Full text of Commercial and Financial Chronicle : June 7, 1924 : Bank and Quotation Section, Vol. 118, No. 3076

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Bank

Q uotation

and

SECTION
OF THE

C ommercial & f inancial ^ hronicle.
Copyrighted in 1924, according to A ct of Congress, by WILLIAM B. DANA COMPANY, in office of Librarian of Congress, Washington, D. 0.

VOL. 118.

N EW YORK JUNE 7 1924.

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REVIEW OF M A Y — COMMERCIAL AND
FINANCIAL EVENTS.
The month of May was marked by a number of important
events, both domestic and foreign. The foreign events re­
lated to the German and French elections and the domestic
events had to do mainly with the action of Congress on pend­
ing legislation and the difference of views between the legis­
lative body and the Executive, obliging President Coolidge
to interpose his veto of several important measures passed
by Congress. One of the acts of Congress had a foreign
bearing, namely the Immigration Bill providing for even
more rigid restrictions on the immigration of aliens into the
United States than existing law and containing a provision
for complete exclusion of the Japanese, which proved ex­
tremely offensive to the Japanese Government and the
Japanese people. Here the President did not feel it incum­
bent to exercise his veto power and it probably would have
availed nothing even if he had, since it was almost abso­
lutely certaiii that the veto would have been overridden by
the necessary two-thirds vote in both Houses. The Presi­
dent deemed it best t6 sign this Immigration Bill, but to
register his objections to the Japanese proviso.
In signing the bill the President, w’hile indicating com­
plete agreement with the main features of the measure, took
occasion to express regret at “ the impossibility of severing
from it the exclusion provision, which in the light of exist­
ing law affects especially the Japanese.” “ I f the exclusion
provision stood alone,” said the President, “ I should disap­
prove it without hesitation if sought in this way at this time.
But this bill is a comprehensive measure dealing with the
whole subject of immigration and setting up the necessary
administrative machinery. The present quota Act of 1921
will terminate on June 30 next. It is of great importance,”
continued the President, “ that a comprehensive measure
should take its place and that the arrangements for its ad­
ministration should be provided at once in order to avoid
hardship and confusion. I must therefore consider the bill
as a whole and the imperative need of the country for legis­
lation of this general character. For this reason the bill is
approved.”




NO. 3076.

As to the French and German elections, the outcome of at
least the first mentioned proved a complete surprise. Both
elections showed a decided swing towards radicalism. Early
returns from the German elections, which were held Sunday,
May 4, appeared to indicate that the former coalition had
won in spite of heavy gains by the opposing elements. By
Tuesday night, however, May 6, the accounts made it ap­
parent that the Communist successes had been most sensa­
tional, the party’s seats being increased from 16 in the old
Reichstag to between 54 and 60 in the new. Also, that the
Nationalists, those favoring the return of the monarchy, had
won 82 seats, as against 65 in the old Parliament, and would
probably gain more when complete returns from the coun­
try districts came to hand. It was pointed out that the
Nationalists now constituted the strongest bourgeois fac­
tion, but fell far short of pre-election estimates. It was
stated that because of the extreme complication of the
counting system of proportional representation it might be
two weeks before final and exact returns regarding the rep­
resentation of the different parties in the German parlia­
ment would be available. Correspondents, however, at Berliu were emphatic in saying that there was no possibility of
a purely Nationalistic Government, the correspondent of the
Philadelphia “ Public Ledger” stating that the Nationalists
and the Racialists combined (the latter having increased
its representation from 3 to approximately 30) were heavily
“ outnumbered by the moderate bourgeois, combined with
the majority Socialists, who, though losing heavily, remain
the strongest single party.” Doubt was also expressed as to
the possibility of assembling a two-thirds majority in the
new Reichstag, such as will be required for the legislative
enactment of the program of the Dawes Committee. On this
latter point, however, views were modified as the month
progressed, all the different parties apparently beginning
to recognize that really there was no alternative to accept­
ance of the Dawes plan— that opposition to it could only
spell disaster. It happened, unfortunately, that the situa­
tion became complicated by the action of 300,000 coal miners
in the Ruhr going on strike on May 7. In early advices it
was stated that the men had struck because of a request of
their employers that they work eight instead of seven hours
a day. Later it was explained that “ the trouble started with
a lockout by the owners when the demand for additional
working hours was resisted, and the miners replied with a
declaration of a general strike in all the Rhenish Westpha­
lian fields.” It was stated that similar lockouts had been
declared by the mine owners in Saxony and that strikes had
been called by the workers in most of the Upper Silesian
mines to enforce the seven-hour day. It was also stated
that the Communist election victory had made a deep im­
pression on the laboring element, not only in the Ruhr, but
also in other mining districts, such as Saxony and Silesia,
and that the Communists appeared to be wresting control of
the Ruhr situation from the hands of the Socialist and
Christian trade unions there. Later it was reported that
500,000 men were out of work. Considerable uneasiness was
also caused at this time by a demand for a popular referen­
dum on the question of acceptance or rejection of the Dawes
reparations program by the German majority Socialist
party. Strangely enough, this proposal was opposed by sev­
eral political factions, particularly the Nationalists, who
sought to form (but without success) a coalition of all the
reactionary parties for the purpose of defeating acceptance
of the Dawes plan by the new Reichstag. On the other hand,
on May 16, the Reichsrat by an overwhelming majority ap-

8

MONTHLY REVIEW

proved the Marx Government’s acceptance of the Dawes
report, and urged the Government to rush preparations of
the bills necessary for putting the Dawes plan into effect.
As the days passed discord developed among the National­
ists and hopes began to be entertained that it might be pos­
sible to constitute a new coalition Government and to do so
without nationalist co-operation. It appears that the Na­
tionalists had drawn up a list of names for the new Cabinet
with Admiral von Tirpitz as Chancellor, the present Chan­
cellor, Dr. Marx, as Vice-Chancellor, and retaining several
other members of the present Cabinet, but eliminating Dr.
Stresemann. The Government parties refused absolutely to
consider such a reactionary as von Tirpitz, the notorious ad­
vocate of ruthless U-boat warfare.
The Marx-Stresemann Ministry went out of power late
on the night of Monday, May 26, on the eve of the assembling
of the new Reichstag the next day. President Ebert ac­
cepted the resignation, but on the understanding that the
Ministry would continue to discharge its duties for the time
being. Prior to the Government’s resignation conferences
had been held between the Government coalition parties and
the Nationalists, which proved fruitless, largely because the
Nationalists persisted, so the advices stated, in pushing forward Admiral von Tirpitz as a candidate for Chancellor and
making their acceptance of the Dawes report subject to such
extreme conditions that the coalition refused even to answer
Nationalist proposals. It soon developed that the National­
ists could not form a Ministry and after numerous confer­
ences President Ebert requested Chancellor Marx to under­
take the formation of a new Cabinet, which task he assumed
on May 28. He was not successful in doing this, it proving
impossible to bring about an alignment of parties so that a
new Ministry could be constituted, and the final outcome
was that President Ebert on June 3 reappointed Dr. W il­
helm Marx as Chancellor and confirmed the members of his
Ministry in their posts. Arrangements were reached also
May 31 for a settlement of the Ruhr strike, the miners’
union having decided that work should be resumed on the
terms of the award made on May 28 by Dr. Syrup, special
arbitrator of the Department of Labor. The award grants a
5% wage increase over the previous awards and provides
that the overtime feature shall hold good only until Nov. 30,
instead of the following April, as in the previous award.
In the case of the French elections the outcome was a
complete surprise. They resulted in defeat of M. Poincare
and the Government bloc. This was wholly unexpected, not
only by M. Poincare himself, who had the utmost confidence
up to the very last minute in his ability to retain power, but
also by his opponents, who had no idea he would lose his
hold, even though the Communists and the other radicals
should make considerable gains. The gains proved very
much larger than anyone had deemed likely, with the result
that the parties making up the Government bloc were left
in a minority and M. Poincare concluded to give up office.
Study of the election returns showed that the French Pre­
mier had lost control by reason of his domestic rather than
his foreign policy, the French voter being strongly averse to
the increase in taxes which the Poincare Ministry had to
make as part of its plan for the complete balancing of the
French budget, not only in the matter of the ordinary out­
lays, but also in case of the extraordinary expenditures,
namely those in connection with the restoration of the devas­
tated regions and which German reparations payments had
been counted upon to provide for. News regarding these
French elections differed from that regarding the German
elections in that the early returns clearly revealed their
adverse character. The elections took place on Sunday, May
11, and, according to the cablegrams, the Ministry of the
Interior the following Tuesday gave out the officially
checked election figures showing the make-up of the new
Chamber of Deputies, as follow s: Conservatives, 20; Re­
publicans of the Bloc National, 117; Republicans of the Left,
52; Democrats of the Left, 75; Radicals and Radical Social­
ists, 139; Republican Socialists, 35; Socialists, 102; Com­
munists, 29; total, 569. In addition there were 10 seats
from the colonies not yet heard from, 4 for which a second
ballot was necessary, and one seat still in doubt, making up
the grand total of 584. It was recognized from the start that
Edouard Herriot, leader of the Radical Party, and Mayor of
Lyons, would be asked to form a new Ministry. He was
described as “ a distinguished man of letters, a shrewd, farseeing business man, a sagacious politician and an earnest,
voracious student of national and international affairs,”
and it was stated that 20 years ago he had left his position
as Professor of Rhetoric at the University of Lyons to be­
come Mayor of that city, a position he still held. The com­
mentator adding: “ During his term of office, largely due
to the annual Lyons Fair, which he instituted and developed,
this city has grown and thrived until it is a model of effi­
ciency and industry to all Europe.” The Poincare Ministry
promptly announced its intention to resign. Cable d;spatehes said that June 1 was the earliest constitutional date
when the resignation could become effective. It soon be­
came apparent that a drive would be made to force the res­
ignation of President Millerand in addition to that of Pre
mier Poincare. During the electoral campaign, and for a
long time before, President Millerand had taken pains to
identify himself with the Poincare policies and had even
given very broad intimations that he meant to stand or fall
with the Poincare Ministry. He now, however, showed no



[V ol. 118.

desire to quit. On May 17 cablegrams announced ;hat “ the
executive committee of the Republican Socialist Party, a
body of 40 members, including Aristide Briand, former Pre­
mier, met and resolved to refuse to participate in any Gov­
ernment which did not promise a program the first point of
which is the resignation of President Millerand. The Paris
representative of the Associated Press cabled the same day
that internationalism would be the one principal feature of
the new Government program, this appearing from a joint
statement of the principles of the new Parliamentary ma­
jority issued by M. Herriot, leader of the radicals; former
Premier Painleve, leader of the Republican Socialists, and
Leon Blum, head of the Socialists. This statement also said
that “ the program of the future majority is a program of
conciliation and of international understanding.”
Meanwhile President Millerand and Premier Poincare
both became concerned over the decline in the French franc,
which had followed as a result of the shift in French polit­
ical affairs, and on May 21 resorted to what was called “the
extraordinary course” of calling in Edouard Herriot and
Paul Painleve, “leaders of the new majority in the Parlia­
ment, to confer with them on the subject as if the men con­
sulted had already become members of the Government.”
The Associated Press correspondent in Paris also stated that
“ M. Poincare and M. Francois-Marsal, the Minister of Fi­
nance, explained the credit of France was being impaired by
doubt as to what course the new Government would follow
on financial questions. They gave it as their judgment that
tiie leaders of the incoming parties should make clear what
their financial policy would be.” The correspondent added
that it was understood “ the visiting leaders were informed
the banking groups in New York and London, which have
been assisting the Bank of France in maintaining the franc,
considered it necessary that such a statement be issued.
Premier Poincare said he had consulted the leading finan­
ciers of Paris and that this was their conclusion also.” In
the dispatch “ MM. Herriot and Painleve were described as
having said such an assurance would be in the nature of
a Ministerial declaration before the Ministry was formed
and without its having had the approval of Parliament.
They were willing, however, to go to the extent of saying they
regarded the balancing of France’s budget as the imperative
responsibility of any Government.” Later a brief formal
statement was issued in which they put themselves on rec­
ord to that effect.
As the month progressed the movement to oust President
Millerand appeared to gain strength. The Unified Social­
ists and the Communists seemed determined that M. Mille­
rand must go. Resolutions demanding that he leave the
Elysee were passed by a large number of departmental or­
ganizations of the Unified Socialists, but formal action was
left for Sunday, June 1. On that day at a general confer­
ence of Left Wing parties, the 307 deputies who will form
the Left Wing in the new Chamber and constitute a major­
ity of that body, officially placed their names on record as
demanding the resignation of President Millerand. The
latter, however, proved obdurate and contended that both
the Senate and the Chamber of Deputies must vote for his
expulsion from office before it would become obligatory
upon him and he indicated his intention to hold on in the
expectation that the French Senate would support him.
In domestic affairs the course of Congress with reference
to tax revision and in passing bills providing for large an­
nual expenditures proved very disturbing and caused a fur­
ther slackening in general trade. On May 3 President Coolidge sent his first veto message to Congress in disapproving
the so-called Bursum Bill providing for an increase in the
annual pensions appropriations of about $58,000,000. This
bill undertook to increase pensions to soldiers, and widows
of soldiers, etc., of the Spanish and prior wars, and the
President rested his opposition entirely on the necessity of
economy in public expenditure. “ The need for economy in
public expenditure at the present time cannot be overesti­
mated. I am for economy,” said the President. “ I am
against every unnecessary payment of the money of the
taxpayers. The welfare of the whole country must be con­
sidered. The desire to do justice to pensioners, however
great their merit, must be attended by some solicitude to do
justice to taxpayers. The advantage of a class cannot be
greater than the welfare of the nation.” After the veto
message had been read in the Senate, an attempt was made
to override the veto, but it failed. The roll call showed 53
votes against the President and 28 in favor, thus lacking the
necessary two-thirds. The veto was sustained by the lastminute switch of Senator Herreld of Oklahoma, who after
first voting to override the veto, changed to sustain it. Ex­
cept for the transfer of this single vote the count would have
stood 27 to 54, or exactly two-thirds in favor of overriding.
The President also on May 15 vetoed the Soldier Bonus bill,
or bill “ to provide adjusted compensation for veterans of the
World War.” But here the veto was overridden. The Presi­
dent was emphatic in saying he could find no justification
for such a law, adding: “ Our country cannot afford it. The
veterans as a whole do not want it. All our American prin­
ciples are opposed to it. There is no moral justification for
it.” The bill, he argued, would commit the country for a
period of 20 years to an additional average annual appro­
priation of $114,000,000 and at the end of that time it would
be necessary to sell to the public $2,500,000,000 in bonds—a
major operation in finance which he said might be disas­

J une , 1924.]

MONTHLY REVIEW

trous at that time. “ We have no money to bestow upon a
class of people that is not taken from the whole people,” he
said. “ Our first concern must be the nation as a whole.
This outweighs in its importance the consideration o f a class
and the latter must yield to the former.’ His arguments
proved of no avail and on May 17 the House of Representa­
tives repassed the measure by the overwhelming vote of 313
to 78 and the Senate repassed it on May 19 by a vote of 59
to 26, thereby making it a law. To carry the measure into
effect the President May 26 asked for an appropriation of
$127,817,898. The action of Congress on the tax revision bill
proved even more disturbing.
In the light of this situation it was, of course, out of the
question to look for any improvement in trade, and as a
matter of fact the slackening in all directions which has
been so noticeable since the beginning of March became still
more pronounced. The iron and steel trade was again the
most striking illustration of slowing down and curtailment.
The statement of unfilled orders issued by the United States
Steel Corporation on May 10 showed that the amount of
these unfilled orders on April 30 was down to 4,208,447 tons,
as against 4,782,807 tons Mar. 31 and 4,912,901 tons Feb. 28,
and comparing with no less than 7,288,509 tons Apr. 30 1923
and 7,403,332 tons Mar. 31 1923. And no change for the
better occurred throughout May. The “ Iron Trade Review”
of Cleveland in its issue of May 15 gave an idea of the state
of things existing when it said that “ with production down
25 to 30% in a period of 30 days and still being reduced,
though more slowly, the readjustment of the iron and steel
market continues under way,” and added that, “excepting
possibly the strike period in 1919, steel ingot production fell
more precipitately in April than in any period since monthly
statistics have been available.” The “Iron Age” of this city,
on its pdrt, on May 29 said that the month of May then just
ending had seen an uninterrupted decline in the rate of steel
production and in the volume of new business going to the
mills, though in the last two weeks of the month the falling
off in output and in orders had been much less pronounced
than in the first half of the month. The number of impor­
tant producers of steel operating on only a 50% basis, this
authority said, was still larger and steel ingot production
for May would be further reduced by general shut-downs for
the May 30 holiday and the Saturday following. The trend
of iron and steel prices continued downward and the “ Iron
Age” made the composite price of finished steel May 27
2.624c. per pound, against 2.653c. Apr. 29 and 2.789c. May 28
1923. The composite price of pig iron May 27 was put at
$20 98, against $21 8S Apr. 29 and $28 79 May 28 1923. Wage
reductions were not considered imminent at iron and steel
works and the Amalgamated Association of Iron, Steel and
Tin workers put in a demand for advances averaging 25%,
but later agreed to let the old scale stand. On the other hand,
the coke workers of the large independent coal and coke com­
panies in the Connellsville district accepted wage reductions
averaging 33 1-3%, restoring the scale of Nov. 10 1917.
The copper trade also continued in unsatisfactory shape,
notwithstanding restricted production. Lake copper in New
York, after declining from 13%c. Apr. 30 to 12%c. May 23,
reacted to 13c. May 27, but was back again to 12%c. May
31. Electrolytic copper, after first moving up from 13c. to
13%c., dropped to 12%c. May 23, but was 12%c. May 31.
Tin also tumbled further, and as against 48.50c. May 2 was
down to 40.50c. May 23, with the price May 31 40%c. Lead
at New York likewise further sharply declined, going from
7%c. to 6.95c.
The textile trades also continued depressed, particularly
in the case of cotton manufacturing, and the unfortunate
feature here was that notwithstanding severe curtailment,
production apparently remained in excess of demand, though
all accounts agreed in saying that stocks of goods were small
in both retailers’ and jobbers’ hands. It seemed impossible
to stimulate buying and it was still a common complaint that
while purchasers demanded constant concessions in prices
the retailers failed to pass the lower prices along to ulti­
mate consumers to any considerable extent. Quotations for
raw cotton again moved higher because of unseasonably cool
weather over the cotton belt, retarding germination and
growth, with excessive rains over large areas. Reports
agreed pretty well in looking for an increase in cotton acre­
age of 4@ 5% , but condition of the crop was very low. In­
deed, the Agricultural Department at Washington in its
statement issued June 2 and reflecting the state o f the crop
May 25 made the condition the lowest with the exception of
1920 since the keeping of condition X
’ecords was begun 53
years ago, putting the average at only 65.6%, as against
71.0% last year and 72.8%, the average for the last ten
years. In 1920, however, the condition at the start was
only 62.4. Spot cotton here in New York got up to 32.85c.
May 26, against 29.80c. at the close of April. The price May
29 was 32.65c. The New York Cotton Exchange was closed
both May 30 (Memorial Day) and May 31. The New Or­
leans Cotton Exchange, however, was open on both days,
and the spot quotation there advanced 0.17c. May 30 and
0.40c. more May 21. Print cloths in Fall River were ad­
vanced from 7 to 7%c. May 12 and to 714c. May 24.
The rubber goods industry was understood to be very
much depressed, and the price of crude rubber experienced
a further sharp break, notwithstanding the restriction pol­
icy pursued by British owners o f the rubber fields. Dutch
owners, however, are not parties to any such arrangement.




9

On May 20 the price of smoked ribbed sheets dropped to
17%c., or the lowest figure reached in two years. At the
close of May the spot price of smoked ribbed sheets was
18%c., compared with 22%c. Apr. 30, while first latex crepe
was 19}4c., against 23%c. The Firestone Tire & Rubber Co.
on May 13 announced reduced prices on “ 999” fabric tires in
30 x 3 size from $6 88 to $5 35, and in 30 x 3% from $7 83 to
$610. Prices on regular Firestone lines remained un­
changed. Two subsidiaries of the U. S. Rubber Co., one in
Woonsocket, R. I., one in Millville, Mass., on May 17
posted notices of a shut-down from June 27 to Aug. 4.
Food prices tended lower. On May 1 the retail price of
milk in this city was reduced lc. a quart, or from 14c. to
13c. for Grade B milk. The price of sugar declined almost
continuously and Cuban raw sugar dropped from 4%c. Apr.
30 to 3%c. May 29, while the wholesale price of refined
sugar by the leading refineries ranged at the end of May
between 6.70 and 6.85c., as against 7.80@8.10c. Apr. 30. Cof­
fee quotations also moved down and No. 7 Rio May 31 was
quoted at 14%@14%c., against 1514c. Apr. 30. Grain prices
were somewhat higher in the case of wheat, with the fluc­
tuations during the month encompassed within narrow lim­
its. The July option for wheat at Chicago closed May 31 at
$106, against an opening price May 1 of $105%. The
range on this option for the month was $104% May 12 to
$1 09 May 26. The Sept, option for wheat at Chicago closed
at $1 07% May 31, against the opening price of $1 06% May
I. The July corn option in Chicago moved down somewhat,
and closed May 31 at 76%c., as against the opening price
May 1 of 7814c., while the Sept, option closed at 76%c.,
against the opening price at 78c. The July option for oats
at Chicago May 1 was 44%c. and the closing price May 31
44%c., with the corresponding figures for the Sept, option
40% and 39%.
The bringing out of large railroad issues featured the
offerings of new securities during May. The $35,000,000 ref.
& gen. mtge. 6% bonds, ser. “ C” of the Balto. & Ohio RR. Co.
headed the list, being offered by a syndicate composed of
Kuhn, Loeb & Co., Speyer & Co. and the National City Co., at
100 & int. J. P. Morgan & Co. headed a group of bankers
which disposed of $25,050,000 New York Central Lines equip,
trust (of 1924) 5% certifs. at 100 & divs. for all maturities.
J. P. Morgan & Co. also headed a syndicate which placed
$20,000,000 Cleve., Cin., Chic. & St. L. Ry. Co. 40-yr. 5% ref.
& impt. mtge. bonds, ser. D, at 94% & accrued int. from Jan.
1 1924, to yield approx. 5.34%. Likewise $15,000,000 gen.
mtge. 5% bonds, ser. C, of the Great Northern Ry. Co. were
offered successfully by J. P. Morgan & Co., First National
Bank, N. Y., and the National City Co. at 92% & int. from
Jan. 1 1924, to yield approx. 5.45%. Blair & Co., Inc., and
AY. A. Harriman & Co., Inc., placed $7,734,000 New Orleans,
Tex. & Mex. Ry. Co. 1st mtge. 30-yr. 5% % bonds, ser. “A,”
at 99 & int., to yield 5.57% to maturity. Dillon, Read & Co.
headed a syndicate which announced the sale at 100 & int.
of $7,000,000 Fla. AA'estern & Northern RR. Go. 1st mtge.
sink. fd. 7% bonds, ser. A, carrying title to com. stock of the
Fla. Land & Dev. Co., which stock in the amount of 10 shares
for each $1,000 bond will be deposited with the trustee, de­
liverable without cost not later than May 15 1929 or on prior
redemption of the bond. Other than the railroad flotations
just referred to offerings of new securities were on a small
scale. E. H. Rollins & Sons brought out $10,000,000 Southern
Cal. Edison Co. 6% cum. pref. stock at 90 & accrued div., to
yield 6.67%. Kuhn, Loeb & Co., National City Co. and Kid­
der, Peabody & Co. offered $9,250,000 Czechoslovakia Repub­
lic 8% secured ext. sink. fd. loan of 1922, ser. B, at 96% &
int., to yield about 8.30% to maturity. $5,000,000 Northern
States Power Co. (Minn.) 6% % notes were sold by the
Guaranty Co. of N. Y., H. M. Byllesby & Co., Inc., and Spen­
cer Trask & Co. at 97% & int., to yield over 6.85%.
Many announcements of higher or extra or stock divi­
dends came during the month. Louisville & Nashville RR.
increased its s.-a. div. from 2% % to 3%. Atlantic Coast
Line RR. declared an extra div. of 1% on com. in addition to
the regular s.-a. div. o f 3% % , the extra being payable out of
non-operating income. Illinois Pipe Line Co. declared 6%,
as against 3% paid in Dec. last. The quar. div. on Ohio Oil
Co. capital stock Avas raised from 1% to 2%. The Great
Atlantic & Pacific Tea Co. increased its div. on com, from
75c. to $1 per shai’e quarterly. A div. of $6 per share was
declared by Thompson-Stari’ett Co., as compared with $4 per
shax-e paid in 1923 and 1922. A div. of $3 50 per share was
declared on Glen Alden Coal Co. stock, as against previous
disbursements of $2 50 and $2 per share. The div. on Nobel
Industries, Ltd., ordinary shares was raised from 7% to 8%.
New Orleans, Tex. & Mex. Ry. declared an extra div. of
16%%, payable 4 % % in cash, 6% in warrants maturing
Sept. 1, and 6% in warrants maturing Dec. 1 1924. Extras
of % o f 1% were declared on both com. and pref. stocks of
the Alabama Great Southern RR. Vacuum Oil Co. declared
an extra of 25c. a share in addition to the regular quar. div.
of 50c. per share. Midland Securities Co. declared an extra
div. of $40 per share in addition to the regular quar. div. of
$2 50 a share. National Tea Co. declared a stock div. of
150% on com. A stock div. of 50% was declared on Ameri­
can Rolling Mill Co., payable in 10 annual installments of
5% each. American Gas Co. declared a stock div. of 10% on
com. A stock div. of 10% was declared on Otis Elevator Co.
com. stock. National Power & Lt. Co. declared an initial
quar. div. of $1 50 a share on com. stock. Tennessee Electric

10

MONTHLY REVIEW

Power Co. declared an initial div. o f $1 50 a share on 2d pref.
stock and General Gas & Elec. Corp. declared an initial quar.
div. of $1 75 a share on the pref. “ B” stock. Both Minne­
sota Sugar Co. and Columbia Sugar Co. resumed divs. on
com. United Cigar Stores Co. of America declared a cash
div. of 2% and a stock div. of 1% % on com. stock, as against
3% cash paid the previous quarter.
On the other hand, the s.-a. div. on Northern Pipe Line Co.
stock was reduced from 5% to 3%. Mother Lode Coalition
Mines Co. cut its s.-a. div. from 50c. to 37%c. a share. The
quar. div. on Eaton Axle & Spring Co. was decreased from
65c. to 40c. per share. Georgia HR. & Banking Co. reduced
its quar. div. from 3% to 2% % . Whitman Mills of New Bed­
ford, Mass., cut the quar. div. from $3 to $2 50 per share,
while the Gosnold Mills of New Bedford reduced the quar.
div. rate from 2% to 1 % % . New England Southern Mills
deferred divs. on the prior preference and pref. stocks.
Cleveland Worsted Mills Co. omitted its quar. div. BassickAlemite Co. paid the usual quar. div. of 50c. per share on
com., but failed to pay an extra. The s.-a. div. on Virginia
Iron, Coal & Coke Co. com. was omitted. Eagle Oil Trans­
port Co., Ltd., passed the div. on its ordinary shares.
The stock market was very quiet during the month, with
business on a small basis. On no day during the month did
the transactions aggregate anywhere near 1,000,000 shares.
The course of prices was generally towards lower levels in
the case of the industrial stocks, but firm as a rule for the
railroad stocks. The slackening of trade naturally had a
weakening effect on the industrial list, particularly in the
case of the steel stocks and those of the automobile concerns.
U. S. Steel common May 29, the last business day of the
month, closed at 95% ex-div. of 1%%, against 98 Apr. 30.
Even in the case of the specialties, the fluctuations were less
extreme than has generally been the case in the past. The
oil stocks were at times weak by reason of the reduction in
oil prices. U. S. Rubber, both com. and pref., was excep­
tionally depressed by reason of the unfavorable condition of
the rubber trade, and the pref. shares May 28 sold down to
66%, against 77% May 2, and the common to 22% May 22,
against 30% May 1. International Paper stocks, on the other
hand, advanced to 43% May 27 for the common and 71 May
26 for the pref., against 35% May 20 and 66% May 10, re­
spectively, because of favorable reports concerning the in­
come position of the company. The copper stocks were weak
owing to the adverse state of the copper market and Ana­
conda touched 28% May 20, with the close May 29 29%,
against 32% May 5. American Tel. & Tel. was well main­
tained in face of the company’s announcement of a $150,000,000 new stock issue, and of course this carries with it im­
portant rights to the stockholders, who are allowed to sub­
scribe for the new stock at par. The stock closed May 29 at
126%, against 125% Apr. 30. The rights were quoted at 3%.
The railroad shares were exceptions to the general weak­
ness observable so many times during the month, and were
often used to rally the m arket; they displayed firmness even
the latter part of May, when the returns of earnings for the
month of April began to come in and as a rule showed heavy
losses both in gross and net, as compared with a year ago,
because of the falling off in business, which falling off these
returns showed had been much larger than generally sup­
posed. Not a few railroad stocks established new high rec­
ords for the year. The list of these new highs included
Ches. & Ohio, Atlantic Coast Line, Louisv. & Nashv. (the
rise in these last two having been stimulated by higher divi­
dend declarations), Atch. Top. & Santa Fe, com. and pref.,
Chic. & NorthW., pref., Del. & Hudson (which moved up
very sharply at times), New Orl. Tex. & Mex., New York
Chic. & St. L. com., Pere Marq. com. and pref., Tex. & Pac.,
Un. Pac. com. and Western Pacific. Mil. & St Paul, on the
other hand, displayed weakness at times, and both the com.
and the pref. on May 27 touched their lowest figure of the
year because of the heavy loss in earnings compared with
last year for the month of April and the knowledge that the
company would have to do some large financing in the near
future to take care of maturing bond issues. The market
suffered its severest break perhaps on Tuesday, May 20,
following the action of the United States Senate the day
before in overriding the President’ s veto of the Soldier
Bonus bill, the House of Representatives having overridden
the veto the previous Saturday. This action put the bill on
the statute books notwithstanding the President’s disap­
proval. The market responded by a general decline, U. S.
Steel common, for instance, opening at 95% against 97% at
the close of the previous day, New York Central at 100%
against 101%, American Can at 98% against 102%, Baldwin
Locomotive at 105 against 108%, Amer. Woolen com. 62%
against 64%, Col. Fuel & Iron 38 against 40%, Gen. Electric
214 against 216%, etc. Some further declines were experi­
enced during the course of the day in many instances and
in the case of Fisher Body Corp. the drop reached 13% points.
On succeeding days, however, a substantial part of the losses
sustained was recovered under the leadership of the rail­
road shares. The bond market was well sustained during
the month, many leading issues being slightly higher and a
few slightly lower, but some of the Mil. & St. Paul issues
broke badly for the reason already given. United States
Government issues moved still higher and the Third Lib­
erty Loan 4%s moved above 101 and all the different Lib­
erty issues sold above par, not excepting the first
3%s.



[VoL.ua.

V O L U M E O F BU SIN ESS O N T H E S T O C K E X C H A N G E .
M onth o f M ay—
1924.
1921.
1922.
1923.
Stock sales— N o. shs.
13,513,967
28,921,124
23,155,730
17,236,995
Bonds sales (par value)—
E R . & misc. bonds $152,490,000
$188,185,000
$139,298,000
$79,649,100
U . S. G o v t, b on d s.
139,494,425
96,054,330
95.464.000
127,776,450
State, municipal &
foreign bonds___
34,577,500
30.695.000
49,744,000
35,691,000
T otal bond s a le s.. $278,649,000 ' $269,929,830
$377,423,425
$243,116,550
Jan. 1 to M ay 31—
Stock sales— N o. shs.
97,515,654
112,106,698
112,023,173
75,402,382
Bonds sales (par value)
R E . & m lsc. bonds $847,038,000
$755,159,400
$858,158,100
$376,993,600
U . S. G ovt, b o n d s.
410,059,000
361,604,175
855,916,875
735,667,050
State, municipal &
foreign bonds___
151,531,000
213,050,900
271,405,000
118,374,100
T otal bond s a le s ..$1,408,628,000 $1,329,814,475 $1,985,479,975 $1,231,034,750

In the money market ease became still more marked.
Both the speculative and the mercantile demand for money
was light and the reverse of urgent. Business on the Stock
Exchange further dwindled away and the call for banking
accommodation in that quarter fell to even smaller propor­
tions than before. In fact, brokers’ loans on May 19 were
estimated as down to only $1,300,000,000, as against $1,320,000,000 April 16, and comparing writh the peak of $2,000,000,000 reached in February 1923. The mercantile inquiry
for funds was, of course, affected by the general slowing
down of trade. If there was any extra demand it was from
manufacturers obliged to borrow to carry their products be­
cause of slackening markets, but this could not have been a
factor of much consequence inasmuch as the policy was gen­
eral of curtailing production to accord with reduced pur
chases and slackening consumption, and with few excep­
tions stocks of goods in both wholesale and retail lines were
reported low. Call money on the Stock Exchange for days
at a time loaned no higher than 3 % % per annum, and then
no higher than 3%, and on the last business day of the
month, namely May 29 (May 30 being Memorial Day and a
holiday and May 31 being Saturday, when no loans are ever
negotiated on the Stock Exchange and in this instance the
Exchange having been closed anyway to give an extra holi­
day), the rate got down even to 2%%. With 4% % the high
figure May 1 the quotation quickly got down to 3% and the
only upward spurt of the month came on May 26, when the
quotation was temporarily marked up to 4% % , but the next
day the high figure was 4% and by May 29 the rate, as just
stated, touched 2%%, with the range for the day 2% @ 3% .
It may be that the temporary upturn reflected to some ex­
tent preparations for the 1st of June payments, but if so it
was quickly satisfied, though reports also had it that call
money then was in reduced supply owing to the action of
out-of-town banks in withdrawing their offerings because
of the prevailing low rates. The renewal rate was 4% %
May 1, then 3% % every day thereafter up to and including
May 15; then 3% % May 16; then 3% up to and including
May 26; then 4% May 27; then 3% % May 28 and finally 3%
May 29. For time loans the supply was always in excess of
the demand, a noteworthy feature being the large accumula­
tion of available funds, with comparatively few borrowers.
This last was particularly the case at the close of the month,
when it was noted that several financial institutions ap­
peared in the market as lenders. But not even preparations
to meet the June 1 disbursements sufficed to advance rates
or cause any noticeable stiffening in undertone. Quotations
at the close were 3% @ 4% for 60 and 90-day money, 4% for
4 and 5 months and 4 @ 4 % % for 6 months. This compared
with 4% @ 4% , the quotations at the beginning of the month
for all maturities, with the bulk of the limited business even
then being done at the inside figure. Commercial paper
rates were reduced to 4 @ 4 % % (from 4 % @ 4 % ) for 4 to 6
months choice names and to 4 % @ 4 % (from 4 % ) for names
not so well known. For New England mill paper, and the
shorter choice names, the quotation got down to 4% . Coun­
try banks appeared to be the principal buyers of mercantile
paper. One one change occurred during the month in any
of the rates of the Federal Reserve banks. Towards the
close of the month announcement came that the Federal
Reserve Bank of Cleveland had decided to follow in the
footsteps of the Federal Reserve Bank of New York and
reduce its rate from 4% % to 4% effective June 1; the re­
duction in the case of the New York Reserve Bank was ef­
fective May 1.
RATES FOR M O N E Y A T NEW Y O R K , W E E K L Y .
Week Ending—
M ay 2. M ay 9. M ay 16. M ay 23. M ay 30.
Call Loans on Stock Exchange—■
Range for week (mixed & in d . c o ll.) 3 % -4 %
2 % -4 %
3-3 4
3
3%
W eek’s average (mixed & ind. coll .)
4
3
3%
3
34
Time Loans (Mixed & Indus.. Collat.)—
Sixty days______________ ________ 4 % ^ i%
3% -4
3 % -4
3 3 4 -4
3 3 -4 %
4
N inety days____ _____ ________ 4 % -4 %
4-4 %
4
3% -4
3 % -4
_____ ________ 4 % -4 %
Four m o n th s..
4 -414
4
4-4%
4
F ive m onths____________ ------------- 4 % -4 %
4-4)4
4-4%
4-4%
4r-4%
_______ 4 % -4 %
4-4%
4-4%
4-4%
Six m onths. . _____
4-4i4
Commercial Paper—•
D ouble and single names4-4%
4-4%
4-4%
Prime 4 to 6 m o n th s.. ________ 4 % -4 %
4-4%
4%-43% 4 % -4 % 4 % -4 %
G ood 4 to 6 months . . ________
4 % -4 %
4%

Foreign exchange rates weakened all around during May,
and in the case of French and Belgian francs there was quite
a break after the sharp improvement in March and April.
The weakness followed as a result of the German and
French elections, particularly the latter. Both elections
showed notable gains by the radicals. The German election
was held Sunday, May 4, and the French election Sunday,
May 11. It cannot be said that the result in either case,
notwithstanding the radical trend in both cases, involved a
distinct menace to the Dawes plan for enabling Germany to
make reparations payments, though the German election

J une , 1924.]

11

MONTHLY REVIEW

were largely in response to changes on the other side of the
ocean and foreign selling was at all times in decided evi­
dence.
In the case of sterling, the various incidents growing out
of the German and French elections, together with the drop
in the franc, were of course not without influence upon the
London rate, but there were no such violent declines as have
been noted concerning French exchange. Early in the
month sterling rates were relatively steady and the first
news with reference to the German elections served to pro­
mote such steadiness. Later on, however, rates gave way as
the accounts concerning the German elections took on less
conservative a character, indicating greater gains for the
Communists than appeared by the early reports. The latter
part of the month the news bearing on the French elections,
with the labor troubles in the Ruhr and the continued fall
in the French franc, naturally reacted unfavorably on ster­
ling exchange, notwithstanding that as far as reparations
matters were concerned the developments all showed that
there would be very close co-operation between the British
Labor Ministry and any Ministry that might succeed to
power in France. Trading in sterling was very light during
the whole month, even though rates declined fully 8c. a
pound, the extremes for sight bills having been 4 38% May 1
and 4 30 3-16 May 31.
The German mark, while other rates were tumbling, ac­
tually moved a trifle higher from the microscopically low
figure at which the mark has so long been quoted. On May
1 the rate for marks was .000000000023 and on May 31
.000000000023%. The Austrian crown remained stationary
throughout the month at .0014%. The Bank of Germany
continued to show sensational and spectacular changes in
its weekly returns, the changes running into the quintillions.
In the first week of the month note circulation expanded no
less than 9,908,800,000,000.000,000. In the second week, how­
ever, there was a drop of 22,932,174.000,000,000,000 and in the
third week a further contraction of 14,587,463,000,000,000,000
marks. Exchange rates on the other centres of continental
Europe nearly all recorded substantial declines the latter
part of the month, in keeping with the break in francs and
the decline in sterling. The Dutch guilder, however, showed
relative steadiness and the rate of sight bills on Amsterdam

left German policy with regard thereto for the immediate
future somewhat in confusion, owing to doubts as to whether
the so-called Nationalists, imbued with monarchist notions,
and the Communists would dominate the new German Minis­
try. In the case of the French elections indeed a change of
Government was calculated to aid in the carrying out of the
Dawes plan, since the new Ministry was certain in any
event to display a more conciliatory spirit towards Germany
than had the Poincare Government. But the defeat of M.
Poincare was itself a serious matter and might put in
jeopardy French fiscal policy, more particularly the bal­
ancing of the French budget, the French people viewing with
extreme dislike the increase in taxation which balancing of
the budget involved. President Millerand thought it expe­
dient to invite the prospective new Premier to a conference,
at which definite assurance was given, as noted further
above, that the new Ministry considered balancing of the
budget an imperative responsibility of any Government that
might be formed, but the latter part of the month the French
franc showed renewed weakness. The result altogether was
a decline in the value of the franc of over 1% cents in
American money. On May 1 the quotation of checks on
Paris was 6.49%c. and on May 6, the day after the German
elections, the quotation was as high as 6.62%c. A sharp de­
cline, however, occurred during the next few days with less
favorable reports concerning the outcome of the German
elections coupled with labor troubles in the Ruhr, and the
franc broke sharply to 5.87 May 14, a loss of 75 points, but
the franc was again upon the upward tack when the French
elections occurred, and so unexpectedly proved adverse to
the Poincare Ministry, creating something akin to conster­
nation. By May 20 the franc was down to 5.23, as against
6.6214 on May 6, as already mentioned. The announcement
with reference to the conduct and the responsibility of any
Ministry that might take over the Government which came
the next day (May 21) had a momentary steadying influ­
ence and a recovery to 5.65 on May 22 occurred, but the
attempt to unseat President Millerand caused renewed
weakness and on May 31 French checks got down to 5.06.
Belgian francs also suffered a bad break, and as against
5.42 May 1 the quotation for checks on Antwerp May 31 was
down to 4.38. Throughout the month price movements here

RATES OF EXC H A N G E ON CON TIN EN TAL CENTRES.
N o te .— M eth od o f Q u o tin g F r e n c h , Sw iss a n d B elgia n fra n c s a n d I ta lia n lire c h a n g e d o n D e c. 1 1920 t o s h o w t h e v a lu e o f a ll th e s e d iffe r e n t u n it s In
c e n t s p e r u n it . T h e p re v io u s m e th o d o f q u o t in g w as t o give t h e n u m b e r o f fra n c s o r lir e t o t h e d o lla r.
Paris
Francs
e

Swiss
Francs

Bankers’
Checks
Cables

i 6.43Jfa.49Jf 6.44J£a.505f
2 6.44Jfa.48Jf 6.45 If 0.49
6.45
6.46
4
SUN D A Y
5 6.44J£a.49Jf 6.45 Jf a.50 If
6 6.45Jfa.62J£ 6.46Jfa.63Jf
7 6.36 a.57Jf 6.37
a.58 If
8 5.87 a6.26 5.88
a6.27
9 5.87 a6.00 5.88
(26.01
10 6.02J£a.06Jf 6.03Jfa.07Jf
11
SUN D A Y
12 5.51 a.78
5.52 a. 79
1 8 5.58
a.67Jf 5.59 a.68Jf
14 5.87 a.96
5.88 a.97
15 5.71J£a.84Jf 5.72 Jf a.85 Jf
16 5.73 a.80Jf 5.74 a.81 Jf
5.67 a.74
17 5.66 a. 73
18
SUN D A Y
19 5.44 If a.60
5.45If 0.61
5.24 a.40
20 5.23 a.39
a.54Jf 5.42 a.55Jf
2 1 5.41
22 5.31Jfa.65
5.32 Jf a.66
5.32 a.43
23 5.31 a.42
24 5.38Jfa.40Jf 5.39Jfa.41Jf
25
SUN D A Y
5.41 Jf a.46
26 5.40 Jf a. 45
5.35 0.38
27 5.34 a.37
28 5.32Jfa.37Jf 5.73 Jf 0.38If
29 5.19Jfa.36Jf 5.209f a.37Jf
H OLI D A Y
30
31 5.06 a .12
5.07 a .13
a

A m sterdam
Guilders

A n tw e rp
Francs

Bankers'

Bankers'
Checks
Cables

Bankers'
Checks

Cables

Sight

Cables

17.76al7.82 If
17.76al7.82 Jf
17.80al7.82
SUN
17.80al7.81Jf
17.80al7.81Jf
17.79al7.81 Jf
17.77 <217.80
17.73 017.76
17.74 017.76
SUN
17.72 Jf <217.75
17.71al7.72Jf
17.71
17.70J-fal7.72
17.71
17.72 al7.73
SUN
17.72 al7.74
17.69al7.71 Jf
17.70al7.71 Jf
17.69 al7.70
17.67 al7.69
17.66 al7.67
SUN
17.65al7.66Jf
17.64 al7.66
17.64 Jfal7.66
17.62al7.64 Jf
H OLI
17.59 al7.61

17.77al7.83 Jf
17.77al7.83Jf
17.81al7.83
DAY
17.81al7.82 Jf
17.81al7.82 Jf
17.80al7.82 If
17.79al7.82Jf
17.74 al7.76
17.75 al7.77
DAY
17.73 Jfal7.76
17.72al7.73 Jf
17.72
17.71 Jfal7.73
17.72
17.73 al7.74
DAY
17.73 al7.75
17.70al7.72Jf
17.71al7.72 Jf
17.70 al7.71
17.68 al7.70
17.67 <217.68
DAY
17.66al7.67 Jf
17.65 al7.67
17.65 Jfal7.67
17.63al7.65Jf
DAY
17.60 al7.62

37.39 a37.47
37.42a37.46 Jf
37.41
SUN
37.38a37.43
37.46 a37.50
37.46 a37.48
37.34 a37.42
37.28 a37.36
37.36 Jfa37.38
SUN
37.29 a37.34
37.31 a37.34
37.29 Jf a.37 Jf
37.32 037.39
37.36 a37.39
37.36a37.37Jf
SUN
37.37 037.39
37.34 037.40
37.35 a37.39
37.36 037.38
37.33 037.36
37.35 a37.37
SUN
37.35 037.37
37,40a37.41 Jf
37.40a 37.45
37.30 037.39
H OLI
37.29 a37.33

37.43 037.51
37.46037.50 Jf
37.45
DAY
37.42 037.47
37.50 037.54
37.50 037.52
37.38 037.46
37.32 037.40
37.40 Jf a37.42
DAY
37.33 037.38
37.35 a37.38
37.33Jfa.35Jf
37.36 a37.43
37.40 037.43
37.40037.41 Jf
DAY
37.41 037.43
37.38 037.44
37.39 037.43
37.40 037.42
37.37 037.40
37.39 037.41
DAY
37.39 037.41
37.44037.45 Jf
37.45 o37.49
37.34 a37.43
DAY
37.33 037.37

D enm ark
Kroner

Sw eden
Kroner

N orw ay
Kroner

Bankers’
Checks
Cables

Bankers’
Checks
Cables

Bankers’
Checks
Cables

5.36 a.42
5.37Jf a.40
5.35
SUN
5.25Jfa.32
5.16Jf a.39
5.14 O.30
4.87 a5.07
4.81 0.97
4.90 a.99 Jf
SUN
4.67 0.76
4.73 a.82 Jf
4.98 a5.03
4.78 a.87
4.79 0.87
4.80 a.84
SUN
4.65 a.79
4.51 a.67 Jf
4.62 a.72
4.48 a.78
4.55 a.63Jf
4.62 Jfa.63 Jf
SUN
4.63 a.66 Jf
4.58 a.60
4.57Jf a.67Jf
4.44 a.60
SUN
4.38 a.42

5.37 a.43
5.38 Jf a.41
5.36
DAY
5 26 Jfa.33
5.17Jf a.40
5.15 a.31
4.88 a5.08
4.82 a.98
4.91 a 5.00Jf
DAY
4.68 a .77
4.74 a.83Jf
4.99 05.04
4.79 a .88
4.80 a .88
4.81 a .85
DAY
4.66 o.80
4.52 a.68 Jf
4.63 0.73
4.49 a .79
4.56 a.54Jf
4.63 Jfa.64Jf
DAY
4.64 a.67 Jf
4.59 a.61
4.58Jf a.62 Jf
4.45 a.61
DAY
4.39 a.43

Bankers’
Sight

Cables

4.46Jf a.47Jf
4.47Jf a.48 Jf
4.46Jfa.47Jf
SUN
4.47Jf a.48 Jf
4.48 a.50Jf
4.47 Jf a.49
4.42Jf a.47
4.43 o.46
4.45 a.46
SUN
4.40 Jf a.43
4.42 a.44
4.43 a.46 Jf
4.42 Jf 0.43 Jf
4.43
4.43 a.44 Jf
SUN
4.42 Jf a.43 Jf
4.40 Jf a.43
4.43 a.43 Jf
4.40 Jf a.44
4.40Jf a.41 Jf
4.41
SUN
4.40 Jf a.41 Jf
4.39 Jf a.41
4.38 a.40
4.37 Jf a.39
SUN
4.32 Jfa.33 Jf

4.47Jf a.48 Jf
4.48 Jf a.49Jf
4.47 Jf a.48 Jf
DAY
4.48 Jfa.49Jf
4.49 a .51 Jf
4.48 Jf a.50
4.43 Jf a.48
4.44 a.47
4.46 a.47
DAY
4.41 Jf a.44
4.43 0.45
4.44 a.47Jf
4.43 Jf a.44 Jf
4.44
4.44 a.45Jf
DAY
4.43 Jf a.44 Jf
4.41 Jf a.44
4.44 0.44 Jf
4.41 Jf a.45
4.41 Jf a.42 Jf
4.42
DAY
4.41 Jf a.42 Jf
4.40 Jf a.42
4.39 a.41
4.38 Jf a.40
DAY
4.33Jf a.34Jf

B erlin
Reichsmarks

16.87al6.88
16.88
16.89
SUN
16.90al6.92
16.96al7.01
16.99al7.00
16.98al7.04
16.93al7.01
17.02al7.03
SUN
16.94al6.98
16.94
16.92al6.93
16.87al6.89
16.87al6.88
16.91al6.92
SUN
16.90al6.94
16.87al6.91
16.90al6.91
16.89al6.90
16.82al6.85
16.84
SUN
16.78
16.78al6.81
16.80al6.82
16.78al6.80
HOLI
16.76

16.91al6.92
16.92
16.93
DAY
16.94al6.96
17.00al7.05
17.03al7.04
17.02al7.04
16.97ol7.05
17.06ol7.07
DAY
16.98al7.02
16.98
16.96al6.97
16.91al6.93
16.91al6.92
16.95al6.97
DAY
16.94 o l6 .98
16.91al6.95
16.94al6.95
16.93al6.94
16.86al6.89
16.88
DAY
16.82
16.82al6.85
16.84al6.86
16.82al6.84
DAY
16.80




26.33a26.36 26.37a26.40
26.36o.40 Jf 26.40a .44 Jf
26.36
26.40
SUN D A Y
26.40a.41 Jf 26.44a.45Jf
26.42a26.45 26.46a26.49
26.43 Jfa.45 26.47Jfa.49
26.38o26.42 26.42a26.46
26.42a .44 Jf 26.46a.48 Jf
26.44a26.45 26.48a26.49
SUN D A Y
26.45a.48 Jf 26.490.52 Jf
26.51a.53 Jf 26.55a.57Jf
26.52 Jf
26.56 Jf
26.52a26.54 26.56a26.58
26.51 Jf
26.55 Jf
26.52
26.56
SUN D A Y
26.51a.53 Jf 26.55a.57Jf
26.51
26.55
26.50026.51 26.54a26.55
26.52
26.56
26.49a26.52 26.53a26.56
26.52 Jf
26.56 Jf
SUN D A Y
26.52 Jf
26.56 Jf
26.51a.52 Jf 26.55a.56H
26.49a26.51 26.53026.55
26.47a26.49 26.51a26.53
H OLI D A Y
26.52
26.48

13.78ol3.80
13.81al3.82
13.79
SUN
13.79al3.83
13.83al3.87
13.88al3.91
13.89 Jfa.92
13.88al3.95
13.98o.01 Jf
SUN
13.83al3.95
13.73al3.81
13.78al3.81
13.80al3.84
13.82al3.88
13.86al3.88
SUN
13.87ol3.91
13.87al3.90
13.87al3.92
13.88al3.91
13.84al3.88
13.85
SUN
13.84 Jfa.90
13.79i2a.8H2
13.73al3.75
13.72al3.73
HOLI
13.67

13.82ol3.84
13.85al3.86
13.83
DAY
13.83al3.87
13.87al3.91
13.92al3.95
13.93 Jf a.96
13.92al3.99
14.02a.05Jf
DAY
13.87al3.99
13.77al3.85
13.82al3.85
13.84al3.88
13.86al3.92
13.96al3.92
DAY
13.91al3.95
13.91al3.94
13.91al3.96
13.92al3.95
13.88al3.92
13.89
DAY
13.88 Jfa.94
13.83i2a.85i2
13.77al3.79
13.76al3.77
DAY
13.71

Bankers’
Cables
Checks
2.03Jf
2.07Jf a.09
2.09Jf a.20Jf
SUN
2.15 a.20
2 .1 2 J fa .l5
2.10
2.16 a.22 Jf
2.05 Jf a .15
2.01 Jf
SUN
2.01
2.00Jf
2.01 Jf
2.01 Jf
2.04
2.00Jf
SUN
1.91 a.9 7Jf
1.93Jf
1.95
1.95 a.95Jf
1.92
1.92
SUN
1.91 0.92 Jf
1.93 Jf
1.93 Jf
1.88
SUN
1.85Jf

2.04
2.08 a.09Jf
2.10 a.21
DAY
2.15 a.20
2.12 J fa .l5 J f
2.10Jf
2.16 Jf a.23
2.06 a .l5 J f
2.02
DAY
2.01 Jf
2.01
2.02
2.01 Jf
2.04Jf
2.01 Jf
DAY
1.91 Jf a.98
1.94
1.95Jf
1.95Jfa.96
1.92 Jf
1.92Jf
DAY
1.91 Jfa.93
1.93Jf
1.94
1.88 Jf
DAY
1 .8 6

V ie n n a
Kronen

M ay.

1 ____
2 ____
3 ____
4 ____
5 ____
6 ____
7 ____
8 ____
9 ____
10____
11____
12____
13____
14____
15____
16____
17____
18____
19____
20 ____
21____
22____
23____
24 ____
25____
26____
27 ____
28-----29____
30-----3 1 ____

G reek
N ow quoted in
Cents per Drachma

Ita lia n
Lire

Bankers'
Checks

Cables

.000000000023
.000000000023
.000000000023
SUN
.000000000023
.000000000023
.000000000023
.000000000023
.000000000023 Jf
.000000000023 Jf
SUN
.000000000023Jf
.000000000023 Jf
.000000000023 Jf
.000000000023 Jf
.000000000023 Jf
.000000000023Jf
SUN
.000000000023 Jf
.000000000023 Jf
.000000000023 Jf
.000000000023 Jf
.000000000023 Jf
.000000000023 Jf
SUN
.000000000023 Jf
.000000000023 Jf
.000000000023Jf
.000000000023Jf
HOLI
.000000000023Jf

.000000000023
.000000000023
.000000000023
DAY
.000000000023
.000000000023
.000000000023
.000000000023
.000000000023Jf
.000000000023 Jf
DAY
.000000000023 Jf
.000000000023Jf
.000000000023 Jf
.000000000023 Jf
.000000000023 Jf
.000000000023 Jf
DAY
.000000000023 Jf
.000000000023 Jf
.000000000023 Jf
.000000000023 Jf
.000000000023 Jf
.000000000023 Jf
DAY
.000000000023 Jf
.000000000023Jf
.000000000023 Jf
.000000000023Jf
DAY
.000000000023Jf

S p a n ish
Pesetas

Bankers’
Checks
Cables

Bankers'
Cables
Checks

.0014 Jf
.0014 Jf
.0014 Jf
SUN
•0014Jf
.0014Jf
.0014 Jf
.0014 Jf
.0014 Jf
.0014 Jf
SUN
.0014Jf
.0014 Jf
■0014Jf
.0014 j f
•0014Jf
.0014 Jf
SUN
.0014 Jf
•0014Jf
.0014 Jf
.0014 Jf
.0014 Jf
.0014Jf
SUN
.0014 Jf
•0014Jf
.0014 Jf
.0014 Jf
HOLI
.0014 Jf

.0014 Jf
.0014 Jf
.0014 Jf
DAY
.0014 Jf
.0014 Jf
.0014 j f
.0014 Jf
.0014 Jf
.0014 Jf
DAY
•0014Jf
.0014 Jf
.0014 Jf
.0014 Jf
.0014 Jf
.0014 Jf
DAY
•0014Jf
•0014Jf
.0014 Jf
•0014Jf
.0014 Jf
•0014Jf
DAY
.0014 Jf
.0014 Jf
.0014 Jf
■0014Jf
DAY
•0014Jf

13.71al3.78
13.79al3.86
13.86
SUN
13.83al3.87
13.80 Jfa.85
13.84al3.85
13.77al3.80
13.73al3.82
13.80al3.83
SUN
13.76 Jfa.78
13.83
13.83a.85 Jf
13.82o.85 Jf
13.83al3.85
13.85
SUN
13.85al3.89
13.83i2a.85i2
13.83
13.77al3.82
13.68al3.71
13.72 Jf
SUN
13.73al3.75
13.66 Jfa.69
13.65 Jfa.67
13.64al3.66
HOLI
13.58al3.60

13.73al3.80
13.81al3.88
13.88
DAY
^
13.85al3.89
13.82 Jfa.87
13.86al3.87
13.79al3.82
13.75al3.84
13.82al3.85
DAY
i
13.78 Jfa.80
13.85 4
13.85a.87Jf
13.84a.87Jf
13.85al3.87
13.87
DAY
13.87al3.91
13.85i2a.87it
13.85
13.79al3.84
13.70al3.73
13.74Jf
DAY
13.75al3.77
13.68 Jfa.71
13.67Jfa.69
13.66ai3.68
DAY M H
13.60al3.62

12

[Vol. 118.

MONTHLY REVIEW

Was 37.29@37.33 May 31, against 37.39@37.47. Swiss francs
and Italian lire also yielded after early strength. The rate
for checks on Switzerland May 31 was 17.59@17.61, against
17.76@17.82% May 1. The Italian lire was 4.32%@4.33%
May 31, against 4.46%@4.47% May 1. The Greek drachma
on checks moved up from 2.03% May 1 to 2.22% May 8, but
was down to 1.85% May 31. The Spanish peseta for checks
was 13.58@13.60 May 31, against 13.71@13.78 May 1. Ex­
change on the Scandinavian centres was pretty well main­
tained and the quotation for the Swedish crown actually
advanced, being May 31 (for checks) 26.48, against 26.33@
26.36 May 1. The Danish crown was 16.76 May 31, against
16.87@16.88 May 1, and for the Norwegian crown 13.67,
against 13.78@13.80. In the minor European currencies a
noteworthy change was the quoting of the new Polish cur­
rency unit, the “zloty,” which replaces Polish marks and is
equivalent in value to a gold franc of the Latin Union, that is
19.3c. One zloty is the equivalent of 1,800,000 Polish
marks. The old Polish mark continued to be legal tender in
Poland until June 30. The first quotation here was made
May 12 at 19.75, and there was no change from this through­
out the month.
Rates on South American points sharply advanced the lat­
ter part of the month in a number of instances. For illustra­
tion the boliviano on Bolivia advanced from 29% to 31%.
The milreis on Brazil at first moved up from 11.30 to 11.45,
then dropped to 10.70, but was 11.00 May 31. The Argentine
peso was 32% May 31, against 32% May 1. The Chilean
peso, on the other hand, after dropping from 11% to 10.67,
was 10.71 May 31. In rates on the Far East, the features
were the recovery in the Japanese yen and in rates on Hong
Kong and a decline in rates on Bombay and Singapore. The
yen on Yokohama got down to 39.80 May 5, but was 41% ©
41% May 31, notwithstanding the action of President Coolidge in signing the immigration bill containing the Japanese
exclusion clause, and the action of the Japanese Government
and Japanese people in openly and sharply resenting the e x ­
clusion provision. The dollar on Hong Kong May 31 was
quoted at 52% @52% , against 51% @52 on May 1 and the
tael on Shanghai 72% @72% , against 70%@71. The rupee
of Bombay was down to 30% @31% May 31, against 31% @
31% May 1. The Imperial Bank of India on May 31 reduced
its rate of discount from 8% to 7%.

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RATES OF EXCHANGE ON OTHER CENTRES.
C a n ada
Dollars

C zecho­
slovak ia
Kronen

B u ch a ­
rest
Leu

Checks
l 9ie% discount
discount
l ’ ie% discount

Checks
2.9314
2.94M
2.94H

Checks
.52%
•51%
•51%

.0 0 0 0 1 2
.0 0 0 0 1 2
.0 0 0 0 1 2

.0 0 1 2
.0 0 1 2 %
.0 0 1 2 %

discount
discount
discount
discount
discount
discount

2.94
2.935€
2.94
2.9414
2.9314
2.9314

•51%
.51%
•51%
.51%
.51%
.51%

.0 0 0 0 1 2
.0 0 0 0 1 2
.0 0 0 0 1 2
.0 0 0 0 1 2
.0 0 0 0 1 2
.0 0 0 0 1 2

.0 0 1 2
.0 0 1 2 %
.0 0 1 2 %

discount
discount
discount
1 2532% discount
1 % % discount
discount
1M %

2.9314
2.93%
2.93%
2.95
2.95
2.9514

.50%
.50%
.50%
.49%
.49%
.49%

discount
discount
discount
discount
discount
discount

2.95%
2.96%
2.96%
2.96
2.95%
2.94%

M ay.

1 ...

2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
81
M ay.

1—
2- —
3—
4—

5—

6—
7—
8—
9—
10—
11—
12—
13—
14—

15—

16—
17—
IS —
19—
20—
21—
22—
23—
24—
26—
26—
27—

28—
29—

...
...
...
...
...
...
...
...
—
—
...
...
...
...
...
...
...
...
-...
...
...
...
...
...
...
...
...
...
...

1 916%

Checks

H u n g a ry

Serbia

R u s sia n
Chernovetz

B u lga ria

F in n is h
Markka

Checks

Checks
1.25%
1.25%
1.25

Checks
d5.1S
<?5.18
(Z5.18
SU N D A Y
<25.18
<25.18
<25.18
<25.IS
<25.16
<25.16
SU N D A Y
<25.16
<25.16
<25.16
<25.16
<25.16
<25.15
SU N D A Y
<25.16
<25.18
<25.18
<2.518
<25.18
<25.18
SU N DAY
<25.18
<2.518
<25.18
<25.18
H O L ID A Y
<25.18

Checks
<2.73
<2.74
<2.72

Checks
2.52
2.52
2.51%

<2.73
<2.73
<2.73
<2.72
<2.73
<2.73

2.51
2.52
2.52
2.52
2.52
2.52

.0 0 1 2 %
.0 0 1 2

1.24%
1.24%
1.24%
1.24%
1.24%
1.24

C19.75
el9.75
el9.75
el9.75
el9.75
el9.75

.0 0 1 2 %
.0 0 1 2
.0 0 1 2
.0 0 1 2
.0 0 1 2
.0 0 1 2

1.24
1.24
1.23%
1.23%
1.23%
1-23%

.49%
•49%
.49%
.49
.48%
.47%

el9.75
el9.75
el9.75
el9.75
el9.75
el9.75

.0 0 1 1 %
.0 0 1 2
.0 0 1 2
.0 0 1 2
.0 0 1 2
.0 0 1 2

1.23%
1.24
1.23%
1.24
1.23%
1.23%

l ls32% discount 2.94% a2.94%
2.94%
1 H % discount
2.94%
11#32% discount
2.94
discount
1M %

.47%
.46%
.43
.43%

d 9 .7 5
€19.75
C19.75
€19.75

.0 0 1 2
.0 0 1 2
.0 0 1 2

1.23%
1.23%
1.23%
1.23

l 2l32% discount

.44

el9.75

.0 0 1 2

l*u %
1 1#32%
1 2I32%
1 2632%
l 233 .%

1K %
1 2132%

1H %
l% %

m %
1 “ 32%

1H %
l u it%
l “ u%
1 2132%

B olivia
B oliviano
Checks
29%
29%
29%

29.3a2.93%

•P011%

V en e­
zu e la
Bolivar

♦Chile
Peso

zP eru
Libra

Checks
78%
78%
78%

Checks
19%
19%
19%

Checks
11%
11%
11%

Checks
4.00
4.00
4.00

78%
78%
78%
78%
78%
78

19%
19%
19%
19%
19%
19%

11%
11%
11%
11%
11%

4.00
4.00
4.00
4.15
4.12
4.12

21.00
21.00
21.00
21.00
21.00

78%
78%
78%
78%
78%
78%

19%
19%
19%
19%
19%
19%

11%

11%
11%
11%
11.30
11%

4.12
4.12
4.15
4.15
4.16
4.16

C o lo m ­
b ia
E c u a d o r U ru g u a y
Peso
Sucre
Dollars
Checks
96
96
96

.0013

Checks

21.00
21.00
21.00
21.00
21.00
21.00
21.00
21.00
21.00
21.00

29%
29%
29%
29%
29%
29%

96
96
96
96
96
96

29%
31%
31%
31%
31%
31%

96
1.00
1.00
1.00
1.00
1.00

31%
31%
31%
31%
31%
31%

1.00
1.00
1.00
1.00
1.00
1.00

21.00
21.00
21.00
21.00
21.00
21.00

78.89
78.74
79.09
78.74
78.58
78.58

19%
19%
19%
19%
19%
19%

11%
11%
11%
11.20
11.20
11.20

4.18
4.18
4.18
4.18
4.16
4.16

31%
31%
31%
31% ’

1.00
1.00
1.00
1.00

21.00
21.00
21.00
21.00

78.58
78.89
78.74
78.89

19%
19%
19%
19%

10.90
10.74
10.67
10.72

4.16
4.16
4.13
4.15

31%

1.00

21.00

78.58

19%

10.71

4.13

30—

81—

P olish
Marks

11.30

1 .2 2 %

y P o rtu gal
Escudo
Checks
3.11
3.11
3.04
SUN
3.11
3.12
3.11
3.11
3.11
3.11
SUN
3.09
3.01
3.06
3.04
3.02
3.05
SUN
3.03
3.02
3.00
2.99
2.99
2.99
SUN
2.99
2.96
2.99
2.93
HOLI
2.95

T u rk e y

H ong
K ong
Dollar

A rg e n tin a
Peso

B razil
M ilreis

Checks
32%
33%
33

Cables
32%
33%
33%

Checks
11.30
11.35
11.40

Cables
11.35
11.40
11.45

32%
33%
33%
33
32%
32%

33
33%
33%
33%
33
33

11.40
11.45
11.40
11.35
11.30
11.30

11.45
11.50
11.45
11.40
11.35
11.35

11.30

11.35

11%

11%

1 1 .2 0

11.40
11.25
11.05

<2.73
<2.72
<2.73
<2.73
<2.73
<2.72

2.51
2.52
2.52
2.52
2.51 %a2.52
2.51%

32%
32%
32 %
32%
32%
32%

33
33
33
33
33
33

<2.72
<2.73
<2.72
<2.73
<2.73
<2.73

2.51
2.52
2.51
2.52
2.51%
2.52

32%
32%
32%
32%
32.67
32.67

33
33
33
32%
32%
32%

10.90
10.70
10.70
10.70

<2.72
<2.73
<2.73
<2.73

2.51
2.51
2.51%
2.51

32%
32%
32%
32%

33
33
32%
33

10%
l l'i e

1 1 .1 0
1 0 19u
11%

2.51

32%

32%

11

llh l

<2.72
Shang­
hai
Tael

Y ok o­
ham a
Yen

M anila
Peso

S in g a ­
p o re
Dollars

11.35

11.00
10.95

11.00

11.00
11.00

11.05
11.05
10.95
10.75
10.75
10.75

10.85
11.05

10.90

B om ba y
Rupees

Java
Guilders

_
_

Checks
51 % «52
51 %<z52
51% a52

Checks
70%a71
70%o71
70%o71

Checks
Checks
Checks
Checks
Checks
40.50a 40.60 49% a49% 51% o51% 31% o3U 6 36% a36%
40.55s 40.65 49% 049% 51 %051 % 31 %oXT% 36% 036%
39% a40% 49 % a49 % 51% a51% 31% a31% 36% o36%

_
_
_
_
_

51% a52
51% a52
51% 052
52% 052%
52% a52%
52% a52%

70%a71
70%a71
70%a71
71 071%
71% a71%
71%a72

39.80O40
39.90a40
39.90O40
40% a40%
40% o40%
40 % a40 %

49% 049%
50% a50%
50 % a50 %
49 % a49 %
49 % a49 %
49% a49%

51% o51%
51% a51%
51% a51%
51 %a51 %
51 %a51 %
51 %a51 %

31% o31%
31% o31%
31% o31%
31% o31%
31% o31%
31% o31%

36% a36%
36% 036%
36% a36%
36% 036%
36% o36%
36% o36%

_
_
_
_
_

52% a52%
52% a52%
52% a52%
52% a52%
52% a52%
52% a52%

71% o72
71%a72
71% o72
71% o72
71% o72
71% o72

40% 040%
40% 040%
40% 040%
40% 040%
41% o41%
41% a41%

49% 049%
49% 049%
49% 049%
49% 049%
49% 049%
49% 049%

51% a51%
51% a51%
51 % a51%
51% o51%
51% a51%
51% a51%

31% 031%
31% a31%
31% o31%
31% o31%
31 031%
31 a31%

36% a36%
36% o36%
36% a36%
36% o36%
36% 036%
36% o36%

_
_
_
_

52% 052%
52% a52%
52% a52%
52% a52%
52% a52%
52% a52%

71%a72
71%a72
71%a72
71% 072
72% 073
72% 073

41% 041%
41% a41%
41 %a41 %
41% 041%
41 %a41 %
41% a41%

49% a49%
49% 049%
49% a49%
49 % a49 %
49% 049%
49% 049%

51% a51%
51% o51%
51% a51%
51 %a51 %
50% a51
50% a51

31 031%
31 031%
31 031%
31 031%
30% a31%
30% a31%

36% a36%
36% 036%
36% a36%
36% 036%
36 036%
36 036%

_
_
_

52% a52%
52 % a52 %
52% a52%
52% a52%

72% 073
72% 072%
72% 072%
72% 072%

41% a41%
41% o41%
41% o41%
41% 041%

49% 049%
49% 049%
49 % a49 %
49% 049%

50% a51
50% a51
50% 051
50% a51

30% a31%
30% o31%
30% a31%
30% a31%

36
36
36
36

036%
036%
036%
036%

30% a31% 36

036%

DAY

DAY

DAY

DAY

DAY

52% a52% 72% 072% 41% a41% 49% 049% 50% a51

* Cents o f U . S. m oney per Chilean peso, x Am erican m oney per Peruvian pound, y Value o f one escudo in U . S. currency, d N om inal, e E ffective M a y 12 1924, we
com m enced the quotation of Polish exchange in zloty instead o f marks, which had form erly been the medium o f exchange. T h e zlo ty Is equivalent to 1,800,000 marks.




13

N ew York Stock Exchange
M O N TH LY A N D Y E A R L Y RECORD
The following tables furnish a oomplete record of the New York Stock Exchange transactions for the past month an£
xhe year 1923 to date. They need no extended Introduction, as they are self-explanatory. The tables embrace every
•eourlty (excepting only State bonds) dealt In on the Exchange. We give bonds first, using the classification adopted in
the official list. The black-faced letters in the column headed “ Interest Period” indicate in each oase the month whe*
the bonds mature.
In accordance with the rule adopted by the New York Stock Exchange In 1909, all quotations for interest-paying
%onds are at a price to which accrued interest must be added. The exceptions to the rule are income bonds and bonds
tn which interest is In default. This method of quoting bonds became effective January 2 1909.

For footnotes to tables see last page of bonds and last page of stocks.

BONDS.—PRICES AND SALES FOR MAY AND RANGE FOR THE YEAR TO DATE.
BONDS
N. Y . ST O C K E XC H AN G E.

Sales in Price about
Jan. 2
May.
1924.
Par Value

U S Government Securities
first Liberty Loan—
First 3 % s ................... 1932-’ 47 J D 11044000
50,000
R eg istered _______________
5,000
First 4s......... .............. 1932-’ 47 j ' D
R eg istered _______________
First 4%a.................... 1932-’47 j ' D 4.795.000
27,000
R egistered _______________
First Second 4%S— 1932-’47 j ' D 3.121.000
R eg istered _____________
Second Liberty Loan—
11,000
Second 4s___________ 1927-’42 M N
5,000
R egistered _______________
Second 4 % s_________ 1927-’ 42 M N 18022000
202,000
R eg istered _____________
Third Liberty Loan—
Third 4 % s.........................1928 M S 16808000
180,000
R egistered _____________
Fourth Liberty Loan—
Fourth 4 % s.............. _1933-’ 38 A O 26955000
355,000
R eg istered _______________
Treasury 4 % _________ 1947-1952 A O 3,958,000
16,000
Ss cons reg_________ April 1930 Q J
Is cons cou p _______ April 1930 Q J
4s registered______________ 1925 Q F
4S coupon_________________ 1925 Q F
Panama Canal 3s__________ 1961 Q M
Registered______________ 1961 Q M
State and City Securities i
27.000
Haw York C ity— 4s% ------ 1960 f*
31.000
4% s Corporate stock— 1964 M
4% s Corporate stock— 1966 A
11,000
4%a Corporate stock— 1971J
7.000
4% s Corporate stock— 1967 J J
8.000
4% s Corporate stock— 1965 J D
11,000
4% s Corporate stock— 1963 M S
4% Corporate stock----- 1959 M N
1,000
2,000
4 % Corporate stock ----- 1958 M N
3.000
4% Corporate stock----- 1957 M N
23.000
4% Corporate stock----- 1956M N
32.000
New 4 % s ........................ 1957 M N
4 % % Corporate s t o c k .. 1957 M N
25.000
8.000
314% Corporate stock._1954M N
N Y State— Highway 4 s . . . 1961 M S
Canal 4s-----------------------1961J J
Canal 4s_______________ 1960 J J
do 4 % s....... .................. 1964 J J
Highway Im pt 4 % s----- 1963 M S
Virginia debt 2-3s--------- ..1991 J J
F oreign G ov’ t S e cu rite s
423.000
Argentine (G ovt) 7s...........J927T A
24.000
Argentina 5s____________ 1945 m B
Temp s f g 6s Ser A ------- 1957 M S 1.163.000
D 621.000
Austrian (G ovt) 7s w 1 -..-1 9 4 3
D 514.000
Belgium— 25-yr ext s f 7 % s g 45
J 534.000
B-year 6 % notes.............. 1925
A 1.387.000
20-year sinking fund 8S..1941
39.000
Bergen (Norway) s f 8s------ 1945 M N
Berne (C ity of) s f 8s........... 1945 M N 161.000
Bolivia (R ep u b licof) 8S ...1947 M N 1.062.000
Bordeaux (City of) 15-yr 6s 1934 M N 196.000
Brazil. U S o f , external 8s. . 1941 J D 599.000
Cent R y 7s........................ 1952 J D 193.000
7 % s........... ........................ 1952 A O 168.000
do Large_____
Canada. Dom inion o f, 5 s ..1926 A O 115.000
do
do
5s________1931 A O 231.000
10-year 5 % s........
1929 F A 300.000
gg
__________________ 1952 M N 753.000
Chile Republic exter s f 8 s .1941 F A 142.000
98.000
External 5-year s f 8 s ----- 1926A O
“ a ._______
1942 M N 206.000
80.000
25^year s f 8s gold---------1946 M N
52.000
Chinese, Hukuang R y 5 s ..1951 J D
46.000
Christiania (C ity) s f 8 s ...1 9 4 5 A O
Colombia 6 %s . . . . — -1927 A O 262,000
Copenhagen 25-yr s f 5%s_1944 J J 173.000
6,000
C uba. Rep o f, 5 ? ---------------1944 M S
3,000
5s ext debt Ser A of 1914.1949 F A
15.000
4t4s external loan---------1949 F A
B U s___________________ 1953 J J 1.167.000
Czechoslovak (Rep o f) 8s— 1951 A O 747.000
28.000
Danish Cons MunJc s f 8s A 1946 F A
111.000
S e r ie s B s f8 s ...................1946 F A
Denmark s f 8s____________ 1945 A O 160,000
307.000
20-year external 6s-------1942 J J
44.000
Dominican Republic s f 5s. 1958 F A
B U S ....... ....................... -1 9 4 2 M S 187.000
Dutch East Ind 25-yr ext 6sl947 J J 243.000
460.000
40-year 6s_____________ 1962 M S
619.000
BUS................................... 1953 M
1.389.000
French Repub 25-yr ext 88.1945 M s
20-yr external loan 7 % s. 1941 J D 1.525.000
Qt Brit & Ireland. Un King of
856.000
20-year gold bond 8%s._1937
409.000
10-year conv 8 % s---------- 1929
Greater Prague 7 % s............ 1952 M N 171.000
52.000
Haiti 6s........... .............. ........1952 A O
94.000
Italy. Kingdom, Ser A 5%s 1925
195.000
Japanese Govt, Imp— £4%* ’25
145.000
2d series 4 % «---------------- 1925
241.000
Sterling loan 4s_________ 1931
2.330.000
Temporary s f g 6 % 3 ...1 9 5 4
105.000
Oriental Development 6s 1953
ons (City of) 15-year 68.1934'M N 344.000
irseules (City! 15-vr S s.19 3 4 M N 285.000

K




Bid.

Ask. Bid.

99>b Sale

RANGE SINCE JAN. 1.

PRICES I N M A Y .
May 1.

May 31.

Ask, Bid.

993a Sale
0
100.00.

973»a Sale
10013j Sale
2
98*32 Sale
10013 Sale
2i
98*32 Sale
3
97**32 9813 100I6 j Sale
02

Ask.

Lowest.

Highest.

Lowest.

Highest.

Sale Prices.

Sale Prices.

Sale Prices.

Sale Prices.

98**32 M ar. 6 100**32 M ay 16
98**32 Mar. 24! 9933 M ay 29
02
98**32 Jan. 16 100*«3» M ay 17
97**32 Jan. 2 99**33 Mar. 22
10023 Sale 100«3i M ay 8!l00**3s M ay 15 98**32 Jan. 5 100**32 M ay 15
0i
1003 i M ay 12,100**33 M ay 28 98*32 Jan. 2 100**32 M ay 28
3
100.00101.00 100*32 M ay 14'l00**3i M ay 1 98**32 Jan. 14:100**32 M ay 21
99**32 Sale

100 “

99**3? M ay 8 100**33 M ay 16
02
99**33 M ay 7 9933 M ay 29
10013 M ay 20 100**32 M ay 17
42

100**33 Sale

100

98*3 Sale
983a Sale

1001a Sale
4
10014 Sale
42

10013i Sale
2
100*31 Sale

100*32 M ay 26)100**23 M ay 21
100*32 M ay 271100*32 M ay 27
10021 M ay 28 101*3i M ay 1
3
10022 M ay 3 100**23 M ay 16
3

98**32 Jan. 10 100**32 M ay 21
98*32 Jan. 4 100*32 M ay 27
98*32 Jan. 5 101*3i M ay 1
98*32 Jan. 2 100**3i M ay 16

99**32 Sate
98*32 Sale

IOO17 3 Sale
3
1001a Sale
3

1012i Sale
3
lOl.OOSale

100*«3i M ay
100*32 M ay

99**32 Jan.
99*32 Jan.

98io3 Sale
2
98i«32 Sale
991a Sale
2

10023 Sale
02
lOO^ Sale
102.00Sale

lOO^si Sale
10023 Sale
4i
102**31 Sale

100*3i M ay
100«3i M ay
10123 M ay
0i
1012 3 M ay
*2

93
99%
99 %
99%
103%
103%
103%
103%
96%
96%
103%
95
103%
103%
85%

91

3 101**31 M ay 27
1 101*31 M ay 27
lOl.OOMay
10023 M ay
*2
10223 M ay
2i
102**32 M ay

23
26
16
27

100% M ay 20
101% M ay 27

1 0 4 % _____
104% 1 0 4 % _____
104 % 1 0 4 % -------104% 1 0 4 % _____
95% Sale
95% 96%
104 % 95% 96%

105%
105
105
105%
96%
96%
96%
96%
105%
105%
88 %

100 % 1 00 %

____

104 % 104% Sale
104 % 1 0 4 % ____
87
8 6 % ------

101% Sale
84
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale

100
Sale
99)4 Sale
Sale
101
99)4 Sale
102
Sale
102)4 Sale
94)4 Sale
1 02 % 103
41% Sale
Sale
108
95
Sale
Sale
88
95
94
90% 92%
82
80
91% Sale
94% Sale
107% Sale
107% Sale
108% Sale
99% Sale
99% 101 %
85% 87
95
Sale
94% Sale
90% Sale
94% Sale
91.% Sale
9A»% Sale
107% Sale
77
Sale
89% Sale
98% Sale
93% Sale
92% Sale
80
Sale
88% Sale
74% Sale
74
Sale

101%
78%
90%
89%
101%
99%
102
109
109
89
81%
94%
81
98%

Sale
79
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale

1 0 1 % Sale

99% Sale
Sale
104
102 % Sale
96% Sale
103% Sale
39% Sale
108% Sale
95% Sale
Sale
90
Sale
95
89%
80% 81%
93% Sale
Sale
97
107% Sale
106% Sale
108% Sale
94% Sale
101 % 102 %
86% 87
93% Sale
93% Sale
86 % Sale
99% Sale
Sale
96

101

108%
85
91
100
97%
97%
79%
91%
86 %
81%
81%

98**32 Jan. 5 lOl.OOMay
98*32 Jan. 3i 100‘3 i M ay
3
99**32 Jan. 5 102**32 M ay
99**32 Jan. 9 102**31 M ay
103% Mar. 25 103% Mar.
102% Mar. 19 102% Mar.
Feb.
101
Feb. 15 101

23
26
16
27
25
19
15

101 %

____

1 0 5 % _____
105% 106
105%
105%
96%
96%
96%
96%
105%
105% 105%
88

105%
105
104%
105%
95%
96%
96%
96%
104%
105%
87

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

19
3
2
15
24
27
27
19
13
27
24

98%
99%
99%
105%
102%
103'
102%
94%
94%
96%
94%
103%

Mar.
Jan.
Jan.
M ay
Mar.
Feb.
Mar.
Mar.
Mar.
Jan.
Feb.
Mar.
102 % Mar.
85% Mar.

10 100 %
30101%
4 99%
21 105%
105
105
105%
96%
96%
96%
96%
7 105%
3 105%
18 88%

M ay
M ay
Feb.
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

20
27
15
19
3
2
15
24
27
27
19
13
27
24

24 102%
5| 84
20, 90%
17 90%
2 103

Jan.
Jan.
M ay
M ar.
M ay
M ay
Apr.
Jan.
M ar.
A pr.
A pr.
M ay
M ay
M ay
Feb.
Jan.
M ay
Jan.
M ar.
M ay
A pr.
Apr.
M ay
Mar.
Apr.
M ay
Jan.
M ar.
Jan.
Jan.
Apr.
A pr.
Jan.
Jan.
Jan.
Jan.
M ar.
Feb.
Jan.
Jan.
Jan.
A pr.
A pr.

12
11
3
21
24
26
24
31
3
12
28
24
7
15
1
22
27
11
21
22
7
15
24
20
4
24
14
10
3
10
4
23
10
11
9
10
19
5
11
11
23
14
28

101 % M ay
110 % Feb.
86 M ar.
92
Jan.
1 00 % M ay
9 7 % M ay
97% Feb.
8 1 % Feb.
93
Feb.
90% Jan.
82% M ay
82% Apr.

26
4
11
11
27
29
28
8
29
12
29
28

110

100 % Sale

100

5 101**32 M ay 21
2 101*31 M ay 27

93

Sale
100
_____ 100% 100% 100
M ay
100 % 1 00 % ____ 101 % ____ 100% M ay

64%

86 %
97)4
97
97 %
109
108%
85%
70
94)4
78)4
95

Sale

Sale
Sale
Sale
Sale

101% Sale 101
77% 78% 78
89%
90% Sale
89%
90
Sale
101%
99%
100
Sale
Sale 101%
103
108%
108% 109
108% Sale 108%
88%
90% Sale
80%
82% Sale
94%
Sale
97
80%
81% Sale
98% 99% 98%

100 % 100 % 100% M ay 9 100% M ay
Sale
100
99% M ay 21 101
M ay
101 % Sale

101%
99%
103%
102%
95%
103%
39%
107
95%
89%
95
89%
81
93%
96%
107
106%
108%
94%
102 % 101%
86%
Sale
Sale
92%
Sale
93
Sale
85%
Sale
98%
Sale
94%

M ay 21 102
M ay
M ay 5 100% M ay
M ay 3 105% M ay
M ay 8 103
M ay
M ay 28 96% M ay
M ay 3 105% M ay
M ay
42% M ay
M ay
108% M ay
M ay
96% M ay
M ay
M ay
91
M ay
95% M ay
M ay
M ay
M ay
81% M ay
M ay
94% M ay
M ay
97% M ay
M ay
107% M ay
M ay
107% M ay
M ay
M ay
109
M ay
95
M ay
M ay
101% M ay
M ay
M ay
90
M ay
94% M ay
M ay
93% M ay
M ay
M ay
87
M ay
M ay
100
M ay
96% M ay

100%
108%
84
89
100 % 100
Sale
97%
97% 97%
78
Sale
Sale
90%
83%
Sale
Sale
80%
Sale
80%

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

100 % Sale

105%
103%
95%
105
41%
107%
96
90%
95%
89
80
94%
96%
107%
107%
108%
94%
101 %

89%
93%
93%
86 %
99%
96

101%
109
84%
89%

1 0 0 % 100 %

Sale
97%
Sale
Sale
Sale
Sale
Sale

M ay
101 % M ay
M ay
78% M ay
M ay
90% M ay
M ay
90% M ay
M ay
103
M ay
M ay
100 % M ay
M ay
103
M ay
M ay
M ay
109
M ay
109% M ay
M ay 1 91% M ay
|
M ay 15 82% M ay
M ay 3 96% M ay
M ay 21! 82
M ay
M ay 9,101
M ay

97%
97%
78
90%
83%
82%
82%

Sale
Sale
Sale
105%
42
Sale
96%
Sale
Sale
90%
81%
Sale
Sale
Sale
Sale
Sale
Sale

Sale
Sale
Sale
Sale

28 88%
2 78
3 89%
3 85%
24 97
26 96%
29 97
5 108
5 108%
21 85
22 70%
24 92%
7 77%
15 94
90
14 99%
27 99%
19 100%
28 99%
22 102
5 102%
2 94
24 102
20 39%
1 107
24 94%
26 87%
6 93%
10 89%
15 79%
28 91%
7 94
27 106%
21 106%
6 107%
3 93%
26 100%
28 85%
1 92%
7 92%
20 85%
28 92%
22 90%

102 % M ay 26

109% M ay
85% M ay
M ay
91
100 % M ay
97% M ay
97% M ay
79% M ay
91% M ay
86% M ay
82% M ay
82% M ay

2
2
1
27
29
3
3
3
1
29
27

98%
106%
76%
88%
98%
92%
91%
78
90
83%
72%
72%

M ay
M ay
M ay
Jan.
Jan.
Jan.
Jan.
Apr.
M ay
Jan.
Jan.
Mar.
Jan.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
Apr.
Feb.
Jan.
Mar.
Feb.
M ay
Feb.
Jan.
Jan.
Mar.
Feb.
Mar.
Jan.
Mar.
Jan.
M ay
Mar.
M ay
Jan.
Mar.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Mar.
Apr.
M ay
Jan.
Jan.

2 100 %

2103
14109%
9 111
5 90%
15 82%
11
10 82
3 101
5) 95%
3 101%
10 101
19 102%
4 101%
2 105%
2 104
7 96%
8 105%
30 43
“
19 109%
4 96%
1 91%
15 96
17 92 %
28 83
2 94%
3 97%
3 108
28 108
27 109%
3 95%
6 102%
3 90
13 95%
18 95%
24 90%
13 100
8 96%

14

[Vol. 118.

BONDS—STOCK EXCHANGE RECORD

BONDS
N. Y . STOCK EXCHANGE.

£■ 0

S f

Sales in Price about
May.
Jan. 2
Par Value
1924.

PRICES I N M A Y .
May 1.

Foreign Gov’ t Securities— (Co n e l . )
B id .
A s k Bid.
Ask
Mexican Irr433s_________ 1943 M N
30
33
49
Sale
Mexico, U S, loan of 1899 5s ’45 J J
11,000 4 4 M S a l e
do Large......... ........
8,000 2 7 M S a l e
4s gold debt of 1904_____ 1954 J D
87 M Sale
68,000 86 S a l e
Montevideo 7s____________ 1952 J J
90 M Sale
Netherlands s f 6s Flat____ 1972 M S 324.000 9 6
S a le
110)3 Sale
93 M Sale
Norway ext s f 8s__________ 1940 A O 134.000 112
S a le
85.000 9 2 ) 3 S a l e
6s..............
1952
94
Sale
436.000 9 2 J | S a l e
6s (intctfs)...............
1943
77.000 9 6
Panama Rep tr rets 5 H s. . . 1953
9 4M 96
96M
32.000 9 3 M S a l e
106
Sale
Porto Alegre (City of) 8 s .. 1961
106.000 1 0 5
Queensland State ext 8 f 7s, 1941
S a le
99 M Sale
215.000 1 0 1 M S a l e
25-vear 6s_______________1947
95 M Sale
102.000 9 3 M S a l e
Rio Grande Do Sul 8s_____ 1946
92 M Sale
75.000 88 M S a l e
Rio de Janeiro 25-yr s f 8s. . 1946
9 1 M Sale
S a le
8a..................................... ..1947 M N 123.000 8 7
100 M Sale
294.000 100
El Salvador (Rep) temp 8s____
100 M 99 Sale
52.000 9 6 M S a l e
San Paulo (City) s f 8s____ 1952
9 9 )3 Sale
104.000 9 8 M Sale
88
Sale
San Paulo (State) ext s f 8s. 1936
Seine Dep (France) 20-yr 7sl942 M N 535.000 7 9 H S a l e
82 M Sale
Serbs, Croats <cSlovenes 8s 1962 M N 2.231.000 6 3 M S a l e
f
82 M Sale
47.000 7 7 M S a l e
Solssons 6s________________1936 J D
102 M Sale
Sweden 20-year 6s_________1939 J J 248.000 1 0 4 M S a l e
112M Sale
173.000 h i m S a l e
97 M Sale
Swiss Confederation s f 8s. .1940
2.112.000
Switzerland Govt ext 5338-1946
9 7 M Sale
30.000 6 2 M Sale
61
62
Tokyo City loan of 1912 5s____
39.000 104
Uruguay, Rep. external 8s. 1946
Sale
103 M Sale
39.000 111M Sale
Clinch (City of) s f 8s_____ 1945
110
Sale
Railroad Bonds
J D
3.000 94 M -------Ala Gt Sou 1st cons A 5s___1943 M N
9 6 M Sale
2.000 9 8 M 100
Ala Mid 1st guar g 5s_____ 1928 A O
9 9 )3 101
11.000 7 8 M --------- 80 M -------Alb A Susqconv 3)38_____ 1946
Allegh A West 1st g gu 4s . . ’98
78
8 2)3 88 M ------20,000 88
Alleg Val gen gu g 4s______ 1942
89 M
89 M 9 0 )3
35,000 5 6
Ann Arbor 1st g 4s___July 1995
59
59 M Sale
560,000 87 M Sale
Atch Top A S F— Gen g 4s. 1995
88
Sale
2,000;
Registered______________1995 Nov
87
Sale
53,000. 7 9 M 8 0 M
Adjustment g 4s___July 1995 Nov
8 1 M Sale
Registered______ July 1995 M N
75
78
7 6 M -------70.000 7 9 H Sale
Stamped______________1995 J D
8 1 M Sale
18.000 8 2 M
4s 1909...................
1955 J D
8 1 M 83
35,000, 8 2 M 8 3
50-year conv 4s 1905___ 1955 J D
81M 83
Conv 4s Issue of 1910.1960 M S
79 M
82 M -------25.000
96
1 9 6 M --------East Okla Div 1st g 4S..1928 J J
10.000
Rocky M t dlv 1st 4s A . . 1965 J J
81
8 1 ) 3 -------40.000 8 5
Sale
Short Line 1st 4s go ld .. 1958 M S
84 M Sale
95.000 8 9 M 9 1 M
Cal-Arlz 1st A ref 4 33s. 1962 M S
9 1M 9 2 )3
63.000 6 9 M 7 2
Atl-Blr 30-yr 1st g 4s.M ay . . ’ 33 M N
75
Sale
86.000 8 5 M 86
Atl Knox A Cln Dlv g 4s ..1 9 5 5 J D
85
86
99
Atl Knox A No 1st g 5s____1946 J J
99 M --------30.000 9 1 M
93
I 92M
Atl A Char A L ist A 4 ^ 8 . . 1944 J J
94
43.000 9 7 M 9 8 M
1st 30-year 5s Ser B _____ 1944 J J
99 M Sale
82
Atl City 1st con gu g 4s___1951 M S
98 M
85.000 8 7 M Sale j 8 7 M S a le "
Atl Coast L 1st con 4s -July 1952 M N
10-year secured 7s______ 1930 J D 120,000 1 0 7 M Sale ' 107
107M
52.000 8 6 M
General unified 4>3s____ 1964 M N
88 M 88 M Sale
69.000 8 2
Sale 1 82 84
L A N collat gold 4s.Oct 1952 J J
91.000 7 3 M
Atl A Danv 1st g 4s________1948
75
Sale
17.000 6 2
Second 4s..............
1948
62
69
21.000 7 7 M 7 9 M 74 Sale
Atlan A Yad 1st gu g 4s. ..1 9 49
-I 9 3 M 9 5 M 95
A A N W 1st gu g 5s______ 1941
376,000 9 6 M Sale
D
alt A O— Pr lien g 3)38-1925
98 M S a le "
I
Registered_______________ A O
96 M
90M
718.000 8 2
Sale
Gold 4 s ---------------July 1948 Q J
84 M Sale
2,000
Registered_______________ M S
Convert 4)3 b___________ 1933 J D 999.000 8 2 M Sale
88 M Sale
Refund A gen 5s ser A . 1995 J J 809.000 8 3 M Sale
86
Sale
1929 M N 385.000 101
10-year 6s-----------Sale
1 01 M Sale
63.000
Pitts Jet A M D 1st g 333s’ 25 M N
Sale
9 7 M Sale
PLEAW Va Sys ref g 4s. 1941 J J 166.000 79
Sale
8 2 M Sale
341,000 96M Sale
S W Dlv 1st gold 3HB--1925
97 M Sale
37.000 6 7
Tol Cln 1st A ref 4s Ser A 1959
Sale
67 M Sale
Battle Creek A S 3s______ 1989
63
53 X
56 M 63
32,000 8 9 X
Beech Creek 1st gu 4s_____ 1936
91)3 9 0 )3 91
Registered______ _______ 1936
87 M
2d guar gold 5s. . ............1936
96
9 6 )3
Bcfa Or ex 1st gu g 3 Hs Feb’ . . 51
75M
75 M
80
Belvldere Del 3 Ms________1948
8 1 )3
Big Sandy 1st 4s__________ 1944
82
!
80
1
11,000 5 8 M 6 1 I 8 3 M 84 M
B A N Y Air Line 1st 4s. ..1 9 65
6
64
Brunsw A W lstg u g 4S...1938
89
90
85
22,000 9 9 M 8 9 M 100 101)3
Buff R A P gen g 5s______ 1937 M N
M
83.000 8 7
Consol 4 Ms____________ 1957
88
89
8 9)3
13.000 9 6
Burl C R A No— gold 5s___1934
Sale
99
98M
51.000 9 6
an Sou con gu A 5s____1962
98 M
99
110,000 112 M 112M 1 9 9 M SaleM
anadlan No deb s f 78.1940
13
234.000 H I M Sale |1 1 3
25-year deb s f 6Ms g.1946
Sale
395.000 8 0 M Sale
Canadian Pac 4% deb stock. . .
80
Sale
Carb A Shaw 1st 4s g_____ 1932
90 ! 7 3
85 M
9.000 7 1
Caro Cent 1st cons g 4s___ 1949
74)3 9 4 M 9 4 )3
170.000 9 4
Caro Clinch A Ohio 1st 5s. 1938
Sale I 9 8
Sale
176.000 9 6 M Sale
6s..............
1952
Sale
9.000 7 9 M
Cart A Ad 1st gu g 4s_____ 1981
80 M 82M
17.000 65M 67M 70 M
Cent Br Un Pac 1st g 4s___1948
27.000 5 1 M S a l e
Cent N E 1st guar 4s_____ 1961
59
S a fe
S
1.000 9 2 M
C O Reorg 1st con g 4M» . . 1930 M A
9 5 )3
F
Coit of Ga— 1st g 6s__Nov 1945 M N
100
101
99 M
Consol gold 5s__________ 1945 M N 124,000 9 5 M S a l e
97M Sale
Registered___________ 1945
D 148,000
10-yr 6 s _____ __________ 1929 J D
S a le
1 0 1 M Sale
12,000
Chat Dlv pur money g 4s 1951
7 8 M -----------J
Mac A Nor Dlv 1st g 5s. 1946
9 8 M -----------J
Mid Ga A Atl Div 6 s . . . 1947
93
_______
J
Mobile Dlv 1st g 5s____1946
97
_______
60,000
Cen RR A B of Ga— Col g 6s’37 M N
92M
94
28,000
Central of N J— Gen g 6 s .. 1987 J J
105
Sale
J 101,000
Registered__________________
1 0 3 M _______
A 318,000
Cent Pac 1st ref gu g 4s___1949
86 M Sale
D
36,000
Mtg gu g 3 Ms— Aug ..1 9 29
92
_____
O
Through St L 1st gu g 4 ..s ’54
8 3 M -----------J
Charles A Sav 1st g 7s___1936
_____
116
J
17.000
Ches A O— Fund A Imp 5s. 1929 M N
98
98M
29.000
S a le
1st cons gold 6s_________ 1939 M N
1 0 1 M S a le
Registered___________ 1939 M S
99 H
241.000
General gold 4Ms______ 1992
S a le
87 M Sale
Convertible 4 Ms________1930 F A 933.000
S a le
92 M Sale
Conv secured 5s_________ 1946 A O 1,178,000
S a le
94 M Sale
Registered_________ _
Craig Valley 1st g 5s____1940
92
.......... 93 M -------Potts Creek Br 1st 4 s .. 1946
7 3 M -----------78M 82 M
4.000 7 8 )3 81
R A A Dlv 1st con g 4S..1989
8 0 )3 8 1M
5.000 76
2d con gold 4s________1989
Sale
75 M 78
Warm Spr Val 1st g 5s. 1941
92 M 9 3 )3 92 M 95
197,000 5 5 )3 56 M 58 M Sale
Chic A Alt RR— Ref g 3s. 1949
New York Trust Co ctfs____
~3~666
Stamped Oct '22 interest . .
5 6M 58
Stamped Apr ’23 interest __
5 6 ) 3 -------Railway 1st lien g 3 M s..1960 J J 199.666
3 6 M Sale

B

C




Bid;

Ask.

RANGE SINCE JAN . 1.

Lowest.

Highest.

Lowest.

Highest.

Sale Prices.

Sale Prices.

Sale Prices.

Sale Prices.

May 31.

29
4 5 )3 M a y 13

29
M ay
87M M a y
9 0)3 M a y
110)3 M a y
93
M ay
93 M M a y
95M M a y
95
M ay
96M Sale
106M Sale 105M M a y
99 M Sale
M ay
97 J* Sale
94 M M a y
92)3 Sale
91M M a y
91
M ay
91M Sale
102
Sale 100)3 M a y
99
99 M Sale
M ay
1 01) 3 Sale
99 M M a y
87
M ay
88 M Sale
82M Sale
79 M M a y
81
M ay
83 M Sale
1 02 ) 3 Sale 101M M a y
112M Sale H I M M a y
94 M M a y
94 M Sale
61
61M 61M M a y
103
1 0 3 ) 3 102)3 M a y
109M M a y
109 M 111
87 M
92
111M
93 M
93%

9 6M
99M
82
80M
90 M
59
87 M
86
81M

88
Sale
Sale
Sale
Sale

---101
____
-----Sale
Sale
Sale
8 3)3

8733
8233
7833
8433
8433
8433
83
9 7 )3
8233
8733
93
77
87
9933
9 2)3
10033

Feb.
M ay
M ay
A p r.
M ay
F eb.
J an .
J an .
A p r.
J an .
M a r.
M ay
J an .
A p r.
M ay
M ay
Jan.
J an .
M a r.
A p r.
F eb.
M ay
M ay

20
10
28
2
8
5
14
29
22
11
14
24
22
23
15
24
16
28
27
8
27
2
5

M a y 24 8 6)3 F e b .
M a y 28 106)3 Jan.
M ay
8633 F eb .
M ay
8 1)3 M a r.
M a r.
72
M ay
65
M ay
M ay
M ay
7233 M a r.

9 0)3
107)3
90
85
7 7)3
6 9 )3
81

M ay
JanM ay
M ay
Feb.
Jan .
Jan .

24
2
28
22
14
24
24

9 6 )3 Jan.
96
F eb .
8133 Jan.
80
Jan.
8 2 ) 3 Jan.
83
Jan .
10033 Jan.
9533 Jan.
79
Jan.
9633 Jan.
6633 M a y
58
M a r.
A p r.
9233 M a y 28 90

9 8 )3
9833
86
83)3
89
88
10233
9833
84
9 8 )3
6 9)3

M ay
M a r.
M ay
M ay
M ay
J an .
M ay
M ay
M ay
M ay
Jan .
60
F eb.
9 2 )3 M a y

28
26
26
15
26
28
22
24
27
24
28
23
28

9 0 )3
60
88 33
87
82

M ay 8
M a y 28
M a y 24
M ay 1
M ay 2

82 33 M a y 29
8 4 )3 M a y 24
8 3)3 M a y 17

9 6M
82
85
9 2M

9633
8 2 )3
84 33
9 1)3
75
85

9753
8 2 )3
86
9233
7633
8633

93
87
93 M
100

84 M Sale
88 M
84 %

101M

98 a
83M
98 M
66 M
56M
91

75M
80 M
82M
63
89 M

101

~98M
99 M
H 2M
112M
80 M
89 U
76
95 M
97 M
82 M
74 M
58 M
9 3 )3

100 M

8433
8333
Sale
88
Sale
8433
Sale 10133
Sale
9733
8 2 )3
Sale
Sale
97J3
67 M 6 6)3
63
92M 9033

15
24
22
28
28
28

9233 M a y
10033 M a y

9 2 )3 M a y
9933 M a y

8733 M a y
89
107)3 10633 M a y
Sale
8 8 )1 M a y
83
M ay
Sale
Sale
M ay
M ay
68M Sale
M ay
73 M 74 M
9 5M
98
M ay
98 M Sale

M ay
M ay
M ay
M ay
M ay
M ay

9 0 )3
1 07 )3
90
85
7733
6833
7 5)3
1

M a y 13

92
8733
87

100

96
9833
79
63)3
76
101)3
11133

100
10133
8933
8 3)3
8333
105)3
118
9753
63)3
104)3
112
99

101
8233
8033
9033
60-

88 H

9 8)3 M a y 28

86
8 3 )3
89
87
102)3
9 8 )3
84
9833
67)|

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

4833
26
8 5 )3
90
10933
9133
9 2)3
9133
92
10433

7\

28;
24'
5
28
28
28
26
24
27
26
24
5
7
3
5

81
M ay
81M M ay
8 1 )3 M a y

86M
9 9M
93M
99M
78 X
88 M
107
89
83 M
77M

28

14
7
22
8
5
2
8
17
7
28
28
28
26
24
27
7
24
5
3
27
9

7i
8,
29
28
6
7i
12
29
28

M ay
M ay
M ay
M ay
M ay
M ay

Jan .
Jan .
F eb .
M a r.
M a r.
Jan.
F eb.
Jan.
M a r.
Jan.
Jan.
F eb.
F eb.
F eb .
Jan.
Jan.
F eb.
M a r.
Jan.
M a r.
M a r.
M a r.
Jan.

Jan .
M a r.
J an .
F eb.
Feb.
J an .
F eb.
M a r.
F eb.
M ay
M ay
M ay
M ay
M ay
M ay
Jan .
Jan .
M ay
J an .
M a r.
Jan.

M ay
M ay
M ay
M ay
M ay
M ay
M ay
5 9 6 ) 3 M ay
9 1 0 6 J3 M a y
9 9 9 )3 M ay
6 9 7 y8 M a y
M ay
3 93
1 94
M ay
M ay
5 102
1 100 M a y
5 101)3 M a y
3
6 89 3 M a y
3 8 3)3 M a y
2 83 ys M a y
14 104
M ay
8 1 1 3 )3 M ay
28 9 7 ) 3 M a y
6 6 i) 3 M ay
8 104 33 M a y
8 11033 M a y

13 30
8 88
l! 92
3 111M
14 94
13 94M
8 97

8 1 M Sale
8 3M 84 M
8 3M 84M
97 M

9533
9833
7833
57
86
5 7 )3
86
79
7 9)3
7 8)3
79 J3
82
8 1 )3
8 1 33
9533
80
8 3 )3
9 0 )3
70
8333
99
9133
98

29
5133
49
30
8833
9633
113
9 4 )3
95
9 7 )3
9 7)3
107
10133
9733
9433
9 3 )3
102

28
21
27
7
16
2

1

M ay
M ay
M ay
M ay
M ay

28
15
27
28
1
30
21
7
28
13
2
17
9
4
2
2
11
5
10
15
7
28
14
8
28
16
11
8

43

M ay

96 )3 M a y 1 9 6 )3 M a y 1
M a y 10
101
M a y 10 101
8 0 )3 M a y 3 823£ M a y 28
90
59
8733
86
8133

6 0)3
102
109)3

M a r.
J an .
M a r.
J an .
M a r.
A p r.
Feb.
M a r.
J an .
M a r.
Jan .
Jan .
M ay
Jan .
Jan.
Jan .
J an .
Jan .
Jan .
J an .
Jan .
Jan .
M ay
M ay
M ay
A p r.
Jan .
M ay

M a r.
F eb.
M a r.
M ay
J an .
F eb.

49

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

Jar. 17

7 7 )3
84 M
64

6333 M a y

5

6 3 )3 M a y

M a y 5 101)3
Sale 100
8 8 )3 8 8 )3 M a y 24j 89
M a y 2 9933
99 M 99
101
9 9)3 M a y 6 10033
M a y 13 113
Sale 112
M a y 14 113
Sale 112
Sale
7933 M a y 28 8033
96
98
Sale
60
9 6M

98M Sale

10133 Sale
81
Sale
97%
9 3)3
97)3
9333 Sale
106)3 Sale
105)3
8 6)3 Sale
9333 Sale
84
85
116
9833 9 8M
101)3 Sale

76
9733
94
8 2 )3
7 4)3
5 8 )3
96

M ay
M ay
M ay
M ay
M ay
M ay
M ay

19
10
10
26
24
1
12

9733 M a y

6

78
9833
9 6 )3
8 2 )3
7 4)3
5933
96

M ay
M ay
M ay
M ay
M ay
M ay
M ay

5

27
9
12
28
7
7
24

M ay
M ay
M ay
M ay
M ay
M ay
M ay

9933 M a y 26

10133 M a y 1 101)3 M a y 26
M a y 29
7833 M a y 10 81

93
105
103)3
8533
9 2)3
98

101

M a y 6 9 4)3
M a y 1 1 0 6 )3
M a y 13 105)3
M a y 5 87
M a y 3 9 3 )3
M ay
M ay

2 99
6 102

M ay
M ay
M ay
M ay
M ay
M ay
M ay

_____
95
7933 -------8 0 ) 3 _____
79
_____
93
95
59 33 5 9 33

81
78

57
5833
57
3 3 )3 Sale

5 8 33 M a y 26
..
3 3 ) 3 _M ay~ 29 ~38)3~M ay 14

5833 M a y
5 6 )3 M a y

81
78

3 | 60
3

M ay
M ay

97
96
10633
105)3
8733
9333
8 6 )3
115)3
99
102
98
89
9333
9 5)3
98
9 3 )3

Jan .
Jan .
F eb.
M ay
Jan .
M ay
A p r.
F eb.
M ay
M ay
A p r.
M ay
M ay
M ay
F eb.
A p r.
M a r.
78
8133 F e b .
M ay
78

Jan.
Jan.
Jan.
M a r.
F eb.
F eb.
Jan .
Jan.
Jan.
Jan.
A p r.
Jan.
Jan .
22 88)3 Jan.
F eb.
98
9 2 )3 Jan .
M a r.
. . 78
8 7 9)3 M a r.
Jan .
2 0 ; 76

8 7 )3 M a y
9 1)3 M a y
94
M ay

M ay 8
M a y 20

8233 F e b . 8
66
A p r. 21
8933 M a r. 19
10133 M a y 27
90
M a r. 20
9 9 )3 M a y 12
10033 M a y 28
11433 F e b . 11
113
A p r. 7
83
A p r. 15
9 1 ) 3 F e b . 23
M a y 14
78
9 6 )3 M a y 27
99
Jan .26
8233 M a y 26
7433 M a y 24
F e b . 11
60
M a y 12
96
101
Jan . 21
9933 M a y 26
9 2 ) 3A p r. 24
101)3 A p r. 26
M a y 29
81
9733 F e b . 11

F eb.
Jan .
M a r.
Jan .
Jan.
Jan.
Jan.
M a r.
M a r.
F eb.
Jan.
M a r.
F eb.
Jan .
Jan .
Jan .
Jan.
M ay
M a r.
Jan .
A p r.
Jan .
M ay
Jan .

96)4
27 9 1)3
19 103)3
24 102)3
24 85
2 7i 91
I 82
115)3
97
9 9 )3
I QR
26 8 4 )3
24 8833

8 8 )3 Sale
93
Sale
95
Sale

3 89
M ay
1 9333 M a y
3 9 5)3 M a y

80J3
61
8833
9 9)3
; 8733
! 9 5 )3
9 7)3
111
110)3
7 8)3
90
7033
9 2)3
96
81
67
5 0)3
96
99
9533
9 2 )3
100
7833
9 5)3

M a y 26

56

J an .

5

60

9
15
13
24
12
27
24
20
2624
12
26
24
22
19
2
5
13
20

M a y 26

5333 J a n . 15 5 8 33 M a y 26
57
A p r. 1 5 8 )3 A p r. 26
3 0 )3 J an .
2 4033 M a r. 10

BONDS
N. Y . STOCK EXCHANGE.

11

Sales in Price about
May.
Jan. 2
Par Value
1924.

J
C h i c B u r l & Q — 111 D i r 3 H s 1 9 4 9
J
R e g i s t e r e d ________________ 1 9 4 9
J
I l l i n o i s D i v i s i o n 4 s _________ 1 9 4 9 J
N e b r a s k a E x te n s io n 4 s . -1 9 2 7 M N
G e n e r a l 4 s _____________________ 1 9 5 8
1 s t & r e f S e r A 5 s _________ 1 9 7 1 F A
C h i c a g o C i t y & C o n 5 s ---------1 9 2 7 A O
C h i c Sc E I l l - l s t c o n s g o l d 6 s 1 9 3 4 A O
( N e w c o . ) — G e n 5 s _______ 1 9 5 1 M N
C h i c Sc E r i e 1 s t g o l d 5 s ---------1 9 8 2 M N
C h ic G t W e s t — 1 st 5 0 -y r 4 s 1 95 9 M S
S e p t 1 9 2 4 c o u p o n s o n ----------------- M S
C h ic I n d & L o u — R e f g 6s_ 1947 J J
J
R e f u n d i n g g o l d 5 s -------------- 1 9 4 7 J
J
R e f u n d i n g 4 s S e r i e s C ____ 1 9 4 7 J
1 s t & g e n e r a l 5 s _____________ 1 9 6 6 M N
J
0 8 B _____________________M a y 1 9 6 6 J
I n d A L o u ls v 1 st g u 4 s . .1 9 5 6 J
C h ic I n d & S o u — 5 0 -y r 4 s . 1956 J
C h ic L S & E a s t— 1st 4 3 4 s. 1969 J
C M * P u g e t S 1st g e n 4s - . 1949 J
C h ic M U & S tP G e n g 4s M a y ’ 89 J
G e n g 3 )4 s S er B ..M a y 1989 J
G e n 4 }$ 8 S e r C ._ M a y 1 98 9 J
G e n Sc r e f s e r A 4 ) 4 a J a n 2 0 1 4 A
G e n ref c o n v ser B 5s J a n 2014 F
C o n v e r t i b l e 4 ) 4 s -----------------1 9 3 2 J
4s
.....................................................1 9 2 5 J
4 s l ....................................................... 1 9 3 4 J
C h Sc M o R l v D l v 5 S . . . 1 9 2 6 J
C h Sc N W E x t e n s 4 s . 1 8 8 6 - 1 9 2 6 F
R e g i s t e r e d -------------- 1 8 8 6 - 1 9 2 6 F A
G e n e r a l g o l d 3 ) 4 s --------------- 1 9 8 7 M N
G e n e r a l 4 s _____________________ 1 9 8 7 M N
s t a m p e d ___________________ 1 9 8 7 M N
G e n e r a l 5 s s t a m p e d ______1 9 8 7 M N
S i n k i n g f u n d 6 s ____ 1 8 7 9 - 1 9 2 9 A O
R e g i s t e r e d _________ 1 8 7 9 - 1 9 2 9 A O
S i n k i n g f u n d 5 s ____ 1 8 7 9 - 1 9 2 9 A O
R e g i s t e r e d _________ 1 8 7 9 - 1 9 2 9 A O
S i n k i n g f u n d d e b 5 s ______1 9 3 3 M N
R e g i s t e r e d ------------------------ 1 9 3 3 M N
1 0 - y e a r s e c u r e d 7 s --------------- 1 9 3 0 J D
1 5 - y e a r s e c u r e d 6 ) 4 s ----------1 9 3 6 M S
C h i c R I Sc P a c i f i c g e n g 4 s . 1 9 8 8
R e g i s t e r e d -------------------------1 9 8 8
R e f u n d g o l d 4 s ------------------- 1 9 3 4
C b S t L Sc N O g o l d 5 s ---------1 9 5 1
R e g i s t e r e d ------------------------------1 9 5 1
G o l d 3 J 4 b . - - .............................1 9 5 1
R e g i s t e r e d ________________ 1 9 5 1
J o i n t 1 s t r e f s e r A 5 s --------- 1 9 6 3
S e r i e s B ------------------------------------- 1 9 6 3
M e m p h is D lv 1 st g 4 s — 1951
C h S t L A P c o n s g 5 s ............. 1 9 3 2
C h ic S t P M A O c o n s 6 s . .1 9 3 0
C o n s 6 s, re d u ce d t o 3 )4 8 -1 9 3 0
D e b e n t u r e 5 s -------------------------1 9 3 0
C h ic T H A S ’e a st 1st 5 s .-I 9 6 0
C h ic D n S t a t 1 st g u A 4 3 4 8 .1 9 6 3
1 s t 5 s B ________________________ 1 9 6 3
1 s t 6 ) 4 8 s e r i e s C ----------------- 1 9 6 3
C h ic A W I g e n g 68 D e c . . 1 9 3 2
C o n s o l 5 0 - y e a r 4 s --------------1 9 5 2
1 5 - y e a r s f 7 ) 4 s -------------------- 1 9 3 5 M S
C h o c O k l A G C on sol 5 s ... 1952 M N
C ln F in A F t W 1 st g u g . . 4 s ’ 23 M N
C in H a m A D 2 d g 4 ) 4 s ..l 9 3 7 J
J
F
C ln I S t L A C 1 st 4 s _ A u g ._ ’ 36
R e g is te r e d
------------A u g . . 1 9 3 6
F
C ln L A N 1st c o n g u g 4s ..1 9 4 2 M N
C ln S A C l co n s 1st g 5 s . _ _ 192 8 J
J
J
C l A M a h 1 s t g u g 5 s ............. 1 9 4 3
C C C A S t L g e n g 4 s --------- 1 9 9 3
D
2 0 -y e a r d e b e n tu r e 4 )4 s _ _ 1 9 3 1
J
D
G e n 5 s S e r i e s B _____________ 1 9 9 3
R e f A I m p 6 s S e r i e s A ____ 1 9 2 9
J
R e f A im p 6 s S e r ie s C —
1941
J
C a ir o D lv 1 st g o ld 4 s — 193 9
J
C ln W A M D lv 1st g 4 s . 1991
J
S t L D l v 1 s t c o l l t r g 4 8 .1 9 9 0 M N
R e g i s t e r e d ________________ 1 9 9 0 M N
S p A C o l D lv 1st g 4 s . . . 1940 M S
W W V a l D lv 1st g 4 8 ...1 9 4 0 J
J
C l e v C o l C A I n 6 s _______ 1 9 3 4 J J
C le v L o r A W c o n 1st g 5s . . ’ 33 A O
C le v A M a r 1st g u 4 )4 s ..- 1 9 3 6 M N
C l e v A M a h o n V a l g 5 s ---------1 9 3 8 J J
C le v A P it t s g u g 4 )4 s A . . . 1 94 2 J
J
S e r i e s B 4 J 4 b ------------------------- 1 9 4 2 A O
I n t r e d u c e d t o 3 ) 4 % ----------1 9 4 2 A O
3 ) 4 8 C _______ ________
1948 M N
3 3 4 8 D ___________
1950 F A
C le v e S h o rt L — 1st g u 4 )4 s 1961
C le v U n T r m ls 1 st s f 6 3 4 8 -1 9 7 2
5 s B ( w 1 ) _____________________ 1 9 7 3
C o a l R l v R y 1 s t g u 4 s ----------- 1 9 4 5
C o l o A S o u t h e r n 1 st g 4 s . .1 9 2 9
R e fu n d in g A e x t 4 )4 8 — 1935 M N
C o l A H V 1 s t e x t g 4 s ............. 1 9 4 8 A O
C o l A T o l 1 s t e x t 4 s .................... 1 9 5 6
C o n n A P a s R l v s 1st g 4 s . 1 9 4 3
C u b a R R 1 st 5 0 -y e a r 5 s g .1 9 5 2
i s t A r e f u n d 7 J4s S e r A . 1 9 3 6
a y A M ic h 1 st c o n 4 ) 4 - . 1 93 1
e l A H u d 4 s .............................. 1 9 4 3 M N
10 y e a r c o n v e r tib le 6 s ..1 9 3 5 A O
1 0 - y e a r 5 3 4 s ---------------------------- 1 9 3 7 M N
1 0 - y e a r s e c u r e d 7 s -------------- 1 9 3 0 J
D e l R lv R R B d g 1 st g u g 4 s . . ’ 3 0 F
D e n A R G — 1st c o n s g 4 8 .1 9 3 6
C o n s o l g o l d 4 J 4 s --------------1 9 3 6
I m p r o v e m e n t g o l d 5 s ____ 1 9 2 8
F i r s t A r e f u n d i n g 5 s ---------1 9 5 5
B a n k e r s T r s t m p c t f F e b '2 2 .
F a r m L A T r r e c t s A u g 1 9 5 5 ------------B a n k e r s T r u s t c t f s J u l y 1 9 2 2 ______
S t a m p e d _________________________
A m E x N a t B k F e b 1 9 2 2 ctfi
c e r tific a te s A u g
1 9 2 2 --------D e e M A F t D 1st g u g 4s . . 1935 j ' j
D e s P l’n ee V a l 1st g u 4 )4 s 1947
u r n A M a c k 1 st lie n g 4 s . .1 9 9 5
G o l d 4 s . ......................................... 1 9 9 5 J D
D flg R i v e r T u n n e l 1 s t 4 3 4 8 - - ’ 6 1 M N
U u lM ls s a b e A N o r g e n 5 s . 1941 J
J
D u l A I r a a R a n g e 1st 5 s —
1937 A O
D u ] P n S h o r e A A t l g 5 s . .1 9 3 7 J
J

MS

?*3

D




15

BONDS—STOCK EXCHANGE RECOBP

J une, 1924.]

May 31.

S

Bid.
A skJ Bid.
A 8k. Bid.
Ask.
26,000 78*4 79)4 80)4 81
81)4 83
79)4
7 8 ) 4 -------- 78)4
67.000 87)4 Sale
88)4 Sale
88)4 89)4
83.000 96
9634 97 34 98
97)4 98
108,000 86
86)4 Sale
Sale
87)4 87)4
712.000 98)4 99
99
Sale
98)4 Sale
19.000 52
53
51
51
52)4 50
5,000 103) 4 _____ 105)4
105)4
368.000 76)4 Sale
76)4 Sale
71)4 Sale
38.000 92)4 93)4 95
97
97)4 Sale
52
278.000 50)4 Sale
52)4 Sale
Sale
48)4 Sale
3.000 104) 4 105)4 109)4 Sale 106)4 109
1.000 94)4 95)4 96) 4 9734 9 7 ) 4
8 2 ) 4 -------- 8234
2,000 89
85
26,000 81)4 Sale
84
Sale
83
Sale
68,000 95) 4 Sale
97) 4 Sale
98) 4 Sale
69
74
74
7634 73)4 75)4
6,000 83
85
83)4 83)4 84)4 Sale
1,000 8 7 ) 4 -------- 89)4 Sale
90 34
122,000 50)4 Sale
54
Sale
59)4 Sale
173.000 70)4 70)4 73
Sale
72)4 Sale
7.000 6 0 ) 4 -------- ■64)4 65)4 64 34 65)4
67.000 78
It82 Sale
79
79)4 80)4
52)4 Sale
447.000 50
5034 5434 Sale
292.000 50 34 Sale
58)4 Sale
54)4 Sale
362.000 55)4 Sale
62)4 Sale
56 34 Sale
,039,000 6834 Sale
83
Sale
7834 Sale
134.000 50
50)4 56)4 57)4 52)4 Sale
15.000 96
96)4 9 8 ) 4 100
98)4 99
2.000 95)4 97
9734 -------- 98
25.000 95)4 96
9 7 ) 4 -------72
35,000, 69)4 72)4 71)4 Sale
72)4
82
15.000 79
80
Sale
81
Sale
13.000
79)4 80)4 81)4 82
82)4
12.000 99
100H 99 ) 4 103 99)4 108)4
2,000 101)4 105
103)4
102)4 104
100
103
107
101)4 103 34 102
12,000 9734 99
9 7 ) 4 99
98)4 99)4
33.000
99
9 5 ) 4 _____ f97
10.000 98
99
9834 99)4 Sale
99)4
14.000 96
98
98) 4 Sale
79.000 105) 4 105)4 105)4 Sale 106)4 107)4
61.000 106) 4 106)4 107J4 107)4 108
Sale
95,000 78)4 78)4 80)4 Sale
81
Sale
4.000 76)4 - —
,352,000 73)4 Sale
78
Sale
78)4 Sale
9.000 99)4 102
101
Sale
100)4 102
77
105.000
335.000
17,000

8034

9334

77

94)4

80
99)4
62,000 101)4
89)4
55.000 92)4
248.000 77)4
86.000 91)4
150.000 97)4
58,000 11434
5.000 105
252.000 71)4
147.000 10234
8.000 95
4,000

88)4
88)4

120,000
38.000
17.000
297,000
23.000
6,000
12.000
5,000

85)4
9734
94)4
79
92)4
98
102
102
85)4
76
79)4

94 ) 4
95
80)4 82
9834
103
103)4
Sale
90)4
94
94
Sale
80
Sale
15)4
99
98)4
115)4 115)4
105
Sale
74)4
Sale 102)4
97)4 95) 4

g3

34.000
121,000
829.000
14.000
98.000
339.000
2,000

1,000

29.000
51.000
139.000
147.000
151.000
46.000
2,000

174.000
7,000
48.000
44.000

14,000
18,000
3.000
199,000
14.000
8.000

21.000

77

7734
95)4
Sale

Sale
Sale
Sale
Sale
116
Sale
Sale

95)4 95)4 95)4 M ay
----------------1 94)4 M ay
83
8434! 82)4 M ay
99)4 100 I_________
104)4 Sale 103)4 M ay
90)4
95
96
94
M ay
80)4 Sale
7934 M ay
91
M ay
91)1 90
99
Sale
9834 M ay
116)4 Sale 115)4 M ay
105
M ay
10434
74)4 M ay
7434 Sale
102)4 10334 102)4 M ay
M ay
97 54 96

94
94)4
80)4
99)4
104)4 M ay 22 101)4
89)4
93)4
95) 4 M ay
77)4
80)4 M ay
92
M ay
89)4
97
100)4 M ay
114)4
116)4 M ay
105
105
M ay
75)4 M ay
71)4
103
M ay
101)4
94
96) 4 M ay
95) 4 M ay
96) 4 M ay
84)4 M ay

82)4 M ay 22 82)4 M ay 22

83)4
106)4 107)4
Sale
9 6 ) 4 ......... 10034 Sale 100
94)4
94) 4
9434
Sale'
92)4 94)4 95
95) 4
96
92)4
95)4
96
____
92)4
95)4
79 %
80
8 0 ) 4 ____
80)4 82
79)4
82
80
80) 4
90
91
94 34 95
93)4 95
102)4 Sale 104 34 Sale 104)4 Sale
95)4 Sale
Sale
98)4 Sale
78
80
Sale
81
81) 4 86
95
92
92)4 94)4 Sale
96
86
Sale
80)4 81)4
87)4 Sale
83
79)4 84)4 82)4
83)4
80)4 82
83)4
81)4
67
74)4 80
71)4
82
Sale 183)4 84
83)4 Sale
102
102
Sale
102
102)4 101
94
94)4 94
Sale
88
83)4 Sale
8734 Sale
93 54 Sale
92)4 Sale
96)4 Sale
Sale 100)4 Sale
97)4 Sale 100
107 34 Sale 108)4 Sale 108
110
89)4
96)4
91)4
Sale
71
66)4 6834 70)4 Sale
74
75)4
73)4 Sale
7234 Sale
85
Sale
79)4 Sale
83)4 84)4
36)4 Sale
39)4 Sale
36)4 Sale
31
37
38)4 40)4
3634
39
38)4 40)4 32
------- 33 )4
36
3734 40)4 32
3434 38
37 ) 4 40)4 34)4
Sale
40
38) 4 Sale
41
4134
3934 43)4 44)4 Sale
86)4
8 6 ) 4 ____
......... 67
65
80
67
6934
68
Sale
55 34 70
62
Sale
89)4 91
86J4 8934 89)4 Sale
9 8 ) 4 -------- 100
___ 100 ___
97)4 98 ) i 99)4 100
9 9 ) 4 ____
81
Sale
74
76)4 80)4 85

Feb. 19 77

Feb. 19

M ar. 8 9634 Jan. 16
M ay 5 96)4 M ay 24
Feb. 4! 84)4 M ay 27
Feb. 8
Jan. 31100
Jan. 71104)4 M ay 22
Jan. 21 98)4 M ar. 24
Jan. 10
Apr. 22 96
Jan. 7 81)4 M ar. 27
92
M ar. 27
Feb.
Jan. 26
100
Apr.
Feb.
11634 M ay 14
105
Apr. 9
Apr.
Jan.
75)4 Jan. 14
Jan.
103)4 M ar. 12
Feb.
9634 M ay 8

8834 Apr. 9 88) 4 Apr. 9
82)4 M ay 22 89 ) 4 Jan. 26
8634 Jan. 19 86)4 Feb. 28
Feb. 1
98)4 Feb. 28 99

M ay 1 82)4 M ay 26
M ay 8 96)4 M ay 22
M ay 19 100)4 M ay 16
M ay 7 103)4 M ay 26
M ay 2 105)4 M ay 27
M ay 27 88
M ay 28
M ay 47 78 M M ay 1
M ay 5 82
M ay 28

M ay
M ay
M ay
M ay
M ay
M ar.
Jan.
M ay

26
22
16
26
27
6
23
28

85)4 Feb. 13 86)4 M ar.

80)4
94)4
99)4
102)4
104)4
87)4
78)
79) 4

86

8334

Highest.

Lowest.

Highest.

Sale Prices.
Sale Prices.
Sale Prices. I Sale Prices.
80)4 M ay 6 81)4 M ay 28 78)4 M ar. 3 81) 4 Jan. 26
78
M ar. 12 79) 4 Jan. 28
Jan. 26 89)4 M ay 8
88
M ay 12
M ay 8 86
Mar. 18
Jan. 3 98
M ay 26 96
97)4 M ay 13 98
M ar. 1 88)4 M ay 26
86)4 M ay 3 88)4 M ay 26 85
98
M ay 2 99)4 M ay 24 96)4 M ar. 18 99)4 M ay 24
M ay 13 55)4 Jan. 26
49
M ay 13 52
M ay 2 49
105)4 M ay 22 105)4 M ay 22 104) 4 Jan. 8 105)4 M ay 22
71)4 M ay 29 7634 M ay li 71 % M ay 29 7834 Feb. 5
95
M ay 6 97)4 M ay 29 91)4 Feb. 29 9734 M ay 29
A pr. 4
51)4 M ay 27 5334 M ay 6 50 Jan. 3 55
48) 4 Jan. 2 53)4 Feb. 7
108)4 M ay 26 109 J4 M ay 1 105) 4 Jan. 24 109)4 M ay 1
97)4 M ay 28 97 % M ay 28 95)4 Jan. 9 97)4 M ay 28
A pr. 9
8234 M ay 9 8234 M ay 9, 81 Vs M ar. 28 85
82
M ay 20 84)4 M ay ll 81)4 Jan. 2 84)4 Apr. 3
A pr. 3
97)4 M ay 13 99)4 M ay 27j 95)4 Jan. 7 100
Apr. 16
71
M ar. 18 76
Jan. 17
83
Jan. 23 85
83)4 M ay
83)4 M ay
91)4 M ay 3
87)4 Jan.
89)4 M ay
91)4 M ay
60)4 Apr. 7
54
M ay
49) 4 Jan.
59)4 M ay
74
M ar. 26
70)4 Jan.
7134 M ay
73)4 M ay
65)4 M ay 3
64)4 M ay
6134 Feb.
65)4 M ay
82) 4 Apr. 4
78
Jan.
80) 4 M ay
82) 4 M ay
59)4 Apr. 4
51)4 M ay
49)4 Jan.
55)4 M ay
54
M ay 28 62)4 A pr. 4
54
M ay
58)4 M ay
A pr. 4
55
M ay
54)4 Jan. 5 66
63)4 M ay
86)4 M ar. 27
83) 4 M ay
68)4 Jan.
77)4 M ay
6 A pr. 4
May57
49)4 Jan.
5334 M ay
99
M ay 3
M ay
96
Jan.
99
98)4 M ay
96)4 Jan. 23 97)4 Apr. 24
97)4 M ay
97)4 M ay
96
Jan. 9 97) 4 M ay 2
97)4 M ay
97)4 M ay
69 34 Jan. 3 72)4 Jan. 11
72
M ay
71)4 M ay
M ay 22
82
M ay 24' 79)4 M ar. 26 82
81
M ay
81) 4 M ay
81)4 M ay 9 79)4 Jan. 9 80) 4 A pr. 15
82
M ay
Jan. 23 101) 4 Apr. 21
M ay 22 99
100)4 M ay 19 99 Jan. 14 102) 4 M ar. 21
95
M ay
101
Jan. 8 102)4 Feb. 13
98)4 M ay 6 99)4 M ay 24 9 6 ) 4 M ar. 5 99)4 M ay 24
Jan. 8
96
Jan. 8 96
M ay 26
M ay 26 97) 4 Apr. 12 101
99
M ay
101
98)4 M ay
98)4 M ay 21 98 ) 4 M ay 1 98) 4 M ay 21
105)4 M ay
|
108)4 M ay 7 104) 4 Jan. 22 108)4 M ay 7
107)4 M ay
10834 M ay 22 105) 4 M ar. 26 10834 Feb. 5
80
M ay
82)4 M ay 22 78)4 Jan. 4 8234 M ay 22
79)4 Apr. 14
78)4 M ay
78) 4 M ay 2 76)4 Jan.
79)4 M ay 26
77)4 M ay
79) 4M ay 26 73)4 Jan.
M ay 27
Jan. 15 101
M ay 27 99
101
M ay
101

93
8834 _____ 91
8 8 ) 4 -------8 6 ) 4 _____
86)4 88
86)4
99
99
_____ 98) 4
9634 _____ 96)4
82
Sale
79)4 80)4 Sale
93
94)4 Sale
95)4 Sale
Sale
99
99)4 99) 4101)4
Sale
Sale 102)4 Sale 103
103
10434 105
10434
87 1 86)4 89
86)4
80
79
78)
78)4 Sale
80)
7,9
80
81)4 8234

2,000 103)4 104)4 106 34

11,000

Lowest.

89)4
90

8 5 ) 4 .........

RANGE SINCE JA N . 1.

PRICES I N M A Y .
May 1.

7

78)4
92)4
98
10034
101)4
8634
77)4
7834

106)4 M ay 28 106)4 M ay 28 104)4 Feb.
99)4 M ay 10 10034 M ay 1 97)4 Apr.
84)4 Jan.
95
M ay 1 95
Feb.
M ay 4 94
94)4 A pr.

93) 4 M ay 13 94
104
M ay 15 105
97
M ay 1 98 )4
81
M ay 1 81
94) 4 M ay 1 9634
86
M ay 1 88
83)4 M ay 9 83)4

M ay 28 4434 M ay

19 90)4 Jan.
19 102)4 Feb.
26 95)4 Jan.
Jan.
1 80
9 92)4 Jan.
21 8 0 1 Jan.
4
9 81 V Jan.
g
8234 Mar.
15 73)4 M ay
5 81)4 Jan.
Jan.
28 101
92J4 Jan.
28 83)4 Jan.
27 92)4 Jan.
17 97 34 Jan.
8 106)4 Jan.
23
27 66)4 Jan.
28 72)4 Jan.
2 79 34 Jan.
7 34)4 Mar.
32)4 Apr.
34)4 Mar.
34)4 M ar.
35
Apr.
34
M ar.
38)4 Jan.
M ay
1 42

M ay
M ay
M ay
M ay
M ay
M ay

3 60
29 6n
24 87)4
14 99)4
24 98
3 76

M ay
M ay
M ay
M ay
M ay
M ay
M ay

73)4 M ay 15 73)4 M ay
82)4 M ay 22 84
M ay
M ay
101
M ay 5 102
86)4
93)4
100
108)4
92
69)4
73)4
83)4
36

42
67
62
89
100
99)4
81

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

88 Vs
96J4
101
108)4
92
71)4
75 34
86
37

28 6834
68
90)4
14 100
27,100
291 82

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

M ay
M ay
M ay
M ay
M ay
M ay

82)4
96)4
100)4
103)4
108)4
89
80)4
82

Jan.
Feb.
Jan.
Jan.
Feb.
Jan.
Feb.
M ar.

Jan.
Jan.
Mar.
Apr.
Jan.
Jan.

28
14
30
28

106)4
10034
84)4
95

M ay 28
M ay 1
Apr. 3
M ay 1

3 94)4 Apr.

94
105
98)4
82 )4
96)4

M ay
M ay
M ay
Jan.
M ay
M ay
M ay
M ar.
M ay
Feb.
Feb.
A pr.
M ay
M ay
Apr.
M ay

19
19
26
22
9
21
9
21
15
7
29
28
28
27
24
8

7134 M ay
75)4 M ay
M ay
86
41)4 Jan.
Jan.
4034
41
Jan.
38)4 Feb.
37)4 Jan.
Jan.
40
3834 Jan.
4734 Jan.

27
28
2
26
29
26
4
16
2
2
31

88

8334
83
73)4
84)4

102)4

95
88)4
96)4
101)4
108)4

2
29
2
26
28
24
31
2
28

72
68
90)4
16 100)4
11 100
83)4

14
22

3

Jan.
M ay
Jan.
Apr.
M ay
M ar.

24
29
16
26
24
18

16

[V ol. 118.

BONDS—STOCK EXCHANGE RECORD

BONDS

Sales in Price about
Jan. 2
May.
1924.
Par Value

N. Y . S T O C K E X C H A N G E
y M
iv 1st g 4s ’ 48 A
East R reorgN o Dg5s______ 1938 M
Ten
lien
£ T Y a & Ga dlv g 5s......... 1930 J
Cons 1st gold 5s________ 1956 M
Elgin Jol & East 1st g 5s 1941 M
Erie— 1st extended gold 7s 1930 M
Erie 1st con g prior 4s_____ 1996 J
R eg istered ________________ J
1st consol gen lien g 4 s .. 1996 J
R eg istered _______________
Penn coll trust g 4s___1951
80-yr conv g 4s Ser A . .1953
Do
do Ser B__ 1953
Qen conv 4s Series D ..1 9 5 3
■rle & Jersey 1st s f 6s____1955
B ile & P gen g u g 3 % s B — 1940
Series C _________________ 1940
Evans < Ind 6s___________ 1926
fc
■ v & T H— 1st gen g Bs___1942
Bull C o Bch 1st g 5s......... 1930
C a rg o < So assum g 6s — 1924
fc
» la Cent & Pen ext g 5s_ . 1930
Consold gold Ps. ______ 1943
Fla East Coast ls t 4 % s -------1959
Fonda J & G lov 4 % s_____ 1952
Fort St U D Co 1st g 4%s__1941
F W & D C ity— 5 % s_..........1961
Ft W < R io Gr 1st g 4s------ 1928
fc
F re m E lk & M o V 1st 6 s . . . 1933

J
J
J
J
M
J
J
J
A

O
S
J
N
N
S
J
J
J

s

Bid.
Ask. Bid.
84 %
7,000 84%
95
5,000 93
99
3.000 98
99 %
99 %
5.000
16,000 97%
99%
110,000 104% Sale 106%
459.000 61 % Sale
65%
60%
3,000 ____ 62
428.000 53% Sale
56
77.000
141.000
62.000
273.000
149.000

J
J
J
D
N
J
D
J
O

&S
& P lst581931 M
G alHguaranA ntM5s_______1931 J N
J
2d
exten

H

M
J
J
J
J
M
M
M
F
F

N
J
J
J
J
N
N
N
A
A

lllnols Central— 1st g 4 s .. 1951 J J
Registered____________1951 J J
lit gold 3 % s .................... 1951 J J
Extended 1st g 3 % s_____1951 A O
lit gold 3s sterling--------- 1951 M S
Collateral trust gold 4S..1952 A O
lit refunding 4s________ 1955 M N
Purchased lines 3 % s___ 1952 J J
C o lltr g 4b L N O A T ___1953|M N
R egistered _______________ M N
Refunding 5s__________ 1955 M N
lft-year5% s..................... 1934 J J
15-year secured 0 % s____ 1936
Cairo Bridge gold 4s____1950
Litchfield Div 1st g 3 s . . . 1951
Louisv D lv A Ter g 3 % s.l9 5 3
R e g iste re d -----------------1953
Omaha Dlv 1st g 3s_____ 1951
St Lou D lv A Term g 38.1951
Gold 3 % s ._ .............. ..1 9 5 1
Spring! D iv 1st g 3 % s___ 1951

93% Sale
56% Sale
56% Sale
63% Sale
97
Sale
8 2 % ------8 2 % -------

93%
88%
63%
82%
98%
21,000 85%
1,000, 105%
1,000

54,000!
49,000'
48.000
17.000
21.000
7,000

97
95
89%

97%
9 5 % ____
Sale
95
94
95
88% 88% Sale
88%
65
64% 68
65
83% 8 4 % ------- 84
100% 102% 103
104
Sale
91
88
89
107% 1 0 6 % ------- 107
98%
97%
90
89

98
96
91%
92%
85%
93%
62
61%
99
98% 95%
Sale
91%
112% 113

3.000
706.000
594.000

73
74%
83
83%
------- 82%
97% 97%
89% 92
95
97%
95% 97
80
84%
81
Sale
58% Sale

5.000

....
94%
96
88%
Sale
66
67
Sale
104%
Sale
88
108% 106%

98% 99
99% 97% 99%
Sale : 92
Sale
94% 94% Sale
Sale I 86% 86%
_____
95% ; 98
63 ( 6 1 % _____
_____ 99% 100%

36,000
2,000

1,000
3.000
29.000
147.000
18.000
85.000
1.000

140.000
146.000
82.000
3,000

18,000
735.000
541.000
34.000
18.000

K

J
O
J
N
O

ake E A W 1st gold 5s___1937 J J
2d gold 5 s . . . ................ 1941 J J
L a k e S h & M S g 3 % 8 ......... 1997 J D
R egistered ______________1997 J D
Debenture gold 4s______ 1928 M S
25-year gold 4s__________ 1931 M N
Leh Y (N Y ) 1st gu g 4 %s_ 1940 J J
R eg istered _________________ J J
Leh V (Pa) gen con g 4s_ 2003 M N
_
Registered________________ _ M N
Gen cons 4 % s___________ 2003 n N
S
Leg V Ter R y 1st gu g 5s. .1941 A O
Lehigh Vail R R coll tr 6 s ..1928 M S
Leh A N Y — 1st gu g 4 s _ 1945 M S
_
Lex A E 1st 50-year 5s gu._1965 A O
Little Miami gen 4s Ser A . . 1962 M N
Long D ock cons gold 6s___1935 A O




M ay
M ay
M ay
M ay
M ay

13
19
24
29
5

Prices.
M ay 28
M ay 17
M ay 1
M ay 15
M ar. 25
M ay 9
Apr. 15
M ay 28
A pr. 4
M ar. 27
M ay 24
A pr. 5
A pr. 5
A pr. 10
M ay 27
Jan. 8

4,000
2,000

11,000
51.000
232.000
4.000
176.000
155.000
256.000
45.000
2.000
8,000

27
6
21
17
8
28
30

112% M ay 10 113% M ay

1

Apr.
99
95% Feb.
96% M ar.
96% Mar.
M ay
93
89% Jan.
Jan.
96
90
Jan.
Jan.
86
84% Mar.
M ay
98
93% Mar.
M ay
63
60% Jan.
Feb.
100
98 % . Jan.
98
Jan. 16i 98% Feb.
90% Jan. 7 91% F eb.
110% Mar. 10 113% F eb.

5
15
1
29
11
26
22
19
23
28
11

103% M ay

1 102% Feb. 27 104% M ay

1

M ay 27
M ay 6
M ay 7

99

M ay 27 99

M ay 27

90
92%
85%
95
61%

M ay 1
M ay 19 93
M ay 3 94% M ay 24
M ay 28
M ay 1 86
M ay 26
M ay 12 98
M ay 22
M ay 3 63

107%
87%
99
63
8%

93%
87%
65
83%
100%
M ay 2 91% M ay 28 84%
M ay 28 106% M ay 28 105%

5 1 0 4 % M ay

M ay 8 108% M ay
M ay 12j 89% M ay
M ay 3 100% M ay
M ay
M ay 71 65
M ay
M ay 8 10

77% 78%
87
_____
83
99% 166’ "
91% 92%
9 5 % -------9 5 % -------90% Sale
82% Sale
61
Sale

83% M ay

83

84

6 84% M ay 10j 81
M ay 15! 73%
M ay 24' 83
82
97
M ay 26 90%
M ay 8 95%

76%

78%

37.000 86% Sale
3.000 99% 101‘
148,000 101% 102%
14.000 j 81% 82%
83,000,1 99
99%
--------- I 80
______
3.000 1 0 6 % .........

Jan. 4
Jan. 7
Jan. 3
Jan. 28
Mar. 5
Jan.
Jan.
Feb.
Apr.Jan.
Jan.
Mar.

108%
89%
100%
65
10%

5 86
5
27
28
14
5
4

81

M ay
Apr.
M ay
M ay
Jan.

26
9
12
22
28

M ar. 18
M ay
M ay
A pr.
A pr.
M ay
M ar.

5
24
28
12
26
21

78
M ay 3
86% M ay 10

90% M ay
82% M ay
61
M ay

2 90% M ay 2
1 83% M ay 24
1 62% M ay 5

84% Jan. 21 90% M ay 2
80% Jan. 3 84% Jan. 26
58% Jan, 3 63% M ar. 24

88% M ay

3 89% M ay

88

83%

84%

_____

92% M ay
98
M ay

97% 97%
90% Sale
76% 78%
74% 77
95% Sale
93% 94%
93% 94%
91%
77% Sale
76
87% Sale
102 %
100
102% Sale
83%
83
1 00 % Sale
80%
106%

6

M ay 14

88

83
99
97
98

Apr. 23 90% M ar.

1

81% Jan. 17
78% A pr. 28
M ay 1
60
86 % M ay 27
M ay 27
78% Jan. 14
85% M ay 12
80% M ay 7
M ay 7
103
M ay 27
103
_
M ay 26
23 111
Jan. 9
85
70% M ar. 7
Apr. 21
77

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

1
27
27
28
12
7
27
5
26;

M ay

9

78
77%
60
82
84%
75%
79%
78
100
100%
108%
85
69%
74%

M ay 13

68%
70%
75%
75%
83%

Jan.
Jan.
A pr.
Jan.
M ar.

3
12
9
9
24

70%
74
77%
75%
85

Apr. 1
Feb. 8
Feb. 21
Jan. 9
M ay 13

M ay 27
M ay 24
M ay 24
M ay 5
M ay 2

83%
96
40%
90%
57
15%

Apr.
M ar.
Jan.
Jan.
M ay
M ay

23
21
3
3
28
29

84%
97%
53%
96%
70
23

Feb.
Jan.
M ar.
M ay
Jan.
M ar.

8 4 % -------- 184% M ay 17 184% M ay 26

95%
95%
96
80
77% 78
78% Sale
98%
95% 96% 98% Sale
1 02 % 102 %
100% Sale 102
78%
73% 73% 77% Sale
93% 97% 93% 95% 95%
69%
6 8 % 69% 6 8 % Sale
89
Sale
8 6 % Sale
90
82% 83% 84
81% 82
82% 83
82% 83% 83
61%
62% Sale
61% 67
100 %
100 % 100%
100

93% Sale
86
87%
75% Sale
____ 75
127.000 94% Sale
233.000 92% Sale
6,000 9 2 % --------

26 106
3 85%
12 96%
22 59%
26
7

96
89
70
84
105
91%
106%

Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.

77% 79%
87% 88
8 0 % -------99% 100
94% 95
9 8 % -------9 8 % -------88% 95
83% Sale
63% Sale

79% 8 6 % 78% 83
79% 81% 80% M ay 14 80%
Sale
76% 79
77
79% 8 6 %
72
M ay
60
60
59% 72
Sale
60
60
86%
8 6 % 84% M ay
86
85
85% 84% Sale
88%
85% 85% 8 6 % 87% 87% Sale
8 6 % M ay
M ay
78
77
78
76% Sale
78
77
85%
83
Sale
80
Sale
81% M ay
82% Sale
80%
77
80% M ay
79% 82
79%
103
100% 100% 101% 101% 1 01 % Sale 101% M ay
102 %
Sale 101 % M ay
101 % Sale 102
101 % Sale
111
109% Sale 110% Sale 1 10 % Sale 110% M ay
85%
84% 85% 84% 88
70
69% 70
69% 71
76% 77% 75% M ay 10 76%
74% 78
75% 77
75
82% 74
80
80
69%
68%
69%
67%
76% 81
76% 78
76% 81
79%
75%
7 7 % -------- 79
84% M ay 3 85
84%
84
85% 81
90
9 0 % -------- 9 0 % -------_____
84% 85% 8 3 % -------- 84
98% 97
M ay 21 97%
96
97% 97
96% 98
47
Sale
45
M ay 20 47%
40% Sale
46
Sale
96% Sale
95% M ay 3 96%
90% Sale
95% Sale
57% Sale
57
M ay 28 66
63% 67
66
Sale
15% Sale
15% M ay 29 16%
16% 17
16% 19

23.000
37.000
681.000

46,000

M ay
M ay
Apr.
M ar.
Apr.
M ay
Jan.

M ay 13 96
M ay 29 89
M ay 19 68

90

8 7 % .........

18,000
42,000

10,000

J
A
J
M
A

90
55%
56
63%
95%

Highest.

Lowest.

Prices.
Sale Prices. \ Sale
M ay 28 84% A pr. 19 86 %
M ay 17 93
Feb. 1 97
M ay 1 98% Feb. 7 99%
M ay 15 97% M ar. 17 100
99% M ay 6 97% Jan. 8 100 %
106% M ay 9 104% Feb. 15 106%
M ay 22 61% Jan. 2 67%
67
63% M ay 28 59% M ar. 13 63%
56% M ay 9 53% Jan. 2 57%
53
M ar. 27 53
93% M ay 24 88% Jan. 5, 93%
58
M ay 3 54% Jan. 5 61%
58
M ay 3 54% Jan. 29: 61
64% M ay 5 59% Jan. 3
97% M ay 27 89% Jan. 4 97%
83% Jan. 8 83%

Sale
86%
97
99%
100

99%

W e s t e r n L in e s 1st g 4 s — 1951

al A A G R 1st gu c 5 s ..1938
an A M 1st gu g 4s--------1990
Second 20-year 5s--------- 1927
K C F t S A M con g 6s------1928
K C F t S A M R y r e f g 4 s _ . 1936
K C A M R A B 1st gug 5 s .. 1929
Kan C ity South 1st g 3s— 1950
R ef A Im p 5s_____ April 1950
Kansas C Term 1st 4s_____ 1960
Kentucky Central g 4s____1987
Keok A Des M 1st 5s_____ 1923
Knox A Ohio 1st g 6s______ 1925

Highest.

Ask. Bid.
Ask. Sale Prices.
86% 85% 89% 84% M ay 6
96 | 94 % 97% 96
M ay 7
Sale
98%
99% M ay 1
99% ' 99% Sale
99% M ay 28
1 00 %
99% M ay 14
100
106% 106% 106% 106% M ay 5
Sale
----- Sale
M ay 1
65
64
60% 64
63% M ay 28
Sale
56% Sale
55% M ay 3

88% 89% 89% 92%
55% Sale
55% 58%
54
55
56% 58%
64% Sale
60
Sale
90
Sale
96
Sale
8 2 % -------8 3 % ____
83% . . . .
8 2 % -------%
__ 102 % -------102
......
96
____
96
_____

13.000
19.000
32.000

ln d B 1A W 1st pref 4s____1940
Ind 111 A la 1st gold 4s------1950
Ind Union gen A ref 5s A . .1965
Intern A Grt Nor— AdJ 6s. 1952
1st M tge 6s. .......
1952
Iowa Cent 1st gcid 5s_____ 1938
Refunding gola 4s______ 1951
Ja m es F A Clear 1st 4s___1959 J D

Lowest.

May 31.

Q slv Hous & Hend 1st 5 s ..1933 A O
1
88
Genesee R lv R R 1st s f 6 .. s ’ 57 J <
83%
Ga A Ala 1st cons 5 s.O ct_ .1 9 4 5 J J
Ga Car & N or 1st gu g 5s -.1 9 2 9 J J
91%
59
Georgia Midland 1st 3s____ 1943 A O
99%
Gila V G & N 1st gu 5 s . . . 1924 M N
95%
G ouv & O 1st gu g 5s______ 1942 J D
90%
93 | 92% 93
G r R A l e x 1st g u g 4% S-_.1941 J J
Sale 1112% Sale
90,000, 112
Grand Trunk of Can s f 78.1940 A O
R e g istered ____________
Sale 104% Sale
15-yr deb g s f 6s________1936 M S 167,0001103% Sale 104
______ I 85
I
_____ 86
Grays P t Ter 1st gu g 5s. _ . 1947 J D
___ 1----------Sale 108% Sale
Grt Nor— Gen 7s Series A . 1936 J J ,154,000' 106% Sale 108
39,000 85% 86% 87% 89% 88% Sale
lBt < refund 4 % s Ser A _ . 19 61 J J
fc
99% Sale
99% Sale
G en m tge Ser B 5% s — 1952 J J 510,000! 96% Sale
65
Feb
63
65 S 64
70
4,000 58
Green Bay A West deb ctfs A
8%
8%
9% Sale
7% Sale
154,000
Debenture ctfs B ____________ Feb
83
8 3 % _____ 83%
Greenbr R y 1st gu g 4s— 1940 M N
7,000 83% Sale
8 3 % -------- 84%
Gu Sh 1 1st ref A ter 5s g Feb ’ 52 J J
arlem R A Pt Ches 1st 4s_ 1954
ock Val 1st con g 4 % s_ . 1999
R egistered_____________ 1999
H A Tex C 1st g 5s int gu __ 1937
Hous Belt A Ter 1st 5s____ 1937
H E A W T 1st g 5s________1933
1st gu g 5s redeem______ 1933
Housatonlc R R con g 3 s .. 1937
Hudson A Manhat ser A 5s 1957
Adjust Income 5s________1957

RANGE SINCE JA N . 1.

PRICES I N M A Y .
May 1.

M ar.
Jan.
M ay
Apr.
M ar.
Apr.
Jan.
Jan.
M ar.
Jan.
Jan.
Jan.
Feb.
Feb.

28
28
1
28
6

83% Jan.

15
28
5
24
30
25

8 84% M ay 26

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

77%
95
100%
73%
94%
67%
86
81%
82
61%
100%

Mar.
Jan.
Jan.
Jan.
Mar.
Feb.
Jan.
Mar.
Jan.
M ar.
Jan.

79%
99%
103
79
97%
70%
90%
84%
84
63%
100%

Apr.
M ay
M ar.
M ay
M ay
M ay
Apr.
M ay
Apr.
Jan.
Feb.

14
13
11
22
26
24
28
26
22
10

97
M ay
90% M ay
77% M ay

98% M ay
92% M ay
79
M ay

95% M ay
93% M ay
93% M ay

96% M ay
94% M ay
94% M ay

93%
87
75%
75
94%
92%
92%
91
76%

Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
Feb.
M ar.

98%
92%
80
75
96%
94%
94%
93%
80

M ay
M ay
Jan.
Jan.
M ay
M ay
M ay
Apr.
M ay

22
28
11
10
7
24
21
16
27

88% Sale
87% M ay 1 88% M ay 26 85% Feb.
100 % ____ 101% M ay 21 102% M ay 27 101% Feb.
Jan.
102% Sale 102% M ay 5 103% M ay 12 101
M ay 7 82% Jan.
8 3 % ------- 83
M ay 7; 83
Jan.
102% Sale
99% M ay 5 102% M ay 29 99
8 0 % ------1 0 7 % ------- 106% M ay 3,107
M ay 22 106% Feb.

91
105
103%
83
102%

Jan.
M ar.
M ay
Feb.
M ay

29
7
12
4
29

78%
99% 98%
Sale 102
Sale
77%
97% 97%
Sale
68%
Sale
89
Sale
82%
84% 82%
67
61%
100%

98% Sale
91% 93%
79
80
76% 77
96% Sale
94% Sale
93% Sale
9 1 % ____
79% Sale

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

77% M ay

78%
99%
103
79
97%
70%
90%
84%
83%
61%
100 %

1 80

M ay 27

9 107

M ay 22

J une, 1924.]

BONDS
N. Y . S T O C K E X C H A N G E .
J
Long I bI 1st con g 5 s..J u ly 1931
J
1st cons gold i s ___July 1931
Gen gold i s _____________ 1938 ? D
Gold i s ..........................1 9 3 2 J D
Unified gold i s _________ 1949 M S
D eb gold 5s_____________ 1934 J D
20-year temp deb 5s____1937 M N
Guar ref gold 4s________ 1949 M S
N Sh Bch 1st con gu 6s Oct ’ 32 Q J
Louisiana & Ark 1st 5s____1927 M S
L ou & Jeff B rid g eg u g 4s ..1 945 M S
Loulsv & Nashv— Gold 5s_1937 M N
Unified gold 4s__________ 1940 J J
R e g iste re d ___________ 1940 J J
Coll trust gold 5s_______ 1931 M N
10-year secured 7s--------- 1930 M N
1st & ref ser A 8 % b_____ 2003 A O
O
5s B (w 1)........
2003
N O & M 1st g 68.............. 1930 J J
2d gold 6s____________ 1930 J J
Pad & Mem DIy 4s ......... 1940 F A
»
St Louis DIy 2d gold 3 s ._ 1980
L & N M o b & M l s t g 4 % 3 - . ’ 45 M S
L A N-Sou M on Joint 4 s ..1952 J J
R e g is te r e d _____ July 1952 Q J
Louis C ln & L e x g 4 % s-------1931 M N

BONDS—s t o c k e x c h a n g e r e c o r d
Sales in Price about
Jan.
May.
Par Value

2
12.
94

$
12,000
5,000
1,000

53.000
15.000
9.000
7.000
10.000
9.000
100,000

B id .

97
89
85
82%
78 %

Ask.
100
85%

92%
84 % 86%
79% 80%
93%
95% 96
79% 80%
99%
89% Sale

8.000

PRICES I N M A Y .
May 1.
B id .

May

A s k . B id .

97% 100
100
92% 93% 92%
86
87
86
86%
79% 84
80%
91% 94% 93
86% 86% 86
80%
80
81
95
97
96% 97% 97%
82% 83% 82%
101%
101 % 102
91% Sale
91%
87%
87%
98%
97%
107%
107% 108
106% Sale 105%
1 01 % Sale 101 %
103%
103%

13.000 98
99
55.000 106
106%
20.000 105% Sale
107,000 98% Sale
4,000 1 0 3 % -------101
101% 104
4,000 85% 88
86
16,000 60% 61% 60
61
95% . . . .
95%
81,000 79% Sale
Sale'
81
____
72%
72
12,666 95% . . . .
96% Sale'

3.
1
A sk.

84
94%
87
81%

S a le P r i c e s .

S a le P r i c e s .

M ay

8 100

M ay 22 87

M ay

8

M ay 19

80% M ay 28 80% M ay 28

84%
83%
79
91%
84
78%
94%
95%
79%
100 %

Feb.
Jan.
Jan.
Jan.
Feb.

2 100

M ay

8

87
83%
80%
92

M ar.
Jan.
M ay
M ar.
8 6 % M ay
81% M ay
M ay
23, 97
30 98% M ar.
4 82% M ay
27 102% Jan.
28 92% M ay
13 89% M ay
M ay
19 100
108 Jan.
M ay
107
1 02 % M ay
Feb.
104
103% M ar.
87% Jan.
61% M ar.
95% Jan.
82
M ay
Jan.
77
M ay
97

28
30
28
14
12
21
22
4
21
23
24
13
19
23
7
27
26
21
29
5
15
27
11
1

8
9

98%
55
96
81%

Feb.
Apr.
Feb.
Mar.

99%
60
97%
82%

Jan. 3
Jan. 9
Feb. 5
Feb. 21

M ay 26
9 9 % _____ 100
M ay 26 100
9 9 % _____
90
_____
7 6 % _____
M ay 1 80% M ay 7;
79% 80% 70
95% Sale
94% M ay 1 95% M ay 9

98
98
86%
70
78
92%

F eb.
Jan.
Jan.
M ay
Mar.
Jan.

100
98
86%
80 %
80%
95%

Apr. 21
Jan. 7
Jan. 8
M ay 7
Jan. 22
M ay 9

86%
60%
95
81%
79%
96%

02%
96
82

86% M ay 22
61% M ay 24
80% M ay

57% M ay
97% M ay

87%

100 % ____ 100
100 % _____

92%
91%
Sale
83

89%
89%
85%
80

86%
81%
97
97
82%

2

96% M ay 13

100% 100% 100% 101
98% 100 j 9 8 % ------

86%

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

93%

M ay

100% M ay

M ay
1 60
9 97% M ay

8 100

91% 94
98% Sale
8S% 90

M ay

5 100% M ay

89% M ay
87% 84% M ay
83
1 02 % 101 % 102
101% M ay
62% 62% M ay
64% 60
17% 17% 17
M ay
Sale
13% Sale
Sale
13% M ay
86% Sale
Sale
86% M ay
99 3 100
%
98% M ay
100
102% M ay 8
Sale 102% 103
102% 100% 102% 101% M ay 28

91% 94
98% Sale
S8% 90

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

97% Feb.

Lowest.
I S a le P r i c e s .

Feb.
Apr.
Jan.
Feb.
Feb.
M ay
Apr.
Feb.
M ar.
Jan.
Feb.
Apr.
Mar.
Feb.
Jan.
Jan.
Jan.
Mar.

IkT&ahY Chat A St L 1st 5s. 1928 A O
28,000 99% 101
N FI & Shef 1st gu g 5 s . . . 1937 F A
9 6 % ____
National R y of M exico—
Prior lien 50-year 8 f 4 Ha 1957 J J
January 1914 coupon on
25% Sale
4,000 37
July 1914 coupon o n ____
Sale
July 1914 coupon o ff____
24
____
Guar 70-year s f 4s_____ 1977 A O
April 1914 coupon o n _____
3,000
25%
April 1914 coupon o ff_____
23
Nat R R Mex pr In g 4 H 8..19 20 j " j
January 1914 coupon on
3 6 % -------July 1914 coupon o n ___
36
41%
July 1914 coupon o ff___
3 3 % -------First cons gold 4s______ 1951 A O
April 1914 coupon o n _____
21
April 1914 coupon o ff_____
20% 23
Naugatuck R R 4s_________1954 M N
65
New Eng R R con 5s______ 1945 J J
77% 87%
6,000 68% 76
Cons 4s_________________ 1945
N J June R gu 1st 4s______ 1980
80
96.000 82
833%
N O & N East— 4 H a _____ 1952
61.000 76% Sale
New Orleans Term 1st 4s__1953
191.000 100% Sale
N O Tex A M ex 1st Ser A 0s 1925
956.000 85% Sale
Non-cum income Ber A 5s 1935
3,000 90
N pt A Cin B gen gu g 4H a._ '45
92%
N Y B 4 M B con g 5s_____ 1935
92% 96%
N Y Cent R R conv deb 08.1935 M N ,024,000 103% Sale
Consol Series A 4s______ 1998 F A 195.000 81% Sale
R ef A impt 4H s A _____ 2013 A O 128.000 86
Sale
,512,000 95% Sale
R ef A Imp 5 s __________ 2013
N Y Central A Hudson River—
G old mortgage 3 H s____1997 J J 167,000 74% Sale
R egistered___________ 1997 J J
72% 72%
Debenture gold 4s______ 1934 M N 202,000
MN
5,000
R eg istered ....... ..........
20,000 87
80-year debenture 4s____1942 J J
Sale
13,000 71% 72%
Lake Shore coll g 3 Ha___1998
R egistered ___________ 1998
------- 71%
8,000 72% 73%
M lcb Cent coll g 3 H s___1998
Registered ____
1998
7,000! 70% 72%

102

Highest.

S a le P r i c e s .

12
21
22
14
21
5
102
92%
24: 8 8 %
89%
13 89%
100
19 96%
26 106%
107%
1 104%
107
102 %
27 97%
3 103%
103%
103
86% M ay 9 85%
61% M ay 24 60%
94
82
M ay 27 79
77
' 97" ' M a y " ! 96

101

99
____
9 8 % -----89% 90
76% . . . .
70
Sale
94% Sale
88
100

Highest.

85%
79%
95%
97
83% 82%
102
101%
91
Sale
89%
99%
107% 107
106% 105%
Sale 100%
103%

____ 100 % ____
100
58
Sale
57% Sale
96% 97% 99
Sale
8 0 % ____
81% 83

86%
99%
100 %
100%
89%
89%
84%
80
100%
61%
17
15%
86%
99
102 %

RANGE SINCE JAN. 1.

Lowest.

Sale 100
93%
86

AAahon Coal R R 1st 5s— 1934 J J
99% . . .
15.000 ____ 60
” *anlla R R — Sou lines 4s. 1939 M N
16.000 96% 97%
M anlto S W Coloniz g 5s ..1 9 3 4 J D
Man GB& N W 1st gu 3 % s .. ’ 41 J J
80% . . .
Mex Internet 1st cons g 4s. 1977 M S
6,000 97% . . . .
Michigan Central 5s______ 1931 M 3
97
995
R egistered ______________1931 Q M
1940 J J
i s . ..................
86% . . . .
Jack L & S gold 3 % s____1951 M S
75% 78
1,000 78
1st gold 3 % s____________ 1952 M N
79
55,000 92% 93
20-year debenture 4s____1929 A O
R egistered _______________ A O
M id of N J 1st ext 5s............ 1940 A O
8 1 % -------2,000 98% 99%
M L S & West Ext a f 5S ...1929 F A
Ashland DI y 1st g 6s— 1925 M S
9 8 % -------Michigan DIy 1st g 0s___1924 J J
5",666 1 00 % ____
M il & Nor 1st ext 4 H a____1931 J D
87% 90
5,000 86% 89%
Cons ext 4 H a----------------- 1934 J D
M il Spar & N W 1st gu 4s_. ’ 47 M S
30,000 84% 85
Mllw & S L 1st gu 3 H a____ 1941 J J
7,000 100
Minn & St L 1st gold 7 s .-.1 927 J D
_____
1st cons gold 5s_________ 1934 M N
73.000 63% 67
1st & refund gold 4s_____ 1949 M S 154.000 188
Sale
41.000 15% 16%
1st & ref 5s Series A _____ 1902 Q F
156.000 86% Sale
M St P < S S M 4s stpd— 1938 J J
fe
1st cons 5s_______________1938 J J 159.000
89.000 102% Sale
10 -y rcolltr g 6 H a---------- 1931 M S
0s A ____________________ 1940 J J
47.000
M S t P & S S M * Cent Term
_
1st Chic Term s f 4s_ 1941 M N
92
_____
23,000 96% 97%
M S S M & Atl 4s stpd 1926 1 J
4,000 8 8 % -------Mississippi Cent 1st 5s____ 1949 ; j
M o K & Ok 1st gu 5s........... 1942 M N
M o Kan <k Tex— 1st g 4 s ..1990 J D 664.000 76
Sale
M o-K an-Tex R R (new c o )—
Prior lien 5s Series A ____ 1902 J J 420.000 79% Sale
40-year 4s series B ______ 1902 J J 441.000 65
Sale
10-year 0s series C ______ 1932 J J 901.000 94% Sale
Cum adjust 5s series A . .1907 J J ,741,000 52% Sale
Missouri Pacific (new co )—
1st & refund 5s Ser A ____1905 F A 280.000 75% Sale
1st & refund 5s Ser C ____ 1920 F A 149.000
94%
1st & ref 0s Ser D ________1949 F A 615.000 87% Sale
General 4s_______________1975 M S ,776,000 51% Sale
10,000 80%
M o Pacific 3d 7s ext at 4%1938 M N
Mob < Birm pr lien g 5s___1945 J J
fc
92%
do Small________________ J J
82%
11,000 70% 73
M ortgage gold 4s________1945 J J
do Small________________ J J
64% 68%
8,000 102
M obile < Ohio new g 0s_ 1927 J D
fc
_
102 %
1st extension g 0 s..J u ly 1927 Q J
100 % 101 %
2,000 73% 74%
General gold 4s_________1938 M S
4.000 89% 92
M ontgom DI y 1st g 5 s ..1947 F A
3,000: 93% 95%
St Louis Division 5s____ 1927 J D
26,000: 75% 77
M obile & O coll tr g 4s____1938 M S
1.000 813%
M oh A M ai 1st gu g 4s____1991 M S
M ont C 1st gu gold 0S------ 1937 J J
110
108
6,000 99% 99%
1st guar gold 5s_________1937 J J
5,000 74% 77%
M or A E 1st gu 3 % s -------- 2000 J D




17

90
M ay
86% M ay
101%
64%
17%
15%
88
100
103%
101%

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

8

Mar.

99% Mar. 11 100

92% M ar.
M ay
90
8 6 % M ay
M ar.
82
102
Apr.
6 8 % Apr.
23% Feb.
21
Feb.
8 8 % Jan.
100 % Jan.
103% Jan.
102 % M ar.

91% Feb.
98% M ay 20, 96% Jan.
Jan.
88% M ay 2 88
\

98
M ay
88% M ay

M ay

8

100 % Jan. 15

5 100 % Jan.
8 8 % Mar.
24 87% Jan.
2, 83% Jan.
Mar.
82
14 100
Jan.
62% M ay
17
M ay
13% M ay
86% Mar.
97% Apr.
101 % Jan.
Jan.
100

1
24
2
8
28
14
14
28
14
24
21
12

91% Feb. 25
98% M ay 20
88% Jan. 14

78% Sale

80

Sale

77% M ay

2 80% M ay 19; 75% Feb. 29 80% M ay 19

82%
67%
99%
52%

Sale
Sale
Sale
Sale

85
69%
99%
55%

Sale
Sale
Sale
Sale

82%
67%
99%
52%

1
1
3
1

85%
70%
100%
55%

M ay
M ay
M ay
M ay

26i
24'
27|
26

78%
65
94%
51%

Jan.
Jan.
Jan.
Jan.

85%
70%
100%
56%

M ay 26
M ay 24
M ay 27
Feb. 5

80
98%
94%
57
82%
93%
85%
73
69
102%
101
76%
95
98
78%
82
109

Sale
Sale
Sale
Sale
84

1
2
1
1
5

83
99%
97
58%
84

M ay
M ay
M ay
M ay
M ay

28
28
24
26
9,

75%
94
87%
51
80%
92%

Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

83
99%
97
58%
84
93%

M ay 28
M ay 8
M ay 24
M ay 26
M ay 9
Apr. 4

75

M ay 19

68

Jan. 29 75

74%
103%
'7 7 %
97%
Sale
Sale

116 "
101
75% 79

100

____
18

M ay
M ay
M ay
M ay

82% Sale
79% M ay
99% Sale
98
M ay
96% Sale
94% M ay
57% Sale
56% M ay
8 3 % _____ 83% M ay
9 3 % -------8 5 % _____
74% 75% 74% M ay
6 8 % ------1 0 3 % _____ 103’ " M a y '
101 % _____
77% 80
76% M ay
96
Sale
96
M ay
98% 99
98
M ay
78% M ay
82
85
82% M ay
109% 110%
100 % 101
101
M ay
76% 78% 76% M ay
100% M ay

103% M ay 19' 101%
100%
74
77% M ay
92
96
M ay
94%
98% M ay
76
80% M ay
82
82% M ay
108%
100
101
M ay
76
77% M ay

M ay 19

103% M ay
101% Jan.
77% Feb.
M ay
96
M ay
80% M ay
82% M ay
109% Apr.
M ar.
101
77% M ar.

Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Apr.
Jan.
Feb.
Jan.

19
11
8
19
27
26
12
22
11
18

2 101

M ay 28

99% Feb. 28 101% Jan. 15
Apr. 30
99
Apr. 30 99

j.

18

M ay 20 21

M ay 18

18
M ay 20 25% Jan.
Jan.
23% M ar. 20 37

26" !

18

M ay 21

M ay 21

18

M ay 21

36

Jan. 11 41% Apr.

18
10

Feb. 28 36
Jan. 8 22

Jan. 12
Feb. 9

75

J an. 15 83

Jan. 29

29

18

37
19
70
____
8 8 % ____
78% 80

6 9 % -------8 5 % ------75% 77%
8 0 % _____
85%
84
Sale
79
79% 80%
101% Sale 101 %
91
87% Sale
91% 92% 93
96%
105
Sale 104%
81%
81% Sale
88%
88
Sale
97%
98
Sale

Sale
81
Sale
Sale

83%
78%
101
86%
92%

M ay
M ay
M ay
M ay
M ay

97%
Sale 104% M ay
Sale
81% M ay
Sale
87% M ay
Sale
97% M ay

76

Sale

92

Sale | 92% Sale

88
90
73% Sale
70% 75
74% Sale
7 1 % ____

77% M ay 14 80

76% Sale

89% 90
74
Sale
72
75
75% Sale
73% 73%

M ay 24

85%
80%
101%
90%
92%

M ay
M ay
M ay
M ay
M ay

26
15
21
28
17

105%
83
89
98%

M ay
M ay
M ay
M ay

24
26
24
24

76

M ay

91%
91
89
73%

M ay 5 92%
M ay 5 91
M ay 10 90
M ay 21 74%

1 77% M ay 24
M ay 12
M ay 5
M ay 22
M ay 15

74% M ay li 76% M ay 28
73% M ay 21' 73% M ay 21

81%
76%
100%
85%
92%
95
103%
80%
85%
91%

Jan.
Mar.
Feb.
M ay
Jan.
Mar.
Mar.
Mar.
Jan

M ay 21

85% M ay
80% M ay
101 % M ay
91% M ar.
92% M ay
95% Apr.
105% A pr.
83% Jan.
Jan.
89
98% M ay

Feb.
Jan.
Mar.
Jan.
M ay
Feb.
Jan.
Mar.
Jan.
Feb.

74
72%
89%
91
87
70%
69%
72%
72%

18

2
29
25
5
2
18
17
15
10

77%
75
92%
91
98
74%
72%
76%
73%

2
2

M ay
Apr.
M ay
M ay
M ay
M ay
Jan.
M ay
M ay

7

26
15
21
15
17
28
4
10
15
24
24
23
12
5
22
15
14
28
21

18

BONDS—STOCK EXCHANGE RECORD
BONDS

N. Y . STOCK EXCHANGE.

Sales in Price about
May.
Jan. 2
Par Value
1924.




PRICES I N M A Y .
May 1.

S
Bid.
Ask. Bid.
17.000 893* 91
67.000 88
Sale
903*
314,000 100 M Sale 1013*
67.000 86
87
883*
8 3 3 * ......... 843*
943*
____
1,000 96
963*
92
____
93}*
85
4,000 82
85}*
76}*
743* — 733* . . . .
73}*

N Y Chic & St L 1st g 4 a ... 1937
13-year debenture 4s____1931
2d 6s A -B -C ........... .........1931
N Y Connect 1st gu 4 }*s A . 1953
N Y A Erie 1st ext g 48— 1947
8d ext gold 4 }*s.......... ..1 9 2 3
4th ext gold 5s__________ 1930
6th ext gold 4a__________ 1928
NYAGreenw L guar g fls -.1 9 40
N Y 4 Harlem g 3J*s..........2000
Registered_____________ 2000
N Y L 4 W Construe 6s. ..1 9 2 3
6s A . ......... ......................... 1973
973* Sale
414s B _____ ______
1973
N Y L E 4 W extd 7 s.......... 1930
Dock A Impt 5s_________ 1943
8,000 963* 97
N Y A Jersey 1st 5 s ........... 1932
3,000 8 5 J * -----N Y A L B r gen g 4s______ 1941
N Y A N E Boston Ter 4s. . 1949
N Y New Haven A Hartford—
16,000 383* 42
Non-conv debenture 3 }*s 1954
433* 44}*
Non-conv 4s------ ------------1947
37}* 40
Non-conv deben 3}*s— 1947
10,000 403* 47}*
Non-conv debenture 48.1955
73.000 393* 43}*
Non-conv debenture 48.1956
21.000 37}* 47
Convertible debent 3 J48-1956
545,000 59}* Sale
Convertible deben 6s— 1948
57
Sale
Registered----------------------84,000 35
36'
Debenture 4s___________ 1957
169,000 703* Sale
7s_______________April 11925
,664,000 69
Sale
F ra n c s .._______ April 1 1925
3 5 } * -------Consol Ry non-conv 4S..1930
1,000 ____
55
Non-conv deben 4s___1954
4s..............
1955
3.000
4s__________________ 1955
4.000 ____ 50
4s__________________ 1956
2.000 99
N Y A North 1st g 5s_____ 1927
182,000 603* Sale
N Y Ont A W 1st g 4s. June 1992
Reg *5,000 only___June 1992
5.000 57}* Sale
General 4s_______________1955
1.000 72 }*
N Y Prov A Bos gen 4s------ 1942
9.000 803* 85
■ Y A Put 1st con gu g 4s._ 1998
1.000 96 Ys
N Y A Ro Bch 1st g 5s-------1927
6,000 52}* Sale
NYSusqAW 1st refg 6 s . . . 1937
48}*
Second gold 4 }*s------------1937
16,000 40}* 42
General gold 6s--------------1940
85}*
Terminal 1st gold 6b____ 1943
328.000 41
Sale
N Y W ’ches & B 1st 4 }*s . . 1946
74.000 623* 63
Norfolk Sou 1st A ref A 58.1961
13.000 8 6 }* 8 8 }*
Norfolk A South 1st g 5 s ..1941
9.000 1033* 108
Norfolk A West gen g 6s— 1931
2.000 106
108
Improvem’t A ext g 6 s ..1934
1,000 103
107
New River 1st gold 6s— 1932
168.000 87}* Sale
Nor A W Ry 1st con g 4s. 1996
6,000 84
Registered___________ 1996
31.000 88
Sale
Dlv 1st A gen g 4s-------1944
Convertible 4}*s_____ 1938
,043,000 1063* Sale
10-year convertible 6s. 1929
10,000 87
893*
Poca C A Joint 4s_____ 1941
8,000 82
87
North Ohio 1st gu g 5s------ 1945
509.000 81
Sale
North Pacific— Prior 4s— 1997
5,000
Registered_____________ 1997
237.000 573* Sale
General lien gold 3s.Jan 2047
30.000 -------- 58}*
Registered_______ Jan 2047
52.000 78}* 803*
Ref A imp 4}*8 Ser A — 2047
367.000 1023* Sale
Ref A Imp 6s Series B ___2047
Registered----------------------31,000 903* Sale
Ref A Imp 5s Series C ..2 0 4 7
224,000 90}* Sale
Ref A Imp 5s Series D ..2 0 4 7
83
------St Paul-Dul Dlv g 4s___ 1996
St Paul A Duluth 1st 5s. 1931
80}*
1st consol gold 4s_____ 1908
7,000 1093* 109}*
Nor P T bt Co 1st g 6s-------- 1933
993* 100
Nor of Cal gu gold 5s-------- 1938
101}*
North Wisconsin 1st 6s___ 1930
4",665 68
69
fS g A L Ch 1st gu g 4s------1948
89}*
^ n i o Conn Ry 4s_________1943
823*
O I A W 1st pref 5s.Apr ..1938
97
Ohio River RR 1st g 5s___ 1936
94}* 953*
General gold 5s_________1937
188,000; 99 3* 99}*
Ore A Cal 1st gu g 5s---------- 1927
26,000
87
Ore RR A Nav con g 4s— 1946
22,000 102
Sale
Ore Short L— 1st con g 5s. 1940
105.000 102
Sale
Guaranteed con 5 s _____ 1946
191.000 92}* Sale
Guar refund gold 4s____ 1929
480.000 793* Sale
Oregon-Wash 1st A ref 4 s .. 1961
7.000 75}* 77
D&clflc Coast Co 1st g 5s. 1946
8.000 863*
r a c RR of M 1st ext g 4s. 1938 F
34.000 94 3*
2d extended gold 5s_____ 1938 J
11.000 89}*
Paducah A Ills 1st s f 4 }*8- 1955 J
554.000 673* Sale
Paris-Lyons-Med RR 6s— 1958.F
96
4,000 95
Paulista Ry 7s-------------------1942'M S
8 8 }*
Penn RR Consol gold 4 s .. 1943 M N
16,000 88
Consol gold 4s__________1948 M N
87}*
6,000 86
Stamped______ May 1 1948 M N
134.000 943* Sale
Consol 43*8........
I960
407.000 903* Sale
General 4 3*8____________ 1905
281.000 993* Sale
General 5s_______________1968
283.000 107}* Sale
10-year secured 7s______ 1930
244.000 107}* Sale
16-year secured 6 M b-------1936
Registered-----------------------Pennsylvania Co—
833* 85
Gu 3}*s coll tr reg ctfs__1937
7,000 813*
Gu 3}*s coll tr ctfs B — 1941
85
81
Gu g 3}*s tr ctfs Ser C ..1 9 42
5,000 81}*
Gu g 33*s tr ctfs Ser D ..1 9 4 4
61,000 903*
Guar gold 15-25-year 4s. 1931
833* 843*
40-yr gu tr ctfs 4s Ser E.1952
Sale
74.000 67
Peor A East 1st cons 4 s .-.1940
76.000 21}* Sale
Income 4s_______________1990
893.000 913* Sale
Pere Marq— 1st ser A 5 s .. 1956
77}*
23.000 76
1st ser B 4s_____________ I960
16.000 883*
Pblla Balt A W 1st g 4s------1943
121.000
General 5s, Series B ------1974
18,000 40}* Sale
Philippine Ry 1st 30-yrsf 4s 1937
1023*
Pine Creek 6e_____________ 1932
4,000 933* 94 3*
P CC &StLgug43*sSer a . . ’ 40
39,000 933* 94}*
Series B guar----------------- 1942
93}* 94 Vs
Series C guar----------------- 1942
86 3* 90
Series D 4s guar------------- 1945
3,000 84}* 87}*
Series E 3}*s guar g-------1949
87
88
Series F cons 4s gu g------ 1953
’ll ',666 85}* 89
Series G cons 4s guar____ 1957
853*
Series H cons 4s gu-------- 1960
1,000 90}*
Series I cons 4}*s gu------1963
7,000 903* 91}*
Series J 43*s____________ 1964
96,000 96
963*
Gen 5s ser A ____________ 1970 J D
Registered----------------------- J D

[V ol.

May 31.

7
8
5
5

Sale
90
91}*
101 Vs
88}*

Prices. I Sale
M ay 17 89}*
M ay 22 88
M ay 15 100}*
M ay 24 86}*
89

8 97

M ay

7 86

May~~7

8 96

Highest.

Prices.
Feb. 21
Jan. 7
Jan. 2
M ar. 12
M ar. 26

Sale
90}*
91}*
102
88}*
89

Prices.
Jan. 26
M ay 25
Jan. 15
M ay 24
M ar. 26

M ar. 24 97

M ay

82

A pr. 24 86

Apr. 22

96
98.3* 993*
9 8 3 * -------8 7 3 * -------84
_____

45}* 46}*
45
Sale
50J* 53
503* 52
445* 53
443* 53
513* Sale
51
Sale
Sale
51
553* 51
443* 453* 45}* Sale
675* Sale
693* Sale
40}* 423* 403* 41
80 }* Sale
80}* Sale
79
Sale
793* Sale
50
48

47}* 50
9 9 } * ------623* Sale
583* 60
85
803* 85
97}*
57}* 59
473* 50
503* Sale
8 8 }* 90
46}* Sale
6 6 }* 67
93
106}*
106}*
107
87 Vs Sale
86 }* Sale
87}* Sale
124
Sale
883*
84
87
82}* Sale
573* Sale
813* 83
1033* Sale
913* 92}*
92}* Sale

963*
91}*
75
95
883*
89 3*
88 Ys
953*
92
101
1083*
109 3*
1073*

Lowest.

Highest.

M ar. 19 97}* Jan.

8

96}*

973* 993*
98
_____
9 7 3 * -------84
_____

99}*
81
109 3*
100}*
101}*
70
83
83
97}*
953*
100
863*
1023*
103
94}*
81
79

RANGE SINCE JA N . 1.

Lowest.

Ask. Bid.
Ask. Sale Prices.
90
90 ys 903* 893* M ay
Sale
903* M ay
913* Sale
Sale 1013* Sale 100 V8 M ay
Sale
883* 88}* 88
M ay
8 4 3 * -------9 4 } * -------97
9 6 } * -------- 97
M ay
9 3 } * -------'§ 7 j* 8 5 } * _____ 86
M ay
7 6 3 * --------

95}*

473*
47}*

118.

84

72

49}*
493*

50
50

493* 4934
993* 99}*
62
Sale

Sale
90
Sale
Sale
Sale
Sale
Sale

843* 863*
82
84
81}* 85
81}*
923*
84
88
73}* 74
30
Sale
94}* Sale
783* 79}*
90}* 91}*
100 3* Sale
373* 38
106
_____
9 3 3 * -------933* 943*
93 3*
8 8 }* 93
87}* 89
883* 89}*
8 8 }* Sale
88
90}*
913*
98}* Sale

45

M ay

1 46}* M ay

7

50
50
45
66}*
65}*
40}*
803*
79

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

49

M ay 27 49

48
49
993*
62

M ay 2 48
M ay 3 50
M ay 27 993*
M ay 3 62Vs

19
19
17
20
2
22
15
1

513*
51
453*
69}*
65}*
43
81}*
813*

M ay 2
M ay 2
M ay 9
M ay 9
M ay 2
M ay 9
M ay 2
M ay 22,

39 3*
44}*
38
44}*
433*
39 3*
59
57
36
703*
69

49}*
53
46
56
52}*
4634
70}*
67
44
82}*
85

Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

M ar.
M ay 27i 44
Apr.
48
M ay 2j
M ay 12 42}* Jan.
M ay 27 99}* Apr.
Apr.
M ay 9] 60

47}* Sale
46}* M ay
653* 67
65 J* M ay
92}*
923* M ay
1063* 107
1063* M ay
106}*
106}* M ay
107
107}* 107
M ay
873*
86 3* M ay
863* M ay
873* 883* 873* M ay

48
663*
93
107
106}*
107
89
86}*
88

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

120
Sale 118
88}* 893* 89}*
84}* 863* 843*
823* Sale
813*
80}*
583* Sale
573*
57
____
57
82}* Sale
823*
1033* Sale 103}*

12534
89}*
86
83 J*
80}*
593*
57
83}*
105

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

27
2
13
24
12
27
15
26
22

8 8 }*

9 9 3 * ____
813* 84
1093* HO
10 03*____
1 0 2 3 *____
703* Sale

___

98}*
9534
Sale 100 }*
87}* 873*
102
Sale 1 02 }*
Sale
953*
Sale
8134
80
78
98}*

5 98
M ay
9 98}* M ay

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

92}* M ay
92
M ay

62
85}*
82
973*
613*
50
52 Vs

M ar.
M ay
M ay
M ay
Feb.
Feb.
M ar.
8 8 }* A pr.
A pr.
48
67}* A pr.
M ay
93
M ay
107
Feb.
107
A pr.
107
89
M ay
8 6 }* M ay
Jan.
88

84 3*
75}*
30
95}*
79
903*
1013*
37}*
106
94}*
94}*
93}*

88}* 89}*
8 8 3 * -------883* 93}*
88

___

9 1 } * -------9 1 3 * -------953* 98}*

Apr.
M ay
Apr.
M ay
Jan.
Jan.
M ay
M ay
M ay

8
2
19
24
4
11
15
26
22

93
F eb.
933* F eb.

Jan.
Feb.
M ay
Mar.
Mar.
Mar.
M ay
Jan.
Mar.

5
2

131}*
89}*
863*
833*
82}*
59}*
57
83}*
105

99}* M ar. 24 99}* M ar. 24

70

73
Jan. 11
893* Apr. 29

M ay 10 70
M ay 10 683* Mar.
_____________ 893* Apr.

Feb.
M ar.
M ay
Jan.
Feb.
M ay
M ay
M ay
Feb.
l! 88}* M ay
23 983* M ay
31 j 91}* M ay
M ay
15 76
5 963* Jan.
M ay
30 90
M ay
8 90
25 893* Apr.
10 973* M ay
3 93}* M ay
102}* M ay
Jan.
109
110}* M ay

97}*
953*
99}*
27 853*
21 101
27 1013*
22 92}*
79 3*
753*
86}*
955*
86}*
65
95
. 89 3*
1 873*
2 87
4 94}*
4 903*
7 99
1 1063*
1 1073*

Feb.
Apr.
Feb.
Mar.
Mar.
Mar.
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.

15! 97}*
15! 973*
13 100}*
8 87}*
10 103}*
6 103}*
2, 953*
3 823*
22, 80}*

M ay 22 833*
- - 813*
82
M ay 22 813*
933* M ay 21 90 3*
833*
763* M ay 27 67
303* M ay 5 21
963* M ay 24 91 J*
80J* M ay 7 76}*
913* M ay 12 89 3*
6 1013* M ay 22 1003*
13 38
M ay 8 37

M ay
Apr.
Jan.
Jan.
Mar.
Jan.
Jan.
Jan.
Jan.
Apr.
M ay
M ar.

84
813*
82
93}*
843*
763*
323*
963*
80}*
993*
1013*
43}*

933* M ay 2 943* M ay 15 933*
943* M ay 15 943* M ay 19 933*
93}*
87
*
883* M ay 22 883* M ay 22 86 3
87 3*
M ay 24 88 3*
883* M ay 13 89
913*
91
M ay 15 91
M ay 15 903*
91}* M ay 19 91}* M ay 19
973* M ay 15 99
M ay 24 953*

Jan.
Feb.
Jan.
Feb.
Feb.
Mar.
M ay
M ar.
Jan.
Jan.
Feb.

89
89}*
95 34
913*
100}*
1083*
109}*

M ay
M ay
M ay
M ay
M ay
M ay
M ay

1 00 }* M ay 28

M ay
M ay
M ay
M ay
M ay
M ay
M ay
983* M ay
91}* M ay
M ay
76
M ay
95

87}*
103
1033*
95 3*
823*
79

8
3
1
1

90
90
9734
93 Vs
102}*
108 Vs
110}*

M ay
M ay
M ay
M ay
M ay
M ay
M ay

83}* M ay 21 84
813* M ay
923* M ay

85}*
76}* 733* M ay
283* M ay
31
94}* M ay
Sale
79}* 79}* M ay
92
91
M ay
Sale 1003* M ay
373* M ay
38
95
943*

1063*
863*
84}*
803*
783*
563*
57
793*
1013*

10
29
19
3
19
25
5
28
5
8
7
21
28
9
22
1
2

1093* M ay 21 1093* M ay 21 1083* Feb. 8 1093* Peb. 15
______________ 993* Mar. 19 1003* Apr. 29

3

85
86}*
8 3 } * -------82}* 85
8 1 } * --------

M ay

24
5
4
22
9
5
5
28
8
5
4

23 50
M ay 12
30 993* M ay 27
22 66}* Jan. 14

M ay 10 89}* Mar.
M ay 19 893* Jan.

7
2

Sale
993* M ay
Sale
863* M ay
103}* 102}* M ay
1033* 1023* M ay
Sale
94 * M ay
Sale
803* M ay
Sale
78
M ay
873* M ay
8 8 }* 89
97}* M ay
98
91}*
913* M ay
M ay
75}* 753* 74
95
M ay
95}* 95

90
903*
8 9 } * -------963* 97 3*
923* Sale
1013* 1013*
1083* Sale
1093* Sale
1 0 7 3 *_____

M ay
M ay
M ay
M ay
M ay

Apr.
A pr.
M ar.
Jan.
A pr.
A pr.
A pr.
Feb.
M ar.
A pr.
A pr.

20 48}* A pr. 7
5 49
M!ay 27

57 3* Jan.
85}* M ay
Feb.
81
89}* Mar.
52}* Jan.
Jan.
43
1 40}* Jan.
86 }* Jan.
7! 393* Jan.
8 \ 61}* Mar.
Jan.
7 I 89
21 1053* Mar.
Jan.
21 106
Mar.
6 106
Feb.
22 86
lj 86}* M ay
24, 863* Feb.

86

Sale
95}*

973* M ay
983* M ay

58}* 593* 593* M ay 21 593*
85}* Sale
85}* M ay 29 85}*
82
83
813* M ay 14 82
973* M ay 3 973*
9734
59}* 593* 58}* M ay 13 59
47}* 48}*
49}* 50}* 493*'M ay 9 503*

92}* 923*
923* Sale

2

Feb. 13
973* A pr. 29 98
Apr. 1
2 96}* Jan. 19 99
9 983* M ay 9 983* M ay 9

12
20
19
11
28
25
13
21
4
26
27

15
28
28
11
8
27
22
24
8
24
21
7
24
28
1
22
2
14
24
27
17
1

M ay
A pr.
M ay
M ay
Jan.
M ay
M ar.
M ay
M ay
M ar.
M ay
Jan.

22
24
22
21
15
27
28
24
7
24
22
28

94}* M ar.
943* M ay
94}* Jan.
M ar.
88
883* M ay
873* M ar.
M ay
89
913* M ar.
913* Apr.
913* Apr.
98
A pr.
M ay
99

14
19
7
27
22
25
24
25
4
15
3
24

Pitts & L E — 2d g 5s.Jan _.1928
Pitts M cK & Y 1st gu 6s . . .1932
2d guar 6s _____________ .1934
Pitts Shen & L E 1st g 5s. .1940
First consol gold 5 s ___ .1943
Pitts Va < Char R y 4s_ .1943
fc
_
Pitts Y & Ash 1st con 5 s .. .1927
_
Providence Sec deb 4s_ .1957
Providence Term 1st 4 s .. .1956

Interest
Period.

BONDS
N. Y . S T O C K E XC H AN G E.

19

BONDS-STOCK EXCHANGE RECORD

J une, 1924.]

A O
J
J
A O

J
J

J
M
M
M
M

J

N

N
F
S

Sales in Price about
Jan. 2
May.
1924.
Par Value

May 31.

Highest.

Lowest.

Highest.

Sale Prices.

Sals Prices.

Sale Prices.

Lowest.

Bid.
Ask. Bid.
Ask.^Bid.
Ask. Sale
9 6 % ____ 106
_____ 99
102
_____ 1 0 3 % _____ 103%
7,000
96
____
981^
100
2,000 98 Vs 99
100
_____ 99%
lOCH^
96% 98
8 3 % _____ 8 4 % _____ 85%
158,000 9 9 % _____ 9 9 % _____ 100
Rale,
99%
33 % 40
3 9 % _____ 39% 100
7 3 % _____ 7 5 % _____ 78'
%

RANGE 8INCE JA N . 1.

PRICES I N M A Y .
May 1.

Prices.

M ay 17,160
M av

M ay 17 9 6 % Feb.
M av 14.
9 7 ' ' Jan.

M ay 13 100% M ay 24

99

M ay 17
8 100
7 100% M ay 14

3 98% Feb. 19

Mar. 14 100% Apr.

5

91
Sale
M ay 29
D e a d ln g Co gen gold 4 s .. .1997 J J * 164,000 87% Sale
89% M ay 8 93
M ay 29 87% Jan. 2 93
93
Sale
12,000
Registered__________ _199'i J J
91% M ay 27 91% M ay 27 88 Jan. 7 91% M ay 27
27,000 87% Sale
9 0 % _____ 92%
Certificates of deposit. . .1997 J J
90% M ay 3 91% M ay 17 87% Jan. 2 91% M ay 17
17,000 84
Sale
84% 85
Jersey Central coll g 4s. .1951 A O
M ay 19 83% Jan. 2 86% Jan. 26
85'
85% 84% M ay 3 85
89% Sale
Gen 4 % s______________ .1997 J J 885,000 _____ _ _
89% M ay 1 91% M ay 24 88% Feb. 29 91% M ay 24
91
Sale
1 0 8 % _____ 109
Rens & Saratoga 6s _____ .1941 M N
_____ 109
98% Sale
9 8 % _____ 99 V
Richmond & Dan 5s_____ .1927 A O
a
98% Jan. 2 98% M ar. 6
67 % 72
Rich & Meek 1st g 4s____ .1948 M N
70
_____ 70%
12,666 94 % 97
97% 100% 97% 100% 99
Richmond Ter R y 5s____ .1952 J J
M ay 19 99% M ay 17 96
Jan. 15 99% M ay 17
21,000 82
84
84
86
R io Gr June 1st gu g 5 s .. .1939 J D
84
M ay 2 86% M ay 20 84
Jan. 19
M ay 2 87
85% 89
5%
7
Rio Gr Sou 1st g 4s_____ _194( J J
5% A pr. 28
3%
7
5H Jan. 22
3%
7
5 % _____
G u a ra n teed __________ .1940 J J
3% . .
.
3%
83,666 73 Vs 75 % 75% Sale
75% M ay 3 77% M ay 24 73% Feb. 14 77% M ay 24
Rio Gr West 1st g 4s_____ 1939 J J
77% Sale
61
M & coll tr g 4s Ser A . . .1949 A O 115,000 59
66% Sale
Jan. 4 66% M ay 9
64% 65% 65% M ay 7 66% M ay 9 60
74 Vs 76% Sale
R I Ark < L 4% s rec_____ 193* M S 200,000 74
fc
76% M ay 21 78% M ay 27 74% Jan. 7 78% M ay 27
77% Sale
65
70
16 70
Rutl-Can 1st gu g 4s_____ .1941 J J
70
75
Jan. 10
70% 75
80U M ar. 14 81% Feb. 14
8 0 % _____ 80
Rutland 1st cons g 4 % s._ .1941 J J
80% 82%
13,000 72
74
C t Jos & Gr Isl 1st g 4s_. .1947 J J
75
Sale
M ay 1 72% Jan. 16 7 5 '" M ay 1
7 5 '" 75% 74% M ay 14 75
90 M 93
*^t Lawr & Adlr 1st g 5s. _199(
9 0 % _____ 93%
91% Feb. 8 96% Jan. 23
9 6 % _____ 9 7 % _____ 97%
2d gold 68_____ ________ .1996 A O
17,000 89
Sale
92% .
St L & Cairo gu g 4 s ____ .1931 J J
Jan. 2 93% M ay 2
92% 93% 92% M ay 17 93% M ay 2 89
St Louis Iron M t & South
Gen con ry & Id gr 5s___ .1931 A O 121,000 95% 96% 98% Sale
98
M ay 2 99
M ay 26
M ay 26 95% Mar 3 99
98
Sale
] 279,000 83 % Sale
Unlf & ref gold 4s--------- 1921 J «
89
Sale
88% M ay 1 89% M ay 24 83% Jan. 7 89% M ay 24
88% Sale
R lv & G u lf D lv 1st g 4s. .193; M N 454,000 72% Sale
79% Sale
79% M ay 5 82% M ay 24 72
Jan. 2 82% M ay 24
82% Sale
St L M Br Ter gu g 5s____ .193( A C
98
_____ 97% . . . 99%
97
Jan. 11 99% Feb. 27
St Louls-San Fran ( Beorg Co)
Prior lien 4s ser A _____ 195( J J 1,129,000 66% Sale
68% Sale
68% M ay 8 70% M ay 24 65% Jan. 2 70% M ay 24
69% Sale
Prior lien 5s ser B _____ 1951 J J 402,000 81% Sale
82% Sale
82% M ay 5 86
M ay 24 80% Jan. 2 86
M ay 24
85% Sale
Sale 100% Sale 100% Sale
99% M ay 1 101% M ay 24 98% Jan. 2 102
Prior lien 6s ser C _____ .1921 J J 341,000 98
Feb. 29
92
M ay £ 93% M ay 24 87% Jan. 3 93% Feb. 24
5% s Series D __________ 1942 J& J 283,000 87 % 87% 92
Sale
93
Sale
Sale
72% Sale
72% M ay 1 74% M ay 28 72
Cum adj ser A 6s______ 1956 A O 636,000 73
Apr. 23 77% Jan. 28
74% Sale
674,000 58 Vi Sale
63% M ay 1 64% M ay 9 58% Jan. 2 65% Feb. 5
Incom e ser A 6s ----------- 1961 Oct
63% Sale
63% Sale
12,000 103% 108% 103% ____ 104%
103% M ay 2 103% M ay 2 99% Feb. 19 103% Jan. 15
St L < San Fr— Gen g 6s . .1931 J
fc
3,000 97% 97% 98% 100
General gold 5s_______ 1931 J J
98% M ay 22 98% M ay 22 96% Feb. 26 9 9 '" Jan. 30
98% 100
8 4 % ____
St L & S F R R cons g 4s .1991
89% . . . . 90%
97U M ar. 26 97% Mar. 26
9 0 % _____ 96'
South W est D lv g 5s. .1947 A O
____ 96%
32,666 98
98% 100% 101
100% M ay 26 101
St L Peo & N W 1st gu 5s . . ’ 48 J J
M ay 10 98 ” Feb. 2 101
100% 101
M ay 10
8 8 % _____ 89% .
StL So 1st gu g 4s_______ .1931 M S
90
M ay 24 76
■t Louis Southw— 1st g 4s .1989 M N 106,666 75% 76% 77% 78% 79% 79% 77% M ay 2 80
Jan. 3 80
M ay 24
8,000 69% 73
72% 72% 71% 73% 73% M ay 21 73% M ay 21 69% Jan. 10 73% M ay 21
2 d g 4 s l n c b d . . ......... .. .1989 J J
Sale
81
M ay 1 83
80% Sale
M ay 8 77% Jan. 2 83% M ar. 24
Consol gold 4s------------- 1932 J D 267,000 78
82% Sale
79
81
Sale
80
M ay 2C 81% M ay 1 78 Jan. 7 82% M ar. 21
1st terml & unlf 5 s------- 1952 J J 124,000 77
80% Sale
Sale
St P & K C Sh L 1st 4% s . .1941 F A 160,000 73
75
M ay 8 77% M ay 29 73 Jan. 2 77% M ay 29
75% Sale
77% Sale
Rt Paul E Gr Trunk 4 Vis 1947 J J
1 90
88% 91% 89
. ..
M ar. 1
23,666
92% M ay 21 92% M ay 21
St Paul M inn < M anitoba—
fc
91% 95% 93% 94
4,000 92
95% 107
108
106% M ay 7 107% M ay 7 91% M ar. 28 93
Consol mortgage 4s------ 1933 J J
M ar. 13
107
109
105
107
4
1933 J J
105% 107% 105 X n n
16 108% Feb. 28
7,000 95% 96% 96% . . . : . 9 6 % _____ 96% M ay 7 96% M ay 7 95% Jan. 7 97
Reduced to gold 4 % s .. .1933 J J
Feb. 4
R e g iste re d _________ .1933 J J
22,666 88% 89% 90% Sale
M ont Ext 1st gold 4 s ._ . .1937 J D
91
_____ 90% M ay 1 90% M ay 1 88% Jan. 22 90% Jan. 8
.1937 J D
87
89% 88% 90% 88% 01
Pac Ext sterling gu 4 s .. .1940 J J
82% Apr. 28 82% Apr. 28
83%
75% M ay 14 78% M ay 28 71% Jan. 2 78% M ay 28
8 A * A P 1st guar g 4 s . . . .1943 J J 165,666 71% Safe
75% 80
78% Sale
1,000 97% Sale
98% M ay 13 98% M ay 13 98% M ay 13 98% M ay 13
Santa Fe P & P R y 5s____ .1942 M S
98
99% 98% 99
82% M ay 1 83% M ay 27 80% Jan. 2 83% M ay 27
Ban Fran Term 1st 4s____ .I960 A O 124,000 80% Sale
82% Sale
83% 84
|______
R egistered____________
76
80% 7 8 % _____ 79
107% .Tan. 17 108
106% 108
Feb. 18
Sav Fla & W 1st g 6s . . . .1934 A O
107% _
107%
1 100% M ar. 15 100% M ar. 15
99 " 100% 100% 1 0 1 % 100% 10 1%
6s
_________ . . .1934 A O
23,666 _____ 86'
Bclo V & N E 1st gu g 4s. . .1989 M N
86'
93% 88% 93% 85% M ay 21 87
M ay 27 84% Feb. 29 87' ” Apr. 24
16,000 59
67% M ay 19 67% M ay 21 61
Seaboard Air Line g 4s___ .1950 A O
_____ 64%
Jan. 29 67% M ay 21
65% 68
65% M ay 3 67
Sale
Stamped---------------------- .1950 A O 129,000 59
M ay 24 58% Jan. 3 67
M ay 24
65% Sale
66% Sale
Adjustment fls_____ Oct 1949 F A 823,000 44
55% M ay 20 59% M ay 1 43% Jan. 2 59% M ay 1
Sale
59% Sale
56
Sale
Refunding 4s--------------- 1959 A O 385,000 48
Sale
M ay 1 47% Jan. 3 54% M ar. 22
54
Sale
52% 53% 52% M ay 9 54
1st & cons 6s series A . . .1945 M S 541,000 68 % Sale
77% M ay 20 79% M ay 2 67% Jan. 3 80% M ar. 21
79
Sale
77% Sale
Seab & Roanoke 1st 5s_ .1926 J J
_
97%
97% Jan. 29 99% M ar. 10
98% 100
99% 100
Rhnr Shrev A So 1st gu g 5s. . ’ 43 J D
Rod B ay A So 1st g 5s____ .1924 J J
98%
98% .
_ .1936 F A
R A N Ala con gu g 5s_
99
..
10 1'
10 1%
j 99
.1963 A O
Jan. 12 102
Feb. 9
98% .
100
102
101 " 103
Southern Pacific C o—
i
188,000 83% Sale
82% M ay 1 84% M ay 24 81% Feb. 19 85 Jan. 11
4S g Cent Pac c o l l .. Aug 1949 J D
82% Sale
83% Sale
94
M ay 5 95% M ay 24 92% Jan. 2 95% M ay 24
Convertible 4s____June 1929 M S 661,000 92% Sale
94% Sale
95% Sale
23,000 97% 98% 98% 99
M ay 14 98% M ay 9 97% Jan. 15 99% Feb. 25
Convertible 5s........... .. 1934 J D
98
98% 98
Ro Pac of Cal 1st cons 5s. . .1937 M N
101% 103
101% Apr. 26 101 Vi Anr. 26
101% 103
101% 103
RP Coast 1st gu g 4s_____ .1937 J J
89 % . .
90% Apr. 23 94 " Jan. 19
89%
90'
86% M ay 6 88% M ay 26 85
Feb. 23 88% M ay 26
So Pac R R l s f ref gu 4s . . . .1955 J J 588,000 86% Sale
87% Sale
87% Sale
99
M ay 8 100
M ay 26 95% Jan.
2 100
M ay 26
Southern— 1st cons g 5 s .. .1994 J J 558,000 95% Sale
99
Sale
99% Sale
3,000
97% M ay 26 97% M ay 26 96
Apr. 21 97% M ay 26
M ar. 24
Devel & gen 4s. Ser A ._ .1956 A O 822,000 69% Sale
71% M ay 8 72% M ay 24 69% Jan. 2 73
72% Sale
72% Sale
M ay 24
do 6s (rects)---------------- .1956 A O 1,136,000 96% Sale 100
Sale 100% Sale
99% M ay 6 101
M ay 24 96% Jan. 5 101
D evel & gen 6 %s Ser A . .1956 A O 853,000 101% Sale 104% Sale 105% Sale 104% M ay 2 106% M ay 24 101% Jan. 2 106% M ay 24
.19 9 6 J J
3,000 93% 95
96% M ay 21 96% M ay 21 93% Feb. 27 96% M ay 21
96
98
96%
3,000 79
81% M ay 24 82 " M ay 26 79% Jan. 7 82% Apr". 15
80
St L D lv 1st g 4s--------- .1951 J J
81% 86
81% 86
37,000 98% 100% 100% _____ 100% Sale 100% M ay 9 101
M ay 8 97% M ar. 17 101
M ay 8
So Caro & Ga 1st ext 5 % s . . 1929 M N
.1955 J J
86
Apr. 14 86% A pr. 19
82% 85
85% 87
86
86%
.1943 J D
!
.1936 J J
82% .
86%
87%
.1930 M S
95% _
95%
M ay 1 94% M ay 1 92% M ar. 24 95
7,000 92% Sale
Feb. 9
9 4 % -------- 94
T e r Assn of St L 1st g 4 %s 1939 A O
94% Sale
3,000 9 6 % -------- 97% 98% 99
Jan. 24
A First cons g 5s. .1894-1944 F A
99% 98% M ay 2 98% M ay 2 97% Feb. 8 99
Jan. 11
24,000 78% 80
80% 81% 80% M ay 15 81% M ay 3 78% Jan. 5 82
Gen ref s f gold 4s_____ 1953 J J
81% Sale
1943 J J
92
92% 92
92%
H
1943 M S
92
92%
95% M ay 1 98% M ay 24 92 Jan. 2 98% M ay 24
Texas & Pacific ls t g 5 s ....2000 J D 187,000 92
Sale “ 95% Sale
98% Sale
2000 M ar
60%
60
80
51
78
92% M ay 5 94
Mar. 11 94
M ay 24
M ay 24 91
51,000 92
Sale
91% 92% 93% 94
La D lv B L 1st g 5s........ 1931 J J
12,000 97% .
98
. . . 99% . . . 98% M ay 6 99% M ay 20 97% Jan. 24 99% M ay 20
Tol & Ohio Cent— 1st g 5s. 1935 J J
M ay 20 97% M ay 26 94% Feb. 27 97% M ay 26
97' ‘ _____ 96
10,000 94% 97
96% Sale
Western D lv 1st g 5 s ... 1935 A O
___[ 91% Jan. 30 93% Feb. 5
1
.1935 J D
95% .
93% 99
91% 92
20% Jan. 19 20% Jan. 19
1917 J J
22'
24% 2 2 '" 23%
20
30
M ay 1 98% M ay 28 96% Jan. 9 98% M ay 28
98% 98% 98
T ol S t L & W — P r l g 3 % s 1925 J J 100,000 9 6 % _____ 98% Sale
Jan. 10 81% M ay 22
80% 81% 78% M ay 2 81% M ay 22 76
Fifty-year gold 4s.......... 1950 A O 179,000 76% Sale
79
Sale
1 95% Apr. 15 95% Apr. 15
1931 J J
9 6 % _____
95% .
95
| 95% Feb. 5 95% F eb. 5
|
1933 J J
95
95% 95% 95% 9 6 % _____
|
|
1942 M S
88%
87%
87%
Feb. 6
83% 81% M ay 22 81% M ay 22 81% Feb. 4 82
1,000 80% 83% 81
83% 82
Tor H & B 1st g 4s----------- 1946 J D
Jan. 30 98% M ay 6
M ay 6 98% M ay 6 95
94% 95% 95
94% 95%
V Tlster & Del 1st con g 5 s.. 1928 J D
39,000 91% 95
M ay 6 64% M ay 13 63
M ay 6 67% Feb. 28
63
64% 63
4,000 61% 67% 62% 65
First refund gold 4 s.. 1952 A O
90% M ay 5 92
M ay 22 88% Mar. 3 92
M ay 22
90% Sale
449,000 91% Sale
Onion Pac R R & la gr g 4s. 1947 r j
90% Sale
89% M ay 21 90% M ay 22 87% M ar. 17 90% Jan. 16
3,000
R egistered __________ 1947 r j
96% M ay 5 97% M ay 24 95% Jan. 2 97% M ay 24
97% Sale
97
Sale
20-year conv 4s________ 1927 j j 228,000 95% Sale
83% M ay 10 85% M ay 22 81% Jan. 2 85 % M ay 22
84% Sale
First & refund 4s..Jun e 2008
H 103,000 81% Sale
83% Sale
M ay 24
M ay 24 100
Feb. 29 103
102% 101% M ay 6 103
1st & ref 5s (temp) .June 2008 V S 395,000 100% Sale 101% Sale 102
T
M ay 20 102% M ar. 21 L04
Feb. 14
M ay 8 104
10-year secured 6s ______ 1928. 1 J 136,000 103
Sale 103% Sale 103
Sale ;103
I 88% Feb. 6 89% Feb. 18
I
44 M R
87 8 92 X 89%
^
4
90
! 98% M ar. 5 99% A pr. 7
99% 100%
1926^ J
94
j 99%
I
l
1
1st extended 4s________ 1933 J J
89% 92% 91% 93% 91% . . . : .




BONDS—STOCK EXCHANGE RECORD

20

BONDS
Y . STOCK EXCHANGE.

Sales in
M ay.
Par Value

«/* n d a lla consol g 4s......... 1955 F A
▼ Consol 4s, Series B
1957 M N
Y e n Cruz A P 1st gu g 4% s 1934
J
J
July 1914 coupon o n ________
J
July 1914 coupon o f f _______
3,000
S
Verdigris VI A W 1st g 5 s -.1 9 2 6
S
V* M id— Series E , 5s_____ 1926
8
Series F 5s_____________ 1931
26,000
General 5s_______________1936 M N
16,000
V » A S W 1st gu 5s________2003 J J
38.000
First cons 50-year 5s____1958 A. O
M N 682,000
Vlrg R y 1st 5s Series A __1962
V l/abash 1st gold 5s............ 1939 M N 393,000
78.000
YY Second gold 5s______ 1939 F A
6,000
J
D eb B 6 s _______ ______ 1939
8,000
J
1st lien 50-yr g term 4 s .-1954
5,000
J
D et & Ch Ex 1st g 5s___1941
39.000
J
Des Moines D lv 1st g 4s. 1939
16.000
O
Omaha D lv 1st g 3 J^s___ 1941
s
T o l A Chic D ivtlst g 48.1941
Waco & Nwn 6s___________ 1930 M N
War R R 1st ref gu g 3 % _ 2000 F A
_
4,000
Wash Cent R y 1st g 4s____ 1948 Q M
W O A W 1st cy gu 4s_____ 1924 F A
17.000
Wash Term 1st gu 3 34s.-.1 945 F
16.000
1st guar 40-year 4s_____ 1945 F
26,000
W M W A N W 1st gu 5 s . . . 1930 F
199,000
A
West M aryland 1st g 4s___ 1952
15.000
West N Y & Pa 1st g 5s— 1937 J
79.000
General gold 4s_________ 1943 A O
Inc 5 s __________________ 1943 N o v
Western Pacific 1st 5s A ___ 1946 M S 214.000
47.000
6s B .......................
1946 M S
J 148.000
West Shore 1st 4s guar____ 2361
35.000
J
R eg istered _____________ 2361
12.000
O
Wheel & L Erie— 1st g 5 s ..1926
1,000
J
Wheeling D lv 1st g 5s___ 1928
Exten & lmpt gold 5s___ 1930 F A
57.000
Refunding 4% s Ser A ___ 1966>M S
49.000
Wh & L E R R 1st con g 48.1949 M S
36.000
W llk& E ast 1st g u g 5 s ____ 1942 J D
Will & S F 1st gold 5s_____ 1938 J D
53.000
Winston-Salem S B 1st 4s. 1960i J J
60.000
Wlscon Cent 1st gen g 4 s ..1949i J J
94.000
S u p & D u lD lv & T e rlst4 sl9 3 6 M N
1,000
W or A Con East R y 4 34s. .1943 J J
In d u strials
25.000
Adams Express coll tr g 4s. 1948
121,000
Ajax Rubber 1st Ss________1936
1,000
Alaska Gold M deb 6s A ___1925
9.000
_
10-year conv 6s Ser B _ 1926
36.000
Am Agr Chem 1st cony 5s. 1928
352.000
1st ref s f 7)4s................ -1941
81.000
Amer Chain 6s____________ 1933
Amer C otton Oil deb 5s___ 1931 M N 121.000
5.000
Amer D ock A ImDt 6s____ 1936 J J
50.000
Amer Republic Corp 6s____ 1937
526.000
Am Smeltg & R ef Ser A 5s_1947
352.000
6s B ____________________ 1947
467.000
Amer Sugar Refining 6s___1937
768.000
Am Tel A Te coll trust 4s. . 1929
40.000
Convertible 4 s _________ 1936
49.000
10-year convertible 4 % b 1933
567.000
80-year coll trust 5s_ . _ _ 1946
5% s (rects)_____________ 1943 M N 1,003,000
T-year convertible 6s____1925 F A 181.000
Am W at Wks & Elec coll 5s 1934 A O 120,000
54.000
Am W riting Paper s f 7-6?-1939 J
937.000
Anaconda Copper 6s______ 1953 F
493.000
F
do
7s_____________ 1938
322.000
Armour & Co 1st real est 4 34s’ 39 J
262.000
B34s (temp) (D el)______ 1943 J
265,000
Associated Oil temp 6s____ 1935 M
14.000
Atlanta Gas Lt 5s_________ 1947
Atlantic Fruit conv deb 7s A ’ 34
31.000
T r C o ctfs___________________
7.000
do
stam p ed ___________
Atlantic Refining 5s______ 1937 J J 122,000
29.000
Baldwin Loc W ks 1st s f 5s. 1940 M N
Bamsdall 8s A ____________ 1931 J J 170.000
Bell Tel of Pa— 5s B _ ..........1948 J J 402.000
70.000
Beth Steel 1st ext s f 5s____1926 J J
58.000
1st & refund 5s gu Ser A 1942 M N
122.000
80-yrpur l m p s f 5s_____ 1936 J J
A 428.000
Cons 30-yr s i 6s Series A . 1948
A 159.000
0%a B __________________ 1953
53.000
O
Booth Fisheries 6 s ------------1926
A 166.000
Braden Copper coll tr s f 6s 1931
O 120,000
Brier Hill Steel 5 % a ........... 1942
D 128,000
B’y A 7th A v 5 s .............. .1943
13.000
J
Bklyn C ity 5s-------------------- 1941
71.000
Bklyn Edison Inc gen 5s A . 1949' J J
53.000
G eneral 6s, Series B ____ 1930 J J
9.000
General 7s, Series C ____ 1930, J J
78.000
D
_f General 7s. Series D ____1940
B-M R T Sec (temp) 6s___1968 J J 1,930,000
30.000
Bklyn Q Co & Sub gtd 5s _ . 1941 M N
do
1st 5s___________ 1941 J J
Brooklyn Rap Transit g 5s. 1945 A O
Trust co ctfs deposit________
1st refund conv 4 gs____2002
8-yr secured notes 7s____1921
34.000
Trust C o ctfs deposit_____
2,000
do
sta m p e d __________
12.000
Bklyn TJn E l 1st g 4-5s____ 1950 F A
29.000
Stamped guaranteed____1950 F A
64.000
Bklyn Un Gas C o 1st c g 5s 1945 M N
7s_______________________ 1932 M N 174.000
53.000
6s................
-1947 M N
7s_______________________ 1929 M N 106.000
Buff A Susq I S f 5s______ 1932 J D
3.000
Bush Terminal 1st 4s--------1952 A O
7.000
Consol 5s_______________1955 J J
44.000
A O
Buildings 5s gu tax ex___1960
38.000
Cal G& ECorp unlf Aref 5sl937 M N
California Petroleum 634s_1933 A O 158.000
23.000
Camaguey Sug 7s_________ 1942 A O
39.000
Canada Steamship 7s_____ 1942 M N
83.000
Canadian General Elec 6s ._ 1942 A O
17.000
Cent Dist Tel 1st 30- yr 5s. . 1943 J D
1.000
Central Foundry 1st s f 6s. 1931 F A
A O 681.000
Central Leather 20-yr g 5s. 1925
40.000
Central Steel 8s___________ 1941 M N
65.000
Cerro de Pasco Copp conv 8s '31 J J
18.000
Chic Gas L A C 1st gu g 5s. 1937 J J
55,000
Chicago R ys— 1st 5s--------- 1927 F A
Chicago Telephone 1st 5 s .. 1923 J D
Chile Copper 6s conv ser A 1932 A O 410,000




Price about
Jan. 2
1924.

[V ol. 118.
> RANGE SINCE JA N . 1.

PRICES I N M A Y .
May 1.

May 31.

Lowest.

Lowest.

Highest.

Sale Prices.

Sale Prices.

Highest.

Ask. Bid.
Ask. Bid.
8 4 % _____ 85%
84% 87
85%

Ask.

27%

30 %

39%

2534 M ar. 22 26)4 M ar. 28

95

97%

9934 99% M ay 19 9934 M ay 19

98% A pr.
97
Jan.

Bid.
84 %
84%

9834
9934
9934
99 34
95
86
9534

99
Sale
91% Sale
71% 74%
9 7 % -------75
76
70% 71
7 7 % -------99
_____

80

78%

79

81

81
85 Vs
84
61%
98%
77%
35
84%
97%
80%
79
99%
98
93
61%
65%
55%

Sale

97
_____
97% 97 %
90
94%
75 % 76 Vs
92 )4 Sale
96 % 96%
87
87%
68
Sale
95% 98%
74% 79
68% 68%
7 5 % -------95
_____
74
99%
79%
84%
77
58%
97%
75%
35
79%
93%
78%
77
97%
95
89%
52%
60%
48
99
81
76%
77
65

90
Sale
98
76%
55
Sale
Sale
Sale
Sale
99%
99

94%
94%
90%
102%
97%
90%
95
141%
92%
7434

90
Sale
Sale
78%
Sale
Sale
Sale
79J4
99%
99

54 %
Sale
Sale
99% 100 %
82
83
77
79%
83%
Sale
71
77

Sale
Sale
56J4

80
81
5%
5%
95%
85%
92%

107%
91
9234
10334
98 %
9454

8034
Sale
5%
7Vs
Sale
Sale
Sale
Sale
Sale
91)4
Sale
Sale
Sale
Sale

10 5 34
9834
10034
11934
8734
39J4
9534
9634
86
88
9834

Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale

80
Sale
87% Sale
6
6%
5%
5%
97% 98%
97% Sale
94
Sale
84% Sale
1 0 6 % _____
87 % Sale
92
Sale
102 % Sale
101
Sale
92 % Sale
85% 87%
1 0 4 % _____
97% Sale
98% Sale
118% Sale
84% Sale
46
Sale
96% Sale
99
Sale
84
Sale
88% Sale
96
Sale
9 6 % -------29
Sale
29 % Sale
28% 29
97% Sale
100 % 101 %
97
Sale
98% Sale
99% 100
96
Sale
89% Sale
97 % Sale
89
Sale
78% 80
99% 101
93% Sale
62% 65
86 % 8 8 %
98
Sale
102 % Sale
106% 106%
108 % Sale
71% Sale
67
_____
92
_____
78% 80
64%
97
97
93
81
81
96
115%
104
115%
90%
80%
83%
92

40
98% 99%
99%
97%
98
98%
93 % Sale
85
Sale
95% Sale

88%

Sale
Sale
80

2934 Sale
1834 36
9734 Sale
100
10034
9734 Sale
9834 Sale
99 34 Sale
9534 Sale
Sale
88
9634 Sale
Sale
88
8234 Sale
10234 Sale
9434 Sale
65
66
8734
99 34 9934
103 34 Sale
10634 Sale
108 34 10834
7634 Sale
64
6434
82
82
69

99
93
8334
9434

M ay 12 99
M ay
M ay 1 93)4 M ay
M ay 8 86
M ay
M ay 6 95% M ay

12
22
28
24

97
Sale
9234 94
7 3 % ------9834 100
7634 79
72
73
78
____
9 9 3 4 -------

97
9134
7334
99
74 34
7134
7734

M ay
M ay
M ay
M ay
M ay
M ay
M ay

M ay
M ay
M ay
M ay
M ay
M ay
M ay

9
26
21
28
5
22
13

81

79

M ay

10034 Sale

Sale"
Sale

29
1
24
28
19
2
13

100
96
75
99
75
73
8034

6 88

M ay 20

8134
8834
90
6134
99 34
7734
34%
8634
98
8134
8034
9934
99
93
6134
6634
5534
10034
8234
8034
8234
72

8234 81
89
8734
9234 90
Sale
6134
Sale
9834
80
77 34

M ay 1 82)4
M ay 15 87)4
M ay 24 92
M ay 28 63
M ay 1 100
M ay 9 86)4

M ay
M ay
M ay
M ay
M ay
M ay

27
15
24
1
22
28

Sale
Sale
Sale
Sale
9934

8434
97 34
80J4
7834
9934
99

M ay 12 8634
M ay 3 99
M ay 7 81)4
M ay 6 80
M ay 9 9934
M ay 26 99

M ay
M ay
M ay
M ay
M ay
M ay

24
1
24
24
10
26

62
Sale
56

62
M ay 28
61
M ay
65
M ay
6634 M ay 29
55 34 M ay 20 56 34 M ay 21

Sale
Sale
80

82
7934
80
75

80
7834
534
534
96
8734
9234
88%
10734
91
9334
10434

8034
Sale
534
734
9634
Sale
Sale
90
10734
Sale
Sale
Sale
Sale
Sale
Sale
106
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale

75
7434
534
534
95
8434
92
88 34
107
91
9234
103
9834
9434
88)4
102)4
9834
100)4
116
87
3934
94
94%
84%
85
98)4
96

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

28
28
Sale
10134
Sale
Sale
Sale
9434
90
Sale
Sale
Sale
Sale
Sale
Sale
8934
Sale
Sale
107
Sale
Sale
6434

25%
27)4
97%
100
9634
9834
98 34
9334
88
96
88
7334
102)4
94)4
64
8734
99
103
10634
10834
75)4
6334

M ay
29)4
28
M ay
M ay
M ay
10034
99
M ay
M ay
9934
M ay
10034
M ay
9534
M ay
9034
M ay
9734
M ay
8834
M ay
82 34
M ay
104)4
M ay
9634
M ay
68)4
M ay
8734
M ay
10034
M ay
10334
M ay l 10734
M ay 171109
M ay 15 77
M ay 19 64)4

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

3
21
7
27
9
28
9
1

102
101%
81
8134
98)4
115)4
10434
114%

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

107

863
83) 4
Sale
84) 4
Sale
92)4
Sale
97)4
Sale
97%
95)4 95
92%
Sale
Sale 104)4
100
99 34
90)4 90
Sale
95%
Sale 107)4
Sale 132
97)4 96
Sale
74

M ay
M ay
May
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

84%
85%
94%
98%
98
96%
99
104)4
99 34
91
9734
108
138)4
97
77)4

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

3 9934 M ay 19
M ar. 31
3 100
99
M ay
93)4 M ay
86
M ay
95)4 M ay
M ay
100
96
M ay
Jan.
88
71)4 Jan.
M ay
99
Jan.
78
M ay
73
8034 M ay

12
22
28
24
9
26
10
10
28
8
22
13

M ay
Jan.
M ay
M ay
M ay
Jan.
M ay
M ay
Feb.
M ay
M ay
Feb.
A pr.
M ar.
M ay
M ar.
A pr.
A pr.
A pr.
M ar.
100
8234 M ay
81 % M ar.
83 34 M ay
M ay
75

20
9
27
15
24
29
22
28
26
24
1
4
9
25
26
17
12
9
10
26
12
24
1
10

98
89)4
76 34
92%
96)4
87 34
72)4
68
97
74%
67%
77)4

Apr.
M ar.
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
M ay
Jan.
Feb.

78)4
99%
7934
87%
90
58
9734
76) 4
3834
79%
92%
7834
77) 4
99
98
94
53)4
60
49
99
81
7634
77
67

Jan.
Jan.
Feb.
M ay
M ay
Jan.
Feb.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
Feb.
Mar.
Mar.
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
Feb.

80
74%
534
534
94
82

Jan.
80)4 Jan. 19
Jan. 17
M ay
95
Feb.
734 M ar. 28
M ay
734 M ar. 24
Feb. 8
Apr.
98
Jan. 11
Apr.
101
Apr.
Feb. 2
96
Jan.
90)4 Jan. 10
Feb.
107)4 A pr. 26
Feb. 25
Jan.
92
Jan.
M ay 28
94
Jan.
M ay 24
105
Jan. 24
Apr.
103
Jan.
95)4 M ay 19
M ar. 1
Jan.
91
M ar. 17
M ay 22 109
Jan. 3! 99)4 M ay 24
Jan. 12 101)4 M ay 24
M ar. 14
M ay 21 123
Jan.
Feb. 9
88
M ar.
M ay 12
50
M ay
9834 Jan. 29
M ay
10134 Jan. 24
Jan.
87)4 Jan. 17
M ay
97)4 Jan. 19
Jan.
9934 M ay 28

88
99)4
8234
8734
92
63
100
12 86)4
26 38%
3 8634
11! 99
3 8434
41 80%
28 100
28 99
94
62%
67)4
57

26
12
24
12
12

120

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

100

9534
8834
103
99 34
10134
118
88

45
9434
94 34
8434
8634

25)4
22

98
100 34
9634
99 34
99)4
94
89 34
96
8834
7334
104 34
9534
6534
8734
100
10334
10634
109
76
64

M ay 12 82% M ay 12
M ay 5 8034 M ay 19
M ay 21 83)4 M ay 1
M ay 10 75
M ay 10
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
101
119)4 M ay
M ay
88
M ay
50
M ay
96
9634 M ay
M ay
M ay
99)4 M ay
M ay
96

8034
81 %
534
534
9634
8834
9334
90
10734
91)4
94
105
10034
9534
9034
105%

12
3
7
9
22
22
2]
14
1
21
28
24
20
19
5
1
24
24
1
26
12
9
1
9
2
28
14

27
1
21
19
19
19
27
7
7
28

82
69

Sale
Sale
8134 8334 8134
81% 8134 83
8134
97% 9834 9834 98)4
11534 Sale 11834
Sale
Sale
105
10534 105)4
Sale
114% Sale 117
9034
81% 8234
84 34
84% 84% 8534 88
94% Sale
Sale
9334
98% 97% Sale
9734
97)4
Sale
97% Sale
95% 95% Sale
94)4
9334
92% 94
Sale
103 34 104% Sale 10434
98% 98% 9934 9934
93
90
9134 90)4
Sale
9734
9534 Sale
10734 10/34 107 34
Sale
13334 Sale 115%
94
96
Sale
9*
75%
Sale
7634 Sale

9934 Sale

------100

Sale Prices.
Sale Prices
85
Jan. 30 85 Jan. 30
86
Jan. 4 87 M ar. 22

7834

8334
82)4
99
11934
Sale
11834
9334

10034 Sale

100% M ay

101 %

82)4
82%
99%
120

105)4

1101

May

88

82
106)4
87%
92
101 %

96%
9234
87

102)4

9734
96
116
84)4
38
94%
94)4
83)4
85
96)4

Feb.
40
Feb.
40
Feb.
40
9834 M ay
101 % Jan.
Feb.
100
9934 M ay
100 % Feb.
96)4 Jan.
91) 4Jan.
Feb.
100
92) 4 Feb.
89% Feb.
104% M ay
96)4 M ay
Feb.
69
88 34 M ar.
100 % M ay
M ar.
106
Feb.
109
109% Feb.
78)4 M ar.
M ar.
66
Jan.
80
83% M ar.

25)4 M ay
2734 M ay
29
Jan.
9634 Jan.
99 34 Feb.
95% Jan.
97% Feb.
99
Jan.
93)4 M ay
87% Apr.
96
Apr.
88
Apr.
70
Apr.
100)4 Feb.
93
Jan.
60)4 Jan.
87
Jan.
97)4 Jan.
102)4 Jan.
105% Apr.
108
Jan.
72)4 Jan.
63)4 Apr.
80
Jan.
7834 Jan.

64% Jan.
97)4 Jan.
96)4 Jan.
92)4 Jan.
80% Jan.
81 Jan.
96% Jan.
114 Apr.
22 103)4 Jan.
114 Apr.
89% Mar.
28 81 Jan.
24 83)4 M ar.
Jan.
91
10 96)4 Apr.
Jan.
26 95
Jan.
95
Jan.
91
102% Jan.
22 97)4 Jan.
Apr.
12 90
24 92)4 Mar.
24 1107)4 Feb.
7 125% Mar.
1 93% Jan.
Jan.
2 74
, ____
Jan.
24 99

23
25
20
7
21
9
28
8
3
15
4
9
4
27
19
13
13
27
14
14
15
25
3
14
4

M ar.
M ar.
M ar.
M ar.
Feb.
Feb.
M ay
Jan.
Apr.
M ay
Feb.
M ay
M ay
M ay
Jan.
Feb.
Jan.
M ay
Jan.
M ay
Jan.
M ay
M ar.
Feb.
Apr.
Jan.

20
26
25
25
21
29
12
23
21
8
19
28
24
6
26
6
26
3
30
22
28
24
21
15
30
26

7234
106%
108
103)4
84)4
84%
9934
121

10534
22 120
13 9134
11 8434
21 85%
11 94)4
12 98 %
7 98
7 97)4
8 99
9 L0534
3, 99%
10
11
13
28
9 97
3 81
2

Jan. 30

J une, 1924.]
Interest
Period.

BONDS
H. Y . S T O C K EXC H AN G E.

BONDS—STOCK EXCHANGE RECORD
Sales in ! Price about
M ay.
Jan. 2
Par Vaiuej
1924.

C ine Gas & E l 1st & ref 5s. 1956 A O
5 % s ._ _ ......................Jan 1961 A O
Clearfield Coal 4s_________1940 J J
C o lo Fuel < I Co gen s f 5s 1943 F A
fc
C olo Indus 1st coll tr 5s gu 1934 F A
Colum bia Gas & El 1st 5s. .1927 J .1
S tam ped____________________ J J
C ol & 9th A v 1st gu g 5s . . 1993 M S
Columbus Gas 5s__________ 1932 J J
Commercial Cable 1st g 4s 2397 Q J
C o m ’wealth Power 6s_____ 1947 M N
Companla Az Baraqua 7% s ’37 J .1
Com put ng-Tab-R ec s f 6s. 1941 T J
Conn R y & L t— 1st g 4 % s . 1951 J J
Stamped guar 4 % s_____ 1951 J J
C onsol Coal M d 40-yr 5 s ..1950 J D
Consum Gas Chic 1st gu g 5s ’ 36 J D
Consumers Power 5s______ 1952 M N
C o m Prod R ef gold s f 5 s ..1931 M N
1st 25-year s f 5s________1934 M N
Crown Cork & Seal 6s_____ 1942 F A
Cuba Cane Sugar conv 7 s ._ 1930 J J
J J
Cuban-Am Sug 1st coll 8S..1931 M S
C um b T & T 1st & gen 5 s ^ 1937 I J
Denver Tramway 5s______ 1933 A O
Denver Gas < El 5s______ 1951 M N
fe
D ery Corpn 7s------------------- 1942 M S
Detroit Edison Co 1st 5 s .. 1933 J J
1st < ref 5s Series A ____1940 M 8
fc
1st & ref 6s Ser B__July 1940 M 8
D et United 1st cons e 4 % s . 1932 J J
Dlam M atch s f d e b '7 % b._ 1935 M N
Distillers’ S C conv 1st g 5s.1927 A O
T r C o ctfs___________________
Dominion Iron & Steel 5s__1939 M S
Donner Steel 20-yr 7s_____ 1942 J J
B I du Pont Powder 4 % b. . 1936 J D
du Pont de Nem & Co 7 % s.l9 3 1 M N
Duquesne Lt 1st & coll 6s serA ’ 49 J J
Debenture 7 % s_________ 1936
East Cuba Sugar 7 % s____ 1937 M S
Ed El 111 Bkn 1st con g 4s ..1 9 3 9 J J
Bd E l 111 N Y 1st cons g 5s. 1995 J J
Elkhorn Coal 6s___________ 1925 J J
Empire Gas & Fuel 7 % s___ 1937 M N
Equitable Gas 5s__________ 1932 M S
Federal Lt & Trac 6s s t p d .. 1942 M
5s______ ________________ 1942 M
7s---------------------------------- 1953 M
Fisk Rubber 1st s f 8s_____ 1941 M
Ft Smith Lt & Traction 5s_1936 M
FramerlcInd&Dev 20-yr7 % s. ’ 42 J
Francisco Sugar 20-yr 7 %s_ 1942 M N
Gas & Elec (Bergen Co) 5s. 1949 J D
General Baking 1st 25-yr 6sl936 J D
General Elec deb g 3% a___ 1942 F A
Debenture 5s___________ 1952 M S
General Refractories 6s____1952 F A
Goodrich 6 % s____________ 1947 J J
Goodyear Tire & R ub s t 8s. 19 41 M N
10-year deb s f 8 s ..M a y 1931 F A
Granby Con M S & P 1st 6s 1928 M N
Stamped____________________
C onv deben 8s__________ 1925 M N
Gray < Davis 7s__________ 1932 F A
fe
Great Falls Pow 1st s f 5 s ..1940 M N
Hackensack Water 4s_____ 1952 J J
Hartford Street R y 4s_____ 1930 M S
Havana El R y Lt «fc P 5 s ..1954 M S
Havana Elec R y cons g 5s. 1952 F A
Hershey Chocolate 6s_____ 1942 M N
Holland Amer L 6s (flat) _ . 1947 M N
Hudson County Gas 1st 5s. 1949 M N
Humble O & R 5 % s________1932 J J
Illinois Bell Telep 5s A ____1936 J D
Illinois Steel deben 4% s ..1 9 4 0 A O
Ind Nat Gas < Oil 5s_____ 1936 M N
fc
Indiana Steel 1st 5 s ______ 1952 M N
Ingersoll Rand 5s_____Dec 1935 J J
Inter-M etrop coll 4% a____ 1956 A O
Trust Co certfs of deposit
16% stamped_________
Interboro R T 1st < ref 5s. 1966
fe
do
stam ped_____
10-year 6s n o te s ________1932
10-year 7s n o t e s ________1932 M S
Int Agr Corn 1st & coll tr 5sl932 M N
In t M erc Marine 1st s f 6S.1941A O
Intern Paper— Conv 5s Ser A ’ 471J J
1st A ref s f 5s Series B _1947 J J
Jurgens Works 6s (flat)___1947 J
Kansas C ity Pow & Lt 5S..1952 M S
Kansas Gas A El 6s______ 1952 M S
Kavser A Co 7s___________ 1942 F A
KeUy-Sprlngfleld Tire 8 s ..1931 M N
Keystone Telep 5s_________1935 J J
Kings Co E L A P g 5s____1937
Purchase m oney 6s_____ 1997
Kings Co El 1st g 4s______ 1949
Stamped guaranteed____1949
Kings Co Light 5s_________1954
.1954
6 % s ____________
K inney 15-year 7 % s______ 1936
Lackaw Stl 1st cons 5sSerA1950
Lac Gas L ref A ext 1st 5s. 1934
Coll & ref
Series C.1953
Lehigh C A N av 4 % s_____ 1954
Lehigh Val Coal 5s________1933
4S_______________________1933
L e x A v A P F ls t g u g 5s ..1 9 9 3
Liggett A M yers T ob 7s___1944 A O
U ......................................... 1951 F A
CP) Lorillard Co 7 s ............. 1944 A O
08......................................... 1951 F A
Loulsv Gas A El 5s________1952 M N
M agma Copper 7s_________1932 J D
lla n a tl Sugar 7 H a ______ 1942 A O
M anhat R y (N Y ) con g 4s. 1990 A O
Id 4s...................................2013 J D
M anila Electric 7s_________1942 M N
M anila El R A L ......... 5s_.1953 M S
M arket St R y 1st cons 5 s ..1924 M S
5-vear coll tr 6s_________ 1924 A O
M arland Oil 8s with warrants ’ 31 A O
I
d o without warrants_______
7% s with warrants_____ 1931 F AI
d o without warrants______




May 31.

Ask. Bid.
96% 98 X
98% 98
77 Vs
88% 90 %
Sale
79 X
Sale
98 %
96% 98%
6
17%
Sale
93%
73
71%
Sale
90%
102
101
99%
99
83
Sale
84
86%
Sale
94
87% 88 %
83
99
Sale
98%
Sale
76 %
Sale
93%
Sale
99
107% 107%
94 %

Ask. Bid.
98
Sale
97%
Sale
77%
85
90
Sale
80
Sale
99%
Sale
99%
Sale
6
17%
96
72%
72
Sale
91%
Sale 100 %
99% 100
84%
85% 85%
88%
Sale
96
Sale
88%
Sale
99%
100
100
100
77% 72%
92%
Sale
98
Sale
Sale 107%
95%
Sale

Sale
86 X
74 % 74
Sale
100 X
Sale
97X
Sale
106
Sale
88 %

Sale
80
Sale
Sale
Sale
Sale

41
46%
79 %
86%
89
330.000 108
266.000 103 %

53
39% 41
50% 39 % Sale
Sale
72
Sale
Sale
86
Sale
____
____
89
Sale
107% Sale
Sale
104% Sale

217,000 106% Sale
3.000 88
89 %
3.000 99
Sale
95
95%
437.000 90% Sale
22,000 93% 94%
38.000 93
Sale
32.000 82
27.000 100
Sale
294.000 103
Sale
7.000 77% 79
58.000 85 % Sale
53.000 101% Sale
1.000 93% 94 %
7,000 100% 102
108.000 81% 81%
101,000 101% Sale
76.000 97 % 98 %
183.000 98 Vs Sale
172.000 114% Sale
668.000 101% Sale
89
89 % 94 %
31.000 89
Sale
4.000
91%
Sale
28.000 98
3.000 79 % 79%
79%
49.000 82% Sale
10.000 93% Sale
156.000 10 1% Sale
32.000 78% Sale
94%
2,000 94
284.000 98% Sale
566.000 94 % Sale
146.000 91 J* Sale
2,000 78
60.000 100 % 102
97
2,000
10% 17%
4
1,000
18%
1
20,000
%
479.000 59 % Sale
473.000 59 X 59 X
Sale
174.000 56
232.000 83% Sale
76
31,000 66
345.000 79% Sale
204.000 83 % Sale
83% Sale
55.000 76% Sale
Sale
364.000 89
167.000 93% Sale
Sale
80.000 105
248.000 101 % Sale
73%
38.000 98% 100
3,000 n o %
73%
12.000 71
20,000 71X 75%
78
76
3,000 94% 95
52.000 101% Sale
Sale
44.000 89
73.000 92% 92%
97.000
90%
100
13,000 98
89 X
37
12,000 32
118
148.000 117
121.000 9 6 X Sale
116%
40.000 116
Sale
66.000 96
147.000 88% Sale
116.000 112
Sale
155.000 98% Sale
225.000 5 6 X Sale
Sale
17.000 47
Sale
26.000 95
4,000 8 1 X 83%
94% Sale
97% Sale
133
64.000 125
31.000 103
Sale
39.000 120% 135
Sale
101,000 100

RANGE SINCE JAN . 1.

PRICES I N M A Y .
May 1.

S
Bid.
167,000 95
88,000 95%
_ J 73
42,000 87 %
55,000 75
205,000 96%
181,000 96%
______
8
_ - _ _ | 93%
96,000 71
338,000 87%
49,000 100 %
47,000, 98
______ 1 80%
2,000 81%
120,000 87 %
38,000 92
142,000 87%
3,000
10,000 98 %
34,000, 83 %
90,000 92
140,000 97%
135,000, 107 %
68,000 94%
1 40
58,000 85 %
97,000, 73
12,000, 99 %
147.000 95 %
158.000 104%
155.000 85
37.000
62.000
80,000

21

105

Sale

99% 101
96% 98
91
Sale
94% 96
94
Sale
83
84
102
Sale
100 % Sale
77% 80
90
Sale
103% Sale
94%
102%

80%
100%
99
94%
116%
103
89
90%
90
80%
99%
79%
80
83
92%
102 %
75%
95%
98
94%
92%
82%

87%
76
100%
97%
105%
90%

112%

68%
68%
75
100
102%
89
94%
92
91
98
89%
31%
116%
96%
115%
95%
88%
112

91
81
99%
99%
7
95%
73
92%
103%
101

M ay 6 72%
May 1 92%
M ay 29 102%
M ay 1 100%

83%
86%
88%
Sale
88
99
Sale
98%
78
72
Sale
92%
Sale
98
Sale 107%
96% 94%

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

25 80% Jan.
Apr.
24 86
19 93% Jan.
3 86% Mar.
21 100% Feb.
29 98% Jan.
3 71% Feb.
9 91% Jan.
1 97% Jan.
Apr.
24 107
28 94% Apr.

85
90%
95%
90%
100 %

Sale
86%
Sale
76
------- 100
Sale
97%
Sale 105%
Sale
88

M ay
M ay
M ay
M ay
M ay
M ay

M ay 28
M ay 9
M ay 14
M ay 28

M ay
85
88% M ay
95% M ay
89% M ay
M ay
100
M ay
100
76% M ay
94% M ay
99 3 M ay
%
108% M ay
M ay
96
3 87%
29 79%
5 100%
9 98
9 106
9 90

M ay
A pr.
M ay
M ay
A pr.
Jan.
Feb.
M ay
A pr.
Jan.

27
2
28
29
7
14
15
9
14
30

M ay
Jan.
M ay
Feb.
Feb.
100 % Feb.
Jan.
85
94% Feb.
99% Feb.
108% Jan.
M ay
96

24
30
19
4
13
11
11
8
14
15
28

Mar.
Jan.
Jan.
Jan.
Jan.
Feb. 28

87%
82
100%
98
106%
91

M ay
Jan.
Feb.
Feb.
Jan.
M ar.

29
11
13
11
28
20

Mar.
M ay
M ar.
M ay
Feb.
Feb.
Feb.

54%
53
79%
92
91%
108%
105%

Feb.
Feb.
Jan.
Feb.
Jan.
Feb.
M ay

4
2
11
15
17
4
27

111

118
103%

Feb.
M ar.
M ay
Feb.
Jan.
M ay
Jan.
Jan.
Apr.
Jan.
M ar.
Feb.
Apr.
Jan.
M ay
Jan.
M ar.
Jan.
Jan.
M ar.
Feb.

6
31
5
19
9
27
15
16
21
16
1
13
12
15
14
12
4
31
10
21
15

89
80
98
79%
79%
81%
92
100%
73%
94%
96%
93%
91%
82
99%

Jan. 2 93
\
M ay 171 96
Jan. 8 100
Feb.
81
Mar.
79%
Apr.
86
Feb.
93%
M ar.
103
M ay
84%
Jan.
95%
Jan.
99
Feb.
96
Jan.
95
Apr.
82%
Feb.
102 %

Jan.
Jan.
M ay
M ay
M ar.
Jan.
Feb.
M ar.
Feb.
Jan.
Apr.
M ay
M ay
M ay
M ay

31
22
19
28
25
23
18
14
8
14
15
15
27
8
22

10%
5%
1%
58%
58%
54%
82%
46%
79%
83
83%
73%
89
93
100%
94%
73%
98%
110%
69%
69
77%
95
101%
88
91%
91%
91
91
87%
32%
114%
95%
114%
95
88%
109
98%
56
47
94%
83
94%
97%
116%
103
117
98 %

Jan.
Jan. 22
11
M ay
5% M ay 10
Feb.
2% M ay 20
Jan.
66% M ar. 25
Jan.
65% M ar. 24
Jan.
90% M ar. 24
M ay
89% M ar. 28
M ay
72 % Jan. 11
Jan.
85% M ay 13
Jan.
Jan. 24
85
Jan.
Jan. 15
85
Apr.
79% Feb. 2
Jan.
93
M ay 26
Jan.
96% M ar. IS
Apr.
105% Jan. 3
Apr.
105% Jan. 14
Jan.
80
Feb. 16
Apr.
100
Jan. 7
Jan.
112% M ay 26
Apr.
M ar. 3
76
M ay
73% Feb. 15
Jan.
A pr. 23
81
Jan.
100 % M ar. 25
Jan.
104
Jan. 24
Jan.
M ar. 5
93
Jan.
95
M ar. 28
M ay
93% M ay 28
Jan.
94
Jan. 31
Jan.
99% M ay 28
Apr.
87% A pr. 9
Mar.
37
Jan. 22
Mar.
Jan. 3
118
Apr.
97% Jan. 15
Mar.
117% Jan. 14
Jan.
97% Jan. 14
Jan.
91% Jan. 24
M ay
117% Jan. 30
Jan.
101 % M ar. 17
Jan.
60% M ar. 31
Jan.
53
M ar. 14
Jan.
99% M ay 2
Jan.
86
M ar. 12
Jan. 2 jl0 0 % M ar. 28
Jan. 2 101 % Feb. 7
M ay 6 140
Feb. 4
Jan. 2 105% M ar. 14
M ay 15 141
Feb. 28
Jan. 7 102
Jan. 28

87%
75
96%
96%
7
93%
70
87
100
98

M ay 29 84%
M ay 10 74%
M ay 19 99%
M ay 5 95
M ay 1 104
M ay 22 84%

103% Sale
89%

103% M ay
89% M ay
100
M ay

1 02 %

38
70
77

M ay 6 41
M ay 28
M ay 28 72% M ay 9
M ay 12 86
M ay 1

89
95%
93%
83%
100%
98%
77%
88%
101%

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

102%
82% 80%
Sale 100%
100
99
Sale
93%
Sale 116
Sale 101%

M ay
M ay
M ay
M ay
M ay
M ay
M ay

105% M ay 3 103% M ay
Feb.
89% M ay 26 89
101
M ay 5 98% Jan.
Jan.
96
Apr.
91% M ay 3 90
96% M ay 27 93% Jan.
90% Feb.
95% M ay 3
Feb.
M ay 27 80
85
M ay 1 99% Jan.
102
100 % M ay 1 98% M ay
77% M ay 8 77% M ay
90% M ay 3 84% Jan.
103% M ay 6 101 % Jan.
Jan.
94
Jan.
102
M ay 21 101
Mar.
81% M ay 26 80
Apr.
100
102% M ay 24
100
M ay 9 98% Jan.
96% M ay 24 93% Apr.
117
M ay 2 114% Jan.
103
M ay 1 1 00 % Apr.

94%
90
89
79% 80
105
100
81

M ay
M ay
M ay
M ay

91%
80%
100
81

97%
89% Sale
96% 97%
Sale
95
83% 85
1 01% 1 02 %
Sale
99
77% 80
89%
89
1 01 % 103
95%

122 115
104 103%
123 116
100% l101

96%
76%

Apr.
Jan.
Jan.
Jan.
Apr.
Mar.
Mar.
Jan.
Jan.
Jan.

M ay 15 91
M ay 27
M ay 5 80% M ay 9
M ay 7 99% M ay 28
M ay 5 99% M ay 29

86
Sale

100%

118
103%
112%
100%

1 01 %

71%
90%
100%
99%

Sale Prices.
Sale Prices.
M ay 24
94
M ar. 13 99
96% Jan. 15 99% M ay 10

45%
38
70
77
90
107% M ay 22 108% M ay 28 106%
104
M ay 1 105% M ay 27 103%

100%
57
47%
98%
82

97
10%
5%
%
61%
60
62
85%
57%
84%
83%
833%
76%
91
95%

Sale
Sale
Sale
100 %

Sale Prices
Sale Prices.
M ay 24
97% M ay 19 99
97% M ay 8 99% M ay 10
88%
79%
98%
98%

Sale
82
M ay
M ay
93% 92
Sale 101% M ay
74
73% M ay
95% M ay
Sale
97% M ay
Sale
94% M ay
93% 92% M ay
82% M ay
Sale 101% M ay
100

14
9

10%
5%
1%
59%
59%
58%
82%
46%
84
83%

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

Sale
Sale
60
Sale
60
Sale
Sale
84 % !
77 %! 76% M ay
91
M ay
Sale
95
M ay
Sale
M ay
Sale 101
Sale
87% M ay
80
Sale 1 99 M ay
113% 112% M ay
72 | 70 M ay
71 %
69 M ay
96 I___________
100% 100
M ay
Sale 102% M ay
92
90% M ay
94% M ay
Sale
91% M ay
Sale
Sale

98

83% M ay 15
92% M ay 28
1
75% M ay 1
95% M ay 6
98% M ay 17
M ay 15
96
M ay 27
95
82% M ay 8
102 % M ay 22
10%
5%
2%
62%
62
64%
86%
57%
85%
85

M ay 8
M ay 10
M ay 20
M ay 5
M ay 6
M ay 3
M ay 3
M ay 3
M ay 7
M ay 13

77%
93
96%
102
96%

M ay 3
M ay 26
M ay 5
M ay 22
M ay

99%
112%
71
71%

M ay
M ay
M ay
M ay

29
26
20
26

100%
103%
92%
95
93%

M ay
M ay
M ay
M ay
M ay

14
22
22
28
28

M ay 13 99% M ay 28
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

125
104%
129
Sale

M ay 6 120
M ay 9 104%
M ay 15 118
M ay 28 101

116%
103%
1117
I 99%

15
14
19
28

102 % M ay

34%
116%
96%
115%
95%
88%
111
109
97%
Sale
56%
Sale
49% 49%
98
Sale
84
84
37
Sale
Sale
117
Sale
Sale

M ay
M ay
M ay
M ay

36
117%
97
116%
96%
89%
113
100 %
58
49%
99%
84

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

Highest.

Lowest.

Highest.

41% 48
41
72
70
84
85
89
108% Sale
105% Sale

81% 81%
Sale 1 01%
99%
Sale
96%
Sale
Sale 116%
Sale 1 02 %
89
'9 4 % 89%
Sale
89%
93%
166”
81
79%
82
Sale
92%
93
Sale 102
Sale
73
95%
Sale
98%
95%
Sale
Sale
92%
83
Sale 102
97
~14~~ 10%
5%
10%
1
1%
Sale
59%
Sale
59
Sale
58%
Sale
83
67% 55%
Sale
84
Sale
84%
84
84%
Sale
77
92%
Sale
Sale
95%
Sale 101
Sale
87%
78%
80
99% 99%
112%
70
70%
70% 70
76
79
100% 99%
1 0 2 % 103%
90% 91%
95
Sale
Sale
93%
92%
99%
99
89%
34%
35
Sale 116%
96%
Sale
Sale 116
Sale
96%
89%
Sale
Sale 109%
Sale
98
Sale
58
50% 47%
Sale
98%
84
83

101 %

Ask.
Sale
98
85
92
Sale
Sale
Sale
17%

Lowest.

19
28
9
26
22
28
3
3
29
24
2
7

M ay 15
M ay 1
M ay 15
M ay 29

14
12
15
28
8

90%
101
96%
93%
96%
96
86
1 02 %

104%
77%
92 %
103%
94
102 %
82
103%

100 %
100

22

V © Sales in
BO N D S
May.
N. Y . S T O C K E XC H AN G E. s & Par Value

Price about
Jan. 2
1924.

Bid.
Ash.
104%
87,666 98% Sale
118,000 94% 95
27,000
63
49,000 104
104%
99% 100
402,666 86' " Sale
85% 86
12,666 98% 98%
39,000 91% Sale
42,000 92
Sale
43,000 80% 80%
71,000
105,000 94% 95
167,000 95% Sale
60,000 87
Sale
32,000 77% Sale
65%
11,666 92% 93%
2,000 92
93%
92%
50,000 54 " Sale
109,000 90% 92
14,000 97
99%
3,000 97
7,000 99% Sale
3,000 93% 94
220,000 97% Sale
S

M er & M frs 7s__________ 1942 j D
M et Edison 6s ___________1952 F A
M et Power 6s ctfs___
..1 9 5 3 J D
F A
Mexican Petrol o f D el 8S..1936 M N
M ich State Telen 1st 20-vr 5s’ 24 F A
M idvale St & O fd conv s'f 5s ’ 36|M S
do
den recta
Mllw El R y & Lt cons 5 s .. 1926 F A
Refunding & ext 456s ..1 9 3 1 J J
General & refund 5s____1951 J D
5s B ____________________ 1961 iJ D
1st & ref g 6s, Series C ..1 9 5 3 M S
Milwaukee Gas Lt 1st 4S..1927 M N
Montana Pow 5s A _______ 1943 J J
M ont Tram 1st & ref A 5s 1941 J J
Morris < Co 1st s f 4 56s___1939 J J
fc
M tge Bond Co 4s
1966 A o
5s______________________ 1932 J J
M N
MN
Nassau Elec guar gold 4s ..1 9 5 1 J J
National Acme 75 6s.. . .1931 J D
NatEnam&Stp 1st 20-yr 5s.1929 J D
J J
National Tube 1st 5s______ 11952 M N
Newark Gas 5s
1948 J D
New Eng T < T 30-yr 5s ..1 9 5 2 J D
fc
J J
22,000
N Y Air Brake 1st conv 6s 1928 M N
41,000
N Y D ock 50-year gold 4s. 1951 F A
N Y Edison 1st < ref 6 56s 1941 A O 168,000
fe
83,000
N Y Gas El Lt H < P 5 s . . . 1948 J D
fe
61,000
Purch money coll tr g 4s_ 1949 F A
J J
9,000
N Y Queens E L & P 5s. . 1930 F A
20,000
New York Rys 1st < ref 4s 1942 J J
fc
136,000
Trust Co certfs of deposit .
Adjustment in c o m e r s . 1942 A O 402,000
343,000
Trust C o certfs of d e p o sit..
91,000
N Y & Rich Gas 6s A . .1952 M N
96,000
N Y 8tate R ys 1st cons 4 % s 1962 M N
21,000
8 5 6 s .-................. .............. 1962 M N
81,000
New York Steam 6s . . . .1947 M N
N Y Tel 1st & g e n s f 45 6s..1939 M N 237,000
30-year debenture 6s ___ 1949 F A 180,000
20-year refunding 6s gold 1941 A O 235,000
52,000
Nlag Falls Power 1st 5s ..1 9 3 2 J J
93,000
Refunding < gen 6s . Jan 1932 A o
fc
82,000
Nlag Lock < Ont Pow 1st 5 s .’ 54 M N
fe
No Amer Edison 6s_______ 1952 M S 142,000
153,000
Sec s f g 656s Series B ___1948 M s
75,000
Nor Ohio Trac < Lt 6s ____1947 M H
fc
252,000
North States Power 5s A . . 1941 A o
91,000
1st A ref 6s Series B ____1941 A o
Northw Bell Tel 1st Ser A 7s ’ 41 F A 317,000
Northw Tel 4 56s
1934 J J
28,000
Ohio Public Serv 756s____1946 A o
26,000
7s____________________ .1947 F A
42,000
Ontario Pow N F 1st 5s___1943 F A
5,000
Ontario Transmission 5s. .1945 M N
68,000
Otis Steel 20-year 8s______ 1941 F A
756s------------------------------ 1947 F A 139,000
Pacific G A E gen A ref 5s 1942 J J 277,000
83,000
Pacific Pow A Lt 1st A ref 5s 1930 F A
Pacific Tel A Tel 1st 5s____1937 J J 195,000
30-year 5s Series A . _ ..1 9 5 2 M N 311,000
93,000
Pan-Am Pet A T 1st lien 7s 1930 F A
656s w 1____________
118,000
Park-Lexington 656s..
.1953 J J
Paterson A Passaic G A E 5s 1949 M s
4,000
People’s Gas A C— 1st 6s . . 1943 A o
53,000
Refunding gold 5s______ 1947 M 8
Phlla Co conv deb 6s g ____1944 F A 209,000
556a____________________ 1938 M S 171,000
Phlla A Read C A I ref 5s. .1973 .1 J 442,000
Pierce Arrow 8s__________ 1943 M s 253,000
81,000
Pierce Oil Corp s f 8s ______ 1931 j D
Pillsbury FI Mills 6s(rects).1943 A O
55,000
4,000
Pleasant Val Coal 5s . . . 1928 .1 J
5,000
Pocahon Con Coll 1st s f 5s 1957 J J
Portland Gen Elec 1st 5s 1935 J J
8,000
Portland R y 1st A ref 5s. .1930 M N
41,000
Port R y L A P conv 5a____1942 F A
30,000
6s
______ _____ ..1 947 M N 723,000
1st A ref Ser A 756s____1946 M N
10,000
Porto R ico Amer Tobac 8s 1931 M N
33,000
Pressed Steel Car 5s
.1933 J J
13,000
Prod A R ef 8s with warrants '31 J n
36,000
W ithout warrants______ ____ J D 459,000
Pub Ser Cor N J gen 50-vr 5s ’ 59 A O 292,000
Public Serv Elec Lt s f g 6s_ 1948 A o
201,000
Punta Alegre Sugar 7s___ 1937|J
62.000
J
Remington Arms 6s ______ 1937 M N 113,000
Repub I A S sink fund 5 s .. 1940 A o
73,000
20,000
556s. _________________ 1953 J .1
Robbins A Myers 7s_ __ 1942 J 1)
_
7,000
MN
Rogers-Brown Iron 7s . .1942 M N
33,000
St Jos R y L H A P 5s
1937 M N
11,000
| J
St L R M t A Pac 5s stmpd 1955 J J
16,666
St Louis T ra n g u imp 5 s . . . 1924 A o
7,000
8t Paul C ity R v Cable 5s 193 7 J .1
St Paul Union Depot 5s_ 1972 J J 166,000
_
Saks A Co 7s. ______ _____ 1942 M s
28,000
San Antonio Pub Ser 6s __ 19521J J
63,000
!
Sharon Steel Hoop 1st 8s . .1941 IV s 103,000
20,000
_
Sheffield Farms 6 5 6 s . - _ 1942 A o
52,000
Sierra A S F Power 5s____1949 F A
Sinclair Cons Oil 7 s ______ 1937 M 8 298,000
656s B (w 1)____________ 193S J 1) 235,000
Sinclair Crude Oil 3-yr 556s. 1925 A O 1,592,000
6s ______________________ 1926 F A 669,000
Sinclair Pipe Line 5s_____1942iA
O 265,000
Bo Porto R ico Sugar s f 7s .19411J D 103,000
South Bell T A T 1st s f 5s 1941 |J J 100,000
Southw B -T 1st A ref 5s_ 1954 F A 2,296,000
_
Southern Colo Pow 6s_ __ 1947|J J
_
28,000
Stand Gas A El conv s f 6s. 1926 J D
23,000
Conv deb eold 6 Lis
1933 M S
40,000
Standard Milling 1st 5s____1930 M N
27,000
F 4
Steel A Tube gen s f 7s Ser C ’ 51 J j
75,000
Sugar Estates Orlente 7s..1 9 4 2 M S
32,000
Syracuse Ltg Co 1st g 5s_.1951 J D
29,000
5,000
Syracuse Lt A Pow s f 5 s .. 1954 J J
Tenn C I A R R gen 5s____ 1951J J
5,000




[V ol. 118.

BONDS—STOCK EXCHANGE RECORD

102%
74%
110 %
98%
82%
80
98
31%
29%
1%
1%
89
58%
82%
93%
93%
106%
104%
99%
104
100%
91%
89%
100%
107%
91%
103%
100
92%
93
98%
93
91%
92
96%
91
102%
96%
96%
93%
103%
87%
100
90
76
82
94%
87%
91
95
85
80%
90
103%
104%
89%
112 %
106%
77
109
94
92
87%
90
82%
75%
87%
77'
58
91 Ve
95%
101%
94
100
101
83
94
88
97%
97
82%
101
94%
86%
100
95%
103
95%
91%
83%
100%

RANGE SINCE JA N . 1.

PRICES I N M A Y .
May 1 .
Bid.

Ash).Bid.

100% Sale
97
Sale
63% 66
102% Sale
88% Sale
99%
92%
94%
83
96%
97
95%
89%
78%
74
92%
93%
94 '
56%
83
99%
97
101%
94%
98%

Ask.

Lowest.

Highest.

Lowest.

Highest.

Sale Prices.

Sale Prices.

Sale 'Prices.

Sale Prices.

100
Sale 100
M ay
97
97% 96% M ay
66%
103' * Sale 102
M ay
88% Sale

88%
92%
94%
83%
95%
96%
96%
89%
76
74
93% 93%
93%
94%
55%
Sale
83%
Sale
99%
Sale
95%
Sale 100%
_. . . 95%
Sale
99%
99%
93
Sale
Sale
Sale
Sale
Sale
Sale
Sale

101
102%
Sale
75% 76% Sale
Sale
110% Sale
99% 99% Sale
Sale
84% Sale
80%
99% 99% 99%
34
36% 38
33
35% 35%
2% Sale
1%
Sale
1%
1%
94
Sale
90
Sale
58% Sale
85
85
90%
93% 95% Sale
94% Sale
Sale
107
Sale
Sale
Sale
105% Sale
101
Sale
Sale
Sale
104% 104%
10 1% _____
101
92% Sale
Sale
97
Sale
87% 91% Sale
92
Sale
Sale
104
Sale
107% Sale
Sale
92%
93
105%
104% 105
Sale
100% 102
94% 96% 97%
9 4 % _____
94
Sale
99% 98
93% Sale
Sale
Sale
91% Sale
92% 94% Sale
97% Sale
97
91% Sale
Sale
101
Sale
Sale
Sale
95% Sale
Sale
95%
. .
104% 1 0 5 * 107
Sale
91% 91%
101% Sale
Sale
90% Sale
Sale
94% Sale
70
Sale
Sale
85
93% 94%
95% 96% Sale
93
93% 97
95
91% 92%
97% Sale
87
86% 90
84
Sale
80%
91% 92
Sale
Sale
103
104
Sale
105
_____
90
90% 90%
132% 101% 131
106% 109% Sale
90
Sale
Sale
98% Sale
110 % 109% 111%
Sale
93% Sale
95
95% Sale
89% Sale
Sale
84
90% 81
90
Sale
83% 80
81% 82
79
92
88%
7 7 " 78%
Sale
63% 54% 56%
91%
Sale
97% Sale
104% 104%
103
95% Sale
Sale
100% Sale
101
101% 101% 102%
83% 84
85%
90% Sale
Sale
86% Sale
Sale
Sale
98% Sale
Sale
98% Sale
Sale
83% Sale
103% 103%
Sale
95% Sale
Sale
93% Sale
94
88% 90%
100% 104% Sale
94% Sale
96% 97
97%
104
Sale
95% 96
92% 95
104%
86
101

May 31.

102%
77%
112
10 1%
84%
80%
99' *
35%
35%
2
1%
94
58%
85
96%
94%
107
105%
100%
103%
102%
92%
97%
91%
92%
102
107%
93%
105
102
98%
95%
95
87%
92%
95%
98%
92%
10 1%

100%
97
66%
103%

M ay 14 97 H
M ay 3 94%
M ay 13 62
M ay 26 101
99
M ay 26 85%
19
28
22
5
7
26
24
27
1

95 %
90
92
80 Ys
95%
94*3
95
865-6
7656

Jan.
Jan.
Feb.
Feb.
A pr.
Jan.
Jan.
Jan.
M ar.
Jan.
Jan.
M ay
Jan.
Jan.
Jan.
M ay

5 93% M ay 26
6 93% M ay 6

92
92
94
53%
82 %
96%
9556
99 56
9356
9756

Jan.
Feb.
Apr.
Jan.
M ay
Jan.
M ay
Jan.
Jan.
Jan.

88

M ay

Sale
Sale
95
84%
Sale
97%
Sale
89%
77

99%
92
94
81%
95%
96%
95%
89%
76%

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

Sale

92% M ay
93% M ay

Sale
Sale

55% M ay 29 56% M ay
82% M ay 1 87
M ay
98% M ay 8 99% M ay

101
Sale

7 89
20
9
9
14
9
5
1
10
27

99%
92%
95%
83
96%
97%
96%
89%
78%

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

5
9
6

100% M ay 24 101% M ay 1
Q5 M av 19 95% M ay 19
98
M ay 8 99% M ay 24

86

Apr.
A pr.
M ay
Jan.
Jan.
Jan.
Feb.
Jan.
Apr.
M ay
Jan.
M ay
A pr.
9756 M ay
A pr.
90
8256 Feb.

9
30
13
7
5
26
4
29
4
22
21
7
3
26
9
11

M ar.
Apr.
Apr.
Jan.
Feb.
M ay
M ay
A pr.
M ay
M ay

4
24
23
26
28
6
8
30
19
24

10156
9756
6656
10456
9956
9056
93
100
9256
9556
8556
9656

94
9556
94
5856
94
9956
97
10156
9556
9956

103
101% M ay 17 102% M ay 9 10156 Feb. 29 102 56 Jan. 12
Mar. 3 7756 M ay 27
77% 76% M ay 5 77% M ay 27 73
Sale 110% M ay 5 111% M ay 28 109 56 Feb. 26 11156 M ar. 22
Sale
99
M ay 3 101% M ay 28 9856 Feb. 810156 M ay 28
M ar. 26
Sale
84% M ay 8 85% M ay 2 8256 Jan. 2 86
8156 A pr. 2
8156 Apr.
Sale
Jan. 30
Jan.
90% M ay 27 99% M ay 17 98
9956
36% 36
M ay 7 37% M ay 14 3356 Jan.
4056 Feb. 11
37
Jan.
35% M ay 7 38% M ay 17 32
4056 Feb. 14
Sale
1% M ay 5 3% M ay 17
256 Jan. 26
156 Jan.
Jan.
3%
1% M ay 2 3% M ay 15
156
256 Feb. 14
M ar. 21
94% 94
Jan.
96
M ay 3 94% M ay 17 89
65
Jan. 12
Sale
M ay 19 5756 M ay
57% M ay 8 59
87% 85
Apr.
M ay 8 89% M ay 9 85
9656 Feb. 15
Sale
95% M ay 1 96% M ay 27 9256 Jan.
9656 Jan. 11
Sale
94% M ay 1 95% M ay 8 9356 Jan.
9556 M ay 8
Jan. 11
Sale 106% M ay 6 107% M ay 22 104 Jan. 2 108
Sale 104% M ay 20 105% M ay 5 104
Jan.
106 56 M ar. 14
Sale 100
Jan. 23 10156 A pr. 2
M ay 8 99
M ay 2 101
Jan.
104% 104
M ay 14 105
M ay 17 104
105 56 Jan. 8
Sale 101% M ay 9 103% M ay 27 9956 Jan.
10356 M ay 27
Sale
91% M ay 7 92% M ay 28 9156 Jan.
93 56 Jan. 24
98
Feb. 14
Sale
96% M ay 5 97% M ay 28 9656 Feb.
93
Feb. 8
Sale
90
M ay 8 91% M ay 1 8856 Jan.
Sale
91% M ay 8 92% M ay 28 8956 Jan.
92 56 M ar. 26
102% 102
104
Jan.
M ay 1
M ay 1 101
M ay 3 104
Sale 107% M ay 8 108% M ay 21 10756 Apr.
10856 Jan. 30
92
92
Feb.
Feb. 26
105% 104% M ay 6 105% M ay 24 10356 Feb.
10556 M ay 24
102% 102
M ay 1 102% M ay 6 10056 Jan.
10256 M ay 6
M ay 26
Sale
99
96% M ay 3 99
M ay 26 94 56 Mar.
Jan.
96
94% M ay 17 95% M ay 13 94
9556 Jan. 11
M ay
96
95
M ay 22 98% M ay 6 95
10156 M ar. 12
Jan.
Jan. 17
95
Sale
87% M ay 27 93% M ay 1 93
Sale
5 93% M ay 19 9056 Jan.
91% M ay
9356 M ay 1
M ay 19
Sale
96
94% M ay i 96
M ay 19 9156 Mar.
Sale
97% M ay i 98% M ay 9 9656 Jan.
9856 M ay 9
Sale
91% M ay 5 92% M ay 24 9056 Mar.
97 56 A pr. 4
Jan. 17
103
Sale 100% M ay 5 101% M ay 13 9956 Jan.
Feb.
95
97 56 Jan. 29
Mar.
95
Sale
94
M ay 9 97% M ay 19
98 56 Jan. 29
Sale
9356 Jan.
95 56 M ar. 20
M ay 14
107
106
14 107
M ay 14 104 56 Jan.
107
M ay
92
M ay 29
Sale
M ay 29 8756 Jan.
91% M ay 3 92
Sale 101
M ay 29 101% M ay 9 9956 Jan.
102 56 Feb. 25
Jan.
91% 90% M ay 1 92
M ay 8 90
92 56 Jan. 30
M ay 26
Sale
96
93% M ay 1 96
M ay 26 9256 Mar.
Apr.
Sale
68% M ay 1 75% M ay 9 70
82 56 Jan. 17
97% 94
M ay 6 96% M ay 20 8456 Jan.
10156 Feb. 25
Sale
96
M ay 5 96% M ay 8 9456 Jan.
97 56 M ar. 14
95
94% M ay 28 94% M ay 28 9456 M ay
9456 M ay 28
94
Feb. 5
94% 92
M ay 7 93
M ay 24 9156 Apr.
Jan.
10 97% M ay 1 95
97 56 M ar. 22
Jan.
Apr. 4
Sale
88
87
M ay 28 87% M ay 28 86
A pr. 10
88
Sale
83% M ay 29 87
M ay 9 8056 Jan.
M ay 9
Sale
94
91% M ay 7 94
M ay 9 89 56 Jan.
M ay
Sale 103
M ay 27 103% M ay 24 103
104 56 Jan. 16
105% 105
M ay 24 105% M ay 15 10456 Jan.
105 56 M ar. 24
95
Feb. 18
Sale
88% M ay 27 89 % M ay 3 8856 M ay
M ay
Jan. 24
Sale 112
118
M ay 13 113
M ay 29 112
112
M ay 13
Sale 109
M ay 8 109% M ay 6 10656 Jan.
Jan.
Sale
88
M ay 20 92% M ay 28 77
9256 M ay 28
Feb.
Sale
98% M ay 1 99% M ay 28 96
9956 M ay 28
122
M ar. 14
Sale 108% M ay 14 111 % M ay 8 10856 M ay
Apr.
Sale
92
M ay 27 93% M ay 9 92
9556 Jan. 30
Jan.
Sale
94% M ay 19 95% M ay 6 93
9656 M ar. 21
Sale
89% M ay 28 90
M ay 9 8756 Jan.
91% M ar. 14
Apr.
90
77% M ay 13 81
M ay 5 75
9056 Jan. 8

96%
96
105%
92
101
91%
95%
72%
96
96%
94%
93
97%
87%
83%
94
103%
105
89%
113
109%
92%
99%
109%
92
95%
89%
80
90
77
Sale
82
89%
76% 77%
91%
98%
104
96
100
101%
86
88%
85%
99%
98%
84
100%
96%
94%
88%
104%
94%
97%

5
9
3
9

Sale
Sale
Sale
100%
102%
Sale
Sale
Sale
Sale
Sale
Sale
101%
Sale
Sale
Sale
106
95
97%

70
M ay
81% M ay

5 81
5 82

M ay 2
M ay 15

M ay
M ay
M ay
May
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M av
M ay

1 99
9 104%
3 96
24 100%
8 103%
3 86
20 91%
21 87
1 99%
13 99%
17 84
21 103%
6 97
a 94%
9 88%
1 105
1 96%
3 97%

104% 104
Sale 103% M ay 9 104%
95
95% M ay 26 96
Sale
96
_____ 91
96% 95
M ay 3 95
105
104%
104% M ay 8 104%
100
M ay 23 100
101% 100
101

Feb. 23
M ay 15

77
Jan.
50
Feb.
9156 Jan.
95
Jan.
10156 Feb.
93 56 Jan.
100 Jan.
100 56 Mar.
8356 Jan.
88
M ay
8456 M ay
9756 Feb.
9556 Jan*
8156 Jan.
10056 Feb.
94
Jan.
9256 Apr.
87 56 Jan.
100 Jan.
94
Apr.
9556 Jan.

2 81 56 Feb.
18 58
Jan.
28 9156 Feb.
19 99
M ay
23 104 56 M ar.
2 96 56 Jan.
3 102 56 Feb.
11 103 56 M ay
4 88
Jan.
20 97
Jan.
21 9156 Apr.
21 9956 M ay
29 9956 M ay
2 86
Jan.
25 105
Apr.
3 97
M ay
22 9556 M ar.
16 91
A pr.
4 105
M ay
17 9856 Feb.
31 98
Feb.

27
16
21
26
28
31
1
14
17
17
30
9
20
10
10
26
25
15
1
13

Jan.
M ay 3 103
M ay 1 95 56 M ay
Jan.
M ay 3 92
M ay 8 8456 Jan.
9956 M ar.
M ay 23

3 104 56 Mar.
3 97 56 Apr.
9 95 56 Apr.
91 05
Feb.
1110256 Jan.

1
12
22
11
19

77
M ay 24 78% M ay 20
54% M ay 5 56
M ay 26
97%
104
95
100
102%
84%
88
84%
98%
98
82%
100%
95%
93%
87%
104%
94%
97 *

70
M ay 5 90
7656 Jan. 12 82

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

26
5
6
1
14
28
1
1
9
28
3
6
26
24
29
1
10
27

4

BONDS AN D S T O C K S -S T O C K EXC H A N G E RECOKD

BO N D S
f«. Y . S T O C K E X C H A N G E .

Interest
Period.

J u n e , 1924.]

Tennessee Cop 1st cony 68.1925 M
Tenn Elec Power 6s______ 1947 J
Third A ye 1st ref 4s______ 1960 J
Adjustm ent Income 5S..1960 A
Third Aye R R 1st gold 5s__1937 j
Tide W ater Oil 6 % s ______ 1931 F
T cb a c Prod 10-year s f 7s__1931 J
Toledo Edison 1st 7s______ 1941 M
Toledo Trac L A P 6s____1925 F
Trenton Gas A Elec 1st 6s 1949 M
Twenty-Third St R y 5s . 1962 J
ondergT’d of London 4% s 1933 J
Incolane 6s__________11 .1948 J
Union Bag A Pap 6s .
1942 M
Union El L & P 1st g 3s _ 1932 M
Refunding 5s . _ _____ 1933 M
Onion Elev R y Chic 5s____1945 A
1931 J
Union Oil Cal 5s____
6s. ______________ M ay 1942 F
Union Tank Car equip 7 s .. 1930 F
United Drug cony 8 s _____ 1941 J
United Fuel Gas 1st s f 6s_. 1936 J
Un R ys Iny— 5s Pitts ls s ..l9 2 6 M
United R ys St L 1st g 4s. .1934 J
United Steamship 6 s _____ 1937 M
United Stores Realty 6s_ 1942 A
_
U S Hoffman M ach lo -y r 8sl932 J
U 8 Realty A Imp deb g 5s 1924 J
U S Rubber 1st & ref 5s SerA’ 47 J
10-year 7% s ............... .. 1930 F
U 8 Smelt.Ref A M cony 6s 1926 F
U 8 Steel Corp s f g 5s Apr 1963 M
Registered _ _____
Utah Light A Trac 5s_____ 1944 A
Utah Power A Lt 1st 3s___1944 F
J
Utica G & El ref A ext 5 s ..l9 5 7 J
victor Fuel 5s . . . .
1953 J
V . Car Chem 7»__________1947 J
7% s. with w arrants.. .1937 J

N

D
J

O
J

A
D
S
A
8
J
J
J
N
S
N
o
J
A
A

D
J
N
J

N
O
J
J

J

A

A
N
O
A
J
J
J

Sales in
May.
Par Value

Price about
Jan. 2
1924.

Bid.
$
5,000 100%
226,000 94
190,000 54
378,000 44 %
38,000 91
62,000 102%

Ask. Bid.
Sale
99%
Sale
95%
Sale
55%
Sale
42%
94% 93
Sale
102%

107,000 106
Sale
72,000 97% 100
93%

72,000
28,000
243,000
1,000
14,000
38,000
30,000
44,000
50,000
65,000
21,000
23,000
100,000
36,000
32,000
409,000
253,000
153,000
1,047,000
15,000
103,000
226,000
21,000

D
J

842,666
501,000
32,000
Va Iron .Coal A Coke 1st g 5s ’ 49 M N
19,000
Virginia R y A Pow 1st 5 s ..1934 J J
115,000
42,000
Vertlentes Sugar 7s_______ 1942 J D
Warner Sugar 7 s .. ______ 1941 J D 119,000
1st & ref 7s, Series A ..1 939 J J 265,000
Wash W at Pow 1st 30-yr 5s 1939 J J
79,000
Westchester Light gold 3s 1950 J D
16,000
West Penn Power 5s______ 1946 M S
15,000
6s---------------------------------- 1958 J D
86,000
7s---------------------------------- 1946 F A
41,000
5s “ E ” ....... ........................ 1953 M S
28,000
Western Electric deb 5 s .. . 1944 A o 1,758,000
West Un— Coll tr curr 3s__1938 J J
40,000
Fund A realest 4 % s g .. 1950 M N
52,000
15-year 6 % s g o l d ______ 1936IF A 391,000
westlnghouse E & M 7s ..1931iM N 221,000
Wlckwire Spencer 7s______ 1935* J J 131,000
Willys-Overland s f g _ __ 1933 M S 203,000
_
W ilson * Co 1st s f 6s_____ 1941! A o
241,000
10-year cony s f 6 s .......... 1928!J D 585,000
10-year cony s f 7 % s ____193LF A
279,000
Winchester Rep Arms 7 % sl9 4 1 1A O 216,000
Vonngs’n Sheet * Tube 6s 1943 J J 361,000

RANGE SINCE JA N . 1.

PRICES I N M A Y .
May 1.

107
99%
93%
._ ■:
85%
81%
82%
80' "
96% Sale
96'
96%
97%
92' ” Sale
95%
67
74
67
97
94% 95
98' ‘ 99% 100%
104
104%
Sale
112
Sale
113%
92% Sale
95%
91% 91% 95%
62% Sale
66%
85
86
86
98% Sale
100
103
Sale
106%
99% 100
99%
85
Sale
80%
Sale
101%
106
99% Sale
100%
102% Sale
103%
102% Sale
81%
79% 80
88
Sale
89%
95%
96%
90 * 91% 92%
52% 59
60
84% Sale
62
73% Sale
31
70
Sale
30%
92
90
88%
88
Sale
90
93
93% 95%
103
Sale
102%
94%
99% Sale
99%
96V£
98
89% Sale
91
102
Sale
102%
104
104% 105%
86% 87
87
96%
97
Sale
98%
89% 91% 93
110
109% Sale
106% 106% 107%
Sale
76
63%
97%
83 ‘
96% Sale
87% Sale
55
60
97% Sale
101%
100% Sale
94% Sale
95%

Ask.
101
Sale
Sale
Sale
93%
Sale

May 31.
Bid.
100%
96%
53%
41%
93%
104%

Lowest.

Ask.
101%
Sale
Sale
Sale
Sale
Sale

Sale
99%
95%
51%
39%
92%
102%

Sale 106% Sale 106%
99% 99% Sale
99%
95%
56
96
85% 91%
.
82% 88%
Sale
93
S a le” 93
96%
97%
Sale
95%
96 " Sale
. . . . 67
75
97% 98
97%
Sale 100% 101% 100%
105% 104% Sale 103%
Sale 113% 114
113%
Sale
95% Sale
95%
Sale
94% 95
95
67
67
68% 69
87% 87
87% 87
Sale
99% 100
99%
Sale 106% 108
106%
100
99% 100
99%
Sale
80% Sale
80
Sale 100% Sale
99%
Sale 100% 100% 100%
Sale 103% Sale 103
103% 103% 102%
81%
81% 81% Sale
Sale
90% Sale
89%
96%
93% 93% Sale
93
60
62%
. .
Sale
54
Sale ” 154
Sale
29
30% Sale
31
29% 30
30
90 ” 91
89%
90
89%
Sale
90% Sale
Sale
94
94% 94
Sale 102
Sale 102
94% 94
94% 94
99%
100
99% Sale
97% .
96%
Sale
91% Sale
91'
Sale 103% Sale 102%
Sale 106% Sale 105%
87% 87% 87% 87
96
97
Sale
Sale
Sale
98% 99% 97
92% Sale
Sale
91%
110% 110% Sale 109%
Sale 107%
Sale 108
58% Sale
57%
Sale
97%
98% Sale
Sale
81
Sale
80
Sale
48% Sale
48
Sale
50
Sale
49%
Sale
Sale 101
Sale 101
94%
94% Sale
Sale

• On the basis of $5 to the £ sterling, b On the basis of four uiarks to one dollar,
•ale. I Bonds “ when Issued." » Elat price.

Lowest.

Highest.

Prices.
M ay 13
M ay 8
M ay 24
M ay 22
M ay 7
M ay 1

Sale
101
96
55%
42%
93%
104%

Sale
Prices.
M ay 14 98%
M ay 3 93%
M ay 1 53%
M av 3 39%
M ay 15 93
M ay 28 102
M ay
M ay

M ay 29 108
M ay 12 100

M ay 27 96
26 99
1 98%
9 75
14 97%
28 101%
13 104%
6 114
5 96
19 96
2 68%
3 87
5 100%
5 108
2 100
3 81%
26 102%
20 101%
20 103%
12 103%
3 82%
1 90%

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M av
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

5 94% M ay 8
28 62
28 34
19 31
12 90
5 90%
28 96
9 103
9 94%
29 100
6 98
1 92
5 1 03%
9 106%
3 88%
2 97%
27 99%
5 93
20 111
5 108%
22 64
3 98%
2 84%
7 55%
6 60
29 102
29 95%

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
May
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

c First installment paid,

Feb.

5 93
9 97%
9 92 ”
9 70
17 95%
14 99%
6 103
27 111%
28 92%
9 91
27 61%
3 86
24 98%
20 103
14 99%
26 79%
8 99%
8 99%
9 102
26 101%
17 80
26 87%

2
9
7
16
28
6
1
8
22
8
9
29
27
22
24
26
1
24
26
1
9
9
1
1
6
7

90%
60
54
29
30
88
88
89%
102
94
94
96%
89%
101
104%
86%
96
96
90%
108%
106%
51
97%
83' *
48
49%
100%
1 94%

Highest.

Prices.
M ar. 20
Jan. 4
Feb. 21
M ay 22
Mar. 4
Jan. 4

1 106 Jan.
7 98% Jan.
56

M ay

3 3

Sale
102
97
56%
49%
93%
104%

Prices.
Jan. 22
M ar. 1
Jan. 3
Jan. 29
A pr. 21
M ay 28

2 108
7 100

Jan. 11
Jan. 23

5 56

Feb.

5

M ay
Jan.
Jan.
Jan.
Feb.
Jan.
Feb.
Jan.
Jan.
Jan.
Mar.
Jan.
Jan.
Jan.
Jan.
Apr.
M ay
Jan.
Apr.
Apr.
Jan.
Jan.

27
15
2
8
21
5
16
5
2
2
7
14
7
3
17
23
26

98
99
98%
75
97%
102' ”
104%
114%
97%
96%
68%
87%
101%
108
100
87%
106%
101%
103%
103%
86%
91%

Jan.
M ay
M ay
M ay
M ay
M ar.
M ay
M ar.
Jan.
M ar.
M ay
Jan.
Feb.
M ay
Jan.
Jan.
Jan.
Jan.
M ay
M ay
Jan”
M ar.

24
9
9
9
17
1
6
4
30
31
27
26
5
20
7
26
14
26
9
26
22
27

Jan.
Mar.
M ay
M ay
M ay
Apr.
Jan.
M ay
M ay
M ay
M ay
Feb.
Jan.
Jan.
Jan.
Feb.
M ay
M ay
Jan.
Jan.
Jan.
Apr.
M ay
Apr.
M ay
M ay
Jan.
M ay

7 94%
8 64%
28 85%
28 73%
19 70
22 91
2 91
5 97%
9 103%
9 94 %
9 100%
27
4 92
12 103%
3 107%
29 89%
2 97%
2 99%
8 94
4 111%
2 108%
7 79%
3 9S%
15 98%
7 93
6 100
3 102%
29 97

M ay
M ar.
Jan.
Jan.
Jan.
Jan.
M ar.
A pr.
Feb.
M ay
Feb.

8
18
10
2
2
8
24
14
5
8
8

M ay
M ay
Jan.
Jan.
M ay
M ar.
Feb.
Jan.
M ay
Jan.
M ay
Jan.
Feb.
Jan.
Jan.
Feb.

9
29
22
14
24
18
18
11
26
11
9
24
8
14
3l

8

10
14
3
2

d Full paid. ePart paid.

aOption

STOCKS— PRICES AMD FALES FOR MAY AND THE YEAR TO DATE.
In accordance with < rule of k h -Roc*. Exchange, effective O ct. 13 1913, all stocks are now quoted dollars per share.
*
Prices a re on basis of 100-share lots. Exceptions of stocks which sell only In a small way are noted b y the letter a. Option sales are disregarded .

STOCKS

SALES TO JUNE 1.

N. Y . S T O C K E XC H ’ GE.

In
May.

Par
Aon A rbor___________ 100
Preferred_____ ____ .100
Atchison T op A S F e. .100
Prafem d ........... 100
Atlanta Blrm A A tl_ . .100
Atlan Coast Line R R . .100

Shares.

Baltimore &Ohio____ 100
Preferred__________ 100
Bangor &Aroos, pref. .100
Bkln-Manhat tr ctfs.no par
Trust ctfs pref____no par
Buffalo Roch &P itts. .100
Preferred_____ ____ 100
Buffalo & S u s q _____ 100
* !ana6ij»Ti Pacific . ._ 100
~
C a n a d a Southern_____ 100
Central R R of N J ___ .100
Caesapeake & Ohio___ .100
Preferred
_______ .100
Chicago & Alton_____ 100
Preferred _________ 100
Certificates
.100
Chic & East 111 R R (new).
Preferred (new )____
Chicago Great W e s t.. .100
Preferred__________ .100
Chic Milw & St Paul. -100
Preferred_________ 100
Chicago & North West .100
Preferred__________ .100
Chic R ock Isl & Pac__ .100
7% preferred______ 100
6% preferred______ 100
Chic St P Minn & Om .100
Preferred_________ .100
Cine Chic A St L .100
Cleveland A Pittsburgh 50
Colorado A Southern. .100
1st preferred______ 100
2nd preferred______ 1011
Cuba R R , pref______ 100
i Delaware A’ H u dson .. .100
Del Lack A W estern. ..5 0
Detroit A M ack in ac.. .100
Preferred _____ __ 100




200
74,200
7,200
3,100
38,200
46,500
3,200
100
32,300
3,230
276
440
16,700
200
125,900
2,100
3 000
1,900
5,400
2,100
3,600
6,700
28,500
96,000
37,200
1,400
45,200
2,300
7,200
1,500
200
650
100
2,500
600
100
24,700
22,100

Since
Jan. 1.

PRICES

Price about
Jan. 2
1924.

May 1.

Shares.
Ask. Bid.
Bid.
200 13
11
17
2,100 31
29%
37
227,800 97% Sale 101%
30,600 86% Sale
88%
91,300
2
1%
1%
116%
84,300 113% Sale

May 31.

IN M A Y .

RANGE SINCE JA N . 1.
Highest.

Lowest.

Ask. Bid.
Ask. Sale Prices
11
16
IS
29% M ay
Sale
25% 29
Sale 102% Sale 100% M ay
90
90% 88
M ay
Sale
1 % Sale
1% M ay
Sale
M ay
117% 121% Sale 117

Sale
13
34
103%
90
2%
126

Prices.
Jan. 24
Jan. 8
M ay 16
M ay 26
Jan. 11
M ay 14

52%
56%
86
13%
48%
40
70%

Apr.
Apr.
Jan.
Jan.
Jan.
M ay
M ay

22
16
2
4
3
26
26

21 142%
23
26 199
21 67%
24 99%
22
3%
7
8%
3
27 21
2 37

M ar.
Feb.
Mar.
Feb.
Jan.
Apr.
M ay
Feb.
M ay
M ay

10
25
18
26
3
15
20
23
5
8

60%
59%
91
17%
62%
55%
88
125
150%
23
212
80%
106
5%
12%
3%
27
51%

Jan.
Jan.
Apr.
M ar.
Apr.
Jan.
A pr.
Jan.
Jan.
Feb.
Jan.
M ay
M ay
Jan.
Feb.
Feb.
Jan.
Jan.

9
5
12
22
16
30
2
11
9
25
9
21
24
10
29
28
10
8

4 Apr.
15
5 10% Jan.
9 11% M ay
7 21% M ay
22 49% Jan.
27 100 Jan.
26 21% Feb.
26 76% Feb.
26 65% Jan.
19 29 Jan.
6 68% Apr.
22 100
Apr.
8
M ay 7 20 Jan”.
M ay 19 50 Jan.
M ay 6 45
Jan.
71% M ar. 21
113
Sale 107% M ay 16 120
M ay 26 104% M ar.
118% Sale 114
M ay 1 121% M ay 26 110% Feb.
22% 30
20
M ar.
1 35
Apr.
35
_____

30
4
27
27
3
8
15
26
2
15
22
1

5%
13%
18%
30%
54%
104
27%
83
72%
37
75%
114
69
31%
53%
46
73
120
124
22%
35

Jan.
Feb.
Jan.
Apr.
Feb.
M ay
Jan.
Jan.
M ay
Feb.
Jan.
Jan.
M ay
M ar.
M ay
Jan.
Feb.
M ay
M ar.
Mar.
Apr.

17
5
10
2
7
27
10
10
26
4
14
26
8
26
19
12
13
26
22
29
15

1
2
5
1
2

29%
103%
90
2
126

54% Sale
52% M ay 20 55% M ay
Sale
57% Sale
57
M ay 1 57% M ay
Sale
91% 91
Sale
91
M ay 29 91
M av
15% Sale
14% M ay 1 16% M ay
Sale
60
Sale
57% M ay 7 61
Sale
M ay
50
40
50
40
M ay 26 40% M ay
70% M av 26 75
71
80
80
90
116
115
Sale 147% 148
147% M ay 1 149% M ay
54% 53
____
204
209
204
M ay 21 210
210
M av
79
Sale
73% M ay 5 80% M ay
Sale
Sale 105
106% 102% M ay 1 106
'ay
Sale
3%
3%
4
M ay
3% M av 14
9%
8% M ay 20
9% M ay
8%
9%
8%
8
8%
Sale
22% 24
21
M ay 5 23% M ay
37% Sale
40
37
M ay 8 39
M ay

53
57
90
14%
58%
_____
.
90
147%
52%
1 9 5 '”
74%
102%
3%
9
8
21%
38

33,158
77,409
257,000
671,800
143,675
6,600
231,100
14,500
27,500
11,450
700
3,150
100
23,600
2,300
900
700
57,900
137,400
200
100

4
Sale
4
4%
4
M ay 13
4%
11% 11% 10% 10% 10% M ay 15 11%
14% Sale
12% Sale
11% M ay 27 14%
23 % Sale
22% Sale
21% M ay 27 27
51% Sale
52% Sale
M ay 6 54%
51
100% Sale 102% 104
100% M ay 1 104
23% Sale
24% Sale
23% M ay 1 26%
79% Sale
81% 82
79% M ay 1 82%
67% Sale
70% Sale
67% M ay 1 72%
32% 34
33
35
33
M ay 13 35%
68
75
70
75
70
M ay 6 70
106
119
107
107% 107% M ay 9 113
6 6 % _____ 6 6 % _____ 69
M av 8 69
273^ M ay 15 293%
29
Sale
28% Sale
52
55
53
54% 52% M ay 10 53%
45
46
45
46
45
M ay 6 45

Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
115

20
Sale
46% 50
35
45
108
112
I

Sale
Sale

M ay 1
M ay 16
M ay 26
M ay 5
M ay 14

109
Sale
114
Sale
22 % 30
35
40

M ay
M ay
M ay
M ay
M ay
M ay
May
May
M ay
M ay
M ay
M ay

26
16
29
26
22
15

Sale
12
25
97%
86%
1%
112

Highest.

Prices.
Apr. 15
M ar. 4
Jan. 2
Jan. 2
Feb. 23
Jan. 23

299,400 59% Sale
12,800 58% Sale
3,150 86
Sale
276,800 14% Sale
137,530 49% Sale
1,815 49% Sale
649 85
90
300 115
130
58,850 145% 146%
917 57%
1,850 208 " 224
574,500 71% Sale
8,300 99% 100
3%
64,200
3%
55,700 10
Sale
700
23,900 25% Sale
14,400 48% Sale
4%
10%
13%
24
50%
102
23%
78 %
65%
31%
75
110

Lowest.

Sale Prices

2
7
15
5
15
28
15

21
STOCKS

ST O C K S-ST O C K EXC H A N G E EECOKD
SALES TO JUNE 1.

II. Y . S T O C K E X C H ’ G E .

In
May.

Since
Jan. 1.

Par Shares.
Duluth B S A A tlantic. 100
500
Preferred____________100
700
■rle................................... lo o
52,500
First preferred______ 100
20,800
Second nreferred____100
3,600
Erie & Pittsburgh______ 50
Great Northern pref___100
25,500
Iron ore p rop ____no par
10,700
Gulf M ob & Nor tr ctfs.100
3,200
Preferred____________100
2,400
Illinois Central________100
10,140
0% pref Series A ____100
7,000
Leased line stock_ 100
_
R R sec stock ctfs__1000
130
Interboro Rap Trans (w 1).
20,000
Int & Grt No R y (w 11.100
500
Int Rys of Cent Am , p r e f..
500
Iowa Central__________ 100
Kansas C ity Southern. 100
11,200
Preferred___________ 100
1,365
Lehigh V alley__________ 50
50;500
Rights_______________
124,700
Louisville & Nashville. 100
20,934
Manhattan R y guar_ 100
_
1,100
M od Guar_________ 100
5,900
Market Street R y _____ 100
600
Preferred____________100
200
Prior preferred_____ 100
1,200
Second preferred____100
300
Michigan Central_____ 100
Minneap & St L (n ew ). 100
3,500
Minn St Paul & S S M .1 0 0
500
Preferred____________100
Leased line certlfs_ 100
_
M o Kan & Texas Co (new)
21,100
Preferred (new )______
16,000
Missouri Pacific co m . . 100
15,500
P referred___________ 100
38,100
Morris & Essex_________50
100
Nat R ys M ex 1st p ref. 100
100
Second preferred____100
1,800
N Orl Tex & M ex v t c . 100
25,200
New Y ork Central____100
Reading rights_______
N Y Chic & St L o u is .. 100
When issued________100
Preferred when lss_ 100
_
N Y & Harlem__________ 50
N Y Lack & W estern__
N Y N H & Hartford ..100
N Y Ontario & W est_ 100
_
Norfolk Southern_____ 100
Norfolk & W estern____100
Preferred____________100
Northern Central______ 50
Northern P acific______ 100
Pacific C oast__________ 100
First preferred______ 100
Second preferred____100
Pennsylvania___________ 50
Peoria & Eastern______ 100
Fere M a rq u e tte ______ 100
Prior preferred_____ 100
Preferred___________ 100
Pitts Ft W < C hicago..100
fc
Preferred___________ 100
Pitts & W V a _________100
Preferred___________ 100
Reading Com pany____50
First preferred______ 50
Second preferred_____ 50
Rights_________________ ]
Rensselaer & Saratoga. 100'
Rutland R R pref_____ 100
8t Louis-San F tr ctfs.100
Preferred A tr ctfs.100
81 Louis Southwest___100
Preferred___________ 100
Saaboard Air Line____100
Preferred___________ 100
Southern Pacific C o ___100
Southern Railway_____ 100
P referred___________ 100
Texas & Pacific________100
Third Avenue_________100
Twin City Rapid T ran. 100
Onion Pacific__________ 100
Preferred___________ 100
Onlted R ys Investment 100
Preferred___________ 100
Virginia R y & P o w e r.. 100
V a b a s h _______________100
Preferred A _________100
Preferred B _________100
V est’n M aryl’d (new) .100
Sd preferred_________100
Western Pacific________100
P referred___________ 100
V est Penn C o _____no par
7% preferred________100
Wheeling & L E R y ___100
Preferred___________ 100
Wisconsin Central____100
C ertificates________

Industrial and Mlscell

Adams Express________100
Advance R um ely_____ 100
Preferred___________ 100
Air Reduction In c_.n o par
Alax Rubber In c______ 50
Alaska Gold M ines____10
Alaska Juneau Gold M . . 10
All American Cables___100
Allied Chem & D y e .n o par
Preferred___________ 100
Allis Chalmers M fg ____100
Preferred___________ 100
Amer Agricul Chem___100
Preferred . . . ________100
Amer Bank N ote______ 50
Preferred_____ ______.50
American Beet Sugar__100
P referred___________ 100
Am Bosch M agneto.no par
Am Brake Shoe & F .n o par
P referred___________ 100




63,000
11,174
18,300
1,600
914
122,500
2,800
1,800
146,800
300
30
32,300
100

26,100
200
89.600
900
2,100
21

20,200

700
26,500
2.700
3.300
156,285
100

1.700
11,100
3,400
24,100
.6,300
11,200

26,200
110,100
95.600
6 ,00 0

46,400
1.300
24,900
9,600
5,000
2.500
7,100
51,600
94,700
1,800
12,000
3.300
41,800
6,800
2.300
1.500
7.300
3,400
200

300
1,100
1,900
900
8,600
15.900
700
26,000
700
68,600
3,400
4,800
400
4.600
10.900
200
510
3.600
300
5,700
4,500
200

Price about
Jan. 2
1924.

1,000

8 , 100 ,

5
63.300
4,200
2.500
600
167,565
86,320
162.900
312,200
135
2,900
15,500!
135,300,

May 1.

May 31.

Ask.
Ask. Bid.
Ask. Bid.
234
3
2% o 2 H 2
4
4
Sale
4
434
24 Vs Sale
24
Sale
Sale
Sale
31}4 Sale
3134 Sale
25)4
26 )4 28)4 2734 29
_____ 56
56
Sale
57
55% Sale
Sale
21 Vs Sale
Sale
2634 27
12 % 1234 14
15)4 12
54
Sale
56
52
5634
103
Sale 10334 Sale
102
Sale
104 Vs Sale 106
H5
72
71)4 74
7234 74
6434 65)4
Sale
19 Vs Sale
2034 2134
Sale
28
25
29
23
4434 46)4 4834 Sale
2
1
3
2
134
134
19
Sale
19
Sale
1934 Sale
52
52)4 5134 Sale
52
Sale
61
Sale
40)4 Sale
4234 Sale
27
Sale
2734 Sale
92
Sale
90
Sale
8834 Sale
55
58
39
54
56
41
31
Sale
3434 Sale
3334 Sale
734
9
934 Sale
1134 13
24
31
35
42
20
26
Sale
47
6834 Sale
4734 51
22
29
14
34
2034 Sale
425
500
500
425
2
134
134
134
134
2J4
35
31
44
Sale
3134 33
57
Sale
65
75
55
64
56
59
56
60
56
5834
1034 Sale
1134 Sale
1034 Sale
32
Sale
30)4 3034 3134 Sale
9)4 Sale
1234 Sale
1234 Sale
29 Vs Sale
39
Sale
4034 Sale
7634 Sale
73 34 7634 7634 Sale
6
334
334
5
434
334
2
134
134
1 34
134
IVs
Sale 11434 Sale 110
97
11234

Sale
586,325 103
3% Sale
728,276,
77)4
24,900 86
1,114
145 95
700,100 1434
31,605 17
8,300 1234
1,070,300 104
1,325 70
30
295,650 52)4
7,500 1534
1,000 30
3.900 16
257.800 42)4
7,000 10
299,200! 4134
4,200 70
8.900 5834
125
333 135
143.300 3834
5,600 85
236.800 78
42.000 52)4
32,020 53
611,955
3)4
66,100

100

6,800
187.500
58,800
309.300
55.200
182,400'
250.800
593,600
1,835,090
72.500
326,200
22.300
2,550
171,000
33.300
29.200
45.000
8.700
717,849
1,012,700
16.500
63,700
26.200
116,520
18.300
12.500
7.700
90,015
61,959
20,600
7.900
17.800
9,400
6.700
147,100
136,490
7.300
79,550
2.300
245,850
14,510
92,900,
3.700
117.600,
128.600,
2,900,
1,810
86,200
1,100
59.800
18.800
800

32
20

4234
3434
58
634
1434
8734
39
67 34
1934
10
64
12834
72
934
3834
35
11

2534
2234
934
1734
15
58
4634
8734
734
1434
37
3634
7434
1134
3834
6734
634
34
134
9834
71
10934
4534
8934
1534
47
95
5134
4134
73
36
77
10734

Sale
Sale
9834
Sale
Sale
15
Sale
77
Sale
19
45
24
Sale
1034
Sale
7134
60
140
Sale
87
Sale
Sale
Sale
Sale
3334
Sale
Sale
Sale
5834
Sale
Sale
Sale
Sale
Sale
Sale
Sale
65
Sale
Sale
1034
Sale
39
Sale
Sale
2234
Sale
Sale
Sale
5934
4734
9034
Sale
Sale
Sale
37

RANGE SINCE JAN. 1.

PRICES I N M A Y .

Shares.
Bid.
3.500
1)4
4.500
3
748.900 21 )4
263,300 29 )4
48,300; 25
50
184,805 54)4
87,100! 28)4
15,6001 14
23,990 49)4
31,665 10034
12 ,100; 106)4
500 68
350,
167,300! 1234
10,600 18
900'
114,786;
4,965
314,000|
271,145;
53,7341
5,400,
41,300!
19.300
5,400
59,100,

[ V ol . 118.

10034 Sale
3
Sale

102

Sale

Lowest.
Sale
234
4
24
3134
2634

Prices.
M ay
M ay
M ay
M ay
M ay

M ay
M ay
M ay
M ay
101
M ay
10434 M ay
5534
26
1234
5334

6434
1934
2534
4434

M ay
M ay
M ay
M ay

1834
5134
40
2634
8934
5434
3334
7
23
4434
1834

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

134 M ay
3234 M ay
57
M ay
1034
31
1234
39
7634
334
134
11034

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

Highest.

10034 M ay
3
M ay

103
3

M ay 24
M ay 1

7534 M ay 15 8034 M ay
7934 Sale
83
M ay 21 84 34 M ay
8334 Sale
310
M ay
250
138
M ay 7 143
_____ 9834 Sale
96
9834 M ay 29, 9834 M ay
Sale
1734 Sale
1734 M ay 1 2034 M ay
1834
17
M ay
17
Sale
16
16
M ay 241 17
13
M ay 14 1434 M ay
13
14
1434 Sale
M ay 20 12634 M ay
12334 Sale 12034 Sale 117
M ay
77 Vs M ay 23 78
85
75
75
78
7234 M ay 21 7234 M ay
72
73
51
M ay 20 5334 M ay
5134 Sale
5234 Sale
22
16
15
25
60
40
35
55
33
28
M ay
28
M ay
28
25
32
44
Sale
44
M ay
4334 M ay
4334 Sale
10)4 M ay
1034 12
1034 12
1034 M ay
46
M ay
50)4 M ay
4634 Sale
5034 Sale
74
70
7434 73
73
M ay
74)4 M ay
64
63
64)4 M ay
6134 M ay
6134 Sale
125
_____ 125
139
M ay
Sale 137 34 M ay
13 7 34 Sale 139
41
M ay
44)4 M ay
4134 Sale
4234 Sale
93
M ay
92
95
9434 M ay
9434 Sale
M ay
5234 Sale
54
51)4 M ay
5234 Sale
35
Sale
34)4 M ay
3534 Sale
3534 M ay
33)4 M ay
34)4 M ay
3434 Sale
3334 34
18
M ay
18 34 Sale
23)4 M ay
2034 Sale
11334 11834 11334 118)4 11434 M ay
11434 M ay
34
37
35
Sale
35
M ay
3834 M ay
19)4 M ay
1934 Sale
2134 M ay
2034 Sale
Sale
44
M ay
45
4434 Sale
4634 M ay
M ay
Sale
37
38
3 5 34 M ay
3 5 34 Sale
60
59
Sale
59
6034 M ay
5834 M ay
9)4 M ay
10
Sale
1034 M ay
934 Sale
2234 M ay
2134 Sale
1934 M ay
2034 21
88
M ay
9134 M ay
8834 Sale
8834 Sale
5234 M ay
5434 M ay
5334 Sale
5434 Sale
M ay
72
70)4 M ay
71 Vs Sale
7134 Sale
28
26)4 M ay
2634 Sale
3034 M ay
28)4
M ay
10
834 M ay
934 10
934 1034
_____ 60
5634
130 34 Sale 132)4 Sale 130)4 M ay
13334 M ay
M ay
72
Sale
72
7034 M ay
7134 Sale
734 M ay
10)4 Sale
10)4 M ay
834 9
31
Sale
2934 M ay
34) 4 Sale
3534 M ay
M ay
Sale
49
49
38 34 Sale
38)4 M ay
Sale
15
14) 4 M ay
1534 Sale
1634 M ay
4434 Sale
45
Sale
43)4 M ay
46)4 M ay
Sale
30
3134 30
30
M ay
3134 M ay
M ay
9
S34 Sale
8)4 M ay
834
834
16
16
Sale
15
15) 4 M ay
16)4 M ay
17)4 M ay
Sale
19
2034 M ay
1734 Sale
M ay
M ay
6434 65)4 61
67
6034 61
5734 56)4 M ay
5834 M ay
5534 5634 57
M ay
91
91
Sale
89
8934 8834 M ay
9
834 M ay
834 Sale
934 M ay
834
17
18
1734 Sale
15)4 M ay
1834 M ay
35) 4 36
3534 37
M ay 26 36)4 M ay
36
3634 36) 4 36 34 36
77
77
Sale
6
3234 30
7234 7434
6
534
34
Sale^
134
100
Sale
71)4
Sale 115
Sale
43
92
91
Sale
734
Sale
2234
107
10334
54
53
Sale
39
77
7334
Sale
2234
Sale
8034
110
105

Highest.

Prices.
Sale Prices.
Sale Prices.
234 Jan. 9 434 Jan. 14
M ay 2'
M ay 1
5 Jan. 10
334 Apr. 22
M ay 21 2034 Jan. 3 2834 Feb. 4
M ay 7 2834 Feb. 19 3534 Apr. 5
M ay 5 2534 Jan. 3 3034 Apr. 4
5634 Apr. 10 5 6 34 Apr. 10
5834 M ay 7i 5334 M ar. 3 5934 Feb. 4
M ay 23 3134 Feb. 4
2734 M ay 2 26
1334 M ay 6 1134 Apr. 30 17 34 Jan. 9
57)4 M ay 26 50
Jan. 3 5834 A pr. 4
10434 M ay 27, 10034 M ar. 4 10534 M ar. 24
M ar. 17 110
Jan. 30
10634 M ay 27 104
Jan. 25
70
Jan. 9 74
65
M ay 28 64
Jan. 12 6534 Feb. 14
M ar. 21
2334 M ay 8 1234 Jan. 2 25
Jan. 7 2834 Jan. 25
28
M ay 29 22
4834 M ay 29 4434 M ay 12 4834 M ay 29
134 Jan. 9
234 Feb.
2034 M ay 7 1734 Mar. 26 2134 Feb. 4
5334 M ay 5 5134 M ar. 31 5334 Feb. 5
42)4 M ay 28 39 34 Apr. 10 7234 Jan. 25
3334 Feb. 23
3034 M ay 15 2534 Apr.
M ay 15 8734 Jan.
95
95
M ay 15
Jan.
59 34 M ay 16
59 34 M ay 16 42
39 34 M ar. 5
3734 M ay 15 3034 Jan.
634 M ar. 15 1334 Jan. 4
934 M ay 29
M ay 28 22
Feb. 20 4034 Jan. 5
26
51
M ay 29 4334 M ar. 17 7134 Jan
Jan. 4
M ar. 18 30
2034 M ay 29 14
Apr. 3
500
Apr. 3 500
134 Jan. 3 4 Jan. 28
234 M ay 26
3234 M ay 14 28 34 M ar. 29 46
Jan. 10
M ay 29 67)4 Jan. 17
57
M ay 29 57
Feb. 18
57
Apr. " 60
1134 M ay 26; 1034 M ay 20 1334 Feb.
33
M ay 25 2934 Feb. 18 3434 Feb.
1334 M ay 26
1334 Apr.
934 Jan.
4234 Apr.
Jan.
4234 M ay 26 29
76 34 M ay 1 74 34 M ar.
76 34 M ay
334 M ay 13
534 Feb.
334 M ay
234 Feb.
134 M ay 23
134 Apr
28 121 34M ay 20 9334 Feb. 15 121)4 M ay 20

7634 Sale"
8434 Sale

Sale
75
Sale
734
Sale
31
Sale
71
Sale
534
34
34
134
134
101
97
Sale
6934
11134 114
Sale
4134
93
90
Sale
8
Sale
2134
98
101
54
5134
Sale
3934
72
76
Sale
24
79
78
113
108

Lowest.

Sale
234
4
2534
3334
28

79
77
M ay
6)4 M ay
o
29)4 M ay
Sale
Sale
73
M ay
Sale
4)4 M ay
34 M ay
34
r
1)4 M ay
96)4 M ay
Sale
69)4 M ay
M ay
Sale 114
Sale
4134 M ay
92
91)4 M ay
7 )4 M ay
Sale
21) 4 M ay
Sale
Sale 103)4 M ay
52
M ay
Sale
Sale
38
M ay
7434 73 34 M ay
22) 4 M ay
Sale
78
M ay
81
11134 108)4 M ay

80
734
30)4
77)4
634
34
134
98
7434
11534
4334
93
834
25
105
53
4034
77
26)4
82)4
110

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

99 34 Feb. 15 106)4 Feb. 4
234 M ar. 4 334 Jan. 12
80% M ay 22
72)4 Feb
83
M ay
87% Jan. 22
M ay 19
143
137
Apr.
98% M ay 29
96)4 Apr.
21
Feb. 13
14)4 Jan.
16
M ay
19)4 Jan. 9
12)4 Apr.
15)4 Feb. 7
102)4 Jan.
132)4 Apr. 8
Apr. 7
72% Feb.
79
72)4 M ay
72)4 M ay 7
47)4 Mar.
5534 Feb. 4
Feb. 11
40
16
Jan.
43
Jan.
, 5334 Feb. 14
20)4 Jan. 16 40)4 Feb. 14
42)4 Jan. 31 4634 Jan. 28
934 Mar. 13! 1234 Jan. 10
40}4 Mar. 31' 5034 M ay 26
Feb. 26
60 "J a n . 4 64 )4 M ay 26

Jan. 18 139
M ar. 6
29 137
Jan. 4 4534 Jan. 18
27 38
5 95
A pr. 9
29 85% Jan.
Jan. 12
26 51)4 M ay 20 79
20 34)4 M ay 16 56)4 Jan. 14
Jan. 14
1 33)4 Jan. 15 56
15 15% M ar. 28 23)4 M ay 15
12 11434 M ay 12 11434 M ay 12
Jan. 3
Feb. 5
6 32
Feb. 29
8 19)4 Apr. 30
42)4 Jan. 3 48 )4 M ar. 24
19
Jan. 2 42)4 Feb. 2
26 33
26! 57)4 Jan. 3, 63)4 Feb. 2
51 6)4 Jan. 2 1034 Feb. 23
7 14)4 Jan. 21 22)4 Feb. 25
26 85 34 Mar 26i 93)4 A pr. 3
26 38)4 Jan. 2 55% A p r . 4
16 6 6 % Jan. ~ 73)4 M ar. 22
Jan.
7 19
30)4 M ay 7
8 % M ay 20 12)4 Jan. 23
12
60
M ar. 25l 66
Jan. 12
17 12634 M ar. 3 13334 M ay 17
Feb. 13
29 70 ’ M ar.
74
28
734 Apr.
H34 Jan. 5
29 26)4 Apr.
40)4 Jan. 4
Feb.
M ay 29
49
29 36
8 10?4 Jan.
1734 M ar. 20
Jan.
26; 34
47)4 M ar. 19
211 22)4 Jan.
3234 A pr. 4
7i 8)4 Apr.
1134 Jan. 9
81 15% M ay
20)4 Jan. 10
26 14)4 Jan.
20)4 M ay 26
M ay 26
Jan.
67
26 58
A pr. 8
59
22 47)4 Jan.
Jan. 30
91
1 87)4 Apr.
A pr. 7
10
26
7)4 Jan.
26 14)4 Jan.
20)4 Feb. 5
34
Jan.
37)4 Jan. 29
Mar.
9 36
37)4 A pr. 5
7334 Jan .

634
29)|
67)4
4)4
34
Vs
96)4
65
110
4134
90
7)4
18)4
98
52
36
70
22%
76
107)4

M ay
M ay
Jan.
M ay
Jan.
Jan.
M ay
M ar.
Apr.
M ay
Apr.
A pr.
A pr.
Jan.
M ay
M ar.
M ar.
Apr.
Apr.
Apr.

82)4 Feb. 11
12)4 Jan. 2
41)4 Jan. 4
8134 Jan. 29
1034 Jan. 11
% Feb. 2
1)4 M ar. 4
102
Jan. 22
7434 Jan. 8
11534 M ay 29
50)4 Jan. 22
9634 Jan. 17
Jan. 2
17
4934. Jan. 9
10834 Jan. 14
M ar. 13
55
49)4 Feb. 6
77
A pr. 3
38)4 Jan. 12
82)4 M ay 22
M ar. 26
110

STOCKS
Y . S T O C K E X C H ’GE.

SALES TO JUNE 1
In
May.

Since
Jan. 1.

Shares.
Par Shares.
American C an_________100 521,700 3,297,50
Preferred___________ 100
1,750
20,750
32,300
*mer Car & F ou n d ry .. 100
2.500
400
2.900
P referred___________ 100
21,100
1.500
American Chain w 1___
40,500
American Chicle____no par
4.500
2.900
100
P referred....... .............100
52,600
2,100
Amer Druggists’ Synd__10
18,380
2,000
American Express.........100
34.100
Am For Pr ctfs 25% pd in
3,900
7.200
Certificates full paid____
900
47.100
2,800
Amer Hide & Leather. 100
184,200
Preferred___________ 100
14,700
29,900
2,700
American Ice (new)___100
4.200
P referred.................... 100
700
35,800
Amer Internet C orp_ 100
_
Am La France Fire E ng. 10
2,000
400
P referred___________ 100
55.200
6,000
American Linseed_____ 100
20.700
1,200
Preferred___________ 100
203,700
18,400
Am Locom otive n e w .. 100
3,340
700
Preferred_____________nopar
31.700
3.700
*m Metal temp ctfs no par
1,500
400
P referred....................100
83.400
5,600
American Radiator_____25
600
100
Preferred___________ 100
2,900
Amer Republics____ no par
100
4,000
600
Amer Rolling M ill, pref w 1
63.200
4,100
Amer Safety Razor_____ 25
106.500
20.700
Am Ship & Com m ..n o par
338.500
95,800
Amer Smelt & R efin_ 100
_
21.300
P referred___________ 100
2.700
4,700
200
American Snuff________100
400
100
P referred___________ 100
96.300
8,500
Am Steel Foundries ctfs 33
270
100
Preferred..............
100
293,300
55.700
American Sugar R efin. 100
20,040
4,260
Preferred, new_____100
90.400
3,400
Am Sumatra T obacco. 100
3,400
Preferred.................... 100
2,794
Am Teleg < C able____100
fe
950
245,760
Amer Teleph & T e le g .. 100 108,900
355,800
355,800
R igh ts.................. .......
69.550
4,700
American T obacco____100
10.300
1,600
Preferred, new______ 100
53,600
3.800
Common Stock B _ 100
_

RANGE SINCE JA N . 1.

PRICES I N M A Y .
Price about
Jan. 2
1924.

May 31.

May 1.

Lowest.

Ask.
Sale
Sale
164
Sale
Sale
Sale
Sale
Sale
Sale
Sale

Bid.

46
92%
71%
98
65%
95%
2%
7%
27
32%

86%

9%
15%
%
92
84i*
92
30

Sale ,
Sale j
72%\
99
Sale 1
98
Sale
8
Sale
Sale
Sale
Sale
17
1
*
7ale
87
94
Sale

1,1* Sale
153* Sale
191* Sale
110
Sale
1141* Sale

551*
911*
74
961*
651*
98
2
7
25
29?*
841*
8?*

Sale I 46
921*: 90
75 | 691*
971* 971*
Sale
621*
97
2?*| 2
Sale
7
Sale
25
Sale I 281*
851* 83?*
9
8?*

Prices.
M ay 26
M ay 29
M ay 9
M ay 13
M ay 9
M ay
M ay
M ay
M ay
M ay
M ay
M ay 27
M ay 26
M ay 2
M ay 29
M ay 5
M ay 2
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

M ay 1 56}* M ay
M ay 5 92?* M ay
M ay 12 75
M ay
M ay 3j 98
M ay
M ay 13i 671* M ay
M ay 20 98?* M ay
M ay
21* M ay
M ay
8
M ay
M ay
271* May
M ay
32 J* M ay
M ay
86}* May
M ay
10
M ay

1*
84?*
831*
92
28}*

M ay
M ay
M ay
M ay
M ay

1*
941*
86
92}*
30?*

M ay
M ay
M ay
M ay
M ay

11*
1%
1%
14?* Sale I 14}*
17 Sale I 17
Sale 104
114 " 117
(

M ay
M ay
M ay
M ay
M ay

19
1%
23 171*
29 22%
21 112
22 115

M ay
M ay
M ay
M av
M ay

87
86
91
29

%

%
Sale
Sale
93
Sale

84
85% 831* 851* 85?* M ay 23 85?* M ay
50
47
49
51
48}* M ay 23 50
M ay
7
7
61*
6%
21
Sale
20}* 19
20
M ay 21 21 M ay
80
82
801* 82
82
M ay 6 82 M ay
2
3
3
M ay 41, 31* M ay
21*
31*
2?*
4
4
2?*
14
131* 151* 15
M ay 2 15
M ay
I ll
Sale 108?* Sale 104?* M ay 20 1141* M av
1141* 115% 115% Sale 114}* M ay 12 115J* M ay
20
27
24
20
M ay
151* 161* 151* 161* 15
M ay 12 17
11
13
1 2 % 13% 12}* M ay 2 131* M ay
39
931*
48
481*
93
107
85
41*
25
21*
34
8
1111*

42
40
38
39}*
94
98
99
Sale
47
46
45}*
Sale
Sale
48
46%
Sale
92?* 93}* 9 2 } *
Sale 105
107
105
Sale
851* 80
80
4
3?*
4%
31*
35
20
35
4
3
6
39 U
35% 37
9
101* Sale
8}*
Sale 107J* Sale 107?*
23/C Sale
2}*

60
45
871*
21*
107
971*
119?*
23 '
67
89
4%
17
16
2
801*
231*
961*
4
44?*
14
1
%
14
41%
11 Vs
38%

Sale
50
92
Sale
Sale
1001*
120i£
Sale
75
91?*
5
17?*
Sale
2?*
Sale
Sale
Sale
41*
Sale
Sale
2
%
16
41?*
Sale
Sale

611*
38
871*
2?*
103
103
120
22
68
92}*
41*
18
141*
1?*
811*
22?*
96
3%
44
141*
1
%
16
451*
11?*
41

M ay 16 42

M ay

M ay 12 48
M ay 20 50
M a y 12 931*
M ay 12 107
M ay 26 85
M ay 15 41*

M ay
M ay
M ay
M ay
M ay
M ay

M ay 12 10?* M ay
M ay 29 116
M ay
M ay 2 3?* M ay

62 % 60
M ay
39
39
M ay
90
89
M ay
2
M ay
31*
107
106
M ay
107
98
M ay
120
M ay
221* 21?* M ay
75
97
91?* M ay
4?*
4}* M ay
Sale
17
M ay
Sale
14
M ay
2
1?* M ay
Sale
80}* M ay
Sale
22}* M ay
95}* M ay
98
Sale
2 % M ay
45i/s 44J* M ay
15
13}* M ay
2
1
M ay
1* M ay
%
20
15
M ay
47
411* M ay
12
10}*lM ay
Sale
36?* M ay

L o w e s t.

Highest.

Ask. Bid.
Ask. Sale Prices.
Sale
102
Sale 102 % Sale
98% M ay 20 105
Sale 112 % M ay 2 114
112% 1 1 2 % 114
158
156
161 % 157
158
M ay 14 1601*
1231* 121% M ay 20 1221*
1 2 0 % 126% 122
22VS 23% 2 2 % Sale
2 2 % M ay 15 23
M ay 7 17
15% 161* 15
15% Sale
57
59
63
65
571* M ay 5 571*
4%
4?*
4?* M ay 16 4?*
4 % Sale
90
94
931* 92
Sale
M ay 21 95
94 % 945* 93% 951* 931* M ay 23 951*
93 % 95% 93% Sale
94
M ay 27 961*
8
Sale
9}* Sale
8%
91*
71* M ay 20
91*
54% 551* 521* M ay 12 56?*
53
50?* Sale
Sale
85
90% Sale
88
Sale
88
86
M ay 21 90?*
80
791* 81
791* M ay 8 801*
81% 79% 80
21
2 0 % Sale
Sale
24
Sale
201* M ay 29 241*
1 0 % 10
10
10% Sale
M ay 19 10 ?*
105* 10?*
91
90
99
961*
15
14
Sale
181* Sale
161* 13?* May
16?*
32% 341* 311* May
31
361* Sale
35
34 M
71
75
Sale
Sale
Sale
701* M ay
74
71 J*
115?* 117?* 116
119
118% 1191* 119
May
120
qq
43
Sale
M ay
42
4:1% 42% 39% Sale
106% 112?* 1081* M ay
111
1081* Sale 107
110 %
96% 97
95% Sale
96}* Sale
M ay
95
99?*
121
123
125
1201* M ay
115% 124
1201*
22
36
41
36
39
361* M ay
361*
Sale 1 0 2 % 104
101 ?*
98
1011* M ay
1021*
6
6
61* Sale
6
M ay
6%
61*
61*
12
11
Sale
14
11?* Sale
111* 10?* M ay
581* Sale
59?* M ay
61 % Sale
61% Sale
65?*
96
98% 100
Sale
Sale 100
981* M ay
1011 *
135
Sale 135% 143
1371* 135
M ay
135
135}*
96% 100
100
90
100
971* M ay
971*
34
34% Sale
381* Sale
34?* 33?* M ay
35
102
102 % Sale 1021* M ay
101 % 103
104
102?*
42% Sale
551* Sale
42% Sale
40?* M ay
441*
94
87% Sale
85
Sale
98
M ay
85
88
12
211* Sale
Sale
14
1 1 % Sale
11 % M ay
52
42% 51% 44
64
51
39
40
39% 41
41
43
M ay 8 40?*
39
1251* Sale 125% Sale 126Vs Sale 123
M ay 20 127
3% Sale
2 % M ay 21
3?*
1491* Sale 142?* Sale 1391* Sale 139?* M ay 29 145
101?* Sale 102% Sale 102 )* 102 ?* 1021 * M ay 1 103
1471* Sale 139% Sale 137
Sale 1351* M ay 14 142?*
Bid.
104%
1091*
162
120?*
221*
16
57
5?*
98
961*

40
12,700
Am Wat Wks & E v t c . 100
41%
4,800 891* 90%
1st pref (7 % ) v t C ..100
1,000
22,800 661* Sale
Partlc pref (6 % ) ▼tclOO
3.800
93
2,000 89
300
Amer Wholesale, p r e f.. 100
687,400 73?* Sale
am er W oolen_________ 10G
90.100
14,300 98% 100 %
Preferred................ ..1 0 0
1,500
2 y8 Sale
10.700
1,000
Am Writing Paper, pf.100
23,300,
2,100
Amer Zinc, Lead & Sm . .25
Sale
Preferred _____
25
18,100, 27% 29%
900
650,510 36% Sale
Anaconda C o p p e r ......... 50
79.100
15.700 92% Sale
2,100
Armour (Del) pref_____ 10
37,150 13
Arnold Constable________
Sale
3,100
1,400 15?* 17
Art Metal Construction. 10
8,300
Assets Realization_____ 10
200
%
%
118,500 81
17,400
Associated Dry G oods. 100
Sale
7,740 85
86
1,340
1st preferred_______ 100
3,700, 89
2d preferred_________100
Sale
500
310,640 291* Sale
Associated Oil, new____25
8,200
20,500
Atlantic Fruit_____ no par
11* Sale
34,200; 1% Sale
Col Tr Co ctfs of d ep _
_
1,800
Sale
202,600 15
Atl Gulf & W I SS LlneslOO
14,800
s
39.800 12 V Sale
Preferred___________ 100
6,500
Sale
39.800 132
Atlantic Refining_____ 100
Preferred.................... 100
118
L100
2,800 117
____1
Atlas Powder__________ 100
891*
8% cum preferred______
1,067. 85
100
54
N ew _____________no par
4,921 52
300
Atlas Tack C orp ___ no par
7,800
91* Sale
Austin,N icholsACo.no par
2,900
53,300 281* Sale
Sale
P referred..............
100
2,930 87
230
Auto Knit Hosiery..n o par
7?* Sale
24,800
1,200
2%
3
Auto Sales C orp_______ 50
100
2,000
Preferred..............
50
100
1,500 10
111*
1251* Sale
Baldwin L ocom otive.. 100 440,800 1,975,380
Preferred..............
100
350
2,950 111
30
Barnet Leather____no par
2,000 24
Sale
Bamsdall Corp, Class A . 25
9,100
92,600 16
10?* 10?*
Class B ______________ 25
3,100
22,500
Batopllas M ining______ 20
7,100
% Sale
Sale
Bayuk Bros____________ nopar 1,200
6,400 57
99
Preferred____________
200 90
107
Beech-Nut Packing____20
3,600
49,450
Bethlehem Steel C orp. 100 155,800
935,000 531* Sale
Sale
7% preferred__________
3,000
29,000 91
108
700
Cum conv 8% pref. .100
5,500 103
931*
Blumenthal, pref_____100
500
1,900 90
6
Sale
Booth Fisheries____no par
2,000
23,460
40
1st preferred_______ 100
1,600 38
British Empire Steel_ 100
_
3?*
4?*
600
1st preferred________100
700
2d preferred_________100
1,200
4,700 15}* Sale
Sale
Brooklyn Edison, I n c .. 100
33,000
78,810 111
Rights_________________
135,421
135,421
Bklvn Union Gas......... 100
17,200 120 4* Sale
N ew _________________ nopar 11,700
15,600
Brown Shoe, In c______ 100
4,700
11,100 47 1* 50
Preferred___________ 100
100
1,200 90 J* 91
1
6,100
Brunsw’kTerm & R y Sec 100
27,200
1?*
Burns Bros____________ 100
1,300
30,700 1041* Sale
971*
Preferred___________ 100
300
3,300 93
Prior preferred_____ 100
200
400
New Class R common
1,700
40,400 24?* Sale
Bush Terminal C o____100
900
91
500
Bush Term Bldgs, pref. 100
1,200, 88
3,400
4 6,700; 51* Sale
Butte Cop & Zinc v t c . . 6
1,000
25,500 18?* 19
B utterlck___ __________100
3,500
72,800 15}* Sale
Butte & Sup M ining_ 10
_
21* Sale
5,000
59,000
Caddo Cent Oil & Ref no par
Sale
2,400
Calif Packing C orp.no pn>
40,200 83
44,100
Calif Petroleum n e w ..100
674,900, 26 % Sale
Preferred_____________25
600
19,200 101?* Sale
4?* Sale
66,800
10,000
Callahan Zinc-Lead . . . 10
2,900
16,500 431* 44
Calumet & Arizona M g . 10
2,600
12,500 18% Sale
Calumet < Hecla, new. 25
fe
d
2
300
6,800,
Carson Hill G old _________1
600
7,400
Case (J I) Plow____no par
%
%
Sale
Case (J I) Thresh M ach 100
1,600
9,500 24
75
1,300
6,300 69
Case (JI) Thresh M pf ctf 100
11,800
186,200; 13?* Sale
Central Leather______ 100
Sale
Preferred
_________100
45,700
372.500' 38




25

STOCKS-STOCK EXCHANGE RECORD

J une, 1924.]

1 631*
27 49}*
23 89
2 41*
20 107}*
15 99}*
13 120
20 23

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

96
41*
18
16?*
21*
83}*
24}*
97
4
47?*
15
11*
1*
15}*
46
12}*
431*

M ay
M ay
May
M ay
M ay
M ay
May
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

Highest.

S a le P r i c e s .

Sale Prices.
122Ys Feb. 1
114?* M ar. 12
178 Jan. 26
122}* Feb. 5
23?* A pr. 12
201* Jan. 7
66
Jan. 2
61* Jan. 30
103}* Jan. 7
961* Jan. 2
96?* Jan. 21
13?* Feb. 13
65
Feb. 11
96
Feb. 7
83
Feb. 5
25}* Jan. 31
12}* Jan. 9
98
M ar. 18
22?* Jan. 14
45
Jan. 14
76?* Feb. 7
120
Mar. 12
45?* Feb. 17
1131* Feb. 14
1071* M ar. 20
123% Feb. 1
43
Jan. 19
104
Feb. 11
71* M ar. 16
15?* Feb. 11
65?* M ay
1011* M ay
144?* Jan.
971* M ay
40
Feb.
1041* M ar. 17
61?* Feb. 7
991* Feb. 14
281* Jan. 9
69
Jan. 16
431* Jan. 8
1301* M ar. 13
3?* M ay 21
157 Jan. 28
104
Feb. 19
153 Jan. 28

Apr. 21
Jan.
Apr. 14
Apr. 9
2 1 ?* Mar. 21
14?* Apr. 22
511* Feb. 15
4 % Mar. 24
88' Apr. 15
92}* M ar. 8
91% Apr. 4
7% Apr. 23
50% Jan. 3
86 Jan. 14
791* Mar. 28
17?* Mar. 19
M ay 19
10
95
Feb. 6
27 13?* M ay 7
Apr. 15
22 30
3 701* Apr. 15
16 1161* Apr. 16
M ay 12
2 39
15 1071* Apr. 30
26; 941* Apr. 16
5! 120 % M ay 5
Jan. 3
21 25
Jan. 2
9j 98
28
5% Apr. 22
5 1 0 ?* M ay 21
571* Jan. 14
Jan. 2
96
Apr. 10
134
Apr. 12
95
Apr. 21
33}*
1011* Apr. 25
38?* Apr. 23
14 831* Apr. 23
Mar. 25
6 10
42}* Mar. 25
M ay 8
16 39
M ar. 31
27 123
27
2 % M ay 21
7 136?* Mar. 25
Apr. 11
7 101
7 1351* Mar. 25
95%
109
1531*
118?*

Feb.
40
89}* Mar.
Feb.
66
92
Jan.
Apr.
62
96?* Apr.
11* Apr.
Mar.
7
24}* Mar.
28}* M ay
83?* M ay
8}* M ar.
151* Apr.
% Mar.
Jan.
79
83}* M ay
Jan.
89
28}* M ay
11* Jan.
11* Jan.
1 0 ?* Mar.
123* Jan.
M ay
104
2 113?* M ay
821* Feb.
47
Apr.
6 % Mar.
18% M ar.
79
Apr.
21* Apr.
3 Jan.
11?* Jan.
104?* M ay
111
Jan.
26
Jan.
14
Feb.
10 Jan.
% Jan.
8 39}* M ay
96
Feb.
44?* Apr.
461* M ay
901* Jan.
1011* Apr.
80
Apr.
3?* M ay
30
Apr.
2J* Apr.
35
Apr.
81* M ay
107?* M ay
21* M ay
119% Jan.
56?* Apr.
39
M ay
89
M ay
1 Jan.
971* Feb.
95}* Mar.
119
Apr.
19?* Feb.
60
Feb.
881* Jan.
4}* M ay
17 Apr.
14
M ay
1% Mar.
80
Apr.
221* Apr.
94
Apr.
2 % M ay
41?* Mar.
13}* M ay
1 Mar.
% M ar.
14
Mar.
41}* M ay
9% M ar.
291* M ar.

561* M ay
92?* M ay
M ay
75
991* Feb.
78% Jan.
30 102?* Jan.
Jan.
16 4
29 10?* Feb.
27 341* Jan.
Feb.
20 41
20 931* Jan.
Jan.
20 15
22 161* Jan.
Jan.
12
15 1001* M ar.
Jan.
9 88?*
Feb.
95
34?* Feb.
2?* Feb.
21* Feb.
Feb.
19
221 * M ay
1401* Jan.
Feb.
118

28
1
27
13
11
19
7
15
14
15
24
9
4
11
11
31
7
5
20
20
25
5
31
7

85?* M ar. 26
54?* Feb. 1
11}* Jan. 19
30
Jan. 9
881* Jan. 24
81* Jan. 2
41* Feb. 25
15?* Feb. 23
131 ' Feb
116
Feb. 1
35
Feb. 7
181* Feb. 1
14?* Feb. 7
1* Jan. 17
59
Jan. 5
96
Feb. 27
58}* Jan. 31
62}* Feb. 5
97
Feb. 11
1101* Feb. 15
93
Jan. 21
7}* Jan. 9
42}* Jan. 10
5
Feb. 9
54
M ar. 12
15% Jan. 11
116
Feb. 6
3?* M ay 6
129?* Jan. 23
631* M ay 8
53}* Jan. 9
92
Feb. 14
4 % M ay 9
1111* Apr. 15
99 % M ay 7
1201* A pr. 17
26
A pr. 14
67}* M ar. 5
96
M ay 27
6}* Feb. 14
23?* Jan. 23
20?* Feb. 15
41* Jan. 19
87J* Feb. 1
29J* Feb. 5
107
Jan. 31
51* Jan. 9
491* Jan. 24
191* Jan. 10
3V, Jan. 22
1 % Jan. 11
2 7 K Jan. 2 6
J a n . 11
__
77
17% Feb. 13
441* Feb. 13

[V ol. 118.

STOCKS-STOCK EXCHANGE RECORD

26

STOCKS
N . Y . S T O C K E X C H ’G E.

SALES TO JUNE 1
In
May.

Since
Jan. 1.

Par
Century R ib M ills_____
Preferred____________100
Cerro de Pasco C op .n o par
Certain-Teed P rod , .no par
1st preferred________100
ChandlerMCar(The) no par
Chic Pneumatic T o o l .. 100
Chicago Yellow C ab.no par
Chile C opper___________ 25
Chino C opper___________ 5
Cluett, Peabody & C o . 100
P referred___________ 100
Coca C ola_________ no par
Preferred______________
Colorado Fuel & I r o n .. 100
Preferred___________ 100
Columbia G A E , w lno par
Columbian C a r b o n ...........
Com Inv Trust____ no par
Preferred___________ 100
Commercial Solvents A _
_
B ______________________
C Congoleum C o _ no par
_

Shares.
700

Conley Tin F oil__________
Consolidated Clgar.no par
Preferred___________ 100
Consolidated Gas w 1_____
Consol Textile_____no par
Continental Can Inc p f. 100
Continental Can w 1______
Continental In su ran ce..25
Continental M otors______
C om Products R e fin .. 100
Preferred___________ 100
New w 1_____________
Cosden A C o ______ no par
P referred______________
Crex Carpet___________ 100
Crucible Steel of Amer _100
P referred___________ 100
_
Cuba Cane Sugar_ no par
Preferred___________ 100
Cuban Amer Sugar____10
P referred___________ 100
Cuban Dom inion S u g a r..t
P referred___________ 100
Cuyamel Fruit___________

1,800
15,600
400
126,600
20,700
900
60,900
400
8.700
7,900

2,400
500
15,000

53.500
15.000
116,100

Daniel Boone W in M ills.25
Davison Chem v t c . n o pat,
DeBeers Cons Mines no par
Deere A Co pref______ 100
Detroit Edison________100
Rights__________________
DevoeARaynolds lstpf 100
Dom e Mines Ltd, N e w ..*
Douglas Pectin____ no par
Duquesne Light, 1st p f. 100
Eastman K od ak ______ 100
Eaton Axle A Spring.no par
E l du Pont de Nem A Co 100
6 % C um ulpref_____ 100
Electric Stor B a tte ry .. 100
Elk Horn Coal C orp____50
P referred____________ 60
Emerson-Brantlngham 100
P referred___________ 100
Endicott-Johnson______ 50
Preferred___________ 100
Exchange Buffet C orp____
Fairbanks Co (T h el.___2 5
Fairbanks Morse temp ctfs
Fam Players-Lasky. no par
P referred________
100
Fed L & T , pf temp ctfs_
_
Federal M in A Sm elt. .100
P referred___________ 100
Fidelity Phenlx Fire Ins___
Fifth Ave Bus____ no par
Fisher Body C o r p ..n o par
Fisher B ody Ohio, p ref. 100
Fisk R ubber___________ 25
1st preferred________100
Flelschmann C o _________ t
Foundation C o ___________
Freeport Texas C o ..n o par

77,200
267,200
300
400
2,970
47,430

156.200
1,222,850
6.700
2.800
14,470
58,015
600
102.900
7.600
5.300
47.900
49.600
393,000
7.500
96.500
8.900
700
5.100
5,360
46,550
3.400
3,200
600

Gardner M otor___________
Gen’l Am Tank Car no par
7 % preferred________100
General Asphalt______ 100
Preferred___________ 100
Gen Baking C o ____no par
General Cigar. I n c ____ 100
Preferred___________ 100
D ebenpref (7 % )____ 100
General Electric______ 100
Special when issued____
Gen M otors C o r p ..n o par
Preferred___________ 100
6 % debenture sto ck . 100
7% debenture stock . 100
G en Petroleum___________
General R efractors..no par
Glmbel Brothers_________
Preferred______________
Glldden A C o ______ no par
G old Dust ctfs w i_ .n o par
Goldwyn Pictures______
N e w ________________
Goodrich (B F )____ne par
P referred___________ 100
G ood y’r T , prior p f, w 1100
P referred______________
Granby Cons M S A P .100
Gray A Davis, In c_.n o par
Great Western Sugar___25
Great Western Sugar, pref.
Greene Cananea C o p p . 100
Guantanamo Sugar.no par
Preferred___________ 100
Gulf States Steel tr ctfs 100
1st preferred________100
Hanna 1st prer________100
Hartman Corporation. 100
N e w __________________ *

600
3.700
2.300
14.700
400
3.500
22.800
271,100
400
10,600
700
9.600
1.300
34.600
100
600
100
2.900
802,485
139,600
64,932
14,300
145,200 1,496,615
1,600
5,450
14.900,
33.900
2,600
9.100
49.700
22,100:
2,5001
18.000
1,7001
43.600
8,443
700
1,800!
46,060
26.900.
54.200




45.100
300
100
45.200
6,700
15.100
41,000
12.100

1,400
400
76.200
389.400
17
67.100
2.700
1,600
700
2,600
600
190.400

Shares.
15.900
700
204.300
5.800
900
429.900
15,352
65.299
274.200
122.900
29.200
1.400
352.300
1.500
798.500
17
255.300
99.200
1,913
2,000

32,700
15.500
785.500

5.700
78.800
9.700
676.300
242,782
2.800
484,600
5,000
170.400
349.000
1,000
10.300
149,300
737,210
189,900 1,178,018
500
3.800
300
1,890
82,200
457.400
2,300
4.900
10,000
206.000
82,300
624,800
31.100
364,850
1,200

5,900
1,300
1,100

3,800
8,100

60,900
700
25,300
800
500
200

3,650
900
1.400
200
200

52,000
1,500
100

6,200

200

3.400

464.400
10.600
100
2,800
31,100

13,100
3.300
1.300
9.400

295.700
45.800
5.300
115.700

100

2 ,0 0 0

13.800
7.700
25,500

-s ',965
8.700
4.700
1.700
6.300
2,100

2.400
2,000

Price about
Jan. 2
1924.

May 1.

Ask.
Bid.
A 8k. Bid.
27
28%
28% 30
90
97 3 93% 96
3
45
Sale
15% Sale
25
____ 30
28
77
6 6 % Sale
44 y 8 Sale
83
Sale
80 % 81
13% Sale
27 % Sale
27^3 Sale
1733 Sale
16% Sale
73 % Sale
62% Sale
91
93
100
10233
77J4 Sale
6634 Sale
91
93
9133 93
24
25% 34
Sale
115
95
Sale
35
3534 Sale
49 33 Sale
47 % Sale
33
3333
96
9633
40 % 42 y2 51% Sale
33
37
43
41
45
Sale
Sale
1054

21

63 %
6154
6%
105
55?4
90
7%
157%
119 33
36
92 %
20%
66 %
88
16%
62%
33 %
66%
7
44
70

12%

8%

Sale
15
67
5733
Sale
6233
Sale
333
Sale 10533
Sale
4733
94 33 91
Sale
6%
Sale 172
122
117
31%
Sale
32%
Sale
90
23
27
Sale
52
90 % 87
Sale
13
Sale
5733
Sale
32
98% 97
7%
633
47 % 43
Sale
6333

66
18%
62
105%

Sale
Sale
Sale
Sale

9 0 % -----19
Sale
11% 11?
10233 103
109>3 Sale
22
Sale
131 % Sale
86
Sale
60% 61
12%
1

12%
1%

9
11
65% Sale
113% Sale
20
23
3
7
7133 Sale
8933 Sale

2333
52
2133
60
10333
%
>
93%
16
1033
10233
107
17
12033
86 %

5633
12

24
1
8%

60
112
20

333
69 %
89 33

7
933 1033
4133 Sale
43
12333 116
9% Sale
1133
165
167
191
97
99
9933
8 % Sale
6%
45
44 % Sale
4933
66
68
6933
12% Sale

2.100 119

9 .1 0 0

140.900
31.700
146.900

55,554
61.300
13.300
14,900
43,050
43,800
26,600

12,000

600
260
4,100
25
44,900

3,427
17,060
39,200
125
458,700

" ‘ 466

5,400

’lV,966

139,500

200

6
46
95
40
7233
95
9633

Sale
Sale
97
Sale
Sale
Sale
Sale

4 33
39 33
9433
35
73%
97
8333
10233
10433 10633 96?3
196
Sale 214 33
1033 Sale
1033
13%
1533 Sale
8133 8233 82%
83
8133 Sale
9633
9833 99
4133
46
5233 Sale
49 %
4933 Sale
99%
99
Sale
8%
833
9
33
9

Sale

1433
21
7033
9154
42
13%
433
91
10533 10533 105 %
1533 Sale
1233
7% Sale
7%
92%
8233 93
67%
8333 Sale
_____ 10033 98%
89
90 33 Sale
22 % Sale

73
88 33
40
15
7J3

7533
Sale
Sale
Sale
Sale

4133 Sale

RANGE SINCE JA N . 1.

PRICES I N M A Y .
May 31.
Bid.
26
9233

9
Sale
65
Sale
333
106
Sale
Sale
Sale
Sale
119
Sale
Sale
9233
30
Sale

44 %

2433
4433
8433
42
27%
17 33
61%
101
65%
9133
3933
93
3633
4533
31
93
5333
44

3933

Ask.
2733
95
Sale
28
77%
Sale
Sale
Sale
Sale
Sale
6433
108
Sale
93
Sale
115
Sale
Sale
3233
94
55
46
Sale

8
14 %
61%
60%
2%
109
48
91
633

119
3533
2733
87
29 33
5033
8 8 % 89
Sale
1233
Sale
5833
Sale
30%
98 % 9833
Sale
533
45
42
Sale
6133

Lowest.

Highest.

10
7% M ay
15
1433 M ay
65
60
M ay
Sale
62% M ay
Sale
2% M ay
115
106
M ay
Sale
4533 M ay
M ay
91% 91
Sale
6
M ay
170
M ay
120
11733 M ay
Sale
33 % M ay
Sale
27 33 M ay
91?
8833 M ay
Sale
2933 M ay
Sale
48
M ay
M ay
8933 86
Sale
1233 M ay
Sale
54 % M ay
Sale
20% M ay
Sale
97 33 M ay
533
533 M ay
43
4233 M ay
Sale
60?3 M ay

833 M ay
M ay
16
6733 M ay
65 33 M ay
333 M ay
11033 M ay
4833 M ay
9133 M ay
634 M ay
17634 M ay
119 33 M ay
3633 M ay
32% M ay
M ay
89
M ay
30
53% M ay
9033 M ay
13% M ay
5833 M ay
3213 M ay
98 33 M ay
633 M ay
4533 M ay
6333 M ay

Sale
22M Sale
Sale
4633 Sale
2233 2033 2133
65
60% 63
10333 1 0 2 % Sale
Sale
9833 9333
Sale
Sale
16
Sale
933 10
103
104
103
Sale 10633 Sale
Sale
15
15%
Sale 116M Sale
88
8633 88
Sale
5433 Sale
1 2 % 12
1233
35
35
25
1
133
133
Sale
933
733
Sale
5633 Sale
110
11233 109
22
20
19
Sale
333 Sale
2533 Sale
Sale
Sale
73
95
90
93
7433 Sale
10
734 10
42
Sale
12%
123
11833 135
1133 1033 10?4
185
Sale 171
Sale
99
10033
7
Sale
633
50
50
43
Sale
Sale
49
70
7233 Sale
Sale
8 % Sale

2133
43 33
2033
6133
10233
33

M ay
M ay
M ay
M ay
M ay
M ay

2633
54
21
6233
104 33
%

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

1633
1033
104
10833
18%
121J4
87 33
5 7 33
12

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

1
834
60
112
1934
333
26
7433
94
7433
8 33
4534

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

11%
198
9 9 33
733
4633
5034
7533
1034

4
37
9433
31%
73%
9633
8333
10133
103%
217%
11
1233
81
8133
934
3833
4233
48
10033
833
34

Sale
Sale
95
Sale
7633
97
8433
10233
107
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
50
Sale
Sale
36

M ay
4
35% M ay
9434 M ay
3334 M ay
73J3 M ay
9433 M ay
8333 M ay
10233 M ay
M ay
104
M ay
212
1034 M ay
1234 M ay
M ay
81
8133 M ay
9334 M ay
3833 M ay
M ay
42
4834 M ay
9933 M ay
833 M ay
M ay
33

5
40?4
9433
37
76
97
8433
10233
104
22333
11
13%

Sale
Sale
Sale
Sale
43
Sale
433
Sale
106
Sale
Sale

1334
20
72
8934
4233
1233
434
90
106
10

Sale
Sale
75
Sale
43
13
Sale

100

Sale
100
91

3533 Sale

9034
10633

11

733

9233 92%
6433 Sale
98
88 % 90
35 34 Sale

1233 M ay
1933 M ay
70J4 M ay

M ay
M ay
M ay
M ay
9033 M ay
M ay
105
M ay
10
M ay
7
M ay
93
62
M ay
89
42
13
4

8434
9733
12%
47
5034
10033
10
38

1434 M ay
2133 M ay

79

9133
43M

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

4 18733
16 120 33
15 37 33
29 4034
16, 95
5 30
13 7134
22 92
18
7133
3833
99%
833
52
7433

Feb.
Jan.
Jan.
Jan.
Jan.
M ay
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Apr.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Jan.

7
14
15
23
5
24
8
18
16
28
7
28
5
6
1
7
11
6
11
11
28
5
5
3

21 3234
14 69 33
211 2233
18 76
30 10834
H
%
3 94
28 20 34

M ar.
Jan.
M ar.
Jan.
Jan.
Apr.
Feb.
Jan.

6
8
14
10
10
25
14
7

20 106?| Jan.
21.11233 Jan.
20 2433 Jan.
20 14133 Feb.
22 8733 M ay
15 64
Feb.
8 1333 Apr.
4 25
Jan.
29
333 Jan.
29 15 Jan.
20 67% Jan.
23 115 Jan.
21 22% Jan.
7 433 Jan.
29 26 M ay
29 7433 M ay
29 94 M ay
29 7433 M ay
--21 13
Feb.
2 47 34 Jan.
17 127
Jan.
3 13% Jan.
23 223 33 M ar.
29 102 33 Mar.
7 1034 Jan.
27 65
Jan.
2 50 34 Apr.
6633 Jan. 31 7534 M ar.
8
Apr. 11 13% Jan.

10033
10433
143
112
85
50
12
22
1
733
5533
110
1833
3
2533
61
8733
7433
533
4133
118
933
163
98
634
12%
4434

M ar.
Apr.
M ay
M ay
Apr.
M ay
Feb.
Mar.
Feb.
Apr.
M ay
M ay
M ay
A pr.
M ay
Jan.
Jan.
M ay
Apr.
Jan.
M ar.
Jan.
Jan.
Jan.
Apr.
M ay
Jan.

29
8
8
1
5
7
3
12
9
9
16
17
12
15
29
26
23
29
20
24
19
16
21
13
16
24
23
11

M ay
M ay
Feb.
Apr.
7133 Apr.
93
Jan.
8234 Apr.
10134 Mar.
100
Apr.

Jan. 9
7
16% Jan. 2
M ar. 17
96
4634 Feb. 5
Feb. 8
81
Jan. 28
110
9734 Jan. 10
10233 A pr. 28
Jan. 11
107
23133 M ar. 20
1134 Feb. 7
1634 F eb. 1
81% Mar. 3
81% M ay 15
1 00 % M ar. 17
4334 A pr. 26
Jan. 18
55
5234 M ar. 8
10234 A pr. 11
Feb. 4
14
M ay 6
38

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

8334

30
5
15
15
18
2
27
10
15
16
30
22
2
6
5
19
5
18
11
10
10
17
18

Apr.
Apr.
Jan.
M ay
Jan.
M ay
Mar.
Apr.

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

5
Sale
Sale
Sale
Sale
Sale
Sale
Sale
9733
Sale
Sale
Sale
83
Sale
9733
Sale
47
51
10033
9
Sale

3334 Jan.
9534 Feb.
4833 Feb.
3633 Jan.
M ar.
78
6633 Jan.
M ay
86
6133 Apr.
2833 Feb.
2033 Feb.
7533 Jan.
10533 Jan.
7733 Jan.
Feb.
93
4234 M ay
M ay
105
Feb.
38
5533 Jan.
ADr.
33
Apr.
98
62% Mar.
4833 Apr.
6634 Feb.

21?4
41
1834
6134
10134
33
93
15

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

1033
16833
9834
633
12%
4833
69
833

4
3533
92
31%

19333 Jan.
1033 Apr.

12?4 M ay
81
M ay
81
Jan.
19334 M ay
3833 Apr.

42
M ay
17% Jan.
99 Jan.
833 Apr.
2833 Apr.

13
7
24
9
13
7
20
1
9
8
2

19

Feb.
Mar.

7034 M ay
8834 Jan.

39

89

M ay 12 89% M ay

Jan.
1233 Apr.
Apr.
4
8933 Apr.
105
Apr.
M ay
10
634 Jan.
Mar.
93
62
M ay
Apr.
100
9 88
Apr.

34

M ay 141 3634 M ay

7

14
5
91%

10634

13
9
93

6934

Sai« Prices.

M ay
Mar.
Apr.
Jan.
Apr.
Jan.
Apr.
Apr.
Apr.
Jan.
Apr.
Jan.
M ay
M ay
Feb.
M ay
M ay
Apr.
Apr.
Apr.
Jan.
M ay
Apr.
Apr.

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

1
7%
5 5 33
110
1833
3 33
2533
6833
90
7433
833
42J4

Prices.
Apr. 19
Jan. 29
M ar. 31
M ay 24
M ay 26
Apr. 14
M ay 15
M ay 12
M ar. 29
M ar. 28
M ay 28
Jan. 29
A pr. 21
Jan. 8
Feb. 15
M ar. 10
Mar. 21
M ay 29
M ay 13
M ay 10
Jan. 11
Jan. 15
M ay 19

IS
7%
13 1 1 %
10, 59 33
26 60%
8: 2 %
24| 101%
26' 13%
6 89 33
5
| 6
7, 15233
211 11533
28 31%
1 2733
22, 8833
5 21
51 4S
26 86
10 1 1 %
7, 53%
2 2933
29 96
1 533
15 42
5 60%

M ay
M ay
M ay
M ay
M ay
M ay

1533
9 33
103
106%
1433
112
87
50%
12

Highest.

Lowest.

Sale Prices.
Sale
Sale Prices.
26
M ay 26 28% M ay 2 25%
91
4333 M ay
M ay 7j 4033
25
M ay
2633 M ay 22. 25
7233 M ay
7233 M ay 26 7333
4233 M ay
4633 M ay 24 4233
M ay 27i 79%
86
79 33 M ay
39
M ay
45
M ay l| 39
27 ?3 M ay
2833 M ay 5 2533
1533 M ay
1733 M ay 27| 15
62
M ay
63% M ay 7j 62
M ay 12 10033
103
10233 M ay
6333 M ay
6733 M ay 27i 61
91%
33M M ay
4233 M ay 5; 2 1 %
105
M ay
105
M ay 19 102
3433 M ay
37 33 M ay 16 33
4533 M ay
4733 M ay 2 4533
3033 M ay
3233 M ay 27] 30%
93
M ay
M ay 5 93
95
51
M ay
5633 M ay 3; 4333
42
M ay
M ay 6 33
45
32% M ay
4133 M ay 5: 32%

34

22

1233
2233
84
6734
8
11033
60
97 34
8

1533 M ar. 25
2634 Jan. 10

80

Jan. 17

49

Jan.

9333 M ar. 12

8

1734 Feb. 15

933 Jan.
9633 Feb.
10833 Jan.
1634 Feb
1033 Feb.
M ar.
93
89 34 Feb.
10033 A pr.
Feb.
95

M ay 14 44?4 Feb.

11
14
21
1«
6
12
7
4
14

J une , 1924.]
STOCKS

STOCKS-STOCK EXCHANGE RECORD
SALES TO JUNE 1

n . Y . S T O C K E X C H ’GE.

In
May.

Par
Hayes W heel________ne par
Helme (G W )___________ 25
Homeetake M ining____100
Household Products no par
Houston Oil of T e x a s .. 100
Hudson M otor C ar.no par
Hudp M otor Car C orp. .10
Hydraulic Steel____no por
Preferred___________ 100

S h a res.

Independent Oil & Gas____
Indiahoma Refining_____ 5
Indian M oto C ycle.no par
Indian Refining_________10
P referred___________ 100
Ingersoll Rand________100
Preferred___________ 100
Inland Steel, w 1_ no par
_
Preferred, w l ________100
_
Inspiration Cons C o p _ 20
tnt Agricul Corp v t c . . 100
Preferred v t c ______ 100
N ew______________no par
Prior preferred_____ 100
Int Business Machines____
internat Cement___no par
Inter Combus E ng.no par
Internat Harves n e w .. 100
Preferred, new______ 100
Internat M erc M arine. 100
Preferred___________ 100
International Nickel____25
Preferred___________ 100
International Paper_ 100
_
Preferred stam ped ..100
Int Paper, pref________100
International S h o e .n o par
Preferred___________ 100
Int Tel A T el_____________
Intertype C orp______no par
Invincible Oil Corp .n o par
Iron Products C orp.no par
iewel Tea In c_________ 100
P referred___________ 100
lones Bros Tea In c____100
iones & La’ln Steel pref new
Jordan M otor C ar_.no par
KansasCitv Lt 1st pf no par
Kansas & G ulf________
Kayser (J)& Co (new). . 100
1st pref (n e w )______ 100
Kelly-Sprlngfleld T ire. _25
Preferred 6 % ________100
Preferred 8 % _______ 100
Kelsey Wheel In c_____ 100
Preferred___________ 100
Kennecott C o p p e r..n o par
Keystone Tire & R u b b . _ 10
Kinney, G R __________
Preferred____________
Kresge (S S ) C o . ......... .100
P referred___________ 100
Kress C o _____________ 100

Since
Jan. 1.

22,000
1.700
2,500
24,300
25,700
15,200
2.400
300
9,800
3.400
2,200

1.700
20

5.000
300
13,300
400
700
460
160
8,800
5.000
14,900
13,000
600
20,600
126,800
16,700
600
34,800
2,150
100
1.300
100

3,700

100

31,500
9.400
1,100

500

6.000
200

6.400
500
700
2,100

700
34,200
500
940
900
100
100,500
7,100
1.300
400
200

PRICES IN M A Y .
Price about
Jan. 2
1924.

Shares.
Bid.
462.500 40%
800
12,200 55
32.600 34 %
304.300 70
174.000 27%
143.500 18
37.900
%
2
1.700

22
Sale
17
187
88
80
25
Sale
21%
107% 108% 109 %
24%
94%
91% 93
% Sale
%
35% Sale
22
97% 102
85
32% Sale
15%
75% Sale
52
85% Sale
46
92
98
79
103% 105
105
34% Sale
37%
3% Sale
1%
60% Sale
55
92
97% 90
293
289
315
112
210

300
18.800 79
Laclede Gas (St Louis) .100
Sale
200
Preferred___________ 100
310
7,800
44.800 14% Sale
Lee Rubber & T ire ..n o par
115.500 67
8,200
Lima Loco Works ..n o par
Sale
1,400
4.300 116
Liggett & Myers T ob pf 100
Sale
1,300
18.000
N e w _________________25
4,000
21.500
25
B new______ ______
34.600
Rights_________________
16,600
’ 91,900 17% Sale
Loews Incorporated no par
2,400
33.100
Loft Incorporated..n o par
7
7%
7,100
41,190 58
Loose-Wiles Bis tr ctfs.100
Sale
100
300 103% 110
First preferred______ 100
300 100
103%
2nd preferred_______ 100
37,892 171% Sale
Lorlllard (P )__________ 100
400
1.300 114% 116%
Preferred___________ 100
16,200
53,8001
N e w _________________25
2,600
27.300
Ludlum Steel______ no par
300
2,800 98
102%
M cCrory Stores, p r e f.. 100
7,300
45.400 17% Sale
M cIntyre Por Mines____5
300
4.700 107
Sale
Mackay Companies_ 100
_
700
4.100 64% 65
Preferred___________ 100
29.300
372.300 90% Sale
Mack Truck, In c ___no par
1,100
6.700 96% Sale
1st preferred_______ 100
200
2,900 89
2d preferred_________100
Sale
1 ,1 0 0
22,930 67
M a c y _________________
Sale
300
2,000 1 12 % 114
P referred______________
7,500
35.900 30% Sale
Magma Copt >er___ no par
26.300
103,750 27% Sale
M auinson(HR)&Co no par
500
1,800 87
P referred___________ 100
89
9.300 62
66
Manatl Sugar_________100
200
1,500, 80
87
Preferred^___________ 100
4.800
27,800! 39
40
Manhattan Ei Supp no par
3,900
43.500 42% Sale
Manhattan Shirt_______ 25
100
800
Manila Electrical Sup. 100
24,800
359.000 27
Sale
Maracaibo Oil Expl.no par
Marland O i l . . ____ no par 218,000 1,219,000 38
Sale
800
111,200
M arlln-Rockw ▼t c .n o par
7%
8
2.800
52.400 35% Sale
Martin Parry C orp.n o par
3.400
20.600 39% Sale
Mathleson Alkali W k s..5 0
18,500
333.200 50
Sale
Maxwell M ot W V Cl A100
7,800
188,580 13% Sale
Class B __________no par
3.400
84.000 90% Sale
M ay Dept Stores_____ 100
1,400, 110
125
Preferred___________ 100
400
3,500: 93% Sale
Metropolitan Edison, pref
60,600
411.300 15% Sale
Mexican Seab’d Oil no par
162.700 14
22,800
Sale
Voting trust ctfs_______
40,025 22
4,900
Sale
Miami Copper___________ 5
50,200
420.200
6% Sale
M iddle States O il........... 10
200
400
M idland Steel Prod p f. 100
400
10.800 29
Sale
M idvale Steel & O rd____50
2.700
14.000 62
62%
Montana Power______ 100
1.100 104
300
107
P referred___________ 100
417.200 24% Sale
26,500
M ontg W ard & C o _no par
7.700
98.100
Sale
M oon M otor C a r ., no par
245.400 2IM Sale
77,100
M other Lode C oall.no par
100
6.500 13% Sale
Mullins B o d y ______ no par
800
13,800 35% Sals
Munslngwear______ no par
50,250 101
3,400
Sale
Nash M otors C o ___no par
200
2.700 97
101
P referred___________
2,600
10.400
9
8%
National A c m e . . . _____ 50
12,800
98,700 51% Sale
National Biscuit________25
250
2,450 120
123%
P referred........... . .100J




May 1.

Ask. Bid.
Sale
34%
62 %
49%
Sale
33
Sale
64%
Sale
23%
Sale
12 %
Sale
%
8
3%

May 31.

Ask. Bid.
33%
Sale
60% 54
45%
50
32%
Sale
63%
Sale
24
Sale
12
Sale
Sale
%
7
2%

L o w e s t.

RANGE

18
83

16% Sale
83
82
2 °% Sale
112
Sale 110
Sale
20% 21
95% 95
96%
%
%
%
Sale
23%
22
Sale
90
Sale
13% Sale
49
57% 40
Sale
38% Sale
80
78
80
102
105
Sale
38
38%
1% Sale
Sale
52
57
56%
95
91
97
330
325
340
116
115%
240
240
200
22

7%
%
18%
3%

M ay
M ay
M ay
M ay

96%
77
17%
68%
118
54
53%
29%
18
8%
62%
105%
100
175%
117
38%
23%
102%
18%
117
69
90%

27%
18
81
60
82
33%
33%
89%
25%
29
8
32
29%
38
10%
82%
115
90%
14%
12%
20
3
73
26%
61%
104%
21%
18
6
9
33
96%
98%
5%
50%
120%

M ay
Mar.
M ay
Apr.
Jan.
Mar.
M ay
Mar.
Apr.
M ay
Jan.
M ay
M ay
Apr.
Apr.
Apr.
Jan.
Apr.
Jan.
Jan.
M ay
Apr.
Apr.
M ay
Apr.
Apr.
M ay
M ay
M ay
M ar.
M ay
Apr.
IVlay
M ay
Mar.
Jan.

7
7
7
16
22
7
2
27
10
2
6
5,
2
14
7
2
7

16%
6%
58
105

M ay
M ay
M ay
M ay

116
Sale
19%
101
Sale
Sale
65
Sale
97%
Sale
61
114%
Sale
Sale
87
64
85
43
Sale

114%
34%
18
101
15
109%
65%
77%
95%
87%
59
111%
27%
18%
81

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

117
35%
20
101%
15%
110
64%
82%
97%
89
61
113
32
24%
85%

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

82%
41%
33%
93
26
29
9%
32
29%
40
10%
82%

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

83
45
35%
93
29
34%
11
35%
32
43%
12
87%

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

92
21%
21
22
3%
74%
27%
63%
106
23%
20%
8%
11
34%
103
98%
7%
53%
123%

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

122

120

27%
30%
9%
30%
32
42
10%
84
117%
91
20%
20%
20
3%
70
27
61%
104
22%
19
7%
11
31%
99%
98%
7
52%

92
Sale
Sale
Sale
Sale
74%
32
62%
106
Sale
Sale
Sale
12%
34%
100
100
Sale
Sale
122
124

Sale
Sale
Sale
32
Sale
Sale
11
Sale
119
93% 91
18%
Sale
Sale
18%
20
20?
3
Sale
74%
77
26%
30
62
61%
105
106
21%
Sale
Sale
18
Sale
6
11
11?
23
34
101
99
100
98><
8
5J1
52% 51%
123
124

24
9
11
9
6
13
18
13
10
11
26
7
18
5
16
7
17
19
7
30
1
7
19
8
2
4
14
18
18
24
14
2
10
14
26
5
11
17
8
9
9
25
31
11
6
6
28
2
11
7
4
14
28
7
15
9
16
9
16
28
26
20

Jan.
Apr.
M ay
M ay
Mar.
Mar.
Mar.
Mar.
Mar.
Apr.
Mar.
Apr.
Jan.
Mar.
M ay
M ay
M ay
M ar.
M ay
Jan.
Apr.
Apr.
Jan.
Apr.
M ay

18% M ay
82% M ay
23% M ay
M ay
112
M ay
25
M ay
95
% M ay
M ay
23
M ay
88
16% M ay
M ay
52
46% M ay
M ay
80
105% M ay
39% M ay
1% M ay
M ay
58

M ay
M ay
M ay
M ay

Sale
Sale
12%
Sale
33
Sale
Sale
87

Apr.
M ay
Jan.
Feb.
M ay
M ar.
Feb.
Feb.
Jan.
Jan.
Jan.
Apr.
M ar.
Jan.
Feb.
M ar.
M ar.
Apr.
Jan.
Jan.
Feb.
Tan.
M ar.
Jan.
90
68% Jan.
Feb.
114
36% M ar.
31% Jan.
92
Jan.
69% M ar.
Mar.
87
M ay
45
Jan.
44
Apr.
94
37% Jan.
42
Feb.
17% M ar.
37% Jan.
41% Jan.
55% Jan.
Jan.
16
Jan.
95
118 Jan.
93% M ar.
24% Feb.
Feb.
23
Jan.
24
6% Jan.
A pr.
75
34% Feb.
65
A pr.
108
A pr.
27% Jan.
27% Feb.
Feb.
14% Jan.
39% Jan.
114% Feb.
100 % Jaa.
10 % Jan.
54% Jan.
124% Feb.

79
73
8
_ 56%
6 115%
50 '
48%
24%
15%
5%
50
105
99%
148%
114%
34%
18
100
15
107
64%
75%
95%
87
59

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

15%
5%
51
105

26%
34%
11
34%
31
40
10%
85
117%
91
20%
19%
21%
3%
70
27
62
105%
22%
19%
8
11%
32%
98
98
5%
52

2
16
3
28
28
3
19
18
11
10
18
10
10
10
7
9
8
19
24
17
29

23%
91%
27%
110
27
96

20
2
22
2
12
22
14
22
26
26
2

Sale
Sale
Sale
Sale
96

35%
18
101 % 100%
100
15
15% Sale
109%
111
108
64%
64
66
80%
Sale
79
97
95% Sale
89
86% 89
60
61% 60
1 11 % 1 12% 113
28%
31% Sale
Sale
23%
19
85
Sale
81
52
65
58
82%
82
86
Sale
43
41%
35
35
Sale

Jan.
Jan.
Jan.
Jan.
M ar.
Apr.
Jan.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
M ay
Jan.
Jan.
Jan.
M ar.
M ay
Apr.

Apr.
Mar.
Apr.
Jan.
M ay
Feb.
M ay
Apr.
M ay
Apr.
M ay
M ay
M ay
Jan.
Jan.
M ay
M ay
Mar.
Jan.
M ay
Feb.

M ay
106
33% M ay
102 % M ay
25% M ay
% M ay
4% M ay
M ay
5
M ay
40
94% M ay
43% M ay
23% M ay
M ay
87
M ay
109
10% M ay
38% M ay
12% M ay
M ay
76
43% M ay
M ay
71
94% M ay
75% M ay
115% M ay
68% M ay
M ay
28
13% M ay
49% M ay

330% M ay
112% M ay

18
17
4
17
22
21
20
30
11
24
6
8
22
22
26
11
12
4
2
3
5
28
20
27
26
27
10
29
13
7
2
10

16%
78
18%
109
21%
92
%
20%
82
12%
49
41%
76
104%
34%
1%
52%
88
340
M ay 19 287%
114% M ay 17 112%
190

M ay
104
31% M ay
M ay
102
22% M ay
% M ay
3% M ay
3% M ay
40
M ay
87% M ay
41% M ay
M ay
22
83% M ay
107% M ay
M ay
8
32% M ay
.11% M ay
75% M ay
35% M ay
66% M ay
94% M ay
M ay
73
115% M ay
66% M ay
M ay
28
11% M ay
M ay
41
16%
80
.20%
109%
21%
95
%
21%
82
13
49
41%
76
105%
37%
1%
52%

Jan.
Jan.
Feb.
Jan.
Jan.
M ar.
M ay
Jan.
Feb.
Jan.
Feb.
Jan.
Jan.
M ay
Feb.
Feb.
Jan.
Feb.
Feb.
M ay
M ay
Jan.
Feb.
M ay
M ay
M ay
Jan.
Apr.
Feb.
Mar.
Jan.
Jan.

9%
2%
25%
5%
67
200
106
38%
103%
27%
2%

M ay
M ay
M ay
M ay
M ay
M ay
M ay

110

1.

H ig h e s t .

Jan.
Feb.
M ay
Apr.
Mar.
Jan.
Mar.
M ay
Jan.
Feb.
Apr.
M ay
M ay
M ay
Apr.
Apr.
Mar.
Jan.
Feb.
Jan.
Mar.
M ay
M ay
Apr.
Mar.
M ay
Apr.
M ay
Feb.
M ay
M ay
Apr.

M ay 23
M ay 9
M ay 1
M ay 29

91%
77
10
60%
118
51%
51

Sale
117
35% Sale
Sale
20

JAN .

6%
%
18%
3%
60
159
102
31%
101 %
22%
%
3%
3%
40
83
40%
22
78
106
6%
26%
11%
75%
34%
62%
94%
73
115%
66
28
11%
39%

8%
1
20
5%

M ay
M ay
M ay
M ay
M ay
M ay
M ay

16%
Sale
5%
Sale
55
Sale
107% 105
86
99

L o w e s t.

H ig h e s t .

96
91
91% 91
93
77
72% 76
8
8% Sale
10
Sale
56%
56% Sale
58% Sale
_____ 117
117% Sale 116
51% 50%
51
51% 51
51
51% 50% 51% 50
16
5%
52%
105%
85

S IN C E

S a le P r i c e s .
S a le P r i c e s .
Ask. S a le P r i c e s .
S a le P r i c e s
32% M ay 20 36% M ay 2 32% M ay 20 52% Feb. 5
Sale
M ar. 10
57
Jan. 14 62
60%
48% M ay 21 50
M ay 5 48% M ay 21 56% Jan. 3
48
32% 32% M ay 13 33% M ay 6 31% Apr. 19 34% Jan. 2
Apr. 22 82% Feb. 5
61% M ay 13 66% M ay 2 61
Sale
20% M ay 13 24% M ay 28 20% M ay 13 29% M ar. 10
Sale
11% M ay 13 12% M ay 6 11% M ay 13 18 Jan. 2
Sale
% Jan. 2
1% Jan. 10
% M ay 6
% M ay 1
Sale
3% M ay 8 7 Jan. 19
M ay 21
3% M ay 8 4
6

6 % Sale
70.300
7% Sale
8
8%
1% Sale
53.400
%
%
%
38.800 19% Sale
20
Sale
18% 19%
5 % Sale
34,850
5
Sale
3%
4%
500
70
____ 70
50
Sale 180
1 ,^09 159
180
190
200
30
104
106
106
108
Sale
57.100 36
33
34
31% 33%
7.700 98% 101% ___ 102 %
102 %
144.000 25% Sale
24% Sale
22% Sale
10.900
%
1
%
%
7% Sale
13.900
5%
6%
3% Sale
10,560
4 % Sale
3
4
4
4%
160
91
42.300
92
89% Sale
Sale
49.400 43
43% Sale
41% 42
318.300 24% Sale
2 2 % Sale
23
Sale
85% Sale
67,559 78% 79
84% Sale
22.500 106% 107
110
108%
108
6% Sale
155.200
S Sale
9% Sale
33% Sale
293.400 31% Sale
33% Sale
12
Sale
110.200 13% Sale
11% Sale
81
18.900 79
75
80
75% Sale
93,700 37% 38
42% Sale
37% Sale
8.350 63% 65
60% 67% 70% 70%
100
94
110
Sale
76% 73
4.600 76
74% 76%
116% 114% 116% 115% 118%
2.300 115
6 8 % 68% Sale
19.000 66
68% Sale
30
102.300 29
28
31
12% Sale
13
Sale
328,060 16% Sale
43% Sale
76.900 49% Sale
49
Sale
42% 44
26,3501
6,400]
60,700'
2,600|
17,600:
3.300
19.500
56.000
4.100
451.700
6.500
12,761
8.600
1.350
437,100
80.900
17.000
400
4,175
300
900

27

27
26
27
24
20
2
14
21
1

1 11 % M a y

10%

9%
40
97%
44%
27%
87%
108

10%

38%
15
82%
43%
71
94%
78%
117%
70%
32%
16%
52%

1

38 %

102 %

35
78%
88

101
107
39%
4%
63
97%
360
114%
230

28

STOCKS-STOCK EXCHANGE RECORD

SALES TO JUNE 1.
STO C K S
EXCH’GE.
In
Since
May.
Jan. 1.

Pacific Development no par
Pacific Gas & E lectric. 100
Pacific M all SS__________ 5
Pacific Oil__________no par
Pacific Tel < T e l______ 100
fc
P referred___________ 100
Rights.
P a cta rd .
Preferred
Pan-Amer Pet < T r ____50
fc
Class B stock_________50
Panhan Prod & R ef.n o par
Panhandle P < R , p ref. 100
fc
Parish < BIngham_.no par
fc
Park & T ilford_____no par
Penney, preferred_____ 100
Penn Coal < Coke______ 50
fc
Penn-Seab St v t c._ n o par
People’s Gas L < C oke. 100
fc
Philadelphia Co (P itts).50
Philadelphia Co p r e f_ 50
_
Phil & Read C & Iron w 1.
Certificates w 1___no par
Phillips Jones C orp.no par
P referred___________ 100
Philip Morris & C o _____ 10
Phillips P etroleum ..no par
Phoenix Hosiery_________5
P referred___________ 100
Pierce-Arrow M ot C no par
P referred___________ 100
Preferred w i ___________
Pierce Oil C orp_________25
P referred___________ 100
Pittsburgh Coal (of Pa) 100
P referred___________ 100
Pittsburgh Steel p r e f.. 100
Pittsburgh Utilities, preflO!
Preferred c e rtlfs_____ 10
Postum Cereal_____ no par
8 % preferred_______ 100
Pressed Steel Car_____ 100
P referred___________ 100
Producers & R ef C o r p ..50
P referred____________ 50
C ertificates__________50
Pub Serv Corp o f N J . . 100
Preferred______________
N ew -------------------- no par
7% __
..1 0 0
New rights_____________
Pub Serv Elec Pow , p f. 100
Pullman C om pany____100
Punta Alegre Sugar____50
Pure O il.n _____________ 25
8 % preferred________100
Railway Steel Spring__100
Preferred___________ 100
Rand Mines, L t d ...n o par
Ray Consol C opper____ 10
Reis (R obt) < C o ___no par
fe
1st preferred________100
Remington Typew v t c 100
1st preferred v t c ___100
2d preferred_________ 100
Replogle Steel_____ no par
Republic Iron & Steel. .100
Preferred___________ 100
Reynolds Spring C o.n o par
Reynolds(R J)Tob Cl B .2 5
7% preferred_______ 100
Rossla Ins tr ctfs_________
Royal Dutch Co N Y shs.
St Joseph Lead_________10
Santa Cecilia Sugar.no par
Savage Arms C orp____100
Schulte Retail Stores_____
Preferred___________ 100
Sears Roebuck & C o ...1 0 0
Preferred________
ion




May 1.

Shares.
7.800
4.800
82.300
55.600
3.900
119.400

Sale

1,000

122,275
3,200
131,300
2,100

118,200
54.800
22,000
2.800
60.700
13,100
200
500

Bid.
4734
9436
3334
3834
9334
2834
85
12734
11234
64 34
10334
13
3734
4934
2434
24
42

May 31.

Ask.
Sale
Sale
Sale
3934
94
Sale
90
Sale
113
Sale

600
200

1,100
1,200

500
5.500
600
” "166
1.500
3,000
300
3,300

200

4.000
2.100

‘ y , 666
300
7,350
300

53,504
2,195
71,900
700;
175,200
25.000
55,450
800

100

33,950
36,150
17.000
1,506,165
400
300

43 J4
22 34
15 34
834
234
32 56
134
756
28 34
8534
20
91
140
96
934
55
4354
Vs
92
1034
50 Vs
85

100

Sale
Sale
18
Sale
2J6
34
Sale
8
Sale
88
Sale
95
Sale
104
Sale
59
Sale

45
23J4
734
7 34
114
3134
154
534
18
83
19
94
14754
9834
734
53
4234
107

Sale
34
Sale ■ 92
8
1034
Sale
4854
-----90
8734

10
130,700 123-6 Sale
9256 88
5.000 90
607,900 6134 Sale
4734
1,707,000 5934 Sale
4634
234 Sale
7.700
254
46
35
1.700 40
15
27.700 1334 Sale
28
5.400
400 10334
- - 102
300
2934 23
2.900 28
39.100
2
334 Sale
576,565
3,700
24.300 9834 Sale
9254
11.100
Sale
85.600 43
4234
l,400i
5,500 4234 Sale
4236
316,100
606.400
4054
800
41
6.100
5934 47
2,400
5.400 55
200
80
2,800 8634 89
22,700
223,100 22 J4 Sale
1534

4,700
400
3,900
200

50,600

1,700
26.700
700
4,750
500
33.700
36,900
38.500
900
2,425
200
100
33,360
” "166
4.100
300
500
6.400
26,300
1.100
21,000
11,200
1.400
200
7.000
5,300
600
10,400
8,500
1.000

33.500
100

Sale
Sale
934
Sale
13i
33
I3i
7

Sale
Sale
Sale
Sale

107
113
3034
1134
13
71
33
9134
93
1134
5134
! 8854
i 2034
! 7456
115
87
4854
2234
234
33
1109
10934
: 8734
113

108
115
34
Sale
16
74
Sale
Sale
98
Sale
Sale
89
Sale
Sale
11634
8734
Sale
23
336
Sale
Sale
11034
Sale
Sale

11034
114
3134
936
1034
64
37
91
91
8

4534
85
1354
65
119
86

55
2334
134
46
10034
107
8234
110

M ay
M ay
M ay 10
M ay 16
M ay 6
M ay 26
M ay 6

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

4634
2534
11
836
156
3234
2
554

56 M ay 3
54
9236 9036 M ay 20
854 M ay 2
954
Sale
4536 M ay 12
92
88
M ay 12
92

34
9136
834
4734
86
88

Sale
90
Sale
Sale
Sale
45
Sale
Sale

"l034
92
5054
4934
234
40
13
26
103
” 25’ " 2134
2
Sale
93
9434
Sale
4534
4234 43
Sale
4554
4134 4534
52
45
83
77
Sale
1554

12

Sale
112

Sale
84
Sale
46
2654

36
21
83
7
1854
59
134
2 1 34
59
97
94
12
1136
5036
110
4734
80
2534
42
21

102

Sale
Sale
Sale
109

Safe"
97
Sale
Sale
3
15
Sale
105
23
Sale
95
Sale
44
Sale
46
47
83
Sale
Sale
24
90
Sale
Sale
6134
Sale
23 34
Sale
99
97
Sale
12
Sale
11134
4754
82
Sale
46

" 7 3 4 ‘ M ay"
53
M ay
3934 M ay
108
M ay

9 36
8934
4736
4534
156
39
1434
26

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

22
156
93
4236
4256
4034
4136
44
78
1534
34
22
8336
6 36
1836
60
134
2134
58
9834
96
1156

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

55
110
47
83
23J6

11136
115
3056
1034
10
36
92
92

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

56
9334
1036
4956

4634 M ay 27
2534 M ay 29
1434 Jan. 18
Feb. 5
Jan. 14
Jan. 8
Jan. 22
Jan. 7
Apr. 17
Jan. 10
Feb. 16
Jan. 3
Jan. 8
M ar. 13
Feb. 8
Jan. 26
M ar. 6
Jan. 10
M ar. 7

M ay
M ay
M ay
M ay

88

M ay 12

1654
9354
5236
5036
256
39
1534
28

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

8934
4434
4134
156
35 ,
1336 •
26
103
1934
156
9254
4236
4234 3434
35
12 44
15: 78
2 1456
J

12
14
26
13
15
1
28
3
3
14
19
12

3354 Jan. :
M ay
8336 M ay
636 M ay
1836 M ay
M ay
60
134 Apr.
Mar.
20
57
Apr.
Jan.
98
Jan.
95
936 Jan.
1136 Feb.
4834 Apr.
Feb.
110
4634 Apr.
8154 Apr.
2254 Apr.
4534 Mar.
22
Apr.
22

M ay 1 5156
M ay 26 11134
M ay 14 49
M ay 9 8334
M ay 12 2836

M ay
M ay
M ay
M ay
M ay

22

Apr.
Mar.
Mar.
M ay
M ay
Apr.
M ay
M ay
Jan.

10434 M ay
4756 M ay
M ay
100
656 M ay
Feb.
98
Jan.
128
6756 Mar.
2654 Feb.
9834 M ar.

9954
4156
9734
234
9754 94J6
Sale 11434
51
Sale
Sale
2034
9454
96

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

10434
47 56
100
656
9636
12254
58
23 34
95J6

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

9934
39
9634
234
94 34
11334
51
20 34
92

Sale
Sale
Sale
Sale

10956
115
3056
934

M ay
M ay
M ay
M ay

113
116
3054
1056

M ay
M ay
M ay
M ay

64
3534
9136
9034
736
4336
85
936
65
119

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

M ay
M ay
M ay :
M ay
M ay
M ay
M ay :
88
1434 M ay
6754 M ay
M ay
120
M ay
86
5534 M ay
2434 M ay
156 M ay
49 34 M ay
10636 M ay
M ay
106
8434 M ay
M ay

118
]
06
Jan.
116
13 Jan.
30
Jan.
33 36 ]
9
M ar.
1234 j
11
Apr.
1634 .
64
M ay
7436.
3234 Jan.
4956 ■
91
Jan.
9454 ■
102
9034 M ay
736 M ay
1556 .
43 36 M ay
6136:
95
85
M ay
2254.
9 36 M ay
6156 Mar.
7436120
11534 Mar.
90 .
86
Mar.
48
Jan.
5934
22
Jan.
2756
356.
134 Mar.
3256 Jan.
5454
9654 Apr.
10954 I ll
105
M ay
7854 M ay lol 9734
112 34 Mar. 26 114 34

12

89
39
96
96
Sale
8
4356 Sale
85
8736
Sale
11
6734 Sale
117
120J6
88
86
89
Sale
Sale
53
Sale
2354 24
2
13
134
Sale
4634 Sale
Sale 102
Sale
110
10634 108
Sale
8236 Sale
11436 111
1147
6
86

l
2
20
1
19
8
28
28

18
79 34
19
9434
149

May~27
M ay 29
M ay 3
M ay 1
M ay 6
M ay 1
M ay 3
M ay 14
M ay 27
M ay i

10434 Sale”
47
Sale
100
Sale
"9634
121
5154
2154
9454

M ay
M ay
M ay
M ay
M ay 14

Jan.
Jan.
M ay
Apr.
M ay
Apr.
Jan.
Mar.
Apr.
M ay
M ay
Feb.
Jan.
Jan.
Jan.
M ay
Apr.
M ay
M ay

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

8
5334
4356
108

Sale
Sale
833
Sale
95
94

Sale
Sale
9754
Sale
9634
Sale
Sale
Sale
Sale

! 122
1 5736
1 2436
! 93

76
13
9236
47
108
2756
10236

6
28
10
22
6
29
6

18
18
Sale
7734
1834 1834
95
93J4
Sale 14434

10054 Sale
4236 Sale
9734 9956

9954
4234
9714
234
94 34
114 34
5754
22 34
9534

M ay
M ay
M ay
M ay
M ay
M ay
M ay

21
17
85
7734
Sale
18
9434 93
Sale 14734
102
9834
Sale
734
57
53
Sale
3954
110
105

Sale
25
90
Sale
Sale
Sale
Sale
Sale
Sale
99
9634
Sale

Sale
30
96
Sale
Sale
69
Sale
Sale
Sale
99
95
1054

9234
46
108
2734
10234

Highest.
Sale Prices.
64
Feb. 1
97
Jan. 24
37
Feb. 8
43
Jan. 9
96
Feb. 15
4436 Jan. 17
89
Jan. 16
15556 Jan. 28
115
Feb. 28
7234 Feb. 4
10536 Mar. 20
1436 Feb. 21
4356 Jan. 19
50
Jan. 19
27
M ar. 3
37 36 M ay 23
49 54 Jan. 18
4836 Feb. 1
85
Jan. 12
1454 Jan. 16
9234 M ar. 20
47
M ay 16
108
A pr. 24
2756 M ay 26
10234J ay 6
M

Prices.
M ay 1
M ay 13
M ay 1
M ay 12
M ay 2
M ay 2
M ay 14
M ay 26
M ay 13
M ay 2
M ay 10
M ay 9
M ay 5
M ay 2
M ay 14
M ay 23
M ay 14

44 34
2336
734
734
134
32
134
554

Sale

3834
23
87
734
1854
62
234
2534
5834
9834
9534
1154
1154
50
5634 Sale
11134 H234 110
5234 Sale
4734
81
8234 83
4234 Sale
2534
41
1,900 4634 47
22
4,700 26 34 Sale

3634
29
9154
934
2634
65
256
23*4
6334
98
93
1034

Sale
4736
9454
3356
3856
9354
29
78
133
11434
66
10454
13J6
4134
50
25
3736
55 34

11

100

19", 666
415,294
1.700
11,000
16.800
3.100
51.000
3,300

Lowest.

Highest.

Prices.
M ay 14
M ay 26
M ay 14
M ay 20
M ay 12
M ay 20
M ay 14
M ay 1
M ay 27
M ay 29
M ay 10
M ay 2
M ay 2
M ay 21
M ay 14
M ay 5
M ay 8
76

166”

500]
400

Lowest.

Ask.
47
93
Sale
38
9334
Sale
80
Sale
113
Sale

"73”
1034
90

1,000

7.500
63,900
400

RANGE SINCE JAN . 1.

PRICES I N M A Y .

n. Y . STOCK

Par
Natl Cloak & Suit_____ 100
P referred___________ 100
Nat Dairy tem c tf_ .n o par
National Dept Stores_____
P referred______________
Nat Enamel & S ta m p ..100
P referred___________ 100
National Lead_________ 100
P referred___________ 100
National Supply________50
P referred___________ 100
Nevada Consol Copper__6
N Y Air Brake_____ no par
Class A ________________
New Y ork Canners.no par
New Y ork D o ck ______ 100
Preferred___________ 100
Npt N & H R y G & E 100
Preferred____________ 100
N Y Shlpbulldlng_.no par
N Y Steam, 1st pref_ 100
_
Niagara Falls Power.no par
Niagara Falls Power pf _ 100
Preferred new_______ 25
N L & Ont Pow, pf 7 % .100
North American (new) _ _ 50
Preferred____________ 50
When Issued___________
N ova Scotia Steel < C .100
fc
Nunnally Co ('The).no par
Ohio B ody & B low _.no par
Ohio Fuel Supply______ 25
Okla Prod & R ef of Am__5
Ontario Sliver M ining. 100
N ew _____________ no par
Onyx Hosiery tem certlfs..
Temp certlfs, preferred_
Orpheum Circuit In c____ 1
P referred___________ 100
Otis Elevator__________ 100
P referred___________ 100
Otis Steel__________no par
P referred___________ 100
Owens B ottle___________ 25
Preferred___________ 100

[ Y ol. 118.

86

53
2356
134
4434
10034
105
7854
114

64
41
92
9254
834
4634

29
29
13
29
16
28
14
6
13

STOCKS-STOCK EXCHANGE RECORD

J une, 1924.]
STO C K S
N .Y . STOCK EXCH’GE.

SALES TO JUNE 1
In
May.

Since
Jan. 1.

PRICES I N M A Y .
Price about
Jan. 2
1923.

Par Shares.
8,200
Seneca Copper Corp no par
1,800
Bhattuck Arizona C opp.10
500
Shell Transport & T r a d .£2
61,300
Shell Union O il...............
6,000
P referred___________
26,500
Simms Petroleum_______
5.100
Simmons C o ______ no par
400
P referred__________ 100
BlnclalrConOllCorp no par 193,700
2,200
Preferred______________
42,800
Skelly Oil C o ___________ 10
4,800
Sloss-Sheffleld St’l & 1 . 100
200
Preferred___________
7.100
So Porto R ico Sugar___100
100
P referred___________ 100

Shares
Bid.
58.000
5%
8,300
6%
11,100 34 %
871,600 17
12,850 91%
235,000 11%
71.800 23
900 96
1,267,900 27 %
7.600 86%
342,200! 25 %
110,003! 60%
1,200! 83
120.700 68%
2.600

Spalding 1st pref______ 100
Spicer M fg C o _____ no par
Preferred
100
Stand Gas & El ctfs.no par
Standard M illing_____100
Preferred___________ 100
Standard Oil o f Calif___25
Standard Oil o f N J ____25
Preferred
_________100
Stan Plate Glass ctfs.no par
sterling Products_ no var
_
Stern Bros pref________100
Bteward Warn C orp.n o par
Stromberg Carburet no par
Studebaker Corp (The) 100
P referred___________ 100
New W 1________ no par
Submar Boat C orp.no par
Superior O il_______ no par
Bweets Co o f A m erica..10

100
6,700
3
7.100
100
120
76,200
169,600
4,050
26,100
1,000

200
37.800 16
803 90
7,100
3,130 60
330 80
770.100 64%
841,400 42
24,450 117
26,100
22,300 63%
166
685.200 91%
135.800 79%
2,419,375 106%
1,800 115
195.800
141.100 12%
423.700
2%
49,200
3

Term C op & Chem no par
Texas Company ( T h e ) ..25
Texas Gulf Sulphur_____ 10
T ex Pacific Coal & O il..1 0
The Fair, pref_________100
Tidewater Oil_________ 100
Timken Roll Bear_.no par
T obacco Prod C o r p .. 100
Preferred___________ 100
_
Tem p ctfs Class A _ 100
Transcon Oil c tfs _ no par
_
Tran & W ’ms Steel.no par

6,000
71,400
9,100
14,800

Underwood Typewriter 100
N e w _________________25
Union Bag < Paper new 100
fc
Union Oil___________ no par
Union Tank C a r______ 100
United Alloy Steel_.no par
United Cigar Stores___100
P referred___________ 100
Now
OK
United D rug__________ 100
1st preferred_________ 50
United D yew ood______ 100
United Fruit__________ 100
United Paperboard C o . 100
Universal Pipe____________
U 8 Cast Iron Pipe & F 100
P referred___________ 100
U S Distrib Corp_ no par
_
Preferred___________ 100
U S Express___________ 100
U 8 Hoffman M ach no par
U 8 Indus A lcohol____ 100
P referred___________ lo o
U S Realty & Im provt.100
Preferred ctfs w 1 _______
U S R ubber___________ 100
1st preferred_______ 100
U S Smelt Refg & M g ..50
P referred____________ 50
United States Steel____100
P referred___________ 100
U S T ob a cco_______ no par
Preferred___________ 100
Utah C opper___________ 10
Utah Securities r t c ___100
Vanadium C orp____no par
Van Raalte______ _____
1st pref_____________ 100
Va-Carollna C hem ical. 100
P referred___________ 100
Class B ________________
Va Iron Coal & C oke__l66
P referred___________ 100
V lraudou (V ), In c.n o por
Vulcan Detinning_____ 100
Vulcan Detinning, pref .100
W aldorf S ystem ________10
New certificates_______
W eber & Hellbroner no par
W ells, Fargo E x p r e ss..100
W est Elec 7 % cum pref 100
Western Union Teleg._100
Westlnghouse Air Brake 50
W eet’gh E & M fg assent 50
1st preferred_________50
Rights_________________
W hite Eagle Oil & R no par
W hite M otor___________ 50
Wlckwlre-Spencer S te e l..5
W illys-Overland________ 25
New preferred______ 100
W ilson & Co nc T t c no par
P referred___________ 100
W oolworth (F W )_____ 100
New w i _____________ 25
W orth’ t ’n P & M ▼t c.1 0 0
Preferred A r t e ____100
Preferred B v t c ____100
W right A eronautic.no par
Wrlgley (Wm J r ) ...n o par
Yellow Cab temp ctfs___10
Youngstown Sheet & Tube

179,100
22,200
268,000
700
162,900
15,900
168,500
4,800

1,600
19,800
110,600
3,200
26,500
108,525
100
1.900
1.900
4.900
300
2,100
100
200

700
3,300
500
100

3,200

-400
300,100
2,100
2,400
100

1,100
70,100
200

8.300
1,900
80,800
41,300
7,800
1.300
561,600
9.300
7,410
54,600
8,500
200

200
8,600
10,300
400
2,400
200

18,200
100
100

Sale
Sale
65
84
Sale
Sale
Sale

Ask.
Sale
Sale
405-6
Sale
Sale
Sale
Sale
98
Sale
83
Sale
Sale
84
Sale
107

May 31.

Lowest.

Sale
%
4%
38%
Sale
16%
Sale
93
Sale
Sale
12%
Sale
22%
96%
98
Sale
18%
77
Sale
Sale
18%
52
Sale
82
85
72% 68
107% 105

Bid.
Ask.
% Sale
38%
17%
93
13%
22%
96%
19%
78
19%
54%
81
70%
104

RANGE SINCE JA N . 1.
Highest.

99
M ay
99
9% M ay
9%
9%
80
85
31% M ay
31% Sale
39% M ay
49% 38% 50
79% M ay
79
79%
55% M ay
Sale
56% Sale
33
M ay
Sale
34% Sale
Sale 117
Sale 116% M ay
34
Sale
29
M ay
M ay
Sale
56% 58% 57
112
118
118
54
M ay
Sale
59% Sale
54% M ay
Sale
59
60
81% M ay
Sale
112
112
110
M ay
110
30% M ay
33
Sale
Sale
8
M ay
Sale
8% Sale
4
M ay
Sale
6% Sale
2
M ay
2% Sale
2%

100
10% Sale
86%
40%
59%
36%
118

56
Sale
112
66%
Sale
61
Sale
83%
Sale
118% 110
33
Sale
8%
4%
Sale
Sale
2%

Lowest.
Sale
%
4
33
16%
91%
10%
22
94%
18%
77
18%
52
80
67
103

Prices.
M ay 2
Apr. 11
Jan. 5
Apr. 22
Jan. 4
Jan. 4
Apr. 14
Jan. 24
M ay 8
M ay 8
M ay 12
M ay 20
Apr. 10
Jan. 3
M ar. 17

Sale
6%
6%
41%
20%
96%
14%
25%
96%
27%
90
29
67%
87%
95%
110%

Prices.
Jan. 11
Jan. 10
Feb. 4
Feb. 6
M ay 6
M ar. 24
Feb. 5
M ay 14
Jan. 2
Jan. 21
Feb. 4
Feb. 7
Feb. 14
M ar. 8
A pr. 5

99
9
80
31%
39%
75
55%
33
115%
29
55%
109%
64%
54%
80%
110
30%
7
2%
2

M ay
Apr.
Apr.
M ay
M ay
Apr.
Apr.
M ay
Mar.
M ay
Apr.
Apr.
Apr.
M ay
Apr.
Feb.
M ay
Mar.
Jan.
Mar.

100
18
90
32%
62%
85

42%
119
34%
63%
« 115%
30 100%
14! 84%
30 108%
18 115
20 38
29 12%
2
~
17

A pr.
Jan.
Jan.
M ay
Feb.
M ar.
Jan.
Jan.
M ay
M ay
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
A pr.
Jan.
M ay
Jan.

8
12
2
15
7
13
26
26
2
28
2
3
12
11
8
17
4
2
28
2

6%
38%
57%
8%
102%
120
31%
53
113
83%
3%
25%

Mar.
M ay
Apr.
M ay
Jan.
Jan.
M ay
Apr.
Feb.
Mar.
Apr.
M ay

9%
45%
65%
15%
103%
151
41
70%
119%
91%
6%
35%

Jan.
Jan.
Jan.
Feb.
M ar.
Feb.
Jan.
Feb.
M ay
Feb.
Jan.
Jan.

5
30
11
1
26
7
7
5
23
11
21
15

37%
46%
%
94
25
171
113
43
71
46%
35
182
17
15%
64
81%
21%
100
4%
16%
61%
98
92%
101%
22%
66%
18%
37%
94%
118%
52
109
64
16%

M ay
M ay
Feb.
Jan.
Apr.
M ay
Jan.
M ay
M ay
M ay
M ay
Jan.
Apr.
M ay
Feb.
Jan.
M ay
Apr.
M ay
Mar.
M ay
Jan.
Apr.
Apr.
M ay
M ay
Mar.
Mar.
M ay
Feb.
Apr.
Apr.
Jan.
Jan.

43
64%
Vs
104
37
207
115%
44%
86
48%
43
201%
21%
16%
94%
94%
24%

83%
103%
107%
109
42%
94%
23%
44%
109
120%
60
109
69
30%

Jan.
Feb.
Apr.
Apr.
Feb.
Jan.
M ay
M ay
Feb.
Jan.
Jan.
Jan.
Jan.
M ay
Apr.
Apr.
Apr.
Apr.
Feb.
M ar.
Jan.
Feb.
Feb.
Feb.
Jan.
Jan.
Feb.
M ar.
Feb.
Jan.
Feb.
A pr.
Feb.
M ay

9
9
9
3
11
3
21
16
4
11
14
26
12
29
29
29
10
10
21
5
31"
7
13
13
12
10
15
6
7
14
6
17
20
5

21%
M ay
M ay 19 16
M ay 9 60%
1%
M ay 3
4
M ay 5
%
M ay 1
M ay 12 36
M ay 22 74
6%
M ay 7
7
M ay
65%
M ay

M ay
M ay
M ar.
M ar.

14
19
27
22

M ay
M ay
Apr.
M ay
M ay
Apr.

15
22
25
20
1
24

33%
33%
80
10%
34%
7
53
79%
15%
7
68

Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
M ay
Feb.

11
18
9
11
2
3
11
8
10
1
28

14
14%
35%
111%
105
84
55%
72
1%
23%
50%
%
6%
61%
4%
15%
280
72%
24
70
58%
9%
35
45
62

Apr.
Jan.
Jan.
Apr.
M ay
Jan.
M ay
Jan.
Apr.
M ay
Apr.
M ay
M ay
M ay
M ay
M ay
Jan.
Apr.
Apr.
Jan.
Jan.
M ay
Apr.
M ay
M ay

16%
19%
41%
115
113
96%
75
79%
1%
29%
59%

Jan.
M ar.
M ay
Jan.
Jan.
Jan.
M ay
M ar.
A pr.
Feb.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
M ar.
M ay
Jan.
A pr.
M ar.
Jan.
Jan.
M ar.
Jan.

26
15
14
5
30
28
17
15
9
6
11
11
17
15
9
26
24
9
9
2
7
3
12
28
7

Sale
1
6
39
18
96%
14%
22%
96%
20%
81
24%
56%
82
77%
105

32%
51
79%
59%
36%
119
34%
56%

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

67%
63%
86%
110%
34%
9%
6%
2%

M ay 1
M ay 7
M ay 7
M ay 28
M ay 7
M ay 5
M ay 28
M ay 12

M ay
M ay
M ay
M ay

7%
41%
61%
10%

M ay
M ay
M ay
M ay
M ay
M ay
M ay

128%
36%
59%
119%
88%
4%
25%

M ay
M ay
M ay
M ay
M ay
M ay
M ay

37%
Sale
48
50
Vs
%
102
97
25
26
184
170
110
117

37%
Sale
46%
49
%
%
99
99
25% 25
170% 171
115
117
43
71
Sale
76% 71
46%
46% _____ 46
-------- 38% 35
Sale 190% Sale 189

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

38%
50
%
101
26
171
115%
44%
77
46%
35
193

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

16
88
Sale
92%
93% Sale
23%
21% 99
100 %
5
4%
5%
4%
17
18
18% U 8 % 17
64%
67
Sale
71% Sale
100
94
103
100
98
102% Sale
94
Sale
95
105
Sale
Sale 103
99%
38
Sale
25
28% Sale
69%
76% Sale
91% Sale
20
Sale
21% Sale 1 20
40
38%
38% 40
415
99% Sale
95%
98% Sale
119% Sale 120
Sale 119%
54
54% 51
51
53
106
110% 106%
Sale
67
65
Sale
67%
16% Sale
27% Sale
29%

15% M ay
Sale
79
M ay
Sale
90
M ay
Sale
21% M ay
Sale
100%
4% M ay
4%
17% 16% M ay
61% M ay
Sale
102% 100% M ay
93% M ay
Sale
101% 101% M ay
22% M ay
Sale
66% M ay
Sale
20
M ay
Sale
38% M ay
Sale
94% M ay
Sale
Sale 118% M ay
52%
110%
66% M ay
Sale
27
M ay
Sale

16%
92%
93%
23%

M ay
M ay
M ay
M ay

4%
18
69%
102%
99%
104
30%
77%
21%
40
100
120%

15
14
20
2
2
2
28
9

M ay
M ay
M ay
M ay

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

40%
58%
9%
101%
125
35%
56%
118%
84%
4%
25%

39% 41% 38%
62% 65
49%
%
%
%
92
95
100
25%
33
Sale
177 209
170
112
108
113
81
Sale
47% 48
40
46
185
Sale
19% Sale

75
46
191

7
Sale
39%
Sale
59%
Sale
8%
Sale
102% 102
125
128
34
Sale
57
Sale
Sale 121%
88%
Sale
4
Sale
26
30

67% Sale
85% Sale

200.500 30%
7,900! 25
2,100, 75
151,400
9%
189,800, 34%
5%
12,200
4,100 52
800 79
108.500 14%
100
700,

Sale
29
80
Sale
Sale
Sale
56
86
Sale

21% Sale
16% 19
60% 65
1% Sale
4% Sale
%
Sale
78
Sale
10
75

68% M ay
30% M ay

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

Sale
14
Sale
17%
36% 36%
116
114
Sale 105
Sale
90
Sale
60%
75%
73

14% 14% 15
14
Sale
15% Sale
15%
Sale
36% Sale
36
Sale 115
Sale 114
Sale 107% Sale 105
Sale
88
90
87
Sale
56% Sale
55%
....
7 5 % ------- 75%

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

14%
18%
41%
115
108
90
75
75%

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

Sale
Sale
Sale
Sale
Sale
Sale
75
Sale

Sale
23%
Sale
51%
1%
2%
Sale
7%
66%
Sale
Sale
5
Sale
15%
Sale 333
84%
Sale
27
24%
80
67
65
61
Sale
9%
Sale
37
46%
Sale
63
63

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

24%
52%
2%
8%
69%
8%
30
339%
86%
25%

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay 26,

M ay
M ay
M ay
M ay
M ay

62%
10%
37
54
63%

M ay 5
M ay 5
M ay 28,
M ay 1
M ay 13,

Sale
75
59
Sale
Sale
70

24%
52
2%
8%
67
8%
30
314
79%
25
65%
62
10
36%
53%
60

Sale
22
75
Sale
6%
Sale
Sale
80
Sale
Sale
Sale

Sale
23%
Sale
50%
Sale
%
Sale
6%
Sale
61%
Sale
4%
Sale
15%
337
314
79%
Sale
24%
Sale
74
62
62
9%
10
35%
Sale
45
Sale
63% 62

14
19
15
14
27
15
22
24
20

22%
17%
66
2
6%
%
43
78
9%
7
68

21%
16
65%
1%
4
%
36
74
6%
7
68

22%
15
65%
1%
6%
%
41
75
7%
7
68

Highest.

Prices.
M ay 14
M ay 2
M ay 17
M ay 23
M ay 6
M ay 9
M ay 23
M ay 14
M ay 1
M ay 7
M ay 1
M ay 2
M ay 20
M ay 1
M ay 6

99
M ay 23
11% M ay 2

Prices.
M ay 2
M ay 21
M ay 29
M ay 12
M ay 29
M ay 12
M ay 1
M ay 14
M ay 8
M ay 8
M ay 12
M ay 20
M ay 20
M ay 14
M ay 6

6%
Sale
Sale
38%
58%
Sale
Sale
8%
103%
125
127
Sale
31%
55%
Sale
121% 118%
84%
Sale
3%
Sale
25%
31

11,900 15%
105,400 16
8,700 35
6.300 113
22,700 108
35,595 84
377,255 60%
4,100 71
217,933
79,200 26%
9,000
117,500 55%
6.300
3%
112,000
13.700
78,300 1,298,900 10%
251,100 82%
6,400
60,980 26
17,100
12,845 69
4.300
58.300 283%
5,500
79.400
34.700
35.300 26
700
1,800 67
4.300 57
500
21,600 13%
2,700
72,310 39%
5,000
251,000
96,800
13.400 j 68%
1,200
600
13,600
3,600
1,200
3,700
1,200
48,000
400

May 1.

Ask.] Bid.
1
Sale
5
7
39%
Sale
17%
Sale
92% 93%
13%
Sale
22%
Sale
96%
97
20%
Sale
80%
88
24%
Sale
56
Sale
81
85
77%
Sale
99

73,715
9 % Sale
448.100 44% Sale
100,500 61
Sale
207.200 11% Sale
1,600
55,400 123% Sale"
163,395 39% Sale
780,594 68% Sale
24.000 113
115
128,114 90
Sale
1,089,125
4% Sale
100
26,350
12,800
33,300
6,700
29,800
600!
900
700
30,500
4.100
650
28.300,
2,600!
400
1,449,300,
22,900,
4,800,
100,
900,
20,900
1,079,900
2,890|
93,200;
24.300,
396,300,
141,800
41,700
5,900
3,444,800
73,000
1.100
100
67,460
323,200^

39

8
2
14
7
28
1
17
28

68%

100

5

20 %

M a y 27

14%
88
28
72%
345
86%
31%
77
65%
13%
40
85%
70%

•Ex-divldend.
a This price Is after distribution of dividend In shares of United Cigar Store at the rate of 38.83 shares for 100 shares o f
United Retail Stores, c Ex-300% In stock.




30

G eneral Q uotations
OF

B O N D S A N D STO C K S
1. In the following thirty-four pages of tables quotations are given for all the more Important securities listed on any Stock Exchange In the
United States: also for leading unlisted and Inactive securities.
2. Quotations from all Stock Exchanges are as near as possible for the closing day of the month preceding the date of issue. As the New Y ork
Stock Exchange began with Jan. 2 1909 to quote all bond prices “ and interest,” we have adopted the same method and no longer em ploy a desig­
nating mark to Indicate the fact except where there is a deviation from this rule. The reader will understand, therefore, that unless the letter “ 7”
it prefixed to the price, he must pay accrued interest in addition to the price. This, however, does not apply to Income bonds or bonds In default,
in which cases the price Includes the interest, should there be any.
3. The letter / ” prefixed to bond prices denotes that the quotation is a flat price— that Is, that the accrued interest forms part of the price,
and therefore the purchaser does not have to provide for it separately in making paym ent. As already stated in the case of Income bonds and Dondi
in default, the price is always “ fla t,” and no designating mark is employed to indicate the fact.
4. Stock prices marked thus (d) are per share. All others are per cent except bank stock prices, which are quoted per share unless otherwise stated.
5. It should be borne in mind in the use of these tables that the quotations for many inactive and unlisted securities are merely nominal, but In
all cases the figures are obtained from sources which are considered reliable.
6. The following abbreviations are often used, v iz.: “ M ” for mortgage, “ g ” for gold, “ gu” for guaranteed, “ end” for endorsed, “ cons” for oon■alldated. “ con v” for convertible, “ s f ” for sinking fund, “ 1 g ” for land grant, “ op ” for optional.
7. The black-faced type in the letters showing the interest period indicates the month when the bonds mature.
NOTICE.— All bond prices are " a n d In terest” ex cep t w here m arked “ f” an d in com e an d d e fa u lte d b o n d s .
Bonds

Bid.

Ask.

j

Bonds

Bid.

Ask.

Bonds

Bid.

Ask.

RAILROAD BONDS
Canadian Pacific (Concluded)—
Baltimore & Ohio (Concluded)—
Aroostook Val 4 %s 1929.F& A
81%
Bonds of companies consol’ d are
87%.
Central Ohio—
often under the consolidated name.
New Brunsw 1st g 5s ’ 34.F& A If 97
Reor 1st con g 4 % s’ 30 M&S
100
93%
96%
Adirondack— See Del & Hudson
82
Cons deb 4s perpetual.J&J If 79
O h io R iv R R — 1st g 5s ’36 J&D
98%
87%
Akron & Barb Belt g 4s ’ 42 . J&D
102
Ont&Que deb gu 5s perp J&D If 100
Gen gold 5s 1937_____ A&O
95%
::::
103
Sch RIv East Side 4s ’ 25. J&D
A k C a n t& Youngst 6 s ’ 3 0 .-J&J 101
98%
99% Carb & Shaw— See Illinos Cent.
___
98%
Carolina Cent— See Seab Air L
Ala G t South 1st 5s Dec '2 7 . J&J
Staten Isl R y 4% s 1943.J&D
75
85
95%
Gen M 5s D ec 1 1927 £_.J& D
Tol & Cin D iv 4s 1959..J&J
96
66%
67% Caro Clinch & Ohio 5s ’ 3 8 .J&J
____
96%
1st cons 6s 1952 Ser A J&D 15 97%
1st cons g 5s 1943 Ser A .-J & D
W Va & Pitts 1st 4s g ’ 90 A&O
98
79%
81
85
Equip 5s 1924-1927 S-a. A&O b 5.50 5.20%.
Belt R y of Chatt 5s 1945.J&J
Bangor & Aroostook—
Ala Midland— SeeAtl Coast Line
E q tr 6s 1925-’ 35(yr)_J&J 15 ft 5.55 5.25%
1st M 5s g Jan 1 1943____J&J
94
/
Alabama N Orl T & P June—
Cons refund g 4s 1951_ J&J
_
73% Carolina & Yadkin River—
71%
98
J&D.
1st s f 5s 1962_____
“ A ” deb 5s g ’ 40 red ’ 10.M & N If 94
M edford Ext 5s 1 9 3 7 ...M&N
10
85
94
“ B ” deb g 5s ’ 40 red ’ 10.M & N If 90
Piscat D iv g 5s Jan ’ 4 3 ..A&O
87
91% Carthage & Adiron— See N Y C
92
“ C ” deb g 5s N ov 1 1940. A&O If 88
Catawissa cons g 4s 1 9 4 8 ..A&O
St Johns Ri v Ext gu 5s ’ 39 . F& A
87
85
Alabama Tennessee & Northern
Van Bur Ex 5s g Jan ’43. A&O
87
5 6 " Central Argentine R y Ltd—
76
78
Conv g 6% notes 1927___F&A
Washburn Ext 1st 5s ’ 39 F&A
Prior lien 6s 1948________ J&J
99
98%
86
89
23
26
Gen income 6s Oct 1948_____
Cent Ark & East— See St L S W
Aroostook Nor 5s g 1947.A & 0
80
85
Cent Branch R y — See M o Pac
Alabama & Vicksburg R y —
Nor Maine Seaport 5s ’ 35A&0 n 87
92
96
97% Battle Cr’k & Stur— See M ich C
Central of Georgia—
1st m g 5s 1974 Ser A ..M & N
1st M g 5s N ov 1 1945..F & A
100%
Albany & Susq— See Del & Hud
Bedford Belt— See Ch M & St P
Cons gold 5s 1945______ M&N
Allegheny Valley— See Penn R R
98%
Beech Creek— See N Y C & H River
10-yr 6 % sec gold bds ’ 29J&D 101%
Alleg & West— See Buff R & P
101%
Bellingham Bay & British Col—
Ref&gen 5% s 1959 ser B.A&O
97%
97%
Allentown Terms 4s 1919
1st g 5s Dec 1 1932_____ J&D
82
86
102
101
E q4% s Jan'25-Jan ’ 26 ..J& J
5.15 5%
Ext at 6% to 1929_______ J&J
Belt R R & Stk Yds (ln d ’p ’ lis)—
Chat D iv gold 4s 1951._J&D
Alton Bridge— See St C M & StL
78%
1st ref g 4s 1939_______ M&N
83
59
59 % ’ Belt R y of Chat— See Ala Gr So
M acon & Nor g 5s 1 9 4 6 ..J&J
Ann Arbor 1st g 4s 1995------Q-J
97%
b 5.90 5.50% Belvidere Del— See Pennsylvani
M id Ga & A tl 1st 5s 1947. J&J
93%
r & Aro ostook Bennington & Rutl’d— See Rut land
M obile D iv g 5s 1946____J&J
97%
n Pac
Oconee Div 1st g 5s 1945 J&D
Big Sandy R y — See Ches & Ohio
Cent R R & Bkg 5s 1937 M&N
§3%
94%
Birmingham & SE 6s 1961. M&N
17
22
70
Chattahoochee & G 5s ’30 J&J
85
Col 1st M g gu 4s 19 95..J&J
Birm Term 1st g 4s ’ 57 gu.M&S
78 %
75
—
Chat R & South g 5s ’ 4 7 ._J&J
85
Atch & East’ n Br— 4s 1928. J&J
Bolivia Ry 1st 5s 1927_____ J&J
20
Eatonton Br 5s g 19 26.. J&D
85
Atchison Topeka & Santa Fe—
Boonville St Louis & Southern—
87%
88%'
Ocean S S Co ext 7s ’ 3 0 .J&J
100
1st M 5s 1951................... F&A
65
70
83% Boston & Albany 5s Oct ’6 3 .J&J
81%
99
101% Cent of New Eng— See N Y N H & Hartf
83%
81%
Central of New Jersey—
Stamped
5s June 1942___________ J&D
99
83%
84%
Gen M (now 1st) g 5s ’ 8 7 .J&J 105%
106%
5s Julv 1 1938___________J&J
99
84%
83 %!
Eq tr 6s Jan 1 5 ’ 25-’ 35. J&J15 ft 5.40 5.10%,
Conv g 48 of 1905 due ’ 55J & D
4% s July 1937--------------- J&J
94%
83
Amer D ock & Impt 5s 1921,
Conv g 4s 1960_____ — J&D
92
4s M ay 1 1933 gu N Y C . M&N
85~~
86 Vs
Ext at 6 % to 1936____J&J 107%
107%
Trans S L 1st g 4s 1958..J& J
4s M ay 1 1934 gu N Y C . M&N
91 %
93
92%
C »i-A rizlst& rf4% 8’ 62opM&S
Leh & W B Coal con g 4s,
4s M ay 1 ’ 35 gu N Y C _ M&N
_
90%
102
Borlcfl B
_______ If 97
1925, 1930, 1935......... J&D ft 5.50 5.25%
3% s Jan 1 1951__________ J&J
76 %
97%
96 Vs
N Y & L Br gen 4s 1941.M&S
87%
F. ukla Div" 1st g '4 s '’ 28.'M&S
Ref 3H s 1952 gu N Y C ..A & O
76
95
General gold 5s 1941..M & S
Hutch & So 1st g 5s 1928. J&J
Boat & Lowell 4% s Feb ’3 3 .J&J
67
82
Rocky M t D iv 4s 1965._J&J
Central Ohio— See Balt & Ohio
4s April 1932___________ A&O
68
San Fran & San Joaquin Val—
Central Pacific— See So Pacific
Boston & Maine— 4% s g '44 J&J
56
1st g 5s Oct 1 1940— A&O 100%
Central Vermont R y —
4% s April 1 1929______ A&O
72
8anta Fe Prescott & Phoenix
Ref M 5s 1930 guar____M&N
87%.
86%
4s Sept 1 1 9 2 6 ................M&S
75
99
98%
1st g 5s 1942_________M&S
Charls & Sav— See Atl Coast L
4s Feb 1 1937.................. .F& A
70
Chari & W Car 1st 5s ’ 4 6 . . A&O
Atlanta Birm & Atlantic—
4s Aug 1942____________ F&A
52
22
25
Income 5s N ov 1 1930------ .
Aug Term 1st gu g 6s ’47 A&O 100
1 0 3 '*
3a July 1950_____________ J&J
45
32
28
Atl & Birm 1st g 5s 1934. J&J
741.4 Chateaugay R y — See D el & H
6s Jan 1 1933 ___________ J&J
73%
32
28
Certificates of deposit------Chattahoochee & Gulf— See Cen t of Ga
1st & ref M 6s Ser C 1929.J&J
77
Atlanta & Chari A L— See South ern R y
Chatt Rome & Sou— See Cent of Ga R y
Series D 6s 1929______ J&J
77
Atl Knox & Cln— See Lou & Nas hville
Chattanooga Sta 4s ’ 57 gu__J&J
Series F 6s 1930............J&D
81%
79%
77
Atlanta Knoxv & Nor— See Lou isv & N ashv
Chesapeake & Ohio—
Series G 6s 1929______ J&J
77
Atlantic & Dan— See South R R
1st cons g 5s 1939______ M&N
101
Series H 6s 1930..........M&N
77
Atlantic C ity— See Beading Co
General 4% s gold 1 9 9 2 ..M&S
88
88%
Series I 7s 1931..............J&J
81
Atlantic Coast l in eC oof < onn—
Conv g 4% s 1930 op ’ 1 5 .F&A
92%
93%
Series J 7s 1931______ A&O
81
92
94
Certs Indebt 5s irredoem J&D
98%
Gen fund & impt 5s 1929. J&J
Equip 5% s 1924-1927 ..F & A ft 5.75 5 35%
98%
99
96%
Certs Indebt 4s 1925 ..J& J
Conv g 5s 1946________ A&O
95
95%
Eq tr 6s 1924-38 (year).J&D ft
6% - Atlantic Coast Line R R —
E q tr 4% Ju lvl5’ 24-, 26 J&J15
5.20 5%
P ortsG tF & C on 4 % s’37. J&D
70
—
89
88%
1st cons 4s July 1 1952 M&S
Eq tr 4% s N ov ’ 24-’ 27_M&N
5.20 5%
Bos & N Y A L— See N YNH &H
84
83
C o ltrg 4 s Oct 1 ’ 52opM & N
E q tr 4% s D ec ’ 2 4 -'2 6..J & D ft 5.20 5%
Boston Rev B & L 4% s ’ 2 7 .J&J
94
—
82%
83
Conv deb 4s '39 op '16 M&N
E q tr 5s Sept 15 ’ 24-’ 38 M&S15|ft 5.20 5%
Burns & W — See Atl Coast Line
92
90
Genunif Ser A 4 % s’ 64 J&D
E q tr 5% s ’ 24-’ 37 (y r)..J & D 'ft 5.25 5% „
Buffalo Creek 1st 5s 1941 ..J & J
98%
100
107% Buffalo Rochester & Pittsburgh
7% notesM ay 15’ 30 M&N 15 107
E q tr 6s 1925 (y r ).._ J&J15 ft 5.50 5.25%
5.20
5%
E q 0% s Feb. ’ 36 (yr).F & A
Eq 6 %s 1924-’ 35 (ann)_J&D ft 5.25 5.10%
General 5s g 1937______ M&S 101
10 1%
5.40 5.10%
Eq bs Jan 16 ’ 25-’ 35.J&J 15
Craig Valley 1st 5s g ’40 . .J&J
95
Con g 4*4s 1957______ M&N.
____ „ 88%
101
99%
AlaM id— IstgUgSs’ 28M&N
Potts Creek 4s 1946___ J&J
79%
E q 6s Ser K 1924-33(s-a)F&A'ft 5.40 5.05%
Atlantic Coast Line of SC
R & A D iv 1st con g 4s ’ 89J&J
80%
Equip g 4% s Ser F 1927. A&O ft 5.10 4.75%
86
Gen 1st g 4s J u ly ’ 48. J&J
2d con g 4s 1989_____ J&J
79
Equip 4s Ser G 1929------A&O ft 5.10 4.75%
____
106
N E of S C 6s 1933..J&J
Warm Sp Val 1st 5s g ’41 M&S
93
____
Al & West 4s g guar 1998 A& O 1 80%
____
89%
Brun & W est 1st 4s '38. J&J
Coal Riv R y 1st 4s gu ’ 45 J&D
86
81%
Clear & M 1st 5s g gu ’ 43. J&J
96%
—
116
Char & Sav gen 7s ’36. .J&J
Elevator Co g 4s gu ’ 3 8 .-A& O
75
Buffalo & Southwest— See Erie
86% Buff & Susquehanna R R Corp—
84%
Fla So 1st g gu 4s '4 6 .. J&J
Big Sandy R y 1st g 4s ’44 ^&D
82%
84%:
____
Nor & Car 5s 1939— A&O 100
Greenb R y 1st g gu 4s’ 40M&N
83%
1st 4s Dec 30 1963........... J&J
78%
79%
____
100
Pet’b ’g— ClassA 5sg’ 26 J&J
Raleigh & S W 1st 4s ’ 3 6 .J&J
8 5 '*
80
____ Burl Ced Rap&No— SeeCRI&P
Class B 6s g 1926. . A&O 101
W estPocCorp lst4 % s’ 45 F&A
ButteAnaconda&Pac5s’ 44. F&A
89
90%
____
90
R ich & Peters 4 %s ’40 A&O
Chesapeake & Ohio Northern—
____
California N W 5s 1928 gu.A& O
100%
____
Sav Fla & W 1st g 6e ’ 34 A&O 107%
96
1st M 5s 1945 guar_____ A&O
94
Clear— 1st 5s g ’ 4 1
98%
99%
101% Cam & M g 4s 1955-----------..J&J
100%
1st M g 5s 1934----- A&O
65
Chesterf’d & Lane 1st 5s '55F&A
60
Gen
F&A
85
99
100
W ll & Wei gen g 5s ’ 3 5 .J&J
34%.
Chic & A lton 1st 3% s 1950.J&J / 34
Cambria & Indiana—
____
90
Gen mtge g 4s 1935. .J&J
34%
Ctfs of dep Jan ’ 23 coup attch / 32
1st M gold 5s 1936------M&N
98
Atlantic & Yadkin— See Souther Ry
R R refunding g 3s 19 49.. A&O
59%
59%
100
Gen mtge 6s 1944------------------------ - - F&A l o l "
Augusta South— See South R y
N Y T r C o ctfs of dep
99%
Canada Sou 5s 1962 ser A .A & O
101
Aug Term— See Chari & W Car
58% .
Stpd as to Oct 1923 i n t .. / 57
Canadian National Rys—
Austin & Northw’n— See So Pac
Stpd as to April 1923 in t. / 57
100% 100%
5s 1925 ............................ - - - - Balt Ches & Atlan— See Pa R R
Equip trust 6s Jan 15 ’ 25-’ 35|
109%
E q tr 7s M ay 1 1935------ M&N 109%
98
Balt & Cumb Val R R 6s ’ 2 9 .J&J
(year)______________ J&J 15 6 5.90 5.50%
Canadian Northern—
—
98
Ex 1st M 6s July 19 3 1 ...J & J
Chicago Burlington & Quincy—
93
1st con deb 4s 1930 g u . J&D30
91%
Balt & Harris!)— See West M d
87%
Gen M 4s 1958................ M&Sl
112%
S F deb 7s 1940................J&D 112%
Baltimore & Ohio—
99
1st & ref g 5s 1971 Ser A . F&A|
98%
S F deb 6% s 1946..............J&J 112% 112%
98 %
Prior lien 3 ^ s g l 9 2 5
.J& J
E q tr 6s Jan 15 ’ 25-’ 35. J&J15 b 5.40 5.10%
100%
6% coll notes 1924-------- F&A 100%
85 %
84 Vs
1st M 4s g July 1 1 9 4 8 ..A & 0
83
Illinois D iv 3 % s ’ 49 op ’ 29 J&J
81%
5.30 5.15%
Equip 4% s various
88
87 %
Conv 4% s 1933 red 1923 M&S
89%
88%
4s July 1 1949______ J&J
E qtr6 sJ’ly’ 24-Jan 29SerBJ&J
5.35 5.20%
84%
84%
R ef & gen 5s 1995 Ser A . _J& D
97%
98
Nebraska Ext 4s 1 9 2 7 ..M&N
85
87
Canadian N W 4% s Oct 22 ’43
Ref & gen 6s 1995 Ser C .J& D
Chic & East HI (new co)—
M anitoba S E 1st 4s
29 F&A
101%
io i%
10-yr bs July 1929......... J&J
72
Gen M 5s M ay 1951...M & N
82"
87"
WInnipegTerm g4s ’ 3 9 .-J&J
5%
Eq tr 5s 1924-37 (y r )...F & A 6 5.15
Chicago & Eastern Illinois—
5% Canadian Pacific—
E q tr 5s ’ 25-’ 38 ( y r ) ..- .F & A b 5.15
1st consol 6s gold 1 9 3 4 ..A&O 105%
80
79%
Cons deben 4s perpetual.. J&J
E q tr 6s ’ 25-’ 35 (y r)..J & J 1 5 b 5.40 5.10%
E q 5% s Sept’ 24-Sept’ 25 M&S b 5.75 5.30%
5.15
5%
E q tr 4% s 1924r-1928__.J&J
98%
98%
Pitt Jc & M div 3 %s g 2 5 M & Ni
Ch & I C R y — 1st 5s ’ 36.J&J|
5%
5.2C
E q tr 6s Oct ’ 24-32(8.a.) A&O
Pittsb Lake Erie & W Va— I
51%
Chic Gt West— 1st 4s 1959 M&S
51%
83%
83%
Refund gold 4s 1941..M & N
98 %
98%
8 W div 1st g 3 V4s 1025..J&J____________________
k L a s t s a le .
1 In L on d on .
n N o m in a l.
6 B a s is .
/ T h i s p r ic e in c lu d e s a c c r u e d I n t e r e s t.




RAILROAD BONDS

J une, 1924.]

31

N O TIC E.— A ll bond prices are “ and Interest” except where m arked “ f ” and Income and d efau lte d bonds.
B onds

Bid.

Chic Ham & West 1st 6s ’ 27 J&J 102
Chic & I C R y— See Chic & E 111
Chicago Indiana & Southern Ry
Con mtge g 4s 1956 guar. J&J
8334
84
Ind 111 & la 1st g 4s 1950. J&J
Chicago Indlanap & Louisville—
Ref M g 6s 1947 Ser A J&J 10634
Ref M g 5s 1947 Ser B . J&J
9734
Ref M g 4s 1947 Ser C ..J & J
8234
82
1st & gen 5s 1966_____M&N
Ist&gen 68 M ay’ 66 SerB.J&J
9834
Eq tr 6s ’ 25-’ 35 (y r )..J & J l5 i 5.70
Indlanap & Lou 1st 4s ’ 56 J&J
7334
50
M onon Coal gu 5s ’ 36 op J&D
Oh I & StL ShL— See CCC&StL
Chicago Lake Shore & Eastern—
1st M 434s 1969 op 1919. J&D
9034
80
Chic Memp & Gulf 5s 1940J&J
Chic MUw & Puget Sound—
1st M g 4s 1949 guar. J&J-Q-J
5334
Chicago Milwaukee & St Paul—
Gen g 4s A M ay 1 1989. .J&J
7134
Gen & ref 43$s Jan 2014.A&O
5134
54
Conv 5s Jan 2014 Ser B F&A
98
1st sec 6s 1934 ________ J&J
Geng 3 j4 s B M ay 1 1989 J&J
6434
Gen 434s M ay ’89 Ser C ..J & J
7934
Deb gold 4s July 1 1 9 3 4 ..J&J
5134
56
Conv deb 434s ’ 32 op ’ 22 J&D
Gold bonds 4s 1925 op ’ 22 J&D
7834
m European loan 4s 1925 J&D m 68
Eq tr 6s 1925-35_____ J&J15 b 5.85
90
Bedford Belt 5 s _____ .1938
Ch & M o Riv 1st 5s 1926.J&J
9834
MU & Nor 6s ext at 4 34’34 J&D
8934
Cons 6s ’ 13 ext at 434 to
1934_______________J&D
8934
Ch & No M — See Pere M arq
Oalcago & North Western—
72
Gen M 334sg 1987_____ M&N
82
Gan M gold 4s 1987____M&N
82
Stpd non-pay Fed Inc Tax
G en M 5sl987stpinctaxM & N
9934
99
Sink fund deb 5s 1933..M&N
Sinking fund 6s 1929 ..A & O
10334
58 1929________ _____ A&O
9834
98
ffixten bonds 4s 1 9 2 6 ..F&A 15
10-yr 7s June 1 1930 ___J&D
10634
15-yr 6 34a Mar 1936. ..M & S 108
1st & ref 5s M ay 2037 .J&D
9334
Eq tr 5s’ 25-’ 38 Ser M (yr)J& D 6 5.15
Eq tr 6s Jan 15 '25-’ 35_ J&J 15 b 5.55
Eq tr 6 /4s 1925-36 Ser J . M&S b 5.45
E qtr 6V4s 1925-36 Ser K A&O b 5.45
Des Plaines Val 4 34s ’47. M&S
8634
Frem Elk & M o V 6s ’ 33 A&O 107
86
la Minn & N W lst334s’ 35 J&J
Manlto wGB&N W 3 34a’ 41 J&J
8034
Mllw Lake Shore & West—
Mich Dlv 1st 68 1924.J&J 10034
Ashland Dlv ls t g 6 s ’ 25M&S 10034
Ext & Imp s f g 5s ’ 29. F&A
MllSparta&’ N W lst4s’47M&S
8534
80
MU&State Line lst334s’ 41 J&J
97
Peoria & N W 3 34s 1926. M&S
Prln & Northw 3 34s 1926. J&J
9734
St L Peo & N W 5s 1948.J&J
10034
8t Paul East Gr Tr4 34s’ 47J&J
Sioux City & Pac 3 34s’ 36 F&A
8434
Chicago Peoria & St Louis—
Prior lien g 4 34s 1 9 3 0 ..M&S
8
Certificates or deposit_____
8
Chic Rock Isl & Pac Railway—
General gold 4s 1988____J&J
8034
Ref g 4s 1934 op to 1911. A&O
7834
100
534% notes 1926_______ J&D
E qtr 6s Janl5 1925-35.J&J15 b 5.55
Eq tr 5s 1924-38 (s-a )..J & D b 5.25
Eq 4348 N o v ’ 24-25____M&N b 5.25
Eq 4J48 1924-July’ 27(s-a)J&J b 5.25
Burl Cedar Rapids & North—
Con lst& colT tr58g’ 34A& 0
9834
Choctaw Oklahoma & Gulf—
Consol gold 5s 1 9 5 2 ..M&N
9634
Choc & Memph 5s 1949. .J&J
96
Peoria R y Ter 4s’37 gu op J&J
68
R I Ar & La 434a 1 9 3 4 ..M&S
7734
Rock Isl & Peoria 6s 1925 J&J
90
St P & K C Sh L 434s ’ 41 F&A
7634
Keo & Des M — 1st 5s ’ 23A& 0
6134
Certificates of deposit_____
6034
Chic St L & N O— See 1 1 Cent
1
Chlo St L & Pitts— See Penn Co
Chic St Paul Minn & Omaha—
Cons 6s June 1 1930____J&D
10434
Cons 6s red to 334s 1930. J&D
9034
Deb gold 5s M ar 1 1930. M&S
95
Stamped__________________
Eq 68 1925-35 (ann)..J& J15 6 5.60
Eq tr 7s 1925-31 Ser B . . . J&J 6 5.50
North Wisconsin— 6s ’ 30. J&J 10234
Super Sh L 5s June 1930. M&S
9534
Chicago Terminal Transfer—
Chic & Gt W 5s g 1936 J&D
65
Chic Terre Haute & Southeast—
1st & ref g 5s Dec 1 ’ 60 op J&D
8034
64 34
Sou Indiana 1st g 4s ’ 51. F&A
7134
Chicago Union Station—
91
1st gold 434s 1963............. J&J
1st M 5s 1963 Ser B _____J&J
99
1st 5s ’ 63 Ser B int ctfs._J&J
9834
1st M 634a Ser C 1 9 6 3 ...J&J 116
Chicago & Western Indiana—
Gen gold 6s Dec 1 1 9 3 2 ..Q-M
10434
Consol g guar 4s 1952____J&J
7434
Sink fund 7 34s Sept 1 ’ 35M & S
10234
Chic & West M ich— See Pere M
Choc Ok & Gulf— See C R I & P
C indn HamUton & Dayton—
General 5s gold 1942____J&D
91
2d mtge gold 434a 1937..J&J
91
Dayton & M ich 1st 5s 1911
Ext at 434% to ’ 31op’ 17J&J
94
C I St L & C—See CCC & StL—
C inInd & West 1st 5sl965.M & N
73

bBasis.

Bid.
Ask.
B on d s.
Bid.
Ask.
j
B onds
ICin Leb & Nor— See Pennsylvan la R R
Detroit & M ackinac—
67
Prior lien gold 4s 1 9 9 5 ..J&D
Cine & Musk Val 4s 1948._F&A
6934
8434
8734
60
64
M ortgage gold 4s 1995..J& D
Cin N O & Tex Pac R y —
84341 Eq tr 5s 1925-38 (y r )..A & 0 6 5.40 5.10% Detroit R iv Tun— See M ich Cen
80
Clncin North 1st g 4s 1951 .J&J
8734 Detroit & Toledo Shore Line—
82
1st gold guar 4s 1953____J&J
Cin San & Clev— See CCC&StL
8034
____
Dul & Ir Range— 1st 5s ’ 37 A&O
109 1Clearfield & Jeff— See Pa & N W
9934
Duluth Mlssabe & Northern—
Olearf & M ahon— See B R & P
ioq
Gen g sf 5s Jan 1 1941___J&J
Cleveland Akron & Columbus—
____ Duluth South Shore & Atlantic
99
83 34; General gold 5s 1927____M&S
82
81
88
1st gold 5s 1937_________ J&J
1st cons guar g 4s 1940. _F& A
9834,
Dutchess Co— See Cent New Eng
5.35%!
80
U nguaranteed______ _____
East Tenn Va & Ga— See So Ry
7534 Clev Cine Chic & St Louis—
82
55
83
Eastern Minn— See St P M & M
General 4s gold 1993____J&D
Gen M 5s Ser B 1993____J&J
9934 100
99 M 10134 Elgin Jol & East 5s 1 9 4 1 ..M&N
96
Elmira & Williamsport—
Deb gold 4 34a 1931 _____ J&J
9534
____
86
10234 103
1st 6s TO ext at 4% 1950. J&J
R ef & lm p 6s 1929 Ser A . .J&J
95
98
Incom e 5s 2 8 6 2 .._____A&O
85
R ef & Imp M 6s ’ 41 ser C . J&J 103
10434
Ref & imp M 59 ’ 63 Ser D .J& J
9434 El Paso & R ock Isld— See El Pas 0 & Sou thwest
56
Equip tr 5s 1924-’ 29(yr).J& J b 5.20 5.05% El Paso & Southwestern Co—
New M exico R y & Coal Co—
Equip tr 6s 1925-’ 27(yr).J& D 6 5.25 5.10%
92
72 34
89
1st col tr g 5s Oct 1 ’ 47 A&O
Cairo D lv 1st g 4s 1939 ..J & J
8634
8834
____
87
79
lst&con&colltr g 5S.51A&0
80
C W & M Dlv 1st 4s g ’ 91 _J&J
5134
5434
90
Dawson R & Coal 5s’ 51J&J
StLD iv 1st col tr g4s’90 M&N
8134
8234
89
ElPas&RI 1st g gu 5s’ 51 J&J
98 3 i Spr&ColDlv 4s 1st g ’ 40.M & S
-4
8634
____
Erie— N Y&E lst4sextg’47 M&N
White W V Dlv 1st 4s ’ 40 J&J
8434
65 34
8334
Chic Ind & St L Sh Line R y —
434s 3d ext 1933......... ..M & S
9434
8034
____
53
80
5s 4th ext gold 1930_ A&O
_
1st gold guar 4s 1953. .A&O
9634
____
57
8834
4s 5th ext gold 1928____J&D
C I S L&C 1st 4s g Aug ’ 36Q-F
9334
99
7s 1st con ’ “ 0 ext to ’ 30.M & S 10634 10634
2
ClnSan&Clev con g 5s’ 28 J&J
7834
9834
69
Prior Hen gold 4s 1996_ J&J
_
Clev Colum Cin & Indlanap
6534
6634
5.40%
Gen Hen gold 4s 1996____J&J
Gen cons gold 6s 19 34..J&J
5534
5634
10634 10734
94
Id Blm & W ext 4s 1940. A&O
Conv gold 4s 1953 Ser A . A&O
5634
9034
5634
99
Series B 1953________ A&O
O Ind & W g 5s Apr 1938 .Q-J
5534
5634
8334
Series D 1953________ A&O
Peor & East cons 4s ’ 40. A&O
9334
6334
64 34
7534
7634
31
E q tr 6s 1925-35 (year).J&J15 6 5.70 5.40%
2d cons inc 4s 1990 .A p r 1 / 30
Eq’ 6s Ser FF ’ 24-’ 28(s-a)M&N b 5.60 5.30%
Cleveland Lorain & Wheeling _.
Cons now 1st g 5s 1933. _A&O
Eq 4 349 BB 1924(s.a)__F&A b 5.40 5.10%
9934
Penn coll g 4s Feb i ’ 5 1 .. F&A
Stamped subject to c a l l _
_
9334
9234
Gen M 5s 1936 ________ J&D
Buffalo & Southwestern—
7234
9834
9734
8234
Con refg g 4 34s 1930 red.J&J
1st g 6s’ 08 ext to 1928.J&J
9434
9734
2d g’ 5s ’ 08 ext to 1928.J&J
8234 Clev & M ahon Val— See ErieRR
10034 Clev & Marietta— See Penn R R
9934 10034
Jef f R R 5s ext at 5 34 to ’ 29. A&O
75
Chic & Alt Term 5s 1928. J&J
9934 Cleveland & Pitts— See Penn Co
95
Ch & Erie 5s 1st g 1982. M&N
Clev Short Line— See L S & M S
9734
75
85
Income 5s Oct 1982 ______
9934 Cleveland Terminal & Valley—
1st 4s gold guar 1995. -M &N
Cleve & Mah Val g 5s ’ 38. J&J
9534
7834
8134
9634
97
Erie & Jersey s f 6s 1955.J&J
10734 Cleveland Union Terminals
94
Genesee River 6s 1957 ..J & J
l s t s f 5 34s 1972 Series A_ A&O 10434 10434
10834
9434
1st m s f 5s 1973 Ser B ..A & 0
Long Dock 6s con g 1935 A&O 10734
9334
9834
9834
5% Coal & Iron R y— See Western M aryland
Newb & N Y 1st 5s 1929. J&J
7734
75
85
5.25% Coal River R y— See Ches & O
N J & N Y 5s 1950____M&N
5.15% Colo & Sou 1st g 4s 19 29.. F&A.
95
96
NY&Gr Lake gu g 5s’ 46 M&N
8534
5.15%
87
N Y L E & W D & I 1st 6s T 3
Ref M g 434s M ay 1 ’ 35. M&N
8734
_
_
Eq tr 6s 1925-35 (year).J&J15 b 5.50 5.20%
Extended at 5% to ’ 4 3 .J&J
9834
9934
Ft Worth & D C 6s ’ 21—
N Y Pa & O p 1 4 34s ’ 35. M&S
10834
9334
9434
104
Ext at 534% to 1961..J&D
N Y Susq & Western—
8834
10434
Colo Sou N O & Pac— See St L & S F
1st refunding 5s 1937 J&J
5934
5934
Colo Spr & Cripple Crk D R y—
2d mtge 434s 1937____F&A
4734
4834
15
1st gold s f 5s 1930______ J&J
Gen mtge 5s g 1940_ F&A
_
4934
5034
5
Cent Tr Co ctfs of dep____
Term 1st g 5s 1943_ M&N
_
15
8834
2
82
1st cons 5s Oct 1942 __ A&O
4
Registered $5,000 each.
s 16034
Midland of N J l3t 6s. 1910
8734 Col Connec & Ter— See Nor&W
83
Col Hock Val&T— See Hock Val
ext at 5% to 1940 ..A & O
8634
8734
56
80
Wilkes&E 1st g 5s’ 42_J&D
7434
9734 Conn & Pass— 1st g 4s ’43. A&O
5534
98
Newp&Richf lst5s’41 gu J&J
Erie & Jersey— See Erie R R
101
50
Conn River— Gold 4 s ’ 43 .M & S
Erie & Plttsb— See Penn R R —
Connecting R y (Phila)—
European & N A — See Maine Central
85
87
1st M gu 4s Mar 15’ 51 M&S15
87
Evansv Indlanap & Terre Haute
1st mtge 7s 1950______ M&N
Connellsv & Monongahela R y—
10034 102
92
12
95
1st s f gold 4s 1930 o p t. . M& S
Evansv & Ind 6s 1926 ____J&J /
34
12
Cuba R R — 1st g 5s 19 52.. J&J
83 34 .Evansville & Terre Haute—
82 34
ls t l & ref g 7 34s’ 36 SerA J&D 10134 102
Refund M 5s July 1 9 4 1 ..J&J / -----72
74 : Sul Co Br 1st g 5s 1 9 3 0 ..A&O / ____
Im p & equip 5s 1960_ M&N
_
8134
Fitchburg— 5s Jan 1 1 9 3 4 ..J&J
78 34 Current R iv— See K C Ft S & M
6734
73
434s ref 1928___________M&N
10034 'Dallas & W aco— See M o K & T
5.30% Daws R y & C ’l— See El Paso & Southw estern
67
4 343 Jan 1933___________ J&J
5.05% Dayton & M ich— See C H & D
75
4s refunding 1925______ M&N
5.05% Del’ & Bound Br 334s ’ 5 5 . . F&A
71
4s refunding Mar 1927.. M&S
5.05% Delaware & Hudson—
71
4s refunding 1927______ A&O
96
Conv 5s 1935__________ A&O
4s Jan 1928______ ______ J&J
71
9634
1st & ref gold 4s 1943 . _ M&N
8734
9934
8834 Flint & PereMarq— SeePereMar
108
7% sec g bonds 1930 ___J&D
Flo Cen & Pen— See Seab Air L
110
l ^ y r g 534s May 1 ’ 3 7 .M&N 10034 10034 Florida East Coast 434s’ 59J&D
9734
8834
Eq tr 6s Jan 15 ’ 25-’ 35 J&J15 b 5.40 5.10% Florida South— See A tl Coast L
9734
71
81
Adirond 1st 4 34s ’ 42 gu M&S
Florida West Shore 5s 1934. J&J
85
78
Albany & Susq 334s gold 1946
Florida Western & Northern
82
(conv before 1916) gu. A&O
1st M 7s M ay 15 ’ 34 A . M&N 15
100
77
Bluff Point Land Im pt Co—
Fonda Johnstown & Glovers—
75
85
67
1st M tg guar 4s 19*40.. J&J
80
1st cons ref’g g 434s 1947.J&J
Chateaugay Ore & Iron—
60
65
Gen ref’g gold 4s 1950_ J&J
_
75
Guar gold 4s 1942 ____J&J
1st con ref 4)4s '52 op t.M & N
65
67
Rensselaer & Saratoga—
Fort Dodge Des Moines' & Sou—
79
80
6% g bds M ay 1 ’ 4 1 ..M&N
109
1st 5s 1938_______ _____ J&D
90
Utica Clin & Bing 5s ’ 39. J&J
FtSmlth&West 1st g 4s’ 54 A&O
10
20
10434
Delaware Lack & Western—
Fort St UnDeptDet 4 34s’ 41 J&J
84
96
Morris & Essex 334S2000 J&D
7634
7834 Ft W orth & Dn C— See Col & S
N Y Lack & Western—
Ft W orth & Rio Gr 4s 1928. J&J
8834
5.25%
1st & ref 5s 1973 Ser A M&N
Fre Elk & M o R iv— See C&NW
9634
lst& ref 434s ’ 73ser BM&N
5.10%
Galv Har & San An— See So Pac
Warren 1st refg 3 34s 2000F& A
70
Galv Houston & Henderson—
92
Denison & Pac Sub— See Tex&P
1st M 58, 1933____. . . A&O
9234
Denver & Rio Grande—
Galveston Term 6s 19 38.. M&S
99
9734
1st con g 4s 1936________ J&J
71
Genesse River— See Erie R R
7034
74
1st con g 434s 1936______ J&J
97
99
7534 Gen & W yo 1st g 5s 1929. A&O
Im provrt gold 5s 1928.-J&D
8034
8334
8434 Geor & Alabama— See Seab A L
38
/ 3634
6534
Farm L & Tr r e c t a _______ / 31
7234
35
3634 Ga £ Fla 1st g 5s 19561.M &N / 30
Bankers T r Co ctfs of dep
Geor Midland— See South’n Ry
under agree July 1922.. / . . . .
Georgia R R & Banking—
9134
Stamped Feb ’ 22 coup_ / . . . .
_
Ref 6s Oct 1 1951______ A&O
106
108
9934
3334
Am Ex Nat ctf Feb’ 22 coup / 3434
48 Jan 1 1947___________J&J
100
38
81
85
Aug 1922 and all coup att / - - - Ga Sou & Fla 1st g 5s 1945J&J
11634
9134
Adj Inc 7s cum 1932 op .A&O / 28
33
Gettysburg & Har 5s gu ’ 26A&0
98
Rio Gr June 1st gu 5s ’ 39 J& D
89
Glia V al Globe & Nor— See Sou Pacific
8534
75
R io Gr So 1st g 4s ’40_ J&J /
_
Gr Rap Bel & Sag— See PereMar
7
334
1st g 4s guar 1940____J&J /
Grand Rap & Ind— See PennRR
334
10334
R io Gr West 1st 4s ’ 39. .J&J / 7734
79
Grand Trunk Pacific—
1st cons g 4s 1949 o p . . A&O / 6434
1st M 3s 1962___________J&J
6534
6334
6434
Utah Fuel 1st 5s 1931. M&S
90
93
1st 4s Feb 25 ’39 Alg gu M&N
84
8334
Denver & Salt Lake—
93
1st 4s Feb 15 ’42 Alg gu M&N
8334
82 34
12
1st 5s 1943 ctfs dep_ M&N
_
93
15
Gen 4s 1962 Can G ov guarJ&J
8034
7934
Des Moines & FtDodge— See M Inn & S t Louis
Prairie Section 4s 1 9 5 5 ..A&O
7234
7134
Des Plaines Val R y— See Chic & N W
Mountain Sec 4s 1955 ..A & O
7234
7134
Det Gr Rap & West— See PereM
Lake Sup Dlv 4s 1955. .A&O
72
73
75
Grand Trunk R y of Canada—
Sink fund g d'eb 7s ’ 40. .A & O
11234 113
Deb g 6s Sept 1 1 9 3 6 ...M&S 10434 10434
E q tr 634s 1936 (Ser F)_F&A
10634 107
Ask.

/T h is price Includes accrued lnt. i Last sale. I In London,




mDollars per 500 francs or £20.

n Nom inal.

sSale price, u Per

£200.

RAILBOAD BONDS

32

[Vol. 118,

N O T IC E .— A ll bond prices are “ and Interest” except where m arked “ f ” and Income and d efau lted bonds.
B on d s.

Bid.

68
Grand Trunk West 4s £ ’ 50. J& J
1st g gu 4s $ July 1 1950.J&J
76 %
Great Northern—
108 %
Gen M 7s 1936 Ser A ____J&J
88%
1st & ref g 4% s ’ 61 op ’ 41.J&J
Gen M 5% s 1952 Ser B ..J & J
98%
Gen M 5s 1973 Ser C w i..J & J
Eq tr 5s 1924-’ 38 (y r )..M & S b 5.20
Eq tr 6s Jan 15 ’ 25-'35. J&J 15 b 5.50
Great Northern R y of Canada—
83
Con 4s 1934 opt to 1914.A & 0
64
GreenBay & West debt ctfs A . _
Deb ctfs B _________ _____ __
9%
Greenbrier R y — See Chesapeake & Ohio
Greenwich & Johnsonvllle—
1st gold 48 1 9 2 4 . . _____ J&J
75
Gulf & Ship Island R R —
84%
1st ref & term g 5s F eb’ 52 J&J
Gulf Terminal of M obile—
1st mtge g 4s 1957 g u ____J&J
78%
Hawkinsv & Fla Sou 5s’ 5 2 .A & 0
40
Henderson Br— See nou & Nash
Hocking Valley R y —
87%
1st cons gold 4 %s 1 9 99..J&J
Eq tr 5s 1925-1938 (ann) A&O ) 5.20
Eq tr 6s Jan 15 ’ 25-*35-J&J15 b 5.55
Col & H V Ext 4s 1 9 4 8 ..A & 0
83
Col & Tol 1st g 4s 1955.F&A
83%
Hollidaysb Bed & Cum b— See P a R R
Housatonlc— See N Y N H & H
Houston Belt & Term 5s’ 37.J&J
94%
Houston E & W Tex— See Sou P acific
Houston & Tex Cen— See Sou P acific
Hudson & Manhattan—
1st gold 5s 1957 o p t _____F&A
83
Ad] In cup to 5% Feb’ 57.A& 0 / 62
1st M 4H s 1957 con v . . . F&A
76%
N .Y & J e r ls tg 5 s ’ 32opt.F & A
98%
Huntingdon & Broad T op —
1st g4s Sept 30 1920
Ext at 7 % to 1 9 2 5 ...A&O
90
75
2d mtge 4s gold 1925____F&A
Cons 5s g Mar 31 19 25..A & O
50
Hutchinson & S— See A T & S F
Illinois Central— 1st g 4s ’ 51 J&J
90
1st gold 3% s 1951_______ J&J
79%
Main L ext 1st g 3% s ’ 51 A&O
79%
1st M £ 3s 1951________ M&S
60
1st M £ 4 s 1951________ A&O If 82
T r bds £ 3% s 1950____J&J If 75
Coll trust gold 48 1 9 5 2 ..A&O
86
C o l T r L N O & T g 4 s ’53M & N
83
R ef mtge 5s 1955.. _M&N
101%
R ef g 4s 1955 opt 1918.M&N
87%
Pur lines 1st g 3% s 1952.J&J
78
Jt 1st ref M (1 C & C S L &
N O) 5s 1963 Ser A .J & D
95%
SerB (£100 & £200) ’63J&D 1/104
102
Gold 53^8 Jan 1934-----Gold 6% s July 1 1936..J&J
110%
Ea tr 4% s Jan ’ 25-’ 2 6 ...J & J b 5.10
Eq tr 4 %a 1924-1937... A&O b 5.10
Ed 5s N ov ’ 24-N ov’ 27.M & N b 5.10
Eq tr 5s 1928-38 Ser J.M & N b 5.10
Ea tr 6s ’ 25-’ 35 (year).J&J15 b 5.45
Equip 6% s 1926-1936.-M & S b 5.25
Equip 7s 1925-1935____A&O b 5.25
Cairo Bridge 4s g 1950. _J<fcD
85%
Litch Dlv 1st g 3s 1951. .J&J
70
Louisv Div 3% s g 1 9 5 3 ..J&J
76%
Omaha Div 1st 3sg 1951.F&A
69%
St Louis Dlv 3% s g 1951.J&J
76%
St Louis D iv 3s g 1951— J&J
68%
Spg’field D iv Ext 3 % s’ 51 J&J
79
Western lines g 4s 1951. .F & A
81
Chicago St Louis & N O—
Con g 5s June 15 '51 J&D15 101
C o n g 3 % s J’n el5’ 51 J&D15
77%
Eq 5s 1924___________J&D b 5.15
Mem D iv 1st 4s 1951.J&D
83
St Louis Alton & Ter Haute—
St L South 1st g 4s’31 M&S
90
Carb&Shaw lstg4s’ 32 M&S
89%
Ind B1 & Wn— See C C C & St L
Indiana 111 & la — See Chic Ind Sou
Ind & Louisv— See Ch Ind & L
Indianapolis Un 4 % 8 ’ 26 _M&N
97%
Gen <£ ref g 5s 1965 Ser A . J&J
97
Series B _____ _________ . .
97
Interboro-M et \See Street & E
Inter R ap T ra n / R y Securities
Internat & Great North R y —
1st M g 6s 1952 Ser A ____J&J
96%
Ad] MT8s 1952 Ser A ___April
46%
Internat R ys (Central America)
1st M 5s 1972 op t______ M&N
71
Iow a Central— See Minn & St L
la M inn & N W — See C & N W
Jacksonv Ter 1st 5s gu ’ 39.J&J
98%
R ef & ext 6s 1967______ J&J
107
Jamestown Frank & Clearfield—
1st g 4s 1959 guar______ J&D
84%
Jefferson— See Erie
Joplin Union Station—
1st g 4 H s 1940 guar o p . M&N
91
K al A1& G R — See L S & M S
Kanaw & M ich— See T ol & O C
Kanawha & West Va— See Tol & O Cent
Kansas C ity Clinton & Sp—
1st 5s gold 1925 guar___A&O
93
Kan C ity Ft Scott & Memphis—
Refdg g 4s 1936 guar— A&O
77%
102%
Cons 6s 1928___________M&N
Current R iv 1st 5s 1927.A&C
98
K C M em & Bir 4s 1934. M&S
89%
Incom e 5s M ar 1934 Sept 1 / 90
Assented___________M&S
89%
Kan C ity & Mem R y & B —
1st 5s gold 1929______ A&O
95%
Kansas C ity M exico & Orient—
lstgold 4s 1951 (undep). F&A
6% notes 1916 ctfs_____ A&C / ____
Kan C ity & Pac— See M K & T

b Basis.

Ask.

/ This price Includes aocraedinterest




Bid.

B ond*.

69%
Kan C ity So— 1st g 3 s ’ 50. A&O
77%
Ref & Imp’t 5s Apr 1 ’ 5 0 .J&J
89
Eq tr 5s 1924 _______ J&Dlfl b 5.-5
108%
Eq tr 6s 1925-35 (y r )..J & J lfl b 5.60
89
Kansas C ity Terminal R y —
82%
99%
1st g 4s 1960 op 1930____J&J
92%
103%
6 % % g notes 1931_____ J&J
5%
5 % % g notes 1926..M & N 15 101%
5.25% Kan Okla & Gulf Ser A 6s’ 37J&J
45
15
Inc 6s Ser B Jan 1949. Jan
84%
5
Inc 6s Ser C Jan 1949. .Jan
70
Kentucky Central— See L & N
10% Kentucky & Indiana Term RR
70
1st M 4% s 1961 (sterling) J&J
80
S tam p ed ______ _________
Keokuk & Des M — See C R I & P
Knoxv & Ohio— See South’ n Ry
Lake Erie & Det R iv— See Pere Marq
Lake Erie & Western—
98
82%
1st gold 5s Jan 1 1 9 3 7 ...J&J
2d g 5s July 1 1941 ____J&J
91%
84%
No Ohio 1st gu 5s g ’ 45 A&O
Lake Sh & M ich So— See N Y C & II R
88
Lehigh & Lake Erie— See Lehigh Valley
Lehigh & New England—
5%
100
1st M g 5s 1945....... ..........J&J
5.25%
99
83%
Gen M g 5s 1954________ J&J
Eq tr 4% s 1924-1931 ___ Var b 5.40
Lehigh Val Harbor Term R v—
99
1st M 5s 1954_______ F&A
95
Lehign Valley—
88
1st 6s ext g 4s 1 9 4 8 . _ J&D
_
117
Con M 6s ann reg irred.J&D
92%
Con M 4 %s ann lrred.J&D
83%
Gen cons gold 4s 2003 . N&N
79%
62%
88%
Gen con g 4 % s 2003____ M&N
78
Col tr 4s Aug ’ 24-Feb ’ 26 F&A b 5.25
102%
Coll tr g 6s 1 9 2 8 .. ___ M&S
Lehigh & Lake Erie —
87%
1st 4% s 1957 g u _____ M&S
83%
Lehigh & N Y 1st 4s ’ 45.M & S
85
Lehigh Valley Coal—
60
1st 5s gold guar 1933 J&J
98%
1st 40-year gu int red to
89%
4% 1933____________ J&J
Lehigh Valley R y of N . Y —
81%
86%
93%
1st 4% s gold 1940____J&J
72
100%
Leh Val T erm 5s 1941 .A&O
87
98
Middlesex Val 1st 5s ’ 42 M& N
98%
80
Pa&N Y Canal con 5s’39 A&O
93
86%
Con M 4% s 1939____A&O
83%
87%
Cons M 4s 1939______ A&O
101% Lehigh & Wilkes— See Cent N J
87% Lex & East— See Louisv & Nash
80
Litchfield & M ad 1st 5s’ 34 M&N
80%
Little Miami guar 4s 1962.M&N
95% Little R k & Hot Sp West R y —
74
109
1st g 4s 1939 guar_____ J&J
102% Long Island-Unified g 4s’ 49M&S
80%
80%
Refund g gu 4s 19 49.. M&S
4.95%
Tax-exempt N Y _________
99
4.95%
1st cons g 5s July 1 1931 Q-J
92%
4.95%
1st cons g 4s July 1 1931 Q-J
86
4.95%
Gen mort g 4s 1938.........J&D
86%
5.20%
4s gold 1932____________J&D
93
5.05%
Debenture gold 5s 1934.J&D
5.05%
86
Deb gold 5s 1937_______ M&N
86%
Eq tr 6s 1924-32 (year).F& A b 5.70
91
Montauk Ext 5s 1945_ J&J
_
90
77%
Brook & M on 2d 5s 1938 J&D
90
L I C ’y & F con 5s 1937 M&N
80
N Y Bay Ex R 1st 5s g'43 J&J
81
N Y B ’klyn & Man Beach 1st
96%
79%
gold 5s 1935_________ A&O
97%
N Y & R B 1st g 5s 1927 M&S
North Shore Branch—
97
101%
1st con 5s g Oct 1 1932 Q-J
Louisiana & Arkansas R y —
97%
1st s f g 5s 1927________ M&S
4.90%
84% Louisiana & North Western—
1st M g 5s 1935_______ A&O
45
Louisv Cin & Lex— See Louisv & Nashv
Louisville Henderson & St L—
95
1st mort gold 5s 1946.. .J&J
Louisville & Jeffersonv Bridge—
82%
Guaranteed gold 4s 1945. M&S
Louisville & Nashville—
101%
50-year gold 5s 1937 _.M&N
98%
Unified gold 4s 1940____J&J
91%
99
98%
Coll tr gold 5s 1931____M&N
7 % gn otesM a y 15’30.M&N 15 107%
lst&ref 5% s 2003 Ser A .A & O
105%
100%
96%
1st & ref 5i 2003 Ser B ..A & O
Eq tr 4% s 1924-37 (yr).J& D b 5.10
46%
Equip 6% s 1925-’ 36(yr) M&S b 5.25
Eq tr 6s Jan 15 ’ 25-’ 35 J&J 15 b 5.40
73
86%
At K & Cin div 4s 1955. M&N
Atl K n ox& Nor 1st 5s’ 46 J&D
99%
Consol gold 4s 2 0 0 2 ..M&S
Lou C & Lex 4% s g ’ 3 1 .M&N
96%
N O M ob 1st g 6s 1930.J&J 103%
2d gold 6s 1930_______ J&J
101
Pad & M em div 1st 4s ’ 46. F&A
86%
8 E & St L D iv 6s 1971. M&S
2d M 3s 1980________ M&S
60%
93%
Henderson Br 6s g 1931.M&S 101
Kent Central 4s g 1987 .J&J
83
102
Lex & East 1st 5s 1965..A&O
L&N M ob& M ont4% s’ 45M&S
95
Louisv & Nashv South’n joint
gold 4s 1952___________J&J
81%
L&N Term 1st g 4s’ 52 gu J&D
82%
79
NaBF & S 1st gtig 5 s ’ 37 F&A
103
98%
Newport & Cinclu Bridge—
1st M g 4% s 1945 guar.J&J
93
S & N Ala Con M g 5s ’ 36 F&A 101%
95
Gen con gu g 5s 1963.A&O 101
91%
Macon Dub & Sav 5s 1947.J&J
67
94
97% Macon Terminal 5s 1 9 6 5 ..J&J
Mahoning Coal— See L S & M S

kLast sale

l In

London,

Ask.

B ond *.

Bid.

Ask.

70
Maine Central—
84%
86%
1st & ref 4% s 1933_____ J&D
89%
92
89
5.05%
1st & ref 5s D ec 1938___J&D
Eur & N A gold 1933 .J&J
80
85
5.25%
86%
Hereford R y — G 4s ’ 30 . M&N
88
84%
Upper Coos 1st gu 4s ’ 30 M&N
80
103%
Upper Coos Ex 4 % sg ’ 30 M&N
85
101%
Washington Co R y 1st g gu
60
58
3% s Jan 1954 op 1924.J&J
25
Manila R R Sou Lines 4s’ 39M&N
58
58%
10
4s ’ 39 ext 1959 (U S guar).
58
60
100
Sinking fund g 7s 1937M&N
103%
M anitoba & S E— See Canadian Northe m
74
97%
99
M anitoba S W Col 5s 1934. J&D
99
84
98
Marq Houghton&Ont 6s’ 25A&0
Md Del & Va 5s 1955 g u . . . F&A / 42
70
Maryl & Pa 1st g 4s 1 9 31..M&S
27
Incom e 4s 1951 _______ A&O
Mason C ity & Ft D odge—
100
1st M gold 4s 1953____J&D / 46
93% Memphis Union Station C o—
96%
86%
1st g gu 5s N ov 1 ’ 59_ M&N
_
Merchants’ Br— See Term R R
80
Meridian Term 4s ’ 55 guar M&N
Mexican International—
Prior lien 4% s 1947____M&S f
1st con gold 4s 1977 ___M&S f
99%
____
5.10%
Sept 1 1914 coup o n ______ f
Sept 1 1914 coupon o f f __ f
99% Mexican North 1st 6s 1930.J&D f
Mich Cent— See N Y C & H R
90
Middlesex Valiev— See Leh Val
119
M iddletown & Unionvllle—
60
50
93%
2d M adj inc 6s 1933. .M & N
80% Midland of N J— See Erie
99
96
90
Midland Term 5s 1923____J&D
84
86
5% Midland Valley— 5s 19 4 3 .. A&O
103
Adj M Apr 1 ’ 53 Ser A ..S e p t
____
____
Series B ____. . . ________
Millen & Southw— 5s 1955. A&O f 55
Mil Lake Sh & W est— See Chic & N W
M ilw & N o— See Ch M il & St P
99% Mllw & Spart & N W — See Chic & N W
Min & Pac— See M St P & S S M
102
Minn & St L— 1st 7s 1927. J&D
101%
62%
1st consol gold 5s 1934. .M & N f 60
94%
1st refg gold 4s 1 9 4 9 ...M&S f 17%
17%
13%
Ref & ext 5s F eb’ 62 Ser A Q-F f 13%
41
100
Des M & Ft D 1st 4s ’ 35.J&J
41%
64
Iowa Cent 1st g 5s 1938. J&D
57
99%
1st & ref g 4s 1951____M&S f 15%
15%
Minn St P & Sault Ste Marie—
89
87%
1st cons gold 4s 1938____J&J
86%
100
1st cons gold 5s 1938____J&J
99%
_
85
2d M gold 4s guar 1 9 4 9 ..J&J
Coll trust 6% s 1931___ M&S
102%
103%
102%
1st ref 6s 1946 Ser A ____J&J
100%
84%
75%
25-yr 5 %s 1949________ M&S
83
84
Eq tr 7s 1925-1930(yr)..J& D b 5.50 5.20%
M S Ste M & Atl 4s ’ 2 6 ..J&J
99
98%
81%
Minn & Pac 1st 4s 1936. _J&J
70
loo
M StP&SSM &CentTermRv—
94
1st ChTersf4s’ 4 lo p ’ 16M& N
93%
91%
Minneapolis Term— See Wis Ce nt
Mississippi Cent g 5s 1 9 4 9 ..J&J
90
88%
94% Miss River & Bonne Terre—
1st s f 5s 1931 op ____.A & O
87
95
5.35% Missouri-Kansas-Tex R R —
Prior 1 5s 1962 ser A .........J&J
84%
84%
93
Prior 1 4s 1962 ser B _____J&J
69%
69%
Prior I 6s 1932 ser C _____ J&J
100%
99%
Adj M 5s 1967 ser A ____J&J
55
55%
M o Kan & Tex (old com pany)—
1st gold 4s 1990 _______ J&D
80
97%
79
Equip trust 6s 1924-35.J&J 15 b 5.70 5.25%
Boouvllle R R Bridge—
1st g gu s f 48 19 51.. .M & N / 60
Dal A W a co 1st gu 5s’ 40 M&N /
Kan C & Pac 1st 4s g ’ 90 F&A / 70
80
M o Kan & E 5s 1942 g u . A&O /
Missouri Kansas < Olda—
fe
55
1st g gu 5s M ay 1 ’42 M&N /
M K & T ofT 1st 5s gu ’ 42 M&S
i5 i
Sherman Shreveport & S—
1st M gu gold 5s 1943. J&D f 30
S W Coal & Imp 1st 6s ’ 29 J&J / 77
83%
32
Texas
Okla— 6s 1943.M &S f 27
102
M o Pacific R R (new companv)
1st & ref 5s July 1926_ F&A
_
99%
92%
98%
1st & ref 5s Jan 1963 _ F&A
_
82%
81%
1st & ref 6s 1949 Ser D . . F&A
96%
107%
96
106% M o Pacific (old C o)—
Gen M 4s Mar 1975____M&S
57%
57%
101%
Equip 6% s 1925-1936..F&A b 5.65 5.25%
4.95%
Eq tr 6s Jan 15 ’ 25-’3S J&J15
5.70 5.30%
5.05%
3d 7a ext to July 1938 at
5.15%
4% ________________ M&N
83%
87
72
74
CentBrUnPaclst g 4fl’ 48 J&D
Pac of M o 1st ex g 4s ’ 38.F& A
89
88%
2d ext 5s gold 1938____J&J
98
S t L R E 1st 5s 1938. . M&N
Cardelet Br lst4 % s’ 38A& 0
8t Louis Iron M t & Sou—
Unify & R ef’g g 4s ’ 2 9 .J&J
87%
89%
Gen con ry & 1 g 5s ’ 31 A&O
62%
98
98%
GenCon stpd gu g5s’ 31 A&O
82%
R iv & Gulf D lv 4s ’ 33 M&N
84%
8 l%
VerdVal I&W lst5s’ 26M&S
99%
102%
98%
M obile & Birm— See Southern R
96
M obile & O— 1st g 6s 1927.J&D 103%
____
1st exten 6s July 1927_ Q-J
_
101%
82
Gen g 4s 1938_________ M&S
77%
80
Eq tr 5s 1925-38 (s-a)..M & S b 5.15 5%
M ontgom D iv g 5s 1947. F&A
95%
96
St Louis Div 5s 1927____J&D
99
98%
St L & C 4s guar 1 9 3 1 ...J&J
92%
93%
M o’k & Malone— See N YC&H
103
___
Monongahela Sou 5s 1955.A & 0
90
69
96% M ont Cent— See St P M & M
M ont W yo & So 5s ’ 39_ M&L
_
60
Morris & Essex— See D L & W
Nashville Chattanooga & St L—
1st consol gold 58 1 9 2 8 ..A&O 100%
101
Eq tr 4 %s 1924-37 (vr) A&O 6 5.2C 5%
N ash Flor & Sheff— See L & N

n Nominal

aSale pries.

RAILROAD BONDS

J unk , 1924.]

33

NO T1CB.— A ll bond prices arc “ and In terest” except where m arked “ f ” and Incom e and d efau lte d bonds.
B on d s.

Bid.

Ask.

Bonds.

Bid.

s
g

b Basis.

/ This price lncladaa accrued Interest,




kLast sals.

{In London,

Ask.

B onda.

Bid.

Ask.

Pennsylvania R R (Concluded)—
60
Erie & Pittsburgh—
82%
Gen gu g 3 %s Ser B ’ 40.J&J
80
82%
Series C 1940........... J&J
92%
93
Gr R & Ind Ext 4% s ’ 4 1 .J&J
87
88%
2d 481936................... A&O
79%
100
98%
95
Muskegon Div g 5s’ 26.J& J
Holldaysb Bedford & Cumb
82
86
1st M g 4s 1951 guar..J& J
§6”
86
Ohio Connect’g 4s 1943.M&S
Pennsylvania Company—
93%
Gu g 48 1931 op 1921. A&O
67
85%
84%
Gu tr ctfs e 4s 1 9 5 2 ..M&N
86%
85
Gu tr ctfsg 3%8 1937.M&S
473%
83%
Gu tr ctfs g 3 % s 1941. F&A
82%
85
Gu tr ctfs g 3% s 1942. J&D
41%
81%
Gu tr ctfs g 3% s 1944. J&D
Pb Balt & wash 4s ' 43. M&N
90%
101%
Gen 5s 1974 Ser B ____F&A
62%
Pitts Cln Chic & St Louis—
95
94%
59%
Con g gu 4 %s Ser A ’ 40A&O
94%
94%
5.20%
do
Ser B 1 9 4 2 ..A&O
93%
do
SerC 1942..M & N
89%
91%
do
Ser I 19 63...F & A
83%
91 % 1
do 4 %s Ser J '6 4 .M&N
88%:
do 4s Ser D 1945.M&N
rtford
88%
River
do
4s Ser F 1953..J&D
93%
88%
and
do 4s Ser G 1957.M&N
88
do 4s Ser H I960. F&A
88%
89%
do 3% s Ser E ’ 4 9 .F&A
95%
98%
Gen M 5s 1970 Ser A . J&D
99%
100
CStL&Pitts 1st 5 sg ’ 32A&0
85%
Pitts Va & Char gu 4s’ 43M& N
67
99%
Pitts Y ou n g * Ash 5s’ 27. M&N
86
88
1st gen 4s Ser A 1948. J&D
85”
100
99%
1st M 5s 1962 Ser B ..F & A
98%
Sodus Bay & Sou g 5s'24.J&J
85”
87%
Sun & Lew 1st g 4s'1936.J&J
82%
Tol Wahl Valley & Ohio—
96%
107
1st g gu 4% s '31 Ser A.J&J
96%
1st g gu 4% s '33 Ser B.J&J
88%
1st g gu 4s '42 Ser C ..M & S
107%
Penn A N Y Canal— See Leh Val
Pennsylvania & Northwestern—
100%
98%
General 5s Jan 1 1930____J&J
122%
Clearfield & Jeff 1st 6s’ 27.J&J 101%
89% Peoria & Eastern— See Clev Cln Chic & St L" ‘
4 90% Peoria & N W — See Chic & N W!
4.90% Peoria R y Term— See Ch R I & P ac
93% Pere Marquette (New C o)—
95%
95%
West
1st g 5s July ’ 56 Ser A ...J & J !
79
79%
1st g 48 July ’ 56 Ser B.__J&Ji
E q t r 6s Jan 15 ’ 25 ’ 35. J&J15 6 5.60 5.30%
94%
95%
L E & Det Rlv 4% s ’3 2 .F&A
96
Perklomenlst5s’ 18 ext to ’ 38Q-J
95
2d 58 1918 ext to 1 9 3 8 ...Q -J
Petersburg— See A tl Coast Line
86%
85%
Phila & Balt Cent 4s 1951 .M &N
Phila Balt & Wash— See Pennsyl vania R R
83% Phila Harrisburg & Pittsburgh—
99%
58%
1st mtge gold 5s 1 9 2 5 ... A&O
75%
73%
83% Phila Newt & N Y 3s 1942. A&O
104% Phila & Read— See Reading Co
97
92% Phila Wilm & Balt 4s 1926. J&J
95
93
91
92%
Debenture g 4s 1932___ A&O
5% Philippine Railway—
37%
38
5.10%
1st j> 4s 1937 s f opt gu._J& J
Pine Creek— See N Y Cent & Hu d River |
Pittsb Bessemer & Lake Erie—
P S & L E ls t g 5s 1 9 4 0 ..A&O
99%
84
Cons 1st g 5s July 1 ’ 4 3 .J&J
97%
P B & L E con g 5s 1947. J&J
95
l l 6 ' Pitts Char & Youghlogheny—
Gen mtge gtd 4s 1 9 3 2 ..A&O
80
Pitts Cin Chic & St L— See Penn R R
Pitts & Lake Erie— SeeNY Cent & Hud River
Pitts M cK & Yough— See N Y C
i
74
Pitts Shaw&N— 1st g 5s’ 49 F&A /
5
10
24
Gold 4s Feb 1 1952_____ F&A / -------'
5
6% receivers’ ctfs 1 9 1 8 ..M&A / 57
Pittsburgh & Shawmut—■
i
70
1st s f g 5s 1959 o p t_____ J & D / 50
Pitts Shen & L E — SeePBess&LE
Pittsb Term R R & Coal—
100
1st g guar s f 5s 1942____J&J
95
WestSideBelt 1st g 5s’ 37M&S
90
Pitts Va & Chas— See Penn R R
Pitts & Western— See B & O
Pittsb Youngs & Ash— See Penn R R
82
Portland & Ogdensburg—
90
93
88
1st M 4% s 1928 guar_ M&N
_
93
Port&R Falls— ls t g 4 s ’ 26.M &N
92
95
Debenture 4s Aug 1927.F&A
75
73
Portl (M e) Term gu 4s '6 1 .J&J
88
91
Guar 5s 1961..................... J&Ji
35
Port Reading— 1st gu 5s’ 41.J&J
Ports Gt F & Con— SeeBos&Me
75% Potom ac Val— lstg u S s g ^ lJ & J 1 98
Princeton & Northw— See Chic & N W
95% Prov Sec Co— See N Y N H & H
Providence Term— SeeNYNH& H
76
Prov & Wore— 1st 4s 1947.A&Oi
90% Raleigh & Augusta— See Seaboa rd Air Line
Ral & Cape Fear— See Norf Sou
Ral & Charles— See Seab A L
97% Raleigh & Gas— See Seab Air L
93
Ral & Southp— See Norf South
101% Raleigh & S W — See Ches&Ohio
108% Raritan River— 1st g 5 s ’ 39. J&J
90
90
93
109% Reading Company—
92%
86
Gen gold 4s Jan 1 1 9 9 7 ..J&J
92%
93
92%
5.10%
Interchangeable ctfs dep_
_
4.90%
E q 4% s Jan ’ 25-Jan ’ 2 7 ..J&J b 5.05 4.90%
Eq 5s (J&J) ’ 24-’ 32 Ser J.J&J b 5.05 4.90%
85 I 85%
50”
Jer Cent g 4s ’ 51 op ’06. A&O
90%
Gen & ref 4% s 1997 Ser A J&J: 90% :
78 % i
Atlantic City gu 4s I951.J&J
1st M gold 5% s 1929. M&N 100^2 101%
78 I 80
W & N A trctfs4 sred 105.0-M l
99 % '
Phila & R — 2d 5s g 1933. A&O
58%
87%
Im p M ext g 4s 1947..A&Oi
89%
88%
Cons ext gold 4s 1937. MAS
102
Term 5s g gu M ay 1 ’41 Q-Fj 100%
99 '
82
Del R Ter p m g 5s '42M&N|
97%
Ex p mon g 5s 1942.J&J
98%
Wilm & N o 1st 5s ’ 2 7 .J&D
100
98
Gen g 5s Aug 1 1932.Q-Fi
Phila & Read Coal & Iron—
C o ls f g 4 s e x t’ 32gu F&A
91
n Nom inal, * Sale prloa. (Tax-exem
pt.

N Y N H & Hartford (Concl)— I
National R ys of Mexico—
58%
Prior Hen g 4 %s s f 1957. _J&J /
Cent New Eng 4s 1 9 6 1 ..J&J
75
Dutchess Co 4% s '40. J&D
Jan 1914 coupon on _______ /
75
34
Danb & Norwalk 4s ’ 5 5 .J&D
July 1914 coupon o n _______ /
90
Gen 5s Apr 1 1925__ A&O
July 1914 coupon o ff_______ /
77%
Harl R & Portch 4s ’ 54 M&N
Dep rets July ’ 14 coup o ff. / 19
22 M
Housatoniccon 5s 1937.M&N
88%
Gen M 4s 1 9 7 7 ............ A & O /
Naugatuck 1st 4s ’ 5 4 ..M&N
70
April 1914 coupon o n -----------/
New Eng cons 4s '45 gu.J&J
78%
April 1914 coupon o f f ______ /
Consol g 5s July 1 ’ 45_ .J&J
88%
Deposit rets------------------- /
N Y& NE Bos Ter 4s’ 39A&0
84
8 % g notes June 1915_ J&D /
_
N Hav & North 4s ’ 56 gu J&D
64
Nat R R of Mex p 1g 4 % s’ 26 J&J /
N Y Prov & Bos 4s ’ 42. _A&O
85
Jan 1914 coupon o n _______ /
N Y Westchester & Bos R y —
July 1914 coupon o n _______ /
47%
1st M g 4 %s 1946 gu. .J&J
Julv 1914 coupon o ff_______ /
39%
Deposit receipts_________ /
Prov Sec deb 4s 1957 gu M&N
Prov Ter 1st g 4s gu '56. M&S
78
1st cons g 4s 1951--------A&O /
N Y & Nor— See N Y Central & Hud
19
April 1914 coupon o n ______/
April 1914 coupon o ff______ /
New York Ontario & Western—
62
Deposit receipts_________ /
Ref 1st g 4s June 1992..M & S
Gen M g 48 1955 red____J&D
58%
Nebraska —See C B & Q
i
New Eng R R —See N Y NH & H|
Eq 4% s Sept’ 24-M a r ’ 28 M&S 6 5.60
873%
New Hav & N o— SeeN YN H & H j
N Y Phila & Nor— ls t g 4 s ’ 39J&J
74%
Income 4s Jan 1 1939 .M & N
N J Junction— See N Y Centralj
82%
New Jer & New York— See Erie
Stock trust ctfs 4s 1948 .J& D
N Y Prov & Bost—See N Y N H & Ha
79
New Lon Nor 1st 4s 1940 .J&J
N Y & Putnam— See N Y Cent & Hud
New Mex Ry & C ’l— See El Paso & Sout hwest
54 %
N Y & Rockaway Beach— See L ong Isl
.............. ....................
56
New Orl Gt Nor 1st 5s '5 5 . F&A
N Y Susq & W —See Erie
New Orl & North E 6s 1915— I
99
95
N Y Westc & Bost— See N Y N H & H
Extended at 5% 1940. .M & N
85
85% Norf & Caro— See Atl Coast L
Ref & imp 4% s ’ 52 Ser A . J&J
80%
81
Norfolk Southern—
New Orl Term 1st 4s '5 3 ..J & J
65%
1st & ref g 5s '61 op ’ 15 ..F & A
New Orleans Texas & M exico— !
102
1st g 6s Oct 1925 Ser A . . J&D
101
Norf & Sou 1st 5s 1941 ..M & N
92%
Non-cum Inc 5s Oot '3fl SeT 4 / 8 9
90
83
1st gen g 5s 1954 o p t..J & J
99
Ral & Cape F 1st 5s '43. M&S
85
1st M 5% s 1954 Ser A ..A & O . ------!
Newport & Oln bdge— See Louis ville & Nashv
80
Ral & Southp con 5s ’ 65. J&D
82
Suffolk A Car con 5s '52 . .J&J
Newp & Rich— See Conn & Pass
Norfolk Ter 1st gu 4s ’ 61.M &N
81
N Y B & M Bch— See Long Isl
Norf & West gen 6s 1931..M&N
106%
N Y Bay Ext R R — See Long Isl
Imp & extens 6s 1934____F&A
106%
New York Central R R —
105%
New River 1st 6s 1932..A&O
107
C o n r deb 6s 1935_____ M&N 105
82
Con M 48 1998 Ser A . . . F&A
81%
N&W R y 1st cons 4s’ 96_A& 0
87%
New York Cent & Hud River—
Dlv 1st lien & gen g 4s July 1
76%
87%
R ef’g g 3 % s J u ly 1 1997..J& J
76%
1944 opt Jan 1 1929
J&J
92%
122
Conv 6% Sept 1929
M&
Deb g 4s ’ 34 tax-exempt M&N
92%
90
88%
Deb 4s 1942 tax-exempt. .J& J
89%
N & W Pocahontas 4s ’ 41 J& D
89
5.05
Eq tr 4% s 1924 (s a )____F&A
Ref & Imp 4% s 2013 A .A & O
88%
98%
E q tr 4% s l924-’ 32__ M&N 6 5.05
R ef & Imp 5s 2013 C .A & O
97%
Scioto Val&NE 1st 4s’ 89M&N
88%
Eq tr 7s ’ 25-’ 35 (y r )..A & 0 1 5 6 5.20
E q tr 6s Jan 1 5 ’ 25-’ 35.J& J 15 b 5.50
North & South Caro— See Caro A tl &
N Y C Lines eq 5s 1024 ’ 37J&D b 5.05 4.90% N ’east o f S C— See Atl C L of SC
5% Northern Cal R y— See So Pac
N Y C Lines eq 5s 1925-39. J&D b -----N YC Lines eq 4% s’ 24-’ 28J&J b 5.05 4.90% Northern Central—
Con gen M 4 %s E 1925. A&O
N Y C Lines eq 4% s ’ 24-’37
(y r)__________________ M&S 6 5.05 4.90%
M ort bds 5s 1926 Ser A ..J & J
N Y C R R eq 4% s *25-’ 32. J&J 6 5.05 4.90%
M ort bonds 5s 1926 Ser B J&J
Bos & A lb eq 4 % s’ 24-’ 27 A&O b 5.20
5% Northern Ohio— See L E & West
74% Northern Pacific—
L S c o l t r g 3 % s 1 9 9 8 ...F & A
74
76%
82%
M C c o lt r g 3% s 19 9 8 .. F&A
75%
Prior lien g 4s Jan 19 97..Q -J
92%
Beech Cr 1st 4s g gu ’ 36.J& J
91
Gen Hen g 3s Jan 2 0 4 7 ..Q-F
58%
R ef & imp 4 %s2047 Ser A J&J
82%
2d guar g 5s 1936--------- J&J
96%
C lfB lt C Co 1st g 4s ’ 40 J&J
R ef & imp 6s 2047 Ser B . J&J 104
75%
77%
92%
Beech Creek Ext 3 %s ’ 51 A&O
Ref & imp 5s 2047 Ser C.J& J
82%
92%
Cart & Adtr 1st 4s ’ 8 1 ..J& D
R ef & imp 5s 2047 Ser D . J& J
95%
—
G ouv & Osw 1st 5s g ’ 42 . J&D
Eq t r 4 % 8 ’ 24-’ 32 (yr).F& A 15
5.15
Lake Shore & M ich South—
E q t r 7s 1924-30 (yr).M & N 15 b 5.25
79
80
Con g ref 3% s 1997___J&D
8t P & D D lv g 4s 1996. .J& D
96%
96%
Deb g 4s 1928_______ M&S
8 l”
Wash Cent 4s M ar 1948.Q-M
94%
94%
Gold 4s 1931................M&N
99%
St Paul & Dul 1st 5s ’ 31.F& A
94%
95
Clev Short L 4% s ’ 61 .A& O
1st consol g 4s 1968.J&D
81%
____
95%
K A & G r R 1st 5 s ’ 3 8 .. J&J
80
Dul Union Dep 5s '3 0 . A&O
Kal & W Pig’n g 5s '4 0 . J&J 104
No Pac Ter C o— 1st 6s ’ 33. J&J 109%
Mahon C R R 1st 5s ’ 3 4 . . J&J 100%
—
North R y of Cal— See Sou Pac
Merch Dlsp Transp Co—
North Pac Coat— See N o Shore
E q tr 4% s 1924-1926 -J&J
6% 5.25% North Pennsylvania—
Michigan Central—
90
1st M 4s extended 1936. M&N
99%
5s cou '31 D & B C dlv M&S
71
Gen g 3 3-10s 1953______J&J
95%
95% Northw Term g 5s 1926 gu.J&J
20
Deb g 4s 1929..............A&O
Equip 5s 1924-’ 30 (yr) A&O b 5.15
95
5% Norwich & W or— 4s 1927.M&S
E qu ip6s’ 24-’ 3 2 (y r)_.M & S 6 5.20
5% Ogd’ bu&L Cham— See Rutland
1st 5s Kal & S H 1939 M&N
Ohio Connecting— See Pennsylv ania R
90”
—
1st m tge M Air L 4s ’ 40 J&J
Ohio I & W — See C C C & St L
1st g4s Jol&N Ind’ 57 J&J 10
Ohio River— See Balt & Ohio
ls t g 3 % s J L & S a g ’ 51M & S
76%
97%
Old Colony 4s Dec 1925_ J&D
_
79%
80%:
1st g 3 % s 1952........... M&N
83%
4s Jan 1938_____________ J&J
65
B ayC & B C lstM g 3s’ 89 J& D
84%
3% s July 1 1932_______ J&J
56%
63
B a tC & S ls t g u g 3 s’ 89J&D
Oregon & California— See SoPac
89%
Det R Tun 4 %s ’ 61 g u . M&N
91
Oregon-Washington R R & Nav
70
Grand R lv Val 4s ’ 5 9 .M&S
81%
1st & ref g gu 4s '61 o p t..J & J
65
87%
T ol Can Sou & D 4s ’ 56 J&J
Ore R R & Nav cons 4s’ 46J&D
82
85” Oregon Short Line— See Un Pac
M oh & M ai 4s 1991____M&S
Consol g 3 %s 2002____M&S
Pacific Coast Co— See M isc Bds
80%
N J June 1st 4s gu ’ 86— F&A
P a d u c a h & I llin o is —
‘
76%
” ” ! 1st s f 4 %S 1955 g u ______ J&J'
NY&Har 1st g 3 %s 2000 M&N
91%
99%
99%: Pan American 1st 5s '34 o p . J&J / 25
N Y & Nor 1st g 5s ’ 2 7 ..A & O
82
83
N Y & Put 1st 4s g 1993.A & 0
Pine Creek gu 6s 1 9 3 2 ..J&D 106
75%
Ext s f 6s 1958............F&A15
99%
Pitts & L Erie 6s 1 9 2 8 ..-J&J
Paulista R y _
99
5s Jan 1 1928................A&O
95
lst & ref 7s ’ 42 ser A ..M & S 15
5.37 5.10% Pennsylvania R R —
E q tr 6% s 1924-35(yr)A&0
____
Pitts M cK & Y 6s ’ 32.J&J 103%
Con M 4s gold 1 9 4 3 ...M&N
____
98%
2d 6s guar 1934_____ J&J
90
do 4s gold 1 9 4 8 ...M&N
____
93%
St Lawr & Adlron 5s ’9 6 .J&J
do 4s gold 1948 sterling
97%
2d gold 6s 1996______ A&O
89%
stamped dollar bonds
81
82”
W est Shore 1st 4s 2361___J&J
96%
do 4 %s g 1960_____ F&A
N Y C & St L 1st g 4s ’ 3 7 .A & 0
90%
90%
92%
Gen g 4% s 1965_________J&D
2d&lmp 6s A B & C . ’31 M&N 101%
101%
101%
Gen g 5s D ec 1 1968____J&D
D eb 4s M ay 1 1931____M&N
91%
10-year gold 7s Apr 1’ 30. A&O 108%
91%
N Y Connecting R R —
15-yr 6% s Feb 1 1 9 3 6 ..F&A 109%
1st M 4% s 1953................F&A
88%
88%
Con M 3% s g £ 1945____J&J If 76
N Y & G rw ood Lake— See Erie
E q tr 6s Jan 15 '25-’ 35. J&J 15 b 5.35
N Y & Har— See N YC & H udR iv
E q tr 5s Mar 1925-1938.M&S b 5.10
N Y & Jersey— See Hud & Man
90%
Aleg Val gen 4s 1942____M&S
N Y Lack & West— See D L & W
Balt Ches&Atlst g 5s'34 M&S
N Y L E & W C R R — See Erie
96
Belvidere Del gu 4s 1927 F&A
N Y & L Br— See Cent of N J
80%
1st g gu 3% s 1943____J&J
N Y New Haven & Hartford—
86%
Cin Leb & Nor 4s 1942.M&N
69
Deb 6s Jan 15’ 48conv.J& J15
69%
94%
Clev&Marietta, 4 % s’35 M&N
40%
D eb 4s M ay 1 1957____M&N
41
Cleveland & Pittsburgh—
49%
52
Deb 4s July 1 ’ 55 non-conv J&J
96%
SerA 4% s gen gtd 1942. J&J
50%
D eb 4s 1956 non -conv..M & N
96
SerB4 % s gen gtd 1942 A&O
51%
Deb 4s 1947 n o n -co n v ._ M&S
50%
53
80%
Int red to 3 % % ________
44%
D eb 3% s Mar 1947____M&S
53
Ser C 3% s gen gts '48M&N
Deb 3% s 1954 non-conv A&O
45%
46%
80%
Ser D 3 %s gen g t d ’ 5 0 .F&A
45%
Deb 3% s 1956 con v ____J&J
96%
45%: D R lv RR& B gu g 48 '36.F&A
Franc deben 7s (ext) 1925A&O
79
79%:
Dollar deben 7s(ext) '25 A&O
80%
81 1
Bos & N Y A L 1st 48 g ’ 55 F&A
63
64 '

[V ol. 118.

KAILROAD BONDS AND STOCKS

34

NOTICE.— All bond prices are “ and Interest” except where marked “f” and Income aad defaulted bonds.
Bonds.

Bid.

Ask.

Bid.

Bonds.

Ask.

Bonds and Stocks.

Bid.

A sk .

Kens & Saratoga— See Del & H
South Bound— See Seaboard A l I
Toledo St Louis & Western—
Richm & Danv— See Southern R y
Sou Indiana— See Ch Terre Hau te & S E
98%
Pr lien g 3% s July 1 1925.J& J
Rich Fredericks!) & Potom ac—
80%
Southern Pacific Co—
1st gold4s Apr 1 1 9 5 0 ... A&O
81%
84%
84
C on sm tge4 % s 1940------A&O
Coll tr 4s (C P ) Aug 1 ’ 49 J&D
83%
Coll tr g 4s Ser A 19 17.-F& A
Equip 6s Jan 15’ 28-’ 35.J&J15
5.75 5.30%
95%
C o n v g 4 sJ ’n e l ’ 2 9 o p ’ 14M&S
94%
Union Trust certlf d ep ____
Rich & M ecklenburg— SeeSo R y
98% T olT erm 1st 4 % s ’ 57 g u ..M & N
85%
Cony g 5s 1934_________ J&D
98
86%
Rich & Peters— See A tl Coast L
Equip 7s 1924-1935___ J&D b 5.15
5% T ol Walh Val & O— SeePennRR
Richmond T e rm -1st 3s 1932 J&J
97%
100%
E q 5s 1925-1939 (y r )..M & N ,65.05% 4.95% Toronto Hamilton & Buffalo—
82
Richmond-Washington Co—
83%
Pacific Fruit Express equip 7s I
l
1st g 4s June 1 1946_____ J&D
94%
95%
86%
Col tr g gu 4s 1943 o p t _J&D
June 11925-1935 (y’ly)J& D b 5.20
5% Ulster & Del con 5s 1 9 2 8 ..J&D
63
64%
Rio Gr June— See D eny & Rio Grande
1st ref g 4s 1 9 5 2 ........... A&O
Aust & Nor 1st 5s g '4 1 ..J&J
95%
R io Grande So— See Den & Rio Grande
Central Pacific—
I
Union Pacific—
90%
R io Grande W est— See Deny & R io Gr ande
87%
90
1st refdg 4s g g ’ d ’ 49.F& A
86%
1st R y & 1 gr 4s g 1947..J& J
97%
98
100
R ock Isl-FriscoTerm— 5s’ 27J&J
96%
1st g gu 4s Oct 1 1954.A & 0
84 i 85
Conv 4s 1927____________ J&J
84
85%
93%
R ock Isl Ark & La— See C R I & Pac
1st & ref 4s June 2008___M&S
M 3% s g g ’d Aug 1 ’ 29 J&D
93%
102%
R ock Isl & Peoria— See C R I &P
mEuropean loan 4s ’46 M&S m 67%
68%
1st & ref 5s June 2 2008.M &S 102
103%
103%
82%
Rutland— Con 4 % s 1941
J&J
80%
Galveston Harrisb & San An—
10-year 6s July 1928____J&J
5.05 4.90%
95
99
96
Benn & R ut 4% s g ’ 27.M & N
Eq tr 4% s ’ 28-38 (y r)..M & N
M e x & P D iv ls t 5 s ’ 31 M&N
98%
70%
Eq tr 5s 1927-’ 3 7 (y r)...M & S b 5.05 4.90%
Ogd&LCh 1st g gu 4s ’ 4 8 .J&J
2d M 5s 1931 g u ______ J&J
97%
71%
99%
5%
75
Equip tr 7s 1925-35 (y r).J & D b 5.15
70%
R utl Can 1st g gu 4s ’ 49 . J&J
Gila Val Globe & Northern—
99%
100%
Ore R R & N av— See Ore-Was h R R & Nav
E q tr 4% s 1925-27 (yr) M&N b
1st g 5s N ov 1 1 9 2 4 ..M&N
6% 5.60%
102
103%
Ore Sh L 1st 5s 1946____J&J
St Clair M ad & St Louis Belt—
Houston East & West Texas—
102% 103%
98%
-----1st cons guar 5s 1 9 4 6 ..J&J
69
71
Alton Bridge 1st g 4s ’ 51. J&J
1st 5s g M ay 1 1 9 3 3 ..M&N
95%
95%
94%
98%
-----R ef g gu 4s ’ 29 op ’ 0 7 .J&D
St Clair Term 1st 5s 1932. _ F&A
1st guar g 5s M ar ’ 3 3 .M&N
Utah & Northern—
40
65"
St Johns & L Cham— 3s ’ 44 M&S
Houston & Texas Central—
100
1st 7s’ 08ext at4 % to’ 33.J&J
91% '
75%
99%
l s t l g 5s 1937..............J & J
St J & Gr Isl— 1st g 4s 1947. J&J
75
Consol gold 5s 1926_ J&J
_
99%, 100%
W aco&N W D iv6sg’ 30M&N
99%
St Lawr & Adlr— See N Y Cent
Union Terminal C o (Dallas)—
North Cal R y g 5s 1929. J&D
St Louis A1 & T H— See 111 Cent
96% ;
97
1st g 5s 1942 op 1 9 2 2 ...A&O
N o R y o f C al5sgg u 1938 A&O 100%
St Louis Br— See Term R R Assn
100% United N J R R & Canal Co—
Oregon & Cal 1st 5s 1927.J&J 100 %
St L & Cairo— See M obile & O
95
96
General gold 4s 1929____M&S
78%
S A & A r P a s s g g u 4 s ’ 43.J&J
78%
St L Iron Mt&Sou— See M oPac
90
General gold 4s 1944____M&S
84
San Fran Term 1st 4 s ’ 50 A&O
83%
St L M er Br Co— See Term R R
78
85 '
Gen 1st g 3% s M ar 1 ’ 51.M&S
So Pacific Br 6s 1 9 3 7 ...A& O
108
St L Peoria & N W — See Chic & N W
Upper Coos— See M aine Central
St L R ocky M t & P 5s 1953— See M isc C OS, p.44
Southern Pacific R R Cal—
!
Utah & Northern— See Union P aclfic
103
1st con g 5s gu 1937..M & N
101%
St L South— See Illinois Central
87% Utica Clint & Bing— See D el & Hudson
1st ref g 4s 1955 op ’ 10. J&J
87%
St Louls-San Fr (reorganized) I
Vandalia R R —
Prior lien 4s 1950 Ser A . . J&J
68%
So Pac Coast 1st g 4s ’ 37.J&J
90 i
69%
85%
Cong 4s 1955 Series A ..F & A
85
Texas & N O—
Prior lien 5s 1950 Ser B ..J & J
84%
85% '
—
Series B 1957________M&N
Consol gold 5s 1 9 4 3 ...J&J
92%
Prior lien 6s 1928 Ser C ..J & J
100%
100%
Vera Cruz & Pacific R R —
Prior lien 5 % s ’42 Ser D . J&J
92
92%
Dallas D lv 1st g 4s ’ 30 F&A
80 i
....
74% Southern Railway—
C u m ad j 6s July 1 9 5 3 ...A & O / 74%
1st g 4% s 1934 o p t______ J&J
39%
99%
July 1914 coupon o n ______
Incom e mtge 6s July 1960 Oct / 63%
64%
1st consol gold 5s 1994..J&J
99 I
23%
23%
72
Deposit receipts________
Develop & gen M g 4s ’ 56A&O
71 %
E q tr 6s Jan 15 ’ 2 5 -3 4 . J&J13 6 5.75 5.30%
24
100%
1st g 4% s 1934 assenting____
D ev & gen 6s 1956_____ A&O 100%
Gen mtge gold 6s 1931._J&J 104)4!
106
Verdig Val Ind & W — See M o P
D ev & gen 6 %s 1956____A&O 105%
io 5 "
Gen mtge gold 5s 1931..J& J
98%
65
—
E q tr 6s Jan 15 ’ 25-’ 35.J&J15 b 5.50 5.20% Vermont Val 1st 4% s *4 0 ..A&O
Con mtge 4s July 1996— J&J
90 %
Sou West D iy g 5s 1947.A & 0
96%
5% Vicksburg Shreve & Pacific—
E q4% s N ov 15’ 24-26M&N15 b 5.20
98
100
97%
Prllen 6s '15 ext 5 % ’ 40.M&N
E Tenn reorg lien 5s 1938 M&S 94 %
St Louis Southwestern—
93%:
—
Gen 5s M ay 1 1941____M&N
79%
79%
1st M em dlv g 5s 1996___J&J
96%
1st g 4s 1989 certifs____M&N
86 ' Virginia Midland— See Sou R y.
73%
2d g inc 4s N oy ’ 89 ce rt..J & J
St Louis D lv 1st g 4s 1951 J&J
81%
71%
82 %
Va & Southwest— See Southern R y
82%
1st consol g 4s 1932------ J&D
Aiken Br 1st g 4s 1998___J&J
60
Virginian Railway—
80%
80
1st term & unif 5s 1932. _J&J
Atlanta & Charlotte Air Line
95
95%
1st M g 5s 1962 o p t_____ M&N
93%
E q t r 5% s 1924-1939(s-a)M&S b 5.25 5.10%
1st M 4% s 1944 ser A .J& J
93%
100
83
E q 6sAOct’ 24Apr’30(s-a)A&O 6 5.40 5.10%
85
99%
Cent Ark & Ea 1st 5s’ 40opJ& J
1st M 5s 1944 ser B ____J&J
99%
77% Wabash— 1st gold 5s 1939. M&N
99%
Grays Pt Term g 5s ’ 4 7 ..J& D
86 %
A tl & Danville 1st 4 s ’4 8 .J&J
77%
92%
94
65%
81
2d gold 5s 1 9 3 9 ............ .F&A
2d g 4s 1948....................J&J
65
Shrev D /I r tlr T n y 5s ’ 55 gu T?/lr A
Bdg&Ter Ra ’ RR m l F&A
74%
StephenvN&STex5s’ 40op J & J
82 %
Deb mtge 6s Ser B 1 9 3 9 ..J&J / 80 I
A tl& Y ad ls t g u g 4 s ’ 49_A& 0
73%
84
73%:
98
1st lien term g 4s 1954___J&J
Aug South g 5s 1924____J&D
90
St Paul Bridge & Terminal R y —
99
E q tr 6s 1925-35 (year).J&J15 b 5.75 5.35%
E T Va & Ga— Dlv g 5s '30 J&J
98%
100
1st M 6s 1929.......... ........J&J
98%
100
l6 6 "
Det & Chic ext 1st g 5s’41J&J
Consol 1st g 5s 1 9 5 6 ..M&N
99%
8t Paul & Duluth— See Nor Pac
76%.
79
Des M dlv 1st g 4s 1 9 3 9 ..J&J
St Paul East GrTrunk— SeeChlc & N W
Ga M id 1st g 3s 1946____A&O
61%
78
T oledo & Chic 4s g 1941. M&S
K n oxv& O 1st g 6s 1925..J& J
100%
8t Paul & K C Short L— See Ch R I & Pac
72 1 73
Omaha D lv 1st 3 % s g ’ 41 A&O
L & N So joint g 4s— See L&N
St Paul Minn & M anitoba—
93 %
94
W aco & N W — See Houston & Texas Central
M o b & Birm pr lien 5 s '45 J&J
93%
1st cons g 4s 1933----------- J&J
Small_____________________
85%
Warren R R — See D L & W
107
109
1st consol g 6s 1933--------J&J
87
90
75% Wash & Colum R lv 4s 1935.J&J
96%
Gen M g 4s 1945......... .J&J
74%
1st cons red to 4% s g ’ 33.J&J
91
Small___________________
68%
------ 1 Washington Cent— See Nor Pac
Montana ext 1st 4s ’ 3 7 ..J& D
80% Wash Co R y — See Maine Cent
83 %
M obile & O col tr 4s ’ 38 M&S
80
Pacific Ext 1st 4s £ 1940.J&J
82%
81% '
Wash Term Co— 3 % s 1945. F&A
Rlch&Dan deb 5s stpd’ 27 A&O
99 %
Eastern R y of Minnesota—
88%
89
85 %
Richm ond & Mecklenburg—
1st gold 4s 1945 guar____F&A
89%
Nor diy 1st g 4s 1948. A&O
70%
109%
110%
1st g 4s N ov 1 1948..M & N
Weatherford M in Wells & N — Se e Tex & Pac
M ont Cen 1st gd 6s ’ 37 . .J&J
100%! 1
West Jersey & Sea Shore—
100% 101
1st guar gold 5s 1937— J&J
So Caro & Ga 1st 5% s’ 29M&N 100%
____
90
92
99%
100%
Consol gold 4s 1936_____ J&J
Va M id Series E 5s ’ 2 6 . . M&S
Wil & S F 1st 5S g 1 9 3 8 .. J&D
85
____
99%
Cons 3% s g Ser B 1 9 3 6 ..J&J
Series F 5s 1931.......... M&S
St P & N Pac— See N o Pac
62%
99%
100
61%
West Maryland 4s 1952_ A&O
_
Gen’l 5s 1938_________M&N
St Paul Union Depot—
95
5% gold notes 1915 o p ___J&J
98%
98
1st & ref 5s 1972_____ J&J
Va & Southw 5s 2003____J&J
94
84%
85%
Balt & Harris g 5s 1936.M&N
1st con g 5s 1958_____ A&O
Salt Lake C ity Un Dep & R R —
93
85
81
1st M West Ext g 5s'38M&N
S & N Ala— See Louis & Nashv
1st M 5s 1938________ M&N
99%
99%
San Ant & Aran Pass— SeeSoPac
South Pac Coast— See Southern Pacific
West N Y & Penn 5s 1 9 3 7 ..J&J
77%
80
Gen mtge gold 4s 19 43.-A&O
San Fr & S Jo Val— See AT&SFe
—
Incom e g 5s Apr 1943._N ov 1 / 34%
San Fran Term— See Sou Pacific
Spokane Falls & Nor 6s ’39.J&J
87“ Western Pacific R R Corp—
85%
Santa Fe Pres & Ph— See Atcb T op & S Fe
Spok Internatlst g 5s 1955J&J
86
86%
85
—
1st M 5s M ar 1 1946___I
State L & Sulliv 4% s 1929 J&J
Bault Ste Marie Bridge—
97
98%
80
Staten Isld R y — See Balt & Ohio
1st M s f g 5s July 1 1937. J &J
82
83%
S W
Say Fla&W— See Atl Coast Line
Stephenv N & S Tex— See S
95
96
60
65
Say&States— 1st g gu 5s ’ 53 J&J
Suff & Carolina— See N orf &
90
West R y of Ala— 4% s 1918 exi
Sunbury Hazleton & W -B —
Schenectady & Duanesbure—
90
90
at 6% to Oct 1 1928____A&C
1st 5s M ay 1 1928......... M&N
1st guar 6s 1924----------- M & S
West Shore— See N Y C & H R R Co
2d mtge Inc 6s ’ 38 cou p . M&N
Bchuylklll Rlyer E S— See B & O
West Side Belt— See Pitts Tern
Sunbury & Lew— See Penn RR
Bcloto Val & N E— See Nor & W
65%
68
Superior Short Line— See Ch St P M & Omaha West Va & Plttsb— See B & O
Beab Air L— 1st g 4s 19 50.. A&O
67
66%
Wheeling & Lake Erie R R —
Tampa & Jacksonville—
Stamped-----------------------. . .
65%
65%
5
15
56
56%
AdjuBt M 5s Oct 1 1949.F&A
62
61%
50
60
52%
53%
Ref g 4s 1959 o p t .......... A&O
6 5.75
5.40%
79
78%
Term R R Assn (St Louis)—
1st & con 6s 1945 Ser A .M & S
94%
99%
99%
5.85 5.40%
Equip trust 6s 1924-27..J&D
99
99
99%
5.85 5.40%
E q t r 6s (S. a.) 1924-’ 37.F& A
93
80%
81%
Atlanta-Blrmlngham Divis—
104%
87%
89>
76%
77
1st g 4s M ay 1 1 9 3 3 ..M&S
99%
76
Car Cent 1st g gu 4s '4 9 . .J&J
____
/ 110
101
Florida Cent & Peninsula—
/ 80
95
97%
1st 1 g ext 3s gold 1930. J&J
95
96
Terre Haute & Peoria—
Wichita Union Terminal R y —
1st con 5s gold 1943— J&J
96%
—
98
90
88
1st con g 5s Sept 1 ’ 4 2 . . M&
1st g gu 4% s 1941 op t..M & N
So Bound 1st g 5s ’ 4 1 ..A & 0
65
86%
86% Texas City Term 6s ’41.J&J2
Wilkes-B & East— See NYS&'W
Georgia & Ala 5s Oct ’4 5 .J&J
87
Texas & New Orl— See So Pac
Ga&Ala Term 1st g 5s’ 48 J&D
/ 80
Texas & Okla— See M K & T
98
....
Ga Car & N — 1st 5s g ’ 29 J&J
96%
98% Wilmar&SFalla— See StPM &M
99
R al’h&Aug’sta— 1st 6s’ 26 J&J
/ 60%
50
Ral & Charles 4s 1956.-F& A
93%
94"
50
Cons 4s 1956------------F&A
80
87% Winston-Salem Southbound—
95
R al’h&Gast’ n— 1st 5sg’ 47J&J
82%
99%
100
Seab&Roanoke— 1st 5s’ 26J&J
80%
90
92%
80%
95
Beacoast R R of N J 5s ’ 48.A& O
73
74
h Cent
90
Seattle Term 6s 1924-1930-------100
100%
Toledo & Ohio Central—
85
Sebast & M ooseh 1st 5s ’ 28 M&S
99%
Shamokln Sunb’ y & Lewisb’g—
____
97
—
95
2d 6s g July 1 1925___ .J&J
____
82%
82%
95%
Sherman Shrey & Sou— See M o Kan & Texas
____
____
76%
65
Shreye Brdg & Ter— See St Loui s South western
75
b 5.40 5.10%
Sierra R y of Cal—
80
i
70
1st 8 f 6s g Apr 12 ’ 37. A& 012
98%
99%
58%
2d mtge gold 5s 1927
____
Sioux C & Pac— See Chic & N W
5.25
E q 4% s July 1924____J&J
RAILROAD STOCKS.
Sodus Bay & Sou— See Penn R R
5%
65
3d 55
58
5.65 5.30% Ala Great Southern com ____
60
Somerset R y 1st & ref 4s’ 55 J&J
E q tr 6s 1925-35 (yr).J&J15
62
65
3d 59
88
89
60
Kanawha & W Va 5s ’ 5 5 .J&J
Preferred________________
1st & ref 4s July 2 ’ 50.J&J 2
_
3 100
Toledo Peoria & Western—
Bo Caro & Ga— See South R y
196%
23%
3 193%
1st g 4s July 11917_____ J&J / 22
102%
3 100
bBasls.

/T h is price includes accrued Interest,




i Last sals.

I In

London,

m Dollars per 500 francs or £20.

n Nom inal.

a Sale priec.

J

u n e

1924

,

]

RAILROAD STOCKS—LAND BANK BONDS AND STOCKS

35

N O T I C E .— A ll b o n d p r i c e s a r e “ a n d I n t e r e s t ” e x c e p t w h e r e m a r k e d “ f ” a n d I n c o m e a n d d e f a u l t e d b o n d s .

1
Stocks.

Par.

Bid.

11
Ann Arbor com m on_________100
25 H
Preferred_________________100
102)3
A tch T op & Santa F e______ 100
90
Preferred_________________100
Atlanta Blrm A Atlantic_ 100
_
1H
Atlan & Char Air L (g u a r)._ 100 168
132
Atlanta A West Point______ 100
Atlantic Coast L Co of Conn. 50 d 115)3
120)3
Atlantic Coast L R R c o m ..100
Atlantic 1st leased lines rent t r . . Id 81
92
Augusta & Savannah (guar). 100
54 %
Baft A Ohio— Com m on_____ 100
Preferred_________________ 100
57)3
90
Bangor A Aroostook pref_ 100
_
Beech Creek (guar N Y C )__50 d 37)3
Boston & Alb (guar N Y C)_100 x 148
12)3
Boston A Maine____________ 100
Preferred_________________ 100
12)3
1st pref A ______________ 100
14)3
21
1st pref B ______________ 100
1st pref C ______________ 100
17)3
27
1st pref D ______________ 100
Bost & Prov (guar Old C o l). 100 147
70
Boston Rev Beach A Lynn__100
Brunswick Ter & R y Sec C o . 100
2)3
Buffalo Roch & P ittsbu rgh .. 100
40
71
Preferred______________
95
50
Preferred________________
Camden A Burl Co (gu ar).. 25 d 26
53
Canada Southern__________
147)3
Preferred,
Id 79
20
laro Cllnchl
40
Preferred.
d 41)3
2d pref (guar P A R ) .
d 41)3
d 42
204
79
105
3)3
2
Certificates of deposit_
_
Preferred_______________
8)3
7
Certificates of deposit.
175
22)3
Preferred.
37)3
4
Ihlcago Gre
Preferred.
io )3
30
50
Preferred .
Ihlcago Mil
12)3
22)3
Preferred .
52
Preferred.
102)3
24)3
81)3
70)3
33
70
Preferred.
3
10
300
97
d 56
107
PpoforroH
82
Clev A Pitts (Guar Pa R R j I
d 68)3
d 38)3
28)3
53
45
d 87
63
2
16
Preferred.
73)3
d 35
d 76
153
113
id 11853
i d 37)3
I
76
1 22)3
1 35
2
4
Preferred_______________
East Penna (guar P A R ) . .
id 57
Elmira A W ’msport (guar).
id 38
Preferred (guar Nor Cent
id 51
Erie— Com m on___________
1 24)3
1 31)3
27)3
Id 76
Erie A Pitts (guar Pa R R ) ..
1d 58
1
12
1 78
1 103
Ft W ayne A Jack pref (
1 185
Georgia R R A Bank Co i
1
25
62
51
57
d 26)3
55
nds.
12)3
56
Preferred.
12
3
88
5 d 32
Hudson Companies— P re f..
Hudson A Manhattan______
o
18)3
)
____
Preferred________________
)d
3
Preferred v t c .
)d
6
) 103)3
3 105)3
0
72)3
aternat Rys
Preferred .

z

b Basis,
Ex-div.

Ash.
16
29
102)3
90)3
2
170




Pref Cent T r ctf dep stpd.100
; C St L A Chic— Pref (gu ). 100
[ansas City Southern______100
Preferred________________ 100

109

68
81
18)3
51
—

/ Flat price, k Last sale.

____l
87
19)3
52
3

Par.

l
l
\
\
\
\

Preferred A ______________ 100
78
Preferred B _______________100
____1 barren N J (guar D L A W ). 50
42)3 \ Western Maryland R y com . 100
1st preferred_____________ 100
27)3
2d preferred_____________ 100
89
\ Western Pacific R R C orp___ 100
40
Preferred_________________ 100
41
)
____i
94
Preferred________________ 100
100
1
Certificates of deposit____100
91)3
_
51
JO IN T S T O C K LAND
31
BAN K BONDS
------ j
------t
500
j
50
I ankers— 5s ’ 53 op ’ 28— JAJ
2
5s M ay 1952 op 1 9 3 2 ...MAN
35
( alifomia— 5s 1951 op 1931-----60
( entral 111— 5s ’ 53 op '3 3 ..J A D
5s July 1 1953 op 1 9 3 3 ..JAJ
58)3
19
( entral Iowa— 5s Apr 1953-----11
5s M ay 1 1942 op 1927. MAN
32
4)3s N ov 1 ’ 52 op ’ 32___ M A N
12)3 ( hicago Joint— 5)3s ’ 51 op ’ 31.
41
5s 1951 of 1931_________M AN
66
5s 1952 op 1932_________ MAN
5s 1963 op 1933______________
77
4)3s 1952 op 1932______ MAN
122)3
4)3s 1963 op 1933______ MAN
40
4J3S 1952 op 1932___________
5
2
5s 1953 op 1 9 3 3 -.-......... AAO
120
I 'alias— 5s 1953 op 1 9 3 3 ..M " "
7
5)3s 1951 op 1931....... .........
114)3
110
102)3
117
5s 1954 op 1934________ A&O
list of Chey— 5s’ 5 2 o p ’ 32 MAN
79)3
irst of Chic— 5s ’ 52 op ’ 32 MAN
84)3
142
irst of Clev— 5s ’ 53 op ’ 33 MAN
—
irst of Minn— 5s’ 5 1 o p ’ 3lM A N
5s 1952 op 1927................ MAN
18)3
17
5s 1952 op 1932_________MAN
14)3
5s 1953 op 1933_________MAN
120)3 ; irst Texas— 5s ’ 42 op ’ 32 MAN
85
5s 1943 op 1933_________MAN
141
remont— 5s 1953 op ’ 33.JA D
5s 1952 op 1932........... ..M A N
73)3
reensboro (N C )—
—
52)3
5s 1953 op 1933------------- AAO
60)3
—
81
5s 1953 opt 1923_______ MAN
82
Kentucky— 5s ’ 52 op ’ 32..M<" "
80
5s 1943 op 1928---------------124
87
5s 1943 op 1 9 2 8 ............ MAN
5s 1942 op 1927.............M A N
43)3
113
12
50)3
64
74
5s 1952 op 1932_______ M AN
120
200
29)3
59)3
Portland, Ore— 5s’ 53op’ 33 J A J
5s 1954 opt 1934______ JAJ
140
Los Angeles— 5s ’ 53 op ’ 33JAJ
157
San Fran— 5s ’ 53 op ’ 3 3 . . JAJ
53
Salt Lake C— 5s ’ 53 op ’ 33 JAJ
43
t Louis— 5s 1953 op ’ 33— FAD
95
5s 1952 op 1 9 3 2 .............MAN
5s 1943 op 1928------------- JA D
140)3
an Antonio 5s 1939 op ’24 M AN
5s 1953 op 1933_________ MAN
65
53
21
DUth Minn— 5s ’ 53 op ’ 33 MAN
5s 1952 op 1932________ MAN
35)3
34
nion (Kentucky A Tennessee)
117
5s 1952 op 1932_______ MAN
irginian— 58 ’ 53 op ’3 3 . . MAN
197
5s N ov 1 1951 op 1931.MAN
97
96
37

108
54
20)3
46
37)3
60
99
10
21
41
88)3
54)3
71)3
66)3
98
28)3
61
108
132)3
72)3

In London, n Nominal.

(Sale price. (New stock,

Ask.
196
116
42
98
75
90
15
44 U
30)|
68
m
50
16

70~
14)3
4453

29)3
65
8 )3

45
15
19
64 M
36
m
17
35 X
38)3

19)3

65)3
38
9
18
36
38)3

98
98
98
99 H
100

100)3
100
100)3
101
102

98”
98)3
99 )3
98)3
93
102
100)3
100)3
100)3
99 M
99 M
96

i 66)3

97)3
99
100
99
99
97 ) 3

100

97”
98
98) 3
98)3
98)3
98)3
97
97
99
98)3
98)3
99
98)3
99
98
98
99
99
99
98)3

100)3
101
100

94)3

103
10 1) 3

101)3
101)3
100
100
97

100
102

100)3

101
100
100

lo i”

101) 3
100)3
101)3
101)3
100
100

101)3i
101)3
100)3
,
101
100
100
101

100
101)3
101)3
100
100

io i)i
100)3
98 ) 3
98
98
98
99
99 ) 3
98)3
98 ' '
98
99
98) 3
98
Basis

lo o ”

100
100
101
100
101
101
101
101
101
101
100)3
100
5.05
100

Basis 5%
104
101
99) 3 101
101
99)3
98
98
98

101
101
100
100

133
139
120

140
143
126

122”
125
125

128“
132
130
128

97)3

5s 1952 op 1932___
ST O C K S

3ity 9 % .
)% -

Bid.
194
113
39
94

Stocks

Aafc.

Preferred________________ 100
76
121)3 .ackawanna R R of N J ____100
84
94
dv 42
54)3
d 27)3
Rights_________________
Preferred________________ 50 d 80
57)3
91
lttle Miami original g u a r.. 50 d 87
39
Spec guar betterment stk. 50 d 38
149
d 39
d ____
12)3 1
91
15
1
80
____
55
Preferred________________ 100
91
------ 1
d 500
____
Pref (guar L S A M S ) ____50 d 48
75
}
71
3)3
Preferred________________ 100
____
50
I
425
80
J
105
I
50 d 49
53
I
1%
31
28
I
55
.100
Preferred.
56
148)3
17
81
]
25
I
d 10)3
45
Preferred________________ 100
31)3
43
]
12)3
43
.100
Preferred.
40)3
64
43)3 1
209
d 76
79)3 :
115
106)3 :
d 36
3)3
3)3 :
3)3
Second preferred________ 100
9)3
1)3
115
8)3 :
185
5
24
114
105
39
102)3
4)3 :
Dividend payable In London. Id 115
10)3
—
: ' Y Chic A St L (New C o).1 0 (
79)3
6% preferred____________100
83)3
12)3 : iY A Harlem, com A pf(gu)_50 d 140
98
22)3
52)3
18)3
104
16
25
14)3
82
x 120
71
75
Adjustment preferred____100
137
35
75
d 73
66
5
52)3
13
58
—
d ____
—
59
50 d 78
d 80
107)3
90
79
Zdll9
69)3
d 84
39)3
28)3
d 43)3
54)3
109
46
89
10)3
66
50)3
63
4
Preferred________________ 100
22
73
Prior preferred__________ 100 i
75
d 117
195
36
d 28)3
78
156
Preferred________________ 50 d 57)3
95
113)3
i 125
119
39
Preferred (guar Penn R R ).100i 139
78
d 153
30
'd 51)3
'
42)3
94
Preferred________________ 100 i
2)3
i 137)3
4)3
58
119
40
53
4 % 111 Cent Stk ctf 1952.1000
64)3
25
Reading Com pany___________ 50i d 52)3
R ig h ts______________________ d 20)3
31)3
29
1st preferred______________ 50 d 35)3
80
2d preferred______________ 50 d 33)3
60
l 115
15
Jch Fred A Potom — C o m .. 1001 194
82
Dividend obligations_____ 100l 193
104)3
6 % guaranteed___________ 100l 195
200
7 % guaranteed___________ 1001 195
;ocn A Genesee Val R R ____ 1001 93
1 90
34
____
57)3
1st preferred_____________ 100 > ____
26)3
65
2d preferred_____________ 100
____
106
14
2d preferred.
.100
53
56)3
20)3
Pref stock S erA __________ 100
16
44)3
_ „
St Louis Southwestern_____ 100
1
36)3
33
Preferred_________________ 100
3
59
Saratoga A Schenectady (gu) 100
3
94
18)3
s 55
Seaboard Air Line com _____ 100
)
9)3
6
Preferred_________________ 100
0
20)3
9
Sharon______________________ 50 d 39
)
104)3 Southern Pacific C o _________100 x 88)3
0
106 H Southern R y com m on______ 100
0
54)3
74
Preferred_________________ 100
0
71)3
M ob A Oho stk tr ctfs d ep. 100
0
65
29
Southwest’n of Ga (guar)___ 100
)
95
0
27)3
11
3 Id 9
Texas A Pacific____________ 100
0
28
3
45
3d 55
49)3 Troy A Gr.bush (gu ]
Tunnel R R of St Louis.
) 106
3
3
1)3
0 122
125
0 132)3
Union Pacific— C o m m o n ...
Preferred________________
0
72

d Price per share, not per cent.
Ex-rights.

y

h IT.

Bid.
105

Stocks.

.100

wEx-stock dividend.

36

PUBLIC UTILITIES
(Includes street and electric railways, gas. electric, power, water and telegraph and telephone companies.)
NOTICB.— All bond prices are "a n d interest” except where marked “ f” and income and defaulted bonds.
B on d s.

Bid.

Ask.

B on d s.

Bid.

A sit.

Adirondack Elec Power Corp
Brooklyn Borough Gas Co—
96
97
97
> M gold 5s 1962 o p t_ J&J
st
_
1st M 5s Mar 6 1938...M & S
101
99%
100%
99
Ad mndack PAL 1st 6s’ 50.M&F
Gen & ref M 6s 1963____A&U
94
Deb 5s 1930____________J&J
91' ‘
Bklyn City & New R R — See C 1 & Bk RR
94
94% Bklyn C ity R R 1st 5s 1941. J&J
Alabama Power 1st 5s ’ 46.M&!87M
89 M
99 %
100
1st M 1 A ref 6s 1951.. _J&D
Brjoklyn Edison Co—
100
90
1st & ref 5s 1951_______ J&D
Gen M 5s Ser A 1949 ___J&J
89 M
100M
103 M 103M
Alabama T r L & Pow—
Gen M 6s Ser B 1930 ___J&J
74
75
1st 5s 1962_____________ M&S
Gen M 7s Ser C 1930____J&J
106 M 107
95
Alabama v ater 1st 6s 1932. J&J
\
98
G 9n M 7s Ser D 1940 ..J & D
108%
109
1st ref 6s 1947___________J&J
94M
97 M Bklyn-Manhattan Transit Corp
75%
75%
Albany R y— See United T ract’i
s f 6s 1968 Ser A ________ J&J
85
Albany Sou R R 1st 5s '39.M & S
86% Brooklyn Rap Tran 5s ’ 45. A&O / 82
Alleg Bellevue * Perrysv— See Pbila C 0
Equit Trust ctfs of deposit / 82
Alton Gran * St Tr— See East Si L & Su b
78%
1st ref gold 4s 2002_____J&J / 69
3 year 7% notes 1921.. .J&J / 106%
Altoona & Logan V al Elec R y —
74
75
e o n g 4 Ms 1933 gu F&A 15
Cent Un Tr temp ctfs dep
f 106%
84
86
American Gas deb 6s 2016.. J&J
Temp ctfs dep stamped / 10 IM
98
Conv g 7s Jan 15 ’ 2 8 . . J&J 16
Bklyn Hts 1st 5s 1941 . A&O / 62
99 %
97
Brooklvu Queens Co & Sub—
10-year 7s 1934 _____ .J&J
98%
72
75
87 M
89
1st M g 5s 1941 (stpd) J&J
Am Gas & Elec coll 5s 2007. F&A
64
94 %
95
IstconSsJuly’41 (stp)M &N
Deb gold 6s 2014_____M&N
64 M
93
83%
94
Am Pow & L deb 6s 2016. M&S
Bklyn Un Elev 5s 195U .F&A
81%
82%
93
Amer Pub Serv 6s 1942_ J&D
_
Scamped guaranteed____
81%
91M
72
Amer Rvs coll tr 5s 1931__ F&A
85
88
Kings Co El 1st 4s 1949 F&A
70M
90
70
92
71%
Stamped guaranteed_
_ .
Coll trust 5s 1927_______
95
Nassau Elec 1st 5s 1944. A&O
Amer Telep & Teleg 4s ’ 29 .J&J
95 %
80 M
76M
87%
89 %
Conv g 4s ’ 36 conv a f’ 09.M&S
1st gold 4s Jan 1 1951..J&J / 55M
56M
91
106
Conv 4 Ms '33 op aft '25. M&S 103
Atlantic Av con 5? % ’ 31. A&O
88 M
99%
99 %
83
Coll trust 5s 1946_______ J& D
Bklyn Bath&WE5s’ 33 A&O
98 %
99
Deb 5Ms Nov 1 1943 _M&N
99 % BklynUnGaslstcons5sg’ 45M&N
99M
105%
106
Conv 6s Aug 1925 _____ F&A
119
1st lien & ref 6s ’ 47 Ser AM&N
87%
119%
118%
88
Conv deb 7s 1932_____ M&N
87
117
Amerlcus Ltg 1st s f 6s '3 7 . A&O
95
Conv deb 7s 1929 ____M&N
118%
Anacos & Pot River R R — See W ash Ry & Elec Brownsville Ave— See Phila Co
92
92% Buffalo City Gas g 5s 1947.A&O / . . . .
Appalachian Pow 5s 1941.. J&D
166%
10 1%
102% Buff Gen Elec 1st 5s 1939. F&A
99%
7% gold bonds Aug 1 ’36.F&A
91
99%
Arizona Pow 6s '33 oot '13. MAN
92
98%
1st ref 5s April 1 1939____J&J
97
Arkansas L & P 1st 6s '4 5 .A & 0
100
Conv deb 7s 1925______ A&O
136M
90
92
1st 1 & ref 6s 1954_____M&S
Buff & L E T r 1st 5s 1936.M&N / 13M
I5M
Asheville (N C) Pow & Light—
1st 8 f g 5s 1942 o p t____A&O
95M
Ashland fWis) L, Pow & St Ry
83
1st M gold 5s 1939_____J&J
97
Associated G & El 5s 1939.J&J
96
Coll tr 6s 1941___________J&J
Atchison R y , Light & Power—
83
1st fls N ov 1935_______ M&N
Athens (Ga) R y & Electric—
80
1st & ref s f g 5 s '50 o p ’ 15 J&J
96
Athens Elec R y 6s 1931.A & 0
Atlanta Cons St R R — See Ga R y & El
Atlanta Gas Lt 5s g 1947. J&D
96M
Atlanta Nor R y— See Ga R y & El
Atlantic Ave R R — See Bklyn R ap Tr
__
Atlantic Elec 5s 1938____M&S
Atlantic City (N J) Gas—
78
1st g 5s Jan 1 '60 opt ’ 20. J&J
Auburn & Syracuse Elec R R —
38
1st & ref g 5s ’ 42 opt '1 2 . A&O
Augusta-Alken R y & El Corp—
Slnkfd g 5s Dec 1 ’ 35opt.J& D / 58
87
Augusta R y & El 5s ’ 40'. .J& D
Aurora Elgin & Chicago RR—
1st & ref g 5s 1946 o p t___J&J
A E & C Ry 1st g 5s ’ 41 A&015 / 74M
97
Austin G L 5s 1925________ Q^J
Balt & Ann S L— See M d El Ry
Balt Elec 1st g 5s 1947 g u . J&D
98 %
B alt Bar Pt& C hes— See Un Ry & E lec
Balt Traction— See Un R y & El
92
Bangor (M e) Pow 5s 1931.M &S
90
Bangor R y & El 1st 5s ’ 3 5 .J&J
Bar Harbor & Un River Pr Co—
90
1st & ref g 5s 1935______ M&S
92
Baton Rouge El Co 5s ’39. F&A
98
B ay Counties Pow 5s 1930 M&S
Beaumont G L 6s 1944____J&D
45
Beaver Val T r gen g 5s’ 53 M&N
97 %
Bell Tel Canada deb 5 s ’ 25 A&O
10 1%
1st 7s April 1925.......... .A & O
Bell Telep C o of Pennsylvania—
1st & ref 5s 1948 Ser B ..J & J
99 M
Binghamton (N Y ) L , H & P—
1st ref 5s 1946___________F&A
90M
62
Binghamt R y 5s ’ 31 op’ ll.M & N
Birmingham Elec Co—
97
1st & ref 6s 1954........... A&O
Birm Knox & A l—See Phila Co
Birmingham R y , Light & Pow—
82%
Gen ref g 4 Ms ’ 54 o p ’ 09. A&O
Ref & ext g 6s 1957 ___M&N
Birm R y & El 1st g 5s ’ 2 4 .J&J
Blackstone Val G&E 5s’ 39.J&J
99 M
5% gold notes 1926____M&N
Bleecker St & Ful Ferry— SeeN Y Rys
B loom D ec & Champaign—
1st & ref 5s 1940_______ M&N
80
Bloomington & Normal R y & L 1st & gen m 5s 1928........... J&J
93
96
B1 & N R y El & H 5s ’ 27. J&D
Blue Lakes Wat 1st 6s ’ 38. M&S
B oston El L 1st con 5s ’ 2 4 .M&S
99 M
84
B ostonE lev R v 4 s 1935 __M&N
Deb g 4 Ms Oct 1 1 9 3 7 ..A&O
86M
85
Deb g 4M s N ov 1941..M & N
90
D eb g 5s D ec 1942_____ J&D
93
West End St 5s 1932...M & N
92
5s M ay 1936________ M&N
90
5s M arch 1944_______ M&S
7s Aug 1 9 2 4 .............. F&A
100
78 Sept 1947________ M&S 113M
4 Ms July 1 1930........... J&J
91M
4s Aug 1 1932............. F&A
86M
102
6 Ms Feb 1927_______ F&A
55
B os & W ore St R y 4 Ms ’ 23.F& A
Bridgeport Gas Lt 4s 19 52.. J&J
89
Bridgeport Hydraulic Co—
1st M 5s 1944__________ J&D
102
Bway& 7thA veR R — SeeN Y Rys
Bway Surface R R — See N Y Rys
Bronx G&E 5s ’ 60 op aft’ 20. J&J
89
/T h is prloe includes aocraed Interest.




85%
98

83
98

79
41
___

76 %
99%
95
93
93

55
97%
102%
99 %
91
65
97%
83%
100
99.54
83

___

65
91
103

Bid.

Ask.

81
24

84
28

_ __ _

74 M
61
39M
42 M
____

75%
61M
40
43M
19M

50
101
98M
Rys
Light & Coke
97%
97%

98
99

____
101M
98
121
94
92
88%
101

94
91

ne Lt & Trac
Ter

95
97
City Elec San Fran 5s 1937.J&J
1st gold 5s 1942________ F&A
84
86
City & Sub R y— See Port (Ore)
Buri’ton (Vt) G L 5s 1 9 5 5 ..J&J
C ity & Sub R y— See Wash R y & i r
Burlington (la) R y & Light—
66
Clarion River Power Co—
1st s f gold 5s 1932 o p t . . M&S
64 M
____
98
103
Butte El&P l s t s f 5s’ 25-’ 51 J&D
1st M gold 6 Ms 1947____J&J
101M
81
Cairo R y & L 5s 1938 ____J&D
Clev El 111 1st 5s’ 39 od’ 2 4 .A & 0
99 M 100
Gold deb 7s 1941_______ F&A
107
California Electric Generating—
107M
____ Cleve Pains & East Con 5s '18—
l s t s f g 5 s ’ 4 8 o p a ft ’ 12 M&S
60
Ext at 6% to 1933___ A&O n 40
California Gas & Elec Corp—
99
Cleve R y 1st 5s 1931 op t_ M&S
_
Sink fund g 5s 1933 op t. M&S
96M
97 M
97% Cleve Southwest & Colum R y —
97 Vs
Unlf & ref g 5s ’ 37 o p s f .M & N
99
98%
1st gen con 5s 1927 o p t . . A&O / -----Cal Cent Gas & El 5s ’31.F&A
Clev&SW 1st 5s’ 23op’ 13.F&A / . . . .
California-Oregon Power—
' ____
Cl Ber Ely&Ober 5s g ’ 19. M&S / . . . .
1st & ref 7 Ms Ser A ’ 4 1 .. F&A 107 Vs 107%
99 %
Cleve Ely & West 7s ’ 2 3 .F&A
1st & ref 6s 1942 Ser B __ J&J
100M
Clinton (111) G & E 6s 1937____
88
Cal Pac R y — See Pacific Elec R y
86
Coast Cos L&P 1st 5s'46op F&A
88
Calumet & South Chicago R y—
67%
68% Colorado Power 1st 5s '53-M &N
1st M rehab g 5s’ 27 opv12 F&A
Columbia G & E 1st 5s ’ 27. J&J
99 X
Camden & Sub R y — See Public Service Corp
99 M
99%
Stamped________________ .
Canadian General E lec, Ltd—
99 M
104 Vs 105
98%
97%
Deb g 6s 1942 Ser A _ A&O
_
Debenture 5s 1927______ J&J
Canadian L & P 5s’ 49 op ’ 14.J&J r 71 J*
73M Columbia (S C) R y , Gas & El Co
83
86
1st M s f g 5s 1936______ J&J
Canal & Clalb R R — See N O Ry & L
80
85
Col Buckeye L & New— See Col Newark &Zanes
Canton-Akron Con R y 5s’ 33 J&J
99
97 %
Canton Elec Co 5s 1937..M&N
Columbus Delaw & Marlon Elec
75
80
82
81
Co 1st & ref 5s June 1937 . .
Cape Breton Elec Co 5s ’ 32. J&J
92
90
1st & ref 6s (stamped) 1937. _.
Capital Traction (Wash, D C ) —
97% Columbus (Ga) Elec & Power—
97%
1st g 5s June 1 1947_____J&D
60
63
101
6s 1947________________ J&D
Carbondale Ry 5s N ov ’ 33.J&J
97 %
96
Carolina Pow & Lt 5s 1938 F&A
97 M Columbus (O) G aslst 5sg’ 32J&J
101
1st & ref 6s 1953________ J&D
10 1M Columbus (O) Interurban TerCo
1st guar 5s 1935________ J&D
90
70
Cedar Rapids M fg & Power—
1st 5s 1953______________ J&J
98 M Col Lond & Sprlngf R v — See Ind Col & East
97 M
Columbus Newark & Zanesv—
Central Ark R y & Light Corp—
95
96
1st gold 5s 1924________ M&S f . . . .
l s t l s f 5s 1928 ________ M&S
Gen & ref gold 5s 1926. M&N / . . . .
Central Calif Trac 5s 1936. A&O
45
60
Col Buck Lake & New Trac
C e r t ific a t e s .._____ . . _
Cent Crosst’ n R R — See N Y Rvs
1st gold 5s 1921_____M&N / . . . .
Cent Dlst Telep 1st 5s ’43.J&D
Zanesv R.L&P 5sMar’ 24A&0
99M 100
Colum & 9th A v R R — See N Y Rys
Cent Ga Pow— See Ga L, Pow & Rys
98
93
97
96
Columbus (Ga) Pow 5s ’ 36. A&O
Cent Hud G & E 5s 1941
J&D
Columbus R y , Pow & Light—
Conv deb 6s 1925____ A&O 100
100
104
92
93
Conv deb 7s 1935____..J & J
1st ref & ext s f 5s 1 9 4 0 ..A&O
99%
R ef m tgegold 6s 1941_ J&D
_
Cent Illinois Lt 1st 5s 1943. A&O
91M
99%
93M
99
101
73
Col R y 1st 4s ’ 39 opt ’ 14 Q-J
1st 6s 1943 ____________A&O
74 M
106
109
Col St R y 1st 5s g 1 9 3 2 ..J&J
1st 7 M b 1943__________ A&O
90M
91M
92
90
Central Illinois Public Service—
Cross St 1st 5s g 1933. J&D
81
83
1st & ref gold 5s 1952____F&A
C om ’cial Cable— 4s g 2397. _Q-J
73 M
72 M
89 %
Cent Indiana Gas 5s 1931.M &S
91M Commonwealth-Edison C o—
1st g 5s June 1 1943____M&S
Deb 6s 1925__________ M&N
99 M 100
99 M 100
107%
108
1st g 6s June 1 1943____M&S
Central Indiana Power Co—
89
96%
1st M 5s 1953___________J&J
95%
1st & ref 6s 1947 Ser A ..J & J
90M
96% Com ’wealth El 5s June’ 43.M &S
100
98%
CentMainePow 5s’ 39op’ 19M&N
95M
105
Com ’ w ’th L & P 6s 1 9 4 7 ..M&N
106
83
87
1st & gen M 7s 1941____J&D
100
100
Sec 7s July 1925_______ J&J
97
1st & gen 6s 1942_______ J&J
98M
88
Central N Y G & E 5s 1941.J&J
Commonwealth Power C orp—
92 %
Central Pow & Lt 6s 1946. .A & O
91
S f g 6s M ay 15 1947 M&N 15
93 M
91%
82
91
80
1st 1 & ref 6 Ms 1 9 5 2 ._ .M&S
Gen & ref 5s 1939_____.J&J
90 M
Gen & ref 6s 1972 Ser B .J& J
88
CentralRy— SeeUnRy&El(Balt)
85M
Central Traction— See Phila Co
Commonwealth Power (M ich)—
Charleston Cons R y , Gas & El—
1st g 5s Dec 1 1924______ J&D
99 %
100M
Consol gold 5s 1999____M&S
84 M
85 M Compt Hts & M er Ter— See Un ited R y s
Ch’ s’ t’n City R y 1st g 5s 1923
75
80
Conestoga Trac 1st 4s 1950. J&J
102
62
Ext at 6 % to Jan 1938 J&J 100
Coney Isl & Bklyn R R 4s ’ 48J& J
58
Chattanooga R y & Light—
Consol gold 4s 19 55.. .J&J
55
74
76
72
lst& re f g5s 1 9 56op ’ 16.M&N
B C & N 1st cons 5s 1939. J&J
74 M
74
76
Chatt Rys 1st cons 5s’ 56M&N
Conn Light & Power—
1st & ref s f 7s ’ 51 Ser A . M&N
Ches & Pot Tel 5s ’ 29 op ’ 09.J&J
110
96M
111M
95
Ches & Pot Tel of Va 5s’ 43 M&N
99
100
• 1st & ref 5 Ms 1954 Ser B . F&A
Chicago Aurora & Elgin Corp
Connecticut Power 5s ’ 6 3 .A & 0
96M
98M
30
Deben 6s Apr 1972_____ J&J / 28
1st & coll trust 5s 1956___J&J
96M
98M
Chic Aurora & Elg R R —
7% notes Dec 1926_________
101M 103
84
Ref & imp 7s’ 47 SerA A&O
81
Conn R y & Lt 4Ms 1 9 5 1 ...J&J
84 M
85%
86
Chicago C ity & Connecting Rys
Stamped guaranteed optional.
50
C o llt r s f g 5s Jan 1 1927. A&O
51
Conn Ltg & Pow 5s ’ 3 9 .J&J
97
100
74
Conn Riv Pow 1st 5s 1937. J&D
Chicago C ity R y 1st 5s ’ 27. F&A
75
98
99 M
Chicago Elevated Railways—
Consolidated Cities L , P & T r—
41
5 % notes ext at 6% to ’ 19 J&J
38
1st lien 5s 1962 stm pd___J&J
70
68 *
____
7
Consol Gas of Balt 5s 1939.J&J
Deb 6s July 1924_______ J&J
5
99 H
Gen g 4M s Apr 1954...A & O
—
89 M

92

k

B on d s.
Chic Elev Rys (new co) w 1—
1st & ref 6s July 1 1963______
Adjustment 6s_________ __
Chic North Shore & Milw R R —
1st m tgegold 5s 1936____J&J
7% gold notes ’ 30 Ser A . J&D
6 %s gold notes 1926_ A&O
_
Chicago & Oak Park Elec R y —
Lake St El 1st 5s 1928 gu. J&J
Chicago Railways Co—
1st M gold 5s 1927 o p t..F & A
Cons M 5s Ser A Feb '27. A&O
Series B Feb 1927___ J&D
Pur mon 4-5? Feb ’ 27 o p . J&J
Adj inc 4s Feb 1927 o p t..M a y
Chic Sou Bend & Nor Ind R R —
1st gold 5s Jan 1 1 9 3 7 ...J&J
Chippewa Power 6s 1947 J&D
Chris & 10th Sts R R — See N Y
Cicero Gas— See Northwest Gas
Cincinnati Gas & Electric—
1st & ref 5s 1956 Ser A . . A&O
Pr l&ref M 5 %sJan’ 61B.A&0
Cincinnati Gas Transportat’n—
1st 5s 1933 guar op 1913.J&J
Double g u a ra n tee________
Cin N ew porf & Cov L & T r—
1st ref 6s 1947 Series A ..J & J
So Cov & Cine 6s 1932_ J&J
_
Cities Service Co—
Conv g deb 7s ’ 66 Ser B J&J
Series C __________________
Series D . . .
______ _____
Citizens’ Gas (Indianapolis)—
1st & ref gold 5s 1942____J&J
Gen & ref 7s 1927_____ M&N
Citizens L,H&P (Johnst’ n, Pa)
1st g 5s 1934 opt 1914. .M &N
Citizens’ R y & Lt— See Muscat!
Citizens St R y— See Ind Trac &

Last sale,

n Nominal,

r Canadian price.

PUBLIC UTILITY BONDS

J une, 1924.]

37

N O T I C B .— A l l b o n d p r i c e s a r e “ a n d I n t e r e s t " e x c e p t w h e r e m a r k e d “ ( " a n d I n c o m e a n d d e f a u l t e d b o n d s .

B on d s.

Bid.

Ask.

B on d s.

Bid.

Ask.

B on d s.

Bid.

Ask.

86
Consol Gas, Elec L 4 P (Balt)—
991/
Eastern Pa R ys 1st 5s 1936.J&J
89
Hart M an & R ock 5s 1924.A&C
—
94 %
Eastern Tex El C o 5s ’4 2 .M & f
88
79^
Gen g 4 ^ 8 Feb 14 1935.-J&J
Hart St R y — 1st g 4s 1930.M&S
112
98
1st ref s f 7s 1931 Ser C.A&C
7% conv g notes 1 9 2 5 ..M&b
Harwood El 5 s ’ 39 o p ’ 14 . J&,
10714
1st ref 6s 1949Series A ..F & A
103 %
103% Eastern Wisconsin Electric Co—
1st & ref s f g 6s r42 o p . IVi&
S 103
107
85
1st ref 6% s 1951 Ser D ..A & C
107%
ls t& re f 5s 1947________ M&S
88
Havana Elec R y L & Power—
100%
82
83%
1st ref 5% s 1952 Ser E ..M & S
100%
90
Sheboygan Elec 5s 1946 .J&J
Gen M 5s 1954 ser A
M&S
90
93
East Bay Water 5% s 1946.J&J
98
92%
Consol Gas N J 5s g 1936. J&J
93%
Havana Elec R y 5s 1952. F&A
105%
105% Helena L& Ry 1st 5s ’ 25 op M&S
92
85
Un & fef 7% s ’ 36 Ser A M&S
91
1st ref 5s 1965_________ A&O
Consolidated Gas (N Y )—
Un & ref 6s 1942 Ser B M&S
99%
99% Hest Man & Fair Pass R y — See Phila R T
East Penn Elec Co—
Underlying cos— See N YG EL H & P
Home Telep & Teleg (Los An94%
95
99
1st M & ref 6s 1953_____ J&J
96
Consol Ltg Co (Vt) lst5s’ 26 J&J
98
geles, Cal) 1st 5s 1933. J&J
Consol Pow & Ltg—
East St Louis (Ills) Lt & Pow—
93%
94
1st refg 5s 1945. _____ J&J
1st 5s 1940_____________ J&D
1st & ref 1 6% s 1943____M&S
98
Home Tel & Tel of Spokane—
9714
96%
97%
East St Louis & Suburban Co—
Consol Pow & Light (W Va)—
1st M g 5s M ay 15 ’36M&N 15
98
30
100
Coll trust g 5s 1932 op t. A&O
78
28
78% Hortonla Power 5s 1945. _ F&A
1st M & ref 6s 1943_____M&S
50
Alton Granite & St L Trac—
Houghton Co (M ich) El Lt—
Con Ry(N ew H av)deb 4s’ 54.J&J
4914
62%
96
98
50
1st cons gold 5s 1 9 4 4 ..F&A
63%
Deb 4s 1955_____________ J&J
1st g 5s Jan 1 1927 o p t..J & J
4914
49
50
25
Ctfs of deposit. .
63% Houghton Co T r 1st 5s ’37. J&J / 15
D eb 4s 1955___________A&C
49% Easton Cons El 5s 1 9 4 9 ..M&N
99
100
Deb 4s 1956 guar ______ J&J
Hous El 5s 1925 op 1 9 1 0 ..F&A
4914
Cons gold 4s 1930. . _F&A
69%
73 (Economy Lt & Pow (Joliet, 111)
96%
Hous Home Telep 5s 1935.M&S
94
Cons R y & Pow (Salt Lake)— See Utah L & R y | 1st M a f gold 5s 1 9 5 6 ..-J&D
97
Houston L & Pow 5s 1931. A&O
(E lisou Elec Ilium of Boston —
87
89
Cons T r(N J) — SeePubServCorp
1st lien & ref 5s 1953. .M&S
96
98
97 1 9 9 %
Con W at of Utica — 1st 5s’ 30J&J
5 % % gold notes 1 9 2 5 ..J&J 15 100%
1st 1 & ref 6s 1953 Ser B .A & O
96
Edison Elec 111 (B klyn) See K ings Co E L & P
93
2d M tge 5s Jan 1 1930.. J&J
1st 1 & ref 5% s ’54 Ser C M&S
94%
lEdlson El 111 (N Y ) See N Y G
Consumers El L&P (New Orl)—
95%
Hudson Co Gas 5s g 1949. M&N
1st M 5s 1936___________J&J
90
Hydraulic Pow of Niag Falls—
91% Edison Elec Co (Lancaster)—
1
Refunding 5s 1943 . . F&A
100
Consum L , H & P Co (E liz, N J)
1st & ref 5s 1950________ J&J
99%
Eighth Ave R R — See N Y Rys
93
98%
5s 1938________________ J&D
R ef & impt 5s 1951_____A&O
99%
Elec & Peop— See Phila Rap Ti
92%
Consumers Power Co (M ich)—
Idaho Power 1st 5s 1947. _ _J&J
91%
1st & ref g 5s 1936 op ’ 16. J&J
98% |Electrical Securities Corp—
1st lien gen M 8s 1930 ..J& J
103
105
9714
lstl& u n if 5sSerC 1952.M&N
Coll tr g s f 5s 1935 o p t . . F&A
88%
88%
105
First lien gen M 7s 1947 .J&J 102
95% Eliz Plainf & Cent J lSee Public
1st 1 & unif 5% s 1 9 5 4 ...M&N
94%
95%
111 Bell Telep 1st 5s 1 9 5 6 ..J&D
95M
Eliz < Trenton R R 1Serv Corp
fe
86
Continental Gas & Electric—
Illinois Cent Trac 5s ’ 3 3 ..J&D
98
98% Elmira Water, Light & R R —
1st lien coll tr 5s 1 9 2 7 ..M&N
Illinois El Pow 1st 6s 1943. A&O
97%
100
87
93
1st & con g 5s 19 56..
M&S
89
Illinois Power & Light Corp—
R ef 6s 1947_____________ A&O
93%
El Paso El Co coll trg 5s’ 32.J&J
95
Crosstown St R y — See Col Ry & Lt
1st & ref 6s, 1953 Ser A . A&O
97,%
98%
7% notes 1925____
...J & J
Cross St R y — See Int Tr (Buff)
100
101
Deb 7s 1953____________A&O
Empire District Electric Co—
Cuban Telephone Co—
Illinois Power 1st 5s, 1933.J&D
85
87
1st 5s 1949_____________ M&N
107
83%
85%
106
1st 7s 1936____________J&D
98
100
1st lien & ref 7J4s 1941..M & S
Empire Gas & Electric Co—
Cumberland Co (M e) Pow & Lt—
Illinois Northern Utilities Co—
89
91
Gen & ref 6s Ser A 1952. J&D
96
1st & ref gold '5s 1942 ..M & S
98
1st & ref 5s 1957 opt
.A&O
81
83
96% empire Gas & Elec and Empire
Illinois Valley R y 1st 5s’ 35 M&S
Cum b’landT' & T 5s 1 9 3 7 ..J&J
91
9514
Coke jt lst&ref 5s ’ 41 op. M&S
87
89
Cuyahoga Telep 1st 7s ’ 4 1 .J&D 104
Indiana Columbus & E Trac-1
Empire Gas & Fuel—
Dakota Central Telep Co—
9
Gen & ref g 5 s ’ 26 o p ’ l l M&N /
5
1st M s f 6s 1926_______ M&N
103%
104
Col Lon & S prin g 5s *20 A<VO
1st gold 6s 1935________ J&D
99
101
18
97 %
100
Ist&refconv 7% s’ 37SerAM&N
89
89%
Dallas Gas 1st 6s 1941____A&O
Dayt Spgf & Urb 5s ’28 M&N
40
50
97
100
100
Indiana Electric Corp—
Dallas Pow & Lt 6s 1949 . . .J&J
101% E iiiit O & E Utica 5s 1942 A&O
92
Equit 111 Gas, Phila, 5s g ’28 J&J 103%
1st g 7)4s 1949 Ser B ____J&J
1st M 6s 1947 Ser A . ..M & N
90
E ie El M o to r s ! g 5s 1951. A&O
87
1st g 5s 1952 Ser C ______ J&J
90
1st M 6% s 1953 Ser B ..F & A
94
96
E le Ltg 1st M 5s 1967____A&O
91
92
76
Danv St Ry&L Co 5s’ 24-25.J&J
Indiana Ltg 4s 1958 op ...F & A
E 1e & Suburban Rv 5s ’ 41. A&O
75
80
D arby M ed & Ches R y — See Phi la R Tr
Indiana & M ich El 5s 1957. F&A
Evansv G&EL 5s’32 op ’ 12 J&D
94%
96
Daytona Pub Serv 7s ’ 42 . J&J
Indiana Nat Gas & O— See Peop les G L & Coke
9614 100
97
Excelsior Springs W at, Gas & El
Dayton (O)Gas5s’3 0 o p ’ 15-M&8
Indiana Power 6s 1944.. M&N
88
89%
9514
9714
99
•t M 6s 1932 o p t____.J& D
1st lien 7% s 1941 ser A . M&N
102%
Dayton Ltg 1st 5s’37 o p ’ 12.M&S
100
96
Filrm ont & Clarksburg Trac’n
Dayton Pow & L 1st 5s ’ 41 .J& D
9514
1st 1 & gen 6% s’41SerB M&N
97
99
92
■t V 5a 1938 out 1913...A & O
D ay Sp & Urb— See Ind Col & E
91
99
101
8% conv notes 1924-25 A&O
Defiance (O) G&E 5s 1942 M&S
Federal Light & Traction—
91
93
Indiana R y & Lt 1st 5s ’ 43. J&J
iSt 8 f g da 1942 o p t _ M&S
_
83%
85
Delaware Co & Phila— See Un P & Tran s
Indiana Service Corp—
1
102
Delta L & Tr 1st 6s 1934_______
1st lien g 6s 1942 stpd.M & S
95
95%
98
1st & ref m 5s Jan 1 1950 J&J
86
84
102%
Denver C ity Tramway—
Conv deb 7s 1953 Ser A . M&S 101%
Adjustment mortgage_____ __1/ 67
68%
42
44
1st & ref g 5s 1933op s f.M & N
Fed St & Pleas Val— See Phil Co
Indiana Union Traction—
82
PIint Gas 5s 1924________ M&N
80
100%
Con Tram con g 5s 1933.A & 0
99%
1st g 5s July 1 ’ 33 op ’08 A&O
23
33
96
95
Ft Pitt Traction— See Phila Co
Denv Gas & El 1st g 5s’ 49.M&N
45
Indiana Nor 1st g 5s ’33. A&O
38
87
87% Ft Smith Light & Traction—
1st & Ref 5s 1951_____ M&N
Indianap Columbus & Sou T r—
1st M g 5s M ar 1 ’ 36 opt M&S
82
107
78
Gen M 714s Ser A 1946. M&S 105
1st MTg 5s Feb 1 1 9 4 8 ...F & A
Ft W Van Wert & Lima Trac—
Denver Tramway Power Co—
Indianapolis Gas 5s 1952..A & O
88%
89%
1st imp g gu 5s’ 23 op’ 08. A&O
1st M g 5s 1930 guar____J&J / . . . .
96
99%
Indianap L & H 5s 1940..A&O
96
Ft Worth Pow & L 5s ’ 3 1 . . F&A
97%
Ext at 6% to 1924________ n 94
98% Indianap & Martinsv Rap Tr—
Denver Tramway Terminals Co
42i St M & St N A v — See Third A ve Ry
55
1st g 58 1923 o p t _______ J&J
1st M g g u 5s 1924-40...M & S n 74
90
F ra ik f Tacony & Holmesb R y —
Indianap New Castle & East—
1st gold 5s July 1940____J&J
45
35
1st 6s 1932................................
Derry (N H) Elec 8s 1951.M &S
98>4
Ga'esburg R y Ltg & Power—
Des Moines & Cent la Elec Co—
Indianapolis Northern— See Uni on T r o f Ind
97
99
Con 5s Oct 1934________ J&D
90
88
Indianapolis & Northwest Tr—
S F 6s 1937 opt Ser A ...M & S
87
92
S F 5s 1937 opt Ser B ...M & S
Galesb R y & L 5s 19 34.. . .
89
42
1st g 5s 1923 ext to 1933. M&S
40
97
Galv Elec Co 1st 5s ’ 40 o p . M&N
Des Moines El 5s 1938. M&N
80
83
Indianapolis & Southeast Trac—
9514
76
78
Galveston-Houston Elec R y—
Des Moines City R y 5s ’ 36. J&J
1st M g 5s 1935________ J&J n 25
1st M s f g 5s 1954o p t_ A&O
_
79
Detroit C ity Gas Co—
81
Ind Shelby & S E 5s 1932. J&J n 30
1st M 6s 1947 Series A _ J&J
_
101
100%
Gas&El of Bergen Co ~5s’ 49. J&D
95%
Indianapolis Trac & Term Co—
96
97%
'en 5s N ov 1 1954 ___ M&N
Det & Sub Gas 1st 5s’ 28.J&D
88
1st s f gold 5s Jan 1 1933.A&O
88
90
General Gas & Elec Corp—
Detroit Edison 1st g 5s ’ 33.J&J
62%
67%
Indianap St gen 4s 1 9 3 3 ..J&J
10014
98
S f g 7s 1952 Ser A _____ M&S
1st A ref 5s July 1 ’ 4 0 . . M&S
98
100
Citizens"’ St con 5s g ’ 33. M&N
83
86
9714
106
Gen Gas& El Co 5s 1932 J&J
82
lst&ref 6s July ’40 Ser B.M &S
84
Indianapolis Water—
105%
10754 108%
Gold 5s 1925 ________ J&J
Conv deb 8s /a n 10 1931.J&J
99
100%
90%
1st & ref g 4%8 1940 op t.J& J
91%
Gold 6s 1929 _______ M&S
105%
94
97
Conv deb 7s Jan 15 ’ 28 J&J15 104
1st lien & ref 5 % s 1953. .M & S
98%
97%
105%
Inc 7s Oct 1 1934____ApT
Conv deb 7s Feb 1929 . F&A 104
89
91
Interborough-Metropol Co—
Conv deb 7s M ch 1930 .M&S 104
105% Geor Row & Ips— See Bos & N ot St R y
14
Coll trust g 4 %s 1 9 5 6 ... A & O / 10%
Georgia Light, Power & Rys—
Conv deb 6e D ec 15 1932 J&D 103
104
Guar Trust certif of d ep _ f
_
9
5%
Oet United 414s 1932 opt.J& J
1st lien s f g 5s 1941 op t.M & S
90%
78
81
10
Stpd asst’d & 16% su b s.. f
89%
7
CentG aPow 5s’ 38opt’ 13M&N
1st M s f 8s 1941_______ F&A
88
90
107%
Stpd as del of 16% sub. f
106%
1%
D e tR y 1st 5s 1924______ J&D
Georgia Ry & Elec 6s‘ 1932. J&J
96
96%
Stpd as to del on surrenRefg & lmpt g 5s ’49 s f ..J& J
Det Ft Wayne & Belle Isle—
86
87%
der of 60% of b o n d s .. f
1
%
Atlanta Cons St 5s 1939. .J&J
1st g 5s Apr 11928____A&O n 94%
96%
97% Interborough Rapid Transit—
Det M)on & Tol Short Line R v
Georgia Elec Lt 5s 1930. .J&J
60%
96
1st & ref g 5s ’ 66 op tax-ex J&J
60
82
1st M g 5s Jan 1933...J & J
86
Atlanta Northern R y Co—
S tam ped__________________
59%
59
1st guar 5s ’ 54 op ’ 9 0 ..J&J
Det & Pontiac—
6% notes 1932 ________ A&O
60
58%
Georgia Railway & Power—
Cons g 414s ’ 26 op ’ l l . J&D n 93%
Conv g 7% notes 1 9 3 2 ..M&S
82%
82%
Det & Pt Huron Shore Line—
1st & ref s f 5s 1954 opt . A&O
87
87% Internat’l Railway (Buffalo)—
Cen M 6s 1947(1922 Ser) A&O
1st gold 5s 1950______ J&J
55
65
97%
Buff R y 1st coriM5sg’31.F&A
82
98%
80%
Det Ypsil Ann Arbor & Jack—
Gen M 7s 1941________ M&N
Cross St R y 1st 5s g r32. M&N
101%
103
80
81
1st gold 5s 1926______ F&A
96
Grand Rap Gr Hav & Musk Ry
97
Buff Bell & Lan 5s 1927. J&D
92
88
1st g 5s July 1 1926_____ J&J
D Y & A A Con 6s 1924. . F&A
99
Buff & Lock 1st g 5s 1938.J&J
98%
98%
63
67
Dominion Pow & Transmis’n—
Grand Rapids R y—
Buff & Niag Falls Elec R v—
1st 5s 1932_____________A&O
92
94
1st s f 7s 1939_________ M&N
98%
99%
1st M 5s gold 1935____J&J
75
80
J u E B i b R R — aee ThirdAv R y
Gt Falls Pow 1st 5s '40 o p . M&N 100
105
Intem at R y ref 5s’ 62op M&N
56%
55%
Duluth-SuperioT Traction Co—
Great Lakes Power, Ltd—
Interstate El Corp 6s 1933. M&S
88
87
Duluth St R y 1st g 5s’ 30 M&N
1st M 6s 1925-1944____M&N
90
91
97%
100
Deb 7s 1932____________J&D
Gen M 5s 1930______ M&N
Great North Pow 5s 1935. F&A
83
85
94%
97
Interstate Rys— Coll trust g 4s
Duquesne Light— See Phila Co
Great West Pow 5s 1946 op.J& J
93%
1943 opt 1913_________ F&A
48
45%
"'unuesne Trac— See Phila Co
Conv deb 6s 1925 _____ M&N
100% Iowa Ry & Lt (Cedar Rapids)—
100
1st & ref 6s Mar 1 9 4 9 ...M&S
Eastern Connecticut Pow Co—
100
1st & ref 5s 1932 op ’ 15 M&S
92
94
98
92
1st M s f 5s 1948 Ser A . _A&O
Conv 8s 1936.. . _____ F&A
93%
108%
108% Ironwood & Bessemer R y & Lt
1st & ref 7s 1950 Ser B ..J & J
1st s f g 5s ’ 36 op aft ’ 15. F&A
Eastern Mass Street R y Co—
103%
Greenwich Tram 1st 5s ’ 3 1 .J&J
Serial ref 6s Jan 1925-1929...
99
70
Jackson Consol Tr— See M ich E ec R y
75
Hackensack W at 4s’ 52op’ 12J&J
63
Jackson(M ich)Gas 5sg ’ 37.A&0.
92
Ref M 414s 1948________ J&J / 61
81
96
Ref M 5s 1948___________J&J / 66
Hagerstown & Frederick R y —
69
Jackson (Miss) Public Service—
1st & ref 6s 1944
____A&O
Ref 6s Jan 1948 SerC M&S15
77%
92
93
1st M 6s 1934_________ A&O
84%
86
Ref 6s Jan 1948 Ser D .A& O
Harrisburg L & P 5s 1952. F&A
77%
94
1st mtge 7s 1 9 3 4 . . ....... ..........
93
96
95
Ref 6s Jan 1948 Ser E .M & N
77%
Jacksouv(Fla)Gas s f 5s’ 42.J&D
67
71
Lynn & Bos 1st 5s g ’ 24 J&D
94
98
Jacksonville T r 1st 5s ’ 31. M&S
80
75
Jacksonv El 5s ’ 27 opt . M&N
80 ,
85
Jacksonv (111) R y & L 5s’ 31. J&J
86 1

i
* T h is p r ic e In clu d es a c c r u e d In te re s t,




k L a st s a le .

» N o m in a l.

1 In L on d on ,

r C a n a d ia n p r ic e ,

s S a le p r ic e .

38

PUBLIC UTILITY BONDS

[Vol. 118.

N O T I C E .— A l l b o n d p r i c e s a r e " a n d I n t e r e s t ” e x c e p t w h e r e m a r k e d “ f ” a n d I n c o m e a n d d e f a u l t e d b o n d s .

B o n d s.

Bid.

Ask.

B onds.

Bid.

Manitoba Power Co Ltd—
Jersey Central Pow & L Corp—
98
96
1st s f 7s 1941 Ser A ____M&N r 98%
1st 1 s f 6*$s 1948 Ser A . M&N
99
97
Man’frs Wat (Pa) 5s 1939.J&D
97
Conv deb 7s 1933. . __M&N
99
97*$
6*$% notes Dec 1 1926 _M&S
Marion (O) Water Co—
Jer City Hob & Pat— See Publi< Service Corp.
95
1st mtge 6s 1943 _
_
J&D
Market St Elev Pass R y — See Phila R
Johnstown (Pa.) Traction
67
63
Market St R y (San Francisco)—
1st & ref 5s July 1943_ J&D
_
40
Joplln&PlttsRy lst5s’ 30 op MAS
30
1st s f 7s 1940 ser A ____Q-J
95
90
94
M aryl’d El R yslst gu 5s’ 31A&0
Kankakee(Ill)G & E 5s’ 30.M & S
100
97
Kan City Gas 1st 6s 19 42.. F&A
101*$
1st & ref 6*$s 1957 Ser A J&J
Kan City Kaw Val & West R y —
60
Balt & Ann S L 5s 1946.F&A
85
70
96*$
1st M 6s Aug 1924____F&A
Massachusetts Gas 4t$s’ 29.J&J
100
94*$
K C Long Dls Tel 5s 1925..J&J
99 %
Deb g 4*$s Dec 1931___ J&J
99*$
Kansas City Power & Light—
5% notes Apr 15 1 9 2 7 ..A&O
92%
92*$ M cG avock & M t Vernon— See Nash R
1st M 5s 1952 Ser A ____M&S
Kansas C ity Railways—
Memphis Power & Light Co—
55
1st M 5s July 7 1944____J&J / 54
90*$
1st & ref 5. 1948 Ser A ..J & J
17
2d M 6s July 7 1944____J&J f 10
101
1st & ref 6s 1948 ser B ..J & J
17
74
2d M 5s July 7 1944____J&J / 16
Memphis St R v con g 5s’ 45.J&J
92
Coll gold notes 7s M ay 15
Meridian Lt & R y 5s ’ 44. M&S
67
1921______________ M & N lf / 66
M etropolitan Edison C o—
97
95
104*$
Kansas Elec Power 6s 1937. J&E
Ref *&Imp 8s 1935 Ser A M&N
97
100
95
1st & ref 6s 1952 Ser B ..F & A
6s 1943________________ _J&D
___
89*$
Kansas Elec Util 5s 1925.A&C
1st & ref 5s 1953 ........... .J&J
95?$ Metropolitan Power—
95 *$
Kansas G & E 6s 1952____M&8
87
97
Deb g 6s 2022 Ser A ____M&S
85*$
1st 6s 1953 ser A . ____J&D
Kentucky Traction & T erm ’l—
Metropolitan R R — See W ashRy & Elec
72
74*$ M et St R y — See N Y Rys
1st & ref gu 5s ’ 51 opt ’ 14.F&A
____
87*$ M etropolitan West Side “ L ” —
Lexington R y 1st 5s ’ 40J&E
66?$
K ey System (San Fr-Oak Term)
1st gold 4s 1938 _______ F&A
64*$
1st m 6s
______ .
97*$
Exten gold 4s 1938
J&J
R ef 5s 1938
M jxican El L 1st M g 5s’ 35.J&J r 53
75'%
84
83*$
M -t Lt & Pow 1st 5s’ 33 sf F&A r 55
Ref 6s 1938
41
71
78*$ M ich Elec R y 5s 1948 . . J&J
K ey System Securities 6s
80
78*$
Key Tel 1st g 5s '35 op '08 J& j
Jack Cons Trac 5s 1934.M&N / 40
98*$
Kings Co E L & P 1st 5s’ 37 A&C
93*$
99*$ Michigan Light 1st 5s 1946.M&S
Purch money 6s g 1997. .A & C
92 M
112*$ H3*$ Michigan Nor Pow 1st 5s’ 41 J&J
89*$
Edison El 111 Bkln 4s ’ 39.J&J
Michigan R R 1st 6s 1924.M&N
Kings Co Eley R v— See Bklyn R ap Tr
M ddlesex Water Co (N J)—
Kings Co Gas&Ill 1st 5s’ 40.A & 0
Consol M 5s 1 9 5 0 . . ___F&A
96
79
100*$
M ddle West U 6s Jan 1 ’ 25 A&O
Kings Co Ltg 1st ref 5s ’ 54.J&J
100?$
104*$
99%
1st ref 6*$s 1954________ J&J
3% gold notes 1935____M&S
107
86
83
8% gold notes 1940____J&D
.Kingsport Utilities 6s ’ 37 A&O
107
90
95
1st 7s 1937 Series B
A&O
3% gold notes 1 9 4 1 _____ __
99
98
MllvaTe Etna & Sharps— See P hila Co
K lntoch Lg Dist Tel 5s’ 29.J&J
102*$ M lwaukee Coke & Gas Co—
102
Kinloch Teleph 6s 1 9 2 8 -..F & A
101*$
74
77
1st M s f 7*$s 1933_____F&A
K noxv Gas 1st 5s’ 33 o p ’ 13 A&O
99?$
M lw El R y & Lt 5s 1 9 2 6 ..F&A
K n oxville Railway & Light—
92*$
87
87*$
Ref & ext 4 *$s g ’ 31 o p t..J & J
R ef & ext 5s 1946 o p t___J&D
94}$
93
96
Gen & ref g 5s 1951 op t-.J & D
Knoxville Trac 5s 1938 A&O
83*$
1st & ref 5s 1961 Sef B .J& D
Lackawanna & W yo Val R T —
95?$
94
1st & ref 6s 1953 Ser C.M &S
Coll trust 5s 1951______ FA-.fi
95*$
95
MIlw Light, Heat & Trac—
Laclede G L ref 5s 1934 ..A & O
97
93*$
1st g 5s gu 1929 op t..M & N
93%
ls t M c o lt r 5 * $ s ’ 53SerC F&A
96?$
M lwaukee G L 1st 4s ’ 27. M&N
Lake Roland Elev— See Un Rvf & Elec
M lwaukee Northern R y—
Lake Sh Elec 1st con g 5s’ 23 J&J
91
60
55
1st 5s Apr 19 31.. _ .
A&O
G en gold 5s Feb 1 1933. F&A
80
75
M nn Anoka & Cayuna R ’ge R R
L or & Clev g 5s’ 27 o p ’ 17.J&J
____
1st 5s, 1935____________M&N
Sand Frem & Bo 5s 1936 J&J
85
Mlnneap G L 5s Feb '3 0 ..M & S
T o l Frem & No B*$s’ 25.J&J
99
Minn Gen El 1st 5s ’ 34 op.J& D
Lake St Elev R R — See Chic & O akPkEl ec Ry
98
Mlnneap St Rys— See Twin City Rapid
93
Laurentian Power 6s 1936.J&J
97
Minnesota Power & Light Co—
Laurentlde Pow 5s 1946. J&J r 95*$
94*$
First & ref 6s 1950_____M&N
99*$ 100*$
Lehigh PowSec 8% notes’ 27F&A
Mississippi Power & Light —
Lehigh N av Elec 6s 1943.J&J 102
93
1st & ref 6*$s 1943 Ser A J&D
Lehigh Valley Transit—
94?$
95
Mississippi Rlv Pow 5s ’ 51-J&J
93%
1st M g 5s'Dec 1935opt.M & S
102
8 f gold deb 7s 1935____M&N
82 %
1st M g 4s Dec 1935 opt.M & S
__ M ississippi Valley Power—
Cons g 4s 1 9 3 5 ...
...J & D
76%
1st M 6s 1947_______ .M&N
79
78
R ef & impt g 5s 1960 _.J& D
___ Missouri Edison El 5s ’ 2 7 . . F&A
99
92
Leh Val L & P 5s 19 43.. A&O
84
M obile Elec 5s ’ 46 op ’ 1 0 .M&N
Lexington Ave & Pav Fer— See N Y R y s
98
M obile Gas Imp & ref 7s ’ 51 J&D
Lexington (K y) R y — See K y Tr & Term
72
M ob Lt & R R 1st g 5s ’ 37. J&D
Lincoln Gas & El 5s 1941. J&D
72
Cons g 5s 1941_____ .M & S
(St Lo uis)
Lindell R y— See United Rys
M onongahela St R y — See Phila Co
93
90
Little R ock G & F 6s 1937.M&N
M jnongahela Valley Traction—
96*$
Little Rock R y & El 5s ’33. A&O
84
1st M g 5s 1942 opt 1922. J&D
99
98?$
bURef & ext g 6s 1938_____ A&O
Lockport & Olcott R y — See int T rac(B uffalo) Monongahela-West Pa P S C o—
95*$
1st lien & ref 6s 1928_ F&A
_
93
90
Lockport L, H & P 5s 1938 J&J
98*$ Montpelier & Barre L & P Co—
97%
Long Isl Lighting 5s 1936. M&S
b
6*$
1st ref 5s 1944_________ A&O
100*$ 102
1st ref 6s 1948_________ J&J
Montana Power—
Lorain & Clev R R — See Lake Sb Elec R y
96*$
1st & ref s f 5s’ 43 op ’ 18. J&J
Los Angeles Gas & Elec Corp—
M mtreal L t. Ht & Power C o—
97*$
' 1st & ref g 5s 1939 o p t.-M & S
93
lst& colltrg 4*$s’ 3 2 op ’ 12J&J
Gen & ref g 7s 1926 Ser A. M&S 10 1?$:
95*$
Gold 5s 1933 o p tl9 1 3 .. .A&O
103?$ 104*$
G en & ref g 7s ’31 B & C J&D
98?$ M mtreal Tramways—
98%
89*$
1st & ref g 5s 1941 o p t— J&J
91?$
91
Gen & ref 5*$s 1 9 4 3 ...M&S
Phila
92*$ M >rningslde Elec St R y — See
92
Gen & ref 5*$s ’ 47 Ser E J&D
98?$ Mountain Home Telep Co—
98*$
Gen & ref 6s 1942 Ser G M&S
94
Gen 5s 1938 __________ J&J
98
Los Ang G & E 5s 1934. J&J
M ountaln States Power Co—
Los Ang Pac Co— See Pac El Ry
82
1st & ref 5s 19 38.. . ___J&J
c Ry
Pac Ele
Los Angeles & Pasadena— See
M t Wash St R y — See Phila Co
Los Angeles R y Corp—
____
Mancie El L 1st 5s’ 32op’ 12..T&J
78
76
1st & ref s f g 5s 1940____J&D
M ancie Hart & Ft Wayne Tr—
91
Los Ang R y 5s 1938___ A&O
25
1st 5s g 1935 opt 1925_ J&J
_
Los Angeles Sub Gas Corp—
M uncle & Un C ity Tr Co— See Un Tr
100
97
1st lien coll trust 7s 1938.M&S
Municipal Gas (Albany, N Y )—
Louisville Gas & Elec Co—
103*$
1st M 5*$s 1952 Ser A ..A & O
89
1st & ref 5s 1952 Ser A .M & N
89*$
Municipal Gas & Elec, Roch—
Louisville Home Telep.
____
1st M g 4*$s 1942 op ’ 12. A&O
100*$ 101
1st 5s ext 7 % 1925........... J&J
____
Munic Service 5s 1942____M&S
96
93
Louisv Ltg 5s’ 53 unstm pd. A&O
____
M iskegon Tr & Lg 1st 1931 M&S
80
Louisv R y con M 5s g ’30___J&J
77
Muskogee Elec Tr 5s ’ 3 4 . . M&N
74
72
2d mtge 4*$s 1940.......... M&S
N ashvllle Railway & Light—
73
Gen M 5s 1950_________ F&A
91
Cons g 5s 1953 opt 1908.J&J
Louisville W ater— See under Lo uisville p. 50.
78
Ref and ext gold 5s 1958.J&J
Luzerne Co (Pa) Gas & Elec—
99
Nashville St R y 5s 1925..J&J
96
95
1st ref&impg5s’ 48op’ 13-A & 0
M cGavock & M t Vernon—
102*$
102
Gen & ref 7s 1947.1____M&S
100
Summer St lstM 6s’ 28.J&J
93
Lykens Val L & P 6s 1945.M&S
91
100
2d series 6s July 1937. .J&J
Lynn & Bost R R — See Eastern Mass S t R y
Nashville Gas & Heating Co—
82
M acon R y & L 1st 5s ’ 5 3 ..J&J
92
1st M gold 58 1937____M&N
Madison Co (Ills) Lt & Power—
Nashville Water 4s 1928...J & J Basis
90
1st g 5s 1936____________ J&D
98*$ Nassau El R R — See Bklyn Rap Tr
97*$
M ad R ivPow lst5s’ 35gu op-F&A
98*$
57?$ Nassau Lt & Pow 1st 5s’ 27 A&O
57?$
Manhattan El con 4s g ’ 90. A&O
78
49*$ Nassau & Suff Ltg 5s 1945. F&A
47?$
2d g 4s 2013____________ J&D
98*$
Manila Elec Co 7s 1942. _M&N
98*$
M anila Electric Corp—
Manila Elec R R & Ltg Corn
84
1st lien & col tr 5s’ 53.M&S
83
|
Manila Sub R yslst5s 1946. M&S

• B aa la .

/ T h is p r ic e I n c lu d e s a c c r u e d in t e r e s t ,




t L a s t s a le ,

n N o m in a l,

Ask.
98*$
100
Tran
100
95
100
65
97
95
99*$
y & Lt
91*$
102*$
75
96
100*$
97*$

65

B on d s.

Bid.

National Light, Heat & Power—
100
Coll trust 7s 1924 Ser C ..J & D
101?$
Coll trust 7s 1928 Ser B . J&J
92
Cent Ind Ltg 5s 1927. . M&N
85
CityG&E (Paris ,111) 5s’ 35 A&O
Jerseyville 111 5s 1 9 3 5 ... F&A
90
Pana Gas & El 5s 1 9 3 5 .. J&D
85
Nat Pow & L in e 7s 1 9 7 2 ...J&J
95*$
95
Nebraska Power 1st 5s ’49. J&D
1st M 6s 1949___________J&D
101
Deb 6s 2022 _____ _____ M&S
86*$
Nevada-Calif Elec 6s 1946.J&J
93
1st lien 6s 1950 ser B
.A & O
Nevada-Cal Pow 6s 1927 .A&O
Newark Gas 6s Apr 1 1944. Q-J 107
95*$
Newark Cons Gas con 5s’ 48J&D
Newark Pass R y— See Public Se rv Corp
New Bedf & Onset 6s 1928.J&J
New Brunswick (Can) Pow Co—
74
1st M 5s 1937_________ M&S
New Chester (Pa) W ater Co—
95
1st 5s Mar 1 1943.
..M & S
New England Elec Securities—
1st coll tr 5s Jan 3 1932 J&J3 n 53
98?$
New Eng Pow 1st 5s 1951 .J&J
93
New Eng Tel & Tel 4s 1930. J&J
98?$
5s gold Oct 1 1932_____ A&O
99
1st 5s 1952 Series A ____J&D
IN H & Centrev 1st 5s g ’33. M&S
98
New Haven W at 4*$s 1962.J&J

Ask.
101
192*$
95
92
95
90
95?$
95*$
102
87*$
94*$
94*$
110
55
76
97
63
99*$
95
98*$
99*$
99

62
91*$
43
45
2d mtge 5s 1929 _______ A&O
95*$
Consol & refg 5s 1933____J&J
94
100
New Milford Pow 1st 5s’ 32.F&A
New Orleans Pub Service Co—
85*$
85*$
1 1st & ref 5s Ser A 1952 .A & O
1 Gen M 4*$s 1935 _______ J&J
79?$
79*$
100?$
85%
86
Inc 6s N ov 1949 Ser A ..J & D
105*$
Series B . ___
___.J&D
108
New Orleans R y & Light Co—
108
104
92!$
93*$
N O Cv R R — Gen g 5s’ 43 J&J
96
N O C y & Lake 5s 1943.J&J
91*$
102*$
95
NO&Carrollcon 5s Feb’ 33J&J
99?$
96?$
Edison El 1st 5s 1 9 2 9 ..J&J
92?$
91
N O P ow -H ouseC o 5 s ’ 41.J&J
95
79
St Charles St 1st g 4s ’ 52 . J&J
1
84*$ Newp News & Hamp R y , G & E
96*$
74
76
1st & ref 5s 1944______ .J&J
Newp News&Old Pt R y & El
98
94
1st g 5s N ov 1 1938..M & N
97*$
Gen g 5s Mar 1 1941..M&S
93*$
New Y ork Edison Co—
92
1st lien & ref 6*$s 1 9 4 1 ..A&O 111*$ 111*$
N Y Gas, Elec L, H & P C o—
____
100*$
1st g 5s D ec 1 1948 _____ J&D
86
84*$
86
Pur mon coll tr 4s 19 49.. F&A
100
Ed El 111, N Y , con g 5s’ 95 J&J 100*$
rran
98*$
99
Central Un Gas 5s g 1927. J&J
96*$
97*$
Equitable Gas 5s 1932_ M&S
_
100
87*$
88*$
New Amster Gas 5s 1948. J&J
94*$
95*$
N Y & E R Gas 1st g 5s ’ 44. J&J
96
89
91
Con 5s 1945__________ J&J
95?$
74
75
N Y&W estch Ltg 4s 2004. J&J
103
90
91
Deb g 5s 1954 op guar.J&J
94*$
95?$
North Un Gas 5s 1 9 2 7 ..M&N
96
97
Standard G L 5s 1930..M&N
99?$ N Y Municipal R y Corp—
85
____
1st mtge 5s 1966 ______ J&J / 80*$
100
N Y & Pa Telep & Teleg Co—
75
____
____
1st gold 5s Feb 1 1926_ F&A
_
____
____
75
G e n sfd g 4s N ov 19 29._M&N
N Y & Queens Elec Lt & Pow—
____
98*$
1st cons g 5s Aug 1 1930.F&A
86
88
90*$
NY&Queens Gas 1st 5s ’ 34.F& A
____
N Y & Queens Co R y 4s 46 .A & 0 /
2
96
28
Steinway R y 1st 6s 1922.J&J / 23
New York Railways—
36*$
1st R E & ref 4s’ 42 op ’ 16. J&J f 35*$
6%
37
Guar Trust ctfs of deposit. . / 35*$
97
2*$
Adj inc g 5s Jan 1942— A&O /
Bankers Trust ctfs of depos /
3?$
i*$
49
45*$
94*$
Bleeck St & FF 1st 4s ’ 50. J&J
65*$
67*$
97
Bway&7th A v Cons 5s’ 43J&D
64*$
66 *$
M etr Trust ctf of d ep o sit..
63
65?$
89?$
Bway Surf R R 1st 5s ’ 2 4 .J&J
____
CenCrosstown 1st 6s’ 22.M&N f 60
Co
17*$
Col & 9th Av 1st 5 s ’ 9 3 ..M & S /
6
—
96
Eighth A v cert ind 6s ’ 19 F&A / 65
37
LexAv&P Fy 1st 5s g ’ 93 M&S / 34*$
85*$
Second Av con 5s g’48 gu F&A /
?$
1?$
Trust Co cortifs of deposit. /
1?$
?$
____
45*$
Receiver’s certificates 1914. / 43*$
____
South Ferry 1st 5s 1919. A&O / 60
35
Third Ave— See under “ T .”
52
56
34th St Crosst 1st 5s ’ 96. A&O
of Ind
51
54
23d Street R y 5s 1962 — J&J
104*$ N Y & Richm ond Gas Co—
94
94?$
1st ref M 6s 1951 Ser A .M & N
____
93*$
95*$
1st ref 6s 1952 _
. . M&N
____
____
NY&Stam f— 1st g 5s ’ 3 1 ..A & O
____
lst&ref g4s’ 58op af’ 14guM&N
93
82
91*$
N YState G&ECorp 5 *$s’ 62 A&O
98
100
1st 68 1953_______ ______ J&J
92*$ New Y ork State Railways—
58*$
58*$
81
1st con g 4*$s ’ 62 op ’ 13.M&N
85
87%
100
1st con 6*$s 1962______ M&N
N Y & Suburban Gas— See West Chester Light’ g
94?$
94*$
102
N Y Tel 1st 4 *$s’ 39 tax ex.M &N
107*$
107?$
Deb 6s Feb 1949_______ F&A
103
105*$ 105?$
R ef M 6s Oct 1941_____ A&O
N Y W estch & Bos R y — See Ste am R R s—
100?$
4.65% Niagara Falls Pow 5s 1932. J&J 100*$
104*$
R ef & gen 6s Jan 1 9 3 2 ..A&O 103*$
104*$
lst&cons 6s Ser AA ’ 50.M & N
105*$
99*$
Niagara Lockport & Ont Pow—
80
102
1st s f g 5s ’ 54 tax-exem .M & N
102?$
103
R ef s f 6s 1958 Series A ..F & A
100?$
101*$
Conv 6% notes 1926___J&D
Norf & A tl Term— See Va Ry&P

r C a n a d ia n p r i c e .

1st gold 4s 1950 o p t .. .M&S
N J Pow & Lt 5s 1936 . . . F&A

• S a le p r i c e .

60
91
97
97
97
98

PUBLIC UTILITY BONDS

J une, 1924.]
N O T I C E .—

Bonds.

ah

Bid.

As%.

N orf & Ports Tr— See Va R y < P
fe
90
____
N orf R y & Lt 1st 5s 1949.M&N
N orfolk St 1st g 5s 1944 .J&J
94 %
90%
N orth American Edison Co—
92^
92%
S f g 6s Mar 15’ 52SerA.M&S15
97%
S f g 6 k s 1948 Ser B .M&S
97k
North Carolina Elec Power—
86
88
1st s f g 5s Oct ’ 40 op ’ 1 6 .A & 0
N orth Carolina Pub Serv Co—
85
1st & ref 5s 1934 opt . .A&O
86)6
96%
1st & ref 6 k s 1944____F&A
92k
78
8alisb& Spencer 5 s ’ 45 M&N
76k
North Hud C o R y— See Public Service Corp
N orth Hudson L t, H & P Co
93
(H oboken, N J) 5s 1938. A&O
Corp.
N orth Shore Electric Co—
94
95
1st & ref g 5 s ’40 o p ’ 20 _A& 0
N orth Shore Gas Co of Illinois—
1st gold 5s 1937 op t_____F&A
90
98
N o Texas Gas 6s 1925-32 _A&0
98
99%
N orth Calif Pow 5s 1 9 3 2 ..J&D
90%
R & cons s f 5 s ’ 48 o p ’ 15 J&D
95%
N orth Ind Gas & El 6s ’ 52 M&N
94k
96
1st ref 5s 1929________ A&O
Northern N Y Utilities, Inc—
90
91
1st M & ref 5s 1963 . . . J&J
1st lien & ref 7s 1946 A . M&N 105
99
101
1st lien & ref 6s 1947 B.M & N
98
100
1st 1 & ref 6s 1943 C ..M & N
95
97
Watertown L & P 5s 1959.J&J
Northern Ohio Trac & Light—
92
1st consol gold 5s 1933 ..J & J
89k
80
1st consol gold 4s 1933 . J&J
78
77
1st lien & ref 5s 1956____F&A
80
6s 1926________________ J&D
96
Gen & ref 6s 1947 Ser A M&S
90
90%
92%
North Ont L & P 6s Apr ’ 31.J&J
91k
Northern States Power Co—
1st & ref 5s 1941_______ A&O
92%
92k
102%
1st & ref 6s 1941 Ser B A&O 102
99%
Conv 6 k s 1933_______ M&N
98k
1st lien 6s 1948 Ser A .M & N
99
99%
N or States Pow of Wis— See Wis -M inn L & P
Northern Texas Electric Co—
Coll tr s f g 5s 1940 o p t..J & J
83
81k
Northern Texas Traction Co—
1st g 5s 1933 opt 1913...J & J
95
93k
N or Wetsch Ltg 5s 19 55.. J&D
Northwestern Bell Telephone—
1st M 7s 1941 Series A ..F & A
107%
107k
Northwestern Electric Co—
1st gold 6s 1935_______ M&N
99 %
101
Northwestern Elevated (Chic)—
76
1st mtge 5s 1941 o p t____M&S
76%
Union El (Loop) 5s g ’ 45. A&O
77
75
Northwest Gas L & Coke (Chic)
Cons g 5s D ec 1 1928_ Q-M
_
__
Cicero Gas gen&ref 5s’ 32.J&J
Northw Teleg— See West Un Te leg
N orwich(Ct)Gas & E g 5s’ 27J&J
98
N ova Scotia Tr & Pow 5s 1946.
76
80
Ogden Gas 5s 1945 . . . M&N
92
90k
Ohio & Nor Gas 7s 1925.M &N
100
100%
Ohio Pow 1st 7s 1951 Ser A . J&J 104
105
1st & ref 5s 1952 Ser B ..J & J
87 %
87 >6
1st & ref 6s 1953_______ M&S
99%
99 k
Deb g 6s 2024. ________ J&D
91
Ohio Public Service Co—
1st M & ref 7 %3 ’ 46 Ser A A & O
105
105%
1st & ref 7s ’ 47 Ser B ..F & A
102
102%
Ohio River Edison Co—
1st m s f 6s 1948_______ J&J
94
96
Ohio Service 1st 6s 1937..M & N
98%
96 k
Ohio State Telephone—
97
Cons & ref s r 4s-5s 1944.J&J
95%
Ohio Water 6s June 1933______
100
97
Oklahoma Gas & Electric—
1st M g 5s ’ 29 op aft ’ 14 .A&O
94
1st & ref 7H s 1941_____ F&A
103
101
7% notes 1926_________ F&A
100
99
Oklahoma General Power Co—
1st M 6s 1952 Series A ..A & 0
92
89
Oklahoma R y lst&ref 5s’ 41.J&J n 55
65
Omaha & Council Bluffs StR y—
1st consol g 5s 1928______ J&J
81
83
Omaha & Coun Bluffs R y & Br
82
S4
1st cons g 5s Jan 1 1928..J&J
Ontario Pow 5s ’ 43 op to ’ 13F&A
98
98%
Ontario Transmission C o, Ltd—
95 %
1st gu g 5 s’ 45 op b e f’ 16.M&N
96
Orange & Passaic Val R y— See P ub Serv Corp.
Oregon Elec R y 5s ’ 33 o p t. M&N
59
61
_
_
__
Ottawa Elec ls t g 5s 19 33.. J&D
96%
Pacific Coast Pow 5s 1940. M&S
95
Pacific Elec R y g 5s 1 9 4 2 ..J&J
86
85k
Los Angeles Pacific Co—
1st ref g 4s 1950opt’ 15. J&J
75 %
76
L A -Pac R R con 5s’ 31. A&O
90 %
90 k
80
L A Pa R R Cal 5s ’ 43. M&S
Los Ang & Pas 5s g 1928. J&J
92%
Pacific Gas & El ref 5s ’ 4 2 .. J&J
9216
1st & ref 7s 1940 Ser A ..J & D
107%
1 0 6k
1st & ref M 6s 1941 Ser B J&D 101%
102
95%
1st & ref 5 k a 1952 Ser C .J& D
96
Pacific Gas & Elec (Arizona)—
1st M 6s Jan 1931 _____ J&J
Pacific Gas Im p 4s Sept’ 30.Q-M
95%
94)6
Pacific Light & Power Corp—
1st & ref s f g 5s 1951 o p . M&S
96)6
Pac L & P Co 1st 5s ’ 42 ..J& J
96)6
Guaranteed___________. . .
95K
97
Pacific Pow & L 1st 5s ’ 3 0 .F&A
1st lien & gen M 8s 1930.F& A 105
106
Pacific Teleph & Telegraph—
98
98%
lst& col tr s f g 5s 19 37.. J&J 2
92%
92%
R ef M 5s 1952 Ser A ...M & N
89
90
Parr Shoals Pow 5s 1 9 5 2 ..A&O
Paterson R y — See Pub Ser Corp
Paterson & Passaic Gas & Elec
Consol gold 5s 1949 ___M&S
95)6
89
Pawtucket Gas 4s 1932___M&N

b B a a ls .

Bonds.

Bid.

Ask.

Bonds.

Bid.

Ask.

90
60
64
Peekskill Lt & R R 5s ’ 3 0 .-A& O
Portland (M e) R R 3 k s 1951 J&J
78
81
Peninsular Telephone Co—
1st I & con m 5s 1 9 4 5 ..M&N
98%
100% Portland R y Lt & Power—
First M tge 6s 1943______ J&J
84
Penn Central Light & Power Co
1st & ref s f 5s 1942 op . F&A
84k
93%
97%
1st & ref 5s 1950_______ A&O
1 s t * ref 6s 1947 Ser B ._ M&N
93k
100%
1st & ref 6s 1953_______ J&D
100%
1st 1 & ref 7 %a’40 Ser A . M&N 103 “ i 10 3k
H
87%
Penn Central Power Co—
Portl’ d R y ref 5s ’ 30 op M&N
87k
86
102%
1st s f 6s 1962 Ser A ...J & D
C ity & Sub con 4s ’ 30. J&D
92%
94
97%
Penn Public Serv 5s 19 62.. F&A
Port Gen Elec 1st 5s ’ 35 J&J
99% Portland (M e) W ater 4s ’ 27F&A
98%
1st & ref 6s 1929_______ J&D
98
99
104
105
1st & ref 7% s 1935 Ser B.J& J
Porto Rico R ys, Ltd—
____
__ _
98%
99%
1st & ref 6s 1947 Ser C ..M & N
1st g 5s N ov 1 1936 op.M & N
94
97
98% Porto R ico Telep 6s 194*4. J&D
91
Conv deb 6%a 19 38.. .M&S
97%
Pennsylvania Edison Co—
Potom ac El Pow 5s ’ 29 op J&D
_ _ __
91
89
97
1st M 5s 1946 Ser A ____A&O
Cons M g 5s 1936 guar .J&J
99
101
1st M 6s 1946. . . . .
Deb gold 6s 1925....... ..J & J
1003/6
Pennsylvania Elec Corp—
Gen lien & ref 6s 1 9 5 3 ...A&O 102 k
103 k
106k
93%
93%
Deb g 6% s 1954_______ A&O
Refunding 7s 1 9 4 1 ____A&O
1 0 7k
86
95%
90% Power Secur col tr 6s ’ 4 9 . . J&D
90
Pennsylvania Ltg 5s 1 9 4 0 ..J&J
71
Incomes June 1949_____F&A / 67
Peansylvania-Ohio Pow & L t—
105
106
1st & ref s f 7>6s 19 40..M & N
Prov. Secur.— see Steam R R ’s.
103
103% Public Service Co of Colorado—
8% s. f. notes 1930____M&N
100%
95
99%
6% notes 1926______ .J& D
Conv s f deb 7s 1933.. .A & O
98k
95
100
Public Service Co of Nor 111—
Pehn-Ohio Edison 6>6s’ 27J&J
94
96
Young Sh R y & L 5s ’ 31 J&J
1st & ref g 5s 1956op ’ 21. A&O
86k
87k
Pennsylvania Power & Light —
Public Service Corp of N J—
106
1st & ref 7s Ser A 1 9 5 1 ..F&A 105%
95
Trust certs 6% perpet .M & N
93k
90%
91
1st & ref 5s 1952 Ser B A&O
Gen g 5s Oct 1 1959 op .A & O
92 k
92k
102
107
101
1st & ref 6s 1953 Ser C .M & S
Sec 7s 1941_____________J&D
1 0 7k
99
71
97
73
Pennsylvania Util 6% notes ’ 26
Camden Sub 1st 5s 1946.J&J
98
70
72
Penn Wat & Pow s f 5 s ’4 0 ..J&J
°o n s Trac 1st 5s 1933. .J& D
98
97
1st ref 5>6s 1953 ser A .A & O
Ellz Plalnf & Cent Jer R y—
82
50
Pensacola El Co 1st 5s ’ 31 F&A
77
55
1st g 5s Dec 1 19 5 0 .. J&D
65
People’s G L & Coke, Chicago—
Elizabeth & Trent 5s’ 62 A&O
105%
106
47
1st cons g 6s 1 9 4 3 . . ___A&O
50
J C H ob & Pat 4s 1949.M &N
92
92%
80
Refunding gold 5s 1947.M&S
82
NewarkPass con 5s ’ 30 .J&J
96
Chic G L & C 1st 5s 1937 J&J
92
97%
Newark Term R y 5s ’ 55. J&D
90 k
87
96
Consum Gas 1st g 5s ’ 36. J&D
N Hud Co R y cons 5s 28. J&J
83
Ind NatG&O g 5s’36 g u . M&N
2d 5s ext at 6% t o ’ 26 M&N 100
93%
60
Mutual Fuel G asg5s’ 47.M&N
62
Nor Jer St R y 4s 1948. M&N
People’s Trac— See Phila R T
50
Or & Pass Val 1st 5s ’ 38 J&D
Peoria Bloom & Champ Trac—
80
Paterson R y — Con6sg’ 31J&D
88
60
1st gold guar 5s 1 9 3 6 .. M&N
2d 6s ’ 14 ext 5% to ’ 44A& 0
97
98%
60
Peoria R y 5s 1 9 2 6 . . _____F&A
Riverside Trac 5s 1960.J&D
5s 1925 guar___________F&A
So Jersey Gas El & Trac—
Peoria W W Co pr 1 5s’ 48. M&N
87
90
Guar g 5s M ch 1 1953. M&S
93
91k
65
1st con 4s 1948________ M&N
58
Public Service Elec Pow Co—
75
80
1st con 5s 1948____..M & N
1st M s f 6s 1948_______ A&O
100
99k
35
Deb 4s 1950___________M&N
Public Utilities Evansville—
Petersburg Gas 5s 19 31.. A&O
80
95
1st & ref 6s 1929_______ J&J
97
Philadelphia Company—
Puget Sound Power Co—
102
97
1st coll trust g 5s 19 49..M&S 100
1st g gu 5s 1933 o p t____J&D
99
92
92% Puget Sound Power & Light—
Cons M coll t r g 5s '5 1 . . M&N
1st ref&col tr 6s’ 44 Ser A F&A 101%
Gen & ref 7% s ’ 41 Ser A M&N 1 0 4 k
101%
Conv deb 5%a 1938____M&S
91%
Puget Sound Electric R y—
91%
85
All eg Belle & Per 5s ’ 35. A&O
81
81
1st consol g 5s ’ 32 op F&A
84
55
60
Ardmore Street 5s 1958 A&O
95
Tacom a Ry&P 5s ’ 2 9 .A & 0
93k
90
85
Central Trac 1st 5s 1929 J&J
Quebec Power Co—
94
90
Citizens’ Trac 1st 5s ’ 2 7 .A&O
1st m s f 6s 1953 Ser A A&O r ____
94k
Duquesne Light 6s 1949 J&J 105
105 k Quebec R y L H & Pow—
88
83
Duquesne Trac 1st 5s ’ 30 J&J
Cons g 5s 1939 opt . ..J & D r 83%
84
81
78
Fed St & P V 5s M ay 1’ 42.J&J
94
Queens Bor Gas & El 5s ’52.J&J
95k
80
Ft Pitt Trac 1st 5s 1935 J&D
75
Ref 6s 1953____________M&S
101
99k
80
75
M tllvE t & Sh 5s 19 23..M & N
Quincy (111) Gas Elec & Heat—
82
82
M onong St R y 5s g 1928. J&D
80
84
1st cons g 5s 1935 o p ’ 1 0 .M&S
80
78
94
96
Wilk&EPit 1st g 5s’ 29 M&S
Quincy G & E 5s 1*929 .M & S
82
80
85
M o m ’slde El St R y 5s-33 .A & O
Quincy (111) R y 5s 1 9 3 2 ..F&A
M ount Washington St R y —
Racine (Wis) Water 5 s ’31.M&N
92
83
1st & coll tr gu 5s 1933. A&O
81
Railway & Light Sec 5s v a r____
90
87
Pitts Alleg & M gen 5s’ 30A& 0
83
Rap Tr St R y — See Pub Ser Cor
82
85
101
Pitts &BIr Tr 5sg 1929.M&N
Beading Trac 6s 19 33.. . J&J
99
90
B K & A Trac 6s 1931.M&S
88
Read&W om — 1st 5s g ’ 25 J&J
95
97k
Brownsv A ve 5s 1926.F&A
80
78
Red Wing G L&P— See W is-M in n. L. & P.
76
W Liberty 1st g 5s ’ 3 0 .J&J
73
Rhode Isld Sub 4s ’ 50_ .J& J
_
Pitts & Charleroi 5s ’ 32. M&N
80
75
Richmond (S I) Lt & R R —
72
75
Plttsb Rys 5s 1953_____ A&O
73
76
1st coll tr g 4s 1952_____ J&J
90
Pitts Trac 1st 5s 1 9 2 7 ..A&O
88
Rio de Janeiro Tram L & P—
66
64
SoTraclst&coll tr g 5s’ 50A& 0
ls t g 5s 1935_____________ J&J
84 k
85k
75
2d Ave T r 1st 5s 1934 ..J & D
72
Riverside Trac— See Pub Serv C orp
87
Gold 5s July 1933_____ J&J
97
83
Roanoke G L 5s 1927 . . A&O
61
United Trac 5s 1997 ctfs J&J
59
Roanoke R y & El 5s 1 9 53.F&A
90k
81
West End Trac con 5s’ 38 J&J
79
Roanoke Tr & Lt 5s 1958.F&A
83
86
Phila Elect 1st 5s 1 9 6 6 .. .A & O
100% Roanoke W W 1st 6s 1936.J&J
100
1st M 4s 1966_________ A&O
82
Gen g 6s 1934_________ M&S
1st 1 & ref 6s 1941______ J&D
105 %
105% Rochester Gas & Elec Corp—
1st & ref 5%a 1947......... J&D
Gen m 7s 1946 Ser B _ M&S
_
108
101% 102
109
1st 1 & ref 5%3 1953____M&N
100
Gen m 5% s 1948 Ser C .M & S
99
IOIVs 102%
Phila & Garretsford St R y—
Roch R y & Lt 5s ’ 54 op t___J&J
96k
97 k
1st 5s 1955_____________ F&A
82
84
Tax exem pt__________ __ . _
Philadelphia Rapid Transit—
94
Roch R y cons 5s g 1930. A&O
95 k
Coll t r g 5s 1957 opt s f . . F&A
87
85%
2d 5s g 1933___________J&D
87
89
8 f guar 5s ’ 62 opt ’ 17. M&S
80
85
Rochester & Syracuse R R —
Eq tr 5%a ’ 24 ’33 (s-a).F & A b
60
62
6% 5.50%
1st M conv 5s 19 57.. .M &N
Darby M edia & Ches St Ry
Roch Telep gen 5s 1 9 3 3 ..A&O
95
97
1st 4%a ’ 36 opt ’ 16 gu J&J
84
82
1st & ref 6s 1 9 4 6 . . ____A&O
10 2k
103 k
Market Street Elev Pass R y
R ockford (111) Electric C o—
1st g gu 4s 1955____M&N
84:%
1st & ref s f 5s ’ 39 op ’ 1 4 .M&S
96k
97k
Union Traction—
73
77
Rome (Ga) R y & L 5s ’ 46 A&O
62% Rumford Falls Pow 4s 1945A&0
Elec & Peo 4s tr ctfs’ 45A& 0
02%
83
87
People’s Traction Co—
Gen M 4% s Dec 1929..J& D
91
95
72
P P R y tr ctfs 4s ’ 43 F&A
71
72
Rutland R y L&P lst5s’ 46.M&S
W Phil Pass 2d 5s ’ 26. M&N
97
Sacramento Elec Gas & R y —
Philadelphia Suburban Gas & El
Cons 5s N ov 1 1927____M&N
98k
92
1st M & ref g 5s’ 60 op ’ 15. F&A
91
Sacramento Gas 6s ’ 24-40.A&O
Gen M 6s 1 9 6 9 . . _____ J&D
98%
99 k St Charles St R R — See N Or R v & L
1st consol 6s 1943 _ .J&D
_
98% St Clair County (111) Gas & El—
98%
Phila & W Ches Tr 4s '5 4 ..J&J
75
1st cons guar 5s 19 59.. M&S
87
89
Paila & West R y 5s I 9 6 0 ..J&J
89
87%
St Joseph Gas— 1st 5s 1937.J&J
Pine Bluff Co 5s 1 9 4 2 .. . J&J
89
87
St Joseph R y , L t , Heat & Pow—
1st 6s 1942_____________ J&J
98
95%
1st g 5s N ov 1 1937____M&N
82
Pitts Alleg & M an— SeePhila Co
St Louis R R — See Un R ys (St L)
P itts & Birm T r— See Phila Co
St Louis Spring! & Peoria R R —
Pitts & Charleroi— See Phila Co
1st & ref gu g 5s ’ 39 o p ..J & D
82k
81k
P M cK & C on— See W Penn Rvs
St Louis & Spring! 5s ’ 33 J& D 1 96 1
P.tts Trac— See Phila Co—
St L & Sub R y — See Un Rys (St L)
Plttsb Rys— See Phila Co
St L Tran— See Un Rys (St L) I
Pontiac Light 1st 5s 1927.J&J
97%
99
St Maurice Power Ltd—
Portland (M e) El 5s ’ 26optF & A
97%
99%
1st m 6%3 1953........... .F&A r 1 0 5 k
105%
Portland (Ore) El Power Co—
1st L & ref 6s 1947 Ser B M&N
94
Portland (Ore) Gas & Coke—
1st & ref g 5s ’ 40 opt ’ 20. J&J
92%
93%
1st gen 7s 1940______ ..J & J
Portland Gas 1st 5s 1951 F&A

/T h t a p r ic e in c lu d e s a c c r u e d in t e r e s t,




39

o o n a p r ic e s a re " a n d in t e r e s t " e x c e p t w h e r e m a r k e d * f ” a n d I n c o m e a n d d e fa u lt e d b o n d s .

k L a s t s a le .

1 In L on d on ,

n N o m in a l,

r C a n a d ia n p r i c e .

« S a le p r i c e .

40

PUBLIC UTILITY BONDS

[Vol. 118.

______________ N O T I C E .— A ll b o n d p r i c e * a r e “ a n d I n t e r e s t ” e x c e p t w h e r e m a r k e d “ t ” a n d i n c o m e a n d d e f a u l t e d b o n d s . _______________

B on d s.

Bid. | AsK.

B onds

Bid.

Ask.

St Paul C ity R y — See Twin City R T
|
Springfield (O) L t, Ht A Pow—
St Paul Gas Light—
1st s f g 5s 1929__________FAA
98
100
94% ’
Gen gold 5s 1944______ MAS!
95%
95%
96%
Gen A ref 5s 1933______ AAO
Salisbury A Spencer— See N o Ca r Pub S e v
Springfield A N E Tr—
Salmon R1v Pow gu 5s 5 2 op FA A
97%
97%
1st 5s 1936____________JAD
93
Salt Lake Term 6s 1935___JAD
Springfield (M o) R y A Lt Co—
91
San Antonio G A E 5s ’49 . M A S
94
97
1st s f g 5s 1926 o p t .. .MAN
98%
San Antonio Public Service—
Springfield(O)Ry 1st 5s’ 35 M AS
95 %
1st ref 6s 1952 Series A ..J A J
95%
1st M 5s 1924-1935____MAS
San Antonio W ater Supply—
Standard Gas A Elec of Dela—
93%
1st A ref s f 5s ’33 o p ’ lS .F A A
94%
94%
95
Conv deb 6% s 1933____MAS
San Diego Consol Gas A Elec—
88%
90
6% g notes 19 35............ AAO
____
1st g 5s 1939 opt 1 9 1 4 ..MAS
94 34
6% s 1954 ___________________
94%
91%
98
1st & ref 6s 1939 ser A ..M A S
Staten Island Edison Corp—
86
1st A ref 5s 1947______ M AS
89
Ref A impt 6% s ’ 53 SerA JAJ
101
103
Sand Frem A So R y — See Lake Sh El R y
Steinway R y — See N Y A Queens C o, R y
94 34
San Fran GAE 4% s 1933-M AN
Suburban Gas Co of Phlla—
92
N ot callable_ _________ __ .
_
lstsf g 5s Apr l ’ 52op’ 0 7 .. AAO
96
99
San Joaquin Lt A Pow Corp—
Superior Water Light A Power—
lstAref g 6s ’ 50 Ser A o p .F A A 101%
1st 4s M ay 1931......... ..M A N
90
98 %
Series B ___________________
Ref 5s 1929....................
75
99%
100% Syracuse Gas g 5s 1946____JAJ
Series C ___ __________
95
103% 104
Unlf A ref 7s 1951______ MAS
Syracuse Lake Shore A North—
_
99
Unif A ref 6s 1952 ser B . MAS
1st M g 5s ’ 47 opt ’ 1 7 . . MAN
57
59
____
Unif A ref 6s M ay 1 ’ 54 EM AS
99% Syracuse Light’ g 5s g 1951. JAD
91
96%
San Joaquin Light A Power—
Syrac L A P coll tr 5s 1954.JAJ
104%
96
97
1st 5s 1945 op aft ’ 1 0 ..J A D
Syrac Rap Tr 1st g 5s 1946. MAS
83
85
Santiago (Cuba) Elec L A T r—
83
85
2d mtge g 5s 1930______ JAJ
80
85
1st g 6s 1959 opt 1919_ JAJ
_
Tacoma R y A P— See Puget Sou nd.Elec
Sao Paulo Tram , L A P , Ltd—
Tacoma Wat Sup 1st 5s ’ 25.JAJ
1st g 5s June 1 1929____JA D r 86
Tampa Electric Co—
Savannah Elec A Power Co—
1st M g 5s 1933 s f o p . .J A D
94
105% Tam pa Gas 5s 1937 o p t___MAN
1st A ref 7% s 1942 Ser A .A A O 104
75
82
85
Savannah Elec Co 5s g ’ 52 JAJ
Tennessee Electric Power—
82
84
1st A ref 6s 1947 Ser A ..J A D
95%
96
Sayre (N Y ) Elec 5s 19 47._AAO
87
Schenectady Railway Co—
Tenn Pow gu 5s 1962 o p t. MAN
55
60
1st M 5s 1946 opt 1 9 1 9 ..MAS
Tenn Water 1st 5s 1 9 46..M A S
____
Schuylk Trac— 1st 5s 1943. A AO
Terre Haute Indianap A East—
98
59
62
Scranton Elec 5s ’ 37 opt ’ 12 JAJ
99%
1st A ref s f g 5s ’ 45 o p t. AAO
106
8% gold bonds Jan ’ 31 A AO 104
Terre Haute Trac A Light—
74
76
82%
1st con M g 5s 1944____MAN
85
Scranton R y— 1st 5s N o v ’ 32JAJ
85
____
87
Terre Haute El 5s 1 9 2 9 ..JAJ
94%
Scran Trac 1st 6s g ’ 3 2 .M AN
Terre Haute W W Corp—
Scran A Wilkes-Barre Tr Corp—
90
93
97
Coll trust 6s 1934______ AAO
1st M 6s 1949 Ser A . .J A D
74
76
92%
1st A ref 5s 1952_______ FAA
Texarkana G A E 5s 1930..JAJ
08 34 100
85
86
Tex Elec R y deb 6s 1942___JAJ
Seattle Elec 1st g 5s ’ 30 o p . FAA
97
99
77
1st A ref 5s 1947_______ JAJ
79
Con A refg s f 5s 1929___FA A
___
Tex Trac 1st 5s ’ 37 o p t..J A J
Seattle-Everett Traction—
87
89
Texas Pow A Lt 1st 5s ’ 3 7 .JAD
92
1st M g 5s 1939 op 1914. MAS
94
93
85
Deb g 6s 2022 Ser A _ .JAJ
_
87
Seattle Ltg 1st 5s’ 44 op ’ 10.MAS
82%
84% Texas Public Service 6s ’ 3 3 .JAJ
94
R ef g 5s 1949 opt 1914 .A A O
97
97
100
Third Avenue Ry (N Y )—
Gen M tge 7s 1929______ JAJ
53%
54%
1st ref g 4s 1960 op aft '14 JAJ
Second A v e— See N Y Rys
42
Adj Inc g 5s Jan 1960 op .A A O / 41
Second Ave Trac— See PhilaCo
____
Third A v RR 1st 5s g ’ 3 7 .JAJ
94
93%
Seneca Pow Corp 6s 1946 M A S
Dry Dock E Bway A Battery
Shawluigan Water A Power—
99
100%
75
1st 5s gold 1932______ JAD
78
1st con s f 5s 1934______ JAJ
100
101%
4
_
9
New ref m Ser C Income_
1st ref 5% s Jan 1 1950. .J A D
104%
105%
42d St M A St N 1st 68 1910
1st ref 6s 1950___________JAJ
65
Ext at 5% to 1940_ MAS
_
Sheboygan Elec— See East Wls Elec C 0
____
Sou Boulev g 5s 1945___JAJ
50
Shrevep Rys— 1st 5s ’ 24-’ 44JAJ
60
Union R y 1st 5s g 1942. .F A A
71
74
Sierra A San Francisco Power—
85
86
71
Westchester El 1st 5sg ’ 43 JAJ
1st g 5s 1949 o p t............. FAA
____
65
2d M 6s 1949 Ser A _____ JAJ
Yonkers R y 1st 5s 1946. AAO
70
63
66% Thirty-fourth St Crosstown— S ee N Y Rys
2d M 5s 1949 Ser B ......... JAJ
Toledo Bowl Green A Southern
Somerset Un A Middlesex Ltg—
75
1st m 6s 1941_________ MAN
M tge g 4s Dec 1 1943_ J&D
_
107
Toledo Edison 1st 7s 1941.M A S
107%
So Bend A Mishawaka Gas—
97
98%
1st m 5s 1947___________MAS
93%
95
Cons g 5s 1926 opt 1908 .JA J
70%
72
Tol Frem A Nor St R y — See Lak e Sh El R y
So Car Gas A El 6s ’42.M A S15
50
96
55
Tol G E AH con 1st g 5s’ 35 .A A O
96%
Conv 6s Dec. 15 '32 .J& D 15
South C ov A Cln St R y-S ee Cln .N ew A Cov.Ry Tol A Indiana 1st 5s 1931.JAJ
South Ferry— See N Y Rys
Toledo Trac. Light A Power—
99%
100
6% notes 1925________ FAA
South Jer G E A T — See Pub Ser Corp
98%
100
To> A W est R y 1st g 5s ’ 2 6 .JAJ /n 10
50
So Side El 4 %s 1924 o p ’ 10 JAJ
Unstamped___________ ______ / » 26
Southern Bell Telep A Teleg—
30
96%
96% Topeka Edison 5s Sept ’ 30.JA J
93%
94%
1st s f g 5s 1941 opt 1916.JAJ
91
ITopeka R y 5s 1930 op 1915.JAJ
93
Sou B ’vard— See Third A ve Ry
86
1
Topeka R y A L lst5s" 1933. FAA
Southern California Edison—
96%
98
100
Toronto Power 5s 1924____JAJ
Gen g 5s N ov 1939 o p t..J A J
___ iTrenton G A El g 5s 19 49..M AS
102
95%
Gen A ref g 6s 1944____FAA
98%
50
Trenton St R y con g 5s ’ 3 8 .JAJ
Refund 6s 1943________ AAO
90%
60
Gen A ref 5s 1944_____ FAA
Trenton Pass 6s Sept 30 ’ 31 AAO
98%
Southern Cal Gas 6s 1950.M AN
98% Tri-City R y A Light—
96%
97%
92%
94
1st A ref g 5s 1930 o p t___JAJ
1st A ref 6s 1958 ser C ..J A D
Troy C ity R y — See Un T r (Alb)
Southern Calif Telephone—
93%
1st M 5s 1947_______________
94% Troy Gas 2d 6s’ 23 ext to ’33. FAA 102
103
Consol 5s 1939______ .M A N
98
100
Southern Canada Pr Co Ltd—
101% 28th A 29th Sts— See 3d Ave R y
1st A ref 6s 1948 . . .
M A S r ____
!23d St R y— See N Y Rys
Southern Colorado Power Go—
87
1st g 6s 1947 Ser A . ...J A J
88% Twin C ity Rapid Transit Co—
99
St P aufC y 1st g 6s '3 2 . . AAO
100
Southrn Counties Gas Co of Ca)
____
99
100
1st g 5% s M ay 19 36...M A N
1st cons 6s g 1934____AAO
91%
99%
Cable con 5s 1937..JA J15
2d mtge 6s 1924 _
..J A D
91%
99%
M inn A St P Sub 5s ’ 24 M AS
loo
Southern Illinois Lt A Power—
98%
101
Minn St A St Paul C ity—
1st M 6s 1931 o p t______ JAJ
105
92
107%
Cons guar g 5s 1928. .A A O
93%
South N E Telep 1st 5s ’ 48 JAD
98
97%
Twin C ity Telep 5s ’ 24-’26.JAJ
99
99
Southern Pow 5s 1930 o p t. MAS
Southern Sierras Power—
Twin States Gas A Electric—
79
1st A ref 5s Oct 1953____AAO
81
1st s f gu 6s Sep ’ 36 op ’ 18JAJ
95
96%
1st A ref 4 %s 1926. . A A O
Southern Trac— See Phlla Co
94
Southern Utilities 6s 1933. AAO
97
Underground Elec Ry of London
85%
76
91%
Southern Wise Pow 5s ’ 38 AAO
79
4% s Jan 1 1933_________ JAJ
Southwestern Bell Telep—
Income 6s Jan 1 1948________ / 82%
88%
93%
94
(Jnlon Depot— See United Rys StLouis
1st A ref m 5s 1954 Ser A FAA
89
90
Southwest G A E 5s 1932 FAA
Union Elec Lt A Pow of Ills—
85
87
95%
96%
Gen M 6s 1957________ MAN
1st m 5% s 1954 Ser A ..J A J
Southwest Power Co—
Union El Lt A Pow Co of St L—
96%
1st M 6% s 1944 Ser A . . MAN
97%
1st g 5s Sept 1 1932____M A S
95%
Southwestern Power A Light—
Ref Aext 5s’ 3 3 opa ft’ 18. MAN
96
90
1st lien 5s 1943........... ..J A D
92
Jnion Elev R R — See Northwest Elev
101
8 % gold notes 1925 Ser AFAA
Jnion R y — See Third Ave Ry
103
8% notes 1941 Ser B ..J A J
Union R y Gas A Elec Co (111)—
86
85
t oll tr g 5s 1939 conv op.JA J
Deb g 6s 2022 Ser A ____MAS
88
Southwest Utilities, A lva, Okla
fnlon Trac C o. of Indiana—
52
92
56
1st 5s ’ 19 ext at 6% to ’ 22 JAJ
1st M s f g 6s 1 9 2 9 ... FAA
98
37
40
Indianap North 5s 1 9 3 2 ..JAJ
S W Missouri RR 5s 1931.M AS
25
30
Mun A Un C ity 5s ’ 3 6 ..JAJ
S W M o El Ry ref 5s ’ 2 3 .M AS
k 83%
99
100'
Inlted Elec Lt A Power Balt—
Spring Br’kW ater— 5s g’ 26. A AO
96
95%
1st cons g 4% s 1929___MAN
Spring Val W at 1st 5s ’ 43. MAN
95%
83
84
Init Elec C o of N J 4s ’ 49. JAD

B onds.

Bid.

Ask.

United Elec Rys (Providence)—
66
Prior lien M 4s Jan 1946 Ser B
69
64
68
Gen ref M 5s Jan 1951 Ser A
53
56
Gen ref M 4s Jan 1951 Ser B.
United Electric Securities C o—
93
Coll tr g 5s 1933 to 1943.FA/*
95%
96
United Fuel Gas 6s 1 9 3 6 ..JAJ
7% s Aug 15 1931____F A A U
85
87
United G A E Corp 6s ’ 45. AAO
United Gas A E l(SF)5s’ 32_.JA J
United Ilium Co New Haven—
93
91
1st 4s Feb 1 1940___
.F A A
United Light A Power Co—
95
Deb g 6% s 1974_______ MAN
90
90%
United Lt A Rys 1st 5s ’ 32. JAD
99%
101
Gonr deb 6s 1926_____.M A N
94
1st 1A cons M 6s ’ 52 serAAAO
94%
United Power A Tran—
40
Del Co A Phi tr ctfs 4s’ 49 JAJ
55
United R ys tr etts 4s ’ 4 9 .JAJ
United Pub Util 6s 1943
JAJ
Unit Rys A Elec (Baltim ore)—
1st consol g 4s 1949____MAS
71%
71%
97%
97
1st con M 6s 1949______ MAS
52
Incomes g 4s 1949 op ’ 29 JAD
72
73
Ino funding g 5s 1936 .J A D
96
96%
6 % gold notes 1927_____ FAA
Bait Sparrows Pt A Ches—
87
88%
1st g gu 4% s 1 9 5 3 ... FAA
B a ltT ra cC olstM 5 s’ 29.M A N
97
N o Balt Dlv 1st 5s ’ 4 2 .JAD
97%
97
98
Cent R y con M g 5s 1932. MAN
97
98
Ext A imp 5s 1932_ MAS
_
Lake R o El 1st 5s ’ 42 M AS
97
United Railways of Havana—
107
Eq 7% s Feb 15 ’ 3 6 ..F A A 15 106%
Unit Rys(Phtla)— See Unit P A T
United Rys of St Louis—
6% receivers ctfs 1926..A A O
103%
101%
69
68%
Gen g 4s July 1 1934___JAJ
C om pt H U D A M Ter 6s ’ 13
E xt at 5% to 1923____JAJ / 100
St L A Sub 1st 5s g 1921. FAA
/ 100
70
Gen g 5s Apr 1 1923 gu AAO / 68
57
55
St Louis Trans Co 5s ’ 24. AAO
United Rys Investment Co—
95
94%
1st lien coll tr s f g 5s ’ 26 MAM
95
94%
S ta m p ed _______________ .
United Traction (Albany)—
47
43
Con g 4% s 2004_______ JAD
72
Albany R y con M 5s g ’ 30 JAJ
70
Gen g 5s 1947_______ JAD
60
59
Troy City R y 5s g 1942. AAO
53
Unit Tr (Pittsb)— See Phila Co.
United Util 1st 6s ’43 op ’ 18 JAJ
99%
98%
U S Pub Serv 1st 6s ’ 27 ..F A A
U S Telephone 1st 7s 1921 ext to
104
1941 ___________________JAD
Urbana A Cham R y G A E—
88
5s 1929_____________ _____ _
82
80
Utah Gas A Coke 1st 5s ’ 36 JAJ
91
89
Utah Lt A P cons g 4s ’ 3 0 .JAJ
100
97%
P 1 5s 1930_______ _____ JAJ
Utah Light A Traction—
82
1st A ref 5s 1944 Ser A ..A A O
81%
91
90
Utah P A L 1st 5s 1 9 4 4 ... FAA
87
85%
D e b fls M ay 1, 2 0 2 2 ...MAN
1st 1 A gen ~M 6s 1944 ..F A A
96%
Utica El A P 1st 5s 1 9 5 0 ..JAJ
94%
93%
Utica GasAEl ref Aext 5s ’ 57 JAJ
-Gen M 7% s ’ 25 S erA .M AS
Utica A Mohawk Valley R y —
70
65
1st g 4% s 1941________ M AS
90
85
Utica Belt L 1st g 5s .39 M AN
____
Valley Counties Pow 5s ’ 30MAN
Vermont Hydro-Elec Corp—
96
94
1st M 6s 1929___________A AO
99
95
Vermont Pow A Ltg 5s ’ 27. MAS
86
83
Vicksburg L A Tr 1st 5s’ 32.JA J
94
1st M 7s 1932....... .......... .JA J
90
Debenture 6s 1930 ___MAS
84
83
Virginian Pow 1st 5s 1942.JAD
99%
-- -7% gold notes 1924____MAS
Virginia R y A Power—
91
90%
1st A ref g 5s 1934______ JAJ
96
94%
Norf A A tl Term 5s ’ 29 MAS
90%
89
Norf A Ports Tr 5s ’ 36 .J A D
Wash Alexandria A M t Vernon
____
30
1st g 5s 1955 o p t _______ MAS
27
Certificates
______
___
Washington Balt A Ann El—69%
68%
1st M 5s Mar 1941 o p ..M A S
95%
9 o%
Wash’n (D C ) G L 5s 1960.M AN
101
101%
6s M 1933 Ser A ______ AAO
72%
73%
Wash R y A El g 4s 1951_ JAD
_
86
88
Anacost A Pot 5s 1 9 4 9 ..AAO
88
86
G u aranteed.. _____ ______
87
88
C ity A Sub 5S g 1948_ FAA
_
100%
Metropolitan 1st 5s 1925 FAA 100
Washington Water Power Co—
100
99%
Consol A coll tr g 5s 1929. JAJ
101
| 1st ref 5s 1939 o p _____ JAJ
99%
W aterloo Ced Falls A N o R y —
16
1st M s f g 5s 1940 op ’ 1 5 .JAJ / 14
16
Certificates of deposit____ / 13
W atertown L A Pow — See Nor N Y Uti lities
Westchester Elec— See 3d A v Rvi
____
Westchester Lt 1st g 5s ’ 50.JA D
97%
N Y Sub Gas— 1st g5s’ 49MAS
1
West Chester (Pa) St R y —
77
1st g 5s Aug 7 1932 . ..F A A 1 68
West End St R y — See Boston El
West Liberty St R y — See Phila Co
100%
100
West Penn C o deb "6s’ 25.JA D 15
1
West Penn Power—
92
91%
1st M 5s ’ 46 op ’ 21 Ser A MAS
87%
87%
1st M 5s 1963 Ser E ____MAS
95%
96%
1st M 5% s 1953_______ AAO
103%
1st M 6s 1958 Ser C ____JA D
106% 106%
, 1st M 7s 1946 Ser D ___MAS
100
Conv deb 6s 1924_______ JAD
l

1
a Pkicnaser also pay b accrued dividend. 6 Basis, d Price per share not per cent.
nal.
o Per cent of par value, r Canadian price. « Sale price, x Ex-dlvidend.




1
/T h is price Includes accrued Interest,
y Et- rights.
t Without par value.

k Last sale,

n Nom i­

J

u n e

,

1924 ]

41

PUBLIC UTILITY BONDS AND STOCKS

N O T I C E . — A ll b o n d p r i c e s a r o " a n d i n t e r e s t ” e x c e p t w h e r e m a r k e d " f ” a n d I n c o m e a n d d e f a u l t e d b o n d s .

Bonds and Stocks.
W est Penn Railways Co—

1st cons 5s Jan 1
W est Va L H

Bid.

94%
99%

95%
79

96
80%

88
83

98%
98%
92
110%
94%
93%
88

Preferred.

Preferred.

65
97
83
r 128
____
____
dy 69
98

105
74%
94
113
93
96%
r 49%
90% Brazilian T r L A P L td ..
Rys
95
d 11%
99
99}*
10<%
92%
d
2%
R ig h ts ________________
111
Bklyn-M anhat Tran v t c . . ( t ) d 15%
Pref tern v t c ____________ (t) d 60
Brooklyn Union G as_______ (f) d 61%
139
91
Boston Consol Gas, pref.
99% Boston Elevated R R coi
87
Preferred_____________

93%

75
81%
95

P U B LIC U T IL IT Y S T O C K S
Par'
26%
Adirondack Power A L ight. 100,
7 % preferred____________ 100’ 96
8 % preferred____________ 100 104
Alabama Power pref
38~'
Alabama T r, L A P , co m _ 100
_
68
Preferred_________________ 100
21
Albany Southern R R c o m .. 100
32
Preferred_________________ 100
All America Cables In c ____100
Allegheny Trac— See Phila Co
92
Amer Dlst Tel eg (N J )____100
60 %
American Electric Power C o . 50
90
Preferred___________
100
American A Foreign Power—
93
Allot ctfs for pf A com 25% pd
93}*
Allot ctfs for pf A com full p d .
Amer Gas A E4 com ____(no par) d 64%
d 43%
Preferred__________________ 50
103
Amer Gas of New Jersey____100
Amer Light A T raction____100 122
9.
Preferred_________________ 100
Amer Power A Light________100 233
84%
Preferred_________________ 100
Optional warrants 1931_____ d ____
85%
Amer Pub Serv 7% pref____100
49
Amer Public Utl
.100
tllitit
75
prior preferred_______ 100
59
partlc preferred______ 100
6 % preferred_____________100
_
Amer Teleg A Cable guar_ 100 * 39%
Amer Telep A T eleg________100 126%
3 ' 16
R ig h ts______________________ d s
Amer Wat Wks A Elec—
55%
Com m on v t c . . ______ io n
1st preferred (7 % )_______ .100
91%
74
2d preferred (6 % )_______ .100
65
Appalachian Power_______ .100
87
7 % preferred___________ .100
n 96
1st preferred____________
12
Arizona Power____________ 100
56
Preferred. _____________ .100
29
Arkansas Light A Pow com .100
88
Preferred_____ __ ______ 10(1
Arkansas Natural G a s ___ 10 d 5
Arkansas Val R y . L A P pf .100
Assoc Gas A E lec, p ref. (no par) d 42}*
4
Augusta-Aiken R y < E l_ . .100
fc
12
Preferred_______________ 100
Baltimore Electric pref____ -.5 0 d —

27}*
98
107
39”
75
24
34
96 %
95
62
94
95
65 %
44 %
104
123
92
236
86}*
86}*
53
79
61
4 l”
126}*
3%
55%
92%
75
66
88
100
13
60
32
92
5%
.
44%
7
15
42%

a Purchaser also nays accrued dividend,
n]NomlnaJ. r Canadian price. (S a le price,

Preferred________________ 100

Preferred.

d

Preferred.

Ask.

Stocks.

100
129
7 l”
—

106
75?*
97
50%
12%
108
2%
15}*
61%
62%
140

15”
95
49

95

72
80%
81
93

48%
1st coll t r g 5s 1951 ..M A N 11 / 46
Wllklnsb & E Pitts St R y — See Phila C o
94
—
Williamspt Gas— 1st g5s’ 39FAA
Wilmington A Chester Traction.
86
85
CoU tr 6s ext 1933______ AAO
Wilmington (Del) Gas Co—
85%
—
1st & ref s f g 1949 o p .Ii___
Winnipeg El— 1st ref 5s ’ 35 JAJ
9 ii*
Gen M 6s 1943_________ MAS r ____
Wisconsin Gas A Electric—
95
93
1st g 5s 1952 opt 1 9 19..J A D
Wisconsin— Minn Light A Pow
92
90
1st A ref 5s 1944 op ’ 19. MAN
101
Gen A ref 7s 1947______ JAJ
97%
—
Red Wing G L A P 5s 19 26..
Wisconsin Public Service Corp—
96
95%
1st 1 A re 6s 1952 Ser A . A AO
84
85
Wisoon R iv Pow 1st 5s’ 41MAN
Worcester A Conn Eastern R y —
72
80
1st s f g 4}*s 1943______ JAJ
70
W ore Con St R y 7s 1 9 3 0 ..MAS
60
1st A ret g 4 %a 1930____FA A
65
Deb g 5s 1927.................. M AN
70
W ore A Clint 7s 1 9 3 0 ...JA J
Worcester Gas Light Co—
101
1st M 5}*s 1939 Ser A ...J A J
1st M 6s 1939____________ JAJ 105
100
6% gold notes 1924_____ JAJ
70
W ore A So St R y 7s 1928..M A S
92%
93
Yadkin River Pow lst5 s’ 41AAO
Yarmouth Lt A Power, Ltd—
82
80
1st M 5s 1937.................. AAO
102}*
97
1st refunding 8s 1951___ M A N
Yonkers R y — See Third A ve Ry
Y ork Haven W ater A Power—
95}*
94J*
1st 5s June 1 1951______ JAD
86
85
Cons. M 5s M ay 1 1957. MAN
90
88%
Y ork Rys 1st M g 5s ’ 37on JAD
Youghiogheny Hydro-El Corp—
95
1st M 6s 1949___________ AAO
Youngstown A Ohio River—
1st M g 5s 1935 opt ’ 15 AAO
Youngs-Sharon R y A L— See Pe nn-0 P L
Youngs-Sharon R y A L— See M ah A S R y A L
Zanesv R y LAP— See Col New A Zane sville




Par.'j Bid.

92
86

90

Northw’n gu g 4% s 1934. JAJ
W hatcom Co R yA Lt 5s’ 3 5 M ‘ “
Wheeling (W Va) Elec Co—
1st M 5s 1941 o p t_____ MAN
Wheeling Public Service
Cons 1st 6s Oct 1952..

Stocks.

94
99%

99”
85%

6}

Ask.

r
r

52

57
52%
93%
141
97%

53
94
144
99

95”
88

102”
92

Cent Crosst R R — See
V Rys
Central Ga Power com _____ 100

25
30
104
108
86
Cent 111 Pub Serv, p r e f _____ (t) d 85
C entP kN A E R R — See N Y
25
27
Central States Elec C o r p ..
78
83
Preferred________________ 100
—
Ches A Potom Tele of Balt pf 100 110%
Chic Aur A Elg Corp v t c w 1 ..
%
Chic C ity A Concom part cts (t) d
" %
3
3%
Pref partlc ctfs_____ (no par) d
Chicago C ity R y ___________ 100
Chicago Elevated R ys com ____
Preferred__________________ .
%
- f ”
8%
New Co when, If A as iss__100
15
20
Chicago Rys partlc ctfs Ser 1 . . .
Series 2_____________________
1%
1%
Series 3_____________________
%
Vs
____
Series 4 _____________________
%
3
Chicago Sub Gas A E lectric. 100
35
Preferred_________________ 100
Chris A 10th Sts R R — See N Y Rys
80%
81%
_
Cincinnati Gas A Electric_ 100
100
102
Cincinnati Gas Transp_____ 100
Cincinnati A Hamilton Trac. 100
Preferred_________________ 100
76”
78”
Cine New A C ov Lt A T ra c. 100
58
60
Preferred_________________ 100
d 30}*
32
Cincinnati Street R y _________ 50
74}*
Cincin A Suburb Bell T e le p ..50 dy 73}*
137}*
Cities Service_______________100 135}*
73}*
73}*
Preferred_________________ 100
13%
Cities Service Bankers shares (t) d 13%
29}*
Citizens Gas (Indianap) c o m .25 d 28}*
103}*
Preferred_________________ 100 101
Citizens’ Pass R y — See Phila R T
Citizens Traction— See Phila Co
C ity Pass R y — See Reading Tr
35
C ity R y (D ayton, O h io)------ 100
25
50
Preferred_________________ 100
45
149
Cleve Elec Ilium , com ______ 100
141
100
6% preferred____________ 100
98
Jleve Painsv A Eastern R R .1 0 0
Cleveland R a ilw a y ------------- 100
89
Cleve Soutnw A Colum R y .-lO O
Preferred_________________ 100
35
Colorado Power____________ 100
34
91
Preferred_________________ 100
87
36}*
Columbia Gas A E le c ...(n o p a r ) d 36%
Columbia (SC) R y Gas A E l. 100
Preferred_________________ 100
124
C olumt us (Ga)El APow c o m . 100 120
124
1st preferred_____________ 100 120
99
2d p re f___________________ 100
97
101
C jlumbus R y Pow A L , c o m .100 100
83
Preferred A _______________100
81
80
Preferred B ..............
100
77
18
Commercial Unlon Teleg (gu ). 25 d 16
Com m onw ealth-EdtsonCo.-lOO 126}* 127
86
Commonwealth Pow Corp _ .(t ) d 85
75
Preferred_________________ 100
73
Coney Island A Bklyn R R . . 100
19
Connecticut Ltg A Pr 7% p f. 100 100
101 %
160
Connecticut Power_________ 100 156
100
Preferred_________________ 100
97
46
Connecticut R y A Lighting. 100
44
47
Preferred_________________ 100
45
Cons Gas, E L A P (B a lt ).. .100 114
114}*
118}*
8% preferred____________ 100 117}*
7% preferred____________ lo o 105
106}*
101
6 }* % cum pref Ser C ____100
Consolidated Gas (N Y ). See underN Y City
Cons Trac of N J— See Pub Serv Corp.
85
Consol Water (Utica) c o m .. 100
80
65
5% preferred____________ 100
80
103
7% preferred____________ 100 101
161
Consumers’ Gas (T oron to)___50 r ____
90
Consumers Pow (M ich ), pref. 100
87
54
Continental Gas A Elec co m . 100
52
7% prior preferred________100
79“
75
6% preferred_______________

Price per share, aot per cent, t New stock,
u Ex- warrants. (O ld stock. * Ex-divldend.

Par.

Bid. I Ask.

Contln Pass R y — See Phila R T,
Cum b’l’d Co (M e) P A L t____50 d 85
86
83
Preferred_________________ 100
80
76
D ayton Power A Light_____ 100
85
82
Preferred_________________ 100
Dayton A Western, common.100
Preferred_________________ 100
8
5
Denver A Northwestern R y .100
103
Detroit E dison_____________ 100 102}*
43}*
40
Detroit United R y _________ 100
Dom inion Pr A TransmlsslonlOO
Preferred_________________100
43}*
Dom inion Teleg (Canada)_ 60
_
Duluth Edison Electric_____ 100
Preferred_________________ 100
32
25
Duluth-Superior Trac C o ___100
50
40
Preferred_________________ 100
Ouquesne Light—See Phila Co—
Eastern Conn Pr 7% 1st pf._100
22
Eastern Mass St R y , com _ 100
_
20}*
62}*
1st preferred_____________ 100
61
52
Preferred B stock_________100
54 H
30
Adjustment s t o c k ________100
32%
Adjustment (trust c t f s )..100
31%
122
E astern Texas Elec C o co m . 100 119
P referred..
___________ 100
88
E astern Wisconsin Elec pref .100
85
East Bay W at (San Fr) c o m . 100 n 250
Preferred A ______________ 100
85}*
Preferred B ______________ 100 n 73 i
34
East Penn Elec. C o__________(t ) d 31
1st preferred ( 7 % ) ________(t)
93 1 96
2d preferred ( 8 % ) _______ (f) d 87 i
East Read’g El— See R ’d ’g Trac
East St Louis A S uburban..100 n 8}*
Preferred_________________ 100 n 50
168}*
Edison Elec Hlum (B oston). 100 168
Eighth A ve R R — See N Y Rys
80
Electrical Securities, pref___100
74
Electrical Utilities, com ____100
80
Preferred_________________ 100
77
Electric Investment C orp___100
25
Preferred_________________ 100 105
Electric R y Securities______(t) d 17}*
18%
Elec Storage Batt— See Ind A M isc Cos
50
Elizabethtown Consol G as-,10 0
40
Ellz A Tren R R — See Pub Serv Corp.
94
Elmira W L A R R 1st pf v t clOO
91
125
El Paso Electric C o, com ___100
121
Preferred_________________ 100
87
62%
Fmplre A Bay State T e le g .. 100
60
78
Empire Dlst E lec, pref_____ 100
70
90
E rnpire Gas A Fuel C o, pref. 100
84
25%
Erie Lighting, pref____(no par) d 25%
115
Essex A Hudson G as________100 112
Fairm’t Pk A Had Pass R y — See Phila R T
34
33
Fall River Elec Light C o ___100
205
Fall River Gas W orks______ 100
200
80
Federal Light A T rac, c o m ._ (t) d 79
75
Preferred_________________ 100
74
-----Federal Utilities____________ 100
Preferred_________________100
-----37
Franklin Telegraph (g u a r ).. 100
34
23
Galveston-Houston Elec C o . 100
21
73
70
Preferred_________________ 100
Gas A Elec of Bergen County 100
77
Gas A Electric Securities...1 0 0 150
70
Preferred_________________ 100
65
33
_
General Gas A Elec C orp _ (t) d 32
102
Cumulative pref Class A __(t) d 99
Cumulative pref Class B __(t) d 100
Convertible preferred_____ (f) d 51
Old cumulative pref______ 100
100
24
Georgia L , Pow A R ys c o m . 100
23
70
Preferred_________________ 100
67
Gsorgla R y A E lC o s tm p d -.lO O
112%
Preferred_________________ 100
77}*
58
Georgia R y A Power, c o m ..100
56}*
105
First preferred___________ 100 a 103
58
57
Second preferred_________ 100
111
Gold A Stock Teleg (g u a r ).. 100 108
35
30
Grand Rapids R y , p ref_____ 100
96%
95%
Great Western Power, pref ..1 0 0
Hackensack W ater____________25d 18%
29%
Preferred____________________ 25d
Harrisburg Lt A P ow , pref___ 50 d
180”
Hartford Electric L ight____ 100 177
170
Preferred_________________ 100 165
33
Hartford C ity Gas L t, com ___ 25 d 31
38
Preferred____________________25d 35
87
84
Havana Elec Lt A Power___ 100
102
97
Preferred_________________ 100J
14
10
Helena Lt A R y com ___________
22
Preferred_________________ 100
65”
Holyoke Street R y __________ 100
7
Houghton County Elec L igh t. 25 d
17
Preferred____________________25d 15
Houghton County T r, c o m . 100
Preferred_________________ 100
94
91
Houston Gas A Fuel, pref___ 100
113
Hudson County G as________100 111
93
91
Illinois Pr A Light 7% pref____
82
87
Illinois Nor Utilities pref___ 100
100
97
Illinois Traction, com ______ 100
92
90
Preferred_________________ 100
28
25
Ilium A Power Securities___ 100
85
Preferred_________________ 100
80
Indiana Lighting___________ 100
•15”
37'
Indiana Service C orp, c o m ..100
49
46
Preferred_________________ 100
Indiana Union T raction____ 100
54”
Indianapolis G as____________ 50 d 51
45
Indianap A Southeast T r, pf .100
61
Indianapolis Street R y C o ..100
56
Indianap W W Sec, pref____100
95
91
Indianap W ater Co pref____100
21%
Interboro R T vot tr c t f s .. 100
20%
98
Internat Ocean Teleg (guar). 100
95

Ex-stock dividend, k Last sale. 1 In L ondon.
y Ex-rights, t W ithout par value.

h

[Vol. 118.

PUBLIC UTILITY STOCKS

42
S to ck s.

Par

Bid.

International R y v t c ______ IOC
13*
Internat Telep & Teleg_____ 100
68*
J acksonville T raction, com . _ 10(
8
Preferred_________________ 10(
35
19
Jersey Cent Pow A Lt c o m ..(t )
Preferred_________________ 100
90
Kan C ity Pr A Lt ls t p i ser A (t) d 95
Kansas C ity Power Secur_ (t) d ____
_
Preferred____________ (no par) d ____
70
Kentucky Securities C orp ___100
Preferred_________________ 100
71
Kentucky A W Va P ow , c o m .25
Preferred_________________ 100
7
Keystone Telephone_________ 50
26
Preferred__________________ 50
26
K ey System Transit pref______
Prior preferred______________
75*
Knoxville Pow & Light pref. 100
92*
Laclede Gas Light__________ 100
Preferred_________________ 100
75
Lake Shore E lec, co m ______ 100
*
22
First preferred___________ 100
3
Second preferred_________ 100
88*
Laurentlde Power__________ 100
60
Lehigh Power Securities____(f)
Lehigh Valley Transit, c o m . . 50
Preferred__________________ 50
27
Lone Star Gas, new__________ 25
87 *
Los Angeles G A E C orp, pf_100
Louisville Home Telephone. 100
34*
Louisville Railway C o ______ 100
Preferred_________________ 100
Lowell Electric Light________100 196 "
Lowell Gas_________________ 100 200
M ackay Cos.— See M lsc. Cos.
M anitoba Power C o _ (no par)
_
55
Manhattan Elev R y (N Y ) . . 100
33*
M odified guarantee______ 100
90
Manila Elec C orp___________ lo o
51
M anufac Lt A H t, P lttsb____60
8*
Market St R y (San F ran)___100
24
Preferred_________________ 100
46
Prior preferred___________ 100
19
Second preferred_________ 100
71
Massachusetts Gas C os_____ 100
63
Preferred_________________ 100
26
Massachusetts Ltg C os, c o m . (t)
82*
6% preferred____________ 100
8 % preferred____________ 100 105
M etrop Edison cum partlc pf (t) d 91
Mexican Telep A T eleg______ 10 d ____
Preferred__________________ 10 d ____
M exico Tram way___________ 100 r ____
50
M iddle West Utilities______ (t )
85 *
Preferred_________________ 100
95
Prior lien stock___________ 100
104
Milwaukee Gas Light 7% p f____
82
M ilw Elec R y A Lt 6% p ref. 100
92
Mississippi Pr A Lt 8% p re f.(t)
24
Mississippi River Power____100
80
Preferred_________________ 100
77
M obile E lectric, pref________100
M ohawk Valley C o _________ 100 135
Monon-W est Penn P S 6% p f.25 d 20
7% preferred_____________ 25 d 20
M ontana Power____________ 100
61*
Preferred_________________ 100 104
Montreal L H A P __________ 100 1 6 6 *
49
M ontreal T elegrap h _________40
M ontreal Tramways, c o m ..100 165
78
Debenture 5% stock________
10
M ontreal Tram A P o w e r ... 100
15
Mountain States Pow c o m ._ (t)
Preferred_________________ 100
81
M ountain States Tel A T e l .. 100 105
Municipal Gas (A lbany)____100
140
63
Narragansett E lectric________50
National Light, Heat A P o w .100
8
35
Preferred_________________ 100
National Power A Light, com (t) d 1 2 3 *
Preferred____________(no par) d 89
97
Nebraska Power pref________100
78
Newark Consolidated G a s .. 100
47*
New Bedford GasA Ed Lt C o . 25
New Bedford A Onset R y _ 100
_
5§”
New England C o, com _____ 100
85
First preferred___________ 100
52*
Second preferred_________ 100
12
New Eng Elec Securities, c o m ..
92*
New England Power pref_ 100
_
105*
New England Tel A T e l____100
32
New Haven Gas Light______ 25
75*
New Haven W ater__________ 50
87
New Jersey Pow A L pref___100
87
New Orleans Pub Serv C om . 100
Preferred_________________100
90
N ewp N A Hamp R y ,G A E .100
72
Preferred_________________ 100
N ew Y orkC lty— Consol Gas (t) d 6 5 *
Preferred__________________ 50 d 54
65
Standard G L of N Y co m . 100
Preferred_______________100
75
New Y ork Railways________100
Bleecker St A Fulton F ’y .100
12*
Bway A 7th A ve guar____100
8
Central Crosstown 7 % ___ 100
Christopher & Tenth S ts ..100
"4 *
42
Eighth A v e ___________
100
42d St A Grand St Ferry
100
65
Ninth A ve guar 6 % ______ 100
17
Second A v e _______________100
Sixth A v e ________________ 100
21
Twenty-third St guar____100
8
N Y A Richm ond G as______ 100
60
N Y State R ys co mmo n ____100
24
Preferred_________________ 100
53
N Y Telephone 6 * % p r e f..100 1 0 9 *
Niagara Falls Power co m _ ( t ) dx 45
_
Preferred_________________ 100 108
Preferred new_____________ 25 d 27
Nlag Lock A Ont Pow 7% pf 100 102
N orfolk Railway A Light____25 d 23
Northampton (Mass) St R y .1 0 0

Ask.

a Purchaser also pays accrued dividend.
Nominal, r Canadian price. (Sale price.




Stocks.

Par

Bid.

1 4 * Northern N Y Util, Inc, c o m .25 d 4 6 *
95
68*
Preferred_________________ 100
North Ohio Elec C orp, c o m .(t) d 8
23
Preferred_________________ 100
22
68
North Ohio Tr A L pref 6 % . 100
32
93
Nor Ontario Lt A Pow co m . 100
71
Preferred_________________ 100
98*
Northern States Power_____ 100
93
Preferred_________________ 100
73
Northern States Pow of Wise.—
91
74
Preferred_________________ 100
60
Northern Tex Elec Co c o m .. 100
70
Preferred_________________ 100
n 22*
Northwest Electric_________ 100
28
Preferred_________________ 100 n 95
2 6 * Northwestern Teleg (guar)_ 50 d 35
_
Ohio Bell Telep pref________100 1 0 4 *
98~~ Ohio Cities Gas— See Pure Oil Co
9 2 * Ohio Fuel Supply____________ 25 d 32
90
78
Ohio Gas A Electric pref____100
1
9*
Ohio Traction— Com m on_ 100
_
30*
25
Preferred_________________ 100
5
Oklahoma Natural Gas______ 25 d 22*
89
Omaha A Council Bluffs____100
61
Preferred_________________ 100
Ottawa Light, Heat A P ow .100 r 82”
Ottawa Traction___________ 100 r 59
2 7 * Ottumwa (la) R y A Lt pref. 100
8 8 * Pacific A Atlantic Tel (gu )___25 d 15”
91*
Pacific Gas A Electric______ 100
88
35”
First preferred___________ 100
7 0 * Pacific Light Corporation___100
79”
199
Preferred_________________ 100
86
205
Pacific Telep A T eleg______ 100
88
Preferred_________________ 100
21
Paducah Tr A Light com _ 100
_
58
Preferred_________________ 100
77”
3 4 * Paterson A Passaic Gas & El 100
85
95 1 Pawtucket Gas preferred___100
93
52
Peninsular Telep Co com ___100
97
10*
Preferred_________________100
31
Penn Central Light A P pref. (ft d 5 9 *
51
Pennsylv Edison p r e f.. (no par) d 96
21
80
Penn-Ohio Elec C o, p ref____100
97
Penn-Ohio Pow A Lt 8% pf.100
85
64”
7% preferred____________ 100
28
Pennsylvania Pow A Lt p re f.(t) d 98
8 7 * Pennsylvania Water A P ow .100 110
4
110
Pensacola Elec Co com m on. 100
93*
35
Preferred_________________ 100
94*
People’ s G L A C (C h ic)____100
Phlla Co (Pittsburgh)________50 d 4 5 *
5% non-cum preferred____50 d 35
51
6% cum preferred_________50 d 43
86*
Allegheny Traction________50 d 38
96
Citizens Traction__________ 50 d 38
Duquesne Light 1st p r e f .. 100 103
84'
Federal.St A Pleasant V a l..2 5 d 13
97
Pittsburgh A B ’ham T r ____50 d 20
25
United Traction pref______ 50 d ____
82), Philadelphia Electric_________25 d 3 1 *
82
6H
6
Warrants (to sub to com stk) d
155
Preferred__________________ 25 d 3 1 *
Philadelphia Rapid T ra n s it..50 d 35
Citizens Passenger guar___50 d 195
21*
62
Contlnen Pass R y ($29 p d ).5 0 d 75
106
Falrm’t Pk & Haddlng’ n ___50 d ____ k
166*
Frankf’d A Southwark Pass 50 d 230
50
Germantown Passenger_ 50 d 70
_
167
d 70
d 24
Preferred.
.50 d 35
16*
d 100
d 23
85*
d 60
107
Phil & Gray’s Fy ($25 p d).
d 58*
141*
d 155
66
d 165
10
2d A 3d Sts R y \
d 163
37
13th A 15th Sts :
124*
d 105
d 39*
91
98
d 110
d 19
80
49*
Preferred .
88
23
55
Plttsb A Blrm Trac— See Phlla Co
d 11*
89
ittsburgh Utilities 7 % prel
d 11*
55
Vot trust ctfs of deposit.
d 61
16
27
Portland (Ore) R y L & P .
94
106
Prior preferred___________100
70
32*
58
77
r 20
92
r 70*
92
Preferred______________
96
Power Securities com _______ (t) d 9
50*
Second preferred_________ (t) d 34
d 62
85
6 5 * Public Serv Corp of N J,(no par) d 4 6 *
ds 6* s
R ig h ts________________
55
104
99 K
25c
38
110
II”
108
8
96*
8
82
48
100*
d 101
2§"
91*
46
27*
78
12
a 100*
75
Quebec Power com
r 73*
r _
Preferred_______
56"
r ____
109*
d 5
47
Corp
dn 22*
27*
d 95
d 50
d 35
65
Republic R y A Light, com .
25
54
Preferred_______________
70

Ask.

S tock s.

Par.

Bid.

Ask.

4 9 * Rochester G A E 5% p r e f ... 100
80
85
100
7% preferred____________ 100 104
106
10
lo ch A Syracuse R R c o m . . . 100
26
Preferred_________________ 100
6 9 * It Jos R y , Lt A P ow , pref___100
52
35
San Joaquin Light & P ow er. 100
24*
74
Preferred A 7 % __________ 100
88”
100
Prior pref err ea ___________ 100
98*
99”
94
105
lavannah El A Pow deb stk . 100 100
5
Icioto Valley T rac, com ____100
4*
52
55
First preferred___________ 100
63
34
35*
Preferred_________________ 100
73
129*
ihawlnlgan Water A P ow er. 100 r 1 2 9 *
14
15
ilerra Pacific Elec Co c o m .. 100
77
Preferred_________________ 100
80
37
60
jomerset Un A Middlesex Lt 100
1 0 5 * louth Calif Edison, com ____100
100
lO i”
104
7% preferred____________ 100 1 0 2 *
32*
118*
8% preferred____________ 100 1 1 6 *
Southern Canada Power____100 r 57
10
Preferred_________________ 100 r 9 0 *
31
19
ioutb A Atlan Teleg (g u a r )..25 d 17
23
132
131
Southern New Eng T elep_ 100
_
20
Southern Pr & Lt com _________
16
—
louthern Utilities, com _____ 100
Preferred_________________ 100
60
< Jer Gas, El A T r— See Public Service Corp.
0
105
Southwestern Bell Telep pref 100 1 0 4 *
16” Southwestern Pr A Lt p r e f .. 100
94*
9 2 * southwest Missouri R R ____100
89
53
50”
8prlngfd(Mass)StRyCos preflOO
91
94
•pringfleld (M o) R y A L, p re f..
87
Soring Valley W ater________100
92
33*
Standard Gas & Elec c o m ___(f)
31*
92
93*
91
7 % cum prior preferred_ 100
_
47*
48
8 % cum preferred___________
99c.
Suburban Electric Secure (no par) d ____
1st preferred_____________ 100
2d preferred______________(no par)
96
80
Superior W ater, L A P , c o m . 100
100
95
87*
Preferred_________________ 100
6 0 * Tampa Electric C o _________ 100 y 138
33'
Tennessee Elec Power, com __(t) d 32
85
92
89
1st preferred (7 % )________100
98
76
79
1st preferred (6 % )________100
90
65
2d preferred______________(no par)64
100
2
5
Terre Haute Ind A E ast____100
20
10
Preferred_________________ 100
90
94
Terre Haute T r A L t, p r e f .. 100
10
9*
Third Avenue R y ( N Y ) ____100
95
85
90
Tidewater Power 7% p ref. .100
45*
8% pref stock____________ 100
36
Toledo Bowl Green A So, p f. 100
44
106
108
Toledo-Edison prior pref____100
90*
Toronto Railw ay___________ 100 r 8 9 *
82*
86
Tri-City R y A L ight, pref___100
104
8
Tri-State Telep A T eleg_____ 10 d 6
14*
Preferred__________________ 10 d 6 *
7*
33
60
Troy (N Y ) G as______ (no par; d 55
20
23d Street— See N Y Railways
56*
3 1 * Twin C ity Rapid T ra n sit...1 0 0
____
95*
Preferred_________________ 100
6*
28*
Union Natural G as__________ 25 d 2 7 *
—
3 5 * Union St R y(N ew B ed,M ass) 100
117
205
Union Trac of In d , com _____ 100
15
80
First preferred___________ 100
4
35
Second preferred_________ 100
245
United Elec of New J ersey .. 100 125
75
38
43
United Elec R y (Providence) 100
75
United Electric Secur, p ref. . 100 100
27
22
United Gas A Elec new co m . (t) d 21
69
71
40
56
60
110
d 69*
70
28
dx 5 5 *
65
56*
Preferred______________
212
5 9 * fnlted TU Co of New Havai_____ 210
30*
United Light & Power com A (t) d 30
32*
175
Com class B _____________ (f) d 31
170
79*
Pref class A _____________ (t) d ____
115
44
Pref class B _______________(j) d ____
40
160
76
77
___
19*
89
Seven per cent pref.
50c
60e
United R ys of St Louis
____
92”
Preferred__________
11*
d 17
17*
12
10*
10*
12
33*
34*
Preferred.
5
64
8
28
80
95*
.98
96*
72
29
29*
102
63
98
50
48
77*
78
Preferred________________
22
24
11
Virginian Power C o, com _
_
37
40
Preferred________________
d
4*
65
22
47
d 17
Preferred.
d 48
48*
6*
106
x 72
73
x 72*
73*
100*
Preferred.
107
109
42”
25*
27*
78
80*
Preferred.
111
15
25
97*
80
85
78
107*
10 1*
108
der Mis cell
92
99*
98*
83
86
48
d 57
57*
West Penn Co com .
83
89
89*
103*
d 38
43
West Virginia Utilities, pref.
—
r 25
25*
77
r 76
Preferred________________
— -—
" e ” Wisconsin Edison, com____
late Pow of ?T»s.
100
—
105*
166
107*
„ _
d 41
60
35
d 33
40
Preferred.
26
1
____
10
45
____
55

9.
d Price per share, not per cent. 1 New stock. * Ex-stock dividend, i Lai
u Ex warrants. * Old stock, a Ex-dlvldend. y Ex-rights, t Without par value.

* In London.

43

INDUSTRIAL AND MISCELLANEOUS SECURITIES
In the rearrangement of our quotation lists we classify under the designation “ Industrial and Miscellaneous Securities” all Issues which 60
appear under the previous two headings, namely “ Railroad (Steam)” and “ Public Utilities.” In the case of stocks, however, we put “ Textile M ini>
lecturing.” “ Insurance,” “ Mining,” “ Real Estate and Land.” “ Title Guarantee and Safe Deposit Companies” under separate heads, then follow
vltb the rest of the “ Industrial and Miscellaneous.”
NOTICE.— All bond prices are “ and Interest” except where marked “ f” and Income and defaulted bonds.
Bonds.

Bid.

1N DUST R IAL & MISCELL AN EO’S B
92
Abitlbl P ow & Pap 6s 1940.J&J2
Acme White Lead & Color W ks98
1st 6s July 1924 to ’ 28 o p . J&J
80
Adams Exp coll tr g 4s ’ 48 . M&S
Coll tr g 4s 1947______ J&D / 72
95
Advance-Rumely 6sD ec’ 25M&S
Ajax Rubber s f 8s 19 36.. J&D
7834
Alabama Cons Coal & Iron—
1st cons M 5s 1933 - . M&N
9134
Ala Steel & Shlpbldg— See Tenn C I &
AlaskaQoldMines deb6s’ 25M&S /
5)4
Deb 6s 1926 Ser B _____ M&S /
534
52
Allied Packers deb 6s 1939 J&J
67
1st M & coll tr 8s 1939 _ J& J
_
Aluminum Co 7s 1925____M&M s 102 34
Debenture 7s 1933.. .A&C
96
Am Agrlc Chem 1st 5s 1928 A&C
1st ref s f 734s 1941_____F&A
8734
99
Amer Can— deb 5s 19 28.. F&A
Amer Chain deb 6s 1933 . . A&O
9234
95
Amer Chicle— 6s ’ 24-’ 27..A & C
81
SenSenChlc6sJ’n el4 ’ 29 J&D
Amer Cot Oil g 5s 1931 opt M&N
8834
6 % notes Sept 2 1924.M&S 2 10034
American Ice Securities—
American Ice Co— R E 1st &
10134
gen s f 6s ’ 42 opt ’ 13 ..F & A
91
Am Republics Corp 6s ’ 37. A&O
Amer Rolling Mill 6s, 1938 .J&J
9934
Amer Smelt & Ref 5s 1947. A&O
9334
104
1st M 6s 1947 Series B ..A & 0
Amer Sugar Refg 6s 1 9 3 7 ..J&J 10034
American Sumatra T obacco—
85
7 * % s f c o n v notes 1925 J&D
American Type Founders—
100
Deb gold 6s 1926______ M&N
Deb gold 6s 1937______ M&N
9934
Deb gold 6s 1939______ M&N , 9934
Amer Writ, Paper s f 7-6s ’ 39J&J 1 45
Anaconda Copper Mining—
1st con 6s 1953 Series A . . F&A
9434
Conv deb 7s 1938 _ .F& A
_
94 34
6% gold bonds 1929 Ser A J&J
10134
Anelo-Amer Oil 734s 1925. A&O 10234
Antilla Sugar Co—1st M 7)4s 1939 Ser A ..J & J
9734
Armour & Co of Delaware—
1st M 534s 1943 Ser A . . . J&J
8634
Armour & Co— Real estate 1st
84 %
gold 4 )4s 1939 o p t . _____ J&D
Associated Oil 1st 5s 1930.J&J 15
99
6% g notes 1935______ M&S
Associated Simmons Hardw Cos
634% gold notes 1933.. _J&J
8034
Atl Fruit & SS deb 7s ’ 3 4 .J&D f . . . .
Columbia Tr Co ctfs dep___ / 2534
Ctfs of deposit stam ped_ / 22
_
Atl Gulf & W Indies SS Lines—
Coll tr g 5s Jan 1 1 9 5 9 ... J&J
5134
Atlantic Refln deb 5s 1937..J&J
9734
Atlas Port Cem 1st 6s ’ 25. M&S 100
Baldwin Locom otive Works—
1st s f 58 1940 opt aft ’ 15 M&N
10034
Baragua Sug (Comp Azucarera
Baraqua) 73$s 1 9 3 7 ..J&J 15 10034
____
Barney & Smith Car 5s ’ 3 6 .J&J
95
Barnsdall Corp 8s 1931 A.J& J
Beech Creek C & C 5s ’ 4 4 . . J&D
91
Booth Fisheries s f 6s 1926. A&O
Bethlehem Steel Corporation—
88
Cons s f 534s 1953 Ser B . F&A
96
Con m 6s Aug 19 4 8 .. ..F & A
96
Cons M 6s 1948 Ser A ...F & A
Beth St 1st ex g 5s ’ 26 gu . J&J
9934
Beth St pur m 6s Aug ’ 98.Q-F
110
94
Beth St 1st 1& ref 5s^42. M&N
Purch money 5s 1936. .J&J
8934
Beth Steel eq tr 7s 1935. A&O 103
Penn M ary Steel 5s 1937.J&J
96
Boston Term Co— 3 34s ’ 47. F&A
83
Braden Cop Mines 6s 1931. F&A 10434
Brier Hill Steel 534s. 1 9 4 2 ..A&O
9534
Brunswick- Balke-Collender Co
6% serial notes 1925____J&J
9934
6% serial notes 1926-29.J&J
99
9034
Buffalo&Susq Iron 5s 1932 J&D
___
Deb g 5s Jan ’ 26 opt ’ 1 0 .M&S
Bush Term 1st 4s 1952____A&O
84 34
Cons g 5s Jan 1955______ J&J
8534
Bush Terminal Buildings Co—
1st s f gold guar 5s I960. A&O
9234
B y-Products Coke Corp—
lst&ref s f 8s ’ 36 Ser A . M&N 105
Calif Petrol 6J4s 1933 ____A&O
9734
Camaguey Sugar 7s ’ 42.A & 015
9434
Canada Cem ’ t 1st 6s ’ 29 op A&O r 100
Canada SS Lines 7s 1942.M&N
9334
Deb 5s Aug 15 1943..F&A15 r 7434
Canadian Car & Fdy C o, Ltd—
99
1st s f gold 6s 1939______ J&D
Canadian Cons Rubber, Ltd—
Gold 6s 1946opt 1911...A & O r 9634
Canadian Cottons 5s 1940.J&J2
-_ _
Canad Gen Elec 6s 1942_ A&O
_
Central Foundry 6s 1931..F&A
9034
Cent Hud St’b ’t 5s Apr ’ 33 A&O
_
Central Leather 5s 1925_ A&O
9734
Central Steel— 1st 8s 1941 M&N 10734
Cerro de Pasco Cop 8s 1931. J&J
85
Charcoal Iron of Amer 8s 1931.
Chic Jet coll tr ref g 4s ’ 40. A&O
81
94
C oll trust ref 5s 1940____A&O

bB s .
a is

Ask.
ONDS
95

Bonds.

Bid.

Chic Un Sta— See SteamRR bds
Chicoutimi Pulp 6s 1943 ..J& J r n ___
94
Cities Service Ref 7s 1933 .J&J
100
Clearfield Bit Coal 4s 1940. J&J
7734
8034 Clev Un Term— See Steam R R s.
85
73
Clyde SS 1st 5s 1931 o p t..F & A
97
90
Col Fuel & Iron sf 5s 1943 F&A
79% Colorado Industrial—
80
1st g gu 5s ser A&B’ 34optF&A
9234 Columbia Graphophone M fg—
RR.
20
8 % gold notes Aug 1 ’ 25.F&A
13
New York Tr ctfs of dep . .
534
14
Guaranty Tr ctfs of d e p ..
734
55
Computlng-Tabulatlng-Rec Co
69
100
Sinking fund gold 6s 1941. J&J
s 10234 Consol Textile 1st 8s 1941.J&D
71
92
s 10634 Consol Coal 4 J4s 1934 o p t. M&N
1st & ref s f g 5s 1950. _ J&D
9634
8834
8734 Continental Pap&BagMills Corp
1st & ref 6 34~ 1944 Ser A F&A
s
9234
9934
9234 Corn Prod Ref s f 5s 1931.M&N
9934
97
100
1st g 5s 1934 s f ________ M&N
83
Cramp (Wm) SonsShip&EngBldg
98
90
1st M g 5s 1929 o p t ____M&S
94
10034 Crew Levick Co 1st 6s 1931 .F&A
Crown Cork & Seal 6s 1942 F&A
7234
Cuba Cane Sug deb 7s 1930. J&J
9234
Conv deb 8s 1930 ______ J&J
9734
10234
9134 Cuban-American Sugar—
100
1st M coll 8s M ar 15’31M&S15 10734
94
Cudahy Pack s f 5s 1 9 4 6 ..J&D
S3 34
Sink fund deb g 5 34s ’ 37. A&O
10434
8134
10034 De Bardeleben Coal Corp—
1st m 634a 1924-’ 43_____J&J 67.25%
90
9934
Deere & Co 734% notes’ 31 M&N
76
Dery D G ) Corp 7s 1942 .M & S
99
10034 Dewees(W')W ood Co 5s’ 30 M&N
10034 Distillers’ Securities Corp—
10034) Coll tr cv s 5s ’ 27 op ’ OS.A&Ol/ 41
Bankers Tr Co ctf of d e p .. / 41
4634
95
Domln Coal 5s ’ 40 op ’ 10. _ M&N
Domin Iron & Steel 5s 1929.J&J r 91
94J4
70
Consol 5s 1939 ________ M&S
9434
84
10134 Donner Steel 7s 1942______ J&J
10234 Dunlop Tire & Rubber C o—
1st in 7s 1942 Ser A ____J&D s 92
9734 du Pont (E I) de Nem Powder—
89
_
Gold 434s June 1 1936_ J&D
8634 du Pont ( E l ) de Nemours & Co
Gold 734s M ay 1 1931 ..M & N
10834
10334
8434
83
Eastern Steel 5s 1931_____F&A
9734
9934 Elk Horn Coal 6s 1925____J&D
_
Empire Refg 1st 6s 1927_ F&A
10334
8034 Fairmont Coal 5s 1931------- J&J
9634
Farmers M fg Co 7s 1943..M & S
9634
28
Federal Sug Ref 6s 1933..M&N
9834
28
Fisher Body 6% notes 1925F&A s 101
6% notes 1926_________ F&A s 101
52
6% notes 1927_________ F&A
98
6% notes 1928 _______ F&A
10034
99
10034 Fisk Rubb Co 1st 8s 1941.M&S
Framerican Ind & D ev Corp—
89
Deb 734s 1942___________J&J
10134
Francisco Sug734s 1942.M&N15
10134
10234 Gair (Robert)” Co 1st 7s ’ 37. J&J
95
Galena-Signal Oil deb 7s’ 30 A&O
9634 General Amer Tank Car Corp—
94
Equip tr 7 34s ’ 31 Ser GG.A&O
10234
74
65.75%
Equip 6s & 7s ______
Equip 534s 1 9 2 5 .. . M&N 6 5.10
Equip 534s 1926-1934..M&N b 5.65
8834
9634 Gen Asphalt conv 8s 1930.J&D
10234
9634 Gen’l Baking 1st 6s 1 9 3 6 ..J&D
100
General Cigar 6s 1925------J&D
10034
112
Serial 6s 1935 _________ J&D
99 34
94 34 Gen’l Elec 334s 1942 op t..F & A
8134
90
Deb g 5s ’ 52 tax-ex N Y .M & S
10134
10334 General Petroleum Corp—
98
7% sf g notes F e b l5 ’ 31F&A15
10534
85
6% g notes Apr 15 '2 8 . A&015
96 H
Gen Refractories 6s 1952..F& A
10434
9934
96
9534 Goodrich(BF) 1st 634s 1947.J&J
Goodyear T & Rub 8s ’ 41. M&N
11634
100
10234
Deb s f 8s M ay 1931____F&A
100
Granby Con M in Smelt & Pow—
89
1st conv 6s 1928 Ser A ..M & N
9334
Stamped _________________
8934
Conv deb 8s 1925______ M&N
8634
8934
8834 Gray & Davis conv 73 ’ 3 2 .F&A
Gulf Oil of Pa deb 53 1937.J&D
9634
10134
9334 Hanna Furn Co 1st 8s ’ 26. J&D
Havana Tobacco 5sl922_ J&D / 40
_
107
Hearst Publications, Inc—
IstM &col tr 634s’26-’36 M&N
9734
9534 Hershey Chocolate 6s 1942M&N
10134
Hoboken Land & Im pt Co—
95
1st M g 5s N ov 1930_ M&N
_
80
7534 H ock Val Prod 5s 1961 o p t. J&J / 22
Holland-Amer Line 6 s ’ 47M&N / 73
100
Hollingshead (The R M )C o—
1st 7s 1938______ ______ F&A
97
97
H ood Rubber 7s 1936_____ J&D
10134
Hudson N av g 6s 1938 o p t. F&A / 30
Humble Oil & R 534s ’ 32 . J&J 15
9834
9034 I Jinois Steel deb 434s 1940. A&O
9234
I [dependent Brewing 6s’ 55.J&J
7934
9734 Indiana Coke & Gas 6s ’ 46. A&O
9034
108
Indiana Steel 1st 5s 1 9 5 2 .. M&N 10134
135
Indianap Abbattoir 734s.............
100
88
8234
95

Ask.

Bonds.

T is pic I c ds acudin r s i L s s le nN m a rCn d npic . •S le pic .
h r e nlu e c r e te e t,
at a ,
o in l, a a ia r e
a re




Bid.

Ask.

Ingarsoll-Rand 1st g 5s D ec 31
69
97
100
1935 opt Dec 31 1910____J&J
97
Inland Steel 1st 6s 1924-25. A&O
85
Intem at Agricultural Corp—
60
lst&coll tr s f g 5s’ 32 o p . M&N
5534
88
Stpd ext to 1942
M&N
4634
4634
92
nternat’l M atch Corp—
Conv s f deb 634s 1943.M&N
94
9434
ternat Mercantile Marine—
8034
In 1st M coll trust 6s 1941. A&O
8334
8434
ternational Paper—
1st & ref s f 5s 1947 Ser A.J& J
84 34
8434
In 1st & ref 5s 1947 Ser B ___J&J
8434
8434
Internat Salt g 5s 1951 op.A & O
81
83
10034 Internat Silver 1st 6s 1948.J&D 10234
72
Debenture 6s 1933._
J&J
9834 100
93
Ir m Steambt gen 4s 1932. A&O
8834 fefferson & Clearfield Coal & Ir
91
94
Indiana Co 1st s f 5s 1950. J&J
101
9234 lo aes & Laughlin St 5s ’ 39. M&N 100
Jurgens (Anton) Un (Margarine)
Wks conv 6s 1947(/iaf)--J& J / 77
7734
Kayser (Julius) & Co—
100
1st M s f 7s 1942____F&A 15
10034 101
9434 Kelly-Springfield Tire Co—
78
8% g notes M ay 15’ 31M&N 15
87
8734
9334 (ennecott Copper 7s ’ 3 0 ..F&A
S 10534
leystone St & Wire 8s ’ 4 1 .A&O 10034 10134
9834
Unney (G R ) Co 734s 1936.J&D 10334 10334
48
52
10734 f night (B B & R ) 7s 1930.M &S
85
La Belle Iron Wks 1st 5s’ 40.J&D
90
100
1st & ref 6s 1940 ........... .J&D
101
8234
Lackawanna Steel 5s '50..M & S
92
9134
6.75% Lake Super Corp inc 5s ’ 2 4 .Oct / 10
13
1st & coll tr gold 5s 1944. J&D
10034
7634 Lehigh Coal & Navigation—
Funding 4s g July 1 1948.J&J
88
90
Cons s f g 4 34s 1954 . ..J & J
9234
48
L 3h & W -Barre Coal— See Cent R R of N J p 3 1
____ L bby.M cN & Libby 7s’ 31 M&N s 9834 s 9834
Lirgett & M yers g 7s 1944.A&O 11634 117
Gold bonds 5s 1951____F&A
9634
9634
7i
Little (A E) Co 7s 1 9 4 2 ..A&O
97
100
85
Lorillard (P) Co g 7s 1944.A & 0
116
117
Gold bonds 5s 1951 ._ F&A
9634
9634
s 92J4 Lukens Steel 1st M g 8s’ 40M&N
98
9834
iagma Cop conv 7s 1932. .J& D
109 34 111
_
_
lailory S£f 1st s f 5s 1932 .J&J
83
8034
(anatf Sugar 1st 734s ’ 42. A&O
98
9734
10834 iarland Oil 8s 1931 Ser A . A&O 10334 104 34
10334
115
125
86
8 f g 734s 1931 Series B .F & A
116
129
Without warrants attached 10034 101
104
McMyler Interstate 7s ’ 4 3 .J&D
97
100
9734 ierch & Mfrs Exch 7s '42 J&D
9834 lexlcan Petroleum Ltd of Del—
Conv s f g 8s 1937_ .M&N
_
103
10334
9834
s 10134 Ildvale Steel & Ordnance—
Conv s f 5s 19 36.. . . M&S
s 10134
8834
8834
s 10034 ionon Coal— See Chic Ind & L R y p 32
IOO34 Morris & Co 1st s f 434s ’ 3 9 .J&J
76
77
734% gold notes 1 9 3 0 ..M&S
94
9934
9334
74
M tge-Bond Co 4s Ser 2 ’ 66 A&O
5s Series 3 1932________ J&J
8934
94
9334
103
4at Acme 734s 1931 _____ J&D
8434
8234
9534 (at Cond & Gable 6s ’ 27 A&O / ____
s 104J4
Certificates of deposit_______ / ____
lat Enam & Stpg 5s 1929. J&D
9934
103
4at Leath 8 % notes ’ 25 M&N15
96
9634
5.50% iat Starch deb 5s 1930 gu.J& J
9534
5% Jatlonal Tube 1st 5s ’ 52..M & N
10034 101
5.40% latomas Co gen 6s 1 9 3 5 ..J&J
45
46
s 104
lew Eng N av— See N Y N H & H R R
____ lew EngO il-& R ef 1st 8s’31M&S 101
104
94
10134 I J Zinc 1st 4s 1926____ A&O
10034 lew Nlquero Sugar 7s, 1932 J&J 102
105
8234 lew River Co 1st 5s 1934.J&J
87
89
102
Newport Co 7s 1932 _____ M&S
90
95
fYAirBrakelst6s’ 28 conv M&N 10234 103
10534 t Y D ock Co— 1st g 5s ’ 51.F&A
7734
77349634 i Y & H ob F ’y 5s M ay ’ 46 J&D
85
100
Hoboken Ferry 5s 1946. M&N
84
88
N Y & N J Ferry— 5s ’ 46 . J&J
85
9634
77
11634 ( Y Shlpbldg 1st 5s N ov 1 1946
80
103
'lew York Steam 6s 1947. M&N
9534
9634"
Norwalk Steel 434s 1929 ..J& J
38
40
«ova Scotia 8 & C 5s 1 9 5 9 ..J&J
77
79
77
9434 ) ’Gara Coal 5s’ 55 op aft’ 08M&S
80
90
igilvie Flour Mills 6s ’ 3 2 . . J&D r 101
Series B__ _______________ r 101
7934
97
Series C ___________________ r 101
10234 iswego Falls Corp 8s 1942. F&A 100
103
60
Otis Steel s f 8s 1941______ F&A
95
96
1st s f 734s 1947 Ser B ..F & A
8734
88
100
Pacific Coast Co— G 5s ’ 46. J&D
78
7834
102
Pac Fruit Express E q— See So uth Pac Corp 35
Pan-Amer Petrol & Transp Co
1st lien equip 7s 1930_ F&A
_
10134 10134
33
Park Lexington—
74
1st leasehold s f 634s ’ 53.J&J
96
9634
Park & Tilford s f 6s 1936. J&D
9634
9534
101
Penelec Coal 634s 1944 ___F&A
94
96
102
Penmans Ltd— lst5s’ 26opM&N r 97
9734
35
Pennsylv C & C 1st 5s’ 32 op J&J
90
92
9834 Penn M ary Steel— SeeBethSteel
9334 Pennsylvania Steel—
80
Pa&M d Steel con g6s’ 25 M&S
100
10034
94
Span-Amer Iron 6s 1927.J&J
100
10034
9534
10234 Phila & Read C & I 5s 1973 .J&J
9534
10334

44

INDUSTRIAL AND MISCELLANEOUS BONDS AND STOCKS

[Vol. 118.

N O T IC E .— A ll bond prices are " a n d in te re s t" except w here m arked ' f" an d Incom e an d d e fa u lte d bonds.
Bid.

Bonds.
Phillips Petroleum Co—
D eb g 734s’ 31(with war) AAO
W ithout warrants________
Pierce-Arr M ot Car 8s ’ 43. MAS
Pierce Oil 8s D e c l5 ’ 31 ..JA D 15
Pillsbury Flour Mills Co—
1st M 6s 1943_________ AAO
Pittsb Brewing 6s Feb 4 ’ 49. JAJ
Pitts Coal deb 5s July ’ 31.M A S
Pittsburgh-Westmoreland Coal
1st s f g 5s 1947 o p ____WI&N
Pleasant Val Coal 5s 1928.JAJ
Pocahontas Consol Collieries—
1st gold 5s 1957 o p _____ JAJ
Porto Rican-Amer T obacco Co
8% g b d s M ay 1 5 ’ 31.M AN 15
Powell R iv Co 6s ’ 25-’ 27_ JA.T
Power Corp of N Y 634s ’ 42.100
1st M s f 6s 1942______ MAN
Pressed Steel Car 5s 1933._JAJ
Producers A Refiners Corp—
8s 1931 (with warrants) JAD
W ithout warrants attached
Punta Alegre Sug s f 7s ’ 3 7 .JAJ
Pure Oil Co 634 % notes ’ 33. JAD
Remington Arms 6s 19 37.MAN
Remington Typewriter—
1st M 6s 1925-1926____JA.l
Republic Ir A Steel 5s ’ 40 A AO
Ref A gen 534s ’ 53 Ser A . JAJ
Robbins A M yers 7s 1942.JAD
R och A Pitts C A I 5s 1946. MAN
1st s f g 434s 1932 o p t._F A A
R ock y M tn Fuel 5s 1943 . _.
Rogers-Brown Iron 5s’ 25-40JAJ
Gen A ref 7s 1942_____ MAN
St Joseph Stk Y ds 4)4s’ 30 JAJ
St Lawrence Pulp A Lumber—
1st M 6s 1925___________FA A
1st m 6s 1926-1929_____ FA A
1st m 6s 1930-1933_____ FA A
St Louis Brew Assn 6s 1939 JAJ
St L Nat Stock Y ds 4s ’30.JAJ
St L R ocky M t AP5s’ 55 stpJAJ
Saks A Co s f 7s 1942____MAS
Securities Co N Y 4 % cons M A S
Sen Sen Chiclet— See Amer Chic
Sharon Steel H oop 8s 1941. MAS
Shawsh Mills 7% notes ’ 31 AAC
Sheffield Farms Co—
1st A ref 634s 1942_____ AAC
Shults Bread 1st 6s 1940. MAS
Sinclair Cons Oil Corp—
1st 1 coll 7s ser A 1937.MAS15
1st lien coll 634s’38SerB_ JAD
Sinclair Crude Oil Purch’g C o—
534% notes Apr 15 ’ 25 A A 015
6s Feb 15 1926 Ser B ..F A A 1 5
Sinclair Pipe Line s f 5s ’42 AAC
Sizer Steel 1st 7s, 1 9 3 7 ...MAN
Sloss-Sheffield Steel A Iron—
6% s f gold notes 1929___FA A
Solvay et Cie 6s 1934______ . .
South Porto R ico Sug 7s ’ 40JAE
Standard Mill 1st g 5s ’ 3 0 .M A 6

tBasis.

/T h is

101
72
96
96H
82
97)4
88
94)4
93
105
9934
97
93
89
11234
109)4
108
94

92
100
95

89)4
80
90
94

b

9%
7634
89)4

/
/
/

....
____
____
102
86 M
7634
104
52
le—
100
103
101 %
92
88)4
8434

f

Bonds.

Ask.

99)4
98)4
83 Vs
35
9934
99 34
100)4
97)4

Bid.

Standard Oil (Cal)—
5% serial notes 1924____FA A
5% serial notes 1925____FAA
73
5% serial notes 1926____FAA
5% serial notes 1927____FAA
9734
5% serial notes 1928____FAA
5% serial notes 1929____FAA
9634
5 % serial notes 1930____FAA
99
5% serial notes 1 9 3 1 ___FAA
5% serial notes 1932____FAA
5% serial notes 1933____FAA
90
Standard Oil of New York—
95
7% ser g deb Jan 2 1925. JAJ2
7% ser g deb Jan 2 1926. JA J2
9 4 )4
7% ser g deb Jan 2 1927. JAJ2
7% ser g deb Jan 2 1928. JA J2
105)4
7% ser g d e b Jan 2 1929.JAJ2
7% ser g deb Jan 2 1930. JAJ2
100
7% ser g deb Jan 2 1931. JAJ2
94)4
6 )4 % g deb M ay 1 ’ 3 3 ..M A N
8934
Stand Steel Wks 1st 5s ’ 2 8 .JAJ
Standard Textile Products-----120
1st s f 6349 1942_______ M AS
109 34
108)4 Steel Co of Can 6s 1940___JAJ r
94)4 Steel A Tube Co of Amer—
9234
Gen m s f 7s 1951 Ser C ..J A J
Sugar Estates of Oriente—
1st s f 7s 1942_________ MAS
101 )4
9534 Sun Co s f g deb 6s 1 9 2 9 ..MAN
Sink fund gold 7s 1931. .A A O
89)4
Sun Oil 6% g notes ’ 25. JA D 15
90
Superior Oil 1st 7s 1929.FAA15
Swift A Co 1st S f g 5s ’ 4 4 ..JAJ
5% s f g notes Oct 15 ’ 3 2 .AAO
7)4% Taylor-Wharton I A S—
1st 6s 1942___________ MAS
77
1st A ref 7J4s 1946 Ser A .JA J
Tenn Coal I A R R 5s 1951.JAJ
Ala SteelAShlpbldg 6s’ 30 JAJ
Tenn Cop Co conv 6s ’ 25.M A N
Tidal Osage Oil s f 7s ’ 31. FA A
Tide W ater Oil 6 34s ’ 31.FAA1E
Traylor Eng A M fg 8s 1936_
_
90
Tublze Artificial Silk 8s ’ 4 3 .JAJ
77 Vs
104)4 Union Bag A Paper 6s ’ 42 MAN
Union Oil Co of California—
55
First lien s f 5s 1931 o p t. .JAJ
6s M ay 1 1942 Ser A ____FAA
10034
104
Serial 6s 1925........... ........AAO
Serial 6s 1926_____ _____ AAO
102)4 Union Steel Co 1st 5s ’ 52 gu JAD
Union Tank Car Eq 7s ’ 30 FAA
95
United Drug con 8s ’ 41 JAD1E
8934 United Lead deb 5s 19 43..JAJ
United Oil Producers Corp—
85
1st 8s July 25 1931_ JAJ25
_
99)4 United Steamship 6s ’ 3 7 ..M AN
United Stores Realty 6s ’42 AAO
99
83)4 U S E nv 1st 5s 1924-1934..JAD
U S Finishing con g 5s ’ 2 9 ..JA J
45
U S Hoffman M ach 8s 1932.JAJ
U S R ealty A Imp 5s g ’ 24opJAJ
100
9934 U S Rubber 734% notes ’ 30FAA
1st A ref 5s 1947 Ser A .JA J
101)4
97)4 U S Smelt Refg A Mining—
Conv 6% notes 1926____FAA
United States Steel Corp—
Col tr s f 5s Apr ’ 51 op ’ l l Var
Col tr s f 5s Apr’ 51 not op Var
C o l s f 2d 5s A pr’ 63op’ 13MAN

p r ic e In clu d e s a c c r u e d In te re s t,

k

L a s t s a le ,

n N o m in a l,

Bonds.

Ask.

100
100
100
99)4
99)4
9934
99)41
99)4
99)4
98)4

10034
10034
10034
10034
100
100
100
99)4
9934

10134
103)4
103
106
106
106)4
107
106)4

101)4
10334
103'34
106)4
106)4
106)4
108
107)4

99

94
102)4

97

103)4

104

95

99)4
100 34
100)4
99)4
94)4
89)4
93
87
100
100
100 %
103)4
104
99
102
92)4
97)4
100)4
101
101
107
104)4
113)4
92
59
87
99)4
95
96)4
106)4
99)4
100
80)4
100 Vs
105
105
103)4

96
100
100)4
100)4
100
95
90
89
101

Bid. | Ask.

Unlver’l Winding Co 7s ’ 3 7 .JAJ
99
Utah Fuel— See D env A R io G r, p. 32.
Utah-Idaho Sugar Co—
1st M serial t s 1924-30._JAJ 10034
Vacuum Oil Co 7 % 1 9 3 6 ..AAO 106)41
1
Vandalia Coal 1st 6s ’ 30 op .J A J
16034
Van Slyke A H orton 7s____1938
94
Vertientes Sug 1st 7s, 1942.JAD
40
Victor-Am er Fuel 1st 6s ’ 40 FAA
60
Victor Fuel 1st s f g 5s 1953.JAJ
Virginia-Carolina Chemical—
54
1st s f 7s 1947 Ser A ____JA D
Certificates of deposit. .
S f conv 7 34s 1937 Ser A .JA J
29 Vs
C tf dep with warrants_
_
29 Vs
W ithout warrants attached
29 Vs
90
Va Ir Coal A Coke 5s ’ 49 MAS
Ward Baking 6s 1 9 3 7 ...J A D 1 5
9 8 )4
102
Warner Sugar R ef 7s 1941..JA D
94
1st A ref 7s 1939 Ser A .JA J
W ebsterCAC 1st g 5s’ 42 op MAS
91)4
Webster Mills 634s 1933. . JAD
10134
West K y Coal 7s 1944 ..M A N
Western Elec deb 5s 1944 AAO
96)4
Westlnghouse Elec A M fg—
7% gold bonds 1931____MAN
10834
Wheel’g Steel 6% notes ’ 2 6 .JAJ
9 9 14
Whltaker-Glessner Co 5s 41 AAO
89 34
9 9 )4
1st S f g 6s 1941_____ ..A A O
Wlckw Spencer Steel 7s ’ 35 JAJ
57
Willys-Overland 1st 6s ’ 33 .M A S
98
_
Wilson A Co 1st 6s 1941_ AAO
80)4
Conv s f g 6s 1928 _____ JAD
48
Conv s f g 734a 1931 . _FAA
5034
Winchester Repeating Arms—
101
1st gold 734s 1941______ AAO
Woodward Iron 5s 1952____JAJ
8334
95
Youngst Sh A Tube 6s 1943 JAJ

102
101)4
106)4
87
102
94)4
45
6234
54)4
53
29)4
30
91
9 9 )4

102)4
94)4
92)4
102)4
100
97
108)4
100
100
59
98)4
81)4
49

52)4
101)4
85
95)4

101)4
104
EXCHANGE SEATS.
105
No. Last Sale
104
$
$
N Y S t o c k E x c h ..1.100 $82,000
105
450
500
500
94)4 N Y Con Stk E x . 400
1,000
1,100
N Y Produce E x . 1,800
1,100
N Y Cotton E x .. 450 29,700 27,250 29,000
98
6,700
6,600
101)4 N Y C of A Sug E x 323
5,400
6,900
6,000
10134 N Y Curb Market 550
Baltimore Stk Ex
87
2,000
10134
9,000
6,400
Boston Stock E x . 140
6,800
4,000
Chic Bd of T r’d e. 1,615
4,000
105
___
5,700
Chicago Stk Exch 250
5,500
114
___
Cincinnati Stk Ex
35
4,600
___
Cleveland Stk Ex
36
3,000
___
Detroit Stk E x ch .
50
4,000
60
___
4,500
8734 L osA ng Stk E x .. 392
____
Louisville Stk E x .
29
1,200
100
2,500
1,800
M inn Ch of C om . 587
2,800
100
____
69 20,000
9734 Montreal Stk E x .
New Orl Cot Ex__ 500 12,000 11,000 12,000
108
1,000
New Orl Stk E x ._ _
_
750
750
100
____
2,600
io o )4 Phila Stk E x c h .. 206
2,500
2,000
8034 Pitts Stock E xch . 115
1,900
1,400
St Louis E x c h ...
50
1,750
100)4 (SanFr) Stk A BdEx 52 17,500 17,500 17,500
750
500
Wash’ton Stk E x .
40
500
107
107
103)4

r C a n a d ia n

p r ic e ,

s

S a le

price

INDUSTRIAL AND MISCELLANEOUS STOCKS
S to c k s.

Par

Bid.

Aik.

T E X T IL E MFG.
STOCKS.
Per share
N orth . M ills. Par.
40
Arcadia M _______
43)4
Acushnet Mill (N B ) i 115
40
A m Llnen(Fall R ) f
86
90
American M fg . 100
76
79
Preferred____100
Amoskeag M fg (voluntary assn). (+)
6734
6634
Preferred------(+)
7234
130
Androscog M (M e) / 120
A ppleton Co (Mass) i 605
625
.
30
Arkwright M (F R ) /
A rllngtonM (Mass)/ 100
103
90
Barnard M fg (F R ) (
Bates M fg ( M e ) ../ 180
200
Beacon M fg (N B ) i
Preferred____ 100
100
97)4
Berkshire C ot M fg
133
Adams. Mass J
Blgel-HartfCarp’t t d 106
10734
106
110
Preferred____100
155
B ooth M fg (N B) 1 J45
H2
P referred _____ /
B oottM ills(M ass) Z 115
100
Border C M fg(F R )
130
’B oston M fg (Mass) i 120
115
120
Bos Duck (M ass).t
135
Bourne M ills(F R ).i
185_"
Bristol M fg (N B ) i
125
Butler M ill (N B ) .i
117)4
100
115
Cabot M fg _____ .1
Chace Mills (P R ) .i
70
125
Charlton M ills. 10C 120
Chicopee M fg (pf) Z
k 99)4
C ity M fgC r’p (N B )/ 130
145
Contln’l M (M e )—i 140
_ _ _ 145
Cornell Mills (F R ) i

a

S to ck s.

Par

Bid.

A ik.

Par

Bid.

Ask.

Per share.
130
L owellBleach (M ) . Z 126
133
155
L ith er M fg (FR ).Z
135
87
Lrm an Mills (M ).Z 130
105
M anomet M (N B) l
40
90
Mass Cott Mills_.Z 135
139
154
85
M echanics’ M(FR)Z
March M fg(F R )._Z
63
127
—
95
Merrimack M fg
102
(M ass)......... .100
98
80
Preferred____100
84
Middlesex C o (M )_ .
70
75
M t V -W ood Mills
173
9
(Balt) v t r — 100
46
125
Preferred v t rlOO
47
Narragansett Mills
95
101
100
(F R ) _______ 100
90
N ashawena M . 100 100
102
76
Nashua M (N H L -'
95
P r e fe r r e d _ 100
_
100
N aumkeag (Mass)
135
181
Steam Cot C o. . /
—
40
Neild Mills (N B L .Z 210
90
New B edf’d Cot M Z 105
97
Preferred___
.Z
103
New Eng Sou M ._
10
12)4
110
P referred .. .100
50
260
N ewmarket M fg
Co (N H )____100
k 140
50
— - N onqulttS p(N B ).
Osborn M ills(F R )./
7 5 ''
80
81
155 , Pac Mills (M ass).'
152
Parker M Ills(FR).Z
—
35
75
117
Preferred_______
112
PepperellM fg(M e) Z 108
101
450
Pierce M fg (N B )../ 400
30
175
200
Pilgrim M c o m ___
60
Pocasset M fg (F R )
100
112

Dartmouth M fg
128
Corp (N B )--1 0 0
Preferred _ _ 100
83
Davis Mills ( F R ) . l
Da vol Mills (FR).Z
Draper C orp_ 100
_
151
60
Dwight M fg (M ass).
85
Sdwards M fg (M e) i
95
3smond M (R I),p f l
Sverett M (Mass) l 113
I'alrh Mills com 100
65
Preferred____100
?arrAlpaca (Mass) / 168
?lint Mills (F R )J
120
200
franklin Co (M e) J
JosnoldM (N B )-.f
90
Preferred_____ __
Jranlte M ills(FR) /
60
It Falls M fg(N H ) Z
26
Jreelock C o ___100
Drinnell M fg(N B ) / 125
lam iltM fg (Mass) /
37
87
Lamilt W (M ass)./
Jarmony Mills pf / 100
lathaway M fg(NB) i 150
Till M fg Co (M e )./ 100
lolm es M fg(N B ) /
110
2
lom eBleachA D W t
P re fe rre d ___100
30
iilb u m M N B)_i
SingPhllipM F R ) 1 145
Lancas’rM (Mass! ' 112
P r e fe r r e d ___100
96
Laurel Lake c o m ..
95
Preferred_______
Lawrence M fg (M )/
55
Lincoln M fg (F R ) Z
Lockwood Co (M e) Z 105

b A s s o rtm e n t p a id , o P a r v a lu e $ 7 0 0 .
d P rice p e r s h a r e , n o t p e r c e n t ,
N o m in a l,
r C a n a d ia n p r ic e .
« S a le p r ic e ,
t N e w s t o c k , i E x-div. j




S tock s.

Per share.

h P a r v a lu e

Ex-rights.

$1,000. k L a s t
* Ex-stock div.

S to ck s.

Ponemah M (P rov ) Z
P referred --------- Z
Potomska M (N B ) I
Q lissett Mills (N B ) I
Preferred_______ l
Rich Borden M fg
Co (F R ) ____100
Sagamore M fg
(F R ) _______ 100
S almon Falls Mfg
Co (N H )____100
Saaconnet M (F R ) 1
Sharp M fg (N B )..Z
Preferred____100
Shawmut C ot Mills
(F R ) com ___100
P referred .. .100
ShoveM llls(F R ) 100
Sxenandoah Cotton
Co (U t ic a )...100
S ju le M ill ( N B ) . . /
Stafford M (F R).Z
Stevens M fg (F R) /
Taber M ill (N B)_l
Tecumseh M (FR).Z
Thorndike (M ass).
Trem ont A Suffolk
M (M ass)______ /
T roy C ot’ nA W ool’ n
M fg (F R ) _ 500
_
U aionC ot M f (F R )./
Utica Knitt C o . 100
P r e fe r r e d ___100
Utlca Steam A Moh
Val Cot M fg ____/
Wampanoag Mills
(F R ) _______ 100
Wamsutta M (N B ) Z

l P a r v a l u e $100.
t Without par value.

s a le

Par

m

Bid.

Ask.

Per share.
____
120
100
95
165
180
100
—

112

235

255

____
3
____
56
150
95

40
____
4234
62

70

____
150

35
160
90

105
—
____
____

110
____
____

120
75
85

325
____
85
95

120

130

100

85
____

1st

_
_
92)4

I n s t a ll, p a id

June, 1924.]
S to c k s.

Par

Bid.
Per

W eetamoe M (F R ) .1
Whitman M (N B ).I
Winnsboro Mills pf
York M fg (M e) — l
S o u th e r n M ills.
A bbevilleC M (SC) l
Amer Spinning C o .
A ndersonC M (SC ) I
Arcadia M --------100
Augusta Fac (G a ). I
Belton Mills (S C ) , 1
Bibb M f g .......... 100
Preferred____ 100
B rogon________ 100
Brookslde M ills. 100
Cannon M fg ____10
ChadwickHoskins______ 25

101
99

S to ck s.

Ask.

103
150
270
64
60
91
170
104
104
145
15

Bid.

Ask.

L ou isville.
L iberty_________ 50

115
225
105
155
280

(t)

Per share.
180
190

Per share.
Newark.
American________ 5
20*6
19*6
183
Firemen’s__ ____ 50 w 177
Prudential L i f e ..50 450

65
94
175
106
106

S to c k s. Par.

Per cent.
____
200

M inneapolis.
N or’west F A M 100

Per share.
110

Par

Per share.
In d ia n a p olis—
11
Sterling Fire____10 d 10

share.
87
150
102
103

New Haven.
Security Ins____25

Per share.
54
____

Per share.
New Orleans.
Lafayette_______ 50 n 240
____

last B utte____10
ederal M A Sm .100
Preferred____ 100
irst National
Cop ($3 75 p d ).5

B o sto n .
B oston________ 10C
Colum Nat Life.10C
Conveyancers’
T itle________ 10C

15*6

Per share.
32
30
Per share.
670
685
126
130
150

160

B ro o k ly n — See N Y
Per share.
D ayton .
Liberty_________ 5(
85
100
62
R eliable................20
64
D e tro it.
Detroit F A M ._ 8 (
M ichigan F A M .5 0

Per share.

H a rtfo rd .
Aetna (Fire)___100
Autom obile In s. 10C
First R e-Ins— 10C
Hartford Flre_.10(
Hartf Steam Boll
Insp A Ins— 10(
National Flre._10(
Phoenix (Fire)_10(
Life Insurance.
Aetna Cas’ ty A Sui
Aetna L ife_____ 10(
Conn G en_____ 10(
Travelers’ _____ 10C

Per share.
510
520
402
210
220
545
555
395
530
535
440
447
Per share.
520
510
565
570
745
705
715

New Y ork.
Amer A llian ce.. 100
Bankers A Ship. 100
C ity of N Y ____100
Commonwealth. 100
Continental_____ 25
Fldelity-Phenix.- 25
Globe A Rutgers 100
Great American 100
Hanover________ 50
H om e_________ 100
Lincoln________ 20
National Liberty 50
Niagara________ 50
Northern______ 100
North River____25
Pacific Fire_____ 25
Rossia Ins______ 25
Stuyvesant____ 100
United States___20
Westchester_____10

Per cent.
Atlantic Mutual—
1922____________ f 101
103
103
1923____________ f 101
1924 ___________ / 101
103
M INING STO C K S
Adventure C o n s .25
Alaska Gold M ..1 0
Alaska Juneau
Gold M in in g .. 1C
A lg om a h _______ 2£
Amer Zinc Lead A
S m elting--------21
Preferred_____ 25
Anaconda Copp.SC
Arizoda C om ’clal.5
A rnold__________ 25
Batopllas M in— 20
Bingham M ines. 10
Bonanza D ev Co 1C
Butte Cop A Z Co 5
Butte A Sup------1C
Callahan Zinc-Lead
C o ___________ 1C
Calumet A A r iz .lt
Calumet A Hecla 25 x
_ Carson Hill G M — 1

Per share.
20c.

50C.
____

1*6
10c.

1*6
20c.

7
24
29*6
8*6

7*6
26
29*6
8*6

14*6
1 1
4*6
14*6.

16
1*6
4*6
16

3*6
44
14*6
1%

3*6
45*6,
15
1*6

Bid

REALESTATETR
& LAND STO C K S

Ask.

Per share.
44%\
45
27%
27*6
17%
17*6
38%
38%
20
19%
59c
54c
46c
48c
21X
20*6
16
15*6
3*6
4*6
10
7%
42 %
42
25c.

M ines________ 10

A P.100
Per share.
360
(St L ouis)____10
375
180
18
___
20
ree ne-Cananea 100
215
145
220
135
ancock C o n s ..20
300
135
olllnger M ines. .5
Clifton M fg (S C ). 1 132
d 91
140
Columbus M fg (Ga) 129
91*6
d 118*6 135
125
Converse (D E ) 100 120
830
930
Copper_______ 20
165
Dallas M fg (A la). I 150
256
259
jland Creek Coal 1
D arl’g 'n M fg (S C ). 1
91
94
115
d 105
95
Preferred
----- 1
Drayton M ills. . 100
334
337
114
Dunean________100
116
d 67
70
Eagle A Phenlx
170
d 205
175
Mills (G a )_____ l
156
Enterprise M f(G a) l 100
d 152
205
92
96
215
Gaffney M fg (SC) I
d 62
125
128
G luck______ ____ __
d 116
131
Grantevllle M fg 100 175
d 86
89
Greenw’d C M (S C ) 1 400
100
115
145
H a m rick _________
155
88
200
d 83
172
41
169
d 39
M cIntyre, P ’ plne.5
Judson________ 100
102
104
Miami C opper.__5
Preferred____100
P h ila d elp h ia .
Per share.
K ing,JP,M fg(Ga) l 140
M ichigan________25
Alliance of Phila.10
Lanett C ot M ..1 0 0
33*6 M ohaw k________ 28
Fire Association. 50 410
430
Laurens C M (S C ). 1 150
Motherlode C__ (t)
Ins Co of N A ...1 0
136
_
125
M arlon M ills_ 100
50*6
51*6 Nevada Cons C op .5
InsCoState ofPalOO 175
M arlboro C M (SC) l
60
65
New Cornelia Cop.5
62
144
Lumbermen’s ___25
Mass M ills._ .(G a )
140
New Dom inion A 1
People’s Nat F ir e ..
30
M ills M fg Co (SC) l 285
300
25
New River C o . . 100
Phila Life______ 10
M onarch CM (SC) l 138
141
k 10*6
Preferred____100
Reliance________ 50
95
100
N ewberryCM (SC) I 135
138
Nlpisslng M ines. .8
UnitedFiremen’s 10
O r r C o t M (S C ) . . 1 108
110
k 15
North B utte____ 18
V ic t o r y ________ 50
97
215
101
Pacolet M fg (S C) I 210
North Lake_____ 28
103
105
Preferred____100
Ohio C opper____ 10
P rov id en ce.
Per share.
Phillips Buttorff M l 160
170
Old Dom inion Co 25
144
Prov Wash’t o n ..5 0 250
Pledm ontM fg(SC) I 140
Ontario S ilM ln .(t )
135
Poe, F W .M fg(S C ) l 125
Park C ity M AS . . 5
R ich m o n d .
Per share.
104
101
P o i n s e t t . .____100
Pit A MtShastaCop
Virginia F A M ..2 5
93
96
225
Riverside A Dan R iv 220
Pond Creek—
104
Preferred____100
Pocahontas . . .
Per share.
St. Louis—
Riverside M . _ 12.50
7
Quincy__________ 28
8*6
Cent States L ife ..5
Saxon M ills____100
97
100
12*6
13*6 Rand Mines, L t d ..
Continental L ife___
18
20
Sibley M fg (G a ). . I
70
60
Ray Cons C o p ..10
Missouri State L . 10
37
38
Spartan Mills (SC) 1 150
155
St Joseph L e a d .. 10
60
Internat L ife____50
63
34
36
St M ary’s M ineralT oxow ay________25
5
3
Union-Buffalo M __
75
70
Land__________25
1st pref_____ 100
92
93
San T o y __________ 1
S t. P aul, M inn.
Per share.
54
2d pref______ 100
53
Seneca Cop C orp(t)
St Paul F A M ..2 5 d 75
V lctor-M onag C o . 1 102
85
105
Shannon________ 10
% ShattuckArizCoplO
P re fe rr e d _____ l
108
111
San F ra n cisco.
Per share.
WareShoalsMfg 100 175
195
South Lake_____ 25
Firemen’s Fund 100 340
W ebb M fg (Nash) l
361
20
40
Superior < B ost.10
fc
Home Fire A M aWest Point M fg 100 129
133
Superior_________25
24
Whitney M fg (SC) 1 108
111
25*6 Tennessee Copper
W oodruff M ___100
190
195
A C hem ical._(t)
S p rln g fitld , Ma ss.
W oodslde Cot M . I 115
120
Tonopah Belmont. 1
Springfield Fire A
92
Preferred______ l
90
Tonopah (Nev) . . 1
Marine______ 100
320
330
Tonopah Ext M in .l
C an ad ia n M ills. Canadia n prices
Trinity C opper____
W a sh in g to n .
Per share.
Can’n Connecticut
Tuolum ne________ 1
American______ 10C
200
54
Cum pref____100
Un Verde E xt._50c
Corcoran_______ 50
125
82
Can Convert, L td. 1
Utah-Apex_______ 8
Fireman’s --------2C
18
20
97
Can Cottons. L td . 1
Utah Consol_____ 8
National U n io n ..5
9*6
Preferred______ 1
88
90
Utah Copper C o . 10
58%
D om in T ext.L td(t)
Victoria_________ 25
58*6
W h eelin g ,W .V a .
Preferred______ J 108
W inona_________ 28
____ k 150
Wheeling Fire 1 ,100
M ontreal Cottons, i
90
W olverine______ 28
Preferred______ i
104
W yandot________25
M ARINE INSURPenmans, L td ____ 1 138
140
Y ukon G old _____ 5
ANCE S C R IP .
97
Preferred______ 1
INSURANCE
STOCKS.
B altim ore.
Central Fire____10

45

INDUSTKIAL AND MISCELLANEOUS STOCKS

12*6
10
1
12.50
45*6
23
99*6
91
12*6
38
1%
lX
6c.
75c.
30%
1%
60c
1%
15
20
26"
7
13
17%
lX
37
" 5*6
3X
10c
85c
17X
5%
3%
7c
11**
14*6
30*6
10%
23%
27
"V s
31c
4*6
15c
60C
1
7
*6
1*6.
2%
25c
22%
2%
67*6
50c
19c
50c

Per

Albany T r (B ost).i a 58
Alliance Realty___l 110
Bedford T r (B o s )-.i a 57
BerkeleyHotlTr (B) l a 70
Bd of T r Bid Tr(C)J a ____
Bos Gr’d R ’t T r(C )l a 105
Bost R E T (B os).V a 870
BosStorW ’h’se (B ). I a 115
Boston W harf C o .l a 106
Bromf B ld g T r (B ).i a 64
15
Business RE5Tr(B) .i
Cent Bldg T r (B )_l
Chic R E Trustees h o lO o b "
C ity R E T (C )___h a 800
Congress St Associ­
ates (B oston)___I a ___
C ’gressStBlgTr(B)I o ___
30
Copley Sq f r (B)_J
44
Devonsh Big T r(B )l
Preferred_______ a —
East Bos Land (B)_
2%
Ensley Land C o ___i 110
63
Essex St T t (B)
I
Factory BldgTr(B) 1
Fifty Associates (B) 3100*
114
Hotel Tr (B )..........I
70
KlmballBldgTr (B) I
Realty Associates of
155
Brooklyn com (t)
80
1st preferred. 100
68
2d preferred. 108
Texas Pacific Land
250
Trust certlfs___ (

S to ck s.

Par.

Bid.

Ask.
share.

T IT L E G U A R A N T E E 6*
SAFE D EPOSIT S .T O C K
Per share.
American Surety.50 d 96
100
Bond * M Guar 100 292
296
Chicago T A Tr.100 340
CltySD (AlbN Y ) 100 170
Columbia Title
(W ashington). .5 d
8
10
Fidelity AD (M d ). 50 d ____
78*6
Kentucky Title Co
Preferred____ 100
90
Lawyers’ M Co .100 158
162
28c. Louisville T itle. 100 175
60C. Maryland Cas Co25 d 75
M ortgage B ond. 100 112
116
4c. Nat Surety C o . 100 150
155
N ew Amsterdam
13
Casualty (Balt) 10 d 38*6
38*6
N Y TitleAM tg.100 200
205
25c. R E T Ins (Wash) 100 160
180
11
T it InsAGu(SanFr) n 175
54"
1% T ltleG uTr(StL ) 100
12.60, U S Casually___100 200
48
U SF ldelA G u(M )50 d 145*6 146*6
U S Title G u ar. 100 165
175
23%
100
IN D U S T R IA L *
92
MISCELLANEOUS
13
Per share.
38% Adams Express. 100
79
77
i x A dv’ce-Rum ely .100
6
6*6
Preferred____ 100
31
1%
30
12c. Aeolian-W eber—
Piano A P la n .100
1
11
8
31
Preferred____ 100
50
40
76
1% Air. R ed u ctio n .. (+) d 74%
75c Ajax R u b b e r ___( t) d
5*6
5*6
59
1*1 Alabama C o ___100
1st pref_____ 100
85
15*6
85"
20*6
2d pref______ 100
55
50
Albany C om — 100
75
65
27 IAlbany (N Y ) Safe
7 Vs' Dep A Storage 100 160
170
13%' Allied Chem A Dye
18%
Corp ................ (t) d 71*6
72
2
Preferred____100
115
115*6
Allied Pack new . (t) ds 1%
2*6
65
Prior pref___100 d
17*6
Senior p r e f..100
6%
3% AUls-Chalmers M fg
30c
C om m on ____100
43
43*6
92c
Preferred____100
92
91
18*6 Aluminum M frs (t) d . . . .
Preferred____100
6%
4% Atnal Sug 1st pf 100 100*6
8c Am Agri C hem . 100
7*6
7*6
Preferred____100
22*6
23
12
Amer B akery..100
32
15%
Preferred____ 100
95"
33
A n Bank N o t e .50 103
104
Preferred_____ 50 d 53
io*6
54
24
A n Beet Sugar. 100
40
38*6
Preferred____100
73*6
74*6
95
98
27*6 A nerlcan B ook . 100
i 2c Am Bosch M agn(t)
22*6
23*6
1
A m B rak eS h A F (+) d 80*6
81
45C
Preferred____100
105
111*6
5
A nerlcan C an..1 0 0
102*6 102*6
75c
Preferred____100
114
115
74c A n Car A Fdry 100 158
161*6
122
Preferred____100
1%
123*6
A n Caramel___100
4
7Vs
Preferred___ 100
42' "
39
% A n Chain, Cl A .2 5 d 22*6
22*6
1% A n C hicle......... (t) d 15*6
16*6
2%
Preferred____ 100
65
57
i 30c A n Cigar______ 100
76
78
Preferred____100
84
86
23 " Am Coal of N J . . 25 d 65
—
2% Am Cotton 011.100
Com ctf d ep ____
10
13
6 8 ''
33
Pref ctf dep_____
60C A mCredlt Inaem . 2 5 d
40
25c Am Cyanam id. 100 101
104
Preferred____100
73
76
25c' Am Drug S y n d .-lO d 4*6
4*6
65c Am Express____100
90
93*6
American G lu e. 100
39
41
105
Preferred____100
110
Am H ardw are.. 100
63
65
Share
Am-Hawalian SS.10 d 10
12
AmHideALeathlOO d
8*6
9*6
Preferred____100
54*6
55*6
Amer H osiery___25 d
50
85
Am Ice C o _____ 100
88
Preferred____ 100
80
79*6
75
Am Intern CorplOO
20*6
20*6
Am -La France
966'
Fire Eng I n c . .10 d 10
10*6
Preferred____100
91
96*6
Amer Laundry
Machinery___(t) d 56*6
56*6
Preferred____100
114
118
15
Amer L in seed .. 100
16*6
Preferred____100
32*6
34*6
72
850
A m L ocom otive, (t) d 71*6
Preferred____100
118*6 119*6
65
Am M ch A Fdy 100 140
150
41
Amer M etal C o .(t ) d 39
Preferred___ 100
106*6 112*6
AmerMultigraph (t) d x ____
22*6
75
100
Preferred____100
3
145
135
Amer Plano____100
120
Preferred____100
A m P n euS erv___25 d " l %
i*6
50
First pref_____ 80 d 46
15
Preferred_____ 50 d 13
97
Am R adiator____25 d 96*6
125
Preferred____100
123
39
AmerRepubCorp (t) d 36
163
Am Rolling MUI.25 d 45*6
45*6
85
7% pref (new) 100 101*6
—
73
310

a Purchaser also pays accrued dividend, b Assessment paid, d Price per share, not per cent, h Par value $1,000. h Last sale. I Par value $10*.
i Nominal, r Canadian price. « Sale price. ( New stock, u Ex cash and stock dividend. • Ex stock dividend. s E x dividend, s E x rights.
1W ithout par value, w E x 33 *6 % stock dividend.




Stocks.

[V ol. 118,

INDUSTRIAL AND MISCELLANEOUS STOCKS

46
Par

Bid.

Ask.

Per share.
Am Safety Razor 25 d
6
6%
American Screw 100
95
100
Am Seed M a c h ..50 d ____
Preferred____ 100
80
Am Shipbldg___10C
62
59
Preferred____100
85%
87
Amer Ship A Com
m e r c e _______ (t) d 11
11%
Am Smelt < Ref g 100
fc
62
61%
Preferred____ 100
98% 100
Am Snuff c o m .. 100 135% 143
90
Preferred------ 100
100
Am St F ’drles 331-3 d 34
34%
Preferred------ 100
101
103
American Stores, (t) d 29
29%
Am Sugar R e fg . 100
42%
43
Preferred------100
87%
89
Am Sumat T o b . 100
12
13%
Preferred____100
44
51
Am Thread p ref.
d 3%
4%
Am T o b a c c o ...100 139% 141
Com m on B ..1 0 0
136% 138
Preferred____100
102% 102%
Am T ype F oun . 100
96
98
Preferred____100
99
101
AmVltlrfled Prod 50 d 9
11%
Preferred____100
70
75
Amer Wholesale
C orp, pref___1
96%
97%
Am w ind Glass
Preferred------1
109
Am Wind Glass
89
92
Am W ool (Mass) 100
65%
66
Preferred____100
98
98%
Am Writing Pap 10C
" 2"
Preferred____100
" 2%
Ctfs of deposit
1
3
Anglo-Amer OU_£l d 15%
15%
Archer-Danlels
M id p r e f ____(t ) d 81
83
Armour A Co
o f D el pref______
84%
85%
Armour A Co pf 100
74
73%
d 2%
3%
Arnold, Constable
A C o ............... (t) d
d
d
Assets Rea
Assoc Dry C
1st pref.

9
15%
____
%
87%
86
91
d 29
54

C ol T r ctf d ep._
A tl Gulf A W
Atlan Lobos O il. (t)
P referred ..

Atlas P o w d e r ..(t)
Preferred____ 100
Atlas T ack -------(t)
Austin ,N ich A C o (t)
Auto Knitter
H osiery___

9%
17
57%
%
88
87
93
29%
56

1%

1%

14%
17
3
d 8
106
114
85
115
dx 49
83%
d 6%
d 20
80%

15%
18
3%
16
108
117
90 50
85%
7
20%
82

3
-(t) d 2 %
4
d 2%
d 13%
15%
119
120
108% 108%
P referred ..
113
116
Baltimore Tube 100
22
25
Preferred____
57
60
Barnet Leather, (f) d 20
24
Preferred____ 100
85
95
Bam sdall Corp
Class A ____
d 15%
16%
Class B ________ d 1 2 %
13%
Bayuk Cigars_ (t) d 38
_
40
94
98
105
Beatrice Cream .50 d 59
64
Preferred____ 100
100
104
Beaver Board Co—
Com v t c Cl A (t) d ____
C om v t c Cl B (t) d
1%
1%
1st pref v t c.100
12
15
d 46
47
110
48
48%
Beth’hem Steel. 100
92%
7% cum p ref. 100
93%
107
8 % c o n v p r e f.l0 0
105
Billings A S p e n ..2 5 d ____
10
Preferred_____ 25 d ____
15
Bird & Son—
prior pref____ 100 109
110
14
Bliss (E W) C o _ .(t ) d 1 2 %
Preferred_____ 60 d 55
58
10
2nd pref______ 10 d 9%
Bloch Bros T o b .25 d . . k 33%
Preferred____ 100
k 96
Blumenthal (S)
80
85%
Inc 7% p r e f..100
3%
4%
B ooth Fisheries, (t) d
1st pref_____ 100
20
35
122
Borden C o _____ 100 120
Preferred____ 100 104
105%
Borne .Scrymser 100 219
223
Boat Belting p f. 100
15
Boston W oven Hose
84
88
A Rub, c o m ..100
Preferred____ 100
98
Brill ( J G ) _____ 100
100
—
Preferred____ 100
rlstol Brass____ 25 d m i
Preferred.

S to ck s. Par.

Bid.

Ask.

Stocks.

P ar.

Bid.

Ask.

Per share. I
Per share.
Brit-Amer T o b . . £ l d 22%
23%
Trust________ ( f ) d 31
Ordln bearer. .£ 1 d 22%
23%
32%
British Col Fish
1st preferred. 100
94
93
1
A Packing_ 100 r
_
9%
55
... d 53%
British Empire
Class B ______ (t)
44
46
Steel, com ___100
3
Congoleum C o . . ( t )
39
39%
6
Preferred____ 100
1st pref_____ 100
37
39%
96%
98
2d pref______ 100
10
10%
10
8
Brown Shoe____100
38
39
43
40
Preferred____ 100
87%
90
15
14%
Preferred____10C
Brunswick-Balke65
61%
Collender p f.10 0
onsCoal ofStL 100
96
98
72
Brunswick Term
onsol D is tr ib -.(t)
A R y Sec C o-S ee Steam RRs
onsIce(Plttsb).5C
Preferred_____ 5C
Buckeye Pipe L .5 0 d 63%
64
17%
Bucyrus com _ 100
_
Consol T e x tile .. (t)
57
60
2%
3
Cons Coal of M d 10C
Preferred____100
98
101
71%
Consumers C o.lO f
Bums B ro7% pf.l00
103
107
"3 "
Preferred____10C
Prior pref’ce . 100 120
60
Continental C an. ( t)
Cl A com s tk .(t )
103
107
47 %
48%
Preferred____10C 109
Cl B com stk. (t)
22
22%
115
Bush Terminal. 100
Continental Mot (t) d 6 %
68
75
6%
Continental O il..26 d 40
Preferred____100
77
42
81
1
Bush Terminal
Corn Prod Refg 10C
Bldgs, pref_ 100
_
New w 1______ 25 d 35%
92%
97
35%
Butterlck C o___100
Preferred____10C
17%
18
119
120
CaddoCentOAR (t) d
Cosden&Co com (t) d 27%
2
28
1%
Preferred____10C
Calif Cyanide
93%
87
Units .
_ . __
Cosg-Meeh Coal (f)
92
96
20
17%
Cramp (W m ) A
Cal Pack C o r p ..( t ) d 81
82
Calif Petrol_____ 25 d 22%
SonsShAEBld 10C
23
44
Preferred____100
Crescent Pipe L .25
96
98
14
13
Crex Carpet_ 10C
Cambria Iron___50 d 38
_
39
31
28
Cambria Steel___50;d
Crock-Wheeler 10C
23
28
Preferred____10C
Campbell Baking (t) \ 45
d
74
78
Crucible S teel.. 10C
Preferred_____ 50'd 43
45
50%
50%
Preferred____10C
Canada Cement 100
87%
88
89
89%
Preferred____100 r 105%
105% Cuba Cane Sugar (t)
12%
12%
CanFdysAForg. 100 r
Preferred____10C
58%
58
Preferred____100
Cuban-Am Sug-.IC
30%
30%
Preferred____10C
Can SS Lines. .100 r 12 %
13
98
99%
Preferred____ 100 r 50
50% Cuban Dominican
CanadlanCarAF 100 r
Sugar com ___(t)
44
5%
5%
Preferred____ 100 r
Preferred____100
42
43
86%
Can Con R u b . . 100 r
Cudahy Pack..10C
55
56
Preferred____ 100 r 78
Cumberl Pipe L 10C x 130
133
Canad’n Explos .100 100
Cushman’s Sons (t)
40
44%
pref
Preferred____ 100
.100
92
102
98
95
pref
Can LocomotivelOO r 66
92
98
Cuyamel Fruit. . (t)
Preferred____100 r
88
61%
61%
Can W oollen s..100 r
5% D H Holmes Ltd 10C 255%
Preferred____100 >
36 I Dan Boone Woolen
Mills__________25
Canton C o_____ 100
22%
22%
Davis C A C _ 10C
_
Trustees c t f . . 100
72
77
Caracas Sugar___50 d 13
Davison Chem . . (t
46%
46%
15 I
Carib Syndicate. 25 w
s
4% Devoe A Raynolds
Case(J I) Plow Wke
Inc 1st pref. .100
98%
93%
C om ____(no parpd
63
60%
%
Vs Deere A Co pref 10C
1st pref_____100 n
D L A W C oal___5C
92
94
3
2d pref______ 100 n
Det A Clev N av.50
1
%
Case (J I) Thresh
Diamond MatchlOf
116% H 7 %
M ach com _ 100
_
Dixon (J) C ruc. 10C 133 . 138
16
20
Preferred____100
Dodge M fg pref 100
45%
47
80 I
Case Lockwood A
Dominion Bdge 10C
63 |
Dom Coal p ref. 10C
Brainard C o . 10C 250
60
Dominion Glass 10C 106 | 107
Celluloid C o ___100
58
60
Preferred____ 100
Preferred____10C
106%
107
Central Aguirre
Dom I A S pref. 10C
37~"
Sugar Cos____20 d 75
Douglas P ectin, (t) dx 9%
16""
78
Central C A C ..1 0 0
DomStCorpcomlOC
58
60
Preferred____100
Preferred____ 100
59
64
40"
Cent L eather.. 100
60
11%
54
12 % Dow Chem com . (t)
Preferred____100
41
98
42 | Preferred____100
94
Central Steel_ (t) d 38
_
39% ' duPont (E 1) de
N A Co co m . 100 116%
Preferred____ 100
116%
89%
90%,
Cent Teresa Sug. 10 d
88
86%
1 I Deben stock . 100
P referred .. .10 d
Durham Hosiery 5( d ____
8
*
2%
54
Century Ribbon
Preferred____10C
Mills co m ____(t) d 26
93 i 96
27% Eagle L ock_____ 25
Eastern M fg _____ 5
Preferred____100
6
92%
95
5%
Preferred. ___ 100
Cert’n-teed Prod(t) d 24%
28
48 1 52
1st pref_____ 100
Eastern S teel.. 100
73
76
2d pref______ 100
1st preferred. 10C
65
70
Champion Coated
Eastman K od ak .(t) dzl06%
106%
114
Paper_______ 100
Preferred____ 100 111
110
135
Preferred____100
Eaton Axle A Sp (t) d 15
15%
100
110
36
Chandler M otor (19 d 45
33
45% Edm ’ s A Jones Corl
Preferred____ IOC
97
Cbesebr’gh M fg .25 d 50%
92
50%
Preferred____100
Eisenlohr (Otto) A
110
117
Chic June Rys A
B ro__________ 100
37
99%
Elec Bd A Sh pf 100
Un St Y d stpdlOC 140
99
54%
Preferred____100
90%
54%
91%. Elec Stor B a tt._ (t)
46%
Elgin N W a tch ..25
Chic Pneu T o o l. 100
84%
86
45%
Elk H Coal Corp 50
12%
12
Chic R y E q u ip ..25 A
46
35
P r e fe rr e d ____25 A 25%
Preferred_____ 50
26
25
Ely Walker D ry
Chic Wllm A Frank
21
Coal com ____100
Goods_________ 25
26
20%
Preferred____100
75
1st preferred. 100 103
Chic Yel Cab __(t) d 41%
2d preferred. 100
82
43
Emerson-Brant. 100
35
1%
1
Childs Co co m .(t) d 33
Preferred____ 100
Preferred____100
9%
113
111
7%
58%
Cln T ob W areh. 100
22
Endicott-J ohnson50
20
56%
110
Preferred____ 100 109
Cin Un Stk Yds 100 124
135
97
Eureka Pipe L .100
C ity Investing. 100
85
96
20
Preferred____100
102
Exch Buff C orp.(t)
98
19
Fair (The) Chic (t)
Cleve A utom ob. (t) d 17
18
Preferred____ 100 1 0 2 " ! 103%
Preferred____100
3%
Cleve-Cliffs Iron (t) d 60
65% Fairbanks C o ___25
2%
Cleveland StonelOO X
1st preferred. 100
99
15
10
2d preferred. 100
Clinch! Coal_ 100
_
25
33
26%
Fairbanks Morse w 1d 25%
Preferred____ 100
98
103
100
Preferred_______
Cluett, Peabody 100
61%
64%
99
105
Preferred____100
Fajardo Sugar..1 0 0 102
101
103
Coca-Cola C o___(t) d 65%
65% Famous Players73%
Preferred____100
73
Lasky C o r p ..( t )
93
91%
95
Collins C o _____ 100
Preferred____ 100
93
190
60
Fay A Egan com 100
50
Colo Fuel A i r . . 100
39
39%
90
Preferred____100
Preferred____100
78
93
115
58
Federal Sug Refg 100
55
C olt’s Patent
100
Preferred____100
Fire Arms M ..2 5 d 23
24
90
10%
Col Graph M fg_(t) d
5th Ave Bus v t c (t)
10%
72
Preferred____100
Firestone T A R ublO d
96%
46
Colum C arbon. _ (t) d 45
6% preferred. 100| 96""
89%
89
7% preferred. 100
185
Fisher B od y____(t )d 171
Preferred____100
___
100%
FishB’dyO hlopf 100 d 99

Stocks.

Bid.

Ask.

Per share.
Fisk Rubber com (t) d
7
6%
1st p r e f_____ 100|
42%
44
2d pref 7% ..1 0 0
24
27
Fleishmann C o .(t ) d 49%
49%
Preferred____ 100
112
Ford M ot of Canada | 430
440"
Fostoria G la s s.. 100 d
k 150
Foundation C o .( t )
72" ~
73
P referred ____ (f)
92
95
Franklin (H H ) Mfg
12
9
Preferred____100
69
65
Freeport Tex C o (t) d
9
8%
Galena-Sig Oil 100
58
56
Pref (old )____ 100
112
108
Pref (new )
100
102
98
Gardner M otors (f)
4%
3%
G enAm TankC ar(t)
39
37%
1st preferred. 100
95
94%
Gen Asph c o m . 100
35%
34%
Preferred____ 100
76%
73%
Gen B a k in g ____(t)
97
96%
P referred ____(t)
113
Gen Clg com _ 100
_
84%
83%
Preferred____100
102%
100%
Deb p ref____100
107%
103%
General Electric 100 217% 218
Special 6% stk 10
11
10%
Gen Fireproof’g .(t )
17%
17%
Preferred____ 100
94
93
Gen M otors (no par) d 1 2 %
13
Preferred____ 100
81
80
Deb 6 % s t k .. 100
81
80
Deb 7% s t k .. 100
92
90
Gen P etrol_____ 25 d 38%
38%
Preferred_____ 25 d 24%
____
Gen R y Signal. 100
73
68
Preferred____ 100
70
75
General Refract .( t ) d 42
43
Gen Tire A R ub .60 d ____
180
Preferred____100
100
Gillette Sat Raz (f) d 260""
261
Gilliland Oil pf.100
35
30
Gimbel B ros_ (t) d 48
_
50
Preferred____ 100
100%
10 1%
Glen Alden Coal (f) d 89
90%
Glidden Co (no par-' d
9
8%
Preferred____100
62
70
Globe-Wernlcke 100
86
Preferred____100
93
90"
G odch’x Sug Inc (t) d
6
3
Preferred____100 d 30
35
Gold Dust C orp___ d 34
36
Goldwyn P ict__(t) d 13%
13%
Goodrich (B F ) .( t ) d 19%
20%
Pref erred ....I O C
72
75
Goodyear Tire A
Rubber co m . 100
10 %
10
Preferred____ 100
42%
43
Prior pref____100
89%
89%
Goodyear T A R of
Canada p ref. 100 r 74
74%
____
Gorham M fg pf 100
30
Grasselli C hem . 100 120
Preferred____100
103% 1 0 4 "
Gray A D av is, .( t ) d 4%
4%
Gray A D u dley. 100
85
80
Preferred_______
97
93
Gt A A P T ea p f.1 0 0
112
111
____
Great Lakes Tow 100
50
Preferred____10C
85
Great Nor P ap . 100 190
205
Great West Sug. 25 d 90
90%
Preferred____ 100
106%
106
Guantanamo Sug (t) d
7
7%
Preferred____100
92%
92%
_
Gulf Oil C orp_ 25 d 59%
59%
Oult States U A R . d
75c
70c
Hulf States St’l . 100
64%
64%
98
dablshaw Electric
C a b le _______ (t)
n ____
12
n 10
2
1
4%
3%
Hamil-Br S h o e ..25 d 45
46%
Hanna (M A)
1st preferred. 100
90
88%
Harb-Walk Ref . 100
____s 123
Preferred____ 100
3 art man Corp . (f)
36
35%
Hart, Schaffner
A M arx_____ 100
123%
Preferred____ 100
HaskABark Car (+)
Havana T o b ___100
Pref ctf d e p .. 100 s
4% s
5%
Hawaiian Com
A Sugar______ 25 d 46
____
Hayes W heel___(t) d 33%l
34
Hazel-Atlas Glass25 d ____k 32%
Helme (G W ) C o
I
C ommo n ____25 d 56
58
114
Preferred____ 100
111
92
HerculesPowder 100
87
103
Preferred____ 100
101
Herr-H-MarSaf e 100
50
Heywood127
Wakefield C o 100 122
104
Preferred____ 100
99
Hock Val P r o d .. 10
30"~
Holly Sug C o ___(t) d 2 7 "
78
81
Preferred____ 100
H olyokeW atPo.100 575
47%
Hood R ubber___(t)
47
Hooven Owens A
95
Rentschler pf 100
85
32%
32%
Household P rod , (t)
64
63%
Houston Oil ctfs 100
92
90
Preferred ctfs 100
D iv oblig ___FA A
75“
80" ~
Howe Scale pf . _ 100
23%
Hudson M ot Car (t) ~ 23%
38
Humble Oil A R _ 2 5 d 37%

a Purchaser also pays accrued dividend, d Price per share, not per cent, it Last sale. I Par value $100. n Nom inal.
rCanadian price. (Sale price.
(N ew stock. « Ex stock d ir . » Assessment paid, t Ex rights, t W ithout par par.




P ar.

0 Price per cent of val

J une , 1924.]
S to ck s.

Par

INDUSTRIAL AND MISCELLANEOUS STOCKS
Bid.

Ask.

Per share.
Hupp M otor____ 10 d 12
12%
Hutch Sug P ltn .25 d 14
14%
Hydraulic Pr Br 100
4
3%
Preferred____
66
Hydraulic Steel, (t) d
%
%
Preferred____ 100
2%
6
Illinois B r i c k ..100
78
79
134
Illinois Pipe L ..1 0 0
138
Imperial Glass. 100
k 90
Imperial O i l ____25 d 101%
102%
Imperial T ob of
Canada c o m ... d
Imperial Tobacco
d 15%
o f G B & I ____
16
d
3
d
8
d
8
8%
d
1
%
d 90
91
Indian M o t’cycle (t) d 18%
19%
5
d
Indian R ef co
5%
50
Preferred 70
70
India Tire & Rub 100
75
70
Preferred____100
80
Ingersoll-Rand . 100 180
190
106
Preferred____ 100
108
Inland Steel____25 d 31%
33%
Preferred____ 100
102%
Intercont R u b . 100
2%
2%
Int Agr Cor comlOO
%
%
3
New certlfs___(t) d
4
3
Preferred____ 100
4
Prior pref ctfs(t) d ____
Int Business
M ach in es____( f ) d 91
92
Inter Button Hole
Sew M ach in e.. 10 d 3
Int Cement Corp (tl d 43
43%
97
Pref ( 7 % ) . . . 100
100
53
Int Cigar Mach 100
58
Int Combust Eng (f) d 22%
22%
Int Educational
Publish’g com ___ d 10c.
Preferred_____ 50 d 3%
84
Int H a rvester.. 100
85
__ _ 108%
Preferred____ 100
8%
Int M er M arine.100
9%
33%
Preferred____100
33%
Inter N ickel____25 d 11%
12
76
Preferred____ 100
77%
42%
Inter Paper____100
43
94
Preferred___ 100
110
70%
Pref stamped 100
70%
Internat P etrol. (+) d 17%
17%
72
Inter Salt------- 100
77
Internat S hoe__(t) d 74%
76%
115%
Preferred____ 100
118%
100
Inter Sliver____100
103
Preferred____ 100
106
67%
Int Text B o o k .. 100
69%
Intertype C o r p .(t) d 27
29
Invincible O il., ( f ) d 12%
12%
Iron Prod C o r p .(t) d 42%
44
____
Preferred____100
104
Iron Steambt C o. 10 d 4
88
JR M ontgom ery 100
Preferred____ 100 106
Jewel T ea-------- 100
16%
17
82
Preferred____ 100
83
Johns-Manv ,Inc ( t) d 102
107
Johnson Tin Foil
75
<k M etal_____ 100
20%
Jones Bros T e a . 100
21
Jones & Laughlln
110
Steel 7 % pf-_100
112
Jordan M ot Car (t ) d 23%
24%
Juncos Cent SuglOO 110
120
K C Stk Yds of Me
85
C om m on____ 100
88
72
Preferred____ 100
73
Kanawha & H ock
10
Coal & C oke. 100
16
75
Preferred____ 100
Kans & Gulf C o . 10 d
%
%
K ayser(Jul)*C o (t) d 22
23%
1st preferred, (t) d 88
90
Keith (Geo E) Co—
92
1st preferred____
97
Kelly-Springfleld
d 13%
13%
41%
46
40
49
78
Kelsey W h e e l..100
80
102
Preferred____ 100
105
Kendall M fg _ . . ( t ) d 23
87
91
5
K eyst Tire & R .1 0 d
1%
1%
Kinney (G R ) _ .( t ) d 52
56%
91
Preferred____ 100
97
90
K irby Lum ber. 100
95
Preferred____ 100 205
212
d 48%
49
Kresge Dept Sts.(t)
96
100
325
340
Preferred____ 100
115%
200
240
115
3
2%
Lake o f the W oods
r 172
r 116
Landers, Frary
d 55%
57
X 72
72%
r 89
89%
Lee R ub & T ire , (t) d
8%
8%
d 73
73%
Leh Coal & N a v .
Lehigh Val Coal
d 77
79
Sales_________
Leh * Wilkesd 40
Barre C oal____
Llbbey-Owens
92
d 88
108
110
L ib b y , M cN eil &
4%
4%

S to ck s. Par.

Bid.

Ask.

S to ck s.

Par.

Bid.

| Ask.

47
S tock s.

Pa-

Bid.

Ask.

I
Per share.
Per [share.
Per share.
Liberty M ills .. 100
Nat Supply C o ._
122
d 62%
Proc * G am ble. .2 0 d 120
55
65
65
Library Bureau. 100
Preferred____100 d 105
Preferred____ 100, 155
160
88
Preferred____100
_
6 % preferred. 1001 106%
107%
102
358
1 0 8 " Nat Tea com _ (t) d 355
Llg&My ersTob . . 25 d 51
N at’l Transit. 12.50 dx 22
25%
22% Prod * Ref C orp.50 d 25%
51 %
Common B ___25 d 50%
Com ctfs dep__50 d 21
22
51 J* Natomas Co of Cal
preferred____ 100
Preferred____ 100
Preferred_____ 50 d 42
46
116
Liggett’s Internat—
New Departure
Pullman C o ____100
120%
121%
C om m on____ 100
M fg pref____100
105
Punta Alegre Sug 50 d 120%
70
121%
Preferred_____ 50 d 53
New Eng Bak’y 100
15
17
Pure Oil C o _____ 25 d 2 1 %
22
54
Preferred____ 100
Lima L o c o m ___(t> d 56%
Preferred____100
75
72%
—
73
57%
Lindsay Light_ 10
_
8 % preferred. 100
94%
96
2%
3 % New England Spun
Silk pref_____ 100
Preferred____100 n
Quaker Oats___100
105
109
7
255
260
8
N J Zin c____ 100 137
Lit Brothers____10 d 24%
Preferred____100
140
25
100
99%
N J Worsted Mills
R y Steel-Spring 100 109
Loew’s In c_____ (t) d 16%
111
16 J*
8% pref_______
Preferred____100
Loft I n c _______ (t) d 5%
103
100
6
114
117%
New M exico &
Loose Wiles B is. 100
Reece Button54
56
Arizona L a n d -.l d
1st pref_____ 100
Hole Machine 10 d 15
5%
15%
5%
101% 105
2d pref______ 100
N ewNlqueroSug 100
ReeceFold Mach 10 d
93
97
86
96
3
2%
Lord & T aylor. 100 113
40
R eis(R ob t)*C o (t) d 10
N Y Air Brake _(t) d 39%
12
1st pref_____ 100
Class A stock . (+1 d 49%
1st preferred .100,
50
85
90"
70
60
2d pref
___100
25% Remington TypewN Y Canners,Inc(t) dx 23%
114
92%
7% cum p ref. 100
Lorlllard (P )____25 d 35%
C om m on ____100
87
36
39
Preferred____ 100
N Y D ock_____ 100
32
33
1st pref_____ 100i
110
92
96
Ludlum Steel_ (t) d 18
Preferred____100
_
1st pf ser S ..10 0!
53%
50%
96
89
12
2d pref______ 100!
Lukens Steel____50 d
h m N Y S h lp b ld g -.(t) d 11
8
92
96
MacAndrews &
N Y Steam pf_100
92% Reo M otor C ar. 10 d 15%
90
16
N Y T ra n sit...1 0 0
Forbes______ 100
140
146
74
76
Replogle S te e l..(t ) d
8
8%
Preferred____100
Nicholson File. 100 175
185
99
Repub I & Steel.100
101
44%
44
M ackay C os___100
Preferred____100,
Niles-Bem-P’d .100
113
40
110
36
85
87%
Preferred____ 100
Preferred____100
65
80
Reynolds Spring (t) d
64%
70
11%
M ack Trucks In c(t) d 80%
217
Reynolds (R J)
80% Nor & W StboatlOO 210
"
1st preferred. 100
97
25%
T ob a cco______ 25 d 140
97% North Amer Co . _ 10 d 25%
149
2d preferred. . 100
Preferred_____ 50 d 46%
89
47
88%
B Com m on___25 d 67
67%
P re fe rre d ___100
N. A. Pulp * P ap .f d ____
M acy ( R H ) ____(t) d 60
61
50c.
117
120%
Preferred____ 100
113
_
Richmond R ad____I
38
14
114% North & Judd_ 25 d 36
11
Magnolia Petrol .100 130
Northern Pipe L I00
132
Preferred_______ I
85%
86
74
77
Nova Sc St & C .100
24
Mallison (H . R .)(t) d 23%
Rocky Mt FuellOOj
11
9%
2%
5
85
Nunnally C o ___(t) d
87
Preferred____100
Preferred____100!
8
7
7%
3%
Manatl Sugar. .100
52
64
Ogllvie FI M ills. 100 r 305
Rome Brass&C 100: 135
145
82%
Preferred____100 r 117
85
Preferred____ 100
Rome M fg_____ 100
100
43
Manhat El Sup. (t) d 41%
Ohio Body & B l.(t) d
1%
135"
1% Royal Bak Pow 100! 130
Ohio Brass, pf-.lO O
35
Manhat Shirt___26 d 34
Preferred____100
92%
99%
98%
Preferred____100
110
Class B ______ (t) d 96%
98 , Royal D utchC oN Y d 53%
115%
53%
61
Maple Leaf M ill 100 r
Ohio Fuel O il____1 d 11%
12%
Preferred____100 r 90
Ohio O i l ________25 d 60%
C o m m o n ___100
91
52
57
61%
Okla Prod & R e f ..5 d
Preferred____ 100
Maracaibo Oil
2
95
91
2%
Exploration . . ( t ) d 27%
2d Preferred..100
80
77
27 % Old Domin S S ..10 0 240
Marland O il____(t) d 30%
18
30% Onyx H osie ry ..(t) d 17
105
103
Preferred____100
M arlln-Rockwell
83
76
35
30
Orpheum Circuit. 1 d 18
9%
Corp v t c ------ (t) d
18%
47%
32
Preferred____100
95
Martin-ParryCor(t) d 30%
93
1
Otis Elevator .100 146%
Pacific C o . ..1 0 0
Mason Tire & R .(t ) d 85c
148
22
20
14
16
P r e fe rr e d _ 100
Preferred____100
New temp c t f s .. d 72
_
75
48
58
84
Mass Baking pf 100
88
Preferred____100
102
98%
24%
24%
M athi’s’n A lk a li.50 d 31%
32% Otis Steel______ (t) d 7%
2
7%
1%
90%
95
Preferred____ 100
1st preferred. 100
52% • 57 1 Preferred____lOOi
6
3
42
M axwell-M ot A 100
Owens Bottle_ 25 d 39%
_
41%
40%' ipulpa R efg____ 5 c
2
2%
Class B (no p a r). d 10%
Preferred____100
11
w age Arms___100!
105
109
47%
46%
M ay (The) Dept
Oxford Paper pf 100
100
95
2
4
85
StoresCo com .50 d 83%
Pac Coast C o ..100
22
16
70
68
Preferred____100
119
Preferred____100]
117%
1st pref_____ 100
40
60
87
89
51
54
2d pref______ 100
M cCall C o r p ...1 0 0
3chulte Retail S t(t) d 102
33
28
103
122
1st preferred .100 118
Preferred____100
Pacific Develop (t) d
%
%
106%
108
67
M cCrory Stores (t/ d 64
Pacific Mail SS.100
9% covlll M fg ____100
8%
215
210
N onvotcm clB (t ) d 64
Pacific Oil (no par) d 47%
69
47% ears. Roebuck
_ _
Pref with war. 100
Packard M o to r .. 10 d 10%
& Co com _ 100
_
10%
82%
83%
Preferred____100 x 92
Without warr 100 100
ioi~
97 | Preferred____100
114%
111
30
Warrants_______ d 27
Palge-Det M o t . . 10 d 12%
12% eiberllng R u b b.(t)
4%
3%
30
33
M en gelC o_____ 100
Pairpont C orp . 100 160
Preferred____ 100
-50
45
275
290
Pan Am Petrol
M erc Stores____100
53
48
154
Merg L inotype. 100 152%
& Trans com .50 d 50%
16
51 1
17%
3
4
Com class B ..5 0 d 49%
M ex Eagle O il____5 d
49%
38%
36%
21
Mex SeaboardOiK 1 d 20%
1
Panhandle P. & R t d 2%
17%
17%
3 1 Preferred____100|
21
Preferred____100
V ot tr efts____(t) d 20%
40
94
92%
25
M ich Llmest*Ch25 d 23
Paragon Refg_ 25 d
_
9Q
5
29%
5%
25
Preferred____25 d 23
Preferred____100
54
55 I Preferred____ 100
102%
100%
Michigan Sugar 10 d ____
Sher-Wms C a n .l0 0 'r ioo
f % Parish* Bingham _t d 13
15
Mid States O il. .10 d 3%
Preferred____ 100
3% Parke, Davis C o.25
98%
Midland Steel—
Park & T ilf, Inc(t) d 25%
26%
138
136
70
77
P eckStow * W ile. 25 d 26
Products pref 100
Im monsCo____(tVd 22%
28
23
30
Peerless T rk * M 50 d 18%
Midvale C o ____(t) d 27
Preferred____ 100i
19
96%
Iryinrlrt D /\ 4 /vl 7/\ 1 ■
^
^ A * 13% 98
1
PennCoal&Coke .50 d 21%
30
M idvale St & Ord 50 d 27
23
13%
Miller R u b b e r.. 100
64
Penn Salt M f g . . 50 d 82
68
83
19%
19%
93
Preferred____ 100
Preferred____100i
2
95% PennSeab’sSteel (t) d
1%
79
77
5
8
Mohawk R ubb.100
Penn T raffic_ 2% d
_
2%
140
138
2 %;
40
Penn-Mex F u el..25 d 34
50
Preferred____100
36
3
2%
Penney(JC)pref 100 103
M oline Plow 1st
105
19%
19%
5
8
Pettib Mulliken 100
p r e f ______ .100
54
55%
Preferred____ 100
M ontgomery Ward
1st preferred. 100
81
85
23
2d pref______ 100
C o, com m on, (t) d 22%
260
Phelps-Dodge. . 100 io o "
Preferred____100
111%
1I6"
181
188"
105% Phila Insul Wire (D d 42%
Class A _____ (t> d 105%
45
75
65
M oon M otor C ar(t) d 19
Phila & Read Coal
96
92
Morris (Philip)..1 0 d 15%
& Iron________(t) d 45%
45%
95%
94%
Morse Twist Drill
C tf of Int (w 1) (t) d 45%
46
1%
%
92
& M achinery..5 0 d 87
Phillip .-J Corp (t) d 45
47
135
136
19
Mountain Prod ..1 0 d 18%
Preferred____100
77
83
72%
70%
Preferred____100
Mullins B ody __(+) d 11
36
11% Phillips P e tr o l..(t ) d 35%
104
107%
____
86
Preferred____100
Phoenix H osiery ..5 d 21
’west Pa P L .100
24
86
85
34
Preferred____ 100
Spalding (AG)ABro
83
Munsingwearlnc (t) d 31%
90
1st preferred 100
10% Pierce-Arrow M ot
Mutual Oil .
5 d 10
99
101
Nash M otor(no par; d 99%
>anish River Pulp
Car Corp (no par) d
7
6%
98%
100
Pref Class A . 100
Preferred____ 100
& Paper M ..1 0 0
20
18%
109%
109%
____
15
Nash W areh&El 100
Prior pref____(t) d 59
Preferred____ 100
61%
116%
117
8
Nat Acme C o _ 50 d 7
_
Pierce Oil C o r p .25 d
Spicer M fg C o ._ (t l
1%
1%
9%
9%
52 %
Nat Biscuit......... 25 d 52%
Preferred____ 100
Preferred____ 100
23%
21%
80
85
122
124
Preferred____ 100
Ptgg Wigg C orp. (t) d 20
Stafford Co pf ..1 0 0
30
100
90
80%
Nat Candy____100
Preferred____100 d 45
-Hand M illin g..100
48
50
38%
106
1st pref_____ 100
Pittsb B rew ing..50 d ____
Preferred____100
2%
79
102
2d p r e f _____ 100
Preferred_____ 50 d ____
Hand Oil ( C a l) ..25
8
56%
56%
44
47
Nat C lo a k * Suit 100
Pitts Coal (P a ). 100
58
Hand Oil (I n d )..2 5
59
56%
57%
91
93
Preferred____ 100
Preferred____ 100
97
Stand Oil (K a n ).25
99
40%
39%
Pittsb Oil & G a s ..5 d
Nat Condult& C. (t) d ____
7
8% Hand Oil (K y )..2 5 d 106
106%
33 % Pittsb PI Glass. 100 230
Nat Dairy Prod (t) d 33
Hand Oil (Neb) 100 237
250
240
38
Hand Oil of N J.25
Nat Dept Stores (t) d 37%
Pitts Rolls, pref 100
34%
34%
92%
93 % Pittsb Steel pf.100
94"
1st pref______ 100
Preferred ...1001 116%
97"
117
22%
23% PlimptonM f gCo 100 100
NatEnam&Stpg 100
Hand OU of N Y .25!d 38%
38%
80
76
Preferred____ 100
Por-RlcanATob 100
50
65
Hand Oil (Ohio) 1001 287
290
8% Postum Cereal, (t) d 50%
Nat Fire-Proofg.50 d ____
51
Preferred ...1 0 0
120
119%
23%
P re fe rr e d ..___50 d 22%
Preferred___ 100 110
111%
33%
34
93
90
94
PowCorpNY pf.100
Nat Fuel Gas_____
98
Preferred____100
88
91
132
130%
Prairie Oll&GaslOO 216
217
Nat Lead______ 100
tand Sault M fg 25
92
113
Preferred____ 100
Prairie Pipe L . 100 102%
103
111%
Preferred____100
Nat Leather____10 d
2% P ratt*W hit pf.100
75
2%
Banda rd Screw. 100 l i o "
115
38
PressedSteelCar 100
46%
Nat Ref co m ____25 d 36
46%
Preferred A . . 100 103
124
130
Preferred____ 100
Preferred____100
80
82% Han Text Prod 100
35
40"
86
88
Nat Sugar R efg . 100
Preferred A . .100
75%
Preferred B ..1 0 0
1
68
a Purchaser also pays accrued d lv.
6 Assessment paid,
d Price per share, not per cent,
k Last sale, n Nom inal, r Canadian price
< Sale price, f New stock. u E x cash and stock dlv.
t E x stock div.
* E x d lv.
i / E x rights,
t Without par value.
'




S
*

INDUST- AND MISCEL- STOCKS — MUNIO- BONDS

4 8
S to c k * . Par.

Bid

S to ck s.

Ask.

Par

Bid.

S to ck s. Par.

Ask

Per share.
Per share.
Union Oil of Cal 100 122%
123%
Stanley W orks. .25
93
95
Preferred_____ 25
Un Oil Associates25
27
28
53%
53%
72% UnSt YdsSoOm 100 102
Steel C o o f C an . 100
103
71
QQ
Preferred____ 100
101
97
101% Union Tank Car 100
Preferred____100
56%
Sterling P r o d ...( t )
109%
109
58%
Stern Bros p ref. 100 112
Untd Alloy Steel(t)
25%
25
118
Stetson ( J B ) ._ .( t )
92
Untd Bak c o m .- (t )
88
52
54
Preferred____ 100
Preferred--------25
33
37
90
88
59
Stew-War Speed (t)
59 % United Cigar Stores
o f Amer co m . 100 170
52
Stromberg-Calrs. 25
170%
57
New stock____25
59
60
Stromberg C arb.(t)
43%
4233
Preferred____100
Studebaker C orp(t)
33
32%
117
110
United Drug__ 100
Preferred____100
72%
112
110
70
Stutz M otor Car (t)
First pref___ 50
7
46
8
Uni tedDyewood 100
Submarine Boat (t)
38%
8 33
Sugar Estates
Preferred____100
88
Un Eng & F d y . 100 150
95
02%
O rientepref_____
152
Preferred____ 100
6
Superior O il------(t)
108
6%
Superior Steel--100
26%
29 % United F r u it ...100 190
194'
42
Untd Pap Board 100
Swan & F in c h .. 100
43
20
17
2
Preferred____100
Sweets Co of Am . 10
52
55
2%
102 United Retail Stores
Swift & C o ____100
10133
Class A ........... (t) d . . .
Swift Intem at— 15
20
19 33
12 UntdShMachCor25 d 35%
8
Swlnehart T & R . 100
35%
Preferred_____ 25 d 25%
Preferred____ 100
20
26
Texas C om pany. 25
39%
66
39% U S B o b * Shut. 100
64
Preferred____ 100
TexPacCoal& O il. 10
105
8%
8%
59
Texas Gulf Sulp.10
41
59 M U S Can, com . . ( t ) d 40
Textile Bank’g-100 158
Preferred____ 100
164
105
100
Thom ps’ n-Star’t (t )
USCastIP&FdylOO d 87%
65
88
Preferred____100
105
98
92%
Preferred____100
91 %
Tide Water 011.100 125
U S Distrib_____(t) d 23%
127
23%
Tim k-Det A xle. . 10
Preferred____ 100
4%
100%
5%
76
U 8 E nvelope. . 100 150
155
Preferred____100
78
34
Preferred____100
34%
103
106
Timken R B ear.(t)
T obacco P r o d ..100
_
58% U S Express_ 100
57 33
4:%
4%
121' U S Finishing-.100
Preferred____ 100
121%
93
90
Preferred____ 100
Class A ______ 100
88%
88%
91
881/8
Torrington C o . .25 : 3533
U S Food P rod. 100
37
U S Glass______ 25 d III
4
Transcont’l O il. (+) : 3 %
23
Transue & Williams
80
U S Gypsum _ (t) dn 79
_
31
Preferred____ 100
105
Steel Forg------ (t), d 26
108%
5
U S Hoffman M a­
T roy Fdy & M ..2 5 \
d
5
chinery______ (t) d 17
Preferred____ 100
17%
U S Ind Alcohol. 100
84%
64 %
Trumbull Steel. . 25 d 17%
93
95'
Preferred____ 100
102%
Preferred____ 100|
100
05%
Truscon Steel___10 d _ .
19% U S Play Card___20 d ____
U S Print & Litho—
Preferred_____ 10 dn 10
Com m on____ 100
57
Underw T y p e w ..2 5 d 37%
37 J4
Preferred!.___100 d 117
First pref____100
118
98
49
74
U n B & P C o rp .lO O j
48
Second pref. .100
70
57 %
Un Carb & Carb (t) d 5733

Bid

Asife.

Per share.
U S R ad ia tor.. 100
75
78
Preferred____ 100
89
00%
U S Realty & Imp 100
04%
05%
7% p r e f_____ 100
99%
101%
U S Rubber____100
24%
25
First pref____100
69
69 %
20
U S S m R ef& M in.50
21%
Preferred_____ 50
40
37%
U S Stam ping.. 100
k 110
95%
05%
U S Steel C orp.100
Preferred____ 100
119%
110%
51
52%
U S T o b a c c o ...( t )
108% 110%
Preferred____100
32
Unlv Leaf T ob.10 0
35
Preferred____100
84
86
Univ Pipe & R ad (t)
16
15%
Preferred____ 100
57
59
Utah-Idaho Sugar_6 d ____
Vacuum Oil_____25
60%
60%
Vanadium C orp . (t)
25
21%
Vandalia C o a l.. 100
4
'6
Preferred____ 100
10
19
Van Raalte C o ..( t )
16%
First pref____100
65
Victor Talk M .1 0 0 125
133
Va-Caro Chem .(t )
1%
;h
N on-vot C l B .( t )
%
Preferred____ 100
4%
37
Va Iron, C & C . 100
75
78
Preferred____ 100
7
V V lvaud ou.In c.(t)
7%
Vulcan D etin’g.100
6
10
4
Com class A . 100
65
75
Preferred____100
7% pref cl A . 100
IS'
W aldorf System (t) d 14%
Waltham W atch &
8
Clock Class B (t) d 7%
66
67
Prior p r e f ___1001
16
14%
P r e f _________1001
17
Walworth M fg__20 d 16%
8
Warwick I & S t ..10 d
105%
Wash Crosby pflOO 103%
Washburn Wire. 100 110
115
Preferred____ 100
29
28
Washington 011.10
55
49
Wash M arket___50
16
15%
Weber & H e llb r.(t)
39%
37
Wells Fargo & Co . 5 0
62
W elsb’chCocomlOO
61%
115
Western Elec p f. 100 114%

b Assessment paid, dPrice per share, not per cent, k Last Sale, n Nominal, r Canadian price,
and stock dividend. » Ex stock dividend. 3 Ex dividend, y Ex rights, t W ithout par value.

S to c k s.

[Vol. 118.
Par

Ask.

Bid.

Per share.
West India Sugar
Flnan_______ 100
Preferred____ 100
WestingAlrBr’k e .50 d
W est’hseEl&M f_50 d
First pref_____ 50 d
W estmor’ d C o a l.50 d
W Va Pulp&Pap (t) d
Wheeling M old &
F dy, com ____(t)
Preferred____ 100
Wheel Steel Corp 100
Preferred A . . 100
Preferred B ..1 0 0
W hite Eagle Oil
& Reflm ng___(t)
W hite M otor____50
W hite O il........... (t)
Ctfs of dep_____
Wlckwlre-Spencer
Steel C orp_____ 5
1st p r e f_____ 100
Wlllys-Overland .25
Preferred____ 100
W ilson & C o ___(t)
Preferred____ 100
Winch-Slmmons Co
C om m on____ 100
Preferred____ 100
Winchester C o . 100
First pref____100
Second p r e f..100
W oods M rg____100
Preferred____ 100
W oodward Iron .100
Preferred____ 100
W oolw ’ th (FW ).100
New w i ______ 25
W orthington Pump
& M ach _____ 100
Pref A ........... 100
Pref B ............100
Wright A e r o n .-(t)
W rigleyfW m ) Jr (t)
Yale & T ow n e_ 25
_
Yellow Cab M fg .1 0 d
Young (J S ) C o . 100
Preferred____100
Youngstown Sheet
& T u be______ (t)
Preferred____ 100

s Sale price,

12
31
88
56%
75%
____
52

34
80%
56%
64%
54
k
k

9
40

k

44

k 100%
k 117%
23
5133

23%
53

1
10
7%
66%
433
15

1%
12
7%
66%
5
16

74
82
333
84

25
50
25
45
30
32
68%
78
87
337
84%

24
67
61
0%
3633
6533
4633
110
103

25
74
62
10
37%
6733
47 ,
115 ,
106 |
63%

63
103

t New stock.

u E x cash

UNITED STATES AND MUNICIPAL BONDS
In State and municipal bonds the custom has always been to quote them “ and Interest.” That la, the accrued Interest must in all cases be added
•n. There are a very tew Instances which form exceptions to the rule—that Is, where the prices given are flat prices, the accrued interest having been
taken into account In making them. These are Indicated by a special mark, thus (/) .
The figures In the column "to net” Indicate the basis on which the securities sell or the Interest rate which the securities Is held to m aturity
will net to the purchaser at the present market price.
B onds.

Bid.

To
Net.

Ask.

B on d s.

Bid.

also page 13
Aobile Co 5s ref 1 9 2 8 ..M&S
UNITED STATE S— Se
5s Road Feb 1932___F&A - - - - - 2s Pan Can N ov 1938..Q -F 103% 10433
93
5s N ov 1 1947......... M&N
01%
3s Panama Canal 1961.Q-M
92
95
4s C H & Jail 1926 ...J & J
3s Conversions 1946-47. _Q-J
M ontgomery—
U S Ctfs of Indebtedness____ b 3.51 2 .1 0 %
3.92 3 .6 0 %
U S Treasury notes________
6s Jan 1 1951.............J&J
5s Funding 1940_____ J&J
Instrumentalities of U S Gov
98
5s N ov 1 1950............M&N
Fed F ’ m L 4% s ’ 37.M & N
98%
433s W ater 1928____A&O
Fed F’m L ’n 5s ’ 41.M & N 10133 102
98
98%
4% s Sch WW&Sew’ 44 J&J
Fed Land Bk 4 33s’ 42 MAN
98
98%
M ontgom ’y Co— 5s ’ 3 5 .A & 0
433s ’ 53 op ’ 3 3 __ J&J
4.63 Selma 5s 1927 opt 1910.M&N
4% s ’39 op ’ 24
M&N
4% s 1953 opt 1933.J&J 100
Sumter Co 5s 1950____F&A
10033
Fed Ld Bk of Sprlngf .Mass
90% 10033
A R IZO N A
5s M ay 1’ 40 op ’ 25 M&N
98%
434s 1953 opt 1933_____
9933 . . . 433s ref Apr’ 3 8 o p ’ 28.J&J 15
M aricopa County S D N o 1
Fed’l Intermed Cred Bks
58 March 1933_______ Mar
4% s Feb 1 19 25.. F&A 100
10033
6s Highway ’ 47-’ 51.J&J15
10033
434s Feb 1 1 9 2 6 ..F&A 100
Phoenix— 433s ’ 50 op ’ 30.J&J
10033
433s Apr 15 1926______ 100
6s Jan 1 1946............... J&J
433s Feb 1 1927..F & A 100
10033 . . .
5s School M arch 1933
U. S . POSSESSIONS
Hawaii, Territory of—
433s Sept 15 1949.M &S15
4 sM a y 15 ’ 46 op ’ 36 .M&N
4s A ug 1947 opt ’ 3 7 ..F & A
Philippine Islands—
533s Im p Sept 1950._Q-M
433 July 1 & 15 1952.J&J
4s g L Pur ’ 34 opt ’ 14.Q -F
4s P W ks & Im p 1935.Q-M
4s Im pt 1936 opt ’ 16. F&A
Porto R ico 433s *31-’ 3 4 .J&J
433s 1937-1940........... J&J
4s Jan 1 19 44-1 950 ...J& J
48 gold 1924-1960___ J&J
4s R oad 19 27-1 930 ..-J&J

b 4.70 to 4.40
b 4.70 to 4.40
b 4.70 to 4.40
102
9433
92%
92%
02%

103
9533
9433
9433
9433

ALABAM A
433s Renewal 1950 . ..J & J
433s Road 1924-1931.
4s renewal Cl C 1956___J&J
333s renewal Jan 1 9 5 6 ..J&J
Birmingham 7s 1931..J& D 6
533s M arch 1 19 27...M & S
5s School Apr 11 960. A&O
5s School 1934_______ J&J
5s Fund Sep 20 ’ 4 1 ..M & S
Jefferson Co— 5s 1949______
433s July 1 1931_____J&J
433s Hospital 1963___J&J
M obile— 5s School ’ 43.J& D
5s Sewer N ov 1 1942.M &N
6s D ock N ov 1 1947.M &N
5s Refunding 1949. ..M & S
433s Refunding 1937. A&O
433s W ater & Sew '3 9 . J&J
b Basis

/F la t price,




Prescott— 5s 1948_____ J&J
Tucson— 5s W ater 1950.J&J

4.50
4.50
4.50
4.50
5
4.85
4.75
4.80
4.75
4.75
4.75
4.70
4.85
4.85
4.85
4.85
4.80
4.80
n Nominal.

* Tax

To
B on d s.

Bid.

Oakland S D 4s ’ 24-’ 44._J&J 6 4.80
Orange Co 5s 1925-45.-M&S .
Pasadena— 4s Jan’ 25-’ 42 J&J b 4.80
433s Wat P l’t ’ 24-’ 3 6 .A & 0 b 4.80
Redlands— 5s 1924-51J&J15 b 4.80
Riverside 5s 1925-53...J & D b 4.80
Riverside Co 5 s ’ 25-’ 54.M &N b 4.80
Sacramento 4s Jan’ 25-’45 opt ' 4.80
4338 Sew & Dr ’ 27-’34.J&J 4.80
Sacram’ to Co 4 33s’ 24-46.J&D 4.80
SanDiego 5s W W ’ 25-’ 54A&0 4.80
5.10
5s Water 1934-53____F&A
4.80
5.10
433s Wh&Har ’ 25-’ 52_J&J
4.80
San Francisco 5sg’ 24-’ 55. J& J 4.75
5s M unlc 1924-1960..J&J 4.75
4.45
5s School 1931-1966 .........
433a Water 1924-29...J & J b 4.75
433a W ater 1930-1964 ___
3338 g July 1 ’ 24-’ 44._J&J
4.75
SanJoaquinCo 5s’ 24-’ 49_J&J 4.80
San M ateo Co 5s ’ 24-’ 42_J&J 4.80
Santa Barbara— 5s gold Sch
1925 to 1941______ JanlO
4.75
433s gold Aug 1943._F&A 4.75
C AN ADA— See page 49

COLORADO
Boulder 5s Sept 11926.M&S
Colo Spgs 4s ’ 29 op ’ 14. M&S
4s R e f W ater M ar 1 19 4 1 ..
b 5% to 533
Delta Co 5s ref’ 30 op ’ 20 J&D
b 533 to 533
Denver 5s Aug 15 ’ 28.F& A 15
5338 1950-1969............J&J 6 5.75 to 5.50
Denver (City and C oun ty)—
b 5.75 to 5.50
433s W ater N ov ’ 48.M & N
, S D N o l 433s ’34-’ 53.J&J
C A LIF O R N IA
Las Animas Co 433s’ 31.J& J
4.50 PuebloCo4 33sref’ 31op’ 21J&J
b 4.50 to 4.40
Pueblo Co SD N o 20—
6 4.50 to 4.40
433s 1932.............. ...M & S
C O N N E C TIC U T
6 4.50 to 4.40
*3 33s April 1934............A&O
b 4.85 to 4.70
*4s July 1936................... J&J
b 4.85 to 4.70
*5s July 1 1936................ J&J
Bridgeport— *5s ’ 25-49. J&D
433s Bridge 19 24-6 5..J&J
433s High Sch ’ 25-’ 63.J&J
____
•433s Sewer 1925-46. A&O
______
333sIm provt 1925-41. J&J
______
•5s Constr’n ’ 25-’ 48.J& D
____
Bristol 433s W ater 1939. J&J
______
•5s July 1 1926-55...J & J
Danbury 4s W ater 1946. J&J
...........
533s
b 4.90 to 4.80
Los A '
b 4.90 to 4.80
b 4.75 to 4.65
•533s 1925-1926____M&N
Oakland— 5% s
b 4.80 to 4.65
•533s 1927-1951____M&N
b 4.80 to 4.65
4s W ater June 1933..J & D
5 4.80 to 4.65
Glastonbury 433s ’ 25-’ 58J&J
Free in Connecticut.
A R K A N SA S
Fort Smith 5s ’ 25-’ 26 . _ M&N

4.45
4.45
4.40
4.40
4.65

Ask.

Ask.
to 4.65
to 4.65
to 4.65
to 4.65
to 4.65
to 4.65
to 4.65
to 4.65
to 4.65
to 4.70
to 4.70
to 4.70
to 4.60
to 4.60
to 4.60
to 4.60
to 4.65
to 4.65
to 4.60
to 4.60

100
97
93
99
101

10033

101
103
95
95

102
106
97
98

95

98

6
6
b
b
6
b
b
b

4.25
4.50
4.45
4.20
4.45
4.25
4.40
4.25

98
94
100

10133

to
to
to
to
to
to
to
to

4.10
4.35
4.30
4.05
4.30
4.10
4.20
4.15

b 4.20 to'4.10

T»
Net.

Bonds.

49

STATE AND MUNICIPAL BONDS

J une , 1924.]
Bid.

To
Ask. Net.

Bonds

Bid.

Ask.

To
Net.

Bonds.

Bid.

To
Ask. Net.

Sao Paulo (C ity ), Brazil—
4.20 Brazil ( Concluded)
Hartford 3Ms Bdge '55.JA J
85
82
40
.
6% E x t s f 1943____ M AN
4s of 1910.............................. f 39
•4s W ater June’ 30-’ 39JAD b 4.10 to 4%
100
99
40
_
Ext s f 8s, 1952____ M A N
4 so f 1889........... .................. / 39
•4s W ater 1 9 4 0 -4 5 ...J A D b 4.10 to 4%
Soissons (C ity ), France—
British— Cons2Ms op ’ 23.Q-J / 57 M
4 Ms M unic Bldg '3 3 . M A N b 4.10 to 4%
Ext g 6s, N ov 14 ’ 3 6 .M A N
4 Ms War Loan ’ 25-’ 45JAD
•4 s Permlmp* 24-’ 27J&D b 4.10 to 4%
83M 85M
97M
8M sg Feb 1 1937____FAA ioim 101M
T okyo (City of) 5s of 1912—
Hartford School Districts—
61
5 Ms g conv A u g l9 2 9 .F A A 109
61M
109 M
Red ann s f beg’ 17-52MAS
•4 Ms Arsenal ’ 24-’ 47.M AS 100
4.05 Chili (Republic) 8s 1941.FAA 104M 105 __ Zurich (Switzerland)—
•4Ms Northeast 1959 JA D
4.05 Ext 8s Oct 1 1926____AA O 103
103M - . "
S f g 8s Oct 1 5 ’ 45-A A O 15 109M 111
•4 Ms 2d North 1944. _JAJ
95M 96 . . I CA N A D A — (New York Pri ces.)
4.40 Ext s f 7s 1942......... MAN
3M s South Sept 1955.MAS
105M . . . Dominion of Canada—
4.40 S F|8s N ov 1 19 46..M A N 105
4 Ms Southwest 1944.MAN
Chinese Government—
5 M % gold notes 1929 FA A 101M ioim
•4Ms Wash’ t’ n *26-’ 47 JAJ 100M
5s Refag Oct 15 ’43 A A 0 1 5 98M 98M
4.40 Hukuang Rys 5s £_JAD15 41M 42 .
4s West M iddle 1937.FAA
5s Refdg Oct 1 5 ’ 28 A A 0 1 5 98M 98M
5s of 1896 £ red 1933.AAO
98
M eriden(C )4 M s ’ 24-’ 25.JAJ
5s 1926......................... AAO 100M 100 M
4M s of ’98 £ red ’ 44 M AS
Meriden (T ) 4s ’ 25-’ 35.M AN
96M
58 1931........
AAO
4s (of 1895) 1931____JAJ
99M 100
M iddletown (T)
83
5s Mar 1 1937........... M AS 100M 101
English stamped_______ w f7 9
•4s R R Aid Ref 1930.FA A b 4.20 to 4.05 %
81
'
5s Oct 1931................AA O
French stamped_______ w f7 7
98M
New Britain (C) 3M s’ 32.JAJ b 4.30 to 4.10 %
5s M ay 19 52............. MAN 100M 100M . . .
Colombia (Republic o f)—
4s M unic Bldg 19 48.-JAJ b 4.30 to 4.10 %
96
96M
5 Ms Viet Ln N o v ’ 24MAN
98M 99 |. . .
6 M % gold notes ’ 27 AAO
4J£s School 1925-’ 40 .F A A b 4.30 to 4.10 %
96
6s Dec 1925________ JAD
Cuban 5s 1944 op 1911. MAS
98M 99M --95M
4 Ms School 1940-’ 52.F A A b 4.30 to 4.10 %
80
81M " " "
5 Ms Viet Ln D e c ’ 2 7 .JAD 100M 101 I. . .
“ E xtl” g 4 M s’ 49 o p .F A A
4 Ms Water Aug ’ 41 .F A A b 4.30 to 4.10 %
89
“ E xtl” g 5s 1949____FAA
90M
5 Ms Viet Ln N ov '33M AN 102 M 103M --4M s Sch Aug ’ 24-’ 43 .F A A b 4.30 to 4.10 %
...
5 Ms Viet Ln N ov ’ 34MAN 100M 101
“ External” s f 5Ms Jan
4M s Sch Aug 1929..F A A b 4.30 to 4.10 %
94 M
5 Ms Viet Ln Dec ’ 37. JA D 104 M 105 I. . .
15 1953__________ JAJ15
94M
•5s Park 1924-1943 ..F A A b 4.30 to 4.10 %
Czechoslovak Republic—
5M s Renew N ov’ 27.M A N
99M 100M . . .
New H av(C )3M s’ 25-’ 35AAO b 4.10!to 4%
96M
5Ms Renew N ov’ 32.M A N 100M 100M . . .
Ext s f 8s ’ 22 due '5 1 . AAO
ito 4%
96M
4s Sewerage 1925-’ 29_ AAO b 4. lO
103M5.35
Ext s f 8s ’ 22 due ’ 5 2 .AAO
96M 8 30 Alberta, Prov of 6s '30 MAN 102
•4s Apr 2 1940,tax e x t. AAO b 4.10 to 4%
99M 100 M 4.90
108M
5% deb M ay 1 1925.MAN
Denmark ext g 8s ’ 45A A 015 108
4M » Paving Mar 1936MAS b 4.10 to 4%
Ext 6s Jan 1 1942____JAJ
94 M _ Brit Columbia (Province of)
94M
b 4.10 to 4%
4Ms 1943-1952___________
4.10,to 4%
Dominican Rep 5s ’ 58 FAA 101M 102M " '
6s June 30 1925..JA D 30 100M 101 ^4.90
•4Ms Paving Aug ’ 37 FAA
89
90
6s Apr 25 1926.......... ........ 100M 101M 5.15
Cust Adm s f 5Ms ’ 42MAS
4.10 to 4%
•4M sM ch l5’ 27,’ 35MAS15
101M 5.15
Dutch E Indies 6s ’ 4 7 ..JA J
94
" "
6s July 15 1 9 2 6 ...JA J 15 101
4.10 to 4%
•5s ’ 36,’37,’39,’40,’ 41AAO
93M
93
94M 96 5.30
Ext s f 6s 1962______ MAS
93M
5s Jan 15 1948____ JAJ15
4.10 to 4%
•5s 1924-1951 _______ JAJ
92
86K
94 5.90
Calgary 5s 1933_______ JAJ
External 5 Ms 1 9 5 3 ..MAS
New Haven (Town)—
90M 92M 5.90
Ext 5Ms ’ 53 dep rets M AN
86M
5s June 15 1 9 3 5 ...JA D 15
•3 Ms A irLR R ’ 24-’ 29 JAJ
97M
90M5.75
88
5s July 1 1945_______ JAJ
Finland (Republic o f)—
97
New Lon 3Ms W at '2 6 .JAJ
92
93M5.60
External s f 6s 1945.M AS
89
Galt 4M s Apr 1 8 ’ 31. AAO 08
95
88 M
4s Munic Bldg 1933.-A A O
92
93M5.60
France (Republic o f)—
4 Ms ElPowJ’ne5’31 JAD5
97
4Ms Park July 1 9 4 2 ..JAJ
83M5.30
82
Halifax N S 4s July 1945____
5 % National Loan not red
Norwalk (C) 3Ms 1929.JAJ
93M
95M5.30
94
before Jan 1931. .Q -F 16 r$35
$37
_ 5s Jan 1951___________ JAJ
4s R ef Sewer *27-’ 28._JAJ
90
91M5.30
4.40 6% National loan of 1920 ®$43M $45M
Ham ilton-4s Apr 1 ’ 32 AAO
4s Sch M ch 1954-’ 64.
85M5.25
84
95M
7M s External 1 9 4 1 ..JA D
95M
4s Elec L A P 1 9 4 1 ..AA O
4Ms Sch M ch 1929-’ 5 3 . . . b 4.15 to 4.05 %
4.10 8 % ext g loan’ 45 M AS 15 99 M 99M I I I Lachine P Q 5s 1954 ... J A D 90M 92M5.50
*4Ms Im provt ’ 24-’ 39 JAJ
MaisonneuveQ 5M s’ 30 MAN
Haiti (Republic o f)—
94
Norwalk (T ) 4M s ’ 4 2 ..J A D
99M 100M5.35
99M 101M5.35
89 M
6% E x t’l 1952 Ser A .A A O
89M . . .
5M s M ay 1 1936____MAN
Norwich— 3M8 1 9 2 5 ...JAD 6 4.75 to 4.25 %
Italian G ov 6M sserA’ 25FAA 100M 100 M _ M anitoba, Province of—
4s Gas A Elec 1931..A A O 6 4.50 to 4.30 %
5% Int 1926-1941____JAJ u$44
$44M ""
6s gold Apr 1 1 9 2 5 ..AAO 100M 101M^4.90
b 4.50 to 4.30 %
4M s Water M ar ’ 39 MAS
103M 5.30
5% Treasury notes 19 25.. / 44 M
45M
.
Os gold Feb 2 1 9 3 0 .. FAA2 102
4Ms Refunding 1938 AA O b 4.50 to 4.30 %
4.15 Japanese Government—
4s gold 1930_______ MAN
Putnam (T) 4M s’ 25-’ 46AAO
91M 92M 5.30
4.15 4Ms £ ’ 25 opt ’ 10 ..F A A 1 5
97M
4s Drainage July 1 ’ 29 JAJ
4Ms Water 1 9 24-2 7..FAA
91M 93M 5.60
96
4.15 4M s £ 1 9 2 5 opt 1910 (2d
M ontreal 5s D ec 1 ’ 4 5 ..J A D
97M 5.15
4 Ms Water 1928A’ 30FAA
97M 5.15
96
series)_________ JAJ 10 c 97 M
97M . . .
5s s f N ov 1 1 9 5 6 ...M A N
91
Stamford (C) 4s, 1942. MAN
4s £ ’ 54 opt ’ 10.J30 A D31 l 64
66
. . . | 4 M sM a y 1 1925____ MAN
Stam ford(T) 4M s’ 25 ’45.JAJ
99M 99 Ys 4.90
98M
4.15 4s £ J a n '31 op ta ft’ 21_JA.T c 77M 78M
4Ms M ay 1954.......... ........
Stonlngton 4Ms ’ 28A’ 33AAO
8SM 90M 5.15
91M 5.20
90
S f 6Ms 1954 te m p ..F A A
90M _ ._ ! 4Ms Jan 1944........... .JA J
•Stratford 6s 1924 31. M AS b 4.30 to 4.10 %
1 4s M ay 1925________ MAN
Oriental Devel Co, Ltd—
98M 99M 4 90
Torrlngton *5M s ’ 30-’ 35JAJ b 4.30 to 4.10 %
84
85
b 4.30 to 4.10 %
Ext 6s 1953______ MAS
__ 4s M ay 1927________ MAN
*5Ms Fund 1936-41..JA J
95M 96M 5.20
105
89 Vs 91M 5.25
Newfound 6Ms ’ 36 JAD30 104
.J
4s M ay 1 1933 £ ____MAN
•Wallingford ( Town) 4 Ms
4.10 Netherl’ ds 6s ’ 72 (flat).M A S / 91M 92
. . I 4s M ay 1 1944_____ MAN
1933, ’ 38, ’ 43, ’ 48, ’ 5 3 . . .
83M 85M 5.20
6s 1972 Series B _________
80M 82M 5.20
Waterbury 3 MsSch’ 25-32J A J 94
__
3 Ms Rfg M ay 1939. MAN
9SM
Ext 6s 1954________ AAO
86H 88 Vs 5.20
. . N e w Brunswick 3 Ms ’ 33 JAJ
87
4s Park July ’ 24-’ 5 8 ..J A J
98M
Norway 8 % ext 1940.AAO H IM 112
__I 4s July 3 1930_______ JAJ
94
4 Ms C ity Hall ’ 24-’ 63.JAJ
92M 93M 5.20
92M 5.20
9.3 M __
91
Extl S f 6s 1 9 4 3 ...F A A 15 93M
43 1932 opt 1902_____ JAJ
98
•4Ms Water ’ 49-’93_.JA J
6s Ext Oct 15 :52__A A 015
93M
__ 4 Ms D ec 1 1925_____ JAD
93M
98M 99M 4.90
4 Ms 1946-1953____JAJ15
98M
Panama (Republic of)—
,1 59 Dec 1 1925_______ JAD
*4Ms 1924-1934___JAJ15
99M 100 M 4 90
99M
E x ts f 5Ms June 1 ’ 53. JAD
s 96M
Windsor 6s 1924-26____JAJ 101
. . North Vancouver 5s ’ 60. JAJ
79H 83M 6.15
99M 100M 4.90
Peru (Republic o f)—
West H artf’d 4M s 1943.JAD
Nova Scotia, P rov, 5s ’ 26JAJ
98M
104M 5.20
DELAW ARE
Ext g 8s June 1 9 3 2 ..JA D s 99
s 99 M __l 6s N ov 15 1930___M AN15 103
4.25 Queensland (State of) Austra lia—
3s D ec 1 1927 opt ’ 0 2 ..J A D
Ontario (Prov of)—
4.30 Ext 7s Oct 1 1941...A A O 106M 106M
6s N ov 15 1927___M A N 15 101M 102M 5.20
4Ms Highway 1960____JAJ
4.30 Ext g 6s Feb 151947 FAA15 99M 99M
6s Sept 15 1943___M AS15 107M 109 15.25
4Ms Jan 1 1961_________JAJ
R io Grande D o Sul (State)
99M 100M4.90
Dover Special Sch Dlst—
5s Dec 1 1926_______ JAD
4.65 Brazil ext s f 8s Oct 1 9 4 6 .. 97
5s Apr 1925-46_____AAO
97M
4Ms M ay 1925......... MAN
99M 99M4.90
4.55 Russian 6Ms June 18 ’ 19 JAJ s 12M s 12M
87M 5.05
86
48 1941...........
M AN
Kent Co 4Ms 1945-1950MAS
4.45 5 M % Ext Ln D ec’ 21_JAD
s 13M
NewCastleCo4Ms’ 26-34J A D
48 M arch 1 1926____MAS
97M 98M4-95
85M 5.10
84
4s Ref Dec 1924_____JAD
3 Ms 1936____________ JAJ
4 i Salvador (Republic of)
4.30 1st 1 s f 8s 1948 Ser A . .JAJ 102
______ 5.20
102M . . Ottawa C ity 5s ’ 24-’ 4 5 ..J A J
5Ms 1924-1928______ JAJ
4.50 San Paulo (Brazil) State of
........ 15.35
| 6s M unic Im p ’ 24-’ 50.JA J
5Ms 1936-1944______ JAJ
4.70 8% external loan 1936. JAJ 101
______ 5.20
._
4 M s ’ 2 5 ,’ 3 4 ,’ 3 5 ,’ 44.JA J
Sussex Co 5s 1931-1970.JAJ
4.40 7s’ 46 (per|1,000 mllrels) ._ $115 $135
'5.15
__l 3M s Sew Sep 2 6 '2 8 .M A S
Wilm’gton— 4M s’ 28-’37AAO
4.40 Seine, Dep of (France)—
4 M sBldg-Con ’ 53-62 M A S
Quebec, Prov, 6s, ’ 2 5 . . MAS 100M 'I o iM 4 !9 o
4 ! Ext g 7s 1942_________JAJ 88M 89
99% 100M4.90
4s St A Sew Apr ’ 25. AAO
. . I 5s June 1 1926_______JAD
4.45 Serbs Croats A Slov(K ing of)
89M 90M5.20
5s (A A O) 1947-49. AAO
Quebec C ity 3 Ms g ’ 3 0 .JAJ
Ext 8s 1962..............M A N
D IS T . OF COLUM BIA
82M
— I 3 Ms July 1 1933_____ JAJ
87M5.20
,
82M
86 M
Swedish 6s 1939_____ JAD15 102M 103
_ . Regina 5s 1929_________JAJ
99% 100 M.
3.65s Fund curr 1924._FAA
95M 6
I
93M
99
Switzerland— 5 Ms 1929 FAA
FLO R ID A
98M
__ StBoniface,M an,5s ’ 31 JAJ2
92M 94M5.90
4.85 5M s External 1946..A A O 94 M 95
Dade C o 5s Oct 1947-54
. . Saskatchewan (Prov)—
97M 5.20
Duval C o 5M s’ 3 2 o p ’ 12MAN
5M 5s Extl Aug 1 19 26..F A A 99 % 99M . . I 5s 1943 (non-call.).JA D 15 96
_ . South Vancouver, B . C .—
5s Armory 1944______ JAJ
4M S F gold 8s 1940_____ JAJ 112M 113
35
40
U S o f M exico 6s A 1933____
Everglades Drainage Dlst—
5s 1927-1946______ JAD30 b 6.90 to 5.75 %
101
5s g Ext L’ n 1945 £ .Q ’Jan
_____ 5.20
99
6s 1925-1935.............. MAN
34
___T oronto 5s 1924-1936..JA J
109
_____ 5.30
Deposit receipts_______ f c 35
40
...
6s 1925-1929.................JAJ
6s 1933 to 1941______ JAJ 106
....... 15.35
5.25 5s Internal 1894_________ / . . . .
Hamilton Co 5s Feb 7 ’ 48
68 1930-1940................JAJ
5.25 4s gold 1 9 5 4 ............ JAD / 28
Hernando Co 5s 1944..JA J
30 M - - 68 1940-1950.................JAJ
4.65
Jacksonv 5s M ay 15’ 24.MAN
Deposit receip ts..._____ / --'9 9 M 4 -9 0
20
. . . 4 Ms July 1 1925..........JAJ
99
4.65
Assnt 4 J ’ne ’ 24 coup on
5s Im provt Jan 1 ’ 3 6 .. JAJ
20
...
4 Ms Jan 1 1949_______JAJ
5
89Vs 91 1 .15
/ 20
4.65 4s External 1910____
25
...
4M sJan 1 1955........... JAJ
90 5.15
4 Ms Feb 1937________FAA
88 %
4.75 3s Internal__________
/ 4
Jacksonv SD No 1 5s A pr’45
8
_
4s £ July 1 1948______ JAJ
80
81M5.35
5s Internal__________
/ 6
K ey West 5s 19 42.......... JAJ 100
____15.15
10
...
3M s July 1 1944r-’ 45_.JA J
4.85 Uruguay 8s ext 1946._FAA 103
Miami 5s 1924-1944____JAJ
103M
V ancouver,BC, 5M s’ 39AAO
99M 101 |5.40
6s School 1940.......... JAD
5 I FO REIGN C IT IE S , A c.
5 Ms 1952................... FAA 100M 102M 5.35
Bergen,Norway,8s ’ 45 MAN 108M 109
Orange County 5s 1944.JAJ 100
...
4M s N ov 30 1 9 2 4 ...M A N
99H 99M 5
l
4.80 Berne (City) Switzerland—
95
96M5.30
Pensacola 4 Ms ref 1941.A AO
4s St Im p Sept 9’ 27 M AS9
6% School 1 9 2 5 -5 1 ...JAJ
5M S f 8s 1 9 4 5 ............ M AN 108 M 108M . . . 4s St Im p Sept 9’ 32 M AS9 89M 91M5.30
I
Polk Co 5s Road ’ 24-’ 40 JAJ
5.40 Bordeaux (City) 6s ’ 34.M A N 82
96
8 2 M ___Winnipeg, M an, 5s, ’ 44 AAO
97M5.20
5 Buenos Aires, Argentine Rep
St Petersburg 5 Ms 1949.JAJ
6s D ec 1930________ JAD 102
103M5.35
Guar 5s of 1909-1946 £ JAJ P/74M
Tam pa 5s June’ 55 op ’ 25.JAJ b 4.90 4.80%
84M5.20
77M . . .
48 Aug 1 1946____ FAA15
82M
Exten 6 Ms 1955_____ JAJ
5s M un Im p ’ 62 op ’ 32JAD b 4.90 4.80%
95M
96M . . .
G E O R G IA
Christiania (Nor) 8s 1945 A AO 107
5s W W Purch’ 24-’ 72FAA b 4.90 4.80%
6 4.20 to 4.15^%
108
...
4 Ms ref 1935-1945.J AJ
Copenhagen 4s of 1901.M A N l 83
FOREIGN G O V T S
88
. . . 4s July 1 1926................ JAJ
A.25
5Ms M unic. E xt. ’ 44.JAJ
Argentine Repub— 7s’ 27FAA 101M 102
90M . . . 3 Ms Jan 1925-1935___ JAJ b 4.25 to 4.30,%
90M
Danish Cons Municipal Loan
Albany— 5s 1945______ JAD
4.50
Internal g 5s of ’ 09 s f M AS
77M 78 M
108
8 % s f ext ’46 Ser A . FAA 107
4.45
4s £ loan of 1897____AAO V%61M $62 M
Athens— 4M sJune 30 1943.
Series B _______________ 107
Atlanta—
90
Ext 6s of ’ 23 1957 ser A . .
107M
90 M
98
105
Havana— 1st 6s 1939___Q-J
4 Ms Jan 1 1940........... JAJ
___'4.35
Austrian Government—
85
100
2d 6s...................
Q-J
90
4 Ms Sewer 1925-’ 40._JAJ b 4.50J to 4.40 %
Sink fund g 7s 1943.J A D
90 M
82
Lyons (City) 6s 1934.M AN
___4.35
Belgian Government—
82M
3Ms July 1 ’ 31 A ’ 3 3 ..JA J
Anffiiatn . 82
Marseilles (City) 6s ’3 4 .MAN
7Ms ext s.f.y ly to ’ 45 JAD 102M 103
82M
M ontev’o(City)sf7sl952JAD
4.40
6% notes E xt’l 1925.JAJ 100
4
?Ms Flood Prot ’ 42.M A N
87M 88
ioom
Porto Alegre (C ity ), Brazil—
4s refunding 1934____JAJ
4.40
8 % E xt’l s f b d s ’ 41_.F A A 102
102M
96
96M
S f 8s, 1961__________JAD
4.45
Bolivia (Republic o f)—
3 Ms April 1930_____AAO
Prague (Greater) C ity—
91
E xt’l ref 8 s ’ 47 temp MAN
4.40
Bibb Co 4M s 1948-49.MAN
91M
7 Ms loan of 1925-’ 52_MAN
96
_
Clarke Co 5s 1924-’ 41__JAJ b 4.60 to 4.50 %
Brazil 8 % ext 1941_ JAD
84M 85
96M
Rio de Janeiro 8s ’ 4 6 .. A AO
7s Cent R y elec 1952 JAD
81
Columbus— 5s 1924-’ 44.JA J 6 4.60 to 4.50 %
92M 92M
81M
Ext s f 8s 1947______ AAO
4.50
5 f 7M s (coff.sec. ’ 22)1952 / 98M 99M
4 Ms Refunding 1939.JAJ
91M 92
50
5s s f loan of 1909-34. £JAD l 88
90
Dougherty Co—
/ 49
5s of 1895.....................
Rotterdam (City) Holland—
50
/ 49
5s School 1925-1948.MAS
4.50
5s of 1913.....................
External s f 6s 1964. MAN
4 M so f 1883............... .
M acon— 4 Ms Oct 1 9 2 6 ..Q-J
4.40
48M
/ 47M
O
45
San Juan (City of) Porto Ri C -4.40
/ 44
4 Ms W W 1924-’ 36_ JAJ
_
4 M so f 1888.................
40
5s Ref A Imp 1925-36. JAJ b 4.80
_______________________
4.35
4a Pav A Sew ’ 24to’ 39 JAJ
/ 39
4s o f 1900.....................
b Basis, e Basis $9 to the £. /F la t price. I In London, m C
anadian p
rice, n Nom P $ per £20 r % per 1,000 rubles, flat, s Sale price.
.
Per 1,000 guilders. uS per 1.000 lire. flat, v $ per 1,000 francs,
to $ per 500 franca. u Per £200.
•Tax tree ln Conn. * Per £500 bead.




[V ol. 118.

STATE AND MUNICIPAL BONDS

50
Bonds.

Bid.

Ask.

To
Net.

Bonds

Bid.

Ask.

To
Net.

Bonds.

Bid.

A sk .

To
Net.

3reene Co 8s 19 24-2 5..A & 0
4.60 New Orleans ( Concluded)
Pulaski Co 8s 1932-’ 48..J& J& 4.75 to 4.70 %
4.45
4.60 fackson Co 5s 1924-30.A&O
4.60
4J*s 1956-1966______ J&J
Home 4?*s 1926_______J & J ---------90
4s M um c bldg ’ 25-’ 39 A&O b 4.60 to 4.50 %
Marshalltown Ind S D —
4s Floating debt '48.A & C
4.40
5s C ity Hall 1925-39.M&N
Savannah— 4?*s ref *43. J & J ______
94?* " 9 5 ? *
4.50
4s Constitutional ’ 4 2 .J&J
4.40 Marshaltown—
4
Drainage 1 9 4 4 .. F & A --------4s Public Impt 1950 opt
4.35
4 3*8 refunding 19 59.-F & A --------92?* . . .
4?*s Water 1925&’26 A&R
____14.50
1942 (old Issue)____J&J
91?*
4.70
93
4?*s Water 1929-42 .A & R 6 4.60 'to 4.50 %
Spalding Co— 5s ’ 24-’ 30 J& D --------4s Pub Imp ’ 42 op '2 8 . J&J
91?*
5
Swalnsboro 6 s ’ 25-’ 5 0 ._ A & 0 --------4.50 Orleans District—
4?*s Water 1943&’44 A&O
4.50
Valdosta 8s 1925-’ 42___Jan 6 4.65 to 4.55 %
O'Brien C o 5s 1925___F&A
5s July 1929-’ 39____ J&J 100
4.75 Ottumwa 4}*8 June 1936—
4.40
Ware Co 8s Scb ’ 25-’ 31_. J&J
5s July 1940-’ 49_____ J&J 101
4.70 Polk Co 43*s ’ 24-’ 32 A&O 15 b 4.60 to 4.50 %
5s R oad 1932-1949_ J&J
_
5s July 1950-’ 59______ J&J 102
8.20
4s Court H ’se 1 9 2 4 .. A&O b 4.60 to 4.50 %
Watkins 8 D 6s ’ 31-’ 80 M A N
Plaquemine Parish E Bank—
8.10
5s Oct 1952 opt 1942. A&O
5s Funding 1924-35._J&J b 4.60 to 4.50 %
W oodbury 6s ’ 27-’ 49— J&D
Sioux C ity—
Pontchartrain District—
4.65
IDAHO
6s ParkA ugl5’ 35-45F&A15
D 6s 1944................ ..M & N 110
4.40
4.65
6s Ref Aug 15 1940 F&A15
53*8 Im pt 1941_______ A&O
5s July 1968__________ J&J 10134
4.40
4.50 Red River A & B B D ist—
5s Fire Fund 1925-33.J&J
8s Highway 1941______ J&J
4.40
4.50
5s Police F ’d 24-’ 33_M&N
5s 1950 Series B ____A&C 102
4 tfs Cap Bldg ’ 30-’ 3 9 ..J & J
4.40 Sioux C ity S D 5s 1941.J&J
4.50
5s Mar 1953 opt ’ 4 3 .-M&S 10134
4?*s M ay 1 ’ 32 op ’ 21— J&J
4.40 W aterloo—
5s 1965 Series D _____ F&A 101
4V*s Highway ’ 35 op ’ 25 J&J
ninhm 'qv nn <}7
4.40
4.50 Shreveport—
_ _
4)*s W W Jan 15 ’ 30. J&J
4 U s Hlghw ’ 37 op ’ 2 7 .-J&J
4.40 W oodbury C o 5s ’ 25-’ 32. J&J
4.70
4.50
_ Jan
5s 1929-1931.................F&A
4b Ja 1*1934 op 1 9 2 4 .. .J& J
5
4.70
5s 1932-1936_________ F&A
Blaine Co 5s Feb ’ 25-’ 31 J&J
5
BolseC’ySD5s’ 25op’ 15 M&N
4.65
KANSAS
5s 1937-1961_________F&A
5.10 4?*s 1924-1948.......... ..J & J
4.30
4.65
4 Ms W W&Sew’ 24-’ 54 .J&J
6s July 1 1940_______ J&J
5.25 4?*s Soldiers Com p’n 1949-52
4.30 Tensas Basin Levee District
Shoshone Co 5s 1924------ J&J
Atchison Co—
ILLINOIS
5s Jan 1957__________ J&J 100
4.50
4J*sServC om p 24-’ 43.F& A b 4.40 to 4.25
4s Refund ’ 29 op ’ 14 ..J& J
MAINE
Emporia—
is Aug 1 1930-’ 38___F&A6 4.40 to 4.25 I
4.50 53*s Bonus Fund’ 24-’ 30.J&D
4.35
4?*s D ec ’ 29 op ’ 1 9 ..F& A
4 « M a y 1 1 9 2 6 - ’ 3 5 _______ M & N b 4.40 to 4.20
4.50 5s H ’way & Bge’ 25-’ 54. A&O b 4.35 4?*%
EmporiaSD4 J*s’ 32op’ 22 J&J
4 a H i g h w a y 1 9 2 9 - 1 9 4 0 . M a y b 4.40 to 4.20 I
4.50 4s Sept 1 1924-1953...M & S b 4.30 to 4.15
Ft Scott 4}*s’ 35 op ’ 10. M&S
4 s H i g h w a y 1 9 2 6 - 1 9 2 8 . . M a y b 4.40 to 4.20
Galena—
4s Highway 1925-1936. M&S b 4.30 to 4.15
4 s H i g h w a y 1 9 4 1 - 1 9 4 3 . . M a y b 4.40 to 4.20 1
4.65' 4s A p ril’ 28-’ 31 tax-ex._A & 0 b 4.30 to 4.15
5s W W 19 25-1 943 ... J&D
C h a m p a ig n C o —
4.60 4s State Pier 1 9 3 3 -4 2 ...M&S b 4.30 to 4.15
5 3 R o a d 1 9 2 5 - 1 9 4 3 . M & N b 4.50 to 4.40 %
Hutchinson— 5s 19 3 1 .. A&O
4.50 Auburn— 3?*s 1925_____ J&J
43*s Pub Bldg’ 61op’ 31J&J
C h i c a g o 4 s 1 9 2 5 t o l 9 2 7 . J & J b 4.25 to 4 %
9734
4.25 Kansas C ity—
4.30
4s 1935 & ’ 40 tax-ex’pt J&J
4 8 1 9 2 8 t o 1 9 3 5 ............. - J & J
4.25
4.50 Bangor—
5s Feb 1 1925 ........... F&A
48 J a n 1 9 3 0 & 1 9 3 1 . . -J & J
4.25
5s Feb 1 1942________F&A
4.55
4.60
4s Ref W at ’ 35(toxa6le)J&J
4 8 J a n 1 9 3 7 - 1 9 3 9 _______ J & J
97
4%
4.50
4s Fund ’ 24-’ 30 tax-ex. J&J
4?*s W at & Light 1944J&J
4 8 J a n 1 9 2 5 - 1 9 4 1 ______J & J b 4.25
95
4%
4)*s Sch Bldg 1 9 2 9 ..J&J
4.50 Bath 4s Ref 1941 tax-ex. J&D
N o W P k 4 ? * s ’ 2 4 - ’ 2 7 J & J b 4.25
4%
4.50 Blddeford4s 1925 35 ..M & N
9634
4?*s W at Plant Pur’ 39J&J
N o W P k 4 ? * s ’ 2 4 - ’ 2 8 J & J b 4.25
4%
4.60 Gardiner Water District—
43*s Refg Feb 1 ’ 2 9 . . F&A
W C h i c P k 4 s ’ 2 4 - ’ 2 7 . J & J b 4.25
94?*
4%
4.50
4?*s Im p July 18 ’ 49 ..J& J
4s 1934 (taxable) _____ J&J
W C h i c P k 4 s ’ 2 4 - ’ 2 7 . J & J b 4.25
Board of Education—
Kennebec W ater District—
C h ic a g o S a n ita r y D is tr ic t —
98
4.50
4?*s 1 9 2 5 -1 9 5 3 ...F&A
3)*s gold 1925 _____ M&N
4 ? * s J u l y 1 1 9 2 4 - ’ 2 6 . . J & J b 4.25 to 4 %
4.50 Klttery W ater District—
4 8 S e p t 1 9 2 4 - 1 9 3 1 . - - M & S b 4.25 to 4 %
4?*s 1924-1953____J&J
4.60 4 .4 0 %
Sedgwick County—
5s Jan 1925 to 1 9 3 8 ... J&J
a
1 9 2 4 - 1 9 4 2 ____________ J & J b 4.25 to 4%
97?*
4.50 Lewiston 4s g Oct 1927.A&O
5s Fund 1925 op 1915 J&J
G o o k C o — 4 s 1 9 2 4 - ’ 2 8 . M & S b 4.25 to 4%
4%
4.50 Portland—
4 J*s B’ge Oct ’ 27op’ 17 J&J
4 J * s 1 9 2 5 - 1 9 4 0 _______ A & O b 4 25
98
4%
Topeka—
4s Aug 1 1929 tax-ex.F & A
4 ) * s F o r P r e s ’ 2 4 - 4 3 J & J 1 5 b 4 25
9734
98
4.50
5s T op W at Sept ’ 26. .J&J
5%
4s C H ’ 26-’ 45 tax-ex. A&O
9734
4 s S e r K 1 9 2 5 - 1 9 3 1 . . J & D b 4.25
98
4.50
4%
b 4.25
4s High Sch 1936 tax-exem
4?*s 1924-1933’. ......... F&A
4s S e r M 1 9 2 5 -1 9 3 3 ..J & D
4?*s Elec Light 1929.J&J
4.50 Portland Bridge District, ta x a b le
4%
4 s F o r e s t P r e s 2 5 - ’ 3 4 A & O b 4.25
4.4 0 %
4.50
Topeka S D 4s Jan 1925. J&J
33>*s July ’ 25 to ’ 3 9 ..M & S b 434
C a s t S t L o u is —
4.80 Wichita—
Portland Water Dist.—
4 3*s re f S e p t 1 ’ 2 8 . .S e p t
97?*
5s 1929 opt 1919......... J&J
4.50
4s Funding 1928_____ J&D
9834
E lg in S a n it a r y D is t —
95
4.50 W yandotte County—
Saco 4s April 1939_____ A&O
5 s 1 9 2 5 - 1 9 4 4 ___________ M & N
96?*
4.35
4?*s Bridge ’ 32 to ’ 41 F&A
4.50 Washington Co 4s 1928. J&J
J o lie t — 58 1 9 2 4 - 1 9 2 5 . . . M & c?
97
Watervule— 4s g July 1 1927
M o l i n e 4 J * s 1 9 2 4 - ’ 3 2 — J & J 6 4.60 to 4.50 %
4.60
KENTUCKY
I N D I A N A (se e fo o tn o te o)
3?*s Sept 1935______ M&S
Ashland—
C ass C o u n ty —
4.40
5s Sew Imp ’ 32 & ’ 37. M&S
M A RYLA N D
5% 4 .7 0 %
o4 s B r id g e 1 9 2 4 -3 3 M & N 1 5
4.40
4?*s S I ’ 42,’ 47,’ 52_.M&S
• E v a n s v ille — 4 s R e f ’ 3 2 . J & J
5% 4 .7 0 %
4.35 Bell County—
4J*s Aug 15 1924-33.F&A15 b 4.35 to 4.15
o 4 s R e f 1 9 4 2 ......................J & J
4.40
6s Ct H Dec 15 ’ 38.J&D15
5
4s 1926 to 19 28....................... b 4.35 to 4.15
• F l o y d C o 4 s 1 9 2 5 - 3 0 . . J & J ob.
4.40 Covington—
4s 1928 opt 1923........... .J&J b 4.35 to 4.15
• F ort W a y n e S ch D 5s ’33 —
4.30
6s W W Janl5’ 25-36.J&J15
4.60 4s Jan 1 1929___________ J&J b 4.35 to 4.15
• F r a n k l i n C o 4 s ’ 2 5 - ’ 3 0 . J & D ob.
4.35
6s W W Janl5’ 25-31.J&J15
4 60 3?*s 1924-1928________ F&A b 4.35 to 4.15
• G a ry S ch C ity 4 ?* O c t ’ 43
6s W W Janl5’ 32-61.J&J15
4.60 4s Roads 1925-1930____F&A b 4.35 to 4.15
• H e n d r ic k s C o —
4.50
4?*s Funding 1924-48 F&A
4.60 4 )4s Roads 1924 to 1928____ b 4.35 to 4.15
4 S C H J a n 1 5 ’ 2 5 - ’ 3 2 J & J 1 5 ob.
4 3^3 W W 1924-1951.J&J
4.60 Annapolis 4 }*s W W ’ 42A&O b 4.50 to 4.30
I n d la n a p —
4.35
4s Water 1927_______ J&J
4.60 Baltimore—
05 U s T r a c k E le v ’ 3 1 -4 7 J & J
4.40
4s Fundg 1952 op ’ 4 2 .F&A
4.60
5s 1925-1946............... M&S b 4.50 to 4.30
4s P a rk Im p J a n 1 ’ 2 7 . J& J
4.35 Frankfort 43*s’ 27opt’ 17.J&J
4.75
5s 1 9 2 5 -1 9 6 1 ............ A&O 6 4.50 to 4.30
• 4s F ir e D e p t J ’ n e 1’ 41 J & J
4.35 Harlan County—
103
43^s M ar 1 1925-55..M &S 101
• 43*sS ch J n e l5 ’ 40 J & D 1 5
4.35
105
5s Rd & Bldg ’ 2 5’ 48.M&S
5
4J*s Mar 1 1955____M&S 103
* 3 ? * s H o s p ita l 1 9 3 6 . .J & J
4.35 Lexington 4s 1945_____ F&A
99
100
4.50
4s Water 1926______ M&N
o 3 ) * s C i t y H a ll 1 9 3 9 .J & J
94?*
95?*
4.40 Lexington S D 5s 1 9 3 8 .. J&D
4.50
4s Aug 1 1951_______ F&A
• In d la n a p S D 4 s ’ 2 4 -’ 2 6 J & J
95?*
4.35 Louisville—
94?*
4s Annex 1954______ J&D
• 4s B la g S e p t 1 1 9 4 6 . .J & J
4.35
94?*
95?*
5s School 1962______ A&O 114
4s Parks 1955........... M&N
• 3 ? * 8 J u l y 1 1 9 4 1 ---------J & J
4.35
94?*
95?*
43*s Hospital 1 9 5 1 .. M&S 104
4s M ar 1 1961........... M&S
05s O c t 2 0 1 9 2 5 -3 9 A & O 20
94?*
95?*
4 3 s School Im pt ’ 54. A&O 104 J*
*
4s Aug 1 1961_______ F&A
J t ffe r s o n v llle —
____ __
97?*
4.50
97
4s M unlcIm pDec 1’ 28Q-M
98?*
98
o 3 U s R e fu n d 1 9 2 5 ..M & N
33^3 July 1 1930......... J&J
4.40
4s Park 1930________ J&J
98
334s Im p 1940_______ J&J
• K o k o m o 4 s 1 9 2 6 -1 9 3 1 .M & S
4.50
4s Refg July 1 1937..J& J
98
33*9 M ar 1945______ M&S
9834
• L a P o r t e C o 8 s ’ 2 5 -’ 2 8 . J & D
4.50
99
4s Sewer 1947________F&A
98
33*s Refunding 19 52..J&J
• L o g a n s p t 3 3*8 *26 o p ’ 1 6 J & J
4.40
81
83
97
4s Louisv W Co 1946.J&J
96
o 4 J * s S c h H ’ 2 5 -’ 37 J & D 1 5
3?*9 Sew’age Imp ’ 80A&O
92
4.40
97
4s Louisv W Co 1950.F&A
96
33*s Jan 1 1927______ J&J
M a r lo n C o — 4 s R e f ’ 2 7 -J & D
4 30
4.40
89?*
3H s gold Refg 1940. M&N
Cumberi’d 4)* W W ’ 41 A&O
o3 J *s R e fu n d 1 9 2 5 ... J & D
4.50
3)*s Refunding 1943.J&J
Hagerstown—
8934
• R ic h m o n d — 4 s 1 9 2 7
M&S
4.30
4.50
3s Sewer & Park 1941. J&J
83
5s water 1938-1987..A&O
•St Jos C o 33*s 1 9 2 4 ...A & O
4.30
4.40 McCracken County—
4?*s 1936-1986______ A&O
o 3 3 * s 1 9 2 5 - 1 9 2 6 _______ F & A
4.50
5s Ref 1933 opt 1913.M&S
5
Washington Sub San Dist—
• S ou th B e n d — 4 s 1 9 2 5 ..J & J
98
4.35
100
5s R ef 1933 opt 1923. M&S
5
4?*s sewer g 1973____J&J
o 4 ?* s W W N o v ’ 4 3 .M & N
b 4.70 to 4.45 %
4.35 Owensboro— 4s ’ 31 op ’ 11 J&J
4.80
5s 1969.------------------o4 ?* s W W D e c ’4 3 -.J & D
4.35
4.80
4s Street 1930 op 1915.J&J
• 5 3 * 8 1 9 3 1 ..............................M & S
4.35
MASSACHUSETTS
• B H S 1 9 4 1 ..................
M&S
LOUISIANA
S o u th B e n d S c h o o l D is tr ic t —
4.40 5s Port C om m ’n ’ 25-’ 54 A&O
4.70 4s 1924-52 (tax-exempt)_Var 100?*
c 4 s A p r 1 7 ’ 2 5 - ’ 2 7 ____ F & A ob.
93?*
4.40 5s Port C om m ’n ’ 24-’ 59.J&J
4 .70: 3J*s g Juy 1 1935______ J&J
T e r r e H a u te — 4s 1 9 2 7 .-A & O
4.40 5s Port Com m ’n ’ 25-’ S5J&D
4.70: 3 34s 1956 reg (tax e x ) ._J&J
915*
o 4 s S e w e r 1 9 3 0 -------------- F & A
95
4.40 M s Ref 1924-1964____F&A b 4.40 to 4.35 %
3348 1937 reg (tax ex)__J&J
• T e r r e H S c h C 4 s ’ 2 4 - ’ 3 1 M & S ob.
91
4.40 43*s Port Comm ’ 25-’ 57 M&S
4.65 334 W ater 1942.............. .J& J
• V ig o C o 4 3 * D e c l6 ’ 2 4 -2 7 J & D
90?*
Alexandria 5s 1924-’ 5 2 .F&A b 5% to 4.90 &
3?*s g July 1944______ M&S
94?*
Atchafalaya Levee Dlst—
3s April 1 1929_________ A&O
I N D I A N T E R R I T O R Y ( S e e Oklah oma)
943*
5s Sept 1932-’ 51.M & S 15 101
3s g M ay 1929_________ M&N
IO W A
4.30
5s Dist ref & Imp ’ 49.M &S 101
883*
3s M et Sewerage 1 9 3 6 ..M&S
4 J * s 1 9 2 7 - 1 9 2 9 ....................... J & D
86?*
4.30 Bossier District Levee—
3s g July 1 1939_________J&J
4 1 * 8 1 9 3 2 - 1 9 3 3 ....................... J & D
85?*
4.30
5s 1 9 5 4 --............
A&O 100
3s g Water Jan 1 1941_J&J
4 ? * S 1 9 3 4 - 1 9 4 0 . . . ..............J & D
4.30 Caddo District Levee—
Attleborough—
B o o n e 4 J * s 1 9 2 5 - 3 1 ..-M & N
4.40
5s 1951 opt 1941____ J&J
334s M arch 1935____M&S
913*
100
B u r lin g t o n 4 3 * s ’ 2 4 -’ 3 3 M & N
97
Caddo Parish S D N o 1—
Beverley 4s 1924-1936.. A&O
C o u n c il B lu ffs —
4.45
5s School 1929-1943..J&J
4.75 Boston—
4 U s w a t-w k s ’ 2 5 -’ 3 0 M & N
4.60 Fifth District Levee—
4J*sTun 1960 tax e x . A&O 103?*
C r a w fo r d C o 5 s ’ 2 4 - 2 9 .M & N
96?*
4.75
5s 1950 opt 1940......... J&J
99
4s July 1936__________J&J
C u s h in g 5 s S c h o o l 1 9 3 9 M & N
99
4.50
5s 1952 opt 1942_____ J&J
4s A pr’ 25-’ 37 (tax-ex) A&O
99
D a v e n p o r t 4s 1 9 2 4 -’ 29 M & N
99
4s 1924-1939 (tax-ex) .J&J
4.50
5s Oct 15 1962 o p ’ 52 A&O
99
D a v e n p o r t S D 4 ) * s ’ 2 5 -J & J
94?*
4s Tunnel & Sub ’ 48. J&D
53 Oct 15 1963____A&O 15
99
D e s M o in e s —
99
4.50
53 1957-1967.......... A&OIS
4s Sub 1957ta x -e x ...A & C
99
8 s M u n ic lp 1 9 2 4 -1 9 5 7 J & J
99
4.25
58 1959-1969______ F&A15
4s Sub 1958 tax-ex_ J&J
_
99
4 U s 1 9 2 5 - 1 9 3 1 _______ M & N
99
48 T u b& S u b’ 59tax-exJ&J
4.20 Lafourche Basin Levee—
4U s W W
1 9 3 2 -4 2 ..J & D
93
334s June 1 1932____ J&D
4.20j
5s Jan 1954 opt 1 9 4 4 ..J&J 102
4 s C it y H a ll 1 9 2 4 -2 6 .J & J
93?*
4.60 Lake Borgne Dist Levee—
334s June 1 1934____ J&D
6 s G e n O b lig 1931 ’ 4 0 . J & J
91?*
4.40
5s Dec 1952 opt 1942.J&D
334s July 1 1935_____ J&J
105
D e s M I n d S D 4 J * s ’ 3 2 .J & J
4.40! New Orleans—
334s June 1 1943____ J&D
D u b u q u e C o 4 3 * s ’ 2 4 -’3 1 J & J
4.50
5s Premium__________ J&J /380
3J4s June 1 1944____ J&D
400
F o rt D o d g e 5s F u n d ’ 3 9 A & 0
4.50
5s Premium (dr num ).J& J /380
334s July 1 1945_____ J&J
F t M a d is o n 5s ’ 2 4 -’ 3 6 ..J & J
97?*
4.50,
5s 1924-1929________ A&O
Brockton 4s M ay 1927. M&N
99?*
F r e m o n t C o 5s ’ 2 4 -’ 3 5 ._ J & J
93
334s Water 1932____M&N
5s Pub Belt R R ’39-’44 J&J 100
4)*s Paving 1925-33..J& J
4.70
6 Basis. /F la t price, n Nom inal. 0 Tax exempt; under a law approved March 9 1903 and which went into effect April 23 1903. bonds issued
after that date by State or municipal corporations are tax exempt, and these sell on a better basis. • Sale price.




J

u n e

,

Bonds.

51

STATE A
JSTD MUNICIPAL BONDS

1924.]
Bid.

Ash.

Cambridge—
3M s Water M a y ’ 25. MAN 9 8 3 4
3 Ms M ay 1 1945(reg)MAN 8 8 3 4 !
3s Bridge 1941........... FAA
8 3 34'
Chelsea— 4s Park 1936.AAO 9 6 341
99
4a Oct 1928 (reg)_ AAO
_
Everett— 4s Sew 1929.-MAS 97
Fall River—
48 June 1 1927 (reg)__JAD 9 7 3 4
3 Ms W ater Feb 1930. FAA 9 4 3 4
Fitchburg—
8J4s W ater 1926_____ JAJ
9734
Gardner—
4a W ater 1925-1934. MAN 97
Gloucester—
8 Ms W ater ’ 24 to ’ 31. AA O 9 6 3 4
Haverhill— 48 1927____JAD
9734
Holyoke— 4s gold 1927. _JAJ 9 7 3 4
8 Ms Dec 1924-1932..JAD 9 5 3 4
Lawrence 4s 1924______ JAJ
9934
Leominster 4s g 19 25..A A O 99
Lynn— 4s July 1927____JAJ
9734
99
4a July 1 1928 (reg )..J A J
93
8 Ms April 1 1932____AAO
Malden—
3M s Water July 1 ’ 24. JAJ 9 9 3 4
Marlborough 4s July ’ 26JAJ 9 8 3 4 -----------M edford 4s Feb 1 9 3 0 ..FAA 97 i______
8s Apr 1 1925-28 tax expt. 10134--------99 I______
Methuen 4s 1928........... FAA
Middlesex County—
4s 1924............
JAD 9 9 3 4 '..............
Milton 33^8 1924 to ’ 32 FAA 9 5 3 4 -----------New Bedford 4s 1926..A A O
9 8 3 4 -----------4s Sewer 1925 41 (taxexem pt)__________ MAN 9 8 3 4 '..............
I
Newbury port—
834s W a ter’ 24 t o ’ 34.JA D 9 4 3 4 ..............
Newton 4s 1938_______ FAA 9 6 3 4 ..............
8 Ms Water Dec 1926.JAD 9 7 3 4 .............Northampton—
334s g 1924 to 1 9 2 6 ...JA J
9 8 3 4 1..............
Pittsfield—
i
4 Ms 1923-30 (tax exempt) 100M
Quincy 334s ’ 25 to ’ 3 9 ..A A 0
Tax exempt____________
96
Salem 4s Jan 1 ’ 3 2- ’ 54 tax-ex 99
Springfield 334s 1 9 3 3 ...JA J
91 V
s
3s Sewer 1930_______ JAD
91M
Taunton— 4s 1927_____JAD
97M
334s Sewer D ec 1 ’ 30.JA D 94K
Wakefield 4s ’ 24-’ 33__AAO 97M
Watertown— 4s ’ 24-’ 34_ . J A J 97
3 J4s 1925 to 1929____JAJ
96M
Winchester 4s 1924____JAD
99M

To
Net.

Te

Bonds
M ICHIGAN (Concluded)—
'aglnaw 4 Ms W at ’ 28. . MAN
Sault Ste Marie 4s 1932.JAJ
W yandotte 4 Ms 1 9 3 4 ..JA D
M INNESOTA

Bid.

Bond*

Bid.

Ash.

St Louis (Concluded)—
4s Public Bldg 1929..A A O
4s W W Renew ’ 3 1 ..M A N
4s Sehool 1937_______ JAJ
4s School 1938_______ JAJ
3.65s Ren June 25 ’ 27 JAD
3 Ms April 1 1928____AAO
Springfield 5s ’ 32 op '17 JAD

b 4.40
6 4 40
b 4 40
b 4 40
b 4.50
b 4.50

to 4.10
to 4.10
to 4.25
to 4.25
to 4%
to 4%

102.68 ■
■
4MsJuly IS 1943____JAJ18
A itkenC o4M s Dec 1924 Aug
M ONTANA
Beltrami Co 4 Ms 1924 ..J A D
5Ms Educational 19 41._JAJ
SMs Ditch 1924-34_JAD
4Ms Educational 1944..JA J
6s R oad 1930
Billings 5s 1934 op ’ 2 9 ..J A J
Brainerd 5s Nov 1924-1929
Butte 5s 1925-1936____JAJ
Duluth— 5s g W atA Lt’ 26JAJ
6s 1941______________ JAJ
43$sg July 1 1926____JAJ
Butte School Dist. 1—
4s g Water A Lt ’ 2 8 .. AAO
4 Ms 1924 opt 1 9 1 4 ...JA J
4s W ater A Lt 1 9 3 6 ..AAO
Duluth Ind School Dlst—
Custer Co 6 s ’ 23 o p ’ 1 8 ..JAJ
Daniels Co 6s 1933-1942____
834s 1936,1938,1940. AAO
Great Falls—
4 Ms Feb 1 ’ 40 op ’ 30. FAA
4s 1934 opt 1924____A AO
5M s Sewer ’ 38 to ’ 39. JAJ
Great Falls Sch Dist N o 1—
Hennepin County—
6s Bridge 1926-40___MAN
4s 1925 option 1915. MAS
Helena 5s 1931 opt 1916 JAJ
5 Ms Bridge 1926-40. MAN
Kallspell 5s 1933.......... .JA J
4M Sanltorlum’ 28-’ 42JAJ
Lincoln Co 5s ’ 32 op ’ 27. JAJ
4Ms H ospital’ 27-’ 41.MAN
5s Fund M ar ’ 31 op ’ 21JAJ
KoochichingCo5s’ 25-’ 33.J A J
5 Ms Ditch 1925-1933.JAJ
Missoula 4 Ms ’ 24 op ’ 14 JAJ
Phillips C o—
Minneapolis—
5s 1924-1928________ JAD 6 4.50
5s Ref D ec ’ 35 op ’ 3 3 .JAJ
5s 1929-1932________ JAD b 4.50
NE B R ASKA .
5s 1935, ’ 36, ’ 40, ’ 43, ’ 45,
’ 4 6 ’ 47,’ 48,’49,’S 0-.JA D 6 4.50
Douglas Co— 4s ’ 24-’ 28 AAO
5sStImpMay2’ 36-41MAN2 b 4.50
8s Highway 1942___ AAO
4J*s 1925 ___________ JA D b 4.60
5s Highway 1943___ AAO
Grand Isl 4 Ms ’ 25 op ’ 10 JA J
4M s 1 9 2 6 -1 9 3 5 .............
b 4.40
4 Ms Mar 1925-1937-MAS b 4.40
Lincoln— 4 M s’ 25to ’ 29 FAA
4 Ms School 1 9 4 1 _________ b 4.35
Lincoln S D —
4 ^ 3 1929-1953_____ MAN
4s School Jan 1927_ JAJ b 4.50
_
4s M ay 1 1927______ MAN b 4.50
Omaha 5Ms 1941_____ MAN
4s School Jan 1 1 9 3 5 ..JAJ b 4.35
5s 1930, ’ 33, ’ 40, ’ 43, ’ 5 0 ..
4s Improvement 1942 JAD b 4.35
4Ms Renewal 1924_ JAJ
_
4s 1944______________A A G 6 4.35
4 Ms Refunding 1934.JAJ
3 Ms School Jan 1 ’ 2 9 .JAJ b 4.50
4 Ms W W Dec 15 ’ 4 1 .JAJ
3Ms Water Wks 1932.JAJ b 4.50
Omaha S D 4Ms 1928..JA J
Ramsey Co—
4 Ms July 1931_______ JAJ
4M sR dA B dge’38-’44MAN b 4.50 to 4.4 0%
5s 1948.............
JAD
4 M sR d A B d ge’33-’ 37MAN b 4.55 to 4 .4 5 %
8 Ms M ay 2 1931...M A N
4 M sR d A B d g e’ z5-’43JA D b 4.55 to 4.45 %
So Omaha 4 Ms ’ 24op’ 09 JAD
4.50 So Omaha S D —
St Louis Co 5s 1924-29._JAJ
4.70
53 Dec 1929________ JAD
53 R oad 1931________ JAJ
St Paul—
NEVADA
6s School July 1 1951.JAJ b 4.50 to 4.30
5s Refg July 2 ’ 24-’ 31.JAJ b 4.45 to 4.25
WashoeCoSD 5s’ 25to’ 29 MAS
4Ms W W 1924-42..A AO b 4.40 to 4.20
NEW HAM PSHIRE
6s School July 1 1951.JAJ b 4.40 to 4.25
M EXICO
3 Ms Hospital 1924-25 ..J A J
4M s July 1938_______ JAJ b 4.40 to 4.20
8ae Foreign G o v ’ts page 49.
Berlin— 4s R ef 1925 35 M AN
4 Ms Park June 1 ’ 43. JA D b 4.40 to 4.2Concord—
4 Ms Sewer July 1 ’4 3 .JAJ b 4.40 to 4.S
M ICH IGAN (See foot not e o)
3M s 1925 to 1929____ JAJ
4 Ms Water Aug 1 ’ 43.FA A b 4.40 to 4.S
4.45
5Ms July 15 1941____JAJ15
Dover 3 Ms ’ 28-’ 31____JAD
4 Ms Ref July 2^24-’ 31J A J b 4.40 to 4.5
4.40
Manchester—
834s Oct 15 1941____ A A 0 1 5
4M s N ov 1 1 9 3 1 ............... b 4.40 to 4.5
4.40,
834s Highway 1941____JA D
4s 1925-’ 40 (tax-ex).F A A
4s Ref Mar 1 1 9 3 9 ...MAS b 4.35 to 4.20 ‘
4.35
8s Highway 1940______ JAD
4s 1925-1942(tax-ex).JAJ
4s Sew’ age July 1 ’ 39.JA J b 4.35 to 4.20 1
4s Sewer 1925-’ 43 (tax4s March 1 1940____MAS b 4.35 to 4.20 1
4Ms Highway 1943____FAA b 4.35 4.25% 4.30
4.251S’ th St Paul 8 Ms ref ’ 33. J AJ
4}£sHignway Im p 1937 AAO
exempt) __________ MAN
4.25
4s Highway Imp 1942. .A A O
Pembroke 4s ’ 25-’ 34___FAA
Portsmouth—
Ann Arbor School District—
M ISSISSIPPI
4.50
4s Sept 1935........... ..A A O
4s Ref Water 1 9 3 2 ...JAJ
4.40 Stratford 3s M ay 1933-1934.
Battle Creek—
5Ms Im pt 1 9 2 5 -1 9 3 0 ...MAS
4.60
48 City Hall 1927-36. FAA 6 4.50 to 4.40 % \5 Ms Im pt 1931-1946...M AS
4.60
4.45 5Ms April 1929-1934...A A O
Bay C ity 4s 1934_______ JAJ
NEW JE R SE Y
4.40 4 Ms R oad A bdge 1933 .JA J
8 Ms W W 1924-1951 M A S b 4.90 to 4.75 %
4Ms 1924-1934............... .JA J
4.40 4 Ms Road A bdge 1938.JAJ
Bay C ity Union S D —
4Ms July 1 1924-1935._JAJ
4.50 Asbury Park—
06s 1 9 26,1 931 ,193 6..JA J 6 4.75 to 4.60 %
4 Ms July 1 1936_______ JAJ
4.40
Bessemer 834s 1924-49.FA A b 5.00 t o 4 3 4 %
4Ms School Jan 1943. JAJ
3 Ms Refund Jan 1 1927.JAJ
4.50 Atlantic C ity— 5s 1928. JA D
4 50 3 Ms State 1934 op ’ 1 4 ..JAJ
Calhoun Co 434s ’ 25-’ 26AAO
Detroit—
6s 1927_____________ AAO
5 I
Biloxi 5Ms 1925-1948.. A AO
'4.70
4.50 Greenville 5s 1927_____ M AS
• 6sP ubS erv 1925-29.JAJ
4Ms 1924-1937.......... JAJ
4.90
4.50 Jackson 5 Ms July 1 ’3 3 .JAJ
• 6s Pub Serv 1930-81. JAJ
4 Ms 1938 1958______ JAJ
4.75;
4.50
• 334s N o v i 1 9 4 5 ...M A N
5s Water Aug 1 1928. FA A
4 Ms g Water 1 9 2 6 ...JAJ
' 4.85
4.50
• 834s Pub U til’ 25-’ 29 JAJ
5s Water 1930_______FAA
4 Ms Paving 1938____JAJ
'4.90
4.50
• 834s Pub Util ’ 30-’ 51 JAJ
4M s Jan 1 1945.......... JAJ
5s June 1 1932______ JA D
5
4.50 Jones Co 5s 1925-’ 42__MAN
0 8J4s Pub U til’ 26-’ 48AAO
4s Water 1930_______ JAJ
4.40 Meridian—
Bs Pub Im pt 1925-29..JA J
Atlantic Co— 6s R ’d ’ 26 JAD
4.85 Atlantic Highlands—
4.50
5a Pub Im pt 1930-51.. JAJ
5s Dec 1 1939_______ JAD
'4.80
4.40
• 8s Jan 15 1936-42.JAJ 15
4s g Sewer July 1 1928 JAJ
4Ms Sch House 1941.JAJ
4.35 Mississippi Levee Dist—
• 434s Pub Lib 1948 JAJ15
Aubud S D 6s ’ 24-’ 40 ._A A O
4.35
• 434a ’ 32, ’ 35-’ 42_JAJ 15
Bayonne— 5s Fund 1928 JAJ
5s M ay 2 1944............MAN
4.25
43is 1942-1932______ JAD
5s July 1 1953..............JAJ
5s Jan 1 1 9 2 5 -1 9 4 9 ...JAJ
4.50
• 4s Aug 15 ’ 24-’ 28.FAA15
4M s Funding 1931___JA D
4 Ms Sept 1934_____ M A S
4.25 Vicksburg—
0 48 School 1946____ MAN
4 Ms Jan 1 1933______ JAJ
4.85
4.50
334s Park 1930______ MAS
5s St Impt 1924-’ 32 ._F A A
4s Floating Debt 1928 JAJ
4.85 Belleville 5s ’ 24-’ 34-’ 44 M AN
4.60
oEscanaba 434s 1924-30.JAJ
4Ms Sewer D ec 1 ’ 28-D ec
4.60 Yazoo-M iss Delta Levee Dist
oFllnt 434s 1924-39____FAA
4 Ms Funding 1945___
.5.25 Belleville S D 5s ’ 27-44 M AN
434s 1938-1953______ JAD
4.50,
6s 1947 option 1917.-JAJ
.5.10 Bergen Co 5M s ’ 31-’ 34.JA D
4.50
4J4s 1925-1937______ JAD
5s 1924-1954_______ MAN
. 5.10
4 .50: 4M s July 1949..............JAJ
08s (M ar 15 A Apr 1V31-50
S M sD ec 1 1935-’ 42.JA D
5.10
Flint Union School Dist—
5s Dec 1944__________JAD
4s 1952 option 1 9 2 2 ... JAJ
5s 1926-1954............... MASb 4.60 to 4.50 %
5s Dec 15 1924-1955JAD15
4.60
oQeneseeCo 6s 1925-31 MANl______
M ISSOURI
4 Ms 1925-1939______ AAO
.. 4.20
Grand Rapids—
5s M arch 1930-1936
4 Ms Aug 1924-1938.
5s 1925-1934........... ..A A O 6 4.30 to 4.25 %
4s Court Hse ’ 25-’ 38.A A O
3 Ms Cap Bldg 1925op ..J A J
4.40 Kansas C ity—
434s Flood Protec ’ 33 .M AS______
Camden—
4.50
4s Water N ov 15 ’ 2 9 -M A N ...........
5s W W 1939...............JAJ 104 M
5 Ms Aug 1 ’ 24-’ 6 1 ...
4.50
99
Highland Park 8s 1928.-J A J ______
4 Ms School 1943____AAO
4M s Sept 1 1930____M A S
4.50
99
o434s Sept 13 1934..M A S ______
4 Ms M ar 1 1933____MAS
4 Ms Water ’ 25 to ’ 60 MAN
4.35
4s Paving 1929......... MAN
Jackson 434 1930-47 AAO 1 6 ...........
4Ms W W 1942..........JAJ b 4.30 4 .2 0 %
Kalamazoo— o 434s Sewer A
4s July 1 1924............JA J
Camden Co 4 Ms 1933-FA A
4.50
Im pt 1924-1925..........J A J .............
4s July 1 1924.............JAJ
4s 1944_______________JAJ
Cape M ay— 5s 1934_ JAD
_
96
Kalamazoo S D N o 1—
4s Sept 1 1930_____ M A S
0 5s School ’ 24-’30_MAS15 b 4.60 to 4.50 %
4 Ms School 1925-51. MAS
Kansas C ity School Dist—
105
4 Ms 1925-1952______ MAS
Lansing—
5s July 1941_________JAJ
4.50
99
oSsImp Ju lyl5’ 24-32J A J 15
East Orange 4M s’ 25-43 FAA
4 Ms July 1 1933_____ JAJ
4.50
99
o5s Sewer 1925-’ 2 6 ..J A D
5s Sewer 1925-1960.-JAJ
4 Ms July 1 1937......... JAJ
4.50
4s 1 9 34.................... ..A A O
o5s Jan 3 1925-1932..JAJ3
4s July 1 1927..............JAJ
97M
4.40
4s Water 1933______ JAD
o4Ms Jan 3 1930-36.. JAJ3
4s Bldg 1932................JAJ
95M
4.35
3 Ms Water 1933____ AAO
434s 1 9 3 7 -4 6 ............ JAD
3M s July 1925_______ JAJ 97.80
4.75 Little River Drainage Dist—
M arquette 334s 1926___JAJ
Elizabeth— 4 Ms 1 9 5 5 ...JA J
5.80
4.60,
Muskegon— 5s 1924-25.. JAJ
5 Ms Dec 1 1924-’ 46__JAD
5Ms Oct 1924-1933._AAO
6s June 1 1927______ JAD
434s W -W 19 25-4 4...JA J b 4.60 to 434 %
St Joseph—
4.50
Englewood— 4s Sep ’ 35 M AS
4s 1924..............
MAS
4s M ay 1 1934______ MAN
4.45
Essex Co 4 Ms Road ’ 53 FAA
Muskegon S D — 5s 1942.July
4s 1926...........
MAN
4.60 St Joseph School District—
4 Ms L ’d Purch ’ 25-’ 46 JAJ
Muskegon Co 434s 1932. JAJ
4.40
4.50
4 Ms Hospital ’ 24-’ 49.FAA
4M s 1925, 1930 A 1935
Pontiac— 434s ’ 31-’ 47._MAS
4Ms Road ’ 32-’36___FA A
834s Sewer 1924-1942____ 6 4.70 to 4 .6 0 ;%
St Louis—
I
4s 1926......................... FA A
6s W at Imp 1925-’ 28. JAD
______ 4,65
4M s Bdge-Compl ’ 35 AAO 6 4.35 to 4.20 %
______ 4.60,
6s W at Im p 1929-’ 35. JAD
4s Hospital 1946____FAA
4 Ms Pub Bldg A Imp
to 4.20 %
6s W at Imp 1936-’ 50. JAD
3.653 Park ’ 25 to ’ 35. FAA
______ 4.601
1928-1943 ............... JAJ
to 4 .1 0 %
Essex Fells (Boro) 5s July
Port Huron 4s 1932_____ JAJ
........... 14.50
4s Insane A sy’m ’ 28. AAO
to 4.10 %
28 1924-1960............. .
4s Public Im pt 1928..JA J
Basis. /Flat price, n Nominal. 0 Tax exempt; under a law approved May 13 1909. and which went Into effect Sept. 1
after that date by municipal corporations are tax-exempt and these, accordingly, sell on a better basis.




6 4.60 4 . 4 0 %
b 4.50 4 .3 5 %

5
b 5% to 4.90 %
4.80
5
5.50
6 5.25 to 5 %
4.80
4.85
5
4.90
4.90
5
5
...........

4.90

::::::

4.50
4.50
4.50

4 50
______
...........

4.65

'■ 9 7 "
97

94M

—

97
97
97
97 M
97

106M

...........
4.28
4.25
4.75
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50

101
5
b 4.65 to 4.50 %
4.50
4.50
4.50
4.50
4.50
4.60
4.60
4.60
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.35
4.25
4.85
4.85
4.85
4.35
4.35
4.35
4.35
4.35
4.30
4.40
4.40
4.75
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.75
1909, bonds Issued

[Vol. 118.

STATE AND MUNICIPAL BONDS

52
aid.

Bonds.
Garfield AU s 1020

M AS

4 U s I m p 1925-’ 42____ J&J 6 4.50
3U s 1031
- - -M & N
fts School 1925-1954. .J&J

4 U s M ay 1 1950____M&N
4p gold Ref 1935

F&A

5U s Sen 1942-1953..A&O
5 Us D ec 1 1931-1933 J&D
4 ^ 8 School 1924-58.J&D
4j|s W ater 1 9 6 1 ___A&O
48 Water 1932______ A&O

1025-1047

J&J

Tiyndhurst 5s 1924-1957.J&J
4s R oad 1933 ______ J&D
3 Us April 1941_____ A&O
6s R oad 1925-1931..J& D

4 ^ 8 1926-’ 54_____ M&S 15

4& e 1942 opt 1922

.J&J

b 4.40
5 U s Oct 15’ 24to’ 59A&O 15 b 4.50
58*1924-1958_________J&J b 4.50
b 4.40
b 4.40
b 4.40
b 4.35
a u s 1Q2Q
"
J&D b 4.50
a u s Track Elev ’ 5 4 .F&A b 4.40
b 4.75

ill.

4.70
4.70
4.50
4.40
to 4.45 %
4.50
4.50
4.50|
4.50
4.50
4.50
4.35
4.35
4.35
4.35
4.35
4.70
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.60
4.60
4.60
4.60
4.60
4.60
4.90
5
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.20
4.25
4.30
4.30
4.30
4.30,
4.30
4.30'
to 4.25 %
to 4.30 %
to 4.30 %
to 4.25) %
to 4.25 %
to 4.25 %
to 4.20 %
to 4.20:%
to 4.25 %
to 4.20 %
%
4.35
4.75
4.75
4.75
4.75
4.75
4.75
4.50
4.50
4.50
4.50
4.50
4.35
4.35
4.35
4.35
4.35
4.35

* 4*4s Aug 1 1924-57..F & A
* ft'a Sohnnl 1024-20
M&S
6s School 1930-58 ..M & S
Nn Plainfield 5s 1924-1954.
Nnt.ley 6s 1933
_____ J&D

4 U « 'ftfif 1944 _____ M&N
^ 1925 & 1926 . _M&N b 5%
ftUs" 1924-1926_____ M&N b 5%,
ft U s 1927-1934 ___M&N b 4.50
ftt|s 1935-1959 . ..M & N b 4.50
i i i p 1933 to 1944___M&N b 4.50
i l i a PetT i 1945
F&A b 4.50
4g N O Hall ’ 24 to *32.J&J 6 4.50

pinin'fiftiri— 48*25 to ’ 34. J&D
“ 4S Pchnnl 1959
-M &N
Ridgeff«id 6s .Tnly’ 24-’ 31J&J
Sea Isle C ity 5s 1943 ..F & A
4P lp a a ‘, '“

M&N

Ort 1024-51 ___A&O
4 U s W ater 1943 ___A&O
4p fllty Hall 1939____J&D
3 U p Sch N ov i 1929 M&N
~ 4 U s 1942 " _______ M&S
4a?tct 1 1942
A&O
ft Up .Tune 1 1926 ___J&D

To
Net.

To

Bid.

Bonds.

5s M ar 1 1925-1971 . M&S b 4.10 to 4%
5s Jan 1 1925-1971 ____J&J b 4.10 to 4 %
112 '■
110
112
4U sC anal 1964 _______ j & j 110
107
105
107
105
103
104 U
dUa Dnnnq 1Q9K-1Q97 AAr.O' h 4 ns to 3.85
4 Us Rnnns 1828-1942 A&O h 4.05 to 3.95
b 4.05 to 3 95
100
101 u
101 u
100
100U 102
i o o u 102
ioou 102
100 u 102
ioou 102
i o o u 102
i o o u 102
i o o u 102
100'u 102
i o o u 102
i o o u 102
IOOU 102
i o o u 102
94
98
94
98
94
98
Albany— 4 U s ’ 25-’ 2 8 .-J & D
4U s Water 1924-34.M&N
4U s Oct 1963 . . .A & O
4U s Water 1932____M&N
4U s 1925-1954 _____ J&D

Albany C o— 3 U s’ 24-25 F&A
3U s Aug 1 1925 . ..F & A
4 U s 1936-1937-1938. M&N
Amsterdam 58 Wat 1924-37.
Aubu’ n-4U s D ec6’ 24-31J&D
.

4s Sew Disp ’ 25-’ 36._F& A
4U s 1 9 2 4 -1 9 5 6 ........... ..
4U s Park 1924-’ 37__ J&J
3 U s Bridge 1935 . .F & A
4s Bridge 1926. ___J&J
3U s g 1925 to 1937...J & J
3U s g July 10 1925_ J&J
_
3U s gold 1936 ______ J&J
3a*Brldge 1 9 2 5 . . _ J&J
_
Buffalo— 7a 1925 ______ J&J
4U s June 15 1964. J&D 15
4U s 1925-1968 _____ J&D
4U s Feb 15 ’ 62op’ 32_F&A
48 June 15 1960 ____J&D
3U s Water 1924-35.M &S
Cohoes 6sRefW at'24’45_J&J
Corning 5 U s 1 9 2 5 -6 0 ..M&S
Cortland C o 4 U s ’ 24-’ 51J&J
Elmira— 4a 19 35.. ...M & S
4 U s Water 1924-’ 4 5 .A & 0
4 U sA p r 1 1933-1935. . . .
Erie C o4U s’ 24-36tax-ex J&J
Franklin Co 4 U s’31-’ 40 M&S

Glens Falls— 4 U s ref sewer
4.30 %
4.30
Aug 31 1 9 2 4 -1 9 2 8 ...F&A
4.30
4.30 %
4.30
4.65
5U s 1924-1929______ J&J
4.65
68 ”1925-1930_____________
4.65
6s 1931-1954___________ .
4.65 Herkimer— 4U s'24 -’ 27M&N
4.65
4 U » High Sch ’ 25-’ 32 A&O
4.65
4.65 Ithaca 4.30s *27 op var.J&J
4.65
5
4.45
5s 1930-1939______ .J&D
4.40
4.40
dTCIngs On 4s M ay 1 1925-44
4.25
4.25
4.25
4 U s Sch 1926-1944______
4.25 Madison C o 4U s’ 25-’ 29Feb1
4.25 Mamaroneck U n F S D N o l
5U s M ay 1 »25-’ 28 ..M & N
4.25
5 U s M ay 1 ’ 29-’ 52..M & N
4.25
4.25 Middieport 4.35s’ 24-’ 42.J&D

NEW MEXICO
4 U s ref 1953 op 1 9 3 3 ...J& J
4 U s D ec 16 ’ 62 op ’ 22 J&D

ftfTW W D ec 1Q62

b Basis,

J&D

M t Vernon 4 U s ’ 31-’43 . A&O
5U s 1925-1934______ A&O
5U s 1935-1941........... A&O
4U s Water 1942_____ J&J
4 Us 1924-1943___________
4 Us School 1962-73. M&N
4s Sewerage 1950-55. M&N
5s Jan 2 1925-1928..J&J 2
5s Jan 2 1938______ J&J 2
4.50
4.50
5s Aug 1 1928____________
4.50
5s 1931-1939_______ M&N
4.50
4 U s R e f 1924-1928..M & S
4.80
4t|p 1938-1943
.J& D
101.97 4.80
3 U s Court House’ 30.M & S
4.75
4.75
4.90

d N o v part o f N o v Y ork C ity .




/F la t price,

n Nom inal.

%
%
%

4
4
4.05
4.05
4.05
4
4
4
4
4
4.05
4.15
4.20
4.15
4
4.15
4
4.05
4.10
4.10
4
4
4.10
4.30
4
4.30
4
4.10
4
4
4
4
4.05
4
4
4
4
4.50
4.40
4.15
4.20
4.05
4.10
4.10
4
4.20
4.20
4.30
4
4.10
4.60
4.25
4.25
4.30
4.45
4.25
4.25
4.25
4.20
4.15
4.05
4.10
4.20
4.15
4.25
4.15
4.25
4.25
4.30
4.30
4.50
4.50
4.50
4.20
4.20

4.75

West New Y ork 5s ’ 3 6 .M&S
W M w ood 4 U s ’ 25-’ 57.F& A

Bonds

Bid.

Ask.

b
6
b
b
b
6
b

4 U 4 .1 5 %
______ 4.25
4 .1 5 %
4 .1 5 %
4 .1 0 %
4. 10%
4U %
4U %
4.Q5
4.05
4.15
4.05
4 05
4.05

4.20
4.2 0
4.20
4.20
4.30
4.30

Net.
4.20
4.20
4.15

5s 1926-1929............. M&N 54 U % 4 .3 0 %
5s 1 9 3 0 -1 9 5 0 ..____M&N b 4.30 4 .2 0 %
4U s Mun Im p’ 25-35. M&N
4.20
4s 1925-1930
..M & N
4.20
3U s 1925to 1933 ...J & D
4.20

NEW YORK

4% s 1925-1934.. . . .

To

Net.

5
Newburgh 4 U s ’25-’ 34.F& A
6
4 U s W at Im p 1924-41J&J
5.50
4s W at Im p 1942-63_J&J

5s 1931 op 1921
Socorro Co 5s’ 41 op ’ 2 1 .A & 0

4U s 1924 to 1952____J&J
to
to
to
tn
to

id .

4 Us
4U s
4U s
4 Us

June 1965 _____ J&D 105 U
June 1924-30 ..J & D b 4.20 to 4.10
1963____ _______M&S 105 U
(old) M ay 1957. M&N 105U
105U 105 U
105 U 106' "
b 4.20" to 4.10
4U s Corp stk 1971.J&D15 105U
4U s 1960 opt 1 9 3 0 ... M&S IOOU i o o u
4U s 1 9 6 0 .1 . . . _M&S i o o u i o o u
4 Us M ar 1 1962____M&S 10 1U 10 1U
4U s Mar 1 1964____M&S 101 u
4U s April 1 1966____A&O 10 1U
4 Us Apr 15 1972..A & 0 15 101 U 10 1U
98' "
4s Various 1936____M&N
97U
4s N ov 1955............. M&N
96' ”
96U
4s Various 1956____M&N
96 U
4s Various M ay ’ 57. M&N 96U
4s N ov 1958_______ M&N
96 U
4s M ay 1959____..M & N
96U
h 4.25 4 .io %
3 Us D ’k 1927 E x ...M & N 6 4.25 4.10%
3U sg_ Exempt 1941.M&N b 4.30 4.20%
3U s Exempt 1942 .M & N b 4.30 4.20%
3 U s R T 1948-1950 M&N b 4 30 4.20%
3U s g Exempt 1952.M&N 87U
88U
3 U s g Exempt 1953.M&N 88' ’
88 U
3U s g Exempt 1954.M&N
88
3 U s g W ater Ex ’ 5 4 .M&N
88
3 U s E xem pt 1955._M&N
86 U
86U
3 U s Stk April 1 ’ 54. . A&O 86U
86U
3 U s N ov 1 1929____M&N 6 4.25 4.10%
3s g D ock 1924 E x -.M & N b 4.25 4.10%
3s g R T 1950 E xem .M & N b 4.25 4.10%
NiagFalls— 5U s ’ 41-48 M&N
4.10% Sewer 1935-40.J&J
4 Us School 1925-26. F&A
4 Us W a tM a y l’ 41-48M&N
4 Us R epav’ 29-33reg M&N
4U s Sew ’ 39-’ 46reg.M & N
3U s 1942-1945_____ M&N
North Tonawanda—
4Ms 1925___________J&D
Oneida Co 3U s ’ 25-’ 28.F&A
Onondaga Co 3s’ 24-’ 29 J&J
5U s 1924-1930_____ M&N
4 Us 1924-1926______ J&J
4s M arch 1 1929____M&S
Ossining 4 U s 1924-42 M&S
Oswego— 4 U s 1925-29. M&N
5U s Sch 1925-1946. M&N
Penn Yan 4.35s ’ 24 to ’ 31 0 ct
Poughkeepsie—
3 U s 1924 to 1 9 3 0 ...M&S
4U s Water 1925-52..J& D
Putnam Co 4 U s ’ 24-’ 29.F&A
Queens County 4s 1927.J&D
Rochester— 5s 1925-26 F&A
5s 1927-1931 (c o u p ).. F&A
5s 1932-1951 (c o u p ).. F&A
4U s Jau 15 1933_____ J&J
4 U s Municipal 1945. M&S
4 U s Pub Imp ’ 25-’ 48.F&A
4U s School 1925-45..J&J
4U s 1925-1936...........J&J
4s 1925 to 1927______ J&J
4s Im p Sch &c ’ 25-’ 47 . J&J
3U s Imp July 1 1924.J&J
3 Us R e f 1933 opt ’ 13 J&J
Rockland Co— 4s’ 24-34.M&S
4 .2 0 %
Rome— 4U s Sept 15 ’ 31. J&J
5U s 1931-1941______ A&O b 4?30 4 U %
R ye 5s Mar 1 0 ’ 25-’ 38..M & S
SaranacLake4 U s’ 24-26 M&S
4.45s FireHouse’ 24-’ 39J&J
Saratoga Co 5s 1925-41_____ h 4 SO 4 .2 5 %
Saratoga Springs—
4 Us Park 1 9 2 5 -4 0 ...A& O
Scarsdale 4 U s 1825-45.J&D
Schenectady'53 1924-33.J&J
4U s 1925-1931______A&O
4U s 1 9 2 4 -1 9 3 4 .____ J&J
Schenec Co 4U s ’ 42-’ 58 J&J
Solvay 4 Us 1924-40 . F&A
Som ers(T)4 U s ’ 27-’ 53.M &N
Steuben Co 4U s ’ 28-’ 37 F&A
Suffolk Co 4 U s ’ 24-’ 32.J&J
4U s Oct 1924-1939._A&O
Syracuse 4U s 1924-35 V a r ..
5s M ay 15 1924-1938_____
5U s 1924-1960_____ M&S
4U s June 15’ 25-’34 J&D15 b 3.75 to 4%
4U s 1925-1944_____ M&N
4s June 15 ’25-’ 44 J&D 15 b 3.75 to 4%
4s Refunding 1929___J&D
3U s Water 1928_____ J&J
Tioga Co 5s 1 9 2 5 -3 0 ...M&S
Tonawanda 4 U s ’ 25-’ 42_ J&J
4 U s sewer 1924-1953.J&J
5s Water 1924-1950..J&J
5U s W ater 1924-50..J&J
S U s S t Im pt 19 31...J & J
T roy— 4 Us 1924-1925.. J&D
6s 1926-1940 reg____A&O
4 U s School 1924-31..F & A
4'Us Feb 15 1925-1957____
4s Water 1925____.J& D
4s Sept 1 1926 ___________
3U s W ater 1924-36..J&J
Utica— 4U s 1925-35.„M & N
4 U s Pub Im p’ 25-’ 42 A&O
3 U s N o v 11924 t o ’ 35 N ov
Warsaw Union Fr S D N o. 10
4U s 1924-1942_______ Oct
W atertown 4 U s 1942___J&J
4 U s 1924-53............ ..J & J
58 1924-1925_________ J&J
5a 1926-1945 _______ J&J
4s M ay 1 1938______ M&fc
3U s Sewer ’ 25 to '27 M&N

%

%

4.25
4.15
4.15
4.20
4.30
4.23
4.15
4.25
4.10
4
4.15
4
4.10
4.25
4.15
4.30
4.50
4.05
4.15
4.20
4.10
4
4.05
4.10
4
4
4
4
4
4
4
4
4
4.15
4.50
4.40
4.60
4.20
4.30
4.20
4.15
4.15
4.10
4.60
4.40
4.20
4.10
4.10
4
4.10
4.15
4
4
4
4.15
4.50
4.50
4.60
4.70
4.70
4
4.40
4.20
4.25
4
4
4U
4.10
4.10
4.10
4.50
4.20
4.20
4.10
4.25
4.15
4.15

To
Bonds.

B id .

Watervllet 6a 1924-30-

_

5s June 1
______
4 H 3 San Sew
Wi
______
______
______
4Ha M ar 1 ’ 27-’ 56
Sa April 1 1925-27-

______

NORTH CAROLINA
5s July 1961_____________
4H s School ’ 27-’ 46_____ J !
<

fa Fund

______
______
------

5a F un d ’ 24 to 1940-J&J

5a Aug 1 1942 W .

Mecklenburg Co—6a Ref N ov 1950____
Pitt Co 5a 1925-36____

Rutherford Co 5a ’ 24-’ 52 J&J
Salisbury 6a Imp ’ 24-’ 35-J&J
6s 1925-1941________MAN
Surrey Co 6a M ay 1933-1958
_
Wake Co 5s Fund '4 8 _ J&J
Weldon 6a Jan 1925-1942
Wilmington—
5s Ref & impt 1955— A&O —
4 Ha 1924-1962......... . ‘ ‘ "
4 Ha g W at & Sew ’ 4 8 ____
4 H 3 W at & Sew 1952. J&J
4s g Ref July 1 1929.-J&J
Winston-Salem— 5s '25 M&S
5s gen lmpt 1944_____ J&J
5s Sept 1924-1947_ M&S
_
4Ha July 1 1942_____ J&J
4 Ha July 1 1952_____ J&J
NORTH DAKOTA
5*$s 1945 & 1948 Ser C.J&J
5% s July 1928-33______ J&J
Grand Forks 5s.M ay ’ 25-’ 38 b
W ard Co 4 Ha July 1925.J&J

•4 H W WDec31’ 24-37J-D31

falm pFeb ’ 46, ’ 51 F&A
,s M ar 10 ’ 31.-M & S10
July 1 1965______ J&J
Js July 1943_____ J&J
ja Sewer 1955____ A&O
[s Sew Sep 3 '37 M&S3

B id .

4.35 Cincinnati {Concluded) —
4.60
«!
3.65a g Feb 1937____F
4.15
4.20
4.20
4.15
4.15
4.20
4.05
6s
4.05
4.05
4.05
4.25
4.20
4.10
4.60
4.10
4.10
4a Park 1929-1931.
4 .25;

4.15
4.15
4.25!
4.25,

4.60
4.50
4.50
4.50;
4.50
5.35
4.75
4.75
4.85
4.90
4.85
4.85
5 I
4.70
4.65
4.75
4.75
4.80
4.65
4.65,
4.65
4.70|
......... 4.75
4.80
4.80
4.80
4.85
4.75
4.70
5
5
4.75
4.80
4.90
4.90

•4Wa 1929 to 1935.
4a July 1 1932____
•6a 1924-1928____

.J&J

Cleveland Heights S D —
•6s 1926-1959........... A.
Columbus *6s ’ 49-'57— M
5a St Impt 1925-1932 M&S

4.80 to 4.70 %
4H
4.35
4
4
4.25
4
4 59
i V .40’ to 4*50 %
t 4.40 to 4.50 %
•5a Bridge 1924-27.
o 4.40 tb 4.50 %
•5s R ef 1925-1932..
4.45
•5a Ref 1932-1939.
4
4
4s
b 4.60 to 4.40
b 4.65 to 4.50
b 4.60 to 4 .40
•5s W W Imp 19 45.-F&A b 4 55 to 4.40
•4Ha W W Imp 1940 J&D b 4 55 to 4.40
•4 Ha Bdge 1933-39. ' * * b 4.55 to 4 40
6 4.70 to 4.50
D ayton SD 5H a’ 41-’ 8l
b 4.70 to 4.50
•5a M ar 16 f25-’ 46 M
East Liverpool— 4s 1940 J&J
Elyria 4a 1924 to '38
b

b

4.70 4 .6 0 %

b

5
Lakewood—
4.90
4 Ha 1924 & 19254.80
4 Ha 1926-19J
4.80
4.60
4.60
4.70
4.90
5 Ha Sewer 1924-1947____
5.10
* 4 H a O c t’ 24-Oct’ 30. ' * “
5.10
3H 3
OP* ’ 25..
5.10 Lorain 5a 1924 to 1932._J&J
4.75
•5a W W Ref ’ 24-’ 27.
5.50
........... 4.70
4.70
4.70
4.70
4.70
4.50
4.70
4.70
4.65
4.65
4.80

b 4.90
b 4.80
6 4.25
b 4.80
b 5%
b 4.70

A sk.

To
Net.

4.35
4.35
4.35
4.40
4
4.25
4.35
........... 4.50
4.35
4.35
4.35
4 35
4.40
4.35
4
4
4
4
........... 4.50
4.45
........... 4
4.50
4.45

_

4.70 4 .6 0 %

b

b

Madlaonvllle (In Cincinnati)
5s 1932 opt 1922___
Marietta— * 4 Ha ’ 25-’ 33J&D
3 Ha 1931 opt 1911—F&*
M artin’ s Fy 5a ’ 26-’ 44.M&S
Miami Conservancy Dlst—

b
b

4.10
4.60
b
4.75 Steubenville *5a’ 25-’ 35 M&S b
4H
4.75
b
4 H 3 1925-1937_____
4.50 Toledo *5aWW ’ 37-’ 44 F&A
4.50
b
4.40
•6a Gen Fund 1 9 2 9 ..F&A
4.40
•6a Pub Wharf 1960.M &S
4.40
4
*43 5a Sept 1 1 9 2 8 ...M & S
4
•4 3 Ja Wat 1932-34...J & J
4.80
4.70
4a 1926_____________ A&O
4.80
4a Park July 1 1 9 4 2 ..J&J
4.80
3 Ha Refund’g 1930. M&N
4.80 Toledo Sch Dlst
4.50
4a 1924 & 1925_____
to 4.50 %
4a 1926-1929.............
to 4.60 %
6a 1924 ____________ M&N
to 4%
6a 1925-1930________M&N
4.25
6s 1931-1960.............. M&N b
to 4.60
Warren Co 5s 1929-34.M&S
to 4.70
Youngstown *53 ’ 24-’ 25 A&O
to 4.45 1

4.60
4.60
4.70
4.75
4.40

4.50

b 4.70
4.35
b 4.70
4.35
b 4.75
4.35 Youngstown School Dlst—
4.35
*4 Ha 1944-1947____ M&S
4.35
*5s 1924-1944............M&S b 5%
4.35 Zanesville— *5s C ity Hall
& Market 1924-39— _M<5
Zanesville School Diat—
5a 1924-1943................A&O

Ask.

To

Net.

O K LA H O M A
4 Hs Oct 15 1924-33.A&O 15
4a Funding 1924-27____F&A
Canadian Co 4a ’ 25-’ 31-F&A
Guthrie 6s W W ’ 43___A&O
Muskogee— 4H s 1925-M&N
5a N ov 1 1924........... M&N
5a Sewer 1936________M&S
Okla C ity— 5a ’ 37 op ’ 22 F&A
5a W ater 1936______ M&S
4 Ha Sewer 1936_____ F&A
4Ha W W 1941______ J&J
Okla C ity S D 4s 19 33.-J&J
5a 1926, 1930, 1931--Var
Okla Co— 4H s ’ 23 *33-J&D
Okmulgee 5s M ar 15 1943—
Payne Co 4 Ha ’ 24 to ’ 29 A&O
Tulsa 5 Ha 1927-32____F&A
5Ha July 1946______ F&A
5s 1933-1947................ F&A
O R EGON
6s Highway 1925______ A&O
5 Ha Highway 1925____A&O
4H a H w a y ’ 25-Apr’ 44-A & 0
4Ha 1925-1944 (s -a )...A & 0
_
4a Highway 1924-42_ A&O
4s Hlghwav 1925-41_ A&O
_
4a Aug 1 1928-1933____F&A
Albany 5a ref ’ 31 op '21.A&O
Astoria 53 1953________ J&D
5H s 1925-1949............J&J
Baker C ity 5a 1934____M&S
Clatsop Co 5a 1934____A&O
Colum Co 5a’ 25-’ 29-'34-A&O
Dalles C ity 5a ’ 24-’ 26 ..M & N
Eugene 5s 1942_______ M&S
Multonomah Co 4H a’ 32J&D
5a R oad 1925-1929.-M&N
Portland—
5 Ha Aug 1928........... F&A
5s gold Bridge 1925— A&O
5a Harb Dev 1924- 50M&N
4 Ha D ock 1943____M&N
4 Ha Oct 1924-47____A&O
4s Water 1937______ M&N
Ptof Astoria5aHar’ 24-’ 29J&J
Pt of Coos Bay Harbor 5s
Port of Portland—
4s D ry D ock 1934------ J&J
Salem— 5s Sewer’ 25-’ 33M&N

PEN NSYLVAN IA
4M 5a July 1 1951 Series C ..J & J
4.5U 4 H 3 July 1924, 1 9 2 9 ,-----4.50
1939, 1944, 1 9 4 9 ...
4.50
4.40
4.40
4
4.75

4.25
4
4.75
4.75
4.65
4.25
to 4.80 %
5%
4 80
4
4
4.70 Cheater— 3 H 9 1929..
4.70
4
4.80 to 4.70 %

4.80
4.80

Bid.

Bonds.

4.10
4.70
4.25
4.80 E rie!

b

•5a 1924 & 1928_____ V ar.
•5s Water 1924-1953.AAO
•5 Ha W W 1924___

•4.40s 1956.
Cincinnati—

Bonds.

A sk.

5 H 3 (after 10 yra)__
M iddletown 4a’ 30op’ 20
M ontgomery County—
•5s FI E m erg’ 25-’ 42 J&D
4.90 Newark * 4 H 3 1925-’ 41_ A&O
4.90 Norwood— 4Ha 1925..J& D
4.80 to 4.70 %
4s 1930
_‘ ‘ ~
5 H Portsmouth— 4s ’ 24-’ 24

OHIO {See foot-note *)

Canton-

53

STATE AND MUNICIPAL BONDS

J une, 1924.]

b
b
b
b
b

4.50
4.50
4.50
4.50
4.55

b

4.70 to 4.55

b

4.65 to 4.50

to
to
to
to
to

4.40
4.40
4.35
4.35
4.35

114

4.50 to 4H %
4.25 to 4.15 %
4.25 to 4.15
4.25 to 4.15 %
6 4.25 to 4.15
b 4.25 to 4.15
b 4.25 to 4.15 1
b 4.25 to 4.15 %
98H 99 H
98H 99H
98H 99 H
98H 99H - b 4.60 to 4.40 %
b 4.25 to 4.15 %
b 4.25 to 4.15 %
b 4.25 to 4.15 %
b 4.25 to 4.15
b 4.25 to 4.15
it
b 4.25 to 4.15 %
b 4.25 to 4.15 %
b 4.25 to 4.15 %
6 4.25 to 4.15 %
b 4.25 to 4.15
b 4.25 to 4.15
6 4.25 to 4.15 t
b 4.25 to 4.15 %
b 4.25 to 4.15 %
b 4.25 to 4.15
b 4.25 to 4.15 %
6 4.25 to 4.15 %
b 4.25 to 4.15
b 4.25 to 4.15
b 4.25 to 4.15
b 4.25 to 4.15 \
b 4.25 to 4.15 %
b 4.25 to 4.15 %
b 4.25 to 4.15 %
b 4.25 to 4.15 %
b 4.25 to 4.15 %
b 4.25 to 4.15
b 4.25 to 4.15
b 4.50 to 4.30
b 4.20 to 4H %
99Vs 100H
111
104H
104H
99H l o o n
99Vs 100H
99Vs iooh
99H iooh
99H iooH —
b
b
b
b

5
4 Ha Jan 1 1936-1946.
4.80!
4.50
4
Harriaburg—
4a Aug 31 19 26-3 2...
to 4.70
4a P ud Im p ’ 25 to ’ 3fi
to 4.70 1
4s M ay 15 1925-1953-----4.25 Johnstown 4 H 3 1924..
~
4
4 Ha 1925 & 1930— .
4.25
4.70
to 4.50| %
4
to 4.50
to 4.60
1
4.70
to 4.65 %
Mercer Co 5 H 3 ’ 1
______ |4.40 Norristown S D 4
to 4.50 % |
4.35
4 35
4.35
4 35
4.35
4
4
4s N ov 1 1966_______ J&J
4
4
3 H 3 July 1 9 3 2 ........... J&J
a July 1 1934_____ J&J
4.10 Phi1 S D 4 Ha ’ 24-’ 43—J&J 100
ft
4
4a 1924-1942_________ J&J
99H 99H
4.25 Pittsburgh— 4 H 3’ 24-’ 50 J &D 6 4.25 to 4.15 %
4.40
4a M av ’ 25 op ’ 10-’ 22M&N b 4.25 to 4.15 %
to 4.40 %
4s 1925 to 1927_____ M&N b 4.25 to 4.15 %
4
4a 1925 to 1939______ J&J b 4.25 to 4.15 %
4.70
4 H 3 ’ 25-’ 38taxable-M &N b 4.25 to 4.15
4.70
3 Ha Apr ’ 25 to ’ 3 0 . . A&O b 4.25 to 4.15 %
to 4.60 %
Pittab S D 4 Ha ’ 24-’ 27._J&J b 4.25 to 4.15 %
to 4.60 %
Reading—As ’ 25 to ’ 28. A&O b 4.25 to 4.15
to 4.50 %
4s 1924-1928............ M &S b 4.25 to 4.15 1
b 4.25 to 4.15
4a 1926 & 1931
4.50 Scranton 4 H 3 ’ 24-’ 41—F&A 6 4.25 to 4.15
to 4.60 %
5s 1924-1950...............F & A b 4.25 to 4.15 1
4s 1925-1937............... M&S b 4.25 to 4.15 %
4.75
4s 1925-’ 30-’ 35_____ A&O b 4.25 to 4.15 %
4.55

•Subject to taxation. By an amendment to the constitution of Ohio adopted Sept. 3 1912 bonds issued after Jan. 1 1913 by municipalities I d
that State are subject to taxation. Bonds Issue prior to Jan. 1 1913 are exempt from taxation.
b Basis. /F lat price, n Nominal.




54

{Vol. 118.

STATE AND MUNICIPAL BONDS
B on d s.

Bid.

florant SD 48 ’ 25-’ 28-’ 33AAO
8M s 1924-1932.......... FAA
Unlontown 4s’ 28 tax-exM AN
Wash’n C o 4 Ms ’ 25-’ 34 MAS
48 1925-1933............ MAN
Wilkes-Barre3 M8’ 25-’ 29 FA A
4s 1925 to 1935______ JAJ
4Ms Im p Ser I ’ 24-’ 38AAO
4Ms 1931-1940______ JAJ
4Ms Im p 1940-1945..JAJ
Wmsport 3M s ’ 29op’ 09 M A S
York 4M s 1924-1943_ FA A
_
York Co 3 M s ’ 24-’ 32__M AN

b 4.25
b 4.25
6 4.20
b 4.20
b 4.20
6 4.25
6 4.25
b 4.25
b 4.25
6 4.25
6 4.25
o 4.25
b 4.25

RHODE ISLAN D .
99
4s Charit Inst 1965____ M A S
94 *
8H s gold S H 1934_____ JAJ
94
Bristol— 3M sg 1 9 3 0 ...M A S
Cent Falls 4s ’ 24-’ 3 0 ._ .F A A
97M
N P rov’ce 4s J ’ne 15 ’ 47 J AD
91M
Johnston 4 Ms 1925,
99
1030, 1935,1940____MAN
97 M
Lincoln— 4s 1928______ AAO
100
Newport— 4 Ms ’ 25-’ 39.M AS
111
5Ms June 1 1925-1958..
4s gold 1927_________ FAA
98M
4s M ay 15 1948_____ MAN
94M
85
8Ms g High Sch 1954 J AD
Pawtucket— 4 Ms 1950. _J A J 100
100
4 V^s Sewer 1 9 5 2 __ JAD
4Ms School 1954 ..M A N
94 M
4s Water 1 9 3 7 . . . . . .M A N
Providence 4s 1 9 2 7 .. AAO
98M
96
4s Jan 1 1945_________JAJ
95 H
4s July 1956__________JAJ
95
4s M ay 1962________MAN
95
4s Water 1962_______ JAD
8Ms Sch A Br 1929..M A N
95 M
8s Sew A Im p 1 9 2 9 ..MAN
93 M
98
Westerly— 4s 1927____M A S
95
3Ms W ater Feb 1929. FAA
99
Woonsocket 4 Ms Fd ’ 41 JAD
9s Fund 1925 19 3 5 .. MAN 106M
118
6s Fund 1936-1961..M A N
4Ms Funding 1 9 4 4 ..MAN
98
4Ms June 1925-1957.JAD
8s Funded 1925-1959 AAO 104M
93
4s Funding 1947____AAO
93
8Ms W at M ay 1 ’ 3 1 .MAN
SOU TH C A R O L IN A .
4Ms Blue 1 9 28...............JAJ
4a Refund 1952 op 1932. JAJ
Charleston— 4 Ms 1928.AAO
4Ms Jan 1962.......... .JA J
4s Sewer 1929_______ AAO
4s Refg ’ 38 (tax-exm) .JA J
Charleston Co 6s 1 9 3 7 ..JAJ
Oheraw 5s ’ 52 op ’ 3 2 . . July 1
Clarendon C o—
6s M ay 15 ’ 36-’ 40MAN15
Columbia 5s R ef 1 9 4 1 ..MAS
4Ms W ater 1945_____ JAJ
Oreenville— 5s St 1942..JA J
5s W ater 1958 op t’ 38FAA
tlreenvffleCo 4M s’ 40-’ 55JAJ
Lancaster S. D .— 5s ’ 41 JAJ
1946--------------- JAJ
Elchland Co 5s 19 3 3 .. _JAJ
Rock Hill 5s 1951 op ’ 31. JAJ
Spartanburg 4 Ms ’ 3 5 . . A AO
5s Sept 1 19 39..
5s N ov 1 1 9 4 3 ................ ..
Spartanburg County—
4M s 1925-1927_____ MAN
Bumter Co—
5s Road A Bdge ’ 28-52 JAJ
SOU TH D A K O T A .
6s Rural Credit ’33-’ 40.A A O
6s Sept 1941-----------------M A S
Ss M ar 15 1931-’ 35._MAS15
5s June 1 1925-’ 39......... JAD
5s Highway ’ 24-’ 28___ AAO
5s Jan 15 1934-1940. JAJ15
5M s Jan 15 1943____JAJ 15
49*8 Rural Credit 1939.JAJ
Aberdeen 4 Ms Sewer’ 32 JAJ
Sioux Falls 5s 1 9 3 1 ... JAD
Sioux Falls S D 5s 1935. AAO —
BMs D ec 1 1940_____ JAD
w
TENNESSEE.
4Ms July 1 1924-67____JAJ b 4.50
4M s R ef 1924-1955......... JAJ b 4.50
4Ms 1938-1955................JAJ b 4.50
4s R ef 1924-1955______ JAJ 6 4.50
4s 1932-1953....................JAJ b 4.50
Blount Co 5s 1926,
1931, 1936, 1941, '51.J A J
Chattanooga 4M s 1937.JAJ
5 * s ref A pr 15 ’ 51 A A O l5
5s Audit 1927-’ 32___MAN
4* s M ay 1952_____ MAN
4Ms Park 1942_____ MAN
4M S D ec 30 1941..JA D 30
Oocke C o R d A Brge—
1 9 2 4 ,’ 2 9 ,’ 3 4 ,’ 3 9 ...M A N
Cumberland Co 5s 1956. JAJ
Davidson C o 4 Ms ’ 37op FAA
Grainger Co 5s 1 9 4 0 ...F A A
Hamilton Co 5s 1 9 3 5 ... AAO
58 April 1945________AAO
4Ms C H A J a l l ’ 4 2 .. AAO
4M s Bdge A Sch 1947 AAO
Knox Co 5s 1930-1945______
Knoxville 5s 1940......... MAN
6s W at R ef 1 9 2 5 -4 6 ..MAS
5Ms Fund 1950_____ M A S
4Ms Funded A c 1937 JAD
4Ms Water-wks 1949.JAJ
4s June 1 19 29.......... JA D
Memphis 5s July 1 9 5 4 ..JAJ
Bs 1924-1927..............FAA b 4.70
5s River Term ’ 25 ’ 48 A AO b 4.70
5s Audit M kt ’ 25-’ 4 9 .JAJ b 4.70
4 Ms Refunding 1926.JAJ
4Ms Refunding 1939.JAJ
4Ms St Im pt A c ’ 4 6 .FAA
4 Ms Park 1947........... JAJ
4Ms Street 1947.........MAS
4Ms 1 9 5 0 ................... JAJ
4M s Park 1959........... AAO
4s W ater 1933______ MAN
(Basis.

/F lat jric*.




To
Ask. Net.
to
to
to
to
to
to
to
to
to
to
to
to
to

4.15
4.15
4.15
4.15
4.15
4.15
4.15
4.15
4.15
4.15
4.15
4.15
4.15

B on d s

Bid

Ask

Memphis S D 4M s ’ 5 9 ..J A J --------Nashville—
6s April 1925 1 9 4 2 ...A A O ...........
5s M arch 1925-1960. M AS--------5s M arch 1933______ M AS--------5s School 1924-1945._JAD - .........
4M s Street 1935_____ J A J --------4 Ms High Sch 1 9 4 0 ..J A J --------4s Water 1928_______ J A J --------Polk Co 5s ’ 27-’ 46_____ J A D ______
Putnam Co 4M s 1941. Ju ly 1 --------RobertsonCo4s’ 41op’ 31_JA J--------Shelby Co— 4M s Sch’ 4 1 .J A J --------4 * s M unlc 1933-*57.JAD--------4s Court House 1 9 55.J A J--------5s School 1929, 1939, 1949--------TEXAS.

101
113
99
95M
80M
4.20

------

4.35
4.35
4.75
4.65
4.75
4.65
5
5.10
4.90
4.80
4.75
4.80
4.80
4.80
5.15
5.50
4.90
5.10
4.80
4.85
4.80
4.80
5.10
4.80
4.80
4.75
4.75
4.70
4.75
4.75
4.80
4M
4.90
4 .9 0

—

4.90
to
to
to
to
to

4.35
4.35
4.35
4.35
4.35

1
1

Austin 5s 1924-1942____JAJ b 4.70
5sSchBgAHos’ 52op’ 32 JA J--------4 * % Ref 1924-1946..J A J --------Beaumont 5s ’ 52 op ’ 32. A A O --------5s W ater Works 1954. M AS--------48 1942 opt 1922_____ J A D --------Cleburne5sW W ’ 52op’ 3 2 .J A J --------Dallas— 5s 1931_______ J A D ............
5s g Aug 1928_______ F A A ---------5s 1925-1960_______ M A N ---------4 Ms Sch 1925-1952.. M A N --------4MS 1924,1928,1938,1939,
1942 ’ 43, ’ 44, ’ 4 5 .. J A J --------4s School 19 24-1 951 ..JA J--------DallasCo4M sSepl0’ 51 A p rlO --------5s Vlad A Bridge Feb 10
1954 opt 1924____A p rlO ---------ElPaso 5sW W Purch’ 5 0 .A A O --------5s Fund 1951 op t’ 3 1 .M A S ...........
5s School 1955 op t’ 3 5 .J A J --------5s Im pt Aug 1 1 9 4 8 ..F A A --------Fort W orth—
5s Apr 1931 opt ’ 3 1 ..A A O --------5s 1929-1934________J A D ---------3s 1935-1959________ J A D .............
4M sStIm p’ 48opaft’ 28 .JA J--------4 Ms Sch’ 49 op aft’ 29. J A D ...........
4s Refunding 1941___J A J ---------Galveston—
5s Lim debt 1932-1936 J A J --------5s Grade Rais 1944..A A O --------5s School 1924-1954.M A S ...........
5s 1925-1956________A A O ............
4M sG rad A c’ 48 op’ 28 .JA J--------4M sG radA c’ 49op’ 2 9 .A A O --------Galveston County—
5s Bd Apr 10’ 51op’ 31 A A O --------Harris Co 4s ’ 47 op ’ 17 .A A O --------Houston—
5s Sew N ov 15 1 9 3 9 .M A N ...........
5s R efO ctl6’ 41 op’ 3 1 .A A O --------5s M un Im p ’ 26-’ 36_. FAA & 4.70
4 * s S e p t 1924-1952.M A N & 4-70
4 M sO ct2 6 ’ 3 8 o p ’-28.AAO& 4.70
Port Arthur 5s 1924-56.M A S--------San Antonio— 5s’ 24-’ 53MAS 6 4.85
5s Sept 1 9 2 4 - 1 9 5 3 .M A S b 4.85
5s Sept 1931-1959________b 4.85
5s St Im p DIst N o 2 1943--------San Antonio S D 5s ’ 56. FAA b 4.90
W aco— 5s N ov 1 1 9 3 4 .M A N --------5s Sewer 1937_______ J A J — -----5s Water-W orks 1942.J A J --------4s Jan 1 1931____________ _______
Wichita Falls 6s 1 9 3 0 .M A N ...........
3s Feb 10 I 9 6 0 . . . FAA 10 ...........

to 4.60
to 4.65
to 4.65
to 4.65
4 .7 0 %

U N I T E D S T A T E S — See page s 16 A
UTAH.

5M s April 1 1941_______ JA J.
5s Capitol Bldg 1934_ JA J.
_
4 Ms Capitol Bldg 1934.AAO4 Ms Road 1939________ JAJ •
4Ms July 1 1939_______ JA J,
4s Capitol Bldg 1934...J A J 1
B oxE lderC o4M sSch’ 32 F A A --------Ogden— 4 Ms 1929_____ J A J .............
4 Ms Refunding 1932.J A D --------4M3 Ref Wat 1933..M A N --------Salt Lake C ity—
5s Ref 1924-1928____M A S 6 4.60
5s Refunding 1941___ JAJ b 4.45
4 Ms M ay 1 1934____MAN b 4.45
4 Ms refunding 1934. MAN b 4.45
4s S A W ’ 25 opt ’ 15. AAO.b 4.75
Salt Lake City S D 4s’30.JAJ
4 Ms Feb 1 1932_____ FAA
4 Ms Aug 1 1933____ FA A
Salt L Co 4M s’ 26op’ 16.F A A

5
4.75
4.75
4.75
VERM ONT.
4.75
4.75 4 MS Oct 1 1924-1949..AAO
4.75 Middlebury 4s’ 41op’ 21.MAN

V IR G IN IA .
5
5
4.65 6s deferred ctfs 1871____JAJ
5
Brown Bros certificates___
4.70 3s “ Riddleberger” 1932 opt
1900_________________ JAJ
4.70
4.70 3s Funded debt 1 9 9 1 ___JAJ
4.70 Albemarle Co—
5s Jan 1 1948................ JAJ
4.70
4.70 Arlington Co—
5 Ms Sch Bldg ’ 33-’ 54. FAA
4.70
4.70 Bristol 5 Ms Sch ’34-’ 53_____
4.70, Charlottesville 5s 1962.M A S
4.70
5s Water Impt 1958..JA J
4.70' Danville— 4s Refg 1931.JAJ
4 Ms Ref Aug 1 9 4 2 ..FA A
4 Ys
5s Wat Imp 1925-28.JAD
4M %
Lee County 5s 1 9 2 5 -4 1 ..JAJ
to 4M
Lynchburg— 5s 1926opt.JAJ
to 4 M
4.70
4M s Ref June 1 1927. JA D
4.60
4M s Pub Im pt 1939._JAJ
4.60
4 Ms Pub Im pt 1 9 4 6 ..JAJ
4.60
4 Ms W ater 1951......... JAJ
4.60
4s Ref Oct 1934______ JAJ
4.60! Newport News 4M s’ 48. JA D
4.60| 4 Ms Feb 1953________FAA
4s Street N ov l 1941 M AN
4.60!

■ Nominal.

to 4.50

95

93M
74M

4 .4 0 %
4 .3 5 %
4 .3 5 %
4 .3 5 %
4 .2 5 %

To
Net.

Bid.

Bonds.

4.65 Norfolk—
6s Oct 1 1950........... .A A O
4.65
5 Ms School Oct 1 ’ 51 A A O
4.65
5s "Municipal 1949___F A A
4.65
5s Municipal 1969___FA A
4.65
4 Ms M unlc Im pt ’ 42 M A S
4.65
4 Ms Renew Apr 1 ’ 41 AAO
4.65
4 M sIm p July 19 40..J A J
4.65
4s Im pt M arch 1936. MAS
4.85 Petersburg 4 Ms 1 9 5 2 ..AA O
4.85 Portsmouth— 4 Ms 1940 FAA
4.85
5 Ms Aug 1 1951
_FAA
4.65
4 '£ s Im p Oct 1 1942_A(fcO
4.65
4.65
5s "Water 1948
.JA D
4.65
6s Ref 1928 ..................JAJ
Richmond—
6s July 1 1924-1929..JA J
6s July 1 1930. . . .JA J
%
4Ms Pub Imp 19 49..J A J
4.70
4Ms StAPkRdSep’ 29.JA J
4.70
4s 1924 to 1930
JAJ
5
4s 1938 to 1943
JAJ
5
4s 1924_______ . . . .JA J
5
4s 1941 . .
. JAJ - - — . .
5
4s Elec Light 1942_ JAJ
_
4.50
4s 1943
.
. JAJ _____
4.50 Roanoke 4 Ms R ef 1936.JAJ
4.50
4M sStreet Im pt M ay 1940
4.50
4 Ms Pub Bldg 1941. MAN
4 Ms Pub Bldg 1944. MAN
4.50
4 Ms Apr 1952 _ . _AAO
4.50
4.75 Stafford Co 5s 1942
JAJ
Tazewell Co 5s 1924-46.JAJ
5
W A SH IN G TO N .
5
6s Gen Fund 1926-1940.JAJ
5
Aberdeen 5Ms ’ 24-’ 3 1 ..J A D
5
Bellingham 5s 1926____AAO
5
Clarke Co 5s ’ 35 op ’ 25 Jan 1
Everett 5s July 15 1931.JAJ
4.80
4.80
5 Ms Water 1934-1938MAS
4.80 King Co— 5s 1928 . . .M AS
4.80
5s“ C ’ t House ’ 33 opt May
4.80
5s R oad 1935 . . . FAA
4.80
4MsHarb opt ’ 24-’ 30 Novi b 5%
Lewis Co 5s 1 9 2 5 -3 2 ...M AS b 5%
5
Pacific Co 4 Ms July 1 ’ 28-’ 36
5
Pierce Co 5s ref ’ 25op’ 15A A O
5
5s Sept 1 1928-37___S ep t b 5%
5
4s Ref 1926 opt 1916.M AS
5
Port of Seattle 5s’ 24-’ S5MAS
5
4Ms Jan 1925-1955...JA J
Seattle— 5s 1924-1930 JAJ
5.35
6s L A P S y s 1927-41. AAO
4.80
5Ms L A P 1929-43.MAN
4 Ms Sewer 1927 . . MAS
4.65
4 Ms Sewer 1931. . JAJ ______
4.65
4 Ms Light ext 1 9 3 2 ..JAJ
4s April 1 1929 . .A A O
Seattle S D N o l4 M s ’ 25MAN
%
4M s Mar ’ 25 to ’ 3 1 ..M AS b 4.85
%
4.90 Snohomish Co 5s ’ 31 op aft ’ 21
Spokane 5s Park 1 9 2 7 ..JAD
%
%
4M s Bdge Const 1931.JAJ
%
4 Ms Park 1962 . . .JA J
4M s Bridge 1924-36..JA J b 4.90
4.90
4s Water July 1 1925.JAJ
4.90 SpokaneSDNo81 4M s’ 29JAJ
4.85
4 Ms M ay 1 1931____MAN
4.90 Stevens Co— 4 M s ’ 29 opt ’ 19
5.15
5
4 Ms Lt A Pow 1929.-JA J
4Ms Refdg 1931____ AAO
48
3M s Jan 1 1939 . .. . J A J
W EST V IR G IN IA .
5s Highway 1927-1946..JA J
m
3 Ms Jan 1 1939 ..............JAJ
4.30 Charleston 4M s’ 41 op ’ 27JAJ
4.30 Charleston S D 5s ’ 24-’ 52JAJ
4.30 Clarksburg 5s ’ 24-’ 53__AAO
4.30 ClarksbgSD 5s’ 41 op ’ 21MAS
4.30 Hancock County— 5s Grant
4.85
R oad Dlst ’ 46 op ’ 32 . MAN
4.50 Huntington 5s 1944____O ct
4.50
5s Ind Sch D ’ 28-’ 34 JAJ
4.50 Martinsburg 5s ’ 43op’ 29 Dec 1
Mercer Co 5s’ 44op’ 24AAO 15
Parkersburg 4s Wat ’ 29 June
4Ms June 1 1933____ JA D

5s W W 19 32-1 952 ...JA J
4Ms Bdge ’ 24 op ’ 0 6 -J u ly
4.56
4s Ref 1924 to 1 9 36..J u ly
4.50
W ISC O N SIN .
4.50 Appleton 4 Ms 1925-32. FAA
4.50 F on d du Lac 4M s’ 25-’ 35 Mar
Green Bay 4Ms ’ 25-’ 33.JA J
6s W W 1924-1935.-M A N
6s W W 1936-1960..M A N
— Jefferson Co 5s ’ 28-’ 32. A AO
LaC rosse4M s’ 3 2 op ’ 22 .F A A
4s Water ’ 31 op ’ 2 1 ..J A D
Madison— 4s Oct 1931.AA O
Marshfield 4 Ms ’ 24-’ 32.JA J
Milwaukee 5s 1925-1939 JAJ
5s 1924-1939_________ JAJ
5s Jan 1925-1940_____ JAJ
94 M
75
5s July 1924-1940____ JAJ
4Ms 1925-1939______ JAJ
4.80
4 Ms Park 1925-1935..JAJ
4s Viaduct 1924 to ’ 26 JAJ
4.80 Milwaukee Co 4s’ 24-’ 25M AS
5.10 Oshkosh 4 Ms 1 9 2 5 -3 4 ..FAA
4.80 Racine 4M s Ref ’ 25-’ 30 .F A A
4.80
6s 1924-1941________ FAA
4.75 Racine Co—
4.70
6s 1930-1940________ JAJ
4.80 Wausau— 4M S’ 25-’ 33._ AAO
5.10 W oodC o— 5s’ 28 ,’ 29,’ 31 AAO
4.50
5s 1934........................ AAO
4.65
5s 1937 A 1938______ AAO
4.65
W Y O M IN G .
4.65 6s Pub Bldg 1924-28___July
4.65 Cheyenne 5s ’ 31 on ’ 11. FAA
4.70 Natrona Co S D N o 2—
4.85
5s 1 9 2 8 -1 9 4 4 ............ ........
4.85 Sheridan—
4.85
6s Fund M ch 15 1952 M AS

Ask.

4.85
4.75
4.70
4.70
4.60
4.60
4.60
4.60
4.65
4.90
5.10
4.90
4.90
4.90
5.10
4.70
4.70
4.45
______ 4.45
4.45
—
4.45
4
4.45
4.45
4.45
4.60
4.60
4.60
4.60
4.60
4.60
5
5

to 4.70
to 4.85
to 4.90

to 4.75

to 4.80

4.50
5
5.75
5
4.85
4.85
4.85
4.75
4.75
4.75
%
%
4.85
5
%
5
4.70
4.70
4.80
4.80
4.80
4.80
4.80
4.80
4.80
4.85
%
5.25
4.85
4.85
4.85
4.85
%
4.85
4.85
4.85
5
4.85
4.85
4.85
4.75
4.40
4.30
4.55
4.65
4.75
5
5
4 50
4.60
4.80
5
4.75
4.70
4.25
4.45
4
4.40

4.60 to
4. 70to
6 5 % 'to
h scv tn
b 4.60 to
b
b

b 4.70 to
b 4.75 to
6 4.50
b 4.50
& 4.50
b 4.50
b 4.50

Te
Net.

to
to
to
to
to

r 4
-.6o' to
6 4 60 to

4.50
4.50 %
4.60
4.80
i an 1
4.50 %
4.70
4.70
4.50
4.60
4.50 i
4.75
4.40
4.40
4.40
4.40
4.40
A 50
4.45 %
4.60
4.45 %
4.75

b 4.60 to 4.50

4
%55
4.55
4.50
4.55
5
5.25

1

5

55

BANKS AND TRUST COMPANIES.
Quotations In this department axe given per share, not per cent, except for stocks of Canadian Institutions, and are
ai near as possible for the dosing day of the month preceding date of issue, though often are nominal. An asterisk (*)
ienotes sales.
Figures of deposits, capital and profits for the national banks are from the Comptroller’s last call; for all other insti­
tutions they are the latest obtainable, direct returns being procured by us where no periodic statements are required. For
the Clearing House banks of New York, Philadelphia and Boston, deposits are taken from the latest weekly statement.
ALABAM A— National banka Mar. 31; State institutions Mar. 31.
Capital.

Surplus &
Cross
Profits.
Deposits.

B irm ingham —
Amer T r A Sav B k .
Birming’m T r A S .
First National Bank
Traders Nat Bank.

S
$
$
1 ,000,000
658,300 12,024,596
1 ,000,000
854,978 17,562,801
1,500,000 2,908,786 29,918,189
109,792 3,199,135
250,000

M obile—
First National Bank
Merchants’ B a n k ..
People’s Bank_____

300,000 1,298,871 13,120,342
200,000 e525,195 8,243,725
200,000 t 333,497 4,105,904

M ontgom ery—
Exchange Nat Bank
First National Bank
Fourth Nat B a n k ..
Alabama BkATr Co
Union Bk A T r C o .

300,000
1 ,000,000
500,000
300,000
100,000

72,478 1,640,157
500,835 5,704,104
270,164 5,429,210
e54,251 2,569,535
129,436 1,012,724

C A L IF O R N IA — (C o n clu d e d )

Par.

Bid.

Ask.

100
100
100
100

Per
170
235
345
200

share.
180
260
360
225

Per
100 465
100 410
100 120

share.
475
425
125

Per
110
152
144
105
215

share.
115
155
146
108
225

100
100
100
100
100

A R IZO N A — National banks Mar. 31; State institutions Mar. 31.
P hoen ix—
Citizens State Bank
Commercial Nat Bk
Phoenix S Bk A T r .

100,000
150,000
200,000
200 !ooo
100,000
750,000

10,212
13,172
268,459
216,186
248,435
331,667

434,975
390,687
4,343,142
4,297,550
2,878,396
9,470,054

Per share.
100
100
100
100

ARKAN SAS— National banks Mar. 31: State institutions M ar. 31.
L ittle R ock —
Am Bk of Com A Tr
Central Bank_____
England Nat Bank.
Exchange Nat Bank
People’s Sav BankBankers Trust C o . _
Exchange Trust Co
Southern Trust C o .
Onion Tr C o ______
W B Worthen C o .,
Pine B lu ff—
Citizens’ Bank_ _
_
Cotton Belt S A T Co
Nat Bank of A r k ..
Vferch & Plant B k .
Peoples S B & T r Co
Simmons Nat Bank

750.000
200.000
300.000
300.000
200.000
300.000
100.000
500.000
500.000
200.000
300.000
100.000
100,000
175.000
100.000
200.000

272,206
42,068
87,884
233,176
63,806
105,978
69,061
191,455
383.306
338,467j

9,145, 940
717, 991
2,521, 528
3,420, 809
2,578, 242
5,357, 531
948, 178
4,265, 952
6,165, 513
2,725, 479

246,846 1,883, 92S
75,895
908, 339
145,431 2,031, 836
206,445 2,141. 221
642, 355
57,236
395,035 3,372, 817

Per share.

25
100
100
25
100

.
.
.
-

25'
100,.

200,000

54,753

Per
23 110
25; 160
100 250
251 225
25; 145
100; 265

1,695,849

100,000
1.300.000
4.000.
1 .000. 000
500.000
2 ,000,000
3.500.000
3.000.
1.500.000
1 .000.
100.000
500.000
8,000,000
2 270,700
2,000,000
1,000,000
6.900.000
500.000
1.500.000

15, 181
227, 555
1,853, 788
000
886, 556
149 710
1,142 418
3,787 473
1,477 905
000
1,194 640
174
000 332
e23 772
el53 929
6,173 994
1,316 212
1,542 442
f 199 981
6,417 477
209 040
395 405

413,827
8,466,580
40,973,235
10,616,075
6,102,059
41,178,500
78,622,582
69,766,072
39,740,030
4,687,887
1,086,840

L os A n g e le s

Arlington Hts St Bk
Bank of A m erica..
Citizens’ Nat Bank
C jmmerclal N at Bk
C Dntinental N at_
_
Earners & Mer Nat
First National Bank
California Bank_
_
Merchants’ Nat Bk
Nat C ity Bk of L A
Southwest State Bk
California Trust Co
Security Tr & S Bk
Heilman Com T & S
Citizens T r & S Bk
Pacific National Bk
Paclflc-S’w .T & S B
U S National Bank.
‘Tnlon Bank A T r . .
O akland—
Central Say Bank. .
Central Nat Bank.
Farmers A Mer Say
First National Bank
American Bank___
•akiand Bank____
Com m ’l T r & S B k .
Pasadena—
Central Nat Bank.
C om ’l Bk of Pasad.
First National Bank
Pasadena Nat Bank
Security Nat Bank
First T r & Say B k .
S acram ento—
California Nat B k .
Capital Nat Bank
California T r & S B
•'arm A M ecb Bk__
M erch N at’l Bank
N B D O M ills A Co
People’s B a n k ...
San B ernardino
American Nat Bank
California State Bk
San Bern Nat B k ..
San Bern Co Sav Bk

share.
115
165
265
235
150
275

187443 481
66,294,241
42,187,061
3,503,673
165298710
3,663,890
12,340,461

800.000 1,265,087 27,954,528
1,000,000 1,258,624 16,625,276
1 4 5 ,6 2 4 4 ,6 7 0 ,4 6 8
300.000
391,684 9,780.702
1,000,000
300,566 18,045.840
1,000,000
1.500.000 2,740,692 46,313,926
35,500 1,820,000
500.000
100.000
100,000
400.000
100.000
300.000
800.000

46,639
12,058
160,269
27,700
114,418
306,257

1,535,465
220,138
5,504,715
543,000
2,682,875
9,983,195

Per share.
100
100
100
100
100
100
100

100,000
100.000
100,000
150,000

79,271 1,606,040
106,301 1,129,499
307,291 1,815,758
308,379 2,893,692

133
300
222
130
335
375
280
195
127

100 312
100
100
125
166
100 200
160
Per
100 140
100 200
100
100
100
100 225
100

138
310
345
216"

share.
165
210
230
235'

100

596,943 10,086,337 100
1 ,000,000
358,451 8,300,000
500.000
442,620 11,768,631 100
450.000
350.000
396,436 6,320,020 .100
158,144 2,293,070
200.000
500.000 1,171,542 8,725,458 100
381,629 7,590,815 100
800.000

San F ra n cisco—
A m erB an kof S. F .
Anglo London-Paris
National B a n k ..
Bank of Calif, N A .
Bank of Italy_____
B a n c a P o p o la r e
F ugazi_________
Brit-Amer Bank___
Canton Bank_____
Crocker Nat Bank.
Donohoe-Kelly BCo
First National Bank
French-Amer Bank
San Fran S A L Soc
Humboldt Bank___
Italian-Amer Bank
Liberty Bank_____
Mission Sav Bank.
The Mission BankWells Fargo Bank &
Union Trust C o.
Anglo-Calif Tr C o .
Mercantile T r C o ..
First Federal Tr Co
Union Bk A Tr Co
San Jose—
Bank of San J o s e ..
First National Bank
Growers Bank____
Security Sav Bank.
Security State Bank
S to c k to n —
C ity Bank________
Com m ’l A Sav B k .
First National Bank
Stockton S & L B k.
Union Safe Dep Bk

2.750.000

Cross
Deposits. Par.

Surplus
d Profits.
k

1,191,814 23,269,752

3,660,201 79,827,807
5.000.
000
8.500.000 9,003,738 75,687,015
16,050,000 8,111,327 282147355
1.057.000
1 .000.
600,000
2 ,000,000
650.000
3.000.
1.250.000
1 .000.
1 .200.000
1.500.000
1,000,000
500.000
200.000

100

Bid.

Ash.

Per share.
132
133

157
100
201
100 200
100 230H 2 3 1 ^

208, 735 16, 697,497
00077, 685 2, 732,949
94 369 3, 806,654
7,333, 482 33, 320,017 100
227 615 2 ,071,742 100
1,648, 313 19. 438,249 100
000
712, 627115, 695,488 100
2,940, 532 3, 629,324 1000
000
1,142, 698,22 715,600 100
476, 486 18, 413,360
839,987
78: 487
776,632 100
224! 426
183, 346
,308,961

110

130

210
158

19734
150

196
9,000,000 7,889,012 98,119,848 100 194
1.500.000 1,489,249 44,967,493 100 196
246
5.500.000 4,292,635 126585644
50
771,811 22,208,869
1.500.000
821,971 38,011,835 800 160
4.500.000
Per share.
442,417 5,148,722 100
300.000
569,171 6,947,736 100
500.000
55,168 1,050,080
300.000
302,082 2,759,531 100
100.000
269,203 1,389,767 100
100,000
400.000
500.000
200.000
500.000
310.000

3,772,389
6,058,976
1,569,747
6,837,985
1,351,000

304,351
396,545
504,761
939,756
42,000

86
165

CANADA— See last page.

|

CA LIFO R N IA— National banks Mar. 31; State institutions Mar. 31.
Fresno—
First Nat Bank____

Capital.

Per share.

C O L O R A D O — National banks Mar. 31; State institutions Mar. 31.
C olora d o S p g s .Colorado Sav Bank
50,000
100,000:
Colorado Spgs N B .
Exchange Nat Bank
300,000i
First National Bank
300.000
Colo Title A Tr C o .
150.000;
Denver—
500.000
American Natl B k .
200.000
Broadway Nat B k.
Central S Bk A T r.
500.000
Colorado Nat Bank 1,000,000
Denver Nat Bank. 1,000,000
Drovers Nat Bank200.000
First National Bank 1,250,000
200,000
Globe Nat Bank_
_
Italian-Amer Bank.
100,000
Pioneer State Bank
100,000
Stock Yards NatBk
250.000
550.000
U S National BankGuardian Trust Co.
240.000
Home Sav A Mer­
325.000
chants’ Bank_
_
International Tr Co
500.000
Leadville—
American Nat Bank
100.000
100,000
Carbonate Nat Bk.
P u eblo—
First National Bank
500.000
Western Nat Bank100.000
Pueblo Sav A Tr Co
100,000

217,456
114,305
262,656
412,288
106,403

I

Per mart
970,249 100
896,558 100
951,506 100
267,188 100
,802,276 100

522, 406' 9 ,574,361
26, 775 1 ,986,315
179, 680 6 ,511,268
1,673, 300 29 ,858,936
1,297, 531 30 ,011,419
872,611
36, 022
1,350 139 34 ,140,117
62. 971, 1 ,359,847
532,422
6 ,400
15 500; 1 ,156,428
55, 094' 1 ,765,745
1,116 407 18 ,173,413
893,821
36, 0121

Per lfc*r»

100
100
100
100

100
100

180,8021 4,146,481
1,047,688 15,734,780

100

20,750^
550,216
20,600| 1,250,393

100
100

1,048,880 14,488,308
159,724: 1,786,478
243,632 4,249,062

100

Per than

CONNECTICUT— National banks Mar. 31; State institutions M ar. 31.
Per share
B rid g ep ort—
City National Bank 1 ,000,000 1,032,653 9,684,488 100 198
200
280
First National Bank 1 ,000,000 1,812,657 14,982,676 100 270
596,934 8,204,161 100 170
Bridgeport Tr C o . . 1 ,000,000
178
Amer Bank A T r Co
200,000
145,007 4,852,686 100 175
135
89,243 1,018,237
125
300,000
Com m ’l Bk A T r Co
125
842,951 100
100,000
North End Bk A Tr
40,091
142
_
100,000
West Side Bank_
69,826 1,845,655 100 140
Per share.
H a r tfo r d City Bank A Tr Co
700,000
606,741 16,283,806 100 260
Conn River Bkg Co
30 190
150,000
680,500 3,816,528
215
First N ational Bank 1,150,000 1,353,670 8,480,603 100 207
300
Hartford-Aetna NB 2,000,000 3,407,575 15,190,034 100 290
420,579 100
Merchants Bk A Tr
100,000
30,549
110
Mutual Bk A T r Co
300,000
72,015 2,063,407 100
255
Phoenix Nat Bank. 1 ,000,000 1,461,201 14,022,570 100
State Bank A Tr Co
400,000
923,153 7,295,555 100 410
United States Secty
405
T r_____ _______ 1 .000.000
680,771 9,602,494 100 390
Hartford-Conn Tr
C o _____________ 2 ,000,000 2,800,548 16,534,583 100 400
100,000
Park St Trust C o . .
85,325 2,078,148 109 245
150.000
Riverside Trust Co
343,843 2,660,982 100 375
Travelers B A T rC o
100.000
228,052 4,301,939 100

Per share.
New H aven—
100,000
117,110 2,261,981 100 175
Amer Bank A T r Co
S an D iego—
130
Bway Bk A T r C o .
200,000
115,793 2,799,205 100 125
600,845 14,453,934 100
225
First National Bank 1 ,000.000
100
90
127,300
505,188 100
Citizens Bk A TrCo
11,268
199,714 3,782,638 100 175
500.000
First T r & Sav B k.
178
First National Bank 1 ,000,000 1,220,342 13,967,083 100 170
300
775,610 8,561,866 100 300
200.000
San Diego Sav Bk
185
983,772 14,841,642
60 180
Mechanics’ B a n k ..
300,000
175
95,870 2,324,053 100 135
250.000
Secur Comm A S B
80
76
500,000
50
493,514 6,491,310
Merchants Nat B k .
175
55,477 2.270,210 100 135
200.000
Union Nat Bank. .
New Hav Bk N B A 1 ,200,000 2,043,074 6,032,912 100 200
20,000 2,120.000 100 125
100,000
United States N Bk
177
Nat Tradesmens Bk
500,000
691,810 2,548,922 100 175
28,707 1,383,344 100
125,000
Eniversity A ve B k.
203
750,000 1,149,940 8,322,723 100 195
Second Nat B a n k ..
Southern Tr A Com ­
Un A N Hav T r Co
650,000 1,084,421 9,535,099 100 300
380,503 17,322,305 100 180
200
merce Bank_____ 1 .000.000
h IncludesJTrust Funds,
o Includes First Fed T r. Co « t o c k .
t Capital is to be increased.
* Ex-dividend.
a Ex-rights.
•Sale price.
* D ec. 5 1923. « Dec. 31 1923. t N ov . 14 1923.
June 30 1923




[Vol. 118.

BANKS AND TRUST COMPANIES

56

ILLINOIS— National banks Mar. 31; State institutions Mar. 31.

CONNECTICUT— (Concluded)
Gross
Surplus A
Deposits. Par.
Profits.

Capital.
N orw ich —
Merchants’ N at Bk
Thames Nat B ank.
Uncas N at Bank___
Bankers Trust C o . .
W aterbu ry—
Citizens’ A Manufacturers’ Nat Bk
Waterbury Nat Bk
Colonial Trust C o .
Merchants T r C o . .
Waterbury T r C o . .

$
s
1
70,435
492,047
700,152, 2,853,197
651,624
62,481!
29,500
750,000

$
100,000
1.000,000
100,000
100.000

100
100
100
125

Per
110
120
105
135
Per

share.
140
140
share.

287,823 9,819,894 100 170
600,000
77
518,537 3,356,576
50
500,000
1,200,000 6,954,454 100 325
500,000
341,322 3,930,741 100 210
300,000
152,277 3,716,165 100 130
300,000

DELAW ARE— National banks Mar. 31; State institutions Mar. 31.
Per share.
W ilm in g ton —
200,420 2,327,746 100 126
130
210,000
Central Nat Bank.
123
941,094 12,231,109
500,000
50 119
Farmers’ B a n k .. .
221,035 1,749,462
50
58
Industrial Trust Co 1,250,000
6034
187,832 1,411,953 100 190
196
110.000
Nat Bk of Delaware
828,071 3,342,073
25 95
100
203,175
Union Nat Bank_
_
297,339 6,440,271 100 125
145
900,000
Delaware Trust Co
315
500,000 1,100,000 4,470,343 100 307
Equitable Trust Co
275
907,546 5,630,137 100 265
600,000
Security TAS D Co
121
50 116
Wilmington Tr C o . 2,000.000 1,466,014 16,273,759
D IS T . OF COLUMBIA— Nat. banks Mar. 31; other insts. Mar. 31.
Per share.
W a sh in g to n —
86,080 1,032,080
200,000
300
362,225 2,999,022 100 246
Columbia Nat Bank
250,000
144
446,577 12,428,881 100 140
Commercial Nat Bk 1,000,000
117,520 1,364,792
10 200
Bank of Com A Sav
100.000
532,554
48,747
Departmental Bank
102,780
471,164 5,692,823 100 164
167
District Nat Bank.
550,000
433,993 2,971,967 ICO 239
Farm A Mech N at.
252,000
Federal Amerl can
805,590 10,248,375 100 203
N at Bank______ 1,200,000
107,414 3,893,039 100
225,000
150
160
197!639 2,970,930
Liberty Nat Bank. .
500,000
400
546,487 5,418,605 166 345
Lincoln Nat Bank.
300,000
Merch Bk A T r Co 1,000.000
130>4
376,559 6,001,862
80,351 2,560,795
160 000
973,514 7^145,957 100 200
220
Nat Bank of Wash. 1,050,000
293,095 1,328,250 100 220J4
Nat Capital Bank.
200,000
325
N at M etrop Bank.
800,000 1,030,694 14,844,591 100 280
340,545
100,000
d 4,781
Peo Comm A Sav.
Riggs Nat Bank_
_ 2,500,000 1,6431277 26,826,712 100 286>i 290
Second Nat B a n k ..
408,037 4,624,794 100 158
500.000
305
159,058 4,197,106 100 280
Becur SavACom Bk
200,000
42,806
913,583
Standard Nat Bank
200,000
531,842
205
28,892
Washington Sav Bk
100,000
Amer Secur A T r Co 3,400.000 2,901,581 25,204,311 166 302
310
Continental T r C o . 1,000.000
141,801 3,064,371 100 85
88
Nat Sav A Tr C o ._ 1,000.000 2,181,209 9,757,373 10C *390
Munsey Trust C o ._ 2,000,000
460,111 5,226,616
821,211 6,015,018 10C 165
175
Union Trust C o . . . 2,000,000
171,825 2,051,123
320
United States S B k .
100.000
410
Wash Loan A T r Co 1.000.000 1,925,905 12,593,189 100 *390
F LO RID A — Nat. banks Mar. 31; State institutions Mar. 31.
Jacksonville—
Barnett N B of Jack
Citizens Bank_____
Florida N at B an k..
People’s Bank_____
Tampa—
Bank o f Commerce
Exchange N at Bank
Hirst National Bank
First Sav A T r C o ..
Nat City Bk,Tampa

Per share.

350,00C
750,000
50,000
500.000
100,000

458.200
780,776
91,685
457,121
42|147

25.582.746
16,719,727
1,405,474
17,005,881
2,018,875

10C
100

1,000,00C
200,000
500,000
l.oon.noo
500,00C
500,000

701,685
41,916
402,749
468,098
56.00C
173,325

10,448,315
1,504,932
6,*65,969
9,248,427
1,208,491
2,297,087

10C

100

166
10C

<i60

G E O R G IA — National banks Mar. 31; State institutions Mar. 31.
Per
Atlanta—
58,566
355,098 100 100
American Sav Bank
200,000
Atl A Lowry Nat Bk 4,000,000 3,534,459 42,337,615 100 280
257
Citizens A Sou B k. 3,000,000 2,877,879 48,790,744 t
Fourth Nat B a n k .. 1,200,000 2,443,488 25,412,813 100 320
750,000
339,561 7,457,572 100 130
Fulton Nat B a n k ..
Ga Sav Bk A Tr Co
500,000 <1464,736 3,672,092 100 160
538,724 3,352,706 100 144
Atlanta Trust C o .. 1,500,000
Trust Co of Georgia 2,000,000 1,495,568 3,464,689 100 280

share.
288
262J^
325
135
_____
147
288

Augusta—
2 9 2 .0 7 7 8.144.719
1,000,000
Citizens A Sou B k . 3,000,000 2,877,879 48,790,744
253,822 2,978,683
400,000
Nat Exchange Bank
100,000
74,296 1,513,021
Union Sav Bank_
_

Per share.
100
260
t
100 108
115
155
100 140

Columbus—
Col Sav Bk A T r Co
Fourth Nat B a n k ..
Home Savings Bank
M erch A M ech B k .
First Nat Bk of Col.
ThirdNationalBank

100
100
100
100
100

Per share.
160
132J4
150
210
150
170

122,688 2,337,974 100 150

250,000
300,000
100,000
200,000
200,000
500,000

165,057
74,098
257,559
234,627
548,768

1,011,577
1,291,087
1,365,056
1,010,927
1,651,149

130
140
195
145
160

Macon—
Bibb National Bank
200,000
90,000 1,150,000
Citizens A Sou B k . 3,000.000 2,877,879 48,790,744
500,000
679,741 8,626,867
Fourth Nat B a n k ..
195,672 2,203,253
M acon N at B a n k ..
150.000

Per
100 99
255
t
100 175
100 185

share.
101
260
180
190

Savannah—
Citizens’ A Sou B k . 3,000,000 2,877,879 48,790,744
Exchange Bank___
145,000 1,850,000
250,000
Liberty Bk A Tr Co
532,193 2,889,764
300,000
SavannahBkATrCo
700,000
872,130 4,645,416
Citizens’ Trust C o .
300,000
125,000 1,092,944

Per
100 245
100 125
100 175
100
100 125

share.
200
190
130

31.
Boise C ity—
Boise C ity Nat B k .
First Nat of Idaho.
Pacific Nat B a n k ..

250,000
300,000
300,000

• Sale price, a Feb. 9 1924.
yLastsale. nSept. 141923.




229,688 3,829,199
359,052 5,677,588
103,123 2,379,251

100
100
100

b Capital to be Increased, c M a r .
< Dec. 3 1 1 9 2 3 . « June 3 0 1 9 2 3 .

Capital.

Ask.

Bid.

A urora—
Aurora Nat B a n k ..
First National Bank
American Nat Bank
Merchants Nat B k .
Old Second Nat Bk
Aurora Tr & Sav Bk

$
100.000
100,000
100,000
100,000
200,000
200,000

Surplus <
fc; Gross
Profits. \ Deposits.
$
303,469
212,170
275,000
239,8501
300,324
212,859,

Bid.

2,519,059
3,392,934
2,450,000
2,678,058
2,190,523
2,382,446

C h icag o—
132,834! 3,569,543
200,000
Aetna State B ank. .
98,874! 2,635,994
Albany Park Nat Bk
200,000
99,002 3,424,352
200,000
Alliance Nat Bank.
46,836 1,965,459
Atlas Exch Nat B k .
200,000
239,252 5,730,463
Austin State Bank.
300.000
118,733 6,655,135
Boulevard Bdge Bk
400.000
Bowmanville N at’l
48,919 3,505,771
200.000
of C hicago..
123,502 7,385,201
300.000
Calumet Nat Bank
70,333! 3,454,107
Capital StateSavBk
300.000
595,823 7,691,098
Central M fg Dls Bk
500.000
299,838 6,631,911
500.000
Citizens State B k ._
Cont A Comm N B 25,000,000 20,141,320 335853922
11,824,709 99,686,527
000
Corn Exch Nat B k . 5 .0 0 0 .
362,874 9,871,119
750.000
Cosmopolitan St Bk
247,475 5,248,112
Depositors State Bk
300.000
97,909 1,833,606
200.000
Division State Bank
570,000
<9,489
200,000
DouglassNat Bkof C
349,996 8,431,228
350.000
Drexel State B ank.
464,563 14,341,432
Drovers Nat Bank. 1.0 0 0 .
000
First E n g le w o o d
I
75.5571 3,624,684
200.000
State Bank.
First National Bank 12,500,000 17,373,079 189310 628
533,560 7,297,644
150.000
First Nat Englew’d
Foreman Nat Bank. 2.500.000 2,093,349 51,414,466
103,577. 2,845,713
200.000
Fullerton State B k .
70,093 5,432,214
300.000
Garfield Pk St S Bk
171,272 3,251,236
200.000
Halsted St State Bk
63,263 2,105,741
200,000
Hill State Bank___
<58,233 3,392,440
200,000
Humboldt State Bk
260,703 4,623,283
300.000
Hyde Pk State B k .
60,567i 4,520,477
200.000
Independ’e State Bk
120,057! 4,522,533
Irving Park Nat Bk
200,000
364,102 12,833,207
Kaspar State Bank 1.000,000
325,812 5,303,423
300.000
Kenw’d N at’l B k ._
158,072 6,667,955
300.000
Lake View State Bk
159,699 5,898,137
Lawndale Nat Bank
250.000
155,598 4,598,112
250.000
Lawndale State Bk
41,649 3,299,632
300.000
Lincoln State Bank
51,1171 2,373,892
200.000
Logan Sq St A Sa Bk
328,045 10,177,489
750.000
M ad & KedStateBk
108,090 2,732,707
Market Trad St Bk
400.000
89,551 2,486,315
200.000
M etrop State Bk .
Nat Bk of Republic 2,000.000 1,877,055 37,241,406
55,926 2,553,282
300.000
Nat Bk of W oodl’n
National City Bank 2,000,000 1,646,363 29,818,122
365,032 6,412,840
Nat B k o f C om ’c e .
600.000
129,730 8,089,979
200,000
North Ave State Bk
261,551, 8,629,904
Noel State Bank. . 1,000,000
57,591. 1,187,024
200,000
Ogden National Bk
People’s Stock Y ’ds
360,621 15,706,689
1,000,000
State Bank.
106,197. 3,015,513
300.000
Phillip State B & T
172,923 4,488,535
200.000
PloneerStateSavBk
189,517, 7,838,180
500.000
Reliance State Bank
127,210 4,437,529
200.000
Roseland State S B
118,498 4,808,677
400.000
Schiff Tr A Sav Bk
60,387! 2,133,520
200.000
2d N W State Bk
292,889- 5,231,471
250.000
Second Security Bk
---------445,075 7,294,397
500.000
Security Bank
424,000 7,638,250
600.000
So Chicago Sav B k .
305,170 9,403,012
750.000
South Side T r ASav
117,081 2,907,161
200.000
Southwest State Bk
State Bk of Chicago 2.500.000 5,979,803 49,904,684
615,692 12,057,168
Stock Yards Nat Bk 1.350.000
167,692: 8,922,504
Stk Yds Tr A Sav Bk
350.000
18,252' 1,841,891
250.000
Transportation B k.
46,796! 1,768,558
200.000
26th St State Bank
355,764 6,737,634
Union Bank of Chic
500,000
121,920 2,660,063
94,686' 2,717,754
Un State Bk of Chic
200,000
263,276! 9,910,944
WashlngtonPkN Bk
600,000
West Englewood—
256,626 4,990,210
500,000
Trust A Sav B k.
127,915' 4,743,954
300,000
West TownStateBk
Central Tr Co of 111 6,000,000 4,185,543 74,060,558
500,000 1,074,140 8,008,722
Chic CltyB kA TrC o
901,882 20,622,705
Chicago Trust C o . . 1.500,000
54,405 2,533,877
200,000
Citizens T r A Sa Bk
Cont A Com TAS B 5,000,000! 10,498,751 86,311,931
443,609 7,461,212
250,000
Drovers TrASav Bk
92,666 1,249,403
200,000
East Side TrAS Bk
57,7611 2,268,911
250,000
Equitable Trust Co
82,173 3,648,563
400,000
Fidelity Tr A S B k.
First Tr A Sav B k. 6.250,000 9,853,473 101874 222
649,949 8,950,609
Foreman Tr A S Bk 1,000,000
463,057j 4,344,943
Franklin T r A S Bk
300,000
Greenebaum Sons’
Bank A Trust Co l 500,000 1,312,615 20,486,353
263,910 2,871,390
300,000
Guarantee Tr A Sav
Harris Tr A Sav Bk 3,000,000 4,365,646 47,823,775
477,457 8,924,121
Home Bk A Tr C o. 1,000,000
Illinois M erchTrC o ,5,000,000 23,047,150 223310 581
50,475 1,848,252
200,000
Keystone Tr A Sav
108,467 3,260,351
Klmbell T r A S B . .
200.0001
93,087 5,072,452
300,000
Lake Shore TrAS B
705,034 11,706,731
500,000
Lakevlew T A S Bk
158,498 8,943,283
500,0001
Liberty Tr A S Bk.
146,417 3,515,385
Lincoln Tr A Sav B
200,000
219,011 6,685,682
400,000
Mercantile TrASav
258,534 13,083,884
750,000
M id-City Tr A S Bk
_ 2.000,000 5,044,589 49,414,999;
Northern Tr C o _
714,396 19,056,473'
Northw’n Tr AS Bk 1,000.000
705,915 16,350,027;
People’s TrASavBk 1,000,000
390,839 6,334,316
Pullman TrASavBk
500,000
302,694 9,450,493
500,000
Sheridan Tr Sav Bk
52,894 4,349,623
300,000
Sou West T r A Sav.
903,943 13,124,477,
Stand’d TrASav Bk 1,000.000
173,305 2,213,581
200,000
Stockmen’ sTrASBk
Union Trust C o ___ 2,000,000 3,580,044 53,120,585
216,528 12,562,788
700.000
W Side Tr A Sav Bk
256,834 8,937,879
W oodlawn Tr A S Bk
500.000

Ash.

Vom
435
335
375
200

Par.

tnal.
450
350
400
200

100
100
100
100
100
100 215

225

Per share
100 180
100 137
155
100 145
100 120
J00 225
165
lo o *160
150
210
170
350
240
303

100
100
100
100
100
100
100

100

173
100 190
100
100
100 230
100 200

180
365
245
305
180

210

100 155
100 453
100

160
458

150
[ 194
200

160
200

100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100

170
215
175
215
228
210
160

i
i200
|
210
235

*360
135

140

190
115
135
204

198
125
140
208

174
157
165
205

178
162
173
210
105

255
150
250
225
215
275

270

______
380
250
200
143
503
290
______
______
______
165
170
130
275
275
245
229
335
100
______
)i______
) 325
_____
128
123
) ...........
)'______
225
425
220
350
265
397
120
175
235
1 275
1 200
185
) 200
) 225
370
i 298
233
) 215
i 300
3 190
3 172
|
3 175
3 370
3 250
3 260

235
300

262
225
_
_
295
455
175
180

234
350
165
....
132
127

230
270
402
126

225
200
235
377
305
240
220
196
178
377
255
270

1
d Dec. 3 1 1 9 2 4 . a Capital paid In authorized amount Is larger. * Ex dlv.
t Includes trust deposits. {Branch of Savannah, k New stock.
I L a s t sale.

20 1924.

BANKS A D TRUST COMPANIES
JST

J une , 1924.]

ILLIN O IS— (C o n clu d e d ).
Surplus A
Cross
Capital.
Profits.
Deposits. Par.
E lgin—
Elgin Nat Bank_
_
First National Bank
Home Nat Bank___
Union Nat Bank___
Elgin C ity B ’k’g Co
Home T r & Sav Bk
P eoria—
Central Nat Bank.
Commercial N at Bk
Dime Sav & Tr C o .
First National Bank
Home Sav & State.
State Tr < Sav B k.
fe
Merchants & 111 NB
First Tr & Sav B k.

$
$
70,115 1,171,878
160,159 1,757,665
267,021 2,242,770
60,000 1,000,000
224,769 2,209,107
165,859 1,636,509

684,324 4,873,448
300,000
750 000 1,461,150 7,491,372
250,000
280,595 3,026,137
885,144 6,304,936
550.000
182,882 3,427,495
250.000
*178,378 1,818,998
400.000
693,865 6,153,780
500,000
200,000
404,291 3,266,847

IOWA— (Concluded)
Bid.

100
100
100
100
100
100
100
100
100
100
100
100
100
100

i
100,000
200,000
150,000
100,000
150,000
100,000

350
185
133
265

325
350
400
355
195
135
275
share
175
137
150
175
200

300
340

300,000
500,000
500,000
200,000
1,000,000

148,354
164,278
86,244
140,756
625,265

3,025,026
5,499,S33
3,519,017
1,966,578
7,008,751

100
100
100
100
100

Per
165
130
130
167
190

R o ck fo rd —
Commercial Nat Bk
Forest City Nat Bk
ManufTs Nat Bank
Peoples Bk & Tr Co
Rockford Nat Bank
Security Nat Bank.
Swedish-Am Nat Bk
ThlrdN ationalBank

200,000
300,000
400,000
250,000
750,000
200,000
125,000
500,000

56,917
270,673
501,903
205,627
844,654
68,012
222,967
336,552

958,014
3,146,705
3,734,612
2,796,305
8,722,499
1,089,511
2,899,224
3,840,252

100
100
100
100
100
100
100
100

_____ l
_____ l
_____l
.........1
_____ l
.........1
_____l
_____l

S p rin gfield —
First National Bank
Illinois Nat B a n k ..
Ridgely-Farm’s S B
Sp’gfield Marine Bk
First A
t.ft.tf* T f Qott

500,000
300,000
600,000
500.000
nnn

186,763
112,369
252,568
486,994
239.753

4,769,290
3,928,097
5,921,829
5,679,820
5,127,493

100
100
100
100
100

115
225
200
200
270
125
250
165

Per share.

339,131 7,789,913
176,408 5,851,496
61,451 1,852,045
44,933 1,229,935
140,156 6,545,017
173,172 3,977,787
164,732 2,766,091
71,985
991,901
6,890
341,891

1,000,000
300.000
500.000
300.000
225.000
200.000
500.000
200.000
500.000

497,727
447,067
590,349
195,722
22,500
*50,000
186,838
325,551
630,866

400.000
3.000.
2.000.
200.000
1.250.000
200,000
1,000,000
100,000
250.000
250.000
150.000
300.000
100.000
1.500.000
1,000,000
750.000
200.000
600,000
100,000
100,000

181 262
544 796
000
2,434 672
000
95 371
1,663 973
367, 976
*79, 552
107, 545
41, 538
114, 503
57, 600
190. 633
100, 000
737, 715
1,140 368
1 7 2 ;415
206, 527
1,370. 791
52, 796
92, 209

700.000
500.000
300.000
400.000
500.000
500.000

Per
100
100
100
100
100
100
100
100
100

472,725 3,224,234
526,113 2,560,919
341,652 1,928,285
135,194 1,798,501
792,935 7,605,050
340,003 4,300,137

100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
No
100
100
100
100
100
100

$
r*358,988
95,002
7*354,429
75,884
*593,183
n288,420
7*100,000
n79,117
961,964
46,582
306,811
55,016
12,132
259,534
188,437
125,271
547,358

4,303,681
3,091,882
6,669,335
4,098,741
13,945,307
7,063,731
3,160,000
2,106,746
14,248,826
2,034,269
4,857,607
1,666,461
434,187
3,827,790
2,570,720
2,570,276
8,345,902

Bid.

Ask.

No minal
100
100
100
100
100
100
100
100
100
100
100

prices

100
100
100
100

D u b u q u e—
Consol Nat B a n k ..
First National Bank
Pioneer Tr&Sav Bk
Union Tr & Sav Bk
Iowa Tr < Sav B k .
fc

500.000
200.000
150.000
150.000
300.000

140,018
305,152
7*93 000
252,575
298,000

4,858,304
3.998.541
1,200,000
3,470,9571
2,500,000

Per share.
100
250
100 250
100
100
100

S ioux C ity—
First N ational Bank
Iowa State Sav B k .
Llve Stock Nat B k.
T oy Nat Bank____
Sioux Nat Bank___
Security Nat Bank.
W oodbury Co S Bk
Farmers’ L < Tr Co
fc
First Trust < S B k .
fe

600,000
200,000
200,000
200,000
400.000
250.000
100.000
150,000,
100,000

183,075
26,682
112,639
91,000
107.263
359,970
135,713
7*87,451
36,729

9,758 189
1,156 682
3,987 655
4,500 ,0 )0
4,837 171
5,450 441
3,262 061
2,681 ,214
1,196 ,180

Per share.
195
100 195
100
250
100 250
100
100
100
100
100
100

share

Kansas C ity—
Commercial Nat Bk
Exchange State Bk.
Commer’l State Bk
People’s Nat. Bank.
Riverview State Bk
T opeka—
Bank of Topeka___
Central Nat Bank.
Farmers’ Nat Bank
Fidel Sav State Bk.
Kaw Valley Nat Bk

Per
11,389,246 100 210
5,616,654 100 260
7,526,550 100 290
4,218,866 100 190
1,329,370 100 120
1,574,576 100 150
4,293,483 100 150
4,552,033 100 290
11,560,829 100 290
,216,514
,903,251
,700,636
851,478
,517,933
,786,115
,399,422
795,145
,938,641
009,281
,436,032
708,711
854,836
824,989
841,168
229,028
291,602
175,985
031,238
772,545

Des M oines—
1.000,000
Bankers Trust C o .
Cap C ity State B k .
150.000
Central State Bank
250.000
Commercial Sav Bk
200.000
Des Moines Nat Bk 1,000,000
Des Moines S B & T
400.000
100.000
Home Savings Bank
50.000
Iowa Tr & Sav B k.
Iowa National Bank 1,200,000
Mechanics’ Sav Bk
100,000
100,000
People’s Sav Bank.
200,000
United State Bank
University State Bk
50.000
Valley Nat B a n k ..
500.000
Valley Sav B a n k ..
150.000
500.000
Central Trust C o ..
Iowa Loan < Tr Co
fc
500.000

Surplus A
Cross
Profits.
Deposits. Par.

KANSAS— National banks Mar. 31; State institutions M%y 12.

INDIANA— National banks Mar. 31; State institutions M ar. 31.
800,000
500.000
200.000
100,000
500.000
250.000
250.000
100.000
100,000

Capital.

Ask.

Per share.

Q u in cy —
Illinois State Bank
Quincy-R N B 4 T r
State St Bk & T r Co
Mercantile Tr < SB
fe
State Sav L < TrCo
fc

Evansville—
Citizens’ Nat Bank
National C ity Bank
MercantlleCom’lBk
North Side B a n k ..
Old Nat Bank_____
West Side Bank_
_
Am T r & Sav Bank
Citizens Tr & S Bk.
Farmers Trust C o.
P ort W ayne—
First Nat B k______
Lincoln Nat Bank.
Old National Bank.
Citizens’ Trust C o .
Dime Savs & Tr Co
Farmers Trust C o .
Lincoln Trust C o ._
r'eople’sTr& Sav Co
Tri-State L & T r Co
In d ia n a p olis—
Continental Nat Bk
Fletcher-Am N at Bk
Indiana Nat Bank.
Lire Stock Exch Bk
Merchants’ Nat Bk
Meyer-Klser Bank.
National City Bank
People’s State Bank
Aetna T r & Sav C o .
Bankers Trust C o . .
City Trust C o_____
Farmers Trust C o.
Fidelity Trust C o ..
Fletcher Sav & T r.
Indiana Trust C o ..
State Sav < T r C o .
fe
Security Trust C o .
Union Trust C o . . .
Wash Bank & T r Co
Wild & Co State Bk
T erre H aute—
First National Bank
M e Keen Nat Bank
Terre Haute Nat Bk
Citizens T r. C o___
Terre Haute Trust.
United States Tr Co

57

103
136
255
190
300
200
100
112
100
200
152
200
212%
100
170
318
150
minal
180
205
205
135
225
150

IOW A— National banks Mar. 31; State institutions Dec. 31.
B u rlin g to n —
|
Amer S Bk & T r Co
300,000 n625,000 4,500,000 100
Burlington Sav B k .
100,000
s73,176 2,216,158 100
Flrst Iowa State Tr
Sav B k ______
519,465 8,718,029 100
600,000
Merchants’ Nat Bk
100.000
103,7401 1,990,142 100
Cedar RapidsCed Rapids Nat Bk
500,000
321,588 10,019,016 100
200,000
Ged RapSBk&TrCo
170,596 3,374,869 100
Iowa State Sav B k.
200,000 1:102,0171 3,012,376 100
500,000 *558,47l| 9,936,417 100
Merchants’ Nat Bk
People’s Sav Bank
100,000
z42,505| 1,657,683 100
Security Sav Bank
200,000 7*175,000 3,000,000 100
Amer Tr < Sav Bk
fc
200,000
153,994 3,581,445 100
1
C o u n cil B lu ffs120,000
City National Bank
102,379 2,301,939 100
100,000
Commercial Nat Bk
5,964!
856,291 100
Coun Bluff Sav Bk
150,000
248,604 3,738,641 100
200,000
First National Bank
228,002 3,499,294
50,000
State Savings Bank
168,626 3j303;602 100
D aven port—
,000,000 1,145,691! 17,002,807 100
Amer Com Sav Bk
200,000
First National Bank
301,498 3,980,476 100
50,000
Home Sav Bank___
7*69,163 1,095,024 100
150,000
Iowa NationalBank
266,3021 4,184,016 100
150,000 7*135,000! 1,300,000 100
Security Sav Bank.
Scott C o Sav Bank.
500,000 7*150,000 6,250,000 100
100,000
93,329|
208,977
American Trust Co
800,000
Union D av T & S .
873,000 10,500,000 100
100,000
z68,119 1,302,606 100
Citizens’ T r & S Bk

share.
215
270
300
195
125
160
160
300
300
110
142
265
340
t~ ~
32 m
105

220
230
115
360
t— prices
200
210
210
150
275
160

Per share
215
225
200
210
200
200

210
210

235
190
180
300
125
225
267
Per

250
200
200
350
150
250
275
share.

Per share.

P er

300.000
100.000
100,000
200.000
100,000

423,697 6,621,281
71 440 2.670.350
*72,257 1,286,505
74,075 2,343,623
*130,000 2,100,000

100
100
100
100
100

310.000
500.000
100.000
200,000
100,000
200,000
60,000
100,000
400.000
100.000

r»265,826
120,736
21,692
5,973
37,277
198,287
22,762
48,500
184,689
213,330

shars
220
225

100
100
100

5.471.351
5,522,013
1,113,219
998,493
536,003
4,075.195
869,089
1,866,153
1,945,475
489,155

Shawnee State B k.
State Savings Bank
Central Trust C o ..
Prudential TrustCo
W ic h i t a *11,062
100,000
Central State B k ._
626,458
First National Bank 1,000,000 1,015,000 12,219,716
100,000 *121,418
513,398
First Trust C o____
289,032 9,400.035
Fourth Nat B a n k .. 1,000,000
*21,009 1.490,000
200,000
Merch Res State Bk
200,000
55,431 1,415,833
Southwest Nat B k .
47,965 1.308.071
200,000
Union Nat Bank___
100,000
Union Stk Yds Nat
523,108
10,628
100.000
W ichita State Bk__
*31,868 2,110.415

210
200

" 175"" 185”
210

100
100
100
100
100
100
100
100
100
100
100

.........

K E N TU CK Y — National banks Mar. 31; State institutions Dec. 31.
C o v in g to n —
Citizens’ Nat Bank
285,463 2 210,843 100
200,000
First National Bank
500,000
414,434 5.076,368 100
207,851 3,292,790 100
Liberty Nat Bank.
350,000
Covington S B & Tr
100,000 **125,007 1,451,154 100
People’s S Bk & T r .
100,000 *120,278 1,382,356 100
L ex in g ton —
243,417 3,102,602 100
Bank of Commerce
300,000
329,467 2,258,126 100
Fayette Nat Bank.
300,ouo
450,000 2,749,128 100
800,000
First & Cltv Nat Bk
*68,000 2,550,000 100
Guaranty Bk & T r.
300,000
535,000 3,400,000 100
Phoenix Nat Bk&Tr 1,000,000
Second Nat B a n k ..
150.000 *152,511 1,111,775 100
*69,752 1,676,544 100
Union Bk & Tr C o .
100,000
190,618 1,890,956 100
500,000
Security Tr C o____
L ouisville—
Citizens’ Union N B 1,000,000 1,842,459 24,259,901 100
664,769 10,048,137 100
First National Bank
500,000
Liberty Ins B an k ..
500,000 **913,000 15,836,000 100
Security Bank_____
200,000
302,869 2,066,369 100
Kent T it S B & T C o f/250.000\ *447,386 3,953,291 /100
U oo
\a 100,000/
Lincoln Bank & T r .
750,000 7*239,000 5,970,000 100
215,847 7,142,445 100
Louisv Nat B an k ..
500,000
Nat B kof Kentucky 2,500,000 4,428,087 38,149,072 100
76,625 1,181,441 100
Stock Yards Bank.
100,000
Fidelity S Colum Tr 2,000,000 1,046,496 4,313,813 100
c
Louisville Trust Co
806,100
302,490 4,215,121 100
United States T r Co
350,000
163,185 1,668,281 100
N ew port—
|
174,042 1,396,880 100
American Nat Bank
100,000
Newport Nat Bank
100,000
216,369 2,229,249 100

Per
190
170
126
175
115
Per
160
185
185
128
145
210
250
325
P er

302
380
259

share.
250
185
130
180
120
share
162^
190
190
130
150
215
255
share
305
426
260
90
130

128
165
312
180

315
’ 90

175
130

178
133

P er

260
200

225
—

LOUISIANA— National banks Mar. 31’ State institutions Dec. 31.
I
|
P e r is h a r e
New O rleans—
American Ba’k < Tr
fc
177J^
500,0001 1:368,978, 3,813,057 ____I 170
Canal-Commercial
Trust & Sav B k . 4.000.
0001 2,857,919 65,170,551 234
100
240
Int-State Tr < B Co
&
750.000 n l ,071,038 13,153.842 100, 295
New Orl Bk < TrCo
fc
130"
800.0001 7*240,228 5,374,798 ___ I 126
1,500,0001 n819,090 22,353,363 100 190
Marine Bk & Tr Co
295"
Whitney-Cent N B 2,800,000 r3,371,039 *55729,452 100 289
100
000 2,619,763 49,587,175 389
Hibernia B k& T rC o 2.000.
Whitney-Cent Tr <
fc
295
Savings Bank___ 1,000,000 r3,371,039 *55729,452
289
snare.
S h reveport—
100,000
51,983 1,020,761 100 155
160
American Bk & T Co
150.000
63,259 1,876,706 100 150
American Nat Bank
160
500.000
320
C ity Sav Bk & Tr Co
353,702 8,795,854 100 305
502,883 14,883,772 100: 225
Commercial Nat Bk 1.000,000
230
11,977 1,297,957 100 90
100
200.000
Exchange Nat Bank
320
First National Bank 1,000,000 *431,843 12,163,604 100 310
230
300,000
228,346 5,347,688 100, 220
Contin’l B & T r Co
I

* Sale price, a Includes one-half share o f Kent Title S. B . & T r. com . stock, x Ex dividend, n M ay 9 1924.
r Consolidated statement,
t Includes debentures. * Dec. 31 1923. y Last sale, o Preferred, s Sept. 4 1923. b New stock, c Unified includes Cltz-Union Fid. & C ol. T r . ,
t Includes T r. deposits. * N ov. 15 1923. k March 1924. } Private banks, stock closely held, m In process of liquidation, z April 1924.




58

BANKS AND TRUST COMPANIES
M ASSACHUSETTS— (C o n clu d e d )

MAINE— National banka Mar. 31: State institutions Mar. 31.
Capital.
B an gor—
First N atlonal Bank
Merchants’ N at Bk
Eastern T r & Bkg Co
Merrill Trust Co . . .
P o rtla n d —
Canal Nat B a n k ...
Chapman Nat Bank
First National Bank
Portland IN at Bank
Fidelity Trust C o . .
Casco-Mere’ tile Tr
Union S D & Tr Co
U 8 Trust Co . _ _ _

$
400,000
100,000
175,000
500,000

Surplus
& Profits.

Gross
Deposits.

$
$
464,107 6,665,751
294,903 1,879,249
o939,895 8,674,604
t 50,807 10,003,543

600,000
607,360
155,772
200.000
517,084
600,000
300,000
747,638
400,000
935,754
500,000 t 574,000
150,000
43,770
250.000
420,898
214,827
150,000

2,812,268
4,329,666
7,632,191
8,332,440
13,989,562
9,113,000
1,312,342
1,074,702
2,698,168

Par.

Bid.

Ask.

Per 8hare
100 140
150
100 280
100
400
100 280
320
100
100
100
100
100
100
100
100
100

Per
121
140
125
210
215
140

share
125
150
132
240
240
150

190
155

210
165

M ARYLAN D— National banks Mar. 31; State institutions Mar. 31.
B altim ore—
Balt Comm ’l Bank

750,000 t 356,617 8,025,673
275,750 6,874,604
200.000
126,551 2,422,303
100,000
Canton Nat Bank.
Citizens’ Nat Bank 2,000,000 6,380,064 27,627,285
<221,812 6,114,343
200,000
Commonw’lth Bank
D rov & Mechanics’
600,000 1,013,468 13,517,808
National Bank .
511,513 5,474,262
850,000
Farm & Mer N Bk
326,845 3,884,193
100,000
Mercantile B a n k ..
Merchants N at B k. 4,000,000 2,623,422 41,189,127
1,500,000 1,170,318 16,515,580
Nat Bank of B alt.
514,464 3,631,326
400,000
Nat Cent Bk of Balt
300,494 3,513,082
400,000
Nat Marine Bank. .
Nat Un Bank of Md 1,000,000 a909,569 9,364,766
321,815 2,974,360
500,000
Old Town Nat B k.
3,362,867
300,000
Park Bank________
100,000 t 107,351 1,534,257
West Baltimore Bk
741,644 5,077,591
500,000
Western Nat Bank.
A tlE x B k A T r C o . 2,000,000 <2,177,615 18,575,308
Baltimore Trust Co 1,000,000 <2,392,871 12,710,612
500,000 1,452,830
500,000
Century Trust C o .
300,000 < 150,792 1,622,956
Colonial Trust C o .
329,217 1,494,828
750,000
Commerce T r Co _
Continental T r C o . 1,350,000 1,712,075 9.600,398
Equitable Trust Co 1,250,000 <1,264,032 15,461,701
Fidelity Trust C o .. 1,000,000 <2,150,233 13,969,045
562,976 9,083,940
Maryland Trust Co 1,000,000
M erc Trust & D e p . 1,500,000 d3,684,037 17,460,932
Safe Dep A T r Co . 1,200,000 3,713,461 15,010,625
223,117 1,097,528
BecurltyStor’geATr
200,000
432,745 8,044,731
400,000
Title Guar A Tr Co
633,638 12,624,732
Union Trust C o . . .
750,000
F rederick—
676,140 5,774,127
Citizens’ Nat Bank
100.000
88,926 2,705,716
160,000
Comm’ l State Bank
262,853 2,926,139
125,000
Farm A M ech N Bk
64,459 1,709,416
150,000
Fred’k Co Nat B k .
204,323 2,858,311
Fr’k Town Sav Inst
150,000
510,809 6,871,371
Central Trust C o _ .
275,000

Per share.
100 12334 125
_____
50 105
100
10 4734 48
125
50 100
100
40
25
10
100
100
30
100
10
10
25
20
50
50
100
25
50
100
25
50
100
50
100
100
100
50
100
100
25
15
100
50

214
56
120
2034
192
200
53
180
14
17
38H
37
100
155
99
35
182
47
188
140
267
n590
n250
n300
120
Per
750
60
55
20
200
155

136
21
200
225
1434
40
40
101
160
100
54
190
4834
200
145
650
140
share.

_____

M ASSACHUSETTS— Nat. banks(exc.Boston) Mar.31 State insts. M ar.31.
B oston —
Boston Nat Bank
Citizens’ N at Bank
Oomm’w’thAtlantlc
N atB k ........... .
Conun Sec Nat B k.
Federal N at B k _
_
First National Bank
Merchants’ Nat Bk
Nat R ock Bk of Rox
Nat Shawmut Bank
Nat Union Bank_
_
Second N at Bank. .
Web A Atlas N B k.
American Trust Co
Bk of Com A Tr Co
Beacon Trust C o .
Boston 8 Dep A Tr
Charlestown T r Co
Columbia Trust Co
Exchange Trust Co
I amalca Plain Trust
Liberty Trust C o .

Per share
Deposits of Nat. banks date May 28 1924
56,413 2,260,000 100
200,000
588,552 6,591,000 10U 115
125
750^000
3,566,368
334,714
150,000
19,409,558
5,682 051
802,009
7,358,370
1,535,606
4,148,730
1,427,245
2,740,516
117,459
1,904,790
3,734,438
18,931
105,282
1,008,145
38,583
780,076
860,054
2,652,341
11,053,741
s24,574
3,354,229
1,101,493
72,151

78,598,000
5,641,000
26,334,000
235004000
52,285,000
08,332,578
125004000
12,472,000
28,950,000
10,576,000
23,266,247
c3,251,714
c21222,412
15,052,302
c3,103,364
c2,396,986
cl6468,276
c3,162,212
cl2040,894
cl9200,597
21,355,094
126305913
1,409,392
37,440,765
cl5692 043
1,839,937

300,000
100,000

354,718
41,750

2,622,582
1,225,000

600,000
500,000
200,000

621,822 7,035,983
488,070 7,051,333
80,362 c3,983,406

200,000
100,000
200 000
300,000
400,000

648,648
252,988
752,053
89,0 9
698,964

2,178,634
5,092,905
10,105,590
2,417,474
8,737,801

100,000

145,313

1,787,987

400,000
400,000

517,457 6,009,665
561,044 2,260,302

Per
100 155
100 105
Her
100 175
100 165J4
100
Per
100
100
100
100
100
Per
100 _
Per
100 150
100 210

850,000
500,000
400,000
200,000

653,821
471,776
789,899
79,951

100
100
100
100

500,000
500,000
150.000
100,000
200.000

4,500,000
500,000
1,500,000
15,000,000
3,000,000
300,000
10,000,000
1,000,000
2,000,000
1,000,000
1,500,000
500,000
1,000.000
1,000,000
200,000
100,000
1,000,000
200,000
750,000
1 000,000
1,000,000
Old Colony T r C o .
7.000,000
200,000
Soxbury T r u s t ...
State St Trust Co . 2,000,000
U 8 Trust C o _____ 1.000,000
100,000

Beverly—
Beverly N at Bank.
Beverly Trust C o ..
B r o ck to n —
Brockton Nat Bank
Home N at Bank___
Plvm’ th Co T r C o .
C am bridge—
Manufac Nat Bank
Cambridge T r Co
Central Trust Co
Guaranty Trust Co.
Harvard'Trust Co
East C am bridge
Lechmere Nat Bank
Pall River—
Fall River Nat Bank
First National Bank
Massasolt-Pocasset
National Bank .
Metacomet N at Bk
Durfee Trust C o . . .
Fall River T rust. . .
P itch bu rg—
Fltcbb’g BkATr Co
Safety Fund N B k .
G lou cester—
Cape Ann Nat B k .
Gloucester Nat Bk.
Gloucee S D T t C o.

5,756,897
4,367,693
3,352,178
2,566,133

100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100

195
165
95
z312
290
285
185
192
x330
195
350
265
265
420
165
175
185
125
195

105
315
295
300
190
198
335
200
268
270
175
185
200
200

105
235
330
share
160
110
share
125
share

share
*225
share

556,571 4,424,150
541,004 5,670,292

150
115
225
105
Per
100 160
100 165

share
165
175

189,662 2,702,549
117,757 1,459,638
273,884 c4,305,898

100
100
100

*120
...—

• Sale price, b Feb. 20 1924. * Es-dividend. * Last sale,
ngs deposits. d M ar. 3 1924. iM ay 6 1924
s Sept 14 1923.




200

240
225
320

[ V o l. 118,

125

Capital.
H averhill—
$
Essex Nat Bank___
100,000
First National Bank
200,000
Haverhill Nat Bank
200,000
Merrimack Nat Bk
240.000
Haverhill Trust C o .
200.000
H oly ok e—
City National Bank
500.000
Holyoke Nat Bank.
400.000
Park National Bank
100.000
Hadley Falls T r Co
500.000
L aw rence—
Bay State Nat B k .
600.000
Arlington Trust Co
200,000
200,000
Lawrence Trust Co
300.000
Merchants’ T r Co
L ow ell—
Appleton Nat Bank
300.000
Old Lowell Nat Bk.
200.000
Union Nat Bank_
_
350.000
Wamesit Nat Bank
250.000
_
Lowell Trust C o _
240.000
Middlesex Nat Bk
200.000
L ynn—
Central Nat Bank.
200,000
Manufac’rs Nat Bk
200,000
National City Bank
200,000
State N atlonal Bank
200,000
Essex Trust C o ____
250.000
Lynn S Dep A T Co
100.000
Sagamore Trust Co
125.000
Security Trust C o.
200.000
New B ed ford —
First National Bank
500.000
Merchants’ Nat Bk 1.000,000
Safe Depos Nat Bk.
350.000
P eabod y—
Warren Nat Bank.
200.000
Salem —
Merchants Nat B k.
200,000
Naumkeag Tr C o ..
250.000
Salem Trust C o _
_
200.000
S p rin gfield —
Chapin Nat Bank. .
500.000
Chicopee Nat Bank
500.000
500.000
Springfield Nat Bk.
Third Nat Bank_
_ 1,000.000
Commercial T r C o.
350.000
Springfield S D A T
500.000
60 ono
0
TTnioD Trust. Co
150.000
West Springfield Tr
T a u n to n —
200.000
Machinists’ Nat Bk
Bristo ]County T r.
300.000
W orcester—
200.000
Mechanics’ Nat Bk
Merchants’ Nat Bk 1.500.000
300,000
Bancroft Trust C o .
Worcester Bk T r Co 1.500.000
M ICHIGAN— National banks
Bay C ity—
350.000
Bay C ity Bank___
150.000
Bay Co Savs B k _
_
First Nat Bank____
300.000
People’s Commer
cial A Sav Bank.
400.000
D etroit—
Amer State B a n k ..
Bank of D etroit_
_
Commercial St S Bk
Com ’wealth Federal
Savings Bank_
_
Continental Bank.
Detroit Sav B a n k ..
Dime Savings Bank
First National Bank
First State Bank...
Merchants’ Nat Bk
M ich St Bk of D et’ t
Nat Bk of Comm’ ce
Peninsular State Bk
People’s State Bank
United Savings B k.
W ayneCoHoSavBk
Amer Loan A Trust
Bankers Trust C o ..
Detroit Trust Oo__
Fidelity Trust C o ..
Guaranty Trust Co
Security Trust C o .
_
Unlon Trust C o _
G ran d R ap ids—
Com ’cial Sav Bank
Fourth Nat B a n k ..
Gr Rap Nat Bank.
Gr Rapids Sav B k.
Home State Bk for S
Kent State B a n k ..
Old National Bank.
People’ s Sav Bank.
Grand Rap Tr C o ..
Michigan Trust Co.
S aginaw —
Bank of Saginaw ..
Amer State B a n k ..
People’s Sav Bank.
Second Nat B a n k ..

1,500,000
2,000,000
1,000,000

Surplus <
& Oross
Deposits. Par.
Profits.
%
301,591 2,856,226
264,979 3,544,668
733,471 3.094.235
358.340 1,680,588
122,867 c3,437,161

100
100
100
100
100

428,132 4.068.235
504,644 9,910,194
116,451 1,614,352
367,148 c8,298,192

100
100
100
100

253,661
186,456
a246,976
404,337

4,920,279
6,434,205
9,706,115
8,254,119

308,924
250,000
870,731
173,063
114,698
122,023

1.443.429
5,000,000
4,090,385
684,943
2,875,636
4,561,824

530,944 5,484,602
239,983 4,813,556
298,126 5,135,725
39,758 1,470,343
410,625 3,004,454
433,012 3,932,770
9,094 1,258,647
434.341 8,278,546
843,396 10,604,024
1,787,918 8,272,689
706,257 7,578,638
204,907

2,703,541

324,183
356,837
50,000

3.627.429
5,341,210
1,524,067

600 ,745
942 ,109
1,045 ,966
1,738, 875
ol83, 078
1,547 556
1,738 ,787
85 ,464

,725,014
,515,276
,394,785
,680,984
,015,157
,126,605
,587,936
,228,846

199,353
173,042

1,517,211
3,781,402

Bid.

A lt

Per sha*%
150
150

Per
122
207
132
155
Per
180
142
150
185
Per
xl30
130
250
115
110

150
115
share.
211

165
sfitre.
190
148
160
190
Shtyre
135
10C
100
135
275
IOC.
100
120
100
115
150
100
Per share
250
100
100
150
100
160
100
90
100
200
100
380
95
100
100
225
Per share.
lot 300
10C
225
100 320
Per share
120
120
10(
Per share.
88
88
50
100
175
175
100
......... 100
100
100
100
100

150
230
265
280
100 115
100
300
100
470
100
100
10C
100

Per share.
100
100

120
Per share.
100 325
10 197 205
0
125
100
215
too 208
Mar. 31.
State institutions
Per share
200
4,895,056 100 170
5,381,229 100
5,083,317 100

726,946 13,191,662
1,082,573 24,907,468
91,185 2,031,244
1,769,038 29,329,892'
Mar. 31;
261,910
200,589
334,866
670,191

9,694,657

100 200
Per
179
148
118

300
share
180
151
125

772,967 26,021,251
762,183 c36256,142
217,995 c4,993,294

100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
ion
100
100
100
100

132
135
_ _ - ' 100
265
300
301
283
125
195
—

160
210
130
250
150

750 ,000
700 ,000
1.500 ,000
1.500 000
5.000 000
2.500 000
2.000 ,000
250 000
1.500 000
2.500 000
5.000 000
750 000
4.000 000
500 000
500 000
2.000 000
500 000
300 ,000
1,000 000
2,000 000

255,498
140,000
.320,825
:,968,207
,602,904
860,359
,615,702
48,734
,358,663
,707,225
,390,587
286,191
75,584
316,356
,293,512
103,885
257,910
,780,242
,380,731

c ll3 0 1 ,099
c2,713,103
33,142,582
c47 283 043
82,871,816
cl5 863 224
20,435,593
3,365,321
37,285,771
c36930,932
C121394798
clO 440 452
c87 855 315
01,537,205
026,386
08,657,696
0835,800
0678,663
04,846,758
10,694,361

300.000
300.000
1.000,000
500.000
250.000
500.000
800.000
200,000
300.000
1,000,000

109 229
349 924
561 116
563 377
62 500
1,229 219
1,316, 154
131 179
254. 821
345 898

c2,938,599
4,592,177
10,676,037
cl6 884 447
c2,539,789
cl4 572 616
11,103,419
c2,477,407
0360,586
01,009,328

100
100
100
100
100
100
100
100
100
100

1,000,000
200.000
100,000
1,000.000

750,421
209,592
100,777
1,205,375

C17948821
c5,108,695
c3,010,158
12,745,051

100
100
100
100

233
212
410
225
365
107
150
328
155
316
215
t'er
150
200
120
240
140
285
205
155
200
195
t'er
19734
215
225
240

238
415

330
160
____

2i5
165
250
205
share
200
220
235
250

M IN N E S O T A — N a t io n a l b a n k s M a r . 31; S ta te i n s t i t u t io n s M a r . 31.

Duluth—
A Tier Exch Nat Bk
Bk of Com ’ce & Sav
C ity National Bank
Duluth Nat B a n k ..
First National Bank
M innesota Nat Bk
of Duluth______
N or them Nat Bank
M inneapolis—
Bankers Nat BankFirst National Bank
HenneplnCoSavBk
Marquette Nat B k.

$
$
$
2,000,000 1,307,585 12,490,411
38,673
866,299
200,000
529,506 5,363,308
500,000
200,000
78,265 1,478,125
2,000,000 2,220,960 16,156,226
600,000
1,000,000

143,604 3,133,644
441,684 5,442,761

800,000
151,451 2,050,021
5,500,000 5,332,649 76,201,413
221,240 9,766,080
500,000
47,000 1,200,000
200,000

100
100
100
100
100

Per share.
180
105
110
210
145
225

100 135
100 190
Per share.
100
100 245
250
100
250

a Dec. 31 1923. "Includes tru«t deposits.
» M ar. 31 1924.
« Includes savt Ex rights, r March 31 1924
« N ov. 7 1923.
a Nominal.

J une, 1924.]

BANKS AND TRUST COMPANIES

59

M 1NNESOTA (Concl.)— Nat. banks Mar. 31; State institutions Mar . 31.
Surplus &
Gross
Capital.
Profits.
Deposits. Par. Bid. Ask.

M ONTANA— National banks Mar. 31; State institutions Mar. 31.
Gross
Surplus <
4
Ask.
Capital.
Deposits. Par. Bid.
Profits.

M in n ea polis (Co
Mercantile State Bk
Merch A M fg St Bk
M etrop Nat Bank.
Midland Nat Bank
Minneapolis Tr C o.
Northwest Nat Bk.
Union State Bank.
Marquette Tr C o ..
Minn L’n A Tr Co
Wells-Dickey Tr Co

n.) $
$
$
83,102 2,041,862
300,000
100,000
75,000 1,800,000
500,000
193,230 6,632,406
574,837 16,028,128
1,000,000
990,854 7,666,115
1,000,000
4,000,000 2,517,805 67,891,728
100,000
80,000 2,250,000
200,000
50,000 2,000,000
1,000,000 1,442,102 12,307,960
500,000
207,557 4,735,682

B utte—
First National Bank
Miners 8 B kATr Co
Metals Bk A Tr Co
H elena—
American Nat Bank
Nat Bk of Montana
Montana Tr A S Bk
Union Bk A T r Co

St. P aul—
American Nat Bank
Capital Nat Bank.
First National Bank
Merchants’ Nat Bk
*Jat Exchange Bank
St Paul State Bk
Payne A ve State Bk
*tcek Yards N at B1
Twin Cities Nat Bk
* Cent T r A Sav Bk
Merch T r A Sav Bk
Northwestern Trust
W abash Nat Bank.

205,387 5,769,536
400.000
1.000,000
403,389 15,369,237
3.000.000 3,530,907 46,844,935
2,000,000 2,174,772 36,504,311
156,262 4,272,782
300,000
100,000
45,169 1,810,629
120,000
45,406 1,445,948
350.000
60,579 3,780,188
200,000
56,645
833,641
501,596
200,000
e54,216
500.000
408,450 6,773,019
1,000,000
253,096 1,459,805
200,000
17,017 1,118,231

Per
100 95
100
100 135
100 165
100
100 230
100
100

100
100
100
100
100
100
100
100
100
100
100
100
100

share.
105
175
142
175

%
300.000
200.000
400,000

%
$
736,667 8,771,586
88,148 1.184,352
343,916 9,944,398

Per share.
100

200,000
239,946 3,261,046 100
240
180,495 2,597,758 100
250,000
200
117,285 1,748,264 100
150,000
200
316,065 2,641,934 100
250.000
NEBRASKA— National banks Mar. 31; State institutions Oct. 4.
L in c o ln —
Per
Per share.
Central Nat Bank
168,553 3,096,136 100
200,000
150
160
City National Bank
111,017 3,151,794 100
500.000
105
130
First National Bank
540,871 8,139,213 100
525.000
First Savings Bank
115,685 2,193,296 100
105 000
230
240
Nat Bk of Com m ’ce
300.000
271,802 3,910,802 100
132
128
LincolnStateNatBk
6,500 2,489,469 100
200.000
150
160
Om aha—
150
160
Corn Exch Nat B k.
300.000
173,598 3,040,443 100 175
100
125
First National Bank 1,250,000
871,420 22,877,482 100 200
100
110
Live Stock Nat B k.
72,537 4,428,569 100
650,000
100
110
Merchants’ Nat Bk 1,000,000
732,533 10,824,939 100 120
Omaha Nat Bank . 1,000,000 1,247,072 23,175,937 100 325
Packers Nat Bank.
179,055 3,917,427 100 180
200,000
50
65
Peters Nat Bank _
200,000
97,238 2,002,308 100 175
Stock Yds Nat B k.
691,770 8,335,361 100 220
750,000
Mar. 31.
_
State Bank_ ____
300,000
123,481 5,048,813 100 150
Per share• U S National Bank 1,100,000
830,828 18,218,188 lo o 265

M ISSISSIPPI— National banks Mar. 31; State institutions
J a ck son —
Capital Nat Bank
294,484 3,703,211 100
200,000
267,999 2,479,216 100
100,000
110,015 2,306,097
Jackson-State N Bk
200 000
Merch Bk A T r Co
330,103 6,290,264
250,000
V icksburg—
tPer
25
25
Amer Bank A Tr Co
17,088 1,541,694
150,000
523,643 100 100
52,707
Citizens’ Nat Bank
100,000
241,962 2,791,356 100 165
First N ational Bank
300,000
Merchants’ Nat Bk
302,906 1,582,870 100 225
250,000
N at C ity Sav Bk A
57,270 2,557,189 100 210
Trust C o _____
100,000
Nat Peop S Bk A Tr
100,000
144,273 1.998,474 100 210
M ISSOURI— National, banka Mar. 31: State institutions Mar. 31.
Per
n a n sa s C ity—
207,956 3,673,316 100 300
100,000
City Bank of K C _ .
107,152 3,223,971 100 100
Columbia Nat Bank
500,000
147,988 5,219,910 100 135
Liberty Nat Bank.
500.000
180,903 8,686,875 100 110
Drovers’ Nat Bank 1,000,000
First National Bank 1,000,000 3,392,124 40,465,876 100 600
200,000
100,596 4,152,789 100 175
Cate City Nat B k .
Interstate Nat B k.
500,000 1,071,812 7,865,839 100 450
40,600 1,894,080 100 110
200,000
Main Street Bank.
68,960 1,910,425 100 200
200,000
Merchants’ Bank .
Mutronolitan Bank.
110,305 2,004,605 100 200
100,000
Missouri Sav As Bk
100,000
150,000 4,057,936 100 1000
837,495 100 140
45,371
100,000
Mutual Bank_____
542,823 13,603,794 100
New Eng Nat Bank 1,000,000
100,000
115,243 2,178,694 100 325
Produce Exch Bank
200,000
124,831 4,93S,968 100 225
Traders’ Nat Bank.
158,265 2,495,748 100 210
•stock Yds Nat B k.
300,000
55,037 1,449,463 100 125
150,000
Onion State Bank.
164,223 2,502,030 100 200
Western Exch Bank
250,000
100,000
63,690 1,370,679 100 175
Westport Ave Bank
Commerce Tr C o .. 6 000,000 2,417,682 76,188.126 100 200
Federal Trust C o ..
200,000
42,259 1,194,894 100
fid elity N Bk A Tr 2,000,000 1,086,704 23,268,102 100 165
101,382 4,446,605 100 150
Home Trust C o____
300,000
129,382 2,137,131 100 300
200,000
Mercantile T r C o . .
500,000
45,579 6,693,895 100 175
Peoples Trust Co
400,304 3,326,649 100 275
Pioneer Trust C o .
267,500
fidelity Savs T r Co
250.000
215,811 5,136,775 100
Walton Trust C o ..
250,000
270,059 2,116,339 100 200
c Per
8 t. Joseph—
200,000 H 315,159 7,629,861 100 350
American Nat Bank
187,374 4,412,811 100
200,000
Bumes Nat Bank.
460,176 6,411,133 100 175
500,000
First National Bank
350,000 r l9 5 .392 3,602.074 100
St Jos Stk Yds B k.
200,000
220,994 6,237,789 100
Tootle-Lacy N Bk
100,000
193,610 3,615,220 100 200
Bartlett Trust C o ..
200,000
Empire Trust C o ..
59,097 2,490,812 100 150
100,000
123,343 2.427.580 100 175
First Trust C o ____
100,000
Missouri Val Tr Co
95,500 1,775,700 100 175
Per
St. L ou is—
100.000
130,110 1,958:709 100 200.
Baden Bank______
Boatmen’s Bank_
_ 2,000,000 1,170,872 21,514,231 100 143
Bremen Bank_____
200,000
800,000 6,000,000 100 400
200,000
216,503 4.255,784 100 260
Cass Avenue Bank.
First. National Bank 10,000,000 6,548,OSS 112113078 100 199
Franklin Bank____ 1,000,000
391,371 10,664,608 100 138
Grand Ave B a n k ..
200,000
103,000 2,801,527 100 200
274,093 7,340,022 100 150
Interoat Bank St L 1,000,000
200,000
218,123 4,102,627 100 247
Jefferson Bank____
200,000
Jeff-Gravois Bank.
154,870 3,568,766 100 170
994.887 22,142,569 100 316
Lafayette So Side Bk 1,000,000
200,000
106,791 3,276,477 100 150
Lowell Bank______
Manchester Bank. .
500,000
206,531 5,177,158 100 175
Merch Laclede Nat 1,700,000 1,814,626 19,288,604 100 262
Missouri Nat Bank.
200,000
31,000 1,600,000 100 115
Nat Bank of Comm 10,000,000 4,173,664 61,073,880 100 138
Republic Nat B k .. 1,000,000
3,385 1.811,797 100
S cru g g s, Y an d ervoort Barney B k.
200,000
69,802 1,523,724 100
Security Nat Bank
Savs Trust C o___
250,000
50.000 3,984,515 100
119,787 3,161,652 100 160
South’ n Com A Sav
200,000
St Louis Nat Bank
200,000
34,267 2,242,115 100 115
State National Bank 2,000,000 1,123,865 14,692,882 100 166
Tow er Grove Bank
200,000
187,396 6,269,322 100 250
nuited States Bank 1,000,000
700,000 7,762,683 100 140
W ater Tower Bank
200,000
94,833 1,418,523 100 140
American Trust Co 1,000,000
513,888 10,934,957 100
200,000
B’way Sav Tr C o ..
89,448 1.681,743 100 130
Chouteau Trust Co
200,000 r lll.8 6 3 1,542,000 100 150
r90,420 1,800,477 100 115
C ity Trust C o . ___
200,000
200,000
34,540 1,573,370 100 110
■aston-TaylorTrCo
129,180 5,243,496 100 180
F tim A Mer T r Co
400,000
89,364 1,711,301 100 140
200,000
Laclede Trust C o ..
Liberty Cent T r Co 3,000,000 1,071,675 34,072,202 100 110
Mercantile T r C o .. 3,000,000 7,806,743 58,643,856 100 395
Miss Vail Trust C o . 3,000,000 5,132,060 26,489,046 100 259
200,000
65,000 1,750,000 100 135
Mound C ity Tr Co
200,000
71,511 2,800,121 100 130
Nor St Louis T r Co
648,821 8,370,644 100 180
500,000
Northweet’n T r Co
200,000
82,094 2,376,769 100 150
Savings Trust C o ..
200,000
94,315 2,449,977 100 175
South Side T r C o . .
200.000 rl00,054 2,636,000 100 150
West St L Trust Co

share.

share.
102
150
125
650
200
500
120
205
205
145
200
350
250
225
150
225
215
202
1/5
155
190
280
210
share.
1200
200
350
160
200
200
shave.
146
275
200
160
175
160
265
140
65

160
125
150
150
155
140
155
125
150
115
400
262
145
190
190
160

share.
1170

135
215
125
150
340
200
240
275

NEW HAM PSHIRE— National Banks Mar. 31; State institutions May !•
M anch ester—
rsr share Amoskeag Nat B k.
708,697 3,807,515 100 350
200,000
First Nat ional Bank
239,835 1,358,267 100 200
150,000
Manchester Nat Bk
367,184 2,476,413 100 250
150,000
Merchants Nat B k.
150,000
66,954 1,621,073 100 135
N ashua—
50 000 3 311 843 100
s200 000
Indian HeadNatBk
100,000
291,351 3,053,791 100 200
250
Nashua Trust C o ..
272,582 4,082,628 100 150
200
200,000
Second Nat of Nash
150,000
250
253,508 3,547,846 100 250
State institutions Mar. 31.
NEW JERSEY— National banks Mar. 31;
A sbu ry Park—
Asb Pk A Oc Gr Bk
Merchants Nat Bk.
Asbury Park T r Co
Seacoast Trust C o.
A tla n tic C ity—
AtlanticCity NatBk
Boardwalk Nat Bk
Chelsea Nat Bank.
Second Nat B an k ..
Union Nat B a n k ..
Atlantic S DA TrCo
Chelsea Safe D A Tr
Guarantee Trust Co
Equitable Trust Co
Marine Trust C o ..
B av on n e—
Bavonne Trust C o.
Mechanics’ Tr C o ..
B rid g eton —
*
Bridgeton Nat B k.
Cumberland NatBk
Farm A Mer NatBk
Cumberland Tr Co
C am den—
Camden Nat Bank.
First Nat State Bk.
Camden S D A T Co
Broadway Trust Co
Central Trust C o ..
East End Tr C o _
_
Merchants’ T r C o Parkside Trust C o.
Security Trust C o.
West Jersey Tr C o.
East O range—
East Orange Bank.
Sav Inv A Trust Co
Essex County TrCo
E liza beth —
Elizabethport B Co
National State Bk.
Peoples Nat Bank.
Cent Home Tr C o.
Elizabeth Trust Co
Union Co Trust Co
H ob ok en —
First National Bank
Franklin Nat Bank
Second Nat Bank .
Columbia Trust Co
Hoboken Trust C o.
Hudson Trust Co .
Jefferson Trust C o.
Steneck Trust C o ..
Jersev C itv—
Bergen N at’l Bank.
Claremont Bank . .
First National Bank

200,000
100,000
150,000
175.000
200,000
200,000
200,000
250,000
100,000
300,000
100,000
600.000
200,000
200,000

700,661 7,160,393
336,709 1,261,624
530,634 4,199,452
206,964 3,780,000
220,060 1,828,431
r507,706 5,157,147
77,386 1,151,103
657,286 5,128,391
296,234 3'l41,582
376,909 3,791,114

300,000
500,000

250,715 6,811,959
429,728 9,337,334

100,000
150,000
150,000
150,000

310,922
571,504
166,495
216,270

Per share

765,487 5,015,723
63,036 1,684,627
170,931 2,220,647
285,718 4,019,398

100
100
100 500
100
100
_
_
I6u
100 200
50 120

2,163,807 ___ ,
2,727,985 100
1,246,143 100
1,688,269 ____

100,000
423,656 6,453,484
850,000 1,079,052 14,357,009
500,000 1,179,974 10,234,149
250,000
350,469 4,049,300
436,615 3,205,531
100,000
103,512 1,544,163
100,000
293,617 2,878,581
200,000
174,264 2,034,271
100,000
401,080 4.098,210
100,000
396,358 3,300,175
200,000

100
100
25
100
25
100
100
100
100
100

407
550
226
310
Per
*400
*300
*120M
*252
*106
*200
*250
*250
*300 M
*225

100
100 160
100 250
100 325
Per
5,261,907 100 200
10,678,934
50 *95
2,323,453 100 135
6 54,406 100 130
4,000,000 100
9,933,679 100 320
Per
25
95
11,106,159
940,102 100 125
6,969,078 100 150
1,663,226 100 160
4,476,635 100 250
29,229,955 100 350
6,547,428 100 190
6,920,694 100 210
Per
1,585,488 100 135
7,530,886 100 1250
13,886,198 100 215
4,492 462 100 180
42,195.468 100 *260
6,293,794 100 220
5,283,546 100 tis o
8,900,837 100 4200
20,661,608 100 350
42,929,478 100 4350 '

100,000
150^000
500,000
300,000

rl3,139
564,828
rl22,431 3,168,257
553,056 12,276,926
436,235 8,270.732

250,000
700.000
200,000
200,000
500,000
400,000

325,360
783,699
66,277
50,000
r302,000
512,779

500.000
200,000
700,000
100,000
200,000
1,000,000
400,000
500,000

1,081,143
51,557
175,279
85,332
303,429
1,661,083
r223,558
356,386

52,670
250,000
310,009
200,000
1,000,000 1,742,213
202,683
200 000
Commercial Tr N J 2,000,000 2,235,511
312.589
200,000
Greenv Bk A Tr Co
539,198
600,000
Lincoln Trust C o ..
320,000
200,000
Mercantile Tr C o ..
N J T G u A T r C o. 1,300,000 1,204,349
Trust Co of N J . . 2,000,000 2,626,296
Union TrA Hudson
975,233
750,000
Co Nat B k_____
L ong B ran ch —
228,000
100,000
Citizens’ Nat Bank
150,133
150,000
LongBranchBkgCo
M orristow n—
328,891
200,000
First National Bank
174,532
200,000
National Iron Bank
98,349
150,000
American Trust Co
732,835
600,000
Morristown Tr Co
Mt. H olly—
85,866
100,000
M t Holly Nat Bank
192,611
100,000
_
Union Nat Bank_
119,559
200.000
Farmers’ Trust Co.
161,017
100,000
M tH olly S D A T r .

16,349,867
1,855,000
1,887,605
4,090,994
4,516,478
1,496,775
7,593,992
729,936
1,419,491
992,460
639,763

130
407
550
226
310
share

____ _

shore.

150
share.
ion
135
100

share
230
275
_
_„ _ _
__

100 260

270

100 315
50 200
Per
100 1240
50 I 87J4
100 1140
100 1205
Per
25
39
50 135
100 120
100 135

320
220
share.

share
40
150
125
150

* Sale price, c Nominal quotations g Amount paid in. k New stock, x Ex-dividend.
y Capital to be increased.
n Including Fidelity
Sav. & Tr. stock. I Last sale, r Dec. 31 1923. s Guaranty Fund, a Includes M inn. L. & Tr. stock,
b Includes Minneapolis Trust Co.
t ncludes Merch. Tr. A Sav. Bank, t Approximate price, z D o no commercial banking.




60

NEW Y O R K — (C o n tin u e d )

NEW JE R SE Y — (C o n clu d e d )
Capital.

Surplus
Gross
A Profits. Deposits. Par.

Newark—
S
$
$
921,157 13,639,596
American Nat Bank
500,000
583,888 7,707,764
Br’d A Market N B
200,000
M e i A M f r ’s N B . . 1,350,000 1,777,887 13,042,607
204,515 2,264,042
M utual Bk of Rosev
200,000
NatNewarkAEssex
1,593,906 29,226,594
Banking C o _____ 2,500,000
949,509 6,044,885
National State B k .
500,000
855,902 10,088,861
400,000
North Ward Nat B
269,161 3,957,946
C ity Trust C o _____
200,000
501,148 6,544,157
Clinton Trust C o ..
200,000
Federal Trust C o .. 1,500,000 2,413,831 18,394,979
Fidelity U nion Tr Co 5,250,000 4,657,982 58,132,862
601,871 12,715,166
Ironbound T r C o ..
500,000
116,939 2,416,234
200,000
Liberty Trust C o ..
52,268 1,904,850
Newark Trust C o ..
zOO.OOO
339,217 6,411,362
Bpr’gf’ld Ave Tr Co
200,000
68,175
953,073
vallsburg Trust Co
200,000
293,363 2,731,958
Washington Tr C o .
200,000
134,976 2,108,602
200,000
Weequahic Trust Co
564,996 8,745,078
West Side Trust Co
600,000
New B runsw ick
Citiz Nat Bk of N B
iNat Bank of N J . .
People’s Nat Bank.
M iddlesexTGATCo
New Brunsw Tr Co

100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100

212,128
500,000
200.000
100,000
300,000

42,421
414,965
938,836 10,920,137
248,151 3,383,232
99,118 1,729,999
276,878 4,230,462

100
100
100
100
100

Passaic—
Merchants Bank.
100,000
Passaic N Bk & T r Co l.o o o jo o o
Hobart Trust C o ..
io o !o o o
400,000
People’ s Bk & T r Co

143,436 1,842,240
1,810,838 18,279,474
'319,254 3,628,240
824,748 7,509,556

844,021 6,813,220
500,000
916,341 12,609,402
1,200,000
775,410 11,180,944
750,000
317,306 2,110,454
500,000
1.000,000 e l,569,860 22,085,836
649,776 8,143,260
500.000
347,287 2,595,618
150,000
541,248 9,038,790
600,000
350,000 1,220,150 15,286,141

100
100
50
100
25
100
100
100
100

Bid.

As*.

Per share.
300
325
240
170
.........
270
280
370
250
325
350
330
350
150
175
320
240
170
350
Per
125
300
250
175
225

____

125
—
share.
140
310
275
195
250

100
100
100
100

P aterson—
First N ational Bank
Paterson Nat Bank
Second Nat B a n k ..
Nat Bank of Amer.
Paterson Sav Inst
Citizens’ Trust C o .
Franklin Trust C o .
Hamilton Trust Co
U S Trust C o _____
P la in field —
City National Bi___
First N ational Bank
Plainfield Trust Co
State Trust C o____

Per share.

5,912,676
5,059,227
10,078,293
2,758,437

T re n to n —
776,995 8,450,634
Broad St N a t ____ .
250,000
124,897
994,174
150,000
Capital C ity Tr C o .
500,000 1,028,967 11,512,667
First National Bank
86,215 2,355,073
Hanover Trust C o .
200,000
Mechanics’ Nat Bk 1,000,000 1,599,956 16,627,922
99,547 10,699,919
Trenton Bank’g Co
500,000
119,669 2,839,111
100,000
Colonial Trust Co
457,732 5,877,152
Mercer Trust C o ..
200.000
finn onn
886,000 8,440,318
P^enton Trust C o ..
26,453 1,201,653
Wilbur Trust C o _
_
100,000

100
100
100
100
50
50
100
100
100
100

Albany—
First N ational_____
Mech & Farm ers..
N atCom rBkATrG
N Y State Nat Bk
Albany Trust C o . .
A u b u rn —
Cayuga Co N _____
Nat Bk of A uburn.
Auburn Trust C o ..
B in gh a m ton —
Citizens Bank____

150,000
200,000
500,000
100,000

284,443
202,990
620,893
137,328

Per
450
275
215
190
140
330
275
280
485

906,965 8,899,504
600,000
250,000 1,135,970 2,625,627
1.250,000 3,148,443 32,010,278
1,250,000 1,821,965 35,971,612
658,971 9,990,961
400,000
200,000
200,000
150,000

326,127 2,772,336
197,9811 3,732,936
354,563 5,638,476
80,036
479,702,
499,588
406,810

B rook lyn — State Bank A Tru
Nat. banks
200,000
200,000
500,000
400,000
Globe Exchange Bk
Greenpoint Nat Bl
200,000
Mechanics’ Bank.
1,600,000
Montauk Bank_
_
200.000
Municipal B a n k ..
400,000
Nassau Nat Bank.
1,000,000
People’s Nat Bank
200,000
West End B a n k ..
200,000
1.500,000
Brooklyn Trust Co
Kings Co Trust C o .
500,000
Manufact’rs’ T r Co 5,000,000
M idwood Trust Co
700,000
People’s Trust C o . . 1,600,000

st Co. retur
Mar. 31.
231,200
89.100
1,086,000
183,931
445,700
2,231,609
147,000
284,172
1,716,800
392,500
167,820
3,622,600
3,685,948
5,112,416
315,548
3,338,904

B u ffa lo —
Liberty Bank.

2,000,000
2,000,000
People’s Bank
1,000,000
South Side Nat B k.
300,000
Buffalo Trust C o .. 2,000,000
Fidelity Trust C o . . 1.000,000
Marine Trust C o .. 10.000,000
E lm ira—
Merchants’ N ___
Second Nat B a n k ..

325
200
300
185
255
160
225
250
220
140

_____

onal banks (except New York City) Afar. 31.
State institutions Mar. 20 1924.

150,000
200,000
400,000
600,000

People’s Trust C o ..

share.
460
300
225
205
150
350
300
290
510
1200
1230
1225
1175

100
100
100
100

NEW Y O R K -

[V ol. 118.

BANKS AND TRUST COMPANIES

250,000
400 000
600,000

2,719,006
2,519,828
1,097,807
149,862
2,136,871
1,551,260
13,629,828

2,093,156
5,245,837
7,268,751
7,053,858

100
100
100
100
100

Per
230
500
350
225
200

100
100
100
100

Per
120
275
190
160

5,664,900 100 160
999.300
14,671,300 100 395
3,313,210
3,212,500
200
41,221,108
50 143
3,883,800 100 180
8,447,522 100
16,682,400 100 250
6,729,900 100 260
3,803,562 100 170
41,559,000 100 495
29,639,416 100 1000
102934460 100 285
4,228,674 100 140
54,603,595 100 415

202,488 2,801,389
851,236 7,996,288
754,383 8^469,068

100
100
100
100
100
100
100

Per
307
265
250
190
305
274
261

te Mar. 20 1924.
2,500, 0001 1,478 ,919 26,122,881
Oi
4.000, O O 12,361 ,353 77,535,256
20,000, 000!24,912 ,684 306302 112
12,500, 000|23 825 ,964 200352 928
2.000, 000; 1,860 ,848 47,631,910
23,000, 000 10,659 486 336884 603
5,000, 000 16,785 ,616 124978 199
2,000 000 2,042 ,026 22,284,352
838 ,098 9,647,066
500, 000
25,000 000 18,709 ,881 466595 312'
916 ,918 10,411,814
700, 000
17.500 000 11,477 ,161312936417

149

Jamaica, L. I .—
First National Bank

510

420

R och ester—
Lincoln-Alliance Bk
Merchants’ B a n k ..
Nat Bk of R och
Central Trust Co__
Genesee Vail Tr Co
Roch Tr A S D C o .
Security Trust C o.
Union Trust C o _
_

share
315
275
260
200
315
280
265

Syracuse—
C ity Bank Trust Co 2.500.000
200,000
Liberty Nat Bank
Merchants’ Nat Bk
300.000
Salt Springs Nat Bk
800.000
Third Nat Bank___
300,000
First Tr A Dep C o . 2.500.000
Syracuse Trust C o . 1.500.000

Per share.
170

295

Per share.
100 200
100
100

Bid

Ask.

— Deposits N . 7 . City banks are repo rted net and
y 31 1924. Surplus an d profits ar > of date M ar. 31
and Mar 20 ’ 24 for Stat e banks. A Ai ft dead re c o r d
trust comp anies in N ew York Ci ty an d Broo k ly n
our “ By. and Ind." Sec., page 231
Per s h a r e
%
Am Exch Nat Bank 3.000.
309
000 ,445 100380000 100 303
7,880
Amer Union Bank.
279,775
98 ,759 a2,739,978 100 165
Bank of A m erica.. 6.500.000 5,604 ,717 87,100,000 100 214
219
Bank of Europe___
415 ,354 a8,064,126 100
450.000
162
Bank of Manhat Co 10,000.000 13,943 ,835 136398 000
50 159
205
Bank of U S _______ 2 000.000
835 ,442 a5O3O2 590 100 195
Bk of Wash Heights
401 ,468' 7,654,000 100 200
200.000
Berardinl State B k .
737 ,9001 a713,500
150.000
100
Bigelow State Bank
26 ,500 a910,600
100.000
Bowery Bank_____
864 ,062! 4,807,000 100 525
250.000
Broadway Cent Bk
101 ,830 a4,637,755 100 160
200.000
Bronx Borough B k.
434 ,444 a5.717,382 100 200
150.000
Bronx Nat B an k..:
91 ,100 03.861,500 100 145
200.000
214 ,316 a2.367,078 100 160
Bryant Park Bank
200,000
132
Capitol Nat Bank
2.000. 000 657 ,200 <713950 000 100 126
345
Chase Nat Bank___ 20.000,000 24,071 ,600 342008 000 100 340
172
Cent Mercantile Bk 1.500.000
87 ,385 a2,729,087 100 hl65
Chatham A Phenix
258
National Bank_. 10.500 ,000
183.700 151643000 100 253
16 )
Chelsea Exch Bank 1,000 .000
290,856 al2526 212 100 150
557
876,744 104118000 100 547
Chemical Nat Bank 4.500 ,000
225
Coal A Iron Nat Bk 1.500 000
350.100 14.680.000 100 218
Colonial Bank_____ 1,000 ,000
302.300 25.007.000 100 400
260
005,111 11.565.000 100 250
Commonwealth Bk
600 ,000
185
Continental Bank- 1,000 ,000
986.708 6.329.000 100 175
455
082,582 199390000 100 445
Corn Exchange Bk. 10,000 000
128
110,600 r4,955,700 100 118
Cosmopolitan Bank
200 000
206
371.300 29.874.000 100 198
East River Nat Bk. 1.500 000
219,117 r2,443,912
Federa’n Bk of N Y
250 000
1325
735.708 22.154.000 100 1200
Fifth Avenue Bank
500 000
255
168.400 18.349.000 100 245
Fifth National Bk. 1,200 .000
1475
Flrst National Bank 10,000 ,000 60 124.100 196834000 100 1455
Franklin Nat Bank
405.100 02.805.200
800 ,000!
290
Garfield Nat Bank. 1,000 ,000! 1 670,000 15.616.000 100 280
160
764.400 016165000 100 150
Gotham N at Bank
1.500 ,000!
Grace N at Bk of N Y 1,000 ,000 1 639,368 6.221.000 100
400
Greenwich Bank___ 1,000 000 2 386,283 21.596.000 100 360
185
314.200 04.479.200 100 175
Hamilton Nat Bk . 1,000 ,000
815
Hanover Nat Bank 5.000 ,000 22 422,900 96.830.000 100 800
Harriman Nat B k . 1.000 ,000 2 155,803 036552 075; 100 360
62,400 0995,100
Lebanon Nat Bank
250 000
Liberty Nat Bank.
113.700 05.738.600
500 ,000
Meehan & Metals
I
385
National B an k .. 10,000 ,000 16, 589.400 15496500o| 100 375
669,074 al4S58 936: 100 390
415
Mutual Bank_____
500 ,000
145
509.700 04,182,800, 100 135
Nat American B k . . 1,000 .000
150
68,700 4,517,000
Nat Butch A D rov.
500 .000
25 140
320
Nat Bk of Com m ’ce 25.000 ,000 39 308.100 286300 000; 100 315
363
National City Bank 40.000 ,000 52 885,972 649115000 100 358
425
Nat Park B a n k .. . . 10.000 ,000 23 756.100 1296S0 000; 100 415
333,500 a9,870.300 100 150
160
New Netherland Bk
600 ,00ui
Pacific Bank____ . 1,000 ,000! 1 735,869 30.174.000 100 300
36,300 a l , 534,200 100
Penn Exchange B k .
200 ,0001
60,979 a2,218,136 100
Peoples Comrn'l Bk
100 ,000
365
Public Nat B an k.. 4.000 ,000: 5 406.200 097524 300 100 358
410
Seaboard Nat Bank 4.000 ,0001 7 462,600 84.882.000 100 400
95
15,500 03.250.200 10C
85
Seventh Ave NatBk
400 ,000
200
117,988 a95667 239 100 185
Standard Bank____
200 ,000
375
661,458 91.313.000 100 365
State Bank_______ 3.500 .000
277,375 a8,008,997 100 265
280
Twenty-third W Bk
250 ,000
460,800 06.795.600
United Nat B kinN Y 1.000 ,000
089,806 o28321905
Y orkvilleB ank____
200,.000

410

share.
130
300
200
170

Cross
Surplus
dk Profits. Deposits. Par.

New Y ork C ity
are ef date Ma
’ 24 for National
of banks and
may be found in

Trust Co. returns da
American Trust Co
Bk of N Y & T r C oBankers Trust Co . _
Central Union Tr Co
Empire Trust C o . .
Equitable Trust Co
Farmers’ L A Tr Co
Fidelity Inter Tr Co
_
Fulton Trust C o _
Guaranty Trust Co
Hudson Trust C o ..
Irving Bk Col T r .
Italian Discount A
Trust C o _______
Lawyers’ Title &
Trust C o _______
M etropolitan T r Co
New York Trust Co
Title Guar & T r Co
U S M tge A T r C o .
U S T r C o o fN Y ..

Per share.
100 ......... 1 210
lo o ------- 1 125
100 250
280

nsdate Mar 20;

41,236,035
42,522,777
21,622,820
4,340,864
42,441,214
20,276,750
122076568

share.
240
550
355
235
210

Capital.

T roy —
M anufac’rs Nat Bk
National City Bank
Nat St Bk of T ro y .
Union Nat Bank_
_
United Nat B a n k ..
Troy Trust C o ____

1.000.
6.000.
2.000.
10.000.
10.000.
3.000.
2.000.
200.000

000

100
100
100
100
100
100
100
100
100
100
100
100

7,356,252

200
320
362
394
one;
1370

325’
240
I— —
218

100 285
100 218

100

210
330
366
398
305
1390

|

100
p„

2,000,000 3,009, 390 44 ,050,296
628, 895 11 ,924.272
500.000
300. 000 22 ,000,000
1,200,000
465, 155 12 308,749
600.000
546, 415 11 ,153,395
400.000
1,000,000 1,643, 799 34 ,886,049
300.000 1,421, 546 22 ,534.466
888, 939 24 ,134,978
1.500.000

120
235
265
315
600
175
P er

1,301,978
72,872
383,075
458,818
240,897
1,822,524
1,166,667

500
363
,537
340
212
^625

530,865^ 7,532,605
100

000 5,701,572 19,970,144
100
000 4,085,625 40,781,998
100
000 18,342,732 198075 848
100
000 14,378,087 42,285,236
100
000 4,543,446 54,808,896
100
000 17,740,503 45,890,763
100
273,092

490
358
530
320
207
620
205
290
235
245
214

20,670,464
2,163,769
4,962,722
5,600,495
3,091,816
38,868,721
29,156,450

100
100
100
100

170
142
200
212
150
222
222

1,000.000 1,111,069 25,111,993
420,000 6,200,000
300.000
477,891: 4,551,866
250.000
341.2881 5,755,294
300.000
457,0391 882,047
240.000
153,398 3,707,290
200.000

100
100
100
so
100
100

310
150
220
60
300
130

P er

sh a re

295
225
130
250
275
325
185
sh a re.

175
150
205
220
160
225
230
sh a re.

325
160
230
70
310
140

•Saleprice, b Paid in. k Capital to be increased, x Ex-dividend, g M ar. 31 1924. e D ec. 31 1924. I Last sale
h New stock, t New
stock
o March 20 1924. y Ex-rights, r N ov. 15 1923. c Includes foreign branch deposits, u Book value, z In process of liquidation.




J une, 1924.]

NEW YORK (Concluded).
Capital.
U tica—
First Nat Bk A T r .
Oneida Nat B a n k ..
Utica City Nat B k.
Citizens’ Trust C o .
Oneida Co Trust Co
Utica T r A Dep C o .

Surplus &
Cross
Profits.
Deposits.

S
$
$
1.250.000 2,114,364 10,650,342
600.000 1,069,151 4,208,940
1 .000,000
243,055 4,785,135
1 ,000,000 1,194,731 16,504,042
250,000
506,968 2,586,934
1 .000,000
885,228 13,334,070

W atertow n—
C ity National Bank
Jef ferson Co N at Bk
Watertown Nat Bk
North’n N Y Tr Co
W estchester Co

OHIO— (Concluded).
Par.

Bid.

Ask.

Per
c280
237
88
245

share.
288
242
93
250

100
100
100
100
100
100 270

Norn.
_____1
275
225
310
Per

200,000
250.000
200.000
400.000

100
100
100
100

577,919 8,362,746
548,559 12,084,040

100
100

400 000
150,000
150,000
200.000
100,000
100,000

281,276
79,997
164,598
433,674
158,813
174,675

100
ion
100 140
100
100
100

100,000

Ossining Nat B k .
Peekskill—
Westches Co Nat
Pleasantville—
M t Pleasant Bk
Port Chester— 1st N
Mutual Trust Co
Rye— Rye Nat Bk .

75,224 1,668,639
559,805 4,365,983
292,842 3,628,056
829,271 8,605,643

200,000
350,000

M t Vernon Tr Co
New Rochelle—
Nat City B a n k ..
North A've Bank.
Huguenot Tr C o .
N Rochelle Tr Co

485,892 6,186,276

9,637,147
1,747,669
3,689,018
7,029,006
916,646
2,193,010

275
prices
125
285
235
320
8hare.

145

50

100 000
200,000
300.000
100 000
1C0.000

144,825
246,840
168,153
135,151
216,993

2,075,210
3,903,172
3,618,140
2,356,332
2,389,964

166
100 120
100
100

150,000
600,000
150,000
300,000

206,653
744,349
234,505
378,663

4,714,993
2,522,018
6,200,526
7,646,256

100
100
100
50

200 000
300.000
350.000

White Plains—
Citizens Bank .
W estTltleATr Co
County Trust Co
Tonkers— First Nat
Yonkers Nat Bk
A Trust Co .
WestchesT Tr Co
Yonkers Trust Co

124,307 4,461,461
695,593 9,549,834
129,279 4,597,249

130

100
100 210

C h a rlotte—
Charlotte Nat Bank
375,000
Commercial Nat Bk
500,00C
First National Bank
300,00C
Mer A Farm N B k.
200,000
Security Says Bank
100.000
Union Nat Bank_
_
200.000
American Trust Co 1 ,200,000
Independ’ce Tr Co
1 000.000

512,750
647,778
693,356
469,510
6,934
278,635
738,760
755,391

3,813,351
2,603,885
1,415,148
2,886,602
338,346
2,725,418
10,004,207
3,956,929

10C
106
106
10Q
106
100
100
100

Per
230
230
270
310
70
325
148
178

D urham —
Citizens’ Nat Bank
Fidelity Bank_____
First National Bank
Home Savings Bank
Merchants’ B a n k ..

124,383 1,330,292
800,472 5,471,167
536,962 3,933,919
90,000 1 ,200,000
119,222 1,502,561

100
25
100
25
50

180
215
180
48
105

185
50
110

155
140
Per
165
175
175
Per
197

157
150
share.
175
185
195
share
200

150

175

.

100,000
100,000
600,000
100,000
100,000

G re e n sb o ro —
Atlantic Bk A T r Co 1 ,200,000
676,287 6,870,086 100
Greensboro Bk A Tr
186,934 2,976,297 100
400.000
R aleigh—
Citizens Nat Bank.
205,209 5.836,004 100
300,000
Com m ’l Nat Bank.
261,040 8,026,236 100
300,000
Raleigh Bkg A Tr Co
68.307 1,724,437 100
100,000
W ilm ington—
Murchison Nat B k . 1 .000,000 1,172,870 11,774,319 100
People’s Sav Bank.
176,064 2,096,981
25
65,000
Wilm Say A T r C o .
398,309 4,087,653
50
300,000
W inston-Salem
29,229 1,564,657 100
150,000
People’s Nat Bank.
Wachovia Bk A T r . 2,175.000 1,228,544 31,020,329 100

share.
240

72
350
181
185

80,503 1,339,516
68,443
586,614
300,639 5,640,452
134,292 1,972,902
52,802 1,495,140
15,000
419,728
678,585
53,337

Per share.
100
100
100
100

OHIO— National banks Mar. 31; State institutions Mar. 31.
A kron—
620,191
Central Sav A T r . 1 ,000,000
Commercial S A Tr
250,000
270,044
431,044
Depositors Sav A Tr
325,000
Dime Savings Bank
220,331
200,00C
629,855
Ohio State Bk A Tr
500,000
Standard Sav Bank
23,507
100,000
FlrestonePkTrASB
200,000
157,658
First Trust A S B k . 1.500,000 1,671,210
C a n to n —
Gent Sav B A T C o .
Dim e Savings Bank
C in cin n a ti—
Brighton Bk A Tr Co
Cinn Bk A Tr C o ..
Citzns’ N B kA T rC o
Columbia B A S Co
C osm op Bk A T r Co
East End B a n k .. .
Fifth-Third Nat Bk
First National Bank
Lincoln Nat Bank.
North Side B an k ..
Pearl Market Bank
People’s Bk A Sv Co
Prov S Bk A Tr Co
Second Nat B a n k ..
SoOhioSBkATrCo.
Stock Yards B k . . .
Western Bk A T r Co
Fourth A Gen Tr Co
Union Trust C o . . .

15,449,537
4,558,157
8,252,883
2,845,409
7,691,285
418.216
3,486,583
25,747,466

200,000
102,415 3,891,697
500.000
226,102 5,111,394
500.000 1,132,141 9,519,170
400.000
500.000
150.000
2 ,000,000
100,000
350,000
50,000
3,000,000
6,000,000
500,000
100,000
400,000
200,000
1,500,000
1 ,000,000
250,000
100.000
1 ,000,000
2 .000,000
1 ,000,000

Per
10C h225
100 175
100 245
10C 190
10C 130
lot
90
lOt 150
100 245

share.
270
200
140
95
175
250

C olum bu s—
Brunson Sav Bank.
Citizens’ Tr A Sav.
City National Bank
Columbus Nat B k.
Columbus Sav B k.
Commer’l Nat B k .
Fifth Ave Sav Bank
Huntington Nat Bk
Market Exch Bank
Nat Bk of Com ’ce.
First Nat Bank____
Ohio National Bank

Surplus A
Cross
Profits.
Deposits. Par

S
100,ooc

$
%
210,O C 3,450,000
O

1.000.00C
1.800.00C
250,000
400,000
2 ,000,000
2,000,000
1,500,000
1,500,000
8,600,000
4,000,000
750,000
900,000
22,250,000

636,116 23.698 195
3,106,977 ,37,308,775
265,517 2,401,510
490.343 7,594,303
662 010 19,120,139
1,019.315 18,270,402
746,886 22,986,694
947,037,22.017 382
4,868,770 181676552
5,206,259 97,874.394
376.823 13,865,935
*697.878 3,259.934
12,288,823 230307724

400,000
300,000
200,000
400,000
1 ,000,000
200,000
600,000

Ash.

Per share
10C 312

1

10C
10C 260
100 _
.
100 232
10C 145
10C 165
10C 225
10C 250
10C 225
10C 212
100
100 150
100 191

270
150
168
260
215
180
200
193
share.
157
310
115
295
268
330
310
310
375

473 000 6 ,000,000
221,621 3,167,288

Per share.
100 o250
255
100 150
160

165.000
368 627
571,815
124,594
856,533

100 147
100 180
100 140
100
100 230

3.800,000
3,808.594
8,417.197
4,612.508
15,966,709

T oled o—
364,468 11,412,577
Com Sav B A Tr Co
200,000
342 60) 8,500,000
Dime S B kA T rC o
300,000
First National Bank
500,000 1,691,091 10.624,405
Com Guard Tr A Sav 1,400,000 1,067,910 22,192,308
Home Sav Bank___
663,491 6,116,580
250,000
*398,612 2,440,421
Mer A C l’kSav B k.
150,000
Ohio S Bk A Tr C o. 1 ,000,000 1,859,707 32,184,151
Peoples State S B k.
80,427 2,046,296
150,000
Second Nat B an k .. 1 ,000,000 3,017.907 11,722,115
Secur S B A Tr C o 567,577 10,043,111
577,200
346,211 3,241.546
Spltzer-R T A S Bk
300,000
Tbl Sav Bk A Tr Co
600 000 <453.285 3,253.189
_ 2.500.000 n l.891.000 15.124.326
Toledo Trust C o_
Union Savs B a n k ..
419,719 1,486,895
250.000

100
100
100
100
100
100
100
100
100

150
185
150
235

100 245

Y o u n g sto w n —
Central Bank Co . _
200,000
12,901
777.189
C ity T r A Sav Bank
762,177 9,442,891
600,000
Commer’l Nat B k .
739,100 6.604,173
500.000
Dollar Sav A Tr Co 2,500.000 1,993,302 16,373,861
First National Bank 2,500.000 2,238,713 15,657,374
Mahoning Nat B k . 1 ,000.000
485,277 4,276,362
Mahoning Sav A T r
150,000
129,117 1,728,107
Second Nat B a n k ..
200,000
20.000
477,326
51,159
797,152
South Side Sav Bk .
100,000

100
50
100
100
100
100
100
100
100
100
100
100

Per share.
270
218
336
170
325
320
245
169
335
210
175
165

Per share.
75
80
225
232
206
189
189
162
100
110
115

OKLAHOMA— National banks Mar. 31; State institutions Sept. 14.
G u th rie—
First National B»nk
First State Bank___
Security State Bank

100,O C
O
50,000
25.000

M cAlester—
American Nat Bank
C ity National Bank
First Nat B of M cA

Per •Aar*.

1,969,221
1,011,090
360,073

10C
100
100

100,O C
O
50,000
100.000

27.829 2,031,468
420,528
10,802
33,571 1,607,273

100
100
100

250,000
500 000
200,000

151,406 4,599,848
196,648 5,378,904
41,136 2,834,681

Per
10C 200
25 300
100 125

326,407
54,592
62,698
403,735
180,070
34,320
341,452
108,742

12,922,811
3.107,492
3,852,754
13,538,991
4,971,762
1,744,037
6,912,985
4,237,132

100
100
100
100
100
100
100
100

<438.851 8.227.549
610,443 29,629,175
233,338 11,930,381

100
100
100

O klahom a C ity American Nat Bank 1 ,000.000
Farmers’ Nat Bank
200,000
Fidelity Nat Bank.
300.000
First Nat Bank____ 1 ,000.000
Liberty Nat Bank.
600,000
Okla Stk Y ds, N B_
250,000
Security Nat Bank.
500,000
Tradesmens Nat Bk
500,000

77,944
nl4,390
3,374

Per •Aar*.

share.
225
325
175

Per share.

200

175
190
250
190
200
225

210
250

share.
250
197
50
165
175
275
262
310
175
170
300
32
155
230
300
210

OREGON— National banks Mar. 31; State institutions Mar. 31.
P ortla n d —
G W Bates A C o ..
Broadway Bank___
Can Bk of C om ’ce.
Citizens Bank_____
First National Bank
Hartm’n A T ’mps’n
Hibernia C A Sav B
Ladd A Tilton B k ..
Live Stock State Bk
N ’ westem Nat Bk.
Peninsula Nat Bank
United States N Bk
West Coast Nat Bk
Security Sav A T r.
Lumbermen’s T r Co

Per share.
100,000
17,005 1,181,730 100
100,000
16,509 1,436,178 100
300,000
137,388 2,954,348 100 200 205
200,000
24,748' 2,782,735 100 165
185
2,500,000 1,260.073,34,265,213 100 200
210
100,000
16,765
522,959 100
170,512| 6,216,414 100 175
200,000
190
1 ,000,000 1,727,119 22,732,301 100 300
350
4,036|
599,579 100
100,000
135
501,815 18,114.626 100 135
2 ,000,000
150
54,646! 1,898,534 100 125
200,000
138
375
1.800,000 2,277.325 33,457,011 100 325
300,000
119,6841 1,519,276 100 150
175
500.000
386,747 3,276,264 100 d .__ .
112,533! 1,847,065 100 85
500.000
95

* Sale price, a Includes C ity Trust A Savings Bank, b N ov . 15 1923. ANew stock, k Capital to be Increased,
dividend. I Last sale, d Sold with First National Bank, e Sept. 14 1923.
c Includes Oneida County Trust C o.
X Includes Union Savings Bank A Trust, t Dec. 31 1923.
n M ay 1924.




Bid.

Per
18.189
100,000
978 939 100
689,814 23,735,679 100 154
1,500,000
561.741 5,783.634 100 295
300.000
61.245 2,109,716 100 107
500,000
107.128 1,228 356 100 200
50,000
997,306 9,415,952 100 287
600,000
88.000 1,675.000 100 300
100,000
1,500,000 1,449,523 22.502,959 100 263
230,983 3,410,994 100 300
100,000
651,405 4,701.908 100 300
300,000
689,976 10,276,530 100 295
500,000
1 ,000,000 2,142,196 20,319,953 100 368

T ulsa—
Central Nat Bank
1 ,000,000
Exchange Nat Bank 2 ,000.000
First Nat Bank____ 1 ,000.000

100 150
100 200
100 325

Per
1,270,699 8,265,016 100 370
370,789 12,627,770 100 525
199,603 3,037,049 100 230
2,357,292 10,261,678 100 190
279,060 2,180,024
10 45
269,053 7,244,645 100 150
654,175 100 160
60,821
2,426,055 37,024,844 100 250
5,308,541 37,126,916 100 251
1,077,443 6,301,637 100 285
218,292 2,125,524
50 140
361,087 7,519,786 100 155
315,918 4,069,786 100 250
1,865,251 23,959,376
10 30
893,996 6,732,443 100 145
261,531 4,722,660 100 225
900,000 100 225
192,000
1,173,972 13.305,021 100 275
2,552,310 16,018,757 100 195
3,649,502 25,019,546

C leveland—
Amer Sav Bank Co
Broth’ d of Loc Eng
Co-Oper Nat B k.
Cent N B,S A Tr Co
Clev Sav A Loan Co
Lorain St Sav A T r .
Midland B a n k ___
National City Bank
Pearl S t S A T C o . .
United Bk A Sav Co
Cleveland Trust Co
Guardian Sav A Tr
State Bkg A Tr C o .
Union Sav A L C o .
Union Trust C o ___

M uskogee—
Commercial Nat Bk
First National Bank
Muskogee SecNatB

1200

NORTH DAKOTA— Nat. banks Mar. 31; State institutions Mar. 31.
—
150,000
50,000
300.000
100,000
100,000
100,000
100,000

Capital.

D ayton —
City National Bank
Dayton Nat Bank
Merchants’ Nat Bk
A Trust C o _____
Third Nat Bank_
_
Winters Nat Bank
City Tr A Sav Bank
Dayton Sav A T Co

NORTH CAROLINA— Nat. banka Mar. 31; State institutions Mar. 31.

F argo—
Dakota Nat Bank
Fargo National Bk
First National Bank
Merchants Nat Bk
Northern Nat Bank
Security Nat Bank.
Northern Trust C o .

61

BANKS AND TRUST COMPANIES

p Amount paid in. * Ext Includes trust deposits.

62

BANKS AND TRUST COMPANIES

P E N N S Y L V A N IA --N a t. bis. (ese.Phila.) Mar. 31; State inst. Mar 31.
Capital.
A lle n to w n —
Allentown N at B k .
Merchants Nat B k .
Ridge Avenue Bank
■eoond Nat B a n k ..
Allentown Trust Co
Citizens Trust C o . .
Lehigh Vail T r C o .
Penn Trust C o -----A lto o n a —
first National Bank
Second Nat B a n k ..
Altoona Trust C o . .
Central Trust C o . .
Mountain C ’y T Co
Brie—
Bank of Erie T r Co
Marine Nat Bank. _
People’s Bk A Tr Co
Cent T r A Title C o .
•ecur Sav A T r C o .
H arrisburg—
Harrisburg N at Bk
Central Trust C o ..
Commonw’lth T rC o
Security 'frust C o .
Union Trust C o —
L ancaster—
Conestoga Nat B k .
Fulton Nat B a n k ..
Lancaster Co N Bk
Agricul T r & S a v ..
Lancaster Trust Co
People’s Trust C o . _
Union Trust C o ___
P h ilad elp h ia—

Broad St Nat Bank
Central Nat Bank.
Drovers A Mer Nat

Nat Bk of N o Phlla
Nat Security Bank.
Northern Nat Bank

Sixth N at B a n k ...

_
Union N at B ank_
Belmont Trust C o .

Empire T it & T r Co

Finance C o , 1st prel
2dpref erred_____
Germantown T r Co
Gir’d Av T & T Co.

•Sale price.
x Ex-dividend

Surplus
A Profits.

Cross
Deposits. Par.

Bid.

465,825
451,162
176,285
500,000
302,558
216,718

109,500
125,000
300,000 1,188,320
653,112
300,000
267,517
200,000
500,000 1,070,227
63,634
145,100
700,000
300,000
631,263
200.000

200,000
300,000
100,000
125,000
125,000
750,200
300,000
400,000
286,010
250,000

70,396
671,635
356,925
c 575,726
e 105,546
1,826,470
480,901
796,368
165,933
e 181,723

688,290
200,000
292,273
200,000
656,528
300,000
302,335
200,000
9,618
263,125 e
225,000 1,037,204
155,288
300.000
250,000 1,504,046
479,212
200,000
440,231
250,000
203,211
ISO.OOOt

Surplus &
Gross
Capital. | Profits. |Deposits.

Ash.

P h lla .— (Con.)
Girard Trust C o ___
Guar Tr A S D C o .
HaddlngtonTATCo
Hamilton Trust Co
Holmesburg T r C o .
Indus’l T r, T & Sav
Integrity Trust C o .
Jefferson T & Tr Co
Kensington T r C o .
Land Title & T r Co
Per share. Liberty T & Tr C o .
3,278,545 100 d . . . 1300
Market St T & T Co
3,017,031 100 d ____l 500
Manayunk Trust Co
1,810,000 100 ____2,200
Metropolitan Tr Co
2,179,472 100 275 I
Mutual Trust C o ._
1,842,444 100 (l___ l 210
Ninth Bank & T r Co
1,982,932
57
60
30
Northern Cent T r.
Northern Trust C o .
Northeast’n T A Tr
Per share. N o Phila Trust C o .
1,370,000 100 _____l 175
Nor Western Tr Co
2,263,402 100 ____l 375
Parkway Trust C o .
6,691,025 100 _____l 215
Pelham’Trust Co__
4,084,497 100 _____ l 205
Penn C o for Insur
10,110,304 100 250
on Lives A Gr An
1,404,890 100 _____l 130
Penn W ’h’gASD Co
7,250,000 100 ____l 250
Philadelphia Tr C o .
5,277,572 100 _____ l 337>4 Phoenix Trust Co__
Provident Trust___
Real Est Tr Co.com
Per share.
do
do
pref
1,595,453
30 _____l 175 • Real Est T I A T r . .
3,153,669
25 _____ l 71
Republic Trust C o .
1,377,431 100 ......... 1 470
Roxborough T r C o .
2,064,459
25 _____ l 172
Southwark T A T r .
1,046,294
50 _____ l 81
Tacony Trust C o ._
7,783,509 100 .........1 425
Tioga Trust C o ____
4,567,609 100 _____l 280
United Sec L I A T .
2,857,778 100 _____l 325
West End Trust Co
1,352,361
10 _____l 18
West Phlla T A T Co
2,749,106 100 _____l 155

4,321,452
3,230,665
2,760,462
1,965,865
1,212,339
6,449,949
1,016,697
8,434,244
3,533,574
3,162,168
3,266,122

Deposits of National banks date

100
100
50
100
25
50
100
50
50
50
50

Per share.
395
380
_____ l 230 A
_____l 140
...
125b A
2 6 A 28
_____ l 306
13134
130
_____l 34434
_____ 1 160
_____l 166
_____ l 130

362,540 3,650,768
300,000
5 000,000 5,782,032 49,443,119
317,302 »1,964,855
375,000
875,638 6,335,000
300,000
1,250,000 5,098,995 27,068,000
2,200,000 6,028,211 52,532,000

Jun e 2 192 4.
Per share.
7234
50
100 _____ l 289
50 100 l 160
100 _____l 400
_ l 502
100
10U _____/ 416

182,230 b2 ,177,443
127,078 1,011,911
1,621,278 6,421,000
3,394,303 36,055,000
9,136,411 55,063,000
5,726,750 57,034,000
8,275,022 58,834,000
782,208 5,913,000
970,260 d5,547,262
2,685,409 19,422,000
140,080 2,557,948
482,863 ®6,061,839
1,022,071 1)7,321,848
234,906 1)2,957,447
1,986,921 8,627,000
671,989 6,696,000
1,164,717 6,271,000
273,362 5,054,445
252,244 3,979,862
3,187,373 13,557,000
385,155 11,400,741
11,841,997 96,032,000
803,146 5,352,000
1,089,836 1)9,327,925
610,912 5,792,000
945,512 9,812,000
204,502 2,016,000
701,094 5,524,000
448,295 4,793,000
1,435,810 10,064,000
2)611,803 14,714,000
1,298,624 13,902,000
208,337 2,025,616
754,223 3,873,977
193,404 2,585,753
148,351 1,329.25S
1,267,250 11,046,881
264,184 3,892,306
712,060 9,159,765
780,793 5,352,024
3,030,120 10,443,451
1,618,706 13,435,698
50,000 1,410,711
435,967 4,610,175
c 329,155 5,294,292
17,154,357 40,593,037
3,279,013
1,588,759
777,155 7,309,027
1,927,594 20,537,138
1,651,371 14,281,488
i)o o o )o o o
357,413 3,510,530
200.000

100 _____2 151
50 ........./ 100
100 _____ l 272
100 .........1 275
100 _____i 350
100 _____ l 566
100 _____/ 513
50 _____/ 13534
100 _____ 2 451
/ 29034
100
50 _____ 2 69
100 _____ 2 133
50 _____ 2 254
100 _____ 2 14354
101 ......... 1 771
IO _____ 1 225>4
C
10C _____ 1 505
50 _____i 14334
50 ___ i 100
2420
100
50 . _ i 85
100 _____ 392
100 _____ i 20034
100 _____ i 501
100 _____ 23534
lOt ......... 2 23134
100 _ _ _l 140
100 ......... 2 23054
100 _____ i 166
100 _____ 2 287
100 _____ 290
100 _____ i 225
51 ......... i V5
100 _____ i 24234
50 ____i 7234
5C _____ 1 71
50 ......... 140
100 ______ 15154
50 ......... 138
100 ......... 231
100 ......... 416
30 ......... 188
50 .........
3934
3( ......... 100
10C ......... 175
10C ......... 508
flOC ......... 122
106
\ i o c .........
5C ......... 180
10C ......... 241
10C ......... 342
5C ......... 135

500,000
125,000
275,000
1,500,000
3,000,000
2 000,000
2,000)000
350,000
200,000
1 ,000,000
366)000
566)666
200,000
500,000
250,000
400,00C
200 000
250,000
250,000
1 000)000
1 ,000,000
5 000,000
W 6o6
280 000
300,000
500 000
200,000
566)666
400 000
1 000 000
1 000.000
1 ,000,000
250,00C
750 000
187,500
250,00C
750)000
800,000
500.000
400,000
1 000,000
1,000,000
'200,000
300.00C
200,000
5,200,000
o l . 470,000
al.530,000
250,000
1,500,000

118.

P EN NSYLVAN IA— (C o n clu d e d ).

1
Per share.
$
S
%
205
1 .000,000 1,078,367 7,284,125 100 204
310
400,000 1,230,202 5,607,181 100 500
50 140
155
50,000 e 62,142 1,229,610
947,320 5,493,003 100 500
510
300,000
92
219,585 2,012,992
30 87
173,000
267,565 2,539,859
25 110
115
230,000
689,604 3,714,448
50 300
315
500,000
191,368 2,016,315
95
50 90
300,000

150,000
100,000
184,100
250,000
243,000 e
162.962

[V ol.

P ittsb u rg h —

«
2,500,000
1 ,000,000
125,000
200,000
125,000
500,000
750,000
188,900
500,000
3,000,000
500,000
500,000
250,000
500,000
451,200
750,000
400,000
500.000
200,000
250,000
150,000
125,000
150,000

Par.

1 $ I148,413,828
$
10,383,289

2,000.000
1 ,000.000
1 ,000,000
300.000
2,000,000
1,319,600
1,890,100
2 ,000,000
500,000
150,000
125,000
150,000
125,000
1 ,000,000
2,000,000
500.000

Per sha100 ......... 1 935 A
823,867 10,385,349 100 _____ l 156
149,832j 3,024,960 100 .........1 175
309,240 3,557,202 100 _____l 171
110,037 1,318,084
50 .........1 85 H
1,832,463' 9,730,488
50 ____ l 236 A
3,179,213 13,578,623
50 ......... 1 335
26,793 1,167,690
50 ......... I 65
1,101,905 11,777,693
50 .........1 60 X
12,140,437 21,575,782 100 .........I 365
751,520, 4,391,770
50 ......... 1 183
1,443,421 11,040,329
50 _____i 278
307,810, 2,962,519
25 _____l 85
204,605 2,309,113
50 .........1 63
355,8241 5,212,387
50 .........1 73
1,750,863 13,409,210 100 _____ r 325
134,027, 2,359,552
50 .........1 72
2,775,175 10,733,269 100 _____ 1 523
57,680 1,507,441
50 .........1 62
821,961 7,949,668
50 ......... 1 225 H
1,032,580 9,304,748
50 .........1 326
67,656 1,289,507 100
1 126
212,579 2,136,521 100 ......... « 146

7,079,644 44,471,223 100
352,512,
709,282
50
5.695.587:18.601.577 100
74.3051
873.110
50
8,009,100 12,280,815 100
1,294,172, 6,222,443 1100
/100
c3,883,392' 8.205,554 100
331,612! 3,678,335
so
167,877 2,372,803
50
184,448 1,154,178 ino
228,236' 1,948.978 100
155,035 2,352,698
50
1 ,000,000 5,248,411 100
2,127,435 15,691,139 100
931,819 7,199)551
50

. . i 601
_____ 1 100
. . 1 642
_____ 1 40
......... 1 492
_____1 110
____ 1 115
1 550
------ilioo
____ l 125 A
. . _ 1|220 "
_____ b 276
____ llllO A
2 155 X
4
____I 207 A
____ 1 172 "

State Institutions
Mar. 31
1924.

178,000 2,980,000
100,000
89,192 2,167,494
75,000
703,648 4,445,244
150,000
323,209 1,476 530
100 000
Bank of P ittsb, N A 3,000,000 4,329,964 43,542,647
190,414 2,473,353
Bk of Secured Savs.
125,000
Braddock Nat B k ..
701,431 12,188,196
500,000
e812,564 8,906,978
Citizens Sav Bank.
150.000
C ity Deposit Bank.
200.000 1,420,496 14)073,487
Columbia Nat Bank
600,000 1,359,392 9,433,343
Diamond Nat Bank
600.000 2,002,371 17,263,315
1,893,083 39,186,109
DollarSavingsBank
700,737 6,510,485
Duquesne Nat B k.
500,000
994,970 8,466,457
Exchange Nat Bank
750 000
Farmers D ep N a t .. 6.000,000 3,786,308 42,951,357
Farmers Depos Sav
500,000 e l,022,559 11,896,032
174,880 2,225,839
Fifth Avenue Bank
100,000
210,445 2 ,200,000
First N Bk of Blrm .
100,000
First National Bank 5.000,000 6,925,742 62,218,714
Fourteenth St Bank
200,000 e237,547 5,101,583
Freehold Bank____
525 214
200,000 1,079,748
Highland Nat Bank
246,249 1,553,928
200,000
Homew’d Peop Bk.
100,000 el04,584 3)517)713
Iron A Glass Dol Sav
477,140 3,682,081
172,700
Keystone Nat Bank
500,000 1,029,466 8,842,723
293,174 1,439 278
M anufact’rs Bank.
100,000
Marine Nat B a n k ..
260,239 2,484,336
300,000
Mellon Nat B a n k .. 7,500,000 5,707,942 111934865
Metropolitan N Bk.
e59,960 2,205,462
200,000
1,000 000 2,128,225 16 508 075
Nat Bank of Amer.
504,599 5,853,022
'266)666
Ohio Valley B a n k ..
151.335 2,236,185
100,000
Pennsylvania N Bk
298,376 1,739,942
200,000
Penn Savings Bank
152,621 2,048,619
100,000
People’ sS avA T rC o 3.000,000 7,515,395 19,183,068
Second Nat B a n k ..
300,000 1,105,099 6,468,142
Third Nat Bank_
_
409,898 3,380,002
500,000
Union Nat Bank___ 2,000,000 5,342,843 23,540,206
Union Savings B k . 1 ,000,000 1,602,611 27,187,494
481,386 3)233)333
Western S A~D B k .
250,000
Allegheny Trust Co
790,641 5)160)944
700,000
Bloomfield Tr C o ..
63,053 1,470 874
125,000
Colonial Trust C o . 2,600,000 4,183,629 17,727,554
Com ’ wealth Tr C o . 1,500,000 1,521,966 11,500,231
320,266 1,578,757
Continental Tr C o .
450,000
Dollar Sav A T r Co 1 ,000,000 1,472,452 10,777,601
East End Sav A Tr
239,978 9,028,846
250,000
Farmers Depos T r. 1,320,000
539,600
577,659
Fidel Title A Tr Co 2,000,000 5,651,523 15,023,478
Franklin Sav A T r.
244,000 3,150)000
175)000
Hazlew’d S A T Co
195,406 2,782,977
165,400
Hill T o p s A T C o ..
203,591 2,787,823
150,000
Manchester Savings
Bank A Trust Co
269,346 3,256,003
250,000
60,712 1 342 597
Merch Sav A T r Co
125.00C
Metropolitan T r Co
e59,602 2,168,520
200)000
Oakl’ d Sav A T r Co
322,000 5)099)392
300,000
People’s Trust C o . .
241,054 2)486 860
250,000
Pittsburgh T r C o .. 2,000,000 2,521,674 15,905,678
Potter Title A TrCo
395,698 5)382)567
500,000
Provident Trust Co
177,000 1 , 3 3 0 , 2 8 7
150,000
Real Est S A T r Co
121,000 4)122,476
400,000
South Hills T r Co . .
167,957 1 , 5 9 5 , 0 9 7
125,00C
Penn T r C o _______
400,000
488,833 5 , 0 9 3 297
Terminal Trust C o.
62,212
125,000
525,96C
Union Trust C o . . . 1.500,000 42,687,179 11048126C
Washington T r C o .
350.00C 1,135,696 6,811,46:
West End S B A T i
125,00(
535,878 4,145,337
William Penn T r Co
125,000
145,000 1,372.00C
Workingman’ s Sav
Bank A Trust Co
100.000 1,618,036 11,646,34C

Allegheny Val Bank
All Nations Dep Bk
Anchor Sav B ank. _

Bid.

50
50
50
50
50

132

134A

50
100
100 315
100 185
50

90

94
50
100
100 257
100
50
100
100
225
50
100 118
100
100
72
100
295
100
100
i o o l ._ ____
50
100 318
325
100 100
100 330
100
50
100 165
50
100 170
10c
100 225

175
174

100 350
25
100 130
5C
50
83
51
52
100
100
100 275
100 200
100
100 . . . .
100 100
10(
100 _ _ _
10c 3960
101
420
5C
___
5C

700

oCapltal paid In; authorized amount la larger. bCapital to be increased. cM a y 1924. d Last sale a year ago. « M ar. 31 1924.
l Last sale, e Dec. 31 1923. * Includes Ninth T . & T . C o. h New stock, r Sold with Ninth National Bank, n Nominal.




J une , 1924.]

TENNESSEE— National banks Mar. 31; State institutions Mar. 31.

PEN N SYLVAN IA (C o n clu d e d ).— State Banks Mar. 31.
Capital.
Beading—
Fanners’ Nat Bank
Keystone Nat Bank
National Union Bk
Neversink Bank___
Penn Nat Bank___
Beading Nat Bank,
■econd Nat Bank..
Berks Co Trust Co.
Colonial Trust Co.
Pennsylvania Tr Co
Beading Trust Co.
Scranton—
Bosak State Bank..
County Sav Bank.
Electric City Bank.
First National Bank
Qreen Ridge Bank.
Keystone Bank____
North Scranton Bk
Providence Bank..
Peoples S & Dime Bk
South Side Bank___
Third Nat B a n k ...
Traders’ Nat BankUnion Nat Bank___
West Side Bank___
Anthracite Tr Co._
Lincoln Trust C o ..
Wilkes-Barre—
DlmeBkTit&TrCo
First National Bank
Hanover Bk & T r ..
Miners’ Bk of W -B .
Penn Bk & T rC o._
Second Nat Bank..
So Side Bk & Tr Co
Union SavBk& Tr
W-B Dep & Sav Bk
Wyoming Nat Bank
Wyoming Val Tr Co
Williamsport—
First N ational Bank
Lycoming Nat Bk.
West Branch N Bk.
Williamsport N Bk.
Northern Central Tr
Co..........................
Susq Trust Co_____
York—
Central Nat Bank.
Drov & Mech N Bk
First National Bank
Western Nat Bank.
York Co Nat Bank.
York Nat’l Bank..
Quardian Trust Co
Secur Title & Tr Co
York Trust Co____

Surplus db
Deposits.
Profits.

Par.

9
400,020
100,000
200,000
200,000
100,000
500,000
300,000
750,000
500,000
1,000,000
500,000

$
1,211,376
344,949
1,048,692
5150,640
371,186
1,300,000
1,009,060
740,000
249,656
1,918,250
1,006,246

$
6,817,758
1,394,703
2,092,486
661,083
5,114,431
8,000,000
1,948,843
6,297,875
3,274,131
12,277,688
1,981,910

30
100
25
50
100
100
100
10
10
100
100

200,000
400,000
80,000
1,500,000
50,000
125,000
200,000
75,000
700,000
200,000
400,000
500,000
500,000
120,000
850,000
200,000

366,227
5535,405
121,402
2,868,501
57,118
.* 138,233
,127,002
■\ 140,861
840,704
9 .221,546
1,316,324
907,343
298,030
299,850
241,296
5226,492

4,803,177
7,549,324
1,501,270
30,017,436
693,000
1,224,139
2,621,128
1,558,150
14,108,704
2,581,361
9,253,685
8,724,181
3,305,955
2,883,295
4,028,834
1,924,032

50
100
50
100
50
50
50
50
100
50
100
100
100
50
50
100

200,000 5249,027 3,049,569
839,280 6,662,638
375,000
125,000 6144 ,180 1,334,935
2,000.000 3,990,263 16,143,191
264,633 2,333,182
200.000
1.000,000 2,492,762 10,037,562
123,000 1,657,709
125,000
I 95,069 1,297,319
250,000
644,861 5,081,026
300,000
946,521 4,635,617
500,000
350,000 1,185,000 5,700,000

50
100
50
50
100
100
50
100
50
50
50

300,000
200,000
500,000
250,000

922,885 3,673,796
422,508 1,420,331
2,042,619 5,320,242
6340,438 1,025,338

500,000
400,000

404,703 3,585,076
503,596 3,248,666

200,000
100,000
500,000
225,000
300,000
500,000
300,000
250,000
300,000

121,372
263,135
425,606
261,858
763,000
505,964
277,048
6142,983
343,824

1,251,524
1,940,676
4,805,222
2,222,370
3,000,000
4,425,097
1,891,341
1,624,970
3,511,616

Bid.
Per
125
290
125
80
340
370
340
30
17
385
280
Per
205
300
105
520
120
105
172
150
422
180
505
450
147
140
160
145
Per
150
275
100
130
225
304
105
140
265
135
205
Per

share.
130
295
130
88
370
380
350
35
18
400
290
share.

100
100
100
100 —
100
50
100
100
100
100
20
25
25
50
50

200,000
100,000
120,000
300,000
500,000
150,000
120,000
500,000
1.000,000
850,000
1,250,000
450,000
500,000
4,000,000
168,525
3,000,000
1,000,000
100,000
100,000
200,000

153,385
102,587
75,385
298,890
812,104
69,687
177,292
420,638
1,619,463
1,214,225
970,310
1,148,816
1.356,804
8,582,565
90,274
5,806,384
769,274

2,162,187
1,062,022
538,264
1,985,118
2,933,701
2,417,500
2,130,828
6,473,595
9,100,595
5,815,855
14,541,994
2,163,030
2,891,353
104438388
252,271
75,377,827
16,452,287

67,002
638,733
707,892
86,388
349,610 3,084,631

____
512

share
290
103
230
312
110
145
275
140
215
share.

—

Per share.
122
240
160
158
57
56
42
45
46
70
84

Per
50 *98
75
50
91
60
100 135
Per
25 55
50
50 95
50 57
50 100
73
50
100 140
50
100 230
100 300
25
1000
100 142
Per
100 110
25 45
20 38

share.
82
93
150
share.

310

share.
47

SOU TH C A R OLIN A— National banks Mar. 31; State' nstilutions Mar. 31.
C h a rleston —
Atlantic Nat Bank.
Atlantic Sav Bank.
Bk of Charl’n.N B A
Carolina Sav Bank.
Exch Bkg & T r C o .
First National Bank
Miners & Merch Bk
People’s Nat Bank.
Security Sav Bank.
So Car L ’n < T r Co
fc
G reenville—
Amer Bk & Tr C o . .
Bank o f Commerce
Farmers & Mer B k .
First National Bank
Norwood Nat B k ..
Peoples Nat B k___
Piedmont Sav & Tr
W oodslde Nat B k . .
S p artan bu rg—
American Nat B k ..
Bank o f Commerce
Carolina Nat Bank
Central Nat Bank.
Dollar Sav Bank_
_
First National Bank
M er & Farm Bank.
Southern Trust C o .

200,000
200,000
1,000,000
200,000
150,000
200,000
50,000
1,000,000
50,000
100,000
225,000
300,000
12,500
200,000
500,000
200,000
50,000
250,000
150,000
100,000
200,000
400,000
100,000
500,000
100,000
60.000

126,139
382,085
652,868
183,798
204,495
412,488
33,947
459,763
27,878
39,178

2,610,188
4,244.445
6,624,509
2,647,484
1,158,852
2,371,414
476,609
5,924,719
1,752,960
1,157,797

100
100
100
100
100
100
100
100
100
100

Per
150
276
131
225
200
300
125
110
225
100

Stat e ba nks Ma
25,549 1,713,828 100 100
989,267 100 115
158,887
o l ,495
422,981
50 m ____
235,733 1,636,668 100 340
949,914 5,061,525 100 383
359,305 2,678,255 100 295
558,391 1,629,180
94,938 2,538,833 100 141
677,868
143,298
50,380
973,905
47,235 1,054,450
304,696 2,296,622
640,005
19,000
224,712 2,609,594
6123,809 1,089,472
37,414
533,901

100
100
100
100
100
100
100
100

Capital.

Ask.

RH ODE ISLAN D— National banks Mar. 31.; Slate institutions A pr. 30.
N ew port—
Aquldneck Nat B k .
Nat Exchange Bank
Newport Nat Bank
Newport Trust C o .
P rovid ence—
Blackstone Can Nat
Columbus Exch Bk
High Street Bank. .
Mechanics’ Nat Bk
Merchants’ Nat Bk
Nat Bank of Comm
Nat Exchange Bank
Phenlx N at B a n k ..
Provldence Nat Bk
Industrial Trust Co
Lincoln Trust C o _ .
Rhode I Hos T r Co
Union Trust C o ..
W o o n so ck e t—
Citizens’ Nat Bank
National Globe Bk
Producers’ Nat B k .

63

BANKS AND TRUST COMPANIES

170
150
173
150
245
155

share
300
150
250
225
325
130
125
250
125
r. 31.
105
118
50
390
300
144
175
155
112
177
90
155
250

C h a tta n o o g a —
Amer T r & Bkg C o .
Chattanooga S B k .
First National Bank
First Tr & SavBank
Hamilton Nat Bank
Hamilton T r & S B .

Surplus d
b
Cross
Profits.
Deposits. Par.

S
$
9
500,000 /549,679 2,613,217
750,000 n 309.205 5.564.787
1,000,000 1.132.548 14.108.689
91,755 1,131,303
500,000
804,062 12,221,591
1.500,000
150,518 3,264,927
250,000

K noxville—
City National Bank
600,000
East Tenn Nat B k . 1,000,000
East Tenn Sav B k.
200,000
Holston Nat Bank.
500,000
Third Nat Bank___
300,000
Union Nat Bank___
500,000

6514,062
756,765
73,348
307,909
258,830
243,255

10,700,000
6,306,532
2,840,651
3,177,139
1,938,704
5,766,589

Bid.

4 « l.

Par share.
100
100
100
100
100
100
Per share.
100 ......... f 220
100 ......... 1 220
100
175
100
200
100
165
100

M emphis—
Per
Bank of Com&T Co 3,000,000 2,143,375 30,070,645 100 346
638,675 7,815,296 100 238
Cent State Nat B k.
600.000
Columbia Sav Bank
32,445
100,000
605,620 100 160
795,668 6,294,029 100 295
First National Bank
500,000
Amer S B & T rust.
69,750 2,001.408 100 400
50,000
Liberty 8 Bk & T r.
167,176 3,453,815 100 229
200,000
Madison Bank & Tr
n33,500
200,000
700,000 100 49
Man Sav Bk & T r.
2x1,145 4,194.822 100 580
150.000
Solvent S Bk & T r.
100,000
100,000
766,718
8
10
Southern Nat Bank
30,000 1,057,000 100 100
300,000
State Savings Bank
76,788 1,446,182 100 298
50,000
Union & Planters’
Bank & Trust Co 3,750,000 1,174,222 34,839,351 100 125

shat*
35114
240
164
300
425
232
55
600
10
102

N ashville—
American Nat Bank
Broadway Nat Bank
Central Nat Bank.
Commerce-UnionBk
F ourth * IstB&T Co
Fourth & First N B
Tennessee Hermitage Nat Bank___
American Trust___
Nashville Trust Co

altar*
300
240
150
180
280
280

1,500,000 1,164,449
255,000
300,000
108,856
300,000
304,637
500,000
127,521
420,000
1,400,000 1,539,417
300,000
500,000
350,000

16,406,910
3,633,189
1,988,740
5,495.812
6,221,520
17,491,559

71,062 1,274,428
163,813 4,508,204
461,440 3,733,930

100
100
100
100
100
100

Per
J290
225
147
170
270
270

100 101
100 290
100 235

126

102
300
250

T E X A S — National banks Mar. 31; State institutions Mar. 31.
A u stin —
P e r share.
American Nat Bank
777,177 7,629,592 100
300.000
Austin Nat B a n k ..
745,212 8,165,563 100
300.000
1375'
State National B k .
66,836 2,815,054 100
100.000
B eau m on t—
American Nat Bank
City Natl B a n k _
_
First National Bank
Texas National B k .
D allas—
Am Exch Nat Bank
Central State Bank
C ity National Bank
Mercantile B&T Co
Dallas Nat B a n k ..
Republic Nat Bank
Nat Bk of Comm’ce
Southwest Nat B k.
Dallas T r & Sav Bk
El Paso—
Nat Border B a n k ..
First National Bank
State Nat Bank_
_
Amer T r & Sav B k.
F ort W orth —
Continental Nat Bk
Farm & M ech N Bk
First National Bank
Ft W orth State B k.
Ft W orth Nat Bank
Stockyards Nat Bk
Texas N at’ l Bank.
Q aiveston —
C ity National Bank
First National Bank
Sou Texas Nat’ l Bk
U S National Bank
H ou ston —
Citizens State Bank
First National Bank
Guaranty Nat Bank
Houston Nat Bk_
_
Nat Bank of Comm
Peoples State Bank
Public Nat B a n k ..
State Nat Bank_
_
Union Nat Bank___
Sou Texas Commercial Nat Bank_
_
Guardian Trust Co
Houston Land & Tr
San Jacinto T ru st..
San A n to n io —
Alamo Nat B a n k ..
C ity National Bank
Commercial Nat Bk
Frost N ationalBank
Groos Nat Bank___
Guaranty State Bk
Lockwood Nat B k .
Nat Bk of Comm ’ce
Sam Houston St Bk
& Trust________
San Antonio NatBk
Central Trust C o ..
Com ’w'lth B&T Co
Texas State Bk&Tr
W aco—
Central N ation al..
Citizens’ Nat Bank
First National Bank
First State B&T Co
Liberty Nat Bank.
National C ity Bank
Provident Nat B k .

467,340
33,386
398,083
85,543

4,907,948
2,590,833
6,685,407
4,674,165

,000,000 2,333 418
64. 104
,000,000
,000,000 1,465, 817
191 447
500.000
173. 451
500.000
434. 480
.500,000
349. 649
150.000
129. 979
!,000,000
359, 340
,000,000

650,952
863,356
083,508
712,712
665,313
454,099
037,109
942,047
378,403

250.000
250.000
400.000
250.000

Per
100

Per
100 380
70
100
100 290
100 128
100 129
100 138
100 260
100 75
100 137J4

36,414 2,044,528
234,676 13,069,200
191,421 6,429,490
24,699 1,923,575

100

156,861 5,636,266
750.000
,000,000
327,761 11,030,915
701,797 15,192,151
.000,000
14,600
100.000
600,000
600,000 1,532,315 13,905,398
200,000
216,681 2,879,050
400.000
250,868 4,617,114

100
100
100
100

200.000
200,000
200,000
,000,000

227,740
253,820
172,464
29,127

6,444,387
2,726,933
4,204,993
8.044,795

100
100
100

100,000
,500,000
200,000
600,000

68,413
923.364
79,519
809,948
836,914
555.364
33,879
38,539
91,602
1,098,290

327,995
27,300,461
1,291,572
9,123,414
11,521,315
6,612,940
1,370,605
1.608.654
3,942,827
15,768,275

200.000
,000,000
300.000
350.000

500,000
150,000
300,000
300,000
1,000,000

100

share.
390
75
300
130
130
140
80
140

100
170
305
50
75
Per share.
100
110
135
150
250
300
90
100
400
250
300
275
300
150

100 250
100

100
100
100

Per

160
150

s h o rt

185
130

100

No minal
75
100
100 235
100 150
100 200
100 235
100 235
100 100
100 100
100 165
100 220

1,000,000
1,000,000
200,000
1,000,000
250,000
150,000
200,000
600,000

370,596
242,492
50,315
706,247
158,950
112,343
381,541
273,071

5,797,315
9,904,733
1,769,272
7,951,661
1,744,211
3,280,205
2,573,650
4,253,946

100,000
500,000
200,000
300,000
300,000

17,200
211,581
53,010
132,720
50,814

372,282
2,262,930
3,032,948
2,245,751
2,131,561

100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100

500,000
250,000
600,000
300,000
300,000
100,000
300,000

206,795
226,463
339,583
77,831
134,069
48,377
284,229

3,129,246
2,127,249
6.338.654
1,533,954
2,400,139
425,809
2,958,227

100
100
100
100
100
100
100

1,000,000 1,371,221 21,061,409
300,000
372,927 2,016,907
1,000,000
462,177 3,481,425
99,884 1,565,825
200,000

sh a re.

100
100
100

325
270
150
140
Per

p r ic e s

85
250
165
225
240
245
105
110
185

225
350
300
150
share.
1175
1145
(140
(222
(185
(175
(310
(165

(100
(145
(110
(148
(125
Per share.
154
160
200
210
210
220
110
120
175
170
100
90
210
220

♦Sale price, o Capital and surplus to be increased, b Dec. 31 1923. k Capital to be increased, p Amount paid in. x Ex-dividend, g New
stock. ( Last sale, n M ar. 31 1924. x Including First Savings Bank & Trust C o. stock .e Sold with First National Bank. Includes trust funds.
u Succeeding Texas Bank & Trust Co. t Ex-rights. 1 Includes American Trust C o. /S e p t. 14 1923.
m Present stock represents anticipa­
tion In one-half original capital.




U TAH— National banks Mar. 31; State institutions Mar. 31.
Capital.
Ogden—
Commercial Nat Bk
Nat Bank of Comm
First A Utah Sav Bk
Ogden State Bank
Security State Bank
First A Utah Nat Bk

S
100,000
250.000
250.000
100,000
150.000
500,000

S alt Lake C ity—
Continental Nat Bk
600.000
500,000
Deseret Nat Bank.
500,000
Deseret Sav Bank.
National Copper Bk
300.000
Utah State Nat Bk. 1,000.000
300,000
Utah Sav A T r Co
850.000
Walker Bros, B ’kers
Zion Sav Bk A Tr Co 1,000.000

Cross
Surplus <
fc
Profits.
Deposits. P ar.
$
$
126,214 1,305,014
57,379 1,932,794
181,609 3,233,180
315,441 5,987,175
35,284 1,171,321
130,699 4,457,264

100
100
100
100
100
100

149,977
673,168
364,551
144,483
399,616
148,268
649,269
618,049

100
100
100
100
100
100
100
100

9,633,234
4,762,264
5,902,658
6,182,594
7,140,257
2,011,910
18,683,052
10,516,855
1

W EST V IR G IN IA — National banks Mar. 31; State institutions Mar. 31.
Bid.

Ask.

200
100
205
600
90
145

225
105
210

Per
130
270
200
145
175

share.
140
275
203
150
180

226
220

75,000
100.000
100,000

r70.000 2,367,942
120,267 3,110,370
r45,833 1,542,604

B u r lin g to n —
Chittenden Co T r._
Howard Nat Bank.
Merchants Nat Bk.
Burlington Tr C o ..

125,000
6UU.U00
150,000
250.000

162,483 3,129,812
307,935 1,961,981
d214,000 d463,00J
471,411 5,035,562

M ontpelier—
Capitals B A Tr Co
First National Bank
Montpelier Nat Bk
M ontp’r S BA T Co

100.000
100.000
150,000
100.000

175,515 2,760,829
68,742 1,823,550
138,522 2,049,079
292,991 4,230,684

100
100
100
100

Per share.
165
125
125
125
350

R u tla n d —
Baxter Nat B ank. .
Clement Nat Bank.
Killington Nat B k .
Rutland Co Nat Bk
Rutland Trust C o .

100,000
100,000
100,000
100.000
106.000

87,121
556,665
238,932 2,454,762
118,622
400,566
113,601 1,276,118
105,350 1,226,025

100
100
100
100
100

Per share.
185
260
130
125
200

100
100
Per share.
180 150
_____
100 125
40
60
200
100 150

V IR G IN IA — National banks Mar. 31; State institutions Mar. 31.
Lynchburg—
First National Bank
Lynchburg Nat Bk
Peonle's Nat Bank
Mutual 8 Bk A T r.
Lynchburg Tr A SB

1,000,000 1,340,514 5,408,707
945,441 3,478,656
1,000,000
500,000
687,153 2,785,616
200,000
79,940
602,527
400,055 3,166,330
300,000

100 293
100 2221*
100
100
100

Norfolk—
Citizens Bank_____
Nat B k of Comm 'ce
Trust C o of Norfolk
Norfolk Nat Bank
Seaboard Nat Bank
Virginia Nat Bank.

1,000,000
810,707 5,328,208
1.200,000 1,787,451 14,739,610
1,000,000 1,034,378 5,430.589
1,000,000 1,369,888 10,184,030
680,000 6,900,000
800,000
aoo.ooo
284,728 3,294,728

100
100
100
100
100
100

Virginia Nat Bank.
Richmond—
American N at Bank
Bank o f Com A T r.
Broad Street Bank.
Broadway N at B k.
Central Nat B k . . .
First National Bank
Grace St Bk A T r . .
M ech A Merch Bk.
Merchants Nat Bk.
State A C ity Bank
A Trust C o _____
Planters Nat Bank.
Sav Bank of Richm
Union Bk of Richm
West End Bank_
_
Federal Trust C o ..
Richmond Trust Co
Virginia Trust C o ..

155,564 3,228,075
221,800 2,861,139
267,629 3,509,578

Per
235
295
190
225
200
175

298
225
245
145
360
share.
240
305
198
235
205
180

Per share.
100
100
130
100 125

904,351 14,807,538 100
1.000.000
663,254 4,054,616 100
500.000
509,694 5,584,010
25
300,000
98,342 1,990,025 100
300,000
766,243 5,659,507 100
1,000,000
2,000.000 2,676,478 23,603,691 100
23,041
616,764 100
200.000
132,000 1,600,000 100
200,000
1,000,000 1,462,932 16,330,908 100

Per
247
232
88
131
207
278
110
175
282

share.
250
240
90
136
210
282
120

1,200,000 1,511,384 20,003,259
1,000,000 2,114,806 12,841,332
415,873 2,022,303
200,000
952,338 2,723,520
500,000
100.000
157,853 1,392,247
169,760 1,021.351
400,000
247,941 3,182,793
1,000,000
1,000,000 1,247,101 3,975,654

57
380
102
171
80
133*
92
363

59
400
110
178
85
14
95
370

25
100
25
50
25
10
100
100

100
100
100
100
100
100
100
100
100
100
100

S p okan e—
American Bank____
Bank of Montreal .
Brotherhood N at Bk
Exchange Nat B k ..
Fidelity Nat Bank.
Old National Bank.
Book & East Tr C o .
Washington Tr C o .

100
100
100
100
100
100
100
100

T acom a—
Nat Bk of Tacom a.
Puget Sd Nat B k .

100,000
100.000
200,000
1,000,000
500,000
1,200,000
1.000,000
200,000
1,000,000
300,000

59,468
4,984
20,280
274,131
134,628
355,061
476,506
109,960

1,847,351
1,582,231
1,032,530
9,356,210
3,640,528
20,157,160
9,573,464
1,586,512

423,856 18,184,838
10,287 3,558,145

S
100,000
600,000
100.000
500,000
500,000
200,000
100,000
750,000
300.000

320,000 5,770,354
e249,653 2,598,275
485,775 4,896,165
589,879 4,954,294
119,000 1,466 0.00
el84,764 1,702,593
1,721,885 15,422,833
315,089 3,426,071

Per share.
45
185
232}*
317>*
135
285
320
180

184
227 }*
312}*
130
275
315
175
290

50

Per share.
165
175
228
229
125
100
190
127
150

500,000

575,000

7,131,599

La Crosse—
Batavian Nat Bank
Exchange State Bk
Nat Bk of LaCrosse
Security Save Bank
State Bk of La Cr’se

400.000
50.000
500.000
60.000
100.000

M ilwaukee—
Badger State Bank
200,000
Bay View ComAS B
100,000
City Bank______
300.000
First Wisconsin N B 6,000.000
Amer Nat’l Bank1,000,000
Marine Nat Bank.
500.000
Marshall A Ilsley Bk 1,000,000
Mer A Farm State.
200.000
Mer A Manufac Bk
400.000
MUw Comm ’l Bank
100.000
Nat Bk of Comm ’ce 1.000.000
Nat Exchange Bank
500.000
Second Ward Sav B 1,000,000
West Side Bank___
400.000
North Ave State___
200.000
First Wise Trust Co
800,000

1
|
472,023 3,819,426'
24,303
827,020
779,650 4,297,841
35,792 1,050,572
98,965 2,130,587i
184,519
47,787
50.451
,429,146
227,868
,275.453
,610,801
104,120
212,986
37,270
444,783
814,121
112.752
516,252
84,312
013,046

5,205,080
2,255,240
2 455,2 >5
86,115,568
10,635,507
10,879,192
24,544,059
2,680,724
2,940.804
1,836,128
8,878,170
8,416,030
34.373.267
3,587,398
2,923,7 )7
2,159,404
1

Bid.

Per
100 201

Ash
shan

100
100
100
100
100
100
100
100

145
155
245
165
215}*
146
148
250
310 315
200

100 220

Per
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
too
100
100
100
100
100

ehar*

215
150
225
150
210
Per share
150
170
110
102
202
205
121
260
212
218
115
130
138
200

210

180
160

170

W YOM ING— National banksMar. 31.
C heven ne—
American Nat Bank
Cheyenne State Bk
Citizens Nat uauK.
First National Bank
Stock Growers N B

250.000
100.000
luo.oou

200.000
300.000

163,176 2,844,005
26,305
746,961
152,946 1,936,062
219,365 5,301,107
113,016 4,394,250

j

Per

ehar*

1.00______
1 0 0 ______
1 0 0 ______

CANADA.
Returns are all of date March 31 1924.
NOVA S C O T IA .
Capital
Paid in.

Reserve
Fund.

Deposits. Par.

Prices are per cent, not per eh are.
Halifax—
%
s
S
Bank of N ova Scotia 10,000,000 19,500,000 170516007 100

Bid.
Per

Ash.
cent.
254

O N T A R IO .

T o r o n to —
Bank of T o ro n to ..
Can Bank of Comm
Dominion Bank___
Imperial Bk. of Can
Standard Bank____
Sterling Bk of Can.

100
100
100
100
50
100

Per cent.
170
171
178
178}*
181
169}* 170
159
160

QUEBEC.
M ontreal—
Bank of M ontreal..
Bauqued' Hochelega
M olson’s Bank____
Provlnc’l Bk of Can
Royal Bk of Canada

27.250.000
84,000,000
(74,000,000
3,000,000
20.400.000

27.250.000
4.000.
5.000.
1,500,000
20.400.000

514824132
000
54.995,177
53,266,798
000
29,671,754
440942366

Q u ebec—
Banque Natlonale. 3,000,000
400,000 37,884,090
Union Bank of Can <78.000,000 1,750.000 81,588,687

127
105
200
130
155

Per share.
140
100 136
110
100 100

(75.000.000 6 .0 0 0 000 71,990,851
20,000,000 20,000,000 352811241
6.0U0.000 7,(JUU.0UU 79,144,696
a7,000,000 7.500.000 81,383,234
4,000,000 2.750.000 49,525,989
500,000 11,795,882
1,235,000

Per cent.
100 236
237
100
100 150}*
100
100 215}* 217

100

103

105

SASKATCHEW AN.
W eyb u rn —
W eybum Secur B k .

524.560

225,000 2,223,108

• Sale price.
I Last sale, g This Is capital paid in; authorized amount is larger.
x Ex-divldend.
e D ec. 31 1923.
cludes one-third of a share In Dexter-Horton Trust A Savings Bank stock, d June 30 1923. h New stock.




Par.

$
%
108,556 2,051,790

310

W ASH IN G TO N — National banks Mar. 31; State institutions Mar. 31.
Seattle—
887,552
30,897
400.000
Bank for Savings..
68,443 4,595,184
200.000
Canad’n Bk of Com
514,778 31,849,910
Dexter-Horton N B 2.000,000
631,409 13,855,731
500,000
First National Bank
101,300 4,829,910
300,000
Marine Nat Bank. .
323,824 6,012,589
M etropollt’nNat Bk
300,000
776,641 20,253,881
N at Bk of Com m ’ce 1,000,000
304,176 5,070,836
N at C y Bk of Seatt
500,000
227,9981 4,231,803
100,000
People’s Sav B ank.
Seattle Nat B a n k .. 1,000.000 1.030.826 24.608.411
93,280 2,314,505
800,000
Am Sav Bk A Tr Co
30,028 2,106,934
University Nat B k .
200,000

W heeling—
Centre Wheel’g Sav
C lttzens’ -Mutual .
Trust Co
Half-Dollar Sav Bk
Nat Bank of W Va
Nat Exchange Bank
Quarter Savs&TrCo
So Side Bk A Tr Co
Dollar Sav A Tr Co
Security Trust C o .
Wheeling Bank A
Trust Co

W ISCONSIN— National banksMar. 31; State institutions M ar. 31.

Per share.

Barre—
Granite S B A TrCo
People’s Nat Bank.
Quarrv S B kA T Co.

1.000,000
600,000
1,000.000

Surplus
Cross
d Profits. Deposits.
b

Capital.

230
225

95
150

VERMONT— National banks Mar. 31: State institutions Mar. 31.

Petersburg—

[V ol. 118.

BANKS AND TRUST COMPANIES

64

100

r Jan. 1 1924.

k Inr

T H R E E

S E C T IO N S — S E C T IO N

T H R E E

REVENUE ACT OF 1924
A SECTION OF THE

C

o m m e r c ia l

& F

in a n c ia l

C

h r o n ic l e

Copyrighted in 1924, according to A ct of Congress, by WILLIAM B. DANA COMPANY, in o ffice of Librarian of Congress, Washington, D. 0.

VOL. 118.

N EW YO R K , JUNE 7 1924

NO. 3076.

REVENUE ACT OF 1924
FULL TEXT OF THE LAW APPROVED JUNE 2 1924
INDEX TO TITLES
T IT LE I— General D efinitions__________________________________ Page
T IT L E II— Income Tax____________________________________________
Part I— General Provisions_____________________________________
“
II— Individuals, Partnerships, Estates and T ru sts____
“
III— C orporations________________________________________
“
IV— Administrative Provisions__________________________
“
V— Payment, Collection, and Refund of Tax and
Penalties____________________________________________
T IT LE III— Estate and G ift Taxes_____________________________
Part I— Estate T ax_____________________________________________
*"
II— G ift T ax_______________________________________________

1
1
1

1
11
12
12
15

AN ACT
T o reduce and equalize taxation, to provide revenue, and for other
purposes.
Be it enacted by the Senate and House o f Representatives o f the United States
o f Am erica in Congress Assembled:

T IT LE IV— Tax on Cigars, Tobacco, and M anufactures
T hereof_________________________ - ___________________ Page
T ITLE V— Tax on Admissions and D ues_______________________
T ITLE V I— Excise Taxes_____ _______ _____________________________
TITLE VII— Special Taxes— Capital Stock and Occupational
TITLE V III— Stamp Taxes_____________ _________________________
Schedule A— Stamp Taxes______________________________________
T ITLE I X — Board of Tax Appeals_____________________________
T ITLE X — General Administrative Provisions________________
T IT LE X I — General Provisions__________________________________
T IT L E X I I — Reduction of Income Tax Payable in 1924_____

15
16
17
18
19
20
20
21
24
24

(e) T he term “ stock ” includes the share in an association, join t-stock
com pany, o r insurance com pany.
(f) T he term “ shareholder” includes a m em ber in an association, jo in tstock com pany, o r insurance com pany.

D istributions by Corporations.
Sec. 201. (a) T he term “ d ividend” when used in this Ititle (except in
T IT LE I— GENERAL D EF IN IT IO N S.
paragraph (9) o f subdivision (a) o f Section 234 and paragraph (4) o f sub­
division (a) o f Section 245), means any distribution m ade b y a corporation
Section 1. This A ct m ay be cited as the “ Revenue A ct o f 1924.”
to its shareholders, whether in m oney or in other property, out o f its earn­
Sec. 2. (a) W hen used in this A ct—
ings or profits accumulated after F eb. 28 1913.
(1) The term “ person” means an individual, a trust o r estate, a partner­
(b) For the purposes o f this A ct every distribution is made out o f earnings
ship, or a corporation.
or profits to th e extent thereof, and from the m ost recently accum ulated
(2) The term “ corporation ” includes associations, join t-stock com panies, earnings or profits. A n y earnings or profits accum ulated, or increase in
and insurance com panies.
value o f property accrued, before M arch 1 1913, m ay be distributed exempt
(3) The term “ dom estic” when applied to a corporation or partnership from tax, after the earnings and profits accum ulated after F eb. 28 1913,
means created o r organized in the U nited States o r under the law o f the have been distributed, but any such tax free distribution shall be applied
United States o r o f any State or T erritory .
against and reduce the basis o f the stock provided in Section 204.
(4) The term “ foreign” when applied to a corporation o r partnership
(c) A m ounts distributed in com plete liquidation o f a corporation shall be
means a corporation or partnership which is not dom estic.
treated as in full paym ent in exchange for the stock, and amounts distributed
(5) T he term “ U nited States” when used in a geographical sense includes in partial liquidation o f a corporation shall be treated as in part or full p ay­
on ly the States, the Territories o f Alaska and Hawaii, and the D istrict o f m ent in exchange for the stock. T he gain or loss to the distributee resulting
C olum bia.
from such exchange shall be determ ined under Section 202, but shall be
(6) T he term “ Secretary” means the Secretary o f the Treasury.
recognized only to the extent provided in Section 203. In the case o f
(7) T he term “ Com m issioner” means the Commissioner o f Internal amounts distributed in partial liquidation (other than a distribution within
Revenue.
the provisions o f subdivision (g) o f Section 203 o f stock or securities in con­
(8) T he term “ collector” means collector o f internal revenue.
nection with a reorganization) the part o f such distribution which is properly
(9) The term “ taxpayer” means any person subject to a tax im posed b y chargeable to capital account shall not be considered a distribution o f earn­
this A ct.
ings or profits within the meaning o f subdivision (b) o f this section for the
(10) T he term “ m ilitary or naval forces o f the United States" includes the purpose o f determining the taxability o f subsequent distributions b y the
M arine C orp s, the Coast Guard, the A rm y Nurse C orp s, Female, and the corporation.
N a v y N urse C orp s, Female.
(d) I f any distribution (not in partial or com plete liquidation) m ade b y a
(b)
T he terms “ includes” and “ including” when used in a definition con­
corporation to its shareholders is not out o f increase in value o f property
tained in this A ct shall n ot be deemed to exclude other things otherwise accrued before M arch 1 1913, and is not out o f earnings or profits, then the
within the meaning o f the term defined.
amount o f such distribution shall be applied against and reduce the basis o f
the stock provided in Section 204, and if in excess o f such basis, such excess
T ITLE II— INCOME T A X .
shall be taxable in the same manner as a gain from the sale or exchange o f
property. T he provisions o f this paragraph shall also ap p ly to distributions
Part I— General Provisions.
from depletion reserves based on the discovery value o f mines.
Definitions.
(e) A n y distribution m ade b y a corporation, which was classified as a
Sec. 200. W hen used in this title—
personal service corporation under the provisions o f the Revenue A ct o f
(a) T he term “ taxable y ea r” means the calendar year, o r the fiscal year 1918 or the Revenue A ct o f 1921, out o f its earnings or profits which were
ending during such calendar year, upon the basis o f which the net incom e is taxable in accordance with the provisions o f Section 218 o f the Revenue
com puted under Section 212 o r 232. The term “ fiscal y ea r” means an A ct o f 1918, o r Section 218 o f the R evenue A ct o f 1921, shall be exem pt
accounting period o f twelve m onths ending on the last d ay o f any m onth from tax to the distributees.
other than D ecem ber. The term “ taxable y e a r” includes, in the case o f a
(f) A stock dividend shall n ot be subject to tax, but if before or after the
return m ade fo r a fractional part o f a year under the provisions o f this title distribution o f any such dividend the corporation proceeds to cancel o r re­
o r under regulations prescribed b y the Commissioner w ith the approval o f deem its stock at such tim e and in such m anner as to m ake the distribution
the Secretary, the period fo r which such return is m ade. The first taxable and cancellation o r redem ption in whole o r in p a rt essentially equivalent
year, to be called the taxable year 1924, shall be the calendar year 1924, o r to the distribution o f a taxable dividend, the am ount so distributed in re ­
any fiscal year ending during the calendar year 1924.
dem ption o r cancellation o f the stock, to the extent that it represents a
(b) The term “ fid u cia ry” means a guardian, trustee, executor, adminis­ distribution o f earnings o r p rofits accum ulated after F eb. 28 1913, shall
tra tor, receiver, conservator, o r any person acting in any fiduciary capacity be treated as a taxable dividend.
fo r any person.
(g) A s used in this section the term “ am ounts distributed in partial liqui­
(c) T he term “ withholding agent” means any person required to deduct dation” means a distribution b y a corporation in com plete cancellation or
and withhold any tax under the provisions o f Section 221 o r 237.
redem ption o f a p a rt o f its stock , o r one o f a series o f distributions in com ­
(d) The terms “ paid or incu rred” and “ paid o r accrued” shall be construed plete cancellation o r redem ption o f all o r a portion o f its stock.
accordin g to the m ethod o f accounting upon the basis o f which the net
Determ ination of A m ount of Gain or Loss.
incom e is com puted under Section 212 or 232. The deductions and credits
p rov id ed fo r in this title shall be taken fo r the taxable year in which “ paid or
Sec. 202. (a) E xcept as hereinafter p rovided in this section, the gain
accru ed ” o r “ paid o r incurred” dependent upon the m ethod o f accounting fro m the sale o r other disposition o f p rop erty shall b e the excess o f the
am ount realized therefrom over the basis p rovided in subdivision (a) o r
upon the basis o f which the net incom e is com puted under Section 212 o r
(b) o f Section 204, and the loss shall be the excess o f such basis over the
232, unless in order to clearly reflect the incom e the deductions or credits
should be taken as o f a different period.
,] am ount realized




2

THE REVENUE ACT OF 1924.

(b) In com puting the am ount o f gain o r loss under subdivisions (a)
proper adjustm ent shall be m ade fo r (1) any expenditure prop erly chargeable
to capital accou nt, and (2) any item o f loss, exhaustion, wear and tear,
obsolescence, am ortization, o r depletion, previously allowed with respect to
such p rop erty.
(c) The am ount realized from the sale or other disposition o f p rop erty
shall be the sum o f any m oney received plus the fair m arket value o f the
p rop erty (other than m oney) received.
(d) In the case o f a sale o r exchange, the extent to which the gain o r loss
determ ined under this section shall be recognized for the purposes o f this
title, shall be determ ined under the provisions o f Section 203.
(e) N othing in this section shall be construed to prevent (in the case o f
p rop erty sold under con tract providing for paym ent in installments) the
taxation o f that portion o f any installment paym ent representing gain or
p rofit in the year in which such paym ent is received.
Recognition of Gain or Loss From Sales and Exchanges.
Sec. 203. (a) U pon the sale or exchange o f p rop erty the entire amount
o f the gain o r loss, determ ined under Section 202, shall be recognized, except
as hereinafter p rovided in this section.
(b (1) N o gain o r loss shall be recognized if p rop erty held for productive
use in trade or business o r for investment (not including stock in trade or
other p rop erty held prim arily for sale, nor stocks, bonds, notes, choses in
action, certificates o f trust or beneficial interest, or other securities or evi­
dences o f indebtedness o r interest) is exchanged solely for property o f a like
kind to be held either fo r productive use in trade or business o r fo r invest­
m ent, o r if com m on stock in a corporation is exchanged solely fo r com m on
stock in the same corporation, or if preferred stock in a corporaticn is ex­
changed solely for preferred stock in the same corporation.
(2) N o gain or loss shall be recognized if stock or securities in a co r­
poration a party to a reorganization are, in pursuance o f the plan o f reorgan­
ization, exchanged solely fo r stock or securities in such corporation or in
another corporation a party to the reorganization.
(3) N o gain o r loss shall be recognized if a corporation a party to a re­
organization exchanges p rop erty, in pursuance o f the plan o f reorganiza­
tion, solely fo r stock o r securities in another corporation a party to the re­
organization .
(4) N o gain or loss shall be recognized if p roperty is transferred to a
corporation b y one or m ore persons solely in exchange for stock or securi­
ties in such corporation, and im m ediately after the exchange such person
o r persons are in con trol o f the corporation; but in the case o f an exchange
b y tw o or m ore persons this paragraph shall apply only if the am ount o f the
stock and securities received b y each is substantially in p roportion to his
interest in the prop erty p rior to the exchange.
(5) I f prop erty (as a result o f its destruction in whole or in p a rt, theft or
seizure, or an exercise o f the pow er o f requisition or condem nation, or the
threat or imminence thereof) is com pulsorily or involuntarily converted into
property similar or related in service or use to the property so converted,
or into m oney which is forthw ith in good faith, under regulations prescribed
b y the Commissioner with the approval o f the Secretary, expended in the
acquisition o f other property similar or related in service or use to the prop­
erty so converted, or in the acquisition o f control o f a corporation owning
such other p rop erty, or in the establishment o f a replacement fund, no gain
o r loss shall be recognized. I f any part o f the m oney is not so expended,
the gain, if any, shall be recognized, but in an amount not in excess o f the
m oney which is not so expended.
(c) I f there is distrib u ted , in pursuance o f a plan o f reorganization, to
a share holder in a corporation a p a rty to the reorganization, stock or securi­
ties in such corporation o r in another corporation a party to the reorganiza­
tion , without the surrender b y such shareholder o f stock o r securities in
such a corp oration , no gain to the distributee from the receipt o f such stock
o r securities shall be recognized.
(d) (1) I f an exchange w ould be within the provisions o f paragraph
(1 ), (2 ), or (4) o f subdivision (b) if it were not for the fact that the prop­
erty received in exchange consists n ot only o f property perm itted b y such
paragraph to be received without the recognition o f ga in , but also o f other
p rop erty o r m oney, then the gain, if any, to the recipient shall be recog­
nized, b ut in an amount n ot in excess o f the sum o f such m oney and the
fair m arket value o f such other prop erty.
(2)
I f a distribution m ade in pursuance o f a plan o f reorganization
within the provisions o f paragraph (I) b ut has the effect o f the distribution
o f a taxable dividend, then there shall be taxed as a dividend to each dis­
tributee such an am ount o f the gain recognized under paragraph (1) as is
not in excess o f his ratable share o f the undistributed earnings and profits
o f the corporation accumulated after F eb. 28 1913. The rem ainder, if
any, o f the gain recognized under paragraph (1) shall be taxed as a gain
from the exchange o f property.
(e) I f an exchange would be within the provisions o f paragraph (3) o f
subdivision (b) if it were not fo r the fact that the p rop erty received in ex­
change consists n ot only o f stock or securities perm itted b y such paragraph
to be received without the recognition o f gain, but also o f other property
o r m o n e y ,th e n —
(1) I f the corporation receiving such other property or m oney distributes
it in pursuance o f the plan o f reorganization, no gain to the corporation shall
be recognized from the exchange, but
(2) I f the corporation receiving such other property or m oney does not dis­
tribu te it in pursuance o f the plan o f reorganization, the gain, if any, to the
corporation shall be recognized, but in an amount not in excess o f the sum o f
such m oney and the fair m arket value o f such other p rop erty so received,
which is n ot so distributed.
(f) I f an exchange would be within the provisions o f paragraph (1), (2),
(3), o r (4) o f subdivision (b) if it were not for the fact that the p rop erty
received in exchange consists not only o f property perm itted b y such para­
graph to be received without the recognition o f gain or loss, but also o f other
p rop erty o r m oney, then no loss from the exchange shall be recognized.
(g) The distribution, in pursuance o f a plan o f reorganization, b y or on
behalf o f a corporation a party to the reorganization, o f its stock or securities
or stock o r securities in a corporation a p a rty to the reorganization, shall not
be considered a distribution o f earnings or profits within the meaning o f
subdivision (b) o f Section 201 fo r the purpose o f determ ining the taxability
o f subsequent distributions b y the corporation.
(h) . As used in this section and Sections 201 and 204—
(1) The term “ reorganization” means (A) a merger or consolidation (in­
cluding the acquisition b y one corporation o f at least a m ajority o f the voting
stock and at least a m ajority o f the total num ber o f shares o f all other classes
o f stock o f another corp ora tion , or substantially all the properties o f another
corporation) or (B) a transfer b y a corporation o f all o r a part o f its assets to
another corporation if im m ediately after the transfer the transferor or its
stockholders or both are in con trol o f the corporation to which the assets are
transferred, or (C) a recapitalization, o r (D ) a m ere change in identity,
form , or place o f organization, how ever affected.
(2) The term “ a party to a reorganization” includes a corporation result­
ing from a reorganization and includes b oth corporations in the case o f an
acquisition b y one corporation o f at least a m ajority o f tlje voting stock anc}




at least a m ajority o f the total num ber o f shares o f all other classes o f stock
o f another corporation.
(i)
A s used in this section the term “ co n tro l” means the ownership o f at
least 80 % o f the voting stock and at least 80 % o f the total num ber o f shares
o f all other classes o f stock o f the co rp o ra tio n .
Basis for Determining Gain or Loss, Depletion and Depreciation.
Sec. 204. (a) T h e basis for determ ining the gain or loss from the sale or
other disposition o f p rop erty acquired after T e b . 28 1913, shall be the
cost o f such property; except that—
(1) I f the p rop erty should have been included in the last invetory, the
basis shall be the last inventory value thereof;
(2) I f the p rop erty was acquired b y gift after D ec. 31 1920, the basis
shall be the same as it would be in the hands o f the donor or the last preced­
ing owner b y whom it was not acquired by gift. I f the facts necessary to
determ ine such basis are unknown to the donee, the com m issioner shall, if
possible, obtain such facts from such d onor or last preceding owner, or any
other person cognizant thereof. I f the Comm issioner finds it impossible to
obtain such facts, the basis shall be the fair m arket value o f such p rop erty as
found b y the Comm issioner as o f the date or approxim ate date at which,
according to the best inform ation that the Comm issioner is able to obtain,
such prop erty was acquired b y such d onor or last preceding owner;
(3) I f the property was acquired after D ec. 31 1920 b y a transfer in trust
(other than b y a transfer in trust b y bequest or devise) the basis shall be the
same as it w ould be in the hands o f the grantor, increased in the amount
o f gain or decreased in the am ount o f loss recognized to the grantor upon
such transfer under the law applicable to the year in which the transfer
was m ade. T he provisions o f this paragraph shall not apply to the ac­
quisition o f such property interests as are specified in subdivision (c) or
(e) o f Section 402 o f the Revenue A ct o f 1921 or in Subdivision (c), (d ), or
(f) o f Section 302 o f this A ct;
(4) I f the property was acquired b y gift or transfer in trust on or before
D ec. 31 1920, the basis shall be the fair m arket value o f such property at
the tim e o f such acquisition;
(5) I f the property was acquired b y bequest, devise, or inheritance, the
basis shall be the fair market value o f such property at the tim e o f such
acquisition. T he provisions o f this paragraph shall a pply to the acquisition
o f such property interests as are specified in Subdivision (c) or (e) o f Sec­
tion 402 o f the R evenue A ct o f 1921, or in Subdivision (c), (d) or (f) o f
Section 302 o f this A ct;
(6) I f the property was acquired upon an exchange described in Subdivi­
sion (b ), (d), (e) or (f) o f Section 203, the basis shall be the same as In the
case o f the property exchanged, decreased in the am ount o f any m oney
received b y the taxpayer and increased in the am ount o f gain or decreased
in the am ount o f loss to the taxpayer that was recognized upon such ex­
change under the law applicable to the year in which the exchange was m ade.
Tf the property so acquired consisted in part o f a typ e o f property perm itted
b y Paragraph (1 ), (2), (3) or (4) o f subdivision (b) o f Section 203 to be
received without the recognition o f gain or loss, and in part o f other property
the basis p rovided in this paragraph shall be allocated between the proper­
ties (other than m oney) received, and for the purpose o f the allocation there
shall be assigned to such other property an amount equivalent to its fair
market value at the date o f the exchange
This paragraph shall not a pply
to property acquired b y a corporation b y the issuance o f its stock or securi­
ties, as the consideration in wholo or in part for the transfer o f the property
to it;
(7) I f the property (other than stock or securities in a corporation a party
to the reorganization) was acquired after D e c. 31 1917 b y a corporation in
connection with a reorganization, and im m ediately after the transfer an
interest or control in such property o f 80% or m ore remained in the same
persons or any o f them , then the basis shall be the same as it w ould be in
the hands o f the transferor, increased in the am ount o f gain or decreased in
the amount o f loss recognized to the transferor upon such transfer under
the law applicable to the year in which the transfer was m ade;
(8) I f the property (other than stock or securities in a corporation a party
to a reorganization) was acquired after D ec. 31 1920 b y a corporation b y
the issuance o f its stock or securities in connection with a transaction de­
scribed in Paragraph (4) o f Subdivision (b) o f Section 203 (including also
cases where part o f the consideration for the transfer o f such property to the
corporation was property or m oney in addition to such stock or securities),
then the basis shall be the same as it would be in the hands o f the transferor,
is
increased in the am ount o f gain or decreased in the am ount o f loss recog­
nized to the transferor upon such transfer under the law applicable to the
year in which the transfer was m ade;
(9) I f the property consists o f stock or securities distributed after D ec. 31
1923 to a taxpayer in connection with a transaction described in Subdivision
(c) o f Section 203, the basis in the case o f the stock in respect o f which the
distribution was m ade shall be apportioned, under rules and regulations
prescribed b y the Commissioner with the approval o f the Secretary, between
such stock and the stock or securities distributed;
(10) I f the property was acquired as the result o f a com pulsory or involun­
tary conversion described in Paragraph (5) o f Subdivision (b) o f Section 203,
the basis shall be the same as in the case o f the property so converted,
decreased in the amount o f any m oney received b y the taxpayer which was
not expended in accordance w ith the provisions o f law (applicable to the
year in which such conversion was m ade) determ ining the taxable status o f
the gain or loss upon such conversion, and increased in the am ount o f gain
or decreased in the am ount o f loss to the taxpayer recognized upon such
conversion under the law applicable to the year in which such conversion
was m ade;
(11) I f substantially identical property was acquired after D ec. 31 1920 in
place o f stock or securities which were sold or disposed o f and in respect to
which loss was not allowed as a deduction under Paragraph (5) o f Subdivi­
sion (a) o f Section 214, or Paragraph (4) o f Subdivision (a) o f Section 234 o f
this A ct or the Revenue A ct o f 1921, the basis in the case o f the property so
acquired shall be the basis in the case o f the stock or securities so sold or
disposed o f, except that if the repurchase price was in excess o f the sale
price, such basis shall be increased in the am ount o f the difference, or if the
repurchase price was less than the sale price such basis shall be decreased in
the am ount o f the difference;
(b) T he basis for determ ining the gain or loss from the sale or other
disposition o f property acquired before M arch 1 1913 shall be (A ) the cost
o f such property (or in the case o f such property as is described in Paragraph
(1 ), (4), or (5), o f Subdivision (a ), the basis as therein p rov id ed ), or (B)
the fair m arket value o f such property as o f M arch 1 1913, whichever is
greater. In determining the fair m arket value o f stock in a corporation as
o f M arch 1 1913, due regard shall be given to the fair m arket value o f the
assets o f the corporation as o f that date.
(c) T he basis upon which d epletion, exhaustion, wear and tear, and obso­
lescence are to be allowed in respect o f any property shall be the same as is
p rovided in Subdivision (a) or (b) for the purpose o f determining the gain
nr loss upon the sale or other disposition o f such property, except that in
the case o f mines, oil and gas wells, discovered b y the taxpayer after Feb. 28
1913, and not acquired as the result o f purchase o f a proven track or lease,
v.here the fair market value o f the property is m aterially disproportionate

THE REVENUE ACT OF 1924.
to the cost, the basis for depletion shall be the fair m arket value o f the
property at the date o f discovery or within thirty days thereafter; but such
depletion allowance based on discovery value shall n ot exceed 50% o f the
net incom e (com puted without allowance for depletion) from the property
upon which the discovery was m ade, except that in no case shall the deple­
tion allowance be less than it would be if com puted without reference to
discovery value.
Inventories.
Sec. 205. W henever in the opinion o f the Commissioner the use o f inven­
tories is necessary in order clearly to determine the incom e o f any taxpayer
inventories shall be taken b y such taxpayer upon such basis as the C om ­
missioner, with the approval o f the Secretary, m ay prescribe as conform ing
as nearly as m ay be to the best accounting practice in the trade or business
and as m ost clearly reflecting the incom e.
Net Losses.
Sec. 206. (a) As used in this section the term ‘ net loss” means the excess
o f the deductions allowed b y Section 214 or 234 over the gross incom e, with
the following exceptions and limitations:
(1) Deductions otherwise allowed b y law not attributable to the operation
o f a trade or business regularly carried on b y the taxpayer shall be allowed
only to the extent o f the amount o f the gross income not derived from such
trade or business;
(2) In the case o f a taxpayer other than a corporation deductions for ca p ­
ital losses otherwise allowed b y law shall be allowed only to the extent o f
the capital gains;
(3) The deduction for depletion shall not exceed the am ount which w ould
be allowable if com puted without reference to discovery value;
(4) The deduction provided for in Paragraph (6) o f Subdivision (a) o f
Section 234 o f amounts received as dividends shall n ot be allowed;
(5) There shall be included in com puting gross incom e the am ount o f
interest received free from tax under this title, decreased b y the am ount o f
interest paid or accrued and losses sustained which is n ot allowed as a de­
duction b y Paragraph (2) o f Subdivision (a) o f Section 214 or b y Paragraph
(2) o f Subdivision (a) o f Section 234.
(b) I f, for any taxable year, it appears upon the production o f evidence
satisfactory to the Commissioner that any taxpayer has sustained a net loss,
the amount thereof shall be allowed as a deduction in com puting the net
incom e o f the taxpayer for the succeeding taxable year (hereinafter in this
section called “ second year” ) , and if such net loss is in excess o f such net
incom e (com puted without such deduction), the am ount o f such excess shall
be allowed as a deduction in com puting the net incom e for the next sue
ceeding taxable year (hereinafter in this section called “ third year” ); the
deduction in all cases to be made under regulations prescribed b y the
Commissioner with the approval o f the Secretary.
(c) (1) I f in the second year the taxpayer (other than a corporation)
sustains a capital net loss, the deduction allowed by subdivision (b) o f this
section shall first be applied as a deduction in com puting the ordinary net
incom e for such year. I f the deduction is in excess o f the ordinary net
ncome (com puted w ithout such deduction) then the am ount o f such
excess shall be allowed as a deduction in com puting net incom e for the
third year.
l2) I f in the second year the taxpayer (other than a corporation) has a
capital net gain, the deduction allowed b y subdivision (b) o f this section
shall first be applied as a deduction in com puting the ordinary net incom e
for such year. I f the deduction is in excess o f the ordinary net incom e
(com puted without such deduction) the amount o f such excess shall next
be applied against the capital net gain for such year and if in excess o f
the capital net gain the am ount o f that excess shall be allow ed as a de­
duction in com puting net incom e for the third year.
(d) I f any portion o f a net loss is allowed as a deduction in com puting
net incom e for the third year, under the provisions o f either subdivision
(b) or (c) and the taxpayer (other than a corporation) has in such year a
capital net gain or a capital net loss, then the m ethod o f allowing such
deduction in such third year shall be the same as p rovided in subdivision ( c ) .
(e) I f for the taxable year 1922 a taxpayer sustained a net loss in excess
o f his net incom e for the taxable year 1923 (such net loss and net incom e
being com puted under the Revenue A ct o f 1921), the am ount o f such
excess shall be allowed as a deduction in com puting net incom e for the
taxable year 1924 in accordance with the m ethod p rovided in subdivisions
(b) and (c) o f this section.
(f) I f for the taxable year 1923 a taxpayer sustained a net loss within
the provisions o f the Revenue A ct o f 1921, the am ount o f such net loss
shall be allowed as a deduction in com puting net incom e for the tw o suc­
ceeding taxable years to the same extent and in the same manner as a
net loss sustained for one taxable year is, under this A ct, allowed as a
deduction for the two succeeding taxable years
(g) I f a taxpayer makes return for a period beginning in one calendar
year (hereinafter in this subdivision called “ first calendar year” ) and
ending in the following calendar year (hereinafter in this subdivision
called “ second calendar year” ) and the law applicable to the second calendar
year is different from the law applicable to the first calendar year, then
his net loss for the period ending during the second calendar year shall
be the sum of: (1) The same proportion o f a net loss for the entire period,
determined under the law applicable to the first calendar year, which the
portion o f such period falling within such calendar year is o f the entire
period; and (2) the same proportion o f a net loss for the entire period,
determined under the law applicable to the second calendar year, which
the portion o f such period falling within such calendar year is o f the entire
period.
(h) The benefit o f this section shall be allowed to the members o f a
partnership, to an estate or trust, and to insurance com panies subject
to the tax imposed b y Section 243 or 246, under regulations prescribed
b y the Commissioner with the approval o f the Secretary.

3

incom e (determined under the law applicable to such calendar year) equal
to the proportion which the part o f such fiscal year falling within such
calendar year bears to the full fiscal year, and (2) the rates for the cal­
endar year during which such fiscal year ends shall ap p ly to an am ount
o f each partner’s share o f such partnership net incom e (determined under
the law applicable to such calendar year) equal to the proportion which
the part o f such fiscal year falling within such calendar year bears to the
full fiscal year. In such cases the pari, o f such incom e subject to the
rates in effect for the m ost recent calendar year shall be added to the other
incom e o f the taxpayer subject to such rates and the resulting amount
shall be placed in the lower brackets o f the rate schedule applicable to
such year, and the part o f such incom e subject to the rates in effect for
the next preceding calendar year shall be placed in the next higher brackets
o f the rate schedule applicable to such year.
(c)
A n y am ount paid before o r after the enactm ent o f this A ct on account
o f the tax im posed for a fiscal year beginning in 1923 and ending in 1924 b y
T itle II o f the Revenue A ct o f 1921 shall be credited tow ard the paym ent o f
the tax im posed for such fiscal year b y this A ct, and if the am ount so paid
exceeds the am ount o f such tax imposed b y this A ct, the excess shall be
credited or refunded in accordance with the provisions o f Section 281.
Capital G ains and Losses.
Sec. 208. (a) F or the purpose o f this title—
(1) The term “ capital gain” means taxable gain from the sale or exchange
o f capital assets consum m ated after D ec. 31 1921;
(2) T he term “ capital loss” means deductible loss resulting from the sale
or exchange o f capital assets;
(3) T he term “ capital deductions” means such deductions as are allowed
b y Section 214 fo r the purpose o f com puting net incom e, and are properly
allocable to o r chargeable against capital assets sold or exchanged during the
taxable year;
(4) T he term “ ordinary deductions” means the deductions allowed b y
Section 214 other than capital losses and capital deductions;
(5) T he term “ capital net gain” means the excess o f the total am ount o f
capital gain over the sum o f (a) the capital deductions and capital losses,
plus (b) the am ount, if any, b y which the ordinary deductions exceed the
gross incom e com puted without including capital gain;
(6) T he term “ capital net loss” means the excess o f the sum o f the capital
losses plus the capital deductions over the total am ount o f capital gain;
(7) T he term “ ordinary net incom e” means the net incom e, com puted in
accordance with the provisions o f this title, after excluding all items o f cap­
ital gain, capital loss, and capital deductions; and
(8) T he term “ capital assets” means property held b y the taxpayer for
m ore than tw o years (whether or not connectedwith his trade or business),
but does n ot include stock in trade o f the taxpayer o r other p rop erty o f a
kind which would properly be included in the inventory o f the taxpayer if on
hand at the close o f the taxable year, or p rop erty held b y the taxpayer
prim arily fo r sale in the course o f his trade or business.
(b) In the case o f any taxpayer (other than a corporation) who for any
taxable year derives a capital net gain, there shall (at the election o f the tax­
payer) be levied, collected and paid, in lieu o f the taxes im posed b y Sections
210 and 211 o f this title, a tax determ ined as follows:
A partial tax shall first be com puted upon the basis o f the ordinary net
incom e at the rates and in the manner p rovided in Sections 210 and 211, and
the total tax shall be this am ount plus 12 X % o f the capital net gain.
A
(c) In the case o f any taxpayer (other than a corporation) w ho for any
taxable year sustains a capital net loss, there shall be levied, coilected, and
paid, in lieu o f the taxes imposed b y sections 210 and 211 o f this title, a
tax determ ined as follows:
A partial tax shall first be com puted upon the basis o f the ordinary net
incom e at the rates and in the m anner p rovided in Sections 210 and 211, and
the total tax shall be this amount minus 12 V i% o f the capital net loss; but
in no case shall the tax under this subdivision be less than the taxes imposed
b y Sections 210 and 211 com puted without regard to the provisions o f this
section.
(d) The total tax determ ined under subdivision (b) or (c) shall be co l­
lected and paid in the same m anner, at the same tim e, and subject to the
same provisions o f law, including penalties, as other taxes under this title.
(e) In the case o f the m embers c f a partnership, o f an estate or trust, or o f
the beneficiary o f an estate or trust, the proper part o f each share o f the net
incom e which consists, respectively, o f ordinary net incom e, capital net ga in ,
or capital net loss, shall be determ ined under rules and regulations to be
prescribed b y the Comm issioner with the approval fo the Secretary, and
shall be separately shown in the return o f the partnership or estate or trust,
and shall be taxed to the m em ber or beneficiary or to the estate or trust as
provided in Sections 218 and 219, but at the rates and in the manner p ro­
vided in subdivision (b) or (c) o f this section .

Earned Income.
Sec. 209. (a) F or the purpose o f this section—
(1) The term “ earned incom e” means wages, salaries and professional
fees, and other amounts received as com pensation fo r personal services ac­
tually ren dered, but does not include that part o f the com pensation derived
b y the taxpayer fo r personal services rendered b y him to a corporation which
represents a distribution o f earnings or profits rather than a reasonable
allowance as com pensation fo r the personal services actually rendered. In
the case o f a taxpayer engaged in a trade or business in which b oth personal
services and capital are material incom e producing factors, a reasonable
allowance as com pensation fo r the personal services actually rendered b y the
tax p a yer, not in excess o f 20 % o f his share o f the net p rofits o f such trade or
business, shall be considered as earned incom e.
(2) T he term “ earned incom e deductions” means such deductions as are
allowed b y Section 214 for the purpose o f com puting net incom e, and are
properly allocable to or chargeable against earned incom e.
(3) The term “ earned net incom e” means the excess o f the amount o f the
earned incom e over the sum o f the earned incom e deductions. I f the tax­
Fiscal Years.
Sec. 207. (a) I f the taxpayer makes return for a period beginning in payer’s net incom e is not m ore than $5,000, his entire net incom e shall be
one calendar year (hereinafter in this subdivision called “ first calendar considered to be earned net incom e, and if his net incom e is m ore than $5,000
year“ ) and ending in the following calendar year (hereinafter in this sub­ his earned net incom e shall not be considered to be less than $5,000. In no
division called “ second calendar year” ) and the law applicable to the case shall the earned net incom e be considered to be more than $10,000.
(b) In the case o f an individual the tax shall, in addition to the credits
second calendar year is different from the law applicable to the first cal­
endar year, then his tax under this title for the period ending during the provided in Section 222, be credited with 25% o f the amount o f tax which
w ould be payable if his earned net incom e constituted his entire net incom e;
second calendar year shall be the sum of: (1) The same proportion o f
a tax for the entire period, determined under the law applicable to the but in no case shall the credit allowed under this subdivision exceed 2 5%
first calendar year, and at the rates for such year, which the portion o f o f his tax under Section 210. (c) In the case o f the members o f a partner­
such period falling within the first calendar year is o f the entire period; ship the proper part o f each share o f the net incom e Which consists o f earned
and (2) the same proportion o f a tax for the entire period, determined i incom e shall be determ ined under rules and regulations to be prescribed
under the law applicable to the second calendar year, and at the rates b y the Commissioner with the approval o f the Secretary and shall be sepa­
for such year, which the portion o f such period falling within the second ; rately shown in the return o f the partnership and shall be taxed to the
calendar year is o f the entire period.
j member as provided in Section 218.
(b) I f a fiscal year o f a partnership begins in one calendar year and I
PART II.— IN D IVID U ALS.
ends in another calendar year, and the law applicable to the second calendar
Normal Tax.
year is different from the law applicable to the first calendar year then ;
Sec. 210. (a) In lieu o f the tax imposed b y Section 210 o f the Revenue
(1) the rates for the calendar year during which such fiscal year begins i
A ct o f 1921, there shall be levied, collected and paid for each taxable year
shall apply to an amount o f each partner’s share o f such partnership net




4

THE REVENUE ACT OF 1924.

Net Income of Individuals Defined.
Sec. 212. (a) In the case o f an individual the term “ net incom e” means
the gross incom e as defined in Section 213, less the deductions allowed by
Sections 214 and 206.
(b) The net incom e shall be com puted upon the basis o f the taxpayer’s
annual accounting period (fiscal year or calendar year, as the case m ay be)
in accordance with the m ethod o f accounting regularly em ployed in keeping
the books o f such taxpayer; but if no such m ethod o f accounting has been
so em ployed, or if the m ethod em ployed does not clearly reflect the incom e,
the com putation shall be m ade in accordance with such m ethod as in the
opinion o f the Commissioner does clearly reflect the incom e. I f the tax­
payer’s annual accounting period is other than a fiscal year as defined in
Section 200 or if the taxpayer has no annual accounting period or does not
keep books, the net incom e shall be com puted on the basis o f the calendar
year.
(c) I f a taxpayer changes his accounting period from fiscal year to
calendar year, from calendar year to fiscal year, or from one fiscal year to
another, the net incom e shall, with the approval o f the Comm issioner, be
com puted on the basis o f such net accounting period, subject to the pro­
visions o f Section 226.
Gross Income Defined.
Sec. 213. For the purposes o f this title, except as otherwise provided in
Section 233—
(a) The term “ gross incom e” includes gains, profits, and incom e de­
Sec. 211. (a) In lieu o f the tax imposed b y Section 211 o f the R evenue
rived from salaries, wages, or com pensation for personal service (including
A ct o f 1921, but in addition to the normal tax im posed b y Section 210 o f
this A ct, there shall be levied, collected, and paid for each taxable year in the case o f the President o f the United States, the judges o f the Supreme
and inferior Courts o f the U nited States, and all the other officers and
upon the net incom e o f every individual a surtax as follows:
U pon a net incom e o f $10,000 there shall be no surtax; upon net incom es em ployees, whether elected or appointed, o f the U nited States, Alaska,
H awaii, or any political subdivision thereof, or the D istrict o f Colum bia,
in excess o f $10,000 and n ot in excess o f $14,000, 1% o f such excess.
the com pensation received as s u ch ), o f whatever kind and in whatever
$40 upon net incom es o f $14,000; and upon net incom es in excess o f $14,000 form paid, or from professions, vocations, trades, businesses, com m erce,
and not in excess o f $16,000, 2 % in addition o f such excess.
or sales, or dealings in p ro p e rty , whether real or personal, growing out o f the
$80 upon net incom es o f $16,000; and upon net incom es in excess o f $16,000 ownership or use o f or interest in such prop erty; also from interest, rent,
and not in excess o f $18,000, 3 % in addition o f such excess.
dividends, securities, or the transaction o f any business carried on for gain
$140 upon net incom es o f $18,000; and upon net incom es in excess o f or p rofit, or gains or profits and incom e derived from any source whatever.
The am ount o f all such item s shall be included in the gross incom e for the
$18,000 and not in excess o f $20,000, 4 % in addition o f such excess.
$220 upon net incom es o f $20,000; and upon net incom es in excess of taxable year in which received b y the taxpayer, unless, under m ethods o f
accounting perm itted under subdivision (b) o f Section 212, any such amounts
$20,000 and not in excess o f $22,000, 5 % in addition o f such excess.
$320 upon net incom es o f $22,000; and upon net incom es in excess o f are to be properly accounted for as o f a different p eriod .
(b) T he term “ gross incom e” does not include the following item s, which
$22,000 and not in excess o f $24,000, 6 % in addition o f such excess.
shall be exem pt from taxation under this title:
$440 upon net incom es o f $24,000; and upon net incom es in excess of
(1) T he proceeds o f life insurance policies paid upon the death o f the in­
$24,000 and not in excess o f $26,000, 7 % in addition o f such excess.
sured;
$580 upon net incom es o f $26,000; and upon net incom es in excess o f
(2) T he amount received b y the insured as a return o f prem ium or prem i­
$26,000 and not in excess o f $28,000, 8 % in addition o f such excess.
ums paid b y him under life insurance, endow m ent, or annuity con tracts,
$740 upon net incom es o f $28,000; and upon net incom es in excess o f either during the term or at the m aturity o f the term mentioned in the con­
$28,000 and not in excess o f $30,000, 9 % in addition o f such excess.
tra ct or upon surrender o f the contract;
$920 upon net incom es o f $30,000; and upon net incom es in excess o f
(3) T he value o f property acquired b y gift, bequest, devise, or descent
$30,000 and n ot in excess o f $34,000, 10% in addition o f such excess.
(but the incom e from such property shall be included in gross incom e);
$1,320 upon net incom es o f $34,000; and upon net incom es in excess o f
(4) Interest upon (A) the obligations o f a State, T erritory, or any political
$34,000 and not in excess o f $36,000, 11% in addition o f such excess.
subdivision thereof, or the D istrict o f C olum bia; or (B) securities issued
$1,540 upon net incom es o f $36,000; and upon net incom es in excess o f under the provisions o f the Federal Farm Loan A ct, or under the provisions
$36,000 and n ot in excess o f $38,000, 12% in addition o f such excess.
o f such A ct as amended; or (C) the obligations o f the U nited States or its
$1,780 upon net incom es o f $38,000; and upon net incom es in excess o f possessions. E very person owning any o f the obligations or securities enum­
$38,000 and n ot in excess o f $42,000, 13% in addition o f such excess.
erated in clause (A ), (B ), or (C ) shall, in the return required b y this T itle,
$2,300 upon net incom es o f $42,000; and upon net incom es in excess o f submit a statement showing the number and am ount o f such obligations
$42,000 and not in excess o f $44,000, 14% in addition o f such excess.
and securities owned b y him and the incom e received therefrom , in such
$2,580 upon net incom es o f $44,000; and upon net incom es in excess o f form and with such inform ation as the Comm issioner m ay require. In
$44,000 and n ot in excess o f $46,000, 15% in addition o f such excess.
the case o f obligations o f the United States issued after Sept. 1 1917 (other
$2,880 upon net incom es o f $46,000; and upon net incom es in excess o f than postal savings certificates o f d e p o sit), the interest shall be exem pt
$46,000 and not in excess o f $48,000, 16% in addition o f such excess.
only if and to the extent provided in the respective A cts authorizing the
$3,200 upon net incom es o f $48,000; and upon net incom es in excess o f issue thereof as amended and supplem ented, and shall be excluded from
$48,000 and n ot in excess o f $50,000, 17% in addition o f such excess.
gross incom e only if and to the extent it is w holly exem pt to the taxpayer
$3,540 upon net incom es o f $50,000; and upon net incom es in excess o f from incom e taxes.
$50,000 and not in excess o f $52,000, 18% in addition o f such excess.
(5) T he incom e o f foreign governm ents received from investments in the
$3,900 upon net incom es o f $52,000; and upon net incom es in excess o f United States in stocks, bonds, or other dom estic securities, owned b y such
$52,000 and not in excess o f $56,000, 19% in addition o f such excess.
foreign governm ents, or fro m interest on deposits in banks in the United
$4,660 upon net incom es o f $56,000; and upon net incom es in excess o f States o f m oneys belonging to such foreign governm ents, or from any other
$56,000 and not in excess o f $58,000, 20% in addition o f such excess.
source within the U nited States;
$5,060 upon net incom es o f $58,000; and upon net incom es in excess o f
(6) A m ounts received, through accident or health insurance or under
$58,000 and not in excess o f $62,000, 2 1% in addition o f such excess.
workm en’s com pensation A cts, as com pensation for personal injuries or
$5,900 upon net incom es o f $62,000; and upon net incom es in excess o f sickness, plus the am ount o f any damages received whether b y suit or
$62,000 and not in excess o f $64,000, 22% in addition o f such excess.
agreement on account o f such injuries or sickness;
$6,340 upon net incom es o f $64,000; and upon net incom es in excess o f
(7) Incom e derived from any public utility or the exercise o f any essential
$64,000 and n ot in excess o f $66,000, 23% in addition o f such excess.
governm ental function and accruing to any State, T erritory, or the D istrict
$6,800 upon net incom es o f $66,000; and upon net incom es in excess o f o f C olum bia, or any political subdivision o f a State or Territory, or incom e
$66,000 and not in excess o f $68,000, 24% in addition o f such excess.
accruing to the G overnm ent o f any possession o f the U nited States, or any
$7,280 upon net incom es o f $68,000; and upon net incom es in excess o f political subdivision thereof.
$68,000 and n ot in excess o f $70,000, 25% in addition o f such excess.
W henever any State, T erritory, or the D istrict o f C olum bia, or any
$7,780 upon net incomes o f $70,000; and upon net incom es in excess o f political subdivision o f a State or Territory, prior to Sept. 8 1916, entered
$70,000 and not in excess o f $74,000, 26% in addition o f such excess.
in good faith into a contract w ith any person, the ob je ct and purpose o f
$8,820 upon net incomes o f $74,000; and upon net incom es in excess o f which is to acquire, construct, operate, or m aintain a public utility—
$74,000 and not in excess o f $76,000. 27% in addition o f such excess.
(a) I f b y the terms o f such contract the tax im posed b y this title is to be
$9,360 upon net incom es o f $76,000; and upon net incom es in excess o f paid out o f the proceeds fro m the operation o f such public u tility , prior to
$76,000 and n ot in excess o f $80,000, 2 8% in addition o f such excess.
any division o f such proceeds between the person and the State, T erritory,
$10,480 upon net incomes o f $80,000; and upon net incom es in excess o f political subdivision, or the D istrict o f C olum bia, and if, but for the im ­
$80,000 and not in excess o f $82,000, 2 9% in addition o f such excess.
position o f the tax imposed b y this title, a part o f such proceeds for the
$11,060 upon net incom es o f $82,000; and upon net incom es in excess o f taxable year would accrue directly to or for the use o f such State, T erritory,
$82,000 and n ot in excess o f $84,000, 3 0% in addition o f such excess.
political subdivision, or the D istrict o f C olum bia, then a tax upon the net
$11,660 upon net incomes o f $84,000; and upon net incom es in excess o f incom e from the operation o f such public utility shall be levied, assessed,
$84,000 and n ot in excess o f $88,000, 3 1% in addition o f such excess.
collected, and paid in the manner and at the rates prescribed in this title,
$12,900 upon net incom es o f $88,000; and upon net incom es in excess o f but there shall be refunded to such State, T erritory, political subdivision,
$88,000 and n ot in excess o f $90,000, 3 2% in addition o f such excess.
or the District o f Colum bia, (under rules and regulations to be prescribed
$13,540 upon net incomes o f $90,000; and upon net incom es in excess o f b y the com m issioner with the approval o f the Secretary) an am ount which
$90,000 and n ot in excess o f $92,000, 33% in addition o f such excess.
bears the same relation to the am ount o f the tax as the am ount which
$14,200 upon net incom es o f $92,000; and upon net incom es in excess o f (but for the im position o f the tax im posed b y this title) w ould have accrued
$92,000 and n ot in excess o f $94,000, 3 4% in addition o f such excess.
directly to or for the use o f such State, T erritory, political subdivision, or
$14,880 upon net incom es o f $94,000; and upon net incom es in excess o f the D istrict o f C olum bia, bears to the am ount o f the net incom e from the
$94,000 and n ot in excess o f $96,000, 35% in addition o f such excess.
operation o f such public utility for such taxable year.
$15,580 upon net Incomes o f $96,000; and upon net incom es in excess o f
(b) I f b y the terms o f such contract no part o f the proceeds from the
$96,000 and n ot in excess o f $100,000, 3 6% in addition o f such excess.
operation o f the public u tility for the taxable year would, irrespective o f the
$17,020 upon net incom es o f $100,000; and upon net incom es in excess o f tax imposed b y this title, accrue directly to or for the use o f such State,
$100,000 and n ot in excess o f $200,000, 3 7% in addition o f such excess.
T erritory, political subdivision, or the D istrict o f C olum bia, then the tax
$54,020 upon net incom es o f $200,000; and upon net Incomes in excess o f upon the net incom e o f such person from the operation o f such public utility
$200,000 and n ot in excess o f $300,000, 3 8% in addition o f such excess.
shall be levied, assessed, collected, and paid in the manner and at the
$92,020 upon net incom es o f $300,000; and upon net incom es in excess o f rates prescribed in this title.
$300,000 and not in excess o f $500,000, 3 9% in addition o f such excess.
(8) T he incom e o f a non-resident alien or foreign corporation which
$170,020 upon net incom es o f $500,000; and upon net incom es in excess consists exclusively o f earnings derived fro m the operation o f a ship or
o f $500, in addition 40% o f such excess.
ships docum ented under the laws o f a foreign cou ntry which grants an
equivalent exem ption to citizens o f the U nited States and to corporations
(b)
In the case o f a bona fide sale o f mines, oil or gas wells, or any interest
therein, where the principal value o f the property has been dem onstrated b y organized in the U nited States;
(9) Am ounts received as com pensation, fa m ily allotm ents and allowances
prospecting or exploration and discovery work done b y the taxpayer, the
portion o f the tax imposed b y this section attributable to such sale shall under the provisions o f the W ar R isk Insurance and the Vocational R eI habilitation A cts or the W orld W ar Veterans A ct, 1924, or as pensions from
not exceed 16% o f the selling price o f such property or interest.

upon the net incom e o f every individual (except as p rovid ed in subdivision
(b) o f this section) a normal tax o f 6 % o f the am ount o f the net incom e in
excess o f the credits p rovid ed in Section 216, except that in the case o f a
citizen or resident o f the United States the rate upon the first $4,000 o f such
excess am ount shall be 2 % , and upon the next $4,000 o f such excess am ount
shall be 4 % .
(b) In lieu o f the tax im posed b y subdivision (a), there shall be levied,
collected, and paid for each taxable year upon the net Income o f every non­
resident alien individual, a resident o f a contiguous country, a normal tax
equal to the sum o f the follow ing:
(1) T w o per centum o f the am ount b y which the part o f the net incom e
attributable to wages, salaries, professional fees, or other amounts received
as com pensation for personal services actually perform ed in the United
States, exceeds the credits p rovid ed in subdivisions (d) and (e) o f Section
216: but the am ount taxable at such 2 % rate shall not exceed $4,000:
(2) Four per centum o f the am ount b y which such part o f the net incom e
exceeds the sum o f (A) the credits p rovided in subdivisions (d) and (e) o f
Section 216, plus (B) $4,000: but the amount taxable at such 4 % rate shall
not exceed $4,000: and
(3) Six per centum o f the am ount o f the net incom e in excess o f the sum
o f (A) the am ount taxed under Paragraphs (1) and (2), plus (B) the credits
p rovided in Section 216.
Surtax.




THE REVENUE ACT OF 1924.
the U nited States for service o f the beneficiary or another in the m ilitary or
naval forces o f the U nited States in tim e o f war; or as a State pension for
services rendered b y the beneficiary or another for w hich the State is
p aying a pension;
(10) T he am ount received b y an individual before Jan. 1 1927, as d iv i­
dends or interest from dom estic building and loan associations, substantially
all the business o f which is confined to m aking loans to members, b ut the
am ount excluded from gross incom e under this paragraph in any taxable
year shall not exceed $300;
(11) The rental value o f a dwelling house and appurtenances thereof
furnished to a minister o f the gospel as part o f his com pensation;
(12) T he receipts o f shipowners’ mutual protection and indem nity associa­
tions, not organized for p rofit, and no part o f the net earnings o f which
inures to the benefit o f any private shareholder; but such corporations shall
be subject as other persons to the tax upon the net incom e from interest,
dividends, and rents;
(13) In the case o f an individual, amounts distributed as dividends to or
for his benefit b y a corporation organized under the China Trade A ct, 1922,
if, at the tim e o f such distribution, he is a citizen o f China, resident therein,
and the equitable right to the incom e o f the shares o f stock o f the corporation
is in g o o d faith vested in him .
(c) In the case o f a non-resident alien individual, gross incom e means
o n ly the gross incom e from sources within the United States, determ ined
under the provisions o f Section 217.

5

deduction shall be allowed only as to contributions or gifts made to dom estic
corporations, or to com m unity chests, funds, or foundations, created in the
United States, or to such vocational rehabilitation fund. Such contribu­
tions or gifts shall be allowable as deductions on ly if verified under rules and
regulations prescribed b y the Comm issioner, with the approval o f the
Secretary.
(b)
In the case o f a nonresident alien individual, the deductions allowed
in subdivision (a ), except those allowed in paragraphs (5 ), (6 ), and (10),
shall be allowed on ly if and to the extent that they are connected with
incom e from sources within the United States; and the proper apportion­
m ent and allocation o f the deductions with respect to sources o f incom e
within and without the United States shall be determ ined as provided
in Section 217 under rules and regulations prescribed b y the Commissioner
with the approval o f the Secretary. In the case o f a citizen entitled to
the benefits o f Section 262 the deductions shall be the same and shall be
determined in the same manner as in the case o f a non-resident alien
ndividual.
Items Not Deductible.
Sec. 215. (a) In com puting net incom e no deduction shall in any case
be allowed in respect o f—(1) Personal, living, or fam ily expenses;
(2) A n y am ount paid ou t for new buildings o r for permanent im prove­
ments or betterm ents made to increase the value o f any property or estate;
(3) A n y am ount expended in restoring prop erty or in m aking good
the exhaustion thereof fpr which an allowance is or has been m ade; or
(4) Prem ium s paid on any life insurance policy covering the life o f any
officer or em ployee, or o f any person financially interested in any trade
or business carried on b y the taxpayer, when the taxpayer is directly or
indirectly a beneficiary under such policy.
(b)
A m ounts paid under the laws o f any State, Territory, D istrict o f
C olum bia, possession o f the U nited States, or foreign cou ntry as incom e
to the holder o f a life or term inable interest acquired b y gift, bequest
or inheritance shall n ot be reduced or diminished b y any deduction for
shrinkage (b y whatever name called) in the value o f such interest due
to the lapse o f tim e, nor b y a n y deduction allowed b y this A ct for the
purpose o f com puting the net incom e o f an estate or trust, but not allowed
under the laws o f such State, Territory, D istrict o f C olum bia, possession
o f the U nited States, or foreign cou ntry for the purpose o f com puting
the incom e to which such holder is entitled.

Deductions Allowed Individuals.
Sec. 214. (a) In com puting net incom e there shall be allow ed as ded uc­
tions:
(1) A ll the ordinary and necessary expenses paid or incurred during the
taxable year In carrying on any trade or business, including a reasonable
allow ance for salaries or other com pensation for personal services actually
rendered; traveling expenses (including the entire amount expended for
meals and lodging) while aw ay from hom e in the pursuit o f a trade or busi­
ness; and rentals or other paym ents required to be made as a con dition to
the continued use or possession, for purposes o f the trade or business, o f
property to w hich the taxpayer has not taken or is not taking title or in
w hich he has no equity;
(2) A ll interest paid o r accrued w ithin the taxable year on indebtedness;
except on indebtedness incurred o r continued to purchase or carry obligations
o r securities (other than obligations o f the United States issued after
Sept. 24 1917, and originally subscribed for b y the taxpayer) the interest
Credits Allowed Individuals.
upon w hich is w holly exem pt from taxation under this title;
Sec. 216. F or the purpose o f the normal tax on ly there shall be allow ed
(3) Taxes paid o r accrued within the taxable year except (A) incom e, war
profits and excess profits taxes imposed Dy the authority o f the U nited the follow ing credits:
(a) T he am ount received as dividends (I) from a dom estic corporation
States, (B ) so m uch ®f the incom e, war-profits and excess-profits taxes,
im posed b y the authority o f a n y foreign cou ntry or possession o f the U nited other than a corporation entitled to the benefits o f Section 262, and oth er
States, as is allowed as a credit under Section 222, (C ) taxes assessed against than a corporation organized under the China T rade A ct, 1922, or (2)
local benefits o f a kind tending to increase the value o f the property assessed, from a foreign corporation when it is shown to the satisfaction o f th e
and (D ) taxes imposed upon the taxpayer upon his interest as shareholder Comm issioner that m ore than 50% o f the gross incom e o f such foreign
o f a corporation, 'which are paid b y the corporation without reimbursement corporation for the three-year period ending with the close o f its taxable
from the taxpayer. For the purpose o f this paragraph, estate, inheritance, year preceding the declaration o f such dividends (or for such part o f such
legacy, and succession taxes accrue on the due date thereof except as other­ period as the corporation has been in existence) was derived from sources;
within the United States as determ ined under the provisions o f Section 217;
wise provided b y the law o f the jurisdiction im posing such taxes;
(b) T h e am ount received as interest upon obligations o f the U nited
(4) Losses sustained during the taxable year and not com pensated for by
States which is included in gross incom e under Section 213;
insurance o r otherwise, if incurred in trade or business;
(c) In the case o f a single person, a personal exem ption o f $1,000; o r
(5) Losses sustained during the taxable year and not com pensated for by
Insurance or otherwise, if incurred in any transaction entered into for p rofit, in the case o f the head o f a fam ily or a married person living with husband
though not connected w ith the trade or business; but in the case o f a non­ or w ife, a personal exem ption o f $2,500. A husband and wife living to­
resident alien individual on ly if the profit, if such transaction had resulted gether shall receive but one personal exem ption. T he am ount o f such
in a profit, w ould be taxable under this title. N o deduction shall be personal exem ption shall be $2,500. I f such husband and wife m ake
allowed under this paragraph for any loss claimed to have been sustained in separate returns, the personal exem ption m ay be taken b y either or divided
any sale or other disposition o f shares o f stock or securities where it appears between them .
that within thirty days oefore or after the date o f such sale or other disposi­
(4)
$400 for each person (other than husband or wife) dependent upon
tion the taxpayer has acquired (otherwise than by bequest or inheritance)
and receiving his ch ief support from the taxpayer if such dependent person
o r has entered into a contract or option to acquire substantially identical is under 18 years o f age or is incapable o f self-support because m entally
property, and the property so acquired is held b y the taxpayer for any or physically defective.
period after such sale o r other disposition. I f such acquisition or the con­
(e) In the case o f a non-resident alien individual or o f a citizen entitled
tract or option to acquire is lo the extent o f part only o f substantially iden­ to the benefits o f Section 262, the personal exem ption shall be only $1,000.
tical p roperty, then only a proportionate part o f the loss shall be disallowed; T he credit provided in subdivision (d) shall n o t be allowed in the case o f a
(6) Losses sustained during the taxable year o f property not connected non-resident alien individual unless he is a resident o f a contiguous cou ntry,
with the trade or business (but in the case o f a non-resident alien individual nor in the case o f a citizen entitled to the benefits o f Section 262.
o n ly property within the United States) if arising from fires, storm s, ship­
(f) (1) T he credits allowed b y subdivisions (d) and (e) o f this section
wreck, or other casualty, or from theft, and if not com pensated for b y insur­ shall be determ ined b y the status o f the taxpayer on the last d ay o f his
ance or otherwise. T h e basis for determining the amount o f the deduction taxable year.
under this paragraph, or Paragraph (4) or (5 ), shall be the same as is
(2) T he credit allowed b y subdivision (c) o f this section shall, in case
provided in Section 204 for determining the gain or loss from the sale or the status o f the taxpayer changes during his taxable year, be the sum o f
other disposition o f property:
(A) an am ount which bears the same ratio to $1,000 as the number o f
(7) D ebts ascertained to be worthless and charged o ff within the taxable m onths during which the taxpayer was single bears to 12 m onths, plus
year (or, in the discretion o f the Comm issioner, a reasonable addition to a (B) an am ount which bears the same ratio to $2,500 as the number o f
reserve for bad debts); and when satisfied that a deot is recoverable only in m onths during which the taxpayer was a married person living with hus­
part, the Comm issioner m ay allow such debt to be charged o ff in part;
band or wife or was the head o f a fam ily bears to 12 m onths. F or the
(8) A reasonable allowance for the exhaustion, wear and tear o f property purposes o f this paragraph a fractional part o f a m onth shall be disregarded
used in the trade or business, including a reasonable allowance for obso­ unless it amounts to m ore than ha lf a m onth, in which case it shall be
lescence.
considered as a m onth.
(9) In the case o f mines, oil and gas wells, other natural deposits, and
(3) In the case o f an individual who dies during the taxable year, the
tim ber, a reasonable allowance for depletion and for depreciation o f im prove­ credits allowed b y subdivisions ( c ) , ( d ) , and (e) shall be determ ined b y
m ents, according to the peculiar conditions in each case; such reasonable his status at the tim e o f his death, and in such case full credits shall be
allow ance in all cases to be made under rules and regulations to be pre­ allowed to the surviving spouse, if any, according to his or her status at
scribed by the Commissioner, with the approval o f the Secretary. In the the close o f the taxable year.
case o f leases the deduction allowed b y this paragraph shall be equitably
Net Income of Nonresident Alien Individuals.
apportioned between the lessor and lessee;
(10) C ontributions or gifts made within the taxable year to or for the
Sec. 217. (a) In the case o f a nonresident alien individual or o f a citizen
use of: (A) the United States, any State, Territory, or any political subdi­ entitled to the benefits o f Section 262, the follow ing items o f gross incom e
vision thereof, or the District o f Colum bia, for exclusively public purposes; shall be treated as incom e from sources within th e United States:
(B ) any corporation or trust, or com m unity chest, fund, or foundatipn,
(1) Interest on bonds, notes, or other interest-bearing obligations o f
organized and operated exclusively for religious, charitable, scientific, residents, corporate or otherwise, not including (A ) interest on deposits with
literary or educational purposes, or for the prevention o f cruelty to children persons carrying on the banking business paid to persons not engaged in
or animals, no part o f the net earnings o f which inures to the benefit o f any business within the U nited States and n ot having an office or place o f busi­
private shareholder or individual; (C) the special fund for vocational re­ ness therein, or (B ) interest received from a resident alien individual or a
habilitation authorized by Section 7 o f the Vocational Rehabilitation A ct; resident foreign corporation, or a dom estic corporation, when it is shown to
(D ) posts or organizations o f war veterans, or auxiliary units or societies the satisfaction o f the Comm issioner that less than 2 0% o f the gross incom e
o f any such posts or organizations, if such posts, organizations, units, or o f such resident p a yor or dom estic corporation has keen derived from sources
societies are organized in the United States or any o f its possessions, and within the United States, as determ ined under the provisions o f this section,
i f no part o f their net earnings inures to the benefit o f any private share­ for the three-year period ending with the close o f the taxable year o f such
holder or individual; or (E) a fraternal society, order, or association operat­ payor, or fo r such part o f such period im m ediately preceding the close o f
ing under the lodge system , but only if such contributions or gifts are to be such taxable year as m ay be applicable;
used exclusively for religious, charitable, scientific, literary or educational
(2) T h e am ount received as dividends (A ) from a dom estic corporation
purposes, or for the prevention o f cruelty to children or animals to an other than a corporation entitled to the benefits o f Section 262, and other
am ount which in all the above cases com bined does not exceed 15% o f the than a corporation less than 2 0% o f whose gross incom e is shown to the
taxpayer’s net incom e as com puted w ithout the benefit o f this paragraph, satisfaction o f the Commissioner to have been derived from sources within
except that if in the taxable year and in each o f the ten preceding taxable the United States, as determ ined under the provisions o f this section, for
years the am ount in all the above cases com bined exceeds 90% o f the tax­ the three-year period ending w ith the close o f the taxable year o f such cor­
p a yer’s net incom e for each such year, as com puted without the benefit o f poration, preceding the declaration o f such dividends, or for such part o f
this paragraph, then to the full amount o f such contributions and gifts such period as the corporation has been in existence), (or (B) from a foreign
made within the taxable year. In case o f a non-resident alien individual this corporation unless less than 50% o f the gross incom e o f such foreign corpora-




THE REVENUE ACT OF 1924.
(3) Incom e received by estates o f deceased persons during the period
o f administration or settlement o f the estate; and
(4) Incom e which, in the discretion o f the fiduciary, m ay be either
distributed to the beneficiaries or accum ulated.
(b) E xcept as otherwise provided in subdivisions (g) and (h) the tax
shall oe com puted upon the net incom e o f the estate or trust, and shall be
paid b y the fiduciary. T he net incom e o f the estate or trust shall be
com puted in the same manner and on the same basis as p rovided in Section
212, except that—
(1) There shall be allowed as a deduction (in lieu o f the deduction
authorized b y Paragraph (10) o f Subdivision (a) o f Section 214) a n y part
o f the gross incom e, w ithout lim itation, which, pursuant to the terms o f the
will or deed creating the trust, is during the taxable year paid or perm anently
(b) From the items of gross income specified in subdivision (a) there set aside for the purposes and in the manner specified in Paragraph (10) of
shall be deducted the expenses, losses, and other deductions properly appor­ Subdivision (a) o f Section 214, or is to be used exclusively for religious,
tioned or allocated thereto and a ratable part of any expenses, losses, or other charitable, scientific, literary, or educational purposes, or for the prevention
deductions which can not definitely be allocated to some item or class of o f cruelty to children or animals or for the establishment, acquisition, main­
gross income. The remainder, if any, shall be included in full as net income tenance or operation o f a public cem etery n ot operated for p rofit;
(2) There shall be allowed as an additional deduction in com puting the
from sources within the United States.
,
(c) T he follow ing items o f gross incom e shall be treated as incom e from net incom e o f the estate or trust the am ount o f the incom e o f the estate or
trust for its taxable year which is to be distributed currently b y the fiduciary
sources without the U nited States;
P! (I)- Interest other than- that derived from sources within the U nited to the beneficiaries, and the am ount o f the incom e collected b y a guardian
States as provided in paragraph (1) o f subdivision (a);
o f an infant which is to be held or distributed as the court m ay direct, but
(t* (2) Dividends other than those derived from sources within the United the am ount so allowed as a deduction shall be included in com puting the
States as provided in paragraph (2) o f subdivision (a );
net incom e o f the beneficiaries whether distributed to them or n o t. A ny
(3) Compensation for labor or personal services perform ed w ithout the am ount allowed as a deduction under this paragraph shall n o t be allowed as a
deduction under Paragraph (3) in the same or any succeeding taxable year;
U nited States;^
(4) Rentals o r royalties from, property located without the U nited States
(3) In the case o f incom e received b y estates o f deceased persons during
or from any interest in such prop erty, including rentals or royalties forthe the period o f administration or settlem ent o f the estate, and in the case o f
use o f or for the privilege o f using without the U nited States, patents, incom e which, in the discretion o f the fiduciary, m ay be either distributed to
cop yrights, secret processes and form ulas, good will, trade-m arks, trade the beneficiary or accum ulated, there shall be allowed as an additional
brands, franchises, sand other like property; and
deduction in com puting the net incom e o f the estate or trust the am ount o f
(5) Gains, profits, and incom e from the sale o f real property located with­ the incom e o f the estate or trust for its taxable year which is properly p a id t
or credited during such year to any legatee, heir, or beneficiary, b ut the
out the U nited States; . .
...
(d) From the items o f gross incom e specified in subdivision (c) there shall am ount so allowed as a deduction shall be included in com puting the net
be deducted the expenses, losses, and other deductions properly apportioned incom e o f the legatee, heir, or beneficiary.
or allocated thereto, and a ratable part o f any expenses, losses, or other de­
(c) For the purpose o f the norm al tax the estate or trust shall be allowed
ductions which can not definitely be allocated to som e item or class o f gross the same credit as is allowed to a single person under Subdivision (c) o f
incom e. T he remainder, if any, shall be treated in full as net incom e from
Section 216, and, if no part o f the incom e o f the estate or trust is included in
com puting the net incom e o f any legatee, heir, or beneficiary, then in addi­
sources without the United States.
(e) Item s o f gross incom e, expenses, losses and deductions, other than tion the same credits as are allowed b y Subdivisions (a) and (b) o f Section
those specified in subdivisions .(a) and ( c ) , shall be allocated or apportioned 216.
to sources within or without the United States under rules and regulations
(d) I f any part o f the incom e o f an estate or trust is included in com puting
proscribed b y the Commissioner with.the approval o f the Secretary. Where the net incom e o f any legatee, heir, or beneficiary, such legatee, heir, or
items o f gross incom e are separately allocated to sources within the United beneficiary, shall, for the purpose o f the norm al tax, be allow ed as credits, in
States, there shall be deducted (for the purpose o f com puting the net income addition to the credits allowed to him under Section 216, his proportionate
therefrom ) the expenses, losses .and other deductions properly apportioned share o f such amounts specified in Subdivisions (a) and (b) o f Section 216 as
o r allocated thereto and a rata ole part o f other expenses, losses or other are, under this section, required to be included in com puting his net incom e.
■deductions which can not definitely be allocated to. some item or class o f A n y remaining portion o f such am ounts specified in Subdivisions (a) and
gross incom e. The rem ainder, if any, shall be included in full as net incom e
(b) o f Section 216 shall, for the purpose o f the norm al tax, be allow ed as
from sources within the United.States. In the case o f gross incom e derived credits to the estate or trust.
from sources partly within and partly without the United States, the net
(e) I f the taxable year o f a beneficiary is different from that o f the estate
incom e m ay first be com puted b y deducting the expenses, losses or other or trust, the am ount which he is required under Paragraph (2) o f Subdivision
deductions apportioned or allocated; thereto and a ratable part o f any
(b) o f this section, to include in com puting his net incom e,, shall be based
expenses, losses or other deductions whi,ch can not definitely be allocated upon the incom e o f the estate or trust for its taxable year ending within
to some items or class o f gross incom e; and the portion o f such net incom e his taxable year.
attributable to sources within the U nited States m ay be determined b y
(f) A trust created b y an em ployer as a part o f a stock bonus or profit
processes or formulas o f general apportionment prescribed b y the Com m is­ sharing plan for the exclusive benefit o f some or all o f his em ployees, to which
sioner with the approval o f the Secretary.. Gains, profits and incom e from contributions are m ade b y such em ployer, or em ployees, or b oth , for the
<1) transportation or other services rendered partly within and partly purpose o f distributing to such em ployees the earnings and principal o f the
without the United States, or (.2) from the sale o f personal property produced fund accumulated b y the trust in accordance with such plan, shall not be
<in whole or in part) b y the taxpayer within and sold without the United taxable under this section, b ut the am ount actually distributed or made
States, or produced (in whole or in part) b y the taxpayer without and sold available to any distributee shall be taxable to him in the year in which so
within the U nited States, shall...be treated as derived partly from sources distributed or m ade available to the extent that it exceeds the amounts paid
within and partly from sources without the United States. Gains, profits in b y him. Such distributees shall for the purpose o f the norm al tax be
a n d incom e derived from thft purchase o f personal property within and its allowed as credits such part o f the am ount so distributed or m ade available as
sale without the United States or from .th e purchase o f personal property represents the items specified in subdivisions (a) and (b) o f Section 216.
w ithout and its sale within the U nited States, shall be treated as derived
(g) W here the grantor o f a trust has, at a n y tim e during the taxable
•entirely from sources within the country in which sold.
year, either alone or in con junction with any person n ot a beneficiary o f the
(f) A s used in this section the words “ sale” or “ sold ” include “ exchange”
trust, the power to re-vest in him self title to any part o f the corpus o f the
o r “ exchanged” ; and the word “ p rod u ced " includes “ created,” “ fabricated,”
trust, then the incom e o f such part o f the trust for such taxaole year shall be
"m anufactured,” “ extracted.” “ processed,” “ cu red,” or “ aged.”
included in com puting the net incom e o f the grantor.
(g) (1) E xcept as provided in paragraph (2) a non-resident alien indi­
(h) W here any part o f the incom e o f a trust m ay, in the discretion o f the
vidual or a citizen entitled, to the benefits o f Section 262 shall receive the grantor o f the trust, either alone or in con jun ction with any person n ot a
benefit o f the deductions and credits allowed in this title only b y filing or beneficiary o f the trust, be distributed to the grantor or be held or accumu­
causing to be filed with the collector a true and accurate return o f his lated for future distribution to him , or where a n y part o f the incom e o f a
total incom e received from all sources in the United States, in the manner trust is or m ay be applied to the paym ent o f prem ium s upon policies o f
prescribed in this title; including . therein all the inform ation which the insurance on the life o f the grantor (except policies o f insurance irrevocably
Comm issioner m ay deem necessary for the calculation o f such deductions payable for the purposes and in the manner specified in Paragraph (10) o f
and credits;
Subdivision (a) o f Section 214), such part o f the incom e o f the trust shall
(2)
The benefit o f the credits allowed in subdivisions (d) and (e) be fincluded in com puting the net incom e o f the grantor.
o
Section 216, and o f the reduced rate o f tax provided for in subdivision (b)
Evasion of Surtaxes by Incorporation.
o f Section 210, m ay, in the discretion o f the Commissioner and under
Sec. 220. (a) I f any corporation, how ever created or organized, is form ed
regulations prescribed b y him with the approval o f the Secretary, be
• received b y a non-resident alien individual entitled thereto, b y filing a or availed o f for the purpose o f preventing the im position o f the surtax upon
its shareholders through the m edium o f perm itting its gains and profits to
d a }m therefor with the withholding agent.
accum ulate instead o f being divided or distributed, there shall be levied, col­
Partnerships.
lected, and paid for each taxable year upon the net incom e o f such corpora­
Sec. 218. (a) Individuals carrying on business in partnership shall be
tion a tax equal to 50% o f the am ount thereof, which shall be in addi­
liable for incom e tax only in their individual ca p a city. There shall be
tion to the tax imposed b y Section 230 o f this title and shall (except as pro­
included in com puting the net incom e o f each partner his distributive share,
vided in subdivision (d) o f this section) be com puted, collected, and paid
whether distributed or not, Of the net incom e o f the partnership for the
upon the same basis and in the same manner and subject to the same pro­
taxable year, or, if his net incom e for such taxable year is com puted upon
visions o f law, including penalties, as that tax.
the basis o f a period different from that upon the basis o f which the net
(b) The fact that any corporation is a m ere holding or investm ent com ­
incom e o f the partnership is com puted, then his distributive share o f the
pany, or that the gains or profits are perm itted to accum ulate b eyon d the
net incom e o f the partnership for any accounting period o f the partnership
reasonable needs o f the business shall be prima facie evidence o f a purpose
ending within the taxable year upon the basis o f which the partner’s net
to escape the surtax.
incom e is com puted.
(c) W hen requested b y the Comm issioner, or any collector, every cor­
|H (b) T he partner shall, for the purpose o f the normal tax, be allowed as
poration shall forward to him a correct statem ent o f such gains and profits
credits, in addition to the credits allowed to him under Section 216, his
and the names and addresses o f the individuals or shareholders who would
proportionate share o f such amounts specified in subdivisions (a) and (b)
be entitled to the same if divided or distributed, and o f the am ounts that
o f Section 216 as are received by the partnership.
would be payable to each.
(c) The net incom e o f the partnership shall be com puted in the same
(d) As used in this section the term ‘ ‘net incom e’ ’ m eans th e net incom e as
manner and on the same basis as provided in Section 212 except that the
defined in Section 232, increased b y the sum o f the am ount o f the deduction
deduction provided in paragraph (10) o f subdivision (a) o f Section 214
allowed under paragraph (6) o f subdivision (a) o f Section 234, and the
shall not be allowed.
am ount o f the interest on obligations o f the U nited States issued after Sept. 1
■
Estates' 'and Trusts.
1917 which w ould be subject to tax in whole or in part in the hands o f an
Sec. 219. (a) The tax imposed by Parts I and I I o f this title shall apply individual owner.
to the incom e o f estates or o f any kind o f property held in trust, including—
Payment of Individual’s Tax at Source.
(1) Incom e accumulated in trust for the benefit o f unborn or unascer­
Sec. 221. (a) A ll persons, in whatever capacity a ctin g,in clu d in g lessees
tained persons or persons with contingent interests, and incom e accumulated
or m ortgagors o f real or personal prop erty, fiduciaries, em ployers, and all of­
or held for future distribution under the terms o f the will or trust;
(2) Incom e which is to be distributed currently b y the fiduciary to the ficers and em ployees o f the United States having the con trol, receipt, cus­
beneficiaries, and incom e collected by a guardian o f an infant which is to to d y , disposal, or paym ent o f interest*(except interest on deposits with per­
sons carrying on the banking business*paid to persons not engaged in busibe held or distributed as the court m ay direct;

tion for the three-year period ending with .the close o f its taxable year pre­
ced ing the declaration o f such dividend (pr for such part o f such period as the
corporation has been in existence) was derived from sources within the
U nited States as determ ined under the provisions o f this section;
(3) Com pensation for labor or personal services perform ed in the U nited
States;
(4) Rentals or royalties from property located in the U nited States or
from any interest in such p roperty, including rentals or royalties for the
use o f o f for the privilege o f using in the United States, patents, copyrights,
secret processes and form ulas, good will, trade-marks, trade brands, fran­
chises, and other like p roperty; and
(5) Gains, profits, and incom e from the sale o f real property located in
the U nited States. .




THE REVENUE ACT OF 1924.
ness in the United States and not having an office or place o f business there­
in ), rent, salaries, wages, premiums, annuities, com pensations, remunera­
tions, emoluments, or other fixed or determinable annual or periodical gains,
p rofits, and incom e, o f any non-resident alien individual, or o f any partner­
ship not engaged in trade or business within the U nited States and not hav­
ing any office or place o f business therein and com posed in whole or in part
o f non-resident aliens (other than incom e received as dividends o f the class
allowed as a credit b y subdivision (a) o f Section 216) shall (except In the
cases provided for in subdivision (b) and except as otherwise provided in
regulations prescribed b y the Commissioner under Section 217) deduct and
withhold from such annual or periodical gains, profits and incom e a tax
equal to 6 % thereof; Provided, T hat the Commissioner m ay authorize
such tax to be deducted and withheld from the interest upon any securities
the owners o f which are not known to the withholding agent.
(b) In any case where bonds, m ortgages, or deeds o f trust, or other simi­
lar obligations o f a corporation contain a contract or provision b y which the
obligor agrees to p ay any portion o f the tax imposed b y this title upon the
obligee, or to reimburse the obligee for any portion o f the tax, or to pay
the interest without deduction for any tax which the obligor m ay be required
or perm itted to pay thereon, or to retain therefrom under any law o f the
United States, the obligor shall deduct and withhold a tax equal to 2 %
o f the interest upon such bonds, m ortgages, deeds o f trust, or other obliga­
tions, whether such interest is payable annually or at shorter or longer per­
iods and whether payable to a non-resident alien individual or to an individ­
ual citizen or resident o f the United States or to a partnership: P rovided,
T hat the Commissioner m ay authorize such tax to be deducted and with­
held in the case o f interest upon any such bonds, m ortgages, deeds o f trust,
or other obligations, the owners o f which are not know n to the withholding
agent. Such deduction and withholding shall not be required in the case o f
a citizen or resident entitled to receive such interest, if he files with the with­
holding agent on or before Peb. 1 a signed notice in writing claiming the
benefit o f the credits provided in subdivisions (c) and (d) o f Section 216;
nor in the case o f a non-resident alien individual if so provided for in regula­
tions prescribed b y the Commissioner under subdivision (g) o f Section 217.
(c) E very person required to deduct and withhold any tax under this
section shall make return thereof on or before M arch 15 o f each year and
shall on or before June 15 pay the tax to the official o f the United States
Governm ent authorized to receive it. E very such person is hereby made
liable for such tax and is hereby indemnified against the claims and demands
o f any person for the am ount o f any paym ents made in accordance with the
provisions o f this section.
(d) Incom e upon which any tax is required to be withheld at the source
under this section shall be included in the return o f the recipient o f such in­
com e, but any amount o f tax so withheld shall be credited against the
am ount o f incom e tax as com puted in such return.
(e) I f any tax required under this section to be deducted and withheld is
paid b y the recipient o f the incom e, it shall not be re-collected from the with­
holding agent; nor in cases in which the tax is so paid shall any penalty be
imposed upon or collected from the recipient o f the incom e or the withhold­
ing agent for failure to return or p ay the same, unless such failure was fraud­
ulent and for the purpose o f evading paym ent.

7

(1) E very individual having a net incom e for the taxable year o f $1,000
or over, if single, or if married and n ot living w ith husband or wife;
(2) E very individual having a net incom e for the taxable year o f $2,500
or over, if married and living with husband or wife; and
(3) E very individual having a gross incom e for the taxable year o f
$5,000 or over, regardless o f the am ount o f his net incom e.
(b) I f a husband and wife living together have an aggregate net incom e
for the taxable year o f $2,500 or over, or an aggregate gross incom e for
such year o f $5,000 or over—
(1 ( E ach shall make such a return, or
(2)
The incom e o f each shall be included in a single joint return, in
which case the tax shall be com puted on the aggregate incom e.
(c) I f the taxpayer is unable to m ake his own return, the return shall
be m ade b y a d uly authorized agent or b y the guardian or other person
charged with the care o f the person or property o f such taxpayer.
Partnership R eturns.
Sec. 224. E very partnership shall make a return for each taxable year,
stating specifically the items o f its gross incom e and the deductions allowed
b y this title, and shall include in the return the names and addresses o f the
individuals who w ould be entitled to share in the net incom e if distributed
and the am ount o f the distributive share o f each individual. T he return
shall be sworn to b y any one o f the partners.
Fiduciary Returns.
Sec. 225 (a) E very fiduciary (except a receiver appointed b y authority
o f law in possession o f part only o f the property o f an individual) shall
m ake under oath a return for any o f the follow ing individuals, estates or
trusts for which he acts, stating specifically the items o f gross incom e
thereof and the deductions and credits allowed under this title—(1) E very individual having a net incom e for the taxable year o f $1,000
or over, if single, or if married and not living with husband or wife;
(2) E very individual having a net incom e for the taxable year o f $2,500
or over, if married and living with husband or wife; and
(3) E very individual having a gross incom e for the taxable year o f $5,000
or over, regardless o f the am ount o f his net incom e;
(4) E very estate or trust the net incom e o f which for the taxable year is
$1,000 or over;
(5) E very estate or trust the gross incom e o f which for the taxable year is
$5,000 or over, regardless o f the amount o f the net incom e; and
(6) E very estate or trust o f which any beneficiary is a non-resident alien.
(b) Unc e ' such reg lat ons as tl e C mi i .sioner w th the approval o f the
Secret ry m ay prascri, e a r i t u n made b y cne o f tw o o~ m ir e join t fiduciaries
a d filed in the off.ce o f the collector o f the d strict where such fiduciary
resides shall be sufficient com pliance with the above requirem ent. Such
fiduciary shall make oath (1) that he has sufficient knowledge o f the affairs
o f the individual, estate or trust for which the return is m ade, to enable
him to make the return, and (2) that the return is, to the best o f his
knowledge and belief, true and correct. A n y fiduciary required to make a
return under this A ct shall be subject to all the provisions o f this A ct
which apply to individuals.

Credit for Taxes in Case of Individuals.
Sec. 222. (a) The tax com puted under Parts I and II o f this title shall
be credited with:
(1) In the case o f a citizen o f the United States the am ount o f any
incom e, war-profits and excess-profits taxes paid or accrued during the
taxable year to any foreign cou ntry or to any possession o f the United
States: and
(2) In the case o f a resident o f the United States, the am ount o f any
such taxes paid or accrued during the taxable year to any possession o f
the United States; and
(3) In the case o f an alien resident o f the U nited States, the am ount o f
any such taxes paid or accrued during the taxable year to any foreign
cou ntry, if the foreign cou ntry o f which such alien resident is a citizen
or subject, in imposing such taxes, allows a similar credit to citizens o f
the United States residing in such country; and
(4) In the case o f any such individual who is a member o f a partnership
or a beneficiary o f an estate or trust, his proportionate share o f such taxes
o f the partnership or the estate or trust paid or accrued during the taxable
year to a foreign cou ntry or to any possession o f the United States, as
the case m ay be.
(5) The above credits shall not be allowed in the case o f a citizen entitled
to the benefits o f Section 262; and in no other case shall the am ount o f
credit taken under this subdivision exceed the same proportion o f the
tax (com puted on the basis o f the taxpayers’ net incom e w ithout the
deduction o f any incom e, war-profits, or excess-profits tax any part o f
which m ay be allowed to him as a credit b y this section), against which
such credit is taken, which the taxpayer’s net incom e (com puted without
the deduction o f any such incom e, war-profits, or excess-profits tax) from
sources without the U nited States bears to his entire net incom e (com ­
puted without such deduction) for the same taxable year.
(b) I f accrued taxes when paid differ from the amounts claim ed as
credits by the taxpayer, or if any tax paid is refunded in whole or in part, the
taxpayer shall n otify the Comm issioner, who shall redetermine the amount
o f the tax due under Parts I and I I o f this title for the year or years affected,
and the amount o f tax due upon such redeterm ination, if any, shall be
paid b y the taxpayer upon notice and dem and b y the collector, or the
amount o f tax overpaid, if any, shall be credited or refunded to the tax­
payer in hccordance with the provisions o f Section 281. In the case o f
such tax accrued b u t n ot paid, the Commissioner as a condition precedent
to the allowance o f this credit m ay require the taxpayer to give a bond
with sureties satisfactory to and to be approved b y the Commissioner in
such sum as the Commissioner m ay require, conditioned upon the pay­
m ent b y the taxpayer o f any am ount o f tax found due upon any such
redetermination; and the bond herein prescribed shall contain such further
conditions as the commissioner m ay require.
(c) T he credits provided for in subdivision (a) o f this section m ay, at
the option o f the taxpayer and irrespective o f the m ethod o f accounting
em ployed in keeping his books, be taken in the year in which the taxes
o f the foreign country or the possession o f the U nited States accrued,
subject, how ever, to the conditions prescribed in subdivision (b) o f this
section. I f the taxpayer elects to take such credits in the year in which
the taxes o f the foreign cou ntry or the possession o f the United States
accrued, the credits for all subsequent years shall be taken upon the same
basis.
)$ (d) These credits shall be allowed only if the taxpayer furnishes evi­
dence satisfactory to the Commissioner showing the amount o f incom e
derived from sources w ithout the United States, and all other information
necessaryjfor the verification and com putation o f such credits.

Returns for a Period of Less T han Twelve M onths.
Sec. 226. (a) I f a taxpayer, w ith the approval o f the Commissioner,
changes the basis o f com puting net incom e from fiscal year to calendar
year a separate return shall be made for the period between the close o f the
last fiscal year for which return was made and the follow ing D ec. 31. I f
the change is from calendar year to fiscal year, a separate return shall be
m ade for the period between the close o f the last calendar year for which
return was made and the date designated as the close o f the fiscal year.
I f the change is from one fiscal year to another fiscal year a separate return
shall be made for the period between the close o f the form er fiscal year and
the date designated as the close o f the new fiscal year.
(b) W here a separate return is so m ade, and in all other cases where a
separate return is required or perm itted, b y regulations prescribed b y the
Commissioner with the approval o f the Secretary, to be m ade for a fractional
part o f a year, then the incom e shall be com puted on the basis o f the period
for which separate return is m ade.
(c) I f a separate return is m ade under subdivision (a) the net incom e,
com puted in accordance w ith the provisions o f subdivision (b ), shall be
placed on an annual basis b y m ultiplying the am ount thereof b y tw elve and
dividing b y the number o f m onths included in the period for which the
separate return is m ade. T h e tax shall be such part o f the tax com puted
on such annual basis as the number o f m onths in such period is o f twelve
m onths.
(d) T he Commissioner with the approval o f the Secretary shall b y
regulations prescribe the m ethod o f applying the provisions o f subdivisions
(b) and (c) to cases where the taxpayer makes a separate return under sub­
division (a) and it appears that for the period for which the return is so made
he has derived a capital net gain, or sustained a capital net loss, or received
earned incom e.
(e) In the case o f a return m ade for a fractional part o f a year, except a
return m ade under subdivision (a ), the credits p rovided in subdivisions
( c ) , (d ), and (e) o f Section 216 shall be reduced respectively to amounts
which bear the same ratio to the full credits provided in such subdivisions
as the number o f m onths in the period for which return is m ade bears to
twelve m onths.
•

Individual Returns.
Sec. 223. (a) The following individuals shall each m ake under oath a
return stating specifically the items o f his gross incom e and the deductions
and credits allowed under this title—

Sec. 230. In lieu o f the tax imposed b y Section 230 o f the R evenue A ct of
1921 there shall be levied, collected, and paid for each taxable year upon the
net incom e o f every corporation a tax o f 12 K % o f the am ount o f the net
incom e in excess o f the credits provided in Sections 236 and 263,




Time and Place for Filing Individual, Partnership, and Fiduciary
R eturns.
Sec. 227. (a) Returns (except in the case o f non-resident aliens) shall be
m ade on or before the fifteenth d ay o f the third m onth follow ing the close
o f the fiscal year, or, if the return is m ade on the basis o f the calendar year,
then the return shall be m ade on or before the 15th d ay o f M arch. In the
case o f a non-resident alien individual returns shall be m ade on or before
the fifteenth day o f the six m onth follow ing the close o f the fiscal year.th
or, if the return is m ade on the basis o f the calendar year, then the return
shall be m ade on or before the 15th day o f June. T he Commissioner m ay
grant a reasonable extension o f tiem fo r filing returns, if application therefor
is m ade before the date prescribed b y law for filing the return, whenever
in his judgm ent good cause exists, and shall keep a record o f every such
extension and the reason therefor. E xcept in the case o f taxpayers who are
abroad, no such extension shall be for m ore than six m onths.
(b) Returns shall be m ade to the collector for the district in which is
located the legal residence or principal place o f business o f the person making
the return, or, if he has no legal residence or principal place o f business in
the United States, then to the C ollector at Baltimore, M aryland.
PART III— COR PO R ATIO N S.
Tax on Corporations.

8

THE REVENUE ACT OF 1924,
Conditional and Other Exemptions of Corporations.

Sec. 231. The following organizations shall be exempt from taxation
under this title—
(1) Labor, agricultural, or horticultural organizations;
(2) Mutual savings banks not having a capital stock represented by
shares;
(3) Fraternal beneficiary societies, orders, or associations, (a) operating
under the lodge system or for the exclusive benefit of the members of a
fraternity itself operating under the lodge system; and (b) providing for the
payment of life, sick, accident, or other benefits to the members of such
society, order, or association or their dependents;
(4) Domestic building and loan associations substantially all the business
of which is confined to making loans to members; and co-operative banks
without capital stock organized and operated for mutual purposes and
without profit;
(5) Cemetery companies owned and operated exclusively for the benefit
of their members or which are not operated for profit; and any corporation
chartered solely for burial purposes as a cemetery corporation and not per­
mitted by its charter to engage in any business not necessarily incident to
that purpose, no part of the net earnings of which inures to the benefit of
any private shareholder or individual;
(6) Corporations, and any community chest, fund or foundation, or­
ganized and operated exclusively for religious, charitable, scientific, literary
or educational purposes, or for the prevention of cruelty to children or ani­
mals, no part of the net earnings of which inures to the benefit of any
private shareholder or individual;
(7) Business leagues, chambers of commerce, or boards of trade, not
organized for profit and no part of the net earnings of which inures to the
benefit of any private shareholder or individual;
(8) Civic leagues or organizations not organized for profit but operated
exclusively for the promotion of social welfare, or local associations of em­
ployees, the membership of which is limited to the employees of a desig­
nated person or persons in a particular municipality, and the net earnings of
which are devoted exclusively to charitable, educational or recreational
purposes.
(9) Clubs organized and operated exclusively for pleasure, recreation, and
other nonprofitable purposes, no part of the net earnings o f which inures
to the benefit of any private shareholder;
(10) Benevolent life insurance associations of a purely local character,
farmers’ or other mutual hail, cyclone, casualty, or fire insurance companies,
mutual ditch or irrigation companies, mutual or co-operative telephone
companies, or like organizations; but only if 85% or more of the income
consists o f amounts collected from members for the sole purpose of meeting
losses and expenses.
(11) Farmers’ , fruit growers’ , or like associations, organized and op­
erated as sales agents for the purpose of marketing the products of members
and turning back to them the proceeds o f sales, less the necessary selling
expenses, on the basis of the quantity of produce furnished by them; or
organized and operated as purchasing agents for the purpose of purchasing
supplies and equipment for the use of members and turning over such
supplies and equipment to such members at actual cost, plus necessary
expenses;
(12) Corporations organized for the exclusive purpose of holding title to
property, collecting income therefrom, and turning over the entire amount
thereof, less expenses, to an organization which itself is exempt from the
tax imposed by this title; and
(13) Federal Land banks, national Farm Loan associations and Federal
Intermediate Credit banks, as provided in the Federal Farm Loan Act,
as amended.
Net Income of Corporations Defined.

Sec. 232. In the case of a corporation subject to the tax imposed by Sec­
tion 230 the term “ net income” means the gross income as defined in Section
233 less the deductions allowed by Sections 234 and 206, and the net in­
come shall be computed on the same basis as is provided in subdivision (b)
o f Section 212 or in Section 226. In the case of a foreign corporation
or o f a corporation entitled to the benefits o f Section 262 the computation
shall also be made in the manner provided in Section 217.
Gross Income of Corporations Defined.

has acquired (otherwise than b y bequest or inheritance) or has entered into
a con tract or option to acquire substantially identical prop erty, and the
property so acquired is held b y the taxpayer for any period after such sale
or other disposition, unless such claim is m ade by a dealer in stock or
securities and with respect to a transaction m ade in the ordinary course
o f its business. I f such acquisition or the con tract or option to acquire is
to the extent o f part only o f substantially identical prop erty, then only a
proportionate part o f the loss shall be disallowed. T h e basis for determ in­
ing the amount o f the deduction for losses sustained shall b e the same as is
provided in Section 204 for determ ining the gain or loss from the sale or
other disposition o f property.
(5) D ebts ascertained to be worthless and charged o ff within the taxable
year (or in the discretion o f the Comm issioner, a reasonable addition to a
reserve for bad d e b ts); and when satisfied that a d eb t is recoverable only in
part, the Commissioner m ay allow such d ebt to be charged o ff in part;
(6) T h e amount received as dividends (A) from a dom estic corporation
other than a corporation entitled to the benefits o f Section 262, and other
than a corporation organized under the China T rade A ct, 1922, or (B) from
any foreign corporation when it is shown to the satisfaction o f the C om ­
missioner that m ore than 50% o f the gross incom e o f such foreign corpora­
tion for the three-year period ending with the close o f its taxable year pre­
ceding the declaration o f such dividends (or for such part o f such period as
the foreign corporation has been in existence) was derived from sources
within the United States as determ ined under Section 217;
(7) A reasonable allowance for the exhaustion, wear and tear o f property
used in the trade or business, including a reasonable allowance for o b so­
lescence.
(8) In the case o f mines, oil and gas wells, other natural deposits, and tim ­
ber, a reasonable allowance for depletion and for depreciation o f im prove­
ments, according to the peculiar conditions in each case; such reasonable
allowance in all cases to be m ade under rules and regulations to be pre­
scribed b y the Commissioner with the approval o f the Secretary. In the
case o f leases the deductions allowed b y this paragraph shall be equitably
apportioned between the lessor and lessee;
(9) In the case o f insurance com panies (other than life insurance com ­
panies), in addition to the above (unless otherwise allow ed): (A ) T h e net
addition required b y law to be m ade within the taxable year to reserve funds
(including in the case o f assessment insurance com panies the actual deposit
o f sums with State or Territorial officers, pursuant to law as additions to
guarantee or reserve funds); and (B ) the sums other than dividends paid
within the taxable year on p olicy and annuity contracts. This paragraph
shall apply only t o mutual insurance com panies other than life insurance
companies;
(10) In the case o f m utual marine insurance com panies, there shall be al­
low ed, in addition to the deductions allowed in paragraphs (1) to (9 ), in­
clusive, unless otherwise allowed, amounts repaid to policyholders on ac­
count o f premiums previously paid b y them , and interest paid upon such
amounts between the ascertainment and the paym ent thereof;
(11) In the case o f m utual insurance com panies (including interinsurers
and reciprocal underwriters, but not including m utual life or m utual marine
insurance companies) requiring their members to m ake premium deposits to
provide for losses and expenses, there shall be allowed, in addition to the
deductions allowed in paragraphs (1) to (9 ), inclusive, unless otherwise
allowed, the amount o f prem ium deposits returned to their policyholders
and the amount o f premium deposits retained for the paym ent o f losses,
expenses, and reinsurance reserves.
(b)
In the case o f a foreign corporation or o f a corporation entitled to the
benefits o f Section 262 the deductions allowed in subdivision (a) shall be al­
lowed only if and to the extent that they are connected with incom e from
sources within the U nited States; and the proper apportionm ent and allo­
cation o f the deductions with respect to sources within and w ithout the
United States shall be determ ined as p rovided in Section 217 under rules
and regulations prescribed b y the Commissioner with the approval o f the
Secretary.
Items Not Deductible by Corporations.
Sec. 235. In com puting net incom e no deduction shall in any case be
allow ed in respect o f any o f the items specified in Section 215.
Credits Allowed Corporations.

Sec. 233. (a) In the case of a corporation subject to the tax imposed by
Sec. 236. For the purpose only o f the tax im posed b y Section 230 there
Section 230 the term "gross income” means the gross income as defined in shall be allowed the following credits:
Sections 213 and 217, except that mutual marine insurance companies shall
(a) T h e amount received as Interest upon obligations o f the United
include in gross income the gross premiums collected and received by them States, which is included in gross incom e under Section 233; and
less amounts paid for re-insurance.
(b) In the case o f a dom estic corporation the net incom e o f which is
(b)
In the case of a foreign corporation, gross income means only gross
$25,000 or less, a specific credit o f $2,000; but if the net incom e is m ore than
income from sources within the United States, determined (except in the $25,000 the tax im posed b y Section 230 shall not exceed the tax which would
case of insurance companies subject to the tax imposed by Sections 243 or be payable if the $2,000 credit were allowed, plus the am ount o f the net
246) in the manner provided in Section 217.
incom e in excess o f $25,000.
Deductions Allowed Corporations.

Sec. 234. (a) In computing the net income of a corporation subject to the
tax imposed by Section 230 there shall be allowed as deductions:
(1) All the ordinary and necessary expenses paid or incurred during the
taxable year in carrying on any trade or business, including a reasonable
allowance for salaries or other compensation for personal services actually
rendered, and including rentals or other payments required to be made as a
condition to the continued use or possession of property to which the cor­
poration has not taken or is not taking title, or in which it has no equity;
(2) All interest paid or accrued within the taxable year on its indebted­
ness, except on indebtedness incurred or continued to purchase or carry
obligations or securities (other than obligations of the United States issued
after Sept. 24 1917, and originally subscribed for by the taxpayer) the in­
terest upon which is wholly exempt from taxation under this title;
(3) Taxes paid or accrued within the taxable year except (A) income, warprofits and excess-profits taxes imposed by the authority of the United
States, (B) so much of the income, war-profits and excess-profits taxes
imposed by the authority of any foreign country or possession of the United
States as is allowed as a credit under Section 238, and (C) taxes assessed
against local benefits of a kind tending to increase the value of the property
assessed. In the case of obligors specified in Subdivision (b) of Section 221
no deduction for the payment of the tax imposed by this title, or any other
tax paid pursuant to the tax-free covenant clause, shall be allowed, nor shall
such tax be included in the gross income of the obligee. The deduction
allowed by this paragraph shall be allowed in the case of taxes imposed
upon a shareholder of a corporation upon his interest as shareholder, which
are paid by the corporation without reimbursement from the shareholder,
but in such cases no deduction shall be allowed the shareholder for the
amount of such taxes. For the purpose of this paragraph, estate, inheri­
tance, legacy, and succession taxes accrue on the due date thereof except a
otherwise provided by law of the jurisdiction imposing such taxes;
(4) Losses susained during the taxable year and not compensated for by
insurance or otherwise. No deduction shall be allowed under this para­
graph for any loss claimed to have been sustained in any sale or other dis­
position o f shares of stock or securities where it appears that within thirty
days before or after the date of such sale or other disposition the taxpayer




Payment of Corporation Income Tax at Source.
Sec. 237. In the case o f foreign corporations su bject to taxation under
this title not engaged in trade or business within the U nited States and not
having any office or place o f business therein, there shall be deducted and
withheld at the source in the same m anner and upon the same items o f in­
com e as is p rovided in Section 221 a tax equal to 12 M % thereof, and such
tax shall be .returned and paid in the same manner and subject to the
same conditions as provided in that section; P rovided, T h a t in the case o f
interest described in subdivision (b) o f that section the deduction and with­
holding shall be at the rate o f 2 % .
Credit for Taxes in Case of Corporations.
Sec. 238. (a) In the case o f a dom estic corporation the tax im posed b y
this title shall be credited with the am ount o f any incom e, war-profits, and
excess-profits taxes paid or accrued during the same taxable year to any
foreign cou ntry, or to any possession o f the U nited States: P rovided, T hat
the amount o f such credit shall in no case exceed the same proportion o f the
tax (com puted on the basis o f the taxpayer's net incom e without the ded uc­
tion o f any incom e, war-profits, or excess-profits taxes imposed b y any for­
eign country or possession o f the U nited S tates), against which such credit is
taken, which the taxpayer’s net incom e (com puted without the deduction o f
any such incom e, war-profits, or excess-profits tax) from sources without the
United States bears to its entire net incom e (com puted w ithout such deduc­
tion) for the same taxable year. In the case o f dom estic insurance com ­
panies subject to the tax imposed b y Section 243 or 246, the term “ net
incom e” as used in this subdivision means net incom e as defined in Sections
245 and 246, respectively.
(b) I f accrued taxes when paid differ from the amounts claim ed as credits
b y the corporation, o r if any tax paid is refunded in whole or in part, the
corporation shall at once n otify the C om m issioner, w ho shall redetermine
the am ount o f the taxes fo r the year or years affected and the am ount o f
taxes due upon such redeterm ination, if any, shall be paid b y the corpora­
tion upon notice and dem and b y the C ollector, o r the am ount o f taxes over­
paid, if any, shall be credited, o r refunded to the corporation in accordance
with the provisions o f Section 281. In the case o f such a tax accrued b u t
not paid, the Commissioner as a condition precedent to the allowance o f

THE REVENUE ACT OF 1924.

9

this credit m ay require the corporation to give a bond with sureties satis­
(b)
Returns shall be m ade to the collector o f the district|in which is
fa cto ry to and to be approved b y him in such sum as he m ay require, con­ located the principal place o f business or principal office or agency o f the
ditioned upon the paym ent b y the taxpayer o f any am ount o f taxes found corporation, or, if it has no principal place o f business or principal office
due upon any such redeterm ination; and the bond herein prescribed shall or agency in the United States, then to the collector at Baltimore .^Maryland.
contain such further conditions as the Commissioner m ay require.
Taxes on Insurance Companies.
(c) The credits provided fo r in subdivision (a) o f this section m ay, at the
Sec. 242. W hen used in this title the term “ life insurance com p a n y”
option o f the taxpayer and irrespective o f the m ethod o f accounting em­
ployed in keeping its books, be taken in the year in which the taxes o f the means an insurance com pany engaged in the business o f issuing life in­
foreign cou ntry or the possession o f the United States accrued, subject, surance and annuity contracts (including contracts o f com bined life,
how ever, to the conditions prescribed in subdivision (b) o f this section. I f health, and accident insurance), the reserve funds o f which held for the
the taxpayer elects to take such credits in the year in which the taxes o f fulfillm ent o f such contracts com prise m ore than 50% o f its total reserve
the foreign cou ntry or the possession o f the United States accrued, the credits funds.
Sec. 243. In lieu o f the taxes imposed by Sections 230 and 700, there
fo r all subsequent years shall be taken upon the same basis.
(d) These credits shall be allowed only if the taxpayer furnishes evidence shall be levied, collected, and paid for each taxable year upon the net
incom e o f every life insurance com pany a tax as follows:
satisfactory to the Commissioner showing the am ount o f incom e derived
(1) In the case o f a dom estic life insurance com pany, the same per­
from sources w ithout the U nited States, and all other inform ation necessary
centage o f its net incom e as is imposed upon other corporations b y Section
for the verification and com putation o f such credit.
230;
(e) F or the purposes o f this section a dom estic corporation which owns a
(2) In the case o f a foreign life insurance com pany, the same percentage
m ajority o f the voting stock o f a foreign corporation from which it receives
dividends (not deductible under Section 234) in any taxable year shall be o f its net incom e from sources within the United States as is imposed upon
deem ed to have paid the same p roportion o f any incom e, w ar-profits, or the net incom e o f other corporations by Section 230.
Sec. 244. (a) In the case o f a life insurance com pany the term “ gross
excess-profits taxes paid b y such foreign corporation to any foreign country
or to any possession o f the U nited States, upon or with respect to the a c­ in com e” means the gross amount o f incom e received during the taxable
cumulated profits o f such foreign corporation from which such dividends year from interest, dividends and rents.
(b) T he term “ reserve funds required b y law” includes, in the case o f
were paid, which the am ount o f such dividends bears to the am ount o f
such accumulated profits: P rovided, T hat the credit allowed to any domes­ assessment insurance, sums actually deposited b y any com pany or associa­
tion with State or Territorial officers pursuant to law as guaranty or reserve
tic corporation under this subdivision shall in no case exceed the same p ro­
portion o f the taxes against which it is credited, which the am ount o f such funds, and any funds maintained under the charter or articles o f incor­
dividends bears to the am ount o f the entire net incom e o f the dom estic poration o f the com pany or association exclusively for the paym ent o f
corporation in which such dividends are included. T he term “ accumulated claims aiising under certificates o f membership or policies issued upon the
p rofits” when used in this subdivision in reference to a foreign corporation, assessment plan and not subject to any other use.
Sec. 245. (a) In the case o f a life insurance com pany the term “ net
means the am ount o f its gains, p rofits, or incom e in excess o f the incom e,
war-profits, and excess-profits taxes imposed upon or with respect to such incom e” means the gross incom e less—
(1) The amount o f interest received during the taxable year which under
profits or incom e; and the Commissioner with the approval o f the Secre­
tary shall have full pow er to determ ine from the accum ulated profits o f Paragraph (4) o f Subdivision (b) o f Section 213 is exem pt from taxation
what year or years such dividends were paid; treating dividends paid in the under this title;
(2) An amount equal to the excess, if any, over the deduction specified in
first sixty days o f any year as having been paid from the accumulated profits
o f the preceding year or years (unless to his satisfaction shown otherw ise), Paragraph (1) o f this subdivision, o f 4 % o f the mean o f the reserve funds
required by law and held at the beginning and end o f the taxable year, plus
and in other respects treating dividends as having been paid from the
m ost recently accumulated gains, profits, or earnings. In the case o f a (in case o f life insurance companies issuing policies covering life, health, and
foreign corporation, the incom e, w ar-profits, and excess-profits taxes o f accident insurance com bined in one p olicy issued on the weekly premium
which are determined on the basis o f an accounting period o f less than one paym ent plan, continuing for life and not subject to cancellation) 4 % o f the
year, the w ord “ yea r” as used in this subdivision shall be construed to mean mean o f such reserve funds (not required b y law) held at the beginning and
end o f the taxable year, as the Commissioner finds to be necessary for the
such accounting period.
(f) F or the purposes o f this section a corporation entitled to the benefits protection o f the holders o f such policies only;
(3) The amount received as dividends (A) from a dom estic corporation
o f Section 262 or 263 shall be treated as a foreign corporation.
other than a corporation entitled to the benefits o f Section 262, and other
Corporation Returns.
than a corporation organized under the China Trade A ct, 1922, or (B)
Sec. 239. (a) E very corporation subject to taxation under this title from any foreign corporation when it is shown to the satisfaction o f the
shall m ake a return, stating specifically the items o f its gross incom e and the Commissioner that m ore than 50% o f the gross incom e o f such foreign
deductions and credits allowed b y this title. T he return shall be sworn corporation for the three-year period ending with the close o f its taxable
to b y the president, vice-president, or other principal officer and b y the year preceding the declaration o f such dividends (or for such part o f such
treasurer o r assistant treasurer. I f any foreign corporation has no office period as the foreign corporation has been in existence) was derived from
o r place o f business in the U nited States but has an agent in the United sources within the United States as determined under Section 217;
(4) An amount equal to 2% of any sums held at the end of the taxable
States, the return shall be m ade b y the agent. In cases where receivers,
trustees in bankruptcy, o r assignees are operating the p rop erty or business year as a reserve for dividends (other than dividends payable during the
o f corporations, such receivers, trustees, or assignees shall m ake returns year following the taxaDle year) the payment of which is deferred for a
for such corporations in the same manner and form as corporations are re­ period of not less than five years from the date of the policy contract;
(5) Investm ent expenses paid during the taxable year: P rovided, T h a t if
quired to m ake returns. A n y tax due on the basis o f such returns m ade b y
receivers, trustees, or assignees shall be collected in the same manner as if any general expenses are in part assigned to or included in the investm ent
collected from the corporations o f whose business or property they have expenses, the total deduction under this paragraph shall not exceed 34 o f
1% o f the book value o f the mean o f the invested assets held at the beginning
cu stody and con trol.
(b) Returns made under this section shall be subject to the provisions and end o f the taxaole year.
(6) Taxes and other expenses paid during the taxable year exclusively
o f Section 226. In the case o f a return made for a fractional part o f a
year, except a return made under subdivision (a) o f Section 226, the credit upon or with respect to the real estate owned by the com pany, not including
provided in subdivision (b) o f Section 236 shall be reduced to an amount taxes assessed against local benefits o f a kind tending to increase the value
which bears the same ratio to the full credit therein provided as the num­ o f the property assessed, and not including any amount paid out for new
ber o f m onths in the period for which the return is made bears to 12 months. buildings, or for permanent improvem ents or betterm ents m ade to increase
(c) There shall be included in the return or appended thereto a state­ the value o f any p roperty. T he deduction allowed b y this paragraph shall
m ent o f such facts as will enable (he Commissioner to determine the portion be allowed in the case o f taxes imposed upon a shareholder o f a com pany
o f the earnings or profits o f the corporation (including gains, profits and upon his interest as shareholder, which are paid b y the com pany without
incom e not taxed) accumulated during the taxable year for which the reimbursement from the shareholder, but in such cases no deduction shall
return is m ade, which have been distributed or ordered to be distributed, be allowed the shareholder for the am ount o f such taxes;
(7) A reasonable allowance for the exhaustion, wear and tear o f property,
respectively, to its shareholders during such year.
including a reasonable allowance for obsolescence.
Consolidated Returns of Corporations.
(8) A ll interest paid or accrued within the taxable year on its indebted­
Sec. 240. (a) Corporations which are affiliated within the meaning o f ness, except on indebtedness incurred or continued to purchase or carry
this section m ay, for any taxable year, make separate returns or, under obligations or securities (other than obligations o f the United States issued
regulations prescribed b y the Commissioner with the approval o f the after Sept. 24 1917, and originally subscribed for b y the taxpayer) the in­
Secretary, make a consolidated return o f net incom e for the purpose o f this terest upon which is wholly exempt from taxation under this title; and
title, in which case the taxes thereunder shall be com puted and determined
(9) In the case o f a dom estic life insurance com pany, the net incom e o f
upon the basis o f such return. I f return is made on either o f such bases, which (com puted w ithout the benefit o f this paragraph) is $25,000 or less,
all returns thereafter made shall be upon the same basis unless permission the sum o f $2,000; but if the net incom e is more than $25,000 the tax
to change the basis is granted b y the Commissioner.
imposed by Section 243 shall not exceed the tax which would be payable if
(b) In any case in which a tax is assessed upon the basis o f a consoli­ the $2,000 credit were allowed, p lu s the am ount o f the net incom e in excess
dated return, the total tax shall oe com puted in the first instance as a o f $25,000.
unit and shall then be assessed upon the respective affiliated corporations
(b) N o deduction shall be made under Paragraphs (6) and (7) o f Subdi­
in such proportions as m ay be agreed upon among them , or, in the absence vision (a) on account o f any real estate owned and occupied in whole or in
o f any such agreement, then on the basis o f net incom e properly assignable part b y a life insurance com pany unless there is included in the return o f
to each. There shall be allowed in com puting the incom e tax only one gross income the rental value o f the space so occupied. Such rental value
specific credit com puted as provided in subdivision (b) o f Section 236.
shall be not less than a sum which in addition to any rents received from
(c) For the purpose o f this section two or m ore dom estic corporations other tenants shall provide a net incom e (after deducting taxes, deprecia­
shall be deemed to be affiliated (1) if one corporation owns at least 95%
tion, and all other expenses) at the rate o f 4 % per annum o f the book value
o f the voting stock o f the other or others, or (2) if at least 95% o f the at the end o f the taxable year o f the real estate so owned or occupied.
voting stock o f tw o or m ore corporations is owned by the same interests.
(c) In the case o f a foreign life insurance com pany the amount o f its
A corporation organized under the China Trade A ct, 1922, shall not be net incom e for any taxable year from sources within the United States shall
deemed to be affiliated with any other corporation within the meaning be the same proportion o f its net incom e for the taxable year from sources
o f this section.
within and w ithout the United States, which the reserve funds required b y
(d) In any case o f tw o or m ore related trades or businesses (whether law and held by it at the end o f the taxable year upon business transacted
unincorporated or incorporated and whether organized in the United within the United States is o f the reserve funds held b y it at the end o f the
States or not) owned or controlled directly or indirectly b y the same in­ taxable year upon all business transacted.
terests, the Commissioner m ay and at the request o f the taxpayer shall,
Sec. 246. (a) In lieu o f the taxes imposed b y Sections 230 and 700,
if necessary in order to make an accurate distribution or apportionment there shall be levied, collected and paid for each taxable year, upon the net
o f gains, profits, incom e, deductions, or capital between or among such incom e o f every insurance com pany (other than a life or m utual insurance
related trades or businesses, consolidate the account o f such related trades com pany) a tax as follows:
or businesses.
(1) In the case o f such a dom estic insurance com pany the same percentage
(e) For the purposes o f this section a corporation entitled to the benefits o f its net incom e as is imposed upon other corporations b y Section 230;
o f Section 262 shall be treated as a foreign corporation.
(2) In the case o f such a foreign insurance com pany the same percentage
o f its net incom e from sources with in the United States as is im posed upon
Time and Place for Filing Corporate Returns.
the net incom e o f other corporations b y Section 230.
Sec. 241. (a) Returns o f corporations shall be m ade at the same cime
(b) In the case o f an insurance com pany subject to the tax imposed b y
as is provided in subdivision (a) o f Section 227, except that in the case this section—
o f foreign corporations not having any office or place o f business in the
(1) T he term “ gross incom e” means the com bined gross am ount, earned
U nited States returns shall be made at the same tim e as provided in Section during the taxable year, from investment incom e and from underwriting
incom e as provided in this subdivision, com puted on the basis o f the under227 in the case o f a non-resident alien individual.




10

THE REVENUE ACT OF 1924.

•writing and investm ent exhibit o f the annual statem ent approved b y the
N ational C onvention o f Insurance Commissioners;
(2) T he term “ net incom e” means the gross incom e as defined in paragraph
(1) o f this subdivision less the deductions allowed b y Section 247;
(3) T he term “ investm ent incom e” means the gross am ount o f incom e
earned during the taxable year from interest, dividends and rents, com puted
as follows:
T o all interest, dividends and rents received during the taxable year, add
interest, dividends and rents due and accrued at the end o f the taxable year,
and deduct all interest, dividends and rents due and accrued at the end o f
the preceding taxable year;
(4) T he term “ underwriting incom e” means the premiums earned on
insurance contracts during the taxable year less losses incurred and expenses
incurred;
(5) T he term “ premiums earned on insurance contracts diming the
taxable year” means an am ount com puted as follows:
From the amount o f gross premiums written on insurance contracts diming
the taxable year, deduct return premiums and premiums paid for reinsur­
ance. T o the result so obtained add unearned premiums on outstanding
business at the end o f the preceding taxable year and deduct unearned
premiums on outstanding business at the end o f the taxable year;
(6) The term “ losses incurred” means losses incurred during the taxable
year on insurance contracts, com puted as follows:
T o losses paid during the taxable year, add salvage and reinsurance
recoverable outstanding at the end o f the preceding taxable year, and
deduct salvage and reinsurance recoverable outstanding at the end o f the
taxable year. T o the result so obtained add all unpaid losses outstanding
at the end o f the taxable year and deduct unpaid losses outstanding at the
end o f the preceding taxable year;
(7) The term “ expenses incurred” means all expenses shown on the
annual statement approved b y the N ational Convention o f Insurance C om ­
missioners, and shall be com puted as follows:
T o all expenses paid diming the taxable year add expenses unpaid at the
end o f the taxable year and d educt expenses unpaid at the end o f the
preceding taxable year. For the purpose o f com puting the net incom e
subject to the tax imposed b y this section there shall be deducted from
expenses incurred as defined in this paragraph all expenses incurred which
are not allowed as deductions b y Section 247.
Sec. 247. (a) In com puting the net incom e o f an insurance com pany
subject to the tax imposed b y Section 246 there shall be allowed as deductions
(1) A ll ordinary and necessary expenses incurred, as provided in paragraph
(1) o f subdivision (a) o f Section 234;
(2) All interest as provided in paragraph (2) o f subdivision (a) o f Section
234;
(3) Taxes as provided in paragraph (3) o f subdivision (a) o f Section 234;
(4) Losses incurred;
(5) B ad debts in the nature o f agency balances and bills receivable ascer­
tained to be worthless and charged o ff within the taxable year;
(6) The am ount received as dividends from corporations as provided in
paragraph (6) o f subdivision (a) o f Section 234;
(7) The am ount o f interest earned during the taxable year which under
paragraph (4) o f subdivision (b) o f Section 213 is exem pt from taxation
under this title, and the am ount o f interest allowed as a credit under Sec­
tion 236;
(8) A reasonable allowance, for the exhaustion, wear and tear o f property,
as provided in paragraph (7) o f subdivision (a) o f Section 234;
(9) In the case o f such a dom estic insurance com pany, the net incom e o f
which (com puted without the benefit o f this paragraph) is $25,000 or less,
the sum o f $2,000; but if the net incom e is more than $25,000 the tax
imposed b y Section 246 shall not exceed the tax which w ould be payable if
the $2,000 credit were allow ed, plus the amount o f the net incom e in excess
o f $25,000.
(b) In the case o f a foreign corporation the deductions allowed in this
section shall be allowed to the extent provided in subdivision (b) o f Sec­
tion 234.
(c) N othing in this section or in Section 246 shall be construed to permit
the same item to be twice deducted.
PART IV .— A D M IN IST R ATIVE PR OVISIO N S.
Returns of Payments of Dividends.
Sec. 254. E very corporation subject to the tax imposed b y this title shall,
when required b y the C om m issioner, render a correct return, duly verified
under oath, o f its paym ents o f dividends, stating the name and address o f
each shareholder, the num ber o f shares owned b y him , and the am ount o f
dividends paid to h im .
R eturns of Brokers.
Sec. 255. E v ery person doing business as a broker shall, when required
b y the Comm issioner, render a correct return duly verified under oath,
under such rules and regulations as the Comm issioner, with the approval
o f the Secretary, m ay prescribe, showing the names o f custom ers fo r whom
such person has transacted any business, with such details as to the p rofits,
losses, or other inform ation which the Commissioner m ay require, as to
each o f such custom ers, as will enable the Comm issioner to determine
whether all incom e tax due on profits or gains o f such custom ers has been
paid.
Information at Source.
Sec. 256. A ll persons, in whatever capacity acting, including lessees or
m ortgagors o f real or personal prop erty, fiduciaries, and em ployers, making
paym ent to another person o f interest, rent, salaries, wages, prem ium s,
annuities, com pensations, rem unerations, emoluments, or other fixed or
determinable gains, p rofits, and incom e (other than paym ents described in
Sections 254 and 255), o f $1,000 or m ore in any taxable year, o r, in the case
o f such paym ents m ade b y the United States, the officers o r em ployees o f
the U nited States having inform ation as to such payments and required to
m ake returns in regard thereto b y the regulations hereinafter p rovided fo r,
shall render a true and accurate return to the Comm issioner, under such
regulations and in such form and manner and to such extent as m ay be pre­
scribed b y him with the approval o f the Secretary, setting forth the amount
o f such gains, p ro fits , and incom e, and the name and address o f the recipient
o f such paym ent.
Such returns m ay be required, regardless o f amounts, (1) in the case o f
paym ents o f interest upon bonds, m ortgages, deeds o f trust, or other simi­
lar obligations o f corporations, and (2) in the case o f collections o f items
(not payable in the United States) o f interest upon the bonds o f foreign
countries and interest upon the bonds o f and dividends from foreign cor­
porations b y persons undertaking as a m atter o f business or fo r p rofit
the collection o f foreign paym ents o f such interest or dividends b y means o f
coupons, checks, or bills o f exchange.
W hen necessary to make effective the provisions o f this section the name
and address o f the recipient o f incom e shall be furnished upon dem and o f
the person paying the incom e.
The provisions o f this section shall not a pply to the paym ent o f interest
on obligations o f the United States.




R eturns to Be Public Records..
Sec. 257. (A ) Returns upon which the tax has been determ ined b y the
Comm issioner shall constitute public record s, b u t they shall be open to
inspection only upon ord er o f the President and under rules and regulations
prescribed b y the S ecretary and a p p ro ve d b y the President: P rovided , that
the C om m ittee on W ays and M eans o f the H ouse o f R epresentatives, the
C om m ittee on Finance o f the Senate, o r a special com m ittee o f the Senate
o r H ouse shall have the right to call on the S ecretary o f the T reasury fo r ,
and it shall be his d u ty to furnish, any data o f any ch aracter contained in
o r shown b y the returns o r any o f them , that m ay b e required b y the com ­
m ittee; and any such com m ittee shall have the right, acting d irectly as a
com m ittee, o r b y and through such examiners o r agents as it m ay designate
o r appoint, to inspect all o r any o f the returns at such times and in such m an­
ner as it m ay determine; and any relevant o r useful inform ation thus ob ­
tained m ay be subm itted b y the com m ittee obtaining it to the Senate or
the H ouse, o r to b o th the Senate and H ouse, as the case m ay be: P rovided ,
fu rth er, that the prop er officers o f any State m ay, upon the request o f the
G overnor thereof, have access to the returns o f any corporation , o r to an
absctract th ereof showing the name and incom e o f the co rp o ra tio n , at such
times and in such m anner as the Secretary m ay prescribe: P rovided further,
that all bona fide shareholders o f record owning 1 % o r m ore o f the outstand­
ing stock o f any corporation shall, upon m aking request o f the Com m is­
sioner , be allowed to examine the annual incom e returns o f such corporation
and o f its subsidiaries. A n y shareholder w ho, pursuant to the provisions
o f this section, is allowed to examine the returns o f any corporation , and
who makes know n in any manner whatever n ot p rovid ed b y law the am ount
o r source o f incom e, p rofits, losses, expenditures, or any particular thereof,
set forth o r disclosed in any such return, shall be gu ilty o f a m isdem eanor
and be punished b y a fine not exceeding $1,000 o r b y im prisonm ent not ex­
ceeding one year, o r both .
(b)
T he Commissioner shall as soon as practicable in each year cause
to be prepared and made available to public inspection in such manner as
he m ay determ ine, in the office o f the collector in each internal revenue
district and in such other places as he m ay determ ine, lists containing the
nam e and the post o ffice address o f each person m aking an incom e tax re­
turn in such district, together with the am ount o f the incom e tax paid b y
such person.
Publication of Statistics.
Sec. 258. T he Comm issioner, with the approval o f the Secretary, shall
prepare and publish annually statistics reasonably available with respect
to the operation o f the incom e, w ar-profits and excess-profits tax laws,
including classifications o f taxpayers and o f incom e, the amounts allowed
as deductions, exem ptions, and credits, and any other facts deem ed per­
tinent and valuable.
Collection of Foreign Items.
Sec. 259. A ll persons undertaking as a m atter o f business or for profit
the collection o f foreign paym ents o f interest or dividends b y means o f
coupons, checks, or bills o f exchange shall obtain a license from the C om ­
missioner and shall be subject to such regulations enabling the Governm ent
to obtain the inform ation required under this title as the Comm issioner,
w ith the approval o f the Secretary, shall prescribe; and whoever know ingly
undertakes to collect such paym ents w ithout having obtained a license
therefor, or w ithout com plying with such regulations, shall be guilty o f a
misdemeanor, and shall be fined not m ore than $5,COO, or imprisoned for
not m ore than one year, or b oth .
Citizens of Possessions of the United States.
Sec. 260. A n y individual who is a citizen o f any possession o f the United
States (but not otherwise a citizen o f the U nited States) and w ho is not
a resident o f the U nited States, shall be subject to taxation under this
title only as to incom e derived from sources within the United States,
and in such case the tax shall be com puted and paid in the same manner
and subject to the same conditions as in the case o f other persons who are
taxable only as to incom e derived from such sources.
N othing in this section shall be construed to alter or amend the pro­
visions o f the A ct entitled “ A n A ct m aking appropriations for the naval
service for the fiscal year ending June 30 1922, and for other purposes,"
approved July 12 1921, relating to the im position o f incom e taxes in the
Virgin Islands o f the U nited States.
Porto Rico and the Philippine Islands.
Sec. 261. In P orto R ico and the Philippine Islands the incom e tax shal 1
be levied, assessed, collected, and paid as provided b y law prior to the
enactm ent o f this A ct.
T he P orto R ican or the Philippine Legislature shall have pow er by due
enactm ent to amend, alter, m od ify, or repeal the incom e tax laws in force
in P orto R ico or the Philippine Islands, respectively.
Income from Sources W ithin the Possessions of th e United Sttaes.
Sec. 262. (a) In the case o f citizens o f the U nited States or dom estic
corporations, satisfying the follow ing conditions, gross incom e means only
gross incom e from sources within the U nited States—
(1) I f 80% or m ore o f the gross incom e o f such citizen or dom estic
corporation (com puted w ithout the benefit o f this section) for the threeyear period im m ediately preceding the close o f the taxable year (or for
such part o f such period im m ediately preceding the close o f such taxable
year as m ay be applicable) was derived from sources within a posession
o f the U nited States; and
(2) If, in the case o f such corporation, 50% or m ore o f its gross incom e
(com puted without the benefit o f this section) for such period or such
part thereof was derived from the active con du ct o f a trade or business
within a possession o f the United States; or
(3) If, in the case o f such citizen, 5 0% or m ore o f his gross incom e
(com puted w ithout the benefit o f this section) for such period or such
part thereof was derived from the active con du ct o f a trade or business
within a possession o f the U nited States either on his own account or as
an em ployee or agent o f another.
(b) Notw ithstanding the provisions o f subdivision (a) there shall be
included in gross incom e all amounts received b y such citizens or cor­
porations within the U nited States, whether derived from sources within
or without the United States.
(c) A s used in this section the term “ possession o f the U nited States”
does not include the Virgin Islands o f the U nited States.
China Trade A ct Corporations.
Sec. 263. (a) F o r the purpose only o f the tax im posed b y Section 230
there shall be allowed, in the case o f a corporation organized under the China
T rade A ct, 1922, a credit o f an am ount equal to the p rop ortion o f the net
incom e derived from sources within China (determ ined in a similar manner
to that provided in Section 217) which the par value o f the shares o f stock o f
the corporation owned on the last d ay o f the taxable year b y individual
citizens o f the United States o r China, resident in C hina, bears to the par
value o f the whole num ber o f shares o f stock o f the corporation outstanding
on such date: P rovided, T hat in no case shall the am ount b y which the tax

THE REVENUE ACT OF 1924.

11

im posed b y Section 230 is diminished b y reason o f such credit exceed the
am ount o f the special dividend certified under subdivision (b) o f this section.
(b) Such credit shall not be allowed unless the Secretary o f C om m erce has
certified to the Commissioner—
(1) T he am ount which, during the year ending on the date fixed b y law
for filing the return, the corporation has distributed as a special dividend to
o r fo r the benefit o f such individuals as on the last d ay o f the taxable year
were citizens o f the United States or China, resident in C hina, and owned
shares o f stock o f the corporation;
(2) T hat such special dividend was in addition to all other am ounts, p ay­
able or to be payable to such individuals or for their benefit, b y reason o f
their interest in the corporation; and
(3) T hat such distribution has been made to or for the benefit o f such
individuals in proportion to the par value o f the shares o f stock o f the corpor­
ation owned b y each; except that if the corporation has m ore than one class
o f stock, the certificate shall contain a statement that the articles o f incor­
poration provide a m ethod for the apportionm ent o f such special dividend
am ong such individuals, and that the am ount certified has been distributed
in accordance with the m ethod so provided.
(c) F or the purposes o f this section shares o f stock o f a corporation shall
be considered to be owned b y the person in whom the equitable right to the
incom e from such shares is in good faith vested .
(d) A s used in this section the term “ C hina” shall have the same meaning
as when used in the China Trade A ct. 1922.

im m ediately and notice and dem and shall be m ade b y the C ollector for t h e
paym ent thereof. In such case the assessment m ay be m ade ( 1 ) w i t h o u t
giving the notice provided in Subdivision (a) o f this section, or (2) before t h e
expiration o f the sixty-day period p rovided in Subdivision (a) o f this sec­
tion, even though such notice has been given, or (3) at any tim e prior to t h e
final decision b y the Board upon such d eficiency even though the taxpayer
has filed an appeal. I f the taxpayer does n ot file a claim in abatem ent
as provided in Section 279 the deficiency so assessed (or, if the claim so filed
covers only a part o f the deficiency, then the am ount not covered b y the.
claim) shall be paid upon notice and dem and from the C ollector.
(e) I f the taxpayer has elected to p ay the tax in installments and a d e­
ficiency has been assessed, the d eficiency shall be prorated to the fo u r
installments. E xcept as provided in Subdivision (d) o f this section, that
part o f the deficiency so prorated to any installment the date for paym ent
o f which has not arrived, shall be collected at the same tim e as and as part
o f such installment. That part o f the deficiency so prorated to any install­
ment the date for paym ent o f which has'arrived, shall be paid"upon notice
and demand from the C ollector.
(f) In te re st u p o n th e a m o u n t d ete rm in e d as a d e fic ie n c y , o r , i f th e ta x is

PAR T V— PAYMENT, COLLECTION, AND REFUND OF T A X AND
PENALTIES.

(g) W here it is shown to the satisfaction o f the C om m issioner that the
paym ent o f a deficiency upon the date prescribed fo r the paym ent thereof
will result in undue hardship to the taxpayer the Com m issioner, with the
approval o f the Secretary (except where the deficiency is due to negligence,
to intentional disregard o f rules and regulations , o r to fraud with intent to
evade ta x ), m ay grant an extension fo r the paym ent o f such deficiency o r
any part thereof fo r a period n ot in excess o f eighteen m onths. I f an exten­
sion is granted, the Comm issioner m ay require the taxpayer to furnish a
bond in such am ount, n ot exceeding double the am ount o f the deficiency,
and with such sureties, as the Com m issioner deems necessary, conditioned
upon the paym ent o f the deficiency in accordance with the term s o f the
extension. In such ease there shall be collected, as a part o f the tax, inter­
est on the part o f the d eficiency the tim e fo r paym ent o f which is so extended,
at the rate o f 6 % per annum fo r the period o f the extension, and no other
interest shall be collected on such part o f the deficiency fo r such period.
I f the part o f the deficiency the tim e fo r paym ent o f which is so extended is
not paid in accordance with the terms o f the extension, there shall be col­
lected, as a part o f the tax, interest on such unpaid am ount at the rate o f 1 %
a m onth fo r the period fro m the tim e fixed b y the terms o f the extension fo r
its paym ent until it is p aid, and no other interest shall be collected on such
unpaid am ount fo r such period.

Date on W hich Tax Shall Be Paid.
Sec. 270. (a) E xcept as provided in subdivisions (b ), ( c ) , and (d) o f this
section the total am ount o f tax imposed b y this title shall be paid—
(1) In the case o f a taxpayer, other than a nonresident alien individual,
and other than a foreign corporation not having an office or place o f business
in the United States, on o r b efore the fifteenth day o f M a rch following the
close o f the calendar year, or if the return should be m ade on the basis o f a
fiscal year, then on or before the fifteenth d ay o f the third m onth following
the close o f the fiscal year; and
(2) In the case o f a nonresident alien individual and o f a foreign corpora­
tion n ot having an office o r place o f business in the U nited States, on or
before the fifteenth day o f June following the close o f the calendar year, or,
i f the return should be m ade on the basis o f a fiscal year, then on o r before
the fifteenth day o f the sixth m onth following the close o f the fiscal y e a r.

(b) (1) The taxpayer may elect to pay the tax in four equal installments,
in which case the first installment shall be paid on or before the latest date
prescribed in subdivision (a) for the payment of the tax by the taxpayer,
the second installment shall be paid on or before the fifteenth day of the
third month, the third installment on or before the fifteenth day of the sixth
month, and the fourth installment on or before the fifteenth day of the ninth
month, after such date.
(2) I f any installment is not paid on the date fixed for its paym ent, the
whole am ount o f the tax unpaid shall be paid upon notice and dem and fro m
the collector.
(c) (1) A t the request o f the taxpayer, the Com m issioner m ay extend
the tim e fo r paym ent o f the am ount determ ined as the tax b y the tax­
p ayer, or any installment thereof, for a period not to exceed six m onths from
the date prescribed in subdivision (a) or (b) for the paym ent o f the tax or an
installment thereof. In such case the am ount in respect o f which the exten­
sion is granted shall be paid on or before the date o f the expiration o f the
period o f the extension.
(2) I f the tim e fo r paym ent is thus extended there shall be collected, as
a p a rt o f such am ount, interest thereon at the rate o f 6 % per annum from
the date when such paym ent should have been made if no extension had been
granted, until the expiration o f the period o f the extension.
(d) The provisions o f this section shall n ot a p p ly to the paym ent o f a
tax required to be withheld at the source under Section 221 or 237.
Examination of Return and Determination of Tax.
Sec. 271. As soon as practicable after the return is filed the Comm issioner
shall examine it and shall determine the correct am ount o f the tax .
Overpayments.
Sec. 272. I f the taxpayer has paid as an installment o f the tax m ore than
the am ount determined to be the correct amount o f such installment, the
excess shall be credited against the unpaid installments, If any. I f the
am ount already paid, whether or not on the basis o f installments, exceeds
the am ount determined to be the correct am ount o f the tax, the excess
shall be credited or refunded as p rovided in Section 281.
Deficiency in Tax.
Sec. 273. As used in this title the term “ deficiency” means—
(1) The amount b y which the tax im posed b y this title exceeds the
am ount shown as the tax by the taxpayer upon his return; but the am ount
so shown on the return shall first be increased b y the amounts previously
assessed (or collected without assessment) as a deficiency, and decreased b y
the amounts previously abated, credited, refunded, or otherwise repaid in
respect o f such tax; or,
(2) I f no amount is shown as the tax b y the taxpayer upon his return,
or if no return is made by the taxpayer, then the amount b y which the
tax exceeds the amounts previously assessed (or collected w ithout assess­
ment) as a deficiency; but such amounts previously assessed, or collected
w ithout assessment, shall first be decreased b y the amounts previously
abated, credited, refunded, or otherwise repaid in respect o f such tax.
Sec. 274. (a) If, in the case o f any taxpayer, the Commissioner determines
that there is a deficiency in respect o f the tax im posed b y this title, the
taxpayer, except as provided in Subdivision ( d ) , shall be notified o f such
deficiency by registered m ail, but such deficiency shall be assessed on ly as
hereinafter provided. W ithin sixty days after such notice is mailed the
taxpayer m ay file an appeal with the Board o f T a x Appeals established b y
Section 900.
(b) I f the Board determines that there is a deficiency, the amount so
determined shall be assessed and shall be paid upon notice and demand
from the C ollector. N o part o f the amount determ ined as a deficiency b y
the Commissioner but disallowed as such b y the B oard shall be assessed, but
a proceeding in court m ay be begun, without assessment, for the collection
o f any part o f the am ount so disallowed. The court shall Include in its
judgm ent interest upon the amount thereof at the rate o f 6 % per annum
from the date prescribed for the paym ent o f the tax to the date o f the
judgm ent. Such proceeding shall be begun within one year after the final
decision o f the B oard, and m ay be begun within such year even though the
period o f limitation prescribed in Section 277 has expired.
(c) I f the taxpayer does not file an appeal with the Board within the time
prescribed in Subdivision (a) o f this section, the deficiency o f which the
taxpayer has been notified shall be assessed, and shall be paid upon notice
and demand from the Collector.
(d) I f the Commissioner believes that the assessment or collection o f a
deficiency will be jeopardized b y delay such deficiency shall be assessed




p a id in in stallm en ts, u p o n th e p a r t o f th e d e fic ie n c y p r o r a te d t o ea ch install­
m e n t, shall be assessed a t th e sa m e tim e as th e d e fic ie n c y , shall b e p a id u p o n
n o t ic e a n d d e m a n d fr o m th e C o lle c to r , a n d shall be c o lle c te d as a p a r t o f ’
th e ta x , a t th e ra te o f 6 % p e r a n n u m fr o m th e d a te p re scrib ed fo r the;
p a y m e n t o f th e ta x , o r th e p a y m e n t o f s u ch in sta llm e n t, t o th e d a te t h e
d e fic ie n c y is assessed,

Additions to the Tax in Case of Deficiency.
Sec. 275 (a) I f any p a rt o f any d eficiency is due to negligence, or inten­
tional disregard o f rules and regulations but without intent to defraud 5 %
o f the total am ount o f the deficiency (in addition to such deficiency) shall b e
assessed, collected, and paid in the same manner as if it were a d eficiency,
except that the provisions o f subdivisions (e) and (f) o f Section 274 shall n o t
be applicable.
(b) I f any part o f any d eficiency is due to fraud with intent to evade ta x ,
then 50% o f the total am ount o f the d eficiency (in addition to such d efi­
ciency) shall be so assessed, collected, and paid in lieu o f the 50% addition
to the tax p rovided in Section 3176 o f the R evised Statutes, as am ended.
Additions to the Tax in Case of Delinauency.
Sec. 276. (a) (I) W here the am ount determ ined b y the taxpayer as th e
tax im posed b y this title, or any installment thereof, or any part o f such
am ount or installment, is n ot paid at the tim e prescribed for its p aym ent
there shall be collected as a part o f the tax, interest upon such unpaid am ount
at the rate o f 1 % a m onth from the date prescribed fo r its paym ent until
it is paid.
(2) W here an extension o f tim e for paym ent o f the am ount so determ ined
as the tax b y the taxpayer, or any installment thereof, has been granted,
and the am ount the time for paym ent o f which has been extended, and the
interest thereon determ ined under paragraph (2) o f subdivision (c) o f
Section 270, is not paid in full prior to the exiration o f the period o f the
extension, then, in lieu o f the interest provided for in paragraph (1) o f this
subdivision, interest at the rate o f 1% a m onth shall be collected on such
unpaid am ount from the date o f the expiration o f the period o f the extension
until it is paid.
(b) W here a d eficiency, or any interest or additional amounts assessed in
connection therewith under subdivision (f) o f Section 274, or under Section
275, or any addition to the tax in case o f deliquency provided for in Section
3176 o f the Revised Statutes, as am ended, is n ot paid in full within ten d ays
from the date o f notice and demand from the collector, there shall b e c o l ­
lected as part o f the tax, interest upon the unpaid am ount at the rate off
1 % a m onth from the date o f such notice and dem and until it is paid. If'
any part o f a d eficiency prorated to any unpaid installment under subdivi­
sion (e) o f Section 274 is n ot paid in full on the date prescribed for the p a y ­
m ent o f such installment, there shall be collected as part o f the tax interest
upon the unpaid amount at the rate o f 1 % a m onth from such date until it is
paid.
(c) In the case o f estates o f incom petent, deceased, or insolvent persons,
there shall be collected interest at the rate o f 6 % per annum in lieu o f the
interest provided in subdivisions (a) and (b) o f this section.
(d) I f a claim in abatem ent is filed, as provided in Section 279, the pro­
visions o f subdivision (b) and (c) o f this section shall not apply to the.'amount
covered b y the claim in abatem ent.
Period of Lim itation Upon Assessment and Collection of Tax.
Sec. 277. (a) E xcept as p rovided in Section 278 and in subdivision (b )
o f Section 274 and in subdivision (b) o f Section 279—
(1) T he amount o f incom e, excess-profits, and war-profits taxes imposed,
b y the R evenue A ct o f 1921, and b y such A ct as amended, for the taxable
year 1921 and succeeding taxable years, and the amount o f incom e taxes
imposed b y this A ct, shall be assessed within four years after the return was
filed, and no proceeding in court for the collection o f such taxes shall be
begun after the expiration o f such period.
(2) T h e amount o f incom e, excess-profits, and war-profits taxes imposed!
b y the A ct entitled “ A n A ct T o provide revenue, equalize duties, and en­
courage the industries o f the United States and for other purposes,” ap­
proved A ug. 5 1909, the A ct entitled "A n A ct to reduce ta riff duties and toprovide revenue for the G overnm ent and for other purposes,” approved
Oct. 3 1913, the R evenue A ct o f 1916, the Revenue A ct o f 1917, the R evenu e
A ct o f 1918, and b y any such A ct as am ended, shall be assessed within fiv e
years after the return was filed, and no proceeding in court for the collection
o f such taxes shall be begun after the expiration o f such period.
(3) In the case o f incom e received during the lifetime o f a decedent, th e
tax shall be assessed and any proceeding in cou rt for th e collection o f such
tax shall be begun within one year after written request therefor (filed after
the return is m ade) b y the executor, administrator, o r other fid u cia ry repre

12

THE REVENUE ACT OF 1S2i.

'senting the estate o f such decedent, but not after the expiration o f the period refunded, w ithout the filing o f a claim th erefor, notwithstandng the period
prescribed for the assessment o f the tax in paragraph (1) or (2) o f this sub­ o f lim itation p rovided fo r in subdivision (b) has expired.
division.
(d) W here there has been an overpaym ent o f tax under Section 221 or
(b )
T h e period within which an assessment is required to be m ade by237 any refund o r credit m ade under the provisions o f this section shall be
subdivision (a) o f this section in respect o f any deficiency shall be extended m ade to the w ithholding agent unless the am ount o f such tax was actually
(1) b y 60 days if a notice o f such deficiency has been m ailed to the taxpayer withheld b y the withholding agent.
under subdivision (a) o f Section 274 and no appeal has been filed with the
(e) I f the taxpayer has, within five years fro m the tim e the return fo r the
B oard o f T ax Appeals, or, (2) if an appeal has been filed, then b y the number taxable year 1917 was due, filed a waiver o f his right to have the taxes
o f days betw een the date o f the mailing of such notice and the date o f the due for such taxable year determ ined and assessed within five years after the
final decision b y the board.
return was filed, o r if he has, on or b efore June 15 1924, filed such a waiver
Sec. 278 (a) In the case o f a false or fraudulent return with intent to in respect o f the taxes due fo r the taxable year 1918, then such credit or
evade tax or o f a failure to file a return the tax m ay be assessed or a p roceed­ refund relating to tne taxes fo r the year in respect o f which the w aiver was
ing in cou rt for the collection o f such tax m ay be begun without assessment filed shall be allowed o r m ade i f claim therefor is filed either on or before
at any tim e.
A pril 1 1925, o r within fou r years fro m the tim e the tax was paid.
(b) A n y deficiency attributable to a change in a deduction tentatively
(f) This section shall not (1) b ar from allowance a claim fo r credit or re­
allowed under paragraph (9) o f subdivision (a) o f Section 214, or paragraph fund filed p rio r to the enactm ent o f this A ct which b u t fo r such enactment
(8) o f subdivision (a) o f Section 234, o f the R evenue A ct o f 1918 or the w ould have been allow able, o r (2) b ar fro m allowance a claim in respect o f a
R evenue A ct o f 1921, m ay be assessed, or a proceeding in court for the co l­ tax fo r the taxable year 1919 o r 1920 if such claim is filed before the expira­
lection o f such tax m ay be begun without assessment at any time.
tion o f five years after the date the return was due.
(c) W here both the Commissioner and the taxpayer have consented in
Closing by Commissioner of Taxable Y ear.
writing to the assessment o f the tax after the time prescribed in Section 277
Sec. 282. (a) I f the Comm issioner finds that a taxpayer designs quickly
for its assessment the tax m ay be assessed at any tim e prior to the expiration
to depart from the United States or to rem ove his property therefrom , or
o f the period agreed upon.
(d) W here the assessment o f the tax is made within the period prescribed to conceal him self or his property therein, or to d o any other act tending to
in Section 277 or in this section, such tax m ay be collected b y distraint or b y prejudice or to render wholly or partly ineffectual proceedings to collect the
tax for the taxable year then last past or the taxable year then current unless
a proceeding in court, begun within six years after the assessment o f the tax.
N oth ing in this A ct shall be construed as preventing the beginning, without such proceedings be brought w ithout delay, the Comm issioner shall declare
assessment, o f a proceeding in court for the collection o f the tax at any tim e the taxable period for such taxpayer im m ediately term inated and shall cause
before the expiration o f the period within which an assessment m ay be m ade. notice o f such finding and declaration to be given the taxpayer, together
(e) This section shall not (1) authorize the assessment o f a tax or the col­ with a demand for imm ediate paym ent o f the tax for the taxable period so
lection thereof b y distraint or b y a proceeding in court if at the tim e o f the declared term inated and o f the tax for the preceding taxable year or so m uch
enactm ent o f this A ct such assessment, distraint, or proceeding was barred o f such tax as is unpaid, whether or n ot the tim e otherwise allow ed b y law
b y the period o f limitation then in existence, or (2) affect any assessment for filing return and paying the tax has expired; and such taxes shall there­
m ade, or distraint or proceeding in court begun, before the enactm ent o f upon becom e im m ediately due and payable. In any proceeding in court
brought to enforce paym ent o f taxes m ade due and payable b y virtue o f
this A ct.
the provisions o f this section the finding o f the Comm issioner, m ade as
Claims in Abatem ent.
herein provided, whether m ade after notice to the taxpayer or n ot, shall
Sec. 279. (a) I f a deficiency has been assessed under subdivision (d) o f
be for all purposes presum ptive evidence o f the taxpayer’s design.
Section 274, the taxpayer, within ten days after notice and dem and from the
(b) A taxpayer who is n ot in default in m aking any return or paying
collector for the paym ent thereof, m ay file with the collector a claim for the
incom e, war p rofits, or excess-profits tax under any A ct o f Congress m ay
abatem ent o f such deficiency, or any part thereof, or o f any interest or adn
furnish to the U nited States, under regulations to be prescribed b y the
ditional amounts assessed in connection therewith, or o f any part o f any
Comm issioner, with the approval o f the Secretary, security approved b y
such interest or additional amounts. Such claim shall be accom panied b y a
the Commissioner that he will duly m ake the return next thereafter required
bond, in such amount, not exceeding double the am ount o f the claim , and
to be filed and p ay the tax next thereafter required to be paid. T he
w ith such sureties as the collector deems necessary, conditioned upon the
Commissioner m ay approve and accept in like manner security for return
paym ent o f so m uch o f the am ount o f the claim as is not abated, together
and paym ent o f taxes m ade due and payable b y virtue o f the provisions o f
w ith interest thereon as provided in subdivision (c) o f this section. Upon
this section, provided the taxpayer has paid in full all other incom e, war
the filing o f such claim and bond, the collection o f so m uch o f the amount
profits, or excess-profits taxes due from him under any A ct o f Congress.
assessed as is covered b y such claim and bond shall be stayed pending the
(c) I f security is approved and accepted pursuant to the provisions o f
final disposition o f the claim.
this section and such further or other security with respect to the tax or
(b) I f a claim is filed as provided in subdivision (a) o f this section the col­
taxes covered thereby is given as the Commissioner shall from tim e to time
lector shall transmit the claim im m ediately to the Comm issioner, w ho shall
find necessary and require, paym ent o f such taxes shall not b e enforced b y
b y registered mail notify the taxpayer o f his decision on the claim. T h e tax­
any proceedings under the provisions o f this section prior to the expiration
payer m ay within sixty days after such notice is m ailed file an appeal with
o f the tim e otherwise allowed for paying such respective taxes.
the Board o f T ax Appeals. I f the claim is denied in whole or in part b y the
(d) In the case o f a citizen o f the United States about to depart from the
Commissioner (or by the board in case an appeal has been filed) the am ount,
U nited States the Commissioner m ay, at his discretion, waive any or all o f
the claim for which is denied, shall be collected as part o f the tax upon
the requirements placed on the taxpayer b y this section.
notice and demand from the collector, and the am ount, the claim for which
(e) N o alien shall depart from the U nited States unless he first procures
is allowed, shall be abated. A proceeding in court m ay be begnu for any
from the collector or agent in charge a certificate that he has com plied with
part o f the am ount, claim for which is allowed b y the board. Such pro­
all the obligations imposed upon him b y the incom e, war p rofits, and
ceeding shall be begun within one year after the final decision o f the board,
excess-profits tax laws.
and m ay be begun within such year even though the period o f limitation
(f) I f a taxpayer violates or attem pts to violate this section there shall, in
prescribed in Section 277 has expired.
addition to all other penalties, be added as part o f the tax 25% o f the total
(c) I f the claim in abatem ent is denied in whole or in p a rt, there shall be
collected, at the same tim e as the part o f the claim denied, and as a part o f am ount o f the tax or deficiency in the tax, together w ith interest at the rate
o f 1% per m onth from the tim e the tax becam e due.
the tax, interest at the rate o f 6 % per annum upon the am ount o f the claim
denied, from the date o f notice and dem and from the collector under sub­
Effective Date of T itle.
division (d) o f Section 274 to the date o f the notice and dem and under sub­
Sec. 283. This title shall take effect as o f Jan. 1 1924.
division (b) o f this section. I f the am ount included in the notice and de­
T IT LE III.— PART 1.— ESTATE T A X .
m and from the collector under subdivision (b) o f this section is not paid
in full within ten days after such notice and dem and, then there shall be
Sec. 300. W hen used in P art I o f this title:
collected, as part o f the tax, interest upon the unpaid am ount at the rate o f
T he term “ executor” means the executor or adm inistrator o f the decedent,
1 % a m onth (or, in the case o f estates o f incom petent, deceased, or insolvent or, if there is no executor or administrator appointed, qualified, and acting
persons, at the rate o f 6 % per annum) from the date o f such notice and within the United States, then any person in actual or constructive possession
until it is paid.
o f any property o f the decedent;
(d) E xcept as p rovided in this section, no claim in abatem ent shall be
T he term “ net estate” means the net estate as determ ined under the
filed in respect o f any assessment m ade after the enactm ent o f this A ct in provisions o f Section 303;
respect o f any incom e, war p rofits, or excess profits tax.
T he term “ m onth” means calendar m onth, and the term “ collector”
means the collector o f internal revenue o f the district in which was the
Taxes Under Prior Acts.
dom icile o f the decedent at the tim e o f his death, or, if there was no such
Sec. 280. I f after the enactm ent o f this A ct the Com m issioner determines
that any assessment should be m ade in respect o f any incom e, w ar-profits, dom icile in the United States, then the collector o f the district in which is
o r excess-profits tax imposed b y the Revenue A ct o f 1916, the Revenue A ct situated the part o f the gross estate o f the decedent in the U nited States,
o f 1917, the Revenue A ct o f 1918, or the Revenue A ct o f 1921, or b y any or, if such part o f the gross estate is situated in m ore than one district,
such A ct as am ended, the am ount which should be assessed (whether as de­ then the collector o f internal revenue o f such district as m ay be designated
ficien cy or as interest, penalty, o r other addition to the tax) shall be co m -- b y the Commissioner.
Sec. 301. (a) In lieu o f the tax im posed b y T itle IV o f the R evenue A ct o f
p uted as if this A ct had not been enacted, but the am ount so com puted
1921, a tax equal to the sum o f the follow ing percentages o f the value o f the
shall be assessed, collected, and paid in the same manner and subject to the
net estate (determined as provided in Section 303) is hereby im posed upon
sam e provisions and limitations (including the provisions in case o f delin­
q uency in paym ent after notice and demand) as in the case o f the taxes the transfer o f the net estate o f every decedent dying after the enactm ent o f
this A ct, whether a resident or non-resident o f the U nited States:
im posed b y this title except as otherwise provided in Section 277.
1% o f the am ount o f the net estate n ot in excess o f $50,000;
Credits and Refunds.
2 % o f the am ount b y which the net estate exceeds $50,000 and does not
S ec. 281 (a ). W here there has been an overpaym ent o f any incom e, war- exceed $100,000;
p rofits, o r excess-profits tax imposed b y this A ct, the A ct entitled “ A n A ct
3 % o f the am ount b y which the net estate exceeds $100,000 and does
to p rovid e revenue, equalize duties, and encourage the industries o f the n ot exceed $150,000;
U nited States, and for other purposes.” approved A u g. 5 1909, the A ct
4 % o f the am ount by which the net estate exceeds $150,000 and does
entitled “ A n A ct to reduce ta r iff duties and to provid e revenue fo r the not exceed $250,000;
G overnm ent, and for other purposes,” approved O ct. 3 1913, the Revenue
6 % o f the amount b y which the net estate exceeds $250,000 and does
A ct o f 1916, the R evenue A ct o f 1917, the Revenue A ct o f 1918, o r the n ot exceed $450,000;
R evenue A ct o f 1921, o r any such A ct as amended, the am ount o f such
9 % o f the amount b y which the net estate exceeds $450,000 and does not
overpaym ent shall be credited against any incom e, w ar-profits, or excess- exceed $750,000;
profits tax or installment thereof then due from the taxpayer and any
12% o f the amount b y which the net estate exceeds $750,000 and does
balance o f such excess shall be refunded im m ediately t o the taxpayer.
not exceed $1,000,000;
(b) E xcept as provided in subdivisions (c) and (e) o f this section, (1)
15% o f the amount b y which the net estate exceeds $1,000,000 and does
no such credit o r refund shall be allowed o r m ade after four years from the n ot exceed $1,500,000;
18% o f the amount b y which the net estate exceeds $1,500,000 and does
tim e the tax was paid, unless b efore the expiration o f such four years a claim
therefor is filed b y the taxpayer, n or (2) shall the am ount o f the credit or not exceed $2,000,000;
refund exceed the portion o f the tax paid during the fou r years im m ediately
21 % o f the am ount b y which th e net estate exceeds $2,000,000 and does
preceding the filing o f the claim o r, i f no claim was filed, then during the not exceed $3,000,000;
24% o f the am ount by which the net estate exceeds $3,000,000 and does
fou r years im m ediately preceding the allowance o f the credit or refund.
(c) I f the invested capital o f a taxpayer is decreased b y the C om m issioner, n ot exceed $4,000,000;
27% o f the am ount b y which the net estate exceeds $4,000,000 and dose
and such decrease is due to the fact that the taxpayer failed to take ade­
qu a te deductions in previous years, with the result that there has been an n ot exceed $5,000,000;
over-paym ent o f incom e, w ar-p rofits, o r excess-profits taxes in any previous
30% o f the am ount b y which the net estate exceeds $5,000,000 and does
year or years, then the am ount o f such overpaym ent shall be credited or n ot exceed $8,000,000;




THE REVENUE ACT OF 1924.

13

35% o f the am ount b y which the net estate exceeds $8,000,000 and does the net earnings o f which inures to the benefit o f any p rivate stockhold®1
"
m o t exceed $10,000,000;
o r individual, o r to a trustee o r trustees, o r a fraternal society, ord er, o r
association operating under the lodge system , but only if such contribu~
4 0% o f the am ount b y which the net estate exceeds $10,000,000.
(b) T h e tax imposed b y this section shall be credited with the am ount o f tions or gifts are to be used b y such trustee or trustees, or b y such fraterna1
any estate, inheritance, legacy, or succession taxes actually paid to any society, ord er, o r association, exclusively fo r religious, charitable, scientific,
State or Territory or the D istrict o f C olum bia, in respect o f any prop erty literary, or educational purposes, o r fo r the prevention o f cruelty to children
included in the gross estate. T h e credit allowed b y this subdivision shall or animals. I f the tax im posed b y Section 301, or any estate, succession,
n ot exceed 25% o f the tax im posed b y this section.
legacy, o r inheritance taxes, are, eitner b y the terms o f the will, b y the
Sec. 302. The value o f the gross estate o f the decedent shall be determ ined law o f the jurisdiction under which the estate is administered, o r b y the
b y including the value at the tim e o f his death o f all p rop erty, real or per­ law o f the jurisdiction im posing the particular tax, payable in whole or
sonal, tangible or intangible, wherever situated—
in part out o f the bequests, legacies, o r devises otherwise deductible under
(a) T o the extent o f the interest therein o f the d ecedent at the tim e o f his this paragraph, then the am ount deductible under tnis paragraph shall
■death which after his death is su b ject to the paym ent o f the charges against be the amount o f such bequests, legacies, o r devises reduced b y the am ount
his estate and the expenses o f its adm inistration and is su bject to distribu­ o f such taxes; and
tion as part o f his estate;
(4) A n exem ption o f $50,000.
(b) T o the extent o f any interest therein o f the surviving spouse, exist­
(b) In the case o f a non-resident, b y deducting from the value o f that
ing at the tim e o f the d eced en t’s death as dower, curtesy, or b y virtue o f a part o f his gross estate which at the time o f his death is situated in the
United States—
statute creating an estate in lien o f dower or curtesy;
(c) T o the extent o f any interest therein o f which the decedent has at
(1) T hat proportion o f the deductions specified in paragraph (1) o f
any tim e m ade a transfer, or with respect to which he has at any time subdivision (a) o f this section which the value o f such part bears to the
•created a trust, in contem plation o f or intended to take effect in possession value o f his entire gross estate, wherever situated, but in no case shall
or enjoym ent at or after his death, except in case o f a bona fid e sale for the amount so deducted exceed 10% o f the value o f that part o f his gross
a fair consideration in m oney or m on ey’s worth. A n y transfer o f a material estate which at the tim e o f his death is situated in the United States;
part o f his p roperty in the nature o f a final disposition or distribution
(2) An amount equal to the value o f any property (A) form ing a part o f
thereof, m ade b y the decedent within tw o years prior to his death without the gross estate situated in the U nited States o f any person who died within
such a consideration, shall, unless shown to the contrary, be deem ed to fiv e years prior to the death o f the decedent, or (B) transferred to the dece­
have been m ade in contem plation o f death within the m eaning o f P art I
dent b y gift within five years prior to his death, where such property can
o f this title;
be identified as having been received b y the decedent from such d onor b y
(d) T o the extent o f any interest therein o f which the decedent has at
gift or from such prior decedent b y gift, bequest, devise, or inheritance,
any tim e m ade a transfer, or with respect to which he has at any tim e cre­
or which can be identified as having been acquired in exchange for property
ated a trust, where the enjoym ent thereof was subject at the date o f his
so received. This deduction shall be allow ed only where a gift tax or an
•death to any change through the exercise o f a pow er, either b y the decedent
estate tax under this or any prior A ct o f Congress was paid b y or on behalf
alone or in con junction with any person, to alter, amend, or revoke, or
o f the donor or the estate o f such prior decedent as the case m ay be, and
where the decedent relinquished any such power in contem plation o f his
on ly in the am ount o f the value placed b y the Comm issioner on such prop­
•death, except in case o f a bona fide sale for a fair consideration in m oney
erty in determ ining the value o f the gift or the gross estate o f such prior
or m on ey’s worth;
decedent, and on ly to the extent that the value o f such property is include i
(e) T o the extent o f the interest therein held as join t tenants by the
in that part o f the decedent’s gross estate which at the tim e o f his death is
•decedent and any other person, or as tenants b y the entirety b y the dece­
situated in the U nited States and not deducted under paragraph (1) or (3)
dent and spouse, or deposited, with any person carrying on the banking
o f this subdivision; and
business, in their join t names and payable to either or the survivor, except
(3) The amount o f all bequests, legacies, devises, or transfers, except
such part thereof as m ay be shown to have originally belonged to such other
person and never to have been received or acquired by the latter from the bona fide sales for a fair consideration, in m oney or m oney’s w orth, in con­
tem plation o f or intended to take effect in possession or enjoym ent at or
decedent for less than a fair consideration in m oney or m on ey’s worth:
■Provided, that where such property or any part thereof or part o f the con ­ after the decedent’s death, to or fo r the use o f the United States, any State,
sideration with which such property was acquired, is shown to have been Territory, any political subdivision thereof, or the District o f C olum bia,
at any time acquired b y such other person from the decedent for less than a for exclusively public purposes, or to or for the use o f any dom estic corpora­
fair consideration in m oney or m on ey’s worth, there shall be excepted only tion organized and operated exclusively for religious, charitable, scientific,
such part o f the value o f such property as is proportionate to the consider­ literary, or educational purposes, including the encouragem ent o f art and
ation furnished b y such other person: Provided further, that where any the prevention o f cruelty to children or animals, no part o f the net earnings
■property has been acquired b y gift, bequest, devise, or inheritance, as a o f which inures to the benefit o f any private stockholder or individual,
tenancy b y the entirety b y the decedent and spouse, then to the extent o f o r to a trustee o r trustees, or a fraternal society, order, or association
one-h alf o f the value thereof, or, where so acquired b y the decedent and operating under the lodge system , b ut only if such contributions o r gifts
any other person as join t tenants and their interests are n ot otherwise speci­ are to be used within the United States b y such trustee o r trustees, o r b y
fied or fixed b y law, then to the extent o f the value o f a fractional part to be such fraternal society, order, or association, exclusively fo r religious,
determ ined b y dividing the value o f the property b y the num ber o f join t charitable, scientific, literary, or educational purposes, or fo r the preven­
tion o f cruelty to children or animals. I f the tax im posed b y Section 301,
tenants;
(f) T o the extent o f any property passing under a general power o f ap­ or any estate, succession, legacy, or inheritance taxes, are either b y the
pointm en t exercised b y the decedent (1) b y will, or (2) b y deed executed in term s o f the will, b y the law o f the jurisdiction under which the estate is
contem plation of, or intended to take effect in possession or enjoym ent at or administered, or b y the law o f the jurisdiction im posing the particular tax,
after, his death, except in case o f a bona fide sale for a fair consideration in payable in whole or in part out o f the bequests, legacies o r devises otherwise
deductible under this paragraph, then the am ount deductible under this
m oney or m on ey’s worth; and
(g) T o the extent o f the am ount receivable b y the executor as insurance paragraph shall be the am ount o f such bequests, legacies, or devises reduced
under policies taken out b y the decedent upon his own life; and to the b y the amount o f such taxes.
(c) N o deduction shall be allow ed in the case o f a non-resident unless the
extent o f the excess over $40,000 o f the am ount receivable b y all other
beneficiaries as insurance under policies taken out b y the decedent upon executor includes in the return required to be filed under Section 304 the
value at the tim e o f his death o f that part o f the gross estate o f the non­
his own life.
(h) Subdivisions ( b ) , ( c ) , ( d ), (e ), ( f ) , and (g) o f this section shall apply resident not situated in the United States.
(d) F or the purpose o f Part I o f this title, stock in a dom estic corporation
to the transfers, trusts, estates, interests (right) rights, powers, and re­
linquishment o f powers, as severally enumerated and described therein, owned and held b y a non-resident decedent shall be deem ed property within
■whether m ade, created, arising, existing, exercised, o r relinquished before the United States, and any property o f which the decedent has m ade a trans­
fer or with respect to which he has created a trust, within the meaning o f
o r after the enactment o f this A ct.
Sec. 303. F or the purpose o f the tax the value o f the net estate shall be subdivision (c) or (d) o f Section 302, shall be deem ed to be situated in the
United States, if so situated either at the tim e o f the transfer or the creation
determ ined—
(a) In the case o f a resident, b y deducting from the value o f the gross o f the trust, or at the tim e o f the decedent’s death.
(e) T he amount receivable as insurance upon the life o f a non-resident
estate—
(1) Such amounts fo r funeral expenses, administration expenses, claims decedent, and any m oneys deposited with any person carrying on the bank­
ing business, b y or for a non-resident decedent who was not engaged in
against the estate, unpaid m ortgages upon, or any indebtedness in respect
t o , prop erty (except, in the case o f a resident decedent, where such p rop ­ business in the United States at the tim e o f his death, shall not, for the pur­
pose o f Part I o f this title, be deemed property within the United States.
erty is not situated in the United States), to the extent that such claims,
(f) Missionaries d u ly com m issioned and serving under boards o f foreign
m ortgages, o r indebtedness were incurred or contracted bona fide and
fo r a fair consideration in m oney or m oney’s w orth , losses incurred during missions o f the various religious denom inations in the U hited States, dying
while in the foreign m issionary service o f such boards, shall not, b y reason
the settlement o f the estate arising from fires, storm s, shipwreck, or other
casualty, o r from theft, when such losses are not com pensated fo r b y m erely o f their intention to perm anently remain in such foreign service,
insurance or otherwise, and such amounts reasonably required and actually be deemed non-residents o f the U nited States, but shall be presumed to be
expended for the support during the settlement o f the estate o f those de­ residents o f the State, the D istrict o f C olum bia, or the territories o f Alaska
pendent upon the decedent, as are allowed b y the laws o f the jurisdiction, or Hawaii wherein they respectively resided at the tim e o f their com m ission
whether within o r without the United States, under which the estate is and their departure for such foreign service.
Sec. 304. (a) T he executor, within tw o m onths after the decedent’s
being administered, but not including any incom e taxes u p on incom e
received after the death o f the decedent, or any estate, succession, legacy death, or within a like period after qualifying as such, shall give written
notice thereof to the C ollector. T he executor shall also, at such times and
o r inheritance taxes.
(2) A n amount equal to the value o f any p rop erty (A) form ing a part in such manner as m ay be required b y regulations m ade pursuant to law,
o f the gross estate situated in the United States o f any person w ho died file with the C ollector a return under oath in duplicate, setting forth (1) the
within five years p rior to the death o f the decedent, or (B) transferred value o f the gross estate o f the decedent at the tim e o f his death, or, in case
t o the decedent b y gift within five years p rior to his death, where such o f a non-resident, o f that part o f his gross estate situated in the U nited
States; (2) the deductions allow ed under Section 303; (3) the value o f the net
p rop erty can be identified as having been received b y the decedent from
■such d on or b y gift or from such prior decedent b y gift, bequest, devise, estate o f the decedent as defined in Section 303; and (4) the tax paid or p ay­
or inheritance, o r which can be identified as having been acquired in able thereon; or such part o f such inform ation as m ay at the tim e be ascer­
exchange fo r prop erty so received, this deduction shall be allowed only tainable and such supplem ental data as m ay be necessary to establish the
where a gift tax or an estate tax under this or any p rior A ct o f Congress correct tax.
(b)
Return shall be m ade in all cases where the gross estate at the death
was paid b y or on behalf o f the d onor or the estate o f such p rior decedent
as the case m ay be, and only in the amount o f the value placed b y the o f the decedent exceeds $50,000, and in the case o f the estate o f every non­
Com m issioner on such p rop erty in determining the value o f the gift or the resident any part o f whose gross estate is situated in the U nited States.
gross estate o f such p rior decedent, and only to the extent that the value I f the executor is unable to m ake a com plete return as to any part o f the
o f such p rop erty is included in the decedent’s gross estate and not deducted gross estate o f the decedent, he shall include in h's return a description o f
such part and the name o f every person holding a legal or beneficial inter­
under paragraph (1) or (3) o f this subdivision;
est therein, and upon notice from the C ollector such person shall in like
(3) T he am ount o f all bequests, legacies, devises, o r transfers, except
bona fide sales for a fair consideration in m oney or m oney’s w orth , in manner make a return as to such part o f the gross estate.
Sec. 305. (a) T he tax im posed b y P art I o f this title shall be due and
contem plation o f or intended to take effect in possession o r enjoym ent
at o r after the decedent’s death, to or for the use o f the U nited States, payable one year after the decedent’s death, and shall be paid b y the
: executor to the collector.
any State, T erritory, any political subdivision thereof, or the District
(b)
W here the Com m issioner finds that the paym ent on the due date o f
o f C olum bia, fo r exclusively public purposes, or to o r for the use o f any
corporation organized and operated exclusively fo r religious, charitable, any part o f the am ount determ ined b y the executor as the tax w ou ld impose
scientific literary, or educational purposes, including the encouragem ent undue hardship upon the estate, the Comm issioner m ay extend the time
o f art and the prevention o f cruelty to children or animals, no part o f fo r paym ent o f any such part n ot to exceed five years from the due date




u

THE REVENUE ACT OF 1924.

In such case the am ount in respect o f which the extension is granted shal* taxes'shall be begun’ afterlthe expiration£of fiv e years after th e return was
be paid on o r b efore the date o f the expiration o f the period o f the extension. filed.
(c) I f the tim e fo r the paym ent is thus extended there shall be collected,
(b) T he period within which’ an assessment is required to be m ade by
as a p a rt o f such am ou nt, interest thereon at the rate o f 6 % per annum subdivision (a) o f this section in respect o f any d eficiency shall be extended
from the expiration o f six m onths after the due date o f the tax to the expira­
(1) b y 60 days if a notice o f such deficiency has been m ailed to the executor
tion o f the p eriod o f the extension.
under subdivision (a) o f Section 308 and n o appeal has-been filed with the
(d) The time fo r which the Comm issioner m ay extend the tim e fo r pay­ B oard o f T a x Appeals, or (2) if an appeal has been filed, then b y the number
m ent o f the estate tax im posed b y T itle I Y o f the R evenue A ct o f 1921 is o f days between the date o f the m ailing o f such notice and the date o f the
hereby increased from three years to five years.
final decision b y the Board.
Sec. 306. A s soon as practicable after the return is filed the Commissioner
Sec. 311. (a) In the case o f a false or fraudulent return with intent to
shall examine it and shall determ ine the correct am ount o f the tax.
evade tax or o f a failure to file a return the tax m ay be assessed or a pro­
Sec. 307. A s used in P art I o f this title the term “ d eficiency” means—
ceeding in court for the collection o f such tax m ay be begun w ithout assess­
(1) T he am ount b y which the tax im posed b y P art I o f this title exceeds m ent at any tim e.
the am ount shown as the tax b y the executor upon his return; b u t the
(b) W here the assessment o f the tax is m ade within the period prescribed
am ount so shown on the return shall first be increased b y the amounts in Section 310 or in this section, such tax m ay be collected b y distraint or b y
previously assessed (or collected without assessment) as a deficiency, and a proceeding in cou rt, begun within six years after the assessment o f the
decreased b y the am ounts previously abated, refunded, or otherwise tax. N othing in this A ct shall be construed as preventing the beginning,
repaid in respect o f such tax; or
without assessment, o f a proceeding in cou rt for the collection o f the tax at
(2) I f no am ount is shown as the tax b y the executor upon his retu rn , or if any tim e before the expiration o f the period within which an assessment
no return is m ade b y the executor, then the am ount b y which the tax ex­ m ay be m ade.
ceeds the amounts p reviou sly assessed (or collected w ithout assessment)
(c) This section shall not (1) authorize the assessment o f a tax or the col­
as a deficiency; b u t such am ounts previously assessed, o r collected without lection thereof by distraint or b y a proceeding in cou rt if at the tim e o f the
assessment, shall first be decreased b y the amounts previously abated, enactm ent o f this A ct such assessment, distraint, or proceeding was barred
refunded, or otherwise repaid in respect o f such tax.
by the period o f lim itation then in existence, or (2) affect any assessment
Sec. 308. (a) I f the C om m issioner determines that there is a deficiency m ade, or distraint or proceeding in cou rt begun before the enactm ent o f this
in respect o f the tax im posed b y P art I o f this title, the executor, except as A ct.
p rovided in subdivision (d ), shall be notified o f such deficiency b y registered
Sec. 312. (a) I f a d eficiency has been assessed under subdivision (d) o f
mail, b ut such d eficiency shall be assessed only as hereinafter provided.
Section 308, the executor, within 30 days after notice and dem and from the
W ithin 60 days after such notice is mailed the executor m ay file an appeal collector for the paym ent thereof, m ay file with the collector a claim for the
with the B oard o f T a x A ppeals established b y Section 900.
abatem ent o f such d eficiency, or any part thereof, or o f any interest or addi­
(b) I f the B oard determines that there is a deficiency, the am ount so tional amounts assessed in connection therew ith, or o f any part o f any such
determ ined shall be assessed and shall be paid upon notice and demand interest or additional amounts. Such claim shall be accom panied b y a
from the C ollector. N o part o f the am ount determined as a deficiency b y
bond, in such amount, n ot exceeding double the am ount o f the claim , and
the Com m issioner b ut disallowed as such b y the B oard shall be assessed, with such sureties, as the collector deems necessary, conditioned upon the
b u t a proceeding in cou rt m ay be begun, without assessment, fo r the collec­ paym ent o f so m uch o f the am ount o f the claim as is not abated, together
tion o f any part o f the am ount so disallowed. The cou rt shall include in with interest thereon as p rovided in subdivision (c) o f this section. U pon
its judgm ent interest upon the am ount thereof at the rate o f 6 % per annum the filing o f such claim and bond, the collection o f so m uch o f the am ount
from the date prescribed fo r the paym ent o f the tax to the date o f the
assessed as is covered b y such claim and bond shall be stayed pending the
judgm ent. Such proceeding shall be begun within one year after the final final disposition o f the claim.
decision o f the B oard, and m ay be begun within such year even though the
(b) I f a claim is filed as p rovid ed in subdivision (a) o f this section the
period o f limitation prescribed in Section 310 has expired.
C ollector shall transm it the claim imm ediately to the Comm issioner who
(c) I f the executor does not file an appeal with the B oard within the tim e shall b y registered mail n otify the executor o f his decision on the claim .
prescribed in subdivision (a) o f this Section, the deficiency o f which the T he executor m ay within 60 days after such notice is m ailed file an appeal
executor has been notified shall be assessed, and shall be paid upon notice with the B oard o f T a x Appeals. I f the claim is denied in whole o r in part
and dem and from the C ollector.
b y the Comm issioner (or b y the B oard in case an appeal has been file d ),
(d) I f the Commissioner believes that the assessment or collection o f a the am ount, the claim fo r which is denied, shall be collected as part o f the
d eficiency will be jeopardized b y delay, such deficiency shall be assessed tax upon notice and dem and fro m the C ollector, and the am ount the claim
im m ediately and notice and dem and shall be made b y the C ollector fo r the fo r which is allowed shall be abated. A proceeding in cou rt m ay be begun
paym ent thereof. In such case the assessment m ay be m ade (1) without fo r any part o f the am ount, claim fo r which is allowed b y the B oard . Such
giving the notice p rovided in subdivision (a) o f this Section, o r (2) before proceeding shall be begun within one year after the final decision o f the
the expiration o f the 60-day period p rovided in subdivision (a) o f this B oard, and m ay be begun within such year even though the period o f lim ­
Section even though such notice has been given, o r (3) at any time p rior to itation prescribed in Section 310 has expired.
the final decision b y the B oard upon such deficiency even though the execu­
(c) I f the claim in abatem ent is denied in wnole or in part, there shall be
tor has filed an appeal. I f the executor does not file a claim in abatem ent collected, at the same tim e as the part o f the claim denied, and as a p a rt o f
as p rovided in Section 312, the deficiency so assessed (or, if the claim so the tax, interest at the rate o f 6 % per annum upon the am ount o f the claim
filed covers only a part o f the deficiency, then the am ount not covered by
denied, from the date o f notice and dem and from the C ollector under sub­
the claim) shall be paid upon notice and demand from the C ollector.
division (d) o f Section 308 to the date o f the notice and dem and un der
(e) Interest upon the am ount determ ined as a deficiency shall be assessed subdivision (b) o f this section. I f the am ount included in the notice and
at the same tim e as the deficiency, shall be paid upon notice and demand dem and from the C ollector under subdivision (b) o f this section is n ot
from the C ollector, and shall be collected as a part o f the tax, at the rate paid in full within 30 days after such notice and dem and, then there shall
o f 6 % per annum from the due date o f the tax to the date the deficiency is be collected, as part o f the tax, interest upon the unpaid am ount at the rate
assessed.
o f 1 % a m onth from the date o f such notice and dem and until it is p a id .
(f) W here it is shown to the satisfaction o f the Commissioner that the
(d) E xcept as provided in this section, no claim in abatem ent shall be
paym ent o f a deficiency upon the date prescribed fo r the paym ent thereof
filed in respect o f any assessment m ade after the enactm ent o f this A ct in
will result in undue hardship to the estate, the Comm issioner, with the
respect o f any estate tax.
approval o f the Secretary (except where the deficiency is due to negligence,
Sec. 313. (a) The C ollector shall grant to the person paying the tax
to intentional disregard o f rules and regulations, o r to fraud with intent to
evade tax), m ay grant an extension fo r the paym ent o f such deficiency or duplicate receipts, either o f which shall be sufficient evidence o f such p a y ­
m ent, and shall entitle the executor to be credited and allowed the amoun
any part thereof fo r a period n ot in excess o f tw o years. I f an extension
is granted, the Commissioner m ay require the executor to furnish a bond thereof b y any cou rt having jurisdiction to audit o r settle his accounts.
(b) I f the executor makes written application to the Comm issioner fo r
in such am ount, n ot exceeding double the amount o f the deficiency and with
such sureties as the Commissioner deems necessary, conditioned upon the determination o f the am ount o f the tax and discharge fro m personal lia­
bility therefor, the Commissioner (as soon as possible, and in any event
paym ent o f the deficiency in accordance with the terms o f the extension.
In such case there shall be collected, as part o f the tax, interest on the within one year after the m aking o f such application, or, if the application
part o f the deficiency the time fo r paym ent o f which is so extended, at the is m ade before the return is filed, then within one year after the return is
rate o f 6 % per annum for the period o f the extension, and no other interest filed, but not after the expiraiton o f the period prescribed fo r the assessment
shall be collected on such part o f the deficiency for such p eriod . I f the part o f the tax in Section 310) shall notify the executor o f the am ount o f the tax.
o f the deficiency the tim e fo r paym ent o f which is so extended is n ot paid The executor, upon paym ent o f the am ount o f which he is notified, shall be
in accordance with the terms o f the extension, there shall be collected, as a discharged from personal liability fo r any deficiency in tax thereafter found
part o f the tax, interest on such unpiad am ount at the rate o f 1% a m onth to be due and shall be entitled to a receipt o r writing showing such discharge.
(c) T he provisions o f subdivision (b) shall n ot operate as a release o f
fo r the period from the tim e fixed b y the terms o f the extension fo r its pay­
m ent until it is paid, and no other interest shall be collected on such unpaid any part o f the gross estate from the lien fo r any deficiency that m ay there­
after be determined to be due, unless the title to such part o f the gross estate
am ount fo r such period.
(g) The 5 0% addition to the tax p rovided b y Section 3176 o f the Revised has passed to a bona fide purchaser fo r value, in which case such part shall
Statutes, as amended, shall, when assessed after the enactm ent o f this A ct not be subject to a lien or to any claim o r dem and fo r any such deficiency,
in connection with an estate tax, be assessed, collected, and paid in the same but the lien shall attach to the consideration received from such purchaser
manner as if it were a deficiency, except that the provisions o f subdivision b y the heirs, legatees, devisees, or distributees.
(e) o f this section shall not be applicable.
Sec. 314. (a) I f the tax herein im posed is n ot paid on or before the due
Sec. 309. (a) (1) W here the am ount determ ined b y the executor as the date thereof, the C ollector shall, upon instruction from the Comm issioner,
tax im posed b y P art I o f this title, or any part o f such am ount, is n ot paid proceed to collect the tax under the provisions o f general law , or com ­
on the due date o f the tax, there shall be collected as a part o f the tax, m ence appropriate proceedings in any C ourt o f the U nited States having
interest upon such unpaid amount at the rate o f 1 % a m onth from the due jurisdiction, in the name o f the U nited States, to subject the p rop erty o f the
decedent to be sold under the judgm ent or decree o f the C ou rt. F rom the
date until it is paid.
proceeds o f such sale the am ount o f the tax, together with the costs and
(2)
W here an extension o f tim e for paym ent o f the am ount so determined
expenses o f every description to be allowed b y the C ou rt, shall b e first paid,
as the tax b y the executor has been granted, and the am ount the tim e for
paym ent o f which has been extended, and the interest thereon determined and the balance shall be deposited according to the order o f the C ou rt, to
under subdivision (c) o f Section 305, is n ot paid in full prior to the expiration be paid under its direction to the person entitled thereto.
o f the period o f the extension, then, in lieu o f the interest provided for in
(b) I f the tax or any part thereof is paid b y or collected ou t o f that part
paragraph (1) o f this subdivision, interest at the rate o f 1% a m onth shall o f the estate passing to or in the possession of, any person other than the
be collected on such unpaid amount from the date o f the expiration o f the executor in his capacity as such, such person shall be entitled to reimburse­
period o f the extension until it is paid.
m ent out o f any part o f the estate still undistributed or b y a just and equita­
(b) W here a d eficiency, or any interest assessed in connection therewith ble contribution b y the persons whose interest in the estate o f the decedent
under subdivision (e) o f Section 308, or any addition to the tax provided for would have been reduced if the tax had been paid before the distribution o f
in Section 3176 o f the R evised Statutes, as amended, is not paid in full the estate or whose interest is subject to equal o r prior liability fo r the pay­
within 30 days from the date o f notice and demand from the collector, there m ent o f taxes, debts, o r other charges against the estate, it being the pur­
shall be collected as part o f the tax, interest upon the unpaid am ount at a pose and intent o f this title that so far as is practicable and unless other­
rate o f 1 % a m onth from the date o f such notice and dem and until it is paid. wise directed b y the will o f the decedent, the tax shall be paid out o f the
(c) I f a claim in abatem ent is filed, as provided in Section 312, the p ro­ estate before its distribution. I f any part o f the gross estate consists o f
visions o f subdivision (b) o f this section shall not apply to the amount proceeds o f policies o f insurance upon the life o f the decedent receivable b y
covered b y the claim in abatem ent.
a beneficiary other than the executor, the executor shall be entitled to re­
Sec. 310. (a) E xcept as p rovided in Section 311 and in subdivision (b) o f cover from such beneficiary such portion o f the total tax paid as the p ro ­
Section 308, and in subdivision (b) o f Section 312, the am ount o f the estate ceeds, in excess o f $40,000, o f such policies bear to the net estate. I f theretaxes imposed b y Part I o f this title shall be assessed within four years after is m ore than one such beneficiary, the executor shall be entitled to recover
the return was filed, and no proceeding in court for the collection o f such from such beneficiaries in the same ratio.




THE REVENUE ACT OF 1924.

15

(a) In the case o f a resident—
Sec. 315. (a) Unless the tax Is sooner paid in full, it shall be a lien
(1) A n exem ption o f $50,000;
for ten years upon the gross estate o f the decedent, except that such part
(2) T he am ount o f all gifts or contributions m ade within the calendar
o f the gross estate as is used for the paym ent o f charges against the estate
and expenses o f its administration, allowed b y any cou rt having juris­ year to or for the use o f the United States, any State, Territory, any political
d iction thereof, shall be divested o f such lien. I f the Comm issioner is subdivision thereof, or the D istrict o f C olum bia, for exclusively public
satisfied that the tax liability o f an estate has been fu lly discharged or purposes, or to or for the use o f any corporation organized and operated
p rovid ed for, he m ay, under regulations prescribed b y him with the ap­ exclusively for religious, charitable, scientific, literary, or educational pur­
p roval o f the Secretary, issue his certificate, releasing any or all property poses, including the encouragem ent o f art and the prevention o f cruelty to
children or animals, no part o f the net earnings o f which inures to the benefit
o f such estate from the lien herein imposed.
o
(b)
I f (1) the decedent makes a transfer of, or creates a trust with f any private stockholder or individual, or to a trustee or trustees, or fra­
respect to , any property in contem plation o f or intended to take effect ternal society, order, or association, operating under the lodge system ,but
in possession or enjoym ent at or after his death (except in the case o f o n ly if such gifts or contributions are to be used b y such trustee or trustees
a bona fide sale for a fair consideration in m oney or m on ey’s worth) or or b y such fraternal society, order, or association, exclusively for religious,
(2) if insurance passes under a contract executed b y the decedent in favor charitable, scientific, literary, or educational purposes, or for the prevention
o f a specific beneficiary, and if in either case the tax in respect thereto o f cruelty to children or animals, and the amount o f all gifts or contributions
is n ot paid when due, then the transferee, trustee, or beneficiary shall m ade within the calendar year b y such corporation, trustee, or fraternal
be personally liable for such tax, and such property, to the extent o f the society, order, or association for a religious, charitable, scientific, literary, or
decedent's interest therein at the tim e o f such transfer, or to the extent educational purpose, or for the prevention o f cruelty to children or animals,
o f such beneficiary’s interest under such con tract o f insurance, shall be and the am ount o f all gifts or contributions made within the calendar year
su b ject to a like lien equal to the am ount o f such tax. A n y part o f such to the special fund for vocational rehabilitation authorized b y Section 7 o f
prop erty sold b y such transferee or trustee to a bona fide purchaser o f the V ocational Rehabilitation A ct;
(3) Gifts the aggregate am ount o f which to any one person does not ex­
a fair consideration in m oney or m on ey’s worth shall be divested o f the
lien and a like lien shall then attach to all the property o f such transferee ceed $500;
or trustee, except any part sold to a bona fide purchaser for a fair con ­
(4) A n amount equal to the value o f any property transferred b y gift
within the calendar year, which can be identified (A ) as having been received
sideration in m oney or m on ey’s worth.
S ec. 316. I f after the enactm ent o f this A ct the Commissioner deter­ b y the donor within five years prior to the tim e o f his making such gift,
mines that any assessment should be m ade in respect o f any estate tax either from another person b y gift or from a decedent b y gift, bequest,
im posed b y the Revenue A ct o f 1917, the R evenue A ct o f 1918, or the devise, or inheritance, or (B) as having been acquired in exchange for prop­
R evenu e A ct o f 1921, or b y ay such A ct as am ended, the am ount which erty so received. This deduction shall be allow ed on ly where a gift tax or
should be assessed (whether as deficiency or additional tax or as interest an estate tax under this or any prior act o f Congress was paid b y or on behalf
penalty, or other addition to the tax) shall be com puted as if this A ct o f the donor or the estate o f such decedent, as the case m ay be, and o n ly in
had not been enacted, but the amounts so com puted shall be assessed, the am ount o f the value placed b y the Commissioner on such property in
collected , and paid in the same manner and subject to the same provisions determining the value o f the gift or the gross estate o f such decedent and
and limitations (including the provisions in case o f delinquency in paym ent on ly to the extent that the value o f such property is included in the total
after notice and dem and) as in the case o f the taxes imposed by P art I amount o f gifts m ade within the calendar year and not deducted under para­
o f this title, except that the period o f limitation prescribed in Section 1009 graph (2) or (3) o f this subdivision.
shall be applied in lieu o f the. period prescribed in subdivision (a) o f
(a) In the case o f a non-resident—
Section 310.
(1) T he am ount o f all gifts or contributions m ade within the calendar
S ec. 317. (a) W hoever knowlingly makes any false statem ent in any year to or for the use o f the U nited States, any State, T erritory, any political
notice or return required to be filed under Part I o f this title shall be liable subdivision thereof, or the D istrict o f C olum bia, for exclusively public
to a penalty o f not exceeding $5,000, or imprisonm ent n ot exceeding one purposes, or to or for the use o f any dom estic corporation organized and
year, or both.
operated exclusively for religious, charitable, scientific, literary, or educa­
(b) W hoever fails to com ply with any duty imposed upon him b y Sec­ tional purposes, including the encouragem ent o f art and the prevention o f
tion 304, or, having in his possession or control any record , file, or paper, cruelty to children or animals, no part o f the net earnings o f which inures
containing or supposed to contain any inform ation concerning the estate to the benefit o f any private stockholder or individual, or to a trustee or
o f the decedent, or, having in his possession or control any property com ­ trustees, or fraternal society, order, or association, operating under the
prised in the gross estate o f the decedent, fails to exhibit the sam e upon lodge system , but only if such gifts or contributions are to be used within
request to the Commissioner or any collector or law officer o f the United the U nited States b y such trustee or trustees or b y such fraternal society,
States or his duly authorized deputy or agent, who desires to examine the order, or association, exclusively fo r religious, charitable, scientific, literary,
same in the perform ance o f his duties under Part I o f this title, shall be or educational purposes, or for the prevention o f cruelty to children or
liable to a penalty o f n ot exceeding $500, to be recovered, with cost o f animals, and the am ount o f all gifts or contributions m ade within the
suit, in a civil action in the nam e o f the United States.
calendar year b y such corporation, trustee, or fraternal society, order, or
Sec. 318. (a) T he term “ resident” as used in this title includes a citizen association for a religious, charitable, scientific, literary, or educational
o f the United States with respect to whose property any probate or ad­ purpose, or for the prevention o f cruelty to children or animals, and the
ministration proceedings are had in the U nited States C ourt for China. am ount o f all gifts or contributions m ade within the calendar year to the
W here no part o f the gross estate o f such decedent is situated in the United special fund for vocational rehabilitation authorized b y Section 7 o f the
States at the tim e o f his death, the total am ount o f tax due under P art I Vocational Rehabilitation A ct:
o f this title shall be paid to or collected b y the clerk o f such cou rt, but
(2) Gifts the aggregate am ount o f which to any one person does not
where any part o f the gross estate o f such decedent is situated in the United exceed $500;
States at the tim e o f his death, the tax due under Part I o f this title shall
(3) An am ount equal to the value o f any property situated in the .United
be paid to or collected b y the collector o f the district in which is situated States transferred by gift within the calendar year, which can be identified
the part o f the gross estate in the U nited States, or, if such part is situated
(A) as having been received by the donor within fiv e years prior to the time
in m ore than one district, then the collector o f such district as m ay be o f his m aking such gift, either from another person b y gift or from a decedent
designated b y the Commissioner.
b y gift, bequest, devise, or inheritance, or (B) as having been acquired in
(b) F or the purpose o f this section the clerk o f the U nited States Court exchange for operty so received. T his deduction shall be allowed only
for China shall be a collector for the territorial jurisdiction o f such court, where a gift tax or an estate tax under this or any prior A ct o f Congress
and taxes shall be collected b y and paid to him in the same manner and was paid b y or on behalf o f the donor or the estate o f such decedent, as the
su b ject to the same provisions o f law, including penalties, as the taxes case m ay b e , and only in the am ount o f the value placed b y the Commissioner
collected b y and paid to a collector in the U nited States.
on such property in determining the value o f the gift or the gross estate o f
such decedent, and only to the extent that the value o f such property is in­
PART II— GIFT TAX.
cluded within the total am ount o f gifts m ade within the calendar year o f
Sec. 319. For the calendar year 1924 and each calendar year thereafter, a property situated in the U nited States and n ot deducted under paragraph
tax equal to the sum o f the follow ing is hereby imposed upon the transfer b y
(1) or (2) o f this subdivision.
a resident b y gift during such calendar year o f any property wherever sit­
Sec. 322. In case a tax has been imposed under Section 319 upon any
uated, whether m ade directly or indirectly, and upon the transfer b y a gift, and thereafter upon the death o f the donor the am ount thereof is
nonresident b y gift during such calendar year o f any property situated within required b y any provision o f P art I o f this title to be included in the gross
the U nited States, whether.made d irectly or indirectly:
estate o f the decedent then there shall be credited against and applied in
1 % o f the am ount o f the taxable gifts not in excess o f $50,000:
reduction o f the estate tax, which would otherwise be chargeable against the
2 % o f the am ount b y w hich the taxable gifts exceed $50,000 and do not estate o f the decedent under the provisions o f Section 301, an am ount equal
exceed $100,000;
to the tax paid with respect to such gift; and in the event the d onor has in
3 % o f the amount b y which the taxable gifts exceed $100,000 and do any year paid the tax imposed b y Section 319 with respect to a gift or gifts
n ot exceed $150,000;
which upon the death o f the donor m ust be included in his gross estate and
4 % o f the am ount b y which the taxable gifts exceed $150,000 and do a gift or gifts n o t required to be so included, then the am ount o f the tax
not exceed $250,000;
which shall be deem ed to have been paid with respect to the gift or gifts
6% o f the amount b y which the taxable gifts exceed $250,000 and do required to be so included shall be that proportion o f the entire tax paid on
n ot exceed $450,000;
account o f all such gifts which the am ount o f the gift or gifts required to be
9 % o f the amount b y w hich the taxable gifts exceed $450,000 and do so included bears to the total am ount o f gifts in that year.
n ot exceed $750,000;
Sec. 323.. A n y person who within the year 1924 or any calendar year
12% o f the amount b y which the taxable gifts exceed $750,000 and do
thereafter makes any gift or gifts in excess o f the deductions allowed b y
n ot exceed $1,000,000;
Section 321 shall, on or b efor ethe 15th d a y o f M arch, file with the C ollector
15% o f the amount b y which the taxable gifts exceed $1,000,000 and
a return under oath in duplicate, listing and setting forth therein all gifts and
d o n ot exceed $1,500,000;
contributions m ade b y him during such calendar year (other than the gifts
18% o f the amount b y which the taxable gifts exceed $1,500,000 and
specified in paragraph (3) o f subdivision (a) and in paragraph (2) o f sub­
d o n ot exceed $2,000,000;
f Section
when m ade,
21% o f the amount b y which the taxable gifts exceed $2,000,000 and division (b) osales and 321), and the fair m arket valueb thereofm ade within
and also all
exchanges o f p roperty owned y him
d o n ot exceed $3,000,000;
such year for less than a fair consideration in m oney or m oney’s worth,
2 4% o f the amount b y w h ich the taxable gifts exceed $3,000,000 and
stating therein the fair m arket value o f the property so sold or exchanged
d o n ot exceed $4,000,000;
and that o f the consideration received b y him , both as o f the date o f such
2 7% o f the amount b y w hich the taxable gifts exceed $4,000,000 and
sale or exchange.
d o n ot exceed $5,000,000;
Sec. 324. T he tax im posed b y Section 319 shall be paid b y the donor on
3 0% o f the amount b y w hich the taxable gifts exceed $5,000,000 and
or before the 15th day o f M arch, and shall be assessed, collected, and paid
d o n ot exceed $8,000,000;
3 5% o f the amount b y w hich the taxable gifts exceed $8,000,000 and do in the same manner and subject, in so far as applicable, to the same pro­
visions o f law as the tax imposed b y Section 301.
n ot exceed $10,000,000;
4 0 % o f the amount b y which the taxable gifts exceed $10,000,000.
Sec. 320. I f the gift is made in property, the fair m arket value thereof at
the date o f the gift shall be considered the amount o f the gift. W here
p rop erty is sold or exchanged for less than a fair consideration in m oney or
m on ey ’s worth, then the amount b y which the fair market value o f the prop­
erty exceeded the consideration received shall, for the purpose o f the tax
im posed b y Section 319, be deemed a gift, and shall be included in com put­
ing the am ount o f gifts m ade during the calendar year.
Sec. 321. In com puting the amount o f the gifts subject to the tax imposed
b y Section 319, there shall be allowed as deductions:




TITLE IV— TAX ON CIGARS, TOBACCO, AND MANUFACTURES
THEREOF.
Sec. 400. (a) U pon cigars and cigarettes m anufactured in or im ported
into the U nited States, and hereafter sold b y the m anufacturer or im ­
porter, or rem oved fo r consum ption or sale, there shall be levied, co l­
lected, and paid under the provisions o f existing law, in lieu o f the internalrevenue taxes now imposed thereon b y Section 700 o f the Revenue A ct
o f 1921, the follow ing taxes, to be paid by the m anufacturer or importer
thereof—

16

THE REVENUE ACT OF 1924.

On cigars o f all descriptions, m ade o f tob a cco, or any substitute therefor,
and weighing n ot m ore than three pounds per thousand, $1 50 per thousand;
On cigars m ade o f tob a cco, or any substitute therefor, and weighing
m ore than three pounds per thousand, if m anufactured or im ported to
retail at not m ore than 5 cents each, $4 per thousand;
I f m anufactured or im ported to retail at m ore than 5 cents each and
not m ore than 8 cents each, $6 p er thousand;
I f m anufactured or im ported to retail at m ore than 8 cents each and
n ot m ore than 15 cents each, 89 per thousand;
I f m anufactured or im ported to retail at m ore than 15 cents each and
not m ore than 20 cents each, $12 per thousand.
I f m anufactured or im ported to retail at m ore than 20 cents each, $15
per thousand;
On cigarettes m ade o f tob a cco, or any substitute therefor, and weighing
n o t m ore than three pounds per thousand, $3 per thousand;
W eighing m ore than three pounds per thousand, $7 20 per thousand.
(b) W henever in this section reference is m ade to cigars m anufactured
or im ported to retail at n ot over a certain price each, then in determ ining
the tax to be paid regard shall be had to the ordinary retail price o f a
single cigar.
(c) T h e Comm issioner m ay, b y regulation, require the m anufacturer
or importer to affix to each b ox, package, or container a conspicuous label
indicating the clause o f this section under which the cigars therein con tam ed have been tax-paid, which must correspond with the tax-paid
stam p on such box or con tam er.
(d) E very m anufacturer o f cigarettes (including small cigars weighing
n ot m ore than three pounds per thousand) shall put up all the cigarettes
and such small cigars th a t he manufactures or has m anufactured for him ,
and sells or rem oves for consum ption or sale, in packages or parcels containing
.5, 8, 10, 12, 15, 16, 20, 24, 40, 50, 80 or 100 cigarettes each, and shall
securely affix to each o f such packages or parcels a suitable stam p denoting
the tax thereon and shall properly cancel the same prior to such sale or
rem oval for consum ption or sale under such regulations as the C om ­
missioner, with the approval o f the Secretary, shall prescribe; and all
cigarettes imported from a foreign country shall be packed, stam ped, and
the stamps canceled in a like m anner, in addition to the im port stamp
indicating inspection o f the custom house before they are withdrawn
therefrom .
(e) Section 3392 o f the R evised Statutes, as am ended, is am ended to
read as follows:
“ Sec. 3392. A ll cigars weighing m ore than three pounds per thousand
shall be packed in boxes n ot before used for that purpose containing,
respectively, 3, 5, 7, 10, 12, 13, 25, 50, 100, 200, 250, or 500 cigars each;
and every person who sells, or offers for sale, or delivers, or offers to deliver,
any cigars in any other form than in new boxes as above described, or
who packs in any box any cigars in excess o f or less than the num ber pro­
vided b y law to be put in each box, respectively, or who falsely brands
any box, or affixes a stam p on any box denoting a less am ount o f tax
than that required b y law, shall be fined for each offense n ot m ore than
$1,000 and be imprisoned n ot m ore than tw o years; P rovided, T hat
nothing in this section shall be construed as preventing the sale o f cigars
at retail b y retail dealers from boxes packed, stam ped and branded in
the manner prescribed b y law: Provided further, T hat each em ployee
o f a m anufacturer o f cigars shall be perm itted to use, for personal con­
sum ption and for experim ental purposes, not to exceed 21 cigars per week
without the m anufacturer o f cigars being required to pack the same in
boxes or to stam p 6r p ay any internal-revenue tax thereon, such ex­
em ption to be allowed under such rules and regulations as the Secretary
o f the Treasury m ay p rescribe.”
Sec. 401. (a) U pon all tob a cco and snuff m anufactured in or imported
into the U nited States, and hereafter sold b y the m anufacturer or im­
porter, or rem oved for consum ption or sale, there shall be levied, co l­
lected, and paid, in lieu o f the internal-revenue taxes now imposed thereon
b y Section 701 o f the R evenue A ct o f 1921, a tax o f 18 cents per pound,
to be paid by the m anufacturer or importer thereof.
(b) Section 3362 o f the R evised Statutes, as am ended b y Section 701
o f the R evenue A ct o f 1918, is re-enacted without change, as follows;
“ Sec. 3362. A ll m anufactured toba cco shall be put up and prepared b y
the m anufacturer for sale, or rem oval for sale or consum ption, in packages
o f the following description, and in no other manner:
“ A ll sm oking tob a cco, snuff, fine-cu t chewing tob a cco , all cu t and
granulated toba cco, all shorts, the refuse o f fine-cu t chewing, which la s
passed through a riddle o f 36 meshes to the square inch, and all refuse
scraps, clippings, cuttings, and sweepings o f tob a cco, and all other kinds
o f toba cco not otherwise p rovided for, in packages containing one-eighth
o f an ounce, three-eighths o f an ounce, and further packages with a dif­
ference between each package and the one next smaller' o f one-eighth o f an
ounce up to and including tw o ounces, and further packages with a dif­
ference between each package and the one next smaller o f one-fourth
o f an ounce up to and including 4 ounces, and packages o f 5 ounces, 6
ounces, 7 ounces, 8 ounces, 10 ounces, 12 ounces, 14 ounces, and 16 ounces.
P rovided, That snuff m ay, at the option o f the m anufacturer, be put up
in bladders and in jars containing n ot exceeding 20 pounds.
“ A ll cavendish, plug, and twist tobacco, in w ooden packages not exceed­
ing tw o hundred pounds net weight.
“ A nd every such w ooden package shall have printed or m arked thereon
the manufacturer’s nam e and place o f m anufacture, the registered number o f
the m anufactory, and the gross weight, the tare, and the net weight o f the
tob a cco in each package: Provided, That these limitations ahd descriptions
o f packages shall n ot apply to tob a cco and snuff transported in bond for ex­
p ortation and actually exported: A nd provided further, That periqut to­
bacco, snuff flour, fine-cut shorts, the refuse o f fine-cut chewingtobacco,
refuse scraps, clippings, cuttings, and sweepings o f toba cco, m ay be sold in
bulk as m aterial, and w ithout the paym ent o f tax, b y one manufacturer
d irectly to another m anufacturer, or for export, under such restrictions,
rules, and regulations as the Commissioner o f Internal Revenue m ay
prescribe: A nd provided further, Tha / w ood, m etal, paper, or other ma­
terials m ay be used separately or in com bination for packing tobacco,
snuff, and cigars, under such regulations as the Commissioner o f Internal
R evenue m ay establish.”
Sec. 402. There shall be levied, collected, and paid, in lieu o f the taxes
imposed b y Section 703 o f the R evenue A ct o f 1921, upon cigarette paper
m ade up into packages, books, sets, or tubes, m ade up in or im ported into
the U nited States and hereafter sold b y the m anufacturer or importer to
any person (other than to a m anufacturer o f cigarettes for use by him in the
m anufacture o f cigarettes), the follow ing taxes, to be paid by the m anufac­
turer or importer: On each package, book, or set containing m ore than
tw enty-five but not m ore than fifty papers, K cent; containing m ore than:
fifty but not m ore than one hundred papers, 1 cent; containing m ore than
one hundred papers, V2 cent for each fifty papers or fractional part thereof;
and upon tubes, 1 cent for each fifty tubes or fractional part thereof.
E very m anufacturer o f cigarettes purchasing any cigarette paper m ade up
into tubes (a) shall give bond in an am ount and with sureties satisfactory
to the Commissioner that he will use such tubes in tne m anufacture o f ciga­




rettes or pay thereon a tax equivalent to the tax im posed b y this section, and
(b) shall keep such records and render under oath such returns as the C om ­
missioner finds necessary to show the disposition o f all tubes purchased or
im ported b y such m anufacturer o f cigarettes.
Sec. 403. Section 3360 o f the Revised Statutes, as amended b y Section
704 o f the R evenue A ct o f 1918, is amended to read as follows:
"S e c. 3360. (a) E very dealer in leaf to b a cco shall file with the collector o f
the district in which his business is carried on a statem ent in duplicate,
subscribed under oath, setting forth the place, and, if in a city , the street
and num ber o f the street, where his business is to be carried on, and the
exact location o f each place where lea f to b a cco is held b y him on storage,
and, whenever he adds to or discontinues any o f his lea f toba cco storage
places, he shall give imm ediate notice to the collector o f the district in which
he is registered.
“ E very such dealer shall give a bond with surety, satisfactory to , and to
be approved b y , the collector o f the district, in such penal sum as the
collector m ay require, not less than $500; and a new bond m ay be required
in the discretion o f the collector, or under instructions o f the Commissioner.
“ E very such dealer shall be assigned a num ber b y the collector o f the dis­
trict, which num ber shall appear in every inventory, invoice and report
rendered b y the dealer, w ho shall also obtain certificates from the collector of
the district setting forth the place where his business is carried on and the
places designated b y the dealer as the places o f storage o f his to b a cco , which
certificates shall be posted conspicuously within the dealer’s registered place
o f business, and within each designated place o f storage.
“ (b) E ve ry dealer in lea f tobacco.shall m ake and deliver to the collector
o f the district a true inventory o f the quantity o f the different kinds of
to b a cco held or owned, and where stored by him , on the 1st d ay o f January
o f each year, or at the tim e o f com m encing and at the tim e o f concluding
business, if before or after the 1st d ay o f January, such inventory to be made
under oath and rendered in such form as m ay be prescribed b y the C om ­
missioner.
“ E very dealer in le a f to b a cco shall render such invoices and keep such
records as shall be prescribed b y the Com m issioner, and shall enter therein,
day b y day, and upon the sam e day on which the circum stance, thing or act
to b e recorded is done or occurs, an accurate a ccou nt o f the num ber o f
hogsheads, tierces, cases and bales, and quantity o f lea f to b a cco contained
therein, purchased or received b y him , cn assignment, consignm ent, for
storage, b y transfer or otherwise, and o f whom purchased or received, and
the num ber o f hogsheads, tierces, cases and bales, and the quantity o f leaf
to b a cco contained therein, sold b y him , with the nam e and residence in
each instance o f the person to whom sold, and if shipped, to whom shipped,
and to what district; such records shall b e kept at his place o f business at
all times and preserved for a period o f tw o years, and the same shall be open
at all hours for the inspection o f any internal-revenue officer or agent.
“ E very dealer in leaf toba cco on or before the tenth d ay o f each m onth,
shall furnish to the collector o f the district a true and com plete report o f all
purchases, receipts, sales and shipments o f leaf toba cco m ade b y him diming
the m onth next preceding, which report shall be verified and rendered in
such form as the Comm issioner, with the approval o f the Secretary, shall
prescribe.
“ (c) Sales or shipments o f leaf toba cco b y a dealer in leaf to b a cco shall be
in quantities o f not less than a hogshead, tierce, case or bale, except loose
leaf toba cco com prising the breaks on warehouse floors, and except to a
d uly registered m anufacturer o f cigars for use in his own m anufactory
exclusively.
“ Dealers in leaf toba cco shall m ake shipments o f leaf toba cco on ly to other
dealers in leaf toba cco, to registered manufacturers o f toba cco, snuff, cigars
or cigarettes, or for export.
“ (d) U pon all leaf toba cco sold, rem oved or shipped b y any dealer in leaf
tcb acco in violation o f the provisions o f subdivision (c), or in respect to
which no report has been m ade b y such dealer in accordance w ith the p ro­
visions o f subdivision ( b ) , there shall be levied, assessed, collected and paid a
tax equal to the tax then in force upon m anufactured toba cco, such tax to be
assessed and collected in the same manner as the tax on m anufactured
tobacco.
“ (e) E very dealer in leaf tobacco—
“ (1) W ho neglects or refuses to furnish the statem ent, to give bond, to
keep books, to file inventory or to render the invoices, returns or reports
required b y the Comm issioner, or to n otify the collector o f the district o f
additions to his places o f storage; or
“ (2) who ships or delivers leaf toba cco, except as herein provided; or
“ (3) who fraudulently om its to account for toba cco purchased, received,
sold or shipped; shall be fined not less than $100 or m ore than $500, or im­
prisoned n ot m ore than one year, or both .
“ (f) F or the purposes o f this section a farm er or grower o f tobacco or a
tobacco growers’ cooperative association shall not be regarded as a dealer in
leaf tobacco in respect to the leaf toba cco produced b y h im ,” or handled b y
such association: P rovided, T hat such cooperative associations shall be
required to keep available records o f all purchases and sales o f toba cco, such
records to be open to inspection b y the agents o f the G overnm ent. A s used
in this section the term ‘toba cco growers’ cooperative association’ means an
association o f farmers or growers o f toba cco organized and operated as sales
agent for the purpose o f m arketing the toba cco produced b y its members and
turning back to them the proceeds o f sales, less the necessary selling expanses
on the basis o f the quantity and quality o f toba cco furnished b y th em .”

TITLE V— TA X ON ADMISSIONS AND DUES.
Sec. 500. (a) On and after the date this title takes effect, there shall
be levied, assessed, collected , and paid, in lieu o f the taxes imposed by
Section 800 o f the R evenue A ct o f 1921-—
(1) A tax o f 1 cent for each 10 cents or fraction thereof o f the amount
paid for admission to any place on or after such date, including admission
b y season ticket or subscription, to be paid by the person paying for such
admission; but where the am ount paid for admission is 50 cents or less,
no tax shall be imposed;
(2) U pon tickets or cards o f admission to theatres, operas, and other
places o f amusem ent, sold at news stands, hotels, and places other than
the ticket offices o f such theatres, operas, or other places o f amusement,
at not to exceed 50 cents in excess o f the sum o f the established price
therefor at such ticket offices plus the am ount o f any tax imposed under
paragraph (1), a tax eauivalent to 5 % o f the am ount o f such excess; and
if sold for m ore tfian 50 cents in excess o f the sum o f such established
price plus the am ount o f any tax im posed under paragraph (1), a tax
equivalent to 5 0% o f the whole am ount o f such excess, such taxes to be
returned and paid, in the manner and subject to the interest provided in
Section 603, b y the person selling such tickets;
(3) A tax equivalent to 50% o f the am ount for which the proprietors,
managers, or em ployees o f any opera house, theatre, or other place o f
amusement sell or dispose o f tickets or cards c f admission in excess o f the
regular or established price or charge therefor, such tax to be returned
and paid, in the manner and su b 'ect to the interest provided in Section
603, b y the person selling such tickets.

THE REVENUE ACT OF 1924.

17

(4) In the case o f persons having the perm anent use o f boxes or seats facturer or producer of any of the articles enumerated in subdivision (1 )
in an opera house or any place o f amusement or a lease for the use o f such or ( 2 ) , 2 V z % . This subdivision shall not apply to chassis or bodies for
box or seat in such opera house or place o f amusement (in lieu o f the tax automobile trucks, automobile wagons, or other automobiles.
(4 ) Cameras, weighing not more than 100 pounds, and lenses for such
im posed b y paragraph (1), a tax equivalent to 10% of the am ount for
which a similar bpx or seat is sold for each perform ance or exhibition at cameras, 10% ;
(5 ) Photographic films and plates (other than m oving picture films and
w hich the box or seat is used or reserved b y or for the lessee or holder,
other than X-ray films or plates), 5 % ;
such tax to be paid b y the lessee or holder; and
(6 ) Firearms, shells, and cartridges, except those sold for the use of the
(5) A tax o f 1 H cents for each 10 cents or fraction thereof o f the amount
United States, any State, Territory, or Possession of the United States, any
paid fo r admission to any public perform ance for p rofit at any r o o f garden,
cabaret, o r other similar entertainment, to which the charge for admission is political subdivision thereof, or the District of Columbia, 10% ;
(7 ) Cigar or cigarette holders and pipes, composed wholly or in part of
w h olly o r in part included in the price paid for refreshment, service, or m er­
chandise; the am ount paid fo r such admission to be deemed to be 2u% o f meerschaum or amber and humidors, 1 0% ;
(8 ) Coin-operated devices, coin-operated machines, and devices and m athe am ount paid fo r refreshment, service, and merchandise; such tax to be
chines operated by any substitute for a coin, 5 % ; if the manufacturer, pro­
paid b y the person paying for such refreshment, service, or merchandise.
W here the am ount paid for admission is 50 cents or less, no tax shall be ducer, or importer of any such device or machine operates it for profit, he
shall pay a tax in respect of each such device or machine put into operation
im posed.
(b) N o tax shall be levied under this title in respect o f (1) any admissions equivalent to 5 % of its fair market va lu e;
(9 ) Mah jongg, pung chow*and similar tile sets, and the component partsall the proceeds o f which inure (A) exclusively to the benefit o f religious, edu­
thereof, 10% ;
cational, o r charitable institutions, societies, or organizations, societies for
If any manufacturer, producer, or importer of any of the articles enu­
the prevention o f cruelty to children or animals, or societies or organiztions
con du cted fo r the sole purpose o f maintaining sym phony orchestras and merated in this section customarily sells such articles both at wholesale and
at retail, the tax in the case of any article sold by him at retail shall be
receiving substantial support from voluntary contributions, or o f im proving
a n y c ity , tow n, village, or other m unicipality, or o f maintaining a c o ­ computed on the price for which like articles are sold by him at wholesale.
The taxes imposed by this section shall, in the case of any article in
operative o r com m unity center m oving-picture theatre— if no part o f the
respect of which a corresponding tax is imposed by Section 900 of the
net earnings thereof inures to the benefit o f any private stockholder or indi­
Revenue Act of 1921, be in lieu of such tax.
vidual; o r (B) exclusively to the benefit o f persons in the m ilitary or naval
Sec. 601. (a ) If any person who manufactures, produces or imports any
forces o f the United States; or (C) exclusively to the benefitof persons who
have served in such forces and are in need; or (D ) exclusively t o the benefit article enumerated in Section 600, sells or leases such article to a corpora­
tion affiliated with such person within the meaning of Section 240 of this
o f N ational Guard organizations, Reserve O fficers’ associations or organiza­
tions, posts o r organizations o f war veterans, or auxiliary units or societies Act, at less than the fair market price obtainable therefor, the tax thereon
shall be computed on the basis of the price at which such article is sold or
o f any such posts or organizations, if such posts, organizations, units, or
societies are organized in the United States or any o f its possessions, and if leased by such affiliated corporation.
(b ) If any such person sells or leases such article whether through any
n o p a rt o f their net earnings inures to the benefit o f any private stockholder
agreement, arrangement, or understanding, or otherwise, at less than the
o r individual; o r (E ) exclusively to the benefit o f members o f the police or
fire departm ent o f any city, tow n, village, or other municipality; or the fair market price obtainable therefor, either (1 ) in such manner as directly
dependents o r heirs o f such members; or (2) any admissions to agricultural or indirectly to benefit such person or any person directly or indirectly inter­
fairs if no part o f the net earnings thereof inures to the benefit o f any ested in the business or such person, or (2 ) with intent to cause such bene­
stockholders or members o f the association conducting the same, o r admis­ fit. the amount for which such article is sold or leased shall be taken to be
sions to any exhibit, entertainment, o r other pay feature conducted b y such the amount which would have been received from the sale or lease of such
association as part o f any such fair— if the proceeds therefrom are used article if sold or leased at the fair market price.
exclusively for the im provem ent, maintenance and operation o f such
Sec. 602. There shall be levied, assessed, collected, and paid, in lieu of
agricultural fairs.
the tax imposed by Section 902 of the Revenue Act of 1921, upon sculpture,
(c) T he term “ admission” as used in this title includes seats and tables,
paintings, statuary, art porcelains, and bronzes, sold by any person other
reserved o r otherwise, and other similar accom m odations, and the charges than the artist, a tax equivalent to 5 % of the price for which so sold. This
m ade therefor.
section shall not apply to the sale of any such article (1 ) to an educational
(d) The price (exclusive o f the tax to be paid b y the person paying fo r ad­
or religious institution or public art museum, or (2 ) by any dealer in such
mission) at which every admission ticket o r card is sold shall be conspicu­ articles to another dealer in such articles for resale.
ously and indelibly printed, stam ped, o r written on the face or back o f that
Sec. 603. Every person liable for any tax imposed by Section 600 or 602
part o f the ticket which is to be taken up b y the management o f the theatre,
shall make monthly returns under oath in duplicate and pay the taxes im­
opera, or other place o f amusement, together with the name o f the vendor if posed by such sections to the collector for the district in which is located
sold other than at the ticket office o f the theatre, opera, o r other place o f the principal place of business. Such returns shall contain such information
amusement. W hoever sells an admission ticket o r card on which the name o f and be made at such times and in such manner as the Commissioner, with
the vendor and price is not so printed, stam ped, or written, or at a price in
the approval of the Secretary, may by regulations prescribe.
excess o f the price so printed, stam ped, or written thereon, is guilty o f a mis­
The tax shall, without assessment by the Commissioner, or notice from
dem eanor, and upon con viction thereof shall be fined not m ore than $100.
the Collector, be due and payable to the Collector at the time so fixed for
Sec. 501. On and after the date this title takes effect there shall be levied,
filing the return. If the tax is not paid when due, -there shall be added as
assessed, collected, and paid, in lieu o f the taxes imposed b y Section 801 o f part of the tax interest at the rate of 1 % a month from the time when the
the Revenue A ct o f 1921, a tax equivalent to 10% o f any amount paid on
tax became due until paid.
o r after such date, fo r any period after such date, (a) as dues or membership
Sec. 604. (a ) On and after the expiration of 30 days after the enactment
fees (where the dues or fees o f an active resident annual member are in excess of this Act there shall be levied, assessed, collected, and paid (in lieu of
o f $10 per year) to any social, athletic, or sporting club or organization; or
the tax imposed by Section 905 of the Revenue Act of 1921) upon all ar­
(b) as initiation fees to such a club or organization, if such fees am ount to
ticles commonly or commercially known as jewelry, whether real or imita­
m ore than $10, or if the dues o r m embership fees (not including initiation tion ; pearls, precious and semi-precious stones, and imitations th ereof;
fees) o f an active resident annual m em ber are in excess o f $10 per year; such articles made of, or ornamented, mounted or fitted with, precious metals or
taxes to be paid b y the person paying such dues or fees; Provided, That
imitations thereof or ivory ; watches ; clocks ; opera glasses; lorgnettes;
there shall be exem pted from the provisions o f this section all amounts paid marine glasses ; field glasses; and binoculars ; upon any of the above when
as dues o r fees to a fraternal society, order, o r association, operating under sold or leased by or for a dealer or his estate for consumption or use, a tax
the lodge system , o r to any local fraternal organization among the students equivalent to 5 % of the price for which so sold or leased.
o f a college o r university. In the case o f life memberships a life member
(b ) The tax imposed by subdivision (a ) shall not apply to (1 ) surgical
shall p a y annually, at the time for the paym ent o f dues b y active resident instruments, musical instruments, eye glasses, spectacles, or silver plated
annual m em bers, a tax equivalent to the tax upon the am ount paid b y such flat tableware; or articles used for religious purposes ; (2 ) articles sold or
m em ber, b u t shall p a y no tax upon the am ount paid fo r life m em bership.
leased for an amount .not in excess of $30 ; or (3 ) watches sold or leased for
Sec. 502. (a) E very person receiving any paym ents for such admission,
an amount not in excess of $60.
dues o r fees shall collect the am ount o f the tax imposed b y Section 500 or
(c ) Every person selling any of the articles enumerated in this section
501 from the person making such paym ents. E very club o r organization
shall make returns under oath in duplicate (monthly or quarterly as the
having life m embers shall collect from such members the am ount o f the tax -Commissioner, with the approval of the Secretary, may prescribe) and pay
im posed b y Section 501. Such persons shall m ake m onthly returns under the taxes imposed in respect to such articles by this section to the Collector
oath , in duplicate, and p ay the taxes so collected to the collector o f the for the district in which is located the principal place of business. Such
district in which the principal office or place o f business is located.
returns shall contain such information and be made at such times and in
(b) A n y person making a refund o f any paym ent upon which tax is col­ such manner as the Commissioner, with the approval of the Secretary, may
lected under this section m ay repay therewith the amount o f the tax col­ by regulations prescribe.
lected on such paym ent; and the am ount so repaid m ay be credited against
(d ) The tax shall, without assessment by the Commissioner or notice from
am ounts included in any subsequent m onthly return.
the Collector, be due and payable to the Collector at the time so fixed for
(c) T he returns required under this section shall contain such inform ation
filing the return. If the tax is not paid when due, there shall be added as
and b e m ade at such times and in such manner, as the Comm issioner, with parr, of the tax interest at the rate of 1 % a month from the time when the
the approval o f the Secretary, m ay b y regulation prescribe.
tax became due until paid.
(d) T he tax shall, without assessment b y the Commissioner or notice from
Sec. 605 (a ) If (1 ) any person has prior to Jan. 1 1924 made a bona
the collector, be due and payable to the collector at the time so fixed for
fide contract writh a dealer for the sale or lease, after the tax takes effect,
filing the return. I f the tax is not paid when due, there shall be added as of any article in respect to which a tax is imposed by Section 600 or by this
p a rt o f the tax interest at the rate o f 1 % a m onth from the tim e when the subdivision, and in respect to which no corresponding tax was imposed by
tax becam e due until paid.
Section 900 of the Revenue A ct of 1921, and (2 ) such contract does not per­
Sec. 503. This title shall take effect on the expiration o f thirty days after mit the adding, to the amount to be paid thereunder, of the whole of the
the enactm ent o f this A ct.
tax imposed by Section 600 of this A ct or by this subdivision; then the
vendee or lessee shall, in lieu o f the vendor or lessor, pay so much of the
TITLE VI.— EXCISE TAXES.
tax imposed by Section 600 of this A ct or by this subdivision as is
Sec. 600. On and after the expiration of 30 days after the enactment of not so permitted to be added to the contract price. If a contract of the
this A ct there shall be levied, assessed, collected and paid upon the follow­ character above described was made with any person other than a dealer,
ing articles sold or leased by the manufacturer, producer, or importer, a tax no tax shall be collected under this Act.
equivalent to the following percentage of the price for which so sold or
(b ) If (1 ) any person has, prior to Jan. 1 1924 made a bona fide,contract
leased—
with any other person for the sale or lease, after the tax takes effect, of any
(1 ) Automobile truck chassis and automobile wagon chassis sold or leased article in respect to which a tax is imposed by Section 600 of this Act, and
for an amount in excess of $1,000, and automobile truck bodies and auto­ in respect to which a corresponding but greater tax was imposed by Section
mobile wagon bodies sold or leased for an amount in excess of $200 (includ­ 900 of the Revenue Act of 1921 (2 ) the contract price includes the amount
ing in both cases tires, inner tubes, parts, and accessories therefor sold on or of the tax imposed by Section 900 of the Revenue A ct of 1921, and (3 ) such
in connection therewith or with the sale thereof), 3 % . A sale or lease of an contract does not permit the deduction, from the amount to be paid there­
automobile truck or of an automobile wagon shall, for the purposes of this under, of the whole of the difference between the corresponding tax im­
subdivision, be considered to be a sale of the chassis and of the b o d y ;
posed by Section 900 of the Revenue A ct of 1921 and the tax imposed by
(2 ) Other automobile chassis and bodies and motorcycles (including tires, Section 600 of this A c t ; then the vendor or lessor shall refund to the vendee
inner tubes, parts, and accessories therefor sold on or in connection therewith or lessee so much of the amount of such difference as is not so permitted
or with the sale thereof), except tractors, 5 % . A sale or lease of an auto­ to be deducted from the contract price.
mobile shall, for the purpose of this subdivision, be considered to be a sale
(c ) If (1 ) any person has, prior to Jan. 1 1924 made a bona fide contract
of the chassis and of the b o d y ;
with any other person for the sale or lease, after the date of the enactment
(3 ) Tires, inner tubes, parts, or accessories for any of the articles enu­ of this Act, of any article in respect to which a tax was imposed by Section
merated in subdivision (1 ) or (2 ), sold te any person other than a manu­ 900 or 904 of the Revenue A ct of 1921, and in respect to which no corre-




THE REVENUE ACT OF 1924.

18

spending’ tax is imposed by Section 600 of this Act, "(2) the contract price
includes the amount of the tax imposed by Section 900 or 904 of the Reve­
nue A ct of 1921, and (3 ) such contract does not permit deduction, from the
amount to be paid thereunder, of the tax imposed by Section 900 or 904 of
the Revenue Act of 1921; then the vendor or lessor shall refund to the
vendee or lessee so much of the amount of such tax as is not so permitted
to be deducted from the contract price.
(d ) The taxes payable by the vendee or lessee under subdivision (a ), shall
be paid to the vendor or lessor at the time the sale or lease is consummated,
and collected, returned, and paid to the United States by such vendor or
lessor in the same manner and subject to the same interest as provided by
Section 603.
(e) Any refund by the vendor or lessor under subdivision (b ) or (c ) shall
be made at the time the sale or lease is consummated. Upon the failure of
the vendor or lessor so to refund, he shall be liable to the vendee or lessee
for damages in the amount of three times the amount of such refund, and
the court shall include in any judgment in favor of the vendee or lessee in
any suit for the recovery of such damages, costs of the suit and a reasonable
attorney’s fee to be fixed by the court.
(f ) A vendee who purchases any article with intent to use it in the manu­
facture or production of another article intended for sale shall be included
in the term “ dealer,” as used in this section.
T I T L E V I I .— S P E C IA L T A X E S .
C a p ita l S to c k T a x .

Sec. 700. (a ) On and after July 1 1924, in lieu of the tax imposed by
Section 1000 of the Revenue A ct of 1921—
(1 ) Every domestic corporation shall pay annually a special excise tax
with respect to carrying on or doing business, equivalent to $1 for each
$1,000 or so much of the fair average value of its capital stock for the
preceding year ending June 30 as is in excess of $5,000. In estimating the
value of capital stock the surplus and undivided profits shall be included ;
(2 ) Every foreign corporation shall pay annually a special excise tax with
respect to carrying on or doing business in the United States, equivalent to
$1 for each $1,000 of the average amount of capital employed in the trans­
action of its business in the United States during the preceding year end­
ing June 30.
(b ) The taxes imposed by this section shall not apply in any year to any
corporation which was not engaged in business (or, in the case of a foreign
corporation, not engaged in business in the United States) during the pre­
ceding year ending June 30, nor to any corporation enumerated in Section
231, nor to any insurance company subject to the tax imposed by Section
243 and 246.
(c ) Section 257 shall apply to all returns filed with the Commissioner
for purposes of the tax imposed by this section.
M iscella n eo u s O c c u p a tio n a l T a x es.

Sec. 701. On and after July 1 1924 there shall be levied, collected and
paid annually the following special taxes—
(1 ) Brokers, except brokers exclusively negotiating purchases or sales of
produce or merchandise, shall pay $50. Every person whose business it is
to negotiate purchases or sales o f stock, bonds, exchange, bullion, coined
money, bank notes, promissory notes, other securities, produce or merchan­
dise, for others, shall be regarded as a broker. If any broker is a member
of a stock exchange, or if he is. a member of any produce exchange, board of
trade, or similar organization, where produce or merchandise is sold, he shall
(whether or not he is liable to any tax under the first sentence of this
paragraph, and in addition to such tax, if any) pay an amount as follow s:
If the averabe value, during the preceding year ending June 30, of a seat or
membership in such exchange or organization was $2,000 or more, but not
more than $5,000, $10 0 ; if such value was more than $5,000 but not more
than $10,000, $15 0 ; if such value was more than $10,000, $250.
(2 ) Pawnbrokers shall pay $100. Every person whose business or occu­
pation it is to take or receive, by way of pledge, pawn, or exchange, any
goods, wares, or merchandise, or any kind of personal property whatever,
a3 security for the repayment of money loaned thereon, shall be regarded as
a pawnbroker.
(3 ) Ship brokers shall pay $50. Every person whose business it is as a
broker to negotiate freights and other business for the owners of vessels or
for the shippers or consignors or consignees of freight carried by vessels,
shall be regarded as a ship broker.
(4 ) Custom house brokers shall pay $50. Every person whose occupation
it is, as the agent of others, to arrange entries and other custom house pa­
pers, or transact business at any port of entry relating to the importation
or .exportation of goods, wares, or merchandise, shall be regarded as a cus­
tom house broker.
(5 ) Proprietors of bawling alleys and billiard rooms shall pay $10 for
each alley or table. Every building or place where bowls are thrown or
where games of billiards or pool are played, shall be regarded as a bowling
alley or a billiard room, respectively, unless no charge is made for the
use of the alleys or tables.
(6 ) Proprietors of shooting galleries shall pay $20.
Every building,
space, tent, or area, where a charge is made for the discharge of firearms
at . any form of target shall be regarded as a shooting gallery.
(7 ) Proprietors of riding academies shall pay $100. Every building,
space, tent, or area, where a charge is made for instruction in horseman­
ship or for facilities for the practice of horsemanship shall be regarded as a
riding academy: Provided, That this tax shall not be collected from asso­
ciations composed exclusively o f members of units of the Federalized Na­
tional Guard or the Organized Reserve and whose receipts are used exclu­
sively for the benefit of such units.
(8 ) Persons carrying on the business of operating or renting passenger
automobiles for hire shall pay $10 for each such automobile having a seat­
ing capacity of more than two and not more than seven, and $20 for each
such automobile having a seating capacity of more than seven. The tax
imposed by this subdivision shall not be collected in respect of automobiles
used exclusively for conveying school children to and from school.
(9 ) Every person carrying on the business of a brewer, distiller, wholesale
liquor dealer, retail liquor dealer, wholesale dealer in malt liquor, retail
dealer in malt liquor, or manufacturer of stills, as defined in Section 3244
as amended, and Section 3247 of the Revised Statutes, in any State, Terri­
tory, or District of the United States, contrary to the laws of such State,
Territory, or District, or in any place therein in which carrying on such
business is prohibited by local or municipal law, shall pay, in addition to
all other taxes, special or otherwise, imposed by existing law or by this
Act, $1,000.
The payment of the tax imposed by this subdivision shall not be held to
exempt any person from any penalty or punishment provided for by the laws
of any State, Territory, or District for carrying on such business in such
State, Territory, or District, or in any manner to authorize the commence­
ment or continuance of such business contrary to the laws of such State,
Territory, or District, or in places prohibited by local or municipal law.
The taxes imposed by this section shall, in the case of persons upon whom
a corresponding tax is imposed by Section 1001 of the Revenue A ct of 1921,
be in lieu of such tax.




Special Tobacco Manufacturers’ Tax.
Sec. 702. On and after July 1 1924 there shall be levied, collected, and
paid annually, in lieu of the taxes imposed by Section 1002 of the Revenue
Act of 1921, the following special taxes, the amount of such taxes to be com ­
puted on the basis of the sales for the preceding year ending June 30—
Manufacturers of tobacco whose annual sales do not exceed 50,000 pounds
shall each pay $6 ;
Manufacturers of tobacco whose annual sales exceed 50,000 and do not
exceed 100,000 pounds shall each pay $12 ;
Manufacturers of tobacco whose annual sales exceed 100,000 and do not
exceed 200,000 pounds shall each pay $24 ;
Manufacturers of tobacco whose annual sales exceed 200,000 pounds shall
each pay $24, and at the rate of 16 cents per thousand pounds, or fraction
thereof, in respect to the excess over 200,000 pounds.
Manufacturers of cigars whose annual sales do not exceed 50,000 cigars
shall each pay $4 ;
Manufacturers of cigars whose annual sales exceed 50,000 and do not
exceed 100,000 cigars shall each pay $6 ;
Manufacturers of cigars whose annual sales exceed 100,000 and do not
exceed 200,000 cigars shall each pay $12 ;
Manufacturers of cigars whose annual sales exceed 200,000 and do not
exceed 400,000 cigars shall each pay $24 ;
Manufacturers of cigars whose annual sales exceed 400,000 cigars shall
each pay $24, and at the rate of 10 cents per thousand cigars, or fraction
thereof, in respect to the excess over 400,000 cig a rs;
Manufacturers of cigarettes, including small cigars weighing not more
than three pounds per thousand, shall each pay at the rate of 6 cents for
every 10,000 cigarettes, or fraction thereof.
In arriving at the amount of special tax to be paid under this section, and
in the levy and collection of such tax, each person engaged in the manufac­
ture of more than one of the classes of articles specified in this section shall
be considered and deemed a manufacturer of each class separately.
In computing under this section the amount of annual sales no account
shall be taken of tobacco, cigars, or cigarettes, sold for export and in due
course so exported.

Special Tax on Use of Boats.
Sec. 703. On and after July 1 1924 and thereafter on July 1 in each year,
and also at the time of the original purchase of a new boat by a user, if
on any other date than July 1, there shall be levied, assessed, collected, and
paid, in lieu of the tax imposed by Section 1003 of the Revenue A ct o f 1921,
upon the use of yachts, pleasure boats, power boats, sailing boats, and motor
boats with fixed engines, of over five net tons and over 32 feet in length,
not used exclusively for trade, fishing, or national defense, or not built ac­
cording to plans and specifications approved by the Navy Department, aspecial excise tax to be based on each yacht or boat, at rates as follow s:
Yachts, pleasure boats, power boats, motor boats with fixed engines, and
sailing boats, of over five net tons, length over 32 feet and not over 50 feet,
$1 for each fo o t ; length over 50 feet, and not over 100 feet, $2 for each
f o o t ; length over 100 feet, $4 for each foot.
In determining the length of such yachts, pleasure boats, power boats,
motor boats with fixed engines, and sailing boats, the measurement of over­
all length shall govern.
In the case of a tax imposed at the time of the original purchase of a
new boat on any other date than July 1, the amount to be paid shall be the
same number of twelfths of the amount of the tax as the number of calen­
dar months (including the month of sale) remaining prior to the following
July 1.
This section shall not apply to vessels or boats used without profit by
any benevolent, charitable, or religious organizations, exclusively for fur­
nishing aid, comfort, or relief to seamen.

Penalty for Nonpayment of Special Taxes.
Sec. 704. Any person who carries on any business or occupation for
which a special tax is imposed by Section 700, 701, or 702, without having
paid the special tax therein provided, shall, besides being liable for the pay­
ment of such special tax, be subject to a penalty of not more than $1,000 or
to imprisonment for not more than one year, or both.

Tax on Narcotics.
Sec. 705. Section 1 of the A ct entitled “ An A ct to provide for the regis­
tration of, with Collectors of Internal Revenue, and to impose a special tax
upon all persons who produce, import, manufacture, compound, deal in, dis­
pense, sell, distribute, or give away opium or coca leaves, their salts,
derivatives, or preparations, and for other purposes,” approved Dec. 17 1914,
as amended by Section 1006 of the Revenue A ct of 1918, is re-enacted with­
out change, as follow s:
“ Section 1. That on or before July 1 of each year every person who im ­
ports, manufactures, produces, compounds, sells, deals in, dispenses, or
gives away opium or coca leaves, or any compound, manufacture, salt, de­
rivative, or preparation thereof, shall register with the Collector of Inter­
nal Revenue of the district his name or style, place of business and place
or places where such business is to be carried on, and pay the special taxes
hereinafter provided;
“ Every person who on Jan. 1 1919 is engaged in any of the activities
above enumerated, or who between such date and the passage of this Act
first engaged in any of such activities, shall within 30 days after the
passage of this A ct make like registration; and shall pay the proportionate
part of the tax for the period ending June 30 1919 ; and
“ Every person who first engages in any of such activities after the passage
of this A ct shall immediately make like registration and pay the propor­
tionate part of the tax for the period ending on the following June 3 0 th ;
“ Importers, manufacturers, producers, or compounders, $24 per annum;
wholesale dealers, $12 per annum ; retail dealers, $6 per annum ; physicians,
dentists, veterinary surgeons, and other practitioners lawfully entitled to
distribute, dispense, give away, or administer any of the aforesaid drugs to
patients upon whom they in the course of their professional practice are in
attendance, shall pay $3 per annum ;
“ Every person who imports, manufactures, compounds, or otherwise pro­
duces for sale or distribution any of the aforesaid drugs shall be deemed to
be an importer, manufacturer, or producer.
“ Every person who sells or offers for sale any of said drugs in the orig­
inal stamped packages, as hereinafter provided shall be deemed a whole­
sale dealer.
“ Every person who sells or dispenses from original stamped packages, as
hereinafter provided, shall be deemed a retail dealer: Provided, That the
office, or if none, the residence, of any person shall be considered for the
purpose of this A ct his place of business; but no employee of any person
who has registered and paid special tax as herein required, acting within
the scope of his employment, shall be required to register and pay special
tax provided by this section: Provided further, That officials of the United
States, Territorial, District of Columbia, or insular possessions, State or
municipal Governments, who in the exercise of their official duties engage
in any of the business herein described, shall not be required to register, nor
pay special tax, nor stamp the aforesaid drugs as hereinafter prescribed,

THE REVENUE ACT OF 1924.
but their right to this exemption shall be evidenced in such manner as the
Commissioner of Internal Revenue, with the approval of the Secretary of the
Treasury, may by regulations prescribe.
“ It shall be unlawful for any person required to register under the pro­
visions of this Act to import, manufacture, produce, compound, sell, deal
in, dispense, distribute, administer, or give away any of the aforesaid
drugs without having registered and paid the special tax as imposed by
this section.
“ That the word ‘person’ as used in this Act shall be construed to mean
and include a partnership, association, company, or corporation, as well as
a natural person ; and all provisions of existing law relating to special
taxes, as far as necessary, are hereby extended and made applicable to this
section.
“ That there shall be levied, assessed, collected, and paid upon opium,
coca leaves, any compound, salt, derivative, or preparation thereof, pro­
duced in or imported into the United States, and sold, or removed for con­
sumption or sale, an internal revenue tax at the rate of 1 cent per ounce, and
any fraction of an ounce in a package shall be taxed as an ounce, such tax
to be paid by the importer, manufacturer, producer, or compounder thereof,
and to be represented by appropriate stamps, to be provided by the Commis­
sioner of Internal' Revenue, with the approval of the Secretary of the Treas­
ury, and the stamps herein provided shall be so affixed to the bottle or other
container as to securely ’ seal the stopper, covering or wrapper thereof.
“ The tax imposed by this section shall be in addition to any import duty
imposed'on the aforesaid drugs.
‘ T t shall be unlawful for any person to purchase, sell, dispense, or dis­
tribute any of the aforesaid drugs except in the original stamped packge or
from the original stamped package; and the absence of appropriate taxpaid stamps from any of the aforesaid drugs shall be prima facie evidence of
a violation of this section by the person in whose possession same may
be fou n d ; and the possession of any original stamped package containing
any of the aforesaid drugs by any person who has not registered and paid
special taxes as required by this section shall be prima facie evidence of
liability to such special tax: Provided, That the provisions of this para­
graph shall not apply to any person having in his or her possession any of
the aforesaid drugs which have been obtained from a registered dealer in
pursuance of a prescription, written for legitimate medical uses, issued by a
physician, dentist, veterinary surgeon, or other practitioner registered under
this A c t ; and where the bottle or other container in which such drug may
be put up by the dealer upon said prescription bears the name and registry
number of the druggist, serial number of prescription, name and address of
tbe patient and name, address and registry number of the person writing
said prescription; or to the dispensing, or administration, or giving away
o f any of the aforesaid drugs to a patient by a registered physician, dentist,
veterinary surgeon, or other practitioner in the course of his professional
practice, and where said drugs are dispensed or administered to the patient
for legitimate medical purposes, and the record kept as required by this Act,
of the drugs so dispensed, administered, distributed or given away.
“ And all the provisions of existing laws relating to the engraving, issu­
ance, sale, accountability, cancellation, and destruction of tax-paid stamps
provided for in the Internal Revenue laws are, in so far as necessary, hereby
extended and made to apply to stamps provided by this section.
“ That all unstamped packages of the aforesaid drugs found in the posses­
sion of any person, except as herein provided, shall be subject to seizure and
forfeiture, and all the provisions of existing Internal Revenue laws relat­
ing to searches, seizures, and forfeitures of unstamped articles are hereby
extended to and made to apply to the articles taxed under this A ct and the
persons upon whom these taxes are imposed.
“ Importers, manufacturers, and wholesale dealers shall keep such books
and records and render such monthly returns in relation to the transactions
in the aforesaid drugs as the Commissioner of Internal Revenue, with the
approval of the' Secretary of the Treasury, may by regulations require.
“ The Commissioner of Internal Revenue, with the approval of the Secre­
tary of the Treasury, shall make all needful rules and regulations for carry­
in g’ the provisions of this A ct into effect.”
Sec. 706. Section 6 of such Act of Dec. 17 1914, as amended by Section
1007 of the Revenue A ct of 1918, is re-enacted without change, as fo llow s:
“ Sec. 6. That the provisions of this A ct shall not be construed to apply
to the manufacture, sale, distribution, giving away, dispensing, or posses­
sion of preparations and remedies which do not contain more than two
grains of opium, or more than one-fourth of a grain of morphine, or more
than one-eighth of a grain o f heroin, or more than one grain of codeine, or
any salt or derivative of any of them in one fluid ounce, or, if a solid or
semi-solid preparation, in one avoirdupois ou n ce; or to liniments, oint­
ments, or other preparations which are prepared for external use, only ex­
cept liniments, ointments, and other preparations which contain cocaine or
any of its salts or alpha or beta eucaine or any of their salts or any syn­
thetic substitute for them. Provided, That such remedies and preparations
are manufactured, sold, distributed, given away, dispensed, or possessed as
medicines and not for the purpose of evading the intentions and provisions of
this A c t: Provided further, That any manufacturer, producer, compounder,
or vendor (including dispensing physicians) of the preparations and reme­
dies mentioned in this section shall keep a record of all sales, exchanges, or
gifts of such preparations and remedies in such manner as the Commissioner
o f Internal Revenue, with the approval of the Secretary of the Treasury,
shall direct. Such record shall be preserved for a period of two years in
such a way as to be readily accessible to inspection by any officer, agent or
employee of the Treasury Department duly authorized for that purpose, and
the State, Territorial, District, municipal, and insular officers named in
Section 5 of this Act, and every such person so possessing or disposing of
such preparations and remedies shall register as required in Section 1 of
this A ct and, if he is not paying a tax under this A ct, he shall pay a special
tax of $ 1 for each year, or fractional part thereof, in which he is engaged in
such occupation, to the Collector of Internal Revenue of the district in
which he carries on such occupation as provided in this Act. The provi­
sions of this A ct as amended shall not apply to decocainized coca leaves or
preparations made therefrom, or to other preparations of coca leaves which
do not contain cocaine.”
Sec. 707. All opium, its salts, derivatives, and compounds, and coca
leaves, salts, derivatives, and compounds thereof, which may now be under
seizure or which may hereafter be seized by the United States Government
from any person or persons charged with any violation of the A ct of Oct. 1
1890, as amended by the Acts of Mar. 3 1897, Feb. 9 1909, and Jan. 17 1914,
or the Act of Dec. 17 1914, as amended, shall upon conviction of the person
or persons from whom seized be confiscated by and forfeited to the United
States; and the Secretary is hereby authorized to deliver for medical or
scientific purposes to any department, bureau, or other agency of the United
States Government, upon proper application therefor under such regulation
as may be prescribed by the Commissioner, with the approval of the Secre­
tary, any of the drugs so seized, confiscated, and forfeited to the United
States.
The provisions of this section shall also apply to any of the aforesaid
drugs seized or coming into the possession of the United States in the en­
forcement of any of the above-mentioned Acts where the owner or owners




19

thereof are unknown. None of the aforesaid drugs coming into possession of
the United States under the operation of said Acts, or the provisions of this
section, shall be destroyed without certification by a committee appointed
by the Commissioner, with the approval of the Secretary, that they are of no
value for medical or scientific purposes.

TITLE V III.— STAMP TAXES.
Sec. 800. On and after the expiration of 30 days after the enactment of
this A ct there shall be levied, collected, and paid, for and in respect
of the several bonds, debentures, or certificates of stock and of indebtedness,
and other documents, instruments, matters, and things mentioned and de­
scribed in Schedule A of this title, or for or in respect of the vellum,
parchment, or paper upon which such instruments, matters, or things, or
any of them, are written or printed, by any person who makes, signs, issues,
sells, removes, consigns, or ships the same, or for whose use or benefit the
same are made, signed, issued, sold, removed, consigned, or shipped, the sev­
eral taxes specified in such schedule. The taxes imposed by this section
shall, in the case of any article upon which a corresponding stamp tax is
now imposed by law, be in lieu of such tax.
Sec. 801. There shall not be taxed under this title any bond, note, or
other instrument, issued by the United States, or by any foreign Govern­
ment, or by any State, Territory, or the District of Columbia, or local sub­
division thereof, or municipal or other corporation exercising the taxing
p ow er; or any bond of indemnity required to be filed by any person to se­
cure payment of any pension, allowance, allotment, relief, or insurance by
the United States, or to secure a duplicate for, or the payment of, any bond,
note, certificate of indebtedness, war savings certificate, warrant or check,
issued by the United States; or stocks and bonds issued by domestic build­
ing and loan associations, substantially all the business of which is con­
fined to making loans to members, or by mutual ditch or irrigation com­
panies.
Sec. 802. Whoever—
(a ) Makes, signs, issues, or accepts, or causes to be made, signed, issued,
or accepted, any instrument, document, or paper of any kind or descrip­
tion whatsoever without the full amount of tax thereon being duly p a id ;
(b ) Manufactures or imports and sells, or offers for sale, or causes to be
manufactured or imported and sold, or offered for sale, any playing cards,
package, or other article without the full amount of tax being duly p a id ;
(c ) Makes use of any adhesive stamp to denote any tax imposed by this
title without canceling or obliterating such stamp as prescribed in Section
804 ;
Is guilty of a misdemeanor and upon conviction thereof shall pay a fine
o: not more than $100 for each offense.
Sec. 803. Whoever—
(a ) Fraudulently cuts, tears, or removes from any vellum, parchment
paper, instrument, writing, package, or article, upon which any tax is im­
posed by this title, any adhesive stamp or the impression of any stamp
die, plate, or other article provided, made, or used in pursuance of this
title ;
(b ) Fraudulently uses, joins, fixes, or places to, with, or upon any vel­
lum, parchment, paper, instrument, writing, package, or article, upon
which any tax is imposed by this title, (1 ) any adhesive stamp, or the im­
pression of any stamp, die, plate, or other article, which has been cut,
torn, or removed from any other vellum, parchment, paper, instrument writ­
ing, package, or article, upon which any tax is imposed by this t it le ; or
(2 ) any adhesive stamp or the impression of any stamp, die, plate, or other
article of insufficient value ; or (3 ) any forged or counterfeited stamp, or
the impression of any forged or counterfeited stamp, die, plate, or other
a rticle ;
(c ) W illfully removes, or alters the cancellation, or defacing marks of,
or otherwise prepares, any adhesive stamp, with intent to use, or cause the
same to be used, after it has been already used, or knowingly or willfully
buys, sells, offers for sale, or gives away, any such washed or restored
stamp to any person for use, or knowingly uses the sam e;
(d ) Knowingly and without lawful excuse (the burden of proof of such
excuse being on the accused) has in possession any washed, restored, or
altered stamp, which has been removed from any vellum, parchment, paper,
instrument, writing, package, or article:
Is guilty of a misdemeanor, and upon conviction shall be punished by a
fine of not more than $1,000, or by imprisonment for not more than five
years, or both, and vny such re-used, canceled, or counterfeit stamp and the
vellum, parchment, document, paper, package, or article upon which it is
placed or impressed shall be forfeited to the United States.
Sec. 804. Whenever an adhesive stamp is used for denoting any tax im­
posed by this title, except as hereinafter provided, the person using or
affixing the same shall write or stamp or cause to be written or stamped
thereupon the initials of his or its name and the date upon which the same
is attached or used, so that the same may not again be used: Provided,
That the Commissioner may prescribe such other methods for the c a n c e ll­
ation of such stamps as he may deem expedient.
Sec. 805. (a ) The Commissioner shall cause to be prepared and distrib­
uted for the payment of the taxes prescribed in this title suitable stamps
denoting the tax on the document, articles, or thing to which the same may
be affixed, and shall prescribe such method for the affixing of said stamps
in substitution for or in addition to the method provided in this title, as he
may deem expedient.
(b ) All Internal Revenue laws relating to the assessment and collection of
taxes are hereby extended to and made a part o f this title so far as ap­
plicable for the purpose of collecting stamp taxes omitted through mistake
or fraud from any instrument, document, paper, writing, parcel, package,
or article named herein.
Sec. 806. The Commissioner shall furnish to the Postmaster-General
without prepayment a suitable quantity of adhesive stamps to be distrib­
uted to and kept on sale by the various postmasters in the United States.
The Postmaster-General may require each such postmaster to give additional
or increased bond as postmaster for the value of the stamps so furnished,
and each such postmaster shall deposit the receipts fr-m the sale of such
stamps to the credit of and render accounts to the Postmaster-General at
such times and in such form as he may by regulations prescribe. The Post­
master-General shall at least once monthly transfer all collections from this
source to the Treasury as Internal Revenue collections.
■Sec. 807. (a ) Each Collector shall furnish, without prepayment, to any
Assistant Treasurer or designated depositary of the United States, located
in the district of such Collector, a suitable quantity of adhesive stamps to
be kept on sale by such Assistant Treasurer or designated depositary.
(b ) Each Collector shall furnish, without prepayment, to any person who
is (1 ) located in the district of such Collector, (2 ) duly appointed and act­
ing as agent of any State for the sale of stock transfer stamps of such State,
and (3 ) designated by the Commissioner for the purpose, a suitable quan­
tity of such adhesive stamps as are required by subdivisions 2, 3, and 4 of
Schedule A of this title, to be kept on sale by such person.
(c ) In such cases the Collector may require a bond, with sufficient sure­
ties. in a sum to be fixed by the Commissioner, conditioned for the faithful
return, whenever so required, of all quantities or amounts undisposed of,
and for the payment monthly of all quantities or amounts sold or not re-

20

THE REVENUE ACT OF 1924.

maining on hand. The Secretary may from time to time make such regu­
lations as he may find necessary to insure the safekeeping or prevent the
illegal use of all such adhesive stamps.

SCHEDULE A.— STAMP TAXES.
1. Bonds o f indebtedness: On all bonds, debentures, or certificates of
indebtedness issued by any person, and all instruments, however termed,
issued by any corporation with interest coupons or in registered form,
known generally as corporate securities, on each $100 of face value or frac­
tion thereof, 5 cents: Provided, That every renewal of the foregoing shall
be taxed as a new issue: Provided further, That when a bond conditioned for
the repayment or payment of money is given in a penal sum greater than
the debt secured, the tax shall be based upon the amount secured.
2. Capital stock, issued: On each original issue, whethe~ or, organiza­
tion or reorganization, of certificates of stock, or of profits, or oi interest in
property or accumulations, by any corporation, on each $100 of face value
or fraction thereof, 5 cents: Provided, That where a certificate is issued
without face value, the tax shall be 5 cents per share, unless the actual
value is in excess of $100 per share, in which case the tax shall be 5 cents
on each $100 of actual value or fraction thereof, or unless the actual value
is less than $100 per share, in which case the tax shall be 1 cent on each
fe20 of actual value, or fraction thereof.
The stamps representing the tax imposed by this subdivision shall be at­
tached t , the stock books and not to the certificates issued.
3. Capital stock, sales or transfers: On all sales, or agreements to sell,
or memoranda of sales or deliveries of, or transfers of legal title to shares
or certificates of stock or of profits or of interest in property or accumu­
lations in any corporation, or to rights to subscribe for or to receive such
shares or certificates, whether made upon or shown by the books of the cor­
poration, or by any assignment in blank, or by any delivery, or by any
paper or agreement or memorandum or other evidence of transfer or sale,
whether entitling the holder in any manenr to the benefit of such stock, intereest, or rights, or not, on each $100 of face value or fraction thereof, 2
cents, and where such shares are without par or face value, the tax shall be
2 cents on the transfer or sale or agreement to sell on each share: Pro­
vided, That it is not intended by this title to impose a tax upon an agree­
ment evidencing a deposit of certificates as collateral security for money
loaned thereon, which certificates are not actually sold, nor upon the deliv­
ery or transfer for such purpose of certificates so deposited, nor upon mere
loans of stock nor upon the return of stock so loaned: Provided further,
That the tax shall not be imposed upon deliveries or transfers to a broker
for sale, nor upon deliveries or transfers by a broker to a customer for
whom and upon whose order he has purchased same, but such deliveries or
transfers shall be accompanied by a certificate setting forth the facts:
Provided further, That in case of sale where the evidence of transfer is
shown only by the books of the corporation the stamp shall be placed upon
such b ook s; and where the change of ownership is by transfer of the certifi­
cate the stamp shall be placed upon the certificate; and in cases of an
agreement to sell or where the transfer is by delivery of the certificate as­
signed in blank there shall be made and delivered by the seller to the buyer
a bill or memorandum of such sale, to which the stamp shall be affixed ; and
every bill or memorandum of sale or agreement to sell before mentioned
shall show the date thereof, the name of the seller, the amount of the sale,
and the matter or thing to which it refers. Any person liable to pay the
tax as herein provided, or anyone who acts in the matter as agent or broker
for such person, who makes any such sale, or who in pursuance of any such
sale delivers any certificate or evidence of the sale of any stock, interest or
right, or bill or memorandum thereof, as herein required, without having
the proper stamps affixed thereto with intent to evade the foregoing provi­
sions, shall be deemed guilty of a misdemeanor, and upon conviction thereof
shall pay a fine of not exceeding $1,000, or be imprisoned not more than
6ix month, or both.
4. Produce, sales of, on exchange: Upon each sale, agreement of sale,
or agreement to sell (not including so-called transferred or scratch sales),
any products or merchandise at, or under the rules or usages of, any ex­
change, or board of trade, or other similar place, for future delivery, for
each $100 in value of the merchandise covered by said sale or agreement of
sale or agreement to sell, 1 cent, and for each additional $100 or fractional
part thereof in excess of $100, 1 cent. Provided, That on every sale or
agreement of sale or agreement to sell as aforesaid there shall be made and
delivered by the seller to the buyer a bill, memorandum, agreement, os.
other evidence of such sale, agreement of sale, or agreement to sell, to
which thre shall be affixed a lawful stamp or stamps in value equal to the
amount of the tax on such sale: Provided further, That sellers of commodi­
ties described herein, having paid the tax provided bv this subdivision, may
transfer such contracts to a clearing house corporation or association, and
such transfer shall not be deemed to be a sale, or agreement of sale, or an
agreement to sail within the provisions of this Act, provided that such
transfer shall not vest any beneficial interest in such clearing house asso­
ciation but shall be made for the sole purpose of enabling such clearing
house association to adjust and balance the accounts of the members of such
clearing house association on their several contracts. Every such bill, mem­
orandum, or other evidence of sale or agreement to sell shall show the date
thereof, the name of the seller, the amount of the sale, and the matter or
thing to which it refers ; and any person liable to pay the tax as herein
provided, or anyone who acts in the matter as agent or broker for such
person, who makes any such sale or agreement of sale, or agreement to sell,
or who, in pursuance of any such sale, agreement of sale, or agreement to
sell, delivers any such products or merchandise without a bill, memorandum,
or other evidence thereof as herein required, or who delivers such bill,
memorandum, or other evidence of sale, or agreement to sell, without hav­
ing the proper stamps affixed thereto, with intent to evade the foregoing
provisions, shall be deemed guilty of a misdemeanor, and upon conviction
thereof shall pay a fine of not exceeding $1,P00 or be imprisoned not more
than six months, or both.
No bill, memorandum, agreement, or other evidence of such sale, or agree­
ment of sale, or agreement to sell, in case of cash sales of products of mercliandise for immediate or prompt delivery which in good faith are actually
intended to be delivered shall be subject to this tax.
This subdivision shall not affect but shall be in addition to the provisions
of the “ United States Cotton Futures A ct,” approved Aug. 11 1916, as
amended, and “ The Futures Trading A ct,” approved Aug. 24 1921.
5. Conveyances: Deed, instrument, or writing, whereby any lands, tene­
ments, or other realty sold shall be granted, assigned, transferred, or other­
wise conveyed to, or vested in, the purchaser or purchasers, or any other
person or persons, by his, her, or their direction, when the consideration or
value of the interest or property conveyed, exclusive of the value of any lien
or encumbrance remaining thereon at the time of sale, exceeds $100 and
does not exceed $500, 50 cen ts; and for each additional $500 or fractional
part thereof, 50 cents. This subdivision shall not apply to any instrument
or writing given to secure a debt.
6. Entry of any goods, wares, or merchandise at any custom house, either
for consumption or warehousing, not exceeding $100 in value, 25 cen ts; ex­
ceeding $100 and not exceeding $500 in value, 50 cen ts; exceeding $500 in
value, $1.




7. Entry for the withdrawal of any goods or merchandise from customs
bonded warehouse, 50 cents.
8. Passage ticket, one way or round trip, for each passenger, sold or
issued in the United States for passage by any vessel to a port or place not
in the United States, Canada, or Mexico, if costing not exceeding $30, $ 1 ;
costing more than $30 and not exceeding $60, $3 ; costing more than $60,
$5. This subdivision shall not apply to passage tickets costing $10 or less.
9. Proxy for voting at any election for officers, or meeting for the
transaction of business, of any corporation, except religious, educational,,
charitable, fraternal, or literary societies, or public cemeteries, 10 cents.
10. Power of attorney granting authority to do or perform some act for
or in behalf of the grantor, which authority is not otherwise vested in thegrantee, 25 cents. This subdivision shall not apply to any papers neces­
sary to be used for the collection of claims from the United States or front
any State for pensions, back pay, bounty, or for property lost in the m ili­
tary or naval service, nor to powers of attorney required in bankruptcy cases
nor to powers of attorney contained in the application of those who become
members of or policyholders in mutual insurance companies doing business
in the inter-insurance or reciprocal indemnity plan through an attorney in
fact.
11. Playing cards: Upon every pack of playing cards containing not
more than 54 cards, manufactured or imported, and sold, or removed fo r
consumption or sale, a tax of 10 cents per pack.
12. On each policy of insurance, or certificate, binder, covering note,
memorandum, cablegram, letter or other instrument by whatever name
called whereby insurance is made or renewed upon property within the
United States (including rents and profits) against peril by sea or on inland
waters or in transit on land (including transshipments and storage at ter­
mini or way points) or by fire, lightning, tornado, wind-storm, bombard­
ment, invasion, insurrection or riot, issued to or for or in the name of a
domestic corporation or partnership or an individual resident of the United
States by any foreign corporation or partnership or any individual not a
resident of the United States, when such policy or other instrument is not
signed or countersigned by an officer or agent of the insurer in a State, Ter­
ritory, or District of the United States within which such insurer is author­
ized to do business, a tax of 3 cents on each dollar, or fractional part thereof
of the premium charged: Provided, That policies of reinsurance shall be
exempt from the tax imposed by this subdivision.
Any person to or for whom or in whose name any such policy or other
instrument is issued, or any solicitor or broker acting for or on behalf o f
such person in the procurement of any such policy or other instrument, shall
affix the proper stamps to such policy or other instrument, and for failure
to affix such stamps with intent to evade the tax shall, in addition to other
penalties provided therefor, pay a fine of double the amount of the tax.

TITLE IX— BOARD OF T A X APPEALS.
Sec. 900. (a ) There is hereby established a board to be known as the
Board of Tax Appeals (hereinafter referred to as the “ Board” ). The Board
shall be composed of seven members, except that for a period of two years
after the enactment of this A ct the Board shall be composed of such number
of members, not more than 28, as the President determines to be necessary.
(b ) Each member of the Board shall be appointed by the President, by
and with the advice and consent of the Senate, Bolely on the grounds of fit­
ness to perform the duties of the office. The term of office of all members
who are to composed the Board during the period of two years after the
enactment of this Act, shall expire at the end of such period. The terms
of office of the first seven members who are thereafter to compose the
Board shall expire, two at the end of the fourth year, two at the end of the
sixth year, two at the end of the eighth year, and one at the end at the
tenth year, after the expiration of such two-year period. The term of office
of each such member shall be designated by the President, and the terms of
office of their successors shall expire ten years after the expiration of their
predecessors’ terms, except that any individual appointed to fill a vacancy
occurring prior to the expiration of the term for which his predecessor was
appointed shall be appointed only for the unexpired term of his predecessor,
and a member in office at the expiration of the term for which he was ap­
pointed may continue in office until his successor is qualified. Any mem­
ber of the Board may be removed by the President for inefficiency, neglect
of duty, or malfeasance in office, but for no other reason. Each member
shall receive a salary at the rate of $7,500 per annum.
( c ) No member of the Board appointed for a term beginning after the
expiration of two years after the enactment of this A ct shall be permitted
to practice before the Board or any official of the Bureau of Internal Reve­
nue for a period of two years after leaving office.
(d ) The Board shall at least biennially designate a member to act as
Chairman. The Board shall have a seal which shall be judicially noticed.
(e ) The Board and its divisions shall hear and determine appeals filed
under Sections 274, 279, 308, and 312. A m ajority of the members of the
Board or of any division thereof shall constitute a quorum for the transac­
tion of the business of the Board or of the division, respectively. A vacancy
in the Board or in any division thereof shall not impair the powers nor
affect the duties of the Board or division, nor of the remaining members
of the Board or division, respectively.
( f ) The Chairman may from time to time divide the Board into divisions
and assign the members thereto, and designate a chief thereof. If a divi­
sion, as a result of a vacancy or the absence or inability of a member as­
signed thereto to serve thereon, is composed of less than three members,
the Chairman may assign other members thereto, or he may direct the
division to proceed with the transaction of business. A division shall hear
and determine appeals filed with the Board and assigned to such division by
the Chairman. Upon the expiration of 30 days after a decision by a divi­
sion, such decision, and the findings of fact made in connection therewith,
shall become the final decision and findings o f the Board, unless within such
period the Chairman has directed that such decision shall be reviewed by
the Board.
(g ) In any proceeding in court under Sections 274, 279, 308, or 312, and
in any suit or proceeding by a taxpayer to recover any amounts paid in pur­
suance of a decision of the Board, the findings of the Board shall be prima
facie evidence of the facts therein stated.
(h ) Notice and an opportunity to be heard shall be given to the tax­
payer and the Commissioner and a decision shall be made as quickly as
practicable. Hearings before the Board and its divisions shall be open to
the public. The proceedings of the Board and its divisions shall be con­
ducted in accordance with such rules of evidence and procedure as the
Board may prescribe. It shall be the duty of the Board and of each divi­
sion to make a report in writing of its findings of fact and decision in each
case, and a copy of its report shall be entered of record and a copy furnished
the taxpayer. If the amount of tax in controversy is more than $10,000 the
oral testimony taken at the hearing shall be reduced to writing and the re­
port shall contain an opinion in writing in addition to the findings of fact
and decision. All reports o f the Board and its divisions and all evidence
received by the Board and its divisions (including, in cases where the oral
testimony is reduced to writing, the transcript thereof) shall be public rec­
ords open to the inspection of the public. The Board shall provide for the
publication of its reports at the Government Printing Office in such form

THE REVENUE ACT OF 1924.
and manner as may be best adapted for public information and use, and
such authorized publication shall be competent evidence of the reports of
the Board therein contained in all courts of the United States and of the
several States without any further proof or authentication thereof. Such
reports shall be subject to sale in the same manner and upon the same terms
as other public documents. The principal office of the Board shall be in
the District of Columbia, but the Board or any of its divisions may sit at
any place within the United States. The times and places of the meetings
of the Board, and of its divisions, shall be prescribed by the Chairman with
a view to securing reasonable opportunity to taxpayers to appears before the
Board or any of its divisions, with as little inconvenience and expense to
taxpayers as is practicable.
(i ) For the efficient administration of the functions vested in the Board
or any division thereof, any member of the Board may administer oaths,
examine witness, and require, by subpoena ordered by the Board or any
division thereof and signed by the member, (1 ) the attendance and testi­
mony of witnesses and the production of all necessary returns, books, papers,
documents, correspondence, and other evidence, from any place in the United
States at any designated place of hearing, (2 ) the taking of a deposition
before any designated individual competent to administer oaths under this
Act, and (3 ) the answer in writing under oath to any question of fact sub­
mitted. In the case of a deposition the testimony shall be reduced to writ­
ing by the individual taking the deposition or under his direction and shall
then be subscribed by the deponent. Any witnesses summoned or whose
deposition is taken under this subdivision shall be paid the same fees and
mileage as are paid witnesses in the courts of the United States.
( j) The Secretary shall furnish the Board with such clerical assistance,
quarters, stationery, furniture, office equipment, and other supplies as may
be necessary for the efficient execution of the functions vested in it by this
section.
(k ) The members and employees of the Board and employees assigned
thereto shall receive their necessary traveling expenses, and their actual
expenses incurred for subsistence while traveling on duty and away from
their designated stations in an amount not to exceed $7 per day in the case
of members, and $4 per day in the case of employees. The Board is author­
ized in accordance with the civil service laws to appoint, and in accordance
with the Classification Act of 1923 to fix the compensation of, such em­
ployees, and to make such expenditures, including expenditures for personal
services and rent at the seat of the Government and elsewhere, and for law
books, books of reference, and periodicals, as may be necessary efficiently to
execute the functions vested in the Board, in case such assistants and such
expenditures are not suitably provided for by the Secretary under subdivision
(j).
All expenditures of the Board shall be allowed and paid upon the
presentation of itemized vouchers therefor, sigijed by the Chairman, out of
any moneys appropriated for the collection of Internal Revenue taxes and
allotted to the Board, or out of any moneys specifically appropriated for the
purposes of the Board. The Board shall be an independent agency in the
executive branch of the Government.
TITLE X — GENERAL A D M IN IST R ATIVE PR OVISIONS.
Laws Made Applicable.
Sec. 1000. All administrative, special, or stamp provisions of law, in­
cluding the law relating to the assessment of taxes, so far as applicable, are
hereby extended to and made a part of this Act.
Rules and Regulations.
Sec. 1001. The Commissioner, with the approval of the Secretary, is
authorized to prescribe all needful rules and regulations for the enforcement
of this Act.
Records, Statem ents and Special R eturns.
Sec. 1002. (a ) Every person liable to any tax imposed by this Act, or
for the collection thereof, shall keep such records, render under oath such
statements, make such returns, and comply with such rules and regulations
as the Commissioner, with the approval of the Secretary, may from time to
time prescribe.
(b ) Whenever in the judgment of the Commissioner necessary he may re­
quire any person, by notice served upon him, to make a return, render under
oath such statements, or keep such records as the Commissioner deems suffi­
cient to show whether or not such person is liable to tax.
(c ) The Commissioner, with the approval of the Secretary, may by regu­
lation prescribe that any return required by Titles IV, V, VI, or VII, to be
under oath may, if the amount of the tax covered thereby is not in excess of
$10, be signed or acknowledged before two witnesses instead of under oath.
(d ) Any oath or affirmation required by the provisions of this Act or regu­
lations made under authority thereof, may be administered by any officer
authorized to administer oaths for general purposes by the law of the United
States or of any State, Territory, or Possession of the United States, wherein
such oath or affirmation is administered, or by any consular officer of the
United States.
Sec. 1003. Section 3176 of the Revised Statutes, as amended, is amended
to read as follow s:
“ Sec. 3176. If any person, corporation, company, or association fails to
make and file a return or list at the time prescribed by law or by regula­
tion made under authority of law, or makes, willfully or otherwise, a false
or fraudulent return or list, the Collector or Deputy Collector shall make
the return or list from his own knowledge and from such information as he
can obtain through testimony or otherwise. In any such case the Commis­
sioner of Internal Revenue may, from his own knowledge and from such in­
formation as he can obtain through testimony or otherwise, make a return
or amend any return made by a Collector or Deputy Collector. Any return
or list so made and subscribed by the Commissioner, or by a Collector or
Deputy Collector and approved by the Commissioner shall be prima facie
good and sufficient for all legal purposes.
“ If the failure to file a return (other than a return under Title II of the
Revenue A ct of 1924) or a list is due to sickness or absence, the Collector
may allow such further time, not exceeding 30 days, for making and filing
the return or list as he deems proper.
“ The Commissioner of Internal Revenue shall determine and assess all
taxes, other than stamp taxes, as to which returns or lists are so made un­
der the provisions of this section. In case of any failure to make and file a
return or list within the time prescribed by law, or prescribed by the Com­
missioner of Internal Revenue or the Collector in pursuance of law, the
Commissioner shall add to the tax 25% of its amount, except that when a
return is filed after such time and it is shown that the failure to file it
was due to a reasonable cause and not to willful neglect, no such addition
shall be made to the tax. In case a false or fraudulent return or list is
w illfully made the Commissioner shall add to the tax 5 0% of its amount.
“ The amount so added to any tax shall be collected at the same time
and in the same manner and as a part of the tax unless the tax has been
paid before the discovery of the neglect, falsity, or fraud, in which case the
amount so added shall be collected in the same manner as the tax.”
Examination of Books and W itnesses.
Sec. 1004. The Commissioner, for the purpose of ascertaining the cor­
rectness of any return or for the purpose of making a return where none
has been made, is hereby authorized, by any revenue agent or inspector desig­




21

nated by him for that purpose, to examine any books, papers, records, or
memoranda bearing upon the matters required to be included in the return,
and may require the attendance of the person rendering the return or of any
officer or employee of such person, or the attendance of any other person
having knowledge in the premises, and may take his testimony with refer­
ence to the matter required by law to be included in such return, with power
to administer oaths to such person or persons.
Unnecessary Examinations.
Sec. 1005. No taxpayer shall be subjected to unnecessary examinations or
investigations, and only one inspection of a taxpayer’s books of account shall
be made for each taxable year unless the taxpayer requests otherwise or
unless the Commissioner, after investigation, notifies the taxpayer in writing
that an additional inspection is necessary.
Final Determinations and Assessments.
Sec. 1006. If after a determination and assessment in any case the tax­
payer has paid in whole any tax or penalty, or accepted any abatement,
credit, or refund based on such determination and assessment, and an agree­
ment is made in writing between the taxpayer and the Commissioner, with
the approval of the Secretary, that such determination and assessment shall
be final and conclusive, then (except upon a showing of fraud or malfeasance
or misrepresentation of fact materially affecting the determination or assess­
ment thus made) (1 ) the case shall not be reopened or the determination and
assessment modified by any officer, employee, or agent of the United
States, and (2 ) no suit, action, or proceeding to annul, m odify, or set aside
such determination or assessment shall be entertained by any court of the
United States.
Administrative Review.
Sec. 1007. In the absence of fraud or mistake in mathematical calcula­
tion, the findings of facts in and the decision of the Commissioner upon (or
in case the Secretary is authorized to approve the same, then after such ap­
proval) the merits of any claim presented under or authorized by the Internal
Revenue laws shall not, except as provided in Section 900, be subject to
review by any other administrative or accounting officer, employee, or
agent of the United States.
Retroactive R egulations.
Sec. 1008. (a ) In case a regulation or Treasury decision relating to the
Internal Revenue laws, made by the Commissioner or the Secretary, or by
the Commissioner with the approval of the Secretary, is reversed by a sub­
sequent regulation or Treasury decision, and such reversal is not immediately
occasioned or required by a decision of a court of competent jurisdiction,
such subsequent regulation or Treasury decision may, in the discretion of
the Commissioner, with the approval of the Secretary, be applied without
retroactive effect.
(b ) No tax shall be levied, assessed, or collected under the provisions of
Title VI of this Act on any article sold or leased by the manufacturer, pro­
ducer, or importer, if at the time of the sale or lease there was an existing
ruling, regulation, or Treasury decision holding that the sale or lease of
such article was not taxable, and the manufacturer, producer, or importer
parted with possession or ownership of such article, replying upon the rul­
ing, regulation, or Treasury decision.
Lim itation on Assessments and Suits by the United States.
Sec. 1009. (a ) Except as provided in Sections 277, 278, 310, and 311, and
subdivisions (b ) and (c ) of this section, all Internal Revenue taxes shall,
notwithstanding the provisions of Section 3182 of the Revised Statutes or
any other provision of law, be assessed within four years after such taxes
became due, and no proceeding in court for the collection of such taxes shall
be begun after the expiration of five years after such taxes became due.
(b ) In case of a false or fraudulent return with intent to evade tax, of a
failure to file a required return, or of a willful attempt in any manner to
defeat or evade tax, the ax may be assessed or a proceeding in court for
the collection of such tax may be begun at any time.
(c ) Where the assessment of the tax is made within the period prescribed
iri subdivisions (a) and (b ) such tax may be collected by distraint or by a
proceeding in court, begun within six years after the assessment of the tax.
Nothing in this Act shall be construed as preventing the beginning, without
assessment, of a proceeding in court for the collection of the tax at any time
before the expiration of the period provided in subdivision (a ) for the be­
ginning of such proceeding.
(d ) This section shall not (1 ) authorize the assessment of a tax or the
collection thereof by distraint or by a proceeding in court if at the time of
tiie enactment of this Act such assessment, distraint, or proceeding was
barred by the period of limitation then in existence, or (2 ) affect any
assessment made, or distraint or proceeding in court begun before the enact­
ment of this Act.
Limitation on Prosecutions by the United States.
Sec. 1010. (a) The Act entitled “ An Act to limit the time within which
prosecutions may be instituted against persons charged with violating In­
ternal Revenue laws,” approved July 5 1884, as amended, is amended to
read as follow s:
“ That no person shall be prosecuted, tried, or punished for any of the va­
rious offenses arising under the Internal Revenue laws of the United States
unless the indictment is found or the information instituted within three
years next after the commission of the offense: Provided, That for offenses
involving the defrauding or attempting to defraud the United States or any
agency thereof, whether by conspiracy or not, and in any manner, the period
of limitation shall be six years, but this proviso shall not apply to acts,
offenses, or transactions which were barred by law at the time of the enact­
ment of the Revenue Act of 1924: Provided further, That the time during
which the person committing the offense is absent from the district wherein
the same is committed shall not be taken as any part of the time limited by
law for the commencement of such proceedings: Provided further, That the
provisions of this Act shall not apply to offenses committed prior to its
passage: Provided further, That where a complaint shall be instituted be­
fore a Commissioner of the United States within the period above limited,
the time shall be extended until the discharge of the Grand Jury at its next
session wdthin the district: And provided further, That this Act shall not
apply to offenses committed by officers of the United States.”
(b ) Any prosecution or proceeding under an indictment found or informa­
tion instituted prior to the enactment of the Revenue Act of 1921 shall not
be affected in any manner by this section, nor by the amendment by the
Revenue Act of 1921 of such Act of July 5 1884, but such prosecution or
proceeding shall be subject to the limitations imposed by law prior to the
enactment of the Revenue Act of 1921.
Refunds.
Sec. 1011.
Section 3220 of the Revised Statutes, as amended, is re­
enacted without change as follow s:
“ Sec. 3220. The Commissioner of Internal Revenue, subject to regulations
prescribed by the Secretary of the Treasury, is authorized to remit, refund,
and pay back all taxes erroneously or illegally assessed or collected, all pen­
alties collected without authority, and all taxes that appear to be unjustly
assessed or excessive in amount, or in any manner wrongfully collected ; also

22

THE REVENUE ACT OF 1924.

to repay to any Collector or Deputy Collector the full amount of such sums
of money as may be recovered against him in any court, for any Internal
Revenue taxes collected by him, with the cost and expenses of s u it; also all
damages and costs recovered against any Assessor, Assistant Assessor, Col­
lector, Deputy Collector, agent, or inspector, in any suit brought against
him by reason of anything done in the due performance of his official duty,
and shall make report to Congress at the beginning of each regular session
of Congress of all transactions under this section.”
Sec. 1012.
Section 3228 of the Revised Statutes, as amended, is
amended to read as follow s:
“ Sec. 3228. (a ) A ll claims for the refunding or orediting of any Internal
Revenue tax alleged to have been erroneously or illegally assessed or co l­
lected, or of any penalty alleged to have been collected without authority, or
of any sum alleged to have been excessive or in any manner wrongfully co l­
lected must, except as provided in Section 281 of the Revenue Act of 1924,
be presented to the Commissioner of Internal Revenue within four years
next after the payment of such tax, penalty or sum.”
“ (b ) Except as provided in Section 281 of the Revenue A ct of 1924,
claims for credit or refund (other than claims in respect of taxes imposed by
the Revenue Act of 1916, the Revenue Act of 1917, or the Revenue Act of
1918) which at the time of the enactment of the Revenue Act of 1921 were
barred from allowance by the period of limitation then in existence, shall
not be allowed.”
Sec. 1013. (a ) The second proviso of the first section of the A ct entitled
“ An A ct authorizing the Commissioner of Internal Revenue to redeem or
make allowance for Internal Revenue stamps,” approved May 12 1900, as
amended, is amended to read as follow s:
“ Provided further, That no claim for the redemption of or allowance for
stamps shall be allowed unless presented within four years after the pur­
chase of said stamps from the Government.”
(b ) The exemption provided in paragraph (10) of subdivision (a ) of Sec­
tion 11 of the Revenue A ct of 1916, and in subdivision (1 0) of Section 231
of the Revenue Act of 1918, and in subdivision (1 0 ) of Section 231 of the
Revenue Act of 1921, shall be granted to farmers’ or other mutual hail,
cyclone, or fire insurance companies (if otherwise exempt under such para­
graphs), whether or not such organizations were of a purely local character.
Any taxes assessed against such organizations shall, subject to the statutory
period of limitations properly applicable thereto, be abated, credited or re­
funded.
Lim itations Upon Suits and Proceedings by the Taxpayer.
Sec. 1014.
(a ) Section 3226 of the Revised Statutes, as amended, is
amended to read as follow s:
“ Sec. 3226. No suit or proceeding shall be maintained in any court for
the recovery of any Internal Revenue tax alleged to have been erroneously
or illegally assessed or collected, or of any penalty claimed to have been
collected without authority, or of any sum alleged to have been excessive or
in any manner wrongfully collected until a claim for refund or credit has
been duly filed with the Commissioner of Internal Revenue, according to
the provisions of law in that regard, and the regulations of the Secretary of
the Treasury established in pursuance thereof; but such suit or proceeding
may be maintained, whether or not such tax, penalty, or sum has been paid
under protest or duress. No such suit or proceeding shall be begun before
the expiration of six months from the date of filing such claim unless the
Commissioner renders a decision thereon within that time, nor after the ex­
piration of five years from the date of the payment of such tax, penalty, or
sum, unless such suit or proceeding is begun within two years after the dis­
allowance of the part of such claim to which such suit or proceeding relates.
The Commissioner shall within 90 days after any such disallowance notify
the taxpayer thereof by m ail.”
(b ) This section shall not affect any proceeding in court instituted prior
to the enactment of this Act.
See. 1015. Section 3225 of the Revised Statutes, as amended, is repealed
and any claim for credit or refund of taxes imposed by the Revenue Act of
1916, the Revenue Act of 1917, the Revenue Act of 1918, the Revenue A ct of
1921, or any such A ct as amended, heretofore denied in whole or in part
because of the provisions of such section may be reopened and decided with­
out reference to its provisions.
Distraint of Bank Accounts.
Sec. 1016. Section 3187 of the Revised Statutes is amended by inserting
after “ securities” the words “ bank accounts” and a comma.
Penalties.
Sec. 1017. (a ) Any person required under this Act to pay any tax, or
required by law or regulations made under authority thereof to make a re­
turn, keep any records, or supply any information, for the purposes of the
computation, assessment, or collection of any tax imposed by this Act, who
willfully fails to pay such tax, make such return, keep such records, or
supply such information, at the time or times required by law or regula­
tions, shall, in addition to other penalties provided by law, be guilty of a
misdemeanor and, upon conviction thereof, be fined not more than $10,000,
or imprisoned for not more than one year, or both, together with the costs
of prosecution.
(b ) Any person required under this Act to collect, account for and pay
over any tax imposed by this Act, who willfully fails to collect or truthfully
account for and pay over such tax, and any person who willfully attempts in
any manner to evade or defeat any tax imposed by this Act or the payment
thereof, shall, in addition to other penalties provided by law, be guilty of
a felony and, upon conviction thereof, be fined not more than $10,000, or
imprisoned for not more than five years, or both, together with the costs of
prosecution.
(c ) Any person who willfully (1 ) aids or assists in the preparation or
presentation of a false or fraudulent return, affidavit, claim, or document,
authorized or required by the Internal Revenue laws, or (2 ) procures, coun­
sels, or advises the preparation or presentation of such return, affidavit,
claim, or document, shall (whether or not such falsity or fraud is with the
knowledge or consent of the person authorized or required to present such
return, affidavit, claim, or document) be guilty of a felony and, upon con­
viction thereof, be fined not more than $10,000, or imprisoned for not more
than five years, or both, together with the costs of prosecution.
(d ) Any person who willfully fails to pay, collect, or truthfully account
for and pay over, any tax imposed by Titles IV, V, VI, VII, and VIII, or
willfully attempts in any manner to evade or defeat any such tax or the
payment thereof, shall, in addition to other penalties provided by law, be
liable to a penalty of the amount of the tax evaded, or not paid, collected or
accounted for and paid over, to be assessed and collected in the same manner
as taxes are assessed and collected. No penalty shall be assessed under this
subdivision for any offense for which a penalty may be assessed under
authority of Section 3176 of the Revised Statutes, as amended, or for any
offense for which a penalty has been recovered under Section 3256 of the
Revised Statutes.
(e) The term “ person” as used in this section includes an officer or em­
ployee of a corporation or a member or employee of a partnership, who as
such officer, employee, or member is under a duty to perform the act in
respect of which the violation occurs.




Revised Statutes.
Sec. 1018. Sections 3164, 3165, 3167, 3172, and 3173 of the Revised
Statutes, as amended, are re-enacted without change, as fo llow s:
“ Sec. 3164. It shall be the duty of every Collector of Internal Revenue
having knowledge of any willful violation of any law of the United States
relating to the revenue, within 30 days after coming into possession of such
knowledge, to file with the District Attorney of the district in which any
fine, penalty, or forfeiture may be incurred, a statement o f all the facts and
circumstances of the case within his knowledge, together with the names
of the witnesses, setting forth the provisions of law believed to be so vio­
lated on which reliance may be had for condemnation or conviction.
“ Sec. 3165. Every Collector, Deputy Collector, Internal Revenue Agent
and Internal Revenue Officer assigned to duty under an Internal Revenue
Agent, is authorized to administer oaths and to take evidence touching any
part of the administration of the Internal Revenue laws with which he is
charged, or where such oaths and evidence are authorized by law or regula­
tion authorized by law to be taken.
“ Sec. 3167. It shall be unlawful for any Collector, Deputy Collector,
Agent, clerk, or other officer or employee of the United States to divulge
or to make known in any manner whatever not provided by law to any per­
son the operations, style of work, or apparatus of any manufacturer or pro­
ducer visited by him in the discharge of his official duties, or the amount
or source of income, profits, losses, expenditures, or any particular thereof,
set forth or disclosed in any income return, or to permit any income return
or copy thereof or any book containing any abstract or particulars thereof to
be seen or examined by any person except as provided by law ; and it shall
be unlawful for any person to print or public in any manner whatever not
provided by law any income return, or any part thereof or source of income,'
profits, losses, or expenditures appearing in any income return; and any
offense against the foregoing provision shall be a misdemeanor and be pun­
ished by a fine not exceeding $1,000 or by imprisonment not exceeding one
year, or both, at the discretion of the co u rt; and if the offender be an o ffi­
cer or employee of the United States he shall be dismissed from office or
discharged from employment.
“ Sec. 3172. Every Collector shall, from time to time, cause his deputies
to proceed through every part of his district and inquire after and concern­
ing all persons therein who are liable to pay any Internal Revenue tax, and
all persons owning or having the care and management of any objects liable
to pay any tax, and to make a list of such persons and enumerate said ob­
jects.
“ Sec. 3173. It shall be the duty of any person, partnership, firm, associa­
tion, or corporation, made liable to any duty, special tax, or other tax im­
posed by law, when not otherwise provided for, (1 ) in case of a special tax,
on or before the 31st day of July in each year, and (2 ) in other cases before
the day on which the taxes accrue, to make a list or return, verified by
oath, to the Collector or a Deputy Collector of the district where located, of
the articles or objects, including the quantity of goods, wares, and merchan­
dise, made or sold, and charged with a tax, the several rates and aggregate
amount, according to the forms and regulations to be prescribed by the
Commissioner of Internal Revenue, with the approval of the Secretary of
the Treasury, for which such person, partnership, firm, association, or cor­
poration is liab le: Provided, That if any person liable to pay any duty or
tax, or owning, possessing, or having the care or management of property,
goods, wares, and merchandise, article or objects liable to pay any duty,
tax, or license, shall fail to make and exhibit a list or return required by
law, but shall consent to disclose the particulars of any and all the property,
goods, wares, and merchandise, articles, and objects liable to pay any duty
or tax, or any business or occupation liable to pay any tax as aforesaid, then,
and in that case, it shall be the duty of the Collector or Deputy Collector to
make such list or return, which, being distinctly read, consented to, and
signed and verified by oath by the person so owning, possessing, or having
the care and management as aforesaid, may be received as the list of such
person: Provided further, That in case no annual list or return has been
rendered by such person to the Collector or Deputy Collector as required by
law, and the person shall be absent from his or her residence or place of
business at the time the Collector or a Deputy Collector shall call for the
annual list or return, it shall be the duty of such Collector or Deputy Col­
lector to leave at such place of residence or business, with some one of suit­
able age and discretion, if such be present, otherwise to deposit in the near­
est post office, a note or memorandum addressed to such person, requiring
him or her to render to such Collector or Deputy Collector the list or return
required by law within 10 days from the date of such note or memorandum,
verified by oath. And if any person, on being notified or required as afore­
said, shall refuse or neglect to render such list or return within the time
required as aforesaid, or whenever any person who is required to deliver a
monthly or other return of objects subject to tax fails to do so at the time
required, or delivers any return which, in the opinion of the Collector, is
erroneous, false, or fraudulent, or contains any undervaluation or understate­
ment, or refuses to allow any regularly authorized Government officer to
examine the books of such person, firm, or corporation, it shall be lawful
for the Collector to summon such person, or any other person having pos­
session, custody, or care of books of account containing entries relating to
the business of such person or any other person he may deem proper, to ap­
pear before him and produce such books at a time and place named in the
summons, and to give testimony or answer interrogatories, under oaths,
respecting any objects or income liable to tax or the returns thereof. The
Collector may summon any person residing or found within the State or Ter­
ritory in which his district lie s ; and when the person intended to be sum­
moned does not reside and cannot be found within such State or Territory,
he may enter any collection district where such person may be found and
there make the examination herein authorized. And to this end he may
there exercise all the authority which he might lawfully exercise in the dis­
trict for which he was commissioned: Provided, That ‘person,’ as used in
this section, shall be construed to include any corporation, joint-stock com­
pany or association, or insurance company when such construction is neces­
sary to carry out its provisions.”
Interest on Refunds and Credits.
Sec. 1019. Upon the allowance of a credit or refund of any Internal Reve­
nue tax erroneously or illegally assessed or collected, or of any penalty col­
lected without authority, or of any sum which was excessive cr in any man­
ner wrongfully collected, interest shall be allowed and paid on the amount
of such credit or refund at the rate of 6 % per annum from the date such tax,
penalty, or sum was paid to the date of the allowance of the refund, or in
case of a credit, to the due date of the amount against which the credit is
taken, but if the amount against which the credit is taken is an additional
assessment, then to the date of the assessment of that amount. The term
“ additional assessment” as used in this section means a further assessment
for a tax of the same character previously paid in part.
Interest on Judgm ents.
Sec. 1020. Section 177 of the Judicial Code, as amended, is re-enacted
without change, as follow s:
“ Sec. 177. No interest shall be allowed on any claim up to the time of
the rendition of judgment by the Court of Claims, unless upon a contract
expressly stipulating for the payment of interest, except that interest may

THE REVENUE ACT OF 1924.
be allowed in any judgment of any court rendered after the passage of the
Revenue A ct of 1921 against the United States for any Internal Revenue fax
erroneously or illegally assessed or collected, or for any penalty collected
without authority or any sum which was excessive or in any manner wrong­
fully collected, under the Internal Revenue laws.”
Payment of and Receipts for Taxes.
Sec. 1021. (a ) Collectors may receive at par with an adjustment for
accrued interest, notes or certificates of indebtedness issued by the United
States and uncertified checks in payment of income, war profits, and excess
profits taxes and any other taxes payable other than by stamp, during such
time and under such rules and regulations as the Commissioner, with the
approval of the Secretary, shall prescribe; but if a check so received is not
paid by the bank on which it is drawn the person by whom such check has
been tendered shall remain liable for the payment of the tax and for all legal
penalties and additions to the same extent as if such check had not been
tendered.
(b ) Every Collector to whom any payment of any income tax is
made shall upon request give to the person making such pay­
ment a full written or printed receipt stating the amount paid and the par­
ticular account for which such payment was made ; and whenever any debtor
pays taxes on account of payments made or to be made by him to separate
creditors the Collector shall, if requested by such debtor, give a separate
receipt for the tax paid on account of each creditor in such form that the
debtor can conveniently produce such receipts separately to his several cred­
itors in satisfaction of their respective demands up to the amounts stated in
the receipts; and such receipt shall be sufficient evidence in favor of such
debtor to justify him in withholding from his next payment to his creditor
the amount therein stated; but the creditor may, upon giving to his debtor
a full written receipt acknowledging the payment to him of any sum ac­
tually paid and accepting the amount of tax paid as aforesaid (specifying
the same) as a further satisfaction of the debt to that amount, require the
surrender to him of such Collector’s receipt.
(c ) In the payment of any tax under this A ct not payable by stamp a
fractional part of a cent shall be disregarded unless it amounts to one-half
cent or more, in which case it shall be increased to 1 cent.
(d ) Section 37 of the A ct of Aug. 27 1894, entitled “ An Act to reduce
taxation, to provide revenue for the Government, and for other purposes,”
is hereby repealed.
Method of Collecting Tax.
Sec. 1022. Whether or not the method of collecting any tax imposed by
Titles IV, V, VI, or VII, is specifically provided therein, any such tax
may, under regulations prescribed by the Commissioner with the approval
of the Secretary, be collected by stamp, coupon, serial numbered ticket, or
such other reasonable device or method as may be necessary or helpful in
securing a complete and prompt collection of the tax. All administrative
and penalty provisions of Title VIII, in so far as applicable, shall apply to
the collection of any tax which the Commissioner determines or prescribes
shall be collected in such manner.
Overpayments and Overcollections.
Sec. 1023. In the case of any overpayment or overcollection of any tax
imposed by Title V or VI, the person making such overpayment or over­
collection may take credit therefor against taxes due upon any monthly
return, and shall make refund of any excessive amount collected by him upon
proper application by the person entitled thereto.
Articles Exported.
Sec. 1024. Under such rules and regulations as the Commissioner with
tlie approval of the Secretary may prescribe, the taxes imposed under the
provisions of Titles IV, or VI, shall not apply in respect to articles sold or
leased for export and in due course so exported. Under such rules and regu­
lations the amount of any Internal Revenue tax erroneously or illegally col­
lected in respect of exported articles may be refunded to the exporter of the
article, instead of to the manufacturer, if the manufacturer waives any
claim for the amount so to be refunded.
Jurisdiction of Courts.
Sec. 1025. (a ) If any person is summoned under this Act to appear, to
testify, or to produce books, papers, or other data, the District Court
of the United States for the district in which such person resides shall have
jurisdiction by appropriate process to compel such attendance, testimony, or
production of books, papers, or other data.
(b ) the District Courts of the United States at the instance of the United
States are hereby invested with such jurisdiction to make and issue, both in
actions at law and suits in equity, writs and orders of injunction, and of ne
exeat republica, orders appointing receivers, and such other orders and proc­
ess, and to render such judgments and decrees, granting in proper cases both
legal and equitable relief together, as may be necssary or appropriate for
the enforcement of the provisions of this Act. The remedies hereby pro­
vided are in addition to and not exclusive of any and all other remedies of
the United States in such courts or otherwise to enforce such provisions.
(c ) The paragraph added by Section 1310 of the Revenue Act of 1921 at
the end of paragraph 20th of Section 24 of the Judicial Code relating to the
jurisdiction of District Courts is re-enacted without change, as follow s:
“ Concurrent with the Court of Claims, of any suit or proceeding, com­
menced after the passage of the Revenue Act of 1921, for the recovery of any
Internal Revenue tax alleged to have been erroneously or illegally assessd or
collected, or of any penalty claimed to have been collected without authority
or any sum alleged to have been excessive or in any manner wrongfully co l­
lected, under the Internal Revenue laws, even if the claim exceeds $10,000,
if the Collector of Internal Revenue by whom such tax, penalty, or sum was
collected is dead at the time such suit or proceeding is commenced.”
Frauds on Purchasers.
Sec. 1026. Whoever in connection with the sale or lease, or offer for
sale or lease, of any article, or for the purpose of making such sale or lease,
makes any statement, written or oral, (1 ) intended or calculated to lead
any person to believe that any part of the price at which such article is sold
or leased, or offered for sale or lease, consists of a tax imposed under the
authority of the United States, or (2 ) ascribing a particular part of such
price to a tax imposed under the authority of the United States, knowing
that such statement is false or that the tax is not so great as the portion
of such price ascribed to such tax, shall be guilty of a misdemeanor and upon
conviction thereof shall be punished by a fine of not more than $1,000 or by
imprisonment not exceeding one year, or both.
Lost Stamps for Tobacco, Cigars, and So Forth.
Sec. 1027. Section 3315 of the Revised Statutes, as amended, is re­
enacted without change, as follow s:
“ Sec. 3315. The Commissioner of Internal Revenue may, under regula­
tions prescribed by him with the approval of the Secretary of the Treasury,
issue stamps for restamping packages of distilled spirits, tobacco, cigars,
snuff, cigarettes, fermented liquors and wines which have been duly stamped
but from which the stamps have been lost or destroyed by unavoidable acci­
dent.”




23

Consolidation of Liberty Bond Tax Exemptions.
Sec. 1028. The various Acts authorizing the issues of Liberty bonds are
amended and supplemented as follow s:
(a ) On and after Jan. 1 1921 4 % and 4 (4 % Liberty bonds shall be ex­
empt from graduated additional income taxes, commonly known as sur­
taxes, and excess profits and war profits taxes, now or hereafter imposed
by the United States upon the income or profits of individuals, partnerships,
corporations, or associations, in respect to the interest on aggregate prin­
cipal amounts thereof as follow s:
Until the expiration of two years after the date of the termination of the
war between the United States and the German Government, as fixed by
proclamation of the President, on $125,000 aggregate principal amount; and
for three years more on $50,000 aggregate principal amount.
(b ) The exemptions provided in subdivision (a) shall be in addition to the
exemptions provided in Section 7 of the Second Liberty Bond Act, and in
addition to the exemption provided in subdivision (3 ) of Section 1 of the
Supplement to the Second Liberty Bond Act in respect to bonds issued upon
conversion of s y 2 % bonds, but shall be in lieu of the exemptions provided
and free from the conditions and limitations imposed in subdivisions (1 ) and
(2 ) of Section 1 of the Supplement to the Second Liberty Bond Act and in
Section 2 of the Victory Liberty Loan Act.
Deposit of United States Bonds or Notes in Lieu of Surety.
Sec. 1029. Wherever by the laws of the United States or regulations
made pursuant thereto, any person is required to furnish any recognizance,
stipulation, bond, guaranty, or undertaking, herein after called “ penal
bond,” with surety or sureties, such person may, in lieu of such surety or
sureties, deposit as security with the official having authority to approve
such penal bonds, United States Liberty bonds or other bonds or notes of
the United States in a sum equal at their par value to the amount of such
penal bond required to be furnished, together with an agreement authoriz­
ing such official to collect or sell such bonds or notes so deposited in case
of any default in the performance of any of the conditions or stipulations
of such penal bond. The acceptance of such United States bonds or notes
in lieu of surety or sureties required by law shall have the same force and
effect as individual or corporate sureties, or certified checks, bank drafts,
post office money orders, or cash, for the penalty or amount of such penal
bond.
The bonds or notes deposited hereunder and such other United
States bonds or notes as may be substituted therefor from time to time as
such security, may be deposited with the Treasurer of the United States, a
Federal Reserve bank, or other depositary duly designated for that purpose
by the Secretary, which shall issue receipt therefor, describing such bonds
or notes so deposited. As soon as security for the performance of such
penal bond is no longer necessary, such bonds or notes so deposited shall be
returned to the depositor: Provided, That in case a person or persons sup­
plying a contractor with labor or material as provided by the A ct of Con­
gress, approved Feb. 24 1905 (33 Stat. 811 ), entitled “ An A ct to amend
an Act approved Aug. 13 1894, entitled ‘An A ct for the protection of persons
furnishing materials and labor for the construction of public works,’ ” shall
file with the obligee, at any time after a default in the performance of
any contract subject to said Acts, the application and affidavit therein pro­
vided, the obligee shall not deliver to the obligor the deposited bonds or
notes nor any surplus proceeds thereof until the expiration of the time lim ­
ited by said Acts for the institution of suit by such person or persons, and,
in case suit shall be instituted within such time, shall hold said bonds or
notes or proceeds subject to the order of the court having jurisdiction
thereof: Provided further, That nothing herein contained shall affect or
impair the priority of the claim of the United States against the bonds or
notes deposited or any right or remedy granted by said Acts or by this
section to the United States for default upon any obligation of said penal
b on d : Provided further, That all laws inconsistent with this section are
hereby so modified as to conform to the provisions hereof: And provided
further, That nothing contained herein shall affect the authority of courts
over the security, where such bonds are taken as security in judicial pro­
ceedings, or the authority of any administrative officer of the United
States to receive United States bonds for security in cases authorized by
existing laws. The Secretary may prescribe rules and regulations neces­
sary and proper for carrying this section into effect.
Enforcement of Tax Liens.
Sec. 1030. Section 3207 of the Revised Statutes is amended to read as
follow s:
“ Sec. 3207. (a ) In any case where there has been a refusal or neglect to
pay any tax, and it has become necessary to seize and sell real estate to
satisfy the same, the Commissioner of Internal Revenue may direct a bill in
chancery to be filed, in a District Court of the United States to enforce the
lien of the United States for tax upon any real estate, or to subject any real
estate owned by the delinquent, or in which he has any right, title, or in­
terest to the payment of such tax. A ll persons having liens upon or claim­
ing any interest in the real estate sought to be subjected as aforesaid, shall
be made parties to such proceedings, and be brought into court as provided
in other suits in chancery therein. And the said court shall, at the term
next after the parties have been duly notified of the proceedings, unless
otherwise ordered by the court, proceed to adjudicate all matters involved
therein, and finally determine the merits of all claims to and liens upon
the real estate in question, and, in all cases where a claim or interest of the
United States therein is established, shall decree a sale of such real estate,
by the proper officer of the court, and a distribution of the proceeds of such
sale according to the findings of the court in respect to the interests of the
parties and of the United States.
“ (b ) Any person having a lien upon or any interest in such real estate,
notice of which has been duly filed of record in the jurisdiction in which
the real estate is located, prior to the filing of notice o f the lien of the
United States, as provided by Section 3186 of the Revised Statutes as
amended,, or any person purchasing the real estate at a sale to satisfy such
prior lien or interest, may make written request to the Commissioner of
Internal Revenue to direct the filing of a bill in chancery as provided in
subdivision (a ), and if the Commissioner fails to direct the filing of such
bill within six months after receipt o f such written request, such person or
purchaser may, after giving notice to the Commissioner, file a petition in
the District Court of the United States for the district in which the real
estate is located, praying leave to file a bill for a final determination of all
claims to or liens upon the real estate in question. After a full hearing in
open court, the District Court may in its discretion enter an order granting
leave to file such bill, in which the United States and all persons having
liens upon or claiming any interest in the real estate shall be made par­
ties. Service on the United States shall be had in the manner provided by
Sections 5 and 6 of the A ct of Mar. 3 1887, entitled ‘An Act to provide for
the bringing of suits against the Government of the United States.’ Upon
the filing of such bill the District Court shall proceed to adjudicate the
matters involved therein, in the same manner as in the case o f bills filed
under subdivision (a ) of this section. For the purpose of such adjudication,
the assessment of the tax upon which the lien of the United States is based
shall be conclusively presumed to be valid, and all costs of the proceedings
on the petition and the bill shall be borne by the person filing the b ill.”

24

THE REVENUE ACT OF 1924.

Special Deposits.
Sec. 1031. (a ) Section 3195 of the Revised Statutes is amended to read
as follow s:
“ Sec. 3195. When any property liable to distraint for taxes is not divis­
ible, so as to enable the Collector by sale of a part thereof to raise the
whole amount of the tax, w ith ' all costs and charges, the whole of such
property shall be sold, and the surplus of the proceeds of the sale, after
making allowance for the amount of the tax, interest, penalties, and addi­
tions thereto, and for the costs and charges of the distraint and sale, shall
be deposited with the Treasurer of the United States as provided in sub­
division (b ) of Section 3210.”
(b ) Section 3210 of the Revised Statutes is amended to read as.follow s:
“ Sec. 3210. (a ) Except as provided in subdivision (b ) the gross amount
of all taxes and revenues received under the provisions of this Act, and
collections of whatever nature received or collected by authority of any In­
ternal Revenue law, shall be paid daily into the Treasury of the United
States under instructions of the Secretary of the Treasury as Internal Reve­
nue collections, by the officer receiving or collecting the same, without any
abatement or deduction on account of salary, compensation, fees, costs,
charges, expenses, or claims of any description. A certificate of such pay­
ment, stating the name of the depositor and the specific account on which
the deposit was made, signed by the Treasurer, Assistant Treasurer, desig­
nated depositary, or proper officer of a deposit bank, shall be transmitted
to the Commissioner of Internal Revenue.
“ (b ) Sums offered in compromise under the provisions of Section 3229
of the Revised Statues and Section 35 of Title II of the National Prohibition
Act, sums offered for the purchase of real estate under the provisions of
Section 3208 of the Revised Statutes, and surplus proceeds in any dis­
traint sale, after making allowance for the amount of the tax, interest, pen­
alties, and additions thereto, and for costs and charges of the distraint and
sale, shall be deposited with the Treasurer of the United States in a special
deposit account in the name of the Collector making the deposit. Upon
acceptance of such offer in compromise or offer for the purchase of such
real estate, the amount so accepted shall be withdrawn by the Collector
from his special deposit account with the Treasurer of the United States and
deposited in the Treasury of the United States as Internal Revenue collec­
tions. Upon the rejection of any such offer, the Commissioner shall author­
ize the Collector, through whom the amount of such offer was submitted, to
refund to the maker of such offer the amount thereof. In the case of sur­
plus proceeds from distraint sales the Commissioner shall, upon application
and satisfactory proof in support thereof, authorize the Collector through
whom the amount was received to refund the same to the person or persons
legally entitled thereto.”

President of the Senate and the Speaker of the House of Representatives,
respectively. The increased compensation provided for in this subdivision
shall, when fixed, be in lieu of the salary specified in subdivision (a ). The
legislative counsel shall have the same privilege of free transmission of
official mail matter as other officers of the United States Government.”
Government Actuary.
Sec. 1102. The salary of the Government Actuary, so long as the posi­
tion is held by the present incumbent, shall be at the rate of $7,500 a year.
Saving Clause in Event of U n con stitu tion ality.
Sec. 1103. If any provision of this Act, or the application thereof to any
person or circumstances, is held invalid, the remainder of the A ct, and the
application of such provision to other persons or circumstances, shall not be
affected thereby.
Effective Date of A ct.
Sec. 1104. Except as otherwise provided, this Act shall take effect upon
its enactment.

T ITLE X I I — RED U CTIO N OF INCOME T A X PAYABLE LN 1924.
Sec. 1200. (a ) Any taxpayer making return, for the calendar year 1923,
of the taxes imposed by Parts I and II of Title II of the Revenue A ct of
1921 shall be entitled to an allowance by credit or refund of 25% of the
amount shown as the tax upon his return.
(b ) If the amount shown as the tax upon the return has been paid in full
on or before the time of the enactment of this A ct, the amount of the al­
lowance provided in subdivision (a ) shall be credited or refunded as pro­
vided in Section 281 of this Act.
(c ) If the taxpayer has elected to pay the tax in installments and, at the
time of the enactment of this Act, the date prescribed for the payment of
the last installment has not yet arrived, the amount of the allowance p ro­
vided in subdivision (a ) shall be pro-rated to the four installments. The
amount so pro-rated to any installment, the date for payment of which has
not arrived shall be applied in reduction of such installment.
The
amount so pro-rated to any installment, the date for payment of which has
arrived, shall be credited against the installment next falling due after the
enactment of this Act.
(d ) If the taxpayer has been granted an extension of time for payment
of the tax or any installment thereof to a date subsequent to the enactment
of this Act, the amount of the allowance provided in subdivision (a ) shall
be applied in reduction of the amount of tax shown upon the return, or,
if the tax is to be paid in installments, shall be prorated to the four install­
ments. The amount so pro-rated to any installment, the date for payment
of which has not arrived, shall be applied in reduction thereof. The amount
so pro-rated to any installment, the date for payment of which has arrived,
T ITLE X I — GENERAL PR OVISIONS.
shall be credited against the installment next filing due after the enactment
Repeals.
of this Act.
(e ) Where the taxpayer at the time of the enactment of this A ct has not
Sec. 1100. (a ) The following parts of the Revenue A ct of 1921 are re­
pealed, to take effect (except as otherwise provided in this A ct) upon the paid in full that part of the amount shown as the tax upon the return which
enactment of this Act, subject to the limitations provided in subdivisions should have been paid on or before the time of the enactment of this Act,
then 25% of any amount already paid shall be applied in reduction of the
(b ) and (c ) :
amount unpaid (such unpaid amount being first reduced by 25% thereof)
Title II (called “ Income Tax” ) as of Jan. 1 1924;
and any excess shall be credited or refunded as provided in Section 281 of
Title IV (called “ Estate Tax” ) ;
Title V (called “ Tax on Telegraph and Telephone Messages” ) except this Act.
(f ) If the correct amount of the tax is determined to be in excess of the
subdivision (d ) of Section 500, effective on the expiration of 30 days after
amount shown as the tax upon the return, and a deficiency has been assessed
the enactment of this Act.
before the enactment of this Act, then 25% of any amount of such defi­
Sections 602 and 603 of Title VI (being the taxes on certain beverages and
ciency which has been paid shall be applied in reduction of the amount un­
constituent parts thereof) ;
Title VII (called “ Tax on Cigars, Tobacco and Manufactures Thereof” ) ; paid (such unpaid amount being first reduced by 25% thereof) and any
excess shall be credited or refunded as provided in Section 281 of this Act.
Title VIII (called “ Tax on Admissions and Dues” ) , effective on the ex­
Any deficiency assessed after the enactment of this A ct shall be reduced by
piration of 30 days after the enactment of this A c t ;
Sections 901, 902, 903 and 904 of Title IX (being certain excise taxes) ; 25% of the amount which would have been assessed as a deficiency if this
Section 900 of Title IX (being certain excise taxes) and Section 905 of title had not been enacted.
(g ) The allowance provided in subdivision (a ) shall be deducted from the
Title IX (being the tax on jewelry and similar articles), effective on the
tax or deficiency for the purpose of determining the amount on which any
expiration of 30 days after the enactment of this A c t ;
interest, penalties or additions to the tax shall be based.
Title X (called “ Special Taxes” ) effective on June 30 1924 ;
Sec. 1201. (a ) Any taxpayer making return, for a period beginning in
Title XI (called “ Stamp Taxes” ) effective on the expiration of 30 days
1922 and ending in 1923, of the taxes imposed by Parts I and II of Title II
after the enactment of this A c t ;
of the Revenue Act of 1921, shall be entitled to an allowance by credit or
Title XII (called “ Tax on Employment of Child Labor” ) ;
Sections 1307, 1308, 1309, subdivision (c ) of Section 1310, Sections 1311, refund of 25% of the same proportion of his tax for such period (deter­
1312, 1313, 1314, 1315, 1316, 1318, 1320, 1321, 1322, 1323, 1324, 1325, mined under the law applicable to the calendar year 1923 and at the rate
for such year) which the portion of such period falling within the calendar
1326, 1328, 1329, and 1330 (being certain administrative provisions).
(b ) The parts of the Revenue A ct of 1921 which are repealed by this Act year 1923 is of the entire period.
(b ) Any taxpayer making return, for a period beginning in 1923 and end­
shall (except as provided in Sections 280 and 316 and except as otherwise
specifically provided in this A ct) remain in force for the assessment and ing in 1924, of the taxes imposed by Parts I and II of Title II of this Act,
cOilection of all taxes imposed by such Act, and for the assessment, imposi­ shall be entitled to an allowance by credit or refund of 25% of the same
tion, and collection of all interest, penalties, or forfeitures which have ac­ proportion of a tax for such period (determined under the law applicable to
crued or may accrue in relation to any such taxes, and, for the assessment the calendar year 1923 and at the rates for such year) which the portion of
and collection to the extent provided in the Revenue A ct of 1921, of all such period falling within the calendar vear 1923 is of the entire period.
(c ) In the case of a deficiency assessed upon a taxpayer entitled to the
taxes imposed by prior income, war profits, or excess profits tax Acts, and
for the assessment, imposition, and collection of all interest, penalties, or benefits of subdivision (a ) or (b ) in respect of the tax for a period begin­
ning in 1922 and ending in 1923, or beginning in 1923 and ending in 1924,
forfeitures which have accrued or may accrue in relation to any such taxes.
In the case of any tax imposed by any part of the Revenue A ct of 1921 re­ the allowance provided for in subdivisions (a ) and (b ) shall be made in
respect of such deficiency in a similar manner to that provided in subdivi­
pealed by this Act, if there is a tax imposed by this A ct in lieu thereof, the
provision imposing such tax shall remain in force until the corresponding sion ( f ) of Section 1200.
Sec. 1202. Any taxpayer who has made return of the taxes imposed by Parts
tax under this Act takes effect under the provisions of this Act.
(c ) The repeal of Title II and Title IV of the Revenue A ct of 1921 shall I and II of Title II of the Revenue A ct of 1921, for a period of less than
a year and beginning and ending within the calendar year 1923, shall be
not be construed to take away the retroactive benefits allowed bv paragraph
entitled to an allowance by credit or refund of 2 5% of the amount shown
(1 2) of subdivision (a ) of Section 214 or paragraph (1 4) of subdivision (a)
of Section 234, of the Revenue Act of 1921, or by Section 401 or 403 of such as the tax upon his return. If the correct amount of the tax for such pe­
riod is determined to be in excess of the amount shown as the tax upon the
Act.
return, the taxpayer shall be entitled to the benefits of subdivision ( f ) of
Legislative Drafting Service.
Section 1200 of this Act.
Sec. 1101.
Section 1303 of the Revenue A ct of 1918 is amended by
Sec. 1203. The allowance provided in Sections 1201 and 1202 shall, under
adding at the end thereof a new subdivision to read as follow s:
rules and regulations prescribed by the Commissioner with the approval of
(d )
After this subdivision takes effect the legislative drafting service Secretary, be made in a similar manner to that provided in Section 1200.
the
shall be known as the office of the legislative counsel, and the two drafts­
Sec. 1204. The interest provided in Section 1019 of this A ct shall not be
men shall be known as legislative counsel. The position of legislative coun­ allowed in respect of the allowance provided for in this title.
sel shall be allocated from time to time by the President of the Senate and
Sec. 1205. The benefits of the allowance provided for in this title shall
the Speaker of the House of Representatives, jointly, to the appropriate be granted to the taxpayer under rules and regulations prescribed by the
grade in the compensation schedules of Section 13 of* the Classification Act Commissioner with the approval of the Secretary.
of 1923. The rate of compensation of each of the two legislative counsel
Sec. 1206. Terms defined in the Revenue A ct of 1921 shall, when used
shall be fixed from time to time, within the limits of such grade, by the in this title, have the meaning assigned to such terms in that A c t