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financial.

Me.
timnurcial
INCLUDING
ttailway & industrial Compendium
State & Municipal Compendium
VOL. 122.

to-Envie

Public Utility Compendium
Railway Earnings Section

SATURDAY, JUNE 26 1926

tt

Thronute

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SPECIAL FEATURES
STATE AND

OF OUR
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 time11925.
(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 25 years.

The Financial Situation.
Perhaps the most significant event of the week
just closing, at least in its possible bearing upon
the security markets of the world, has been the appointment of a new French Ministry with M. Briand
at its head, and Caillaux as the Finance Minister.
The event has been given very little front page attention by American newspapers, and perhaps justly
so, as this may mean but another combination in
the endless juggling of French Cabinets, each without any real political power. However, in view of
the personal versatility of M. Caillaux and his
assumption of office only on condition that he be
given practically complete power to deal with the




Bank and Quotation Sectiot
Bankers' Convention SectioNO. 3183.

situation, there is at least a shadow of hope that
France at last may be preparing to take steps which
in the opinion of economists throughout the world
must be taken in the near future to prevent a financial catastrophe of the first order.
It may be appropriate at this time, when France
is filled with American tourists and is affording
them evidence on every hand of great prosperity, in
contrast not only with the condition of France's
neighbors, but with her own past, to re-state the
simple principles involved in the nation's precarious
financial situation. First of all it must be understood that the highly prosperous condition of French
business is not conclusive evidence as to the real
situation. In 1922 German business was in many
of its phases riotously prosperous, but in 1923 Germany went through a period of financial chaos not
previously experienced by any western European
nation. For many years the franc has been declining, prices in France have been advancing, and
French business has been stimulated into a condition
of boom by these advancing prices. It is this that
gives the misleading evidence of great prosperity
accompanied by universal employment and activity
in undertakings of all kinds; but back of this there
are other situations in France of a distressingly
different character. To understand these it is necessary to keep the following points in mind:
1. The depreciation of the currency is accompanied in the long run by a corresponding rise in
prices. This has been happening most of the time
in France since 1914, but as yet prices have not
risen as much as the currency has declined, and are
not likely to do so until the franc is finally stabilized and the element of fear is out of the French
situation. Eventually it is certain that French
prices will stabilize at a world basis or a gold basis,
barring, of course, minor differences brought about
by tariffs, freights, local customs, etc.
2. It follows from this that the lower the franc
goes the lower taxes will be in France. For example, assume that the French internal debt is 400,000,000,000 francs. At par for the franc, 19.3 cents,
the French internal debt would have a gold value
equivalent to approximately $77,000,000,000. At
5 cents for the franc, the value would be approximately $20,000,000,000 and at the present level,
around 2.75c., approximately $11,000,000,000. If it is
assumed that eventually interest and sinking funds
on this internal debt will not exceed 5%, these
charges would have a gold value of $3,850,000,000
annually, with the franc at par; $1,000,000,000 with
the franc at 5 cents, and $550,000,000 with the franc
at 2.75 cents. In other words, French taxation for

3496

TITE CHRONICLE

payment of interest and sinking funds on the internal debt alone would amount to $100 per capita with
the franc at 19.3 cents, or $26 and $14, respectively,
with the franc at 5 cents or 2.75 cents.
3. It follows also, from the advance in prices accompanying the depreciation of the currency, that
holders of internal French bonds become poorer
and poorer with the decline of the franc, as their
income, expressed on a gold basis with the franc at
par, would amount to $3,850,000,000, or $1,000,000,000 with the franc at 5 cents, or $550,000,000 with
the franc at the present level.
The decline of the franc has now proceeded to a
point where it should be an entirely practical proposition from a political point of view to stabilize at
the present level. The taxation burden for payment
of interest and sinking funds would be only about
one-third of what it actually is in Great Britain,
and not much greater per capita than in the United
States. The holders of French bonds, insurance
policies, savings deposits, and other fixed obligations, expressed in francs, have been the real losers
in this situation. They are the ones on whom the
cost of the war has been forced by the nature of circumstances and the allowing of the financial situation to drift. Their losses have already been appalling, and will be complete if the franc is allowed to
disappear as did the mark in 1923.
It is greatly to be hoped that the situation will
not be allowed to drift further, but that the necessary steps will be taken at this time. It must be
evident to all that even French business interests
will benefit by stabilization. For after all, business finds its best conditions in stable prices. What
is necessary now is the firm adoption of a complete
program, involving the adoption of a new par value
for the franc, taxations that will actually balance
the budget, adequate measures for the funding of
floating debt, and approval of the funding of the
French debt due to the United States. The adoption
of such a program will require real courage, and
will bring about many temporary hardships, but
the fixing of the French tax load at the point measured by the 2.75 franc will not place upon French
business and the French taxpayers an unendurable
burden, but rather a comparatively light one.
The adoption of such a program will be made far
easier from a political point of view if those announcing it will make it clear to the nation that the
stabilization of the franc will eventually result in
an advance in French prices above the present level,
as these prices adjust themselves upward to the
world gold level. This would necessitate an adjustment of salaries and wages upward, and will eventually make the tax burden less than it would appear to be when a program is first adopted.
A stabilized franc and a settled fiscal policy in
France would remove from the world's markets one
of the most detrimental factors that has been operative in recent years. Nothing in immediate prospects would be more beneficial to the world's business situation.
Bond prices the present week have been at or
near the high levels established on Saturday, June
12, when the Dow-Jones average for 40 bonds
reached 95.52. The $60,000,000 Federal Land Bank
414s, 1956, which were offered on June 14 at 101,
/
yielding 4.18%, and which were immediately taken,
have been selling at a slight premium. On Thursday




[Von. 122.

morning a Dillon, Read & Co. syndicate offered
$25,000,000 Brazilian Government 6y s, 1957, at
2
902 yielding 7.25%. This issue also was imme/
1
,
diately subscribed for. The offering of Brazilian
bonds with a 6 % coupon rather than the familiar
/
1
2
7%, 7 % and 8%, is significant of rising confi/
1
2
dence in the situation of Brazil, and also of a new
phase in the security markets of the world, a phase
characterized by curernt offerings of public utility
issues with 4 % coupons and a large percentage
/
1
2
of the high grade 5% bonds, selling at prices above
par.
The Brazilian offering is interesting, inasmuch as
the original plan was to divide this offering between
the London and New York markets. The British
portion was to have been handled through the Rothschild banking firm of London. With the announcement of the withdrawal of Brazil from the League
of Nations, arrangements between the Rothschild
firm and the Brazilian Government were annulled,
whether at the instance of the Government or the
bankers has not been announced.
Simultaneously news has come that an offering
of $60,000,000 of United Steel Works Corporation
(Germany) will be made by Dillon, Read & Co. in
this country. It is pointed out that this constitutes
the largest foreign industrial loan so far arranged
in the United States.
Stock prices in New York, after the sharp drive
against the market on Friday, the 18th,. were again
strong, with active trading over Saturday, Monday
and Tuesday, with another sharp attack on Wednesday and a resumption of strength on Thursday, with
weakness on Friday, the net result for the week
being a gain of about two points for railroad stocks
and a decline of one point for industrials. There is
apparently as yet a large short interest in the market which has not been stampeded by strength during the past six weeks. The market continues to
have the advantage of this steadying influence.
In the meantime, the slowing down of business is
very slight and the prospect of business depression
becomes more and more remote. The Irving Fisher
index of wholesale prices reported for the week
ended June 18 at 152.3 was off 1.3 from the previous
week, but at practically the level prevailing for the
two previous months. Car loadings reported for
the week ending June 12 were again record-breaking, being 1,060,214, a gain of 14,250 over the previous week and 70,314 over the corresponding week
of a year ago. Along with these favorable developments has come the news of an increase in brokers'
loans last week of $43,235,000, indicating that current strength in the stock market is not based wholly
upon investment buying, but is to some extent specu- •
lative.
France finally has a Cabinet again. It would not
be surprising if it proved short-lived like the rest.
Aristide Briand, after surmounting many political
obstacles, and after being disappointed over the refusal of former President Poincare to accept the
Ministry of Finance, was able on Wednesday (June
23), to announce that he had filled all the places in
his tenth Cabinet. It was presented to President
Doumergue late that evening. M. Briand is Foreign
Minister as well as Premier. Joseph Calllaux is the
new Finance Minister and also Vice-President of
the Council. It will be recalled that he held the
portfolio of Finance Minister in the Cabinet when

JUNE 26 1926.]

THE CHRONICLE

the first negotiations were conducted with the
United States for a settlement of the war debt of
France to this country. Senator Doumer, as well
as former President Poincare declined to accept the
Finance portfolio. The Paris correspondent of the
New York "Evening Post" cabled on June 23 that
they declined "to take the portfolio because they
were unable to accept the Berenger debt-funding
agreement with the United States." Continuing to
outline the situation, the correspondent said: "The
acquisition of M. Caillaux can mean little more than
a temporary respite to tide the Government over
until the adjournment of the Chamber of Deputies,
at best. It does not appear possible that in this
short time the new Cabinet will be able to develop
a strong financial policy. M. Briand, whose sudden
jump from Right to Left has caused the greatest
surprise in the lobbies of Parliament, has before
him many obstacles, chief of which is the hostility
the appointment of M. Caillaux has engendered
among the Conservative deputies. This will, of
course, be offset to some extent by the more solid
backing he will receive from the Left, but it is doubtful if he can obtain as large a majority with the
present combination as he could have with M. Poincare and M. Doumer in the Government."
With regard to the personnel of the Cabinet and
the circumstances surrounding its formation finally,
the Paris representative of the New York "Times"
said in a dispatch late in the evening of June 23:
"Aristide Briand has formed his tenth Government.
It is not the Government he set out to make eight
days ago, when Raoul Peret's resignation brought
about the resignation of the whole Cabinet. It is
not even the Government of Republican concentration, with tried leaders at its head, which he has
twice this week attempted to form. But it has this
for strength—Joseph Caillaux has accepted the
Finance Ministry and M. Caillaux knows his business and has already a definite program of economy
and reform. For the rest, the new Cabinet which
was presented to the President of the Republic at
11 o'clock this evening, is most remarkable for the
dropping of Paul Painlevp from the Ministry of
War and of Senator Anatole de Monzie, whose association with certain banking interests made his presence in the Cabinet formed by M. Caillaux a complete impossibility. For War Minister, Gelneral
Guillaumat has been named, with the Nationalist
Deputy Colonel Picot, the President of the Association of 'Genies Casses,' or men wounded in the face
during the war, as Under Secretary. In the new
combination former President Raymond Poincare
has no place, and neither has Senator Paul Doumer.
This somewhat tame result of all these past days of
feverish negotiation and mysterious program-drafting came to-day as a surprise to all but the innermost circles." The New York "Herald Tribune" representative added that "it was learned just before
the Elysee Palace meeting that it was extremely
unlikely that ratification of the Mellon-Berenger
debt accord can be accomplished here before autumn.
Though Caillaux favors speedy ratification, strong
political opposition developed to-day against this.
The belief in Ministerial circles late to-night, therefore, was that the Chamber would be asked to approve the American and British debt accords simultaneously, after the latter agreement has been
reached. As the Cabinet does not appear before




3497

the Chamber before Tuesday, it is also deemed impossible to ask the United States Senate to wait for
French action before it adjourns for the summer."
He also said that "three features of the new Ministry
stand out: One, that contrary to the demand for
national economy, it consists of thirteen Ministers
and nine Under Secretaries; two, that contrary to
all precedent, the Minister of Justice ceases to rank
as Vice-President of the Cabinet, and Caillaux assumes this position; three, that only six out of the
twenty-two Ministers and Under Secretaries are
technical and financial experts. The new Ministry,
of course, has yet to test the strength in the Chamber. This trial will come possibly by the end of the
week. The vote will be in the strict sense not so
much a question of confidence in the new Briand
Ministry as upon the issue of Joseph Caillaux.
The Chamber must decide whether Caillaux, supported by a General as Minister of War and a close
personal friend as Minister of Justice, shall be
given permission to impose drastic economies on the
country with the backing of the former and prosecute probably men in high places for speculation
with the aid of the latter."
The impressions of French political leaders and
the principal developments on Thursday were outlined in part as follows in a special dispatch to the
New York "Evening Post" from Paris that evening: "The plans of Joseph Caillaux, Finance Minister in the new Briand Cabinet, call for eventual
stabilization of the franc at a considerably lower
figure than quoted to the dollar to-day. To arguments regarding the dangers which would ensue
from this plan in the consequent reduction of salaries and wages, M. Caillaux demanded what virtually was a dictatorship within the Cabinet. This
Premier Briand refused, but a compromise was effected. Many observers see significance in the appointment of General Guillaumat as War Minister
in view of the strikes and troubles likely to result
from Caillaux's policy. Guillaumat was conspicuous in the Ruhr occupation. Premier Briand declared measures of rigid economy would be necessary. A new attitude on the Mellon-Berenger agreement for settlement of France's debt to the United
States is expected from Caillaux. No enthusiasm
is expressed over the new Cabinet, the impression
being that it is only a poor stop-gap."
The more important policies, and likewise activities, of the new Cabinet during the next few days
were outlined and forecast in part as follows by the
Associated Press representative in Paris in a dispatch, also on Thursday evening: "Aristide Briand, after the formality of presenting the members
of his new Cabinet to President Doumergue, declared last night that he had decided to aid Joseph
Caillaux, his Minister of Finance, most energetically in instituting 'a policy of economy and compression and thereby bring order out of the financial
chaos in France.' M. Caillaux indicates that he
will take his time to prepare a financial program,
and the Government is not likely to face the Senate
and Chamber before next Tuesday. Then it will
demand that Parliament shall vote it extended powers so as to enable it to push through bills essential
to its fiscal program. The Cabinet will meet tomorrow night in M. Briand's office and again on
Saturday morning at the Elysee Palace in Ministerial Souncil."

3498

THE CHRONICLE

In a later dispatch the same evening, the New
York "Times" representative said that "Joseph Caillaux's first action as Finance Minister has been to
send a circular letter to his colleagues, reminding
them that, according to the decree framed by himself in 1912 and incorporated in the finance law,
they must restrict to a minimum the number of their
assistants and aids. Thus without wasting a minute he has begun his economy campaign and has at
the same time given an initial indication to his colleagues that as master of the purse he is also master
within the Cabinet. Toward his inclusion in the
Cabinet and the Cabinet itself as a whole there is a
certain reserve in the press and among the Deputies.
Every one is waiting to see what he will produce.
As was to be expected, the Socialists will on Tuesday, when the Chamber resumes and the Government presents its statement of policy, demand further, immediate explanations. These interpellations will probably afford M. Caillaux an opportunity to make public something of his program in a
more precise form than he has yet stated it."
Edouard Herriot failed to form a French Cabinet,
as had been true of the earlier efforts of former Premier Aristide Briand, who, with the rest of his Cabinet, had. resigned a few days before, following the
giving up by Raoul Peret of his portfolio as Finance
Minister. Herriot apparently blocked Briand in the
latter's efforts to form his tenth Cabinet, and, according to Paris cable advices, the veteran statesman turned the tables on his adversary and made
it impossible for him to get together a Ministry.
Herriot's efforts to form one were outlined in part
as follows by the Paris representative of the New
York "Herald Tribune" in a dispatch under date of
June 18: "To-night Edouard Herriot, President of
the Chamber, Mayor of Lyons and chief of the Radical Socialist Party, has assumed the task of giving
France a new Government. Herriot's offer to Briand of the portfolio of Minister of Foreign Affairs
in his projected Government was declined by the
former Premier, who is bitter at the intervention of
the Radical Socialist Party, which brought his Cabinet-making to an end at noon. This a6tion was led
by a band of the younger Radical Socialist Deputies,
known as 'Young Turks,' who threatened Herriot's
leadership of the party if he accepted a post under
Briand in a Ministry which was to have included
Raymond Poincare as Minister of Finance." Continuing, the correspondent said: "Late to-night
Herriot announced that his Ministry would be a
union of Left Wing Republicans, with about 310
votes in the Chamber, and proceeding well toward
the Right. He made plain that he will not attempt
to resurrect the old Cartel des Gauches, in which the
Socialists were able to dictate their policies to his
last Ministry upon the threat of withdrawing their
support and overthrowing the Government. Herriot informed the press that he would attempt to
form a Ministry along the lines adopted by the congress of the Radical Socialist Party—the necessity
, for a Republican union of the Left in order to realize
a financial recovery through sincerely democratic
measures."
That M. Herriot found it increasingly difficult to
form a Cabinet was made clear and emphasized in
Paris dispatches, even on the day following that on
which he undertook the task. In the afternoon of




[Vol,. 122.

June 19 the Associated Press representative in Paris
cabled that "Edouard Herriot, leader of the
Radical party, apparently is finding it almost
as difficult to form a new Cabinet as did
M. Briand. This morning it seemed unlikely
that he would be ready to bring a new Ministry into
the Chamber of Deputies next Tuesday. Doubt was
even expressed in political circles that M. Herriot
would succeed in his effort, it being argued that
while a Ministry such as he aims at forming is not
too unfavorably viewed in the Chamber of Deputies
it is frowned upon by the Senate—even by many
Radical Senators." He added that, "taking a leaf
out of the book of M. Briand, M. Herriot has decided
he must have a program before he can recruit the
personnel of a Cabinet. He sat up until past midnight last night conferring with Albert Sarraut,
Louis Malvy, Anatole de Monzie and Joseph Caillaux. With the last two he talked especially on
financial questions."
Going a step further, the correspondent suggested
that "many political observers profess to believe
that even if M. Herriot manages to form a Cabinet
it will be short-lived. Some of them go so far as to
attribute to him a desire to try the experiment of
Cabinetizing with the object of convincing his party
that the only chance of rehabilitating French finances lies in the formation of a Government based
on the widest possible coalition of the parties such
as their opposition alone prevented M. Briand from
building."
Commenting upon the result of M. Herriot's efforts when he was President of France, the New
York "Times" representative in the French capital,
in a wireless message late in the evening of June 19,
said: "M. Herriot assures all listeners he has the
best intentions in the world. Despite this there remains the fact that the efforts of the factions under
M. Herriot, when he was President, to govern France
during the past two years have repeatedly and consistently failed. Under their regime so much capital flowed from France that her financial veins are
bled white. That is now one of M. Herriot's chief
difficulties, which is not lessened by the fact that
his Administration is now famous over the issue of
Bank of France notes'for the Government's account."
Definite announcement was made in cable dispatches sent from Paris Sunday evening that
Edouard Herriot had failed to form a Ministry and
that Aristide Briand had taken up the task, apparently where he had dropped it two days before, but
seemingly with some distinct advantages. The chief
of them appeared to be the elimination of Herriot
as a direct trouble maker. The Paris correspondent
of the New York "Times" described the latest turns
in the political wheel in part as follows: "The everrecurring Briand has come up smiling again and is
now engaged in forming his tenth, Government. In
his most beautiful political play since he put M.
Doumeregue into the Elysee the veteran French
politician has scalped M. Herriot, who two days
ago blocked his effort to form a coalition Cabinet.
Probably the public will never know all the details
of the past thirty-six hours, but it now seems pretty
certain that when, on Friday afternoon, the President of the Republic asked M. Herriot to form a
Cabinet, the Radical leader, in accepting, stuck his
head into the noose M. Briand had carefully knot-

JUNE 26 1926.]

THE CHRONICLE

ted. For M. Herriot has been rendered hors du combat by the same medicine he tried to apply to M.
Briand. M. Briand is now constructing the Cabinet that M. Herriot forbade two days ago, and M.
Herriot will not be in it. M. Briand said to-night
that he would have no announcements to make until
to-morrow, but it is generally believed that he will
form a Centre Cabinet, resting widely on both sides
of th.e Chamber. On the Right there will probably
be M. Poincare; in the Centre, M. Briand 'himself,
and on the Left, M. Painleve. Upon this foundation
the whole Government will be built. It is expected
that M. Briand will be able to announce his Cabinet
to-morrow afternoon."
The swing back to Briand as leader seems to have
been well received in Paris. At any rate, the
"Times" representative added that "the French capital, the majority of which viewed with disfavor the
prospect of a Herriot Government, is chuckling tonight over this new exhibition of M. Briand's consummate skill in politics."
Commenting upon the failure of Herriot and the
taking up of the task again by M. Briand, the Paris
representative of the New York "Herald Tribune"
said in a cable message Sunday evening (June 20):
"The kaleidoscopic trend of French politics again
changed to-day when Edouard Herriot failed miserably in his effort to form a Ministry depending for
its support on the Cartel des Gauches, and so notified President Doumergue. The Executive thereupon called M. Briand, who immediately accepted
and is again at work toward the formation of a Government which will include prominent leaders, such
as Raymond Poincare, capable of restoring confidence in the country's ability to pull itself out from
the present financial difficulties."
The veteran statesman and head of nine Cabinets
was soon doomed to disappointment again. After
having thought that he had secured ex-President
Poincare to serve as Finance Minister he learned
that he had not accepted. The Paris representative
of the New York "Times" cabled Monday evening
that "Premier Briand's plan for a wide coalition
Cabinet received a heavy blow to-night when exPresident Poincare failed to accept the Ministry of
Finance. Before going to bed at 11 o'clock M. Briand said he refused to take Raymond Poincare's refusal as final and expected to see him in the morning, when he would once again urge the former
President of the Republic to make a sacrifice for the
good of the country. M.Poincare's attitude came as
a general surprise and,indeed, a surprise to Premier
Briand, who early in the evening had told his friends
that he expected to announce a Cabinet at 10 o'clock
with M. Poincare as head of the Treasury. The
afternoon papers had announced all but the definite composition of the new French Cabinet headed
by M. Briand and leaning on M. Poincare to the
Right and on Paul Painleve to the Left. Soon after
9 o'clock M. Poincare called on Premier Briand
with the disappointing news that he had not seen
his way clear to accept the post offered to him. He
said his sense of duty to the country left him willing to accept any other post in the Cabinet, but he
said he could not go 60 far as to shoulder the task
for which France was really seeking the biggest man
available." The correspondent added that "if M.
Poincare persists in his refusal it is expected that
the Premier will ask the former Finance Minister,




3499

Paul Doumer, to accept the position. The reasons
for M. Poincare's refusal may never be fully known,
but it is said that two very important factors entered into the situation. One was that his examination of the Treasury records showed that the new
Finance Minister would be obliged either to resort
to further inflation or to effect a moratorium. In
the second place he made it plain to Premier Briand
that he opposed ratification of the Berenger
debt accord, and in face of that opposition
M. Briand said he could not go back on the authorization he gave to M. Berenger to sign the agreement."
The portfolio of Finance Minister was offered to
Senator Doumer on Monday evening, according to
a later Paris cable dispatch to the New York "Herald Tribune." It was added in that dispatch that
"Poincare has assured Briand that he will co-operate with the Ministry, but desires to serve in the
medium either of the Ministry of Justice or in a
special portfolio dealing with the Alsace-Lorraine
autonomy problem. He insists that the Alsatians
should be calmed down in their aspirations by some
one in whom they have confidence, as they are not
ready for incorporation in the French State, while
autonomy is unthinkable." It was further stated
that "M. Doumer is a close friend of M. Poincare,
and after the latter told M. Briand he could not
accept the Finance post he suggested Doumer, once
Minister of Finance in the former Poincare and
Painleve Ministries. He is known throughout
France as a patriot and as being courageous enough
to insist on the heroic measures which must be taken
to save the French Treasury."
In later dispatches it was made clear that little
real progress was made on Tuesday in the selection
of a Cabinet. The New York "Times" correspondent in Paris cabled June 22 that "the making of a
Government that will have real authority in the
country, a sound backing in the Chamber and a
definite and realizable financial program, which
shall offer some hope of relief from the present muddle, is proving the hardest task that Aristide Briand
ever undertook. All to-day has been passed in conferences without final result, though that result is
promised by Premier Briand for noon to-morrow."
The New York "Herald Tribune" correspondent reported the situation in part as follows June 22:
"The great problem of forming a new French Government, which had been in a state of utter confusion all day, became only a trifle clearer at midnight, when Premier Briand told the 'Herald Tribune' that he hoped to-morrow would see the end of
the Ministerial crisis, now a week old. This was
after the acting Premier had received the refusals of
both Raymond Poincare and Paul Doumer to urge
the ratification of the Washington debt agreement
if either took the Finance portfolio. It was also
after Briand had called in Joseph Caillaux and
found that the 'Man of Mamers' offered such conditions for his services that his candidacy was out of
the question."
As noted in an earlier paragraph, M. Briand succeeded in forming a Cabinet on June 23 with Joseph
Caillaux as Finance Minister. The Cabinet was
presented to President Doumergue late that evening.

3500

THE CHRONICLE

[Vol,. 122.

That the Diet, or Parliament, of Poland may be papermen and spectators had been expelled from
without real power during the regime of Marshal the Chamber disheveled members of the Sejm told
Pilsudski was indicated when the Lower House met correspondents still lurking outside the building in
on June 22. This was forecast in a special wireless the friendly shadows of the trees that the furor had
message from Warsaw to the New York "Times" on increased to such proportions that all business had
June 21. The correspondent said in part that "Par- come to a halt." He added that "it was not clear
liamentary Government as practiced in Poland will among the members whether the budget bill had
make its last stand to-morrow when the Sejm, the passed, but this morning strictly censored papers
Polish Lower House, meets. If it holds its own the declared that the meeting was one of the dullest on
country will either slide back to the old unworkable record and that, owing to the serious thought which
system of government, rendering the revolution of must be given to the questions discussed during the
May 12 all in vain, or there will be a fresh military past three weeks, the Diet will not be called again
force brought into quick play. If, on the other hand, until Friday morning."
changes now proposed by Marshal Pilsudski are
accepted, the Marshal's supporters confidently beConsiderable excitement attended the referendum
lieve that France, Germany, Belgium and other held last Sunday, June 20, on "Expropriation of
countries will follow the Polish example promptly Germany's deposed rulers." Keen interest appears
and that there will be a reformation of political to have been taken in the event in advance. On
usages that will permit Europe to rise above its June 18 the Berlin representative of the New York
financial and economic troubles." It was added "Times" sent a wireless dispatch in which he outthat "the Diet will occupy itself for the first day or lined the situation at that time in part as follows:
two with the budget and other pressing matters "For the first time in history a large nation will
before the crucial discussion of administrative re- attempt the settlement of a national question by
forms, so that in case of an upheaval the country popular referendum. The German polls will be
will be able to continue functioning. Several con- opened Sunday morning for those wishing to cast
tracts with American firms were closed last week, their vote for or against the expropriation of the
the Government contracting officials assuring the State property of Germany's deposed rulers, in acAmericans that full ratification of the contract is cordance with the joint demand of the Socialists
now assured."
and Communists. Should about 20,000,000 votes, or
The proceedings on the first day, June 22, were 50% of the registry list, be cast, and a majority of
briefly outlined as follows in an Associated Press which wants the formal royal houses cut off without
dispatch from Warsaw the next day. It stated that a penny's worth of their once kingly domains, the
"Parliamentary protests against the recent coup expropriation proposal becomes law despite the fact
d'etat by the Pilsudski forces and against the Gov- that President von Hindenburg and his Governernment's desire to rule without control will be use- ment, headed by Dr. Marx, are unanimously against
less, it was indicated at the first session of the such a measure. If that ratio of votes be not cast,
Polish Diet since the revolution. All the members then Germany's first referendum falls by the wayof the Cabinet attended the session except Marshal side, another form of settling the claims of the
Pilsudski, who continues to demonstrate his neglect Hohenzollerns, the Wittlesbachs and others will
of Parliament. The Government presented its have to be found. To-night, just thirty-six hours
budget though M. Klarner, Minister of Finance, who before the voting places are opened, Berlin is pulsaid it showed a deficit of popo,000. The Govern- sating with the fever of an election campaign. Proment, he added, would liquidate the deficit by in- cessions, both of radicals and reactionaries, throng
creasing certain returns, like those from the spirit the streets, with banners proclaiming their views.
monopoly and customs, and -by decreasing adminis- In public squares thousands and tens of thousands
trative expenses. In no case would the Government of Germans gather to hear prominent men declaim
have recourse to inflation, he declared. In view of on the virtues or the crimes of expropriation. Billthe Government's desire for quick debate in the boards and electric light signs flame with Sunday's
Chamber, the Speaker Maciej Rataj, decided only issue. The present fever heat has not been reached
members of the larger factions would be allowed to in any political campaign in Germany since the
take part in the discussions. This provoked the revolution, not even in the days when Marshal von
Communist members, who number six. They be- Hindenburg was a Presidential candidate."
He explained that "the prizes involved include
came so boisterous the Speaker was obliged to order
their forcible expulsion after the press and public 350 of Germany's picturesque castles, every hall of
which echoes to the history of Central Europe. There
galleries had been emptied."
from Warsaw to are also great estates recalling the days of the land
According to a wireless dispatch
the New York "Times" later the same evening the barons, when villages, churches, mills, factories,
Polish Parliament gave up without accomplishing schools and all within a domain were ruled over by
anything of importance. In part he said: "Amid a feudal lord. Besides these there are museums
scenes of the wildest tumult the Polish Parliament filled with priceless paintings, sculpture, tapestries,
gave way last night to the threatening figure of Mar- porcelains and other objects of art. Some of them
shal Pilsudski and agreed to pass out of existence resulted from the collecting hobbies of rich monuntil a new body completely dominated by the Dic- archs. Others were given to them by financial lords
tator can come into being with semblance of legal as an expression of their gratitude for concessions,
authority. Behind closed doors barred to the public titles or other favors. All except three States aland to newspapermen by strong-arm men and sol- ready have reached agreements with their ex-rulers,
diers, the Sejm completed its riotous sitting after arriving at compromises outside the courts in most
the warring factions failed even to agree on the nec- cases. Prussia has not settled with the Hohenzo1essary budgetary measures, to say nothing of the lerns nor have the affairs of Mecklenburg-Strelitz Qr
proposed changes in the Constitution. After news- of Gotha been settled."




JUNE 261926.]

THE CHRONICLE

3501

In a message the following evening he continued and Saxony, where participation in the voting exhis outline of the progress of the campaign in part ceeded 50%. In the flat country, National strongas follows: "The most vicious and virulent polit- holds, such as Bavaria, the issue was rejected
ical campaign of which history probably has record through abstentions or restricted turnout of voters."
has continued late into the night on the eve of the
referendum regarding the proposed appropriation
A new feature was introduced into the situation
without compensation of all property belonging to the very next day, according to a United Press disthe former German rulers. For the first time in patch from Berlin on June 21. It stated that,"even
the existence of the German Republic party line-ups though the failure of the anti-monarchist expropriahave been so shattered that the best informed ob- tion bill frustrates the confiscation of the former
servers are utterly in the dark as to the outlook and dynasties' treasure, estimated at half a billion dolrefuse to prophesy. Only a few days ago it ap- lars, it is by no means a foregone conclusion that
peared that the advocates of confiscation had no these immense riches will be returned intact to their
chance of securing the necessary votes, but to-day, previous owners. The Government is still conwhile it still appears likely that they will fall short fronted by a powerful opposition, which could only
of the number required, it is by no means impos- be disregarded at the risk of provoking serious politsible that they may succeed. The Communists and ical consequences and perhaps even violent outSocialists are solidly for confiscation. The People's breaks. Following Sunday's referendum, in which
Party, the Nationalists and other parties of the the move to confiscate the treasure was defeated,
Right are against it. The Centre also is allegedly the Government to-day announced that it would
against confiscation, but the attitude of the party immediately push a compromise bill through the
leaders has become half-hearted and timid since the Reichstag whereby the State retains part of this
important defections reported from the adherents valuable property, while the remainder is returned
of the so-called Left Wing Party, mainly miners of to the overthrown monarchs and their families."
the Westphalian district who have flatly disreThe attitude of the various political groups was
garded the Catholic Bishop's warnings and have further outlined as follows in a later special Berlin
come out openly for expropriation. This evening's dispatch to the New York "Herald Tribune" the
edition of 'Germania,' the Centre Party's chief or- same evening: "The Nationalists are against it began, significantly refrains from giving a single word cause they consider that it robs the former Kaiser
of advice to its members. The Democratic Party and the other ex-rulers of much of their wealth.
officially refused to take any attitude, but virtually The Socialists, on the other hand, are against it
the entire Democratic press in Prussia has been because they think it robs the State by handing out
publishing daily attacks on the former rulers in al- undeserved gifts to these royalists. The Governmost as violent a tone as that of the Communist and ment formerly was rather inclined to agree with the
Socialist organs. These papers also urge their Nationalists, and for fear that it might become a
party members to go to the polls, even if they de- law too easily, declared that it would modify the
•
sire to vote against expropriation."
German constitution and hence require a two-thirds
The proposal was defeated. In a special wireless vote in the Reichstag. But now that 14,500,000 Germessage to the New York "Times" on June 20 it was mans voted for complete expropriation of the vastated that "the national referendum to-day on the rious dynasties' properties, the Government is
proposal to confiscate the property of the former alarmed and is eager to get the bill passed for fear
royal families has resulted in the defeat of the plan, another more drastic one will be proposed. The
urged by the radical elements of Germany. Only Government is beginning to think that perhaps,
15,431,000 ballots were cast by electors and thus the after all, it would not modify the Constitution, in
proposition is beaten, because, under the Constitu- which case it would need only a bare majority. Untion, a majority of the qualified voters must cast der the threat of another referendum, the Nationalballots in order to make a decision valid. The total ists, too, are not so hostile to the compromise bill as
is about 5,000,000 short of the required number. they were to the first one, although it is still uncerAbstention of the opponents of the proposal caused tain whether they will vote for it. The Government
its defeat. Only 542,000 were cast against the ex- threatens to resign if it is not passed before the sumpropriation as against 14,889,000 in favor of it." It mer holidays, so that its fate or the fate of the Govwas explained that "many of the titles that were ernment will be deecided soon."
involved go back two centuries or more. If the
According to a special wireless message from Bermeasure had passed it would have applied only in lin the same evening (June 22),"although the leadPrussia, Mecklenburg-Strelitz and Gotha, since the ing political parties were confident yesterday that
other States have all reached agreements with their the compromise bill for settling claims of the exformer rulers." According to a later Berlin dis- German ruling houses would soon become a law,
patch from the Associated Press correspondent, knotty problems were encountered to-day which
"final returns in the referendum give an affirmative threaten to lead to a dissolution of the Reichstag,
vote of 14,889,703. The negative vote cast was 542,- and the situation to-night is considered critical. The
311. The total vote rolled up in favor of complete Goverenment, in order to avoid possible future legal
confiscation was only about 2,500,000 in excess of squabbles, decided that their proposed compromise
that polled by the Socialists and Communists in the must be supported by a two-thirds vote in the Reichinitial balloting last March on the question of stag, since the Supreme Court might judge the law
whether a referendum should be held. The Rad- an alteration of the Constitution."
icals therefore failed to recruit sufficient newcomOn the whole Germany's trade position appears
ers to make up the deficit of 7,500,000." He added
that "an early analysis of the vote shows that the to be satisfactory. It was outlined in part as folconfiscation proposal was chiefly supported by the lows in a special wireless message from Berlin to
big cities in the industrial sectors, as in the Ruhr the New York "Times" on June 22: "Although Ger-




3502

THE CHRONICLE

many's export trade dropped 49,000,000 marks during May, according to official Government figures
published to-day, the month's business leaves a favorable balance for the Reich of 27,000,000 marks.
This is less than half of last month's excess of exports over imports, however. In addition to the
foreign trade reports, which show that the country's
business is healthy, the number of bankruptcies
dropped by 20%, and last month were only slightly
higher than the pre-war figures, 1,046 declarations
of bankruptcy being declared during May. This is
regarded in business circles as indicating a return
to normal conditions. It was predicted by prominent business men that the number of business failures after the currency was stabilized would run
high, until the weaker concerns were weeded out.
That Germany has no cause for too much optimism
is the opinion of J. C. Roberts, Vice-President of the
National City Bank of New York, who is now in
Berlin. 'The present industrial crisis is the necessary result of inflation and will continue for some
time,' Mr. Roberts said. 'The World War destroyed
not only the industrial organization, but also the
world markets, so that they are not ready to absorb
as rapidly as the factories are able to produce.' Mr.
Roberts was amazed at the rapid strides toward recovery made by Germany, and after seeing the country believes that the Dawes plan can be carried
through without difficulty."
While little or nothing has been said in London
cable dispatches relative to Lord Oxford and Asquith, it has been emphasized frequently that Lloyd
George has no idea of being read out of the Liberal
Party, or even its leadership. In a special wireless
message to the New York "Times" on June 23 the
former Premier's position was outlined in a speech
that he made before the National Liberal Club. In
part the correspondent said: "People here and
elsewhere say that David Lloyd George is politically dead, but David Lloyd George does not agree
with them." Lloyd George was quoted directly as
saying: "'I do not want to be rude to anybody, and
I certain do not want to ruffle anybody's feathers,'
said Mr. Lloyd George after he had been introduced,
amid loud cheers, by the Chairman. 'But I want to
say quite firmly that I am not going to allow myself to be driven out of the Liberal Party. I have
been elected by the same constituency as a Liberal
member for thirty-six years. I have taken a leading, and I think I may say a decisive, part in placing some of the most notable and most far-reaching
Liberal measures on the statute book of this realm—
Home Rule, the enfranchisement of women, national
health insurance. Liberalism is the building creed,
the one that is constructing, thinking out problems,
not in phrases, not in denunciations, not in catchwords, but in actual inquiries into the facts of each
case and attempting to arrive at practical conclusions which will reconstruct this country and make
it a happier, more powerful and a wealthier land.
Do not let us fling bricks at each other. There are
twelve people who cannot work with me, but there
are 3,000,000 Liberals who can. I do not seek leadership, but I do want service. I like work, I like
hard work. I like to get things done and, though I
have had quarrels in my life, I hate them all. I like
people to like me. Do not worry about these quarrels. All parties have them. If we go on taking no
notice of quarrels you will find in another two or




L VOL. 122.

three years 6,000,000 Liberals marching together to
victory.'"
In British Government circles at least there seems
to have been greater hope of an early ending of the
coal strike. Two bills have been proposed by the
Government for the handling of the coal industry in
the future. On June 22 the London correspondent
of the New York "Herald Tribune" cabled that "the
possibility that the coal strike may end July 1 is being discussed in both Government and labor circles
to-night following the issuance to-day of the text of
the Government bills for the future of the coal industry." He explained that "the Administration
measures are divided into two parts. One legalizes
for the next five years an eight-hour instead of a
seven-hour day in the coal mines. The other makes
provisions for facilitating the reorganization of the
coal industry by the absorption and amalgamation
of collieries, regulates future recruitment of miners
and establishes a 5% levy on coal royalties for the
miners' welfare fund."
The attitude of organized labor toward the measures was outlined in part as follows: "The Labor
'Daily Herald' will charge to-morrow that the Government hopes to make both bills law by a week from
to-day and that an effort will be made by the mine
owners to stampede the miners back to work by
July 1 by posting wage schedules which are not less
than the existing scales, but which will be based on
the theory that an extra hour daily will be worked.
Labor quarters are not alone, however, in considering an early ending of the coal dispute, as the 'Herald Tribune' was informed by leading industrialists
that the reserve stocks of coal are running short
and importations from abroad are insufficient to
meet the country's needs. Labor is maintaining an
intransigeant attitude and at a meeting to-day the
Parliamentary Labor Party decided to move for a
rejection of the eight-hour bill next Monday. Also,
the miners' international executive, when it meets
in London to-morrow, will be asked to consider the
question of declaring an embargo on the exportation
of foreign coal to Great Britain or alternatively a
strike of Continental miners to prevent coal from
being shipped here."
That the Government, if necessary, will take a
determined stand against Labor, was indicated in
a speech by the Earl of Birkenhead on the evening
of June 22. According to an Associated Press dispatch from London on that date, "the Earl of Birkenhead, Secretary of State for India, in a speech in
London to-night attacked A. J. Cook, Secretary of
the Miners' Federation, whom he accused of pursuing a policy aimed to destroy the coal mining industry, so that nationalization could be achieved and
the mines bought at a 'knockout price.' I km plainly
determined and my colleagues are equally determined,' said Lord Birkenhead,'that if we are driven
to the necessity by this attempt to blackmail society
by men who declare they have a stranglehold on the
vital cords of industry we shall once again sorrowfully, but resolutely, gird ourselves for a great
struggle—we shall not permit the nation to be destroyed.'"
In a special London cablegram to the New York
"Times" on the evening of June 23 a little more
hope was held out that the strike might be ended by

JUNE 261926.]

THE CHRONICLE

3503

a general conference around a table, as all big ques- crease of £291,668. Note circulation, however, extions are settled finally. It was stated that "the panded £381,000, so that the reserve of gold and
mining industry bill introduced by the Government notes in the banking department fell £89,000. On
to carry out some of the minor provisions of the the other hand, the Bank showed another advance
Coal Commission's report secured a second reading in the proportion of reserve to liabilities, this time
in the House of Commons to-night after a Labor to 24.75, thereby establishing again a new high peak
amendment proposing unification of the coal indus- for the year, and comparing with 24.71% last week
try under public ownership had been rejected by a and 24% a year ago. In the corresponding week .of
majority of 189. A feature of the debate was a pow- 1924 the ratio stood at 1614%. Sharp changes in
/
erful speech by Vernon Hartshorn, Labor member deposits continue to figure in these weekly returns.
and the miners' leader, who suggested a round-table In public deposits there was this time an expansion
conference composed of members of Parliament to of £4,367,000, while "other" deposits fell off £4,944,represent the Government, mine owners and miners. 000. The Bank's temporary loans to the GovernHe did not say, however, how such a conference, if ment declined £755,000, but loans on other securities
it succeeded in reaching an agreement, would be able increased £324,000. Gold holdings amount to £150,to secure adoption of its proposals by the miners 085,001, which compares with £157,183,840 a year
and mine owners. The labor movement leaders are ago and £128,261,164 a year earlier (before the
searching anxiously for a way to end the coal dis- transfer to the Bank of England of the £27,000,000
pute, but have been unable to carry the miners' ex- gold formerly held by the Redemption Account of
ecutive with them, the miners being totally unwill- the Currency Note Issue). Reserve aggregates
ing to enter any negotiations in which an immedi- £29,446,000, as against £31,663,380 in 1925 and £21,ate reduction of wages or increase of working hours 501,964 the year before that. Note circulation is
would be discussed. They had threatened to turn now £140,389,000. This compares with £145,270,460
the conference of trade union executives, called for the previous year and £126,509,200 in 1924, while
Friday, into a court for the trial of the General loans total £67,261,000, in comparison with £79,Council of the Trade Union Congress on a charge 023,183 and £81,092,286 one and two years ago, reof unwarrantably abandoning the general strike spectively. The Bank of England's official discount
and deserting the miners."
rate has not been changed from 5%, notwithstandAccording to a dispatch from the New York "Her- ing the prevalence of rumors to the effect that a lowald'Tribune" correspondent the same evening, "the ering is imminent. Clearings through the London
Trades Union Congress Conference called for next banks for the week totaled £654,023,000, which comWednesday to consider the Council's policy during pares with £759,069,000 a week ago and £703,037,the general strike has been postponed until after the 000 last year. We append herewith comparisons of
coal strike is settled. In labor circles it was felt the different items of the Bank of England return
that a Trades Union Congress meeting could only for a series of years:
result in recriminations between the miners' leadBANK OF ENGLAND'S COMPARATIVE STATEMENT.
ers and the executives of other big unions and that
1924.
1923.
1925.
1922.
1926.
June 25.
June 27.
June 28.
June 24.
June 23.
such a breach could only be harmful to the cause of
.0
8140,389,000 145,270,460 126,509.200 125.103,275 123.048,010
labor at the present critical raiment. Labor soli- Circulation
Public deposits
18,625,000 13,559,121 19,592.817 13,969,233 16,347,702
Other deposits
100,339,000 118,254,314 112,702.890 114,072,490 115,087,524
darity also probably will be needed to resist the
Government securs_ 40.1C0 000 39.031,733 47,587.467 42,973.731 49,221.045
Government's attack on trade union privileges which Other securities__ 67,261,000 79,023,183 81,092,286 80,C81.961 75,725,274
31,663,380 21,501,964 22,267,300 24,348.683
Lord Birkenhead foreshadowed yesterday as com- Re4erve notes& coin 29,446.000 157,183,840 128,261.164 127,620.575 128,946,693
Coin and bullion_ _8150,085,001
ing. Lord Birkenhead hinted that the trade union Proportion of reserve
24%
1694%
I81.4%
17K%
to liabilities
24.75%
law will be amended so as to make unions liable for Bank rate
4%
3%
5%
5%
334%
damages committed by their members during a
a Includes, beginning with April 29 1925, £27.000,000 gold coin and bullion
for currency note issues and which was transferred to
previously
strike, the present right of peaceful picketing would the Bank ofheld as securityBritish Government's decision to return to gold standard•
England on the
be restricted and strike ballots in future would be 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
conducted secretly under Government auspices. In held up to that time in redemption account of currency note issue.
political circles this evening, however, it is said that
the Government will not undertake to legislate on
The Bank of France in its weekly return for the
these changes until the next session of Parliament, week ended June 23 reported an expansion of 40,when they probably will be made a prominent part 527,000 francs in note circulation, which contrasts
of the King's speech."
with the decreases reported the two previous weeks.
Total notes outstanding now aggregate 53,073,190,Official bank rates continue to be quoted at 7 % 740 francs, which compares with 43,000,139,735
/
1
2
/
1
2
in Austria; 7% in Belgium and Italy; 6 % in Ber- francs for the corresponding date in 1925 and with
/
1
2
lin; 6% in Paris; 5 % in Denmark and Norway; 39,664,662,255 francs in 1924. A further increase in
London and Madrid; 4 % in Sweden, and gold occurred, the gain the present week amounting
/
1
2
5% in
in Holland and Switzerland. In London to 22,100 francs. Gold holdings now stand at 5,3 %
/
1
2
open market discounts have not been changed from 548,572,E00 francs as against 5,546,682,128 francs for
4 @4 5-16% for three months' bills, but short the same time in 1925 and 5,543,133,728 francs for
/
1
4
/ /
1
2
bills closed a trifle higher at 4 @434%. Money on the year previous. Last week the Government's
call in London was firmer and finished at 3%%, as indebtedness to the Bank of France remained un/
1
2
compared with 3 % a week ago. In Paris and changed, but through additional borrowing of 200,Switzerland open market discount rates continue to 000,000 francs during the week now under review,
/
/
1
2
be quoted at 5 % and 214%, the same as the pre- the total indebtedness to the Bank now amounts to
36,600,000,000 francs, which compares with 25,650,vious week.
000,000 francs:for the same time in 1925 and with
The Bank of England continues to add to its 23,000,000,000 francs in 1924. Changes in the other
stock of gold and this week reported a further in- items of the Bank's report were: Silver gained




3504

THE CHRONICLE

1,228,000 francs, bills discounted increased 261,086,000 francs, treasury deposits rose 2,171,000 francs,
and general deposits moved up 138,839,000 francs.
On the other hand, trade advances fell off 43,417,000
francs. Comparison of the various items in this
week's return with the figures of last week and
with corresponding dates in both 1925 and 1924 are
as follows:
BANK OF FRANCE'S COMPARATIVE STPTEMENT.
Changes
Status as o
for Week.
June 23 1926. June 25 1925. June 25 1924.
Gold Holdings—
Francs.
Francs.
France.
Francs.
In France
Inc.
22,100 3,684,251,893 3,682,361,221 3,678,812,821
Abroad
Unchanged
1,864.320,907 1,864,320,907 1,864,320,907
Total
22,100
Inc.
Silver
Inc. 1,228,000
Bills discounted_ ---Inc.261,086,000
Trade advances__ _ _Dec.43,417,000
Note c1rcu1at1on_Inc. 40,527,000
Treasury deposits_ _Inc. 2,171,000
General deposlts
Inc.138.839,000
Advances to State....Inc.200,000.000

5,548,572,800
337,158,193
4.743.717.742
2,320,768,655
53,073,190,740
17,690,890
2,008,645,337
36,600,000,000

5,546,682,128
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

5,543,133,728
299,722,383
3,696,983,022
2,641.043,225
39,664,662,255
13,385,770
2,137,256,334
23,000,000.000

Important changes were shown in the statement
of the German Reichsbank, issued under date of
June 15. Chief among these was a contraction in
note circulation of 182,080,000 marks, at the same
time that other maturing obligations expanded
115,656,000 marks and other liabilities increased
39,274,000 marks. As to assets, increases of 42,784,000 marks and 199,000 marks, respectively,
were noted in holdings of bills of exchange and
checks, and advances. Silver and other coins expanded-7,756,000 marks, and notes on other banks
8,251,000 marks. On the other hand, reserve in foreign currencies was reduced 150,595,000 marks,
while investments declined 2,000 marks. Other
assets registered a gain of 64,195,000 marks. The
Bank again added to its gold reserve (162,000
marks), thus bringing total gold holdings up to
1,492,161,000 marks, which compares with 1,040,194,000 marks last year and 448,003,000 marks in
1924. Note circulation now outstanding aggregates 2,612,839,000 marks, as against 2,362,933,000
marks a year earlier.
Moderate additions to gold reserves and a material increase in rediscounting and open market operations, constituted the principal features of interest in the weekly statements of the Federal Reserve
banks that were issued at the close of business on
Thursday. For the System as a whole a gain in gold
of $10,000,000 was shown, while rediscounts of all
classes of paper expanded approximately $85,800,000; the result was to bring total bills discounted
up to $479,158,000, which compares with $455,445,000 a year ago. Holdings of bills bought in the open
market increased $14,100,000. Holdings of Government securities declined $99,100,000, due to the
paying off by the Government of the $41,500,000 of
temporary certificates issued to the Federal Reserve banks the previous week, pending the collection of the quarterly installment of income taxes.
Total bills and securities (earning assets) remained
practically stationary—declining $34,000, while deposits fell $32,600,000. Federal Reserve notes in
actual circulation decreased $5,400,000 and member
bank reserve accounts dropped $35,500,000. The
report of the New York Bank indicated an increase
in gold holdings of $38,100,000. Rediscounting of
Government secured paper expanded $20,000,000,
and of "other" bills $5,200,000. The net result for
the week, therefore, was an increase in total bills
discounted of $25,200,000, to $92,265,000; although




[VoL. 122.

this is still below last year's total of $120,885,000.
Open market purchases gained $17,300,000. Here,
also, total bills 'and securities showed shrinkage,
namely, $38,800,000, while deposits fell off $28,600,000. The amount of Federal Reserve notes in actual
circulation declined $3,200,000, while member bank
reserve accounts decreased $33,000,000. Contraction in deposits, coupled with larger gold holdings,
naturally resulted in an advance in the ratio of reserve. This was especially marked at New York,
which reported an increase of no less than 4.8%, to
84.4%. For the banks as a group, the gain was
smaller, namely, 1.0%, to 76.0%.
The New York Clearing House banks and trust
companies in their statement of last Saturday
showed restoration of a substantial surplus reserve.
Loans fell off $25,179,000. Net demand deposits
declined $5,386,000, to $4,376,397,000, which is exclusive of Government deposits to the amount of
$27,868,000. Time deposits, on the other hand, expanded $10,480,000, to $575,915,000. There was a
contraction in cash in own vaults of members of the
Federal Reserve Bank of $2,404,000, to $44,412,000,
although this is not counted as reserve. Reserves of
State banks and trust companies in own vaults increased $54,000, while the reserve of these same institutions kept with other depositories ran up $757,000. Member banks added the sum of $25,954,000
to their reserves in the Federal institution, a faetor
which was mainly responsible for the addition to
surplus of $27,170,410, thus wiping out last week's
deficit in reserve of $7,411,520, and leaving an excess reserve of $19,758,890. The above figures for
surplus are on the basis of legal reserve requirements of 13% against demand deposits for member
banks of the Federal Reserve System, but not including $44,412,000 cash in vault held by these member institutions on Saturday last.
While at mid-week a slightly firmer tone developed in the time money market, conditions in the
market as a whole were easy. This was true in
spite of the continued activity in the stock market.
The transactions, while still considerably in excess of a million shares a day, fell off materially,
and rather steadily, from the figures for a week ago
yesterday, which were in excess of 2,300,000 shares.
That brokers' loans, however, have been on the increase again was further shown by the Federal Reserve Board figures for the week ended June 16.
They disclosed an increase of $43,245,000 over the
preceding week. The aggregate loans on June 16
were given as $2,517,410,000, which compared with
the peak for this year so far of $3,141,125,000 on
Jan. 6. The strong financial position of the Federal Government, notwithstanding substantial reductions in tax rates, was shown by President Coolidge in an address on June 21 before the eleventh
regular meeting of the Business Organization of the
Government. The New York "Times" representative in Washington said that "he surprised his
listeners by giving the estimated surplus for this
fiscal year as about $390,000,000 and the gross debt
reduction as $836,193,888, but painted a dark picture as to conditions in 1928 and the increasing expenditures of local Governments." - That the business of the country as a whole is keeping up was
shown by the car loadings for the week ended June
12. They totaled 1,060,214 cars, or 70,341 more than

JUNE 26 1926.]

THE CHRONICLE

for the corresponding week last year and 157,622
larger than for the like week in 1924. According to
the "Iron Age," new buying of steel products is
keeping up also. Many of the large automobile companies are shutting down to take inventory. Crop
advices are encouraging. Money is likely to be a
little firmer next week, before the 1st of July payments are made, but otherwise no special change
is expected.
As to specific rates for money, call loans have
ranged between 4 and 4
during the week just
closed, as against 332@4% last week. As a matter
of fact, however, the call market was all but motionless. On Monday the high was 432%, the row 4%
and 4% also for renewals. On each of the succeeding
days for the remainder of the week,Tuesday, Wednesday, Thursday and Friday, there was no range, all
loans on call being negotiated at 43
4%.
For fixed date maturities the market was dull and
featureless, with quotations at 4/8@43'% for sixty
and ninety days, and CA% for four, five and six
months, as against 4%@4h for all periods a week
t%
ago. No large individual trades were reported.
The former differential between all-industrial money
and regular mixed collateral has long since been
dropped.
Commercial paper was moderately active, with
both city and country institutions in the market as
buyers. Offerings, however, are still light, so that
the volume of business passing was not large. Four
to six months' names of choice character have not
been changed from 33 @4%, while names less well
%
known require 431%. New England mill paper and
the shorter choice names are still passing at 3%%.
Banks' and bankers' acceptances remain at the
levels previously current. Trading was not active,
owing partly to restricted Supplies of prime bills.
Out-of-town banks were the principal buyers. For
call loans against bankers' acceptances, the posted
rate of the American Acceptance Council remains at
332%. The Acceptance Council makes the discount
rate on prime bankers' acceptances eligible for purchase by the Federal Reserve banks 331% bid and
338% asked for bills running 30 days, 3%% bid and
1
33.% asked for 60 days, 332% bid and 3%% asked
for 90 and 120 days, 3%% bid and 3
asked for
150 days, and VA% bid and 3%% asked for 180
days. Open market quotations are as follows:
SPOT DELIVERY.
90 Days.
60 Days.
34a34
34a3%
FOR DELIVERY WITHIN THIRTY DAYS.
Prime eligible bills
Eligible non-member banks
Prime eligible bills

30 Days.
3%ci.34
bid
3% bid

There have been no charges this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
JUNE 25 1926.
Paper Maturing—
.4/ter 90 After 6
Days, but
but
Within 6 W bin 9
Months. Mont/.s

Within 90 Days.
FEDERAL RESERVE
BANK.
Com'rcial
Agric't &
Livestock
Paper.
n

Secured
by 17.5. Bankers' Trade Agricul.• A grirull
GOVern't Amy , Accepand
and
Obliga- lances. tances. Livestock Livestock
lions.
Paper.
Paper.

4
Boston
3A
New York
Philadelphia
4
4
Cleveland
4
Richmond
4
Atlanta
4
Chicago
4
St. Louis
4
Minneapolis
4
Kansas City
4
Dallas
4
San Francisco
*Including bankers' acceptances
by warehouse receipts. dtc.




4

4

4

4

4
4
4
4
4

4
3
4
4

4
34
4
4

3%
4
4

4

4
4
4

4
4
4

4
4

4
4

4
4

4
4
4

4
34
4
4
4
4
4
4
4
4
4
4

4
34
4
4
4
4
4
4
4
4
4
4

drawn for an agricultural purpore and secured

3505

The sterling exchange market gave a good account
of itself this week, and notwithstanding the fact that
little or no increase in activity made itself felt, the
range of quotations moved up another fraction, so
that demand bills ruled at 4 86 7-16 the greater part
of the time, with the extremes 4 861 1 and 4 86%.
/
Dealers are apparently maintaining an attitude of
indifference to the movements in sterling, although
it is understood that the situation is in reality being
carefully watched. Banking interests in close touch
with British affairs are, it would seem, not unduly
concerned over the outcome of the coal tie-up, and are
in an optimistic frame of mind. It is nevertheless
conceded that the prolonged failure to arrive at a
satisfactory basis for an amicable and equitable settlement of the coal strike is proving a serious handicap
to normal trade activities throughout the United
Kingdom and one which of course will inevitably
prove more and more of a menace to business progress
as time goes on. As was the case last week, however,
trades were made on a number of occasions at or above
par and the unvarying steadiness of England's currency at a time when business conditions are surrounded with so many uncertainties remains a source
of satisfaction. The explanation most generally credited for the firmness in sterling values is the softening
in money at New York, which has led to rumors of the
possibility of a further cut in the Federal Reserve
rediscount rate, to be followed by transfers of funds
from here to London for investment at the higher
levels prevailing there.
As to quotations in greater detail, sterling exchange
on Saturday last was dull but steady with demand at
4 86 5-16 (one rate), cable transfers at 4 86 11-16
and sixty days at 4 83 1-16. Monday there was verylittle doing marketwise and rates were not changed
from 4 86 5-16 for demand, 4 86 11-16 for cable
transfers and 4 83 1-16 for sixty days. Notwithstanding continued inactivity, sterling on Tuesday
was a shade firmer and demand ranged at 4 86 5-16
@4 863s, cable transfers at 4 86 11-16@4 86% and
/
sixty days at 4 83 1-16@4 833/ On Wednesday an
.
8
easier tendency developed, resulting in a fractional
decline to 4 863.i @4 86 5-16 for demand, 4 865 s®
/
,
4 86 11-16 for cable transfers and 4 83@4 83 1-16
for sixty days; trading was quiet and featureless.
Dulness was the chief characteristic of Thursday's
dealings, though, and rates were a shade firmer at
4 86 5-16@4 868i for demand, 4 86 11-16@4 86%
/
for cable transfers and 4 83 1-16@4 831 for sixty
A
days. Friday increased strength caused demand bills
to advance slightly, though trading was still dull, and
the quotation rose to 4 86%@4 86 7-16; cable transfers ruled at 4 86%@4 86 13-16 and sixty days at
4 833/@4 83 3-16. Closing quotations were 4 83 3-16
for sixty days,486 7-16 for demand and 4 86 13-16 for
cable transfers. Commercial sight bills finished at
486 5-16,60 days at 4 82 11-16, 90 days at 4 81 316,
documents for payment (sixty days) at 4 82 15-16
and seven-day grain bills at 4 85 3-16. Cotton and
grain for payment closed the week at 4 86 5-16.
No gold is being engaged for either export or import to this country. The Bank of England continues
to report a considerable degree of activity in this direction. Exports for the week were approximately
£100,000 in sovereigns to Spain, £18,000 to Holland,
£7,000 to Uruguay and £20,000 to Argentina. The
Bank also purchased £128,000 in gold bars and imported £250,000 sovereigns from South Africa.

3506

THE CHRONICLE

[vol.. 122.

Rate fluctuations in Continental exchange were less
As to the former neutral exchanges, trading has
spectacular than in , recent weeks, and, generally been moderately active, but rate changes were conspeaking, there has been a marked absence of the fined to a few points in either direction, with the sinviolent up and down movements that have so often gle exception of Spanish pesetas, which, after a sharp
characterized foreign exchange dealings of late. spurt of strength in the early part of the week that
French francs responded measurably to the improve- carried the quotation up to 16.42, turned weak and
ment in the political situation and the quotation after gradually slumped off until 16.08 had been reached.
opening at 2.77, advanced to 2.943/. The forward Day-to-day fluctuations in this currency averaged
2
movement naturally led to short covering which aided 10 to 15 points as a result of speculative maneuvering.
the rise.
Economic and financial conditions in Spain, although
Later on, realizing sales, as well as less favor- improving, are reported as not warranting anything
able advices from they French capital, were re- like the present high level of the peseta. Dutch
sponsible for a reaction to 2.783/, though the close guilders continue to .hover around 40.15. Swiss
2
was above this figure, viz., 2.883.1. Support, francs ruled firm at or near 19.35. In the Scansaid to be either of an official character or to come dinavian group, prices were very firm and Danish,
from sources very close to the Government, was a Norwegian and Swedish remittances all remained
factor in steadying the French unit. It still remains either or slightly above last week's high levels. A
true, however, that francs at no time during the week falling off in activity, however, was noted.
were able to reach or pass the 3
Bankers' sight on Amsterdam closed at 40.18,
-cent mark and that
very few seemingly have any confidence in the against 40.1431; cable transfers at 40.15, against
maintenance of higher levels, no matter what sort 40.16; commercial sight bills at 40.08, against 40.063.,
of ministry is in office, in the absence of adjustment and commercial sixty days at 39.72, against 39.7031
of France's financial affairs. Talk is heard in many last week Closing rates on Swiss francs were 19.353/
quarters of the urgent need of a dictator of some kind for bankers' sight bills and 19.363/ for cable transto take the reins and lead the French nation out of'
fers, which compares with 19.35 and 19.36 a week ago.
its present morass. Premier Briand's utterances to Copenhagen checks finished• at 26.473/ and cable
the effect that politics were now of secondary import- transfers at 26.513/2, against 26.47 and 26.51. Checks
ance and the financial situation the paramount con- on Sweden closed at 26.82 and cable transfers at
sideration created a good impression and caused a 26.86, against 26.80 and 26.84, while checks on
small though temporary recovery. At the close Norway finished at 21.90 and cable transfers at
reports of the resignation of the Governor of the Bank 21.94, against 22.093/ and 22.133/i the previous
2
of France had a depressing effect. Most of the week. Spanish pesetas closed the week at 16.08 for
activity in francs emanated from Paris, local dealers checks and at 16.10 for cable transfers. This comtaking very little part in the proceedings. Belgian pares with 16.24 and 16.26 the week before.
francs have dropped to the levels of the Paris franc
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
and ruled all week at or near 2.88, moving usually in
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
JUNE 19 1926 TO JUNE 25 1926, INCLUSIVE.
sympathy with the variations in the latter currency,
and advancing to 2.913 befOre the close. Lire
Noon Rutting Rate for Cable Transfers fn New York.
Value in United Slates Monett.
and Monetarp
showed a tendency towards recovery and the range CounSry rind.
• June 19. June 21. June 22. June 23. June 24. June 25.
of quotations was 3.593/@3.623/, or slightly above EUROPE2
2
$
$
$
$
$
S
.14075
.14068
.14066
.14065
.14081
Austria.schilling•___ .14074
last week's price levels. German exchange remains Belgium, franc
.0284
.0284
.0288
.0288
.0286
.0288
.007194
Bulgaria. ley
unaffected by the gyrations in neighboring currencies, Czechoslovakia, kron .037225 .007250 .007217 .007217 .007206 .029617
.029616 .029618 .029617 .029617 .029617
.2650
.2650
.2650
.2650
.2650
.2651
Denmark, krone
and the same is true of Austrian exchange. In England, pound ster.8671
8864
4.8665
4.8666
.8663
4.8663
ling
the minor Central European group, trading was Finland, markka
.025205 .025213 .025211 .025211 .025209 .025211
.0282
.0284
.0289
.0287
.0290
.0280
exceptionally dull and rate movements were un- France,franc
.2381
.2380
.2380
.2381
.2381
Germany, reichsmark. .2381
.012362 .012394 .012422 .012385 .012361 .012364
Greece, drachma
important, except in Rumanian lei, which advanced Holland, guilder
.4017
.4017
.4016
.4017
.4017
.4016
.1754
.1756
.1756
.1758
.1754
.1756
Hungary,
.0365
.0362
about 5 points on a better demand. Greek exchange Italy. lira-pengo
.0361
.0361
.0361
.0361
.2194
.2194
.2210
.2211
.2211
Norway, krone
.2210
.0924
.0932
.0923
.0930
.0920
was steady at or near 1.24.
Poland. zloty_
.0921
.0514
.0515
.0514
.0515
.0514
Portugal, escudo
.0515
The London check rate on Paris closed at 166.85, Rumania,leu
.004273 .004277 .004328 .004351 .004414 .004464
.1631
.1616
.1622
.1622
.1637
Spain. peseta
.1838
2684
2883
.2684
2683
.2683
.2683
which compares with 175.04 last week. In New Sweden. krona
.1936
.1936
.1936
.1936
.1936
Switzerland. franc
.1936
York sight bills on the French centre finished at Yugoslavia, dinar_ _ _ _ .017662 .017656 .017670 .017666 .0171370 .017679
ASIA2.883, against 2.77; cable transfers at 2.893, China- tadl
.7529
.7531
Chefoo.
.7527
.7565
.7540
7556
.7434
.7436
Hankow.tadl
.7436
.7452
.7467
7470
against 2.783/2; commercial sight at 2.873, against Shanghai. tael
.7232
.7229
.7203
.7256
.7238
.7271
.7521
Tientsin, tadl
.7527
.7523
.7540
.7556
.7569
2.763/, and commercial sixty days at 2.82%, against Hong Kong, dollar- .5542 .5529 .5524 .5517 .5529 .5529
2
Mexican dollar_
.5242
.5238
.5253
.5248
.5244
.5235
2.72 a week ago. Final quotations on Antwerp francs Tientsin or Pelyang
dollar
.5154
.5154
.5150
.5196
.5167
.5133
were 2.843/i for checks and 2.85 for cable transfers, Yuan, dollar
.5304
.5304
.5300
.5342
.5321
.5258
India, rupee
.3630
.3628
.3630
.3631
.3632
.3629
which contrasts with 2.833/i and 2.843/ a week earlier. Japan. yen
.4683
.4678
.4678
.4682
.4685
.4677
Singapore(S.S.), dolla
.5629
Reichsmarks closed the Week at 23.81 (one rate) for NORTH AMER. .5621 .5621 .5613 .5625 .5633
Canada, dollar
1.001208 1.001302 1.001454 1.001365 1.001436 1.001772
both checks and cable transfers, the same as hereto- Cuba. peso
.998958 .999375 .999414 .999313 .999313 .999414
Mexico, peso
.489333
.488833 .488833 .488833 .488833
fore, while Austrian schillings continue to be quoted Newfoundland, dollar .998789 .488500 .999188 .999156 .998938 . 9000
.958844
99
SOUTH A
Argentina,peso
peso
.9157
nominally at 14M, unchanged. Lire finished at Brazil. milreis (gold) .9186 .9186 .9185 .9175 .9168 .1582
.1556
.1592
.1563
.1575
.1570
.1204
.1206
.1202
.1204
.1202
.1204
3.623/ for bankers' sight bills and at 3.633/i for cable Chile, peso
Uruguay.
1 masa
i man
I ill1 na
1 man
10101
1 ntvz
transfers. A week ago the close was 3.593 and
As regards South American exchange, what little
3.603. Exchange on Czechoslovakia closed at
2.96% (unchanged); on Bucharest at 0.45, against activity there was centred around Brazilian milreis,
0.425'; on Finland at 2.523/i (unchanged), and on which ruled strong on the negotiation of another
,
Poland at 9.00 (unchanged). Greek drachmae fin- Brazilian loan in this country and moved up to a
ished at 1.23 for checks and at 1.233/2 for cable new high record of 15.90 for checks, though closing
at 15.85, with cable transfers 15.90, against 15.45
remittances (unchanged).
and 15.50 a week ago. Argentine pesos were fairly




C111.141

JUNE 26 1926.]

THE CHRONICLE

'steady, though after ruling around 40.45, finished
easier at 40.20 for checks and at 40.25 for cable transfers, against 40.40 and 40.45 last week. Chilean exchange ruled firm and closed at 12.05, against 12.00
a week ago. Peruvian exchange tended downward
and finished at 3.65, against 3.68 a week earlier.
Far Eastern exchange came in for a fair share of
activity and ruled strong, especially the Chinese
currencies, which were influenced by the rise in silver.
Toward the close, however, some of the gains were
lost. Hong Kong after advancing to 55.80, reacted
and closed at 55.67@55.80, against 55.80@55.92;
Shanghai finished easier at 723 @73, against
%
73 7-16@733/; Yokohama at 46.95@47.00, against
46.85@47.00; Manila at 49@,49% (unchanged);
Singapore at 56M@563/ (unchanged); Bombay at
36%@363/ (unchanged), and Calcutta at 36/@
363' (unchanged).
The New York Clearing Howse banks, in their
operations with interior banking institutions, have
gained $5,641,359 net in cash as a result of the currency movements for the week ended June 24.
Their receipts from the interior have aggregated
$6,527,159, while the shipments have reached $885,800, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.

Week Ended June 24.
Banks Interior movement

Into
Banks.

Out of
Banks.

86.527,159

Gain or Loss
to Banks.

$885.800 Gain $5,641,359

As the Sub-Treasury was taken over by the Fed
eral Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government opera.
tions on the Clearing House institutions. The Fed
eral 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,1Monday,
June 19. June 21.

Tuesday, Wednescry. Thursday.1 Friday,
June 22. June 23. June 24. June 25.

Aggregate
for Week.

102,000000 99,000.000 80,000.000 88.000.000 90.000,000 93,000,000 Cr. 552,000.000
Note.—The foregoing heavy credits reflec 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 bul
lion in the principal European banks:
June 24 1926.
Banks of
Gold.

I

Silver.

June 25 1925,
Total.

Gold.

Silver.

Total.

X
A
t
A
I
X
X
England__ 150,085,001
1150,085,001157,183.840
157,183,840
France ___ 147,370,076 13,480.0001160,850.076 147,294,449 12,480,000 159,774,449
Germany - 61,580.000 d994.600 62,574,600 47,098,200 d994,600 48,992,800
Au.-Hunb b2,000.0I
b
I b2,000,000 1,2,000,000
b
b2.000.000
Spain ____ 101.500.000 26,778.009428,278.000 101,443,000 25,993,000 127,436,000
111 3.423,000, • ,
000
HAW---- - ' '
38,938,000
Netherl'ds 35,990.000 2,255,000 38,245,000 37,945,000 1,831.001. 39,776,000
Nat. Belg_ 10,954,000 3,594.000 14,548.000 10,891,000 8,132,000 14,023,000
SwItzerVd_ 16,769,000 3,552,000 20.321,000 19,283,000 3,589.000 22,872,000
Sweden...._ 12,714,000
12,714,000 13.086,000
13,086,000
Denmark _ 11,400,03
836,000 12,236,000 11,636,000 1,137,000 12.773,000
Norway __ 8,180 11:
8,180,000 8,180,000
8,180,000
Total week 594,255,0771 54.912.600649,167,677592,529,489 52,505,600645,035,089
P1ey. week 593,946,525 54,785,600648,732,125592,901%275 52,483,600645.392,875
a Gold holdings of the Bank of France this year are exclusive of £74,572,836
held abroad. b No recent figures. c Gold ho dings of the Bank of Germany this
year are exclusive of .£13,015,000 held abroad. d As of Oct. 7 1624.

The New Briand Ministry.
the tenth time France has a Briand GovernFor
ment. The ninth Briand Cabinet, which resigned on
June 15, was reconstructed on Wednesday,
after eight days of negotiations, With M. Briand once - more occupying the two posts of




3507

President of the Council, or Premier, and Minister of Foreign Affairs. Associated with him
is Joseph Caillaux, who for the fifth time becomes Minister of Finances, and, in addition, VicePresident of the Council, a position hitherto held
by the Minister of Justice. Other changes of most •
significance are the substitution of General Guillaumat, endeared to the French public as one of the
heroes of Verdun and the Marne, as Minister of War
in place of Paul Painleve, and the selection of Pierre
Laval, a close friend of M. Caillaux, as Minister of
Justice. The failure of the attempt to form a union
Government in which conservatives, moderates and
radicals should all find place, with M. Poincare
holding the crucial portfolio of Finance, has resulted in the formation of a Ministry which leans
somewhat to the Left, but M. Briand himself has
changed sides too often in his long career, and has
acquired too much of a reputation as a skillful political compromiser, to make the composition of the
new Cabinet a matter of surprise. In the present
state of French politics, no Ministry that does not
cater to the Left has much chance of surviving, and
in the make-up of the reorganized Briand Government the question of including members whom the
Chambers would probably accept appears to have
been quite as determining a factor as the question
of the particular policies for which the Government
should stand.
The inclusion of M. Caillaux in the Government
as Minister of Finances is by all odds the most important element in the situation. It is not too much
to say that upon M. Caillaux's financial policy,
rather than upon anything that M. Briand may say
or do, the new Ministry is likely to stand or fall.
Months of discussion in press and Parliament have
brought no remedy for the financial crisis, and in
the meantime the franc has continued its ominous
decline. What M. Caillaux may now have in mind
as a means of solving the financial problem must
be a matter of conjecture until his plans have been
submitted, but enough is known Of his general attitude to suggest that his proposals will be drastic.
M. Peret, his predecessor in office, felt compelled to
resign, and in so doing precipitated the fall of the
Cabinet, because of lack of support for a plan which
would have replaced the national defense bonds, as
they fell due, with bank notes, thereby apparently
putting the floating bonded debt on the same basis
of security as the depreciating paper currency. It
will be recalled that M. Caillaux, when he was last
Finance Minister, proposed to meet the problem of
the floating debt in part by the issuance of additional bank notes, and in part by an issue of refunding bonds whose value war; to be maintained on a
gold basis. The public subscriptions to this convertible loan, however, limited as they were to holders of the existing bonds, aggregated only about a
fourth or a fifth of the amount desired, and the
Treasury was left in the unfortunate position of
having to pay, on the small amount of conversion
bonds issued, a considerably higher rate of interest
than on the original debt, because of the steady
decline in the value of the franc.
Whether, in view of the rejection of the Peret
proposal, M. Caillaux will now think it well to ret'urn to his former program, or to bring forward any
Other program involving some measure of inflation,
remains to be seen. Aside from the questions of
debt and currency, however, he is well known to

3508

THE CHRONICLE

favor a drastic economy in public expenditure, and
the composition of the new Ministry suggests that he
may have secured the co-operation of M. Briand in
advance in putting such a policy into effect. M.
Poincare, to whom the Finance portfolio was offered, is reported to have declined it because M.
Briand was unwilling to grant him virtually dictatorial powers in financial matters, which means,
under the French system, authority to enforce financial policies by Ministerial decree without previous
Parliamentary sanction. Whether or not M. Caitlaux has now been granted the authority which was
refused to M. Poincare has not been stated, but the
fact that he becomes Vice-President of the Council
as well as Minister of Finances, that the new Minister of Justice is a personal friend, and that the new
Minister of War is a General of the army, give color
to the report that M. Caillaux is to have an exceptionally free hand. If such is the case, any steps
looking to the imposition of new taxes or a more rigorous collection of existing ones may be expected
to have the cordial support of the Department of
Justice, and a distinguished General will be the
Minister to deal with disorder if it occurs.
Hardly less important is the question of the debt
settlements with the United States and Great Britain. M. Caillaux has been counted among the opponents of the debt settlement with this country
recently negotiated by Ambassador Berenger, and
not yet acted upon by the French Parliament, but
the failure of his own negotiations at Washington
and his subsequent repudiation as Finance Minister
put him at a disadvantage in opposing the Berenger
agreement. M. Briand, moreover, has appeared to
favor the Berenger agreement, and the Ministerial
statement of policy which is expected to be read to
the Chambers early next week cannot well omit a
declaration on the subject. It is intimated that,
since Parliament usually adjourns in July for a
recess of several months, the matter may be temporarily disposed of by deferring final action on the
American agreement until the debt settlement with
Great Britain has been arranged, meantime allowing M. Caillaux to test the sentiment of the country
by putting into operation such other financial policies as he may have.
On the surface the new Government does not appear to be a strong one, but its compromise character may nevertheless work to its advantage. Its
outstanding figure is M. Caillaux, but while his
financial abilities are widely recognized, the unhappy ending of his previous experience as Finance
Minister, joined to the political hostility which the
mere mention of his name still arouses in certain
influential quarters, constitute elements of uncertainty as far as his share in the burden of government is concerned. The refusal of M. Herriot, the
outstanding figure in the radical party groups, to
undertake the formation of a Ministry may have the
effect of making his followers wary, and temper
their opposition to a Government which they know
very well they could not easily replace with one of
their own, but the Socialist demand for a capital
levy is not dead, and as long as the radical Socialist
group holds the balance of votes in the Chamber of
Deputies, any Government must live by sufferance
of the Left, however much support it may receive
on occasion from the Centre or Right. M.Poincare's
refusal of the Finance portfolio, whatever the reason may have been, is no loss to France,for financial




[voL. 122.

questions are not M. Poincare's forte, but his reactionary leadership is still a force to be reckbned
with, and his personal hostility to M. Caillaux is
well known. Until M. Briand presents the new Ministry in the Chambers and submits his declaration
of policy for debate, the most that can be hoped for
is that the reconstructed Government may turn out
to represent a sincere disposition on the part of the
warring factions to sink their differences and animosities and unite in support of a national program
whose sole aim is the welfare of France.
Some Aspects of the Pennsylvania Primary
Debauch.
In view of the vast abyss of the approaching campaign's opposing political principles (leading issues) it may be idle at this time to dwell upon outstanding episodes that seem to furnish ready-made
planks for platforms designed to "get in on." But
the huge sums expended in the recent Pennsylvania
primaries is a matter of serious import to the country regardless of parties; and is receiving a merited
and very general comment. However, it is well to
beware of over-exaggeration. One swallow does not
make a summer, nor does one State make a Union.
Senatorial "investigations" have not proved the
most efficient means for party overturn. If we mistake not, the oil "investigations," through the amplifiers of political hustings debates, were pointed
to as evidence of the wholesale corruption of a party
in power. The people were not so impressed. An
overwhelming majority said so. And to make an
"issue" now of the sums spent for "watchers" in the
primaries of this one State and for "other expenses"
may be partisan political wisdom—we feel sure the
voters next fall will determine whether it is or not.
However, to spend a couple of millions, more or less,
to try to nominate a single Senatorial candidate, and
then lose, is an alarming circumstance—to those who
spent the money.
Of course the usual comment centres about the
primary versus the convention plan of selecting candidates for high office. This is not the question of
electing Senators by direct vote, now a part of the
fundamental law. That will go on until, shall we
say, a time when we seriously consider the repeal of
some of our constitutional amendments, hastily and
emotionally adopted. This law and the primary
laws of the States stand together on the plea that
they give the people, the voters individually, a chance
to express their choice. And we shall never answer
this rightly until we consider the people in their
relation to a "representative" form of republican
government. We suspect that under the decision
that Congress cannot interfere with the conduct of
State primaries this political episode, as we are
pleased to call it, will lose much of its force when
.
the Senate comes to consider, under its right to control the qualifications of its members, the claims of
the successful contestant to be seated should this
nominee be elected. And many commentators are
saying, therefore, that it is "up" to Pennsylvania to
"clean house."
It is noted that the highest expenditures were
made in behalf of the man generally regarded over
the country as the "best man" for the place. And
while it is an inconclusive statement it might be
said that this proves that you cannot buy an election with the largest "corruption fund," allowing

JUNE 261926.]

THE CHRONICLE

that this is the right name for it. Extraordinarily
large sums were spent on two other candidates, one
of whom was nominated. A nominee for Governor
was also selected at the same primary. And here,
as nearly as we can judge from the complicated situation, the largest "roll" was more effective. But
through the whole thing runs the thought that one
"fund" compels another; and that the part of the
people amenable to the giving and receiving of these
funds is responsible for the divagations and uncertainties of the result. Reform that will go to the
root of the evil must as a consequence go deeper than
the law of the method and reach the heart of an
aroused citizenry that will refuse to be affected by a
malign influence.
Pennsylvania is so strongly a Republican State
that it is unlikely soon to elect a Democrat a United
States Senator. Yet it is conceivable it could follow in the footsteps of Iowa and by the election of a
hybrid Republican (if that ensues) do worse. In
fact, Iowa has a Democratic Senator, and thereby,
perhaps, in a moment of awakening, is to be found
the key to the nomination of Mr. Brookhart, who is
now busy denying some alleged statements as to capital and labor, made, if made at all, in the exuberance of success. These things show that in the currents of opinion the people may be blown from their
political principles in the tempests of a primary, and
that almost anything may happen. And as so often
currently pointed out, while "rings" and "funds"
are not unknown to the convention system, there is
so much of dignity and responsibility to a party
convention that it is forced to regard the better sen
timent of the electorate and (though by corrupt
means) nominate "good" men for office. This did
not happen in the free-for-all, undignified and irresponsible Pennsylvania primary. The statement is
not to be taken as an exact exposition, but as a suggestive one.
The fault of any popular government, aside from
its necessary constructive imperfections, lies in the
people—in their observance of its privileges, duties
and responsibilities. It is estimated that only about
half the citizens take the trouble to vote. This may
not be the ratio in Pennsylvania—but a large part of
the trouble there must be ascribed to the percentage
that is indifferent to this duty. It will do little
good to amend these primary laws while this condition continues. Relief lies in a higher sense of
responsibility. Senator Reed of Missouri lately
contrasted the millions of words in the United States
Statutes and those in the Ten Commandments. Not
more laws governing the procedure in voting, but
more consecration in the exercise of the duty, is
wanted. Why should there be an army of "watchers" at the polls, admitted to be paid hirelings expected to vote as paid? It is an admission of inefficiency in popular government. The statute itself permitting this is a confession of guilt. In the
State of Pennsylvania there is a tremendous industrial interest. Testimony shows that this affected
the primary in question. At the same time admissions of witnesses before the committee point to the
sources of funds as lying in this same interest. Yet
as far as the nomination for Senator was concerned
the use of this money, admitting it to be in a semilawful way, only resulted in failure. What would
become of a possible corruptible vote if there was no
money to be obtained? This method of fighting the
devil with fire only feeds the flames. What would




3509

become of the ignorant vote if it was met at thP
polls by the intelligent vote?
Occasionally we hear the suggestion that there
are the seeds of revolution in the political discontent of the masses. But if one element can be influenced by the maledictions of the professional political reformers, must the disgusted but intelligent
element of voters stay at home and give the alleged
revolutionists a clear field, to be whipped any way
but the right one in a popular primary? A convention system, even if open to manipulation, concentrates the best thought with the worst. The arena
of contest is lessened so that argument can be made
more effective. There is some chance to point out
in a concise way the needs of occasion. Candidates may be pitted against each other in their relation to good government. Their qualities for office
can be lifted above the clamor of the crowd. And
as we have already said, the convention has an entity and an existence of its own and must come to
feel its responsibility to the best traditions of the
party it represents. When we localize self-government, the voter's knowledge of needs and instrumentalities can be brought close to the individual.
But when he attempts to express only individual
judgments and preferences, as in a primary on
United States Senator, he relies on himself, on his
own estimate of needs and qualifications that are
not near enough to teach him. In a convention he
surrenders to the common judgment of those delegated for their fitness. This by no means always
follows, but of two evils, in the absence of perfection is it not better always to choose the least?
It is too early to even speculate upon issues. But
this much may be said—any attempt to link a party
with "big business" in an adverse way, at a time
when for the most part the country is prosperous,
when manufacture, transportation, and agriculture
in the large way, are doing well, when there is little
unemployment, gradually falling commodity prices,
though labor wages are still at a disproportionate
level, is not only poor political policy, but tends to
bring on a depression that will do nobody any good.
There are great questions, such as bureaucracy,
State's Rights, the necessity of buying in foreign
markets, as well as selling, and the need of a sane
view of the ever-recurring money question, about
which there is always blowing a cloud of chaff with
the golden grain, that will furnish meat for honest
discussion and opinion by the two "old parties."
But let us have no more campaigns based on investigation of isolated incidents that are sure to prove
boomerangs.
The Two-Thirds Rule in Democratic National
Conventions.
Political national conventions are of grave public
importance. Intensely partisan, they are of interest from a non-partisan standpoint. An indubitable
part of our two-party system of political representation, they reflect, as in a glass, the attitude of our
two oldest parties, practically our only parties, on
all public questions. Or, should do so. Their wellknown derelictions in party platform declarations
we shall not now discuss. In the Republican convention the majority rule in nominations prevails.
In the Democratic, it is now proposed to change the
two-thirds to a majority rule. This change is of
vital interest to the people regardless of party preference. The present Republican Party is not as old

3510

THE CHRONICLE

[vol. 122.

as the present Democratic Party. Names, going turmoil. The last one held in New York City,
back along the line of growth in each, have changed, where for three weeks there was a "deadlock" beas have principles advocated. As a consequence, tween McAdoo and Smith, with a minority refusing
the two-thirds rule in the Democratic National Con- to yield and Favorite Sons holding the key, is well
vention in its inception had a meaning different known to everyone. That the party should somehow
from that of to-day.
mend its ways is generally believed. But to abroIn the first place a national convention of a party gate the two-thirds • rule and the unit rule with it,
is a spectacle of embattled hosts peacefully seeking is going to be difficult, and is freighted with public
power to administer the Government of the United as well as party importance. For, with the unit
States. It has long been considered an honor to be and two-thirds rule broken, the cities of the country
a member of it. Young men in both parties are will have increased power in naming a candidate for
trained to regard memberships as an evidence of President. And the delegations of large cities unfaithful work for and adherence to principles deemed less more carefully selected than heretofore—we
of great moment to the conduct and perpetuation of think the statement is not seriously to be denied—
the Republic. Following our State representation have more of the temporizing, not to say trading,
in Congress, a Delegate-at-Large, chosen by a State, quality, than those from the country districts. More
is perhaps the highest party honor that can be con- than this, under city domination, if such should be,
ferred upon a citizen. National conventions pro- the "center of population" would swing toward the
mulgate platforms of principles upon which they East, and there might be an entire change of party
appeal to the public for support. These too often principles as finally declared.
fall short, but we pass that. The nominee for PresiIf a party is to appeal to the independent vote,
dent by a political convention, national in scope, which is growing larger all the time, it must be
stands out in the public eye and mind, not only as through men and principles. It cannot obtain
the standard-bearer and leader of a great party, but either by yielding to a scramble for office. If it is
as the embodiment of its highest and most sacred to do its part in getting the indifferent, in and out
principles. Therefore, a national convention should of parties, to vote, it must not disgust them by the
be orderly, deliberative, devoted, earnest, harmoni- manner in which it conducts its conventions. If it
ous and consecrated to the interests of the party is to hold its own members in line, go to the country
and through these to the welfare of the nation.
with confidence and enthusiasm, it must avoid nomIn early days, when the two-thirds rule was inations that, to use a mild term, are unexpected;
adopted, which appears in various ways in our po- and it must promulgate principles that are earnest
litical system, it was thought to make for delibera- rather than evasive, sound rather than subtle. Deltion, harmony and success. The idea was to have in egates to any national convention should remember
this candidate as exponent an expression of a large as Senators and Representatives in Congress must,
majority that there might be no room for dissent. that they are chosen by States to act for the nation.
It has not altogether worked out that way. What It matters not what State or section a Presidential
are known as Favorite Sons, men preferred by sin- nominee comes from, if he is known by all for his
gle States, have been able, under a two-thirds ma- advocacy of principles that affect all the people.
jority rule, coupled with the unit rule of voting by
It may be that abrogation of the two-thirds rule
States, to block a Presidential nomination for scores and the unit rule, for they seem to go together,
of ballots, until, amid intense partisanship prevail- would work well in the Democratic convention. But
ing among leading candidates, a "new deal" has had that is for the party to determine in the light of fitto be made, a new candidate invoked, usually a ness to an expression of its purposes, policies, prac"dark horse," when, amid dire confusion, a nomina- tices and principles. Themajority rule has worked
tion is made without deliberation, without real har- well, it is conceded, in the Republican National Conmony, and one not representative of the chief con- vention, for there is no disposition to change. But
tenders or their principles. This it is now proposed it is in the emotional aspect of conduct that hope
to avoid by changing from a two-thirds to a major- is to be placed. Democrats are noted for being
ity rule. But there are several matters to be taken fighters to the last ditch. Their partisanship is
into consideration before the change is made. In more of an obsession than with the Republicans; or
some States delegates to the Democratic National perhaps we might say the latter are more calculatConvention are chosen by direct primary, are, nat- ing and cold-blooded. But whatever is said, it is
urally, not specifically instructed, and cannot be demonstrated that the New York convention sent
held by the unit rule of voting. Herein is exposed the Democrats into the last campaign under a handithe anomaly of a majority vote in a State instruct- cap. Most of all—no extraneous questions should
ing, or it may be not instructing, its delegates, be allowed to split a national convention.
And now we come to the feature of the question
chosen by convention, controlling the whole delegation. Further, a majority vote in a Democratic that is above all others. A mere change in procedure
National Convention has, with a few exceptions will be of little avail without a change of heart.
(the case of Champ Clark is the most notable) al- Majorities and minorities must learn first conciliamost invariably resulted in the yielding of the mi- tion. To nominate men so radical, to advocate principles so violent, that they instantly repel, is not the
nority on subsequent ballots, and a nomination.
So that the fact that there is now a manifest de- way to a success in a campaign, is not the way to a
sire for change from two-thirds is not so much in tolerant and acceptable administration of the afthe interest of mere "majority rule," and thereby of fairs of Government. Delegates much reach that exharmony, as it is in behalf of contentions which alted position where, dedicating the party to the
hamstring the party in its campaign, and are there- public welfare, nominations are made without refore a reflection upon it. And it is perhaps a mer- gard to section, or rewards for previous good offiited criticism upon the Democratic Party that its cial conduct (save that it is required of every man),
conventions have become the increasing scene of without blind adherence to any single principle,




JUNE 261926.]

THE CHRONICLE

or law, or policy of reform, without the zest of contest for a political hero, or favorite—but solely in a
deliberative choice of the best man for the highest
office (all things considered) in the gift of the
people, and for all the people.
Henry A. E. Chandler of National Ear of Commerce
-I:
Finds Outlook for Continued Improvement
in World Buying Power Good:
Discussing "Underlying Economic Factors in the Business
Outlook," Henry A. E. Chandler, economist of the National
Bank of Commerce in New York, before Illinois Bankers
Association at Springfield, Ill., on June 17 expressed the view
that, "all in all, the outlook for the continued improvement
in world btiying power is good." Mr. Chandler said:
In reviewing the larger factors in the outlook for business for the next
two or three years, the most interesting question is whether the improvement in foreign trade and in the purchasing power of the farmer will occur
in sufficient volume and sufficiently early to dovetail in with the decline
in that part of the new purchasing power which arises from the making
good of accumulated shortages in construction. While no one can forecast
when and how rapidly this temporary buying capacity will decline, we ought
not to be surprised, I think, if this decline occurs more rapidly than the
improvement in foreign trade and in the buying power of the farmer. In
any case it would be wise to be prepared for a decline of the volume of business below the present high level, which is clearly above normal. In view
of our strong credit position and our improved productive and consuming
capacity this decline, when it comes, ought to proceed in an orderly fashion.
Whether or not this will occur will depend upon the psychology of the business community. If the psychology of the business community is sufficiently influenced by the underlying economic situation, the period of the
recession should not be long, for inherent in our new economic and financial
organization are the elements of strength that will sooner or later lead us
once more to a new level of national productivity.

In addition, Mr. Chandler also had the following to say:
To obtain a correct view of the present business situation in relation to
the fundamental economic factors we must consider this situation in connection with the entire period of the business recovery since 1921, of which
It is but the latest aspect. This period has been characterized by the absence of two factors formerly associated with good business, namely, a large
buying power on the part of the farmer and large foreign trade and by the
presence of two or three sources of new buying power. The new buying
power has resulted principally from three factors:
a. The accumulation of large shortages in important branchesrof our
fixed capital equipment, governmental, public utility sad private, including
business and industrial, construction and housing.
b. The increase in the standard of living and of real wages, and hence
the increased effective demand of millions of people.
e. The revolution in our capital and credit position which has supplied
not only an abundance of funds for all normal needs of production and
consumption, but also an excess of credit, making possible much speculative
enterprise. The answer to the question why such a notable business recovery has been possible in the absence of good buying capacity on the part
of two of our best sources of business is to be found in the extraordinary
force of the new buying power.
In looking to the future, therefore, two questions arise:
1. Is the new buying power of a sufficiently permanent nature to assure
us of a continuation of the present volume of business?
2. If not, what is the outlook for the full recovery of the buying power
of the farmer and of our foreign customers
There is no doubt that part of this new buying power has resulted from
the broader distribution of income incident to the war and post-war developments and to the remarkable advances that have been made in technical
efficiency and in the efficiency of our industrial organization and management and to improvement in our transportation facilities. To the extent
that this new buying power has arisen from these accomplishments it constitutes a permanent asset, which. I think, we may confidently depend
upon in the future.
Part of this new buying power, however, has arisen from high wages
and large profits incident to the making good of the accumulated shortages.
Now it has for some time appeared probable that, when these shortages
should be completely made good, we must expect a reduction in this new

3511

buying capacity unless some new business of equal magnitude were developed'.
When will the new temporary buying power begin to de.line in volume?
As to this point there has existed much disagreement during the last two
years, and certain'it is that the continuance of it in such volume has proved
the incorrectness of earlier forecasts.
The chief evidence of the continuation of the volume of our buying power
is to be found in several well-known indices, namely, the volume of construction, steel output, automobile production, car loading. &c. Construction activity is still continuing at a very high level and contracts awarded
for the first five months of this year exceed those of the corresponding period
of 1925. Again, although new business in the steel industry has not kept
up with production, the volume of iron and steel output has remained high.
Production in the motor industry is at as high a level as it has reached during
the same period of any of the previous years. Car loadings are exceeding
the figures for the corresponding period of the last three years. Moreover,
the general volume of business, as indicated by other more inclusive indices,
although showing a decline in the last two months, is being maintained at
high levels. So far as the volume figures are concerned, therefore, we have
as yet no conclusive evidence that buying capacity in the aggregate is being
markedly reduced. Our examination of the trend of buying capacity,
however, must take into consideration the economic factors underlying the
entire movement of the last four years. While from a review of these
factors we cannot determine when the volume of the temporary buying
capacity will decline or how rapidly, it appears clear that we must expect
such a decline in the near future.
Particular importance, therefore, Is now attached to tins outlook for the
farmer and for foreign trade. Although a substantial improvement in the
position of the farmer has occurred since 1925. the recent decline in some
agricultural prices is not reassuring. It is too early to express any confident
opinion as to the immediate outlook for the farmer. There are factors in
the situation, however, that appear to point to a general trend upward.
although they by no means indicate a full recovery of the farmer's buying
capacity in the immediate future.
Our export trade, although below normal for the larger part of the last
four years, has during this period continuously improved. 1925 was our
best year since the post-war slump. This improvement, however, was
greatly aided by the extraordinary flow of funds to Europe. particularly in
1924 and 1925, and part of this European trade is to be accounted for by
some replenishment of depleted stocks, particularly in Germany. Thus far
this year our exports to Europe are substantially below the corresponding
period of 1925, and this reduction has not been offset by increased trade
with the rest of the world. We cannot feel sure that exports for 1926 to
Europe or to the world at large will equal those of 1925.
However, the outlook for our export trade for the next several years is
certainly not strongly unfavorable. Our largest interest in the foreign
situation is in Europe, which still absorbs more than half of our exports.
Notwithstanding some recent unfavorable developments in Europe, including the difficult political situation in several countries, the recent instability
of the French and Belgian francs and of the Italian lire, the Polish situation,
&c., there exists unmistakable evidence that the trend of Europe's buying
capacity is upward. A long series of accomplishments during the last three
years in the fields of currency stabilization, public finance, agriculture and
Industry clearly point to this conclusion. On the whole the political situation is better, the productive capacity is increasing, credit is improved
and savings are growing in many countries.
Of particular importance in this connection is the disposition for the time
being of one of the big problems that has beclouded the outlook for our foreign trade and that has exercised such a tremendous psychological influence
upon the entire world situation, namely, the Allied debt problem. The
funding of these debts upon a basis which virtually cancels or postpones
to the distant future an important part of these debts has for the next
several years at least largely eliminated whatever obstructing factor existed
in this problem. With the exception of the British debt, payments upon
which have been made regularly since its funding several years ago, and
therefore which constitutes no new problem in our foreign trade. the present
annual payments on the principal debts, including the proposed French
payments, amount to about 550,000.000, or an amount equal to about 1%
of our export trade in 1925. The combined payments, Including those of
Great Britain, will not for the present amount to more than between
4 or 5% of our 1925 export trade. These payments for the time being
may easily be more than offset by our increasing investment abroad.
While the growing strength of Europea and the increased efficiency in its
industries points to keen competition between Europe and ourselves in the
neutral markets, our trade with these countries is on the general upward
trend and our increased efficiency should enable u.s to hold our own in these
markets.
The outlook for an early settlement of the chief remaining problems to
western Europe is not unfavorable. All in all, the outlook for the continued improvement in world buying power Is good.

The New Capital Flotations in May and Since January 1
As pointed out a month ago, new capital issues on the
American markets run pretty regularly now at the rate of
600 to 700 million dollars a month. If there is a falling off
under one head or main division, there is certain to be an
extra large item under one of the other heads or main divisions. An excellent illustration of the truth of this statement is furnished by the figures for the month of May,
which we are now'revIewing, where an offering of $154,000,000 new stock by the American Telephone & Telegraph Co.
served to swell the grand aggregate for the month to that
extent, which otherwise would have,dropped below the recent high level.
As already stated, our comp:1010n this time covers the
Month of May and the tabulations; as always, include the
stock, bond and note issues by corporations and by States
and municipalities,. foreign 'and domestic, and also Farm
Loan emissions. The grand total of the offerings of new




securities under these various heads during May was $660,747,562. This compares with $635,614,548 in April; with
$650,595,075 in March; with $607,708,461 in February, which
was a short month; with $731,844,584 in January; with,
$728,179,163 in December; with $589,119,381 in November;.
with $506,180,910 in October; with $492,022,119 in September; with $404,015,397 in August, when the total was the.
smallest of any'month since March 1924; with $695,094,335
in July, and with $673,930,001 in June.
It is worth noting, at the very outset, that nearly the
whole of the $660,747,562 total of new issues brought out.
during May represents new .capital, as the amount tipplied,
to refunding was only $13,495,000. On the other hand, the
new money represented by the $154,000,000 of additional
stock to be issued by the American Tel. & Tel. Co. does
not
have to be supplied immediately, as payments for the new
stock will be spread over a period of several
nionthsL-$20

3512

[Vou 121

THE CHRONICLE

$8,000,2
1
/
per share being payable Aug. 2 1926; $40 per share Dec. 1 ranging from 100 to 98 , yielding 5.00% to 5.50%;
000 The Kresge Foundation 10-year coll. tr. 6s, 1936, placed
1926, and the final $40 not until April 1 1927. In May 1925
at par, and $7,500,000 Pickering Lumber Co. 1st mtge. 6s
the grand aggregate of new capital issues of all kinds was "A," 1946, offered at par.
$532,900,581.
Railroad issues worthy of special mention were $7,475,1s
/
With such a big amount contributed to the total by the 000 The Baltimore & Ohio RR. equip. tr. 42 "D," 1929-41,
American Tel. & Tel., the aggregate of the corporate offer- offered at prices ranging from 100 to 98.93, and yielding
& Western Ry.
ings for the month was, of course, very large, reaching from 4.50% to 4.60%, and $6,000,000 Norfolk
at 93%,
the corporate Co. divisional 1st lien gen. mtge. 4s, 1944, sold
$453,868,380. In May last year the amount of
yielding about 4.50%.
offerings was only $295,871,945. The total of the municipal
Three foreign Government loans were floated in this
Issues was larger than the ordinary, being $132,339,182, country during May for a grand total of $42,000,000. The
several offerings of more than ordinary size having come loans offered were: $35,000,000 United States of Brazil
1s,
/
-Detroit having placed $22,088,000, Balti- external 62 due 1957, offered at 90, to yield about 7.30%;
upon the market
external 7s, 1946,
more $18,822,000 and Westchester County, N. Y., $10,082,- $5,000,000 Province of Styria (Austria)
and $2,000,000 Free
2
1
/
000. Last year, however, III May the aggregate of the mu- offered at 92 , yielding about 7.75%,
7s, 1927-46, offered at
nicipal issues coming on the market was still larger, reach- State of Anhalt (Germany) external
record for prices to yield from 6.00% to 7.60%.
ing no less than $190,585,636, or the largest on
Farm loan issues were again extremely light, three issues
any month of this class of obligations, due to the fact that
for $60,000,000, repre- being offered during the month for a total of only $3,500,New York City then was a borrower
000. The bonds in each case were offered at 103, to yield
4s.
sented by an award of that amount of 41
the corporate offerings, it is found that public about 4.62%.
Analyzing
Offerings of various securities during the month which
utility issues, by reason of the $154,000,000 new stock of
by the company whose
American Tel. & Tel. Co., again dominated the month's busi- did not represent new financing
$274,824,340, or well over securities were offered and which therefore are not inness. They totaled no less than
the following: $1,135,000
half the corporate total of $453,868,380, and furthermore, cluded in our totals, comprised
pref.,
increase over the previous month's Boss Manufacturing Co. (Kewanee, Ill.) 7% cum.
showed a substantial
,
1
/
$161,119,040 offered at 992 yielding 7.04%, and $1,114,200 common
aggregate of $216,932,000. Industrial issues at
1
/
$1522 per share;
during May showed a slight decrease from the April total of stock of the same company, offered at
totaled only $17,925,000, $2,500,000 Strawbridge & Clothier 7% cum. pref., offered at
$163,729,750. Railroad offerings
par ($100); $1,850,000 Bush Terminal Co. 7% cum. deb.
whereas in April they amounted to $61,924,000.
$1,400,000
,
1
/
Total corporate offerings in May were, as already stated, stock, offered at 922 yielding about 7.52%;
$227,892,500 comprised North American Light & Power Co. 7% cum. pref., offered
$453,868,380, and of this amount
New Orleans Publong-term issues, $29,552,500 were short-term and $196,423,- at 99, yielding about 7.07%, and $500,000
of stock issues. The portion devoted to re- lic Service, Inc., 6% mtge. income bonds "A," 1949, offered
380 consisted
,
1
/
funding operations was unusually small, being but $12,237,- at 952 to yield about 6.65%.
The following is a complete summary of the new financ000, or less than 3%. In April no less than $111,069,770, or
and city, foreign Government, as well
slightly over 25%, was for refunding. In March the amount ing-corporate, State
-for May and the five months ending
$33,095,- as Farm Loan issues
was $37,168,000, or only about 7%%; in February
in the case of the cor000, or slightly over 8%, while in January the amount was with May. It should be noted that
of the total. In May of porate offerings we subdivide the figures so as to show the
$68,706,575, or in excess of 11%
issues separately, and we also
last year $34,947,015, or nearly 12%, was for refunding pur- long-term and the short-term
separate common stock from preferred stock, and likewise
poses.
issues, as well
The $12,237,000 raised for refunding comprised $7,212,000 show by themselves the Canadian corporate
flotations.
new long-term issues to refund existing long-term issues, as the other foreign corporate
FOREIGN GOVERNMENT, FARM LOAN
$2,700,000 new long-term to refund existing short-term, and SUMMARY OF CORPORATE
AND MUNICIPAL FINANCING.
$2,325,000 new short-term to refund existing short-term
Issues.
Foreign corporate issues sold in this market during May
amounted to $26,348,040 and comprised the following: 800,002 no par value shares of Cuban Dominican Sugar Corp.
common stock, offered at $20 per share, involving $16,000,040; $3,500,000 International Rys. of Central America 1st
mtge. coll. 6s, 1941, offered at 96, yielding about 6.40%;
$3,000,000 Mansfield Mining & Smelting Co. (Germany)
2
1
/
15-year (closed) mtge. 75, 1941, offered at 93 , to yield
7.75%; $3,000,000 Agricultural Mortgage Bank (Rep. of
Colombia, S. A.) 20-year 7s, 1946, sold at 94, to yield about
7.55%, and lire 21,000,000 ($848,000, based on approximate
Works
exchange rate on day of offering), Crespi Cotton
mtge. 7s, 1956, offered at 100, yielding
(Milan, Italy) 1st
7.00%.
The largest single corporate offering of the month was,
Tel.
of course, the $154,000,000 new stock of the American
Shareholders of record June 8, when the stock sold
& Tel.
subscribe to
,
1
/
ex-rights at 1432 were given the privilege to
over a
the new stock at par, and payments may extend
months from Aug. 2 1926 to April 1 1927.
period of eight
were:
Other important issues on behalf of public utilities
2
1
/
New England Tel. & Tel. Co. 1st mtge. 4 s "B,"
$40,000,000
2
1
/
1961, offered at 94 , yielding about 4.80%; $10,000,000
6s "A," 1936,
Indianapolis Power & Light Corp. 1st coll. tr.
about 6.25%; $8,500,000 Northern Ohio
placed at 98, to yield
out
1s,
/
Power & Light Co. gen. & ref. mtge. 52 1951, brought
2
1
/
92 , to yield about 6.09%; $6,300,000 General Public
at
at
1s
/
Utilities Co. 1st mtge. & coll. tr. 62 "A." 1956, offered
98, to yield about 6.65%, and $6,000,000 Utica Gas & Electric Co. gen. mtge. 5s "D," 1956, sold at par.
$15,Industrial issues were featured by the following:
Limestone Co. 1st (closed) mtge. Os, 1941,
000,000 Indiana
-year
10
offered at 99, to yield about 6.10%, and $5,000,000 of
7% deb& of the same company, offering of which was made
at 99, yielding about 7.12%; $8,250,000 Dodge Bros., Inc.,
purchase money 5% notes,1927-29, placed privately at prices




1936.

New Capital.

MONTH OF MAYCorporate:
-Long term bonds & notes_
Domestic
Short term
Preferred stocks
Common stocks
Canadian-Long term bonds & notes_
Short term
Preferred stocks
Common stocks
Other torn-Long term bonds & notes
Short term
Preferred stocks
Common stocks

$

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

207.632,500
27,227,500
23,864,300
156.559,040

Refunding.
$
9,912,000
2.325,000

Total.
$
217.544,500
29,552,500
23,864,300
156,559,040

10.348,000

10.348,000

16,000,040

16,000,040
441,631,380
42,000,000
3,500,000

12,237,000

453,868.380
42,000,000
3,500,000

131,081,182
27,500.000
1,540,000

1,258,000

132,339,182
27,500,000
1,540,000

647,252,562

13,495.000

660.747,562

FIVE MONTHS ENDED MAY 31
Corporate:
Domestic-Long term bonds & notes_ 1,127,487,730
150,057,695
Short term
300,772,642
Preferred stocks
354,496,994
Common stocks
40,642,000
Canadian-Long term bonds & notes_
1,250,000
Short term
4,000.000
Preferred stocks
990,000
Common stocks
Other for'n-Long term bonds & notes 123,748,000
4,000,000
Short term
10,000,000
Preferred stocks
25,870,040
Common stocks

205,149,770 1,332,637,500
20,559,000 170,616,695
6,100,000 306,872,642
5,109,575 359,606,569
66,000,000
25.358,000
1,250,000
4.000,000
990,000
123,748,000
4,000,000
10,000,000
2..870,040

2 143,315,101
160,499,000
44,300,000

262,276,345 2,405,591,446
14,873,000 175,372,000
44,500,000
200,000

Total corporate
Foreign Government
?arm Loan issues
1?far Finance Corporation
dunicipal
Canadian
United States PossesEdons
Grand total

564.929,076
43,500.000
7,288,000
2,963,831,177

6,966,547
40.000.000

571,895,623
83,500,000
7,288,000

324.315,892 3,288,147,069

In the elaborate and comprehensive tables which cover the
whole of the two succeeding pages, we compare the foregoing
figures for 1926 with the corresponding figures for the four
years preceding, thus affording a five-year comparison.
We also furnish a detailed analysis for the five years of the
corporate offerings, showing separately the amounts for all
different classes of corporations.

CHARACTER A ND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF MAY FOR FIVE YEARS.
1926.
1925.
1924.
1923.
MONTH OF MAY.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
New Capital. Refunding.
New Capital.
Total.
Long Term Bonds & Notes
8
$
Railroads
17,925,000
17,925,000
48,496,500
48,496,500
70,039,000
36.157,000
42,602,000 112,641,000
2,170,001)
19.543,050
38.327,000
Public utilities
98,646.000
6.970,000 105,616,000
52,624,000
74,602,000
21,978,000
42,241,000
43,791.000
1.550,000
16,823,000
36,053.000
126.887,639
52,876,000
steel, coal, copper, &c
Iron,
4,570,000
280,000
4,850,000
3,750.000
3,750,000
40.726,000
6,200,000
42.275,000
13,350,000
1,549,000
6,200,000
Equipment manufacturers
1.000,000
1,500.000
1,000,000
1,500.000
Motors and accessories
1.000.000
1,000,000
275,000
.572,000
275,000
2,428,000
2
750,000
5,000,000
Other industrial & manufacturing
19,623,000
1.025,000
20,648,000
26,291,000
28,700,000
2,409,000
8,250,000
5,900,000
8,256.500
8,407,000
19,318.360
2,350,000
16,663,500
Oil
500,000
500,000
1,500,000
1,500,000
2,000,000
Land, buildings, &c
48,116,500
49,753,500
1,637,000
39,702,500
39.852,500
150.000
24,092.000
13,125,000
24,342,000
17,552,500
13,125,000
250,000
Rubber
250,000
250,000
Shipping
1,500,000
350,000
1,500,000
350,000
9,500,000
Miscellaneous
20,350.000
10.980.000
26.350,000
720,000
5.550.000
11,700,000
4,800,000
3.200.000
5.550,000
16.848.700
8,000,000
Total
217,980,500
9.912,000 227,892,500
184,844,000
25,257,000 210,101,000
190,323,000
32,877,500 140,541,500 225,750,249
48,301,000 238,624,000 107.664,000
Short Term Bonds & Notes
Railroads
750.000
8,600,000
750,000
400,000
8,600,000
Public utilities
2,675,000
4,280.000
3,500.000
4.950,000
825,000
670.000
5,900.000
12,350,000
5,900,000
1,500,000
12,650,000
300,000
Iron, steel. coal, copper, &c
Equipment manufacturers
830,000
830,000
Motors and accessories
10.550,000
10,550,000
Other industrial & manufacturing
5,300,000
1,500,000
200,000
6,800,000
200.000
620,000
3,000.000
620,000
1.800,000
300,000
4,800,000
Oil
3
.000,000
3,000,000
1,204,000
1,204,000
Land, buildings, &c
202,500
202.500
600,000
200,000
600,000
200,000
300,000
Rubber
Shipping
Miscellaneous
5,500,000
2,500.000
5,500.000
2.500.000
1.250.000
2
.500,000
1.250.000
2.500,000
Total
27,227,500
2.325,000
29,552,500
8.250,000
7,580,000
670,000
8,720,000
2,100,000
8.720,000
30,584,000
28,484,000
2,500,000
Stocks
Railroads
10,929.600
Public utilities
165,708.340
165,708,340
43,383,330
43,383,330
228,948.000
12.708,950
228.948,000
10,500,000
12,858,950
150,000
Iron, steel, coal, copper, &c
7,250.000
7,250,000
1,000,000
1,000,000
300,000
3,500,000
300,000
Equipment manufacturers
Motors and accessories
300,000
1,200,000
300,000
Other industrial & manufacturing
6,330,000
7.359.600
6.330,000
8,394,100
1,034,500
2,242,500
3,150,000
11,672,675
2,642,500
11,672,675
400,000
011
2,802,000
10,787,515
7,985,515
10,318,750
10,318,750
24,752,900
Land, buildings, &c
525,000
525,000
3,150,000
1,500,000
2,500.000
2,500.000
3.150,000
Rubber
Shipping
Miscellaneous
23.860,040
7,706.000
7.706.000
23,860.040
2.250.000
3,250.000
2,250,000
3,250.000
18,000,000
Total
196.423,380
68.500,930
77.520,945
9,020,015
196,423,380
73.532,500
30,431.625
30.581.625
248,209,250
150.000
400,000 248,609,250
Total
Railroads
. 48,496,500
17,925,000
48.496.500
17,925.000
70.789,000
2,170.000
44,757,000
30,872,650
42,602,000 113.391.000
46,927.000
Public utilities
267.029.340
7,795.000 274.824,340
100.287,330
22,648.000 122,935,330
277,089,000
61,111,950
1,550.000 278.639,000
78,384,950 138,887.639
17.273.000
Iron, steel, coal, copper, &c
4,570,000
11,000,000
4,850.000
11.000,000
280,000
41,726,000
6.500.000
43.275,000
16,850,000
1.549,000
6,500,000
Equipment manufacturers
1,000,000
1.000,000
1.500,000
1,500,000
830.000
830,000
Motors and accessories
11,550.000
11,550,000
2,572.000
1,950,000
5,000,000
2,428,000
575.000
575,000
Other industrial & manufacturing...
31.253,000
33,850.600
2,525,000
37,294,100
3,443,500
33,778.000
11.512,500
22,768,360
33.136,175
8,762,500
10,056,500
23,079,675
2,750,000
011
3.500,000
4,302,000
3,500,000
12.287,515
7,985,515
10,318,750
1 ,204,000
26,752.900
1.204,000
10,318.750
Land, buildings, &c
48.844.000
50,481,000
40.302,500
1,637,000
40,452,500
150,000
27,442.000
15.625.000
27,692,000
19,352,500
15,625,000
250,000
Rubber
250,000
250,000
Shipping
1.500.000
350,000
1.500.000
9.500,000
350,000
Miscellaneous
55,710,040
720,000
21.186,000
55,710.040
21,906,000
34,848.700
9,050,000
3,200,000
10.550,000
0,050.000
13,750,000
Total Corporate Securities_ 441.631.380
260.924,930
12,237.000 453.868.380
34,947.015 ?95.871.945
447.262.250
48.701.000 495,953,250 166,579,625
35,127,500 201.707,125 301.782,749




1922.
Refunding.
$
15.746,161
2
.500,000
16.256.640

1,521,300
36,024,101

Total.
19,543.050
142,633,800
13,350,000
3,250.000
35,575,000
2,000.000
17,552,500
9,500.000
18.370.000
261,774,350
400,000
1,500,000

300,000

P9g61 9g alsmr

arlDINGIIHO aILL

SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF MAY FOR FIVE YEARS.
MONTH OF MAY.
1926.
1925.
1924.
1923.
1922.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
CorporateTotal.
New Capital. Refunding.
Total.
Domestic$
$
$
$
$
$
$
$
$
$
S
$
$
$
$
Long term bonds and notes- 207.632,500
9,912.000 217,544.500
25,257,000 203,601.000
178,344,000
190,323,000
48.301,000 238,624.000 106.464.000
32,877,500 139,341,500 215.900,249
36,024.101 251,924.35(
Short term
27,227,500
2,325,000
29,552,500
5,580.000
670,000
6,250.000
8,570.000
28,484.000
8,570.000
2.100,000
30,584,000
2,500.000
2.500.00(
Preferred stocks
23,864,300
23,864,300
31,496,085
300.000
31,796,085
41.300.000
41.700,000
400,000
150,000
13.717.800
13,867,800
85,032,500
25,000,000
60,032,500
Common stocks
156,559,040
34,504,845
156,559,040
8,720,015
43,224,860
206,909,250
206,909,250
16,713,825
16,713,825
10,000,000
10.000,000
Canadian
Long term bonds and notes_
6,500,000
6.500,000
1,200,000
1,200,000
4,850,000
4,850,000
Short term
150,000
150,000
Preferred stocks
3,500,000
3,500,000
Common stocks
Other Foreign
Long term bonds and notes10,348.000
10,348,000
5,000,000
5,000,000
Short term
2,000,000
2.000.000
Preferred stocks
2,000,000
2,000.000
Common stocks
16,000.040
16.000.040
500.000
500,000
Total Corporate
441,631.380
12,237,000 453,868,380
260,924.930
34,947,015 295.871.945
447,252,250
166.579.625
48.701.000 495,953.250
35,127.500 201.707.125 301,782,749
61,024,101 362,806.850
Foreign Government
42,000,000
42,000,000
5,943,000
5,943,000
9,250,000
9,250,000
4,500,000
8,880,000-4,500,000
8,880,000
Farm Loan Issues
3,500.000
3.500.000
827,900 '37,000,000
36,172,100
5.700,000
12,500,000
5,700,000
95,100,000
12,500,000
42,666:15615 137,100,000
War Finance Corporation
Municipal
131,081,182
1,258,000 132,339,182
187,635,371
2,950,265 190,585,636
116,848,517
94,171,158
95.088,046
596,500 117,445,017
916,888
1,142,880 106,878,872
105,735,992
Canadian
27.500,000
27,500,000
3,500,000
3,500,000
1,000,000
2,600.000
2.600.000
1.000,000
5,234,000
1.000.000
6,234,000
ions_
United States P
1.540,000
1,540.000
500.000
135,000
500.000
135,000
Grand Total
647.252.562
13.495.000 660.747,562
494,175.401
38.725.180 532,900.581
51.897.500 631.448.267 278,885.783
579,550.767
36,044,388 314,930,171
516.732,741 105.166.981 621,899,722

300,000

2,500,000
25,000,000

10,929,605
35,500,000
3,500,000
1,200,000
3,150,000
24,752,900
1,500,000

25.000,000

18.000.000
98.532,500

46,146:161
7

30,872,650
179.633,800
16,850.000

2,500,000
16,256,640

4.450,000
39.025,000
26.752,900
19,352,500

f:5- 1566
2

9,500:666
36,370.000
362.806,850

61.024.101

coa

CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE FIVE MONTHS ENDED MAY 31 FOR FIVE YEARS.
1922.
1923.
1924.
1926.
1926.
Total.
FIVE MONTHS ENDED MAY 31. New Capital. Refunding.
New Capital. Refunding.
Total.
New Capital. Refunding.
Totat.
New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
$
$
$
$
$
$
$
$
6
Long Term Bonds & Notes$
$
$
$
$
$
73.771,270 378.404.950
26,073,000 238,947.500 304,633.680
45,038.900 291,678,300 212,874,500
Railroads
86,286,000 285,080,500 246,639,400
33,655,000 170.460.000
136,805,000
198,794,500
79,583,161 301,951.200
42,813.277 352.589,000 242.617.300 109,443,300 352,060,600 222,368,039
Public utilities
90,393,000 547,149,500 309.775,723
456,756,500
512.719,230 133,857a70 646,577,000
65,900.000
1.750.000
64.150.000
46,806,861 228,225,000
72,310,000 181,418,139
5,369.000
66,941,000
Iron, steel, coal, copper, &c
29,396.000
2,396,000
74.550,000
10,869.000
63,681.000
27,000,000
7,300,000
7,300,000
5.000.000
6,900,000
5,000,000
Equipment manufacturers
6.900,000
1,430.000
1.430,000
6.500,000
2:5- 6:646
6
4.000,6615
16,250,000
4,288.066
12.775,000
11.962.000
8.315.000
4,460,000
76,500,000
Motors and accessories
350,000
56,000,000
76.150,000
56,000,000
34,604,759 111,000.000
76.395,241
19.357,053 105.878,500
86,521.447
98,833,900
18.642.900
80.191,000
Other industrial & manufacturing
17,306,200 125,413.500
33,941,000 143.908,000
109.967,000
108,107.300
68,220,700 110.650.000
42.429,300
1,500,000
1.500,000
4,210,000
14,000
68,900,000
4,196.000
Oil
13,500.000
51,150.000
55,400.000
7.935,000
43,215.000
41.397.500
195,000
41,202,500
65.005.000
65,005,000
790,000 102,901,500
102,111.500
Land, buildings. &c
12,562,000 224,730.700
8,842,000 237,600.500
228,758,500
212.168.700
2.000.000
665,000
1.335.000
32,500.000
Rubber
1,350,000
1,350,000
32,500,000
17,360,000
__- 17,360,000
925.000
925,000
3,000.000
3,000,000
5.000,000
Shipping
47315,225
6,900.000
6.900,000
684.775
62,459.500
4,568;865
57.890.635
34.926.000 107.320,000
72.394.000
41.167.500
1,250,000
39,917.500
60.235.000
Miscellaneous
8,727,000
800,000 132,460.000
131,660,000
51,508,000
Total
1.292,485.730 229,899.770 1.522,385,500 1.225.969.775 235,835.425 1.461,805,200 862,232,123 122.233,077 984.465,200 883,852,386 241,559.214 1.125,411,600 830.429,395 265,193,755 1,095.623.150
Short Term Bonds & Notes
--------32,351.800
32,351,800
8,600,000
____-14.550,000
8.550,000
6.000.000
24,900.000
Railroads
400,000
24,590,000
5,000,000
6,000,000
11.000,000
10.006,000
11,950,000
21,956.000
25.215,000
18,002,200
8,600,000__i.212,800
71,516.000
9,291,000
62,225,000
Public utilities
65,900,000
26,560,000
50,230,000
15.670.000
10,825.000
37,385,000
404,200
404,200
1.000.000
1,000,000
1,325,000
650.000
Iron, steel, coal, copper, &c
675.000
21,915,000
2,500.000
6,000,000
19,415.000
6.000,000
830,000
830.000
1.000.000
1,000.000
Equipment manufacturers
1,150,000
1,150,000
16,700,000
16:163,000
24.500.000
9,454.000
15,046,000
9,000.000
9.000,000
Motors and accessories
13,210,000
200.000
13,410.000
500,000
500,000
4,800,000
1,800.000
3.000.000
1,710,000
1.710,000
Other industrial & manufacturing
14,318,75014.318,750
38,650.000
2.500,000
41,150,000
30,000.000
30,000.000
39,700,000
39.700,000
35,500,000
Oil
12,966,000
1,034,000
7,000,000
50,266;15545 57,200.000 35,500,000
-14,000,000
1.750,000
1,750.000
2,585,000
2,585,000
Land, buildings, &c
12,420,000
5.827.500
5,827.500
12,420,000
Rubber
32,250,000
32,250,000
125,000
1,000,000
125.000
1,000.000
•
Shipping
5.000,000
500,000
500,000
5,000.000
3,500.000
3.500.000
3,050,000
3.050,000
3,250,000
3.250.000
6,225,000
Miscellaneous
14,344,195
14.344.195
6,225,000
95,337,000
11.950,000 107,287,000
18,466.800 108,695,000
90,228,200
140,436,000
15,941,000
Total
124.495,000
155,307,695
68,770,000 209,028,750
20.559.000 175,866,695
140.258.750
.
Stocks10,929,600
10.929.600
300,000300,000
26,823.737
26,823,737
:lailroads
•
53,890,150
25,675,625
79.565.775
103,153.036
11.676;6156 114.229.036
5.292,223 321.857,950
Public utilities
299,119,702
2.005,000 301,124.702
2,563,500 206,891,755 316,565,727
204,328,255
21,406.250
21.406.250
28,926.470
4,896,760
24,029,710
11,840.000
Iron, steel, coal, copper, &c
11.840.000
12,890.000
36,675.000
12,890,000
36.675,000
2,500.000
2.500.000
Equipment manufacturers
5,628.500
5,628.500
10.700,000
10,700,000
20,490,325
1,335,000
19,155.325
3,427,000
200.000
Motors and accessories
3,227.000
26,751.900
1,110.000
92.769,000
91,659,000
26,751,900
24,885,577
24.885,577
16,834,149 121,365.207
104,531.058
59.335.600
51.890,600
7,445,000
Other industrial & manufacturing
65,580,085
99,223.392
6,204,575 105,427,967
7,628,000
57.952,085
46.132.41C
7.980,000
45,623,263
38,152.410
984,690
44,638,573
43.401.930
Oil
43,401,930
20.653,803
100,537,140
7,985,515
2,800.000 103,337.140
12,668,288
4,535,000
4,535,000
2,590,000
2,590.000
4,343,357
Land, buildings, &c
4,343,357
18,010.000
16,733,700
120,000
16,733.700
17,890,000
4.175,000
4,175.000
350.000
350,000
1,600,000
Rubber
1,600,000
750,000
1,464,537
750.000
1.464,537
Shipping
2,250,000
2,250,000
22.485.000
22,485.000
88,094.508
35,525.000
52,569.508
10,528.145
10,528.145
Miscellaneous
52.574.950
109.387.805
808.000 110,195,805
895,000
51.679,950
33.655,625 227,314,611
193,658.987
70.651.599 421,968,809
12,937.223 483.157,719 351,317.210
Total
20,302,015 472,369,593 470.220,496
695,521,676
11,817.575 707,339.251
452,067,578
Total
73,771.270 421,686.35(
26.073,000 247.847,500 347,915,080
51,038,900 333.052,037 221.774.500
Railroads
86,686,000 309,980,500 282.013.137
141.805,000
39,655.000 181,460.000
223,294,500
57,396.500 745.962.950 363,772.536 127,732,100 491,504,636 286,264,189 117.208,786 403,472.971
Public utilities
838,398,932 146.687.770 985.086,702
711.314,755 108,626.500 819,941.255 688,566.450
1.750.000
87,710,45(
85,960,450
51,703,621 258,151,470
85,475.000 206.447.849
6,019.000
Iron. steel, coal, copper, &c
64.201.000
79,456.000
4,896,000
106,356,000
10,869,000 117,225,000
59,305.000
2,500.001
2,500,000
8,130,000
8,130,000___ _
6,000,000
Equipment manufacturers
6.000,000
8.050,000
7,058,500
7,058,500
8.050,000
2,500.000
33,900,00(
31,400,000
61,240,325
15,077.060
25.202.000
46,163,325
8,515,000
16,687,000
Motors and accessories
1,460.000 169.269.000
95,961,900
200,000
96.161,900
167.309,000
101,780,818
34,604,759 136,385.571
37,991,202 232.043,707
26,087,900 159,879,500 194,052.505
133,791,600
Other industrial & manufacturing
24.934,200 205,312,335
247.840.392
42.645,575 290,485.967
180,378,135
76,200,700 186,782,411
110,581.710
984,690
86.823,263
8.5,838,573
83,111,930
14.000
Oil
83,097,930
71,685,515 146.753,803
11,769,000 168,487.140
156,718.140
75,068,288
47,682,501
47,487,500
195.000
67,595,000
67.595.000
- ---_
790,000 109,829,857
Land, buildings, &c
12,682.000 255.160,700 109.039,857
251.319,700
8,842,000 260,1•1.700
242,478.700
4,175,001
4,175,000
2,350,000
1,685.000
665,000
1,600,000
Rubber
1,600,000
33,250.000
33,250.000
35,064.537
35.064,537
17,485,001
17,485,000__ _
1,925,000
1,925,000
--- __,
3.000.000
Shipping
3.000,000
12,250,000
7,400.000
7,934,775
4,315,225
7.400.000
88,444,501
83.875,635
4,568.865
128.013.50
70.451.000 198,464,508
54,945.645
1.250.000
53.695.645
Miscellaneous
9,622.000 119,034.950
255,392,000
1,608.000 257.000,000
109 412.950
Total Corporate Securities_ - 2,143,315.101 262,276,345 2.405,591,446 1,818,296,103 324,907,440 2,143,203,543 1,456,947,619 151,111,300 1,608.058,919 1,325.397.796 330.677.613 1,656.075.409 1.119,425.382 310.799.380 1,430.224,76;




arlDINOZIHO allI

SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE FIVE MONTHS ENDED MAY 31 FOR FIVE YEARS.
1923.
1922.
1924.
1926.
1926.
FIVE MONTHS ENDED MAY 31.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Total.
N.w Capital. Refunding.
New Capital. Refunding.
New Capital. Refunding.
Total.
Corporates
s
s
s
s
$
$
Domestic$
$
6
$
$
$
s
$
846,455.786 241,559,214 1,088,015,000 748,174,395 263,943,755 1,012.118,150
852.552,123 112,233,077 964,785,200
Long term bonds and notes.. 1,127,487.730 205,149.770 1,332,637,500 1,051,499,775 225,785,425 1,277,285,200
11,950,000
96,287.000
18,466.800 108,695.000
84,337,000
90,228.200
7,941,000 132,286.000
124,345,000
Short term
150,057,695
66,270.000 174,528.750
20.559,000 170.616.695
108,258.750
25,400,000 140,679.500
67,384,839 244,951,886 115,279.500
177.567.047
8,037.223 110,327,250
6,100,000 306,872,642
300,772.642
102.290,027
Preferred stocks
287,782.385
3,689,500 291.471,885
74,879,487
8,255,625
83,135,112
3,266,760 177,016,923
173.750.163
4.900,000 372,830.469
Common stocks
367,930,469
5.109.575 359.606,569
354,496.994
11,412.515 169.022,708
157,610.193
--- Canadian17,496,600
12,670.000
12,670.000
17,496.600
2.000,000
60.920,000
10.050,000
25,358,000
50,870.000
66,000.000
Long term bonds and notes_ • 40,642.000
2,000.000
11,000,000
11.000,000
8,150,000
8.000.000
Short term
20,500,000
2,500,000
1.250,000
• 150,000
18.000.000
- 1,250,000
3,500,000
3,500.000
Preferred stocks
3,600.000
4,000.000
4.000,000
2,600,000
1,000,000
Common stocks
2,600,000
990,000
2,600,000
990,000
Other Foreign
70.835.000
1.260,000
69,585.000
19,900,000
19,900,000
17,680,000
10,000.000
7,680.000
Long term bonds and notes- 123.748.000
123.600,000
123.600,000
123,748.000
.
14.000,000
Short term
14,000.000
4,000.000
4,000,000
2,750.000
Preferred stocks_
10.000.000
10,000.000
2,750.000
2.925.000
25,870.040
Common stocks
2.925.000
25,870.040
- Total Corporate
2,143.315.101 262.276.345 2,405,591,446 1.818.296,103 324,907,440 2,143,203,543 1,456,947,619 151,111,300 1,608.058.919 1.325,397.796 330,677,613 1,656.075,409 1,119,425,382 310,799,380 1,430,224,762
10,000,000 251,280,000
6,000,000
79,500.000 241,280.000
73,500,000
175,240,000 130.000,000 305.240,000
Foreign Government
14,873,000 175,372.000
28,000,000 112,443,000
84,443,000
160.499,000
42,000,000 246,740,000
55,032,000 231.750,000 204.740,000
85.900,000
176,718,000
85,900,000
Farm Loan Issues
200.000
8,527,900 108,925,000
44,500.000
44,300.000
100,397,100
War Finance Corporation
10,147,738 536,116.865
8,842,048 423.089,026 525,969,127
414.246,978
5,616.408 546.293,435
6.966.547 571 ,895,623
540.677,027
Municipal
16,543,297 612.184.602
595.641.505
564,929,076
37,094,679
57,406.650 103,250,000 160,656,650
14,941,679
22,153,000
30.762,562
6,650,000
47.548,000
24.112,562
Canadian
40,000,000
43.500.000
24,240.000
23,308,000
S3.500.000
456,000
5.250,000
5.250,000
5,835.000
456.000
5.835.000
4.050,000
United States Possessions_-_.. _
7.288.000
7.288,000
4.050,000
Grand Total
2.963,831.177 324,315.892 3,288,147.069 2,026,135,708 402,218,637 3.028,354,345 2,288,712,208 293.377,708 2.582.089.916 2.012.471.774 415,493.340 2,427.965.114 2,154,071.159 476.197,118 2.630.268,277

TITE CERONICLE

JUNE 26 1926.]

3515

DETAILS OF NEW CAPITAL FLOTATIONS DURING MAY 1926.
LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).

Amount.

Purpose of Issue.

$
Railroads
7,475,000 New equipment
3,500,000 New construction additional equip
6,000,000 Additions and betterments
950,000 Finance lease of equipment

Price.

To Yield
About.

Company and Issue and by Whom Offered.

100-98.93 4.50-4.60 The Baltimore & Ohio RR.Equip. Trust 4345"D" 1929-41. Offered by Kuhn,Loeb & Co., Speyer
& Co. and National City Co.
96
6.40 International Rys. of Central America 1st Mtge. Coll. 613, 1941. Offered by .7. Henry Schroder
Banking Corp. and Blyth, Witter Az Co.
4.50 Norfolk & Western Ry. Co. Divisional 1st Lien & Gen. M. 48, 1944. Offered by Guaranty Co.
9334
of New York.
4.75-5.05 Union Refrigerator Transit Co. Equip. Trust 55"F" 1926-36. Offered by Lee, Higginson & Co.
100.2299.61

17,925,000
Public Utilities
4,000,000 Refunding; new construction, &c

100

2.500,000 New construction; other corp. purp 100
1.250,000 New construction

9634

2,000,000 Acquisition of additional property. 100
1,766 000 General corporate purposes
6,300,000 Acquisitions; other corp. purposes.

98
98

1.000,000 Additions, extensions, &c

9934

10,000,000 Acq. majority stock of Indianapolis Light & Heat Co
2,700,000 Additions and improvements
3,000,000 Capital expenditures
1,700,000 New equipment
2,000,000 Acquisitions. extensions, &c
500,000 Refunding; acquisitions
1,000.000 General corporate purposes
1,750 000 Capital expenditures
1.500.000 Acquisitions, Improvements,&c
40,000,000 Extensions and improvements_ _ _ _
8.500 000 Refunding; additions & extensions_
2.500.000 Acquisitions
350,000 Acquisitions

98
100
99
(100.48
97.01
9734
100
10034
95
09%
9434
92
94
100

300.000 Consolidation of properties; impts_
6,000 000 Additions and extensions

100
100

5,000,000 Extensions, Improvements, &c

10034

5.00 Blackstone Valley Gas & Electric Co. Mtge. & Coll. Trust 5s "A" 1951. Offered by Estabrook
Az Co. and Stone & Webster, Inc.
5.00 Central Maine Power Co. 1st & Gen. M.5s"B" 1955. Offered by IIarris, Forbes & Co. and Coffin
& Burr. Inc.
5.75 Chicago North Shore & Milwaukee RR, Co. 1st & Ref. M. 5345 "13" 1956. Offered by Halsey,
Stuart & Co., Inc., and National City Co.
5.50 Consolidated Water Power Co. (Wisconsin Rapids, Wis.) 1st AI. 5345, 1946. Offered by First
Wisconsin Co., Milwaukee, and First National Bank, Wisconsin Rapids, Wis.
6.15 Florida Public Service Co. 1st M.6s"B" 1955. Offered by A. C. Allyn Az Co., New York.
6.65 General Public Utilities Co. 1st M. & Coll. Trust 634s "A" 1956. Offered by Howe, Snow &
Berties, Inc., and R. E. Wilsey Az Co., Inc
5.03 Houston Lighting & Power Co. 1st Lien Az Ref. M. Is "A" 1953. Offered by Halsey, Stuart A:
Co., Inc.
6.25 Indianapolis Power & Light Corp. 1st Coll, Trust 65"A" 1936. Offered by West & Co., Pynchon
& Co., Federal Securities Corp., John Nickerson & Co.. W. S. Hammons & Co The Union
Trust Co., Indianapolis, and The Indiana National Bank, Indianapolis.
6.00 Interstate Power Co. (Delaware) 1st M.6s"B" 1944. Offered by West & Co., Spencer Trask &
Co., Federal Securities Corp., Pynchon & Co. and W.S. Hammons & Co.
5.55 Iowa Power & Light Co. 1st M.534s "B" 1956. Offered by E. H. Rollins & Sons, Harris, Forbes
& Co., Halsey, Stuart & Co., Inc., Spencer Trask & Co. and Marshall Field. Clore, Ward S' Co.
5.00 Key System Transit Co. Equip. Trust 5345, 1927-38. Offered by Mercantile Securities Co. of
5.85
Calif., National City Co. of Calif., Bond & Goodwin & Tucker, Inc.. Peirce, Fair & Co.. Blyth,
Witter & Co., American Securities Co., Anglo London Paris Co. and Wm. Cavalier & Co.
6.25 Louisiana Ice & Utilities, Inc. (St. Louis), 1st M. 6s "A" 1946. Offered by Llberty Central
Trust Co., St. Louis, Chicago Trust Co,and John Nickerson & Co., New York.
6.00 Mahoning Valley Water Co. 1st 36.68. 1928-42. Offered by Hayden, Miller & Co., Cleveland.
4.98 Metropolitan Edison Co. 155 & Ref. M. 5s "C" 1953. Offered by Halsey .Stuart & Co.. Inc.
5.33 Mississippi Power Co. 1st &Ref.5s, 1955. Offered by Harris, Forbes & Co.and Coffin az Burr,Inc.
5.60 Montana-Dakota Power Co. 1st M.534s. 1945. Offered by Minnesota Loan & Trust Co., Minneapolis and Second Ward Securities Co., Milwaukee.
4.80 New England Tel. & Tel. Co. 1st M.4545"B" 1961. Offered by J. P. Morgan & Co., Kuhn,Loeb
Az Co.. Kidder, Peabody & Co., First National Bank, New York, National City Co.. Bankers
Trust Co., Guaranty Co. of New York, Harris, Forbes & Co. and Lee. Higginson & Co.
6.09 Northern Ohio Power & Light Co. Gen. & Ref. M.5345, 1951. Offered by National City Co.
5.45 Old Dominion Power Co. 1st M.55 "A" 1951. Offered, by Hill Joiner & Co., Inc., and Halsey.
Stuart & Co., Inc.
6.50 Southern California Utilities, Inc., 1st M. 6345 "A" 1946. Offered by Bond & Goodwin &
Tucker, Inc., Los Angeles,
6.00 State Telephone Co.of Wisconsin 1st M 83"A"1946. Offered by F. N.Kneeland Az Co., Chicago.
5.00 Utica Gas & Electric Co. Gen. M. 5s "D" 1956. Offered by Harris, Forbes Az Co. and Coffin,
& Burr, Inc.
• 4.95 The Washington Water Power Co. Gen. M. 5s "A" 1956. Offered by White, Weld & Co.

105.616,000
Iron, Steel, Coal. Copper. &c.
100
8.50.000 Refunding; acquisitions, &c
3.000.000 Additions; working capital

9334

1,000.000 Fund current debt; additions

98

6.00 Asher Coal Mining Co. 1st (Closed) NI . 6s, 1927-38. Offered by Security Trust Co., Lexington,
Ky.; Caldwell & Co., Nashville, and Fourth District Securities Corp., Cincinnati.
-year (closed) M. 7s, 1941. Offered by Brown
7.75 Mansfield Mining & Smelting Co. (Germany) 15
Bros. & Co. and Lee. Higginson & Co.
6.12 Phoenix Iron Co. (Phoenixvill, Pa.) 1st (closed) M.68, 1946. Offered by Drexel & Co.. Phila.

4,850,000
Equipment Manufacturers
1,000,000 Liquidate bank loans: working cap_

100
6.00 (H. K.) Porter Co.(Pittsburgh) 1st M.68, 1946. Offered by First National Bank, Dinkey & Todd
and S. M. Vockel & Co., Pittsburgh.
Motors & Accessories
1,000,000 Working capital; other corp. purp. 1003S-97.54 53i-634 Motor Finance Co. (Newark, N. J.) Coll. Trust 65, 1927-32. Offered by Geo. H. Burr & Co..
Caldwell & Co. and Rogers. Caldwell & Co., Inc., N. Y
Other Industrial Sz Mfg.
11.00,000 Acquisition of constituent ens
5.25-6.00 Berkey & Gay Furniture Co.(Grand Rapids, Mich.) 1st M 6s, 1927-41. Offered by Peabody.
Houghteling & Co.
100
310,000 Additions and Improvements
6.50 Cascade Paper Co. 1st M.Cony.6345. 1940. Offered by Peirce, Fair & Co.
102
750,000 Additional equipment
-Year(is, 1941. Offered by First National Bank of Cincinnati,
5.80 The Champion Coated Paper Co. 15
The Fifth-Third National Bank of Cincinnati and W. E. Hutton & Co.
1014
Champion Fibre Co. (Hamilton, Ohio) 15
-Year 68, 1941. Offered by First National Bank of
2,000,000 Refunding; additions
5.88
Cincinnati ,the Fifth-Third National Bank of Cincinnati and W.E. Hutton & Co.
100 .
848.000 Expansion dr inlet. of plants
7.00 Crespi Cotton Works (Benign° Crespi-Societa Anonima), Milan, Italy, 1st 36. 7s, 1956.
Offered by A. Iselin & Co.. .1. A. Sin° & Co. and Banca Commerciale Italians Trust Co. N. Y.
(21,000,000 lire)
100
500,000 Retire floating debt
7.00 East Alabama Lumber Co. (Tuskegee, Ala.) 1st M. 7s "A" 1927-34. Offered by Citizens
Southern Co., Savannah, Ga.
1,500,000 Reduce current debt
993i
6.15 Globe Grain & Milling Co. Debenture 6s. 1932. Offered by Citizens National Bank, H. S. Boone
& Co., Mitchum, Tully & Co., and M. H. Lewis & Co., San Francisco.
1,500,000 New plant
5.50-7.00 Holly Northern Sugar Co. 1st (closed) It (Pis, 1927-36. Offered by Federal Securities Corp..
Lane, Roloson & Co.. Inc.. Chicago, and Lane, Piper & Jaffray, Inc., Minn.
6.00-6.15 Hutchinson Ice Cream Co. (Des Moines, Iowa) 1st M. 6s. 1927-35. Offered by Des Moines
150,000 Acquisitions, additions, &c
National Bank, Iowa National Bank, James A. Cummins & Co. and Geo. M.Van Evera &
Des Moines. Iowa.
100
7.00 Lebanon (Tenn.) Woolen Mills let m. 78, 1925-42. Offered by A. K. Tigrett &Co., Memphis.
150.000 Acquisitions; working capital
10134-1004.45-6.00 Morris (III.) Paper Mills 1st M.6s, 1927-36. Offered by First Trust & Savings Bank and Foreman
1,000.000 Additional plant facilities
Trust & Savings Bank. Chicago.
100
6.00 National Lock Co. (Rockford, Ill.) 1st M.6s, 1926-37. Offered by Mississippi Valley Trust Co
500,000 Capital expenditures
and Wm. R. Compton Co.
7,500.000 Retire timber liens; working capital 100
6.00 Pickering Lumber Co. 1st M.Os"A" 1946. Offered by Halsey Stuart & Co., Inc.
100
700.000 Refunding; working capital
6.50 (Geo. D.) Roper Corp. (Ill.) 10
-Year Cony.6545, 1936. Offered by Coffin, Forman & Co. and the
National Republic Co. Chicago.
4-1Ttursett
200,000 Additional working capital
5.50-6.00 Shaft.Plerce Shoe Co. (Faribault, Minn.) 1st 36.05, 1920-42, Offered by
Des Moines, Iowa.
100
6.00 Weetern Maryland Dairy Corp. lst Cony.(1s, 1946. Offered by Matt & Co.. Baltimore.'
1,500,000 Acct. pied. co.; Other corp. purp
20,648,000
011
500,000 Finance lease of equipment
Land. Buildings. &c.
80,000 Real estate mortgage

4.50-6.00 Crystal Oil Refining Corp. Equip, Tr. Os, 1926-32. Offered by Bank of North America & Trust
Co. and Janney & Co., Philadelphia,

100
6.5t, Albany College (Albany, Ore.) 1st M.634s, 1927-35. Offered by Geo. II. Purr & Co. Conrad &
Broom, Inc.
100.93-99.18
6.00-6.60 Ascher's Sheridan Theatre (Chicago) 1st M.614s, 1928-38. Offered by H.0. Stone & Co., Chic.
300,000 Finance construction of hotel
5.50-6.00 Asheville-Blitmere Hotel Co. (Asheville, No. Caro.) 1st M.6s, 1927-35. Offered by Kauffman,
Smith & CO., Inc.; Lorenzo E. Anderson & Co. and Taussig, Day, Fairbanks & Co.. St. Louis.
610,000 Finance construction of building 100
5.50 Beck Bay Post Office (Boston), 1st M.510, 1936. Offered by P. W.Chapman & Co.
'
200,000 Real estate mortgage
98
6.25 Belber Bldg. (Phila.) 1st M.6s, "B," 1936. Offered by Mackie. Rentz & Co., Philadelphia.
135,000 Finance construction of apartment 100
6.50 The Remiss Apts. (1414 Pratt Blvd.), Chicago 1st M. 65.03, 1928-33. Offered by Lackner, Butz
& Co.. Chicago.
100
95.000 Improvements to property
5.50 Beth Israel,Inc., 1st 36. 534s, 1928-41. Offered by Canal Bank & Trust Co., New Orleans.
350,000 Finance sale of property
100
6.5C Broadway-Telegraph Realty Co. (Detroit) 1st (closed) M. 630, 1034. Offered by Hayden,
Van Etter & Co. and gip. L. Davis & Co.. Detroit.
1,400,000 Acquisitions; new construction_ _ _
99
6.10 Budd Realty Corp. 1st &WI. M.(is. 1941. Offered by Brown Bros. & Co.; Lee. Higginson & Co.
and Townsend, Whelen & Co.. Philadelphia.
Real estate mortgage
675,000
101-1CO 5.80-6.50 Buena Terrace (Peterson Bldg. Corp.), Chicago 1st M.634s, 1927-36. Offered by Greenebaum
Sons Investment Co.
100
325,000 Finance construction of building
6.50 Cedar Glen Bldg.(Cleveland) 1st M.634s, 1928-36. Offered by Geo. M.Forman az Co.. Chicago.
2,950,000 Finance construction of building 100.21-100 5.95-6 Chicago Medical Arts Office Bldg. 1st M. Fee & Leasehold 13s, 1931-41. Offered by S. W.Straus
& Co., Inc.
1.200,000 Real estate mortgage
100
7.00 Cleveland Hall Apts. (Buffalo. N. Y.) 1st M. 78, 1929-36. Offered by the F. H. Smith Co.
9934
1,550.000 Acquisitions; new construction__
5.54 Congress Square Hotel Co. (Portland, Me.) 1st ki. 534s, 1946. Offered by Edw. B. Smith7&
Co.; Coffin dc Burr, and Beyer. & Small. Portland.
206,000 Finance constr. hospital building_ _ ioo
510 (Catholic) Convent of St. Rose (State of Washington) 1st & Ref. M.534s, 1928-41. Offered by
Baillargeon, Winslow & Co.; Ferris & Hardgrove, and Blyth, Witter & Co.
425,000 Finance construction of buildings_
6.25-6.50 Country Club Manor (Los Angeles) 1st M.634s, 1928-41. Offered by S. W.Straus & Co
400,000 Finance construction of apartment 100
6.75 Crestshire Apts. (Phila.) 1st 36.(Vils, 1928-36. Offered by the F. H. Smith Co.
1,600.000 Finance construction of building_ loo
6.50 Cromer-Cassel's Dept. Store(Miami. Fla.) 1st M.6 i.z.s 1941. Offered by o. xv, ntrsms k en.,Inc.
800,000 Real estate mortgage




3516
Amount.

•

THE CHRONICLE
Price.

Purpose of Issue.

1111
To Yield
About.

[VOL. 122.

Company and Issue, and by Whom Offered.

Land, Buildings, &c. (Concl.).
2,750,000 Finance construction of apartment
525,000 Improvements; other corp. purp__ ieS5
387.500 Finance construction of hotel
650,000 Finance construction of building
1,500,000 Refunding; additions
1,000.000 Provide funds for loan purposes__ _
110.000 Finance construction of apartment
500,000 Finance construction of building
600,600 Finance construction of building
1,000,000 Acquisitions; improvements
100,000 Additional church building
1,425.000 Real estate mortgage
160,000 Finance sale of property
375,000 Real estate mortgage
100,000 Provide funds for loan purposes_ _ _
160.000 Improvements to property
8,000.000 Acquire land, buildings, &c
175,000 Finance construction of hotel
650.000 Refunding
130,000 Finance construction of building
2,500,000 Real estate mortgage
475,000 Finance construction of apartment
160.000 Finance sale of property
900,000 Finance construction of building _
650,000 Finance construction of hotel
1,500,000 Provide funds for loan purposes_ _ _
335.000 Real estate mortgage
__

170,000 Finance construction of hotel
650,000 Real estate mortgage
150.000 General corporate purposes
p.000moo Amide land; construct building

_

575,000 Finance construction of building
110,000 Finance construction of apartment
900,000 Real estate mortgage
240,000 Finance construction of apartment
600,000 Refunding; addition to building300,000 Real estate mortgage
425,000 Real estate mortgage
1,500,000 Finance construction of building_ _
950.000 Finance construction of hotel
175,000 Finance construction of apartment
750,000 Impts.; other corporate purposes_ 200,000 Finance construction of building

5.90-6.00 The Dorset(26-40W.54th St.), N.Y.City 1st M.68, 1928-41. Offered by S. W.Straus & Co., Inc.
6.00 Eaton Land Co. 1st M.6s, 1928-38. Offered by Watling, Lerchen & Co., Detroit.
6.00-6.50 Ebbitt Hotel (Washington, D. C.) 1st M.6 A s, 1927-381. Offered by American Bond & Mortgage
o., Inc.
6.04 Electric Bldg. Corp.(Asbury Park, N.J.) 1st M.Os, 1946. Offered by Curtis, Stephenson & Co.,
9934
Inc., Boston.
100.89-100 554-6 Emerman Bldg.(Chicago) 1st M.65, 1928-38. Offered by Union Tr. Co., Chicago.
5.50 Federal Home Mortgage Co. 1st M.Coll.534s,"B,"1931-41. Offered by R.H.Arnold & Co., N.Y.
ICO
8.00 The Fenimore Apts.(Miami Beach, Fla.) 1st Lien M.8s, 1929-36. Offered by the Miami Mtge.
100
& Guaranty Co., Miami, Fla,
6.00 Film Exchange Bldg. (Detroit) 1st M.fis, 1928-40. Offered by Nicol
100
-Ford & Co., Inc., Detroit.
6.50 Fine Arts Bldg., Inc. (Los Angeles) 1st M. Leasehold 634s. 1940. Offered by Hunter, Dulin &
100
Co.; Alvin H. Frank & Co., and M. H.Lewis & Co., Los Angeles.
5.95 I First National Properties, Inc., 1st (closed) M. 634s, 1927-36. Offered by Wm. R. Compton
110034
Co., N. Y., and Lorenzo E. Anderson & Co., St. Louis.
I 9934
6.59 i
5.20-6.00 First Presbyterian Church, Inc. (Orlando, Fla.) 1st M. fis, 1926-35. Offered by Whitaker &
Co., St. Louis.
6.50 575 Park Ave.(N.Y. City) 1st M.Leasehold 6345,1929-41. Offered by G.L. Miller & Co., Inc.,N.Y
100
6.00 Grand Riviera Land Co.(Detroit) 1st M.6s, 1936. Offered by Merrill„Lynch & Co.and Securities
100
Trust Co., Detroit.
6.50 Guaranty Office Bldg. (West Palm Beach, Fla.) 1st M. 634s, 1936. Offered by S. W. Straus
100
& Co., Inc.
5.00-5.76 Hibernia Mortgage Co.. Inc., let M. Coll. Tr. Os, "D," 1927-32. Offered by Hibernia Securities
Co., Inc., New Orleans.
6.50 Wm. H. Klug (Kensington Highlands Subdivision), Detroit, 1st M.634s, 1928-34. Offered
100
by Fenton, Davis & Boyle, Grand Rapids, Mich.
-Year Coll. 'fr. 65, 1936. Offered by Merrill, Lynch & Co.; White.
000 The Kresge Foundation 10
100
Weld & Co.; Blyth, Witter & Co.; Kissel', Kinnicutt & Co.; Hemphill, Noyes & Co.; Cassatt
& Co., and First National Co. Detroit.
6.50 Robert E. Lee Hotel Corp. (Lexington, Va.) 1st M.634s, 1928-36. Offered by Wheat, Galleher
100
& Co., Inc., Richmond, Va.
6.56 (Thad E.) Leland (Detroit) 1st M.634s, 1934. Offered by Fenton, Davis & Boyle, Grand Rapids.
100
6.50 The Leona (Chicago) 1st M.634s, 1928-36. Offered by Leight, Holzer & Co., Chicago.
100
5.65 Lord's Court Bldg. (N. Y. City) 1st M.5345, 1942. Offered by Halsey, Stuart & Co., Inc., and
9834
G. L. Ohrstrom & Co.. Inc.
101-100 634-634 The Loyola Apts. (Chicago) let M.034s. 1929-38. Offered by Greenebaum Sons Inv. Co.
6.50 Mackinnon Land Co. let M.
(Ms, 1927-36. Offered by Backus, Fordon & Co., Detroit.
100
6.50 Madison-La Salle Bldg.(Chicago) let M.Leasehold 6355, 1946. Offered by De Wolf & Co., Inc.,
100
and A. C. Allyn & Co., Chicago.
6.50 Majestic Hotel Co.,Inc.(Hot Springs, Ala.) 1st M.Leasehold 630,1927-41. Offered by Whitney
100
(Antral Bank, New Orleans.
6.00 Mercantile Mortgage Co. (Calif.) Coll. Tr. 613, 1941. Offered by Mercantile Securities Co. of
100
California, San Francisco.
6.50 Miami Professional Office Bldg. (Miami, Fla.) 1st M. 6345, 1938. Offered by S. W. Straus &
100
Co., Inc.
634-6.90 The Naylor Hotel Corp. and S. A. Naylor (San Angelo, Texas) let M.630, 1928-34. Offered
by North Texas Trust Co., Dallas, Texas.
7.00 New Forbes Hotel Co.(Pittsburgh) 10
100b
-Year Coll. Tr.7s, 1935. Offered by H.S. Edwards & Co..
Pittsburgh.
6.00 The Niemetta System 1st 34.05. 1926-38. Offered by J. G. Holland & Co., Detroit.
100
5.50 900 Michigan Ave. North Bldg. Corp. 1st M.534s, 1928-36. Offered by Continental & Commercial
100
Trust & Savings Bank, and Peoples Trust & Savings Bank, Chicago.
5.75-6.00 (The) Philip Schuyler Corp. (Albany) 1st M. 6s, 1929-41. Offered by Public Service Bankers
Corp., New York.
6.00 Rich-Dep Apt.(Detroit) let M.Senior Series 65, 1928-33. Offered by Guaranty Tr. Co.of Detroit.
100
6.00-6.50 Senate Theatre (Panacea Theatre Co.) Chlzago let M.(Ms, 1926-36. Offered by American
Bond & Mtge. Co.. Inc., Chicago.
6.00 No. 70 Park Ave.(N. Y. City) Guar. 1st M.6s, 1927-36. Offered by Empire Bond & Mtge. Corp..
100
New York.
5.30-6.50 Sheridan Holding Co. 1st M. 634s, 1928-37. Offered by Wells-Dickey Co. and Thorpe Bros.,
Minneapolis.
6.00 Sovereign Apts. (Buffalo, N. Y.) 1st M.13s, 1941. Offered by Marine Trust Co., Buffalo, Manu100
facturers & Traders Trust Co. and Schoellkopf, Hutton & Pomeroy, Inc. Buffalo.
100
7.00 Stoneleigh Court Apts. (Chicago) 1st M. 7s, 1927-32. Offered by Equitable Bond & Mtge.
Co., Chicago.
6.26 strum's-Hirshberg Co.(Youngstown, Ohio) let M.leasehold 634s. 1929-41. Offered by Wick &
100
Co., Youngstown,0., and Hayden, Miller & Co. and Otis & Co., Cleveland.
6.35-6.50 Tennessee Terrace Hotel, Inc. (Knoxville, Tenn.) 1st M. 634s, 1929-38. Offered by Adair
Realty & Mtge. Co.
6.50 Washington Square mktg. (Steubenville, Ohio) 1st M. 634s, 1927-36. Offered by S. Ulmer &
100
Sons. Inc., Cleveland.
6.50 (W. W.) Whitecotton Realty Corp. (of Cal.) 1st M. 6.34s, 1927-41. H. S. Boone & Co.. Wm.
100
Cavalier & Co. and Dean, Witter &
San Francisco.
100
6.50 Winsor Park Post Office Bldg.(Chicago) lst131.6345, 1927-36. Offered by Jacob Kulp & Co., Chi.
Co..

49,753,500
Rubber
250,000 Retire floating debt;improvements

6.00-7.00 Columbia Tire Corp.(Portland, Ore.) let (closed) M.7s, 1927-36. Offered by Lumbermens Trust
Co. Bank, Portland, Ore.

Miscellaneous
3,000,000 Provide funds for loan purposes_

94

5,000,000 Acquisition of constituent cos

99

15,000,000 Acquisition of constituent cos

99

1,500,000 Retire mtge. debt; new construe'n_ 100
1,600.000 Acquisitions; extens'as,

&c.

9734

250.000 Acquisition of constituent cos__ _ _ 100

.

7.55 Agricultural Mortgage Bank (Rep. of Colombia, S. A.) 20
-year 7s, issue of 1926, due 1046.
Offered by Dillon, Read & Co.
7.12 Indiana Limestone Co. 10
-Year deb.7s, 1936. Offered by Otis & Co., West & Co., Fletcher Amerlcan Co. and E. W.Clucas & Co.
6.10 Indiana Limestone Co. 1st (closed) M.6s. 1941. Offered by Bankers Trust Co., N.Y., Otis & Co.,
the Cleveland Trust Co. and Illinois Merchants Trust Co.
5.50 Quincy Market Cold Storage & Warehouse Co. 1st M.534s(T. Wharf Loan), due 1946. Offered
by Brown Bros. & Co. and Blake Bros. &
Boston.
6.25 The Southwest Utility Ice Co. 1st M.6s, "A," 1941. Offered by Hoagland, Allum & Co., Inc.,
Co..
and Geo. H.Burr & Co.
7.00 Superior Service Laundries,Inc., 1st M.Convertible 75, 1936. Lumbermens Trust Co.,the Pacific
Empire Co. and Murphey, Fevre & Co.

26.350 non

SHORT TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS)..

Amount.

Purpose of Issue.

Public Utilities$
700,000 Refunding; other corp. purposes__
2,000,000 Acquisitions; new construction-350,000 Acquisitions; extens'ns,'mots.. &c.
150,000 General corporate purposes
300,000 Refunding; other corp. purposes._

Price.
100
97.72
99
100
9934

To Yield
About.

Company and Issue, and Si, Whom Offered.

%
5.00 City Light & Traction Co. (Sedalia, Mo.) 1-year 5s, May 31 1927. Offered by H. L. Doherty
Ze Co., New York.
7.00 Galveston-Houston Electric Co. Secured 634s, "A," June 1 1931. Offered by Lee, Higginson &
Co., Estabrook & Co., Parkinson & Burr and Stone & Webster, Inc.
6.00 Middle West Telephone Co. Coll. Trust 58, "A," April 15 1927. Offered by Thompson, Kent &
Grace, Inc., Chicago.
5.50 Nebraska Electric Power Co. 1-Year 5345, May 15 1927. Offered by Preister-Quall & Cundy,
Inc., Chicago.
5.52 Northeastern Iowa Power Co. 1-Year 5s, May 11927. Offered by Preister-Quall & Cundy, Inc.;
Chicago.

3,500,000
Motors and Accessories
5-534 Dodge Bros., Inc., Purchase Money 34, 1927-29. Placed privately.
8,250.000 Acq. control Graham Bros.stock_ 100-9834
6.00-6.50 Mercantile Acceptance Corp. of Calif. Coll. Trust 6348, Aug. 15 1926
300,000 Working capital
-Nov. 15 1927. Offered
by Bradford, Kimball & Co., San Francisco.
4.75-6.06 Warner Gear Co. (Muncie, Ind.) Os, 1929-31. Offered by Illinois Merchants Co. and Hitchcock
500.000 Additions to plant
& Co.
5.50 West America Finance Co. Coll. Trust 534s, 1926-27. Offered by Peirce, Fair & Co., shingle,
1,500,000 Fund current debt; working capital 100
Brown & Co. and Carstens & Earles, Inc.
10,550,000
Other Industrial & mrg.6.00 alinnesota & Ontario Paper Co. 5
100
3,500,000 Development of properties
-Year 13s, March 1 1931. Offered by Halsey, Stuart & Co.,
"" Inc., and the Minnesota Loan & Trust Co.
5.10 Standard Milling Co. 5s, Nov. 11930. Offered by White, Weld & Co.
9954
3,300,000 Refunding; retire subsld. co. debt_
6,800,000
Oil
3,000,000 Acquisitions;additions

100

Land, Buildings. &c.45,000 Real estate mortgage
100
32,500 Finance construction of apartment 100
125,000 Provide funds for loan purposes_
202.500




___

6.00 The Manhattan Oil Co. (of Del.) 1st Lien Coll. Tr. 5
-Year 68, "A," 1931. Offered by Fidelity
Nat. Bank & Trust Co., Kansas City, Central Trust Co. of Illinois, Chicago, and Stern Bros.
& Co., Kansas City.
7.00 Paulina-Taylor Garage(Chicago) 1st M.7s, 1927-31. Offered by the Hanchett Bond Co.,Chicago.
8.00 Van D'Elden Apts. (Miami, Fla.) 1st Lien M.88, Aug. 15 1930. Offered by the Miami Mtge. &
Guaranty Co., Miami, Fla.
5.50-7.00 Virginia Bond & Mtge. Corp.(Richmond, Va.) Coll. Trust 78,"G," 1926-30. Offered by Wheat,
Galleher & Co.. Inc.. Richmond, Va.

Amount.

3517

THE CHRONICLE

JUNE 26 1926.]
Purpose of Issue.

Price.

Miscellaneous—
2,500,000 Reduce current debt
500,000 New equipment
500,000 Provide working capital for Clayton Mark Co
2,000,000 Retire current loans; working cap

99U
99

To Yield
About.

Company and Issue, and by Whom Offered.

5.00-5.75 Credit Alliance Corp. Industrial Equip. Coll. Trust 55, 1927-31. Offered by Paine, Webber Jr
Co., New York.
4.50-6.00 Detroit Motorbus Co. Equip. Trust Os. 1926-30. Offered by Watling, Lerchen & Co., Detroit.
-Year 6s, May 1 1931. Offered by Baker, FenClayton Mark & Anson Mark (Chicago) 1st M.5
6.05
tress & Co., Chicago.
-Year Cony. 6s, "A," April 1 1931. Offered by Watson & White,
6.20 Motion Picture Capital Corp. 5
New York,

5.500,000
STOCKS.
Par or
No.ofShares

Purpose of Issue.

Public Utilities—
154,000,000 New construction
*25,000ohs. New construction; other corp. purp

To Yield
a Amount Price
Involved. per Share About.
154,000,000 100 (par)
2,325,000

*40,000 shs. Acq. ma).stk. of Ind. Lt.& fit. Co . 3,800,000

7.00

93
95

7.37

404,300 Additions and betterments
763,200 General corporate purposes
1,500,000 Additions and extensions

404,300 100
1,679,040 55
1,500,000 96

6.00

2,000,000 Additions, extensions, &c

2.000,000 10154

6.40

Other Industrial & mfg.—
1,100,000 Acquisition of constituent cos
*25,000shs. Acquisitions, working capital, &c_ _
900,000 Acquire property and equipment
*9,000 abs. Acquire property & Equipment_
*40,000shs. Acquire predecessor company
1,000,000 New plant

7.30

Company and Issue; and by Whom Offered.
American Telephone & Telegraph Co. capital stock. Offered by company to
stockholders.
Associated Gas & Electric Co.Preferred 5654 Div.Series. Offered by Banks, Huntley
& Co.: Hunter, Dulin & Co.; M.H. Lewis & Co.; Bayly Bros., and Cass, Howard
& Sanford.
Indianapolis Pr. & Lt. Corp. $7 Div. 1st Prof. Offered by West At Co.; Pynchon
& Co.; Federal Securities Corp.; John Nickerson &Co., and W.S. Hammons & Co.
Indianapolis Water Co. 6% turn. pref. Offered by Fletcher American Co., Ind.
New Bedford Gas & Edison Light Co. capital stock. Offered by to. to stockholders.
Penn-Ohio Edison Co. 7% cum, prior pref. Offered by Bonbright & Co., Inc.:
Eastman, Dillon & Co.; Harper & Turner, and W. C. Langley & Co.
Rochester (N. Y.) Telephone Corp. 654% cum. pref. Offered by Rochester Trust
& Safe Deposit Co.; Sage, Walcott & Steele and Converse, Hough & Co., Inc.

165,708,340
7.07 Berkeley & Gay Furniture Co.(Grand Rapids, Mich.)7% Cum.Prior Prof. Offered
by Peabody, Houghteling & Co.
8.16 Flour Mills of America, Inc. 58 Cum. Pref., Series "A." Offered by Spencer Trask
& Co.; Edward B.Smith & Co.; J.& W.Seligman dr Co.,and Kissel, Kinnicutt & Co.
900,000
sh. Prof. 1 For Folmer-Graflex Corp. 7% Cum. Cony. Pref. Offered by Clark, Williams & Co., N.Y.
t 1 sh. com. J$100 Folmer-Graflex Corp. Common stock. Offered by Clark, Williams & Co.. N. Y.
Manning, Bowman & Co. (Meriden, Conn.) class "A" stock. Offered by Prince &
880,000 22c
Whiteley and Bodell & Co.
E.
1,000,000 100
7.0C Moloney Electric Co. 7% Cum. Pref. Offered by Stifel-Nicolaus dr Co.: Lorenzo
Anderson & Co. and Mark C. Steinberg & Co.
6,330,000
1,100,000

99

2,450,000

98

f 11

Land, Buildings, &c.—
250,000 Finance construction of apartment

250,000 100

275,000 Finance construction of building

275.000 100

6.00 Lorraine Apts. Co.(Gary, Ind.) 6% 1st Pref., due 1928-41. Offered by Meyer-Kiser
Bank, Indianapolis.
6.00 Muncie Theatre Realty Co. (Muncie, Ind.) 6% Pref., due 1928-43. Offered by
Meyer-Kiser Bank, Indianapolis.

525,000
Miscellaneous—
800,000 Acquire predecessor company
•16,000shs. Acquire predecessor company

800,000{ 1 sh. Prof.
sh. Com.

•800,002sh. Acq. assets & prop. of predeces. to. 16,000,040

20

*60,000 ohs. Acq.constituent cos.; wkg.capital.

16

2,100,000 Acquisitions; other corp. purposes_
4,000,000 Acq, motion picture theatres. &c

960,000

2,100,000 100
4,000,000 100d

Buffalo Lithia Springs Corp. (Del.) 7% Cum. Pref. Offered by Bennett, Post &
Coghill, New York, and Drury-Merchant Co., Boston.
Buffalo Lithia Springs Corp. (Del.) Common stock. Offered by Bennet, Post &
Coghill, New York, and Drury-Merchant Co., Boston.
Cuban Dominican Sugar Corp. Common stock. Offered to stockholders of Cuban
Dominican Sugar Co.; underwritten.
7.50 Pig'n Whistle Corp. (Del.) Pref. Cum. $1.20 per share. Offered by Schwabacher &
Co., and Hunter, Dunn & Co.
7.00 Safeway Stores, Inc.(Md.) 7% Cum.Pref. Offered by Merrill, Lynch & Co.
7.01 United Artist Theatre Circuit, Inc.. 75" Cony. Pref. Offered by J• & W.Seligman
& ColSpencer Trask & Co., and Eastman, Dillon & Co.

1For
J$25

I

23.860.040
FARM LOAN ISSUES.

Amount.

Issue.

Price.

1,500,000 Atlantic Joint Stock Land Bank (Raleigh,
No. Caro.) 5s, 1936-56
103
1,000,000 North Carolina Joint Stock Land Bank
(Durham, No. Caro.) Is, 1936-56
103
1,000,000 Southwest Joint Stock Land Bank (Little
Rock, Ark.) Is, 1936-56
103

To Yield
About.

Offered by

4.62 Wm.It. Compton Co.; Harris, Forbes & Co. and Halsey, Stuart & Co.
4.62 Dillon, Read & Co., and Old Colony Corp., Boston.
4.62 C. F. Childs & Co.

3,500.000
FOREIGN GOVERNMENT LOANS.

Amount.

Issue.

2,000,000 Free State of Anhalt (Germany) External
Loan 7s of 1926, due 1927-46
35,000,000 United States of Brazil External Sinking
Fund 654s 01 1926, due 1957

5,000,000 Province of Styria (Republic of Austria)
External Secured 75, 1946

Price.

To Yield
About.

Offered by

6.00-7.60 A. G. Becker & Co.
90

7.30 Dillon, Read & Co.; National City Co.; Lee, Higginson & Co.; Blair & Co., Inc.; White,
Weld & Co.; the First National Corp. of Boston; Continental & Commercial Trust &
Savings Bank; Illinois Merchants Trust Co.; the Union Trust Co.. Cleveland;
Kinnicutt & Co.; Ladenburgh, Thalmann St Co.; Hemphill, Noyes & Co.:
Paine, Webber & Co.; Cassatt & Co.; Edward B. Smith & Co., and Janney & Co.

9254

7.75 Baker, Kellogg & Co.. Inc., and Ames, Emerich & Co.

42,000.000
*Shares of no par value. a Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes of common stock are
computed at their offering price. b Bonus of 1 share of common stock given with each $1,000 bond. c Bonus of 20% in class B stock given with each share of class A
stock. d Bonus of 1 share of common stock given with each share of prfeerred stock.

Henry Ford Finds Credit Dearest Thing We Sell—Looks
for Jolt to Bring People Back to Cash Basis.
Henry Ford describes the whole money system as wrong,
and in his opinion it "only tends to further encourage the
system of credits and indebtedness." Mr. Ford finds that
"the thing that is troubling this country most just now is
the amount of debt piled up by the credit system and installment plan of buying." The following account of his
views is from a Detroit dispatch to the New York "Times"
June 19:
Declaring "the American people no longer buy—they are backed into
a corner and are 'sold'"—Henry Ford to-day deplored the debts represented
by credit system and installment plan buying. "Debt has become a
national industry," was one of his phrases in a discussion of general business
conditions.
Nevertheless, he believed the debt situation would "provide the jolt"
to bring trading back to a cash basis, and in his opinion the world business
situation is so sound that even the sudden cancelling of all its debts would
not "make a particle of difference."
Views on Business Outlook.

"I am optimistic, because I believe people generally know what is wrong,"
said Mr. Ford. "The thing that is troubling this country most just now
Is the amount of debt piled up by the credit system and installment plan of
buying. The American people no longer buy. They are backed into a
corner and are 'sold'.
"Credit is the dearest thing we sell in this country. Debt has become a
national industry. That is bad business for the debtor and bad business




for the creditor also. The debtors are paying for a dead horse and the dead
horse is in no man's land, for the goods are no longer in the possesion
of the manufacturer, who sells to the dealer on credit, and the dealer has
lost possession of fresh goods, and the buyers do not yet own them.
Expects Return to Cash.
"I believe this debt situation will provide the olt which will bring people
back to a cash basis, where they already know they should be.
"The Ford business, as far as it affects the Ford Motor Co., has always
been on a cash basis. The result is that millions of cars have been sold at
a minimum of risk to the makers and dealers and a minimum of outlay to
the buyers. We propose to stick to that policy, which is the only sound
policy for any business.
"As to general business conditions, the world is so sound,in my judgment.
that it would not make a particle of difference to fndustry if all the debts
in the world were suddenly cancelled. For example. the United States
would not feel any serious loss if it were to cancel all foreign debts. The
only reason it cannot do it is that the effect on the debtors would be bad.
They would probably plunge into deeper debt as the result of such a process.
The same would be true of individuals. Treat any man on the basis of
charity and you not only hurt his attitude toward life but you lose him
as a friend.
"What the real purchasing power of the people is, whether greate 4 tless
than formerly, I do not know, nor do I think any one can say until the
people get out of debt. The whole money system is wrong, in my opinion,
and only tends to further encourage the system of credits and indebtedness.
To dig some kind of metal out of the ground and make that the measure
of the world's wealth and buying power seems to me a ridiculous proposition.
"The brokers of the country can't see that, of course, for they are parasites thriving on the present system, and they wi I continue it as long as
they can. You can't argue with a parasite."

I

3518

THE CHRONICLE

No Faith in Haupen Bill.
Mr. Ford does not believe that adoption of the Haugen bill would aid
farmers in the long run.
"I do not believe intelligent farmers are for the bill anyhow," he said.
"What they need are improved methods oflabor and marketing, and to learn
to make economic use of any surplus. It is possible to turn surplus corn,
grains and potatoes into alcohol, to be converted into power. There is an
enormous waste on farms that is needless. There is hardly any product of
the soil which cannot be turned into some sort of economic use."
He remarked that he had little interest in variations in the stock market and would not venture to interpret them.
"The only stock I take any stock in is the stock in the stock room," he
said. "I am sure of this, however—the high-water mark in stocks means
that some one will soon reach the low-water mark in pocket. The gears
of a slot machine re figured out so that in the long run the machine wins.
The stock mar
is like that.
"But gener Ibusiness is all right. Everybody knows what is wrong. but
American • ,.iness never has corrected itself voluntarily—it has always
waited u flit got the big bump. But there is an optimistic side to that,

[VOL. 122.

too. When the big bump comes, they know what to do. They know now,
but they won't do it. Do you see any of them trying to reduce the mountain
of credit?"
States Ms Own Policy.
Commenting on his own plans under the conditions he had outlined, Mr.
Ford said:
"What the Ford Motor Company will do to increase production and
sales is to stick to the policy of cutting prices and improving the porduct.
There is no way to cut prices except by increasing accuracy and simplicity
of construction. A price cut that reduces quality of material or workmanship is poor management, poor engineering and poor business. When you
reduce prices, you must go further and improve quality."
Asked if the development of the automobile might not reach a point
of quality of material, accuracy of workmanship and simplicity of design
which would be the limit of further improvement in construction,Mr.Ford
replied in the negative.
"No, there is nothing permanent in this world except change," he said.
"The time will never come when improvements are impossible, and with
every improvement there is possible a cut in price. But the improvement
comes first, then the price cut."

The Indications of Cotton Acreage in June 1926
In view of the further large decline the past eight ACREAGE AND PRODUCTION OF COTTON IN
UNITED STATES, 1910-1925.
months in the market price of cotton—a decline
roughly of 5 cents a pound—it is rather surprising
Acreage— Avg.Yield Production
Planted.
Picked.
per Acre
(Census)
to have to record that the planting the present sea(Acres)
(Acres)
(Pounds) 500-8.bales
son shows no indications, speaking of the Cotton Year—
1910 ____33,418,000
32,403,000
170.7
11,608,616
Belt as a whole, of any reduction in the area de- 1911 ____36,681,000
36,045,000
207.7
15,692,701
voted to this important staple. Our investigations 1912 ____34,766,000
34,283,000
190.9
13,703,421
indicate that the area in cOtton is about 60,000 acres 1913 ____37,458,000
37,089,000
182.0
14,156,486
36,832,000
209.2
16,134,930
larger than the planting at the opening of the season 1914 ____37,406,000
31,412,000
170.3
11,191,820
in 1925, bringing the grand total up to an aggregate 1915 -_-32,107,000
1916 ____36,052,000
34,985,000
156.6
11,449,930
of 48,158,000 acres, taking as a basis the final fig- 1917 __-_34,925,000
33,841,000
159.7
11,302,375
ures for 1925 announced by the Department of Agri- 1918 __37,217,000
36,008,000
159.6
12,040,532
culture at Washington on May 15 the present year. 1919 ____35,133,000
33,566,000
161.5
11,420,763
35,878,000
178.4
13,439,603
While the further increase is only fourteen one-hun- 1920 __-_37,043,000
30,509,000
124.5
7,953,641
dredths of one per cent, what gives significance to 1921..__31,678,000
1922 ____34,016,000
33,036,000
141.5
9,762,069
it is the fact, familiar to everyone in the cotton 1923 ____38,709,000
37,420,000
130.6
10,139,671
trade, that last year's total acreage was by far the 1924 __42,641,000
41,360,000
157.4
13,627,936
largest on record. It is not out of place, either, to 1925 __48,090,000
46,053,000
167.2
16,085,905
point out that the 1925 figures had to be repeatedly 1926 _-__48,158,000
revised upward with the progress of the season. In
The record here is a remarkable one. As against
our acreage report a year ago, issued on June 20 31,678,000 acres planted in 1921 the area devoted to
1923, we estimated the total acreage at 45,381,000 cotton in 1925 was 48,090,000 acres, and now is estiacres, an increase over 1924 of 6%, and expressed mated by us for 1926 at 48,158,000 acres. The addithe opinion that the total was probably above that tion in the brief space of five years has been more
figure, but we wished to err, if at all, on the side of than 50%. Of course, in comparing with 1921 we
being too conservative. Even as it was, our esti- are comparing with a year when the acreage was
mate was higher than the generality of private esti- sharply reduced as a result of a concerted effort on
mates and it was criticised on that account. When, the part of the planters, who wished thereby to
however, the report of the Department of Agricul- bring about a recovery in price, which at that time
ture came on July 2 the total was given as still had dropped to inordinately low levels—far below
larger, or 46,448,000 acres, and in the final revision the prices prevailing the present year even after the
the aggregate was brought up to no less than 48,090,- recent big decline. In their efforts to raise prices
000 acres, the figure we now accept for that season. at that time, Southern farmers succeeded beyond
While the further increase last year, as it now ap- their fondest expectations, general crop disaster
pears, went far beyond early expectations, the acre- having come along with the big reduction in acreage devoted to cotton has been steadily rising in age, with the result that the 1921 crop proved the
all recent years—and quite in a remarkable degree smallest in over a quarter of a century. But even
—so that in that sense there is nothing strange in if we compare with the area in cotton in 1920,
the further slight addition to acreage the present namely 37,043,000 acres, before the big drop in 1921,
season, except that it occurs after the market price when the acreage was close to the largest in the
of cotton has declined another 5 cents a pound. Be- history of the country, we find an increase since
fore proceeding further with our analysis, and to then of over 11,000,000 acres, or an addition of
emphasize the point we have just made, we intro- fully 30%. Obviously, if cotton raisers in Egypt
duce the following table, showing the area planted or India, the two largest cotton producing counand the area picked, as reported by the Department tries in the world next to the United States,
of Agriculture in its final estimates for each of the imagine that our South is going out of the business
16 years from 1910 to 1925 inclusive, along with our of producing cotton, or going to be forced out, by
present estimate for 1926, and giving also the pro- reason of the depredations of the boll weevil or the
duction each year according to the Census ginning other mishaps which the cotton farmers have enreturns and the yield of lint cotton per acre based countered in recent years, such a record as is here
on these ginning returns, when applied to the De- disclosed ought to undeceive them on that point.
The five-cent drop in price which has come since
partment's estimates of the acreage harvested or
last September has followed as the natural sequence
"picked."




JUNE 26 1926.]

THE CHRONICLE

3519

in the northern portion of the State, near the close of October, prevented the maturity of late planted cotton in numerous areas in that portion of the State.
According to the present outlook, taking the Cotton Belt
as a whole, the chances are that abandonment of acreage
in 1926 will be less than the average, rather than approach
anywhere near that of 1925. This is so, not only because of
situation in Texas, where the area is 40% of
the extraordinary low figures prevailing in 1921—has the changed
that of the entire Belt, but because in other parts of the
certain compensating advantages which it would be a misBelt none of the conditions have been present this spring
take to ignore. The collapse of cotton values in 1921 was which so often in the past have served to lead to considerfollowed by an upward reaction to extremely high prices able abandonment of area. We have reference to the abowing to the crop disaster which came that year. These sence of floods and of overflows of the rivers and streams
high prices had the effect of stimulating cotton production resulting from excessive rains or freshets. There was
all over the world, a movement which was aided by the nothing of the kind last year, but it was an important facgrowing desire on the part of British cotton manufacturers• tor in all the years immediately preceding, the water in the
not to be so overwhelmingly dependent upon America for inundated sections having failed to subside until it was too
cotton supplies as in the past.
late to permit planting. In 1924 wet weather was experiThe efforts to extend cotton culture in other parts of the enced everywhere, and proved a serious mishap, while in
world will certainly be lessened now that it has become 1923 and 1922 the situation in that particular was even
apparent that ample supplies are again to be available in more disturbing. In our acreage report issued in 1922 we
the United States at normal levels of value. Experience said that the weather had been everywhere adverse and to
shows that outside supplies increase only when prices rule a degree and extent to which it would be hard to find a
very high, and this applies to India and Egypt as well as to parallel. In ordinary circumstances there would be drought
the smaller contributors. At normal levels of values—and in one section, excessive rainfall in another, and perhaps
this does not necessarily mean a return, as already stated, entirely normal conditions in still another. Not so at that
to the prices prevailing prior to 1914—it is exceedingly time. From one end of the Belt to the other, and all over
difficult for other cotton producing countries to compete it, almost without exception, there had been too much rain,
with the United States. The chances are that shipments either early in the season, or in May, or for the whole of the
from India and Egypt will fall off even the coming season, year right up to June, with the usual train of attendant
creating to that extent a void for cotton from this country circumstances, namely floods and washouts, which not only
to fill. Besides this, lower prices are a stimulus to larger seriously interfered with farm work, but in not a few inconsumption, and at present prices the world is certain to stances rendered such work out of the question. These were
use a great deal more cotton than at the prices prevailing the difficulties under which the cotton grower labored in
last year or the year before. Substitutes have been sup- 1922 and it was also typical of the trials and hardships that
planting cotton in recent years. Now the indications are fell to his lot in 1923, only in greatly aggravated form, barthat cotton is once more coming into its own. The South- ring, however, the big State of Texas, which was blessed in
ern planter should not allow himself to be disturbed by 1923 with a crop situation that left little to be desired.
suggestions that should there be another crop of the size of
As already stated, none of these drawbacks and handithe last one, all value to cotton may disappear. In the way caps existed in 1925 and the Southern planter has enjoyed
already indicated, and especially through an enlarged de- similar exemption the present year. As to the probability
mand for and consumption of the staple, the equilibrium is that the cotton grower may have to abandon acreage on
certain to be restored without the slightest approach to dis- account of drought, that is a development that depends on
aster—barring, of course, any such contingency as hap- future meteorological conditions, but the visitation of expened in 1914, when the sudden outbreak of the World War ceedingly dry weather in the summer ordinarily proves
cut the United States off from the markets of the world. severely destructive only when sumer drought succeeds
It is yet to be proved that too much cotton can be produced spring drought and the present time drought is a serious
for the needs of the world.
feature only in north Georgia and parts of North Carolina
Based on mere extent of acreage, which, however, it and South Carolina.
should be remembered, is only one factor in the problem,
But if there is small probability of any extensive abanthe indications certainly point to another large crop. And donment of acreage, the same as happened from one cause
this conclusion is strongly emphasized if we bear in mind or another in the years immediately preceding, and espethat though in the aggregate 48,090,000 acres of land were cially in 1925, it still remains true, as already stated, that
brought under cultivation at the beginning of the season in the extent of the area planted is, after all, only one element
1925, only 46,053,000 remained to be picked at the end of bearing upon the probable size of the crop. The crop the
the season, the abandonment having been unusually large, present year starts at least under one serious disadvanreaching over 2,000,000 acres—far in excess of that, in tage, a disability the importance of which it remains for
quantity, in any other recent year and probably the very the future to determine. It is everywhere from one to three
largest in the annals of cotton production. There seems weeks late, though least late in the big State of Texas with
at this stage of the season little probability of a similar its huge cotton area. This may or may not prove a serious
large abandonment the present year—leaving out of the matter as the season progresses, but it cannot by any means
calculation, of course, future weather conditions of a be ignored. Should the cotton planter experience good
catastrophic kind. This view finds strong support in the growing weather henceforth lost time would be quickly
circumstance that three-fourths of the entire 2,000,000 acres made up. Substantial progress in that direction has alabandoned in 1925, or 1,531,000 acres, is found in the State ready been made under the influence of the favorable
of Texas. The probability of the repetition of any such ex- weather enjoyed during the current month of June. The
treme loss in that State the current year is extremely re- crop was a late one in all the years immediately preceding
mote—so remote, indeed, that it may be left altogether out 1925, as already pointed out, but it was extremely early last
of the reckoning in the ordinary course of events. The rea- year and that, as it happened, proved the year with the
son why such a vast area had to be given up in 1925 is, of biggest crop. In other words, in respect to maturity the
course, well known. It was the result of a prolonged situation of the crop this year at the present stage of the
drought of a disastrous kind. The present year there is season is in sharp contrast with the situation that existed
in that State a complete absence of drought conditions. On in that regard twelve months ago. In commenting on the
the contrary, there is adequate and abundant moisture vir- outlook in our acreage report for June 1925, we pointed out
tually throughout the whole State. Especially is there sat- that the happy conjunction existed of a big acreage and a
uration of the subsoil, there having been good rains all favorable start for the new crop—a combination of favorthrough the season, up to date, easy for the cotton plant able circumstances which had not prevailed for some years
with its long tap root to reach and fortifying the plant past. It has already been made plain in our remarks that
against much damage in the event of exceedingly dry no such exceptional conjunction of favorable events is being
weather later in the season. It should not be forgotten that enjoyed the present season.
the experience last year of Texas, which is more than ordiHowever, the early start in 1925, combined with the large
narily subject to drought, was quite unusual. The drought acreage, was not the only factor in that year's big
cotton
was not broken by general rains until September 1925, after production. In addition there was the further
advantage,
having lasted fully eleven months, and early killing frosts perhaps even more important than the early start,
of a

of the great increase in acreage and last year's big
crop, which was next to the largest on record, and
the probability, in fact almost certainty, of an
equally large acreage the present season, which our
investigation now confirms. And here it should not
be forgotten that the lower level of values—not




3520

THE CHRONICLE

long open season extremely favorable for the maturity and
picking of cotton, and for the first time in some years a
substantial top crop was raised in many different parts of
the South, which last accounted as more than an offset to
the lessened production in Texas. Whether there are to be
the same favoring conditions the present year, with similar
Immunity from boll weevil damage on an extensive scale,
only the event can determine. On the other hand, in considering these uncertainties bearing on the future, the fact
should not be overlooked that by reason of the disappointing
results in Texas, and in Oklahoma as well, and from much
the same cause, the yield of lint cotton per acre last year
for the South as a whole, while showing further improvement over the extremely poor yield two years before, was
nevertheless only 167.2 lbs., as against 178.4 in 1920 and no
less than 209.2 acres in 1914, when the crop was a trifle
larger even than that of 1925, being 16,134,930 bales, against
16,085,905 bales, the area picked in 1914 having been only
36,832,000 acres, against 46,063,000 acres in 1925. Should
future weather conditions this year admit of the attaining an
average yield per acre approaching anywhere near the 1914
product per acre, the crop would mount to gigantic size, not
only equaling the large crop of 1925, but running far in excess of it. But this is mere speculation as to the possible
outcome. The fact remains, nevertheless, that the tendency
has been towards steady improvement in the product per
acre ever since the low point of 1923, due, no doubt, to the
subduing of that ravenous pest, the boll weevil.
This review, as in all previous years, deals entirely with
the extent of the acreage, and does not undertake to show
the present condition of the crop as expressed in percentages of the normal. And yet any statement of the acreage
would be meaningless and valueless that did not attempt to
indicate whether the crop, in point of maturity, is early or
late, or failed to disclose the attendant circumstances bearing upon the possible or the probable outcome. We have
already shown that the crop is decidedly late, in sharp contrast with that of last year in that respect, and that other
advantages accrued in 1925 as the season progressed. On
the point whether the same advantages are to accrue the
present season, thus offsetting to that extent the handicap
of a late start, one man's guess is as good as another's, and
we venture no prediction. Aside from the late start, however, it may be affirmed very positively that the outlook
at this date is eminently satisfactory. The delay in maturity, common to the whole Cotton Belt, is due also to a
common cause, namely the cold weather and, in particular,
the extremely cold nights. Temperatures have been inordinately low, and far under the average virtually everywhere. This retarded germination of the seed, and in not a
few cases absolutely prevented germination at all, making
replanting necessary to a larger extent than usual, though
not universally so. The remark applies both to the Southwest, in States like Texas and Oklahoma, where the rainfall in 1926 has been heavier than usual, though not necessarily excessive, and also to the dry sections along the Atlantic Coast. In the one case it has been too wet and too
cold and in the other case it has been too dry and too cold.
In between the two extremes there is a large area where
conditions have been about normal, and yet where the
spring has been much too cold. Since the advent of June,
conditions have been almost ideal, almost all over the South,
and as a result of good growing weather much lost ground
has been recovered, though perhaps it is still a little too
cool in the coast sections of North and South Carolina.
It cannot be said that any substantial harm has been
done by the repeated heavy rainfalls in Texas and some other
parts of the Southwest, and as a matter of fact Texas has
recently been in enjoyment of high temperatures, just the
kind of weather needed to bring a heavy fruitage in cotton
at a time when the subsoil is abundantly saturated with
moisture. In the sections where drought has prevailed,
principally North and South Carolina and northern Georgia,
relief has not been absolutely complete, but fairly generous
rains since the latter part of May have completely altered
the aspect and made the outlook normal over the greater
part even of these sections, leaving, nevertheless, a limited
area where drought is still a matter of complaint. In portions of North Carolina the drought has been altogether
beyond precedent. At Raleigh and many other stations it
has been the longest on record for this time of the rear,
according to the meteorologist of the United States Weather
Bureau at that point. But during June beneficial rains
have brought relief; and most of the eastern part of the




[VoL. 122.

State and portions of the northern part have had relief, and
only some interior sections would still seem to be lacking
moisture. In South Carolina the drought has been pronounced mainly in the northern and northwestern portions
of the State. And here limited areas are yet in need of
relief. The same is true of north Georgia, the only portion
of that State which had to contend with an absence of
needed rain; some districts are still badly in need of moisture, but the area affected is not large. Outside of the
limited territory we have here outlined, the situation is
generally satisfactory and full of promise. The fields
nearly everywhere are clean and free from grass and
weeds—more generally so, taking the Cotton Belt as a
whole, than we can recall has ever been the case in the
past. In the districts where drought has been encountered
the absence of moisture has, of course, prevented the
growth of grass, but elsewhere also our accounts speak of
the fields being in a high state of cultivation.
These are all favoring circumstances—some of them extremely so. But in the end everything will depend upon
the weather in July and August, which are the really trying months for the cotton plant, and the fact that the crop
is so generally late may have an important bearing upon
the influence to be exerted by adverse weather during those
months, should it unfortunately eventuate. As indicating
the part that the character of the weather may play in
affecting the outcome, we cannot do better than to cite the
notation made by one of our correspondents in Hale County,
Texas, who is engaged in cotton raising on a large scale.
After pointing out that while the county in 1924, when conditions were average, produced 30,000 bales of cotton and
In 1925, when they were bad, produced only 19,500 bales,
he expresses the opinion that the 1926 crop will be about
19,000 bales with unfavorable conditions ahead, 30,000 bales
with average conditions ahead, and 41,000 bales with excellent conditions ahead.
What harm the boll weevil may do is, of course, problematical, though present indications are that their activities will be no greater than they were last season, when
they were less than for many years past. None of our correspondents complain of the presence of the weevil, which
Is different from the past. In part this may be due to the
fact that it is impossible to say anything definite about
them, especially as the crop is late, but unquestionably
also it may be ascribed to the fact that fear of possible
damage in that way seems to be gradually growing less.
Dry weather, of course, is unfavorable to them, and last
season the weather was dry nearly everywhere. The present season the heavy rains in Texas might give them renewed vitality, but as a matter of fact complaints from
that State are even more scarce than In other States, possibly because the drought of last season disposed of most
of them. But while last year's drought was without doubt
the principal factor in the lessened activities of the weevil,
the fact that cotton growers have come to learn how to
deal with them and have applied poisons more freely has
contributed to the same end. This is especially true in the
case of States in the northern tier of the Cotton Belt like
North Carolina, South Carolina, Georgia and Mississippi,
where their depredations became extensive and serious
only within recent years. It seems pertinent to ask whether
It may not be possible before long to dismiss them altogether
as a serious influence threatening the destruction of the
crop. They originated in Mexico, crossed the Rio Grande
und then moved in swarms up through Louisiana, Mississippi, Georgia, South Carolina and finally North Carolina,
the extreme northern limit. May that not mark the culmination of the movement, and their decline now follow,
much in the same way that the grasshopper plague which
a generation ago worked such havoc in the grain-raising
States west of the Mississippi for successive seasons and
threatened the complete ruin of the farmer, has long since
completely disappeared and become a thing of the past?
Going now into the details of our acreage figures, the
remark already made with reference to the acreage as a
whole applies almost without exception to all the leading
parts of the Cotton Belt and all the different sections.
Nowhere is there the slightest trace of a general tendency
to diminish acreage, or even a very narrow and partial
attempt to cut down the area devoted to cotton. On the
contrary, in several States there have been substantial
additions to acreage. In Georgia and Alabama the acreage
is unquestionably larger and based on our returns we make
the increase 8% for each State. In Mississippi, Louisiana

JUNE 26 1926.]

THE CHRONICLE

and North Carolina the increase is small and ranges from
1 to 2%.. In the other States, excepting alone Texas and
Oklahoma, the acreage is about the same as last year. In
Texas and Oklahoma the tendency to restrict the cotton
area is as completely absent as in other parts of the South,
but one special circumstance applicable to both States has
caused a slight falling off in those two States. We make
the decrease for Texas 2% and for Oklahoma 5%. We
have strong doubts whether any decrease at all has occurred
in Texas, in view of the large areas of new land that are
constantly being brought under cultivation in that State.
However, the Texas Commissioner of Agriculture in a report issued under date of June 2 put the 1926 acreage of the
State at 98% of that planted in 1925, a reduction of 2%,
and we accept this estimate to be on the safe side, though
the Texas Commissioner is very prone to put the area too
low. We might add here parenthetically as an indication
of the outlook for the crop in that State that the Commissioner, while reporting the acreage 2% smaller than a year
ago, puts the condition at 79%, which compares with 67%,
the condition given in his report for the corresponding date
in 1925. During the current month of June the condition
must have further improved.
The special circumstance to which we refer as having
been responsible for the elimination of some cotton area
the present season, is the fact that last year the winter
wheat crop proved almost a complete failure in Texas and
in lesser degree also in Oklahoma, and the abandoned acreage was then plowed over and put in cotton. There has
been no repetition of that experience the present year. Both
States are this time blessed with exceptionally large wheat
crops with abandoned acreage down to a minimum. The
U. S. Department of Agriculture in its grain crop report
Issued May 8 last year reported that in Texas no less than
62% of the winter wheat area planted the previous autumn
had been abandoned, leaving only 692,000 acres in that
State to be harvested. The present year the story with
reference to the wheat crop of Texas is that only 2% of the
area sown to wheat had to be abandoned, leaving 1,744,000
acres to be harvested. In Oklahoma this year's abandonment of wheat acreage is only 1%, leaving 4,500,000 acres
to be harvested; in 1925 the abandonment of wheat area
was 17%, leaving only 3,037,000 acres to be harvested.
Without further comment we now present our estimate
or approximation of the planting in the different States and
for the country as a whole. In giving the figures, we wish
to reiterate what we have said in previous years, namely
that we make no pretense to exactness, that there are
always many uncertainties involved in the collection and
compilation of the returns and that precautions against
imperfections and deficiencies, based on long experience,
often prove futile; furthermore, that the present year, no
less so than in preceding years
-in fact even more so, as
explained at length above-special factors have operated
to increase the uncertainties and to augment the difficulty
of the undertaking. In the circumstances our figures and
statements cannot be considered anything more than estimates and approximations-approximations, to be sure, as
close as it is possible to make them by calling to our aid
every source of information at command, but subject, nevertheless, to greater or smaller modification as the uncertainties referred to are resolved into actual facts, thereby
removing the elements of conjecture and doubt.
Acreage
Planted,
Estimate
1925for 1926Probable
Dept. of
Increase or
Acreage
STATESAgriculture.
Decrease.
1926.
Virginia
101,000 Unchanged
101,000
North Carolina_ _ _ 2,037,000 Increase 1%
2,057,000
South Carolina
2,708,000 Unchanged
2,708,000
Georgia
3,662,000 Increase 8%
3,955,000
Florida
103,000 Unchanged
103,000
Alabama
3,539,000 Increase 8
3,822,000
Mississippi
3,501,000 Increase 2%
3,571,000
Louisiana
1,903,000 Increase 2%
1,941,000
Texas
19,139,000 Decrease 2%
18,756,000
Arkansas
3,814,000 Unchanged
3,814,000
Tennessee
1,191,000 Unchanged
1,191,000
Missouri
542,000 Increase 3%
558,000
Oklahoma
5,320,000 Decrease 5%
5,045,000
California
a171,000 Unchanged
171,000
Arizona
162,000 Increase 2%
165,000
New Mexico
138,000 Increase 2%
141,000
All other
59,000 Unchanged
59,000
Total
48.090.000 Increase 0.14% 48,158,000
a Does not include 150.000 acres planted in Lower California (Old
Mexico).




3521

It seems proper to say that in applying our percentages
of increase or decrease in the foregoing we have again followed the practice of using the latest revised figures of acreage for the previous season as put out by the Department of
Agriculture at Washington. As explained by us in previous
Reviews, there seems no reason why these revised figures of
the Agricultural Department should not be regarded as absolutely correct, considering the pains taken to make them so,
and it is our understanding, furthermore, that the Department always acts in collaboration with the Census authorities.
As we have referred above to the big further decline in
the market prices of the staple, as having been without
influence in curtailing the area sown to cotton, it seems
desirable to print figures showing the exact extent of the
decline in market values. We give first the price of middling upland spot cotton on the New York Cotton Exchange
for each month for a long series of years back as follows:
PRICE OF MIDDLING UPLAND COTTON IN NEW YORK ON DATES
GIVEN AND AVERAGE FOR SEASON.
1925- 192 192311922-1921 1920-1919-1918-1917-1916-1915-19141926 1925.1924.1923.1922 1921.1920.1919 1918.1917.1916 1915.
Aug.
Sept.
Oct.
Nov.
Deo.
Jan.
Feb.
Mar.
April
May
June
July

1
24.65 30.9 23.8522.55 12.9040.0035.7029.7025.6513.25 9.3012.50
1
22.35 25.6 25.9522.2517.5030.2532.0536.5023.3016.30 9.75
1
23 55 25.90 29.5020.4521.1025.0032.2534.3025.2516.00 1.09
1
19.90 23.60131.2524.45 18.7522.5038.6529.0528.7518.7511.95 ____
1
20.75 23.l537.6525.3017.5516.6539.7528.1030.9020.35 2.55 7.65
1
20.85 24.2035.4026.4518.6514.7539.2532.6031.7517.25 2.40 7.80
20.7524.5034.0027.4017.2014.1539.0026.7531.2014.75 1.95 8.50
1
1
19.4 26.05j25.2530.4018.70 1.6540.2526.1032.7017.00 1.45 8.25
1
19.3 24.9028.5028.5518.10 2.0041.7528.6034.9519.20 2.00 9.80
18.9 24.4030.3027.5018.95 2.90 1.2 9.4028.7020.7012.3010.40
1
,
1
18.8 23.632.7527.5521.0012.9040.0033.1529.0022.65 2.70 9.55
1
....... ____ 24.7 30.9027.8522.0 12.0039.2534.1531.9027.25 2.90 9.00

Average

2A 1411 11 26501R 0217.59 U.25.31.04.29.6519.12 1.9& 8.97

IIPAAnn

It will be observed that the quotation on May 1 the present year was only 18.95c., and on Junel only 18.85c., against
24.40c. and 23.65c., respectively in 1925 and 30.30c. and
32.75c. in 1924, but that the price, even after this decline, rules very much higher than at the period of the
great depression in 1921, when the quotation was only
12.90c. on both May 1 and June 1. The story is the same
when we take the average price on the farm as our criterion, only the contrast in that case is more vivid and more
striking. In the following we show the farm price for each
month of every year back to the beginning of the season of
1914. These farm prices, it should be stated, are those of
the Agricultural Department at Washington and as to the
methods employed in arriving at the averages, the Department explains that the prices are "averages of reports of
county crop reporters, weighted according to relative Importance of county and State."
AVERAGE PRICE OF COTTON ON THE FARM.
192 192 192 1922-1921 192' 1919-1191:1917 191. 191
914.
1926.1925 1924.1923.1922.1921 1920.1919.1918.1917.1916.1915.
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
April
May
June
Alb'

15
15
15
15
15
15
15
15
15
15......
15
15

23.4
22.5
21.5
18.1
17.4
17.2
17.7
16.5
16.6
____
____
____

27.8
22.2
23.1
22.6
22.0
22.7
23.0
24.5
23.7
23.0
23.1
23.4

23.8
25.6
28.0
29.9
32.1
32.5
31.4
27.7
28.7
28.1
27.8
27.3

20.9
20.6
21.2
23.1
24.2
25.2
26.8
28.0
27.6
26.2
25.9
24.9

11.2
16.2
18.8
17.0
16.2
15.9
15.7
16.0
16.0
17.3
19.6
20.6

34.0
28.3
22.4
16.6
12.7
11.6
11.0
9.8
9.4
9.6
9.7
9.7

31.4
30.8
33.9
36.0
35.8
36.0
36.2
36.8
37.5
37.4
37.
37.1

30.o
32.0
30.6
28.
28.
26.8
24.
24.2
25.2
27.8
30.3
31.:

23.8
23.4
25.3
27.5
28.3
29.3
.1
31.0
30.2
28.0
28.0
28.2

13.6
15.0
16.8
18.8
18.4
17.0
16.4
17.0
18.4
19.6
22.4
24.5

8.3[i
9.
8.2
11.4 7.0
11.4 6.0
11.4 6.7
11.
7.5
11.3 7.4
11.3 7.8
11.5 8.0
11.8 8.8
12. 8.0
12.6 8.4

In this case it is not possible to bring the peces down to
quite as late a date, but on April 15 this year the average
farm price was only 16.6c., and May 15 ____c., against 23.7c.
on April 15 1924 and 23.0c. on May 15, and 28.7c. and 28.1c.,
respectively in 1924, but comparing with only 9.4 and 9.6
at the period of extreme depression in 1921.
It only remains to add that the present season the crop
will have about the same aid to full yield from the use of
commercial fertilizers as was the case last year. The practice of applying fertilizing material to increase the fertility
of the soil has been growing rapidly of late, but the figures
the present year show no increase in the total quantity consumed, though in six of the eleven reporting States the
amounts for the present season are slightly larger than
last year. For our figures we are again indebted to the
kindness of S. D. Crenshaw of the Virginia-Carolina Chemical Corporation. They show the quantity of fertilizers consumed, as indicated by the tax tag sales reported by the
Commissioners of Agriculture of the different States, for
the six months ending May 31 1926, in comparison with the
corresponding six months of the preceding season. In the
case of Florida, Louisiana, South Carolina, Texas and Vir-

3522

[VOL. 122.

THE CHRONICLE

ginia the figures include cotton seed meal used as a fer- of such limited area in cotton are difficult, since the action
of a few individual planters in cutting down or enlarging
tilizer. The details are as follows:
FERTILIZER SALES IN SOUTHERN STATES.
their land devoted to cotton, is likely very materially to
affect the total. From the general tenor of our advices,
Dec. 1 1925 to Dec. 1 1924 to
May 31 1926. May 31 1925. we should judge that the State's acreage in cotton 'would
be about the same as in 1925 and possibly a little larger,
584,250
Alabama
619,959
123.305
Arkansas
124,975
though a few of our returns speak of the probability of a
242,448
Florida*
231,574
772,139
"slight" decrease. stands are reported as only fair. On
Georgia
712,582
98,505
Louisiana*
101.895
the other hand, fields appear to be clear of weeds and grass.
252,728
Mississippi
275,320
1,166.734
North Carolina
1,147,889
The season is about ten days late. Cotton lands in Vir842,426
South Carolina*
818,814
113,067
Tennessee
123.550
ginia are fertilized to a high degree, but our correspondents
97,283
Texas*
118,059
seem to think that slightly less commercial fertilizer has
347,236
Virginia*
331,486
been applied the present season. This view finds appar4,640,121
Totals
4.606.103
ent confirmation in the tax tag sales ,returns of the Com*Cottonseed meal used as a fertilizer included.
It will be seen from the foregoing that the aggregate of missioner of Agriculture, which show 323,130 tons of ferthe fertilizer sales is 1926 has been 4,606,103 tons, as against tilizer sold in the five months from Jan. 1 to May 31 in 1926.
4,640,121 tons in 1925, and that the changes for the differ- as against 342,386 tons in the same five meinths of 1925 and
ent States between the two years is relatively small, five of 339,193 tons in the corresponding five months of 1924,
the States showing decreases and six increases, as already though, of course, these figures are pertinent only as showstated. It will, of course, be understood that not by any ing the trend in the use of fertilizer since the bulk of the
means all of the fertilizer tonnage here shown is for appli- whole was doubtless for account of truck farmers and othcation to cotton alone. In such States as Virginia and ers, with only a relatively slight portion consumed on cotton
Florida the consumption of fertilizer for cotton is small in plantations. There has been little • change in the use of
comparison with the consumption for other crops, on a per- home-made manures.




VIRGINIA.
Crop Year1925
1924
1923
1922
1921
1920
1919

1918
1917

1916
1915
1914

Area in
Cultivation.
Acres,
101,000
107,000
74,000
57,000
34.000
43,000
43,000
45,000
53,000
42,000
34,000
45.000

Area
Picked.

0i000'00000000
oRocs00000000

centage basis. Much fertilizer is used on tobacco in Virginia, South Garolina and Georgia and on truck crops in the
same States along with North Carolina and on corn in
almost all States and also, of course, on other crops, more
or less. There is no way of differentiating the amount used
on cotton alone, though much the largest proportion, it is
believed, was used on that crop in strictly cotton growing
States.
We now present in detail our summaries for the different States:
VIRGINIA.
-This is one of the smaller cotton produchrz
States and its yearly contribution to the cotton crop of the
United States is relatively unimportant. It lies in the extreme northern fringe of the Cotton Belt. Yet in a small
way the acreage is steadily increasing, and under favorable
• conditions the product per acre is high, even if the aggregate yield is not large. The United States Department of
Agriculture In its final report for 1925, issued on May 15
(1926) made the area in cultivation last year at the beginning of the season 101,000 acres and the area remaining to
be picked at the end of the season 100,000 acres. Applying
to this the ginnings reported to the United States Census the
yield was found to be 250 lbs. per acre, and the total crop
of the State 52,380 bales of 500 lbs. gross. It will be seen
this was an average of half a bale an acre, which is a high
rate, equalled or exceeded only in States where intensive
methods of cotton cultivation are pursued. Weather conditions, however, play an important part as affecting the
final outcome. This is evident from the fact that in the
previous season (1924) the yield was only 180 lbs. of lint
cotton per acre and the entire crop of the State no more
than 38,746 bales of 500 lbs. gross, though the area then
picked was slightly larger than in 1925, being 102,000 acres.
It is also evident, on the other hand, from the fact that in
1923, when the area picked was no more than 74,000 acres,
the crop of the State was 50,581 bales, or almost as large
as the 1925 crop of 52,380 bales, notwithstanding the 1925
acreage, as already shown, was over one-third larger than
that of 1923, being 100,000 acres. The difference is accounted for by the fact that the yield per acre in 1923 was
as high as 325 lbs., as against 250 lbs. in 1925. This Is important as showing that while the yield in 1025 was good
as compared with that obtained in most other States and
far above Virginia's extremely poor yield of 1924, it fell
considerably below the State's previous best record. Still,
a production of 50,000 bales, more or less, obviously cuts a
small figure in a total crop for the whole country of 16,000.000 bales and for that reason it is not worth while devoting
much space to comments on the present season's acreage
and outlook in that State. As elsewhere in most of the Atlantic tier of States, weather conditions in Virginia the
present season up to date have not been what could be desired and considerably less satisfactory than in 1925. Temperatures have been altogether too low, with the nights
cold, though a change for the better has occurred since
June 1. It has also been too dry, in which respect the
situation has not been greatly relieved until within the last
two weeks. Planting began about May 1 and extended to
June 1. The seed came up poorly, the cold and dry weather
having delayed germination. Acreage estimates in a State

Yield of
Lint Cotton
per Acre.
Pounds.
VO
180
325
230
230
230
255
270
180
310
225
205

Production,
500-1b. Gross
Bales.
Bales.
52,380
38,746
50,581
26,515
16,368
21,337
22,523
24.885
18,777
27,127
15,809
25.222

NORTH CAROLINA.
-This State has an enviable record.
According to the Census ginning returns it raised a crop
of cotton in 1925 of 1,101,090 bales of 500 lbs. gross, the
largest in its history. This was on an area of 2,037,000
bales under cultivation and 2,017,000 bales picked, giving a
yield of 261 lbs. of lint cotton per acre, or in excess of half
a bale an acre. No such exceptional crop seemed in prospect at the beginning of the season, though the start was
under much more favorable conditions than in 1924, and
yet was far from ideal. It happened, too, that during the
early summer months the crop did not pregress as could be
desired, but appeared to be retrograding. It is well to bear
that circumstance in mind the present year when the crop
at this stage is unquestionably in a backward condition.
Prognostications in the early summer of 1925 were unfavorably colored by recollection of the experience which planters had just gone through with the crop of 1924, when the
production fell to 825,324 bales, on an area also somewhat
above 2,000,000 acres, being only 196 lbs. per acre, following
a yield of no less than 290 lbs. per acre in 1923, or a total
production of 1,020,139 bales in that year on an acreage of
but 1,679,000 acres. Fertilizers have always played an
important part in the North Carolina crop, but the experience of 1924 showed that fertilizers alone are not sufficient
to insure a crop of exceptional proportions, lacking favorable weather conditions and with the crop handicapped as
it was in 1924 by a late start and with the boll weevil active
and inflicting more than the usual damage. What added so
greatly to the size of the crop in 1925, increasing it far
beyond early expectation, was that weather conditions were
extremely favorable in the autumn, allowing the maturing
of a top crop of more than the ordinary proportions and
further
-and what was perhaps of even greater importance
-that comparatively little damage was inflicted by the boll
weevil. The diminution of the activities of the weevil had
a two-fold cause, namely, the fact that dry weather, which
was so pronounced a feature during the summer of 1925 in
all but the Coastal Plain and the lower Piedmont Section,
was unfavorable to their operations, and secondly, that
planters had learned how to deal with the evil. The previous season their invasion was largely a new development
and planters had not yet become familiar with the application of poisons and other methods for cutting short their
depredations. It would seem that the present season the
same advantages will exist, and that is a circumstance not
to be treated lightly in estimating future probabilities. The
distinctive features in the situation of the crop in North
Carolina at this date is the prolonged drought which the
State has suffered. In severity this drought is quite beyond

JUNE 26 1926.]

THE CHRONICLE

parallel. But obviously there is nothing to prevent the
needed relief should adequate rains come in July or August,
which are the really trying months for the cotton plant, and
as a matter of fact, a large measure of relief has already
been experienced through showers since the beginning of
June.
The meteorologist of the United States Weather Bureau
In his weekly return on May 26 stated that "the drought
is now the longest on record at Raleigh and many other
stations for this time of the year in a period covering 40
years or more." This, of course, Is a circumstance to be
reckoned with unless future rains shall happen to change it,
for obviously a full.crop can never be raised without sufficient moisture, and the plants would burn up if there were
no moisture at all. In the return of the meteorologist of
the same date, however, it was stated that rain had improved crops along the coast and for two or three counties
inland, though elsewhere, except in some small areas, the
lack of sufficient rainfall had greatly retarded germination
of seed and the general crop situation was such that rain
was urgently needed over a large portion of the State, and
especially in the central district. In the report for the week
ending June 1 it was stated that there had been further
light scattered. showers over the State during that week,
though temperatures on May 29 and May 30 had been about as
low, or slightly lower, than previous records for that time
of the year at a number of stations in the eastern portions
of the State. This last discloses another particular in which
conditions have been unfavorable the present year—that is
the low temperatures and cool weather. The weather reports during June, as already stated, have been much more
favorable, beneficial rains having fallen in the eastern part
of the State and portions of the northern part, though some
interior sections were still complaining of the lack of moisture. Latterly, also, temperatures have been rising and the
crop as a whole has been regaining lost ground. Planting
In this State the present season began about April 20 and
finished about May 25. Germination was delayed, not only
in the dry areas, but also by hard or "baked" crust of soil
In some portions in the southwestern part of the State,
where heavy rain occurred in the middle of May. For the
State as a whole, however, replanting does not seem to have
been necessary to an unusual extent, say only about 10 to
15%. All our reporti'ngree in asserting that the fields are
clear of weeds and grass. Stands were rather poor or only
medium until quite lately, when ,a change for the better
occurred. The crop is 10 to 15 days late. Acreage. We
can discover no tendency to decrease acreage in this State.
Only two of our retui'ns speak of a possible decrease, the
great majority reporting the acreage the same as last year.
Some, however, say an increase has occurred, and we accordingly credit the State as a whole with an addition of 1%.
Fertilizers are very extensively used in this State, as already noted, and are an essential factor in the large product per acre obtained. This makes it important to note that
many of our correspondents, though by no means all, express
the opinion that the use of commercial fertilizers has apparently diminished the present year. One return says much
less soda has been tipplied, It being too dry to put it out.
For the State as a ,whole and for all purposes sales of fertilizers in the sik' months from Dec. 1 1925 to June 1 1926
reached 1,147,889 tons, as against 1,166,734 tons in the
corresponding period of the previous season, North Carolina
consuming more commercial fertilizers than any other State
In the South. Home-made manures appear to have been
used in larger amounts in a few instances, though the general practice of farmers seems to be to use the manure in
truck farming, which is carried on in a very extensive way
in North Carolina, and in the garden. It is too early for
making definite statements regarding the boll weevil, but.
as far as surface indications go, they do not seem likely to
cause any greater destruction than in 1925, when their activities, as set out above, IA ere at a minimum.
NORTH CAROLINA.
Crop Year—
1925
1924
1923
1922
1921
1920
1919
1918
19417
1916
1915
Ira.,

Area in
Culticatton,

Area
Picked,

Yield of
Lint Cotton
Per Acre.

Acres.
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
1,41.0,000
1,300,000
1.510.000

Acres.
2,017,000
2,005,000
1,679,000
1,625,000
1,403,000
1,587,000
1,490,000
1,100,000
1,515,000
1,451,000
1,282,000
1.527.000

Pounds.
261
196
290
250
264
275
'266
268
194
215
210
290




Production.
500
-lb. Gross
Bales,

•

Bales,
1,101.090
825,324
1,020,139
851,937
776,222
924,761
830,293
897,761
617,989
654.f03
699,494
930 631

3523

SOUTH CAROLINA.—This State has been doing rather
poorly in recent years. It produced a crop last season of
only 888,241 bales on an area of 2,708,000 acres put in cultivation and 2,654,000 acres picked, while North Carolina, as
we have already seen, had a crop of 1,101,090 bales on an
acreage but slightly in excess of 2,000,000 acres. The reason was that South Carolina had a product of only 160 lbs.
of lint cotton per acre, whereas the yield in North Carolina
was 261 lbs. per acre. Yet only five years before, in 1920,
South Carolina had a yield of 260 lbs. per acre and produced
a crop of no less than 1,623,076 bales on an area picked of
2,964,000 acres. There is in these figures the possibility of
a great improvement in yield the present season even
though the 1926 crop in South Carolina, as in so many other
parts of the Cotton Belt starts under unfavorable auspices.
The principal influence in the small yield of 1923 and 1924
was apparently the havoc done by the boll weevil, while in
1925, on the other hand, the yield was held down by "the
most widespread and disastrous drought in the history of
South Carolina," according to the records kept by the
Weather Bureau. This drought prevailed from the close of
January to November, with only temporary relief at long
Intervals in most sections. During this period the deficiency of rainfall was 18.23 inches and 'during the chief
growing months, when timely rains were most needed, the
deficiency was 12.41 inches. The situation was aggravated
(still quoting the Weather Bureau) by record-breaking and
persistent heat in September, culminating on Sept. 4 and
Sept. 8 in maximum temperatures that overtopped the previous highest section record for all months of 110 degrees
at Chester on July 18 1887. The present season there has
also been somewhat of a drought up to the present time,
but it has hardly been a circumstance to experience in that
respect in 1925. This year's drought has been pronounced
mainly in the northern and northwestern portions of the
State. Elsewhere the situation has been modified greatly
for the better during the current month of June, generous
rains having fallen in the coastal counties and in sections
of the central counties, and proved very beneficial. Whatever damage, therefore, may follow from the existing
drought, should it not be effectually relieved as the season
progresses, can hardly be worse than the loss suffered In
that way the last season. As to the probability of harm
from the weevil, it is not possible to express any opinion at
this stage of the season, since, as the Commissioner of
Agriculture expresses the matter, the plant is not yet large
enough to be damaged by the weevil or, as another correspondent expresses it, since there is no cotton yet for the
weevil to work on. This much, of course, can be affirmed,
namely, that prolonged dry weather is not favorable for the
development of the pest. There has, however, been a further
drawback the present season in the generally cool weather
and late spring. While last year at this time the season was
well advanced, the present year it is far from being so, and
the crop is accordingly ten days to two weeks late. Planting
started about March 15 in the extreme southern part of the
State and about April 10 in the northern part of the State,
but owing to drought in the central and northern portions
of the State was not completed until towards the close of
May. In the southern part of the State the seed came up
early, but a goodly percentage of the plants was killed, it
is claimed, by cold, making replanting necessary. In these
latter instances, the seed has only recently come up. Germination was everywhere retarded by low temperatures and
cold nights. Stands in the north and northwest are poor,
but elsewhere there has latterly been great improvement
under the influence of more favorable weather conditions.,
In this State, also, the fields are clear of weeds and grass,.
lack of moisture having prevented the growth of grass.
Acreage for the State as a whole is about the same as a year
ago. There does not appear to have been any intention to
reduce anywhere, but the backwardness of the season prevented full planting in a few instances. Losses in this way,
however, may be regarded as having been offset by other
instances where a slightly larger acreage was put under
cultivation in cotton. Accordingly, we take the acreage at
the figure reported by the Agricultural Department at
Washington in its final revision for the season. Fertilizers.
have become an important aid to cotton raising in this State
in recent years, but the present season a good many of our
returns say that there has been a falling off in the use of
these aids to fertility. South Carolina now ranks second only
to North Carolina in the quantity of commercial fertilizers
consumed, though, of course, only a part of this is
devoted

Vol- 122.

THE CHRONICLE
to cotton growing. It appears from the tax tag sales that
the consumption of fertilizers, including cotton seed meal
used for that purpose within the State, was 818,814 tons in
the six months to May 31 1926, against 842,426 tons in the
corresponding six months of the preceding season. Application of home-made composts also seems to have fallen off
somewhat, though this is never a large item, a smaller
amount having been available on account of feed shortage.
SOUTH CAROLINA.

Area in
Cultivation.

Crop Year—
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914

Acres.
2,708,000
2.491,000
2,005,000
1,951,000
2,623,000
3,000,000
2,900,000
3,040,000
2,880,000
2,950,000
2,555,000
2.890.000

Area
Picked.
Acres.
2,654,000
2,404,000
1,965,000
1,912,000
2,571,000
2,964,000
2,835,000
3,001,000
2,837,000
2,780,000
2,516,000
2.861.000

Yield of
Lint Cotton
per Acre.
Pounds.
160
160
187
123
140
260
240
250
208
160
216
255

Production,
500-lb. Gross
Bales.
Bales.
888,241
806,594
770,165
492,400
754,560
1,623,076
1,426,146
1,569,918
1,236,871
931,830
1,133,919
1 533 610

GEORGIA.—In this State a sharp distinction must be
made between the northern part and the rest of the State.
The northern part has suffered from the &ought condition
experienced in North Carolina and South Carolina, the
drought area having taken north Georgia in its embrace. In
the remainder of Georgia the situation has been quitefavorable except that a late spring has been encountered, here as
well as elsewhere, and that temperatures everywhere have
been too low and the nights unseasonably cold. Whatever
drawbacks may now exist are due to this last circumstance.
However, the outlook for the State in its entirety is better
than on the average—barring only the backwardness of the
season, which makes the crop from ten to twelve days late.
Georgia has been doing poorly with its cotton crop in recent
years, even though there was in 1925 a recovery from the
extreme low point reached in 1923. Its yield in 1925 was
only 155 lbs. of lint cotton per acre, giving a crop of 1,163,902 bales on an area of 3,589,000 acres picked. Back in 1914
it had a product of 239 lbs. per acre and had 5,433,000 acres
to be picked, giving a crop of no less than 2,718,037 bales—
which showshow striking is the contrast between the immediate present and the remoter past, and what a wide gulf
exists for improvement. It is worth noting that the size of
the crop in 1925, as compared with 10 and 11 years ago,
shows a shrinkage both by reason of a diminution in acreage and a reduced yield per acre. The shrinkage in acreage is in process of being remedied. The low point in acreage was reached in 1924 when 3,099,000 acres were planted
In cotton and 3,046,000 acres picked. From this there was
an increase in 1925 to 3,662,000 acres planted and 3,589,000
acres picked. There is going to be a further substantial increase in acreage the present season. Our returns attest
the fact with an unanimity that is quite out of the ordinary.
The increases, too, are in most cases far from being small,
while decreases are almost entirely lacking, though a few
of our correspondents estimate the acreage at the same
figure as a year ago. The increases as compared with 1925
run all the way from 5% to 15 and 20%. In view of the
fact just mentioned, that the State's total area devoted to
cotton was only about 3,600,000 acres in 1925, after the recovery from 1924, while in the six years from 1914 to 1919,
Inclusive, the acreage each year without exception was well
above 5,000,000 acres, it does not seem strange that there
should now be a quite common tendency to get back to somewhere near the old figures. With the general tenor of our
advices so strongly in the one direction, it seems to us quite
conservative to enlarge last year's acreage by 8%, which
still leaves the State's area in cotton somewhat below
4,000,000 acres. In the northern part of the State, the planting began about April 1 and was finished about May 15.
Here much replanting was found necessary, which in some
cases extended to the 1st of June. In the southern part of
the State planting began about March 15 and was completed about May 1. Accounts regarding the status of the
crop in the north are quite generally unfavorable, this being the section affected by the drought, but even here increases in acreage are reported running as high as 20%. In
that section of the State stands are reported as either poor
or only fair. Quite in contrast with this, stands in the lower
half of the State are reported almost uniformly good. In
southern Georgia rainfall wasas a rule sufficient,but some
of our correspondents in the southwestern part of the State
report weather conditions as having been unfavorable, saying it was too cold and too windy, so that the moisture




dried out before germination could take place. These correspondents also say that very early planted cotton on light
soil had to be planted over, due to heavy rains having
formed a crust, and they add that all cotton required more
than the usual amount of replanting. The crop is everywhere from 10 to 15 days late. From all parts of the State
the reports are that cultivation has been satisfactorily carried on and that the fields are clear of weeds and grass.
Since the beginning of June very satisfactory progress has
been made nearly everywhere except in the north, though
the crop remains late and rains in the central northern counties, where drought prevailed, have been irregularly distributed. As for fertilizers, somewhat less seems to have
been used for the State as a whole, though a few places
report increases. The tag returns show sales of 761,282
tons in the five months to May 31 1926, against 770,479 tons
in the five months of 1925, but comparing with only 668,137
tons in the corresponding period of 1924. It must, of course,
be borne in mind that this is the consumption for all crops
combined, and not for cotton alone: Home-made manures
seem to have been applied to about the usual extent. As to
activities of the weevil, there has been comparatively little
evidence of them thus far. One correspondent in the southwestern part of the State says: "Weevils are late in showing up—less this year than when cotton has been the same
size in other years, making weevils two weeks late if they
are coming out at all." It is always well, in seeking to judge
the future, to know the conditions that prevailed the previous season and therefore we note here that according to
the United States Weather Bureau, the characteristic features of the calendar year 1925 were "the heavy rains and
floods in January, the long and severe drought that followed, and the unusual heat wave of summer and early
autumn. The rainfall for January was extremely heavy
and resulted in floods in the rivers of central and southern
Georgia, which were the most destructive ever known. A
severe drought followed, which was not relieved until October. During the period of eight months from February to
September, inclusive, the deficiency in precipitation for the
State was 19 inches. The drought was especially severe
during the latter part of July, August and September and
the rivers at many places reached the lowest stages ever
known." There is nothing to add to this by way of comment
except to say that no such severe conditions have been experienced in Georgia thus far in 1926, nor does it seem
likely that they will be.
GEORGIA.
Crop Year—
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914

Area in
Cultivation.
Acres.
3,662,000
3,099,000
3,844,000
3,636,000
4,346,000
5,000,000
5,404,000
5,425,000
5,274,000
5,450,000
4,925,000
5.510.000

Area
Picked.
Acres.
3,589,000
3,046,000
3,421,000
3,418,000
4,172,000
4,900,000
5,220,000
5,341,000
5,195,000
5,277,000
4,825,000
5,433.000

Yield of
LOU Cotton
per Acre.
Pounds,
155
157
82
100
90
138
152
190
173
165
189
239

Production
-lb. Gross
500
Bales.
Bales.
1,163,902
1,003,770
588,236
714,998
787,084
1,415,129
1,659,529
2,122,405
1,883,911
1,820,939
1,908,673
2,718,037

FLORIDA.—This State does not raise much cotton. It
had last season only 103,000 acres under cultivation in cotton (of which 101,000 acres were picked), or less than onehalf of the area in cotton eleven years before in 1914. According to the Census ginning returns the yield last year
was only 38,168 bales, or an average yield of lint cotton per
acre of 180 pounds. The present year the acreage seems
to be about the same as in 1925, and conditions appear to
be on the whole quite favorable. Planting began about
March 15 and was finished April 10, though in the western
part of the State the dates seem to have been somewhat
later, extending from April 1 to April 30. In all parts of
the State the seed came up well and little replanting was
required. Good stands have been procured practically
everywhere, and the fields are free of weeds and grass.
There are virtually no complaints of any kind, though there
is some mention of its having been rather cold and an occasional reference to weevil just having come out with the
explanation, however, that little damage from that source
is expected unless the season should prove wet. Commercial
fertilizers have been applied to about the usual extent. For
the State as a whole, and for all crops combined, the consumption of fertilizers, according to the returns of the Florida Department of Agriculture, has been 195,173 tons in the
first five months of 1926, against 195,548 tons in the corresponding five months of 1925 and 154,190 tons in the same
period of 1924. In maturity the crop is about as far ad-

JUNE 26 1926.]

THE CHRONICLE

vanced as on the average, and certainly is not more than a
few days late.
FLORIDA. -

Area in
Cultivation.

Crop Year1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914

Acres.
103,000
82,000
171,000
122,000
70,000
110,000
122,000
175,000
188,000
201,000
197,000
224.000

Area
Picked.
Acres.
101,000
80,000
147,000
118,000
65,000
100,000
103,000
167,000
183,000
191,000
193,000
221.000

Yield of
Lint Cotton
per Acre.
Pounds.
180
130
40
102
80
86
74
85
100
105
120
175

Production,
500-15. Gross
Bales.
Bales.
38,168
18,961
12,345
25,021
10,905
18,114
15,922
29.415
37,858
41,449
47.831
81.255

ALABAMA.
-This State last year redeemed its record.
After several years of very poor crops, it raised in 1925
1,356,088 bales of cotton on 3,539,000 acres planted and
3,504,000 acres picked. The yield of lint cotton per acre
was 185 lbs., as against but 91 lbs. two years before, in 1923.
Yet conditions during 1925 were not altogether favorable,
though there were certain distinct points of advantage.
The season was rather dry, but it was of unusual length.
There were some generous rains during May last year, but
the remainder of the season continued more or less dry, except in certain favored sections. The drought reached its
climax during September and early October, when the
rivers dropped to the lowest stages ever recorded. August
was the dryest since the beginning of State-wide records.
Numerous high temperature records were established, only
to be broken repeatedly in September. This last was the
hottest month since the beginning of State-wide records in
1884. The Weather Bureau also says it was probably the
longest summer ever known, at least for several generations. The heat was effective in preventing much damage
by the weevil, and this along with the long open season
accounts for the satisfactory yield obtained, and most of
the crop was picked before the arrival of the fall rains.
The present season there has been a deficiency in temperature everywhere throughout the State, and rainfall has also
been below the normal, though not reaching the dimensions
of a drought, besides which, opportune rains latterly have
been very beneficial. The crop is unquestionably late, say
about ten days on the average, but otherwise conditions
are favorable-more than ordinarily so in many parts.
Stands nearly everywhere are satisfactory
-in fact, many
of our returns say they are fine. In addition, the fields are
very clean. In the northern part of the State planting began about April 15 and was finished about May 15. The
very best accounts some from this part of the' State, though
they are good everywhere. In the southern portion of the
State planting began earlier, say about March 15, and was
completed by the beginning of May. In the north hardly
any adverse developments are noted except the low temperatures; and an absence of any indications of the presence
of the weevil is noted, while it is added that last year the
damage from that cause was very slight. In the lower
portion of the state some of our returns speak of its having
been too wet as well as too cold most of the spring. Considerable replanting seems to have been necessary on bottom land, because early planted seed failed to germinate
on account of the cold, wet weather. Later planted seed,
however, came up well. Reports of increases in acreage are
general, the amount of increase running from 5%- to 15%.
None of the returns suggest any decrease, though in a few
sections the acreage is put the same as a year ago. For the
State as a whole the indications as a whole point to an
increase of about 8%. Commercial fertilizers apparently
have been applied to a greatly increased extent. The Commissioner of Agriculture reports fertilizer sales for the five
months ending May 31 1926 580,150 tons, as against 565,200
tons in the first five months of 1925 and only 444,900 tons
In the five months of 1924, though, of course, not the whole
of this tonnage is applied on cotton plantations. Homemade manures are not used to any great extent.
Area in
Cultivation.

Crop Year1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914




Acres.
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.
Acres.
3,504,000
3,055,000
3,149,000
2,771,000
2,235,000
2,858,000
2,791,000
2,570,000
1,977,000
3,225,000
3,340,000
4,007,000

Yield of
Lint Cotton
per Acre.
wwa
wwwwwW
Mw
04...4NA.Nwt.04.02OW=
...4ft .0,
000000,
w

ALABAMA.

Production,
500-1b. Gross
Bales.
Bales.
1,356,088
985.601
586,724
823,498
580,222
662,699
713,236
800,622
517,890
533,402
1,020,839
1,751,375

3525

MISSISSIPPI.
-This State in 1925 distinguished itself
beyond all others. It greatly enlarged its acreage and at
the same time enormously increased its yield per acre to
the best figure apparently ever attained and a figure at
which it was outranked by no other State in 1925 excepting
only the irrigated areas of New Mexico, Arizona and California. The yield of lint cotton was 275 lbs. per acre,
against no more than 91 lbs. two years before, in 1923, and
the total crop, the largest in the history of the State, 1,979,065 bales, against 1,098,634 bales in 1924 and but 603,808
bales in 1923. The acreage was 3,501,000 acres planted and
3,466,000 acres picked. What were the weather conditions
that made these very striking results possible? The meteorologist of the United States Weather Bureau notes
among the causes that contributed to bring about the large
yield the early planting of cotton, with the emergence of
relatively few boll weevil, followed by mostly dry, hot
weather. September had the highest mean monthly temperature of record for the State. Of course, the great
increase in the area planted in cotton was also an important
factor in swelling the size of the crop. It should be noted,
however, that the prevalence of heavy and continuous rain
in October and November lowered the grade and materially
lessened the value of the cotton, some of which remained
In the fields at the close of.the year. The present year the
complaint is the common one of deficient temperature, and
rainfall also seems to have been below the normal, but this
has reference to the State as a whole. From points in south
Mississippi not a few of the returns say that the precipitation has been excessive. At several points in southern
Mississippi the report is that it has been both too wet and
too cold. In fact, one correspondent asserts that it has been
the wettest and coldest season ever known in his vicinity,
at least through March and April . Generally speaking, on
account of the backwardness of the season, the crop is about
15 days late, though the statement is by no means of uniform application, and in more than one instance comment
is to the effect that the plants are normal in maturity and
that the crop on the average is to be regarded as neither
early nor late. Farmers in Mississippi usually begin planting April 10 to April 15, but the present year the start was
later on account of cold and also in some instances on account of its being wet. A goodly portion of the acreage
planted in April had to be replanted and in some cases
planting continued up to the end of May. Still, accounts
are far from gloomy, except in isolated instances. The
general status of the crop in Mississippi might be summed
up by saying that growth was somewhat retarded by the
extremely cold nights, but that on the whole plants are
doing well. Better weather recently has greatly helped the
situation. Stands are reported satisfactory as a rule, but
one or two correspondents say that the situation is "spotted" and one report, from the district where excessive rain
had been experienced, says that stands are only 85% entirely
satisfactory. Fields are clean as a rule, with some few
exceptions in the case of districts where there has been a
-we
superabundance of rain. Acreage is slightly larger
should say about 2%. No emphasis is laid in any of the
returns on the possibility of damage from the boll weevil,
the general tenor of the accounts being that it is too early
to judge, owing to the lateness of the crop. Commercial
fertilizers are being used in Mississippi to a gradually increasing extent. The tax tag sales indicate a consumption
of 268,760 tons in the period from Jan. 1 to May 31 in 1926,
against 246,128 tons in the same period of 1925 and only
191,581 tons in the corresponding period of 1924. Homemade composts do not cut much of a figure as aids to cotton cultivation.
MISSISSIPPI.
Crop Year1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914

Area in
Cultivation.
Acres.
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
2,760.000
3.100.000

Area
Picked.
Acres.
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
3.054.000

Yield of
Lint Cotton
per Acre.
Pounds.
275
176
91
157
148
145
160
187
155
125
167
195

Production
500-16. Gross
Bales.
Bales.
1,979,065
1,098.634
603,808
989,273
813,014
895,312
960.886
1,226,051
905,554
811,794
953,965
1.245534

LOUISIANA.
-This State, like other Gulf States, has
been extending its cotton area in recent years and greatly
improving its yield. The crop last year got near the million
mark, being 909,755 bales. This was a great change from
only two years before, when the production was no more
than 367,882 bales. The yield per acre was 232 lbs. in 1925,

THE CHRONICLE

3526

against 125 lbs. In 1923. But acreage has also been rising
rapidly, the area planted the past season having been
1,903,000 acres and the area picked 1,874,000 acres. There
was a marked deficiency of rainfall in this State last season for the months from February to August, inclusive,
with an especially marked shortage in April. In January,
and after August, in 1925, the precipitation was above the
normal, except for a moderate deficiency in December. The
activities of the weevil were checked by the dry midsummer heat, the cotton ripened unusually early and the larger
part of it was picked and ginned in good condition. Rainy
weather in September and October caused a lowering of
grade on a part of the crop. The present year temperatures were below the normal everywhere, unseasonably cool
weather having prevailed, more particularly in March and
April. Rainfall has varied widely between the northern
part and the southern part of the State. In March rains
were exceedingly heavy in virtually all parts of the State,
but in April the fall was above the normal only in the
South, reaching 6 to 10 inches, and mostly deficient in the
north, where the fall was only 2 to 5 inches. The cool
weather and the excess of rain in the southern part of
Louisiana were unfavorable, not only for cotton, but for
other crops as well. Conditions improved, however, with
better weather during the latter half of April, and cotton
cultivation has made excellent progress since then. Planting in the northern part of the State began early In April
and was finished the last of May. The heavy rains in
March, along with the cold weather, made considerable
replanting necessary, but the subsequent dry weather has
been favorable for the development of the crop, though
some of the accounts speak of the dryness having become
too pronounced. In the southern part of the State the
rainfall until quite recently was altogether too heavy, with
the result that low level ground was flooded, washing out
the seed. However, since the latter part of May the situation has changed very decidedly for the better, needed rains
having fallen in many northern localities and warmer
weather having relieved the situation in southern localities.
The result is that the progress of cotton has been good
everywhere. The plants are reported small but thrifty and
the stands a good average. The crop is late, probably about
two weeks, taking the State as a whole, but lost time is now
gradually being made up. Considerable grass is reported
in the wet areas of the South, but elsewhere the fields are
clean as a rule. Acreage may be somewhat smaller in the
flooded districts, but is moderately larger elsewhere
throughout the State. For the State as a whole there is
probably an addition of 2%. Indications of the appearance
of the boll weevil are reported in one or two instances, but
generally the statement is that the plant is too young to
admit of any expression of opinion on the matter, though
no anxiety regarding much damage in that way seems to
be entertained after the exemption experienced in 1925. Commercial fertilizeng are not much used in Louisiana and the
present year the dry weather in the north has been unfavorable to their use. Nevertheless, some of our returns
speak of a tendency to enlarge the application of these aids
to fertility. According to the Commissioner of Agriculture,
the consumption of fertilizers in the first five months of
1926 in Louisiana was 97,070 tons, against 92,551 tons in the
five months of 1925 and 110,562 tons in the five months of
1924. Scarcely any home-made manure is used on cotton.

Pounds.
232
145
125
144
114
126
93
167
210
170
165
165

Production.
500-1b. Gross
Bales.

,p

Acres.
1,874,000
1,616,000
1.405,000
1.140.000
1.188,000
1.470.000
1.527,000
1.083,000
1.454,000
1.250,000
900,000
1.299.000

Yield of
Lint Cotton
per Acre.

00-4oP.J3Q0,_
401

Acres.
1,903,000
1,666,000
1,484,000
1,175,000
1,192.000
1,555.000
1,700.000
1.700,000
1,405.000
1,20.000
1,010,000
1 mo 000

Area
Picked.

+
Ca C. CO Ca rt to C.,01
00 G2..2,0,1.+C.400

Crop Year—
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914 _

Area in
Cultivation.

as0.t9toto tow

LOUISIANA.

TEXAS.—The situation in Texas is well known. The
State constitutes an empire in itself and has been extending
its area in cotton with great rapidity, so that even in seasons of unfavorable conditions it produces more cotton than
any two other of the largest cotton producing States combined and three to four times as much as the States with
moderately large-sized crops. In 1925 conditions in Texas
were markedly unfavorable. The State suffered from extreme
and very prolonged drought, beginning several months
back in the previous year. The drought lasted all through
the last three months of 1924 and the first eight months of
1925. It was broken by general rains In September 1925,
with the rainfall excessive in October over much of the
eastern half of the State. In the first week of November
general rains occurred, effectually relieving the droughty
situation. These timely rains were of great benefit to all
late crops and added considerably to the size of the Texas
cotton crop, but lowered its grade. Early killing frosts,
however, in the northern portion of the State near the close
of October stopped the growth of cotton in the late-maturing sections and greatly lowered both the yield and the
grade. Nevertheless and notwithstanding all these drawbacks, Texas for 1925 has a crop to its credit., according to




[Vol.. 122.

the Census ginning returns, of 4,164,569 bales. This was
the result, too, on a yield of lint cotton per acre of only 113
lbs., or lower than the product per acre last season in any
other State, and comparing with a yield in Mississippi of
as high as 275 lbs. per acre. No less than 19,139,000 acres
were planted in cotton in Texas in 1925 at the beginning of
the season and 17,608,000 acres remained to be picked after
/
itn abandonment of over 112 million acres. Only four years
before, in 1921, the area harvested was no more than 10,745,000 acres, showing an addition to area in the short
space of four years of almost seven million acres. It is
easy to perceive from these figures the possibility of a perfectly enormous yield in the event of conditions entirely
propitious. One important drawback to a full yield which
existed in 1925 is entirely absent the present season. We
refer to the lack of moisture. In that respect the situation
at the present time is in sharp contrast with that prevailing
In 1925. Owing to eleven months' continued drought, subsoil moisture in 1925 was entirely lacking. There is no
lack of moisture anywhere in Texas at this time and that
Is a consideration of the highest importance. Rains have
been abundant thus far and even if a dry period should
now intervene the Texas crop by reason of the present
abundance of subsoil moisture would be well fortified
against any great amount of harm from that source. The
cotton plant has a tap root which extends deep down into
the soil and with this subsoil adequately saturated, as it
is now, It can stand almost any amount of heat, accompanied by extremely high temperatures. The greatest
danger is in the possibility of continued heavy rains and
low temperatures, conditions which would allow the boll
weevil to thrive. On that point all that can be said at this
time is that thus far there is nothing to show that the
weevil are going to be more destructive or more numerous
than they were last year when their activity was at a
minimum because of the long prevailing drought, though,
of course, it is too early to venture on positive prediction
at this early stage of the season, especially as the crop is
somewhat backward. Furthermore, from the western part
of the State, where there is much virgin soil recently given
over to cotton, there come to us- very positive statements
saying that absolutely no boll weevil have been encountered
In the history of cotton raising in those sections.
Texas is a State of such vast extent that in order to obtain any accurate idea of conditions it is necessary to take
up each of the different sections of the State by themselves
according to the points of the compass. In the northeast
the complaint is that the weather has been too cold and
too wet and that much replanting was found necessary.
Here planting extended through April and May. In east
Texas the report is that much of the earlier planting had
to be replanted because the spring was cold and wet, but
that since the rains ceased the weather has been ideal.
From southeast Texas, on the Gulf Coast, there is also complaint that the early spring was too cold and too wet, necessitating much replanting. Here planting operations extended through March and April and present condition is
reported as good. In southwest Texas planting began
March 20 and was completed May 15. On account of the
cold nights early planted seed showed poor germination and
wet weather was an additional drawback, but late planted
cotton and also replantings look well. Since the latter
part of May the weather has been entirely favorable. In
south Texas and on the Rio Grande planting began as early
as Jan. 15 and cotton there is already nearing maturity,
the first bale from Hidalgo County having been received at
Houston on June 19. In central Texas planting began Mar.
20, but because of bad weather some replanting was being
done towards the end of May. Still, one of our correspondents In Brenham, Texas, points out that his county made
1,000 bales of cotton last season, but says the present season conditions are vastly different from what they were
twelve months ago and "we ought to make 25,000 bales at
the least" In west Texas planting lasted from May 1 to
May 31 and here also there is complaint of the weather
having been too wet and too cold. Hard rains packed the
earth and prevented germination and yet not to a very
large degree. More recently the weather has been good
and fine for growing. From parts of western Texas the
statement comes that the weather has been unusually favorable for cotton. In northwest Texas, where planting
began the last week of April and was completed the last
week in May, germination was at first a little slow because
the ground was cold, but has been good from the middle of
May on. One return says that many farmers were afraid
of their seed so were liberal in the quantity put in the
ground. At one station where the normal precipitation Is
1.72 inches, the rainfall in May reached 5.14 inches; this
interfered somewhat with work. The same return, however, says that continued rains as a whole helped in bringing up the seed. While the weather up to May 15 was too
cold it has since then been ideal.
As indicating what a vast change in yield weather conditions may make, a correspondent in Hale County, after
pointing out that while the county in 1924, when conditions were average, produced 30,000 bales of cotton and in
1925, when they were bad, produced only 19,500 bales, says
the 1926 crop will be about 19,000 bales with unfavorable
conditions ahead, 30,000 bales with average conditions
ahead and 41,000 bales with excellent conditions ahead.

JUNE 26 1926.]

THE CHRONICLE

3527

ARKANSAS.—Arkansas is another State that gave an
Another correspondent in the northwestern part of Texas
exceptionally good account of itself last season, raising a
reports conditions there as a whole the best in five years.
Virtually everywhere in Texas conditions have been highly crop, according to the Census ginning returns, of 1,603,227
only 627,535 bales
favorable thus far in June. Stands, too, nearly everywhere bales, against 1,097,985 bales in 1924, and
are reported good--in many cases, in fact, excellent. Fields in 1923. The acreage was by far the largest in the history
planted and 3,738,as a rule are clear of weeds and grass, but not entirely so, of the State, 3,814,000 acres having been
however. This is quite noteworthy because of the wet 000 acres picked. The product per acre reached 205 lbs.,
weather, which gave grass and weeds a big start. But against 169 lbs. In 1924 and but 98 lbs. In 1923. The season
cultivation has been actively in progress and in the few in Arkansas last year was unusually early, the same as
cases where weeds were still present when our returns were nearly everywhere else in the country. Rainfall during the
being forwarded it is added that the fields could be easily first six months of 1925 was very deficient, the average
cleaned and that the work would be completed within a few precipitation for the State being only 14.32 inches, or 11.87
inches below the normal and approximately 3 inches less
days.
The extent of the change in acreage from a year ago is than ever previously measured during the same months.
difficult to estimate in the case of a State of such vast size. The situation in this particular, however, was relieved in
While here and there throughout the State some decrease the second half of the year, though September was marked
in acreage is noted by our returns, these come mainly from by unusually high day temperatures. The cotton crop did
farmers who suffered disaster with their wheat crop in not suffer from the dry weather of the spring and early
1925 and then planted the abandoned acreage in cotton. summer. In fact, according to the Weather Bureau, it
Not much abandonment of wheat acreage occurred the pres- kept grass from growing as rapidly as it usually does and
ent season. In its return for May 1 1925 the United States farmers were able to keep fields clean and well cultivated.
Department of Agriculture reported that no less than 62% at much less expense than is required during a spring and
dry weather also
of the winter wheat area planted in Texas the previous summer of average rainfall. The hot,
autumn had to be abandoned, leaving only 692,000 acres in held the boll weevil in check and damage from the weevil
that State to be harvested. This was last year. In its and from worms was not large in 1925. The present seareturn for May 1 1926 the Department reported that no son the cool weather was unfavorable to the germination of
more than 2% of the acreage planted had been abandoned, the seed and rainfall was below the normal. A distinction
leaving 1,744,000 acres to be harvested. Aside from reduc- must, however, be made in this latter particular between
tions growing out of this change in the wheat situation, it the northern part of the State and the southern. In the
can be affirmed with great positiveness that there has been northern part it was very dry, in the southern part much
no tendency to decrease acreage in any section of the State. too wet. In the north planting began about April 25 and
On the other hand, many increases are reported and many was finished about the end of May. In the southern part
of these are of huge dimensions, at least in ratio-25%, It began somewhat earlier, say April 15 and was completed
50%, 100% and in one instance even 200%. The extremely about May 15. Some replanting was necessary both in the
high ratios of addition of course are found mainly in central north and in the south. Early planted cotton required more
and western Texas and represent virgin land being brought or less replanting in all parts of the State, the cool weather
under cultivation. Obviously these extreme percentages of and low temperatures having retarded germination. The
increase apply only to limited areas. What relation they crop is five days to two weeks late nearly everywhere, but
bear to the State's big aggregate of cotton acreage it is since the latter part of May good progress has been made,
extremely difficult to say. From the investigations we due to local showers, though it is still too dry in some north
have found it possible to make we are inclined to think that central portions where stands are poor or only fair. Else
the additions of new land will more than offset the scat- where stands are very good and the fields clean and well
tered decreases reported. As already pointed out, the total cultivated, with chopping virtually completed. Acreage
cotton area of Texas has been mounting with surprising apparently is about the same as in 1925, when it was larger
rapidity. The additions have seemed almost incredible and than ever before; decreases at certain points have been offthe Department of Agriculture at Washington has found set by increases at others. There are no complaints regardit necessary to revise its estimates upwards repeatedly. In ing the weevil and it is really too early to know much about
its preliminary estimate as of June 25 1925 the Department them. In fertilizers there has been an increase in central
put the State's acreage at 18,237,000 acres. In its final esti- and southwestern Arkansas and a decreasle elsewhere.
mate, issued on May 15 of the present year, the area in cul- Fertilizer shipments into Arkansas for the five months
tivation on June 25 1925 was raised to 19,139,000 acres. ending May 31 in 1926 were only 103,812 tons, against 122,This, as already indicated, was by far the largest acreage 329 tons in the corresponding five months of 1925.
ever planted.
Yield of
Production.
Accepting this final figure as correct, we can find no
Lint Cotion 500-lb. Gross
Area
Area in
reason for thinking the acreage planted the present season
per Acre.
Bales.
Picked.
Cultivation.
ARKANSAS.
is any smaller. However, under date of June 2 1926,
Pounds
Bales.
Acres.
Acres.
Crop Year—
George B. Terrell, Commissioner of Agriculture for the 1925
205
1,603,227
3,738.000
3,814,000
169
1,097,985
3,094.000
3,173.000
State of Texas, gave out a preliminary report on the dif- 1924
98
627,535
3,026.000
3,120,000
ferent crops of the State and in this the acreage of cotton 1923
173
1,018,021
2,799,000
2,827,000
1922
160
796,936
2.382.000
2,418.000
planted in 1926 is estimated at 98% of that planted in 1925, 1921
1,214,448
195
2,980,000
3,055.000
a. reduction of 2%, and we will be erring on the safe side if 1920
155
884,473
2,725,000
2,865,000
1919
158
987.340
2,991,000
3,035,000
we accept this estimate of a 2% decrease. In order not to 1918
170
973,752
2.740 000
2,810,000
mislead, however, it seems desirable to add that Mr. Ter- 1917
209
1,134,033
2,600.000
2,630.000
1916
180
816,002
2,170,000
rell is prone to underestimate. It is worth noting that Mr. 1915
2.260.000
196
1.016.170
2.480.000
2.550.000
Terrell places the condition of the crop in Texas as of May 25 1914
at 79%, which compares with 67% on the same date in
1925. This affords perhaps the best evidence that could be
OKLAHOMA.—This State disappointed expectations last
adduced to show how much more favorable the outlook for season, since the crop turned out only a little larger than in
cotton in that great State is the present year than it was 1924, being 1,690,748 bales, against 1,510,570 bales, notwithstanding that the acreage picked was 5,214,000 acres in
twelve months ago.
As to fertilizers, that is not a large item in Texas. How- 1925, against 3,861,000 acres in 1924. In the case of both
ever, in a small way their use is increasing. Including cot- years, however, the crop was over double that of the years
ton seed meal, the consumption for the five months ending immediately preceding. Many parts of the State last seaMay 31 1926 is reported at 127,800 tons, as against 92,733 son suffered from severe drought the same as Texas. Retons in the corresponding five months of 1925 and 117,291 lief came in September, but apparently too late to do much
tons In the five months of 1924. The crop is perhaps one to good. The present season the rainfall has been irregularly
two weeks late. The statement, however, is not by any distributed, there being a general and quite marked demeans true of all parts of the State. In some large sections ficiency over the eastern portion of the State, while rainIn the western part of the State the crop is fully up to the fall has been generally excessive in the western portion of
average in maturity and in two or three counties it is ac- the State. Latterly the situation has been reversed and
tually in advance of the average—in one county, according there have ben moderately heavy general rains in east and
to our reports, it is earlier by ten to twelve days. Some central Oklahoma, but only light showers in the west.
slight activity on the part of the weevil is noted only at Planting began about April 20 and was completed about
three or four points in southeastern and central Texas. On May 25, though in some cases not before the 1st of June.
the other hand, there are sporadic reports of grasshoppers The weather has been too cold everywhere in the State, the
and worms in a few other parts of Texas.
cold nights being an especial drawback, but of late temperatures have been quite seasonable and the crop has made
Yield of
Production,
good progress. Stands are spotted, being as a rule good,
Lint Cotton 500
Area
-lb. Gross
Area in
TEXAS.
though only fair in some instances. The fields are genper Acre.
Picked.
Bales.
Cultivation.
erally clean and well cultivated. The acreage seems to be
Pounds.
Bales.
Acres.
Acres.
Year—
Crop
about 5% smaller than in 1925, due, however, almost en113
4,164,569
17,608,000
19.139,000
1925
tirely to a single special circumstance, namely the fact that
138
17,175,000
4,951,059
17,706,000
1924
147
14,150.000
4,342,298
14,440,000
last year the winter wheat crop in Oklahoma, like that of
1923
130
11,874,000
3,221,888
12,241.000
1922
Texas, met with disaster and a good part of the abandoned
98
2,198,158
10,745,000
11,193,000
1921
174
4,345,282
11,898,000
12,265.000
acreage was replanted in cotton, while the present year
1920
140
10,476,000
3,098,967
11,025,000
1919
there was no occasion for anything of the kind. The United
115
2,696,561
11,233,000
11,950,000
1918
135
3,125,378
11,092,000
11,676,000
States Department of Agriculture a year ago reported that
1917
11,400,000
157
3,725,700
11,525,000
1916
17% of the winter wheat acreage in Oklahoma had been
147
3,227,480
10,510,000
10,725,000
1915
184
4.592.112 . abandoned, leaving only 3,037,000 acres for harvest, while
11.931.000
12.052.000
grill




Crop
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914

Year-

Area in
Cultivation.

Area
Picked.

Yield of
Lint Couon
per Acre.

Acres.
5,320,000
4,022,000
3,400,000
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

Acres.
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

Pounds.
155
187
98
103
104
230
195
92
165
154
162
212

Production,
500-15. Gross
Bales.
Bales.
1,690,748
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 suffered from deficient moisture last year, the rainfall during the crop-growing months
of May, June, July and August averaging only 56% of the
normal, and this drawback was accentuated in early September by one of the hottest periods ever known in the
State. Nevertheless it raised over half a million bales of
-on a planted area of
cotton-in exact figures 517,162 bales
1,191,000 acres and a picked area of 1,173,000 acres. The
average yield of lint cotton per acre was 210 lbs., as against
only 170 lbs. per acre in 1924 and but 92 lbs. In 1923. The
present year there is again deficient moisture. The deficiency extended all through the months of February,
March and April. In June thus far the rainfall also has
been only moderate, but has been large enough to be beneficial. As elsewhere in the South, the weather was rather
cold during the early spring, but has been entirely favorable
since the 1st of June. The remark applies both to temperature and moisture. Planting began about April 25 and was
completed about May 20. On account of the low temperatures and also because some of the seed was bad and there
was lack of moisture, replanting was found necessary to
the extent of about 10%. Stands are not uniformly good;
In those fields, however, where they have been unsatisfactory, this defect is now being remedied under greatly improved weather conditions. The crop almost without exception is in a good state of cultivation, with the fields free
from grass and weeds. The dry weather has, of course,
been contributory to this. The presence of the weevil has
not been noted up to the present time. In maturity the
crop is about "formal in certain parts of the State, but as a
whole about ten days late. As to acreage, small increases
are reported by some of our correspondents and slight decreases by others. For the State as a whole the acreage
would appear to be approximately the same as a year ago
and we leave it unchanged at last year's figures as reported
by the United States Agricultural Department in its final
revision. The use of commercial fertilizers is steadily growing in this State, the tax tag sales showing 124,360 tons
taken in the five months ending May 31 the present year,
against 110,867 tons in the five months of 1925 and 91,953
tons in the same period of 1924. So far as this has been
applied to cotton, it will serve to maintain the State's high
yielq per acre, which for 1925, as already noted, was 210
lbs. per acre.

TENNESSEE.
Crop Year1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914

Area in
Cultivation.

Area
Picked.

Acres.
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

Acres.
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

Prodnaion,
Yield of
Lint Colton 500-18. Gross
per Acre. . Bales. Pounds.
210
170
92
190
228
185
195
175
130
206
188
200

Baits.
517,162
356,189
227,941
390,994
301,950
325,085
310,044
329,697
240,525
382,422
303,420
383,517

-This State does not raise a large amount
MISSOURI.
of cotton, but the production is steadily increasing from
year to year, both as a result of additions to acreage and a
larger yield per acre. The total product In 1925 was 294,441 bales on an area of 520,000 aeres and a yield of 275 lbs.
of lint cotton per acre, which compares with only 185 lbs. in
1924 and 171 lbs. in 1923, but with 360 lbs. in 1922, when
the acreage was only about one-fifth of that of 1925. The
present year there seems to have been a small further increase in the acreage
-say about 3%. Stands appear to be
only fair, but the fields are reported cleaner than usual.
Planting began the latter part of April and was completed
about May 25. The early plantings came up poorly, but the
late plantings did well. Considerable replanting was found
necessary because of the cool and dry weather, and also because of the poor seed used. Since the 1st of June the
weather has been entirely favorable. The boll weevil has




never been present to any great extent in Missouri. The
crop is some ten to fifteen days later than in 1925, when,
however, it was unusually early. As compared with the
average season, it is probably only a few days behind in
maturity. Fertilizers are not used to any great extent in
counties of heavy production, but some are used in the upland section, comprising about 8% of the crop of the State,
and here there has been a slight increase in the quantity
applied the present season.

MISSOURI.
Crop Year1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914

Area in
Cultivation.

Area
Picked.

Acres.
542,000
524,000
394,000
201,000
104,000
143,000
132,000
155,000
161,000
136,000
105,000
148,000

Acres.
520,000
493,000
355,000
198,000
103,000
136,000
125,000
148,000
153,000
133,000
96,000
145,000

Yield of
Lint Cotton
per Acre.
Pounds.
275
185
171
360
325
275
257
200
190
225
240
270

Production,
500-lb. Gross
Bales.
Bales.
294,441
189,115
120,894
142,529
69,931
78,856
64,031
62,162
60,831
62,699
47,999
81,752

-Acreage in California
CALIFORNIA AND ARIZONA.
appears to be about the same as in 1925, but in Arizona and
New Mexico there is apparently a slight increase, say about
2%, in each State. In California planting began about
April 10 and was completed about May 20. The seed came
up fairly well, but replanting was necessary to the extent
of about 5%, due to crusting of soil following heavy April
rains. Since then conditions have been favorable, with the
weather generally hot and dry. In California the crop is
about of average date in point of maturity, but in Arizona
It is ten days late. In Arizona planting began March 10 and
was finished May 10. Here the weather was both too cold
and too wet early in the season. In both California and
Arizona good stands have been secured, with the plants in
healthy condition. In both States, too, cultivation has been
thorough, leaving little to be desired, while chopping has
been completed. Boll weevil are not present in California,
but a small number of wild weevil abound in eastern Arizona, though they do little actual damage as a rule. Comparatively little fertilizers of any kind are used in this
territory.

CALIFORNIA
Crop Year1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914

Area in
Cultivation.
Acres.
a171,000
a130,000
a235,000
a210,000
a140,000
a278,000
a185,000
a192,000
155,000
55,000
41,000

Area
Picked.
Acres.
169,000
130,000
233,000
202,000
140,000
275,000
185,000
173,000
136,000
52,000
39,000

47660

ARIZONA.
Crop Year1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914

Area in
Cultivation.
Acres.
162,000
183,000
130,000
105,000
94,000
235,000
112,000
100,000
46,000

47000

Area
Picked.
Acres.
162,000
180,000
127,000
101,000
90,000
230,000
107,000
95,000
41,000

Yield of
Lint Cotton
per Acre.
C001.-anacnoocow.a,
DOONOWOMMO”.0,

the present year the report is that only 1% has had to be
abandoned, leaving 4,500,000 acres to be harvested. Little
or no mention is made of weevil and in the few cases where
there is any reference to them it is to the effect that their
activities promise to be lighter than usual, though it is admitted that It is much too early for definite judgment in
that regard. Only a small quantity of fertilizers is used
as yet in Oklahoma, but there has been a slight increase
the present year and the same remark applies to homemade manures.
OKLAHOMA.

[VOL. 122.

. TICE CHRONICLE

3528

Yield of
Lint Cotton
per Acre.
Pounds,
350
285
292
222
242
224
270
280
285

Production.
500-1b. Gros
Bales.
Bales.
120,519
77,823
54,373
28,423
34,109
75,183
56,107
67,351
57,826
43,620
28,551
49.835
Production,
500-lb. Gross
Bales.
Bales.
118,588
107,606
77,520
46,749
45,323
103,121
59,849
55,604
21,737

•
ALL OTHER
STATES.
Crop
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915

Year-

1914

Area in
Cultivation.
Acres,
197,000
172 000
92 000
48 000
20 000
25 000
10 000
13 000
16 000
525 000
515 000
020 nnn

UNITED
STATES.

Area in
Cultivation.

Crop Year.
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915

Acres.
48,090,000
42,641,000
38,709,000
34,016,000
31,678,000
37,043,000
35,133,000
37,217,000
34,925,000
36,052,000
32,107,000
17 ens nen

1914_

Area
Picked.
Acres.
164,000
142,000
73,000
44,000
8,000
24,000
0,000
12,000
5,000
025,000
b 5,000
7390 nnn

Area
Picked.

Yield of
Lint Cotton
per Acre.
Pounds.
256
215
228
208
231
252
250
250
175
___
___

Production,
500-1b. Gros
Bales.
Bales.
87,962
67.305
33,672
19,310
8,715
13,239
4,947
6,157
5,666
513,604
57,149
hl4 MIR

Yield of Production
Lint
500-Lb.
Cotton
Gross
per Acre.
Bales.

Linters
Equivalent
-Lb.
500
Bales.

Acres.
Pounds.
46,053,000
167.2
41,360,000
157.4
37.420,000
130.6
33,036,000
141.5
30,509,000
124.5
35,878,000
178.4
33,566,000
161.5
36,008,000
159.6
33,841,000
159.7
34,985,000
156.6
31,412,000
170.3

Bales.
16,085,905
13,627,936
10,139,671
9,762,069
7,953,641
13,439,603
11,420,763
12,040,632
11,302,375
11,449,930
11,191,820

Bales.
822,860
897,555
670.489
610,161
397,752
440,313
607,969
929.516
1,125,719
1,330,714
931,141

IA 559 MA

111 124 ORA

588,900

9062

a California figures embrace the entire Imperial Valley, including about 150,000
acres in Mexico in 1925, 140,000 acres In 1924, 150,000 acres In 1923. 140,000 acres
In 1922, 85,000 acres In 1921, 125,000 acres in 1920, 100,000 acres in 1919, 88,000
acres in 1918; none of which is counted In the grand total for the United States.
S Includes Arizona figures for the years 1914-1915 and 1916.

a.

JUNE 26 1926.]

THE CHRONICLE

3529

THERMOMETER RECORD AT SOUTHERN CITIES FOR THREE
YEARS.

THERFebruary.
March.
April.
May.
MOM
ETER. 1926. 1925. 1924 1926. 1925. 1924. 1926. 1925. 1924. 1926.
1925. 1924.

THERFebruary.
1,
.1f Oral.
[
Aprli
May
MOM
ETER. 1926. 1925.,1924.,1926. 1925. 1924. 1926. 1925. 1924. 1926. 1925.
1924.
1,
Virginia.
.
Louisiana.
Norfolk.
New Orrns.
Highest
i
72.0 74.0 68.0 82.0 82.0 76.0 84.0 92.0 82.0 00.0
94.0 89.0
Highest
78.0 80.0 76.0, 77.0 85.0 84.0 87.0 88.0 85.0 90.0 90.0 90.0
Lowest
21.0 28.0 25.0 22.0 16.0 29.0 33.0 40.0
Lowest
36.0 39.0 33.0, 34.0 36.0 38.0 48.0 54.0 42.0 58.0 54.0
Average 44.2 49.2 40.5 44.2 51.4 46.8 55.3 59.2 33.0 00.0 44.0 50.0
55.4 00.0 64.0 65.0
Average 58.8 61.2 55.2 57.6 65.2 58.7 67.0 72.4 69.11 74.8 74.8 59.0
No. Caro.
74.2
Shreveport.
tilt/ming/on
Highest
77.0 82.0 75.9 81.0 83.0 82.0 85.0 91.0 89.095.0 92.0 90 0
Highest 72.0 74.0 68.0 76.0 81.0 78.0 82.0 93.0
85.0 93.0 90.0 88.0
Lowest
32.0 33.0 23.9 33.0 31.0 29.0 40.0 46.0 38.0' 48.0 44.0 46.0
Lowest
28.0 30.0 25.0 21.0 24.0 29.0 34.0 40.0
Average 55.4 56.2 49.0, 54.0 60.7 53.3 62.4 70.9 65.4 72.8 73.0 68.6
Average 50.2 54.2 46.1 49.1 56.6 52.3 60.6 64.0 35.0 45.0 46.0 47.0
60.8 68.8 67.9 69.3
Gr'd Coteau
Weldon.
Highest 76.0 79.0 79.01 78.0 85.0 83.0 83.0 90.0 85.0 91.0 92.0 91 0
Highest 75.0 82.0 70.0 82.0 84.0 78.0 89.0 97.0
85.0 95.0 98.0 92.0
Lowest
32.0 31.0 25.0 33.0 33.0 30.0 39.0 50.0 36.0 49.0 45.0 47.0
Lowest
20.0 24.0 22.0 12.0 17.0 29.0 28.0 36.0
Average 57.1 60.0 54.0 56.9 64.4 56.6 65.5 71.6 67.6 72.7 72.9 71.8
Average 46.0 49.2 41.4 46.0 53.0 47.0 58.4 62.3 31.0 37.0 40.0 44.0
58.2 68.0 66.4 67.6
Mississippi
Charlotte.
Columbus.
Highest 73.0 73.0 66.0 77.0 83.0 79.0 85.0 96.0
I
85.0 96.0 96.0 90.0
Highest 80.0 77.0 ...... 80.0 85.0 82.0 86.0 93.0 86.0 99.0 97.0
Lowest
23.0 27.0 21.0 16.0 17.0 25. 33.0 34.0
Lowest
24.0 22.0 22.01 19.0 20.0 27.0 29.0 39.0 30.0 95.0 38.0
Average 46.2 50.6 40.6 45.0 54.2 48.6 58.5 63.9 29.0 46.0 41.0 45.0
53.8 69.9 66.2 66.0
Average 52.2 54.0 47.8 50.6 58.7 51.2 61.0 69.4 63.61 70.8 71.0
Raleigh.
1
Vicksburg.
Highest 74.0 75.0 68.0 79.0 85.0 79.0 85.0 93.0
Highest 78.0 80.0 76.01 78.0 83.0 83.0 84.0 89.0 86.0 93.0 93.0
Lowest
23.0 24.0 22.0 16.0 17.0 25.0 31.0 38.0 86.0 93.0 94.0 89.0
Lowest
29.0 31.0 24.01 26.0 28.0 31.0 37.0 47.0 35.0 50.0 47.0
Average 46.2 50.6 40.6 45.2 53.4 48.7 57.8 62.0 31.0 43.0 43.0 46.0
57.8 68.2 64.8 66.8
Average 54.5 55.8 49.2 53.1 60.8 53.2 62.2 70.6 65.3 72.0 72.1
Morganton
Brookhaven
Highest 71.0 70.0 63.0 78.0 83.0 75.0 85.0 94.0
85.0 95.0 93.0 87.0
Highest 81.0 78.0 7710 78.0 87.0 82.0 88.0 95.0 88.0 97.0 97.0
Lowest
17.0 18.0 16.0 15.0 13.0 24.0 29.0
Lowest
26.0 29.0 23.0 25.0 26.0 27.0 33.0 47.0 33.0 48.0 40.0
Average 45.4 48.2 39.6 44.5 52.2 46.2 57.2 29.0 25.0 39.0 36.0 40.0
61.8 57.4 67.5 62.8 62.4
Average 55.8 57.4 51.4 54.0 62.4 54.4 63.4 72.2 67.2 73.5 73.6
So. Caro.
Waynesboro
Charleston.
Highest 80.0 -------78.0
Highest 72.0 72.0 73.0 77.0 83.0 80.0 84.0 92.0
87.0 91.0 84.0 96.0 93.0
Lowest
25.0 --------22.0 -------31.0 38.0 35.0 45.0 38.0
Lowest
32.0 32.0 29.0 25.0 30.0 30.0 41.0 40.0 86.0 95.0 90.0 92.0
Average 52.5 --------52.5 -------- 62.4 68.6 63.2 71.3 70.8
Average 52.9 55.6 49.5 52.4 59.2 54.0 62.8 66.8 41.0 53.0 51.0 53.0
64.0 72.6 71.0 72.9
Arkansas
Columbia.
Little Rock
Highest 73.0 75.0 72.0 78.0 86.0 81.0 86.0 94.0
Highest 72.0 76.0 76.0 80.0 83.0 78.0 83.0 00.0 88.0 96.0 92.0 88.0
Lowest
26.0 29.0 22.0 20.0 24.0 27.0 38.0 34.0 85.0 100.0 93.0 91.0
Lowest
27.0 23.0 15.0 27.0 23.0 26.0 36.0 47.0 31.0 46.0 44.0 44.0
Average 50.4 53.8 44.5 48.4 57.8 52.2 82.1 66.8 33.0 50.0 45.0 51.0
62.2 72.6 69.3 69.6
Average 49.2 50.0 44.1 48.7 56.8 47.3 59.2 68.2 62.6 70.6 69.1 65.6
Anderson.
Fort Smith
Highest 75.0 75.0 72.0 78.0 86.0 81.0 80.0 90.0
85.0 90.0 93.0 88.0
Highest 74.0 78.0 73.0 82.0 85.0 78.0 86.0 89.0 91.0 96.0 92.0 89.0
Lowest
24.0 25.0 18.01 16.0 27.0 24.0 33.0
Lowest
27.0 24.0 14.0 28.0 19.0 25.0 32.0 43.0 31.0 46.0 43.0
Average 48.2 51.5 43.0 46.1 55.9 50.0 59.5 32.0 29.01 42.0 42.0 47.0
65.2 60.2 70.8 67.8 66.2
Average 48.4 48.3 42.2 47.6 56.2 46.0 58.4 67.6 61.8 70.6 68.5 43.0
Greenwood.
65.2
Camden.
Highest
75.0 75.0 71.0 73.0 85.0 82.0 79.0 91.0 83.0100.0
93.0 87.0
Highest 76.0 80.0 76.0 81.0 81.0 83.0 85.0 02.0 88.0 95.0 95.0
Lowest
24.0 26.0 19.0 16.0 20.0 23.0 33.0 34.0
90.0
28.0 45.0 44.0 47.0
Lowest
Average 48.1 51.2 40.7 45.1 54.6 48.3 58.3 65.6
25.0 22.0 17.0 27.0 24.0 24.0 30.0 37.0 280 44.0 35.0
59.6 70.8 66.7 66.0
Average 50.9 50.8 44.0 49.8 55.7 49.0 58.4 68.0 61.6 69.5 68.8 41 0
Georgia.
65.7
Tennesses
Augusta.
Nashville.
Highest 75.0 75.0 73.0 80.0 87.0 84.0 86.0 94.0
85.0 100.0 95.0 92.1
Highest 70.0 73.0 68.0 78.0 80.0 74.0 84.0 90.0 84.0 93.0
Lowest
14.0 28.0 26.0 23.0 26.0 28.0 39.0
93.0 86.0
Lowest
22.0 20.0 18.0 18.0 16.0 23.0 31.0 38.0 25.0 45.0
Average 51.9 51.0 46.0 50.0 58.6 53.0 62.8 37.0 35.0 51.0 46.0 50.1
67.7 63.41 72.7 70.2 70.1
Average 44.4 47.4 38.8 43.2 52.8 43.5 55.8 64.2 59.3 68.0 42.0 42.1
Atlanta.
64.0 62.9
MCM phis.
Highest 73.0 71.0 71.0 75.0 81.0 77.0 81.0 93.0
Highest 70.0 72.0 74.0 77.0 80.0 76.0 81.0 88.0 88.0 94.0
Lowest
26.0 20.0 19.0 18.0 18.0 23.0 32.0 39.0 82.0, 92.0 91.0 86.1
90.0 88.0
29.0, 48.0 42.0 44.1
Lowest
27.0 26.0 20.0 23.0 24.0 27.0 35.0 44.0 31.0 47.0
Average 47.2 51.1 42.2 45.' 55.3 48.9 59.0
66.4 59.2 70.0 68.0 65.1
Average 48.4 49.7 42.8 47.4 56.6 46.0 58.3 68.2 62.1 71.0 44.0 44.(
Savannah.
68.0 64.1
Ash wood.
I
Highest 78.0 78.0 76.0 77.0 86.0 85.0 88.0 94.0
84.0 98.0 91.0 93.1
Highest
72.0 72.0 71.0 77.0 82.1 75.0 83.0 89.0 86.0 93.0 90.0
Lowest
30.0 28.0 28.0 27.0 31.0 29.0 42.0
86.1
Lowest
Average 54.8 58.0 50.2 53.8 61.4 55.3 64.8 38.0 40.0 53.0 47.0 52.1
22.0 19.0 16.0 15.0 15.0 23.0 27.0 33.0 21.0
68.2 85.4 73.1 71.4 72.0
Average 46.2 49.0 89.6 43.6 53.0 44.3 55.6 63.8 59.6 37.0 39.0 38.(
Florida.
67.0 61.0 61.1
I
Texas.
Jacksonville
Galveston.
Highest 79.0 77.0 77.0 78.0 85.0 85.0 87.0
88.0 83.0 04.0 89.0 93.1
Highest
71.0 78.0 720 75.0 78.0 78.0 80.0 83.0 77.0 84.0 86.0
Lowest
32.0 30.0 31.0 28.0 33.0 32.0 45.0
85.1
Lowest
38.0 42.0 35.0 38.0 50.0 37.0 52.0 46.0 47.0 57.0
Average 58.0 60.2 54.6 58.0 64.0 58.2 66.6 42.0 44.0 55.0 51.0 54.1
69.0 67.7 73.8 72.5 741
Average 58.8 60.6 55.6 58.9 66.2 58.8 66.6 72.2 67.2, 73.8 53.0 59.1
Tampa.
75.2 72.1
Palestine.
Highest 82.0 82.0 79.0 83.0 87.0 82.0 87.0
1
91.0 88.0 90.0 91.0 91.1
Highest
77.0 82.0 78.0 80.0 84.0 81.0 82.0 90.0 86.0, 92.0
Lowest
38.0 38.0 38.0 36.0 45.0 41.0
Lowest
31.0 30.0 26.0 32.0 34.0 28.01 39.0 49.0 36.0 48.0 93.0 89.1
Average 61.8 64.2 59.2 62.8 68.3 62.0 54.0 52.0 53.0 60.0 54.0 59.i
69.8 71.9 72.4 75.4 75.6 76.1
Average 56.4 56.6 49.1 53.9 62.4 53.0 61.8 70.8 65.2 71.6 45.0 47.)
Tallahassee
73.0 68.1
Abilene.
Highest 77.0 76.0 77.0 80.0 86.0 __
86.0 89.0 86.0 96.0 94.0 93.0
Highest 82.0 83.0 79.0 82.0 90.0 86.0 90.0 102.0 91.0!
Lowest
28.0 29.0 29.0 ____ 29.0 30:0 41.0
97.0
Lowest
26.0 25.0 22.0 26.0 26.0 22.01 35.0 43.0 33.0, 44.0 99.0 95.
Average 54.0 57.6 53.1 ___ 63.6 55.0 66.0 44.0 40.0 49. 50.0 49.1
42.0 44.1
70.0 67.4 73. 74.* 72.
6
Average 54.4 54.7 45.5 52.2 62.7 50.2 59.6 70.7 63.0,
Alabama.
72.0 71.4 68.1
SatiAnton 0
Montgomery
I
Highest 81.0 83.0 81.0 84.0 87.0 88.0 84.0 95.1
Highest 78.0 77.0 77.0 79.0 85.0 82.0 83.0
90.0 92.0 101.0 94.1
91.0
Lowest
38.0 36.0 32.0 36.0 42.0 30.01 42.0 47.1
Lowest
29.0 26.0 26.0 24.0 26.0 29.0 38.0 46.0 85.0 94. 93. 91.
,
Average 61.2 61.5 54.4 58.6 67.6 58.6 65.7 74.2 39.0 52.0 46.0 53.
Average 53.2 55.2 49.4 51.6 60.4 53.1 62.8 69.6 36.0 51.0 48. 49.
69.2 74.6 77.2 71.
64.6 72.2 72. 69.
4
Huntsville
Mobile.
Highest 88.0 75.0 76.0, 79.0 33.0 79.0 81.0 91.0 84.0
Highest
77.0 81.0 71.0 79.0 83.0 80.0 79.0 89.0
90.0 94.0 89.
Lowest
32.0 30.0 26.0 33.0 36.0 29.0 31.0 48.0
Lowest
31.0 33.0 31.0 29.0 31.0 31.0 42.0 51.0 84.0 91.0 89.0 87.
38.0 56.0 49.0 51.
Average 55.1 55.4 50.0 56.0 62.4 54.9 62.8 71.2 34.0 50.0 42.0 49.
Average 55.8 57.4 52.4 55.2 62.2 56.0
66.6 72.1 73.6 70.
64.5 70.0 66.6 72.8 72.3 71.
Eufaula.
Longview.
Highest
Highest 76.0 75.0 73.0 76.0 84.0 79.0
83.0 71.0 ---- - 1.0 79.0 86.0 90.0 89.0 117.0 92.0 90.
3
80.0
Lowest
Lowest
31.0 22.0 ___ 31.0 29.0 33.0 48.0 41.0 13.0
26.0 26.0 26.0 22.0 25.0 28.0 35.0 89.0 83.0 92.0 94.0 90.
48.0 48.
Average ...... 54.7 45.4 ____ 61.1 50.0 61.1 70.7
Average 50.6 53.0 46.8 49.9 57.6 51.6' 61.0 39.0 35.0 43.0 43.0 48.
63.4 71.8 73.2 67.
67.1 63.2 70.0 70.9 68.2
Oklahoma
Birmingham
I
Okla. City.
Highest 76.0 75.0 75.0 78.0 82.0 78.0 82.0
90.0
Highest
78.0 76.0 76.0 79.0 85.0 75.0 86.0 90 0 90.0 94.0 93.0 90.
Lowest
26.0 23.0 24.0 19.0 21.0 25.0, 32.0 41.0 84.0 93.0 92.0 89.
0
30.0 48.0 42.0 43.
Lowest
AVflrfure
23.0 19.0 12.0, 20.0 19.0 10.0 27.0 400 34.0
4 1 R 59 11 4R 2 48 9 57 9 NI 9 coo
,
coo e9 A en ft RO 2 RR
43.0
7
Averag k 17 5 411 9 All RI AR 5 cc_ fl .1 1 1 FA CI RA 2 RR 01 45.0 07 r1 40 0
70 0
02

11

1,

-------I

1

. N eoruary
.

RAINFALL RECORD AT SOUTHERN CITIES FOR THREE
YEARS.

IMarch.

11
April.
May.
RAINFALL. 1926. 1925. 1924 1926. 1925. 1924. 1926.
1925. 1924.11926. 1925. 1924.
Virginia.
Norfolk.
RalotalLin. 2.50 1.31 3.15 3.11 3.29
Days rain.
8
9
8
12
7
No.Caro.
Wilm'n.
Raintall,in. 3.98 2.52 2.61 4.19 2.19
Days rain.
6
9
9
10
6
Weldon.
RalritalLin. 4.11 2.43 4.68 3.66 2.35
Days rain.
9
9
8
13
6
Charlotte.
RaintalLin. 4.06 1.91 4.18 4.80 2.39
Days rain.
8
10
11
11
7
Raleigh.
RaintalLin. 4.20 1.70 4.95 5.17 2.31
Days rain
5
10
9
13
5
Morcet'n
RainfalLin 3.82 1.16 3.19 3.20 2.17
Days rain
7
7
8
7
7
So. Caro.
Charles'n
RainfalLin
Days rain
Columbia
Raltdall,in
Days rain
Anderson
RaintalLin
Days rain.
Greenw'd
Raintall.in.
Days rain.

1
3.16 2.45 1.74 2.89 ____
13
8
10
10 ___

2.70 3.34 1.16 2.20 3.37 3.08 5.02
7
10
7
10
11
7
10
3.38 2.45 1.02 2.78 1.49 5.81 9 13
10
8
9
10
.5
6
13
2.40 1.28 2.34 6.18 2.40 1.64 282
15
8
6
14
9
9
8
2.08 1.64 2.57 3.08 0.35 4.11
5.16
10
8
11
9
7
9
11
3.10 2.24 1.57 6.44 2.40 2.05
4.24
12
8
8
14
8
7
10

3.03 1.84 1.57 3.61 1.28 3.68 2.48 1.89 5.78
6
10
7
12
6
9
6
4
7
3.16 1.08 2.18 5.00 0.87 2.90 1.94 1.21 6.66
6
9
8
13
7
7
8
4
12
4.76 1.02 3.82 5.11 3.37 3.18 1.54 3.37 8.15
8
5
11
8
7
7
5
3
10
3.89 2.12 3.82 5.17 2.16 2.88 2.43 1.47 6.21
6
10
7
8
3
5
5
5
12

2.33 1.96 2.39
8
4
8
0.60 3.18 3.79
6
7
10
0.60 1.08 4.41
6
5
9

0.23
2
Georgia.
Augusta.
RainfalLin 3.38 1.14 2.86 5.70 0.86 2.89 2.02 3.23 3.93
0.31
Days rain
6
8
10
10
6
8
8
6
9
5
Atlanta.
RainfalLin 4.46 1.70 2.97 4.97 3.68 1.86 0.96 1.17 7.76
0.8
Days rain
9
9
11
13
9
8
9
5
12
7
Savannah
Raintall,in 3.37 2.80 1.92 4.74 0.04 4.54 2.24 2.37 3.87
2.67
nava rain
6
10
7
11
2
9
7
6
0
6




1.72 7.47
10
15

1.21 5.8.
4
13

2.73 2.7.
3
9
11
2.00 3.6,
9
8
2.4
7

1.49
5

, nary.
eor
.0 arco.
APrzi.
May.
ii
RAINFALL. 1926. 1925. 1924 1926. 1925. 1924 1926 1925. 1924
1926. 1925. 1924.
Florida
Jacksonv.
Raintalhin. 1.66 00)1 2.85 2.20 1.14 7.18 3.89
1.54 3.00 1.66 4.75 0.49
Days rain.
7
7
9
9
8
11
7
3
8
4
9
5
Tampa.
RaintalLin. 0.65 1.63 3.35 5.47 0.54 7.24 5.75
1.09 1.56 1.70 6.58 5.51
Days rain.
6
6
9
8
3
11
9
5
8
8
10
5
Tallahas.
Raintall,in. 5.13 5 18 3.17 5.30 1.13 2.81
4.80 0.90 4.42 2.68 1.32 1.73
Days rain.
9
7
6
8
6
9
7
3
4
7
7
8
Alabama.
Montgom
RaInfalLin. 4.26 3,97 5.75 5.65 4.24 3.25
1.47 1.71 6.18 2.50 1.83 4.40
Days rain. 10
7
8
12
8
11
7
3
10 11 10
9
hfobit&
Raintall,in. 7.06 2.53 4.37 9.42 0.78 1.07
3.69 0.43 4.10 1 1.77 4.18 4.10
Days rain.
5
7
7
11
5
8
9
4
8
7
10
Eufaula.
7
Raintall,in. 4.85 1.85 3.67 8.23 3.41 2.76
2.45 1.65 5.72 4.00 1.11 3.73
Days rain.
6
7
8
9
8
9
9
5
8
12
Birm'lem
Raintall.in. 3.23 3.32 5.89 4.88 5.47 4.10
6
1.77 1.15 5.62 4.31 2.44 3.44
Days rain.
9
11
12
9
7
10
9
7
12 1 12
6
Louisiana.
9
New On.
Raintall,1n. 3.02 1.64 5.53 15.95 1.04
2.39 6.39 0.70 3.11 13.66 4.51 5.96
Days rain.
5
6
9
14
4
6
8
4
8
7
8
9
Shrevey't.
RainfalLin. 1.89 0.83 3.83 6.17 4.19 4.32
5.14 0.76 2.81 3.6 1.45 7.04
Days rain.
4
3
10
10
7
9
8
2
9
9
6
Od. Coteau.
12
Rainfall,in. 4.79 3.89 3.21 9.93 3.71
3.0310.49 2.31 4.6: 5.3 1.3 2.16
Days rain.
4
8
10
12
4
10
7
6
11
4
8
Mississippi
9
Columbus
RainfalLin. 3.15 3.22 3.58 4.29 4.34 6.02
2.66 1.21 6.0' 4.13" 4.6
7
,
Days rain.
5
5
7
6
4
8
6
2
7
5
4
Vicksburg
RaintalLin. 1.42 2.77 3.79 5.05 1.97 5.52
3.28 2.49 3.7 2.7 6.17
Days rain.
4
7
11
11
6
9
8
3
12
8
4
Brooklen.
FialatalLin. 4.27 3.67 2.94 11.37 1.93 2.82
5.25 0.22 4.71 5.44 2.57
Days rain.
4
8
10
14
6
7
7
3
12
Waynesb
5
Rainiall,in 5.09 5.24 5.22 9.25 2.13 4.02
3.44 0.75 4.24 3MS 5.09
Days rain
4
6
8
11
3
5 I
7
1
7
6
5

1
1

[VOL. 122.

THE CHRONICLE

3530

May.
April.
March.
I
February.
RAINMay.
April
March.
February.
FALL.
1926. 1925. 1924. 1926. 1925. 1924.
1928. 1925. 1924. 1926. 1925. 1924 1926. 1925. 1924. 1926. 9125. 1924. --- 1926. 1925. 1924., 1926. 1925. 1924.
Texas.
Arkansas.
Galveston
Littlerlock
Rainfall.in. 1.27 0.20 5.67 9.39 0.07 1.43 5.49 1.54 1.14 4.08 1.37 3.33
Raintall.ln. 3.52 3.78 1.69 5.11 0.52 2.70 3.11 1.08 5.43 1.56 1.42 2.41
7 __-- ---3
7
6
3
7
8
14
3
4
9
Days rain.
4
10
6
10
1
9 1 11
4
10
10
10
Days rain.
Palestine.
Helena.
RaInfall.ln. 0.49 0.96 3.97 9.38 0.43 4.31 4.35 1.05 2.66 6.18 1.21 4.71
2.57 3.97 3.08 7.63 2.72 5.02 2.61 1.67 7.07 ____ 1.44 __
RaInfall.in.
9 ---- ---6
6
6
3
7
15
2
5
8
Days rain.
8 ____
11 ____
5
11
10
4
13
6
9
Days rain.
12
Abilene.
Ft. Smith
0.07 1.51 3.65 0.02 2.15 3.86 5.03 2.92 2.65 5.40 5.17
0.85 1.96 1.86 5.01 7.57 2.86 1.26 3.06 Raintall.M. _
Rah:113,11.1n. 1.32 1.66 1.55 2.80
7 ---- -9
4
9
7
6
1
12
1
Days rain. ____
5
8
9
7
10
12
10
5
10
4
9
4
Days rain.
San Ant.
Camden.
3.27 2.91 1.25 5.68 4.01 ____ 5.92 Itainfall.in. 0.03 0.09 3.02 4.77 0.24 1.29 7.06 0.18 3.36 3.33 2.85 4.71
Raintall,in. 2.08 2.69 3.81 8.73 1.64
10 -_- ---2
7
11
3
10
6
17
8 ____ 11
2
2
Days rain.
12
5
9
10
5
10
10
3
6
Days rain.
Hu Usrille
Ten nesse°
0 3.80 8.80 0.60 3.60 8.90 1.05 7.20 4.00 2.20 5.30
Rainfall.ln 0.40
Nashville
8 ___- ---3
5
4
4
8
1
1
0
6
Raintail.in. 2.06 4.88 3.44 3.88 3.34 1.74 2.45 3.74 3.55 2.15 1.95 6.39 Days rain.
Lo .oview
15
5
10
10
11
10
10 112
11
11
12
Days rain. 12
RaInfall.in. ____ 1.47 3.50 ____ 2.61 3.40 2.70 2.16 3.37 4.31 2.65 7.64
Memphis
7 ---- ---4
7
5
7
4
3
9 _-__
Rainta11.1n. 2.76 4.52 2.52 5.79 1.4S 2.32 1.67 0.89 4.74 1.20 1.36 6.36 Days rain. ___
11
3
Oklahoma
4
12
6
8
9
5
9
10
10
7
Days rain.
a.
Ok, City
A shwood.
0.54 1.81 0.28 3.83 2.66 4.02 3.67 2.09 2.63 2.53
RaIntall,in.
RaIntall.in. 1.75 3.15 5.15 3.60 3.25 2.50 1.35 3.95 3.63 1.50 3.15 6.85 Days rain. 0.04 0.69
7
4
8
7
7
10
2
11
4
7
2
2
13
4
6
7 I
10
4
7I
7
10
11
8
6
Days rain.

RAINFALL.

1

I

.
The foregoing tables cf rainfall and thermometer, covering as they do-and necessarily so on account of lack of space
only a very few stations in the cotton bRIt, 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, or the last eight years, and the highest,
of
lowest and average thermometer for the like periods, furnishes data that should not only be of considerable interest but
aid to the reader in drawing conclusions.
I
TEMPE/VAT( ICE.

111,1JIV,f11.4A.

January.

February.

March.

April.

January.

May.

February.

May.

April.

March.

-1.23
-1.34
+0.84
+0.61
+0.13
+0.51
+2.06
-0.72

1.67
2.80
5.27
4.30
5.07
4.98
1.85
5.27

-2.46
-1.27
+1.19
+020
+1.04
+0.11
-2.41
+1.17

75 -3
9
74
2
75
78
9
82 -1
7
77
80 --10
77 --7

40.1
40.8
39.6
44.0
39.8
42.3
40.1
42.5

76 -1 45.0
5 4.90
82
2 39.9
76
79 ---1 41.0
3 47.6
83
79 11 44.8
72 -3 38.7
3 41.4
77

I +0.59 2.08
r -2.21 2.12
-1.20 5 90
+1.16 3.48
+4.10 5.11
-1 58 2.43
+283 5.13
-0.96 2.10

-0.59
-0.92
+2.84
+0.50
+2.14
-0.48
+2.21
-0.76

1.0f
2.18
4.43
6.44
5.89
5.30
1.77
5.23

-2.51
-1.40
+0.75
+2.18
+2.31
+1.79
-1.69
+1.72

76
76
76
80
81
70
85
80

12
18
1
20
14
17
6
8

44.1
44.o
43.3
49.0
44.2
46.9
46.2
47.1

78
80
79
82
84
85
76
75

12
19
13
11
14
19
8
17

49.3
52.4
44.2
44.8
52.6
49.4
42.8
47.6

83
99
88
88
89
91
87
82

19
17
24
28
10
27

+0.93
-2.84
-1.47
+1.11
+3.38
-3.21
+2.62
-0.56

2.28
1.72
5.99
3.92
3.56
3.34
7.29
2.25

-1.30
-1.84
+2.43
+0.36
norm.
-0.22
+3 73
-1.17

1.69
1.80
3.73
8.79
7.18
4.11
4.51
4.66

-1.81
-1.59
+0.34
+540
+3.79
+0.72
+1.29
+1.49

( 45.6
84
83 12 48.0
81 -9 43.3
18 51.3
81
82 12 46.6
78 21 49.9
4 48.8
84
2 47.1
79

82
85
84
86
86
85
77
79

15
12
10
0
14
20
9
18

50.8
53.6
46.7
49.4
55.5
61.8
46.0
49.5

83
91
89
88
88
94
91
84

-0.83
-1.12
+0.17
-1.63
-0.51
-1.56
+2.42
+1.66

+1.38
-0.96
+3.45
-0.87
-0.50
-1.16
-1.83
+2.20

4.53
1.54
3.24
2.39
0.891
2.031
6.28
2.33

+1.85
-1.25
+0.73
-0.37
-1.71
-0.58
+4.04
-0.15

2.76
6.01
3.06
0.01
7.42
4.02
4.98
6.45

-1.74
+1.89
-1.32
+5.01
+3.01
-0.23
+1.09
+2.62

94
90
88
88
92
89
87
88

21
26
12
27
21
28
21
14

57.0
63.7
59.9
61.7
59.0
60.9
81.1
57.8

90
88
88
90
90
89
87
88

23
23
24
15
24
27
19
24

60.4
63.0
58.0
62.2
65.3
62.1
57.1
60.2

4.42
3.51
4.65
5.93
6.12
5.21
4.11
6.93

-0.88
-1.79
-0.67
+0.52
+0.77
+0.04
-137
+1.54

+0.77
-2.59
-2.38
+0.74
+4.65
-0.94
+1.77
+1.84

2.32
1.51
5.58
5.97
4.14
6.55
9.21
3.51

-1.97
-2.94
+1.19
+1.45
-0.24
+2.05
+500
-0.85

2.95
2.36
4.22
8.59
6.70
1.98
492
6.07

-0.58
-1.79
+0.24
+454
+2.63
-1.9(1
+0.88
+2.05

13
77
82 14
75 --2
81 23
79 15
79 18
81
10
77 --11

45.3
48.4
41.8
52.0
47.4
50.0
47.0
44.5

80
82
81
83
83
81
77
80

20
19
12
10
15
16
11
17

+2,08
+3.01
+1.84
-0.34
+1.70
-1.27
+2.29
+1.97

2.67
2.38
4.94
5.63
5.37
2.04
3.41
5.71

-1.90
-2.39
+0.37
+0.99
+0.81
-2.28
-1.00
+1.05

,,wcnomwt.

+6.90
-2.38
-1.02
+1.83
+5.53
+1.35
-0.74
-0.24

6.53
1.00
4.41
6.24
4.34
6.77
4 67
5.56

+1.81
-3.72
-0.31
+1.52
-0.49
+1.77
+0.28
+1.30

5.39
2.60
4.78
8.00
6.81
2.71
4.44
8.22

+1.06
-1.73
+0.45
+3.67
-1.84
-1.39
+0.34
+4.08

78
82
80
82
84
84
88
82

20
18
8
25
21
23
20
6

49.3
50.9
46.7
58.0
51.0
56.7
52 8
48.7

84
87
81
85
88
86
83
82

6.46
8.58
6.56
4.47
6.52
3.04
6.70
5.46

+1.25
+3.48
+1.59
-0.47
+1.49
-2.00
+1.75
+0.78

3.06
3.81
4.51
6.43
6.43
4.25
3.07
5.42

-1.87
-1.16
-0.43
+1.51
+1.56
-0.66
-1.90
+0.39

3.37
1.15
5.04
8.54
5.23
9.35
9.48
5.17

-1.91
-4.26
-0.37
+3.12
-0.23
+4.09
+439
+0.18

t.si

-0.84
-1.43

cnot
;D-4C);ciiu

+1.91
-2.78
-1.59
+1.73
+4.46
+2.64
+0.32
+1.24

12
76
80 11
2
78
82 23
81 20
80 23
84 15
78 -3

45.3
47.5
42.2
63.3
46.7
51.7
47.3
44.9

84
85
83
83
86
83
79
78

4.69
2.88
3.19
5.78
2.60
2.07
6.49
3.00

+0.59
-1.55
-1.04
+1.55
-1.69
-2.08
+2.09
-1.23

2.02
3.37
2.26
4.66
4.89
3.59
1.26
3.34

-1.33
+0.09
-1.02
+1.38
+1.61
-0.18
-2.15
-0.25

+0.83
-3.01
-1.43
+0.34
+3.88
+2.10
+0.53
+1.05

2.65
2.62
4.99
6.30
5.54
7.87
5.49
3.56

-2.21-7
-2.16 1.88 --3
+0.21 4.64 -0.48
+1.52 8.24 +3.12
+0.76 5.00 -0.12
+3.02 2.25 -2.83
+0.89 8.17 +2.86
-1.27 6.01 +1.11

4.30
3.51
5.87
6.19
4.36
3.34
6.34
5.39

-0.72
-1.42
+0.92
+1.19
-0.70
-1.56
+1.86
+0.88

2.67
4.48
3.99
4.69
4.36
5.37
3.59
3.23

-1.44
+0.37
-0.10
+0.43
+0.24
+1.21
-0.82
-1.16

-1.46
-2.97
-2.21
+2.25
+3.89
+0.09
• +0.28
+2.40

2.61
3.34
4.75
5.08
5.44
5.16
8.16
3.27

-2.02
-1.15
+0.14
+0.64
+0.84
+0.46
+3.59
-1.31

2.92
1.98
5.75.
6.60
4.84
2.37
4.25
6.52

3.11
1.39
1.73
1.88
2.47
1.79
4.03
3.09

+1.28
-0.44
-0.02
+0.13
-0.72
+0.04
+22.8
+1.85

0.34
0.46
2.49
4.50
1.77
1.51
0.77
1.92

-1.52
-1.40
+0.69
+2.70
-0.03
-0.29
-1.03
+0.02

+2.75
-1.41
+0.28
+1.04
+1.71
+0.82
-0.61
+0.69

3.88
2.06
2.33
4.16
6.26
3.48
1.05
2.55

+0.63
-1.19
-0.89
+0.94
+3.04
+9.46
-2.17
-0.48

2.24
0.94
0.72
2.00
1.50
2.00
1.87
0.74

+0.80
-0.39
-0.65
+0.80
+0.26
+0.84
+0.42
-0.50

0.52
0.85
0.93
1.11
1.31
1.52
0.49
.
1.901

-1.00
-0.65
-0.51
-0.47
-0.11
+0.13
-0.90
+0.52

+0.53
-1.31
+1.46
+0.43
+1.96
+1.05
+0.63
+0.04

2.73
4.50
4.21
4.00
6.50
3.76
2.52
4.07

-0.64
+1.12
+0.91
+0.84
+3.52
+0.18
-0.83
+1.37

-1

4.04
2.15
4.68
3.29
2.78
4.31
4.47
3.85

-0.02
-1.89
+0.28
-0.62
+1.89
+0.22
+0.31
-0.38

5.85
8.54
4.34
2.74
3.53
3.84
3.66
4.15

+2.52
+4.95
+0.88
-0.70
+0.07
+0.39
+0.22
+0.71

3.54
1.69
3.54
3.83
6.62
4.73
4.05
4.73

-0.32
-2.63
-0.85
-0.58
+2.19
+0.37
-0.30
+0.37

7.66
10.84
5.39
4.01
4.71
2.98
490
4.97

+3.42
+6.90
+1.45
+0.07
+0.77
-0.96
+0.89
+0.99

4.54
2.10
3.96
4.81
8.35
4.43
459
6.96

-0.46
-2.87
-1.01
-0.16
+1.38
-0.54
-0.52
+1.83

9.80
5.11
4.12
1.75
2.19
1.37
2,60
2.32

+3.01
+2.33
+1.25
-1.05
-0.89
-1.49
-030
-0.56

2.21
206
3.30
1.63
2.84
1.77
5.41
4.91

8.23
9.59
6.67
3.99
7.08
3.23
6.80
5.84

+3.17
+4.68
+1.73
-0.89
+2.30
-1.65
+2.20
+1.07

665
7.58
6.39
4.21
5.96
3.09
6.73
8.33




) -0.10
1 -1.97
I -1.63
r +1.09
1 +2.63
I -1.50
) +1.13
1 +0.62

W:t,Cab:Nis

1.32
+2.33
+1.01
-0.06
+0.87
+0.45
-0.09
+LOS

bbOobiEni,

2.45
2.44
4.44
4.18
3.70
4.03
5.54
2.96

5.27
6.16
4.75
3.78
4.58
4.12
3 17
4.75

1-.h,W.laN;40N

N. Caro 1926
1925
1924
1923
1922
1921
1920
1919
130. Car.
1926
1925
1924
1923
1922
1921
1920
1919
Georgia
1926
1925
1924
1923
1922
1921
1920
1919
Florida
1926
1925
1924
1923
1922
1921
1920
1919
Alabama
1923
1925
1924
1923
1922
1921
1920
1919
Louisiana
1926
1925
1924
1923
1922
1921
1920.
1919
Sli8sisalp0l1926
1923
1924
1923
1922
1921
1920
1919
Lrkansas1926
1025
1924
1923
1922
1921
1920
1919
7ennessee1926
1925
1924
1923
1922
1921
1920
1919
'exas1926
1925
1924
1923
1922
1921
1920
1919
1klahoma1926
1925
1924
1923
1922
1921
1920
1919

ocncoc4cnw..cp

Dep.
Dep.
Dep.
Dep.
Dep.
High Low Mean High Low Mean High Low Mean High Low Mean High Low
Avge. from Avge from Avge. from Avge. from Avge. from
Normal
Normal
Normal
Normal
Normal

meals

87 -7 43.7
89 -5 52.2
6 46.6
84
5 51.2
88
87 18 52.0
91
17 58.6
88 -7 48.3
82 19 61.4

90
99
92
91
9(
92
93
03

5
18
5
7
23
17
13
16

56.1 1.02
91
61.4
94
56.6
90
57.1
60.4 94
611.0
05
56 7 92
97
57.9

26
20
24
25
29
26
2
30

66.3
63.5
63.9
64.8
67.2
64.1
62.5
67.2

C 48.8
55.0
51.0
66.2
55.5
62.5
52.3
56.5

94
99
91
94
95
91
94
92

20
25
24
18
33
27
26
24

110.3 103
65.9 100
61.6
96
94
61.5
64.5
98
63.3
98
Cl 4 95
62.4
96

38
31
93
31
38
36
42
42

70.6
68.3
6.80
68.0
71.0
68.1
67.6
71.0

8
9
18
12
20
27
5
26

49.9
58.2
52.4
57.3
57.5
64.5
535
58.5

94
99
90
96
96
92
91
93

24
26
23
16
28
24
22
26

62.1 103
67.5 100
63.2 98
63.7 93
99
66.8
63.6 101
98
62 7
98
63.9

40
28
34
30
40
341
401
391

71.3
70.3
69.0
69.1
72.0
70.1
69.6
71.4

92
93
92
94
94
94
97
9

22
25
25
26
28
33
21
34

61.4
66.0
61.1
67.7
67.4
70.8
63.0
66.9

95
96
99
98
94
95
94

3r
34
34
34
38
30
3
30

69.0
70.3
70.8
71.6
73.2
70.3
70.9
68.8

99
of
103
97
99
93
07
98

51.3
53.5
47.0
47.8
54.3
51.0
46.3
47.7

85
90
87
89
85
89
86
83

13
13
19
16
23
27
10
21

50.0
58.4
51.4
55.0
56.2
64.0
52.6
56.7

8f
96
90
90
92
88
91
92

24
31
22
24
32
27
25
24

61.2
68.2
63.3
63.3
66.9
62.3
82.3
82.6

99
99
94
94
97
98
97
93

23
20
12
16
19
24
21
22

56.0
58.4
52.5
53.9
58.9
58.8
54.2
53.9

84
88
89
89
91
92
88
88

2'
22
22
18
18
28
17
23

55.9
62.4
58.0
68.8
59.9
68.6
58.1
61.4

90
95
92
92
91
90
95
93

20
36
29
32
37
.30
26
31

64.2
70.8
67.2
67.9
70.5
65.6
0.6.7
66.2

90
DR
95
97
07
100
100
92

40
30
40
38
46
31
49
42

72.3
72.4
70.9
72.5
75.0
73.1
78.5
71.8

21
19
18
10
19
24
14
13

52.8
54.6
48.3
47.5
53.7
52.5
48.8
49.2

83
88
88
87
87
91
89
86

12
18
20
15
21
27
IS
22

51.7
59.4
51.9
54.8
56.5
65.5
55.0
57.1

92
95
90
90
91
90
92
92

28
33
26
23
36
30
28
28

61.3
69.3
64.6
64.1
67.7
62.8
63.4
63.1

102
98
95
97
95
99
99
90

40
32
38
38
47
30
44
41

71.1
70.0
68.4
70.1
72.7
71.3
73.2
69.3

77 17 40.5
76 -4 40.8
79 -6 36.1
80 15 48.6
74
4 39.1
85
6 46.9
82 11 39.6
75 -3 41.4

88 10
83 12
82 -7
80
5
84 10
85 -3
79 -2
80 -10

48.5
49.3
42.9
41.9
47.8
48.3
45.0
44.1

86
89
84
88
85
92
88
86

11
7
5
2
7
18
2
11

48.5
55.9
46.6
49.6
51.7
60.8
61.8
63.2

94
98
94
95
90
91
04
95

18
28
18
23
26
22
11
24

59.1
87.4 162
94
61.4
08
61.4
63.5 100
59.8 99
96
59.8
61.6 96

26
30
27
40
29
39
38

6
- 8.0

-1.16
-2.20
+1.67
+2.31
+0.57
-1.71
+0.20
+2.49

69 -4
1
67
71 --13
72 17
69 --3
74
9
78 --8
74 --8

38.4
40.1
34.2
44.4
38.9
43.1
38.9
39.3

76
77
76
75
80
79
73
73

0 43.3
79
4 52.2
85
14 4.40
81
9 48.8
81
84 19 51.2
89 22 59.6
86 -5 45.4
8
11 50.4

87
98
94
88
92
89
90
91

19
23
17
14
23
16
23
19

55.6
63.6
58.7
57.6
61.8
59.3
53.1
59.0

100
99
92
90
92
98
93
93

32
31
33
29
31
31
27
33

68.0
64.0
61.8
65.2
68.5
66.8
67.0
65.4

3.34
2.63
4.36
1.97
4.35
1.95
5.11
5.27

-0.32
-1.03
+0.68
-1.71
+0.67
-1.73
+1.43
+1.84

88 -3
89 -3
86 -5
93
7
92 -5
4
92
90 -1
84 -17

44.7
45.6
43.5
56.4
45.9
54.1
45.6
45.3

55.1
63.1
53.6
54.8
57.7
64.5
57.3
57.3

103
107
107
103
107
105
110
9

14
28
21
27
23
18
9
23

62.0
71.4
65.6
60.2
67.6
64.3
65.0
65.6

105
115
105
108
105
104
106
109

34
33
35
33
30
37
40

72.1
73.8
69.9
74.0
75.0
73.6
74.3
70.7

3.06
2.38
2.44
6.63
572
2.04
0.33
4.61

-1.60
-2.2-4
-2.40
+1.58

72 --10
73 --7
76 --10
9
83
77 --7
4
80
78 --6
72 --20
1

37.9
35.4
34.7
47.5
36.1
44.3
36.5
37.8

89
47.3
56.1 102
43.2 95
48.2 93
95
50.1
96
57.0
51.3 97
97
61.2

10
27
22
22
15
13
9
19

55.5
88.1
60.0
60.2
60.8
59.1
67.1
69.5

99
105
102
102
100
100
10
9

32
30
28
30
34
29
36
3

69.2
68.0
63.8
67.0
69.1
70.0
69.0
66.0

3.7t•
4.52
909
5.88
60
1.
5.86
7.96

+463
+1.34
,
+134
+3.58

-11

-0:05
-0.86

10 41.7
10 47.4
39.3
38.9
5 45.8
16 45.2
0 49.0
4 41.2

95 13 55.9
96 11 56.7
95
8 49.8
93 -4 49.1
100 -2 54.6
95
4 53.9
8 53.0
93
94
8 49.5
83 12
7
87
8 --5
74 --10
87 --1
88
2
84 -6
80, -2

47.9
47.8
42.2
39.4
44.2
4.5.1
43.3
40.9

9
94
100 13
4
104
4
99
100 --12
100 10
98 -4
92 15
f
86
9
96
I
86
3
87
85-18
9
94
87-18
11
8

74.6
74.0
75.0
39 74.3
50 75.5
47 72.9
:8 I:
31' 70.4
33 70.3
36 67.9

V
37 :
1; ;S:77
40 69.2

66.0
67.2
70.8
69.7
70.8
66.0

Jura)26 1926.]

3531

THE CHRONICLE

Indications of Business Activity

1

have declined. Lead, tin and antimony have advanced.
THE STATE OF TRADE—COMMERCIAL EPITOME.
Hog products showed some slight decline for the week, but
Friday Night, June 25 1926.
There is no increase in wholesale trade, though retail hogs are still at $15, and this suggests that the consumpbusiness is better than a year ago under the spur of reduced tion of corn this year for feeding purposes may be unprices at big special sales. Rains have been beneficial to usually large. The weather has been more favorable for
the grain and cotton crops. Grain prices have declined building, although still too cool in some parts of the counpartly for this reason and partly because the Haugen or try, even in some sections of the South.
On the whole there has recently been some falling off in
so-called farm relief bill was defeated in the United States
Senate on the 24th inst. by a vote of 45 to 39. The expose of building, and lumber has latterly been dull. But with
Its defects by Secretary of the Treasury Mellon last week more seasonable weather it is natural to suppose that buildproved to be fatal to its chances of passage. Prices of ing and lumber markets will both be stimulated. Rubber
corn, which it was claimed, were to be raised by the enact- has latterly been lower here and in London, as stocks gradment of the bill have declined, however thus far only 1 to 2 ually increase and consumers manifest no great eagerness
cents. And the drop in prices was partly due to the favor- to buy, even at present reduced prices. The stock market
able weather for the growing crop and the dulness of the has been irregular, and to-day there was some decline here
cash trade. The Corn Belt needs warmer weather, but is and there, with less activity in the trading. But railroad
doing very well. Wheat is 3 to 7 cents lower than a week shares have been well maintained, even when industrial
ago, owing partly to disappointment over the defeat of the stocks have fallen. Money on call has been steady of late
Haugen bill. Yet, as a matter of fact, it would have had at 4%%. Bonds have been in good demand, both for railIn the end a pernicious effect on the wheat growing indus- road and industrials, including foreign issues. Brazilian
try, putting it on stilts, and thus in an unnatural position. exchange has been at the highest point since 1920. Another
It is better for the farmer to keep his feet on terra firma Brazilian loan has been negotiated in this country. Sterand face realities, diversify his crops and reckon with the ling has been firm at the peak rate for 1926. French francs
stern verities of the market at home and abroad. Coddling have been alternately firmer and weaker, and ended to-day
him with special legislation, designed to nullify natural law, at some decline. Spanish and Uruguayan exchange was
could only end in his discomfiture. The Kansas crop is depressed. The tendency of Japanese yen has been upward,
turning out better than expected and the Canadian crop and this is expected to have a beneficial effect on Japanese
may approximate 500,000,000 bushels. Spring.wheat looks buying of American commodities like cotton, especially as
better. It appears that rye has declined sharply, partly be- Japanese textile industries are very prosperous and the
cause of the failure of the Haugen bill and partly because East Indian cotton crop seems to be threatened by deficient
of the dulness of the export trade. The floods in Germany monsoon rains. M. Briand has formed a new Ministry in
may stimulate it sooner or later if they have done serious France with M. Caillaux as Finance Minister. It is hoped
damage. Cotton has been irregular, advancing on the near that a way out will soon be found, but it will not be found
months and declining slightly on the more distant. The unless the French people face realities and submit to taxaoutlook for the cotton crop at the present time is on the tion commensurate with that accepted by other nations.
whole very favorable on an acreage differing but little It would appear that the capital levy which was threatened
from that of last year. That, it is well known, was the by M. Herrot's possible accession to power, is no longer
largest on record. A period of dry, hot weather, concededly, to be feared, or at least not for the time being. London
would be beneficial over most sections of the Belt in order has been quiet, and it appears that popular subscriptions
to promote germination and keep down the weevil. Perhaps to the Commonwealth bond issue are not satisfactory,
the Carolinas would be the better for more rain. " Exports amounting, it seems, to not much more than 60%. It is
of cotton this week are smaller than last week, but a little significant as indicating increased caution among the
larger than for this week last year. And the total thus far financial public of Great Britain.
Car loadings for the week ending June 12 were 1,060,214,
this season shows a decrease much less than half what it
an increaes of 114,250 over the preceding week and 70,341
did at one time in April.
Textile trades have been quiet, although printers are over the corresponding week of 1925.
Boston wired that the Pacific mills will close down the
doing a rather better business in Fall River. Print cloths
here, however, have declined % to litc. on most lines, with- print works at Lawrence substantially in full from June 25
out stimulating business. Wool has been a little more ac- to July 6 for stock taking, and the cotton and worsted detive and about steady. The Australian sales have been at partments will be closed down from June 30 to July 6.
irregular prices. The better grades have .been relatively Another dispatch from Boston stated that the Arlington
firm, while others have been in some cases somewhat lower. mills will reduce the quarterly dividend to $1 50, thus breakThe woolen goods industry is still quiet. Only a fair busi- ing the annual rate of $8 which had been paid since Oct. 1
ness has been done in broad silk. Sales of silk fabrics do 1917, in addition to a stock dividend of 50% in April 1920.
not increase much. Raw silk has been dull, but on the At Lowell, Mass., the local Chamber of Commerce is making
whole comparatively steady. Rayon prices are to be re- a strenuous effort to keep the Lawrence Manufacturing Co.
duced on July 1 for the first time in two years. Foreign from passing out of existence, with no success, it is said.
competition, it seems, makes that necessary. Shoe manu- The liquidation steps are being continued. At one time
facturing is quiet. So also is the furniture trade. Recently this company employed well over 4,000 operatives, manusales of pig iron were reported as rather large, but of late facturing hosiery and underwear, and was said to be the
they have fallen off and prices are none too steady. Some largest plant of its kind in the world. If the mills really
increase in steel orders is reported here and there, but in go under, as it now seems inevitable, the loss to Lowell will
the main the steel industry is not at all active and the ten- be most severe. On the other hand, regarding the local
dency is towards curtailment of output. It is now about75 to textile situation, it is stated that business with the Merri80%. Coffee has advanced, owing partly, it appears, to Bra- mac and Booth mills is good. Under its new management
zilian and European buying and higher Brazilian markets, the Tremont and Suffolk mills are also starting to show
as well as local covering. There is a scarcity here of No. 7 signs of activity. At New Bedford, Mass., mill curtailment
Rio and this is naturally a sustaining factor. The tendency was reported to be steadily increasing. One mill has
has been to oversell coffee on the idea that supplies are so stopped the night shift and another plant will run only four
large that Brazilians would have to lower quotations. On days a week. In the New Bedford, Mass., district, it is
the contrary, the so-called Defense Committee in Brazil is estimated that fully 25,000 looms are standing idle in the
to all appearances sustaining prices successfully, at least mills. This amount of curtailment has rarely been equaled.
At Adams, Mass., on July 21, a strike of 1,800 of the 2,000
for the time being. Sugar has declined somewhat, with
high record transactions at the Exchange.. On the whole employees at the Berkshire Cotton Co., the largest industry
the heavy liquidation was well taken. The period is near at in Adams, stopped work. The Polish Weavers' Union voted
hand when consumption of sugar normally increases very for a strike after the discharge of 40 spreader tenders, who
noticeably. The output of automobiles is being reduced for quit work as a protest against operating three machines inthe time being while taking inventories. Copper and zinc stead of two. After the men had walked out they were




3532

THE CHRONICLE

informed that their places would be filled by other Workers. The plant has been running on a five-days-a-week
schedule and the strike is the first that has occurred there
In a number of years. The only trouble is that the owners
of the mill seem to want to manage their own property.
At Ipswich, Mass., the Ipswich mills, manufacturers of
hosiery, are very busy and are operating night shifts in
certain departments and are said to be short of certain
classes of help. At Enfield, N. H., the Baltic mills, owned
by the American Woolen Co., will start its mills on full
time June 28. There will also be a night shift. A large
order for goods has been received that will assure work
for a long period of time. The mills have been running on
a five-day-week and night work was suspended about a
year ago. At Lewiston, Me., the Bates Manufacturing Co.
will be closed down during the week of July 5 to 10.
At Jewell City, Conn., the directors of the Briggs Manufacturing Co., which operates cotton mills there and at
Voluntown, have voted to liquidate and discontinue manufacturing. The directors operated two mills in both towns,
employing 250 hands. The assessed valuation of the properties is about $200,000. At Charlotte, N. C., cotton yarn
production last week, it is stated, was at the low point for
the year and the stock situation Is declared to be favorable.
The convention of the Cotton Manufacturers' Association of
North Carolina opened at Asheville, N. C., to-day. The
Alexander Mills, Inc., of South Carolina, are operating full
time day and night and shipping on an average of four full
cargoes of bed sheeting and pillow cases daily. Cotton mills
of the Greenville, S. C., section are likely to enjoy better
times after July 1, according to T. M. Norris, President of
the Norris cotton mill. He says there does not appear to
be any large supply of cotton goods on hand and therefore
looks for fall buying to begin early in July.
Governor Thomas C. McLeod has issued a proclamation
calling upon the people of South Carolina to observe the
week beginning June 28 as "Cotton Goods Week," according to a dispatch from Columbia, S. C. At Philmont, N. Y.,
the High Rock knitting mills, large manufacturers of fleecelined underwear as well as other types of underwear, announced this week that they will close down their plant
for two weeks, beginning June 30, for the purpose of making repairs and allowing employees a vacation. Advices
from Milan, Italy, say that the Italian cotton spinning
Industry has agreed to reduce production one-sixth for a
month because of the sagging yarn prices.
It was warm here early in the week and on the 23d inst.
came rains amounting to 1.33 inches. The thermometer
early in the week was up to 76. On the 23d it was 65 to 69
here, 60 to 70 in Chicago, 58 to 76 in Cleveland, 60 to 80 in
Cincinnati, 54 to 64 in Milwaukee and 48 to 78 in Minneapolis and St. Paul. Heavy rains occurred in the far
Southwest and also in parts of the Eastern Gulf States.
The drought was broken in the Carolinas and Georgia. The
nights were unaccountably cool over much of the cotton
States, though the days were seasonably warm. Light
frosts occurred in North Dakota. Here to-day it was 80
degrees at 3 p. m., as against 64 at 8 a. in. The tendency in
eastern United States is to continue fair and warmer, but
In New York the forecast is for partly cloudy or occasional
showers to-night and Saturday.
Real Estate Market Shows Recession of Ten Points.
Real estate market activity for May showed a recession
from the preceding month, according to the index of market
activity compiled by the National Association of Real Estate
Boards from official records of transfers and conveyances
recorded in 41 typical cities. The Board's advices, under
date of June 17, also says:
The index for May stood at 163. This is ten points lower than the index
for April of this year, and five points lower than was registered for May of
1925. It Is 13 points higher than the index figure for May of 1924.
The index figure of 163 means that the average number of transfers and
conveyances recorded in the cities studied during the month was 63%
greater than the average number recorded during the same month In the
period 1916-1923, which is the period whose record is taken as the norm
of the Association's calculations.
February marked the peak reached up to the present point in real estate
activity during the present year, according to the Association's index. The
figure for that month was 185. the highest point attained In any month
during the years 1916-1926 covered by the Association's study.
Large Volume of Ordinary Life Insurance Sold in May
5% Increase for the Five-Month Period.
The sales of ordinary life insurance in the United States
during the month of May totaled $735,724,000, aecording




[VOL. 122.

to a report just published by the Life Insurance Sales Research Bureau of Hartford, Conn. The Bureau says:
This figure includes the sales of new paid-for ordinary insurance as reported by 81 companies having in force 88% of the total life insurance
outstanding in the United States legal reserve companies. The amount of
insurance sold during the month is practically identical with that sold in
May 1925 when the sales were 16% ahead of the previous May. The record
of May this year has been exceeded only in four previous months, namely,
in May and December of 1925 and in March and April of this year.
The largest sectional increase in sales this month,over a year ago is 9%
in the Mountain States. This section comprises Montana, Idaho, Wyoming, Colorado, New Mexico, Arizona, Utah and Nevada.
State Increases.

The best increases in the States are 48% in Delaware and 29% in Florida.
Sales in Florida during the month of May totaled $11,775,000, as compared
to $9,108,000 in May 1925.
The amount of insurance purchased during the first five months of this
year aggregated $3,483,442,000, an increase of $155,459,000, or 5%, over
the same months of 1925. Every section of the country shares in the general gain for the first five months The South Atlantic States lead in the
year-to-date gain with an 11% increase. Practically all the States show
increases for the first five months of 1925. Florida leads in the cumulative
comparison with a gain of 60%•
The increase in the twelve months ended May 31 1925 over the preceding
twelve months is 12%. All sections share in the general gain. The increases range from 6% in the West South Central States to 18% in the South
Atlantic States.
May Life Insurance Sales in Canada 10% Higher
than Last Year.
Canadian purchases of ordinary life insurance during the
month of May are 10% ahead of the corresponding period
of last year, according to figures just issued by the Life Insurance Sales Research Bureau of Hartford, Conn. During
the month $37,703,000 of new business was paid for by the
reporting companies, which have in force 84% of the outstanding business in Canada, says the Bureau, which, continuing, states: •
This is three million more than was paid for in May of last year. Sales
have reached tills height only in three other months since 1921, namely,
In December and June 1925 and in March of this year.
All the Provinces in the Dominion, with the exception of Alberta and
Ontario, show improved conditions. Saskatchewan and British Columbia
lead with gains of 36% and 27%, respectively. The increases range from
6% in Manitoba to the record gain of 36% in Saskatchewan. Both New
Brunswick and Newfoundland show increases of 26%•
Among the cities improvement is most noticeable in Montreal and Vancouver, each with gains of 19%. Quebec follows with a 10% increase.
In the first five months of the year sales are $19,397,000 ahead of the
sales in the corresponding period of last year, or a 12% increase. Every
Province shows a gain for the first five months. Saskatchewan leads in
the year-to-date gain with a 31% gain. Ontario and Quebec, the two most
important Provinces, show increases of 9% and 13%, respectively.
The gain in the twelve months ended May 31 1926 over the preceding
twelve months is 13%. Every Province with the exception of New Brunswick shares in the gain.
Industrial Conditions in Illinois in May—Analysis by
Cities.
Supplementing its general review of the industrial situation in Illinois during May, to which we referred last week
(page 3275) the Illinois Department of Labor (through its
Bureau of Industrial Accident and Labor Research) made
public on June 14 as follows its analysis of the situation by
cities:
Aurora.—With only two exceptions the 17 reporting factories in this
city had reductions in employment during May. Plants in the metals and
textiles industries showed the most marked decreases. The aggregate loss
amounted to 4.0%. This was the first adverse trend in factory employment since last September—the seven months beginning with October and
ending with April showing increases which ranged from 2-10 of 1% in
January to 3.5% in February. In spite of the slowing down of manufacturing operations, the general employment situation in Aurora remained
relatively good. This is shown by the ratio of 110 applicants at the State
free employment office for each 100 job opportunities. This ratio, the
same as that in April, is evidence of great improvement since February,
when there were 175 applicants for each 100 jobs, and also indicates substantial betterment over a year ago, when the ratio was 129. The May
ratios in 1924 and 1923 were, respectively, 132 and 99. New buildings
authorized showed substantial increases in estimated cost over April and
May a year ago. The May 1926 total amounted to $501,219—nearly $100,000 greater than the figure for the previous month and $160,000 more
than the total a year ago.
Bloomington.—Reporting factories in this city added 1.0% to the number of the workers on their payrolls, thus reversing the downward employment trend which was shown during the two months previous. Increases
prevailed at the metals and machinery plants, while food products factories, with the exception of canneries, reported decreases. Superintendent
Jones of the State free employmnt office reported that the foundries are
working a five-day week and candy factories are on a full-thne schedule
but with cut forces. He also reported large lay-offs by the railroad shops.
During May the free employment office ratio reflected the substantial
improvement which has resulted from increased hirings on the part of
farmers and the large volume of building activity. The most recent ratio
showed 115 registrations for each 100 jobs open, compared with an April
ratio of 131 and one of 137 in May 1925. Although there was a considerable demand in May for help in connection with work on new construction,
both road construction and building being involved, the local supply of labor
was adequate to meet the demand. Authorization for new building jumped
in value from $68,250, the April total, to $227,000 in May. However,
May this year was $157,600, behind the figure a year ago.
Chicago.—A slight gain in aggregate factory employment during May
was shown by the reports from 593 Chicago firms. The gain amounted to
2-10 of 1%, exactly the same percentage of decrease which took place in
the previous month. In May of each of the two years preceding, Chicago

• JUNE 261926.]

IvicrE CHRONICLE

factories have reported aggregate reductions in employment of between
1 and 2%. This year the main reason for the relatively good showing was
that employment in the metals and machinery plants held up well with the
exception of those producing iron and steel. Men's clothing continued to
report reductions, although some firms had small accessions to the number
of their workers. The Chicago offices of the State Free Employment Service placed 8,392 workers, a gain of 637 over April and 2,821 more than in
May last year. There were 122 registrations for each 100 jobs available,
the same as the ratio for the entire State. That the general employment
situation was the best for May since 1923 is shown by the following ratios:
1925, 145; 1924, 163; 1923, 99. The value of the 3,711 new buildings
authorized was $32,912,295. There was a decrease of $8,180,440 from the
April valuation, in spite of 1,496 more buildings being authorized. In May
a year ago permits were issued for buildings valued at $42,051,450.
Cicero.—The loss of employment in manufacturing for this city amounted
to 1.3%, reports from eight representative firms indicate. Most significant in causing a decline in employment were reductions in the metals and
machinery group of industries—though losses did not prevail at all of the
plants in this group. There was continued betterment in the general
employment situation, the report from the State free employment office
revealed. While the ratio of 141 applicants for each 100 jobs available,
compared with 147 in April still showed a large surplus of labor, the number of placements was 755, the largest total for any month during the history of the office. A factor contributing to the good placement showing
in May was the opening of several new factories. Building is booming and
the erection of new structures promises to be on a still more extensive
scale. This is shown by the most recent figures; the 121 new buildings
authorized were at an estimated cost of $801,400, nearly $255,000 more
than the April figure. The value placed upon new construction in May
1925 was $557,879.
Danville.—A decided upward trend was shown by the reports from 18
manufacturing establishments in this city. The gain amounted to 10.7%
and was well distributed among the different industries. Seasonal increases at the brick kilns were most marked, but betterment was reported
by firms engaged in making food products as well as by those in other
lines of industry. While several firms reported the same number of employees on their payrolls as in April, only one showed a decrease. In spite
of the improvement in factory employment and an active demand for farm
hands and for common labor in building construction the ratio of applicants
to jobs open at the State free employment office showed more unemployment than in April. The reason for this was decreasing employment in the
coal mines. The most recent ratio at the free employment office was 152,
compared to a ratio of 141 in April. May of this year was much better
than in 1925, when there were 418 registrations for each 100 jobs open or
in 1924, when the ratio was 394. But in 1923 the ratio was 100. Permits
were let for new building estimated to cost $71,500—an increase of $6,500
over April.
Decatur.—Employers of factory labor added 2-10 of 1% to the number of
workers on their payrolls in May. An upward employment trend was
reported at most of the metal plants and also at those making food products.
Clothing factories and paper goods plants showed reductions. Most plants
were operating on a normal basis but some of them, because of the volume
of their orders have been compelled to operate at night. Superintendent
Metts of the State free employment office reported that the volume of construction work, including public improvements, is gradually absorbing the
surplus of common labor. At the end of the month there was still considerable demand for farm labor. The ratio of registrations to help wanted at
the free employment office was practically the same for May as for April—
the May ratio was 128, while that for April was 129. Placements, however, increased from 527 to 780. Last year there were 147 registrations for
each 100 jobs available. The number of new buildings authorized decreased
from 180, the April figure, to 165, but their estimated cost of $617,925
was $207,650 greater, and far ahead of last year's May total of $136,725.
East St. Louis.—There was an aggregate reduction in employment in the
25 reporting factories of this city of 2.6%. With the exception of food
products firms, which reported additional employees, reductions were rather
general. The principal factor in the downward trend was marked decreases
at several of the metals plants. Reports from the State free employment
office indicate further improvement in the direction of reducing unemployment. There were 160 applicants for each 100 jobs open, compared with
171 in April, 197 in March and 251 in February. The May ratio a year
ago was 221, while in 1924 it was 212 and in 1923 92. The estimated cost
of new buildings the construction of which was authorized in May amounted
to $1,278,485—nearly a million dollars ahead of the April total. The increase was due to the inclusion in the May figure of a large hotel.
Joliet—Twenty-nine manufacturing concerns in this city reported an
aggregate increase in employment of 2.2%. Gains were well distributed,
but applied especially to plants producing stone and clay products and
metals and machinery. At the State free employment office there were 115
applicants for each 100 jcb opportunities. There has been steady improvement in general employment since January, when there were 220 applicants
for each 100 jobs open. The April ratio was 137, while the ratio a year
ago was 129 and that for May 1924 132. Placements this year in May numbered 936, compared with 559 a year ago and 535 in May 1924. Superintendent Rogers of the free employment office stated that placements in the
men's division exceeded those for any month since war-time. He ascribed
this to the heavy demand for workers in out-of-door industries, especially
in the construction industries. All building trade workers in Joliet were
reported to be busy, although contractors appeared to be well supplied with
help. At the end of the month there was a shortage of about 50 experienced
farm hands.
Moline-Rock Island—The employment trend was mixed among the 21
manufacturing concerns in Moline which reported to the Illinois Department of Labor. The net decrease in the number of workers was 3.6%.
Agricultural implement factories were most responsible for the decline,
due in part to the taking of inventory by such factories. Among the
other metals and machinery plants a number reported substantial employment gains. Factory employment in Rock Island, taken as a whole, showed
little change from April, the gain amounting to 6-10 of 1%. Placements
by the State free employment office numbered 787-106 more than in
April. There were 119 persons to register for each 100 requests from employers. The ratio of registrations to requests a month earlier was 127
and in May 1925 120. Superintendent Campbell at the end of the month
reported that there had been many requests for farm hands and that his
office was unable to meet the demand. Building has been active, especially in residential construction. In Moline the gain in cost over April
amounted to only $11,500, but the total of $133,594 was nearly double the
May 1925 figure. Permits were let in Rock Island for $102,509 worth of
new building—an increase of $54,558 over April and over $14,000 more
than a year ago.
Peoria.—Thirty-seven firma reported an aggregate gain in factory employment of 1.3%. This was the sixth successive month during which
Increasing employment has been reported in this city. The most substantial increase was in April, when an addition of 4% was made to the num-




3533

ber of jobs. The May report shows slight increases for most of the industries represented, although there were reductions at the plants manufacturing chemicals. The report from the State free employment office showed
that a surplus of labor still existed. However, the ratio of 146 registrations for 100 jobs available indicated marked betterment over April, when
the ratio was 185. In comparison also with a year ago there was less
unemployment, for the ratio at that time was 168. Placements in May
this year numbered 1,066, while a year ago 752 workers were placed.
New buildings authorized in May were valued at $569,310, an increase of
$206,000 over April, but nearly $200,000 behind the total for May of last
year.
Quincy.—In spite of reduced employment at nearly half of the 17 reporting factories, an aggregate increase of 1.6% took place in the number
of workers with jobs. Increases were most substantial at plants in the
shoe and metals industries. The State free employment office reported
that during May there were 144 registrations for each 100 jobs open, thus
indicating an adverse change in employment from April, when the ratio was
137. There were 75 more workers placed in jobs during May than in
April. May of this year was the best since 1923: the ratio of registrations
to help wanted for May of the three preceding years was as follows: 1725,
166; 1924, 163; 1923, 57. Authorizations for new construction amounted
to $100,475. This was $48,300 less than the April figure, but about
$10,000 ahead of a year ago.
Rockford.—There was a drop of 4.1% in the number of workers on the
payrolls of 60 reporting factories. Chiefly contributory to the loss were
important reductions at most of the furniture plants and also at those
making metals and machinery. Many of the factories of Rockford during
May were operating on a short day and a five-day week. Although factory
employment was on the downgrade, heavy demands for help from farmers
and for workers in the construction industries brought about an increase
in the number of placements by the State free employment office. The
number of workers placed in jobs during May was 1,712 in comparison
with 1,291 in April. The ratio of registrations to job opportunities continued to be quite favorable: there were 90 registrations in May for each
100 jobs open, while the ratio in April was 83. The ratio in May a year
ago was 87 and in 1924 it was 89. Permits were issued during May for
243 buildings, estimated to cost $835,930. This was $207,640 more than
the value placed on the 227 buildings authorized in April and nearly $250,000 greater than the total in May 1925.
Springfield.—A reduction of 2.8% in factory employment was revealed
by reports from 10 firms in this city. Seasonal lay-offs at plants making
agricultural machinery were the principal factors. During the six months
preceding May, firma in Springfield have each month reported gains in
employment over the preceding 30-day period. Although reductions at the
coal mines added to the number of those without jobs, the State free employment office records show a slight improvement in the general employment situation. This was due to the demand for workers in out-of-door
industries. There were 109 registrations for each 100 jobs open, compared
with 113 in April. The free employment office ratio in May of the two
preceding years was 118, while in 1923 it was 100. New building valued
at $625,965 was authorized in May—nearly $300,000 more than in April
and about $223,000 more than last year's May total.

Lumber Industry Steady.
Telegraphic reports received by the National Lumber
Manufacturers' Association from 391 of the larger softwood
and 149 of the chief hardwood mills of the country show
apparently no noteworthy change in the lumber industry's
activities. The 377 comparably reporting softwood mills
show small decreases in production, shipments and new business when compared with reports received last week, when,
however, 13 more mills reported. In comparison with reports from 361 mills a year ago, increases in all three items
were noted, particularly heavy in production and new business.
The hardwood operations, when compared with reports
from 151 mills a week earlier, show production and shipments
about the same, and a marked decrease in new business.
Unfilled Orders.
The unfilled orders of 224 Southern Pine and West Coast mills at the end
of last week amounted to 656.429,072 feet, as against 660,860,647 feet for
228 mills the previous week. The 120 identical Southern Pine mills In the
group showed unfilled orders of 243.706,995 feet bat week, as against 247,644,810 feet for the week before. For the 104 West Coast mills the unfilled
orders were 412,722,077 feet, as against 413,215,837 feet for 108 mills a week
earlier.
Altogether, the 377 comparably reporting softwood mills had shipments
93% and orders 97% of actual production. For the Southern Pine mills
these percentages were respectively 106 and 100 and for the West Coast
mills 92 and 104.
Of the reporting mills, the 339 with an established normal production fo
the week of 218,969.096 feet, gave actual production 106%, shipments
101% and orders 106% thereof.
The following table compares the national softwood lumber movement
as reflected by the reporting mills of eight regional associations for the three
weeks indicated:
Corresponding Preceding Week
Week 1925. 1926 illerised)•
Past Week.
Mills
390
361
377
284.033.584
Production
257,330.072
277,757,769
281,561.430
Shipments
249,986,521
258,630,546
276,334,320
Orders (new business)
244,044,508
268,720,642
The following revised figures compare the softwood lumber movement
of the same eight regional associations for the first 24 weeks of 1926, with the
same period of 1925:
Orders.
Shipments.
Production.
1926
6,210,503,706 6,393,187,791 6,379,842,538
1925
5992.198.105 6,063,203,649 5,906,149,641
The Southern Cypress Manufacturers' Association of New Orleans
(omitted from above tables because only recently reporting) for the week
ended June 16 reported from 14 mills a production of 4,776,916 feet, shipments 3,140,000 and orders 3,400,000. In comparison with reports for the
previous week,this association showed some increase in production,a material decrease in shipments,and a slight decrease in new business.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 104 mills reporting for the week ended June 19 was 4%

above production, and shipments were 8% below production. Of all new
business taken during the week,45% was for future water delivery, amounting to 51,132,978 feet, of which 34,127,850 feet was for domestic cargo delivery and 17,005,128 feet export. New business by rail amounted to
57,969,505 feet, or 50% of the week's new business. Forty per cent of the
week's shipments moved by water, amounting to 40,866,455 feet, of which
23,851,664 feet moved coastwise and intercoastal, and 17,014,791 feet export. Rail shipments totaled 54,858,662 feet, or 54% of the week's shipments, and local deliveries 5,680,700 feet. Unshipped domestic cargo orders totaled 138,313,615 feet, foreign 123,513,262 feet, and rail trade 150,894,800.
Labor.
The Douglas fir lumber industry is experiencing the lowest labor turnover
it has known since last fall, according to the Four L Employment Service.
Both logging camps and sawmill crews are unusually steady. Fire hazards
have prevailed in a number of districts, while other camps are preparing for
the July shutdown period. Lumber manufacturing is holding at approximately the same level as for the past month. Light labor turnover is also
reported east of the Cascades from all districts, and especially from the pine
logging and lumbering industry. Two night shifts were added to pine
sawmills, while at another plant a second shift was closed down. There
has been no further extension or curtilment of woods operation.
Southern Pine Reports.
The Southern Pine Association reportsfrom New Orleans that for 120 mills
reporting, shipments were 5.72% above production and orders 0.24% below
production, and 5.64% below shipments. New business taken during the
week amounted to 65,921,940 feet, shipments 69.859,755 feet, and production 66.077.817 feet. The normal production of these mills is 72.707,238 feet. Of the 114 mills reporting running time, 79 operated full time,
22 of the latter overtime. One mill was shut down, and the rest operated
from three to five and one-half days.
The Western Pine Manufacturers' Association of Portland, Ore., with one
more mill reporting, showed a slight decrease in production, and small
increases in shipments and new business.
The California White and Sugar Pine Manufacturers' Association of San
Francisco, Calif., with five more mills reporting, showed considerable
increases in production (71% of total cut of California pine region) and shipments, and new business well in advance of that reported the week earlier.
The California Redwood Association of San Francisco, Calif.. reported
some decrease in production and heavy decreases In shipments and new
business.
The North Carolina Pine Association of Norfolk, Va., with six more mills
reporting, showed a marked increase in production, a nominal increase in
shipments and a big gain in new business.
The Northern Pine Manufacturers' Association of Minneapolis. Minn.,
reported a slight increase in production, a substantial increase in shipments, and new business well ahead of that reported the previous week.
The Northern Hemlock (and Hardwood Manufacturers' Association of
Oshkosh, Wisc. (in its softwood production), with two fewer mills reporting,
showed production about the same, a nominal decrease in shipments, and
an exceptionally heavy decline in new business.
Hardwood Reports.
The hardwood mills of the Northern Hemlock and Hardwood Manufacfrom 19 mills production as 4,221,000 feet, shipturers' Associaiod reported
ments 3,695,000, and orders 1,814,000.
The Hardwood Manufacturers' Institute of Memphis, Tenn.,.reported
from 130 units, production as 21.491,213 feet, shipments 18,460,426, and
orders 1,814.000. The nominal production of these units is 22,769,000 feet.
For the past 24 weeks all hardwood mills reporting to the National Lumber Manufacturers' Association gave production 690,869,712 feet,shipments
650,509,266, and orders 663,913.635.

West .Coast Lumbermen's Association.
One hundred and eight mills reporting to West Coast
Lumbermen's Association for the week ending June 12 manufactured 116,147,029 feet of lumber, sold 118,162,904 feet
and shipped 122,077,569. New business was almost 2% above
production. Shipments were around 5% above production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
May 22.
May 29.
June 5.
June 12.
Week Endlno109
106
107
108
Number of mills reporting
118.147,029 109,032,818 114.141,820 115,012,279
Production (feet)
118,162.904 103,228,035 103,498,570 129.778,852
New business (feet)
122,077,589 121,499.791 112,745,377 133,874,833
Shipments (feet)
Unshipped balances:
143,954,454 148,208,848 152,458,590 158,587,275
Rail (feet)
Domestic cargo (feet)_ _ 139,227,878 138,871,835 126,291.949 134,244,695
130,033.705 130,212,270 132,144,188 141.051,388
Export (feet)
Total (feet)
First 24 WeeksProduction (feet)
New business (feet)
Shipments (feet)

[vol.. 122.

T1174 CHRONICLE

3534

413,215,837 413,090,553 410,894,727 431,883,358
1923.
1924.
1925.
1926.'
2,437,584,283 2,412,709,567 2,345,018,515 2,371,588,795
2,564,843,569 2,464,426,753 2,222,803,112 2,499,723,076
2,549,339,600 2,493,636,020 2,429,708,428 2,623,806,986

Price Reductions and New Automobile Models.
The Ford Motor Co. on June 19 announced a reduction
of from $15 to $45 on all models effective at once. When it
is considered that the new prices include self-starter on all
models and balloon tires on all passenger cars and front-wheel
balloon tires on trucks, it is seen that the reductions actually
range from $35 to $67 50. The new prices are the lowest
ever quoted for Ford cars and compare as follows: (Cost
of corresponding "additional equipment" being added to
old price.)
Models (f.o.b. Detroit)Runabout
Touring
Coupe
Tudor Sedan
Fordor Sedan
Chassis
Truck chassis

New Prices.
$360
380
485
495
545
300
375

Old Prices.
$400
420
525
545
590
335
442.50

Reduction.
$40
40
40
50
45
35
67.50

The customary differential between Canadian and American Ford prices will be maintained, as on June 22, the Ford
Motor Co. of Canada reduced all models by from 0 to
$65. Balloon tires are now part of the standard equipment,




as is the self-starter on touring and runabouts, in addition
to all closed models. The new price list reads as follows:
ModelRunabout
Touring
Sports roadster
Coupe
Tudor
Fordor
Chassis passenger
Light Del Truck
Light Del Van
Truck without starter
Truck with starter

Reduction.
$50
50
40
50
60
55
40
60
50
50
65

Old.
$475
495
595
625
650
710
375
495
540
445
525

New.'
$460
480
555
610
625
690
350
470
525
395
460

-cylinder car was introduced on
An entirely new type of 4
June 21 by Willys-Overland, Inc. Of an European type,
this car is low and light, weighing slightly over 2,000 pounds.
The price list for the Overland Whippet, as the new model
has been named, is $695 for the touring, $735 for the twodoor sedan and $695 for the two-passenger coupe, f.o.b.
factory. The company's announcement regarding the new
model says in part:
-cylinder
The sedan will travel 58 miles an hour and is equipped with a 4
motor. It will accelerate from 5 to 25 miles an hour in 10 seconds and
will cover 28 to 30 miles on a gallon of fuel. It is equipped with four-wheel
brakes.
The motor develops 23% more power, per cubic inch of piston displacement, than any other light 4-cyliner motor built in America this is one of
the results of utilizing the European type of high speed motor design. It
develops greater brake horsepower than any other light 4-cyliner car in
this country and weighs a little over 2.000 pounds. The power plant turns
over 2,800 revolutions a minute and gives a developed power of 30.5 h.p.
from an S.A.E. rating of 15.6 h.p. The total piston displacement is 134.2
cubic inches, somewhat larger than that of the average European light car,
-cylinder car.
but less than any other American built 4
The roof of this new type car is only 5 feet 8 inches from the ground yet
the room inside the body is greater than in any other light car now on the
market. Its first appearances is striking in the extreme. A man of average
height can stand alongside it at the curb and rest his arms on the top and
-footer can sit in it with all the room he wants. In
'ook over it. But a 6
this respect it is thoroughly American and bears no relationship to Its
diminutively dimensioned European cousins.

A new sport touring car has just been added to the Dodge
Bros., Inc., line. Special equipment includes one-piece
windshield with automatic cleaner, robe rail, front and rear
bumpers, bullet shaped head lamps and cowl lamps, rear
view mirror and scuff plates. The car's wheelbase is 116
inches.
Increase in May in Canadian Exports of Pulp and
Paper.
The Montreal "Gazette" of June 21 states that Canadian
exports of pulp and paper in May showed a considerable
increase over the previous month, according to the report
issued by the Canadian Pulp and Paper Association. Total
exports for the month were valued at $13,143,410, as compared with $10,994,458 in April and with $12,451,667 in
May 1925. Exports of woodpulp in May were valued at
$3,756,685 and exports of paper at $9,386,725, compared
with totals of $3,163,773 and $7,830,685 respectively in the
month of April. We also take from the "Gazette" the
following table showing the details for May 1926 and May
1925:

Paper
Newsprint
Wrapping
Book (cwts.)
Writing (cwts.)
All other

May 1926$
Tons.
20,652
593.845
1.133.950
14,407
1,224,524
21,451
804.366
12,756

May 1925Tons.
$
663,279
24,701
14.917
1.135,693
20,620
1,051,699
717,493
11,537

69,266

PulpMechanical
Sulphite-Bleached
Unbleached
Sulphate

3,756,685

71,775

3,568,164

135,251
1,301
7,830
1,707

8,870.192
153.226
62.595
11.273
289,439

115,766
2,564
1,098
476
---

8,205,266
327,458
12.929
4,052
333,798

9.386.725
8,883,503
Pulp and paper exports for the first five months of the year were valued
at $68.179,870, as against $60,758,651 in the corresponding five months
of 1925, which is an increase for the current year of $7,421.219, or over
12%. Woodpulp exports In this period amounted to $20,422,028 and exports of paper to $47,757,842, in each case showing a substantial increase
over last year's figures.
Details for the period are as follows:
-5 Months 1926-5 Months 1925
Tons.
Tons.
Mechanical
117,250 3,405,710
107,792 3,111,524
79,767 6,251.425
Sulphite--Bleached
76.559
5,648,545
Unbleached
113,684
6,452,054
98,979
5,234,292
Sulphate
69,256 4,312,839
59,510 3,667,678
379,957 20,422,028

342,840 17,662,039

676,214 44,559,989
1,038,822
8,098
20,178
175,455
51,427
6,709
1,932,149

562.570 39,882,114
1,236,271
8,992
120,857
13,056
41,937
4,716
1,815,432
----

47,757,842

Paper
Newsprint
Wrapping
Book (cwts.)
Writing (cwts.)
All other

43,096,612

The "Gazette" also says:
In the five months' period the exports of woodpulp amounted to 379,957
tons, which was an increase of 37.117 tons, or nearly 11%, over the 1925.

JUNE 261926.1

THE CHRONICLE

3535

figures for the same period. All grades of pulp shared in this increase, the
greatest gain being shown in unbleached sulphite, in which there was an
increase of 16%•
Increases in the exports of paper were also appreciable in most grades.
Newsprint shipments were 676.214 tons, as against 562,570 tons in the five
months of 1925. a gain of 113,644 tons, or 20%. Book and writing papers
also showed substantial increases.
Exports of pulpwood,the raw material of the industry, have been smaller
this year than for the last two years, the total amount exported during the
first five months being 497,318 cords, valued at $4.564,553, compared with
634.926 cords, valued at $5,972,198, in 1925, and 562.917 cords, valued at
$5,399,314, in 1924.

Output of Crude Oil Decreases Slightly.
The production of crude oil remains at substantially the
same level despite a falling off in the daily average of 2,550
barrels during the week ended June119. According to the
American Petroleum Institute the estimated daily average
gross crude oil production in the United States for the week
ended June 19 was 2,011,600 barrels, as compared with
2,014,150 barrels for the preceding week. The daily avearge
production east of California was 1,402,100 barrels, as compared with 1,410,450 barrels, a decrease of 8,350 barrels.
Automobile Production in May Continued Large.
The following are estimates of daily average gross proMay production of motor vehicles was again large; as duction by districts for the weeks given:
reported to the Department of Commerce, it consisted of
DAILY AVERAGE PRODUCTION:
394,781 passenger cars and 51,374 trucks, of which 371,595 (/n Barrels) June 1926..
June 5'26.
June 12'26.
June 20'25.
455,850
458,400
458,900
451,700
passenger cars and 48,082 trucks were made in the United Oklahoma
107,450
107,200
103,750
107,750
Kansas
121,750
123,950
88,900
133,500
States, and 23,186 passenger cars and 3,292 trucks were North TexasTexas
54,100
52,150
113,300
51,750
East-central
86.100
87,450
96,600
produced in Canada. This was a little less than the output West-central Texas
82,200
36,800
38,450
49,600
38.300
Southwest Texas
for April, but well above the output for May last year.
61,450
60,700
51,250
59,250
North Louisiana
173,350
302,250
170,550
165,200
The table below is based on figures received from 173 Arkansas
104,350
90,850
91,000
86,150
Gulf Coast
106.500
104,500
106,500
106,500
manufacturers for recent months, 65 making passenger cars Eastern
70,950
79.600
73,900
71,950
Wyoming
28,000
and 125 making trucks (17 making both passenger cars and Montana
12,200
28,000
28,000
7,450
1,450
7,750
8,250
trucks). Data for earlier months include 75 additional Colorado
4,350
2,500
4,450
4,400
New Mexico
604,500
635,500
603,700
609,500
California
manufacturers now out of business, while May data for
2,014,150
2,009,450
2,197,450
2,011,600
15 small firms, mostly truck manufacturers, were not reTotal
The estimated daily average gross production of the Mid-Continent
ceived in time for inclusion in this report. Figures on
west-central and
north, east-central,
truck production also include fire apparatus, street sweepers field, including Oklahoma, Kansas, and Arkansas, for the week ended
southwest Texas, north Louisiana
and buses.
1,096.850 barrels, as compared with 1,098,850 barrels for the
June 19 was
AUTOMOBILE PRODUCTION
-NUMBER OF MACHINES.

Passenger Cars.
Total.

U. S.

Trucks.

Canada.

Toted.

U. S.

Canada.

1925.
213,851 205,550
253,955 243,176
334,214 321,200
393,262 377,747
384,548 366,197

8,301
10,779
13,014
15,515
18,351

28,202
34,481
45,179
47,983
45,718

26,637
32,788
43,090
46,407
43,830

1,565
1,693
2,089
1,576
1,888

Total (5 months)_ 1,579,830 1,513,870

January
February
March April
'
May

65,960

201,563

192,752

8,811

352,261
348.984
216.087
263.855
394.096
328,694
278,643

14,249
11,140
7.430
10,372
13,921
8,741
7,498

38,150
41,870
37,849
60,482
46,012
40,048
34,487

36,356
40.025
36,363
58,002
44,322
37,811
32,756

1,794
1,845
1,486
2,480
1,690
2,237
1,731

3.835,801 3,696,490

139,311

500,461

478,387

22,074

284,153 272,901
335,639 319,744
399,377 381,104
402,577 382,634
394,781 371,595

11,252
15,895
18,273
19,943
23,186

32,737
40,879
48,706
53,301
51,374

29,759
37,596
44,838
50,305
48,082

2,978
3,283
3,868
2,996
3,292

Total (5 months)__ 1.816.527 1.727.978

88.549

226 907

210 ARn

16 417

June
July
August
September
October
November
December
Total

366,510
360,124
223,617
274,227
408,017
337,435
286,141

1926.
January
February
March
April
May

Crude Oil and Gasoline Prices Fairly Steady.
Little change occurred in the prices listed for crude oil
and wholesale gasoline throughout the week. At the end
of the week the price of U. S. motor grade gasoline is 11 Xc.
1
a gallon flat, against 11% to 11% previously. Kerosene,
Lc.
41-43 water white, on June 19 was reduced X cent a gallon
to 73 ®8c. and on June 22 showed a further loss of Xc. a
4
gallon, falling to from 73 to 73 0. This grade of kerosene
/
,
continued to decline, being quoted on June 22 at 73j and
754c. a gallon; on June 23 at 6X @,7 Xc. a gallon, the minimum price since last April, and on June 25 at 63' to 63 0. a
/
gallon.
Meanwhile the U.S. motor grade gasoline kept at the level
of 11 Xc. per gallon.
The Humble Oil & Refining Co. on June 21 made its first
price posting on Panhandle crude oil, meeting the former
postings to a high point of 39 gravity and adding 5 new grades,
each Sc. higher, making the top grade 44 and above $2 15,
and the low grade 28 degrees at $1 35. On June 24 the
Texas Co. announced a new schedule of prices for Caddo
crude oil effective June 23. The previous schedule was
$1 85 a barrel for all crude below 32 gravity. While the
new schedule does not affect the price above 32 gravity*
there is a rather substantial reduction in the lower grades.
The new schedule is as follows: 26 to 28.9 gravity, $1 55;
29 to 31.9 gravity, $1 70; 32 to 34.9 gravity, $2 25; 35 to
37.9 gravity, $2 35; 38 gravity and above, $2 45. A dispatch from Houston on that day states that the new schedule
of prices listed by the Texas Co. for Caddo oil resulted from
the fact that this crude contains little if any gasoline and it
is mostly for the fuel oil market.
No changes were announced by the retail gasoline companies beyond the reduction of 1 cent a gallon in Chicago
tank wagon and service station price on 60-62 gravity gasoline
by the Texas Co.




preceding week, a decrease of 2,000 barrels. The Mid-Continent production, excluding Smackover, Arkansas, heavy oil, was 970,850 barrels,
as compared with 967.350 barrels, an increase of 3,500 barrels.
In Oklahoma, production of South Braman is reported at 10,600 barrels,
against 10.950 barrels; Thomas, 2,600 barrels, against 2,550 barrels:
Tonkawa, 36,450 barrels, against 34,800 barrels; Garber. 37,250 barrels.
against 39,600 barrels; Burbank, 45.550 barrels, against 45,650 barrels:
Davenport, 10,300 barrels, no change; Bristow-Slick, 29,650 barrels,
against 29,700 barrels; Cromwell, 17,500 barrels, against 17,200 barrels;
Papoose, 10.850 barrels, no change; and Wewoka, 29,600 barrels, against
28,200 barrels.
In north Texas, the Panhandle District is reported at 49,000 barrels,
against 39,750 barrels, and Archer County, 32,700 barrels, against 32,900
barrels. In east-central Texas, Mesta, 12.250 barrels, against 12,400
barrels; Corsicana-Powell, 29,450 barrels, against 29,650 barrels; Wortham,
7,650 barrels, no change; Reagan County, west-central Texas, 30,300
barrels, against 32.700 barrels, and in the southwest Texas field, Luling.
21,600 abrrels, against 21.900 barrels; Lytton Springs, 4,650 barrels,
against 4,900 barrels. In north Louisiana, Haynesville is reported at
10,000 barrels, no change; Cotton Valley, 8,500 barrels, against 8.700
barrels; Urania, 15,650 barrels, against 16.400 barrels, and in Arkansas.
Smackover light, 17,000 barrels, against 16,800 barrels; heavy, 126.000
barrels, against 131,500 barrels, and Lisbon, 10,350 barrels, against 10.500
barrels. In the Gulf Coast field, Hull is reported at 17.550 barrels, against
18,650 barrels; West Columbia, 8,650 barrels, against 8.450 barrels; Spindletop, 4,300 barrels, against 4,250 barrels; Orange County, 8,300 barrels,
against 10,900 barrels; South Liberty, 5.200 barrels, against 4,750 barrels,
and Boling, 2,300 barrels, against 3.200 barrels.
In Wyoming, Salt Creek is reported at 50,000 barrels, against 53,150
barrels, and Sunburst, Mont., 25,000 barrels, no change.
In California, Santa Fe Springs is reported at 48.500 barrels, no change;
Long Beach, 107.000 barrels, against 108.500 barrels; Huntington Beach.
43,500 barrels, no change; Torrance, 29.500 barrels, no change; Dominguez,
21.000 barrels, no change; Rosecrans, 17,000 barrels, no change; Inglewood.
49,000 barrels, no change; Midway-Sunset, 94,500 barrels, no change; and
Venture Avenue, 42.000 barrels, against 34,700 barrels.

Steel Orders Increase-Prices Somewhat Higher-Pig
Iron Active.
Steel orders are holding up to the better rate that began
to be noticed in late May, and there is a more confident
attitude toward the market on the part of both consumers
and producers, observes the June 24 "Iron Age" in reviewing conditions in the market during the week.
On the one hand buyers are carrying somewhat larger
stocks of steel and are less on the qui vive for price changes.
At the same time sellers are better maintaining their rate
of operations and their prices than seemed likely 60 days
ago, continues the "Age," adding the following details:
New business entered in June on the books of the steel mills has been
exceeding the rate for May. At the same time, production has shown a
moderate decrease, the operating percentage for the month being estimated between 75 and 80. These conditions maintained to the end of
the month will make a better showing than that of May, at least to the
extent of a smaller reduction in unfilled orders.
Operations in July will show some let-down from the rate in June. Two
steel works blast furnaces in the Pittsburgh district are about to go out.
Rail mill rollings next month will show a falling off.
Bars, as the form of finished steel in largest use, have been a centre of
activity. At Chicago bar specifications in the past three weeks are put
at more than 90% of those of an equal period in May. Pittsburgh mills
also have received heavy specifications against 1.90c. bar contracts.
In the sheet market the stabilizing effort of some mills is reported, and
the low prices of the past fortnight have been less general.
An interesting development in connection with the effort of sheet mills
to get lower-priced steel is the naming of $36. Cleveland, for third-quarter
sheet bars. So far as Cleveland is concerned this is a concession from
the second-quarter price, which has been $36, but with Pittsburgh and
Youngstown basing.
Shipments of sheets for the first five months of the year have averaged
close to 95% of capacity, Judged by the records of the independent producers. For the like period of 1925 the figure was 86. Production balanced

3536

[VoL. 122.

THE CHRONICLE

shipments this year but last year outran them. On June 1 the industry
had the same backlog of orders as on that date last year.
In respect to bars, plates and shapes, the Pennsylvania RR. lettings
of nest week are expected to show to what extent recent advances will
figure in future business. The Norfolk & Western, Seaboard Air Line
and Chesapeake & Ohio are inquiring for their usual quarterly requirements, amounting to several thousand tons.
At Chicago track accessories are in fresh demand, inquiries including
8,000 tons of tie plates and 5,000 tons of angle bars.
Pipe line work is still an important factor. A Youngstown mill has
just taken a contract for 100 miles, or 12,000 tons, for the Upham Gas Co.
lines in Texas.
Shipments of tin plate in the first half of the year are making another
record, exceeding the 20,000,000 boxes of the first six months of 1925.
Bookings of fabricated structural steel for five months covered 1,024,800
tons, compared with 1.000,400 tons and 1,006,330 for the same periods
of 1925 and 1924. respectively.
• Pig iron sales of the week make the present buying movement the largest
since that of November 1924. Cleveland has added 75,000 tons to its
previous large total, and in the Cincinnati District 150,000 tons has been
closed in two weeks, one steel company taking 100,000 tons for the second
half. Low prices led consumers to contract farther ahead than in months.
Eastern buying has increased also, Buffalo and Eastern blast furnaces
competing sharply, after the recent manner of Lake Erie and southern
Ohio producers.
Reports of foundry operations are not uniform. In some districts
the rate holds up, but the Ohio foundries which furnish statistics ran at
76% in May, as against 86% in April.
Steel melting scrap has been more active at Chicago, but there is little
Movement elsewhere, and consumers have shown less interest than dealers.
German iron and steel products continue to come in at regular duties.
The Treasury Department has suspended its order, effective June 20,
imposing countervailing duties, and meanwhile the German Ambassador
will argue for an indefinite suspension.
Rolled steel imports are growing. For April and May the average
was 34,000 tons, against 21.00() tons in the first quarter of the year. All
iron and steel imports in May were 108,731 tons, the largest since January
1923, when pig iron was pouring in and only 9,000 tons out of a total of
120,000 tons was rolled steel. Last month pig iron was 57,211 tons, and
rolled steel 32,543 tons, of which bars were 12,386 tons.
Exports of iron and steel products from the United States in May were
173,418 tons; for the five months, 869,077 tons, or 23% more than in 1925.
Steel pipe formed the largest item in May.
An advance in steel beams places the "Iron Age" finished steel composite price at 2.431c. per pound, in place of 2.417c. last week. Pig
iron remains at $19 79 for the third week, no change having occurred
In any of the four components making up the composite. The table
follows:
Finished Steel, June 22 1926, 2.431c. per Pound.
2.417c.
Based on prices of steel bars, beams, tank One week ago
plates, plain wire, open-hearth rails. One month ago
2.403c.
black pipe and black sheets, consti-. One year ago
2.424c.
10
tuting 88% of the U.S. output
-year pre-war average_ _1.689c.
Pig Iron, June 22 1926, 219 79 per Gross Ton.
Based on average of basic and foundry One week ago
$19 79
irons, the basic being Valley quotation, One month ago
20 04
the foundry an average of Chicago,I One year ago
19 13
Philadelphia and Birmingham
10
-year pre-war average__ 15.72

bring out additional inquiry for those who have overstayed their market.
The steel works also report more activity.
Som
Coke and Ferro alloys have been put in the background by the pig iron
buying and their prices are unchanged.

Steerand Iron Foundry Operations in Philadelphia
Federal Reserve District in May.
According to the Department of Statistics and Research
of the Federal Reserve Bank of Philadelphia, reports from
steel foundries show that operations during May,as measured
by the volume of output, shipments and unfilled orders,
were considerably slower than that in April. Compared
with a year ago, production of castings was 23.7% smaller,
whereas unfilled orders were 38.6% greater and shipments
1.7% larger. Stocks of pig iron at the end of May were
substantially lighter than on the same date a month previous
and last year. The following table gives comparative data:
STEEL FOUNDRY OPERATIONS
-THIRD FED. RESERVE DIST.
May
-Per Cent Change
1926
MonthAgo. Yr.Ago.
Capacity, tons
11:940
Production, tons
7,655
-7.7
-23.7
Shipments, tons
4.990
-11.7
+1.7
Value
$768.127
-4.6
-21.1
Unfilled orders, tons*
8.142
-13.8
+38.6
Value*
$1,310,579
-12.7
+42.3
Raw stock
Pig Iron, tons
1,450
-42.6
-48.7
Scrap, tons
8,930
+6.0
-1.2
Coke
1,344
-20.4
+10.9
*Figures of one plant omitted.

Regarding the iron foundry operations the bank says:
Compared with the volume in April, unfilled orders during May were
17.3% greater. The output of iron castings also increased in May 1.8%
over that in the previous month. The physical volume of shipments,
however, dropped 3.3%. Stocks of pig and ssrap iron at the end of May
were lower than at the same time a month earlier, but supplies of coke were
3.8% heavier. Details of operations are given in the table below:
IRON FOUNDRY OPERATIONS
-THIRD FED. RESERVE DIST.
May
.Per Cent Change
1926.
MonthAgo. Yr.Ago.
Capacity, tons
12,267
0
Production, tons
5,941
+1.8
+1.2
Malleable iron, tons
591
-5.0
-6.5
Gray iron, tons
5,350
+2.2
+2.6
Jobbing, tons
3,608
-1.2
-4.6
For further manufacture, tons
1,742
+11.5
+19.7
Shipments, tons
5,138
-3.3
+4.0
Value
$711.042
+0.8
+8.4
Unfilled orders, tons
5,195
+17.3
-4.7
Value
$743,839
+17.4
-7.8
Raw stocking iron, tons
6,747
-8.6
-0.1
Scrap, tons
3,042
-22.9
+3.1
Coke, tons
1,984
-2.5
+3.8

Finished Steel
Pig Iron
Low,
High,
Low.
High.
1926___2.453c. Jan. 5 2.403c. May 18 $21 54 Jan. 5 $19.79 June 8
1925-2.560c. Jan. 6 2,396c. Aug. 18 22 50 Jan. 13 18 96 July 7
1924___2.789e. Jan. 15 2.460c. Oct. 14 22 88 Feb. 26 19 21 Nov. 3
1923___2.824c. Apri124 2.446c. Jan. 2 30 86 Mar. 20 20 77 Nov.20

Preliminary Report on the Hosiery Industry in Philadelphia Federal Reserve District.
The following table, compiled by the Bureau of the Census,
Further progress is apparent in the general trend toward shows the activities of the hosiery mills in the Federal Reserve
greater firmness and stability in iron and steel conditions, District of Philadelphia in May and a comparison with those
declares the June 24 "Iron Trade Review." Forward buying of April.
is spreading, prices have become more settled and new
Men's,
Women's.
requirements have shown that consumption is holding up in
Full-Fashioned
Seamless.
Full-Fashioned.
Seamless.
places where it was expected to recede considerably. Proer Cent
Per Cent
Per Cent
(In dozen
PerCent
ducers express their surprise at the volume of buying and the
Change
Change
Change
(Change
pair:.)
from
May from
May I from
May
May from
general vitality of the market at this Summer period,
1926. April 1926. April 1926. April 1926. I April
1926.
1926.
1926.
especially following the heavy shipments of the earlier
1926.
giving further facts of interest Production _--- 27,334 -.14.8209,270 -7.9 493,96E -4.1 138.966 -6.1
months. Adds the"Review,"
Shipments
21,899 + 23.5202,177 +4.2 466,553 -5.6 152,880 -5.0
as follows:
Finished stock
Users of merchant bars are contracting liberally. Pipe is closely pressing
steel bars as the market leader, with mills running 85 to 90%. Tin plate
demand is unusual for this season.
The industry at large is able to keep production well pegged around
80%, which compares with about 65% at this date last year. Railroad
buying this week is marked by 55,000 tons of rails placed by the Norfolk
& Western. The Southern closed 10,000 tons. Building steel activity is
high. May awards of 234,850 tons or 77% of shop capacity, were well
ahead of May. 1925. Awards this week were 39,631 tons.
Steelmaking grades have come to the front the past week in the active
buying movement in pig iron. This has been carried to an estimated total
of 500,000 tons or more during the last three weeks. American mills are
profiting from the tieup of British steel capacity through the receipt of
orders for tin plate and sheets from European destinations. More British
blast furnaces have been put out. Only two stacks now are active in
Scotland.
The Treasury Dept. has acceded the request of the German government
to suspend the enforcement of the countervailing duty recently enforced
on imports of such German iron and steel products as are believed to receive
bounties, until a more complete investigation is made. Pig iron imports
in May of 57,211 tons, largely from Germany, made up most of the 108,731
tons of iron and steel received. Exports were lower with 173,418 tons.
The "Iron Trade Review's" composite price on 14 leading iron and steel
products this week is $37.58. This compares with $37.60 last week and
$37.68 the previous week.

end of month_ 37,793 +4.5364,006 -0.1 443,363 +5.4 302,053 +0.3
Orders booked_ 25,586 +83.3211,904 +20.5 448,563 -20.2 170,349 -1.1
Cancella'nsree'd
2,193 -64.0
476 -17.6 9,972 -2.4 14,874 +40.8
Unfilled orders
end of month_ 23,029 +18.6 29,669
0.0 1,914.061 -1.5 164.702 +6.7
Boys' and
Misses'
.

Children's
and infants',

Athletic
and Sport.

Total.

Per Cent
Cr Cent
Change
Chang
May from
May from
1926. April 1926. April
1926.
1926.

Per Cent(PerCent
Change
Change
from
May I from
May
1926. April
1926. I April
1926.
1926.
I
Production...... 18,014 -1.1122,057 --14.6 60,430 --14.6 1,070,039 -5.8
shipments
19,706 -38.6144,487 -17.9 61,935 -22.:1,069,637 -7.4
Finished stock
end of month_ 47,518 -O. 242,720 -9.4 66,362 -9.41.803,715 -0.5
Ordersbooked
16,892 -21.2 79.015 -37.: 36,071 -30.7 988,380 -12.1
Cancella'nsree'd
195 -1.5 4,688 -65.4
3,751 -39.1 36,149 -23.7
Unfilled order
end of month. 31,363 -8.9128,88.-59.1 49,345 -40.62.641.054 -8.3

Activity in the Cotton Spinning Industry for May 1926.
The Department of Commerce announced on June 21
that according to preliminary figures compiled by the Bureau
of the Census 37,700,136 cotton spinning spindles were in
Rogers Brown & Crocker Bros., Inc. in their report of place in the -United
States on May 31 1926, of which 32,267,speak very encouragingly saying:
the pig iron market
410 were operated at some time during the month, compared
We have just gone through another very active week in Pig Iron. The
volume of orders is rolling up rapidly, and already in the Central West a with 32,893,042 for April, 33,233,382 for March, 33,023,966
number of furnaces have called a halt and firmly advanced prices 50c. per for February, 32,803,156 for January, 33,000,874 for Decemton. The buying wave was ten days to two weeks late in reaching the Eastern district and it is reasonable to assume that here also a similar stiffening ber and 33,136,926 for May 1925. The aggregate number
in prices will soon be brought about by the heavy bookings. It does not of active spindle hours reported for the month was 7,505,seem likely that Eastern furnaces will be satisfied to sell their entire last 896,215. During May the normal time of operation Mt&
half output at present low prices. The volume of inquiry before the trade
a still large and the first sign of advancing prices in the East will probably 253 days (allowance being made for the observance of Memo-




:RINE 261926.]

THE CHRONICLE

rial Day in some localities), compared with 25 2-3 for April,
27 for March, 23 2-3 for February, 254 for January, 25 for
December. Based on an activity of 8.78 hours per day, the
average number of spindles operated during May was
33,524,928, or at 88.9% capacity on a single shift basis.
This percentage compares with 98.2 for April, 102.1 for
March, 102.8 for February, 98.7 for January, 99.5 for December and 93.8 for May 1925. The average number of
active spindle hours per spindle in place for the month was
199. 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.
Stale.

In Place Attire durMay 31. Big May.

Active Spindle Hoursfor May.
Average per
Spindle in Place

Total.

United States

37,700,136 32,267,410 7,505,896,215

199

Cotton growing States
New England States
All other States

17,847,586 17.048,474 4,667,461,847
18.075,374 13,712,442 2,540.585,217
1.777,176 1,506,494 297,849.151

262
141
168

Alabama
Connecticut
Georgia
Maine
Massachusetts
New Hampshire
New Jersey
New York
North Carolina
Pennsylvania
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States

1,452,954
1,208,468
2,919,558
1,127,840
11,491,548
1,445,558
415,604
917,126
6,069,246
153,822
2.657,152
5,348,512
558,440
239,832
711.314
983162

265
144
250
160
135
160
184
154
275
160
144
268
238
270
190
199

1,424,654 385,545,146
1,076.592 173,690,888
2,745.278 731,116.970
985,408 180,197,494
8,327,402 1,555,505,846
1.103,968 231.938,484
405,324
76,420,858
717,422 141,139,020
5,720,468 1,669,110,921
132,528
24,539,721
2,114,578 382,312,054
5,254,126 1,432.610,841
525,664 133,112,245
225,956
64,859,050
691,594 134,964,414
816448 188 832 263

1926, against $36,640,000 in the corresponding month of the
previous year, and for the eleven months ending with May
1926 the value was no more than $240,123,000 as against
$509,530,000 in the same.eleven_ months a year ago. The
barley exports in May 1926 were only- 996,000 bushels, as
.
against 1,608,000 bushels in May 1925; oats exports but 2,781
bushels, against 3,449,000 bushels, rye exports no more
than 3,184,000 bushels, against 5,756,000 bushels, and rice
exports only 1,976,000 pounds against 2,217,000 pounds.
Wheat, however, went out in somewhat larger quantity,
9,368,000 bushels having been shipped in May 1926 compared
with 8,970,000 bushels in May 1925. On the other hand,the
exports of wheat flour were somewhat smaller, being 679,000
barrels, against 690,000 barrels. Corn also went out in
increased quantities. The details are as follows:
DOMESTIC EXPORTS OF PRINCIPAL GRAINS AND GRAIN PRODUCTS.
May
11 Mos. Ended May
1925.
1926.
1925.
1926.
Barley, bushels
22,986,000
996,000
1,608,000
25,829,000
51,524.000
Value
$711,000 525.304.000 522.733.000
Malt, bushels
4,872,000
334.000
550,000
3.230,000
764,000
21,415,000
7.578.000
1.706.000
Corn. bushels
$9,503,000 519,839.000
Value
5967,000 51,437.000
Cornmeal & flour, barrels.._
312,000
40,000
20.000
384,000
14.920.000 24,859.000
1.114 000 3,175.000
Horr Inv and grits, pounds
3,449,000
29,158,000
8.942,000
2,781.000
Oats, bushels
51.928,000 51,386.000
55,193.000 $15,275.000
Value
9.092,000 97,306.000 145,065,000
8.807,000
Oatmeal, pounds
2.217.000
25.633,000
72,029.000
1,976.000
Rice. pounds
$76,000
$125.000
$1,465,000
54,029.000
Value
5.786.000 3,184,000
11.423,000
48.288.000
Rye, bushels'
$7.390,000 $3.191.000 560.879,000 512.276,000
Value
8,970 000 9,368,000 188,421.000
55.114,000
Wheat, bushels
817.487.000 513,909,000 5294,217.000 $85,799,000
Value
13,077.0008,875.000
679,000
610 000
Flour, barrels
5.5,407.000 54 879 000 591,459.000 564,758,000
Value
J564.0001 13.166,000
Biscuits,(unsweetened). lbs.) 1.071,000
13,666.000
1376,000J
do (sweetened),lbs_
769,000
575.000
7,428,000
7,851.000
Macaroni, pounds
Total value (*)

Cottonseed Production During May.
On June 17 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand
and cottonseed products manufactured, shipped out, on hand
and exports during the month of May 1926 and 1925:
COTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS).

State.

Received at Mills.
Crushed
On Hand at Mills
Aug. 1 to May 31. Aug. 1 to May 31.
May 31.
1926.

Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
An other

1925.

1926.

1925.

348,564 233,270 348,288 234,065
55,467
47,591
56,600
46,891
439,535 300,856 436,996 299,652
88,717
66,882
86,458 .. 68,946
513,910 398,282 506,823 400,190
236,273 150,706 227.986 150,261
725,203 428,831 704,453 419.011
368,794 284.787 366,608 283,835
536,960 468,495 539,391 461,281
256,070 221,924 256,583 221,859
379,970 282,699 378,311 277,012
1,365,165 1,544.707 1,375,094 1,527,032
142,468 113,154 142.692 111,156

1926.

1925.

563
37
1,550
2,633
7,068
2.247
21,900
2,451
863
851
2,106
11,164
62

494
714
1,254
591
2,008
445
10,572
1,304
7,115
564
6,338
23,287
2

United States
5.457.096 4.542.184 5.426.283 4.801 191
gli 495
88 1185
*Includes seed destroyed at mills, but not 32,278 tons and 21,711 tons on hand
Aug. I, nor 147,871 tons and 117,765 tons reshipped for 1926 and 1925, respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED
ON HAND.
Item,

Season.

On Hand
Aug. 1.

Produced
Shipped Out
Aug.1-May31 Aug.1-May31

OUT

$36,640.000 $27,099,000 5509,530.000 5240,123,000

• Through an error, Incorrect figures were given for total value of grain exports
In the April issue of 222-c. Corrected values are: April 1925, $41.422.000; April
1926.516,693,000;ten months ended April 1925,$472,891,000; 1926, 5213,025.000.
DOMESTIC EXPORTS OF FEEDS.
May- 11 Mos. Ended May
1925.
1925.
1526.
1926.
(In Short Tons.)
24,211
1.279
1,637
16.612
Hay
13,683
246.964
281,592
5.001
Cottonseed cake
269.975
314,548
15,353
24,992
Linseed cake
3,621
6,971
889
5,548
Other oil cake
149
98,906
144.801
Cottonseed meal
1.688
624
9.466
642
3.654
Linseed meal
575
2,447
12.690
117
Other oil cake meal
4,159
255
2,881
422
Bran and middlings
919
3,929
5,659
237
Screenings.....
1,773
23.215
10,257
Othertrill feeds
731
1,339
18.007
14,507
Prepared mill feeds not medicinal
968
Total value

$1,969.000 $1,043,000 535,235.000 527,595.000

DOMESTIC EXPORTS OF HOPS, STARCH, YEAST & BAKING POWDER.
May
11 Mos. Ended :tray
1926.
1925.
1925.
1926.
504.000
328,000
14.879.000
15,109.000
Hops. pounds
598,000
830.000
83.058.000$3,769,000
Value
13.990 000 16,068000 199,736,000 195,904,000
Cornstarch. pounds
5515,000
5510 000
86.853.000 56,565.000
;Value
1,388,000
149.000
15.222,000
3,798.000
Other starch, pounds
88,000
5180.000
846.000
Value
$488,000
285.000
2,818.000
266.000
Yeast. pounds
3.306.000
869.000
570.000
Value
5850.000
5724.000
329 000
3,811,000
366 000
Baking powder, pounds
3,962.000
$133,000
8117.000
51,401.000
51,517.000
Value..

AND

On Hand
May 31.

Crude oil
1925-26
*4,847,3331,576,151.2891,570,554,974 *29,470,692
(pounds)
1924-25
4,052,70 1,369.590,5501.336,047,131
44,339,075
Refined oil
1925-26 a173,549,34 81311 986 542
a262,269,746
(Pounds)
1924-25 106,799,6321.206.922,320
345,413,097
Cake and meal_. 1925-26
18.976
2,535,955
2,271,270
283,653
(tons)
1924-25
41,620
2,074,858
2,016,392
100,085
Hulls
1925-26
39,503
1.510,160
1,406.571
143,088
(tone)
1924-25
33,515
1,293.808
1,228,042
99,281
Linters (500-lb. 1925-26
18.91
1,090,387
950,652
158.647
bales)
1924-25
53.410
874,540
873.957
53,993
(running bales)....1925-26
18,547
1.024.070
891,782
150,835
Hull fiber (500-1b. 1925-26
4,00:
101,240
86,46:
• 18.785
bales)
1924-25
82,175
76.001
6,174
Grabbots, motes,&c 1925-26
1,75:
41,30e
30,64f
12,419
(500
-lb. bales)
1924-25
4.844
31 RAP
an 70C
Pnile
• Includes 635,825 and 1 .561,069 lbs. held by refining and manufacturing
estab'
lishments and 1,550,690 and 9,652,490 be. In transit to refiners and
consumers
Aug. 1 1925 and May 31 1926, respectively.
a Includes 12,798,458 and 10,208,160 be. held by refiners, brokers, agents
and
warehousemen at places other than refineries and manufacturing establishments,
and 6,989.033 and 6,256,435 lbs. in transit to manufacturers of lard
oleomargarine, soap, &c., Aug. 1 1925 and May 31 1926, respectively. substitute,
0 Produced from 1,514,404,906 lbs. crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR TEN MONTHS
ENDING
MAY 31.
Item
1926.
1925.
Oil
-Crude, pounds
36.077,419
21,612,608
Refined, pounds
20,411,139
24,375,784
Cake and meal, tons
326,112
421,227
Linters, running bales
85,004
179,883

Domestic Exports of Grains and Grain Products
Smaller.
The Department of Commerce at Washington, June 24,
gave out its monthly report on the exports of principal grains
and grain products for May and the eleven months ending
with May, as compared with the corresponding periods in
the previous year. As in other previous months, exports
decreased heavily as compared with the same month of 1925.
The value of the shipments was only $27,099,600 in May




3537

Country's Foreign Trade in May-Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on June 15 issued its statement on the foreign
trade of the United States for May and the eleven months
ending with May. The value of merchandise exported in
May 1926 was $356,000,000, as compared with $370,945,110
in May 1925. The imports of merchandise are provisionally
computed at $318,000,000 in May 1926, as against $327,518,721 in May the previous year, leaving a trade balance in
favor of the United States on the merchandise movement
for the month of May 1926 of $38,000,000. Last year in May
the favorable trade balance on the merchandise movement was
$43,426,389. Imports for the eleven months of 1925-26
have been $4,126,752,722, as against $3,498,912,640 for the
corresponding eleven months of 1924-25. The merchandise'
exports for the eleven months of 1925-26 have been $4,414,901,173, against $4,541,233,389, giving a favorable trade
balance of $288,148,451 in 1925-26, against $1,042,320,749
in 1924-25. Gold imports totaled only $2,934,665 in May
1926, against $11,392,837 in the corresponding month the
previoua year, and for the eleven months they were $191,846,399, as against $129,719,001. Gold exports in May 1926
were $9,342,927, against $13,389,967 in May 1925. For
the eleven months of 1925-26 the exports of the metal foot up
$110,092,931, against $242,017,218 in the eleven months of
1924-25. Silver imports for the eleven months of 1925-26
have been $63,751,776, as against $66,689,297 in 1924-25,
and silver exports $90,003,806, as against $100,306,235.
Some comments on the figures were given in the article on
"The Financial Situation" in our issue of June 19, page
3378. Follow
the co
fficial report:

DEPARTMENT OF COMMERCE.
Washington, June 15 1926.
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES.
(Preliminary figures for 1926, corrected to June 15 1926.)
MERCHANDISE.
11 Months ending May.

May.

1925.

1926.

1925.

1926.

Incr.(+)
Deer.(-)

$
$
$
$
$
356,000.000 370,945,110 4,414,901,173 4,641,233,389 ---126,332,216
318,000,000 327.518,721 4,126,752.722 3,498,912,640 +627,840,082

Exports
Imports

Excess of expts 38,000,000 43,426,389
Excess of impel;

288,148,451 1,042,320,749

EXPORTS AND IMPORTS OP MERCHANDISE. BY MONTHS.
1924-25.

1925-26.

1923-24.

$
$
276.649.055 302,186,027
330,659,566 310.965,891
427,459,531 381,433,570
527.171,781 399,199.014
493,572,921 401,483,872
445,748,393 426,665,519
446,443,088 395,172,187
370,676.434 365,781.772
453,652,842 339,755,230
398.254,668 346.935,702
370.945,110 335,088,701
323.347.775 306,989,006

$
339.660,368
379.822,746
420,368,140
490,566.814
447,6.03.577
468,305.949
397,214,919
352,905,039
874,406,547
387.847,074
856.000,000

ExportsJuly
August
September.
October
November _
December ..
January.,..,
February
March
April
May
June

1922-23.
$
301,157,335
301,774,517
313,196,557
370,718.595
379.999.622
344,327,560
335,416,506
306,957,419
341,376.664
325.492.175
316.359,470
319,956,953

1921-22.
$
325,181,138
366.887,538
324,863,123
343,330.815
294,092.219
296.198.373
278,848,469
250,619,841
329,979,817
318,469,578
307,568,828
335,116,750

11 mos.end.
May.- 4,414,901.173 4,541,233,389 4,004,667,485 3,636,776,420 3,436,039,739
12mos.end.
4.864.581,164 4,311,656,491 3.956.733.3733.771.156,489
June.Imports.
July
August.,..
September_
October
November _
December _
January...
February
March _. _ _
April
May
June

325,848,257
340,035.626
349,953,680
374,073,914
376,431,290
396,639,809
416,752,290
388,336,072
442,888,801
397,942,983
318.000,000

278.593,546
254.542.143
287,144,334
310.751.608
296,147.998
333,192.059
346,165,289
333,387,369
385.378,617
346.090.956
327,518.721
325,215,735

287,433,769
275,437,993
253,645,380
308.290.809
291,333,346
288.304,766
295,506.212
332.323.121
320.482.113
324,290.966
302.987.791
274,000,688

251.771,881
281,376.403
298,493.403
276,103.979
291,804.826
293,788,573
329,253.664
303,406,933
397,926,382
364,252,544
372,544,578
320,233.799

178,159.154
194,768,751
179,292,165
188,007,629
210.948.036
237,495,505
217,185,396
215.743,282
256,177,796
217,023,142
252.817,254
260,460,898

11 mos.end.
.4,126,752,722 3,498,912,640 3,280,036,266 3,460.725,166 2,347.618,110
May.._
12mos.end.
3,824,128.375 3,554.036.954 3,780,958,965 2.608.079,008
June_ ___
GOLD AND SILVER.
11 Months ending May.

May.

1926.

1925.

1926.

$
110,092.931
191,846,399

Gold.
Exports
Imports

$
$
9.342,927 13,389,987
2,934,665 11,392,837

Excess of expts
Excess of'mute

6,408,262

1.997.130

Sliver.
Exports
Imports_ _ -__.

7,930,810
4,860,784

6,535.761
3,390,180

90,003,806
63,751,776

Excess of expts
Excess of Impts

3.070,026

3.145,581

Incr. (-I-)
Deer.(-)
,
$
$
242,017.218 -131,924,287
129,719,001 +62,127,398
1925.

26,252,030

112,298.217
81.753,468
100.306,235 -10,302,429
66.689.297 -2.937,521
33,616,938

Exports.
$
4,416.452
July_ __ _
August - 2,135,690
6,784,201
Sept.__
October. 28,039,190
Nov___.. 24,360.071
5,967,727
January
Dec--- 3.086.870
February 3,851,374
4,224,564
March_
April__ 17.883.865
0,342,927
May ___
June _

1924-25.
$
327,178
2.397.457
4,579,501
4,125,268
6.689.182
39,674.653
73,625.943
50,599,708
25,104,416
21,603,945
13.389,967
6.712,480

1924-25.

1923-24.

1925-26.

$
522.826
2,200,961
862.697
1,307,060
746,794
711,529
280,723
505,133
817.374
1,390,537
593,290
268,015

$
$
8.349.304 9.190,362
8,284,991 8,632,067
7.487,317 10,345.205
8,783.376 9,465,023
8,118,093 9,401.406
7,589,470 11,279,630
9.762,969 11,384,799
7,752,350 6,832.647
8,333.081 7,916,717
7,612,045 9,322,618
7,930,810 6,535,761
8,522,492

18.834.423
18,149,981
6,658,165
19.701.640
19.862.384
10.274.049
5.037,800
3,602,527
7,337,322
8,869,883
11,392.837
4,426,135

27,929,447
32.856,097
27,803,961
29395,185
39,757.436
32.641.226
45,135.760
35.111.269
34.322,375
45,418,115
41,073,650
25,181.117

5.238,437
7,273.298
4,504.024
5.601.851
4,049,035
5,746,956
5.762.760
8.863,131
5.539,071
6,312,429
4,860,784

7,127,613 10,066,463
7,041,630 6,465,949
7,082,962 8,517.971
5,828,572 6,929,311
6,481.416 5.269,173
5,863,892 8,172.301
7.338.569 5,979,758
4,928.916 7.900,409
6.660.750 6,220,934
4,944,807 3,907,745
3,390,180 5,639,582
4,918,605 4.870,389

11 mos.
66,689,297 75,069,596
fld.May 191,846,399 129,719,001 391,844,521 63,751,776
12 mos.
71,607.902 79,939.985
417.025.638
124.145.136
.nri Juno

Coal Production Recovers frbm Holiday Slump-Coke
Output at Same Level.
With a gain of 940,000 net tons of bituminous coal and of
405,000 net tons of anthracite reported for the week ended
June 12 in comparison with the preceding week, coal mining
shows recovery from the Memorial Day holiday, according
to data supplied by the United States Bureau of Mines,
which also reports that during the same period the output
of coke remained at about the same level as during the pre


Estimated U. S. Production of Bituminous Coal (Na Tons)a-Including Coal Coked.
1925
1926
Week. Cal. Yr. to Dale.b
Cal. Yr. to Dale.
Week.
195,595,000
8,141,000
224,744,000
May 29
9,683,000
1.560.000
1,508,000
1,771,000
1 614,000
Daily average
203,970.000
8,375,000
233.405,000
June 5_c
8,660,000
1,643,000
1,396,000
1,765.000
1 604,000
Daily average
212,592,000
8,622,000
243,004,000
June 12_ d
9 600,000
1,538.000
1,437,000
1,757,000
1,600,000
Daily average
Original estimates corrected for usual error, which in past has averaged 2%.
b Minus one day's production first week in January to equalize number of days In
two years. c Revised since last report. d Subject to revision.
the
Total production of bituminous coal during the calendar year 1926 to
June 12 (approximately 138 working days) amounts to 243,004.000 net
tons. Figures for similar periods in other recent years are given below:
252,529,000 net tons
1923
234,054,000 net tons
1920
212,915,000 net tone
1924
177,515,000 net tons
1921
212,592,000 net tons
1925
177,167,000 net tons
1922
ANTHRACITE.
Recovering from the holiday loss in the preceding week, anthracite pro-million-ton mark.
duction in the week ended June 12 again passed the 2
Total output, with due allowance for local sales and coal consumed at the
net tons, a gain of 405,000 tons over the
mines, is estimated at 2,083,000
revised figure for June 5.
Estimated United States Production of Anthracite (Net Tons).
1925
1926--Week. Cal. Yr. to Dates
Cal. Yr. to Dale.
Week.
36,247,000
1,681,000
27,302,000
2,089,000
37.881,000
1,634,000
28,980,000
1.678,000
39,706,000
1,825,000
31,063,000
2,083,000

WeekEndedMay 29
June 5..b
June 12

a Minus one day's production first week in January to equalize number of days
In the two years. b Revised.
-less
Total output during 1926 to June 12 amounts to 31,063,000 tons
by 8,643,000 tons, or 21.8%, than in 1925. Figures for corresponding
periods in recent years are given below:
39,960,000 net tons
1924
22,265,000 net tons
1922
39,706,000 net tons
1925
44,649,000 net tons
1923
BEEHIVE COKE.
The rate of production of beehive coke appears to have found a level
during the past three weeks at approximately 196,000 net tons. The only
outstanding change during the week ended June 12 was a gain of 8,000 tons
In Pennsylvania, which was offset by the loss of 7,000 tons in the Southern
group.
'otal production of beehive during the year 1926 to June 12 amounts to
6,169.000 tons, as against 4,931,000 tons in 1925.
Estimated Production of Beehive Coke (Net Tom).
1925
1926
Week Ended
to Date. to Dates
June 12'261, June 5 '26c June 13'25
96,000 5,018.000 3,767.000
155,000
163,000
Pennsylvania and Ohio
291.000
358.000
9.000
14,000
13,000
West Virginia
479,000
17,000
386,000
13,000
6,000
Ala., Ky., Tenn.& Ga
187,000
5,000
189,000
5,000
6,000
Virginia
105.000
133.000
5.000
4.000
4,000
Colorado Sr New Mexico
102,000
85.000
4,000
4,000
4,000
Washington & Utah
196,000
33,000

195,000
33,000

136,000 6,169,000 4,931,000
35,000
44,000
23,000

a Adjusted to make comparable the number of days in the two years.
to revision. c Revised since last report.

b Subject

1923-24.
$
6.233,163
7,032.221
8,123.460
7,522.845
8,775.474
9,521.083
8,208,644
8,876.713
8.355.278
7.801.689
9,686.517
8,648.499

11 mos.
snd.May 110,092,931 242,017,218 9,938,926 90,003,806 100,306,235 90,137,087
12 mos.
108,828,727 98.785.586
248.729.698 10.206,941
snd.June
10,204.112
4,861,736
4,128,052
50,740,649
10,456,115
7.216,004
19.351.202
25.415.655
43,412,576
13,125,633
2,934.665

Production of bituminous coal during the week ended June 12, as indicated
by the 167,041 cars loaded for shipment, amounted to 9.600.000 net tons.
This represents a recovery from the holiday depression in the week preceding, but is less by approximately 80,000 tons than in the final week in
May.

Silver.

Gold.
1925-28.

vious three weeks. Further information we take from the
Bureau of Mines statement as follows:

United States total
Daily average

EXPORTS AND IMPORTS OF GOLD AND SILVER, BY MONTHS.

imports.
July__
August _
Sept..._
Octobr_
Nov..,.,
Dec.,.._
January
February
March__
April__
May _
June _

(Vol.. 122.

THE CHRONICLE

3538

Stronger Demand for Bituminous Coal Traced to
Effect of British Strike-Anthracite Dull.
The development of a stronger demand for West Virginia
high-volatile coal was the outstanding feature in the bituminous markets of the country the past week. That this demand
is directly attributable to the British strike and marks the
first time that the cessation of British production has left
a visible impress upon the market, is the opinion of the "Coal
Age," as expressed in its market review. At the outset
of that strike there was brief flurry, which disappeared as
quickly as it came. Since then there has been some quiet,
intermittent buying, but the volume did not become noticeable until a few days ago, continues the "Age" on June 24,
when it published additional details of events in the markets
as follows:
During the past week there were about 60 vessels waiting for cargoes
at the Southern loading piers. A number of boats also cleared from
Baltimore. It was reported that British interests were in the market for
1,000,000 tons to bo used on the railroads and in the gas plants of the
United Kingdom. As a result of this demand,pier prices on pools 5.6 and 7
increased 45 to 50c. per gross ton. Inland prices, while firmer, advanced
only a fraction of that range.
These increases, however, had little effect upon the general level of spot
prices throughout the country. Pool prices at Baltimore were slightly
higher. Boston prices also were higher. The general run of pool quotations at New York and Philadelphia were unchanged. Inland prices,
other than those directly in the sweep of the buying movement, either
remained stationary or declined. The "Coal Age" index of spot bituminous
prices as of June 21 stood at 158 and the corresponding price was 31 92.
This was an increase of two points and 3c. over the preceding week.
The Lake trade is one of the strongest sources of support for present
production. During the week ended June 20 Lake dumpings totaled
998,341 tons of cargo and 46,718 tons of vessel fuel. This brings the
total for the season to date to 8,299,150 tons, as compared with 7.113,347
tons for the corresponding period a year ago. 5,687,865 tons in 1924 and
9,096,840 tons in 1923.
The recovery in anthracite production during the week ended June 12,
when output was estimated at 2.083,000 net tons, hardly reflects the market
situation. As a matter of fact, the principal consuming centres report a

THE CHRONICLE

JUNE 261926.]

diminishing demand for domestic sizes. In sympathywwith this decline
several of the independent producers have adopted a policy of voluntary
suspension of operations for two days a week. In no other way does it
seem possible to check the downward movement of spot prices on independent domestic tonnage and the collapse of quotations on steam sizes.

3539

The Connellsville coke market is a humdrum affair. Prices have shown
no change because the spot demand has been so light. Production, however, is declining and there is little surplus tonnage offered—so little in
fact, that substantial orders probably would mean an advance in furnace
quotations. Third quarter contracting is backward.

Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on June 23, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Federal Reserve banks combined, shows a decline
for the week of $35,500,000 in member bank reserve deposits
and of $5,400,000 in Federal Reserve note circulation and
an increase of $11,200,000 in cash reserves, with practically
no change in total holdings of bills and securities. Increases
of $85,800,000 in holdings of discounted bills and of $14,100,000 in acceptances purchased in open market were
offset by a reduction of $99,100,000 in Government securities,
holdings of which last week included $141,500,000 of
temporary certificates issued by the Treasury to the Federal
Reserve banks pending the collection of the quarterly
installment of taxes. After noting these facts, the Federal
Reserve Board proceeds as follows:
Discount holdings increased at all of the Federal Reserve banks except
Minneapolis and Kansas City, which show a total reduction of $1,000,000.
The principal increases in discount holdings during the week were: New
York $25.200,000, Chicago $24,600,000, St. Louis $7,900,000, Philadelphia
$6,000,000, Boston $5.300,000, and Atlanta $5,200.000. The New York
Reserve Bank reports an increase of $17,300,000 in open-market acceptance
holdings, and the Atlanta bank a decrease of $4,400,000. Treasury notes
on hand amounted to $205,400,000. an increase of $38,500,000 for the
week, while holdings of U. S. bonds declined $600,000 and holdings of
Treasury certificates $137,000.000, the redemption of $141.500.000 of
temporary certificates held by the Federal Reserve banks the week before
being partly offset by purchases in the market.
Relatively little change is shown in the Federal Reserve note circulation
at any of the Federal Reserve banks.

in net demand deposits and a reduction of $55,000,000 in
borrowings from the Federal Reserve banks. Member
banks in New York City reported an increase of $105,000,000
in loans and discounts and a decline of $15,000,000 in investments, together with an increase of $32,000,000 in net demand deposits and a reduction of $39,000,000 in borrowings
from the Federal Reserve bank. As already noted, the
figures for these member banks are always a week behind
those for the Reserve banks themselves.
Loans on stocks and bonds, including United States
Government obligations, increased $44,060,000, of which
$17,000,000 was in the New York district and $27,000,000
in the Chicago district, slight changes in other distrcts
offsetting each other. "All other" loans and discounts
were $107,000,000 above last week's total at all reporting
banks and $90,000,000 above at banks in the New York
district. Total loans to brokers and dealers, secured by
stocks and bonds, made by reporting banks in New York
City were $43,000,000 above the June 9 total, loans for their
own account having increased $28,000,000, loans for account
of out-of-town banks $13,000,000 and loans for others
$2,000,000. Further comment regarding the changes shown
by these member banks is as follows:
Holdings of United States securities were $37,001).000 less than on
June 9, declines being reported for all districts except Atlanta and Dallas.
Holdings of other bonds, stocks and securities declined $4,000.000.
Net demand deposits were $150,000.000 above the previous week's total,
the principal increases being $67,000,000 in the New York district, $50,000,000 in the Chicago district and $16,000,000 in the Kansas City district.
Time deposits increased $18,000,000. principally in the Boston and New
York districts.
Borrowings from Federal Reserve banks declined $55.000,000 at all
reporting members and $45.000,000 at reporting banks in the New York
district.

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 3577 and 3578. A
summary of ehanges in the principal assets and liabilities of
On a subsequent page—that is, on page 3578—we give the
the Reserve banks during the week and the year ending
figures in full contained in this latest weekly return of the
June 23 1926 is as follows:
banks of the Reserve System. In the following is
Increase(+)or Decrease(—) member
During
furnished a summary of the changes in the principal items as
Year.
Week.
compared with a week ago and with last year:
Total reserves
+S11,200,000 +$36,700,000
Increase (-Fy
Decrease (—)
Gold reserves
+35.900.000
+10.000,000
Total bills and securities
Bills discounted, total
Secured by U. S. Govt. obligations_
Other bills discounted
Bills bought in open market
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits

+85.800,000
+46,500,000
+39.300,000
+14,100.000
—99,100,000
—600,000
+38,500,000
—137.000,000
—5,400.000
—32.700.000
—35,500,000
+5.700.000

+84.900.000
+23.700.000 Loans and discounts, total
—24.100.000
Secured by U. S. Govt. obligations
+47.800,000
Secured by stocks and bonds
+5.600,000
All other
+58,500.000 Investments, total
+36,300,000
U. S. securities
—20,700,000
Other bonds, stocks and securities
+42.900,000 Reserve balances with F. R. banks
+48.500.000 Cash in vault
+47.800,000 Net demand deposits
+85.500,000 Time deposits
—34,400,000 Government deposits
Total borrowings from F. R. banks

D oruring
Week.
ear.
+$151.000,000 +$855.000.000
—3,000.000 —22,000,000
+47.000,000 +346,000,000
+107.000.000 +531,000,000
—41,000,000 +143.000,000
—37.000.000 —53
.000.000
—4,000,000 +196,000.000
+28,000.000
+20,000,000
—13,000.000
—4,000.000
+150,000,000 +264,000,000
+18.000,000 +416,000,000
+71.000.000
—55,000,000
—75.000,000

The Member Banks of the Federal Reserve System—
Reports for Preceding Week—Brokers' Loans
Summary of Conditions in World's Markets According
in New York City.
to Cablegrams and Other Reports to the
It is not possible for the Federal Reserve Board to issue
Department of Commerce.
the weekly returns of the member banks as promptly as the
The Department of Commerce at Washington releases for
returns of the Federal Reserve banks themselves. Both
to-day (June 26) the following summary of
cover the week ending with Wednesday's business, and the publication
conditions abroad, based on advices by cable and other
returns of the Federal Reserve banks are always given out
means of communication:
after the close of business the next day (Thursday). The
CANADA.
member banks, however, including as it
statement of the
does over 700 separate institutions, cannot be tabulated ofWholesale and retail trade is good in most parts of Canada. The opening
navigation into the Yukon has stimulated wholesale trade in British
until several days later. Prior to the statement for the Columbia. A new chain store company has acquired 20 department stores
in Ontario. Manufacturers of agricultural implements are enjoying
week ending May 19, it was the practice to have them ready
increased business and western sales are well ahead of last year.
on Thursday of the following week and to give them out crop prospects in western Canada are generally satisfactory, presentWheat
condiconcurrently with the report of the Reserve banks for the tions being very good in Saskatchewan, good in Alberta and fair in Manitoba
new week. The Reserve authorities have now succeeded
THE NETHERLANDS.
Commerce and industry in The Netherlands have become slightly less
in expediting the time of the appearance of the figures, and
active during the
spring orders.
they are made public the following week on Mondays instead the Dutch East past month after the filling ofa recent partialTrade with
Indies continues slack, but
revival of
of on Thursdays. Under this arrangement the report for activity foreshadows improved business. Government revenues continued
week ending June 16 was given out after the close of favorable in April. Private as well as public financial conditions are
the
excellent. Money continues easy. Both wholesale and retail prices are
business on Monday of the present week.
several points lower than at this time last year. Unemployment at the
The Federal Reserve Board's weekly condition statement end of May showed a reduction from the April figure.
of 703 reporting member banks in leading cities as of June 16
BELGIUM.
The oscillations of franc exchange during the past month have severely
shows an increase of $151,000,000 in loans and discounts
disturbed industry and trade in Belgium.
and a decrease of 41,000,000 in investments. These a gradually advancing inflation, reflected in National bank statements show
greatly increased bank clearings
changes were accompanied by an increase of $150,000,000 as compared with last year. Stock market activity continues, with a rise




3540

THE CHRONICLE

In quotations in industrial shares. Railway operation is making a satisfactory showing with receipts higher and expenditures lower than last
year. In the metallurgical industry production is active. Coal demand
Is greater than production. Wholesale and retail prices are much higher
than at this time last year and are steadily rising.
FRANCE.
The statement of the Bank of France for the week ended June 16 shows
a decline in note circulation amounting to 320,827,000 francs, but no
further repayments of advances previously made to the State have been
recorded. Circulation now reaches 53,389,500,000 francs, while advances
to the State stand at 36.400,000,000 francs. Tax collections during
May showed a considerable decline as compared with previous months
of the year. French foreign trade in May for the first time this year
attained a favorable balance, though for the five months' period there
Is still a considerable import surplus. Total imports in the period January
to May inclusive were valued at 24,233,000,000 francs, while exports
reached 22,051,000,000 francs, with an import excess of 2,182,000,000
francs as compared with an export advantage of 2,273,000,000 francs
In the corresponding period of 1925.
ITALY.
The debt
-funding agreement between Italy and Rumania was signed
on June 15, providing for payment to Italy over a period of 50 years of
an amount of 151,000,000 lire at a nominal rate of interest. At the same
time the Italian Government authorized the Azienda Generale Petro11
to lend to the Rumanian Government 200,000,000 lire for ten years at
7% interest; the purpose of this loan, according to the terms of the agreement, was to promote commercial relations between the two countries
with particular regard to the petroleum requirements of Italy.

[Vol.. 122.

improvement in textile sales, and considerable activity in automobile and
tire sales.
June rains in Hawaii have been the heaviest in 50 years, and broke the
severest drought the Territory has seen in the same period. The effect on
the pineapple crop has been especially beneficial, rain coming prior to July 1
when the summer pack begins. The long drought increased the sugar yield
of the present crop, but is expected, the trade believes, to reduce prospective
tonnage for the next two seasons. The contract for two new sugar mills
in the Philippine Islands has been given to a Honolulu iron concern, with
the result that local foundries and machine shops are busy filling orders for
construction.
AUSTRALIA.
The coal mine strike in the three States, Victoria, New South Wales
and Tasmaria
force since early in May, has been settled and work was
resumed on J 1, 21. The new South Wales Government is proposing
establishment of State insurance office covering all classes of insurance,
with lower premium rates than those charged by private companies.
Australian foreign tr de for the month of April shows an adverse balance.
Imports were £12,312,000 exports for the same period, 49,928,000. General
conditions in the country are normal.
ARGENTINA.
Trade continues slow with no marked changes. Rainy weather it Is
said has retarded the wheat and linseed planting in many sections. Sugar
cane cutting is under way. Sugi:r rroduction is expected in Argentina
to equal last year's crop, of which large stocks are still on hand. The
hide market is quiet and the price tendency is downward. Cereal shipments have increased. The wool market is extremely quiet.

HUNGARY.
Industrial production, railway traffic, and the domestic consumption
of goods are increasing in Hungary. Insolvencies and unemployment
are decreasing and savings and current accounts in the banks are growing.
Merchants still complain of small demand,slow payments, money stringency
and very keen competition, owing to the excessive number of merchants
In proportion to the present size of Hungary.

BRAZIL.
The Brazilian situation remains quiet. Coffee markets are firmer and
exchange is stronger.
PERU.
Basic economic conditions remained unchanged in Peru during the week
ended June 19 with trade still depressed but optimistic. Exchange declined steadily to $3 60 to the Peruvian pound, with some local expectation for a strengthening next week.

NORWAY.
The labor conflict, which started during the latter part of April, was
settled on practically the same terms as those previously proposed. The
laborers affected resumed their duties on June 9. Improvement in the
industrial situation has followed, but there is, on the whole, no fundamental improvement as yet. Except in the automotive branch, trading
activity is at a very low ebb, due to the general tendency to reduce consumption and to purchase an absolute minimum.

GUATEMALA.
Conditions have not shown any improvement since April. The existing
unsatisfactory economic position has been aggravated by political disturbances. There is no evidence of improvement in the crop situation.
The rains have been much lighter up to the present time than usual, causing
a delay in planting as well as retarding the growth of both coffee and corn,
the principal agricultural products of the country.

SWEDEN.
There have been no important changes in Swedish economic conditions
current year, although moderate progress has been shown.
during the
The money market continued easy, with interest rates showing downward
tendency. Deposits in the commercial banks decreased during May.
Loans and discounts also showed a decrease. Iron production during
the first five monehts of 1926 was considerably less than that of the same
period of 1925, and there was a marked falling off in the exports of pig
Iron. Winter grain has been adversely affected by severe weather. Spring
crop prospects are satisfactory.
DENMARK.
Danish economic and business life remains extremely depressed. The
agricultural situation is critical as a result of the effects of the foot and
mouth disease. Danish commercial activity, as a result of the forced
reduction of purchases on the part of the people, has languished. This
is revealed in the April foreign trade figures, which show that imports
were the lowest in several years-115,000,000 crowns. Exports were
maintained at a fairly high volume-137,000,000 crowns—and there
was thus a favorable balance of 22,000,000 crowns; the largest monthly
surplus produced in several years.
LATVIA.
Due to seasonal buying and shippnlg activities, the larger ports of
Latvia are temporarily enjoying a slight improvement in business. In
the provinces, however, conditions are growing worse daily. Commercial
failures are recorded daily and many farmers' bills are being protested.
Money is difficult to obtain and rates are high. Timber floating on the
Dvina River is in full swing. Since the beginning of the season 3,000
rafts have arrived from Poland and Soviet Russia, the latter shipments
being sold to local timber firms.
INDIA.
Communal tension between the Punjab, northwestern India, and the
United Provinces, adjoining on the southeast, is causing some anxiety
and is hampering trade somewhat. Monsoonal rains are showing normal
strength and extension. If this 'condition continues the general outlook
Is thought in India to be good. The jute crop, an important one, is pro
greasing favorably and a large crop and an easy market are anticipated
in the country. Crop conditions are fair to good throughout India.
DUTCH EAST INDIES.
General business of the Dutch East Indies continued rather dull in May,
both for importers and exporters. Rice and sugar crops are late and money
Is scarce. Textiles are still overstocked as natives are buying very little.
Sales of passenger cars continue excellent except in southern Sumatra, where
conditions are not so good as a few months ago. Business in machinery
and metal lines was slow in May.
JAPAN.
The most important development in Japan during the past month has
been the recovery of the raw silk market. May exports totaled 4,665.500
pounds, against 3,865.700 pounds the previous month. The second official
forecast of the spring cocoon crop places the yield at 349,553,561 pounds, a
drop of 5,927,439 pounds from the first forecast and 4,811,394 pounds less
than the actual crop last year. The Osaka cotton yarn market Is strong
with prices advancing. A combination of Japanese pig iron producers has
been formed to regulate prices and an agreement of sugar mills has been
effected to curtail production of 150 days per annum in order to bolster up
prices on the domestic market. It is estimated in Japan that this year's
tea crop will be about 20% below 1925. Conditions were adverse during
the early part of the rice planting season but have since improved.
PHILIPPINE ISLANDS.
Business in the Philippines during May was normal, collections were good
and prospects as viewed by the trade of an excellent sugar crop have favorably affected the credit situation. Commodity markets showed little change
and inclined to dulness, except in copra, which was very active, with production running close to capacity. Importation was normal, with some




HONDURAS.
General business conditions continue dull. Exchange remains at 2.15
pesos to the dollar. Banana exports to the United States during May
were 1,519,000 bunches, being an increase of 316,619 bunches over the
previous month. The shipment of bananas to England totaled 72,000
bunches and to Germany 32,000 bunches.
PORTO RICO.
Business is generally quiet but collections are a little more prompt as a
result of the liquidations with the closing of the sugar campaign and the
harvesting of the tobacco crop. Merchants are limiting their Purchases
anticipating the seasonal dullness usually extending from July through
September. However, the sugar mill buying for repairs and replacements
has stimulated the machinery and hardware trades. The drought is still
causing worry to agriculturists although there have been some showers.
MEXICO.
There has been no change in business during the week ended June 20.
The increase in the sales of motor vehicles has not been as large as expected.
The automobile exhibition will open July 10. The labor situation is
again serious. The cotton crop is estimated at 310,000 bales with stocks
on hand of 50,000 bales.

Big French Credits Are Deposited Here—Wall Street
Believes These Will Be Used Later to Support
the Franc Exchange.
The New York "Times" of June 20 prints the following
under the above head:
Huge French balances and credits, accumulated here during the "flight of
capital" from France, are receiving the attention of those financial authorities who are seeking to gauge the probabilities in the situation surrounding
the franc. While it is impossible to reach even an approximation of the
amount of holdings transferred out of France for safekeeping, the sum is
known to be very large.
French interests have accumulated holdings not only in the United States
but in the Scandinavian countries, in Holland and Switzerland; and, recently, in Spain, whose currency now has reached its highest exchange level
In more than four years.
Judging from precedents, all these funds will begin finding their way back
to France once domestic confidence has been restored there, and eventually
this is expected to furnish strong support to the French exchange position,
when stabilization has been restored.
Almost parallel conditions developed when the old German mark was sliding downhill. When the Dawes Commission got down to details on this
phase of German finances, records were thrown open to it in Germany,
the United States, England, France and other countries, so that it was
possible to learn something definite of German holdings abroad.
The Dawes Commission found that the sums held abroad by Germans
mounted into billions of dollars. When the Dawes plan went into effect,
with a large international loan to Germany and the establishment of the
currency on a new gold basis, this money began flowing back to Germany in
large amounts. Gold shipments of considerable amounts have been made
from the United States to Germany on several occasions in the last year.
The return of money held abroad has been one of the factors that facilitated
the maintenance of the new Reichsmark virtually at parity for the last year
and a half.
Financiers here believe that sooner or later a similar movement of funds
back to France will develop, despite the present uncertainties that surround
the franc. The Cabinet change of last week and its related occurrences
caused some erratic fluctuations of the rate, but little fundamental change
in conditions appeared. The franc last Monday declined to within a fraction of its record low for all time at 2.72 cents, but rallied on official support
and went as high as 2.93 cents. Support dwindled, however, and the franc
at the close of the week was quoted at 2.78A cents, which compared with
2.933i cents at the end of the previous week.

JUNE 26 1926.]

THE CHRONICLE

Despite the confusion which surrounds the present situation, few in the
financial district expect the franc to follow the extreme downward movement that took place in the German mark following the war. There are
several reasons for this, chief among which is the fact that Germany and some
of the other Central European countries whose currencies collapsed were
virtually isolated and their trade with the rest of the world shut off. This
is not the case with France, whose foreign trade at present is of such proportions and importance that it is believed commercial interests will insist
that remedial measures be put into effect. Another contrast is that while the
fall of the German mark met with no real resistance in Germany, France
appears determined to prevent the wiping out of the value of its currency.
French bonds have held strongly in the face of the decline of the franc,
the Government to of 1945 having been quoted at 102 at the end of the week,
the 7;is of 1941 at 97 and the 7s of 1949 at 90, while industrial and other
French dollar issues traded in in New York also have been well supported.
Bankers declared this was a natural market condition, as every time the
franc moved downward the internal debt of France is reduced, placing its
external obligations in a relatively stronger position. In addition, French
interests are understood to have been buying their Government's dollar
securities in considerable quantities. This provided a means of escaping
from the present uncertainties of the franc and at the same time supporting
French credit abroad.
While the decline of the franc has increased the cost of the country's
foreign debt service, bankers declare this increase has not been as large as
might appear at first glance. Aside from the compensating reduction in
Its domestic debt, there is the fact of large French balances in foreign countries, which are in dollars or other stable currencies and which may be
used when needed with little real relation to the movements of the franc.
Since the war the United States has become a resting place for a tremendous volume of funds originating in other countries and sent here for the
safety furnished by the stabilized conditions in this country. Not only
France and Germany, but other countries in Europe, as well as Japan and
a number of South American countries, have large balances here. Several
South American countries have gold on deposit in New York to serve as an
exterior reserve against their circulation. Bankers declared this has contributed to trade expansion and credit ease in this country, although it is
only one of the many factors that have created these conditions.

Russian Soviet Debt to Great Britain Put at £804,000,000—Claims Lodged by Nationals Estimated at

3541

Dwight W.Morrow, of J. P. Morgan & Co., was treated to something
like the third degree, tempered with Senatorial courtesy, when he appeared
before the Senate Finance Committee to-day to discuss with it from a
banker's viewpoint the situation surrounding settlement of the Italian and
French debts.
The committee session was an executive one, but it is understood that Mr.
Morrow was quizzed at great length as to the loans made through American
bankers both to Italy and to France. Some of the Senators wanted information, for instance, particularly on the loan floated by J. P. Morgan & Co.
to Italy through the sale of bonds to American investors at about 9434. netting Italy about 90, at a cost of 7 or 7%% interest, on the advice of the
bankers to the people here that this was a good buy. The loan announcement came about a week after the funding arrangement was entered into by
the Debt Commission, it was pointed out.
Three loans of $100,000,000 each to France in 1920, 1921 and Nov. 1924,
were brought into the discussion, and the Senators wanted to know whether
there were any new negotiations under way looking to the loaning of additional amounts to France. The witness is said to have denied that any steps
had been taken in that direction and entered denial also to inquiries as
to whether or not American bankers had sought to use any influence on
either France or Italy to bring about ratification of the settlements or urge
the Government or Congress of the United States to effect a settlement
on low terms.
Mr. Morrow was the witness at both the morning and afternoon sessions
of the committee. He is understood to have stated that he believed both
the French and the Italian settlement to be as good as could be effected,
all things considered. He explained that there was no ground for criticism
of the fact that early payments by Italy to England are larger than those
to come to the United States, since, he said, the situation in England was
different than here. England having large payments to make in her turn
to the United States and it was necessary for her to exact funds from her
debtors to help out.
Under secretary of the Treasury Garrard B.Winston attended the sessions
to-day, but took no particular part in the discussion, it is understood. Be
will be called to the Capitol probably next week to make a statement and
give his views on the situation as it now exists in France. Despite the
fact that it has become very apparent that France will take no steps in
the immediate future toward ratification of the settlement, it is proposed
to continue the hearings, the idea probably being to secure campaign
material.

In addition to Under Secretary Winston the same paper
fndicated on June 16 that possibly Benjamin Strong, Gover£225,000,000 by Ronald McNeill.
Bank of New York, and others
We quote from the New York "Herald-Tribune" the fol- nor of the Federal Reserve
who may have knowledge of present European affairs, will
lowing London cablegram (copyright) dated June 23:
committee. The Washington correspondent
The Russian Soviet debt to this country, with accumulated interest, totals be heard by the
£804,000,000. Under Secretary for Foreign Affairs Ronald McNeill told the of the paper in the June 16 advices said:
Despite the denial of Mr. Winston that his journey abroad was in any
House of Commons this afternoon. He estimated the claims lodged by
British nationals against the Soviet at £225,000.000. No definite counterclaims have been presented by the Soviet, he added.
Further questions put by Conservative back-benchers, in view of the debate next Friday on Anglo-Russian relations, drew from Godfrey LockerLampson, for the Government, the statement that the only trade organization here which was allowed to send and receive sealed bags was the Soviet
Trade Delegation.
1g Asked whether Saturday's speeches by Winston Churchill and the Earl of
Birkenhead, who are heading a mutiny against the Cabinet's Russian policy,
were to be regarded as representing the attitude of the Government, Premier Baldwin requested that the question be put on paper. In reply to
Ramsay MacDonald, who asked whether it might be assumed that the Chancellor's speeches always were made after consultation with his colleagues,
the Premier said, amid laughter:"You may assume that I have such confidence in my colleagues that I do not rush to read their speeches with the
same speed as do the members of the Opposition."

way connected with reported negotiations between representatives of the
French Government and the New York Federal Reserve Bank for a large
loan to be used in an attempted stabilization of the franc, he will be questioned at considerable length on that subject. This will be true also in
the case of Mr. Strong if he actually appears before the Committee. The
latter is looked upon as one of the best informed men in the United States
on foreign financial affairs and there is a considerable desire on the part
of some of the Democratic members to be given an opportunity to hear
his views and receive a detailed statement from him.
The Senators are interested to hear from his own lips something of the
conferences that he had with British and French financial heads, of the
real situation in France. Then there is also a desire to ascertain why a
27c. settlement with Italy and a demand for something like 50c. on the
dollar from France: whether there was financially controlled pressure
back of the former which is lacking from the latter.

S. Parker Gilbert Reports German Reparations Plan
for First Nine Months of Second Year as
Functioning Satisfactorily—Receipts
and Payments for May.
In a statement to the German Reparations Commission,
The Supreme Court has decided the Danish Trade Union Council must
Parker Gilbert, Agent
pay 130.000 kronen damages for interfering "maliciously" with the affairs at a routine meeting on June 19, S.
General for Reparation Payments, is reported as indicating
of a large number of Danish farmers.
I It was asserted by the farmers that they suffered heavy losses when they that the executiOn of the Dawes Plan for the first nine
were unable to obtain necessary farmhands because of a union boycott.
months of the second year of its operation was most satisfactory. One account of Mr.Gilbert's report is the following
Chinese Government 5% Hukuang Railway Loan of which we take from the Berlin advices (copyright) to the
New York "Times" June 20:
1911.
"Execution
the Dawes plan proceeded normally during the second
J. P. Morgan & Co. announced on June 21 that, as a annuity year. ofGermany made regularly and punctually the payments
result of provision made therefor by the Chinese Government required and transfers to the credit of the powers have gone forward currentand pursuant to the plan for dealing with such coupons as ly and without disturbance to exchange."
Jr., Agent
This statement is made by Seymour
announced by that government on July 3 1924, they were Reparations, in an interim report for Parker Gilbert months of-General for
the present
the first nine
prepared, beginning Thursday, June 24th, to pay the follow- annuity year, ended May 31. The report, which is couched in optimistic
vein, declares further that "throughout the entire period Germany has
ing coupons from bonds of the German issue of this loan:
kept financially sound, and some tendency toward recovery is now beginDanish Trades:Union Council Fined For Boycotting
Farmers.
Copenhagen (Denmark) Associated Press cablegrams
June 22 state:

No. 28 which matured June 15 1925.
No. 18 which matured June 15 1920.

The payment of coupon 29 on bonds of the 1911 loan was
referred to in these columns a week ago, page 3404.

ning to appear." and that "the Reichsbank has consolidated its position
and the stability of German currency stands fully assured. In all its relations the plan has been functioning actively and normally."
In the six months since the last report "there has also been further
progress toward the attainment of more normal credit conditions." Progress also has been made in simplifying organization and reducing costs of
production.
Mr.Gilbert believes the crisis reached its apex last January and February,
that there has been gradual improvement since and that "the processes of
readjustment appear to have followed sound principles." 41111111

Dwight W. Morrow, of J. P. Morgan & Co., Testifies
Before Senate Committee Regarding Loans
.4
to France and Italy.
The Senate Committee on Finance, in furtherance of its 11111111=1011111WPayments for7Nine-Months.1imam im
Germany paid 821,425.066
in nine months. By recourse to the
consideration of the bill authorizing the settlement of the balance remaining on hand on marks31 the Transfer Committee transferred
Aug.
French debt, had before it on June 18 Dwight W. Morrow, 834,409,730 marks of which 262.852,850. or about 32%, was cash transfers.
the error of attaching undue
of J. P. Morgan & Co., who was heard on the subject of the This,- says Mr. Gilbert, "shows from other forms of transfers. importance
to cash transfers as distinguished
It remains
loans accorded to France and Italy. In its account of the true, as the experts said in their report, that in their financial effects
deliveries in kind are not really distinguishable from cash payments."
hearing the New York "Journal of Commerce" had the
were made
The
following to say in its report from its Washington bureau railwaypayments190,000,000 up of 400.000.000 marks interest on German
bonds,
budget contributions, 62.500.000 interest on
German industrial debentures and 168.925,066 transport taxes. The
on June 18:




3542

THE CHRONICLE

railway company and the Government made all payments punctually on
the first of every month. The Transfer Committee holds an unexpended
balance of 69,839.182 marks.
The railways excess receipts over expenditures for the first business
year ended Dec. 31 last exceeded 818,000,000, even after setting aside
the statutory reserve fund of 113.000,000, also 3,000,000 for interest on
preference bonds owned by the Reich and 150,000,000 for future deficits
and amortizations. In addition 153,000.000 were carried over into 1926.

Under date of June 10 the following regular monthly statement regarding receipts and payments was made public by
Mr. Gilbert.
OFFICE OF THE AGENT
-GENERAL FOR REPARATION PAYMENTS.
STATEMENT OF RECEIPTS AND PAYMENTS FOR THE SECOND ANNUITY YEAR TO MAY 31 1926.
(On Cash Basis, reduced to Gold Mark equivalents.)
Second Annuity
Year-CumulaMonth of
tive Taal to
May 1926.
May 31 1926.
Gold Marks.
A. Receipts in Second Annuity YearGold Marks.
20,000.000.00 190.000.000.00
1. Budgetary contribution
2. Transport tax
17,825,789.38 168,925.066.29
3. Interest on railway reparation bonds
50,000,000.00 400,000,000.00
4. Interest on industrial debentures
62,500,000.00
5. Interest received
186,468.50
1,869,916.38
88,012,257.88 823,294,982.67

B. Balance of Cash at August 31 1925_

107,013,270.89

Total cash available
C. Payments in Second Annuity Year
1. Payments to or for the account of
France
British Empire--Italy
Belgium
Serb-Croat-Slovene State
Rumania
Japan
Portugal
Greece
Poland

930,308,253.56

43,793,371.35 403,462,160.72
22,123,735.86 166,589,521.02
6,622,097.23
50,057,085.85
8,781,537.94 84,443,242.49
5,436,565.72
27,881.037.12
583,327.21
6,405.403.55
35,304.10
370,781.23
462,979.04
4,676,795.34
302,935.73
2,297,207.93
31,177.41
91,955.24

Total payments to Powers*
88.173.031.59 746,275,190.49
2. For Service of German Externall.oan I924
7,570,794.16
72,557,419.54
3. For expenses of
Reparation Commission
249.981.75
2.694,585.84
Office for Reparation Payments
307,911.88
2,775,015.78
Rhineland High Commission
253,228.97
6,162,711.45
Military Commission of Control
300,000.00
3,907,261.69
4. Costs of arbitral bodies
1,188.74
37,545.27
5. Discount on payments made by Deutsche
Reichsbahn Gesellschaft in advance of due date
990,923.25
5,907,557.40
6. Exchange differences
Dr.18,483.48
151,783.64
Total payments

97,828,576.86 840,469,071.10

D. Balance of cash at May 31 1926

TABLE IL
-PAYMENTS TO EACH POWER CLASSIFIED ACCORDING TO
CATEGORY OF EXPENDITURE.
Second Annuity
Year-Cumulalive Total to
Month of
May 31 1926.
May 1926.
Payments to or for the Account ofGold Marks.
Gold Marks.
I. France
(a) Reichsmarks to Army of occupation
3,503,505:40 23,715,477.85
(b) Furnishings under Arts. 8-12 of Rhineland
Agreement
(a) Reparation Recovery Act
g,207:112 12
. 44 Z
(d) Deliveries of coal, coke and lignite
(e) Transport of coal, coke and lignite
3
111.11
13;r7 12311311..,
8
1071V;8
(f) Deliveries of dyestuffs and pharmaceutical
products
1,388,859.69
290,817.42
(g) Deliveries of chemical fertilizers and nitrogenous products
299 005.79 39,654,82984
(h) Deliveries of coal by-products
(1) Deliveries of refractory earths
.2
1,74U12.8.1
4?..kgg kl
Deliveries of agricultural products
12,545,049.52
1,237,453.82
,
(1) Deliveries of timber
12_040,973.40
2,688 200.08
(1) Deliveries of sugar
4,709,935,72
952,719.51
(m)Miscellaneous deliveries
59,723,489.09
8,716,926.76
1,666,145.62
(a) Miscellaneous payments
76,000.27
(o) Cash Transfers
(1) Liquidation of the accounts of the Franco5,007,229.01
Belgian Railway Regie
(11) Settlement of balances owing for deliveries
made or services rendered by the German
350,000.00
Government prior to September 1 1924_

,
441.g1lig?..V

Too Early to Offer Railway Bonds.
The trustee for the German railway bonds "has found it to be the unanimous opinion of all concerned that the time has not come to attempt any
sale of bonds, and it is still too early to make definite plans toward that
emd." The reports says the outlook is encouraging and the trustee believes
the further progress of the railway company will bring increasing appreciation of the merits of the bonds as international investments, but much
will depend on the progress of stability in Europe generally. None of
the 5.000.000.000 industrial debentures has been negotiated or redeemed.
Mr. Gilbert notes that the German budget remains balanced and that the
preliminary figures for the year ended March 31 indicate a safe margin of
receipts over expenditures, but "much remains to be done in the direction of
clarifying the financial accounts."
The Reich's public debt apparently has been reduced 243.000.000 during
the six months preceding March 31, but Mr. Gilbert indicates that this reduction may have been more apparent than real. Moreover, the liabilities
growing out of the revalorized paper mark debt are likely to exceed the
alleged reduction.
The report closes with the declaration that the allied Governments, the
German Government and all other agencies concerned in executing the
Dawes plan "have continued to work together loyally and in a spirit of
friendly co-operation."

Total receipts

89.839,182.46

930,308.253.56
*See Tables I and II for analysis of payments by category of expenditure and
by Powers.

0)

Total France

TABLE I.
-TOTAL PAYMENTS TO POWERS CLASSIFIED ACCORDING
TO CATEGORY OF EXPENDITURE.
Second Annuity
Year-CumulaMonth of
tire Total to
May 1926.
May 31 1926.
I. Occupation CostsGold Marks.
Gold Marks.
(a) Reichsmarks to Armies of Occupation
4,505,557.36
36.327,590.71
(5) Furnishings under Arts. 8-12 of Rhineland
Agreement
5,531,433.00
32,709,627.99
69,037,218.70

2. Deliveries in Kind
(a) Coal, coke and lignite
(b) Transport of coal, coke and lignite
(c) Dyestuffs and pharmaceutical products
(d) Chemical fertilizers and nitrogenous products
(e) Coal by-products
(f) Refractory earths
(g) Agricultural products
(3) Timber
(t) Sugar
(j) Miscellaneous deliveries

20,804,729.32 204,818,451.95
6,736,642.47 67,981,444.80
1,162,919.80
7,879,466.90
299,005.79 42,590,027.48
759,062.02
3,672,927.30
13,686.21
69,638.84
1,267,812.68
12,617,081.41
3,614,670.70
15,780,254.28
952,719.51
4,709,935.72
19,200,226.85 126,610,613.67

3. Reparation Recovery Acts

23,228,734.25 180,859,558.62

54,811,475.35 486,729,842.35

4. Restoration of Louvain Library
5. Miscellaneous Payments
6. Cash Transfers
(a) Liquidation of the accounts of the FrancoBelgian Railway Regie
(b) Settlement of balances owing for deliveries
made or services rendered by the German
Government prior to September 1 1924

2,100,316.90
95,831.63

1,867,012.62

5,007,229.01
674,012.29
5,681,241.30

Total payments to Powers




88.173,031.59 746.275,190.49

43,793.371.35 403,462,160.72

2. British Empire
(a) Reichsmarks to Army of Occupation_
10,426,882.59
1,002,051.96
(5) Furnishings under Arts. 8-12 of Rhineland
5,034,137.21
Agreement
1,400.000.00
(c) Reparation Recovery Act
19,721,683.90 150,816,001.22
(d) Cash Transfer
Settlement of balances owing for deliveries made
or services rendered by the German Govern312,500.00
ment prior to September 1 1924
Total British Empire

22,123,735.8,3

3. Italy
(a) Deliveries of coal and coke
3,699,514.61
(b) Transport of coal and coke
1,195,815.36
(e) Deliveries of dyestuffs and pharmaceutical
products
343.682.39
(d) Miscellaneous deliveries
1,383,084 87
Total Italy

6.622,097.23

4. Belgium
(a) Relchsmarks to Army of Occupation
(b) Furnishings under Arts. 8-12 of Rhineland
Agreement_
1,186,905.50
(c) Deliveries of coal, coke and lignite
2,731.432.38
(d) Transport of coal, coke and lignite
779,046.54
(e) Deliveries of dyestuffs and pharmaceutical
products
515,554.87
(f) Deliveries of chemical fertilizers and nitrogenous products
(0) Deliveries of coal by-products
331,149.68
(h) Deliveries of timber
926,470.62
(I) Miscellaneous deliveries
2,310,978 35
Miscellaneous payments
(k) Restoration of Louvain Library
Total Belgium
5. Serb-Croat-Soivene State
(a) Deliveries of pharmaceutical products_
(b) Miscellaneous deliveries__
(c) Miscellaneous payments
Total Serb-Croat-Slovene State
6 Rumania-Miscellaneous deliveries
7. Japan
(a) Deliveries of dyestuffs
(b) Miscellaneous deliveries
Total Japan

166,589,521.02
32,687,170.17
9,915,498.77
2,707,813.15
4,746,603.76
50,057,085.85
2,185,230.27
5,164,440.85
33,109,949.80
8,769,498.48
3,699,545.66
2,935,197.64
1,954,782.02
3,739,280.88
20,71M
23
(1)
2,100,316.90

ig

8,781,537.94

84,443,242.49

22.798.56
5,394.757.35
19,009.81

93,361.10
27,616,237.51
171,438.51

5,436,665.72

27,881,037.12

583,327.21

6,405,403.55

Dr.9,933.44
45,237.54

Dr.10,I12.70
380,893.93

35,304.10

370,781.23

8. Portugal
-Miscellaneous deliveries

462,979.04

4,676,795.34

9. Greece-Miscellaneous deliveries

302,935.73

2,297,207.93

10. Poland
'(a) Deliveries of agricultural products
(b) Miscellaneous payments
(c) Cash transfers-Settlement of balances owing
for deliveries made or services rendered by
the German Government prior to September 1 1924
Total Poland

10,036,990.36

[VOL. 122.

Grand total

30,355.86
821.55 .

72,031.89
8,411.06

31,177.41

91,955.24

11,512.29

88,173,031.59 746,275,190.49

NOTES.
1. Reichsmarks Furnished to the Armies of Occupation.
-The payments in May to
the French Army of Occupation include a payment in advance in respect of June
expenditure.
2. Furnishings under Articles 8-12 of the Rhineland Agreement -During the month
of April, negotiations were conducted by the French. British and Belgian Governments with the German Government with a view to fixing, as from April 1 1926, the
amounts to be provisionally advanced to the German Government on account of
furnishings to the Armies of Occupation and to the Rhineland Commission under
Arts. 8-12 of the Rhinelnd Agreement. The Agreements concluded were notified
-General at the beginning of the month of May; the payments shown in
to the Agent
this month, accordingly, include the agreed advances in repsect of the two months,
April and May.
In the cases of France and Belgium, the payments in May include, in addition
to the advances above mentioned, a settlement in respect of military transport on
the railways in Occupied Territory during the period Sept. 1 to Nov. 15 1924. ad

Dr. Kemmerer Sails for Poland to Undertake Study of
Country's Financial and Economic System.
Dr. Edward W. Kemmerer, professor of economics at
Princeton University and President of the American Economic Association, sailed on the Berengaria on June 22 to
take up his work as head of a special commission which is to
make a study of conditions in Poland with a view to working
out a comprehensive financial and economic policy for the
Polish Government. Dr. Kemmerer's assignment to the
commission was noted in these columns June 5, page 3153.
The names of the other members of the commission were
indicated as follows in Princeton advices June 15 to the New
York "Times":

JUNE 26 1926.]

UTE CHRONICLE

Dr. Herley L. Lutz of Leland Stanford Junior University, public finance;
Dr. Joseph T. Byrne of Brooklyn, accounting practice and control; Joseph
A. Broderick, Vice-President of the National Bank of Commerce of New
York, practical banking; Wallace Clark of New York, industrial management; Frank A. Ebbe of Washington, D. C., customs administration, and
Frank D. Graham. Associate Professor of Economics at Princeton, General
Secretary of the commission. Frank W. Fetterman of Princeton will be
secretary to Dr. Kemmerer.

With Dr. Kemmerer's departure this week he was quoted
in the "Times" as saying:

3543

Associated Press advices from Warsaw, which are authority
for this, added:
The Government also intended to concentrate its energies in improving
industries connected with natural resources, such as oil, coal and timber.
M. Kwiatowski pointed proudly to the extension of Poland's industry,
which, he said, despite economic warfare with Germany, had gained new
markets. He admitted, however, that trade wars in the long run were
bad things and that, therefore, he favored good relatims with all nations.
The Government would endeavor to win the confidence of foreign nations
in Polish industries and would welcome in every manner possible the investment of foreign capital.

"There is no truth in the report that this commission is connected with
any banking house in this country. 1 went to Warsaw at the end of last
December at the invitation of the Government and spent two weeks there. Czechs Dispense With Foreign Loans—Use United
This invitation was confirmed after the revolution by Marshal Pilsudski.
States Credits to Stabilize Crown but Future
"We shall advise the Government on reform necessary, in our opinion, for
Borrowing Will Be at Home.
currency, accounting, taxes, banking, customs, duties and also concerning
industries. For that purpose we are taking with us Wallace Clark of New
The following special advices from Prague appeared in
York, an industrial engineer.
"I am very hopeful that we shall be able to put the zloty on a gold basis. the "Wall Street Journal" of June 23:
Czechoslovakia's financial position is now sufficiently consolidated to
When there has been a coalition Government, I have observed that it has
worked well and accomplished things. There are fourteen members in the dispense with foreign loans, at least for some time to come. The revolving
party altogether, which includes my wife and son and daughter and my credit which the National City Bank of New York recently opened for the
secretary. Dr. Frank W. Setter. We shall remain in Warsaw for the sum- Czechoslovakia National Bank is not in the nature of a State loan, but a
credit granted to a bank of issue for the explicit purpose of maintaining
mer and return by the Paris on Sept. 22 from Havre.
"Early in October. I am going to take another commission to Ecuador. exchange at the rate for the last three years. The Czech crown is stabilized
and from there another commission direct to Bolivia, so that I shall be absent on the American dollar; the Czechoslovak National Bank was authorized
by law to obtain a stabilization credit up to $50.000,000. At this time,
practically all the year."
Dr. John T. Byrne, Dr. Frank B. Graham, Dr. Harvey L. Lutz, Joseph however, it has been deemed unnecessary to go to the limit: a credit of
$20.000,000, with a potential increase to $30000000 is considered adeare among those included in the Kemmerer party.
A. Broderick
quate. Dr. K. English, the Czech Finance Minister, stated publicly that
The same paper in its June 16 issue stated:
the Government need no longer worry over the foreign exchange rate of
Dr. Kemmerer. who is President of the American Economic Association, the crown.
has been a financial adviser to governments since 1903. when he served
Although some costly legislation has been introduced lately in the National
the United States Government in the Philippines. In 1906 he was special Assembly, the Finance Minister is strongly opposed to foreign credits.
commissioner of the United States to Egypt to investigate the Agricultural He is confident that the necessary cover can be provided internally, on
Bank in Egypt. He was financial adviser to Mexico in 1917, to Guatemala cheaper terms, and without entailing an increase in imports from the
in 1919 and to Colombia in 1923.
creditor country.
In 1924 he served as the currency and banking expert of the Dawes CamThe money market in Czechoslovakia is at present admittedly not able
mission in Paris, where he helped work out the plan for the establishment of to provide sufficient funds to satisfy the whole of the estimated public
the gold standard, the creation of a central bank and the refunding of public expenditure for the current financial year. The estimates of the various
debt. Last year on his recommendation and that of Dr. Gerard Vissering, Government departments have therefore been cut by 25% all around,
President of the Bank of the Netherlands, the Union of South Africa re- while considerable savings are to be effected in the next budget. The
turned to the gold standard. He was Chairman of a commission to study Finance Minister's principle is to cut his coat according to the cloth and
finances in Chile in 1925 and that country, on his recommendation,returned to adapt public expenditure to revenue without recourse to borrowing.
to the gold standard, establishing a central bank and passed a general bank- As the internal money market becomes easier, public expenditures will be
ing law making comprehensive changes in the regulations governing commer- permitted to rise in proportion.
cial banks, a new budget law and a law governing the reorganization of the
Special Provisions Made for Army.
State railways.
The only Government department for which a reduction of expenditure
Dr. Lutz and Dr. Byrne were members of former commissions with Dr.
Kemmerer. Mr. Broderick lately has been Secretary of the Federal Re- on the above scale was found too drastic is the Ministry of National Defense.
serve Board in charge of bank examinations. Mr. Clark is Chairman of To meet the situation a bill was introduced recently in the National Asthe Society of Industrial Engineers on the Elimination of Waste in Manage- sembly, providing, on the one hand, for a reduction of military expenditure
for 1926 by 360.000,000 crowns and for a limit of expenditure under the
ment.
same heading to 1,400,000,000 crowns for the next 11 years. On the
other hand, a special fund of 315.000.000 crowns was created for the same
German Business Men's Judgment of Poland—Modified period, out of which all capital expenditure on the army is to be provided.
Dawes Plan Viewed as Essential in Financial
Another bill, involving an expenditure of 700.000.000 crowns, is that
dealing with the reform of public service. This scheme provides for an
Adjustment,
annual reduction of 10% in number of public servants and other State
June 20 advices from Berlin to the New York "Times" employees for two years and a simultaneous increase in the pay of those
remaining in service. The Finance Minister has limited the expenditure
(copyright) state:
German business men returning from Poland appear to regard the political in connection with the scheme to 700.000.000 crowns, which it is proposed
to provide from savings in the budget and from additional taxation of alcohol
situation in that country favorably. They do not predict new military or
home consumption. This bill is now before Parliament, and
civil revolts, and declare that Pilsudski's popularity with the urban popula- and sugar for
Its passage is being accelerated to make it retroactive as from Jan. 1, last,
tion, which alone counts in Poland, is immense.
Nevertheless, the same observers agree almost unanimously that Polish the date promised by the previous Government in power.
finance, industry and currency cannot be put in order without foreign
The Internal Debt.
assistance and foreign control, the latter in the shape of a modified Dawes
With regard to the internal floating debt, it is the Finance Minister's
plan. They ascribe this necessity to the Polish nationalist sentiment, as policy either to redeem or convert the short term Treasury bonds running
a result of which nearly all of the former Prussian and Austrian adminis- for 12 months into bonds falling due m five years. Provision for the
trators have been excluded from places of power, while the non-Polish redemption of the one-year bonds maturing this year already has been
speaking provinces have been harassed by incompetent or dishonest Poles made. By October next, the internal floating debt will have been reduced
chosen on nationalistic grounds.
to 3.064.000.000 crowns in Treasury bonds running for three or five years.
It should be added, however, that this testimony is purely the German In addition, there are 1,536,000 of bonds renewable every three months.
view and that the German distrust and dislike of Poland leads frequently These are now being paid off gradually out of the levy on capital.
to exaggerated views of the actual situation.
Except for additional taxation on alcohol and sugar, it is not proposed to
introduce new taxes unless Parliament sanctions public expenditure not
foreseen by the Treasury. At the same time, indirect taxation is on the
Dollar Accounts Planned in Poland—Bank to
increase, as is evidenced by a rise in all passenger fares on the State railways
Guarantee Return of Deposits in Dollars,
by 22%.

Says Finance Minister,
The extension of a revolving credit of $20,000,000 to
The New York "Journal of Commerce" reports the follow- Czechoslovakia by the National City Bank of New York
was referred to in our issue of May 22, page 2897.
ing Associated Press advices from Warsaw June 23:
Apparently Parliamentary protests against the recent coup d'etat by
the Pilsudski forces and the Government's desire to rule without control
will be useless.
This seemed indicated at the first session of the Polish Diet since the
revolution. All the members of the Cabinet attended the session, excepting
Marshal Pilsudski, who continues to demonstrate his neglect of Parliament.
The Government presented its budget through M. Klarner, Minister
of Finance, who said that it showed a deficit of $10,000,000. The Government, he added, would liquidate the deficit by increasing certain returns,
like the spirit monopoly and customs, and by decreasing administrative
expenses. In no case would the Government have recourse to inflation.
M. Klarner said the Government would endeavor to stabilize the zloty
by increasing the gold reserve in the Bank of Poland. He was of the
opinion that there were more than $25.000,000 in hidden resources.
The Government would endeavor to attract these inactive dollars to
the Bank of Poland, opening there dollar accounts and guaranteeing returns
of deposit in dollars.

Intention of Polish Government to Protect Industries,
Especially Agriculture, Oil, Coal and Timber.
Minister of Trade and Industry Kwiatowski, in an interview on June 18 is reported as saying that as Poland was
an agricultural country the Cabinet would especially protect
industries connected with agriculture. Industries to be
placed on the preferred list would include agricultural
machinery, fertilizers, sugar mills and alcohol distilleries.




Anglo-Austrian Bank Transaction—Bank of England
Withdraws from Direct Dealings in Europe
Though Holding Interest Is Retained.
Commenting on the transfer by the Anglo-Austrian Bank,
Ltd., of London of its Austrian Banks to the Credit-Anstalt
(to which we refer in another item) the "Wall Street Journal"
had the following to say on June 24 in London advices:
Sale by the Anglo-Austrian Bank, Ltd., of its Austrian branches to the
Oesterreichische Credit-Anstalt terminates a post-war experiment in British
banking. In some quarters it was thought to indicate an acknowledgment
by the Bank of England, which is the controlling interest behind the AngloAustrian Bank, of the impossibility of controlling continental banking from
London. Continental banking, they say, to be successful, requires that its
directors be correctly and immediately informed on local and political
changes to an extent not always fully appreciated by British bankers.
This opinion was reinforced by the figures of the report for the year ended
Dec.31 1924. when no dividend was paid and the available $550,000 balance
carried forward to meet anticipated expenses.
Sale, however, was also in accord with the policy of the Bank of England.
In 1922, when it acquired an interest in the old Anglo-Austrian bank,
P. Bark, a director of the British bank, said it was planned to become a
holding company of banks situated in the succession States of Central
Europe. The difficulty of controlling affairs from London had always been
appreciated, but previous conditions had not been favorable for return of
their Austrian branches to Austrian management.

3544

THE CHRONICLE

The present time seemed the opportune moment, now that the Austrian
banks had compiled their gold balance sheets. The step taken was parallel.
to the bank's transference of its Czechoslovakian branches to the AngloCzechoslovakian Bank, its Jugoslavian branches to the Croatian Discount
Bank and its Italian branches to the Bence Italo-Britannica.
The deal with the Credit-Anstalt coincides with Austria's financial decontrol by the League of Nations, so that foreign interference in public and
private finance is now substantially mitigated.
As in the case of the other transfers the Anglo-Austrian bank will retain
a share participation in the Credit-Anstalt,as one of the terms of the transaction, and the usual exchange of directors also will take place.
In the Austrian press $5,000,000 Is mentioned as the purchase price.
Vienna reports state that 800 employee of the Anglo-Austrian Bank are
to be dismissed. Considerable difficulty and expense were involved in the
last staff reduction, which took place toward the end of 1924, compensation
amounting to more than $500.000 being paid.
On the whole, the deal is thought to be in favor of the Credit-Anstalt,
and this gives some color to the rumor that the Bank of England was
cutting its losses.

Transfer of Austrian Branches by Anglo-Austrian
Bank, Ltd., of London.
The National Bank of Commerce in New York announced
on June 14 the receipt of the following advices from abroad:
According to cable advice from London. the Anglo-Austrian Bank, Ltd.,
London, will turn over to the Oesterreichkehe Credit-Anstalt fur Handel
und Gewerbe. Vienna, the major part of the business of its Vienna and
other Austrian branches. The Anglo-Austrian Bank, Ltd.. will continue
Its interest in Austrian affairs by becoming an important stockholder in the
Credit-Anstalt. There will also be an interchange of directors. This
absorption of its Austrian business by the Credit-Anstalt, Vienna, on July
1 is in line with the policy of the Anglo-Austrian Bank, Ltd., London. to
operate through local banks in which it has an interest rather than through
direct branches in the different countries of Central Europe.
This arrangement will not affect in any way the relations of the AngloAustrian Bank, Ltd., of London with the Anglo-Czechoslovakian Bank,
Ltd., of London and Prague, and with the Croatian Discount Bank of Zagreb. Reciprocal banking arrangements cover not only the two banks
themselves but also their subsidiaries and affiliations.

Russian Chervonetz Stabilized According to Member of
Finance Ministry.
Under date of June 15 Associated Press cablegrams from
Moscow report M. Bronsky, a member of the Finance
Ministiy as saying that as an outgrowth of extraordinary
measures taken by the Government the chervonetz, the new
Russian gold unit of value, has now been definitely stabilized.
The cablegrams further state:
M.Bronsky denied that there had been wholesale executions in connection
with the stabilization of the new currency. He admitted, however, that
campaigns against artificial devaluation of the chervonetz had been put
down with one energetic stroke. Three important Finance Ministry officials had been executed and about 100 known speculators were deprived
of their liberty. A majority of these latter had merely been banished
from Moscow and were permitted to live anywhere in Russia except in
the six largest cities.
"The Czar's Government," declared M. Bronsky, who is one of the
Soviet's best known economists, "existed by grace of periodically starving
peasantry, by everlastingly exploiting the workers and by large foreign
credits. We have no credits and cannot afford to exploit workers or starve
peasants.
"Our so-called crisis has been really due to temporary stringency caused
by large imports of heavy machinery, unsuitable for the manufacturer of
every-day neceseities, and by a surplus of ready cash in the hands of the
population. increasing buying capacity and creating a demand for nonessentials. This is evident because production increased this year 40%
and the number of factory workers by 300,000.
"Still, despite the difficulties, we have managed to stabilize our currency,
and with the prospects of coming fine crops we look forward to security
and a balance of the budget at the end of the current year."

[VoL. 122.

Former Finance Minister De Stefani Sees Need of Cut
in Italy's State Note Issues.
An Inter-Ocean Presscablegram from Rome,Italy (June 20)
appeared as follows in the New York "Journal of Commerce":
Former Finance Minister De Stefani has written an interesting contribution regarding Italy's financial problem for the newspaper "Corriere de
la Sera." He points out that public opinion in Italy seems to maintain that
the country has done everything possible to stabilize the lira by balancing the
budget and reducing the bank note circulation. The only adverse feature
remaining is the unfavorable trade balance. The general public in Italy
therefore cannot understand why the breakdown of the franc should be
reflected in a decline of the lira.
In his article De Stefani directs attention to one point apparently overlooked, which is the double bank note circulation system. The total
bank note circulation of Italy is 19,000,000,000 lire, of which 8,500,000,000
is issued against commercial bills by the Bank of Italy, while the remainder
is issued by the State, for which there is little or no covering.
De Stefan' expressed his opinion that only a continuous reduction of the
State issue will bring about a healthy economic condition. During the last
twelve months the circulation of State bank notes was reduced by 1.500.000,000 lire. De Stefan' points out that this progressive elimination
must be not only maintained but rather increased in order to regain the
complete confidence of international financiers.

Italy's Financial and Economic Situation.
Commercial Attache of the Royal Italian Embassy at
Washington announces on June 25 receipt of a cablegram
from Count Volpi, the Italian Minister of Finance, dealing
with the Italian Treasury situation on May 31st, 1926.
The following information is supplied:
At the end of May the Italian budget showed an effective surplus
of 811 million lire, as compared with a surplus of 668 millions at
the end of the preceding month, showing an increase of 143 millions.
On May 31st the cash balance of the Treasury was 5,104 million
lire,
registering a substantial increase over the corresponding figure of
previous months. On the same date the total Italian public debt was
92,033 million lire, showing a decrease of 227 millions during the
month.
At the end of May last, the total State and Banking paper circulation was 19,817 million lire, as compared with 19,998 millions at the
end of April, and 20,395 million lire at the end of March, showing
a reduction of 578 millions during the past two months.
The industrial, commercial and labor situation remains
satisfactory:
on April 30th the number of unemployed in all
occupations (including
agriculture) stood at 98,216, as compared to 126,521 on the corresponding month of 1925.
The gradual continued betterment of all these important economic
and financial indexes are, no doubt, a clear confirmation that the
Italian socio-economic rehabilitation is now permanent, resting on a
sound and satisfactory basis.

Government Approves Spanish Bank of Chile.
Associated Press advices from Santiago, June 22, stated:

Chilean

The Government has approved the articles of the new Spanish
Bank of Chile, and the institution will open next month.
It is
capitalized at 40,000,000 Chilean pesos (about $4,800,000), distributed
in 400,000 shares of 100 pesos each.

Chilean City Obtains Loan.
Moody's Foreign Department announces June 19 that it
has just learned that a New York banking firm has
acquired and is placing privately a City of Santiago 8%
Loan to the amount of approximately 7,000,000 pesos
(about $850,000). Bonds bear interest at the rate of 8%
per annum (subject to a Chilean Government tax of
4%%, which will make the bonds really a 7.54% issue)
and are redeemable through a yearly cumulative sinking
Credits in France Sought by Soviets—Russians Offer fund of 1%, calculated to retire the whole loan before
1954. It is stated that:
Buying Program Involving $150,000,000 in 3
Santiago, which is the capital of Chile, has never borrowed abroad,
Years in Return for Loans.
and since it was impossible to
City to
the
A special cablegram from Paris, June 19 (copyright) to flotation of a Dollar issue, the prevail upon theconsented agree toissubankers finally
to the
ance of a Peso loan. In 1922 the Chilean Cities of Valparaiso and
the New York "Times" said:
The Soviets are offering France a tempting bait in order to obtain Vina del Mar obtained a 6,000,000 peso loan in this market.
advantages in the general treaty negotiations which are continuing sporadically in Paris. They are chiefly desirous of obtaining industrial credits with
Definitive Bonds of Mortgage Bank of Chile.
which to bring Russia out of its business depression. The same scheme was
recently offered to the British, who refused to nibble.
The Guaranty Trust Company of New York announces
In exchange for the much-needed money the Russians say they are ready
-835,000,000 the that it is prepared to exchange its interim certificates for
to put into effect a buying program covering three years
first year, $50.000,000 the second and $65,000,000 the third year. The Mortgage Bank of Chile Guaranteed Sinking Fund 6 %
/
1
2
purchasers who say they will agree to spend these sums are trusts, syndi- Gold Bonds for
definitive bonds with coupons due June
cates, railroads and other Soviet economic organizations.
Besides the official buying agencies, which almost entirely require machin- 30, 1926, and subsequent attached. Immediate exchange
ery of different varieties, there will, according to the Soviets, be numerous is advised in order that interest coupons
due June 30,
-finished products and general
Commercial purchasers of raw materials,semi
1926, may be collected on their due date.
merchandise.
The Superior Council of National Economy drew up a list of Soviet
Industries susceptible of buying machinery in France, which is approved by
Japan's Foreign Trade Figures.
the Council of People's Commissaries.
Details of the Soviet purchasing scheme for re-equipping metallurgical
The following preliminary report of Japan's foreign trade
plants comprise steam engines, transportation apparatus and gas motors,
while the items chiefly needed for re-equipping the steel and oil industries conditions during the second ten days of June has come:to
are turbogenerators, apparatus for the refinement of gasoline, kerosene and us from the Japanese Financial Commission.
other oil by-products, apparatus for the production of sulphuric acid,
FOREIGN TRADE RETURNS OF JAPAN.
pumps, boilers and pipeline materials. The Denetz coal trusts want to buy
apparatus for washing and handling coal, and the State eloctrotechnical
Second ten days of June (Preliminary Reports).
trust is seeking a variety of machine tools.
Exports
47,549,000 yen
Decrease
18,553,000 yen
The textile industry has expressed a desire to purchase from France com- Imports
23,257,000 yen
52,107.000 yen
Decrease
plete apparatus for the erection of entirely new plants to the value of
$30.000,000 in excess of the three-year plan outlined.
Import balance 4.558.000 Yen
4,704,000 yen
Decrease




THE CHRONICLE

JUNE 26 1926.]

National Loans of Japan Issued, Redeemed and
Outstanding in April 1926.
bearing on the issuance, redemption, &c., of
Statistics
Japanese internal and external loans during April were made
available this week through the Japanese Financial Commission in this city. The national loans outstanding on
April 30 total 5,100,417,773 yen, as compared with 4,999,176,360 yen March 31. New loans issued during April
aggregated 101,418,850 yen, while the amount redeemed
during the month was 177,337 yen. The details follow:
NATIONAL LOANS OF JAPAN (APRIL 1926).
Kinds of Loans.

Outstanding
on March 31.

Issued in
April

Yen.
Yen.
Internal—
511,762,525.00 101,418,850.00
5%
134,461,050.00
5% special
426,495,100.00
5%"Ro"
171,075,550.00
4% let
96,560,000.00
4% 2d
5% Treasury bonds__ 1,759,230,425.00
79,999,500.00
Railroad bonds
Extraordinary Treas.
340,280,075.00
notes*

Redeemed
in April.

Outstanding
April 30.

Yen.
613,181,275.00
134,461,050.00
426,495.100.00
7,250.00 171,068,300.00
96,560,000.00
1,759,230,425.00
79,999,500.00
Yen.

340,280,075.00

3 519,864,225.00 101,418,850.00 7,250.00 3,621,275,725.00
Total
External
91,543,745.00
91,543,745.80
4% 15t
243,638,008.12
243,638,008.12
4% 26
107,393.00 223,966,390.82
223,173,783.82
5% Sterling
62,694.00 170,722.147.50
170,784,841.50
4% Franc
105,697,166.90
105,697,166.90
4% 3d Sterling
283,243,589.20
283,243,589.20
634% Dollar
244,075,000.00
244,075,000.00
6% Sterling
Former railroad co's
debentures, sterling
South Manchuria RY
117,156,000.00
Co. debentures_ ___ 117,156,000.00
170,087.00 1,479,142,048.34
1 479,312,135.34
Total
4,999,176,360.34 101,418,850.00 177,337.00 5.100,417.773.34
Grand total
Note—*These notes (representing chiefly our credits to Russia and China) used
to be listed separately from others.
Another specially treated debt, Rice Purchase Bill, issued and retired occasionally
for the purpose of regulating the price of rice, amounted at the end of March to
16,044,947.69 yen, but was totally redeemed during April.

The table showing bonds issued and redeemed during
March was given in our issue of May 15, page 2735.
Report That Mexico Will Resume Interest Payments on
External Debt July 1—New Agricultural Bank.
The intention of the Mexican Government to resume the
payment of interest on the external debt of the country
is indicated by A. M. Elias, financial agent of Mexico. In
its issue of June 21 the New York "Times" has the following to say in the matter:
For the first time in more than two years Mexico will pay the interest on her $500,000,000 external debt, on which one payment was
made in 1923, after a long period of financial demoralization. Resumption of semi•yearly payments will be made on July 1 of this year
by the International Committee of Bankers on Mexico, of which
Thomas W. Lamont of J. P. Morgan & Co. is Chairman. This was
officially announced yesterday by Arturo M. Elias, financial agent of
the Mexican Government in this city.
The total amount in arrears is $37,500,000, which will be paid over
an eight-year period beginning in 1928, in accordance with the terms
of an agreement entered into last October between Alberto J. Pani,
Finance Minister of Mexico, and the International Bankers' Committee. The present regular payment will amount to $11,250,000.
Mexico has been transmitting money in monthly instalments to J. P.
Morgan & Co. since January 1, last. The receipts have been pooled
until, with the June payment, they amount to sufficient to meet the
regular semi-annual interest requirements. This plan was followed
because Mexican revenues are received in an uneven flow. Another
payment of $11,250,000 will be made the first of next year, according
to the agreement.
Mexican Agent's Statement.
The official statement as issued yesterday by Mr. Elias follows:
"As the Financial Agent of the Mexican Government in the United
States, it is my pleasure to announce that with the June payment of
the monthly sum agreed upon with the Committee of Bondholders and
which will be paid on the regular date, the Mexican Government will
have placed in the hands of the committee since January of this year
a sum that will enable the resumption of the semi-yearly payments of
interest on the various bond issues of Mexico.
"In view of conditions throughout the world, it is with pardonable
pride that Mexico, torn by years of internal struggles, announces that
she places her public debt on an interest-paying basis. Had it not
been for sinister influences both within and without Mexico who were
responsible for the De la Huerta Rebellion, Mexico would have been
able to resume interest payments upon her public debt in 1923. The
funds for this purpose were in hand and deposited in New York when
the revolt engineered by De la Huerta and his financial backers took
place and all the splendid work of rehabilitation of the Obregon Administration was for a time jeopardized.
"The attempt to involve Mexico in another period of destructive civil
warfare and to take away from its people all the fruits gained by the
great revolutionary, sweep against the selfish rule of those who had,
for over a generation, exploited her people beyond the limit of human
endurance, was thoroughly defeated. But the financial cost was great
and when President Calles took office it was not only with an empty
Treasury, but with pressing debts which existed solely as the result of
the cost of putting down the rebellion engineered by the enemies of
the Mexican people.
"The salaries of the civil servants of the Government were in arrears
as the result of the rebellion. These must be paid first as a sacred
obligation. Then there were some millions of debts to business men of
Mexico who had come promptly to the aid of the stable and able Government of Alvaro Obregon. It was the first task of the new Administration of PresidentCanes to meet these obligations and before the
first year of the Administration passed this had been accomplished.




3545

New Agreement Made.
"Then the Administration turned its attention to the task of resuming payment of interest on the public debt. A new agreement was
entered into with the Committee of Bondholders at the head of which
was Mr. Lamont and the first monthly payment on account of interest
was paid in January, 1926, and has been followed every month since
in accordance with the agreement.
"A great irrigation project involving $30,000,000 of expenditure has
been begun. This is vital to the agricultural development of Mexico.
One-half of the work has been taken over by one of the largest engineering firms in the United States and the other half by the largest
engineering firm in Germany.
New Bank Aiding Farmers.
'"The new Agricultural Bank, with an authorized capital of $20,000,000 and $9,000,000 paid in, has already begun to be of service to the
Mexican farmers. Loans are made on growing crops and for the purchase of modern agricultural machinery, of which the farmers are
much in need. Only this Winter as financial agent of the Mexican
Government I purchased and shipped the first installment of plows.
These 10,000 plows bought in the United States, together with harness, were sold to the farmers for $28, to be paid for in three years
without interest.
"When it is remembered that formerly this outfit cost the farmer
$112 and that he had to pay cash, which in most cases he did not have,
resulting in his being compelled to pursue the most primitive methods
with corresponding small production, the importance of this move,
which will be extended throughout the country, will be understood."
There has been discussion for some time in the financial district of
a new loan to Mexico when the debt question was cleared up and it
is believed that overtures for such a loan will be made within the next
year. The amount will probably be $25,000,000 or more.
Under the 1922 Lamont-De la Huerta agreement, which the agreement made last October superseded, payments started at $15,000,000 in
1923 and were to have increased $2,500,000 a year until they amounted
to $25,000,000 annually, at which figure they were to have been continued. Nothing has been paid since 1923, which makes $17,500,000
owing for 1924 and $20,000,000 for 1925. Payment of these arrears
will be postponed and paid over the eight-year period beginning in 1928.
The railroad debts have been separated from the total and the carriers are now collectively responsible for their portion. This portion
represents about 40% of the total $500,000,000.

Offering of $25,000,000 Brazilian Bonds.
Public offering of an issue of $25,000,000 63.% external
sinking fund gold bonds of 1926 of the United States of Brazil
was made on June 24 by a syndicate headed by Dillon, Read
& Co. This offering marks the second step in the Government's financial program. The first step was taken in May,
when an issue of $35,000,000 Brazilian Government bonds
was sold by Dillon, Read & Co. and members of the offering
syndicate. That offering was referred to in our issue of
May 22, page 2897, and May 29, page 3031. A total of
$60,000,000 of bonds is authorized and to be presently outstanding. The bonds offered this week were priced at
90M and interest, to yield over 7.25% to maturity. The
books were closed at 11 a. m., an hour after their opening
on June 24, the issue, it is announced, having been oversubscribed. Part of these bonds were withdrawn for sale
simultaneously in Europe by Mendelssohn & Co., Amsterdam; Nederlandsche Handel Maatschappij, Pierson & Co.,
R. Mees & Zoonen, Amsterdam; Skandinaviska Kreditaktiebolaget, Stocksholms Enskilda Bank, and others. The
bonds will be dated April 1 1926 and will become due Oct. 1
1957. They will not be callable except for the sinking fund.
Regarding the sinking fund it is stated:
An accumulative sinking fund of 1% per annum, payable semi-annually,
will be applied to the redemption of bonds by call by lot at par and accrued
interest. The sinking fund will be increased by amounts equal to interest
on bonds previously redeemed. This sinking fund is calculated to retire
all of the bonds of this issue by maturity.

The service on the entire issue of $60,000,000 bonds for
both interest and sinking fund calls for $4,500,000 per annum.
The bonds are in coupon form, in denominations of $1,000
and $500, registerable as to principal only. Principal and
interest (April 1 and Oct. 1) will be payable in United States
gold coin of the present standard of weight and fineness in
New York City at the office of Dillon, Read & Co., or, at
the holder's option, in London in sterling at par of exchange
at the office of N. M. Rothschild & Sons, free of all Brazilian
taxes, present or future. The National City Bank of New
York, countersigning agent. The Brazilian Government
has agreed to make application to list the bonds on the New
York Stock Exchange. The following information is contained in a statement furnished to the syndicate by Dr.
Annibal Freire, Minister of Finance:
These bonds will be the direct obligation of the United States of Brazil,
and are issued under authority of Law No. 4625 of Dec. 311922, and Law
No. 4984 of Dec. 31 1925. The total issue of bonds will be specifically
secured, in the opinion of counsel, by a first charge on the receipts of the
Government from income taxes and taxes on invoices (contas assignadas
duplicates), by a charge on the consumption taxes, subject to the charge of
the 8% loan of 1921, and by a charge on import duties subject to the charges
of the 5% sterling loans of 1898 and 1914 and the 8% loan of 1921. The
total revenue derived by the Government from the above sources in 1924
was $117,000,000. and in 1925 $148,373,000. After deducting the indicated prior charges upon a portion of this revenue, which amount to approximately $11.798,400 per annum, there would have remained from the above
sources in 1925 the sum of $136,574,600. The service of the issue of $60.000.000 bonds for both interest and sinking fund calls for $4,500,000 pee
allIIUM.

3546

THE CHRONICLE

Resources.
The United States of Brazil, with an area in excess of three and one-quarter million square miles, comprises approximately half the continent of South
America, and is equal in area to the United States (excluding Alaska),
Great Britain, Holland, Belgium, Portugal and Switzerland combined.
Its fertile soil extendsfrom the tropical to the temperate zones,and its wealth
In agricultural and mineral products is correspondingly diverse. The present population of Brazil is in excess of 31,000,000, and has increased 80%
In the past 25 years. Brazil is the largest producer in the world of coffee,
and also exports cotton, sugar, cocoa, rubber and tobacco. Its mineral
resources are known to be extensive.
National Debt.
The national funded debt of Brazil on Dec. 31 1925 was approximately
$936.000.000, of which $626.000,000 was external. This represents a per
capita debt of approximately $30, as against which the per capita national
wealth is estimated at approximately $530. The Government has undertaken to resume in 1927 the sinking funds on certain sterling loans which
have been in suspense under the terms of the funding agreement of 1914.
The proceeds of the bonds are to be applied in reduction of Treasury obligations, including floating debt.
All conversions of paper milreis into dollars in the aobve circular are at
the rate of 14.50 cents per milreis. Other conversions are at par.[

• The syndicate offering the bonds was composed of Dillon,
Read & Co., the National City Co., Lee, Higginson & Co.,
Blair & Co., Inc., White, Weld & Co., the First National
Corporation of Boston, Continental & Commercial Trust
& Savings Bank of Chicago, Illinois Merchants' Trust Co.,
Chicago; the Union Trust Co., Cleveland; Kissel, Kinnicutt
& Co.; Ladenburg, Thalmann & Co.: Hemphill, Noyes &
Co.;Paine, Webber & Co.; Cassatt & Co., Edward B. Smith
& Co. and Janney & Co.
Purchase of $3,000,000 Bonds of Catholic Church
Welfare Institutions in Germany by Banking
Group—Public Offering Next Week.
Howe, Snow & Bertles, Inc., and A. Iselin & Co., with
Gebr. Teixeira de Mattos of Amsterdam, and Mitchell,
Hutchins & Co. of Chicago, have purchased an issue of
$3,000,000 Roman Catholic Church Welfare Institutions in
Germany 7% twenty-year secured sinking fund gold bonds,
representing the second large piece of German Catholic
Church financing in this market by substantially the same
banking group. The inclusion of the Amsterdam bank, one
of the oldest in Europe, is the only variation from the original
syndicate headed by Howe,Snow & Bertles that obtained and
sold earlier in the year the $5,000,000 issue of Roman Catholic
Church of Bavaria bonds. Public offering of the $3,000,000
issue will be made next week.

The Dallas Joint Stock Land Bank is permitted under its
charter to operate in the State of Texas and Oklahoma.
The following are the bank's loan statistics as of June
15 1926.
$34.717.622
Total amount loans closed
2,748.475
Acreage covered by loans
Appraised value of lands
180,623.750
Appraised value of improvements
11,262.783
91,886,533
Appraised value of land and improvements
37.7%
Percentage ofloans to appraised value ofland and improvements
Percentage of loans to appraised value of land only
43.0/0

Offering of $500,000 5% Bonds of First Joint Stock
Land Bank of Montgomery.
An issue of $500,000 5% farm loan bonds of the First
Joint Stock Land Bank of Montgomery, Ala., was offered
by a syndicate on June 23 at 103 and accrued interest, to
yield about 4.62% to the optional maturity and 5% thereafter. The syndicate is composed of Barr Brothers & Co.,
Inc., New York; the Central Trust Co. of Illinois, of Chicago;
,the Shawmut Corporation of Boston, and the First National
Bank of Montgomery, Ala.
The bonds are dated April 1 1926, will mature April 1
1966, and are callable at par on April 1 1936, or any interest
date thereafter. They are coupon bonds in $1,000 and
$10,000 denominations, hilly registerable and interchangeable. Principal and semi-annual jnterest (April 1 and
Oct. 1) are payable at the First Joint Stock Land Bank of
Montgomery, Ala., or the Chase National Bank, New York
City. The First Joint Stock Land Bank of Montgomery
operates in Georgia and Alabama. Its statement of condition as of May 1 1926 follows:
Resources—
Mortgage loans
Accrued interest on mortgage loans (not matured)
Cash on hand and in banks
Accounts receivable
Furniture and fixtures
Payments in process of collection
Other assets

Offering of $3,000,000 5% Bonds of Dallas Joint Stock
Land Bank Issue Sold.
Lee, Higginson & Co. and the Illinois Merchants Trust
Co. on June 22 announced a public offering of a new issue
of $3,000,000 Dallas Joint Stock Land Bank 5% Farm Loan
bonds. The bonds were offered at 103 and accrued interest
to yield about 4.62% to the optional date and 5% thereafter. The issue, it is stated, has all been sold. The bonds
are dated Jan. 1 1926, due Jan. 1 1966, and are redeemable at
100 and accrued interest on Jan. 1 1936 or any interest date
thereafter. Principal and semi-annual interest at the rate of
5% per annum (Jan. 1 and July 1), are payable at the Dallas
Joint Stock Land Bank, or coupons may be presented for
payment at the offices of Lee, Higginson & Co. in Boston,
New York or Chicago. They are coupon bonds and fully
registered bonds, interchangeable, in denominations of
$10,000,$5,000 and $1,000. The bonds are the direct obligation of the Dallas Joint Stock Land Bank. As of June 15
1926, there were outstanding (including this issue) total
bonds issued by this bank to the amount of $33,184,000.
Security for these, it is announced, was approximately
as follows:
Virst mortgages upon farms, $33,234,000 deposited, secured by
$88.100,000
farms with appraised value of
2,500.000
Capital stock paid in (carrying double liability)
693,215
Surplus and Reserve




$91,293,215

$5,521,10000
72,369 72
201,155 79
55486
2,980 93
9,463 14
535 95

Total
$5.808,160 39
Liabilities—
Capital stock
$450,000 00
Surplus
20,00000
Legal reserve
22,800 00
79.086 59
Undivided profits
5,050,000 00
Farm Loan bonds authorized and issued
Accrued interest on Farm Loan bonds (not matured)
Matured interest on Farm Loan bonds(coupons not presented)
47:02500
71.111 30
Amortization payments on principal
Additional payments on principal
10,290 00
Amortization installments paid in advance
843 60
Other liabilities
5,102 49
Total

Definitive Bonds of National Bank of Panama'.
The Trust Company of North America announces that
definitive bonds of the Banco Nacional de Panama (National
Bank of Panama) guaranteed sinking fund 63/2% 20-year
gold bonds, series "A"., due Jan. 1 1946, are now in process
of preparation and are expected to be ready for delivery about
Oct. 1 1926. The semi-annual installment of interest due
- July 1 1926 will be paid upon presentation of interim receipts
in the principal office of the Trust Company of North
America, 93 Liberty Street, New York City, for the endorsement thereon of the payment of said interest. The bonds, to
the amount of $1,000,000, were referred to in our issue of
Jan. 2, page 33.

[VOL. 122.

15,808,160 39

Under date of April 30, W. A. Howell, Vice-President,
reported as follows regarding mortgage loans:
STATEMENT AS TO MORTGAGE LOANS SUBMITTED TO
FARM LOAN BOARD.
Amount of mortgage loans
15.242.100 00
Borrowers valuation of land
16.742.319 47
Borrowers valuation of improvements
4.092.575 50
Borrowers total valuation
Appraisers valuation of land
Appraisers valuation of improvements

$20.834.894 97
$12.714.497 46
2,999,713 00

Appraisers total valuation
$15,714,210 46
Appraisers valuation of insurable improvements
$2,249,455 00
ON VALUATION BY FEDERAL APPRAISERS.
Percentage of loan to valuation of land and insurable improvements
35.0
Percentage of loan to valuation of land
41.2
Percentage ofloan to valuation of land and all improvements
33.4
Payments on principal of loans reduces percentage of loans to
32.0
appraised value
$43,342,232 79
Borrowers gross worth
Borrowers net worth
$34,337,683 37
12.1
Percentage of loans to borrowers gross worth
Percentage of loans to borrowers net worth
15.3
Appraisers value per acre
$43 87
Average amount loaned per acre
8 08
Taxes preceding year on property loaned on 32c. per acre or. $93,817 87
Gross revenue preceding season from property loaned on
$5,740,398 43
which is 9% in excess of the amount loaned.
Annual tax and installment charge of borrowers is but 1.09%
of their gross worth and but 1.34% of their net worth.
Since organization we have received applications to amount of $12,558,875
of which we have approved $8,000,700 and closed loans to amount of
$5,611,800. Only one loan is now in default. Delinquencies on installments on loans of this bank have been but one-sixth of the average delinquencies of all joint stock land banks in the past two years. One one loan
reported delinquent in year 1925. We have madd no foreclosures since
organization and the Farm Loan Board has approved all loans submitted
them.

Bank of North Dakota Declared to Be Menace to State
by Attorney General Shafer—Bank Reported
as Legally Insolvent—State Operation of Oil
Marketing Enterprises in South Dakota.
G.F. Shafer, Attorney General of North Dakota, advocating abolition or reorganization of the Bank of North Dakota,
declared that in seven years since it began operation it has
more than lost its entire capital stock according to Minneapolis advices to the "Wall Street Journal" published in that
paper June 15. The advices indicate that for nearly six
years the bank has been legally insolvent; we quote the same
herewith:

JUNE 261926.]

THE CHRONICLE

to the financial future of the
"The Bank of North Dakota is a menace
In the hands of a few elective
state because it places sweeping powers
out at New Rockford, North
officers." Mr. Shafer said in a statement given
Dakota.
elevator at Grand Forks, still
The state flour mill and grain storage
the outstanding feature of the
operated, although it has lost heavily, is
of
an League. The Bank.
industrial program inaugurated by the Nonpartis
financial program. While the
North Dakota is the big feature of the state's
program of state socialism got
Nonpartisan League was in full control, a
June 30 primaries, at which
under way. With the near approach of the
mill and bank, will or
Governor Smile, who favors operation of the flour
state socialistic enterprise are
will not be endorsed, significant results of the
being brought out.
of the Bank of North
Mr. Shafer favors at least restricting the functions
the capital of $2.000,000.
Dakota to the farm loan business. He says
than wiped out, and for
originally provided by the state, has been more
It has never been
nearly six years the bank has been legally insolvent.
to the state to engage
self-supporting. It is highly dangerous and injurious
upon the credit of the
In the general banking business with public funds and
Taking the report of
state through a politically managed bank, he said.
$2,067,286.34 up to
O. B. Lund, auditor, to show that the bank has lost
operated as no private
Sept. 10 1925, Mr. Shafer said the bank now is being
any actual capital.
bank would be permitted to operate for a day, without
and if it were a private
It is being operated entirely on its deposit reserves
Department. It is
institution it would be closed at once by the Banking
operate by the law of
permitted to continue only because it is compelled to
capital the public funds
the state. It is able to function only by using as its
of the state, deposits
belonging to the state and the political sub-divisions
from which are placed with it.
as a general
"It seems unwise to continue the Bank of North Dakota
says we should,
banking institution, or attempt, as the Nonpartisan League
when it has no capital and
to make it the financial center of North Dakota,
when it is obviously insolvent," said Mr. Shafer.
insolvent and
"Either the state should recognize that the bank is in reality
to replace its lost
a financial burden upon the state, or the state ought
chance to be selfcapital and thus put it in funds and give it another
amending the
supporting. This latter plan could not be carried out without
is now authorized
state consitution, for only $2,000,000 in unsecured bonds
such capital by
to be issued by the state and it is hardly feasible to furnish
the bank cannot
an appropriation out of the Treasury. Since the capital of
It without capital or
be restored, the state has the alternative of operating
shown that It is
closing out the general banking activities. Experience has
the power to
extremely hazardous to vest in politically selected officials
restrictions."
invest public funds except under -the most stringent

3547

he
was a lawyer's lawyer. Certainly there was no encomium which
would have valued more.
He was singularly modest and lacking in any desire for publicity.
His name seldom appeared in the public press. But in the higher
ranks of his profession and with the many great business interests
in the
which he served with such honor and diligence, he was held
very highest esteem. . . .
Born in Virginia in November, 1870, of ancient and distinguished
lineage, he was graduated from the University of Virginia in 1890
with the degree of Master of Arts and in 1891 took the degree of
Bachelor of Laws. At first he thought of making his home in Baltimore, but in 1893 he determined to come to New York, where he
presented to Mr. James C. Carter a note of introduction from a well.
of
known Maryland lawyer. Mr. Carter was at that time a member
the firm of Carter & Ledyard and the leader of the Bar of New York,
to
He received Mr. Taylor into his office and the first task assigned
him was the study of the Will of Samuel J. Tilden, which was the
subject of so much litigation. A few years later Mr. Taylor became
a member of the firm, which continues to bold its high place at our
Bar under the name of Carter, Ledyard & Milburn; and in that firm
he remained until his death, The fact that he enjoyed the respect and
affection of such men as Mr. Carter and his associates attests the fine
qualities of his heart and mind. . . .
And in addition to the engrossing and laborious toil of his profession, he found time for much public service. It was characteristic that
this work was chiefly of a legal nature. He was during the Great War
the Chairman of the Legal Advisory Board of the Draft in New York
City. He belonged to all the Bar Associations—National, State and
City. He was for years on the Executive Committee of the New York
City Bar Association and served as Chairman of that body. Also his
legal scholarship was recognized in the Association by his appointment
and long service as the Chairman of the Library Committee, one of
the most important official positions in the legal profession. Always
r..-iunsel he gave freely both from his
ready with wise and friendly .
mind and from his purse for tne aid of his fellowmen. Those who
kneW him best loved and admired him most. And so, notwithstanding
his modesty and his shrinking aversion to any form of notoriety, it is
recognized by the chief business and financial interests of our City
and by the members of the profession in which he spent his life and
his labors, that a great lawyer and a man of noble and lofty character
has passed from us into the Beyond.

Mr. Taylor died sometime during the night of June 11,
his death having come while he was asleep, and having
been due to an attack of heart disease.

The following additional account at to what Attorney
General Shafer had to say regarding the Bank is from the Samubl Feinstein and J. B. Kimberly, Jr., Temporarily
"Wall Street News" of June 12:
Suspended From New York Curb Market.
on its capital bonds, which is $100,000
It [the bank] has not paid interest
for retirement of the
a year, and it has paid nothing toward a sinking fund
a profit.
bonds. In 1925 the records for the first time showed
72 against the
"Between 1919 and 1925 there had been levied $847,150.
amount for the
taxpayers of North Dakota for interest and principal, the
nt, coming as a result of
latter being $250.000. Changes in manageme
tion that will
shifting political conditions, will in time bring an administra
play havoc with the public finances."
Dakota had
During the early stages of its history, the Bank of North
carry its
large deposits, as the State law required that the State treasury
of counties, townships, school
balances there, as well as the balances
refused to
districts and other political subdivisions. Some of the officials
the feature of commission
do this, and the laws finally were amended so that
an League
did not remain, but the political advocates of the Nonpartis
willingly placed their deposits there.

Announcement was made on June 24 by the New York'
Curb Market Association of the suspension for a period
of thirty days of Samuel Feinstein and J. B. Kimberly,
Jr., for violating the provisions of the constitution which
relate to disorderly conduct on the floor of the Exchange.
New York Stock Exchange Explains Listing of Non
Voting Stock of Gotham Silk Hosiery Co.

For the first time since it went on record as opposed in
principle to the listing of stock that failed to carry voting
power, the New York Stock Exchange on June 23 (says the
As to State operation of oil marketing enterprises in South New York "Times") announced an exception to its policy
Dakota, we quote the following from the New York "Evening in the admission to its trading privileges of 150,000 shares
Post" of June 18:
stock of the Gotham Silk Hosiery
Dakota comes the of new non-voting common
On the heels of this repudiation of the Bank of North
$4,500,000 of first
Dakota with remarks to the effect that State operation Company, Inc. The listing includes
Governor of South
is no belittlement
d stock. The "Times" in its account of the explanaoil market ing enterprises is economically unsound. It
preferre
of
the recognition of anyof the acumen of Governor Gunderson to consider
progress. It tion said:
ally unsound" in the Dakotas as a sign of
thing as "economic

of the State that the
is far more significant that the decision of the courts
oil marketing project was legally unjustified.
State Filling Stations Fail.
operated gasoline
The Governor makes bold to say State owned and
y high prices of gasoline.
filling stations are not the answer to the supposedl
the centralization of buying power is
Volume of business, he says, through
people who buy gasoline will unite
the only way to influence prices. If the
could reduce prices and
and give enough business to one dealer such dealer
trade.
still make fair profits because of the resultant volume of
experiment had shown that the following
The Governor said a thirty days'
necessary according to the volume of business: 1,500
margins of profit are
gallons a day, 2%
to 2.000 gallons a day, 2 cents a gallon; 1,000 to 1.500
Sales below 500 gallons
cents a galon; 500 to 1.000 gallons a day, 4 cents.
in a community.
a day justify only one filling station
the recent
The statement came in answer to agitation which followed
general advance in the prices of gasoline.

Death of Walter F. Taylor Deplored.
tribute to the memory of Walter Fauntleroy Taylor,
A
Milburn, legal
of the law firm of Carter, Ledyard &
paid by
advisers to the New York Stock Exchange, is
Battle, who in recording the loss suffered
George Gordon
of Mr. Taylor on
by the community in the sudden death
says in part:
June 11
were of the highest and
All his ideals of civic and private conduct energies were, however,
life. His

his
they were truly exemplified in
chosen profession. He had a
chiefly directed along the lines of his
the practice of law. It is, thereveritable passion for the study and
and his many and warm personal
fore (if we except his relatives
Bar that his loss will be most
friends), among the members of the
contact with Mr. Taylor in his
keenly felt. No lawyer ever came in
without feeling a profound admiration
broad and diversified practice
and a deep respect for his ingrained
for his extraordinary legal ability
character. At his
constitutional integrity both of mind and of
and
his pall-bearers, Mr. Charles C.
funeral it was remarked by one of
Bar, that Mr. Taylor
Burlingham, himself a leader of the Admiralty




it was pointed
The listing of the non-voting stock was explained when
application for the
out that the Governing Committee bad approved the
n of the Exchange's
listing of the issue last December, prior to the declaratio
was made subject
policy on the subject of non-voting stock. The approval
just been given and
to notice of the issuance of the stock. This notice has
the shares have been admitted formally to the list.
e preThe new non-voting stock is issued in exchange for the convertibl
ferred stock. There was originally outstanding $4,500,000 of 7% first
convertible into the non-voting
preferred, of which the first $1,000.000 was
$1,000.000 at 50
common at 40, the second $1,000,000 at $45, the third
preferred bears
and the remainder at 60. The $850,000 of 7% second
share at the rate
option warrants to buy non-voting common stock at $40 a
of second preferred.
of two and one-half shares of common for each share
g and 150.000
There are 320.000 shares of voting common stock outstandin
purchase by the
shares of non-voting common reserved for conversion or
had bees
preferred. Up to June 19 the first $1,000,000 of first preferred
.
converted and conversion of the second million is proceeding

Consolidated Stock Exchange Sells Its Building for
$1,400,000.
Consolidated Stock Exchange of this city the early
The
part of the week disposed of its bulding at the corner of
Broad and Beaver Sts. for $1400,000. A E. Lefcourt,
realty operator of this city, was the purchaser. He will

erect, it is said, a 30-story office building on the site at a

total cost of between $8,000,000 and $10,000,000. The
present building, a four-story structure, erected in 1907 and

rated as one of the handsomest of the small buildings in
the financial district, will be torn down as soon as the new
owner acquires title to the property. The building extends
over 99 ft. along Board St. and more than 112 ft. along
Beaver. President Philip Evans of the Consolidated
Exchange, it is -understood, plans to take quarters for the
organization in the new building when erected. In the

3548

THE CHRONICLE

[vol.. 122.

meantime the Exchange will occupy temporary quarters.
"Where is the justice in that situation?" demanded Mr. Begg.
"Is that not putting a straight handicap on the Lakewood banks?
In its Sunday (June 20) issue, the New York "Times" in
regard to the then proposed purchase of the building, said Is it not forcing them into the city-proper system?"
Situation in Ohio.
in part:
It is proposed that the purchasers pay $300,000 in cash, assume the
8800,000 first mortgage now on the property and place a second mortgage
for 8500,000 on it. The 217 members will receive certificates covering
their pro rata interests in the property and other assets. Each member's
probable equity is calculated at nearly $4,000.
The Consolidated has about $80,000 in cash in its treasury. It purposes
to nay $25,000 for cancellation of a lease held by a restaurant company
on a portion of the property. After allowing for 825,000 in commissions
and other expenses of the sale, it will have about 8.330,000 in cash. It is
Its intention to keep 8150,000 in its treasury, find smaller quarters and
continue operations on a restricted scale. New counsel will work out
legal problems connected with the transfer of the Exchange's facilities,
Including its ticker service.
It ws said yesterday (June 19) that efforts might be made to have
the State Attorney-General agree to a modification of the restrictions under
Which the Exchange is operating. It has done little business since the
signing of a stipulation with him which virtually placed it under his control
on condition that Ins application for an injunction against it be dismissed.

Canadian Wheat Pool.
According to Associated Press advices from Winnipeg
(Manitoba) on June 11, 14,000,000 acres sown to wheat in
western Canada this spring have been signed up by the
Canadian wheat pool, the co-operative marketing association
of farmers in the prairie provinces, it is indicated in an
announcement by the organization that day. The dispatch
also stated:
The Canadian pool claims to have developed in three years into the largest
organization of its kind in the world, with a membership totaling more than
125,000 farmers.
"Two thirds of all the wheat grown in Manitoba, Saskatchewan and
Alberta in 1926 will be marketed co-operatively by the pool," the announcement said. "Success of this pool has demonstrated the advantages of
co-operative marketing. Under the old marketing system farmers sold their
Wheat to middlemen who made a profit in reselling it. Now the pool sells
the grain direct to the purchaser, eliminating this handling expense and
adding to the farmers' profit."
Most of the crop marketed through the association is sold to importers
abroad.

Representative Burton of Ohio added that the Ohio banks are
anxious to engage in national banking, but suggested that the national
banks in the suburbs would not seek to have branches in Cleveland
since they would hardly be large enough to carry on such a business.
Mr. McFadden agreed with Representative Wainwright, New York,
that the provisions dealing with "contiguous territory" were written
into the bill to take care of Cleveland and Cincinnati.
Representative Wingo of Arkansas resumed his attack on the proposed compromise, denying that he is opposed to the McFadden bill
as it passed the House, but reiterating his unalterable opposition to it
in the form given to it in the conference committee, of which he is a
dissenting member. He declared that if adopted as it is, the national
banks of Chicago would be able to establish 130 branches in that city
and its outlying sections and in the contiguous territory, as many additional branches as the Comptroller of the Currency might permit.
He asserted that they could absolutely drive the smaller, independent
banks out of business, just as "they have done in California."
Efforts were made by Mr. McFadden and by Representative Beedy
of Maine to prevail upon the House to accept the compromise on the
ground that bill as changed by the conference committee was more restrictive than the House draft of the measure inclusive of the Hull
amendments.
Some Support Lost.
Mr. Beedy as much as told the House that the members were not
properly familiar with what the legislation is and seeks to do and entered into quite a lengthy discussion of the matter, outlining the history of the so-called Hull amendments. His remarks, however, seemed
to carry less weight than the letters and telegrams received from constituents back home, for those in charge of the bill lost votes they had
probably to some extent counted upon. The several issues in the bill
were bulked today under the single motion made by Mr. McFadden,
except for the elimination of the three matters that on Tuesday were
rejected on points of order sustained by Speaker Longworth. That
brought the vote strictly upon the Hull amendments, and the McFadden group lost.
The Hull amendments constitute a series of changes in the original
McFadden bill as presented to the House at the last session of Congress, scattered throughout the bill. In substance, they would forever
preclude national banks in the present non-branch banking States from
engaging in branch banking, even though those States in the future
enact new legislation permitting the establishment of branches by their
own State banks. Under the McFadden proposal there would have
been no strings at all upon the State member banks of the Federal
Reserve system, although the bill as it passed the House sought to take
from such banks engaging in branch banking their membership in the
system.
If the Senate conferees agree to accept the Hull amendments, the
way is open to the final passage of the legislation and the transmission
of the measure to the President for his signature. Negotiations will
be entered into by Representative McFadden with the Senators for
further conferences on the matter.

McFadden Branch Banking Bill Returned to Conference—
House Insists on Hull Amendments.
The conference report on the McFadden branch banking
bill, presented to the House on June 22 by Representative
McFadden was returned to Conference on June 24, when
a vote on the compromise legislation was taken. Insisting on the Hull branch bank amendments (carried in the
Further below we indicate that on June 22 the probill it passed the House February 4) the House on the posal of
Representative King for a congressional investi24th by a vote of 197 to 118 rejected the branch bank gation into the
effect of the Federal Reserve Act on Comprovisions of the conference report. In its account of the modity Prices
was ruled out.
House action the New York "Commercial" said:
Preliminary to the presentation of the report to the
The test vote was on a motion of Representative McFadden, chair-man of the House committee on banking and currency, to approve the House on June 22, the "Journal of Commrce" reported
substitute proposed by the Senate and House conferees for the Hull the following from its Washington correspondent on June
amendments. The motion also provided for the approval of all other 20.

compromise provisions agreed upon by the conferees with the exception
of the new matter which was stricken out on a point of order in the
House on Tuesday. This new matter, which Mr. McFadden did not
attempt to revive included the provision for an investigation by a joint
committee of the effect of the banking system of the country upon
commodity prices.
The McFadden motion met defeat by a vote of 118 to 197. Following this action Representative McFadden moved that the bill be sent
back to conference. This motion was carried without opposition. Representative Hull, who led the successful fight against the conference
report, then moved that the House conferees be instructed to adhere
to the branch bank provisions of the original House bill. Speaker
Longworth declared this motion carried on a viva voce vote.

•

In its report of the proceedings in the House on June
24 the New York "Journal of Commerce" had the following to say:
Inasmuch as the Senate conferees have made it plain that they will
not agree to accept the so-called Hull amendments, as contemplated
under the instructions to the House conferees, the suggestion has been
made that the bill is dead so far as the present session of Congress is
concerned. In any event the situation, from the standpoint of the
proponents of the legislation, is not particularly hopeful.

New York View Stated.
The Illinois delegation which had stood back of the Hull amendments
since they were sponsored by the State bank group of the outlying sections of Chicago, were joined by the New York and Ohio delegations
in particular, and by some of the States not having any cities with a
Population of more than 100,000, which States would be precluded from
the benefits of the branch banking provisions of the bill. The fact
that the large national banks of New York City would be enabled under the contiguous territory provisions to invade the outlying cities
and towns, such as Yonkers and Mt. Vernon, and extend their operations over a radius of fifty miles, led to opposition on the part of the
New York delegation. Similarly the Ohio Congressmen expressed opposition because of the possible spread of the national banks of Cleveland,
for instance.
Representative Begs of Ohio inquired of Mr. McFadden if the bill
would permit the Cleveland national banks to establish branches in
Lakewood and if national banks of Lakewood could invade Cleveland.
Mr. McFadden answered in the affirmative with respect to the former,
and in the negative as to the latter since Lakewood has a population,
It was stated, only of 80,000 and its national bankszvld be prohibited
from engaging in branch banking.




When the conference report on the McFadden National Bank bill
comes up in the House on Tuesday on a motion to approve the work
of the conferees as to all provisions other than the so-called Hull
amendments and the substitutes therefor, a demand will be made for
further information on an investigation of the banking system therein
contemplated.
When a group of House members yesterday were discussing this
proposal, which has come to be known as the King resolution, it was
suggested that this provision would prove subject to a point of order
that it was new legislation and was not contained either in the House
or Senate drafts of the National Bank bill upon passage. Among these
members were some that propose to fight the proposal in the absence
of full information as to what it is all about.
Give and Take.
With respect to much legislation in recent years, there is always a
certain amount of giving and taking between the Senate and
House
and between the various groups in each body. The system has
general
approval since it is difficult to promulgate any major legislation
satisfactory to all interests and all sections. These redeeming
features,
however, are not prominent in the case of the King resolution, it is
declared, and the members of the House are loath to act upon
something that may contain a vast amount of dynamite without a
thorough
knowledge of what they are doing.
The King proposal is for the appointment of a joint
special committee to consist of three members of the Committee on
Banking and
Currency of the House, to be appointed by the
Speaker, and three
members of the Senate Committee on Banking and
Currency, to be
appointed by the President of the Senate, to make an
inquiry into the
prices of commodities in the United States as affected,
since 1914, if
at all, by the Federal banking laws.
Some of the House members assert that they have
not been able to
secure satisfactory information as to just what is sought
and they are
protesting against this move wherein they think
may lie a hidden
motive. One thought is that there is being sought
a resumption of
the so-called duplicate bond probe; another is that
it is proposed to
dig further into the financial activities of
the Government and the influence of the Federal Reserve Bank of New York
through its discount
rates and open market purchases on commodity
prices. That would
be an invasion of the territory of
Representative James G. Strong of
Kansas, for through the hearings on the bill he is sponsoring having
to do with a proposed stabilization of the dollar, that
subject has been
gone into in great detail. It is not believed that Mr. Strong
looks
with any great favor upon the King resolution.

JUNE 26 1926.]

TH ill CHRONICLE

May Spend $2,000.
have
If the provision is retained in the bill the joint committee would
stenoauthority to appoint and fix the compensation of such clerical,
act
graphic and other assistance, to hold such hearings and to sit and
at such places and times during the sessions and recesses of the Sixtyof
ninth Congress, to require by subpoena or otherwise the attendance
such witnesses and the production of such books, papers and docuto have printments, to administer such oaths, to take such testimony,
ing and binding done, and make such expenditures as it deems advisable. These expenditures in their entirety are to be limited to $2,000,
one-half to be paid each by the Senate and House. The provision also
requires that the joint committee shall report to its respective houses
from time to time the results of its inquiries, together with such
recommendations as it may deem advisable.
A further feature of this proposal is that it is required that subpoenas for witnesses shall be issued upon the requirement of the joint
committee "or any member thereof," under the signature of either the
Speaker of the House or the President of the Senate. That would
enable Representative Ring to bring before the joint committee any
person or persons he might desire to have furnish testimony on the
matter involved. Since there is no limitation upon the scope of the
investigation, the subject providing almost inexhaustible sources of
information, it could have incorporated the old so-called Brewer bond
investigation as a part of the probe.
A further embarrassing situation, from the standpoint of the proponents of the McFadden bill, is the growing opposition to the branch
banking limitation as proposed under the compromise agreement to be
adopted in lieu of the so-called Hull amendments. It is contended
that the 154 cities in the States now permitting branch banking, the
national banks of which it was proposed to assist, have shrunk to
thirty-eight cities, that being the number having a population each in
excess of 100,000. No cities having a population of less than 100,000
will come under the ban.

We likewise quote what that paper had to say in its
Washington advices June 22:
After spending the entire day in the discussion of the conference
report on the McFadden National Bank bill .the House of Representatives found itself enmeshed in a parliamentary entanglement from
which it could not free itself to permit of the taking of a vote to
determine whether or not the branch banking restrictions, known as
the Hull amendments, should be retained or rejected. Amid cries for
a vote the House put the matter over until Thursday.
A lengthy presentation of the matter by Chairman McFadden of
the House Banking and Currency Committee, and Representative
Wingo, ranking Democratic member, preceded the presentation by
Representative Strong of Kansas of a motion to strike from the
proposal the so-called King resolution calling for a Congressional
investigation as to the effect of the Federal banking laws upon
commodity prices.
Point of Order.
Mr. Strong made the point of order that this constituted new matter
written into the legislation by the conferees, who thus exceeded their
authority.
Representative King of Illinois, sponsor of the probe
move, spoke in defense of his suggestion, having also filed a lengthy
brief with the Speaker, in advance of today's discussion on the right
of the conferees to adopt it. Speaker Longworth, citing precedents,
ruled against Mr. King and this new matter went out.
There were a number of members, both Republicans and Democrats, who were ready to voice their opposition to the King resolution,
the effect of which was not apparent from the wording of the proposal, but which was believed to be but a move to resume the investigation into the alleged duplicate bond issues.

3549

every State the
He pointed out that it denies to national banks in
the parent bank,
right to open branches outside of the home city of
Reserve System if
and the right to enter or to remain in the Federal
branches outside of the
they open, after the approval of this act, any
banking is absolutely
home city of the parent bank. State-wide branch
the passage of this act
prohibited by this provision after the date of
for the large city banks to
and it will be impossible, under this bill,
State.
absorb the independent unit banks in any
A Stricter Limitation.
banking by changing
In those States that do not now permit branch
than the restriction on
their laws, a much stricter limitation is placed
no branch bankthe States which now permit branch banking, wherein
population, only one
ing would be allowed in cities under 100,000
and less than 250,000,
branch will be permitted in cities over 100,000
250,000 population, and
and one additional branch for each additional
to have in excess of
in no case will any national bank be permitted
five branches in any one city.
so-called Hull amendMr. McFadden pointed out further that the
banking, but relate
ments have nothing to do with State-wide branch
which may in the
solely to the twenty-six anti-branch banking States
the establishment of home city
future change their laws and permit
enacts branch
branches, simply being a question of time when a State
banking laws.
national banks may
He explained that before this bill become a law
have branches. All
have branches; afterward national banks may not
and all State-wide
lawful branches now in operation by national banks
are now membranches now in operation by State member banks who
when a State bank
bers of the Federal Reserve system may be retained
system,
becomes a national bank or a member of the Federal Reserve
consolidate, all branches
or when two or more banks, national or State
now lawfully existing may be retained.
To Meet Four Conditions.
are alHe explained also that those cities in which the State banks
that
lowed to have branches in the territory contiguous to the city
he pointed
under certain limitations branches would be permitted, but,
bank four condiout, before any national bank could establish such a
tions must be met, namely:
The branch must have the approval of the Comptroller of the
Currency, it must be located in an incorporated city, town or village,
which is actually contigious to the main city. The contigious suburb
be a part
must constitute an economic unit with the same city and
be estabof the metropolitan area. No such branch can, however,
held a public
lished until after the Comptroller of the Currency has
locality in
hearing to ascertain the public need for a branch at the
guarding very carefully any possible extension beyond the
question,
point of contigious territory.
of the Treasury, the
Mr. McFadden also stated that the Secretary
were
Federal Reserve Board and the Comptroller of the Curency
Hull
absolutely opposed to the enactment in this bill of the so-called
amendments.

National Bank Section of N. Y. State Bankers' Association
Urges Enactment of McFadden Branch Banking Bill.
The National Bank Section of the New York State
Bankers' Association, at its annual meeting in Quebec on
Arthur
June 19 adopted a resolution instructing Secretary
McFadden
S. O'Neil to telegraph the Conferees on the
the
branch banking bill urging the prompt passage of
bill.
Defeat of McNary-Haugen Farm Relief Bill in Senate.

Branch Banking Showdown.
month
The McNary-Haugen farm relief bill, which a
The measure seemed to be in a serious predicament when Chairman
House, met defeat in the Senate
McFadden sought to impress upon the House the fact that in the vote ago was defeated in the
which he was seeking all he wanted was a determination by the House on June 24, being rejected by a vote of 45 in opposition
The measure
whether or not it would agree to a new proposal restricting branch
with 39 registered in favor of the bill.
banking, as evolved by the conferees, or would insist upon the retento control
proposed to establish a Federal Farm Board
tion of the so-called Hull amendments.
The latter, if adopted, would forever preclude from engaging in and dispose of the surplus of basic agricultural comfrom which
branch banking the national banks and State bank members of the
modities; a revolving fund of $150,000,000
Federal Reserve system in the existing non-branch banking States,
n fee, or tax, on
legislation permitting loans would be made, and an equalizatio
even though these States later should enact new
the fund,
their own State banks thus to expand and establish branches.
commodities sold by the farmer to reimburse
June 23
The conference proposal would prohibit the establishment in any
were features of the proposed legislature. On
State of branches by National banks or State bank members of the
that
a population of less Senator McNary introduced an amendment providing
Reserve system when located in cities having
than 100,000, the maximum number of branches in any event being not more than $75,000,000 of the $150,000,000 revolving
placed at five and only in the case of banks located in cities having
crop. In
fund should be used for financing the cotton
a population of 1,000,000 or more.
con- recording the Senate defeat of the bill on June 24, the
Representative Wingo accused certain of his colleagues on the
ference committee as in reality desiring State-wide branch banking, Washington advices to the New York "Journal of Comand declared that the revamped bill would make easy through consolidations an undesirable extension of the system. He predicted merce" stated:
committee, which
It (the bill) had the indorsement of the corn belt
that in a comparatively short time the situation in all the States would
of Congress urging farm
be somewhat like that now prevailing in California. He denied that has been here during much of this session
he had refused to attend sessions of the conference committee, as had legislation.
to overcome a
A coalition of Western and Southern Senators failed
been charged. In conclusion he asked the House to stand upon the
as in the House
combination of Eastern and other Southern members,
bill as originally passed by it.
Members from States having no cities of a population higher than recently when the Haugen proposal was rejected.
100,000, such as North Carolina, are opposed to the "population
To Vote on Co-operative Marketing.
tomorrow with
scheme," having been deluged with telegrams from the banks back
The battle over substitute measures will be resumed
home protesting against being left out. Some attacked the bill on the supporters of the McNary measure striving to save something from
ground that here again the conferees had exceeded their authority in the wreckage and opponents, pressing their advantage, determined to
changing the provisions of the House bill which prohibited branch pass the House co-operative marketing bill and nothing else. The
co-operative
banking in cities of less than 25,000.
McNary proposal was attached to it as a rider and the
marketing bill is still to be voted upon.
For Forty-four Cities Only.
of the bill crumffmmediately after the vote the coalition in support
compromise agreeRepresentative McFadden stated that under the
Republican, Nebraska, reoffered the measure
cities in 15 States, add- bled when Senator Norris,
ment, branch banking would be limited to 44
for the immediate operation of the equalbanking States changed their with an amendment providing
ing that if all of the present non-branch
ization fee against cotton instead of deferring it three years, as origupon 67 cities in 30 States. Under the
laws, the limitation would be
banking would have been inally proposed.
bill as it originally passed the House branch
The amended measure was rejected, 52 to 28, with the Southern
such activity,
cities and if all the States permitted
permitted in 199
Democrats standing to a man against it.
the number of cities would be enlarged to 317.
A similar amendment, offered by Senator Williams, Republican, Miscompromise agreement
Representative McFadden stated that the
before the roll call on the McNary bill, had been rejected 35 to
drastic restriction upon the future souri,
reached in conference is a more
with nine Democrats, none of them from the South, joining with
national banks than was contained in 50,
establishment of branches by
26 Republicans in support of it.
amendments.
the bill as it passed the House, including the Hull




3550

THE CHRONICLE

[VOL. 122.

Export Corporation Plan Rejected.
titled to relief if it can possiibly be given on a sound basis
by the GovernThe Senate also had rejected a substitute
by Senator Robinson of ment. I know the committees of agriculture and the Congress and
the
Arkansas, the Democratic leader proposing the creation
President have all given the most careful thought and spent much
of a $200,000,time in
000 export corporation to loan money to farmers
. The vote on this seeking remedies to afford relief. I want the best method adopted which
substitute, which carried no provision for
an equalization fee, was 39 promises relief along these lines. Certainly no one can charge that the
to 45.
problem has .been neglected.
As a preliminary to the final showdown
Constructive action has been repeatedly proposed
on the bill, however, the
Senate reaffirmed by a formal vote of 50
of the agricultural communities. These proposals from various sections
to 33
provide for the cresored by Senator McNary, Republican, Oregon, the amendment, spon- ation of a farm
marketing board whose duty is to secure a better adjustin charge of the rneasure, to authorize the use of $75,000,000 of
the $150,000,000 carried in ment of agricultural production; the larger development and consolidation
the bill for the marketing of cotton. Souther
n Senators supported this of farmers' marketing associations under their own control and embrace the
amendment, while many from the East and
placing of one hundred millions of dollars of public
West opposed it.
money for working
Before the vote on the Norris amendment, Senator
George, Democrat, capital at the disposal of such farmers' controlled marketing associations,
Georgia, appealed to the Democrats to reject the
proposal, as he was through such farm boards, for the purpose of better stabilizing their marconvinced that the deferred fee had been inserted
in the original bill kets, improving their marketing machinery and the eliminating of waste in
solly as a bait to Southern Senators.
distribution. This form of legislation would support
the whole of the agriHe declared that if the bill had passed with
fee deferred an effort cultural Industry—in the North, the South, the East and the West—both
soon would have been made by Western Senator
large and small—not any particular section or segment
.
the fee against cotton. This would have meant, s to lift the ban on
I am
he insisted, that every mediate in favor of this type of legislation and I am convinced that impound of cotton in the South would be taxed.
action along such lines will profoundly assist
the farmers. I believe that the farmers should be provided with these
Senator Norris explained his proposal only would
advantages. It seems
place cotton on to me
an equal basis with wheat, corn and hogs
and he wanted to know if Fess that such a proposal is embodied in the bill S4462 offered by Senator
on June 16, and which he has proposed to offer as an
the Democrats were serious in their efforts to relieve
amendment to
the farmers.
the pending co-operative bill which has passed the
With the Norris proposal out of the way the Senate
House and is now before
substitutes, Senators Lenroot, Republican, Wiscons turned to other the Senate.
I have advised the Congress from time to time of the
Republican, South Dakota, each seeking the attentio in, and Norbeck,
necessity of furn of the Senate to ther assistance in order that
proposals they sponsored.
the farmers' position may
restored upon a permanent and sound basis, and I be finally and fully
As the debate grew in intensity Senator
sincerely believe that
McNary moved that the legislation making possible this
Senate recess.
important and effective further step in
better organization in marketing in
He was greeted by shouts of disapproval and
Senator Ashurst, Dem- selves will bring these results which the control of the farmers themocrat, Arizona, raised his voice above the din
we all desire. Such legislation is
with
to stay and complete its business. It finally was appeals to Senators of great importance to the country.
decided to remain in
Session, the vote on the question being 46 to
Secretary of the Treasury Mellon's
38.
views on the
The Senate soon had a change of heart, however
, when it accepted McNary-Haugen bill were given in these column
without protest a motion by Senator Curtis,
s a week
of Kansas, the Republican ago (page 3407).
leader, for an executive session to consider
The defeat of the Haugen bill in the
nominations. At its conclusion adjournment was taken until tomorro
House was voted in our issue of May 29 (page
w.
3033).
Of the 39 votes in favor of the bill
23 were those of
Republicans, 15 Democrats and 1 Farme
r-Labor; the 45 New York Cotton Excha
nge Referendum on Southern
votes in opposition were 24 Republicans
and 21 Democrats.
Delivery--Elimination of New York Propo
;
sedLast night's Associated Press dispatches
from WashingViews of George Gordon Battle and Others.
ton, June 25, indicated that the Presid
ent had agreed to
The attention of members of the New York
Cotton Exoutline his views on the subject, these
dispatches we change is just now centre
d on the question of the adoption
quote from the New York "Evening Post"
stating:
of a Southern delivery contract, a referendum vote
on which
The triumphant opponents of the McNary farm
bill enlisted the aid will be taken on July 1. We have already presen
of President Coolidge today as they prepared
ted some
to drive home their vic- of the argume
tory, and the opposition countered with a
nts for and against the proposal, and this
move to
legislation aside until Washington had beard from lay all farm relief week, under a separate head are giving
the country:
the views of W. R.
Under the plan which began taking shape
among those who favored the McNary equaliza in hurried conferences Craig & Co. regarding the advantages and disadvantages
margin of six votes late yesterday, even the tion fee, defeated by a which would accrue with the adoption of the plan. We
ative marketing bill would be displaced fromAdministration's co-oper- also refer elsewhere in this
issue to the report of the Texas
fore the Senate and other legislation consider its preferred place be- Cotton
ed
Association against Southern deliveries, and
back home received an opportunity to crystallize. while the sentiment
to the
vote of members of the New Orlean
Friends of the defeated corn-belt plan, as embodie
s Cotton Exchange in
d in the McNary
bill, said it was useless for the Senate to put
favor of deliveries on Galveston and Housto
n contracts. In
marketing or other "make-shift" arrangement, through a co-operative presenting
and at the same time
some of the views in opposition to the plan
deny the farmers of the West the one relief
afplan on which they have fecting the New York
united.
Cotton Exchange which would permit
Administration leaders, manifestly disturbed by
deliveries at Southern ports on the New
the knowledge that
York contract and
a shift of three or four Senators might give the
eliminate New York delivery, E. L.
Harvey asserts that
urged the President to make a statement of his Insurgents a majority,
position. After a long Southern deliveries would
conference with Secretaries Jardine and Hoover,
remove the cotton business from
it was indicated he New
would outline his views late today, in the
York, the proposal being not to add Southe
hope of solving a clear
rn delivery
majority for the Administration program.
points to New York in the New York contrac
t, but to elimA motion to put aside all farm legislation and
take up the Veterans' inate New York entirely. The Southe
rehabilitation bill was made in the Senate
rn ports which it is
late
tor Watson, Republican, of Indiana, one of this afternoon by Sena- proposed to include in the New York contra
ct are Norfolk,
the leaders of the group
favoring the McNary bill.
Savannah, New Orleans, Galveston and Housto
n. Incident
The Senate had wrestled all day with a
new crop of substitutes, some to the proposed elimination of New
put forward by the farm bloc and in
York, attention is dia final desperate effort to save a
part of the wreckage of the corn belt
rected to the fact that during the fiscal year
1925 1,000,000
relief plan, and some sponsored
by Administration Senators and acceptab
cotton bales, to the value of $125,000,000,
le to the White House.
passed through
The Norbeck farm relief proposal
providing export bounties for the port of New York-500,000
wheat and corn was rejected during the
bales being destined abroad
afternoo
and 500,000 bales to New England. Incidentally
In defending his amendment, which would n.
it is made
set up a fund of $150,000,000 for loans to be used in exporting
crops, Senator Lenroot said known that George Gordon Battle, himself a Southerner,
his plan did not propose permanent legislati
on.
has rendered an opinion in which
Senator Norris declared after all the
he points out that the
various substitutes had been
disposed of he intended to propose a resoluti
charter of the New York Cotton Exchan
ge, from the Legison providing for the appointment of a commission to investig
lature of the State of New York, specifi
es that the organiup "from the Senators who opposed the ate and aid agriculture, made
McNary Committee amendment." zation shall exist "to
promote the cotton trade of the State
Senator Bruce, Democrat, of Maryland,
assailed the Lenroot substi- of
tute as "worse even than the McNary
New York, increase its amount and augme
amendme
nt the faciliHe suggested the appointment of a board of nt."
five "from such men as ties with which it may be conducted." Mr. Battle says:
Owen D. Young and Professor Taussig and
The suggested action will offend against the purposes
a lawyer of high standing
for which the
to investigate and report at this session
of Congress on a practical Exchange was incorporated. The Attorney-General could in that
event,
manner of alleviating the distress of agricult
and in all likelihood would, take action to vacate
ure."
the charter or to annul
the existence of the corporat
Following is the text of the President's
statement favoring General Corporation Law. ion under the provisions of Section 131 of the
The Legislature in such event would in all likeSenator Fess' bill:
ilhood enact laws to prevent or penalize this change
or
One of the perplexing questions before the
to impose heavier taxation or other burdens upon the by way of reprisal
Congress is to determine
Exchange.
what will be most helpful in relieving agricult
ural distress. The ConIn stating that the opponents of Southern
gress already has rejected certain definite proposal
deliveries do
s. But that does not
relieve us of the desirability of attempting to secure
not stand alone on this question of self-pr
constructive legislaeservation, Mr.
tion.
Harvey says:
Since the war the Congress and the Administration
have
They declare that the permission of deliveries at various
taking effort to strengthening the agricultural situation devoted painsSouthern ports,
post-war slump a great disparity arose between prices . During the under the New York contract, would further complicate an already comof agricultural plicated business, tend toward the possibility of monopoly
commodities and those of industrial commodities which
through placing
the farmer must the market at the mercy of large holders of cotton in Southern
buy. This is still true in certain sections and
certain commodities. which could be thrown on the market at one time and depresswarehouses,
Much legislation has been enacted and much Administ
the price.
ration action has Depression of the price of cotton on the Exchange always
been taken which have already resulted in improvi
ng the farm purchasing price of cotton to the producer. This is the point that willdepresses the
power.
be of paramount interest to the South, where the Southern delivery
Farmer Has Suffered.
on the surface, seem to be a local patriotic idea. Onceproposition may,
But all these actions, helpful though they have
it is definitely
been, are not sufficient explained that the adoption of Southern delivery will tend
to cover all branches of the industry
to be a conand no doubt disproportionately from . The farmer has suffered greatly tinual depressing menace, it is assured that the entire South will rise up in
the effects of deflation. He is en- arms against the idea. The Texas Cotton Associat
ion, at its meeting in




JUNE 26 1926.]

THE CHRONICLE

Galveston in March, went on record against it, as also did the American
Cotton Shippers' Association meeting in Atlanta in April.
W. R. Craig, of tire firm of W. R. Craig & Co., has this to say of the
proposal and its probable effects: "The cotton interests of America are
probably more agitated at present than at any time since the New York
Cotton Exchange was closed at the beginning of the World War. The matter that is causing the greatest amount of thought and discussion is what
Is known as 'Southern Warehouse Delivery.' This is a technical expression
which means that, instead of delivering raw cotton in warehouses in New
York City in fulfillment of future contracts made on the New York Cotton
Exchange, these deliveries should be made at licensed warehouses in various
Southern ports. For many years prior to the closing of the Cotton Exchange, at the beginning of the World War, it was a very popular institution throughout the Cotton Belt, as both poltiicians and producers of
cotton were strongly of the opinion that one of the attributes of the institution, or of its members, was to try at all times to depress the value of the
South's main product—cotton. This intense hatred on the part of a great
many Southern people resulted ultimately in legislation by Congress during
the time the Exchange was closed from Aug. 1 to Nov. 16 1914. Despite
the restrictions imposed by this legislation, known as the United States
Cotton Futures Act, the New York Cotton Exchange has not only wiped
out the feeling of dislike that existed, but has grown in favor throughout
the South to such a degree that even Southern Congressmen and Senators
are to-day its defenders. Until the Cotton Exchanges were closed during
the summer and fall of 1914, the Southern people never fully realized the
absolute necessity of these institutions. During the whole period while
they were closed, a complete demoralization in all sections of the cotton
trade existed. There was no market for spot cotton in the South and its
business interests were paralyzed. The Cotton Exchange will do well to
think twice before it seriously considers doing anything that would have a
tendency to disturb this feeling of good-will towards the Exchange by the
Southern people.
"Spinners, merchants and others, not only in America, but throughout
the world, buy the New York Cotton Exchange future contract because
they know that the seller of the contract must bring the cotton to a definite place (the Port of New York) for delivery. With Southern warehouse
delivery we should have a sellers' contract, indefinite as to location, and
there would be fewer buyers and snore sellers, with the result that the
cotton market would be under pressure every day in the year both in large
crops and in small crops, for fear that the stock of cotton in Southern ports
would be dumped on the New York future contracts at any day.
'We are told that the main advocates of the 'Southern Warehouse Delivery' scheme reside in the South, and in some cases are interested in
Southern cotton warehouses. They have no interest in the New York Cotton Exchange at all commensurate with the interest they have in Southern
warehouses, and it is not at all surprising that they are agitating the
question at the present time. The members of the New York Cotton Exchange who reside in New York are largely opposed to the measure. Certainly the business interests of our city will join hands in opposition to
this scheme. The cotton industry of New York City has been a large one
for over fifty years, and our port authorities, banks and merchants' associations will do well to nip in the bud this wild scheme that means the
paralysis of the New York Cotton Exchange and the cotton business of New
York.
"Perhaps I can make this situation still clearer by adding to what I
have said the expressions of two of the best known and most thoughtful
members of the cotton trade—one living in the South, the other in New
England. Not long ago my firm wrote to Mr. Fergus Reid of Norfolk, Va.,
head of the firm of Reid & Co., and a member of the New York Cotton
Exchange for a great many years, asking for his view on Southern warehouse delivery. We received the following reply:
3d June 1926.
Messrs W. R. Craig & Co.,
60 Beaver Street, New York City. N. Y.:
Gentlemen:—I am n receipt of your letter of June 2d, asking my opinion
as to the advisability of permitting delivery of cotton in the South against
New York contract.
Years ago I was on a committee of the Exchange to consider this question, and at that time we came to tne conclusion that the move would be
unwise. I am disposed to remain of that opinion now, since I do not see
any special advantasre to be gained by permitting deliveries elsewhere than
In New York, and the fact that deliveries might under such a system be
permitted at a dozen different Southern points would indicate at once to
any one the obvious disadvantage. A man desiring to receive a thousand
bales of cotton with sre :fled delivery now gets it in New York. Under
qe proposed plan it might easily be necessary for him to take his thousand
bales in ton different cotton markets. Under these circumstances the only
persons who probably will be In position to take delivery of cotton on
contract will be those large cotton firms that have agencies in all the large
centres.
I think that further comment is unnecessary.
Very truly yours,
(Signed) FERGITS REID.

"'Or, as your firm stated in their circular of June 4 1926:
"'"If all tenders of cotton are to be made in the South, how long will
the contract continue to be written in New York ?"
'It is my firm belief that if the New York Cotton Exchange should
"
adopt Southern deliveries, it would have a very adverse effect upon the
Exchange.'"
Gardiner H. Miller, member of the firm of Hopkins, Dwight & Co., one
of the oldest firms on the New York Cotton Exchange, says: "For the
past several years there has been an agitation by certain members of the
New York Cotton Exchange which during the last few months has become
greatly intensified. It involves a revolutionary and far-reaching change
in the method of doing business, not only upon the Exchange itself, but by
the cotton trade as a whole. This radical step is the so-called 'Southern
Warehouse Delivery' of cotton on contracts made on the Exchange, which is
a technical term meaning that instead of deliveries of cotton in New York,
the delivery shall be permitted at any one of several Southern ports. The
effect of such a measure would be two-fold: first, it would tend to divert
from New York shipments of cotton which now come here, and secondly,
it would tend greatly to depress the price of cotton on'the Exchange because the buyer would have no means of knowing where his cotton would
be delivered to him, and the depression of the price of cotton on the
Exchange would in turn tend to depress the price of cotton to the Southern
farmer.
"The Exchange is the clearing house for the cotton trade of the whole
world, and the contracts for the future delivery of cotton entered into here
are the bases upon which the bulk of the American cotton crop is marketed and distributed to the consuming centres—the cotton mills of America, Europe and the Far East. For the protection of these vast and farreaching transactions, the only logical place where a stock of cotton should
be located is where the transactions are made, and not, as the advocates of
'Southern Warehouse Delivery' maintain, scattered among several widely
separated Southern ports, located many hundred miles nearer the cotton
fields and just so much further removed from the geographical centre of
consumption, which is at a point far to the north and east of New York
City. In these modern days of quick communication, the South, West, East
and North are much more closely linked together than ever before in
distance expressed in terms of quick communication. The railroads of the
country, with the aid of the automobile truck, have been able to handle
over a million cars of freight a week, with a result that the turnover of
merchandise is much more rapid than ever before, a feature, which it is
well known, is of the utmost importance to all merchandising enterprises,
The direction of the flow of the cotton crcp is from Southwest to Northeast, so that New York is in the path of the stream of the flow of the bulk
of the American cotton crop each year. New York Harbor, with its unsurpassed facilities and the largest number of ocean steamers of any port
in the world, surely is entitled to handle its share of the American cotton
crop rather than to have this trade diverted to Southern ports. The city
possesses a magnificent system of warehouses, with capacity for an almost
unlimited stock of cotton, and with the flow of this stream of the fleecy
staple in the direction of this port and beyond it, there is no valid reason
why the port should not continue to be, as it has for the past six years,
the centre and heart through which pulses the ebb and flow of transactions
in cotton the world over.
"Should the interests who are advocating the so-called 'Southern Warehouse Delivery' of cotton be successful in their efforts, it is the opinion of
merchants who have been identified with the cotton trade in this city ever
since its inception, that it would be highly detrimental to the commercial
interests of the Port of New York, and at the same time act as a boomerang
on the South in its depressing effect on the price of their great staple corn
modity, 'King Cotton.'

"I have also received the following letter from one of the oldest and
most prominent members of the New York Cotton Exchange, Charles N.
Brush, who is the head of Cooper & Brush, of Boston, Mass., one of the
largest dealers in cotton in New England:
'In reference to the propaganda in favor of Southern deliveries which
"
has been going on for so long, emanating from some very large interests
who have been particularly active during the past several months, as far as
my knowledge of the Southern shipper or the spinner is concerned, there
.
has been no such issue; the issue has been one solely brought about by the
large interests referred to.
things in favor of Southern deliveries,
'Where there might be some
"
they are insignificant as compared to the innumerable arguments against
them, one of which is the fact that with the exception of a few large
houses, there would be none who could deliver or receive against Southern
deliveries to advantage. We have, in the past, as you probably know (the
spinners know it, anyway), taken up large amounts of New York contracts
(one year approximately over 90,000 bales), and reclassed them same
as would be necessary if we bought in interior markets, and supplied them
to our trade; and although we have never delivered against contracts as
heavily as we have taken them up, with the exception of recent years we
have delivered considerable cotton in New York. Anyone who has ever
taken up or delivered cotton in New York must know that the statements
relative to the cost of tender and the "economic waste" resulting therefrom,
which has been the main point stressed by the proponents of Southern
delivery, are so far from correct and so grossly misleading that it would
seem to me that they could not help tut react upon their authors.
"'In my opinion it would be the most unsound and the most unwise
thing for the New York Cotton Exchange to accept deliveries in any of the
Southern markets, but if any of the members of the Exchange wished to
form an exchange in any of the Southern markets, I can see no reason why
they should not do so. The field is open. A very pertinent question which
the members of the New York Cotton Exchange should carefully consider
Is:
'
" "If deliveries at the South are permitted, why not do the trading
there?"




3551

Some of the references to the subject in these columns
have appeared in our Issues of May 29, page 3104; June 5.
page 3156, and June 12, page 3291.
New Orleans Cotton Exchange Votes in Favor of
Deliveries on Galveston and Houston Contracts.
The members of the New Orleans Cotton Exchange have
placed themselves in favor of extending the delivery privilege
so as to include the delivery of cotton on contracts at Galveston and Houston, Texas. As to the vote, the New
Orleans "Times-Picayune" of June 19 says:
The vote was overwhelmingly in favor of adopting a contract that
will permit the delivery of cotton on contracts traded in in the New Orleans
market at Houston and Galveston as well as at New Orleans.
The total vote as a result of the referendum was 412 out of a total
membership of 436. The votes as canvassed by the special committee
appointed to count them showed 264 members voting for deliveries at
the Texas ports and 148 against the proposed change.
The subject of deliveries at Galveston and Houston has been agitated
for some time but as the board of directors has promised to abide by the
result of the referendum the announcement of the vote yesterday favoring
the change by a large majority finally settled the matter.
It will of course be necessary for the exchange to formulate a set of
rules and a new form of contract to put the broadened delivery system
in effect so that some little time must of necessity elapse before the change
Is in full effect.
The Chicago cottori market delivers cotton on contracts at Galveston
and Houston and the Government machinery already exists at both places
for certificating cotton. The advocates of the change firmly believe
that the extension of the delivery privilege to the Texas markets will
greatly broaden trading in the New Orleans future market.

A division of opinion appears to have existed in New Orleans as to the advisability of extending the delivery points,
the Associated Press dispatches from New Orleans on
June 20 stating:
Bitterness evident in the East over the mooted question of Southern
delivery of cotton on New York contracts is similar to that which recently
divided the membership of the New Orleans Cotton Exchange into two
factions.
Friends of the proposal to extend these privileges to Houston and Galveston, as decided upon here, contend that the innovation will facilitate
the hedging of cotton here and permit Texas traders to save large sums
now spent in defraying freight and warehouse storage expenses. They
point out that under the new ruling Texans agreeing to deliver cotton to
buyers demanding it can turn the product over to the purchaser in Houston
and Galveston cheaper than by shipping it here for delivery if they have
cotton stored in Texas.

3552

THE CHRONICLE

The opponents argue that the decision will work a hardship
on the purchasers. Members of both factions agree that the result of
the referendum
will tend to curb the activities of speculators.
Proponents of the change in the rules believe that the New Orleans
market will obtain considerable business that is now transacted in
the
New York Exchange because of the granting of the request of Galveston
and Houston traders unless the Exchange votes to change its
present
policy of requiring delivery there.
The Texas ports controversy has been a live issue in
the New Orleans
Exchange for more than a decade. The agitation for changing the rules
grew after the Chicago Exchange decided about a year ago to
allow delivery of cotton on Chicago contracts in Galveston and Houston.

[VOL. 122.

proposed. Some think Southern delivery against future contracts on
the
New York Exchange will properly remedy the imperfections now
existing.
The advocates of this remedy have claimed that in shippingcot
ton to
New York for tender a certain number of bales are frequently
rejected and
that these are undesirable in being located in New York. However,
so
far as Texas is concerned, recent rulings of the Bureau
of Markets permit
classification in Houston and Galveston, which eliminates
this objection.
They also claim that warehousing and freight on tendering
in New York is
greater than at Southern delivery points, but it
is more than probable the
future price will take care of this difference, for, if
less at Southern points,
the price of futures would doubtless be correspondingly
less. The claim is
also made that warehouse room is too limited
in New York. but reliable
Information is to the effect that ample room can be
secured in Brooklyn
and the City of New York if it is needed.
The most important point to be considered in the contention
Report of Texas Cotton Association Against Southern
for Southern
delivery is that the delivery of cotton in Southern ports
against futures in
Deliveries.
the New York market will correct the straddle manipulation
s now so
The present discussion relative to the adoption of Southern prevalent and so iniquitous to the whole cotton trade.
As far as it is possible, let us look into the nature of those
delivery contracts on the New York Cotton Exchange lends tions and
straddle operatheir purpose and results.
interest to a report of a committee of the Texas Cotton
In passing, it should be said that in this paper no
criticism is directed at
Association in March, which contended that the plan any individual or individuals, but at the rules governing future operations
would result in no advantage to the trade, and "would which permit of manipulation by any individual or individuals.
The fact is that Congress of the
through
become a serious menace to the producers." The com- Markets, in restricting the number United States, grades, the Bureau of
of tenderable
in its policy as
mittee asserts that "with even two tender markets of New to grade differences and classification, has made unquestionably a buyer's
contract so far as the near positions of the future
markets are concerned,
York and New Orleans, at present there is an eternal un- and the larger spot firms are
forced to maintain
the near
certainty as to class and staple certification." It goes on positions in the future markets as a protection forcontrol over and spot
their hedge
operations.
to say:
There is no doubt that since the World War there are
individual fortunes
The standards differ at different months of tender, and what can we in the cotton
trade which have outgrown the exchanges to such an extent
expect when we increase delivery points to six in number? Without that the old
principles and present rules governing futures are inadequate
insinuating anything wrong, with so many delivery points, is it not natural against the power
of their wealth. This is so much the case that the
to expect different standards of classification, varying with local surround- natural flow of
cause and effect in the cotton trade is set aside by artificial
ings at each point? Even last week the Agricultural Bureau itself, as pub- manipulations.
The result is that it is easy for large operators to sell
lished in the papers, contended they wished reviewing in Washington rather forward to
spinners very large quantities of cotton at a very cheap basis,
than at a certain Southern point, as they desired to take it away from local based on one or
two option months of the future market, and then, by
influences. What better commentary than this can be given to the preju- enormous straddle
operations, to advance these particular basing months
dicial influences existing around these delivery points?
to unreasonable premiums and to simultaneously
depress other positions.
During the past season, on account of the large buying by spinners of The profit in
these operations is not made in the actual straddle as
between
the world for distant shipments, it would seem as if it suited the books of months, but in the
difference between the selling price fixed on a premium
large operators to advance the premiums on near months and depress the month and
the buying price based on the months which are depressed.
It is
distant ones, for the reason that the sales were probably based on near probable that the
future straddles many times show a loss, but this is more
months. Therefore, although the future straddle operation may have than
overcome by their large fixation profits which the manipulated months
shown a loss, the profits of the actual have more than offset the losses. At yield in the
spot transactions. These interests, if it suits their purpose.
any rate, notwithstanding the size of the crop, the near premiums have will take
hundreds of thousands of bales at a loss, or will deliver a like
been maintained. There is no doubt that if it had suited the books of the amount on
a contract loss, whichever suits their spot positions.
The evil
operators to maintain discounts on the nears they would have seen to it does not
lie so much in the fundamental principles of our exchanges
as in
that plenty of undesirable cotton was shipped to New York to protect the the
extraordinary ability of large operators to set aside all
the logical rules
position. It is more than likely that when a season presents itself with no of the
cotton business by artificial methods, in order
to accomplish their
great amount of contracts sold to spinners for distant shipments, we will purposes
in the large spot transactions throughout the world.
Therefore.
see discounts on the nears, and, if necessary, those interested will ship excepting
the increasing of the number of tenderable grades, it doubtful
is
enough cotton to the future market at a loss in order to force these discounts. that any
rules formed to liberalize the delivery of cotton on
future contracts
If they are equipped with Southern delivery, God forbid what will happen will go
very far in correcting the straddle evils.
to the general values of cotton brought about by the ease of delivering
Some have concluded that if delivery points were
established at Norfolk
unlimited quantities without going to the expense of moving a single bale. Savannah,
New Orleans, Houston and Galveston, these evils will
be corSuch a result would work untold detriment to the general prices of cotton rected by
reason of the easiness with which cotton can be delivered against
and might result in the elimination of hedging facilities which the future manipulated
months. The history of the future markets in recent years
markets are designed to support.
does not confirm this theory. In Liverpool, at the
time of this writing,
We do not have to look far to see what the Southern delivery means in the stock of cotton
is from six to seven hundred thousand bales, and yet
other evil consequences. It means that if the arguments of the advocates premiums on near
months exist throughout the list. In New Orleans this
are realized that very large quantities of cotton will be stored at these six year there has
been a stock of four hundred thousand bales, and yet Janudelivery points, and large stocks will remain there throughout the cotton ary in New
Orleans
season as a menace to the general value of cotton throughout the whole The Chicago cotton maintained a premium of 50 to 60 points over March.
year. If any commodity Is gathered up from all the byways where it is of Western cotton market was established on the theory that the delivery
against it at Galveston and Houston would correct the
produced and concentrated and held at a few points for manipulative pur- same evil, and it
has proven a fallacy, as March, at this writing, is at a
poses, every buyer is led to think that there is more of this commodity premium of 46 points
over May.
than actually exists, and spinners of cotton may reduce their purchases to
It will probably be contended that this is true this year
on account of
a hand-to-mouth plan. This is no advantage to the trade, and it would the scarcity of tenderable
grades, but how can this argument hold when
become a serious menace to the producers.
New Orleans. which has always been a Southern delivery
point, has freThe stock and trade argument of every advocate of Southern warehouse quently carried a near month
premium in many years past, and it cannot
delivery is that it will produce parrying charges. Is this not equivalent to be said that tenderable cotton
has been scarce every year
Notwithstandsaying that by reason of unnatural and abnormal accumulation of large ing what has been said about
the present sixteen million bale crop and the
stocks of cotton at the six delivery points the near months will be depressed? alleged scarcity of tenderable cotton,
the recent developments have proven
Does it not also mean that the spot quotations of the ten Southern markets there has been an ample amount in
existence in America. One of the
will advertise to the world every day lower quotations than warranted? troubles is that as soon
as the market approaches a tender basis the differWe say correctly "than warranted," because the large stocks of cotton that ences on low grades are widened
to such a point that they cannot be bought
bring it about are abnormal and artificial, and not caused by the natural on a tender basis. Whether
Southern deliveries will provide any correclaws of trade. It is more than likely that Southern delivery will not bring tion in this is any one's guess.
It is certain that premiums on nears have
carrying charges, except under unusual conditions, but it is questionable existed this year where Southern
deliveries exist, and it is also certain that
If the trade is entitled to carrying differences between months if it has to premiums on nears have
existed in New Orleans frequently in recent years,
be brought about by slugging the market with artificially large quantities although it has
always been a Southern delivery point.
of cotton. Such a procedure is at the expense of the value of the South's
What is overlooked by the advocates of Southern warehouse delivery
is
living commodity, and no such system should be employed to depress the that in considering the
manipulating of premium months the economic
near months—which are the months on which purchases from the producer worth of the cotton
taken on these premium months is not of so much imare based. Would it not be better to find a system, legally, of curbing portance because the cotton
taken is hedged by the sale of other months.
the limits to which straddles can put these premiums on near months? The safest straddle
for the manipulator is a long position in the nearest
A remedy that will drive directly at these straddles should be proposed, month, because
his loss per bale is practically known at all times, being
and not one that will increase the power of manipulation, as Southern ware- limited by the carrying
charge and the extent to which he depresses the folhouse delivery will undoubtedly do. What the cotton trade needs to-day lowing months, and it
should be easy for him to measure this loss with what
Is a system by which the trade can take its normal course without being he expects to make
out of the sales of actual cotton which this straddle is
disturbed by wholesale manipulation. The actual Cotton business will designed to cover. So
that even though Southern deliveries be permitted,
take care of this, if manipulation can be eliminated: but any system proposed being fortified with a
buyer's contract in difference and restriction of tensuch as a Southern warehouse delivery, which makes it possible to dump derable grades, large,
wealthy operators are able to take cotton on delivery
an enormous quantity of cotton on the market, is unnatural and contrary against the near
premium month to a much greater extent than seems posto the normal conduct of trade, and serves no purpose except to demoralize sible. The quantity is
largely measured by the quantity of actual cotton
the markets of the world.
sold throughout the world. Usually large operators
are prepared to take
more cotton than the balance of the trade cares ordinarily
The following is also from the report:
to tender. At
any rate, it is almost certain that manipulation
between months of some
The cotton world has been shaken from center to circumference during kind will continue irrespective
of the physical location of the cotton.
the past season, with almost a unanimity of opinion that sweeping reforms
It is also contended that cotton tendered against future
contracts at Southare necessary with reference to futures on our American cotton exchanges. ern delivery points
is worth more than at New York. This, if true, is
more
Criticism is particularly directed at the New York Cotton Exchange. be- In favor of near-month
premiums than otherwise, but let us see if the statecause it is the most important, and because such a preponderance of future ment is true:
business passes through its machinery. This exchange is the world's
New Orleans is a Southern delivery point.
The freight from New
market, and the clearing house of all other exchanges, so far as the volume Orleans to New York is
only 35 points. and yet at this writing March New
of transactions is concerned, and, hence, there is where the enormous Orleans is 75
points under March in New York. So far as the delivery price
straddles and manipulations are conducted. Those conducting straddles is concerned, there is
certainly no advantage in New Orleans to the Amerimust use the New York Exchange in order to find sufficient volume to can farmer or the
tenderer of cotton, and there is serious doubt if there is
take care of their enormous operations. It is claimed by many that, on any advantage
to the American spinners when the average freight to all
account of manipulation, the New York Exchange is losing its usefulness mills is
considered. Even if it were admitted that delivery in the South is
as a hedge market. Also, many members of this Exchange, itself, realize
advantageous to either foreign or domestic spinners, the history of these
that something must be done to correct the manipulative abuses, and
are transactions shows that it is overwhelmingly to their advantage
to buy their
willing to take the proper steps to this nd, provided
the proper remedy is cotton either directly or indirectly from shippers throughout all parts of the




JUNE 26 1926.]

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3553

South. Their buying or taking of contract cotton on futures either in New of the New York Cotton Exchange in the following circular,
York or New Orleans has been so small in quantity that it is not to be con- dated June 12:
sidered as a factor of any importance. If a thorough investigation of the
Regardless of the outcome of the proposed referendum on the question of.
amount of cotton taken on contracts in the past should be made it will be Southern warehouse deliveries, we believe the New York Cotton Exchange
found that the tendering and receiving of cotton on futures has largely been has before it a genuine and long-neglected opportunity to perform a service
by large operators for manipulative purposes, both for straddle operations of inestimable value to the cotton trade and the textile industry by estaband for depressing and advancing the general market. The futures markets lishing in this port a great and continuous market for actual cotton. The
are not intended for this purpose. If trade buyers need cotton, the easiest, suggestions offered in outline herewith relate to the function which New
cheapest and most satisfactory way to get It is directly from shippers, who York, and New York alone, can perform and would supplement instead of
will ship It directly to them in even running grades and staples. There is compete with the facilities provided by other markets. This, the greatest
no necessity for this to be done through the futures markets. If it were pos- commercial and financial centre of the world, has much to offer the shipper,
sible to equip the future market for the purpose of conducting the whole
manufacturer and exporter, and with plans worked out along sound and
spot business the usefulness of the merchants and shippers throughout
natural lines should occupy in the cotton trade a position both pre-eminent
America will have passed. The fact is that it is impracticable, and it was
and unique.
never intended that any large part of the cotton bought by the trade should
Several factors have contributed to stunt the logical growth of New York
pass physically through the future markets of the New York and New
as a "spot" market. In all candor it might be stated that jarring individual
Orleans future exchanges. These exchanges are not the paramount machinin the past have operated against united, constructive action such
ery of the cotton business, but are simply adjuncts for serving as hedging interests
as would be necessary for practical results. Consequently,if the Metropolis
facilities, and when the arguments for their existence pass beyond this they
the western world is to become a great market for actual cotton, it will
have no support. It is not necessary to pass any great amount of cotton on of
to be the fruit of combined and public-spirited participation by all
tender through the New York Exchange to establish either the logical dif- have
members of the New York Cotton Exchange and associated interests. The
ferences between months or the relative value of futures as compared with
maxim that "Everybody's business is nobody's business" is largely exspots.
make justifiable progress as a cotton
When we go beyond the argument of the hedging function of the future planatory of the failure of New York to
other centres have had
markets and attempt to make them serve in place of the shippers of cotton, market. Galveston, Houston, New Orleans and
ed7ply interested protagonists, a support in which New York has been
by enormously increasing the value of termiers, we defeat the very purpose their
of them and they become a menace to the trade, including the spinner lacking.
Moreover, there has been an inclination to consider the "spot" market
and producer, rather than a benefit. Instead of equipping them to dominin the contract marate and lead the spot transactions throughout theworld, we should reverse aspects of New York as purely incidental to operations
been mainly reflective
It so that they may coincide with and follow spot conditions, and this ket. Large or small stocks of cotton at this port have
of the premiums and discounts prevailing in future contracts.
can be done without regard to the physical location of the cotton.
On the last page of this letter will be found a diagram [This we omit.—Ed.I
When we start out to make cotton tenderable, located in Norfolk,
potentialities. New York
Savannah, New Orleans, Houston and Galveston, where will we stop? that is graphically descriptive of overlooked
It is just as sound to include Memphis and Dallas and every compress should be developed into a concentrating point for cotton en route, overland
as well as conpoint in the interior. When we get down to the cold facts, Memphis, or coastwise, to New England, Northern and Canadian mills,
Little Rock and Dallas are more favorably located than any of the ports centration for overland cotton for export.
New York should be and can be the centre for concentrating cotton on its
named, because cotton can be shipped in any direction to domestic mills
warehouse facilities,
as well as to ports. Put, even if it is confined to the ports named, how way to Northern and Canadian mills. With ample
modern equipment for
can any but very large firms equip themselves with sufficient organization installation of high-density presses, furnished with
the handling of cotton, aided by transit privileges which would permit the
to take care of the cotton tendered at these indiscriminate places?
that could be ofIt is necmcary that a buyer know what kind of cotton he is going to stopover of shipments at minimum cost, the advantages
dollars annually
receive on contracts—whether it is Atlantic or Western cotton—and fered by this port would,result in the saving of millions of
how can he know if cotton is going to be delivered unexpectedly at five to Northern manufacturers and Southern shippers.
One of the most stupendous items of waste in the cotton industry consists
different points In the South?
Frequently these rejections will amount
We have already seen the actual working of Southern delivery in the of losses entailed by mill rejections.
average annual toll constitutes
New Orleans and Chicago markets, and premiums on near months exist to 10 or 15% of a given shipment, and the
be borne by both buyer and seller.
to-day in both markets, and this is far stronger evidence against the remedy a terrific burden which necessarily must
No matter how conscientiously the shipper may effect replacements, the
than all the untried theories that can be suggested in its favor.
figured in the price of every bale
If we start out into the unknown and endless fields of delivering cotton actuarial loss calculated upon experience is
elimination or reduction of this loss
anywhere against the future contracts of New York and New Orleans, let the New England spinner buys. The
buyer, but in the long run the manuus see what evils will follow: There is every indication that it will lead us means a mutual gain to seller and
Into more disastrous consequences than anything now existing in the present facturer probably would profit most.
The waste involved in disposing of rejections, occasionally resulting in
system. Let us take Houston for an example, because jt is near and we
York and still further
can better visualize the results. A large spot firm, or firms, could have reshipments for delivery on contract in New
substitution, could be cut to a miniextraordinary capital facilities and could be equipped with their own enor- accentuated by replacements and
in New York. The benefits
mous warehouses. They could at any time have a stock of 500,000 or 1,- mum through the medium of concentration
measured solely by the financial losses that
000,000 bales of such grades as are not in demand. Notice day arrives, that would accrue could not be
and needlessly severed business
and, like a bolt from a clear blue sky, the whole 500,000 or 1,000,000 bales would be avoided. Elimination of friction
gain.
could be tendered without moving a hale in the warehouse. How many relations should be added to the sum total of
Cotton concentrated hero could be classed by mill representatives and
mills or buyers are prepared to take this million bales at once? It's ten to
mill warehouses entailing huge aggregate
one that these notices would go begging for days and meanwhile depress rejections that now lie in northern
commitments at practically
not only the near months but the entire future market. It means that by liabilities to shippers, could be applied on other
of slow sale or exchange, could be delivered on
taking the bridle off as to the location of the actual cotton tendered there no expense, and in case
Is practically no limit as to the amount a wealthy operator or operators contract.
We believe developments along this line would meet with the unanimous
could dump on the market at any one time. It is exactly like offering to
shippers. Transit or stopover
sell for one hour the Houston Cotton Exchange Building or the American support of northern mills and southern
outlay involved would be
Exchange National Bank Building at Dallas in order to establish their privileges could be obtained at low cost and the
in disposing of rejections
value. We venture to say that it would take several days to find buyers trivial compared with the losses now entailed
who would give the real value. The same is true with regard to spot cot- stored In distant and separated mill warehouses.
The effect of such a movement on New York as a cotton market should
ton. It takes days to establish the value of 50,000 bales of cotton, to say
by northern and Canadian
nothing of 500,000 to 1,000,000 bales. There is also no way to prevent result in a virtual transformation. Cotton used
body and staple—what may
the tenderer from buying back his own tenders at a bargain price, after he mills is largely of the better grades and of good
therefore, instead of being
has run all the buyers out of the market with these enormous tenders. In be termed as "character" cotton. New York,
will pass on contract, would
this method he could even tender cotton he has sold, knowing he could get the dumping ground for the lowest grades that
operations, as the clearing house
it back the same day he tendered. His knowledge of the contract gives assume a place, quite apart from contract
him the advantage of knowing what to take hack and what to let others of highly desirable cotton.
We set forth below the various steps which we consider essential to bring
have. These tender operations would become so largo and so numerous
that the humble and small cotton shippers throughout the interior would about this beneficial change.
probably be kept busy travelling to Houston, Galveston, New Orleans,
First, Northern mills and Southern shippers should lend their hearty
Savannah and Norfolk every month trying to ascertain how much cotton endorsement.
Second, transit and stopover privileges such as have built up some of
the large operators were going to tender in order to protect their spot busithe leading Southern markets should be obtained from the railroads, thus
ness. Even the large speculators in New York, who are so necessary as entailing minimum cost for this service.
investors of cotton, would be at the mercy of what is going on in tenders at
Third, steps should be taken for the adoption of staple premiums for
Houston, Galveston, New Orleans, Savannah and Norfolk to such an extent contract delivery on cotton running above seven-eights and including
fairly strong sentiment in
that it is likely they would be driven from the market. These people are inch and one-sixteenth. There has been a inch cotton, but we believe
of staple premiums up to and including
not interested in taking actual cotton—they are investors, and their loss favor
the range should include inch and one-sixteenth, as many Northern mills
would be a serious blow to hedging facilities.
use cotton of this quality. Premiums, in our opinion, should be limited
We have considered the inadequacy of the remedy proposed, as well as to the so-called "character" zone and should not run Into "staples." This
would divide cotton into its logical groups, "short," "character" and
some of the evils that Southern point delivery would bring to general values.
Now let us turn for the moment to the effect it would have on our own "staple." concentration should be coupled with the single hale system
Fourth,
business as merchants and shippers of cotton: It is most significant that such as was established in Now Orleans in 1922. Requirements should
when large amounts of cotton are taken on contract in New York and New be made that the usual charges on each and every bale should be known
cotton arrives in the port until it leaves. One of the chief
Orleans, certain foreign markets, such as Italy and Japan, become demoral- from the timepresent is the indeterminate charges now applying on cotton,
drawbacks at
ized in prices for months following. What could this mean except this especially in shipping out.
cotton is dumped on these markets at such a low price that legitimate busiFifth, we should have a warehouse system of ample facilities, with conample water front,
ness cannot compete with it? It is more than likely taken on contract centration in one area on the New jersey side, with density compresses
adequate docking facility, and plant equipped with high
for straddle purpose, and the takers probably willing to sell it in large quan- and all labor-saving devices.
tities at a sacrifice, and,as a result, it serves to undermine normal and legitiConcentration in one area is essential in order to reduce costs. The
mate trade wherever it is sold. The advocates of Southern warehouse dewith scales from one
livery contend that this system will greatly increase tenders, and, if this is expense of sending gangs of inspectors and weighers
causing the high cost of
true, it will very greatly increase demoralization wherever the cotton is sold. part of the harbor to another is the chief item in
This is not good for the trade, as it is unnatural and disorganizing of trade handling cotton in the port of New York.
Rail shipments landed on the waterfront along the New Jersey shore have
principles.
-shipment by lighter to
the advantage of reduced handling charges, for trans
Staten Island or Brooklyn merely pile up needless costs. In order to
obtain the best results, it would be essential for New York to establish
Suggestions by Munds & Winslow for Making New York
one large plant for the storage of cotton. Without this, the establishment
Concentration Market for Cotton.
of concentration privileges would lose much of their value. To have
over the harbor would result in economic
is believed would accrue to northern cotton stored in half a dozen points
Some benefits which it
waste.
mills as a result of making the port of New York a concentraAll this sounds like a large order, particularly when it comes to the
under the supervision of the
tion market and gateway for cotton en route to destination, establishment of a great warehouse system believe that the difficulties
We do not
New York Cotton Exchange.
with stopover privileges to permit inspection, acceptance are insurmountable or even serious. We understand that a company which
or rejection at alimited cost, are setforth byMunds& Winslow already has acquired considerable land on the New Jersey side and has




3554

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[voL. 122.

considerable more acreage under option, stands ready to co-operate with than one occasion.
We believe they will all accept his statements as repthe New York Cotton Exchange along the lines above
mentioned. This resenting their view.
company already has a fireproof warehouse with facilities for
In a letter which Mr. Clayton addressed to members of the New York
the storage
of 60.000 bales. It is prepared to increase this
to 100,000 bales inside of Cotton Exchange, dated May 14 1928, we see the following paragraph:
year, and to expand its facilities to meet requirements upon
reasonable "So long as our contract requires delivery at a point removed to the extent
assurance of volume. We have been informed that
ample waterfront, of $4 or $5 per bale from the normal path of travel of cotton from field to
giving adequate docking and lighterage fcailities. will
be available as needed. mill, all expedients of whatever nature seeking to eliminate the causes of
Plans have been drawn for the installation of the most up-to-date
labor- complaint will avail nothing," etc., etc. Here is the argument stated in very
saving devices which would permit decisive and continued
reduction in simple form—We ought to have Southern delivery because at present "our
storage and handling costs.
contract requires delivery at a point removed to the extent of $4 or $5 per
Volume Is all that is required to bring about a radical cutting of costs.
bale from the normal path of travel of cotton from field to mill." The
Quantity or volume operation is the first requisite
of reduced charges. "point" referred to is, of course, New York City. Also, we have seen in
It Is the response to the law of modern
progress, and runs throughout every the public press a more recent statement by Mr. Clayton from which we
line of industrial endeavor from the
manufacture of automobiles to the quote: "To-day no cotton comes to New York except in satisfaction of
enormous activities of the steel industry. It is the chief
element that future contracts. The economic waste attendant upon the bringing of cotresults in the minimizing of overhead charges. Concentration
at one point ton to New York for this purpose is about $4 to $5 per bale." Of course
with volume developed would permit the
installation of every modern this means that there is a waste incident to delivering in New York in
Improvement and labor-saving device, thus placing New York
charges on excess of the waste that would accrue from delivery at Southern ports. A
A basis with or even lower than the warehouses of the
south.
child would realize that if cotton is stopped anywhere between the field
We also wish to emphasize the necessity for
and advantage of transit and the mill and subjected to Government class and inspection, and delivprivileges. The leading spot markets of the
South have grown largely ered on contract, that cotton will be saddled with certain charges from
because of the reduced costs thus afforded.
These privileges gradually which it would have been free if it had moved continuously. Government
have resulted in building up an extensive marketing
system in which mal- inspection and delivery cost money wherever they are executed, and they
adjustments in freight rate and privileges have been ironed out.
Progress add nothing to the spinning value of the bales that are so inspected and
has been accomplished almost wholly through
traffic arrangements and delivered. Therefore, to construe the words we have quoted as meaning that
advantages of concentration, the foundation of which is represented by
the
granting of privileges at certain designated points for the purpose of storing, there is no "economic waste" from delivery in the South would be unfair
to Mr. Clayton's intelligence; and, on the other hand, we feel he was
classing, weighing, marking, &c., and for a small
loss in freight rate to neither so insincere nor so contemptuous of the mental ability of our memre-ship to final destination for the through rate from
the original point of bership as to mean anything except the fellowing: That it costs $4 to $5
shipment.
per bale more to bring cotton to New York for delivery and then move it
We have set forth some of the benefits
that would accrue to Northern to a mill than to bring cotton to a Southern port for delivery and then
mills as a result of making the Port of New York a
concentration market move it to a mill.
and gateway for cotton en route to destination with stopover privileges
Now, the gentleman offered no proof of his statement about this excesto permit inspection, acceptance or rejection at a limited cost.
The major sive cost of $4 to $5 per bale. However, we did see in Pearsall's "Bulleadvantage remains to be emphasized. The continuous flow of two or three
tins" some days ago a letter attributed to Messrs. Harriss, Irby & Vose,
million bales through this channel would act as a deterrent
to harmful and which we understand had a wide circulation, in which certain figures
market practices. Whereas cotton now comes in quantity to New
York were given showing difference between direct movement from two Southern
only through the attraction of high premiums for delivery on contract.
it would, under the suggested plans, arrive here thfough natural transpor- points (namely, Dallas and Augusta) to mill destinations and movement
from the same points to the same destinations with stoppage in New York
tation processes. The adoption of staple premiums on cotton up to
and for certification and tender, receipt on tender, and then re-shipment. FigIncluding inch and one-sixteenth would permit the delivery
of cotton on ures were given in detail and of course they showed that it was much more
contract in the event of contract congestion, as tenders would not
be expensive to stop in New York than to move directly on to the mill. We
subjected to the penalty of being received only on the basis of seven-eighths
understand Messrs. Harriss, Irby and Vose have identifled themselves
cotton.
with the campaign for Southern delivery, and we think it is fair to take
We believe this development would materially reduce, if not
practically their figures as the only semblance of "proof" of Mr. Clayton's assertions
eliminate, the so-called "manipulative area" now involved in bringing
that has so far been submitted.
cotton here purely for contract delivery. -Spinners buying cotton on "call"
The letter of Messrs. Harriss, Irby & Vose dealt, as we have said, with
would not then be forced to fix prices at premiums which cause ruinous
both Augusta, Ga., and Dallas, Texas, but for the sake of brevity and belosses to them and make hedging by Southern shippers a hazard
instead cause it seems that Dallas is less favorable to our own contention than
of an insurance. We believe the gains for the mills could be
computed in Augusta, we will deal with Dallas only. The letter in question shows:
millions, while the rank and file of cotton merchants could
pursue their
calling without the constant threat of being caught
Points.
in a trap.
Cost of moving cotton from Dallas to New York and delivering it on
In other words, the New York Cotton Exchange could
perform its normal
contract here
148 •
function of providing price insurance.
Cost of receiving this same cotton on contract in New York and shipWe admit the meagreness of the outline contained
ping to Lowell, Mass
75
in our suggestions
and the necessity for working out practical details. It is
our earnest
Total cost through New York
223
however, that the membership of the NOW York Cotton Exchange, hope.
We wish to set against these figures the cost for the same movement and
aided
by mills and shippers, will lend their united efforts to
competent research handling through Galveston:
of the principles involved and their adoption as soon as may
Cost of moving cotton from Dallas to Galveston and delivering it on
be practicable.
contract in Galveston
112
Cost of receiving same cotton in Galveston and shipping it to Lowell.
WINDS & WINSLOW.
Mass
102
Dict. by O. T. REVERE.
Total cost through Galveston
214
The cost through New York is 223 points: the cost through Galveston is
Views of W. R. Craig & Co. Regarding Southern 214 points; the difference is 9 points. Where is the difference of $4 to $5
per bale?
The letter referred to also shows:
Delivery.
Cost of moving cotton from Dallas to New York and delivering it on
Among the arguments presented in the recent controversy
contract here
148
receiving this same
of the New York Cotton Exchange regarding the question of Cost ofto Liverpool. Eng cotton on contract in New York and ship- 983i
ping

SOUthern delivery was one by W. R. Craig & Co., addressed
to members of the Exchange under date of June 4. In indicatink the immediate effects of the proposal, the firm stated
that "It would probably help a few very large merchants,
biit it would injure the great number of highly respectable
firms who operate in restricted territory. It would help
those who have warehouse investments in Southern ports,
but it would Injure those who have warehouse investments
In New York. It would add to the prestige of Southern
ports; it would damage the prestige of New York." We
give herewith the firm's views:
June 4 1928.

To the Members of the New York Cotton Exchange:
To the New York Cotton Exchange the question of Southern delivery is
not only serious, it may even be vital. We hope that every member will
strip away all thoughts of personality, all statements made to him that have
not been proved, and every consideration of temporary personal advantage,
and will then examine Southern delivery on its merits only and decide
whether as a loyal member of the New York Cotton Exchange it should
have his support or his opposition. We will try to strip all such considerations from this letter. We are bound by interest as well as duty to promote the real and permanent welfare of this Exchange; we do not wish to
deceive ourselves or to mislead others. If in spite of caution we should
make a statement that is not correct, we will quickly withdraw it if it is
brought to our attention and will give the withdrawal the same currency
that we give this letter.
Those who urge Southern delivery assert, of course, that it will bring
certain benefits. Naturally, they do not claim these benefits without assigning reasons. The reasons they assign are set forth as statements of fact.
As they are the plaintiffs they have the burden of proving these statements
of fact. They have not assumed that burden, but apparently a number of
people in the cotton trade (including come members of the New York Cotton
Exchange) have accepted as accurate, without assaying their accuracy,
the statements on which the Southern delivery argument is based, relieving
the plaintiffs of their duty to make strict proof. We have waited some
time and have concluded that the proof will not be offered.
In a recent market letter we sought to show that two of the plaintiffs'
important statements of fact were incorrect. We wish to deal again with
one of these statements presented in a somewhat different form.
Mr. W. L. Clayton has been prominently identified with those who ask
for Southern delivery. He seems to have been their spokesman on more




Total cost through New York
24634
The cost through Galveston would be:
Cost of moving cotton from Dallas to Galveston and delivering it on
contract in Galveston
112
Cost of receiving the same cotton in Galveston and shipping it to
Liverpool
118
Total cost through Galveston
230
The cost through New York is 24034 points: the cost through Galveston is
230 points: the difference is 1614 points. Where is the difference of $4 to $5
per bale?
Again the letter referred to shows:
Cost of moving cotton from Dallas to New York and delivering it on
contract here
148
Cost of receiving the same cotton on contract in New York and shipping it to Greenville, S. C
136
Total cost through New York
284
Our figures based on Galveston delivery would be:
Cost of moving cotton from Dallas to Galveston and delivering it on
contract there
112
Cost of receiving this same cotton at Galveston and shipping it to
Greenville, S. C
121
Total cost through Galveston
233
The cost through New York is 284 points; the cost through Galveston
is 233 points; the difference is 51 points. This is a great difference, and
is in favor of Galveston, but it is not $5 or even $4 per bale. Of course
it is due to the fact that there is a sharp and long back-haul from New
York to Greenville, S. C.. but it would be possible, if we desired to becloud
the issue to show that New York would be at an advantage instead of a
disadvantage if certain selected origins and destinations were used. In the
'
computations made for Galveston we have used the following freight rates:
Dallas to Galveston, 831 cents per cwt.; Galveston to Lowell, Mass., 133%
/
2
cents; Galveston to Liverpool, 61 cents; Galveston to Greenville, S. C., 82
cents. We have made the total excess in cost (for both freight and marine
insurance) of the Galveston-Liverpool movement over the New York-Liverpool movement 19% points, which we think is fair, but if it is unfair,
either to New York or to Galveston, we wish to be corrected. However, the
difference would certainly not be enough to affect the argument. We obtained the railroad freight rates we have just mentioned from the Traffic
Department of the New York Cotton Exchange; the other figures are those
used by Messrs. Harriss, Irby & Vose in their letter published May 8. We
think they showed some unnecessary charges, but it would be tedious
to go
into that. We have assumed that the Government services and other services mentioned by Messrs. Harriss, Irby & Vose would cost the same in
Galveston as in New York.
Nearly all Southern markets maintain traffic bureaus that watch intently every change in rates on cotton. It is our impression that New
York has been less alert. We do not think our Exchange even provides for

JUNE 26 1926.]

THE CHRONICLE

a committee on transportation. We might have more favorable arrangements on cotton if we tried to get them. For example, it ought to be possible to correct the present situation with respect to Greenville, S. C.: It
costs 80 cents per cwt. to have a compressed bale of cotton hauled from
Greenville, S. C., to New York, while the charge is 95 cents per cwt. for
moving a compressed bale from New York to Greenville, S. C., by the same
route. There are now certain movements of cotton that can be made via
the port of New York at the through rate from origin less a concentration
charge of 7 cents per cwt. (or 35 cents a bale), and this is as low a concentration charge as can be obtained in any other port, and lower than
can be obtained for these certain movements in some of the ports. This
may be a surprise to some of our members. If they think we are mistaken,
we refer them to the Inter-State Commerce Commission or to the Traffic
Department of the New York Cotton Exchange.
We will depart from our main argument to say that Messrs. Harriss,
Irby St Vose cited their figures to show the difference between direct shipment and shipment with stoppage in New York. They proved, for instance,
/
2
that the direct shipment from Dallas to Lowell, Mass., cost $1 601 per
cwt., while the shipment from Dallas to Lowell, with stoppage in New York,
cost $2 23 per cwt., a difference of $3 12 per bale. We respectfully request them to make exactly the same computations that were made before
substituting Galveston or New Orleans for New York and to publish the
results as widely as they published their first calculation. If they will
do so, they will prove to themselves, as well as others, that they were not
attacking New York, but were assailing delivery of cotton on contract
anywhere. We should have felt no surprise if their figures had emanated
from the office of a certain Southern Senator who wishes to abolish future
trading and delivery.
Those of us who say a New York contract should be executed in New
York have been charged with living in the past and shutting our eyes to
the changes of the past forty years. We not only deny this; we say that
the advocates of Southern delivery are those who ignore the modern history
of cotton. Forty years ago the great bulk of the cotton that reached New
Orleans belonged to the farmer; twenty years ago a very large percentage
of it was farmers' cotton; to-day that percentage is insignificant; and what
we have said about New Orleans applies to other ports. Their cotton, in
the main, arrives, not in a flat state, not in crop lots, not under bills of
lading showing the gin marks, but in lots matched up for quality, compressed, patched and ship-marked. Nearly all of it has been sold once and
much of it has been sold several times. The idea that the Southern ports
have at all times large quantities of unsold cotton available for tender is a
mistaken one. On February 11 1926 the total stock in New Orleans was
510,505 bales; and we hold a telegram sent on that date by one of the best
firms in the trade, estimating the quantity of unsold tenderable cotton in
that port (excluding cotton already tendered) at 10,000 bales. The primary
markets are in the interior ;. some of the primary markets are at country
gins, for some of these gins are buying cotton in the seed.
We owe some members an apology for mentioning facts that are so well
known, but they may be new to other members who are not familiar with
Southern conditions and have not watched the evolution of recent years.
Putting aside theories as to ultimate effects, let us see what some of the
immediate effects of Southern delivery would be. It would probably help a
few very large merchants, but it would injure the great number of highly
respectable firms who operate in restricted territory. It would help those
who have warehouse investments in Southern ports, but it would injure
those who have warehouse investments in New York. It would add to the
prestige of Southern ports; it would damage the prestige of New York.
Cotton cannot be certificated and delivered on contract without someone
on the ground to manage the details of handling and financing. We hope
that every member before reaching a decision will answer to himself the
following question:
If all tenders of cotton are to be made in the South, how long will the
contract continue to be written in New York?
Yours very truly,
W. R. CRAIG & CO.

Semi-Annual Meeting of Business Organization of
Government—President Coolidge on Budget—Says
State of Finances Does Not Warrant Promise
of Further Tax Reduction—Costs of Local
Governments.
The question of possible further tax reduction was alluded
to in the address of President Coolidge at the semi-annual
business meeting of the Government, held at Washington on
June 21, the President making the statement that "it would
be unfortunate to raise hopes of further tax relief until we
are sure that the state of our finances justifies it." "There
is," he said, "no such surety to-day." The President stated
that "what the complete result of the 1926 tax law will be is
still a matter of estimate," and he holds that the answer to
the question as to another tax reduction in the near future
"should be delayed until we know definitely the revenueproducing ability of the present Revenue Act." "The estimate to-day is," said the President, "that we will close the
current fiscal year with a surplus of about $390,000,000,"—
the revenue from income and profits taxes including about
$350,000,000 of back taxes, most of which accrued in years
prior to 1920. He pointed out that "we do not anticipate
such accrual of back taxes in the future. Rather will they
materially diminish and reach an estimated total of only
about $100,000,000 in 1928." "For the coming fiscal year,"
the President noted, "the estimates indicate that we will
have a margin of $185,000,900 of revenues over expenditures.
A surplus of only $185,000,000 in a business involving an annual expenditure in excess of $3,500,000,000 is
far from being a safe margin."
Commenting on the estimates of appropriations for the
fiscal year 1928, the President said the indications were that
there would be a surplus of only $20,000,000,"which is negligible and may easily be converted into a deficit." "This,"




3555

he observed, "is the dark side of the picture, but it lends
weight to the views I have previously expressed with regard
to further tax reduction." Reviewing what had been accomplished since the introduction of the budget system in
1921, the President said:
On June 30 1921 the public debt amounted to $23,977.000.000, carrying
an annual interest charge of $1.018.000,000. At the close of this year the
debt will stand at approximately $19,680.000,000. with an interest charge
of $806,000,000. This shows since 1921 a reduction of nearly four and onequarter billions of dollars in the principal of the debt and nearly $212.000,000
in annual interest. Our expenditure, which for the fiscal year 1921 amounted to $5,538,000,000, will approximate for the current year 53,620.000.000,
a reduction of nearly two billions of dollars. Taxation has been reduced
from 554 14 per capital to $27 28. This does not take into consideration
the Revenue Act of last March.

"This effort to perfect our governmental bllSineSS,
round out the accomplishment of the task on which such a.
notable beginning has been made," said the President,.
"offers unlimited opportunity for economical administration.
Your best efforts and the continued support and co-operation
of Congress will 1-,e required to hold our expenditures for
government business at approximately their present level."
Attention was drawn by the President to the costs of State
and local governments, as to which he said:
In 1921, when the cost of all government in this country was approximately 59,500.000.000. Federal expenditure constituted nearly 60% of the
total. In 1-925 the cost of all government increased to more than $11,500,000.000, of which only 27% is represented by Federal expenditure.
. . . The Federal Government has decreased its costs by practising
the homely virtue of thrift. This has not been an easy task. It has
required co-operative effort and sacrifice in every direction. If the interests
of the people demanded this action on the part of the Federal Government,
surely they would seem to demand similar action with regard to the increase
in these other local government costs.

The address of the President follows herewith:

•

Members of the Government's Business Organization: Hail!
The more these business meetings of the United States Government
increase in number the more I am impressed with their surpassing Importance. They arq held for the purpose of discussing the financial affairs
of one of the greatest business institutions in the world. Primarily we
consider the corporate welfare of the Federal Government, but that is
not the ultimate object. The real purpose for which we are assembled
is to discuss plans and adopt policies which will affect in their actual daily
life the welfare, progress and prosperity of 117,000.000 people. What we
do here reaches into every home in the land. It determines whether the
tax gatherer is going to require more money from the head of the household
to meet the cost of maintaining the Government,or whether the tax gatherer
Is going to leave more money with the head of the household to meet the
cost of maintaining the family. Our efforts here are translated into benefits
for the head of the household and his family. This does not mean that the
Government should refuse to make outlays which are for the development
of the country and the benefit of the people, but, taking all these elements
into consideration, it does mean a strict adherence to the principle of constructive economy.
It is not, then, for the purpose of discontinuing any of those public functions which are really for the benefit of the people that we have been working under a budget system for the past five years. It is rather to secures
wiser use of our national resources and a more satisfactory result at less cost.
More work and better work for a smaller outlay of the money of the taxpayer is the real test of a progressive Administration.
In the performance of your daily work you are naturally concerned
with the immediate task which confronts you. You know the immediate
result of your labor. You may not know its effect on the operations of
the entire Federal Government. But it is the sum total of these daily tasks
that measures our public efficiency. No task is so small that the effert of
its performer loses its influence on the product of the whole. , Individual
effort brings collective results.
The effort has been to improve the public service by elimination of
waste and lost motion and by constructive conservation of our resources.
The effort has not been to reduce the expenses of the Government at the
expense of the public welfare. It has been to reduce expenses for the benefit
of the public welfare. It has been an effort for constructive economy.
So long as the Government remains this work will not end. That you
may know the result of your collective effort it has been our custom to
hold these meetings twice each year.
It was but nine years ago that the Federal Government was obliged to
draft not only the persons but the property of the people to meet the requirements of the World War. It was less than eight years ago that this
nation faced the host of problems arising from military demobilization
of persons and industry. The intervening period has been one of restoration and rehabilitation. It is to these ends that our efforts have been
directed. Much has been accomplished, but much remains to be accomplished. The orderly management of our affairs is a perpetual test of our
ability. You have demonstrated what can be done, and I am confident
you will continue unabated the effort for even greater accomplishment.
We cannot anticipate further appreciable reduction in the total annual expenditure for the business of the Government. Our main chance
comes in debt reduction. It was estimated in the last budget that we
,
would spend this year $89,000,000 more than we spent last year. That
estimate, as shown by the returns to date, will prove to be substantially
correct. But this effort to perfect our governmental business, to round
out the accomplishment of the task on which such a notable beginning
has been made, offers unlimited opportunity for economical administration.
Your best efforts and the continued support and cooperation of Congress
will be required to hold our expenditures for Government business at
approximately their present level.
We are not striving to save the dollar simply to save it. We are not
striving to save the dollar at the expense of the public service. Rather
do we approach it from the other side and save the dollar for the good that
it will bring to the people whom we serve. We can make the dollar purchase
more by purchasing more wisely. We can eventually save money by a
justified expenditure to-day which will reduce future annual unproductive
expenditures. This is constructive economy. Congress has most wisely
provided a program of constructive economy in the two public building
laws,one for domestic use and one for our foreign legations. These measures
will eliminate annual cost for rentals which bring us no future returns.
Funding of the Public Debt.
The recent act providing for construction at military posts and station
is also a measure of constructive economy. The funding of our public

3556

THE CHRONICLE

debt at lower rates of interest has been another notable achievement in
Constructive economy. Every dollar that has been applied to the reduction
of the debt has saved the people of this nation and the generations to come
at least 4 cents per year in interest. Keep this in mind in your administration of public funds. Every dollar that you save swells the surplus which
goes to the further reduction of our debt. Thus every saved dollar saves
at least 4 cents per year in interest to the taxpayer. In considering immediate projects or requirements you should have in mind their future
benefit so that the element of possible constructive economy in contemplated
expenditures may not be overlooked.
The budget system prescribed by Congress in 1921 coordinated our
financial requirements. It paved the way for the co-ordination which now
exists in the Government's routine business. We are transacting our
business in a co-ordinated and business way. If we have duplications
or overlapping of departmental authority we are minimizing the possibility
of waste in effort or expenditure by co-ordination of policy and action.
The improvement in the public service is apparent and expressive. It is
apparent in the manner in which its business is being transacted. It is
expressive in the lessening requirement of funds for administration. The
budget system is not the system of any one agency in the Federal service.
Each of you in the public service is an integral and important part of this
rmtem. Your allegiance to it is inseparable from your allegiance to the
Federal Government. And this includes the accounting elements of the
budget system vested in the General Accounting Office. The task of the
Controller General is a difficult one, but his functions are vital to the
operation of the budget system. Your co-operation with the Controller
General is essential.
As a natural sequence to the law adjusting the compensation of civilian
officers and employes of the Government,the Congress has recently enacted
a law adjusting their travel allowances. This law provides adequate rates
ofreimbursement for expenses of travel. It does justice to both the traveler
and the Government. The new law takes effect July 1 1926. I wish to
direct your attention particularly to the provision that any increases deemed
necessary to be made in the rates of actual expenses or per diem allowance
under the authority of the new law shall not be authorized by the heads of
departments and establishments to the extent of incurring a deficiency in
appropriations during the fiscal year 1927.
Accomplishments Since 1921.
At this eleventh meeting of the business organization of the Government
it is proper to recount briefly the accomplishments of these last five years
in which your efforts have played such a material part. It is for this purpose and to define plans for the immediate future that we hold these conferences.
On June 30 1921 the public debt amounted to $23.977,000.000, carrying
an annual interest charge of $1,018,000,000. At the close of this year
the debt will stand at approximately $19,680,000,000, with an interest
charge of $806,000,000. This shows since 1921 a reduction of nearly 4
billions of dollars in the principal of the debt and nearly $212,000,000 in
annual interest. Our expenditure, which for the fiscal year 1921 amounted
to $5,538,000.000, will approximate for the current year $3,620,000,000.
a reduction of nearly two billions of dollars. Taxation has been reduced
from $54 14 per capita to $27 28. This does not take into consideration
the Revenue Act of last March.
While the figures speak for themselves their real import lies in the influence which these reductions have had on the welfare and prosperity
of the people. This influence goes far beyond the material reductions I
have mentioned. It reaches into every phase of the daily lives of the
people. There are more of the necessaries, conveniences and luxuries
in the homes of the people, in the city and in the open country, because
the Government has let the people have more of the money they earn for
themselves instead of taking so much from them in taxes.
Since the commencement of the fiscal year 1921 there have been three
substantial reductions in taxes. The benefit of this Joint executive and
legislative effort to reduce Federal expenditures has therefore gone directly
to the people. At our meeting one year ago it was my privilege to state
that the financial condition of the Government warranted further tax
reduction. That forecast has been realized in the Revenue Act of 1926.
The large tax receipts of March 15 last show clearly that the country
anticipated a reduction in tax rates. Individuals who had undistributed
profits in securities and investments took their profit under the expected
reduction of the surtax rate. It was this same anticipation of tax reduction
that prompted investment in productive business of capital which would
Otherwise have gone into tax-exempt securities. The great increase in
revenue was due in large measure to the unusual prosperity in the year
1925, but the confident expectation of a reduction in rates was an important
factor in this revenue increase.
Reductions to Individual Payers.
The 1926 Act relieved some 2.000,000 people from paying any direct tax
and reduced the tax burden of all other taxpayers. General prosperity is
the aggregate of the individual prosperity of our citizens. To permit the
people to retain more of their own earnings is to increase their savings and
purchasing capacity, which assures prosperity. In 1921 the income tax
of a married person with no dependents and a total net income of $3,999
from salary was $60: in 1923 it was $7 50; in 1926 it was nothing. For a
single person with an income of $3,000 from salary in 1921 the income tax
tax was $120; in 1923 it Was $22 50; while in 1926 it is only $16 88.
Miscellaneous war taxes were also materially reduced. These taxes were
levied under more than fifty categories, which are now reduced to five.
This removes in large measare the so-called nuisance taxes which have been
found so irritating to every one. The revenue from these taxes is reduced
by about $275,000,000, and there are no compensating increases as in the
case of the income and profits taxes.
Incorporated business has been benefited directly as well as indirectly by
the repeal of that tax based upon the value of the capital stock of the
corporation. Many concerns with not one dollar of profit were obliged to
pay a large tax. This was unfair, as the ability of a corporation to pay
depends upon its profits. Fully 40% of the corporations making income
tax returns have no profits or taxable incomes, but under the old law they
were obliged to pay.
Result of 1926 Tax Law Still dotter of Estimate.
What the complete result of the 1926 tax law will be is still a matter
of estimate. The correctness of the theory that reduction of tax rates
economically applied will stimulate business, and thereby increase taxable
revenue, is being demonstrated. To what point further reduction may be
carried can not be stated until the new tax law has had sufficient opportunity to become fully effective, and experience has shown what revenue it
will produce.
The question is on the lips of many as to whether there is prospect of
another tax reduction In the near future. I think the answer to this question should be delayed until we know definitely the revenue-producing
ability of the present Revenue Act. The estimate to-day is that we will
close the current fiscal year with a surplus of about $390,000,000. This
can not be safely considered as an indication of what revenue the present




[VoL. 122.

law will give. Our revenue this year from income and profits tax includes
about $350,000,000 of back taxes, most of which accrued in years prior to
1920. We do not anticipate such accrual of back taxes in the future.
Rather will they materially diminish and reach an estimated total of only
about $100.000,000 in 1928.
It would be unfortunate to raise hopes of further tax relief until we are
sure that the state of our finances justifies it. There is no such surety
to-day. Business was quick to anticipate the last tax reduction. It was
Justified in so doing. To raise such hopes at this time might be to encourage business to anticipate again, as it did in 1925,further tax reduction.
This might have a detrimental effect upon the stabilization of the country
under the present tax law.
You have your appropriations for the next fiscal year. I have previously
stated our effort must be not to increase expenditures liver what they
will be for the current year. Rather do the latest estimates for next year
Indicate that it may be possible to spend less than in 1926. The survey
which has been made of our requirements indicates the possibility of
reaching a minimum of $3,600,000,900 in our expenditures next year. This
will be our objective. For the coming fiscal year the estimates indicate
that we will have a margin of $185,000,000 of revenues over expenditures it
the latter do not exceed the figure I have stated. A surplus of only
$185,000,000 in a business involving an annual expenditure in excess of
three and one-half billions of dollars is far from being a safe margin.
This margin could be easily dissipated by a falling off of our anticipated
income. The revenue estimate is necessarily based on the present prosperous condition of the country. Any change unfavorable to this condition
would be reflected in lessened income. But I look to you to see that the
raarg.n is not threatened by any increase in our estimated expenditures.
Further expansion of the business of Government which would add to our
costs should await a better estimate of our future income.
Estimates for 1928.
We are approaching the time for consideration of the estimates of appropriations for the fiscal year 1928. I have expressed to the Director of the
Bureau of the Budget the hope that these estimates can be kept within
a limit of $3,200,000,000 exclusive of the Postal Service and tax refunds.
It may become imperative before the budget is finally completed substantially to reduce that figure. This will depend entirely upon our revenue
outlook for 1928, concerning winch we will have better information a few
months hence. I say to you frankly that the outlook to-day is not encouraging. We know our public debt and other fixed charges for that year.
A preliminary but very exhaustive estimate of our other requirements
compared with an estimate of the expected revenue for that year indicates
a surplus of only $20,000,000, which is negligible and may easily be converted into a deficit. This is the dark side of the picture, but it lends
weight to the views I have previously expressed with regard to further tax
reduction. It also emphasizes the need for the utmost care in the scrutiny
of your 1928 requirements. If I have occasionally had to give warning as
to the possibility of a deficit, it has served to our advantage. When we
face the future too sanguine as to available funds, we court disaster if the
prophecy be erroneous. We face no such disaster if we err on the other
side and view with conservative eye our financial outlook.
I have spoken to you often on the subject of personnel. Our salary and
wage expenditure is the most costly single item of the budget. While the
Post Office Department has necessarily had to increase its personnel with
Its growth of business we have been decreasing personnel elsewhere. It is
very easy to have too many people on the payroll. The reductions which
have been made in personnel show no detrimental effect upon our results.
Rather has it seemed to improve the efficiency of the service. I am encouraged in the thought that we can have further reduction of personnel
without discharging a single person, by the simple device of not filling all
the vacancies that occur. This would not operate in the summary separation of any one from the Federal service. General Lord will outline to you
a plan to carry this into effect, which has my approval.
Expenditures of State and Local Governments.
No doubt what has been accomplished by the Federal Government
has served as an inspiration to some local political units in reducing their
governmental costs, but it is not disclosed by the aggregate for all of them.
From 1921 to 1925 the Federal Government reduced expenditures more
than two billions of dollars. The same period showed an increase of
more than four billions of dollars in State, county, municipal, and other
governmental expenditures. In 1921 when the cost of all government in
this country was approximately nine and one-half billions of dollars,
Federal expenditure constituted nearly 60% of the total. In 1925 the
cost of all government increased to more than eleven and a half billions,
of which only 27% is represented by Federal expenditure.
The answer to this reduction of 33% in the Federal share of all governmental costs is not that we are performing less service for the people or
neglecting our physical plant. The real answer is that we have so far put
our house in order as to decrease our demands upon the people and to give
them more efficient government at less cost. The local governments,
like the Federal Government, have no moneys which they do not take from
the people. To meet an increase of more than one billion dollars a year for
four years in the expenditures by the States and their political subdivisions
there must have been a corresponding increase in levies upon the people
or in bonded indebtedness.
Cause for Grave Concern.
There is cause for concern in this situation. It is fraught with grave
consequences to the public welfare. The Federal Government has decreased its costs by practicing the homely virtue of thrift. This has
not been an easy task. It has required co-operative effort and sacrifice
in every direction. If the interests of the people demanded this action on
the part of the Federal Government, surely they would seem to demand
similar action with regard to the increase in these other local governmental costs.
This suggestion is not meant as a criticism of the officers of our local
governments. It is rather a statement of fact. It shows how hard it is
in these times to reduce the costs, taxes and debts of governments. But it
can be done if the people will co-operate. Unless they do, however, special
interests will continue to overwhelm the legislative bodies for more expenses
and more taxes. The limit is close at hand when further expansion in the
costs of government will bring the danger of stagnation and financial
depression.
We are testing out in this country the success of self-government. We
require no property qualification for voters. Students of history have
claimed that under such a system it has too often been found that democratic institutions tend to confiscate property to such an extent that economic progress becomes impossible. That has not been our experience,
in part because the Constitution protects us from legislation of that nature.
But this is the test which America must meet, and meet constantly, and
unless it is met successfully the strength, progress and prosperity of our
country will cease. You will readily see, therefore. the vast and far-reaching
importance of your efforts and co-operation in the policy of constructive
economy.

JUNE 26 19261

THE CHRONICLE

All of this effort would not be worth while unless it had an ultimate
purpose above and beyond the mere saving of money. We ought to
use money as we use any other utility—to advance the welfare of the
human race. Money is not endowed with any sacred quality. Man was
not made for money, but money was made for man. It has become absolutely necessary in these days of dense population, and under an advancing
system of co-operation by society, for what was once a purely private function to take on more and more the character of a public function. It
must, then, be carried on out of the public treasury. For that purpose
money must be provided. Its expenditure is required. But we must have
a wise expenditure, well balanced and within the means of the people.
That is constructive economy. It does not partake of a mean and
sordid nature; it is not narrow and selfish, but rather broad, generous, and
ennobling, undertaking to deal justly with the whole situation by raising
such revenues as the people can fairly bear to meet, such expenditures
as are fairly required. The results are systems to provide transportation
and communication, improved sanitation, public order, the administration
of justice, necessary legislation, advancing educational facilities, and the
development of the artistic and spiritual side of life. These provide an
evenly balanced basis for the support of an enlightened civilization. The
result is America. Into the making of that result and its continued success your patriotic service and devotion is a contributing factor of enormous
Importance.
The office of Director of the Budget has been established in order to
provide an advisory staff to the President, the Congress, and the various
departments in their efforts to meet these requirements. At its head
is General Lord. The law has clothed him with some authority, but far
greater authority is derived from the character of the man. His ability
and integrity inspire confidence. He has laid out plans for constructive
economy.
When I say that his plans have not only been carried out but actually
improved upon in the Congress under the leadership of Representative
Madden and Senator Warren, I mean to extend very high praise to those
two seasoned legislators. These three men are representative of the spirit
which has made our budget system a success. In order that we may
further profit by his counsel and encouragement, I present to you again
the Director of the Bureau of the Budget, General Lord.

Director of Budget, Brigadier-General Lord, on Accomplishments of Bureau—Hopes for $20,000,000
Saving in Year Through 2% Personnel Club.
The reductions effected through budget control were
detailed by Brigadier-General H. M. Lord, Director of the
Budget, at the semi-annual meeting on June 21 of the
Business Organization of the Government; in summarizing
the showing for the first four budget years, he said:
In these four budget years we spent $14,529,101,681 53 and accumulated
surpluses totaling $1,379,331,336 04, which has been applied to debt
reduction and tax relief in addition to $1,750,082,954 93 applied to debt
reduction as required by law and included in the expense total given. As
I stand appalled at that extraordinary expenditure of fourteen and a half
billions of dollars in four years I wonder how much of that great amount
was wasted, how many millions were spent on unnecessary projects and
for useless purposes. I wonder had we been wiser, had we been more
courageous, had we been more self-sacrificing, had we been more devoted
to the welfare of the people, had we more regard for the letter and spirit
of our oaths of office how much of that $14,529,101,681 53 spent might
.have been transferred to that $1,379,331,336 04 saved. However, this
may be, let us resolve that there shall be cause for no such question with
regard to future expenditure.

3557

loyalty to the Federal service demand that in the year coming we get 100
cents worth of absolutely necessary service of 100 cents worth of urgently
needed supplies for every dollar spent. We must make each dollar sweat.
Limited Estimates—And what about 1928? The President has stated
that the estimates of appropriations for the budget for that year shall not
exceed $3,200,000.000. This does not include tax refunds and excludes
also certain other indeterminate items. It would require a more sanguine
person than the speaker to find in this maximum established by the Chief
Executive warrant for any expansion of Federal activities. To be candid,
It looks rather more like reduction. It does not contemplate for 1928 an
increase in expenditure over the limit set for 1927.

With regard to the national debt Mr. Lord said "We
reached the peak of our national debt Aug. 311919, when
it totaled $26,596701,648 01. June 30 next it will stand
at $19,725,000,000 approximately, showing a reduction of
nearly $7,000,000,000. Of this reduction something more
than $4,000,000,000 was effected during the budget period.
In that same period there have been three reductions in
tax rates.
As to the saving hoped for through the reduction of superfluous employees of the Government—to be accomplished
through a 2% Personnel Club, Mr. Lord in part stated:
Appreciating the difficulty you may have the coming year and the year
following in keeping within the President's limitations on expenditures
and estimates, the Budget Director has been casting about for methods
and means of assisting you in solving what I know is going to prove a
real problem. His first thought is personnel, to which the President has
called your attention. This is always a fertile and legitimate field for
saving.
Nov. 11 1918—Armistice Day—we had 656,672 employees in the
Federal executive civil service, exclusive of the Postal Service. April 30
1926 we had 246,419 people on the roll, a reduction of 410,253 employees
at an annual saving of $738,000.000.
Statements have been made and widely circulated that we have to-day in
the Federal Executive Civil Service more employees than when President
Coolidge took office. • • •
President Coolidge became Chief Executive Aug. 2 1923. June 30 1923
there 282,709 people in the Federal Executive Civil Service, exclusive of
the postal people. April 30 1926 we had 246,419, a reduction of 16,290
during President Coolidge's administration.
Nevertheless we still have superfluous employees on the Government
payroll. To help you meet the l'resident's requirements as to expenditures
the coming year it has been decided to apply a 2% reduction to your force
with the organization of the Two Per Cent Personnel Club—a thrift club
of a new pattern, designed to save $20,000,000 in the next twelve months.
This plan does not require the discharge of any one from the Federal army
of workers. It does provide, however,for a graceful, scientific and painless
reduction in personnel. I know your response will be enthusiastic, joyful
and effective.
The number of vacancies in the Federal Executive Civil Service filled
annually by original appointments is about 9% of the total employees. It
is proposed, during 1927, to omit filling such a number of these vacancies
as will result in saving at least 2% of the total salary cost. This means
that for each $100 you have for such salaries $2 at least will be covered
Into the surplus fund of the Treasury. No employee need be discharged
for the sold purpose of effecting a reduction. Details governing this plan,
which has the approval of the President, will be announced later. I might
say in passing that you are not necessarily limited to 2% in this personnel
elimination. It will be interesting to note at the end of the year who wins
the blue ribbon for greatest percentage of reduction in this friendly and
profitable contest. Here, again the question of administration, good, bad
and indifferent, comes into the picture.

Stating that the 1% club organized for 1926 has been
enthusiastic, and that a determined effort is being made to
effect a 1% saving in the interest of a balanced budget,
The record of the four years since 1922 (to which reference
Mr. Lord had the following to say (we quote from the is made above) was detailed as follows by Mr. Lord:
"United States Daily"):
The total expenditure in 1922, first year of budget control, was $3.975,At the last business meeting the financial prospect for the current year was
discussed. We anticipated receipts under then existing tax rates, of
$3,880,716.942. Probable expenditure totaled $3,618,675,186. This gave
an indicated surplus of $262,041,756. Congress was busy revising tax
rates. We were also threatened with material losses in revenue in other
directions. These factors made the situation delightfully uncertain. To
meet whatever contingency might arise we appealed to you as usual. At
the last business meeting the President said: "The penalty for achievement
Is always a demand for even greater achievement." So in that hour of
uncertainty you were asked to reduce your 1926 spending program by
approximately $36,000,000, or 1% of your program of expenditure. Our
Two Per Cent Club of 1925 with its actual saving in excess of $60,000,000
was so successful that we organized for 1926 a One Per Cent Club. The
response from the service, from here, there, and everywhere, was general
and enthusiastic, and a determined effort has been made and is being
made to effect the required 151 saving in the interest of a balanced budget
and a satisfactory surplus. Exactly how much saving has been effected
by this effort can not be determined at this time. I am confident, however,
we won out as usual.
The latest estimate for 1926 indicates a most gratifying surplus for the
year. It carries in its generous total the result of your loyal effort to reduce
expenditure.
For some months we were sorely and surely troubled about 1927. The
first estimates after enactment of the new tax law showed a deficit. The
President immediately applied the rule of "absolute necessity" to all estimates for 1927 expenditure. Calls for funds for projects and purposes
that could not pass that test—"absolute necessity"—met one answer, and
one answer only: "They shall not pass." And they did not. Income tax
returns, however, despite tax reduction, continued so to grow, and showed
so little regard for estimates, that the Treasury's dependable and resourceful
estimators sat up and said: "How comeL" As months passed the financial
prospect brightened.
Surplus for 1927 Estimated at $185,000,000.
Fear of a deficit faded away before hope of a surplus. To-day we see
possibility of a surplus of not less than $185,000,000 for 1927. Our hope
is based on an uninterrupted continuance of present prosperous business
conditions and on rigid and uncompromising adherence to the President's
expenditure program. The former condition we can no control; the latter
we can and must control. The Chief Executive, in his insistence upon a
balance budget and a surplus, has limited expenditures in 1927 to $3,600,000,000, including tax refunds and debt reduction. This total, large as
It seems, means another year of closest scrutiny of every obligation, of
every expenditure. Loyalty to the people, loyalty to the President,




302,499 84, with a surplus of $313,801.651 10, which was distributed to
the taxpayers to whom it belonged through the medium of debt reduction
or tax relief. The expenditure for that year was one and three-quarter
billions less than the disbursements In 1921, the last year free from budget
supervision. And 1922 was the year the departments and independent
establishments in response to the eloquent appeal of the then Budget
Director, General Dawes, made voluntary offering on the altar of economy
of $117,000.000 saved from their appropriated funds, and thus auspiciously
inaugurated the greatest thrift crusade in history.
In 1923 the total outgo was $3,697,478,020 26, a reduction of $100,000.000
below the splendid record of the preceding year. And that year. 1923, we
faced an extraordinary demand for $100.000,000, accrued interest on warsavings stamps of the vintage of 1918, which some one kindly passed on to
the budget period for settlement. We met this unusual and, in a measure,
unexpected burden with a smile—sort of a dry smile—absorbed the amount,
and piled up a nice little surplus of $309,657,460 30, guaranty to an expectant people of further relief.
In 1924 expenditures were cut to $3,506,677,715 34. nearly $200.008.000
less than we spent in 1923, while the surplus was boosted to $505,366,986 31
—more than half a billion dollars saved—the largest surplus in the history
of the Government. And here was further assurance to the taxpayers
that their agents in the Federal service were committed to the policy of
creating surpluses as part of the regular routine.
In 1925 we spent $3,529,643,446 09, and demonstrated a surplus of
$250,505,238 33—a quarter of a billion of dollars, saved for the benefit
of those who contributed it to the Government. That year, 1925, we
assumed the burden of the so-called soldiers' bonus Act, which cost us that
12 months $100.000,000. Although this formidable obligation was peremptorily added to our burden, savings in other directions enabled us to
absorb the most of it, and we ended the year with an increase of only
$23,000,000 above the preceding year.

Bureau of Subtraction.
Commenting on the fact that his bureau had been referred
to as the "Bureau of Subtraction," Mr. Lord said:
With June 3() next the present Director of the Bureau of the Budget
completes four years at the head of what has been called by a member
of Congress the "Bureau of Subtraction." I never quite knew whether
that appellation was intended as a compliment or a criticism. If reduction of departmental estimates by $1,456,000.000, if elimination of opposing
and Wasted effort in Federal business operations to make way for effective
team work, if substitution of thrift for extravapiance, if replacing inefficiency with efficiency be subtraction then the tite is no misnomer.

3558

THE CHRONICLE

[VOL. 122.

W. J. Donovan, Assistant to United States Attorney- and of saving from ruin the small investor who has placed his funds in the
business, relying upon the standing and character of the banker.
General, in Address Before New York State
i
"Where the purpose of men in industry is by combination and consolidaBankers, Warns Against Undue Comtion to so control that industry that they may eliminate competition,
destroy individual Initiative and by skillful devices award themselves
binations.
profits disproportionate to
In addressing the New York State Bankers' Association, serious economic and social their services, then these combinations are a
danger.
at its annual convention in Quebec on June 22, William
"It may be remarked that if existing legislation is adequate to avert
the
J. Donovan, Assistant to the Attorney-General of the dangers apprehended, it only remains for prosecuting officers to enforce the
law in order to insure our safety. But the history of recent
years reveals
United States warned of "undue concentration of power," that, despite, the earnest efforts made to enforce
the law, the trend toward
stating that "banking institutions, upon whose support these combination has continued. This can only mean that the existing laws are
not adequate to meet all the varying forms of combination
expansions must necessarily depend, should direct their devised
that have been
and that fact already is a matter of public discussion.
efforts to halting undue combinations and consolidations,
"As the Supreme Court has pointed out, whether the free
operation of the
particularly those calculated to violate competitive jirinciples. normal rule of competition is a wholesome rule for trade and commerce or
not, it is the
It is infintely better that the reformation should come from demand thatsettled law of this country that public convenience and welfare
the natural lines of competition be
undisturbed and
within," he declared, "and corrective methods should be the control of prices through combination tends leftrestraint of trade that
to
and
applied by the industry itself." Mr. Donovan made the monopoly and is an evil thing."
To this "rule of law- business men must conform, Me.
Donovan said, and
statement that "the present evils of modern industrial it was the high duty of bankers,
who by reason of their position of domidevelopment are coming to be recognized" and he added, nance and control in the industrial world to-day were able to influence
the
"there is the beginning of the same resentment toward con- conduct of the managers of business, to see that this principle is adhered to.
In conclusion, Mr. Donovan said:
solidations of industry that was so evident against the
"If there is to be a carrying out of the expressed
desire of the business
combinations of the early '90." "If then," he said, "there man that Government be kept out of business, it is incumbent upon the
business man and banker that he so conduct his
business that there be no
is to be a carrying out of the express desire of the business necessity for the intrusion
of Government into business. Good sense alone
man that Government be kept out of business, it is incum- should prompt the leaders of industry to apply an economic
brake to undue
bent upon the business man and banker that he so conduct combination and consolidation, and particularly to those calculated to
violate the competitive principle."
his business that there be no necessity for the intrusion of
Government into business."
Dissent of Commissioners Nugent and Thompson
from
"Good sense alone," Mr. Donovan observed, "should
the Order Dismissing the Complaint of the Federal
prompt the leaders of industry to apply an economic brake
Trade Commission Against the Continental
to undue combination and corsolidation, and particularly
Baking Corporation.
to those calculated to violate the competitive principle."
In our issue of April 10 1926, page 2048, we reported
Incident to Mr. Donovan's warning the New York "Times"
that
Commissioner Nugent had dissented from the decree enpublished the following from Washington June 22:
tered April 3 last by Judge Morris A. Soper in the
United
The statements made by Assistant Attorney-General Donovan before
New York bankers at Quebec to-day in regard to mergers were made public States District Court at Baltimore dismissing the comhere and were generally regarded as an Administration warning in con- plaint of the Federal Trade Commissio
n against the Connection with the continued formation of big combinations.
tinental Baking Corporation (see also decree of the
It was pointed out that he was admonishing business to proceed with
court
care along the line of industrial amalgamation and was calling attention In Vol. 122, page 1995). Commissioner Thompson, who was
to the discussion now prevalent of means to strengthen the anti-trust laws. not present when Commissio
ners Hunt, Humphrey and Van
Particular attention was given to these paragraphs of his speech as
Fleet dismissed the complaint (April 2) later stated for
issued here:
record that, had he been present, he would have dissented,
"It is not difficult to conceive that as a result of huge combinations
beir,g illegally formed and arbitrarily administered the Government should and "desired to join Mr. Nugent
in his. dissent of
be forced to interfere and take over and regulate these corporations, even
though in so doing there might be developed a bureaucracy in the country the action taken and ask that the record show
the
with attendant evils greater than those sought to be corrected.
"If that day should come it will be due not so much to the desire of the dissent." Commissioners J. F. Nugent and Huston Thomppeople of this country to accept socialistic doctrine as to the folly of
son have now filed a written dissent from the dismissal
who, in their dominion of industry, have failed to conform to that those
on
ciple of competition upon which our eccnomic life has been based." prin- April 2 1926 of the complaint against
the Continental BakThe same paper, in its report of Mr. Donovan's remarks, ing Corporation, charging it with the acquisition of the
capital stock of a large number of baking companies
said:
in vioColonel Donovan said that through the general public investing in stocks lation of Section 7 of the Clayton Act. Commissioners
there had been created a great reservoir of capital for the development of Nugent and Thompson,
in referring to the onsent decree,
Industrial enterprise. Management, he said, was now separated from
state:
ownership, and the savings and thrift of a vast

multitude were made
available for the uses and purposes of a few.
"Those who are charged with managing business in which the great
bulk
of the stock is held by individuals who have neither the training nor the
opportunity of participating in the activity of the business," he said, "owe
a peculiarly high obligation to their stockholders. They bear not only
responsibility for the direction of the business, but are charged with the
conservation and protection of the funds entrusted to them in the management of the business. They are in a position of stewardship. As trustees
they owe a duty to their shareholders that often is not truly recognized.
"There is necessity for organization of effort in a society so highly industrialized as is ours. It may be well that business consolidations can
be effected so as to eliminate waste of economic effort without detriment
to the public."
Size in and of itself is not an evil, Mr. Donovan said, but it Is the abuse
that constitutes the evil. The one justification for the effecting of a consolidation was the serving of the public interest. The means taken either
to regulate or to operate industry must be decided, he said, by the application of that principle.
Dangers to Be Feared.
"If within this principle there shall be a fusion of these two movements
under discussion," Mr. Donovan continued, "the result will be beneficial
to the country. But there are two dangers to be feared, one is that the
natural separation of ownership from management, which is the inevitable
result of the diffusion of stock holding, shall be further accentuated by
the effort of those in control to make it impossible for the stockholders ever
to assert their rights. This is attempted to be accomplished by legal
devices, which, while depriving the shareholders of the right to vote, equally
deprives them of the means of holding their management to strict accountability.
"The other is that with the undue concentration of power placed in the
hands of a few, there will be increased temptation to violate or evade
those laws which were enacted for the preservation and maintenance of
the competitive system.
"Over-development and speculative expansion are seldom indulged in by
those who are dealing with their own money. There is a tendency, however,
to expand and amalgamate without a proper regard for the law of diminishing
returns by those who, charged with the responsibility of management, are
lacking ins proper sense ofobligation to those whose money is being handled."
•
Earnings Back in Business.
"There is a tendency on the part of the corporate managers, instead of
Paying earnings to the stockholders as dividends, to turn them back into the
business of the corporation, and the earnings so turned back are used not
for maintenance and improvement. but too often for unsound expansion and
the acquisition of competing properties.
"The bankers occutf a position which gives them unusual opportunity
for properly directing the course of conduct and management of business




The bill of complaint of the Department
of Justice in the Ward suit
alleged, among other things, that the Ward
Baking Corporation, the Ward
Baking Co., the Continental Baking Corporation,
the United Bakeries
Corporation, the General Baking Co. and the General
Baking Corporation,
together with certain individuals, "are engaged in a
combination and conspiracy in undue and unreasonable restraint of trade
and commerce among
the several States, and in the District of Columbia .
. . with respect
of bread, cake, pastry and similar products . .
. in violation of Sections 1, 2 and 3 of the Sherman Anti-Trust Act."
Paragraphs 5, 6 and 7 of the consent decree entered
by the Federal
Court at Baltimore in said suit at the request
of the Department of Justice, enjoins, restrains and prohibits each of said
corporations from acquiring, directly or indirectly, or exercising direct
or indirect control of,
etc., the whole or any part of the shares of capital
stock of either of the
other corporate defendants, or their controlled
companies, and from acquiring any of their physical assets.
Under the decree, the six corporations above
named may not acquire
either the capital stock or physical assets
of each other, but all of them
are at liberty to acquire the physical assets
of other bakeries.
Paragraph 8 of said decree enjoins, restrains
and prohibits the said corporations "from acquiring directly or indirectly,
the whole or any part
of the stock or other share capital of any
other baking corporation engaged
also in inter-State commerce, where
the effect of such acquisition may be
to substantially lessen competition in such
commerce between the corporation whose stock is so acquired, and the
defendant corporations, or tend to
create a monopoly."
We are, of course, aware of the fact that
said paragraph follows, substantially, the language of the first
paragraph of Section 7 of the Clayton
Act, except in one important particular,
namely, that said corporations are
not enjoined from acquiring the capital
stock of other corporate competitors where the effect of such acquisition
may be "to restrain such commerce in any section or community." The
acquisition by one of said corporate defendants of either the capital stock
or the physical assets of a
corporate competitor in many sections or
cities would, as a matter of fact,
restrain commerce in said sections or cities.
We call attention to the fact that the Ward
Baking Corporation, the General Baking Corporation and the Continental
Baking Corporation are holding companies only, and as such are
not engaged in the baking business.
No acquisitions of stock they may make
will lessen competition between
them and the companies whose stock
they acquire. The consent decree
does not prohibit them from acquiring the
capital stock of two or more
baking corporations where the effect of such
acquisition may be to substantially lessen competition between such
corporations, or any of them,
whose stock is so acquired, or to restrain
commerce in any section or community. The second paragraph of Section
7 of the Clayton Act specifically
forbids stock acquisitions having such effects.
The complaint of the Department of Justice
also charged that the corporate defendants "have acquired . . . the whole
or a substantial part

JUNE)261926.]

THE CHRONICLE

3559

of the stocks or other share capital . . . of other corporations engaged divine sanction.
Enforcement of law and obedience to law, by the
In inter-State trade and commerce in the baking and related industries nature of
very
our
. . . In violation of Section 7 of the Clayton Act" and sets out the the expression institutions, are not matters of choice in this republic, but
of a moral requirement of living in accordance
names and location of certain of such "other corporations." The consent truth.
with the
They are clothed with a spiritual significance, in
which is redecree does not require the defendants to divest themselves of the capital vealed the
life or the death of the American ideal of self-gover
stock unlawfully acquired. Neither does it require them to divest themnment.'"
It is evident that the Attorney-General and
Commissioners Hunt and
selves of said stocks and the 'physical assets so acquired by any of them. Humphrey,
who were appointed by President Coolidge, and
The Commission has issued such orders in several similar cases, and in Van Fleet,
Commissioner
are not in accord with the statements of the
two cases its orders have been affirmed by different Circuit Courts of
President on law
enforcemen
Appeal. Hence, the corporate defendants in the Ward suit are to-day in "charged" t. As public officials, they are, to quote the President,
with the "execution of the law," and, so far as the
the enjoyment of property obtained contrary to law.
Continental
Baking Corporation is concerned, they not only executed
Section 7
The said bill of complaint alleged that: "This unlawful plan for re- Clayton
Act, but they buried it, "unwept, unhonored and unsung." of the
straining and monopolizing inter-State trade and commerce in bakery prodAVhile the consent decree dissolved the Ward Food
Products
ucts and the ingredients and equipment used in the manufacture thereof which
had issued no stock and owned no property, it left Corporation,
originated with the defendants, W. B. Ward and Howard B. Ward.
The Ward, his former employees, intimate friends and business William B.
other defendants, individual and corporate, entered into the plan from control
of the Ward, the General and the Continental baking associates, in
time to time as they came into relation with those defendants
or were the three largest in the country. The Department of Justice corporations,
brought into existence by them. The defendant, W. B. Ward
estimated the
is to-day the annual sales of the bakeries controlled by the Ward
and Continental cormost powerful single personage connected with the baking industry. mirations
at between $120,000,000 and 8140,000,000.
Closely allied with Ward are the defendants Helms, and
Barber, who
The decree would have been really effective and of
great
have been associated with him for many years and who with Ward
consti- public had it required the corporate defendants in the Ward benefit to the
tute a triumvirate controlling and directing the fortunes of the baking
suit to divest
themselves in good faith of the capital stock and of the
Industry. . . .
physical assets,
where they had been taken over, of the baking corporatio
"Howard B. Ward is a brother of the defendant, William B.
ns they had
Ward, and unlawfully acquired, as charged by the Department of Justice
has been associated with him in all his enterprises since 1912.
He is the Federal Trade Commission in the case of the Continental. and also by
Vice-President of the defendant Continental Baking Corporation. .
. .
We expressly disclaim any intention to criticize the Federal
"Paul H. Helms has been associated for many tears in the
court at Balbusiness enter- timore for entering the consent decree. In view of
the consent of the
prises of the defendants William B. Ward and George B. Smith.
He is a Department of Justice, the entry of said decree was, of
former Secretary-Treasurer of both the Ward Baking Co. (of New
course, a mere
York) formal matter. We are confident that had the court been
and the Ward Baking Corporation. He is now President of the
informed as to
defendant the facts in the case, a decree materially different from the
General Baking Corporation. . . .
one under
consideration would have been entered.
"George G. Barber has been associated for many years
with the defendJ. F. NUGENT.
ant William B. Ward in various baking enterprises. . . .
He was
HUSTON THOMPSON.
active in the promotion of the defendant Continental Baking
Corporation,
and has served as its President since it was organized."
Paragraph 10 of the consent decree reads as follows:
"That
ants, William B. Ward, Paul H. Helms and George G. Barber the defend- New -York City's Committee on Planning and Survey
are severally
required to dispossess themselves of all voting shares of
Named By Mayor Walker.
the capital stock
in any of the defendant corporations and -the companies controlled
by them,
On Monday of this week, June 21, the City Planning and
other than such defendant corporations and its subsidiarie
s as he may elect Survey Committ
ee, named by Mayor James J. Walker
to retain his holdings in under Section 9 hereof."
It will be noted that the gentlemen named are not
required to divest earlier in the month, held its first meeting in the Aldermanic
themselves of said "voting shares" in good faith, or
for an adequate or Chamber of the City Hall. In making
known the names of
any valuable consideration. They can therefore comply with the
provisions those constituting
of said paragraph by merely transferring said shares to members
the Committee on June 14, Mayor Walker
of their
families or to Howard B. Ward, George B. Smith, J.
W. Rumbough, or referred to it as "a non-partisan committee" and indicate
d
R. E. Peterson, their personal friends and business associates,
as to whom that its task would be "to make a survey of the
complaint of the Department of Justice was dismissed.
the
City of New
Paragraph 13 of said consent degree reads as follows:
York and plans for its future needs." The Mayor announc
"It
ed
the charge contained in the petition herein that the acquisition appears that that seven sub-committe
and holding
es were to be assigned as follows:
by the defendant, the Continental Baking Corporation, of the
stocks and
On Housing, Zoning and Distribution of Population;
other share capital of alleged competing baking companies
is in violation
of Section 7 of the Clayton Act, was included also in a
complaint filed by Port and Terminal Facilities; Traffic Regulation and Street
the Federal Trade Commission against the Continental Baking
Corporation Uses; Sanitation and Harbor Pollution; Highways
on Dec. 19 1925; wherefore, the petition is dismissed as
and
without prejudice to the right of the United States to again to that charge Bridges; Parks and Recreational Facilities and New Sources
raise the issue of City Revenue
in any other proceeding."
.
The only reasonable inference that can be drawn from that
The full committee is composed of men and women,
language and,
unquestionably, the inference that it was intended
should be drawn there- residents of the city, to the number
of 475, prominent in
from, is that said charge was dismissed for the reason a
complaint involv- various
lines of activity—bankers, lawyers, educational and
ing the same subject matter was then pending and undetermin
Federal Trade Commission. It is mere camouflage. The ed before the civic workers, &c.,
&c., being enlisted to undertake the
consent decree
was signed by the Judge of the Federal District Court
at Baltimore and survey proposed by the Mayor. On June
entered on Saturday, April 3, and the Federal Trade
21, when nearly
Commissio
regular meeting held on Friday morning, April 2, was informedn, at a all the members of the committee were in attendan
ce at the
by its
chief counsel that the entry of said decree was subject to
first meeting, Mayor Walker announced the appointment of
the dismissal
the Commission of its cage against the Continental Baking Corporatio by
n.
Morgan J. O'Brien, formerly Justice of the Supreme Court,
At said meeting of the Commission, by vote of Commission
ers Hunt, Humphrey and Van Fleet, with Commissioner Thompson
absent on official as Chairman of the Committee. Joseph A. Warren, Combusiness, and Commissioner Nugent voting "no" and
dissenting, the said missioner of Accounts, was named as Secretary.
complaint of the Commission was dismissed, the
order to become effective
The naming of the Executive Committee and the Subwhen said decree was entered by the Federal court,
and
of the Commission was directed to "informally advise the chief counsel Committees was deferred pending the
return of Mr. O'Brien
the Attorney-General" of said action which, we have no doubt, he did
before noon of said from Chicago, where he has been in attendan
day. However that may be, the fact remains
ce at the
that about 3 o'clock p. m. Eucharis
tic Congress. We are giving further below the
of April 2 the AttornefGeneral was informed by letter
dispatched to him
by special messenger that the Commission had
names of the full Committee named by the Mayor. The
dismissed
against the Continental Raking Corporation as above stated. its complaint
following is the statement of the Mayor made public June 14:
We quote the followin'k from said letter to the Attorney
-General:
Soon after the inception of the new Administration I suggested the
"In consideration of tM above mentioned (consent) decree,
formaand in ac- tion of a non-partis
an committee to make a survey of the City of New
cordance with the reconitnendation of its chief counsel, the
Commission York and plans for
has dismissed its complaint against the Continental Baking
its future needs. The suggestion met with approval.
Corporation, Since that time I have
Docket 1,358, alleging violation of Section 7 of the
Clayton Act, such sional and commercia been inviting co-operation from various civic, profesdismissal to become effective upon the entry of the
l organizations as I have had occasion to address them.
degree.
The response has been most gratifying and I am now able to announce
"By direction of the Commission, Mr. Nugent dissenting."
the
appointment of a large general committee for this purpose,
It is therefore plainly apparent that when, on April 3, the
to be known
of Justice requested the court at Baltimore to sign and enter Department as the City Planning and Survey Committee. This is the first time that
said decree, such a body
which contained Section 13 above quoted, it was fully aware
has been organized under official auspices.
of the fact
As the weeks
that the very moment said decree was entered, the order of
dismissal of the hand to most pas.sed since I took office and I had an opportunity at first
Commission's case against the Continental Baking
the groat problems confronting the administration of the city,
Corporation became I have
effective.
appreciated the more the necessity for the organization of such
a
body that would be representative of every phase of activity
When Commissioners Hunt, Huphrey and Van Fleet, "in
in our comconsideration of munity of
more than six million residents. The help which such a comthis (consent) decree," dismissed the Commission's complaint
against the mittee can give
Continental Baking Corporation it was with knowledge
to the officers of the City of New York constantly becomes
that
dismissed the Section 7 charge of the Department of Justice said decree more apparent. The vast extent of territory included within
the city
against that and the numberous
corporation.
problems arising from the needs of housing, of feeding
the people, of business and manufacturing, as well as of
The result of said dismissals is that the Continental Baking
health and recreaCorporation tion, make the tasks
of those
is to-day in the quiet, undisturbed and unchallenged ownership and
pos- City Hall almost insuperabl assigned to the seat of government in the
session of the capital stock of corporations owning and operating
e without the cordial and helpful advice of
at least the citizens.
83 bakeries, among which are some of the largest in the country, and
To the end that the various communities in the city may
others among the largest in the sections in which they are located, notwithhave a voice
and may meet and co-operate, invitations were sent
standing both the Department of Justice and the Federal Trade
to the leaders of
Commission associations representing
community needs to serve on the committee.
had solemnly charged that said stock was acquired in violation of Section 7
In like manner those active in the various leading industries
of the Clayton Act.
were asked
A few weeks ago the President of the United States, according to the to serve. The formal organizations of business men were also recognized,
as well as the professional and engineering societies. Men
public prints, addressed a letter to Mrs. Henry W. Peabody, Chairman of
and women
a committee representing the Women's National Committee for Law En- prominent in philanthropic service and civic work were invited.
Curiously enough, it was found that some of the most
forcement, in which he said:
active in certain
"This earnest manifestation of interest in enforcement of law is grati- forms of civic activity in New York City were not residents of the city.
And, upon learning this, it was decided not to include
fying. Such interest on the part of those citizens not officially connected
them on this parwith the execution of the law is heartening to those charged with that ticular committee. They may be asked to serve on another committee
having to do with welfare work that is in process of
responsibility. In this message I desire to reiterate the
following stateIt is my purpose to invite all those who have beenorganization.
ment which I made on the subject of your present deliberations: 'The law
designated to meet in
City Hall at an early date for the purpose of organizati
represents the voice of the people. Beyond it, and supporting
on. At that time
it, is a I shall take the privilege of addressing them
on the scope of the work Iwil




3560

THE CHRONICLE

to do more than
entrust to them. At this time I feel it is not necessary
committee. That
outline the form of organization to be presented to the
e,the selection
Will include the selection of a chairman of the whole committe
appointment of an
of chairmen of each of seven subcommittees, and the
executive committee.
as follows:
The subcommittees are to be seven in number, assigned
1. On Housing, Zoning and Distribution of Population.
2. Port and Terminal Facilities.
3. Traffic Regulation and Street Uses.
4. Sanitation and Harbor Pollution.
5. Highways and Bridges.
6. Parks and Recreational Facilities.
7. New Sources of City Revenue.
their first meeting on
It is planned to call the members together for
Monday June 21.

tee
The remarks of the Mayor on June 21 when the Commit
held its initial meeting, follow:
body of patriotic

to this
As Mayor of the City of New York I extend
the city. I know that all
citizens my thanks for their willingness to serve
time is of value. Despite
of you are men and women of large affairs whose
in an endeavor to help the
this you have come, freely offering your services
method for its improvement
officials of this city to work out some scientific
is actuated by any selfish or
and its government. I feel sure that no one
ion to me as the Mayor
ulterior motives; and it is a great source of gratificat
best of our citizenship for aid
of this city to feel that I can rely upon the
and assistance.
all my life. I have been part
As you all know. I have lived in this city
I believe that I know fairly
of its public life for the last seventeen years.
people. But no man, no matter
well the needs, desires and wishes of the
how varied has been his experihow long he has lived in the city, no matter
known about this phenomenon
ence, can possibly know all there is to be
Which we call the City of New York.
0 people. We have more
Within the city limits we have over 6,000.00
exception of Berlin. We have
Germans than any city in the world with the
more Italians than Rome; and scattered
more Irish than Dublin. We have
ies representing almost every
throughout the city we have communit
the rate of over a million and a half
nationality in the world. We spend at
ut the year. We have over 4,500
dollars for every working day througho
116,000 employees and officials.
miles of improved streets. We have over
industrially we have in New York City
In a word, socially, politically and
institutions in history.
one of the most complex and gigantic
before I was a candidate for the
Even before I was elected Mayor, even
I had learned to appreciate the
office of Mayor, indeed even from boyhood.
ion also of the haphazard way
magnitude of this city. I had some appreciat been handled. During my
have
in which the problems of its civic life
past we have provided most of
campaign for election I stated that in the
benefit of some particular locality.
our improvements with a view' to the
a whole, and have not tried in any
that we have not looked upon the city as
improvements with a view to the best
intelligent, far-seeing way to plan our
nce has been, as I then
development of the city as a whole. The conseque
realize, that some localities have been
said and as I now even more fully
city. Each situation has been dealt
favored at the expense of the entire
a locality needed an improvement
with piecemeal and spasmodically. If
ent would be provided, even
raised sufficient clamor, the improvem
and
ent rendered impossible the supplying
though the making of such improvem
locality more in need but less vociferous.
of a like or other need in some other
n of this city as it is now constiA moment's consideration of the formatio
d development is about what might
tuted will demonstrate that this haphazar
have been expected.
Legislature, there was evoked this municiOn Jan. 1 1898, by flat of the
a phenomenon. The cities of New York,
pality, which I have already called
counties of New York, Kings. Queens,
Brooklyn and Long Island City, the
including over two score municipalities,
Richmond, parts of Westchester,
to be known as the City of New York.
were thrown into the one municipality
various municipalities had grown up
Bear in mind that each one of these
to its own needs, and in all
developed along its own lines, according
and
designing. An examination of the
probability without skillful planning or
city will disclose that no very careful
original charter of the consolidated
city as a whole was embodied therein.
scheme for the development of the
tion of the governmental agencies of the
At most it was a mere consolida
separate municipalities.
made for the comprehensive developNo substantial provision has been
of 1897. We have since that time
ment of the city since the original charter
which have bothered us
supplying the needs of the localities
gone along
of the city's needs as a separate and
We have dealt with each phase
most.
have to-day a city overdeveloped in some
unrelated thing. As a result, we
but thereby tending to increase the conparts, underdeveloped in others,
and can eliminate.
fusion and the waste that we must
ng us are:
Among the great problems confronti
population.
Housing, zoning and distribution of
Port and terminal facilities.
Traffic regulations and street uses.
Sanitation and harbor pollution.
Highways and bridges.
Parks and recreational facilities.
of the
always will confront the officials
There is also the problem that
responsibilities of their offices.
York if they are alive to the
city of New
various
sources of revenue by which these
I mean the development of new
facilitated.
improvements can be instituted and
enumerated
problems which I have just
tal
As we think over the list of
complete, we will see that the fundamen
n.
and which is not intended to be
is the distribution of populatio
with which we have to deal other parts of this country, have
problem
s from
Immigrants from abroad. American have stopped where they first landed.
poured into this city for a century and
have
and incomplete development in others
Overcrowding in some portions
one of the problems which I have
It is obvious that every
resulted.
intelliwhere the people are. We cannot
enumerated is dependent upon
in mind.
the population to be supplied
gently build schools except with
Until we have
bridges, of parks, of transit.
The same is true of streets, of
population, no
for the distribution of our
developed some intelligent plan
conditions can be expected.
real or substantial improvement of
d.
along these lines has been attempte
Until the last few years nothing
d itself to deal with the
a tendency has manifeste
In recent years, however,
zoning laws and regulations, the Port
problem scientifically. Witness the
All these
Regional Planning Commission.
Authority legislation and the
to the
But even these measures look
are steps in the right direction.
for developrather than to a general plan
solution of a specific problem
whole.
ment in all respects of the city as a
improve and intelligently to develop
We cannot expect permanently to
out some
we live until we have worked
this great community in which
and child within
s for every man, woman
Plan for decent living condition
our limits.
could know enough or
Now it is obvious that no small group of men
phases of the great problem
have had experience enough to deal with all the




[Vex.. 122.

include in
which confronts us. Therefore it has been my endeavor to
ns
the membership of this committee representatives of all of the professio
life and industry of the
and of every phase of activity connected with the
City of New York.
groups
It is my idea that this body of experts shall be subdivided into
had the
to study the particular phases of the problem in which they have
on into a central
most experience. They in turn Win sift their informati
all human
body which from a broad survey, may pick and choose what in
present I
probability are the best remedies. To accomplish this for the
which will
have divided the main committee into seven subcommittees. to
be assigned, respectively, the following subjects:
1. Housing, zoning and the distribution of population
2. Port and terminal facilities
3. Traffic regulation and street uses
4. Sanitation and harbor pollution
5. Highways and bridges
6. Parks and recreational facilities
7. New sources of city revenue.
the city
It seemed to me that all or the major problems confronting
after
will naturally fall into some one of these various subdivisions. If
some
our investigations have been under way it develops that there are
and further
needs or problems not covered by these subdivisions, other
subcommittees will be appointed.
It is my intention that the Chairmen of these various subcommittees
will further specialize their work and assign to groups in their sub-comnecesmittees such special investigations and studies as may seem to them
sary. The Chairmen of the subcommittees will sit on the Executive Comtion.
mittee, which will be the central clearing house for the whole investiga
In addition to these Chairmen there will sit on the Executive Committee
Comthe Chairmen, Vice-Chairmen and the Secretary of the General
mittee and five other members-at-large to be appointed by the Mayor.
After the Executive Committee has received, digested and passed upon the
work, and reports of the subcommittees, it will then make its report and
recommendations to the General Committee for final action.
Representatives of such organizations as the Committee on Regional
Plan of the City of New York and Its Environs, the Merchants' Association,
the Chamber of Commerce of the State of New York, the City Club and
other bodies familiar with the problems of city and port development and
all phases of life in this community have accepted the invitation to serve
on this committee. The great body of related material which has hitherto
been prepared separately by these bodies will be assembled. For the first
I
time the work of these several organizations may be co-ordinated, and
think that the committee and the city are very fortunate in having at their
command the co-operation of these organizations,foundations and groups.
In the work which you are about to undertake you may have every
assurance that I shall render any assistance within my power, and I expect
every official of the city to co-operate with you with intelligence and zeal.
In so far as I personally am concerned. I am confident, even to the point
of
of optimism, that the results of your labor will meet with the approval
the people and will make Greater New York a greater and a better city.

ng the committee:
The following are the names composiFred, banker.
Boschen,

Bourke, J. P., laywer, ex-Assemblyman.
Bowman, John McE., Pres. Bowman'
Illitinore Hotel Corp.
Bradley, John, Pres. Bradley Trucking
Co.
Brady, Nicholas F., Pres, New York
Edison Co.
Brady,PeterJ.,Pres. Federation Bank.
Brehmer, Franklin G., chemist.
Bridgeman. E. C., Pres. Staten Island
Savings Bank.
Bright, L. V., Pres. Lawyers Title &
Trust Co.
Brinckerhoff, Arthur F., landscape
architect.
Brinley, John R., landscape architect.
Brower,G.E.. Boxing Commissioner.
Brown, Dr. E. E., Pres. New York
University.
Brown, Dr. 8. A., Pres. Academy of
Baker.Stephen,Trustee Columbia UM- Medicine.
Brush. M. C., Vice-Pres. American
versity; President. Bank of the MantuaInternational Corp.
tan Co.
Burlingame, A. W., lawyer, ex-State
Baldwin, Arthur J., lawyer, publisher.
Baldwin, If. De Forest, lawyer; mem- Senator.
Burr,Col.Edward,consulting engineer.
.
her Charter Revision Committee
Burton, H.John, manufacturer.
Balwin. LeRoy W., President, Empire
Butler, Dr. Nicholas Murray, Pres.
Trust Co.
Columbia University.
Ball. Ancell H.. Vice-President Fifth
Byrne, Edward A., chief engineer.
Avenue Association.
.
Ballard, Sumner, President, Interns- Dept. Plant and Structures ner Public
Byrne, J. .J., Commissio
tional Insurance Co.
Walter J. K., member State Works, Brooklyn. J.. Pres. Bar Assn.,
Bonham,
Byrne, Edward
C. of C.
Baright, Mrs. dance, lawyer; civic Brooklyn.
worker.
Barney, W. J., member Amer. Soc. Cahill, W.J., counsel State Ins. Dept.
Terminal Engineers.
Carew, John F., Member of Congress.
Barrett, A. M.,ex-Public Service ComCarlin. Walter J., lawyer. .
missioner.
Carroll. William D., real estate.
es.
Barrett, Daniel J., automobil
Coughlan, Walter B., Asst. Corp.
Barrett, Edward F., Vice-Pres. Nation- Counsel.
al City Bank.
Chalmers, Charles E., receiver Second
Barrett, James M., County Judge.
Bassett, Ed. M., ex-Public Service Avenue RR. Harry B., Pres. Bronx
Chambers,
Commissioner.
Battle. George Gordon, lawyer; Presi- Taxpayers' Alliance.
C.. merchant.
Parks and Playgrounds Association, Clark. Archibald interior decorator.
dent
Cleveland, Grover,
Beach, II. Prescott, lawyer.
Cobb. Henry Ives, architect.
Becker, C. A., President Bronx BorColby, Bainbridge, ex-Secretary Of
ough Bank.
Becket. F. M., President American State. Ashley T., lawyer.
Cole,
Electrochemical Society.
Coler, Bird S., Commissioner Public
Bedell, Alfred M., merchant.
Beta, James A., State Supt. of Insur- Welfare. John F., Home Rule ComCollins,
ance.
mission.
Beihilf, Joseph, lawyer.
Collins, Joseph A., trucking.
Berman, Samuel I., Secretary State
Collins, Peter J., builder.
Theater Owners Association.
Collins, W. T., ex-Pres. Board of
Berolzhelmer, Philip, ex-City ChamAldermen.
berlain.
Conboy, Mrs. Sara, Textile Workers
Settee, Charles R., engineer.
Black, Harry S., building construction. Union.
H., Vice-Pres. ManuBlair, Mrs. John, Women's City Club. Conroy, James
facturers Trust Co.
Block, Paul. publisher.
Albert, lawyer.
Bloch, Maurice, lawyer; Assemblyman. Conway,H. W., Member Architectural
Corbett,
Bloomingdale, Samuel J., member
League,
of
State C. of C.
Cosgrove, Michael, Commissioner
C.. member Brooklyn
Blum. Edward
Docks.
C. of C.
banker.
Courtney, William C.,
Boardman. William, banker.
H., Pres. Staten Island
Bohack, Henry C.. President H. C. Cozzens, Fred
C. of C.
Bohack, Inc.
Craig. Charles L., ex-Comptroller. '
,
Boland, F. A. K., lawyer; Hotel Men's
Crane, C. A., Sec. Gen. Contractor
Association.
Assn.
Boomer, Lucius M.. hotels.
Crouch, George, Mgr. Underwood
banker.
Borgste de. John G:.
Typewriter Co.
Boring. William, architect.

Adamson,Robert, banker;ex-Secretary
to Mayor.
Adikes, John, attorney; member
Queens C. of C.
Allen, Frederic W., banker.
Amend, Alfred J., lawyer.
Ames, Edwin A., President Dime Saylugs Bank, Brooklyn.
Amster, Dr. J. L., ex-Health Commisstoner.
April, Abraham, manufacturer.
Arndt. Walter T., Citizens Union.
Arnhelm, W. W., President, Marks
Arnhelm, Inc.
Ashforth. A. B., real estate; member
State C. of C.
Astor, Vincent. capitalist.
Augenblick,SamueLreal estate; builder.
Abel, Mrs. Minnie, Board of Assessors.

JUNE 26 1926.]

THE CHRONICLE

Greenly, Howard, architect.
Cranford, F. L., contractor.
Gretach, Louts. builder.
Cullen. Thomas H., Member of
Guerin, Jules, artist.
'Congress.
Guinzburg, Col. Henry A., manufacCurran, Henry H., ex-Pre8. Borough
turer.
ef Manhattan.
Gumpertz, Samuel W., real estate.
Curtin, John .1., counsel to Governor.
Gunnison, Herbert P., Pres. Brooklyn
Curtin, Dr. T. H., Pres. Bronx Eye
Daily Eagle.
And Ear Infirmary.
Giannini, Attllo H., banker.
Darlington, Dr. Thomas, ox-Corn, of
'Health. a we
, Davis. James Sherlock, lumber.
Day, Joseph P., real estate.
Dayton, J. Wilson, Pres., L. I. Real
Estate Board.
De Bost, William L., Pres. State C.
• of C.
Deegan, William F., Bronx, architect.
Deering, James R., lawyer.
De Ford, W. A., member Board of
Transportation.
De Forest. Mrs. Sara B., Vice-Chair...man Brooklyn C. of C.
De Forest, Robert W., member Regional Plan of New York.
De'afield, Edward C., President Bank
of America.
Delaney, John H., Chairman Board of
Transportation.
Delano, Frederic A..lawyer. Chairman
Regional Plan of New York.
De Mott, Harry M., Pres. Mechanics
-Bank, Brooklyn.
Dennen, Mrs. Catherine C., civic
-worker.
Dillon, Miss Mary,Pros. Kings County
'Lighting Co.
Dorman, John J., Fire Commissioner.
Dowd.John, Pres.,Maritime Exchange
Dowling, Robert E., real estate.
Downing. Bernard. State Senator.
Drier, Mrs. H. Edward, civic worker.
Dressler, George. Pres. Wallabout
Market Merchants Assn.
Du Bois, W. E. B., editor.
Duffy, John J., Pres. Rotary Club.
-Bronx.
Durning, Harry M., lawyer.
Dwyer, P. J., builder.
Dyer, George R.,Chairman Bridge and
'Tunnel Committee.

Habighorst, Ernest J., Vice-Pres. New
York Title & Mortgage Co.
'fatten, John M.,Pres. Bronx Board of
Trade.
Meilen, L. R., ex-Pres. Borough of
Bronx.
Hallinan, James T. lawyer.
Hamilton, James A., State Industrial
Commissioner.
Hanavan, George B., Vice-Pres. Long
Island Star.
Harding, J. H., ex-Governor Federal
Reserve Bank.
Haring,Prof. A., New York University
Harris, Dr. Louis I., Health Commissioner.
Harries, Dr.John A., Chairman Traffic
Relief Commission.
Harris. Overton, lawyer.
Harris, Sam, theatrical producer.
Hastings. Thomas, architect.
Hatch, Edward Jr., merchant.
Hayes, Nicholas J., Commissioner
Water Supply.
Hennessy, J. F., Commissioner of
Parks, Bronx.
Higble, Robert W., member State
Board of Regents.
Higgins, Mrs. John R., civic worker.
Hildebrand, John F., President Shults
Baking Co.
Hirsch, J. A., member Theatre Owners'
Association.
Hirschman, Stuard, real estate.
Hoey, James J., Chairman Home Rule
Commission.
Hogan,John P.,consulting engineer.
Holland, James P., ex-President State
Federation of Labor.
Hoyt, Philip D., Deputy Police Commissioner,
Huberth, Martin F., real estate.
Iluach, Mrs. Agnes P., civic worker.

Earle, Mrs. William P. Jr., Pres.
'United Neighborhood Guild.
Ingersoll, Raymond V., ex-Park ComEarly, J. J., managing editor Brooklyn
missioner. .
"Standard Union."
Ingram, A. 0., President South Shore
Ecker, Frederick H., Vice-Pres. MetroBank of Great Kills.
volitan Life Ins. Co.
'semen,Percy R.,architect.
Egan, James F., lawyer.
Egginton. Hersey, lawyer.
Ehrhardt, Leo J. civil engineer.
Jacobs, Harry Allan, architect.
•
Eisner, Mark, lawyer.
James, Darwin R., President East
Elliman, Douglas L., member Real River
Savings Bank.
Estate Board.
Jonas. Ralph, Pres. Brooklyn C. of C.
Ennis, Miss Isabel A., Assistant DirecJohnson, Mrs. C. 0., civic worker.
tor Continuation School.
Johnson, J. W., Sec. Nat. Aaan. for
Advancement of Colored People.
Johnson,
Farley, P. P., consulting engineer, missioner, Joseph, Public Works ComBorough of Brooklyn.
Jones, E. K., Exec, Sec. National
Terrell, Thomas F., coal dealer.
Urban League.
Fay, Mrs. Margaret, civic worker.
Joyce, William B., Chairman National
merchant.
Fennell, George W.,
Fetherston, W. T., Justice, Special Surety Co.
Jung, Mrs. Dorothy, civic worker.
'Sessions.
Finley, Dr. John H., associate editor
the New York "Times."
Kahn, Otto H., banker.
Fitzgerald, John J., ex-Congressman.
Kearns. Philip J., builder.
Flagg, Ernest. architect.
Kenton, John, Chief Fire Department.
Flanigan, Horace C., merchant.
Kennedy, J. Sarafield, architect.
Flexner, Dr. Simon, Director HookeKennedy, John S., Chairman Prison
teller That. for Med. Research.
Commission,
Foley, James A., Surrogate, N. Y.
Kennelly, William,Pres, N.Y.Athletic
'County.
Club.
Folks, Homer,Sec. State Charities Aid
Kenney, Andrew J., Pres. Rockaway
Assn.
Board of Trade.
Forrest, E. W., Secretary. 42d Bt.
Kenny, William F., contractor.
Property Owners' Assn.
Kerrigan, Charles F., asst. to Mayor.
Fox, William, motion picture producer.
Kevin, Dr. J. Richard, physician.
Frankel, Dr.Lee K., Vice-Pres. MetroKlely. John J., Postmaster of New
politan Life Ins. Co.
York.
Frankenthaler, Alfred. lawyer.
Kiendl, Adolph C.,
Frazee, Harry H.. theatrical producer. Ave. Improvement Vice-Pres. Atlantic
Committee.
French, James Earle, President NaKieran, James M., Prof., Hunter
tional Sculpture Society.
College.
E., Pres. Corn Exchange
Frew, Walter
Kingsley, Darwin P., Pres, New York
Bank.
Life Insurance Co.
Friedsam. Michael B.,Pres. B. Altman
Kinnear, W. S., Pres. Institute of
Association.
dr Co.; Pres. Fifth Avenue
Consulting Engineers.
Preach', John J., lawyer.
Kirby, Gustavus T., Pres. Washington
Frost, Le Roy. stock broker.
Square Assn.
Fullen. W.0., counsel Board of Trans-- Kleist, John E., architect.
POrtation.
Kline, Ardolph L., ex-Mayor of New
Fulton, Kerwin H., Pres. General Out- York.
door Adv. Co.
Knott, David H., Pres. Knott Hotel
Flynn, Edward J., City Chamberlain. Corp.
Koch, Edward Vanderhorst, Pres.
Harlem Board of Commerce.
Gahagan, Walter H., engineer.
KoeLsch, W. F. N., Pros. 34th Street
Gallagher, Frank A., Pres. Cosmopoli- Midtown Association,
tan Bank.
Kolff, Cornelius G., real estate.
Gallatin, Francis D., Chairman Park
Kola's, Lee, director New York Board
Board.
of Trade.
Galvin, John F., manufacturer.
Gerard, James W., ex-Ambassador to
La Farge, C. Grant, member City
Germany.
Club of N. Y.
Gilbert, Cass, trustee Metropolitan
Lamb. Charles R., architect.
Museum of Art.
La Tour, Louts E., advertising.
Gilchrist, John F., Chairman Transit
Lefcourt, A. E., real estate.
Commission.
Lehman, Mrs. Herbert W.
Gildersleeve, Miss Virginia C., Dean
Lernmerman, Fred C., Pres. RidgeBarnard College.
wood C. of C.
Gillespie, G.J., Chairman Board Water
Lewis, Clarence M., member Home
Supply.
Rule Commission.
F.. merchant.
Gimbel, Bernard
Lewis, Harold M., Russell Sage
Gimbel, Louts, merchant.
Foundation.
Glenn. John M., member Regional
Lockwood, Charles C., Transit ComPlan of New York.
miasioner,
Glynn, Dr. James P.. Pres. Medical
Loeb, Miss Sophie Irene, ex-Pres.
Board St. Mary's Hospital.
Board of Child Welfare.
Godley,Leon G., Transit CommIssion'r
Loft, George W., Congressman.
Goldfogle, Henry M., Pres. DepartLohman, Henry, Sec. United Retail
ment of Taxes.
Grocers' Assn.
Love, W. J., Furness-Withy Line
e
I Goldman, Albert Commissioner Department of Plant and Structures.
Steamships.
Lowrie, C. N., Vice-Pres. N. Y.
Good, Mrs. W. H., trustee Brooklyn
Chapter Am. Soc. Landscape Architects.
Institute.
Luce, Robert L., ex-Justice of SuGordon, James Riely, Pres. Society of
Architects.
preme Court.
Goldwater, Dr. S. S., ex-Health ComMacDougal, E. A., Pres. Queeasboro
missioner.
Corp.
Gould, Clare F., manufacturer.




3561

Reeves, Alfred G., Sec. A. A. A.
ahon, Edward Ward, lawyer.
Mach!
Reld, Ogden,Pres. New York Tribune.
MacDonald, George, Director Liberty
Reimer, Rudolph, merchant.
National Bank.
Richardson, E. R., Vice-Pres. Ocean
Manville, Hiram E., manufacturer.
Mahoney, Jeremiah T., Justice Su- Steamship Co.
Ricks, Jesse J.. lawyer.
preme Court.
Raider. Bernard H., Pres. N. Y.
Maier, David, merchant.
Staata-Zeltung.
Mallen, Walter, real estate.
Ridgway, Robert, Chief Engineer
Man, Alrick H., Pres. Kew Gardens
Board of Transportation.
Corp.
Riehle, John M. Insurance.
Marbury, Miss Elizabeth. Vice-Pres.
Reardon, Daniel *L., Vice-Pres. United
American Play Co.
Marvin, Benjamin, Pres. Long Island States Trucking Corp.
Riordan, James J., Pres. County
Press.
Matthews, Miss Annie, Register New Trust Co.
Robinson. F. B.. Dean City College.
York County.
Roden, Mrs. William F. civic worker.
Maurer. Dr. G. E., Yorkville C. of C.
Roe, Clinton T., Chairman Zoning
McAllister, James P., steamships.
McAneny, George, ex-Chairman Tran- Commission.
Rosenthal, Benjamin, Pres. Russell
sit Commission.
Playing Card Co.
McCormack, Emmet J., steamships.
Roulston. Thomas E., merchant.
McCormack, W. F., counsel to Home
Rowley, F. A., banker.
Rule Commission.
Ruppert. Jacob, manufacturer.
McFadden, Bernarr, publisher.
Rush, Thomas E., Pres. National
McGuire. Lawrence, real estate.
McKeever. Arthur G., Pres. Ajax Democratic Club.
Ryan, Daniel L., Transp. ComTrucking Co.
McKeon. Miss Helen, Pres. Interboro missioner.
Ryan, George J., Pres. Board of
Teachers' Assn.
McLaughlin, George V., Police Com- Education.
Ruspini, Capt. Angelo, Pres. Italianmiasioner,
McMahon, Mrs. Jennie, civil worker. American Shipping Corp.
McSorley, Mrs. Camille L., civic
worker.
Sabin,Charles M Chairman Guaranty
Meeks, James L., Pres. Bay Ridge
Trust Co.
Bank.
Salmon, Walter, real estate.
Merrill, Bradford, Vice-Pres. New
Savarese, John, Exec. Sec. ItalianYork American.
American Society.
Metz, Herman A., ex-Congressman.
Saxe, John Godfrey,' awyer.
Meyer, Charles G., real estate.
Schabehorn, William H., real estate.
Meyer. Frank W., manufacturer.
Schiff, Mortimer L., banker.
Meyers, Charles B., architect.
Schreiber, B. F., lawyer.
Miller, Cyrus C., ex-Pres. Borough of
Schultz. Joseph, lawyer.
Bronx.
Schwab, Anton L., Pres. Staten
Milnes, John, Director Port Richmond
Island C. of C.
Board of Trade.
Schwab, J. S., Pres. Real Estate
Minsterer, Mrs. S. McRae, elide
Owners' Protective Association.
worker.
Schwartz, A. H., moving pictures.
Mitchell, C. Stanley, Pres, Central
Schwarzier, August F., Bronx Board
Mercantile Assn.
Moore,Clifford B.,consulting engineer. of Trade.
Seeman, William, merchant.
IMMoran. E.F.,Director Maritime Assn.
Sessa, Joseph, Brooklyn.
Port of New York.
Shaw, Robert Alfred, merchant.
Moran, John A., packer.
Sheridan, Thomas I. State Senator.
Moran, Robert L., County Clerk.
'
Sherman, Henry L., lawyer.
Morrow,Dwight W., member Regional
Shientag, Bernard L., ex-Industrial
Plan of New York.
Moses, Robert. Chairman Park Com- Commissioner. theatre owner.
Shubert, Lee.
mission, Long Island.
Shulhoff, Otto B.. Chairman Port of
Morton, F. Q., Civil Service CommisNew York Authority.
sioner.
Silver, Charles H., manufacturer.
Moskowitz, Mrs. Henry, civic worker.
Simkovitch, Mrs. H. K., civic worker.
Muller, Maurice, real estate.
Simmons, Col. Edward A., publisher.
Munds, J. Theus, stock broker.
Simon, Franklin, Director Fifth Ave.
Munn, Ester, investments.
Assn.
Murray, Edward G., steamships.
Singer, Saul, Pres. Garment Centre.
Murray, Thomas E., Vice-Pres. New
Slattery. John R., Engineer Board of
York Edison Co.
Muschenbelm, Fred. A., Pres. Hotel Transportation.
Slawson, George L., Pres. Broadway
Assn. of New York.
Assn.
Sloane,John, Director Fifth Ave. Assn.
Sloan, Matthew S., Pres. Brooklyn
Nall. John E., real estate.
Edison Co.
Hamm,Benjamin H., merchant.
Smith, Arthur P., Pres. Franklin NaNeuberger, David M., Pres., Anti
tional Bank.
Pollution and Conservation League.
Smith, Barton R., jeweler.
Newman, C. H., Secy. Society of TerSmith, Leonard C. L., consulting enminal Engineers.
Nicholson, George P., corporation gineer.
Smith, J. Waldo, engineer.
counsel.
Smith, Col. M. H., Chief Engineer
Nixon, Lewis, ex-Public Service ComWater Department.
missioner.
Solomon, Sidney, manufacturer.
Noyes, Charles F.,real estate.
Somers,Arthur S., Board of Education.
Spencer, Nelson S., Pres. City Club.
0
Sperry, Elmer A., engineer.
O'Brien, Charles J., printer.
Speyer, James, banker.
O'Brien, Kenneth. lawyer.
Stabler, Walter, Director Fifth Avenue
O'Brien. Morgan .J., ex-Justice AppelAssociation.
late Division.
Stanton, Edward L.,Sec.to the Mayor.
O'Brien, Philip J., Pres. Amalgamated
Seligman, Prof. E. R. A., Columbia,
Taxicab Assn.
Stern, M.Samuel,Board of Education.
Ochs, Adolph S., Pres. New York
Straus. Dorothy, lawyer.
"Times."
Straus, Jesse I., Pres. R. H. Macy Co.
Olvaney, George W., lawyer.
Straus, Nathan. Jr.. State Senator.
O'Malley, Mrs. Mary, civic worker.
Stutzman, Rudolph. Pres. Ridgewood
O'Reilly. Chalres L., motion pictures.
Savings Bank.
°stretcher. Sylvan, lawyer.
Sullivan, Andrew T.,Board of Assessors
Sullivan, Frank X., Counsel State Federation of Labor.
Page. William H., lawyer.
Sullivan, Major J. F., consulting enPaige, Clifford E., Vice-Pres. Brookgineer.
lyn Union Gas Co.
Swift, Dr. Harry P., Chairman Board
Palmer. Harry J.,Pres.Port Richmond
Hunter College.
Board of Trade.
Swope, C. A., Sec. Traffic Club.
Fell, Herbert C., ex-member of Congress.
Patrick, Casimir C., real estate.
Taylor, Alfred A.Comm.,Street CleanParsons, Edgerton,insurance.
Patten, B. M., Commissioner of Mar- ing.
Terry, Ira L., Pres. Flushing United
kets.
Association.
Patterson, Charles W., merchant.
Thaten, Max, Steamship Terminal.
Patterson. Frank M.,lawyer.
Todd, William H., ship builder.
Peabody,Charles A.,Pres. Mutual Life
Tracy, John. ship builder.
Ins. Co.
Tribua, Louis L.. engineer.
PedrIck, W. J., Jr., Vice-Pres. Fifth
Trowbridge, A. B., Pres. Architectural
Ave. Assn.
Peril'', Dr. J. W., trustee Bellevue League.
Tuohy, Joseph J., lawyer.
Hosnital.
Turner, Daniel L., consulting engineer,
Phelps, Albert D real estate.
Philips, N. Taylor, ex-Deputy Comp- Board of Transportation.
Tuttle, Arthur S., chief engineer.
troller.
Board of Estimate.
Pierson, Lewis E., banker.
Polk,Frank L., member Regional Olen.
Potter,E C Director Fifth Ave.Assn.
V
Valk, Francis M., Pres. Yorkville
Potter, W. C., Pres. Guaranty Trust
C. of C.
Co.
Pouch, W. H., Pres. Pouch Terminal.
Vanderbilt, Gen. Cornelius. engineer.
Veiller, Lawrence, Sec. National HousPrall, Arming S., Congressman.
Pratt, Mrs. Ruth, member Board of ing Assn.
Vitale, Ferruchlo. landscape architect.
Aldermen.
Price, Joseph M., lawyer.
Prendergast, William A., Chairman
P. S. C.
Wagner, Robert F., Justice Supreme
Proskauer, Mrs. J. M., civic worker.
Court.
Wald. D. Everett, arthttect.
Pulsifer, Harold T., Pres. The Outlook.
Walker, Mishit, banker.
Purdy, Lawson, member Regional
Plan.
Walker, Fred A., publisher.
Walsh, J. Irving, Pres. Real Estate
Board.
Quigley, W. F., Commissioner of
Walsh, Nicholas A., traffic manager.
Licenses.
Walsh, William E., Chairman Board of
Standards.
Rainey, Roy A., manufacturer.
Walton, Lester A., writer.
Reid, Charles E., Ex. Sec. Bronx
Wanamaker, Rodman, merchant.
Bd. of Trade.
Warburg, Felix M., banker.

3562

THE CHRONICLE

Ward, C.:nudes It., consulting engineer.
Wright, Dr. Louis T., physician.
Ward, LeRoy P., arthltect.
Wurzbach, Frederick A., Vice-Pres.
Warren, Joseph A., Commr. of Ac- Bronx Board of Trade.
counts.
Williams. Arthur. electrical engineer.
Watson, Archibald R., ex-Corporation
Williams, H.Pushae, Pres. First MortCounsel.
gage Guaranty Co.
Weber, John W., banker.
Weinman, Adolph, sculptor.
Whalen, Grover A., ex-Commissioner
Yettman, Mrs. Laura B., civic worker.
Plant and Structures.
Wilgus, Col. W.J., consulting engineer.
Addenda.
McManus, Chas. A., Alderman.
Willcox, William R.,ex-Chairman P.S.
Cunningham. Frank A.. Alderman.
C.
Burden,Sam J., Alderman.
Willis, Walter R., manufacturer.
Sullivan. William P., Alderman.
Wolkowitz, Ernest, Treas. Yorkville
Kaltenmeler. Reinhard E.
C. of C.

ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
The Rew York Curb Market membership of William A.
Hoover was reported sold this week to Clarence B. Whitaker
for $33,000. The membership of Jack Alexander wns also
reported sold this week to H. Leonard Rothschild for $S2,000.
The last previous sale was at $31,000.
The resignation of James H. Carter, as a Vice-President of
the National City Bank of New York, has been accepted by
the Board of Directors, effective June 30th, at which time
Mr. Carter will become a member of the Stock Exchange
firm of Carter & Company.
Notification was received yesterday (June 25) by the
management of the National City Bank of New York that
the consolidation of the Peoples Trust Company of Brooklyn
with that institution has been approved by the Comptroller
of the Currency. The merger becomes effective at the close
of business to-day (June 26) and the eleven Peoples Trust
Company branches in Brooklyn will open under the new
management Monday morning, June 28.

[VOL. 122.

Exchange; Alexander Cunningham, former Vice-President
of the Atlantic State Bank; Russell J. Perrino, President of
Johnson Bros., lumber dealers; W. B. Greenman, a director
of the New York Title & Mortgage Co. and a trustee of
the City Savings Bank; Fenwick Small, director of the
Greenpoint National Bank; R. Wyllis Goslin, Superintendent
of the Brooklyn Department of the Prudential Insurance
Co.; George B. Roy, President of the Roy Engineering &
Iron Works; Louis Gretsch, real estate operator of 154 Montague St.; John B. Cain, Vice-President of Fort Hamilton
Savings Bank; Frank Grossman, Vice-President of Julius
Grossman, Inc., shoe manufacturers; Erastus E. Haff,
President of Haff Supply Co.; Philip B. Newmark,President
of Philip B. Newmark, Inc.; H.nry A. Rohman, President
of C. F. Rohman Sons, and Frederick A. Keck, attorney of
32 Court St.
William J. Wason, Jr., her- etofore Second Vice-President
of the Kings County Trust Co. of Brooklyn, has been elected
First Vice-President to succeed Julian P. Fairchild, whose
election as President we noted in our issue of Jan. 30, page
569. Howard D. Joost, previously Third Vice-President,
and J. Norman Carpenter, Fourth Vice-President, have been
elected Second and Third Vice-Presidents, respectively.

The Citizens Bank of Brooklyn, N. Y., located at 80
Jamaica Ave., was formally opened on June 21. The capital
and surplus is $300,000. Deposits during first four days
totaled $500,000. The officers are: F. J. Heidenreich,
President; C. S. Heidenreich, Henry M. Feist, John J.
Smith, Vice-Presidents, and George L. Porter, Cashier. The
proposed opening of the bank was noted in our issue of
June 19, page 3416. We also referred to the organization
George Melville Hard, Vice-Chairman of the board of di- of the bank on March 20, page 1565.
rectors of the Chatham Phenix National Bank & Trust Co.
The North Syracuse Natio- nal Bank of North Syracuse,
of New York, died of heart disease on June 24. Although
Mr. Hard was in his eighty-fourth year, he continued to take N. Y., organized with an authorized capital of $25,000 and
an active part in the affairs of the bank. Mr. Hard was surplus of $6,250, began business on June 7. The officers
born in Johnsonburg, N. J., and entered the employ of the elected are: W. F. Down, President; G. W. Hamilton,
Chatham Phenix National Bank & Trust Co. when 18 years Vice-President, and M. H. Hollister, Cashier.
of age. In 1870 he was made Cashier and seven years later
A new national bank to be known as the Seaford National
he became President, which position he held for more than
30 years. In 1910 he resigned as President, becoming at that Bank is being organized in Seaford, L. I., with a capital of
time Chairman of the board of directors.
$50,000. The application to organize has been approved by
the Comptroller of the Currency. Frank W. Raynor Is
following appointments were announced on June 22 slated for
The
the presidency, while Charles H. Haff and Wilby the National City Bank of New York: Sherman Allen, liam H. Whitner will be made Vice-Presidents of the bank.
Trust Officer; Daniel C. Borden, Assistant Vice-President; The directors are: William Buchanan, H. H. Graef, C. H.
Francis A. Zara, as Assistant Comptroller; Charles A. Haff, A. M. Redmond, 0. N. Rankin, Ansel Raynor, W. E.
Clark, Manager of the 72d Street office; William N. Fulker- Sexton, H. N. Thomas, W. H. Whittier, A. G. Patterson and
son, Manager of the 57th Street office; James L. Harrison, F. W. Raynor. The stock (par $100) will be placed at $125
Manager of the Park Avenue office; Henry W. Salisbury, per share. It is planned to begin business about July 20.
Manager of the 96th Street office.
The First National Bank of Gardiner, N. Y., has applied
It is announced that the Corporation Commission of Vir- to the Comptroller of Currency, for permission to organize.
gina has approved the Industrial Finance Corporation's The new institution will have a capital of $200,000. The
plan for funding the accumulated dividends on its 6% pre- Gardiner family owns $110,000 worth of stock and $90,000
ferred stock and refunding the stock itself. This is to be worth of stock will be offered for sale at $110 per
done by the issue of a 7% preferred stock, to be exchanged $100 share. The officers are: Edward C. Conway,
for the 6% stock on the basis of 1.3 shares of the new 7% President; D. Brodhead Conway and C. E. Brodhead, Vicestock for each share of the old 6% stock. According to a Presidents; Emma G. Appel, Treasurer, and John B. Appel,
statement made by Arthur J. Morris, President, the privi- Cashier. The Managers are: Emma G. Appel and John B.
lege of making the proposed exchange may be exercised Appel.
until July 20 1926.
The Comptroller of the Cur-rency has approved an applicaThe Guaranty Trust Co. of New York announces the tion to organize the Port Newark National Bank of Newark,
appointment of James L. Conway as Real Estate Officer. New Jersey with a capital of $200,000. The stock (par $100)
Mr.Conway will continue to serve also as Assistant Treasurer is being placed at $135 per share, a surplus of $50,000 being
of the Fidelites Realty Corp., a subsidiary of the trust created and $20,000 being applied toward equipment and
company, with which he has been associated during the reserve. The President is Graham B. McGregor, the Vicelast two years.
Presidents are W.D.Goldsmith and J. Warren Arrnitage and
Arthur B. Johnston is Cashier. The bank was chartered
Plans are under way to organize the Traders' National June 21. It is stated to open about Nov. 15 at South and
Bank of Brooklyn, N. Y., with a capital of $500,000. Dawson Streets.
The stock (par $100) will be placed at $160 per share. It
is reported that B. P. Van Benthuysten has resigned as
At a meeting of the Board o- f Directors of the Commercial
Vice-President of the Nassau National Bank of Brooklyn, Trust Co. of New Jersey, Jersey City, on June 23, the
to become President of the New Traders National Bank. regular dividend of 4% and an extra dividend of 1% were
Mr.Van Benthuysten, who has been in the banking business declared payable July 1 to stockholders of record of June 26.
for more than 40 years, is a trustee of the Prudential Savings At the same meeting Reeve Schley, a Vice-President of the
Bank of Brooklyn and Chairman of the Finance Com- Chase National Bank of New York, was elected a director of
mittee. The Traders National will be located at De Kalb the institution.
and Flatbush Ayes. The organization committee is comOn June 16 Isaac Ferris wa- s elected Vice-President of the
posed of Philip A. Benson, Secretary of the Dime Savings
Bank of Brooklyn; Charles R. Gay, member of the firm of Camden National Bank, Camden, N. J., to succeed Herbert
Whitehouse & Co. and a Governor of the New York Stock C. Felton, deceased. The personnel of the bank is now as




JUNE 261926.1

THE CHRONICLE

3563

follows: Francis C. Howell, President; Isaac Ferris, Vice-. will specialize pn credit work. Mr. Van Auken gained his
President; Elias Davis, Cashier; and Edmund D. Strafford, early banking experience at the Lansing State Savings Bank,
Orlando M.Bowen and William K. Cook,Assistant Cashiers. Lansing, Mich., which he left during the war to join the
Navy. Following the war he entered the City National Bank
In regard to recent reports t- hat a merger of the Union Na- of Lansing, but resigned from that institution to join the
tional Bank of Philadelphia with the People's Bank & Trust State Banking Department.
Co.and the Excelsior Trust Co. of that city was contemplated
The First National Bank of New Sharon, Iowa, has been
the Philadelphia "Record" in its issue of June 18 printed the
merged with the Citizens State Bank of that place and the
following:
When the current rumors of a consolidation of the Union National Bank institution went into voluntary liqilidation effective June 1.
with the Peoples' Bank & Trust Co. and the Excelsior Trust Co. were called
to the attention of Joseph S. McCulloch, President of the Union National
Bank, yesterday, he stated that the consolidation had been suggested to
them, but would not take place and was not receiving consideration by the
Union National Bank.

The Union National Bank of Carnegie, Pa., the newly organized bank whose.opening on June 19 was noted in these
columns in our issue of that date, occupies the former quarters of the defunct First National Bank of Carnegie, although
the new bank has no connection with that institution. According to the Pittsburgh "Gazette" of June 20, a gratifying
number of persons became depositors in the institution on the
opening day. As stated on June 19, the bank is capitalized
at $100,000 with surplus of $25,000.
Under the caption, "Our First Forty Years," the Pennsylvania Trust Co. of Reading, Pa., has issued this weeran
interesting chart showing the continuous growth of the company since its organization on June 21 1886 up to and including June 21 1926. Comparison of the figures for the first
and last years indicated on the chart shows that beginning
with a capital of $250,000, surplus and undivided profits of
$2,801, resources of $424,419, deposits of $159,444, and trust
funds of $6,250, the institution has to-day a capital of $1,000,000, surplus and undivided profits of $2,422,366, resources of $17,546,662, deposits of $12,907,687, and trust
funds of $7,412,546. The bank's roster is as follows: Edward
Brooke, Chairman of the Board; George Brooke, Vice-Chairman of the Board; H. B. Hagy, President; Edward H. Knerr
and Fletcher E. Nyce, Vice-Presidents; George M. Jones,
Secretary and Trust Officer; Harry Doe11, Treasurer; Arthur
S. Howell, Assistant Secretary and Assistant Trust Officer;
Frank Z. Hosley, Assistant Treasurer; F. H. Glase, Title
Officer, and Paul W. Levan, Auditor.

A press dispatch from Chanute, Kan., on June 14 to the
Topeka "Capital" stated that the Fidelity State Bank of
Chanute had been closed on that day by the State Banking
Department at the request of its directors and that John L.
Robinson, the President of the institution, and his sonin-law, J. E. Wood, the Cashier, had been arrested for the
alleged making of false statements and held for a hearing
under bonds of $1,000 each. The Fidelity State Bank,
according to the dispatch, was organized 11 years ago by
Mr. Robinson. It was capitalized at $50,000 with surplus
of $16,000 and had deposits aggregating $351,000. The
"Capital" in its June 15 issue also printed the following in
regard to the closed bank's affairs:
A report of irregularities in the accounts of J. L. Robinson, President
of the Fidelity State Bank of Chanute to Roy L. Bone, State Bank Commissioner, resulted in the closing of the bank by the board of directors
yesterday. The discrepancies were discovered by R.0. Bishop. examiner,
last Saturday. W. S. Kennedy, Assistant Bank Commissioner, and N. R.
Oberwortmaian, examiner, are in Chanute investigating the situation.
Commissioner Bone said last night he had no further information as to
the amount of the irregularity, but it apparently would run into the
thousands of dollars.

The National Bank of Commerce in Pittsburg, Kans.,
has changed its name to the "American Exchange National
Bank of Commerce in Pittsburg."

According to the "Oklahoman" of June 11,legal formalities
in connection with the recent absorption of the Oklahoma
National Bank of Oklahoma City by the Liberty National
Bank of that city (referred to in the "Chronicle" of June 5,
page 3168) were completed on J'une 10 when the stockholders
of the Liberty National Bank increased the directorate of
the institution by the election of six former directors of the
Oklahoma National Bank. These were as follows: W. H.
Garside, J. W. S. Hutchings, V. E. McInnis and Ben Mills,
all of Oklahoma City; Melvin Cornish, McAlester, Okla.,
Frank P. Bennison, a Vice-President of the Ohio Savings and E. E.McInnis, Chicago. Continuing,the "Oklahoman"
Bank & Trust Co. of Toledo, Ohio, died on June 17 as a said:
The merger of the Oklahoma National and the Liberty National strengthresult of a bullet wound received when the rifle he was ens the latter, as the fourth largest bank of Oklahoma City. On the last
call, preceding announcement of the consolidation, the Oklahoma National
cleaning was accidently discharged. Mr. Kennison was a
director of the Owens Bottle Co. and active in other large had $3,047.561 72 in deposits. The Liberty, at the close of business
April 12 had $6,913,673 65 on deposit. Under the plan of the merger,
corporations.
Ben Mills. President of the Oklahoma National. becomes Vice-President Proposed consolidation of the Commercial State Bank and
the Farmers' State Bank, both of Holgate, Ohio, under the
title of the latter institution, was reported in a press dispatch
from Napoleon, Ohio, on June 17 to the Cleveland "Plain
Dealer." The consolidation, which is subject to the approval
of the stockholders and the State Superintendent of Banks,
will give Holgate an institution with resources of more than
$1,000,000, it was stated. If approved, it will become effective about July 1, it is understood.
The following in regard to the affairs of the Inland Trust
& Savings Bank of Chicago, an institution which began
business in 1923, appeared in the Chicago "Journal of Commerce" of June 10:
Directors of the Inland Trust & Savings Bank, Milwaukee Avenue,
Irving
Park and Cicero, have declared an initial dividend of 114% on the
capital
stock, payable July 1. This is at the rate of 5% per annum. The
bank
was organized three years ago with $300,000 capital and $50,000 surplus,
the latter having since been increased to $75,000 from earnings. The invested capital, including undivided profits, now exceeds $400,000, and
the
resources are over $3,000,000.

The application to organize the First National Bank in
Mt. Clemens, Mich., was approved on May 25 by the Comptroller of the Currency. The new bank will commence
business with a capital of $200,000 and a surplus of $50,.000. Henry Stephens will be President; Harry Diehl, John
A. Freimann and Dr. Henry Amsel, Vice-Presidents, and
Charles R. Walters, Cashier.
Appointment of Lewis C. V- an Auken as a Vice-President
•of the Bank of Detroit, Detroit, Mich., was announced
recently by George B. Judson, President of the institution.
Mr. Van Auken goes to the Bank of Detroit from the Michigan State Banking Department, where for .
the past seven
years he has served as an examiner. In his new position he




of the Liberty National P. A. Janeway is President of the institution.
•
a

Closing of the Chaonia State Bank, Chaonia, Mo., and the
disappearance of its Cashier, Jeff Kime, was reported in a
pfess dispatch from that place on June 16 to the St. Louis
"Globe Democrat." According to J. A. Estes, the bank's
President, the dispatch stated, Mr. Kime disappeared on
June 12, when he left Chaonia with the explanation that he
was going to Poplar Bluff to collect an account due the bank.
At a special meeting held on June 18 the respective stockholders of the Central State National Bank and the First
National Bank, Memphis, ratified the proposed consolidation of the institutions under the title of the latter. As
part of the merger plan, it is understood, the First National
Bank will reduce its number of shares of capital stock from
5,000 to 4,000 by calling for one-fifth of the holdings of
each stockholder, the surrendered stock being paid for at
the rate of $275 a share. The remaining stock will be exchanged share for share for stock in the new institution.
Likewise, Central State shares will be exchanged share.
The new First National Bank will be capitalized at
$1,000,000 with surplus of $800,000 and undivided profits
of at least $125,000. The capital will be divided into 10,000
shares of the par value of $100 each. P. S. Smithwick, now
President of the First National Bank, will be active Chairman of the Board, while S. E. Ragsdale, President of the
Central State National Bank, will be President. The
physical merger of the banks will take place about July 10,
it is understood. In regard to distribution of the
surplus
profits of the Central State National Bank, the Memphis
"Appeal" of June 19 said:
The surplus profits the Central State will have to divide,
Will have
been augmented considerably through the reappraisal of the
bank building
at Madison Ave. and Second St. It is 'estimated by
President Ragland
that each shareholder will get near 33
1-3% of his holdings as his
share
of the melon.

3564

THE CHRONICLE

The proposed amalgamation of these banks was noted in
our June 5 issue, page 3169.
Effective June 9, the First Woman's Bank in Tennessee,
Clarksville, an institution organized and operated exclusively by women, was merged with the First Trust & Savings Bank of that place, according to a dispatch from Clarksville on that day to the Nashville "Banner." According to
the announcement of officials, it was stated, the consolidation of the institution with the First Trust & Savings Bank
was made necessary by the inability of its President, Mrs.
Frank J. Runyon, to resume active management of the bank
because of a fracture of her hip sustained in April last.
Mrs. Matt G. Lyle, the Cashier since the founding of the
bank in 1919, continues with the enlarged institution.

[VOL. 122.

passed'
It is understood that controlling interest of the National City
under the terms of the deal.
Although the transaction does not assume the proportions of a consolidain the
tion or a merger, it cross create one of the strongest banking groups
has total
city, controlled by the same interests. The National City Bank
raising
resources of about $15.000,000 and deposits of about $13,000,000,
the total resources of the California Bank group to approximately $105.000.000, and deposits to $98,000.000.
City
In his official announcement of the deal, Mr.Crowe said the National
personnel
will continue to operate as an independent bank under the same
or
and the same name as heretofore. The only change will be the election
of the
several members of the California Bank group to the directorate
Allan
National City. The new directors will include A. M. Chaffey, G.
Hancock, A. N. Kemp, George A. J. Howard, Harry J. Bauer, and others
affiliated with the California Bank.
Affiliation of the National City Bank with the California, Mr. Chaffel
explained, will round out the operations of the California Bank group along
Trust
the lines he has planned. The group now includes the California
under a
Co., the California Securities Co., the California Bank, operating
under a national
State charter, and the National City Bank. doing business
charter.
has
The growth of the National City Bank, as outlined by Mr. Crowe,
Crowe.
been rapid since its organization in 1923 by a group headed by Mr.
and in the space of three
The bank opened in small quarters on Spring Street,
and
years has built its own building on the corner of Eighth and Spring,
its
built up deposits of $13.000,000 and resources of $15,000.000. During
deposits,
first year of business the bank acquired more than $6,000,000 in
period from July 14
and has more than doubled this amount during the
1924 to the date of the deal.
Califor
The California Bank is one of the large branch banks in Southern
not
nia, now having a chain of forty branches. The National City has
participated in the branch business.

Effective June 17, the Fidelity Bank & Trust Co. of
Spencer, N. C., and the Bank of Spencer, the only banks
in that place, were consolidated with the Atlantic Bank &
Trust Co. of Greensboro, N. C., and are now operating
under the title of that institution, according to the Raleigh
"News and Observer" of June 19. The dispatch further
stated, that plans had already been made for the merged
Spencer banks to occupy enlarged quarters in the building
of the former Fidelity Bank & Trust Co.,as soon as the work
Initial dividends of the Crocker First National Bank and
of remodeling the building for the purpose could be comthe Crocker First Federal Trust Co., San Francisco, since
plete. d
the consolidation of these two institutions six months ago,
for the
Thomas W. Ellett, Vice-President of the Title Insurance have been declared at the rate of $10 50 per share
on June 10 was elected active Presi- former and $10 per share for the latter, according to advices
Co., of Richmond, Va.,
Cashdent of the Industrial Bank of Richmond, effective July 1 received here from F. G. Willis, Vice-President and
1926. Mr. Ellett. who will devote his whole time to the ier. Mr. Willis is reported as saying:
The consensus expressed at the semi-annual dividend meeting of directors
institution, succeeds R. McC.. Bullington, who has resigned. was decidedly optimistic. The earnings for the first six months of busiresigned. ness of the combined banks has been gratifying and the prospects of
A. M. Pullen, Vice-President of the bank, also has
Both, however, will remain members of the directorate and growth are good. The general outlook of business throughout the Pacific
States is bright.
continue to take an active part in the institution's affairs. Coast National Bank stock consists of 60,000 shares and
The
In reporting the proposed change in the presidency of the
the Trust company stock of 15,000 shares. One share of the
Industrial Bank of Richmond, the Richmond "Dispatch" of
former carries one-quarter share of the latter. On this basis
July 11 said in part:
holder of National Bank stock receives a combined semiThe election of Mr. Ellett is in line with the policy of the institution to the
have the personnel of its official staff composed entirely of full-time, active annual dividend of $6 50, payable July 1.
executives, a policy necessitated by the great growth and expansion of its
business.
To facilitate the execution of this policy, Mr. Buffington has resigned the
presidency and A. M. Pullen the vice-presidency. Mr. Ellett at present is
Vice-President of the Title Insurance Co. of Richmond, and he will resign
this office to accept active presidency of the Industrial Bank.
The Industrial Bank was organized in May 1924 with a capital of $200,,
000 and a surplus of $20,000. At that time Mr. Buffington of the R. AfeC.
Buffington Paint Co. and a director of the American National Bank, accepted the presidency; and Mr. Pullen, of A. AL Pullen & Co., certified
public accountants, the vice-presidency. A little later C. F. Hayward was
eelcted Active Vice-President and A. W. Mann Assistant Cashier.
Due to the rapid strides and the increasing business of this institution,
the capital was enlarged in July 1925 to $300,000, and the paid-in surplus
$500,to $30,000. Again in February 1926 there .was a capital increase to
total reserves to
000, the surplus and undivided profits to $90,000 and the
$425,000. This gives the bank total resources of approximately $3,200,000.
Mr. BullingBecause of this increase is the business of the institution,
it advisable
ton and his board of directors about six months ago deemed
who could devote his entire time to
to obtain the services of an executive
of directors and
the work of the bank. Mr. Ellett, a member of the board
of the instiof the executive committee, as well as one of the stockholders
and training in
tution, was sought for this position, due to his experience
that in his
matters pertaining to mortgage finance. Mr. Bullington stated
has obtained the
opinion and in the opinion of the board, the institution
field.
services of one of the best qualified men in the mortgage

It is announced that the City National Bank & Trust Co.
of Miami, Fla., has absorbed by purchase the Miami Bank &
Miami.
Trust Co. and the Commercial Bank & Trust Co. of
The City National Bank & Trust Co. of Miami,formerly the
City National Bank of Miami, began business with $1,000,000 capital, 8250,000- surplus and initial deposits of $2,000,000, having for its President Clark B. Davis, formerly VicePresident of the Bank of America, New York, and for its
Chairman of the Board, S. M.Tatum of Miami, who during
35 years has been an executive and director of more than a
score of corporations in Florida. The combined institution
began business this week in the new ten-story building of the
as
Miami Bank & Trust Co. Initial deposits are reported
aggregating 820,000,000. Mr. Davis will continue as President of the institution, and Mr. Tatum as Chairman of the
Board. The officers and directors remain the same, except
for six additional directors.
Consummation of a transaction whereby the National City
Bank of Los Angeles has become affiliated with the California Bank, with headquarters in that city, was announced by
Malcolm Crowe, President of the National City Bank of Los
Angeles, and A. M. Chaffey, President of the California
Bank, on June 15. In reporting the announcement of the
union of interests of these important institutions, the Los
Angeles "Times" of June 16 said in part:




The Standard Bank of Canada (General Manager's Office,
Toronto, Ont.), announces the declaration of a dividend for
the current quarter ending the 51st of July 1926 at 3%,
being at the rate of 12% per annum, upon the paid-up
capital stock of the bank,and which is to be payable on and
after the 2d of August to shareholders of record as of July 16
1926.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Buoyancy in the oil shares and renewed activity in the railroad issues have been the noteworthy features of the stock
market the present week. Trading has been generally brisk
except for a brief period on Friday, and a considerable number of new high levels for the present movement have been
recorded by many of the more active speculative stocks.
The tendency of the market on Saturday was toward general
recovery, though the movement of prices was somewhat
irregular during the greater part of the two-hour session.
Oil shares continued to hold a prominent place in speculative
activities, Union Oil of California surging forward 83.i points.
Railroad stocks also were important factors in the general
recovery of the market, Readinecoming to the front as the
chief feature of the group with an advance of nearly 5 points.
High-priced industrials made sharp advances, Woolworth
making a net gain of 3M points to 171 and General Electric
shooting upward 6 points to 3443/i at its high for the day.
Motor stocks were firm, General Motors advancing nearly 2
points to 1453/ at its peak.
The forward swing was resumed as the market opened on
Monday, Oil shares and railroad issues again leading the
advance. • Around the noon hour the list wavered somewhat
under the heavy realizing sales, but these were quickly
absorbed and the market again swung briskly forward. The
strong shares in the oil group included nearly all the active
leaders such as California Petroleum, Marland, Phillips
Petroleum, and Pan American B. The notable features
among the rails were the new high records of Canadian
Pacific and Reading, and the jump of nearly five points in
Delaware & Hudson. Great Northern pref. and Chicago &
North Western were particularly strong and New York
Central moved forward nearly a point. Other strong stocks
were Wabash, Kansas City Southern, St. Louis-San Fran.
cisco, Missouri Pacific, Rock Island, and Lehigh Valley.
Railroad Equipment stocks kept pace with the rails, Ameri-

JUNE 26 1926.]

THE CHRONICLE

can Locomotive making a further advance of two points and
Baldwin moving into new high ground for the present movement. Pullman advanced to the highest figure reached in
several years.
On Tuesday oil shares again moved to the front, Union
Oil of California moving forward 2 points to 54. Further
gains were recorded by the railroad stocks, Rock Island
rising two points, and Missouri Pacific pref. three points
to 86%. Lehigh Valley was also prominent and Atchison
crossed 138. United States Steel common was again
in demand and advanced to 139. Motor stocks continued weak, General Motors yielding 1 point to 1433/2,
Mack Trucks slipping back a point or more and Pierce
Arrow losing nearly two points to 263%. Heavy realizing
sales near the close of the session caused many declines.
On Wednesday the market lost much of its firmness and
strength, the heavy selling causing wide breaks in many
of the market favorites. High priced specialties, many of
which were particularly active in the recent trading yielded
from 1 to 7 points. In the downward movement Du Pont
slipped back with a net loss of 7 points and substantial losses
were recorded by such stocks as United States Cast Iron
Pipe & Foundry, Woolworth, General Electric and General
Motors. Oil shares also moved to lower levels.
The trend of the market became irregular on Thursday,
particularly in the industrial stocks, in which gains and
recessions were about evenly balanced. The strength of the
railroad shares was the outstanding feature of the trading,
interest centering especially in the so-called Van Sweringen
group, due to rumors that the Van Sweringen plan would
soon be re-submitted. Canadian Pacific advanced to the
highest level since 1919. Other strong stocks included
Atlantic Coast Line, Chesapeake & Ohio, Atchison and
Southern Pacific. Oil shares under the leadership of
General Petroleum advanced to higher levels.
The trend of stocks was somewhat irregular on Friday,
motor stocks moving sharply downward, both General
Motors and Hudson Motors breaking badly in .the early
trading. On the other hand, railroad stocks continued to
move upward, Ches. & Ohio at one period being up 2 points
and Atchison at 139 was close to its peak. New Haven
crossed 45 again and Norfolk & Western advanced 23
points to 155. United States Cast Iron Pipe & Foundry
scored a gain of 4% points to 1933'; otherwise industrial
stocks made little or no progress. In the last hour a number
of good recoveries were registered. The final tone was good.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY, WEEKLY AND YEARLY.
Stocks,
Shares.

Total
Sales at
New York Stock
Exchange.

$3,226,000
5,594 000
6,692 000
6,810 000
7,312 000
7,277 000

$1,706,000
2,501.000
2,302,000
2,823.000
2,681,000
2,320,000

$765,000
1,233,000
2,078,500
833,100
697,800
592.000

$36911000

$14,333,000

$6,199.400

Week Ending June 25.

United
States
Bonds.

Jan. 110 June 25.

Total
Prey, week revised

STOCKS(No. Shares).
Week Ending June 25.

Ind.ctMis.

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

Oil.

BONDS (Par Value).

Mining.

37,675
91,825
133,150
100,240
119.100
90,000

60,700
107,880
155,900
142,260
122,600
119,800

571.390

709,140

17,900
24.400
48,800
45,200
54,000
44.800

Domestic. For'n Govt.
$807,000
1,713,000
1,604,000
1,343,000
1,207,000
1,515,000

$93,000
213,000
331.000
634,000
232,000
230,000

235.100 $8,189,000 $1.733.000

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,
Week Ending June 25.
Silver, per oz
d
Gold, per fine ounce
Consols, 214 per cents
British. 5 per cents
British, 414 per cents
French Rentes (in Paris), fr_
French WarLoan(InParh),fr_

June 19. June 21. June 22. June 23. June 24. June 25
Tues.
Mon.
Sat.
Thurs. Fri.
Wed.
30 7-16 307-16 30 5-16 30 3-16 3054
30346
84.11) 84.11X 84.10Y 84.1034 84.1134 84.1134
____
55 11-16 551(
5534
554
5554
10034
10034
10014
10034
10034
____
95si
9531
9574
9534
9514
____
46.25
46.50
46.90
47.70
47
51.65
____
52.40
52.10
51.80
52

The price of silver in New York on the same day has been:
Silver in N.Y., per oz.(cis.):
Foreign
6574

6554

6514

6534

6534

6614

COURSE OF BANK CLEARINGS.
Bank clearings the present week will again show a small
increase compared with a year ago. Preliminary figures
compiled by us, based upon telegraphic advices from the
chief cities of the country, indicate that for the week ending
to-day (Saturday, June 26) bank exchanges for all the cities
of the United States from which it is possible to obtain
weekly returns will aggregate 3.5% more than in the corresponding week last year. The total stands at $9,388,567,934, against $9,065,952,650 for the same week in 1925.
At this centre there is an increase for,the five days of 2.7%.
Our comparative summary for the week is as follows:
Clearings-Returns by Telegraph
Week Ended June 26.

1926.

1925.

Per
Cent.

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

$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

$4,188,100,110
538,656.202
489,000,000
359,000,000
108,999,907
114,700,000
142,000,000
120,988,000
150,227,805
143,690,889
90,659,847
94.543,406
49,352,919

+2.7
-4.6
-6.1
+9.5
+7.4
+3.7
+10.0
+16.4
-0.2
+7.4
+3.4
+7.0
+7.7

1925.
6,196,413

215,578.425

201,620,937

$6,199,400
14,333,000
36,911,000

$7,960,150
12,709.500
37,754,100

$149,746,300
323,114,350
1,100,995,700

$196,981,060
358,906,900
1,878,956,075

Thirteen cities, five days
Other cities, five days

86,754,104,842
1,069,701.770

56,589,919.085
953,586.820

+2.5
+12.2

$57,443,400 $58.423.750 $1,573.856.350 52.434,844,035

Total all cities, five days
All cities, one day

$7,823,806,612
1,564,761,322

$7,543,505,905
1,522.446,745

+3.7
+1.4

to

50 na5 0A2 850

+3.5

Boston

iaturday
Monday
Tuesday
Wednesday
Thursday
Friday

DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET

8,970,517

1926.

1925.

DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA
AND
BALTIMORE EXCHANGES.

Week Ending
June 251926.

Illinois Pipe.Line gained two points to 124. Ohio Oil sold
up from 573/i to 60% and closed to-day at 60%. Standard
Oil of New York was heavly traded in up from 32 to 343(
and at 333/i finally. Alabama Great Southern RR. was a
strong feature, the common advancing from 109 to 116 and
the preferred from 113 to 120. Public Utilities were inclined to firmness. Amer. Gas & Elec. common moved up
from 813. to 88 and reacted to 86, closing to-day at 863'.
Commonwealth Power improved from 373. to 39, and ends
the week at 38%. Elec. Investors gained almost five points
to 4332, but reacted finally to 41. Industrials as a class were
lower though changes were only fractional.
A complete record of Curb Market transactions for the
week will be found on page 3594.

1926.

Stocks
-No,of shares_
Bonds.
Government bonds_ __
State & foreign bonds_
Railroad & misc. bonds
Total bonds

State,
Municipal &
Foreign Bds.

8.970,517

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

Railroad,
&c.
Bonds.

934,260
1,885,267
1,825.506
1,673,372
1,323,512
1,328,600

Week Ending June 25.

3565

Philadelphia.

Baltimore,

Shares. BondSales. Shares. Bond Sales. Shares. Baru:Sales
*10,910
87.000
12,054
$6,500
719
$16,000
*20,259
21,000
34.129
25,000
1,255
22,700
*20,871
17,500
17.840
70,500
1,767
28,600
•16,740
26.500
22,593
18,500
3,344
27,200
•17,231
30,500
14,769
13,300
1,317
29.100
11,314
13,000
8,231
15,000
1,808
33,000
97,325

$115,500

109,616

$148,800

10,210

$156,600

80.687

$87,750

170,968

$196,900

6.864

$126.200

• In addition, sa es of rights were: Saturday, 13,895; Monday, 32,173;
Tuesday
28,561; Wednesday, 32,085; Thursday, 13,243

THE CURB MARKET.
There was little of interest to Curb Market trading this
week. Business was in reduced volume and prices moved
about aimlessly, changes for the most part being without
significance. Oil shares displayed a fairly firm tone. Continental Oil rose from 203/i to 223' and closed to-day at 22.
Galena-Signal, old preferred, improved from 713 to 75%.




'Th.,ol ell Altiaa l'esp tomb.

2515 cf17 024

Complete and exact details for the -seek covered by the
foregoing will appear in our *ssue 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 previous week-the week ended June 19. For
that week there is an increase of 1.9%, the 1926 aggregate
of the clearings being $10,394,679,296 and the 1925 aggregate
$10,203,591,661. Outside of New York City the increase
is 3.0%, the bank exchanges at this centre having recorded
a gain of only 1.0%. We group the cities now according
to the Federal Reserve districts in which they are located,
and from this it appears that in the Boston Reserve District
there is an improvement of 8.5%, but in the New York
Reserve District (including this city) of only 1.2%, while
in the Philadelphia Reserve District there is a falling off of
6.2%. In the Cleveland Reserve District the totals are

3566

[Vol.. 122.

THE CHRONICLE

larger by 1.9% and in the Richmond Reservp District by
1.0%, but in the Atlanta Reserve District the totals are
smaller by 1.7%. The Chicago Reserve District has a
gain of 2.7% and the St. Louis Reserve District of 2.0%.
The Kansas City Reserve District has an increase of 6.0%,
the Dallas Reserve District of 19.9% and the San Francisco
Reserve District of 12.0%. The Minneapolis Reserve
District has suffered a loss of 2.2%.
In the following we furnish a summary by Federal Reserve
districts:

Week Ended June 19.
Clearings al
1926.

1925.

Inc. or
Dec.

1924.

1923.




"caoo
wwww,Daa.bacmmwm.-,1

,
1
o. ..0.-,1".M.4.-.00C200NW9OWAQ0,00,0M00W44,
1-,W004.000...i.o4,4247400-40N0nN1000!

$
Seventh Feder al Reserve D strict-Ch icago223,776
260,749
225.221 +33.7
301,083
Mich.
-Adrian __
672,505
887.621
Ann Arbor_ ___
1,058,105
904.970 +16.9
Detroit
203,710,015 189,562,683 +7.4 149.910.304 161.859,679
7.185.042
6,866.603
8.290,876 +3.4
Grand Rapids_
8,573,026
2,079,000
2.167,000
2,757.268 +2.4
Lansing.
2,824,000
2,263,032
2.105,524
Ind.
2,705,380 +31.1
-Ft. Wayne
3,546,829
19,959,000
17,753.000
17,380,000 +26.1
Indianapolis...
21,920.000
3,420,000
2,780,000
2,908.000 +4.5
South Bend.. _ _
3.039.700
5,128,134
4,606,242
4.353.804
4.746,154
+9.0
Terre Haute...
35.314,391
35,585.846
40.779,742 +12.1
45.713,109
Wis.-Milwaukee
SUMMARY OF BANK CLEARINGS.
2,349,021
2.532,299
2.689.493 +3.5
2.784,070
Ia.-Cad. Rapids
11,126,152
10.238,571
10,899.010
11,033.300 -1.2
Des Moines
5,609,650
6.016.221
7.237.901 +1.3
7.331.071
Sioux City.....
Inc.or
1,457,181
1,465,392
1.171,328 +33.5
1,564.453
Waterloo
1923.
1924.
1926.
Week End. June 19 1926.
Dec.
1925.
1,293,458
1.296,078
1,880.448
1,667.200 +12.8
III.-Bloomingt'n
703.069,044 701,571.417 +0.2 629.854,751 584.899,195
Chicago
$
$
3
Fed. Reserve Dists.$
7
a
a
a
a
a
Danville
413,017,896
424,707,956
12 cities
493,495,081 +8.5
535,384,830
1st Boston
1.285,907
1.281,962
1,322,407
1,535,745 -13.9
Decatur
2nd New York II 5,980,054,180 5,917,058,989 +1.2 5,179,072,634 4,392,193,769
4,174,900
5,276,"38 +2.4
4,311,807
5,403.400
Peoria
580,727,300
566,846,577
3rd Philadelphial0 "
682,029,452 -6.2
639,510,690
2,366,444
3.275.022
3.076.944 +6.4
2.609,855
Rockford
406,789.790
370,262,105
440,487,286
4th Cleveland.. 8 "
432,021,581 +1.9
2,467,211
2,588,189 +1.6
2.353,094
2,630.213
Springfield.. _
187,578,482
191,705,495
Otis Richmond 6 "
227,279,442 +1.0
229,489,993
163,222,643
178,237,358
233,967,778 -1.7
229,908,956
6th Atlanta.- _A3 "
Total(20 cities) 1,035,591.159 1,007.715 799 +2.7 884,684,919 855,133,678
855,133,678
884,684,919
1,035,591,159 1,007,715,799 +2.7
7th Chicago_ ..._20 "
Eighth Federa I Reserve Dim trict-St.Lo *Us
65,887,332
213,758,996
239,501,235 +2.9
256.536,633
8th St. Louis_ 9 "
6,028.090
5 065 225 +24.0
6,243,533
4.574,157
Ind.
-Evansville.
121,067,734
114,981,874
134,627,678 -2.2
131,702,4
9th M Inneapolis 7 "
241,755,764 Mo.-St. Louis_ _ 164,600.000 162,000.000 +1.6 147,000,000
223,421,107
255,310,762 +6.0
270,585,584
10th Kansas City12 "
30,440,798
39,139.883 -0,2
33.997.1 '7
39,048:110
60,740,899 Ky.-Louisville_ _
59,161,320
77,048,160
69,475,705 +19.9
1lth Dallas
5 "
422,541
314.956 -3.2
336,574
304,849
Owensboro _ _
440,189,760
467,229,011
572,379,
511,108,160 +12.0
12th San Fran.... _17 "
17,409.099
19,248,344 +9.7
21,120.832
15,876.425
-Memphis
Tenn.
1.0,055,368
11.774.234 +12.6
13.265,643
10,384.511
-Little Rock
Ark.
10,203,591,661 +1.9 8,877,069,352 7,898.305,047
Grand total__129 cities 10,394,679
294,711
420,734 -14.8
296,199
359,398
4,417,131,200 +3.0 3,819,062,642 3,631,553,754 III.- Jacksonville
Outside New York City_ 4,548,703,
1.236,525
1,537,859 +1.1
1,554,468
1,294,003
Quincy
322.241.444
286.682.850 +22.3
295.205.469
349.286.74
29cities
Canada
65.887,332
Total(8 cities) _ 246.536.833 239,501,235 +2.9 213,758,996
eapolis
Ninth Federal Reserve Din trict
7,903,970
We now add our detailed statement, showing last week's Minn.
9,194,592
7,955,621
8,793.728 -9.5
-Duluth_ _
70,533,923
82.125,895
85,462.338 -3.9
68,609.032
Minneapolis_
figures for each city separately, for the four years:
35,535,720
33,921,682 +2.8
34,888,157
St. Paul
31,256,969
2,250,628
1,726,658 +3.6
1,532,322
1.788,088
No.flak.-Fargo
1,246.161
1,351,959 +12.7
1,195.336
1,526.424
S. D.
-Aberdeen
Week Ended June 19.
440.503
540,20?
517,136
559,614 -7.6
Mont -Billings.
Clearings al
-3,156.759
2,811,697 +3.3
2,683.422
2,904.175
Helena
Inc. or
1926.
1923.
1924.
Dec.
1925.
Total(7 cities). 131,702,496 134,627,678 -2.2 114.981,874 121,067,734
Tenth Federal Reserve Din trict-K a en as City
413,115
503 520 -13.6
459.022
d434,991
Neb.-Fretront
First Federal Reserve Dist rict-Boston
440.477
428,49(
535,295 -9.4
485,039
Hastings
Maine-Bangor....
657,065
757,153 -13.2
771,934
693,702
3.757,015
4,684,690 +14.1
3,799.55(
e,345,655
Lincoln
4,251,892
Portland
2,944,034
3,445,802 +23.4
2.596,580
42,316,858
43.252,639 -0.4
39,478.074
43,091,414
Omaha
-Boston
Mass.
478,000,000 439,000,000 +8.9 378.000,000 367,000,000 Kan.
3.356,748
2 850.12!
3.2:15.772 +0.2
e3.241170
-Topeka
Fail River_
2,031,518
1,947,712
2,117,985 -4.1
2,171.371
8,227,151
7,033,006
10.920.000 -22.7
8,440,000
Wichita
a
a
a
Holyoke
a
a
+8.1 121,199,532 135,348,394
148,911.963 137,790,17
Kansas City.._ _
1,189,335
1,284,065 -7.3
Lowell
1,250,967
1,403,090
6,887,909
7.439,876 +7.3
6,383.172
d7,981.817
St. Joseph__
a
a
a
a
Lynn
a
20.703.706
20,602,564
24.871.922 +19.2
-Okla.City d29,652,922
1,279,776
1.380,783 -7.3
1,176.090
New Bedford ._
1.306,214 Okla.
a
a
a
a
Tulsa
Springfield..--6,109,209
5.456.824 +11.9
5.192,430
4.857.745 Colo.
1,125,228
18.5
998.113
1.211.175 41,314,621
-Colo.Elpge
3,884,935
3,582,762 +8.4
Worcester
3,704,000
3,499,000
18,342,448
19.235.333
19.722.612 +3.8
20.467,949
Denver
16,065,509
13,952,223 +15.1
-Hartford.
Conn.
11,714,756
10,892,554
836,715
923,923
1,141.084 +6.6
e1,216.543
Pueblo
New Haven
7,593,702 -3.5
7,328.045
6,099.098
6,080,246
13.868,100
R.I.-Providence
14,207,700 -2.4
11.360.400
11,640.500
255,310,762 +6.0 223.421,107 241,755.764
Total(12 cities) 270,585.584
719,446
N.H.-Manches'r
716,082 +0.5
670.330
753.099
Eleventh Fede ral Reserve Distriet-P. Ilas1,419,245
1.346,266
1,683,358 -3.0
1,632,443
-Austin _ _
Texas
Total(12 cities) 535,384,830 493,495,081
+8.5 424,707.956 413,017,896
29,397,000
39,005,642
43.782,144 +7.6
47,095.132
Della.
9.014.759
9.763,839
0
10100.240 +16.
Fort Worth__ _ d12.387 607
Second Feder al Reserve D istrict-New York
6,608,981
4,201,640
8.664,539 +20.0
10,388,000
Galveston
-Albany _ _
8,103,257
6,009,016 +34.8
N. Y.
4,958,301
4,850.807
a
a
a
a
Houston
Binghamton_
1,070,900
1,117,200 -4.2
1,050,400
1,060,800 La.
4,300,914
4;43,933
4,745,423 +16.8
5,545.078
-Shreveport.
56,735,281
Buffalo
58.973,674 -3.8
47,952.728
51,284,077
Elmira
1,093.876
747,421
919,868 +19.0
739,866
50,740,899
59.161,320
60,475,704 +19.9
77,048,160
Total(5 cities) _
Jamestown.
c1,656,865
1.643.922 +0.8
1,371,788
1,191,708
Twelfth Feder al Reserve I Istrict-San Franc'i scoNew York_
5,845,975,697 5,786.460.461
+1.0 5,057,996,710 4,266,751,293 Wash.
38,255,948
44,302,233
43,684,935 +7.7
47,045,962
-Seattle.,
Rochester
13,610,211
10,314,794
12,473.325 +9.0
10,985.196
11,339,000
10,970,000
12.051.000 +3.9
12,526,000
Spokane
5,792,544 +0.6
Syracuse
6,451.764
5,829,646
4,371.965
a
a
a
a
Tacoma
4,216.521 -0.8
Conn.
c4,181,336
-Stamford
3,471,657
3,728,398
1,079,196
1,143.009
1,353140 +22.1
1.653.240
Yakima
-Montclair
N. J.
1,199,118
634,358 +89.0
571.269
943,135
37,015.885
38.168,046
40,921,878 +4.4
42,735,231
-Portland _
Northern N.J_
38,818.100 +20.0
43.151,089
46.597.993
47.321,237 Ore.
15,133,883
16,032,822
16,354,329 +10.5
18,076.720
Utah-S. L. City
a
a
a
a
.
a
Total(11 cities) 5,986,054,180 5,917,058,989 +1.2 5,179,072,634 4,392,193,769 Nev.-Reno
a
a
a
a
a
__
Aria -Phoenix
3,924,686
2,484,962
3,150,855 +23.3
3,894,077
Calif.-Fresno_
Federal Reserve Dia trict-Phila elphia
Third
8,780,656
7.171,937
8.630,680 +10.1
7,299,525
Long Beach_
1,381.515 +17.4
Pa.
1,507,738
-Altoona__ _
1.621,855
1,502.578
183,707.000 163.030 000 +12.7 143,486,000 136.717,000
Log Angeles_ _
4,538,442 +1.6
4,612,072
3,508.962
Bethlehem
4,815,861
14,358.236
20,979.447 +3.8
15.007,210
21,781,17(
Oakland
1,395,627
1,640,548 -14.0
1,563.765
Chester
1.273,886
4,905.021
5.217,323
6.163.144 +17.9
7.264,172
Pasadens
2,028.361
2,616.836 -22.4
2,755,780
2.797,290
Lancaster
6,441,084
8.326.493 -4.1
7.381.248
7,984.497
,
Saerar ento _
606,000.000 649,000,000 -6.6 537,000.000 531,000.000
Philadelphia
3,753.580
5,162.5.5! +22.8
3,778.733
6,341.711
San Diego
3,840,152 +15.3
3,114.710
4.427,156
3.439,216
Reading
San Francisco_ 201.735 000 174.815.000 +15.4 164.500 000 152,600.000
+1.5
6.263,601
5,681.342
6,350,351
5,508.224
Scranton
2,281.422
2,070,113
2.385.748 +15.4
2.755.051
San Jose
4.392.395 +4.5
4,022.707
4,106.380
Wilkes-Barre_ _
d4,588,361
1.051,863
, +20.0
1.2541.81
977,967
1,507 874
Santa Barbara.
1,924,251
2.359,182
1,482,086
York
1,964.866
+2.1
2.078 008
2,103.25" +42.4
2.994,291
Santa Monica.
6,431,712 +1.4
5,332,391
6,522,041
4,801,775
-Trenton _
N.J.
2.552,300
2.725 400 +12.9
2,399.400
3 077.600
Stockton
a
a
a
a
a
Del.-Wilming'n_
) 572,379.129 511.108.160 +12.0 467.229.011 440,189.760
Total(17 eltle4
Total(10 cities) 639,510.690 682.029,452 -6.2 566,846,577 560,727,300
Grand total (126
+1.9 8,877,069,352 7,898,305,047
10394,679.296 10203,591,661
cities)
Fourth Feder al Reserve D 'strict-Clev eland
6,034,000 +17.7
7,444,000
d7,103,000
7.360,000
-Akron. _
Ohio
Outside NewYork 4,548,703.599 4.417.131.200 +3.0 3.819.062,642 3,631.553,754
5,559,120
4,711,916
+2.3
4,338,006
Canton
4,440,599
66.383,736
+4.3
72,093,112
79,868,421
83,316.082
Cincinnati _ _ _
137,564,200 137,524,783 +0.02 111,433,877 117.376.850
Cleveland
Week Ended June 17.
12,775,600
16,868,00
14,691,200
15,572,200 +8.3
Columbus
Clearings at
a
a
a
a
Dayton
Int.Or
a
a
a
a
Lima
1925.
Dec.
1923.
1124.
1926.
2,004,751
1,633,131
2,266,803 +5.6
d2,393,199
Mansfield
a
a
a
a
a
Springfield_ $
%
$
$
Canadaa
a
a
a
Toledo
110.487.797
+30.2
96,788,084 106,252,517
3,975,190 Montreal
5,436,729 +19.4
4.385.838
Youngstown_
6180068
+10.2
98.823.675
100,919.042
83,38.3,242
Toronto
a
a
a
a
a
-Erie
Pa.
52.671.746
+43.8
39,420.767
44.041,765
182.312,638 180,980,639 +0.7 161,494,007 183,729,567 Winnipeg
Pittsburgh _ _
6
17,967,43
14,594,006
+33.0
15,116,521
Vancouver
6
7,263.99
+9.0
9,214.877
6,755.209
+1.9 370,262,105 406,789,790 Ottawa
Total(8 cltles)_ 440,487,286 432,021,581
-3.8
5,255,288
5.109,623
7,280,511
Quebec
-4.1
2,669,813
2,944,770
2.964,794
Halifax
Fifth Federal Reserve Dist rict-Richm ond+28.0
5,996.140
6.155,970
5,066,215
2,030.497
2,105,028 Harr ilton
1,646.234 -4.2
1,516,867
W.Va.-Hunt'g'n
5,404.441
5,620,316
+4.1
6,588.573
8,171,049 +6.3
7,334.658 Calgary
-7.232,715
d8,690,548
Norfolk
3,103,583
+19.0
2,666.718
2,464,009
52,931,000
46.655.000 St. John
51,132,000 -3.2
49,487,000
Richmond
2.542.766
+26.5
2,089.002
1,995,083
2.284.888
2,878,360 Victoria
2.059,204 +23.9
d2,550.642
S.C.-Charleston
3,316,438
3,749,808
+8.0
3.507,378
London
Md.-Baltimore _ 135.685.091 136,611,449 -0.7 104,549,395 106,316,997 Edmonton
0
3,626,38
64
4,415.8
+12.2
4.143.804
22,288,439
25,677.000
27,659.506 +14.1
31.559,845
D.C.-Washing'n
3,149,539
4,101.830
2,949,574
+32.9
Regina
558,850
564.012
-3.6
461.247
Brandon
Total(6 cities). 229,489,993 227,279,442 +1.0 194,705,495 187,578,482 Lethbridge
485,861
503,697
-19.4
472,001
1,477,913
1,765,144
+19.0
1,516,455
Saskatoon
Sixth Federal Reserve Dist rict-Atlant 21,134,847
1,138.885
+14.5
1,039,842
7,154.847
6,469,929 Moose Jaw
8,250,287 +4.1
d8,586,131
Tenn.-Chatt'ga.
1,017,706
1,217.823
+23.0
976,727
2.937.982 Brantford
3,100,000
2,930.786 +32.5
3,882,725
Knoxville
864,874
928,180
+29.5
771.219
18.324.934 Fort William_ _ _ _
16,351,285
22,541,207 +5.2
23,711.678
Nashville
554,147
763.072
579.003
+32.8
49.785.418 New Westminster
52,595,450
-8.9
65.422.092
59,630,967
Georgia-Atlanta
287,370
252.853
357,577
Medicine Hat.. _
-3.2
1.692.929
1,397,109
1,707.000 -4.3
1.633.501
Augusta
719,669
706,649
790.370
-13.1
1,293.377 Peterborough_ _ _ _
1,331,119
1,506,683 +24.8
1.880,453
Macon
858,502
953.502
Sherbrooke
+26.2
9119.518
a
a
a
a
1.078,422
Savannah
911.214
934,024
Kitchener
-4.1
12,342.581
16,437.777
27.279.090 +13.2
30.884.268
5,812,541
Fla.-Jack'nville.
3,488,679
5,343.131
Windsor
+23.8
3,175,791
18,900.627 -67.0
11.298.638
309,273
Miami
364.595
297,790
.
+18.1
19,587,900 Prince Albert_ _
25,001,742
25,996.821 -5.8
914,531
24.480.576
Ala.-Birming'm.
783.401
786,734
+5.7
1,708,844 Moncton
1.650.464
1,918.394 +4.9
793,550
2.204.864
Mobile
743,142
755,101
+6.1
928.826 Kingston
1,140,952
1.305.157 +22.3
Jackson
1.596,000
255.010
276.934
288,286 +22.3
e352,635
Vicksburg
Total(29 cities) 349.296 747 255 592 650 .5.9.21 295.208.469 322.241,444
47.894,913
48,623.888
55,921,348 +6.9
59.766,520
La.-NewOrleans
a No longer report clearings. b Do not respond to requests for figures. c Week
.Total(13 cities) 229.908.956 233.967.778 -1.7 178,237,358 163.222,643 ended June 16. d Week ended June 17. e Week ended June 18. • Estimated.

JUNE 26 1926.]

THE CHRONICLE

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 9 1926:

3567

CASH AVAILABLE TO PAY MATURING OBLIGATI
ONS.
April 30 1926. April 30 1925.
Balance end month by daily statement. Oa
Add or Deduct-Excess or deficiency of receipts over 5334,771,857 $329,324,999
or under disbursements on belated items
+1,092,987
-1,494.810

GOLD.
$385,884,844 $327,830,389
The Bank of England gold reserve against notes on the 2nd inst. amounted Deduct outstanding obligations:
Treasury warrants
to £147,591,730 as compared with £147,826,815 on the previous Wednesday.
2,371,978
Matured interest obligations
About £700,000 bar gold came into the market. Of this a small amount
60.238,396
84,048,398
Disbursing officers' checks
was takrn for India and the Trade: the remainder was divided roughly
73,950.313
66,196,342
Discount accrued on War Savings Certificates....
between the Bank of England and the Continent.
11.260,105
17.045,144
Settlement warrant checks
The Bank of England has received and given out gold as follows,
1.188,227
since
our last issue:
Total
$148,635,041 5149,859,880
June 3. June 4. June 5. June 7. June 8. June 9.
Received
£332.000
Balance,deficit(-)or surplus(+)
Withdrawn_
+5189.229.803 +5178,170,529
£7.000
£54,000 £16.000 £22.000
a The total gross debt Apr. 30 1926 on the basis of daily Treasury
The receipt shown above was in the form of bar gold and was
statements was
to be of South African origin. The destinations of the £92,000understood 320,069,193,011 13, and the net amount of public debt redemption and receipts
included in the withdrawals were as follows: £21,000 to Spain, sovereigns in transit. Jrc., was 56,52300.
S No deduction is made on account of obligations of foreign
£20,000 to
Argentina. £26,000 to Holland, £8.000 to Brazil, £5,000
Governments or
to Uruguay and other investments.
£12.000 to Straits Settlements.
c Includes 82,287,400 4% Loan of 1925.
During the week under review £233,000 on balance has been received
by
the Bank,increasing the net influx since the 1st
and reducing the net efflux since the resumption January 1926 to £4,712,000,
of an effective gold standard
to £6,883,000.
United Kingdom imports and exports of gold during
the week ending
the 2nd inst. were:
ImportsPittsburgh Stock Exchange.
Exports
-Record of transactions
British South Africa
£55,371
Egypt
£62,000 at Pittsburgh Stock Exchange June 19 to
June 25, both
British India
104,468 inclusive
, compiled from officials sales lists:
Ceylon
10.000
Other Countries
21.358
Friday
Sales
Total
Last Week's Range for
£55.371
Range Since Jan. 1.
Total
£197,826
Sale
of Prices.
Week.
SILVER.
StocksPar. Price. Low. High. Shares.
Low.
High.
The market has kept fairly steady under the influence
covering. Supplies have not been plentiful. America of moderate bear Am Vitrified Prod com_ _50 NA 26
185 28 June 3344 Jan
263.4
having had some Am Wind
local demand for China and also for India. The
Glass Mach_ _100
64
45 64 June 80
65
uneasy feeling which
Jan
created a poor undertone before the Strike has
Preferred
100
841.1 8444
10 8144 May 9134 Jan
appeared, and there Is little disposition to open for the time being dis- Arkansas Nat Gas com_10
8
53.1 8
1,848
534 Feb
7
Jan
This does not mean that the future prospects of fresh bear commitments. Colonial Trust Co
100
250 250
1 220
Feb 280
Feb
now that Continental coinage purchases seem silver have improved, for Comn onwealth Tr C0_100
275 275
improbable and China is
20 275
Mar 275
Mar
surfeited with stocks, the great bulk of the
Conley Tank Car pref 100
world's
10134 10134
10 10034 Apr 10134 Mar
be absorbed by India. India is well aware of thissilver production must Consolidated Ice pref. _ 50
20
20
10 20
responsibility and, as
Mar 24
Feb
on previous occasions, has been selling forward
Devonian 011
10
1434 1444
70 1234 Apr 17
Jan
It remains to be seen whether the course of events against spot shipments. First Nat Bank
100
308 308
3 308 June 325
Mar
able apprehension of the likely trend of prices. will Justify India's reason- Houston Gulf Gas
•
734
751 73-4
The
580
534 Apr 10
Feb
the monsoon in India for 1926 states that the rainfall is official forecast of Lone Star Gas
25 31
s31
3114 2.470 30
likely to be normal Nat
Apr 563.4 Jan
in the Peninsula and North East India, but somewhat
Fireproofing pref _ _ _50 3474 333-( 3434
455 3244 May 39
defective in North
Feb
West India.
Ohio Fuel Corp
25 36
3534 3644 3.117 33
Apr 37 June
Oklahoma Natural Gas_.25 2944 29
United Kingdom imports and exports of silver during
297-4 2,381 28
Mar 34
Jan
the week ending Pittsburgh Brew com _50
the 2nd inst. were:
534 544
100
3
Jan
8 June
Pittsburgh Plate Glass_100
270 274
Imports82 270 June 310
Jan
Exports
Pitts Ter White Jr Tran_100
29
29
U. S. A
10 28 June 30
£166,394
Mar
Hungary
£32.640 Pittsburgh Trust Co_ _ _100
220 220
Mexico
10 220
Feb 225
53,337
Jan
British India
42,236 Salt Creek Con Oil
10
Other Countries
834 9
210
834
8
Apr 10
16,611
Other Countries
Feb
9.580 Stan Plate Glass pref. _100
2934 30
110 25 May 50
Feb
Stand San Mfg com
25 101
Total
100 101
549 100
£236.342
Total
Jan
£84,456 Tidal Osage Oil
10
9
su 2.190 834 May 11834 Jan
Mar 10
INDIAN CURRENCY RETURNS.
U S Glass
25
153-4 16
270 153-4 June 193-4 Jan
(In lacs of rupees.)
West'house
May 15. May 22. May 31. Want Pan,, Air Brake_ _ _50
12334 128
290 106
Mar 128 June
Notes in circulation
Rya nrof
tan
As
us
in an 46 Tan 0.1 5Rav•
18516
18582
18708
Silver coin and bullion in India
8472
8537
8660
Silver coin and bullion out of India
• No par value.
Gold coin and bullion in India
-Sold last week and not reported: 100 Carnegie Metals at 18:
Note.
2232
.
. 232
2
228 Tank Car, pref., at 10134; 10 Pittsburgh Trust Co. at 220;
20 Conley
Gold coin and bullion out of India
253 Westinghouse air
Securities (British Government)
Brake at 1191418123.
5712
815
8 1.
.
Securities (Indian Government)
2100
2100
2100
The silver coinage during the week ending the
Cincinnati Stock Exchange.
31st ultimo amounted to
-Record of transactions at
2 lace of rupees.
Cincinnati Stock Exchange June 19 to June 25, both inThe stock in Shanghai on the 5th inst. consisted of
about 59,900,000
ounces in sycee, 60.500.000 dollars, and 7,920
silver bars, as compared clusive, compiled from official lists:
with about 58,800,000 ounces in sycee. 60,800,000
dollars, and 8,180 silver
bars on the 29th ultimo.
Friday
Sales
Statistics for the month of May are appended:
Last Week's Range for
Range Since Jan. 1.
Sale
Bar Silver per Oz. Std.
ofPrices.
Week.
StocksPar. Price. Low. High. Shares
Cash.
Low.
2 Mos.
High.
Bar Gold.
Delivery.
Delivery.
Per Oz. Fine.
Highest price
Industrials
3034d.
309-16a.
845. 1134d. Am Laundry Mach com_25
Lowest price
29 15-16d.
11434 11434 118
492 108
2934d.
Mar 1457-4 Jan
84s. 934cl.
Average price
Amer Products
30.125d.
25
2574
233 2444 May 2734 Mar
30.085d.
84s. 10.8d. Amer Rolling Mill, com_25
Quotations during the week:
4934 497-4 5074 1,592 473.4 Mar 59
Feb
Preferred
100 10934 10934 110
82 109
Bar Silver per Or. Std.Mar 111
Mar
Bar Gold.
Amer Seeding Mach, pf 100 67
66
67
14 66 June 75
Cash.
Jan
2 Mos.
Per Oz. Fine. Amer Thermos
June 3
1434 1534
280 133-4 May 2034 Mar
30 1-16d,
30 1-16d.
845. 1134d.
Preferred
4
40
42
43 40 June 44
30 1-16d.
Mar
30 1-16d.
848. 1134d. Baldwin common
100
S
206 206
10 206 June 248
3034cl.
Feb
3034d.
84s. 11 Wt• Buckeye Incubator__ _100
7
3134 32
37 30
Jan 337-4 Feb
30 3-16d
3034d,
84s. 1134d. Campbell's Crk Coal p1100
99
99
830.
5 99 June 99 June
s.
% . Carey (Philip) corn_ __AO°
174 174
5 174 June 181
303-16d.
Apr
303-16d.
84s. 11%d. Champ Coated Paper pf100
Average
10934 10974
10 10834 Mar Ill
30.125d.
Apr
30.135d.
845. 11.3d. Champ Fibre, pref. _ _100
The silver quotations to-day for cash and two
106 106
21 103
Mar 106 June
months delivery are each Churngold Corp
•
5474 5444
278 533-4 Apr 78
116d, above those fixed a week ago.
Feb
CM Postal Term pref. A00
90
90
10 88
Feb 95
Apr
City Ice & Fuel
" 2434 2334 2434
50 2334 Apr 2546 Jan
Cooper
new pref _100
9914 9914
8 9934 May 108
Feb
Public Debt of United States-Completed Returns Dalton CorpMach corn 100
Ad'g
6144 62
62 60
Mar 7134 Feb
Douglas (John) pref._ _100
10834 10834
5 106
Apr 10874 June
Showing Net Debt as of April 30 1926.
Eagle-Picher Lead com _20 2834 283-4 2834
.
870 2634 Mar 35
Feb
Early & Daniel common_ _• 45
45
45
4 377-( Mar 46 may
The statement of the public debt and Treasury cash hold- Formica Insulation
2334 24
30 20
Mar 27
Apr
ings of the United States as officially issued April 30 1926, French Bros-Bauer COM •
(undeposited)
•
delayed in publication, has now been received, and as
153-4 153-4
100 15
Mar 17
Jan
inter- Gibson Art common
• 3744 3744 38
262 3634 Feb 39
Mar
est attaches to the details of available cash and the gross and Globe WernickeCommon (deposited) 100
net debt on that date, we append a summary thereof, making
9974 100
85 95
Mar 101
June
Common (undepos)_.100 99
99 10044
115 9234 June 10074 June
comparisons with the same date in 1925.
Gruen Watch pref
100
10634 10634
5 10334 Feb 107
Jan
Hatfield-Rellance corn_ •
16
16
INTEREST-BEARING DEBT OUTSTANDING.
20 1434 Mar 1834 Apr
Kahns (part)
100 44
4374 4434
144 4244 May 45
Apr
InterestApril 30 1926. April 30 1925. Kroger common
10 11574 11434 11574
650 1043.4 Mar 13544 Jan
Tale of LoanPayable.
New preferred
8
100 11174 11134 11144
52 110
Mar 11234 June
2s, Consols of 1930
Q.
-J
599,724,050
• 18
599,724.050 McLaren common
18
18
6 18 June 2034 Feb
28 of 1916-1936
48,954,180
Q.
-F.
48,954,180 Paragon Refg common 25 -----73.4 714
95
674 May
93.4 June
25 of 1918-1938
Q.
-F.
Preferred
25,947.400
100
65
25,947,400
65
25 65 June 66 May
3s of 1961
Q.
-M.
49,800,000
49,800,000 Procter & Gamble corn_ _20 15734 157 15774
98 13974 Mar 160 May
Conversion bonds of 1946-1947
as
28,894.500
Q.
-J.
6% Preferred
100 11234 11214 11234
28,894.500
121 11044 Feb 11634 Apr
Certificates of indebtedness
J.
-J. 819.302,000
96
564,481,500 Pure Oil 6%, preferred_ _100 96
97
312 8.514 Jan 98 June
lois First Liberty Loan, 1932-1947
J.-.1. 1,402,143.100 1,409,995,950 U S Can common
• 44
47
49
395 44 June 63
Feb
Liberty Loan, converted
Ls First
Preferred
J.
-D.
5.156,850
100 10274 10274 103
6,083,700
10 99 May 104
Apr
434s First Liberty Loan, converted
J.
-D. 532.874,200
20 13674 13574 13574
531,948.350 135 Playing Card
63 135 May 145
Feb
4345 First Liberty Loan,second converted
U S Ptg Jr Llth com_ __ _100 83
J.
-D.
3,492,150
82
3,492,150
83
72 81
Jan 8474 Apr
Ils Second Liberty Loan. 1927-1942
M.
-N.
Preferred
20,850,700
100 -----97
24,101.950
97
2 92
Jan 100
Mar
g Hs Second Liberty Loan, converted
3,083,679,600 3,080,459,150 U S Shoe common
•
i :
614 634
10
544 Apr
83.4 June
sgo Third Liberty Loan of 1928
Preferred
M. 2,570,106,000 2,885,377,350
-S.
100
45
46
148 45 May 5844 Feb
Opt Fourth Liberty Loan of 1933-1938
A.-0. 6,324,472,450 6,324,488,350 Whitaker Paper common_• 43
43
43
1 43 June 56
Apr
sgs Treasury bonds of 1947-1952
763,948,300
763,948,300
Banks
ils Treasury bonds of 1944-1954
1,047,087,500 1,047,088,500
Fifth-Third-Union units100
3418 Treasury bonds of 1946-1956
494,898,100
321 321
10 318 May 330
Mar
Matured 361.294.566
Ls War Savings and Thrift Stamps
388,418.140
Public Utilities
23.45 Postal Savings bonds
J.
-J.
12,540,040
11,995,880
vie to 5415 Treasury notes
J.
-D. 1.612,403,600 2,810.272,400 Chic & Sub Tel
50
85
8574
54 81
Apr 8574 June
Cin Gas At Flee
100 89
89
8974
455 88
Mar 9374 June
Aggregate of Interest-bearing debt
19,807.569.286 20,605.471,800 C N dc C Lt. dr Tr com_100
893-4 91
106 8144 Jan 93 June
Bearing no interest
Preferred
100
246,486,268
7034 7034
46 64
288,875,428
Apr 7046 June
Matured,interest ceased
100 10974 109 1097-4
15,193,980
168 109 June 11134 Mar
c18,658.680 Ohio Bell Tel prof
Tractions
Total debt
a20,069,249,534 20.913,005.908
Deduct-Treasury surplus or add Treasury deficit_ _
50 3334
3334 3434
+189,229,803 +178,170,529 Chic Street Ry
144 32
Mar 35
Cob= Ry Pr& Lt nref _100 99
09
99
25 98 May 9944 Feb
Apr
Net debt
b19,880,019,731 20,734,835,379
•No par value.




Erimmercial ind MiscellaneonsBnixs

3568

[Vol.. 122.

THE CHRONICLE

following information regarding
the
national banks is from the office of the Comptroller of

-The
National Banks.

Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
June 16
-First National Bank in Lankershim, Calif
Correspondent, Clyde Thacker, Lankershim, Calif.
june 16
-The Lakes National Bank of Spirit Lake, Iowa
Correspondent, M. C. Nelson, Spirit Lake, Iowa.
June 18
-The Iselin National Bank, Iselin, N.J
Correspondent, S. A. Foster, Iselin, N. J.
APPLICATION TO CONVERT APPROVED.
-The First National Bank of Grayson, Ky
June 16
Conversion of the Citizens Bank of Grayson, Ky.
CHARTERS ISSUED.
-The Lott National Bank, Lott, Tex
June 16
-12,943
Conversion of the Lott State Bank, Lott, Tex.
President, W. R. Peters; Cashier, Henry Lott.
18
-The First National Bank of Algonac. Mich_
June
-12944
Pres., Henry H.Townsend; Cashier, F.R. Hemenger.
-The Halsted Exchange National Bank of
June 18
-12945
Chicago, Ill
President. Daniel M. Healy; Cashier, G. L. Nelson,

1
.0a0
iggi 6

By A. J. Wright & Co., Buffalo:
$ per oh.
$ per sh. Shares. Stocks.
Shares. Stocks.
$4 lot 2,000 Baldwin Gold Mines,par $1...234 cts.
50 Strab Oil, par $25
115 Westbrook Corp., pref., with
& East.Pow.,no par_ 29
8 Buff. Niag.
$575 lot
215 shares corn. bonus
1,000 Lakeside Lorrain, par $1-334 ets.
1,000 Consolidated West Dome
5
100 33 Gates Circle, Inc., pref
1431 eta.
Lake, par $1
Pow., pref.,
1 Buff. Niag. & East.
2431
Par $25

25,000
25,000

50,000

$25,000

•

DIVIDENDS.

In the
Dividends are grouped in two separate tables.
announced the
first we bring together all the dividends
in which
current week. Then we follow with a second tablej
, but which
we show the dividends previously announced
have not yet been paid.
The dividends announced this week are:

30,000
Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

200,000

Railroads (Steam).
July I Holders of rec. June 21
3
Allegheny & Western
Belt RR.& Stock Yards. Indianapolis
1% July 1 June 20 to June 30
Common and preferred stock
2)4 July 1 Holders of rec. June I90
Boston & Providence (quar.)
rec. June 300
Carolina Clinchf.& Ohio,common (qu.) 75e. July 10 Holders of rec. June 300
75e. July 10 Holders of
stamped stock (quar.)__
Convertible
Holders of rec. June 300
50c. July 10
Common stamped stock (extra)
July 15 Holders of rec. July 60
2
Central RR.of New Jersey (quer.). _
2
Aug. 16 Holders of rec. Aug. 66
Extra
July 30
Delaware Lackawanna & Western (qu.) $1.50 July 20 Holders of rec. June 190
3.22 July 1 Holders of rec.
Elmira & Williamsport, preferred
2
June 20 Holders of rec. June 220
Lehigh & Hudson River (quar.)
134 Aug. 2 Holders of rec. July 15a
Missouri-Kansas-Texas. pref. A (quar.)
June 28 Holders of rec. June 21a
New Orleans & Northeastern (annual)_
131 Sept. 18 Holders of rec. Aug. 310
Norfolk & Western, common (quer.)_ _ _
1
Aug. 19 Holders of rec. July 316
Adjustment preferred (quar.)
following,
14
-Among other securities, the
Auction Sales.
Northern RR.of New Hampshire(quar.) 135 July 1 Holders of rec. June 12
July 1
not actually dealt in at the Stock Exchange, were sold at auction Norwich & Worcester, pref. (quar.)... 2 July 20 Holders of rec. June 10a
Holders of rec. July
2%
on Wed- Pitts. Cm. Chic. & St. Louis
in I New York, Bostcn, Philadelphia and Buffa!o
234 June 30 Holders of rec. June 9
Providence & Worcester (quar.)
Aug. 12 *Holders of rec. July 15
*El
Reading Company, corn. (quar.)
nesday of this week:
*50e. Sept. 9 *Holders of rec. Aug. 23
First preferred (guar.)
New York:
*50e. Oct. 14 *Holders of rec. Sept.21
Second preferred (quar.)
By Adrian H. Muller & Sons,
251 July 1 June 22 to June 30
$ per oh. Rome & Clinton
$ Per oh, Shares. Stocks.
Shares. Stocks.
•134 Aug. 25 *Holders of rec. July 24
13% Wabash By., preferred A (quar.)
220 Arcade Stable, par $25
3,200 Van Camp Pkg. Co., Inc.,
325,000 40 Berkshire Hills Paper Co., corn. $71
corn., no par
Public Utilities.
lot 1 Berkshire Hills Paper Co.. pref. lot
7,000 The Calco Chemical Co.,
June 250
Adirondack Power& Lt.,corn.(monthly) 100. June 30 Holders of rec. June 196
$1,000 Middletown & Unionville
corn., temp. ctfs., no par_ _ _ _
2
July 1 Holders of rec.
Eight per cent preferred (quar.)
RR. adj. Inc. 68, Nov. 1 1933_ _ _ $945
300 Union Trust Co., Lancaster,
131 July 1 Holders of rec. June 190
& Unionville RR. lot
Seven per cent preferred (quar.)
5 Middletown
1
Pa
July 220
V. t. C. of beneficial interest
American Electric Power, pref.(quar.)_ _ $1.75 Aug. 2 Holders of rec. June 150
50 River Feldspar & Milling Co.,
1% June 30 Holders of rec.
Amherst Gas Co.(quar.)
$200
Common
July 1 Holders of rec. June 250
2
Per Cent. Arizona Power, 8% prior pref.(quar.)
Bonds50 River Feldspar az Miffing Co., lot
131 July 1 Holders of rec. June 25a
Seven per cent preferred (quar.)
$10,000 Zellwood Florida Farms Co.
preferred
1% July 1 Holders of rec. June 150
1st 7s, Series A, due 1922 to
Arkansas Light & Pow., pref.(quar.)
3,200 Van Camp Pkg. Co., corn.,
62%e. July 1 Holders of rec. June 150
3500 lot Associated Int. Elec. Corp., A (guar.).
1932
5
no par
June 30 *Holders of rec. June 29
Bell Telep.of Pennsylvania, corn.(quar.) *2
$23,500 The Hill Schools. f. regstd.
Co.,
6 Suburban Land az Homes
*331 Aug. 2 *Holders of rec. July 15
318,094.67 lot Boston Consol. Gas,6)4% pref
58, Nov. 1955
$250
7% pref
*2% Aug. 2 *Holders of rec. July 15
68, ct.f.
531% preferred
Land & Homes Co., lot $500 Hanover Canal Co 1st
6 Suburban
$10 lot Brooklyn Borough Gas, common (quar.) 50c. July 10 Holders of rec. June 300
dep
corn., no par
134 July 1 Holders of rec. June 210
Preferred (quar.)
7,000 The Calzo Chemical Co.,
July 15 Holders of rec. July 1
Brooklyn-Manhattan Transit,corn.(qu.) $1
55c.
corn., no par
1% July 15 Holders of rec. July 1
Preferred series A (quar.)
1% Oct. 15 Holders of rec. Oct. 1
Preferred series A (quar.)
By R. L. Day & Co., Boston:
1% Jan1.5 27 Holders of rec. Dec. 31
.
Preferred series A (quar.)
$ per oh.
$ per oh. Shares. Stocks.
134A pr 15'27 Holders of rec. Apr. 1
Shares. Stocks.
Preferred series A (quar.)
18
333 ex-div. 5 Reed Prentice Co., preferred_
25c. June 30 Holders of rec. June -15a
5 First National Bank
Buffalo General Electric. common
5 rights Reed Prentice Co
400. June 30 Holders of rec. Junel156
25 National Shawmut Bank._237 ex-div. 22 units First Peoples Trust_723( ex-div.
Preferred
ex-div.
pfd.((au).. 131 July 1 Holders of rec. June I sa
10Naumkeag Steam Cot.Co_154%
11531 3 special units First Peoples Trust_ 531 California Elec. Generating.
rec.
10 Pepperell Mfg. Co
Central Power (Nebraska), pref.(guar.) 1% July 15 Holders of to June:306
Boston Ltg. Prop., pref.. _104
10 North
July 15
25 Lawrence Mfg.Co.,Par 880_6531438
Cin. Newp.& Coy.L.& Tr.,corn.(qu.). 134 July 15 July 1
11% 18 Federal Power dr Lt. Co., pref._ 78
131 July 15 July 1 to July 15
10 Salmon Falls Mfg. Co
Preferred (quar.)
8 New Bedford Gas dr Edison Light
50%
July 1 June 20 to June 30
5 Gosnold Mills, preferred
Cincinnati & Sub. Bell Telep.(quar.)_ - 2
72
co., par $25
100
1
June 30 June 19 to June 30
1 Esmond Mills, preferred
City By.(Dayton,O.),com.(quar.)._
2834 15 New Bedford Gas & Edison Light
134 June 30 June 19 to June 30
5 Otis Co
Preferred (quar.)
73
Co., par $25
$1.25 Aug. 16 Holders of rec. July 3I0
7 American Glue Co., preferred..._112
Columbia Gas & Electric, corn.(quar.)_
5234
Co
316
3 Hartford Fire Insur. Co_ _ _519 ex-div. 85 Sullivan Machinery
Seven per cent preferred, series A (qu.) 1% Aug. 16 Holders of rec. July 15
200
*2
Aug. 2 *Holders of rec. July
10 Essex Co., par $50
Commonwealth Edison Co.(quar.)
Gas & El. COL. Pf.(q11.) $1.50 July 15 Holders of rec. July la
Commonwealth
Boston:
By Wise, Hobbs, & Arnold
Power Corp.. com.(111.) 50o. Aug. 2 Holders of rec. July 14a
$ per oh• Commonwealth
1% Aug. 2 Holders of rec. July Ha
$ per oh. Shares. Stocks.
Preferred (quar.)
Shares. Stocks.
- 9131
235 July 2 Holders of rec. June 150
245, ex-div. 8 North Boston Ltg. Prop.,corn.
Consumers Gas (Toronto) (quar.)
10 Atlantic National Bank.
131 Oct. 1 Holders of rec. Sept. 15
2 New Bedford Gas & Edison Light
136
Consumers Power,6% prof.(quar.)•5() Citizens National Bank
72
1.65 Oct. 1 Holders of rec. Sept. 16
Co., par $25
6.6% preferred (quar.)
Co.. par $80...... 6534
18 Lawrence Mfg.
134 Oct. 1 Holders of rec. Sept. 15
5 Merrimac Chemical Co., par $50
21
7% preferred (quar.)
5 Connecticut Mills, 2d pref
78, ex-div.
50c. Aug. 2 Holders of rec. July 15
35%
6% preferred (monthly)
20 Nonquitt Spinning Co
500. Sept. 1 Holders of rec. Aug. 16
,ex-div 139 Brockton Gas Light Co.,Dar $25
preferred (monthly)
6%
20 Nashua mfg. Co.,pf_83%-8331
42, ex-div.
50c. Oct. 1 Holders of rec. Sept. 15
8% preferred (monthly)
10 Naumkeag Steam Cotton Co.
7234
55c. Aug. 2 Holders of rec. July 15
15531, ex-div. 4 units First Peoples Trust
6.6% preferred (monthly)
I
550. Sept. 1 Holders of rec. Aug. 16
13 Turners Falls Pow. & Elec. Co.
3611-37
6.6% preferred (monthly)
125 Union Mills, Inc., corn
182, ex-div.
55z. Oct. 2 Holders of rec. Sept. 15
9334
8.6% preferred (monthly)
Mills, pre!
1 Ipswich
June 29 *Holders of rec. June 28
150 Merrimac Chemical Co.,par$50
121
State Telep., corn.(quar.)__. *2
5 Walter Baker Co., Ltd
76-7634, ex-div. Diamond Power & Transm., pref. ((au.)_
134 July 15 June 24 to July 1
7234
Dominion
2 units First Peoples Trust
July 1 June 21 to June 30
15 Greenfield Tap & Die Corp., pref
Eastern N.J. Power. pref.(quar.)
Shoe Co.. pref.
2 W. L. Douglas
9431, ex-div.
$2.25 June 30 Holders of rec. June 176
Easthampton Gas Co.(quar.)
8231, ex-div.
Holders of rec. July 23
Aug.
Co., par $25
Finance Corporation. pref
1334 11 Brockton Gas Light
45 Huron Milling Co
43, ex-div. Electric
Holders of rec. June 28
Corp.,$6 Pref.(quar.)_ _ 81.50 July
54
10 Sullivan Machinery Co
3734 Empire Power stock
40c. July 1 Holders of rec. June 30
Mfg. Co., pref
130, ex-div. 10 Eastern
Participating
65
5 Draper Corporation
pref
50c. July
Holders of rec. June 216
. 134 31 Graton & Knight Co.,
Fall River Electric (quar.)
Co., par $25_
65 Submarine Signal
10
. 60 Graton & Knight Co., corn
Foshay (W. B.) Co., Inc.
3 Fall River Elec. Light, par $25
2-3 July 1 Holders of rec. June 30
Common and special stock (monthly)_
42% ,ex-cliv
Per Cent.
2-3 July 1 Holders of rec. June 30
Bonds.
Preferred A (monthly)
8 Merchants Real Estate Trust ___ _310% $1,000 Boston & Maine RR. 3348,
7-12 July 1 Holders of rec. June 30
51
7% preferred (monthly)
6 Pemberton Building
9031 & int.
50c. July
Holders of rec. June 150
reg., Feb. 1925
Gas & Elec. Securities, corn.(mthly.)_._
Assn., par $20 534
20 Odd Fellows Hall
Holders of rec. June 166
/75c. Illy
Common (payable in corn.stock)
Holders of rec. June 156
58c. July
Philadelphia:
Preferred (monthly)
By Barnes & Lofland,
Holders of rec June 154
$ PET oh. Georgia Light, Power & Rys., pref.(qu.) 1% July
$ per oh. Shares. ;Stocks.
Shares. Stocks.
corn.(qu.).. $2.50 June 3 June 18 to June 30
Insurances on
Greenfield Elec. Lt.& Pow.,
Pennsylvania Co. for
37c. June 3 June 18 to June 30
10 Leeds & Lippincott Co.,7% pref.101%
Lives & Granting Annuities, as
Preferred (quar.)
25c. June 3 June 18 to June 30
10 Keystone Tel.Co.of Phila., pref. 5531
Employees'stock (quar.)
follows: 2 shs. at 895; 10 shs. at
620
50c. June 30 June 17 to June 30
Exchange Nat. Bank
6 Corn
Hartford City Gas Lt., com.&pref. ((au.)
89334; 15 shs. at 871; 3 shs. at
par
2
June 26 Holders of rec. June 146
275 Goldfield Deep Mines Co.,
Houston Gas & Fuel, corn
870; 5 shs. at 862; 6 abs. at 860.
$10 lot
Sc
135
134 June 80 Holders of rec. June 140
Preferred (quar.)
25 Swedesboro Trust Co
1% Aug. 2 Holders of rec. July 15a
275 Goldfield Cons. Mines Co.. Par lot 80 Phlla. Life Ins. Co.. par $10_ ..... 1331 Illinois Northern Utilities. pref. (quar.)
$40
180
$10
Kings County Lighting 7% prof. (quar.) 1% July 1 Holders of rec. June
3 Horn & Hardart Baking Co..
2
July 1 Holders of rec. June 18a
276
1,750 Florence Mining & Milling lot
Eight per cent Pref.(quar.)
Phila., no par
$300
July 1 Holders of rec. June 25a
Co.. par $1
Kinloch-BloomIngton Telep., corn. (qu.) 2
15 Horn & Harden Baking Co. of
570
3% July 1 Holders of rec. June 25a
275
11 Penn National Bank
Preferred
Phila., no par
*6235c Aug. 2 *Holders of rec. July 22
150
2 Franklin Fourth St. Nat. Bank...55234 32 A. M. Collins Mfg. Co
Lawrence Gas & Elec. (quar.)
July 10 Holders of rec. June 300
2 Philadelphia Girard Nat. Bank_ _553
B. Newton Coal Co.,com. 10
Manufacturers Light & Heat(quar.)---- 2
30 George
30 Philadelphia Girard Nat. Bank_55331 50 units Bankers Bond & Mortgage
Marconi Wireless Teleg.of London, pref. 334 July 1 June 25 to June 30
628
120
20 Corn Exchange Nat. Bank
Massachusetts Gas Cos., corn.(quar.)._ 41.25 Aug. 2 *Holders of rec. July 15
Co.(old stock)
781
72
2
5 Northern Trust Co
July 1 Holders of rec. June 15a
League Club
Mississippi Power & Light, pref.(qu.)
14035 1 Phila. National Passenger Ry_ _ 20
2
3 Tioga Trust Co., par $50
July 15 Holders of rec. June 30a
Montreal Telegraph (quar.)
72 Phila.& Darby
140
10 Tioga Trust Co., par $50
$1.25 June 30 June 17 to June 30
& Camden Ferry Co., par
New Haven Gas Light, corn
22 Phila.
142
10 Metropolitan Trust Co.,par $50.122%
131 July 1 Holders of rec. June 21
New Orleans Public Service, pref.(quar.) *2
$50
ing
7 Manayunk Trust Co.. par $25_ 11531 25 Hare & Chase, Inc., pref
July 15 *Holders of rec. June 30
New York Telephone, coin.(quar.)
9234 Northern Canada Power (quar.)
3 Manayunk Trust Co.. par j25._ _115
prof
July 10 *Holders at rec. June 30
50 Hare & Chase. Inc..
5 West Phila. Title & Trust. par$50.245
'
17 Hare & Chase, Inc., com.,no par 2534 Northern Mexico Pow.& Devel.,pf.(qu.) 134 July 2
gi July 15
9 West Phila.Title dr Trust,par$50_24231
Bell Telep., Of.(No. 1)(qu.)
Northwest.
Percent.
3 Jefferson Titlei& Trust Co.. par$50 7231
50c. July 15 Holders of rec. June 30a
Ohio Fuel Corp. (quar.)
Bonds.
25 Girard Ave. Title & Trust Co.,
134 July 1 June 18 to June 30
Omaha & Council Bluffs St.fly,, pf.(qu.) *1
$1,000 Camden & Suburban By.1st
311
par 350
7834 Ontario Light & Power, corn.(qu.)
July 26 *Holders of rec. June 30
55. 1048
s
15 Empire Title & Trust Co., par
-year
July 25 *Holders of rec. June 30
Preferred
$600 Ridley Park Realty Co.10
50
$100 lot Penn-Ohio Edison Co.,7% prior Pt.((an.) 134 Sept. 1 Holders of rec. Aug. 21
$50 ($25 paid)
July 1 1926
68.
22 Bank of North Amer.& Tr. Co_ _349
July 31 Holders of rec. July 15
Co. 10
$1
Phila. Rapid Transit, corn.(quar.)
$4,900 Ridley Park Realty
20 Market Street Title & Trust Co.,
3500 lot Phila. & Western RY., Pref. (quar.)____ 62/40. July 15 Holders of rec. June 306
year 68, July 1 1926
40031
par $50
SteelCo.1st 58. 123135
Colonial Trust Co., par $50-- 177X $1.000 Eastern
CHANGE OF TITLE.
-The Merchants National Bank of Syracuse.
-1342
June 14
N. Y.. to "The Merchants National Bank & Trust
Co. of Syracuse."
VOLUNTARY LIQUIDATION.
-The National Exchange Bank of Providence,$1,250,000
-1339
June 17
R.I
Effective June 4 1926.
and
Lig. Comm.,Michael F.Dooley,Frederick S.Peck
Arthur Henius. Providence, R. I.

10




JUNE 261926.1
Name of Company.

THE CHRONICLE
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Public Utilities (Concluded).
San Diego Cons. Gas& El.,7% of.(qu.) I% July 15 Holders of rec. June 30
Southern Calif. Edison, orig. pref.(qu.). 2
July 15 Holders of rec. June 20
Southern Cities Utilities, corn
750. July 10 Holders of rec. July la
Preferred
581-30 July 10 Holders of rec. June 15a
South Pittsburgh Water, corn. (guar.)
134 Jul y 20 Holders of rec. July 10a
Five per cent preferred
234 Aug. 19 Holders of rec. Aug. 5a
Texas-Louisiana Power (quar.)
*154 July 1 *Holders of rec. June 15
United Gas & Elec. Co.5% pref
254 July 15 Holders of rec. June 30
Virginia Ry.& Power, pref. (guar.)
14( June 21 Holders of rec. May 3I0
West Kootenay Power, pref.(quar.)---- 144 July 2 Holders of rec. June 25a
Wisconsin River Power, pref. (guar.).-- 134 Aug. 20 Aug. 1 to Aug. 20
Worcester Electric Light (guar)
$1
June 30 June 20 to June 30
Worcester Gas Light, corn.(quar.)
62e. July 1 Holders of rec. June 16a
Preferred (quar.)
2
July 1 Holders of rec. June 16a

Name of Company.

3569
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
Dixon (Joseph) Crucible (guar.)
2
June 30 Holders of rec. June 22
Dominion Rubber, Ltd., pref. (aunt.)... 144 June 30 Holders of rec. June 23a
Dow Drug,common (quar.)
2
July 1 June 20 to July 5
Preferred (quar.)
144 July 1 June 20 to July 5
Duncan Mills, prof. (quar.)
1% July 1 June 22 to June 30
Eagle-Picher Lead, pref. (guar.)
ti July 15 Holders of rec. June 30a
Eagle Warehouse & Storage (guar.)
1)4 July 1 June 27 to June 30
Extra
1
July 1 June 27 to June 30
Eastern Theatres. Ltd.(Toronto), pref.. 3% July 31 Holders of rec. June 30
Eaton Axle & Spring (guar.) •
50e. Aug. 1 Holders of rec. July 15
Edwards(Wm.)Co.,6% pref. (quar.)..
134 July 1 Holders of roe. June 20a
Seven per cent preferred
3% July 1 Holders of rec. June 20a
Eisenstadt Mfg., pref. (guar.)
1% June 30 June 26 to July 5
Elgin National Watch (guar.)
62340 Aug. 2 Holders of rec. July 15a
Evans(E. S.)& Co., class A & B (quar.) 50c. July 1 Holders of rec. June 21a
Banks.
Class A & B (extra)
25e. July 1 Holders of rec. June 21a
Bryant Park
3
July 1 Holders of rec. June 2Ia Federal Drop Forge
July 1 Holders of roe. June 21
5
Federation (guar.)
*2
July 1 *Holders of rec. June 30
Federal Terra Colts (guar.)
2
July 15 July 4 to July 15
First National(Brooklyn)(quar.)
234 July 1 Holders of rec. June 18
Fiberiold Corporation, corn. (quar.).--- 1
July 1 Holders of rec. June 18a
Garfield National (Qum.)
3
June 30 Holders of rec. June 25a
Preferred (guar.)
1%* July 1 Holders of rec. June 18a
Hanover National (guar)
6
July 1 June 23 to June 30
Filing Equip. Bur., pref. (qu.) (No. 1). 81.75 July 1 Holders of roe. June 19
Nassau National (Brooklyn) (guar).
- 3
July 1 Holders of rec. June 280 Finance Co. of Amer.(Balt.), cora.(qu.) 12540. July 15 July 6 to July 14
Peoples National(Brooklyn)(guar)
231 July 1 Holders of rec. June 22a
Preferred (quar.)
43340. July 15 July 6 to July 14
Extra
5
July 1 Holders of rec. June 22a Flint Mills (guar.)
134 July 1 Holders of rec. June 18a
State Bank of Richmond County
5
July 1 June 26 to June 30
Florence Stove, common (quar.)
July 1 June 25 to June 30
2
Preferred (guar.)
1% July 1 June 25 to June 30
Joint Stock Land Banks.
Franklin Reserve & Disc. Corp., Pt.(qu) 144 July 1 Holders of rec. June 26
Denver
4
July 1 Holders of rec. June 26
Fraser Companies,corn.(quar.)
*1
July 1 *Holders of rec. June 25
New York
*5
July I *Holders of rec. June 20
Preferred (quar.)
*1% July 1 *Holders of rec. June 25
Virginia (par $5)
25c. July 1 Holders of rec. June 20
French Bros. Bauer Co.. corn. (quar.)-- 38340. July 1 June 21 to June 30
Preferred (guar.)
134 July 1 June 21 to June 30
Trust Companies.
Garfield Safe Deposit Co
4
June 28 June 10 to June 27
U.S. Mtge.& Trust (guar.)
July 1 Holders of rec. June 26
4
Gemmer Mfg. (guar.)
1150. July 1 *Holders of rec. June 25
General Refractories(guar)
750. July 15 Holders of rec. July 7a
Miscellaneous.
Gilchrist Co. (guar.)
75e. July 31 Holders of rec. July 15
Abraham & Straus, Inc., prof. (quar.)
•1Ni Aug. 1
*Holders of rec. July 15
Goldsmith (Louis) Inc.,
(Phila.)
7% 1st Pf 334 July 1 Holders of rec. June 21
AcmeRoad Machinery. pref.(quar.)--- 2
July 1 Holders
Six per cent second preferred
3
July 1 Holders of rec. June 21
(quar.) 37%c July 1 Holders of rec. June 100
Aero Supply Mfg., Inc., pref.
of roe. June 216 Gotham Silk Hosiery, 1st & 2d pret.(qu.) 144 Aug. 2 Holders of rec. July 15
Alabama Fuel & Iron (quar.)
July 1 June 20 to June 30
2
Grant(W.T.) Co., pref.(guar.)
2
July 1 Holders of rec. June 200
Albany Perforated Wrapping Paper, corn
34 June 30 June 29 to June 30
Great Lakes Steamship (guar.)
81.50 July 1 June 19 to July 2
Preferred (guar.)
154 June 30 June 29 to June 30
Great Lakes Transit, pref. (guar.)
Holders of rec. June 26a
1%
Alice & Fisher, Inc.(guar)
50c July 1 Holders of rec. June 12a Great Northern Bond & Mortgage,com_ Si July 1 Holders of rec. June 17
July 1
Amer.Bond & Mortgage. pref.(guar.)._
144 July 1 Holders of rec. June 20
Preferred (guar)
1% July 1 Holders of rec. June 17
Amer.CreditIndemnity,
(St. Louis)(qu.) $1
July 1 Holders of rec. June 29
Group No. 1 Oil Corp
*8750 Oct. 15 *Holders of roe. Oct. 1
Amer.Furniture Mart Bldg.. pref. (qu.) 151 July 1 June 20
Halle Bros., prof. (guar.)
1% July 31 July 25 to July 31
Amer. Home Products Corp.(monthly)- *20e. Aug. 2 *Holders ofto June 30
rec. July 15
Hart & Cooley Co.(guar)
Si July 1
American Ice,corn.(guar.)
2
July 26 Holders of rec. July 90 Hatfield-Reliance Coal, corn
30c, Aug. 1 Holders of rec. July 200
Preferred (guar.)
1% July 26 Holders of rec. July 9a
Preferred (quar.)
2
July 1 Holders of rec. June 21a
Amer.Laundry Machinery,corn.(quar.) 750. July 15 July
6 to July 14
Hazel-Atlas Glass (guar.)
July
2
20 to June 30
American Milling (guar)
2
July I Holders of rec. June 21a Hibbard, Spencer, Bartlett&Co.(mthly.) 35c. July 1 June
30 Holders of roe. July 23
pref.(qu.) $1
Amer.Pneumatic Service, 2d
June 30 Holders of roe. June 24a
Monthly
35c. Aug. 27 Holders of rec. Aug. 20
American Screw (guar.)
134 July 1 Holders of rec June 216
Monthly
35e. Sept.24 Holders of rec. Sept.17
American Shipbuilding, corn. (guar.)_ _ - 2
Aug. 2 Holders of rec. July 15
Extra
20e, Sept.24 Holders of rec. Sept.17
Preferred
154 Aug. 2 Holders of rec.
Hillerest Collieries, corn. (guar.)
1% July 15 Holders of rec. June 30a
American Thermos Bottle, prof.(guar.) _ *87)4e July I *Holders of rec. July 15
Preferred (quar.)
June 20
1% July 15 Holders of rec. June 30a
Amer. Vitrified Products,corn.(guar.)-- *$1
July 15 Holders of rec.
Hollinger Consol. Gold Mines
*I0c. July 15 Holders of rec. June 29
Preferred (guar.)
•1,‘ Aug. I Holders of rec. July 5
July 20
Holmes(D. H.) Co., Ltd.(guar.)
334 July 1 Holders of rec. June 25
Anaconda Copper Mining (quar.)
750. Aug. 23 Holders of rec. July 17
Holt, Renfrew & Co., prof.(guar.)
1% July 2 Holders of rec. June 26a
Apco Manufacturing, prof. (quar)
2
July 10 Holders of rec. June 19a Home Title Insurance (guar.)
June30 June 24 to June 30
Arlington Mills (quar.)
134 July 1 Holders of rec. June 23a Hoover, Owens, Rentschler Co., com- 3
Arundel Corporation (quar.)
45c. July 1 Holders of rec. June 25a
mon and preferred (guar.)
134 July 1 June 20 to June 30
Extra
15c. July 1 Holders of rec. June 25a Household Products
4
75c. Sept. 1 Holders of rec. Aug. 16
(guar.)
Associated Industrials, first pref.(guar.) 2
July 15 Holders of rec. July 150 Houseman-Spitzley Corp. B
25e. July 1 June 26 to June 30
Atlantic Steel(guar.)
134 June 30 June 20 to June 30
Class A
75c. July 1 June 26 to June 30
Atlas Plywood (guar.)
$1
ily 15 Holders of rec. July la Hovey (F. C.) Co., prof.(quar.)
1% July 1 June 26 to June 30
Atlas Portland Cement, pref. (quar.)
2
July 1 Holders of rec. June 25a Howe Scale, pref. (quar.)
1% July 1 June 18 to July 1
Atlas Powder, preferred (guar.)
134 Aug. 2 Holders of rec. July 20a Howe Sound Co.(guar)
75e. 1441v 15 Holders of rec. July la
Ault & Wiborg Co., preferred (quar.).__
1% July 1 Holders of rec. June 15a Hussmann (H. L.) Refrig., corn.(au.)
6234c. July 1 June 20 to June 30
Auto Finance Co.(Pittsburgh), pref _ _ 1
July 15 *Holders of rec. June 30
11
Preferred (quar.)
July 1 June 20 to June 341
2
Baer-Sternberg & Cohen (St. Louis).
Huttig Sash & Door corn (guar.)
37340. July 1 June 20 to June 30
Common (guar)
50e. July 1 Holders of rec. June 21
Preferred (guar.)
144 July 1 June 20 to June 30
First preferred (guar.)
1% July 1 Holders of rec. June 21
International Text Book
1
July 1 Holders of rec. June 10a
Second preferred (guar.)
2
July 1 Holders of rec. June 21
Johns-MaLville, Inc. (guar.)
750. July 1 June 16 to June 30
Baltimore Acceptance Corp., corn. (qu.) 25e. July 1 Holders
of rec. June 20a Johnston (R. F.) Paint, pref.(quar.)_ 2
June 16
Ally 1
Preferred (guar.)
I% July 1 Holders of rec. June 20a Judson Mills,corn
July 1 June 26 to July 1
4
Bancitaly Corporation (quar.)
56c. July 1 June 16
Preferred (guar.)
134 fuly 1 June 26 to July 1
Bankstocks Corp. of Maryland, pt (qu.) 144 July 1 Holders to June 30
of rec. June 25
Kalbfleisch Corp., Preferred (guar.)---- 134 Tune 30 June 20 to June 30
Barnet Leather, preferred (guar.)
144 July 1 Holders of rec. June 30
Kaufman Dept. Stores, corn. (guar.) _ $2
July 28 Holders of rec. July 20
Beck & Corbitt CO.,Pref.(guar.)
144 July 1 Holders of rec. June 25a Laclede Steel (guar.)
2
July 1 Holders of rec. June 24
Belton Mills, preferred
334 July 1 Holders of rec. June 19a Lakewood Engineering (quar.)
51.50 July 15 Holders of rec. July 50
Bessemer Limestone & Cern., corn.(qu.) 154 June 30 Holders
of rec. June 20a Lawton Mills(guar)
*234 June 30 *Holders of rec. June 24
Preferred (quar.)
I% June 30 Holders of rec. June 20a Lehigh Coal & Navigation (quar.)
$1
tug. 31 Holders of rec. July 310
131ack Decker Mtg., com.& pref.(au.) 2
June 30 June 26 to June 30
Lehigh Valley Coal
$I 2 tug. 2 *Holders of rec. July 10
Bliss(E. W.) Co.. corn.(guar.)
25c. July 1 Holders of rec. June 22a Long Island Safe Deposit
4
July 1 Holders of rec. June 25
First preferred (guar.)
El
July 1 Holders of rec. June 22a Lord & Taylor, 2d pref.(guar.)
kug. 1 Holders of rec. July 17a
Preferred, class A (guar.)
8734c July 1 Holders of rec. June 220 Lowenstein(M.)& Bros. get Prof.(au.). 02
,154 June 30 *Holders of rec. June 30
Preferred. class B (guar.)
15e. July 1 Holders of rec. June 22a Lynchburg Foundry, 1st & 2d pre
3
July 1 June 27 to June 30
Bon Aral Company.prof.(guar.)
144 June 30
Maniesehewits Co., prof.(guar.)
l3 July 1 June 21 to July 1
Boss Manufacturing(No.1)
•$2.50 Aug. 16 *Holders of rec. Aug. 2
Maple Leaf Milling, prof.(guar.)
1% July 19 Holders of rec. July 30
•154 Aug. 16 *Holders of roe.
Preferred (guar.)(No. 1)
McCall Corp. (guar.)
Aug. 2
50c. Aug. 1 Holders of rec. July 20a
Boston Morris Plan Co.(quar.)
134 June 26 Holders of rec. June 24
Mexican Crude Rubber (guar.)
July 1 June 26 to July 1
Boston Sand & Gravel, common (guar.). 1
July 1 Holders of rec. June 22a Michigan Limestone & Chem., pref.(qu.) 3
141 July 15 Holders of rec. June 300
Preferred (guar.)
1% July 1 Holders of rec. June 22a Morris Plan Bank
(Baltimore)
3
June 30 June 26 to June 30
First preferred (guar.)
2
July I Holders of me. June 22a Muirbead's Cafeterias, pref
25c. July 1 Holders of rec. June 15
Boyd-Welch Co
750. July 1 Holders
Murray Ohio Mfg., pt.& pectic. pt.(qu.) 2
Holders of rec. June 2.00
13randram-Henderson, Ltd., pref. (qu.). 1% July 1 Holders of rec. June 23
July
of roe. June la National Cash Register, corn. Cl. A (qu.) 75e. July 1 Holders of rec. June 30a
common
15
Brandon Mills,
4
June 30 June 25 to July 1
National Credit Corp., pref. (quar.).__ 2% July 1 Holders of rec. June 210
Preferred
334 July 1 June 25 to July 1
National Fireproofing, prof. (quar.)_ _
144 July 15 Holders of rec. July la
Brockway Motor Truck, pref. (guar.)
•144 July 1 *Holders of rec. June 19
Naumkeag Steam Cotton Co. (guar.)
3
July 1 Holders of rec. June 236
Bruce(E.L.) Co.,common (guar.)
6230. July 1 June 22 to June 30
Neptune Meter, coin. A & B (guar.).- _ *50c. Sept.15 *Holders of rec. Sept. 1
Preferred (guar)
1% July 1 June 22 to June 30
New York Dock, preferred
234 July 15 Holders of rec. July 54
Budd Wheel, preferred (guar.)
1% July 1 Holders of rec. JunellOa Nipissing
*15e. July 20 *Holders of rec. June 30
Preferreo (extra)
75e. July 1 Holders of rec. June 10a Noe-Equl Mines Co.(quar.)
Textile Mills, class A (guar.). 560. July 1 Holders of rec. June 22a
Builders Exchange Bldg.(Baltimore)
.3
July 8
Ohio Brass, corn.(guar.)
Machine Tool (quar.)
Bullard
$1
July 15 Holders of rec. June 30
3734c. June 30 Holders of rec. June
19a
Preferred (guar.)
Butterick Publishing, preferred (quar.)_
134 July 15 Holders of rec. June 30a
2
July 1 Holders of rec. June 30
Olympia Theatres (Boston) corn
Cadet Knitting Co., 1st pt. & pf. (au.) _ 2
45e. July 15 Holders of rec. July la
July 1 Holders of roe. June 15a
Preferred (guar.)
Canada Cement, preferred (guar.)
144 July 15 Holders of rec. July la
144 Aug. 16 Holders of rec. July
31a Open Stair Dwellings (guar.)
Canadian Cottons. Ltd., common (w.)_ 2
144 June 30 June 21 to June 29
July 5 Holders of rec. June 25a Oppenheimer
(S.) & Co.. pref. (au)
Preferred (quar.)------- _ _
2
Aug. 2 July 27 to July 30
134 July 5 Holders of rec. June
25a Pacific-Burt Co.. corn.(quar.)
Canadian Explosives. pref. (guar.)
*154 July 15 *Holders of rec.
134 July 2 Holders of rec. June 154
June 30
Preferred (guar.)
Canadian Industrial Alcohol (quar.)_
1% July 2 Holders of rec. June 154
32c. July 15 Holders of me. June 30a Pacolet
Mfg., corn
Canadian Oil, pref.(guar.)
5
June 30 June 20 to June 30
2
July 1 Holders of
Preferred
Canadian Paperboard, prof.(qu.)(No.1) •1,i July 1 *Holders of rec. June 15a
3% June 30 June 20 to June 30
rec. June 25
Page
-Hersey Tubes, corn. (guar.)
Canadian Westinghouse(guar.)
52
June 30 Holders of rec. June 25
2
July I Holders of rec. June 18a
Preferred (guar.)
Canton Company
1% June 30 Holders of rec. June 25
3
July 3 Holders of rec. June 30a Pedigo-Weber
Shoe(guar.)
Extra
3734c. July 1 June 25 to July 1
1
July 3 Holders of rec. June 30a Pelz-Greenstein
Co., pref
Carey (Philip) Mfg.Co., common (au.)_ 1% June 15
334 July 1 Holders of rec. June 300
Pemberty Injector, corn
Preferred (quar.)
15
July 1 June 26 to July 2
134 June 30 June 20 to July 1
Preferred (quar.)
2
Cartier, Inc., preferred (guar.)
July I June 26 to July 2
144 July 31 Holders of rec. July 15a
Penn-Harris Hotel, common
5
Cerro de Pasco Copper Corp.(quar.)
July 1 June 26 to July 1
$1
Aug. 2 Holders of rec. July 15
Preferred
Chicago Morris Plan (guar.)
3
July 1 June 28 to July 1
154 July 1 Holders of ree. June 30a Pennsylvania Salt
Mfg.(guar.)
$1.25 July 15 Holders of rec. June $0a
Chicago Pneumatic Tool (guar.)
154 July 26 Holders of rec. July
114 July 1 Holders of rec. June 19
Chic. Railway Equip., common (quar.). 75e. July 1 June 20 to July 16a Philadelphia Finance Co., pref. (qu.)_
5
Phillips-Jones Corp., pref.
144 Aug. 2 Holders of rec. July 20
Preferred (guar.)
134 July 1 June 20 to July 5 Plerce.Butl.d:Pierce Mfg (guar.)
.($25 par)
(qu.) 50c. July 15 Holders of rec. July 50
Cincinnati Union Stock Yards (quar.)
2
June 30 June 20 to June 30
$100 par value stock (guar.)
2
July 15 Holders of rec. July 5a
Coleman & Bell Co.(guar.)
154 July 1 Holders of rec. June 30a Pilgrim
Mills (guar)
2
June 30 Holders of ree. June 26a
Colt's Patent Fire Arms Mfg.(quar.)_ _ 50e. July 1 Holders of rec. June 12a Poe
(F. W.) Mfg.(guar.)
134 July 1 June 30 fel July 1
Columbus Manufacturing (guar.)
2
July 1 Holders of rec. June 16a Portland Gold Mining
.
120. July 15 fielders of rec. July 6
Conley Tank Car, Pref. (guar.)
2
June 30 June 20 to June 30
Postum Cereal (quar.)
81.25 Aug. 1 Holders of roe. July 21a
Consolidated Retail Stores, pref. (guar.) $2
July 1 Holders of rec. June 19
Premier Gold Mining
8c. July 3 Holders of rec. June 151
Consolidated Royalty 011 (guar.)
234 July 25 Holders of rec. July 15
Providence Ice. lit pref.(guar.)
144 July 1 Holders of rec. June 26 I
Contoocook Mills, pref.(guar.)
134 July 1 Holders of rec. June 15a Rand-Kardex Bureau, corn
75e. July 10 Holders of rec. June 25a
Cornell Mills (guar.)
1
July 1 Holders of rec. June 15a
Preferred (guar.)
1% July 1 Holders of rec. June 21a
*500. July 20 *Holders of rec. July 2
Corn Products, corn. (quar.)
Rand Mines, Ltd., Am.shares (interim) (/) Aug. 11
Common (extra)
*25e. July 20 *Holders of rec. July 2
Rice-Stix Dry Goods, corn. (quar.)
37140. Aug. 1 Holders of rec. July j51
*154 July 15 *Holders of rec. July
Preferred (quar.)
2
First and second prof. (guar.)
1% July 1 Holders of rec. June 15'
Cudahy Packing,corn,((Mar.)
July 15 Holders of rec. July 5a Richardson Co., prof.(guar.)
1% July 1 June 16 to June 30'
Dalton Adding Mach.. corn.(quar.)___ _
134 July 1 June 22 to June 30
Richmond Radiator, pref.(guar.)
750. July 15 Holders of me. June 30
Preferred Omar.)
134 July 1 June 22 to June 34)
Robinson(DPI Co.. 1st pref.(quar.)._
134 July 1




154

3570
Name of Company.

•
When
Per
Cent. Payable.

[VoL. 122.

UTE CHRONICLE
Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
1)4 July 2 Holders of rec. June 150
Rogers(Wm. A.) Co., Ltd., pref.(qu.)
July 6 Holders of rec. June 26a
2
St. Lawrence Paper. pref. (quar.)
(quar.)_ - $1.12% July 1 Holders of rec. June 25
St. Louis Amusement Co., A
July 1 Holders of rec. June 250
$2
Sandusky Cement (quar.)
July 1 June 24 to June 30
3
&civil! Manufacturing (quar.)
134 July 1 June 29 to July 1
Scullin Steel, preferred (quar.)
June 20 to July 1
Securities Investment, common (quar.)_ 6214c. July 1 June 20 to July 1
July 1
2
Preferred (quar.)
July 1 Holders of rec. June 226
Sefton Manufacturing. pref. (quar.) -- 1%
July 1 June 26 to July 1
Sharon Steel Hoop. preferred (quar.)--- 2
500. July 1 Holders of rec. June 19
Sheffield Steel, common (quar.)
2e. July 10 Holders of rec. June 30
Silversmiths Mines (quar.)
July 1 Holders of rec. June 150
$2
Simbroco Stone Co., pref. (quar.)
Mills
Spanish River Pulp & Paper
153 July 15 Holders of rec. June 30a
Common and preferred (quar.)
June 30 Holders of rec. June 26a
3
Standard Safe Deposit Co.(quar.)
- 1% July 1 June 26 to June 30
Stedman Products, preferred (quar.)- Aug. 2 Holders of rec. July 70
Steel Co. of Canada. corn. & pref.(qu.)_
July 2 Holders of rec. June 21a
1
Sterling Coal (quar.)
July 1 June 25 to June 30
2
Sterling Salt (quar.)
July 1 June 25 to June 30
2
Extra
June 30 June 16 to June 30
4
Tacony-Palmyra Foundry
rec. July 10
*20 July 24 *Holders of rec. June 21a
Texon Oil dr Land
1% July 1 Holders of
Co., preferred (quar.)
Thayer-Foss
(quar.)_ 75c. June 30 Holders of rec. June 21a
Telling-Belle Vernon Co., corn,
I% June 30 Holders of rec. June 213
Preferred B (quar.)
July 15 *Holders of rec. July 5
Transue & Williams Steel Forg (quar.). •M)c. July 1 Holders of rec. June 21a
3714c.
Tulip Cup Corporation, corn. (quer.).
1)4 July 1 Holders of rec. June 21a
(quar.)
Preferred
Jt ly 1 Holders of rec. June 15
Union Inde unity (New Oil) (ouar)
226
50c. July 1 Holders of rec. June 220
Union Metal Mfg.. corn. (quar.)
25c. July 1 Holders of rec. June 190
Common (extra)
July 1 Holders of rec. June
2
Preferred (quar.)
la
214 Aug. 10 Holders of rec. Aug. 30a
Union Storage
3)4 July 1 Holders of rec. June 30
U. S. Gauge, preferred
June 20 to June
135 July I
U. S. Lumber. corn. (quar.)
July 1 June 20 to June 30
1
Common (extra)
July 1 Holders of rec. June 21a
U. S. Sheet & Window Glass, pref.(qu.) 2
3
*25c. July 15 *Holders of rec. July 22
Utah Apex Mining (quer.)
July 1 Holders of rec. June
$1
corn
Van Dorn Iron Works,
July 1 Holders of rec. June 22
151
Preferred (Quar.)
July 15
*87.55e Aug. 1 •Holders of rec. June 30
Vick Chemical (quar.)
1.3 July 1 June 21 to
Victor Monaghan Co., pref. (quar.)__
Holders of rec. June 190
1
Wagner Electric Corp., pref.(Oust.).- - 153 July 12 Holders of rec. June 300
Warner(Chas.) Co.of Del., corn (quar.) 50c. July
151 July 22 Holders of rec. June 300
First and second preferred (quar.)- --•Holders of rec. June 300
Western Auto Sammy. panic. pref. (qu.) •50c. July 1 Holders of rec. June 15a
July 1
2
West Point Manufacturing (quar.)
Wheeler Condenser & Engineering
July 1 Holders of rec. July 10a
2
First and second preferred (aunt.). -1% July 2 Holders of rec. June 29a
Woods Manufacturing, pref. (quar.)
June 30 June 25 to June 30
4
Woodruff Cotton Mills
150
214 July 1 Holders of rec. June 150
Wright Hargreaves Mining (quar.)
July 1 Holders of rec. June
5
Extra
of rec. June 17
25c. July 1 Holders
Yellow Cab Co. of Newark (quar.)
July 1 *Holders of rec. June 30
.4
Za-Rex Food Products, class A

Name of Company.
Railroads (Steam) (Concluded).
St. Louis-San Francisco, corn. (quar.)...
Preferred (aunt.)
Preferred (quar.)
St. Louis Southwestern. pref. (quar.)
Southern Pacific Co.(quar.)
Southern Railway, coin. (quar.)
Preferred (quar.)
Toronto Hamilton & Buffalo
Union Pacific. corn. (quar.)
United N. J. RR.& Canal Cos.(qu.)_- Western Pacific RR. Corp., pref.(quar.)
Western Railway of Alabama

When
Per
Cent. Payable.
July 1
Aug. 2
Nov. 1
June 30
July 1
Aug. 2
July 15
July 1
2% July 1
234 July 10
134 July 3
June 30
134
1%
1)4
1%
154
153
13.4

Books Closed.
Days Inclusive.
Holders of rec. June 150
Holders of roe. July 154
Holders of rec. Oct. 15a
Holders of rec. June 150
Holders of rec. May 28a
Holders of rec. July 104
Holders of rec. June 250
Holders of rec. June 240
Holders of rec. June la
Juned22 to June 39
Holders of rec. June 23
June 20 to June 30

Public Utilities.
153 July 1 Holders of rec. June 19
Alabama Power Co., prof.(aunt.)
1% July 14 Holders of rec. June 300
All-America Cables (quar.)
June 15a
Power, pref.(quar.) 51 75 July 1 Holders of rec. June 16a
American & Foreign
1 Holders of rec.
Preferred stock allotment ctfs. (qua!'.) 4354c July 13 Holders of rec. June 30a
July
`2
American Gas (Oust.)
1 Holders of rec. June 12
American Gas dr Electric, corn.(quar.)_ _ 25c. July 1 Holders of rec. June 12
July
Common (Payable in no par corn.stk.) (n) Aug. 2 Holders of rec. July 10
81.50
(guar.)
Preferred
1% July 1 Holders of rec. June 15a
American Power & Light, pref.(quar.)_ _
1 Holders of rec. June 15
American Public Service. pref. (quar.).. 154 July 1 Holders of rec. June 15a
Utilities, partic. pref.(au.) 154 July
Amer.Public
153 July 1 Holders of rec. June 150
Prior preferred (guar.)
July 1 Holders of roe. June la
Amer. Superpower,corn. A.& B.(qua!'.) 300. July 1 Holders of rec. June la
$1.50
First preferred (quar.)
213 July 15 Holders of rec. June lfla
American Telep. & Teleg. (quar.)
253 Oct. 15 Holders of rec. Sept.20a
Quarterly
213.1 an 1527 Holders of rec. Dec. 20a
Quarterly
214A pr15'27 Holders of rec. Mar. 15a
Quarterly
July 1 Holders of rec. June 21
Arkansas Central Power Co.. pref.(qu.) $1.75 July 1 Holders of rec. June 100
Sc.
Arkansas Natural Gas (quar.)
July 1 Holders of rec. may 31
Associated Gas & Elec., $7 pref.(quar.)_ 41.75 July 1 Holders of rec. May 31
z/3734c
Original series pref. (quar.)
x12%c July 1 Holders of rec. May 31
Original series pref. (extra)
(o) Aug 2 Holders of rec. JUDO 30
Class A (quar.)
$1.25 July 1 Holders of rec. June 15
Baltimore Electric Co. pref
July 1 Holders of rec. June 10
Bangor Hydro-Electric Co.. pref.(qua!'.) 1)4 June 30 Holders of rec. June 150
133
Barcelona Trac., L.& P., panic. pf.(qu.) 2
July 15 Holders of rec. June 23
Bell Telephone of Canada (quar.)
July 15 Holders of rec. June 190
Bell Telephone of Pa.,634% pref.(qu.). 154 July 1 Holders of roe. June 25
Electric. prof.(au.) 1%
Beloit Water. Gas &
July I Holders of rec. June 16
Binghamton L., H. dr P.. pref. (guar.)._ $1.50 July 1 Holders of rec. June 12
Birmingham Electric Co., prof.(quar.)_ $I 75 July 1 Holders of rec. June 10
134
Boston Elevated By., corn.(quar.)
July 1 Holders of rec. June 10
4
First preferred
334 July 1 Holders of rec. June 10
Preferred
1)4 July 1 Holders of rec. June 16a
Brazilian Tree., L. dr P.. pref. (quar.)-- 51 July 1 Holders of rec. June 9a
Brooklyn Union Gas (quar.)
July 1 Holders of rec. June 150
Buffalo Niagara & East Pow., corn.(qu.) 250. July 1 Holders of rec. June 15a
40e.
Preferred (quar.)
1% July 1 Holders of rec. June 14
Taetion. Wash., D.C.(guar.)._
Capital
1% July 1 Holders of rec. June 14
Carolina Power & Light. prof. (quar.)_
1 Holders of rec. June 16
134
Central Illinois Light. 6% are.(guar.). 1% July 1 Holders of rec. June 15a
July
(qua!'.)
Seven per cent preferred
$1 511 July 15 Holders of rec. June 300
Central Illinois Pub. Serv.. prof.(quar.) 154 Aug. 2 Holders of rec. July 15a
pref.(quar.)..
Below we give the dividends announced in previous weeks Centre Power & Light,Corp., Corn
25e. July 1 Holders of rec. June 10
ds an- Central States Electric
134 July 1 Holders of rec. June 10
Preferred (quar.)
not yet paid. This list does not include dividen
and
154 June 30 June 16 to July 1
City By.(quar.)
these being given in the preceding table Chicago North Shore & maw..prer.(ciu.) 154 July 1 Holders of rec. June 150
nounced this week,
Chicago
153 July 1 Holders of rec. Juno 150
Prior lien stock (quar.)
1 Holders of rec. June 15a
Chicago Rapid Tran., prior pref.(mthly) 65e. July 1 Holders of rec. July 20a
Books Closed.
When
Per
65e. Aug.
Prior preferred (monthly)
Days Inclusive.
Cent. Payable
65c. Sept. 1 Holders of rec. Aug. 170
Name of Company
Prior preferred (monthly)
July 1 June 25 to July 1
Chickasha Gas & Elec. Co., corn.(qu.)- - 2
114 July 1 June 25 to July
Railroads (Steam).
Preferred (quar.)
June 21
$1.75 June 28 Holders of rec. May 24
134 July I June 15 to
Alabama Great Southern, ordinary
24
Gas & Electric (aunt.)
Cincinnati
June 30
$2.50 June 28 Holders of rec. May
6214c July 1 June 26 to
Ordinary (extra)
Cincinnati Street By.(quar.)
$1.75 Aug. 16 Holders of rec. July 12
of rec. June 12
114 July 1 Holders
Preferred (quar.)
Cleveland Railway (quar.)
June 15
$2.50 Aug. 16 Floidem of rec. July 12
Preferred (extra)
Elec., A pref. (qu.) $1.50 July 1 Holders of rec. June 16
Coast Valleys Gas &
4% July 1 Holders of rec. June 15
81.75 July 1 Holders of rec.
Albany & Susquehanna
Preferred OURS B (quar.)
2% Aug. 2 Holders of rec. June 250
Holders of rec. June 150
254 July
Atchison Topeka & Santa Fe. oref
Columbus Electric & Power, corn.(qu.)
June 30 June 20 to June 30
4
1% July 1 Holders of rec. June 150
Atlanta & West Point
Preferred series B (aunt.)
334 July 10 Holders of rec. June 150
common
1% July 1 Holders of rec. June 15a
Atlantic Coast Line RR.,
Second preferred (quar.)
1543
114 July 10 Holders of rec. June 15a
(qu.) 6214e July 1 Holders af rec. June 150
Common (extra)
75c. July 1 Holders of rec. June 15a Consol. G., E. L.& P., Balt., coin.
July 1 Holders of rec. June
& Aroostook, corn. (quar.)
2
Bangor
Series A preferred (quar.)
1% July 1 Holders of rec. June 15a
rec. June 150
153 July 1 Holders of
Preferred (quar.)
Series B preferred (quar.)
50e. July 1 Holders of rec. Juno 15a
1% July 1 Holders of rec. June 154
Beech Creek (quar.)
Series C preferred (quar.)
214 June 30 Holders of rec. May 280
1% July 1 Holders of rec. June 15e1
Boston & Albany (quar.)
Series D preferred (quar.)
114 July 1 Holders of rec. June 15a
_ 8754c Aug. 2 Holders of rec. June 15a
pref.
Boston Revere Beach & Lynn (Quar.)
June 30 Holders of rec June '.5a Consolidated Gas. N. Y.. New (quar.)_
2
July 15 Holders of rec. June 30a
2
Jersey_
of
Buffalo & Susquehanna. preferred
1% Aug. 2 Holders of rec. June 250 Consolidated Traction pref.(quer.).
134 July 1 Holders of rec. June 15
Canada Southern (guar.)
2% June 30 Holders of rec Ju te ia Consumers Power,6%
1.65 July 1 Holders of rec. June 16
Canadian Pacific. corn. (quar.)
8a
6.6% preferred (quar.)
July 1 Holders of rec. June
2
154 July 1 Holders of rec. June 15
Chesapeake & Ohio. corn. (quar.)
7% preferred (quar.)
3% July 1 Holders of rec. June 8a
50c. July 1 Holders of rec June 15
% preferred, series A
6% preferred (monthly)
_ 2% July 10 Holders of rec. June 26
55c. July 1 Holders of rec. June 15
Chicago Indianapolis& Louisville.com
preferred (monthly)
6.6%
120
July 10 Holders of rec. June 26
1
Elec., common (qu.). $1.10 July 1 Holders of rec. June 120
Common (extra)
July 10 Holders of rec. June 26a Continental Gas &
2
$1.50 July 1 Holders of rec. June
Preferrod
Preferred (quar.)
June 30 Holders of rec. June la
51.50 July 1 Holders of rec. June 120
(quar.)
North Western, common_- 2
Chicago &
Participating preferred
354 June 30 Holders of rec. June la
35 July 1 Holders of rec. June 12
Preferred
Participating pref. (extra)
June 30 Holders of rec. June ha
_ 3
1% July 1 Holden; of rec. June 120
Chicago Rock Island & Pacific,6% pref
Prior preference (guar.)
314 June 30 Holders of rec. June I la
June 30 Holders of rec. May 290
preferred
Philadelphia v53
By.,
Seven per cent
July 20 Holders of rec. July 13a Continental Passenger
5
pref. (quar.)_ _ 1% July 1 Holders of rec. June 150
Cincinnati Northern
Holders of rec. June 253 Denver Tramway Corp.,
July 15 Holders of rec. June 210
2
Cinc. Chic.& St. L., corn.(quar.) 154 July 20 Holders of rec. June 25a Detroit Edison (guar.)
Cleve.
of rec. June 19a
154 July 20
Preferred (quar.)
Diamond State Telep.,634% Pf•Cu.)-. 153 July 15 Holders of rec. June 15
June 30 June 20 to June 30
2
July 1 Holders
1
Colorado & Southern, first preferred__
150 Duke Power Co
of rec. June
July 1 Holders of rec. June 15a
RRs.of Cuba, pref.(quar.) 134 July 1 Holders of rec. June 290 Duluth-Superior Traction. pref. (guar.). 1
Consolidated
$1.20 June 30 Holders
154 July 15 Holders or rec. June 30
pref. A (quirt.)
Cuba RR.(qusr.)
July 15 Holders of rec. July 8a East Bay Water,
3
1% July 15 Holders of rec. June 30
Detroit River Tunnel
Preferred B (quar.)
214 Aug. d2 Holders of rec. June 25a
153 July 1 Holders of rec. June 40
(qu
Texas Elec. Co.. pref.
Great Northern, preferred
1% July 1 Holders of rec. June 15a Eastern Bond & Share, pref.(quer.). _
134 Aug. 2 Holders of rec. July 10
Gulf Mobile SC Northern, pref. (quar.)_.. 2
June 30 Holders of rec. June 80 Electric Bond dr Share Securities (aunt.). 25c. July 15 Holders of rec. June 15
Hocking Valley (guar.)
Electric
July 1 June 12 to July 5
2
Illinois Central. leased lines
Electric Light & Power Co. of Abington
Holders of rec. June 25
1% July 5
50c. July 1 Holders of rec. June 150
Joliet dr Chicago (quar.)
& Rockland (quar.)
July 15 Holders of rec. June 30a
July 1 Holders of rec. June 120
Kansas City Southern, pref.(quar.)-- 1
June 120 Electric Power & Light Corp., pref.(qu.) S1.75
1% July 1 Holders of rec. June 20
8734c July 1 Holders of rec. June 12a Elec. Pub. Serv. (Chic.). pref. (quer.). _
Lehigh Valley, common (quar.)
rec.
July 1 Holders of
(quar.)
Water Light & RR., 1st pt. qu.) 1% June 30 Holders of rec. June 16
Preferred
Elmira
15
$1.25 July 15 June 19 to July 150
151 June 30 Holders of rec. June 16
Second preferred (quar.)
Little Schuylkill Nov.RR.& Coal
Aug. 10 Holders of rec. July 150
3
153 July 15 holders of rec. July la
El Paso Elec. Co.(Del.). pref. A (rm.). _
Louisville & Nashville
35 Aug. 10 Holders of rec. July 15a
1% July 15 Holders of rec. July ler
Preferred B (quar.)
Extra
$12.50 Aug. 2 Holders of rec. July 220 El Paso Elec. Co.of Texas, pf. A (qtr.). _
154 July 15 liolders of rec. July la
Mahoning Coal RR.. corn. (quir.)
$1.25 July 1 Holders of rec. June 25s
1% July 15 Holders of rec. July la
Preferred B (quer.)
Preferred
July 29 Holders of rec. June
10
pref.(monthly)• 66 2-3c July 1 *Uoiders of rec. June 15
Michigan Central
250 Empire Gas & Fuel,8%
735 July 29 Holders of rec. June 30
Extra
Eight per cent preferred (monthly) •662-3c Aug. 2 *Holders of res. July 15
to June
July 1 June 2
2
Mobile & Birmingham. pref
Seven per cent preferred (monthly) •58 1-3c July 1 *Holders of rec. June 15
183
3% June 28 Holders of rec. June 70
Mobile & Ohio
Seven per cent preferred (monthly).-•58 1-3c Aug. 2 *Holders of rec. July 15
Holders of rec. June
44
$1.75 July 1
Public Service, pref.(q uar.)_ $1.75 July 1 Iloiders of rec. June
Morris & Essex
1% Aug. 2 Holders of rec. June 25a Engineers stock allotment certifs.(qu.) r51 .75 July 1 Holders of rec. June 40
New York Central RR.(quar.)
Preferred
July I Holders of rec. May Its
ir314 June 30 Holders of rec. June 15
N.Y. Chicago & St. Louis, corn.(quar.) 1)4 July 1 Holdres of rec. May 15a English Elec. Co. of Canada, prof
150
Common (from non-operating income) 114 July
15a Federal Light & Traction, corn. (quar.). 200. July 1 Holders of rec. June ma
154
1 Holders of rec. May
Preferred series A (quar.)
Common (payable in common stock).- fl5e. July 1 Holders of rec. June 15
$2.50 July 1 Holders of rec. June 15a
154 July 1 Holders of rec. June
New York & Harlem. corn.& pref
rec. June 140 Florida Public Service, pref. (guar.)_
July 1 Holders of
1
New York Lackawanna & West.(quar.) 131
Frank. dr Southw.Pass.By.. Phila.(qu.) '54,50 July 1 *Holders of rec. June 15a
$2 July 15 Holders of rec. June 30a
Gas dr El. Corp., com. A (qui- - u3712c. July 1 Holders of rec. June 154
Northern Central
134 Aug. 2 Holders of rec. June 30a General
July 1 Holders of rec. June
$2
Northern Pacific (quar.)
11
$8 preferred A (quar.)
July 10 June 24 to July
4
$1.75 July 1 Holders of rec. June 154
Northern Securities Co
$7 pref. A (Oust.)
June 12a
134 July I Holders of rec. June 15a
$1.75 July 1 Holders of rec. June 15a
Old Colony (quar.)
$7 pref. B (quar.)
1)4 July 1 Holders of rec.
July 9
(quar.) $1.50 Aug. 2 Holders of rec. July 9
Marquette, common (quar.)
Pere
Public Service, $6 Pref.
1)4 Aug. 2 Holders of rec. July I5a General
51.75 Aug. 2 Holders of rec.
Prior preferred (quer.)
Convertible preferred (guar.)
ma
134 Aug. 2 Holders of rec. July 150
153 July 1 Ilolders of rec. June 100
Preferred (quar.)
.
rec. June 10a Georgia R.& Power,7% pre( (qu.)__ _
13.4 July 1 Holders of
July 1 Holders of rec. June
2
Pittsb. Ft. Wayne & Chic., corn.(qu.)
8% preferred (quar.)
134 fuly 6 Holders of rec. June 100
rec. June 300
1% July 1 Holders of
Preferred (Ouar.)
(quar.)
$2.50 Aug. 2 Holders of rec. July 163 Gold dr Stock Telegraphpref. Cl. A (311.) d 434c Juno 30 Holders of rec. June 20
Pittsburgh & Lake Erie
7%
16a
180
$1.50 July 1 Holders of rec. June 15a Hackensack Water, (quar.).
56c. July 1 Holders of rec. June 290
Pittsb. McKeesport & Youghiogheny_
Haverhill Gas Light
31 Holders of rec. July
June 30 Holders of rec. June
2
PIttsb & West Virginia, com.(quar.)--- 1% July 30 Holders of rec. Oct. 15a Illinois Bell Telephone (qua!'.)
154 Oct.
134 July 1 Holders of rem JunedlOa
Common (quar.)
134 Jan. 31 Holders of rec.Jan.15'27a Illinois Power,6% pref. (auar.)
1% July 1 Holders of rec. JunedlOa
Common (quar.)
21a
Seven per cent preferred (quar.)
19
50c. July 8 Holders of rec. June
Reading Company, 2nd pref (quar.)
134 July 1 Ilolders of rec. June
July 1 Holders of rec. June 15a Illinois Traction, prof. (quar.)
4
Rensselaer & Saratoga




JuNn 261926.]
Name of Company.

THE CHRONICLE
Per
When
Cent. Payable

Books Closed.
Days Inclusive.

Public Utilities (Continued).
International Telep. & Teleg.(guar.)
114 July 15 Holders of rec. June 28a
Interstate Power. preferred (guar.)
$1.75 July 1 Holders of rec. June 5
Iowa Power & Light, pref.(guar.)
14 July 1 Holders of rec. Juned15a
Jamaica Public Service, pref. (quar.)._
114 July 2 Holders of rec. June 12
Jersey Central Power di Lt., prof.(gu.)_. 14 July 1 Holders of rec. June 17
Kan.City Pow.& Lt., 1st pf. A (guar.)_ 51.75 July 1 Holders of ree June 15a
.
Kansas Electric Power, pref.(guar.).
114 July 1 Holders of rec. June 15
Kansas Gas dr Electric, Prof.(guar.) -- 114 July I Holders of rec. June 15
Kentucky Securities, common (guar.)-- 114 July 1 Holders of rec. June 21a
Preferred (guar.)
134 July 15 Holders of rec. June 21a
Laurentide Power (guar.)
13.4 July 15 Holders of rec. June 30
Lone Star Gas Corp.())el.) new (No.1). 3734e June 30 Holders of rec. June 21a
Long Island Lighting, pref.(guar.)
134 July 1 Holders of rec. June 21
Mackey Companies. corn. (guar.)
1% July 1 Holders of rec. June ba
Preferred (quar.)...._
July 1 Holders of rec. June 50
1
Manhattan Ry., mod. guar. stock (qu.). 111 July 1 Holders of rec. June 15a
Modified guaranteed stock
Account def. div. Oct. 1 1925
500. July 1 Holders of rec. June 15a
Account def. div. Jan. 1 1926
98e. July 1 Holders of rec. June 15a
Manhattan Ry., guaranteed stock (qu.)
114 July 1 Holders of rec. June 22a
Manila Elec. Corp., common (quar.)...... 50c. July 1 Holders of rec. June 15a
Common (guar.)
50c. Oct. 1 Holders of rec. Sept. 15a
Common (guar.)
50c. Dec. 31 Holders of roe. Dec. 15a
Massachusetts Ltg. Cos., corn. (quar.).. 75e. June 30 Holders of rec. June 18
6% preferred (guar.)
14 July 15 Holders of roe. June 25
8% preferred (guar.)
2
July 15 Holders of rec. June 25
Memphis Power & Light. pref.(guar.)_
114 July 1 Holders of rec. June 19
Metropolitan Edison, $7 pref. (guar.)._ 51.75 July 1 Holders of rec. June 15
$6 preferred (guar.)
$1.50 July 1 Holders of rec. June 15
Mexican Utilities, preferred
53.50 July 15 Holders of rec. June 30
Middle West Utilities, pref. (guar.)_ _ _ _
134 July 15 Holders of rec. June 30a
prior lien (guar.)--- Midland Utilities,
134 July 6 Holders of rec. June 22
Preferred Class A (guar.)
134 July 6 Holders of rec. June 22
Minnesota Power & Light, pref.(guar.). 114 July 1 Holders of rec. June 15
Missouri Power & Lt.,7% pref.(qu.)_
•114 July 1 *Holders of rec. June 19
Mohawk Valley Co.(guar.)
500. July 1 Holders of rec. June 21a
Monon. West Penn P.S., pref.(guar.)_ _ 4334C July 1 Holders of rec. June 15
Montana Power, common (quar)
114 July 1 Holders of rec. June 116
Preferred (guar.)
114 July 1 Holders of rec. June Ila
Montreal Tramways(guar.)
214 July 15 Holders of rec. June 30
Mountain States Power, pref.(guar.)._
14 July 20 Holders of rec .June 30
Municipal Gas (of Texas), pref. (quar.) _ $1.75 July 1 Holders of rec. June 15
Narragansett Electric Lighting (guar.)__ 51
July 1 Holders of rec. June 12a
National Electric Power Co.. pref. (00.) 114 July 1 Holders of rec. June 210
National Power & Light, pref. (guar.).- $1.75 July 1 Holders of rec. June 12
Nat.Pub. Serv. Corp., Spc'l (guar.) - 51.75 July 1 Holders of rec. June 17
Participating preferred (guar.)
51.75 July 1 Holders of rec. June 17
Nevada-Calif. El. Corp., prof. (quar.)__
134 Aug. 2 Holders of rec. June 30
New England Investment & Secur., pref 52
July 1 Holders of rec. June 190
New England Telep. & Teleg. (guar.)._ 2
June 29 Holders of rec. June 10a
New Jersey Power & Light,Part. M(qu.) 14 July I Holders of rec. June 15
Newport News & Hampton Railway.
Gas & Electricity, corn.(guar.)
114 July 1 Holders of rec .June 15a
Preferred (quar.)......
134 July 1 Holders of rec. June 150
New York Cent. Elec. Corp., pref.(ou.) 114 July 1 Holders of rec. June 21
New York Steam Corp.. prof.(quar.)... 114 July 1 Holders of rec. June 15a
New York Telephone, preferred (quar.)_
134 July 15 Holders of rec. June 19
Niagara Falls Power, corn. (guar.)
50e. June 30 Holders of rec. June 150
Preferred (guar.)
43340 July 15 Holders of rec. June 306
Niagara Lockp.& Ont. Pow., corn.(qu.) 50c. June 30 Holders of rec. June 156
Preferred (guar.)
194 July I Holders of rec. June 150
North American Co., common (quar.)... 124 July 1 Holders of rec. June 56
Six per cent preferred (guar.)
75e. July 1 Holders of rec. June 50
North Amer. Lt.& Pr.. 7% pt.(qu.)__
14 July 1 Holders of rec. June 19
Northeastern Power,class A (guar.)
$1.50 July 1 Holders of rec. June 15a
Northern New York Utilities (guar.)._ _ 75c. June 29 Holders of rec. June 15a
Northern Ohio Pow.& Lt..6% Pf.
14 July 1 Holders of rec. June 15
Seven per cent pref.(guar.)
114 July 1 Holders of rec. June 15
Northern States Power,class A com.(qu.) $2
Aug. 2 Holders of rec. June 30
Seven per cent preferred (quar.)
134 July 20 Holders of rec. June 30
Six per cent preferred (QUar.)
114 July 20 Holders of rec. June 30
Northport Water Works, pref.(guar.)._
114 July 1 Holders of rec. June 21
Northwestern Telegraph
$1.50 July 1 June 16 to June 30
Northwest. Utilities, prior lien pf.(qu.)_ $1.75 July 1 Holders of rec. June 15
Ohio Bell Telephone, prof.(guar.)
114 July 1 Holders of rec. June 21
Ohio Edison Co.,6% pt.(guar.)
114 Sept. 1 Holders of rec. Aug. 16
6.6% preferred (guar.)
1.65 Sept. 1 Holders of rec. Aug. 16
7% preferred (quar.)
134 Sept. 1 Holders of rec. Aug. 16
6.6% preferred (monthly)
55e. July 1 Holders of rec. June 15
6.6% preferred (monthly)
55e. Aug. 2 Holders of rec. July 15
6.6% preferred (monthly)
550. Sept. 1 Holders of rec. Aug. 16
Oklahoma Natural Gas(guar.)
.50c. July 26 l'Holders of rec. June 30
Ottawa L., H.& Pow.,common (guar.)- 14 June 3( Holders of rec. June 15
• Preferred (guar.)
134 July 1 Holders of rec. June 15
Ottawa Traction (guar.)
1
July 2 Holders of rec. June 15
Pacific Gas & Electric, corn. (quarj_ _ -- 2
July It Holders of rec. June 30a
Pacific Telep. & Teleg., corn. (guar.)... 194 June 31 Holders of rec. June 186
Preferred (guar.)
114 July 11 Holders of rec. June 300
Panama Power dr Light. pref. (guar.)._ _
134 July i Holders of rec. June 15
Penn Central Lt.& Pow., pref.(guar.)_ _ 51 .25 July 1 Holders of roe. June 150
Penn-Ohio Secur. Corp., $6 prof.(qu.)_ _ $1.50 July 1. Holders of rec. June 30
Penna.(1.& El. Company,corn.(guar.)_
114 July
June 19 to
June 30
Preferred (guar.)
114 July 1 June 19 to June 30
Pennsylvania Pow.& Lt., pref.(guar.). $1.75 July 1 Holders of roe. June 15
Pennsylvania Water & Power (guar.)--- 2
July 1 Holders of rec. June 18a
Peoples Gas Light & Coke (guar.)
2
July 1'. Holders of rec. July 30
Peoples Gas Co.(N.J.), prof
3
July 1 Holders of rec. June 22a
Philadelphia Company, common (qu.)_
$1 July 31 Holders of rec. July la
Portland Electric Power. 1st p1.
14 July 1 Holders of rec. June 15
Prior preference (guar.)
114 July 1 Holders of rec. June 15
Porto Rico Rys., pref. (guar.)
134 July 2 June 16 to July I
Power Corp. of N. Y corn.(guar) _
25e. July 1 Holders of rec. June 15
Providence Gas Co. (guar.)
$1
July 1 Holders of rec. June 15a
Public Serv.Co.of Oklahoma, com.(qu.) 2
July 1 June 25 to July 1
Prior lien stock (guar.)
114 July 1 June 25 to July 1
Preferred (guar.)
114 July 1 June 25 to July 1
Public Service Corp. of N.J., corn.(qu.) $1.25 June 30 Holders of roe. June 46
Six per cent preferred (guar.)
114 June 30 Holders of rec. June 4a
Seven per cent preferred (guar.)
19.4 June 30 Holders of rec. June 4a
Eight per cent preferred (guar.)
2
June 30 Holders of rec. June 46
Pub. Serv. Corp. of N.J.. corn.(quar.)_ $1.25 Sept.30 Holders of rec. Sept. 3a
Eight per cent preferred (quar.)
2
Sept.80 Holders of rec. Sept. 3a
Seven per cent preferred (qcsar.)
114 Sept.30 Holders of rec. Sept. 3a
SIX per cent preferred (guar.)
114 Sept.30 Holders of rec. Sept. 3a
Public Service El.& Gas.6% Pf• (qtr)
- 134 June 30 Holders of rec. June 4a
Seven per cent preferred (guar.)
134 June 30 Holders of rec. June 4a
Public Service Elee. Power, pref.(guar.) S1.75 Aug. 2 Holders of roe. July 15a
Quebec Power, common (guar.)
114 July 15 Holders of rec. June 300
Preferred (guar.)
114 July 15 Holders of rec. June 300
Radio Corp. of Amer.. pref.(guar.).
- 874e. July 1 Holders of rec. June In
Railway & Light Securities,com.(no par) 81
Aug. 2 Holders of roe. July 15a
3
Preferred
Aug. 2 Holders of rec. July 15a
Reading Traction
75e. July 1 June 16 to July 1
Republic Ry.& Light,6% pref. (quar.)_ 14 July 15 Holders of rec. June 30
Ridge Ave. Pass. Ry., Phila.(guar.)- - $3
July 1 June 16 to July 1
Roanoke Gas Light. pref
34 July 1 Holders of rec. June 21a
Savannah Elec. & Power, deb. A (qu.)._
2
July 1 Holders of rec. June 14a
Debenture Series B (guar.)
134 July 1 Holders of rec. June 146
Shawinigan Water Sr Power (guar.)
2
July 10 Hol era of rec. June 21
South Pittsburgh Water. 7% pref. (qu.) 114 July 15 Holders of rec. July la
114 July 15 Holders of rec. June 25a
Southern Canada Power. pref. (guar.). _
Southern Ind. Gas & Elec.. 6% Pt. (qtr.) 14 July 1 Holders of rec. June 24a
July 1 Holders of me. June 240
Six per cent preferred (semi-annual)__ 3
114 July 1 Holders of rec. June 24a
Seven per cent preferred (guar.)
Southeastern Pow.& Lt., $7 pref. (au.). 51.75 July 1 Holders of roe. June 19a
Participation pref. (No. 1) (guar.)._ $1
July 1 Holders of rec. June 19a
Southwest Power, preferred (guar.).
- 194 July 1 Holders of rec. June 15
Southwestern Bell Telep., pref. (guar.). 114 July 1 Holders of rec. June 19
Southwestern Gas & Elec.. pref.(quar.)_ .114 July 1 *Holders of rec. June 15
114 July I Holders of rec. June 15
Springfield Ry.& Light, pref.(guar.)._




Name of Company.

3571
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Public Utilities (Concluded).
Springfield (Mass.) Railway Cos.. com_
$1.60 July 1 Holders of rec. June 19a
52
Preferrel
July 1 Holders of rec. June 19a
Standard Gas dr Electric, corn.(quar.)
The. July 25 Holders of rec. June 30a
Common (Payable in common stock). 11400 July 25 Holders of rec. June 30a
Common (payable in common stock) /I-200 Oct. 25 Holders of rec. Sept.30a
Common (payable in common sto-,k). /1-200 Jan23'27 Holders of rec. Dec. 310
7% preferred (guar.)
134 July 26 Holders of rec. June 30
Standard Gas Light of New York. pref _ 2
Juner0 Holders of rec. June 19
Superior Water, Lt. de Pow., pref. (qu.) 114 July 1 Holders of rec. June 15
Tennessee East. El. Co., corn. (quar.)... 51
July 1 Holders of rec. June 2I0
$7 preferred (guar.)
$1.75 Sept. 1 Holders of rec. Aug. 20
14 Sept. 1 Holders of rec. Aug. 20
6% preferred (guar.)
Tennessee Elec.Power,
6% 1st pret.(gu.) 134 July 1 Holders of rec. June 15
Seven per cent first preferred (guar.)114 July 1 Holders of rec. June 15
7.2% first preferred (guar.)
1.80 July 1 Holders of rec. June 15
Six per cent first preferred (monthly)- 50c July 1 Holders Of rec. June 15
7.2% first preferred (monthly)
60c. July 1 Holders of rec. June 15
Toledo Edison Co., prior pref. (quar.),... 2
July 1 Holders of rec. June 15
.
3114 July 10'Holders of rec. June 30
Trinidad Electric Co.(guar.)
Turners Falls Power & Elec., corn.(guar) 52
June 30 Holders of rec. June 15a
Employees' stock (guar.)
20e. June 31) Holders of rec. June 15a
TwinClty Rap.Tr.,Minneap.,tom.(qtr.) 114 July 1 Holders Of rec. June 154
114 July 1 Holders of rec. June 15a
Preferred (guar.)
Union Gas Corp. (Independence. Kan.)
3
.1.14 July 1 *Holders of rec. June 15
Preferred (guar.) (No. 1)
Union Passenger By., Philadelphia...-. w$4.75 July 1 Holders of rec. June 15a
Union Traction (Phila.)
$1.50 July 1 Holders of rec. June 16a
United Gas & Elec. Corp., prof.(quar.)
134 July 1 Holders of rec. June 18
United Gas Improvement (guar.)
July 15 Holders of roe. June 30a
51
United Lt. dr Pow.,old corn. A dr B (qu.) 60e. Aug. 2 Holders of rec. July 150
New common A dr B (guar.)
12e. Aug. 2 Holders of rec. July I5a
Preferred class A (guar.)
$1.62 July 1 Holders of rec. June 15a
Preferred class B (guar.)
July 1 Holders of rec. June 15a
$1
United Utilities, preferred (guar.)
114 July 1 Holders of rec. June 21a
Utah Gas & Coke, preferred (quar.).... 51.75 tuly 1 holders of rec. June 16
$1.75 inly 1 Holders of rec. June 15
Participating preferred (quar.)
Utah Power & Light, pref. (guar.)
134 July 1 Holders of rec. June 10
Utilities pow.& L. Corp., class A (qtr.)- 13
50c. July 1 Holders of rec. June 5a
Class B stock (guar.)
p25c. July 1 Holders of rec. June 5a
134 July 1 Holders of rec. June 50
Seven per cent preferred (guar.)
Virginia Public Service. prof. (guar.)._
134 July 1 Holders of rec. June 15a
Washington Water Power,Spokane(qu.) 2
July 15 Holders of rec. June 25
West Chester Street Ry.. Prof.(quar.)-- 134 Sept. 1 Holders of rec. Aug. 22
Preferred (guar.)
134 Dec. 1 Holders of rec. Noe. 21
West Penn Elec. Co., class A (quarj_ _ 51.75 June 30 Holders of rec. June 15a
West Penn Power Co.,7% pref.(guar.). 134 Aug. 2 Holders of roe. July 15a
Six per cent preferred (guar.)
13.4 Aug. 2 Holders of rec. July 15a
West Phila. Pass. Ry
g25 July 1 Holders of rec. June 15a
Western Power Corp., pref. (guar.)_ - 114 Ally 15 Holders of roe. June 306
Western S ates Gas & El.. pref.(guar.). 114 July 15 Holders of rec. June 30
Western Union Teleg. (quar.)
2
July 15 Holders of rec. June 25a
Winnipeg Electric Co.. prof.(qua:).... 134 July 1 Holders of rec. June 154
Banks.
America, Bank of (quar.)
American-Exchange-Pacific Nat.(guar.)
Amer. Exch. Scour. Corp., class A (qu.)
Class B
American Union
Bank of N.Y.& Trust Co.(guar.)
Extra
Bowery-East River National (guar.).--Broadway Central (guar.)
Cepbol National (guar.)
Chase National (guar.)
Chase Securftles (quar.)
Chet ham & Phenix Nat. Bk. dr Tr.(qu.)
Chelsea Exchange (guar.)
Chemical National (Ill-monthly)
Colonial (guar.)
'011.11,er.• National Bank of (quar.)___
Commonwealth
Coney island. Bank of (Brooklyn)
Eastern Exchange (guar.)
Filth Avenue (guar.)
Special
First•National (guar.)
First Securities Co.(guar.)
Franklin National (quar.)
Greenpoint National (Brooklyn)
Greenwich (guar.)
Lebanon National
Manhattan Co., Bank of the (guar.)
Mechanics (Brooklyn) (guar.)
Extra
Municipal (Brooklyn) (guar.)
Mutual (guar.)
National City (quar.)
National City Co.(guar.)
New Netherland (guar.)
Ozone Park Nat. Bank (Brooklyn)
Park. National (guar.)
Public National (guar.)
Richntond Hill National (Brooklyn).....
Seaboard National (guar.)
South Shore of Slaten Island
Standard (guar.)
Standard National Corp..corn.(guar.) _ _
Preferred (guar.)
State (guar.)
United States. Bank of (guar.)
Washington Heights(Bank of) (guar.)-West New Brighton (Staten Island)
-

3
4
2
50c.
114
5
1
34
214
134
34
$1
4
134
4
3
4
5
4
1
6
26
20
5
1
6
3
3
52
3
1
2
3
4
4
2
234
8
4
3
4
2
24
23.4
134
4
24
14
3

July
July
July
July
July
July
July
June
July
July
July
July
July
July
July
July
July
July
July
June
July
July
July
July
July
July
July
July
July
July
July
June
July
July
July
July
July
July
July
June
JULY
July
July
July
July
July
July
July
July

1
1
1
1
1
I
1
30
1
1
1
1
1
1
1
1
1
15
1
30
1
1
1
1
1
1
1
1
1
1
1
30
1
1
1
1
1
1
1
30
1
1
1
1
1
1
1
1
10

Holders of rec. June 15a
Holders of rec. June 240
Holders of rec. June 24
Holders of rec. June 24
Holders of rec. June 200
Holders of rec. June 186
Holders of rec. June 18a
June 27 to June 30
June 20 to July 1
Holders of rec. June 24a
Holders of rec. June 16a
Holders of rec. June 160
June 16 to June 30
Holders of rec. June I8a
Holders of rec. June 24a
Holders of rec. June 200
Holders of rec. June 180
Holders of rec. June 30a
June 25 to June 30
Holders of rec. June 200
Holders of rec. June 300
Holders of rec. June 300
Holders of rec. June 30a
Holders of rec. June 306
June 22 to June 30
June 20 to June 30
Holders of rec. June 19a
Holders of rec. June 24
Holders of rec. June 180
Holders of rec. June I90
Holders of rec. June 190
June 20 to June 30
Holders of rec. June 210
June 20 to June 24
June 20 to June 24
Holders of rec. June 19a
Holders of rec. June 15a
Holders of rec. June 18a
Holders of tee. June 21
June 29 to June 30
Holders Of roe. June 24
Holders of rec. June 200
Holders of rec. June 26a
Holders of rec. June 250
Holders of rec. June 250
Holders of rec. June 18a
Holders of roe. June 216
June 29 to June 30
Holders of rec. June 30a

Trust Companies.
American (guar.)
114 June 30
Bank of Europe Trust Co.(guar.)
234 Jily 1
Bankers (quar.)
5
July 1
Brooklyn (guar.)
6
July 1
Extra
3
July 1
Central Union (guar.)
7
July 1
Empire (guar.)
3
June 29
Extra
1
June 29
Equitable (guar.)
3
June 10
Fidelity (guar.)
214 June 30
Fulton (quar)
234 July 1
Guaranty (guar.)
3
June 30
Irving Bank-Columbia Trust (quar.)_ _ _ 34 July 1
Lawyers (guar.)
114 June 30
Manufacturers (guar.)
5
July 1
Midwood (Brooklyn)
3
June 30
New York (guar.)
5
June 30
Title Guarantee & Trust (guar.)
4
June 30
Extra
5
June 30
Extra
5
Sept.30
United States (guar.)
1214 July 1
Extra
10
July 1

Holders of rec. June 196
Holders of rec. June 21a
Holders of rec. June 15
Holders of rec. June 246
Holders of rec. June 240
Holders of rec. June 21a
Holders of rec. June 196
Holders of rec. June 19a
Holders of rec. June 186
June 19 JO June 30
Holders of rec. June 21a
Holders of rec. June 18
Holders of rec. June 18a
Holders of rec. June 190
Holders of rec. June 19.
June 25 to June 30
Holders of rec. June 190
Holders of rec. June 22
Holders of rec. June 22
Holders of rec. Sept.22
Holders of rec. June 190
Holders of rec. June 19a

Fire Insurance.
Continental
Fidelity-Phenix
Resale of America (quar.)

53
July 10 Holders of roe. June 306
July 10 Holders of rec. June 30a
53
31.50 July 1 Holders of rec. June 15a

Miscellaneous.
Abitibi Power & Paper, pref.(quar.)___ _
Acme Steel (guar.)
Adams Express (quar.)
Adams Royalty (guar.)
Advance-Rumeiy Co.(guar.)
Aeollan Company. pref.(guar.)

114 July
6214c July
51.50 June
800. July
754. Juiy
134 June

2
1
30
1
1
30

Holders of rec. June 19
Holders of roe. June 254
Holders of rec. June 15a
Holders of rec. June 18a
Holders of rec. June 15a
.
Holders of rec. June 21

Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclustre.

Miscellaneous (Continued).
Aeolian Weber Piano & Planola, pf.(qu.) 14 June 30 Holders of rec. June 21
25c. July 1 Holders of rec. June 15
Aetna Rubber,common
14 July 1 Holders of rec. June 15
Preferred (guar.)
734c. July 5 Holders of rec. June 18a
Ahumada Lead (mar.)
17%c. July 5 Holders of rec. June 18a
Extra
July 15 Holders of rec. June 300
$1
Air Reduction Co.(guar.)
Allied Chem.& Dye Corp., pref.(guar.) 14 July 1 Holders of rec. June 150
14 July 15 Holders of rec. June 24a
Allis-Chalmers Mfg., pref.(guar.)
15a
Aluminum Co.of Amer., pref.(quar,),, 134 July 1 Holders of rec. June 30
American Art Works, corn. dc Pref• (qtr.) 1% July 15 Holders of rec. June 150
Note,common (guar.) _ 40c. July 1 Holders of rec. June 150
American Bank
750. July 1 Holders of rec. June
Preferred (guar.)
14 July 1 Holders of rec. June 19a
Amer. Beet Sugar, pref. (guar.)
Fdy., corn. (cm.)_ _ $1.50 June 30 Holders of rec. June 18a
Amer. Brake Shoe &
14 June 30 Holders of rec. June 18a
Preferred (guar.)
June 250
Amer. Brown Boverl Elec. Corp., pf.(qu) 14, July 1 Holders of rec. July 100
50c. July 20 Holders of rec.
Participating stock
14 July 1 Holders of rec. June 100
American Can. preferred (guar.)
150
Amer. Car & Foundry,common (guar.)_ $1.50 July 1 Holders of rec. June 15a
14 July 1 Holders of rec. June
Preferred (guar.)
*334 June 30 *Holders of rec. June 15
Amer. Cellulose az Chem. Mfg., 1st Pf
50e. June 30 June 20 to June 30
American Chain, class A (guar.)
rec June 150
American Chicle, coin.(No. 1)(guar.).- 75c. July 1 Holders of rec. June 150
142535 July 1 Holders of
6% pref. (acct. accum. div.)
14 July 1 Holders of rec. June 150
Prior preferred (guar.)
134 July 1 Holders of rec. June 150
Amer. Cigar, preferred (guar.)
Aug. 1 July 12 to Aug. 1
$1
American Coal
July 1 Holders of rec. June 15
(() 1
(Par3100)
• Amer.Cyanamid,old corn.
34 July 1 Holders of rec. June 15
Old common (par $100) (extra)
of rec. June 15
New "A"corn, and "B"corn.(quar.). 300. July I Ilolders of rec. June 15
134 July 1 Holders
Preferred (guar.)
31.50 July 1 Holders of rec. June 100
American Express (guar.)
July 1 June 17 to June 30
$1.
American Hardware Corp.(guar.)
Oct. 1 Holders of rec. Sept. 160
SI
Quarterly
Jan 1'27 Holders of rec. Dec. 100
$1
Quarterly
20c. July 1 Holders of rec. June 150
Amer. Home Products (monthly)
of rec. Aug. 20
Amer.La France Fire Eng.,corn.(qtr.)-- 250. Aug. 16 Holders of rec. June 150
14 July 1 Holders
Preferred (quar.)
1 Holders of rec. June I8a
134 July
American Linseed, preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 170
Preferred (guar.)
134 lan3'27 Holders of rec. Dec. 170
Preferred (guar.)
Aprl'27 Hold,of rec.Mar.18'270
Preferred ((tsar.)
June 30 Holders of rec. June 110
$2
Locomotive, corn. (quar.)___
American
14 June 30 Holders of rec. June 110
Preferred (guar.)
A merican Manufacturing
134 July I Holders of rec. June 17
Common (guar.)
1% Oct 1 Holders of rec. Sept. 17
Common (guar.)
1% Dec. 31 Holders of rec. Dec. 17
Common (guar.)
14 July 1 Holders of rec. June 17
Preferred ((uar.)
14 Oct. 1 Holders of rec. Sept. 17
Preferred (guar.)
134 Dec. 31 Holders of rec. Dee. 17
Preferred (guar.)
July 1 Holders of rec. June 15
2
American Piano, common (guar.)
14 July 1 Holders of rec. June 150
Preferred (guar.)
June 30 Holders of rec. June 15a
51
corn. (guar.)
Amer. Radiator,
$1.50 June 30 Holders of rec. June 15a
American Railway Express (guar.)
500. July 15 Holders of rec. June 300
Amer. Rolling MIII. corn.(guar.)
July 15 Holders of rec. July la
15
corn.stock)
Common(pay.in
134 July 1 Holders of rec. June 150
Preferred (guar.)
75c. July 1 Holders of rec. June 10a
American Safety Razor (guar.)
July 52 Holders of rec. June I70
11
Amer.Sales Book (guar.)
- 14 Aug. 2 July 10 to Aug. 1
Amer. Smelt. az Refg., corn.(guar.).
14 Sept. 1 Aug. 7 to Aug. 31
Preferred (guar.)
July 1 Holders of rec. June lba
3
American Snuff, common ((uar.)
1.4 July I Holders of rec. June Ila
Preferred (guar.)
Foundries, corn.(quar.)_ _ 75e. July 15 Holders of rec. July la
Amer.Steel &
144 June 30 Holders of rec. June 150
Preferred (guar.)
50c. July 1 June 16 to July 1
American Stores Corporation ((tsar.)
50c. Oct. 1 Sept. 16 to Oct. 1
Quarterly
- 14 July 2 Holders of rec. June la
Amer. Sugar Refg.,common (quar.).
144 July 2 Holders of rec. June 1
Preferred (guar.)
June 30 Holders of rec. June 190
$2
American Surety (guar.)
14 July 1 Holders of rec. June 1011
American Tobacco, preferred (quar.),.
July 15 Holders of rec. July 3a
2
corn. (guar.)
Amer. Typefounders,
144 July 15 Holders of rec. July 3a
Preferred (guar.)
Holders of rec. June 21a
Amer. Wholesale Corp., pref. (guar.)... 14 July 1 Holders of rec. June ltia
14 July 1
Amer. Window Glass, corn.(guar.)
14 July 1 Holders of rec. June 18a
Preferred (guar.)
134 July 15 June 15 to June 24
American Woolen. pref.(guar.)
154 July 1 Holders of rec. June 10a
Armour az Co., Ill., pref. (guar.)
of rec. June 10a
Armour & Co. of Del., pref.(quar.). 14 July 1 Holders
51.50 July 1 June 18 to July 1
corn.(guar.)
Armstrong Cork,
July 1 June 18 to July 1
1%
Preferred (guar.)
of rec. June 19a
Artioom Corporation. corn, (quar.)__._ 75c. July 1 Holders of rec. July 1
Holders
Asbestos Corp. of Canada. pref.(quar.)_ 14 July 15 Holders of rec. July 10
Aug. 2
Associated Dry Goods,corn.(quar.)-.-- 63c. Sept. 1 Holders of rec. Aug. 14
134
First preferred (guar.)
144 Sept. 1 Holders of rec. Aug. 14
Second preferred (guar.)
40c. July 24 Holders of rec. June 300
Associated Oil (extra)
July 2 Holders of rec. June 22a
11
Auburn Automobile (guar.)
Aug. 2 Holders of rec. July 20a
e5
Stock dividend
Nov. 2 Holders of rec. Oct. 20a
e5
Stock dividend
14 Aug. 1 Holders of rec. July 15a
Austin Nichols az Co., pref.(quar.)
144 July 1 Holders of rec. June 20a
Babcock & Wilcox (guar.)
14 Oct. 1 Holders of rec. Sept.200
Quarterly
144 Jan2 27 Holders of rec. Dec. 200
Quarterly
.
134 Aprl'27 Holdersofrec•Mar.20 270
Quarterly
(monthly)___ 250. July 1 Holders of rec. June 19a
Balaban & Hats, common
25c. Aug. 2 Holders of rec. July 20
Common (monthly)
25e. Sept. 1 Holders of rec. Aug. 20
Common (monthly)
25c. Oct. 1 Holders of rec. Sept.20
Common (monthly)
134 July 1 Holders of rec. June 190
Preferred (quar.)
corn. & pt. 334 July 1 Holders of rec. June 5a
Baldwin Locomotive Works,
Holders of rec. July 24a
Barnhart Bros.& Spind.,lst& 2d pf.(qu.) 134 dJuly 31 Holders of rec. June 150
1
Barnsdall Corp. class A az B (guar.),- 50c. July 15 Holders of rec. June 30a
134 July
13ayuk Cigars, first preferred ((uar.).-of rec. June 300
Convertible second npreterred (guar.)_ 14 July 15 Holders of rec. June 30a
July 15 Holders
- 2
Eight per cent second Pref.(guar.)
July 1 Juned20 to June 30
$1.25
Beatrice Creamery, corn.(guar.)
14 July 1 Juned20 to June 30
Preferred (guar.)
250
- 60c. July 10 Holders of rec. June la
Beech-Nut Packing, common (guar.).
144 July 15 Holders of rec. July
Preferred(B guar.)
75c. July 1 Holders of rec. June 2Ia
Co. (guar.)
Belding-Hemingway
Holders of rec. June 30
Belgo-Canadian Paper,corn.(quar.),,.. 134 July 10 Holders of rec. June 5
14 July 2
Preferred (guar.)
(quar.).. 50c. July 1 Holders of rec. June 15a
Bendix Corporation, class A
50c. July 1 Holders of rec. June 20
Berry Motor(guar.)
14 July 1 Holders of rec. June I
Bethlehem Steel,7% pref.(guar.)
July 1 Holders of rec. June 1
2
Eight per cent pref.((uar.)
June 29 Holders of rec. June 22a
25
Big Lake Oil
June 30 Holders of rec. June 19a
$1
Bingham Mines (guar.)
July 1 Holders of rec. June 150
250.
Bohn Aluminum & Brass ((uar.)
75c. July I Holders of rec. June 180
Borg & Beck (guar.)
June 30 Holders of rec. June la
3
Boston Wharf
14 July 1 Holders of rec. June 16a
Bowman-Biltmore Hotels, 1st p1.
154 July 1 Holders of rec. June 20
pref.(guar.)
Bridgeport Machine,
1 Holders of rec. June 150
Brillo Manufacturing, pref. A (guar.)._ 500. July 2 June 18 to June 30
6234c. July
British American Oil((uar.)
June 30 Holders of coup.No.111q
ord'y (interim) _ (a)
British-Amer. Tobacco,
July 1 *Holders of rec. July 1
Ordinary (payable In ordinary stock)_ (z) Sept. 10 Holders of rec. Aug. 31
British Columbia Fish & Packing (quar.) 14 Dec. 10 Holders of rec. Nov.30
134
Quarterly
1 Holders of rec. June 19
Brown& Williamson Tobacco,cons.(qu.) 1% July 1 Holders of rec. June 19
1;4 July
Preferred (guar.)
July 1 Holders of rec. June 21
Brunswick-Balke-Collender, pref.(guar.) 14
50c. July 1 Holders of rec. June 160
Brunswick Site Co
75c. July 1 Holders of rec. June 19
Buckeye Incubator
134 July 1 Holders of rec. June 19
Bucyrus Co.. corn, and pref.(guar.).July 1 June 21 to July 1
(Cleveland), pref. (guar.) I
BulkleY Bldg.
134 July 1 Holders of rec. June 15a
Burns Bros., pref.(guar.)
144 Aug. 2 Holders of rec. July 15a
Prior preferred (guar.)




[Vol.. 122.

THE CHRONICLE

3572

Name of Company.

When
Per
CenS. Payable.

Books Closed.
Days inclustse.

Miscellaneous (Continued).
of rec. June 15
Burroughs Adding Mach ,corn. (guar.), 750. June 30 IIolders of rec. June 15
1.4 June 30 Holders
Preferred (guar.)
75c July 2 Holders of rec. June 15a
Burt (F. N.) Co., Ltd., corn. (guar.)...
14 July 2 Holders of rec. June 15a
Preferred (guar.)
July 15 'folders of rec. June 300
3
Bush Terminal, pre(
14 July 15 Holders of rec. June 300
Debenture stock ((uar.)
170
Bush Terminal Buildings, pref. (quar.).... 14 July 1 Holders of rec. June 310
0234c Aug. 16 Holders of rec. July
Butler Bros.(guar.)
50c. June 30 Holders of rec. June 15a
Butte & Superior Mining (quar.)
21a
By-Products Coke Corp., pref.(guar.)_ _ 2% July 1 Holders of rec. June
of rec. Junet30a
California Packing (stock dividend), -- 100 Aug. 2 Holders of rec. June 15
*14 July 1 *Holders
Canada Bread, 1st pref. (guar.)
1% July 16 Holders of rec. June 30a
Canada Cement, ordlnary ((uar.)
50c. July 15 Holders of rec. July la
Canada Dry Ginger Ale (guar.)
July 15 Holders of rec. July 1
el
Stock dividend (guar.)
e154 Oct. 15 Holders of rec. Oct. 1
Stock dividend (guar.)
el 34 JanI5'27 Holders of rec.Jan 1'27
Stock dividend ((tsar.)
July 2 Holders of rec. June 19a
1
Canadian Canners, pref. (guar.)
14 July 10 Holders of rec. June 25
Canadian Car & Fdy., prof. (quar.)
July 2 Holders of rec. June 16
1
Canadian Conn. Cotton Mills. Pt (qu.)
144 Aug. 16 Holders of rec. July 31
Canadian Converters (guar.)
15
Canadian General Electric, prof. (guar.) 1.4 July 1 Holders of rec. June 20
14 July 1 Holders of rec. June
Canadian Locomotive, pref. (guar.)
July 1 Holders of rec. June 24
2
Canadian Salt (guar.)
1% June 30 June 20 to July 4
Canfield Oil, corn.(guar.)
14 June 30 June 20 to July 4
Preferred ((uar.)
14 July 1 Holders of rec. June 14a
(qu.)_
prof.
Case (J. I.) Thresh.
1% July I Holders of rec. June 25a
Mach.,
Casey & Hedges Co.. prof (quar.)
$1.50 July 1 Holders of rec. June 25a
Central Aguirre Sugar ((uar.)
July 10 Holders of rec. June 25
$1
Central Steel, corn. (guar.)
July 1 Holders of rec. June 15
2
Preferred (guar.)
common (guar.). SI July I Holders of rec. June 15a
Certain-teed Products,
154 July 1 Holders of rec. June 15a
First and second pref.((uar.)
July 1 Holders of rec. June 21a
Chandler-Cleveland Motor, prof.(guar.) 51
Chesebrough Manufacturing (quar.)---- 72e. June 30 IIolders of rec. June 10a
25e, June 30 Holders of rec. June 10a
Extra
624c July 1 Holders of rec. June lea
Chicago Fuse Mfg.((uar.)
Chic.Jct. Rya.& Un.Stk.Yds.,com.(qu) 24 July 1 Holders of rec. June 15
1% July 1 Holders of rec. June 15
Preferred (guar.)
144 July 1 Holders of res. June 22a
Chicago Mill & Lumber, pref.(guar.) _
331-3c July 1 Holders of rec. June 19a
Chicago Yellow Cab Co.(monthly)
33 1-3c Aug. 2 Holders of rec. July 20a
Monthly
33 1-3c Sept. I Holders of rec. Aug. 20a
Monthly
6234c June 28 Holders of rec. June 2a
Chile Copper Co. (quar.)
Chrysler Corporation,common (guar.)... 750. June 30 Holders of rec. June 15a
June 30 Holders of rec. June 15a
$2
Preferred (guar.)
Sept.30 Holders of rec. Sept.l6
$2
Preferred (guar.)
Jan.3'27 Holders of rec. Dec. 15a
$2
Preferred (guar.)
34 July 1 Holders of rec. June 15
Cities Service Co., corn. (monthly)
pi July 1 Holders of rec. June 16
Common (payable in common stock)_ _
34 July 1 Holders of rec. June 15
.13
Preferred and pref. (monthly)
% Aug. 1 Holders of rec. July 15
Cities Service, common (monthly)
Common (payable in common stock) _ 135 Aug. 1 Holders of rec. July 15
;4 Aug. 1 Holders of rec. July 15
Proferred and preferred B (monthly)_ _
July 1 •
*3
City Housing Corp
2;4 July 1 Holders of rec. June 25a
City Investing, common (guar.)
14 July 1 Holders of rec. June 25
Preferred (guar.)
6234e. July 1 Holders of rec. June 15
Cleveland Builders Supply ((uar.)
July 1 June 20 to July 1
2
Cleveland Union Stock Yards (guar.)
144 July 1 Holders of rec. June 19a
Cluett, Peabody & Co., pref.(guar.) -51.75 July 1 Holders of reo. June 15a
Coca-Cola Co.. common ((uar.)
334 July 1 Holders of rec. June 15a
Preferred
- $1.75 July 1 Holders of rec. June 15a
Coca-Cola International Corp.(No. 1)
70e. July 5 Holders of rec. July 6
Co., corn.((uar.)
Cohn-Hall-Marx
50c. June 30 Holders Of rec. June 10a
Commercial Credit, corn.(guar.)
434c. June 30 Holders of rec. June 10a
7% first preferred (guar.)
51.6234 June 30 Holders of rec. June 10a
634% first preferred (guar.)
50c. June 30 Holders of rec. June 10a
8% class B preferred (guar.)
CommercialInvestment Trust,corn.(au.) 900. July 1 Holders of rec. June 15a
Seven per cent first preferred ((uar.).- 144 July 1 Holders of rec. June 15a
134 July 1 Holders of rec. June 15a
634% first preferred ((uar.)
July 1 Holders of rec. July la
$1
Commercial Solvents, class A (quar.).
July 1 Holders of rec. July la
2
Preferred ((uar.)
750. July 1 Holders of rec. June 15a
Congress Cigar ((uar.) (No. 1)
50c. June 30 Juned20 to June 30
Conley Tank Car, corn. (guar.)
.250. July 2 •Holders of rec. June 22
Conlon Corporation, corn.(guar.)
•
1234c July 2 *Holders of rec. June 22
Common (extra)
.134 July 31 *Holders of rec. July 22
Preferred (guar.)
Consolidated Lead & Zinc A (guar.)--- 624c. July 1 Holders of rec. June 15
Consol. Mining & Smelting of Canada_ _ 750. July 15 Holders of rec. June 30a
July 15 Holders of rec. June 50
0
53
Bonus
July 1 Holders of rec. June 14a
Continental Baking,corn., class A (qu.). $2
July 1 Holders of roe. June 14a
52
Preferred (guar.)
31.25 Aug. 16 Holders of rec. Aug. ba
Continental Can, cons.((uar.)
144 July 1 Holders of rec. June 19a
Preferred (guar.)
2
July 1 Holders of rec. June 154
Converse Rubber Shoe, common (qu.)._
June 30 Holders of res. June 19a
51
Coty,Inc.(guar.)
June 30 June 17 to June 30
Co., common (guar.)-- 3
Craddock-Terry
3
June 30 June 17 to June 30
First and second preferred
3% June 30 June 17 to June 30
Class C
50c. July 10 July 1 to July 10
Mfg., corn.(quar.)..
Creamery Package
134 July 10 July 1 to July 10
Preferred (guar.)
$4
July 2 June 11 to July 2
Crown Finance Corporation
$1.75 July 2 June 11 to July 2
Preferred (guar.)
14 July 31 Holders of rec. July 15a
Crucible Steel, cons. (guar.)
14 June 30 Holders of rec. June 16a
Preferred (guar.)
Cuban-American Sugar, corn.(guar.) - 50c. July 1 Holders of rec. June 4.
14 July 1 Holders of rec. June 4a
Preferred (guar.)
2% June 30 Holders of rec. June 15
Cuban Tobacco(No. 1)
144 July 1 Holders of reo. June 19
Curlee Clothing (St. Louis), prof.(qu.).
1% June 26 Holders of rec. June 120
DavisMills (guar.)
11
July 1 Holders of roe. June 15a
Detroit & Cleveland Navigation ((uar.)40c, July 1 June 20 to July 1
Detroit Creamery (guar.)
- 14 July 1 Holders of rec. June 20a
Products, prof.(guar.).
Detroit Steel
Devoe & Raynolds, inc., com.A & B qu 600, July 1 June 20 to June 30
144 July 1 June 20 to June 30
First and second preferred ((uar.)
20c. July 1 June 11 to June 30
Devonian Oil (special)
2
July 15 Holders of rec. June 30
Dictograph Products Corp,Pref.(qu.)_ _
14 July 15 Holders of rec. June 284
Dodge Bros., prof. (guar.)
154 July 1 Holders of rec. June 18a
Doehler Die-Casting, prof. ((uar.)
50c. July 20 Holders of rec. June 30a
Dome Mines. Ltd. (guar.)
144 July 2 Holders of rec. June 15
Dominion Glass, corn. & prof. (quar.)
60c. July 1 Holders of rec. June 10a
Dominion Stores, common (quar.)
4
July 2 Holders of rec. June 30a
Preferred A
344 July 2 Holders of rec. June 30a
Preferred B
11.25 July 2 Holders of rec. June 16
Dominion Textile, common (guar.)
1% July 15 Holders of rec. June 30
Preferred (guar.)
Douglas-Pectin Corporation (quar.)__ 25c. June 30 Holders of rec. June la
134 July 1 Holders of rec. June 15
Douglas(W. L.) Shoe. ord.((uar.)
2
July 1 Holders of rec. May 29
Draper Corporation (guar.)
Dunham (James H.)& Co., COM.(guar.) 134 July 1 Holders of rec. June 160
134 July 1 Holders of rec. June 16a
preferred (guar.)
First
154 July 1 Holders of rec. June 16a
Second preferred (guar.)
July 3 Holders of rec. June la
duPont(El.) de Nem.&Co. com.(extra) 4
1% July 26 Holders of reo. July 10a
Debenture stock (guar.)
40c. Sept. 1 Holders of rec. Aug. 15
Eagle-Picher Lead.common ((uar.)
40e. Dec. 1 Holders of res. Nov.16
Common (quar.)
3734c July 1 June 16 to July 1
Eastern Rolling Mill (guar.)
124c July 1 June 16 to July 1
Extra
Eastern Steamship Lines, pref. (guar.)._ 8734c July 15 Holders of rec. July 80
14 July 1 Holders of rec. June 290
First preferred (guar.)
51.2.5 July 1 Holders of rec. May 29a
Eastman Kodak,common (guar.)
75c. July 1 Holders of rec. May 29a
Common (extra)
134 July 1 Holders of rec. May 290
Preferred (guar.)
corn.((uar.) _ 25c. July 15 Holders of rec. June 25
Economy Grocery Storm
Edmunds & Jones Corp., corn.(guar.),_ 75e, July 1 Holders of rec. June 519
14 July 1 Holders of rec. June 519
Preferred ((uar.)
Egyptian Portland Cement,corn.(qu.)-- 40e. July 1 Holders of rec. June 19
14 July 1 Holders of rec. June 19
Preferred ((uar.)
134 July 1 Holders of rec. June 210
Elsenlohr (Otto)& Bros.. prof.((Mar.).-

JUNE 26 1926.]
Name of Company.

THE CHRONICLE
When
Per
Cent. Payable.

Books Closed
Days Inclusive.

Miscellaneous (Continued).
Elder Mfg., let pref.(guar.)
July 1 Holders of rec. June 19
2
Electric Auto-Lite (guar.)
$1.50 July 1 Holders of rec. June 23a
Electric Controller ds Mfg.,corn.(qu.)__ $1.25 July 1 Holders of rec. June 19a
Preferred (guar.)
134 July 1 Holders of rec. June 19a
Electric Storage Battery. corn.& Pt.(qu) $1.25 July 1 Holders of rec. June 18a
Electric Vacuum Cleaner (guar.)
$1
July 1 June 20 to July 1
Common (extra)
$1
July 1 June 20 to July 1
Preferred (guar.)
134 July 1 June 20 to
July 1
EUlott Fisher Co., corn.& corn. B (qu.). $1.50 July 1 Holders of rec. June 15a
Common and common B (extra)
July 1 Holders of rec. June 150
$1
Preferred (guar.)
134 Jule 1 Holders of rec. June 150
Ely-Walker Dry Goods,first preferred- 334 July 15 Holders of rec. July 4
Second preferred
July 15 Holders of rec. July 4
3
Emerson Elec. Mfg., pref.(guar.)
134 Jule 1 Holders of rec. June 20
Empire Safe Deposit(guar.)
134 June 30 Holders of rec. June 220
Endicott-Johnson Corp.,common (qu.). $1.25 July 1 Holders of rec. June 180
Preferred (guar.)
134 July 1 Holders of rec. June 18a
Equitable Office Bldg. Corp., corn.(qu.) $1.25 July 2 Holders of rec. July I
Preferred (guar.)
154 July 1 Holders of rec. June 24a
Erupcion Mining (guar.)
7340. July 5 Holders of rec. June 18a
Extra
234c. July 5 Holdereof rec. June 18a
Fair (The), corn.(monthly)
200. July 1 Holders of rec. June 19a
Common (monthly)
200. Aug. 1 Holders of rec. July 200
Preferred (guar.)
lee Aug. 1 Holders of rec. July 200
Fairbanks
-Morse & Co., coin. (guar.).- 75
0. June 30 Holders of rec. June 150
Common (guar.)
75e. Sept.30 Holders of roe. Sept.150
Common (guar.)
75e. Dec. 31 Holders of roe. Oct. 15a
Preferred (guar.)
lee Sept. 1 Holders of rec. Aug. 140
Preferred (guar.)
134 Dec. 1 Holders of rec. Nov.150
Famous Players-Lasky Corp., com.(qu.) $2
July 1 Holders of rec. June 15a
Common (guar.)
$2
Oct. 1 Holders of rec. Sept.15a
Common (extra)
8$2
Aug. 10 Holders of rec. June 30a
Preferred (quar.)___
Aug.
2
Holders of rec. July 15a
Fanny Farmer Candy Shops, pref. (qu.) 60e. July
Holders of rec. June 150
Farr Alpaca (guar.)
*2
June 3 *Holders of rec. June 17
Extra
*3
June 3 *Holders of rec. June 17
Faultless Rubber, corn. (guar.)
50e. July
Holders of rec. June 15
Federal Motor Truck (guar.)
30e. July
June 20 to July I
Feltman & Curme Shoe Stores
Common,class A (guar.)
6234c. July
Holders of rec. June 1
Preferred (guar.)
$1.75 Jule
Holders of rec. June 1
Fifth Avenue Bus Securities (guar.).Holders of rec. July 2a
160 July 1
.
Fifth Avenue Coach Co.(quar.)
*500. July 1 *Holders of rec. July 1
Financial Investing, Ltd
25e. July 1 Holders of roe. May 31
Firestone-Apeley Rubber, pref
June 30 Holders
First National Pictures, first pref.(guar.) 314 July 1 Holders of rec. June 21
2
of rec. June 150
First National Stores, corn.(guar.)
3735c July 1 Holders of rec. June 18a
Preferred (guar.)
*2
July 1 *Holders of rec. June 18
First preferred (guar.)
July 1 *Holders of rec. June 18
Fleisehmann Co.. common (guar.)
500. July 1 Holders of rec. June 150
Common (extra)
25c. July 1 Holders of rec June 15a
Preferred (guar.)
134 July 1 Holders of rec. June 15a
Foote Bros. Gear & Mach., cone.(guar.) 25e. July 1 June
21 to June 30
Preferred (guar.)
lei July 1 June 21
to
June 30
Preferred (guar.)
lee Oct. 1 Holders of rec. Sept. 20
Preferred (guar.)
lfi Jan1'27 Holders of rec. Dec 20
Forhan Company,common (guar.)
250. July 1 Holders of rec. June 150
Class A (guar.)
40e. July 1 Holders of rec. June 150
Fox Film Corp., com. A and B
July 15 Holders of
(guar.)-Gabriel Snubber Mfg., rum. A & B (qu.) 62e40 July 1 Holders of rec. June 30a
rec. June 15a
Common. classes A and B (extra)._
623ec July 1 Holders of rec. June 15a
Galena-Signal 011, old & new pref. Owe_ 2
June 30
General American Tank Car, coin.(qu.) $1.50 July 1 Holders of rec. June 106
Holders of rec. June 15a
Preferred (guar.)
154 July 1 Holders of rec. June 15a
General Baking, class A (guar.)
$1.25 July 1 Holders of rec. June 17
Preferred (guar.)
$2
June 30 Holders of rec. June 196
General Cigar, debenture pref.(guar.)
- lee July 1
General Electric, new no par com.(quar.) 75e. July 15 Holders of rec. June 24a
Holders of rec. June 70
New no par coin. (in special stock)._ tit
July 15 Holders of rec. June 70
Special stock (guar.)
150. July 15 Holders
General Fireproofing, common (guar.)._ *30e. July 1 *Holders of rec. June 7a
of rec. June 20
Common (extra)
*70e. July 1 'Holders of rec. June 20
Preferred (guar.)
•154 July 1 'Holders of rec. June 20
General Leather, pref.(guar.)
4
.134 July 1 *Holders of rec. June 15
General Motors Corp., corn.(extra).-- $4
July 2 Holders of rec. May 240
Seven per cent pref (guar.)
lee Aug. 2
Six per cent debenture, pref.(guar.) - lee Aug. 2 Holders of rec. July 50
Holders of rec. July 50
Six per cent pref.(guar.)
134 Aug. 2
Gen'i Outdoor Advertising, corn.(No.1) 50e. July 15 Holders of rec. July 5a
Holders of rec. July 30
General Railway Signal, corn.(quar.)_ $1
July 1 Holders of rec. June 100
Common (extra)
50e. July 1 Holders of rec. June 10a
Preferred (guar.)
134 July
Holders of rec. June 10a
General Tire & Rubber, pref.(guar.)154 July
Holders of rec. June 19
Gibson Art, coin. (guar.)
d65e June 80 June 20 to June 30
Preferred (guar.)
'134 Juned30 June 20 to June 30
Gimbel Grothers. Pref.(quar.)
'134 Aug.
*Holders of rec. July 17
0.0.Spring & Bumper Co.
Common (in corn.stk.on each 10 shs.) 13-10 Aug. 1 Holders of rec.
Common (in corn.stk.on each 10 slue) 12-10 Nov. 1 Holders of rec. Aug. 7
Nov. 8
Common (In corn.stk.on each 10 she.) 13-10 Feb152 Holders of rec. Feb.8'27
Preferred (guar.)
2
July
Holders of rec. June 24
Glidden Company, corn. (guar.)
50e. July 1 Ilolders of rec. June 16.
Preferred (guar.)
le( July 1 Holders of rec. June 160
Globe Wernicke Co., pref.(guar.)
134 July 15 Holders of rec. June 30a
Goodrich (B. F.) Co., preferred (guar.). lee July 1 Holders of
rec. June 150
Goodyear Tire & Rub.,8% prier Mime) 2
July 1 Holders of rec. June 15a
Preferred (guar.)
154 July 1 Holders of rec. June la
Goodyear Tire & Rub. of Can.. Pt. (flu.) lee July 2 Holders of rec. June
Gossard(H. W.)Co.,corn.(monthly)__* 33 1-3c July 1 *Holders of rec. June 15a
21
•33 1-3c Aug. 1 *Holders of
Common (monthly)
• 33 1-3c Sept. 1 *Holders of rec. July 21
Common (monthly)
Gotham Silk Hosiery Co., Inc.(guar.)-- 6234e. July 1 Holders of rec. Aug. 21
rec. June 150
Goulds Pumps, Inc., COM.(guar.)
134 July 1 Holders of rec. June 19
Preferred (guar.)
lee July 1 Holders of rec. June 19
Grasselli Chemical, corn. (guar.)
2
June 30 June 16 to June 30
Preferred (guar.)
134 June 30 June 16 to June 30
Great Lakes Towing, common (guar.)._
134 June 30 Holders of rec. June 15
Preferred (guar.)
le( July 1 Holders of rec. June 15
Great Western Sugar, corn.(guar.)
$2
July 2 Holders of me. June 15a
Preferred (guar.)
lee July 2 Holders of rec. June 15a
Greenfield Tap & Die,6% pref.(guar.)_
1% July 1 Holders of rec. June 15a
Eight per cent preferred (guar.)
2
July 1 Holders of rec. June 150
Greif Bros. Cooperage, class A (guar.)
800. July 1 Holders of rec. June 15
Grennan Bakeries, corn.(guar.)
.25c. July 1 'Holders of rec. June 15
Preferred (guar.)
'134 July 1 'Holders of rec. June 15
Group No. I 011 Corp.(monthly)
$250 July 10 Holders ot rec. July 1
Guantanamo Sugar. pref. (guar.)
2
July 1 Holders of
Guenther Publishing. Preferred (guar.). 211 Aug. 16 Holders of rec. June 15a
rec.
Preferred (acct. accumulated dive.)__ 5254 Aug. 16 Holders of rec. July 16
July 16
Preferred (quay.)
2% Nov.16 Holders of rec. Oct. 16
Preferred (acct. accumulated dive.)___ 523.4 Nov. 16 Holders of rec.
Gulf 01100.of Pennsylvania (guar.)._ _ 37%c July 1 June 20 to Oct. 16
June 24
Gulf States Steel, common (guar.)
134 July 1 Holders of rec. June 150
Preferred (quar.)
134 July I Holders of roe. June 15a
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept.15a
Preferred (guar.)
134 Jan2'27 Holders of rec. Dec. 15.
Hall(C. M.) Lamp (guar.)
.25c. June 30 *Holders of rec. June 28
Hall(W.F.)Print. Co. (Chic.)(quar.) 25e. July 31 Holders of rec. July 21
(
Hamilton-Brown Shoe (monthly)
1
July 1 Holders of rec. June 23
Hammermill Paper. prof.(guar.)
'134 July 1 *Holders of rec. June 19
Hanes (P. H.) Knitting, prof. (quar.)
lee July 1 Holders of rec. June 19
Happiness Candy Stores
25e. July 15 Holders of rec. June 30
Harbauer Company (guar.)
45e. July 1 Holders of rec. June 21
Harbison-Walker Refrac.. prof. (guar.). 114 July 20 Holders of rel.. July 10a
Harris Automatic Press
750. July 1 Holders of rec. June 19
Heath(D.C.)& Co.. preferred (quar.).._
lee June 30 Holders of rec. June 2$
Ileliman (Richard),Inc., partic. pfeque 6234e Aug. 1 Holders of rec. July 21
Relic (George W.) Co., corn.(quar.).. 750. July 1 Holders of rec. June 14a
Preferred (guar.)
134 July I Holders of rec. June 140
Hibernia Securities Co., pref.(guar.) - 134 July 1 Holders of rec. June 26




Name of Company.

3573
Per
When
Cent. Parable.

Boots Closed.
Days Inclusive.

Miscellaneous (Continued).
Holly 011 (guar.)
25e June 30 Holders of rec. June 12a
Hood Rubber, common (guar.)
$1
June 30 June 20 to June 30
Preferred (guar.)
$1.75 Aug. 1 July 21 to Aug. 2
Preference stock (guar.)
$1.87 Aug. 1 July 2 to Aug. 2
Hoover Steel Ball (guar.)
3
July 1 Holders of rec. June 240
Stock dividend
el0
July 1 Holders of rec. June 240
Hudson Motor Car (guar.)
873.4c July 1 Holders of roe. June 15a
Humble 011 & Henning (guar.)
30e. July 1 June 17 to June 30
Extra
20e. July 1 June 17 to June 30
Huttig Sash dr Door, prof.(guar.)
154 July 1 June 20 to June 30
Hydraulic Press Brick, pref.((mare.... lel July 1 Holders of rec. June 25
Ideal Cement, corn. (guar.)
$1
July 1 Holders of roe. June 15a
Preferred (guar.)
lee July 1 Holders of rec. June 15a
Illinois Brick (guar.)
2.4 July 15 Holders of roe. Jule 3
Quarterly
2.4 Oct. 15 Holders of roe. Oct. 4
Illinois Pipe Line
6
June 30 May 28 to June 27
Imperial Tobacco of Canada, ordinary.. 134 June 29
Independent Oil dr Gas (guar.)
25e. July 19 Holders of rm. June 280
Independent Pneumatic Tool (guar.)_ -- $1
July 1 June 22 to June 30
Indian Motocycle, corn,(guar.)
50e. July 1 Holders of rec. June 21a
Preferred (guar.)
lee July 1 Holders of rec. June 21a
India Tire dr R., new no par com.(No.1) 623.4c July 1 June 22 to June 30
Preferred (guar.)
13.4 July 1 Holders of rec. June 21
Industrial Acceptance,corn
500. July 1 Holders of rec. June 19
First preferred (guar.)
1 ee July 1 Holders of rec. June 19
Second preferred (guar.)
2
July 1 Holders of rec. June 19
Second preferred (extra)
% July 1 Holders of rec. June 19
Ingersoll-Rand Co., common (special). $I
July 1 Holders of rec. June 100
Preferred
3
July 1 Holders of roe. June 10a
Inland Steel, preferred (guar.)
134 July 1 Holders of rec. June 15
Inspiration Consol. Copper (quar.)
50e. July 6 Holders of roe. June 17a
Interlake Steamship (guar.)
$1.25 July 1 Holders of rec. June 19
Internat. Business Machines (guar.)....
75c. July 10 Holders of rec. June 220
Internat. Buttonhole Sew. Mach.(go.). 15e. July 1 Holder of rec. June 15
International Cement, common (quar.). $1
June 30 Holders of rec. June 150
Preferred (guar.)
lee June 30 Holders of rec. June 15a
International Harvester, corn. (guar.).
- 11.4 July 15 Holders of roe. June 256
Internet.Match Corp., Deltic. pref.(gu.)
80c. July 15 Holders of rm. June 25a
International Nickel, corn. (guar.)
50e. June 30 Holders of rec. June 17a
Internat. Paper,6% pref.(guar.)
134 July 15 Holders of rec. July 20
Seven per cent prof.(guar.)
11.4 July 15 Holders of rec. July 20
Internat. Projector Corp., corn,(guar.). 25e. July 1 Holders of rec. June 15
$7 preferred (guar.)
$1.75 July 1 Holders of rec. June 15
International Salt (guar.)
lee July 1 Holders of rec. June 150
International Shoe, corn.(guar.)
$1.50 July 1 Holders of rec. June 15a
Common (guar.)
$1.50 Oct. I Holders of fee. June 15a
Preferred (monthly)
Si July 1 Holders of rec. June 15
Internat. Silver, cora. (guar.)
1% July 1 Holders of rec. June 150
Preferred (guar.)
134 July 1 Holders of rec. June 15a
Intertype Corp., 1st prof. (guar.)
$2 July 1 Holders of me. June 15
Second preferred (guar.)
$3 July 1 Holders of roe. June 15
Island Creek Coal,corn.(guar.)
54
July 1 Holders of rec. June 240
Preferred (guar.)
$1.50 July 1 Holders of rec. June 240
Jewel Tea, preferred (guar.)
13.4 July I Holders of roe. June 17a
Prof.(account accumulated dividends) 5234 Jule' 1 Holders of rec. June 174
Jones & Laughlin Steel. pref. (quar.).._
134 July 1 Holders of rec. June 150
Jordan Motor Car, common (guar.)- -- 75e. June 30 Holders of rec. June 21a
Preferred (guar.)
134 June 30 Holders of rec. JUTM 21
Kaufman Dept. Stores. pref.(quare
lee July 1 Holders of rec. June 210
Preferred (guar.)
13.4 Oct. 1 Holders of rec. soot.20.
Preferred (guar.)
154 Jan2'27 Holders of rec. Dec. 20,
Kaynee Co., preferred(guar.)
lee July 1 Holders of rec. June 19
Kayser (Julius) & Co., pref. (quar.)._.... $2
July 1 Holders of rm. June 15.
Kelley Island Lime & Tran.sp.(guar.)._ 2
July 1 June 22 to July 1
Kellogg Switchboard & Supply
Now common ($10 Par)(No. 1)
32550 July 31 Holders of rec. July 3
New preferred (No.1)
$1.75 July 31 Holders of rec. July 3
Kelsey Wheel, common (guar.)
134 July 1 Holders of rec. June 180
Kennecott Copper Corp.(guar.)
July 1 Holders of rec. June 40
$1
Keystone Watch Case (guar.)
1
July 1 Holders of rec. June 19a
King Philip Mills (guar.)
134 July 1 Holders of rec. June 19a
Kinney (G. R.) Co., Inc.. corn.(quar.). $1
July 1 Holders of rm. June 19a
Kirby Lumber (guar.)
154 Seen.10 Sept. 1 to Boot.10
Quarterly
154 Dec. 10 Dec. 1 to Dec. 10
Knox Hat, prior pref.(guar.)
$1.75 July 1 Holders of rec. June.1156
Kraft Cheese, corn.(guar.)
373.50 July 1 Holders of ree. June 18a
Common (payable in common stock)_ 1134 July 1 Holders of rec. June 18a
Kresge Dept.Stores, pref.(guar.)
2
Jule 1 Holders of rec. June 150
Kresge (S. S.) & Co., corn. (guar.)
30e. June 30 Holders of rm. June 15a
Preferred (guar.)
134 June 30 Holders of rec. June 15a
Kress(S. H.)& Co., pref.(guar.)
lee July 1 Holders of rec. June 19a
Kuppenheimer (B.)& Co., common__ $1
July 1 Holders of rec. June 24a
La Salle Extension University, com.(qu.) lee July 1 Holders of me. June 21
Preferred (guar.)
131 July 1 Holders of rec. June 21
Laelede-Chrlety Clay Prod.. pref.(go.). lee July I Holders of rm. June 21
Lake Torpedo Boat, 1st preferred
514
June 30 Holders of rm. June 190
Lambert Company, common
R7See July 1 Holders of rec. June 19a
Preferred
25e. July 1 Holders of rec. June 19
Laurentide Company (guar.)
134 July 2 Holders of rec. June 17
Lawyers Mortgage Co.(guar.)
334 June 30 Holders of rm. June 21
Lawyers Title & Guaranty (guar.)
234 Jule 1 Holders of rec. June 19a
Lawyers Westchester Mtge.& Title(qu.) 2
July 1 Holders of rec. June 16
Lehigh Valley Coal Sales (guar.)
$2
July 1 Holders of rec. June 17a
Libby. McNeill & Libby. pref
3% July 1 Holders of rec. June 11
Life Savers. Inc.,(guar.)
40o. July 1 Holders of rm. June 15a
Liggett & Myers Tobacco. pref.(quar.). lei July 1 Holders of rec. June 15a
Lion 011 Refining (guar.)
*50c. July 27 *Holders of rec. June 30
Loew's. Inc.(guar.)
50c. June 30 Holders of rec. June 12a
Long Bell Lumber, class A (quar.)
June 30 Holders of rec. June 100
51
Loose-Wiles Biscuit, 1st pref.(guar.).-- 154 July 1 Holders of rec. June I80
Second preferred (guar.)
154 Aug. 1 Holders of roe. July 19a
Lord 6, Taylor. corn. (guar.)
23.4 July 1 Holders of rec. June 176
Lorillard (P.) Co.,common (guar.) •
3
July 1 Holders of rec. June 15a
Preferred (guar.)
lee July 1 Holders of rec. June 15a
Ludlum Steel (guar.)
50e. July 1 Holders of roe. June 19a
MacAndrews & Forbes, corn. (quar.).. 65c. July 15 Holders of rec. June 30a
Preferred (guar.)
134 July 15 Holders of rec. June 3Cla
Mack Trucks, common (guar.)
$1.50 June 30 Holders of roc. June 15a
First dr second pref. (guar.)
lee June 30 Holders of rec. June 15a
Macy (R.H.) Co., pref.(guar.)
1,4 Aug. 1 Holders of rec. July 170
Magma Copper Co. (guar.)
75e, July 15 Holders of rm. June 30a
Mager Car Corp., com.(guar.)
50c June 30 Holders of me. June 23
Preferred (guar.)
131 June 3 Holders of rm. June 23
Maillnson(H.R.)& Co.. Pref.(quar.).. 134 July
Holders of rec. June 216
Manhattan Electrical Supply (gear.).. $1.25 July
Holders of rec. June 19.
Manhattan Shirt. pref. (guar.)
lee July
Holders of rec. June 17a
Manning, Maxwell & Moore, Inc.(clue
Holders of rm. June 30
134 July
Manufactured Rubber, preferred
3
July 1 Holders of rec. June 300
Margay 011 Corp.(No. 1)
25c July 1
Holders of rm. June 19
Marland 011 (guar.)
June 3 Holders of rec. Jimell9a
$1
Marlin-Rockwell Co., corn. (quar.)..._ 50e. July
Holders of rec. June 21a
Preferred (guar.)
1,‘ July
Holders of rec. June 21a
Mathieson Alkali Works, COM.(quar.)
51
July
Holders of rec. June 180
Preferred (guar.)
Holders of rec. June 18a
134 July
May Department Stores, corn.(gear.).. $1.25 Sept.
Holders of rec. Aug. 16a
Preferred (guar.)
lee July
Holders of rec. June 150
Preferred (guar.)
Holders of rec. Sept.150
134 Oct.
Maytag Co.(guar.)
50o. Sept.
Holders of rec. Aug. 150
Quarterly
50e. Dee.
Holders of roe. Nov.15a
McCord Radiator & Mfg.. el. A (qu) - 75e. July
June 19 to June 30
McCrory Stores, preferred (guar.)
lee Aug.
Holders of rec. July 200
Preferred (guar.)
134 Nov.
Holders of ree. Oct. 200
Medart (Fred) Mfg., pref. (guar.)
2
July
Holders of roe. June 20
Meletio Sea Food Co., corn
$2
July
Holders of rec. June 25
Merchants dr Mfrs. Secur., partic. pref
6234e July
Holders of rec. June 15
Participating preferred (in stock)_ .
July
Holders of roe. June 15
Merch. & Miners Transp., corn. (que
62efc June 30 Holders of rec. June 15a
Merck dr Co., prof.(guar.)
Si
July 1 Holders of rec. June 17
Mergenthaler Linotype (guar.)
$1.25 June 30 Holders of rec. June Sa
Extra
250. June 30 Holders of rec. June 5a

Name of Company.

[VOL. 122.

THE CHRONICLE

3574
IVhen
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Name of Company.

When
Per
Cent. Payable.

Books Closed
Days Inclusive.

Miscellaneous (Continued).
Miscellaneous (Continued).
75c. July 15 Holders of rec. July la
Quaker Oats. common (guar.)
$1.25 June 30 Holders of rec. June 12
Merrimack Chemical (quar)
veg. 31 Holders of rec. Aug. 2e1
Preferred ((Luar.)
30
Paving Brick, pref. ((Lu.). 134 July 1 June 16 to June 306 Real Silk Hosiery Mills, common (quar.) $1
July 1 June 19 to June 30
Metropolitan
July 20 Holders of rec. June
3
Mexican Petroleum, common (quar.)
131 July 1 June 19 to June 30
Preferred (quar.)
300
July 20 Holders of rec. June
2
Preferred (quar.)
35e. July 1 Holders of rec. June 15
Mach.(quar.)
July 1 Holders of rec. June 150 Reece Buttonhole
81
Midland Steel Prod., com.(quar.)
5c. July 1 Holders of rec. June 15
Reece Folding Mach.(quar.)
400. July 1 Holders of rec. June 150 Regal Shoe, Prof.(quar.)
Common (extra)
131 July 1 Juned20 to Jun430
July 1 Holders of rec. June 15a
$2
Participating pref. (quar.)
750. July 1 Holders of rec. June 19a
Corp., corn.(quar.)____
July 1 Holders of rec. June 15a Reid Ice Cream
81
1)4 July 1 Holders of rec. June 150
Participating pref. (extra)
1st pref. (quar.)
Reis (Robert) &
of rec. June 19
lc. June 30 Holders
Midway Northern Oil
131 July 1 Holders of rec. June 21a
Co..
Reliance Mfg., pref. (quar.)
135 July 1 Holders of rec. June 19
1% July 1 Holders of rec. June 190
Mill Factors Corp.(quar.)
Remington Arms, tat Prof. (quar.)
1
35 July 1 Holders of rec. June 19
Extra
Remington-Noiseless TyPewr., PI. (qUi 1% July 15 Holders of me July 1
July 13
12340. July 15 June 30 to
July
Mining Corp. of Canada (interim)
Remington Typewriter, drat pref.(qrum) 131, July 1 June 16 to July 1
200. July 1 Holders of rec. June 20
134 July 1 June 16 - to
Missouri-Illinois Stores, corn. (guar.)
First preferred, series S (quar.)
1 Holders of rec. June 19a
July 1 June 16 to July 1
2
Montgomery Ward dr Co., class A ((Lu.)- $1.75 July 1
Second preferred (guar.)
Holders of roe. June 19a
1% July
Preferred (quar.)
20e. July 1 Holders of rec. June 150
of rec. June 18a Roo Motor Car (guar.)
100, July 1 Holders of rec. June 15a
Morgan Lithograph, common (quar.)--- $1.25 June 30 Holders
Extra
rec. June 21
June 30 Holders of
2
Mortgage-Bond Co. (quar.)
1% July 1 Holders of rec. June 150
& Steel, pref. (guar.)._
Republic
37340. June 30 Holders of rec. June 110 Reynolds Iron J.) Tobacco
Mother Lode Coalition Mines
(R.
of rec. July 1
$1.25 July 1 Holders of rec. June 18
Motion Picture Capital Corp.. pref.(qu.) 50c. July 15 Holders of rec. June 150
Common & common B (quar)
900. July 1 Holders
1% July 1 Holders of rec. June 150
Moto Meter, Inc., class A (quar.)
A & B (quar.)__
2c. July 15 Holders of rec. July la Reynolds Spring. pref.Co.. part. pf ((Lu.) 750. July 1 Holders of rec. June 15
Mountain & Gulf 011 (guar.)
.
on
lc. July 15 Holders of rec. July la Richardson& Boynt
Extra
$1.50 July 1 Holders of rec. June 21
June 156 Richman Brothers((mar.)
60e. July 1 Holders of rec.
June 30 Holders of rec. June 15a
2
Mountain Producers Corp.(guar.)
Powder, com.(quar.).__
150. July 15 Holders of rec. July la Royal Baking
Munyon Remedy Co.(quar.)
134 June 30 Holders of rec. June 15a
Preferred (guar.)
rec. June 10
Holders of rec. July 10
July
Nashua Gum.& Coat.Pap.,com.(mthly) 1 2-3 July 15 Holders of rec. June 21
$1
Royal Typewriter.common
/131 July 1 Holders of
•
3% luly 17 Holders of rec. July 16
Preferred (quar.)
Preferred
134 July 1 Holders of rec. June 23a Ryan Car, preferred (guar.)
June 30 *Holders of rec. June 15
*2
Nashua Mfg., pref.(guar.)
rec. June Me
July 15 Holders of
$1
July 15 Holders of rec June 306.
$1
National Biscuit, common (quar.)
Oct. 15 Holders of rec. Sept. 300 Safety Cable(quar.) Ltg. (quar.)
$1
2
July 1 Holders of roe. ian, 140
Common (quar.)
Heat. dr
50c. July 15 Holders of rec. June 300 Safety Car
Common (extra)
$1.75 July 1 Holders of rec. June 15
170 Safeway Stores, preferred (No. 1)
131 Aug. 31 Holders of rec. Aug.
500. Sept.20 Sept. 10 to Sept.20 •
Preferred (quar.)
St. Joseph Lead (quar.)
June 15
25c. Sept. 20 Sept.10 to Sept.20
National Breweries, common (guar.).-- $1 July 2 Holders of rec. June 15
Extra
131 July 2 Holders of rec.
Preferred (quar.)
50c. Dee. 20 Dec. 10 to Dec. 20
Quarterly
*134 June 30 Holders of rec. June 15
25e. Dec. 20 Dec. 10 to Dec. 20
National Casket, preferred (quar.)
Extra
rec. June 216
July 1 *Holders of rec. June 26
National Dairy Products, corn.(quar.)__ 75e, July 1 Holders of rec. June 216 St. Louis Nat. Stock Yards ((Luar.)- _ *2
131 July 1 Holders of
34 June 30 Holders of rec. June 15
Preferred (quar.)
(4u)
St. Louis Rocky Mt.& Pac.Co„corn.
-- 134 June 30 Holders of rec. June 10a
1% June 30 Holders of rec. June 15
Nat. Enamel.& Stpg.. prof. Mar.)
Preferred (guar.)
15
July 1 June 20 to June 29
3
National Grocer, preferred
St. Maurice Valley Corp.. pref. (quar.). 1% July 2 Holders of rec. June 15
Jan l'27 Dec. 21 to Deo 31
3
50e. July 1 Holders of rec. June
Preferred
Paper, common (quar.)
June 30 Holders of rec. June Ila St. Regis (quar.)
2
1 Holders of rec. June 15
$1.75 July
National Lead. common (guar.)
Preferred
234 July 9 Holders of rec. June 23
20e. July 1 Holders of rec. June 150
National Licorice, common
Salt Creek Consol. 011 (quar.)
1% June 30 Holders of rec. June 23
*131 July 1 *Holders of rec. June 15
Preferred (quar.)
Savage Arms, first preferred (quar.)
July 1 Holders of rec. June 15
•14i Aug. 16 *Holders of rec. Aug. 2
2
National Refining, pref.(guar.)
Second preferred (quar.)
rec. June 18
6234c July 1 Holders of
July I Holders of rec. June 150
National Standard Co.(quar.)
June 7e Schulte Retail Stores. preferred (guar.). 2
July 1 Holders of rec. June 150
131 July 2 Holders of rec.
National Sugar Refining (quar.)
(Bernard) Cigar (qu.) (in stk.) e2
154 June 30 Holders of rec. June 19a Sehwartz
National Supply, pref. (quar.)
June 18a Scruggs-Vandervoort-Barney
2)4 July 1 Holders of rec.
July I Holders of rec. June 20
3
National Surety (quar.)
Dry Goods, 1st prof
81 July 1 Holders of rec. June 196
33-4 July 1 Holders of rec. June 20
National Tea, common (quar.)
Second preferred
June 18
(1) July 20 Holders of rec. June 30a
Nelson (Herman) Corporation (quar.)-- 30c. July 1 Holders of rec. June 150 Seagrove Corporation (quar.)
rec.
July 1 Holders of rec. June 19
2
Nevada Consolidated Copper Co. ((Lu.)- 25e, June 30 Holders of rec. July la Seiberling Tire ur Rubber, pref.(quar.)__
12340 July 15 Holders of
134 July 26 Holders of rec. June 30
New Bradford 011 (quar.)
Shaffer Oil& Refining, preferred
July 1 Holders of rec. June 15
2
.
50e. July 10 Holders of rec. June 210
New England Equity Corp., pf. (qu.) _
G.) Co ((Luar.)
of rec. June 21a
25e. July 1 Holders of rec. June 21a Shattuck (Frank
New England Fuel Oil (quar.)
Shawmut Manufacturing, cont. ((Luar.). 134 Juno 30 Holders of rec. June 216
July 10 Holders of rec. June 19
2
New Jersey Zinc(extra)
134 June 30 Holders
Preferred ((Luar.)
July 2 Holders of rec. June 12
350. June 30 Holders of rec. June 20
New Orleans Coal Storage & Warehouse 5
July 120 Shell Union Oil, common (quar.)
15
New York Air Brake, common (quar.)__ 50e. Aug. 1 Holders of rec.
Williams Co., Can., corn. ((LU.) 134 June 30 Holders of rec. June 15
July 1 Holders of rec. J. no pa Sherwin
81
134 June 30 Holders of rec. June
Class A (quar.)
Preferred (quar.)
4
July 1 Holders of rec. June 19
75c. June 30 June 22 to June 30
N. Y.Title & Mortgage (quar.)
Shredded Wheat
1
July 1 Holders of rec. June 19
of ree. June 190
Extra
Shreveport-El Dorado Pipe Line (quar.) 25e. July 1 Holders of rec. Sept.200
$1.25 July 15 Holders of rec. June 18
New York Transit
250. Oct. 1 Holders
Quarterly
50e. July 15 Holders of rec. July la
July 1 Holders of rec. June 19
New York Transportation (quar.)
300.
Sieloff Packing, com. (quar.)
60e. July 15 Holders of rec. June 30
of rec. July 20
Newmont Mining Corp _________ ----Silver (Isaac) Si Bro. Co., pref. (guar.). *I% Aug. 2 *Holders to June 30
*50c. June 30 *Holders of rec. June 20
Newton Steel,corn.(quar.)
25c. July 1 June 22
Silver King Coalition Mines (quar.)__
*131 June 30 *Holders of rec. June 20
1 Holders of rec. June 150
Preferred (quar.)
Simmons Company, common (guar.)... 500. July
*20e. July 15 *Holders of roe. June 30
Niagara Share Co.(No. 1)
500. July 1 Holders of rec. June 150
Simms Petroleum
131 July 1 Holders of rec. June 21
Nichols Copper Co., pref. (quar.)
234 June 30 June 11 to June 30
6234c July 1 ,Holders of rec. June 256 Singer Manufacturing (quar.)
June 30 June 11 to June 30
North American Car Corp.(guar.)
2
Extra
June 10a
July 1 Holders of rec. June 21a
North American Provision, pref.(quar.) 134 July 1 Holders of rec. June 11
d Steel dx Iron, pref.(quar.)
Hoes-Sheffiel
83 July 1 Holders of rec.
Pipe Line
Northern
(qu.) 50e. July 1 Holders of rec. June 19a
&
Smith(L.C) Corona Typewr..com.
190
$1 July 1 Holders of rec. June 11
Extra
134 July 1 Holders of rec. June
Preferred (quar.)
rec. June 20a
Norwalk Tire & Rub., common (quar.)_ 20e. July 1 Holders of rec. June 20a South Penn OIL new $25 par stk. (qu.). 3734c June 30 June 13 to June 30
81.75 July 1 Holders of
of rec. June 100
Preferred (quar.)
134 July 1 Holders
25c. July 1 Holders of rec. June 250 South Porto Rico Sugar, corn. (guar.)._
July 1 Holders of rec. June 10a
Novadel Process Corp., pref.(No. 1)
2
Preferred (guar.)
75c. June 30 Holders of rec. June 19a
Nunnally Company
334 July 1 June 18 to June 30
81.25 July 25 Holders of rec. June 210 Southeastern Express
Ogilvie Flour Mills (quar.)
July 1 Holders of rec. June 170
2
Southern Baking, Prof.(guar.)
June 30
500. June 30 June 6 to
Ohio 011 (guar.)
July 31 *Holders of rec. July 15
*El
Southern Dairies, class A (quar.)
25e. June 30 June 6 to June 30
Extra
July 1 Holders of rec. June 15
$1
b0c. July 1 Holders of rec. June 15a Southwest Pa. Pipe Lines (guar.)
011 Well Supply, common (quar.)
25c June 30 Holders of rec. June 19
Sparks-Withington, com. (quar.)
July 15
134 Aug. 2 Holders of rec.
Preferred Num.)
134 June 30 Holders of rec. June 19
Preferred (quar.)
July I Holders of rec. June 186
2
Omnibus Corporation, pref. (quar.)July 1 Holders of rec. June 21a
2
Spicer Mfg., pref.(guar.)
July 1 *Holders of rec. June 25
*2
Onondaga Sllk. pref.(quar.)
25o July 1 Holders of rec. June 23
(qu)
rec. June 190 Standard Commercial Tobacco,com.
Orpheum Circuit, common(monthly)._ 162-3 July 1 Holders of coo. June 15a
July 1 Holders of rec. June 23
334
Preferred
July 1 Holders of
2
Preferred (quer.).
134 June 30 Holders of re.. June 180
81.50 July 15 Holders of rec. June 30a Standard Milling, corn. (quar.)
134 June 30 Holders of n 0. June 180
Otis Elevator,com.(quar.)
Preferred (quar.)
134 July 15 Holders of reo. June 306
June 30 June 16 to June 30
Preferred (quar.)
Si
134 Oct. 15 Holders of rec. Sept. 306 Standard Oil (Kentucky)(quar.)
234 July 1 Holders of rec. May 28
Preferred (quar.)
354 Standard 011 (Ohio), corn.(quar.)
134 JanI5'27 Holders of rec. Dec.
Preferred (quar.)
prior pref.(quar.) 134 July 1 Holders of rec. June 190
Standard Plate Glass,
154 July 1 June 19 to July 1
234 July 1 Holders of rec. June 17
Overman Cushion Tire, corn. A (quar.)_
Standard Screw, common (quar.)
134 July 1 June 19 to July I
July 1 Holders of rec. June 17
3
Common B (quar.)
Preferred
1% July 1 June 19 to July 1
75e. July 1 June 20 to June 30
Preferred (guru./
Stanley Co. of America (quar.)
30e. July 1 Holders of rec. June 15
July 1 Holders of rec. June 190
Ovington Bros., common
State Theatre Co.(Boston), prof. (qu.)_ 2
of rec. June 15
400. July 1 Holders
July 1 Holders of rec. June 21
3
Participating Preferred
com.(guar.)
75c July 1 Holders of rec. June 150 Steel Products Corp.,
July 1 Holders of rec. June 19
$1
Owens Bottle. corn.(quar.)
1% July 1 Holders of rec. June lba Stern Brothers. com. (quar.)
July 1 Holders of rec. June 196
81
Preferred (quar.)
Class A (quar.)
rec. July 150
50c. July 31 Holders of
42.50 July 5 *Holders of rec. July 1
Packard Motor Car, cont.(guar.)
Co.,common
July 1 Holders of rec. June 150 Stetson (John B.)
July 5 *Holders of rec. July 1
*El
Paige-Detroit Motor Car,corn,(quar.)_ _ 45c.
Preferred
131 July 1 Holders of rec. June 15a
131 July 1 June 19 and June 20
Preferred (quar.)
Stlx-Baer-Fuller Co.. pref.(quar.)
n Petrol. & Tranap.81.25 July 1 Holders of rec. June 15
Pan-An.erica
com.(quar.)
$1.50 July 20 Holders of rec. June 306 Stone(H.0.)& CO., in common stock). f5 July 1 Holders of rec. June 15
Common and common B (guar.)
Common (Payable
81.50 June 26 Holders of rec. June 176
134 July 1 Holders of rec. June 15
Paraffin Companies, com.(quar.)
Preferred (quar.)
134 June 28 Holders of rec. June 170
$1.50 July 1 Holders of roe. June 140
Preferred (quar.)
Stromberg Carburetor (quar.)
50c. June 30 June 20 to June 30
July lb July 1 to July 13
Si
Parke Davis & Co.(quar.)
Sullivan Machinery (quar.)
to June 30
$1.50 June30 June 20
134 July 1 Holders of rec. June 150
p1. ((Lu.)
Special
150.. July 1 Holders of rec. June 15a Swed.-Am. by. Corp., panic.
July 1 Holders of rec. June 10
2
Park Utah Consol. Mines (quar.)
58e, July 1 Holders of roe. June 190 Swift & Co. Mar.)
50c. July 1 Holders of rec. June 150
Peabody Coal. oref. (monthly)
Symington Company,class A (guar.)
134 June 30 Holders of rec. Juno 19
30
Ltd.,Pref.(guar.)
Penick & Ford,
Syracuse Wash.Mach.,corn. A di B ((Lu.) 750. July 1 June 20 to June 30
June 30 Holders of rec. June 19
July 1 June 20 to June
Preferred (acct accum. dividends),,... /8
Common A and B(pay.in class B com) n
1% June 30 Holders of rec. June 19a
July 1 June 20 to June 30
2
Penney (J. C.) Co., tat pref.(quar.)
Preferred ((Luar.)
50c. Sept.25 Holders of rec. Sept. 15a
Pennok Oil Corporation (guar.)
134 July 10 Holders of rec. June 30
Telautograph Co., pref.(quar.)
75e. .thly 1 Holders of rec. June 10
750. June 30 Holders of rec. June 46
Pet Milk Co., common (quar.)
Texas Company (quar.'
10
134 July 1 Holders of roe. June
June 30 Holders of rec. Juno 24a
2
Preferred (guar.)
Textile Banking(quar.)
-30c. July 1 Holders of rec. June 230
Pettibone-MullIken Co
R.) (monthly)
131 July 1 Holders of rec. June 22a Thompson (John
300. Aug. 1 Holders of rec. July 230
First and second preferred (quar.)-.-Monthly
226
134 July 2 Holders of rec. June
30c. Sept. 1 Holders of rec. Aug. 230
Phelps-Dodge Co.(qar.)
Monthly
Aug. 2 Holders of rec. July 15a
$2
July 1 Holders of rec. June 190
56
Co., core
Philadelphia Insulated Wire
75c. July 1 Holders of rec. June 150 Thompson-Starrett
011, com.(No.1). 30c. Aug. 2 Holders of rec. June 106
Petroleum Corp.(quar.)
Tide Water Associated
Phillips
*400. Aug. 2 *Holders of rec. July 26
134 July 1 Holders of rec. June 100
Pick (Albert) & Co., com.(quar.)
Preferred (quar.) (No. 1)
1 Holders of rec. June 21
131 July
3734c Juno 30 Holders of rec. June 15a
Tide Water 011(guar.)
Preferred (quox.)
July 1 Holders of rec. June 15
81
134 July 1 June 21 to July 1
Timken-Detroit Axle, corn. (quar.).....
Pie Bakeries of America, el. A (guar.)
15
131 July 1 Holders of rec. June 18a Trutt° Standard Mining
Juno 26 Holders of rec. June 16
Seven per cent preferred (guar.)
Holders of rec. June
July 1
2
134 July 15 Holders of rec. June 250
156 Tobacco Products Corp., com.(quar.)
Pierce-Arrow Motor Car. pref.(quar.)
July 1 Holders of rec. June
2
Company, common (guar.). 75c. July 1 Holders of rec. June 180
Pittsburgh Plate Glass (quar.)
July I Holders of rec. June 250 Torrington
1
81.25 July 1 Holders of rec. June 180
Common (extra)
Pittsburgh Steel, common (guar.)
16 to June 30
3730 July I Holders of roe. June 15a
Pf.((LU.) --- 131 July 1 June 23 to June 24
.
Tower Manufacturing
Pittsb.Steel Foundry Corp.,
50c. June 30 June
37340 July 1 Holders of rec. June 150
Traveler Shoe((Luar.)
Plymouth 011 (monthly)
23 to June 24
19
25c. June 30 June
300 Trumbull-Cliffs Furnace, pref. (quar.).... 134 July 1 Holders of rec. June 300
Extra
Julyd31 Holders of rec June
2
July 15 Holders of rec. June
1
150 Tuckett Tobacco, corn. ((Luar.)
Prairie Pipe Line (quar.)
750. July 1 Holders of rec. June 15a
131 July 15 Holders of rec. June 300
Preferred ((Luar.)
Pratt & Lambert, Inc., ((Luar.)
rec. June
July 1 Holders of
Si
July 1 Holders of rec. June 21
4
Extra
May 296 Ulen Company, preferred
June 15
131 July 1 Holders of rec. June 15
Underwood Computing Mach., pf. ((Lu.) 134 July 1 Holders of rec. Sept.
Pressed Steel Car, preferred (quar.)
15
34 July 2 Holders of ree. June 15
131 Oct. 1 Holders of rec.
Price Bros., common (quar.)
Preferred (quar.)
I% July 2 Holders of rec. June 250 Underwood Typewriter, corn.(guar.)._ $1
1 Holders of rec. June 56
July
Preferred (quar.)
July 15 Holders of rec.
2
Oct. 1 Holders of rec. Sept. 40
81
Common ((Luar.)
Procter & Gamble,8% Pref. (quar.)._..
of rec. July 10
5a
July 15 Holders
194 July 1 Holders of rec. June
Preferred (quar.)
Pro-phy-lac-tic Brush, common (guar.). 50e. July 1 Holders of rec. June 19a
500.
IH Oct. 1 Holders of rec. Sept. 46
15
Preferred (quar.)
Common (extra)
40
July 2 Holders of rec. June
51.25 July 1 Holders of rec. June 210
Union Carbide & Carbon (quar.)
Provincial Paper Mills, common (qu.)-- 134 July 2 Holders of rec. June 15
134
131 June 30 Hol4ers of rec. June
Preferred (quar.)
Union Twist Drill, pref.((Luar.)
June 10
rec. June 250
1% July 1 Holders of rec. June 10
United Alloy Steel Corp., corn.((Lear.),,. 50c. July 10 Holders of rec. June 20
Pure Oil Co. 5%% pref. (quar.)
rec.
134 July 1 Holders of roe. June 100
.1.( July 1 *Holders of
Six per cent pref (quar.)
'
Preferred (gear.)
'rely t Holders of
2
. Eight per cent pref. (guar.)




134

1

JUNE 26 19261
Name of Company.

THE CHRONICLE
Per
When
Cent. Pinta:vie.

Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
United Cigar Stores of Amer.. corn.(go.) 2
June 30 Holders of rec. June 106
Common (payable in common stock)_
June 30 Holders of rec. June 10a
United Drug, 1st pref.(quar.)
87Sic Aug. 2 Holders of rec. July 15a
United Dyewood, pref.(quar.)
13( July 1 Holders of rec. June 156
United Fruit, new no par stk.(No.1)(qu) $1
July 1 Holders of rec. June 5a
United Ice Service, pref. A (quar.)
$1.75 July 1 Holders of rec. June 18a
United Paperboard, common (guar.)... 50e. July 15 Holders of rec. July la
United Profit Sharing,corn.(par Si)_
15
July 15 Holders of rec. June 15a
Corn., no par (pay.In no par corn.stk.) (I) July 15 Holders of rec. June 15
United Securities, preference (guar.)
134 July 2 Holders of rec. June 24
United Shoe Machinery,corn.(quar.)
6234c July 6 Holders of rec. June 15
Preferred (guar.)
3754 c July 6 Holders of rec. June 15
United Verde Extension Mining (quar.)_ 75c. Aug. 2 Holders of rec. July 6a
U.S. Bobbin & Shuttle, pref.(quar.)..._
131 June 30 Holders of rec. June 9
(LB.Cast Iron Pipe & Fdy..corn.(qu.)
234 dept.15 Holders of rec. Sept. la
Common (quar.)
2)4 Dec. 15 Holders of rec. Dec. la
Preferred (quar.)
191 Sept.15 Holders of rec. Sept. la
Preferred (quar.)
131 Dec. 15 Holders of rec. Dec. la
U. S. Distributing Corp.. pref
334 July 1 Holders of rec. June 15a
U.S. Gypsum. corn.(quar.)
40c. June 30 June 16 to June 30
Preferred (guar.)
154 June 30 June 16 to June 30
U.S.Industrial Alcohol, pref. (quar.)..
13( July 15 Holders of rec. June 30a
U. B. Light & Heat, non-cum. pref
350. July 1 June 16 to July 1
Cumulative preferred A
25c. July 1 Holders of rec. June 15o
United States Rayon, pref.(quar.)
$1.75 July 1 Holders of rec. June 25
U.S.Steel Corporation, corn.(guar.)..._
131 June 29 June 2
to
June 3
United States Tobacco,common(quer.). 750. July 1 Holders of rec. June 14
Preferred (guar.)
$1.75 July 1 Holders of rec. June 14a
Universal Leaf Tobacco, pref. (guar.)._ 2
July 1 Holders of rec. June 21
Universal Pictures, first Pref. (qllar.)2
Ally 1 June 22 to July 1
Universal Utilities, common
6
July 15 June 25 to June 30
Preferred
3
July 15 June 25 to June 30
Upson Co., pref.(quar.)
131 July 1 Holders of rec. June 15
Utah Copper (quar,)
$1.25 June 30 Holders of rec. June 150
Utah-Idaho Sugar. corn. (quar.)
•1
July 1 *Holders of rec. June 18
.11,‘ July 1 *Holders of rec. June 18
Preferred (guar.)
Valvoline Oil, preferred
2
July 1 Holders of rec. June 18a
Virginia-Carolina Chem., prior pref.(qU.) h7
July 1 Holders of rec. June 156
Virginia Iron. Coal & Coke. pref
231 July 1 Holders of rec. June 15a
Vivaudou (V.), Inc., common
*75c. July 15 *Holders of rec. July 1
Preferred (guar.)
$1.75 Aug. 2 Holders of rec. July 15
Preferred (quar.)
$1.75 Nov. 1 Holders of rec. Oct. 15
Vulcan Detinning, preferred (quar.)
• 15( July 20 Holders of rec. July 90
Preferred (acct. accum. dividends)
52
July 20 Holders of rec. July 96
Preferred A (guar.)
131 July 20 Holders of rec. July 90
Wabasso Cotton (quar.)
81
July 2 Holders of rec. June 15
Waldorf System, corn. (quar.)
31540. July
Holders of rec. June 180
First preferred and preferred (guar.)._ 20c. July 1 Holders of rec. June 18
Walworth Co., pref.(guar.)
750. June 3 Holders of rec. June 19a
Ward Baking,class A (No.1)
$2
July
Holders of rec. June 150
Preferred (quar.)
. .
191 July
Holders of rec. June 16a
Warner-Quinlan Co.(guar.)
500. July
Holders of rec. June 16a
Warren Bros., common (guar.)
July
$1
Holders of rec. June 21a
First preferred (quar.)
750. July
Holders of rec. June 21a
Second preferred (quar.)
8734e July
Holders of rec. June 21a
Waverly 011 Works, class A
60e. July 1 Holders of ree. June 18a
Weber & Hellbroner, common (guar.)._ $1
June 30 Holders of rec. June lfla
Welsbach Company, common (annual)_ $2
. June 30 *Holders of rec. June 19a
334 June 30 Holders of rec. June 19
Preferred
West Coast 011, preferred (guar.)
*$1.50 July 6 *Holders of rec. June 25
Preferred (extra)
*58.50 July 6 *Holders of rec. June 25
West Point Mfg.(quar.)
2
July 1 Holders of rec. June 15
Western Electric, common (quar.)
9.$2.50 June 30 *Holders of rec. June 28
Western Exploration (quar.)
1
June 20 Holders of rec. June 15
Westinghouse Air Brake (quar.)
81.50 July 31 Holders of rec. June 30a
Extra
250. July 31 Holders of rec. June 30a
Westinghouse Elec. & Mfg., corn.(qu.)_ $1
July 31 Holders of rec. June 30a
Preferred (gear.)
$1
July 15 Holders of rec. June 300
Westmoreland Coal (guar.)
$1
July 1 June 25 to July 1
Weston Electrical Instrument, el. A(qu.) 500. July 1 Holders of rec. June 16a
Wheeling Steel Corp., pref. A (guar.) _
2
July 1 Holders of rec. June 120
Preferred B (guar.)
214 July 1 Holders of rec. June 120
White Eagle Oil de Refg. (quar.)
500. July 20 Holders of rec. June 30a
White Motor (quar.)
31
June 30 Holders of rec. June lba
White Motor Securities. pref.(guar.)
151 June 30 Holders of rec. June 15
White Rock Mineral SIM.,corn.(qu.)_
500. July 1 Holders of rec. June 15a
First preferred (quar.)
131 July 1 Holders of rec. June 15
Second preferred
2)4 July 1 Holders of rec. June 15
dWhitman (William) Co., Pref.(Quar.)-131 July 1 Holders of rec. June 18
Will & Baumer Candle, pref.(quar.)
2
July 1 Holders of rect. June 21
Williams Tool Corp., pref.(gar.)
2
July 1 Holders of rec. June 190
Preferred (quar.)
2
Oct. 1 Holders of rec. Sept.20a
WIllys-Overland Co. pref. (guar.)
131 July 1 Holders of rec. June 22a
Winnsboro Mills, pref.(gar.)
131 July 1 Holders of rec. June 1
Woodley Petroleum (guar.)
15c June 30 Holders of rec. June 15
Worthington Pump & Mach., pf A (qu.) 131 July 1 Holders of rec. June 190
.
Preferred B (guar.)
1)4 July 1 Holders of rec. June 190
Wrigley(Wm.)Jr.& Co.(monthly).-- 250. July 1 Holders of rec. June 19a
Monthly
25c. Aug. 2 Holders of rec. July 20
Monthly
25e. Sept. 1 Holders of rec. Aug. 20
Monthly
25c. Oct. 1 Holders of rec. Sept.20
Monthly
25c. Nov. 1 Holders of rec. Oct. 20
Monthly
250. Dec. 1 Holders of rec. Nov.20
Wurlitzer (Rudolph) Co., 7% Pref.(qu.) 15( July 1 Holders of rec. June 20
Yale & Towne Manufacturing (guar.)-. $1
July 1 Holders of rec. June lea
Yates American Machine, partic. pf.(q1.1)
65e. July 1 Holders of rec. June 180
Yellow Truck & Coach,class B (gear.). 18c. July 1 Holders of rec. June 196
Preferred (gar.)
191 July 1 Holders of rec. June 196
Youngstown Sheet & Tube, corn.(guar.) $1
June 30 Holders of rec. June 156
Preferred (quar.)
131 June 30 Holders of rec. June 15a
•From unofficial sources. fThe New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. !The
New York Curb Market Association has ruled that stack will not be quoted el:
dividend on this date and not until further notice.
g One-fiftieth of a share of Class B common stock.
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
fpayable In common stock. gPayable in scrip. h On account of accumulated
dividends. m Payable in preferred stock.
Dividend is 8% per annum on paid-in amount of no par preferred stock for
two
quarters from Aug. 1 1925 to Feb. 1 1926.
Dividend is six and one-quarter shillings sterling per "American share."
.1
k Declared monthly dividends for six months of 1 2-3% each, payable on the
fifteenth of each month.

IUi

1Payable either 30 cents in cash or 231% in common stock.
n Dividend is one-fiftieth of a share of no par common stock.
o Payable either in cash or In class A stock at rate of one-fortieth of a share for
each share held.
p Stockholders have option to take, instead of cash, one-fortieth of a share of
class A stock for each share held, and class B stack, one-fortieth of a share of class
B stock for each share held.
g Dividend is 10 pence per share and all transfers received in London on or before
June 11 will be In time for payment at dividend to transferees.
r Also on 70% paid allotment certificates, being 70% of $1 75.
I To be paid in common stock or in the event of the failure of the stockholders
at a meeting to be held June 25 to approve the increase in the common stock, then
the dividend is to be paid in cash.
(Dividend is one new share of no par common stock for each 20 shares outstanding.
ft Holders of class A corn, stock are given the right, on or before June 21. to
subscribe to additional class A stock to the extent of the dividend.
/R88 38c. per share for first and second installment of 1925 income tax.
w Lees 60c, per share for first and second installment 01 1925 income tax.
x Payable either in cash or stock: on original series pref. at rate of 4-100ths of a
share of class A stock for each share original series pref.. and on $7 dividend series
pref. 6.75-100ths of a share of class A stock for each share of 87 dividend series pref.
y Less $2 per share for expenses in connection with extending second mortgage
bonds and first and second installment of 1925 income tax.
Dividend is one share of ordinary stock for each four shares.




3575

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 June19. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars
-that is, three ciphers (000) omitted.)
New
Capital Profits. Loans,
Reserve
Week Ending
Discount, Cash
with
Net
Time Bank
June 19 1926 Nat'l, Apr. 12 Incestin
Legal Demand
De- Clem.
State, Mar.25 meats, Vault. Depost Deposits. posits. lanes.
(000 omitted.) Tr•Cos.Mar.25
etc.
tortes.
Members of Fed. Res. Bank.
Bank of N Y & " $
$
Trust Co--__ 4,11 I 12,90.
Bk of Manhat'n 10,000 14,965
Bank of Ameri
6,500 5,25:
National City.- 50,000 65,624
Chemical Nat- 4,500 18.310
Am Ex-Pac Nat 7.500 12,963
Nat Bk of Com_ 25,1101 41,52:
ChatPh NB&T. 13,500 12,834
Hanover Nat.__ 5,000 25,677
Corn Exchange_ 10,000 14,799
National Park__ 10,000 24,114
Bowery & E.R. 3,000 3,151
First National__ 10,111 72.737
IrvingBk-ColT 17,500 14.017
Continental..,.. 1,111 1,198
ChaseNational_ 40,000 39.152
First Avenue Bk
500 3,031
Commonwealth.
800 1.320
Garfield Nat'l__ 1,000 1.788
Seaboard Nat'l_ 6,000 10,104
BankersTrust__ 20,111 31.707
U El Mtge & Tr_ 3.000 4.915
Guaranty True 25.000 22.688
Fidelity Trust__ 4,000 3,174
New York Trust 10.000 20.312
Farmers L & T 10,• hi 18,963
Equitable Trust 23,000 14.43£

Average. Average Average
$
$
$
74,948
487 7,
165,231 3,095 17,91:
78,167 1,770 11,576
629,194 4,216 68,446
135,917 1,321 15,907
150,986 2,022 17,951
364,911
834 42.33
217,459 2,133 24,56
121,439
534 13,59.
208,554 6,750 25,441
161,344
840 16.73
54,088 1,555 5,297
289,945
554 26.228
288,381 2,537, 35,353
129,
8.043
931
565,697 7,260 67,786
25,483
758 3,16.
14,093
517i 1,423
16,623
412 2.44.
121,552 1,066 15,251
352,920
977 38,21:
63.01.
799 7,465
419,512 1,481 45,73:
42,867
929 4,979
644 18,541
164,36.
139,794
484 13,776
266.170 1,423 28,77

Average. Average
.4
$
55,51. 8,271
131.071 25,347
87,02
5,340
*647,504 85,376
118,36
3.469
137,191 9,916
322.225 12,504
171.171 40,166
103.891
179,763 32.516
127,46. 8.275
36.387 16.165
198,591 12,583
265,063 29,076
5.972
430
*531.542 31,374
24,49.
9.823 4,831
16.36:
376
116,550 2,318
*3019,182 46.477
56,764 5,681
*403,210 53,569
38.459 3,930
138,71-' 17,061
*103.85 19,817
*283,148 26.168

Avg..
$

85
348
4,948
5,951
3,503
1,193
5,906
__ -1,534

47

--

Total of averages320,800511,583 5,140,698 45,427577,292c4.295.048500.943 23,514
Totals, actual condition June 195.124.727 44.412587.838c4,258.928505.87023,471
Totals, actual condition June 125,149.59 46.816561.884 c4,263,907495,49323,456.
Totals, actual condition June 55,156,226 47,964585,619c4.305.784 500.27123,231
State Banks Not Me mbers of Fed'I Res've Bank.
Greenwich Bank 1,000 2,600
23,997 1,990 2.129
State Bank-- 5,111 5.324 108,261 4,844 2,217
Totalofarerages

6,000

7,925

22,367 2.607
39.169 64.572 ---

132,25:

6,834

4,346

61,536 67,179

Totals, actual condition June 19 131,971
Totals, actual condition June 12 132,559
Totals, actual condition une 5 130,311

6,785
6,734
6,744

4,549
4,183
4,706

61.334 67,223
61,614 67,124
59,966 67,152

Trust Comps nles
ot Mem bers of ed 1 R es've Bank.
.
Title Guar & T 10,000 18,105
64,360 1,624 4,240
39,088
Lawyers Trust_ 3,000 3.231
21.724
873 1,612
16.840

1.931
895

Total of average 13.0,11) 21,336

86,084

2,497

5.852

55,928

2,826

Totals, actual condition June 19
Totals, actual condition June 12
Totals, actual condition June 5

86.775
86,49
87,743

2.424
2,421
2,628

6,460
6.069
6,351

56,135
56,262
58,449

2.822
2.818
2,849

Gr'd aggr., avge.339,800 540,8455,359,040 64,768587.490 4,412,512570,94823,594
Comparison wi h prey. week__
-532-2,102 +271
-4,124 +2.926 +113
Gr'd egur., acel cond'n June 195,343,472 53,621 598.847 4,376,397575.915 23.471
Comparison with prey. week,. -25.179-2,350 +26711
-5,386+10480 +15
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd

aggr., actlcond'n
aggr., aril cond'n
am., actleond'n
agrr., act'l cond'n
aggr., acticond'n
agrr., act' cond'n

June 125,368,651
June 55.374.280
May 295,413,989
May 225,328,512
May 155,364,937
May 85,352,210

55,971 572.136
57,336596.676
64.652589.986
55,80 638.070
55.902617.015
56,616607,827

4,381,783565.435 23.456
4,424.189570.27223.231
4,416,009575,86723.916
4,395.534565,97722.630
4,375,995581,69922,372
4,351.670589.40222.293

Note.
-U. S. deposits deducted from net demand deposits in the genera
totals
above were as follows: Average totals June 19, $27,868,000. Actual totals June 19,
527,868.000; June 12, 527,967,000; June 5, 827,969.000; May 29,
827,969.000,
May 22. $29,969,000. Bills payable, rediscounts, acceptances and other liabilities
average for week June 19,$575,450,000; June 12, *594,927.000; June 5,
$628,523,000:
May 29, $614,526,000; May 22, $326,479,000. Actual toals June 19. $593.749,000;
June 12. $623,985,000; June 5, $615,424,000; May 29, 8657,932.000; May 22,
$643,853,000.
* Includes deposits in foreign branches not included in total footings as follows:
National City Bank, $156,116,000; Chase National Bank, 811.150.000; Bankers
Trust Co., $25,765,000; Guaranty Trust Co., $61.014.0013; Farmers' Loan & Trust
Co., 32.697,000; Equitable Trust Co., $66,521,000. Balances carried in bank in
foreign countries as reserve for such deposits were: National City.Bank,
524,521,000:
Chase National Bank, 32,252.000; Bankers Trust Co.. $3,149,000: Guaranty Trust
Co., $3,387,000; Farmers' Loan dv Trust Co., $2,697,000; Equitable Trust Co.,
87.281,000.
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 andlthe
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
In Vault.
Members Federal
Reserve banks _
State banks*
Trust companies',,,
Total
Total
Total
Total

June 19_ _ _
June 12 _ _
June 5_ _
May 29....

Reserve
in
Depositaries

Total
Reserve.

Reserve
Required.

Surplus
Reserve,

$
577,292,000 577,292.000 573,384,530
6,834.000 4,346,000 11,180.000 11,076,480
2.497,000 5,852,000 8.349,000 8,389.200

$
3,907,470
103,520
-40,200

9,331,000 587,490,000 596,821,000 592,850,210
9,485,000 587,219,000 596,704,000 693,309,380
9,448,000 592,279.000 601,727,000 596,718.590
9,497.000 584,926.000 594,423,000 591.171,580

3,970.790
3.394)620
5,008,410
3,251,420

*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
includes also amount of reserve required on net time deposits, which Reserve Bank
was as follows:
June 19, $15,028,290; June 12, $14,942,310; June 5,
$15,138.180; may 29, 515,021,390; May 22, 315,105,270.

Actual Figures.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Members Federal
Reserve banks__
State banks.
Trust companles•__ _
Total
Total
Total
Total

[Vol,. 122.

THE CHRONICLE

3576

June 19_ -June 12._ _
June 5____
May 29.-- -

a
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

5

587,838,000 87,838,000 568.836.740 19,001,260
293.880
6,785,000 4,549,000 11,334,000 11,040,120
463,750
2,424,000 6,460,000 8,884,000 8,420,250
9,209,000 598,847,000 608,056,000 588.297,110 19,758,890
9,155,000 572,136,000 581.291,000 588,702,520 —7,411.520
9,372.000 596,676,000 606,048,000 594,319,480 11,728,515
9.381,000 589,986,000 599,367,000 593,713,600 5,345,990

•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 amount of reserve required on net time deposits, which was as follows:
June 19, 515,176,100: June 12, 514,864,790; June 5, $15,008,130; May 29, $15,191,070; May 22, 514,892,570.

HOUSE MEMBERS.

June 23
1926.

Changes from
previous week.

S

$

June 9
1926.

June 16
1926.

$

s

69,500,000
69,500,000
Capital
69,500,000 Unchanged
93,768,000
93,768,000
Surplus and profits
93,768,000 Unchanged
Loans, disets & invest_ 1,050,558.000 Dec. 445,000 1,051,003,000 1,049,624,000
Individual deposits
700,366.000 Dec. 4,676,000 705,042,000 691,904,000
Due to banks
134,358,000 Dec. 2,552,000 136,910,000 135,594,000
Time deposits
237.229.000 Dec. 1.967.000 239,196,000 241,127,000
29,642.000
14.000
29,638,000
United States deposits..
29,652.000 Inc.
31,313,000
34.414,000
Exch's for Cl'g House
31,411,000 Dec. 3,003,000
83.411,000
89.899,000
Due from other banks_
90,907,000 Inc. 1,008,000
80,846,000
81,974,000
Res've in legal depos
80,485,000 Dec. 1,489.000
38,000
11,065,000
11,095,000
Cash in bank
11,057,000 Dec.
447.000
970 000
14.000 Dec. 956.000
Res've excess in F.R.Bk

State Banks and Trust Companies Not in Clearing
House.—The State Banking Department reports weekly
figures showing the condition of State banks and trust comPhiladelphia Banks.—The Philadelphia Clearing House
panies in New York City not in the Clearing House as follows: return for the week ending June 19, with comparative figures
GREATER for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN
requirements for members of the Federal Reserve System
NEW YORK; NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
are 10% on demand deposits and 3% on time deposits, all
Differences from
to be kept with the Federal Reserve Bank. "Cash in vaults"
Previous Week.
June 19.
$1,167,764,700 Inc. $3,845,300 is not a part of legal reserve. For trust companies not memLoans and investments
61,200 bers
4,652,600 Inc.
Gold
of the Federal Reserve System the reserve required is
21,716,500 Dec. 1,995,000
Currency notes
456.100 10% on demand deposits and includes "Reserve with legal
96,742,300 Inc.
Deposits with Federal Reserve Bank of New York1,217,463,800 Inc. 4,727,400 depositaries" and "Cash in vaults."
Time deposits
Deposits,eliminating amounts due from reserve depositaries and from other banks and trust com1,529,500
. .
panies in N.Y. City,exchange & U S deposits_ 1,144,946,800 Inc.
166,629,600 Dec. 2,777.000
.,_
Reserve on deposits
Percentage of reserve, 20.4%.
RESERVE.
—Trust Companies—
State Banks—
$84,840,200 15.13%
•$38,262.200 15.10%
Cash in vault
5.86%
32.861,400
Deposits in banks and trust cos.__ 10,656,800 4.20%

Week Ended June 19 1926.
Two Ciphers (00)
omitted.
Capital
Surplus and profits
Loans, disc'ts & Investmls
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Res've with legal depos_
Reserve with F. Ft. Bank....
Cash in vault •
Total reserve & cash held _
Reserve required
Excess res.& cash in vault..

$117,710,600 20.99%
$48,919,000 19.307
Total
for the
•Includes deposits with the Federal Reserve Bank of New York, which
State banks and trust companies combined on June 19 was $96,742,300.

Banks and Trust Companies in New York City.—The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:

r

*Total Cash
Os Vaults.

Week Ended—
Feb. 20
Feb. 27
Mar. 6
Mar.13
Mar.20
Mar.27
Apr. 3
Apr. 10
Apr. 17
Apr. 24
May 1
May 8
May 15
May 22
'
May 29
June 5
June 12
Jona 19

Demand
Deposits.

$
6.539,198.100
6.538,928,200
6.574,532,600
6.501.882.000
6,559.263.300
6,528,460,200
6,582,817,200
6.5.51 614.500
6,477,226.100
6.461.079 100
6.593,194.100
6,641,815,800
6,581,019,200
6.582.432.800
6,521.167,600
6,587.304.700
6.523.491.400
6.526.804.700

$
5.572,396,500
5,628.105,200
5,621.468.900
5,562.180.300
5,624.408,300
5,539,714.200
5,616.040.800
5.532.964.000
5.494.548.600
5,513.745.200
5.576,964.600
5,586,188.700
5,578,175.700
5,589.923.100
5,540,622,800
1,585,988,300
5,560.053.300
5.557.458.800

Reserve in
Depositaries.

$
$
85.608,600 732,631,000
87.174.800 732,989.600
84,322,400 744,749.500
85.376.300 726,793.200
83,752.000 737,864.500
82.310,600 726,143,200
79.710.300 765.192.600
87,360.600 725.290,000
85.630.000 723,682,400
83.366.800 722,786,606
83.980.500 731,028,700
84,575.100 730,815.500
87.041.300 731.342,400
84.136.900 733.073.700
84.670,600 722,498,601
83.233.000 736,347,100
85,162.900 728,322,700
81.127,100 727,750,500

Week Ending
June 19 1926
Members of
Ped'll Res've Bank.
3race Nat Bank___

Cash
in
VauU.

s

$

$

$

12.938

55

1,047

6.677

1,867

12,938

55

1,047

6,677

616
2.967

9,198
31,600

791
3,300

382
1,596

6.374
26,623

1,400

3,583

40.798

4.091

1,978

32,997

589

9.662

470

112

4.085

500

589

9,662

470

4,085

2.900
3rand aggregate
lomparlson with p ev. week

6,040

4.616
—149

3,137 *43.759
—356
+83

17,778
+25

2.900
2.900
2.900
2.900

6,040
6,040
6.040
6.040

63.476
64,193
64,291
65.124

4,785
4.503
4.481
4,440

3,054
3.137
3,155
3,258

244,115
1144.307
*43.381
844,665

17.753
17,774
17.791
17,778

led agar.. June
3r'd aggr., June
led aggr., May
Jed aggr.. May

12
5
29
22

112

a United States deposits deducted. $101.000. .
131118 payable, rediscounts. acceptances, and other liabilities. 51,987,000.
Excess reserve $3,670 decrease.




972,985,000
18,665,000

65,706,000
26,559,000

45.727,000
21,339.000

93,672,000
27,213,000

92.265.000
1,393,000

67,066.000
44,070,000

120,885,000
35,587,000

13,306,000
53,058,000
12,745,000

13.305.000
39.722.000
107.266,000

6,122,000
50,781,000
891,000

79,109,000
1,836,000

160.293.000
2,055,000

57,794,000
2,835,000

234,603,000

273,484,000

217,101,000

645,000
156,954.000
16.715,000
4,953.000

645,000
227.073.000
16.715,000
4,524,000

685,000
147,510,000
16,897,000
5,124,000

1,510,855,000 1,582,513,0001.378.967,000

Liabilities—
Fed'I Reserve notes in actual circulation_ 400.027.000
Deposits—Member bank, reserve acc't_ 864,550.000
8,223.000
Government
1.332.000
Foreign bank (See Note)
6.792.000
Other deposits

6.003

63,398
—78

1,081.471.000 1,044,629.000
15,514,000
15,443,000

Total resources

6,003

Total

936,311,000
36,674,000

Due from foreign banks (See Note)
Uncollected items
Bank premises
AU other resources

7,918

500

1,041.307.000 1.003.283.000
40,164,000
41.346,000

Total bills and securities (See Note)

2,802
5,116

Total
Trust Company.
Vet Member of the
Federal Reserve Bank
Slech Tr, Bayonne_

366,504,000
233,767.000
336,040,000

Total U. S. Government securities
Foreign loans on gold

3,857

200
1,200

436.198.000
166.002.000
401,083.000

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

$

1,

549,775,0
149.017,0
914,668,0
39.663.0
111,782,0
144,135,0
632,825,0
137,323,0
914.283,0
5,205,0
66,520.0
11.439,0
83,164,0
70,432,0
12,732,0

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

3.857

Total
State Banks.
Vol Members of t
Federal Reserve Bank
Bank of Wash. HUI_
loionial Bank

$49,775.0
149.017,0
920.552,0
34,140.0
108.506.0
142.373,0
630.703,0
136,308,0
909,384,0
4,619.0
64,952.0
11.560,0
81,131,0
70.247,0
10.884.0

Total gold reserves
Reserves other than gold

Average. Average. Average. Average. Average.
$
1,887

1,482.0
5,791,0
4,942,0
849,0

Gold held exclusively agst. F. R. notes_ 394.564.000
Gold settlement fund with F. It. Board_ 236,515.000
Gold and gold certificates held by bank_ 410,228,000

Reserve
Net
Net
with
Legal Demand Time
Deposi- Deposits. Deposits.
tortes.

$
1,000

64,679.0
9,855.0
74,534,0
65,126.0
9,408,0

$49.775,0
149.017.0
909.817,0
36,789.0
117,172.0
140.852.0
633.400,0
134.098,0
908,350,0
4,309.0
64,671).0
11.337,0
80.325,0
70,068.0
10,257,0

June 23 1926.June 16 1926. June 24 1925
Resources—
388,061,000 428,176,000 356,159,000
Gold with Federal Reserve Agent
6,503,000
10,345,000
8.022,000
Gold redemp. fund with U. S. Treasury_

CLEARING
RETtTRN OF NON-MEMBER INSTITUTIONS OF NEW YORK
HOUSE.
omitted.)
(Stated in thousands of dollars—that is, three ciphers [0001
Loans,
Diecounts.
Net
Profits. Investments,
Ac.

55,000,0
17,405.0
50,850,0
597.0
16.0
802,0
32.088.0
2,025.0
34,915.0
4.309,0

June 5
1926.

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 23 1926 in
comparison with the previous week and the corresponding
date last year:

New York City Non-Member Banks and Trust Cornpanies.—The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:

CLEARING
NON-MEMBERS Capital.

$44.775.0
131.612,0
858.987,0
36,172.0
117.156,0
140,050.0
601,312,0
132,073,0
873,435,0

June 12
1926.

1928
Total.

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

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.

Trust
Members();
F.R.System Companies

403,220.000
897,555.000
852,000
3.018.000
8.026.000

327,030,000
808.187,000
12,306,000
3,177,000
11,035,000

880.897.000
130.987.000
35.375.000
59,964.000
3.605.000

909,451,000
171.019.000
35.366,000
59.964.000
3,493,000

834,705,000
123,273.000
31,580,000
58,749.000
3,630.000

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

I

1,510.855,000 1,582,513,000 1.378,967,000

Ratio of total reserves to deposit and
83.8%
84.4%
79.6%
Fedi Res've note liabilities combined_
Contingent liability on bills purchased
10.442,000
14.718,000
13,213,000
for foreign correspondents
N0TE.-13eginning with the statement of Oct. 7 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 earnings assets," now
made up of Federal intermediate credit bank debentures, has been changed to
"Other securities," and the caption, "Total earning assets" to "Total bills and se•
eurities." The latter term has been 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 are the only items included
ereln.
•

JuNE 261926.]

T1TE CHRONICLE

3577

Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, June 24. and showing the condition
..ot 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 3539, 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 23.
1926.
June 23 1926. June 16 1926. June 9 1926. June 2 1926. Map 26 1926. May 19 1926. May 12 1926. May 5 1928. June 241925.
RESOURCES.
S
$
$
s
$
$
$
$
s
Gold with Federal Reserve agents
1,467,699,000 1,530.551.000 1,472,698,000 1.450,150,000 1,455.119.000 1,475,479.000 1,471,677.000 1.414,141,000 1,473,117,000
Gold redemption fund with U.S. Treas.
44,189,000
45,459,000
52,511,000
56,536,000
52,701,000
48,330,000
53,819,000
45.892.000
46,657,000
III
p Gold held exclusively agst. F. R. notes 1,511,888,000 1,576,010.000 1,529,234,000 1,502,661,000
Gold settlement fund with F.R.Board- - 862,190,000 604,820,000 649,124,000 662,400,000 1,507,820.000 1.523,809.000 1.518.334,000 1,460,033.000 1,526,936,000
859,899.000
Gold and gold certificates held by banks- 872,563,000 655,795.000 654,830,000 632,169,000 648,347,000 644,552.000 846,954,000 700.106.000 674,499,000
846,301,000 838,292.000 832.397,000 609,329,000
Total gold reserves
2,846,641,000 2.838,625.000 2,833.188,000 2,797,230,000 2,816,066,000 2,814.662.000 2,803,580.000 2.792.536,000 2,810.764,000
Reserves other than gold
148,892,000 147,737,000 149,341,000 149.250,000 159,375,000 162.251.000 163,159,000 158,045.000 148,049.000
Total reserves
2,995,533,0002,984,362,000 2,982,529,000 2.946,480,000 2,975,441,000 2.976,913,000 2,966.739,000 2,950,581.000 2,958,813,000
Non-reserve cash
56,301,000
57,227,000
56,169,000
47,134.000
53,234,000
57,198,000
57,851,000
55,739,000
60,486,000
Bills discounted:
Secured by U. S. Govt. obligations_
225,848,000 179,301,000 213,484,000 284,841,000 233,530,000 260.670,000 251,874.000 302,280.000 249,914,000
Other bills discounted
253,310,000 214,029.000 234.679.000 240,116,000 240,413,000 229,191,000 224,740,000 244,901,000 205,531,000
Total bills discounted
479,158,000 393,330,000 448,163,000 524,957.000 473,943.000 489.881,000 476,414.000 547,181.000 455,445,000
Bills bought in open market
247,236,000 233,159,000 249,821,000 244.143,000 238,828,000 226,492,000 228,162.000 213,384,000 241,666,000
U. S. Government securities:
Bonds
108,620.000 109,183,000 103,049.000 103.108.000
97,123.000 102,529.000 100.923.000
99,092,000
72,297,000
Treasury notes
205,401,000 166,945,000 180,147,000 169.846.000 167,364.000 164,988,000 163,223.000 162,513.000 236,083,000
Certificates of indebtedness
69,077,000 206,107,000 135,112,000 131.200,000 130,578.000 131,108,000 132.118.000 133,721.000
26,229.000
Total U. S. Government securities- 383,098,000
482,235,000 418,308,000 404,152.000 395,065,000 398,625,000 3913.262.000 395.326.000 324,609,000
Other securities (see note)
3,200,000
3,200,000
3,885.000
3,885,000
3,885.000
3,885.000
4.635.000
4.635,000
2,250.000
Foreign loans on gold
8,700,000
7,502,000
8,900,000
8.401.000
7,401,000
7.401.000
7,401.000
7.500.000
10,500,000
Total bills and securities (see nOie)
1,119.392,000 1.119,428,000 1.128,578,000 1,186,037.000 1,119,122,000 1,126,264,000 1.112.874.000 1,168.026,000 1.034,470,000
Due from foreign banks (see note)
645,000
691,000
645,000
709.000
679.000
767.000
686.000
778,000
685,000
Uncollected items
654.976,000 882,869,000 854,385.000 893,424,000 628,953,000 720,133,000 690,879.000 644.473,000 619.112,000
Bank premises
59,739,000
59.735,000
59,665,000
59,865,000
59.661010
59.657,000
59.554,000
59.651.000
60,173,000
All other resources
16,272,000
16,142,000
17,828.000
18,691,000
17,392,000
16,997,000
18.804,000 16,831.000
20,467.000
Total resources
4 902,858,000 5,119,348,000 4,901.784,000 4.951,259.000 4.854,482.0004.958.582.000 4.908,211.000 4.897,349,000
4,749,459,000
LIABILITIES.
F. R. notes in actual circulation
1,682,769,000 1,688,150,000 1,692,939,000 1,704,136.000 1,672,817.000 ,665.240,000 1.675,535,000 1.672.018,000 1,634.235,000
Deposits
Member banks-reserve account
2,225,306,000 2,260,827,000 2,224,486,000 2,225,270,000 2,195,200,000 2,236.640.000 2,193,512,000 2.230,801.000 2,139,779,000
Government
11,835.000
4,113,000
8,136,000
15.792,000
24,269,000
19,750,000
27.785,000
27.484.000
46,207,000
Foreign bank (see note)
5,910,000
6,200,000
6,307.000
4,295.000
4,798.000
5,227.000
4,955,000
4.950.000
6,161,000
Other deposits
15,173,000
16,464,000
17,616,000
15.833,000
18,870.000
19.303.000
19,733.000
22.225,000
18,267,000
Total deposits
2,258,224,000 2,290,886,000 2,251,263,000 2,261.190,000 2,243,137.000 2,280.643.000 2,245,684,000 2.286,038,000
2,210,414,000
Deferred availability items
600,319,000 779,434,000 596,819,000 625.602,000 578,476.000 653.606.000 627.899,000
Capital paid in
122,785,000 122,804,000 122.713.000 122.670.000 122.557.000 122,464,000 122.408.000 581,175.000 557,073,000
122,188,000 115,561,000
Surplus
220,310,000 220.310,000 220,310,000 220.310.600 220.310.000 220,310.000 220,310.000
220.310.000 217.837,000
All other liabilities
18,451,000
17,940,000
17,764,000
17.351,000
17,185,000
16.375,000
18,319,000
15,624,000
14,339,000
Total liabilities
4,902,858,000 5.119,348,000 4,901.784,000 4,951,259,000 4,854,482,000 4,958.582,000 4.908,211,000 4.897,349.000
4,749,459,000
Ratio of gold reserves to deposits and
F. R. note liabilities combined
72.2%
71.3%
70.5%
71.8%
71.9%
71.3%
70.5%
71.4%
Ratio of total reserves to deposit and
73.1%
F. R. note liabilities combined
76.0%
74.3%
75.8%
75.0%
76.0%
75.4%
77.0%
75.7%
Contingent liability on bills purchased
74.5%
for foregln correspondents
53,583,000
55,088,000 60.219,000 82.647.000 81.347,000 61,974.000 64,735,000 85,509,000 37,105,000
Distribution by Maturities$
$
s
$
$
$
1-15 days bills bought in open market_ 113,420,000
$
s
$
98,038,000 105.399.000 100.917,000 108,875.000 123.897,000 136.092,000 126.997,000
86.317,000
1-15 days bills discounted
329,474,000 259.881.000 313.665,000 389.101.000 323,614,000 352,257.000 340.706.000 406.382.000
330,416,000
1-15 days U. S. certif. of indebtedness_
820,000 141,500,000
61.345,000
57,469,000
650,000
600,000
1,120,000
1.720,000
1-15 days municipal warrants
967,000
16-30 days bills bought in open market.
50,908.000
52,537,000
56,109,000
53.419.000
49,157.000
38.335.000
36.959.000
36,946.000
47.746,000
16-30 days bills discounted
33,388,000
33,502.000
32,207,000
32,089.000
30.844,000
34,552.000
32.237.000 33,955.000
28,148.000
16-30 days U. S. certif. of indebtedness
57,835.000
58,330,000
4,889.000
4.889,000
16-30 days municipal warrants
31-60 days bills bought In open market_
51,812,000
33.373.000
48,717,000
52,318,000
60,064.000
54.232,000
42.420.000
33,098.000
72,665,000
31-60 days bills discounted
49,928,000
43,770,000
41,357,000
46.761.000 62,144,000
49,407,000
51,145,000
55.749,000
31-60 days U. S. certif. of indebtedness
39.472,000
52.527,000
55.188.000
31-60 days municipal warrants
61-90 days bills bought in open market_
28,393,000
34,524.000
30,827.000
32.431,000
19,490,000
8.341.000
10.019.000
61-90 days bills discounted
12,669.000
29,858.000
33,207,000
27,393,000
26.237,000
25,801,000
27,898,000
25.574,000
26.983,000 27,379,000
26,718,000
61-90 days U. S. certif. of indebtedness
15,814,000
81-90 days municipal warrants
Over 90 days bills boughtlin open market
2,703,000
3,040,000
3.108.000
2,368.000
1,242,000
1.657.000
2,885.000
3,861.000
5.080,000
Over 90 days bills discounted
33,161,000
30.989,000
32,492,000
31,205.000
29.843.000
28.071.000
25.343,000
23,716.000
30.421,000
Over 90 days certif. of indebtedness..,...
68,257,000
73.767,000
64.607,000
73.731,000
72,093.000
72.178.000
72.144.000
73.780.000
9,448.000
Over 90 days municipal warrants
F. It. notes received from Comptroller
F. R. notes held by F. R. Agent
Issued to Federal Reserve Banks

2,860,535,000 2,879,994,000 2,872,284,000 2.850.398,000 2,848,922,000 2.842.659.000 2.837.464.000 2,848.364.000
2,945,097,000
869,526,000 874,057,000 859.878,000 880.303,000 861,737,000 857,338,000
839357,000 847,388.000 1,003.586.000
1,991,009,000 2.005.937.000 2,012,406,000 1.990.095,000 1,987,185,000 1,985,321,000 1,998.307,000
2.000.978.000 1.941,511,000

How Secured
By gold and gold certificates
303.153,000 303,153.000 304,240.000 304,153,000 304,152.000 304.853.000
305.054.000 303.554.000 286,016,000
Gold redemption fund
98,971,000
91,601,000
96,442.000 106,175.000 104.790.000 106,255,000
Gold fund-Federal Reserve Board...... 1,065.575,000 .135,797,000 104.928,000 104,847,000 105,823,000
1.063.530.000 1.041.150.000 1,045,144.000
By eligible paper
699,216,000 808,169,000 872.959.000 740.276.000 877.848,000 1.074,384.000 1,060.448,000 1.005.797.000 1,080.846,000
894.851.000 682,765.000 738.862.000 667,202,000
Iwo
0 IAA nInnnn olo0 'ono,. o 1.1m aft0 nnn 0 vAn A00
.

.

„

.

•

.

.

Ann n enn nnft nnn A .An nnn nnnnve• AAn nnnn Iry Ann Ann n
4.4A Itn Ann
. . .
.
•
.
.
.
.
.
.
•
•

NOTE.-BeginnIng with the statement of Oct. 7 1925 two new Items
were added In order to show separately the amount o balances held abroad and
ie foreign correspondents. In addition, the caption, "All other earning
amounts due
assets". now made up of Federal Intermediate Credit Bank debentures,
'Other securities," and the caption. -Total earning assets" to "Total bills
has been changed to
Of the discounts, acceptances and securities acquired under the provisions and securities" The latter term has been adopted as a more accurate description of the total
of Sections 13 and 14 of the Federal Reserve Act, which are the only
Items Included therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE
OF BUSINESS JUNE 23 1930
Two ciphers (00) omitted.
Boston. New York. Phila, Cleveland Richmond
Federal Reserve Bank of
Atlanta. Chicago. St. Louts. Minnow, Kan. Oily Dallas. San Fran
Total.
RESOURCES.
I
$
$
$
$
$
$
$
Gold with Federal Reserve Agents 134,898,0 388,061,0 105,391,0 170,646,0
$
5'
$
$
$
33,683.0 148.528,0 169,018,0 17,076.0 55,766.0 42.743,0
Gold red'n fund with U.S.Treas. 4,523,0
21.499,0 180,390,0 1,467.699.0
6,503,0 10,516,0 3.906,0 3,345.0 3.552,0
2.225,0
400.0 1,818,0 3.659,0 1,441.0 2.301.0
44.189,0
Gold held excl. 541St. F.R. notes 139,421,0 394,564.0 115,907,0 174,552,0
Gold settle't fund with F.R.Board 52.718,0 238,515,0 52,795,0 62,918.0 37,028,0 152,080,0 171,243.0 17,476,0 57,584,0 46.402,0 22.904,0 182.691,0 1,511.888,0
20,418.0
Gold and gold certificates
38,109,0 410,228,0 24,888,0 40,154,0 10,229,0 27.521.0 117.185,0 7,070,0 12,728.0 29.210.0 7,261.0 35.853.0 662.190,0
3,615,0 72,987,0 18,935.0 8.854.0 5.723,0 12,508.0
28.555.0 672.563.0
Total gold reserves
230,248,0 1,041.307,0 193,370,0 277.822,0 67,675,0 183,216,0
361,415,0
Reserves other than gold
15,400,0
40,164,0 5,445,0 7,325,0 7,441.0 9,713,0 20,379,0 43,481.0 77,186.0 81,335,0 42,707.0 247.099.0 2,846.641,0
19.878,0 2,964,0 5.007.0 6.543.0 8.635.0 148.892,0
Total reserves
245,648,0 1,081,471.0 198,815,0 284,947.0 75,116.0 192,929,0
381.794,0
Non-reserve cash
4,096,0
15,514,0 1,193,0 2,532,0 4,553,0 5,031,0 10.290,0 63.357,0 80,130,0 86,342,0 49,250,0 255.734,0 2,995,533.0
4,437.0 1,086.0 2,339,0
Bills discounted:
2,379,0 2.851,0
58.301,0
Sec. by U. S. Govt. obligations 9,544,0
85,706,0 28,429.0 32,919,0 18,284.0 5.296,0 33.830,0
451.0 3,213,0 3,370.0 15.348,0 225,848.0
Other bills discounted
14.695,0
28.559,0 20,666,0 15.932,0 31,805,0 36.529,0 34,280,0 11.458.0
19.313,0 3,250,0 14,881.0 10,752.0 24.648.0 253,310,0
Total bills discounted
24,239,0
92,265.0 49,095,0 48,851,0 48.089.0 41,825,0 68,110.0 30.771,0
Bills bought in open market
15,732.0
61,393,0 15.235,0 24,515.0 11,635,0 23,532.0 31,818.0 7.204,0 3,701.0 18.094,0 14,122,0 39.996.0 479,158.0
10,087,0 12.180.0 9,810.0 24,095.0 247.236,0
U.S. Government securities:
Bonds
2,538,0
13,306,0 5,702.0 11.115,0 2,512,0
280,0 25.886,0 8.488.0 9.585.0 14.026,0 8.477,0 6.707,0
Treasury notes
108.620,0
8,381.0
53,058.0 5,535.0 23.208,0 5.515.0
282.0 25,578.0 12,684.0 8,227,0
Certificates of indebtedness
1,982,0
12,745.0 10,486.0 3.030.0 1,315,0 1,280.0 7,139.0 5.228.0 2.016,0 17.504,0 17,024,0 28.405.0 205.401.0
4.988,0 4,174.0 14,694,0
89.077,0
Total U. B. Govt. securities..._ 12.899.0
79.109.0 21.723.0 37.353.0 9.342.0 1.842.0 58.603.0 26.400.0 19.828.0 36.518.0
29.675.0 49 ens n 252 nog n




[Vol,. 122.

THE CHRONICLE

3578
RESOURCES (Concluded)
Two Ciphers (00) omitted).

Boston.

$

$
Other securities
Foreign loans on gold

Dallas. San Fran.
Cleveland, Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City
$
$
$
$
$
3
8
$
$
$
500,0
•
700,0
2,000,0
462.0
235,0
261,0
214,0
288,0
918,0
268,0
355,0
717,0
637,0

Phila.

New York,

Total.
8
3,200,0
6,700,0

1,836,0
67,053,0 53,842,0 114,359,0 1,119,392,0
234,603,0 88,690,0 111,436,0 69,421,0 68,167,0 159,449,0 64,663,0 34,330,0
645,0
645,0
36,864,0 22,442.0 39,688,0 654.970.0
60,094,0 63,900,0 55,610,0 29,186,0 84,600,0 32,286,0 13,254,0 4,654,0 1,793,0 3,332,0
60,098,0 156,954,0
59,739,0
7,933,0 4,111,0 2,943,0
2,846,0
16,715,0 1,571,0 7,409,0 2,364,0
4,068,0
16,272.0
309,0 2,955.0
499,0
605,0 2,184.0
1,885,0
321.0 1,266,0
258,0 1,003,0
4,953,0
34,0
133,927,0 197,751,0 130.015,0 418,919.0 4,902,858,0
387,323,0 1,510,855,0 350,621,0 471,227.0 207,385,0 299,425,0 645.951,0 169,459,0
Total resources
,
LIABILITIES.
60,807,0 61,837,0 35,976,0 188,362,0 1.682.769,0
F. R. notes in actual circulation_ 141,044,0 400,027,0 125,608.0 189,058,0 70,509,0 184,756,0 183,576,0 41,209,0
Deposits:
56,411,0 158,661,0 2,225,306,0
134,262,0 183,664.0 64,602,0 71.723,0 336,150.0 79,705,0 48,689,0 86,809,0
11,835.0
Member bank-reserve acc't 140,280,0 864,550,0
410.0
530.0
47,0
375.0
189,0
400,0
787,0
382,0
74,0
100,0
8,223.0
318,0
Government
5.910,0
435,0
221,0
246,0
202,0
271.0
864,0
252,0
334,0
675,0
599,0
1,332,0
479,0
15.173,0
Foreign bank
27.0 5.770,0
140,0
198,0
258,0
878,0
108,0
58,0
806,0
86,0
6,792,0
115,0
Other deposits
49,464.0 87.042,0 57.189.0 165.213.0 2,258,224.0
141.192.0 880.897,0 135,047,0 185.219,0 65,376,0 72.870,0 338,292,0 80,423,0 11,865,0 34.888,0 24,150,0 39.472.0 600,319.0
Total deposits
58.443,0 130,987,0 56,392,0 58,845,0 52,281,0 27,114,0 74,148,0 31,934,0 3.137,0 4,187,0 4,291,0 8,434,0 122,785.0
Deferred availability items
35,375,0 12,171,0 13,510,0 6,072.0 4,958,0 16.642,0 5.272,0
8,736,0
Capital paid in
8,979,0 7,615,0 15,071.0 220.310,0
59,964,0 20,464,0 22,894,0 11,919.0 8,700,0 30,613.0 9,570.0 7,501,0 1,018.0
17,020,0
Surplus
18,451,0
794.0 2,367,0
939,0 1.701,0 1,228.0 1.027,0 2.680.0 1,051,0 1,153.0
3,605,0
888,0
All other liabilities
4,902,858,0
471,227,0 207,385,0 299,425,0 645,951,0 169,459,0 133,927,0 197,751,0 130,015,0 418,919,0
367,323,0 1,510,855,0 350,621.0
Total liabilities
Memoranda.
76.0
72.3
52.9
58.0
72.7
52.1
73.2
74.9
55.3
76.1
76.3
84.4
87.0
Reserve ratio (per cent)
Contingent liability on bills pur53,583,0
2,391.0 1,779,0 2,169,0 1,946,0 3,837,0
5,950,0 2,947,0 2,224,0 7,618,0
13,213,0 5,283,0
chased for foreign correspond'ts 4,226,0
F. R. notes on hand (notes reed
from F. R. Agent less notes in
5.434.0 38.812.0 308,240,0
22 g01 n UM 050 0 20 553 0 17.400.0 14.397.0 28.315.0 30.830.0 5.727.0 4.318.0 5.753.0
eirmintinnl
OF BUSINESS JUNE 23 1926
AT CLOSE
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS

Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources

Federal Reserve Agent at-

509.0

53,379,0

Boston.

8
(Two Ciphers (00) omitted.)
F.R.notes rec'd from Comptroller 226,985,0
F.R.notes held by F.R.Agent__ 63,250,0
F.It. notes issued to F.It. Bank 163,735,0
Collateral held as security for
F. R. notes Issued to F. It. Bk.:
Gold and gold certificates_ _ _ 35,300,0
15,598,0
Gold redemption fund
Gold fund-F.R.Board_ __ _ 84,000,0
39,971,0
Eligible paper
174 RCS n

TntnIonlintarn1

New York,

Cleveland Richmond Atlanta.

Phila,

$

$

Chicago. $t. Louis. Minneap. Kan. City

$

$

$

Dallas. San Fran

$

$

s

Total.

$

$
$
$
112,820,0 54,297,0 277,034,0 2,860,535,0
784,367,0 200,631,0 255,038,0 117,366,0 275,031,0 404,443,0 67,216,0 85,307,0 45,230.0 12,887.0 49,860,0 869,526,0
20,182,0
280,360,0 44,440,0 48,580,0 32,460,0 61,960,0 190,037,0 20,280,0
65,125,0 67,590,0 41,410,0 227,174,0 1,991,009,0
504,007,0 156,191,0 206,458,0 84,906,0 213,071,0 214,400,0 46,936,0
8,045,0
8,780,0 25,655,0 14,237,0
171,698,0
25,363,0 11,894,0 11,866,0 3,028,0 5,291.0 3,374,0 2,031,0
93,497,0 150,000,0 5,000,0 129,000,0 165,644,0 7,000,0
191,000,0
138,545,0 57,355,0 69,843,0 58,890,0 65,282,0 99,811,0 37,843,0
526 6060 162 746 0 240.489.0 92.573.0 213.810.0 268.829.0 54.919.0

16,226,0 10.000,0 303,153,0
13,212,0
98.971,0
1.554,0 2,383,0 2.773,0 13.816,0
41,000,0 40,360.0 2,500,0 156.574,0 1.065.575.0
13,759,0 30,141,0 23,909,0 63,867.0 699,216,0
69.525.0 72.884.0 45.408.0 244.257.0 2.166.915.0

Weekly Return for the Member Banks of the Federal Reserve System.
principal items of the resources
Following is the weekly statement issued by the Federal Reserve Board, giving thefigures are always a week behind
703 member banks from which weekly returns are obtained. These
and liabilities of the
the statement were given in the statement
those for the Reserve banks themselves. Definitions of the different items in comment of the Reserve Board upon the figure.
published in the "Chronicle" of Dec. 29 1917, page 2523. The
of Dec. 12 1917,
for the latest week appears in our Department of "Current Events and Discussions," on page 3539.
(000) omitted.)
1. Data for all reporting member banks In each Federal Reserve District at close of business June 16 1926. (Three ciphers
Total.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
703
66
48
67
24
33
99
36
68
75
Number of reporting banks
$ IRO
$
I
$
$
3
$
3
3
3
$
$
$
Loans and discounts, gross:
150,281
7,921
4.031
3,910
2,611
10,909
24,083
5,816
4,540
18,673
11.738
47.689
8,360
Secured by U.S.Gov't obligations
71,667 283.049 5.365.579
66,425 106,524
330,064 2,303,316 412,535 539,022 137.279 105,344 821,403 188.951
Secured by stocks and bonds
395,494 1,279,479 303,928 163.325 323,893 232,774 913,821 8,539,391
All other loans and discounts_ _ _ _ 652,680 2,738,353 367,744 793,575 374,325
308.472 1,204.791 14,055,251
991,104 5.089,358 792,017 1.351,270 516,144 506,654 2,124,965 503,788 232,361 434,327
Total loans and discounts
Investments:
52,941 258,915 2.541,976
69,604 106,612
63,184
42,048 310,016
66,061
87.974 281,214
149,053 1,054,354
U.S. Government securities
23,183 211,472 3,140,587
88,235
46,022
55,043 441,306 115,670
66,754
Other bonds, stocks and securities 249,744 1,224,711 263,657 354,790
76,124 470,387 5.682,563
97,091 751,322 178,854 115,626 194,847
398,797 2,279,065 351,631 638,004 132,815
Totalinvestments
384,596 1,675,178 19.737.814
1,389,901 7,368.423 1,143,648 1,987,274 648,959 603,745 2,876,287 682,642 347,987 629,174
loans and investments_
Total
29,514 108,343 1,887,468
55,432
23,572
47,336
37.829 238,869
39,742
84.254 128,451
97.045 797,081
Reserve balances with F. It. Bank
271,261
19,390
9.341
11,977
5,678
7,452
49,418
10,992
13,547
31,130
16,131
74.941
21,264
Cash in vault
267,335 761,195 13,129,797
897,373 5,741,658 772,824 1,037,359 365,036 346.012 1.811,075 405,009 223,398 501.525 104,066 848,810 5,603,876
Net demand deposits
207,321 220,969 1,046,318 214,498 109,985 146,136
425,042 1,239,206 232,031 809,494
Time deposits
184,825
19,114
5.561
6,360
3,099
6,249
16,531
9,136
7,138
22,614
22,503
36,744
29,776
Government deposits
Bllls,pay. dr redise. with F. It. Bk.:
92,995
559
11,847
3,721
530
4,301
10,597
2,173
3,877
20,275
4,335
28.280
2,500
83,938
Secured by U.S.Gov't obligations
7,870
2,795
5,072
120
5,739 .
9,502
16.820
11,469
5,628
5,028
10.663
3,232
All other
176,933
19,717
3,354
650
8,793
10,040
20,099
18,993
15,346
25,903
9,363
38,943
5,732
Total borrowings from F.R.Bank
Bankers' balances of reporting mem92,456 2.188.594
23,992
ber banks in F. R. Bank cities:
92,407
47,527
84.227
14,612 380,999
30,224
48,274
129,584 1,065,951 178,341
648,000
56,866
Due to banks
26,183
38,901
24,964
31,925
14,287 182,862
16,861
33,255
68,038
47.919 105,939
Dme trnm hanka
Federal Reserve D131rid.

Boston. New York

97

38

Phila.

52

and for the whole country.
2. Data of repo tIng member banks In New York City. Chicago,
Reporting Member Banks In Chicago.
Reporting Member Banks in N. F. City.
-June 17 1925. June 16 1926. June 9 1928. June 17 1925. June 16 1926. June 9 1926. June 171925.
June 9 1926.*
46
62
46
46
59
59
733
703
$
$
$
$
$
$
$
$
18,219,000
57,627,000
20,810,000
15,644,000
49,136,000
43,410,000
172,693.000
153.778,000
614,888,000 593,146,000 681 206 000
5,318,439,000 5,019,553,000 2,015,314,000 1,994,283,000 1,999,954.000
8,432,352.000 8.008,288.000 2,398,823,000 2,309,372,000 2,147.021,000 719,261,000 716,927,000 682;441;000

AU Reporting Member Banks.
June 16 1926.
703
Number of reporting banks
$
Loans and discounts. gross:
150.281.000
Secured by U.S. Gov't obligations
5,365,579,000
Secured by stocks and bonds
8,539,391,000
All other loans and discounts

4,457,547,000 4,352,791,000 4,204,602,000 1,352,368,000 1,325,717,000 1,284,457,000
14,055,251,000 13,904,569,000 13,200,534,000
Total loans and discounts
.
Investments
2,595,243,000 936,140,000 937,735.000 952,586,000 165,928,000 166.020.000 176,565,000
2,541,976,000 2,579,245,000
U.S. Government securities
2,944.235,000 909,760,000 922,643,000 860,499,000 203,219,000 205,393,000 204.935,000
Other bonds,stocks and securities- 3,140,587,000 3,144,207,000
5,539.478,000 1,845,900,000 1,860,378,000 1,813,085,000 369,147,000 371,413,000 381,500,000
5,682,563,000 5,723,452,000
Totalinvestments
6,303.447,000 6,213,169,000 6,017.687,000 1,721.515,000 1,697,130,000 1,665,957,000
19,737.814,000 19.628,021,000 18,740.012,000 730,103,000 699,280,000 710,869.000 162,207.000 174,484,000 177
Total loans and investments
000
1.659.630,000 1,667,108,000
20,488,000
60,793.000
23 566 000
Reserve balances with F. R. Banks.- 1,687,468.000
21.391.000
110.
'
65.545,000
60.481,000
275.422,000
284,471,000
271,261,000
Cash in vault
' '
12,865,325,000 5,120,343,000 5,087,922,000 5,052,840,000 1,186.407,000 1,169,979,000 1,163 973,000
13,129,797,000 12,980,152,000
'
Net demand deposits
823,027.000 816.822,000 821,834,000 504,833,000 503,185,000 483997000
5,603,876,000 5,585,484,000 5,187,778,000
7,060,000
14,966,000
Time deposits
7,060,000
11:625,000
32,812,000
32,812,000
113,586,000
184,444,000
184.825,000
Government deposits
Bills payable and rediscounts with
5,9188,00
62,190,000
37,340,000
2,075,000
Federal Reserve Banks*
13,668.000
14,650,000
173.987,000
122,432,000
92,995,000
870.000
290,000
19,529,000
Secured by U.S. Govt. obligations
1,005,000
23,085,000
7,090,000
77,433.000
109,614.000
83.938,000
All other
6.788,000
81,719,000
2,365,000
14,673,000
60,425,000
21,740,000
251,420,000
232,046,000
176,933,000
Total borrowings from F.It. bksbonds) made by 59 reporting
Loans to brokers and dealers (secured by stocks and
member banks in New York City:
926,394,000 898,824,000
For own account
981,788.000 968,790,000
For account of out-of-town banks
609,228,000 606,561,000
For account of others
*Revised
figures
2,517.410.0002.474.175,000
Total
1,843,232,000 1,799,275,000
On demand
674,178,000 674,900,000
On time




3579

THE CHRONICLE

JUNE 26 1926.]

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

Martha? (bazette

Maturity.

Int.
Rate.

Bid. I Asked.

Maturity.

Ins.
Rate.

Bid.

Asked.

Wall Street, Friday Night, June 25 1926.
.n
% 10111n 1011
Dec. 15 1927 ___
% 100.ts 100.te
Sept.15 1926...
1011n
-The review of the Dec. 15 1926... 334% 1001,11 100,,n Mar. 15 1927.-Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 3564.
United States Liberty Loan Bonds and Treasury
The following are sales made at the Stock Exchange this
-Below
week of shares not represented in our detailed list on the Certificates on the New York Stock Exchange.
pages which follow:
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York Stock
Range Since Jan. 1.
Range for Week.
Sales
STOCKS.
Exchange. The transactions in registered bonds are given
Week Ended June 25. for
Highest,
Lowest.
Highest.
Week.
Lawest.
in a footnote at the end of the tabulation.
Par Share $ per share. $ per share. $ per share.$ per share.
Railroads.
100 116 June 24 116 June 24 1073.4 Mar 116 May
Alabama & Vicksb__ _101
Feb 220 June
2208 June 24208 June 24 203
100
Albany & SUM
Feb
100 200 50 June 25 5030une 23 60 June 65
Buff & Susqueh
Feb
80 5%June 21 5%June 21 53.4 June 10
Chicago & Alton ctfs_111
51
1 80 June 21 81 June 24 7934 Jan 8134 may
Morris & Essex
6%June 22 7 June 23 4% Apr 834 Jan
5
Nat Rya Mex, lst pf _101
Apr 205
Jan
36 190 June 21 190 June 21 175
51
NY & Harlem
50 105 yi June 22 105%June 22 10234 Feb 105% June
N Y Lack & 1% estern_100
Apr 312
June
63302 June 21 309 June 23 255
NY Rys ctfs stmp_ ___•
10 40 June 25 40 June 25 40 June 503' Jan
N Y States Rya, pref_10,
4,50 1734June 25 1834June 21 163.4 Mar 22 34 Feb
Reading rights
Jan 96% June
100 96%June 24 9634June 24 90
Ticks Shreve & Pac__100
Industrial & MIseell.
Albany Pert Wrap Pap.. 100 273jJune 23 2731June 23 27 May 2734 June
Amerada Corporation_ _•40,100 28 June 21 31%June 24 24% May 31% June
600 25%June 24 255iJune 25 24% May 26% Apr
Amer Home Products..*
American Pow & Light..15,700 57 June 19 61 liJtme 23 5034 May 61% June
Jan 105 June
200 105 June 24 105 June 24 100
American Snuff, pret _101
AmSumTob opt A ctfl 1 i 4,900 2634June 19 28%June 21 14% Apr 28% June
Amer Tel & Tel rights 18,900 6 June 1. 634June 21 5% May 634 May
June 107
Feb
100 104%June 25 104%June 25 104
Am Type Found, p1.100
logl 21 June 25 21 June 25 18 Jan 21 June
50
Auto Sales, pref
June 29% June
Bloomingdale Bros..... 1,10 28 June 25 29 June 19 2b
100 1043Uune 21 104%June 21 104% June104% June
101
Preferred
June
• ogi 54 June 25 55%June 24
-Products Coke
By
Cert-Teed Prod,2d pf100 30 90 June 2? 91 June 2 90 May 9534 Feb
. 6,600 38 June 11 41%June 23 3434 May 41% June
Collins & Aikman
June
100 1,600 101 June 21 102 June 23 9834 May 102
Preferred
Com Cred 1st pf(6%)100 600 90 June 25 92 June 22 90 June 9934 Feb
Jan
Com Inv Tr, pf(6%).100 600 91 June 22 93 June 25 89 May 100
034 May 4434 June
• 6,000 4030une 23 43%June 25 4
Congress Cigar
Apr
Mar 126
100 122%June 22 122%June 22 117
Continental Can, p1.100
Jan
100 10730une 24 1073-iJune 24 104% Mar 109
Deere & Co, pref____100
25 6,100 13%June 1 14%June 22 11% June 203-4 Feb
Eisenlohr & Bros
• 300 6734June 23 68 June 21 6134 Mar 8234 Feb
Electric Auto Lite
4
Mar 834 Feb
• 3,901 5%June 25 61(June If
Electric Boat
Electric Refrigeration..•28,701 76 June 25 783lJune 2? 6234 May 7834 June
100 103 June 19 103 June 19 9934 June 103 June
Equit Office Bldg, pf _100
53-4 June
Fam Play Lasky rights__ 5,800 434June 25 5%June 21 434 Jun
Feb
First Nat Pict, 1st p1.100 1,300 101 June 21 105 June 25 96 May 107
200 98 June 24 100 June 23 94 June 107
Mar
FiskRub,lst pf, cony.100
38,800 8334June 24 86%June 21 79 June 8734 June
General Elec new
Feb 103% May
500 103%June 24 103%June 24 99
Gen Motors, pref(6)_100
Gotham Hosiery, new • 2,900 48 June 23 4934June 23 48 Jun 4934 June
Intercontinental Bubb.* 8,600 15 June 24 1634June 22 1334 May 21% Feb
Internet Tel & Tel rights 4,300 7%June 19 7%June 21 7 June 8 June
100 94 June 23 94 June 23 03% mar 9934 Jan
100
Kinney Co,pref
Lago 011 & Transp Corp.47,800 223iJune 23 23%June 21 1934 May 2434 June
*13,000 45%June 23 473-iJune 25 393.4 May 48 June
Lambert,certlfs
• 4,300 20%June 16 22 June 25 1734 May 22 June
Life Savers
Feb
Mar 117
• 100 86 June 24 86 June 24 80
McCrory Stores
100 72%June 23 72%June 27 7234 June 7834 Mar
Mallinson& Co, pref_100
Apr 5034 Jan
500 393June 23 40 June 23 27
100
Manati Sugar
Feb
June 82
100 400 58 June 22 60 June 23 55
Preferred
% June 1% June
%June lf
%June If
900
Manila Electric rightsmay 4434 Feb
900 34 June 24 35%June lf 30
Miller Rubber certifs..
Apr
100 84 June 23 84 June 23 83 June 85
N Y Canners, pref____•
Omnibus Corporation.... 8,800 153'lJune 24 16 %June le 1434 Mar 2234 Feb
534 June 3518 June
100 35%June 25 35%June 25 3
Pacific Mills
Jan 9934 June
95 June 25 99 June 21 51
Panhandle P & R,91_100 8
03.4 Apr 00% Jan
100 98 June 2? 98 June 22 9
.
P El of NJ,6 7 pt._ _100
Sloss-Shoff S & 1, pref100 400 104 June 23 107 June 25 10034 Jan 107 June
034 June 32 June
South Calif Edlson_ _ _25 5,000 31 June 2? 31%June 21 3
Mar 5334 June
South Dairies, class A_ _• 6,950 51 %June 25 533iJune 21 43
Mar 3534 June
*37,900 32 June 211 35%June 21 22
• Class B
Thompson (J R) Co_ _25 3.000 45%June 25 47 June 19 4234 May 48 June
Jan
100 50'June 22 50%June 22 5
034 June 58
United Dyewood, 9(.100
Un Carbide & Carbon *18,500 82%June 21 85%June 22 7714 Mar 8634 Mar
• 400 45 June 21 46 June 25 4434 May 5134 Feb
Vicksburg chemical...
% Jun
1% Jan
%June 23
%June 23
100
Virginia-Caro B atilt...*
Mar 9834 June
100 98%June 24 9834June 24 95
West Penn Pow,p1(6) 100
June
,
Ma 47
500 46 June 21 47 June 22 42
Wilson & Co. pref....100
•No par value.

New York City Banks and Trust Companies.
An pricer tuatara Per 44011
Banks-N.Y. Bid. Ask.
Americas.- _ 350
Amer Ex Pac. 437 444
Amer Union*. 210 215
Bowery EastR 400 410
Broadway Cen 335 375
Bronx Boros_ 1300 1400
Bronx Nat... 430 490
Bryant Park* 200 225
Butch & Drov 174 179
Capitol Nat.. 208 218
Cent Mercan_ 280 290
420 424
Chase
Chath Phenix
366
NatBk &Tr 361
Chelsea Exch* 246 252
Chemical._ __ 780 790
Colonial._ _ _ 550
.3
Commerce... 380 39 .
Com'nwealth• 300 310
Continental.. 270 285
Corn Exch._ _ 595 605
Cosmop'tan•_ 225 250
Fifth Avenue*2200 2400
2550 2585
First
170 190
Franklin
365 370
Garfield
Globe Exch.' 220 240
350
Grace
Greenwich'.. 530 550

Bid. Ask.
Banks.
Hamilton.... 195 205
1040 1060
Hanover
Harriman__ _ _ 555 575
Manhattan* _ 227 232
Mutual'
500 600
Nat American 180 195
National City 608 613
262 272
New Neth*
492 496
Park
Penn Exch.._ 124 134
Port Morris,. 225
550 560
Public
800 610
Seaboard.
170 180
Seventh
Standard._ 600 650
590 605
State*
157 162
Trade*
215 230
United
United States. 312 318
800 900
Vash'n
Brooklyn
Coney Island* 310
1375 400
First
Mechanics".. 318 325
305
Montauk*
295 ioi
Municipal*
365 375
Nassau
600 650
People's
215
Queensboro*

0
•Banks marked ( ) are State banks
r Ex-rights

Trust Cos. Bid. Ask.
New York.
_
American_ Bank of N Y
& Trust Co 615 620
Bankers True 624 629
Bronx Co Tr. 305 325
Central Union 860 870
220 230
County
345 353
Empire
Equitable Tr. 267 270
Farm L & Tr_ 542 548
Fidelity Trust 285 295
390 410
Fulton
Guaranty Tr_ 289 294
Irving Bank.
Columbia Tr 314 319
Lawyers
_ _
Manufacturer 513 518
Mutual
(Wes
185 200
cheater)
N Y Trust.... 507 514
Title Gu & T 692 699
U S Mtg gc T 405 415
United Stat 1730 1760
Westches Tr_ 500
Brooklyn.
Brooklyn.... 760 766
Kings County2100 2300
Midwood_ _ __ 265 275

(0 New stook.

Is) Ex.divideno

New York City Realty and Surety Companies.
All prices dollars per share.
I BM*
41
Alliance
Amer Surety- 173
Bond & M 0_ 335
Lawyers Mtge 279
Lawyers Title!
& Guarantee 282
(i) New Stock.

Ask.
47 Mtge Bond__
176 Nat Surety..
340 N Y Title &
Mortgage..
284
U S Casualty.
287




Bid.
Ask.
140 Realty Assoc.
(Bklyn)com 230
221
89
1st pref _
1
2d pref.... 87
450 460
310 330 Westchester
Title & Tr_ 500

Bid.
130
217

Ask.
235
92
91

June 24 June 25
Daily Record of U. S. Bond Prices. June 19 June 21 June 22 June 23
21
,
High 1011.ge 1011in 101 42 10111s2 101"a2 1011,
First Liberty Loan
101•ss
.
3%% bonds of 1932-47_ Low_ 10114n 1011 ” 10114ss 1011.ss 10115n 1014%1
1n 10121n 10114n 1011432
Close 10114n 101.
(First 33.4,)
193
221
118
88
556
374
Total sales in $1,000 units__
101111.2
Converted 4% bonds of {High 10014n
101".2
1932-47 (First 410 ____ Low_ 10011n
1011012
Close 1001111
2
2
Total sales in moos unus___
102",, 102"n 102", 10218n
bonds {High
Converted 434%
102'•,iof
0
102. .2 102",, 102", 102"n 1021.ii
1932-47 (First 43is) Low_
0n 1021% 10211ss 1021%1
10214n 102.
Close
11
17
21
6
5
Total sales in ELMO units___
102.ss
High
/
Second Converted 4%
102',,
n
bonds
bon of 1932-47 (First Low_
102 11
,
Close
Second 4%s
4
Total sales in $1,000 units
low.
100411
{High
Loan
Second Liberty
1004.
1004ss
4% bonds 011927-42 ____ Low_
100432
Iowa
close
(Second 4s)
1
2
Total sales in $1,000 units
.12 100..et 100fta
Converted 434% bonds High 100..t, 10030w 100..., 1002
0te 100vie 100"te 100*.s
71, 100
8,1 100.
Low_ 100.
(second
of 1927-42
Close 100..,, 100..it 100"sa 100"12 100"12 100"n
434s)
151
186
69
134
233
22
Total sales in $1,000 units__ _
High 101"at 101 1422 101,,as 101,121 101"n 101"si
Third Liberty Loan
101"aa 101":2 101,4s
414% bonds of 1928.- Low- 101"at 101"at 101"aa
a, 10114,
,
(Third 434,)(Close 101,,n 101"na 101 n 101,412 101,4
71
65
128
176
16$
232
Total sales in $LOW units__
High 1034n 1034n 1031n 1031n 10211n 1021%.
Fourth Liberty Loan
,
1933.38. Low_ 103.n 103 n 102"s2 102,,a2 102"22 102",
.1
434 -;, bonds of
,
,
,
Close 103 12 103 a2 103 12 102"11 102"22 102"e
(Fourth 41(s)
91
137
130
326
188
87
Total sales in $1,000 units__
,
,
{High 108loss 10810,1 108", 108"sa 108 22 108 n
Treasury
,
,
Low_ 108%, 108',, 106',, 108 22 108 s2 108'n
4345, 1947-52
,
,
Close 1084n 10814n 1088ss 108 n 108 12 108sn
61
7
21
5
17
21
.
Total sa:es in $1,000 units _ _
High 104.n 10411n 104,1n 104421 1044,, 104•st
4s, 1944-1954
,
Low_ 104"st 104"st 104"ss 104 11 1048st 104'n
Close 104'at 104'st 104"st 104"ts 104"st 104411
11
3
3
3 1,324
81
Total sales in $1,000 units__
,
Mgt; 101. ,, 101..tt 101"a2 101"at 101",
ILow_ 101,,a2 1012,22 101"s2 101"st 101"s
3,4s, 1946-1956
Close 101"st 101"st 101"st 101"at 101",
27
12
103
4
1
Total seAs In 81 11410 until.

-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds were:
s2
1011,22 to 101,,
100..te to 1001 20 3d 434s
1 1st 4s
1,
71 4th 4345102 22 to 103

1 12t 434o
50 2d 4t44

13
102,2 to 102"s2
100":2 to 100..it

1 Treasury 4345

108in to 108%,

-The sterling exchange market was
Foreign Exchange.
quiet but firm and practically unchanged. The Continental exchanges were also less active than in recent weeks, with
francs showing some improvement, and Spanish exchange
conspicuously strong; the remainder of the list was neglected.
To-day's (Friday's) actual rates for sterling exchanges were 4 8334
4 83 3-16 for sixty days, 4 8634@4 867-16 for cheques, and 48634
486 13-16 for cables. Commercial on banks, sight. 4 8634 @4 86 51
-16; ninety days, 4 81 Si @481 3-16, and docusixty days, 4 82ii @4 82 11
ments for payment (sixty days), 4 8236@4 82 15-16; cotton for payment,
1
,
41g4 86 5-16, and grain for payment, 4 863 @4 86 5-16.
,
4 863
To-day's (Friday's) actual rates for Paris bankers' francs were 2.7931(4
2.89 for long and 2.8434 @2.9334 for short. German bankers' marks are
not yet quoted for long and short bills. Amsterdam bankers' guilders
were 39.72 for long and 40.08 for short.
Exchange at Paris on London, 166.85 francs; week's range, 166.85 francs
high and 173.10 francs low.
Cables.
Sixty Days. Cheques.
Sterling Actual48634
48634
4 83 3-16
High for the week
486 13-16
486 7-16
4 83
Low for the week
Paris Bankers' Francs
2.9536
2.9434
2.89
1110 for the week
2.78
2.77
2.7131
Low for the week
Germany Bankers' Marks
23.81
23.81
High for the week
23.81
23.81
Low for the week
Amsterdam Bankers' Guilders
40.18
40.16
39.72
High for the week
40.1634
40.1435
39.7034
Low for the week
-Chicago, par. St. Louis. 15@25c. per S1,000
Domestic Exchange.
par. Montreal, $1.40625 per
discount. Boston, par. San Francisco,
$1,000 premium. Cincinnati, par.

-The review of the Curb Market is
The Curb Market.
given this week on page 3565.
A complete record of Curb Market transactions for the
week will be found on page 3594.
CURRENT

NOTICES.

-The Bond Department of Krenn & Dato,Inc. announces the removal of
the Chicago office to 39 S. La Salle St. and the opening of a New York
office at 111 Broadway.
Henry C. Bady, Ward P Rounds and 0 Kirkwood Conner have
joined the selling organization of Goddard & Co., Inc., of New York and
Pittsburgh, in their New York office.
will sail to-morFrederick T. Sutton of Edmund Seymour &
row (Saturday) on the S. S. France for a business trip to Europe in conHungarian financing.
nection with some future
-Bankers Trust Co. has been appointed coupon paying agent for the
West Virginia Bond & Mortgage Co. of Charleston, West Virginia and
registrar for the capital stock of the County Trust Co. of New York.
-Fred H.Emery announces that he will continue the business heretofore
conducted by the co-partnership of Emery, Lindahl & Co. of Cleveland.

3580

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SIX PAGES
For sales during the week of stocks usually inactive, see preceding page.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June 19

Monday,
June 21

Tuesday,
June 22

Wednesday, Thursday,
June 23
June 24

Friday,
June 25

Sales
for
the
Week.

3 per share 8 per share 8 per share $ per share 8 per share 8 per share Shares.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Rano Sines Jan. 1 1926.
On basis of 100
-share lots
Lowest

Highest

i per share

8 per share

PER SHARE
Range for Prettoss
Year 1925.
Lowest

Highest

$ per share 8 per Oars

Railroads.
Par
300 Ann Arbor
100 44 Jan 19 45 Jan 6
22 Feb 48 Dee
__ _
Do pref
100 644 Jan 21 693 Jan 27
4.
40 Mar 67 Dec
55,000 Atch Topeka & Santa Fe 100 122 Mar 30 14018May 28 11614 Jan 1404 Dec
2,600 Do prof
100 9412 Mar 5 100 June 12
924 Feb 98 Deo
3,600 Atlanta Hirm & Atlantic_ _100
3
12May 28 10 Jan 2
Jan
1134 Dec
9,200 Atlantic Coast Line RR
100 18112 Mar 30 26212 Jan 2 14714 Jan 268 Dee
48,300 Baltimore & Ohio
100 834Mar 3 9612June 12
71 Mar 944 Dec
300 Do pref
100 6713 Jan 6 7112June 24
627 AM 671 Nov
8
4
800 Bangor & Aroostook
50 33 Mar 2 46 Feb 1
3514 Mar 5613 Nov
Do prof
100 977 Feb 8 10012 Apr 29
8
89 June 100
Oet
12,100 Skin Mauls Tr v t a-No par 5418 Mar 31 6914 Feb 5
354 Jan 64 Nov
1,100 Do pref v to
No par 78 Mar 31 8614 Jan 29
727 Jan 83 4 Dec
8
5
5,800 Brunswick Term & Ry 1%0_100
8 Mar 4 144 Mar 18
12
3 Feb
1718 Nov
308 Buffalo Rochester & Pitta.100 693 Mar 26 84 Jan 4 • 48 Apr 9238 May
4
10 Canada Southern
100 58 Jan 15 61 June 14
56
Jan 59 Ma.7
19.800 Canadian Pacific,
100 1464 Jan 9 1657
8June 24 13612 Mar 1523 Jan
8
1,000 Central RR of New Jersey_100 240 Mar 30 305 Jan II 265 Mar 321
Jan
32.600 Chesapeake & Ohio
100 112 Mar 2 1363
4June 25
894 Mar 13012 Deo
200 Do pref
100 119 Jan 20 136 Mar 12 10514 Apr 130 Dee
1,800 Chicago & Alton
100
44Msy 18 1138 Feb 20
8
33 Apr 103 Feb
8
200 Do pre
100
64Msy 18 18 Feb 13
/
1
4
518 Apr 1913 Feb
100 0 C 0 & St Louis
100 17314 Mar 29 227 Apr 29 140 May 200 Dee
300 Ohio & East Illinois RR-_100 3014May 10 37 Feb 10
29 4 Mar 384 Aug
8
/
1
9,100 Do pref
100 3612 Mar 31 511 Feb 10
4
40 Mar 5714 Jan
4,000 Chicago Great Western_ -100
12 Feb 20
7 4 Mar 31
3
9 Jan 15 Feb
16,800 Do pref
100 1614 Mar 30 28 Jan 2
1914 Mar 323 Feb
2
7,200 Chicago Milw & St Paul
100
9 Mar 29 144 Jan 6
34 Apr 164 Jan
1,300 Certificates
100
84 Apr 20 14 Jan 8
7 Sept 11 Nov
7.400 Do pref
100 1418 Mar 31 224 Jan 9
7 Apr 2812 Jan
3,700 Preferred certificates---100 14 Apr 20 217 Jan 5
8
1272 Oct 22 Nov
30,900 Chicago & North Western-100 6514 Mar 30 814 Jan 2
47 AM 80 s De.
7
200 Do pre!
100 11812 Jan 4 1264 Apr 30 1014 Apr 120 Dee
65.500 Chicago Rock led & Psoltio_100 404 Mar 3 601 Jan 15
4
4018 Mar 584 Dee
200 Do 7% preferred
100 96 Mar 4 10114June 9
92
Jan 100 Dec
1,300 Do 6% preferred
100 83 Mar 31 90 Jan 29
14
82 Mar 8912 Mar
55
*50
52 *50
*50
55
54
*50
55
*50
Chic St Paul Minn & Om_100 48 Apr 5 53 Jan 26
*50
54
33% Apr 5913 Jan
*100 115 *100 115 .110 115 "100 115 "100 115 *100 115
Do pref
100 100 Mar 16 114 Jan 9
7314 Apr 12018 Dee
58
58
61
59
"58
583 59
59
4
'58
61
*584 61
800 Colorado & Southern
100 52 Mar 3 65 Jan 13
444 Jan 704 Sept
6612 6612 *66
____ *65
6812 "6614 6812 6614 6614 "65
____
300 Do let pref
100 62 Mar 2 6812June 7
60 Mar 6654 Deo
*6212 6312 *6212 6312 "6212 6312 6312 631* *6312- - "6312 --100 Do 2d pref
100 59 Jan 11 6312June 23
54
Jan 6212 Avg
160 160
16214 16413 16214 163
16014 16514 163 166
16212 16412 8,200 Delaware & Hudson
100 15014 Mar 30 17414 Mar 12 13312 Mar 155 Apr
1393 141
14312 1444 1434 14414 10,500 Delaware Lack & Western_ 50 129 Mar 30 15312 Jan 12 125 Mar 1475 June
4
14214 14412 14212 145
14113 143
4
4214 4213 "42
4212 421
*41
4312 423 423 '423 43
4
4
42 4
4
3
Denv Rio Or & West pref _100 3712May 19 47 Jan 2
500
345 Oct 60
8
Jan
*212 34 *212 34 *3
4
*3
"3
4
4
*3
4
Duluth Sou Shcre & AU.
-100
54 Jan 23
3 May 20
238 Apr
54 Dee
.44 54 *44 512
5
6
*54 6
6
.512. 6
*512 6
100 Preferred
100
53
8May 19
814 Jan 18
3 4 Apr
818 Dee
5
367 38,500 Erie
345 35
8
354 35 8 355 3612 3514 3614 36
36
7
37
8
100 2212 Mar 29 40 Jan 2
264 May 3958 Dee
4112 4212 41
397 4014 4012 413
8
4218 414 423* 413 423 25.500 Do 1st pref
4
4
100 33 Mar 30 45 2 Jan 4
54
5
35 June 467 Jan
8
*3612 38
3814 38 4 3912 39
5
38
4 393 41
393
407 4112 12,300 Do 201 Prat
100 30 Mar 30 43 Jan 2
34 June 433 Jan
4
3
3
, 778 763 773 x738 74% 22,700 Great Northern pref
76
78
77
7612 77
77
768
8
4
100 6812 Mar 30 784 Jan 4
60 Apr 825 Dee
8
22
2212 22
2218 2212 22
22
22
2178 22
213 217
4
8 3,300 Iron Ore Properties_No par 19 June 2 2714 Feb 15
25 Dec 403 Jan
8
3.53 3612 36
4
3814 37
3914 37
373
4 3712 383
4 363 3712 15,700 Gulf Mobile & Northern-100 2518 Apr 20 3914June 22
4
23 Mar 363 Sept
104 1643 1047 10712 1063 1063 107 107
104 104
2
8
4
4
106 107
3,300 Do pre:
100 95 Mar 29 10712June 22
8912 Mar 10914 Sept
39
39
39
39
*382 39
8
3312 387
8 3838 3918 383 39
4
2,200 Hudson sts Manhattan
100 34% Jan 22 40 Apr 8
214 Mar 385 Aull
8
*733 7513 743 748
4
75
75
4
*733 7412 *73
4
76
7413 7412
300 Do pref
100 675 Mar 31 75 Feb 20
4
12
6412 Feb 72 July
122 122
121 121
1213* 1217 121% 12312 12218 1227 1227 1227
8
8 3,800 Illinois Central
100 11312 Mar 3 124 Jan 2 111 Mar 12512 Dee
•122 125 *121 122 *1213 125 "1213 125 *1213 125 *1218 125
4
4
4
100 Do prof
4
100 11512 Mar 30 1234 Jan 2 11212 Apr 12514 Dee
•76
7712 *7614 7712 *764 77
77
77
763 763* *764 77
4
40 Railroad See Series A-1000 714 Jan 6 77 June.23
6814 Aug 7414 Dee
*26 8 274 528 2812 •27
7
2812 *27
2812 '27
2814 '27
int Rye of Cent America._ 100 254 Mar 30 31 Feb 13
284
/
1
18
Jan 3318 Sept
*6412 66
*6412 66
66
*6414 66
"644 66
66
*6414 66
100 Do pref
100 62 Mar 30 66 June 24
594 Jan 6612 July
443 45 8 445 4512 443 47
42
4
4412 457
454 425, 434 25,500 Interboro Rap Tran v t o_100 2412 Jan 15 5214May 25
5
4
4
/
1
1313 Mar 3412 Feb
2 *___
*__
2 •____
2 *__
2 *____
2
2 *,___
Iowa Central
100
114May 12
14 Jan
34 Jan 15
34 Max
4
444 46
445, 46
4538 46
454 4638 4434 451 35,900 Kansas City Southern
33* 44
100 3414 Mar 3 4514 Jan 13
283 Mar 51 Deo
8
66
*65
66
66
*66
68
6614 664 66
6614 '66
68
500 Do pref
100 80 8 Mar 31 6614June 22
5
57
Jan 534 Dee
844 85
85
871g 87
87
893
8 863 884 873* 89
4
8718 24,300 Lehigh Valley
50 7512 Mar 3 893
8June 23
69 Mar 884 Dee
.
5135 136
135 13518 13418 1353 1333 134 *13212 134
134 135
4
8
2,300 Louisville& Nashville
100 118 Mar 30 143 Jan 4 106
Jan 148 Des
91
'90
91
91
'8814 9112 *8914 91% 8914 8914 *8914 91
200 Manhattan Elevated guar_100 84 Mar 3 925 Apr 20
4
64 May 11913 Sept
5112 5518 53
665 567
8
8 5512 563
56
8 56
563
54
55
13,000 Do modified guar
100 384 Jan 26 617
8May 28
3218 Mar 5114 Feb
*612 7
"612 7
*612 7 _
612 612 "6
7
"6
7
400 Market Street Ry-100
618June 9 lu Feb 9
6 Nov 12 Sept
•25
30 .25
30 '25
30
*25
30 '25
*25
30
30
Do pre'
_100 254 Jan 5 40 Feb 9
20
Jan 4614 Sent
3
4414 443
43
4 4334 44
44
4
4313 43 4 433 43
3
434 4314 1,900 Do prior prof
100 3918June 21 514 Feb 10
4214 Nov 6514 Bent
*1512 174 .15
515
1634 *15
18
20 '
*16
18
•15
17
Do 2d pref
100 134 Jan 18 2213 Feb 10
15 Dec 3514 Sept
21*
*2
218
2
2
24
218 24 *2
214 *2
2
/
1
4
900 Minneap & St Louie
37 Jan 11
100
13
4June 4
2 Oct
/
1
4
4 Mar
41 '35
40
40
40
404 4012 '38
*36
4012 40
40
300 Minn St Paul & S B Marle_100 34 Apr 21 524 Feb 3
303 Apr 57 Nov
2
*64
66
66 '62
6514 6512 *66
70
*62
66
"62
66
200 Do pref
100 55 Mar 20 79 Feb 3
40 Mar 8614 Nov
66 '65
66
*65
66 "65
*65
66 '65
'65
86
66
Leased lines
100 6212 Jan 4 66% Feb 24
5712June 63 Feb
8 3818 387
363 3714 37% 383
3 373 3812 373* 3818 37
3784 11,300 Mo-Ran-Texas ER___No par 32 Mar 3 4718 Feb 9
2
2
2814 Jan 454 Sept
9178 9112 92
9134 9112 9112 915 9212 2,400 Do prof
91
9012 91
90
100 82 Mar 2 95 Jan 4
744 Jan 924 Des
3712 3838 47,500 Missouri Pacific
8
35 8 36
5
4
3712 3813 373 387
3613 3712 367 38
100 27 Mar 3 4014 Jan 14
3038 Jan 41% Dee
/ 885, 40,000 Do pref
1
4
8
, 881g 89's 8738 89'8 87
854 8514 8612 86
88
100 7113 Mar 3 8912June 23
71 Mar 9113 Des
•155 178 '155 178 '155 178 '165 178 '170 178 *165 177
Nash, Chatt & St Louls_100 150 Apr 3 188 Jan 14 143 Apr 192 Dee
38
312 *318 3 8 *314 33
3
318
8
3,700 Nat Rye of Mex 2d pref-100
318 314
3 2 35,
3
412 Jan 7
2 Mar 18
112 June
314 Dee
125 135 *125 135
130 130
300 New On Tex & Mexico----100 120 Mar 30 13212 Jan G 11314 June 1374 Des
130 130 *125 132 *130 131
,
4
66,800 New York Central
3
12912 13012 130 2 13112 131 1317 13012 1314 1308 1323 13012 132
100 117 Mar 30 13538 Jae 2 11314 June 1374 Dee
/
1
4
177 17912 3,800 NY Chic & St Louis Co
1774 1774 178 17912 178 17938 175 178
1754 180
100 130 Mar 3 18114 Jr., 11 118 June 183 Dee
1.600 Do pref
1024 102% 10234 1023 102 1023 10214 10214 10214 10214
4
10212 103
100 93 Mar 11 103 June 19
4
8812 Jan 9878 Nov
4438 4512 104,500 N Y N H & Hartford
4418 4538
4478 4432 4538 433 45
44
44
43
4
100 30 Mar 30 454 Jan 2
12
28 Mar 47 Dee
3,300 NY Ontario & Western
25
25
244 247
4 247 254 25
2514 2412 25 '2412 25
100 193 Mar 30 2 , Feb 13
205 Apr 34 4 Aug
!
1 8
5
*
_____ NY Railways part otfs-No par 296 Jan 4 3$5 May 8 262 Aug 310
OM
-His -11 8 •
-7 -lo" 12 ;io- 1178 ;41 If- ;la" IC ;II -1i- _ 100 Preferred certificates-No par
-6 Jan 25 2014 Feb 5
5 Dec 12 June
100 New York State Rallways.100 22 Mar 24 284 Jan 14
25
*21
25 .21
25
25
*21
*21
25
2214 2214 *21
21
Dec 36 July
36
3814 1.100 Norfolk Southern
38
100 277 Apr 15 3718June 8
3
353 36 4 36
4
35
36
36 ' 36
217 Apr 45 Sept
35
35
s
1497 1497 14912 150% 160 1533 152 154
4
15212 15318 1523 15612 27,900 Norfolk & Western
8
100 13914 Mar 30 15714 Jan 19 12312 Mar 151
Dee
200 Do pref
*833 85
4
4
84
*84
8833 85
8412 "84
84
84% *84
100 84 Jan 7 85 Jan 7
85
7512 Jan 88 Dee
745 16,900 Northern Pacific
8
7412 74
8
100 655 Mar 30 764 Jan 2
8
8 735 7412 74
4
734 734 735 7454 744 747
5814 Apr 784 Dee
Paclflo Coast
28
28
*22
*20
*22
*20
28
28
*22
28
28 .22
100 24 June 15 48 Jan 6
20 Aug 4012 Dee
523 5314 22,700 Pennsylvania
4
52 8 52% 5212 53
3
60 485 Mar 30 554 Jan 2
8
523 5314 528 53
4
52 2 53
3
4212 Apr 553 Dee
2
244 3,100 Peoria & Eastern
100 19 Mar 4 265 Jan 14
*224 2312 "22
2312 "2212 2312 23
234 '2212. 2312 •22
4
134 Apr 215 Dee
8
7
92 925
93 4 9412 9414 9512 11,000 Pere Marquette
3
92
, 917 93
93
100 87 Mar 3 953
93
94
4.1une 11
614 June 854 Dee
400 Do prior pref
884
100 79 Mar 3 874 Feb 24
8514 86
8812 8712 874 *87
87
87 '87
8812 '87
78 July 893 Dee
4
800 Do pref
100 70 4 Mar 29 82 June 18
'8112 8212
81
*805 82
8
8
80% 80 8 81
7
1
*8038 82
6812 Apr 795, Dec
•1444
8
_
___ Pitts Ft Wayne & Chic pf -MO 1424 Jan 2 14614J0ne 1 139
_
_ •1445
8
_ •1442
_ "1445,
014452
8
_ *1443
Jan 144 Nov
2
110 11312 112 113
100 85 Mar 30 1195 Jan 11
-1-38 11018 111-12 1098 111 1113 112 4 1093 111-82 3,000 Pittsburgh & West Va
8
8
63 Mar 123 Dee
945 84,900 Reading
8
50 79 Mar 30 977
9212 963
8
9554 937 9512 93
4 945 977
4
8 9414 9612 93
8June 21
694 Mar 914 June
700 DO 1st prof
413
4 4018 4012 *4012 42
411 4114 42
/
4
60 40 Jan 5 42 Apr 26
42 .40
42 '40
357 Mar 61 June
8
7
3,000 Do 2d pre!
447
40 40 Mar 30 447
*5258 44
44 44
4238 43
44
4
444 443 "4234 44
8June 21
364 Mar 44 8 June
1
625 Rutland RR pref
7
*5014 52
51
100 42 Apr 8 57 Jan 7
*5014 5114 51
•52
5312 5314 53
4
517 5174
42 Apr 627 Jan
2
38,400 St Louis-San Franeleco
4
100 85 Mar 30 10114 Jan 21
4 9518 97
935 9514 9518 95 8 957 9718 9514 9714 953 963
4
8
7
5712 Jan 10214 Aug
300 Do pref A
90
91
100 8313 Apr 1 9112May 24
90
*89
90
*90
91
"89
9012 90
91
"89
76
Jan 924 July
4 10,500 St Louis Southwestern
3
673 68
4
8
100 5712 Mar 19 74 Feb f)
673 673
8 67
3
683
4 673 68 2 673 6912 6812 69
4
433 June 6914 Des
4
300 Do prat
7814 '78
*78
7814
100 72 Mar 19 7812June 12
78
'77
7712 7712 7712 '77
7812 78
7018 June 788 Dee
343 10,800 Seaboard Air Line
4
34
100 274 Mar 31 61 Jan 2
8
3414 35
3
347 35 8 3435 354 3312 3438 335 35
2038 Jan 5414 Nov
*3714 3712 1,500 Do pre/
100 3112 Mar 31 483 Feb I g
374 3712 38
3734 3814 '36
373
4 3
8
38
38
0
35 Mar 514 Aug
4
1033, 105
100 961s Mar 30 1054.1une 21
104 1053 104 1054 10314 10412 10313 10418 1033 1048* 47,400 Southern Pacific Co
8
96
Oct 1083 Jan
2
11612 1173 30,000 Southern Railway
4
8
100 1033 Mar 30 119 4 Jan 4
117 1173 11713 11812 11788 11838 117 1183 117 118
8
2
3
77% Jan 1204 Des
WO 8712 Apr 6 9213 Jan 2
*92
923
8 923* 9213 92
9212 ' 9212 9212 924 9212 29112 9112 1,900 Do pre!
83
Jan 95la Sept
4
543
8 533 5412 7,800 Texas & Pacific
54
100 4218 Mar 30 615 Jan 13
55
533 547
8
54
8 543* 55
5514 54
8
4314 Jan 59 Dee
3,800 Third Avenue._
35
36
100 131$ Jan 8 43 Apr 23
37
3412 36% 35
36
3614 '36
37
37
37
712 Apr 155 Sept
s
200 Twin City Rapid Transit 100 68 May 4 784 Jan 4
4
4 7112 714 "7112 723
*71
723
4 7112 71j2 '7112 723 *7112 723
4
58
Jan 7814 Dec
15212 15112 15212 152 15312 24,600 Union Paci/lo
15014 150
5 1507 151112 15138 152
,
100 14112Mar 30 1531 2June 25 13314 Apr 1534 Jan
8
15138
7912 794 7912 7918 7913 .7918 80
•79
4
7914 7912 793 7654 1,600 Do prof
100 7454 Jan 6 80 May 26
72 Jan 774 Jull
United Railways Invest_ _100 195 Mar 3 2712 Apr 7
*2414 261 *24/ 2618 '2414 2618 "244 30 '2414 2618 '244 2618
1
4
4
18 Aug 33% May
875
91
Do pref
•75
91 '75
'75
79
100 65 Mar 2 863 Apr 6
91
"75
91
*75
91
4
4812 Mar 837 Dec
4
4
4 457 4714 76,900 Wabash
47
4
4614 4814 463 473
4812 4818. 493* 4713 49
100 33 8 Mar 30 52 Jan 12
7
1912 Mar 474 Aug
10,200 Do pref A
8
745 75 8 75 8 76
4
5
3
8
100 68 Mar 30 784 Jan 13
8 744 75 4 745 75
5
75
753
8 745 753
4
8
553 Jan 737 Des
65
0
63
Do pref B
65 '6312 65
65 .63
*63
65
*63
86312 65
100 57 Mar 29 72 Jan 29
384 Jan 6012 Aug
12 8 1314 13
1
1318 5,800 Western Maryland_ _ 100 11 Mar 3 165 Jan 4
8 13
8
8 127 133
133
8 1312 133
4
8 123 133
11 Mar 185 Aug
8
8
*1918 20
103• sm. lot, 1117* 8101, 2081 *194 20
194 1938 1.900 Do 20 pref.._
2Mar 30 24 Jan 4
Ion 163
16 Mar 2614 Jan
*4412 ____ "4412 48
4413 4412
4412 4412 *4412 ____ 444 4412
*6912 ----'69's
_ *6912
_ *6912
*6912
13434 135% 1343 13 -14 13514 138
4 -13512 13714 1357 13 38 138 13934
6
i
- 8 -*9812 9912 993 100
4
*997 100
8
993 100
4
100 100
x9714 9714
4
4
13
52
13
112
%
12
13
1
8
%
%
21514 219
217 219
219 221
216 22014 21612 221
21714 22178
943 963
4
8 9518 9618 9414 957
8 943 95 4 9413 955
8
3
94% 958*
*7018 713* 7138 7118 *7038 713 .703 7112 7112 7112 7114 7114
8
2
41
4014 *40
40
40
*40
394 3912 3912 4012 40
41
"99 102
*9914 102
*9914 102
*994 102
*9914 102
*994 102
6512 64
64
6 s 634 6414 64
43
6412 62 8 6414 6318 6312
3
8412 8413 *8414 8412 8412 843 *843 85
4
*8412 8513
847 85
8
4
•10
11
1138 1258 12
1214 12
1078 11
1212 1212 13
74
73
74
*713 78
73
4
*714 78
73
73
75
75
61
*61
61
6114 *61
6114 *61
6114 *61
8114 '61
6114
16112 1617 1623 16414 163 16312 16312 16412 1637 1657 16418 16512
2
4
8
8
295 295 *290 295 "285 295 '280 295 *280 295
29412 295
13112 132
1317 1327 13214 133 8 13112 13312 133 13512 135 1363
8
3
8
4
*13112 135 '132 135 '13212 135 "13212 135
135 135
13514 13514
6
612
6
6
*6
6
6
6
*54 6
512 53
4
814 814 '818 9
*84 9
814 84 *73
4 9
*73
4 9
*200 225 '185 215
200 200 *201 220 '201 220 *201 220
333 333
2
8
2 333 333 *33
34
35
8
*34
36
34
35
*33
42 42 2 4218 4212 42
3
4212 4312 46
4512 463
4 4412 48
9
9
9
9
83
4 918
8 2 94
7
9
8 4 918
9 1s
3
213 22
4
223
/ 224 22 4 225 2312 217 2318 22
1
4
4 225g 2338
3
8
114 1112
111 11
/
4
1112 12
11
11
11
11
11
11
11
11
1118 11
1112 11
.1018 1012 1012 10 2 1012 10%
3
18 8 19
3
1812 1914 1812 188 1812 1812
187 1914 1812 19
8
18
1838 183 18 4 '1814 18 4 1818 1818 1818 1814 1814 1812
8
3
1
7418 75 8 75
734 74
1
74
754
745
7512 74
7514 74
*123 126 '124 125 '124 125
125 125 *123 125
125 125
532
4 5212 54% 53
52
8
51
52 8 511 5278 5214 54
3
5414
*98
99
98
*98
*98
9812 *98
9812 9812 9812
98 4 98
5
8614 8614 '86
863 865
86
8
8612 8612 8612 87
863 87
4

,
5.1314 and asked prices- s Ex-dividend. S Ex-righ18.




New York Stock Record-Continued-Page 2

3581

For sales during the week of stocks usually inactive, see second page preceding.
HIGH AND LOli SAGE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June 19.

Mondou.
June 21.

Tuesday,
June 22.

Wednesday, Thursday.
June 24.
June 23.

Friday,
June 25.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

$ per share $ per shale $ per share t Per share , share 3 Per share Shares
Railroads(Con.)
Per
5
3553 35 3 36
8 3538 2,200 Western Pacific new
365
8 35 4 363
3
8 354 36
*35
353
4 35
82
*8112 82
*82
3 833 *81
82 4 8318 8318 83
*81
3
83
200 Do pref new
*
22 8 23
5
243
4 24
2314 24 4 24
2514 2412 247
3
8 24
245 29,800 Wbeeling & Lake Erie Ry
8
*43% 44
4414 45
4414 45 4 452 453
43 4 45
3
3
4 4514 454 4,800 Do prof

Plitt MIAMI
Range Since Jan. 1 1926.
On basis of 100
-share lots
Lowest

Highest




Lowest

Highest

Par $ per share 8 per share t Per share 8 Per chars
100 3314 Mar 30 3914 Jan 2
1953 July 3911 Dee
100 771 Jan 15 8312June 15
72 July 81 Dee
100 18 Mar 30 32 Jan 2
103 Mar 32 Dee
4
7
100 37 Mar 30 5012 Jan 4
22 Apr 53 k Dee

Indust.lel & tliscellane.(trs
200 Abitibi Power & Paper_No par 70 4May 21 8413 Feb 1
3
200 All American Cables
100 131 Jan 6 142 Apr 20
200 Adams Express
100 9978 Mar 18 116 Apr 26
400 Advance Rumely
100 10 Mar 19 184 Jan 29
500 Do pref
100 4814May 11 6318 Jan 28
2.500 Ahumada Lead
9 Jan 4
/
1
4
1
7ie Jan 23
5.200 Air Reduction, Ino____No par 10714May 19 11914 Mar 1
3,100 Ajax Rubber. Inc
No par
7112Mag 11 16 Feb
Alaska Juneau Gold Min__ 10
2 Jan 4
13
8Msy 24
54.600 Allied Chemical & Dye_No par 106 Mar 30 142 Feb 13
300 Do pref
3
100 118 4Mar 20 12218June 14
5
3,400 Allis-Chalmers Mfg
100 7814 Mar 26 94 Jan 14
503 Do pref
100 105 Apr 7 11012May 24
4,900 Amer Agricultural Chem 100 15 May 20 343 Jan 14
3
5,400 Do pref
100 51 May 20 9612 Jan 14
7
1,200 Amer Bank Note, new
10 345 Mar 31 43 Jan 8
8
Preferred
50 55 Jan 15 5718May 6
1,700 American Beet Sugar
4
100 21 June 2 383 Feb 5
Do pref
100 63 May 27 83 Feb 24
6,200 Amer Bosch Magneto-No par 16 May 19 3453 Jan 4
500 Am Brake Shoe & P.
-No par 110 May 19 180 Feb 2
Do pref
100 11014 Mar 24 12814 Feb 18
21,900 Amer Brown BoveriEl-No par 3014 Mar 29 487 Jan 9
100 8811 mar 31 9718 Jae 18
100 Preferred
155,200 American Can w I
25 38 8 Mar 30 58 Feb 20
7
500 Do pref
100 121 Jan 4 12614May 19
3,300 American Car & Fdy-No par 9112Mar 31 1147 Jan 12
*
400 Do pref
100 12312 Apr 7 12914June 23
2,200 American Chain,class A--- 25 23 Mar 30 26 June 17
/
1
4
900 American Chicle
No par 37% Mar 31 51 Jan 4
100 Do certificates
14
No par 3412 Mar 31 47 Jan 7
21,100 Amer Druggists Syndicate_ 10
8 8June 10
3
414 Jan 5
7
1,600 American Express
100 105 8 Mar 31 140 Jan 6
35,500 Amer& Poen Pow new_No par 1514May 19 4253 Jan 2
No par 88123une 22 98 Feb 13
1,300 Do pref
108 Mar 30 131 Jan 2
Do 25% paid
8
8 4 8 4 *814 9
3
812
3
8
8
1.900 American Hide & Leatber_100
7 May 10 17 Feb
84 83* *812 .
912
44
44
4478 447 *4413 4512 437 448 43
43
42
1,100 Do pref
100 33I2MaY 7 6714 Feb
427
*13214 1333 1323 135
4
4
133 133
131 133
131 133
130 132
'
5,000 American Ice
100 109 Mar 31 136 June
,
86 4 *84
3
*8512 865 *84
8634 85
85
84
8412 *8314 85
4,000 Do pref
100 8212 Jan 13 8634June
3612 3612 365 3634 36
37
35% 3512 *3552 3612 3512 355* 1,700 Amer International Corp 100 33 4May 20 463 Feb 1
4
3
*123 127
4
123 1234 1234 127
4
8 1234 1273 127 1273 13
13
1,300 American La France F E
10 1212May 21 157 Jan
*3312 343 *3412 35
4
35
36
3418 3418 2,700 American Linseed
345* 354 3414 35
100 2814 Apr 21 52 2 Jan
7
*76% 79
*763 79
8
*7612 79
*76
*7612 79
80
*76
79
100 75 Mar 31 87 Jan
Do pref
105 105
7 10514 10753 10514 10614 103% 105% 10312 104
8
103 1037 16,900 American Locom new_-No par 9014 Mar 31 1197 Jan
8
*117 11712 11714 11712 11713 11712 1171 11714 *117 11714 1163 117
/
4
4
1,000 Do pref
100 11634June 25 12014 Feb 1
53 53
5214 5214 52
5234 *513 5212 *5113 52
4
51
51
800 American Metals
No par 47 Mar 30 5753 Feb 1
*114 117 *114 117 *114 117 *114 117 *114 117 *114 117
Preferred
100 11312 Apr 15 120 Feb
*109 10913 10912 11114 111 11112 110 11114 110 11012 110 110
2,600 American Radiator
4
25 10114May 19 1202 Feb 1
*771 80
*7712 79
*7712 78
*77% 78
*7711 78
*77% 78
Amer Railway Express_ _100 773 Mar 31 7811 Mar 1
*49
54
*49
54
*49
54
*49
54
*5112 54
100 American Republics__ _No par 50 June 15 74 Jan
51
51
*4812 49
48
4812 4814 493* 4814 4814 4814 484 49
50
2,900 American Safety Rasor_100 42 Apr 14 63 Jan
95* 9
51 Jan 2 117 Mar I
52
912 95*
912 94
914 9% *9
8
914
9
9 14 2,700 Amer Ship & Comm_ No par
128 8 1293 1283 1307 1283 130
5
*
4
12612 12912 1261 1293 12718 129
4
4
8
35,300 Amer Smelting & Refining_100 1095 Apr 21 14453 Jan
*118 119
1183 11838 *118 11813 118 118
8
11712 118
11712 11713 1,200
100 1127 Mar 31 119 June 1
Do prof
2
*130 133 *130 133 *130 133
127 130
12914 12914 12914 130
100 12413MsY 27 165 Feb
600 American Snaff
42
3 4214 42
8 423
4 423* 424 4212 423
4 4212 423 •423 42 8 2,800 Amer Steel Foundries__No par 40 May 11 467 Feb
4
8
3
*113
____ *11314 ____ *114
____ •114
____ •114 115 *114 115
100 111 Apr 9 115 Feb 2
Do prof
7034 7012 72
7012 7012 70
6912 7214 693* 7018 69
6912 10,100 American Sugar Reflning 100 6514 Apr 14 8253 Feb
100 100
100 100 *1003 102
8
1008 101 *101 102 *100 102
1,300 Do prof
100 100 June 19 105 Feb 26
•1214 1612 *1214 1688 .1214 16
*1214 1412 *1214 15
1738June 14
818May 1
Amer Sumatra Tobacco_ _100
*1514 16
*95 129
*95 129
*95 129
___
. ___
. *95 130
100
Do prof
*95 129
*3212 35
33
33
*3212 35
3234 3234 *33
34
8
32
7
400 Amer Telegraph & Cable__ 100 32 June 25 411 Feb 10
32
1397 l41'e 14014 1403 139% 14038 1393 140
8
8
1395 140
4
4
1397 14014 27,100 Amer Telep & Teleg
100 1394June 18 1543 Feb 15
11713 1177 11712 1177 11653 117 *11634 1174 1,990 American Tobacco
117 117 *117 118
8
50 1113
8Mar 31 12153 Feb 8
3
*110 110 4 *110 111 *110 110 *110 1103 •110 110 4 110 110
3
100 Do prof
3
100 1061 Jan 4 113 May 26
*11512 11612 11614 1167 11614 1167 11611 1171 116% 117
8
50 11018 Mar 31 12012 Feb 6
116 11612 5,700 Do common class B
4
*1173 120 *1183 120
4
120 120
12112 12182 12112 122
121 121
900 American Type Founders 100 114 Jan 22 135 Feb 13
7 58 i 57
55% 5712 573 5834 56
3
58 8 574 58
5
11,900 Am Water Works & Eleo
4
20 433 Apr 13 74 Jan 4
5618 57
105
104 104 *104 105
*104
105 105 *105 107 *106 107
200 Do 1st Prof (7%)
100 10112 Mar 3 10814 Jan 27
2312 2412 2418 253
2414 2512 23% 2414 24
'
2412 24
2418 18,900 American Woolen
100 19 June 9 427 Jan 13
74
723 7414 74
4
72 * 73% 72
7
72
4
7212 727
100 66 Apr 30 893 Jan 4
8 72% 7218 1,900 Do pref
3
3
17
2% 3
2
212
214
13
4 2
558 Jan 13
134 2
5,800 Amer Writing Paper pref 100
153 Jan 4
*2
212 *112 212
1
1
•114 2% *1
212 *134 2
1 Jan 4
413 Jan 13
100 Preferred certificates_ -100
•712 8
•712 8
*712 8
712 712 *712 8
518May 19 1218 Feb 4
200 Amer Zinc, Lead & Smelt- 25
712 781
7
*3414 341 3314 3473 334 33 a 3314 3314 323 32 4 32
/
4
3
3214 3,200 Do prof
25 20 May 19 4818 Feb 4
4618 4718 47
48
47
4818 4618 474 4612 463
4 4613 465 15,000 Anaconda Copper Mining_ 50 4112 Mar 30 61 Feb 9
36 8 378 371 3718 38
5
/
4
3912 3858 39
8June 11 444 Jan 2
2,400 Archer, Dan'Is Midl'cl_No par 347
384 393 *38 4 391
4
3
*101 102 *101 102
10112 ioth *101 102 *101 102 *101 102
100 Do pref
100 100 Mar 4 105 Jan 4
7
*9212 93 4 9214 93
3
*93
94
/ *93
1
4
94
*93
300 Armour & Co (Del) pref._ _10
94
9014May 21 97 Jan 13
93
93
3
143 14
4
14% 153
8 157 168 1618 16% 1618 163
3
25 1318May 22 2512 Feb 13
8 1514 163 21.600 Armour of Illinois claw A
7
74
vs 838 884 83
74 74
4 814 814 77$ 81 6,200 Class B
534May 20 17 Jan 4
25
,
.81
85
8212 8212 843 843 *83
*8412 86
4
4
8512 *83
200 Preferred
100 80 Apr 30 93 Feb 11
85
•18
20 8 *18
3
20 8 *18
3
,
214 *184 197 *18
8
4
Arnold.Con,'lo&ConewNopar 18 Apr 12 313 Jan 6
205 *18
205*
No par
Certificates
14 Jan 5 153 Jan 6
2014 2014
1978 20
/ 22
1
4
*2014 22 "0
•
2014 22
*1976 2012
400 Art Metal Con8tr1lction____10 1913 Jan 2 2312 Jan 26
*50
53
*50
*50
53
53
•50
53
*50
53
*50
53
Artloom
No par 48 May 17 6312 Jan 21
*108 10912 *108 10912 *108 10912 *108 10912 109 109 *108 110
4
100 Do pref
100 108 Mar 18 1113 Feb 1
4218 42
*42
4212 4114 4214 4234 4238 42
4212 2,000 Associated Dry 000ds
8
4253 42
374 Mar 30 547 Jan 9
10
*100 102 *100 102 *100 102 *100 102
*99 101
*98 102
Do 1st pref
100 96 Mar 25 10212 Jan 6
•102 104 •102 104 *102 104 *102 104
10312 1033 *102 104
4
200 Do 2d pref
100 102 May 19 108 Jan 28
*5312 54
*5312 54
*5312 54
*5312 54
5312 53%
•534 54
100 Associated Oil
25 4453 Jan 6 60 Mar 4
42
4312 44
453* 4434 4714 454 4634 4514 4618 45% 4612 11,200 At Gulf & WISS Line_ _100 33% Mar 31 68 8 Jan 8
3
*43
45
46
434 4412 445* 47
48
*45
57
4612 467
8 1,400 Do pref
100 3514 Apr 16 5614 Jan 30
116 120
11812 12114 11812 12053 11658 119
118 11812 1165* 118
16,200 Atlantic Refining
8May 24
100 97 Mar 3 1283
118 119 *11712 1183 •11713 11812
11912 120
•11712 11814 *11712 118
400 Do prof
100 11514 Apr 21 120 June 22
*54
561 *54
5613 5612 5612 *5412 57
•55
57 .55
57
100 Atlas Powder
No par 54 Mar 4 59 Jan 6
*95
964 .96
/
1
9653 *95
9612 *96
964 *96
961 .96
9612
Preferred
100 94 Jan 8 97 Apr 13
*912 10
*912 1013 *912 1014 10
10
*914 10
*914 10
,
1
100 Atlas Tack
912June 18 17 Jan 30
No par
7
1614 165* 16
157 158 1512 1512
163* 1553 1534 *1512 15
800 Austin.Nichols&Co vto No par
11 May 22 28 Jan 29
*7612 771 *7612 774 7612 7612 *..-t.- 7712 74
*75
/
1
78
7712
100 Do pref
100 75 May 25 93 Jan 6
*12 1
•% 1
12
*12
3
4
13
12
14
*12
500 Auto Knitter Hosiery_ _No par
3
4
12 Apr 30
21 Feb 11
8
11312 11611 11618 1181 11618 1173, 114 11614 11314 115
11178 1143 38,800 Baldwin Locomotive Wks-100 927 Mar 31 1368, Jan 4
4
8
10912 10912 *10914 112 *10914 1103 .10912 11114 *10912 112
*109 112
4
200 Do pref
100 105 Mar 31 114 Feb 6
4
254 264 2618 2711 262 2712 2618 2678 2613 263
4 2612 263 19,900 Barnsdall Corp clan A.4
25 2312MaY 11 83 Jan 2
12
4
2412 241 *24
241 *23
241 *23
24'2 243 243
*23
2412
300 Do class B
25 234 Apr 15 29 Jae 2
12
.
4184 41
4134 •40
4134 *40
41
*40
*40
411 *40
4114
200 Bayuk Cigars. Inc
No par 39 Mar 31 4913 Jan 4
61
8121 6134 613
58
6014 59
61
595* z59
61
59
2,400 Beech Nut Packing
20 531 Apr 13 717 Feb 4
301
3012 3012
3012 303
8 3013 30 8 30 4 304 2.000 Belding Bros
311 :30
31
3
3
No par 30 May 19 3934 Jan 4
4134 40 4 4114 9,000 Bethlehem Steel Corp
4118 4134 4114 423* 4134 423* 4118 4238 41
3
100 3714May 20 504 Jan 7
s
*11614 llG7 11614 117 *11614 117 *11614 117 *11614 117 *1164 117
Do cum cony 8% pref.100 114 Mar 8 120 Jan 26
10018 100'4 10014 10023 10038 1001 10014 100's 10014 10013 10014 100 * 3,200 Do Prof 7%
3
100 99 June 1 105 Feb 2
612 61
6
6
9118 65,
6% 653
6% 71
614 7
4,600 Both Fisheries
954 Jan 11
No par
41 Mar 24
8
45
45 45
*40
45
48
*43
4712 *41
47
48
200 First preferred
*37
100 351$ Apr 15 511 Jan 7
241 25
247 2512 243 24% 1,400 Botany Cons Milla class A.. 60 20 May 25 4113 Jan 4
25
25
25
25
•25
26
281i 2712 283
, 274 273 *27
2814
27's 27
2714 27
274 3,200 BrIggsManufacturing__No par 25 May 10 374 Jan 4
*14
*22 114
114
*12 114
*12
•12 11
11
*12 11
British Empire Steel
100
12May 5
3 Jan 18
12 *____ 12 •____ 1518 *---- 1312
1528
/ *10
1
4
13
*11
First preferred
100 14 Apr 21 27 Jan 28
2*4
•1
2
*112 3
300 24 preferred
*112 21
*112
8 3
112
112 •13
112June 24 1018 Jan 11
100
8
8
14134 1413
4
500 Brooklyn Edison. Inn
100 133 Mar 31 14812 Feb 1
*141 14213 1423 1423 141 141 *141 142 *141 142
814 8124 8078 8114 8012 8073 8,000 Bklyn Union Gas
811
8012 8134 8118 817k 81
8June 21
No par 68 Mar 30 817
3118 313
4 31
31
4,800 Brown Shoe Inc w I
100 2912June 1 48% Jan 7
*3114 3112 3114 314 304 313* *304 311
108 108 *108 10814 *10814 100 Do Prof
100 107 June 5 111 Mar 10
*107 112 *107 115 *107 112
25% 25 s 2513 2512 255 25
5
254 255 *2512 26
/
1
4
8
600 Brunswick-Balke-Coll'r No par 244 Mar 31, 307 Jan 4
*2512 26
1374 13714 137 137 *137 138
400 Burns Brothers
No par 121 Mar 31 14114 Feb 13
138 139 *13712 139 *13712 138
200 Do new class B corn No par 297 Mar 31 44 Feb 13
363* *3512 36
3
*3518 351 *3518 351 *35% 3.583 *35% 3512
36
200 Preferred
4
100 97 Mar 30 10312June 22
4
•102 1023 1023 1023 10312 1031 *101 103 90013 10212 *100 10212
931s 931a 93 93
*92
93
*924 93
*91
93
300 Burroughs Add Mach_ _No Thar 7713 Apr 13 96 May 26
*9314 94
•Bid and asked prioes; no sales on this day. a Ex-right:3. z Ex-dividend.

73
74
74
74
*73
*73
75
7412 *72
*723 733
4
4 73
*14012 142 *14012 142 *140% 142
14012 14012 142 142 *14012 144
*11012 11212 *11012 11212 *11012 11212 1103 1103 *110% 11212 *11014 11212
4
4
4
123 123
113 113 *113 13
4
4
4
13
4 123 124 *12
*1112 13
4
*49
51
*49
51
52
*50
50
52
5112 51
*49
52
77
818 818
818
8
814
818 813
8
8
8
8
11518 1153 1153 1157 1153 1177 1153 11712 11512 11512 11512 11512
4
8
4
8
4
95* 9 4
3
918 93
913 9%
8
912
9
93
4 94
3
913 953
*114
13
133 •114 153 *114
8 *114
13* *114
13
3 *114 153
8
121 125
8
1215 12312 11934 12212
8
12253 1237 1235 126
12353 125
*12014 ___- 121 121 *12014 12112 *12014 121
12012 12012 120 3 120%
3
88 883
4 87% 88
8753 88
863 8712 8612 8714 87
4
87
109 109 *10814 109
109 109 *108% 10914 210812 10812 107 10814
2014 213
4 197 2114 2014 21
1934 201* 1958 20
8
1818 1912
6612 6612 648 673
8 65
6514 6212 6412 64 64
61
6212
*4012 4034 *4012 40 4 403 403
3
*40
4
40 4 397 398
3
4 393 40
4
8
*57 __
*57 ____ *57
*57
___- *57 ____ *57
*2312 2412 24
2414 2414 *2378 25
24
237 24
*2334 241
*6614 75
*6614 75
*6614 75
*6614 75
*6614 75
*6614 75
212 213 *21
4
214 213
4
22
217 2378 2113 22 4 22
22
3
4
125% 126 *125 12612 *125 126
/ 124 124 *12353 125 *12318 125
1
4
*11214 11914 *11214 117
117 117 *117 11814 *117 118 *117 118
4214 4314 42
4318 42
4212 39 4 4212 4012 41% 40
3
4214
*9512 953 *9514 9612 *9514 9612 *9512 96% *951 9612
96
96
4
523 53
8
52 8 53 8 5318 5414 52
3
7
537
52
52 3 5218 5314
7
126 128 *125 126 *125 126 *12412 12512 12412 125
12412 124%
993 993
4
4 9912 10112 1001 101
9912 100 8 *9913 100
7
995* 10014
12712 129 *12812 12914 *129
____ 12914 12914 *129 1291* 129 129
25
25
25
25
25
25
25
25
*25
254 2434 2514
*3913 40
41
41
40
4034 40 40
40
40
40 4 4034
3
*38
3812 *38
3812 38% 3812 *38
38% *38
3812
3813 *38
7% 7i2
78g
712 75*
734
714 734
712 814
712 713
11912 11912 11913 120
11912 11912 11912 11912 119 4 120
3
12012 12012
20 8 213
5
4 22
225
8 2238 233
8 2214 2314 22% 2318 2218 2212
91
91
8914 90
8812 8812 898 898 89% 90
8918 90

I"EiC Ztl Anis
Range for Preeioiu
Year 1925.

62
Jan 7614 Dee
119
Jan 13353 Oct
90 Apr 11714 Oot
13 Apr 20
Oct
/ Oct
1
4
47 Feb 62
71s Oct 12 8 May
5
8
86 4 Jan 1172 Dee
3
9 Dec 157 Jun
/
1
4
8
1
Jan
212 Oct
80 Mar 11653 Dec
117
Jan 12114 Nov
7112 Jan 97 Dee
14
10314 Jan 109 Dee
1312 Mar 2978 Oct
3612 Mar 8212 Del
3912 Dec 443 Dee
53% Jan 5812 Sent
Jan
2958 Oct 43
78 Dec 87 8 June
7
2618 Mar 5413 Jan
90 Mar 156 Del
/
1
4
1071 Jan 1145 Dec
7 Oct
474 Dee 53
9018 Nov 98 Dee
4714 Dec 4953 Dec
Jan 12178 Bent
115
3
9711 Apr 115 4 Sept
120 4 Apr 128 My
8
2213 Oct 27 Feb
37
Jan 62
Apr
37 Jan 5812 AP:
634 Jan
414 Dec
125 Apr 166
Jan
2714 Apr 51% Sept
Feb
87 Jan 94
1143 Apr 142 Sept
8
812 Mar
1453 Dee
5813 Sept 7573 Jan
83 Mar 139 Dee
7413 Mar 86 July
3218 Mar 46 Nov
7
1114 Jan 20 Nov
20 Mar 594 Nov
53 Jan 89
Oct
10413 Jan 1447 Mar
8
115 Aug 124 Feb
8 Oct
454 Mar 57
111 Mar 119 Nov
897 Jan 1221 Nov
*
Jan
:76 Sept 84
48
Jan 79 4 Dee
2
367 Jan 764 Nov
8% Dec
1413 Fob
90 8 Mar 14412 Dee
3
10513 Jan 11514 Oct
12814 Apr 154 Nov
37 8 June 4712 Dee
2
Jan 11318 Oct
108
8
47* Jan 774 Dee
9114 Jan 10414 Nov
6 May 2413 Feb
28 Apr 12018 Oct
37% June 47 Feb
130 8 Jan 145 Dee
5
85 Feb 12112 Oct
10412 Jan 110 Nov
8412 Feb 11913 Oct
1
103 Apr 135 Nov
/
1
343 Jan 764 Del
3
97 Aug 103 Feb
14
34:4 May 6453 Jan
69% May 9618 Jan
71 Jan
III Dec
13 Dec
4
Jan
121 Jan
7 May
2
248 May 447 Del
354 Apr 534 Nov
Jan 4612 Dee
26
Oct
9012 Jan 105
9018 Mar 100 Oct
20 Mar 27 0c1
12
16 Dec 2053 Oct
/
1
4
90 Dec 93 Not
Jan
175 Oct
8
8
27 Dec 30 De(
Jan 203 Not
8
15
603 Del
4
39 Jun
10112 Aug110 Del
8
4612 Aug613 Not
Otz
94
Jan 102
101
Jan 10814 Fel
32 Mar 474 Del
20
Jan 77 Bent
Jan 60 Seel
31
9513 Jan 11712 Fe)
4
113 Sept 1173 Juni
45 June 65 Del
Jaz
9012 Oct 94
Del
94 Feb 21
22 July 3212 Jal
87% Jan 95 Ate
% Dec
44 Ma)
107 Mar 146 Fel
107 Aug 1165* Jai
4
183 Aug 3312 De
16 Aug 30 De
3814 Sept 5314 Fel
60 Mar 774 Aui
-415 De
8
37 Sept
37 June 531k Jai
109 Mar 11612 Fel
Jai
9314 June 102
878 00
418 May
Oc
25 June 52
405, Aug 46 Jul;
27
Oct 4412 Mal
15 May
8
5
Oc
22 July 36
Oc
63 July
8
14
00
12053 Jan 15612 Nor
7318 Dec 1004 Nor
46 Dec 4614 De
Oc
96 Mar 109
24 June 495 Jai
9211 Feb 136 Do
17 Mar 39 De
9112 July 99
Oe
45
Jan 103 Sep

3582

New York Stock Record-Continued-Page 3
For sales during the week of stocks usually inactive, see third page preceding.

HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday,
June 19.

Monday,
June 21.

Tuesday,
June 22.

Wednesday, Thursday,
June 23.
June 24.

Pekin.
June 25.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

$ Per share $ per share 8 per share $ per share $ Per share $ per share Shares. Indus. & MIscell.(Con.) Par
3014 3014 30% 30% 31
30
1,800 Bush Terminal new_ ___No par
315* 3018 3114 3012 3012 30
1 11 9212 92% 9212 9212 9212 92 8 *9212 923 *9212 92 4 9212 9212
'
500 Do debenture
5
4
3
100
'10114 *10114 .
Bush Term Bldgs, pref---100
*10112_ *10134 . _ *1013 _
4
_*1013 4
5
5
518 518 2,000 Butte Copper & Zinc
-553
5
5
5
5%
514 5%
514 -14
*5
31
3114 31
295 3014 5,800 Butterick Co
8
313
4 3012 31
80
31
3014 31
100
*1014 1038 1018 1014 1014 1019 *10
10
1012 1018 1018 1018 1019 1,300 Butte & Superior
40
40
41
8 2,300 Byers & Co
41% 40
1339
3912 3819 383
Mining-.par
No
40
4114 39
*10038 ____ 51003 ____ •100 8 ____ *10038
8
3
*1003 ___ *10038 ___ ...... Preferred
8
100
Caddo Cent Oil& Ref_ _No par
13714 13834 13734 138
138 138
6,600 California Pack1ng_No par
13912 140
139 1403 13818 140
4
3419 3418 3438 3312 34% 115,200 California Petroleum
25
34
353
8 3412 35
34
3212 33
13
4 178
178 178
4 3,000 Callahan Zinc-Lead
134
178
17
1%
13
4
17
/3
13
4 13
10
65% 10,900 Calumet Arizona Mining
10
6319 67
67 8 6914 6618 677
7
6418 6512 6418 643
4 65
1414 1419 •143 1434 1438 1412 *1414 1434
8
1434 148 1412 1412 1,500 Calumet & Recta
25
11112 11312 19,800 Case Thresh Machine
10134 103
109 113
100
10412 11212 10912 11412 108 112
410614 10712 10712 108
900 Do pref
100
108 10812 *10712 10812 *10712 10812 10814 10812
*10
800 Central Leather
1018 1014 1014 *97 1018
8
9% 98
100
8
9 4 97
3
8 *95 10
5712 5712 56
5612'
5614 5612 4,500 Do pref
100
5612 563 5814 5614 573
8 56
4
1814 1812 12,300 Century Ribbon Mills-No par
15
19
1914 21
2014 1814 1914
20
1919 21
600 Do pre
*86
89
100
*84
8518 8518 86
*86
89
*86
89
86
86
9,500 Cerro de Pasco Copper_No par
6514 6512 6518 6619 6514 66
6512 6412 65
6518 657
8 65
43
43
4328 4238 425
8 4212 4312 3,700 Certein-Teed Products_No par
*4112 42
*4112 42
42
let preferred
100
*9912 105 *100 105
"9912 105
*9912 105 *10018 105 *10018 105
1218 1,000 Chandler Cleveland MotNo par
*1314 14
1314 133 *13
4
135
123 123
4
4 1212 1212 12
No par
133212 33
5313 313
4
4 301 31
3014 3012 2912 3018 2814 2918 4,700 Preferred
200 Chicago Pneumatic Tool_10j
4
*112 11412 *113 115 *112 11534 *111 11534 *111 11534 1131z 1133
No par
52
5314 53
5318 5312 53% 5314 53
5314 5,400 Childs Co
548 5312 54
6,300 Chile Copper
33
323 33
4
25
3318 33
3338 33
33
33
32 8 3312 33
7
700 Chino Copper
23
2112 2112
5
*21
"21
23
225 23
8
22
22
*21
23
100 Christie-Brown certlfs_No par
*45
47
45
45
4712 *45
47
*45
47
'4413 4712 *45
8 3218 3234 65,000 Chrysler Corp new_-__No par
34
347
8 33 4 347
3
8 33 4 3412 3238 3418 3238 333
3
No par
102 10218 10214 1028 10112 10112 101 101 *10118 10119 1,000 Do pref
*10112 102
*8212 64
6312 6312 *6212 633
100 Cluett, Peabody & Co_.._100
4
*625 64
8
*6212 64
•625* 64
400 Preferred
100
112 112 *105 115
*11214 11514 11214 11214 112 112 *112 115
15518 15718 9,100 Coca Cola Co
No par
5
4
4
155 8 16012 158 8 1597 1583 1603 15718 158 8 157 157
5
7
Preferred
__ -_ _ ___
100
__ *100 . _ *100
*100*100
_ _ *100
*100
4134 14,100 Corondo Fuel & Iron
4212 4358 4234 4i38 4112 -- -58 4012 -100
4314 4114 42
4212 44
*615 6212 1,400 Columbian Carbon v t a No par
8
6212 62 62
6312 6312 62 4 6312 6212 6314 62
3
4
No par
82 4 8214 82 8 8118 8218 8118 8212 8112 823 16,400 Col Gas & Elee
3
7
8114 8211 82
4
600 Preferred
100
*111 11412 11412 11412 *114 11434 11414 11414 11438 11438 1143 115
2734 2858 2812 285
8 28
28
2734 28
2712 2712 2612 2712 1,800 Commercial Credit____No par
24
*23
24
Preferred
*23
24
*23
24
*23
24
*23
25
*23
24
Preferred B
25
*24
26
*24
25
*24
26
25% *23
2512 *23
*23
2512
Comm Invest Trust-_No par
*6018 69
*6018 63
*6018 645 *6018 6458 *6018 6458 *6018 69
95
49514 9712 *9514 9712
7% preferred
100
*9514 9712 *9514 9712 4954 9712 4.93
300 Commercial Solvents A No par
13162 168
167 168 *166 170 *160 170 *160 170 *160 170
Do
B
No par
168 16912 165 166
164% 165
16014 1643
4 5,000
164% 16612 167 170
8
No par
3
22
2312 225* 2338 2214 23 8 141,300 Congoleum Co new
1914 20 8 2012 2112 2011 23
Conley Tin Foil stpd._ _No par
3
4
*
523
3
4
*5
8
3
4
*5
3
*518
3
4
*53
3
4
*
53
34
3
597 59% 603 611
4
603 618e 597 603
4
4 6013 6012 593 60 4 4,500 Consolidated Cigar__ __No par
Do pref
100
*100 102 *100 102 *100 101 *100 102 *100 102 *100 102
33
9,000 Consolidated Distrib're No par
4
4
37
8 4
4
35* 4
33
4 4
38 4
7
9614 973* 9578 97
35,700 Consolidated Gas(NY) No par
9618 97
9614 967
96
7 977
963 98
8
2
1,800 Consolidated Textile__ _No par
178 1%
17
8 2
17
8 17
8 *15
8 17
3
17
8 2
2
7712 78
3
78
78 4 78
3
79
7718 7814 7712 7778 7634 7734 10,100 Continental Can, Inc_No par
132 132
132 132
132 13312 134 134
1,000 Continental Insurance
'133 13412 >132 133
25
1034 11
1034 11
1034 11
10 4 107
3
8 1012 1034 7,400 Cont'l Motors tern etts_No par
10
7 11
4514 4714 453 4678 45% 4614 154,700 Corn Products Refin w I
8
25
47
473
4 4718 4838 4678 48
*1271z 128 *12712 128 4112712 128
12712 12712 *126 128 *126 128
200 Do pre:
100
5112
100 Coty, Inc
: 5138 513 *50
8
5112 '
350
5112 *48
5112 *50
No par
*51
511
Crex Carpet
35
*27
33
*27
33
*27
33
*27
33
100
*27
35
3127
735
3,300 Crucible Steel of America_ _100
74
73
72
73
4 73% 7414 7312 7312 73
733 733
4
100 Do pret
9918 9918 *97 100
*98 100
*98 100
3199 100
*99 100
100
5014 507
8 5014 504 50 507
8 497 508 501* 50% 5014 50% 10,500 Cuba Co
No par
915 918
9
9
914 97
*914 9 4 *9
5,100 Cuba Cane Sugar
3
93
4
9
No oar
9
8
1C0
8
373 3814 38% 393
4 3734 3838 *3714 3812 367 3812 6,200 Do prei
8
3712 37
7
8,100 Cuban-American Sugar____10
25% 2514 25
248 25 4 2514 2514 24% 25
3
25
25
25
100
400 Do pref
103 103 "102 104 *102 104 *102 104 *102 104
102 102
400 CubanDom'canSugnewNopar
195 *19
8
1914 •19
1914 19
19
19% *19
1314 191 4119
100
Do pref
1,000 Cudahy Packing
85
8514 853 86
8
100
85
85
85
85
"82
85 '
382
85
Cushman's Sons
No par
*96
97
*96
97
*96
97
4
97
*96
973 *96
4
973 *96
4712 47
No par
4712
800 CuYamel Fruit
47
4738 4714 *47
*4612 471 *47
4712 47
Daniel Boone Woolen Mills_25
3858 4014 38
4012 80,800 Davison Chemical v t e_No par
395
8 37% 40
38
39% 38
395
8 38
100 De Beers Cons Minee_No pa
*3238 35
__ *35
___
3514 3514
*34
35
*3314 35
100
300 Detroit Edison
*34-- *13214 13312 *13214 133 8
13212 13212
7
13134 135 113312 13312 132 132
5
8
4 35 8 3618 365* 365
600 Devoe & Raynolds A__No par
8 3638 363
375* *3
5
7
37
363 36
4
*37
8e 29
2714 28 112,400 Dodge Bros Class A__-No par
8 2912 3014 28
293
4 27
4 294 303
274 283
8614 853 18,800 Preferred certifs.-No par
4
8612 87
8578 867
8 8678 8758 8612 875
854 86
No par
1414 2,000 Dome Mines, Ltd
14
1414 *14
1412 143 1412 1414 1438
14
137 137
Douglas Pectin
No par
21
*20
21
*20
2012 *20
2012
21
*20
2012 *20
"20
600 Duquesne Light lat pref__100
4
31115 11512 *115 11512 115 11512 *115 11512 115 115 *1143 11514
1,600 Eastman Kodak Co____No par
11012 1113 110% 11012 11114 11114
8
11012 1101: 11018 11012 111 111
3
8
28 8 2918 2812 2914 285 297
7
8
8 287 29% 287 2919 28 4 293* 26,100 Eaton Axle & Spring _No pa
229 2353 229 23214 12,800 El du Pont de NemCo--100
4
4
235% 23812 2353 23812 237 23812 228 235
100
8 1,500 Do pref 6%
1033 10412 10412 10458 10412 1045
4
10334 10334 103% 104
104 104
195 20
20 203
4 2012 2118 2018 2112 2014 2114 2014 2114 52,800 Eleo Pow & Lt etfe----No par
800 40% pr pd
8
103
10312 10312 10312 10312 10338 1035 10218 105
103 10314 103
Pre: full paid
*10214 107 *10212 107 *10212 107 *103 107 *103 107 *103 107
94
800 Do pref ctfs
94
94
3
4 945 94 4 9412 9412 9414 9411 94
943 943
4
8
837 863 25,900 Elm Storage Battery __No par
8 8312 84
5
84
858 82 8 845
81
813
4 8112 84
11
700 Emerson-Brantingham Co_100
*118
13
4 *118
134
118 llg
114 114 *118 114 *118
Preferred
100
2 812 *1
8 812 *65
3 812 *63
35* 812
*65
8 8
*65
8 812 *65
50
6614 6614 6612 6612 6714 6712 6714 6712 6718 6812 6712 683* 4,100 Endlcott-Johnson Corp
100
Do pref
4
4
4
4
13115 1173 *115 1173 *115 1173 *115 1173 *115 1173 *115 11714
4
1 4814 48 4 511
17
5114 8,900 Eureka Vacuum Clean_No par
3
48
3
5112 50 4
51
521
51
5
51
Exchange Buffet Corp_No par
*1514 16
*1514 16
*1514 16
*1514 17
*1514 161g *1514 16
25
214
100 Fairbanks Co
214
212
*2
212
212 *2
212 *218 212 *2
"2
No par
2,100 Fairbanks Morse
50
3
5012 50 4 50
5112 51
52
5012 51
51
51% *51
100
Preferred
4
4
"109 111 *109 111 *109 111 *109 111 .1083 111 *1083 III
8
*
4
1237 124 4 1233 1243* 123 125
8
3
4
122 1233* 1215 1223 1207 12212 21,100 Famous players-Lasoy_No par
100
300 Do pref (8%)
3
4
1203 120 4
3
120 4 120 4 *120 4 122
3
3
121 121 *12014 122 *12014 122
15
3118 3,100 Federal Light & Trao
31
3114 32
31
8
8 313 3112 *30
30114 30 4 313 313
3
No par
Preferred
*8514 8612
*8514 8612 *8514 8612 *8514 8614 *8514 8612 *8514 8612
700 Federal Mining & Smelrg_100
77
*75
*79
81
79
81
80
80
80
SO
"70
75
100
1,700 Do pref
75
*73
75
77
7414 7414 74
7412 75
75
*73
75
800 Fidel Phen Fire 108 01 N Y_ _25
191 192
190 190
190 190
188 188
18814 18814 190 190
Fifth Ave Bus tern etts_No par
1912 *16
1912
1912 *16
17
*14
17
*16
1317
1912 •14
No par
1,300 First Nat'l Stores
3318
33
34
*3318 34
34
34
3414 3412 34
3412 34
25
4
923 94% 923 9314 13,400 Fisher Body Corp
4
4
9612 923 96
95% 963
8 9414 963
4 95
No par
1814 1872 34,400 Flak Rubber
1912 1812 1932 1812 18%
191g 1912 1912 20
19
200 Do let pref stamped__ 100
8118 8112 *80 4 81
3
*803 81
4
81
81
*80
82
*8014 82
No par
4634 4758 47 477
465 4714 4614 4714 46% 46% 22,600 Fleischman Co new
8
463 47
No par
102 10412 10218 10313 9912 10214 12,100 Foundation Co
104 105
1043 10512 1033 106
8
4
No par
6812 3,000 Fox Film Class A
4 6818 687
8 68
3
8
3
683 68 4 673 68
4
69 69
69 69
No par
3178 18,800 Freeport Texas Co
31
313* 32
8 3112 32
313 325
4
3218 323
4 321e 33
3212 3212 2,200 Gabriel Snubber A____No par
3214 3218 321
32 8 328 333 3312 3214 3234 32
7
8
No par
2,100 Gardner Motor
*712 73
4
712 71
3
712
714 7 2
3
73
2 752 *712 7 4
*7
100
600 Gen Amer Tank Car
4414 448 *4414 4413 4414 4414
45
*4414 4512 *4434 4512 45
100
500 Do pref
9912 1011 *101 103
*100 103 *100 103 *100 103 *100 103
100
8 6812 6912 22,900 General Asphalt
68 8 703
7
6814 70
3
8
6938 70 4 693 7133 6912 71
Do pref
100
13109 112 *108 112 31107 110 *107 10912 *105 1091 *104 10912
53
700 General Cigar, IncnewNo par
*52
53
4 53
633
53
53 53
*53
533 *53
4
53
Preferred (7)
100
13111 120 *111 120 *111 120 *111 120 *111 120 *111 120
Debenture preferred (7)-100
*11312 11712 *11312 11712 *11312 11712 *11312 11712 *11134 11712 *11312 11712
100
337 34312 7,100 General Electric
4
340 3413 3363 34214 33712 338
4
34014 3443 339 345
4
11% 1158 4,100 Do special
10
1112 1138
1112 113
8 1111 111
1138 1158 1112 1158
200 General Gas & Elec A-No par
5
*385* 40
*385 3912 *38 8 3912 3912 3912
8
40
*3912 4012 *39
200 Preferred A (7)
No par
197 100
*97 100
*97
9812 *97
9812 9812 9812 *9712 100
100 Preferred A (8)
No par
10611 10612 10612 109
"105 109 *105 109 *105 109 *10612 109
4
300 Preferred B (7)
943
No par
947 9478 *93
4 9314 9414 *93
*94
95
942
943 *93
4
400 Gen Outdoor Adv A___No par
5214 5212
5
5312 5212 53
*53
*
5314 53
53% 5338 53 53
1.900 Trust certificates____No par
29
29
29
8 29
2838 2834 283 29
8
2912 2912 283 293
4
•Bid and asked prices; no sales on this day z Ex-divldend. •Ex-r g ts.




PER SHARE
Range Since Jan. 1 1926.
On bast:01100
-share lots
Lowest

Highest

PER SHARE
Range for Netting()
Year 1925.
Lowest

HOW

$ per share $ per share $ Per share $ Per shari
1458 June 26 Dec
165 Mar 18 3212May 27
7
86 Apr 6 927
8June 4
80 May 89 8 June
961 Jan 103 Dee
991 Jan 20 103 June 4
414 Mar
4May 26
614 Feb 10
8% Jan
43
17 May 283 Jai]
4
173 Mar 3 32 June 16
4
611 May 2414 Jan
718May 18 1614 Jan 11
28 Mar 29 4112June 10
23 Oct 447 Oot
Oct
9512 Oct 100
9812 Mar 20 995* Feb 18
7 Jan 8
8
% Dec
2 8 Jan
14 Jan 2
3
12114 Mar 30 17912 Feb 4 10012 Jan 3812 Nov
3438 Dec
23 8 Jan
7
3019 Jan 20 3818 Feb 10
11 Oct
434 Feb
112 Mar 26
219 Jan 15
45 Apr 6118 Dec
55% Mar 29 6914June 21
1338 Mar 31
1511 Jan 6
1214 May
1819 Jan
18
24 Mar 6818 Dec
62 Jan 4 11412June 21
98 Jan 5 10812June 22
60 Mar 10711 Dec
718May 3 2018 Jan 5
143 Mar 2319 Oct
4
Oct
4314 Apr 28 683 Jan 5
4
4914 Mar 71
123
*June 8 32 8 Jan 8
7
30 4 Sept 4712 Mai
3
94 Dec 98% Jan
83 May 25 90 Jan 21
4318 Mar 643 Nov
8
67 Jan 22 6914 Feb 11
12
4034 Mar 5834 Sept
3618May 20 4912 Jan 5
*
100 May 22 10512 Jan 21
891 Jan 110 Sept
11-4May 18 26 Feb
113
28 May 18 45% Feb 15
Dec
9412 Apr 8 120 Jan 2 .
8014 Mar 128 4518May 19 663 Jan 4
8
49 8 Mar 7478 Oct
7
8
3012 Mar 375 Jan
30 Mar 3 363 Jan 6
16 Mar 3 23 June 14
19 Apr 283 Feb
8
40 Mar 30 6334 Jan 4
6284 Dec 6412 Dee
2812 Mar 30 548 Jan 9
93 Mar 30 108 Jan 2 1(I018 July 171 17 --- Nov
8
6014 Mar 31 6811 Jan 7
5812 Mar 7184 Jan
10314 Jan 13 115 June 11 10312 Jan 109 Sent
128 Mar 24 163 June 17
80 Jan 1773 Nov
4
99 Jan 14 10114 Mar 24
99
Jan 10112 Mar
2719 Mar 3 445
8June 18
3214 Apr 4814 Jan
45 Mar 62 4 Dec
551 Jan 26 697 Feb 23
3
a
4534 Jan 86
001
6312 Mar 29 90 Jan 9
112 Mar 30 115 Jan 12 10414 Jan 11411 Dec
26 May 19 474 Jan 14
8
3811 Sept 551 Dee
2514 Sept 2712 oct
23 Apr 20 2614 Jan 13
25 Apr 19 2784 Jan 11
2638 Sept 2738 Dee
50 Jan 84% Nov
55 Apr 12 72 Jan 11
97 June 7 104 Jan 28 100 Nov 107% Nov
80 May 190
120 8 Jan 4 168 June 21
3
Jan
Jan
76 May 189
11814 Jan 4 170 June 21
8June 24
157 Nov 4312 Jan
I212May 13 235
12 May 17 Feb
38 Mar 18
1 Mar 12
4
2612 Jan 633 Dee
4514 Apr 15 67 Feb 20
793 Jan 96 Dee
4
91 Mar 31 10212 Feb 11
95 Feb
318 Jan
234 Mar 3
612 Jan 7
87 Mar 30 10411 Feb 23
7418 Mar 97 Dee
234 June
514 Jan
4
114May 10
33 Jan 18
70 Mar 3k 9213 Jan 2
601 Mar 9318 Dec
Jan 140 Dee
122 Mar 31 14438 Jan 9 103
1511 Oct
814 Jan
5May 17 13 Jan 5
97
s
8June 21
323 May 429 Dec
8
355a Mar 3k 483
12212 Jan 6 12913 Apr 28 11838 Jan 127 July
48 Aug 6011 Dec
4412 Mar 29 803 Jan 4
4
36 Mar 6418 Dee
25 Apr 9 63 Jan 2
8
6412 Mar 845 Nov
64 Apr 15 8112 Jan 4
92 May 102 Dee
96 Mar 30 1005 Feb 20
*
4414 Dec 5419 Oot
3911 Apr 15 53 Feb 4
73 Oct 145 Feb
2
85
8May 22 1112 Jan 29
3512June 8 495 Feb 4
3718 Oct 6219 Feb
8
Oct 3312 Mar
20
24 Mar 29, 308a Jan 28
8
9724 Jan 6 104 Feb 5
937 Nov 101 me:
19 June 25 2014June 7
-4412 Jan
l5lzMay2l 223 Feb 6 16 Dec 8
Oct
9311 Dec 107
76 Apr 21 97 Jan 4
Oct
62 Mar 104
7712 Mar 1 100 Mar 4
44 Nov 59 May
4218 Apr 15 61 Jan 14
772 Jan
34 Dec
%May 13
1 Jan 4
2778 Apr 4934 Jan
2718 Mar 30 463 Feb 17
4
2014 Mar 29 Dee
2738 Apr 20 3514June 25
12312 Mar 30 1411*. Feb 1 110 Jan 15912 Sept
53 Oct 9014 Dee
338 Apr 15 10418 Feb 10
213 June 484 Nov
4
2114May 17 47 Jan 2
14
7318 May 9118 Oat
7912May 17 8818 Jan 8
123 Apr 1818 Nov
4
1234 Apr 30 20 Mar 13
14 Feb 2312 Aug
19 Mar 20 25 Jan 30
12
11112 Mar 3 11612 Apr 27 105 Jan 11314 Dee
4
Jan
1065
8Mar 30 1128* Jan 5 1043 July 118
2378May 19 324 Feb 13
10% Feb 3012 Dee
19318 Mar 29 246 June 17 13414 Jan 27114 Nov
1003 Apr 20 1045
4
8June 24
94 Jan 10412 NoV
15 4May 19 3411 Feb 10
3
173 Apr 4018 July
8
9912 Mar 30 115 Feb 11 100 Mar 110 JU1113
5
103 Apr 17 11012 Feb 26 10012 Mar 110 4 June
1
897 Aug 943 Dee
g
4
89 Mar 24 971 Feb 11
603 Mar 80 Dee
4
711 Mar 3 863
8
8June 25
53 July
8
1 May 20
4 Feb 1
118 May
5 May 20 245 Jan 29
8 May 268 Aug
4
6511 Mar 31 725* Feb 8
634 Apr 74% Sept
114 Jan 7 118 Feb 2 111 May 1183 Oct
4
43 May 19 535 Jan 8
4812 Nov 57% Dec
1514May 27 17 Apr 22
1312 July 19% Jan
43 Aug
2 Apr 16
312 Feb 25
214 Mar
46 Mar 29 595 Feb 10
3214 Jan 545 Oct
8
10812 Jan 6 115 Feb 9 10612 June 110% Nov
10318 Jan 19 12712June 11
901 Feb 1143 J013
4
3
115 Mar 31 124 Mar 1 1 10372 Feb 120 Jule
393 Feb 3
28 Mar 31
26
Oct 37% Dee
86 June 18 89 Jan 4
:
821 Sept 89 Dec
418
*May 22 11184 Jan 5
1514 Mar 9512 Dee
61 Mar 8 105 Jan 6
4912 Mar 947 Dec
8
160 Apr 15 20014 Jan 23 14713 Jan 179 Dee
147 Jan 2 21% Feb 9
12
Jan
175 July
30 Mar 31, 493 Feb 5
8
3813 Dec 40 Dee
7814May 15 1053 Jan 4
4
6014 Feb 125 NOV
1414May 20 2514 Jan 13
4
1012 Mar 283 Oct
768 Apr 19 8414 Mar 16 ---- --__ -.._ --3214 Mar 29 5612 Feb 1
85 May 19 17934 Jan 29 90 Jan 1833- Nov
- 4
5518 Mar 31 85 Jan 2
6012 Sept 85 Dee
1938 Jan 13 3412June 3
8 Mar 2478 Oct
29 Mar 25 42 Feb 11
2
8
287 Aug 397 Nov
512June 9
914 Jan 4
4% Jan 1614 Mar
39 Mar 29 55 8 Jan 2
Oct
3
4412 Aug 60
8
9912June 24 104 Jan 15
93 Feb 104 Nov
50 Mar 3 73 Jan 11
4211 Mar 70 Dec
94% Mar 3 1133 Jan 11
4
8611 Mar 109 Dec
46 Mar 29 5912 Feb 11
109 Jan 11 11512 Feb 18 1005
Jan 11114 May
10914 Apr 12 118 Feb 10 104 July 116 Dee
12
285 Apr 15 3861 Feb 19 22714 Feb 33714 Aug
:
11 Jan 5 11% Mar 22
8
107 Oct 117 July
8
34 Mar 30 59 Jan 2
587 Dec 618 Dec
99 Dec 100 Dec
95 May 11 9914 Jan 4
10518 Apr 8 11038 Jan 15 110 Dee 110 Dee
9214 Apr 27 96 Jan 4
51 Mar 30 Ws Feb 4 1518 Aug 548 Sept
2618 Aug 348* Dee
265 Mar 30 33 Jan 6
8

New York Stock Record-Continued-Page 4

3583

For sales during the week of stocks usua ly inactive, see fourth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
June 19.

Monday,
June 21.

Tuesday,
June 22.

Wednesday, Thursday,
June 24.
June 23.

Friday,
Juhe 25.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

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

Highest

PER SHARE
Range for Precious
Year 1925.
Lowest

Highest

$ per share $ per share $ per share $ per share $ Per share 5 per share Shares. Indus. & Miscall.(Con.) Par $ per share $ Per share i per share 11 per Maxi
6452 Jan 1493 Nov
4
/
1
4
140 14252 13914 1413 414,900 General Motors Corp__No par 11314 Mar 29 14812June 18
4
1431g 145% 14318 14612 14312 1453 1404 145
Jan 115 Dec
100 11312 Jan 29 120 May 28 102
11834 1187
8 2,200 Do 7% prof
/ 1185 1187 1183 119
1
4
4
8
8
8
8
4
1185 1183 1185 11858 11858 118
100 9814 Apr 13 105 June 22
8812 Apr 9911 Nov
200 Deb 6% pref
_ _ *102 105
_ _ 105 105 *103
10312 10312
*105
*105_
42 Jan 59% Dee
25 4912 Mar 2 6814June 25
6814 52,000 General Petroleum
4
3
63 8 64
7
-18 63 4 6512 65 6573 65 2 6818 67
3
64
63% 3
68 Nov 80 4 Oat
86,600 GenRy Signal new_-__No par 6012 Mar 31 8912June 22
8912 84
/ 86
1
4
8
88
/ 845 8712 8412 86
1
4
7814 835s 8318 86
9012 July 1057 Nov
100 103 Apr 14 104 Jan 18
Do pref
_ *10112
___ *10112
___ •103
_ *103
*10112_ _ *10112
42 Oct 5812 Jan
600 General Refractorles___No par 36 May 27 49 Jan 4
42
*40 - 42
*40 42
4314
42 *40 -41-17 •40 *39
43
47 Mar 83 Dee
8
No par 4518 Mar 30 787 Jan 4
300 Gimbel Bros_
54
*52
5458 *5213 54
54
*52
5312 *52
53
533
4 54
8
100 10352 Apr 1 1113 Jan 19 10214 Mar 11412 Nov
100 Do pref_
10412 10412 *103 105
"104 105 '104 106 *104 105 *104 105
223 Feb 53 Dec
4
Ginter Co temp otte-No par 40 Jan 2 44% Jan 4
--__ ____ --_- --_- ___ ____ ___ ____ ____ ____ ____
1212 Mar 2612 Dec
4
8June 3 253 Jan 7
No par 153
8 1718 1714 1718 173
8 1718 1718 171 1718 1,300 Glidden Co
1718 1714 1712 175
OM
37 Mar 51
/
1
par 4112 Mar 31 564 Feb 4
483 19,000 Gold Dust Corp v t o No
8
4518 4658 4658 4853 4732 4812 4512 4712 4612 4834 46
74 4 Nov
3
363 Jan
4
4
No par 4512May 20 703 Feb 3
10,400 Goodrich Co (B F)
493 51
4
507 52
8
5312 5118 53
53
543
3 53
53 535
92
Jan 102 Nov
100 95 June 25 100 Feb 9
1,300 Do pref
95
97
97 97
*95
98
99
9814 98% *95
99
99
8
8618 Jan 1146 OM
•
4 1,800 Goodyear T &Rub pf t(5_100 9812 Mar 30 109h Feb 4
4
1043 1043
8
8
*10618 108 *10618 10734 10334 10458 1033 1045 104 104
2Tune 1 103 Apr 109 Dec
5
100 105 8 Jan 22 1085
Do prior prof
4
4
*104 105 *104 1043 *10618 1073 *1064 107 '10612 107 *10612 107
39 Dec 42 Dec
Hoslery_No par 3314 Mar 30 54%June 19
5112 51
25,300 Gotham Silk
51
5212 51
5218 51
4
4 513 5212 50
51
543
99h Dec 10212 Dec
100 98 Apr 6 111 June 22
2,300 Preferred
11012 1107 *107 11034 110 110
8
109 11012 109 10912 110 111
188 Dec 23 Berri
1612
1Apr 15 2111 Jan 23
No par
700 Gould Coupler A
183
8
183 *18
8
8
8 183g 1858 1814 1814 *18
1818 184 183 183
13 Mar 2178 Dm
2134 2118 2138 201 214 2012 207
9,200 Granby Cons M Bin & Pr_100 1618 Mar 31 234 Feb 5
2014
g 20
3
2014 20 4 2012
Jan 11318 Jew
91
Feb 2
2,300 Great Western Sugar tern ctf25 89 Apr 14 10614
95
95
963
4 95 9514 94
95 4 97
3
*9414 95
94
94
100 10812 Mar 30 116 Jan 14 107 Apr 11512 Dec
100 Preferred
8
8
*11312 115 *11312 11512 *11412 11512 116 116 *1146 116 *1147 115
93 Apr 3 1612June 21
113 Mar 1914 Jan
4
Cananea Copper-100
15
1512 1514 1512 1512 1512 7,500 Greene
/ 1612 1538 18l
1
4
1538 1618 15
$78 Sept
612 Jaz
8
518 Jan 5 107 Feb 1
700 Guantanamo Sugar___Na par
74 71g
*712 73
712 77
4 *74 712
7
7 14 *714 8
4
671 Mar 953 Nog
/
1
4
100 62 May 15 93 Jan 4
723 743 13,200 Gulf States Steel
8
8
7612 7412 75
75 4 75
3
73% 7512 7412 7614 75
42 July 89 Pet
12
100 45 June 18 57 Feb 26
300 Hanna lst prat class A.
45
*44
47
45 45
4512 45%
*45
47
*45
47
45
25 4 AM 37
3
4June 21 35 Jan 6
12 Jar
5,400 Hartman Corporation_No par 253
2614 2612 2618 2634 2614 2614 2634 27
4
2618 253 26
26
30 Mar 4912 Nog
/
1
4May 18 46 Jan 14
No par 30
3334 333
4
3314 1,200 Hayes Wheel
4
4 3312 333 '3314 3312 33
*333 34
34
34
g
64 May 772 Jar
25 68 Mar 29 7412 Feb 11
300 Helme (CI W)
*71
737 *72
4 7212 7212
3
4 7212 7212 *7018 723
738 72 4 723
7
27 Dec 48 8 Jan
1712May 27 35 Jan 6
1912 1812 1858 1912 20
*19
2014 204 2212 2212 1,000 Hoe(R)& Co tern etfs_No par
*1812 19
Jan
43
Jan 50
100 4712 Jan 4 62 Feb 23
200 Homestake Mining
54
54
54
54
*5312 54
*533 54
4
*5314 54
*5312 54
3412 Jan 47% No
a
4112 4112 4112 4112 1,400 Househ Prod,Inc.tem etfNo par 40 Mar 3 483 Jan 8
4212 *4112 42
4
4 42
42 4212 413 413
Jan
59 Apr 85
1.600 Houston Oil of Tex tern otts100 604 Mar 31 71 Jan 5
*62
603 61
4
6412 6018 6014 *6012 62
63 4 64
3
623
4
82
1612 June 311 No
8
No par 27 Jan 8 3818June 25
367 3818 28,300 Howe Sound
8
3612 3618 37
3412 3418 3438 3434 3612 36
*34
333 Jan 13912 Nog
4
8June 25 12314 Jan 4
No par 495
/ 52 8 170,700 Hudson Motor Car
1
4
5
553
4 52
554 563
8 52
4 5518 57
5312 49
5518 563
144 Mar 31 Nog
22
223
4 22
3
4
223
8 213 2214 19,900 Hupp Motor Car Corp-- 10 17 Mar 2 285* Jan 4
2218 2234 22 * 2314 2212 23
1312 Jan 4158 Jun,
8
17,900 Independent Oil& Gas_No par 191 Mar 30 34 Jan 2
8
/ 2412 25
1
4
/ 243 24
1
4
8 2412 25
/
1
2414 2412 2418 254 25144 255
13 Mar 24 Aui
No par 18 Jan 6 2414 Feb 4
*202 213
603 Indian Motocycle
8
2112 2112 215
2118 2112 *21
*2112 2212 *2114 22
4
1414 Da
512 Jan
4
9 Mar 31 133 Feb 13
10
91 1018
10
10
4 2,600 Indian Refining
912 93
*93 10
4
93
4 93
8
4 *914 96
6 Sept12 * Do
5
8 Apr 13 1212 Feb 13
10
500 Certificates
81s 8%
4
83
4 8 4 *84 83
8
8
83
4
83
4 84 *
3
*73ii 83
4
77 Mar 110 Do
100 90 May 14 104 Jan 7
Preferred
*90
94
*90
94
*90
94
*90
94
*90
94
94
*85
77 Nov 1074 Do
500 Ingersoll Rand new--No par 8014 Mar 31 104 Jan 5
91
91
9112 92
90
8
*907 91% *897 914 9112 9112 90
3
38 4 May 50 Fel
3
No par 3412May 11 4312 Jan 7
400 Inland Steel
*39
393
4 39
*39
40
*38
40
*38
40
40
40
3911
,
4
100 1083 Mar 16 115 Feb 9 104 2 Apr 112 Sep
Do prof
71114 11112 "11118 11112 *11118 11112 *11118 11111
*111 11112'111 11112'
2214 Apr 3258 311/
$
4
20 203 Mar 30 267 Feb 10
2314 2114 2,100 Inspiration Cons Copper
8
4 233 237
4
23% 23% 233 243* 231 2312 2312 233
71 Jan 24% Noi
No par 1412June 12 264 Jan 22
800 Internat Agricul
151 1512
1558 16
16
16
1614 16
16
16
16
16
40 Apr 85 Nof
100 8112June 16 95 Jan 27
700 Prior preferred
841
841 *83
84
8112 *83
8211 8212 84
8214 8214 *82
4712 4614 4658 46
463 4711 3,900 Int Business Machines_No par 63818 Mar 30 4814June 16 .110 Mar 17614 Noi
4
47
8
8
475 477 247
48
48
52 Jan 8111 Sep
8
58
59
5812 5878 57'i8
3,100 International Cement__No par 5012May 17 717 Jan 21
58
58
5714 58'e
59
59
100 102 Mar 17 106 Jan 26 10212 Nov 107 Am
300 Preferred
_ 3
*102 4 104's 10312 10312 *10312 105 *104 110 *104 107 *104
313 Jan 6912 Do
4
/ 55
1
4
8 53
52 8 -5438 144,400 Inter Combus Engine_No par 3312 Mar 30 6412 Jan 5
5
52
/ 543
1
4
7
5658 534 56 s 5318 55
55
176% Mar 13814 Sep
10011214 Mar 29 13412 Feb 10
s
8
8 9,000 International Harvester
123 l247 124 1241 12478 12638 1234 12512 12334 124 71207 1217
4
100 118 Jan 5 1223 Apr 9 114 Mar 121 No.
800 Do prof
12112 1217 12134 122
122 122 *12112 122
12113 1211 *12112 122
7h June 147 Fel
8
/
1
4
71sJune 25 12 Feb 17
100
718 734 1,500 Int Mercantile Marine
*73
4 8
8
*8
812
818 81
8
8
8
27 Aug 5258 Fe)
100 27 Mar 30 46% Feb 16
3753 36
363
4 36
381
3612 7,800 Do pref
3614 378 *36
37
38's 37
8
568 Dee 607 Do
*
6514 6518 /6412 6434 3.700 International Match pref-35 534 Mar 3 663* Feb 23
6512 6434 65
6512 65
65
64 8 65
7
2414 Mar 4812 No.
8Mar 30 4614 Jan 5
37
37
371
3614 16,800 International Nickel (T1ie).25 323
36
36% 36
373t 3658 3738 3618 37
102 No
94
Ja
,
100 10118 Jan 29 10414 Apr 21
Do pref
_
___ *103
___ *103
*103
___ *10312 _ _ *103
*10312
4814 Mar 76
Oa
100 443 Apr 15 6358 Jan 9
1 514 5212 15.100 International Paper
5314 54
53
533 -- -12 __4 55
53 533 8 551
531
5314 71 Mar 88 De
100 85 Jan 14 86 Jan 6
Do stamped prat
__ *81
.. . *81
*81
__ *81
*80
86 July 993 Oe
8
100 89 May 7 9812 Jan 2
9312 - - *93% -9312
94 -942 ___i00 Do pre (7)
94 -94
9312 931
94
931
-iiii4 4
300 International Shoe_ _No par 135 May 6 175 Jan 11 108 Feb 1993 Jul
15112 15112 *150 152 *1504 15214 14912 14912
*151 155 *151 155
874 Apr 144 An
Intermit Telep & Teles-100 Ill Mar 3 133 Jan 25
12414 12314 124
12418 25
12314 1243
12314
1233 125
4
4 8,300
12412 125 8
3
18 July
295 Oa
No par 2112 Apr 5 29 Jan 7
800 intertype Corn
2214 2212 *2214 23
2238 2258 2212 2212
23
23
*224 23
1612 July 26% De
100 25 Jan 4 8814 Feb 10
3438 345
900 Jewel Tea, Inc
34
34% 34
8 3414 344 34
3414 341 *344 35
12
100 11512 Jan 29 125 Feb 9 10212 Jan 115 De
Do pref
*114 123 *114 123 *114 123 *114 123 *114 123 *114 123
j
11% Dec 217 Fel
11 May 24 1912 Feb 5
1112 1112 113 113g
900 Jona Bros Tea,Inc,stpd-100
*1138 117s 1114 liii 1138 118 *1114 12
853 Aug 65 NO
8
No par 26 May 17 66 Feb 19
3018 31
2958 3012 11,900 Jordan Motor Car
4
3212 3358 3214 324 303 32
3214 331
34 Jan A
14 Jun
14 May
4 Mar 4
10
Kansas Gulf
12
1
*14
h
800
3
$
*14
*
4
%
3
0
4
12
12
1
99
Jan 109 * Sep
300 Kan City Lt & P Ist pf_No par 1074 Mar 29 11212June 12
11118 1111 *110 112 *110 112 *110 112
111 112
*110 112
1844 Mar 4218 De
/
1
4
•
8
40 4014 395* 395 *3814 3912 3868 3912 5,500 Kayser (J) Co t e---No Par 3314May 20 47 Jan 14
42
3812 39
37
83 Mar 10311 De
No par 100 May 26 105 Jan 15
Do 1st prof
7993 1031 *10012 10314 *9934 10314 *993 10314 *993 10314
4
4
4
4
*993 10314 .
*
124 Mar 211 Jul
25 1218May 19 214 Feb 6
148
14
14
8
4 1412 l47
*1414 143
138 137
s 135 1358 1,600 Kelly-Springfield Tires
s 14
41 Mar 74 Jul
4
100 51 May 20 743 Feb 5
200 Do 8% pref
61.
61
60
60
*56
65
*55
65
*60
63
61
*55
43 Mar 72 Jul
100 63 June 4 7314 Feb 5
Do 6% pref
*62
68 •624 66
68
*6214 66
*63
70 .63
70
*63
87 Aug 124 De
100 86 May 12 126 Feb 4
Kelsey Wheel,Inc
*9412 100
*9911 100
*95 100
*944 100
*95 100
*95 101
4612 Mar 5914 No
4
No par 493 Mar 30 stra Feb 10
541 20,400 Kennecott Copper
3
5512 54 2 5514 544 543
4
4 543 5558 55
4 54
5414 543
218 Jan 2
14 Sept312 Jul
/
1
'2May 11
600 Keystone Tire & Rubb_No pa
7
8
*1
8
8
4
3
4
8
4
8
4
8
4
8
4
*8
4
7
8
3
4
8
4
76 Mar 100
Ot
7012 7212 7012 70'z 2,400 Kinney Co
No par 61 Mar 30 821s Jan 7
721
71
71
7012 70% 70
•71
72
4
10 423 Mar 30 82 Jan 29
54i2 553
30 200 Kresge (S 8) Co new
/
1
4 5412 5614 55 551 5212 5512 524 5378 5212 53
/
4
Mar 116 0(
100 113 Feb 18 1148 Feb 26 11014 Preferred
*111 114 '111 114 "Ill 114 "111 114 '111 114 '111 114
8
4
284 Dec 453 Ja
22
2258 1 400 Kresge Dept Stores___ _No par 151s Mar 25 33 Jan 14
22
*2214 24
23
24
24
24
2212 2212 22
4
88
Jan 973 Jun
14
100 7014 Mar 26 93 Feb 1
100 Preferred
*82
90
*80
90
82 82
*82
83
. 75
1
.
83
*73
86
600 Laclede Gas L (St Lottle)-100 146 Mar 29 168 Jan 14 11014 Jan 178 Me
1564 15814
154 154
*150 154 *150 154
154 154
155 155
1168 Feb
19 0(
914 914
8 4 Mar 29 14 Jan 4
3
942 10
014 914
914 *918 012
1,600 Lee Rubber & TIre_-__No par
91
91
958
3714 Dec 4412 Os
s
No par 303 Mar 30 414 Jan 2
33
3312 3334 3312 331
34
33 3312 3312 3414 34
/ 3414 3,100 Lain & Fink
1
4
57 Mar 92 Ds
/
1
4
82
Al
81
1,000 Liggett & Myers Tob new__25 7218 Mar 31 94 Jan 25
317 *81
81
*8012 813
4 815 813
4 8114 8134
1612 Jan 124 IN
4May 5
100 11934 Jan 18 1293
962 Do pref
122 122
*120 123 *120 122 *120 122 *120 122 *120 122
7
554 Mar 89 DE
25 71 Mar 24 94 Feb 1
8l8c 6.400 Do "B" new
813* 81
81
*8111 82
8
8114 81
4 807 82
*80
803
60 June 748 Ja
1
No par 5312 Mar 31 69 g Jan 4
6218 613 62
613 6138 1,400 Lima Loo Wks
8
4
611 6214 6214 6314 6212 62h 62
/
4
22 Feb 4458 No
No par 3414 Mar 2 41 Mar 16
8,700 Loew's Incorporated
371
4 3712 3758 37
3718 38
3712 373
373 38
4
373 377
4
91$ Al
Jan
6
7 Jan 28 1114 Feb 10
No par
718 714
74 758
'14
718 714
7
71s 718 2,100 Loft Incorporated
*7
718
4 Mar 43 Bei
No par 45 June 24 5012 Feb 3
100 Long Bell Lumber A
4614
*45
45
45
461
*444 4712 *4412 4712 *4412 4612 *45
/
1
4
77 Feb 143 Ds
100 88 Mar 30 14012 Jan 4
11712 11712 118 11914 1,500 Loose-Wiles Biscuit
117 11734 *116 118
116 11714 11714 118
100 12014 Mar 30 1434 Jan a 104 Feb 148 Di
300 28 preferred
13312 13312 •124 13312 *124 13312 13012 13012 13012 1304 *125 1321
3014 Jan 393* Set
25 3514 Jan 2 4214 Feb 3
39
/ 3912 4078 29,300 Lorillard
1
4
/ 3914 39
1
4
4
/
1
/ 383 394 38
1
4
2
383 38h 3838 38
100 11112 Apr 5 117 Apr 23 10818 Feb 116 At
/ 1163 1167
1
4
1152 1153 *115 117 *11514 116
8
500 Do pref
4
8
*115 118 *115 120
13 Oug 2344 Fe
/
1
4
8June 21
19
1968 18
178 1812 1712 1814 120,900 Louisiana Oil temp ctfs-No par 12 Mar 3 197
7
19
163 1814 1812 197
8
%
23 Dec 261 Jul
233 24
4
*2334 24
2334 24
3
233 24
4
23 4 24
1,300 Louisville 0St El A----No par 223 Mar 31 2612 Feb 10
4
*233 24
3158 Feb 60 De
37
38
3818 37
3812 39
40
No par 304 Mar 30 5814 Feb 4
1,100 Ludlum Steel
378 37
.393 393 *39
100 130 May 15 138 Feb 9 114 Mar 141 Sal
248 Mackay Companies
*132 136 *132 136 *132 136 *132 132 *133 136
*132 136
4
66 Mar 783 Fe
694 6912 6912 691
71
100 68 Mar 19 7318 Feb 9
*69
*69
71
72
400 Preferred
*69
72
*69
Jan 242 No
No par 10312Mar 30 159 Jan 4 117
4
*
3
1183 1207 117 4 1213 11814 12012 116 11914 116 1177s 115 1178 85,800 Mack Trucks. Inc
4
8
Jan 113 All
112 112
3
112 112 *111 112
3
100 109 4 Jan 4 113 June 10 104
300 Do let pref
*110 4 11214 *110 1124 112 112
3
99
Jan 106 Au
/
1
4
200 Do 2d pref
10512 10512 *105 10512 *105 10512 10512 10511
100 104 Apr 17 107 Mar 13
*105 10512 *105 106
6912 Jan 112 01
102 1028 102 1027 10214 103
102 102
2,700 MELO (R H)& Co,Ino_No par 8612 Mar 29 106 Feb 10
8
,
4
/
1
4
103 1033 101 102
4
100 11512Mar 1 1183 Jan 14 114% Jan 118 Au
100 Preferred
- •1171s 119 *11718 118 *11718 118 *1174 118
11714 11714 - 34 Mar 46 No
2,600 Magma Copper
39 '3814 39
38 '3818 39 '38
/
1
4
-- 14 38
31
No par 34 Apr 19 447 Feb 10
4
383 3814 38
1912 1912 19
2114 Dec 3713 Ja
6,200 Mailloson(H R)& C9-N0 par 156
191
2014 2138 2034 2158
8MaY 19 281$ Jan 5
1918 193 20
19
32 Mar 59 Ms
7712 25,000 ManhEieeSupptemctfsNopar 56 Jan 4 78 June 10
77
77 8 76
6
s
4
8 763 773
74
747
8 7412 7612 753 773
204 Mar 347 Nii
2
2312 2318 *224 2314
*2312 24
4
25 2212May 24 32% Jan 4
800 Manhattan Shirt
4 23% 233 244 *2358 24
*233
2812 Mar 4913 Ai
3714 3612 3612 *3412 3612 *3512 3612 '3412 3612 1,200 Manila Electric Corp -No Par 2712 Mar 20 3912May 17
3714 37
35
20 * Sept1 354 Ja
5
264 25
/
1
266
8 26
4Mar 3 28 Feb 2
2614 23,900 Maracaibo 011 Expl-No par 203
7
4
243
4 243 2714 25 8 2712 25
*24
8June 17
4
No par 4912 Mar 30 633
/ 613 171,500 Marland Oil
1
4
4
/
4
606 62% 603 611 60
8
6134 63
325* Mar 6012 DI
6114 63
4
593 61
2
1038 Mar, 327 01
4
301 303 3034 2.100 Marlin-Rockwell
/
4
2914 2914 294 294 29
No par 27 Mar 29 33 Mar 11
30
z30
*2912 30
19 Dec1 3712 Ja
21
21
17 May 20 23 June 25
7,000 Martin-Parry Corp__ _No par
2118 23
7
*193 20 4 20 2 21
4
3
21
21
21
21
51
Jan1 1074 Ds
734 723 723
3
/ 1,400 MathiesonAlkaliWksiemett50 6212May 12 10618 Jan 2
1
4
4
4 73 4 73
7418 73
747
8 74
7414 74
*7312
11612 119 *117 11912 *11614 119
12
8May 17 137 Jan 2 101 Marl 13912 1)4
/
1
8
1,800 May Department Stores-50 1067
8
120 1207 120 1203 1194 120
Preferred
100 1225 Feb 2 125 June 11 11612 Mar1 124 Jut
s
*12212 125 *12214 125 *12214 125 '12214 125 *1224 125 '122 125
8
217 Nov 264 01
2
$
No par 19 Mar 3 231 Feb 13
1,800 Maytag Co
3
20% 2114 20 4 21
21
21
203 21
4
•203 21
4
*20 4 21
3
79 Mar1 13958 CA
853 *81
4
1,000 McCrory Stores Class B No par 72 Mar 30 121 Jan 11
85
86
873 *81
4
*85
87
87
88
87
87
16
/ 04
1
4
800 McIntyre Porcupine Mines__5 225 Jan 2 30 Feb 15
25
8
*2412 25
2512 25
JanI 22
2514 *25
*2514 2512 25
27
.
02514
2318
18
300 Metro-Goldwyn Pictures pf_27 2214 Jan 8 244 Feb 9
*2318 234 *2318 2314 23
23
JanI 2412 No
23
4
4
*223 23 '223 23
9 DecI 2212 Ja
9
9 18 23,700 Mexican Seaboard 011 No par
9
1014
914 1012
6 Feb 25 1218 Jan 4
814 914
8
8
8
8
8 MaIl 2454 Ja
131 13
/
4
5 11 Mar 3 1334June 18
131 9,500 Miami Copper
/
4
8 13
4 1314 135
133* 133
1358 138
1358 134
258 AugI 38 No
3118 3218 19,200 Mid-Continent Petro_No