900 Lambert Co
84 838
814 814
818 8,8
938 Mar 14
64 Dec
8
812
7 Jan 4
14
Jan
N6 par
8
81s *8
8% 1,700 Lee Rubber & Tire
3412 34,
3034 Mar 4118 Jan
3714 36
4 3438 3512 3512 3612 36
No par 324 Apr 27 38 May 27
3634 3512 3558 6,500 Lehn & Fink
2134 2172 2172 214 22
*2212 2212 *2178 22
1714 May 25 Dec
2238 2212 22% 1,000 Life Savers
No par 2114 Apr 16 244 Feb 17
117 11712 •117 11712 117 117 *11614 117
7218 Mar 103 Dee
11618 1164 116 1164
1,5001Liggett & Myers Tobacco__25 *8712 Feb 10 123 Slay 24
11612 11712 11712 11838 116 1164 11612 1163* 11534 1164 11558 116
71 Mar 724 Dec
25 *864 Feb 10 12234klay 24
7,400 Series 13
*128 130 *128 130 *128 130 *128 130 *128 130 *128 130
100 12434 Jan 27 131 June 3 11934 Jan 12934 May
Preferred
654 65,
67
66
66
8 65
*66
66
5312 Mar 6934 Jan
6512 6512 6514 66
No par 62 Jan 6 7618 Apr 26
1,500 Lima Loo Wks
53
52
52
5314 533,3 52
5112 51,
4312 Oct 5872 Nov
4 5134 5134 5112 5112
900 Liquid Carbonic certifs_No par 4818 Mar 11 5938 Feb 14
54
2:
:
5234 534 5212 5234 5218 5278 55
54
3414 Mar 4838 Dec
No par 4678 Jan 4 6378 Mar 17
114 55
5038 5178 15,700 Loew's Incorporated
618 6,8
618
64 64
*6
618
6
6 Feb 23
758 Jan 20
6
Oct 1114 Feb
No
64 64 2,000 Loft Incorporated
01
D
pa
oo
3712
3712
3712
38
3712 38
38
38
4134 Dec 5012 Feb
3712 3712 *3712 38
3212 Apr 26 43 Mar 7
1,500 Long Bell Lumber A_ _ _No pa
*43
4324 4338 4438 4234 4438 4458 4538 43,
4 4412 4314 4334 5,400 Lo
_..
Loose-Wiles Biscuit new ___ _25 4138June 15 48121',lay 14
100 157 Mar 11 171 May 7 1201-4 Mar 175 Dec
2d preferred
3133 3184 315 3212 3114 3212 -5I14 12-38 31l 3'2's -558
2734 Oct 4214 Feb
-20-,i66
25 23121gay 2 3414June 7
109 110 *109 110
*loo 113'2 *110 11312 *109 111
108 1084
108 May 17 11812 Jan 13 11112 Apr 120 Aug
400 Preferred
1218 1238 1212 1218 1212 12
12
1172 12
1212
1178 12
1818 Jan +5
12 Mar 1978 June
1112June 4
5,200 Louisiana 011 temp ctfs_No pa
9512 91
9118 9114 9114 *91
*91,
4 9512 *91
9512 *91
93 Dec 98 Dec
96
300 Preferred
100 90 Apr 6 97 Feb 5
*2618 2614 2618 2614 26
2618 26
2614 26
2618 2:4
26
26
2234 Mar 2618 Feb
235.. Jan 3 28 May 10
900 Louisville G & El A_ _ _ _No pa
2318 2318 2318 2378 2212 23
*23
24
24
*23
2134 2312
2258 Oct 6814 Feb
par 2134June 24 3314klar 18
Ludlum Steel
11678 11672 11658 11658 11512 11612 113 115
*11714 118 *11714 118
Oct 138 Feb
900 Mackay Companies
100 113 June 24 12738 Feb 25 122
71
7134 71
*7012 7112 *70
*71
7134 *71
7112
7112 *70
100 Preferred
68 Mar 7318 Feb
100 70 Mar 17 72 Jan 27
10634 10878 105 1084 10312 10512 99 103
107 109
10018 10238 119,100 Mack Trucks, Ins
8814 Jan 24 11834May 23
8958 Nov 169
Jan
No pa
4 110 •10934 11034 11034 11114
*110 11012 *110 11012 11014 11014 109,
10 109 Jan 25 11112 Apr 22 10712 Nov 113 June
500 1st preferred
*10412 10712 *10412 10712 *105 10712 *105 108 *105 108 *105 108
Oct 10834 Sept
100 102 Jan 18 10712June 9 102
3612 3518 3512 3458 3512 3334 3412 4,400 Mag
3614 3612 3614 3614 36
2dmpareClo
ea
2912 Feb 9 3778June 6
34 Apr 444 Feb
erprper
No pa
1614 1638 1514 1514 16
16
16
1634 •1512 16
1518 1534 2,800 Mallinson (H R)& Co_No pa
1112 Apr 7 18 May 2
1258 Nov 2818 Jan
75
7552 7434 7578 7538 7534 8,800 Manh Eleo Supply_..No pa
7338 7738 274373 7612 7412 75
Oct 8734 July
44
5318 Jan 25 7738June 18
2938 3014 2912 3034 3012 314 3012 31
3012 3114 304 31
2414 Jan 18 3178June 21
2178 Oct 327e Jan
2
16,200 Manhattan Shirt
4334 4324 *4312 4334 *4312 4334 *4312 4334 *4312 4334 *4312 4334
2712 Mar 4538 Sept
40 Jan 22 46 Mar 10
100 Manila Electric CorpNo pa
14
14
1334 1334 1312 1334 *1312 14
15
*14
51312 14
1612 Oct 28 Feb
700 Maracaibo Oil Expl___ _No pa
1314May 23 2234 Jan IS
3512 3618 35
3572 3412 3518 34
3534 36
3458 3314 34
494 Mar 6338 June
66,500 !garland Oil
3314June 24 584 Jan 17
No par
x46
46
*44
46
4418 45
4634 47
46
46
434 444 3,200 Marlin-Rockwell
2412 Oct 33 Max
No par 27 Jan 10 4812June 2
*1634 17
*1634 17
*1634 17
*1634 17
*1634 17
*1634 17
17 May 23 June
Martin-Parry Corp__ _ _No par 17 May 20 2434 Feb 24
10312 106
10512 10512 106 10714 106 1064 106 106
104 104
6212 May 10618 Jan
3,300 Mathleson Alkali WorksNo par 82 Jan 6 110 June 8
69
693s 68
69
694 70
6814 6878 6838 6834 6812 6812 4,700 May Dept Stores new
691
: Dec 70 Dee
Jan 27 7378May 23
6714
25
3014 314 3038 3012 3014 31
3()34 3114 3038 31
19 Mar 2412 Sept
3014 3014 11,600 Maytag Co
No par 234 Jan 15 32seMay 10
70
*6512 69
*65
68
Jan
•66
72 Mar 121
65
6514 6514 65
64
65
400 McCrory Stores Class B No par
Mar 4 7512 Jan 3
5612
26
*25
*2514 2512 2514 2514 2514 2514 *25
2214 Oct 30 Feb
26
25
25
1,000 McIntyre Porcupine Mines_5 2412 Mar 14 2712 Feb 28
2214 Jan 2512 Nov
*2512 2534 *2512 2534 2512 2512 2512 2512 2512 2512 2538 2538
600 Metro-Goldwyn Pictures pf_27 2434 Jan 3 2614 Feb 21
*512 534 *538 534
54 538
6 Feb
134 July
5
5
914 Feb 16
518 54
5
5
1,300 Mexican Seaboard OIL No par
5 May 18
1758 Oct
1358 1438 134 1378 6,300 Miami Copper
11 Mar
1414 1412 1358 1418 1318 1312 1312 14
1318June 21 1612 Feb 28
3012 31
3012 31
Jan
3012 3078 3058 3078 10,300 Mid-Continent Petro_ _No par 29 AV 29 3938 Jan 21
2712 July 37
3114 31% 3034 31
9044
vr 102
4,
14
2 Dec
jan
*100 10234 *100 10234 *100 10234 *100 102 *100 10212 .100 10212
Mid-Cont Petrol prof
100 97 A pr 28 105 Feb 3
27g
Nov
258 258
258 278
234 3
3,2
318 334
318 338 180,700 Middle States 011 Corp......_10
334June 23
158 Jan 3
12 Oct
2
2
2
2
238
132 Dec
178
178
2
218 234
234June 23
2
212 19,600
118 Jan 25
Certificates
10
109 109 *108 109 *106 109 *108 10912 *10812 10912 10934 10934
200 Midland Steel Prod prof. .,100 106 Apr 11 1191 2 Feb 17 107 Mar 13312 Feb
3312 3234 33
600 Miller Rubber otfs____No par 3158 Jan 25 3634 Apr 12
3234 3234 *3212 33
30 May 4434 Feb
3212 3212
3312 *33
33
95
*9714 9712 98
693s Mar 8612 Nov
9934 98
9812 9714 98
9734 9814 97
100 8112 Jan 28 10414May 20
5,100 Montana Power
Jan
6578 6512 6612 6558 66
56 May 82
0514 66
6514 6614 18,200 Monte Ward & Co III carp_ _10 6038 Feb 8 70 Apr 22
6614 6634 66
Ex-dividend a Es-rights,
•Bid and asked prices: no Bales on this day.
3750
New York Stock
Record-Continued-Page 5
Fos seise during the week of stocks usually insert's. see fifth page ',seceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
June 18.
Monday,
June 20.
Tuesday,
June 21.
Wednesday, Thursday,
June 22.
June 23.
Friday,
June 24.
Salts
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
1.O18 WI A If5
rAlt 011 Aff.
Range Sines Jan. 1 1927
On basis of 100-share lots
Range for Previous
Year 1926
_
Lowest
Milked
Lowest
Highest
$ per share 5 per share $ Per share $ Per share $ Per share 3 Per share Shares Indus.& Miscall.(Con.) Par
5 Per snare $ per share $ per share $ per skate
734
734 734
734
74 734
7
712
6
618 614 3,400 Moon Motors
612
No par
6 June 23 1212 Jan 5
934 Nov 37% Feb
3
3
278 278
278
278
234 3
234 278 *234 27
1,500 Mother Lode Coalition-No par
212May 13
71 Feb
438 Jan 3
4 Nov
913 912
912 912
912 912 *912 10
912 958
912 912 1,300 Motion Picture
par
No
812June
10
16
5
8
Mar
18
10
34 Dec 2312 June
325 33
3014 3258 32
3214 32
3212 3212 33
3214 3278 8,300 Motor Meter A
No par 3014June 20 3834 Apr 18
3324 May 5338 Feb
2412 2412 2458 2458 2412 2458 2434 244 2412 2412 2334 2414 2,100 motor Wheel
No par 2034 Jan 3 2778 Mar 29
194 Nov 3378 Feb
*254 2578 2512 2578 *2512 2612 2578 2614 2512 26
2578 2614 2,200 Mullins Body Corp__ No par
10 Jan 5 277sJune 16
8 Nov 1934 Feb
4/38
3612 *36
3612 *36
3612 *36
3612 3612 3612 *36
3612
100 Munalngwear Inc
No par 3534May 17 3973 Jan 11
3434 Apr 3834 July
2914 2978 2812 2834 2878 29
28
2614
29
4,500 Murray Body new
2634 2734 26
No par 26342une 23 43 Feb23-____6418 6458 6418 6412 64
6414 6334 6418 6312 6334 6312 64
16,600 Nash Motors Co
No par 6014 Apr 25 732 Jan 5
52 Mar 7078 Dee
*512 6
*512 6
*512 6
National Acme stamped___ _ 10
*512 534 *512 6
*512 0
5 Feb 15
1378May 18
5 Nov 127* Jan
37
37
37
37
*3634 37
700 Nat Bellas Hess
3634 3634 3614 3612 3618 3614
No par 38 June 10 4414 April
91
91
9134 92
9112 9112 *90
91
Preferred
921, *91
9212 91
500
100 91 May 26 97 Apr19__•12914 13014 12978 133
13012 13334 1324 13212 12914 13058 130 13034 22,700 National Biscuit
25 9434 Jan 27 138 May 9 -74 Jan 102 Dee
•134 138 *134 13734 *134 13730134 137
Preferred
100
13412 13412 *134 137
100 130 Jan 10 138 June 8 126
Jan 13112 Apr
4314 4312 4312 4334 4314 4312' 4314 4338 4314 4314 43
4314 4,000 Nat Cash Regtster A w 1 No par 3974 Jan 3 458 Mar 21
37% Oct 54 Jan
84
8438 ____
__ ____
_ __ _ _
_ _ _
_ _
__
400 Nat Dairy Prod tern etfsNo par 7038 Jan 3 8512May 23
53
80 Jan
Apr
*2314 2312 2314 -2-314 2314 .
2.
314 2314 .
214 22 2-3211-2 -2-134 3,700 Nat Department Store" No Par 21121)01e 24 2738 Mar 1
Oct 428* Jan
24
90
90
90
91)
90
90
91)
let preferred
90
9138 2,600
90
9112 *90
100 90 Apr 18 9414 Jan 10
Jan
8934 Oct 97
4458 4534 43
46,900 Nat Distill Prod ctfs__No par
4458 4318 4412 4218 4418 3412 4212 3618 40
17 Feb 8 5138June 6
1212 May 34 Jan
*57
64
*6012 61
5912 60
5918 60
2,500 Preferred temp elf _..No par 43 Mar 22 6934June 6
51
59
5314 55
7318
Aug
Jan
3712
*3113 3212 3112 3112 31
1,900 Nat Enam & Stamping
2914
3112 30
2912 2978 29
31
100 1918 Apr 29 3538June 6
2118 July
4012 Jan
•84
87
*83
200 Preferred
*82
86
87
85
87
85
*82 • 86
*82
100 89,8 Apr 29 85 June 16
76 July 8934 Jan
10034 10112 10018 10012 100 10018 10018 101
9912 10078 100 10014 3,800 National Lead
100 b95 May 31 20234May le 138 Apr 181 Dee
*132 13212 132 132 *132 13212 "132 13212 132 132
700 Preferred A
132 132
100 11312June 2 13212June 6
_ - - -- -- ---2158 214 214 2178 2112 2184 2158 2218 2112 2178 2138 2178 8,800 National Pr & Lt etfs-No par 1914June 23 237
Mar 24
4 -Mar -3838 Jan
163.
*79
80
7934 81
81
81
81
1,900 National Supply
80
80
80
8034 80
50 76 May 11 9534 Feb 18
55% Jan 88 Dec
252 25212 252 253
24512 252
730 National Surety
24814 24814 248 252
241 248
100 238 Feb 19 260 May 13 208 Mar 237 Dee
139 13914 138 138 *135 139 *138 13834 *131 136 *13014 13334
500 National Tea Co
No par 108 Apr 18 13934June 17 1161/ Nov 238
Jan
1312 134 1338 1312 134 1312 134 1312 1314 1312 1314 1312 6,400 Nevada Consol Copper_No par
1314June 23 15 Jan 3
1153 June
1614 Nov
4814 4678 4638 4634 4534 4534 4578 4638 4518 46
4518 4512 4,100 NY Air Brake
No par 4038 Jan 8 50 June 9
4612 Sept
3611 Jan
No par
131s Apr 21
217 Jan 3
2018 Nov 8434 Jan
_ .
_
_ _ _
_ _ _
_ _ _
_ __
Preferred
No par 43 Mar 30 72 Jan 13
7014 Dec 85 Apr
734i44 19)4 49341934 ii 19 *17 -49
17.
48
44 4.914 -1,&56 New York Dock
100 34 Jan 14 5012June 16
Oct 4578 Feb
32
"80
*80
*80
83
*80
83
8212 *80
80
83
83
400 Preferred
80
100 7218 Feb 9 8358June 16
69 May 77 Dee
*2813 2914 *2812 2914 29
400 Niagara Falls Power pf new_25 2734 Jan 31 2958May 2
29
284 284 2858 284 *2812 2912
2758 Mar 2918 Dec
4958 4934 4918 50
4912 4813 49
49
4778 483 48
484 16,600 North American Co
10 4558 Jan 14 5212June 3
Jan
42 Mar 67
5112 5112 5138 5112 5138 5178 514 514 5112 5158 5118 5138 2,400 Preferred
50 50 Jan 10 5214May 26
Jan 5214 Aug
49
*10058 10112 10112 10112 10058 10114 101 101 *100 101 *100 101
400 No Amer Edison pref__No par 9658 Jan 6 1015sMay 20
9118 Mar 97 Dec
3
3%
2% 318
3
3
24 3
*234 3
3
4,400 Norwalk Tire & Rubber34
10
178June 16
58* Feb 10
4% Oct 1518 Jan
*10
11
*913 10
*912 1012 *912 1012 1018 1018 *10
100 Normally Co (The)----No par
11
10 May 21
13 Jan 19
1712 Jan
12% Dee
*3734 38
3712 37
3734 3712 39 X37
3734 3814 37
3734 5,500 011 Well Supply
25 3114 Jan 28 4438June 3
31) July 3658 Oet
1478 15
1412 148 1413 144 _1418 1434 7,500 Omnibus Corp
1458 15
145* 15
No par 11 Mar 25 1718June 11
Oct 2214 Feb
12
6338 6334 6312 6312 1,300 Oppenheim Collins & CoNo par 5812 Feb 8
64
6414 6438 6458 64% 64 4 64
64
674 Feb 28
47 Jan 6358 Sept
*30
3012 2978 2978 294 2978 294 2934
31
3012 *30
*30
700 Orpheum Circuit, Inc
1 29 May 26 35 Apr 7
2712 Mar 3318 Nov
'10413
__ 10484 10434 *10434 - - 105
*1041
-_ *105
__
100 Preferred
100 10312Mar 2 10812June 2 101
Jan 105 Anr
12612 126 126
124 114
124 2-125 1-26-4 12512 12-512 *124 .
1.
2512 2,100 Otis Elevator
50 3103 Feb 2 131 Jan 18 106 May 136 Dee
115 115 *11412 116 *115 116 *115 116 *11512 116
11512 11512
40 Preferred
100 108 Feb 16 11814 Mar 22 10234 Jan 10912 Aug
1034 1078 1034 1114
1012 1012 1018 1012 10
71 Feb 10 1212June 6
1018 6,800 Otis Steel
1058 11
No par
8 Oct 1412 Jan
7534 7578 784 764 75
75
75
7512 7434 75
7514 7512 2,100 Prior pref
100 6112 Feb 8 7938June 9
83 Nov 74 Sept
7634 7712 7612 7678 7614 7638 7634 7634 •76
1,700 Owens Bottle
768 7578 76
25 7518 Jan 18 8413 Mar 14
5334 Mar 9034 Deo
3714 371
3634 3634 37
3612 37
3634 37
1,200 Pacific Gas & Elec new
37
*3634 37
25 31 Feb 18 3938June 1-112 112 21,100 Pacific 011
112 14
112 14
114 112
138
112 14
15*
No par
1 May 25
18 Jan 7
n1 May -a* -Feb
3478 35
3534 354 354 35
3478 3514 3478 .3518 35
3514 20,300 Packard Motor Car
10 3334 Apr 28 3712 Mar 14
3134 Mar 454 July
1214 11
1214 1234 1214 1234 12
12
11
1118 1012 1118 16,700 Paige Det Motor Car__No par
778 Mar 22 1412May 4
9 Nov 2812 Jan
5812 5858 5814 5812 5758 5738 5712 574 5714 571
5612 5612 1.800 Pan-Amer Petr & Trans__ -50 564 Apr 5 6578 Jan 19
5618 Mar 7611, Jan
59i
59
5838 5714 58
5834 5914 585* 5834 58
5738 5734 14,000
class B
50 5658 Apr 5 6638 Jan 20
5678 Mar 7858 Jan
'2113 2158 2112 2112 21
21
21
21
2034 21
1,100 Pan-Am West Petrol B_No par
2058 2034
19 Mar 30 3778 Jan 24
Jan
30 Oct 46
9% 912
10
912 912
10
938 912
938 938
914 914 1,700 Panhandle Prod & Ret_No par
8 Apr 29 1878 Jan 17
412 Jan 32 June
"51
"51
65
65
75
*64
*51
*51
*51
65
64
64
Preferred
10() 63 May 9 8158 Jan 17
Jan 9938 June
51
39
4014 3834 4038 3914 40
3858 3912 3634 39
26,200 Park & Tilford tern otle_No par 20 Jan 27 424June 16
38
37
1838 Oct 2818 Jail
*612 63
612 612
612 612 *612 634
612 612
612 612 1,300 Park Utah C M
1
51 Sept
6 Jan 3
8% Feb
8 Mar 4
38
4113 43
4038 41
3934 40
3913 3738 38
3712 6,700 Path° Exchange A new No par 37 June 24 4314June 17
37
2112 21
2113 213g 2138 21
*21
2178 21
2112 2114 2212 3,500 Patina Mines & Enterpr pr_25 20 Mar 23 2778 Feb 2-2318 2418 2414 2412 2412 24)2 2334 2378 2312 24
4,200 Peerless Motor Car
2314 24
50 20 Apr 29 32 Jan 8 -9-338 Nov -3111 Nov
264 25
264 2518 2638 2518 2578 2518 25% 6,600 Penick & Ford
2838 2612 26
No par 21 Jan 17 2778May 9
16% Jan 24 Dee
1678 1678 1678 1714 1634 1812 1712 1712 "17
1712 1.000 Penn Coal & Coke
1734 17
50 1014 Jan 19 2512May 27
7 Aug 19 Oct
3212 33
33
32
33
3312 3234 3312 33
3312 3112 3233 7,600 Penn-Dixie Cement__ _No par 31121une 24 3958 Jan 13
38 Dec 41 Dec
"9513 9818 *96
9812 •96
9814 *96
9812 "96
Pre1erred
9814 *96
100 9512June 16 100 May 14
9834
99 Nov 10012 Nov
58
12
58
58
52 26,600 Penn-Seaboard St'l vto No par
%
%
%
%
34
*38
I2June 24
1% Feb 14
511 Oct
214 Jan
14114 14114 141 14113 *140 142 "14012 142
140 140
14012 14013
500 People's 0 L & C (Chle)...100 128 Jan 14 14534May 20 117 Jan 131 Dec
0100 105 *100 105 *101 105 *100 105 *100 104 *100 104
Philadelphia Co (Pitteth)___50 8514 Jan18 110 Mar 25
5918 Mar 91 Dec
*5158 52
*0112 52
*5134 52
52
300
5158 5158 52
5158 5158
6% preferred
60 50 Jan 6 53 Feb10
45
Oct 5114 July
4178 4218 414 4212 414 424 414 4238 41
414 4018 4112 26,400 Phila & Read C & I___No par 4018June 24 4758Mar 4
3614 Apr 4838 Feb
*41
43
100
*40
"41
4158 4158 '4114 43
42
43
43
*41
Certificates) of int___No par 4034 Apr 11 47 Mar 4
3634 June 46% Jan
2712 2734 274 28
28
*27
28
28
2618 2712 2618 2618 3,600 Phillip Morris & Co, Ltd_10 2618June 23 4118 Jan 10
16 Apr 41 Dee
4312 4378 4338 4334 4212 4312 4114 4258 4038 4138 3978 4034 146,100 Phillips Petroleum___No par 392 Apr 28 6014 Feb 16
40 Mar 5738 Dec
*45
100 Phoenix Hosiery
47
*46
47
*46
*3512 47
47
45
*45
45
47
5 42 Jan 7 51 Mar 17
31 Mar 4614 Noy
0105 10878 "105 1083 *105 1078 *105 10878 *105 10878 *105 10878
Preferred
100 103 Jan 5 10612June 1
94 Mar 103
Oct
*1618 1634 1614 1678 15
16
144 1538 145* 1514
1434 1514 13,400 Pierce-Arrow Mot Car No par
127 Apr 27 23% Mar 8
19 May 4318 Jan
6414 6512 6412 6412 6214 64
6212 63
6034 6234 6012 6112 4,700
Preferred
100 56 Apr 27 10212 Jan 3
7612 Apr 12714 Aug
78
34
78
1
27,500
1
1
Pierce Oil Corporation
1
118
118
1
78
118
25
12 Mar 25
118June 22
12 Oct
15* Jan
22
*22
1,800
2238 22
24
2378 2334 24
24
2334 2334 22
Preferred
100 1312 Mar 24 24 June 21
1118 Nov 271g Jan
70,600 Pierce Petrol'm tern otfsNo par
458 47
512
44 5
5
5
514
54 514
5
54
212 Mar 22
512June 20
214 Aug
7 Jan
61
6312 6134 6434 59 6234 594 624 5414 60 5412 5778 37,100 Pittsburgh Coal of Pa
100 3231 Mar 22 7412June 7
29 June 4212 Jan
3,300
86
89
8912 8918 9018 *88
8912 8734 88
8734 *84
85
Preferred
100 705* Mar 10 9312June 8
70 June 85 Jan
100 Pittsburgh Steel pref
9818 9818 *96
0814 *97
9814 '97
984 *97
9814
9814 *97
100 95% Apr 11 101 Jan 18
94 Mar 10018 Dec
10134 10238 10178 10334 10118 10534 10313 10514 10218 10414 10212 10334 84,500 Pont= Co, Ina
No par 9258 Mar 16 10534June 21
7513 Mar 1247* Feb
1,500 Premed Steel Car new
•59
*58
*57
61
61
60
59
60
*58
57
57
57
100 3612 Feb 5 70 Mar 28
34% May 44 Nov
8614
400
*88
8912 8818 8818 8814 8814 88
88
88
*86
Preferred
8914
100 7612 Feb 5 9212May 12
77% Dec 9534 Jan
15,900 Producers & Refiners Corp_50 1634 Jan 5 3378May 16
2838 2834 2818 2978 2818 2812 28
285g 2658 2778 2612 27
11 Mar 2034 Oct
44
410
4412 42
4314 42
4134 4218 4112 424 4112 414
42
Preferred
50 3678 Jan 6 50 Feb 9
3034 May 4134 Oct
4114 4134 41
4114
23,500
4014
8
4034
4078
40
4112 3978 404 403
PubServCorp of N Jnew No par 32 Jan 6 4514June 1
3114 Oct 3338 Nov
310012 101 *10012 10034 *10012 10034 10013 10012 *9912 10012 *9934 10012
200
6% preferred
100 9812 Feb 19 10114May 10
Oot
9611 Apr 101
0112 11418 *11312 11428 11312 11312 11334 11334 *113 11312 *112 11378
200
7% preferred
100 10812 Jan 5 11558Mar 23 103% Jan 110 Nov
3130 13112 132 132 •130 13112 130 131 "130 132 *130 132
400 8% preferred
100 125 Jan 10 132 June 20 115 Mar 12434 Nov
1110658 10678 *10658 10678 10653 10658 10658 10678 .10634 10718 *10634 1074
600 Pub Seri, Elea Sr Gas 991_100 102 Jan 4 10834May 20
97 Jan 1044 Sept
18112 183
182 18412 18112 18112 182 183
18014 18212 182 18214 3,200 Pullman Company
100 17214 Apr 12 10512May 25 14514 Mar 19912 Sept
3814 3814 38
3834 3818 3912 3718 3814 3758 38
3834 3938 5,300 Punta Alegre Sugar
50 341 Mar 22 4678 Jan 3
33 Apr 4914 Dec
2634 2678 2612 2678 2638 2638 2614 2658 26
2614 26
2618 15,500 Pure 011 (The)
25 26 Apr 28 3312 Mar 4
Jan
2514 Oct 31
11212 11212 *11212 114
200 8% preferred
11234 11234 *11212 13 *11212 113 *11212 113
100 1118* Jan 11 114 May 25 106 Apr 11234 June
5312 54
*54
5434 *54
600 Purity Bakeries class A____25 4234 Mar 31 58 May 3
54
5414 54
54
54
5312 54
47
Oct 4958 Nov
7018 6934 70
*69
6912 70
6912 3,100
class B
6934 6978 6912 6934 69
No par 4134 Jan 3 7512May 19
4112 Nov 44 Dee
514 5173 5034 53
5073 5238 52
5378 5212 5438 5418 554 134,500 Radio Corp of Amer
No par 4118 Apr 13 564 Mar 1
32 Mar 6158 Nov
5134 5134 5118 5118 5113 5118 *5114 5112 5178 5173 52
900
52
Preferred
50 49 May 3 53 Feb 28
4458 Mar 6378 Dec
"4134 4613 *4134 4623 "4228 4612 *4218 4613 *42% 4612 *4218 4612
Rand Mines. Ltd
No par 40 Jan 5 4658 Apr 25
324 Apr 4184 Oct
•1458 15
1438 1434 1413 1458 1412 1458 *1434 1478 1438 1438 1,400 Ray Consolidated copuer__Io 1438June 20 1512Mar 1
101* Mar 162* Nov
29
29
29
2834 29
29
284 29
10 2814June 24 49 Apr 20
2812 284 2814 2812 2,000 Real Silk Hosiery
3712 Nov 5014 Oct
8714 8712 *8714 90
*8714 8912 8714 8714 "87
120
Preferred
88
"87
88
100 80 June 1 99 Mar 2
9314 Dec 100 Nov
4618 *44
45
*45
*44% 4513 44
300 Reid Ice Cream
44
4512 45% 4512
*44
No par 3812 Jan 24 4778May 27
3934 Dec 56
Jan
"6
400 Reis (Robt) & Co
7
612
'6
7
*6
6 Mar 19
612 *6
6
7
No par
612
*6
9 Jan 10
7% July
1834 Feb
. 4223:1
4:4_14
43
:
58_
431_2 _4_1_ 7_8.
:I
7 :13
., 4_12_ .
Re
epmliong
. :1 _ ::,_7:0 B
gia
ton
e-ted
.
43:2_4
Rand
No par 3738 Apr 14 47141une9_4,68
99)4 98
0918 9834 99
1,500
98
First preferred
,
9812 98
4 98
100 98 June 20 102% Apr 25
9834 98
.101 105 *10012 104 *103 105 "103 105 *103 105
100
103 103
Second preferred
100 99 June 3 110 Apr25_-1____ 11612 •___- 11612 •_-__ 1161 *____ 11612 "112 11612 '112 1161s
Rem'g'tn Type 7% 1st 91.100 110 Feb 18 11713 Feb 10 foe "Apr 11-8
Oct
116 *113 116 *113 116
116 •_ 116 *_ 116 *
8% 26 preferred
100 111 Jan 6 126 Apr 25 105 Apr 11514 Aug
No par
9% Apr 30 13% Jan 10
8 Oct 1578 Jan
6558 6614 6414 6558 6314 6414 6,200 Republic Iron & Steel
,
8 6518 6678 654 66
;4;52 -11W
100 5612 Jan 4 758 Mar 11
44 May 6358 Jan
600
10318 10318 104 104
110318 105
10314 104 *10312 10412 10312 104
Preferred
100 9658 Jan 3 106 May 26
9114 Mar 99 Sept
713 818
718 778
712 712
712 712 17,600 Reynolds Spring
714 714
714 734
No par
4 Feb 21
8 June 10
414 Oct 1058 Jan
13614 137
13614 137
13638 13634 13612 13658 13414 13614 134 134% 9.800 Reynolds (1tJ) Tab Class B 25 9818 Feb 24 13978May 24
90 Mar 121% Nov
98
94
93
9634 9958 9714 9814 4.000 Roods Insurance Co
"92
9312 *9112 9314 92
25 74 Jan 13 9958June 23
761a Dec 100
Jan
49
49
4914 49
491 4912 4914 4938 49
4812 4834 3,100 Royal Dutch Co(NY shares). 4813 Apr 27 54% Feb 9
49
478 Oct 6758 Jan
38
3814 3814 38
38
3812 3812 38
3814 3838 38
3818 1,300 St Joseph Lead
10 36 May 23 437 Mar 4
3658 May 4818 Feb
71
31,700 Safety Cable
38 6912 7012 6958 71
6912 7112 6912
72
6812 6938 69
No par 5234 Jan 3 72 June 20
4218 Mar 551k Nov
5178 50
51
50
900 Savage Arms Corporation_100 4758June 24 7212 Mar 5
•52
52
51
"50
57
51
475* 4912
67% Nov 10212 Feb
212 212
2
24
2
9,700 Seneca Copper
212 3
2
3
3
3
3
178 Mar 30
No par
334 Jan 10
213 Dec 1014 Jan
*5712 573
5712 5734 5738 58
800 Shubert Theatre Corp_No par
4714 *5714 58
*57
5812 57
56 June 15 66 Mar 10
52 Mar 705* July
53
5438 5334 5418 53
524 5314 524 5314 18,300 Schulte Retail Stores-No par 47 Jan 18 5512June 16
5334 5234 531
4213 Mar 13812 Jan
"120_
"11934
100
.119 120 *119 120
120 120
_ "11934 12014
100 11614 Jan 22 120 May 5 11212 Jan 120 Sept
Preferred
1.100 Seagrave Corp
11 Ii 4,11 Ms 11 11
*11 113s 11 11
11 11
No par 101 Apr 25 1358 Jan 3
1212 Mar 1434 May
5812 59
5718 5734 29,700 Seare,Roebuck & Co newNopar 51 Jan 17 5912June 20
5812 5912 588 59
5818 5878 574 58
4414 Mar 5838 Sept
4,600 Shatuck (F 0)
71
7112 7034 7113 6912 70
7012 7012 26934 704 69
70
5638 Jan 17 7578June 9
No par
47 Mar 698* Jan
4534 4534 *453g 4612
*45
100 Shell Transport & Trading_52 4358 Apr 28 477 Feb 10
4638 *4512 4612 *4558 4612 *4534 47
, Jan
4012 July 485
2718 264 27
2612 2678 11,600 Shell Union Oil
2734 273 2712 2734 2714 2712 27
No par 253g Apr 29 3134 Feb 7
24 Mar 31 Nov
•.da and asked priors: no sales OD thie day.
Ex-dividend. a En-rights.
Kx-divigend one snarl of Standard 011 al Calliornia news
b Distributed one-halt share common stock and one-half share preferred B stock.
3'751
New York Stock Record-Continued-Page 6
For sales during the week of stocks usually inactive. see sixth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
June 18.
Monday, I Tuesday,
June 21,
June 20.
Wednesday, Thursday,
June 23.
June 22.
Friday,
June 24.
Sales
Ior
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range awe Jan. 1 1927
On basis of 100-shars tots
Lowest
Highest
PER EFIARX
Range for Previous
Year 1926
Lowest
Highest
Shares Indus. & Miscall.(Con.) Par 5 per Mani t tntr share $ per share 5 NT than
$ per share $ Per share $ per share 5 per share $ per share 5 per share
1514 Aug 285* Jan
10 1554May 26 2234 Feb 16
1534 1534 7,000 Simms Petroleum
1534 16
16
16% 16
*1614 1634 1618 16% 16
4 Jan
1
2834 Oct 54/
No par 3312 Jan 6 51 June 7
16,500 Simmons Co
4712 4714 4858 4712 4814 478 48
471 4734 47% 4814 47
100 107% Jan 4 110 Feb 10 10512 Nov 10912 July
120 Preferred
*110 11014 *110 11014 110 110 *10912 11034 10912 10912 10934 10934
Feb
2472
Oct
4
1
/
22
4
3
29
16
Apr
20
Jan
1612
par
Corri_No
Cons
011
Sinclair
17,300
8
167
163
17
1678
4
1714 1674 171
1714 17
1714 1758 17
4June
/
90 Mar 991
100 97 Jan 6 10314 Jan 31
700 Preferred
*9878 99
*9878 99
*9878 99
*9878 99
99
9912 9912 99
4 Mar 374 June
1
26/
25 Apr 29 3732 Feb 21
25
Co
Oil
Skelly
16,600
2614
8
255
13
2614
26
4
2718
27
267
4
1
/
27
26
27
2732
2732
100 Slos8-Sheffield Steel & Iron 100 12314 Jan 20 13414 Apr 6 103 Apr 14212 Aug
12412 12412 *124 127 *12312 127 *123 127 *123 127
*124 126
1158Jime 22 1418May 23
No par
4,500 Snider Packing
1278 13
13
13
12
1158 13
1172 12
123 1218 12
ei
2 -17South Porto Rico Sugar___100 al5014June 24 19712May 2 -92 -Air 1411,800
15014
a15014
163
16212
4
1633
162
164
163
163 163
*160 163
4 130 May 21 110 Oct 121 Dec
11812Mar
100
10 Preferred
5129 130 *129 130
*129 13034 *129 13034 129 129 *129 130 '
30 Dec 83 July
4 Jan 3 3678June 3
/
25 311
3438 3418 3438 11,600 Southern Calif Edison
3418 3458 34
3514 3458 35
3514 3514 35
41
Oct 5512 July
3,500 Southern Dairies Cl A-No par 15 May 20 4534 Jan 13
19
19
1914 1914 1914 20
1958 2012 1958 1978 1914 20
1712 Oct 3534 Mai
7 May 18 20 Jan 7
No par
712 712 6,600 Class B
758 818
8
8
814
8
814 814
814 812
10 Dec 1734 Feb
13 14 June 22
834May
par
No
Co
&
Spear
2,090
13
13
13
13
14
1312
1312
12
1312
*11
1312
*1018
72 Apr 82% Jam
100 73 Feb 24 80 Feb 14
60 Preferred
8034
7934 7934 *77
79
7812 *74
*75
78
78
80
*79
1834 Apr 3188 Feb
No par 2012 Jan 27 2878May 25
2512 2512 2,400 Spicer Mfg Co
26
2612 26
2534 26
264 *26
2612 26
26
Jan 10714 Dee
110 Mar 19 101
21
Feb
104
100
Preferred
100
4
1093
*108
108
10814
108
10814
*108
*10912 11212 *108 10812 *108
Mar 69 Feb
51
16
4June
663
25
Jan
54
par
Oo_No
5978 16,200 Standard Gas & El
6112 6012 6072 6038 6078 59% 6054 59
4 61
1
6112 61/
4 Feb
1
5334 Mar 57/
50 5712 Jan 3 64 May 16
6258 6254 6212 6212 1,100 Preferred
6258 63
63
6212 6212 62% 6278 63
6714 OctI 9212 Feb
100 7014 Jan 4 8932June 2
8112 8134 2,000 Standard Milling
83
8212 8212 83
8378 82
8312 84
*8312 84
80
Feb
2
90
June
4/8
5
Jan
84
100
Marl
Preferred
310
96
95
95
95
95
95
95
*93
95
9572 9578 *93
5258May 6354 Sep
11,800 Standard 011 of Cal new.No par 50% Apr 28 6034 Jan 19
5278 5314 5278 53
533
5312 5312 5358 5378 5314 5334 53
4638 Jan
Dec
4
373
5
Feb
8
413
29
Apr
3514
Jersey_25
New
of
011
Standard
35,800
4
363
4
365
4
3658
367
3678 3612
3658 3678 3658 3678 3612 3678
3212 Dee 3314 Dec
2974May 2 3414 Jan 18
3012 3058 3012 3034 3012 3034 3038 3012 3014 308 3014 3034 12,700 Standard 011 of New York__25
312 NovI 1072 Feb
438June 9
2 Mar 29
*312 358
312 312
312 4%
*312 4
334 4
334 334 3,100 Stand Plate Glass Co__No par
75 Mar 9614 Not
7
10712June
4
Jan
9012
par
No
Products
Sterling
10434 10514 10412 10434 2.000
10614 10614 10512 106
10614 10614 *10614 107
61
20
Apr
6814
15
Mar
NovI 9274 Jan
6218 6118 6214 17,400 Stewart-Warn SD Corp-No par 5114
5258 6278 6212 6414 6112 63% 6218 6234 61
4734 DeC1 7714 Jag
2,100 Stromberg Carburetor_No par 2618June 1 5412 Mar 1
33
*32
3278 33
33
3278 33
3074 31
30
*3012 31
62 Sept
May
47
8
Apr
57
23
June
49
par
No
35,100 Studeb'reorp(The) new
501s 5034 5012 5072 4912 50% 4912 50
4974 4914 50
49
100 118 Feb 10 122 Feb 23 11412 FebI 1221235121*
100 Preferred
121 121
*118 12112+118 121 *118 121 *118 121 *118 121
4 Feb
1
8/
July
112
12
2May
81
28
Feb
212
par
No
Boat
618
6
Submarine
638
10,300
618
614 638
61s 612
6% 658
634 7
4 Jar
1
8018 Marl 41/
No par 30 Mar 21 3472 Jan 17
33% 3314 33% 3314 3314 3314 3,200 Sun Oil
4 3278 3278 33
1
3214 3212 32/
514 Dec
615 Feb 18
1 Jul71
30
Mar
4
3
3
par
No
Oil
412
438
Superior
3,400
412
412
4
414
458
412
414
412
4
43
434
78 Sept
34
Apr
1912
18
May
28
25
Jan
8
5
19
100
900 Superior Steel
24
*22
23
23
*2214 24
23
22
23
4 2214 22
1
21/
4 Sept
1
8% AprI 17/
7 Apr 27 1358 Feb 3
50
Sweets Co of ArDer1016
10
*9
10
*9
10
*9
10
*9
10
*9
10
*9
Nov 1412 Jac
4
14
Jan
8
12
Apr
312
pa
infs__No
temp
Symington
4
*311
412
412 *312 412 *311 42 *312
*4
*334 .4
4 Jan 14
1
4 OCti 2072 Fet
1
10/
812 Mar 1 13/
700 Class A temp atfa____No pa
10
10
10
10
10
4 10
/
1034 1034 1012 101
11
810
11 Aprj 1472 Jar
800 Telautograph Corp--No par 1112 Mar 9 1412 Apr 8
*1212 1234 *1212 1234 *1211 1234 1212 1212 125* 1274 1212 1212
8* Dee1 16 Fet
13
Jan
134
10
10
8June
81
zta
No
C
&
Copp
Tenn
814 812 5,200
814 838
814 83*
814 838
84 832
83* 834
5312 NovI 5772 Dec
25 45 Apr 19 68 Jan 17
4712 13.100 Texas Corporation
4714 4734 47
4718 47
48% 4834 4734 4838 475 48
4 Not
1
39 Oct 52/
6634June 16
3
Jan
49
par
No
new
Sulphur
Gulf
Texas
153,400
6312
63%
61
6418
6218
6414
6312
64
621g
63
4
4 653
1
64/
4 Jai
1
12 Oct 19/
12 Apr 29 1872June 8
1
1412 145 13,100 Texas Pacific Coal & 011
1518 1534 1412 15
1414 147
1514 158 1514 16
----,.-7
June
40
25
Jan
1512
_1
4 3172 3014 3112 125,800 Texas Pao Land Trust new
1
3234 3032 3232 29/
3234 3414 3212 3372 31
3454May 7 -10.52 -Dec -34 Jai
No par 2414 Jan 1
1,400 The Fair
324 *32
3214 3158 32
315* 317
*3214 321 z3178 3212 *32
Sept
May
424
21
5012
June
56
26
Jail
47
25
CO
RI
7
(J
7
Thompson
8,500
54
55
53% 54
54
56
z54
53
53% 54
4 53
1
52/
---- ---- ---- ---.
174 1612 1714 1612 1634 1614 1612 11,500 Tidewater Assoc 011---No par 1512June 2 191sJune 9
1712 1778 1714 1734 17
4June 1
903
24
8812June
100
Preferred
1,300
89
89
8912
8812
89
89
8912
89
8912
89
8912 89'2
100 2234May 12 2918 Jan 13 -27 Nov -3914 Jai
24
*23
200 Tide Water OU
24
*23
24
*23
24
*23
23
23
23
23
8714 Nov 103 Jai
4 Apr 25
1
100 87 May 6 89/
100 Preferred_
*8712 881 *8712 8812 *8712 88% 8712 871 *8712 8813
89
*88
4472 Mar 8532 Noi
B
Roller
par 78 Jan 3 10614June 3
earing_No
Timken
10114
100
4
/
1011
58,100
4
1
/
99
10012 101
4 10214 10012 1034
1
99/
•10032 101
4 Sepl
1
6
Jan
8
955* Apr 116/
1103
100 9312 Apr 11
4 10212 1011
1
101/
4 103 510014 101
/
12,200 Tobacco Products Corp
10114 102
10134 1013 10072 103
4 Sepi
1
18 103 Mar 118/
Jan
11612
16
Apr
108
100
A
Class
112
112
300
11214
8
1127
*112
11214
*112
11214
1131
*112
1131
*112
Juli
5%
Mar
3
18
4June
93
30
Apr
334
913
newNopar
9l
018 934
8l
83,2 914
554 92
430,700 TranecT1 011 temctf
734
818 834
15 Aug 27 Jan
15
15
600 Transue & Williams SO No par 10 May 4 1538May 31
15
1514 15
15 '
1514 *15
515
1412 1413 15
Nov 6334 Jaz
4314
18
Apr
60%
29
Jan
45
-___25
Typewriter
Underwood
5412
5714
10,500
4
533
5612 5414 55
55
57% 58
5612 58
5658
35 May 714 Jai
62
55
5814 20,000 Union Bag & Paper Corp 100 3812 Jan 25 7314June 1
56
6538 6212 6338 6112 62% 6112 63
63
4 Do
1
7712 Mar 100/
118% 11812 11734 122% 1185* 12312 12214 12412 12014 12314 12014 12134 79,600 onion Carbide & Carb_No par 9914 Jan 26 124121une 22
374 Jan 583s Sell'
6
Jan
5612
27
Apr
4
3
39
25
California
011
41% 4114 9,700 Union
417
424 41
4 42
1
4214 4232 4214 4212 4214 42/
93 Dec 954 Do
100 94 Jan 3 11512June 9
113 11312 11314 1131t 114 11414 11214 11214 113 11514 2,000 Union Tank Car new
*112 114
8312 Feb 10934 Ain
25 82 Apr 4 100 Jan 6
90% 915* 29,200 United Cigar Stores
91
90
8712 8813 8814 9038 8958 91'8 90% 92
100 109 June 24 14034May 12 11478 Mar 125 JUDI
100 Preferred
_ . 109 109
___ ____
18272 Apr 20 184 Mar 171 De
25
Jan
159
100
168
167%
67
1,600
1
1667
Drug
United
167
*166
166117
*1861
16712
Ili.
3
9
ii
2
5512 Mar 59 Alt
4 Jan 6 60 Jan 12
1
50 58/
1st Preferred
1,100
*5814 59
69
59
59
59
59
59
59
5914 5914 59
98 Apr 126 Nee
4 Jan 26 13512May 27
1
No par 113/
127 12712 1,500 United Fruit
128 128
12812 129
129 129
*12812 12934 129 129
90 Mar 9812 Do
26
Apr
2
14
1033
Jan
98
pfd-100
lat
Pictures
Universal
100
100
300
100
*98
100
*98
100
598
*101 105 z100 100 '
135* Mar 3411 De
2812 28% 2,700 Unlvcrsal Pipe & Bad No par 2712 Jan 25 3714 Mar 29
4 2914 281 2918 2812 281
1
2912 2934 2934 29/
4 28/
1
52 Mar 9012 De
100 814 Jan 27 96 May 7
86
86
500 Preferred
87
87
87
87
87
87
89
8812 *87
*87
May 248% All
150
20
May
246
25
Jan
202
Fdy-100
&
Pipe
Iron
Cast
US
6,400
22712
226
22612 228
228 2305s 227 229
228 22934 228 232
100 112 Mar 14 11612June 24 10014 Mar 118 De
11612 11612
700 Preferred
*11512 116
116 116 *11614 117 *116 117 *116 117
39 Mar 6112 Fel
21
81une
697
14
Feb
5114
Nova,
etf
tem
Corp
Dlatrib
S
U
100
68
*60
68
*56
68
6978 697 *60
70
564
70 '
'65
4 Fel
1
457 Jan 59/
5712 5,200 US Hoff Mach Corp vtisNo par 515 Feb 1 41338May 19
57
5712 5784 5712 575
58% 588 5618 5812 5612 577
4538 Mar 8412 De
100 69 Mar30 89 Feb 28
7858 797 49,500 U S Industrial Aleohol
807
4 7934 7958 8124 79
1
4 7912 8112 78/
1
80/
78
Apr 11472 No
9914
22
June
113
4
Apr
10714
100
Preferred
300
113
113
112
112
113 113
*110 114 *110 114 *111 114
481s Mar 717a Jai
6012 31,900 17 S Realty & Impt new.No par 54 Apr 6 665s Feb 7
60
61
6012 6114 60
6112 6214 6052 6214 6012 62
6014 May 881A Ja
100 3714June 16 6712 Feb 28
4014 4058 3818 404 3758 4114 4014 4114 395s 413* 4034 415* 49,600 United States Rubber
Mar 109 Ja
101%
8
Apr
16
4June
853
100
1113*
8934 13,500 let Preferred
9112 8812 9114 8812 9012 8914 9014 8812 8912 89
90
Oct 494 Ja
30
4 Jan 13 42 Mar 24
1
600 U 5 Smelting, Ref & Mln___50 33/
*3514 3614 *351 3612
36
36
3512 3554 3514 3514 *35% 36
Oct 50 Ja
42
50 4552 Jan 18 4914June 16
Preferred
4912 *4914 491
4 *4914 4912
/
4912 *49
4 *49
1
*4834 4912 *49
49/
Apr
117
16012 De
31
May
176
28
Jan
15312
United States Steel Corp_100
.
11158 Jan 28 12572June 1 1137 Dec 117 De
Hifi' 1225*- Harz 1235*- iZois 12218- Haiti fill; 12014 ffili 12613 1213; 114,100 New w I
Mar
1305* De
12412
7
2June
1331
28
Jan
129
100
Preferred
13112
13112 2,600
1327 1321 13278 13274 132 13212
133 13314 13238 133
5612 Jan 67 De
No par 67 Jan 4 8612June 16
88
88
*84
584
84
86 '
84
8612 86
86
*84
86
300 U S Tobacco
100 123 Jan 14 126 Feb 16 112 Ma 123 De
*12314 12634 *12314 12634 *12314 12634 *12314 12634 *12314 12634
_-- ...... Preferred
93 Apr 116 No
10 111 Feb 11 11514 Apr 20
11-514
Utah Copper
*1234*115 11814 *115 11814 *115 11814 *115 116% 8115 11614 *115
4 Dec 37 Fa
1
27/
30
3034 12,500 Utilities Pow & Lt A___No par 27 Jan 8 34 May 19
3112 3034 3114 3012 3112 3052 315
3138 31
31
29 Mar 43 Au
30
Mar
5211
37
par
No
20
Jan
4712
473
40
Vanadium
47
48
4
1
/
46
4
48
48
1,900
48
Coro
48
48
4612
July 52 Au
4314
6
7
597
4June
1
No Par 48 Jan 3 63/
59
5814 5938 58
58% 6.100 Vick Chemical---.
5912 608 5878 5912
5958 60
35
34
3272 3432 3314 34
4 3434 35
1
9,800 Victor Talk Machine_No par 3274June 23 41 Apr 12
3412 35/
35
35
_-_- ---- ----No par
90 Jan 29 9614 Apr 13
90
90
90
9018 90
90
90
00
90
1,300 6% preferred
9012 *90
*90
100 97 Feb 5 10012 Apr13_*98
98
9812 1,700 7% prior preferred
98
9812 98
98
98
98
9812 98
*98
2 -Fe
-9 Oct -251No par
712May 23 1034 Feb 14
834
812 812
8
752 772
4 912 5,800 Virg-Caro Chem
1
8/
74 74
732 74
100 2012 Apr 4 3684 Feb 14
315* Oct 69 Ja
*2758 2814 2712 2778 2714 2714 2712 2874 2912 2912 3038 3412 2,200 6% Preferred
83 Oct 9812 Ja
100 73 June 8 8734 Feb 11
751 *7278 75
76
7514 76
76
74
7718 79
1,500 7% preferred
*7278 74
40 May 6012 No
*43
46
*43
*43
48
46
*43
Virginia Iron Cosi & Coke-100 43 Feb 9 51 Jan 4
45
48
*43
47
*43
26 Mar 3612 De
No par 3212 Jan 24 3914June 20
3814 39
371 383
3718 384 106,400 Vivaudou(V)
3712 38'4 377 3914 3818 39
9434 Jan 11012 Di
,.___100 104 Mar 30 11812June 20
11512 11534 11414 11414 11312 11412 6,400 Preferred
113 11434 115 11812 116 117
17 Jan 23 De
No par 2054June 23 25 Feb 7
02058 2034 205* 2058 205* 205*
21
21
*2012 21
800 Waldorf System
21
21
1214 June 2314 18
1834 1814 1812 1812
No par 18 Jan 14 2412 Apr 1
1834 19
20
*19
20
201 *19
*19
600 Walworth Co Ws
Ja
99 June 195
Ward Baking Class A-No par 8918 Apr 13 10512 Mar 17
*105 120 *105 125 *105 125 *105 125 *105 112 *105 112
Oct 855* Fe
2114
14
2June
18
Feb
54
33
4
1
/
24
25
2
233
26
171
4
1
/
par
23
No
2412
2532
24'l
2
B
253
Class
2212
32,800
2314 237
4 Ja
1
8812 Oct 110/
8612 8612 8614 8614 8638 8638
No par 84 Apr 9 9534 Feb 3
700 preferred (100)
*87
8812 8612 87
87
87
12 June 694 Sel
3014 3013 30
4 303
1
3113 30/
31
28% 30
2834 30
7.100 Warner Broil Pictures A____10 24 June 6 45;2 Jan 6
31
No par 24 June 6 2812May 28
27
27
261 *26
*26
26
26
261 *26
2618 2618 *26
200 Warner Quinlan
2 Apr -69 -DI
No par 65 Jan 14 9014 Feb 18 -437*81
84
81
84
*81
84
*81
81
81
x81
200 Warren Bros
84
*82
53 Apr 8512 .12
71
4May 31
1
711s 71
7134 1,600 Weber & Hellbr, new e_No par 5612 Jan 5 73/
6812 681 *7012 71
*7012 7034 *6812 70
4 Mar 15772 Sel
1
4 Jan 8 17012June 8 134/
1
162 164 x160 161
2,100 Western Union Telegraph_100 144/
164 16512 16312 16558 162 163
*164 166
17078 174
170 17234 17012 172
1694 17112 169 171
8,400 Westinghouse Air Brake.....50 13312 Jan 4 17932June 6 1054 Mar 146 DI
170 172
65 May 7912 Fs
74
747
7378 74
7453 75
75
74
7412 747
7,800 Westinghouse Eleo & Mfg 60 6754 Jan 4 7734May 31
7434 75
1912 Jul
1334 May
1414June 24 1834 Feb 15
1412 1412 1414 1414
1,200 Weston Eleo Instrum't_No par
1434 1434 1412 143 *1412 15
*1434 15
2714 Jan 3212 o.
20
3014
Apr
4
par
343
No
6
Jan
33
3112
532
'
32
x3112
31'2
8
A
315
32
Class
33
600
*32
32
32
8812 Jan 9812 0,
90 West Penn Elea CIA vtl No par 9772 Jan 4 110 May 4
*105% 10514 10514 1051 '510518 1051 *10518 10514 10514 105's 10314 105
100 102 Jan 4 1105sJune 231 9512May 10212 DI
110 11012 10958 1101 110 1105* 10912 110
390 Preferred
10912 10974 10934 110
100 111 Jan 15 118 May 27 108 Mar 115 Sol
113 11318 11312 114
114 114
112 113
190 West Penn Power met_
113 113
113 113
251s Apr 295* Ft
2312
24
*2312
231
&Refg_No
par 22 Apr 25 2712 Feb 15
700 white Eagle Oil
*2312 24
2312 2312
2334 24
*2312 24
4 Apr 90 Fe
/
511
50 3612June 23 5834 Feb 28
381
37
3612 3784 3612 3713 66,100 White Motor
3818 40
391g 42
4212 45
*335*
22 Oct Ws Ft
2
Apr
3314
7
34
(41
Sp
331
Min
par
3612
_No
*3314
26
Rock
26
White
Jan
7
33
900
345*
33
34
34
x3214 33
--- -- ---2112 Mar 24 501:June 20
4958 488 4984 44
485* 437 46
60,600 White Sewing Machine_No par
4734 4912 48% 5012 48
567
5612 55% 5518 3,400 White Sewing Mach pt_No par 48 Feb 18 59 Jan 17 -461-2 Oct -6414 0
55
5614 5678 56
5612 57
5534 57
4 Js
1
3/
Dec
as
14
Feb
112
26
Jan
12
par
ctf_No
Spencer
54
Wickwire
3
12
138
'
34
38 •38
58 5,200
34
34
4
1
/
*1/4
Js
18 May 34
5 18 June 23 2434 Mar 3
1914 18
1918 1818 185 39,500 Will7s-Overland (The)
1972 2012 1934 2014 1918 1934 19
8812 Oct 99 Ft
100 87 June 11 95 Jan 11
x90
*8712 90
90
90
*88
8912 90
90
400 Preferred
90
*8912 92
DI
4
1
/
14
May
6
21
Feb
2
179
5
May
10
par
1134 1134
1,100 Wilson tt Co.Inc, new_No
*1112 12
1234 *1112 1214 *1112 12
12
*1118 12
14 May 305 ]).
1614May 5 327s Feb 23
22
22
21
2114 2118 22
No Far
Class A
2,200
2234 2112 2278 2212 227
*21
4 131
/
42 May 811
*63
66
6534
100 58 Apr 7 8434 Feb 23
*62
65
66
*63
6374 65
65
600 Preferred
64
*62
,4 Dec 128 Di
1201
23
25 11734 Jan 11 14514May
4 141% 14134 140 14214 141 1423 13912 14134 13934 14178 12,400 Woolworth (F W) Co
1
14134 142/
19 Nov 4484 .14
38
39
100 2012 Jan 27 46 June 7
4012 3914 415* 3912 4034 3714 39
4012 41
5,000 Worthington P & M
39
44 Nov 80 Fl
100 46 Jan 22 6112June 9
*57
60
60
5912 5912 *80
61
*58
60
60
*5912 01
200 Preferred A
3714 Nov 65 Ft
51
100 40 Feb 2 5412June 7
51
51
5114 *48
53
51
551
52 '
900 Preferred B
52
53
*52
4 Jo
1
4 Mar 39/
1
24/
6
284June
5
Apr
3913
2412
7
par
Aeronauticall___No
5*
4012
9.400
40
3912
7
Wright
3914
39
3858
40%
38
40
40
39
47 Apr 5934 F1
19
5414May
4
Jan
s
53
No par 507
03'2 8312 5312 *5314 5312 5234 5314 5312 5312
900 Wrigley(Wm Jr)
535* 853
6012 Mar 7212 At
Jan 8 81 June 1
7014
_25
81
*80
TOOD13
8012
81
82
*80
&
*80
8012
Tale
81
400
81
81
81
20 May 3952 Be
3034 3258 3114 3253 3014 3118 3058 3214 140,700 Yellow Truck & Coach CI B _10 25 Jan 14 3334June 17
3034 3134 3012 327
9112 Apr 107% Se,
4 Apr 11 99 Jan 3
1
100 89/
2,300 Preferred
9778 9878 9712 9712 *9612 9712 *9634 98
99
9812 99
'98
SP May 9514 Al
7 inn 7,...n/.44.scan clhalat 4'T' Ara run. 8217.111De 24 974 Mar 24
R914 51%1
54 CI. I 843/ RS
ext. RM. act, RC& RC
Orl.. OKI.
En-dividend.
•Bid and asked prices; no sales OD this day. S Ex-dividend and es-rights. s Es-dividend. a Er-rights. s
3752
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 fle Bsehange method of gaoling bonds was clanged mg prices
are now "and tater2111"-except for Wows and Washed bowie
T:
.
BONDS
tI
Price
Week's
Range
BONDS
Price
Week's
N.Y.STOCK EXCHANGE
Range
•i•
Friday,
Range or
1s,
Since
N. Y. STOCK EXCHANGE
Friday,
Range or
Sine.
Week Ended June 24,
NIS, June 24.
Last Sale
41,
8
Jan. 1.
Week Ended June 24.
June 24.
Lasi Said
Jan, 1.
U. S. Geeeee moat.
Bid
Ask Low
High N• Low
High
Bid
Ask Low
High No. Low
High
Mgt Liberty LoanJapanese Govt loan 4/L___1931 ./
8928 90
21
8958
90
8814 924
83.4% of 1932-1947
J D 101
Sale 100,7421011n 144 100"..101,41
80-year s f
IN
F A
N 10018 Sale 994 10014 239
9878 102
Cony 4% of 1932-47
J D 101
___ 101242June'27 ---- 10017,4 102
Oriental Development
6148"
88-1
1953
9338 Sale 9318
44
94
9213 98
Cony 434% of 1932-47
1 D 103
Sale 10254,103
314 102112,4103"., LeiDsig (Germany) St 7s____1947 F A 10138 10113 101
10112 19 10014 10278
2.3 Cony 454% of 1932-47
1 n 1021188
1021733.1'ne'27 ---- 1021.2,103
Lower Austria (Prov) 710_1950 J D 9713 98
5
98
9912
9734 100
ieeond Liberty LoanLyons (City of) 15-year 85_1934 M N 974 Sale 9714
9312 9813
4501 1927-1942
9734 30
M N 10044, Sale 100242 100242
17 100 101
Marseilles(City of) 15-yr 021_1934 M N 9712 Sale 9738
9778 47
Cony 454% of 1927-1942
9314 9812
M N 100113, Sale 100114210094 1312 10042 101121 Mexican Irrigation
4345____1943 M N
30 Mar'26
rhird Liberty LoanAssenting s f 4545_ _ _ _ _ _1943
"iiio 16" 3614 June'27
634% of 1928
M S 100142 Sale 10025.210014 808 10094,10121n Mexico(U 8) extl 58 of 1899 £'45 1:21i
50 Feb'27
60
50
l'ourth Liberty LoanAssenting 58 01 1899
1945
404 June'27
3712 50
of
A 0 1032142 Sale 10354210324 617 103141104"n
434%
1933-1938
Assenting 56 large
3712 3853 42 May'27
3958 42
Treasury 4545
1947-1952 A 0 113,
42 Sale 112242113104 204 1102.2114,242
Gold
deb
45 of 1904
1954.8 D
34 July'26
Treasury 48
1944-1954 2 0 1082042 Sale 107224210820
. 903 10641109"n
Assenting 48 of 1904
25 Sale 25
6
26
rreasury 3945
245* W.;
1946-1956 M 19 105242 Sale 104242105,04
61 1034110612.2
Assenting 48 of 1994 large
27 Deo'26
State and City Securities.
Assenting 4*011904 small
255
8
Sept'26
9 Y City-4 24e Corp stock-1960 M 8 10118
_ 10114 June'27 ____ 1003.4 101 24
Assenting 4 00 1910
1-3 25 2612 2738 Jan'27
4545 Corporate stock
1964 M 13 10418 1047
; 10418 May'27 ____ 10213 10512
Assenting 4,01 1910 large
--- 25 Sale 25
11
26
25
814
414s Corporate stock
1968 A 0 10418 _-_- 10228 Mar'27 ____ 10258 10258
Assenting 48 of 1910 small......... 2314 Sale 2318
234 25
224 2714
We Corporate stock
1972 A 0 10414
_ 10458 June'27 ____ 10258 10514
Treaa 6501'13 assent(large)'33
3858 4134 4078
5
4078
40
4618
434s Corporate stock
1971 2 0 10834 1-6934 10918 June'27 _ -- 10712 10912
Small
41 June'27
41
484
4148 Corporate stock_July1967 2 J 1084 ____ 10938 May'27 _- 10652 10913 Milan (City, Italy) ext'l 614s '52 A 0
Sale 90
293 90 9214
414s Corporate stock
1965 1 0 10814 ____ 10914 May'27 __ 10155* 10904 Montevideo (City of) 7s----1952 J
10
90314 S
10212 10314
8
994 10314
4
4536 Corporate stock
1084
7 10623 109
1963 M 8 108- 1084
Netherlands 65 (flat prices)_ _1972 111
107 Sale 107
10712 40 1054 10111,
4% Corporate stock
1
99 10158
1959 M N __ _ 1-607-2 10012 10012
30-year external 68 Ulan-1954 A 0 10314 Sale 10314
1034 39 1034 10453
6% Corporate stock
10114 10012 10012
1958 M N
5
99 1004 Norway 20-year extl 65
1943 F•A 1024 Sale 10212 10318 13 10114 104
4% Corporate stock
1957 M N 10013 10114 101 May'27 ---9873 10114
20-year external(is
10212
Sale
10214
37 10114 104
103
4% Corporate stock
1956 M N 10118
9812 Nov'26 ---- -30-year external 68
AF te OA
95442
19
10234 Sale 10238
10312 10 100 10578
6% Corporate stock
1955 M N 10034
9878 • Oct'26 ___ _
40-year 5 f 5546
9934 Sale 9924 10012 122
9834 10134
434% Corporate stock.-1957 MN 10712 10858 10814
10814
1 10553 11)es
Oslo(City)30-years f 68
ND
N 10114 10114 101
196
955
5j
1
101
9978 1034
414% Corporate stock _ _ _1957 MN 10712 10814 10814
10814
1 10534 10834
Sinking fund 5345514e. _1
94
538 F A 9734 9872 9878
19
13
9914
97 100
854% Corporate stk_May 1954 MN 9212 __ 93 May'27 _ _ _
8978 93
Panama (Rep) extl
J D 10234 103 10258
100 103
852% Corporate stk_NoY 1954 MN 9213 ____ 9114 Mar'27 ---8975 9114 Peru (Rep of) extl 8s (of'24).1944 A 0 103 Sale 103 June'27
10312
7 103 107
834s Corporate stock
1955 MN
Ext113.2 (ser 011926)
N 102 104 103
4 54
A O
19
940
1 103 105
103
(Ow York State Canal Im 413.1961 J J --------10212 Oct'26 ____
____
_
Extl sink 121 734,
100 Sale 100
48
101
9934 103
48 Canal
1960 -_--, ..-__ ____ 10253 Mar'27 ____ 10252 1025
__-8
Eat!, f sec 7346 (of 1926).1956 M S 100 1004 100
10118 80
9834 101 18
434s Canal impt
____
102 Apr'26 ____
1964.1 J
_ Poland (Rep of) gold 68
1940 A 0 814 Sale 80
189
824
764
85
Highway improv't 448-1963 M S --------11212 June'27 ____ 11212 11212
--Mal sink fd g 88
19502
9714 Sale 9414
9714 652
9314 9913
,
oreign Gov't and Municipal's
Porto Alegre(City of) 86_ _ _1961 2 D 105 10512 105
10512
9 10314 106
.ntlooula (Dept) Col 75 A 1945 2 2 9514 Sale 95
9512 39
94
974
Extl guar sink fd 7 Ms_ _1966 J J 100 10014 10012 101
9912 101
3
External 51 Ts ser B
1945.1 1 95 Sale 95
96
43
94
974 Queensland (State) extl 51781941 A 0 11358 Sale 11312 114
12 111 114
agentine Govt Pub Wk,68_1960 A 0 9834 99
984
9914 63
9753 100
25-year external 65
1947 F A 10512 Sale 1054
2 104 1064
10512
.rgentine Nation (Govt of).
Rio Grande do Elul esti s f 86_1948 A 0 105 Sale ,105
10513
9 10318 10612
Sink fund 65 of June 1925A959,D 984 Sale 9834
9938 71
9724 100
Rio de Janeiro 25-yes f 8s__ _1946 A 0 10434 10514 104
105
28 10218 106
Extls f 68 of Oct 1926
1959 A 0 9834 Sale 9834
9912 39
974 100
25-yr Intl 88
1947 A 0 10418 1044 104
105
15
10214 10614
Sink fund 68 Sm-les A__
1957 M 5 100 Sale 9912 100
44
9748 10078 Rome (City) extl 634s
1952 A 0 8934 Sale I 8912
8912 924
,
904 355
External 65 series B_Dee 1958 .
11._ D 99 Sale 99
994 30
9738 1001s Rotterdam (City) extl 65
1964 M N 10414 105 110414
10414
2 10358 100
Extl 6 f fls of May 1926_ _ _1960 m N 9853 Sale 9812
9912 155
9714 100
Sao Paulo(City)s f 85._Mar 1952 M N 111 1121211214
11214 13 1074 113
Esti Os Sanitary Works_ _1961 _F ...A 9823 Sale 9858
9914 96
98 100
San Paulo (State) extl 61 83_1938 J .7 10514 105341 105
10534 25 10412 107
Extl 63 Pub wks(May '27)-'61 m .•
9812 Sale 9838
11
9824 9924
9912 263
External sec 8 f Sli
1950 J J 10614 Sale 10524 10614 16 10434 108
A.rgentine Treasury 58
_1945 M 8 9012 9112 91
91
9234
'2
89
External s f 7s Water L'n_1956 M 8 984 Sale
99
38
9814 1004
A.astralia 30-yr 58July1
Z_--5 1955 2 1 9818 Sale 9818
9812 147
974 9812 Santa Fe (Prov. Arg Rep)7,1942 M S 94 Sale 9812
94
30
9314 965s
A.astrian (Govt) s f 78
1943 1 D 10314 Sale 10314
10414 34 10114 10512 Seine, Dept of (France)extl 7s'42 .1 J 101
Sale
101
10
48
9
4
1
214
2
Iambi (Free State) 854s-1945 F A 99 Sale 9813
9752 1034
9934 22
9818 10014 Serbs, Croats & Slovenes 88_1962 MN 9914 Sale 99
10014 98
9714 10234
161gium 25-yr ext s 1 73415 if.1945 -1 D 11212 11234 11212 113
37 111 114
Soissons (City of) extl 65-..1936 M N 96 Sale 95
96
14
9114 97
20-year 5 f 89
1941 F A 109 Sale 109
10912 59 108 11014 Sweden 20-year 65
9.I
54N
D 10414 Sale 104
193
954
10453 14 1034 105
25-year external 1334s
1949 M S 101 Sale 101
10112 85
9814 1024
External loan 5548
10418 10458 1044
105
39 1025s 10613
External 5 1 gm
1956 J 2 9612 Sale 964
9714 90
925s 98
Swiss Confed'n 20-yr 50 88_1940 J J 113
11312 62 11114 1134
External 30-year 6 1 75-1956 1 0 10412 Sale 10414
10434 126 10212 10514 Switzerland Govt cat 5)03_1948 A 0 10518 Sale 113
38 10214 108
106
itabilization loan 7s
1956 M N 10318 Sale 10258
10314 282 1013s 1044 Tokyo City 5s loan of 1912..1952 M S 75 Sale 10518
7512 7514
7
7512
794
75
12rgen (Norway) 8 1136
1945 MN 11314 11312 11314
11358
5 11218 114
Extl s I 5543
JA O
j 8653 Sale 8612
87
86
125
9012
25-year slaking fund 5s.. j949 A 0 10112 Sale 10112 102
9914 102
16
Trondbjem (City)
esti 634s-1
guar1D
1944
9978 100
9978 June'27
.
9912 1012
1950 A (2 9914 Sale 9678
larlin (Germany)030
9914 115
967/3 10034 Upper Austria (Prov) 78
1945 J D 984 Sale 96
9834 167
94
9834
I mots (City) ext'l 5 1 82_ _ _1945 A 0 10314 104 10312 104
13 10234 10472 Uruguay (Republic) extl 86_3946 F A 11118 Bale 11078
11118
21
1085
8
112
lonvia (Republic of) 88_ _ _1947 111 N 104 Sale 104
10414 30 102 1054
External s 1 65
9538 Sale 9538
9618 28
944 9813
Extl sec 7a tern
1958 2 2 9414 Sale 94
98
9434 83
94
Yokohama (City) extl 66_1196
N 9234 Sale 9234
"
96
1 2D
9214 9712
9312 88
lordeaux (City of) 15-yr 66-1934 M N 9713 Sale 9712
98
52
9332 9812
Railroad
trash (U Sot)external 88_ -1941 J 0 106 Sale 105
106
73 104 1084 Al5OtSouistconsA5s,.,,i9432 D 10328 10512 10434 June'27 _ _ 1025
5 10414
External 6 f 65I8 of 1928_1957 A 0 9034 Sale 9034
9138 208
89
96
Ala Mid 1st guar gold 5s
1928 M N 10014 Sale 10014
10014
1 10014 101
Is (Central Railway)
1952 J 0 9514 Sale 95
9512 67
944 9912 Mb & Sum let guar 3545 _1948 A 0 8912 90
8934 June'27
8718 894
rigs(coffee occur)£(flat)_1952 A 0 10514 _--- 10514
10524
8 10234 107
1998
A 0 8758 ---- 85 Mar'27
Alleg & West 1st g gu 4s
8472 85
'roman (State of) ext'l 78___1935 M $ 1024 Sale 102
10212 33 102 105
Alleg Val gun guar g 48
____ 9712 9618
1942 M
9618
5
9514 97
ljetios Aires (City) extl 65461955 J J 10018 Sale 10018
10078 112
9914 10224 Ann Arbor let g 45
July 1995 Q J 804 8112 81
81
794 82
2
1nigaria (Kingdom) s 1 78_1987 J 2 91 Sale 89
91
14
89
9414 Atch Top & 8 Fe-Gen g 46_1995 A 0 9534 Sale 95
9534 62
923
4 9714
!Odes Dept of(Colombia)734s'46 1 2 9714 Sale 97
9713 19
9634 9814
Registered
A 0
94 June'27
92
96
;made(Dominion of) 58-1931 A 0 10114 Sale 10114
10112 14 10014 102
Adjustment gold 48_ _July 1995 Nov
16" 8834 8914 8 8714 9114
10-year 514s
1929 F A 10178 Sale 10178
10218 02 10133 102%
Stamped
July 1995 M N 8918 Sale 8918
90
91
13
875
8
he
1952 111 N 10412 Sale 10414
10534 44 104 10612
Registered
M N 8738 _-- 85 May'27 _ _ _
85 8818
1938 F A 9834 Sale 9858
454s
9818 9958
9914 92
Cony gold 48 1909
1956 J D 8912 Sale 8912
8912
1
85
8934
lulsbad (City) 8 1 88
1954 1 2 10512 106 106
106
5 1034 10012
Cony 45 011905..
1955.8
D 8912
8912
8934
7
874 8914
aura Val(Dept) Coiom 7148'46 A 0 9612 Sale 9612
9612 9912
9712 16
Cony it 45 Issue of 1910_ _1960 J D 90
9012
99I2
9012
86
I Mt ;Republic) ext'l s f 8A..1941 F A 10778 Sale 10714
10778 13 10814 1095*
East Okla Div 1st g 4s___ _1928 M 8 9913 Sale 9912
9924
9914 100
6
20-year externals f 75._ _1942 MN 10014 Sale 9934
994 10114
10012 23
Rocky Mtn Div 151 48_ _ _1986 J J
91
9114 91 June'27
8812 91
25-year external 8 f 8s_ _ _1946 51 N 10758 108 10734
10838 14 10614 109
Trans-Con Short L it 45.1958.8 .1 92
9214 9214 June'27
9012
9214
External sinking fund 88 1960 A 0 90 Sale 8934
8934 9313
9014 57
Cal-Aris 1s1 & ref 4345 A -1962 M 13 9914 100
9914 June'27
9718 904
External sills
8934 Sale 8912
1961 F A
8912 935* All Knox,& Nor 1st g 56._1946 J
9014 131
10678 ____ 10758 June'27
10434 10711
idle Mtge Bk 6545 June 30 1957 J 0 94 Sale 94
9612 Atl & Chad A L 1st A 4545_1944 J
93
9412 24
9818 9914 984 June'27
98 100
Of 6546 of 1928„June 301061 1 0 9658 Sale 9614
96
9814
53
97
let 30-year 58 series B
11544 J J 104 105 105 June'27
10314 106
1121aese(Hukuang Ry)5a_ _1951 1 D 2612 Sale 2612
24
3024 Atlantic City 1st cons 45_ _1951 J J
274 32
89
June'27
_
89
89
Ihristiania (Oslo) 30-yr ,f 861954 M S 10134 Sale 10134
6
102
9914 10212 All Coast Line 1st cons 48July '52 M B 9818 Sale 9618
96581 18
Iologne (City) ciermanyg2481950 NI 8 9738 Sale 9614
9334 9714
96 101
9738 40
General unified 4545
1984 J D 9738 sale 97
9734' 54
9834 100
'olombla (Republic)614.4._1927 A 0 10018 ____ 10018 June'27 __
9912 10138
L & N coil gold 41.._ __Oct 1952 MN 9212 9234 9212
93 I 12
9118 931,
Openbagen 25-year 51650_1944 J .1 10012 Sale 100
10058 33
9014 10112 Atl&Dany lat g 48
19 J
8024 Sale 8034
8118 14
7878 8114
Iordoba Prey) Argentina 781942 2 J 99 Sale 9878
9914 (
16
9712 9912
2d 48
194F 2 J 7178 Sale 714
7212
6
7114 7534
Nabs 68 of 1904
1944 M 8 101 10112 01
101
4 100 1014 All & Yad 1st g guar 4s
1949
A
0
834
8514
8413
844
1
8218
86
External 58 of 1914 ser A_1949 F A 101 10134 0114 June'27 ___
10014 102
Austin & N W lot pi g 56_ _ _1941 J
10134 104 1100211142 June'27
10214 1051s
External loan 434s ser C1949 F A 95
9518
934 96
23
BaltRe
&0
012
44ed
iorlest g 46____July 1948 A 0 9313 Sale 9312
94
84
97',
9312
Sinking fund 554s
J
102
1953 1
Sale 02
10234 37 10118 10338
July 1948 Q .1
gze
. 95
334 J111:10
e8
'2
.
7
4
92
947s
1undinamarca (Dept-Col) 7s '48 1 0 93 Sale 93
96
93
9312 26
20-year cony 4348.
Ei
M s
1933 IN
121
9935
97
luichoeloyakla(Rep of) 85..1951 A 0 10712 Sale 0612 10712 30 105 110
Registered
9818 Apr'27
9818 9818
Sinking gund 88 ear B
1952 A 0 10638 Sale 0658
31 10414 109
107
Refund&gen5sserleeA.l995J 1:5
NIElafillee102
130 100/
1
4 1044
External is 1 7146 series 4_1945 A 0 10538 Sale 05
10533 41 10434 10814
1948 A 0 106 Sale 10534 10614 36 10424 10838
.anish cone Municip 82 A_ _1948 F A 1104 11114 11
1093
s 11134
18
111
10-year 68
1929 J .1 103 Sale 103
10318 136 1004 10314
Series B a f 8s
1946 F A 111 Sale 1034 11114 15 10914 11134
Rot & gen 68 serle8 C
D
109
19952
4
sale
10838 10938 30 10758 111
1onmark 20-year 65
1942 1 2 10514 Sale 0414
10514 30 10335 10578
PLE&W VS Sys ref 44_1941 MN 9334 Sale 9312
94
4
9258 96
lomlnican Rep Cust A5 .,42 '42 121 8 9814 Sale 9834
9812 1004
3
99
Bouthw Div let 50
1950 2 .1 103 Sale 103
10312 34 10118 10314
1st sec 534a of 1926
1940 A 0 9814 9878 9814
9834 25
98,4 100
Tol
&
Cm
Div
tel
ref
48
A.1959 J J 8434 Sale 8313
8434 39
8838
82
leaden (City) external 76_1945 M N 10158 Sale 0112 10214 43 10012 10412
Ref & gen 56 series D__ _2000 M
10158 Sale 10153 10178 103 10028 104
latch East Indies en!651947
1 J 10338 Sale 0234
_
10338 18 10214 10478 Bangor &
1943 J J 1024 _--- 10218 Apr'27
53
_ 10218 1024
40-year 65 external_ ___
1982 1/1 8 10312 Sale 0234
10312 14 10214 10333
Con
1951 J J 8378 85
8414 June'27
20-year external 6145
8414 87
1953 al 6 10138 sale 0118
10112 38 10088 10224 Be
Battle
e e J2 Stile
i
2 D 6538 Sale 6538
44.
3_8
:
14t gu
A9
98
let
3:j
g912
6533
1
68
64
80-year external 5546
1953 MN 10138 102
10128 28 10028 103
0114
Creek
9313 95
9512 9613
96,2 May'27
I Salvador (Repub) Se
1948 J 1 10814 10834 0814
10614
10912
8
10812
J .1
d
asrte
grese
Rsele
48 594
9419
9513
Inland (Republic) extl 66_1941 M 5 94 Sale 9334
97
93
9412 14
2d
19362 J 100
99
Jan'27
99 • 99
External ,ink fund Ts.- -1950 10 S 100 Sale 00
9814 102
10012 13
Beech Crk Ext 1st g 3146_ _ _1951 A 0 82
8.522 8158 Mar'27
8158
815
8
Externals f 814s
1958 MS 9838 Sale 9714
96 1004 Big Bandy let 46
98
38
1944 J D 91
92
9214 June'27
91
934
Innial) Mun Loan CO A..1954 A 0 9712 Sale 9712
9838 11
08
99'1 Boat & N Y Air Line 1st 45_1956 F A 81
8212 8212
8212
3
785s 84
Exteonal614sseries 13_ _1954 A 0 9714 98
9712
954 994 Bruns & W let gu gold 45-1938 J J
9734
4
9614 Sale 9614
964
7
9514 9851
tench Repub 25-yr ext'l 86.1946 M 5 11013 Sale 10
11012 144 10814 11114 Buffalo R & P gen gold 58_ 1937 M
10312 10334 10378 May'27
101 10378
20-year external loan 7545-1941 J D 11124 Sale 1134 11212 102 105 1137s
Consol 450
1957 M N 9612 964 9633
967
8
71
9412
9958
External 75 of 1924
1949 J 0 104 Sale 04
10514
1044 522
99
N 88
96
95 Mar'27
95
05
erman Republic ext'l 78-1949 A 0 10618 Sale 0534 10614 322 10534 109.2 BurlRegistered
C R & Nor let 58
1934 A 0 10112 102 10124
101 1021s
erman Cent Agrlo Bank 78.1950 M 5 10114 Sale 01
1014 44 101 10358 Canada Sou cons gu A 55_ _1962 A 0 10612 107 10612 Mar'27
10612
2 106 10714
1954 MN 10214 Sale 0214
ras (MunicIpallty) 85
103
16 1014 104 , Canadian Nat 453a_Sept 15 1954 M
9712 Sale 9712
974 170
99
95
t Brit & Oral(UK of) 5548_1937 F A 10413 Salo 0418
1041
11
2 112 10418 10624
6-year gold 454.._ _Feb la 1930 F A
994 Sale 9924 100
31
9918 100
10-year cony 5345
1929 F A 11818 Sale 18
118 8 36 11634 11941 Canadian North deb 9 f 7/1_1940 J
11518 11512 115
116
20
4
11614
11411
realer Prague(City) 7540-1952 MN 10418 10458 10418
10478 47 10358 107 I
25-year 6 deb 610
1944J I 119 Sale 119
11914 24 11728 11914
reek Government 78
1964 M N 95 Sale 95
97
10
934 99
10-yr gold 4348_ _Feb 161935 F A 9712 Sale 9712
98
974 99
26
aid (Republic) 6 I 6,
1952 A 0 100 Sale 9934
100
99 10012 Canadian
13
ilan
t: 4
Pr
o Ry 4% deb stock_ .1 .1 8518 Sale 85
8518 51
831. 861,
eidelberg (Germany) ext 7)4360 J 1 10418 10414 1044
10414 14 1034 108
1946 54 S
Sale 97
9712 61
9384 9813
Unitarian Munk Loan 7348.1945 2 1 09 Sale 98
8
1017
972
2
Carb
997%2
37
& Shaw let gold 45_ _ _1932 ell
99
le 9812 May'27
9533 9813
External 51 76
Sept 1 1948 2. J 95 Sale 95
9578 41
99
95
Caro Cent let cons g 46
1949 J J 8614 87
86 May'27 _ _
83's 88
unitary (Kingd of) a f 7)46_1944 F A 101 102 10134
10214
16 10014 105
Caro Clinch & 0 let 30-yr 561938 .1 D 10228 103 10238 10238
6 1023s 10354
id Bank of Japan 6% notes.1927 P A 100 Sale 100
100
14
9912 1004
bat & con g 135 series A___ _1952 J D 10734 108 1075
, 108
3 10738 109
all (KIngdom of) ash'
.1 0 94 Sale 94
.
9/34 9724 Cart & Ad let gu g 46
9412 286
19812 D 91
93
924 June'23
0012 9234
&Han Cred Consortium 7,A1937 M 8 9312 Sale 9353
9412 21
9234 9078 Cent 13ranch Ti P let g 48. _.1948J D 8538 Sale 8558
8812
8558
83
5
Ertl sec s 1 76 ser B
1947M S 9228 Sale 9212
92
97
9338 76
Central of Gs 1st g 56_N
.
12945F
045 7,4
106
10534 May'27 - -- 10412 10574
Allan Pahlle Utility art la 1952 J .1 933. Sale 931,
941. 217
003s 101
flansol gold
104 105 102 June'27
102 .10814
$5=I;
44
3753
New York Bond Record-Continued-Page z
BONDS
re. Y.STOCK EXCHANGE
Week Ended June 24.
Ye' et
re.e
t
Price
Friday,
June 24.
Week's
Range or
Last Sale
n
Range
Since
Jan. 1,
BONDS
N.Y.STOCK EXCHANGE
Week Ended June 24.
Price
Friday,
June 24.
Week's
Range or
Last Sale
El
Range
Since
Jan. 1.
High
Bid
Ask Low
HOD No. Low
High
High No. Low
Ask Low
Biel
Central of Georgia (Concluded)1930 P A
948 ____ 823s Dec'26
14 10134 10234 Cansol Ry deb Is
10214
10-year secured 6s__June 1929 J ID 10134 Sale 10134
1
72
73% 7212
1954.1 J
7212
Non-cony es
10634
4 1041s 10)34
Ref & gen bees neriee B___1959 A 0 10618 Sale 10614
7212 10
7212 Sale 7212
691e 7714
Non-cony debenture Is...1956 1 J
1959 A 0 10134 10314 10238 June'27 ---- 102 10312
Ref & gen 58 series C
7212 7714 7512 June'27
5941 77
Nonlconv debenture 4i._ _1956 1 J
88% 92
92 June'27 -- -Chatt Div our money g 48_1951 .1 D 90%
9614
10
9412 98
Cuba RR let .50-year ba g___1962 J .1 9614 Sale 953
10112 June'27 ---- 10118 105
Mao & Nor Div let g 50_1948 .1 3 10138
109
14
Sale
0
109
1938.1
10912
107
A
ser
104
734e
10912
ref
102
1st
104
Apr'27
8
1027
J
J
1998
Mobile Division be
9912 101 101 June'27
9938 10212
1st lien & ref (is ser B
7811 86
7
8434
Cent New Eng let gu e8____1961 .1 3 8312 8434 8412
J 10478 105 10478 June'27
63 D
30
96
19
99% 10478
9914 9934 Cuba Northern Ry 14 68_1
Central Ohio reorg eM5____1930 M S 9914 -- 9912 May'27 ---1
9834
9818 9954
9912 10138 Day &Mich 1st come Sis_1931 .1 J 9834 9918 9834
7
10138
Central RR of Gs coil 05.1937 M N 10012 101 100%
1943 MN 9414 Sale 94
9312 97
9434 36
1987 J .1 11512 11612 11618 June'27 ---- 112 11878 Del & Hudson let & ref ea
Central of NJ gen gold Se
43
14338
0
Sale
148
1433*
A
153
58481935
11412
be
116
cony
8
-year
1123
30
6
8
1155
115
115
Sale
J
Q
1987
Registered
22 103 106
105
1937 MN 105 Sale 10478
9114 9338
9234 20
15-year
1949 F A 0214 Sale 9214
Cent Pee let ref gu g 4s
9 10618 10773
10614
10614 Sale 10618
90% 9218
10-year secured 76
9218 May'27 F A 9112 98
Registered
D 9614 ____ 9614 Apr'27
98
9734 9834 D RR & Bdge 1st gu 45 g _ _ _1
6 FA
904
93°
j°
2
9812
981e
Mtge guar gold 3 eee__Aug 1929.1 D 981e
22
8034 93
9114
8912 93
Den & R 0 1st cons g 4e_ 1936 1 J 907s 9114 8934
8958 13
Through St L let gu es_ __1954 A 0 8918 9014 8938
9412 June'27
19383 J 9434 95
94
97
Consol gold 43.4s
10258 77 10112 10378
1060 F A 102 Sale 102
Guaranteed g Sc
15
9912 10012
10018
Improvement gold 55___ _1928 J D 9934 10018 9934
Charleston & Savn'h 1st 78....1936 .1 J 11814 -- 11813 Oct'26 -875 146
8612 Sale 8612
73% 8978
4 i(x5T8 1611; Den et R 0 West gen M_Aug 1955 MN
10078
10078 Sale 10012
Ches et Ohio fund .4 Inlet 56_1929 J
3512 35
Apr'27
35
36
34
10678
Dee 3.1 & Ft D lat gu es..___1936 J J
16 10338 109.
1939 M N 10612 Sale 10612
lot consol gold be
33 June'27
___ 30
33
35
Temporary Ws of deposit_ __.
1039 M N 105 107 105 May'27 _--- 10212 105
Registered
__ 968 Aug'26
971 9914 Dee Plaines Val let Cu 43.e.1947 ii-1 9812 23
1992 M S 9814 Sale 9818
General gold 43(5
4
758
7434
74
96124
753
May'27
7O'
D
J
..1995
48_
g
8
945
2
lien
let
8
943
Mack
&
Det
Sale
4
063
M S 9458
9438
Registered
7
65 May'27
65
65 6518
114153 D 62
10038 41
9918 101 1e
Gold es
1930 F A 100 Sale 100
20-year cony 4 jee
97% 100
9914 9914
iteet 101
993
10078 Feb'27
Detroit River Tunnel 410_1961 MN 97
1940 J .1 10118
Craig Valley let be
10334 10434
8938 02
90 June'27
Dul Missabe & Nor gen 55__1941 J J 10334 ____ 104% Apr'27
Potts Creek Branch lot 48_1946 J .1
18 10134 103
10214
2
8912
8078 9018 Del & Iron Range 1st 55....b037 A 0 102 103 102
1989 J J 8912 9038 8912
& A Div let con g es
3 Sale 8438
18
85
84
75% 86
J
J
55___1937
g
AU
&
Shore
Dui
May'27
Sou
8614
____
8712
8
4
3
867
85
J
es
.1
gold
1989
2d eonsol
94
9418
997 10018 Emit Ry Minn Nor Dly let 48248 A 0 945 ____ 9418 June'27
10114
10018 Feb'27 --__
Warm Springs V Isle 5..194l M
12 10034 10212
102
9718 East T Va & Ga Div g 6a___1930 J _1 10034 10112 102
95
9538 589
Chem° Corp cony be May 15 '47 MN 9514 Sale 95
11
10711
4
N
1063
Sale
4
10712
1063
108
M
1956
3
548
s
gold
733
let
71
71
Cons
7178 71
onto & Alton RR ref g 3e__ _1949 A 0 71
102 104%
7234 Elgin Joliet & East let g be_ _1941 M N 10334 10414 104 May'27
71
71
72 June'27 __-_
73
Ctf dep !Arid Apr 1926 int_ _
10434 10612
6411 sale 64
1965 A 0 10514 1061e 10534 June'27
6512 43
6114 6814 El Paso & 13 W 1st 513
Railway first lien 3ee e___ _1950
4 106 10712
10638
Erie 1st eonsol gold 7s ext1930 M S 10614 Sale 10614
67
6414 73
60
Cite dep Jan '23 & sub coup -- 6314 6412 6378
6
8414
81% 86
1996 1 J 84 Sale 84
1st cons g ea prior
8638 8914
Ohio Burl & Q-Ill Div 3ie s.._ 1941.1 -.1 8778 8858 89 June'27 ____
79
79
29 June'27
1997 J .7
Registered
8612 Dec'26 J .1 8534
Registered
7312 7912
757e 49
9438 98
1st consul gen lien g 4....1090 J 3 753* Sale 751/4
961e 10
96
9534
97
1949 J J
Illinole Division 48
72
75% May'27
9552 9614 9512
74,2
9.513
1996 J J
4
93'. 9712
Registered
1058 M
General 48
4 10014
98,
10018 15
993 102 10018
9738 991,4
126
98
Penn coll trust gold Ia.__ _1951 F A
0734 Sale 9734
1977 F A
let & ref 434s ser 11
7814 85,2
8312 27
60-year cony ee aeries A..1953 A 0 831e Sale 83
6 10518 1071,
10618
1971 F A 106 Sale 10518
let dc ref be ecrim A
9
79
8532
8314
1953 A 0 83 Salo 83
Series 11
____ 106 June'27 ____ 106 106
Chicago er East Ill let Se....1934 A 0 106
8412 11312
10634 542
1953 A 0 10512 Sale 10434
Gen cony 45 eerles D
8634 107
8038 8712
& E UI Ry (nett co) eon 5s1951 M N 8534 Sale 8534
9432 9414
9458 230
1967 M N 9413 Sale 9412
Ref & Impt 58
10718 June'27
105 10814
1982 M N 103
Chic & Erie lot gold be
40 11112 115
115
1955 J J 11414 115 11334
7111 133
6914 7414
Erie & Jersey lets f Se_
Chicago Great West let 48_1959 M S 7034 Sale 7034
33 11152 115
115
Genesee River let e f Sc..1957 J J 11414 115 114
Chic Ind & Louise-Ref 68_1947 J J 11438 11612 11614 May'27 ____ 1137 1 1614
1031 1 10418 10314 June'27 ____ 10314 10338 Erie & PItta ell g 3SO 19....1940J J 89% ____ 881e Nov'26
Refunding gold bs
Apr'27
89%
J
89
____
14
31es
91
Series C
9012
9114 May'27 ____
91
Refunding Is Series C...._ .1947.1 J
86
Ws 10114
100
ti 99% Sale
4
581r
89_ 193
4
Est RR int' e f 7s
10178
9978 /03
1966 M N 10138 10212 10178
General be A
9934 10012 997 June'27
99% 10158
19
109
8 10638 10938 Fla Cent & Penn let ext g
May 1986.1 J 1081e 109 109
General 65 I)
2 10131 10178
____
10112
10112
10113
19591943
Consol gold be
9218 96
1
9514
9114 9614 9514
Chic Ind ar Sou 50-year 4s_ _1956 J J
2
9734 981e
3 9814 9838 9814
3 3)
9814
9658 9734 Florida East Coast let 4 14e
Chic L BA East let 4Ste__ _1969 J D 9612 __ 97 May'27
9612 47
94% 10'18
961e Sale 96
let & ref 58 series A
63
553e 61
2
& Puget SA ist gu 4s_ _ _1949 J 3 6212 ____ 63
60
S 60 Sale 60
85
4MN
72
95
6012 22
631 1 49
5534 64% Fonda Johns & Glov 448_ 1°
621e 6312 6278
U El Tr eertifs of deposit ______
94
9512
1041 J 3 9512 ____ 9513 May'27
Fort St U D Co let g 4148
88
8034 87
85
8634
7
8634
Cti SI & St P gen g 4a Ser A_83989
106% 10634
8314 81
3
Ft W & Den C let g bIes____1961 J D 107 10812 10634 Mar'27
84
84 Sale 84
Registered
Q
97% 99
99 June'27
Ft Worth et Rio Or let g 4.5_ _1928 J J
7612 761e May'27
7538 78
General gold 31-is ger B_ _e1939 J J 76
107% 108%
Apr'27
9478 98
1
9678
From Elk & Mo Val bet 68.__1933 A 0 10014 109 108
Gen 4 eie Series C___May 1989.1 J 9478 9534 9678
6512
6434 60
57
Gen AL ref ser A 4 tie_ _Jan 2014 A 0 6413 Sale 64
10118 10 10012 10134
6414 244
Ei A M & P let 5a___1931 MN 10058 10114 100%
563 6538 G
6438 6312
64
Guar Tr certlIs of deposit
4 100% 10212
10114
1931 J J 10034 10114 10078
551e 6458
2d extens bs guar
6234 60
6312 6238
Gen ref cony sec B 5s.Jan 2014 F -A 63
9612 10114
98% 9812 June'27
03
5534 6418 Only 11005 & Heed 1st be_ _ _1933 A0 98
173
6212 6314 62
Guar Tr certife of deposit_ _ _
9978
98
8
983
J
9813
J
99
9818
eons
let
1945
Ry
be_Oct
Ala
13
10378
10314
8
&
Ga
1035
Salo
8
1037
1934
10612
let see (is
99 1001s
100% 14
561s 641g Ga Caro A Nor let gu g be_ _1929 J J 10018 10038 10014
6312 216
1932.1 ID 63 4 Sale 6212
Debenture 4l.(
72% 7578
1946 AO 731e 7512 7414 June'27
64
66
250
6434 Georgia Midland lot 3s
631e Sale 63
Rankers Tr mails of deposit
9718 98114
9818 May'27
99
5612 6458 Gr R & 1 ext let gu g 4 lie-1941 J J 98
6334 51
6338 6234
63
1925
Debenture 4a
11512 43 114% /16
5613 6512 Grand Trunk of Can deb 7(1_1940 AO 115 Sale 115
6312 100
US Mtge & Tr etfe of dap- - 63 Sale 6134
34 10874 10s58
S
10718
M
Sale
6414
1071s
5612
1936
10712
16a
4
e
1
641
6414
6314
15-year
63
.1
.1
1934
15-year debenture Is
5
9712 9713
D 9814
9712
1947
9712
563e 6412 Grays Point Term let 58
6314 142
Farm L & Tr ale of- - 6311 Sale 6214
11412 212 11318 115
Great Nor genie series A__ _1936 .1 J 11414 Sale 11418
8212 82
8212 21
781e 84
M -N 82
e
Chic & N'west eon g 3is___1987
114
114
114
May'27
J
7612
7412
Registered
Jan'27
741e
Registered
Q F 80
97 100%
10018 11
let & ref 41-4e series A...1061 J J 9934 Sale 9934
9012 9634
2
9414
1987 NI N 9212 9414 9414
General es
33 108 112
j ,./ 10918 Sale 10918
10912
1952
9214
B
series
bets
92
General
92
May'27
94
9114
Registered
Q F
5 10014 105%
J 10412 10458 10412 10434
1973
9012 9412
General 53 scrim C
1
9414
9414
_
Stpd ee non-p Fed In tax '87 181 N
9412 99,4
1976.1, 96% Sale 9658
97% 67
1 105 109
-Os eerie" D
General 41
1081 1
- - 10814
__ 10814
9334Gen elea etpd Fed inc tax_1987 SIN _
/1318 '8518
85%
May'27
Feb
_
_
_
8512
_
_
&
A..
Bay
We
deb
West
Green
11414
10814
____
June'27
112
11234
____
Gen 58 stpd Fed Inc tax __1987 M N
21
254
25 - HO
Feb 25 Sale 2434
Debentures ate B
10114 103%
103 May'27
1879-1929 A 0 10212
Slaking fund Se
9313 9313
9.313 May'27
____ 10238 May'27 ____ 101 1021* Greenbrier Ry let gu 48....l944) MN 9312
A 0 102
Registered
10114
2
106,
148
,
3
0
02
1
10513
8
June'27
1043
A0
10512
4
,
001
180
1st
Nor
&
Mob
53.(s...1950
Gulf
1879-1929 A 0 10034 ____ 10138 May'27
Sinking fund be
7 100,g 10214
100%
1050 AO 1001e Sale 10012
lot SI 55 series C
_ 101 June'27
1879-1929 A 0 10013
Registered
107 10712
1933 M N 102 1021e 102 June'27 ____ 101 1028 Gulf & SI 1st ref & ter g 58 _b1952 J J 10712 - - - - 10712 June'27
Sinking fund deb Se
10118 102
M N 102_ 102 June'27
Registered
97% 104,4
11
103
Hocking Vol let cone g 41.45.19993 J 102 10312 103
7 106 107
107
1930 J D 106 1-6814 106
10-year secured 7eg
9514 95:4
9534 Mar'27 - - -.
1999 J .1
Registered
11234 24 11158 11313
11134 11238 112
1936 M
15-year secured Sins g
9812 99,14
6 10212 11258 Honeatonle Ry cons g 55.....1037 M N -5§i4 166- 99 June'27 - - -10534
May 2037 .1 I) 10534 Sale 10534
let & ref g be
102 June'27 - - 1003g 102
1937
9814 200
9734 9912 H &TC1HtgIntguar
Slay 20373 D 98 Salo 9734
let & ref 4 WI
1024
N 10234 - - - - 10214
1930
5 10214 10214
Waco & NW div let 138
9018 25
8784 9138
Chin R I & P /*Mewl) een 45_1988 J .1 9018 Sale 90
93112 1011s
10034
2
8812 May'27
86% 8812 Houston Bolt & Term let 66_1937 .1 .1 99% 10034 10034
J .1
Registered
9214 95
1934 A 0 88-9314 366
92% Sale 9278
Houston E & W Tel let g 50_1933 MN 10012 ---- 101 June'27,--- - 10012 101%
Refunding gold its
9258 9378
101 May'27 - - 100.3 101 1s
M N 101
9358 May'27
A 0
let guar ba red
Registered
98 101
9934, 50
33 FA 99 Sale 99
967
1°
8914 91
Hud & Manhat 58 serlea A._1
Ch St L & N 0 Mem Div 49_1951 J D 8978 _ _ 901+ May'27 ____
84
9314
90%! 78
Adjustment Income be Feb 1957 A 0 894 Sale 9912
- - 10238 June'27 ____ 10114 101.58
Ch St L & Is let cons g ro__ _1932 A 0 10214 10314
94
9614
3
953si
953
10234 10 10234 104
Illinois Central 1st gold ea.__ 1951 J .1 9514 97
Cele St P M & 0 eons Oa__ _1930 J D 10258 103 10234
92% 92%
96
9238 Apr'27,--1951 J J
Registered
Cons 6s reduced to 3ees__1930 J D 9578 91312 9614 May'27 ____
9614
87
8714
2
9912
9911 100
8714 Jan'27,
1951 J
1930 M 8 9914 9934 991e
87% 90
Debenture be
8814 8914
_ 8838 Apr'27i---9912 100 100 May'27
995e 10014
lot''14s4t-gold 3les...1951 A 0 8712
Stamped
E
7518
73
9734 23
7512
9358 9912
7518
sterling
June'27
M
1951
3e
T H & 430 Emit let Gs_ _1960 J
gold
9812 971 1 9678
let
3
9112
9234 38
94111 93
01%
8784 9514
Dec 1 1960 M S 9212 Sale 92
Collateral trust gold ea_ __1952 A 0 9118 92
Inc gu 63
8912 8912
9918 26
9714 9918
8912 Mar'27
A 0
Registered
Chic Un Sta'n let gu 414e A _1903 J J 9812 9912 9812
9314 97%
2 10312 106
10512
9458
1963 J .1 10513 Salo 10512
1955 M N 9412 95
94%
3
let refunding es
let be series B
85
88%
10338 10 10112 10538
1944 .1 D 10238 103 10338
1952 J J 8512 ____ 8838 Apr'27 ---Purchased lines 3.o
Guaranteed g Is
9018
So(
3
22 11614 11834
89
117
10633 .1 11638 11734 11614
88% Sale 88et
Collateral trust gold 45_1953 58 N
let 6 ets series C
8612 802
MN
8612 June'27 _Regletered
10513 106
Chic & West Jed gene 68..91932 Q9,1 10512 ____ 10534 Mar'27
12 106% 108%
10714
8778 31
8658 90
1052 J J 8713 Sale 8714
1955 M N 10714 Sale 106%
Refunding 5a
Como' 50-year 48
37 10312 10512
1982 lef S 10414 Salo 10414
105
101 Sale 1008
1934 1
10118 27 l0034 10312
16-year secured (ilea
let ref 514s set A
10314 10438
11278
1936 J .1 11278
11278
8 11158 1131:
15-year secured.61ea g
Oboe Okla A Gulf cone Sc. l852 M N 10438 ____ 10438 June'27 ____
98% 9934
275
98
.1 9738 ____ 9738 June'27 _--_
9738 9738
40-year 4 see_ _ . _ _ Aug 1 1904) F A 97% Sale 9712
& D 2d gold 4See- -1937
Cin
92% 93%
971e June'27
9418 ____ 9338 Mar'27 -9514 99
Cairo Bridge gold 48
o I St L & C let g es__ _Aug 1036 Q F 961e
781s 78%
96189518 Jan'27
9518 9515
J 78
D
951
1°5°
Aug 1938 Q
7834 7738 May'27 -Litehfield Div lot gold 38.1
Registered
. 84,1
831
1
91
MN
8
833
Sale
91
J
J
1942
83%
3148_1053
8
g
833
Term
gu
&
Sale
9334
Div
Nor
,
9014
Lateen
3
400
9111
&
01e Leb
3 J
8118 Aug'26 --Registered
S & CI cons 1st g 5e.....1929 J .1 10012 ____ 10038 June'27 ____ 100 10038
WI;
76
9412 11
89
Ch & St L gen 48_1993 J D 9414 Salo 94
Omaha Div 1st gold 38.___1051 F A 771 -711-4 7678 June'27 -9638
Cleve
76%
0312 May'27
__
92
931e
7878 Apr'27 - Registered
79
St Louis Div & Term g 38_1951 3 .1 77
97
88
5
100
.1 8558 87
1951
1031.1 .1
9838 100
8612 Mar'27 - Gold 314e
20-year deb 4)4e
°4 May'271073.4 113
13
1°
8
°1'4
10
85% _
1993 .1 ID 19
84 Sept'26
Springfield Div let g 3I48-1951 1
General 5e Series B
-WIT, Ilia
27 10
- 10258
78
1
08
2,
9112 June'27
4 110
9118 93
1e
g 4e_ _ _1951 F A
Western Llees
814
03
Ref & inset 60 series A_1929 3 .1 10234 1-02-03
1
106
1941 .1 J 104 10813 106
6e series C
Ill Central ee Clio St L & N()10334
7 10314 10613
1963 J .1 10314 10334 10338
104 Sale 104
Joint Is' r'et a series A. _1063 J
10412 • 7 l03'k 10514
Sc wiles 0
9732 9714
54
1
94
971
9312 951,
1963J D 9712 Sale 973*
1st & tee 4 See ser C
Cairo Div let gold 48.... _1939 .1 J 9494
104% 107
8913
1
90,2
8912 -91.- 8911
86
1951 .1 D 10612 ----10812 Mar'27
C111 WA M Div 1010 48_ _1991 J
10312
10312
igeo
8
MN
,4
1
7
8
0
4
Mar'27,-%
1
7
0
9
7
2
'
y
a
M
9018 June'27
J D 103% 107 10311
GoRideg5ilstered
et L Div lat coil tr g g
8714
M N
1951 J
7958 ____ 7812 Feb'26'614 88
Registered
Gold 314s
8933
-053
May'27
-8
June'27
933
S
9714
1.1
97
.1940
4
_
943
42_
g
let
___
West
ee
ext
0
lot
A
1
Div
971
44.1940
9312
Col
Bloom
Ind
OPr &
93% 9454
9612 Apr'27 -__
91
9438 May'27'
9712 Ind III & Iowa let g ea
195(13
9234
W W Val Div let g 48..... 19403 .1
94
87
8614 June'271
10714 10918 Ind A LoulevIlle let go 41...1958 J 3
OCC&I gen cons g tis_ _ _ .1934 .1 J 104 10812 1081e June'27 ____
101%
1031g
3
e
pen
101581
8
es._
4
8
103
1023
1015
103
-1e
10312
10288
g
let
02
eon
1
W
1033* Ind Union Ry gen beer A 1965
.1
01112 Lor
102% 102;8
__ 10011 Apr'27
10012 10012
Mabon Val g 138_ _1938 j e
1911.53 3 10158 10212 10278 Apr'27'..-__
Gen & ref 5s eerlee 14
107 I 25 105% 10734
J 10612 Sale 10611
1936 M N
98% 98% Int & Ort Nor 1st Ss No A _1952
CI & Mar 1st gu g 4148
83% 98
9512 114
7
Pter:26
Au
8'1; A
99
4 9933
01'8
°9
10
Adjustment (le ser A July 1952 AM1 95 Sale 95
Cleve A P gen go 414s ser B.1942 A 0 1003885181 29
81% 881s
85
3
101 Mar'27
-1
1942 J J 10014 11:
8434 85
1-0-1Stamped
Apr
Berlee A 4 4B
0852 10014
19
99121
99%
MN
8912
89
803*
8
893
Sale
8
1948
June'27
985
B
31411
series
J
10583
1st 58
Series C
8152
75
46
80
8914 May'27 ____
1950 F A 881
8914 8914 Jut Rye Cent Amer is; 58_1972 Si N 7812 Sale 7812
Series D 31(a
9234 95%
10214
29314 9538 992 June'27._ _ _ _
10118 104
_- - 10234 June'27
lM
let coll Or 6% mama
Cleve Sher Line let gu 4140.1961 A 0 10134
8813
C.0
8
5018,
5018
Sale
1091e
10812
0
15
A
5018
Sale 10834
108 11038 lows Central let gold be...19°34811 D
N
Cleve Union Term 64c...1972
4911 55
5138 June'27,' _ _
10434
5018 52
6 10312 10538
1973 A 0 1043* 1045 10434
Certificates of deposit_ _
let s f 5o eer B
21%
17
41
17
Sale
18121
D
J
4
903
1718
8
1
4
903
4
903
9212
en
4
let
903
4e.1983
RefundIng
48
gold
19
Ry
838
Coal Myer
91% 9412
5
9418,
9874 0
1) 9418 Sale 9418
9914 13
99 Sale 99
912 James Frank A Clew let
90
Colorado & Routh let g 48..1929 F
103 103
10234._ 103 May'27,..._
973* 18
193813
Ka A &0 It let au e
Refunding A exten 4140..1935 PA N 9718 973 97
81538 88
1
917
June'27____
8712
1812
0
96
88
May'27
0
94
A
19901A
19481
9438 Kan & M let eu g 40
948
V 1st ext g el
Col &
9934 10912
4
997
998
90,2 90,2
9012 Mar'27
19274
1955F A 9038 94
2i 20-year 58
Col & Tol let ext 4s
10114 101%
42
10178
103
10138
0
Si
8
1017
V
lee
8818
A
1928
1943'
8812
4/1
May'27
8818
RI,'
SI
881s
Ft
C
K
eons
&
S
PtUlgUnl
055
remit &
0 Due Feb. e Due May. p Due Dec.
o
0
Clove
&
3754
BONDS
10. Y.STOCK EXCHANGE
Week Ended June 24.
New York Bond Record-Continued-Page 3
fa:
a.
Price
Friday,
June 24.
Week's
Range or
Last Said
Range
Since
Jan. 1.
J
Bid
Ask Loco
High No.
K C Ft E3 & M By ref g 48_1936 AO 9314 9312 9314
93% 36
K.0 & M R & 13 let gu 53_1929 A0 100
4
100
10014
Kansas City Sou let gold 38_1950 * 0 74% Sale 73%
7418 33
Ref & Impt Se
Apr 1950 J
9934 Sale 9934 100
18
Kansas City Term let 4s_1960 is 9034 Sale 9014
904 78
Kentucky Central gold 48_1987 35 9018 ____ 9018
1
9018
Kentucky & Ind Term 44e-1961 53 8514 ____ 94% June'27 - -Stamped
1961 is 90
1
90
90
Lake Erie & West let g 5e 1937 is 10158 10178 10158 June'27 ---2c1 gold 56
1941 ii 10212 Bale 101% 102% 20
Lake Shr & Mich S g 348_1997 ID 83
8378 82
8412
8
Registered
1997 S D
9
8314
8314
Debenture gold 49
1928 MS 9938 9934 9912
9934 9
14
9
25-year gold 411
MN
1931
9834 Sale 9812
98%
Registered
1931 MN
96 Dec'25 Leh Val Harbor Term 58_ _1954 FA 105 Sale 104
105% 11
Leh Val NY let gu g 445_1940 S i 9978
2
_ 9912
9912
Lehlgb Val (Pa) cone g 48_2003 MN 8718 Sale 87%
12
88
Registered
MN
89 May'27 -General cons 448
2003 MN 99
9912 99
3
99
Registered
MN
97 June'27 ---Lehigh Val RR gen foi series 2003 MN 10519 111 08
4
10812
Leh V Term By let gu g 5e__1941 AO Ion
1
03% 103%
---- 0218
Registered
AO
Mar'27 ---Leb & N Y let guar gold 4s__1945 MS 9034 9212 90% Feb'28 ---Leg & East let 50-yr 50 gu_1965 *0 109 112
7
1112 11112
tJttle Miami gen 4s Ser A _1962 MN 8758 9212 9118
1
9134
Long Dock consol g Be
1935 AO 1084 110
084 June'27 ---Cong Bad let con gold 51July1931 Q
10114
0112 June'27 -1st consol gold 42____July1931 03
98 Feb'27 ---General gold 42
2
1938 3D 9338 ____ 93%
93%
Gold 4s
1932 J D 9534
9534 May'27
Unified gold 48
S 8834 91
1949
8914
2
8914
Debenture gold 5s
1934 S D 9934
0012 June'27 20-year p m deb 5S
1937 MN 9914
- 9978 June'27 - -- Guar refunding gold 48_1949 M
8878 1914 90 June'27 ---Nor Sh B let con gui3s_Oct '32 Q
9912 10012 0012 June'27 --- Loubdana & Ark lst a58-1927 M 8 100 10018 00
100
7
BONDS
N. Y.STOCK EXCHANGE
Week Ended June 24.
Pries
Friday,
June 24,
Week's
Range or
Last Said
-I
13
COQ
Range
Since
Jan. 1.
Low
High New York Central (Concluded).
Ask Loco
854
High No, Lore
High
92
94
Cansol 4e series A
1998 F A
92 Sale 9212
90
9514
9234 23
9912 101%
Ref & impt 4348 series A_2013 A 0 10039 Sale 10038 10034 98
977s 10178
Ref & 1mpt 5241611es C___ _2013 A 0 1051,3 Sale 1058
734 751*
33 10514 108
106
9914 101
Registered
A 0 _--- ---_ 10512 Jan'27 -- 1051s 10612
/38
9112 NY Central de Hudson River8112 9012
Mortgage 3348
1997 3 .1 8314 8312 834
8314 113
801e 8512
8518 9458
Registered
1907 J J
8211
7858 8312
82
5
8812 9010
Debenture
red
goldM
1934 M N -__1.2 gia-e- 9614
97
27
9814
9814
101 103
MN
913
96 Feb'27 -96
10018 102%
30-year debenture 44
1942 J J 9412 ii- 9712 June'27
9412 9838
8012 85%
Registered
J J
93 Feb'27 ---BO
8314
Lake Shore coil gold 830_499
98 F A -8134 gta-e- 8134
834 56 "firs
9
9844
7 100
Registered
81 Mar'27 ---7834 81
Mich Cent colt gold 848 19
9934
99
98 F A .-_ 1_2 li- 5212 June'27 ---7934 851s
Registered
Ms 8314
82 May'27---10412 106
N Y Chic & St L let g 48
1937 A 0 9514 -9534 95
9434 99
95
1
Kos 10014
Registered
--- - -_-- 94 June'27
94
9518
8614 9134
25-year debenture 48
1931 70
M N 99
eats 991e
13
84
8912
2d 68 series A B C
103 S-/;1-e- 10
92
9334
93
9114
4 20 10218 10314
97 100
Refunding 534t3 series A I974 A 0 1055,3 Sale 10514 10
62 1041s 10638
108
97
97
Refunding 5 Vie series II _1975 J ji 10534 108 1
20 10418 107
0539 108
10312 108
NY Connect 1st gu 414e A 1953 F A 97
9712 9712
9712 22
9418 99
10213 10512
1st guar 55 seriee B
1953 F A 10434 10512 10439 June'27 --- 10338 103
10218 10212 NY & Erie let ext gold 48_12T
.
1 4 N 91
9134 Oct'27 --90
3d ext gold 448
903s
9812
9878 Mar'27.---- "ell; Ili
10939113's
4th ext gold 6s
10039
988a 10012
100% Mar'27 -8858 904
5th ext gold 49
AT 1
g
99 Nov'28 ---z
0914
10884 10912 N Y & Greenw L gu g 56.- 1946 M N 997
997
7
foiki
99
1
10014 1011 NY & Harlem gold 3348-2000 MN 82 ii- 85 June'27
8184 85%
---98
98
Registered
M N
82% 8212
8212
9258 9818 N I Lack & W 151 & ref 5E1_1979733 M N lairs ____ 80 Mar'27 -July'25 -93% 9534
First &ref 4145
MN 10358 _--- 10418 June'27 -- fa'
89
90
NYLE&Wist 7e ext
M iii3,.!
!
j 10558_ _ 108 Feb'27 ---, 106 106
99 10034 NY & Jersey let 5/5
10034 I:0114 101
10114
5 10058 101%
98% 10014 N Y & Long Branch gen g 401941 M S 9014 ---- 90 Dee'26
---8834 91
N Y & N E Bost Term 413_ _1939 A 0 9091 Apr'27 ---91
91
100 101
N Y N IT & H n-e deb 48_ _1947 M 13 81 12
74
83
.
4 81 June'27,- -,
100 10039
Non-cony debenture 348_1947 M S 723972%
72%1 - 21 7238 76
Non-cony debenture 332e-1954 A 0 8912 -701-4 6912
6012 7312
6912
5
Lou & Jeff Edge Co gu g 48-1945 MB 8938 9034 9034
9034
893s 9212
1
Non-cony debenture 45.-1955
7012 7712 7812
7812
5
8084
76
Louisville & Nashville 6e___1937 MN 106
07 June'27 - _ 1061s 107
Non-cony debenture 48„_1956 M N 78
7812 78
78
774 8084
2
Unified gold 4e
9878 9812
1040 ii 913% Sale 9832
96% 46
Cony debenture 3343
Sale
898
3g5
4
897
g
3
8
3
8978
3
88
8
4
7814
Registered
ii
9858 May'27 - 95
908
Cony debenture Ile
10758 Sale 10714 108
10 10518 10938
Collateral truit gold 68_1931 MN 102 10212 02
102
1 1011s 10234
Registered
_
107 Apr'27 --- 103 107
10-year secured 72
MN
0412
Sale
105
105
28 1031s 106
1930
Collateral trust 135
1940 -I
A a
j ioii2 Sale 10314 104
17 103 10514
let refund 6348 series A....2003 *0 10834 Sale 07
10834
5 105 110
Debenture 48
1957 MN 7114 7212 7114
7132
8912 76
5
1st & ref 58 serlee 13
1 10534 10834
2003 AO 10714 10812 0714
10714
Harlem R & Pt Chee let 42 1954 M N 8918 9012 8912
8912
I
89
9038
let & ref 4 s series C
AO
10112 Sale 0112 10112
4
2003
9934 1035s NY & Northern let g 58
1927 A 0 100 ____ 100
9978 100
Si 0& M let gold Be
10314 1034 0314
1 10314 10378 N Y 014 W ref let g 48.June 1992 M S 7834 Sale 7812 May'27 ---1930 J
10314
7814 7912
783
4
16
2d gold 65
1930 is 10314 10358 0334 May'27 10332 10334
Registered 85.000 only
M S
72% Dec'28
Paducah & Mem Div 48_1946 FA 935
_
9339 June'27 ---9339 95
General 48
1955 J D
---73 -7884
St Louis Div 2d gold 3e_ _1980 MS 88 8-8812 88
20
89
6818 89
NY Providence &Beaton 48.1942 A 0
Mob & Montg let g 4461945 MS 10038 Sale 0038 100%
1 10039 10112 NY & Putnam lst con gu 48 1993 A 0 8
0
02
7393
:
44 .
--7
.
.
-5
:
1_
3
9
9
76
6
2
1
18
2
j
M
Du
;
a
n
ec
897
161;
:
2
2
67
7
South By joint Mouon 4e.1952 S i 8814 8912 8812
8938
8712 9012 N Y & R 13 let gold 513
1927 M S 0
99
33
142 s_a_l_e_ 93
972 May
'
93
217
9974 100
2 ---9
Ltl Knoxv & Cln Div 48_1955 MN 94
9514 95
95
9312 9714 N Y Susq & West 1M ref 58_1937 .1 3
8712 9412
Lowry Cln & Lox Div g 448'31 MN 9978 10018 0018 June'27
100 10012
2d gold 4349
1937 F A 7912 84
7912
3
791
7234 80%
Mahon Coal RR let 55
103 10312 0318 Apr'27
1934
10314 1031s
General gold to
1940 F A 78 Sale 78
2
78
7112 80
Manila RR (South Lines)40_1930 MN 6712 69
6734
6912
66
7012
Terminal Lit gold 58
1943 M N 9914 10012 101 June'27 -101
981s
1959 M N 7812 8018 78 June'27
734 84
N Y W'ches & 13 1st ser I 448'46 J J 8114 Sale 81
8114 35
7818 8314
Manitoba S W Colonisa'n 5e 1934 S D 100 101
00 June'27
l
ir
iis1_0
10.1
1.4
M4i2GB &NW let 3548_ _ _1941 is
8312 Feb'27
Nord Ry ext'l s f 6328
1950 A 0 971 Sale 9718
9314 9884
977 163
Mob Cent Del& Bay City 58231 S M 10112
0134 May'27
Norfolk South let Jr ref A 58_1961 F A 9238 Sale 9278
10
9014 9384
93.
QM
Registered
01 Dee'26
, Norfolk & South let gold 58_1941 M N 10112 10212 10112 10112
2 1001
:10188
Mich Air Line 45
is
"953s 97 9512 June'27
1940
-1351-4 154 Norfolk & West gen gold 68_1931 121 N 10434 10514 10514 June'27
10814 10858
J J
Registered
92 Nov'28
---- ---Improvement & ext 68_1934 F A 10814 109 108% June'27
10812 110
!LAS let gold 345
87
79 Nov'28
1961 MS 85
New River 1st gold (is _ _ 1932 A 0 10812 ____ 107 May'27 - - 10834 107
Let gold 3148
88
90
1962 MN
8534 June'27
_
-iil4 -96N & W Ry let cone g 45_ _ _1
19
99
,
6 A 0 9614 Sale 96
9212 97
985* 49
20-year debenture 45
1929 A
9912 9958 9912
9912
9835 9972
Registered
9278 95
May'27
Mid of N J letext5e
A
0
97
1940
9834 June'27 _ _
988
'
95
Div'l
lst
lien
&
9
n
4
9
4
3
34
48.1
i
ll
1
gen
g
95%
93
--3
9
-52
94
95318
4
9
3
534
9 4
MIlw LS & West imp g 58-1929 F A 10054 Bale 0034 10034
3 1005e 1015s
10-yr cony. Os
158 185
181
181
Mil & Nor let ext4 48(1880)1934 J D 98% 98
9512 Dee'28 -Pocab C & C joint 48_ _ _1941 J D -16
)45s -95 - 9458
92% 96
948
4
Cons ext 44e (1884)
1034 J D 98% 97
98 June'27
_ -121.2 -9-8 - North Cent gen & ref 58 A-1974 M S 107 __ 106
Jan
g.
9
10558 106
27
Aill Spar & N W let gu 48__ _1947 M
94
93
93 June'27 -92% 9518
Gen & ref 4 yie series A-_1975 di S
3
9934
57
Milw a, State L let gu 348_1941 3 3 8438
8318 Dec'25
North Ohio 1st guar g 58-.1945 A 0 "oi" 967s 96
8
9412 100
9714
North Pacific prior lien 48-1997 0 .1 9412 Sale 9312
9114 97
9411 32
Minn & St Louis lot cons 5s_1934 MN 5412 Sale 5838 June'27
5114 57
Registered
10970 J 92
9212 9312
90% 94114
9312 12
Temp We of deposit
M N 5378 56
5412
4412 10
5114 55
Gen'l lien gold 3s__Jan 2047 Q F 6814 Sale 8814
8552 89%
6714 13
ist & refunding gold 45_ _1949 M S 1914 21
20
35
22
17% 23
Registered
Jan2047 Q F 6414 6612 8812 June'27
83513 873s
Ref & ext 50-yr Se ser A1962 Q F 13
16
13%
121
1314
13
1514
Ref & impt 41-is series A,..2047 J J 9934 Sale i 9914
94 10114
9934 47
MStP&SSMcong4eintgu'383
8614 8718 8714
8712 20
.
87
88%
Registered
J J 9514 ___ 1 98 May'27
98
98
1st cons 5s
2
97
1938 -1_
984 9834 97
96
983s
Ref & impt 6s series B_--_2047 J J 113 Sale 1111
93 111 116
11314
let cons 6egu as to int
96%
13
1938
97
9638 98%
_J 9814 97
Registered
J
J
1116
Mar'26
10-year coil trust 645
1931 M
9938 Sale 98
99% 68
9712 102
Ref & knot Ea series C -__2047 .1 J 10412
810512 107 June'27
lolls 1-11712
la 54 ref 82 series A
99
9934 98%
22
1946J
100
984 102
Ref &'mot 5s series D_-2047 J J 1041,1 19614 10412 10412
9 10318 10714
115-year 5t40
8218 8412 8212
3
1949 M
8334
8212 89
Nor Pac Term Co Isle 68-1933 J J 10934 ____ 10978 May'27
10934 101571
let Chicago Term f 48_1941,M !
9734 Jan'27
9714 9734 Nor By of Calif guar g 50 _-1938 A 0
5
10518 10614
106 June'27
nilvilesippl Central let 50
96
954 9712 North Wisconsin let 68
98 June'27
1949
1930 .1 J 10318 ____ 1031 Mar'27 -- 1027e 1031s
Ito Kan & Tex let gold 40 _1990 1 3-3.. 88 Sale 88
88% 11
8638 897s
allo-K-T RR prlien
ear A,1962 5 " 10318 Sale 10318
10318 13 10
1
12
1
,8
03
312
4 Og & L Cham 1st gll 4E1g-1948 J J 8314 Sale I 834
83
7
8158 8814
832
60-year 45 series 13
8712 89 8712
8734 19
ion J.
Ohio Connecting Ry 1st 48-_1943 M S 9514 __- 94% Mar'27
9432 943s
-10-year de series C
10234 103 10234 103
19 1025e 104
1932.11
Ohio River RR 1st g Sit
19365 D 10338 I-0418 10318 June'27
102 10415
Cum adjust 6s eer A Jan_1967 A 0 104% Sale 10414
10514 150
06 106
General gold 5e
1937 A 0 102% ___ 103 Way'27 - - 10114 103
Missouri Pacific
Oregon & Cal 1st guar g Se 1927
.1 997 foo
997s 10312
997 June'27 -let & refunding 55 set A-1965 F A 9834 Sale 9814
9914 19
9814 101
Oregon RR & Nay con 840,1946 J 13 9312 95
1
883s 9412
9312
9312
let & refunding 68 ser D 1949 F A 10712 Sale 10712 10712 58 10612 109
Ore Short Line let cone g 53_1946 5 J 107 Sale 107
107
5 107 10914
General 45
75% Sale 7512
1976 M
7814 1613
7512 7914
Guar cone 613
19405 J 108 10914 108
10814 12 1071e 110
1st & ref 55 ser F
98 10012
1977 MB 9814 Sale 98%
9812 348
Guar refunding 45
1929 J D 99 Sale , 99
9814 9912
9914 72
Mo Par 30 Te ext at 4% July 1938 MN
93% ---- 9312•May'27
92% 95
Oregon-Wash 1st & ref 48--1961 J J 90% 9114 9014
8618 9:1a
9118 29
Pacific Coast Co 1st g 58- __1946 1 D 89 Sale, 88
13
88
93
90
Mob & Bit prior lien g 511_1946 Si 10018
9724 99
9734 June'27
Pac RR of Mo let ext g 46 __1938 F A 9312 95 1 94%
2
94%
9384 95
1st m gold 48
NI/ 884
8814 June'27
1946 S i 8734
24 extended gold Is
1938 5 J 102 ____ 10239 June'27 --- 102 10212
Small
82%
2
1945 S i 8258 Sale 8258
82
82% Paducah & the 181 s I 445..1955 I J 9958
9912 June'27
98
Mobile& Ohio new gold 65..1927 S D 10034 Sale 10034 10114 12 10014 10134 Parls-Lyone-Med
9983
RR 6s__1958 F A 92 Sale 1 9212
871s 9534
9334 163
let extended gold lis _ July1927 O 5 9978 10018 10018 May'27
9914 10012
Sinking fund external 7s 1958 M 2 10014 Sale 10014
92
9612 1021s
101
General gold 4e
M
S
9412 May'27
1938
94% 95
93
9518 Paris-Orleans RR 5 f 70
1954
3
.4
2
9814
Sale
84
,
993
4
101.i
9914
9934
Montgomery Div 110 g 58_1947 FA 100% 10212 10012 10012
1 10038 10114 Paullsta By 1st & ref s f 78_1942 IS 13 10234 103 10234
2 10112 1031s
10234
St Louis Division 6e
D 99% 101
1927
99% June'27
994 1004 Pennsylvania RR cone 245. 1943 M N 98
98
97 May'27 ---951
: 98
Mob & Mar let gu gold 46_1991 MS 9134
94% Apr'27
9114 9712
Consol
gold
IS
4s
N
1943
97
98
98
June'27
---9414 98
Mort C let go ads
1937 S i 113 1-1314 13.14 June'27
11114 11312
4s sterl stpd dollar-May 1 1948 M N 9512 97
94
9812
35 9758
9812
1
Registered
Si
11111
1112 Mar'27
11112
Consolidated 448
1960 F A 9934 10014 10312 104%
10178 10818
Set guar gold 58
1937 S i 104 10512 04 Mar'27
1034 104
General 4340 series A _ _ _ _ 1985 S D 101 Sale 10018 10112 71
9914 10213
Morris & Essex let gu 348_ _2000 SD 8214 83 82%
84
10
80,2 85
General 55 series D
1968 S 0 108 Sale 108
10812 85 10638 Ill
Hamby Chan A St L let 68._1928 *0 10014 1001z 0014
2 10014 10112
10012
10-year aocured 78
1930 A 0 10812 Sale 10814 10612 79 10014 10739
N Fla & 1st gu g Be
1937 FA 10212
0312 Apr'27
102% 103%
15-year secured 61.42
1930 F A 11238 Sala_ 1
3 11.2
0jun
14
2 1e.
1327 39 11184 11314
Nat Ry of Mex pr lien 448..1957 Si
30 Sept'24
Registered
F A
11112 111114
Assent cash war rot No 4 on
1434 15" 14%
20
15
5 "ii
40-year secured gold 53__1984 M N
Sale 10313 104
44 102 10412
Uttar 70
-years f 4e
1977 AO
8712 Aug'25
Pa Co gu 348 roll tr A reg.-1937 MS 87's
Mar'27
89
-_4
89
_
89
Assent cash war rct No 5 on
-Dire -1-934 19 June'27
"hi; 1"1" Gus. 334s coil trust sec 13_1941 F A 8818 Sale I 8818 8818 1 88
8912
Nat RR Me: pr I 4 48 Oct _1926 1-71
3812 July'25
Guar 332s Lust ctfe C___ _1942 J D 8512 _ _1 8812 June'27
85
802
J J
July 1914 coupon on
24 Sept'25
Guar 332s trust ctis D_ _ _1944 J 0
'
853
4
June'27
844
Ms
Assent cash w.r rat No 400.
"2012 22 2114 June'27
a
Guar l5-25-yea.r gold 4s___1931 A 0 85189838 983-4 9838
974 9914
99
31
tel consol 48
28 Ape28
1961 AO
1952 MN
_ 8912 9014
9014
90%
88
4
AO
April 1914 coupon on
1812 June'28
Pa Ohio & Del 1st & ref 434s A'77 A 0 9834 Sale 9812
9638 9834
97
80
1313 131 June'27
Assent cash war rot No 4 on12
Peorla
theo&
meEr
stern let cone 45_1940 A 0 8912 9012 9018
9018
8614 9114
3
Aprll 1990 Apr. 4514 48 I 47 June'27
4i34 4812
New England eons tie
S
i
10014 01% 101%
1945
3
9912 10138 Peoria & Pekin Un 188 55.03_1974 F A 10372 10472 106 May'27
-- 104 Lo614
Consul guar 4s
1946 S i 874 - - 8878 Apr'27
87% 89
PeiretM
4saraquate
er
B let /ler A 68_1956 J 1 10412 10452 10432 10458
5 10358 108
N J Juno RR guar let 48._ 1986 FA 85
8512 Jan'27
85% 8512
9114 Sale 9114
921e
9114
89
2
NO&NE lot ref&Imp 448 A'62 is 9718 98
97
9718
3
9612 9734 PhIla Balt & Wash let g 4e...1194
74 el
j 9612 9812 98% June'27
96
35
953e 9818
New Orleans Term let 48_ _1953 S i 8712 88% 8734
8718 8914
88
11
General 62 aeries B
1974 F A 1107s Sale 11072
11214
1107
11012
2
3
NO Texas & Meg n-c Inc 50_1935 AO 100
10014 10 100 101
004
Philippine By let 30-Yr a I 43 1937
42
4312
4214
8
5 4218 Sale 4218
let 55 mien B
1954 AO 10014 Sale 0014
10114
7 1001a 101,2 Pine Creek registered lot 08 1932 5
J D 10858 107 110834 10834
5 [00:2 10,04
1st 53 series C
1958 FA 10314 1031z 0314
10312
8 10314 10432 PCC&StLgu431eA
0 10034 101 110034
A
194
0
1014
993
2
3
1003
4
lot 6Sue series A
1954 * 0 1044 10478 0478
10514 13 10434 105,
Series 8 434s guar
1942 A 0 10034 Sale ,10034 1004
4 1004 10112
N & C 13dge gen guar 4 4s._194.5 ii 97
9714 Mar'27
9714 981
/
4
Seriee C 4w,e guar
1942 M N 10034 _--- 10034 10034
1 10034 10114
NYB&MB let con g 58_1936 AO 101 102
01 June'27 _- 10034 102
Series D 45 guar
7 9812 June'27 _ _
1945 M N
91378
96
97
9714
N V Cent RR cony deb 6e...1935 MN 10714 Sale 0714
10714 23 10532 l0878
Series E 3 Sig guar gold_1949 F A 9678 _ _
9858 June'27
963s 965e
Registered
MN
1814 Mar'28
Series
R.
n
F 4e
4s ,,,m
1969 J 0 9878 _ __I 9714 Apr'27
guar gold
9712 1003s
1057 m 14 987g - - 9858 May'27
Oficm
-
_-
3755
New York Bond Record-Continued-- Page 4
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 24.
Pries
Friday.
June 24.
Week's
Range or
Last Sale
togi
Range
Since
Jan. 1.
High
Ask'Low
Hbls No. Low
Bid
Pitts(Mn Chic & St L (Concluded)
10012 10012
_ 10012 Jan'27
Series H con guar 48
1960 F A 9678
9958 10314
Series I cons guar 4 S4s_....-1963 F A 10014 10178 1015s June'27
100 10312
Series J cons guar 4 Ms_ _1964 MN 10234 Sale 10234 10234
10812 11 10614 1104
General M 5s series A
1970 J D 108 Sale 108
102
Oct'26
Registered
J I)
5 1654 iffGen mtge guar 55 series B_1975 A 0 it5818 Sale 10818 10812
99 10078
100
Pitts 63 L Erie 2d g 5s_ __Jan 1928 A 0 10014 101 100
10578 106
Pitts Mc% & Y 1st gu 65____1932 J J 104 10612 106 May'27
_ 10134 Nov'26
2nd guar 613
1934 J J 10418
10113 10212
_ 10112 June'27
Pittstilh &LE 1st g Ea
1940 A 0 102
10012 10012
_ 10012 Apr'27
let consol gold 581943 J J 10012
Pitts Va & Char lst 4s
_ _ 9114 May'25
1943 M N
9934 100 10014 Dec'26
PIttcY & Ash lat cons bs
1927
N 93-554 'Fr
let gen 48 series A
___ 94 Mar'27
19483 D 931
108 107 May'27
let gen 58 series 13
1962 F A 106 210433 107
71
75
Providence Scour deb 4a
72
7134 June'27
1957 M N 71
Providence Term let0
8458 Aug'26
11156 M
8418
3
92 100
95
Reading CoJersey Cen coil 4s 1951 A 0 95 Sale 9434
Registered
A 0
15
98 1001
Gen & ref 4449 aeries A___1997 J J 9934 Sale 9938 100
Rich & Meek 1st g 49
7912 8232
___ 8014 May'27
1948 M N
Riches Term By let gu 5a _ 1952 J
102 103
102
7978103 10258 Apr'27
Rio Grande Juno let gu 58-1939 .11 D 983 10014 101 May'27
10018 10114
Hie Grande Sou let gold 4&_1940 J J
---- ---718 Dec'26
784 --_
Guaranteed (Jan 1922(MUD on) J J
--- 6 May'25
73
5 -6.81.2 1314
Elo Grande West 1st gold 48_1939 J J 9038
4-9212 9212
93
1st con & coll trust0 A_1949 A 0 86 Sale 86
8788
8634 51
84
53
Pt I Ark & Louts lot 4)48__ 1934 M 8 9512 Sale 9512
97
9458 97%
3
Rut-Canada 1st gu g 4s_
8418
8212 8534
8418
1949 3 J 9134
Rutland let con g 4345
95% June'27
1941 J J 84 -85
911 9512
7
St Jos & Grand Isl let g 48_1947 .1 J 8812 Sale 8812
89
8634 8914
St Lawr & Adir JetgSe
100 10018
19963 J 100 ____ 10018 May'27
26 gold 6s
10518 10714
_ 10534 Mar'27
1996 A 0 106
st & calf.° guar g 48
9678 Sale 9678
9814 9712
19313
9678
10114 16 10014 10112
1351,17751t & S gen con g 59-1931 A 0 10114 Sale 101
Stamped guar 5e
_ 10038 Sept'26
1931 A 0
Unified & ref gold 48
9738 99
1929 J .1 9858 Sale 985s
9878 57
Riv & Div Ist g 4a_
931 95
9458 64
_1933 M N 9438 Sale 9378
St L M Bridge Ter gu g 56._ _1930 A 0 10058 10134 10012 June'27
100 101
St L & Ban Fran (reorg co)4s 1950 J J 8558 Sale 8538
8412 8813
8614 164
87
Registered
87
--_- 87 May'27
J J
Prior lien series B 59
9934 102%
10014 39 100
1950 J J 100 Sale 9978
Prior lien series C fig
10112 33
1928 3 J 10112 Sale 10114
10212 Sale 10214
Prior lien 530 series D _1942 J
10234 39 10112 103
Cum adjust ser A (ic_July 1955 A 0 10038 Sale 100
99 102
10012 86
Income series A 6s. _July 1960 Oct. 9738 Sale 97
9738 56
9514 994
10434 10578
131 Louis & San Fr RY gen 63_1931 J .1 10412 105 10434 June'27
General gold 514
10114 June'27
1931 J J 10114
10018 10178
StLPeor&NW1stgu5s1948J J 10414 170712 10412 June'27
10412 10512
10114
9618 9813
9812 Apr'27
St Louis Bon let gu g 4,...,.1931M
4 88113
St LB W let g 48 bond Ws_ _1989 MN 8778 -8838612 89
8834 13
2d g 4s Inc bond ctfs_Nov 1989 J J 83
8312 May'27
81
8312
3
9514
9558 55
Cone& gold0
1932 J D 9538 -95
9418 9632
97% 24
1st terminal & unifying 58_1952 J J 97 Sale 97
95
9934
37
FE Paul & K C Sh L lat 450_1941 F A 9278 93% 93
9212 96
9314
10134 102
111 Paul & Duluth let be
1931 F A 10138 10212 10134 Apr'27
9
92
let consol gold 4s
91
1968 J D 9134 Sale 91
93
Jan'27
St Paul E Or Trunk 450__1947 J J 96__ 98
98
98
9714 9812
St Paul Minn & Man con 48_1933 J J 9634 1814 9712 June'27
1st contiol g 68
10778 10838
1933 J J 10758 10814 10814 May'27
10714 10714
.1 J 10612 10812 10714 Apr'27
Registered
10
9912 10058
Ss reduced to gold 44e_..1933 3 3 9912 Sale 9912 100
951 9814
9634 June'27
Mont ext let gold to
1937 J D 9614 97
9512 Jan'27
J D 9112
9513 9511
Registered
___ 9212 May'27
91
Pacific ext guar0(sterling)'40 J J
9212
91107 10718 June'27
10514 10712
Bt Paul Un Dep 1st & ref 551972 J J ____
BA & Ar Pass 1st gu g 4s____1943
Santa Fe Pres & Phen bs____1942 M
Say Fla & West let g 68
1934 A 0
lit gold 58
1934 A 0
Scioto V & N E let gu g 49-1989
N
Seabcard Air Line g 0
1950 A 0
Gold 48 stamped
1950 A 0
Adjustment bs
Oot 1949 F A
Refunding 49
1959 A 0
tit&000e6eserieeA
'S
1945
£ll&Birm3O-yristg4s_41933 M 13
Seaboard All Fla let gu Os A_1935 F A
Series B
F A
31 33
935
Seaboard & Roan 58 extd
11
Bo Car & Ga 1st ext 53•0_ _1929 M N
& N Ala cons gu g 58
1936F A
Gen cons guar 50-yr 58_ _ _1963 A 0
SO Pac 0011 48(Cent Pao coil) k'49 J D
Registered
S D
20-year cony 413
June 1929 M S
20-year cony 58
1934 J D
20-year gold bs
1944 M N
Ban Fran Term! let Cs__ _1950 A 0
Registered
A 0
So Pao of Cal 1st con gu g 58.1937 MN
Bo Pao Coast 1st gu ft 0-1937 J J
So Pac RR let ref 48
19553 J
Registered
J J
Southern By let cons g 58..1994 3 J
Registered
15 J
Devel & gen 48 series A_1956 A 0
Develop & gen 813
1958 A 0
Drivel dr gen 650
1956A 0
Mem Dlv 1st g 551
_1996 J
St Lou% Div ist g 48
19513 .1
East Tenn reorg lien g 58..1938 M S
Mob & Ohio coil tr 4s_ _ _1938 M S
Spokane Internat let g 5s
1955 J
Sunbury dc Lewiston let 4s_ A936 J J
Superior Short Line let 56_4'1930 M 8
Term Assn of St L let g 4%9.1939 A 0
let cone gold 58
1944 F A
Gen refund s f g 414
1953 J -1
Texarkana & Ft B 1st 5)38 A 1950 F A
Tex & N 0 con gold 59
19433 J
Texas & Pao tat gold 58._2000 J D
Gen & ref 55 series B
1977 A 0
La Div B L let g 55
1931 .1 J
Tex Pac-Mo Pao Ter 54s.. _1964 M S
Tol & Ohio Cent let an Sa
1935 J
Western Div lit g ISs
1935 A 0
General gold 58
1935
Toledo Peoria & West lot 48_1917 J J
Tol Elt L & W 50-yr g 49___ _1950 A 0
T01W V &Ogu 4sis A
19313
let guar 430 serial B..,_1933 J .1
let guar 4s, series C
1942 M
Tor Ham & Buff let g 4s, _ „IOU; J D
Ulster & Del let cons g Ss_ _1929 J
let refunding g 45
1952 A 0
Union Pacific 1st RR & Id gt 48'47 S J
Registered
J .1
20-year cony 48
J
1927
Registered
J
let lien & ref 4s__ __June 2008 M e
let lien & ref 55 ....June 2008 M B
in-year secured 68
1928 1 J
11 N I RR Can gen 4e___ _1944 M S
1933 S .1
Utah & Nor let ext 45
Vandalia cons g4s series A„1955 F A
1357 MN
Consol 48 Aeries Ti
8938 17
8918 8912 8914
102 103 10314 June'27
10838 110 10912 May'27
___ 104 May'27_
94 June'27 _ _
1039234 96
81
___ 8278 June'27
2
9112
81 Sale 8138
50
8412 Sale 8414
85
6934 Sale 6934
7012 66
9514 Sale 95
9512 118
17
9138 91
91
9514 Sale 9414
9578 36
9534 20
9514 951 951
100 Sale 100
100
5
10114 10112 10114 June'27
__
105 May'27
_
11112 _ _
11134 June'27
91 Sale 91
9112 27
87
89
88 May'27
99 Sale 99
9914 139
10218 10212 100
10212 27
101 Sale 101 June'27
92 Sale 9118
92
31
89
90
90 June'27
_
10534 ____ 10512 10618
6
9514
9512 Mar'27
941 Sale 9412
95
61
9618 May'27
107 Sale 107
10734 78
107 10712 106 June'27
8634 Sale 8612
8712 122
11434 Sale 11434 11538 32
121 Sale 12034
12114 35
10714 10834 10738 Mar'27
8958 Sale 8933
8958 11
10112 102 10018 Nov'26
9238 9378 93 June'27
8518 8578 8578 June'27
_
9338 ____ 9312 May'27
_
991 ___ 10012 Sept'26
_
9914 9934 9914 June'27 _ _
104
_ 10312 June'27 _
8712 88
88
88
4
10338 Sale 10312 10412 43
9978 ___ 10014 May'27 _ _ _
10618 10634 106%
10612 10
9834 99
9858 .99
33
100
10014 June'27
10314 10614 10412 105
6
10112 ____ 10014 June'27
_
10012 ____ 10012 May'27 _ _ _ _
10018 ____ 10012 June'27
15
18
15 May'27 _ _
8934 9034 90
90
3
99
__
99
Jan'27 _ _ -99
____ 9638 Dec'26 _
95 ____ 9578 May'27
_
9138 ____ 9114 June'27
60
6113 61
61
2
38
3934 3914
3914
2
96% Sale 9618
9678 46
9412 Sale 9412
9438
3
9978 Sale 9978
9978 10
9934 May'27
9358 94
9358
9438 16
10938 Sale 10938 11014 30
10114 10112 10114
10118 38
96
____ 9614 May'27 _ _ _
9614 9713 98 Apr'27 __ _ _
9312 9712 96 Mar'27
9312 9712 9012 Oct'26
et Due May. e Due June. k Duo A
BONDS
N.Y.STOCK EXCHANGE
Week Ended June 24,
Price
Friday.
June 24.
Week's
Range or
Last Sale
RIStiff
Since
Jan. 1.
High
ilid
Ask Low
High No, Low
Vera Cruz& P 1st gu 4 535--1934
J J 23
July 1914 coupon on
24
24
Apr'26 -1934 ---- 23 Sale 23
1 IF ifs;
Assenting let 4135
23
1931 M 13 10078 ____ 10054 May'27 -- look looh
Virginia Mid 58 series F
1936 MN 10238 Sale 10238
10238
1 10238 Ion
General be
_ 102 102%
Vu & Bouthw'n 1st gu 55-.2003 1 J 10134 ____ 10
95
2%
1 June'27
9217 --1_2
94% 98
1958 A 0 9512 Sale
let cons 50-year 58
43 10213 107%
106
Virginian By let 59 series A_1962 MN 10513 Sale 10514
1939 MN 104 108 11/4
Wabash 1st gold 59
104%
9 103 10413
10238 21 10058 103%
26 gold 581939 F A 10238 10234 10238
1975 M El 10412 Sale 104
79 10312 10514
Ref 5 f 53.0 series A
1041
9918 10175
1976 F A 9934 Sale 9918 100
39
Ref & gen 55 series B
Debenture B 6eregistered_1939 J J ____ _____ 8314 Feb'25 --let lien 50-yr g term 4a_ _ _1954 J J
11
81o8rii 1-3
.1941 J J i.1355-8 -_-_-__ 18
3%
12 Jan
8
'
7
217
2 -1 07
1:
81
Del & Chi eat 1st g 58
Des Moines Div 1st g 4s_ _1939 J J 9212 ____ 9218 June'27
83% 87
2
1941 A 0 8512 ____ 86
86
Om Div let g 350
1941 M 5 9114 __ 9012 Feb'27 ---_
Tol & Chic Div g 4/3
80
99
8
93
1
114
82
82
82
A 80
Warren let ref gu g 3
1948 tjt M 8813 8912 885 June'27 --_
Wash Cent 1st gold 4:24
85
714
58 87
852
87 May'27 -._ _
1945 F A
8718 90
Wash Term 1st gu 350
9
91
:2
2,
14
2
87
7, 4144 8
let 40-vear guar 48_ __ _ ._1945 F A 915 ____ 8714 May'27
5
9878
W Min W & N W 1st ttu 58_1930 F A 987e 9912 9878
8212 45
1952 A 0 817e Sale 8134
West Maryland let g 4s
1 101is 1D213
102
1937 .1 .1 102 10234 102
West N Y & Pa let g 515
88
90
1943 A 0 8914 8934 8912 June'27
Gen gold 48
_
_
Feb'25
1
1943
Nov
45
Apr
Income g 58
918 lail;
9933 49
Western Pao let ser A 5s_..1946 M B 9912 Sale 9914
18 10214 10412
103
1946 M B 10212 10234 10214
let gold 68 series B
86% 91
8718 33
2361 J I 8733 Sale 87%
West Shore let 48 guar
88
89
1
8718
2381 J .1 8638 871 87%
Registered
Wheeling 63 Lake Erie
9981 101
1
Wheeling Div 15t gold 58_1928 J .1 100 ____ 10014 10014
9911 1004
10014
6
1930 F A 10014 Sale 10014
Ext'n & impt gold Ea
9011 94
9214
9214 10
95
Refunding 450 serial A-1966 M S 92
10012 100%
1966 M S 10014 10114 10012 Apr'27
Refunding 5s series B
8714 9014
8918 42
1949 M S 8878 8938 89
RR let consol 48
7214 8034
78 June'27
Wilk & East let an g 5s._.-1942 J D 7518 77
1938 J D 10334 ____ 10438 Mar'27 ---- 104 10458
Will & SF let gold 5s
86% 90
11
90
893
4
897
8
48_1960
.7
J
89
Winston-Salem B B let
8112 8412
8
8178
Wis Cent 50-yr let gen 4s_ _ _1949 J J 8018 8134 8112
88% 92
5
91
91
9134 91
Sup & Dul div dc term ist 48'36 M N
89
89
Jan'27
89
---Wor & Con East let 4i•its__ _1943 J .1 92
INDUSTRIALS
89
9210
45
92
90
Sale
A948
M
5
92
g
45.
Express
coil
tr
Adams
9 10578 109%
10688
Ajax Rubber let 15-yr el 88_1938 J D 10618 108 10618
3
3%
312 Feb'27 ---_1925 M E
Alaska Gold M deb Os A
314 6
318 312
3
5
312 Apr'27 ---1926 M e
Cony deb (is series B
9112 97%
48
92
Alpine-Montan Steel 1st 78_1955 M 13 91 Sale 9112
9718 104%
10012 93
Am Agric Chem 1st ref a f 7)0'41 F A 10012 Sale 100
9214 98
93
9312 93 June'27
Amer Beet Bug cony deb 68_1935 F A
American Chain deb a f 68_1933 A 0 10234 Sale 10212 1027e --18 101 10312
95
98%
9712
7
97
MN
Sale
9712
Am Cot Oil debenture 58-1931
1 10513 10534
1936.9 J 10534 10614 10534 10534
Am Dock & Impt gu 89
1 10312 10412
1939 A 0 10333 105 10412 10412
Am Mach & Fdy s 65
99 100
7
Am Republic Corp deb 68_1937 A 0 100 Sale 9912 100
10134 48 10012 102%
Am Sm & R 1st 30-yr 58 see A '47 A 0 10112 Sale 101
109
107%
21
108
1075
8
Sale
0
108
es
series
B
1947
A
M
let
1937 J .1 10478 Sale 10412 10478 69 104 1004
Amer Sugar Ref 15-yr 8s
9814 9912
9933 249
Am Telep & Teleg coil tr 48_1929 .7 .1 9914 998 991e
9314 97
4
9534
9512 9534
Convertible 481936 M El 95
98% 1.0078
10078 38
1933 M El 100 10012 10014
20-year cony 450
10412 56 102 105
1946 J D 104 Sale 104
30-year coil tr 59
10378
35-yr 8 I deb 5131960 .1 J 10234 Sale 10258 10378 173 101
10634 105 10524 10734
10658 Sale 106
20-years 1 550
10812
102%
103
38
1023
4
105
10512
0A
43
MN
O
1
3
9
Am Type Found deb 68
98 101%
9958 40
Am Wat Wks & El col tr 58_1934 A 0 9958 Sale 9914
14 100% 103%
Deb g Be ser A1975 M N 10254 Sale 10234 103
83
88
87
28
8838 9233 Am Writ Pap let g Os
1947 J J 8558 Sale 8558
10218 10314 Anaconda Cop Mtn 181 68_1953 F A 104 Sale 10334 10414 151 10358 104%
10618
10912
114
10712
10712
Sale
10833 10912
33
A
1083
4
F
-year
cony
7938
9
43
deb
15
1051
38 10312 108%
1024 104
105 Sale 105
Andes Cop Min cony deb 79_11
8612 96%
169
96
91
95
Angio-Chilean 7s without war-'45 M N 9514 Sale 95
93% 100
961
16
96
9612
97
J
J
8118 84
AntilM(Comp (Assuc) 7sia 1939
80
314
32 87
3037
4 Ark &Mem Bridge & Ter 55_1964 M 13 10158 ___ 10012 June'27 --- - 10014 1024
88
93%
87
90
Armour & Co let real est 4545'39 J D 8878 Sale 88
8758 95%
89% 97
6934 763 Armour & Co of Del 530-1943 1 J 8834 Sale 8812
9434 9933 Associated 011653 gold notes 1935 M S 10238 Sale 10233 10258 21 10034 104
____ 10238 May'27 ---- 10258 103%
103
91
94
Atlanta Gas L let ba
1558 155s
D 1558 ____ 1558 June'27 _ _
J D
7j
94
94
34
9818 Atlantic Fruit 7s et's dep -1
19
18
18
Jan'27 _ _ _
J D 2118 ____ 18
94
9612
Stamped Me of deposit
70%
711%
7212
73
Sale
13
100 10033 AO Gulf& W I SS L col tr 58-1959 J J 7212
10112 Sale 10012 10112 24 10012 102%
10034 10158 Atlantic Refg deb
398
106
10718
10612
29
Sale
107
3
M
N
j
5e7
9
4
3
0
10378 105
let
58_1
19
Loco
Works
Baldw
10612 10014
____ 10712 June'27
106
11014 11214 Baragua (Cotrp As). 7338.._ _1937 I
9614 1004
884 93 Barnsdall Corp 63 with warr_1940 I D 9934 Sale 9914 10018 89
89% 9412
90
97
90
D
9014
Sale
3
warrant).1940
86
88
Deb 68 (without
9812
94
96
53
1936 3 J 96 Sale 94
9838 9912 Belding-Hemingway 6e
100 103
Bell Telep of Pa 5$ series B.1948 J .1 10338 Sale 10338 10334 23 10254 10514
102
7
8
10512
10412
22
10434
10458 Sale
10034 102
1st & ref 55 aeries
94
974
9514 154
6318-1
1956
9 A 0 9514 Sale 94
C6°
90% 944 Berlin Eleo El 63 Undg
102
15 100 10214
87
93
Beth Steel 1st & ref tgi guar A '42 M N 10034 Sale 100
9833 101
10412 107
30-yr pm & Impel 591938 J J 9978 Sale 9958 10014 26
9418 9512
Cons 30-year 65 series A1948 F A 103 Sale 10238 10318 135 101% 1004
9714 1021s
10014 51
953
34
2 9
9
,
77
4
Cons 30 year 5Sis serieS 13_1953 F A 9934 Sale 9914
92
904
94 June'27
1950 M B 9312 94
Bing & Bing deb 0148
101%
1011s
Feb'27
10118
83
8218
7
68_1928
A
0
deb
if
Booth
Fisheries
10612 109
80
92
83
6
10333 106
Botany Cons Mills 6448.- 1934 A 0 83 Sale 81
10412 15 103% 106%
86
8918 Brier Hill Steel let 5I4s--A942 A 0 10438 Sale 104
79%
8
723
73
7412
33
Sale
D
73
J
11338 11613 B'way & 7th Av let c g 59-1943
7258 76
73%
74 May'27
_
11914 123
Ctfa of dep stmpel 1)ec.'26 int
92
96
92
93
94
15
10614 108
8 92
Brooklyn City RR 581941 .9 .
33 10318 1064
8938 9234 Bklyn Edison Inc gen 5e A-1949 J J 10434 Sale 10434 105
10284 los%
104 10414 10518 Jan'27
General 6a series B
92
9- ,;
96 1017s
9918 563
3 9618 Sale 96
1968J
939 j .1
3 Bklyn-Man R T see(19
61% 66
84% 8913 Bklyn Qu Co & Sub con gtd 155'41 M N 6112 6212 6138 Jan'27
78% 7912
9212 93%
1941 .1 J 7318 8012 7818 May'27
1st 55 stamped
8813 Aug'26
Brooklyn R 'Fr 151 cony g 49-2002 .1 1
13612 Nov'25
-55in 1-661921 5 J
12812 Nov'25 _ 1023,1 10334 3C-tfa
eecujecln°
it stamped
lr 7
o74
f depos
95
11 -614- 98
10
87
312
% 10632
1950 F A 95 Sale 9418
90
Bk1242
0in
ynU
pe
ndEl at 4252
4-5s
94
974
9413 12
1950 F A 94% 9534 941
100 10118 Bklyn Un Gas 1st eons g 58_1945 M N 106 107 106
6 102% 196
106
113% 11514
10534 10812
____ 115 June'27
_
let lien & ref 1311 series A...1947 MN 115
1971
9858 10038
29 156 199
Cony deb 155.0
1936 3 J 195 Sale 195
1,
.4 l 78 Butt 03 Burn Iron if 58
99ir
92
92%
1932 J D 9012 9312 92 June'27 _
9078 92
1952 A 0 9133 9312 9158 June'27
let
Bush
9518 994
18
4C0 102
98
51124
hnT
1955 J .1 97 Sale 97
soer
lm
5s9141
45
gg%
10258
4
100% 102
10112
Rugg Term RIdas 55581 tax-ex 'fig A 0 101 10212 101
10018
15 10114
15
By-Prod Coke 1st 5)0 A
1945 M N 10012 102
1-0-3-5
;
Cal0& E Corp unit & ref 158_1937 MN 10118 10114 10138 10112 -- 12
92
937
96%
34
89% 91
Cal Petroleum cony deb a 1 581939 F A 9318 9334 93
9714 10214
38
98
99
99
Cony deb 8 I 550
1938 M N 9734 Sale 9734
96 101
9934 16
-ii- -..-_- Camaguey Bug let8 f a 78-1942 A 0 9912 9933 995
10312 15 10214 10352
95% Cent Dist Tel let 30-yr 59_1943 J D 10314 Sale 103%
963
4 99
June'27
__
99
90
9l1 Cent Foundry 1st s t 6a_May1931 F a 97
99
10354 29 101 103%
6812 64
cleat Leather let lien a I 65_ _1945 J 1 10334 Sale 10318
3914 42
12334
3 118% 125
Central ducal let g s I Els .-1941 M N 12234 12313 123
98% 40312
99
1
9478 9934 Cescedes Sugar Co lets f 7148'39 M S 9812 9933 99
53
72
64 June'27
66
: Chic • Icy dr Conn Rye twJatt1927 A 0 62
93711 961
6 102 103
9933 10018 Ch G L & Coke let gu g 5s._1937 J 1 10234.Bale 10212 10234
704 8512
8112 78
9934 9954 Chicam Rya let fis
1927 F A 81 Sale 80%
9318 9614
9328 68
9154 96% Chile Copper Co deb 5s
1947 .1 J 9312 Sale 9318
101 10212
10212
10833 113
Cinch) Gas & Eleo let & ref bs'58 A 0 102% Sale 102
1
4
1 104% 105/
105
____ 105
10118 10238
Jan 11961 A 0 105
5348 sar B due
9738 104
10012 57
94% 9014 Cities -We Pow & L. II f 6s__-1944 MN 10014 Sale 100
8512 5512
97
98
Clearfield Bit Coal let 0-1940 J .J 10018 10058 8512 Mar'27 __
96 10034
4
.92
..1
.
2 9
.714 Join FA I Co gene t 5e___1943 F A 10012 10112 10012 10012
9315 9612
9618 21
96
Col Indus let & coil 58 gu__1934 F A 9534 95
3756
BONDS
N.Y.STOCK EXCHANGE
Week Ended June 24.
New York dond Record -continued - Page
ft
Price
Friday,
June 24.
Week's
Range or
Last Sale
153 1e
Range
Since
Jan, I.
BONDS
N.Y.STOCK EXCHANGE
Week Ended June 24.
b
Price
Friday.
June 24.
Week's
Range or
Last Sale
Rang.
Since
Jan. 1.
819
Ask tow
High No Low
High
BM
Ask Low
Mob Ns LIND
High
Col & 9th Ay let gu g 5E.. _ _1903 M
Oct'25
10
Kresge Found'n cell tr 6s___1936 Jo 10712 Sale 10358
25 102 104
104
Columbus Gas let gold 5e_1932 J .1 98 Sale 98
5
963s 08
98
Lackawanna Steel 1st 58 A _ _1950 M
10158 102 10112 10134
9914 102
5
Commercial Cable let g 4s__2397 Q J
78
82
8134 79 June'27
77
Lac Gas L of St L ref&ext 5+4_1934 AG 10112 Sale 10112 10158
4 10012 102,4
Commercial Credit 8 f 65___1934 M N
9534 96
9
93
0512
9934
97
Coll & ref 5 a series C___1953 FA 10434 Sale 10414
10434 97 1034 106
Coltrsf594% note,
1935.1 .1 9112 9212 9212
9212 20
9011 9212 Lehigh C & Nay of 434s A1954 _I
9914 100,4 9912 June'27 ---9712 994
Commonwealth Power 65. _1947 PA N 10434 Sale 10434 105
36 10438 10512 Lehigh Valley Coal 181g 58-1933 Si 10114 10134 10112 10112
2 101 102
Computing-Tab-Rae s f 65_1941 J
14 10414 10612
10538 Sale 10434 106
let 40-yr fru int red to 4% _1933 55 9514 ---- 9558 May'27 9558 97
Conn Ry & L lst & ref g 439a 1951.1 .1
964 97
97 June'27
1s1. & ref s f 5s
1934 FA 993 e.- 101
101
4 101 109
Stamped guar 4(.s
1951 .1 .1 9778 Sale 97,
3
9434 9S12
8
977
lst & ref a f be
44 FA 9934195
4 1003-4 101
6
10138
994 1014
Consolidated Cigar e I Os .J936 A 0 9934 Sale 9912 100 2 104
9838 10112
1st & ref 5a
FA
9934 101
2
9934 10134
9934 10134
Consolidated Hydro-Elea Works
let & ref 58
1964 PA 9934
1
994 l014
_
101
101
of Upper Wuextemberg 78_1956
J 9312 Sale 9912
9958 16
9812 101
1st & ref a 55
FA
2
1-61100
100
094
101
Cons Coal of Md 1st & ref 59_1950 5 12 8112 Sale 8112
8214 59
76
83,8 Lex Ave & P F 1st gu g
:19
399
74 MS -58r2 77 37 May'27 ---37
37
Coneol Gas(N Y) deb 4s._1945 F A 10614 Sale 10534 10614 85 10312 1061
2 Liggett& Myers Tobacco 75_1944 A0 123 12412
12312 12 120 123,2
- 12314
Gout Pap & Bag Mills6 Ag 1944 F A
75
2
76
75
75
75
814
be
1951 PA 10318 10312 104
10414 10 10214 106,4
Consumers Gas of Chic gu 53 1936 .1 12 10114
10
10218
10114
10114
102
,
4
PA
Registered
-10114 Feb'27 -__- 1014 1011
.
Consumers Power let 5s
1352 M N 10318 10314 103
10314 50 102 10334 Liquid Carbonic Corp 05___1941 FR 10512 Sale 10514
10638 46 104 112
Container Corp 1st 65
1946 .1 D 9838 Sale 0838
9812 11
97
9878 Loew's Inc deb 63 with ware 1941 A 0 103 Sale 10314
113 101 1054
104
Copenhagen Telep ext ea_ _1950 A 0
9912 10114
100 June'27
Without stock pur warranta_
96
9718 9712 97
go
9734 36
Corn Prod Refg 1st 25-yr s f 5s'34 Re N 10212 10318 102
7 101,8 10318 Lorillard (P) Co 78
1034
11905441 WO 11578 Sale 11518
11578 18 115 120
Crown Cork & Seal let 51 6s_1942 F A 10218 Sale 02
46
104
9334 10414
55
FR
95,2 10012
9512
9712 42
Crown-Willamette Pap 65_1951 J J 10078 Sale 00
9958 10114
1007s
8
Registered
PA -o.i1.78 9534 9712 Apr'27 ---9634 974
Cuba Cane Sugar cony 75_ 1930 .1 J
9512 Sale 95
9512 29
95
9914 Louisville Gas A Else (Ky) 58 52 MN 101 Sale 10078
10114 24
9958 102
Cony deben stamped 8%_1930 I
9858 44
97 102
97 Sale 97
Louisville Ry 1st eons 5e__1930
J 9912 97
9578 June'27 ---99
94
Cuban Am Sugar 1st coil 8e_1931 PA S 108 Sale 08
1084 28 10712 10834 LawerAustrian Hydro Elec PowCuban Dom Sug 1st 714e
1944 M N 9912 Sale 9878 100
32
9378 101
let f 6 tis
A 89
1944
9 894 9512
9112 91
91
Cumb T & T let & gen 5e_1937 I
10012
10134 Sale 0134 10134
10214
3
McCrory Stores Corp deb 534041 50
97 Sale 97
9714 18
97
9778
Cuyamel Fruit 1st s f Os A ._1940 A 0 9412 96
1
9412
9412
9334 9612 Manatl Sugar 1St ,f734s_ -1942 AO 10314 Sale 103
41 10234 108
104
Davison Chemical deb 6143_1931 3J 9612 Sale 96
9672 21
99
90
1112
adnht
4a4
(N Y) cons g 40_1990 A0 72 Sale 71
7258 45
6714 737a
Den Gas A E L let & ref aI g
gg
M N 9838 99
9934 17
98 10112
2013 Si) 60
6
6112 6114
6112
5812 69
Stamped as to Pa tax
PA
9838 99
5
9814 10112 Manila Else Ry A Lt of 58..1953 M
9912 100
5
9612
9612
9344 98
Dery Corp (D G) let s I 7e_ _1942 M
6914 7278 7278
81
1
7278
68
Mfrs Tr Co etfs of pectic In
Detroit Edison let coil tr 55_1933 .1 .1 10158 102
5 10138 103
0158 102
A 1 Namm & Son 1st 68_1943 ii) 10538 _ _
1 BM 1054
10512 10512
1st & ref 55 series A_July 1040 M
103 Sale 03
6 10214 1034 Market St Ry 76 aer A Apr111940 Q
1034
09 Sale 9834
9614 1004
9978 85
Gen & ref 65 series A
1949 A 0 103 Sale 0234 10314
7 1021a 10438 Metr Ed 151. 3. ref g 68 aer 13_1952 FA 108 Sale 108
182 10511 10834
108
lei& ref Os series B_July 1940 M 8 10834 Sale 08
10834 15 1074 1084
1st & ref Is series C
'5 10078 Sale 10078
10112
5 100 10178
Gen & ref loser B
1955.1 D 103 Sale 02
26 10158 10358 Metropolitan Power 1st Os A1
103
D 10614 Sale 10614
19
953
11 10514 107
107
1351 United let cons g
9358 Sale 9358
9212 9512 Mete West Side El(Chic) 48_1938 F A
0414
3
78
80
794 78
78
70
18
Dodge Bros deb Os
9014 217
8912 Sale 89
89
96
Miag Mill Mach 75 with war 1956 SD 99 100 105 May'27 10334 105
Gold (Jacob) Pack let Os..,_1942
N 8212 Sale 82
MN
4
42 M
8212
81
8958
Without warrants
ID 92 Sale
5
8213
024 93
Dominion Iron & Steel 58_1939 M S 70
2
7434 75
75
48
76
Mid-Cont Petrol 1st 634s.-1940 MB 10414 Sale 04
10414 24 10312 10538
Certificates of deposit
20
70 Sale 70
75
4914 75
Midvale Steel &0cony olSe 1936 MS 0814 Sale 9814
9714 9974
98
; 101
Donner Steel let ref is
1942 3-71 9514 97
3
9514
9514
95
98
Milw Else Ry&Lt ref&ext 448'31 I
6
9812 984 9812
954 997s
9812
Duke-Price Pow lot 63 ser A '66 M N 10378 Sale 10334 104
27 10312 10512
General & ref 55
1951
D 9934 Sale 9934
6
100
9914 10178
Duquesne Lt let & coil 65_ 1949 J J 10478 Sale 10478
10518
7 10478 10612
lst & ref be B
1961 Jo 100 Sale 100
08 1004
10034 134
let coil trust 514s series Ft _1049 J J 10478 Sale 10478
10478
3 10478 10612 Montana Power 1st be A._1943 J J 10234 10412 10134
1024 15 10112 1034
East Cuba Sug 15-yr s I g 748'37 2.1 S 106 Sale 106
10612 18 10511 108
MontecatInl Min & AgrieEd El III Bkn 1st con g 45_ _ _1939
9638 99
9638
963a
944 9638
5
Deb 78 with warrants_ _ _1937 J J 10014 Sale 9938 10012 88
9878 10172
Ed Else Ill 1st cons g be_ _ 1995
10834 -- 10858 Mar'27
- 1087a 1081s
Without warrants.
9212
92
9212 June'27
Elea Pow Corp (Ocrinany))3.42.50 H S 9618 Sale 95
97 I 24
95
9912 Montreal Tram Ist & ref Fe_ _1941 J J 9814 -15i1-2 9814
9814
955
8 994
Elk Horn Coal 1st & ref 643.1931 5 12 9912 100,4 9934 June'27
98 100
Gen & ref 8 5a series A_1055 A 0 9512
_
96
963
1003
4
June'27
4
Deb 7% notes (with warets'31 5 111 9634 974 97
98
9934 Morris & Co 1st 8 f 4 4s._ _1039 J
3
95
83
8934
8412 17
111443u!ra Gas & Fuel 748_ __ _1937 MN 10978 Sale 10958
82 10518 11012 Mortgage-Bond Co 4s sor 2_1966 A 0 8312 Sale 8312
110
81
Dec'26
1st & ref 6 4s(with warete)'41 A 0 10512 Sale 10518
10512 77
98 11212
10-25-year be series 3
1932 .1 J 9712 93
1
96
9h*
97,2
Caul')Gas Light let con be 1932 M
97,2
10014 10034 10034 June'27
9934 101
Murray Body 1st 634o
1934 J D 94
4
95
94
99
9812
9434
Federal Light & Tr let 544
1942 M S 9678 Sale 9614
9678
4
95
97
Mutual Fuel Gas lot gu g 56_1947 MN 10112 10214 10178 June'27
10112 102
let lien of Is /damped _ _ _ .1942 M S 0512 Sale 9514
95
9814 Mut Un Tel gtd b rat 4% .1041 MN 103 Sale 103
984 13
103
10114 103
let lien es stamped
1042 181 S 104 Sale 104
04
13 103 10414 Namm (A I) & Son-See Mfrs Tr
30-year deb (is see B
101 102 101
1954 5
101
4
97 10138 Nassau Elec guar gold 4a
J 59 Sale 59
1951
5978 41
59
634
Federated Metals a f 78
1939 J D 89
9078 884
89
12
8878 91
National Acrne 1st of 7 tee_ _1931 J 0 103
17
984 1034
103
103
Flat deb 7e (with ware)
9938 Sale 0814
9958 77
9212 10812 Nat Dairy Prod 6% notes_ 1940 MN 10212 Sale
24
100
Sale
1031
.
103
10212
Without stock purch warrants----9112
023
4
Sale
9234 24
46
9112 99
Nat Enam & Stampg let 58_1929 J D 102 104 10212 May'27
1014 104
Fisk Rubber 1st s I Eis
5 11612 Sale 11534
1941
11612 10 115 11718 Nat Starch 20-year deb 58_1930 J J 10018
9934 10014
10014 June'27 ---Pt Smith Lt & Tr 1stg5s.l936 M 8 88
8914 8918 June'27 - _
8712 90,4 National Tube let f
1952 MN 10414 10434 1044
3 10338 10514
10414
Framed('Ind & Dev 20-yr 7 is'42 11 •
10338 Sale 10318
10358 47
9812 10534 Newark Consul Gas cons 55.19445 D 103
____ 10278 June'27
1094 1034
Francisco Sugar let et 71.45.1012 M N 108 Sale 108
108
9 106 10912 New England Tel & Tel Is A 1952 J D 104 10438 10378
14
87
03 104a
10438 21 1954
French Nat Mali 95 Lines 78 1949.1
9812 24
9814 Sale 98
9434 10014
let g 4 tee eeries B
9
9712 Sale 9714
9734 70
Jas & El of Berg Co eons g 581949 J D 1024 - -- 10258 June'27 --- 10238 10278
New Ori Pub Sere let 5e A _ _119
95
02
1 M
A N
O 9478 Sale 9478
93..8 98
9512 43
Gen Asphalt cone 8s
10712 Sale 10712 10758 21 106 11212
First A ref Is Boles B_ _1965 J
33
9338 97
95 Sale 9412
95
Gen Electric deb g 310.. _1
9F
A
932
194
9212 _ _ _ 9212 June'27 - _
93
91
N Y Air Brake let cony 6s.,.1928 PA N 10134 10212 10112 1021 1
26 10012 10234
Gen Elec(Germany)75 Jan 16_'46 J J 10314 Sale 10318
21 103 10512 NY Dock 50-year let g 4e. _1951 F A 8612 87
104
2
8612
8612
8 1 deb 6 4e with war
12514 127 12514
1940 5
12714 22 113 13814 N Y Edison ist & ref(14e A_1941 A 0 11512 Sale 11512
10
8
15
218 10
8
14:0
13
154 17 :
Without wants attacb'd '40 J D 10034 Sale 9978
10012 16
9914 102
First lieu & ref be B
1944 A 0 10414 Sale 10334 10438 29
Gen Mot Accept deb 65.... _1937 F A 10034 Sale 10012 101
125
9912 10112 N Y Gas El Lt & Pow g 58_ _1948 J D 10758 Sale 10758 10758
4 106 1(18
Oen'Petrol let ef Is.
10012 Sale 10012 10034 37 10012 102
Purchase money gold 48_1949 F A
6
9312 94
9312
924 94
9312
Gen Refr 1st s g 65 ser A
19)
1952 F A 10434 106 10518
106
10 101 12 106
NYLE&WCAR1164e_1942 MN 103 10412 101 Jul '26 _(3ood Hope Steel & I sec 78_1945 A 0 9912 100 100
10114 47
9912 1032 NY LE& W Dock & Imp 581943 .1 .1
loi 1010178 Mar'27
178
Goodrich (13 F) Co lst 610_1947 J J 10714 Sale 107
10758 15 10578 108
NY&QElL&P1stg5&1030F A 101 103 101 June'27
1004 10112
Goodyear Tire & Rub lot 88_1041 MN 12012 Sale 12012 12078 29 12012 12238 N Y Rye 1st R E & ref 4e
1942 J
6712 Dec'26
10-year a f deb g 8e.Nlay 1931 F A 11012 Sale 11018 11034 96 11018 11114
Certificates of deposit
62 Mar'27 __-63
62
lot M coil tr Is
1975 m N 97 Sale 97
211
97
97
9718
30-year ad) inn be_ _ _ _Jan 1942 A 0 ____
578 7 Dec'26
Gotham Silk Hosiery deb 68.1936.1 D 9914 Sale 99
5
9914
9834 100,4
Certificates of deposit.......... --Mar'27
512
57
8
512
512
Gould Coupler let of 68 _ _1940 F A 79
80
80
7778
17
7778 87
N Y Rye Corn Inc es_ __Jan 1965 Apr -2214 Sale 2214
2212 112
224 3078
Granby Cons M S & P con (is A'28 FA N 101 10158 101 May'27 _
101 102
Prior lien es series A
1905
J 82
8334 8234
834 84
81
8614
Stamped
1928 M N 101
101 May'27 - - 101 102
N Y A Richrn Gaa 1st es_ _ _ _1951 PA N 10514 Sale 10514
3 102 105,2
10512
Cony deb 75
148
1930 M N
151
29 127 175
NY State Rys let cons 4 45_1962 MN 5612 Sale 5612
57
32
634 5412
Registered
143 Mar'27
143 143
1st cone 6 4ileerles B
1962 MN
7158 7312 7318
7318
71
82
1
GS Cons El Power(Japan178_1944 F A
9558 Sale 0512 '9678 61
944 9911 NY Steam lot 25-yr Os aer A.1947 MN 10714 Sale
10612
10714
1054
10714
6
let & gen s f 64s
1960J J 9112 Sale 0138
9211 65
91
9414
Y Telep let & gen s f 4;48_1939 MN
9878 Sale 9878
984 10012
9914 23
Great Falls Power let f Ea 1040 MN 104
____ 104 June'27
10214 108,:y
30-year deben s f Os__ _Feb 1949 F A 11012 111 110
11014 30 110 1ii•8
Hackensack Water let is... _1962 J .1 89 Sale 89
14
89
864 89
20-year refunding gold 8s_1941,A 0 108 10814 108
s 109
10838 79 107,
Hartford St Ry let 4s
1930 M S 95
95 May'27
9312 95
NY Trap Rock lot Os
9712 98
98
Havana Elec consol a Is.
1952 F A 97
___- 97 June'27
9512 98
Niagara Fella Power let Is..
03
2.1
13
_1
1
9
4
3
10112
1023
8
10214
9314
4
2 10
84
10
197111
9311
0
8
3
5
0
1
4
Deb 5.4s eerie, of 1926
8812 88
1961 M S 88
88
904
88,2 26
Ref & gen 68
Jen 1932 A 0 10512 Sale 10512
1004
034 10
03
6
Hershey Choc 1st & coil 5481990 J J 102.38 Sale 10238 10234 75 10154 10354 bang ..ock & 0
pr let 58 A __I955 A 0 10212 Sale 10238 0
1
°2
5
314
3
20
1
Hoe (10 ek Co 151 Meer A_1934 A 0 100 100 8 100
1
100
98 101,2 No Amer Cement deb 64s A.1940 2.1 S 90 Sale 90
90
9514
42
91
Holland-Amer Line 65 (flet)_1947 M N 9858 984 9812
9112 101 12 No Am Edison deb 5s tier A _1957 MS 97 Sale 97
985s 16
9814
97
9738 105
Hudson Coal 1st s f Is ser A1962 J
9812 Sale 9812
9812 52
9812 9834 Nor Ohio Tree & Light Os.,. 1947 MS 9634 Sale 9614
9912
97
9151t
17
Hudson Co Gas 1st g 68....11840 M N 103 10334 103
103
3 102 103,
8 Nor'n States Pow 25-yr M A.1941 AG 10138 Sale 10114
10112 27 100 10158
Humble(silk Refining 549_1932
102 Sale 10158 102
26 10138 10211
lot & ref 25-yr tla series 11_1941 AG 10614 Sale 10518
10614 21 1044 16614
Deb gold 58 te ap
9734 Sale 9714
9778 88
97 10014 North W T let fd g 44a gtel _1939
J
9818 99
Apr'27
98 1004
Illinois Sell Telephone 5s.. 19
A 0 10378 Sale 10334
7 .1
95
36
10414 49 10254 10434 Ohio Public Service 734s A_ .1940 A0 11512 Sale 10012
11458
11512
5 114 116
Illinois Steel deb 4148
1940 A 0 9818 Sale 9818
9
9814
9634 997a
1st & ref 7s series 13
1947 FA 11438 Sale 11438
4 11612
11512
1133
5
['seder Stee !Corp e I 78
1946 A 0 101 Sale 10012 101
11 100 10234 Ohio River Edison let OlL _ _1948 Si 10638 10634 10614
10714 58 1051s 1074
Inn Net Gas & 011 58
1936 M N 9812 99,2 9812 June'27
99
08
Old Ben Coal let (te
1944 FA
9214 0234 9212
0212
8
90
934
Indians Steel let 58
1952 M N 10418 10412 10418
10312
10514
10438 11
Ontario Power N F 1st 50. _1943 FA 10234 103
84 10234
ingersoll-Rand 1st 50 Deo 31103.5 5 5 1005a - - - - 10012 May'27
10012 10012 Ontario Transmission 544... _ _1945 MN 10112 10214 102
1017,3
2
1 1234 017
10178
103 8
Inlaud Steel deb 512s
1945 M
10314 Sale 10314
10312 OS 10118 104,4 Otis Steel let 2.1 (10 err A __._1941 M
9478 Sale 944
931 2 9611
0518 38
Inspiration Con Copper644.1931M 13 100 Sale 99
105
101
99 10158 Pacific Gas & El gen & ref 58_1942 J J 101 Sale 10018
101
75
9934 1014
Interboro eletrop coll 414/4_ _1956 A 0
.11
Apr'25
Pao Pow & Lt let&ref 20-yr 513'SO PA 10018 Sale 10018
101
9914 10114
8
Guaranty Tr Co etfs dep
1278 13 Nov'26 -Pacific Tel & Tel 1st 55
1937 .11 I 10258 Sale 102
10238 13 1014 10275
(nterboro Rap Tran let 614_ _1966 J
7838 Sale 478
7958 208
7512 -193
;
Ref ratge be series A
1952 MN 10258 10278 102
103
22 101,2 10314
Stamped
J J
78 s Sale 7734
7958 618
7538 79,4 Pan-Amer P & T cony s f 66_1934 MN 10278 Sale 10234
10314
142 10258 108'.
10-year 65
1932 A 0 80
81
80
8112 49
7812 8258
lot lien cone 10-yr
1930 PA 10514 Sale 10518
10514
10 10412 1054
10-year cony 7% notes_ _ 1932 M
9758 Sale 97
9838 187
9638 99
Pan-Ani Pet Co(of Cabconv 6546
D
93
9334 9234
011112
93
92
98 10
03
544 4
42
1
lot Aerie Corp lot 20-yr 58_ _1032 M N 8614 Sale 864
8612
8158 90
9
Paramount-Bway 1st 5341_195t J J
9814
99
98
Stamped extended to 1942._
N
M
721s 79
74 June'27
83
_
69
Park-Lex et leasehold 6128_ _1953
9114 Sale 91
9312
92
25
85
Inter Mercan Marine a 18e...1941 A 0 100 Sale 100
eess 1024 Pat & Palmate GA El cons 50.1949
10014 211
10234
103 June'27 ____ 10214 1034
International Paper 58
1947 .1 .1 9712 Sale 9712
9912 Penn Dixie Cement Os A_. _1941
9838 103
97
S 100 Sale 9958
10012 36
9912 101
Ref f as ser A
102 Sale 10058 102
• ,955M
9758 103
45
Peop Gas & C 1st cons g 68_1943 AO 11358 Sale 11358
114
3 1134 116
Cony deb 6s
1941 A 0 9812 Sale 9818
9878 200
9714 102
Refunding gold be
1917 ‘1
102 10214 102
10214
1013
8 1024
3
Stamped
9812 Sale 9814
9878
9814 9878
6
Registered
NY S 9912 ____ 9914 Apr'27
9014 0914
Ltit Telep & Teleg cony 5145 945 M S 10914 Sale 10814
11018 935 103114 118
Philadelphia Co coil tr Os A.1941 r A 10312 Sale 10338
10334 35 103,8 1047s
Debg 43.0
92 Sale 9218 June'27 _ _ _
92
9218
15-year cony deb 5%t,_1938 M
10112 Sale 10112 10154 28 1004 10411
10912 Sale 109
Jurgen° Works88(flag Dricc)-1694572 J
10912 246 10914 11138 Phila.& Reading C & I ref 58_1973 .11
102 Sale 10158
10214 52
9912 1024
Kansas City Pow A Lt 58__ _1952 M S 104 10414 104
10438 36 103 1054 Pierce-Arrow Mot Car deb 881943 M S 99
OO's 9912 100
18
9112 1074
Kansas Gas A Electric Os_.,l952 M S 106 Sale 10538
10618 31 10334 106,8 Pierce 011 deb 51 8e_Dee 15 1931 .1 0 101 10512
10412 June'27
0938 10412
Kayser (Julius) & Co isIs f 78'42 F A 10758 Sale 1o758 10758 17 1064 108 2 Pillsbury Fl Mills 20-yr 8e__1943
A
0
10434 105 10434 105
9 10214 1064
Cony deb MO
1047M S 06 Sale 9614
9758 170
06
9758 Pleasant Val Coal let g f 541_1928 J .1 99 Sale 99
99
5
99 100
0884 9658
Keith (B F) Corp 1st 8s..._ _1948 M
08
9812 142
964 994 Pocah Con Collieries let 81581957 J J
9214 94
9218 June'27
911s 924
1Kelly-SprIngf Tire 8% notes_ 1931 M N 10514 10512 105
10534 61
99 106,4 Port Arthur Can & Dk Os A.1953 F A 10434
10478
1044
4
1033
8 1054
9512 9534 9514 June'27
Keyston Telep Co 1st ba
1935 5 .1
96
93
1st M 68 series B
1953 F A 10434 ___.,10434 June'27
10458
105
Kings County Elk P g 5s__ _1937 A 0 10414 ---. 10378 Mar'27
10312 10378 Portland Elm Pow let 08 B.1947 134 N 10012 10052 10052 10052
1 100 102
Purchase money (Is.
1997 A 0 12612 ____ 12634 June'27
12414 12634 Portland Gen Elec let 55 __ _1935
994
1014
1003
4
June'27
____
100
101
Kings County Elev 1st g 40_1945 F A 8112 84
8312 June'27
86
82
Portland Ry 1st 62 ref 5s...1930 M
96,2 9634 9612
9612 - 1
944 07
Stamped guar 4s
1949 F A 8212 8334 8112 June'27
81
96
Portland Ity LAP 1st ref 63.1942 F A
9558 Sale 9512
9534 24
914
964
Kings County Lighting 5a
____ 10414
104
1954 J
10112
10412
10412
3
lst lien A ref Os series 13_ 1947 M N 10012 10078 10018
10012
6 10018 102
Flrst & ref 6 As
1954.1 .1 118 11812 11734
118
6 11214 118
1st A refund 7340 series A_1946 M N 107 Sale 107
107 I
4 1064 108
inney(GR)& Co 734% notes'383 0 10318 10412 10412 June'27
1004 10612 Pressed Steel Car colic g 5s 1933 J J 95 Sale 94
94
10
95
9738
JUNE 25 1927.]
THE CHRONICLE
New York Bond Record--Concluded-Page 6
3757
Quotations of Sundry Securities
All bond prices ore "and Interest" except where marked "f"
BONDS
T. STOCK EXCHANGE
Week Ended June 24.
111
Price
Friday,
June 24.
Week's
Range or
Last Sale
tO
Range
Since
Jan. 1.
Bid Ask
Standard Oil Stocks Par
Public Utilities
Per Cr. Basis
Anglo-Amer Olivet stook_El .1815 19 American Gas & Electric-.1 .8712 89
tl
Non-voting stock
t *10112 103
11
14
7% 11
:
8558
6
D%
Atlantic Refining
100 •
ebPars2
eTe0r14
re4
M&N 106 1061
100 11614 119 Amer Light & Trao oom-100 251 254
Preferred
6012
Borne Scrymser Co
25 *56
Preferred_
100 115 118
•56
57 Amer Pow & Light prat_ _100 102 103
Buckeye Pipe Line Co_
Deb 65 2016
Chesebrough Mfg C0113-26 *103 118
M&S 10514 106
Continental 011 v t o
10 •1734 177 Amer Public UM corn_ - _100 59
72
CumberiandPipe Line---100 89'2 9112
95
7% prior preferred_ --100 94
5612
Eureka Pipe Line Co__ -_100 54
Parte preferred
100 87
88
:
Galena Signal Oil Corn...100
734 8'2 Associated Elm,5345'46A&0 9812 sidp
100 43 48 Associnted Gas & Elm,com.t *18
Preferred old
19
Preferrel new
100 32
37
OM dnal preferred
t .5112 53
Humble CM& Refining-__25 *574 5778
94
$6 preferred
t *d92
Illinois Pipe Line
100 141 14112
8034 preferredS 598 10012
*4212 4234
Imperial 011
*100 104
47 preferred
Indiana Pipe Line Co___.50
68 Biaekstone Val G&E coM_50 *124 128
International Petroleum._ _t *2834 29 Com'w'Ith Pr Corp pref-100 98
9834
National Transit Co_ _12.50 •1518 16
Mee Bond & Share pref _100 10714 10734
35
New York Transit Co._ A00 33
Elea Bond & Share Secur-t *7212 73
Northern Pipe Line Co_ _100 2
1814
pw
iR
eri,
Sp
ecuri
ow p
tIree
d
po
.
i
.08
-t 18
LeiliglP
778 5818 84
Ohio Oil
25
101 103
Penn Mex Fuel Co
25 *27
2734
First mtge 55 195L...1&.1 10112 10212
Prairie Oil & Gas new...._25 *4712 48
97
M&N 96
Deb 55 1947
Prairie Pipe Line new._ _100 179 180 National Pow ,k Light pref-t •104 106
100 182 185 North States Pow corn-100 11812 130
Solar Refining
preferred
Southern Pipe Line Co _50 •1714 18
100 105 10512
25 *35
26
3534 Nor Texas Eleo Co com.100 23
South Penn 011
Southwest Pa Pipe Linee.190 6
70
100 65
Preferred
,
6, „
71
6
57
4i8
8 6
Standard 011 (California)--t ;
0s
7,4 Ohio Pub Serv.7% Pref.100 10734 10814
2611
Standard Oil (Indlana) 25
Pacific Gas& El let pref._25 *26
Standard 011 (Kansas)_ _ _25 *1534 16 Power Securities coin
9
t *6
Standard 011 (Kentucky)_25 *113 11334
32
t *29
4412
c
Sedri ntdrus9tre6feerr199d49___J&D .91
Standard 011(Neb)
25 *44
94
Standard 01101 New Jer_.25 *3635 3634
86
84
Standard 01101 New York.26 *3015 3014 PuIgnem
33
t So
mel
unj
duP
no
ew19
&
49
LI.F
-&
100
A 31
74
Standard 011(01110)
25
89
100 87
119 11912
100 *7314%
Preferred
re
6
7% preferred
100 107 109
1812
100 18
Swan & Finch
let & ref 53411 1949-1&D •10014 10114
Union Tank Car Co
100 13
13
44 13
16
378 South Cal Edison 8% pf _ _25 *36
Vacuum 011
25
Stand G & E 7% pr pf 100 109 10914
Washington OIl
10
Tenn Elea Power let pref 7% 10512 10612
Toledo Edison 7% pref 100 107 108
Other 011 Stocks
8% preferred
100 115 116
475c 1
Atlantic Lobos 011
Western Pow Corp pref _100 101 103
*235 3 Chic it Stk Ld Bk Bonds
Preferred
Gulf Oil
25 •9012 9184 534s Nov 1 1951 opt 1931__
101
Mountain Producers
10 *23% 2415 5e Nov 1 1951 opt 1931._
100
100 *23
National Fuel Gas
234 58 May 1 1952 opt 1932_.
100
100
Salt Creek Como'011__10 *612 634 44:5 Nov 1 1952 opt I932__
Salt Creek Producers.. _ _ _10 2814 2812 4148 Nov 1 1952 opt 1932.98
100
1 4318 May 1 1963 opt 1933_.
Railroad Equipments
100
933
42
84
3()
op
t/ 19
4
5.8348 Nov
o 1 196
5.00 4.85'1
Atlantic Coast Line (is
98
Nov
4.65 4.60 ois Oct 1 1965 opt 1935__
Equipment6345
98
Baltimore & Ohio Se
%
4 901
0 Pac Coast of Portland,OreEquipment 4345 &
4
5.
.9609
10114 103
Buff Roch & Pitts equip 6s_ 4.85 4.70
10118 102%
5
55
8 1954
34
5:::M
M
93
5 opt 19
Canadian Pactfic 434* & 65_ 4.70 4.50
Sisga Stocks
5.00 4.85 Caracas
Central RR of N J 65
3
50 *1
ti Sugar
Chesapeake de Ohio 6a
5.00 4.90 Cent Aguirre Sugar corn..20 •104 106
Equipment6)is
4.70 4.60 Fajardo Sugar
100 *157 159
Equipment58
4.55 4.45 Federal Sugar Ref oom_ _100 30
37
Chicago Burl & Quincy 6e
5.00 4.90
65
Preferred
100 55
Chicago & North West 6a.._ 5.00 4.90 Godchaux Sugars,Inc
3
t •1
Equipment 834s
4.70 4.60
19
12
10(1
Preferred
_ 4.80 4.65 Holly Sugar Corp com..___t •32
Chic R 1 & Pac 4
36
Equipment65
6.05 4.95
85
100 80
Preferred
Colorado & Southern 65_
5.10 5.00 National Sugar Reflning.100 145 150
Delaware & Hudson (is
5.00 4.90 New Niquero Sugar
70
100 65
5.00 4.75 Santa Cecilia Bug Corp p1100
Erie 4345 & 53
Equipment65
141
5.15 5.00 Savannah Sugar com
t
Great Northern 65
5.00 4.90
100 *118 121
Preferred
Equipment be
4.6
8.05 4:5
85
0 Sugar
75
Estates
u
P1.100 70
Hocking Valley 55
75
100 65
.ert.en tr.( Sugar 11)
Equipment fis
5.00 4.90
Tobacco Stocks
Illinois Central 43.45 &
4.50 4.40 American Cigar com___ _100 116 120
Equipment65
5.00 4.90
100 100
Preferred
Equipment 78 & 6345
25
4.70 4.60 ,British-Amer Tobin)ord..../1 *24
Kanawha & Michigan Cs... 5.00 4.90 I Bearer
25
El *24
Kansas City Southern 434e- 5.10 4.85 Imperial Tob of G B & Irelid *2334 2412
Louisville & Nashville 6s
55
5.00 4.85 llntCigarMachllieryNewloo *53
Equipment634e
75
4.65 4.60 Johnson Tin Foil & Met..100 60
Michigan Central be & 611_
4.95 4.75 MacAndrews & Forbes_100 41
4212
Minn St P&SSM4445& 55 5.10 4.85
100 102
Preferred
Equipment 6348 & 78__ _ _ 5.10 4.80 Mengel Co
27
100 24
Missouri Pacific 65 & 6
46
4.90 4.75 Universal Leaf Tob corn __t *45
Mobile & Ohio fie
108 111
4.75 4.60 ' Preferred
New York Central 4348 & 5a 4.50 4.40 Young (J El) Co
100 100 110
Equipment60
100 104 108
Preferred
Equipment7s
4.65 4.60 Rubb Stks (Cleve'd euotatn)
Norfolk & Western 43.4s_..,4.50 4.40 Falls Rubber corn
1
Northern Pacific 75
20 *8 I
4.70 4.60
Preferred
Pacific Fruit Express 7e-- - - 4.65 4.60 Firestone Tire& Rub comb0 13812 139
Pennsylvania RR eq be & 6s 4.95 4.50
100 10512*
6% preferred
P1ttab & L•tite Erie 6%8
100 103 110314
4.70 4.60
7% preferred
Reading'.
1.48 & be
4.50 4.40 General Tire &Rub com__26 *145 155
St Louie A San Francisco 511. 4.711 4.55
100 10034 11012
Preferred
Scab( ard Air Line 15)48 & 68 5.15 4.90 Goody'r R & R of Can 0.100 r101
Southern Pacific Co 434a..._ 4.50 4.40 India Tire & Rubber new.. *22
24
Equipment7s
*214 234
4.65 4.60 Mason Tire & Rubber com_l
Southern Ry 4344 & 55
20
23
4.60 4.50
10(
Preferred
Equipment6s
5.00 4.90 Miller Rubber Preferred-109 *10012 10112
Toledo & Ohio Central 65.-- 5.05 .90 Mohawk Rubber
100
Union Pacific 75
4.65 4.60
Preferred
100
Seiberling Tire & Rubber_ _1 *25121 26
Short Term Securities
Preferred
100 9812 101
Anaconda Cop Min(18'291&J 102 10214
Water Bonds.
Chic R 1 & Pao be 1929_1&1 10038 100% Arkan Wat let ba'56 A.A&O 95
9512
5% notes 1929
M&S 10035 100% Maim WW let5)01A:54:A&O 103 104
412% notes 1928_
J&D 9934 100
:
let M 55 1954 ser li_J&D 100 1001
Federal Bug Ref 68'33.M&N 86 I 90 Butler Wat Co a f be '27..1,41
Missouri Pacific 55'27„J&J 100 10035
9612 98
58 Sept 2 1931____M&S 1
Sloss-Sheri S & I 68'29..F&A 10212 103 CityW(Chatt)634s'64AJ&D 10212 10312
99
„kb D 98
1st M be 1954
Indus. & Miscallaa
City of New Castle Water
American Hardware
93 95
25 *78
81
be Dec 2 1941.___3&D 1
Babcock & Wilcox
100 116 118 Clinton WW 1st 56'39.F&A
9612 9712
Miss (E IV) Co
t *2214 2212 Com'w'th Wat let 5348A '47 103 104
Preferred
9312
51) *58
65 Connellev W 5sOct2'39A&Cl1 92
Borden Company com_.50 *109 112 E St L & Int Wat be '42.11:1 96
9634
Celluloid Company
100 47
J&J 103 104
52
let M 65 1942
Preferred
100 92
96
Huntington let 88'54 M&S 104
chuds Company pref. _100 118 120
973
1354
be
Fink (A) & Sons, IncMid States WW 68'36 M&N 101
1st 8 f 6148 May 2.42M&N 0834 0014 MonMConW let 50'56A3&D
Hercules Powder
100 188 193 Moron Val Wt 534s '50 J&J 9912 100
Preferred
100 117 11812 Muncie WW 58 Oct 2'39 A01
Internal Silver 7% Prof _100 116 120 St Joseph Water 5s 1941A&O 9734 9814
Lehigh Valley Coal Sales.50 *92
94 Shenango ValWat 58 55A&O 9312 9412
Phelps Dodge Corn
100 112 116 So Pitta Wat 1st be 1960F 8.) 9712 9812
Royal Baking Pow com_100 208 215
9712 99
let M be 1955
_
Preferred
100 103 10412 Ter H WW 65 '49 A J&D 102 I
9512 ____
Singer Manufacturing...100 382 385
let M 58 1956 ser B._ F&A
Singer Mfg Ltd
11 *5
6 Wichita Wet 1st(is'411.111&S 103 0....
9512 ---let M be 1958 ser B F&A
Ask Loco
814
High
MO No. Low
111
111 113,2
Prod & Ref e f 85(with warts)'31 .1 D 11318 ____ 111
111 June'27
110 11118
Without warrants attached__ J D
101
107
103$4 10712
Sale 10634
Pub fiery Corp of N J sec 6(1_1944 F A
1956J J 10218 Sale 10134
Beo g 5325
10258 30 10184 103
10512 11 10434 106
Pub Serv Elec & Gee 1et534e1959 A 0 10514 10512 10514
9 104 106%
1964A 0 10514 106 10514
let & re1 5348
10514
3 107 11112
Punta Alegre Sugar deb 72_1937 J J 10812 Sale 10812 10812
109 May'27
10212 1904
160
Rand Karclex 534e(with warr)'313
100 102
Without stook pur warrants_ _
10134 1-0212 102 June'27
37
1937 IN
Remington Arms 65
9638 Sale 96
97
95% 98
7 10018 10312
Rapid)I & S 10-30-yr 58 f._1940 A 0 10012 10114 1004 10034
1953 J
9838 10214
10138 Sale 10012 10138 29
Ref & gen 63411 series A
Rheinelbe Union 75 with war 1946 3 J 11434 Sale 115
11514 12 11334 12634
9812 10412
Without stk purch warls_1946 J .1 9878 Sale 9858
994 53
102 10412
Rhine-Main-Danube Te A__ A950 M S 10112 102 10234 June'27
9 10134 105
10312
RhIne-Weetphalla Eleo Pow 78'50 M N 10312 Sale 10314
-.1955 F A 9534 Sale 9534
9354 98
alma Steel let sf 7e
9534 20
3
5712 65
Robbins & Myers let a 1 78_1952 J D 50
5712 5712
5712
111 11214
Rochester Gas dc El 7s ser B_1946 M S 11118 11112 11114 June'27
7 105 10614
Gen mtge 5345 seriou C. _1948 M S 10512 Sale 10512
106
90
9212
90
9218 90 May'27
Roch & Pitts O& 39 in 6e1946 M N
2478 49%
Rogers-Brown Iron gen&ref 75'42 M N 25
35
25 June'27
2514
1
M N 2514 35
24
50
Stamped
2514
9538 9712
St Joe Ry Lt & Pr lst be_ _ _1937 M N 9534 Sale 9534
9614
3
9734 9734
_ 9734 May'27 - St Joseph Stk Yds let 4)4a_ _1930 J J 9734
7535 8114
St L Rock Mt & P be etmpd_1955 J .1 7858 /918 7834 June'27 -- -9514 9634
9634 June'27 - -St Paul City Cable cons 58._1937 J J
10712 10 105% 10812
Ban Antonio Pub Serv let 68_1962 J J 9638 ____ 107
102
27 101 104
Saxon Pub Wks(Germany) 7e '45 F A 10112 Sale 10114
47
i951 1 N 9712 Sale 97
98
97
9912
Gen ref guar 1334s
1946 J
10112 Sale 101
10112 36
99% 10134
Schnico Co gnat 6)511
98 102
Glarsf634sOeriesl3.1946 A 0 10014 Sale 10014
10058 15
10878
2 10712 10912
Sharon Steel HOOP 1st 8e ser A '41 M S 10858 109 10878
Sheffield Farms let & ref 6Sis '42 A 0 108 Sale 108
108
3 107 10838
9912 221
9914 9934
Shell Union Oils f deb 5s....1947 M N 9912 Sale 9914
10214 10 102 10312
Slemebs & Halske a I 7a_ _ _ _1935 J J 10214 Sale 102
allot etre 5% pd 1951 M S 10412 Sale 10378
10434 115 10258 106
S 16
21
99
95 100
Sierra s Jan Fran Power 58_1949 F A 9812 Sale 96
94
20
9212 9814
Silesia i cc Corps 1 0448.....1946 F A 9312 Sale 9212
in Exp col tr 7s__ A941 Si A 97 Sale 96111
96 10112
9727
9814 105
Simm,
6% notes_ _ _ _1929 M N 9812 99
9812 June
Sinclair Cone 011 15-year 75_1937 M S 9958 Sale 9938
97% 10234
9934 60
9918 10214
let rn col tr 68 C with war.1927 J D 9978 Sale 9934
9978 49
1938 3 D 95 Sale 95
9214 10235
9578 36
let lien 6348 series B
Sinclair Crude 011 3-yr 65 A..1928 F A 10014 Sale 10018
10014 46
9978 10118
1942 A 0 9234 Sale 9212
9112 95%
9312 43
Sinclair Pipe Lines 1 55
10112 - - 10112 102%
Smith (A 0)Corp lit 630...1933 M N 10112 Sale 10112
10858 14 107 10914
South Porto Rico Sugar 78..1941 3 D 10858 109 10858
7 10212 10414
South Bell Tel & Tel 1st a 1581941 J
10378 Sale 10318
104
8 1004 10412
Southern Colo Power es A...1947 J
10334 Sale 10312 10334
10438 25 10234 10412
Sweet Bell Tel let & ref 58_1954 F A 10378 Sale ,10378
Ms 10038
Spring Val Water 1st g 68„_1943 M N 9958 Sale l• 9958
9958
6
1930 M N 10034 10258 10214
103
16 100 103
Standard Milling 151 55
1945M
10234 Sale 10234
10312 12 10178 10384
lat & ref 5345
10214 199 101141 1023
:
Stand 011ot N J deb be.Dee 15'46 F A 10212 Sale 10178
94
9478 298
96
Stand 011 of N Y deb 430._ _1951 J D 9412 Sale 9414
1945 J
10038 Sale 9934
10012 50
99 102
Stevens Hotel let Ss ser A
9812 10012
9934 Sale 9934
Sugar Estates (Oriente) 78_1942 M
9934
3
9934 103
1929 F A 10134 104 103 June'27
Superior 011 1st e 1 75
- 10234 10418
Syracuse Lighting let g 5s _1951 J I) 10414 ____ 10418 June'27
10 103 10558
____ 10412 10514
104
Tenn Coal Iron & RR gen 58.1951 .1
9814 10114
0912 11
Tenn Copp & Chem deb Os. _1941 A 0 9918 Sale 9918
10634 60 10518 10712
Tenneeeee Elea Pow let 6a_. 1947 J D 10678 Sale 10578
71
63
6912 62
1960 J
6912 Sale 6812
Third Ave let ref 48
105
5612 6212
60
Atli !no 58 tax-ex N Y Jan 1960 A 0 5812 Sale 5814
97 100
19373
Third Ave By let g be
9934 100 994
9978
3
61
9435 9934
1955 M
97
Toho Elea Pow let 78
97 Sale 9614
9612 28
93
9914
6% gold notes .._ _July 15 1929 J
964 Sale 96
9714 100
Tokyo Eleo Light 8% notes.1928 F A 984 Sale 974
9838 71
10812 32 10734 10834
Toledo Edison let 7e
1941 M S 108 10812 10734
10034 32
9834 10014
Toledo Tr L & P 5)4% notes 1930 J
10012 Sale 10018
1024 10238
10238 10312 1024 Apr'27
Trenton G & El 1st g be__ _1949 M
33
9712 10114
10038
100
6e__1940
M
N
Sale
Trumbull Steel lets f
10038
1
61
6712
61
61
J
Twenty-third St Sty ref Os
1962J.
- 61
8
99 10214
Tyrol Hydro-Elec Pow 7%8.1955 M N -9914 10034 100
10078
77
9512 100
Ujigawa El Pow a f 74
1945 M S 9814 Sale 98
99
9534 96
Undergrd of London 4348_1933 .1 .1 9534 9634 96 June'27
9718 9912 98 June'27 _
9678 98
Income (18
1948
2 1014 10212
Union Eleo Lt & Pr(Mo)58_1932
102
102 10212 102
9 10114 10234
Ref & ext 5e
1933 M N 10134 Sale 10158
1014
4 10134 105
UnEL&P(III)letg 54iseer A1954 1 .1 10334 104 10312 10312
Union Elev By(Chic) Ern
_1945 A 0 84
1
81
86
84
84
8558
1931 1
Union 011 1st lien s 1 55
102
__ 102
102
1 10112 102
May 1942 F A 10612 1074 10712 June'27 -- _ _ 10712 109
30-yr 68series A
9612 23
let liens 158 series C Feb.1935 A 0 9638 Sale 9638
9635 99%
10712 11 106,2 10812
United Drug 20-yr 68.0ct 161948 A 0 107 Sale 1064
United Fuel Gas lets I 68_1936 J J 10478 10518 1044
10514. 6 1024 10514
80 j
2
7934 8034 80
76
81
United Rye St L 1st g 4a__ _1934 J J
1937 MN 9418 Sale 9418
United AS Co 15-yr file
9412
4
90
9712
D 10258 Sale 10318
10412 154 10212 106
Un Steel Works Corp 6%a A _1951
Without stock pur warrants__ J D 9612 Sale 9612
97
12
9612 9738
J D 10312 Sale 1034
Series C with warrants
10434 117 103 105%
Wthout stock pur warre_ J D 9512 98 101 June'27'
97 101
101
56 100 10214
United Steel Wks(Germany)75'51 A 0 101 Sale 10034
4 103% 105,2
Milted Stores Realty 20-yr 65'42 A 0 105 10514 105
1054
9178 317
88% 96%
U Rubber let & ref 5s ser A 1947 1 J 894 Sale 884
11 J
9458 Feb'27
Registered
94 38 94%
10-yr
% secured notes.1930 P A 103 Sale 103
10478 41 103 10634
10712 101 10615 10S12
S Steel Corpfeoupon Apr 1963 8&N 10712 Sale 107
10534 108
1064 June'27
if 10-60-Yr beiregiet_ Apr 1963 5.114
Universal Pipe & Bad deb 661936 J D 8834 89
8918 June'27
8714 90
944 65
9358 9552
Utah Lt & Trao let & ref be_.1944 A 0 9418 Sale 94
1944 F A 9914 Sale 99
9738 100
100
39
Utah Power & Lt let 5s
19503
10278
1024 Oct'26
Utica Elea L & P Ist 6e
3 10218 104 Utica Gas & Eleo ref & ext 5s 1957 J J 10358 105 10312 10358
9834 101
Vertientaa Sugar let ref 78.. _1942 1 D 100 Sale 100
6
10012
1953 3 .1 63
70 65 June'27
Victor Fuel let sf55
5614 65
9358 11
934 9534
V alron Coal & Coke let g 58 1949 M S 9312 9534 9358
1934.1 1 100 10038 9934
9858 10014
994 13
Vs Ry Pow let & ref bs
92
Walwortb deb 634e(with war)'35 A 0 89
93
9312
9312
4
9612
25
94
9112 97
let Cut fund 68 series A _ _1946 A 0 94 Sale 9218
Warner Sugar Rein let 75.1941 J D 10514 Sale 10434
10514
19
9178 10712
J
J
1939
9112 Sale 91
9218 31
7818 9814
Warner Sugar Corp let 78
__ 103
1023s 103
Apr'27
Wash Water Powers f 5s_1939 I J 103
104
3 1023s 104
We:Relies Ltg a Sc!Mod gtd 1950 .1 I) 10318 10412 104
1944 MN 104 Sale 103
104
12 101124104
Weal Ky Coal let 78
10234
4 1004 10234
West Penn Power ser A 5s_ _.1946 M b 102 103 10212
1963 M S 10134 Sale 10134
102
2 10014 10312
let 58 series E
1953 A 0 105 1051 10514
10512 10 10412 1054
let 5%a series F
19503 D 10118 Sale 10134
102
63 100 10958
ist sec 58 series CI
19503
WeitvaC&C15t65
77
771 7714
7712 17
77
80
1944 A 0 10214 Sale 10214
1024 52 1014 103
Western Electric deb 55
10338 24 101% 10514
Western Union coil tr cur 58.19383 J 10338 ____ 103
9812
4
95 100
Fund & real eet g 4 Ae___ _1950 M N 9812 994 95
193e F A 11112 11214 11214
11212 13 11114 11378
18-Year 6)48 g
10212 52 101 10314
1951 J D 102 Sale 102
35-year gold 55
10212 50 101 10314
WerhouseE & M 20-yr g 64_1946 M S 102 Sale 102
102
9412 9912
Westphalia Un El Pow 6 34s 1950) J D 944 Sale 9412
95
9634 100
Wheeling Steel Corp 1st b iis 1948 J J 9914 Sale 9812
9912 30
mise sew Mach 6e(with war)'36, J 12112 Sale 120
9734 13135
13158 158
_
40
58
WickwIre Spen St'l lit 78._1935 J .1 3112 Sale 44 June'27
3112 52
3178 Sale 3112
36
21
Wickwire SP Sri Co 75 Jan 1935 M N
10214
3 10154 103%
Willie-Overland 51 631s__._1933 M S 10178 Salo 10178
3
9734 102%
09 4 34
Wilson & Co let 25-yr s f 65_.1941 A 0 9934 Sale 9914
•Per share. t No par value. I Basis. d Purchaser also pays accrued dividend
2 1041: 10612
1941 A 0 10614 Sale 106
10614
Winchester Arme 7As
I New stock. I Flat price. k Last sale n Nominal. r Ex-dividend. y Ex-rigs
68 10334 105
Youngrn Sheet & T 20-yr 88-1943 J J 104I Sale 10412 105
r Canadian Quotation. 8 Sale price.
i0678
*67
t
ao
INN
loo
3758
BOSTON STOCK EXCHANGE-Stock Record
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
June 18.
Monday,
June 20.
Tuesday,
June 21.
Wednesday, Thursday,
June 22.
June 23.
Friday.
June 24.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
PER SHAKE
Range Since Jan. 1.
Range for Previous
Year 1926
Lowest
Highest
Highest
Lowest
_
•
Shares
Railroads.
185 185 *1184 186
183 183 183 183
18212 18212
18212 183
147 Boston & Albany
100 171 Jan 7 188 May 27 159 Jan 17512 D1111
8212 8212 8212 82 82
82
8212 8112 82
82
81
8112
426 Boston Elevated
100 81 May 10 94 Jan 15
77 May 854 51112
sz._ _100 *z_-_-100 4Z...--100 *z_ _ _100
9812 9812 --------10 Preferred
100 9812 Apr 27 10312June 9
89 Feb 103 Del
*z113
4113 ___ 4411314____ 11312 11312 11312 11312 --------10 let preferred
100 109 Mar 30 118 May 23 11212 Dec 122 Jo
104 1-04
10334 1-0414 *103 104 104 104
10412 10412 --------67 26 preferred
100 101 Jan 20 10712 Feb 28
9812 Jan 112 Jaz
62 62
62 62
62
1,722 Boston & Milne
62 62
ll2 62
6112 62
100 bus Mar 7 64 May 13
35 Mar 5812 Jul]
*66
__ ____
___ ____ ____
6258-___ __
_
Preferred
100 56 Jan 22 65 Apr 26
32
Apr 614 Del
e---- -86
86 -86 *18212
*z82
85 481
110 Series A let pref
85% 8512 86
100 7634 Jan 15 87 June 1
69 Apr 86 Del
*131
*131
'4127 ____ *1127
Series B 1st Wet
- *z127 ____ ____ ____
100 125 Jan 8 139 May 3
84
130 Des
Apr
120 ____ *120
*z11612____ 4117 ____ *z117 ____ ____ ---- _____
Series C lat prof
100 104 Feb 15 116 May 26
74 Apr 110 8e1/1
*161
*161
_ 14156
_ *1156 ____
_ ___. ---- _____ - Series0lat pref
100 155 Jan 15 165 Apr 21 105 Jan 165 Del
*112 1-13 11112 11112 4111 11212 *110713____ 4155----------20 Prior preferred
110 110
10412May 6 113 May 21
94 Apr 10712 Del
14200 210 4197_ _ 19712 19712 *z19712 _ __ 4.z10712------------5 Boston & Providence
100 196 Jan 18 205 Mar 30 317512 Mar 20712 Del
30
30
3012 -3112 •29
--------310 East Maas Street Ry Co....100 25 Feb 4 3112June
2914 2914 2928 31
31
20
28 Oct 61 Jai
*6612 70
*6612 70
*6612 70
*6612 70
*68
70
35 let preferred
70
70
100 84 Feb 8 72 June 11
Jaz
5912 Apr 71
*65
68 *61
65
63 63
___ *6412 _ - 66
66
130 Preferred B
100 60 Mar 14 87 Jan 5
56 May 69 Jaz
4512 46
46
46
4512 4512 *634714 4712
48
46
2.395 Adjustment
4714 477
100 42 Apr 1 4814 Jan 4
40
Jaz
Apr
494
69
69
6812 69
6812 6812 6814 6812 *z6814 6812 68
6812
595 Maine Central
100 4712 Jan 13 74 Mar 29
49 Sept 60 Fel
533* 5458 5314 5434 5278 5358 5278 5458 5358 5518 54
4,413 N Y N H1c Hartford
543
100 4118 Jan 6 53% Feb 16
3178 Mar 488s Jul,
.10112 ____ 49012 ____ ____ ____ *0812 ____ *9912 ---- -- ---Northern New Hampliblre_100 924 Jan 13 102 June 14
81 Apr 9812 Del
4140
4140
- _ 4141
*1141
___ *1141 143
____ ____ ___
Norwich & Worcester pref_100 127 Jan 4 142 May 17 120 Apr 132 Del
'135 1-36
135 125
135 1-35
135 1354 135 135 --------230 Old Colony
100 122 Jan 4 137 June 7 111 Jan 125 SeP
*111 ____ *114 ____ *111 113
113 113 *111 113
---- ---8 Vermont & Mansachusetts_100 107 Jan 6 116 Jan 31
OA Mar 107 Del
Miscellaneous.
*234 314 *234 314 *3
314
34 314
570 Amer Pneumatic Servloe___25
314 312
314 312
214 Jan 3
418 Mar 1
2 Nov
5 Jaz
1812 1812 *1812 1834 19
19
19
245
*19
19
19
Preferred
1912 19
SO 1512 Jan 12 21
17
18 Dec 2414 Jum
16718 16758 16378 16538 16358 16418 16338 1637* 16312 164
16338 16438 1,314 Amer Telephone & Teleg_100 14912 Jan 3 172 Mar
Apr 7 13912 June 15034 Fel
5914 5914 59
1,149 Amoakeag Mfg
58
5812 58
5712 5712 ____ ____
5912 58
No par 48 Jan 17 70 Mar 14
Jai
4812 July 71
*z80 82 *17834 80 *17834 80 sz7834 SO '47834 80
___
___
Preferred
No par 7358 Jan 10 85 Mar 7
78 Fel
4034 41
4012 4012 4012 4012 4012 4012 *4012 4034 4012 -40-12
531 Assoc Gas & Elec Maas A.__.. 3634 Jan 25 42 June 3 7212 Nov
_
.
____
____ ____ __-- ___
Atlas Plywood tr ctfs
5314June 9 59 Feb 10 -5213 -Aii-r 1334 JSal
*812 912 *812 912 *812 912 •812 912 *712 --------------- Atlas Tack Corp
No par
8 Jan 22 12 Apr 7
814 Oct 1714 Sal
*_ _ _ 1712 ____
___ ____
___ ____
__
___ ____
____
_ ___
Beacon Oil Co corn tr MN__ __
1534 Apr 3 2012 Jan 3
141* May 2012 Jar
8434 8434 84 -8412 83 -84
270 Bigelow-Hartf Carpet_No par 77 Feb 17 8612 Jan 7
82 -8-283 -833-4 *83 -84
74
Nov 9812 Jai
*.50
75 *.51) .75 *.5
@FedFRASER